<0> st Martins more than a home for the homeless Annual Report I" April 2025 - 31" March 2026 Trustees Mr C Bland, Chair Mrs K Daynes, Vice Chair Mrs G Harris. Chair of Finance Committee Mr N Williams (resigned 31st July 2025) Mr B Walker Mr D Brief Dr R Barnes Dr R Thomson Mr G Phillips Mr T Gordon Mr R Cooper (commenced 31st July 2025) Company Name St Martins Housing Trust Company registered number 02390375 Charity registered number 802013 Registered office st Martins House, 120 Thorpe Road. Norwich, NRI IRT Company secretary: Ms T Yates Chief Executive Officer: Dr Jan Sheldon Independent auditors.. Larking Gowen LLP. Prospect House. Rouen Road. Norwich. NRI IRE Bankers., Barclays Bank PLC. 5/7 Red Lion Street. Norwich NRI 3QH Solicitors: Mills & Reeve LLP, I St James Court. Whitefriars. Norwich, NR3 IRU Contents Chair's report Introduction Organisational structure and decision making Objectives Homeless Services report Care and Prevention Services report Fundraising activities 16 Financial review 18 Statement of Trustee responsibilities 22 Independent Auditor's report 23 Statement of Financial Activities 26 Balance Sheet 27 Cash Flow Statement 28 Notes to the Financial Statements 29 HOW ST MARTINS STARTED HIGHLIGHTS OF THE PAST YEAR During the last year we have: 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. Provided 236 beds every night of the year Preparation work and surveys undertaken for an extension ot four new flats at Webster Court | I Welcomed residents into our12 new one bed units at Netherwood Green Reviewed, redeveloped and enhanced the way our Homelessness Directorate supports people using our services Since this time, St Martins has grown and developed to meet the increasingly complex needs of a wide range of people. ,* Delivered two all-team learning and development days focused on Dangerous Minds and behaviour rnanagement strategies 4J Worked diligently to enhance our offer of services ' and accommodation to some of the most vulnerable people in the city of Norwich I welcome yo annual repori for the year- ending 315t March 2026. oour The November 2025 Street Count confirmed that th.e number of'people sleeping rough on ou'r Streets decreased slightly. I believe this is mainly due to the work we and otjr partners undertake across the city and our ability to think creatively about .accommodation 501utions. WÈ continue to work tirelessly to get people off the street.s and to keep them in accommodation. The ntimber of people on t,he street.s in Norwich is lower tlian in citie5 of a similar size. l am proud of all the positive outcomes that our13r.Illiant team and volunteers achieve. At st Martins we could not do the work that we.do without the support of ' faltli,groups and commissioners. We are. as always. grateful for the trust they p.lace in us to support some of the mogt vul.nerable people in society when they need it the most. We know that tlie forthcoming year will present many challenges includi1)9 as we will feel r_he full impact of tlie 2025 Norfolk County Counci'l budget cut5, bLIt ￿le remain committed to a vision whereby. rough sleeping Is brief. rare and nonrecurring. We are within touching distance of this vision..aDd Sl Movtins Trustees CEQ and Lpadership team will continue to. st.rive to make our vision a rgalit.y. sinesse5, Mr Colin Bland Chair of Trustees 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 Ist April 2025 to 31st March 2026. The Trustees confirm that the Annual Report and financial statements of the Charity comply with th& 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 account5 in accordance with the Financial Reporting Standard èpplic3ble 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 A55ociation were amended to extend the remit to the County of Norfolk. VALUES LI >> Q >< Open Progressive Nurturing Tenacious MISSION VISION Strive to address the needs of single homeless peopl.e, 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. Rough sleeping in Norwich is brief. rare and nonrecurring. ORGANISATION STRUCTURE AND DECISION MAKING The Trustees are ultimately responsible for the management of the Charity. but day-to-day operations are carried out by paid team members. 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. it5 future direction. and ensuring that all relevant matters are brought to the attentior) 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 f inancial growth of the Charity and felt it prudent to develop a Finance Committee. The Finance Committee is comprised of the Chair of the Finance Committee and two Trustees. It is a150 attended by the CEO and Chief Financial Officer. 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 recommended to 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 Llnk (the natlonal 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). Risk management The Trustees are aware of the requirement to identify the major risks to which the Charity is exposed 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 Risk 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 Extemal relations Compliance with regulations Risks associated with welfare reform/other government policy changes The highest risks that threater) St Martins are: Changes to benefits (specifically Housing Benefits) which could impact upon the income the charity receives. Changes to payments (including funding cuts) and proposed new ways of working made by commissioning bodies often driven by central government policy. A shortage of move-on accommodation (specifically one-bedroom accommodation), Changes to Local Government and potential changes to spending priorities. All risks are continually reviewed by senior team members who will alert Trustees should there be any changes in policy which will threaten the f inancial stability of the charity, Review of activities Trustees take their governance responsibilitie5 very seriously and review all aspects of the Charity on a rolling annual programme, thereby scrutinising in detail all activitie5 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, commi55ioning 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. OBJECTIVES The Object5 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 othèr residence or place to sleep. To provide social housing and any other purposes connected with or incidental to the 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. To deliver these objects the Trustees at st Martins has: Worked with partners to develop and deliver services including outreach service5 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 to live independently. Employed skilled and professional team members to deliver frontline 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 makin9 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. Our impact Without the work of St Martins we know that there would be many more people sleeping on the streets, and that there would be a lack of specialist support and no specialist accommodation for people who have been rough sleeping or vulnerably housed. We make the following impact statements- St Martins reduces the number of people sleeping rough on the streets of Norwich Specialist street outreach support means that people who need support access it quickly and effectively Specialist accommodation services result in people receiving efficient support which enables them to achieve their goals HOMELESS SERVICES St Martins Homeless directorate provides a wide range of support for people who are sleeping rough or who are homeles5. 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 52 people live independently Temporary Accommodation (19 rooms) used by Norwich City Council whilst they determine if they have a duty to house Speclalist Team Members e.g. Health Navigator and Tenancy Support 160 Collectively these services can offer ac.commodation to 160 people every night. The support offered at each accoinmodation project varies. Ivlth a. view to people receiving less support as they rnake their journey towards independent ljving, ideally wit'h tlieii- ow.n tenancy. Homeless Services impact During the reporting year. the following interventlons and achievements have been dellvered: eetween I" April 2025 and 31° March 2026 FACTS AND FIGURFQ 87% 300 of people uslng St Martins servlces said they felt hopeful tor the future 109d people accommodated Interventions wer dellvwed to suppo peopte to reducè dependency on dr 95°/. A4203 of people uslng St Martlns servltes sald thèy felt safe at St Martffin$ flilerrfentlons wefe dellver to managè th•ir •motional, mental. and physical health the number of people sleeplng roii9h ITr Norwlch at th• Nov str•èt coynt decreased by 25% from 12 Nov 2024 to 9 Nov 2025 10,066 85°/. Inttrvontlons wèrè d•llverod to support people to move on and mJnoge their own t•￿￿[•$ ot people usln9 St Martlns servkes rat¢d their experience g*3od/excellent I Homeless Services case study Ms A is a woman in her 40s who was found sleeping rough in Norwich city centre durin9 a Pathways Street count. She had a tenancy with Norwich City Council. which she had maintained for a few years up until recently. She was cuckooed, (a form of exploitation where individuals take over the home of a vulnerable person to use it for criminal activity, often linked to drug supply). Her home was fiJll of other people's possession5, and her home was used by others for sex work, drug dealing and drug use. The address became associated with antisocial behaviour and criminal activity. The police were called regularly, and a closure order was placed on her property. Ms A had felt unsafe returning to her property and started sleeping in doorways in Norwich, placing herself at an increased risk of harm, exploitation, and risk of deterioration in physical and mental health. Ms A's tenancy remained legally active, limiting her eligibility for alternative housing options, and causing her to build up debt on unpaid rent. Ms A has complex support needs including long term substance use. physical health conditions including a recurring cancer diagnosis. In addition, her mental health was deteriorating. plus she had a history of domestic abuse and trauma. Pathways outreach workers met with Ms A regularly. offering consistent non-judgmental support. Engagement focused first on her immediate safety. welfare and basic needs. The Pathways team established trust and rapport with Ms A and she wa5 then helpèd to address her tenancy situation. They accompanied her to an appointment with Norwich City Council to advocate on her behalf, emphasising that prior to cuckooing. she was managing her tenancy well. Ms A's tenancy was ended in a managed way preventing further arrears. This enabled her to have acce55 to other housing options, Ms A moved to Bishopbridge House, a trauma-informed environment. where she has a support worker to help her access substance use services. She now has a stable base on which to build her confidence and trust to work towards independent living in the future. io 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: a dual registered residential care home rated outstanding by the Care Quality Commission (CQC) for 22 people Highwater House sheltered housing with home care (including end of life care) provided for 32 people and rated Good by coc Webster Court Magdalen Road a specialist support unit for 12 people with poor mental health living semi-independently Under l Roof a learning and development centre for everyone using st Martins services Bridges a support service for people with poor mental health Independent Living support provided in people's own homes to maximise independent living Norfolk Independent Housing Care and Support Service5 (NIHCSS)- a partnership with Together providing support in people's own homes. NIHCSS 66+ 66 Collectively. these sprvices can offer accornmodatithn to 66 people every night and support an additional 66 people to live independently and maintaii) their tenancies, wliich is an important component of St Martins preveiition work. Care Services case study Simon moved to Webster Court in October 2024. having been discharged from an extended stay in hospital to a residential care home. Prior to this, Simon lived in a flat in Norwich, but his physical and mental f railty, coupled with a chronic alcohol dependence made him extremely vulnerable. Simon would often have hi5 f lat taken over by others. resulting in lots of anti-50cial behaviour and criminality being brought to his door, and regularly had money and food stolen from him. Simon felt trapped and stressed, causing hirn to consume more alcohol. This vicious cycle came to a head when Simon's health complications got so severe that he nearly lost his life. Webster Court has proved to be a suitable environment where Simon has settled and thrived. Simon was eager to move to Webster Court. having the safety and security of his own flat. With the team supporting him with day-to-day tasks, he has taken giant steps in regairiing control over his life. A significant moment for him was when he was allowed to take back control of his own finances from the Local Authority. providing him with the choice and independence to live his life his way. i¥ Care Services impact During the reporting year the following interventions and achievement5 have been delivered: 78 people accommodated 10,044 care and support hours have been delivered to support people to live independently in the community 1,551 activity session5 have been offered across all of St Martins services which have been accessed by 5.800 people 10 community engagement events have been held 89 people have been supported by Bridges to engage in community resource activities. reducing isolation, preventing homelessness and improving mental health 96% of people receiving care services rated their experience as excellent or good. yp r. Our people S"t Martins is t'he employer of 193 people. Most of the Charity's team members are engage(i in the delivery of services. Bèck-office support workers make up ISO/o of the work.forcè and the Leadership team members (CEO an(J Directors) account lor 3/(Tr of the workforce. St Martlhs strives to be the best einployer that vie can be, Trusr.ees and senior teain iiiembers continually revb6,w the benefits offer for team meinbers to ensure that it. is competitive. attractive to new team Inembers and support retention, During 2025/26 the workforce decreased by 2¥ All teanl mefftbers (except CEO artd Directors) remuneration links to NJC Scales. Any decision5 related to increase of pay for senroi tLtsani rT)embers is a Trustee declsion. Senior team members reiruneration is linked to an Internal pay scale (CEO points I 3 and Direcfor 1 4). Volunteers St Martin5 has 250 volunteers. Most of these volunteers support fundraising activities but we a150 welcome a small number of volunteers at Under l Roof. our learning and development centre. Some volunteers cornmit to regular sessions, some (e,g, fundraising collectors) are Inore ad hoc in their support. Volunteers are critic61 to our December Street Collection. We rarely liave volunteers working in our accommodation projects. The level of traininig required is usually iii excess of the level of commitment a Vol￿nteer is able to offer. In add.Ition, we are often approached by companies seeking to undertake gardening or DIY work for us as part of their own vol.unteering strategy. This support is always welcome. wss 14 Environment and sustainability plans St Martins acknowledges the connection between the climate and other environmental crises and the threat of current and future homelessness, dSsèase, food, and servlces 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 our carbon emissions and environmental footprint and formally commits itself to being an environmentally responsible charity. During the reporting year, St Martins has identified baseline data related to emissions in on- site and off-site outputs and has developed a greater level of accuracy for collectin9 this complex data. This year. we will be setting targets for improvement to reduce emissions annually over the next three years, and a stretch goal for our carbon output in 2030. Key areas identified to support emissions reductions include.. Reducing waste by supporting reusing and recycling wherever possible Purchasing 5UStainably made consumables wherever reasonably practicable Lowering or removing paper-use within processes Emission off-setting activities st Martins, and its Sustainability Working Group will continue aligned itself with the United Nations. Global Sustainability Goals. This focuses not only on the carbon dangers. but also on the social, economic and broader environmental impact of organisations, groups, and individuals. This focus provided group members with actions in specific areas that could be completed by teams, residents, and the organisation itself. St Martins will comply with all relevant environmental leglslation. FUNDRAISING ACTIVITIES Throughout 2025/26 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 collectors and all participating locations giving us permission to collect. The December 2025 collection in central Norwich raised £30,279. This is our biggest fundraiser, and only possible due to the commitment of many volunteers. In January 2026 we held a sleep out at the Cathedral Cloister5 which raised £35,825. We are grateful to the Dean and Chapter at the Cathedral for this opportunity. During 2025/26 the Charity received £810,824 in donations excluding public collections. gift aid and legacy. These donation5 were from individuals. businesses. faith groups, community groups. trusts. foundations (including Norfolk Community Foundation, Warburtons and Social Bite Foundation (SBF)), schools and colleges. St Martins is very grateful for a donation made in shares, which, when sold, raised £148.000. St Martins also received many gifts of donated food durin9 2025/26 which were enjoyed by the people using our 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 bè able to provide our many services for homeless people. 16 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 abide5 by all requirements made by the Fundraising Regulator. Public collections are carried out by volunteers who have regular information from St Nartins. Team members work alongside volunteers to ensure all Fundraising Regulator requirements are met. No complaints about the Charity's fundraising activities were 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. Legacy income During 2025/26 St Martins received É969,586 in legacy income. £390,000 of which has been accrued in this year's f inancial statements within other debtors (note 15). The accrual of legacy income at year end is based on the total known asset value at year end and exact final distribution is subject to realisation of the estate assets in the coming months. 17 FINANCIAL REVIEW 5 Yp•r Income. EKpendilufe. Sulplus. Toial Furyls Gvowt 1.151 i$4 ¥>1 x*Jna The table above shows the income, expenditure. surplu5 and total funds over the last 5 years. Overview of Financial Position Actual income for the year was É 10.568k and actual expenditure was £ 8,269k resulting in surplus of £ 2,299k as below. Unrestricted Restricted Total Income £8,805K £1,763K £10,568K Expenditure £6,648K EI,621K £8,269K SurplusllDeficitl £2,157K £142K £2,299K Total Funds now stand at £ Total Funds nowstand at E £14,808K £201K E15,009K In summary movements from 2021/22 -2025/26.. Income has increased by £ 3,271k, from £ 7.297k to £ 70,568k an increase of 45% Expenditure has increased by £ 1.866K, from £ 6.403k to £ 8,269k an increase of 29% Our average surplus for the last 5 years is £ 1,237k > Total Funds has increased by £ 5,290k, from £ 9,719k to £ 15,009k, an increase of 55% 18 Flnancial impact of significant events 2025/26 has. in part. been a challenging year given the ongoing impact of the increase in National Insvrance made in the previous budget year and the cuts made by Norfolk County Council to the Supporting people grant. The increase in Nl amounted to £140.000 and the impact of the Supporting People cuts in 2025/26 amounted to £108.000. To prepare for the full impact of the Supporting People cut5 in 2026/27 the Homeless Directorate was remodelled in preparation for 2026127. Thi5 remodelling saved the Charity £250,000 and in part account5 for some of the salary savings made in the financial year ending March 31st 2026. In terms of general salary costs the NJC Scale increase for 2025/26 was 3.2%. This is a significant decrease on previou5 years but remains a signif icant cost which St Martins has no control over. 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. It is important to note that the Charity has received slgniflcant and hlgher than usual legacy income this year which has totalled £969.586. It is never possible to predict legacy income and therefore it is never included as income when setting the Charities budget. Donations have also been higher in the current financial year mainly because of the donation made by Hopestead to support increasing building costs at Netherwood Green and the very generous donation of shares and cash made by long term supporters of the charity. These two donations totalled £400k. 19 Principal funding Principal funding for the work of St Martins derived from rental income receipts 38%, Statutory contracts 34%. donations 18%. grant income 9% and other 1%. 2025126 INCOME £'OOOS & %S •¢ (rjli￿ •t*Mhins f 3.5e&x34 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 £1.258,557. The Trustees consider that this level will provide sufficient funds to close. The Reserves Policy includes building liabilities for l year on large accommodation projects, 6 mor)ths on smaller properties and staffing costs. 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. For this purpose free reserves are measured by total funds, excluding restricted fund5, total fixed assets and designated funds. 20 At 31st March 2026, total funds amounted to £ 15.008,945 (2025: £ 12,709,903). The Charity has unrestricted reserves of £ 1.958.038 (2025: £ 1,334,759), restricted reserves of £ 201,109 12025: £ 302.170) and designated funds of £ 12.849,798 (2025.. É 11,072,974). Designated funds consists of Future Development Fund of £1.483,592 (2025.. £1.483.592), Property Sinking Fund £179.103 (2025.. £92,902) and Tangible Fixed Assets £11.187.103 <2025: £9.496.480). The Trustees expect the Future Development Fund to be utilised within the next 18 months in accordance with the property strategy. As at 31 March 2026 the charity had free reserves. on the basis described above, arnounting to £1,958,038. This included É390.000 debtor for legacy income. The trustees are content to maintain reserves at this level. The reserves pollcy was reviewed and updated during the reporting year to reflect the continued growth of the Charity. Flxed Assets The fixed assets are represented on page 39 of the Financial Statement. Slnklng 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 2025/26 a further £86.201 was added to the fund, which is a designated fund valued at £179,103 as at 31" March 2026. 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 2025/26 interest rates were kept under continual review to ensure effective treasury management. As at 31" March 2026, £2,637,817 is invested with CCLA in the COIF Charities Deposit Fund. 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. Plans for the Future 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. During 2026/27 St martins plans to purchase 2'x 6 bedroom properties to replace properties which were previously rented and returned to landlords because they required significant improvement works to meet forthcoming legislation. Legacy income means that it will be possible to make these purchases without the need to raise a mortgage, thus also reducing the cost of leasing. Currently under consideration is the redevelopment of the ground floor of Under l Roof into 8 accommodation units. The costs of this has been estimated as £366,000 by Real 21 Consulting LLP. 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. statement of TNst•e r6sponslbllltles The Trustees (who are also Directors of St Martins Housin9 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 FirFancial 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 compar)y for that period. In preparing these Fir)ancial Statements, the Trustees are required to.. Select suitable accounting policios and then apply them consistently. Observe the methods and principles in the current Charity SORP (FRS 102). State whether applicable VK Accounting Standards IFRS 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 keeplng 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 audltors 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 28th 2026 and signed on their behalf by.. Mr Colin Bland (Chalrman of the Board of Trustees). 22 Independent Auditor's Report to the Members of St Martlns Housing Trust Opinion We have audited the financial statements of St Martins Housing Trust (the 'charitable company.) for the year ended 31 March 2026 which comprise the statement of financial activities, the balance sheet. the statement of cash flow5 and notes to the financial statements. including signiftcant accounting policies. The f inancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Star)dard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the f inancial statements.. give a tlue and fair view of the state of the charitable company's affairs as at 31 March 2026 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 and the Charities Act 2011. 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 Auditors, responsibilities for the audit of the f inancial 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 United Kingdom. including the Financial Reporting Council'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 provlde a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statement5. 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. 23 other information The other information comprises the information included in the annual report other than the financial statements and our auditors, 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 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 nothlng to report in this regard. Oplnlon on other matters prescrlbed 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 wlth the financial statements. the Trustees, report has been prepared In accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In the light of our 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 Companies Act 2006 requires us to report to you if. in our opinion- the charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received trom branches not visited by us. or the charitable company financial statements are not in agreement with the accounting records and returns. or certain disclosu￿5 of Trustees, remuneration specified by law are not made. or we have not recelved all the information and explanations we require for our audit Responslbllltles of Trustees As explained more fully in the trustees, responsibilities statèment. 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 nd 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 24 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 operation5, or have no realistic alternative but to do so. Auditors, responsibilities for the audit of the financlal 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 155ue an auditors, 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. Mi5Statements 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. 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.. Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraud., Reviewing flnancial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.. Challenging assumptions and judgments made by management in their significant accounting estimates. and Auditing the risk of management override of controls. including through testing of journal entries and other adjustments for appropriateness. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors, 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'5 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'5 members a5 a body, for our audit work, for this report, or for the opinions we have formed. LcaL'.J LLP Gllès Ked 15,9901 175,2091 186,1871 Balance as at 31st March 2026 13,064,738 76,370 475,164 35,374 13,651,646 Depreciation At 1st April 2025 2,218,423 78,893 429,399 35,335 2,762,050 Charges for the year 305,622 3,241 54,052 39 362,954 Disposals 159901 1744711 1804611 Balance as at 31st March 2026 2.524,045 76,144 408,980 35,374 3,044,543 Net Book Value Balance as at 31st March 2025 8,807,834 3,467 105,140 39 8,916,480 Balance as at 31st March 2026 10,540,693 226 66,184 10,607J03 Included in land and buildings is freehold land at cost of £2.535.496 (2025.. É2.535,496) which is not depreciated. As at 31 March 2026, the charity had assets in the course of construction amounting to £2.756.910. £2.659.468 related to the development of Netherwood Green which although handed over was not depreciated in the year. Other 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. 39 14.INVESTMENT PROPERTY Freehold investment property £ Valuations At 1st April 2025 580,000 Revaluations At 31st March 2026 580,000 The investment propertie5 are measured at fair value at each reportin9 date. The fair value of the investment propertigs as at 31 March 2026 was £580,000. The fair value was determined on 13 January 2026 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 2026 £ 2025 £ Trade debtors 295,407 218,924 Other debtor5 645,747 1,850,335 Prepayments and accrued income 101,323 54,697 L042,477 2,123,956 other debtor5 included £180,938 (2025.. £1.682,003) of the Charity's funds in a bank account held by Flagship Housing for the Netherwood Green Project. Also include in other debtors is accrued legacy income of £390,000 (2025.. £0). 40 16.CREDITORS Amounts falling due within one year 2026 £ 2025 £ Trade creditors 41,152 46,761 Other creditors 392,608 245,468 Social Securlty & other taxes 104,221 101,530 Accruals and deferred income 202,314 244,692 740,295 638,451 Deferred income at 1st April 2025 163,510 369,833 Resources deferred during the year 133,903 163,510 Amounts released from previous year5 1163,5101 1369.8331 Deferred income at 31st March 2026 133,903 163,510 17. PROVISIONS FOR DILAPIDATIONS Amounts falling due after more than one year 2026 £ 2025 £ At tst April 2025 278,491 223,059 Amounts utilised in year 151,4381 Amounts charged to Income & Expenditure during year 12,6271 55,432 At 31st March 2026 224,426 278,491 The Charity has recognised a provision for dilapidations amounting to £224,426 as at 31 March 2026. 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. 41 18.STATEMENT OF FUNDS CURRENT YEAR Brought Forward É Incoming resources £ Resources expended £ Transfers in/out £ Carrie forward É Future Development Fund 1.483.592 1,483,592 Sinking Fund 92.902 86.201 179,103 Tangible Fixed Assets 9,496,480 (362,954) 2.053.577 11.187.103 Desl9nated Funds 11,072.974 {362.954) 2.139.778 12.849.798 Gen9ral Funds 1,334,759 8.804.938 (6,284.577) (1,897.082) 1.958,058 Total Unre5trlcted funds 12.407.733 8,804,938 (6.647,531) 242.696 14.807,836 Under l Roof 93.832 34.689 (36.510) 92.010 BBH Donations 37,760 330 (13.258) 24,832 Bridges Donations 8,479 600 (287) 8.792 Tenancy engagement support 16,535 (16.535) OPCCN restricted donation5 income 28.080 (28.080) Webster Court 8,482 2,513 (2.089) 8,906 Safe & Habitable Homes project 5,847 94,630 (96.846) 3.631 NIHCCS 670.204 (670.204) Housing first 16,112 50.912 (67,024) NSAP 6,904 49,881 (56.785) RSAP 4.686 (4,686) 317 317 Winter Pressures 19.630 (4.149) 15.481 Pathways Outreach Training 3.720 (1,612} 2,108 MEAM navigator post 5.455 38,549 (44,004) Netherwood Green Development Fund 39.328 203,368 (242.696) SAHH Donation from Marathon 1,559 1.559 Social Bite Winter Food Grant 4,500 4.500 NCF - Community voices Oral Health Grant 5,000 5,000 Anne French Memorial Trust -UlR Running Costs 25.000 25,000 RSI Pathways Support 40,000 (40.000) Netherwood Green Homes England Grant 13.561 (13,561) Somewhere Safe to Stay Hub 527.365 (527.365) Other 7,320 5.044 (3,391) 8.973 Restricted Funds 302.170 1,763,018 (1,621.383) (242,696) 201.109 Total Funds 12.709.903 10.567.956 (8,268,914) 15.008,94S 42 PREVIOUS YEAR Brought Forward £ IrTrcoming resource5 £ Resources expended E Transfers in/out £ Carried forward £ Future Development Fund 756.923 726,669 1.483,592 Sinking Fund 58,427 34,475 92.902 Tangible Fixed Assets 9,004,466 (403,630) 895,644 9,496,480 Designated Funds 9.819.816 (403.630) 1.656.788 11.072.974 General Funds 422.033 7.691.227 (6.437.456) (341,045) 1.334.7S9 Total Unrestrietod funds 10.241.849 7.691.227 (6.841,086) 1,315.743 12.407.733 HWH Building 643.823 (41,152) (602.671) Under l Roof 134.322 40.495 (80.985) 93.832 BBH Donations 45.970 25 (8.235) 37,760 Bridges Donations 7.632 1.300 (453) 8,479 Tenancy engagement support 33.167 (16.632) 16,535 OPCCN restricted donations income 29.554 17.655 (19.129) 28.080 Webster Court 14173 (5,691) 8,482 Safe & Habitable Homes project (358) 86,422 (80,217) 5.847 NIHCCS 672.956 (672.956) Rent and deposit contribution grant 23900 (10.602) (13,298) Refugee SUS fund (842) 52.848 (52,006) Housing first 125,000 08,888) 16.112 NSAP 58.677 (51.773) 6,904 RSAP 67,460 (62.774) 4,686 Winter Pressures 25,000 (5.370) 19,630 Pathways Outreach Training 45.000 (41.280) 3.720 MEAM navigator post 50.000 (44.545) 5.455 Sowerby's tharity ball 67.568 (67,568) Netherwood Green Development Fur)d 752,400 (713,072) 39.328 Somewhere Safe to Stay Hub 482,027 (482,027) Other 6891 6.471 (6,042) 7.320 Restrlcted Funds 938.232 2.540.702 (1.861.021) (1,315.743) 302,170 Total Funds 11.180.081 70.231.928 (8.702.107) 12,709.903 Deslgnated Funds:. The Future Development Fund represents funding designated by Trustees to spend on accommodation projects (i.e. the purchase of additional move-on accommodation) in accordance with the Charity's newly approved Property Strategy. It is anticipated by the trustees that this fund will be spent In the next 18 months. Tangible Fixed Assets represents a new designated fund this year which consists of assets for St Martins use. The depreciation is charged to designated funds and the transfer of net additions and disposals in the year is transferred in from general funds. Slnklng fund During 2025/26 a transfer was made to the sinking fund of É86.201 from unrestricted funds for repairs and refurbishmernt of St Martins property. Calculations take into account short. medium and long term plans for refurbishment of St Martins property. General Funds The net value of additions and disposal of tangible fixed a55ets in the year 15 transferred to designated funds. Restrlcted Funds The Under l Roof Donations Fund5 relate to general donations for specific areas of the charity. which are subsequently expended. It includes £73.248 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 donation of É200,000 received from Hopestead towards the cost of the Netherwood Green project. The transfer from restricted to unrestricted funds represents the cost of capital works in the year. 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 NIHCSS Fund rep￿sentS funding received from Norfolk County Council to deliver mental health support to adults across Norfolk, working in partnership with Together for Mental Wellbèing. The Safe and Habitable Homes fLJnding receivèd from Norwich City Council is to provide a multi agency approach that supports people facing the challenges of Self neglect and hoarding to create safe environments to live within and prevent homelessness. The MEAM Navigator post funding received from Norwich City Council is to provide support to people who are experiencing multiple problems including homelessness. substance misuse. mental health concerns etc, These people often fall between the gaps of servlces making It harder for them to get the support that they need. The Rough Sleeper Initiative (RSI) Pathways Support fund is funding from Norwich City Council specifically to provide an outreach worker in Norwich. The Somewhere Safe To Stay funding received from Norwich City Council is to subsidise the costs of running the emergency accommodation and assessment centre on Recorder Road. 44 SUMMARY OF FUNDS CURRENT YEAR 8rought forward É Incoming resources £ Resources expended £ Transfersin/out Carried forward Designated funds 11,072,974 (362.954) 2.139.778 12,849.798 General Funds 1,334.759 8.804.938 (6.284.577) (1.897.082) 1.958.038 Unrestricted Funds 12.407.733 8.804.938 (6,647,531) 242,696 14,807.836 Restricted Funds 302.170 1,763,018 (1,621,383) (242,696) 201,109 Total Funds 12.709,903 10.567,956 (8.268.914) 15.008.945 19.ANALYSIS OF NET ASSETS BETWEEN FUNDS CURRENT YEAR Unrestricted funds 2026 £ Restricted Funds 2026 £ Total funds 2026 £ Totalfunds 2025 £ Tangible fixed assets 11,187,103 11,187,103 9,496,480 Current asset5 4,585,454 201,109 4,786,563 4,130,365 Creditors due within one year 1740,2951 1740,295) 1638,4511 Provisions 1224,4261 1224,426) 1278,4911 Total funds 14,807,836 201,109 15,008,945 12,709,903 PREVIOUS YEAR Unrestricted funds 2025 £ Restricted Funds 2025 £ Total funds 2025 £ Total funds 2024 £ TangibLe fixed a55ets 9,496,480 9,496,480 9,004,466 Current assets 3,828,195 302,170 4,130,365 3,185,289 Creditors due within one year (638,4511 638,4511 1786,6141 Provisions 1278,4911 1278,491) 1223,0591 45 Total funds 12,407,733 302,170 12,709,903 11,180,082 20.RECONCILIATION 2026 E 2025 £ Net income forthe year las per Statement of financial activities 2,299,042 1,529,821 Adjustment for: Increase in bad debt provision 4,250 4,000 Depreciation charge5 367,941 403,630 Loss on disposal 738 1,361 Decrease in debtors 1,077,230 11,610,819) Increase in creditors 101,843 1148,1621 Decrease in dilapidation5 154,0651 55,432 Net cash provided by operating activities 3.796,979 235,263 21.ANALYSIS OF CASH AND CASH EQUIVALENTS 2026 2025 Cash at bank and in hand 3,744,086 2,006,409 Total 3,744,086 2,006,409 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 É 348.301 (2025 £352,173). There were no amounts payable to the pension scheme at year end (2025- £0). 46 23 CAPITAL COMMITMENTS At 31. March 2026 the Charity has no capital commitments. 24 OPERATING LEASE COMMITMENTS At 31st March 2026, the total of the charity's future minimum lease payments under non- cancellable operating leases was as follows.. Land and Buildings 2026 2025 Accounts payable: Within l year 604,555 652,888 Between 2 and 5 years 1.205,267 1,455,514 After more than 5 years 1,434,722 1,602,480 Total 3244,545 3,710,882 Included in "After more than 5 years" are long term leases for 2 Dibden Road. 45 William Kett Close, Hellesdon Park Road. 25.RELATED PARTY TRANSACTIONS There were no related party transactions during the year. 26.AGENCY DISCLOSURE In the year to 31 March 2026, the charity acted as an agent in distributing £353,527 received from NoMich City Council. This was paid to members of the Pathways Consortium in accordance wlth the Council's instructions. There are no balance5 held at the year-end as undistributed. 27.CONTROLLING PARTY There is no one controlling party. 47