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2025-03-31-accounts

Company Registered Number: 01197478

Charity Registered Number: 269158

Just Circle Limited

Report and financial statements

for the year ended

31 March 2025

JUST CIRCLE LIMITED

CONTENTS PAGES
Legal and administrative details 2
Report of the Board of Trustees and Strategic Report 3-15
Independent auditor’s report 16-19
Statement of Comprehensive Income 20
Statement of Financial Position 21
Statement of Changes in Equity and Reserves 22
Statement of Cash Flows 23
Notes to the Statement of Cash Flows 24
Notes to the financial statements 25-34

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JUST CIRCLE LIMITED

LEGAL AND ADMINISTRATIVE DETAILS

STATUS Company limited by guarantee without
share capital and registered as a charity
REGISTERED OFFICE Carlyle House
235-237 Vauxhall Bridge Road
London
SW1V 1EJ
HONORARY OFFICERS Chris Flood (Chair)
Stephen Bashorun (Chair of Finance C’tte)
Stephen Chamberlain (Chair of PSC)
BANKERS Barclays Bank plc
Level 11
1 Churchill Place
Canary Wharf
London E14 5HP
AUDITOR S&W Audit
45 Gresham Street
London EC2V 7BG
SOLICITORS Trowers & Hamlins
COMPANY REGISTERED NUMBER 01197478
CHARITY REGISTERED NUMBER 269158
REGISTERED PROVIDER OF SOCIAL
HOUSING NUMBER LH4377

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025

JUSTs Board of Trustees are pleased to present this report including the Strategic Report, the Accounts for the year ended 31st March 2025, the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Reserves and Statement of Cash Flows.

Activities

JUST, our charity has been established for over 50 years bringing innovative care and support to some of the most vulnerable people in the Capital. We provide well-appointed homes for people to begin their recovery journeys in, focusing on good design, self-contained flats, offering privacy, dignity and space to connect and recover. Our services are supported by 24 hour staff teams who bring skills from nursing, psychology, education, and social care (to name but a few) to the intensive bespoke support solutions we offer every person who comes through our doors. We are recognised London-wide as a provider of choice to single vulnerable people with a range of complex needs including mental ill health, learning disabilities and substance use.

Public Benefit

JUST are a registered charity established to deliver not for profit solutions for public benefit. We are familiar with and fully supportive of the Charity Commissions general guidance which is enshrined in our governing instruments and informs our strategic planning.

We are proud of our impact for financial year 2024/2025 as we continue to support more people to live valued and freer lives thanks to our pro-active psychologically informed model of support.

Review of Affairs 2025

Background

We have had a very successful year and are pleased to share our 2024/5 achievements.

But first a nod of gratitude to our successful and forward-thinking Radical Rent Programme which provides JUST with a socially responsible way of investing in the things that matter most to our service users which is quality accommodation, highly skilled staff and access to specialist to meet the particular needs of individuals.

This income promotes our autonomy, reduces reliance on the public purse and enhances our social value by providing quality accommodation for local people.

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

Activity

We are proud to have developed a further 10 apartments in the current financial year and are pleased to provide these homes to another 15 Londoners.

In response to the impressive outcomes achieved by our Assertive Outreach Service we have extended the service so that we can continue to provide dedicated solution focussed support to remove some of the hurdles that prevent people from thriving and moving on. We are therefore pleased to report that by offering intensive practical support with:

Thanks to our hands-on approach many people have moved into accommodation more attuned to their needs be that sheltered, independent or visiting support.

Prior to JUSTs intensive outreach many of the

service users referred had a reputation for resisting services and engagement. But thanks to our “can-do” approach we are pleased to evidence that dedicated assertive input can

unstick even the most challenging of scenarios that hold people back. We know we have to build trust by getting the basics right first (like a clean home) before we can build insight and psychologically informed support.

This year we have:

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

www.just.org.uk

Following another successful year in which we supported more people to live and thrive safely in the community, we also helped funders to make financial savings and enriched our communities along the way. Here’s just a few of our highlights:

Development

The six key pillars to our development plans are:

In our first full year as JUST we have improved:

Property – by undertaking and facilitating works to 26 flats. We have also created a sensory suite to enable people with learning disabilities to enjoy touch, sound and light.

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

People - We are pleased to be a provider of choice for people wishing to work in the adult social care sector thanks to our recognition awards, comprehensive and accredited training programme and work life balance terms and conditions.

We are passionate about supporting young people and to get their first foot on the social care career ladder. We therefore work closely with London universities to:

Services – We have extended our housing management support services to meet our expansion of rental properties. Our support services have also benefitted from dedicated qualified management and support which has enabled us to build and implement the JUST Quality service league table which helps us to evidence standards and excellence.

We have also run several workshops and education sessions to promote health and wellbeing, reduce hoarding and better manage addictions. Thanks to our JUST Act platform more activities are offered and attended each week with service users delivering and taking part in leisure, fun, educational and life skills learning.

Just Social Value and Impact -when you have been in social care for the long haul it is difficult to measure your impact but as a rough guide we have ….

Supported over c150 people per year Been established for 53 years

Provide support in most services 24x7 days per week say 300 days per year

That’s a whopping 2,385,000 days support to vulnerable people in West London.

As a registered charity our value to the sector is that unlike other set ups in the for profit sectors as we don’t pay dividends or shareholders and invest 100% back into the charity. Our trustees are unpaid volunteers and our charity ethos and principle are shared by all those who work with us for the benefit of our service users.

That is social value – support your charities or else you’ll lose them.

Future plans - During 2025/26 we plan to further build on the excellent achievements of the past year.

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

Governance

Our trustees come to JUST from diverse backgrounds with a wealth of life experience and expertise in their professions. They share their skills and knowledge freely to drive JUST, our charity, forward and draw on their backgrounds in:

Risk and Uncertainties in the Immediate Future

The risks and uncertainties for JUST remain the same as those for all health and social care providers in the cash strapped world in which we operate. The challenges of recruiting suitably skilled and abled staff remain. We have, however, developed strategies to reduce the risks and uncertainties and review these regularly with our trustees including:

Lack of suitably skilled and abled staff:

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

Decline in the value of support contracts:

Risk Management (Corporate)

To provide effective risk management and sound governance the Trustees:

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

Financial risk management

Just’s financial instruments comprise cash and items such as rental arrears and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to finance our operations. The existence of these financial instruments exposes us to financial risks. The main risks arising from our financial instruments are considered by the Board to be liquidity risk and credit risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidity risk

Just manages financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and invest cash assets safely and profitably.

Credit risk

Just’s principal credit risk relates to tenant arrears. This risk is managed by providing support to tenants and by closely monitoring the arrears of self-funding tenants. Welfare reform changes to the benefits system have continued to be identified as a key risk to Just and the Board continues to monitor the impact of these changes

Disabled Persons

We are committed to supporting people with disabilities and/or health conditions to gain access to paid employment according to the needs of our services and service users. Our central team is diverse and reflective of the communities within we work. We employ people with physical disabilities, those who are neurodiverse, and we are also pleased to be able to support people with long term mental health conditions back into the workplace.

Inclusive

We at JUST are proud to be an inclusive employer and have a positive record of attracting the brightest and the best trustees, managers and frontline staff. We review access to our services and employment to ensure that people from all walks of life are welcome.

Information from our HR database illustrates a snapshot of management for the 24/25 financial year.

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

Central Team

Sex:

Disabilities:

Managers

Ethnicity:

Sex:

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

Employee Information

Our communication strategy is well received, and we continue to share regular bulletins, debriefs, newsletters and activity update emails. We also have company meetings; staff conferences and ad hoc social and information events and we share information by:

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

Key Performance Indicators

We have detailed below our performance against the key indicators of occupancy, staff turnover and arrears (with the exclusion of radical rent):

2025 2024
Occupancy 91% 89%
Staff turnover 16% 14%
Arrears 4% 5%

Value for Money Metrics

The following VfM metrics have been calculated as recommended by the Regulator of Social Housing:

Our unique services benchmark data may not provide meaningful, comparative information. We do however use data obtained from the accommodation-based support sector to inform our decisions.

Governance and Financial Viability Standard

The annual review of compliance against the Regulator of Social Housing’s Governance and Financial Viability Standard has been carried out and JUST was compliant in Governance and Financial Viability Standard during the reporting period. The board adopts the Nolan principles in the governance of the company.

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

Level of Reserves

In line with best practice JUST seeks to maintain unrestricted reserves and working capital at a prudent level to ensure that the Company’s current and planned future activities can operate effectively and to enable any unexpected financial interruption to be satisfactorily managed. We aim to secure 6-12 months working capital and are pleased to report that we currently have 8 months running costs should the unforeseen happens.

Disclosure of Information to the Auditor

The Board of Trustees (directors and trustees of the company) who held office at the date of approval of this Board report confirm 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 himself/herself aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.

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 S. Chamberlain A. Diggle Prof. C. Flood M. Driver Prof. B. Thomas C. Thompson J. Ward-Smith (MBE)

J. Ward-Smith (MBE)

JUST’s Trustees Skills and Expertise

We have a skilled and experienced Board of Trustees who are responsible for the Governance of JUST including setting and monitoring the Strategic Direction with support

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

from the Leadership Team to whom they delegate the day-to-day management. The Board of Trustees meet 4 times per year and are informed by a Finance Sub-Committee and a Personnel Sub-Committee who in turn also meet 4 times per year. The Programme of Business and strategic progress is reviewed annually by the Trustees at the Strategic Planning Review and the Audit and Annual Report are approved annually at the AGM.

All members of the Board are members of the Company and guarantee to contribute to the 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 2025 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.

The Board is responsible for preparing a Report of the Board of Trustees and Strategic Report and the financial statements in accordance with applicable law and regulations.

Statement of Board of Trustees responsibilities

The law requires the Board to prepare financial 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 Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including 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 statements, the directors are required to:

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JUST CIRCLE LIMITED

REPORT OF THE BOARD OF TRUSTEES AND STRATEGIC REPORT for the year ended 31 March 2025 (continued)

The Board are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company, and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. They are also responsible for safeguarding the assets of the Company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

A resolution to appoint S&W Audit (a trading name of S&W Partners Audit Limited) (formerly CLA Evelyn Partners Limited) as auditor to the Company will be submitted to the Annual General Meeting in September 2025.

This report was approved by the Board of Trustees on 26 September 2025 and signed on its behalf by:

Chris Flood (Sep 30, 2025 11:44:19 GMT+1)

Chris Flood

30/09/2025

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JUST CIRCLE LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF JUST CIRCLE LIMITED

Opinion

We have audited the financial statements of Just Circle Limited (the ‘association’) for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and Reserves, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

Our responsibilities and the responsibilities of the directors with respect to going concern 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 the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing

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JUST CIRCLE LIMITED

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the association and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Board of Trustees and Strategic Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the Statement of Board’s Responsibilities set out on page 14 , the members of the board, who are the directors of the association for the purposes of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal controls as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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JUST CIRCLE LIMITED

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

We obtained a general understanding of the association’s legal and regulatory framework through enquiry of management concerning: their understanding of relevant laws and regulations and the entity’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:

We identified the following laws and regulations as being of significance in the context of the association:

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations above:

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the association’s financial statements to material misstatement, including how fraud 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. The procedures carried out to gain evidence in the above areas included:

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

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JUST CIRCLE LIMITED

Use of our report

This report is made solely to the association’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we 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 as a body, for our audit work, for this report, or for the opinions we have formed.

Julie Mutton S&W Audit (Oct 1, 2025 09:54:09 GMT+1)S&W Audit 01/10/2025 Senior Statutory Auditor, for and on behalf of S&W Audit Statutory Auditor Chartered Accountants

45 Gresham Street London EC2V 7BG

29[th] September 2026

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JUST CIRCLE LIMITED

STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 March 2025 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 March 2025 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 March 2025 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 March 2025
Note 2025 2024
£ £
Turnover 4 7,149,887 7,352,411
Operating expenditure (7,461,402) (7,552,335)
Other Income 127,904 92,652
Operating (deficit) 3 (183,611) (107,272)
Interest receivable and similar income 7 112,939 123,799
Gain on fair value of investment 16 4,319 2,008
(Deficit)/Surplus before property (66,353) 18,535
revaluation
Gain/(Loss) on revaluation of investment 8 74,062 (12,381)
property
Surplus for the financial year 7,709 6,154

Registered number 01197478 England and Wales

The notes on pages 25 to 34 form part of these financial statements.

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JUST CIRCLE LIMITED

STATEMENT OF FINANCIAL POSITION as at 31 March 2025

Notes
Fixed assets
Investment property
8
Tangible assets – housing properties
9
Current assets
Debtors
10
Financial assets-investments
16
Cash at bank and in hand
11
Creditors: amounts falling due in less
than one year
12
Net current assets
Total assets less current liabilities
Provisions for liabilities
13
Net assets
Capital and reserves
Designated reserves
Revaluation reserves
General reserves		 2025
£
4,188,630
10,369,297

14,557,927

277,087
309,829
6,019,548
6,606,464
(664,951)
5,941,513
20,499,440

(171,803)
20,327,637

11,796,719

2,761,211
5,769,707
20,327,637		 2024
£
4,114,570
10,920,447
15,035,017
384,007
305,510
5,542,511
6,232,028
(775,415)
5,456,613
20,491,630
(171,803)
20,319,827
12,347,959
2,687,148
5,284,720
20,319,827

The financial statements were approved by the Board of Trustees on 26 September 2025 and were signed on its behalf by:

Stephen Bashorun, Chair of Finance Committee Chris Flood, Chair

Chris Flood (Sep 30, 2025 11:44:19 GMT+1) Registered number 01197478 England and Wales

The notes on pages 25 to 34 form part of these financial statements.

30/09/2025

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JUST CIRCLE LIMITED

STATEMENT OF CHANGES IN EQUITY AND RESERVES FOR THE YEAR ENDED 31 March 2025

Notes
At 1 April 2024
Surplus for the year
Transfer between reserves
Revaluation
At 1 April 2024
Surplus for the year
Transfer between reserves
General
Transfer between reserves
Revaluation
At 31 March 2025		 Designated
Reserves

£
11,625,372
-
722,587
-
12,347,959
-
(551,240)
-
11,796,719		 General
Reserves
£
5,988,772
6,154
(722,587)
12,381
5,284,720
7,709
551,240
(74,062)
5,769,707		 Revaluation
Reserve
£
2,699,529
-
-
(12,381)
2,687,148
-
-
74,062
2,761,211		 Total
Reserves
£
20,313,673
6,154
-
-
20,319,827
7,709
-
-
20,327,637

The notes on pages 25 to 34 form part of these financial statements.

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JUST CIRCLE LIMITED

STATEMENT OF CASH FLOWS for the year ended 31 March 2025

Notes
Net cash generated from operating
activities
A
Investing activities
Interest received
Purchase of tangible fixed assets
investments
Net cash from /(used in) investing
activities
Financing activities
Interest paid
Net cash generated from/(used in)
financing activities
Net increase/(decrease) in cash and
cash equivalents
Cash and cash equivalents at beginning
of the year
Cash and cash equivalents at end of
year		 2025
£

495,430
112,939
(131,332)
(18,393)
-
-
477,037
5,542,511
6,019,548		 2024
£
65,225

123,799

(1,365,788)
(1,176,764)
-
-
(1,176,764)
6,719,276
5,542,511

The notes on pages 25 to 34 form part of these financial statements.

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JUST CIRCLE LIMITED

NOTES TO THE STATEMENT OF CASH FLOWS for the year ended 31 March 2025

A RECONCILIATION OF SURPLUS TO NET CASH GENERATED FROM OPERATING ACTIVITIES

CTIVITIES
Surplus for the financial year
Loss/(Gain) on revaluation of investment property
Loss/ (Gain) on fair value of investment
Interest receivable and similar income
Depreciation charge on tangible fixed assets
Decrease in debtors
(Decrease) in creditors
(Decrease) in provisions
Net cash generated from operating activities		 2025
£
7,709
(74,062)
(4,319)
(112,939)
682,482
106,920
(110,361)
-
495,430		 2024
£
6,154
12,381
(2,008)
(123,799)
643,291
(65,803)
(224,991)
(180,000)
65,225

B ANALYSIS OF CHANGES IN NET FUNDS

Cash
Total		 At 1
April 2024
£
5,542,511
5,542,511		 Cash flows
£
477,037
477,037		 Other non-
cash
changes
£
-
-		 At 31
March 2025
£
6,019,548
6,019,548

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JUST CIRCLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1 Accounting policies

The principal accounting policies are summarised below.

Basis of preparation

Just Circle Limited is a company limited by guarantee without share capital and registered as a charity, incorporated in England and Wales and as a Registered Provider of Social Housing. The address of the registered office is Carlyle House, 235-237 Vauxhall Bridge Road, London, SW1V 1EJ. The company meets the definition of a Public Benefit Entity per FRS 102.

The financial statements are prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice, Accounting by registered social housing providers 2018, (“the SORP”) issued by the National Housing Federation. The financial statements also comply with the Accounting Direction for private registered providers of social housing 2022 (“the Direction”).

These financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. The financial statements have been prepared under the historical cost convention, except where otherwise stated, and are presented in sterling £.

Going concern

The Board have prepared these financial statements on a going concern basis. This follows a review of expected future cash flows taking into account the timing of expected income and expenditure. Based on that review, the Board consider that all of the Company’s liabilities will be met at or before the point they fall due for a period of at least 12 months from the date of signing the accounts.

Turnover

Charges to residents and income from investments are included in 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 in full in the Statement of Comprehensive Income when received unless it is provided for a specific purpose in which case it is recognised in the Statement of Comprehensive Income in the period in which the relevant expenditure is incurred.

Revenue grants including contracts from local authorities are credited to the Statement of Comprehensive Income in the period to which they relate.

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JUST CIRCLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1 Accounting policies (continued)

Fixed assets and depreciation

The capital cost of housing properties includes the purchase price and alteration works where this enhances the economic benefit of the property. Housing properties are stated at cost less accumulated depreciation and any recognised impairment losses.

Fixed assets are depreciated at varying rates in order to write off the cost less estimated residual value of the assets over their useful lives. The useful lives are estimated as follows:

Property 13 years Motor vehicles 3 years

The land element of property is not depreciated.

The Company has elected not to adopt component accounting in respect of its old housing properties. This decision was taken due to the fact that the useful life that would be applied to individual components was not deemed to be materially different from the 13 year useful life of property stated above. Component accounting has been applied in respect of properties acquired in and after 2020 and will be applied when substantial works are undertaken on existing properties which require capitalisation. The various components and associated estimated useful lives are:

Kitchens 7 years Roofs 25 and 50 years
Bathrooms 10 years Windows & doors 12 years
Boiler & Heating 7 years Bricks and mortar 50 years

Impairment of housing properties

At each statement of financial position date, housing schemes are assessed to determine if there are indicators that the property may be impaired in value; if there are such indicators of impairment, then a comparison of the property’s carrying value with its recoverable amount is undertaken. Any excess over the recoverable amount is recognised as an impairment loss and charged as expenditure in the Income and Expenditure account; the carrying value is reduced appropriately.

Investment property

Investment properties, which are properties held to earn rental and/or for capital appreciation, are initially measured at cost and subsequently at fair value. The directors have opted to revalue annually, with the support of independent professional valuers on a periodic basis at the balance sheet date. When the directors revalue the properties they make judgements based on current tenants, remainder of the lease term of tenancy, location, and other market conditions. Gains or losses on revaluation are recognised in the Statement of Comprehensive Income and where these are above depreciated historic cost they are subsequently transferred to the property revaluation reserve through the Statement of Changes in Equity and Reserves.

Other grants

Grants received from non-government sources are recognised using the performance model. A grant which does not impose a specific future performance condition is recognised as revenue when the grant proceeds are receivable. A grant that imposes a specific future performance related condition on the company is recognised only when those conditions are

26

JUST CIRCLE LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1 Accounting policies (continued)

met. A grant received before the revenue recognition criteria is satisfied is shown as a liability in the Statement of Financial Position.

Value added tax

The Company is not registered for VAT purposes and expenditure is shown gross of any value added tax.

Pension costs

The Company contributes to certain employees’ personal pension plans on a defined contribution basis. Contributions are also made to the pension scheme of certain employees in accordance with their rights under TUPE. The pension cost charge represents the contributions payable under the scheme by the Company to the fund. The Company has no liability under the scheme other than for the payment of those contributions.

Contributions to defined contribution pension schemes are charged to the Income and Expenditure account as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the Statement of Financial Position.

Designations

Designated reserves are unrestricted reserves earmarked by the Board for particular purposes. The designations are as follows:

General reserve

This reserve relates to the cumulative retained earnings, excluding revaluations and designated reserves.

Revaluation reserve

This reserve relates to the cumulative revaluation of investment property.

Financial instruments

Financial assets and financial liabilities are recognised 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 subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Investments are recognised at their fair value with movements going to the Income and Expenditure account.

27

JUST CIRCLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1 Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of under a year and bank overdrafts which are an integral part of the company’s cash management.

Employee benefits

Short term employee benefits such as holiday pay are accrued as services are rendered.

Operating leases

Rentals payable under operating leases are charged to Income and Expenditure on a straight line basis over the lease term. The aggregate benefits of any lease incentive are recognised as a reduction in expenses recognised over the term of the lease.

2 Key sources of estimation uncertainty and judgements

The preparation of Financial Statements requires the use of estimates and assumptions 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 assumptions are based on historical experience and the management’s best knowledge of current events and actions, the actual results may ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an on-going basis.

Critical judgements

The following are critical judgements apart from those involving estimations (which are dealt with separately below), that the trustees make in the process of applying the Company’s accounting policies and that have the most significant effect on the amount recognised in the financial statements:

Categorisation of housing properties as investment properties or tangible fixed assets

Properties which are held with the primary purpose being to earn market rents, capital appreciation or both are accounted for as investment properties. Properties held with the primary purpose being to provide social housing and properties used for administrative purposes are classified as tangible assets – housing properties.

Identification of housing property components

As explained in note 1 above, for additions to housing properties and capitalisation of significant works, depreciation is calculated on a component by component basis. The identification of such components is a matter of judgement and may have a material impact on the depreciation charge. The components selected are those which reflect how the major repairs to the property are managed.

28

JUST CIRCLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

Key sources of estimation uncertainty

The estimates and assumptions which have the most significant effect on amounts recognised in the financial statements are discussed below:

Valuation of Investment property

The company holds two investment properties which were previously held as housing properties. After transfer and initial recognition, the investment property is measured at its fair value. The valuation assessment at year end has been performed by the directors of the Company based on publicly available market data.

Useful lives of Company properties

The depreciation applied by the Company to its owned properties takes into account the age and condition of the properties as well as the intensive utilisation sustained by the assets due to the nature of the services and client group of the Company. The accumulated depreciation at 31 March 2025 was £7,690,152 (2024: £7,007,670).

Dilapidations 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 requirements, see note 13.

Bad debt provision

The debtor balances in respect of charges to service users and statutory bodies of £95,295 (2024: £122,826) and revenue grant receivable £37,184(2024: £76,191) are recorded in the Company’s Statement of Financial Position. A full line by line review of debtors balances is carried out regularly. No provision is deemed necessary at 31 March 2025 as the directors are confident of recovery.

3
Operating surplus
Is stated after charging:
Depreciation
Auditor’s remuneration – audit services including VAT
Operating lease payments - buildings		 2025
2024
£
£
682,482
643,291
39,598
37,708
102,376
92,000

29

JUST CIRCLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

4
Social Housing Turnover and Costs
5
Staff costs
The average weekly number of persons employed
during the year (full time equivalents) was:
Staff costs for the above persons were:
Wages and salaries
Social security costs
Pension costs
Rent receivable excluding service charge
Service charges receivable
Revenue Grants
Social housing activity expenditure
Operating (deficit)/surplus and net (deficit)/surplus
from social housing activities
Void Losses		 2025
£
2025
Number
157
£
4,073,305
373,481
104,217
4,551,003
2,108,017
108,883
4,518,553
(7,297,192)

(561,739)
(217,249)		 2024
£
2,117,604
112,449
4,909,553
(7,552,335)
(412,279)
(282,561)
2024
Number
167
£
4,284,442
383,941
114,269
4,782,652

6 Emoluments of the Board and senior management team

The directors of the Company do not receive any remuneration and the below amounts relate solely to managerial staff considered to be key management personnel.

Remuneration paid to key management personnel
comprised:
Gross salary
Social security costs
Employer’s pension contributions		 2025
£
205,385
28,343
12,323
246,051		 2024
£
205,385
28,343
12,323
246,051

2025 2024

30

JUST CIRCLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

Highest paid director’s aggregate emoluments
(excluding pension)
Pension		 £
86,365
5,182
91,547		 £
86,365
5,182
91,547

The full time equivalent number of staff whose remuneration payable in relation to the period of account fell within the following bands:

£60,001 - £70,000
£80,001 - £90,000
7
Interest receivable and similar income
Bank interest receivable
Dividend from investments		 2025
No
1
1
2025
£
110,891
2,048
112,939		 2024
No.
1
1
2024
£
121,320
2,479
123,799

8 Investment property Valuation

Investment property Valuation
At 1 April 2024
Fair value adjustment
At 31 March 2025		 4,114,570
74,062
4,188,632

31

JUST CIRCLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

9
Tangible assets
-housing
properties
Properties
Cost
£
At 1 April 2024
12,981,510
Addition in the
year
131,332
At 31 March 2025
13,112,842
Depreciation
At 1 April 2024
7,007,670
Charge for the
year
682,482
At 31 March 2025
7,690,152
Net book value
At 31 March 2025
5,422,693
At 31 March 2024
5,973,670
10
Debtors
Gross arrears of charges to
customers & other statutory
bodies
Revenue grants receivable
Other debtors
11
Cash and cash equivalents
Cash at bank and in hand		 Land
£
4,946,607
-
4,946,607
-
-
-
4,946,607
4,946,607
2025
£
95,295
37,188
144,604
277,087
2025
£
6,019,548
6,019,548		 Land
£
4,946,607
-
4,946,607
-
-
-
4,946,607
4,946,607
2025
£
95,295
37,188
144,604
277,087
2025
£
6,019,548
6,019,548		 Total
£
17,928,117
131,332
18,059,449
7,007,670
682,482
7,690,152
10,369,297
10,920,447
2024
£
122,826
76,191
184,990
384,007
2024
£
5,542,511		 Total
£
17,928,117
131,332
18,059,449
7,007,670
682,482
7,690,152
10,369,297
10,920,447
2024
£
122,826
76,191
184,990
384,007
2024
£
5,542,511



6,019,548 5,542,511

32

JUST CIRCLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

12
Creditors
2025
2024
£
£
Amounts falling due within one year:
Trade creditors
134,439
101,844
Customers’ charges in advance
130,790
267,648
Other creditors
-
26,500
Other taxation and social security
160,095
151,900
Accruals and deferred income
239,627
227,523
664,951
775,415
13
Provisions
Dilapidations
provision
£
At 1 April 2024
171,803
Additions
-
Released
-
At 31 March 2025
171,803
14
Housing units at end of year – supported housing and
radical rent
2025
2024
Units
Units
Owned
72
92
Managed
39
39
Radical rent – market rent
31
16
142
147		 2024
£
101,844
267,648
26,500
151,900
227,523
775,415
Dilapidations
provision
£
171,803
-
-		 2024
£
101,844
267,648
26,500
151,900
227,523		 2024
£
101,844
267,648
26,500
151,900
227,523
775,415
171,803
2024
Units
92
39
16
147

15 Operating leases

The Company holds properties and office equipment under non-cancellable operating leases. At 31 March 2025, the Company had the following future minimum lease payments under non-cancellable leases:

For leases expiring:
Within one year
In two to five years		 2025
£
59,614
2,734
62,348		 2024
£
92,000
62,348
154,348

33

JUST CIRCLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

16 Financial instruments

Financial instruments
Equity instruments measured at fair value through the
income and expenditure account
Current asset listed investments
Cash
WS Ruffer Total Return Fund
Schroder Sustainable UK Equity
Liontrust Income /Neptune Income
Fair value gains and losses
Gain on financial assets measured at fair value through
profit or loss
Current asset listed investments		 2025
£
254
101,194
84,364
124,017
309,829
4,319
4,319		 2024
£
255
98,539
84,290
122,456
305,540
2,008
2,008

17 Ultimate controlling party

There is no ultimate controlling party

18 Capital Commitments

Capital commitments contracted but not provided for in the financial statement were as follows:

Amount contracted £Nil Amount authorised by the board but not contacted £Nil

19 Related Party Transaction

During the year, a member of Key Management Personnel was provided with a staff loan of £6,107 in accordance with guidance set out in the company’s Finance Manual to facilitate a complaint to HMRC. In accordance with the repayment plan, £4,607 remained outstanding at the year end .

34