Stuart Court Memorial Charity Rogistered Social Landlord Number: A2803 Charlty Commisslon Number: 226776 Unaudlted Annual Report and Flnanclal Ststements For the year ended 31 October 2024
Stuart Court Memorial Charity Year ended 31 October 2024 Contènts Pago Reference and Administrative Details Report of the Chair Report of the Trustee Independent Reporting Accountant's Report Statèmont of Comprehensivfj Income (including Income and Expenditure Account) Statemont of Finoncial Position 10 Slalemenl of Changes in Reseryes Slalemenl ol Cash Flows 12 Notes lo the Financial Statements 13-20
Stuart Court Memorial Charity Year ended 31 October 2024 Registered Social Landlord number- A2803 R8glstsre(I Charlty number: 226776 Trustee- Norwich Housing Society Limited Addre5S'. 13 Bracondale Norwich Norfolk NR1 2AL Bankers.. HSBC 18 London Street Norwich NR2 1LG The Charity Bank Limilgd 182 HKJh Street Tonbridge Kent TN9 1BE Audltor: Larking Gowen LLP 1&1 Floor, Prospect House Rouen Road Norw¢h NR1 1RE
Stuart Court Memorial Charity Report of the Chair Year ended 31 October 2024 In many ways the year has been one of consolidation after some past Challenges, but also one in which the future direction of the Soaety has been reviewed and plans put in place for ts futuie vibrancy and sustainable growth. Some of our highlights being.. Ensuring R8sldent satlsfadon With some changes to the Operational Team this year la warm welcome lo Karen Northfield our newesl Schtsme M8nagerl il was hearttrning th81 our Rtrsidtsnl Satisfaction Survey prcyjuced such goc%J results. Wf(h jusl under half of our residents surveyed over the year, the overall satisfaction result of 94.2% is an outstanding result for the Society and amongst the highest wilhin the industry. A reflection of the hard work and approach of all our people, ably led by our CEO, John Newstead. There is always more work to do. and we will be looking al any areas for improvement, as we recognise il is vital Ihat we do not become complacent. 2. Resldent Advlsory Group Thi5 is now bedding in. and although some personnel changes are inevitable il Is 51111 a vibrant group who are working well together. They have reviewed several of the Society s policies gnsuring we are not jusl a lop4own rule maker. We have adapted our policies and procedures to ensure we are compliant for the Regulator of Social Housing but also sensitive to resident shes. 3. Board P•rfomianc• and Eff•¢tlv¢nos$ R•vl•w - As part of our wish lo ensure the Society Is well run, we employed a consullanl, Mark Sweeny, wilh considerable housing sector experience lo review our policies, procedures and practice. His report was comprehensive and whilst it was reassuring in many ways, it make a small number of excellent suggesled improvements. These included adding someone with the 'lived experience, of social housing lo the 8oard- smoothing how our 8oard meetings were run., and encouraged 8oartl members lo be a little less tletsiled in operational matters. Overall, however, he did confirm that the Sociely was well run with goo(J oversighl. 4. Rofreshlng the Board - As with any voluntary body, life has a habil of upsetting the status quo. This year we have seen 3 Board members have to slep down due lo unloreseen issue5 Ilargely health andlor day- job relatedl so we $8y a big Ih8nk you lo Mehmel Yaman. Chris Hancock and Melissa Slarkings, lor thèir lime and valued conlribulions. We wish Ihem well in their promotions, health and travel aclivilies. Rgcruilmenl has gone well with new Board members joining us, Estelle Corner, Jim Belcher, and Anna Knight, who have backgrounds in Ihe legal profession. property and human resources. They are adding very valuable expertise lo the team. Our B08rd Effectiveness Review did highlight Ih8t we did not have the 'lived experience, of social houslng suitably represented on the Board. To this end we sought someone who has current experience, and l am delighted to confim our most recent Board recruit. Cheryl Greig, who will help us maintain balanced viewpoints in Board discussions. Finally, I have lo offer a huge thank you lo (Kjr currenl longest $eNing Board Member, Gavin Sargent who 11 be standing down at the AGM after 7 years, service. His balanced. Common-sense approach will be missed, and there is no queslK)n he has helped improve our Social Media presence tremendoLJsly. Most recently he has been successfulty chairing the Operations Sub Commitlee which will hand over lo Anna Knight from March 2025. 5. Property Databas•- Whilst any live database is aayS being updated, l am delighted to confirm that the Property Team have uploaded the whole esiate with very detailed infom)ation about each flat and its constituent parts. We now have a very Ihorough database that has infomied the budgets for future maintenance both short and long term_ A huge thank you lo the Property Team who completed this task whilst Still managing the day-t(Hlay property restlOn5ibilib"es.
Stuart Court Memorial Charity Report of the Chair (continued Year ended 31 October 2024 6. The Future - The Society will benefit from several loans being repaid in the next 12 ffjonlhs, so this year the Board took time out to look at our shortlmedium- and longer-tem) strategy. This sUIted in a new 5- year plan and a 30-year aspiration. Any organisalion shId have both an immediate short-term strategy but also be looking further into Ihe future. The varied ages and condilion of our eslale means that longer term planning is prudent, noiwithslanding that global events and regulatory changes are far from predictable over such timescales. Wilhovl a5piralions lo plan for, we will never achieve progress or indeed likely lo maintain the ststus quo. Without reproducin9 the deiail here. our brwjer-lem) aspirations are to ensure our estale is sustainable, fil for the future, and modestly grow the estate without losing the Ial friendly nature of the Society. More details are in the two documents via Ihe website. As 8ver the succ8ss of Norwich Housing Socièty and Stuart Court Memorial Charity will be in Ihe lives of our residents. We continue to strive to provide wami, safe, comfortable and eCOrmical accommodation in which residents are pleased lo live and thrive. Our focus will remain local, to ensure our teams can readily support them, and il is the Board's re5ponsibilily lo ensure they continue to have properties and resources lo maintain their high standards. W8 will conllnue lo slrive to hcffjour this commilmenl. Davld DrSscoll Chair of the Board 20 February 2025
Stuart Court Memorial Charity Report of the Trustee For the year ended 31 October 2024 Prlnclpal actlvlties and obj•ctlves for the public benefit The Charity exists in order to provide for the public benefit. within the city of Norwich, affordable good quality accofflmodalion for those over 60 years of age cuenY wthout 8 self-conlained home or living in other circumstances unsuitable to their needs. Having acquired sufficient seW<onlained reshdential units so as lo accommodate the current level of applicants in genuine need of housing. the ongoing objective is to ensure the maintenance. modemisalion and management of those properties. The Board confirm that, in exercising their powers and duties, they have complied with iheir duty lo have due regard to the guidance on public benefil published by the Charity Commission. Flnanclal r•vl•w Monthly Maintenance Charge and Service Charge income was £201.02812023.. £167,415). Operating costs were £190,606 12023." £146,639), giving an operaling surplus of £10,422 12023". £20,776). After inleresl re¢8ivable of £3,308 12023.. £1,230), inlerest charges of £20.932 12023-. £21.3081 and a historic maintenance overpayment charge of £nil 12023.. £12,741 credit) th8 overall resull for Ihe year was a deficit of £7,202 12023.. surplus of £13,439). Valu• for mon•y The Charily gmbra¢e$ a value money Culture and demonslraling value for money 1$ a key obl11Ve of the business. Through the careful use of resources, we conlinually strive lo deliver efficiencies and improve the quality ol our housing and support services by emplow'ng effective asset management, developing the skills of the Staff, applying robust risk management, and streamlining pr¢)cedures. The Charity's assets are managed to deliver Ihe best possible service as efficiently, effectively. and economical as possible. If appropriale, any surplus cash funds more ihan Ihe Reserves Rationale are prioritised and used lo further maintain and improve the condition ol OUT properties. The condition of the Charity's properties is re9ularfy revlewed by the Board and its Sub-commillees. The development of a Property Database this year will enable the Charity to make more informed decisions on priorities for major works and will help us produce a long term planned maintenance programme. All the required information has been collated. and we hope Ihat the Property Daiabase will be lully functional by the end of December 2024. As a rgsult of an inlemal risk management audit, we have identffied improvgments lo our risk managemgnl systems which will help us demonslrate good govemance. give us a better undersianding of our risk profile and belter mitigate risks. We have $uccessfvlly recwited 3 new Boar(I members this year a wide range ol skills in Human Rgsourcgs, Housing Policy, Propèty Management, and Housing Law which will strengthen governance al the Charity lo ensure performance management and scrubny a effective to drive improved value for money. Our Key Performance Indicators are benchmarked against other small housing providers for older people. Monthly maintenan¢e charge IMMCI ¢olle¢tion Tates, levels of maintenance charge arar$, void losses and staff si¢kngss absence are monitored and compared. Our perfomian¢È ¢ompar&s favourably to other providers, and wg have perfomied well against the Regulator of Soaal Housing's Value for Money Melrics.
Stuart Court Memorial Charity Report of the Trustee (continued) For the year ended 31 October 2024 VFM metrlc Reinvestment ° 2.a New supply delivered {so¢ial housing units 2024 2023 2.0 /. 13.8% 2022 21.1°1. 0% 2.b New supply delivered (non- social housin units % 3. Gearin 4. EBITA MRI interest cover Y. S. Headline social housin cost r unil eralin mar social housin eralin overall 8. ROCE 0/0 0% 0% 19.0% 210.5% £4.840 5.4% 5.4% 0.6% 19.4% 106 0% £4,673 12.4% 12.4% 1.1Q/o 20.5°1. £4,031 mar 0.1% The Charity's performance framework wll be lurther developed lo e5tsblish links belween Strategy, partnerships. and resources lo achieve improved value lor money. Our aim is to ensure that we have a comprehensive approach to value for money which ensures the effective delivery of the Charity's vision and values, in a way that meets the needs of our re9ulatOTS and stakeholders. Licensee's $81islaction and Value for Money reports are available wilhin the 'About Us" area of Nomich Houslng Society's website- hll ..IlwNvw.norwichhousin socie Stat¢m•nt of compllan¢• In preparation of the financial slalemenls. Sluart Court Memorial Charty has coMpld wlh 811 aspects ol the HCA'S Governance and Financial Viakn'lity Standard. Structur•, govornanc• and managèm•nt Stuart Court Mgmorial Charily is govemed by tts Iwsl deed, dated 7 Decembgr 1915, and aims lo provide good quality affordable accommodation lor persons over sixty years of age. NOlch Housing Society Limited provides day to day management services. We operate under the N81ion81 Housing Federation Model Rules 2011 which is rewJnised as best practice and the National Housing Federats)n Code of Govemance (amended in 20201. Recrultment and appolntment of Trustees The sole Trustee of the Charity is Norwich Housing Society Limitetl. Rlsk managément The Board is aware of the requirement lo identrfy an¢J review the wnajor risks lo which the Charity is exposed and lo establish systems to miligale these risks. A vIeW is Carried wl on 8 gUlar basis by the Bo8rd 8s d&tsil&d in the Chair's Report. Organlsat5onal structure Thtr B08rd of NOn1¢h Housing Swety Limited govern the Charty- As detailed in the Ch8ir's Report. this Board consists of five sUcOMMittees in the areas of Finance & Govemance. Property and Operations, Risk and Remuneration and Ihe activities of the Charity in these areas are considered at Board meetings. The Board meet six limes a year wf(h regular Sub-commitiee meetings feeding into the main Board.
Stuart Court Memorial Charity Report of the Trustee (continued) For the year ended 31 October 2024 R8latsd parti8s The sole Trustee of the Charity is Norwich Housing Sctiety Limited, which provides day to day management services lo the Charity. Markèt valu8 of land and bulldlngs The Board is of the opinion that the market value of properties at 31 October 2024 would signrficanuy exceed the nel book values included in the financial statements. but is unable to quantify this excess in the absence of a professional valtjalion, the Costs ol which are not considered justifiable in view ol the Charity's intention to retsin ownership of ils existing properties lor use in ts a¢tivilies for the foreseeable fvture. Reserves policy Al the y88r end the Charity's free reseNes, consisting of nel currenl assets, tolalled £169.41812023.. £157.0491. 11 is th8 Trustee's policy to hold net Current assets al a level that would be sufficient to fund any required maintenance and renewals in excess of income. An amount is set aside to meet an unforeseen emergency or other unexpected need. The level of reserves will be monilored throughout next year as part of the normal monitoring and budgetary reporting processes. The Trustee is satisfied with the level of free reserves. P¢lltl¢al and charltsbl• donatlons The Charity has not made any donalicffls during the course of this finanual year. Equallty, Dlvtrslty & In¢lu$lon The Charity is comrnilted to promoting equal opportunities trrt)th in the provision of services and in our employment practices. We value diversity and will help ensure lair treatment for our customers, staff, Board members and contractors regardless ol race, ethnic 0ri9in or nationality, gender, disability, religion, marital or family status, sexuality or sexual orientation. HIV siatus. age. or physical appearance. Statement of Trustee's r¢sponslblllll•s for the finan¢l¥l $tatoments The Trustee is responsible for preparing the financial siatemenis in accordance with applicable law and with United Kingdom Accounii'ng Standards (Uniled Kingdom Generally Accepted Aceounting Practice). Law applicable lo charities and gisted s(Kial housing legislation require the Trustee lo prepare financi81 statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its surplus or deficit lor that permxl. In preparing these financial statements. the Trustee is required to.. select suiiable accounting pdicies and then apply them consistenuy.. make judgements and estimates that are reasonable and pwdent,. slate whether applicable accounting standards have been followed, subject to any material departures disdosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charily will continue in operation.
Stuart Court Memorial Charity Report of the Trustee (continued) For the year ended 31 October 2024 The Trustee is responsible for keeping accounling records thal disclose wth reasonable accuracy at any time the financial posilion of the Charity and enable it to ensure that the financial statements comply with the Trust Deed, the Charities Act 2011, the Housing and RegeneratK)n Act 2008 and the Accounting Dire¢tion for private registered providers of sothal housing in Erhgland 2022. It has general responsibility for taking reasonable steps lo safeguard the assets ol the Charity and io prevent and delect fraud and other irregularities. The Trustee is responsible for the maintenance and integrity of the corporate and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and di55eminalion of finaneial stalemgnts may drffer from legislation in olherjuris(liction8. David Ddscoll Chalr of tho Board 20 February 2025
Stuart Court Memorial Charity Accountants, report to th• Board on the unaudited accounts of Stuart Court Memorial Charlty Ye¥r ended 31 October 2024 We report on the accounts for the year eNJed 31 Cttober 2024 set on pages 9 lo 20. R8spècllv8 rèsponslbllltlés of th• Board and tho Indend*nt r8portlng accountsnt The Board of the Registered Social Housing Promder is responsible for the preparation of the accounts, and they consider that the Registered Sttial Housing Pfovider is exempt trom an audit. It is our responsibility to carry out pr(tedures designed lo en8ble us lo report our (wini. Basis of opinion Our procedures consisted of comparing the a(uyJnts wth the books of acc4Junl kept by the Registered Social Housing Provider and making such limited enquiries of the offerS of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These prcdureS provide the only assurance expressed in our opinion. Oplnlon In our opinion.. the accounts lor the year ended 31 OCber 2024 are in accordance with the a¢¢ounling rec4Jrds kept by the Registered Social Housing Provmjer under paragraph 135(2llal of the Housing and Regeneration Act 2008. having regard only to, and on the basis ol. the information contained in the accounting records.. the accounts compty with Ihe fequiremenls of the Charilies A¢t 2011., the Registered ScKial Housing Providor has satiSfd the condition for oxomption from an audit ol Ihe accounts lor the year ended 31 October 2024 specified In sgcllon 136161 ol the Housing and RegenefatK)n Act 2008.. thè accounts CoMY with the requirements ol ihe Hojsing Regeneration Act 2(1)8 and thè Accounting Directi for privato registered providers of social hthjsing in Eand 2022. Larklng Gow•n LLP Chartered Accountants 1 &1 Floor, Prospect House Rouen Road Norwich NR1 1RE Date.. 21 February 2025
Stuart Court Memorial Charity Statement of Comprehensive Income For The Year Ended 31 October 2024 Note 2024 2023 Turnover 201.028 167,415 Operating expenditure 119),6061 1146,6391 Op•ratlng Surplus 10.422 20,776 Exceptional item- overpayment refund 12,741 Interest receivable and similar in¢ome 3.308 1,230 Interest 8nd financing costs 120,9321 121.3081 Total comprehenslve Income for the year The results relate wholly to ntinuIng activiti9$. The fin8nci81 stslement8 on pages 9 to 20 We approved by the Trustee on 20 Febnjary 2025 and are signed on t8 behalf by.. D Drlseoll - Chair of th8 Board, Norwich Housing s(lety J Nowstsad- Chief Executive, Norwich HousiThJ Society The note5 on pages 13 10 20 form part of these finan¢i81 stalemenls.
Stuart Court Memorial Charity Statement of Financial Position As at 31 October 2024 Note 2024 2023 Flxed assets Tangible fixed assets 1,621.141 1,662,926 Current assets Trade and other debtors Cash and cash equivalents 6.168 218,261 1,885 200,162 224.429 202,047 Crt01$.. amounts tslllng du• wlthln ono year 10 155.0111 144.9981 Net curr•nt as$¢t• 169,418 157,049 Total as8Ot8 le88 current Ilabllltlos 1.790,559 1,819,975 Creditors.. amounts falling due aftei more than one year Total n•t a$stt$ Ro$¢rves Income and exp8nditur8 reserve 13 934.272 941.474 Total reserves The RSHP meeis the conditions enabling it to disapply ihe requirement to have an audit of the financial statements sel out in seciion 136 of the HRA 2008 and Ihere is no direction in place from the Regulator requiring the RSHP lo appoint an auditor lo audit rts acwunts. The financial statements on pages 10 to 22 were approved by the Trustee on 20 February 2025 and are signed on its behalf by'.- D Driscoll - Chair of ihe Board, Norwich Housing Society J Newstead- Chief Executive. Non¥ich Housing Society The note5 on pages 13 10 20 form part of these finan¢i81 stslements. 10
Stuart Court Memorial Charity Statement of Changes in Reserves As at 31 October 2024 Incom8 and expenditure Reserve Total As reported at 1 November 2022 928,035 928,035 Surplus from st81emenl of comprehensive inctwne As r•portod at 1 N0vomr 2023 941.474 941.474 Surplus from statement of comprehensive income {7,2021 17,2021 Balan¢0 at 31 O¢t¢ber 2024
Stuart Court Memorial Charity Statement of Cash Flows As at 31 October 2024 Note 2024 2023 Net cash generated from operating activitie5 17 Cash flow from Investlng actlvStS•8 Purchase of tangible fixed assets Proceeds from the sale of fixed assets Interest received 132,8811 1.130 Net ¢a$h flow from Inv•$tlng a¢tlvltl•s Cash flow from flnanclng actlvltles Repayments of t)orrowings Interest paid 115,3891 115,1061 21 Net cash flow from flnanclng actlvltles Net ¢hang• In cash and ¢a$h •qulvalents 18.099 54,039 Cash and cash •qulval•nts at b•glnnlng of th• ar 200 162 146 123 Cash and cash 8qulvalents at 8nd of th• y•ar Calh and Cash equlvalènts con$lsts of: C88h al b8nk and in hand Ibank leatll Short temi tjeposils 63.265 48,407 151 755 Cash and cash oqulvalents at 31 October 2024 12
Stuart Court Memorial Charity Notes to the Financial Statements {Continued) For The Year Ended 31 October 2024 Accountlng policles The signtficant accntIng w)liths used in the prepar8ts.on of these finanoal statements are.'- Introductlon and accountlng basls Stuart Court Memorial Charity is a registered charity and registered social landlord, governed by its trust deed. dated 7 December 1915. The address of the registered office is given in the reference and administrative infomalion on page 1 01 Ihese financial statements. The nature of the Charity's operations and prin¢ipal aclivilies are detailed on page 5 of these accounts. The Charity represents a public benefit entity as defined by FRS 102. The financial slalemenls have been prepared in accordance with applicable accounting standards ncluding Financial Reporlin9 Standard 102 The Financial Reporting Slandard Applicabl& in th& UK and Ireland IFRS 1021. the Stalemenl ol Recommended Practs'¢e for Social Housing Providers 2018. and the Accounting Directn for private registered providers ol Sccial Housing in England 2022. The financial statements are also prepared under the requirements of the Housing and R8g8neralion Act 2008. Thg financial slalèmgnls have been prepared on the going concem basis under the historical cost Convention, modified to include certain items ai fair value. The financial statements are prepared n sleding (£1 which is the functional currency of the Charity, and rounded lo the nearest £. The signrficanl accounling F<)licies applied in the preparation of these financial st8lements are sel out below. These poliaes have been nsiStentIY applied to all years presented unless otherwise slated. Turnovtr Turnover represents MMC and service charges receivable in the year net of losses from voids, revenue grants from the government{1(31 authorities) and Homes England (previously known as the Hornes and Communities Agency). Depre¢latlon of hou$lng propertles The Charily separately hdentifies the major componenis which comprise ils housing properties, and charges depreciation. so as lo wrile-down the cost of each component to its estimaled residual value, on a siraight line basis, over ils estimated useful economic life. The Charity depreciates the major components of its housing properties at tho following annual rates.. BoilerslFires Kitchens Lrft Plumbing Bathroom WindowslDoors Electrics Roof Walls 6.66% 5.00% 5.00% 3.33% 3.33% 3.33% 1.43% 1.00% Freehold land is not deFKecialed. 13
Stuart Court Memorial Charity Notes to the Financial Statements {Continued) For The Year Ended 31 October 2024 Accounting policles Icontinu8d) Housing properties Housing properties are properties held for the provisiorh of social housing or to olhenmse provide social benefit. Housing prope.eS are principally prope.eS available for let and are stated at cost less accumulated depreciation and impaimient loss Irepresenting a diminulion in the recoverable service potential of the asset below its carrying value in the balance sheet). Cost includes the ¢osl of acquiring land and buildings. development costs. and interest charges incurred during the development period. Works to existing properties which replace a component that has been treated separately for depreciation purposes, along with those works that result in an increase in the net income over the lives of the propertie5. thereby enhancing the economic benefits of the a55et5, are capilalised as improvements. Govornm•nt grants Government grants include grants re¢eived from Homes England Ipreviou51y known as the Homes and Commvnilies Agency Ilhe HCAII, Ioc81 authorities, and other gov&mmenl or9anisalions. Govemmenl grants received for housing properties are recognised in income over the useful life ol the housing property structure and. where applicable, ils individual compongnls (excluding landl under the accruals model. CyclScal repalrs and malntenance The Charity has established a regular programme of rep81r and malnlenance for Its houslng property. Actual costs are charged to the income and expenditure account as incurred. VAT The Charity is not VAT re9islered. Income and expendilure, where applicable. is therefore shown nclusive of VAT in the financial statements. Current assets Debtors are reoyJnised and carried forward al invoiced amounts less provisions for any doubtful debts. Bad debts are writlen off when identified. Cash and cash equIvantS are indLKled in the balance sheel at cost. Cash and cash equivalents comwise cash at bank and in hand. Cr•dltors and provlslons Creditors and provisions are recognised when the Charily has a present obligalion resulting from a past event Ihat will probably result in ihe transfer of funds to a third party and the amount due to settle the obligats'on Can be measured or estimated reliably. Creditors and provisions arg normally recognised at their settlement amount after allowing for any trade discoLJnts due. Flnanclal Instrumènts The Charity only has financial assets and financial liabilities of a kind that qualrfy 85 basic financial instrumen15. 8a51¢ financial instrument5 are initsally recognised at trans8¢lion value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective inlerest melhod. 14
Stuart Court Memorial Charity Notes to the Financial Statements {Continued) For The Year Ended 31 October 2024 A¢¢ountlng poll¢l•$ l¢ontlnu¢dl Going concern The financial slalemenls have been prepared on a going concem basis as the Board of Management believes that no material uncertainties exist. The Board of Management have considered the level of funds held and the expected level of income and expenditure for the 12 months from auihorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concem. Partlculars of turn0r, ¢o$l of $ale$, oporallng 9XnditUre and operallng $urplu$ 2024 Operating Surplus 2023 Operating Surplus Tumover Operating Expendilure Tumovor Operating Expenditure Soclal houslng lellings Inole 61 192,829 1.606) 2.224 167,415 1146,6391 20,776 192,829 1,606 2,224 167,415 146,639 20,776 Inter1 re¢elvabl• and slmllar Income 2024 2023 8ank interest received Interest and finann9 costs 3,308 20.932 1,230 Opvrat5ng surplus The operating Surplus is stated after ch8rging. 2024 2023 Depreciation ol tangible fixed assets Auditor's rèmuneration lor non-audit 40,655 40,676 Employees The Charity does not have any employees and as such there are no staff costs inujrred. 15
Stuart Court Memorial Charity Notes to the Financial Statements {Continued) For The Year Ended 31 October 2024 Particulars of turnovèr and 0ratIng •xpendlture from social housing lettings Supported housing lincluding housing for older people) 2024 2023 Income Maintenance charge receivable nel of idenltfiable service charges and voids Service charge income Government grants lakgn lo income 150.755 35,065 132,805 26,087 Turnover from social housing lettings Other income 192,829 166,116 Total Income 2Ql,02a Operatlng expendlturo Management 88d debts SeNice charge costs Routine maintenancg Depreciation of housing properties Accountancy 8nd audit Leg81 and professional Insurance Major maintenan¢o 28,914 12851 31.506 22.913 40.655 5.330 4.549 3,923 53.101 42,1 OS 22,975 35,185 40,676 2,950 2,358 Operating expenditure on social hwsing lettings Op•ratlng surplus on soclal houslng l•ttlng$ Void losses Ibeing MMC income losl as a resull ol property not being let, aiihough il is available for letting) The Government grants taken to incL)me relaie lo Housing As50ciaiion grants and L¢xal Authority Right To Buy IRTBI grants, which arg rekased over the eX¢ted uselul life ol the propertiès lo which they relalo. 16
Stuart Court Memorial Charity Notes to the Financial Statements {Continued) For The Year Ended 31 October 2024 Fixad assets- freehold houslng properties Social housing properties Total h¢ld for hou$lng letting properties Cost Al 1 November 2023 Additions Disposals At 31 October 2024 1,918.959 1.918,959 1,130 1,917.829 1,130 1.917,829 Oepreciation At 1 November 2023 Charge lor the year Al 31 October 2024 256,033 256,033 296.688 296,688 Nel book value al 31 October 2024 Net book value al 31 October 2023 All properties are freehold. Non depreciable land amounts lo £401,53912023.. £401,539) 8ank108ns are 8ecured on the freehold prOrtIes. Expendltur• on work$ lo •xlstlng prop•rtl•$ 2024 2023 Improvemenl works capitalised Amounts Charged lo incomo and expendituro Inoto 6) 76.014 35,185 So¢lal hou$lng a88l$tan¢¢ 2024 2023 Totsl accumulated social housing grant received or re¢eivablg al 31 October Recognised to date in the Statement of Comprehensive Income Transferred to date to Norwich Housing Scrjety Held as deferred income Inoles 10 111 66,499 244,487 376,095 59,4 244,487 383,104 17
Stuart Court Memorial Charity Notes to the Financial Statements {Continued) For The Year Ended 31 October 2024 Trad8 and other debtars 2024 2023 Trade debtors Prepayments and a¢crue¢J incLNne 2.715 3.453 1,885 Cash and cash •qulval•nts 2024 2023 Current accounts Deposit accounts 63.265 154.996 48,407 151,755 10. Credltors: Amounts lalllng due wbthSn one year 2024 2023 Trade creditors Amounts p8yable lo Trustee- Norwich Housing Se¢iety Accruals 8nd defeffed income Other Credilors Bank loan$ 2.715 23,008 13,605 4,805 23,064 680 15,645 15.675 8ank108n lenms of repayment and interest rales are as detsiled in note 11. Deferred income brought forward Released during the year Deferred during the year 7.224 18,555 17,2241 118,5551 Deferred income carried forward 11. Crodltors: Amounts falllng due over one year 2024 2023 Accruals and deferred income Bank loans 369,085 487 202 375,880 502621 Dèferred income brought forward Released during the year Deferred during the year 375.880 286,474 16,7951 113,0911 102497 Dtrferred income ¢8rried fwiard The bank loans include aggregale amounts of £409,60612023.' £436,702) which fall due after five years and which are payable by instalments. Rates of interest vary belween 2% and 4°. 18
Stuart Court Memorial Charity Notes to the Financial Statements {Continued) For The Year Ended 31 October 2024 12. Rèserves The income and expenditure reserve represents cumulative surplus and deficits net of other adjustments. 13. Analysls of n•t assets beknvn funds (Unrestricted) Income and expenditure 2024 2023 Tangible fixed assets Net current assets Long term liabilities 1.621,141 1,662,92 169,418 157,049 IB56,2871 1878,5011 14. A¢¢ommodaUon ¢wnod, managed and Sn d•v¢lopm¢nt Unlts at the yoar ond 2024 2023 Numbor Numb•r Rehabililalion Total owned 29 29 AccommodalKJn in development Norwi¢h Hou$ing Society Limited managgs th8s8 properbgs. S88 notg 15. 15. Related party transactlons Norwich Housing Society Limited is sole Trustee of Stuart Court Memorial Charity. Transactions between the two societies are summarised as lollows.. 2024 2023 Managemenl charge payable to Norwich Housing knety Limited 27 The posits'on at the balance sheet date 15 summarised as follows: 2024 2023 Amounts owing to Norwch Housing Sctiety Limited at 31 Ociober 2024 19
Stuart Court Memorial Charity Notes to the Financial Statements {Continued) For The Year Ended 31 October 2024 16. Par8nl company The corporate trustee of Stuart Court Memorial Charity is NOlCh Housing Society Limited, a Registered Soaal L8ndk)rd. The Board of Management of the Trustee have celied upon the exemptson provided by Section 99 of the Ctroperative and Community Benefit Societies Act 2014 because of the insignificant amounts involved and have not therefore prepared consolidated financial statements. 17. Cash flow from opèrdng actlvltlos 2024 2023 Surplus lor Ihg year Exceptional item - overpayment refund Depreciation of tangible fixed assets Ilncreasel l Decrease in trade and other deblo Increase I IDecreasel in trade and other cfedilors 10.422 20,776 12,741 40,67 527 47,3e4 40,655 14,2831 3,188 18. Analy818 of ¢hang•s In net debt At1 Novembor 2023 Cash Flows Other Non. Cash Ch4ng¢$ At31 October 2024 Cash 2tKI,162 200. 162 115.845 502,621 318.104 18,099 18.099 15,389 218 261 218,261 115,4191 115,6751 15.419 487,202 284,616 Loans f811ing due within one year Loans falling due after more than one year Total 33,488 20