HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE A REGISTERED CHARITY REPORT AND ACCOUNTS 31ST MARCH 2024 Company Registered Number: 2630447 Charity Registered Number: 1007875 Registered Social Landlord Number: H4310 Fawley Judge & Easton Chartered Certified Accountants Statutory Auditors 1 Parliament Street Hull HU1 2AS
HULL RESEThLEMENT PROJECT LIMITED BY GUARANTEE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Page Company Information Trustees Report Report of the Auditors Income and Expenditure AOUnt 9-10 Balance Sheet 11 Cash flow staternent 12 Notes to the Financlal Statements 13
HULL RESEThLEMENT PROJECT LIMITED BY GUARANTEE COMPANY INFORMATION FOR THE YEAR ENDED 31ST MARCH 2024 TRUSTEES AND DIRECTORS: R. W. Batty (Chairman} l. Agius Hon Ald. R. Jones (Resigned- January 2023) Cllr D. Kirk Cllr G Kennett P Rodmell {Appointed 6 September 2023} COMPANY SECRETARY: J. A. Black REGISTERED OFFICE: 20 Bourne Street Freetown Way Hull HU2 8AE COMPANY REGISTERED NUMBER: 2630447 (England and Wales) CHARITY REGISTERED NUMBER: 1007875 REGISTERED SOCIAL LANDLORD NUMBER: H4310 AUDITORS: Fawley Judge & Easton Chartered Certified Accountants Statutory Auditors 1 Parliament street Hull HU1 2AS BANKERS: National Westminster Bank PO Box No. 944 34 King Edward Street Hull HU1 3YN
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE TRUSTEES REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The trustees who are also dir8clors for the purpose of the Companies Act 2006 present their report and accounts for the year ended 31st March 2024. STRUCTURE, GOVERNANCE AND MANAGEMENT The charity is a private company limited by guarantee (registered number 2630447), a registered charity (number 1007875) and a registered social landlord with the Homes and Communities Agency (number H4310) governed by its Memorandum and Articles of Association. Trustees are recruited from the local community. There are 6 Directors appointed to the Board who also act as Trustees as outlined in the Charit18s Act 2011- becoming or ceasing to be a member as outlined in Section 17 of the Memorandum and Articles of Association agreed al the Board Meeting on 16th March 2016. Trustses are provided with training as considered necessary to supplement their exisling skills. The trustees meel quarterly to administer the charity. They are supported by the company secretary. Mr J. A. Black, who manages the day to day operation of the charity supported by paid staff. OBJECTIVES The main object of the charity is the care and support of homeless and other disadvantaged persons who are in need of help to acquire a settled way of life by providing, developing and maintaining short term residential accommodation or similar facilities. To further assist those accommodated by way of advice or counselling and any other form of aid to acquire employment, more permanent accommodation. education and any other benefit to assist them towards a more settled way of living in the community. When planning the activities for the year the trustees have considered the Charily Commissioners Guidelines on public benefit and how these activities will contribute to the charities aims and objectives. The trustees have complied with the duty in Seclion 4 of the Charities Act 2011 to have due regard to the public benefit guidance as published by the Charities Commission. REVIEW OF DEVELOPMENT. ACTIVITIES AND ACHIEVEMENTS The activities of the company consist of Ihe management of five hostels for single homeless persons in Hull at Bourne Street, Russell Street, Rawling Way, 27 Sykes Street and 213 Anlaby Road. Together with second st8ge supported housing at 537 Anlaby Road. During the year under review the charity has also run a project to assist residents of the hostels with independent accommodation. This report relales to the twenty first accounting period since the incorporation of the company. The financial perf0mlan of the company has matched the expeclalions of the Business Plan and the company has met requir8ments of its principal funding body, the Hull City Council. FINANCIAL REVIEW The financial statements are set out elsewhere in this report. The total income for the charity during the year under review was £2.138,293 in the form of Housing Related Support Funding. Housing Benefit and investment gains. £1,666,058 was spent on the charitable objects and management and administration leaving a surplus for the year of £472.235 which has been transferred to designated reserves. In the year under review Ihe pension is in a surplus position of £885,000 compared to a surplus in 2023 of £707,000. The total reserves at 31st March 2024 amount to £5,655.953 after incorporating the pension surplus of £885,000 In the current economic climate, the stock exchange indices upon which the majority of the investments are valued has reduced and may increase the pension deficit. As this has occurred after the year end it is nol accounted for in the financial
statements. In view of the directors Ihis is not a permanent reduction in value. Surpluses and reserves are not distributable to the members. HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE TRUSTEES REPORT FOR THE YEAR ENDED 31ST MARCH 2024 FUTURE DEVELOPMENT The charity intends to look at developing further services to assist the resettlement of former residents once it has achieved a steady funding stream. RESERVES POLICY The Irustees seek to maintain a level of free reserves (that is funds not tied up in fixed assets and rèstricted funds) that will enable the charity to sustain its operation over a period when the income géneration maybe curtailed temporarily or permanently. The trustees consider the most appropriate level to be 12 month's expenditure on charitable objectives and management of the organisation. RISK STATEMENT The trustees are reviewing the major risks to which the charity is exposed. Internal risks are minirnised by the implementation of procedures for authorising transactions and projects and to ensure Consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity. MEMBERS The members of the company are the serving trustees listed on page 2. DIRECTORS The directors, who are also trustees for charity law purposes, during the year covered by this report were those listed on page1. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trusleas {who are also the directors for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the trustees of the charitable company to prepare accounts for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the surplus of the charitable company for that period. In preparing those accounts. the trustees are required to: Select suitable accounting policies and then apply them consistently- Observe the method and principles with Accounting Requirements for Registered Social Landlords General Determination 2006", Make judgemènts and estimates that are reasonable and prudent- Prepare Ihe accounts on Ihe going concern basis unless it is inappropriate to presume thal the company will ontinue in business. The trustees are responsible for keeping proper accounling records which disclose with reasonable accuracy at any time the financial position of the company and to enable them lo ensure that the accounts comply with the requirement of the Companies Act 2006, the Housing Regeneration Act 2008 and the Accounting Requirements for Registered Social Landlords Delemiination 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE TRUSTEES REPORT FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT AS TO THE DISCLOSURE OF INFORMATION TO AUDITORS So far as the truste8s are aware, thera is no relevant information (as defined by Section 418 of the Companies Act 2Q061 of whiGh the charitable company's auditors are unaware, and each trustee has tsken all the steps that they ought to have taken as a trustee in order to make them awaré of any audit information and to establish that the charitable Company's auditors are aware of that infomiation. AUDITORS Messrs Fawley Judge & Easton will be proposed for re-appointment as auditors in accordance with Section 385 of the Companies Acl 2006. This report has been prepared in accordance with the Statement of Recommended Practice - Accounting by Registered Social Landlords. By order of the Board A. Black Company Secretary Date 27 August 2024
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE Opinion We have audited the financial statements of Hull Resettlement Project Ltd (the "Charity"I for the year ended 31st March 2023 which comprise the statement of financial activities. the summary income and expenditure account, the balan sheet, the statement of cash flows and notes to the financial stalemenls, including significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable An the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the Charity's affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practi., have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS (UKI} and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of th8 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may casl significanl doubl on the charity's ability lo continue as a going concem for a period of at least Iwelve mc)nths from when the financial statemenls are authorised for issue. Our responsibilities and the responsibilit18s of the Trustees with respect to going concem are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report olher than Ihe financial statements and our auditor's report Ihereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on Ihe financial statements does not cover the other information and we do not express any form of assuran conclusion thereon. Our responsibility is to read the olher information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparenl material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, report.. or sufficient accounting records have not been kept.. or the financial statements are not in agreement with the accounting records- or we have not received all the information and explanations we require for our audit.
Responsibilities of the trustees As explained more fully in the statement of Trustees, responsibilities. Ihe Trustees. who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the Trustees determin8 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing the charity's ability lo continue as a going concem. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charilies Acl 2011 and report in accordance with Ihe Act and relevant regulations made or having effect thereunder. Our objectives are to obtain r8asonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assumnce is a high level of assurance but is not a guarantee that an 8udil conducted in accordance with ISAS IUKI will always detect a material misstalemenl when it exists. Missl8tements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users laken on the basis of these financial stalemenls. The extent lo which our procedures are capable of detecting irregularities, including fraud. is detailed below. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the intemal Controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, wa.. perfomied analytical procedures lo identify and unusual or unexpected relationships; lesled journals entries lo identify unusual transactions., assessed whether judgements and assumptions made in detemining the accounting estimates were indicative of potential bias," and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, bul were not limited to.. agreeing financial statement disclosures to underfying supporting documentation-, enqUing of management as to actual and potential litigation and claims; and reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. Due lo the inherent limitations of an audit, there is a risk that we will not delect all irregularities. including those leading to a material misstalemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance wilh a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely tri become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. The risk is also greater regarding irregularities occurring due to fraud rather than eOr, as fraud involves intentional concealment, forgery, wllusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'Ilwww.frc.org.ukl auditorsresponsibilities. This description fomis part of our auditorfs report.
This report is made solely lo the company s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullesl extent permitted by law, we do not accept or assume responsibility lo anyone other than the pany and the company's members as a body, for our audit work. for this report, or for the opinions we have fomed. Jonathan Leathl Senior Statutory Auditor Fawley Judge & Easton Statutory Auditor 1 Partiament Street Hull HU12AS Date 27 August 2024
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2024 Notes Total 2024 Total 2023 Turnover 1,955,018 1.645.731 Operating expenditure {1,664,682) (1,388,666) Operating surplus 290,336 256,925 Interest receivable 14,127 9,986 nterest payable (1,376) (841) Investment GainsllLosses} 169.148 (65,332) Surplus on ordinary activities for the period £472,235 £200.738 Pension Iloss)Igain in period 178,000 392,000 Total comprehensive income for Ihe year £650,235 £592,738 All amounts relate to continuing activities. (Tenant SeNices Authority copy only} pproved on behalf of the Board on Date 27 August 2024) R. Batty- Chairman The notes on pages 10 to 17 form part of these financial slatements
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE ASSOCIATION STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31ST MARCH 2024 Income and Expendilure reserve Restricted Reserve Total Balance as at 1st April 2022 4,412,980 4,412,980 Transfer beiween funds Total comprehensive inGome for the year 592,738 592,738 Balance as at 31st March 2023 5,005,718 5,005,718 Totsl comprehènsive income for the year 650,235 650,235 Balance at 31st March 2024 £5,655,953 £- £5,655,953 10
HULL RESEThLEMENT PROJECT LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 1.192,448 3.623,851 1,200,396 3,283,229 4.816,299 4,483,625 Current assets Stock Debtors Cash al bank and in hand 250 206,356 518,497 250 80,609 428,629 Total current assets 725,103 509.488 Creditors: amounts falling due within one year 10 169.208) 159.3951 Net current assetslliabilities 655.895 450,093 Total assets less CUTrent Ilabilities 5.472,194 4.933,718 Creditors: amounts falling due after more than ono year {701,2411 1635,0001 PROVISION FOR LIABILITIES Pension surplus 885,000 707.000 NET ASSETS INCLUDING PENSION DEFICIT 5,655,953 5.005,718 FUNDS OF THE CHARITY: Share capital Income and expenditure account Restricted fullds 12 5,655,953 5.005,718 TOTAL CHARITY FUNDS S,655,953 £5,005.718 The members have not deposited notice. pursuant lo Section 476 of the Companies Act requiring an audit of these financial stslements. The trustees acknowledge their responsibilities for.. lal ensuring that the charity keeps accounting records that comply with Section 386 and 387 of the Companies Act and Ibl preparing financial statements which give a true and fair view of the slate of affairs of the charity as at the end of each financial year in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 lating lo financial statements, so far as applicable to the charity. financial statements were approved by the Board of Trustees on 27 August 2024 and signed on its behalf by.. R. Balty- Chaimian Registered Company Number 2630447 The notes on pages 10 to 17 form part of these financial statements
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 Note Cash flows from operating activities Cash (absorbed by)Igenerated from operations 16 274,995 248,169 274.995 248.169 Investing activities Purchase of tangible fixed assets Purchase of investments 30,291 154,659 82.994 Net cash g9nerated from Investing activities 184,950 82.994 Net decrease in cash and ¢a$h equlvalents 90,045 165,177 Cash and cash equivalents at the beginning of the year 428,452 263,452 Cash and cash equivalents at the end of the year £518,497 £428,629
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES Accounting convention The financial statements of the group and association are prepared in accordance with UK Generally Accepted Accounting Practice IUK GAAPI including Financial Reporting Standard 102 IFRS 102) and the Housing SORP 2014= Statement of Recommended Practice for Registered Social Housing Providers and comply with th8 Accounting Direction for Private Registered Providers of Social Housing 2015. Income Government grants Grants of a revenue nature are crèdited to income in the p6riod to which they relate. Social housing letting income indudes Supporting People ISP) contract income received from Administering Authorities plus support charges to individual tenants (including housing benefit). When accounted for as a part of rent received the income is shown in income from social housing lettings. A related cost is shown as direct expenditure in expenditure from social housing lettings. Floating support scheme income is included in non-social housing activities. Donations Donations are crediled to income in the year in which they are receivable. Charftable expenditure Expenditure is recognised once there is a legal or constructive obligatson lo transfer economic benefit to a third paty, il is probable that a Ir8nsfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent wilh the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation Charges are allocated on the portion of the asset's use. Resources expended are charged on an accruals basis, inclusive of irrecoverable Value Added Tax. Direct charitsble expenditure comprises those costs dire¢dy incurred in pursuance of the Company's charitable activities. where the costs righuy belong lo more than one activity an appropriate proportion is charged to each activity. Governance costs includes expenditure which is incurred meeting the conslitulional and statutory requirements of the charity Tangible fixed assets Tangible fixed assels are initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual vaSues over their useful lives on the following bases-. Fre8hold property Leasehold property alterations Office equipment. Hostel Furniture. Kitchen and Washing Equipment IT Equipment, Television, FridgelFreezers Motor Vehicles Impaimient review 15 years 5 years 2 years 5 years Restricted funds Income received from Public Sector Bodies and similar organisations are separated and treated as restricted funds. Expenditure incurred in relalion to the restricled funds is calculated in accordance with the claims for funding made by the Company. 13
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 continued ACCOUNTING POLICIES (continued) Designated funds There are presently 6 such funds- The Renewals fund This designated fund was set up by the board after considering a Ihird paty report on the long term maintenance of the buildings and the replacement of fumiture and fixtures. It takes the form of a 7 year planned maintenance and renewal fund and will ensure that the necessary resources are available to enable the board to maintain the fabric of the building, wilhin the term of the lease, and its contents to a high standard. Its creation has been accepted by the Company's principal regulalory body the Tenant Services Authority. Contingency fund This designated fund was set up by the Board to enable the Company to have sufficient funds for it to meet its obligations, both fiscal and slalutory, should Ihe Company cease to operate. Sinking Fund This designated fund was set up by the Board to enable the Company to provide for the long lem repair obligalion of the Company's assets and lo meel its obligations under the terms of the lease of the premisas following its registration as a Housing Associalion. An additional Sinking Fund was set up in the year in respect of 537 Anlaby Road to sat aside £45,000 in a 15-year period. The Responsive Repair Fund This designated fund was set up by the Board following the consLtltation with the architects regarding the slate of repair of the building. A programme of worf( was recommended over a 5-year period. Funds are being sat aside as indicated by the Company's business plan. The Leasehold Propety Fund This designated fund represents funds set aside to provide for the depreciation of the leasehold propety alterations over a period of 15 years. A transfer equivalent to the depreciation charge less any furthar addition will be made annually. Stakeholder Pension Fund This designated fund represents monies set aside to make additional provision for pension payments to employees riot eligible to join the Local Government Scheme. New employees will be required to join the Company stakeholder pension scheme or make their own provision for pensions which may not be as beneficial as the Local Government Scheme. Financlal instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 lo all of its financial instruments. Financial instrLJments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of th8 instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statemenls, when there is a legally enforceable right lo sel off the recognised amounts and ther8 is an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at Iransaction price including transaction costs and are subsaquently carried at amortised Gost using the effective interest method unless the arrangemenl constitutes a financing transaction, where the Iransaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 14
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 continued ACCOUNTING POLICIES (continued) Basic financlal liabilities Basic financial liabilities, inclLJding creditors and bank loans are initially recognised at transaction price unless Ihe arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effeclive interest rat8 method. Trade creditor5 are obligations lo pay for goods or services that have been acquirèd in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if paymenl is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilitios are deracognised when the charity's contractual obligations expire or are discharged or cancelled. Employee beneflts The cost of any unused holiday entitlement is recognised in the pariod in which the employee's servicas are reived. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to temiinate the employment of an employee or to provide termination benefits. Critical accounting eslimates and judgements In the application of the charity's accounting policies, Ihe Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities Ihat are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. R8visions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 15
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 continued ACCOUNTING POLICIES (continued) Pensions The Local Government Scheme operated on behalf of the Company is now closed to new entrants. This scheme is a defined benefit scheme and the assets of the scheme are held separately from those of the Company. Contributions lo this fund are charged to the profit and loss account so as to spread the cost of pensions over the employees, working lives. The regular cost is attributed to individual yaars using the projected unit credit method. Variations in pension cost, which are identrfied as a result of actuarial valuations, are amortised over the average expected remaining working liv85 of employees in proportion to their expected payroll costs. Differences between the amounts funded and the amounls charged lo the profit and loss account are treated as either accruals or prepayments iri the balance sheet. In August 2011 the Company introduced a Stakeholder Pension Scheme for those staff not eligible to join the Local Government Pension Scheme. As stated above all new employees will be required to join the above or make their own pension provision. TURNOVER, OPERATING COSTS AND OPERATING SURPLUS Cost of Sales Operating expenditure Operating Surplus Turnover Social housing lattings (note 31 1,955,018 1,643,203 21.697 290,336 £1,955,018 £1,643,203 £21,697 £290,336 2024 2023 Operating surplus Is stated afler charging: Auditors remuneration (including VAT) Depreciation of tangible fixed assets 4,750 38,237 4,450 34,945 16
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 continued INCOME AND EXPENDITURE FROM SOCIAL HOLDING LETTINGS Supported Housing 2024 2023 Renl receivable net of identifiable service charges Service income Revenue grants Capital grants 1,155,223 90,999 623,363 85,433 928,217 66,063 621,311 Turnover from social housing lettings £1,955,018 £1,645.591 Management Routine maintenance Other cosis 21,697 146,272 1,496.931 21,110 58,715 1,308,841 Operating expenditure on social housing lettings £1,664,682 £1,388,666 Operating surplus on social housing lettings £290,336 £256,925 Void lossas 22,343 14,716 Social housing accommodation- bed spaces 73 73 TAXATION As a charity the company is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or Section 256 of thé Taxation of Chargeable Gains Act 1992 to the extent that those are applied to ils charitable objects- no tax charges have arisen in the charity. INTEREST PAYABLE AND SIMILAR CHARGES 2024 Total 2023 Total Pension net retum on assets Bank Charges 1.376 17
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 continued EMPLOYEE INFORMATION There were no employees who earned in excess of £60.000 during the year. The average number of persons employed by the Company during the year was as follows: 2024 No 2023 Floating support workers Management Administration Hostel support workers 21 21 26 26 Staff costs (for the above persons) Wages & salaries Social security Other pension costs 885,284 86,720 67,465 864,222 80,720 91,163 £1,039,469 £1,036,105 None of the trustees received any emoluments or expenses from Ihe company during the year or the previous year. Indemnity insurance is not laken out to cover Ihe potential liability of trustees. TANGIBLE FIXED AssEfs- HOUSING PROPERTIES Freehold Property Leasehold Plant, vehicles, Alterations Equipment etc Furniture & Fittings Totsl Cost: At 1 SÉ April 2023 Additions Disposals 868,699 576,020 98,993 3.852 77,353 26,439 1,621,066 30,291 At 31st March 2024 868,699 576,020 102,845 103,793 1.651,357 Depreciation: At 1 st April 2023 Charge for the year On Disposals 268.692 29,068 83,344 6,256 68,633 2,913 420,669 38,237 At 31st March 2024 297,760 89,600 71,546 458,906 Net book amounts". At 31st March 2Q124 868,699 278,260 13,245 32,247 1,192,451 Al 1st April 2023 868,699 307,328 15,649 8,720 1,200,396 18
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 contlnued TANGIBLE FIXED ASSETS- HOUSING PROPERTIES (continued) The company has been granted a 125-year lease over the Housing Properties operated with the exception of 27 Sykes Street and 213 Anlaby Road for which a freehold is owned. In view of the state of repair this asset is considered lo have no donated value. Future expenditure on the fabric of the buildings will be capitalised and written off over the expected useful lrfe. INVESTMENTS 2024 2023 Term deposits with finance houses Seven Investment Management Brooks MacDonald Inveslec Aegon UK Defensive Annual Kick Out Plan HEY Credit Union 436,768 725,808 852,075 573,380 689,610 789,700 1,221.167 313,772 67,561 1,164,365 66,174 £3,617,151 £3,283,229 DEBTORS 2024 2023 Trade debtors Prepayments and accrued income 142,693 63,663 25,005 55,604 £206,356 £80,609 10. CREDITORS.. amounts falling due within one year 2024 2023 Trade credilors Other credilors Accruals and deferred income 42,348 43,877 21,806 15,518 £69.209 £59,395 19
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 continued 11. CREDITORS: amounts falling due after more than one year 2024 2023 Recycled capital grant fund Russell Street grant Solar Panel grant 635,000 57,534 8.707 635,000 £701.241 £635,000 A condition of taking possession of 213 Anlaby Road. Hull was that they also lake on the responsibility of the recycled grant of £400.000 which is repayable to the housing corporation rf the property is sold lo a privata entity. This grant has no timescale and is attached to the buildin9 until such lime that the proporty is sold. 12. SHARE CAPITAL The Company was incorporated as a company limited by guarantee and therefore it has no share capital. The liability of the members is limited to £100 each. The total number of members at 31st March 2024 was 512023 51. 13. CHARITABLE STATUS The Company is registered with the Charity Commission as number 1007875. 14. CAPITAL COMMITMENTS There were no capital commitments contractad for al the year end 15. RELATED PARTY TRANSACTIONS On 15th March 2001 the company renewed the lease from Hull City Council on the three properties it occupies, Rawling Way, Bourne Street and Russell Street for a term of 125 years at a peppercorn rent. A 125-year lease at a peppercorn rent was signed with Hull City Council in respect of 537 Anlaby Road, Hull on 19th August 2009. 16. CASH GENERATED FROM OPERATIONS 2024 2023 Surplus for the year Adjustments for Pension gain Depreciation Investment lossl(gainl Accrued investment interest Movements in working capilal Decreasel(increasel in debtors (Decreasellincrease in creditors 650,235 592,738 (178.0001 38,236 {170,3551 (15.4281 {392,0001 34,945 55,404 (125.7471 76,054 (16,3701 (26,5481 £274.995 £248,169 20
HULL RESEThLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 conlinued 17. PENSION OBLIGATIONS The Charity operates a funded defined scheme as a part of the Local Government Pension Scheme. The Scheme is contraGted-out of the Stale Second Pension scheme IS2PI. The Scheme Assets are assels held in a separate trustee administered fund which forms part of a total fund administered by East Riding of Yorkshire Council. Contributions to the scheme are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The last formal valuation of the scheme was performed as at 31st March 2024 by a professionally qualified actuary. The Charity has contributed at a rate of 22.80/u12020= 22.80h) during the accounting period. Since 6th April 2008 members have paid contributions al the rate of at varying rates dependent upon their gross pensionable salary during the accounting period. The charge to the Income and Expenditure Account for the year was £58,000, {2023= £14,000) Principal actuarial assumptions 2024 2023 Financial assumptions Discount rate Future salary increase Pension Increase rate 4.8% 2.8% 4.75°/0 3°/0 2024 2023 Financial assumptions Retiring today: Males Females Retiring in 20 years.. Males Females 20.6 23.5 20.8 23.7 21.4 25.0 21.5 25.2 21
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 continued 2024 2023 Amounts recognised in surplus or deficit Current service cost Loss on settlements 15.000 30,000 Amounts charged to operaling costs £15,000 £30,000 2024 2023 Net interest 37,000 9.000 Amounts charged to other finance costs £37.000 £9,000 Reconciliation of opening and closing balances of the present value of plan assets 2024 2023 Opening scheme liabilities Current service costs Interest cost Contributions by members Benefits paid Remeasurements (1,375,000) (1,570,000) (15,0001 130,000) (61,0001 142,000) (4.0001 16,000) 192,000 40,000 4,000 233,000 Closing scheme liabilities £{1,259,000} £(1,375,000) Reconciliation of opening and closlng balances of the fair value of plan assets 2024 2023 Opening fair value of plan assets Interest income Participants contributions Return on plan assets lin excess of inlerest income) Contributions by employer 8enefits paid 2,082.000 98,000 4,000 94.000 58,000 1192,000) 1,885,000 51,000 6,000 166,000 14,000 (40,000) Closing fair value of plan assets £2,144,000 £2,082,000 2024 2023 Actual return on scheme assets 885,000 707.000 Major categories of plan assets as a percentage of total plan assets 2024 2023 Equities Bonds Propety Cash 75°/0 16% 801. 72°h 170 90 2° 22