St Martins
more than a home
for the homeless
Trustees
Annual Report
Mr C Bland, Chair
Mrs K Daynes, Vice Chair
1st April 2024 - 31st March 2025
Mr D Hoy, Treasurer (resigned 26th
June 2024)
Mr N Williams (Treasurer from 25th
July 2024)
St Martins Housing Trust
Mr B Walker
Mr D Brief
Dr R Barnes
Dr R Thomson
Mrs G Harris
Mr G Phillips (commenced 26th
September 2024)
Mr T Gordon (commenced 26th
September 2024)
Company registered number
02390375
Charity registered number
802013
Registered office
St Martins House, 120 Thorpe
Road, Norwich, NR1 1RT
Company secretary:
Ms T Yates
Chief Executive Officer:
Dr Jan Sheldon
Independent auditors: Larking
Gowen LLP, Prospect House,
Rouen Road, Norwich, NR1 1RE
Bankers:
Barclays Bank PLC, 5/7 Red Lion
Street, Norwich NR1 3QH
Solicitors:
Mills & Reeve LLP, 1 St James
Court, Whitefriars, Norwich, NR3
1RU

Contents
Reference and administrative details of the Charity,
its Trustees and Advisers
Trustee's report
Chair's report
Introduction
Organisational structure and decision making
Objectives
Homeless Services report
Care and Prevention Services report
Fundraising activities
Financial review
Statement of Trustees Responsibilities
Independent Auditor's report
Statement of Financial Activities —
Balance Sheet
Cash Flow Statement
Notes to the Financial Statements -
Front cover
3 - 19
3
4
5
7
8
10
14
16
19
20 - 22
23
24
25
26 - 43
2

Welcome from the Chair
In 1972 a group of volunteers began to provide services to
people sleeping rough on the streets of Norwich. In 1973
St Martins opened the doors of the first Norwich Night
Shelter, located in a garage in Norwich Cathedral Close.
Since this time St Martins has grown and developed to
meet the increasingly complex needs of a wide range of
people.
I welcome you to our annual report for the year ending 31st
March 2025.
I am proud to report that during the last year we have:
› Provided 254 beds every night of the year
• Commenced work on a 4 flat extension at Webster Court
Commenced a building project in partnership with Flagship Housing
which will provide 12 new one bed units by January 2026
Retained our 2 Star Best Companies rating
Held an event for all team members to meet and learn more about
services across St Martins
> Enhanced our learning and development offer to include the
provision of debt management and employment preparation
services for the people we support
Sadly, for the first time in many years the November street count confirmed that
the number of people sleeping rough on our streets increased. I believe this is
mainly due to costs of living pressures and lack of social housing. We continue to
work tirelessly to get people off the streets and to keep them in accommodation
and the number of people on the streets lower than in cities of a similar size.
Despite the disappointing increase in the number of people sleeping rough
I am very proud of all the positive outcomes that our brilliant team and
volunteers achieve. You can find details of some remarkable personal
journeys on our website.
At St Martins we could not do the work that we do without the
support of individuals, businesses, faith groups and commissioners. We
are as always grateful for the trust they place in us to support some of
the most vulnerable people in society when they need it the most.
We know that the forthcoming year will present many challenges including
the increase in National Insurance and Norfolk County Council budget cuts,
but we remain committed to a vision whereby rough sleeping is brief, rare
and nonrecurring. We are within touching distance of this vision and St
Martins Trustees, CEO and Leadership team will continue to strive to make
our vision a reality.
Mr Colin Bland
3

Introduction
The Trustees, who are also Directors of the Charity for the purposes of
the Companies Act, present their annual activities report together
with the audited financial statements of the Charity for the year 1st
April 2024 to 31st March 2025.
The Trustees confirm that the Annual Report and financial statements
of the Charity comply with the current statutory requirements, the
requirements of the charitable company's governing document and the
provisions of the Statement of Recommended Practice (SORP),
applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS 102).
St Martins Housing Trust meets the definition of a public benefit
entity under FRS 102. Assets and liabilities are initially recognised at
historic cost or transaction value unless otherwise stated in the
relevant accounting policy.
St Martins Housing Trust (the Charity) is a charitable company, limited
by guarantee, which was incorporated on 30th May 1989. The Charity
was initially established under a Trust Deed dated 6th November 1974
with the objectives of "providing shelter and food for the poor single
persons in the City of Norwich". In 2004 the Articles of Association
were amended to extend the remit to the County of Norfolk.
Mission Statement:
Strive to address the needs of single homeless people, in Norwich and
Norfolk, by offering emergency accommodation, residential care, support
and development to enable everyone to achieve their full potential and a
greater level of independence.
Vision:
No-one needs to sleep rough on the streets of Norwich
Our Values
Open
Nurturing
Tenacious
Progressive
4

Organisational structure and decision making
The Trustees are ultimately responsible for the management of the Charity but
the day-to-day operations are carried out by paid staff. There is an agreed
Scheme of Delegation (introduced in 2018 and reviewed annually). The
governing body of the Charity is the Executive Committee which is composed
of Trustees, plus the Company Secretary (who is not a Trustee). They meet at
least six times a year to receive reports on the operation of the Charity, monitor
its financial stability and approve policy. The Chief Executive Officer (CEO), who
reports to the Trustees, is the most senior employee of the Charity and is
responsible for managing the Charity's services, advising the Trustees on all
matters related to the operation of the Charity, its future direction, and ensuring
that all relevant matters are brought to the attention of the Trustees. Reporting
to the CEO are the Executive Directors and managers of the various services
and the support functions of the Charity.
In 2021 the Trustees recognised the financial growth of the Charity and felt it
prudent to develop a Finance Committee. The Finance Committee is chaired by
the Treasurer. The Treasurer and two other Trustees constitute the Finance
Committee which is also attended by the CEO, Director of Finance and Head of
Finance.
Policies adopted for the induction and training of
Trustees
The Charity has a clear policy for the recruitment of new Trustees. Nominations
are considered from any source but potential Trustees are expected to bring
specific skills and/or experience to the Charity. Upon nomination potential
Trustees are met by the Chair and Vice Chair and if suitable for appointment are
met by the full board of Trustees before being elected as Trustees.
Trustees are expected to take an active part in the governance of the
organisation and to give freely the necessary time and commitment to their
roles. There is a Role Specification for Trustees and a selection procedure based
upon the guidance provided by the Charity Commission. There is a
comprehensive induction programme for new Trustees and regular training is
offered specifically in relation to governance, risk and financial matters.
Related party relationships
The Charity continues to derive benefit from membership of Homeless Link (the
national body who support homelessness agencies). The Charity is also
represented at a range of local strategic and operational planning meetings
including the Greater Norwich Homelessness Forum (part of the Greater Norwich
Housing Partnership) and the Norfolk Strategic Housing Partnership.
5

Risk management
The Trustees are aware of the requirement to identify the major risks to which
the Charity is exposed to and to establish systems to mitigate those risks. A
Risk Register is updated and approved on an annual basis by the Trustees, prior
to the adoption of this Annual Report and Financial Statement. In the Register
the Trustees have identified the following areas of the Charity's activities where
they may be exposure to risk:
› Governance and management
› Operational
> Fundraising
> Financial
> External relations
› Compliance with regulations
> Risks associated with welfare reform/other government policy
changes
The highest risks that threaten St Martins are:
1. Changes to benefits (specifically Housing Benefits) which could impact
upon the income the charity receives.
2. Changes to payments (including funding cuts) and proposed new ways of
working made by commissioning bodies often driven by central
government policy.
3. A shortage of move on accommodation (specifically one bedroom
accommodation).
All risks are continually reviewed by senior team members who will alert
Trustees should there be any changes in policy which will threaten the financial
stability of the charity.
Review of activities
Trustees take their governance responsibilities very seriously and review all
aspects of the Charity on a rolling annual programme thereby scrutinising in
detail all activities at least once a year. They are keen to make efficient,
economical and effective use of the resources at their disposal and ensure that
all performance targets agreed with local authorities commissioning services are
met.
The Charity demonstrates that it reviews its activities by maintaining its own
website, Facebook page, Instagram, YouTube, Tiktok and X account. It also
publishes an annual printed newsletter and provides a monthly e newsletter to all
those who have opted into receiving information under the General Data
Protection Regulations (GDPR). We have comprehensive systems for managing
donations and GDPR compliance.
6

Objectives
The Objects as stated in St Martins Articles of Association are:
• To provide shelter and accommodation in the County of Norfolk for poor
persons aged eighteen and over having no other residence or place to sleep.
• To provide social housing and any other purposes connected with or
incidental to the and management of housing, social housing and
accommodation for persons aged eighteen and over.
• To carry out such other charitable activities as the Trustees may determine.
In order to deliver these objects the Trustees at St Martins have:
• Worked with partners to develop and deliver services including outreach
services and support for people in their own homes to help them to maintain
their tenancies.
• Provided a wide range of accommodation including an emergency
assessment centre, hostels, sheltered housing, residential care and community
homes.
• Developed a learning and development centre to support people to learn or
relearn the skills that they need in order to live independently.
• Employed skilled and professional team members to deliver front line services,
maintain properties and undertake back-office support functions.
• Supported volunteers to fundraise and to be involved (as appropriate) with
supporting people who use our services.
• Developed systems and practices which are efficient, professional and
demonstrate effective governance of a medium sized charity.
Public benefit
When making decisions related to the delivery of St Martins objects St Martins
Trustees:
Make decisions to ensure the charity's purpose provides benefit.
Make decisions to manage risks of detriment or harm to St Martins
beneficiaries or to the public in general that might result from carrying out the
purpose.
Make decisions about who benefits in ways that are consistent with the
purpose.
• Make decisions to make sure any personal benefits are no more than
incidental.
• Regularly review Charity Commission guidance on Public Benefit.
7

Homeless Services
St Martins Homeless directorate provides a wide range of
support for people who are sleeping rough or who are
homeless. This support includes:
Pathways - a partnership led by St Martins delivering
street outreach
Somewhere Safe to Stay Hub - an emergency
assessment and accommodation unit for 16 people
Bishopbridge House - a direct access hostel for 37
people (including emergency beds)
Dibden Road - a second stage, male only hostel for 18
men plus 5 move on flats
St Martins House - a second-stage hostel for 23 people
Community homes - a collection of three, four and five
bedroom houses where people live independently for 52
people
Temporary accommodation (19 rooms) - used by the
City Council whilst they determine if they have a duty to
house
Specialist project housing (e.g. for high risk reoffenders
or Housing First)
Specialist team members (e.g. Heath Navigator and
Tenancy Support)
Collectively these services can offer accommodation to
160 people every night. The support offered at each
accommodation project varies with a view to people
receiving less support as they make their journey towards
independent living, ideally with their own tenancy.
During the reporting year the following interventions and achievements have been
delivered:
FACTS AND FIGURES
588
people
accommodated
5076
interventions were delivered
to manage their emotional,
mental, and physical
health
92%
of people
using St Martins services rated
their experience good/excellent
The number of
people sleeping
rough in Norwich at
the Nov street count
increased by 140%
from 5 Nov 2023 to
12 Nov 2024
8
Between 15 April 2024 and 31"* March 2025...
St Martins were
accredited with the
Dogs Trust as dog
friendly at
Bishopbridge House
and Community
Homes
1114
interventions were
delivered to support
97%
people to reduce
dependency on drugs
of people using St
and alcohol
Martins services sald
they felt safe at St
Martins
8293
interventions were
delivered to support
people to move on
and manage their
own tenancies

One of the challenges that we experience is the lack of move on provision
available across Norwich. This is outside of St Martins control and can, on
occasions, mean that people are using our services when they are ready to live
independently. St Martins is in continual discussion with Norwich City Council
and other agencies who may assist in relation to this issue. The new
development at Netherwood Green will provide 12 one-bedroom units to help
to mitigate against the lack of move on provision.
Case study: Steven's story
Steven's homelessness started with a relationship breakdown and he slept
rough for about three months. Steven had never needed support before. He
was offered a place at the Somewhere Safe to Stay Hub. Following a brief
stay at Bishopbridge House, he moved to St Martins House.
He said, "Here at St Martins House it's much better because I don't have to
share anything, apart from a kitchen. It was horrible on the street. Life is now
just easier since being with St Martins. There is a lot of support if I need it."
Steven has trouble sleeping, and while he was at Bishopbridge House he
used to talk to the night support workers, playing uno with the team
members to try and tire himself out so he could sleep.
Steven's health suffered while he was on the streets. He said, "It was really
bad. I used to be on a nebulizer, and doctors took me off that. There is stress
after stress, and you're panicking about what's going to happen next..where
am I going to after here?™
Originally from North London, Tottenham supporter Steven worked in
security and as chef and has lived in Ipswich, Lowestoft and Great
Yarmouth. He worked at Delia's restaurant (but never met her!) His favourite
dish would be either chili con carne or spaghetti bolognese. Steven keeps
himself busy by volunteering at Nourish, a local service that provides food
for people experiencing homelessness.
He says that homelessness shouldn't mark people out as different. "It's not
a choice. There's no difference between us and anyone else. We've just gone
through a difficult rough patch and some are worse than others. People
don't realise that. And they're not out there to be idiots they are out there
because they've got issues."
Steven keeps busy and is often found at Under 1 Roof using the computer
suite. He has also recorded his experience of homelessness to be used as
part of St Martins education work in schools.
9

Care Services
St Martins Care directorate provides a
wide range of support for people who
are homeless and would not be able to
live independently. These services
include:
Highwater House - a dual registered
residential care home rated
outstanding by the Care Quality
Commission (CQC) for 22 people
Webster Court - sheltered housing
with home care (including end of life
care) provided for 32 people and rated
Good by CQC
Magdalen Road - a specialist support
unit for 12 people with poor mental
health living semi independently
Under 1 Roof - a learning and
development centre for everyone
using St Martins services
Bridges - a support service for people
with poor mental health
Reablement - support provided in
people's own homes to maximise
independent living
Norfolk Independent Housing Care
and Support Services (NIHCSS) - a
partnership with Together providing
support in people's own homes
Collectively these services can offer
accommodation to 66 people every
night and supports an additional 66
people to live independently and
maintain their tenancies which is an
important component of St Martins
prevention work.
I7A
HOWIS
WOW
10
059

During the reporting year the following interventions and achievements have
been delivered:
> 76 people accommodated
› 10,045 care and support hours have
been delivered to support people to
live independently in the community
> 1071 activity sessions have been
offered across all of St Martins services
which have been accessed by 5,800
people
› 7 community engagement events have
been held
> 74 people have been supported by
Bridges to engage in community
resource activities, reducing isolation,
preventing homelessness and
improving mental health
> 100% of people receiving care services rated their experience as
excellent or good.
Case study: Clive's story
Clive moved to Webster Court in April having lived all of his nearly 70 years
in his own flat in the city. Unfortunately, for many years because of
vulnerabilities associated with his physical and mental health, he became a
target of a group of people who did not have his best interests at heart.
Clive would often find his home taken over by others to commit crimes, take
drugs and cause anti-social behaviour towards his neighbours. Clive could
not see a way out of this, which exacerbated his mental health more
resulting in several mental health hospital admissions.
To break this cycle, Webster Court were approached to consider housing
Clive by a specialist team involving social workers, psychiatrists and
community support workers. Whilst Clive took a little while to adjust to his
new surroundings, he now is safe from exploitation, engages well with the
support offered by the team, has built relationships with other residents but
still maintains his confidence and independence in visiting the market and
his favourite coffee shops most days.
11

Our people
St Martins is the employer of 193 people. Most of the
Charity's team members are engaged in the delivery of
services. Back-office support workers make up 15% of the
workforce and the Leadership team members (CEO and
Directors) account for 3% of the workforce.
During 2024/25 the workforce decreased by 2%
The Trustees of St Martins recognise the importance of the
workforce to the delivery of excellent care and support for
the beneficiaries of the Charity. To this end they seek to be
the very best employer that they can be. In order to
benchmark the charity as an employer and monitor the
impact of improvements made St Martins enters the Best
Companies survey on an annual basis.
In 2024 St Martins were rated as:
> 11th UK Charity
35th regional employers
• 40th UK mid-sized companies
OUTSTANDING
TO WORK FOR
2024
cert.b.co.uk
St Martins has been listed as a two-star (Outstanding) company to work for.
All team members (except CEO and Directors) remuneration links to NJC Scales.
Any decisions related to increase of pay for senior team members is a Trustee
decision. Senior team members remuneration is linked to an internal pay scale
(CEO points 1, 2, and 3 and Director 1, 2, and 3).
St Martins
more than a home
for the homeless
Join our
team!
St Martins
more than a home
for the homeless
V
veryone
i have a
to call
12

St Martins has a wide range of volunteers.
Some volunteers commit to regular sessions,
some (e,g, fundraising collectors) are more ad
hoc in their support. Overall, St Martins has
250 regular collectors (mainly collecting as
part of the December and Supermarket
collections). We also have 9 volunteers working
in our services (mainly engaged in the delivery
of learning and development support at Under
1 Root).
In addition, we are often approached by
companies seeking to undertake gardening or
DIY work for us as part of their own
volunteering strategy. This support is always
welcome.
Our environment
St Martins acknowledges the connection between the climate and other
environmental crises and the threat of current and future homelessness, disease,
food, and services shortages, and poverty for millions of people around the
world, as well as the major damage being caused to our natural eco-systems.
St Martins recognises its responsibility to reduce its carbon and environmental
footprints and formally commits itself to being an environmentally responsible
charity.
During the reporting year St Martins has made a commitment to identify base
line data related to emissions and set improvement targets for 2025/26 to
reduce emissions.
Key areas identified to support emissions reductions include:
> Reducing waste
Supporting recycling
Lowering or removing paper-use within processes
Emission off-setting activities
St Martins will comply with all relevant environmental legislation.
13

Fundraising Activities
Throughout 2024/25 a wide variety of
fundraising activities took place, all in
accordance with the requirements of the
Fundraising Regulator.
In relation to cash donations and the
Charity's pro-active fundraising activities
we remain ever grateful to our volunteer
SONERRIS
collectors and all participating
116 WU.0C
supermarket chains. Supermarket
collections in the reporting year raised
£2,895
The December 2024 collection in central
Norwich went ahead once again and
£30,155 was collected, thanks to the
commitment of many volunteers.
During 2024/25 the Charity received
£402,870 in donations excluding
St Martins
supermarket collections, street
collections, gift aid and legacy. These
donations were from individuals,
businesses, faith groups, community
groups, trusts, foundations (including
Norfolk Community Foundation), schools
and colleges.
During 2024/25 St Martins was selected as
Charity of the Year by Barratt and David
Wilson Homes. This was a very positive
partnership which provided practical
support, building materials and a donation
of £16,591.
St Martins was one of Sowerby's supported
charities, and received financial support
from many other businesses, community
and faith groups throughout the year. The
Tesco Stronger Starts scheme awarded
£1,500 to be spent on equipping St Martins
House.
St Martins also received many gifts of donated food during 2024/25 which were
enjoyed by the people using St Martins services.
For a local charity this degree of fundraising is a remarkable annual
achievement. The Trustees are constantly encouraged by the fact that the
Norfolk public are so generous towards, and interested in, the issue of
homelessness. Without this level of support we would not be able to provide
the many services for homeless people which we provide.
14

In line with The Charities (Protection and Social Investment) Act 2016
section 13 we report that:
Fundraising activity is coordinated and overseen by a member of the Senior
Management Team. Fundraising team members are employed by St Martins. No
professional fundraisers are contracted by the charity (other than paid
employees).
St Martins abides by all requirements made by the Fundraising Regulator.
Christmas Street and Supermarket collections are carried out by volunteers
who have regular information from St Martins. Team members work alongside
volunteers to ensure all Fundraising Regulator requirements are met.
No complaints about the Charity's fundraising activities have been received
during the reporting year.
The Charity has a comprehensive Safeguarding Policy (Children and Adults)
which is available to all volunteers and fundraisers.
The Charity has protected vulnerable people and other members of the public
from behaviour constituting:
Unreasonable intrusion on a person's privacy
Unreasonably persistent approaches for the purpose of soliciting or
otherwise procuring money or other property on behalf of the Charity, or
placing undue pressure on a person to give money or other property,
during, or in connection with, such activities by avoiding the use of any
fundraising practices that may be considered to give effect to such
behaviours.
29.1-2025
- 16,541-00
SE Ma has Housing Trust
Sistee Pousand fue hundied
i Nintu Cre Pounds
00:01423
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Thank
15

13,000
12,000
11.000
10,000
9,000
8,000
7,000
5,000
5,000
4,000
3,000
2.000
1,000
0
Financial Review
5 Year Income, Expenditure, Surplus, Total Funds Growth
9,719
9,883
8,825
9,055
7,758
12,710
11,180
10,232
8.702
6.672
7,297
7,399 7,235
6,403
5,688
1,530
1,297
984
894
164
2'000s
2020/23
E'000s
2021/22
6'000S
2022/23
•income Expenditure # Surpius
6'0005
2023/24
E'00OS
2024/25
Total Funes
Overview of Financial Position
Actual income for the year was £ 10,232k and actual expenditure was £ 8,702k
resulting in a surplus of £ 1,530k as below.
Income
Expenditure
Surplus/(Deficit)
Total Funds now stand at £
Total Funds
Unrestricted
£ 8,173K
£ 7,323k
£ 850k
Restricted
£ 2,059k
£ 1,379k
£ 680k
Total
€ 10,232k
£ 8,702k
€ 1,530k
£ 12,408
£ 302k
£ 12,710K
The table above shows the income, expenditure, surplus and total funds over
the last 5 years.
› Income has increased by £ 3,560k, from £ 6,672k to € 10,232k an increase
of 53%.
› Expenditure has increased by £ 3,014k, from £ 5,688k to £ 8,702k an
increase of 53%.
> Our average surplus for the past 5 years is £974k.
> Total Funds has increased by € 3,885k, from £ 8,825k to £ 12,710k, an
increase of 44%.
16

Financial impact of significant events
The main significant event which had a financial impact upon St Martins finances
during 2024/25 was for the second year the pay award made in relation to the NJC
Scales was at £1,290 per scale point, which is equivalent of 5%.
For a charity with an annual salary expenditure of £4.9m, a 5% pay increase has
had a significant financial impact. However, the Trustees of St Martins believe it is
in the long-term interests of the Charity to remain committed to the NJC Scale
specifically in relation to the recruitment and retention of team members.
In addition the cost of living crisis continues to have an impact upon the finances
of St Martins with most providers of services increasing their own costs by an
average of 10%
Of the £1,530k surplus, £752k is from a capital grant received from Homes England
via Flagship Housing.
Principal funding
Principal funding for the work of St Martins is derived from rental income
receipts 40%, Statutory contracts 35%, donations 12% and grant income 11%.
2024/25 Income £'000s & %s
197.2%
1,234, 12%
4,106,40%
3,604, 35%
• Rental income
• Grant income
#Contract income
Donations
• Other Income
1,091, 11%
Reserves Policy
The Trustees seek to maintain free reserves in unrestricted funds to cover
immediate close-down costs. The target sum of reserves held is £1,334,757.
The Trustees consider that this level will provide sufficient funds to close. The
level of reserves was determined and documented in detail in the minutes of
the Trustee meeting of 28th November 2024.The Reserves Policy includes
building liabilities for 1 year on large accommodation projects and 6 months
on smaller properties.
The Trustees seek to maintain reserves at around this level by setting and
approving annual budget consistent with the reserves policy and by
monitoring financial performance against budget.
17

For this purpose free reserves are measured by total funds, excluding
restricted funds, total fixed assets and designated funds.
At the 31st March 2025, total funds amounted to £ 12,709,903
(2024: £ 11,180,082).
The Charity has unrestricted reserves of £ 10,831,238 (2024: £ 9,426,499),
restricted reserves of £ 302,170 (2024: £ 938,232) and designated funds of
£ 1,576,495 (2024: £ 815,351).
As at 31 March 2025 the charity had free reserves, on the basis described above,
amounting to £1,334,757. This is after a further designation of £761,144 during the year.
The reserves policy was reviewed and updated during the reporting year
to reflect the continued growth of the Charity.
Fixed Assets
The fixed assets are represented on page 35 of the Financial Statement.
Netherwood Green Development Fund
This represents funding designated by Trustees to spend on this project.
Further details of this project are under 'Future Develpments' below.
Sinking fund
During 2023/24 a provision was made in the budget to commence a sinking
fund for repairs and refurbishment of St Martins property. Calculations
related to the development of the sinking fund take account of short,
medium and long term plans for refurbishment of St Martins property. During
2024/25 a further £34,475 was added to the fund, which is a designated fund
valued at £92,902 as at 31st March 2025.
Investment policy and objectives
The Investment Policy at St Martins seeks to ensure effective use of cash
identified for future use but not immediately needed. To this end during
2024/25 interest rates were kept under continual review to ensure effective
treasury management. As at 31st March 2025, £ 85,313 is invested with
CCLA in the COIF Charities Deposit Fund. During 24/25, £1m was withdrawn
to fund the Netherwood Green Project.
Going Concern
After making appropriate enquiries, the Trustees have a reasonable
expectation that the Charity has adequate resources to continue in
operational existence for the foreseeable future. For this reason they
continue to adopt the going concern basis in preparing the financial
statements.
Future Developments
We plan to keep our current property portfolio in excellent condition and
focus on meeting the needs of the people we support and our local
community. We will continue to strive to be an employer of choice.
During 2025/26 the Netherwood Green project is expected to be
completed. This initiative is a partnership arrangement between Flagship
Housing and St Martins to build 12 one-bedroom units on land donated to St
Martins by Norwich City Council. Flagship Housing (as a Registered Provider)
have accessed Homes England funding of £752k to support this project and
their charitable arm will make a donation of £200k. The cost of the build is
18

currently estimated at £2,410k. St Martins will fund the remainder of the build
costs.
The provision of Exempt Accommodation (e.g. hostel accommodation) is
currently under review by both local and central government. St Martins will keep
this review under consideration and make changes to the current operating model
should such changes be necessary.
We will set out our strategy for the next three years during 2025.
Statement of Trustee Responsibilities
The Trustees (who are also Directors of St Martins Housing Trust for the
purposes of company law) are responsible for preparing their Report and the
Financial Statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company and charity law requires the Trustees to prepare Financial Statements
for each financial year which give a true and fair view of the situation of the
charitable company and of the incoming resources and application of resources,
including the income and expenditure of the charitable company for that period.
In preparing these Financial Statements, the Trustees are required to:
> Select suitable accounting policies and then apply them consistently.
> Observe the methods and principles in the current Charity SORP (FRS 102).
› State whether applicable UK Accounting Standards (FRS 102) have been
followed, subject to any material departures disclosed and explained in the
financial statements.
> Make judgements and estimates that are reasonable and prudent.
> Prepare the Financial Statements on an ongoing basis unless it is
inappropriate to presume that the charitable company will continue in
operation.
The Trustees are responsible for keeping proper accounting records that disclose
with reasonable accuracy at any time the financial position of the charitable
company and enable them to ensure that the Financial Statements comply with
the Companies Act 2006. They are also responsible for safeguarding the assets of
the charitable company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Provision of Information to Auditors
Each of the persons who are Trustees at the time when this report was
approved has confirmed that:
So far as that Trustee is aware, there is no relevant audit information of which
the charitable company's auditors are unaware, and that Trustees have taken all
the steps that they ought to have been taken as a Trustee in order to be aware
of any information needed by the charitable company's auditors in connection
with preparing this report, and to establish that the charitable company's
auditors are aware of that information.
This report was approved by the Trustees on May 29th 2025 and signed on
their behalf by: Mr Colin Bland (Chairman of the Board of Trustees).
ensed
19

Independent Auditor's Report to the Members of St Martins Housing Trust
Opinion
We have audited the financial statements of St Martins Housing Trust (the 'charitable
company') for the year ended 31 March 2025 which comprise the Statement of financial
activities, the Balance sheet, the Statement of cash flows and 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 Financial Reporting Standard 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom
Generally Accepted Accounting Practice).
In our opinion the financial statements:
• Give a true and fair view of the state of the charitable company's affairs as at 31 March
2025, and of its incoming resources and application of resources, including its income
and expenditure, for the year then ended;
Have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
• Have been prepared in accordance with the requirements of the Companies Act 2006.
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 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' 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 charitable company'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 trustees 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 trustees annual report,
other than the financial statements and our auditor's report thereon. The trustees are
responsible for the other information contained within the annual report. 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
20

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:
• The information given in the trustees' report for the financial year for which the
financial statements are prepared is consistent with the financial statements; and
› The trustees' report been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its
environment obtained in the course of the audit, we have not identified material
misstatements in the trustees' 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:
• Adequate accounting records have not been kept, or returns adequate for our audit
have not been received from branches not visited by us; or
The financial statements are not in agreement with the accounting records and
returns;
or certain disclosures of directors' remuneration specified by law are not made;
or we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are
also the directors of the charitable company 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 control as the trustees determine is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees 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 trustees either intend to liquidate the charitable company or to cease operations, or
have no realistic alternative but to do so.
Auditors' 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.
21

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 extent to which the audit was considered capable of detecting irregularities
including fraud.
Due to the field in which the charitable company operates, we have identified the
following areas as those most likely to have a material impact on the financial statements:
health and safety; employment law; environmental regulations; GDPR; serious incident
reporting and compliance with the UK Companies Act and Charities Act.
Our approach to identifying and assessing risk of material misstatement in respect of
irregularities, including fraud and non-compliance with laws and regulations, was as
follows:
› Enquiries with management about any known or suspected instances of non-
compliance with laws and regulations, accidents in the workplace and fraud;
› Reviewing financial statement disclosures and testing to supporting
documentation to assess compliance with applicable laws and regulations;
> Challenging assumptions and judgements made by management in their
significant accounting estimates; and
> Auditing the risk of management override of controls, including through testing
journal entries and other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some
material misstatements in the financial statements may not be detected, even though
the audit is properly planned and performed in accordance with the ISAs (UK). For
instance, the further removed non-compliance is from the events and transactions
reflected in the financial statements, the less likely the auditor is to become aware of it
or to recognise the non-compliance.
A further description of our responsibilities is available on the FRC's website at: https://
www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-
fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms
part of our auditor's report.
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 charitable 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 anyone other than the charitable company and the charitable
company's members as a body, for our audit work, for this report, or for the opinions
we have formed.
Close anal DhA (senior statutory audio Laliy Gover hel
For and on behalf of
Larking Gowen LLP, Chartered Accountants, Statutory Auditors, Prospect House,
Rouen Road, Norwich, NR1 1RE
Date: 29th May 2025
22

•
Statement of Financial Activities
For the year ended 31s March 2025
Unrestricted
funds
2025
Total funds
Note
INCOME FROM:
Donations and
2
legacies
Investments
Charitable
3
4
activities
TOTAL INCOME
NET GAIN ON
14
INVESTMENTS
TOTAL INCOME
EXPENDITURE ON:
Raising funds
5
Charitable
activities
TOTAL
9
EXPENDITURE
NET INCOME
RECONCILIATION OF FUNDS
Total funds at 1
April 2024
NET INCOME
419,136
58,066
7,696,051
8,173,253
8,173,253
155,460
7,167,653
7,323,113
850,140
10,241,850
850,140
TRANSFER
NETHERWOOD
GREEN
TRANSFER
HIGHWATER
HOUSE BUILDING
FUND
TOTAL FUNDS AT
31 MARCH 2025
713,072
602,671
/18
12,407,733
Restricted
funds
2025
814,569
1,244,106
2,058,675
2,058,675
1,378,994
1,378,994
679,681
938,232
679,681
(713,072)
(602,671)
2025
1,233,705
58,066
8,940,157
10,231,928
10,231,928
155,460
8,546,647
8,702,107
1,529,821
11,180,082
1,529,821
-
302,170
12,709,903
All activities relate to continuing operations.
The notes on pages 26 to 45 form part of these financial statements.
23
Total funds
2024
€
1,033,165
65,026
7,957,283
9,055,474
9,055,474
228,330
7,530,076
7,758,406
1,297,068
9,883,014
1,297,068
11,180,082

BALANCE SHEET
COMPANY REGISTRATION NUMBER: 2390375
As at 31% March 2025
FIXED ASSETS
Tangible assets
Investment
property
Total Tangible
Assets
CURRENT ASSETS
Debtors
Cash at bank and
in hand
Total Current
Assets
CREDITORS:
amounts falling
due within
one year
NET CURRENT
ASSETS
TOTAL ASSETS
LESS CURRENT
LIABILITIES
PROVISIONS
TOTAL ASSETS
LESS LIABILITIES
CHARITY FUNDS
Restricted funds
Unrestricted funds
TOTAL FUNDS AT
31 MARCH 2025
Note
13
14
Total funds
2025
€
8,916,480
580,000
Total funds
2024
15
21
16
9,496,480
2,123,956
2,006,409
4,130,365
(638,451)
8,424,466
580,000
9,004,466
517,137
2,668,152
3,185,289
(786,614)
17
18
3,491,914
12,988,394
(278,491)
12,709,903
302,170
12,407,733
12,709,903
2,398,675
11,403,141
(223,059)
11,180,082
938,232
10,241,850
11,180,082
The financial statements were approved by the Trustees on 29th May 2025 and
signed on their behalf by
Ubed
Mr Colin Bland, (Chairman of the Board of Trustees)
24

CASH FLOW STATEMENT
For the year ended 31$ March 2025
2025
Note
Cash flows from
operating
activities
Net cash provided
20
235,263
by operating
activities
Cash flows from investing activities:
Proceeds from the
628
sale of property,
plant and
equipment
Purchase of
13
(897,633)
property, plant and
equipment
Net cash used in
(897,005)
investing activities
Cash flows from financing activities:
Change in cash
661,472
and cash
equivalents in the
year
Cash and cash
2,668,152
equivalents
brought forward
Cash and cash
21
2,006,410
equivalents carried
forward
25
2024
1,061,515
(447,546)
(447,546)
613,969
2,054,183
2,668,152

1.
ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities
SORP (FRS102) - Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective 1st January 2019). The Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and
the Companies Act 2006.
1.2 Company status
The company is a company limited by guarantee. The members of the company
are the Trustees named on page 1. In the event of the company being wound up,
the liability in respect of the guarantee is limited to £1 per member of the
company.
1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion
of the Trustees in furtherance of the general objectives of the company and
which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the
Trustees for particular purposes. The aim and use of each designated fund is set
out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific
restrictions imposed by donors or which have been raised by the company for
particular purposes. The costs of raising and administering such funds are
charged against the specific fund. The aim and use of each restricted fund is set
out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
1.4 Income
All income is recognised once the company has entitlement to the income, it is
probable that the income will be received and the amount of income receivable
can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the
company is aware that probate has been granted, the estate has been finalised
and notification has been made by the executor(s) to the Trust that a distribution
will be made, or when a distribution is received from the estate. Receipt of a
legacy, in whole or in part, is only considered probable when the amount can be
measured reliably and the company has been notified of the executor's intention
to make a distribution. Where legacies have been notified to the company, or the
company is aware of the granting of probate, and the criteria for income
recognition have not been met, then the legacy is treated as a contingent asset
and disclosed if material.
26

Donated services or facilities are recognised when the company has control over
the item, any conditions associated with the donated item have been met, the
receipt of economic benefit from the use of the company of the item is probable
and that economic benefit can be measured reliably.
On receipt, donated professional services and donated facilities are recognised
on the basis of the value of the gift to the company which is the amount the
company would have been willing to pay to obtain services or facilities of
equivalent economic benefit on the open market; a corresponding amount is
then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds
of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the
time the investment income is receivable.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to
make payment to a third party, it is probable that settlement will be required and
the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including
support costs and governance costs are allocated to the applicable expenditure
headings.
Support costs are those costs incurred directly in support of expenditure on the
objects of the company and include project management carried out at
Headquarters. Governance costs are those incurred in connection with
administration of the company and compliance with constitutional and statutory
requirements.
1.6 Tangible fixed assets and depreciation
All assets costing more than £1,000 are capitalised.
Tangible fixed assets are stated at cost less depreciation. Depreciation is not
charged on freehold land. Depreciation on other tangible fixed assets is provided
at rates calculated to write off the cost of those assets, less their estimated
residual value, over their expected useful lives on the following bases:
Freehold property
2% reducing balance
Short term leasehold property
10% straight line or over period of lease
Motor vehicles
25% straight line
Furniture, fittings and equipment
20-33% straight line
1.7 Investment Properties
Investment property is carried at fair value. No depreciation is provided. Changes
in fair value are recognised in the Statement of Financial Activities.
27

1.8 Interest receivable
Interest on funds held on deposit is included when receivable and the amount
can be measured reliably by the company; this is normally upon notification of
the interest paid or payable by the Bank.
1.9 Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments
are valued at the amount prepaid.
1.10 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments
with a short maturity of three months or less from the date of acquisition or
opening of the deposit or similar account.
1.11 Creditors and provisions
Creditors and provisions are recognised where the company has a present
obligation resulting from a past event that will probably result in the transfer of
funds to a third party and the amount due to settle the obligation can be
measured or estimated reliably. Creditors and provisions are normally recognised
at their settlement amount.
1.12 Pensions
The Charity operates a workplace pension scheme and the pension charge
represents the amounts payable by the company to the fund in respect of the
year.
i.13 Termination Payments
Termination payments are payable when employment is terminated before the
normal retirement date, or whenever an employee accepts voluntary redundancy
in exchange for these benefits. The company recognises termination payments
when it is demonstrably committed to either (i) terminating the employment of
current employees according to a detailed formal plan without possibility of
withdrawal or (ii) providing termination payments as a result of an offer made to
encourage voluntary redundancy.
1.14 Key judgements and sources of estimation uncertainty
Key sources of estimation uncertainty at the reporting date which have a
significant risk of causing a material adjustment to the carrying assets and
liabilities within the next financial year are as follows:
Investment properties as per Note 14 are valued at market values determined by
Mills & Knight. The property at 4 & 6 Bracondale and 106 Jubilee Walk have been
valued by Mills & Knight by taking into account various market evidence, however
ultimately this is a matter of judgement.
A general bad debt provision has been made using the average of actual bad
debt write-offs in previous years.
28

A provision for dilapidations has been recognised and this represents the
estimated costs to restore leased premises to their original condition at the
end of the lease term, in accordance with the lease agreements.
Key judgements during the reporting period include judgements in relation to
clawbacks, creditors for funding and deferred income.
1.15 Financial Instruments
The company only has financial assets and financial liabilities of a kind that
qualify as basic financial instruments. Basic financial instruments are initially
recognised at transaction value and subsequently measured at their settlement
value with the exception of bank loans which are subsequently measured at
amortised cost using the effective interest method.
1.16 Operating Leases
Rentals paid under operating leases are charged to the Statement of financial
activities on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are
recognised on a straight line basis over the period of the lease.
1.17 Taxation
The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of
the Finance Act 2010 and therefore it meets the definition of a charitable
company for UK corporation tax purposes. Accordingly, the company is
potentially exempt from taxation in respect of income or capital gains received
within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010
or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that
such income or gains are applied exclusively to charitable purposes.
29

2. INCOME FROM DONATIONS AND LEGACIES
CURRENT
YEAR
Donations
Legacies
Grant Flagship/
Homes England
Total donations
& legacies
Unresticted
funds
2025
393,025
26,111
-
419,136
Restricted
funds
2025
€
62,169
-
752,400
814,569
Total funds
2025
455,194
26,111
752,400
1,233,705
Total funds
2024
€
1,032,862
303
1,033,165
PREVIOUS YEAR
Unrestricted
funds
2024
1,029,190
303
1,029,493
Restricted
funds
2024
3,672
3,672
Total funds
2024
€
1,032,862
303
1,033,165
Total funds
2023
€
520,750
115,136
635,886
Donations
Legacies
Total donations &
Legacies
On 27 March 2024, the charity received donated freehold land at Netherwood Green
from Norwich City Council to provide 12 new one bed units in partnership with Flagship
Housing. Included within donations comparative is £560,000 in respect of this, being an
estimate of the fair value of the freehold land at the time, by a RICS registered member.
During 2024/25, a grant of £752,400 was awarded as a contribution towards the
construction of these units.
3. INVESTMENT INCOME
Unrestricted
funds
2025
Bank interest
58,066
Unrestricted
funds
2024
Bank interest
65,026
Restricted
funds
2025
-
Restricted
funds
2024
Total funds
2025
58,066
Total funds
2024
€
65,026
Total funds
2024
65,026
Total funds
2023
15,054
30

4. INCOME FROM CHARITABLE ACTIVITIES
CURRENT YEAR
Unrestricted Restricted funds
funds
2025
2025
€
Grants
Rent & Services
Gain on disposal
of fixed assets
536,220
7,159,203
628
554,489
689,617
-
PREVIOUS YEAR
Grants
Rent & Services
Profit/(Loss) on
disposal of fixed
assets
7,696,051
Unrestricted
funds
2024
806,836
6,265,947
7,072,783
1,244,106
Restricted
funds
2024
225,799
658,701
884,500
5. COSTS OF GENERATING VOLUNTARY INCOME
CURRENT YEAR
Unrestricted
Restricted
tunds
funds
2025
2025
Legal,
professional and
other
Staff costs
PREVIOUS YEAR
Legal,
professional and
other
Staff costs
105,311
50,149
155,460
Unrestricted
funds
2024
92,510
135,820
228,330
Restricted
funds
2024
31
Total funds
2025
€
1,090,709
7,848,820
628
8,940,157
Total funds
2024
€
1,032,635
6,924,648
7,957,283
Total funds
2025
€
105,311
50,149
155,460
Total funds
2024
92,510
135,820
228,330
Total funds
2024
€
1,032,635
6,924,648
7,957,283
Total funds
2023
€
840,979
5,875,228
2,000
6,718,207
Total funds
2024
92,510
135,820
228,330
Total funds
2023
131,563
130,066
261,629

6. DIRECT COSTS
Residents welfare
Rent and rates
Light and heat
Laundry, cleaning and catering
Maintenance and repairs
Unpaid accommodation fees
Legal and professional
Other
Wages and salaries
Pension cost
Depreciation
Total
2025
€
61,527
766,730
258,622
117,646
511,278
24,818
14,888
272,303
4,756,218
274,404
301,371
7,359,805
Total
2024
36,266
697,246
211,158
114,199
328,585
8,660
23,572
163,010
4,379,259
240,554
325,848
6,528,357
7. SUPPORT COSTS
Rent and rates
Light and heat
Laundry, cleaning and catering
Legal and professional
Maintenance and repairs
Other
Wages and salaries
Pension cost
Depreciation
Total
2025
€
2,437
9,357
660
53,159
114,514
244,438
587,391
74,286
100,600
1,186,842
Total
2024
€
7,681
13,950
1,013
43,521
83,121
180,455
554,127
63,912
53,939
1,001,719
8. GOVERNANCE COSTS
Unrestricted
funds
2025
21,816
Restricted
funds
2025
-
Total funds
2025
21,816
Total funds
2024
18,342
Governance
Auditors'
remuneration
32

9., ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE
CURRENT YEAR
Staff costs
Depreciation
• Other costs Total funds Total funds
2025
2025
2025
2025
2024
€
€
Expenditure on
50,149
1,659
103,652
155,460
228,330
raising funds
Expenditure on
5,692,299
401,971
2,430,561
8,524,831
7511,734
charitable
activities
Expenditure on
-
21,816
21,816
18,342
governance
5,742,448
403,630
2,556,029
8,702,107 7,758,406
PREVIOUS YEAR
Staff costs
2024
Depreciation
Other
Total funds
2024
costs
2024
Total funds
2023
2024
€
Expenditure on
raising funds
Expenditure on
charitable activities
135,820
5,329
87,181
228,330
261,629
5,237,853
379,787
1,894,094
7,511,734
6,956,770
Expenditure on
governance
18,342
18,342
16,500
5,373,673
385,116
1,999,617
7,758,406
7,234,899
In 2025, of the total expenditure on charitable activities, £ 7,145,837 ( 2024 - £6,652,288
was to unrestricted funds and £ 1,378,994 (2024 - £859,446) was to restricted funds.
10. ANALYSIS OF EXPENDITURE BY CHARITABLE ACTIVITIES EXCLUDING GOVERNANCE
CURRENT YEAR
Activities
Support costs
Total
Total
undertaken
directly
2025
Expenditure on
charitable
activities
PREVIOUS YEAR
7,359,805
2025
€
1,165,026
2025
€
8,524,831
2024
€
7,511,734
Activities
undertaken
directly
2024
Support costs
Total
Total
2024
Expenditure on
charitable
activities
6,528,357
983,377
2024
€
7,511,734
2023
6,956,770
33

• 11. NET INCOMING RESOURCES/(RESOURCES EXPENDED)
This is stated after charging:
Total
2025
Depreciation of tangible fixed assets: Owned by the
403,630
charity
Auditors' remuneration
21,816
Total
2024
€
385,116
18,342
During the year, no Trustees received any remuneration (2024 £ - NIL).
During the year, no Trustees received any benefits in kind (2024 £ - NIL).
During the year, no Trustees received any reimbursement of expenses (2024 £ - NIL).
12. STAFF COSTS
2025
2024
Wages and salaries
Social Security costs
Other pension costs
4,950,923
439,352
352,173
5,742,448
4,658,053
401,602
314,018
5,373,673
The average monthly number of employees was: 191 (2023: 188).
The number of employees whose total employee benefits exceeded £60,000
(excluding employer pension costs and employers NI) for the reporting period
amounted to 1 which fell between £70,000 to £80,000 (2023: 1 which fell between
£60,000 to £70,000).
The total remuneration for key management personnel for the year totalled £ 384,532
(2023: £372,185)
The cost of redundancy payments was £ 13,456 for three members of staff. (2024:
£10,588)
34

13. TANGIBLE FIXED ASSETS
Cost or Valuation
At 1st April 2024
Additions
Disposals
Transfers
Balance as at 31st
March 2025
Depreciation
At 1st April 2024
Charges for the year
Disposals
Balance as at 31st
March 2025
Net Book Value
Balance as at 31st
March 2024
Balance as at 31st
March 2025
Land &
Buildings
10,139,917
886,340
11,026,257
1,885,374
333,049
2,218,423
8,254,543
8,807,834
Motor
Vehicles
Fixtures &
Fittings
87,855
(5,495)
82,360
76,707
6,193
(4,007)
78,893
11,148
3,467
525,986
11,293
(2,740)
534,539
367,487
64,151
(2,239)
429,399
158,499
105,140
Other
Fixes
Assets
Total
35,374
35,374
35,098
237
35,335
276
39
Included in land and buildings is freehold land at cost of £2,461,936 (2024
£2,461,936) which is not depreciated.
10,789,132
897,633
(8,235)
11,678,530
2,364,666
403,630
(6,246)
2,762,050
8,424,466
8,916,480
As at 31 March 2025, the charity had assets in the course of construction amounting to
£713,072. These assets are included within Land & Buildings and are not yet available for
use. Depreciation will commence when the assets are ready for their intended use.
35

14. INVESTMENT PROPERTY
Freehold investment property
Valuations
At 1st April 2024
Revaluations
At 315t March 2025
580,000
-
580,000
The investment properties are measured at fair value at each reporting date. The fair
value of the investment properties as at 31 March 2025 was £580,000.
The fair value was determined on 15 January 2025 by a RICS certified professional.
Consideration has been given to the movements in the market between the valuation
date and the year-end, and it has been concluded that there were no significant
movements during this period..
15. DEBTORS
Trade debtors
Other debtors
Prepayments and accrued
income
2025
£
218,924
1,850,335
54,697
2024
345,351
72,239
99,547
2,123,956
517,137
Other debtors includes £1,682,003 of the Charity's funds in a bank account held by
Flagship Housing for the Netherwood Green project.
36

16. CREDITORS
Amounts falling due within one year
Trade creditors
Other creditors
Social Security & other taxes
Accruals and deferred income
Deferred income at 1t April 2024
Resources deferred during the year
Amounts released from previous years
Deferred income at 315t March 2025
2025
46,761
245,468
101,530
244,692
638,451
369,833
163,510
(369,833)
163,510
2024
138,314
125,563
89,344
433,393
786,614
319,269
369,833
(319,269)
369,833
17. PROVISIONS FOR DILAPIDATIONS
Amounts falling due after more than one year
At 1st April 2024
Increase in provision
At 31st March 2025
2025
€
223,059
55,432
278,491
2024
€
212,605
10,454
223,059
The Charity has recognised a provision for dilapidations amounting to £278,491 as
at 31 March 2025. This provision represents the estimated costs to restore leased
premises to their original condition at the end of the lease term, in accordance
with the lease agreements.
37

18. STATEMENT OF FUNDS
CURRENT YEAR
Brought
Forward
Netherwood Green
Development Fund
Sinking Fund
Designated Funds
General Funds
Total Unrestricted
funds
HWH Building
Under 1 Roof
BBH Donations
Bridges Donations
Tenancy
Engagement
Support
OPCCN Restricted
Donations Income
Webster Court
Hoarding Project
756,924
58,427
815,351
9,426,499
10,241,850
NIHCSS
Rent and deposit
contribution grant
Refugee SUS fund
Housing First
NSAP
RSAP
Winter Pressures
Pathways
Outreach Training
MEAM Navigator
Post
Sowerbys Charity
Ball
Netherwood Green
Development Fund
Other
Restricted Funds
643,823
134,322
45,970
7,632
33,167
29,554
14,173
(358)
23,900
(842)
Total Funds
6,891
938,232
11,180,082
Incoming
Resources
8,173,253
8,173,253
40,495
25
1,300
17,655
86,422
672,956
(10,602)
52,848
125,000
58,677
67,460
25,000
45,000
50,000
67,568
752,400
6,471
2,058,675
10,231,928
38
Resources Transfers in/
Expended
€
out
726,669
34,475
761,144
(7,323,113)
(7,323,113)
554,599
1,315,743
(41,152)
(602,671)
(80,985)
(8,235)
(453)
(16,632)
(19,129)
(5,691)
(80,217)
(672,956)
(13,298)
(52,006)
(108,888)
(51,773)
(62,774)
(5,370)
(41,280)
(44,545)
(67,568)
(713,072)
(6,042)
(1,378,994)
(1,315,743)
(8,702,107)
Carried
Forward
1,483,593
92,902
1,576,495
10,831,238
12,407,733
-
93,832
37,760
8,479
16,535
28,080
8,482
5,847
:
16,112
6,904
4,686
19,630
3,720
5,455
39,328
7,320
302,170
12,709,903

PREVIOUS YEAR
Netherwood Green
Development
Fund
Sinking Fund
Designated Funds
General Funds
Total Unrestricted
funds
HWH Building
Under 1 Roof
Pathways
Donations
BBH Donations
Bridges Donations
Tenancy
Engagement
Support
Dibden Road
Donations
HWH Donations
Coronavirus
Wellbeing Project
Reablement
Donations
OPCCN Restricted
Donations Income
Webster Court
Hoarding Project
Pathways
Additional
NIHCSS
Pathways Street
Aid
Rent and deposit
contribution
grant
Refugee SUS fund
Restricted funds
Total Funds
Brought
Forward
€
149,400
Incoming
Resources
Resources
Transfers in/
Expended
out
€
Carried
Forward
149,400
8,824,108
8,973,508
682,212
111,475
1,133
39,400
5,794
49,751
96
1,346
2,371
381
1,374
14,173
607,524
756,924
8,167,302 (6,898,960)
8,167,302 (6,898,960)
58,427
58,427
665,951
815,351
(665,951)
9,426,499
10,241,850
45,185
300
17,180
2,418
354
62,420
68,937
42,089
623,105
1,184
25,000
(38,389)
(22,338)
(10,610)
(580)
(16,584)
119
(34,240)
(69,295)
(40,761)
(623,105)
(1,721)
(1,100)
643,823
134,322
1,433
45,970
7,632
33,167
96
1,700
2,490
381
29,554
14,173
(358)
1,328
(537)
23,900
909,506
9,883,014
888,172
9,055,474
39
(842)
(859,446)
(7,758,406)
(842)
938,232
11,180,082

Designated Funds:-
The Netherwood Green Development Fund represents funding designated by
Trustees to spend on this project.
Sinking fund
During 2024/25 a transfer was made to the sinking fund of £34,475 from
unrestricted funds for repairs and refurbishment of St Martins property.
Calculations. take into account short, medium and long term plans for
refurbishment of St Martins property.
Restricted Funds:-
The trustees following review have reassessed the Highwater House Building
Fund and have concluded that there are no restrictions narrower than the
Charity's purposes. A transfer of £602,671 has been made to general funds to
reflect this.
The Under 1 Roof Donations Funds relate to general donations for specific areas of
the charity, which are subsequently expended. It includes £74,746 for Under One
Roof from City Reach for construction of a new porch that has been capitalised
and will be used to offset depreciation charges in future years.
The Netherwood Green Development Fund relates to a contribution of £752,400
received from Homes England via Flagship Housing towards the cost of the
Netherwood Green project. The cost of capital works to date has been transferred
from restricted to unrestricted funds.
The Tenancy Engagement Support Fund represents funding received from
Nationwide Community Grants and Hopestead to provide a practitioner to work
directly with people moving on from our community homes and hostels into
their own tenancies, to ensure they keep them.
The Officer of the Police and Crime Commissioner for Norfolk (OPCCN)
represents funding received to provide a Person-Centred Support Officer to
help those who have been in prison to settle back into their local community,
who are at risk of offending or re-offending and reduce the number of people
who have become victims of crime.
The NIHCSS Fund represents funding received from Norfolk County Council to
deliver mental health support to adults across Norfolk, working in partnership
with Together for Mental Wellbeing.
Rent and Deposit Contribution Grant represents funding received from Norwich
City Council for people to move into private rental accommodation for those
that are better suited out of the hostel environment. This overcomes the
obstacles faced by people who have no Guarantor or those who are unable to
provide six months rent and damage deposits.
40

SUMMARY OF FUNDS
CURRENT
YEAR
Brought
Forward
€
815,351
Incoming
Resources
Resources Transfers in/
Expended
out
€
Designated
Funds
General Funds
Unrestricted
Funds
Restricted
Funds
Total funds
9,426,499
10,241,850
938,232
8,173,253
8,173,253
(7,323,113)
(7,323,113)
761,144
554,599
1,315,743
11,180,082
2,058,675
10,231,928
(1,378,994)
(8,702,107) |
(1,315,743)
19. ANALYSIS OF NET ASSETS BETWEEN FUNDS
CURRENT
YEAR
Unrestricted
funds
2025
Restricted
funds
2025
Total funds
2025
Tangible fixed
assets
Current assets
9,496,480
9,496,480
3,828,195
302,170
4,130,365
Creditors due
within one year
Provisions
(638,451)
(638,451)
(278,491)
(278,491)
Total funds
PREVIOUS
YEAR
12,407,733
Unrestricted
funds
2024
€
Tangible fixed
8,360,643
assets
Current assets
Creditors due
2,890,880
(786,614)
within one year
Provisions
(223,059)
302,170|
Restricted
funds
2024
€
643,823
294,409
12,709,903
Total funds
2024
9,004,466
3,185,289
(786,614)
(223,059)
Total funds
10,241,850
938,232
11,180,082
Carried
Forward
€
1,576,495
10,831,238
12,407,733
302,170
12,709,903
Total funds
2024
9,004,466
3,185,289
(786,614)
(223,059)
11,180,082
Total funds
2023
8,382,036
2,480,125
(766,542)
(212,605)
9,883,014
41

20. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2025
1,529,821
2024
1,297,068
Net income for the year (as per Statement of
financial activities)
Adjustment for:
Increase in bad debt provision
Gain on donated land
Depreciation charges
Loss on disposal
Increase in debtors
(Decrease) in creditors
Increase in dilapidations
Net cash provided by operating activities
4,000
403,630
1,361
(1,610,819)
(148,162)
55,432
235,263
-
(560,000)
385,116
-
(91,195)
20,072
10,454
1,061,515
21. ANALYSIS OF CASH AND CASH EQUIVALENTS
2025
€
2,006,410
2,006,410
2024
2,668,152
2,668,152
Cash at bank and in hand
Total
22. PENSION COMMITMENTS
The company operates a personal pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The
pension cost charge represents contributions payable by the company to the fund and
amounted to £352,173 (2024 - £314,018).
23. CAPITAL COMMITMENTS
At the year end 31 March 2025, the charity was committed to funding the completion
of construction of new units at Netherwood Green, as described on page 18 of the
Trustees' Report. The estimated further costs to completion are £1,697k. Since the
year end, the charity has been awarded a grant of £200k towards the project. The
charity will fund the remaining costs of £1,497k, with £39k coming from the residue
of restricted funding from Homes England and £1,458k from unrestricted funds.
£1,682k towards the project is set aside in the project bank account held by Flagship
(Note 15: Other debtors).
42

24. OPERATING LEASE COMMITMENTS
At 31st March 2025, the total of the charity's future minimum lease payments under non-
cancellable operating leases was as follows:
Land and buildings
2025
2024
€
Accounts payable:
Within 1 year
Between 2 and 5 years
After more than 5 years
Total
652,888
1,455,514
1,602,480
3,710,882
620,715
1,469,879
1,888,982
3,979,576
Included in "After more than 5 years" are long term leases for 2 Dibden Road, 45
William Kett Close, Hellesdon Park Road and
89 Pottergate.
25. RELATED PARTY TRANSACTIONS
There were no related party transactions during the year.
26. CONTROLLING PARTY
There is no one controlling party.
43