COMPANY REGISTRATION NUMBER: 03199863 CHARITY REGISTRATION NUMBER: 1059437 Cleveland Housing Trust Ltd Company Limited by Guarantee Financial Statements 31 October 2024 WM FORTUNE AND SON Chartered accountants & statutory auditor Collingwood House Church Square Hartlepool TS24 7EN
Cleveland Housing Trust Ltd Company Limited by Guarantee Financial Statements Year ended 31 October 2024 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) Statement of financial position Statement of cash flows 10 11 Notes to the financial statements 12
Cleveland Housing Trust Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 October 2024 The trustees, who are also the directors for the purposes of company law. present their report and the financial statements of the charity for the year ended 31 October 2024. ChaSrfs report The objectives of the Trust are set out below. Although the company is constantly increasing its revenue stream by bringing new properties into occupation it has been able to keep down individual rents to the benefit of its tenants. During the year the company completed a social housing development in Guisborough and stsrted renting out the properties. Reference and administrative detalls Registered charity name Cleveland Housing Trust Ltd Charity reglstration number 1059437 Company registratlon number 03199863 Prlnclpal offlce and registered Sopwith House office Sopwith Close Preston Farm Stockton on Tees TS18 3TT The trustees H HEddy Mrs G Bum limited Audltor Wm Fortune and Son Chartered accountants & statutory auditor Collingwood House Church Square Hartlepool TS24 7EN
Cleveland Housing Trust Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 October 2024 Structure, govérnance and management The Trust is a Registered Charitable Company, limited by guarantee, incorporated on 16th May 1996. 1)Twstees are selected by the board on the basis of suitability and experience. 2)Trustees are instructed in the aim and objectives of the Charty and informed of their legal and statutory obligations. 3) The management of the company is the responsibility of the Trustees, who are required to meet at regular intervals (at least once a year) and more often rf required. Day to day management is carried out by staff who are employed by the charity. Objectlves and activities The principal objectives are: 1) The provision of advice and assistance, principally relating to housing matters, to those in need of such services. 2) The development of strategles for the provision of accommodation at fair rents for persons In the Charitvs area of operation. 3) The exploration of new initiatives for the furtherance of the objectives, including specifically shared ownership and affordable housing initiatives. 4) The operation of new construction initiatives and land acquisition to expand the companys portfolio. Strateglc report The following sections for achievements and performance and financial revlew form the strategic report of the charity. Achlevements and performance The companls financial position is very sound. During the pviouS year income a surplus of £241,942 was recorded. Thls was added to reserves. In the current year a surplus of over £236,955 was recorded which will be added to reserves. During the year it finalised the development on a new social housing site in Guisborough which was financed from own resources. The properties are now being rented out and a waiting list has already formed. Equity on the properties is over £3 million on balance sheet values which increases when market value is taken into account. The twstees have acquired land for development and are looking for other suitsblesuitable sites to develop for social housing. The cash reserves stand at over £5 million following the sales of Belle View Court two years ago and the money will be used to finance new social housing developments. Relationships with the companys bankers are good. vrith support being given to proposed developments when a robust business plan is submitted. Currently there are no borrowngs.Equally company management is very experienced with a proven track record in social housing.
Cleveland Housing Trust Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors Report) (Continued) Year ended 31 October 2024 Financial review The company has a reserve policy which requires liquid funds sufficient to fund four to five months expenditure in the circumstances of the company. The policy is maintained by reserves at the balance sheet date. Regular surpluses have been achieved in recent years boosted by low interest rates and renegotiation of bank borrowing. The company policy subject to the paragraph above is to maintain rents at an affordable level. Two years ago the company sold Belle View Court raising over £5 million pounds which has been invested temporarily. It continues to look for development opportunities for social housing. All the funds are unrestricted, including the initial reseNe of £431.819 which represent the accumulated surpluses of the precursor charity . Cleveland Housing Aid Trust prior to incorporation. Plans for future perlods The strategy ensures the public benefits of the Charity, namely meeting a local need for affordable social housing, are promoted and encouraged while not compromising in any way the business model on which the activities are based. There 18 a constant demand for properties, evident In the dual climate of the good reputation of the company and the need for social housing. After some years of operation Ihe company has become self sufficient in providing its income and building up reserves for future stability. Trustees, responslbilities statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the firiancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kir@dom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources. includlng the income and expenditure, for that period. In preparing Ihese financi81 statements, the trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles in the applicable Charities SORP", make judgments and accounting estimates Ihat are reasonable and prudent: state whether applicable UK Accounting Slandards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Cleveland Housing Trust Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢ontinuedl Year ended 31 October 2024 The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitys transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable Ihem to ensure that the financial slatements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at Ihe date of approval of this report confirms that: so far as they are aware, there Is no relevant audit information of which the charitys auditor is unaware,. and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charitys auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. The trustees, annual report and the strategic report were approved on 16 December 2024 and signed on behalf of the board of trustees by. H Eddy Trustee Charity Secretary
Cleveland Housing Trust Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Cleveland Housing Trust Ltd Year ended 31 October 2024 Opinion We have audited the financial statements of Cleveland Housing Trust Ltd (the 'charitl> for the year ended 31 October 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash fEows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our oplnion the financial statements: give a true and fair view of the state of the charitys affairs as at 31 October 2024 and of its incoming resources and application of resources, including its income and expendilure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audlt in accordance wrth Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilitles under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requiremenls that are relevant to our audlt of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concorn In auditing the financial statements, we have concluded that the trustees, use of the going Goncern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Cleveland Housing Trust Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Cleveland Housing Trust Ltd (continued) Year ended 31 October 2024 Other informatlon The other infomiation comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In Connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowtedge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report for the financial year for which the finanGial ststements are prepared is consistent with the financial ststements; and the trustees, report has been prepared in accordance with applicable legal requirernents. Matters on which we are requSred to report by exceptlon In the light of the knowledge and understanding of the charty and its environment obtalned In the course of the audit, we have not identified material misstatements in the trustees, repDrt. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specif1 by law are not made. or we have not received all the information and explanats'ons we require for our audit.
Cleveland Housing Trust Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Cleveland Housing Trust Ltd (¢ontinued} Year ended 31 October 2024 Responslbilities of trustees As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such Intemal control a5 the trustees determine is necessary to enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitys abilily to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to ¢Jo so. Audltorf8 responsibilities for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranlee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, includlng fraud, are instances of non-compliance with laws and regulations, We design procedures in line wilh our responsibilities, outlined above, to detect materlal misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Because of the inherent limitations of an aUdIt,the ts a risk that we will not detect all irregularities,including those leading to a material misstatement in the financial statements or non compliance wth regulation. This rÉsk increases the more that compliance with a law or regulation is removed from the evenls and transactions reflected in the financial statements, as we will become less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities accruing due to fraud rather than error, as fraud involves intentional COnalment, forger, collusion, omission or misrepresentation. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disdosures made by the trustees.
Cleveland Housing Trust Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Cleveland Housing Trust Ltd (continued) Year ended 31 October 2024 Conclude on the appropriateness of the trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitys ability to continue as a going concern. If we conclude that a material uncertainty exists. we are reqLJired to draw attention in our auditorfs report to the related disclosures in the financial statements or, rf such disclosures are inadequate, to modtfy our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to contlnue as a going concern. Evaluate the overall presentation, strudure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner thal achieves fair presentation. We communicate with those charged with governance regarding, among other matters, th8 planned scope and timing of the audit and significant audit findings, including any significant deficiencies In Internal control that we identfy (luring our audit. Use of our report This report is made solely to the charItS members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitys members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charitys members as a body, for our audit work, for this report, or for the opinions we have formed. Thomas Atkinson (Senior Statulory Auditor) For and on behalf of Wm Fortune and Son Chartered accountants & statutory auditor Collingwood House Church Square Hartlepool TS24 7EN 16 December 2024
Cleveland Housing Trust Ltd Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 October 2024 2024 Unrestricted funds Total funds Total funds 2023 Notg Income and endowments Investment income 582.936 582,936 582,936 507.427 Total income 582,936 507,427 Expenditure Expenditure on raising funds- Management costs of properties Expenditure on charitable activities Total expenditure 345,981 345,981 264,261 1,224 265.485 345.981 345,981 Net income and net movement In funds 236,955 236,955 241,942 Reconclllatlon of funds Total funds brought for¥vard Total funds carrled forward 9,538,622 9,775,577 9,538,622 9,296,680 9,538.622 9,775,577 The 5tstement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 12 to 18 fomi part of these financial stalements.
Cleveland Housing Trust Ltd Company Limited by Guarantee Statement of Financial Position 31 October 2024 2024 2023 Noie Fixed assets Tangible fixed assets 12 3.970,590 3.817.064 Current assets Debtors Cash at bank and in hand 13 101,941 5,739,133 5,841,074 162,227 5,590,715 5,752,942 Creditors: amounts falllng due within one year Net current assets 14 36,087 31,384 5.721,558 5,804,987 9,775,577 9,775,577 Total assets less current liabilities 9,538,622 9.538,622 Net assets Funds of the charlty Unrestricted funds 9.775,577 9,775,577 9,538,622 Total charlty funds 15 9,538,622 These financial statements were approved by the board of trustees and authorised for Issue on 16 December 2024, and are signed on behalf of the board by. H Eddy Trustee The notes on pages 12 to 18 forni part of these financial statements. 10-
Cleveland Housing Trust Ltd Company Limited by Guarantee Statement of Cash Flows Year ended 31 October 2024 2024 2023 Cash flows from operating actlvltles Net income 236,955 241.942 Adjustments for.. Depreciation of tanglble fixed assets Dividends, interest and rents from investrnents Other interest receivable and similar income Accrued expensesl(income) 81,967 61,826 {403,292) (411,049) {179,644) (96.378) 2,040 (65,562) Changes in.. Trade and other debtors Trade and other creditors 60,286 2,663 (199,025) 791,163 27.185 Cash generated from operatlons 549,127 Interest received 179,644 (19,381) 96,378 645,505 Net cash (used in)Ifrom operating activities Cash flows from investlng activities Dividends, interest and rents from investments Purchase of tangible assets Net cash froml(used in) investing activities 403,292 411,049 (235,493) (787,582) 167,799 (376,533) Net Increase In cash and cash equivalents Cash and cash equlvalents at bèglnnlng of year Cash and cash equlvalents at end of year 148,418 6,590.715 5,739,133 268,972 5,321,823 5,590,795 The notes on pages 12 to 18 fomi part of these financial statements. 11
Cleveland Housing Trust Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 31 October 2024 General Information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Sopwith House. Sopwiih Close. Preston Farm. Stockton on Tees, TS18 3rr. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial stetements have been prepared on the historical cost basis, as rnodrfied by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charityls ability to continue. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charitsls purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictlons on their expenditure declared by the donor or through the tems of an appeal, and fall into one of hvo sub-classes: restricled income funds or endowment funds. 12-
Cleveland Housing Trust Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 Accountlng policies (continuodj Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specrfic policies are applied to particular categories of irKome: income from donations or grants is recognised when there is evidence of entitlement to the grft, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is Impractical to measure reliably. in which case the value is derived from Ihe cost to the donor or the estimated resale value, Donated facilities and services are recognised in the accounts when received rf the value can be rellatY measured. No amounts are Included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted seNice. This Is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financlal activities to which it relates: expenditure on raising funds includes the costs of all fundraising aciivilies, events, non- charitable trading activities. and the sale of donated goods. expenditure on charrlable activrties includes all costs incurred by a chartty in undertaklng aclivities that further its charitable aims for the benefit of its beneficiaries, including those support COSts and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related lo raislng funds for the charity nor part of Its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute lo on a reasonable. justtfiable and consistent basis. Tanglble assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 13-
Cleveland Housing Trust Ltd Company Limited by Guarantee Notss to the Financial Statements (Gonflnued) Year ended 31 October 2024 Accounting pollcies (¢ontinuod) Tangible assets (Gontlnu An increase in the carrying amount of an asset as a result of a revaluation. is recognised in olher recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown wilhin other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: 20kn reducing balance 100h reducing balance Impaimient of fixed assets A review for indicators of impairment Is carrled out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impalred accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of Impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For Impairmenl testing of goodwli l. Ihe goodwlll acquired in a business combination is, from the acquisition date. allocated to each of the caShenerating units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnanclal Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognise(l at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or reiVed and not discounted. Debt insÉwments are subsequently measured at amortlsed cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequentiy measured at fair value with changes in fair value recognised in incorne and expenditure. All other such investments are subsequently measured at cost less impairment. -14-
Cleveland Housing Trust Ltd Company Limitsd by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 Accounting policies (contlnuedj Financlal Instruments (¢ontlnuedJ Other financial instruments, including derivatives. are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equily instruments regardless of stgnificance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are elther assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of imp8irment are recognised immediately, to the exlent that the VerSal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impainnent not previously been recognised. Limited by guarantee The liability of trustees is limited to £10 in the event that the company Is wound up. Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Social housing rents and charges Bank interest 403,292 179,644 403,292 179,644 411.049 96.378 411,049 96,378 507,427 582.936 582,936 507,427 Management costs of properties Unrestricted T¢)tal Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of raising donations and legacies - Other type 1 345,981 345,981 264,261 264,261 15-
Cleveland Housing Trust Ltd Company Limited by Guarantee Notes to the Financial Statsments (continuedl Year ended 31 October 2024 Expenditure on charitable actlvltlas by fund type Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Support costs 1,224 1,224 Exp•ndlture on charitable actlvltles by activity type Total funds 2024 Total fund 2023 Governance costs 1,224 Net income Net income is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 81,967 61,826 10. Staff Costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Other employee benefits 47,747 30,460 78,207 35.902 39,191 75.093 The average head count of employees during the year was 3 {2023: 4>. No employee received employee benefits of more than £60,000 during the year {2023: NII). 11. Trustee remuneratlon and expenses No remuneration was paid to trustees. During the financial year the Irustees were reimbursed travelling expenses at the authorised rate. -16-
Cleveland Housing Trust Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 12. Tangible fixed assets Land and buildings Equipment Total Cost At 1 November 2023 Additions 4,534,184 235,493 188,900 4,723,084 235,493 4.958,577 Af 31 October 2024 4,769.677 188,900 Depreciation At 1 November 2023 Charge for the year At 31 October 2024 717.120 81.967 188.900 906,020 81,967 987,987 799.087 188,900 Carrying amount At 31 October 2024 3,970,590 3,970,590 3.817,064 At 31 October 2023 3,817.064 13. Debtors 2024 2023 Trade debtors Amounts owed by group undertakings 102,549 59,678 101,941 101,941 162,227 14, Creditors: amounts falling due wlthln one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes Propety bonds 28,370 5,040 1,477 1,200 36,087 25,707 3,000 1,477 1,200 31,384 17-
Cleveland Housing Trust Ltd Company Limited by Guarantee Notes to the Financial Statements (ntInued} Year ended 31 October 2024 15. Analys18 of charltable funds Unrestricted funds At 1 November 2 023 At 31 October 2 024 Income Expenditure Funds 9,538,622 582,936 (345,981) 9,775,577 At 1 November 2 022 At 31 October 20 23 Income Expenditure Funds 9,296,680 507,427 (265,485) 9,538,622 16. Analysls of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 3,970,590 5,841,074 (36,087) 9,775,577 3,970,590 5,841,074 (36,087) 9,775,577 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 3,817,064 5,752,942 (31,384) 9.538,622 3.817,064 5.752,942 (31,384) 9.538,622 17. Analysis of changes In not debt At At 1 Nov 2023 Cash flovrfs 31 O¢t 2024 Cash al bank and in hand S,5,715 148,418 5,739,133 18-