Stuart Court Memorial Charity Registered Social Landlord Number: A2803 Charity Cornmission Number: 226776 Unaudited Annual Report and Financial Statements For the year ended 31 October 2025
Stuart Court Memorial Charity Year ended 31 October 2025 Contents Page Referer¢ce and Administrative Details Report of the Chair Rewrt ofthe Trustee Independent Reportirbg Accountanl's Report Statement of Comprehensive Inco lincluding Income 2nd Expenditure Account) Statement of Finanual Position 10 Statement of Change5 in Reserves Statement of Cash Flows 12 Notes to the Financial Statements 13-20
Stuart Court Mernorial Charity Yèar ended 31 October 2025 Regl¥tered Soclal Landlord number. A2803 Reglstered Charity number. 226776 Trustee: Nowch Housing Society Limited Address: 13 Bracondale Norwich Norfolk NR12AL Bankgrs: HSBC 18 London Street Norwich NR2 1LG The Charity Bank Limrted 182 High Street Tonbridge Kent TN9 1BE Audltor: Larking Gowen LLP 1st Floor, Prospect House Rouen Road Norw NR1 1RE
Stuart Court Memorial Charity Report of the Chair (continued) Year ended 31 October 2025 As noted elsewhere, Stuart Court Memorial Charity ISCMCI trustee. The Nomich Housing Society INHSI. has seen some 8oard changes this year. bul the governan of the Charty remains. in my view, sound. The Trustee has. as with NHS continued to reviE4V and enhance the organisalion's policies and procedures and made gocmj progress in shaping the Charity's future. Some of our highlights being.. 1. Tenant Advisory Group (TAG) - TAG represents all tenants and licencees of both NHS and Stuart Court Memorial Charty and although there have been some interruptions to SCMC representation due to personal circumstances. the interests of both organisalions. residents are quite closety aligned. The Group have found their feet and have established g¢Jod working practices during the year. With a few new members joining. TAG continues lo review the Society's and Charity's policies but have also invited guest speakers lo their meetings on Speci matters to aid their understanding and decision-making. 2. Board Actlvlty - The NHS 30-year aspirational plan, considers Stuart Court Memorial Charity and paints a picture of the goals the Board and Senior Management bel*ve b)th Organisatn5 should strive to achieve in the next three deces. 14lhiL8t mh can, and will, change on such a timescale, it is important lo have a strong sense of the direclion of travel for the Chanty. It will no doubt require updating in the light of events over that perK)d, but wrthoul a cbear vis rt is drfficult to progress. In essence it recognises the need to keep a dose watth on the condrtn and quality of accommodation offered by this listed and histo building. HcNthier. as with NHS the fccus will remain on supportsng the older populab.on of Norwich_ As a fdlow up to the Board performance review that occurred la51 year. we will be implementing sorne ehanges to the Trustee meeting schedules in 2026 moving to 8 quarterly NHS Board meetiry and suppM)rting sub committees Ipropety. finance & govemance, and operations). This should help to ertsure Board memr$ can attend regularly nOlth518ndIng their other cornmilments. 11 reflects the balance between the roles LEing voluntary, but worthwhile and effective involvement in oversKJht of the Sixiety and Charity. 3. RefhIng the Board - The NHS Board has seen some changes this year with one director literally moving on following a geographical move and another retiring after a full term ol office. We thank David Clarke for his service on the Board particularly in respect of finance matters, and grateful thanks to Gavin Sargent after seven years supporting the Society. Gavin stayed an extra few rnonths beyond his previousty announced departure. which was mosl helpful whilst our new members settled in. The new Board rnembers joining u5, Mark Madden. Simon Beckett. Bethany Newlon and Steve Ireland, bring a wealth of experience in finance, housing management, and health and safety. Finally, due to personal circumstances, David Driscoll, Chair and Board member, stepped down on 31 October 2025. We wish lo thank David for his leadership. support and hard Work. David wa$ inslrumenlal in the eslablishmenl of the organisalion's Property Dalabase and the delivery of two new developments at Sang$ler House and Cerise House. 4. Improving the Estate- With Stuart Court a Grade 2 listed building we have been very conscious of both the need to conserve the heritage of the property but also to explore the opportunities to improve the fabric of the building to ensure 115 xcommodation remains fit for purpose for its residents. There has been some significant eXndItUre this year with a party wall ladjacenl lo the Cathedral) requiring subslantkgl work to ensure rts integnty which entailed discussions with not only our neighbours, but Conservation Offer5, and heritage wofessionals to ensure repair works were not detrimental to the historK nature of the wall.
Stuart Court Memorial Charity Report of the Chair (continued) Year ended 31 October 2025 Reeognising that historic buildings such as these are not aayS the most thermally efficient. we mpleled a large stu(ty into hthv the property might be improved. This was brought into perspective wtth a change in the billing of the shared healing system. Previously the energy cost running the heating system had been equally divided beeen all licensees. which did not reflect each resident's actual use. This year we have been able lo charge according to use resulting in some linSee$ seeing a decrease in their bills whilst others have seen an increase. After much study and discussions with the ConseThation Officers al Norwich City Council we had established an improvement plan for the fabric and originally had hoped lo adapt and extend the building. This would have provided Iwo extra units. a social rwm and potentially improvements to layouts of existing apartments. However, despite some favourable responses from the local planners. the cost of the work required proved uneconomic for such an extension. In addition. following discussion with the residents it was clear that such extension work was not overly popular. Work to improve the fabric is nonetheless continuing without the extension. s. other Initiatives Amongst our various responsibilities. the Stuart Court Memorial Charity did become a certified energy supplier and operator this year. A new legal requireWnt as we do provide heating and hot water from a central boiler to irKlivHlual apartntS. lISt not overty onerou5 it does mean that we have a reporting responsibilty to another regulator in addition to the Housing Ombudsman. 6. The Future- I remain convinced of the Society's commitrnent to supporting the Charity and its residents, with various inrtialives under way from a set of enhanced KPIS to measure our perlormanee. regular intefflal audits of Slfie activities le.g. void management). self-assessment of consumer standards and so on. Final. the success of Norwich Housing s(ty and Stuart Court Memorial Charity will be in the lives of our residents. We continue to slrive to provide wami. safe. comfortable and economical accommodation in which residents are pleased to live and thrive. Our fS will remain local, to ensure our teams can readily support them, and it is the Board's responsibilrty lo ensure they conlinue lo have properties and resources lo maintain their high standards. We will conts.nue to strive to honour this commttrnent. Anna Knight Chair of thg Board of the Trustee Date.. 16 March 2026
Stuart Court Memorial Charity Report of the Trustee For the year ended 31 October 2025 Prineipal activities and objectives for the publlc benefft The Charity exists in order lo prowde for the pubFic benefi( within the aty of Norwich, affordable good quaSty accommodation for Ihose over 60 years of age currenty vthhout a self-contained home or living in other circUmstanS unsuitable to their needs. Having acquired sufficient self-conlained residential units so as lo accommodate the current level of applicants in genuine need ol housing. the ongoing objective is to ensu the maintenance, modernisalion and management of those properties. The Board cnnfimi that, in exercising their powers and duties, they have Compl Wbth their duty to have due regard to the gUanCe on public benefit published by the Charity Commtssion. Flnanclal revlew Monthly Maintenance Contribution and servi Charge income was £216,37012024." £201,028). Operating costs were £186, 16912024". £190,606). giving an operating surplus of £30.201 12024". £10,422). After interest receivable of £3,231 12024. £3,308> and interest charges of £22,917 {2024." £20,932). Overall fesull for the year was a SrUS of £10,51512024'. deficil of £7.202). Valuè for money The Charity embraces a value for IneY culIu and dermnstrating economic effiaencvès is a key objective of the business. Throu9h the carefvl use of resour$. we conlinualty strive lo delNer efficncle5 and improve the quality of our housing and support SeiCe5 by employing effecbve asset managerrent, developing the 5ki115 of the staff, applying robust risk managenn( empbying effectNe prccureff*nl practices and streamlining procedures. The Charity's assets are managed to deliver the best p)ssible service as el.entIY, effectively. and e¢onomically as possible. If appropnale. any surplus cash funds rrore than the Reserves Ratnale are pnorilised and used lo further maintain and improve the corKIth"on of our propertS. The o)ndib"on and safety of the Charity's properties are regularly re¥Wed by the Board and the prO[ty Services Sub Commttee. We embrace the views of our reSents who regulaty review our service contracts. policies and procedures through the Tenant Advisory Group which has inlluenced our workn.ng practices and enabled the Society lo focus resources on key pnorilies residents. The development of a Property Database. which became fulty funcb.onal in Dernber 2024, has enabled the Charty to make )re informed dls1on5 On prioTrties for major works and has helped us produ a meaningful long term planned maintenance programme. The database has also helped us make quick and infomied decIsnS about responSNe repairs and whelher rteffl5 require replacing or a.one off repair. As a result of a revi of our risk management policy. appetite slatement and risk matrix, we have trdenlified further improvements lo our risk management systerns which will help us demonstrate good govemance. give us a better understanding of our risk profile, better mits.gate risk5 and give us a better underslanding of our risk appelile. We have Successfully ¢rUIted 4 new Board members this year with a wsde range of skills in Housing ManagenEnl, Health and Safety. Management Acwunb"ng. and Risk Management Wh will strengthen governance at the Charity lo ensure Ferformance rnanagennt. scrub.ny and finanal planning are effe¢tsve to drive improved value for money. The Charity has develoFed a nthv menu of Key Pertcfflpre IndtorS which are benchmarked against other small, supported housing providers for obJer persons and Housemark la nalional benchmarking tool for social housing providers). Levels of rent arrears. void losses. resident salisfacts"on. repairs reswnse limes. complaints and anti-social behaviour are monitored, compared and ieported lo the Board. Our performance compares favourabty lo other social housirrfJ pft)viders. and VR have perf0md well against the Regulator of Social Housing'5 Value for Money Metn¢s.
Stuart Court Memorial Charity Report of the Trustee (continued) For the year ended 31 October 2025 VFM metric 1. Reinveslmenl 0/0 2.8 New su I delivered social housin 2 b New supply delivered {non- social housin units O 3. Gearin EBITA MRI interest cover Vo Headline social housin cost eratin mar in social housin eratin overall 8. ROCE /0 2025 2.3° 00 0% 2024 0° 00 00 2023 2.0° 13.8D/. OYD units % 19% 19° 19.4°/o r unil £4.676 14.9Q 14.9° 1.7¥. £4.840 5.40/0 5.4 /D 0.6V. £4.673 12.4.10 1.10/. Our aim is lo ensure that we have a comprehensive approach lo value fo¥ nK)ney which ensures the effective delivery of the Charity's strategic plan and values, in a way Ihal meets the needs of our residents, gulatorS and key slakehalders. Licensee's satisfaction and Value for Money reFK)rts are availab within the "Atrut Us- area of Norwich Housing Society's website - htt ".IlwWw.norwhhtsuSin socie Statement of eompliance In preparation of the financial stslements, Stuart Court Memorial Charity has complied with all aspects of the HCA'S Governance and Financial Viabilty Standard. Structure. governance and management Stuart Court Memorial Charity is governed by its trust deed. dated 7 December 1915. and aims lo provide good quality affordable accommodation for persons over sixty years of age. Norwich Housing Society Limited provides day to day management servIs. We operate under the National Housing Federation Model Rules 2011 which is recognised a5 best practice and the National Housing Federation Cixle of G0Veman {arTEnded in 20201. Recruitment and appointment of Trustees The sole Trustee of the Charity is Norwich Housing Soaety Limrted. Risk management The Board is aware of the requirement to Ktentify and review the major risks lo which the Charity is exposed and lo establish systems to mitigate these risks. A review is carried out on a regular basis by the Board 8s detailed in the Chair's Report. Organisational structure The Board of Norwich Housing Society Limited govem the Charity. As detailed in the Chair's Report, thi5 Board consists of five Sub-committees in the areas of Finance & Govemance, Property and Operations, Risk and Rernuneration and the acb"vities of the Charity in these areas are considered at Board meetings. The Board meet several b'mes a year with regLJlar Sub-committee meetings feeding into the main Board.
Stuart Court Memorial Charity Report of the Trustee Icontinuedl For the year ended 31 October 2025 Related parties The sole Trustee of the Chanty is HousirvJ Souety Liffited, which wovides day to day management services to the Charty. Market value of land and buildings The 8oard is of the opinion that the matket value of properties at 31 October 2025 would significantly exceed the nel book values included in the financial stslements, but is unable to quantify this excess in the absence of a professional valuation, the costs of which are not consHJered justifiable in view of the Charity's intention lo relain tywnership of ils existing properties for use in rts actNil$ for Ihe foreseeable fvlure. Resepies policy At the year end the Charity's free reserves. consisting of nel currenl assets. totalled £1 sg,49012024." £169,418}. It is the Trustee's policy to hold nel curtent assets at a Ve1 that would be sufficient to fund any required maintenance and renewals in exces5 of income_ An amount is sel aside lo meet an unforeseen emergency or other unexpected need. The level of reserves will monitored throughout next year as part of the normal tYx)nilofing and budgetary reporting processes. The TnJstee is sabsfied with the level of free reserves. Political and charbtable donations The Charity has not made any donabons during the course of thi8 finarKial year. Equality. Diversity & Inclusion The Charity is committed to womobng equal WFKSrtunitEs both in ihe provision of servi5 and in our employment practices We value dNersity and will help ensure fair treatmenl for ovr customers. 51aff, Board members and contractors regardless of race, ethn ongin or nabonality, gender, disability. religion, marital or family status, sexuality or sexual Orntan. HIV status, age. or physical aparanCe. Slatemenl of Trustee's responsibilities for the financial statements The Trustee is resF(Jnsible for preparing the financial statements in accordance with applicable law and with Unrted Kingdom Accounting Standards (United lQ"ngdom Generally Accepted Accounting Pracbcel. Law appIable to charities and registered socpl housing legislation require the Trustee to prepare finan¢ral statements for each financial year which give a twe and fair view of the slate of affairs of the Charity and of its surplus or deficit fof that period. In preparing these financial slatements. the Trustee is required to.. select suitable accourslin9 policies and then appty them consistenuy: make judgements and ests'males that are reasonable and prudent slate whether applicable accounb.ng slandards have been folknwed, subj.ect lo any material departures disclosed and explained in the financial statements," prepare the financial slatemenls on the goiThJ concem basis unless it is inappropriale lo presume that the Chanty will continue in operation.
Stuart Court Memorial Charity Report of the Trustee Icontinued For the year ended 31 October 2025 The TnJst* is resFK)nsible for keeping OuntIng records that disclose wth reasonable accuracy al any time the financial posrtion of the Charty and enable it to ensure that the financial slalemenls comply with the Trust Deed, the Charities Act 2011. the Housing and Regeneration Act 2008 and the Accounting Direction for private regislefed provvjers of social housing in England 2022. 11 has general responsibility for tsking reasonable steps lo safeguard the assets of the Charity and to prevent and detect fraud and other Irregularities. The Trustee is respsIble for the maintenance and integrty of the corporate and financial information included on the Charty's website. Legislab"on in the United Kingdom goveming the preparation and di55ernination of financial statements may differ from kgislation in other jurisdicltons. Anna Knight Chair of the Board of the Trustee Dato.. 16 March 2026
Stuart Court Memorial Charity Accountants, report to the Board on the unaudited accounts of Stuart Court Memorial Charity Year onded 31 October 2025 We report on the accounts for the year erKled 31 iknter 2025 set tyJI on Fgges 9 to 20. Respective responsibilities of the Board and the independent reporting accountant The Board ol the Registered Sc£ol Housing ProvKJer Is responsible for the preparab.on of the &counls, and they consider that the Registered Scrkal Housing Provhder is exempt from an audit. It ts our responsibility lo carry out prccedures des3ned to enable us io repyl our Cf•inKJn. Basis of opinlon Our wocedures ¢¢)nsisted of comparing the ar£ounts wrth the books of aceounl kept by the Registered Social Housing Provider and making suth limited enquiries of the officers of the Registered Social Housing Provider as we COndered necessary for the purFN)se of this repcKt. These procedures provide the only assuran expressed in our opinn. Opinion In our opinion.. the CoUnts for the year ended 31 Octoter 2025 e in accordance the accDunb"ng rOrdS kept by the Registered SocLal Houng proVer under paragraph 13512Mal of the Housing and Regeneration Act 21XJ8. having regard only lo, and on the basis of. the informats.on cOnned in the aecountbng rwds." the accounts compty with the requirennts of the Charities Ac 2011,. the Registered Sctial HousirKJ Provwjer has SatiSfd the condition for exemption from an audit of the aceounts for the year erKl&J 31 Othber 2025 5peryfigJ in sethon 136161 of the Housing and Regeneratson Act 2008. the accounts comFty with the requirennts of the Housing Regenerat Act 28 and the Accounting Lh"rection ts prNate registered provth15 of Sla[ housing in Engld 2022. LfyJL' J LLP Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE Date".16 March 2026
Stuart Court Memorial Charity Statement of Comprehensive Income ForThe Year Ended 31 October 2025 Note 2025 2024 Turnover 216 216.370 201,028 Opefaling expenditure 216 1186.1691 1190.6C61 Operating surplus 30.201 10,422 Interest receivab and similar income 3.231 3,308 Interest and financing costs (22,917) (20,932) Total compr9hensive income for the year The results retale wholly lo contsnuirKJ activibes. The financial statements on pages 9 to 20 were appro¥&Y by the Trustee on 16 March 2026and are signed on ils behalf by A Knight- Chair of the Board, NOlCh Housing Scciety J Nevr8tead- Chief Executs've. NOrwh Housing Scciety The notes on pages 13 to 20 fonn part of these financial staten*nts.
Stuart Court Memorial Charity Statement of Financial Position As at 31 October 2025 Note 2025 2024 Flxed assets Tangible fixed assets 1.618,322 1,621,141 Current assets Trade and oiher debtors Cash and cash equivalents 3.693 194,592 6,168 218,261 198.284 224,429 Credltors: amounts falling due wlthln one year 10 138.794) (55.011) Net current assets 159,4 169,418 Tot41 assets less curront liabilities 1.717.813 1,790,559 Creeilors.. amounts falling due after rrore than one year 833 026 Total not assets Reserve$ Incorre and expenditu feseNe 13 944,787 934,272 Total r•sèrvè$ The Registered Soual Housing Provider IRSHPI rrEetS the conditK)ns enabling il lo disapply the requirement lo have an audit of the financial statements set out in section 136 of the HRA 2008 and there is no direction in pla from the ReguLator requiring the RSHP lo appoint an auditor to audit its accounts. The financial ststenknls on pages 10 to 22 were approved by the Trustee on 16 Marth 2026 and are signed on ils behalf by - A Knight- Chair of the Board, NoMi¢h Housing Scciety J Newstead - Chief Executsve, Norwich Housing Srxty The notes on pages 13 to 20 form part of these finala1 ststeffEnts. 10
Stuart Court Memorial Charity Statement of Changes in Reserves As at 31 October 2025 Income and expenditure Reserve As reported at 1 November 2023 941,474 Def1t from statement of comprehensive income As reported at 1 Noyernber 2024 934.272 SurrAus from stslement of comprehensive income 10.515 Balance at 31 October 2025
Stuart Court Memorial Charity Statement of Cash Flows As at 31 October 2025 Note 2025 2024 Net cash generated frorn operating activities 17 Cash flow from investing activities Proceeds from the sale of fixed assets Pur¢ha5e of fixed assets Interest received 1,130 137,8381 Net cash flow from Investing aetlvlties Cash flow from financlng aetivltles Repayments ot IK>rrowings Interest paid {22,3751 22.917 {15,3891 Net cash flow from financing activities Net change in cash and cash equivalents 123,670} 18,099 Cash and cash equivalents at beginning of the year 218261 200 162 Cash and cash equivalents at end of the year Cash and cash equivalents consists of: Cash at bank and in hand Ibank lead) Short term deposits 34,255 160.336 63,265 154996 Cash and cash equivalents at 31 October 2025 12
Stuart Court Memorial Charity Notes to the Financial Statements ForThe Year Ended 31 October 2024 Accounting policies The signfficanl accounb.ng policies used in the preparation of these financial statements are".- Introduction and accounting basis Stuart Court Memonal Charity is a registered charity and registered social landlord, governed by its trust deed, dated 7 0mber 1915. The address of the registered office is given in the reference and administrative infom)alion on page 1 of these financial statements. The nature of the Charity's operations and principal acliviti'es are detailed on page 5 of these accounts. The Charty represents a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Ireland IFRS 1021, the Statement of Recommended Practice for Social Housing Providers 2018, and the Accounting Direction for private regislered providers of Social Housing in England 2022. The financial statements are also prepared under the requiremen15 of the Housing and Regeneration Act 2008. The financial slatemenls have been prepared on the going conrn basi5 under the historical cost convention, modified lo include certain items at fair value. The financial statements are prepared in sterting (£1 which is the functional currency of the Charity, and rounded to the nearest £. The significant accounting policies applied in the preparab'on of these financial statements are sel out bek)w_ These poliues have been consistently applied to all years presented unless otherwise staled_ Turnover Turnover represents Monthly MaÈntenance Contribution and seNice charges rèceivabSe in the year net of losses from voids, revenue grants from the government (local authorities) and Homes England (previously known as the Homes and Communities Agency}. Depreciation of housing properties The Charity separately identifies Ihe major components which comprise rf(s housing properties, and charges depreciation, so as to wrtte-down the cost of each component to its estimated residual value, on a straight line basis, over its estimated useful econornic life. The Charity depreciates the major components of ils housing proterties at the following annual rates.. BoilerslFires Kitchens Lift Plumbing Bathroom WindowslDoors Electrics Roof Walls 6.660 5.000 5.OOQ 3.33% 3.330 3.330 2.500 1.000 Freehold land is not depreciated. 13
Stuart Court Memorial Charity Notes to the Financial Statements Icontinued) For The Year Ended 31 October 2025 Accounting policies {continued) Housing properties Housing properknes are propert hekj for the provision of social housing or lo otherwise provide SOCi41 benefit. Housing propertEs are principally properties available lor let and are staled al cost less accumulated depreciatn and Impaimienl loss Irepresenling a diminution in the recoverable service potential of the asset bek)w its carrying value In the balance sheet). Cost includes the osl of acquiring land and buildings. developrnenl costs. and interest ¢harges incurred during the development peri¢Jd. Housing Properties in the Coufse of construction are ststed at cost and are not depreciated. Works to existr.ng properties which repla a component that has teen treated separatety for depreciation purposes, along with those works thal result in an increase in the nel income over the live5 of the properties, thereby enhancing Ihe economr benefits of the assets. are capitalised as improvements. Government grants Government grants indude grants [Ned from other govemmenl organisations. Govemment grants received for housing properb.es are rwnised in ineome over the useful life of the housing property structure and. where aplte. rts indiwdual comp)nents (excluding landl under Ihe accruals model. Cycllcal repalys and malntenance The Charty has established a regular prc¥Jramme of repair and maintenance for its housing property. Actual costs a charged to the irtome and exFendrture account as incurred. VAT The Charity is not VAT registered Income and expenditure. where applicable, is therefore shown inclusive of VAT in the financial slatements. Current assets Debtors are recCgned and camed forward at invoiced amounts less provisions ft)r any doubtful debts. BaJ debts are vrritten off when enIffied. Cash and cash equNalents are included in the balance sheet at cost. Cash and cash equivalents comprise cash at bank and in hand. Creditors and provisions Creditors and provisions are recognised when the Chanty has a presenl oblHJalion resulting from past event that will probably result In the transfer of funds lo a third paty and the amount due lo sellle the obligation can be rr*asured or estimated reliably. Creditors and provisions are normalty recognised al their sellleffent amount after allowing for any trade discounts due Flnanclal Instruments The Charity onty has financial assets and financial liabilities of a kind that qualfy as basic financial inslrumenls. Basi¢ financial instruments are inibalty recognised at transath.on value and subsequenyy rneasU at their settlement value wrth the exception of bank loans which are subsequenuy measured al anb)rtised cost Using the effectNe interest NEtIKKJ. 14
Stuart Court Memorial Charity Notes to the Financial Statements {Continued) For The Year Ended 31 October 2025 Accounting policies (continued) Going con¢em The finanaal ststements have been rKepared on a going concern basis as the Board of Managen*nt belEves that no material uncertainties exist. The Board of Management have considered the level of fvnds held and the expected level of income and expenditure for the 12 nx)nlhs fr¢)m aulhorising these financial stalemenls. The budgeted income and expenditLJre is SuEnt wrth the level of reserves for the Charity lo be able to continue as a going concern. Partlculars of tumover, cost of sales, operating expenditure and operating surplus 2025 Operating Surplus 2024 operab.ng Surplus Turnover Operaknng Expenditure Tumover Opefab'ng Expenditure Social housing lettings Inole 61 203.207 1186,169} 17,308 192,829 (190.6(} 2.224 203,207 185.892 17.315 192,829 190,6C 2,224 Interest recelvable and financing costs 2025 2024 Bank inleresl receNed Interest and ffinanang costs 3,231 122,9171 3,308 120.9321 Operating surplus The operating SUTplus is staled after charging. 2025 2024 Depreciation of tangible fixed assets Accounlanl's remuneration for rn-aUdrt services 40.657 40.655 Employees The Charity does not have any emptyees and as such there are Th) staff costs incurred. 15
Stuart Court Memorial Charity Notes to the Financial Statements Icontinued) For The Year Ended 31 October 2025 Partlculars ol turnover and operating expendlture from soclal housing lettings Supported housing (including housing for older people) 2025 2024 Income Maintenance charge receivat4e net of •jent[fiab seNice charges and voids Service charge incorr Government grants taken to incofr 156,425 39,773 150,755 3S,065 Turnover from Soelal housing lettings Other income 203,207 192,829 Total income Operating expendlture Management Bad debts Service charge costs Routine maintenance Depreciatson of housing properbes Accountancy and audit Legal and professional Insurance Major maintenan 38.158 28,914 1285} 31,506 22,913 40,655 5,330 4,549 3,923 53.101 39.690 39.334 40,657 3,924 5.701 4.936 13,769 Operating expendrtuo on soryal housing leth.ngs 1906 Operating surplus on social housing lettings Void losses (being MMC Income lost a5 a result of property not tEing let, although il is available for leth"ng} The Government grants taken to irtome late to Housing AssrLiatson grants and Lctal Authority Right To Buy IRTBI grants, whi¢h are released over the expected useful life of the propetts'es to which they relate. 16
Stuart Court Memorial Charity Notss to the Flnancial Statements (Continued) For The Year Ended 31 October 2025 Flxed assets- freehold housing properties Social Housing housing properties properties for letting held for under letting Construction Total houslng properties At 1 November 2024 dillons OisFosals At 31 October 2025 1.917,829 1,917.829 37.838 37,838 Depreciatlon Al 1 November 2024 Charge for the year At 31 October 2025 296.688 296.688 337.345 337,345 Nel book value al 31 October 2025 Nel book value al 31 October 2024 21 All properties are freehold. Non depreciable land arrounts to £154.34912024.. £154,349) Bank loans are secured on the freehold proFErties. Expenditure on worf(s to existing pn)perties 2025 2024 Improvement works caplalised Amounts charged lo Income and exFenditure {note 6) 53,102 76.014 Amounts charged lo incoff* and expendrture include Roub"ne Maintenance. Planned Maintenanee and Major repairs expenditu. Social housing assistsnce 2025 2024 Total accumulated social housing grant recerved Ix receNable at 31 October Recognised lo dale in the Stalerrent of Comprehensive Income Transfefred lo dale to NOrwh Housing sc¢ty Held as deferred income Inoles 10 and 111 73.508 244.487 369,086 68.499 244.487 376,095 17
Stuart Court Memorial Charity Notes to the Financial Ststements (Continued) For The Year Ended 31 October 2025 Trade and other debtors 2025 2024 Trade debtors Prepayments and accrued income 2,715 3.453 3,692 Cash and cash equivalents 2025 2024 Current accounts Deposit accounts 34.256 160.336 63,265 154.996 10. Credltors: Amounts falling due within one year 2025 2024 Trade Creditors Amounts payable lo Trustee- Norwich Housing SocEty Accruals and deferred incorr Other creditor5 Bank loans 3,642 7,626 10.957 2,715 23,008 13,605 16.561 15,675 Bank loan tem of paYffEnt and interest rates are as detailed in note 11. Deferred inwme brought forward Released during the year Deferred during the year 7,009 17,0091 7,224 17,2241 7009 Deferred in¢offe carried foThvard 11. Creditors: Amounts falling due over one year 2025 2024 A¢cruals and deferred incoff Bank loans 362,077 470 949 369.085 487 202 Defefred income brought forward Released during the year Deferred during the year 369,085 375,880 17.¢XJ9) {6,795) Deferred income carried forward The bank loans include aggregate ants of £398.53412024.. £409.6C61 which fall due after five years and which are payable by Instalments. Rates of interest vary ben 2% and 4% over base rate. 18
Stuart Court Memorial Charity Notes to the Financial Statements (Continued) For The Year Ended 31 October 2025 12. Reserves The income and expenditure reserve represents cumulatThie surplus and deficits net of other adjustments 13. Analysi$ of net assets between funds Iunrestrictedl Income and expenditure 2025 2024 Tangible fixed assels Net current assets Long term liabilities 1,618,322 1,621,141 159,490 169,418 1833,0261 1856.2871 27 14. Accommodation ovmed. managed and in development Units at the year end 2025 2024 Number Number Rehabilitation 29 29 Total owned Accommodation in development Norwich Housing Society Limited manages these propertS. See note 15. 15. Related party transactions Norwich Housing Scriety Limited is sole Trustee of Stuart Court Memorial Charity. Transactions beeen the societies are summarised as follows.. 2025 2024 Management charge payable to Norwich Housing Society Limited The position at the balan sheel date is summarised as follows.. 2025 2024 Amounts owing to Norwich Housing Sctiety Limited at 31 October 2025 19
Stuart Court Memorial Charity Notes to the Financial Statements (Continued) For The Year Ended 31 October 2025 16. Parent company The corporate trust of Stuart Court Memorial Charity is Norwich Housing Society Limited, a Registered Social Landlord. The Board of Management of the Trust have relied utx)n the exemption provided by Section 99 of the Co-operative and Community Benefit Societies Act 2014 because of the insNIficant amoLJnts involved and have not therefore prepared consolidated financial staternents. 17. Cash Itow from operating activities 2025 2024 Surplus lor the year Exceptional itern - overpayrnenl refund Depreciabon of tangible fixed assets Ilncreasel l Decrease in tode and other debtots Increase l {Decreasel in trade and other creditors 30,201 10,422 40.657 12.4751 {17,1031 40.655 14.2831 3.188 18. Analysis of changes in net debt At1 November 2024 Cash Flows Other Non- Cash Changes At31 October 2025 Cash 218,261 218.261 115,6751 487,202 284,616 23,670 123.6701 15,367 194.5g1 194,591 116.2531 116,5611 16,253 470,949 292,919 Loans falling due wilhin one year Loan5 falling due after more than one year Total 8.303 20