These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The Sons of Divine Providence Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 23 Lower Teddington Road, Kingston-upon-Thames, Greater London, KT1 4EU.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the value of investment property at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues': Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of The Sons of Divine Providence (Company registered number: 04249759, Charity number: 1088675). These consolidated financial statements are available from its registered office, 23 Lower Teddington Road, Kingston Upon Thames, KT1 4EU.

The Sons of Divine Providence is both the immediate parent undertaking and the ultimate controlling party.

At 31 March 2025 the truecompany had net liabilities of £6.8m and amounts of £9.3m due to its parent undertaking. The directors have prepared cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements. These forecasts take into account the company's current financial position, remaining development costs, expected proceeds from future property disposals, revised intra-group financing arrangements and the financial support available from the parental charity, The Sons of Divine Providence (“the charity”).

The directors have also considered the significant developments since 31 March 2025, including the settlement of the company’s external bank financing and CIL liability, the restructuring agreements entered into with the charity and Lifestyle Residences Limited, and the arrangements governing the remaining amounts due to the charity.

As a consequence of these changes, the expected sales values of the company’s properties are sufficient to meet its forecast external liabilities and remaining development costs, and the available finance is in place for a period of over one year from approving the financial statements. As a result, the directors are satisfied that the company can meet its liabilities as they fall due.

In reaching their conclusion, the directors have taken account of the continued financial support of the charity. The charity has confirmed that it does not intend to seek repayment of amounts due from the company where such repayment would prejudice the company's ability to meet its liabilities as they fall due during the going concern assessment period.

Having considered the cash flow forecasts, the events occurring after the reporting date and the financing arrangements and financial support available to the company, the directors have a reasonable expectation that the company has adequate resources to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on the going concern basis.

Revenue represents the consideration receivable from the sale of developed properties. Revenue is recognised when the significant risks and rewards of ownership have transferred to the purchaser, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company. For property sales, this will normally occur on legal completion of the sale.

The related cost of sales includes the direct selling costs along with an apportionment of the total construction costs based on the individual property selling price as a proportion of the total selling price of the whole development.

Revenue from ground rent is recognised on an annual basis reflecting rent for the year.

Investment property represents the company's retained interest in the land upon which the leasehold properties are situated.

Investment property is initially recognised at cost and subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Fair value is determined having regard to the present value of the income expected to be generated from the company's retained freehold interests.

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, amounts owed to the parent undertaking and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Development stock is stated at the lower of cost and estimated selling price less costs to complete and sell. The determination of the net realisable value of development stock involves significant estimation uncertainty. The directors have estimated the net realisable value of development stock using expected selling prices, informed where available by property sales achieved after the reporting date.

In making this assessment, the directors have considered, amongst other matters, sales achieved after the reporting date, current market conditions, the estimated costs required to complete the development and other directly attributable selling costs.

At 31 March 2025, a cumulative impairment provision of £1,312,724 (2024: £1,015,115) has been recognised against development stock. The resulting carrying amount of development stock at the reporting date was £6,392,048 (2024: £10,636,862).

The directors assess the fair value of the investment property at each reporting date. The property was last externally valued in 2023. In assessing the fair value at 31 March 2025, the directors considered the contractual ground rental income over the remaining 125-year lease terms and relevant market factors and concluded that there had been no material movement in fair value since the external valuation.

The average monthly number of persons (including directors) employed by the company during the year was:

No remuneration was paid to the directors.

The investment property represents the company's retained freehold interest in the land on which the leasehold properties are situated. The property was externally valued in 2023 using an income-based valuation methodology having regard to the expected ground rental income over the remaining lease terms.

At 31 March 2025 the directors reviewed the valuation, including the underlying rental arrangements and relevant market factors, and concluded that the fair value had not changed materially since the previous valuation. Accordingly, the investment property continues to be carried at £1,000,000.

At 31 March 2025, a cumulative impairment provision of £1,312,724 (2024: £1,015,115) has been recognised against development stock. The impairment charge recognised during the year was £297,609 (2024: £1,015,115).

At 31 March 2025, the company had two loans:

1) A senior loan from United Trust Bank with an outstanding balance of £221,253 (2024: £3,472,768) in the form of discounted loan notes bearing interest of 11.9% per annum. The loan was secured by fixed charges over specified development properties. As at the date of signing these accounts, the loan was repaid fully.

2) A junior loan from United Trust Bank with a balance outstanding at the year end of £4,441,756 (2024: £3,944,745) bearing interest at a minimum of 11.68% per annum. The loan was secured by fixed charges over specified development properties. As at the date of signing these accounts, the loan was repaid fully.

Amounts owed to parent undertaking

The amount owed to the parent undertaking of £9,332,250 (2024: £8,082,381) is repayable on demand. The parent charitable company has a fixed and floating charge over the assets of the company. The interest charged on the amount owed to the parent undertaking is 2% p.a. above the base rate of Barclays Bank and amounted to £525,067 (2024: £422,608).

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion, the financial statements:

• give a true and fair view of the state of the company’s affairs as at 31 March 2025 and of its loss 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.

Post balance sheet events

Following the year end, the company entered into a number of significant financing and restructuring arrangements in connection with the completion of its remaining development activities.

The company’s existing financing facilities with United Trust Bank (“UTB”) were extended and amended following the year end while the remaining development works and associated restructuring were progressed. The company’s UTB facilities were subsequently refinanced and fully discharged during 2026, with the relevant security over the company’s properties being released.

On 24 July 2025, the company, The Sons of Divine Providence (“the charity”) and Lifestyle Residences Limited entered into a series of agreements establishing a framework for completion of the remaining development works and restructuring of the financial arrangements between the parties. These arrangements included provision for additional intra-group funding from the charity to the company.

During 2026, further financial support was provided to facilitate the restructuring and refinancing of liabilities associated with the company and the charity. On 24 June 2026, the parties entered into a further Deed of Variation which, amongst other matters, recognised a new secured loan of £3,488,698 from the charity to the company and preserved an existing intra-group liability of £300,000.

Following the year end, the company’s outstanding Community Infrastructure Levy liability of £355,192 was settled in full, together with the associated legal costs.

The directors have assessed the financial effect of these arrangements on the company. The arrangements principally resulted in the refinancing and restructuring of existing obligations rather than the recognition of additional liabilities arising at 31 March 2025.

The directors have assessed the above events in accordance with FRS 102 Section 32 and concluded that they represent non-adjusting events after the reporting period. Accordingly, no adjustment has been made to the amounts recognised at 31 March 2025.

The company is a wholly owned subsidiary of The Sons of Divine Providence ("the charity"), a charitable company incorporated in England and Wales.

The company has taken advantage of the exemption available under FRS 102 from disclosing transactions and outstanding balances with wholly owned members of the same group. Details of amounts owed to the parent undertaking and the related interest expense are disclosed in notes 5 and 9.