# Annual General Meeting
A p r i l 2 0 2 3 - M a r c h 2 0 2 4
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Contents
* . : a -
en
01 Mf y | 02
re_+ . ‘ Audited
Agenda & Overview &
Accounts
Minutes Statistics
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**Page 1.1** Ci)
## **Agenda**
**Present Apologies Minutes of Last AGM Annual Re ort & p Statistics Audited Accounts Election of Directors Any Other Business**
**Page 1.2** —
## **Minutes of Last AGM**
## **1. Present:**
## **3. Minutes of last AGM:**
Dave Brazier – Committee Chairperson Vicki Stephenson – Director Piyush Kotecha – Committee Treasurer Towana Graham – Director Kash Bhayani – Committee Secretary Ervin Picari -Director Naila Siddiqui Walker – Project Manager
## **2. Apologies:**
N/A
Kash Bhayani chaired until Dave attended the meeting.
Correction: Page 2 ‘; flood should read ‘blood’. The minutes of the last AGM held on 18th January 2023 were agreed.
## **4. Matters Arising:**
Vicki suggested there is an active drive to invite new committee members to join the board. Having professionals and a younger group would be good for the project. Kash said he would discuss this with some people he knows. Matter to be placed on the agenda for a committee meeting. Naila will send DBS invites to those who haven’t completed theirs last year. Discussion on how long this was valid, but no decision was made.
**Page 1.3** —
## **Minutes of Last AGM**
## **5. Annual Report & Statistics**
Naila briefly went through the items in the report. It was noted that we mainly accommodate 17/18-year-olds.
Naila will correct a few mistakes on the report before it is distributed (the word ‘hard’ and the section on Dhillon Security).
Generally, a good year for the project. Need to evaluate if the recent developments have benefited the project, it appears to be positive.
Towana felt an ‘Empowerment’ handbook on support services should be available to our clients. Naila explained that there was one, but it was too out of date to give to clients. Vicki updated the others on recruitment progress. Naila will ask Lee Keeling, from the local authority, to send the invite asking for people to send a C.V. if they wish to be considered for the two positions available.
Ervin said he could advertise it on his LinkedIn page. It was decided Hits should have one too and Naila was to create one.
**7. Election of Directors:** Election of Directors held.
Vicki Stephenson proposed the existing directors with positions to be re-elected on block, seconded by Towana Graham and Ervin Picari.
Dave proposed that Vicki Stephenson, Tawana Graham and Ervin Picari be elected as directors, seconded by Piyush Kotecha.
## **6. Audited Accounts:**
**8. Any Other Business:** None
Piyush reported on the accounts. He was surprised that the income had only gone up by £1,000. Maybe there had been excessive voids that year. Also, there was a lot of unexpected expenditure, such as Charity Bank costs for purchase, maintenance, and salaries. Despite this, a surplus of £14,000 was a lot more than in the previous two years. We have £220,000 in the reserves, which is good. It may be worth having a discussion on purchasing 82/84 and whether it is beneficial considering the level of additional responsibility. Vicki asked if the Charity Commission would question these levels of reserve, Dave and Piyush did not feel they would.
It is difficult to do fundraising with this level of money in the reserves. Dave congratulated all those who worked towards this success.
**Page 2.1** —
## **Annual Report**
**Overview** This year saw the project continuing to provide essential housing for vulnerable people aged 16 to 25. The statistics show a slight fall in people looking for accommodation which sounds like good news but looking at it in more depth, it seems that other factors are at play. Young people have been more reluctant to leave home thereby refusing offers of accommodation at Hits due to the fear of debt as they cannot meet the cost of housing on their income. Leicester College has confirmed our experience that there are fewer young people asking for supported housing even though they are facing difficulties at home. This year has seen an increase in demand for housing from older people aged 22-25, which includes university students who have had to leave student accommodation because they can’t find or afford private accommodation. Also, the local authority doesn’t assess them as ‘in housing need’ according to the homelessness regulations. Students are now facing increased pressure from their universities to gain employment otherwise their benefits may cease, but in addition to this, they have experience managing their own accommodation and would need little support from Hits. They will continue to face the same issues once their stay at the project expires. Additionally, now that the government is processing more asylum cases, non-British citizens are also being asked to leave NASS accommodation and facing the same issues as the university students.
**Page 2.2** —
# **Annual Report**
## **Housing**
Bed blocking is a dilemma for many support providers. We find that those clients at Hits are not getting offers of accommodation within the two-year accommodation period that Hits works towards. They are experiencing challenges to get private rent as landlords want large deposits, rent in advance and guarantors even though the person is 18+. Moving into other supported housing is equally limiting as other schemes are facing similar issues. The best option for our clients is to return home or move in with relatives or friends. **Engagement** Covid continues to leave its legacy on young people. The youth have experienced isolation from society at a young age and still have so few opportunities in resolving their mental health and financial issues. Majority of clients housed at Hits suffer from either anxiety or depression, and at times both. Others have additional conditions such as personality disorders, ADHD. They aren’t getting any support from external agencies. This has resulted in a negative impact on the level of engagement that clients want to do with staff. Also, there have been less people accessing education, they are on universal credit as a job seeker or on sickness benefit. Being sanctioned has become more common in the last year.
**Page 2.3** —
## **Annual Report**
## **Staffing**
Amar Matharu served the project for 7 years but has left to develop her career.
The committee re-evaluated the staffing structure to better meet the needs of the project. It was concluded that in addition to the full-time manager, two part time staff positions would be created with specific emphasis of what their roles would be: a support worker and an admin/publicity worker, each working 3 days per week. This will allow us to focus more on the website and social media channels enabling us to promote the project in a modern medium where it can be more accessible to our demographic group. The world of recruitment has changed from the last time the project underwent a recruitment exercise. Recruitment takes place online and we must use job sites to display these job opportunities. In our experience, with the closure of so many similar projects, there is a lack of skilled applicants from this field. However, the I.T. skilled sector has been slightly more promising. We hope to enhance the service, particularly in areas of housing opportunities and preparing our clients for the finances required. We’re also working towards raising the scheme’s profile online and becoming more accessible.
**Page 2.4** —
## **Annual Report**
## **Committee Membership**
We have had the six trustees for many years. They have kindly donated their time and skills to ensure a much-needed charity has managed to survive during many years of turmoil as a society that has faced economic setbacks as well as a pandemic. All this has seen its impact on the scheme. Hence the committee organised an ‘Away Day’ for both the members and staff to discuss new initiatives moving forward.
**Statistics**
**Page 2.5** Ci)
## **Referral Statistics**
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Gender
—_
The gender distribution of applicants is proportional
to last years, but the total number of applicants has
reduced by 22% from 136 to 106.
This comes following Leicester city councils reporting
on an increase in the number of people in temporary
accommodation from 94 in August 2022 to 332 in
December 2023
MALE FEMALE TRANSGENDER NON-BINARY TOTAL
TOTAL 44 61 1 0 106
SUCCESSFUL 5 10 0 0 15
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AGE
a a
Page 2.6
<=15 1 C+)
16 5
17 24
18 19
SUCCESSFUL
APPLICANT
19 8
AGE
20 14
16 1
21 5
17 7
ee
22 2
18 5
23 8
20 1
24 3
23 1
25 0
TOTAL 15
26+ 1
7
UNKOWN 17
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## **Referral Statistics**
**Age** This modal age of applicant this year was 17. Our successful applicant list reflects the age distribution of applicants well with a heavy bias towards 17 and 18, no unknown applicants were accepted.
## **Referral Statistics**
**Page 2.7** Ci)
## **Ethnicity & Nationality**
The majority of applicants from the previous year have been British with the plurality being white/British. Of the 24 non-British applicants the 3 accepted where from Sudan, Italy, and 1 unrecorded location. Only 2 successful applicants did not have a direct Leicester connection, 13 had previous connections to the city.
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ETHNICITY
SUCCESSFUL
&
APPLICANTS
NATIONALITY
WHITE
36 4
BRITISH
BLACK/CARIBBEAN
2 1
BRITISH
BLACK/AFRICAN
4 2
BRITISH
BLACK/OTHER
0 0
BRITISH
ASIAN BRITISH 8 2
DUAL HERITAGE 6 3
UNKOWN 22 0
oo oe
NON-BRITISH 24 3
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**Page 2.8** Ci)
## **Referral Statistics**
## **Referral Source**
Colleges and the advice centre are responsible for most of our referrals followed by the LCC and Hostels. The majority off our successful applicants were directly referred by colleges.
15 of the total 78 applicants to make it to the interview stage were accepted, with 14 total apartments that means we had a complete turn over last year with one additional resident turnover; we had 7 refusals due to no vacancies, compared to last year’s 10.
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Continued
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## **Referral Statistics**
**Page 2.9** Ci)
## **Referral Source**
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|||||||
|---|---|---|---|---|---|
|22/23|23/24|22/23|23/24|
|NO SHOW|
|25|0|REFUSED - RISK TO OTHERS|0|0|
|FOR FORMAL|
|NO|
|10|7|REFUSED - INAPPROPRIATE|4|2|
|VANCANCIES|
|DIDN’T PROCEED WITH RECONSIDERED PROCESS|0|0|OFFER REFUSED|4|3|
|REFUSED -|
|3|4|HITS WITHDREW OFFER|1|1|
|LACK OF SPACES|
|REFUSED - UNABLE|
|0|0|INAPPROPRIATE REFERRAL|21|14|
|TO MOVE ON|
|REFUSED - SUPPORT NEEDS TOO HIGH|7|12|ENQUIRY|20|14|
|eee eee|ee|
|REFUSED - SUPPORT NEEDS TOO LOW|4|6|ACCEPTED OFFER|16|15|
|EE|EE eee|ee|
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HOMES TRUST
Page 2.10
For Young People Since 1981 Ci)
Occupancy
Statistics
TOTAL
OUTCOME OF RESIDENTS
(30) AGE TOTAL
ee ao
GENDER TOTAL FEMALE MALE
MOVED TO LOCAL 16 2
0
AUTHORITY FLAT
30 19 11
|
17 10
st |
MOVED TO SOCIAL
5
LANDLORD FLAT
ee ee 18 9 DISABILITIES TOTAL REFERRALS (26) TOTAL ACCOMODATED (17)
MOVED IN WITH
4
MENTAL 12 16
FAMILY/FRIENDS 19 1
ee a es
ee
PHYSICAL 5 0
MOVED TO PRIVATE
3 20 4
LANDLORD FLAT
esee eyey Seeeeee
LEARNING 11 1
21 0
OTHER SUPPORTED
2
HOUSING SENSORY 0 0
rd] Fe 22 0 ee
STILL RESIDENT ON GENETIC 0 0
23 2
15
LAST DAY OF PERIOD es
es _ |
24 1 OTHER 0 0
UNKNOWN 1
25 1
_ |
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**MAIN REASONS MAIN NEED LEVEL OF TOTAL (30) TOTAL (30) TOTAL (30) FOR HOMELESSNESS FOR SUPPORT SUPPORT** es ee es es **RELATIONSHIP PHYSICAL 23 0 LOW 13 Page 2.11 BREAKDOWN DISABILITY DOMESTIC 0 AIDS/HIV 0 LOW/MEDIUM 4 VIOLENCE** — tf fo} ff **PRISON DEGENERATIVE & 0 0 MEDIUM 5 DISCHARGE DEBILITATING ILLNESS** — ||} **LEARNING HOSPITAL 0 0 MEDIUM/HIGH 7 DIFFICULTY** — |} **MENTAL LEAVING CARE 0 10 HIGH 1 HEALTH** ||} — tf fo} ff **RESIDENTIAL COMPLEX NEEDS - 0 0 REHABILITATION NO. OF REASONS Needs Analysis** — |} **LONG TERM 2 DRUGS 0 HOMELESSNESS At Resident** | | | |} — | fo} ff **ROUGH SLEEPER 0 ALCOHOL 0** ee **Selection YOUNG PERSON LODGINGS/RELATIVES 0 20 AT RISK - 16/17** — ee ee eee eee **EVICTION LACKING 0 0 (RENT ARREARS) BASIC SKILLS** |fo} — | foo} ff **REPOSESSION 0 OTHER 1** ee |} **BUDGETING 0** es **ee** eeee eeeee **eee** eeee **e PRIVATE 0** eeee ee eee eee **HARASSMENT 0** ee **PROPERTY 0 UNINHABITABLE** — | foo}ee eeffeee eee **ASYLUM/REFUGEE 5**
Registered Charity No:1049935
Registered Company No: 2912187
(England and Wales)
HITS HOMES TRUST LIMITED
(A Company lin]ited by guarantee)
FINANCIAL STATEMENTS
FOR THE YEAR EIYDED
31 MARCH 2024
HITS HOMES TRUST LIMITED
INDEX TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page
Charity Reference and Administrative Details
Report of the Management Committee
Indq)endent Examiners Report
Statement of Financial Activities
Balance Sheet
Notes to the Accounts
10-15
tncome & Expenditure Account - 31 March 2024
EVINGTON REVENUE
16
Income & Expenditure Account - 31 March 2024
EVINGTON
17
Income & Expenditure Account - 31 March 2024 CHARITY CAPITAL
18
Income & Expenditure Acwunt- 31 March 2024 CAprrAL FUND
19
Summary of Funds
20
HITS HOMES TRUST LIMITED
cHARy REFERENCE AJYD ADMINISTRATIVE DETAILS
FOR THE YEAR EIYDED 31ST MARCH 2024
Charity Name:
Hits Homes Trust Limited
(a company limited by guarantee without share capital)
Charity Regi$tratlon Number: 1049935
Company Registration Number: 2912187 (England & Wales)
Registered Office and
Operational Address:
86 Evington Road
Highfields
Leicester
LE2 IHH
anagement Conllnittee:
Dave Brazier (Chair)
Kail¢sh Bhayani
Victoria Stephenson
Piyush Kotecha
Ervin Picari
Towana Graham
Kenrick Ivhite
Secretary
Kailesh Bhayani
Management Team
Mrs. N Siddiqui Wall(er
(Project Manager)
Independent Examiners
Celerica Limited
Chartered Certified Accountants
First Floor
The Old Chapel
9 Kempson Road
Leicester
LE2 8AN
Bankers
National Westminster
PO Box 333
Silbury House
3(M) Silbury Boulevard
Milton KeJTres
MK9 2ZF
Page 1
HTTS HOMES TRUST LIMITED
REPORT OF THE MANAGEMENT COMMITTEE
FOR THE YEAR ENDED 31ST MARCH 2024
The trustees present their report and financial statements of the charity for the year ended
31 March 2024. The trustees have adopted the provisions of the Statement of Recommended
Practice (SORP) "Accounting and Reporting by Charities" (FRSI 02) in preparing the am]ual
financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set
out in the notes to the accounts and comply with the charity governing document, the Charities
Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland Published in October 2019 (second
edition).
Trnstees of the Charit
The directors of the charitable company aTe also its trustees for the pury)ose of charitable law.
The trustees who have served during the year and since the year end are as follows:
Dave Brazier (Chair)
Kailesh Bhayani
Victoria Stephenson
Piyush Kotecha
Ervin Picari
Towana Graham
Kenrick Ivhite
(appointed I l March 2024)
Ob"ectIv and Activities
The principal activity of the charity continues to be:
The provision of housing and associated amenities for young persons in Leicestershire
in necessitous circumstances on ternis appropriate to their means.
To manage schemes of housing designed for young persons in L¢icestcrshire in
nec&ssitous circurnstances.
To provide young persons in Leicestershire in need of housing and associated facilities,
advice, assistance and support des1cd to m¢et their disabilities and requirements to
live independtly.
b)
The trustees have considered the general guidance on public benefit ISSU by the Chariti¢s
Commission and has taken due regard of that guidance. The truste¢s consider they are
satisfieAI that the charitys activities do provide a wide public benefit.
Page 2
HITS HOMES TRUST LIMITED
REPORT OF THE MANAGEMENT cOMMIEE
FOR THE YEAR ENDED 31ST MARCH 2024 (CONTINUED)
Achievements and Perfonnance
Purchase of 86-88 Evin
on Road
During Sq)tember 2021, Hits Homes Trust Limited CL)mpleted the purchase of 7 flats and the office
at 86188 Evington Roa( Leicester.
Statistics
In 2023124. Hits Homes Trust Limited continued to provide tempordry self contained
accommodation to vulnernble single, homeless people aged between 16 to 25 years old.
In 2023124, the project received 106 enquiries for accommodation. Of these, 44 were men and
61 were Wome l trans nonbinary.
The ethnicity and nationality of the refealS were:_
White British 36: Black British 6" Asian British 8. Dual Heritage 6 Other 24. Not Known 26.
The project accommodated 30 peopl¢; I I male and 19 female.
The ethnicity and nationality of the individuals were:_
White British 7: Black British 4; Dual Heritage 3. Asian / British 6, Other l O.
The age:
16 years old - 2. 17 years old - 10. 18 years old - 9, 19 years old- 1. 20 years old - 4. 21
years old - 0. 22 years old - 0. 23 years old - 2; 24 years old - 1. 25 years old - l.
The housing staths of those accommodateAI at the project were:
Still Accommodated
15
LCC Housing
Housing Association flat
Movd to friends / fwnily
Moved to private
Othcr supported housing
Not Known
Other
30
Financial Review
includin
reserves
olic
With limited resources and difficulties obtaining additional funding, it has continued to
be difficult to plan or develop additional services. The charity with sound financial
management and the support of the staff team and Management Committee members
have incurred a surplus of £28,769 (2023: £14,438).
Page 3
HTTS HOMES TRUST LIMITED
REPORT OF THE MANAGEMENT COMMITTEE
FOR THE YEAR ENDED 31ST MARCH 2024 (CONTINUED)
Financial Review
includin reserves
lic
Continued
The charity's unrestricted reserves at the end of the financial year stood at £248,247. Of this
£187,643 has been allocated to various designated funds leaving £60,604 as free reserves.
The free unrestricted r¢s¢rves of £60,604 has increased from the previous year and the tnteeS
are continually seeking for other funding to facilitate reserves to cover approximately 6 - 8 months
total expenditure. The policy is a rolling wlRCy reviewed am]ually in view of the risks linked with
the properties and the potential legislative changes that can be implemented at any given time.
Plans for Future Periods
The charity plans to continue the activlties outlined above in the forthcoming years subject
to the continuance of satisfactory fLmding arrangements. Plans are also being developed to
work with a number of training providers to provide in house training for service users to
enable them to have a skills base for employment which will lead to long tenn gainfi
employment.
Structure
vernance and mana
em¢nt
The organisation is a charitable company limited by guarantee, without shar¢ capital.
Th¢ company's governing document is the M¢morandum and Articles of Association
which established the objects and powers of the charitable company.
In th¢ event of th¢ company being wound up members are required to contribute an arnount
not exceeding £1.
The charity has a current Management Committ¢e of 6 members who meet every 6 weeks and
are responsible for the strategic direction and policy of the charity. At present the conmiittee
members are from a variety of professional backoUndS relevant to the work of th¢ charity.
A scheme of delegation is in place and day to day responsibility for the provision of
services rests with the Project Manager. The Project Manager is also responsible for
ensuring that the charity delivers the services specified and that key perforniance
indicators are met and also the day to day operational management.
The directors of the company are also clwity trustees for the purposes of charity law and
under the Company, s Articles are known as members of the Management Committee.
Under the requirements of the Memorandum and Articles of Association the members of
the Management Cornrnittee are elected annually to serve for a period of one year after which
they must be re-elected at the next Amiual General Meeting.
One third of the members or a minimum of three are required to stand for re-election at
each Annual General Meeting on a rotating basis.
Page 4
HITS HOMES TRUST LIMITED
REPORT OF THE MANAGEMENT COMMITTEE
FOR THE YEAR ENDED 31ST MARCH 2024 (CONfINUED)
Structure
vernance and mana
ement
continued
Due to the nature of the objectives of the project much of the charity, s work focuses
upon young people. The Management Committee seeks to ensure that the needs of this
oup are appropriately reflected through the diversity of the trustee board. To enhance
the potential pool of trustees, the charity seeks to identify young people who have been
homeless and would be willing to become members and use their own experiences to
assist the clwity.
The more traditional business skills are well rq)resented on the Management Committee
In an effort to maintain a broad mix of skills, members of the Management Comrnittee
are requested to provide a list of their skills (and update it each year) and in the event of
particular skills being lost due to retirements, individuals are approached to offer themselves
for election to the Management Con)mittee.
Most trustees are familiar with the practical work of the charity as the charity has worked
in partnership with them in a Vlety of fields to enhance the support provision provided
to the young people.
New trustees are invited and encouraged to attend an induction course to familiarise
themselves with the charity and the context within which it operates. This is led by the
Project Manager and overseen by the Chair of the Managem¢nt Committee and covers:
l. A tour of the project, s premises.
2. The obligations of Management Committee members.
3. The polici¢s and procedures and other documents including the Memorandum and
Articles of Association.
4. Resourcing and the current fmancial position as set out in the latest published accounts.
5. Future plans and objectives.
Further inforniation is provided in a pack Prepar from various Charity Commission
documents and the Charity Comrnission's website guide 'An Essential Trustee,.
Risk Management
The Management Committce has conducted a review of the major risks which the charity is
exposed to. A risk register is being established and will be updated annually. Where
appropriate, systems and procedures have been establishe to mitigate thc risks that the
c]lty faces. External risks to fLU]ding have been minimised with a strategLC plan to allow
diversification of fLmding. Internal control risks are minimised by the implementation of a
financial policy and procedure for authorisation of all transactions within the project.
Procedures are in place to ensure compliance with health and safety of staff, volunteers,
members of the Management Cornmittee, service users, contractors and visitors to the
project.
Page 5
HITS HOMES TRUST LllllTED
REPORT OF THE MANAGE1NT COIIQVllTTEE
FOR THE YEAR ENDED 31ST MARCH 2024 (CONllNUED)
Statement of Management Committees, Responsibilities
The Ttees, who are also directors of the charity are responsible for preparing the Trustees,
Report and fmancial statements in accordance with applicable law and Unit¢d Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year,
wl]ich give a true and fair view of the state of affairs of the charitable company and of the
incoming resources and application of resources of the charitable company for the year.
In preparing those financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently.
observ¢ the methods and principles in the Charities SORP 2019 (FRS 102).
make judgements and estimates that are reasonable and prudent.
state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the fmancial statements.
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the company will continue in operation.
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 fmancial statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud and other inegularities.
This report has been prepared in accordance with the Statement of Recommended
Practice: Accounting arjd Reporting by Charities 2019 (FRS 102) and in accordance with
the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the Management Committee on .
Igned on its behalf by:
Mr D Brazier
Trustee
Page 6
HITS HOMES TRUST
(LIllTED BY GUARANTEE)
INDEPEIYDENT EXAMINERS, REPORT
TO THE TRUSTEES OF HITS HOMES TRUST
FOR THE YEAR ENDED 31 MARCH 2024
We report on the accounts of Hits Homes Trust for the year ended 3 1st March 2024 which ar¢
set out on pages 8 to 15.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law)
you are responsible for the preparation of the acUnts in accordance with requirements of the
Companies Act 2006 ("the 2006 Act).
Having satisfied ourselves that the accounts of the rnpanY are not required to be audited
und¢r Part 16 of the 2006 Act and are ¢ligibl¢ for indq)endent examination, we report in respect
of our examination we have followed the Directions given by the Charity Commission under
section 145(5)(b} of the 2011 Act.
Independent Examinerts Statement
We have completed our examination. We can confirni that no matters have come to our
attention in connection with the examination giving us cause to believe that in any material
resp¢ct:
accounting records were not kept in respect of the company as required by section 386
of the Act. or
the accounts do not accord with those records. or
the accounts do not comply with the a¢UntIng requirements of section 396 of the 2006
Act other than any requirement that th¢ accounts give a "trne and fair view" which is not a
matter considered as part of an independent examination; or
the accounts have not been prepared in accord&nce with the methods and principles of
the Statement of Recommended Practice for accounting and reporting by cl]arities
prq)aTing their accounts in accordance with the Financi Reporting Standard applicable
to UK and Republic of Ireland (FRS 102)
We have no concerns and have come across no other matters in connection with examination
to which attention should be drawn in this report in order to ¢nabl¢ a proper understanding of
the accounts to be reached.
CELERICA LTD
CHARTERED CERTIFIED ACCOUNTANTS
FIRST FLOOR
THE OLD CHAPEL
9 KEMPSON ROAD
LEICESTER
LE2 8AN
Dated .
27/Ji124
Page 7
HITS HOMES TRUST LIMTTED
STATEMEiYf OF FINANCIAL ACTIvrrIES
FOR THE YEAR ENDED 31 MARCH 2024
(Including Income and Expendithre)
2024
2024
Unrestricted Restricted
FuDds
Funds
2024
Total
Funds
2023
Total
Funds
l%ote
Income and endowments from:
Donations and legacies
Charitable activities
202272
1,300
202.272
185,905
1.300
Investments
1,300
Total Income and endowments
203,572
203,572
187,205
Expendlthre on:
Charitable activities
169,413
169,413
167,227
Other
5,390
5,390
5,540
Total Expenditure
174,803
174,803
172,767
Net income
28,769
28,769
14,438
Transfer between funds
Net m0venllt Jn funds
28,769
2&769
14,438
Reconciliation of funds:
Total funds brought forward
219,478
219,478
205,040
Totsl funds carried fOard
248,247
248,247
219,478
All figures relate to continuing operations.
There were no recognised gains or108ses for the current or previous period other than as stated above.
The movement in fimds is due to the net incoming resources for the year.
Page 8
HITS HOMES TRL'ST LIMITED
BALACE SHEET
AS AT 31 MARCH 2024
Company Number 02912187 (England)
2024
2023
Note
FIXED ASSETS
309,216
309216
CURRENT ASSETS
Debtors & prepayments
Cash at bank and in hand
io
66,054
131.844
197.898
65,636
109,948
175,584
CREDTfoRS: Amounts falling due
within one year
14.302
16,743
NET CtrRRENf ASSETS
183.596
158,841
CREDITORS: Amounts falling due
after more than one year
12
244,565
248,579
NET ASSETS
248347
219.478
FUNDS
Unrestrictrd
Designated
Restricted
14
60,604
187,643
44,998
174,480
14
248247
219 478
The charitsble company is entitled to exemption from audit under Section 477 of the Companies Act
for the year ended 31 IwIarch 2024.
The members have not required the ¢haritsble company to obtain an audit of the financial statements
for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2016.
The trustecs acknowledge thetr responsibilities for.
a) Cnsuring that the chaTitable company keeps aGwunting records that comply with Sections 386
and 387 of th¢ Companies Act 2006 and
b) preparing financial statements which give a true and fair wew of the state of the charitabRe
company as at the end of the financial yeaT and of its surplus or deficit for each financial year in
accordance with the requircments of Sections 394 and 395 and which otherwise comply with the
requirements of the Companies Art 2006 relating to fincial statement5, 50 faT as applicabl¢ to
charitable cornpany.
These financial stst¢ments have been approved in a¢¢ordance with the special provisions of Part 15
of the Companies Act 2006 relating to small ¢haritable companies.
Approved by the management ¢ommittee o
on its behalf by:
Mr D Brazier
Trusfre
Page 9
HITS HOMES TRUST LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024
l Accounting Policies
l. Sununary of significant accounting polieies
General information and basRs of preparadon
Hits HOM Trust Limited is a registered charity in England and Wales and also a company
limited by guarantee. In the event of the charity being wound up, the liability in respect of the
guarantee is limited to £10 per member of the Charity. The address of the charitys h¢ad
office is given on page l of these financial statements. Th¢ nature of the charItS operations
and principal activities detail¢d on page 2 of these financial statements.
The charity constitutes a public benefit entity as d¢fined by FRS 102. The financial statements
have been prepared in accordance with Accounting and Reporting by Charities: Statent
of Recommended Practice applicabl¢ to charities preparing their accounts in accordance
with the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland issued
in October 2019, the Financial Reporting Standard applicable in th¢ United Kingdom and
Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK
Generally Accepted Accounting practice.
The financial statements are prepared on a going concern basis under the historical cost
convention, modified to include certain items at fair value where considerpAI necessary. The
financial statements are present¢d in sterling which is th¢ functiona] currency of the charity
and rounded to the near¢st pound.
b Funds
Unrestricted fLmds are available for Use at the discretion of the trustees in furtherance of the
gen¢ral objectives of the charity and which hav¢ not been deSIted for other purposes.
DesIated funds comprise unrestrided funds that have been set aside by the trustees for
particular pUoses. The aim and use of each designated fund is set out in the notes to the
financial staternents.
Restricted funds are funds which are to be used in accordance with specific rcstrictions
impos¢d by donors or which have been raised by the charity for particular purposes. The
cost of raising and administering such funds are charged against the specific fLmd. The aim
and use of each restricted fLmd is set out in the notss to th¢ financial statements.
¢ Income recognition
All incoming resources are included in the Statement of Financial Activities (SOFA) when the
charity is legally entitled to the income after any perforniance of conditions have been meL
th¢ amount &2n be measured reliably and it is probable that the income will be recexved.
Page 10
HITS HOMES TRUST LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)
l Accounting Policies (Continued)
l. Summary of slgnfftcant accounting policies (Continued)
c Ineome recognition (Conthiued)
For donations to be reCols¢d th¢ charity will have been notified of the amounts and the
settlemerAt date in Titing. If there are conditions attached to the donation and this rU]reS
a level of performance before entitlement can b¢ obtsined then income is deferred until
those conditions are fully met or the fulfilment of those conditions is within the control of the
charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair
value when their economic benefit is probable, it can be measured reliably and the charity
has control over the item. Fair value is detemiined on th¢ basis of the value of the gift to
the charity. A corresponding amount is recognised in expenditure.
No amount of time is Includ in the financial statements for volunteer time in line with SORP
FRS (102). Further detail is given in the Trustees Amiual Report.
Where practicable, gifts in kind donated for distribution to the b¢neficiaries of the charity are
included in stock and donations in the financial statements upon receipt. If it is irnpracticable
to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any
benefits then the fair value is recognised as a component of donations when it is distributed
and an quivalent amount recognised as charitable expenditure.
Fixed assets gifts in kind ar¢ recognised when receivable are included at fair value. They
are not deferred over the life of the asset.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution
or the legacy being received. At this point incorne is recognised. On occasion, legaci¢s will
be notified to the charity however it is not possible to measure the amount expected to be
distributed on these occasions, the legacy is treated as a contingent asset and disclosed.
tncome from trading activities includes income earned from fundraising events and trading
activities to raise funds for the charity. Income is received in exchange for suppljing goods
and services in order to raise funds and is recognised when entitlement has occurred.
Investment income is earned through holding ass¢ts for invesknent purposes such as interest.
Interest income is recolsed using the effective interest method. Any dividend and rent
income is reCOlSed as the charItS right to receive paJTnent is established.
Page11
HITS HOMES TRUST LIMITED
OTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 IWCH 2024 (CONTINUED)
l Accounting Policies (Continued)
Sllmnry of significant accounting policies (Continued)
d Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under
headings that awegate all costs related to the category. Expenditure is reCols¢d where
there is a legal or constructive obligation to make paJTrents to third parties, it is probable
that the settlement will be required and the amount of the obligation can be measured
reliably. It is categorised under the following headings:
Cost of raising fLmds
Expenditure on charitable activities
Other ¢xpenditure represents those items not falling into the above categories.
IeCOVerable VAT is chargpjl as an expense against the activity for which the expenditure
arose.
Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent
charitable activities and include office costs, governance costs and administrative costs.
They are incurred directly in support of ¢xpenditure on the objects of the charity.
Fundraising costs are those incurred in seeking voluntary Lxintributions and do not include
the costs of disseminating inforniation in support of the charitable activities.
The analysis of these Lx)sts is in included in note 7.
f Tanglble red assets
No depreciation is provided on tangible fixed asscts. Assets are written off at the time of
purchase. This is contrary to the requirements of FRS 102. The trustees consider that
these assets will have a small residual value at thc end of each financial year.
g Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated int¢r&st rdte and receivable or payable within one year
are recorded at transaction price. Any losses arising from impairnient are recognised in
cxpenditure.
h Provisions
Provisions are reCO]ISed when the charity has an obligation at thc balance sheet date as
a result of a past event, It is probable that an outflow of economic benefits will be required
in settlement and the amount can be reliably estimated.
Leases
Rentals payable or receivable under operating leases are charged to the SOFA on a
straigbt line basis over the period of the le&se.
Page 12
HITS HOMES TRUST LIMrrED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)
Accounting Pollcles (Continued)
Summary of significant accounting policies (Continued)
j Taxation
No provision has been made for tsxation as the clwitys ¢lwitsble status renders it exempt
from UK direct taxation.
k Going concern
The fmancial statements have been prepared on a going concern basis as the trustees
believe that no material uncertainties exisL The trustees have considered the level of
funds held and the expected level of income and expenditure for 12 months fro
authorising these fmancial statements. The budgeted income and expenditure is
sufficient with the level of reserv¢s for the charity to be able to continue as a going
concern.
2. Net Income for the year
2024
2023
This is stat¢d after charging:
Depreciation
Independent Examiners Fe&s
1,650
1,640
Donations Ydnd legacies
2024
2023
General
Charitable activities
2024
2023
Rental, servic¢ charge
202,272
185,905
Investments
2024
2023
Bank interest received
J,300
1,300
Total Expenditure
Staff
n Overheads
2024
2023
Charitable activities
Evington Road
Support Costs
103,498
103,498
18,251
65,915
121,749 169,413
5,390
5,390
127,139 174,803
90,879
76,348
167,227
5,540
47,664
47,664
Governance costs
47,664
172,767
Page 13
HITS HOMES TRUST LIMrfED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024 (COf4TINUED)
7 Support Costs
2024
2023
Salaries
Dcpreciation
Communications
Office costs
Management salaTiCS
26,356
34,324
1,587
16,664
21,308
65,915
1.763
19,868
20,386
76,348
8 Governanee Costs
2024
2023
Independent examiners fee
Bookkeeping costs
Professional fees
1,650
3,740
1,640
3,900
5,390
5,540
9 Tangible Fixed Assets
Freehold
Furniture &
Total
Cost:
As l April 2023
Additions
Disposals
As at 31 March 2024
309216
52,067
361,283
52,067
361,283
Depreciation:
As l April 2023
Charge for the year
Eliminated on disposal
As at 31 March 2024
52,067
52.067
52,067
52,067
Net Book Value:
As at 31 March 2024
309,216
309,216
As at 31 March 2023
309,216
309,216
10 Debtors
2024
2023
Rents receivable
Sundry debtors & prepayments
12,179
53,875
66,054
12,283
53,353
65,636
Page 14
Hrrs HOMES TRUST LThIITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)
11 Creditors: Amounts falling due within one year
2024
2023
Accruals
Charity Bank Loan
3,145
11,157
14,302
5,586
11,157
16,743
12 Creditors: Amounts falling due within one year
2024
2023
Clwity Bank Loan
244,565
248,579
13 Wages and Salarics
2023
2023
Total emoluments
47,664
54,710
Average number of employees
All staff are employed by the charity. No employees earned more than £60,000 p.a.
14 Unrestricted Funds
en
Movement in Reserves
Incomln
oin
Closin
Balance
Balance
Transfers
Unrestricted:
General
Capital Fund
44,998
126,420
1,300
(122,576)
11,762
(1,300)
60,604
44,998
127,720
(122,576)
10,462
60,604
Unrestricted Designated:
Capitsl Fund
Maintenanc¢ Fund
Property Fund
50,000
75,000
49,480
219,478
50,000
84,149
53,494
248,247
75,852
(52,227)
(14,476)
4,014
203,572
(174,803)
With the acquisition of 86-88 Evington Road, the funds have been reclassified as follows:
* The Capital Fund is a fLmd yielding interest on an advancement at £1,300 per aDnum.
* The Maintenance Fund reflects the portion of the income from Housing Benefit and the
designated expenditure relating to the maintenance of the properties. This amount is
reviewed periodically for reasonableness.
* The Property Fund is the equity on the acquisition 86-88 Evington Road.
15 Trustees
No emoluments or cxpenses were paid to any Trustee during the year.
16 Share Capital
The company is limited by guarantee and therefore has no share capital. The mcmbers have
agreed to contribute to the assets in tbe event of winding up to an amount not excecding £1.
Page15
HITS HOMES TRUST LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
EVll¥GTON REVENUE
2024
2023
Grant: Supporting People
AdmiIllstration Charge
Salaries
Travel
Training
Building Expenses
Light & Heat
Water Rates
Equipment
Insurance
Telephone
Stationery, Postage & Publications
Cleaning Materials
Miscellaneous
Hospitality & Activities
Bookkeeping Fecs
Reporting Accountant's Charges
Advertising
Bank Charges
Professional fees
47,664
35
54,710
23
260
1,634
295
1253
3,864
1.587
1,715
1,632
1,290
295
996
3,727
1,763
2,372
4,372
6,222
3,740
1,650
3.900
1,640
408
399
68,477
78,969
Iyet (deficit) for tbe Year (see page 20)
(68,477
78,969}
Page 16
TS HOMES TRUST LIMITED
INCOME AND EXPENDITURE AccouNr
FOR THE YEAR ENDED 31 MARCH 2024
EVllYGTON RENTS AND SERVICE CHARGE
Ullrestrirted
Maintenance
2024
Totsl
2023
Total
Core
Incom¢:
Housing Benefit re 82184 Evington Road
Housing Benefit re 88 Evington Road
Leicester City Council Support charges
67,075
59,345
40,245
35,607
107,320
94,952
95,740
90.165
126,420
75,852
202,272
185,905
Expenditure:
Re 82184 Evington Road
Building Maintenance
Cleaning & Gardening
Light & Heat
Rent - (Midland Heart)
Miscellaneous
Furniture & Equipment
20,266
2,146
45
20,266
2,146
45
30,733
21,203
1,964
632
24,990
30,733
3,072
25,529
3,072
56,262
1,834
50,623
30,733
Rc 88 Evington Road
Building Maintcnance
Cleaning & Gardening
Light & Heat
LK)an interest
Miscellaneous
Furniture & Equipment
20,152
2,832
104
20,152
2.832
104
20,538
22.534
1,855
20,538
13,423
3,610
26,698
3,610
47.236
1,544
40,256
20,538
51,271
52,227
103,498
90,879
Net Income for the Year (see page 20)
23,625
Page17
HITS HOMES TRUST LIMrrED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
CHARrrY CAPITAL
2024
2023
In¢om¢'.
Contributions from Capital Fund
1,300
iJoo
1,300
ijoo
Expenditure:
Tenants Activities
Moving Packs for Flats
Tenanl Fuel allowances
1,670
1,158
312
2.61K)
2,912
2,828
et (Deficit) for the Year (see page 20)
Page 18
HITS HOMES TRUST LII[TED
YCOME AND EXPENDITURE ACCOU
FOR THE YEAR ENDED 31 MARCH 2024
CAPITAL FUND
2024
2023
Income:
Gross Interest Received
1,300
1,300
Expenditure:
Contribution to ChaTity Capital: Residents Development
1.300
1,300
Iyet Income for the Year (see page 20)
Page 19
IIITS HOMES TRUST LIMITED
SUMMARY OF FUNDS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
EVINGTON REVENUE
(68,477)
(78,969)
EVINGTON REFUS AND SERVICE CHARGE SURPLUS
98,774
95,026
(1,528)
(1,612)
SURPLUS FOR ThE YEAR
28,769
14,445
Less Depreciation for the year
(7)
28,769
14,438
FUNDS BROUGHT FORWARD
219,478
205,040
FUNDS CARRIED FORWARD
248,247
219,478
ALLOCATED BETWEEN:
UNRESIRICTED FUNDS
DESIGNATED MAINTENANCE FUND
DESIGNATED PROPERTY FUND
DESIGNATED CAprrAL FUND
60,604
84,149
53,494
50,000
44,998
75,000
49,480
50,(X)O
248347
219,477
Page 20
Registered Charity No:1049935
Registered Company No: 2912187
(England and Wales)
HITS HOMES TRUST LIMITED
(A Company lin]ited by guarantee)
FINANCIAL STATEMENTS
FOR THE YEAR EIYDED
31 MARCH 2024
HITS HOMES TRUST LIMITED
INDEX TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page
Charity Reference and Administrative Details
Report of the Management Committee
Indq)endent Examiners Report
Statement of Financial Activities
Balance Sheet
Notes to the Accounts
10-15
tncome & Expenditure Account - 31 March 2024
EVINGTON REVENUE
16
Income & Expenditure Account - 31 March 2024
EVINGTON
17
Income & Expenditure Account - 31 March 2024 CHARITY CAPITAL
18
Income & Expenditure Acwunt- 31 March 2024 CAprrAL FUND
19
Summary of Funds
20
HITS HOMES TRUST LIMITED
cHARy REFERENCE AJYD ADMINISTRATIVE DETAILS
FOR THE YEAR EIYDED 31ST MARCH 2024
Charity Name:
Hits Homes Trust Limited
(a company limited by guarantee without share capital)
Charity Regi$tratlon Number: 1049935
Company Registration Number: 2912187 (England & Wales)
Registered Office and
Operational Address:
86 Evington Road
Highfields
Leicester
LE2 IHH
anagement Conllnittee:
Dave Brazier (Chair)
Kail¢sh Bhayani
Victoria Stephenson
Piyush Kotecha
Ervin Picari
Towana Graham
Kenrick Ivhite
Secretary
Kailesh Bhayani
Management Team
Mrs. N Siddiqui Wall(er
(Project Manager)
Independent Examiners
Celerica Limited
Chartered Certified Accountants
First Floor
The Old Chapel
9 Kempson Road
Leicester
LE2 8AN
Bankers
National Westminster
PO Box 333
Silbury House
3(M) Silbury Boulevard
Milton KeJTres
MK9 2ZF
Page 1
HTTS HOMES TRUST LIMITED
REPORT OF THE MANAGEMENT COMMITTEE
FOR THE YEAR ENDED 31ST MARCH 2024
The trustees present their report and financial statements of the charity for the year ended
31 March 2024. The trustees have adopted the provisions of the Statement of Recommended
Practice (SORP) "Accounting and Reporting by Charities" (FRSI 02) in preparing the am]ual
financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set
out in the notes to the accounts and comply with the charity governing document, the Charities
Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland Published in October 2019 (second
edition).
Trnstees of the Charit
The directors of the charitable company aTe also its trustees for the pury)ose of charitable law.
The trustees who have served during the year and since the year end are as follows:
Dave Brazier (Chair)
Kailesh Bhayani
Victoria Stephenson
Piyush Kotecha
Ervin Picari
Towana Graham
Kenrick Ivhite
(appointed I l March 2024)
Ob"ectIv and Activities
The principal activity of the charity continues to be:
The provision of housing and associated amenities for young persons in Leicestershire
in necessitous circumstances on ternis appropriate to their means.
To manage schemes of housing designed for young persons in L¢icestcrshire in
nec&ssitous circurnstances.
To provide young persons in Leicestershire in need of housing and associated facilities,
advice, assistance and support des1cd to m¢et their disabilities and requirements to
live independtly.
b)
The trustees have considered the general guidance on public benefit ISSU by the Chariti¢s
Commission and has taken due regard of that guidance. The truste¢s consider they are
satisfieAI that the charitys activities do provide a wide public benefit.
Page 2
HITS HOMES TRUST LIMITED
REPORT OF THE MANAGEMENT cOMMIEE
FOR THE YEAR ENDED 31ST MARCH 2024 (CONTINUED)
Achievements and Perfonnance
Purchase of 86-88 Evin
on Road
During Sq)tember 2021, Hits Homes Trust Limited CL)mpleted the purchase of 7 flats and the office
at 86188 Evington Roa( Leicester.
Statistics
In 2023124. Hits Homes Trust Limited continued to provide tempordry self contained
accommodation to vulnernble single, homeless people aged between 16 to 25 years old.
In 2023124, the project received 106 enquiries for accommodation. Of these, 44 were men and
61 were Wome l trans nonbinary.
The ethnicity and nationality of the refealS were:_
White British 36: Black British 6" Asian British 8. Dual Heritage 6 Other 24. Not Known 26.
The project accommodated 30 peopl¢; I I male and 19 female.
The ethnicity and nationality of the individuals were:_
White British 7: Black British 4; Dual Heritage 3. Asian / British 6, Other l O.
The age:
16 years old - 2. 17 years old - 10. 18 years old - 9, 19 years old- 1. 20 years old - 4. 21
years old - 0. 22 years old - 0. 23 years old - 2; 24 years old - 1. 25 years old - l.
The housing staths of those accommodateAI at the project were:
Still Accommodated
15
LCC Housing
Housing Association flat
Movd to friends / fwnily
Moved to private
Othcr supported housing
Not Known
Other
30
Financial Review
includin
reserves
olic
With limited resources and difficulties obtaining additional funding, it has continued to
be difficult to plan or develop additional services. The charity with sound financial
management and the support of the staff team and Management Committee members
have incurred a surplus of £28,769 (2023: £14,438).
Page 3
HTTS HOMES TRUST LIMITED
REPORT OF THE MANAGEMENT COMMITTEE
FOR THE YEAR ENDED 31ST MARCH 2024 (CONTINUED)
Financial Review
includin reserves
lic
Continued
The charity's unrestricted reserves at the end of the financial year stood at £248,247. Of this
£187,643 has been allocated to various designated funds leaving £60,604 as free reserves.
The free unrestricted r¢s¢rves of £60,604 has increased from the previous year and the tnteeS
are continually seeking for other funding to facilitate reserves to cover approximately 6 - 8 months
total expenditure. The policy is a rolling wlRCy reviewed am]ually in view of the risks linked with
the properties and the potential legislative changes that can be implemented at any given time.
Plans for Future Periods
The charity plans to continue the activlties outlined above in the forthcoming years subject
to the continuance of satisfactory fLmding arrangements. Plans are also being developed to
work with a number of training providers to provide in house training for service users to
enable them to have a skills base for employment which will lead to long tenn gainfi
employment.
Structure
vernance and mana
em¢nt
The organisation is a charitable company limited by guarantee, without shar¢ capital.
Th¢ company's governing document is the M¢morandum and Articles of Association
which established the objects and powers of the charitable company.
In th¢ event of th¢ company being wound up members are required to contribute an arnount
not exceeding £1.
The charity has a current Management Committ¢e of 6 members who meet every 6 weeks and
are responsible for the strategic direction and policy of the charity. At present the conmiittee
members are from a variety of professional backoUndS relevant to the work of th¢ charity.
A scheme of delegation is in place and day to day responsibility for the provision of
services rests with the Project Manager. The Project Manager is also responsible for
ensuring that the charity delivers the services specified and that key perforniance
indicators are met and also the day to day operational management.
The directors of the company are also clwity trustees for the purposes of charity law and
under the Company, s Articles are known as members of the Management Committee.
Under the requirements of the Memorandum and Articles of Association the members of
the Management Cornrnittee are elected annually to serve for a period of one year after which
they must be re-elected at the next Amiual General Meeting.
One third of the members or a minimum of three are required to stand for re-election at
each Annual General Meeting on a rotating basis.
Page 4
HITS HOMES TRUST LIMITED
REPORT OF THE MANAGEMENT COMMITTEE
FOR THE YEAR ENDED 31ST MARCH 2024 (CONfINUED)
Structure
vernance and mana
ement
continued
Due to the nature of the objectives of the project much of the charity, s work focuses
upon young people. The Management Committee seeks to ensure that the needs of this
oup are appropriately reflected through the diversity of the trustee board. To enhance
the potential pool of trustees, the charity seeks to identify young people who have been
homeless and would be willing to become members and use their own experiences to
assist the clwity.
The more traditional business skills are well rq)resented on the Management Committee
In an effort to maintain a broad mix of skills, members of the Management Comrnittee
are requested to provide a list of their skills (and update it each year) and in the event of
particular skills being lost due to retirements, individuals are approached to offer themselves
for election to the Management Con)mittee.
Most trustees are familiar with the practical work of the charity as the charity has worked
in partnership with them in a Vlety of fields to enhance the support provision provided
to the young people.
New trustees are invited and encouraged to attend an induction course to familiarise
themselves with the charity and the context within which it operates. This is led by the
Project Manager and overseen by the Chair of the Managem¢nt Committee and covers:
l. A tour of the project, s premises.
2. The obligations of Management Committee members.
3. The polici¢s and procedures and other documents including the Memorandum and
Articles of Association.
4. Resourcing and the current fmancial position as set out in the latest published accounts.
5. Future plans and objectives.
Further inforniation is provided in a pack Prepar from various Charity Commission
documents and the Charity Comrnission's website guide 'An Essential Trustee,.
Risk Management
The Management Committce has conducted a review of the major risks which the charity is
exposed to. A risk register is being established and will be updated annually. Where
appropriate, systems and procedures have been establishe to mitigate thc risks that the
c]lty faces. External risks to fLU]ding have been minimised with a strategLC plan to allow
diversification of fLmding. Internal control risks are minimised by the implementation of a
financial policy and procedure for authorisation of all transactions within the project.
Procedures are in place to ensure compliance with health and safety of staff, volunteers,
members of the Management Cornmittee, service users, contractors and visitors to the
project.
Page 5
HITS HOMES TRUST LllllTED
REPORT OF THE MANAGE1NT COIIQVllTTEE
FOR THE YEAR ENDED 31ST MARCH 2024 (CONllNUED)
Statement of Management Committees, Responsibilities
The Ttees, who are also directors of the charity are responsible for preparing the Trustees,
Report and fmancial statements in accordance with applicable law and Unit¢d Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year,
wl]ich give a true and fair view of the state of affairs of the charitable company and of the
incoming resources and application of resources of the charitable company for the year.
In preparing those financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently.
observ¢ the methods and principles in the Charities SORP 2019 (FRS 102).
make judgements and estimates that are reasonable and prudent.
state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the fmancial statements.
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the company will continue in operation.
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 fmancial statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud and other inegularities.
This report has been prepared in accordance with the Statement of Recommended
Practice: Accounting arjd Reporting by Charities 2019 (FRS 102) and in accordance with
the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the Management Committee on .
Igned on its behalf by:
Mr D Brazier
Trustee
Page 6
HITS HOMES TRUST
(LIllTED BY GUARANTEE)
INDEPEIYDENT EXAMINERS, REPORT
TO THE TRUSTEES OF HITS HOMES TRUST
FOR THE YEAR ENDED 31 MARCH 2024
We report on the accounts of Hits Homes Trust for the year ended 3 1st March 2024 which ar¢
set out on pages 8 to 15.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law)
you are responsible for the preparation of the acUnts in accordance with requirements of the
Companies Act 2006 ("the 2006 Act).
Having satisfied ourselves that the accounts of the rnpanY are not required to be audited
und¢r Part 16 of the 2006 Act and are ¢ligibl¢ for indq)endent examination, we report in respect
of our examination we have followed the Directions given by the Charity Commission under
section 145(5)(b} of the 2011 Act.
Independent Examinerts Statement
We have completed our examination. We can confirni that no matters have come to our
attention in connection with the examination giving us cause to believe that in any material
resp¢ct:
accounting records were not kept in respect of the company as required by section 386
of the Act. or
the accounts do not accord with those records. or
the accounts do not comply with the a¢UntIng requirements of section 396 of the 2006
Act other than any requirement that th¢ accounts give a "trne and fair view" which is not a
matter considered as part of an independent examination; or
the accounts have not been prepared in accord&nce with the methods and principles of
the Statement of Recommended Practice for accounting and reporting by cl]arities
prq)aTing their accounts in accordance with the Financi Reporting Standard applicable
to UK and Republic of Ireland (FRS 102)
We have no concerns and have come across no other matters in connection with examination
to which attention should be drawn in this report in order to ¢nabl¢ a proper understanding of
the accounts to be reached.
CELERICA LTD
CHARTERED CERTIFIED ACCOUNTANTS
FIRST FLOOR
THE OLD CHAPEL
9 KEMPSON ROAD
LEICESTER
LE2 8AN
Dated .
27/Ji124
Page 7
HITS HOMES TRUST LIMTTED
STATEMEiYf OF FINANCIAL ACTIvrrIES
FOR THE YEAR ENDED 31 MARCH 2024
(Including Income and Expendithre)
2024
2024
Unrestricted Restricted
FuDds
Funds
2024
Total
Funds
2023
Total
Funds
l%ote
Income and endowments from:
Donations and legacies
Charitable activities
202272
1,300
202.272
185,905
1.300
Investments
1,300
Total Income and endowments
203,572
203,572
187,205
Expendlthre on:
Charitable activities
169,413
169,413
167,227
Other
5,390
5,390
5,540
Total Expenditure
174,803
174,803
172,767
Net income
28,769
28,769
14,438
Transfer between funds
Net m0venllt Jn funds
28,769
2&769
14,438
Reconciliation of funds:
Total funds brought forward
219,478
219,478
205,040
Totsl funds carried fOard
248,247
248,247
219,478
All figures relate to continuing operations.
There were no recognised gains or108ses for the current or previous period other than as stated above.
The movement in fimds is due to the net incoming resources for the year.
Page 8
HITS HOMES TRL'ST LIMITED
BALACE SHEET
AS AT 31 MARCH 2024
Company Number 02912187 (England)
2024
2023
Note
FIXED ASSETS
309,216
309216
CURRENT ASSETS
Debtors & prepayments
Cash at bank and in hand
io
66,054
131.844
197.898
65,636
109,948
175,584
CREDTfoRS: Amounts falling due
within one year
14.302
16,743
NET CtrRRENf ASSETS
183.596
158,841
CREDITORS: Amounts falling due
after more than one year
12
244,565
248,579
NET ASSETS
248347
219.478
FUNDS
Unrestrictrd
Designated
Restricted
14
60,604
187,643
44,998
174,480
14
248247
219 478
The charitsble company is entitled to exemption from audit under Section 477 of the Companies Act
for the year ended 31 IwIarch 2024.
The members have not required the ¢haritsble company to obtain an audit of the financial statements
for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2016.
The trustecs acknowledge thetr responsibilities for.
a) Cnsuring that the chaTitable company keeps aGwunting records that comply with Sections 386
and 387 of th¢ Companies Act 2006 and
b) preparing financial statements which give a true and fair wew of the state of the charitabRe
company as at the end of the financial yeaT and of its surplus or deficit for each financial year in
accordance with the requircments of Sections 394 and 395 and which otherwise comply with the
requirements of the Companies Art 2006 relating to fincial statement5, 50 faT as applicabl¢ to
charitable cornpany.
These financial stst¢ments have been approved in a¢¢ordance with the special provisions of Part 15
of the Companies Act 2006 relating to small ¢haritable companies.
Approved by the management ¢ommittee o
on its behalf by:
Mr D Brazier
Trusfre
Page 9
HITS HOMES TRUST LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024
l Accounting Policies
l. Sununary of significant accounting polieies
General information and basRs of preparadon
Hits HOM Trust Limited is a registered charity in England and Wales and also a company
limited by guarantee. In the event of the charity being wound up, the liability in respect of the
guarantee is limited to £10 per member of the Charity. The address of the charitys h¢ad
office is given on page l of these financial statements. Th¢ nature of the charItS operations
and principal activities detail¢d on page 2 of these financial statements.
The charity constitutes a public benefit entity as d¢fined by FRS 102. The financial statements
have been prepared in accordance with Accounting and Reporting by Charities: Statent
of Recommended Practice applicabl¢ to charities preparing their accounts in accordance
with the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland issued
in October 2019, the Financial Reporting Standard applicable in th¢ United Kingdom and
Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK
Generally Accepted Accounting practice.
The financial statements are prepared on a going concern basis under the historical cost
convention, modified to include certain items at fair value where considerpAI necessary. The
financial statements are present¢d in sterling which is th¢ functiona] currency of the charity
and rounded to the near¢st pound.
b Funds
Unrestricted fLmds are available for Use at the discretion of the trustees in furtherance of the
gen¢ral objectives of the charity and which hav¢ not been deSIted for other purposes.
DesIated funds comprise unrestrided funds that have been set aside by the trustees for
particular pUoses. The aim and use of each designated fund is set out in the notes to the
financial staternents.
Restricted funds are funds which are to be used in accordance with specific rcstrictions
impos¢d by donors or which have been raised by the charity for particular purposes. The
cost of raising and administering such funds are charged against the specific fLmd. The aim
and use of each restricted fLmd is set out in the notss to th¢ financial statements.
¢ Income recognition
All incoming resources are included in the Statement of Financial Activities (SOFA) when the
charity is legally entitled to the income after any perforniance of conditions have been meL
th¢ amount &2n be measured reliably and it is probable that the income will be recexved.
Page 10
HITS HOMES TRUST LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)
l Accounting Policies (Continued)
l. Summary of slgnfftcant accounting policies (Continued)
c Ineome recognition (Conthiued)
For donations to be reCols¢d th¢ charity will have been notified of the amounts and the
settlemerAt date in Titing. If there are conditions attached to the donation and this rU]reS
a level of performance before entitlement can b¢ obtsined then income is deferred until
those conditions are fully met or the fulfilment of those conditions is within the control of the
charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair
value when their economic benefit is probable, it can be measured reliably and the charity
has control over the item. Fair value is detemiined on th¢ basis of the value of the gift to
the charity. A corresponding amount is recognised in expenditure.
No amount of time is Includ in the financial statements for volunteer time in line with SORP
FRS (102). Further detail is given in the Trustees Amiual Report.
Where practicable, gifts in kind donated for distribution to the b¢neficiaries of the charity are
included in stock and donations in the financial statements upon receipt. If it is irnpracticable
to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any
benefits then the fair value is recognised as a component of donations when it is distributed
and an quivalent amount recognised as charitable expenditure.
Fixed assets gifts in kind ar¢ recognised when receivable are included at fair value. They
are not deferred over the life of the asset.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution
or the legacy being received. At this point incorne is recognised. On occasion, legaci¢s will
be notified to the charity however it is not possible to measure the amount expected to be
distributed on these occasions, the legacy is treated as a contingent asset and disclosed.
tncome from trading activities includes income earned from fundraising events and trading
activities to raise funds for the charity. Income is received in exchange for suppljing goods
and services in order to raise funds and is recognised when entitlement has occurred.
Investment income is earned through holding ass¢ts for invesknent purposes such as interest.
Interest income is recolsed using the effective interest method. Any dividend and rent
income is reCOlSed as the charItS right to receive paJTnent is established.
Page11
HITS HOMES TRUST LIMITED
OTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 IWCH 2024 (CONTINUED)
l Accounting Policies (Continued)
Sllmnry of significant accounting policies (Continued)
d Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under
headings that awegate all costs related to the category. Expenditure is reCols¢d where
there is a legal or constructive obligation to make paJTrents to third parties, it is probable
that the settlement will be required and the amount of the obligation can be measured
reliably. It is categorised under the following headings:
Cost of raising fLmds
Expenditure on charitable activities
Other ¢xpenditure represents those items not falling into the above categories.
IeCOVerable VAT is chargpjl as an expense against the activity for which the expenditure
arose.
Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent
charitable activities and include office costs, governance costs and administrative costs.
They are incurred directly in support of ¢xpenditure on the objects of the charity.
Fundraising costs are those incurred in seeking voluntary Lxintributions and do not include
the costs of disseminating inforniation in support of the charitable activities.
The analysis of these Lx)sts is in included in note 7.
f Tanglble red assets
No depreciation is provided on tangible fixed asscts. Assets are written off at the time of
purchase. This is contrary to the requirements of FRS 102. The trustees consider that
these assets will have a small residual value at thc end of each financial year.
g Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated int¢r&st rdte and receivable or payable within one year
are recorded at transaction price. Any losses arising from impairnient are recognised in
cxpenditure.
h Provisions
Provisions are reCO]ISed when the charity has an obligation at thc balance sheet date as
a result of a past event, It is probable that an outflow of economic benefits will be required
in settlement and the amount can be reliably estimated.
Leases
Rentals payable or receivable under operating leases are charged to the SOFA on a
straigbt line basis over the period of the le&se.
Page 12
HITS HOMES TRUST LIMrrED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)
Accounting Pollcles (Continued)
Summary of significant accounting policies (Continued)
j Taxation
No provision has been made for tsxation as the clwitys ¢lwitsble status renders it exempt
from UK direct taxation.
k Going concern
The fmancial statements have been prepared on a going concern basis as the trustees
believe that no material uncertainties exisL The trustees have considered the level of
funds held and the expected level of income and expenditure for 12 months fro
authorising these fmancial statements. The budgeted income and expenditure is
sufficient with the level of reserv¢s for the charity to be able to continue as a going
concern.
2. Net Income for the year
2024
2023
This is stat¢d after charging:
Depreciation
Independent Examiners Fe&s
1,650
1,640
Donations Ydnd legacies
2024
2023
General
Charitable activities
2024
2023
Rental, servic¢ charge
202,272
185,905
Investments
2024
2023
Bank interest received
J,300
1,300
Total Expenditure
Staff
n Overheads
2024
2023
Charitable activities
Evington Road
Support Costs
103,498
103,498
18,251
65,915
121,749 169,413
5,390
5,390
127,139 174,803
90,879
76,348
167,227
5,540
47,664
47,664
Governance costs
47,664
172,767
Page 13
HITS HOMES TRUST LIMrfED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024 (COf4TINUED)
7 Support Costs
2024
2023
Salaries
Dcpreciation
Communications
Office costs
Management salaTiCS
26,356
34,324
1,587
16,664
21,308
65,915
1.763
19,868
20,386
76,348
8 Governanee Costs
2024
2023
Independent examiners fee
Bookkeeping costs
Professional fees
1,650
3,740
1,640
3,900
5,390
5,540
9 Tangible Fixed Assets
Freehold
Furniture &
Total
Cost:
As l April 2023
Additions
Disposals
As at 31 March 2024
309216
52,067
361,283
52,067
361,283
Depreciation:
As l April 2023
Charge for the year
Eliminated on disposal
As at 31 March 2024
52,067
52.067
52,067
52,067
Net Book Value:
As at 31 March 2024
309,216
309,216
As at 31 March 2023
309,216
309,216
10 Debtors
2024
2023
Rents receivable
Sundry debtors & prepayments
12,179
53,875
66,054
12,283
53,353
65,636
Page 14
Hrrs HOMES TRUST LThIITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)
11 Creditors: Amounts falling due within one year
2024
2023
Accruals
Charity Bank Loan
3,145
11,157
14,302
5,586
11,157
16,743
12 Creditors: Amounts falling due within one year
2024
2023
Clwity Bank Loan
244,565
248,579
13 Wages and Salarics
2023
2023
Total emoluments
47,664
54,710
Average number of employees
All staff are employed by the charity. No employees earned more than £60,000 p.a.
14 Unrestricted Funds
en
Movement in Reserves
Incomln
oin
Closin
Balance
Balance
Transfers
Unrestricted:
General
Capital Fund
44,998
126,420
1,300
(122,576)
11,762
(1,300)
60,604
44,998
127,720
(122,576)
10,462
60,604
Unrestricted Designated:
Capitsl Fund
Maintenanc¢ Fund
Property Fund
50,000
75,000
49,480
219,478
50,000
84,149
53,494
248,247
75,852
(52,227)
(14,476)
4,014
203,572
(174,803)
With the acquisition of 86-88 Evington Road, the funds have been reclassified as follows:
* The Capital Fund is a fLmd yielding interest on an advancement at £1,300 per aDnum.
* The Maintenance Fund reflects the portion of the income from Housing Benefit and the
designated expenditure relating to the maintenance of the properties. This amount is
reviewed periodically for reasonableness.
* The Property Fund is the equity on the acquisition 86-88 Evington Road.
15 Trustees
No emoluments or cxpenses were paid to any Trustee during the year.
16 Share Capital
The company is limited by guarantee and therefore has no share capital. The mcmbers have
agreed to contribute to the assets in tbe event of winding up to an amount not excecding £1.
Page15
HITS HOMES TRUST LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
EVll¥GTON REVENUE
2024
2023
Grant: Supporting People
AdmiIllstration Charge
Salaries
Travel
Training
Building Expenses
Light & Heat
Water Rates
Equipment
Insurance
Telephone
Stationery, Postage & Publications
Cleaning Materials
Miscellaneous
Hospitality & Activities
Bookkeeping Fecs
Reporting Accountant's Charges
Advertising
Bank Charges
Professional fees
47,664
35
54,710
23
260
1,634
295
1253
3,864
1.587
1,715
1,632
1,290
295
996
3,727
1,763
2,372
4,372
6,222
3,740
1,650
3.900
1,640
408
399
68,477
78,969
Iyet (deficit) for tbe Year (see page 20)
(68,477
78,969}
Page 16
TS HOMES TRUST LIMITED
INCOME AND EXPENDITURE AccouNr
FOR THE YEAR ENDED 31 MARCH 2024
EVllYGTON RENTS AND SERVICE CHARGE
Ullrestrirted
Maintenance
2024
Totsl
2023
Total
Core
Incom¢:
Housing Benefit re 82184 Evington Road
Housing Benefit re 88 Evington Road
Leicester City Council Support charges
67,075
59,345
40,245
35,607
107,320
94,952
95,740
90.165
126,420
75,852
202,272
185,905
Expenditure:
Re 82184 Evington Road
Building Maintenance
Cleaning & Gardening
Light & Heat
Rent - (Midland Heart)
Miscellaneous
Furniture & Equipment
20,266
2,146
45
20,266
2,146
45
30,733
21,203
1,964
632
24,990
30,733
3,072
25,529
3,072
56,262
1,834
50,623
30,733
Rc 88 Evington Road
Building Maintcnance
Cleaning & Gardening
Light & Heat
LK)an interest
Miscellaneous
Furniture & Equipment
20,152
2,832
104
20,152
2.832
104
20,538
22.534
1,855
20,538
13,423
3,610
26,698
3,610
47.236
1,544
40,256
20,538
51,271
52,227
103,498
90,879
Net Income for the Year (see page 20)
23,625
Page17
HITS HOMES TRUST LIMrrED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
CHARrrY CAPITAL
2024
2023
In¢om¢'.
Contributions from Capital Fund
1,300
iJoo
1,300
ijoo
Expenditure:
Tenants Activities
Moving Packs for Flats
Tenanl Fuel allowances
1,670
1,158
312
2.61K)
2,912
2,828
et (Deficit) for the Year (see page 20)
Page 18
HITS HOMES TRUST LII[TED
YCOME AND EXPENDITURE ACCOU
FOR THE YEAR ENDED 31 MARCH 2024
CAPITAL FUND
2024
2023
Income:
Gross Interest Received
1,300
1,300
Expenditure:
Contribution to ChaTity Capital: Residents Development
1.300
1,300
Iyet Income for the Year (see page 20)
Page 19
IIITS HOMES TRUST LIMITED
SUMMARY OF FUNDS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
EVINGTON REVENUE
(68,477)
(78,969)
EVINGTON REFUS AND SERVICE CHARGE SURPLUS
98,774
95,026
(1,528)
(1,612)
SURPLUS FOR ThE YEAR
28,769
14,445
Less Depreciation for the year
(7)
28,769
14,438
FUNDS BROUGHT FORWARD
219,478
205,040
FUNDS CARRIED FORWARD
248,247
219,478
ALLOCATED BETWEEN:
UNRESIRICTED FUNDS
DESIGNATED MAINTENANCE FUND
DESIGNATED PROPERTY FUND
DESIGNATED CAprrAL FUND
60,604
84,149
53,494
50,000
44,998
75,000
49,480
50,(X)O
248347
219,477
Page 20