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 a￿ayS 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 sh￿Id 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 I￿al 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 eCOr￿mical 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 cu￿en￿Y wthout 8 self-conlained home or living in other circumstances unsuitable to their needs. Having acquired sufficient seW