CHARITY REGISTRATION NUMBER.. 1002396 Foundry Community Housing Unaudited Financial Statements 31 December 2024 JENNIONS MACKEN Institute of Financial Accountants Suite 1, Foundry House Widnes Business Park Waterside Lane Widnes Cheshire WA8 8GT
Foundry Community Housing Financial Statements Year ended 31 December 2024 Page Trustees, annual report Independent examine¢s report to the trustees statement of financial activities Statement of financial position Notes to the financial statements The following pages do not form part of the flnancial statements Detailed statement of financial activilies 16 Notes to the detailed staternent of financial activities 17 Final Accounts
Foundry Community Housing Trustees. Annual Report Year ended 31 December 2024 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. Reference and admlnlstrative detalls Reglst8red charlty nam6 Foundry Community Housing Charlty reglstration number 1002398 Principal offlce Clo The Foundry Lugsdale Road Widnes Cheshire The trusto8s Mr H Kelly (appointed 11.04.24) Miss L Taviner Mr S Smith Mrs J Hicklin Mrs L Holland Mr l Aitken (resigned 29.04.24) Independènt examiner Mr l Jennions BA (Hons) FFA FIPA FFTA Suite 1, Foundry House Widnes Business Park Walerside Lane Vvidnes Cheshire WA8 8GT Structure• governanc• and management The organisation was registered as a Charity on 27 March 1991 under a governing instrument dated 18 October 1990. The organisation is governed by a management committee. INVESTMENT POLICY The Trustees have the power to invest in such assets as they see fit subject nevertheless to such condilions and consents as may. for the time being, be imposed or required by law. Surplus funds are invested with various institutions. RESERVES POUCY The Charity carries out a variety of both long-term and short4errn projects. The Trustees have examined the requirement for free resep4es. which are those unrestricted funds not invesled in fixed assets. designated for specific purposes or otheise committed. The Trustees consider that currently. given the nature of our work, this should be approximately £625.000, which gives flexibility to cover short term timing differences for grant Claims and adequate working capital for our core costs, and to represent investm8nl in fi'xed assets. However, the Trustees keep this under regular review as circumstances change. The free reserves at 31 December 2024 consist of ihe profit and loss reserve of £1,486,799. Final Accounts
Foundry Community Housing Trustees. Annual Report f¢onlinued) Year ended 31 December 2024 Strudure, govemance and management (¢ontlnuedJ RISK MANAGEMENT The Trustees actively review the major risks which the Charity faces on a regular basis and believe thal maintaining our free reserves at the levels stated above, combined with our annual review of the ¢ontrols over key financial systems, will provide sufficient resource5 in the event of adverse conditions. The Trustees have also examined other operational and business risks which we face and confirm thal they have established systems to mitigate the $ignrficant risks. Objectives and actlvities The objeclives and activities of Foundry Community Housing are: 1) Housing accommodation for persons over 60 years who are members of Iha Foundry Community Church or in fellowship with the Church, or a Church in fellowship therewith, or persons in such need. 2) Relieving aged p8rsons in occupation of the Housing accommodation of the Charily and, subject thereto. applying the income in furthering the religious and other charitable work of the Foundry Community Church. Achlevemenls and performance Since 1985, FCH has maintained a high level of service. delivered with Gare, enthusiasm and commitment that is warmly appreciated by ils tenants. FCH is served by an outslanding team of staff including on-site caretakerlwarden, managers and slaff. FCH also benefits from operating and working closely in conjunclion with Foundry Community Church, with the added benefits of community living offered through the friendship and support ofthe local church. During the last decade, the management team have overseen a constant and considerable programme of refurt)ishment within the bungalows. The main areas of works Carried out in 2024 were. completion of the upgrading of the living room heaters. We also continued to do day to day repairs and the ongoing refurbishrnent of new kitchen and shower rooms, FCH also spent a large proportion of its annual repairs and renewals budget on either repairs or renewal of Ihe sites roofs including 10 new roofs to blocks of bungalows. Occupancy rates remain high. the waiting list especially across both sels of accomrnodation remains strong, and the atmosphere on site remains friendly and amenable. In 2024 we took on an additional Tenant liaison which now means there is staffing provision on site every day of the week excluding staff absence due to holidays or sickness which greatly enhances the team provision for all tenants. Much credit musl go to the managers. slaff and volunteers who have continued to ensure that Fair Havens Court remains a safe and pleasant place to livel FCH is currenlly working relationship with the Lighthouse Foundation Trustees on a potential merger of the charities and continues to financially support the Lighthouse Foundation charily throughout this transition period. The Trustees of Foundry Community Housing submit thss review with confidence that the great work of 2024 will be continued into 2025 and beyond. Financlal review Through sound financial management the charity has been able to conlinue to provide an excellent seNice to our residents. Over the past 12 months, rental income has been increased through a programme of sleady increases. und8rtaken in line with the current rates of inflation. Final Accounts
Foundry Community Housing Trustees, Annual Report (continued) Year ended 31 December 2024 structure, governance and management (c¢)nllnued) Plans for future periods The work lo merge FCH and Lighthouse Foundation charities is still onOig. Final Accounts
Foundry Community Housing Trustees. Annual Report (¢onllnuéd) Year ended 31 December 2024 Plans for future perfods (contlnuodj BENEFITS TO THE PUBLIC The charity provides sheltered housing accommodation for persons over 60 years who are members of Foundry Church or in fellowship with the Church. 01 a Church in fellowship Iherewith, or persons in such need. The trustees, annual report was approved on 0111012025 and signed on behalf of the board of trustees by., Mr S Smith Trustee Final Accounts
Foundry Community Housing Independent Examiner's Report to the Trustees of Foundry Community Housing Year ended 31 December 2024 I report lo the trustees on my examination of the financial statements of Foundry Communily Housing <'the charity'l for the year ended 31 December 2024. Responslblllties and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act.). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 l am qualified to undertake the examination because l am a member of the Institute of Financial Accountants (IFA). which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of th8 charity as required by section 130 of the Act., or the financial statements do not accord with those records: or the financial statements do not comply with the applicable requirements concerning the fomi and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other malters in connection wilh 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 l Jennions BA (Hons) FFA FIPA FFTA Independent Examiner Suite 1, Foundry House Waterside Lane Widnes Business Patk Widnes Cheshire WA8 8GT Final Accounts
Foundry Community Housing statement of Financial Activities Year ended 31 December 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowments Donations and legacies Investment income 357,150 1,738 357,150 1,738 368,888 361,583 1,639 Total income 358.888 363.222 Expendlture Expenditure on charitable activities Total expenditure 401,163 401,163 401.163 379.335 379,335 401.163 Net (expenditure) and net movement in funds (42,275) {42,275) (16.113) Reconclllation of funds Total funds brought forward Total funds carrled forward 1,529.074 1,486,799 1,529,074 1,486,799 1,545,187 1.529,074 The 8tatement of financial activi11 includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Final Accounts
Foundry Community Housing statement of Financial Position 31 December 2024 2024 2023 Not• Fixed assets Tangible fixed assets Investments 12 13 1,387,073 123 1,387,830 123 1,387,196 1.387,753 Current assets Debtors Cash at bank and in hand 14 6,155 105,155 111,310 5.975 149,114 155,089 Credltors: amounts falling duo wlthln one year Net current assets 15 q1.707 13.768 99,603 1,486,799 1,486,799 141,321 1,529,074 1,529,074 Total assets less current Ilabilities Net assets Funds of the charity Unrestricted funds 1,486,799 1.486,799 1.529,074 1,529,074 Total Gharlty funds 16 These financial statements ¥vere approved by the board of trustees and authorised for issue on 0111012025 arKI are signed on behalf of the board by.. Mr S Smith Tfustee Final Accounts
Foundry Community Housing Notes to the Financial Statements Year ended 31 December 2024 General Informatlon The charily is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Clo The Foundry. Lugsdale Road, Widnes, Cheshire. Stat&ment of ¢ompllan¢e These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ir81and', the Statem8nt of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)) and the Charities Act 2011. Accountlng pollcles Basis of preparatlon The financial statements have be8n prepared on the historical cost basis, as modrfied by the revaluation of certain financial assets and liabilities and inveslment properties measured at fair value Ihrou9h income or expenditure, The financial statements are prepared in sterling. which is the functional currency of the 8ntily. Golng concern There are no material uncertainties about the charity's ability to continue. Dlsclosure exemptlons The entity satisfies the criteria of being a qualifying entily as defined in FRS 102, Judgements and key sources of e8tlmation uncertalnty The preparation of the financial slatem8nts requires management to make judgements. estimates and assumptions that affect the amounls 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. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the harily's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on the 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. Final Accounts
Foundry Community Housing Notes to the Financial Statements (¢ontlnued) Year ended 31 December 2024 Accountlng pollcles (contlnu•d) Incomlng rasources All incoming resources are included tn the stalement 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 Ihe amount can be reliably measured. The following specific policies are applied to particular categories of income- incorne from donations or grants is recognised when there is evidence of entillement to the gfft. receipt is probable and its amount can be measured reliably. legacy income is recognised when reIpt is probable and entitlement is established. income from donated goods is measured at th8 fair value of the goods unless this is impractical to measure reliably, in which case the valua is derived from the cost to the donor or the estimated resale value. Donated facilities and 5ervi¢es are recognised in the accounts when received rf 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 18 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. R6s0urces expendod 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 siatement of financial activilies to which it relates- expenditure on raising funds includes Ihe costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitabb8 activities indudes all costs incurred by a charity in undertaking activities that further its charitable aims for the benef it of its beneficiaries, including Ihose 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 thal activity. Shared cosls are apportioned between the activities they contribute to on a reasonable, justifiabl8 and ¢onsi$18nt basis. Tanglble assets All fixed assets are initially recorded at cost. Final Accounts
Foundry Community Housing Notes to the Financial Statements {continued) Year ended 31 December 2024 Accountlng policles (¢t)nllnu•dJ Depreclatlon 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.. Fixtures and Fittings Equipment Computer equipment 250/0 reducing balance 25'A reducing balanc8 250A reducing balance Investments Unlist@d equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured al cost less impairmenl. Listed inv8Stment6 are measured at fair value with ¢hanges in fair value being recognised in income or expenditure. Impalrment of flxed assets A review for indicators of iryairment 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 al each reporting date. For the purposes of impairmenl testing. when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of Ihe 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 inflowJ that largely independent of the cash inflows from other assels or groups of assets. For irnpairment testing of goodwill, the goodwill acquired in a business combination is. from the acquisition dale. allocated to each of the cash-generating unils 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. Flnanclal Instruments A financial asset or a financial liability is recognised only when the entrty becomes a party to Ihe contractual provisions of the instrumenl. Basic financial instruments are initially recognised at the amount receivable or payable including any related Iransaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of inleresl for a similar debt instrument. Donatlons and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 DonatSons Rents and Service Charges Receivable 357.150 357.150 361,583 361,583 Flnal Accounts io
Foundry Community Housing Notes to the Financial Statements (¢ontlnuealJ Year ended 31 December 2024 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank Charges Receivable 1,738 1,738 1,639 1,839 Expendlture on charitable actlvSties by fund typo Unrestricted Total Funds Unrestrict8d Total Funds Funds 2024 Funds 2023 Direct charitable activities Support costs 398.571 2.592 398,571 2,592 401,163 376,503 2,832 376,503 2,832 379,335 401,163 379,335 Expendlture on charitable acllvltles by actlvlty typ• Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Direct charitable activities Governance costs 398,571 2.592 398,571 2,592 401,163 376,503 2,832 379,335 376,503 2,832 401,163 379.335 Nèt Incomo Net income is stated after chargingl(crediling): 2024 2023 Depreciation of tangible fixed assets Operating lease rentals 657 742 Independent examlnation fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 1,800 1,800 10. Staff costs The average head count of employees during the year was 6 {2023.' 5). No employee received employee benefits of m8 than £60.000 during the year (2023.. Nil). Final Accounts li
Foundry Community Housing Notes to the Financial Statements (continued) Year ended 31 December 2024 11. Trustee remuneration and expenses Included in the above the amount of £37,235. paid to Sean Smith, a truste8 who is paid in his role as an employee of the charity. Also included is the amount of £18.818 paid to Diane Daniels, a truslee of the Foundry ¢huich. who is paid in her role as consultant to the charily. 12. Tanglble fixed assots Land and Fixtures and buildings fittings User defined asset Equipment Total Cost At 1 January 2024 Additions 1,385,403 4.337 38.794 3.274 1,431,808 At 31 December 2024 1,385,403 4.337 38,794 3,274 1,431,808 Depreclatlon Al 1 January 2024 Charge for the year At 31 December 2024 4.278 15 38,229 141 1,671 401 44,178 657 4,293 38,370 2,072 44,735 Carrylng amount At 31 Decomber 2024 1,385,403 1,385,403 424 1,202 1,387,073 1,387,630 At 31 December 2023 59 565 1.603 13. Investments Llsted Invèstments Cost or valuatlon At 1 January 2024 and 31 December 2024 Impalrment At 1 January 2024 and 31 Decomber 2024 Carrylng amount At 31 December 2024 123 123 At 31 December 2023 123 All investments shown above are held at valuation. Financial assets held at falrvalue Financial assets are measured at fair value with changes in fair value being recognised in the financial statements. Final Accounts 12
Foundry Community Housing Notes to the Financial Statements (¢onllnued) Year ended 31 December 2024 14. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 6,15S 5,213 762 6,155 5,975 15. Credltors: amounts falling due wlthin one year 2024 2023 Accruals and deferred income sla1 security and other taxes Other creditors - Rent refund due 3,312 2,498 5,897 11,707 3,097 4,774 5.897 13,768 16. Analysls of charltable funds Unrestricted funds At 31 Decamber 2024 At 1 January '24 Income Expenditure Unrestricted Fund 1,529.074 358,888 (401,163> 1,486,799 At 31 December 2023 Al 1 January '23 Income Expenditure Unrestrlcted Fund 1.545,187 363,222 (379,335) 1.529.074 Final Accounts 13
Foundry Community Housing Notes to the Financial Statements (continuerfl Year ended 31 December 2024 17. Analysis of not assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 1,387,073 123 111,310 (11.707) 1,486,799 1,387,073 123 111,310 111,707) 1,486,799 Unrestricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 1.387,630 123 155,089 (13.768) 1,529,074 1,387.630 123 155,089 (13,768) 1,529,074 18. Flnancial Instruments The charity currently holds no financial instruments. 19. Relat&d partle8 The Charity is effectively controlled by The Foundry Community Church (charity no. 1174210) which also controls The Lighthouse Foundation (charity no. 1100896). The chariiy donated £50,000 to the Foundry Community Church. The charity paid £8,723 to The Llghlhouse Foundation for maintenance. Final Accounts 14
Foundry Community Housing Management Information Year ended 31 December 2024 The followlng pages do not fomi part of the financlal statements. Final Accounts 15
Foundry Community Housing Detailed Ststement of Financial Activities Year ended 31 December 2024 2024 2023 Income and endowments Donations and legacles Rents and Service Charges Receivable 357.150 361.583 Investment income Bank Charges Receivable 1.738 1.639 Total Incomo 358,888 363,222 Expendlture Expendlture on charitablo activitlas Wages and salaries Employerfs NIC Operating leases Repairs and maintenance Motor vehicle expenses other motorltravel costs Legal and professional fees other office costs Depreciation Other interest payable and similar charges Property Costs Sundry Expenses Donations staff wellbeing 113,134 9,240 108.309 8,727 2,749 47 3,879 16,799 557 781 199,696 4.007 50,677 597 2,651 6,227 12,424 742 785 184,888 2,748 51,223 611 401,163 379,335 Total oxpenditur6 401,163 379,335 Net {oxpendltura) (42,275) {16,113) Flnal Accounts 16
Foundry Community Housing Notes to the Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Expendlture on charltable activities Direct charitablè activities Activities undertaken dlrectly Wages and salaries Employe¢s NIC Operating leases Repairs and maintenance Motor vehicle expenses other motorltravel costs Legal and professional fees Other Offi costs Depre¢ialion other interest payable and similar charges Property costs Sundry expenses Donations staff wellbeing 113,134 9,240 108.309 8,727 2.749 47 1,287 15,799 557 781 199.696 4,007 50,677 597 2.651 3,595 12,424 742 785 184.888 2,748 51,223 611 398,571 376,703 Governanc• costs Accountancy fees 2,592 2.632 Exp&ndlturo on charltable actlvlties 401.163 379,335 Final Accounts 17