## **Jane Cameron’s Old People’s Charity** 

Annual Report and Financial Statements Year Ended 31 March 2025 

Registered with the Charity Commission Number 227487 Registered with the Regulator of Social Housing Number A1254 



**Annual Report and Financial Statements** For the year ended 31 March 2025 

||Pages|
|---|---|
|Trustee Annual  Report|2-4|
|Report of the Board|5|
|Independent Auditor’s Report|6-8|
|Statement of Comprehensive Income|9|
|Statement of Financial Position|10|
|Statement of Changes in Reserves|11|
|Statement of Cash Flows|12|
|Notes forming part of the Financial Statements|13 – 22|



## **Advisers and bankers** 

|**Clerk and Registered Office**|**Bankers**|**Auditor**|
|---|---|---|
|Vicky Parr<br>2 Godwin Street<br>Bradford<br>BD1 2ST|Barclays Bank plc.<br>1 Churchill Place<br>Canary Wharf<br>London<br>E14 5HP|BDO LLP<br>Eden Building<br>Irwin Street, Salford<br>Manchester<br>M3 5EN|



1 



**Trustee Annual  Report** For the year ended 31 March 2025 

## **Structure, Governance and Management** 

## **Trustee** 

Anchor Hanover Group is the Corporate Trustee. 

The Corporate Trustee receives no remuneration other than the Management Charges disclosed in note 3 and charges for other services provided as disclosed in note 18 of the notes to the Financial Statements. Details of the membership, structure and policy for admitting new members to the Board of Anchor Hanover Group can be found in the annual report of the Association and on their website at www.anchorhanover.org.uk. 

## **Code of Governance** 

The Board of the Corporate Trustee, Anchor Hanover Group (“Anchor”), has adopted the Financial Reporting Council’s UK Corporate Governance Code 2024 (the “UKCGC”) as its appropriate code of governance. The UKCGC is applied on a ‘comply or explain’ basis and the Board of Anchor assess their compliance with the code on an annual basis. A summary of this assessment can be found in Anchor ’s Annual Report and Financial Statements 2025, page 33. 

## **Employees** 

The Charity has minimal employees as revealed in Note 4 to these accounts. The administration of the Charity is undertaken by employees of Anchor Hanover Group. 

## **Risk management** 

The Board of the Corporate Trustee has examined the major strategic, business and operational risks which the Charity faces and confirms that systems and procedures, including an internal audit programme, are in place so as to mitigate the significant risks that the Charity may face. 

## **Objectives and Activities** 

The governing instrument for this Charity is a Charity Commission Scheme dated 28 April 1966. The areas of activity are the Parishes of Bishop Auckland, Darlington, Durham and Jarrow, in the North East of England. The Charity has 101 (2024: 101) sheltered properties with the objective of the Charity to provide accommodation for elderly persons who have been resident in the area of activity for at least one year. 

## **Governance and Financial Viability Standard** 

Anchor Hanover Group is the sole Corporate Trustee of Jane Cameron’s Old People’s Charity and provides all landlord services to the charity's residents. The Regulator of Social Housing (RSH) has during 2025 reviewed Anchor’s compliance with the Governance and Financial Viability Standard and concluded that Anchor did not meet the governance requirements and significant improvement is needed, specifically in relation to its risk and control framework. The RSH downgraded Anchor from G1 to G3 grading in June 2025 (where G1 is the highest and G4 the lowest) but Anchor maintained its V1 Financial Viability grading. Anchor will agree an improvement plan with the RSH. The Charity takes assurance, through the delivery of this plan and improvements already made, that Anchor is delivering an appropriate level of service to the Charity and its residents. 

## **Commitment to residents** 

In April 2024, the Regulator of Social Housing launched its new Consumer Standards: the Safety and Quality Standard, the Transparency, Influence and Accountability Standard, the Neighbourhood and Community Standard, and the Tenancy Standard. These new standards are all designed to protect social housing tenants and the services they receive and will apply to all social landlords. 

Anchor Hanover Group is committed to meeting the requirements of these new standards which aim to ensure that tenants are safe in their homes; that landlords listen to tenants’ complaints and respond promptly to put things right, are accountable to tenants and treat them with fairness and respect, know more about the condition of every home and the needs of the people who live in them and collect and use data effectively across a range of areas, including repairs. While Anchor are assessed as not meeting these standards at present, we are satisfied that appropriate steps are being taken to recover a compliant grading. 

## **Tenant Satisfaction Measures** 

With effect from 1 April 2023, the Regulator of Social Housing (RSH, the Regulator) required social housing providers to report annually on a series of Tenant Satisfaction Measures (TSM). The measures are intended to make landlords’ performance more visible to tenants, and help them hold their landlords to account.  A 

2 



**Trustee Annual  Report  (continued)** For the year ended 31 March 2025 

summary of TSM data, which includes data for all corporate trusts, is made available to all residents and other stakeholders by the end of June each year and published on Anchor Hanover Group’s website. 

## **Complaints Handling** 

An annual exercise is completed to ensure our complaints handling policy and practice is compliant with the complaint handling code set out by the Housing Ombudsman Service (HOS). The Trust’s self-assessment of compliance was submitted to the HOS for the first time in 2024. Improving complaint handling satisfaction and the experience for our customers continues to be a focus for the coming year. 

## **Achievements and Performance** 

The Charity receives funds from charges raised on residents in the form of service charges and rent.  The service charges are raised to cover the cost of providing support to the residents in relation to the Estate Manager, maintenance of the grounds and the maintenance of equipment.  Rents are charged to the residents in line with Government guidance and are used to cover maintenance of the properties in the year and to provide resources to meet cyclical and major repairs over a number of years. 

## **Charitable and political contributions** 

No contributions were made in the financial year (2024: £Nil). 

## **Financial Review** 

The activities for the year are set out on page 9 in the Statement of Comprehensive Income.  There is a surplus for the year £422,416 (2024: £282,248). The increase is mainly to inflationary increases in rental income, lower operating costs principally lower depreciation charges and reduction of interest charges following the repayment of all borrowings. 

Capital expenditure incurred in the year of £4,953 (2024: £344,620). 

## **Plans for Future Periods** 

In line with the Charity’s objective to maintain the properties in good repair and in order to provide accommodation for rent, the Charity continues to review the fabric of the building via planned works programmes and stock condition surveys undertaken by Anchor Hanover Group. At this time there is no immediate significant expenditure required but this will be kept under annual review. 

## **Principal risks and uncertainties** 

There are several risks in the external environment that are contributing to significant challenges for all providers. Stemming from macroeconomic impacts on the global economy linked to the war in Ukraine, higher costs of fuel and energy have contributed to elevated inflation levels in the UK. 

These factors have contributed to the cost-of-living crisis which we have continued to actively manage as a key area of risk, with focus on maintaining service delivery, managing and anticipating financial impacts, and monitoring the potential negative impacts of the conditions on our customers and colleagues. 

Maintenance of Jane Cameron’s properties is dependent on the timely and effective performance by third party contractors of their obligations, exposing us to risk of potentially having less control over the quality of the services than if we were providing them directly. The performance of contracts may be subject to disruption for a variety of reasons including availability of materials, work stoppages, labour constraints, and is impacted by macroeconomic conditions. 

We work closely with contractors to avoid such problems, undertake appropriate due diligence and procurement procedures and avoid concentration risk. 

## **Going concern** 

After reviewing budgets and forecasts, making enquiries and examining major areas which   could give rise to significant financial exposure, the trustees are satisfied that no material or significant exposures exist other than as reflected in these Financial Statements and the charity   has adequate resources to continue its operations for the foreseeable future.  For this reason, they continue to adopt the going concern basis in preparing these Financial Statements. 

## **Value for money statement** 

As a corporate trust of the Anchor Hanover Group, (AHG) the strategic and operational management of the properties is fully aligned to the wider stock portfolio of AHG. As such the approach to VFM for the Corporate Trusts is fully integrated and therefore does not differ to the approach adopted for AHG. For a copy of the selfassessment we would therefore refer to that contained with Anchor Hanover’s annual report. 

3 



**Trustee Annual  Report  (continued)** For the year ended 31 March 2025 

However, under the Value for Money Standard issued by the Regulator of Social Housing in April 2018 and the subsequent Value for Money Metrics Technical Note Guidance updated in May 2021, registered providers with a stock of less than 1,000 units are required to publish their VfM metrics.  These are shown below and are in addition to the overall approach taken to achieving value for money by the Board of the Corporate Trustee. 

|**2025**<br>**2024**||
|---|---|
|**Metric 1 - Re-investment %**<br>0%<br>8%||
|This metric looks at the investment in properties (existing stock as well as New Supply) as a percentage of the||
|value of total properties held.  For the Charity with its limited resources the focus is on maintaining its existing||
|properties into the future.  Planned and routine maintenance are a part of this and all, but the largest planned||
|works are expended through the Statement of Comprehensive Income and charged to the cyclical and||
|extraordinary repairs reserves.||
|**2025**<br>**2024**||
|**Metric 2a – New supply delivered (social housing units) %**<br>0%<br>0%||
|**Metric 2b – New supply delivered (non-social housing units) %**<br>0%<br>0%||
|This metric sets out the number of new social housing and non-social housing units that have been acquired||
|or developed in the year as a proportion of total social housing units and non-social housing units owned|at|
|period end.  The Charity’s focus is on maintaining its existing properties into the future and currently does not||
|have the financial capacity to develop new properties.||
|**2025**<br>**2024**||
|**Metric 3 - Gearing %**<br>-<br>-||
|This metric assesses how much of the adjusted assets are made up of debt and the degree of dependence on||
|debt finance.  The Charity has no loans or overdraft facilities.||
|**2025**<br>**2024**||
|**Metric 4 – EBITDA MRI interest cover %**<br>0%<br>698%||
|This metric is a key indicator for liquidity and investment capacity. It seeks to measure the level of surplus that||
|a registered provider generates, adjusted for amortisation and depreciation, compared to interest payable.  The||
|Charity has no loans or overdraft facilities and, therefore, no interest payable.||
|**2025**<br>**2024**||
|**Metric 5 – Headline social housing cost per year**<br>3,911<br>3,922||
|This metric assesses the headline social housing cost per unit as defined by the Regulator.  The increase|in|
|the cost per unit for 2023 is due to the increased management and service charge costs incurred in the year.||
|**2025**<br>**2024**||
|**Metric 6a – Operating margin (social housing lettings) %**<br>39%<br>31%||
|**Metric 6b – Operating margin (overall) %**<br>40%<br>31%||
|This metric demonstrates the profitability of operating assets before exceptional expenses are taken into||
|account. Increasing margins are one way to improve the financial efficiency of a business. In assessing this||
|ratio, it is important that consideration is given to registered providers’ purpose and objectives (including their||
|social objectives).||
|**2025**<br>**2024**||
|**Metric 7 – Return on Capital Employed (ROCE) %**<br>8%<br>7%||



This metric compares the operating surplus to total assets less current liabilities and is a common measure in the commercial sector to assess the efficient investment of capital resources. 

4 



**Report of the Board** For the year ended 31 March 2025 

## **Statement of the Board of the Corporate Trustee’s responsibilities in respect of the Annual Report and the Financial Statements** 

Under the trust deed and rules of the charity and charity law, the trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.  The trustees have elected to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland._ 

The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the excess of income over expenditure for that period. 

In preparing these financial statements, generally accepted accounting practice entails that the trustees: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements; 

- • state whether the financial statements comply with the trust deed and rules, subject to any material departures disclosed and explained in the financial statements; and 

- assess the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and 

- use the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations or have no realistic alternative but to do so. 

The Board of the Corporate Trustee is required to act in accordance with the governing instrument of the Trust, within the framework of trust law.  The Board of the Corporate Trustee is responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the Trust at that time and enable the Board of the Corporate Trustee to ensure that its Financial Statements comply with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022.  The Board of the Corporate Trustee has general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Trust and to prevent and detect fraud and other irregularities. 

## **Awareness of relevant audit information** 

The Members of the Board of the Corporate Trustee who held office at the date of approval of this Report of the Board of the Corporate Trustee confirm that, so far as they are each aware, there is no relevant audit information of which the Trust’s auditor is unaware and each Member of the Board of the Corporate Trustee has taken all the steps that they ought to have taken as Members of the Board of the Corporate Trustee to make themselves aware of any relevant audit information and to establish that the Charity’s auditor is aware of that information. 

## **Auditor** 

BDO LLP has expressed its willingness to continue in office as auditor to Jane Cameron’s Old People’s Charity. 

A resolution to reappoint BDO LLP as auditor will be approved by the Board of Anchor Hanover Group. 

## **By order of the Board of the Corporate Trustee** 



**Amanda Holgate** Executive Board Member 

**Vicky Parr** Clerk 

Date: 18 September 2025 

5 



**Independent Auditor’s Report** For the year ended 31 March 2025 

## **INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF JANE CAMERON’S OLD PEOPLE’S CHARITY** 

## **Opinion on the financial statements** 

In our opinion, the financial statements: 

- give a true and fair view of the state of the Charity’s affairs as at 31[st] March 2025 and of the Charity’s surplus for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been properly prepared in accordance with the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. 

We have audited the financial statements of Jane Cameron’s Old People’s Charity “the Charity” for the year ended 31/03/2025 which comprise the Charity’s statement of comprehensive income, the Charity’s statement of financial position, the Charity’s statement of changes in reserves, the Charity’s statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## _Independence_ 

We remain independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Corporate Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Corporate Trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The Corporate Trustee is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where we are required by the Charities Act 2011 to report to you if, in our opinion: 

- the information given in the Report of the Board for the financial year for which the financial statements are prepared is not consistent with the financial statements; 

6 



**Independent Auditor’s Report (continued)** For the year ended 31 March 2025 

- adequate accounting records have not been kept by the Charity; or 

- the Charity financial statements are not in agreement with the accounting records and returns; or 

- a satisfactory system of control has not been maintained over transactions; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of the Corporate Trustees** 

As explained more fully in the Board of the Corporate Trustees statement set out on page 6, the Corporate Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Corporate Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Corporate Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Corporate Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

## _Extent to which the audit was capable of detecting irregularities, including fraud_ 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

## _Non-compliance with laws and regulations_ 

Based on: 

- Our understanding of the Charity and the industry in which it operates; 

- Discussion with management and those charged with governance; 

- Obtaining and understanding of the Charity’s policies and procedures regarding compliance with laws and regulations; 

We considered the significant laws and regulations to be the applicable accounting framework (United Kingdom Generally Accepted Accounting Practice), the Charities Act 2011, the Housing and Regeneration Act 2008, and the Accounting Direction for Private Registered Providers of Social Housing 2022. 

The Charity is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be health and safety legislation and data protection requirements. 

Our procedures in respect of the above included: 

- Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations; 

- Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations; 

- Review of financial statement disclosures and agreeing to supporting documentation; and 

- Review of legal expenditure accounts to understand the nature of expenditure incurred. 

7 



**Independent Auditor’s Report (continued)** For the year ended 31 March 2025 

## _Fraud_ 

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: 

- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud; 

- Obtaining an understanding of the Charity’s policies and procedures relating to: 

   - Detecting and responding to the risks of fraud; and 

   - `o` Internal controls established to mitigate risks related to fraud. 

- Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud; 

- Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and 

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. 

Based on our risk assessment, we considered the areas most susceptible to fraud to be manual journal entry postings to revenue. 

Our procedures in respect of the above included: 

- Testing of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; and 

- Identifying and testing journal entries directly to revenue to supporting documentation, in particular any journal entries posted with unusual account combinations. 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non- 

compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the members of the Charity, as a body, in accordance with the Housing and Regeneration Act 2008 and to the charities trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the members as a body, for our audit work, for this report, or for the opinions we have formed. 


BDO LLP Statutory Auditor Manchester United Kingdom 

Date: 22 September 2025 

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). 

8 



**Statement of Comprehensive Income** For the year ended 31 March 2025 

|**Note**<br>**Turnover**<br>2<br>Operating expenditure<br>3<br>**Operating surplus**<br>Interest receivable and similar income<br>5<br>Interest payable and similar charges<br>6<br>**Surplus on ordinary activities**<br>Surplus on revaluation of current asset investments<br>11<br>**Total comprehensive income for the year**|**2025**<br>**2024**<br>**£**<br>**£**<br>759,912<br>693,631<br>(459,674)<br>(475,274)<br>————<br>————<br>300,238<br>218,357<br>74,209<br>75,494<br>-<br>(53,454)<br>————<br>————<br>374,447<br>240,397<br>47,969<br>41,851<br>————<br>————<br>422,416<br>282,248<br>~~————~~<br>~~————~~|
|---|---|



There is no material difference between the surplus for the year as stated above and its historical cost equivalent. 

All amounts relate to continuing activities. 

The notes on pages 13 to 22 form part of these Financial Statements. 

9 



**Statement of Financial Position** For the year ended 31 March 2025 

|||**2025**|**2025**|**2024**|**2024**|
|---|---|---|---|---|---|
||**Note**|**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Housing properties|9||709,986||767,546|
|Other fixed assets|9||619,732||627,296|
||||————||————|
||||1,329,718||1,394,842|
|**Current assets**||||||
|Trade and other debtors|10|91,321||91,177||
|Short term investment|11|2,386,433||2,050,256||
|Less Creditors: amounts falling due within one||||||
|year|12|(51,249)||(196,470)||
|||————||————||
|**Net current assets**|||2,426,505||1,944,963|
||||————||————|
|**Total assets less current liabilities**|||3,756,223||3,339,805|
|Creditors||||||
|Amounts falling due after one year|13||-||(5,998)|
||||————||————|
||||3,756,223<br>~~————~~||3,333,807<br>~~————~~|
|**Capital and reserves**||||||
|Revenue reserves|||3,503,607||3,092,439|
|Restricted reserves:|||252,616||241,368|
||||————||————|
||||3,756,223<br>~~————~~||3,333,807<br>~~————~~|



The notes on pages 13 to 22 form part of these Financial Statements. 

The Financial Statements were approved for issue on behalf of the Corporate Trustee by the Board of Anchor Hanover Group on 18 September 2025 and were signed by: 



**Amanda Holgate** Executive Board Member 

**Vicky Parr** Clerk 

Registered with the Charity Commission Number 227487 

10 



**Statement of Changes in Reserves** For the year ended 31 March 2025 

||Revenue|Restricted|Total|
|---|---|---|---|
||Reserves|Reserve|Reserves|
||£|£|£|
|At 1 April 2023|**2,820,684**|**230,875**|**3,051,559**|
|Transfers (to)/from other reserves|(10,493)|10,493|-|
|Surplus in year|282,248|-|282,248|
||————|————|————|
|At 31 March 2024|**3,092,439**|**241,368**|**3,333,807**|
|Transfers (to)/from other reserves|(11,248)|11,248|-|
|Surplus in year|422,416|-|422,416|
||————|————|————|
|At 31 March 2025|**3,503,607**|**252,616**|**3,756,223**|
||————|————|————|



The notes on pages 13 to 22 form part of these Financial Statements. 

11 



**Statement of Cash Flows** For the year ended 31 March 2025 

||**2025**|**2024**||
|---|---|---|---|
||**£**|**£**||
|**Cash flow from operating activities**||||
|Operating surplus for the year|300,238|218,357||
|Depreciation of tangible fixed assets|70,077|85,280||
|Amortisation of capital grant|(5,997)|(5,997)||
|(Increase) in trade and other debtors|(144)|(27,466)||
|(Decrease) / Increase in trade and other creditors|(145,222)|118,443||
||————|————||
||218,952|388,617||
|**Cash flow from investing activities**||||
|Purchase of tangible fixed assets|(4,953)|(344,620)||
|Interest received|74,209|75,494||
||————|————||
||69,256|(269,126)||
|**Cash flow from financing activities**||||
|Interest paid|-|(53,454)||
|Repayment of borrowings|-|(124,067)||
||————|————||
||-|(177,521)||
||————|————||
|**Net change in cash and cash equivalents**|288,208<br>~~————~~|(58,030)<br>~~————~~||
|**Net change in cash and cash equivalents**||||
|Cash and cash equivalents at 1 April|1,359,192|1,417,222||
|Cash and cash equivalents at 31 March|1,647,400|1,359,192||
||————|————||
||288,208<br>~~————~~|(58,030)<br>~~————~~||
|**Analysis of cash and cash equivalents**||||
|Monies on deposit|1,647,400|1,359,192||
||————|————||
|Total cash and cash equivalents|1,647,400<br>~~————~~|1,359,192<br>~~————~~||



The notes on pages 13 to 22 form part of these Financial Statements. 

12 



**Notes forming part of the Financial Statements** For the year ended 31 March 2025 

## **1(a) Accounting policies** 

## **General information** 

The Charity provides housing to elderly people. The Charity is a public benefit entity and is registered with the both the Regulator of Social Housing – registration number A1254 and Charities Commission in the United Kingdom - registration number is 227487. The registered office is 2 Godwin Street, Bradford, BD1 2ST. 

The Financial Statements have been prepared in accordance with Financial Reporting Standard 102 – the financial reporting standard applicable in the UK and Republic of Ireland (FRS102), the Statement of Recommended Practice: Accounting by Registered Social Landlords Update 2018 (SORP), the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. 

## **Basis of accounting** 

The Financial Statements are prepared on the historic cost and accruals basis of accounting, as modified to include the fair value of financial instruments and on the basis of going concern. The Financial Statements are presented in Sterling (£). 

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Financial Statements. 

## **Employees** 

The Charity has minimal employees as revealed in Note 4. The administration of the Charity is undertaken by employees of Anchor Hanover Group. 

## **Going concern** 

The Charity’s business activities and factors that are likely to affect its plans for future periods are set out in the Strategic Report. The Charity has in place adequate unrestricted reserves and resources to fund its financial obligations as they fall due and its day to day operations. 

On this basis, the Corporate Trustee has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months after the date on which the report and Financial Statements are signed. For this reason, the Charity has adopted the going concern basis in preparing its Financial Statements. 

## **Turnover** 

Turnover represents rental income from licensees and service charges receivable and turnover is recognised when the Charity is entitled to it. Rental income and service charges receivable are shown net of voids. Void losses are only recognised where the properties are available for letting. 

## **Revaluation of current asset investments** 

Current assets investments are stated at market value. Any unrealised surplus or deficit arising on revaluation of the investments is recognised in the Statement of Comprehensive Income.  The aggregate realised surplus or deficit arising on the sale of investments is reflected in the Statement of Comprehensive Income. 

## **Restricted reserves** 

Restricted reserves are funds received, the use of which is restricted by general law or by the terms on which the funds were given. These include funds where the donor has made a donation to be spent for a particular purpose or in a particular geographical area. 

Restricted reserves also relate to monies collected in advance for the replacement of assets at rental locations which are restricted in their use as defined within the individual tenancy agreements. 

## **Fixed assets** 

Fixed assets are stated using the cost model at cost less cumulative depreciation less impairment. Fixed assets include housing properties held for social benefit purposes and scheme equipment. 

Housing properties are principally properties available for rent and shared ownership properties. Housing properties are stated at cost less accumulated depreciation and impairment. Where housing properties are acquired from third parties the cost is their purchase price together with any costs of acquisition, improvement and interest payable. 

13 



**Notes forming part of the Financial Statements** For the year ended 31 March 2025 

## **1(a) Accounting policies** _**(continued)**_ 

## **Subsequent expenditure to housing properties** 

Works to existing properties which replace a component that has been identified separately for depreciation purposes, along with those works that result in enhancing the economic benefits of the properties, are capitalised as improvements. Where a component is replaced the cost and related depreciation are eliminated from tangible fixed assets. Economic benefits are enhanced if work performed results in an increase in rental income, a reduction in future maintenance costs or a significant extension to the useful economic life of a property. Shared ownership properties are split between current and non-current assets based on the anticipated proportion to be a first tranche sale with the first tranche proportion recognised as a current asset. 

Scheme equipment is shown at cost less cumulative depreciation. 

## **Depreciation** 

Freehold land is not depreciated. 

Under FRS102, housing properties are required to be depreciated from the latest of completion date and acquisition date. The Charity has elected to depreciate historic cost over a period of 50 years from the applicable date. 

Using component costing principles housing properties are divided into components which are depreciated at the following annual rates: 

|Component|Life (Years)|Depreciation|
|---|---|---|
|Building structure, roofing, drainage, roadways and footpaths|50|2.0%|
|Doors and windows|30|3.3%|
|Kitchens and bathrooms|25|4.0%|
|Heating boilers|15|6.6%|



Scheme equipment is depreciated at varying annual rates as follows: 

|Component|Life (Years)|Depreciation|
|---|---|---|
|Lifts cars|30|3.3%|
|Security, heating, aerials and communal kitchen equipment|20|5.0%|
|Warden alarm, door entry and lift motors|15|6.6%|
|Other shared areas|10|10.0%|
|Cleaning equipment|5|20.0%|
|Other scheme equipment|4|25.0%|



## **Social Housing Grant** 

Social Housing Grant (SHG) is a capital grant made to the Charity towards the cost of acquiring and/or building housing for rent or sale.  Under shared ownership arrangements, Social Housing Grant is received from Homes England (HE) and the Greater London Authority (GLA) on a basis related to cost but varying according to area and type of scheme. 

Social Housing Grant is included in Creditors: amounts falling due after more than one year in the Statement of Financial Position and is amortised annually to the Statement of Comprehensive Income over the expected useful lives of the assets to which they relate or in periods in which the related costs are incurred. The accumulated amortised government grants represent contingent liabilities and materialises when the relevant property to which the amortised grant ceases to be used for social housing purposes usually due to disposal of the housing asset. 

Where grant is received on items treated as revenue expenditure, it is treated as revenue grant and is recognised as other income in the Statement of Comprehensive Income when the performance conditions have been met. 

Grants are usually repayable unless formally abated, waived or recycled.  Therefore, they may be repayable in certain circumstances, primarily the sale of property.  This can be the case even where the grant has been treated as a revenue grant for accounting purposes. 

14 



**Notes forming part of the Financial Statements** For the year ended 31 March 2025 

## **1(a) Accounting policies** _**(continued)**_ 

## **Financial instruments - Basic financial instruments** 

## **Trade and other debtors / creditors** 

Trade and other debtors / creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. 

In line with FRS 102 section 34; the Charity as a public benefit entity, has accounted for as concessionary loans all debtors or creditors that would have been classified as financing transactions such as deferred payment arrangement and are therefore being carried in the Statement of Financial Position at amortised cost. 

Concessionary loans are financing arrangements between a public benefit entity such as the Charity and another party at nil percent or at below market rate of interest that are not repayable on demand and are for the purposes of furthering the objectives of the public benefit entity. 

## **Short-term investments** 

Investments made by the Jane Cameron Old People’s Charity are a combination of short-term bank deposits and fund investments managed by specialist managers and provided for non profit investors. 

The short-term bank deposits are classified as basic and recognised at amortised cost using an effective interest rate. 

The fund investments are classified as complex instruments and recognised at market value. Market value is based on a publicly available price. Gains and losses on revaluation of fund investments are included in the Statement of Comprehensive Income. 

## **Impairment of debtors** 

Provision is made for the impairment of current rent debtors when the debt is overdue by 90 days or more. The provision is for 100% of the amount overdue.  Provision for the debts of former tenants is provided at 100%. 

Sales ledger debts aged 3-5 months are provided at 10% of the amount due.  Those more than 6 months old are provided at 25%.  After this time a decision will be made concerning the write-off of the debt. 

## **Other long-term creditors** 

Other long-term creditors include the costs of arranging long-term funding and premiums received on the issue of bonds.  These amounts are amortised over the period of the underlying financial instrument.  Also included in Other long-term creditors is the unamortised element of the social housing grant less an amount due for amortisation in the following year. 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise of cash balances and short-term investments, which can be liquidated at short notice with no loss of capital. Bank overdrafts that are repayable on demand and form an integral part of the Charity’s cash management are included as a component of cash and cash equivalents for the purpose of the cash flow statement. 

## **1(b) Judgements and Accounting estimates** 

The preparation of the Financial Statements requires trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effect on amounts recognised in the Financial Statements; 

## **Classification of housing properties** 

The Charity has undertaken a detailed review of the intended use of all housing properties. In determining the intended use, the Charity has considered if the asset is held for social benefit or to earn commercial rentals. The Charity determined that its housing portfolio is held for social benefit purposes and is therefore accounted under FRS 102 section 17. 

15 



**Notes forming part of the Financial Statements** For the year ended 31 March 2025 

## **Useful lives of depreciable assets** 

Management reviews its estimate of the useful lives of depreciable assets at each reporting date based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utilisation of certain software and IT equipment and changes to Decent Homes Standards which may require more frequent replacement of key components. Accumulated depreciation at 31 March 2025 was £2,556,948 (2024: £2,486,871). 

## **Impairment of housing properties** 

Housing properties are reviewed for impairment if an impairment trigger is deemed to have occurred. Where there is evidence of impairment, fixed assets are written down to their recoverable amount. Any such write down is charged to operating profit. For housing assets, impairment is assessed by comparing the carrying value to the recoverable amount which is the higher of value in use (NPV of future cash flows); fair value less costs to sell as represented by EUV-SH; and value in use service potential (depreciated replacement cost). If the carrying value is greater than the recoverable amount then an impairment provision is made. This requires management estimates of the timing of cash flows and discount rates. 

## **Provision for bad and doubtful debts** 

Provisions for bad and doubtful debts are calculated based on average collection rate by amount overdue. The Trustee makes judgements about the recoverability of debtors and the bad debt provision rate to apply to each specific debtor based on recoverability risk of the debtor. 

## **Determining whether a debt instrument satisfies the requirement to be treated as basic** 

Judgement is required to determine whether a debt instrument satisfies the requirements in FRS 102 Paragraph 11.9 to be treated as basic. For debt instruments to be classified as basic financial instruments the interest must be a positive amount or positive rate, at market rates. They should not be index linked excluding RPI and the lender cannot unilaterally amend interest rates. Debt instruments are utilised to provide long term funding for the Charity’s operations and not for speculative trading. Facilities with twoway break clauses are judged to be basic. 

## **2 Particulars of turnover, operating costs and operating surplus** 

|||**2025**||
|---|---|---|---|
|||**Operating**|**Operating**|
||**Turnover**|**costs**|**surplus**|
||**£**|**£**|**£**|
|**Social housing activities:**||||
|Housing accommodation (see note 3)|753,915|(459,674)|294,241|
|Amortisation of capital grant|5,997|-|5,997|
||————|————|————|
||759,912<br>~~————~~|(459,674)<br>~~————~~|300,238<br>~~————~~|
|||<br>**2024**||
|||**Operating**|**Operating**|
||**Turnover**|**costs**|**surplus**|
||**£**|**£**|**£**|
|**Social housing activities:**||||
|Housing accommodation (see note 3)|687,634|(475,274)|212,360|
|Amortisation of capital grant|5,997|-|5,997|
||————|————|————|
||693,631<br>~~————~~|(475,274)<br>~~————~~|218,357<br>~~————~~|



16 



**Notes forming part of the Financial Statements** For the year ended 31 March 2025 

|**3**<br>**Particulars of income and expenditure from social housing lettings**<br>**Income from lettings**<br>Rent receivable net of identifiable service charges and rent<br>losses from voids<br>Service charge income<br>**Net rental income**<br>Other property income<br>**Turnover from social housing lettings**<br>**Expenditure on letting activities**<br>Service charge costs<br>Management<br>Bad debts written off and movement in provision<br>Routine maintenance<br>Major repairs expenditure<br>Depreciation of housing properties<br>Other costs<br>**Operating costs on social housing lettings**<br>**Operating surplus on social housing lettings**<br>**Rent losses from voids**|**2025**<br>**2024**<br>**£**<br>**£**<br>606,939<br>539,830<br>146,976<br>147,804<br>————<br>————<br>753,915<br>687,634<br>-<br>-<br>————<br>————<br>753,915<br>687,634<br>~~————~~<br>~~————~~<br>(142,426)<br>(146,857)<br>(120,364)<br>(118,310)<br>(424)<br>(1,191)<br>(120,468)<br>(110,730)<br>(4,666)<br>(7,059)<br>(64,708)<br>(79,157)<br>(6,618)<br>(11,970)<br>————<br>————<br>(459,674)<br>(475,274)<br>~~————~~<br>~~————~~<br>294,241<br>212,360<br>~~————~~<br>~~————~~<br>(17,336)<br>(42,637)<br>~~————~~<br>~~————~~|
|---|---|



No segmental analysis is shown for housing accommodation as the Charity owns and manages only general needs accommodation. 

17 



**Notes forming part of the Financial Statements** For the year ended 31 March 2025 

## **4 Employee information** 

|Estate Manager<br>Average number of employees expressed as<br>Full time equivalent<br>Staff costs (for the above person)<br>Wages and salaries<br>Social security costs<br>Pension costs<br>**5**<br>**Interest receivable and similar income**<br>Other interest<br>**6**<br>**Interest payable and similar income**<br>On local authority loans<br>**7**<br>**Surplus on ordinary activities**<br>Surplus on ordinary activities is stated after charging:<br>Depreciation of fixed assets|**2025**<br>**2024**<br>**Number**<br>**Number**<br>4<br>4<br>————<br>————<br>2<br>2<br>————<br>————<br>**£**<br>**£**<br>49,810<br>52,921<br>2,907<br>3,612<br>2,048<br>3,484<br>————<br>————<br>54,765<br>60,017<br>~~————~~<br>~~————~~<br>**2025**<br>**2024**<br>**£**<br>**£**<br>74,209<br>75,494<br>~~————~~<br>~~————~~<br>**2025**<br>**2024**<br>**£**<br>**£**<br>-<br>53,454<br>~~————~~<br>~~————~~<br>**2025**<br>**2024**<br>**£**<br>**£**<br>70,077<br>85,280|
|---|---|



The Trust's audit fee for 2025 of £4,286 is paid by AHG and recharged as part of the Management Fee (2024: £4,000). 

18 



**Notes forming part of the Financial Statements** For the year ended 31 March 2025 

## **8 Taxation** 

No provision for UK taxation has been made as all income and gains are used exclusively for charitable purposes and are therefore exempt from taxation. 

## **9 Tangible fixed assets** 

|**9**|**Tangible fixed assets**||||
|---|---|---|---|---|
|||**Freehold**|**Scheme**||
|||**housing**|**equipment**||
|||**properties**||**Total**|
|||**£**|**£**|**£**|
||**Cost**||||
||At 1 April 2024|3,094,124|787,589|3,881,713|
||Additions|2,795|2,158|4,953|
||Disposals|-|-|-|
|||————|————|————|
||At 31 March 2025|3,096,919<br>~~————~~|789,747<br>~~————~~|3,886,666<br>~~————~~|
||**Depreciation**||||
||At 1 April 2024|(2,326,578)|(160,293)|(2,486,871)|
||Charge for the year|(60,355)|(9,722)|(70,077)|
||Disposals|-|-|-|
|||————|————|————|
||At 31 March 2025|(2,386,933)<br>~~————~~|(170,015)<br>~~————~~|(2,556,948)<br>~~————~~|
||**Net book value**||||
||At 31 March 2025|709,986<br>~~————~~|619,732<br>~~————~~|1,329,718<br>~~————~~|
||At 31 March 2024|<br>767,546<br>~~_————_~~|<br>627,296<br>~~_————_~~|<br>1,394,842<br>~~_————_~~|
|**10**|**Debtors**||||
||||**2025**|**2024**|
||||**£**|**£**|
||Amounts receivable within one year:||||
||Rent and service charge arrears||17,470|8,383|
||Less: bad debt provision||(4,059)|<br>(4,059)|
||||————|————|
||||13,411|4,324|
||Service charge deficits||9,595|6,794|
||Anchor Hanover Group||61,986|73,298|
||Other debtors, prepayments and accrued income||6,329|6,761|
||||————|————|
||||91,321<br>~~————~~|91,177<br>~~————~~|



Amounts receivable from Anchor Hanover Group are interest free and repayable on demand. 

19 



**Notes forming part of the Financial Statements** For the year ended 31 March 2025 

|**11**|**Investments**|||
|---|---|---|---|
|||**2025**|**2024**|
|||**£**|**£**|
||Short term deposits|1,647,400|1,359,192|
||Investments listed on a recognised exchange:|||
||Charity Multi Asset Fund|739,033|691,064|
|||————|————|
||Value at 31 March|2,386,433<br>~~————~~|2,050,256<br>~~————~~|
||Cost of listed investments|<br>500,000<br>~~————~~|<br>500,000<br>~~————~~|
||**Analysis of movement of listed investments**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Value at 1 April|691,064|649,213|
||Additions at cost|-|-|
||Net surplus on revaluation|47,969|41,851|
|||————|————|
||Value 31 March|739,033<br>~~————~~|691,064<br>~~————~~|
|**12**|**Creditors: amounts falling due within one year**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Rents and service charges received in advance|2,386|4,563|
||Service charge surpluses|9,308|4,082|
||Deferred capital grant income|5,998|5,997|
||Other creditors, accruals and deferred income|33,557|181,828|
|||————|————|
|||51,249<br>~~————~~|196,470<br>~~————~~|
|**13**|**Creditors: amounts falling due after more than one year**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Deferred housing grant|-|5,998|
|||————|————|
|||-<br>~~————~~|5,998<br>~~————~~|



20 



**Notes forming part of the Financial Statements** For the year ended 31 March 2025 

## **14 Capital commitments** 

The Charity had no capital commitments at 31 March 2025 (2024: Nil). 

## **15 Contingent liabilities** 

The Board of the Corporate trust is not aware of any contingent liabilities (2024: Nil). 

## **16 Deferred Grant** 

The Charity receives financial assistance from government sources such as the HE and GLA. These government grants are accounted for as deferred income in the Statement of Financial Position and are amortised annually to the Statement of Comprehensive Income based on the life of the build structure which is 50 years. 

The amount amortised represents a contingent liability to the entity and will be recognised as a liability when the properties funded by the relevant government grant are disposed of or when the property ceases to be used for social housing purposes. Below is the analysis of the assistance from government sources in the form of government grants. 

||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|**Income**|||
|Balance at 1stApril|1,007,520|1,007,520|
|Grant received in year|-|-|
|Grant repaid|-|-|
|Transfer from RCGF|-|-|
||————|————|
|Balance at 31stMarch|1,007,520|1,007,520|
|**Amortisation**|||
|At 1stApril|(995,525)|(989,528)|
|In year|(5,997)|(5,997)|
||————|————|
|Total amortisation|(1,001,522)|(995,525)|
||————|————|
|Net value of grant|5,998<br>~~————~~|11,995<br>~~————~~|
|Amounts due < 1 year|5,998|<br>5,997|
|Amounts due > 1 year|-|5,998|
||————|————|
||5,998<br>~~————~~|11,995<br>~~————~~|



21 



**Notes forming part of the Financial Statements** For the year ended 31 March 2025 

## **17 Related party transactions** 

Anchor Hanover Group, the Corporate Trustee, also acts as the managing agent for the Trust providing various services for which fees are paid as follows: 

|Management fees<br>Service charge and technical services fees<br>Alarm and alarm monitoring services|**2025**<br>**2024**<br>**£**<br>**£**<br>103,798<br>103,798<br>20,572<br>26,094<br>5,803<br>5,803<br>————<br>————<br>130,173<br>135,695<br>~~————~~<br>~~————~~|
|---|---|



|As part of the arrangement Anchor Hanover Group also provides short term funding and cash|management|
|---|---|
|for the day to day operations of the Trust and the amount outstanding at 31 March is as follows:-||
|**2025**|**2024**|
|**£**|**£**|
|Amounts due from Anchor Hanover Group<br>61,986<br>~~————~~|73,298<br>~~————~~|



## **18 Ultimate Parent Undertaking and Controlling Party** 

Anchor is the corporate trustee but do not control the trust and hence there is no controlling or parent undertaking for the charity. 

22