Sandwell Homeless and Resettlement Project Limited Charity Accounts

Sandwell Homeless and Resettlement Project Limited Charity Accounts

SANDWELL HOMELESS AND RESETTLEMENT PROJECT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01705859
CHARITY REGISTRATION NUMBER: 514302
Sandwell Homeless and Resettlement Project Limited
Company Limited by Guarantee
Unaudited Financial Statements
Housing registration number: 5054
31 March 2023
Sandwell Homeless and Resettlement Project Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
9
Statement of financial activities (including income and expenditure account)
11
Statement of financial position
12
Statement of cash flows
14
Notes to the financial statements
15
Sandwell Homeless and Resettlement Project Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2023 .
Reference and administrative details
Registered charity name
Sandwell Homeless and Resettlement Project Limited
Charity registration number
514302
Company registration number
01705859
Principal office and registered
109 St. Pauls Road
office
Smethwick
B66 1EY
England
The trustees
Mr M R Watkins
Ms K Brooks
Ms B Foster
Ms K Perry
Ms N Mozlu
(Resigned 11 October 2022)
Mr S Yates
Mr R Trumpeter
(Appointed 28 September 2022)
Independent examiner
Mr Christopher Goldie BSc ACA
217 Long Lane
Halesowen
West Midlands
B62 9JT
Structure, governance and management
Governing Document
The organisation is a charitable company limited by guarantee, incorporated on 11th January 1983 and registered as a charity on 14th October 1983. The association was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
Recruitment and Appointment to the Board
The directors of the company are also charity trustees for the purpose of charity law and under the company's Articles are known as Board Members. Under the requirements of the Memorandum and the Articles of Association the Board are elected to serve for a period of three years after which they may be re-elected at the next Annual General Meeting.
Sandwell is a very diverse area with a wide range of cultures and religions being represented. The Board seeks to ensure that the needs of service users are appropriately reflected through the diversity of the trustees elected to the board.
Trustee Induction and Training
New Board Members are invited to meet the board in order that they may get a feel for the organisation and to understand the obligations of becoming a Board Member. After their attendance at this meeting if they wish to pursue their application further applicants are invited to visit the projects to meet staff and beneficiaries. Following this new Trustees may be appointed by the Board and will then be provided with further opportunities for induction and training. Trustees contribute their time and skills at Board Meetings and with other projects requiring trustee involvement and calling upon their particular expertise.
Members of the Board
During the year Nasrin Mozlu director since 17th November 2021 resigned and Ryan Trumpeter joined the board as a new trustee / director.
Board members as at 31st March 2023;
- Michael Roland Watkins, director since March 1983
- Bianca Foster, director since 15th September 2021
- Ryan Trumpeter, Appointed director 28th September 2022
- Steve Yates, director since 30th March 2022
- Karen Perry, director since 28th July 2021
- Kathryn Brooks (Chair), director since November 2018
The position of company secretary was vacant at year end.
Risk Management
The Board has drawn up a risk register which provides details of actions to be taken to reduce risk. The risk register is reviewed and updated by the Board regularly. The charity also purchases a range of insurance policies.
Organisational Structure
Sandwell Homeless and Resettlement Project has a Board of up to 10 members who meet every two months and who are responsible for the strategic direction and policy of the charity. SHARP embraces the Equality Act 2010 and recruits Board members from any background and with any of the 9 protected characteristics described within the Act. At present the Board has 6 members.
Day-to-day responsibility for the provision of operations, services and financial probity is delegated by the Board to the Senior Officers employed by SHARP. These senior officers are responsible for ensuring that the charity delivers the services specified and that the charity meets its obligations and aspirations.
At year end a Business Manager was in place, supported by two project managers, one for The Gap project and one for The Gables and Community Support.
Objectives and activities
Objectives
The Charity's objects and principal activities are to:
Care for persons in need, who are homeless or who by reason of adverse circumstances are in need of help in acquiring a settled way of life through the establishment of residential accommodation and to assist these persons so as to develop their physical, mental and spiritual capacities that they may develop full maturity as responsible individuals and members of society and that their conditions of life may be improved.
The main objectives and activities for the year continue to focus upon helping people who are homeless to find appropriate accommodation, either within SHARP or elsewhere, offer them support and advice to enable them to manage their accommodation and to enjoy a reasonable quality of life. SHARP is a registered social landlord.
The strategies employed to assist the charity to meet these objectives include, but not exhaustive, the following;
- Provide accommodation of good quality for homeless people in Sandwell
- Provide a service for homeless people in Sandwell and signposting to other agencies as appropriate giving information on vacancies and support where available in Sandwell
- Provide the support necessary to enable service users to manage their own accommodation successfully
- Involve service users in the development of their personal support plans, which include attainable targets, regular reviews and flexibility to enable and embrace change
- Train service users to use the internet to allow them to access a number of online activities such as bidding for a home, finding a job and registering for universal credit
- Liaise with local housing providers concerning housing and other needs of service users
- Research the housing needs of homeless people
- Participate proactively with local initiatives including Sandwell Council of Voluntary Organisations, and Sandwell Metropolitan Borough Council
Activities
The GAP Supported Housing Project
The GAP project consists of 30 furnished one bedroom flats at Selby House, Wallace Close, Oldbury, West Midlands, B69 1HW. GAP offers accommodation and support to teenage parents and their children, also single females aged 16 to 19 years..
Community Floating Support & Spot Purchasing
SHARP provides floating support through a contract with the council and specialist support through spot purchasing. This supports people with complex needs and who are hard to reach to continue to live well in their own homes.
247 & 247a Barclay Road, Smethwick
Barclay Road offers accommodation and support through two self-contained apartments. The freehold of Barclay Road is owned by SHARP. We have continued to provide ongoing support to our residents.
The Gables
The Gables is enjoying its 3rd year and has firmly established its reputation as an excellent provider of supported accommodation within Sandwell. We are continuing to work in conjunction with Sandwell Council's Complex Hub Team in accepting their referrals and it is gratifying that they often refer to us before referring to other Sandwell supported accommodation providers.
Achievements and performance
The GAP supported housing project
This year we have supported 25 families and 2 single families. We have been working closely with Black Country Health Care Foundation who hold a wellbeing drop in session once a week for our service users to attend. Staff now have mental health first aid training to support service users emotional wellbeing. With funding received from Cash for Kids we have been able to have emergency funds available to support service users with the cost of living crisis and for a third consecutive year have been able to purchase through DPD an annual Dudley Zoo pass that admits two adults and two children for free. This pass is very popular and gives our young families a fun and educational day out. The property is owned by Sandwell Metropolitan Borough Council and managed through a contractual arrangement by SHARP
247 & 247a Barclay Road, Smethwick
We have provided outreach support to our residents and continued to help them live independently within the community.
The Gables
Our number of accommodation units increased from 18 to 19 and the IT suite was converted to a bedsit for a young man who would find it difficult to reside within the main building.
Over the past 2 years we have received several referrals for individuals with enduring mental health difficulties, and who have or would struggle with maintaining their own tenancies and the team have received positive feedback from the involved agencies for providing a safe non-judgmental home environment. It is at present envisaged that the majority will be residing longer term at the Gables due to there being a lack of appropriate move on accommodation or an independent tenancy would not be be appropriate.
We continue to work in partnership with SMBC Complex Hub, Cranstoun drug and alcohol services, Probation plus the Community Mental Health Teams and it is rewarding that a lot of their team have become regular visitors here as we have developed strong working relationships with them.
90 people (including the current 19 residents) have resided at the Gables since December 2020 and the majority have moved into their own tenancies or other supported housing schemes.
We have received very positive feedback from a number of residents about the safe living environment we provide and that they really do consider the Gables to be 'home'.
Financial review
Responsibilities of the Board
The Board is responsible for maintaining proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charitable company to enable them to ensure that the financial statements comply with the Companies Act 1985. The Board is also responsible for safeguarding the assets of the charitable company and for taking reasonable steps for the prevention and detection of fraud and any other irregularities.
Investment Policy
Under the Memorandum and Articles of Association, the charity has the power to invest in the interest of the charity and/or its beneficiaries. The Board, having regard to the liquidity requirements of the organisation and to the reserves policy, have operated a policy of keeping available funds in an interest bearing deposit account,albeit with low reserves and low interest rates this does not currently generate any significant income.
Reserves Policy
Having examined the circumstances facing the charity and its future income and expenditure patterns the trustees have established that a prudent level of reserves for the charity to hold would be equivalent to three month's salary costs (including tax and NI costs) plus a sum to cover exceptional costs related to closure / transfer of the charity - as at April 2023 the former figure would amount to £131,000 whilst the latter figure was set at £35,000. We are pleased to confirm that our reserve levels have now rebuilt sufficiently to cover this sum, following the refurbishment of the Gables. We will continue to try to strengthen our reserves further in future years.
Review of the year April 2022 to March 2023
This year has been a year of consolidation and development. We are delighted that we have been able to continue to be a real living wage employer during the current cost of living crisis. We have also been able to begin to repay the capital on the loan taken out to finance the refurbishment of the Gables. We have continued to develop the services we offer at both our major centres including extending the criteria for admission to the Gap and achieving high levels of occupancy at The Gables. Our success has been such that the council has asked us to provide consultancy to support its own running of an in-house provision and we hope to continue to develop close working relationships with the council in order that we can both better serve the homeless people of Sandwell.
Plans for 2023-24
We will begin to explore new ventures and continue to improve and extend what we offer in our existing projects. We will also keep under review the implications of new expectations around Ofsted regulation of provision for 16/17 year old children in care and the associated tendering provisions.
We will continue to pay down our loan and to build our reserves
Accounts
Company law requires the Board to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing those financial statements, the Board follows best practice by;
- Selecting suitable accounting policies and then applying them consistently
- Making judgements and estimates that are prudent and reasonable: and
- Preparing the financial statements on a going concern basis unless it is inappropriate to assume that the company will continue on that basis
The Board is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 1985. The Board is 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.
Members of the Board
Members of the Board, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.
In accordance with company law, as the company's Directors, we certify that:
- So far as we are aware, there is no relevant information of which the company's accountants are unaware; and
- As Directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the charitable company's accountants are aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 13 September 2023 and signed on behalf of the board of trustees by:
Ms K Brooks
Trustee
Sandwell Homeless and Resettlement Project Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Sandwell Homeless and Resettlement Project Limited
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of Sandwell Homeless and Resettlement Project Limited ('the charity') for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company 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 charity’s accounts as 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. Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity 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 accounts 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 for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Christopher Goldie BSc ACA Independent Examiner
217 Long Lane Halesowen West Midlands B62 9JT
13 September 2023
Sandwell Homeless and Resettlement Project Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2023
2023
2022
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income
Donations and grants
5
105,670
20,587
126,257
120,445
Charitable activities
6
537,481
–
537,481
605,401
Investment income
7
254
–
254
2
--------
-------
--------
--------
Total income
643,405
20,587
663,992
725,848
--------
-------
--------
--------
Expenditure
Expenditure on raising funds:
Costs of raising income
8
524,093
48,140
572,233
643,162
--------
-------
--------
--------
Total expenditure
524,093
48,140
572,233
643,162
--------
-------
--------
--------
--------
-------
--------
--------
Net income
119,312
( 27,553)
91,759
82,686
--------
-------
--------
--------
Transfers between funds
1,405
(1,405)
–
–
Other recognised gains and losses
Other recognised gains/(losses)
–
–
–
( 92,471)
--------
-------
--------
--------
Net movement in funds
120,717
( 28,958)
91,759
( 9,785)
Reconciliation of funds
Total funds brought forward
177,057
852,742
1,029,799
1,039,584
--------
--------
-----------
-----------
Total funds carried forward
297,774
823,784
1,121,558
1,029,799
--------
--------
-----------
-----------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Sandwell Homeless and Resettlement Project Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible fixed assets
13
1,018,512
1,028,183
Current assets
Debtors
14
61,259
18,455
Cash at bank and in hand
144,975
160,085
--------
--------
206,234
178,540
Creditors: amounts falling due within one year
15
10,111
12,929
--------
--------
Net current assets
196,123
165,611
-----------
-----------
Total assets less current liabilities
1,214,635
1,193,794
Creditors: amounts falling due after more than one year
16
93,078
163,995
-----------
-----------
Net assets
1,121,557
1,029,799
-----------
-----------
Funds of the charity
Restricted funds
823,784
852,743
Unrestricted funds:
Revaluation reserve
93,839
93,839
Other unrestricted income funds
203,934
83,217
--------
--------
Total unrestricted funds
297,773
177,056
-----------
-----------
Total charity funds
18
1,121,557
1,029,799
-----------
-----------
For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Sandwell Homeless and Resettlement Project Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of trustees and authorised for issue on 13 September 2023 , and are signed on behalf of the board by:
Ms K Brooks
Trustee
Sandwell Homeless and Resettlement Project Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2023
2023
2022
£
£
Cash flows from operating activities
Net income
91,759
82,686
Adjustments for:
Depreciation of tangible fixed assets
10,170
9,913
Other interest receivable and similar income
( 254)
( 2)
Interest payable and similar charges
9,729
3,153
Accrued (income)/expenses
( 42,536)
12,714
Changes in:
Trade and other debtors
( 268)
( 1,077)
Trade and other creditors
( 347)
( 65,470)
-------
-------
Cash generated from operations
68,253
41,917
Interest paid
( 9,729)
( 3,153)
Interest received
254
2
-------
-------
Net cash from operating activities
58,778
38,766
-------
-------
Cash flows from investing activities
Purchase of tangible assets
( 499)
( 93,853)
-------
-------
Net cash used in investing activities
( 499)
( 93,853)
-------
-------
Cash flows from financing activities
Proceeds from borrowings
( 73,388)
167,770
-------
--------
Net cash (used in)/from financing activities
( 73,388)
167,770
-------
--------
Net (decrease)/increase in cash and cash equivalents
( 15,109)
112,683
Cash and cash equivalents at beginning of year
160,085
47,402
--------
--------
Cash and cash equivalents at end of year
144,976
160,085
--------
--------
Sandwell Homeless and Resettlement Project Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 109 St. Pauls Road, Smethwick, B66 1EY, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. The property was valued on 10th June 2021 by Bruton Knowles Property Consultants, a qualified member of the Royal Institution of Chartered Surveyors (RCIS).
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
No depreciation has been charged on freehold property as the Trustees believe that the property will be maintained to a level where the value of the property is not expected to diminish. The property will be valued with sufficient regularity to ensure that the value reported in the financial statements is not materially different to its actual market value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The charity is a company limited by guarantee and consequently does not have share capital. Each member has undertaken to contribute £10 to the assets of the company to meet its liabilities if called upon to do so.
5. Donations and grants
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Unrestricted donations
30,060
–
30,060
Restricted donations - Bauer Radio
–
2,125
2,125
Restricted donations - The Clothworker Foundation
–
–
–
Restricted donations - Arnold Clark Foundation
–
1,000
1,000
Restricted donations - The Blakmore Foundation
–
110
110
Restricted donations - The George Henry C GHCC
–
–
–
Restricted donations - Cheshire Community CCF
–
–
–
Restricted donations - Leeds Building Society
–
–
–
Restricted donations - The Percy Bilton Charity
–
–
–
Restricted donations - The Rowlands Trust
–
1,000
1,000
Restricted donations - Baron Davenports Charity
–
640
640
Restricted donations - BBC Children in Need
–
8,340
8,340
Restricted donations - Roger & Douglas
–
–
–
Restricted donations - The Othona Community
–
323
323
Restrcited donations - F/Flow The Morrison
–
5,000
5,000
Restricted donations - Michael Marsh Trust
–
549
549
Restricted donations - Cole Charitable Trust - Gables Beds
–
1,500
1,500
Restricted donations - DPD Group - Gap Project
–
–
–
Grants
SMBC core grant
75,610
–
75,610
--------
-------
--------
105,670
20,587
126,257
--------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Donations
Unrestricted donations
15,160
–
15,160
Restricted donations - Bauer Radio
–
–
–
Restricted donations - The Clothworker Foundation
–
5,400
5,400
Restricted donations - Arnold Clark Foundation
–
1,000
1,000
Restricted donations - The Blakmore Foundation
–
147
147
Restricted donations - The George Henry C GHCC
–
2,000
2,000
Restricted donations - Cheshire Community CCF
–
5,000
5,000
Restricted donations - Leeds Building Society
–
1,000
1,000
Restricted donations - The Percy Bilton Charity
–
500
500
Restricted donations - The Rowlands Trust
–
874
874
Restricted donations - Baron Davenports Charity
–
–
–
Restricted donations - BBC Children in Need
–
8,039
8,039
Restricted donations - Roger & Douglas
–
5,000
5,000
Restricted donations - The Othona Community
–
–
–
Restrcited donations - F/Flow The Morrison
–
–
–
Restricted donations - Michael Marsh Trust
–
1,800
1,800
Restricted donations - Cole Charitable Trust - Gables Beds
–
–
–
Restricted donations - DPD Group - Gap Project
–
715
715
Grants
SMBC core grant
73,810
–
73,810
-------
-------
--------
88,970
31,475
120,445
-------
-------
--------
6. Charitable activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Barclay Road
7,812
7,812
115,598
115,598
GAP project
194,483
194,483
210,405
210,405
Community support
73,102
73,102
83,066
83,066
Gables
262,084
262,084
196,332
196,332
--------
--------
--------
--------
537,481
537,481
605,401
605,401
--------
--------
--------
--------
7. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable
254
254
2
2
----
----
----
----
8. Costs of raising income
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Charitable fund raising costs
11,154
–
11,154
Wages and salaries
381,594
23,524
405,117
Employer's NIC
23,579
–
23,579
Pension costs
3,529
–
3,529
Insurance
9,461
–
9,461
Other motor/travel costs
2,421
–
2,421
Legal and professional fees
4,208
–
4,208
Information technology
6,057
–
6,057
Other office costs
15,070
–
15,070
Depreciation
3,235
6,935
10,170
Bank charges
248
–
248
Bank loan interest
9,729
–
9,729
Other support costs
6,541
8,927
15,468
Training
972
–
972
Accountancy fees
4,080
–
4,080
Premises expenses
42,215
8,754
50,970
--------
-------
--------
524,093
48,140
572,233
--------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Charitable fund raising costs
11,069
–
11,069
Wages and salaries
382,912
17,229
400,141
Employer's NIC
24,361
–
24,361
Pension costs
4,819
–
4,819
Insurance
7,718
–
7,718
Other motor/travel costs
3,307
–
3,307
Legal and professional fees
14,710
–
14,710
Information technology
14,950
–
14,950
Other office costs
17,363
–
17,363
Depreciation
2,978
6,935
9,913
Bank charges
515
–
515
Bank loan interest
3,153
–
3,153
Other support costs
5,628
3,344
8,972
Training
1,146
–
1,146
Accountancy fees
4,440
–
4,440
Premises expenses
105,716
10,869
116,585
--------
-------
--------
604,785
38,377
643,162
--------
-------
--------
9. Net income
Net income is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
10,170
9,913
Foreign exchange differences
248
515
Operating lease rentals - land & buildings
–
54,099
Operating lease rentals - other
4,215
4,465
-------
-------
10. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
4,080
4,440
------
------
11. Staff costs
The average head count of employees during the year was 24 (2022: 24 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Chief executive officer
–
1
Business manager
1
1
Head of care and community
1
1
Central admin
1
1
GAP project
11
9
Crown house
–
1
Community support
4
4
The Gables
6
6
----
----
24
24
----
----
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
Key Management Personnel
The total remuneration paid to key management personnel in the year amounted to a total of £45,437 (2022: £63,510).
12. Trustee remuneration and expenses
None of the trustees received a remuneration. No other benefits from employment with the charity or a related entity were received by the trustees.
No trustee expenses have been incurred
13. Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2022
995,000
74,028
34,675
1,103,703
Additions
–
499
–
499
--------
-------
-------
-----------
At 31 March 2023
995,000
74,527
34,675
1,104,202
--------
-------
-------
-----------
Depreciation
At 1 April 2022
–
65,667
9,853
75,520
Charge for the year
–
3,235
6,935
10,170
--------
-------
-------
-----------
At 31 March 2023
–
68,902
16,788
85,690
--------
-------
-------
-----------
Carrying amount
At 31 March 2023
995,000
5,625
17,887
1,018,512
--------
-------
-------
-----------
At 31 March 2022
995,000
8,361
24,822
1,028,183
--------
-------
-------
-----------
Freehold property is used for the purpose of social housing. Freehold property was valued on 10 June 2021 by Bruton Knowles Property Consultants, a qualified member of the Royal Institution of Chartered Surveyors (RCIS). The basis on which the valuation was made was depreciated replacement cost.
Tangible fixed assets held at valuation
In respect of tangible fixed assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2023
Aggregate cost
526,289
Aggregate depreciation
–
--------
Carrying value
526,289
--------
At 31 March 2022
Aggregate cost
526,289
Aggregate depreciation
–
--------
Carrying value
526,289
--------
14. Debtors
2023
2022
£
£
Prepayments and accrued income
61,259
18,455
-------
-------
15. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,304
3,775
Trade creditors
4,531
5,074
Accruals and deferred income
4,080
4,080
Other creditors
196
–
-------
-------
10,111
12,929
-------
-------
16. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
93,078
163,995
-------
--------
17. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 3,529 (2022: £ 4,819 ).
18. Analysis of charitable funds
Unrestricted funds
At 1 Apr 2022
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2023
£
£
£
£
£
£
General funds
83,218
643,405
(524,093)
1,404
–
203,934
Revaluation reserve
93,839
–
–
–
–
93,839
--------
--------
--------
------
----
--------
177,057
643,405
(524,093)
1,404
–
297,773
--------
--------
--------
------
----
--------
At 1 Apr 2021
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2022
£
£
£
£
£
£
General funds
86,100
694,373
(604,785)
(92,471)
–
83,217
Revaluation reserve
93,839
–
–
–
–
93,839
--------
--------
--------
-------
----
--------
179,939
694,373
(604,785)
(92,471)
–
177,056
--------
--------
--------
-------
----
--------
Restricted funds
At 1 Apr 2022
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2023
£
£
£
£
£
£
Grantham Yorke Trust
–
–
(25)
–
–
(25)
Welcome Boxes
789
–
(651)
–
–
138
The Rowlands Trust
984
1,000
(984)
–
–
1,000
Baron Davenports Charity
543
640
(1,183)
–
–
–
BBC Children in Need
894
8,340
(9,234)
–
–
–
Roger & Douglas
500
–
(500)
–
–
–
Michael Marsh Trust
1,332
549
(1,881)
–
–
–
Cole Charitable Trust - Gable Beds
–
1,500
(1,051)
–
–
449
DPD Trust - Weston Trip
710
–
(370)
–
–
340
DPD Group - GAP Project
2,005
–
(1,998)
–
–
7
BHSF Medical Charity
–
–
–
–
–
–
Bauer Radio
690
2,125
(2,071)
–
–
744
Heart of England
8,675
–
(8,675)
–
–
–
Lloyds Bank
1,405
–
–
(1,405)
–
–
The Clothworker Foundation
25
–
–
–
–
25
Arnold Clark Automotive
869
1,000
(934)
–
–
935
The Blakmore Foundation
–
110
(110)
–
–
–
The George Henry C GHCC
2,000
–
(2,000)
–
–
–
Cheshire Community CCF
5,000
–
(5,000)
–
–
–
Leeds Building Society
1,000
–
(314)
–
–
686
The Percy Bilton Charity
500
–
(500)
–
–
–
The Othona Community
–
323
–
–
–
323
F/Flow The Morrison
–
5,000
(3,724)
–
–
1,276
The Gables
449,949
–
(6,935)
–
–
443,014
The Gables Revaluation
374,872
–
–
–
–
374,872
--------
-------
-------
------
----
--------
852,742
20,587
(48,140)
(1,405)
–
823,784
--------
-------
-------
------
----
--------
At 1 Apr 2021
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2022
£
£
£
£
£
£
Grantham Yorke Trust
–
–
–
–
–
–
Welcome Boxes
1,045
–
(256)
–
–
789
The Rowlands Trust
984
874
(874)
–
–
984
Baron Davenports Charity
543
–
–
–
–
543
BBC Children in Need
617
8,039
(7,761)
–
–
895
Roger & Douglas
–
5,000
(4,500)
–
–
500
Michael Marsh Trust
–
1,800
(468)
–
–
1,332
Cole Charitable Trust - Gable Beds
–
–
–
–
–
–
DPD Trust - Weston Trip
1,685
–
(975)
–
–
710
DPD Group - GAP Project
1,400
715
(110)
–
–
2,005
BHSF Medical Charity
11
–
(11)
–
–
–
Bauer Radio
1,645
–
(955)
–
–
690
Heart of England
10,000
–
(1,325)
–
–
8,675
Lloyds Bank
9,959
–
(8,554)
–
–
1,405
The Clothworker Foundation
–
5,400
(5,375)
–
–
25
Arnold Clark Automotive
–
1,000
(131)
–
–
869
The Blakmore Foundation
–
147
(147)
–
–
–
The George Henry C GHCC
–
2,000
–
–
–
2,000
Cheshire Community CCF
–
5,000
–
–
–
5,000
Leeds Building Society
–
1,000
–
–
–
1,000
The Percy Bilton Charity
–
500
–
–
–
500
The Othona Community
–
–
–
–
–
–
F/Flow The Morrison
–
–
–
–
–
–
The Gables
364,413
–
(6,935)
92,471
–
449,949
The Gables Revaluation
467,343
–
–
–
(92,471)
374,872
--------
-------
-------
-------
-------
--------
859,645
31,475
(38,377)
92,471
(92,471)
852,743
--------
-------
-------
-------
-------
--------
19. Analysis of net assets between funds
The transfer of £0 (2022: £92,471) from Unrestricted Funds to Restricted Funds represents the expenditure incurred on The Gables during the year.
The transfer of £1,405 (2022: £0) from Restricted Funds to Unrestricted Funds relates to Lloyds Bank, which has been reclassified by the Trustees as an unrestricted fund.
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
200,626
817,886
1,018,512
Current assets
200,336
5,898
206,234
Creditors less than 1 year
(10,111)
–
(10,111)
Creditors greater than 1 year
(93,078)
–
(93,078)
--------
--------
-----------
Net assets
297,773
823,784
1,121,557
--------
--------
-----------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Tangible fixed assets
203,361
824,822
1,028,183
Current assets
150,619
27,921
178,540
Creditors less than 1 year
(12,929)
–
(12,929)
Creditors greater than 1 year
(163,995)
–
(163,995)
--------
--------
-----------
Net assets
177,056
852,743
1,029,799
--------
--------
-----------
20. Social housing units
The following units of Social Housing were held by the charitable company during the year:
2023
2022
£
£
Supported Housing
51
51
21. Social housing rent arrears
There were no social housing rentals in arrears as at 31 March 2023
22. Recycled capital grant fund
There were no transactions during the year to be recognised within the Recycled Capital Grant Fund.
23. Disposal proceeds fund
There were no transactions during the year to be recognised within the Disposal Proceeds Fund.
24. Analysis of changes in net debt
At 1 Apr 2022
Cash flows
At 31 Mar 2023
£
£
£
Cash at bank and in hand
160,085
(15,110)
144,975
Debt due within one year
(3,775)
2,471
(1,304)
Debt due after one year
(163,995)
70,917
(93,078)
--------
-------
--------
( 7,685)
58,278
50,593
--------
-------
--------
25. Operating lease commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
3,205
4,215
Later than 1 year and not later than 5 years
3,118
6,323
------
-------
6,323
10,538
------
-------
26. Contingencies
On 11 November 2019, Sandwell Homeless and Resettlement Project Limited acquired the freehold property known as The Gables for £1. The transfer of the property also included the liability of an outstanding social housing grant of £552,846. The social housing grant is only repayable if the specific conditions attached to the grant are breached.
27. Related parties
There were no related party transactions for the year end 31 March 2023.