THE HOPKINS AND SNEYD ALMSHOUSE CHARITY

The Board of Management (the “Board”) presents its Report and financial statements for the year ended 31 March 2026.

The Board are responsible for preparing the Annual Report and financial statements in accordance with applicable laws and regulations.

Registered social housing legislation requires the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company (“the Company") and of its income and expenditure for that period. In preparing these financial statements, the Board are required to:

The Board are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and enables them to ensure that the financial statements comply with the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2022. It has a general responsibility for taking reasonable steps to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

The Hopkins and Sneyd Almshouse Charity is a charitable company, limited by guarantee and governed by Articles of Association. Prior to incorporation in 2016, the charity was governed by Charity Commission schemes. It has a long history in the local area, dating back to the 1820s when the Hopkins almshouses were built, with the Sneyd family building almshouses in the late 1800s, of which some are still in use today. In 1961 a number of ‘poor relief charities were amalgamated to be managed under one Board of Trustees. Further charities were merged in 2002 to be known as The Hopkins and Sneyd Almshouse Charity.

The legal title for the properties owned by The Hopkins and Sneyd Almshouse Charity resides with the Official Custodian on behalf of the Charitable Company.

The Board retains ultimate responsibility for all aspects of the Company’s activities and normally meets quarterly. Membership of the Board is reviewed from time-to-time to ensure its composition is appropriate for both the present and future planned activities of the Company. The Board has been seeking to increase it’s membership and successfully recruited two new trustees within the last year, whilst continuing to advertise locally to encourage further interest. New trustees are provided with copies of relevant documents, including the governing document, recent trustee meeting minutes, the most recent annual report and financial statements, along with policy documents.

There have been insufficient trustees to facilitate a committee structure, but this would be considered in the future for detailed work in policy formulation, strategic planning and performance monitoring in relation to key activities. The Charitable Company substantially complies with the Charity Code of Governance 2020 (updated 2025), as expected by the Charity Commission.

Following a process of self-assessment against the Charity Governance Code, the Board have arranged a meeting with an external facilitator to review strategic direction and Board effectiveness.

Responsibility for the day-to-day management and implementation of the Charitable Company's policies and procedures is delegated to the Managing Agent’s Management Team, The Trust Partnership. This is managed within agreed authority limits in terms of expenditure, as specified in the Internal Financial Controls policy. This also specifies the limits where the decision must be taken by the Board or where the Chair can give approval.

The Board acknowledges that it is responsible for the Charitable Company’s systems of internal control which are designed to produce reasonable but not absolute assurances regarding the safeguarding of assets, the maintenance of proper accounting records and the reliability of financial and other management information. The following procedures are in place, which are designed to produce effective internal control:

The Charitable Company (via its managing agent) has robust arrangements in place for managing the risks of fraud. These include:-

There have been no weaknesses identified in the Company’s internal controls which have resulted in material losses, contingencies or uncertainties which require disclosure in the financial statements.

The Charity Company is a registered social housing provider regulated by the Regulator of Social Housing (RSH) as well as being regulated by the Charity Commission.

Management of the 47 (2025: 47) properties owned by the Charitable Company was undertaken by The Trust Partnership throughout the period. The Charitable Company has no other properties used for accommodation purposes. The Trust Partnership is the managing agent providing property management and resident welfare services. A part-time Scheme Manager is responsible for day-to-day management of the property known as Sneydlands and assists with the other sites as needed.

During the year the main activity was to maintain the three almshouse sites and to ensure that vacant units are re-allocated in a timely way. Maintenance is split into responsive repairs and programmed works. Responsive repairs are reported by the residents to the managing agent and contractors attend as required. Programmed repairs are major works identified through the quinquennial inspection report and included within the budget. Management Accounts, including the approved Budget, are reviewed at each Board meeting.

The Board is aware of its responsibilities to residents as beneficiaries of the Charity and under the Care Act 2014 requiring vigilance on matters of safeguarding vulnerable residents.

Reports on property management and resident welfare are made available to the Board at each meeting.

The governing documents allow for the beneficiaries to be charged a Weekly Maintenance Contribution (WMC) and a Service Charge. The WMC is set in accordance with the RSH formula, and the Service Charges are set by reflecting the previous year's expenditure and the anticipated costs for the coming year. The Trust Partnership oversees the correct and timely payment of WMC, liaising with residents about arrears or signposting them to the local authority for assessment and assistance.

The Board has considered the Charity Commission's guidelines on public benefit. The Charitable Company provides accommodation for local people in need within the Rugeley area. In carrying out the Charity's Objects the Board has had regard to Charity Commission guidance and is satisfied that the continuous demand for the affordable accommodation provided demonstrates that the test is met. The accommodation is fully occupied, and allocations are given on the basis of housing the eligible person in greatest need at the time of a vacancy.

The results of the Company for the year ended 31March 2026 are set out on page 14. The operating surplus was £11,698 (2025: deficit £5,925). The net surplus for the year before investment gains was £53,282 (2025: £10,263).

The investments are managed by Rathbones Investment Management Ltd on behalf of the Charitable Company. The objective is balanced between providing an income from the investments for the running of the Charity and ensuring capital growth. The Board monitors the yield and the return from the investments and receives regular reports from the investment manager with the appropriate benchmarking information.

The reserves policy for the Charity is managed with a view to retaining reserves of at least £375k. This broadly equates to the planned expenditure for an eighteen-month period excluding depreciation and finance costs and the ability to cover expenses for two years. It is recognised that some tolerance beyond this limit may be required, by way of example:

Should an unforeseen cost arise, this may decrease the level of reserves beyond the lower tolerance of £375k.

The Board aims to plan specific projects that require a longer-term funding plan, within available unrestricted funds where possible, depending on urgency.

The Board monitors the level of reserves at the end of each financial year to ensure compliance with this policy, or alternately to be able to justify an exception being made to the policy.

The Charitable Company has no direct employees, as all services are provided by The Trust Partnership under the management arrangement.

The Charitable Company has identified Value for Money as one of its core priorities, alongside satisfaction of residents and the level of services provided. Specifically, the Charitable Company's objectives in this regard are to ensure that:

The Charitable Company’s operations are managed by The Trust Partnership, a third party. The Trust Partnership strives to ensure that costs are visible and highlights the extent to which the Charitable Company’s activity is exposed to the market.

The Charitable Company has loans which have been secured on the housing properties which it operates in order to reduce the interest charges payable.

The Charitable Company’s physical assets serve a single purpose in providing housing. Therefore, to maximise the returns made on these properties means ensuring each property is being used to their full potential and minimising the time each property is not used.

The Charitable Company has a portfolio of investments, which is administered by Rathbones Investment Management Ltd. This relationship has been established to maximise the potential returns from the Charitable Company’s Investments. It is believed that the expertise and experience of Rathbones Investment Management Ltd is good value for money against the returns made. This is reviewed every year during an in-person meeting with their investment manager.

The Charitable Company currently holds £1.165 million of government grants against housing property assets. The Hopkins and Sneyd Almshouse Charity is committed to making sure that this property is used for the good of the community.

The grant has ensured the continuing operation of the Charitable Company, meaning that the residents and the wider community all benefit from the government investment as this was used in 2017 to increase the size of the property portfolio, to provide more almshouses to meet local housing need.

The Value for Money standard published by the Regulator of Social Housing requires Registered Providers to report on a number of Value for Money metrics within their financial statements, and these are set out in table below.

The re-investment and new supply metrics reflect work on properties in the year.

Gearing remains low with high levels of cash resources held which are higher than the outstanding loan balance. As the loans are at fixed interest rates there is no financial benefit to breaking from the fix. Accordingly benchmarked against the sector gearing is in top quartile performance. The Company also holds investments which provide a return which supplements the Company’s income.

Interest cover in 2022/23 was low due to capital repair costs on fire safety and has improved since. 2025/26 cover is reduced from 2024/25 but remains improved.

The Company’s overall social housing cost per unit increased from £6,977 in 2024-25 to £7,074 in 2025-26. This was forecast to increase to £7,324 in 2025-26. The increase is the result of the higher budgeted costs in 2025/26 in line with The Almshouse Association recommendations. The high costs compared to benchmark are reflective of the high level of service charges as the majority of the properties are sheltered scheme type accommodation. The costs also reflect the investment in properties; this investment provides a high standard of homes and results in extremely low void levels.

Operating margin levels, as a consequence of the high level of service charge income, recharged at cost, are low compared to sector benchmarks. The Board acknowledges that the level of return is commensurate with the charitable objectives of the Company.

Return on capital employed is at the lower end of sector benchmarks but at the expected levels of return the Board requires for future investment in homes.

The Risk Register is considered by the Board at each meeting and the performance of mitigating measures is monitored.

Financial Risks are monitored and reported on within the management accounts at each Board meeting, including information by Rathbone Investment Management Ltd. Income and capital growth continue to be impacted by current economic uncertainties, but reserves are sufficient to maintain the Objects and sustainability of the Charity. The Board has no intention, or need, to take out any additional loans at this point in time. The cost-of-living crisis impact on residents is monitored and the Board follow the regulatory requirements of the Regulator of Social Housing in respect of the annual increase in contributions by using the official formula provided. Any arrears are monitored and actioned.

Governance risks are generally considered to be as a result of external political and regulatory requirements which have increased considerably over the last few years. The Board is updated at each meeting on any changes to relevant statutory and regulatory requirements and mitigation measures considered and agreed. Risks can generally be categorised in terms of health and safety requirements (both for resident welfare and buildings) and ensuring resident satisfaction measures are met. The risk in relation to the number of trustees has improved but the Board is mindful not to be complacent and they are continuing to seek to increase their number.

Additional operational risks are identified as loss of income from delayed void turnarounds. These are minimised by efficient working of the management team both in ensuring the vacant unit is efficiently refurbished/redecorated and concurrently allocating the accommodation.

The Charitable Company does not have a website or its own IT systems. All data is stored and managed by The Trust Partnership on their IT systems, which operates a robust cyber security system and has appropriate cyber and data risks insurance.

The Board is keen to attract more Board Members and will continue to actively search for those members of the local community who provide skills and experience of greatest benefit to the Charity.

The Board has no plans to expand on its current almshouse provision. Any strategic aims will be focused on the service provision to residents and the long-term maintenance of the existing properties.

The Board meets its charitable objects by providing almshouse accommodation for the local community, which by its nature is affordable to help those most in need, who meet the eligibility criteria. The Charitable Company will continue its regime of the required health and safety checks for the properties, taking account of sustainability issues where possible.

Independent examiner's report to the Trustees of THE HOPKINS & SNEYD ALMSHOUSE CHARITY

I report to the charity Trustees on my examination of the financial statements of the Company for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, Statement of Changes in Reserves, Statement of Financial Position, Statement of Cash Flows and the related notes to the financial statements, including a summary of significant accounting policies.

As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the financial statements of the Company in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'), the Charities Act 2011 (‘the 2011 Act’) and applicable accounting standards, including the Housing SORP and FRS 102. You are satisfied that the financial statements of the Company are not required by either company or charity law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the financial statements are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable Company's financial statements carried out under section 145 of the Charities Act 2011 ('the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit go beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the consolidated financial statements present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.

The financial statements were approved and authorised for issue by the Board on 27^th August 2026 and signed on their behalf by:

The company is a private company, limited by guarantee and incorporated in the United Kingdom under the Companies Act 2006, is a registered charity under the Charities Act 2011, and is a Registered Provider of Social Housing. The address of the registered office is given on page 3 of these financial statements. The nature of the Company’s activities is the provision of social housing.

The Company constitutes a public benefit entity as defined by Financial Reporting Standard 102.

The financial statements have been prepared in accordance with applicable United Kingdom financial reporting standards, including Financial Reporting Standard 102 The Financial Standard Applicable in the UK and Republic of Ireland and comply with the Statement of Recommended Practice for Social Housing Providers 2018 and the Accounting Direction for Private Registered Providers of Social Housing in England 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006. The financial statements have been prepared on a going concern basis.

The financial statements are prepared under the historical cost convention, except as modified by the revaluation of investments.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Freehold land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

Expenditure on housing properties which is either capable of generating increased future rents, extends their useful life, or significantly reduces future maintenance costs, is capitalised.

All other repairs and maintenance are charged to the Statement of Comprehensive Income during the financial year in which they are incurred.

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

At 31 March 2026 the historical cost of listed investments was £629,806 (2025: £549,818).

Material investment held at >5% of total investment portfolio are Heptagon Fund securities held at a fair value of £46,246. No such material investments were held in 2025.

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

Notes to the Financial Statements for the year Ended 31 March 2026 (continued)

18. Reconciliation of Operating Surplus to Net Cash Inflow from Operating Activities

There were no capital commitments contracted for in the year ended 31^st March 2026 (2025: Nil).

There were no related party transactions in the year to 31^s^t March 2026 (2025: Nil).

The company is limited by guarantee and does not have share capital. The liability of each member in the event of winding up is limited to £1.

V.1.0 FINTAGS 01 April 2025 31 March 2026 31 March 2026 27 August 2026 false Housing Properties are stated at cost less accumulated depreciation. The cost of such properties includes the following: 27 August 2026 14 September 2026 0 0 31 March 2025 The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 iso4217:GBP xbrli:pure xbrli:shares iso4217:GBP xbrli:shares 08390520 2025-04-01 2026-03-31 08390520 bus:Chairman 2025-04-01 2026-03-31 08390520 bus:Director1 2025-04-01 2026-03-31 08390520 bus:Director2 2025-04-01 2026-03-31 08390520 bus:Director3 2025-04-01 2026-03-31 08390520 bus:Director4 2025-04-01 2026-03-31 08390520 bus:Director5 2025-04-01 2026-03-31 08390520 bus:CompanySecretary1 2025-04-01 2026-03-31 08390520 bus:RegisteredOffice 2025-04-01 2026-03-31 08390520 bus:Director3 2026-03-31 08390520 bus:Director4 2026-03-31 08390520 bus:Director5 2026-03-31 08390520 core:ContinuingOperations 2025-04-01 2026-03-31 08390520 core:ContinuingOperations 2024-04-01 2025-03-31 08390520 core:OtherReservesSubtotal 2026-03-31 08390520 core:RevaluationReserve 2026-03-31 08390520 2026-03-31 08390520 core:OtherReservesSubtotal 2025-03-31 08390520 core:RevaluationReserve 2025-03-31 08390520 2025-03-31 08390520 core:OtherReservesSubtotal 2024-03-31 08390520 core:RevaluationReserve 2024-03-31 08390520 2024-03-31 08390520 core:OtherReservesSubtotal 2024-04-01 2025-03-31 08390520 core:RevaluationReserve 2024-04-01 2025-03-31 08390520 2024-04-01 2025-03-31 08390520 core:OtherReservesSubtotal 2025-04-01 2026-03-31 08390520 core:RevaluationReserve 2025-04-01 2026-03-31 08390520 1 core:OtherReservesSubtotal 2024-04-01 2025-03-31 08390520 1 core:RevaluationReserve 2024-04-01 2025-03-31 08390520 1 core:OtherReservesSubtotal 2025-04-01 2026-03-31 08390520 1 core:RevaluationReserve 2025-04-01 2026-03-31 08390520 core:LandBuildings core:OwnedOrFreeholdAssets 2026-03-31 08390520 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 08390520 core:CurrentFinancialInstruments core:WithinOneYear 2026-03-31 08390520 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 08390520 core:Non-currentFinancialInstruments core:AfterOneYear 2026-03-31 08390520 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 08390520 bus:CompanyLimitedByGuarantee 2025-04-01 2026-03-31 08390520 countries:UnitedKingdom 2025-04-01 2026-03-31 08390520 core:BottomRangeValue core:OtherPropertyPlantEquipment 2025-04-01 2026-03-31 08390520 core:TopRangeValue core:OtherPropertyPlantEquipment 2025-04-01 2026-03-31 08390520 core:BottomRangeValue core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-04-01 2026-03-31 08390520 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment core:TopRangeValue 2025-04-01 2026-03-31 08390520 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2025-04-01 2026-03-31 08390520 core:FurnitureFittingsToolsEquipment 2025-04-01 2026-03-31 08390520 core:FurnitureFittings core:BottomRangeValue 2025-04-01 2026-03-31 08390520 core:TopRangeValue core:FurnitureFittings 2025-04-01 2026-03-31 08390520 core:BottomRangeValue core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipment 2025-04-01 2026-03-31 08390520 core:TopRangeValue core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipment 2025-04-01 2026-03-31 08390520 core:BottomRangeValue core:Non-standardPPEClass4ComponentTotalPropertyPlantEquipment 2025-04-01 2026-03-31 08390520 core:TopRangeValue core:Non-standardPPEClass4ComponentTotalPropertyPlantEquipment 2025-04-01 2026-03-31 08390520 2 2025-04-01 2026-03-31 08390520 3 2025-04-01 2026-03-31 08390520 core:FinancialInstrumentsAmortisedCost 2025-04-01 2026-03-31 08390520 4 2025-04-01 2026-03-31 08390520 core:FurnitureFittings 2025-03-31 08390520 core:FurnitureFittings 2026-03-31 08390520 core:FurnitureFittings 2025-04-01 2026-03-31 08390520 core:ListedExchangeTraded core:CostValuation 2025-03-31 08390520 core:ListedExchangeTraded core:CostValuation 2024-03-31 08390520 core:ListedExchangeTraded core:CostValuation 2026-03-31 08390520 core:ListedExchangeTraded core:AdditionsToInvestments 2026-03-31 08390520 core:ListedExchangeTraded core:AdditionsToInvestments 2025-03-31 08390520 core:ListedExchangeTraded core:DisposalsDecreaseInInvestments 2026-03-31 08390520 core:ListedExchangeTraded core:DisposalsDecreaseInInvestments 2025-03-31 08390520 core:ListedExchangeTraded core:RevaluationsIncreaseDecreaseInInvestments 2026-03-31 08390520 core:ListedExchangeTraded core:RevaluationsIncreaseDecreaseInInvestments 2025-03-31 08390520 core:ListedExchangeTraded 2026-03-31 08390520 core:ListedExchangeTraded 2025-03-31 08390520 5 core:CurrentFinancialInstruments core:WithinOneYear 2026-03-31 08390520 5 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 08390520 core:CurrentFinancialInstruments core:WithinOneYear core:FinancialInstrumentsAmortisedCost 2026-03-31 08390520 core:CurrentFinancialInstruments core:WithinOneYear core:FinancialInstrumentsAmortisedCost 2025-03-31 08390520 core:WithinOneYear 2026-03-31 08390520 core:WithinOneYear 2025-03-31 08390520 core:BetweenOneFiveYears 2026-03-31 08390520 core:BetweenOneFiveYears 2025-03-31 08390520 core:MoreThanFiveYears 2026-03-31 08390520 core:MoreThanFiveYears 2025-03-31 08390520 6 2025-04-01 2026-03-31 08390520 6 2024-04-01 2025-03-31 08390520 7 2025-04-01 2026-03-31 08390520 7 2024-04-01 2025-03-31 08390520 core:LandBuildings core:OwnedOrFreeholdAssets 2025-04-01 2026-03-31 08390520 core:LandBuildings 2025-04-01 2026-03-31 08390520 core:LandBuildings 2024-04-01 2025-03-31 08390520 core:FurnitureFittings 2024-04-01 2025-03-31 08390520 bus:FRS102 2025-04-01 2026-03-31 08390520 bus:AuditExempt-NoAccountantsReport 2025-04-01 2026-03-31 08390520 bus:FullAccounts 2025-04-01 2026-03-31 08390520 bus:CalendarYear 2025-04-01 2026-03-31 08390520 curr:PoundSterling 2025-04-01 2026-03-31 08390520 core:LeaseholdImprovements 2025-04-01 2026-03-31 08390520 core:LeaseholdImprovements 2024-04-01 2025-03-31 08390520 core:OtherPropertyPlantEquipment 2025-04-01 2026-03-31 08390520 core:OtherPropertyPlantEquipment 2024-04-01 2025-03-31

Contents	Page

General Information	3

Board Report	4 – 11

Independent Examiner’s Report	12 - 13

Statement of Comprehensive Income	14

Statement of Changes in Reserves	15

Statement of Financial Position	16

Cash Flow Statement	17

Notes to the Financial Statements	18 - 28

General Information
Board of	Mr. Trevor Jeffries	Chair
Management	Ms. Olivia Lyons
	Mr. Terry Redford	Vice Chair
	Mr. Leslie McDowall	Resigned 22 May 2025
	Mr. Darren Ford	Appointed 20 November 2025
	Mrs. Susan Redford	Appointed 20 November 2025

Secretary	Jill Lawrence

Managing Agent	The Trust Partnership

Registered Office	6 Trull Farm Buildings
	Tetbury
	Gloucestershire
	GL8 8SQ

Registered Company	08390520
Number:

Registered Charity	1152689
Number:

Regulator of Social	A2570
Housing
Registration
Number:

Independent Examiner	Dains Audit Ltd
(Previously Auditors)	2 Chamberlain Sq,
	Birmingham
	B3 3AX

Bankers	Barclays Bank Plc
	Leicester
	LE87 2BB

Investment Managers	Rathbones Investment Management Ltd
	The Colmore Building
	20 Colmore Circus
	Queensway
	Birmingham
	B4 6AT

-	select suitable accounting policies and then apply them consistently;
-	make judgements and estimates that are reasonable and prudent;
-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

-	prevention - the Charitable Company seeks to generate a strong anti-fraud culture supported by appropriate controls over operational and employment systems;
-	detection - the Charitable Company has implemented comprehensive systems and procedures to detect evidence of fraud and to facilitate and encourage the reporting of fraud;
-	investigation - the Charitable Company follows a comprehensive policy on fraud investigation and reporting and;
-	insurance - the Charitable Company has appropriate insurance cover in place to mitigate the potential financial losses associated with fraud.

•	Costs are transparent and comparable
•	Costs and charging structures are commercially competitive and in line with the benchmark as provided by The Almshouse Association
•	It continues to strive to provide better services for a similar or lower cost base, year on year.

-	Quarterly reporting by The Trust Partnership about the management of the sites and review of the risk register.
-	Clearly defined management and reporting structures set out in the Charitable Company’s Internal Financial Controls Policy and Delegated Authority Limits.
-	Management information systems with quarterly reporting of management accounts, showing income and expenditure against budget.

•	Supplier costs (procurement);
•	Management costs; and
•	Borrowing costs

		Hopkins & Sneyd
	2022-23	2023-24	2024-25	2025-26
	Actual	Actual	Actual	Actual
Re-investment %	5.1%	0.0%	0.0%	0.0%
New Supply - social housing %	0.0%	0.0%	0.0%	0.0%
Gearing	-8.0%	-8.6%	-7.8%	-11.8%
EBITDA - MRI interest cover	-389.2%	187.0%	374.8%	310.7%
Headline social housing cost per unit	£8,183	£7,889	£6,977	£7,074
Operating margin - (social housing units)	13.2%	-0.5%	-1.7%	2.9%
Operating margin - (overall)	13.1%	-0.6%	-1.6%	3.1%
Return on capital employed (ROCE)	1.4%	-0.1%	-0.2%	0.4%

1.	accounting records were not kept as required by section 386 of the 2006 Act; or

2.	the financial statements do not accord with those records; or

3.	the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or

4.	the financial statements have not been prepared in accordance with: the methods and principles of the Statement of Recommended Practice Accounting by Regulated Social Housing Providers (the Housing SORP), applicable to companies preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

	Notes	2026	2025

		£	£

Turnover	2	380,445	372,275

Operating costs	2	(368,747)	(378,200)

Loss on disposal of other fixed assets	2	-	-

Operating surplus / (deficit)	2,4	11,698	(5,925)

Gains on Sale of Investments		35,912	7,826

Interest receivable and similar income	9	18,145	21,039

Interest payable and similar charges	10	(12,473)	(12,677)

Surplus for the year	18	53,282	10,263

Gains on revaluation of investments		50,268	14,063

Comprehensive Income for the year		103,550	24,326

	Revenue	Revaluation
	Reserve	Reserve	Total
	£	£	£

At 1 April 2024	1,826,863	84,601	1,911,464
Total comprehensive income for the year	10,263	14,063	24,326
Transfers (for realised gains on investments)	11,204	(11,204)	-

At 1 April 2025	1,848,330	87,460	1,935,790
Total comprehensive income for the year	53,282	50,268	103,550
Transfers (for realised gains on investments)	45,013	(45,013)	-

At 31 March 2026	1,946,625	92,715	2,039,340

		2026	2025
	Notes	£	£

FIXED ASSETS
Housing Properties	11	2,148,230	2,184,517
Other tangible fixed assets	12	129,078	140,429
Investments	13	734,850	655,839

		3,012,158	2,980,785
CURRENT ASSETS
Debtors due within one year	14	18,154	20,419
Cash at bank and in hand		361,649	281,651

		379,803	302,070

CREDITORS: Amounts falling due within one year	15	(102,046)	(73,740)

NET CURRENT ASSETS		277,757	228,330

TOTAL ASSETS LESS CURRENT LIABILITIES		3,289,915	3,209,115

CREDITORS:
Amounts falling due after more than one year	16	(1,250,575)	(1,273,325)

TOTAL NET ASSETS		2,039,340	1,935,790

RESERVES
Revaluation Reserve	19	92,715	87,460
Revenue Reserve	19	1,946,625	1,848,330

		2,039,340	1,935,790

a)	Cost of acquiring land and buildings;
b)	Construction costs including internal equipment and fitting;
c)	Directly attributable development administration costs;
d)	Cost of capital employed during the development period;
e)	Expenditure incurred in respect of improvements and extensions to existing properties;
f)	Construction costs incurred but not yet certified at the Balance Sheet date.

Structure	50 - 100 years
Door and entry systems	10 - 40 years
Bathrooms	40 years
External works	15 - 20 years
Heating system	30 - 40 years
Kitchens	30 years
Lifts	10 years
Green technologies	25 years
Roof coverings	50 years
Windows	40 years
Electrical wiring	30 years
Communal furniture	15-20 years
Office furniture and fitting	10 years
Boilers	15 years

	2026	2025
	Rented	Rented
	housing	housing
	£	£
Income from lettings
Maintenance Contributions	270,733	263,539
Service charges	101,343	91,704
Amortised government grants	20,578	20,578

Gross rental income	392,654	375,821

Voids	(13,011)	(4,006)

Turnover from social housing lettings	379,643	371,815

Expenditure on lettings
Management	(164,842)	(174,101)
Services	(62,515)	(73,586)
Routine maintenance	(105,103)	(90,366)
Bad debt charges	-	(3,860)
Depreciation	(36,287)	(36,287)

Operating costs from social housing lettings	(368,747)	(378,200)

Operating surplus from social housing lettings	(10,896)	(6,385)

Mr T Jeffries	Mr T Redford
Chair	Vice Chair


Mr T Jeffries	Mr T Redford

Chair	Vice Chair

		2026	2025
	Notes	£	£

NET CASH (USED IN) / GENERATED FROM OPERATING ACTIVITIES	18	69,329	(27,562)

CASH FLOW FROM INVESTING ACTIVITES

Purchase of tangible fixed assets		-	(6,551)
Disposal in the period		-	-
Grants received		-	-
Proceeds from sales of investments		173,651	116,698
Purchase of investments		(172,942)	(104,768)
Interest receivable		18,145	21,039

NET CASH PROVIDED BY / (USED IN) INVESTING ACTIVITES		18,854	26,418

CASH FLOW FROM FINANCING ACTIVITES

Interest payable		(12,473)	(12,677)
Bank loan repaid		(1,944)	(1,741)

NET CASH USED IN FINANCING ACTIVITIES		(14,417)	(14,418)

NET CHANGE IN CASH AND CASH EQUIVALENTS		73,766	(15,562)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		300,212	315,774

CASH AND CASH EQUIVALENTS AT END OF YEAR		373,978	300,212

CASH AND CASH EQUIVALENTS CONSISTS OF:

Cash at bank and in hand		361,649	281,651
Cash held by investment managers		12,329	18,561

CASH AND CASH EQUIVALENTS AT 31 MARCH		373,978	300,212

	2026	2025
	£	£

Bank loans, overdrafts and other loans:
Repayable wholly or partly in more than 5 years	12,473	12,677

	12,473	12,677

	2026	2025
	£	£

The operating surplus is arrived at after charging/ (crediting):

Amortisation of government grants	(20,578)	(20,578)
Depreciation of properties - residential freehold	36,287	36,287
Depreciation of operating fixed assets	11,351	16,686
Loss on disposal of other fixed assets	-	-
Auditors’ remuneration - audit services	-	11,190
Independent Examiner’s remuneration - non-audit services	5,400	-

	2026	2025
Interest receivable from:	£	£

Short-term cash deposits	4,114	4,395
Other	14,031	16,644

	18,145	21,039

	Housing
Freehold Land and Buildings	Properties
	£	£

Cost
At 1st April 2025	2,595,317	2,595,317
Additions during the period	-	-
Disposals	-	-

At 31 March 2026	2,595,317	2,595,317

Depreciation
At 1 st April 2025	410,800	410,800
Charge for the period	36,287	36,287
Released on disposals	-	-

At 31 March 2026	447,087	447,087

Net Book Value
At 31 March 2026	2,148,230	2,148,230

At 31 March 2025	2,184,517	2,184,517

	2026	2025
	£	£

Total SHG due by 31 March	1,440,425	1,440,425

Recognised in the Statement of Comprehensive Income	275,363	254,785
Held as deferred income	1,165,062	1,185,640

	1,440,425	1,440,425

	2026	2025
	£	£

Improvements to existing components	-	-
Components capitalised	-	-
Recognised in the Statement of Comprehensive Income	105,267	90,366

	105,267	90,366

	Furniture
	and
	Equipment
	£

Cost
At 1^st April 2025	208,964
Additions	-
Disposals	(13,268)

At 31 March 2026	195,696

Depreciation
At 1^st April 2025	68,535
Charge for period	11,351
Disposals	(13,268)

At 31 March 2026	66,618

Net Book Value

At 31 March 2026	129,078

At 31 March 2025	140,429

Fixed asset investments	Listed	Listed
	2026	2025
	£	£

At 1^st April 2025	637,278	627,322
Additions	172,942	104,768
Disposals	(137,967)	(108,875)
Revaluation	50,268	14,063

At 31 March 2026	722,521	637,278

Cash held by investment managers	2,329	8,561
Saving bond held by investment managers	10,000	10,000

Total investments held by investment managers	12,329	18,561

Total Investments	734,850	655,839

	2026	2025
	£	£

Maintenance Contribution debtors	9,134	10,019
Prepayments and other debtors	9,020	10,400

	18,154	20,419

	2026	2025
	£	£

Bank loans and mortgages	2,172	1,944
Trade creditors	27,162	15,280
Grants to be amortised within one year	20,578	20,578
Other creditors and accruals	52,134	35,938

	102,046	73,740

	2026	2025
	£	£

Due within one year	2,173	1,944
Due in more than one year but less than five years	11,546	10,337
Due in more than five years	94,544	97,926

	108,263	110,207

	2026	2025
	£	£

At 1 April 2025	1,185,640	1,206,218
Released to income in the year	(20,578)	(20,578)

At 31 March 2026	1,165,062	1,185,640

	2026	2025
	£	£

Surplus/ (Deficit) for the period	53,282	10,263

Depreciation of housing properties	36,287	36,287
Depreciation of other fixed assets	11,351	16,686
Amortisation of grants	(20,578)	(20,578)
Gains on investments	(35,912)	(7,826)
Loss on the sale of other fixed assets	-	-
(Increase)/ decrease in debtors	2,265	(2,608)
Increase/ (decrease) in creditors	28,306	(51,424)

	75,001	(19,200)

Adjustments for Investing or Financing Activities

Interest payable	12,473	12,677
Interest received	(18,145)	(21,039)

Net cash generated from/ (used in) Operating Activities	69,329	(27,562)