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2021-10-31-accounts

Sluart Court Memorial Charily Registered Social Landlord Number: A2803 Charity Commission Number: 226776 Audited Annual Report and Flnanclal Statements For the year ended 31 October 2021

Stuart Court Memorial Charity Year ended 31 October 2021 Contents Page Rp.lèrgnc& And Administrative Details Heport ot the Uhairman Report ol the Trustee Independent Auditor's Report 10-12 Sialemenl of Comprehensive Income linr.liJding Income and Expenditure Account) 13 Slalemenl ol Pinancial Posilion 14 Slalemenl of Changes in Reserves 15 Slalemenl ol Cash Flows 16 Notes lo the Financial Sialemenls 17-25

Stuart Court Memorlal Charity Year ended 31 Ociober 2021 Registered Social Landlord number- A2803 Reglstered Charlly number: 226776 Trustee: Norwich Housing Society Limited Address: 13 Bracondale Norwich Norfolk NR1 2AL Bankers: HSBC 18 London Sireel Motwich NF12 1 LG The Charlty Bank Llrniie(J 182 High Street Tonbridge Kent TN9 1BE Auditor.. Lovewell Blake LLP Bankside 300 Peachman Way Droadland Llusiness Park Norwich NR7 OLB

Stuart Court Memorial Charity

Report of the Chairman

For the year ended 31 October 2021

Board:

Covid was still dominating our lives at the beginning of 2021 but thanks to the availability of virtual platforms, and a mix of home and office working, the Board and Staff were able to fulfil their roles and our services were maintained. At the AGM in March Mike Allen, our CEO for seven years, retired having given us six months’ notice and Tim Pinder joined us to fulfil this role. Tim’s time with us was brief as he left to take up a new post at the end of November nearer his Cheshire home. We swiftly found an Interim CEO to bridge the gap and have now appointed John Newstead who has wide ranging Housing Association experience, lives in Norwich and has many and varied contacts throughout the city and county which should assist him, and the Societies, in his work. John will join us in March but intends to attend meetings as and when he can in the interim.

The Board members all continue to give their services to the Societies freely and with good grace. Thanks to their many and varied skills they can assist and monitor the work of both Societies efficiently for which I am grateful, as this makes my role as Chairman so much easier. At the AGM in March 2022, having served the Societies for the maximum term of nine years comes to an end, but I am pleased to say that, subject to being elected by his colleagues at the meeting after the AGM, Jon Boon will assume this role. He has served me well as Vice Chairman for the eight years I have served as Chairman. We are constantly seeking new members to join the Board to maintain the range of skills and experience we need to assist in the work we do.

Sub-Committees:

The four sub-committees, Finance, Property, Operations and Governance remain unchanged this year, chaired by Board members who are well qualified for the task, supported by a small number of their counterparts with the necessary skills to discern what actions the Board needs to take. The chairmen of each committee report to the Board on any matters which need ratifying, having actioned those aspects which have, or will be, undertaken during the weeks between board meetings. The Risk Matrix has been appraised and the number of categories reduced to make it more pertinent, its value being understood more fully in the pandemic and after issues with our IT service provision. Reviewing the Risk Matrix twice a year is important as it is a working document not ‘just a tick box exercise’. The remunerations sub-committee continues to meet once a year to review the staff salaries. It is important to note here that the Board Chairman does not chair any of the above meetings but is free to attend any or all of them as seems expedient. Board Leadership Meetings, attended by the Chairman, Vice-Chairman and Chairman of Finance, are convened once a quarter to assist with the smooth running of the Board and to identify key issues which may require more or less emphasis during the following three months.

In November all five Chairman came together to select a new CEO candidate, due to Tim Pinder’s resignation. After much discussion three candidates were selected to be interviewed by the Chairman, Vice Chairman, and the Chairmen of Operations and Governance. Before each interview the candidates went to the office to meet various members of staff before walking with the Office Manager to the Common Room at a nearby scheme.

Compliance with the National Housing Federation’s Code of Governance 2020 has been reviewed and an action plan has been produced which is being closely monitored by the Finance and Governance Committee.

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Sluarl Court Memorial Charity Report of the Chalrman (contlnuedl For the year ended 31 Oclober 2021 Value for Mone This is an essential approach lor any organisalion and has never been more important lor these two Societies than it is now, as we musl work within the conslrainls ol our current incoffle, while endeavouring lo lullil our desire 10 provKle goc)d quality housing lor the over 608 01 limitèd means within the Norwich area. The need lor atfordable hoLJsing has never been greater, bul the availability ol such housing seems to be lacking, which adds encouragement lo these Socielies lo maximise what they can providè while seeking new ways lo achieve this. Our senior scheme manager has identified 'The Beal Team, which is a leatn ol police off icers in each area who ar¢ availabl¢ to dI￿U￿45 any anti ￿0¢la1 b¢havioural io4iUQ4ly or conc¢rn￿ our t¢nant￿ may havo, whil¢ informing them what falls into this category and how they will bè respond il called upon lor help. The effect ol the pandemic and the financial ramilicalions ol that have impacted on th& charities lor rnany months from, buying PPE equipment lo accessing buildino supplies, probably al hioher prices and skilled personnel lo achieve the work lo name bul a few examples ol this. The positive side, however, is our ability lo gain loans al a cheaper fixed rale ol interest than before. which will Social Housing and General Needs properties lor some ol our lenanls, which we alerted the regulator lo in August. This has resulted in a reduction in rents lor som& lenanls. PerI￿le meetings are being planned with thè refjiilator to a?siRt Iio in arldrp.8_qino All xsppr.tg nf this mAttp.r and thp rg.nts are now QF51 in linp. with thg. eiovernmenl formula. During Ihis year we have Ljpgfaded our IT system which is vital lor us as we work lo increase our profile and encouragè our tenants lo engage with this as a means ol communication lor services and information, while al80 helping us lo move towards a cash free office. We continue lo monitor the quality ol our conlraclors, performance regularly; 3cck tender￿ whon btsginning a major dcvclopmcnt or rolurbishment programme. questioning whether we could be beller served by olher lirms. Stalling is another area where this is relevant because we need lo provide the correct level ol slallina lo maintain the work ol these Socielies while ensuring that the areas ol responsibility are clear lo the post holcler lo maintain th& &ffecliveness ol the team. The Ollice Manager, who acts as PA to the CEO, continues lo provide invaluable service due lo her ability lo adapt lo new requests while maintaining an overview of all mallers in the ollice. Her work slnce TIM Plnder's depanuie, asslstlng ihe Inierlm CEO ancj worklng wlth Ihe siafl 10 aLIIusi Ihelr approach when required, has enabled conlinuily ol service in this lime ol change and added domands. A paperle8s ollice is our goal lor convenience, security ol information and as way ol lullilling our aims in our environmental policy. Our accountant continuès to work well dèspite the lack of other financial expertise in the leadership after fvAike retired. We have addressed this in the short term by deploying someone lo assist her until the skills ol the new CEO and the structure ol the Finance Department can be adjusted appropiialely. The open plan ollice structure continues lo work well albeit with the Property Services Manager and his assistant moving into the smaller meeting room in order to give everyone a sale space in which lo work while in the office. Throughout the year we have encouraged staff lo be vaccinated, lake lateral flow lesls and work from home, when neGe55aryi in order to keep themselves and their colleagues safe. The Board GQntinue3 to give of their services wilhoul remuneration, apart from occasional expenses for allending conferences or meetings with other service providers, which is financially beneficial lo both Societies.

Stuart Court Memorial Charlty Repori of Ihe Chalrman For the year ended 31 October 2021 Tenants: Tenants are the raison d'efre lor the existence ol the Societies and musl therefore be al the centre ol our choices and decisions. We continue lo provide a friendly response lo telephone calls, which is even more important io so many people who have fell isolated or learfLJI over the impact ol this virus. In January 2022 we held our first lenanl meetings once more at each scheme maintaining encouraging social distancing, wearing masks and using well- ventilated common rooms. Our Scheme Managers continue lo give sterling service and thanks to their help and awareness ol their tenants, needs, and prO￿nSItIes, the schemes continue lo lunclion well. 'The Elder., our Quarterly publlcatlon, otters anoiher means of siaylng In touch wllh ienanis, shareholders and the wider public, sad5y leaving copies in various wailing rooms elc., has been curtailed due lo continuing health and safely measures. c￿er the past ten years that I have been involved with the charities I have noted an increased level ol expe¢lalion from some ol our tenants and their familie5 which can al times be challenging and allhtsugh this is not true ol the vaBI majority ol our tenants il can impact on a whole scheme when a lenanl fails lo be sensitive to the wider community, or their families fail lo assist us with either increasing their level ol personal care or reviewing entirely the appropriateness ol their placement. We endeavour lo resolve as many areas ol concern as we can, and work with tenants before debt or their personal circumstance become a real issue, the ever-changing levels ol ommunily servi¢e provi8ion, benefits and financial 8UPPOrt, can mal(e it complicated lor ovon thc tsrganiscd households. Overall. we have a very good mix ol tenants who welcome us whenever we meet with them, and when collee mornings, quiz nigh18, lish-and-chip suppers and many other social occasions return the natural companionship ol livino within these small communities will return. Just having the Common Rooms open aoain is helping many lo feel better, even those who do not use them regularly. Develo ment: We are progressing the development al 11 Bluebell Road, Eaton, which Sluarl Court Memorial Charity purchased lo rÈlurbish the house into two sell-conlained Ilals, having accepted the requirement lo accommodate bals in one of tho &av•s, plus replacing the annex with a new build which will provide anothor two flalg. The garden was purchased by Norwich Housing Society lo build four one-bedroom bungalows, and a small common room. Both aspects are progressing slowly due to Covid ar￿ discerning routes lor essenliaS seivices etc., bul wtr hopts lo welcoffle the new tenants in June. The report on all aspects ol this development will make interesting reading which hopefully will help us, and othèrs. lo avoid some ol the pillalls we have had lo lace. Feed Back: The most pressing issue we are working lo address lu15y is the adju8lmenl ol the rents and the ramilicalions lor the tenants allecled and those who have moved on. This will be a maller lor the Board lo respond lo over the r.Dmino months having ascertained what the expectation ol the regulator is as we progress each slep. 11 is good that our rent levels are now based on the Government formula and OLJr work with Norwich City Council about benefits has begun. A bank loan has been agreed in principle to cover this unexpected expense subject to the valuations being completed by an assessor on some ol our propeilies. We will then begin the programme ol r&lurning any overpayments, ancl any Interest payments to those allecied by the Issue. The results ol our Iriannual Acuity Questionnaires, due again in 2022, have been very high lo dale bul we musl .tion the cffccl ol what wo do, ¢ha11&nge why we are doing it, and ¢on•ider the way w& tspproa¢h our alway47 qU¢- dulies, while remaining diligent in our desire lo improve all aspects ol service provision while sustaining staff ing levels, as there is no room lor complacency in these slresslul limes. The lack ol certainly in the rules and reoulalions qovernino us as reoards development, charitable slalus and lundinq, as well as in mallers ol health provision lor our lenanls, all impa¢1 on the way we work, and the guidance we can give to those who rely on us each day. The swlfl change In leadership has also added to Ihe workload ol all BoaTd fflembers slafl bul thanks to the excellent team spirit the service delivery has not been unduly hindered by this.

Sluarl Court Memorial Charity Report of the Chalrman Iconiinued) For Ihe year ended 31 October 2021 Conclusion: I would like lo thank the Board Members. Staff and Ancillary workers who help make our lenanls, daily lives more comfortable, while making sure both charities continue lo provide Iheir invaluable contribution to the over-sixlies who seek our help in the Norwich area. Obviously, l am saddened that I musl relinquish my role at this lime while the regulatory adjuslmenls are being completed bLJI have every confidence that my colleagues will continue to make the required changes ellicienlly and that the Societies will continue to serve the community lor many more years. I have not ilemised the day-lo-day work ol the Societies, as these are all recorded in the minutes ol the meetings in question, and are not relevant to the wider community, but rest a$￿u￿0￿ Ihc ntsw CEO and Chairman will always be available lo discuss any maller with those who ask, provided il is appropriate so to do. I have enioyÈd working lor these Societies molivaled by the lacl that they provide an essential resource to this sèctor ol the population. l am very aware ol the amazino contribution ol all our Board mernbers, and the quality ol the stall we now have who Carry out our plans and expectations each day. The most satisfying aspect tsl all this is the way people lake responsibility lor their task. while also considering the broador picture which in turn means that we are more innovative and successful in the services we provide. To the shareholders I say thank you lor your support as we value your feeolback and are happy to hear Irotn you ai any time. Carol A Sangster Board Chairman 1 February 2022

Stuart Court Memorial Charity Repon ol Ihe Trusiee For the year ended 31 October 2020 Prlnclpal acllvltles and oblectlves for the publlc beneflt Thè Charity exists in order lo provide lor the publ￿ ￿nefIt, within the city ol Notwich. affordable good quality rented accommodation for those over 60 years ol age currently without a sell-contained home or living in other circumstances unsuitable lo their needs. Having acquired suff icient self-contained residential units so as lo accornmodale the current level ol applicants in genuine need ol housing, the ongoing objective is lo ensure the maintenance, modernisalion and management ol Ihose propenies. The Board confirm that, in exercising their powers and duties, they have cornplied with their duly lo have due regard to thè gliidanep on piiblic benp.fit Pliblishpd by thè nharity nommiqgion Value for money 11 is important that our community and residents obtain value for money from our aclivilies. The Charity's assets are managed in order lo deliver the best possible service as efficiently, elleclively and economically a8 p03sible. Oporational rosuhs are reviewed rcgularly againot sct tsbjo¢tives, The state ol repair ol Sluarl Court, a listed building built in 1915 and any other property. is regularly reviewed by the Board and ils sub-commillees. Works are Driorilised and undertaken when required. In July 2019, a firm ol consultants was comrnissioned to carry out the triennial tenants. satisfaction survey. A high regponse rale of 799/0 was obtained. Overall salislaclion with the seNices provided by the Society was al 964/.. A survey Is belng consldered for 2022 an(J our Iniemal feedt)ack from ienanis In(Jicaies a slmllar level of satisfaction will be achievÈd. The ratings are evid8nce ol strong performance al the Society and are a credit lo staff, management alld Ihe Board. The Regulator ol Social Housing IRSHI has published a value lor money standard which musl be adhered lo by Regislered Providers. This includes the need lo publish nine measures in a standard Ic>rm lo enable comparison across the sector, accepting Ihal Ihere wi11 be variances associalecs with each business's policies, strategy and locus. The Society conlinues lo develop and improve ils properly stock and looks forward lo benchmarking when compared lo similar organisalions.

Stuart Court Memorial Charlty Report ol Ihe Trusiee For the year ended 31 October 2021 VFM metrlc 2021 2020 2.4Yo 2019 40Yo o¥. Reinvestment Yo 2.a New supply delivered (social housing units o/. 2 b Npw supply deliv￿r￿d Inon- social housin unils Yo 3. Gearin 4. EBITA MRI interest cover /. 5. Headline social housin cost er unil eratin mar social housin eralin overall ROCE Its ooi. OL/Tr. no/. -2.8/. 5.3°/. 412.9°/0 £3,585 15.6Y. 15.6Q/. 1.7°/ 20.8V. 89.2/. £2,348 30.2¢/. 20.9Q/. 1.8°/o 33 7Q/. 33.7Y. mar 2.7 /0 The charity s development al 11 Bluebell Road, Norwich commenced during the year and is scheduled lo compl•to in May 2022 providing four addition￿ social housing properties. Tenants, satisfaction and Value lor Money reports are available within the "About Us" area ol Notwich Housing Socièty s website - htl '.1lwww.no￿iChh0uSIn Slatemenl of complianc¢ In preparation ol the financial slalemenls, Stuart Gourt Memorial Gharily has complied with all aspeels ol the HCA'S Governance and Financial Viability Standard.

Stuarl Court Memorial Charity Repori of Ihe Trusiee (coniinueOI For the year ended 31 October 2021 Strueture, governance and management Stuart Court Memorial Charity is governed by ils trust deed, dated 7 December 1915. and aims lo provide good quality allordable accommodation lor persons over sixty years ol age. NO￿lCh Housing Society Limited provides day lo day management services. We operate under the National Housing Federation Model Rules 2011 which is recognised as best practice. Recrulifnent and appolnlmenl of Trustees The sole Trustee ol the Charity is Norwich Housing Society Limited. Rlsk management The Board is aware ol the requirement lo identify and review the major risks lo which the Charity is exposed and lo establish systems lo miligale these risks. A review is carried out on a regular basis by the Eloard as detailed in the Chairman's Report. Organiaalional Structure The Board ol Nowich Housing Society Limited govern the Charity. As detailed in the Chairman's Report, this board consists ol four sub-commiltees in the aroa8 ol Finance, Property, Operations and Governance, and Ihe activities ol Ihe Charity in these areas are considered al Board meetings. The Board meet eighi limes a year with regular sub-committee meetings feeding into the main Board. Relaied panies The sole Trustee ol the Charity is Norwich Housing Society Limited, which provides day lo day management seNiees to the Charity. Market value of land and buildings The Board is ol the opinion that the market value of properties al 31 October 2021 would signilicanlly exceed the net book values included in the financial statements, but is unable to Quantify this excess in the absence ol a professional valuation, the costs ol which are not considered jusliliable in view ol the Charity's inlÈnlion lo relain ownership of ils existing properties lor use in its activities lor the foreseeable future. Reserves policy Al the year end the charity's free reserves, consisting ol nel eurrenl assets, lolalled £426,349 12020." £112,0911.11 is the trustee's policy lo hold nel current assets al a level that would be sufficient lo fund any required maintenance and renewals in excess of income. The Iruslee is satisfied with the level ol free reseNes. Political and charilable donations Thc Charity ha" not made any donatirlns during tho course of this fin2n¢ial year. Equal opportunltles The Charity believes il has a 'lair housing programme, which does not discriminate on the grounds ol colour or race, sex or disability in each ol the live followi￿ categories - access lo housin9', quality ol housing,. security ol tenure,. influence over management,. and redress when things go wrong. It is also intended that this policy should extend lo the Charity's employee8, consLJllanl8 and contractors and lo the composition ol the managem&nl board.

Stuarl Court Memorial Charity Fleport of the Trusiee Icontlnued) For the year ended 31 October 2021 Statement of Trustee's responslbllltles for the fSnancial $talemenls The Trustee is responsible for preparing the financial slalemenls in accordance with applicable law and with United Kingdom Accounting Standards (United Kingdom Generally Awepted Accounting Praclicel. Law applicable lo charities and r8gislered social housing legislation require the Trustee lo prepare financial slalemenls lor each financial year which give a true and lair view ol the state ol allairs ol the Charity and ol ils surplus or delicil for that period. In preparing these financial slalemenls, the Trustee is required lo.. select suitable accounting policies and then apply IhÈm consislenlly., make judgcrncnt- -timatc- that arc rea￿Onable and prudonl- slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slalernenls- prepare the financial statements on the going concern basis unless il is inappropriate lo presum& that the Charity will continue in operation. The Trusteè is responsible lor keeping accounlino records that disclose with reasonable accuracy al any lime the financial position ol the Charity and enable il to ensure that the financial statements comply with IhÈ Trust Deed, the CharitiCJ Act ¢011, thc Hou4Tring and R¢g¢ncration A¢t Q008 and tho A¢counling Diro¢lion for privalc registered providers ol social housing in England 2019. 11 has general responsibility lor taking reasonabl& steps lo safeguard the assets ol the Charity and to prevent an(5 delecl fraud and other irregularities. The Trustee is responsible for the maintenance and integrity ol the corporate and financial information included on th8 Charity's website. Legislation in the United Kingdom governing the preparation and dissemination ol financial statements may diller from legislation in other jurisdictions. Statement ol Disclosure of Information to Auditor We, the Board memberg of Morwich Housing Society Limited which acls as corporate Trustee ol Stuart Court Memorial Charity, who held ollice al the dale ol approval of these linancial slalemenls as sel out above, confirm, so lar as we are aware, Ihal.. there is no relevanl audit information ol which the Charity's audilor is unaware., and we have taken all the steps that we ought lo have taken as corporate Trustee lo make ourselves aware ol any relevani audll Inlormatlon and io estat)Ilsh Ihai ihe Charliy s auditor Is aware of Ihai Informaiion. Carol Sangsler Chairman 1 February 2022

Stuart Court Memorial Charity Indèpendent Audltors, Report to the Trustee of Stuart Court Memorial Charity Yoar ended 31 Oetobèr 2021 Oplnlon We have audited the financial statements ol Stuart Court Mefflorial Charity Ilhe 'asso¢ialion'l lor the year ended 31 October 2021 which comprise the Statement ol Comprehensive Income, the Balance Sheet, the Slalemenl ol Changes in Reserves, the Slalemenl ol Cash Flows, and notes lo the Iillancial slalemenls, including a summary ol significant accounting policies. The financial reporting Iramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fin&nci81 Reporting Standard applicablc in thc UK arKI Republic of Irclancl {Unitcd Kingdom G¢n¢rally A¢Gcpted Accounting Practice). In our opinion the financial slalemenls.. give a true and lair view ol the slate ol the association's aflairs as al 31 Oct(>ber 2021 and ol ils incoming resources and application ol resources, including ils in¢oine and expendilijfe, lor the year then ended., have been properly prepared in accordance with United Kingdom GenÈrally Aceeplod Accounting Practice; and have been prepared in accordance with the requirements ol the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction lor private registered providers ol sOC￿al housing in Enoland 2019. Basls for opinlon We GvriduGl¥d vur <iudil iii dLLuid(l(ILv willi Iiilgiiidliuii(Il Sidlltjdltjb uii Audiliiiy IUKI IISAb IUKII illltj dvvIiLiabl law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit ol the financial slalemenls section ol our report. We are independent ol the association in accordance wilh Ihe ethical requirements that are relevant to our audit ol tho financial gtalèmentg in tho UK inrlLiding the FRn'¢ Fthieal Standard, and we have lullilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sullicient and appropriate lo provide a basis lor our opinion. Conclusions relating lo going ¢on¢ern In auditing the financial slalemenls, we have concluded that the board's use ol the going concern basis ol accountlng In the preparaiion ol Ihe flnanclal siaiernenis Is approprlaie. Based on the work we have pertormed, we have not identified any material uncertainties relating lo events or conclitions that, individually or collectively, may cast significant doubt on the as8ociation's abi1ily to continue as a going concern lor a period ol al least twelve months from when the financial slalemenls are aulhorised lor issue Our responsibilities and the responsibilities ol the board with respect lo going concern are described in the relevant sections ol this report. 10

Stuart Court Memorial Charity Independent Audltors, Report lo the Trustee of Stuart Court Memorial Charity Icontinuedl Year ended 31 Oetober 2021 Olher informalion The other information comprises the information illcluded in the annual report, other than the financial statements and our auditor's report Ihereon. The board are responsible lor the other information contained within the annual repon. Our opinion on ine linanclal siatemenis uoes noi cover tne Other Informatlon and, ex¢epi 10 Ihe exieni otherwise explicitly staled in our report, we do not express any form ol assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, Congider whelhor the other information is materially inconsislenl with the financial statements or our knowledge obtained in the COLJrse ol the audit, or otherwise appears lo be materially misslaled. 11 we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a material misslalÈmenl in the financial slalemenls themselves. 11, based on the work we have performed, we conclude that there is a material misstatement ol this other information, we are required lo report that lacl. Matters on which we are required to report by exception We have nothing lo report in respect ol the following tllallers where the Charities IAccounls and Reports) Regulalions 2008 require us lo repc>rt lo you il. in our opinion.. the information given in the financial 8lalemenls is inconsislenl in any material respect with the board report., or sufficient acGounlirig Iidvv iivl tJ¥vri Kvpl", Uf the financial slalemenls are not in agreement with the accounting records., or we have not received all the information and explanations w& require lor our audit. In addition, we have nothing lo report in respect ol the following matter where th& Housing and Regeneration Act 2008 requires us lo report lo you il, in our opinion.. a salislaclory system ol control over Iransaclions has not been rnainlained. Responsibilities of the board -tcc- rtsknp0n￿0ibIlitI0￿ trtalem&nt tret out on pago 8, thtt board fncmbortr (who aro cxplaincd morc fully in thc Tru- also the Iruslees ol the association lor the purposes ol charity lawl are responsible lor the preparation ol the financial slalemenls and lor being satisfied that they give a Irue and lair view, and lor such internal control as the board determine is necessary lo enable the preparation ol financial slalemenls that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the board is responsible IOT assessing the association's ability lo continue as a golng concern, (Jlscloslng, as applicable, matters related Iu gviiiy Loncern and using ihe going concern basis ol accounting unless the board either intends lo liquidate the association or lo cease operations, or has no realistic allernalive bul lo do so.

Stuart Court Memorial Charity

Independent Auditors’ Report to the Trustee of Stuart Court Memorial Charity (continued)

Year ended 31 October 2021

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-theaudit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the association’s board, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the association’s board those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the association and the association’s board as a body, for our audit work, for this report, or for the opinions we have formed.

Lovewell Blake LLP Statutory Auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

8 February 2022

Lovewell Blake LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Stuart Court Memorlal Charlty Staiemeni ol Comprehenslve Income For The Year Ended 31 October 2021 Note 2021 2020 Turnover 148,836 145,696 Operating expenditure 1103,8981 1122,9411 Operating surplus 44,938 22,755 Interest recewable and similar income 161 420 Interest and financing costs 114,0291 111,9331 Total comprehensive Income for the year The resulis relaie wholly 10 coniinuing activliles. The financial slalemenls on pages 13 10 25 were approved by the Trustee on 1 February 2022 and arè signed on ils behalf by:_ Carol Sanoster- Chair an. No ch Housino Socie Paul Kingsion- Inierim Ghie Ive, Norwich Housing Socieiy The notes on pages 1710 25 form part ol these financial slalemenls. 13

Stuart Court Memorial Charity siaiemeni OT Flnanclal Poslllon As at 31 October 2021 Note 2021 2020 Fixed assets Tangible fixed assets 1.258.072 1.192.977 Currenl assets Tra(Je and othei debtors Cash and cash equivalents 12,915 481,978 1.919 140,617 494,893 142,536 Creditors: amounts falllng due within one year io 168,5441 130,4421 Net ¢urrent asget8 426,349 Total assets less Current Ilabililie$ 1,684.421 1.305.071 Creditors.. amounts falling due alter more than one year 696 283 348 003 Total net assets Reserves Income and expenditure reserve 988,138 957,068 Total reserves ThÈ financial slalemenls on pag ils behalf by'.- ere approved by the Trustee 1 February 2022 and are signed on A. Carol Sang er- Chai an, Norwich Housi ociely Paul Kingston - Int xeculive, orwich Housing Society The notes on pages 17 10 25 form parl ol these kn"nancial slalemenls. 14

Stuart Court Memorlal Charlty Staiemeni ol Ghanges in Reserves As at 31 Oclober 2021 Income and expendllure Reserve Total Balanee at 1 November 2019 945,826 945,826 Surplus Iioiii prior year 8lat¢nieiit of compreheiisive income Balance at 1 November 2020 957.068 957.068 Surplus from slaiem&nt ol comprehensive income 31,070 31,070 Balance al 31 Qctober 2021 15

Stuart Court Memorial Charlty Statement ot Cash Flows As at 31 Oclober 2021 Note 2021 2020 Net cash generated from operating activities Cash flow from Investing actlvltles Purchase ol tangible fixed assets Receipt8 from sales ol investments Payments io acquire investments Interest received 198,4071 129,21611 363,000 161 420 N•t eash Ilow Irom Invè$tlng aetivitiè$ Cash Ilow from financing activities Interest paid Net ¢a3h flow from finanGing activities Net chanoe in cash and cash equivalents 341.361 4.919 Cash and cash equlvalenls at beglnnlng ol the year Cash and ¢ash equlvalenls at end ol the year Cash and cash èquivalènts eonsislg of: Cash al bank and in hand Short term deposits 358,741 123237 6,328 134289 Cash and cash equlvalents 8t 31 October 2021

Stuart Court Memorial Charlty Noles lo the Flnancial siatemenis {Goniinued) For The Year Ended 31 October 2021 Accounting pollcies The significant accounting policies used in the preparation ol these financial slal&menls are:_ Introduction and accounting basls Sluarl Court Memorial Charity is a registered charity and registered social landlord, governed by ils trust deed, dated 7 December 1915. The address of the registered ollice is given in the refèrence and a(Jmlnlsiraiive Information on page l of tli¥b¥ IiiiilllLlial bldleiii¥iil¥. Tli¢ nature ol the Charity's operations and principal activities are detailed on page 6 01 these accounts. The Charity r$pregents a public henelit entity ag dp.finp.rl hy FRq in2. The financial slalements have been prepared in accordance with applicable accounting standards including Financial Fleporling Standard 102 The Financial Reporting Slandard Applicable in the UK and Ireland IFRS 1021, the Slalemenl ol Recommended Practice lor bocial Housing vroviders 2018, and the Accounting Direction lor private registered providers ol social housing in England 2019. The financial slalemenls are also prepared under the requirements ol the Housing an Regeneration A¢i noo8. The financial slalernents have L)een prepared on the goi￿ concern basis under the historical cost convention, modified lo include certain items al lair value. The financial slalemenls are prepared in sterling 1£) which is the functional CLJrrency ol the Charity, and rounded lo the nearest £. The significant accounting policies applied in the preparation of these financial slalemenls are sel out t)elow. Tnese pollcles have been conslsieni5y applied lo all years Pl¥b¥iilgd uiilvbS vllieiwise slated. Turnov•r Turnover represents rer5tal and service charges re￿1vable in the year nel ol rent and service charge losses from voids, revenue grants from the government (local aulhoriliesl and Homes England (previously known as the Homes and Communities Agency). Depreciation of hou$lng propertles ThÈ Charily separately idenlili&s the major components which comprise ils housing properties, and charges depreciation, so as lo wrile-down the cost ol each component to its esiimaled rp..EidiJ21 v3liJe. on a straight line basis. over ils eslimaled useful economic life. The Charity depreciates the rnajor components ol ils housing properties at the following annual rates.. BoilerslFires Kitchens 6.660/. 5.00/. 5.OOQ 3.33°1. 3.33Q/. 3.33°/. 2.50 /. 1.4301. 1.00/. Plumbing Bathroom WindowslDoors Electrics Roof Walls Freehold land is not depreciated. 17

Stuart Court Memorial Charily Notes io ihe Financlal Statemenis (Coniinued) For The Year Ended 31 October 2021 Accounting polieles Icontlnued) Housing propertles Housing properties are properties held lor the provision ol social housino or lo otherwise provide social benefit. Housing properties are principally properties available lor rent and are slated al cost less accumulated depreciation and impairrnenl loss Irepresenting a diminution in the recoverable service potential ol the asset below ils carrying value in the balance sheell. Cost Includes ihe cost ol acquiring land and buildings, develuyiTi¢iII Gublb, iiiid iiil¥iebl Gliciiyes incurred during the development period. Workg to existing propprtiè.s whip.h rF5p13r.e a pnmpnnpnl that hpg.n trgAlèd qgparatply lor depreciation purposes, along wilh those works that result in an increase in the nel rental incorlle over the lives ol the properties, thereby enhancing the economic bentslils ol the assets, are capilalised as improvemenls. Government grants Government grant3 include grant￿ rc¢¢ivablc from HOM¢￿ England Iprcviou=ly known ao tho Homes and Communities Agency Ithe HCAII, local authorities, and other government organisations. Government grants received lor housing properties are recognised in income over the useful life ol Ihe housinq propertv structure and, where applicable, ils individual components (excluding landl under the accruals model. Cyclical repalrs and malntenance The Charity has established a r￿ular programme Cif repair and maintenance lor ils housing property. Actual costs are charged to the income and expenditure account as incurred. VAT The Charity is not VAT registered. Income arKJ expenditure, where applicable, Is therefore shown inclusiv¢ of VAT in the financial statements. Current assets Det)tors are recwnised an(J carrled lorwarcl ai Involced amounis less provlslons for any doubiful debts. Bad dobls are wrillen oll when idenlilied. Cash and cash equivalents are included in the balance sheet al cost. Cash and cash equivalents comprise cash al bank and in hand. Credltors and provisions Credilorg and provisions are recognised when the Charity has a present obligation resLJlling from a past event that will probably result in the Ifansler ol ILJnd8 to a third party and the amount due lo 4iCtllc thc obligation Can bg mea8urgd or ogtimalad roliably. Croditors and provisions ar& norma15y recognised al their selllement amount aller allowing lor any trade discounts due. Financlal Instruments The Charity only has financial assets and financial liabilities ol a kind that qualify as basic financial inslrLJmenls. Basic financial in8lrumenls are initially recognised al transaction value and subsequently rnea8urod at thcir ￿Cttl¢m¢nt valu¢ with thc oxceplion ol ballk loan- which arc subsequently measured al amortised cost using the effective inlerèsl method.

Stuart Court Memorlal Charity Notes to Ihe Financial siaiemenis Iconiinued) For The Year Ended 31 October 2021 Aecountlng pollcles (conlinuedl Golng concern The financial slalemenls have been prepared on a going concern basis as the Board ol Management believes that no malerial uncertainties exist. The Board ol Managetllenl have considered the level ol funds held and the expected level ol income and Èxpenditure lor the 12 months from aulhorising these financial slalemenls. The budgeted income and oxpendilure is sufficient with the level ol reserve5 lor the Charily to be able to Continue as a going ¢on¢ern. The Board ol Management have taken into account the impact ol COVID-19 in making this assessment. Particulars ol turnover, ¢o$l of sales, operating expenditure and operating surplus 2021 Operating Surplus 2020 Operating Surplus Turnover Operaling Expenditure Turnover Operating Expenditure Social housing lellings Inole 61 148,836 1103,8981 44,938 145,696 1122,9411 22,755 148,836 103,898 44,938 145,696 122941 Interest reeelvable and slmilar Income 2n21 2020 Bank interest received 161 420 Operating $urplus The operating surplus is stal&d allèr charging. 2021 2020 Dopr&ciation of tangible fixed asselg AudiloT'S remuneration lor audit Auditor's remuneration lor audit lover a￿ruall Auditor's remuneration lor non-audil 33,312 4,446 1991 33,S12 4,296 204 Employees The Charily does not have any em5￿0y￿&S and as such there are no staff costs incurred.

Sluart Court Memorlal Charlty Noies io the Financial siaiemenis (Goniinuea) For The Year Ended 31 October 2021 Particulars of turnover and operaling expenditure from so¢ial housing lettings Supported housing (including housing lor older people) 2021 2020 Income Rents recelvable nei ol Iueniiflable servlce charges Service charge income Government grants taken lo income 117,651 23,883 115,100 23,285 Turnover from soclal houslng letllngs Other income 148,745 91 145,596 Tolal income Operating expendlture Management Service charge costs Routine maintenance Planned fflainlenance Depreciation ol housing properties Accountancy and audit Legal and professional Insurance Other costs 18,776 5,994 18,548 28,817 15,118 33,312 4,500 33,312 4,347 11,880 1.400 709 1,299 707 Operating expenditure on social housing lellings Operatlng surplus on soclal housing lettings Void losses (being rental income lost as a result ol property not being lel, although il is available for letting) 20

Stuart Court Memorial Charily Noies 10 Ihe Flnanclal Statemenis (Coniinued) For The Year Ended 31 October 2021 Fixed a$$et$- freehold houslng propertles Social housing propertie$ held for leltlng Hou$ing properties for letllno Total under houslng construction properties Cost Al 1 November 2020 Additions Al 31 October 2021 1,062,695 327,924 1,390,619 1,062,695 426,331 1,489,026 Depreciation At 1 Nov¢mbor fjOQO Charge lor the year Al 31 October 2021 197,642 197,640 230,954 230,954 Nel bwk valuè at 31 October 2021 Nel book value al 31 Oclober 2020 Non depr￿lable land amounts lo £38,53912020.' £38,539) Bank loans are secured on the freehold properties. Expenditure on works to exlsllng properties 2021 2020 Improvement worKS capitalised Arnounls charged lo income and expenditure Inole 61 5,994 43,935 Social housing as51Stance 2021 2020 Total acGufTiuI(Itg(J butylril Ilvubifly yliaiil oi re￿1vable al 31 October Flecogniged to datp in tho .qtat•mp.nt nf P.r)mprp.hpnqivp. 1nr.nmp Transferred lo Norwich Housing Society Held as deferred income Inotes 10 and 111 244,487 271,768 108,900 158,741 21

Stuart Courl Memorial Charlty Noies io ihe Financlal Siaiemenis {Coniinuedl For The Year Ended 31 October 2021 Trade and other debtor$ 2021 2020 Flenl debtors Prepaymenls and accrued income Amounts du8 from Trustee- Nornich Housing Society Other debtors 864 1,455 1,416 9,180 1,017 902 Ca$h and cash equlvalents 2021 2020 Current accounls Deposit accounts 358,741 123,237 6,328 134,289 10. Creditors: Amounts falling due within one year 2021 2020 Traae crediiors Amounts payable lo Trustee- Norwch Housing Society Accruals and deferred income Bank loans 28,777 8,860 3,253 15,975 3.527 27,845 11.922 Deferred income brought forward Released during the year Deferred during the year 10,928 13,7201 10.147 12,9391 Deferred income carried lO￿ard Creditors.. Amounts falling due over one year 2021 2020 Accruals and delerred income ank loan- 261,966 434 317 151,530 196473 Deferred income brouohl forward Released during the year Deferred during the year 151.530 267,641 17,2111 1116,1111 117647 Deferred Incoffte carried lorwaid Th& bank loans includo aggregate amounts of £382.651 12020.. £170,443) which fall due alter live years and which are payable by illslalmenls. Rates ol inleresi vary between 2Q/o and 4Y..

Stuart Court Memorlal Charlty Notes io ihe Flnanclal siaiemenis {Coniinued) For The Year Ended 31 October 2021 12. Reserves The incomè and expencliture reseNe rÈpresents cumulative surplus and dalicits nel ol other adjuslmenls. 13. Analysis of nel assets between funds Iunreslricledl Income expcTrdilure 2021 2020 Tangible fixed assets Nel current assets Long term liabilities 1,258,072 1,192,977 431,821 112,094 1701,7551 1348,0031 14. Accommodation owned, manaoed and in development Units al the year end 2021 2020 Number Number Rehabililalion 25 25 Total owned Accommodation in development Norwich Housing Society Limited manages these properties. See nole 15. Related party transaGlions Norwich Housing Society Limited is sole Trustee ol Stuart Court Memorial Charity. Transactions between the two Societies are SLJmmarised as follows.. 2021 2020 Management charge payable lo Norwich Housing Society Lirniled Tho pottition at the balance shggt dal9 is summarisgd as follows.. 2021 2020 Amounts owing Iromlllol Norwich Housing Society Limited al 31 October Durlng ihe year aictriiteGtur¢il berviLVb Iv Ilie V<iluv uf £2,14312020. £6,701 I were piovidvd tv the Lli(Irily by Jon Boon who is a member ol the Board ol Management ol Norwich Housing Society Limited. Ai the year end the charity owed £Nil12020'. £Nill lo Mr Boon.

Stuart Court Memorlal Charlty Notes io ihe Flnanclal siaiemenis {Coniinued) For The Year Ended 31 October 2021 16. Parenl company The corporate Iiuslee ol Stuart Court Memorial Charity is Norwich Housing Society Limiled, a Flegistered Social Landlord. The Board ol Management ol the Trustee have relied upon the exemption provided by Section 99 01 the Co-operative and Community Benefit Societies Act 2014 because ol the insignilicanl amounts involved and have not the￿fore pr¢par¢d consolidaled financial statements. 17. Cash flow from operatlng acllvllles 2021 2020 Surplus lor thè yoar Depreciation ol tangible fixed assets Ilncreasol l Docrèaso in tr3d• and othor dgbtors Increase I (Decrease) in trade and other creditors 44,938 33,312 110.9961 386,382 22,755 33,312 557 1373,9761 18. Analysis of changes in net debt At1 November Cash Flows other Non- Cash Changes At31 October 2021 2020 Lash Cash equivalents 140,b11 J41,Jbl 4t51,Ylts 140,617 341.361 13,5<J71 1246,2301 196,473 59,383 481,978 111,9f)21 434,317 35,739 Loan8 falling due within one year Loans falling due aller more than one year Total 237,844 237,844 95,122 19. Capital commitfflents 2021 2020 Capital expenditure that has been conlracled for but has not been provided lor in the financial slalemenls. 11 is intended that this anlicipaled capital expenditure will be financed Irorn resetvès and offtnls. 24

Stuart Court Memorial Charity Notes to the Flnanclal Stalernenis (Conilnued) For The Year Ended 31 October 2021 Contlngent liablllty Following changes lo the Board and Senior Management Team, Norwich Housing Society identified that the historic basis for the initial calculation and subsequent increases applied lo rents did not comply with the Reoulalor ol Social Housino IRSHI Rent Standard and the detailed reoulalions sel out in the Ministry ol Housing, Communities and Local Government IMHCLGI Policy slalemenl on rents lor social housing (The Policy Slatementl, issued in February 2019, ap5Jicable from April 2020 c>nwards. The Society therefore commissioned a firm ol consullanls lo carry out a review ol rents. This review look place in JilllUi*ly 2022 Lill￿ iiiLJiLiileLI ti bigiiiliLdiil rgiil UV¥lPiiyiiie¥il, FAub iiilvigbl uri Luiiiuldlive UVglLlidiyes, due lo lenanls, which the Board ol Norwich Housing Society consider could be covered by resetves. As the final amount due back lo Stuart Court Memorial Trust's tenants has yel lo be agrèed, no provision has hppn ffl2dp in thpqp. arr.niJnt8.