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 Organisat￿n5 should strive
to achieve in the next three dec￿es. 14lhiL8t m￿h 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 condrt￿n 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 mem￿r$ can attend regularly nO￿lth518ndIng 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. Ref￿hIng 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 eX￿ndItUre 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 Off￿er5, 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 a￿ayS 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 be￿een 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 li￿nSee$ 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 requireW￿nt as we do
provide heating and hot water from a central boiler to irKlivHlual apart￿￿ntS. ￿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 S￿lfie 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 f￿￿S 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
circUmstan￿S 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 gU￿anCe 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
S￿r￿US of £10,51512024'. deficil of £7.202).
Valuè for money
The Charity embraces a value for I￿neY culIu￿ and dermnstrating economic effiaencvès is a key objective of the
business. Throu9h the carefvl use of resour￿$. we conlinualty strive lo delNer effic￿ncle5 and improve the quality
of our housing and support Se￿iCe5 by employing effecbve asset managerrent, developing the 5ki115 of the staff,
applying robust risk managen￿n( 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 Rat￿nale are pnorilised and used lo
further maintain and improve the corKIth"on of our propert￿S. 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 reS￿ents 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 De￿rnber 2024, has enabled the
Charty to make ￿￿)re informed d￿ls1on5 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
decIs￿nS 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 rnanagen￿nt. scrub.ny and finan￿al planning are effe¢tsve to
drive improved value for money.
The Charity has develoFed a nthv menu of Key Pertcfflpr￿e Ind￿torS 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 perf0m￿d 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 "Atr￿ut Us- area of Norwich Housing
Society's website -
htt ".IlwWw.norw￿hhtsuSin
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 servI￿s.
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 servi￿5 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 Or￿nta￿n. HIV status, age. or physical ap￿aranCe.
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 appI￿able 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 resp￿sIble 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 des*3ned 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
COn￿dered necessary for the purFN)se of this repcKt. These procedures provide the only assuran￿ expressed in our
opin￿n.
Opinion
In our opinion..
the ￿CoUnts for the year ended 31 Octoter 2025 ￿e in accordance the accDunb"ng r￿OrdS kept by the
Registered SocLal Hou￿ng proV￿er under paragraph 13512Mal of the Housing and Regeneration Act 21XJ8.
having regard only lo, and on the basis of. the informats.on cOn￿ned in the aecountbng rwds."
the accounts compty with the requiren*nts of the Charities Ac* 2011,.
the Registered Sctial HousirKJ Provwjer has SatiSf￿d 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 requiren*nts of the Housing Regenerat￿ Act 2￿8 and the Accounting
Lh"rection ts prNate registered provth15 of S￿la[ housing in Engl￿d 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, NO￿lCh Housing Scciety
J Nevr8tead- Chief Executs've. NOrw￿h 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 Srx￿ty
The notes on pages 13 to 20 form part of these fina￿la1 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
Def￿1t 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 0￿mber 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 con￿rn 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 depreciat￿n 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 ap￿l￿t￿e. 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 recCgn￿ed 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
Su￿Ent 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 r￿n-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 NOrw￿h 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 a￿￿nts of £398.53412024.. £409.6C61 which fall due after five years
and which are payable by Instalments. Rates of interest vary be￿n 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 propert￿S. See note 15.
15.
Related party transactions
Norwich Housing Scriety Limited is sole Trustee of Stuart Court Memorial Charity. Transactions be￿een
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 ins￿NIficant 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