HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE A REGISTERED CHARITY REPORT AND ACCOUNTS 31ST MARCH 2025 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 RESETTLEMENT PROJECT LIMITED BY GUARANTEE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 Page Company Infomiation Trustees Report Report of the Auditors Income and Expenditure Account 9-10 Balance Sheet 11 Cash flow statement 12 Notes to the Financial Statements 13
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE COMPANY INFORMATION FOR THE YEAR ENDED 31ST MARCH 2025 TRUSTEES AND DIRECTORS: R. W. Batty (Chairman) l. Agius (Vice Chaimian} Cllr D. Kirk Cllr G Kennett P. Rodmell 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 HU12AS BANKERS: National Westminster Bank PO Box No. 944 34 King Edward Street Hull HU13YN
HULL RESELEMENT PROJECT LIMITED BY GUARANTEE TRUSTEES REPORT FOR THE YEAR ENDED 31ST MARCH 2025 The trustees who are also directors for the purpose of the Companies Act 2006 present their report and accounts for the year ended 31st March 2025. 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 Communilies Agency (number H43101 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 Truslees as outlined in the Charities Act 2011,. becoming or Geasing to be a member as outlined in Section 17 of the Memorandum and Articles of Association agreed at the Board Meeting on 16th March 2016. Trustees are provided with training as considered necessary to supplement their existing skills. The trustees meet 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 charily supported by paid staff. OBJECTIVES The main object of Ihe charity is the care and support of homeless and other disadvantaged persons who are in need of help lo acquire a settled way of life by providing, developing and mainlaining short term residential accommodalion 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 assisl them towards a more settled way of living in the community. When planning the activitses for the year the trustees have considered the Charity Commissioners Guidelines on public benefit and how these activilies will contribute to the Gharities aims and objeGtives. The trustee5 have complied wilh the duty in Section 4 of the Charities Act 2011 to have due regard to the public benefit guidanTr as published by the Charities Commission. REVIEW OF DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS The activities of the company consist of the management of five hostels for single homeless persons in Hull at Bourne Street, Russell Slreet, Rawling Way, 27 Sykes Street and 213 Anlaby Road. Together wilh second stage supported housing at 537 Anlaby Road. During Ihe year under review the charity has also run a project to assist residents of the hostels with independent accommodation. This report relates to the twenly first accounting period since the incorporation of the company. The financial performance of the company has matched the expeclations of the Business Plan and the company has met requirements of its principal funding body, the Hull City Council. FINANCIAL REVIEW The financial Statements are sel out elsewhere in this report. The tolal income for the charity during Ihe year under review was £2,132,202 in the form of Housing Related Support Funding, Housing Benefit and investment gains. £1.581,298 was spent on the charitable objects and managemenl and administration leaving a surplus for the year of £550,904 which has been transferred to designated reserves. In the year under review the pension is in a surplus position of £1,059,000 compared to a surplus in 2024 of £885,000. The total reseNes at 31st March 2025 amount to £6.380.857 after incorporating Ihe pension surplus of £1.059,000 In the Cufrent 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 not accounted for in the financial statements. In view of the directors this 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 2025 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 trustees seek to maintain a level of free reseNes (that is funds not tied up in fixed assets and restricted funds) that will enable the charity to sustain its operation over a period when the income generation 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 charrty is exposed. Internal risks are minimised by the implementation of procedures for authorising transactions and projects and to ensure consistent qualty of delivery for all operational aspects of the charitable company. These procedures are periodicalty 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 trustees (who are also the directors for the purposes of company lawl 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 charitsble Company to prepare accounts for each financial year which give a true and fair view of the state 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 judgements and estimates that are reasonable and prudent; Prepare the accounts on the going concern basis unless rt is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to 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 Landlord5 Determination 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 2025 STATEMENT AS TO THE DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there is no relevant infomiation (as defined by Section 418 of the Companies Act 20061 of which the charitable company's auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company's auditors are aware of that information. AUDITORS Messrs Fawley Judge & Easton will be proposed for re-appointment as auditors in accordance with Section 385 of the Companies Act 2006. This report has been preparecl in accordance with the Statement of Recommended Practice - Accounting by Registered Social Landlords. By order of the Board J. A. Black Company Secretary Date 17th September 2025
HULL RESErrLEMENT PROJECT LIMITED BY GUARANTEE INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE Opinion We have audited the finanaal statements of Hull Resettlement Project Ltd {the °Charity'l for the year ended 31 st March 2025 which comprise the statement of financial activities, the summary income and expenditure account. the balance sheet, the slalement of cash flows and notes lo the financial statements. including significant accounting poliGies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards. including Financial Reporting Standard 102 The Financial Reporting Standard appliGable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounling 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 2025 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in ardance with Ihe requirements of the Companies Act 20ffi. Basis for opinion We conducled our audit in accordance wilh International Standards on Auditing (UK) {ISAs (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the 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 Ihe 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 15 sufficient and appropriate to provide a basis for our opinion. Conclusiorts relating to going concem In audiling 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 lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve monlhs from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concem are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statemenls does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the olher information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheiSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether this gives rise to a material misstatement in the financial statemenls themselves. If, based on Ihe 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 requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulalions 2008 require us to report to you if. in our opinion.. the information given in the financial statements is inconsistenl 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 explanalions we require for our audrt.
Responsibilities of the trustees As explained more fully in the statement of Trustees, responsibilities, the 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 salisfied that they give a true and fair view. and for such internal control as the Trustees determine 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 statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going conrn 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 bul to do so. Auditorfs responsibilities for the audit of the financial statements We have been appoinled as auditor Ljnder section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducled in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are oonsidered malerial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are Capable of delecting irregularities, including fraud. is detailed below. We assessed the susPtIbIlity of the company's financial statements to material misstatement, including oblaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in pla 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, we.. performed analytical prOdureS to identify and unusual or unexpected relationships., tested journals entries to identrfy unusua5 transactions", assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias,. and investigated the rationale behind signific2nt or unusual transactions. In response to the risk of irregularities and non-compliance Vth laws and regulations, we designed prOdureS which included. but were not limited to.. agreein9 financial statement disclosures to underlying supporting documentation-. enquiring 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 wll not detect all irregularities, induding those leading to a material misstatement in the financial ststements or non-complian with regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Audiling standards also limit the audit procedures required to identtfy non-complian wth 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 error, as fraud involves intentional concealment, forgery, o)Ilusion, omission or misrepresentstion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https:Ilwww.trc.org.ukJ auditorsresponsibilities. This description forms part of our auditols report.
This report is made solely to the company's members. as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so ihat we might slate 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 fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the company and the company's members as a body, for our audit work. for this report, or for the opinions we have formed. Jonathan Leathley Senior Statulory Auditor Fawley Judge & Easton Statutory Auditor 1 Parliamenl Slreet Hull HU1 2AS Date 17, September 2025
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2025 Notes Total 2025 Total 2024 Turnover 1,923,760 1,955,018 Operating expenditure (1,580.143) (1,664,682) Operating surplus 343,617 290.336 Interest receivable 19,549 14,127 Interest payable (1,155) (1,376) Investment Gainsl(Losses) 188,893 169,148 Surplus on ordinary activities for the period £550,904 £472,235 Pension (loss)Igain in period Total comprehensive income for the year 174,000 178,000 £724,904 £650,235 All amounts relate to continuing activrties. {Tenant Services Authority copy only) Approved on behalf of the Board on Date 17th September 2025 R. Batty- Chairman The notes on page5 10 to 17 fonn part of these financial statements
HULL RESErrLEMENT PROJECT LIMITED BY GUARANTEE ASSOCIATION STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31ST MARCH 2025 Income and Expenditure reserve Restricted Reserve Total Balance as at 1st April 2023 5,005,718 5,005,718 Transfer between funds Total comprehensive income for the year 650,235 650,235 Balance as at 31st March 2024 5,655,953 5,655,953 Total comprehensive income for the year 724,904 724,904 Balance at 31st March 2025 £6,380,857 £- £6.380,857 io
HULL RESErrLEMENT PROJECT LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2025 2025 2024 Note Fixed assets Tangible fixed assets Investments 1.326,178 3.670,794 1,192,448 3,623,851 4,9,972 4,816,299 Current assets Stock Debtors Cash al bank and in hand 250 51,605 1,029,765 250 206,356 518,497 Total current assets 1,081.620 725,103 Creditors: amounts falling due v&thIn one year 10 {57,111} (69,2081 Net current assetslliabilitles 1.024,509 655,895 Total assets less current liabilities 6,021,481 5,472.194 Credltors: amounts falling due after more than one year 11 {699,624} 1701,241} PROVISION FOR LIABILITIES Pension surplu5 1,059,000 885,ly)O NET ASSETS INCLUDING PENSION DEFICIT 6,380,857 5,655,953 FUNDS OF THE CHARITY: Share capital Income and expendrture account Restricted funds 12 6,380,857 5,655,953 11 TOTAL CHARITY FUNDS 6,380,857 £5,655.953 The members have not deposited noti, pursuant to Section 476 of the Cornpanies Act requiring an audit of these financial statements. The trustees acknowledge their reswnsibilities for.. ensuring that the charity keeps accounting records that comply with Section 386 and 387 of the Companies Act and preparing finanaal staternents which give a true and fair view of Ihe state 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 relating to financial statements, so far as applicable to the charity. e financial statements were approved by the Board ofTrustees on 17th September 2025 and signed on its half by.. (al Ib) R. Batty - Chairman Registered Cornpany 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 2025 2025 2024 Note Cash flows from operating activities Cash (absorbed byllgenerated from operations 16 545,693 274,995 545,693 274.995 Investing activitles Purchase of tangible fixed assets Purchaselsale of investments 174,756 1140,3311 30,291 154,659 Net cash generated from investing activities Net decrease In cash and cash equivalents Cash and cash equivalenls at the beginning of the year Cash and cash equlvalents at the end of the year 34,425 184,950 511,268 90,045 518.497 428,452 £1,029.765 £518.497 12
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 ACCOUNTING POLICIES Accounting convention The financial statements of the group and association are prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP) including Financial Reporting Standard 102 (FRS 102) and the Housing SORP 2014-. Statement of Recommended Practice for Registered Social Housing Providers and comply with the Accounting Direction for Private Registered Providers of Social Housing 2015. Income Government grants Grants of a revenue nature are credited to income in the period to which they relate. Social housing letting income includes Supporting People (SPI 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 activtties. Donations Donations are credited to income in the year in which they are receivable. Charitable expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligab.on can be measured reliably. Expenditure is classified by activity. The costs of each activty are made up of the total of direcl costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one actr'vity and support cost5 which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with 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 asseys use. Resources expended are charged on an accruals basis, inclusive of irrecoverable Value Added Tax. Direct charitable expenditure comprises Ihose costs directly incurred in pursuance of the Company's charitable activities. where the costs righlly belong to more than one activity an appropriate proportion is charged to each activity. Governance costs includes expenditure which is incurred meeting the constitutional and statutory requirements of the charity Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequentty 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 values over their useful lives on the following bases.. Freehold property Leasehold property alterations Office equipment, Hostel Furniture, Kitchen and Washing Equipment IT Equipment, Television, FridgelFreezers Motor Vehicles Impairment review 15 years 5 years 2 years 5 year5 Restricted funds Income received from Public Sector Bodies and similar organisations are separated and treated as restricted funds. Expendrture incurred in relation to the restricted funds is calculated in accordance with the claims for funding made by the Company.
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 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 third party report on the long term mainlenance of the buildings and the replacement of furniture 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, within the term of the lease, and its contents to a high standard. Its creation has been accepted by the Company's principal regulatory 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 rts obligations, both fiscal and ststutory, should the Company cease to operate. Sinking Fund This designated fund was set up by the Board to enable the Company to provide for the long term repair obligation of the Company's assets and to meet its obligations under the terms of the lease of the premises following its registration as a Housing Association. An additional Sinking Fund was set up in the year in respect of 537 Anlaby Road to set aside £45,000 in a 15-year period. The Responsive Repair Fund This designated fund was set up by the Board following the consultation with the architects regarding the state of repair of the building. A programme of work was recommended over a 5-year period. Funds are being set aside as indicated by the Company's business plan. The Leasehold Property Fund This designated fund represents funds set aside to provide for the depreciation of the leasehold property alterations over a period of 15 years. A transfer equivalent to the depreciation charge less any further addilion will be made annually. Stakeholder Pension Fund This designated fund represents monies set aside to make additional provision for pension payments to employees not 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. Financial 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 to all of its financial instruments. Financial instruments are fecognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequentty carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets Classified as receivable within one year are not amortised. 14
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 continued ACCOUNTING POLICIES {continued) Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified a5 current liabilities if payment 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 liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seiceS are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefrts. Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other source5_ The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 15
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2025 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 benefil scheme and the assets of the scheme are held separately ffom those of the Company. Contributions to 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 years using the projected unrt credit method. Variations in pension cost. which are identified as a result of actuarial valuations, are amortised over the average expected remaining working lives of employees in proportion to their expected payroll costs. Differences b&een the amounts funded and the amounts charged to the profit and 1055 account are treated as erther accruals or prepayments in the balance sheet. In August 2011 the Company introduced a Stakeholder Pension Scheme for those staff not eligible to join the Local Govemment 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 lettings (note 3) 1,923,760 1,560,186 19,957 343,617 £1,923,760 £1,560,186 £19,957 £343,617 2025 2024 Operating surplus Is stated after charging.. Auditors remuneration (including VAT) Depreciation of tangible fixed assets 5,250 41,028 4,750 38,237 16
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 continued INCOME AND EXPENDITURE FROM SOCIAL HOLDING LErriNGS Supported Housing 2025 2024 Rent receivable net of identrfiable service charges Service income Revenue grants Capital grants 1,228.941 78,216 606,785 9,818 1,155,223 90.999 623,363 85,433 Turnover from social housing lettings £1,923.760 £1.955,018 Management Routine maintenance Other costs 19,957 78,085 1.482,101 21,697 146,272 1.496,931 Operating expenditure on social housing lettings £1,580,143 £1,664,682 Operating surplus on social housing lettings £343,617 £290,336 Void losses 23,977 22,343 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 the Taxation of Chargeable Gains Act 1992 to the extent that those are applied to its charitable objects- no tax charges have arisen in the charity. INTEREST PAYABLE AND SIMILAR CHARGES 2025 Total 2024 Total Pension net return on assets Bank Charges 1,155 1,376 17
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 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.. 2025 2024 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 897,954 92,628 76,147 885,284 86,720 67,465 £1,066,729 £1.039,469 None of the trustees received any emoluments or expenses from the company during the year or the previous year. Indemnity insurance is not taken out to cover the potential liability of trustees. TANGIBLE FIXED ASSETS- HOUSING PROPERTIES Freehold Propety Leasehold Plant. vehicles, Alterations Equipment etc Furniture & Fittings Total Cost: At 1st April 2024 Additions Disposals 868,699 146,395 576,020 102.845 103,792 28.361 1,651,356 174,756 At 31st March 2025 1,015.094 576,020 102.845 132,153 1,826,112 Depreciation: At 1st April 2024 Charge for the year On Disposals 297,760 29,068 89,600 5,607 71,546 6,353 458.906 41,028 At 31st March 2025 326,828 95,207 77,899 499.934 Net book amounts: At 31 st March 2025 1,015,094 249,192 7,638 54,254 1,326,178 At 1 st April 2024 868.699 278,260 13,245 32,246 1,192.451
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 continued 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 to have no donated value. Future expenditure on the fabric of the buildings will be capitalised and written off over the expected useful life. INVESTMENTS 2025 2024 Term deposits with finance houses Seven Investment Management Brooks MacDonald Aegon UK Defensive Annual Kick Out Plan HEY Credit Union 436,768 725,808 852,075 1,221,167 313,272 67,561 725,808 881,560 1,660,385 333,962 69,079 £3,670,794 £3,617,151 DEBTORS 2025 2024 Trade debtors Prepayments and accrued income 15,683 35,292 142,693 63.663 £51,605 £206,356 10. CREDITORS: amounts falling due within one year 2025 2024 Trade creditors Other creditors Accruals and deferred income 33,993 42,348 23,118 21,806 £57,111 £69,209 19
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 continued 11. CREDITORS: amounts falling due after more than one year 2025 2024 Recycled capital grant fund Russell Street grant Solar Panel grant 635,000 48,683 7,740 635,000 57,534 8,707 £691,423 £701,241 A condition of taking possession of 213 Anlaby Road, Hull was that they also take on the responsibility of the recycled grant of £400,000 which is repayable to the housing corporation rf the property is sold to a private entity. This grant has no timescale and is attached to the building until such time that the property is sold. 12. SHARE CAPITAL The Company was incorporated as a company limrted 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 2025 was 5 {2024 51. 13. CHARITABLE STATUS The Company is registered with the Charity Commission as number 1007875. 14. CAPITAL COMMITMENTS There were no capital commitments contracted for at 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 temi 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 2025 2024 Surplus for the year Adjustments for Pension gain Depreciation Investment lossl(gain} Accrued investment interest Movements in working capital Decreasel(increasel in debtors (Decrease)lincrease in creditors 724,904 650,235 1174,0001 41,028 (188,893) (178,000) 38,236 (170,435) {15,428) 154,751 112,097> (125,747) 76,054 £545,693 £274,995 20
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 continued 17. PENSION OBLIGATIONS The Charity operates a funded defined scheme as a part of the Local Government Pension Scheme. The Scheme is contracted-out of the State Second Pension scheme (S2P). The Scheme Assets are assets 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 unrt method. The last formal valuation of the scheme was performed as at 31st March 2025 by a professionally qualified actuary. The Charity has contributed at a rate of 22.8D/o (2024.. 22.8 % ) during the accounting period. Since 6th April 2008 members have paid contributions at 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, {2024.' £58.0001 Principal actuarial assumptions 2025 2024 Financial assumptions Discount rate Future salary increase Pension Increase rate 5.8% 2.80/0 2.8°/0 2.80/0 2.80/0 2025 2024 Financial assumptions Retiring today.. Males Females Retiring in 20 years.. Males Females 20.5 23.5 20.6 23.5 21.2 25.0 21.4 25.0 21
HULL RESETTLEMENT PROJECT LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 ST MARCH 2025 continued 2025 2024 Amounts recognised in surplus or deficit Current service cost Loss on settlements 16,000 15,000 Amounts charged to operating costs £16,000 £15,000 2025 2024 Net interest 42,000 37,000 Amounts charged to otherfinance costs £42,000 £37,000 Reconciliation of opening and closing balances of the present value of plan assets 2025 2024 Opening scheme liabilities Current service costs I nterest cost Contributions by members Benefrts paid Remeasurements (1,259,000) (1,375,000) (16,000) (15,000) {59,000} {61,000) (3,000) (4,0001 82,000 192.000 128,000 4,000 Closing scheme liabilities £(1,127.000) £(1,259,000) Reconciliation of opening and closing balances of the fair value of plan assets 2025 2024 Opening fair value of plan assets Interest income Participants contributions Return on plan assets lin excess of interest income) Contributions by employer Benefits paid 2,144,000 101,000 3,000 6,000 14,000 (82.000) 2,082,000 98,000 4,000 94.000 58,000 1192,000) Closing fair value of plan assets £2,186,000 £2,144,000 2025 2024 Actual return on scheme assets 1,059,000 885,000 Major categories of plan assets as a percentage of total plan assets 2025 2024 Equities Bonds Property Cash 77°/0 14% 7°/0 75/0 16% 22