Financial Statements For the year ended 31 March 2025 The St. Michael's Housing Trust Charity Number.. $04340 Regulator of Social Houslng number.. H1416 Financial Statements For the year ended 31 March 2025 The St. Michael's Housing Trust Charity Number.. 504340 Regulator of Social Housing number.. H1416 Contents Trustee, Professional Advisors and Registered Office Report of the Trustee Independent Ey£ri￿$ Report Statement of Financial Activities Statement of movement on reserves Statement of Flnancial Position 10 Notes to the Financial Stat8m8nts 11- 14 Trustee, Professional Advisors and Registered Office The sole corporatetrustee of the charity is Park Lodge Project, another registered charityarKI a company Linited by Guarantee. The corporate trustee is managed by its Board of Directors which consists of non-executive directors. Members of the trust Board are not individual trustees under charlty law but act as agents on behalf of the corporate trustee and fuffil the twstee's duties in accordance with the charitable objectives. The members of the Board of Directors of the corporate trustee who served during the financial year were as follows: David Pollard Nlgel Oldman D8t(srah Lockton Rod Moore Maureen Dover Sarah Oldman Malcolm Pell Sally Blrch Jennrfer Harding Hema Kotecha Indep•nd•nt Examlners Celerica Accountants First Floor The Old Chapel 9 K8mpson Road Leicester LE2 8AN Banker8 National Vvestrninster Bank plc 2-8 Church Street Liverpool L13BG Prfnclpal Offica 2 Central Avenue Leicester LE2 1TB Reglstered Numbers Regulator of Social Houslng number.. H1416 Charity Numbor 504340 Charity Commisslon Contact Gaynor Quilter Report of the Trustee The trustee presents th8ir annual report and unaudited financial statements for the year ended 31 March 2025. Principal actlvity The chariiy is constituted by a Trust Deed and registered with the Charlty Commissioners under charity number 504340 and the Regulator of Soclal Housing under H1416. The principal object of the Trust is the provision of special needs accommodation for young single homeless people. Trustse The trustee of the company. at the date of this report, is listed on page 3. Ba818 of preparatlon St Michael's Housing Trust's financlal position is strong and as such, the Directors continue to adopt the going concem basis. Business revlew For the year ended 31 March 2025, the trust made a deficit of £71,986 (2024: Surplus £990). Total revenue reserves now stand at £423,764 (2024.. £495,750). Donation5 No charitable or political donations were made in the year. Public bgnefrt ststement The trustee has conducted a comprehensive review of the stated objectives of the charity and is satisfied that all of these are capable of being delNered for the public benefit. They have further reviewed all the activities of the charity tested agalnst the charitable objectives of the charity, firstly to ensure that they fall wlthin its charitable objectives and secondly to test each activty is being delivered in a manner ich can be constwed as being for the public benefit. The trustee is satisfied that there are no activities conducted or promoted by the charity that are not open to all people falling within a defined class or category within the broad parameters or objectives of the charity and that each activity falls within the statutory definition of being for the public benefit. Rèview of actlvitios and future benefft8 The trustee confinns it has referred to the guidance contained in the Charity Commissions, general guidance on public benefit when reviewing the charity's aims and objectives and in planning futu￿ activities for the year. The statemerrt of financial activities for the year is set out on page 10 of the financial ststements. A summary of the financial results and the work of the charity is set out below. The focus for the charity continue5 to be on supporting its tenants and discussions are ongoing as to how best to do this. Govemance of the charity The trustee of the charity is the Board of Parf( Lodge Prqect. During the perlod under ￿VieW, the Board met regularly. Application3 for Board membership of Pak L￿e Project (the trustee ofthe charity) is generally sought by advertisement. Board members of Park LothJe Project receive regular training and development in order to ensure that they maintsin their skills and a high level of awareness conceming issues In the sector. A review of performance of the Board as a whole and of individual Board members takes place each year. Report of the Trustee (continued) Gov•mance of the charlty (contlnued) The Board of Pad( L￿￿e Project (the trustee of the charity) meet regularly to review the strategy and perfomiance and to agree operating plans and budgets. The Board of Parf( Lodge Project (the trustee of the charity) delegate certain functions to Committees operating under speclfic terms of reference. Minutes of all Committee meetings are presented at the followng Board meeting. The trustee delegate8 the day to day management of the charity to acting CEO Gayr￿r Quirter. All govemance costs (induding independent examinerfs fees, trustee expenses, trustee indemnlty Insurance and costs of producing statutory accounts) are Currently borne by P*k Lodge Proj&t and are sthewenty r8charg8d to the charity. Slatement of r18k The identification of major business risks and the appropriate response is ongoing through a bottom up risk management process that Involves stsff across Park Lcdge p￿lect. Risk maps are ultimately approved by the Board. Charlty Govèmance Code The Charlty Govemance Code is designed as a tool to support continuous improvement. The Board, having revIev￿d the Code's key principles, considers Its govemance structure and arrangements to be appropriate for the nature of its operatlons, snd as suth has decided not to fonnally adopt the Code. The Board does however regularly visit the Code's key principles to ensure that the highest standards of governance are maintained. Subs8qu8nt Events The trust8e confirms that there have been no events since the financial period end vthich have had a material effect on the financlal position of the charity. Insurance Insurance policies are maintained by Pa￿ Lc**e Proj￿tfOr members of the Board against Ilabllltles in relation to the Trust. Disclosure of inforniatlon to indopgndent examlner The trustee who held office at the date of approval of this trustee report confimi that. so far as they are each aware. there is no relevant infomiation of which the charity's independent examiner ￿ unaware., and the trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant information and to establlsh that the charity's independent examiner is aware of that infomiation. ststement of the trustse responsibilities in respect of the annual report of the trustee and the financial slatements The Twste8 is responsible for preparing the Report of the Trustees and the financial statements in accordance with appllcable law and regulations. Charlty law requires the Trustee to prepare financial statements for each financial year In accordance with United Kingdom Generally Accepted Accounting Practlce (United Kingdom Accounting Standards and applicable law). Under charity law the Trustee must not approve the financial statements unless they are satisfied that they glve a true and fair view of the state of affairs ofthe charty and of the incoming resources and application of resources, including the In￿Me arnd_expendltu￿,-of_th￿har.1ty-f0r_lh8t.pe[10d. Report of the Trustee (contlnued) Statem•nt ot tha tru•tso rn8pon81blllll•o In r•5p•¢I Of th• annual r•p•rt of th• tru8t•• and th• financial olai•m•nts (¢ondnu•d) In preparing thèse finan¢lal statarn8nty th6 Tf• lsraqulredtr 8818Gt5uilable accounttng p0￿c[￿S and th8n apply thom ￿￿￿Ster￿tr. make judgomonts and aco)unVng e511matesthatare rea￿le gnd stat8 whathw appl￿￿ UKAccounting Stgndgrdg have baen frjllowed, su¥er*trJ pny metsrkl deportures discbsed eyplainEd In the financial state￿￿. and prepare the financlaj statements on tha golng ¢crfwn basts tmbss li is InapproFJriate to presumothattha charityw1V conlnuo In busln858. Th8 Tnjste? ts rgspon8ibl6 fDr k8eping adequate accountiw rArxvd8 th8t are 8uffic]ent to show explain th8 ¢*aWs transgctlons and d8do* wth T￿Onable accw at anytime the fin¥mdal rM)sIUon ofthe d• and enalk them to ensure that flnandal ¥tatam8nts 0)mPty￿ th8 Charlttos Act 2011, thg Hou¥ing 8nd R•genw*lrth 2008 and the AccountFng DIr￿tIon(DI Private RegIStèr￿ Provlders otsodal HuJslng 2019. They are also r66ponslbla for sqfwJuwthig tho assets ofthe Ghwity hon¢a fortBking rea¥onable steps for th& prevention and detscuun of fr8ud and ¢th•r lffogulariltes. Th•Tr(*o is responsll)lo for engurfng thattho Rep￿ oftheTn*g 15 weparod In ac¢c(dartt W￿1￿ the Slateff￿t Pwk Lo*Jè Pr* Board hava r6vl6wed th8 affeclfvwL888 of tha systan ol intemal e4xtrIl for th• yaar anded 31 The PwkL*PrckGthave PerfOThn￿ a $8if4B58ssm8nt •Join8ttha Regulato¢s value for mn8yslandard. By¢xdor oftha TA Tn*ts• ¢rf Lodo• Pmiect D•t•d.14kn Oc4oLoJ 202( INDEPENDENT EXAMINERS REPORT to the mombers of The St. Mlchael's Houslng Trust We report to the charity trustee on my examinatlon of the accounts of the charity for the year ended 31 March 2025 which are set out on pages 8 to 14 Responslbllltles and basis of roport As the charity's trustee you are responslble for the preparation of the accounts in accordance with the requirements of the Charities kt 2011 ('the Act,). We report in respect of our examination of the charity's accounts carried out under section 145 of the Act and in carying out my examination we have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independgnt oxamlner'8 Statsment We confirm that we are qualified to undertake the examlnation tecause we are members of the Association of Chartered Certified Accountants which is one of the listed bodies. We have completed our examination. W8 confimi that no material matters have come to our attention in connection with the examination giving us cause to belleve that in any material respect: accounting records were not kept In respect of the charity as required by section 130 of the Act. or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the appllcable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Iwe and fair view, which is not a matter considered as part of an independent examination. We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Celerica Chartered Association of Certified Accountants First Floor The Old Chapel 9 Kempson Road Leicester LE2 8AN Date 14 OcTo6É17 . 2025 Statement of Financial Activities forthe year ended 31 March 2025 Note 2025 2024 Tumover Op8ratirKJ costs 82.434 156.998 Operating (defici (74.564) Interest receivable and other income 2,578 (Deflclt) I Surplus for the yoar 171,986) 990 All amunts relate to continuing activities. The notes on pages 11 to 14 form part of these financlal statements. The statement of financial activities contains all the gains and losses recognised in the year. Statement of movement on reserves 2025 2024 Fund balances brwght forward (Deficit) Surplus for the year 495,750 (71,986) 494,760 990 Sund balances carried forward 423,764 495,750 The notes on pages 11 to 14 form part of these financial statements. Statement of Flnancial Position as at 31 Pknh 2025 2023 2024 Tanglble a55ets Houslng pr¢p*ti 93.198 94,381 94381 4381 CuTTent assats Gash and cash equiv4lents 394.021 78AOO 47W1 Cradttors amunts fralling du8wthln ¢X￿ J (78,081) N•t ¢urr•nt ￿8•ts ¢redit(V¥: amounb fallng du8 aft mora ono yaar 11 163.794) {65,SY) 494750 Capltal and lknerve¥ In￿)rn8 and EX￿diEUt# Re¥9r¥ 423,764 495,750 Th• rths +)n paw 11 to 14 lomi pArtofth￿of¢nanCIll siatornonts. 141.1.0.1.... T1￿8rd￿dal8tatsrnants wgrg approwj by the Tru8188 on .:. 2025 and slgngd on lèj bahaifby. rah OT Trustsg of Park Lodg• ProJ•ct 10 Notes to the Financial Statements for the year ended 31 March 2026 1 Accounting policies Basls of aceountlng The financial statement5 have been prepared in accordance wbith Statement of ReGommended Practices Accounting by Registered Social Housing Providers 2018 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FinanGial Reporting Standard for Smaller Entities (effective 1 January 2019), Financial Reporting Standard applicable in UK and Republi¢ of Ireland (FRS 102) and the Charities Act 2011 and has applied the exemptions available under the Charitie5 SORP. Basis of prepardtion The charity's business activities, together with the factors likely to affect its future development, performance and position are set out in the Business Review on page 4. The charity has considerable financial resources in relation to the activities to be perfomed. The trustee believes that the charty is well placed to manage its business risks successfully despite the current uncertain economic outlook. The trustees have a reasonable expectation that the charity has adequate resources to continue in operation existence for the foreseeable future. The trustee, after reviewing the charity budgets and the fact that the charity have adequate resources to continue in business for the foreseeable future. The trustee therefore continues to adopt the going concem basis in preparing the annual financial statements. Judgemonts and key sources of estimation unGertalnty The preparation of the financial statements requires management to makejudgernents, estimatss and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenu88 and expenses during the year. However. the nature of estimation means that actual outcomes could differ from those estimates. Due to the nature of St Michael's Housing Trust and its operation5. the estimation of uncertainty included in the accounts is low. Tumovor Turnover repre88nts rent and service charges income generated by supported housing bed spaces. Service charge income is recognlsed on an accrual basis. Oporatlng costs Operating costs represent service charge expenditure and propety maintenance costs. The managed agent operates a variable service charge in fijll consultation with residents. The charges will include an allowance for the surplus or deficit from prlor years, with the surplus being retumed to residents by a reduced charge and a deficit being recovered by a higher charge. Until these are returned or recovered, they are held as a creditor or debtor in the Statement of financial position. Flxed assots and depreciation Tangible fixed assets are stated at ¢05t less accumulated depreciation and impairment. The cost of housing land and properties comprises purchase price together with incidental Gosts of acquisition and improvements, including related administration charges. Interest is capitalised during construction of the propety up to the date of practical completion. by reference to the trust's cost of borrowings. Housing properties are managed under the terms of the Tenant's Guarantee. Depreciation is charged on a straight-line basis over the estimated useful economic life of the asset of 100 years to their residual value. Debtors and creditors Debtors and creditors with no ststed interest rate and receivable or payable withln one year are recorded at transaction price. Any108ses arising from Impairment are recognised in the income statement in other operating expenses. Notes to the Financial Statements (continued) For the year ended 31 March 2025 1 Accounting policies (Continued) Soclal H•)using Grnnt (SHG) When developments have been financed wholly or partly by social housing and other grants, the amount of the grant received has been included as deferred income and recognised in Tumover over the estimated useful life of the associated asset under the accruals model. Social Housing Grant (SHG) received for items of cost written off in the statement of comprehensive income account is included as part of tumover. Vvhen SHG in respect of housing properties in the course of construction, exceeds the total cost to date of those housing properties, the excess is shown as a Cu￿ent liabilty. SHG must be recycled under certain conditions. rf a property is sold, or rf another relevant event takes place. In these cases, the SHG can be used for projects approved by the Homes England and Greater London Authority. However, SHG may have to be repaid if certain conditions are not met. If grant is not required to be recycled or repaid, any unamortised grant is recognised as turnover. In certain circumstances, SHG may be repayable, and, in that event, 18 a subordinated unsecured repayable debt. Value Added Tax Th8 St. Michael's Housing Trust is not registered for Value Added Tax (VAD. All amounts disclosed in the financial statements are inclusive of VAT where applicable. 2 Operating deficit Total 2025 Total 2024 Rentsl Income Amorti5ation of Social Housing Grarrt 80,644 1.790 Total turnover 82A34 Resources expended Maintenance costs Management recharges Administration costs Depreciation 113.017 29,453 13.345 1,183 Total oporating costs 156,998 Operating