REGISTERED NUMBER: 2783331 (England and Wales) THE NEWARK EMMAUS TRUST (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS AND UNAUDITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31$t MARCH 2024
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) CONTENTS OF THE FINANCIAL STATEMENTS . FOR THE YEAR ENDED 315t MARCH 2024 Page Company Inforn]ation Trustees, Annual Report 3to9 Accountant's Report to the Board on the unaudited accounts of The Newark Emmaus Trust io Statement of Comprehensive Income (Including Income and Expenditure Account) Statement of Financial Position 12 Statement of Changes in Reserves 13 Statement of Cash Flows Notes to the Financial Statements 15to27 Detailed Income and Expenditure Account (for management putposes only) 28 Page I
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) COMPANY INFORMATION FOR THE YEAR ENDED 31"MARCH 2024 CHARITY NAME: The Newark Emmaus Trust REGISTERED COMPANY NUMBER: 2783331 (England and Wales) REGISTERED CHARITY NUMBER: 1017344 TENANT SERVJCES AUTHORITY REGISTERED NUMBER: 4640 OPERATIONAL ADDRESS: 37 Northgate Newark Nottinghamshir¢ NG24 IHD REGISTERED OFFICE: 37 Northgate Newark Nottinghamshire NG24 IHD MANAGEMENT COMMITTEE: J D Blatherwick - Vice Chairnian and Treasurer N J Burley - Chief Executive Officer (no voting rights) AJDown E E Fulcher S M Gilbert MRHaig J A Howlett - Chairnian K McGarrigle C Rose D S Repper (appointed 29, May 2024) SECRETARY: J D Blatherwick REPORTING ACCOUNTANT: Xeinadin Limited Cabourn House Station Street Bingham Nottinghamshire NG13 8AQ SOLICITORS: Tallents Solicitor5, 3 Middlegate, Newark, Nottinghamshire, NG24 1 AQ BANKERS: HSBC, The Market Place, Newark, Nottinghamshire, NG24 IEQ Barclays Bank, The Market Place, Newark, Nottinghamshire, NG24 1 EJ CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JP Pag¢ 2
THE NEWARK TRUST (REGISTERED NUMBER: 2783331) TRUSTEES, ANNUAL REPORT FOR THE YEAR EIYDED 31st MARCH 2024 The Trustees, who are also Directors of the charity for the purposes of the Companies Act. present their report with the financial statements of th¢ charitable company for the year ended 31" March 2024. DIRECTORS AND TRUSTEES The Directors, who are also the Trustees of the charity, during the whole of the period from l $1 April 2023 to th¢ date of this report unless oth¢nvise stat¢d were.. J D Blatherwick - Treasurer AJDown E E Fulcher S M Gilbert MRHaig J A Howlett - Chairman A C Kitt (resigned 31 St December 2023) K McGarrigle (appointed i i th April 2023) A A M Reathnan (resigned 31" December 2023) C Rose Other changes in Directors holding office were as follows.. D S Repper was appointed as a Director after 31, March 2024 but prior to the date of this report. Page 3
THE NEWARK EMfvtAUS TRUST (REGISTERED NUMBER: 2783331) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31" MARCH 2024 REVIEW OF THE BUSINESS INCLUDING OKJECTIVES AND STRATEGIES FOR ACHIEVING THOSE OBJECTIVES OUT charity's Purposes as set out in the objects contained in the company's Mernordndum of Association are.. l ) To relieve, mitigate and prevent povety, suffering and distress. 2) To relieve in cases of need, hardship or distress young persons who are homeless or likely to become homeless and in particular the company may:" a) Provide or assist directly or indirectly in the provision of temporary or emergency accommodation for homeless young persons in the town of Newark-on-Trent, in the County of Nottinghamshire. b) Provide or assist directly or indirectly in the provision of a home, hostel or other premises as short t¢rn] accommodation with limited emergency access for the assistance, support or moral guidance of homeless young persons in Newark-on- Trent in order to enable them to move on to more pernianent accomrnodation. Specific Aims To help young people to improve their skills and ¢onfiden¢e, to understand thetr responsibility as members of the community and to break the homelessness cycle. To support our homeless young people to meet the ever-changing challenges of life. To improve confidence, and to understand that they have infonned choices. To reduce anti-social behaviour where applicable, and to gain mutual respect of peers and the community. To encourage young people to seek car¢¢r related skills and have self-belief and to open doors to careers and opportunities that might otherwise be denied. To work collaboratively with organisations to increase our understanding of the challenges and problems that are faced by young people today. To increase public awareness of the importance of what we do and by raising our public profile. Objectives To provide a safe and supportive environment within our accommodation for up to 2 years with the aim of independent living. To provide bespoke keywork support with specific tools designed to support and measure change when working with young people to build confidence, self-belief and raise self-esteem. To encourage access to practical skills workshops, academic training and other opportunities. To provide activities that work towards team building and leadership skills. To provide a residents, activities programme that includ¢s organising communal activities and events, and access to volunteering and focus groups to allow young people to have a voice both in the Trust and in the community. Ensuring we achieve our aims W¢ strategically review our aims, objectives, and activities each year. This review looks at what we achieved and the outcomes of our work in the current financial year. We look at the success of each key activity and the benefits they have brought. The review helps u5 to ensure that our aims, objectives and activities remain focused. We remain conscious of the Charity Commission's guidance on public b¢n¢fit when we carry out our review and when we plan our future activities. In particular. the Tn]sÉees consider how planned activities will contribute to the aims and objectives they have set. Pa8¢ 4
THE NEWARK E1[IUs TRUST (REGISTERED NUMBER: 2783331) TRUSTEESI ANNUAL REPORT FOR THE YEAR ENDED 31°, MARCH 2024 FINANCIAL REVIEW The swplus for the year ended 31° March 2024 was £55.691. together with a rem¢asurement gain on defjned benefit pension scheme of £88,000. The charity had net assets of £1,987,224 at 3151 March 2024. We are fortunate to continue to receive increasing generous local support. Donations and legacies for the year amounted to £22,761. We have continued to apply for and receive grants throughout the year. We have continued to ensure that we have as few voids or bad. debts as possible, to maintain our income flow from housing b¢n¢fits and rents. We aim to continue to raise funds for specific projects that cannot be met with financial support from elsewhere and to provide matched funding to support applications where necessary. We review our fundraising strategy on a regular basi5 and ensure compltan¢e with the Fundraising Regulator. The Trustees are satisfied that the present level of funding is adequate to maintain the high standard of care that w¢ expect to give the young people and to support the continuation of the Trust. The Trustees consider the level of reserves and financial position of the Trust to be satisfactory at the present time. Finanee sub-eommittee The Sub-committee meets every other month {and as and when necessary) to review procedures and carefully rnonitor the Trust's finances. Cash levels are suitably monitored and managed by the Finance Committee. The Sub-committee reports to the full Management Committee who have access to all minutes and documentation. The Finance Committee review annual budgets and forecasts to ensure the Trust's abiltty to continue to deliver its objects. Reserves policy To ensure that our aims can be achieved, the Trustees recognise that they need to set aside reserves. Although they have a duty to apply income received in canying out the objects set out in our Memorandum of Association, we believe we also have a duty to continue to maintain a reserves provision to enable us to do our best to secure the future of the Trust. This helps secure our future by protecting the Trnst from the present uncertainties around the funding of relatively small project like Newark Emmaus Trust. The Trustees consider that within general funds there are certain d¢signated amounts as follows: . Cash Float- The Trusi keeps afloat to cover any short-tenn setbacks in funding or cash flow difficulties. Pro Maintenance - Reserves may be needed to meet the working capital requirements of the Trust for any major repairs or renovation work on properties. Fundin Rtsks and Contin enc To provide financial security and to enable nornial operating activities to Continue in the event of a significant loss of income. Pension scheme liability The charity has a defined benefit pension scheme liability of £76,000 as at 31. March 2024 in respect of the Nottinghamshire County Council Pension Fund. The Trustees are fully aware of the impa¢t of this liability on the unrestricted funds and are actively considering fiJtt]re options to manage the consequences of this situation. Trustees always consider the advTce given by the pension fund's actuaries in relation to the deficit. Additional contributions are made monthly towards the deficit. The Trustees obtain actuarial valuations as they become available. The implications to the Trust's finances are considered from these valuations. The defined benefit pension schem¢ is now closed to new members. Pag¢ 5
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER.. 2783331) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31" MARCH 2024 FINANCIAL REVIEW (continued) Investment policy Und¢r the Memorandum and Articles of Association, the charity has th¢ power to make any investment which the Trustees see fit. The charity has a policy of keeping appropriate levels of liquid funds in accounts that can be accessed readily. This policy is regularly reviewed to ensure that it supports the medium to long-terni fmancial security of the Trust and continues to assist in funding present and future activities. From a fmancial risk perspective, the Trust adopts a fairly low risk approach and has adopted the policy of spreading investments across different Financial Services Authority authorised fmancial institutions. The Finance Committee undertakes a review of investment funds at least annually. Principal risks and uncertainties The tough economic climate has forced the Trust to coTJsider its accounts in detail. Financial risks include a material pension deficit. Thanks to historically prudent financial planning we have reserves which, along with successful grant awards should continue to secure the continuing work of the Tn]st for the foreseeable future. Considerable effort is being made to look at widerlalternative income streams and methods of cost cutting whilst wishing to maintain the high stsndards that we have already establishcd. We Continue to look for efficiencies without compromising our cthos. Main trends and factors underlying the development and performance and position of Ihe Trust The past few years have pr¢sented the challenges of coming out of the pandemic. and the cost of inflation. We have met these challenges by being cautious and flexible, aided by some forward thinking as a result of prudent planning and use of our reserves policy. Our Management Committee remains strong and we have a dedicated and loyal professional work force. We have proved in the past that we can be fl¢xibl¢, and w¢ can therefore look forward with confidence that we can adapt to whatever challenges we have to face. ASSESSMENT OF COMPLIANCE WITH GOVERNANCE AND FINANCIAL VIABILITY STANDARD The Trust is regulaled by th¢ R¢gulator of Social Housing (RSH) and is therefore required to comply with the RSH'S standards for governance and financial viability, As far as the Management Committee are aware the Trust complies with all of the relevant standards. ASSESSMENT OF HOWTHE NEWARK EMMAUS TRUST IS ACHIEVING VALUE FOR MONEY (INCLUDING PERFORMANCE METRICS) This report outlines our approach to value for money and what we have achieved over the last financial year to make sure we have achieved the outcomes required under the Value for Money Standard 2018 and to ensure that we make the most out of our resources. The Trust aims to achieve value for money by delivering services as cost effectively as possible whilst maintaining high levels of resident satisfaction. We regularly cany out resident satisfaction surveys to measure our perfornlance. The Trust is aware that in the continuing climate of public sector funding cuts we need to demonstrate the ability to be flexible and always conscious of costs. In order to achieve this, the Management Committee aim to constantly keep an eye on costs in line with the agreed budget. The budget and actual figures are constantly monitored. Our business planning, decision making and value for money strategy is designed to obtain better outcomes for young people that ultimately leads to a job and a home. Value for money is an integral part of all our planning and is aimed at achieving cost savings and obtaining the most from our rnoney. Perforniance is compared with the Trnst's own value for money targets, any metrics set out by the regulator and the perforniance of other providers of accommodation for homeless young people. A system is in place for regular monitoring of performance against targets. Reporting of perforniance to the regulator is provided on a timely basis. The Trustees consider the value for money perforniance of the Trust to be satisfactory and are continually striving to make improvements. Pag¢ 6
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31° MARCH 2024 ASSESSMENT OF HOW THE NEWARK EMMAUS TRUST IS ACHIEVING VALUE FOR MONEY (INCLUDING PERFORMANCE METRICS) (continued) During 2023124 the Trust has f(KUSed on delivering value for money through the following activities: We have held fundraising events both on our own and in partnership with other charities and secured sponsorship with busin¢ss¢5 in th¢ community. We secured a company to name us as their charity of th¢ year. We reviewed the way we deliver our services, particularly focussing on the 24-hour support and the best way we can resource this. We have reviewed and made improvements to the website. We have increased our social media following. We have reviewed our marketing strategy and literature. We developed an action plan to engage with more schools and colleges. We secured long terni ndIng to ensure sustainability over the next 5 years. We celebrated our 30, anniversary. We r¢vi¢w¢d our annual training plan and staff development. We developed a resident panel. We developed our activity and workshop strategy in line with residents needs and interest. We bought a new property to provide 3 additional single units. We recruited 2 new ambassadors, one an expert in housing at the Council and another, a footballer for NFFC. Our value for money perfonnance in accordance with the measures required by the Regulator of Social Housing is as follows: Economy This relates to minimising the cost of inputs of an activity with the aim of using our resources to save costs, time, and effort. Year ended 31 Sl March 2024 Year ended 3151 March 2023 Headline social housing Cost per unit 9,379 8,682 Headline Social housin cost er uni assesses the headline social housing cost per unit. Efflclency This is a measure of productivity. We strive to deliver the same level of service for less cost, time, or effort. Year ended Year ended 31 Jl March 2024 31" March 2023 O.OO/o o.oo/ 40.00/0 42.8% 7.20/0 -3.80/0 2.8% Reinvest in housing units for young people Operating margin (social housing lettings only) Operating margin (overall) Return on capital employed Earnings before interest, tax, depreciation, and major repairs included interest cover Gearing 79.10/0 Currently the Newark Emmaus Trust does not have any borrowings or interest on borrowing. Reinvestment 0/0 - this metric looks at the investment in properties (existing stock as well as new supply) as a percentage of the value of total properties held. eratin mar in 0/0 - the operating margin demonstrates the profitability of operating assets before exceptional expenses are taken into account. Return on ca ital em this rnetric compares the operating surplus to total assets less current liabilities to assess the efficient investment of capital resources. Earnin s before interest tax de reciation ma or airs included interest cover 0/0 is a key indicator for liquidity and investment capacity. It seeks to measure the level of surplus that a registered provider generates compared to interest payable, the measure avoids any distortions stemming from the depreciation charge. Gearin - this metric assesses how much of the adjusted assets are made up of debt and the degree of dependence on debt fmance. Page 7
THE IYEWARK ETrIMAUS TRUST (REGISTERED NUMBER: 2783331) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31" lIRCH 2024 ASSESSMENT OF HOW THE IYEWARK EMMAUS TRUST IS ACHIEVING VALUE FOR MONEY (INCLUDING PERFORMANCE METRICS) (continued) Effe¢tivene5S This is a measure of the extent to which intended outcomes are achieved. Year ended 31" March 2024 2.7% 0.0% Year ended 31SI March 2023 0.0% O.OO/o New supply delivered (social housing units) New supply delivered (non-social housing units) New su I delivered 0/0 - this metric sets out the number of new social houstng and non-social housing units that have been acquired or develo in the year as a proportion of total social housing units and non-social housing units owned at the year end. PLANS FOR FUTURE PERIODS Plans for 202412025 include but are not limited to.. Increase our units of accornmodation and look for more suitable parent and baby accommodation. Change the stNcture of our Workforce to have separate overnight staff resulting in increased daytime support worker hours to spend with the residents. Find new community groups to present to with an aim of increasing Community engagement. Raise over £20k net from our own fundraising events and agree on the events calendar for 2025126. Continue to improve systems and reduce our carbon footyrint. Develop existing partnerships with other charities in Newark. Recruit a new support worker who will champion EDI. Be success[ in further funding applications to develop our parenting programme further and ensure sustainability for the next 5 years. Renovate all gardensloutside areas to be more manageable and better for the resident's enjoyment. Complete the renovation of the new propety creattng 3 more single units. Deliver all outcomes as agreed with funds. Continue lo raise the profile of our services via newsletters, annual report, PR and communications. Be shortlisted and win a Newark Business Award. Strateglc Alms and Goals: The Trustees held bi-monthly strategy meetings throughout the year and have agreed strategy for r¢cruitment of patrons, ambassadors and future Trustees. The Trust has developed a workforce plan and will always review the workforce and it8 sustainability. The Trnstees also reviewed and had further training on equality, diversity and inclusion and have put an action plan into place. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Newark Emmaus Trust is a charltable company limited by guarantee and does not have any share capital. It was incorporated on 25 January 1993 and registered as a charity on 16th February 1993. Every member of the company has limited liability in the fonn of a guarantee of up to £1. The company was set up under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The company is exempt under Section 60 of the Companies Act 2006 from using the word Limited in its name. On the 14th of January 201 l The Newark Emmaus Trust became a Registered Social Housing Provider, Registered number 4640. Recruitment and appointment of Directorsrrrustees The Management Committee seek a diverse range of candidates with the skills needed by the Trust. Prospective Trustees are interviewed by a member of the Management Committee and the application is considered by the Management Committee in tenns of the skills, experience, and knowledge of the applicant. Prior to appointment, the Trust checks the prospective Trustee has not been disqualified from acting as a Trustee and that there are no legal or other barriers to the appointment. Prospective Trustees are asked to consider and declare any existing or potential conflicts of interest. After serving a probationary period, the prospective Trustee may be invited to become a Trustee. Relevant infonnation packs and guidance notes are provided to the prospective Trustee, together with latest accounts. minutes, and the Trust's governing document. Pa8¢ 8
THE NEWARKEMMAUS TRUST (REGISTERED NUMBER: 2783331) TRUSTEES, ANNUAL REPORT FOR TllE YKAR ENDED 31st MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) 0rg2ni8ational structure We are managed by a voluntary Management Committee (who except for the Chief Executive OtTirer, are all Dire¢tors of the ¢harity}. The Committee meets once a month to deoide pollGy and dclegate responsibility to etther 8tsff or members of the Managotn¢nt Con]mittee. The Management Conunittoes r¢spon8ibilities are further delegated to Sub-committees of Trustees who meet regularly with relevant staff members. Tho present Sub-committee8 are.. Fin&n¢o, Stsfffftg PR Fundralsing and Community and Health and Safely. The day-to-day re8pon8ibility for the provision of the services and operational mageMent of the Trust re8ts with the Chief Exeoutive Offi¢er, who in tutn is supported by a Deputy Chief Executive OffiGer and the Finattoe atld Busine8s Man&ger. Thg professional staff have the day-to-day respon8ibilitle8 of rnnnlng the Tru8t, its propGrties, and th¢ managemont of the residents. Rlsk mallagement The Management Committee ha8 wnduotsd a review of the major ri8ks to which the Tru8t is exp08ed. A risk register has been established and is updated annually. Where appropriate, 8y8tenLq or predureS have been estsblished to mitigatc the rish the Trust faces. Significant external risk8 to funding have led to the developtnent of a strat¢gic plan, which will allow for the diversificaliou of funding and a¢tiviti¢s. Procedures are in plac6 to enyur¢ ¢omplian¢e with the health, and 8afety of &t4ff, volunteer81 young people, and visitor8 to th¢ Trust, TNTERNAL FINANCIAL CONTROL The Trustees recognise and accept their respon81bility for the oharAW8 8y8tem of internal Control and revlewing its eftIvOne8S. The Tru8tees d¢mand a Strong control environtnent that is designed to manage rather than eliminate the risk of failure to achieve the charity's objeGtAVe8 and that provide8 reasonable uranCe aBain8t mat&id mi88tatement oi1088. The Tmstses acoept that a System of internal Control canoot provide absolute a88urance again8t materlal rni88tatement or1088. The Trustees have reviewed the effectlvenes8 of the charity's Internal contro18 and rlsk management for the year ended 31# March 2024. There is a range of established 8lrategic and operational policies that en6ure that the Charity Is vlabl¢, wo11 govemed, and well m8n&ged, Th0 poll¢Ae8 are 8UPPOrted by strong managrm¢nt stnlure8 and ¢lear 8ocountability. The Thi$t¢es are 8ati8fied that tlle 8y8tem of internal oontrol ha8 been operating effectively for the year and that there are no incid¢nt8 of weakne&yes leading to material Ios8, contingency or uncertainty that require 8epar8te dIl08Ure An the Finan¢ial Statements, Th18 report has been prepared in a¢¢ordance with the Statement of Recommended Practice Social Housing Pr¢viders 2018 and in accordancc with the speclal pToviston$ of P8rt.15 of the Companies Act 2006 relating to Small compAni¢$. On b¢hdf of the trustees: ), J D BlatherwiGk- Secretary Pag¢ 9
THE NEWARK ElkIMAUS TRUST (REGISTERED NUMBER: 2783331) ACCOUNTANTSI REPORT TO THE BOARD ON THE UNAUDITED ACCOUNTS OF THE NEWARK EMMAUS TRUST We report on the accounts for the year ended 31" March 2024 set out on pages I I to 27. Respective responsibilities of the Trustees and Reporting Accountsnts The Trustees of th¢ Registered Social FIousing Provider are responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to Cany out procedures designed to enable us to report our opinion. Basis of opinion Our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers for the Registered Social Housing Provider as w¢ considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion. Opinion In our opinion.. Ihe accounts for year ended 31 It MaTch 2024 are in accordance with the accounting records kept by the Registered Social Housing Provider under paragraph 135(2)(a) of the Housing and Regeneration Act 2008. having regard only to, and on the basis of the inforniation contained in the accounting records. the accounts comply with the requirernents of the Charities Act 2011. the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 3 1st March 2024 specified in section 136(6) of the Housing and Regeneration Act 2008. and the accounts comply with the requiremenls of the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Flousing in England 2022. Janet Charlton Xeinadin Limited Cabourn House Station Street Bingham Nottingharnshire NG13 8AQ ILkkkn 104• Page 10
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AfiD EXPENDITURE ACCOUY4T) FOR THE YEAII ENDED 3111 MARCH 2024 3113124 3113123 Notes Turnover 807,970 736,940 IKs8: Operating costs (750,163) (764,957) Operatlng Surplu(derIC1t) 57,807 (28,017) Interest receivable and other income 4,884 3,881 Interest and fmancing ¢08t8 (7,000) (28,000) Surplusl(Deflclt) on ordln#ry actlvltles before taxatlon 55,691 (52,136) on 8urplu8 on ordAnary actlvlties surplu{DencIt} for tbe year after tai 55,691 (52,136) Rem¢a8urement 8&ln on defined benefit nsIOn 8¢homo 16 88,000 983,000 Total Comprehen8lve Income for the year 143,691 930,864 None of th¢ Regi8teied Social Hou81ng Provid¢r8 activitie6 were acquired or dl8oontinued during tho ¢urr¢nt and prcvlou8 year. J D Blatherwick- Dire¢tor and Tru8t¢e C Rose - Dlrector and Trustee Th¢ on pRgrg IS to27 fomi partoEtt flnatri418tatetrwits Pagell
THE NEWARK EMMAUS TRUST (REGLSTERED NUMBER: 2783331) STATEMEIYT OF FIY4ANCIAL POSITION 3151 MARCH 2024 3113124 3113123 Notes FIXED ASSETS Housing properties Other freehold prop¢rtLe8 Other fixed assets Inve8tn)onts 11 11 li 12 1,039,334 146,431 63,375 156,382 1,405,522 964,289 151,250 70,136 l58,964 1,344,639 CURRENT ASSSETS Debtors CaslL It bank and An hand 13 61,354 633,600 694,954 26,080 694,757 720,837 CREDITORS Amounts f2llAng due withth one year 14 37,252 69,943 NET CURRENT ASSETS ET ASSETS EXCLUDING PEIYSION LIABILITY 657,702 650,894 2,063224 1,995,533 Defed benefit pension Scheme liability 16 (76,000) (152,000) ET ASSKTS 1,987,224 1,843,533 FUNDS Unrestrlcted fundj General rtd8 Unreitrleted funds exeludlng pension Ilablllty Pension reserve Total unre$trl¢ted fuDd8 Restricted fiuids Endowmcnt re$¢rye 17 1,006,l50 1,006,150 (76,000) 930,150 17,740 1,039,334 I,019,021 1,019,021 {l52,000) 867,021 12,223 964,289 TOTAL FUYIDS 1,987324 1,843,533 The charitable company 18 entltled lo exemption from audit under Section 477 of the Cornpllnics Aot 2006 and Seotlon 129 of the F£ou8ing and Regeneration A¢t 2(8 for th¢ year ended 3191 March 2024. The members huv¢ not requlttd th¢ ¢harllibl¢ company lo obtain en audit of its fin8n¢ial 8tatements for the y¢¥r ¢nd¢d 3 IA Mareb 2024 in accordance witb Skxlion 476 of the compani Act 2006. Th¢ directors a¢knowlcdge th¢ir r¢sponBibilitl¢8 for., (a) cnsuring that thc GFwit4bl¢ wmpany kccps accounting rordS whl¢h comply with stiOns 386 and 387 of the CompLryie8 Act 2006 and (b) prq)adng financial stalanenls whloh 8lYe a inje and foir view of the state of affalr8 of th¢ ¢hdrttable company as At the end of e fllwicial year and of ils prof(t or1085 for ca£h flnanGlal year In accordance wtih the requircmcnts of S¢¢ti0tt8 394 and 395 arld which otherwise comply with the requiremeThts ot the Companies A¢¢2006 ffl&ting to ftn8ncial statements, 80 for as applicoble to th¢ charitable company, The financial 8tat¢m¢ftts h&ve be¢n pr¢par¢d in accordanc¢ with the sla1 proYi8ion8 of Part 15 of the Companie8 Act2006 r¢lating tQ small companies and the Accounting Direc¢iotL for Prfvate Reglstertsl Provlders of So¢ial Housing 2022. The financial 8tatements wer¢ approved and authorised for issue by the Board of Dircctors on ....... behalf by.. wer¢ signed on its J D Bl&thcrwiek- Dkcctor and Trustee C Ro80- Dlrcctor and TN8tee The llot on l5 10 27 form partofthu¢ fLrwKial 8talmnMts Pw12
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31" MARCH 2024 GeneTal unrestricted funds Total Pension unrestricted r¢serve funds Restricted Endowment funds reserve Total At 315t March 2022 861,759 (1,084,000) (222,241) 144,434 990,476 912,669 Surplus/(deficit) for the year Remeasurement gain on defined benefit pension scheme Transfers (Pension contribution) Transfers (Housing properties - Depreciation) 181,075 (ioi,000) 80,075 (l32,211) (52,136) 983,000 50,000 983,000 983,000 (50,000) 26,187 26,187 (26,187) At 31$¢ March 2023 1,019,021 (152,000) 867,021 12,223 964,289 1,843,533 Surplusl(deficit) for the year Rerneasurernent gain on defined benefit pension scheme Transfers (Pension contribution) Transfers (Housing properties- additions) Transfer5 (Housing properties- Depreciation) 93,031 (50,000) 43,031 12,660 55,691 88,000 38,000 88,000 88,000 (38,000) (94,089) (94,089) (7,143) 101,232 26,187 26,187 (26,187) At 3111 March 2024 1,006,150 (76,000) 930,150 17,740 1,039,334 1,987,224 The notes on pag¢s 15 to 27 fom] part of these financial statements Page 13
THE NEWA]IK TrUS TRUST (REGISTERED NUMBER: 2783331) STATEMENT OP CASH FLOWS FOR THE YEAR ENDED 31" MARCH 2024 3113124 3113123 NET CASH FLOW FROM OPERATING ACTIVITIES (Note 19) 42,704 72,724 CASH FLOW FROM INVESTING ACTIVITIES Payments to acquire tangible ftxed assets PuTchase of investments Redemption of investment bond Interest received and other income (111,327) (2,423) 5,005 4,884 (3,291) (1,685) 2,822 NET CASH FLOW USED IN INVESTING ACTIVITIES (103,861) (2,154) NET CHANGE IN CASH AND CASH EQUIVALENTS {61,157) 70,570 Cash and cash equivalent at I st April 2023 694,757 624,187 CASH AND CASH EQUIVALENTS AT 31" MARCH 2024 633,600 694,757 CASH AND CASH EQUIVALENTS CONSISTS OF: Cash at bank and in hand 633,600 694,757 CASH AND CASH EQUIVALENTS AT 31" MARCH 2024 633,600 694,757 Th¢ notes on pag¢5 15 to 27 fomi part of these financial statements Page 14
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31" MARCH 2024 I. ACCOUNTING POLICIES General inforniation and basis of preparation The Newark Emmaus Trust is a charitable company limtted by guarantee, and a Private Registered Provider of Social Housing in the United Kingdom. The address of th¢ registered office is in the RegisteTed Social Housing Provider inforniation on page 2 of these financial statements. Th¢ nature of The Newark Fmmaus Twst operations and principal activities is to provide supported accommodation for young persons in cases of need, hardship or distress in the town of Newark-on-Trent in the county of Nottinghamshire. The Registered Social Housing Provider constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with applicable standards including Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102), the Statement of Recommended Prdctice for Social Housing Providers 2018, and with the Accounting Direction for Private Registered Providers of Social Housing in England 2022. Th¢ financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006. The financial statements have been prepared on a going concen) basis under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Turnover Turnover is net of voids and includes., Rents and service charges from social housing lettings Revenue grants Donations and legacies Voids represent rent losses arising from vacant accornmodation and the amount is shown in Note 3 as required by the Accounting Direction for Private Registered Providers of Social Housing in England 2022. Grants received to finance the activities of the charity are credited to the Statement of Comprehensive Income in the period to which they relate. Grants received in advance of the period in which the funder requires the income to be applied are reflected in deferred income within the Statement of Financial Position. Grants received for the restricted purpose of providing fixed assets are accounted for immediately as restricted funds. Where the fed assets, acquisition discharges the restriction, the assets will be held in unrestrlcted funds. If the use of the assets is unrestricted the Trustees consider creating a designated fund reflecting the book value of the assets as appropriate. The relevant fund will then be reduced ov¢r the useful economic life of the asset in line with its depreciation. Income received by way of donations, legacies and gifts is included in full in the Ststement of Comprehensive Income when there is sufficient certainty that the re¢¢ipt of income is probable. Donated goods, services or facilities are included at the value to the charity where this can be quantified and the receipt of economic benefit from the use by the charity is probable. The value of services provided by volunteers has not been included in these accounts. Apportioument of housing management and non-social housing aetivities expenses Expenditure is included in the Statement of Comprehensive Income on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure relating to one activity or cost category has been directly allocated. Wages have been apportioned in accordance with grant agreements where applicable and on the following basis: Social housing lettings 400/0 Non-social housing activities 60% Wages Page 15
THE NEWARK ETrWUS TRUST (REGISTERED NUMBER; 2783331) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2024 I. ACCOUNTING POLICIES (continued) Pension eosts The charity has adopted status as part of the local gov¢rnment pension sch¢me for its employees, which is administered by Nottinghamshire County Council. The pension scheme is a multi-employer scheme where it is possible for individual employers as admitted bodies to identify their share of ihe assets and liabilities of the pension sch¢m¢. Therefore, Th¢ Newark Emmaus Trust must account for the scheme as a defined benefit scheme in accoTdance with FRS 102. The defLned benefit pension scheme provides benefits based on fmal pensionable salary. The costs of providing pension benefits have been recognised in accordance with FRS 102. Under FRS 102, the assets and liabilities of the multi-employer scheme are esscntially treated as assets and liabilities of the individual employer. The operating costs of providing retirement benefits to employees are recognised in the period in which they are earned by employees and finance costs and other changes in the value of the pension schem¢ assets and liabilities ar¢ recognised in the period in which they arise. The charity also operates a separate defined contribution pension scherne. Contributions payable to this scheme are charged to the Statement of Comprehensive Income in the period they ale incurred. Fund Accounting Unrestricted funds are funds which are available for use at the discretion of the Trustees in rtherance of the general objectives of the charity. Restricted funds are funds which are to be used in accordaT]ce with specific restrictions imposed by donors or which have been rdised by the charity for particular purposes. The Endowment Reserve is only expendable in respect of Housing Properties. The Endowment Reserve represents those assets which must be h¢ld pemanently> principally Housing Properties. Revenue and expenditure cannot be directly set against Endowment Reserve but is taken through the Statement of Comprehensive Income and then a transfer to Endowment Reserve is made as appropriat¢. Tangible fixed assets Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently tangible fixed assets are measured at cost less accumulated depreciation and impainnent losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Housing Properties 20/0 on cost Other Freehold property 20/0 on cost Motor vehicles 250/0 on reducing balance Equipment and computers 20 % on reducing balance A review for impaim]ent is Carried out at the end of each reporting period by director5. Debtors and ereditors receivablelpayable wlthfin one year Debtors and rreditors receivable or payable within one year are recorded at transaction price. Any losses arising from impaiment are recognised in the Statement of Comprehensive Income. Investmenls Investments are recognised initially at fair value which is nornially the transaction price excluding transaction costs. Subsequently, they are included at fair value at each reporting date if this can be reliably measured, with changes in fair value recogntsed in the Statement of Comprehensive Income. Investments held as part of short-terni treasury management for a planned expenditure purpose are classified as current assets. Page 16
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2024 I. ACCOUNTING POLICIES (continued) Value Added Tax Th¢ Newark Emmaus Trust is not registered foT Value Added Tax. In these financial statements, where applicabl¢. expenditure is shown inclusive of Value Added Tax. Taxation The Charity is exempt from UK taxation. Judgements and key sources of estimation uneertainty The Management Committee do not believe that any accounting judgements or estimates have been applied to these fman¢ial statements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabiliti¢s within the next financial year. 2. PARTICULARS OF TURNOVER, OPERATING COSTS AND OPERATING SURPLUS 3113124 3113r23 Op¢ratin8 5urplu31 (deficit) Op¢TQting surplusl (d¢fi¢il) Opernting costs OpcrAting Costs Turnovcr Turnover Notes Social housin8 Idtings Non-social IK)usin8 activities 578.119 229.851 347.037 403.126 231.082 {173.275) 546,311 190.629 312,550 452.407 233.761 1261,7781 807.970 750,163 57.807 736.940 764,957 (28,017} Social housing lettings comprise income and expenditure in respect of th¢ provision of accommodation for homeless young people who are at risk and between the ages of16 - 25 years. Non-social housing activities Comprise grants, donations and other income for the support and life skills training of homeless young people who are at risk and cost5 incurred in support and training of homeless young people, income generation activities, and in supporting the governance of the charity. 3. PARTICULARS OF INCOME AND EXPENDITURE FROM SOCIAL HOUSING LETTINGS 3113124 3113123 Rent, housing benefits And service agreement 578,119 546,311 Turnover from social housin lettin 578,119 546,311 Management costs Insurance 6,639 5,664 Services eosts Staff costs (note 8) Telephone 200,029 750 152,114 750 Routine maintenance and renewals Maintenance and services 105,592 106,908 Bad debts 13,166 Depreeiation Housing properties Equipment and computers 26,187 7,840 26,187 7,761 eratin costs on soeial housin lettin 347,037 312,550 eratin sur lus on soeial housin lettin 231.082 233,761 Void losses 4,461 1,186 Page 17
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 315t MARCH 2024 4, PARTICULARS OF INCOME AND EXPENDITURE FROM NON-SOCIAL HOUSING ACTJVITIES 3113124 3113123 Grants Beatrice Laing Trust BNA Charitable Trust Boots Charitable Trust John Lewis Partnership Lloyds Bank Foundation Mansfjeld Building Society National Lott¢ry Fund Neighbourly B&Q Grant Nottinghamshire County Council Nottinghamshire Police & Crime Commissioner Pawprint Foundation Postcode Places Trnst St James's Place Charitable Foundation Tesco Grant The Jones 1986 Charitable Trust The Percy Bilton Charity The Thomas Farr Charity Veolia Waitrose Wrexham Signs 2,500 11,340 9,982 1,000 27,250 250 48,115 20,960 81,350 4,522 10,900 12,403 508 8,182 10,000 1,125 12,685 10,812 16,364 2,500 5,000 4,000 2,000 4,200 853 750 500 168,540 141,511 Donations and legaeles Covenants Donations Legacies 1,580 21,507 (326) 1,440 31,299 (351) 22,761 32,388 Other income Fundraising income Turnover from non-soeial housin 38,550 229,851 16,730 190,629 aetivitxes Expenditure Staff costs (note 8) Office costs Training centre general costs Marketing Motor expenses Accountancy Bank charges Other professional fees Fundraising costs Other freehold properties depreciation Equipment and computers depreciation Motor vehicles depreciation Equipment and computers loss on disposal Residential activilies eratin costs on non-soeial housin 300,043 37,817 246 1,013 1,275 4,992 299 10,347 13,074 4,819 4,972 4,044 354,934 31,425 230 729 2,032 3,942 337 3,471 13,641 4,819 5,416 5,390 19 26,022 452,407 20,185 403,126 activities eratin deficit on non-social housin activilies (17327S) (261,778) Pag¢ 18
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024 5. JNTEREST RECENABLE AND OTHER INCOME 3113124 3113123 Interest receivable and other income 4,884 3,881 6. INTEREST AND FINANCING COSTS 3113124 3113123 Finance costs of defined benefit pension scheme (note 16) 7,000 28,000 7, OPERATING SURPLUS FOR THE YEAR The operating surplus/(deficit) for the year is stated after charging,, 3113124 3113123 Depreciation - owned assets (note I l) Loss on disposal Pension costs - defined benefit scheme (note 16) Pension costs- defined contribution scheme (note 16) 47,862 49,573 19 72,000 9,893 42,000 13,467 STAFF COSTS 3113124 3113123 Wages and salaries Social security Costs Pension costs - defined benefit scheme (note 16) Pension costs - defined contribution scheme (note 16) 412,042 32,563 42,000 13,467 393,010 32,145 72,000 9,893 500,072 507,048 3113124 3113123 Social housing lettings (note 3) Non-social housing activities (note 4) 200,029 300,043 152,114 354,934 500,072 507,048 No employee received emoluments of more than £60,000 (2023: Nil) 3113124 Number 15 3113123 Number 12 The average monthly number of employees during the year was as follows.. The renumeration (including pension contributions) paid to Senior Management Team during the year was £253,544 (2023: £244,312). The Chief Executive Officer is included in the defined contribution pension scheme. and is an ordinary member of the scheme. No enhan¢ed or special temis apply. 9. DIRECTORS9 RENUMERATION None of the directors received any renumeration for their services during the year. Page 19
THE NEWARK ENUs TRUS.T (REGISTERED NUMBER: 2783331) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31° MARCH 2024 10. TAXATION Analysis of the tax eharge No liability to UK corporation tax arose on OTdinary activities for the year ended 31S1 March 2024 nor for the year ended 3 ISI March 2023. I I. FIXED ASSETS Other freehold properties Total freehold prop¢rties Equipment and computers 14ousing properties Motor vehicles Total COST At I" April 2023 Additions 1,342,851 101,232 240,950 I,583,801 101,232 40,000 123,710 10,095 1,747,511 111,327 At 31 st March 2024 1,444,083 240,950 ,685,033 40,000 133,805 1,858,838 DEPRECIATION At i 51 April 2023 Charge for year (note 7) 378,562 26,187 89,700 4,819 468,262 31,006 23,828 4,044 69,746 12,812 561,836 47,862 At 31° March 2024 404,749 94,519 499,268 27,872 82,558 609,698 NET BOOK VALUE At 31° March 2024 1,039,334 146,431 1,185,765 12,128 51,247 1,249,140 At 31st March 2023 964,289 151,250 1,115,539 16,172 53,964 1,185,675 Freehold properties comprise housing accommodation, offices, staff accommodation and a training centre, The cost of properties which are used for multiple purposes has been apportioned using a best estimate based on the number of rooms, The housing property addition in the year Continued to be under construction at 3111 March 2024. 12. FIXED ASSET INVESTMENTS 3113124 3113123 Investments at market value 156,382 158,964 13. DEBTORS; AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Rent aearS Prepayments and other debtors 44,261 17,093 15,925 10,155 61,354 26,080 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Accruals and deferred income 37,252 69,943 Page 20
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2024 IS. DEFERRED INCOME Under l year Over l year Total At i sl April 2023 Amount r¢l¢ased t() inwme 29,141 (29,141) 29,141 (29,141) At 3 1st March 2024 Grant income totalling £Nil (2023: £29,141) was deferred during the year ended in respect of unrestricted grant income received. 16. PENSION COMMITMENTS a) Defined contribution pension schem¢ The charity 0raS a defined contribution pension scheme for its employees. The amount recognised as an expense in th¢ period was £13,467 (2023.. £9,893) (notes 7 and 8). b) Defined benefit pension scheme The charity is one of many participants in a pension scheme operated by Nottinghamshire County Council Pension Fund. The assets of the scheme are held separately from those of the charity. Pension costs are assessed in accordance with the advice of an independent qualified actuary using the projected unit method. Actuarial valualions are carried out on a triennial basis at which time the calculations and actuarial assumptions are revised. The most recent actuarial valuation of the Pension Fund was carried out as at 31, March 2022 and resulted in the charity's contribution to th¢ ongoing service cost increasing at 2 I.50/0 of pensionable pay from 181 April 2023. In order to reduce the pension scheme deficit the charity pays additional contributions which for the year ended 31 $1 March 2024 lotalled £1,730 (2023: £16,370) rising each year by an intlation rate of 3.90/0 for each of the following seventeen years. It is expected that this should be sufficient for the charity's share of the scheme to be fully llded by 2041 and that thereafter the charity's contributions will revert to the ongoing service cost. En addition to the above, the following inforniation is required to be disclosed in accordance with FRS 102 in respect of the part of the Nottinghamshire County Council Pension Fund attributable to the charity. The totsl cost recognised in the perlod was as follows: 3113124 3113123 Current service cost (notes 7 and 8) Net interest incomelexpense (note 6) Administration expenses Recognised in the surplusl(deficit) for the year Remeasurement gain recognised in other comprehensive income (see below) Total cost recognised 42,000 7,000 1.000 50,000 72,000 28,000 1,000 101,000 (88,000) (38,000) (983.000) (882,000) The remeasurement (gainyloss recognised in other comprehensive income eomprises the following Amounts: 3113124 3113123 Actuarial gain Other actuarial gains on assets Chang¢ in demographic assumptions Experience loss on scheme obligation Actual (rethrn)/loss on scheme assets (excluding interest income) Remeasurement gain recognised in other comprehensive income (1,079,000) (68,000) (149,000) 218,000 95.000 (983,000) (27,000) 11,000 (72.000) {88,000) Pag¢21
THE NEWARK EMMAUS TRUST (REGISTERED NUlklBER: 2783331) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024 16. PENSION COMMITMENTS (continued) Amounts re¢ognised on the Statement of Financial Position were as follows: 3113124 3113123 Present value of Trded obligations Fair value of scheme assets Net defjned benefit pension scheme liability (2,173,000) 2,097,000 (76,000) (2,189,000) 2,037,000 (152,000) Changes in the present value of the defined benefit obligations were Rs follows: 3113124 3113123 Opening defined benefit obligation Current service cost Int¢r¢st expense Actuarial loss Change in demographic assumptions Experience loss Contributions by scheme participant5 Benefits paid Closing defined benefit obligation 2,189,000 42,000 102,000 3,103,000 72,000 80.000 (1,079,000) (149.000) 218,000 1,000 (67,000) 2,189,000 (27.000) i 1,000 11,000 (155,000) 2,173,000 Changes in fair value of the pension scheme assets were as follows: 3113124 3113123 Opening scheme assets Interest income Actu81 return/{loss) on scheme assets (excluding interest income) Other actuarial gains AthninistratiQT] ¢xpenses Contributions by employer Contributions by scheme participants Benefits paid Closing scheme &ssets 2.037,000 95,000 72,000 2,019,000 52,000 (95,000) 68,000 (1,000) 50,000 11,000 (67,000) 2,037,000 (1,000) 38,000 11,000 (155,000) 2,097,000 The amount that eAch major class of pension scheme assets constitutes of the fair value of the totsl scheme assets was s follows: 3113124 3113123 Equities Gilts Other bonds Propety Cash Inflation-linked pooled fund Infrastructure Private equities Total assets 1,268,000 50,000 104,000 223,000 126,000 107,000 152,000 67,000 2,097,000 1,186,000 42,000 121,000 242,000 107,000 103,000 160,000 76,000 2,037.000 loo% The return/(loss) on scheme assets was as follows: 3113124 3113123 Interest income Actual returnl(loss) on scheme assets (excluding interest income) Total returnl(1055) on plan assets 95,000 72,000 167,000 52,000 (95,000) (43.000) Page 22
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024 16. PENSION COMMITMENTS (eontinued) The principal actuarial assumptinns used were as follows: 3113124 4.850/0 3.90010 2.900/0 3.300/0 3113123 4.800/0 3.850/0 2.850/0 2.820/0 Discount rate Expected rates of salary increases Expected rates of pension increases Expected rate of inflation The mortality assumptions used for longevity (in years) on retirement at age 65 are: Retiring at the Statement of Financial Position date Males Females Retiring in 20 years Males Females 20.4 23.3 20.7 23.5 21.7 24.7 22.0 25.0 Page 23
THE NEWARK EIIIMAUS TRUST (REGISTERED NUMBER: 2783331) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024 17. FUNDS General unTestricted funds Total Pension unrestrict¢d Restricted Endowment reserve funds funds reserve Total Income Social Housing lettings Donations and legacies Fundraising incomes Grants Turnover Interest receivable and other income Total income Expenditure Insurance Staff costs Telephone- accommodation Maintenance and services Residential activities Office costs- t¢l¢phone Office costs - other Training centre general costs Marketing Motor expens¢s Accountancy Bank charges Other professional fees Fundraising costs Depreoiation - Housing properties Depreciation - Other freehold properties Depreciation - Motor vehicles Depreciation - Equipment and computers 578,119 22,837 38,550 29,641 669,147 578,119 22,837 38,550 29,641 669,147 578,119 22,761 38,550 168,540 807,970 (76) 138,899 138,823 4,884 674,031 4,884 674,031 4,884 812,854 138,823 6,639 373,776 750 75,956 18,982 1,792 27,747 6,639 415,776 750 75,956 18,982 1,792 27,747 6,639 500,072 750 105,592 20,185 2,725 35,092 246 1,013 1,275 4,992 299 10,347 13,074 26,187 42,000 84,296 29.636 1,203 933 7,345 246 1,013 1,275 4,992 299 6,843 13,074 26,187 1,013 1,275 4,992 299 7,843 13,074 26,187 1,000 2,504 4,819 4,044 4,819 4,044 4,819 4,044 12,812 581,000 12,812 624,000 12,812 750,163 43,000 126,163 Finance costs of defined benefit pension scheme 7,000 50,000 7,000 63 1,000 7,000 757,163 581,000 126,163 Surplus/(deficit) for the year 93,031 (50,000) 43,031 12,660 55,691 Rerneasurement gain on defined benefit pension scheme Transfers (Pension contribution) Transfers (Housing properties- additions) Transfers (Housing properties- Depreciation) 88,000 38,000 88,000 88,000 (38,000) (94,089) (94,089) (7,143) 101,232 26,187 26,187 (26,187) Balance at 151 April 2023 1,019,021 (152,000) 867,021 12,223 964,289 1,843,533 Balance at 3 1st March 2024 1,006,150 (76,000) 930,150 17,740 1,039,334 1,987,224 Page 24
THE NEWARK EMMAUS TRUST (REGISTERED Nu1BER. 2783331) NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31st MARCH 2024 17. FUNDS (continued) Restricted fijnds ar¢ represented principally by funding for in-house and outdoor activities for residents and vulnerable people from the following organisations.. BNA Charitable Trust National Lottery Fund Neighbourly B&Q Grant Nottinghamshire County Council Nottinghamshire Police & Crime Commissioner St James's Place Charitable Foundation Tesco Grant The Percy Bilton Charity The Thomas Farr Charity Pawprint Foundation Waitrose The Endowment reserve is established to provide supported accommodation for young persons in cases of need, hardship or distress in the town of N¢wark-on-Trent in the county of Nottingharnshire. The transfers to Pension reserve of £38,000 from unrestricted general funds represent contributions by the employer comprising a standard contribution based on pensionable pay of £36,270 and an additional contribution to eliminate the pension deficit of £1,730. Included within ihe restricted funds balance at 31, March 2024 is an amount of £960 relating to a project fvnded by the National Lottery Fund. This balance represents amounts received during the year of £81,350 plus a balance brought forward of £nil less expenditure incued during the year of £80,390. 18, ANALYSIS OF NET ASSETS BETWEEN FUNDS YEAR ENDED 31M MARCH 2024 General unrestricted funds Total Pension unrestricted Restricted Endowment reserve funds funds reserve Total FIXED ASSETS Housing properties Other freebold properties Other fixed asscts Investments CURRENT ASSETS Debtors Cash at bank and in hand CREDITORS Amounts falling due within one year DEFINED BENEFIT PENSION SCHEME LIABILITY 1,039,334 1,039,334 146,431 63,375 156,382 146,431 63,375 156,382 146,431 63,375 156,382 61,354 615,860 61,354 615,860 61,354 633,600 17,740 (37,252) (37,252) (37,252) (76,000) (76,000) (76,000) TOTAL NET ASSETS /(LIABILITIES) 1,006,150 (76,000) 930,150 17,740 1,039J34 1,987,224 Pa8¢ 25
THE NEWARK EMMAUS TRUST OIEGISTERED NUMBER: 2783331) NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31" MARCH 2024 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) YEAR ENDED 31st MARCH 2023 General unrestricted funds Total Pension unrestricted Restricted Endowment reserve funds funds reserve Total FIXED ASSETS Housing properties Other freehold properties Other fixed assets Investments 964,289 964,289 151,250 70,136 158,964 151,250 70,136 158,964 151,250 70,136 158,964 CURRENT ASSETS Debtor$ Cash at bank and in hand CREDITORS Amounts falling due within one year DEFINED BENEFIT PENSION SCHEME LIABILITY 26,080 682,534 26,080 682,534 26,080 694,757 12,223 (69,943) (69,943) (69,943) (152,000) (152,000) (152,000) TOTAL NET ASSETS I(LIABILITIES) 1,019,021 (152,000) 867,021 12,223 964,289 ,843,533 19. RECONCILIATION OF OPERATING SURPLUSI(DEFICIT) TO CASH FLOW FROM OPERATING ACTJVITIES 3113124 3113123 Operating Surplus/(deficit) for the year Adjustments for non-cash items.. Depreciation of tangible fixed assets (note I l) Loss on disposal of tangible fixed assts (Increase)IDecrease in debtors Decrease in creditors Defined benefit pension costs less contributions payable 57,807 (28,017) 47,862 49.573 19 44,523 (16,374) 23,000 (35.274) (32,691) 5,000 Net ea$h floiv from operating aetivffitles 42,704 72,724 20. CONTINGENT LIABILITIES The charity had no contingent liabilities at 31" March 2024 (2023: none). 21. CAPITAL COMMITMENTS The charity had no capilal commitments at 31" March 2024 (2023: none). Page 26
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31st MARCH 2024 22. HOUSING STOCK The number of units of housing accommodation in management at year end¢d was.. 3113124 Number 3113123 Number Housing Accommodation for letting Units 37 36 A unit of housing for letting includes supported housing for homeless young people and keyworker accommodation for 24 hour staff cover. 23. RELATED PARTY TRANSACTIONS Trustees are reimbursed for expenses which are necessarily incurred in the perforn)ance of their duties. No Trust¢¢ or other person related to the charity had any personal interest in any ¢ontra¢t or transaction entered into by the harity during the year (2023.. none). Page 27
THE NEWARK EMMAUS TRUST (REGISTERED NUMBER: 2783331) DET AILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31Et MARCH 2024 3113124 3113123 INCOME Donations and covenants Legacies Grants Rent, housing benefits and service Charges FundTaising income 23,087 (326) 168,540 578,119 38,550 32.739 (351) 141,511 546,31 16,730 807,970 736,940 Other income: Deposit and interest Investment income 2,379 2,505 I,l35 2,746 TOTAL INCOME 812,854 740,821 EXPENDITURE Provision of accommodation: Residential activities Insurance Maintenance and services Telephone Bad debt 20,185 6,639 105,592 750 26,022 5,664 106,908 750 13,166 133,166 246 152,510 230 Training centre costs Staff cost$: Wages Social security Pensions- defined benefit scheme Pensions- defined contribution scheme 412,042 32,563 42,000 13,467 393,010 32,145 72,000 9,893 500,072 507,048 Office costs: Telephone Office expenses Repairs and Renewals Sundry expenses 2,725 8,089 16,974 10,029 4,786 7,328 16,066 3,245 37,817 31,425 Other eosts: Marketing Motor expenses Bank charges Legal and professional fees Fundraising costs Accountancy 1,013 1,275 299 10,347 13,074 4,992 729 2,032 337 3,471 13,641 3,942 31,000 24,152 Depreciation: Freehold properties Equipment and computers Motor vehicles 31,006 12,812 4,044 31,006 13,177 5,390 47,862 49,573 Loss oll disposal of fixed assets: Equipment and computers 19 Internet and finanee Costs: Interest and financing costs of defines benefit pension scheme 7,000 28,000 TOTAL EXPENDITURE 757,163 792,957 SURPLUSI(DEFICID FOR THE YEAR 55,691 (52,136) Page 28