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2025-08-31-accounts

Financial Statements

For the year ended 31 August 2025

West London Mission Housing Association Limited

West London Mission Housing Association Limited Year ended 31 August 2025

Contents

______

Page
Directors’ report 1–3
Independent Auditor's report 4 - 7
Consolidated Statement of Comprehensive Income 8
Consolidated Statement of Financial Position 9
Association Statement of Financial Position 10
Consolidated Statement of Cash Flows 11
Notes to the financial statements 12 - 26

West London Mission Housing Association Limited Year ended 31 August 2025

Company information

Directors (from 1 September 2024 to 13 February 2026,unless otherwise stated)

Rev P Cornick Mr J M Furniss Rev P Hill Rev A Lawrence (resigned 12 August 2025) Rev M Long (appointed 26 June 2025) Mr J S Neilson Mr A Redfern (appointed 26 September 2025) Mr M J Single Ms ACJ Siow Mr G T Slater Secretary (acting) Mr M Single Registered office 19 Thayer Street London W1U 2QJ Registered company number 00495241 Registered charity number 281929 Regulator of Social Housing registration number LH3373 Independent Auditors Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP

West London Mission Housing Association Limited Year ended 31 August 2025

Directors’ report

_____

The directors present their report and the consolidated financial statements for the year ended 31 August 2025.

Principal activities

The company is a charitable housing association limited by guarantee. Its principal activities are:

Those of trustee of the West London Mission Donald Soper Fund.

These financial statements incorporate the financial statements of the individual housing and community services located in the properties mentioned therein.

These financial statements also incorporate the incoming resources, resources expended, and the assets and liabilities of the West London Mission Donald Soper Fund. The object of this Fund is to support the charitable housing and community services of the West London Mission Circuit of the Methodist Church (“the Circuit”), formerly known as WLM Services. The services were rebranded in January 2024 under the name Strides.

The company is the registered owner of various properties in which the Strides services are carried on. The staff of all these services are jointly employed by the company and the West London Mission Circuit.

The West London Mission Circuit manages the following properties owned by the company and the resulting surplus or deficit (except for amortisation and depreciation on housing properties, amounts set aside for dilapidations and surplus on disposal of properties) is passed to the West London Mission Circuit.

During the period under review the occupants of each property were as follows:-

Strides Wincott Street The site has a community hub hosting a mix of community 25A Wincott Street support and outreach partnerships and events. The site also London SE11 has a residential building with 26 bedrooms and a one bedroom flat, which provides low cost accommodation for keyworkers.

Strides Holly Park 280 Holly Park London N4

We are working with DePaul UK, New Horizons and the GLA to deliver the London Youth Hub for homeless young people aged 18 - 25.

Strides Burgess Park House (protected address)

We provide support and accommodation in a refuge for LGBTQ+ people who are survivors of domestic abuse, in collaboration with STAR Community CIC and MOPAC.

Strides Cherry Tree House 343 Clapham Road London SW9

This service reopened in the year and provides supported accommodation for veterans.

1

West London Mission Housing Association Limited Year ended 31 August 2025

Directors’ report (continued)

__

The company leased the following property to the Trustees for Methodist Church Purposes for a term of ten years from 1 April 2005.Subsequently the lease has been renewed to 2025 and has been held over since that date, the West London Mission Circuit Meeting being the managing trustees:

Strides Katherine Price Hughes House 28 Highbury Grove London N5

This is an "approved premise" under the Criminal Justice and Courts Service Act 2000 and provides housing and support services for men released from custody on licence.

Directors

The members set out below have held office during the whole of the period from 1 September 2024 to the date of this report unless otherwise stated:

Rev P Cornick Mr J M Furniss Mr J S Neilson Mr M J Single Ms A C J Siow Mr G T Slater Rev P Hill Rev A Lawrence (to 12 August 2025) Rev M Long (appointed 26 June 2025) Mr A Redfern (appointed 26 September 2025)

The amount guaranteed by each director in the event of the winding-up of the company is £1.

Directors’ responsibilities

Registered Providers’ legislation requires the directors to prepare financial statements for each financial period which give a true and fair view of the state of the company and the group as at the end of the financial period and of the income and expenditure of the group for the period ended on that date. In preparing those financial statements, suitable accounting policies have been used, framed, to the best of the directors’ knowledge and belief, by reference to reasonable and prudent judgements and estimates and applied consistently. Applicable accounting standards have been followed. The directors are also required to indicate where the financial statements are prepared other than on the basis that the company is a going concern.

The directors are responsible for ensuring that arrangements are made for keeping proper books of account with respect to the company's transactions and its assets and liabilities and for maintaining a satisfactory system of control over the company's books of account and transactions. The directors are also responsible for ensuring that arrangements are made to safeguard the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Value for Money statement

We are committed to providing excellent services that offer real value to our service users at a reasonable cost to funders. Our policy is to cover the full cost of services including proper provision for cyclical repairs. We benchmark our staff costs against comparable roles in the public and voluntary sector, and aim to develop the talents of all staff by a disciplined performance management process. We undertake competitive tendering for major works to properties. As far as feasible we focus on energy efficiency.

2

West London Mission Housing Association Limited Year ended 31 August 2025

Directors’ report (continued)

____

The directors have regard to the VFM Standard. The VFM metrics derived from these financial statements in accordance with the Technical Note are as follows:

Reinvestment: 2.8% New supply: 0 Gearing: 46.4% EBITDA MRI interest cover: 0% Headline social housing cost: £12,080 per unit Operating margin (social housing lettings: 13.0% Operating margin (overall): 18.5% Return on capital employed: 4.8%

However, these ratios may have limited value due to the financial support provided by the West London Mission Circuit.

Governance and Financial Viability

The directors have adopted, and have regard to, the Charity Governance Code for smaller charities under the Governance and Financial Viability Standard. They have reviewed their compliance with the Standard and believe, after due consideration, that they comply with the Standard.

Going Concern

During the year, the company has commenced a managed wind-down of its activities which, when completed would lead to a cessation of activity and disposal of the company’s properties. As there are no plans to commence other activities the accounts have been prepared on a basis other than going concern. There has been no impact on the recognition and measurement of assets and liabilities as a result of adopting a basis other than going concern. West London Mission Circuit continues to provide support to the company and have confirmed that they will continue to support the Company until 31 August 2026

Statement as to disclosure of information to auditors

We have taken all the necessary steps to make ourselves aware, as directors, of any relevant audit information and to establish that the auditors are aware of that information. As far as the directors are aware, there is no relevant audit information of which the company’s auditors are unaware.

This report has been prepared in accordance with the special provisions of S414 (3) of the Companies Act 2006 relating to small companies.

Auditors

Moore Kingston Smith LLP have signified their willingness to continue in office and a resolution to reappoint Moore Kingston Smith LLP as auditors to the company will be proposed at the Annual General Meeting.

Approved by the Board on 13 February 2026 and signed on its behalf by

Mr M Single

Director

3

West London Mission Housing Association Limited Year ended 31 August 2025

Independent auditor’s report to the members of West London Mission Housing Association Limited

______

Opinion

We have audited the financial statements of West London Mission Housing Association Limited (‘the parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2025 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Association Statements of Financial Position, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 charitable company 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.

Emphasis of matter - financial statements prepared on a basis other than going concern

As explained in note 1 to the financial statements, the company has commenced a managed wind-down of its activities which, when completed will lead to a cessation of activity and disposal of the company’s properties. As a result, the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 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 there is 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.

4

West London Mission Housing Association Limited Year ended 31 August 2025

Independent auditor’s report to the members of West London Mission Housing Association Limited (continued)

______

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 group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these

5

West London Mission Housing Association Limited Year ended 31 August 2025

Independent auditor’s report to the members of West London Mission Housing Association Limited (continued)

______

financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

6

West London Mission Housing Association Limited Year ended 31 August 2025

Independent auditor’s report to the members of West London Mission Housing Association Limited (continued)

______

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company'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 company’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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 23 February 2026

Andrew Stickland (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

7

West London Mission Housing Association Limited Consolidated Statement of Comprehensive Income For the year ended 31 August 2025

Notes
Turnover
3
Operating costs
3
Operating surplus
3
Other income
Grants
Interest payable and similar charges
Change in fair value of investments
9
Surplus/(deficit) on ordinary activities before taxation
5
Tax on ordinary activities
Surplus/(deficit) for the year
Balance brought forward at 1 September
Balance carried forward at 31 August		 2025
2024
£
£
1,088,269
872,581
(886,844)
(848,023)
201,425
24,558
364,288
335,401
(473,609)
(223,224)
(103,587)
(94,456)
(33)
19,869
(11,516)
62,148
-
-
(11,516)
62,148
1,140,434
1,078,286
1,128,918
1,140,434

The Association's results all relate to continuing activities. The Association has no recognised surpluses or deficits other than the deficit for the current or prior year.

8

West London Mission Housing Association Limited Consolidated Statement of Financial Position As at 31 August 2025

----- Start of picture text -----
2025 2024
Notes £ £
Fixed assets
Housing properties - at cost 8 7,687,359 7,550,619
Less: Depreciation 8 (2,823,030) (2,659,388)
Total housing properties 4,864,329 4,891,231
Investments 9 231,227 283,508
Current assets
Debtors 11 409,170 292,284
Cash at bank and in hand 121,586 138,739
530,756 431,023
Creditors: Amounts falling due within one year 12 (1,463,855) (1,346,286)
Net current liabilities (933,099) (915,263)
Total assets less current liabilities 4,162,457 4,259,476
Creditors: Amounts falling due after more than one
13 (3,033,539) (3,119,042)
year
Net assets 1,128,918 1,140,434
Reserves 14 1,128,918 1,140,434
----- End of picture text -----

These financial statements have been prepared in accordance with the special provisions of S.414 (3) of the Companies Act 2006 relating to small companies.

These financial statements were approved by the Board on 13th February 2026 and signed on its behalf by

Mr G T Slater, Director

Mr M Single, Director

9

West London Mission Housing Association Limited Association Statement of Financial Position As at 31 August 2025

----- Start of picture text -----
2025 2024
Notes £ £
Fixed assets
Housing properties - at cost 8 7,687,359 7,550,619
Less: Depreciation 8 (2,823,030) (2,659,388)
Total housing properties 4,864,329 4,891,231
Current assets
Debtors 11 277,275 290,389
Cash at bank and in hand 7,707 7,638
284,982 298,027
Creditors: Amounts falling due within one year 12 (1,463,855) (1,346,286)
Net current liabilities (1,178,873) (1,048,259)
Total assets less current liabilities 3,685,456 3,842,972
Creditors: Amounts falling due after more than one
13 (3,033,539) (3,119,042)
year
Net assets 651,917 723,930
Reserves 14 651,917 723,930
----- End of picture text -----

These financial statements have been prepared in accordance with the special provisions of S.414 (3) of the Companies Act 2006 relating to small companies.

These financial statements were approved by the Board on 13th February 2026 and signed on its behalf by

Mr G T Slater, Director

Mr M Single, Director

A separate statement of comprehensive income is not presented for the Housing Association only as the Housing Association has taken advantage of the exemption offered by Section 408 of the Companies Act 2006. The net expenditure of the Housing Association only for the year ended 31 August 2025 was £72,013 per note 14 (2024: £69,400 deficit).

10

West London Mission Housing Association Limited Consolidated Statement of Cash Flows

For the year ended 31 August 2025

Cash generated from operating activities
Deficit/(Surplus) for the financial year
Interest paid, less received
(Gain)/Loss on investments
Depreciation charge
Amortisation credit
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Net cash generated from operating activities
Cash flows from investing activities
Interest received
Purchase of investments
Sale of investments
Purchase of fixed assets
Net cash inflows/(outflows) from investing activities
Cash flows from financing activities
Interest paid
(Decrease)/Increase in long term borrowings
Net cash outflows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Cash and cash equivalents comprise:
Cash at bank and in hand
Analysis of changes in net debt
At 1 Sept
2024
£
Cash at bank and in hand
138,739
Loans due within one year
(212,842)
Loans due after one year
(1,044,852)
Net debt
(1,118,955)		 2025
2024
£
£
(11,516)
62,148
91,968
81,896
33
(19,869)
163,642
161,201
(91,629)
(91,802)
(116,886)
37,544
117,569
(29,240)
153,181
201,878
11,619
12,560
-
(94,645)
52,248
94,645
(136,740)
(5,661)
(72,873)
6,899
(103,587)
(94,456)
6,126
(2,600)
(97,461)
(97,056)
(17,153)
111,721
138,739
27,018
121,586
138,739
121,586
138,739
Cashflows
At 31 Aug
2025
£
£
(17,153)
121,586
(212,842)
(6,126)
(1,050,978)
(23,279)
(1,142,234)

11

West London Mission Housing Association Limited Year ended 31 August 2025

Notes to the financial statements

_____________

1. Status of the company

The company is incorporated under the Companies Act 2006 and is a company limited by guarantee, without a share capital. It is also a registered charity, registration number 281929, and as such is exempt from corporation tax.

It is also registered with the Regulator of Social Housing, registration number LH3373, in accordance with section 5 of the Housing Association Act 1996, as it is engaged in housing activities as defined in that Act.

Basis of preparation of financial statements on a basis other than going concern

The company has commenced a managed wind-down of its activities which, when completed, would lead to a cessation of activity and disposal of the company’s properties. As a result, the financial statements have been prepared on a basis other than going concern. There has been no impact on the recognition and measurement of assets and liabilities as a result of adopting a basis other than going concern. West London Mission Circuit continues to provide support to the company and have confirmed that they will continue to support the Company until 31 August 2026.

2a. Accounting policies

a) General information and basis of accounting

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council, the Housing SORP 2018 or where silent, the Charities SORP 2019, and comply with the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022.

In accordance with the small companies regime, the company has taken advantage of the exemption available, by virtue of its size, from the requirement to prepare a Strategic Report.

These financial statements incorporate the financial statements of the individual housing and community services located in the properties mentioned therein.

The Association is the sole Trustee of The Donald Soper Fund and so as required by the Charities SORP, these financial statements incorporate the income, expenditure, assets and liabilities of the West London Mission Donald Soper Fund, on a line by line basis.

The West London Mission Circuit manages the properties owned by the company and the resulting surplus or deficit (except for amortisation and depreciation on housing properties, amounts set aside for dilapidations and surplus on property disposals) is passed to or financed by the West London Mission Circuit.

b) Property, plant and equipment - housing properties

Housing properties are shown at cost, including associated legal fees and charges and other expenses of a capital nature. Component accounting has been adopted as recommended by the Statement of Recommended Practice (SORP) relating to housing properties and properties have been split into land, structure, roof, electrics, central heating and kitchen.

12

West London Mission Housing Association Limited Year ended 31 August 2025

Notes to the financial statements (continued)

_____________

The components of the properties are shown at cost. Cost includes the cost of acquiring land and buildings, development costs, interest charges incurred during the development period and expenditure incurred on improvements, which comprise the modernisation and extension of existing properties. Interest on mortgage loans financing development is capitalised up to the date of practical completion of each scheme.

Each identified component is depreciated over its useful economic life as follows:

Land Not depreciated
Structure 50 Years
Roof 30 Years
Electrics 25 Years
Central heating 15 Years
Kitchens 10 Years

Any permanent diminution in the value of such properties is charged to the Statement of Comprehensive Income as appropriate.

c) Social Housing Grant and other government grants

Where grants are received from government agencies such as the Homes and Communities Agency, local authorities, devolved government agencies, health authorities and the European Commission which meet the definition of government grants they are recognised when there is reasonable assurance that the conditions attached to them will be complied with and that the grant will be received.

Government grants are recognised using the accrual model and are classified either as a grant relating to revenue or a grant relating to assets. Grants relating to revenue are recognised in income on a systematic basis over the period in which related costs for which the grant is intended to compensate are recognised. Where a grant is receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs, it is recognised as revenue in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Grants received for housing properties are recognised in income over the expected useful life of the housing property structure. Where a grant is received specifically for components of a housing property, the grant is recognised in income over the expected useful life of the component.

Government grants are recognised as revenue when the grant proceeds are received or receivable. Where a grant imposes specified future performance-related conditions it is recognised as revenue when the performance-related conditions are met. A grant received before the revenue recognition criteria are satisfied is recognised as a liability. Where government grant is provided for the construction of housing properties within a specific scheme, then the performance related condition is met when the construction of the housing properties is complete.

d) Recycling of grants

Where there is a requirement to either repay or recycle a grant received for an asset that has been disposed of, a provision is included in the Statement of Financial Position to recognise this obligation as a liability. When approval is received from the funding body to use the grant for a

13

West London Mission Housing Association Limited Year ended 31 August 2025

Notes to the financial statements (continued)

_____________

specific development, the amount previously recognised as a provision for the recycling of the grant is reclassified as a creditor in the Statement of Financial Position.

On disposal of an asset for which government grant was received, if there is no obligation to repay the grant, any unamortised grant remaining within liabilities in the Statement of Financial Position related to this asset is derecognised as a liability and recognised as revenue in surplus or deficit in the Statement of Comprehensive Income.

e) Furnishing, fittings and equipment

All small additions and replacements for all projects are written off in the period of purchase, with the exception of major items which are written off over 3 to 5 years.

f) Reserves

The property equity reserve is to record realised gains on the disposal of properties and absorbs the depreciation charge.

The cyclical maintenance reserve is based on the association’s obligation to provide on a continuing basis for the repairs and maintenance of its properties, based on a planned programme of works

.

g) Taxation

The company has been granted charitable status and is not liable to corporation tax on its activities for the year

.

h) Turnover

Turnover represents room fees and service charges receivable net of voids, revenue grants and other income. The other income relates primarily to other grants. Service charge income is recognised when expenditure is incurred as this is considered to be the point at which the service has been performed and the revenue recognition criteria met. Turnover arises solely within the United Kingdom.

i) Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial assets carried at amortised cost

Financial assets carried at amortised cost comprise rent arrears, trade and other receivables and cash and cash equivalents. Financial assets are initially recognised at fair value plus directly attributable transaction costs. After initial recognition, they are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

14

West London Mission Housing Association Limited Year ended 31 August 2025

Notes to the financial statements (continued)

_____________

If there is objective evidence that there is an impairment loss, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced accordingly.

A financial asset is derecognised when the contractual rights to the cash flows expire, or when the financial asset and all substantial risks and reward are transferred.

If an arrangement constitutes a financing transaction, the financial asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial liabilities carried at amortised cost

These financial liabilities include trade and other payables and interest bearing loans and borrowings.

Non-current debt instruments which meet the necessary conditions in FRS 102, are initially recognised at fair value adjusted for any directly attributable transaction cost and subsequently measured at amortised cost using the effective interest method, with interest-related charges recognised as an expense in finance costs in the Statement of Comprehensive Income. Discounting is omitted where the effect of discounting is immaterial.

A financial liability is derecognised only when the contractual obligation is extinguished, that is, when the obligation is discharged, cancelled or expires.

Financing transactions – rent arrears

For rent arrears where the arrangement constitutes, in effect, a financing transaction because of extended credit arrangements the arrears are derecognised as a financial asset and a new financial asset measured at the present value of the future payments discounted at an appropriate market rate of interest. The present value adjustment is recognised in surplus or deficit in the Statement of Comprehensive Income.

A review has been undertaken on all residents who currently have a payment plan in place for rent arrears. Following assessment, it has been confirmed that the payment plan totals are not material, and therefore no adjustment has been necessary in the financial statements.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits.

j) Investments

Investments are included in the balance sheet at market value.

All movements in value arising from investment changes or revaluation are shown in the Statement of Comprehensive Income.

Realised gains or losses on investments are calculated as the difference between the disposal proceeds and market value at the beginning of the year. Unrealised gains or losses are derived from the movement in market values during the year.

15

West London Mission Housing Association Limited Year ended 31 August 2025

Notes to the financial statements (continued)

_____________

2b. Significant management judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ

from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

Significant management judgements

The following are management judgements in applying the accounting policies of the Association that have the most significant effect on the amounts recognised in the financial statements.

Estimation uncertainty

The Association makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Fair value measurement

Management uses valuation techniques to determine the fair value of assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument. Management base the assumptions on observable data as far as possible but this is not always available. In that case, management uses the best information available. Estimated fair values may vary from the actual process that would be achievable in an arm’s length transaction at the reporting date.

16

West London Mission Housing Association Limited Notes to the financial statements (continued) For the year ended 31 August 2025

3 Turnover, operating costs and operating surplus/(deficit)

Income and expenditure from lettings
Housing accommodation
Other income and expenditure
Other		 Turnover
Operating
costs
Operating
surplus /
(deficit)
£
£
£
986,299
857,687
128,612
101,970
29,157
72,813
1,088,269
886,844
201,425
Total 2025		 Turnover
Operating
costs
Operating
surplus /
(deficit)
£
£
£
820,336
800,505
19,831
52,245
47,518
4,727
872,581
848,023
24,558
Total 2024

17

West London Mission Housing Association Limited Notes to the financial statements (continued) For the year ended 31 August 2025

4 Income and expenditure from lettings

4 Income and expenditure from lettings
Total 2025 Total 2024
Supported Supported
housing housing
£ £
Income
Rent and service charges receivable 667,403 784,327
Voids (71,671) (168,295)
Net rental income
Government grants taken to income		 595,732
390,567		 616,032
204,304
Turnover from lettings 986,299 820,336
Operating costs
Services
Management
Routine maintenance		 431,642
296,161
129,884		 425,044
206,212
169,249
Operating costs on lettings 857,687 800,505
Operating surplus/(deficit) on lettings 128,612 19,831
5 Surplus/(deficit) on ordinary activities
Surplus/(deficit) on ordinary activities for the year is stated after charging:
2025 2024
£ £
Depreciation on tangible fixed assets 163,642 161,201
Amortisation of social housing grant (91,629) (91,802)
Auditors' remuneration - in their capacity as external auditors
Current year 23,550 23,550
Prior year - 22,620

18

West London Mission Housing Association Limited Notes to the financial statements (continued) For the year ended 31 August 2025

6 Staff costs

Staff costs
Total 2025 Total 2024
£ £
Wages and salaries 187,150 165,107
Social security costs 21,752 17,481
Other pension costs 24,476 18,483
233,378 201,071
Average number of full time equivalent persons employed during the year:
Number Number
2025 2024
Management - -
Services 6 6
6 6
Average number of staff employed during the year:
Number Number
2025 2024
Management - -
Services 6 6
6 6

One member of staff earned more thank £60,000 but less than £69,999 during the year (2024: none).

The Association makes payments to a group personal pension scheme for staff. The assets are held in an independently administered fund.

19

West London Mission Housing Association Limited Notes to the financial statements (continued) For the year ended 31 August 2025

7 Directors' emoluments

None of the directors received any emoluments or were reimbursed for any expenses during the year (2024: none).

Salaries of the senior management team and key management personnel are charged in the financial statements of West London Mission Circuit.

8 Tangible fixed assets - Group and Association

Cost
At 1 September 2024
Additions
Disposals and fully depreciated
At 31 August 2025
Accumulated depreciation
At 1 September 2024
Charge for the year
Released on disposal and fully depreciated
At 31 August 2025
Net book values
At 31 August 2025
At 31 August 2024		 Freehold
Leasehold
Total
£
£
£
4,118,806
3,431,813
7,550,619
122,883
13,857
136,740
-
-
-
Housing properties
held for letting
4,241,689
3,445,670
7,687,359
896,028
1,763,360
2,659,388
78,582
85,060
163,642
-
-
-
974,610
1,848,420
2,823,030
3,267,079
1,597,250
4,864,329
3,222,778
1,668,453
4,891,231

The leasehold interest in the St Luke's Centre, 25A Wincott Street, London, SE11 passed to the Association on 1 September 1995. The lease is for a term of 99 years commencing on 27 January 1989. The leasehold interest in Burgess Park House, 56 Camberwell Road, London, SE5 is also for the term of 99 years and commenced on 28 September 2001.

20

West London Mission Housing Association Limited Notes to the financial statements (continued) For the year ended 31 August 2025

9 Investments - Group

Investments - Group
At 1 September
Additions
Disposals
Realised and unrealised gains/(losses)
At 31 August
The above total comprises:
CFB UK Equity Fund units
CFB Corporate Bond Fund units
CFB Property Investment Fund units
CFB Managed Fixed Interest Fund units
Cost at 31 August		 Total 2025
Total 2024
£
£
283,508
263,639
-
94,645
(52,248)
(94,645)
(33)
19,869
231,227
283,508
138,097
137,219
-
-
-
50,995
93,130
95,294
231,227
283,508
204,764
254,764

21

West London Mission Housing Association Limited Notes to the financial statements (continued) For the year ended 31 August 2025

10 Subsidiary Undertakings

The results and financial position of the West London Mission Donald Soper Fund are as follows:

Statement of financial activities
Income from
Donations and legacies
Investments
Expenditure on
Raising funds
Charitable activities
Net income/(expenditure)
Balance sheet
Fixed assets
Investments
Current assets
Debtors
Cash at bank and in hand
Net assets
Funds
Realised and unrealised gain/(loss) on investments		 2025
2024
£
£
130,000
100,000
11,549
12,483
141,549
112,483
(1,019)
(804)
(80,000)
-
(81,019)
(804)
(33)
19,869
60,497
131,548
2025
2024
£
£
231,227
303,377
131,895
1,895
113,879
131,101
245,774
132,996
477,001
436,373
477,001
416,504

22

West London Mission Housing Association Limited Notes to the financial statements (continued) For the year ended 31 August 2025

11 Debtors

Debtors
Trade debtors
Prepayments
Accrued income
West London Mission Circuit Fund		 Total 2025
Total 2024
Total 2025
Total 2024
£
£
£
£
87,920
92,564
87,920
92,564
-
8,471
-
8,471
130,000
-
-
-
191,249
191,249
189,355
189,355
Group
Association
409,170
292,284
277,275
290,390

12 Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Other taxes and social security
Accruals
Deferred income
Housing loans (see note 13)
Hinde Street Methodist Church
West London Mission - WLM Strides
West London Mission - Circuit Fund		 Total 2025
Total 2024
Total 2025
Total 2024
£
£
£
£
33,463
29,522
33,463
29,522
19,823
19,034
19,823
19,034
9,655
6,014
9,655
6,014
53,299
53,944
53,299
53,944
1,066
1,066
1,066
1,066
212,842
212,842
212,842
212,842
827,192
766,551
827,192
766,551
13
13
13
13
306,502
257,300
306,502
257,300
Association
Group
1,463,855
1,346,286
1,463,855
1,346,286

23

West London Mission Housing Association Limited Notes to the financial statements (continued) For the year ended 31 August 2025

13 Creditors: Amounts falling due after more than one year

Housing loans
Government grants		 Total 2025
Total 2024
Total 2025
Total 2024
£
£
£
£
1,050,978
1,044,852
1,050,978
1,044,852
1,982,561
2,074,190
1,982,561
2,074,190
3,033,539
3,119,042
3,033,539
3,119,042
Group
Association

In respect of the housing loans £1,050,978 (2024: £1,044,852) represents the balance outstanding under a loan from the West London Mission Circuit in 2001 for the purchase of The Haven. The loan is secured by a charge over the property and is repayable in instalments commencing at £20,000 per annum, both principal and repayments being index linked. Interest is payable at 4.5%. None (2024: £nil) of this liability is included in creditors falling due within one year.

The remaining £20,000 (2024: £20,000) consists of an interest-free loan or repayable grant from the Home Office in connection with major works to Katherine Price Hughes House in 1974. It is not repayable while the building continues to be used as an approved premises.

Government grants

At 1 September
At 31 August
Amortisation to Statement of Comprehensive Income		 Total 2025
Total 2024
£
£
2,074,190
2,165,992
(91,629)
(91,802)
1,982,561
2,074,190

Government grants may become payable, if a Registered Provider sells an asset, to which a grant was attached, and then fails to recycle it with alternative social housing properties within three years.

The total accumulated amount of capital grant received or receivable at the Statement of Financial Position date is £3,921,446 (2024: £3,921,446).

24

West London Mission Housing Association Limited Notes to the financial statements (continued) For the year ended 31 August 2025

14 Reserves

Depreciation / amortisation
Addition to maintenance reserve
Charged to maintenance reserve
Surplus/(deficit) for the year
Transfers between reserves:
At 31 August 2025
At 1 September 2024		 Donald
Soper Fund WLM Strides
Property
equity
reserve
Cyclical
maintenance
reserve
Income &
expenditure
Total
£
£
£
£
£
£
416,504
-
534,575
189,355
-
1,140,434
60,497
-
-
-
(72,013)
(11,516)
-
-
(72,013)
-
72,013
-
-
-
-
-
-
-
-
-
-
-
-
-
477,001
-
462,562
189,355
-
1,128,918
Designated
Restricted

15 Analysis of Net Assets

Fixed assets
Investments
Current assets
Creditors due within one year
Creditors due after more than one year		 Restricted
Funds
Designated
Funds
Unrestricted
Funds
Total
£
£
£
£
-
4,864,329
-
4,864,329
231,227
-
-
231,227
245,774
284,982
-
530,756
-
(1,463,855)
-
(1,463,855)
-
(3,033,539)
-
(3,033,539)
477,001
651,917
-
1,128,918

25

West London Mission Housing Association Limited Notes to the financial statements (continued) For the year ended 31 August 2025

16 Units in management

Number Number
2025 2024
Under management at the end of the year:
Housing accommodation - bed spaces 71 71

17 Related party transactions

The West London Mission Circuit (including housing and community services controlled by the Circuit) has trustees in common with the Association and is therefore considered to be a related party. The Circuit is not considered to be under common control with the Association as normally a minority of the Association's board members are trustees of the Circuit.

During the year, the Association undertook the following transactions with related parties:

Amount owed to/(by) Amount owed to/(by)
Value of transactions WLM Housing
during the year Association
2025 2024 2025 2024
£ £ £ £
West London Mission Circuit
Housing loans (6,126) 2,600 (1,243,820) (1,237,694)
Indexation on housing loans 46,787 36,285 - -
Interest on housing loans 55,781 57,367 - -
Settlement account (49,202) (116,697) (306,502) (257,300)
Debtor (dilapidations
balances)		 - - 189,355 189,355
Grant (80,000) - - -
WLM Strides
Project (surplus)/deficit grant (393,609) (223,224) - -
Administration charges - - - -
Rental income received from
KPH House		 131,040 131,040 - -
Settlement account (60,641) 72,762 (827,192) (766,551)

26