Reglstsr8d number: 03471122 Charlty number: 1066948 TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2024 WR Partners Protecting your future.
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A company Ilmlted by guarantse) CONTENTS Page Reference and adminlstrallve details of thè Charity. Its Trusta88 and advisers Trust8eS' rnport Independent auditors. rnport on the financial statements Statsment of financial activitie8 2-11 12-15 16 Balance sheet 17-18 statement of cash flows 19 Nots8 to the financial statoments 20-36
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (8TAY) (A company Ilmltod by guaranteo) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISER8 FOR THE YEAR ENDED 31 MARCH 2024 Andrew McAdam, Chair Pauline Heffeman, Vlce Chair Sue Rawlings, Treasurer Mary Bawn Anne Dokov Khadeem Duncan-Baneiiee (resigned 7 September 2023) Samantha Gudsell (reslgned 4 March 2024) Chrlstopher Hill Brian Keates Jacqueline O$mond-Smith Christopher PallinTrFulford Company registered number 03471122 Charity rogistsred number 1066948 Reglstered offlce Meeting Point House Southwater Square Telford Shropshlre TF3 4HS Company secretary Brian Keates Independent audltors WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Solicitors FBC Manby Bowdler Routh House Hall Court Hall Park Way Telford Shropshire TF3 4NJ Prlnclpal Staff Tery Gee - Chief Exaartivè Officer (resigned April 2023> newly appointed Chief Executive offir, Naomi Pay Started 17 April 2023 Joan Collins Finance Manager (resigned 31st July 2023) newly appointed Finance Manager, Sophie Powell started 3 October 2023 Deborah Morris- Operati$ Manager Page 1
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A company limitod by guaranteo) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited financial statements of the Charity for the 1 April 2023 to 31 March 2024. The Annual report serve8 th8 purpos88 of both a Trustees. r8POrt and a diractors, report under company law. The Trustees confinn that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable companls goveming document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordan with the Finanaal Reporting Standard aPIcable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019}. Since the Charity qualifies as small under section 382 of the Companies Act 2006. the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors. Report) Regutations 2013 has been omitted. Summary Review of tho Yoar from the Chair of Trustses l am pleased to present our annual report for 2023r24, lch highlights the vital vK)rf( of Stay in supporting 1,977 individuals (providing over 24.000 contacts of support) either rough sleeping. experiencing homelessness, housing difficults-es or a lrfe crisis. This year has been another challenging one. with rising living costs placing even greater pressure on vulnerable people. However, our dedicated staff. volunteers and trustees have risen to the occasion, demonstrating unwavering commitment to our mission of preventing and responding to homelessness and Championing the needs of those vtho are homeless, providing a pathway to a brighter future. We have suv*s$fully increased our units of aCmMOdatIon enabling us to offer vulnerable homeless individuals not just a roof over their heads, but also the support they need to rebuild their lives. We have seen an increase in individuals accessing support at a point of eAisis and on the brlnk of becomlng llomeless due to the impact of the cost of living. However, our prevention efforts have also seen success by providing early intervention and support, wee helped individuals avoid homelessness altogeth8r. This proactive approach is es$ential in breaking the cycle of homelessness and ensuring people have the resources they need to malntaln thelr home. W8 have had key 18ad8rship changes this year induding the appointment of a new CEO in April 2023 and new Finance Manager in O¢tober 2023. Both came with significant experience and a commitment to ensuring the long-term financial sustainability of the charity. Both Naomi and Sophie have worked with the Stay team in delivering remarkable results for the year. Whilst grant funding remains extremely competitive, VR are immensely grateful to have been awarded iwo grants. One from the Government's Community Cost of Living Fund to support our Outreath Nvork with people who find themselves homeless and rough sleeping. This funding enabled us to be able to provide muth needed kit and items most of us would often take for granted, along with enabling our service to operate 2417. The other grant from The Albert Hunt Trust provided funding of our core seNices. Looking forvRrd, partnership working continues to be vital to benefit our dients and tenants. We have teen exploring the opportunity to work in partnership with the domestic abuse service provider in Telford and Wrekin to provide accommodation for ttKJse individuals and families find themselves homeless after ffleeing domesti¢ abuse. Despite the challenges of a thanging environment, we remain comnltted to continue making a significant impact on the lives of those experiencing, or at risk of homele88ness. We are excited for the future and the positive impact we can continue to make. On behalf of the Board of Trustees, I would like to express my Sincere gratitude to our staff, volunteers, donors, and supporters. Your unwavering commitmènt is what enables us to fulfill our mission, making a real differen in the lives of people experiencing homelessness. Page 2
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A company Ihnltsd by guarantofr) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actlvltles a. Obi•ctlv•$ and Actlvltlas stay is a charity that provides housing and support services to homeless and vulnerable people in and around the Telford & Wrekin Borough. With the right support, at the right time. we know peop18 can realise their aspiralions to live independent and fulfilling lives. Irision To end homelessness and empower people to rebuild their live& Mission Prevent. Respond. Champion. Prevent the causes of homelessness. Respond to the immediate needs of those vtho face homelessness. Champion the needs of homeless individuals at every opportunity. lues Passlonats We are devoted to carying out our mission. We strive for a sociaty where no one is without a home, and all are empowered to rebuild their live$. Intogrity W8 valu8 representing constant and uncompromising moral and ethical prinoples in the work we do wbithin Christian ethos. Collaboration No journey needs to be taken alone and we are ay$ better together. We work respectfully in partnership wlth individuals coming into our Services and in collaboration with partners across sectors to achieve the best outcomes for all. Effectlve We value the importance of quickly responding to the needs of the communities we serve. We are proactive in r approach and challenge. where appropriate. on behalf of those we support. Public benefit In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefft. induding the guidance 'Public benefit: running a charity (PB2)'. b. Stratsglc Obioctive8 To ensure we are there as a Safety Net for individuals. To ad as a Springboard for our dients. To be Sustainable. Page 3
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A company Ilmlted by guarantso) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Obigctives ond a¢tivitio$ (Continued) c. Key Activitias The Charity has set out a number of key acttvitie5 that enable the tharity to achieve its objectives. These activities demonstrate how the charity has achieved its objectives over the course on the strategic plan. The key activitie5 fall within the following broad areas-. Providing Acwmmodation to those who are homeless. Preventing hom818ssn8ss and rough sl88ping. Supporting those who are homeless to become fvlly independent, improving health and wellbeing. Sustaining the charitable operation. Achievements and perfomianco a. Providing Accommodation to Those who are Homeless Housin Team ndA mmodation We have increased our bed spaces over the year from 70 to 75 units of accommodation for people of all ages who find themselves homeless. In addition, through our housing team we provide intensive housing support which indudes advice and support on setting up a home and a tenancy, budgeting, improving health and wellbeing and accessing specialist support serviGe5. Our aim is to tske a per50n-centred approach in providing support and enabling individuals to move on into fully independent living when the time is right. This year we restructured our Housing Team and Property Maintenance Team to improve our tumaround of voids and assessment of individuals. which has meant any empty accommodation 18 filled really quickly to benefit those in need. This year we have provided ov8r 5767 intsractions with 202 dients through our Housing T8am. One of our key challenges still remains available affordable move on accommodation for our clients once they are tenant ready. Page 4
TELFORD CHRISTIAN COUNCIL 8UPPORTED HOUSING (STAY> {A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢htov•ments and pèrfomianc8 (contlnued) b. Prevgntlng Homolo88ness and Rough Sleeplng Homeless Outreach A8 part of th8 Rough Sleeper Task Force pathership with statutory and voluntary partners, Stay had 599 contacts with individuals rough sleeping by delivering detathed street work induding Supporting 28 individuals into emergency accommodation. Our Outreach SeNlce was awarded a grant from the Govemments Communty Organisations C¢)St of Living Fund (managed by the Nats'onal Lottery Community Fund) which enabled us to provide a 24-hour seNice and more homelessness klts to tIKJse who were rough sleeping, particularly during the cnldest months of the year. As part of the Thrive Partnership wtth YMCA Welllngton, KIP and Citi'zens Advlce {CA) Telford and Wrekin, Stay lead$ on a Local Authorlty contract which last year supported 1,687 people in the communty were facing housing difficulties Ihomele$snes$ financial difficulties to enable them to r8main in their own homes. An 11% increase from last year. We have seen an increase in people accessing the service at a point thre they are about to become homeless mainly due to financial difficulties. Over 300 people have successfully been rehousad this year due to support from the Floating Support team. The new triage system set up by the team ha$ worked well enabling complex issues to be dealt with immediately and those more complex cases be referred to a support worf(er for further support arKI advice. A retum on investment for tha Local Authority has be estimated to ba in excess of £110,000 for the year 2023- 24. The team supported individuals to maximise their income, reduce debt and access household items, bringing a total of £923,812.34 into the local economy, an increase of almost £80,000 on the previous year. Thls Is an average increase in income of £550.54 per resident accessing the service. One challenge the team cKJntinued to face 18 the lack of affordable housing for individuals. The contracts temi was duè to com8 to an end on 31st March 2024. Following a Council r8vi8w of th8 contract and the needs of Tefford and Wr8kin citlZ8ns a new contract will be coming out to tender in 24125. Th8 8XiSting contract 11 contlnue until the end of October 2024. Page 5
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING {STAY) (A company limitsd by guarant00) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlovaments and porforniance (continued> c. Supporting Those who are Homeless to become Fully Independent, Improving Health and Wellbèing In addition to our intensive housing team: Sta Mindful In partnership Y•ith Telford Mind, Stsy deliver the Stsy Mindful project funded by the National Lottery Community Fund. The grant finished in October 23 and this project came to an end. The service supported the clients to work through a previous traumallrfe crisis with the aim of improving their overall mental health and wellbeing. In total the project supported over 158 individuals 10 above the grant target of 148. The listening Servi was particularEy successful with a much higher uptake than originally anticipated. The leaming from this project will be taken forward when we review our strategic plans in 24125. Th8N This senlice is in its second year of 3 years funding by the National Lottery Communlty Fund. It Is provlded In partnership with Telford Mind and CA Telford and Wrekin. Individuals acress the service at a point of crisis in their lives. Th8 Net aims to help them to maintain their homes, improve their mental health, help people reach their full potential, thrive, arKI become more settled, resilient members of the community. Both one to one support and group sessions are provided. Two group sesstons have been set up this year. one for women who have suffered sexual abuse and the other an anxiety and depression support group. The Team supported 125 individuals in crisis with a personwcentred approach to enable individuals to improve their health and VlIbeing, reduc8 isolation. increas8 self4st8em and Confiden and berne rnore active in their communities and prevent homelessness. On8 of th8 bigg8St challenges this year has been staff vacancies and changes. However. reviewing the salaries has made a difference. Whilst the clients we have supported aré complex and tim8 ccfftsuming, we have b88n able to have a positive impact on their lives. ortin NHS Research As part of the SSHERPA (Stafft)rdshire and Shropshire health and Care Research Partnership) a partnership which looks to embed research into the Integrated Care System model. Stay have been funded along with Community Resou and Qub8 through NHS England. to faalitate events and build relationships ben Midlands Partnership University NHS Fwndation Trust and Staffordshire University arKI vulnerable individuals in the community to improve research. A Community Research Engagement Coordinator woTkirvJ one day week in Telford has been building relationships with other VCSE organisations to widen asS to research projects and knowledge of NHS research to benefit the community. The objective was to get communitie5 involved in research to improve health research. ital Inclusion This project aSed at the end of November 2023 then the Co-ordlnator moved to a new job. Funded by the Telford and Wrekin Council this project is aimed at getting more people digital included. It was supported by the recruitrnent of volunteers to deliver a training programme which was developed to support the projec*. Volunteets and tutors were trained in a personntred approach to adult training. Courses wwe delivered across Telford aiming to reath those vtho are digitally exduded. Page 6
TELFORD CHRISTIAN GOUNCIL SUPPORTED HOUSING (STAYI (A company Ilmltsd by guarantO9) TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perforniance (continued) d. Sustaining tho ¢haritabl• operatlon We have removed from our housing portfolio a¢comnK)dalion that no longer meets the needs of dients. We have invested in our bVOrkfo through training and improved supeNision and support struc*ures induding a revised senior management team. Wè have improved our evaluative capabilities through utilizing our bespoke data management system. We have sought new funding opportunities. . Social investsnent policies Under the Memorandum and Artides of Association, the charity has the power to invest any money that is not immediately required for the furtherance of its objects in any way the Trustees wish. The Trustees have regard to liquidity quirements, to operate a poli of keeping a working balan in the Gvrrent bank account ak)ng wth interest bearing deposit acwunts. f. Voluntser8 The charity is very grateful for the support that our volunteers provide. Last year 12 volunteers helped us to deliver our services suth as Stay Mindful with volunteer counsellors and Digital Inclusion as digital champions. In addition. we hav8 created volunteering opportuniti88 for our tenants such as gardening, b8friending. painting and helplng wlth évents. These opportuniti88 enable tenants to increase their life skills. confid8nc8 and car88r opportunltles. In addition, 18 clients, tenants and volunteers enjoyed a day out creating memorles at the seaside taking in the beautiful scenery of Llandudno and enjoying vthat the local town had to offer. g. Maln activities undertaken to further the Charity's purpo808 for thè publlc bonofft The trustees have complied with the duty in Section 3 of the Charities Act 2011, to have due regard to the public benefit guidance published by the Charity Commission. The trustees believe that the charity. in promoting its aims and objectives. gives direct benefft to all beneficiaries with whom they come into contact. These will include.. Equality of access to servi. Being resperted and listened to. Having access to services and accommodation to enable people to reath their full potential arKJ independence. Having access to high quality seNices and information and support when required in their local communities. Seeking a fair deal for all vulnerable and homeless people. h. Fundraising activiti08 and incomo generation Stay in partnership with Maninplace, KIP and YMCA Wellington was able to do its annual Big Sleep Out in Telford last year raising £1,607 for the charity which went towards supportlng our Outreach seICe. Page 7
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING ISTAY> {A company Ilmlted by guarantso) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review & Going concem After maklng appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For thls reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting poliaes. b. Reserves policy The Trustees have examined the charity's requirements for the reseNes in the light of the main risks to the organisation. It has established a reserves policy whereby the unrestricted funds not committed or invested in tangible fixed assets {that is those funds that are freely available) should ideally be three to six months operating expenditure. Totsl funds of the Charity at 31 March 2024 were £767,012 (2023.. £796.373). £719.312 of these funds vHe unrestricted and £47,700 was restricted. Free reserves. which indude designated funds, at 31 March 2024 were £119,312 {2023.. £147.6271. These reserves are held to cover unexpected expenses, maintaining core activities during periods of reduced income, and funding of new initiatives or projects. The Trustees are working on a strategy which includes replenishing reserves to a18vel in accordance with th8 policy. c. Financial risk management Objectiv and policies The Trustees have overall responsibility for ensuring that the Charity has appropriate system$ of control. finanoal and otherwise and to provide reasonable assurance that.. the Charity is operating efficiently and effectively its assets are safeguarded against unauthorised use or dlsposftion proper records are maintained and financial information used within the Charity or for publication is reliable the Charity complies with relevant laws and regulations The systems of internal control are designed to provtde reasonable, but not absolute assuran against material missL*ement or1055. They include.. strategic plan and an annual budget approved by the Trustees regular consideration by the Trustees of the financial results. variance from budgets, nonfinancial performance indicators and benchmarking reviews delegation of authority and segregation of duties the identification and management of risks The Trustees have established a fomial risk management proces5 to assess busine55 risks and implement risk management strategies. This involves an annual review identifying the types of rfsks the Charity faces. for example: loss of on-going funding,. th8 impact of thanges in Statutory policy on third se¢tor funding" reputational risks,. loss of key staff,. and prioritising the risks in temis of potential impact within thè risk register and likeliho¢>J of occurrence, in order to identify means of mitigating the risks. Page 8
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAYI (A company limited by guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 d. Prlnclpal funding The main funding bodies are Telford and Wrekin Counal in the fom of grants and contracts. Other major grant fijnders indude the National Lottery Community Fund. Government's Community Cost of Living Fund, Midlands Partnership NHS Foundation Trust from an NHSE gran( The Albert Hunt Trust. The other principal source of fvnding is from rental income from our accommodation. Structure. governance and management a. Con8titutlon TeKord Chrisiian Council Supported Housing (STAY) is register&J as a charitable cA>mpany limited by guaranteè and was set up by a Trust deed. Stay's involvement in the support of vulnerable arKI homeless people arose as a direct result of action by the thurch community in Telford. Whilst the charity is nfm an autornoU5 independent from Telford Christians Tog8ther, its values and ethos remain and will be safeguarded Into the future. b. Methods of appolntmènt or o18ction of Trustoes The management of the Charity is responsibility of the Trustees who are ele&ed and co optsd under the tenns of the Trust deed. The Trustees bring a broad mix of skills to the Board, IndudlrKJ finandal, corporat8, houslng, marketlng. HR. company Se¢taria1 experiences. When a vacancy occurs. Trustees are reGruit8d to meet the skill gap requirement and to ensure that that they portray a broad profile that reflects th8 local community. In addition, Telford Chris15ans Together have the right to appoint 4 Trustees from the Christian communty. c. Organisational ltructurn and declslon4naklng pollcles The Board of Trustees meets quarterly and is responsible for the strategic direction of the Charity. Additional meetings may also be scheduled as appropriate. The Chief Executive is also in attendan. There are additional Board Subgroups attended by Trustees, the Chief Executive and other Senior Officers as appropriat8 and are Finance, Audil and Risk Subgroup, Operations Subgroup and Commercial Subgroup. The day-t(Fday responsibility for the provrsion of services is delegated to the Chief Executive, supported by the Operab'ons Manager and Finance Manager. The Chief Executive. supported by senior officers, has overall responsibilty for ensuring that the Charity delivers the services in aGg)rdan¢g the Business Plan and meets the key performance indicators, the devek>pment of new business and income 5tream6', qualty assurance and financial management. d. Induction and training of Trustees All new Trustees w11 undergo an induction induding diSCssIOnS the Chair and CEO on the govemance responsibilities of the trustees, meeting key staff to familiarise themselves with the work of the Charity. In addition, they will re1ve the followrng infonnation.. goveming d(UMentS. strategic and business plan8, organisational and Board subgroup structures, annual accounts, role des¢ripti¢M, contact details, infomialion on seNices and key Charity Commission publications. Page 9
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STA (A ¢ompany Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structurol govomanco and managoment (continuod) e. Pay policy for key management personnel Th8 pay of the senior staff is usually revi8W8d annualty and Trustees benchmark against pay levels in other relevant charities. If recruitment has proven difficult in the rent past a market-related addition may also be paid. f. Trustees. indemnities As a company limited by guarantee, Telford Christian Council Supported Housing Trustees will exercise reasonable skill and care in the governance of the charity, taking responsibility for any liabilities incurred. Their personal liability is limited to £1 under the conditions of Companies House requirements, providing they govem prudently and lawfully within the companvs goveming document. Any breach of tnJ$t will nder the trustees jointly liat4e for that breach. Plans for future poriods In line with our strategy 2021 - 2026 w8 continu8 to explore Opportunities to increase our accommodation to support those who are homeless. We achieved this last year with an increase in 5 more units of accommodation. We have plans to increase this further during 24125. We are actively seeking new partnerships and funding opportunities to increasè th8 number of individuals we can support. We are explorfng worklng In partnership with the Domestic Abuse Service provider in Telford and Wrekin to provide accommodation for those individuals and families fleeing domestic abuse. We Ere unable to find suitsble acMMOdatIOn to achieve our plan to enhance our rough sleeper accommodation offer with more supported short4em accommodation and continue our partnership working to prevent rough sleeping. However, this will be explored as part of our strategy review in 24125. We strive to enhance our wellbeing offer to support good emotional, mental health and resilience to support individuals into longer term tenancies. We are developing our tenant ready offer to ensure our tenants have the necessary life skills to become independent. We wll work alongside other organisations to Influen policy and increase resources dedicated to tackling homelessness. During 2024125 we plan to review our strategy by having an away day with trust888 and senior management utillsing engagement with staff and clienvtenant feedback. Page 10
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING {STAY) (A company Ilmlted by guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ststsmont of Trustsos. rnsponslbllltlos The Trustees (who a also the directors of the Charity for the purFose$ of rnpany law) are r88ponsible for preparing the Trustees, report and the financial statements in accordance Imth applicable and United lfjngdom Accounting Standards (United Kingdom Generalty ACpted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law. the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, induding its income and 8XP8nditur8. for that period. In preparing these finanual statement5, the Trustees are required to: select suitable accounting polithes and then apply them consistently" observe the methods and principles of the Charits"e5 SORP {FRS 102>., make judgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disdoBed and explained in the financial statements. prapare th8 flnancial stat8m8nts on the golng conc8m basls unless It Is Inappropriate to presume that the Charity will continue in business. The Trustees are rasponsible for keeping adequate accounting records that are sufficient to show and explain the Charitys transactions and disdose with reasonable accuracy at any time the financial position of th8 Charity and enable them to ensure that the financial statements comply viith the Companies Act 2006. Thèy are also responsible for safeguarding the assets of the Charity and hen for taking reagonable steps for the prav8ntion and d8t8Ction of fraud and other irregularib'es. Disclosure of infomiation to auditors Eath of the persons who are Trustees at the time en this Trustees, report 18 approved has conffirmed that: so far as that Trustee 15 aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that tha c*taritys auditors are aware of that infomiation. Auditors The audltor8. WR Partn8rs, have Indlcatèd thelr wllllngness to ntInue In office. The designated Trustee5 V11 propose a motron reappoinung the audltors at a meetlng of the Trustee8. Approved by order of the members of the board of Trustees and signed on iheir behalf by: Andrew McAdam (Chair of Trustees) Date.. 23/io/2Lfr Page11
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING {STAY) (A company limitod by guarnntse) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAYI Opinion We have audited the financial statements of Telford Christian Council Supp(Jted Housing (STAY) (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of financial activities. the Balance sheet, the Ststement of Gash flows and the related notes. including a summary of snIficant aoxounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting StsrKlard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a tru8 and fair view of th8 State of the charitable company's affairs as at 31 March 2024 and of it$ incoming resources and application of r8sourc8s. including its income and expenditure for the year then have been properly prepared in ac¢ordan¢e with Unit8d Kingdom Generally Acc8pted Accounting Practice; and have been prepared in accordance ryth the requirements of the Charities Act 2011. Basis for opinion We ndUcted our audit in accordan with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. includin9 the Financial Reporting Counril's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is suFFicient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees, use of the goiw concem basis of aGcounting in the preparation of the financial statements is appropriate. Based on the work we have performed, y have rKJt identifi8d any material uncertainties relating to events or conditions that, individually or colledlvely, may cast significant doubt on the charitable company's ability to continue as a going cOnM for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees vlth respec* to golng concem are described in the relevant sections of this report. Page 12
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A company Ilmited by guarantea) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (CONTINUED} Other Infomiatlon The other information comprises thè inforniation induded in the Annual report other than the financial statements and our Auditors. report thereon. The Trustees are responsible for the other infomiation contained within the Annual report. Our opinion on the financial statements does not cover the other infom)ation and. except to the extent otherwise explicitly stated in our report. we do not express any form of assurance condusion thereon. 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 knowledge obtained in the course of the audit, or OtheSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detemiine whether this gives rise to a material misststement in the financial statements themselves. If. based on the work we hav8 p8rfomied, Y4P conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch wo are roqulrod to report by axcaptlon We have nothing to report in respect of the following matters ththere the Charmles (Accounts and Reports) Re9ationS 2008 requires us to report to you if, in our ¢Jpinion: the information given In the Trustees, report is inconsistent in any material respect with the financial statements", or sufficient accounting records have not been kept. or the finanaal 8tst8m8nts are not in agr8em8nt with the accounting records and retums: or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees {who are also the directors of the charitable company for the PuOse$ of company law) are responsible for the preparation of the financi81 statements and for being satisfied that they give a true and fair view, and for suth intemal control as the Trustees determine is neSSary to enable the preparation of finanaal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charitable companls ability to continue a8 a going concern, disclosing, as applicable. matters related to going concern and using the going ncern basis of accounting unless the Trustses either intend to liquidate the charitabl8 company or to cease operations, or have no realistic allemative but to do so. Page 13
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STA (A company Ilmltod by guarantoo) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) {CONTINUED> Audttor8' responslbllltles for the audit of the financial statoments We have been appointed as auditor under section 144 of the Charities Act 2011 and report In accordance wlth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about thether the financial 5tstements as a whole are free from material misstatement, whether due to fraud or eThor, and to issue an Audltors, report that Includes our opinion. Reasonable assuranc8 is a high18V81 of assuran, but is not a guarantee that an audit conduc*ed in accordance wlth ISAS (UK} will aayS detect a material misstatement when it exists. Misstatements e2n arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be 8XP8Cted to influence the economic d8cisions of users taken on the basis of these financial stat8ments. Irregularitles, Indudlng fraud, are instances of non-compliance with laws and regulations. We design procedures in lina with our responsibililies, outlined al)ove, to detect materlal mlsstatements in resped of irregularities, including fraud. Th8 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the charitab18 company and determined that the most significant are those that relate to the reporting framework (Charities SORP (FRS102), the Companies Act 2006 and the Charities Act 2011 , the relevant tax compliance regulations, employment law, Heath and Safety Regulations the EU General Data Protection Regulation (GDPR). We understood how the charitable company is mPlyIng these fram8works by making enquiri8s of management, those charged with govemance and those responsible for legal and compliance procedures. We also revi8wed board minut88 to identify any recorded instan$ of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the charitable company's financial statements to material misstatement, including hw fraud might occur by me8ting with key management and those charged wth govemance to understand where they considered there was susc8Ptibility to fraud. Based on our understanding procedures involved enquirie$ of management and those charged with governance, manual joumal entry testlng, cashl)ook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financlal statenKgnts. Because of the inherent limitations of an audi( there is a risk that we will not detect all irregularities, including those leading to a material misstat8m8nt in the finanaal statements or non-compliance with regulation. This rlsk Increases the more that compliance with a law or regulation is removed from the events and transa¢tions reflected in the financial statements, as we will be less likely to become aware of instances of non-compllance. The risk is also greater regarding irregularities occuning due to fraud rather than error, as fraud involves Intentlonal ex)nalMent, forgery, collusion, omission or misrepresentation. A further deriptIOn of our responsibilities for the audit of the financial statements is located on the Flnancial Reporting Council's website at.. .frC.Or .uklauditorsres onsibilities. This description foms part of our Audltors, repo Page 14
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A Company 11m1t by guarantse) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TELFORD CHRISTIAN COUNCIL SUPPORTED HOU81NG (STAY) (CONTINUED) Usg of our report Thls report Is mad& solety to tha charltable company's trustses, as a body, in acMrdance wlth Part 4 of the Charities (Accounts and RerM)rts) Regulations 2008. Our audFt work has been undertaken so that we might state to the Charitable company's truste8s those matters we are required to state to them in an Auditors, report and for no other purpos8. To the fullest extent pennitted by law. we do not accept or assume responsibilty to anyone other than the charitsble company and its members. as a body, for our audlt work. for this report, or for the opinions we have fomied. WR Partners Chartered Accountants statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date.. WR Partners are eligible to act as auditors in temis of section 1212 of the Companies AGt 2006. Page 15
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING {STAY) (A company limited by guarante•) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 MARCH 2024 Rastrlcted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legaGies Charitable activities 1.447 727,149 3,158 9,463 1,018,995 10.910 1,746.144 3,158 33,946 1,603,405 5.098 other trading activities Total income 731,754 1,028,458 1,760.212 1,642,449 Expenditure on: Charitable activities 682,204 1,107,369 1.789,573 1,631,217 Total oxpondlturn 682,204 1,107,369 1,789,573 1,631,217 Net Incomel(axpenditurè) Transfers betsyeen funds 49.550 150,531) 178.911) 50,531 {29.361) 11,232 16 Net movement In funds (981) (28,380) (29.361) 11,232 Reconciliation of funds: T¢)tal funds brought forward Net rVernent in funds 48.681 (981) 747.692 {28,380) 796.373 (29,361) 785. 141 11,232 Total funds carried forvmrd 47,700 719,312 767,012 796.373 The Statement of Financial Activities indudes all gains and losses recognised In the year. The notes on pages 20 to 36 form part of these financial statemerrts. Page 16
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) IA company Ilmlted by guarantee) REGISTERED NUMBER: 03471122 BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Note Fixod assets Tangible assets 12 600,000 600,065 600,000 600,065 Curront assets Debtors Cash at bank and in hand 13 82,557 213,167 88, 161 315.459 295.724 403,620 Creditors.. amounts falling due within year 14 1123,626) (202.226) Nat current assots 172,098 201,394 Total assetsloss Gurrent liabilities 772,098 801,459 Pn)vi3ions for liabilities 15.086) (5,086) Net assets excluding p•nsion asset 767.012 796.373 Total net assets 767,012 796.373 Page 17
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STA (A company Ilmlted by guarantse) REGISTERED NUMBER: 03471122 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 2024 2023 Nots Charlty funds Restricted ndS Unrestricted funds 16 47,700 48,681 Designated funds General ftjnds Revaluation reserve 18 16 112,396 466,916 160.000 112.396 485,296 150,000 Total unrestricted funds 18 719,312 747,692 Total funds 767,012 796,373 The entity was entitled to exemption from audit under section 477 of the Companies Act 2008. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. H(wRver. an audit is required in accordance with section 144 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the reqU1MentS of the Act wilh respec* to accounting records and pParatIon of finanual stateffents. The financial statements have been prepared in acrdanCe with the provisions applicable to entities subject to the small companies The financial st mèn were approved and aLrthorised for issue by the Trust88s and signed on their b8half by: Androw McAdam Trust88 Date.. 23/1 o/z4- Th8 notes on pages 20 to 36 fomi part of the38 financial statements. Page18
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING ISTAY) (A company Ilmlled by guaTantse) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Ca8h Ilows from operatlng a¢tlvltle6 Net cash used in operating activities 18 (102,292} (27.210) Cash flows from investing activities Not cash provided by Invèsting actlvltles Cash Ilows from financing activiti85 Net ¢a8h provided by financing activiti0$ Changa in cash and cash oquivalonts in tha year Cash and cash equivalents at the beginning of the year (102.292) 315.459 (27.210) 342.669 Cash and cash equlvalents at the end of the year 19 213,167 315,459 The notes on pages 20 to 36 form part of these financial ststemants Page 19
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING {8TAYI (A company Itmltod by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiatlon Telford Christian Council Supported Housing {STAY) is a private ¢ompany limited by guarantee incorporated in England and Wales. The registered office Is Meetlng Point House, Southwater Square, Telford, Shrop8hire,TF3 4HS. The company number is 03471122 (England & Wales), and the registered charity numb8r is 1 C66948. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. Thè nature of tha charity's op6ratK)ns and principal activities are to assist in the rellef of poverty and homelessness. Accounting poli¢ias 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Chariti88 SORP (FRS 102) - Accounting and Reportlro by Charltles.. 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) (effective 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic.of Ireland (FRS 102} and the Companies Act 2006. Telford Christian Council Supported Housing (STAY) meets the definition of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting poli¢y. 2.2 In¢oma All income is recognised once the Charity has entitlement to the income, It Is probable that the incom8 will be r8C8ived and the amount of income receivable can be measured reliably. Voluntary income is received by way of grants, donations and glfts, and is included in full in the Statement of Financial Affairs vthen receivable. Grants, wh8re entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity b8com88 unconditionally entitled to the granL Other income is recognised in the period in which it is r8C8ivab18 and to th8 extent the goods have been provlded or on completion of the service. 2.3 Expendlture Expenditure is recognised once there is a legal or construdive obligation to transfer economic benefft to a third paty, tt is probable that a transfer of economi¢ benefits will be required in settlement and the amount of the obligation can be meaSud reliably. Expenditure is classifi8d by activity. The costs of each activity are made up of the totsl of dired Costs and shared costs. induding support costs involved in undertaking each a¢tivtty. Direct costs attributable to a single activity are allo¢ated directly to that a¢tiVity. Shar8d costs vthich contribute to more than one activity and support costs whlch are not attrlbutable to a single activity are apportioned btheen those activities on a basis consistent the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditur8 on charitable activities is incurred on diredly undertaking the activities which further the Charitys objectives. as w811 as any associated support rAJsts. Page 20
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY> (A cqxnpany limited by guaranto9) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (contlnued) 2A Tanglble fixed assets and deproclatlon Tangible fixed assets costing £NIL or more are capitalised and recognised an futur8 economic benefits are probable and the cost or value of the asset can be measured reliatrAy. Tangible fixed assets are stated at (x)st (OT deemed cost} or valuation less accumulated depreciation and accumulated impairment losses. Cost indudes costs diralY attribLrtable to making the asset capable of operating as intended Depreciation is tharged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the followryng basis.. Leasehold improvements Fixtures and fittings Computer equipment 25% on cost 25% on cost 25% on cost Galns and losses on dlsposals are detemilned by comparfng th8 proc88ds wlth the rArrying amount and are recogni88d in the Stat8ment of financial activities. 2.5 Dobtors Trade arKI other debtors are recognised at the settlement amount after any trade disu)unt offered. Prepayments are valued at the amount prepald net of any trade discounts due. 2.6 Cash at bank and In hand Cash at bank and in hand indudes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acqulsltlon or opening of the deposit or similar ath?unt. 2.7 Liabilitios Liabiliiies and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic ben8fit will be required in s8tt18ment, and the amount of the settlement can be estimated reliably. Liabilities are rery)gnised at the amunt that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discx)unted at the pre-tax discount rate that refleds the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. Page 21
TELFORD CHRISTIAN COUNCIL SUPPORTED HOU81NG (STAY) (A company Ilmltod by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (continued) 2.8 Financial Instruments The Charity only has financial assets and financlal liabilttles of a kind that qualify as basic financial instrum8nts. Basic financial instruments are initially recognised at transaction value and subsequently measured at their Settlement value with th8 8XC8ption of bank loans which are subsequently measured at amortised ¢ost using the effective interest method. 2.9 Pensions The Charity 1$ a member of a multi*mployer plan. Where it is not possible for the Charity to obtain sufficient infom)ation to 8nable tt to acLount for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan. 2.10 Fund accountlng General funds are unrestricted funds whith are available for use at the disuetion of the Trustees in furtheran of the general objectives of the Charity and which have not been designated for other purposes. Designated funds Comprise unr88tricted funds that have been set aside by the Trustees for particular purpos8s. Th8 aim and use of each designated fund 18 Set out in the not8S to the finanaal statements. Restricted funds are funds which are to be used in a¢¢ordance with specific restrictions imposed by donors or which have been raised by th8 Charity for particular PuSeS. The costs of raising and administering such fvnds are tharged against the specific fund. The aim and use of each restricted fund is set OLrt in the notes to the financial statements. Critical ac¢ountlng ostlmates and ar5 of judwent Estimates and judgments are continually evaluated and are based on historical experienc aThJ other factors, induding expectations of future events that are belleved to te reasonable under the circumstances. Critical accounting estimates and assumptlons: The Charity makes estimates and assumptions conceming the fuiure. The resulting aCUnting e8timate$ and assumptions will, by definition, seldom equal the related actual results. In the opinion of the Trustees there are no estimate$ or assumptions that have a significant risk of causing a material adluslment to the carrying amounts of assets and liabilities within th8 next financial year. Page 22
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Rostrlcted Unrestrlctsd funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations and gifts 1,447 9,463 10,910 33.946 Total 2024 1,447 9,463 10,910 33,946 Total 2023 33,946 33,946 Income from charitable activities Restrictod Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Supporting People Rental income- accomodatlon Rental income- office space and cafe Other income 491,400 491NOO 1,002,632 16,363 235,749 436,822 700,013 16,534 450.036 1,002,632 16,363 235,749 Total 2024 727.149 1.018,995 1.746,144 1,603,405 Total 2023 436,822 1, 166.583 1,603,405 Page 23
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A company Ilmlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from othèr trading actlvltlas Income from fvndraislng events Restricted Unrestrlctsd fvnds funds 2024 2024 Totsl funds 2024 Total funds 2023 Fundraising events 3,158 3,158 5,098 Total 2024 3,158 3,158 5.098 T(Ital 2023 5,098 5.098 Analysls of expendituro on charitable activities Summary by fund type Rostrlctsd Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Charitable activities 682.204 1.107,369 1,789,573 1.631,217 Total 2024 682,204 1,107,369 1,789.573 1,631,217 Total 2023 377,143 1,254, 074 1,631,217 Page 24
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A company limited by guarantoo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anaty8i8 of expenditura by activilias A¢llvltles undertaken directy 2024 Support costs 2024 Total funds 2024 Total fvr)ds 2023 Charitable activtties 1,724.431 65.142 1.789,573 1,631,217 Totsl 2024 1,724.431 65,142 1,789,573 1,631,217 Total 2023 1,549.371 81,846 1.631,217 Anatysls of dlrect costs Total fvnds 2024 fvnds 2023 staff costs Premises Costs Administration costs Sundries Bad debts Oost rental income) Payments to sukontractor8 Travel 799,178 562,387 008 20,879 18.905 242,180 26,896 766,651 447.163 59. 153 31,031 215.136 30,237 Totsl 2024 1.724,431 1,549,371 Page 25
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) IA company Ilmltod by guaranto9) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activiti0$ (¢ontlnued) Analysls of support costs Total funds 2024 Total nds 2023 Depreciation Sundries Auditors, remuneration Legal and professional fees Bank charg8S 6S 37,128 12.897 14,912 558 63,220 9.856 7,926 Total 2024 65,142 81,846 Auditors, romunoration 2024 2023 Fees payable to the Charivs auditor for the audit of the Charity's annual accounts 9,385 8,400 Fe8s payable to the Charity's auditor in r8SP8Ct of: All non-audit services not included above 1.390 1,250 Page 26
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STA (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Staff costs 2024 2023 Wages and salarie8 Socaal security Pension rA)sts 722,570 43,521 33,085 703,821 51,684 11.146 799,176 766.651 The average number of persons employed by the Charity during the year was as follows: 2024 No. 2023 37 37 No employee received remuneration amounting to more than £60.(K)O in either year. Aggregate remuneration received by key management P8rsonn81 (as d8fined by FRS102) amounted to £134,064 (2023 .' £137,790). 11. Trustees. ramunoratlon and 8xp8n8e8 During the year. no Trustees received any remuneration or other benefits {2023- £NIL). During the year ended 31 March 2024. there were no expenses reimbursed or paid directly to the Trustee$ (2023- £51). Page 27
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (8TA (A Company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible fixed a$$ets Long-torn1 laasehold Flxturas and Computer property flttlng$ equlpment Freehold property Total Cost or valuation At 1 April 2023 600,000 94902 29,269 125.384 849.55S At 31 Marth 2024 61)0,000 ¥902 29.269 125.384 849,555 Dopreciation At 1 April 2023 Charge for the year 94,902 29.269 125,319 65 249,490 65 At 31 March 2024 94,902 29,269 125,384 249,655 Net book value At 31 March 2024 600,000 600.000 At 31 Mah 2023 600,000 65 600.065 Land and buildings with a G9rrying amount of £600.000 were revalued at 30 June 2021 by Wiggins Lockett Thompson. independent valuers not connected with the charity on the basis of market value. The valuation conforms to Intemational Valuation Standards and was based on recent market transactions on atm's length tenns for similar properties. Although the valuation was in June 2021, the trustees consider this valuation to be appropriate at 31 March 2024. At 31 March 2024, had the revalued assets been rried at historic cost less accumulated depreciation and accumulated impaimient losses, their ¢arying amount would have b8en approximately £375.000 (2023: £375,000). Page 28
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A company Ilmited by guarante0} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Debtor8 2024 2023 Duè within ono year Trade debtoryd Other debtors Prepayments and accrued inu)me 68.961 6.854 6,742 35,077 5,394 47,690 82,$57 88,161 14. Creditors.. Amounts falling duo within one year 2024 2023 Trade creditors Other taxation and social Security Other (Yeditors AccNals and deferred Income 63.473 9.057 41.832 10.266 5.667 144,461 52.851 123.626 202,226 2024 2023 Deferred income at 1 April 2023 ResOUS deferred during the year Amounts ralaasad from pr8ViOUS P8riods 91,99S 132,239 69.113 91.995 (91.995) (132.239) 69,113 91,995 15. Provlsions Ponslon doficlt At 1 April 2023 5,086 4086 Page 29
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING {STAY) (A company limEted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Provisions (continued) The pension deficit provision relates to costs payable in the unlikely event that th8 Charity should withdraw from the plan. Employees of Telford Christian Council Supported Housing are entitled to membership of the Pension Trust Growth Plan ('the Plan.). This is a multi*mployer pension plan which in most respects is a money purchase arrangement. Contributions paid into the Plan up to and induding September 2001 {Sertes 1 and Setles 2) were converted into defined amounts of pension payable from nomial retirement dates. From Clctober 2001, contributions were invested into personal funds have a capital guarantee and which are converted to pension on retirement. either within the Plan or by the purthase of an annuty. The rules of the Plan give the Trustee the power to require employers to pay addittonal contributions in order to ensure that the statutory fvnding objective under the Pensions Act 2004 is met. The statutory fvnding objective 15 that a pension scheme should have suFficient assets to meet its past servic8 liabilities, krKJwn as Technical Provisions. An actuarial valuation for the sch8me was carried out in September 2018. This valuation showed a total scheme defiat of £113m. To eliminate this funding, the Trustee has asked the participating employers to pay additional contributions to the scheme (the Recovery Plan). However, the recovery plan contributions are allocated to ea¢h participating employer in line with their estimated share of the Series 1 and Series 2 stheme Ilabilitles. Telford Christian Coun¢il Supported Housing did not make contributions to the Plan prior to September 2001, and Consequently has no Series 1 and Series 2 scheme liabilities. Therefore, there is no provision included in r8sp8Ct of th8se sthemes. Telford Christian Council Supported Housing made contributions into Series 3 of the Plan beiween October 2001 and September 2014. Since October 2014, all contributions have been paid into part 4 of the Plan, which is a money purchase arrangement. The investment objective of Growth Plan Series 3. and these assets {£173m as at 30 September 2017) are invested in a cash fund to meet the capital guarantee in place. Therefore, liabilities are measured for Gro Plan Series 3 in a different way to Growlh Plan Series 1 and 2. Under the Tethnical Provisions basis, there would be no liability calculated for Growth Plan Series 3, and therèforè Telford Christian Council Supported Housing is not required to make additional contributions to the stheme in respect of the deficit. When an employer thdraw5 from a multi-employer defined benefit pension stheme which is in deficit. calculated on a statutory basis known as the "buy out basis", the employer is required by law to pay its share of the deficit. Whilst Telford Christian Council Supported Housing has no intention of Mfjthdrawing from the Plan. it is diffioJlt for the charity to confimi with absolute certainty that it will not have to withdraw from the Plan before any potential deficit has been corrected. Therefore, Telford Christian Council Supported Housing has provided in full for the Potential 8mploy8r debt on wthdrawal from th8 Plan. Page 30
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A company limited by gu4rantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Statem•nt of funds Statement of funds - current year Balance at 31 Mwch 2024 Balance at 1 April 2023 Transfers inlout Income Expendlture Unrestrictsd funds Deslgnated funds Property repairs sinking fund Employment reserve Client rent deposit 42.157 68.019 2,220 42,167 68.019 2,220 112,396 112A96 Goneral fund8 General Funds - all funds Revaluation reserve 485,296 150.000 1,028N58 11,107,369 50,531 456.916 150,000 635.296 1.028,458 11,107,369) 50,531 606.916 Total Unrnstrlctsd fvnds 747,692 1,028,458 (1,107,369) 50,531 719.312 Restrlctod funds Local authority floating Support The Net Stay Mindful ICS REND Telford & Wrekin Council - Rough Sleeping Initiative National Lottery - Outreach cost of living community fund 491NOO 116,088 17060 23,333 {440.152) {127,338) (27,046) (3,878) (51,248) 39N95 9,186 19fv65 33,500 13S,0401 49,573 (48,750) (823} 48,681 731,7fA {682,204) {60,S31) 47,700 Total of funds 796,373 1,760,212 {1,789,573 767.012 Page 31
TELFORD CHRISTIAN COUNCIL SUPPORTED HOU81NG (STAY) (A company Ilmltod by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Statemont of funds (contlnued) Statement of funds - prior year As Stat&d As rnstated Balance at TnSfe 31 inlout Balance at 1 Apnl 2022 Income Expenditure 2023 Unre8trfctsd funds Designatsd funds Propety repairs sinking fund Employment reserve Client rent deposit 42, 157 21,459 2,220 42, 157 68,019 1220 46,560 85,836 46,560 112,396 General fvnds General Funds- all funds Revaluatton resèrve 563,883 1,205,627 (1.254,074) 150,000 (30, 120) 485.296 150,000 713,863 1,205,627 (1,254,074) (30, 120) 635,296 Total UnrnstrlCt funds 779,699 1,205,627 (1,254,074) 16,440 747,692 Restrictsd funds Local authority floating support Millichope Octavia court The Net 436,822 (377,143) (59,6T9) (5,000) {442) 39,495 9. 186 442 39.495 9, 186 Stay Mindful 5,442 436,822 (377, 143) (16,440) 48,681 Total of funds 785,141 1,642,449 (1,631,217) 796,373 Page 32
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A Company Ilmlted by guarantsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. 8tatem•nt of fund$ (contlnuad) Desi nated funds Property repalrs slnklng fund This fund is to cover the cost of repairs and maintenance of properties. Employment roserve The 8mployment reserve has been deslgnated to cover any redundancy payments that may be due should funding b8 withdrawn. Client rent deposlt This represents rental deposits held in respect of the freehold property purchased durlng the year. Restrlthd funds Local Authority floating support contract In partnership wlth YMCA Wellington and KIP Stay provide a floating support contrad commissioned by Telford and Wrekin Counryl. Funding is re¢eived by Stay directly from the council for Telford. Disbursements are then made by Stay to the other partners. All income from this contract is used solely for the provision of the floating support service. and the administration thereof. AILhough this is treated as a restricted fund, any surplus at the year end is not refurKlable to the donor, nor is the surplus restricted, arKI therefore any year end balance is transferred to unrestricted funds Tho Net The Net is a project grant funded by the National Lottery Communty Fund. Stay provides the project in partnership viith Telford Mind and Citizens Advice Telford and Wrekin. Funding is received by Stay directly from the National Lottery Community FurKI. Disbursements are then made by Stsy to the olher partnèrs. All the grant incom8 is solely for the provision of The Nat project and fvnds ar8 r8Strf¢ted for this use. Any under¥Jend at the end of the project will be paid back to The National Lottery Communty Fund. Stsy mindful The Stay Mindful project finished at the end of October 23 wa$ a project grant funded by the National Lottery Communlty Fund. Stay provlded the projed in partnershlp with Telford Mind. Funding was received by Stay directly from the National Lottery Communlty Fund. Disbursements are then made by Stay to the other partner. All the grant income was solely for the provision of The Stay Mindful project and funds are re$tri¢ted for thls use. The undwspend at the end of the project was paid back to The National Lottery Community Fund. ICS REND REN fvnding is NHSE grant funding managed by Midlands Partnership University NHS Foundation Trust. The furKling is restrided and must be used for the purposes of the REN proj8¢t and administration thereof. Payment is paid to Stay by Midlands Partnership University NHS Foundation Trust. Talford & Wrnkln Coun¢ll - Rough Sleeping Inltlatlve The Outraach service 1$ partty funded through Telford and Wrekin Counal by the Rough Sleepers Initialive Grant. This grant is for threa years and has just completed its second year of funding of £33,500 per annum. Page 33
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAY) (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Statement of funds (¢ontinuad} All the grant income was solely for the provision of the Outreath service and funds are restricted for this use. Money raised through the Bi9 Sleep Out fundraising event is used to offset any overspend. National Lottery- Outreach cost of living community fund During 23124 the Outreach Service secured additional grant funding from the Government's Community Organisations Cost of Living Communrty Grant managed by The National Lottery Community Fund. This mon8y vms paid to Stay by the National Lottery C¢)mmunty Fund. Funds were restricted for sole use of the projects purpose. At the end of the project any undersperKI b81ow £1,000 could be kept by Stay but was restricted, had to be used to support the Outreach Service in line with the project aims and be spent by the end of March 2024. 17. Analysis of net assats baiween fund8 Analysis of assets botwean funds - currnnt period Restrlctad Unrestricted funds funds 2024 2024 Total funds 2024 Tangible ftxed assets Current assets Creditors due within one year Provisions for liabilities and charges 800,000 600.000 248,024 295.724 (123,626) (123,626) (5,088) 15,086) 47.700 Total 47,700 719,312 767,012 Analysis of net assets between funds - prior period Restricted UnrestActed funds funds 2023 2023 Total funds 2023 TangibSe fixed assets Cuent assets Credltors due wlthln one year Provisions for liabilities and charges 600,065 600.065 354,939 403.620 (202,226) (202,226) (5,086) (5,086) 48,681 Tolal 48,681 747,692 796.373 Page 34
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STAYI (A company limitod by guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Reconclllatlon of n•t movom•nt In fund8 to not cash flow from operatlng activities 2024 2023 Net incomelexpenditUTe for the period (as per Statement of Finan(xal Activities) 129,361) 11.232 Adjustments for: Depreciation charges Decreasel{increase) in debtors Decrease in ueditors 558 (14,172) (24.828) {78,600> Net ¢a8h usgd In oporating activitios (102,292) (27,210) 19. Analysls of cash and cash equlvaler 2024 2023 Cash in hand 213.167 315,459 Total cash and cash aqulvalonts 213,167 315,459 20. Analysis of changa8 in nat d8bt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and In hand 315N59 {102,292) 213,167 315N59 {102.292) 213,167 Page 35
TELFORD CHRISTIAN COUNCIL SUPPORTED HOUSING (STA (A company Ilmlted by guaTants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Operatlng lease commltments At 31 March 2024 the Charity had commitments to make fLrture minimum lease payments under non- ancellable operating leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 1.228 2,752 1.228 3.980 3,980 &208 22. Related party transactlons The Charity has not entered into any related paty transaction during the year, nor are there any outstanding balan5 owing between related parties and the Charity at 31 March 2024. Pag8 36