Stuart Court Memorlal Charlty Règlstered SocSal Landlord Number.. A2803 Charlty Commlsslon Number: 226776 Unaudlted Annual Report and Flnanclal Statements For the yoar onded 31 October 2023
Stuart Court Memorlal Charlty Year ended 31 October 2023 Contents Page Reference and Administrative Detsi Report ol the Chair Report ofthe Truslee Independenl Reporting Accountsnl's Report Statement ol Comprehensive IrKome lincludin9 Incom• gnd Expendrture Accounll 10 Slalemenl of Financial Position Sl8tam8nt ol Changes in ReserveB 12 Slalemenl of Cash Flows 13 Notes to the Financial Statefflenls 14-22
Stuart Court Memorial Charity Year ended 31 October 2023 Reglstèred Soclal Landlord number: A2803 RegSster•d Charity numb•r: 226776 Trustee.. NOlCh Housirtg Soa*ty Limied Addr8ss: 13 Braconda No[wh Norfolk NR12AL Bankern: HSBC 18 London Stre NOh NR2 1LG Thè Charity 88nk Limited 182 HvJh Street Tonbn'dge Kent TN9 1BE Audltor: Larking Gow¢n LLP 181 Floor, Protspe¢t Fh)u8e Rouen Ro&J NOlCh NR1 1RE
Stuart Court Memorial Charity Report of the Chalr Year onded 31 October 2023 As a relative newcomer to the Board, rt has been an honour lo be asked to serve as Chair of the Society's Board. I musl thank my predecessor, Jon Boon, fN his slerfing 9 years. service on the Board and lor so ably leading the 8oard and Society as Chair. His dedated work and aFS)ointmenl of our Chf ExecutNe, John Newstead. certainly helped lo ease my transition into the role. As Jon Boon outlined last year, the Society ha5 had 8 number d challer¥Jes over the last few years. and l am pleased to report Ihat we have made lurthw pr(sres5 and irKleed. in many cases, resofved some long outstanding matters. Amongst these are. 1. Supporting our tenan¢s'. Wrth the wruitment of DavMI Ball, we rThi have ¥ full ccnplemenl of Scheme Managers who lake part in the regular Operations Sub Committee and have. with Boar(J mambers developed and refined many policS lo ensurè the Society is complaint wrth regulatory rrfuirements. SenKJr Scheme Manager, Susig Alexandèr, with hèr colagUeS have worked hard to ensure Ihe58 Irash policies and procedures rernain in ling wrth our m8in purp - providiThJ gc•Jd quality 0d8t forlhose aged 60 years and abtsv8. 2. Tonant Advl$ory Group As promised, we have e51abli$hod 8 Tenant Advisory Group, with a dozen lenanl$ from virtually all the Society's sites. They meet regular with our CEO lo discuss the Society's policies, aclions, and any concerns there might be. They have recewed training on Ouf Ctsligalions as a Registered Social Landlord. so understand our regulatory responsibilrties and proposg Jeas lor improvement. 3. Invlgorat•d th• B¢•rd As several director3 had reached the ènd ol their lem)s. our thanks musl go lo Bill Taylor. Jamie Kidd, and ol course Jon Boon for their ¢ommilmgnt and assislae over many years. Unlortvnalely, a work commitment meant that Kayleigh Luca5 was unable lo ConnUe as a director, bul we have recruil¢d several new Board members Many had just ioirte<l us al the last AGM. David Clarke. Chris Hancock, Steven Mitchèll, Kate Russell and Mehmel Yaman and sirtco then Melissa Starkings has joined us. With ba¢kgrounds in 8¢¢ounling, local authority housing. banking. stti housing, and law respeclwety thi8 has not enly adde<l fr&sh Vlèwpnts bul prOVed a wide band ol eweri&n¢& lo the Socioty. With some sadnes8 I have lo annoyn¢e Ihat our Vice Chair, Gill Teson. 15 rets'ring from th& Board after many years, service, most recentty as Vico Chair. The conlinuily that her long servi¢e provided has undoubtedly made it easier for the new Board members to settle in. We thank her m051 sincerèly for the very valuable contribulion she has made not least to the OperalKsns Sub Cornmillee over her 8 yoars. This doas ol course mean a new Vice Chair 1$ requiffjd, and, I w delwhled to confimi Kate Ru$s•ll h8$ agreed lo lake the baton in thi8 role. 4. Completlon ol th¥ renl rèpayment proce88: One ol the most concerning issues that conlronled thg Society was the matler ol rernl repayments. Following the identilicalion by the Society thal many rent assessments were incorrect, l am delighted lo ¢onfirm we have this year cOmpled the repaymenl process. ensurin9 currenl tenants have txen refunded and those former tenants lor Iheir eslalesl that we able lo trace, have also been reimbursed. This was a task ol quite some cOmpxrtY and tTh1. aTrY whilst the Who lean pulled together lo resolve the matter, sla1 Ih8nks must go lo mhe1 Lambert who toc on the IKJn's Share ol the work. Furthem0. John Newstead l¢)c greal efforts to keep the Regu18tOf inlorn*d of our progress. with the constant Ihre810l sanctions being imposed lor our erfor. Shortty befe Christmas John reiVed Ihe very wethme news that the Regulator will not be taking any actKJn againsl the Society and Gonsider the matter closed. This is excellent vindicat ol the Society's prompt aNJ thorough actv)n lo corr( the rnatter.
stuart Court Memorial Charity Report of the Chair Icontinuedl Year ended 31 October 2023 6. R•vlewSng our estate For many years the Sociely has focussl on providing accommryjation for the over 60s. btrt $lJll has a handful of properties that serve General Needs. Thi5 combineil wth S£ ageing means rt is in¢umbent upon tl8 to regul8rty review the long-term futuie of each of our srtes. Wo re¢o9nise that rt is a key part of our role lo regularfy the qUalY and condilK)n of our properties and lo this end l am delighted lo confimi thal after somg gx¢ellgnl efforts by the Property Serv¢es Team. led by Andy Broom, we have just about completed 8 full survey ol th& whole eslate. John Newsltrad has instigated a Property Asset Strategy Group that will take Ihis inlomalK>n lo allow us to make 8ensibl8 judgements on where we can economically improve Ihe labric an¢J energy eIrlertY of our properties an(1 wh8r& Il may make more sens& to replace wilh new build. 6. New Dtrv¢lopm•nl Our new development 8181uebell Road was officially opened this year and is n<M ful occupied. There have been some snagging Issues bvl as èvèr Andy Broom and his team. have been worting with the contractor and other suppliers lo gel them resow. Following the success ol this schem?. we were d$lKJhled when Mccarthy Slone offered us tho chance to buy the alm¢sl Completed block of 14 apartment5 on Ih8ii late$¢ s¢h8m&. We hope to finalise the purchase agreeTnenl soon. We would like to Ihank NorwKh Crty Coun¢il f¢¥ sukyorting our new devekipmornl with grant funding, and Charrty Bank lor a new loan agreem8nt. In addition, wilh the rep8ym¥nl long term loans in Ihe next 18 months. th6 Society can look al further opportunities eilher repurt)osin9 our existing eslate or other entlty new build $il¥s. However, rest assured il is our intention lo locus on replacing poorer quality buihdings in our e5tale with porhaps scne modest growth in lenanl numbers so that we maintain our friendly I1 approach. 7. Improvlng our Systèms.. After some delays, we have upgraded lo a new computer sofMaresyslem, Omni Pyr•nKI G2, whh is used by many Housing Ass<xialion$. John Newslead wisely delayed ils IntrlUCtIon. to enable some initial bugs lo be discovered by others and ironed out. 11 will enabb betler daia manaJemenl and we look lorward lo learning more on how to make best vse. Omni's introduction also means that the long-planned Properly Oalabase can be ¢r8ated. using the 5uNey inform8lK)n collated by the Propety Services Team to create a much beller shorvmedium and long-tarm planning tool lor repair and mainlenance expendrture. It will also infom the Properly Asset Strategy Group ol any growirsg longgr-lem liabl1itk so we ¢8n letu$ Ilevgk¥Jtrnts on replacing or impming lower qvality buildings. My predecessor, Jon Boon, will. l am sure. be delvJhted to hear IhB 3$ he wa$ a k)ng-standing advocate ol this approach and gol the survey under way.
stuart Court Memorlal Charlty Report ofthe Chair Year ended 31 October 2023 8. Achieve Board excell8nce'. As promoted by previous Chairs of the Society and our CEO. wniso that we must aNYays seek to nt)t only meet the standards required by the NatKTrn81 Housing Federation, bul where possib go bèyond to ensu we operate to the hvJhest standards ol govemance. Last year's Action Plan instigated sevèral new or revised policies and procedure5 whh the various Svb-commrttees wll review on a regular ba$is. In addition, with so many relativety Board mernbers rt is imp(Htsnt th w¥ ensure we are workin9 effecknvoly. To this end we have engaged a specialist kn take an independent vie ol we are performing 8$ a Board and reviewing our surte of polKs. I forward lo hearing hts and recommendation$ so we can continue to improve the sOcty.$ g¢)vem•n¢. 9. Look to the futur•'. As identified last year by Jon Boon, we will consider our wder responsibilities to Ihe community looking at how we meet the environmental ChaIngeS thal climate change brings Wè must also recognise and act lo ensure w8 servo tha Ic1 commLTrnity in the widest sense. Thls brings me lo th& most important area of the Society's aclivilies. our tenants. W$ cecognise Ihal we 8erv8 a local populatn, often people who have Iwed Iheir whde Iwes n the ¢rty. bul also increasingly newcomers th81 have settled hèrè in laler lile. NoTh¥ich City Council has Klentifth changes in the population with new communities with diffent backgrounds adding to Ihe city's vibrancy. 11 would bts r¢miss if the Society dn't also con8ider this, 8nd we will strive to èngage with more of Ihe wider ccffimunty lo ensure the needs of all NOlch,8 older pul31 ¢ontinu• to b• m¥1 by Norw HousiThJ SrLiety. Norwich Housing Society ha8 8eryed the needs ol the 19$$ fortunate of th8 Cty of NOrwh lor almost a hndred years, so the legacy and reputation of Ihe Socitrty should be caréd for and enhanced. In the short lime I have been privileged lo be part ol the Board. the whole team al the &Kiety WO dilgently and crealively to support our tenants and ènsure they have sale, warm. and comfortable homes. l. my folk¢W dir8clors, will slrive lo match Iheir commitment to ensure the Society conlinues to flourish. Davld Drl8coII Chair ol Ihe Board 1 March 2024
Stuart Court Memorlal Charity Report of the Trustee For the year ended 31 October 2023 Prlnclpal actSvltles and objectNes for the publlc bonefit The Charity exisls in order lo provide for Ihe publi¢ bgnefrt. within the cty of affordable good qualty rentèd accommodation for those over 60 years of age currentty without a self-con18inI hom& or Iwing in other circumstances unsuitable to their needs. Having acquired sufficienl sell-conlained residenlKal unts $0 as to MMOdate Ihe ¢urwnt level of applicants in genuine need ol housing, the ongoing obi8th9 1$ to ensure the mainlenarKe. modomisation and management of thosè properties. The Board confim thal, in exeTCi5ing Ihtrir powers and duties, they have ccrfnplied with Ihwr duty to have due regard to the guidance on publK benelil published by Ihè Charity Commissn. Fln•n¢lal revlaw Monthly Mainl&nanc• Charge and ServrR Charge in¢m was £167,41512022.. £145.9791. Opef8ting costs were £146,639 12022.. £144,576}. gwing an operating surplus of £20.77612022'. £1,403). After Interèst receivable ol £1,23012022." £561, interest charges of £21.30812022" £22.9391 and a histor rent overpaymtrnl ¢redit of £12,741 12022.. £55.755 ¢harg&l th& overall result lor the year w88 a surplus of £13.439 {2022'. detsit of £77.2351. Value for money The Charily embraces a value foi money cullure and demonstrating value for money is a key objective of our a¢livities. Through the careful use ol resources, we conlinualty strive to delNw alllencIeS aThJ improve the quality of our housin9 and support servKes by employing offectN& asset managlent. developing the skills ol the staff. applying robust risk management, and slreamlinM)g prc¢edures. The Charity's assets are mar)aged to deliver the best possible $&rvi¢è as efflently, effeclivety and economically as possible. 11 appropriate. any surplus cash lunds more than the Reserve$ RatK)nale are prioritised and used to further maintain and improve Ihe condilw)n of our Propert5. The Condrtion ol the Charity's properties 1$ regularly reviewèd by the Board of NOlCh Housing Society and rts Sub.Ccfflrnrttees. The devesopment of a Property Dal8b8$e this year will enable Ihe Society lo makè more infomied dls1OnS on priorities for major works and will help us produ¢9 o long lemi planned mainienèrKe prcgrwnmg. We have been working Wth our Informalion Technokyjy prowder on upgrading our op&r8lional system. Efficiencies have been Klenlilied wlh Ihe new 5yslem in managing rgnl accounls and monitoring repair orders. Full training has been delwered lo 811 staff on the upgr&led system. We havè recrurted a new Board member this year wilh a legal backgiound wrth skills and knowledge in housing law, risk management and construction which wi51 slrenglhen governance al the Society to ensure p&rfomiance management and rUtInY are effective lo drive improved value for Mey. Our Key Performan Indtalors are ben¢hrnaed agabnst olher $mall ho$1n9 pioviders for older people. Monthly Maintenance Charge collection rates. levèls ol Monlhty maintenan Charge arrears. VO losses and 51aff sickness 8bsen¢o are monilNed and compared Our perfomiance cornpares favourabty lo other pioviders. and we have performed well against the Regulator ol Soci81 Housing's Value fw Money Metrics.
Stuart Court Memorlal Charlty Rgport of the Trustee Icontinuedl For the year ended 31 October 2023 VFM metric 1. Reinvestment % 2.a New suppty delive1 18Ctial housing units 2023 2022 21.1% 0% 2021 138% 2.b New supply delivered {non- social housin units 3. Gearin 4. EBITA MRI intere51 cover % 5 Headline social hous1n cost eratin mar soc1 housin eratin overall 8. ROCE°/ts 19.4% 1C6.0% £4,673 20.5% -2152% £4.031 -2.8% 408.7% £2,348 30.2° 302% runit mar 12.4% 1.1% 0.1% The Charity's performance frarrffwoth will be lurthgf d8velopod to èslablish links btheen strategy. partnerships, and resources to achieve improved value lor mon8y. Ouf aim is to ensu that we have a comprtrhen81VO approach lo value lor money which enBures the effe¢live d$lNery of the Charty's vision and values. in a way Ihal meets the needs of our regulators and st8kehoklo18. Lunsee's satisfaction and Value for Money reports a aValbI wlhin th• "Al)out Us. area of Norwich Housing Society's websrte- ."l/ww.n rwichhousin Stslèment ol ¢ompll•n¢• In preparation ol the financial statements. Slyart Court Memorial Charty has complied with all aspe¢l8 of the HCA'S Governance arKI Financial vbil Standard. Structur8, govornanc• and management Stuart Court M6morial Charty is govemed by its Irusl deed, dated 7 December 191$. and aims to provide good quality 8ffordabl& a¢¢omModaln lor porsons over sixty years of age. Housing SoCiY Limited provides day lo day management $eNre8. We operate under the National Housing Federation Model Rules 2011 ythh is recognised as t4$1 pra¢li¢e and 18 National Housing Federal¢on Code ol Governance larT*ndwJ in 2LY201. R¥¢rullmgnt and appolntment of Trust•es The sole Trustee of Ihg Ch8rty is NOrwh Housing Soc• Limited. Rlsk management The Board is aware ol the requiremenl lo bjenlify and rewew Ihe m8Jor risks lo which the Charity is exposed and lo èstablish systems to mitigale ihese risks. A review Is carried 8 1&r basis by the Board as deiailed in the Chair's Report. Organisatlonal structure The Board ol NOh Houging sIety Limited govern Ihe Charity As delaiW in thè Chair's Report, this Board consists ol the Sub-commiltees in Ihe areas ol Finance & Govwnale. Property and Operations, and the activities ol the Chaiity In these aieas ale conSided at Board meetsTrJs. The Board meet eBhl Iitnes a year wth regular Sub-cornrniltee meeliTrgs feeding tnlo the main Board.
Stuart Court Memorlal Charlty Report of the Trustee (continued) For the year ended 31 October 2023 Relat•d partl•s The sole Trustee ol the Charty 15 Norwich Housing Lwnitd. whch provides day to day management services lo the Charity. Marktrt valuè of land and buildings The Board is of the opinion that the market value of prOrtIeS al 31 October 2023 would significantly ex¢&ed the nel book values included in the f1nancial SIalentS. but unable to quanlfy this excess in the absencè ol a profe5$10nal valuation. the costs ol which are not considered iuslifi8IIè in view ol the Charity's intention to retairs ownership ol its $xisting properties for use in its activrt&s for the fores99ablè futLbrè. Roserve$ poll¢y At the year end the Charrty's free reserves, consisting ol net current as$el$. t(rtalled £157,049 12022.. £62,280). It is the Trustee's policy to hokl net currenl assels al a level Ihal wwld be sufflefit to fund any requirad maintenance and renvwals in ex¢&ss of incom&. An amount is sel aside to meet an unlor$$8en emergency or other unexpected need The lgvel ol reserves will be monitored throughout next year as part of the nomal monitoring and budgetary reporting processes. The Trustee is salisfieJ with the level of freg reserves. Polltlcal and charStable donatlon• The Charily has not made any donatKn$ durin9 Ihe ¢our89 of this finaKial year. Equallty, Dlver8lty & Inclu8lon The Charity is commilled lo promotin9 equal ¢Jpportunilies both in the provisw)n ol $ervices and in our employmenl practices. We value diversity and will help ensure lair 1realffnL for our customèrs, staff, Board members and contractors regardless of ra¢e, ethn oThJin or nalKJnality, gender, di58bilty, relww, marital or family slalu$, sexualty or sexual orEnl8lion. HIV stslus. ¥Jg, or physical appeararKe. Statomont of TN¥tee'8 r¢¥pon$lbllltl•s for tho financlal staiementi Thè Trustee is responsible lor preparing the financial statements in aeeord8n¢e wlh 8ppluble law and with United Kingdom Accounting St¥ndards {United Kingdom Generally ApIed Accounting Pr&lic&l. Law 8pplicabb lo charilBs and registered soc1 housing 109islatKfi wuire the Truslee to prepare h'n8ncial statements for each financial yaar which give a true and fair view ol the slate ol affairs ol the Charily and of its surplus or delicil for that per. In preparing these financial statements, the Tru51ee Is required lo.. $018cl suitable untIng pleS and thon appty Ihem ccfiStentfy', mako judgements and eslimale$ that are rgasonable aThJ prudent., 8t8le whether applicable accounting standards have been folk%. subj'ect lo any material departures disclosed and explained in the financial 5talwnents", prepare the financial stslements on the going concem b3sis unles6 it is in8ppropri8le to presume that the Charity will conlinue irn opei*ion.
stuart Court Memorlal Charlty Report of the Trustee (continued) Forthe year ended 31 October 2023 The Trustee is responsible for keeping accwnting records that disclosè wrth rtrasonab accuracy at any time the financial posrtion of the Charity and enable rt lo ensure that the financial statements comply with the Trust Oeed, the Charities Acl 2011, the Housing and RegeneiatK)n Act 2(H)8 8nd the Accounting Directson lor private registered providers of social housing in England 2022. It has general respgnsibility lor taking asonable steps to safeguard the assei8 ol the Charty and to prevenl and detecl Ir8wI arwj othèr irregulanties. The Trustee is responsible lor the m8inten8nce and inlegrity of Ihe c(Hp)rale and financial infomation included on the Charity's website. Legi51alion in the Unrted Kingdom governing the pwaration and dissemination of finarncial statements rnay differ from legislation in other jurisdKtions. Oavhd Dri5coII Chalr of the Board 1 March 2024
Stuart Court Memorial Charity Accountants, report to the Board on the unaudited accounts of Stuart Court Memorial Charity Year ended 31 October 2023 We report on the accovnis lor the year ended 31 0clot 2023 set ¢JJl C pw 11 to 23. Respective responsibilitl•s oltho board and th• Indepgndont réportlng accountant The Board of the Registered Social Housing PrOVer is responsibk for the preparation of the xcounls. and they consider that the Registered Scci?l Housing P(ovvJer is exew fiom an aud4. It 1$ our responsibility to ca¥ry out procedures des19r1 lo trnab us to rèwt our opinKx). Bas1$ of oplnlon Our procedures consisted ol comparing the nIS wilh the books ol aCCLJunl k1 by the Registered ScKial Housing Provhder and m8kiry 8u¢h limited enquiries ol the OffrS ol the Registered Social Housing Provider as we considered necessary for the purpose of thi5 reFyI. These pr(Keduiès FwoMde the onty assufance expressed in our cpInn. Oplnlon In our opinion.. the accounts for the year ended 31 October 2023 are in )rdance with the accounting racord$ kèpt by the Regislored Social Ho¢Jsing Provider under paragraph 13512llal of Il HOUS19 and Regenwalion Act 21JO8. having regard onty lo, and on the basis of, Ihe inlomialion ContWd in Ihe unting r8cords'. the accounts compty wilh Ihe requiwmenis of the Chanties Act 2011.. lh8 Registered Social Housing P¥ovKler has 4$fied Ilw Ccdi1)n for eXemptiC frcffi an audit ol the *¢oynts lor the year end&J 31 Ocknber 2023 spèjfiod in Sectn 136161 of the Housing and Regener3lk)n A¢1 21XJ8. the accounts with thè requiremenls ol the Housing Regenerati¢)n Act 2CQ8 and the Accounting Dir8Ction lor prNate regi8ler¢d provbJws of sc¢Kql housing in ErvJland 2022. LcknJL'.J GO•J4 LLP Larklng Gow$n LLP Chartered Accountants 1bt Floor, Prospecl House Rouen Road Norwich NRI 1RE Oate.. 4 March 2024
Stuart Court Memorlal Charity ststement of Comprehenslve Income For The Year Ended 31 October 2023 Not 2023 2022 Turnover 167.415 145,979 Operating expenditure (146,6391 1144,5761 Op•ratlng $urplus 20.776 1.403 Exceptional item- overpaymenl refisnd 20 12,741 155,7551 Int8re$l re¢eivabYe and simik8r inco 1,230 Inte$1 end linancing cost 121,3081 122,9391 Total comprehenslve Incom• fr)r the year The rfjsulls relate wholly lo continuing ¥¢lNitw. The financial slalements on pages 10 10 22 were approved by Ihe Tw$le on signed on its behall by. 1 March 2024 and are D DrS8coII- ChBir of the Board, Nomch Housing SOcty J Newstead -Chiel ExeculNe, NorwKh Hwsing Society The notes on pages 14 to 22 fomi part of Ihe5e financial slalemènts 10
Stuart Court Memorial Charity Statement of Flnanclal Position As at 31 October 2023 As restated 2022 Not• 2023 Fix•d a$sets Tangible fixed as5els 1.662.926 1.670,721 Ctsrr•nt assets Trade and other debtors C8$h and cash equivalents 1.885 2(M),162 2,412 146,123 202.047 148,535 Credllorn.. amounts falllng duè wlthln one y•ar 10 144,998) {86,255 Not current a8$•1s 157,049 82,280 Total as8et8 less ¢urr•nl Ilabllltles 1.819,975 1,733,001 Creditors.. amournls falling due after more than one yoar 11 Total net as8•t$ Re8•rv•s Income and expendilure reserye 13 941.474 928.03S Total reserve¥ The RSHP meets Ihe condilKn$ enabling it to disappty the wuiremenl to have an audrt of the financial stalernenls sel out in section 136 01 the HRA 2008 and Ihere no in place trom the Regulator requiring the RSHP lo appoint an audit to audit Ils a¢counts. The financial stalemenls on pa9&$ 10 to 22 were approv8<1 by the Trustee on signed on Ils behalf by'.- 1 March 2024 and 8r& D Dri$coll- Chair of the Board. Nomch Housing SfKiety J Ntwslead- Chief ExeGuINè. NOrwh Housing iety The noles on pages 14 10 22 fomi part ofthesefinancial $tatemenls. 11
Stuart Court Memorlal Charlty Statement of Change5 in Reserves Ag at 31 October 2023 Income and expenditur• Rgservo Total As r•port8d at 1 Novèmber 2021 988,138 988,138 Prior year adjustments 17,132 17.132 DO11t from prior year slalemenl ofcomprehensNe income AS r•8tat•d at 1 Novèmbfrr 2022 928.035 928,035 Surplus from slat&menl ofcomprehensNe income 13.439 13.439 8olan¢• at 31 O¢lob•r 2023 12
stuart Court Memorial Charity Statement of Cash Flows As at 31 Octobor 2023 Note 2023 2022 N•t cash generated from operatlng a¢tlvhlos 17 Cash flow from investing actlvltl Purchase ol tangible fixed assèts Interest ceiVed 132.8811 1397,0521 Nèt cash flow from Investlng actlvlll•s Cash flow from financlng a¢tfvStl Ropaymenls of borrowings Interest paid 115,1061 Ntrt cash flow from flnanclng acllvltle• Net chang? In ¢a8h and cash •qulvalen¢8 54,039 1335,855} C•$h and cash equlvalent¥ at b*glnnlng of th• year Catsh and ¢a8h •qulval•nt8 al end of th• yfrar Cash and cash equlvalgnt8 conslsts ol: C8sh al bank and in hand Short 18rm deposit8 48.407 85,463 CaBh and ¢ash ul¥alentS al 31 Octob•r 2023 13
Stuart Court Memorial Charlty Notes to the Flnanclal Ststements For The Year Ended 31 October 2023 Accounting FlIcIeS The signrficanl CountIng potleS used in Ihe preparatKJn of these financial statemonts ar6."- Introduction and accguntlng ba$ls Stuart Court Memorial Charity is a register1 charity and règtstèd social landlord, governed by its trust deed. dated 7 Oecember 1915 The address of the wislered offe i8 gwen in the reference and adminlslrative inlormation on page 1 01 thèse financial statements. The nature of the Charily's operatbons and principal 8divrtie$ are ¢Jets11 on page 4 of these accounts. The Chanty represents a publt bertofrt entty as defin4d by FRS 102. The financial staiemenls have been prepare(J in a¢cordan¢& with apICable accounting standards including Financial Reporting S¢8nd8rd 102 Th8 Fin1#1 Reporting St8ndard Applic8bl& in th UK and Ireland IFRS 1021. the Statement of Recommen Praclu for Social Housin9 Providers 2018, and the Accounting Direc1n for pnvale registered providers ol Social Ho$Ing in England 2022. The linancial stalements are also prepared under the requirem¥nts of the Housing and Regenerat#)n Act 2CKJ8. The financial statem8Trls have been prepared on ihe LKJing concern basis undtrr the historical ¢osl conveThtion, mOdifd to include certain items at fair value. The fman¢i81 Stalements a prepafèd in $1grling (£1 whi¢h 1$ the lund)nal currency ol Charty. and rounded lo the near081 £. The sKJnilicanl accountin9 poli¢ie$ apphgd in Ihg prepafatKn ol these financial statements are set out below. These pohu.es have been consbslenlly lo all ygars presenled unless otherwise slated. Turnover Turnov8r rapres8nis rental and service charges receivable in the ye8r nel of rent and service Charge losses from voids, revenue granls Irom the govemmenl Ilcral authorilie51 and Hornes England Iprtrviously known as Ihè Home$ and Communitiè$ Awcyl. D¥pr•¢lation ol hou$lng pr¢p•rtl•$ The Charity separately enIff Ihe major componenls whth comprise rt$ housing properti?s. and charges depreciation. so as lo wrrte4Iown the cost ol each cornponenl to ils estimated resKlual value. on a slraighl line basis. over rts eslimated uselul econofflic life. The Charrty ¢Jepreciates the major corryKJnents of rts hOlj propertie5 at Ihe following annual rates.. BoilerslFires Kitchens 6.66% s.% 5.(KJ% 3.33% 3.33% 333% 2.5 1.43% 1.00% PlumbiThJ Bathrwm window000r$ Electrics Roof Walls Freehohl land is not deprecialed. 14
Stuart Court Memorial Charity Notes to the Flnanclal Statements (Continued For The Year Ended 31 October 2023 Accounting policies l¢ontlnts} Housing PTOPOrt1•s Housing propert5 are propertw hold fo( the provision of sctial ho41n9 or to otherwise providé 80cial benefit. Housing properts are pfincyalty prCert available for rent and a stated at cosl less 8¢¢umulated deprecialion and impaier kK4S Irepresenling a diminution in the recoverable servicè potenlial of the asset bekyw its car.n9 value in the balance shèell. Cost include5 the cost ol acquiring land and buihyings, devymenl costs, and interest ch8rg&s incurred during tho dwelopment period. Works lo exisling prowrties whh replace a comp(rtnt that has been treated 5eparally for depreciation purpo$8s, abng with Ihose works Ihat resutt in an incrèase in the net rental in¢ome over the lives of Ihe properties, thereby enhancing the ecorton benefits of Ihe assets. gre capilalised a8 improvements. Gov•rnm•nt grants Gov6rnment grants ilUde gr8nts receiv Irun Homes Engbnd Ipwiously as the Homes and Communilie5 Agen¢y Ilhe HCAII, kcal authoritie5, and other government organisalions. Governmenl granls receweil lor fv)using properties are recogni$e¢J in income over the useful lilg ol the housing ppertY structure and, wh8r• appluble. rts individual components ley¢luding landl under the accrua15 model Cycllcal repalys and m4lnt•n•nc• The Charty has established a regular programme of wair mainlen8n¢e for 11$ housing property. Actual costs are charged lo the in¢¢me and expendrfure account a5 Itscuffed. VAT The Charty 1$ not VAT regislered. Income and expendrture. where applicab, 18 Ihereforo Shown inclusive ol VAT in the financial statemènl8. Curr•nt asset8 Oeblors are recogn15ed and carr lorward al invcKtrJ 0nIS less p(ovisions for any doubllul debts. Bad debts are wrrtten off vthen i¢Jenlilied. Cash and cash equNalenl$ a included in the balan sheet at Cost. Cash and cash equN81enls comprise cash al bank and in han¢J. Cr¢ditor8 and provbsions Creditors and provisions are recognised when the Chty has a present oblvJation re5ulling from a past event Ihat will probabty resul in Ihe transfer of funds lo a third party and the amount due lo settle the oblvJation can be measured or eslimaled reliabty Credrtors and provisions are norm8lly r8cognised at their settkThnl amount after allcwing for any trade di5)unt$ due. Flnanclal Instruments The Charity only has financial assets and linancial lbIlIt ola kind th81 qualify as basic financial instruments. Basic finala1 inslnjments a initialty recognised at trarnsaclion value and subsequenlly measureil at their settsernent Value with the exception of bank loans which ar subsequentty rrEasured at amortised cosl using the effectve interest rnelhod. 15
Stuart Court Memorial Charity Notes to the Flnanclal Statements {Continued For The Year Ended 31 October 2023 Accounting policies Icontinuedl Golng concern The financi81 $latÈments have b86n pfeparè(l on a going concem basis 85 thé Board ol Management believes that no material uncertainlios exist. The Board of Managernenl have considered the level of funds held and Ihe exp8cted level ol income and expenditure for the 12 months from 8uthwisin9 Ihtrse finan¢ial stateménts The bJgeted income and expendrture is sufficient with the level ol resèrws lor the Charrty to be abk to continue as a going concern. Judg•rn¥nl$ and kèy sourc8s of èsllmailon uncertaSnty The key a3sumplion$ ¢on¢eming Ihe lthuie and othèr key sources of e5timalv)n unctrrtainty at the reporting dale that have a $ignifi¢anl risk of Causing a malerial adjuslmenl to the carrying amount of the assets and liabilrties wrthin Ihtr next fin•nu81 yoar iNJud9'. Value ol histor fenl overp8ym&nl ¢ffjdrtor. Partlcular8 of turnover, cost of Bales. operatlng ?xptrndltur• ond op8ratlng surplus 2023 Operating Surplu5 2022 Operating SurplL$8 Turnover OpefalirvJ Expendrture Turnover Operating Expenditufe Social housing lellin9S Inole 61 167,415 1146,6391 20,776 145,979 1144,5761 1,403 187415 146 639 145 979 Interest recelvable and $lmllar Income 2023 2022 Bank interesl received 1,230 Operatlng surplus The operating svrplus is stated after charging. 2023 2022 DeprecialK)n ol tangible fixed asseis Audrtor'5 remunefalion for audrt Auditor's remuneration for audit (over call Auditor's remuneration lor non-audil 40,676 35,496 5,670 {3581 Employ¢•s The Char"ty does T1 havè any employees and as such there a no staff costs incurred. 16
stuart Court Memorial Charity Notes to the Flnanclal Statements {Contlnuedl For The Year Ended 31 October 2023 ParticulaTs of turnovor and op•ratlng •xp•ndltuf• fr¢)m social housing lettings Supported housing lincludiro housing older people) 2023 2022 Income Rents receivable nel ol idenbfiabl¢ s¢rvice Charges and Service charge Income Governrnenl grants 18ken lo income 132,805 26,087 114,437 23,826 Turnover from soclal hou$lng l•ttlng8 Other income 166,116 145,947 32 Total Incomfr Op•rallng expendlturo Managèment Servi¢& ¢harge cosls ROlIne mainl8nance Depreciation ol housing piopert Accoun18n¢y 8n¢J audit Legal and professional Insurance Olher costs 42.105 22.975 35.185 40.676 2,950 39) 2,358 37,398 29,016 31.322 35.493 5.312 3,000 2,007 1,025 Oper81ing gxpendrture on 8rKial housing lelling8 Operatlng surplus on so¢lal houslng lettlngs Void losses Ibeing rental incomè lost as a re$utt ol Pfoperty not beng let, although rt is availabb lor lelts'ngl The Government grants taken lo Incor relate to Housing Assctialion gr8nls and Local Authority RNJht To Buy IRTBI granls, which are rtsbas over the expect useful lrfe ol the prOpertS to which they relate. 17
Stuart Court Memorial Charity Notes to the Flnanclal Statements Icontlnued For The Year Ended 31 October 2023 Fixed assets-freehold housing propertie¥ SocSal houslng propertlès h•ld for letting Housing prOpertS for letting under construction Total houslng propertl&s Cost At 1 Novèmbar 2022 Additions Disposal$ Transfer Al 31 October 2023 1.Cfj2,695 32,881 823,383 1,886,078 32,881 823 383 1,918,959 1,918,959 Oèpr•clatlon Al 1 November 2022 Prr year adjustment At 1 November 2022 las reslaiedl Charge lor the yèar Al 31 October 2023 266,450 51 215,3S7 40 256,033 266,450 215.357 256,033 Nel book value 8131 O¢tcJor 2023 Nel btr)k value al 31 Oct¢)er 20221a$ restalgdl All PfOP•rti¥$ gro Iraehold. Non depreciable land amounls to È4101,53912022.. £38,539) Bank loans are secured on Iho Ireehokl propgrtw. Expendlture on works to tsxlsllng pTopertl¥$ 2023 2022 Improvement works caprtalised Amoun1$ Charged to inccme and expenditu Inoie 61 35,185 31,322 Soclal houslng asslstance As restated 2022 2023 Total accumulated social housiny gr8nt rectr or receivable al 31 October Recognised to date in the Statemenl ofconwrehensive Incon Transferred lo date to Norwich Housing Sw'ety Held as deferred incorne Inole$ 10 and 11} 59,490 244.487 383.104 52,266 244.487 305,029 18
stuart Court Mernorial Charity Notes to the Flnanclal Statements {ContSnuedl For The Year Ended 31 October 2023 Trade and other debtors 2023 2022 Rent debtors Piepaymenls and wed income 653 1,759 1,865 Cash and cash equlval•nts 2023 2022 Current wxounls Deposit nIS 48,407 151,755 85.463 60.660 10. Credltors: Amounts falllng due with5n ono year 2023 2022 Trade uedilor8 Amounts payable lo Trustee- NorwKh Housing Society Accruals and deferred income Other creditors Bank loan$ 804 4,805 23,(4 10,213 4,207 41,292 15,663 14,880 15,645 8ank loan lemis of repaymenl and inleresl rates are as deiailed in note 11. Deferred income broughl forward Rele8$ed during the year D&fèrred during the year 18.555 14,260 118,5551 112,1451 Deferred In¢ome ¢0rri811 forward 11. Credltors: Amounts falllng due ov•r ¢n• y•ar As restated 2022 2023 Accruals and delerTed incc Bank loans 375,880 286,474 502 621 518492 Deferred incomè brought loard Prior year adiuslmenls Released during the year Defeired during the year 286,474 261.986 33.961 19,4531 113,0911 102 497 Deferred income carried forward The bank loans include aggregate aInnts of £436.70212022." £452,574) whh fall due after five years and which are payable by inslalments. Rates ol intèrèst vary 2% and 4%. 19
Stuart Court Memorial Charity Notes to the Flnanclal Statemenls (Continued} For The Year Ended 31 October 2023 12. Reserves The income and exndrtura rese rèpresents cumulatNe surplus aThJ deficits nel ofother adjustments. 13. Analy¥l$ of not a$$$ls twO•n funds IUnrèstrlct8dl Incomè and •xpènditure 2023 2022 T8ngibltr fixed assets Nel current assels Long lerm liabilrties 1,662.926 1,670,721 157,049 62,280 {878.5011 1804,9661 14. Accommodatlon ownod. managed and In d¢vtrlopm•nt Unlts at the year ond 2023 2022 Number Number Rehabilrtalion Total owned Accommodation in devekjpmenl Norwich Housin9 Sociely Limited manages Ihese proport8. See [e 1 S. 15. Reltyted party tran8actlons NOlCh Housing ScKiely Limiteil is sol8 Truste8 ol Slut Court Memorial Charity. Transa¢tw)n$ beiween the ts¥o SoCtieS are summari5ed as follows. 2023 2022 Managernenl ¢harge payable lo Norwich Housing Society Lined The position at the balance sheei date is $ummari%ed as folknys". 2023 2022 Amounts owing Iromlllol NOrwh Housing Socty Limited ai 31 October 2023 20
Stuart Court Memorlal Charlty Notes to the Financial Ststements {Continued) For The Year Ended 31 Oetober 2023 16. Parent cornpany The corporate Irusl¢e of Sluart Court Memorial Charity is No[wh Housing Society Llrnrtl, 8 Rlst&red Social Landlord. The Board of Management of the Tnjstee have relied upon Ihg exemplion provided by Section 99 01 the Co-operative and Community Benefrt Societies Act 2014 because ol the insignrficant amounts Invoad and have not therefore ppared consolrtlaled financial 5taterrwls. 17. Cash flow from op•ratlng actlvltl•s 2023 2022 Surplus for the year Exceptional item- overpaymenl refund Depreciation ol laThgible fixed as$¢ls Ilrbcreasel l Decrease in trad8 and other debtOTS In¢rease I (Decrease) in trade and other ¢re<lrtors 20.776 12,741 40,676 527 47,384 1,403 155,7551 35,496 10,503 92,433 18. Analy81s of ch4ng•$ In n•t d8bt At1 Novembor 2022 Cash Flov Othèr Non- Cash Changes At31 October 2023 Cgsh Cash equivalonis 146,123 54,039 200.162 146,123 114,880) 518,492 54.039 200,162 15,106 115.8711 115,6451 502.621 318,104 Loans 1811ing due within one year Loans lalling fjue after more than one ye Tolal 19. Capltal ¢ommltments 2023 2022 C8Pit81 èxpenditure that has been contracted for but has not been prOVed for in the fina181 slatements. 21
Stuart Court Memorial Charity Notes to the Financial Statements (Continued) For The Year Ended 31 October 2023 Exc•ptlonal Item During the previous linanckal year, following changes to the Board arKI Senior Management Team, Norwich Housing Society identsfied that the historic basis lor the initial calculation and subsequent increases appld to rents nol compty with the RegLtlalor of slat Housing IRSHI Rènt Standard and the detailed reguktions set out in the Ministry of Housing, Communit& 8nd Local Government IMHCLGI Policy statement on rents for social housing (The PoIY Slalementl. Th$ anUnt of the overpayment provided in the previous accounts was £55,755. F0llvwij completK)n of th$ repaymenl process. £12,741 has been released to the income and expendrture accounl. 21. Prlor year adlustments There wer8 h¥0 prior year adjustments as folbws.. Freehokl land was depreciated in previous Counts. An adjuslwent to of £51.093 removes the accumulated depreciation. An adjustm8nl to rèserv&s of£33.961 adjusts recognrtion ofcapitsl grant8 freAn a¢¢ounls. The ng1 adjuslmènl of £17,132 in¢rgasos Unrostrict8d Funds from £910.3 to £928,035. The prior period nel resutt is not affected.