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..
NO￿lCh Housirtg Soa*ty Limied
Addr8ss:
13 Braconda
No[w￿h
Norfolk
NR12AL
Bankern:
HSBC
18 London Stre
NO￿￿h
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
NO￿lCh
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 ded￿ated work and aFS)ointmenl of our Ch￿f 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 cc*nplemenl of Scheme Managers who lake part in
the regular Operations Sub Committee and have. with Boar(J mambers developed and refined many
polic￿S lo ensurè the Society is complaint wrth regulatory rrfuirements. SenKJr Scheme Manager, Susig
Alexandèr, with hèr col￿agUeS 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 assisla￿e over many years. Unlortvnalely, a work
commitment meant that Kayleigh Luca5 was unable lo Con￿nUe 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 Vlèwp￿nts bul prOV￿ed a wide band ol eweri&n¢& lo the Socioty.
With some sadnes8 I have lo annoyn¢e Ihat our Vice Chair, Gill Te*son. 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 cOmp￿led 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 cOmp￿xrtY and tTh1. aTrY whilst the Who￿ lean pulled together
lo resolve the matter, s￿la1 Ih8nks must go lo m￿he1￿ 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 bef￿e Christmas John re￿iVed 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 focuss*l on providing accommryjation for the over 60s. btrt $lJll has a handful
of properties that serve General Needs. Thi5 combineil wth S£￿ ageing means rt is in¢umbent upon
tl8 to regul8rty review the long-term futuie of each of our srtes.
Wo re¢o9nise that rt is a key part of our role lo regularfy the qUal￿Y and condilK)n of our properties and
lo this end l am delighted lo confimi thal after somg gx¢ellgnl efforts by the Property Serv¢es Team. led by
Andy Broom, we have just about completed 8 full survey ol th& whole eslate. John Newsltrad has instigated a
Property Asset Strategy Group that will take Ihis inlomalK>n lo allow us to make 8ensibl8 judgements on
where we can economically improve Ihe labric an¢J energy eIr￿lertY of our properties an(1 wh8r& Il may make
more sens& to replace wilh new build.
6. New Dtrv¢lopm•nl
Our new development 8181uebell Road was officially opened this year and is n<M ful￿ occupied. There have
been some snagging Issues bvl as èvèr Andy Broom and his team. have been worting with the contractor
and other suppliers lo gel them resow.
Following the success ol this schem?. we were d$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 entl￿ty new build $il¥s. However, rest assured il
is our intention lo locus on replacing poorer quality buihdings in our e5tale with porhaps sc*ne modest growth
in lenanl numbers so that we maintain our friendly I￿1 approach.
7. Improvlng our Systèms..
After some delays, we have upgraded lo a new computer sofM*aresyslem, Omni Pyr•nKI G2, wh￿h is used
by many Housing Ass<xialion$. John Newslead wisely delayed ils Intr￿lUCtIon. 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¥Jtr*nts 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 wh￿h 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 polK*s. I forward lo hearing hts and recommendation$ so we can
continue to improve the sOc￿ty.$ 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 ChaI￿ngeS thal climate change brings Wè must also recognise and act lo ensure
w8 servo tha Ic￿1 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 populat￿n, 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 diffe￿nt backgrounds adding to Ihe city's vibrancy. 11 would bts r¢miss if the Society d￿n't
also con8ider this, 8nd we will strive to èngage with more of Ihe wider ccffimunty lo ensure the needs of all
NO￿lch,8 older p￿ul31￿￿ ¢ontinu• to b• m¥1 by Norw￿ HousiThJ SrLiety.
Norwich Housing Society ha8 8eryed the needs ol the 19$$ fortunate of th8 Cty of NOrw￿h lor almost a h￿ndred
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-con18in￿I 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 Commiss￿n.
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 all￿lencIeS aThJ improve the quality
of our housin9 and support servKes by employing offectN& asset manag￿lent. 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 $&rvi¢è as eff￿lently, effeclivety and economically
as possible. 11 appropriate. any surplus cash lunds more than the Reserve$ RatK)nale are prioritised and used to
further maintain and improve Ihe condilw)n of our Propert￿5. The Condrtion ol the Charity's properties 1$ regularly
reviewèd by the Board of NO￿lCh Housing Society and rts Sub.Ccfflrnrttees. The devesopment of a Property
Dal8b8$e this year will enable Ihe Society lo makè more infomied d￿ls1OnS 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 M￿ey.
Our Key Performan￿ Indtalors are ben¢hrna￿ed 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 delive￿1 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
soc￿1 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$lNery of the Charty's vision and values. in a way Ihal
meets the needs of our regulators and st8kehoklo18.
Lunsee's satisfaction and Value for Money reports a￿ aVal￿bI* wlhin th• "Al)out Us. area of Norwich Housing
Society's websrte-
."l/ww.n
rwichhousin
Stslèment ol ¢ompll•n¢•
In preparation ol the financial statements. Slyart Court Memorial Charty has complied with all aspe¢l8 of the
HCA'S Governance arKI Financial v￿bil￿ Standard.
Structur8, govornanc• and management
Stuart Court M6morial Charty is govemed by its Irusl deed, dated 7 December 191$. and aims to provide good
quality 8ffordabl& a¢¢omModal￿n lor porsons over sixty years of age. Housing SoCi￿Y Limited provides
day lo day management $eNre8.
We operate under the National Housing Federation Model Rules 2011 yth￿h is recognised as t4$1 pra¢li¢e and
1*8 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 NOrw￿h 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 NO￿￿h Houging s￿Iety Limited govern Ihe Charity As delaiW in thè Chair's Report, this Board
consists ol th￿e Sub-commiltees in Ihe areas ol Finance & Govwnal￿e. Property and Operations, and the
activities ol the Chaiity In these aieas ale conSide￿d 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 prO￿rtIeS al 31 October 2023 would significantly ex¢&ed the
nel book values included in the f1nancial SIale￿￿ntS. 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 suff￿lefit 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 donatK*n$ durin9 Ihe ¢our89 of this finaKial year.
Equallty, Dlver8lty & Inclu8lon
The Charity is commilled lo promotin9 equal ¢Jpportunilies both in the provisw)n ol $ervices and in our
employmenl practices. We value diversity and will help ensure lair 1realff￿nL for our customèrs, staff, Board
members and contractors regardless of ra¢e, ethn￿ oThJin or nalKJnality, gender, di58bilty, relww, marital or
family slalu$, 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 A￿pIed Accounting Pr&lic&l.
Law 8pplicabb lo charilBs and registered soc*1 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..
$018cl suitable ￿untIng p￿￿leS and thon appty Ihem ccfiS￿tentfy',
mako judgements and eslimale$ 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 PrOV￿er 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 des19r￿1 lo trnab￿ us to rèwt our opinKx).
Bas1$ of oplnlon
Our procedures consisted ol comparing the ￿nIS wilh the books ol aCCLJunl k￿1 by the Registered ScKial
Housing Provhder and m8kiry 8u¢h limited enquiries ol the Off￿rS ol the Registered Social Housing Provider as we
considered necessary for the purpose of thi5 reF*yI. These pr(Keduiès FwoMde the onty assufance expressed in our
cpIn￿n.
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* HOUS￿19 and Regenwalion Act 21JO8.
having regard onty lo, and on the basis of, Ihe inlomialion ContW￿d in Ihe ￿￿unting r8cords'.
the accounts compty wilh Ihe requiwmenis of the Chanties Act 2011..
lh8 Registered Social Housing P¥ovKler has 4$fied Ilw Cc￿di1￿)n for eXemptiC￿ frcffi an
audit ol the *¢oynts lor the year end&J 31 Ocknber 2023 spèjfiod in Sect￿n 136161 of the
Housing and Regener3lk)n A¢1 21XJ8.
the accounts with thè requiremenls ol the Housing Regenerati¢)n Act 2CQ8 and the Accounting
Dir8Ction lor prNate regi8ler¢d provbJws of sc¢Kql housing in ErvJland 2022.
LcknJL'.J GO•J4￿ LLP
Larklng Gow$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 SOc￿ty
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 condilK*n$ 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. NOrw￿h 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
DO1￿1t 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 F￿lIcIeS
The signrficanl ￿CountIng pot￿leS used in Ihe preparatKJn of these financial statemonts ar6."-
Introduction and accguntlng ba$ls
Stuart Court Memorial Charity is a register￿1 charity and règtstè￿d social landlord, governed by
its trust deed. dated 7 Oecember 1915 The address of the wislered off￿e i8 gwen in the
reference and adminlslrative inlormation on page 1 01 thèse financial statements. The nature of
the Charily's operatbons and principal 8divrtie$ 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 ap￿ICable accounting standards
including Financial Reporting S¢8nd8rd 102 Th8 Fin￿1#1 Reporting St8ndard Applic8bl& in th
UK and Ireland IFRS 1021. the Statement of Recommen￿ Praclu for Social Housin9 Providers
2018, and the Accounting Direc1￿n 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, mOdif￿d 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 prepafatK*n 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 hO￿l￿j 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
window￿000r$
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 propert￿5 are propertw hold fo( the provision of sctial ho￿41n9 or to otherwise providé
80cial benefit. Housing propert*s are pfincyalty prC*ert￿ available for rent and a￿ stated at
cosl less 8¢¢umulated deprecialion and impai￿er￿ 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, dev*ymenl costs, and interest ch8rg&s
incurred during tho dwelopment period.
Works lo exisling prowrties wh￿h replace a comp(rtnt that has been treated 5eparal*ly for
depreciation purpo$8s, abng with Ihose works Ihat resutt in an incrèase in the net rental in¢ome
over the lives of Ihe properties, thereby enhancing the ecorton￿ benefits of Ihe assets. gre
capilalised a8 improvements.
Gov•rnm•nt grants
Gov6rnment grants i￿lUde gr8nts receiv￿ Irun Homes Engbnd Ipwiously as the
Homes and Communilie5 Agen¢y Ilhe HCAII, kcal authoritie5, and other government
organisalions. Governmenl granls receweil lor fv)using properties are recogni$e¢J in income over
the useful lilg ol the housing p￿pertY 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 ￿0￿nIS 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 Ch*ty 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 settkTh*nl amount after allcwing for any trade di5￿)unt$ due.
Flnanclal Instruments
The Charity only has financial assets and linancial l￿bIlIt￿ ola kind th81 qualify as basic financial
instruments. Basic fina￿la1 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 $latÈments have b86n pfeparè(l on a going concem basis 85 thé Board ol
Management believes that no material uncertainlios exist. The Board of Managernenl have
considered the level of funds held and Ihe exp8cted level ol income and expenditure for the 12
months from 8uthwisin9 Ihtrse finan¢ial stateménts The b￿Jgeted income and expendrture is
sufficient with the level ol resèrws lor the Charrty to be abk to continue as a going concern.
Judg•rn¥nl$ 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 ￿c￿all
Auditor's remuneration lor non-audil
40,676
35,496
5,670
{3581
Employ¢•s
The Char"ty does T￿1 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$lng l•ttlng8
Other income
166,116
145,947
32
Total Incomfr
Op•rallng expendlturo
Managèment
Servi¢& ¢harge cosls
RO￿lIne mainl8nance
Depreciation ol housing piopert
Accoun18n¢y 8n¢J audit
Legal and professional
Insurance
Olher costs
42.105
22.975
35.185
40.676
2,950
39)
2,358
37,398
29,016
31.322
35.493
5.312
3,000
2,007
1,025
Oper81ing gxpendrture on 8rKial housing lelling8
Operatlng surplus on so¢lal houslng lettlngs
Void losses Ibeing rental incomè lost as a re$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 prOpert￿S 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
prOpert￿S
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
Pr￿r 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¢tc*Jor 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 lo￿ard
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 aIn￿nts of £436.70212022." £452,574) wh￿h 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 ex￿ndrtura 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 proport*8. See [￿e 1 S.
15.
Reltyted party tran8actlons
NO￿lCh Housing ScKiely Limiteil is sol8 Truste8 ol Slu*t Court Memorial Charity. Transa¢tw)n$ beiween
the ts¥o SoC￿tieS are summari5ed as follows.
2023
2022
Managernenl ¢harge payable lo Norwich Housing Society Lin*ed
The position at the balance sheei date is $ummari%ed as folknys".
2023
2022
Amounts owing Iromlllol NOrw￿h Housing Soc*ty 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[w￿h Housing Society Llrnrt￿l, 8 R￿lst&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 Invo￿ad
and have not therefore p￿pared 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 prOV￿ed for in the fina￿181 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 appl￿d to rents nol compty with the RegLtlalor of s￿lat 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 PoI￿Y Slalementl. Th$ an￿Unt of the overpayment
provided in the previous accounts was £55,755. F0llvwi￿j 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.