Company Registered Number: 01197478 Charity Registered NuTnber: 269158 Just Circle L'imited Report and financial statements for the year ended 31 March 2024 JUST CIRCLE LIMITED CONTENTS PAGES Legal and administratlve detalls Report of the Board of Trustees and Strategic Report 3-12 Independent auditorfs report 13-16 statement of CothPrehen51velncome 17 statement of Financial Position 18 Statement of chang.es In Equlty and Reserves 19 statement of Cash Flows 20 Notes to the Statement of Cash Flows Notes to the financial statements 22-31 JUST CIRCLE LIMITED LEGAL AND ADHINisfRATIVE DETAILS STATUS Company Ilmlted by guarantee wlthout share capltal and reglstered as a charfty REGISTERED OFFICE Cadyle House 235-237 Vauxhall Brfdge Road London SWIV IEJ HONOK4RY OFFICERS Stèphen Bashorun (Chalr) Michael Driver (Chalr of Flnance C'tte) BANKERS Barclays Bank plc Level 11 I Churchill Place Canary Wharf London E14 5HP AUDITOR CLA Evelyn Partner5 Llmlted 45 Gresham Street London ECZV 7BG SOUC￿0Rs Trowers & Hamllns COMPANY REGISTERED NUMBER 01197478 CHARITY REGISTERED NUMBER 269158 REGISTERED PROVIDER OF SOCIAL HOUSING NUMBER LH4377 JUST CIRCLE LINIITED REPORT OF THE BOARD.OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 The Board of Trustees presents its report and strategSc report and t.he accounts for the year ended 31st March 2024. The Statement of Comprehensive Income, Statementof Flnandal Position, Statement of Changes in Equity and ReseNes and Statement of Cash Flows are included later in this report. Activities The principal activity of the Company is the provision of housing and intensive support to single vulnerable people with a range of complex needs including mental ill health, learning disabilities and substance use Public Benefit In Setting objectives and planning our activities we ha.ve Considered the Charity Commission's general guidonce on public benefit and are pleased to confirm that our activities are undertaken in furtherance of our charitable purposes which are for the public benefit. Our impactfor financial year 202312024 has been impressive as we have supported many 'more people to live freer lives thanks to our innovative 24 hour5 support 5ervice5. Review of Affairs 2024 Background The health and social care sector continue to face the challenges wroug ht'by nationwide under investment. The financial restraints placed on the sector have coincided with an increased need for mental health 5ervice5 resulting in early inteNention support, psychiatric hospital beds and psychological support being over stretched. That coupled with a decrease in people wishing to work in the sector means that there is still a lack of suitably skilled and abled stsff entering the workforce which poses challenges for the sector at large. We are therefore grateful for our Radical Rent Prograrnme which is. now well established and provide5 a 50cially responsible way of funding our charitable works by mainstream rent. This nain5tream rental incorne proTnote5 our autonomyj redu￿5 reliance on the publicpurse and help5 115 to be a valued and respected providerforthose who commission our service5 as well as those who live in them, S'o, whllst we acknowledgethat the demands on the publlcpurse are many and varled, we are pleased to play our part In dellvering the followlng innovative service solutions to those most in need In theSr local 'communlties. ThÈ Board of Trustees presents Its Reportr and Strateglc Report and the Accounts for the year ended 31 March 2024. The Statement or Comprehenslve Income, Statement of Flnanclal Poslt5on, Statement of Changes In EquSty and Reserves, and Statement of Cash Flo￿$ are Included later in this report. Actlvlty. We have developed and refu'rblshed a further 14.apartments In the current flnanclal year and are proud to provlde these homes to another 17 Londoners. JUST CIRCLE LIMITED REpoirf OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) We were also thrilled to be the selected provlder to offer a unique psychologically informed response to over 120 service users who have experienced mental health, homelessness and substance use issues. Our service delivers intensive I.. I support wlth servlce users resistant to engage who are living in 5UPPOrted accommodation run by a number of providers in the not-for-profit sector. We have worked with these organisations to upskill their staff teams, develop universal best practice protoco15 and to role model assertive psychologically informed engagement with service users. This has helped to promote improved service user contact and provide staff with the confidence to employ a range of strategies to support independence and self-reliance with service Users. Our biggest challenge, in common with the health and social care sector at large, is recruitment. This year following feedback from candidates, attention tumed to our name and our brand. People felt that Cyrenians "sounded old fashioned" "like a faith-based organisation" and 'not representative of our innovations in mental health care." So, as part of our Strategic Plan we have undergone a name change in May 2024 and are launching our rebrand and website in September 2024. We are working closely with design consultants to create a website that reflects our compassion, Innovation and -can do" ethos. Finding a fitting new name after half a century is not an easy task, it's a blt Ilke trylng to catch lightening in a Jarl We wanted a name that stood for simplicity, integrity and honesty and great outcomes with some very complex needs servlce users...and so JUST was bom. Simple, elegant and standing for truth and prartical delivery JUST what people need when they are at their lowest ebb. Next comes the logo and the website... AbLYJt CL*e*FS Juitgiyw www.Just.org.uk JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRusfEES AND STRATEGIC REPORT for the year ended 31 March 2024 (contlnued) Thls year we enabled more people to Ilve outslde of hospltal care and in so doing helped ftsnders to make financial savlngs and enrlched our cornmunltles along the way. Here'5 just a few of our highlights: Developed artd refurbished 14 beautlful apartrnents Improved staff Intake from the previous year SLtpported 39 seNlce users to move on Provided Placemeht tralnlng for 13 student nurses Supported 8 psychology graduates Hosted 2 Conferen￿5 Investment 'The five key pillars to our investrrtent plans are: l. Propertv Our upgrade and refurbishment programme c¢Jntinues, and we are pleased to start works set out in our 10 year investment plan. We will continuethroughout 2024125 to upgrade our owned properties to ensure that they are well appointed, respectful and safe places for people to live and recover.in. 2. People Desplte the staffing crSsls In aault health anL150clal care we are pleased that our Intake and retentlon record remalns hlgh due. to our recognition award, comprehenslve tralnlng programrne and work life balance terms and condltlons. We contlnue to work wlth London unlversltles to support young talent coming through and to promote adult social care as a vibrant and rewarding career. Our work to prDmote opportunitles for young people to take part In charfty goveman and overslght continues to build on the Suc￿sS of our Young Tralnee Trustee Programme and we look forward to welcomlng the next future stars of the board room In Wlnter 2Q24. We have worked hard to be an organisatlon of excellence and choice for univetslties to pla￿ thelr students ènd are Dleased to have played our part as educators In 5UPPOrting nuT5e51 Psychology grdduates and social care practitioner5 to attain thelr quallflcatlons and. become a valued part of t.he health and s￿Id1 care work. workforce. 3. Servlce$ We have Introduced a new service in London across the mental health accommodation pathway. We are providing assertive outreach support to the mental health provlders who accommodate over 120 people between them. Throug h intensive I: I Servi￿ user 5UPPOrt, staff upskilling by training and role modelling, PrO￿dural and.5U.P.port planning reviews, we aim to improve the JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) outcomes and practlce of the provlders we are working with and enhance seNice user experience. We have put an even greater emphasls on engagement and aciivities and a pleased to have refined our plans to take into consideration the interests artrd demographics from each of our services. We offered the followlng.. GOOD11NESIODIYI Moming Media Family Time Sunday Grow Your Own Veg Music and History Group Health and Wellbeing Course (various) 4. Governance As part of our yearly Strategic Plan review, we undertake a trustee's skllls audit to ensure that experience and expertise infomis effective governance. Our trustees come from dlverse backgrounds, have life experience and excel in their chosen professions. They share thelr skllls and expertise freely in driving JUST forward and draw on their experlence In: Mental health, patient safety and national strategic leadership for mental health and leaming dlsablllty nurses Physical health care and post injury rehabilitation Department of health Implementatlon as a lead for the Mental Capacity Att and Deprivatlon of Llberty Safeguards, mental health law, adult social care at regional and natlonal levels Governance, volunteering and use of technology for community change Housing management, development and environmentand sustainability be practice Law as It relates to employees, pensions and practlce Education as a Professor in Healthcare Practice and Research working across NHS trusts and Universities JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND sfRATEGIC REPORT for the year ended 31 March 2024 (continued) 5. Corporate Identity After 55 brilliant years of delivering care and support to vulnerable Londoners 2024 seerns the right time to rename and rebrand. We want to attract the brightest and the best people to work for us so that we can continue to provide quality services for those In need. We talked to service users, staff, commissioners and carers and ovemhelmingly they felt our name no longerfitted our modern and innovatlve style of seNice delivery. So, we say farewell to Cyrenians but we wlll of course retain all of our history, our leaming and our bnlliance but under JUST our chosen name which will represent all of our new and innovative ideas but based on the foundatlons of our expertlse and 55 years, experience. We now look forward to wrÈting our next chapter as JUST and to representing truth, integrity and simplicity captLJred In our new name. In short, we JUST want to do the slmple thlngs well and the complex things brilliantly. Rlsk and Uncertainties in the Immediate F￿Ure The risks and uncertaintlesfor JUST are the same as those for the sector in general whlch l. Lack of suitably skllled and abled staff 2. Reluctance in clinical risk sharing 3. Decline in the value of support contracts As outlined in this report we have develop@d a range of responses to mitigate the above uncertaintie5 which we review regulady with our trustee5 these include= l. Pop up academy training for those new to the sector Access to placements for health and social care students Bonus incentive scheme 2. Employlng managers who are confident to comment and engage in rlsk sharing Procedural support via Safety and Risk Manual Standard response templates Online service user database analysis 3. Active non statutory fundraising via Radical Rent and grant applications Value for money reviews Increased use of IT and Al where appropriate JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 {contlnued) Risk Management (Corporate) To provide effective risk management and sound governance the Trustees: Maintain generous insurance cover Work within the procedural framework Monitor and Implement the internal control processes Retaln expert5, databases and consultancies to oversee Health and Safetyfr HR, Service user data, training and development, property management, occupational health Dlsabled Persons JUST is commltted to supporting people wlth disabilities and/or health conditions to gain access to paid employment according to the exlgencies of our servlces and the needs of our service users. Our central team is diverse and reflective of the communlties within we work. We employ people wlth physical disabilities, those who a￿ neurodiverse, and we are also pleased to be able to support people with long term mental health conditions back into th e workplace. Diversity JUST are pleased to promote diversity at all levels in the Organisation and have a positive record of inclusion for trustees, rnanagement and frontline staff. We continue to review access to our services and employment to ensure that people from all walks of life are welcomed to JUST. Our equality and diversity data analysis 202312024 shows that we need to do more to promote jobs to young people from a variety of backgrounds and life experience and therefore the youth focussed Pop-up Academy has been part of our strategy for 202312024. Informatlon from our Croner HR database illustrates a snapshot of management for the 23124 financlal year. Central Team Central Ethnlcity Eo5tern European • Black Caribbean Afncan Inolan WhitÈ Brib5h Aya Greek JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 {continued) Central Age staff aged beri'ieen 20- 29 w Staff a8ed betvieen 30- 39 Staff aged betl'ieen 40- 49 • Staff èged beti'ieen 50- 59 Staff a8ed betwee￿ 60- 69 Sex.. 60% Female 400/0 Male Dlsabllltles,. 20% Physical IOO/o Mental health Managers Ethnicity: 420/0 BAME 58¥0 White Sex: 400/0 Male 600kn Female Employee Information We are pleased to report that we have regular bulletlns, debriefs, newsletters and actlvity update emalls. We also have company meetings, staff conferences and ad hoc social and information events and we share information by: QR code access Podcasts Soclal medla Includlng TikTok Training JUST CIRCLE LIMITED REpoF¥f OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (contlnued) Key Performance Indicators We h'ave dètailed below our performarlce a'gainst thè key indlcators of occupancy, staff turnover and arrears: 2024 890/0 14% 50/0 2023 930/0 .17% 5% Occupahcy staff tumover" Arrears Value for Money MetnC5 The following Vfm metrics have been calculated as recommended bythe Regulatorof Social Hou5ing-, Reinvestment- 12.510/0 (2023: 0.94.¥0) The reinvestment metric in 2024 is driven by the developrnent of Carleton Road and re￿rbIShMent of Ella Villa, This was. calculated using thetot.al dBvelopment and purchase.costsof property divided bythe net book val ue of assets in the year. New supply delivered - 5.340A (2023: 0%) Gearing - Jusr has no borrowing EBrrDA MRI-Intetest c'over- JUST has no bc*rowing and therefore no intere5tto cover Headllne soclal housing cost per unit £10,862 (.2023: £9,847) The high cost per unit reflects the inflation cost price increases during the year, Operating margin ($o¢ial) - -5.780/0 (2023: .L.OOOh) This wa5 calculated using the operating deficit divided by the turnover. Return on capital employed (ROCE) - 0.09Yo (2023: 0.87 % ) This was ¢alculated as the 5urplu5 before property revaluation divided by the total assets less current liabillties. Due tL) our unlque service5 benchmark data may not provlde meanlngful, cornparatlve nformatlon. We do howe.ver use d8ta.obtairied from the accommodatlon-based support sector to inform our decisions. Governance and Financial Viability Standard The annual review of compliance againstthe Regulatorofsocial Houslng's Govemanceand FSnanclal Vlablllty Standard has been carrled out and JUST was compl iartt with the Standard durlng the reportlng perlod. Code of Governah¢e Just Circle Llmlted adopted the Natlonal Houslng Federatlon Code of Governance 2020 for the reporting period. A further assessmentof'cornpliance with the Code of Govemance wlll be conducted In 2024 conftrmsthat JUST complles wlth all the requirements of the code. 10 JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) Level of Reserves In line with best pract1￿ JUST seeks to maintain unrestrirted ￿serveS and worklng capital at a prudent level to ensure that the Company's current and planned future actlvities can operate effectively and to enable any unexpected financial interruption to be satlsfactorily managed. We aim to Secure 6-12 months working capitsl and are pleased to report that we currently have 8 months runnlng costs should the unforeseen happens. Disclosure of Infomiation to the Auditor The Board of Trustees (director5 and trustees of the company) who held office at the date of approval of this Board report confirni that, so far as they are each aware, there is no relevant audit information of which the auditor is unaware. and each director has taken all the steps that he/she ought to have taken as a director to make himselflherself aware of any relevant audit infomiation and to establish that the Company's auditor is aware of that Infonnation. The Board of Trustees are appointed following: an open recruitment process; meetings with senior members of staff; attendance as observers at board meetings. and an interview with the Chair. All these steps are in accordance with our written procedures. The following served during the period and up to the date of this report.. S. Bashorun A. Diggle M. Driver C. Thompson S. Chambetlain Prof. C. Flood Prof. B. Thomas J. Ward-smith (MBE) All members of the Board are members of the Company and guaranteeto contribute tothe assets of the Company, in the event of it being wound up, such amounts as may be required not exceeding £1. The number of guarantees on 31st March 2024 was eight. Members of the Board have no beneficial interest in the Company and are not remunerated. They are indemnified by the Company against legal action arising in the course of their duties. DIRECTORS, RESPONSIBILrrIES STATEMENT The Board is responsible for preparing a Report of the Board of Trustee5 and Strategic Report and the financial statements in accordance with applicable law and regulations. The law requlres the Board to prepare flnanclal statements for each financial year. Under that law the Board has elected to prepare the Company's financial statements In accordance with applicable law and United Klngdom Accounting Standards (Unlted Klngdom Generally Accepted Accountlng Practlce) Sncludlng FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The Board must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the surplus or deficit for that period. In preparing these financial 5tatementS, the directors are required to.. JUST CIRCLE LIMITED RepoRT OF THE BOARD OF TRusfEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) select suitable accounting policies and then apply them consistently- make Judgements and estlmates that are reasonable and prudent; prepare the flnanclal staternents on the going concern basis unless it Is lnappropr.iate to presurne that the Company will continue In busirYÈsS. The Board are responsible for keeping proper accounting records which disclose with feasonable'accurècy at any time the financial position of the Company, and to enable them to ensurethatthe financial staternentscornply with the Companies Act 2006, the Housing and Regeneratlon Act 2008 and the Accountlng Direction for Private Fiegistered Providers. of Social Housing 2022. ThEy are also responslble for safeguardlng the assets of the" Companyi and hence for taking reasonable stepsfor the prevention and detertion of fraud and other irregularit'iès. Audltor A resolutlon to appolnt CLA Evelyn Partners Limited as. auditor to the Company will be submitted to the Annual General Meetlng In September 2024. Thi5 report was approved by the Board of Trustees on 27 September2024 andsigned on it5 behalf by: stephen Bashorun Chair 12 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED} evelyn INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JUST CIRCLE LIMITED Oplnlon We have auditedthe financial statementsof Just Circle Limited (the 'association'l for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income. the statement of Financial Position. the Statement of Changes in Equity and t2eserves, the Statement of Cash Flows and the notes to the financial statements. including si9nificant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. give a true and fair view of the state of the association's affairs as at 31 March 2024 and of its income and expenditure for the year then ended., have been properly prepar￿1 in accordanTrwithUnitedKingdomGenerally Accepted Accounting Practice,, and have been prepared in accordancewith the requirements of the Companies Act 2006. the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibiknties forthe audit of the financialstatements section of our report. We are independent of the association in accordance with the ethical requirements that are relevantto ouraudit of the financial statements in the UK. including the FRC'S Ethicalstandard, and we have fulfilled our Othereth￿aL responsibilities in accordance with these requirements. We believe thatthe auditevidencewe haveobtained is sufficientand appropriateto provide a basis for our opinion. Conclusions reiatlng to golng concern In auditing the financial statements. we have concluded that the directors. use of the going concem 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 uncertaints'es relating to events or conditionsthat. individuallyorcollectively, may cast significant doubt on the association's abilityto continueas a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Ourrosponsibilitiesand the responsibilitiesof the directo￿ with respect to going concem are described in the relevant sections of this report. other information The other information comprises the information included in the Report and Financial Statements. other than thefinancial statementsand our auditor's reportthereon. The directors are responsibleforthe otherinformation contained withinthe Reportand Financialstatements. Our opinion on the finanaalstatements does not cover the other information and. except to theexientotherNi%eexplicitLystatedin our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. considerwhetherthe other information is materially inconsistentwith the financial statements orourknowledge obtained in the course of the audit or othe￿￿lse appears to be materially 13 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) mlsstated. If we.identifysuch rnater￿1 inconsistencies orappargntmaterial misstatements, we are required to determinewhether this gives rise to a material misstatement in the financial statements themselves If,based on the workwè have perforrned.we conciudethatthere is a material mi5Statement of this other Information. we are requlred to report that fact. Wè have nothing to report Iti this.regard. Oplnlons on othor matters prescribed by the Companies Act 2006 In our opinion, basod on the work undertaken in the course of the audit., the InformatlDn gSven in the Report o.f the Board of Trustees anKJ Strateylc Report for the flnanclalyearfor which thefinaneial statementsare prepared is Go.nsistenl with the financial statements,. and the Report of the Board of Trustees and Strategic Report has been preparèd in accordance with applicablè legaL requirements. Matters on which we aro require'd to report by exception In the light of the knowledge and understanding of the associatlon and Its environment obtained in the.course of the audit we have nol identified material m15Statements in the Report of the Board of Trustoos and Strategic Rgport. We have nothing to report. in rèspect of the following mattet5 in relatlon to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kèpt, orreturns adequatefoyouraudit have ot been received from branches not visited by us,. or the financialstalementsare notin agreementwith theaccountw?grecords and retums,. or .certain disclosures of directors, remuneration specified by law a@ hot made.. or we have not received all the Informatlon and explanations we require for our audiL Responslbllltles of dlrèetors As expialned more fully in the"Directors' Resporisibilitles Statement set on page 8, the members of the board are the directors of the association for the purposes of company law. The directors are responsibLe for the.prepatstion of the financial statements and for being satisfied that We give.a true and.fair view, and for such internaL contro[5 as the directors determine is necessary to enable the prepardtion of financial statements that are froe from material misstatement, whether due. to fraud or error. In weparing the financial statements. the directors are responsible'for assessing the associatlDll'5 abiknty to continueasa going concern, disclositYJ, as applicable, maltersrelatedto going Goncorn and using the going concern basis of accounting unless the dlreetors elther intend to tiquldaté theassociation.ortocease operations, or haveno realisticaltematwe but to do so. Auditor's responsibilitias for.the audit of the financiaL statempnts Ourobjectives are toobt8in rea50nableassuranceaboutwhethertheflnanclalstatements as a whole are froe from material misstatpmenL whether due to fraud or error, and to issue an auditor's reportthat includesour.opinion Roasonableassurahce is a high level of assurance. but is nota gyar.anteethatan auditconducted in accordan￿ with ISAS IUKI will always detect a rnateriaLmisstatemont when it exists. Mlsstatements. can arise from fraud ot erfor and are considered matetialif. Individuallyor In the aggregate. We could reasonably be expected to influerteth9 economle declsions of users. taken on the basis of these financial statement5. Irregularities, Including fraud. are inStan￿50f non-compllancewith Laws and regulatlons. We design procedures In tine wlth our responsibilitiés. outllned above, tr) detect tTateriaL mlsstatements in respect of irreguL3rftles. includlng fraud. The extent to which our procedures are capable of detecting Iwegularities, Including fraud. Is detalled beLow: 14 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) We obtained a general understanding of the association's legal and regulatory framework through enquiry of management concerning.. their understanding of relevant laws and regutations and the enttty s policies and procedures regarding compliance. We also drew on our existing understanding of the association's industry and regulation. We understand that the association complies with the framework through.. Updating operating procedures manuals and internalcontrois as legal and regulatory requirements change.. A risk asse55mentframewort< and registerthat includes regular review and scrutiny by the Board,. An annual assessment of compliance with regulatory standards as applied to Registered Providers and enforced by the Regulator of Social Housing.. and The Board's close overgght through regular board meetingsand compbance reporting In thecontextof the audit. we considered those taws and regulations.. which determine the form and content of the finanaal statements,. which are central to the association's ability to condLJCt its business,. and where failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the association.. FRS 102, the requirements of the Companies Act 2006. the Charities Act 2011 the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022, in respect of the preparation and presentation of the financial statements., Health and safety reguLations', and Regulatory stsndards as applied to Registered Providers and enforced by the Regulator of Social HoLJsing We performedthefollowingspeclficprocedur￿ togain evidenceabout compliance with the significant Laws and regulations above.. Performed a reviewofboard minutes to identify any indicators of known or suspected non-compliance with significant laws and regulations.. and Reviewed any Co￿espOndence between the Regulator of Social Housing and the association. The seniorstatutoryauditor led a discussion with senior members of the engagement team regarding the susceptitilityof the association's financialstatementsto material misstatement, including howfraud might occur, The key areas identified as part of the discussion were with regard to the manipulation of the financial statements through manual journal entries Theprocedurescarriedouttogain eViden￿1n theaboveareasincluded testingof a sampleof manualjournalentries. selertedthroughapplyingspeaficrisk a$*￿MentS applied based on the association's processes and controts surrounding manual journal entries. A further description of our responsibilities is available on the Financial Reporting Council's website at.. This description forms part of our auditor's report. 15 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) Use of our r8port This reportis madesolelytothe association's members.a5a body. in aCcOrdan￿With Chapter 3 ofPart 16 oftheCompaniesAct2006. Ourauditwork has beenundertaken sothatwe might state to the association'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 association and the association's members 35 a body, for ouraudit work, for this report. or for the opinions we have fonned. Julie Mutton Senior Statutory Auditor, for and on behalf of CLA Evelyn Partners Llmited statutory Auditor Chartered Accountants 45 Gresham Street London EC2V 7BG 16 JUST CIRCLE LIMITED {FORMERLY LONDON CYRENIANS HOUSING LIMITED) STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 March 2024 Note 2024 2023 Turnover 7,139,606 7,390,123 Qp@rnting expenditure (7,552,335) (7,464,054) Other Inc¢)me' 305,457 202,942 Operating {deficit)/surplus (107,272) 129,011 Interest receivable and .slmllar Income 123,799 Gain on fair value of investment 2,008 351 Surplus before property revaluation 180,322 (Losg)/Gain on revaluation of investment property Surplus for the flnanclal year 6,154 257,272 Reglstered number OL197478 England and Wales The notes on pages 22 to 31 form part of these financlal statements. 17 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) STATEMENT OF FINANCIAL posrrIoN as at 31 March 2024 Notes 2024 2023 Fixed assets Investment property Tangible assets - houslng propertles 4,114,570 10,920,447 4,126,950 10,197,950 15 035 017 14 324 900 Current assets Debtor5 Financial asset5-investments Cash at bank and in hand io 17 li 384,007 305,510 5,542,511 318,204 303,502 6,719,276 6 232 028 7 340 982 Creditors.. amounts falllng due In less than one year 12 (775,415) (1,000.406) Net current assets 5 456 613 6 340 576 Total assets less current Ilabllitie$ 20 491 630 20 665 476 Provisions for Ilabilltles 13 171 803 351 803 Net a$$ets 20,319 827 20 313 673 Capital and reseNes Designated ￿SerVeS Revaluation reserves General reserves 12,347,959 2,687,148 5 284 720 11,625,372 2,699,529 5 988 772 20.319.827 20,313,673 The financial Statements were approved by the Board of Trustees on 27 September 2024 and were signed on its behalf by: Mlchael Driver, Chair of Finance Committee Stephen Ba5horun, Chalr Registered number 01197478 England and Wales The notes on pages 22 to 31 fonn part of these financial statements. 18 JUST CIRGLE uMrrED (FORMERLY LONDON'CYRENIANS HOUSING LIMITED) STATEMENT OF ¢HANGES IN EQUITY AND RESERiIES FOR..THE YEAII ENDED 31 March 2024. 'OÉsiunated Rese￿& General Revoluation Reser¥• Total Reserves NOt0S At I April 2021 12,165.02.1 5,268,801 2.622,579 20,056,401 Surplugfor the year Trènsfer aet¥veen reserv Rev&uatlc 257,272 257.272 1.539,'6491 176.9501 76,950 At l April 2023 11,625J72 5.988,772 2,699,529 20.313,673 Surplus forthe year 6,154 Transfer bétween re5•a5 General 722,587 1722,5871 Transfer ￿*￿eTr ￿Se￿£S Revaluation (&2,3811 Af 31 Marth 2024 12.347.959. 5,264.720 2,687,148 20,319.827 The notes on pa9￿ 22 to YI form part of these flnanclalstatement 19 JUST CIRCLE LINIITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) STATEMENT OF CASH FLOWS for the year ended 31 March 2024 Notes 2024 2023 Net cash generated from operatlng artlvities 65,225 424,054 Investing actlvltles Interest recelved 123.799 50,960 Purchase of tanglble flxed assets Investments (1,365,788J (95,612) Net cash (used in)/investing activities £1,176,764) (44,652) Flnancing activities Interest paid Net cash generated from/(used in) financing activities Net increasel (decrease) In cash and ash equivalonts (1,176,765) 379,402 Cash and rash equlvalents at beginning of the year 6,719,276 6,339,874 Cash and cash equlvalents at end of year 5 542 511 6 719 276 The. notts on pages 22 to 31.form part of these financial statements. 20 JUST CIRCLE LIMITED {FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE STATEMENT OF CASH FLOWS for the year ended 31 March 2024 A RECONCILIATION OF SURPLUS TO IIET CASH GENERATED FROM OPERATIN AcrivrriES 2024 2023 Surplus for the ff nanc5al year L05s1(Galn> on revaluatlon of Investment property {Galn} on falr value of Investment Interest recelvable and similar income Depreclatio'n charge ori tangible fixed a55ets Ilncrease) In debtors (Decrease} In credltors {Decrease) in prOvI￿OnS 6,154 12,381 (2,008) (123,799) 643,291 (65,803) {224,991) (180,000) 257.272 (76,950) (351} (50,960) 635,262 (15,216) (325,003) Net cash. genernted fvoin operating activities 65,225 424,054 B ANALYSIS OF CHANGES IN NET FUNDS Ati April 2023 Cash flows other non- cash changes At31 March 2024 Cash 6,719,276 (L,176,765) 5,542,511 Total 6,719,276 (1,176,765) 5,542,511 21 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 l Accountihg policies The princlpal accountlng policies are suminarlsed"below. Basls of preparatlon Just Cirlce Limited 15 a comp.any limited byguarantee without.share capital and registered a5 a charlty. I ncorporated in England and Wales and as a Registered Providpr of Social Housing. The addressof the registered office is Carlyle House, 235-237Vauxhall Bridge Road, Londcfi. SWIV IEJ: The company meets the definition of 4 Public Benefit Entlty per FRS 102. Thefinancial statementsare prepared inatcordancewlth'appllcableaccounting standards aTr with the Statement of Recommended Practice, Accounting by registered soclal houslng providers 2018, ("the SORP") issued by the National Houslng Federatlon. The financl statements also complywith theAccounti ng Direction for private reglstered provider5 of S¢xlal housing 2022 ("the Direct.ion'?. These financial statementsère prepared in accordance with FRS 102"The Flnancial Reportlng standard applicable in the UK and Republic of Ireland. The financial statements have been prepa￿d under the historical cost convention, except Whe￿ otherwise stated, and are presented In sterfing £. Basis for consolidation The Company Is a parent undertaklng as disclosed In note 16.. Thè Company has taken exefnption from preparing consolldated flnancial statements under FRS 102 on the basis that its subsidiary is permitted tobé excluded frcm consolidation bysectlon 405 ofthe Companies Act 2006 on the basis that its inclu5i0n 15 not material for the purpose cif giving a true and fair view. Given that the subsidiary is dorrnant, these financial statements dlsclose the resu of the Company only. Going concern The Board have prepared these fihancial statements on a go'ing concem basls. Thls follows review of expected future cash flows taking Into èccount the tlmlng of expected Income and expenditure. Based on that revlew, the Board conslder that all of the Company's liabllltles will be met at or before the polnt they fall due for a period of at least IZ months from the date of. slgnlng the accounts. Tumover Charges to residents and income from investments are included iri the Income and Expenditure account in the year to which they relate. Voluntary income is received by way OF donation and gifts and is included irb full in the statement of Comprehensive Income when retrived unless it is provided frjra specific purpo In whlch case it is recognised in the Statement of Comprehensive Income in the period in which the relevant expendituTr is incurred. Revenue grants includlng contract5 fr.orn local authorities are credited to the Statement of Comprehensive Income in the period to which they relate. 22 JUST CIRCLE LIMITED {FO.RM ERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 l A¢countlng policles (continued) Flxed assets and deprÈclatlon The cap'ital cost of houslng propertles Includesthe purchase Pri￿ and alteration works whe thls enhancesthe economlc benefitof the property. Housing propertiesarestated atcost le actumulated depreclatlon and any recognised impairment losses. Flxed assets are depreciated at varying rates in order to write off the c05t le55 e5timatp residual value of the assets over tbeir useful lives. The useful livesbre estimated as follows: 13 year5 3 years Motor vehicles Th'e land element of property is not depreciated. The Company ha5 eletted not. to adopt component accounting in respett Ot its old housing properties. This decision wa5 taken due to the fact that the useful life that would be applied to Indlvldual components was not deemed to be materially differentfrom the 13 year useful life of propertystated above. Componentaccounting has been applied in respect of properties acquired in and after 2020 and will be applied when substantial works are undertaken on exlsting properties which require ¢ap.itali5ation. The various components and ass(Ki6ted estlinated useftjl lives are: Kitchens Bathrooms Boller & Heating 7 years 10 years 7 years Roofs Windows & doors Brick5 and mortar 25 and 50 years 12 years 50 years fmpairnient of houslng properties At each statement of financial position date, housing schemes are assessed to determine if there are Indlcators that the property may be in7paired in valuel if there are such indicator5 of Impairment,then acomparison ofthe property'scarrying valuewith its recoverableamount Is undertaken. Any eX￿s5 over the recoverable arnount is recogni5ed as an impalrmentloss and charged a5 expenditure in the Income and Expenditure account; the carrylng value Is. redU￿d appropriately. Investment property I'nvestment propert.Ses, which are propertles held to earn rental andlor for capital appreciatlon, are initially measured at cost and subsequently at fair value. The directo￿ have opted to revalue annually, wlth the 5UPPOrt of Independent professional valuers on a. periodic basls at the balance sheet date. When the dlrectors .revalue the properties they make judgements based on current tenants, remalnderof the lease temi of tenancy, location, and other market condltlons. Galns or losses on revaluatlon are recognised in the Statement of Comprehenslve Income and where these are above depreclated hlstorlc cost they are subsequendy transferred to the property revaluatlon reserve through the Statement of Changes In Equlty and Reserves. JUST CIRCLE LIMITED {FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 l A¢countlng pollcles (continued) Other grants Grants recelved from non-govemment sources are recognlsed using the Performan￿ mcxld. A grant whlch does not Impose a specific future perfomance condition is recognised as revenue When the gTrnt proceeds are re￿1Vable, A grant that irnposes a specific Future performance related condition on the company is recognised only when those conditions are met. A grant received before the revenue recognition criteria is sat15fied is shown as a liabillty in the Statement of Financial Position. Value added tax The Company is not reglstered forVAT purposesand expendlture isshown gross of any value added tax. Pension costs The Company contrtbute5 to certain employees, personal pension plans on a deflned contribLttion basi5, Contributions'are a150 made to the pensi¢Ji scheme of certaln employw. in accor(lance with their rights under TUPE. The pension cost charye represents the contributions payable underthe scheme by the Companyto the fund, The Company has no liability under the scheme other than for the payrnent of those contrfbutlons. Contributions to defined contribution pension schemes are chargéd to the Income and Expenditure account as they becoffte payable in accordance wSth the rules of the scheme. Differences between contributions payable in the year and those actually pald are shown a5 either accruals or prepayments in the Statement of Financial Position. Designations" Designated reserves are unrestricted reserves earmarked by the Board for partlcular purposes. The designations a￿ as follows: Housing and investment pri)pertie5 (.net of revaluatlon}' belng the reserves vihlch are represented by tangible fixed a55ets. General reserve Thls reserve relates to the cumulative retained eamings, excluding revaluations and deslgnated reserves. Reyaluatlon reserve Thls resErve relates to the cumulative revaluation of investrnent property. 24 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED} NOTES TO THE FZNANCIAL sfATEMENTS for the year ended 31 March 2024 l Accountlng pollcies (contlnued) Flnanclal Instruments Financial a55et5 and fSnancial15abllitles are recognlsed In the Statement of Financial Position" when the Company becomes a party to the contractual provisions of the instrument. Trade (Including rental) and other debtors and creditors are" classified as basic financial Instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequentty rneasured at arnortised cost using the effective interest rate method. A provision 15 establ ished when there is objective evidence that the company will not be able to collert all. amounts due. Investments a￿ recogni5ed' at their fair value wlth movements golng to the Income and Expenditure account. Cash and cash equivalents Cash and cash equivalents are classified as basic financial instruments and comprise cash In hand and at bank, short-temi bank deposits with an original maturityof under three months and bank overdrafts which are an integral port of the company's cash management. Employee benefits 'Short term employee benefits such as holiday pay are accrued as Sery1￿ are rendered. Operating leases Rentals payable ur(der operating leases are charged to Incom.e and Expenditure on a straight line basis over the lease tem. The aggregate benefits of any lease incentive are recogni58 as a reduction i n expenses recogni5ed over the term of the lease. 2 Key sources of estlmatlon uncertainty and judgements The preparation of Financial Statements requires the use of estimates and assumptlons that affect the amounts reported For. assets and liabilities as at the balance Sheet date and the amounts reported for income and expenses for the year. Although these estimates and associated assumption5 are .based on historical experience and the managernenvs best knowledge of current events and actions, the actual results may ultlmatelydlfferfrom those estimates. The estimates and uriderlying Assurnptions are reviewed un on-going ba51s. Crftleal judgements The followlng are crltlcal Judgementsapart from those Involvlng estimatiors (which are dea wlth separately below), that the trustees make In the process of applylng the .CompanYs accountlng pol Icles and that havethe most slgnlflcant effect on the amount recognised in t flnanclal statements.. Categorlsation of housing propertles as Investment properties or tangible fixed a55ets Properties wh"Icli are held to earn market rents, capltal appreclation or both are accounted for as investment properfjes. Properties held to provlde soclal housing and properties used for admlnlstrative purposes are dasslfled as tangible assets - houslng properties. 25 JUST CIRCLE LIMITED IFOFIPJIERLY LONDON CYRENIANS HOUSING LIMITED NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2024 2 "Key sources of estimation un¢ertainty and judgements (continued) Identification of housin9..property components As explained in note l above, for additions to housing properties and capitalisation of signlflcant works, depreciatlon is calculated on a component by component b?sis. The Identification ofsuch components Is a rnatter of Judgement and may have è material Impatt on the depreclatlon charge. The cornponentsselected are those which reflect how the major repairs. to the.property are managed. Key sources gf .estimation unce'rtainty The estimate5and assumptionswhich havethe most51gnlficanteffetton amounts recognised in.the financial statements are discussed below.. Valuation. ol Investment property T"he company holds two investment properties which were previously held as housing properties. After tronsfer and initial recognition, the investment property is measured at its falr value. The valuation assessmentat year end has been perfomied bythe directors of.the Company based on publicly available market data, Useful lives of Company prnpertles The depreciation applied by the Companyto its owned properties takes into accountthe age and condition of the properties as well as the intensive utilisation sustained by the assets due tothe nature of the servlcesand cllent groupof the Company. The accumulateddepreciaticm at 31 Narch 2024 was £7,007,670 (2023: £6,364,379). Dllapldations provision The Company makes provision for dilapidations to its leased properties. The provision takes account of contractual responsibilities, health and safety obligations and any other relevant regulatory requlrements, see note 13. 8ad debt pmvision The debtor balances in respect of charges to service users and statutory bodies of £122,826 (2023: £103.766)and revenue grant receivvble £76,191(2023: £99,291) arerecorded in the Company's Statement of Bnancial Position. A full Ilne by Ilne revlew of debtors balances is carrled out regularfy, No provlslon is deemed necessary at 3.1 March 2024 as the dlrecto a￿ confident of recovery. 3 Oper4tlng surplus 2024 2023 Is stated after charglng: Depreciation Auditor's remuneration- audit services including VAT Oper4ting lease payments - buildings 643,291 37,708 635,262 33,570 JUST CIRCLE LIMITED.(FORIVIERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINAhtCIAL.STATEMEMfs for the year ended 31 March 2024. Soeial Houslng Turnover and Costs 2024 2023 Rent recelvable excludlng servlce charge Service charyes receivable rtevenue Grants Soclal housing actlvity expendlture 2,117,604 112,449 4,909,553 7 552,335 2,276,479 104,003 5,168,256 7,464 054 Operating (deficit) and net (deficit) from. soclal houslng activities (412,279) (50,518) Voids {Total) 282,561 135,202 5 Staff costs 2024 Number 2023 Number The average weekiy number of persons employed during the year (full time equivalents) was: staff costs for the above persons were: Wages and salarles Social security Costs Pension costs 4,284,442 383,941 114 269 4,192,6.94 382,008 105 732 4 782 652 4 680 434 6 Emoluments tsf the Board and senlor management team The directors of the"Company do not receive any remunerntion and the below amounts relate solely to managerlal staff considered to be key management personnel. 2024 2023 Remuneration pald'.to key management personnel comprlsed: Gr055 salary Soclal securlty costs Employer's penslon contrtbutlons 205,385 28,343 228,718 246 051 276 163 27 JUST .CIRGLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL sTATEmEP￿s for the year ended 31 Mareh 2024 2024 2023 Hlghest pald dlrectDrfs aggwate ernoluments (excludlng penslon) Penslon 86,365 &6,365 The Chief Executive participates in the cornpany's penslon arrangements and no enhancements or speclal terms apply. The'full-tlme equ5valent number of staff whose remuneratlon payable In relatSon to the perlod of account fell wlthln the followlng bands,. 2024 No 2023 No. £60,001 £80,OOL £70,000 £90,QOO Interest receivable and similar incorne 2024 2023 Bank Interest receivable Dividend frorr¢ investments 121,320 48,266 123 799 Xnvestment property" Valuation At l April 2023 Fair value adjustment At 31 March 2014 4,126,951 4 114 570 28 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIIIIITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Tanglble assets -housin9 properties. Propertles Land Total Cost At l Aprll 2023 Addition in the .11,615,722 1,365,788 4,946,607 16,562,329 1,365,788 At 31 March 2024 12,981,510 4.,946,607 17,928,117 Depreclatlon At l April 2023 Charge for the year 6,3.64,379 .643,291 6,36'4.379 643,291 At 31 March 2024 7,007,670 7,007.670 Net book value At 31 March 2024 5,973,840 4,946,607 10,920,447 At 31 March 2023 5,251,343 4,¥46,607 10,197,950 10 Debtors 2024 2023 .Gross arrears of charges to Customers & other statutory bodies 122,826 103,766 Reiienue grants recelvable 59,291 othèr debtors 184,990 115 147 384,007 318,204 11 Cash. and cash equivalents 2024 2023 Cash at bank..and in hand 5 542 511 6 719. 276 5,542,511 6,71>,276 29 JUST CIRCLE LIMITED IFORMERLY LONDON CYRENIANS HOUSING LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 12 Credltors 2024 2D23 Amounts falling due within one year: Trade creditors Customers, charges in advan Other creditors Other taxation and sotial security Accruals and deferred income 101,844 267,648 26,500 151,900 227 523 82,157 254,912 130,792 532 545 775,415 1,000,406 13 Prnvisions Dilapidations provisio At l Aprll 2023 Addltlons Released 351,803 180 000 At 31 March 2024 171,803 14 Houslng unlts at end of yèar - supported houslnu 2024 Units 2023 Units" Owned Managed 92 39 86 39 131 15. .Operati ng leases The Company holds properties and Offl￿ equlpment under non-cancellable operatlng leases. At 31 March 202.4, the. Company had the 'followlng future rnlnlmurn lease payments under'rion-cancellable leases.. 2024 2023 For leases expirlng: Wlthl n one year In two to five years 92,000 81,940 173,940 173,940 265,940 30 JUST CIRCLE LIMITED IFORMERLY LQNDON CYRENIANS HOUSING LIfvIITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 16 Subsidiary undertaklng Name Country of Incorporatlon 'Class of shares Holding Actlvlty Capital'Housing United Kingdom Limited Ordinary iOOO/o Dormant The registered offite of the above subsidiary was Carlyle.House, 235-237 Vauxhall Bridge Road, London, SWIV IEJ, The subsidiary was incorporated on 15 August 2019 and has remained dormant since Incorporation. 17 Flnanclal Instruments 2024 2023 Equity instruments measured at. fair value thrnugh the income and expenditure account Current a55et listed invèstments Cash WS RufferTotal Return Fund Schroder Sustainable UK Equity Liontrust Income /Neptune Income 255 107.407 84,312 111 543 84,290 122 456 305 510 303 503 Falr value galns and lossès Gain Dn fin'anclal assets measured at fair value through profit or1055 Current asset listed investments 351 351 18 Ultlmate controlllng party There is no ultimate controlling party 19 cap.ital Commitments Capital commitments contracted but not provided for in the financial statement were as folli?ws'. Amount.contracted Amount authorised kny the board bu't not contacted £Nil £Nil 31 Company Registered Number: 01197478 Charity Registered NuTnber: 269158 Just Circle L'imited Report and financial statements for the year ended 31 March 2024 JUST CIRCLE LIMITED CONTENTS PAGES Legal and administratlve detalls Report of the Board of Trustees and Strategic Report 3-12 Independent auditorfs report 13-16 statement of CothPrehen51velncome 17 statement of Financial Position 18 Statement of chang.es In Equlty and Reserves 19 statement of Cash Flows 20 Notes to the Statement of Cash Flows Notes to the financial statements 22-31 JUST CIRCLE LIMITED LEGAL AND ADHINisfRATIVE DETAILS STATUS Company Ilmlted by guarantee wlthout share capltal and reglstered as a charfty REGISTERED OFFICE Cadyle House 235-237 Vauxhall Brfdge Road London SWIV IEJ HONOK4RY OFFICERS Stèphen Bashorun (Chalr) Michael Driver (Chalr of Flnance C'tte) BANKERS Barclays Bank plc Level 11 I Churchill Place Canary Wharf London E14 5HP AUDITOR CLA Evelyn Partner5 Llmlted 45 Gresham Street London ECZV 7BG SOUC￿0Rs Trowers & Hamllns COMPANY REGISTERED NUMBER 01197478 CHARITY REGISTERED NUMBER 269158 REGISTERED PROVIDER OF SOCIAL HOUSING NUMBER LH4377 JUST CIRCLE LINIITED REPORT OF THE BOARD.OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 The Board of Trustees presents its report and strategSc report and t.he accounts for the year ended 31st March 2024. The Statement of Comprehensive Income, Statementof Flnandal Position, Statement of Changes in Equity and ReseNes and Statement of Cash Flows are included later in this report. Activities The principal activity of the Company is the provision of housing and intensive support to single vulnerable people with a range of complex needs including mental ill health, learning disabilities and substance use Public Benefit In Setting objectives and planning our activities we ha.ve Considered the Charity Commission's general guidonce on public benefit and are pleased to confirm that our activities are undertaken in furtherance of our charitable purposes which are for the public benefit. Our impactfor financial year 202312024 has been impressive as we have supported many 'more people to live freer lives thanks to our innovative 24 hour5 support 5ervice5. Review of Affairs 2024 Background The health and social care sector continue to face the challenges wroug ht'by nationwide under investment. The financial restraints placed on the sector have coincided with an increased need for mental health 5ervice5 resulting in early inteNention support, psychiatric hospital beds and psychological support being over stretched. That coupled with a decrease in people wishing to work in the sector means that there is still a lack of suitably skilled and abled stsff entering the workforce which poses challenges for the sector at large. We are therefore grateful for our Radical Rent Prograrnme which is. now well established and provide5 a 50cially responsible way of funding our charitable works by mainstream rent. This nain5tream rental incorne proTnote5 our autonomyj redu￿5 reliance on the publicpurse and help5 115 to be a valued and respected providerforthose who commission our service5 as well as those who live in them, S'o, whllst we acknowledgethat the demands on the publlcpurse are many and varled, we are pleased to play our part In dellvering the followlng innovative service solutions to those most in need In theSr local 'communlties. ThÈ Board of Trustees presents Its Reportr and Strateglc Report and the Accounts for the year ended 31 March 2024. The Statement or Comprehenslve Income, Statement of Flnanclal Poslt5on, Statement of Changes In EquSty and Reserves, and Statement of Cash Flo￿$ are Included later in this report. Actlvlty. We have developed and refu'rblshed a further 14.apartments In the current flnanclal year and are proud to provlde these homes to another 17 Londoners. JUST CIRCLE LIMITED REpoirf OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) We were also thrilled to be the selected provlder to offer a unique psychologically informed response to over 120 service users who have experienced mental health, homelessness and substance use issues. Our service delivers intensive I.. I support wlth servlce users resistant to engage who are living in 5UPPOrted accommodation run by a number of providers in the not-for-profit sector. We have worked with these organisations to upskill their staff teams, develop universal best practice protoco15 and to role model assertive psychologically informed engagement with service users. This has helped to promote improved service user contact and provide staff with the confidence to employ a range of strategies to support independence and self-reliance with service Users. Our biggest challenge, in common with the health and social care sector at large, is recruitment. This year following feedback from candidates, attention tumed to our name and our brand. People felt that Cyrenians "sounded old fashioned" "like a faith-based organisation" and 'not representative of our innovations in mental health care." So, as part of our Strategic Plan we have undergone a name change in May 2024 and are launching our rebrand and website in September 2024. We are working closely with design consultants to create a website that reflects our compassion, Innovation and -can do" ethos. Finding a fitting new name after half a century is not an easy task, it's a blt Ilke trylng to catch lightening in a Jarl We wanted a name that stood for simplicity, integrity and honesty and great outcomes with some very complex needs servlce users...and so JUST was bom. Simple, elegant and standing for truth and prartical delivery JUST what people need when they are at their lowest ebb. Next comes the logo and the website... AbLYJt CL*e*FS Juitgiyw www.Just.org.uk JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRusfEES AND STRATEGIC REPORT for the year ended 31 March 2024 (contlnued) Thls year we enabled more people to Ilve outslde of hospltal care and in so doing helped ftsnders to make financial savlngs and enrlched our cornmunltles along the way. Here'5 just a few of our highlights: Developed artd refurbished 14 beautlful apartrnents Improved staff Intake from the previous year SLtpported 39 seNlce users to move on Provided Placemeht tralnlng for 13 student nurses Supported 8 psychology graduates Hosted 2 Conferen￿5 Investment 'The five key pillars to our investrrtent plans are: l. Propertv Our upgrade and refurbishment programme c¢Jntinues, and we are pleased to start works set out in our 10 year investment plan. We will continuethroughout 2024125 to upgrade our owned properties to ensure that they are well appointed, respectful and safe places for people to live and recover.in. 2. People Desplte the staffing crSsls In aault health anL150clal care we are pleased that our Intake and retentlon record remalns hlgh due. to our recognition award, comprehenslve tralnlng programrne and work life balance terms and condltlons. We contlnue to work wlth London unlversltles to support young talent coming through and to promote adult social care as a vibrant and rewarding career. Our work to prDmote opportunitles for young people to take part In charfty goveman and overslght continues to build on the Suc￿sS of our Young Tralnee Trustee Programme and we look forward to welcomlng the next future stars of the board room In Wlnter 2Q24. We have worked hard to be an organisatlon of excellence and choice for univetslties to pla￿ thelr students ènd are Dleased to have played our part as educators In 5UPPOrting nuT5e51 Psychology grdduates and social care practitioner5 to attain thelr quallflcatlons and. become a valued part of t.he health and s￿Id1 care work. workforce. 3. Servlce$ We have Introduced a new service in London across the mental health accommodation pathway. We are providing assertive outreach support to the mental health provlders who accommodate over 120 people between them. Throug h intensive I: I Servi￿ user 5UPPOrt, staff upskilling by training and role modelling, PrO￿dural and.5U.P.port planning reviews, we aim to improve the JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) outcomes and practlce of the provlders we are working with and enhance seNice user experience. We have put an even greater emphasls on engagement and aciivities and a pleased to have refined our plans to take into consideration the interests artrd demographics from each of our services. We offered the followlng.. GOOD11NESIODIYI Moming Media Family Time Sunday Grow Your Own Veg Music and History Group Health and Wellbeing Course (various) 4. Governance As part of our yearly Strategic Plan review, we undertake a trustee's skllls audit to ensure that experience and expertise infomis effective governance. Our trustees come from dlverse backgrounds, have life experience and excel in their chosen professions. They share thelr skllls and expertise freely in driving JUST forward and draw on their experlence In: Mental health, patient safety and national strategic leadership for mental health and leaming dlsablllty nurses Physical health care and post injury rehabilitation Department of health Implementatlon as a lead for the Mental Capacity Att and Deprivatlon of Llberty Safeguards, mental health law, adult social care at regional and natlonal levels Governance, volunteering and use of technology for community change Housing management, development and environmentand sustainability be practice Law as It relates to employees, pensions and practlce Education as a Professor in Healthcare Practice and Research working across NHS trusts and Universities JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND sfRATEGIC REPORT for the year ended 31 March 2024 (continued) 5. Corporate Identity After 55 brilliant years of delivering care and support to vulnerable Londoners 2024 seerns the right time to rename and rebrand. We want to attract the brightest and the best people to work for us so that we can continue to provide quality services for those In need. We talked to service users, staff, commissioners and carers and ovemhelmingly they felt our name no longerfitted our modern and innovatlve style of seNice delivery. So, we say farewell to Cyrenians but we wlll of course retain all of our history, our leaming and our bnlliance but under JUST our chosen name which will represent all of our new and innovative ideas but based on the foundatlons of our expertlse and 55 years, experience. We now look forward to wrÈting our next chapter as JUST and to representing truth, integrity and simplicity captLJred In our new name. In short, we JUST want to do the slmple thlngs well and the complex things brilliantly. Rlsk and Uncertainties in the Immediate F￿Ure The risks and uncertaintlesfor JUST are the same as those for the sector in general whlch l. Lack of suitably skllled and abled staff 2. Reluctance in clinical risk sharing 3. Decline in the value of support contracts As outlined in this report we have develop@d a range of responses to mitigate the above uncertaintie5 which we review regulady with our trustee5 these include= l. Pop up academy training for those new to the sector Access to placements for health and social care students Bonus incentive scheme 2. Employlng managers who are confident to comment and engage in rlsk sharing Procedural support via Safety and Risk Manual Standard response templates Online service user database analysis 3. Active non statutory fundraising via Radical Rent and grant applications Value for money reviews Increased use of IT and Al where appropriate JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 {contlnued) Risk Management (Corporate) To provide effective risk management and sound governance the Trustees: Maintain generous insurance cover Work within the procedural framework Monitor and Implement the internal control processes Retaln expert5, databases and consultancies to oversee Health and Safetyfr HR, Service user data, training and development, property management, occupational health Dlsabled Persons JUST is commltted to supporting people wlth disabilities and/or health conditions to gain access to paid employment according to the exlgencies of our servlces and the needs of our service users. Our central team is diverse and reflective of the communlties within we work. We employ people wlth physical disabilities, those who a￿ neurodiverse, and we are also pleased to be able to support people with long term mental health conditions back into th e workplace. Diversity JUST are pleased to promote diversity at all levels in the Organisation and have a positive record of inclusion for trustees, rnanagement and frontline staff. We continue to review access to our services and employment to ensure that people from all walks of life are welcomed to JUST. Our equality and diversity data analysis 202312024 shows that we need to do more to promote jobs to young people from a variety of backgrounds and life experience and therefore the youth focussed Pop-up Academy has been part of our strategy for 202312024. Informatlon from our Croner HR database illustrates a snapshot of management for the 23124 financlal year. Central Team Central Ethnlcity Eo5tern European • Black Caribbean Afncan Inolan WhitÈ Brib5h Aya Greek JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 {continued) Central Age staff aged beri'ieen 20- 29 w Staff a8ed betvieen 30- 39 Staff aged betl'ieen 40- 49 • Staff èged beti'ieen 50- 59 Staff a8ed betwee￿ 60- 69 Sex.. 60% Female 400/0 Male Dlsabllltles,. 20% Physical IOO/o Mental health Managers Ethnicity: 420/0 BAME 58¥0 White Sex: 400/0 Male 600kn Female Employee Information We are pleased to report that we have regular bulletlns, debriefs, newsletters and actlvity update emalls. We also have company meetings, staff conferences and ad hoc social and information events and we share information by: QR code access Podcasts Soclal medla Includlng TikTok Training JUST CIRCLE LIMITED REpoF¥f OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (contlnued) Key Performance Indicators We h'ave dètailed below our performarlce a'gainst thè key indlcators of occupancy, staff turnover and arrears: 2024 890/0 14% 50/0 2023 930/0 .17% 5% Occupahcy staff tumover" Arrears Value for Money MetnC5 The following Vfm metrics have been calculated as recommended bythe Regulatorof Social Hou5ing-, Reinvestment- 12.510/0 (2023: 0.94.¥0) The reinvestment metric in 2024 is driven by the developrnent of Carleton Road and re￿rbIShMent of Ella Villa, This was. calculated using thetot.al dBvelopment and purchase.costsof property divided bythe net book val ue of assets in the year. New supply delivered - 5.340A (2023: 0%) Gearing - Jusr has no borrowing EBrrDA MRI-Intetest c'over- JUST has no bc*rowing and therefore no intere5tto cover Headllne soclal housing cost per unit £10,862 (.2023: £9,847) The high cost per unit reflects the inflation cost price increases during the year, Operating margin ($o¢ial) - -5.780/0 (2023: .L.OOOh) This wa5 calculated using the operating deficit divided by the turnover. Return on capital employed (ROCE) - 0.09Yo (2023: 0.87 % ) This was ¢alculated as the 5urplu5 before property revaluation divided by the total assets less current liabillties. Due tL) our unlque service5 benchmark data may not provlde meanlngful, cornparatlve nformatlon. We do howe.ver use d8ta.obtairied from the accommodatlon-based support sector to inform our decisions. Governance and Financial Viability Standard The annual review of compliance againstthe Regulatorofsocial Houslng's Govemanceand FSnanclal Vlablllty Standard has been carrled out and JUST was compl iartt with the Standard durlng the reportlng perlod. Code of Governah¢e Just Circle Llmlted adopted the Natlonal Houslng Federatlon Code of Governance 2020 for the reporting period. A further assessmentof'cornpliance with the Code of Govemance wlll be conducted In 2024 conftrmsthat JUST complles wlth all the requirements of the code. 10 JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) Level of Reserves In line with best pract1￿ JUST seeks to maintain unrestrirted ￿serveS and worklng capital at a prudent level to ensure that the Company's current and planned future actlvities can operate effectively and to enable any unexpected financial interruption to be satlsfactorily managed. We aim to Secure 6-12 months working capitsl and are pleased to report that we currently have 8 months runnlng costs should the unforeseen happens. Disclosure of Infomiation to the Auditor The Board of Trustees (director5 and trustees of the company) who held office at the date of approval of this Board report confirni that, so far as they are each aware, there is no relevant audit information of which the auditor is unaware. and each director has taken all the steps that he/she ought to have taken as a director to make himselflherself aware of any relevant audit infomiation and to establish that the Company's auditor is aware of that Infonnation. The Board of Trustees are appointed following: an open recruitment process; meetings with senior members of staff; attendance as observers at board meetings. and an interview with the Chair. All these steps are in accordance with our written procedures. The following served during the period and up to the date of this report.. S. Bashorun A. Diggle M. Driver C. Thompson S. Chambetlain Prof. C. Flood Prof. B. Thomas J. Ward-smith (MBE) All members of the Board are members of the Company and guaranteeto contribute tothe assets of the Company, in the event of it being wound up, such amounts as may be required not exceeding £1. The number of guarantees on 31st March 2024 was eight. Members of the Board have no beneficial interest in the Company and are not remunerated. They are indemnified by the Company against legal action arising in the course of their duties. DIRECTORS, RESPONSIBILrrIES STATEMENT The Board is responsible for preparing a Report of the Board of Trustee5 and Strategic Report and the financial statements in accordance with applicable law and regulations. The law requlres the Board to prepare flnanclal statements for each financial year. Under that law the Board has elected to prepare the Company's financial statements In accordance with applicable law and United Klngdom Accounting Standards (Unlted Klngdom Generally Accepted Accountlng Practlce) Sncludlng FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The Board must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the surplus or deficit for that period. In preparing these financial 5tatementS, the directors are required to.. JUST CIRCLE LIMITED RepoRT OF THE BOARD OF TRusfEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) select suitable accounting policies and then apply them consistently- make Judgements and estlmates that are reasonable and prudent; prepare the flnanclal staternents on the going concern basis unless it Is lnappropr.iate to presurne that the Company will continue In busirYÈsS. The Board are responsible for keeping proper accounting records which disclose with feasonable'accurècy at any time the financial position of the Company, and to enable them to ensurethatthe financial staternentscornply with the Companies Act 2006, the Housing and Regeneratlon Act 2008 and the Accountlng Direction for Private Fiegistered Providers. of Social Housing 2022. ThEy are also responslble for safeguardlng the assets of the" Companyi and hence for taking reasonable stepsfor the prevention and detertion of fraud and other irregularit'iès. Audltor A resolutlon to appolnt CLA Evelyn Partners Limited as. auditor to the Company will be submitted to the Annual General Meetlng In September 2024. Thi5 report was approved by the Board of Trustees on 27 September2024 andsigned on it5 behalf by: stephen Bashorun Chair 12 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED} evelyn INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JUST CIRCLE LIMITED Oplnlon We have auditedthe financial statementsof Just Circle Limited (the 'association'l for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income. the statement of Financial Position. the Statement of Changes in Equity and t2eserves, the Statement of Cash Flows and the notes to the financial statements. including si9nificant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. give a true and fair view of the state of the association's affairs as at 31 March 2024 and of its income and expenditure for the year then ended., have been properly prepar￿1 in accordanTrwithUnitedKingdomGenerally Accepted Accounting Practice,, and have been prepared in accordancewith the requirements of the Companies Act 2006. the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibiknties forthe audit of the financialstatements section of our report. We are independent of the association in accordance with the ethical requirements that are relevantto ouraudit of the financial statements in the UK. including the FRC'S Ethicalstandard, and we have fulfilled our Othereth￿aL responsibilities in accordance with these requirements. We believe thatthe auditevidencewe haveobtained is sufficientand appropriateto provide a basis for our opinion. Conclusions reiatlng to golng concern In auditing the financial statements. we have concluded that the directors. use of the going concem 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 uncertaints'es relating to events or conditionsthat. individuallyorcollectively, may cast significant doubt on the association's abilityto continueas a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Ourrosponsibilitiesand the responsibilitiesof the directo￿ with respect to going concem are described in the relevant sections of this report. other information The other information comprises the information included in the Report and Financial Statements. other than thefinancial statementsand our auditor's reportthereon. The directors are responsibleforthe otherinformation contained withinthe Reportand Financialstatements. Our opinion on the finanaalstatements does not cover the other information and. except to theexientotherNi%eexplicitLystatedin our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. considerwhetherthe other information is materially inconsistentwith the financial statements orourknowledge obtained in the course of the audit or othe￿￿lse appears to be materially 13 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) mlsstated. If we.identifysuch rnater￿1 inconsistencies orappargntmaterial misstatements, we are required to determinewhether this gives rise to a material misstatement in the financial statements themselves If,based on the workwè have perforrned.we conciudethatthere is a material mi5Statement of this other Information. we are requlred to report that fact. Wè have nothing to report Iti this.regard. Oplnlons on othor matters prescribed by the Companies Act 2006 In our opinion, basod on the work undertaken in the course of the audit., the InformatlDn gSven in the Report o.f the Board of Trustees anKJ Strateylc Report for the flnanclalyearfor which thefinaneial statementsare prepared is Go.nsistenl with the financial statements,. and the Report of the Board of Trustees and Strategic Report has been preparèd in accordance with applicablè legaL requirements. Matters on which we aro require'd to report by exception In the light of the knowledge and understanding of the associatlon and Its environment obtained in the.course of the audit we have nol identified material m15Statements in the Report of the Board of Trustoos and Strategic Rgport. We have nothing to report. in rèspect of the following mattet5 in relatlon to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kèpt, orreturns adequatefoyouraudit have ot been received from branches not visited by us,. or the financialstalementsare notin agreementwith theaccountw?grecords and retums,. or .certain disclosures of directors, remuneration specified by law a@ hot made.. or we have not received all the Informatlon and explanations we require for our audiL Responslbllltles of dlrèetors As expialned more fully in the"Directors' Resporisibilitles Statement set on page 8, the members of the board are the directors of the association for the purposes of company law. The directors are responsibLe for the.prepatstion of the financial statements and for being satisfied that We give.a true and.fair view, and for such internaL contro[5 as the directors determine is necessary to enable the prepardtion of financial statements that are froe from material misstatement, whether due. to fraud or error. In weparing the financial statements. the directors are responsible'for assessing the associatlDll'5 abiknty to continueasa going concern, disclositYJ, as applicable, maltersrelatedto going Goncorn and using the going concern basis of accounting unless the dlreetors elther intend to tiquldaté theassociation.ortocease operations, or haveno realisticaltematwe but to do so. Auditor's responsibilitias for.the audit of the financiaL statempnts Ourobjectives are toobt8in rea50nableassuranceaboutwhethertheflnanclalstatements as a whole are froe from material misstatpmenL whether due to fraud or error, and to issue an auditor's reportthat includesour.opinion Roasonableassurahce is a high level of assurance. but is nota gyar.anteethatan auditconducted in accordan￿ with ISAS IUKI will always detect a rnateriaLmisstatemont when it exists. Mlsstatements. can arise from fraud ot erfor and are considered matetialif. Individuallyor In the aggregate. We could reasonably be expected to influerteth9 economle declsions of users. taken on the basis of these financial statement5. Irregularities, Including fraud. are inStan￿50f non-compllancewith Laws and regulatlons. We design procedures In tine wlth our responsibilitiés. outllned above, tr) detect tTateriaL mlsstatements in respect of irreguL3rftles. includlng fraud. The extent to which our procedures are capable of detecting Iwegularities, Including fraud. Is detalled beLow: 14 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) We obtained a general understanding of the association's legal and regulatory framework through enquiry of management concerning.. their understanding of relevant laws and regutations and the enttty s policies and procedures regarding compliance. We also drew on our existing understanding of the association's industry and regulation. We understand that the association complies with the framework through.. Updating operating procedures manuals and internalcontrois as legal and regulatory requirements change.. A risk asse55mentframewort< and registerthat includes regular review and scrutiny by the Board,. An annual assessment of compliance with regulatory standards as applied to Registered Providers and enforced by the Regulator of Social Housing.. and The Board's close overgght through regular board meetingsand compbance reporting In thecontextof the audit. we considered those taws and regulations.. which determine the form and content of the finanaal statements,. which are central to the association's ability to condLJCt its business,. and where failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the association.. FRS 102, the requirements of the Companies Act 2006. the Charities Act 2011 the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022, in respect of the preparation and presentation of the financial statements., Health and safety reguLations', and Regulatory stsndards as applied to Registered Providers and enforced by the Regulator of Social HoLJsing We performedthefollowingspeclficprocedur￿ togain evidenceabout compliance with the significant Laws and regulations above.. Performed a reviewofboard minutes to identify any indicators of known or suspected non-compliance with significant laws and regulations.. and Reviewed any Co￿espOndence between the Regulator of Social Housing and the association. The seniorstatutoryauditor led a discussion with senior members of the engagement team regarding the susceptitilityof the association's financialstatementsto material misstatement, including howfraud might occur, The key areas identified as part of the discussion were with regard to the manipulation of the financial statements through manual journal entries Theprocedurescarriedouttogain eViden￿1n theaboveareasincluded testingof a sampleof manualjournalentries. selertedthroughapplyingspeaficrisk a$*￿MentS applied based on the association's processes and controts surrounding manual journal entries. A further description of our responsibilities is available on the Financial Reporting Council's website at.. This description forms part of our auditor's report. 15 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) Use of our r8port This reportis madesolelytothe association's members.a5a body. in aCcOrdan￿With Chapter 3 ofPart 16 oftheCompaniesAct2006. Ourauditwork has beenundertaken sothatwe might state to the association'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 association and the association's members 35 a body, for ouraudit work, for this report. or for the opinions we have fonned. Julie Mutton Senior Statutory Auditor, for and on behalf of CLA Evelyn Partners Llmited statutory Auditor Chartered Accountants 45 Gresham Street London EC2V 7BG 16 JUST CIRCLE LIMITED {FORMERLY LONDON CYRENIANS HOUSING LIMITED) STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 March 2024 Note 2024 2023 Turnover 7,139,606 7,390,123 Qp@rnting expenditure (7,552,335) (7,464,054) Other Inc¢)me' 305,457 202,942 Operating {deficit)/surplus (107,272) 129,011 Interest receivable and .slmllar Income 123,799 Gain on fair value of investment 2,008 351 Surplus before property revaluation 180,322 (Losg)/Gain on revaluation of investment property Surplus for the flnanclal year 6,154 257,272 Reglstered number OL197478 England and Wales The notes on pages 22 to 31 form part of these financlal statements. 17 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) STATEMENT OF FINANCIAL posrrIoN as at 31 March 2024 Notes 2024 2023 Fixed assets Investment property Tangible assets - houslng propertles 4,114,570 10,920,447 4,126,950 10,197,950 15 035 017 14 324 900 Current assets Debtor5 Financial asset5-investments Cash at bank and in hand io 17 li 384,007 305,510 5,542,511 318,204 303,502 6,719,276 6 232 028 7 340 982 Creditors.. amounts falllng due In less than one year 12 (775,415) (1,000.406) Net current assets 5 456 613 6 340 576 Total assets less current Ilabllitie$ 20 491 630 20 665 476 Provisions for Ilabilltles 13 171 803 351 803 Net a$$ets 20,319 827 20 313 673 Capital and reseNes Designated ￿SerVeS Revaluation reserves General reserves 12,347,959 2,687,148 5 284 720 11,625,372 2,699,529 5 988 772 20.319.827 20,313,673 The financial Statements were approved by the Board of Trustees on 27 September 2024 and were signed on its behalf by: Mlchael Driver, Chair of Finance Committee Stephen Ba5horun, Chalr Registered number 01197478 England and Wales The notes on pages 22 to 31 fonn part of these financial statements. 18 JUST CIRGLE uMrrED (FORMERLY LONDON'CYRENIANS HOUSING LIMITED) STATEMENT OF ¢HANGES IN EQUITY AND RESERiIES FOR..THE YEAII ENDED 31 March 2024. 'OÉsiunated Rese￿& General Revoluation Reser¥• Total Reserves NOt0S At I April 2021 12,165.02.1 5,268,801 2.622,579 20,056,401 Surplugfor the year Trènsfer aet¥veen reserv Rev&uatlc 257,272 257.272 1.539,'6491 176.9501 76,950 At l April 2023 11,625J72 5.988,772 2,699,529 20.313,673 Surplus forthe year 6,154 Transfer bétween re5•a5 General 722,587 1722,5871 Transfer ￿*￿eTr ￿Se￿£S Revaluation (&2,3811 Af 31 Marth 2024 12.347.959. 5,264.720 2,687,148 20,319.827 The notes on pa9￿ 22 to YI form part of these flnanclalstatement 19 JUST CIRCLE LINIITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) STATEMENT OF CASH FLOWS for the year ended 31 March 2024 Notes 2024 2023 Net cash generated from operatlng artlvities 65,225 424,054 Investing actlvltles Interest recelved 123.799 50,960 Purchase of tanglble flxed assets Investments (1,365,788J (95,612) Net cash (used in)/investing activities £1,176,764) (44,652) Flnancing activities Interest paid Net cash generated from/(used in) financing activities Net increasel (decrease) In cash and ash equivalonts (1,176,765) 379,402 Cash and rash equlvalents at beginning of the year 6,719,276 6,339,874 Cash and cash equlvalents at end of year 5 542 511 6 719 276 The. notts on pages 22 to 31.form part of these financial statements. 20 JUST CIRCLE LIMITED {FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE STATEMENT OF CASH FLOWS for the year ended 31 March 2024 A RECONCILIATION OF SURPLUS TO IIET CASH GENERATED FROM OPERATIN AcrivrriES 2024 2023 Surplus for the ff nanc5al year L05s1(Galn> on revaluatlon of Investment property {Galn} on falr value of Investment Interest recelvable and similar income Depreclatio'n charge ori tangible fixed a55ets Ilncrease) In debtors (Decrease} In credltors {Decrease) in prOvI￿OnS 6,154 12,381 (2,008) (123,799) 643,291 (65,803) {224,991) (180,000) 257.272 (76,950) (351} (50,960) 635,262 (15,216) (325,003) Net cash. genernted fvoin operating activities 65,225 424,054 B ANALYSIS OF CHANGES IN NET FUNDS Ati April 2023 Cash flows other non- cash changes At31 March 2024 Cash 6,719,276 (L,176,765) 5,542,511 Total 6,719,276 (1,176,765) 5,542,511 21 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 l Accountihg policies The princlpal accountlng policies are suminarlsed"below. Basls of preparatlon Just Cirlce Limited 15 a comp.any limited byguarantee without.share capital and registered a5 a charlty. I ncorporated in England and Wales and as a Registered Providpr of Social Housing. The addressof the registered office is Carlyle House, 235-237Vauxhall Bridge Road, Londcfi. SWIV IEJ: The company meets the definition of 4 Public Benefit Entlty per FRS 102. Thefinancial statementsare prepared inatcordancewlth'appllcableaccounting standards aTr with the Statement of Recommended Practice, Accounting by registered soclal houslng providers 2018, ("the SORP") issued by the National Houslng Federatlon. The financl statements also complywith theAccounti ng Direction for private reglstered provider5 of S¢xlal housing 2022 ("the Direct.ion'?. These financial statementsère prepared in accordance with FRS 102"The Flnancial Reportlng standard applicable in the UK and Republic of Ireland. The financial statements have been prepa￿d under the historical cost convention, except Whe￿ otherwise stated, and are presented In sterfing £. Basis for consolidation The Company Is a parent undertaklng as disclosed In note 16.. Thè Company has taken exefnption from preparing consolldated flnancial statements under FRS 102 on the basis that its subsidiary is permitted tobé excluded frcm consolidation bysectlon 405 ofthe Companies Act 2006 on the basis that its inclu5i0n 15 not material for the purpose cif giving a true and fair view. Given that the subsidiary is dorrnant, these financial statements dlsclose the resu of the Company only. Going concern The Board have prepared these fihancial statements on a go'ing concem basls. Thls follows review of expected future cash flows taking Into èccount the tlmlng of expected Income and expenditure. Based on that revlew, the Board conslder that all of the Company's liabllltles will be met at or before the polnt they fall due for a period of at least IZ months from the date of. slgnlng the accounts. Tumover Charges to residents and income from investments are included iri the Income and Expenditure account in the year to which they relate. Voluntary income is received by way OF donation and gifts and is included irb full in the statement of Comprehensive Income when retrived unless it is provided frjra specific purpo In whlch case it is recognised in the Statement of Comprehensive Income in the period in which the relevant expendituTr is incurred. Revenue grants includlng contract5 fr.orn local authorities are credited to the Statement of Comprehensive Income in the period to which they relate. 22 JUST CIRCLE LIMITED {FO.RM ERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 l A¢countlng policles (continued) Flxed assets and deprÈclatlon The cap'ital cost of houslng propertles Includesthe purchase Pri￿ and alteration works whe thls enhancesthe economlc benefitof the property. Housing propertiesarestated atcost le actumulated depreclatlon and any recognised impairment losses. Flxed assets are depreciated at varying rates in order to write off the c05t le55 e5timatp residual value of the assets over tbeir useful lives. The useful livesbre estimated as follows: 13 year5 3 years Motor vehicles Th'e land element of property is not depreciated. The Company ha5 eletted not. to adopt component accounting in respett Ot its old housing properties. This decision wa5 taken due to the fact that the useful life that would be applied to Indlvldual components was not deemed to be materially differentfrom the 13 year useful life of propertystated above. Componentaccounting has been applied in respect of properties acquired in and after 2020 and will be applied when substantial works are undertaken on exlsting properties which require ¢ap.itali5ation. The various components and ass(Ki6ted estlinated useftjl lives are: Kitchens Bathrooms Boller & Heating 7 years 10 years 7 years Roofs Windows & doors Brick5 and mortar 25 and 50 years 12 years 50 years fmpairnient of houslng properties At each statement of financial position date, housing schemes are assessed to determine if there are Indlcators that the property may be in7paired in valuel if there are such indicator5 of Impairment,then acomparison ofthe property'scarrying valuewith its recoverableamount Is undertaken. Any eX￿s5 over the recoverable arnount is recogni5ed as an impalrmentloss and charged a5 expenditure in the Income and Expenditure account; the carrylng value Is. redU￿d appropriately. Investment property I'nvestment propert.Ses, which are propertles held to earn rental andlor for capital appreciatlon, are initially measured at cost and subsequently at fair value. The directo￿ have opted to revalue annually, wlth the 5UPPOrt of Independent professional valuers on a. periodic basls at the balance sheet date. When the dlrectors .revalue the properties they make judgements based on current tenants, remalnderof the lease temi of tenancy, location, and other market condltlons. Galns or losses on revaluatlon are recognised in the Statement of Comprehenslve Income and where these are above depreclated hlstorlc cost they are subsequendy transferred to the property revaluatlon reserve through the Statement of Changes In Equlty and Reserves. JUST CIRCLE LIMITED {FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 l A¢countlng pollcles (continued) Other grants Grants recelved from non-govemment sources are recognlsed using the Performan￿ mcxld. A grant whlch does not Impose a specific future perfomance condition is recognised as revenue When the gTrnt proceeds are re￿1Vable, A grant that irnposes a specific Future performance related condition on the company is recognised only when those conditions are met. A grant received before the revenue recognition criteria is sat15fied is shown as a liabillty in the Statement of Financial Position. Value added tax The Company is not reglstered forVAT purposesand expendlture isshown gross of any value added tax. Pension costs The Company contrtbute5 to certain employees, personal pension plans on a deflned contribLttion basi5, Contributions'are a150 made to the pensi¢Ji scheme of certaln employw. in accor(lance with their rights under TUPE. The pension cost charye represents the contributions payable underthe scheme by the Companyto the fund, The Company has no liability under the scheme other than for the payrnent of those contrfbutlons. Contributions to defined contribution pension schemes are chargéd to the Income and Expenditure account as they becoffte payable in accordance wSth the rules of the scheme. Differences between contributions payable in the year and those actually pald are shown a5 either accruals or prepayments in the Statement of Financial Position. Designations" Designated reserves are unrestricted reserves earmarked by the Board for partlcular purposes. The designations a￿ as follows: Housing and investment pri)pertie5 (.net of revaluatlon}' belng the reserves vihlch are represented by tangible fixed a55ets. General reserve Thls reserve relates to the cumulative retained eamings, excluding revaluations and deslgnated reserves. Reyaluatlon reserve Thls resErve relates to the cumulative revaluation of investrnent property. 24 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED} NOTES TO THE FZNANCIAL sfATEMENTS for the year ended 31 March 2024 l Accountlng pollcies (contlnued) Flnanclal Instruments Financial a55et5 and fSnancial15abllitles are recognlsed In the Statement of Financial Position" when the Company becomes a party to the contractual provisions of the instrument. Trade (Including rental) and other debtors and creditors are" classified as basic financial Instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequentty rneasured at arnortised cost using the effective interest rate method. A provision 15 establ ished when there is objective evidence that the company will not be able to collert all. amounts due. Investments a￿ recogni5ed' at their fair value wlth movements golng to the Income and Expenditure account. Cash and cash equivalents Cash and cash equivalents are classified as basic financial instruments and comprise cash In hand and at bank, short-temi bank deposits with an original maturityof under three months and bank overdrafts which are an integral port of the company's cash management. Employee benefits 'Short term employee benefits such as holiday pay are accrued as Sery1￿ are rendered. Operating leases Rentals payable ur(der operating leases are charged to Incom.e and Expenditure on a straight line basis over the lease tem. The aggregate benefits of any lease incentive are recogni58 as a reduction i n expenses recogni5ed over the term of the lease. 2 Key sources of estlmatlon uncertainty and judgements The preparation of Financial Statements requires the use of estimates and assumptlons that affect the amounts reported For. assets and liabilities as at the balance Sheet date and the amounts reported for income and expenses for the year. Although these estimates and associated assumption5 are .based on historical experience and the managernenvs best knowledge of current events and actions, the actual results may ultlmatelydlfferfrom those estimates. The estimates and uriderlying Assurnptions are reviewed un on-going ba51s. Crftleal judgements The followlng are crltlcal Judgementsapart from those Involvlng estimatiors (which are dea wlth separately below), that the trustees make In the process of applylng the .CompanYs accountlng pol Icles and that havethe most slgnlflcant effect on the amount recognised in t flnanclal statements.. Categorlsation of housing propertles as Investment properties or tangible fixed a55ets Properties wh"Icli are held to earn market rents, capltal appreclation or both are accounted for as investment properfjes. Properties held to provlde soclal housing and properties used for admlnlstrative purposes are dasslfled as tangible assets - houslng properties. 25 JUST CIRCLE LIMITED IFOFIPJIERLY LONDON CYRENIANS HOUSING LIMITED NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2024 2 "Key sources of estimation un¢ertainty and judgements (continued) Identification of housin9..property components As explained in note l above, for additions to housing properties and capitalisation of signlflcant works, depreciatlon is calculated on a component by component b?sis. The Identification ofsuch components Is a rnatter of Judgement and may have è material Impatt on the depreclatlon charge. The cornponentsselected are those which reflect how the major repairs. to the.property are managed. Key sources gf .estimation unce'rtainty The estimate5and assumptionswhich havethe most51gnlficanteffetton amounts recognised in.the financial statements are discussed below.. Valuation. ol Investment property T"he company holds two investment properties which were previously held as housing properties. After tronsfer and initial recognition, the investment property is measured at its falr value. The valuation assessmentat year end has been perfomied bythe directors of.the Company based on publicly available market data, Useful lives of Company prnpertles The depreciation applied by the Companyto its owned properties takes into accountthe age and condition of the properties as well as the intensive utilisation sustained by the assets due tothe nature of the servlcesand cllent groupof the Company. The accumulateddepreciaticm at 31 Narch 2024 was £7,007,670 (2023: £6,364,379). Dllapldations provision The Company makes provision for dilapidations to its leased properties. The provision takes account of contractual responsibilities, health and safety obligations and any other relevant regulatory requlrements, see note 13. 8ad debt pmvision The debtor balances in respect of charges to service users and statutory bodies of £122,826 (2023: £103.766)and revenue grant receivvble £76,191(2023: £99,291) arerecorded in the Company's Statement of Bnancial Position. A full Ilne by Ilne revlew of debtors balances is carrled out regularfy, No provlslon is deemed necessary at 3.1 March 2024 as the dlrecto a￿ confident of recovery. 3 Oper4tlng surplus 2024 2023 Is stated after charglng: Depreciation Auditor's remuneration- audit services including VAT Oper4ting lease payments - buildings 643,291 37,708 635,262 33,570 JUST CIRCLE LIMITED.(FORIVIERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINAhtCIAL.STATEMEMfs for the year ended 31 March 2024. Soeial Houslng Turnover and Costs 2024 2023 Rent recelvable excludlng servlce charge Service charyes receivable rtevenue Grants Soclal housing actlvity expendlture 2,117,604 112,449 4,909,553 7 552,335 2,276,479 104,003 5,168,256 7,464 054 Operating (deficit) and net (deficit) from. soclal houslng activities (412,279) (50,518) Voids {Total) 282,561 135,202 5 Staff costs 2024 Number 2023 Number The average weekiy number of persons employed during the year (full time equivalents) was: staff costs for the above persons were: Wages and salarles Social security Costs Pension costs 4,284,442 383,941 114 269 4,192,6.94 382,008 105 732 4 782 652 4 680 434 6 Emoluments tsf the Board and senlor management team The directors of the"Company do not receive any remunerntion and the below amounts relate solely to managerlal staff considered to be key management personnel. 2024 2023 Remuneration pald'.to key management personnel comprlsed: Gr055 salary Soclal securlty costs Employer's penslon contrtbutlons 205,385 28,343 228,718 246 051 276 163 27 JUST .CIRGLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL sTATEmEP￿s for the year ended 31 Mareh 2024 2024 2023 Hlghest pald dlrectDrfs aggwate ernoluments (excludlng penslon) Penslon 86,365 &6,365 The Chief Executive participates in the cornpany's penslon arrangements and no enhancements or speclal terms apply. The'full-tlme equ5valent number of staff whose remuneratlon payable In relatSon to the perlod of account fell wlthln the followlng bands,. 2024 No 2023 No. £60,001 £80,OOL £70,000 £90,QOO Interest receivable and similar incorne 2024 2023 Bank Interest receivable Dividend frorr¢ investments 121,320 48,266 123 799 Xnvestment property" Valuation At l April 2023 Fair value adjustment At 31 March 2014 4,126,951 4 114 570 28 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIIIIITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Tanglble assets -housin9 properties. Propertles Land Total Cost At l Aprll 2023 Addition in the .11,615,722 1,365,788 4,946,607 16,562,329 1,365,788 At 31 March 2024 12,981,510 4.,946,607 17,928,117 Depreclatlon At l April 2023 Charge for the year 6,3.64,379 .643,291 6,36'4.379 643,291 At 31 March 2024 7,007,670 7,007.670 Net book value At 31 March 2024 5,973,840 4,946,607 10,920,447 At 31 March 2023 5,251,343 4,¥46,607 10,197,950 10 Debtors 2024 2023 .Gross arrears of charges to Customers & other statutory bodies 122,826 103,766 Reiienue grants recelvable 59,291 othèr debtors 184,990 115 147 384,007 318,204 11 Cash. and cash equivalents 2024 2023 Cash at bank..and in hand 5 542 511 6 719. 276 5,542,511 6,71>,276 29 JUST CIRCLE LIMITED IFORMERLY LONDON CYRENIANS HOUSING LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 12 Credltors 2024 2D23 Amounts falling due within one year: Trade creditors Customers, charges in advan Other creditors Other taxation and sotial security Accruals and deferred income 101,844 267,648 26,500 151,900 227 523 82,157 254,912 130,792 532 545 775,415 1,000,406 13 Prnvisions Dilapidations provisio At l Aprll 2023 Addltlons Released 351,803 180 000 At 31 March 2024 171,803 14 Houslng unlts at end of yèar - supported houslnu 2024 Units 2023 Units" Owned Managed 92 39 86 39 131 15. .Operati ng leases The Company holds properties and Offl￿ equlpment under non-cancellable operatlng leases. At 31 March 202.4, the. Company had the 'followlng future rnlnlmurn lease payments under'rion-cancellable leases.. 2024 2023 For leases expirlng: Wlthl n one year In two to five years 92,000 81,940 173,940 173,940 265,940 30 JUST CIRCLE LIMITED IFORMERLY LQNDON CYRENIANS HOUSING LIfvIITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 16 Subsidiary undertaklng Name Country of Incorporatlon 'Class of shares Holding Actlvlty Capital'Housing United Kingdom Limited Ordinary iOOO/o Dormant The registered offite of the above subsidiary was Carlyle.House, 235-237 Vauxhall Bridge Road, London, SWIV IEJ, The subsidiary was incorporated on 15 August 2019 and has remained dormant since Incorporation. 17 Flnanclal Instruments 2024 2023 Equity instruments measured at. fair value thrnugh the income and expenditure account Current a55et listed invèstments Cash WS RufferTotal Return Fund Schroder Sustainable UK Equity Liontrust Income /Neptune Income 255 107.407 84,312 111 543 84,290 122 456 305 510 303 503 Falr value galns and lossès Gain Dn fin'anclal assets measured at fair value through profit or1055 Current asset listed investments 351 351 18 Ultlmate controlllng party There is no ultimate controlling party 19 cap.ital Commitments Capital commitments contracted but not provided for in the financial statement were as folli?ws'. Amount.contracted Amount authorised kny the board bu't not contacted £Nil £Nil 31 Company Registered Number: 01197478 Charity Registered NuTnber: 269158 Just Circle L'imited Report and financial statements for the year ended 31 March 2024 JUST CIRCLE LIMITED CONTENTS PAGES Legal and administratlve detalls Report of the Board of Trustees and Strategic Report 3-12 Independent auditorfs report 13-16 statement of CothPrehen51velncome 17 statement of Financial Position 18 Statement of chang.es In Equlty and Reserves 19 statement of Cash Flows 20 Notes to the Statement of Cash Flows Notes to the financial statements 22-31 JUST CIRCLE LIMITED LEGAL AND ADHINisfRATIVE DETAILS STATUS Company Ilmlted by guarantee wlthout share capltal and reglstered as a charfty REGISTERED OFFICE Cadyle House 235-237 Vauxhall Brfdge Road London SWIV IEJ HONOK4RY OFFICERS Stèphen Bashorun (Chalr) Michael Driver (Chalr of Flnance C'tte) BANKERS Barclays Bank plc Level 11 I Churchill Place Canary Wharf London E14 5HP AUDITOR CLA Evelyn Partner5 Llmlted 45 Gresham Street London ECZV 7BG SOUC￿0Rs Trowers & Hamllns COMPANY REGISTERED NUMBER 01197478 CHARITY REGISTERED NUMBER 269158 REGISTERED PROVIDER OF SOCIAL HOUSING NUMBER LH4377 JUST CIRCLE LINIITED REPORT OF THE BOARD.OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 The Board of Trustees presents its report and strategSc report and t.he accounts for the year ended 31st March 2024. The Statement of Comprehensive Income, Statementof Flnandal Position, Statement of Changes in Equity and ReseNes and Statement of Cash Flows are included later in this report. Activities The principal activity of the Company is the provision of housing and intensive support to single vulnerable people with a range of complex needs including mental ill health, learning disabilities and substance use Public Benefit In Setting objectives and planning our activities we ha.ve Considered the Charity Commission's general guidonce on public benefit and are pleased to confirm that our activities are undertaken in furtherance of our charitable purposes which are for the public benefit. Our impactfor financial year 202312024 has been impressive as we have supported many 'more people to live freer lives thanks to our innovative 24 hour5 support 5ervice5. Review of Affairs 2024 Background The health and social care sector continue to face the challenges wroug ht'by nationwide under investment. The financial restraints placed on the sector have coincided with an increased need for mental health 5ervice5 resulting in early inteNention support, psychiatric hospital beds and psychological support being over stretched. That coupled with a decrease in people wishing to work in the sector means that there is still a lack of suitably skilled and abled stsff entering the workforce which poses challenges for the sector at large. We are therefore grateful for our Radical Rent Prograrnme which is. now well established and provide5 a 50cially responsible way of funding our charitable works by mainstream rent. This nain5tream rental incorne proTnote5 our autonomyj redu￿5 reliance on the publicpurse and help5 115 to be a valued and respected providerforthose who commission our service5 as well as those who live in them, S'o, whllst we acknowledgethat the demands on the publlcpurse are many and varled, we are pleased to play our part In dellvering the followlng innovative service solutions to those most in need In theSr local 'communlties. ThÈ Board of Trustees presents Its Reportr and Strateglc Report and the Accounts for the year ended 31 March 2024. The Statement or Comprehenslve Income, Statement of Flnanclal Poslt5on, Statement of Changes In EquSty and Reserves, and Statement of Cash Flo￿$ are Included later in this report. Actlvlty. We have developed and refu'rblshed a further 14.apartments In the current flnanclal year and are proud to provlde these homes to another 17 Londoners. JUST CIRCLE LIMITED REpoirf OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) We were also thrilled to be the selected provlder to offer a unique psychologically informed response to over 120 service users who have experienced mental health, homelessness and substance use issues. Our service delivers intensive I.. I support wlth servlce users resistant to engage who are living in 5UPPOrted accommodation run by a number of providers in the not-for-profit sector. We have worked with these organisations to upskill their staff teams, develop universal best practice protoco15 and to role model assertive psychologically informed engagement with service users. This has helped to promote improved service user contact and provide staff with the confidence to employ a range of strategies to support independence and self-reliance with service Users. Our biggest challenge, in common with the health and social care sector at large, is recruitment. This year following feedback from candidates, attention tumed to our name and our brand. People felt that Cyrenians "sounded old fashioned" "like a faith-based organisation" and 'not representative of our innovations in mental health care." So, as part of our Strategic Plan we have undergone a name change in May 2024 and are launching our rebrand and website in September 2024. We are working closely with design consultants to create a website that reflects our compassion, Innovation and -can do" ethos. Finding a fitting new name after half a century is not an easy task, it's a blt Ilke trylng to catch lightening in a Jarl We wanted a name that stood for simplicity, integrity and honesty and great outcomes with some very complex needs servlce users...and so JUST was bom. Simple, elegant and standing for truth and prartical delivery JUST what people need when they are at their lowest ebb. Next comes the logo and the website... AbLYJt CL*e*FS Juitgiyw www.Just.org.uk JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRusfEES AND STRATEGIC REPORT for the year ended 31 March 2024 (contlnued) Thls year we enabled more people to Ilve outslde of hospltal care and in so doing helped ftsnders to make financial savlngs and enrlched our cornmunltles along the way. Here'5 just a few of our highlights: Developed artd refurbished 14 beautlful apartrnents Improved staff Intake from the previous year SLtpported 39 seNlce users to move on Provided Placemeht tralnlng for 13 student nurses Supported 8 psychology graduates Hosted 2 Conferen￿5 Investment 'The five key pillars to our investrrtent plans are: l. Propertv Our upgrade and refurbishment programme c¢Jntinues, and we are pleased to start works set out in our 10 year investment plan. We will continuethroughout 2024125 to upgrade our owned properties to ensure that they are well appointed, respectful and safe places for people to live and recover.in. 2. People Desplte the staffing crSsls In aault health anL150clal care we are pleased that our Intake and retentlon record remalns hlgh due. to our recognition award, comprehenslve tralnlng programrne and work life balance terms and condltlons. We contlnue to work wlth London unlversltles to support young talent coming through and to promote adult social care as a vibrant and rewarding career. Our work to prDmote opportunitles for young people to take part In charfty goveman and overslght continues to build on the Suc￿sS of our Young Tralnee Trustee Programme and we look forward to welcomlng the next future stars of the board room In Wlnter 2Q24. We have worked hard to be an organisatlon of excellence and choice for univetslties to pla￿ thelr students ènd are Dleased to have played our part as educators In 5UPPOrting nuT5e51 Psychology grdduates and social care practitioner5 to attain thelr quallflcatlons and. become a valued part of t.he health and s￿Id1 care work. workforce. 3. Servlce$ We have Introduced a new service in London across the mental health accommodation pathway. We are providing assertive outreach support to the mental health provlders who accommodate over 120 people between them. Throug h intensive I: I Servi￿ user 5UPPOrt, staff upskilling by training and role modelling, PrO￿dural and.5U.P.port planning reviews, we aim to improve the JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) outcomes and practlce of the provlders we are working with and enhance seNice user experience. We have put an even greater emphasls on engagement and aciivities and a pleased to have refined our plans to take into consideration the interests artrd demographics from each of our services. We offered the followlng.. GOOD11NESIODIYI Moming Media Family Time Sunday Grow Your Own Veg Music and History Group Health and Wellbeing Course (various) 4. Governance As part of our yearly Strategic Plan review, we undertake a trustee's skllls audit to ensure that experience and expertise infomis effective governance. Our trustees come from dlverse backgrounds, have life experience and excel in their chosen professions. They share thelr skllls and expertise freely in driving JUST forward and draw on their experlence In: Mental health, patient safety and national strategic leadership for mental health and leaming dlsablllty nurses Physical health care and post injury rehabilitation Department of health Implementatlon as a lead for the Mental Capacity Att and Deprivatlon of Llberty Safeguards, mental health law, adult social care at regional and natlonal levels Governance, volunteering and use of technology for community change Housing management, development and environmentand sustainability be practice Law as It relates to employees, pensions and practlce Education as a Professor in Healthcare Practice and Research working across NHS trusts and Universities JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND sfRATEGIC REPORT for the year ended 31 March 2024 (continued) 5. Corporate Identity After 55 brilliant years of delivering care and support to vulnerable Londoners 2024 seerns the right time to rename and rebrand. We want to attract the brightest and the best people to work for us so that we can continue to provide quality services for those In need. We talked to service users, staff, commissioners and carers and ovemhelmingly they felt our name no longerfitted our modern and innovatlve style of seNice delivery. So, we say farewell to Cyrenians but we wlll of course retain all of our history, our leaming and our bnlliance but under JUST our chosen name which will represent all of our new and innovative ideas but based on the foundatlons of our expertlse and 55 years, experience. We now look forward to wrÈting our next chapter as JUST and to representing truth, integrity and simplicity captLJred In our new name. In short, we JUST want to do the slmple thlngs well and the complex things brilliantly. Rlsk and Uncertainties in the Immediate F￿Ure The risks and uncertaintlesfor JUST are the same as those for the sector in general whlch l. Lack of suitably skllled and abled staff 2. Reluctance in clinical risk sharing 3. Decline in the value of support contracts As outlined in this report we have develop@d a range of responses to mitigate the above uncertaintie5 which we review regulady with our trustee5 these include= l. Pop up academy training for those new to the sector Access to placements for health and social care students Bonus incentive scheme 2. Employlng managers who are confident to comment and engage in rlsk sharing Procedural support via Safety and Risk Manual Standard response templates Online service user database analysis 3. Active non statutory fundraising via Radical Rent and grant applications Value for money reviews Increased use of IT and Al where appropriate JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 {contlnued) Risk Management (Corporate) To provide effective risk management and sound governance the Trustees: Maintain generous insurance cover Work within the procedural framework Monitor and Implement the internal control processes Retaln expert5, databases and consultancies to oversee Health and Safetyfr HR, Service user data, training and development, property management, occupational health Dlsabled Persons JUST is commltted to supporting people wlth disabilities and/or health conditions to gain access to paid employment according to the exlgencies of our servlces and the needs of our service users. Our central team is diverse and reflective of the communlties within we work. We employ people wlth physical disabilities, those who a￿ neurodiverse, and we are also pleased to be able to support people with long term mental health conditions back into th e workplace. Diversity JUST are pleased to promote diversity at all levels in the Organisation and have a positive record of inclusion for trustees, rnanagement and frontline staff. We continue to review access to our services and employment to ensure that people from all walks of life are welcomed to JUST. Our equality and diversity data analysis 202312024 shows that we need to do more to promote jobs to young people from a variety of backgrounds and life experience and therefore the youth focussed Pop-up Academy has been part of our strategy for 202312024. Informatlon from our Croner HR database illustrates a snapshot of management for the 23124 financlal year. Central Team Central Ethnlcity Eo5tern European • Black Caribbean Afncan Inolan WhitÈ Brib5h Aya Greek JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 {continued) Central Age staff aged beri'ieen 20- 29 w Staff a8ed betvieen 30- 39 Staff aged betl'ieen 40- 49 • Staff èged beti'ieen 50- 59 Staff a8ed betwee￿ 60- 69 Sex.. 60% Female 400/0 Male Dlsabllltles,. 20% Physical IOO/o Mental health Managers Ethnicity: 420/0 BAME 58¥0 White Sex: 400/0 Male 600kn Female Employee Information We are pleased to report that we have regular bulletlns, debriefs, newsletters and actlvity update emalls. We also have company meetings, staff conferences and ad hoc social and information events and we share information by: QR code access Podcasts Soclal medla Includlng TikTok Training JUST CIRCLE LIMITED REpoF¥f OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (contlnued) Key Performance Indicators We h'ave dètailed below our performarlce a'gainst thè key indlcators of occupancy, staff turnover and arrears: 2024 890/0 14% 50/0 2023 930/0 .17% 5% Occupahcy staff tumover" Arrears Value for Money MetnC5 The following Vfm metrics have been calculated as recommended bythe Regulatorof Social Hou5ing-, Reinvestment- 12.510/0 (2023: 0.94.¥0) The reinvestment metric in 2024 is driven by the developrnent of Carleton Road and re￿rbIShMent of Ella Villa, This was. calculated using thetot.al dBvelopment and purchase.costsof property divided bythe net book val ue of assets in the year. New supply delivered - 5.340A (2023: 0%) Gearing - Jusr has no borrowing EBrrDA MRI-Intetest c'over- JUST has no bc*rowing and therefore no intere5tto cover Headllne soclal housing cost per unit £10,862 (.2023: £9,847) The high cost per unit reflects the inflation cost price increases during the year, Operating margin ($o¢ial) - -5.780/0 (2023: .L.OOOh) This wa5 calculated using the operating deficit divided by the turnover. Return on capital employed (ROCE) - 0.09Yo (2023: 0.87 % ) This was ¢alculated as the 5urplu5 before property revaluation divided by the total assets less current liabillties. Due tL) our unlque service5 benchmark data may not provlde meanlngful, cornparatlve nformatlon. We do howe.ver use d8ta.obtairied from the accommodatlon-based support sector to inform our decisions. Governance and Financial Viability Standard The annual review of compliance againstthe Regulatorofsocial Houslng's Govemanceand FSnanclal Vlablllty Standard has been carrled out and JUST was compl iartt with the Standard durlng the reportlng perlod. Code of Governah¢e Just Circle Llmlted adopted the Natlonal Houslng Federatlon Code of Governance 2020 for the reporting period. A further assessmentof'cornpliance with the Code of Govemance wlll be conducted In 2024 conftrmsthat JUST complles wlth all the requirements of the code. 10 JUST CIRCLE LIMITED REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) Level of Reserves In line with best pract1￿ JUST seeks to maintain unrestrirted ￿serveS and worklng capital at a prudent level to ensure that the Company's current and planned future actlvities can operate effectively and to enable any unexpected financial interruption to be satlsfactorily managed. We aim to Secure 6-12 months working capitsl and are pleased to report that we currently have 8 months runnlng costs should the unforeseen happens. Disclosure of Infomiation to the Auditor The Board of Trustees (director5 and trustees of the company) who held office at the date of approval of this Board report confirni that, so far as they are each aware, there is no relevant audit information of which the auditor is unaware. and each director has taken all the steps that he/she ought to have taken as a director to make himselflherself aware of any relevant audit infomiation and to establish that the Company's auditor is aware of that Infonnation. The Board of Trustees are appointed following: an open recruitment process; meetings with senior members of staff; attendance as observers at board meetings. and an interview with the Chair. All these steps are in accordance with our written procedures. The following served during the period and up to the date of this report.. S. Bashorun A. Diggle M. Driver C. Thompson S. Chambetlain Prof. C. Flood Prof. B. Thomas J. Ward-smith (MBE) All members of the Board are members of the Company and guaranteeto contribute tothe assets of the Company, in the event of it being wound up, such amounts as may be required not exceeding £1. The number of guarantees on 31st March 2024 was eight. Members of the Board have no beneficial interest in the Company and are not remunerated. They are indemnified by the Company against legal action arising in the course of their duties. DIRECTORS, RESPONSIBILrrIES STATEMENT The Board is responsible for preparing a Report of the Board of Trustee5 and Strategic Report and the financial statements in accordance with applicable law and regulations. The law requlres the Board to prepare flnanclal statements for each financial year. Under that law the Board has elected to prepare the Company's financial statements In accordance with applicable law and United Klngdom Accounting Standards (Unlted Klngdom Generally Accepted Accountlng Practlce) Sncludlng FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The Board must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the surplus or deficit for that period. In preparing these financial 5tatementS, the directors are required to.. JUST CIRCLE LIMITED RepoRT OF THE BOARD OF TRusfEES AND STRATEGIC REPORT for the year ended 31 March 2024 (continued) select suitable accounting policies and then apply them consistently- make Judgements and estlmates that are reasonable and prudent; prepare the flnanclal staternents on the going concern basis unless it Is lnappropr.iate to presurne that the Company will continue In busirYÈsS. The Board are responsible for keeping proper accounting records which disclose with feasonable'accurècy at any time the financial position of the Company, and to enable them to ensurethatthe financial staternentscornply with the Companies Act 2006, the Housing and Regeneratlon Act 2008 and the Accountlng Direction for Private Fiegistered Providers. of Social Housing 2022. ThEy are also responslble for safeguardlng the assets of the" Companyi and hence for taking reasonable stepsfor the prevention and detertion of fraud and other irregularit'iès. Audltor A resolutlon to appolnt CLA Evelyn Partners Limited as. auditor to the Company will be submitted to the Annual General Meetlng In September 2024. Thi5 report was approved by the Board of Trustees on 27 September2024 andsigned on it5 behalf by: stephen Bashorun Chair 12 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED} evelyn INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JUST CIRCLE LIMITED Oplnlon We have auditedthe financial statementsof Just Circle Limited (the 'association'l for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income. the statement of Financial Position. the Statement of Changes in Equity and t2eserves, the Statement of Cash Flows and the notes to the financial statements. including si9nificant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. give a true and fair view of the state of the association's affairs as at 31 March 2024 and of its income and expenditure for the year then ended., have been properly prepar￿1 in accordanTrwithUnitedKingdomGenerally Accepted Accounting Practice,, and have been prepared in accordancewith the requirements of the Companies Act 2006. the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibiknties forthe audit of the financialstatements section of our report. We are independent of the association in accordance with the ethical requirements that are relevantto ouraudit of the financial statements in the UK. including the FRC'S Ethicalstandard, and we have fulfilled our Othereth￿aL responsibilities in accordance with these requirements. We believe thatthe auditevidencewe haveobtained is sufficientand appropriateto provide a basis for our opinion. Conclusions reiatlng to golng concern In auditing the financial statements. we have concluded that the directors. use of the going concem 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 uncertaints'es relating to events or conditionsthat. individuallyorcollectively, may cast significant doubt on the association's abilityto continueas a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Ourrosponsibilitiesand the responsibilitiesof the directo￿ with respect to going concem are described in the relevant sections of this report. other information The other information comprises the information included in the Report and Financial Statements. other than thefinancial statementsand our auditor's reportthereon. The directors are responsibleforthe otherinformation contained withinthe Reportand Financialstatements. Our opinion on the finanaalstatements does not cover the other information and. except to theexientotherNi%eexplicitLystatedin our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. considerwhetherthe other information is materially inconsistentwith the financial statements orourknowledge obtained in the course of the audit or othe￿￿lse appears to be materially 13 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) mlsstated. If we.identifysuch rnater￿1 inconsistencies orappargntmaterial misstatements, we are required to determinewhether this gives rise to a material misstatement in the financial statements themselves If,based on the workwè have perforrned.we conciudethatthere is a material mi5Statement of this other Information. we are requlred to report that fact. Wè have nothing to report Iti this.regard. Oplnlons on othor matters prescribed by the Companies Act 2006 In our opinion, basod on the work undertaken in the course of the audit., the InformatlDn gSven in the Report o.f the Board of Trustees anKJ Strateylc Report for the flnanclalyearfor which thefinaneial statementsare prepared is Go.nsistenl with the financial statements,. and the Report of the Board of Trustees and Strategic Report has been preparèd in accordance with applicablè legaL requirements. Matters on which we aro require'd to report by exception In the light of the knowledge and understanding of the associatlon and Its environment obtained in the.course of the audit we have nol identified material m15Statements in the Report of the Board of Trustoos and Strategic Rgport. We have nothing to report. in rèspect of the following mattet5 in relatlon to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kèpt, orreturns adequatefoyouraudit have ot been received from branches not visited by us,. or the financialstalementsare notin agreementwith theaccountw?grecords and retums,. or .certain disclosures of directors, remuneration specified by law a@ hot made.. or we have not received all the Informatlon and explanations we require for our audiL Responslbllltles of dlrèetors As expialned more fully in the"Directors' Resporisibilitles Statement set on page 8, the members of the board are the directors of the association for the purposes of company law. The directors are responsibLe for the.prepatstion of the financial statements and for being satisfied that We give.a true and.fair view, and for such internaL contro[5 as the directors determine is necessary to enable the prepardtion of financial statements that are froe from material misstatement, whether due. to fraud or error. In weparing the financial statements. the directors are responsible'for assessing the associatlDll'5 abiknty to continueasa going concern, disclositYJ, as applicable, maltersrelatedto going Goncorn and using the going concern basis of accounting unless the dlreetors elther intend to tiquldaté theassociation.ortocease operations, or haveno realisticaltematwe but to do so. Auditor's responsibilitias for.the audit of the financiaL statempnts Ourobjectives are toobt8in rea50nableassuranceaboutwhethertheflnanclalstatements as a whole are froe from material misstatpmenL whether due to fraud or error, and to issue an auditor's reportthat includesour.opinion Roasonableassurahce is a high level of assurance. but is nota gyar.anteethatan auditconducted in accordan￿ with ISAS IUKI will always detect a rnateriaLmisstatemont when it exists. Mlsstatements. can arise from fraud ot erfor and are considered matetialif. Individuallyor In the aggregate. We could reasonably be expected to influerteth9 economle declsions of users. taken on the basis of these financial statement5. Irregularities, Including fraud. are inStan￿50f non-compllancewith Laws and regulatlons. We design procedures In tine wlth our responsibilitiés. outllned above, tr) detect tTateriaL mlsstatements in respect of irreguL3rftles. includlng fraud. The extent to which our procedures are capable of detecting Iwegularities, Including fraud. Is detalled beLow: 14 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) We obtained a general understanding of the association's legal and regulatory framework through enquiry of management concerning.. their understanding of relevant laws and regutations and the enttty s policies and procedures regarding compliance. We also drew on our existing understanding of the association's industry and regulation. We understand that the association complies with the framework through.. Updating operating procedures manuals and internalcontrois as legal and regulatory requirements change.. A risk asse55mentframewort< and registerthat includes regular review and scrutiny by the Board,. An annual assessment of compliance with regulatory standards as applied to Registered Providers and enforced by the Regulator of Social Housing.. and The Board's close overgght through regular board meetingsand compbance reporting In thecontextof the audit. we considered those taws and regulations.. which determine the form and content of the finanaal statements,. which are central to the association's ability to condLJCt its business,. and where failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the association.. FRS 102, the requirements of the Companies Act 2006. the Charities Act 2011 the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022, in respect of the preparation and presentation of the financial statements., Health and safety reguLations', and Regulatory stsndards as applied to Registered Providers and enforced by the Regulator of Social HoLJsing We performedthefollowingspeclficprocedur￿ togain evidenceabout compliance with the significant Laws and regulations above.. Performed a reviewofboard minutes to identify any indicators of known or suspected non-compliance with significant laws and regulations.. and Reviewed any Co￿espOndence between the Regulator of Social Housing and the association. The seniorstatutoryauditor led a discussion with senior members of the engagement team regarding the susceptitilityof the association's financialstatementsto material misstatement, including howfraud might occur, The key areas identified as part of the discussion were with regard to the manipulation of the financial statements through manual journal entries Theprocedurescarriedouttogain eViden￿1n theaboveareasincluded testingof a sampleof manualjournalentries. selertedthroughapplyingspeaficrisk a$*￿MentS applied based on the association's processes and controts surrounding manual journal entries. A further description of our responsibilities is available on the Financial Reporting Council's website at.. This description forms part of our auditor's report. 15 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) Use of our r8port This reportis madesolelytothe association's members.a5a body. in aCcOrdan￿With Chapter 3 ofPart 16 oftheCompaniesAct2006. Ourauditwork has beenundertaken sothatwe might state to the association'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 association and the association's members 35 a body, for ouraudit work, for this report. or for the opinions we have fonned. Julie Mutton Senior Statutory Auditor, for and on behalf of CLA Evelyn Partners Llmited statutory Auditor Chartered Accountants 45 Gresham Street London EC2V 7BG 16 JUST CIRCLE LIMITED {FORMERLY LONDON CYRENIANS HOUSING LIMITED) STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 March 2024 Note 2024 2023 Turnover 7,139,606 7,390,123 Qp@rnting expenditure (7,552,335) (7,464,054) Other Inc¢)me' 305,457 202,942 Operating {deficit)/surplus (107,272) 129,011 Interest receivable and .slmllar Income 123,799 Gain on fair value of investment 2,008 351 Surplus before property revaluation 180,322 (Losg)/Gain on revaluation of investment property Surplus for the flnanclal year 6,154 257,272 Reglstered number OL197478 England and Wales The notes on pages 22 to 31 form part of these financlal statements. 17 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) STATEMENT OF FINANCIAL posrrIoN as at 31 March 2024 Notes 2024 2023 Fixed assets Investment property Tangible assets - houslng propertles 4,114,570 10,920,447 4,126,950 10,197,950 15 035 017 14 324 900 Current assets Debtor5 Financial asset5-investments Cash at bank and in hand io 17 li 384,007 305,510 5,542,511 318,204 303,502 6,719,276 6 232 028 7 340 982 Creditors.. amounts falllng due In less than one year 12 (775,415) (1,000.406) Net current assets 5 456 613 6 340 576 Total assets less current Ilabllitie$ 20 491 630 20 665 476 Provisions for Ilabilltles 13 171 803 351 803 Net a$$ets 20,319 827 20 313 673 Capital and reseNes Designated ￿SerVeS Revaluation reserves General reserves 12,347,959 2,687,148 5 284 720 11,625,372 2,699,529 5 988 772 20.319.827 20,313,673 The financial Statements were approved by the Board of Trustees on 27 September 2024 and were signed on its behalf by: Mlchael Driver, Chair of Finance Committee Stephen Ba5horun, Chalr Registered number 01197478 England and Wales The notes on pages 22 to 31 fonn part of these financial statements. 18 JUST CIRGLE uMrrED (FORMERLY LONDON'CYRENIANS HOUSING LIMITED) STATEMENT OF ¢HANGES IN EQUITY AND RESERiIES FOR..THE YEAII ENDED 31 March 2024. 'OÉsiunated Rese￿& General Revoluation Reser¥• Total Reserves NOt0S At I April 2021 12,165.02.1 5,268,801 2.622,579 20,056,401 Surplugfor the year Trènsfer aet¥veen reserv Rev&uatlc 257,272 257.272 1.539,'6491 176.9501 76,950 At l April 2023 11,625J72 5.988,772 2,699,529 20.313,673 Surplus forthe year 6,154 Transfer bétween re5•a5 General 722,587 1722,5871 Transfer ￿*￿eTr ￿Se￿£S Revaluation (&2,3811 Af 31 Marth 2024 12.347.959. 5,264.720 2,687,148 20,319.827 The notes on pa9￿ 22 to YI form part of these flnanclalstatement 19 JUST CIRCLE LINIITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) STATEMENT OF CASH FLOWS for the year ended 31 March 2024 Notes 2024 2023 Net cash generated from operatlng artlvities 65,225 424,054 Investing actlvltles Interest recelved 123.799 50,960 Purchase of tanglble flxed assets Investments (1,365,788J (95,612) Net cash (used in)/investing activities £1,176,764) (44,652) Flnancing activities Interest paid Net cash generated from/(used in) financing activities Net increasel (decrease) In cash and ash equivalonts (1,176,765) 379,402 Cash and rash equlvalents at beginning of the year 6,719,276 6,339,874 Cash and cash equlvalents at end of year 5 542 511 6 719 276 The. notts on pages 22 to 31.form part of these financial statements. 20 JUST CIRCLE LIMITED {FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE STATEMENT OF CASH FLOWS for the year ended 31 March 2024 A RECONCILIATION OF SURPLUS TO IIET CASH GENERATED FROM OPERATIN AcrivrriES 2024 2023 Surplus for the ff nanc5al year L05s1(Galn> on revaluatlon of Investment property {Galn} on falr value of Investment Interest recelvable and similar income Depreclatio'n charge ori tangible fixed a55ets Ilncrease) In debtors (Decrease} In credltors {Decrease) in prOvI￿OnS 6,154 12,381 (2,008) (123,799) 643,291 (65,803) {224,991) (180,000) 257.272 (76,950) (351} (50,960) 635,262 (15,216) (325,003) Net cash. genernted fvoin operating activities 65,225 424,054 B ANALYSIS OF CHANGES IN NET FUNDS Ati April 2023 Cash flows other non- cash changes At31 March 2024 Cash 6,719,276 (L,176,765) 5,542,511 Total 6,719,276 (1,176,765) 5,542,511 21 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 l Accountihg policies The princlpal accountlng policies are suminarlsed"below. Basls of preparatlon Just Cirlce Limited 15 a comp.any limited byguarantee without.share capital and registered a5 a charlty. I ncorporated in England and Wales and as a Registered Providpr of Social Housing. The addressof the registered office is Carlyle House, 235-237Vauxhall Bridge Road, Londcfi. SWIV IEJ: The company meets the definition of 4 Public Benefit Entlty per FRS 102. Thefinancial statementsare prepared inatcordancewlth'appllcableaccounting standards aTr with the Statement of Recommended Practice, Accounting by registered soclal houslng providers 2018, ("the SORP") issued by the National Houslng Federatlon. The financl statements also complywith theAccounti ng Direction for private reglstered provider5 of S¢xlal housing 2022 ("the Direct.ion'?. These financial statementsère prepared in accordance with FRS 102"The Flnancial Reportlng standard applicable in the UK and Republic of Ireland. The financial statements have been prepa￿d under the historical cost convention, except Whe￿ otherwise stated, and are presented In sterfing £. Basis for consolidation The Company Is a parent undertaklng as disclosed In note 16.. Thè Company has taken exefnption from preparing consolldated flnancial statements under FRS 102 on the basis that its subsidiary is permitted tobé excluded frcm consolidation bysectlon 405 ofthe Companies Act 2006 on the basis that its inclu5i0n 15 not material for the purpose cif giving a true and fair view. Given that the subsidiary is dorrnant, these financial statements dlsclose the resu of the Company only. Going concern The Board have prepared these fihancial statements on a go'ing concem basls. Thls follows review of expected future cash flows taking Into èccount the tlmlng of expected Income and expenditure. Based on that revlew, the Board conslder that all of the Company's liabllltles will be met at or before the polnt they fall due for a period of at least IZ months from the date of. slgnlng the accounts. Tumover Charges to residents and income from investments are included iri the Income and Expenditure account in the year to which they relate. Voluntary income is received by way OF donation and gifts and is included irb full in the statement of Comprehensive Income when retrived unless it is provided frjra specific purpo In whlch case it is recognised in the Statement of Comprehensive Income in the period in which the relevant expendituTr is incurred. Revenue grants includlng contract5 fr.orn local authorities are credited to the Statement of Comprehensive Income in the period to which they relate. 22 JUST CIRCLE LIMITED {FO.RM ERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 l A¢countlng policles (continued) Flxed assets and deprÈclatlon The cap'ital cost of houslng propertles Includesthe purchase Pri￿ and alteration works whe thls enhancesthe economlc benefitof the property. Housing propertiesarestated atcost le actumulated depreclatlon and any recognised impairment losses. Flxed assets are depreciated at varying rates in order to write off the c05t le55 e5timatp residual value of the assets over tbeir useful lives. The useful livesbre estimated as follows: 13 year5 3 years Motor vehicles Th'e land element of property is not depreciated. The Company ha5 eletted not. to adopt component accounting in respett Ot its old housing properties. This decision wa5 taken due to the fact that the useful life that would be applied to Indlvldual components was not deemed to be materially differentfrom the 13 year useful life of propertystated above. Componentaccounting has been applied in respect of properties acquired in and after 2020 and will be applied when substantial works are undertaken on exlsting properties which require ¢ap.itali5ation. The various components and ass(Ki6ted estlinated useftjl lives are: Kitchens Bathrooms Boller & Heating 7 years 10 years 7 years Roofs Windows & doors Brick5 and mortar 25 and 50 years 12 years 50 years fmpairnient of houslng properties At each statement of financial position date, housing schemes are assessed to determine if there are Indlcators that the property may be in7paired in valuel if there are such indicator5 of Impairment,then acomparison ofthe property'scarrying valuewith its recoverableamount Is undertaken. Any eX￿s5 over the recoverable arnount is recogni5ed as an impalrmentloss and charged a5 expenditure in the Income and Expenditure account; the carrylng value Is. redU￿d appropriately. Investment property I'nvestment propert.Ses, which are propertles held to earn rental andlor for capital appreciatlon, are initially measured at cost and subsequently at fair value. The directo￿ have opted to revalue annually, wlth the 5UPPOrt of Independent professional valuers on a. periodic basls at the balance sheet date. When the dlrectors .revalue the properties they make judgements based on current tenants, remalnderof the lease temi of tenancy, location, and other market condltlons. Galns or losses on revaluatlon are recognised in the Statement of Comprehenslve Income and where these are above depreclated hlstorlc cost they are subsequendy transferred to the property revaluatlon reserve through the Statement of Changes In Equlty and Reserves. JUST CIRCLE LIMITED {FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 l A¢countlng pollcles (continued) Other grants Grants recelved from non-govemment sources are recognlsed using the Performan￿ mcxld. A grant whlch does not Impose a specific future perfomance condition is recognised as revenue When the gTrnt proceeds are re￿1Vable, A grant that irnposes a specific Future performance related condition on the company is recognised only when those conditions are met. A grant received before the revenue recognition criteria is sat15fied is shown as a liabillty in the Statement of Financial Position. Value added tax The Company is not reglstered forVAT purposesand expendlture isshown gross of any value added tax. Pension costs The Company contrtbute5 to certain employees, personal pension plans on a deflned contribLttion basi5, Contributions'are a150 made to the pensi¢Ji scheme of certaln employw. in accor(lance with their rights under TUPE. The pension cost charye represents the contributions payable underthe scheme by the Companyto the fund, The Company has no liability under the scheme other than for the payrnent of those contrfbutlons. Contributions to defined contribution pension schemes are chargéd to the Income and Expenditure account as they becoffte payable in accordance wSth the rules of the scheme. Differences between contributions payable in the year and those actually pald are shown a5 either accruals or prepayments in the Statement of Financial Position. Designations" Designated reserves are unrestricted reserves earmarked by the Board for partlcular purposes. The designations a￿ as follows: Housing and investment pri)pertie5 (.net of revaluatlon}' belng the reserves vihlch are represented by tangible fixed a55ets. General reserve Thls reserve relates to the cumulative retained eamings, excluding revaluations and deslgnated reserves. Reyaluatlon reserve Thls resErve relates to the cumulative revaluation of investrnent property. 24 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED} NOTES TO THE FZNANCIAL sfATEMENTS for the year ended 31 March 2024 l Accountlng pollcies (contlnued) Flnanclal Instruments Financial a55et5 and fSnancial15abllitles are recognlsed In the Statement of Financial Position" when the Company becomes a party to the contractual provisions of the instrument. Trade (Including rental) and other debtors and creditors are" classified as basic financial Instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequentty rneasured at arnortised cost using the effective interest rate method. A provision 15 establ ished when there is objective evidence that the company will not be able to collert all. amounts due. Investments a￿ recogni5ed' at their fair value wlth movements golng to the Income and Expenditure account. Cash and cash equivalents Cash and cash equivalents are classified as basic financial instruments and comprise cash In hand and at bank, short-temi bank deposits with an original maturityof under three months and bank overdrafts which are an integral port of the company's cash management. Employee benefits 'Short term employee benefits such as holiday pay are accrued as Sery1￿ are rendered. Operating leases Rentals payable ur(der operating leases are charged to Incom.e and Expenditure on a straight line basis over the lease tem. The aggregate benefits of any lease incentive are recogni58 as a reduction i n expenses recogni5ed over the term of the lease. 2 Key sources of estlmatlon uncertainty and judgements The preparation of Financial Statements requires the use of estimates and assumptlons that affect the amounts reported For. assets and liabilities as at the balance Sheet date and the amounts reported for income and expenses for the year. Although these estimates and associated assumption5 are .based on historical experience and the managernenvs best knowledge of current events and actions, the actual results may ultlmatelydlfferfrom those estimates. The estimates and uriderlying Assurnptions are reviewed un on-going ba51s. Crftleal judgements The followlng are crltlcal Judgementsapart from those Involvlng estimatiors (which are dea wlth separately below), that the trustees make In the process of applylng the .CompanYs accountlng pol Icles and that havethe most slgnlflcant effect on the amount recognised in t flnanclal statements.. Categorlsation of housing propertles as Investment properties or tangible fixed a55ets Properties wh"Icli are held to earn market rents, capltal appreclation or both are accounted for as investment properfjes. Properties held to provlde soclal housing and properties used for admlnlstrative purposes are dasslfled as tangible assets - houslng properties. 25 JUST CIRCLE LIMITED IFOFIPJIERLY LONDON CYRENIANS HOUSING LIMITED NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2024 2 "Key sources of estimation un¢ertainty and judgements (continued) Identification of housin9..property components As explained in note l above, for additions to housing properties and capitalisation of signlflcant works, depreciatlon is calculated on a component by component b?sis. The Identification ofsuch components Is a rnatter of Judgement and may have è material Impatt on the depreclatlon charge. The cornponentsselected are those which reflect how the major repairs. to the.property are managed. Key sources gf .estimation unce'rtainty The estimate5and assumptionswhich havethe most51gnlficanteffetton amounts recognised in.the financial statements are discussed below.. Valuation. ol Investment property T"he company holds two investment properties which were previously held as housing properties. After tronsfer and initial recognition, the investment property is measured at its falr value. The valuation assessmentat year end has been perfomied bythe directors of.the Company based on publicly available market data, Useful lives of Company prnpertles The depreciation applied by the Companyto its owned properties takes into accountthe age and condition of the properties as well as the intensive utilisation sustained by the assets due tothe nature of the servlcesand cllent groupof the Company. The accumulateddepreciaticm at 31 Narch 2024 was £7,007,670 (2023: £6,364,379). Dllapldations provision The Company makes provision for dilapidations to its leased properties. The provision takes account of contractual responsibilities, health and safety obligations and any other relevant regulatory requlrements, see note 13. 8ad debt pmvision The debtor balances in respect of charges to service users and statutory bodies of £122,826 (2023: £103.766)and revenue grant receivvble £76,191(2023: £99,291) arerecorded in the Company's Statement of Bnancial Position. A full Ilne by Ilne revlew of debtors balances is carrled out regularfy, No provlslon is deemed necessary at 3.1 March 2024 as the dlrecto a￿ confident of recovery. 3 Oper4tlng surplus 2024 2023 Is stated after charglng: Depreciation Auditor's remuneration- audit services including VAT Oper4ting lease payments - buildings 643,291 37,708 635,262 33,570 JUST CIRCLE LIMITED.(FORIVIERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINAhtCIAL.STATEMEMfs for the year ended 31 March 2024. Soeial Houslng Turnover and Costs 2024 2023 Rent recelvable excludlng servlce charge Service charyes receivable rtevenue Grants Soclal housing actlvity expendlture 2,117,604 112,449 4,909,553 7 552,335 2,276,479 104,003 5,168,256 7,464 054 Operating (deficit) and net (deficit) from. soclal houslng activities (412,279) (50,518) Voids {Total) 282,561 135,202 5 Staff costs 2024 Number 2023 Number The average weekiy number of persons employed during the year (full time equivalents) was: staff costs for the above persons were: Wages and salarles Social security Costs Pension costs 4,284,442 383,941 114 269 4,192,6.94 382,008 105 732 4 782 652 4 680 434 6 Emoluments tsf the Board and senlor management team The directors of the"Company do not receive any remunerntion and the below amounts relate solely to managerlal staff considered to be key management personnel. 2024 2023 Remuneration pald'.to key management personnel comprlsed: Gr055 salary Soclal securlty costs Employer's penslon contrtbutlons 205,385 28,343 228,718 246 051 276 163 27 JUST .CIRGLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIMITED) NOTES TO THE FINANCIAL sTATEmEP￿s for the year ended 31 Mareh 2024 2024 2023 Hlghest pald dlrectDrfs aggwate ernoluments (excludlng penslon) Penslon 86,365 &6,365 The Chief Executive participates in the cornpany's penslon arrangements and no enhancements or speclal terms apply. The'full-tlme equ5valent number of staff whose remuneratlon payable In relatSon to the perlod of account fell wlthln the followlng bands,. 2024 No 2023 No. £60,001 £80,OOL £70,000 £90,QOO Interest receivable and similar incorne 2024 2023 Bank Interest receivable Dividend frorr¢ investments 121,320 48,266 123 799 Xnvestment property" Valuation At l April 2023 Fair value adjustment At 31 March 2014 4,126,951 4 114 570 28 JUST CIRCLE LIMITED (FORMERLY LONDON CYRENIANS HOUSING LIIIIITED) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Tanglble assets -housin9 properties. Propertles Land Total Cost At l Aprll 2023 Addition in the .11,615,722 1,365,788 4,946,607 16,562,329 1,365,788 At 31 March 2024 12,981,510 4.,946,607 17,928,117 Depreclatlon At l April 2023 Charge for the year 6,3.64,379 .643,291 6,36'4.379 643,291 At 31 March 2024 7,007,670 7,007.670 Net book value At 31 March 2024 5,973,840 4,946,607 10,920,447 At 31 March 2023 5,251,343 4,¥46,607 10,197,950 10 Debtors 2024 2023 .Gross arrears of charges to Customers & other statutory bodies 122,826 103,766 Reiienue grants recelvable 59,291 othèr debtors 184,990 115 147 384,007 318,204 11 Cash. and cash equivalents 2024 2023 Cash at bank..and in hand 5 542 511 6 719. 276 5,542,511 6,71>,276 29 JUST CIRCLE LIMITED IFORMERLY LONDON CYRENIANS HOUSING LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 12 Credltors 2024 2D23 Amounts falling due within one year: Trade creditors Customers, charges in advan Other creditors Other taxation and sotial security Accruals and deferred income 101,844 267,648 26,500 151,900 227 523 82,157 254,912 130,792 532 545 775,415 1,000,406 13 Prnvisions Dilapidations provisio At l Aprll 2023 Addltlons Released 351,803 180 000 At 31 March 2024 171,803 14 Houslng unlts at end of yèar - supported houslnu 2024 Units 2023 Units" Owned Managed 92 39 86 39 131 15. .Operati ng leases The Company holds properties and Offl￿ equlpment under non-cancellable operatlng leases. At 31 March 202.4, the. Company had the 'followlng future rnlnlmurn lease payments under'rion-cancellable leases.. 2024 2023 For leases expirlng: Wlthl n one year In two to five years 92,000 81,940 173,940 173,940 265,940 30 JUST CIRCLE LIMITED IFORMERLY LQNDON CYRENIANS HOUSING LIfvIITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 16 Subsidiary undertaklng Name Country of Incorporatlon 'Class of shares Holding Actlvlty Capital'Housing United Kingdom Limited Ordinary iOOO/o Dormant The registered offite of the above subsidiary was Carlyle.House, 235-237 Vauxhall Bridge Road, London, SWIV IEJ, The subsidiary was incorporated on 15 August 2019 and has remained dormant since Incorporation. 17 Flnanclal Instruments 2024 2023 Equity instruments measured at. fair value thrnugh the income and expenditure account Current a55et listed invèstments Cash WS RufferTotal Return Fund Schroder Sustainable UK Equity Liontrust Income /Neptune Income 255 107.407 84,312 111 543 84,290 122 456 305 510 303 503 Falr value galns and lossès Gain Dn fin'anclal assets measured at fair value through profit or1055 Current asset listed investments 351 351 18 Ultlmate controlllng party There is no ultimate controlling party 19 cap.ital Commitments Capital commitments contracted but not provided for in the financial statement were as folli?ws'. Amount.contracted Amount authorised kny the board bu't not contacted £Nil £Nil 31