Company No. 03588469 Charity No. 1071686 HARVEST FIELDS HOMES (A Company Limited by Guarantee) UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31st December 2023 www.harvesffieldshomes.org.uk Independent Examiner: Petsr Saltiel Church & Charity Accounts Service Ltd
HARVEST FIELDS HOMES (A Company Limited by Guarantee) Contents Year Ended 318t December 2023 Page Company Information Report of the Trustees (Including Directors, Report) Independent Examinerfs Report Statement of Financial Activities and Income and Expenditure Account Balance Sheet Notes to the Financial Statements 7-11
HARVEST FIELDS HOMES (A Company Llmited by Guarantse) COMPANY INFORMATION Charlty Name: HaNest Fields Homes Reglstered Charlty Number: 1071686 {England & Wales) Company Number: 03588469 (England & Wales) Governlng Document: Memorandum and Artlcles of Association incorporated on 251h June 1998 Tru8tee8: J A Gilmour E J Robinson S J Robinson Secretary: S J Robinson Prlnclpal Office & Correspondence Address: Dale Farm Worcester Lane Sutton Coldfield West Midlands B75 SPR Bankern: Barclays Bank Leicester LE87 2BB Independent Examiner: Peter Saltiel Church & Charity Accounts Service Ltd 7 Planchadeau 23460 Saint-Plerre-Bellevue France
HARVEST FIELDS HOMES (A Company Limited by Guarantee) Re ort of the Trustees (including Directorfs Re ort 2023 The Trustees, who are directors of the company for the purposes of company law, present their report and financial statements together with the independent examinerfs report for the period ended 31 December 2023. The Charity was established by memorandum and articles of association on 25 June 1998 under company number 03588469 and was recognised as a charity on 24th September 1998 under charlty number 1071686. The principal office is Dale Farm, Worcester Lane, Sutton Coldfield, B75 SPR. Objec( Actlvltl88 and Publlc Beneflt The Object8 of the Charity are to advance the Christian faith and, as an expression of Christian witness love and concem, to: pmvide accommodation and 8ssociated amenities, seNice8, advica or assistance for persons In n8cessitous clrcumstances or in chan'table n88d,' provide and/or support facilities to improve the conditions ol Ilfa for the local community. relieve the aged, the poor, the sick and those in conditions of need, hardship and distr8ss,' and pmvlde 8nd/or 8UPPOrt tralnlng and pastor81 care. The trustees have taken account of the Charity Commission's general guidanc8 relating to public benefit when reviewing the Charlty's achievements and performance. To date the Charlty has only met housing need. To this end the Charity owns and manage8 the Rented Social Housing required under the Section 106 Agreement with the City of Birmlngham on the housing development at Harvest Fields, Sutton Coldfield. At the year end, the Charity was renting out twenty-four properties to those who, before they moved to Harvesl Field8, were considered to be in housing need. Achlevements, Performance and Publlc Beneflt The trustees consider that the Object has been achieved satisfactorily during the year by providing good quality, affordable accommodation for their tenants. The provision of a home from Harrfest Fields Homes has dramatically improved the quality of lrfe for most tenants, famllles; many of whom came from sub-standard or inappropriate slzed properties. In many instances it has also released a property back into the rented housing market. They consider that this has satisfied the public benefit test. Flnanclal Revlew & Reserves Pollcy The SuIts of the Charity for the year ended 318t December 2023 are set out Sn the financial statements. Income for the financial yearwas £169,636 (2022: £163,051) and the expenditure was £110,265 (2022: £69,046). The undesignated reserves carried forward are £1,247,961 which is considered satisfactory. However, the uninvested portion of these is only £193,260 (the free reserves). It was always the expectation of the trustees that, having paid interest and other costs, there would be very few free reserves for many years. Given the financial support available from the Quothquan Trust, this Charity can operate successfully with only small non-designated reserves. The trustees actively monitor risks and seek to minimise, manage andlor eliminate thern where possible and practicable.
HARVEST FIELDS HOMES (A Company Limited by Guarantee) Report of the Trustees (including Director's Report) 2023 Trustees The trustees listed on page 1 (J A Gilmour, E J Robinson and S J Robinson) have held office throughout the year. Trustees are appointed by the members who are the trustees. Details of transactions with connected charities and related parties are set out in note 13. Responsibilities of the Trustees The trustees are responsible for preparing the trustees. report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the surplus or deficit of the Charity for that period. In preparing these financial statements, the trustees are required to:_ select suitable accounting policies and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue operating. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In preparing this report, the Twstees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Approved by the trustees l Directors on 9th September 2024 and signed by their order. S J Robinson Trustee
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEESIDIRECTORSIMEMBERS OF HARVEST FIELDS HOMES FOR THE YEAR ENDED 31ST DECEMBER 2023 Charl No: 1071686 Com No: 3588469 I report on the accounts of Harvest Fields Homes for the year ended 31st December 2023 whlch are set out on pages 5 to 11. Responslbllltles and basls of report As the charitvs trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsibleforthe preparatlon of the accounts in accordance with the requlrements of the Companies Act 2006 ("the 216 Act"). Having satlsfied myself that the accounts of the Company are not requlred to be audited forth5s year under Part 16 of the 2006 Act and are ellgible for independent examination, I report In respett of my examinatSon of your charity's accounts as carried out under sectlon 145 of the Charities Act 2011 ("the 2011 ACV). In carrying out my examination, I have followed the Dlrections 8iven bythe Charlty Commission (under sectlon 145{51{b) of the 2011 Act. Independent examlner's statement I have completed my examlnatlon. I conflrm that no materlal matters have come to my attentlon whlch gives me cause to believe that., accountln8 records were not kept In accordance wlth 5ectlon 386 of the Companles Act 2006; or the accounts do not accord wlth such records; or the accounts do not comply wlth relevant accountlng requirements under section 396 of the Companles Act 2006 otherthan any requlrement that the accounts glve a 'true and falrf vlew whlch Is not a matter consldered as part of an Independent examlnatlon; or the accounts have not been prepared In accordance with the Charltles SORP {FRS102). I have no concerns and have come across no other matters In connectlon wlth the examlnation to whlch attention should be drawn In thls report In order to enable a proper understandln8 of the accounts to be reached, Peter Saltiel Church & Charlty Accounts Service Ltd 7 Planchadeau 23460 Saint-Pierre-Bellevue France formerly, 69 Portland Place Greenhithe. Kent, DA9 9FE th Dated IS September 2024
HARVEST FIELDS HOMES (A Company Llmlted by Guarantee) Statement of Flnanclal Activities and Summary of Income and Expenditure Account Year Ended 31st December 2023 Total Unrestrfcted Funds 2023 Total Unrestricted Funds 2022 Notes Income: Charitable activities: rent receivable Interest receNable 167,894 1,742 162,919 132 169,636 163,051 Expenditure: Charitable actNities 110,264 69,046 Net income for the year 59.372 94,005 Net movement In funds 59,372 94,005 Total funds brought forward 1,188,589 1.094.584 Total fvnds carried forward 1,247.961 1,188,589 The Staterrent of Financial Act5vitses includes all gains and losses recognised in the year. I the above results are derived from continuing activities. The notes on pages 7 to 11 form part of these financial statennts.
HARVEST FIELDS HOMES (A Company Limited by Guarantee) Balance Sheet At 31 st December 2023 Notes 2022 2022 Fixed Assets Tangible assets 1,139,620 1,165,714 Current Assets Debtors Cash at bank 905 201,601 858 210,489 202,506 211,347 Creditors: Amounts falling due within one year 10 (9.246) (7,507) Net Current Assets 193,260 203,840 Total Assets less Current Liabilities 1,332,880 1,369,554 Creditors: Amounts falling due after more than one year 13 (84,919) (180,965) Net Assets 1,247,961 1,188,589 Represented by: Unrestricted funds 1,247,961 1,188,589 The trustees (who are also the directors of the company for the purposes of company law) confirm that for the year ended 31S1 December 2023. the company was entitled to exemption from audit under section 477 of the Companies Act 2006, and members have not required the company to obtain an audit of Its accounts for the year in question in accordance with section 476 of the Act. The accounts have been examined by an independent examiner whose report appears on page 4. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The Notes on pages 7 10 11 form an integral part of these accounts. These accounts, which have been prepared In accordance with the provisions in the Companies Act 2006 relating to small companies, were approved by the trustees l Directors on 9th September 2024 and signed on their behalf by.. fyQcbirtS S J Robinson - Trustee Company No. 03588469
HARVEST FIELDS HOMES (A Company Limited by Guarantee) Notes to the Financial Statements Year Ended 31st December 2023 Ba818 of Preparation Basls of accounting These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note{s) to these accounts, accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts In accordance with the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Issued on 16 July 2014 and wlth the Financial Reporting Standard appllcable in the United Kingdom and Republic of Ireland (FRS 102). The accounts present a true and fair view and no changes in the basis of accounting have been made during the year. There have also been no changes to the previous accounts durlng the financlal year. The charity is a public benefit entity as defined by FRS 102. Golng Concern The trustees are of a vlew that there are sufflcient reseries to secure the Immedlate futurè of Ihe Trust for the next 12 to 18 months and on that basis the charity Is a going concern. Accountlng Pollcles 2.1 Fund Accountlng - Unrestrlcted fund8 These are donations, rental and other income recelved or generated for Ihe objects of the charity without speclfic purpose and are available as general funds. The charity has no restricted funds. 2.2 Income Rental income is included In the Statement of Financial Activities (SOFA) when the charity is entitled to the resource; that is more likely than not that the trustees will receive the resources and that the monetary value can be measured with sufficient reliability. Income from interest 18 included in the accounts when receipt Is probable and the amount receivable can be measured reliably. 2.3 Expendlture Liabilities are recognised where it is more likely than not that there Is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Expenditure on charitable activities is incurred on directly undertaking the activitles which further the charity's objectives, as well as any associated support costs. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Rent prepaid is recorded as deferred income as current liabilities. Provisions for liabilities are measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
HARVEST FIELDS HOMES {A Company Limited by Guarantee) Notes to the Flnancial Statements Iconvd Year Ended 31st December 2023 Flxed Assets Purchased fixed assets are capitalised at the price paid {plu8 fees etc) even If the open market value could be or was hlgher at the time of acquisition. Depreciation Depreciation is calculated to write off from the date of first occupation Ihe cost of bulldings at 20A per annum straight line and carpets and fumiture at 121/2% per annum straight line. Current Assets Current assets are cash at bank with immediate access and debtors. Current Llabllitle8 Current liabilities are obligations to pay for services related to th8 properties within one year. Nonlurrent Llabllltles Non-current liabilities relate to the loan from Quothquan Trust and related interest. This was used to purchase properties as reported in Note 13. There 18 no fixed term for the loan and the charity malntains its obligation to repay the loan. Judgements and E8tlmatlon8 The trustees have not made any significant judgements in the process of applying the accounting policie8 and there are no areas of estimation uncertainty that have a 8ignificant risk of causing a material adjustment to the carrying amounts of assets and liabilities. Cash Flow Exemptlon The trustees have not produced a staternent of cash flows, as the Charity is withln the small company and charity thresholds. Income The income and result for the year are attributed to the principal activity as set out in the report of the trustees. The whole of the income totalllng £169,636 (2022: £183,051) was derived from the UK. Expenditure on charltable actlvltles 2023 2022 Interest payable Depreclation of tangible assets Staff costs (less QH contrlbutlon) Property expenses Governance - I ndependent Examiner Governance - Companies House Bookkeeping & admin charge from SQCT Bank charges 4,954 26,094 7,003 26,094 950 28,899 485 13 5,500 102 72,966 635 13 5,500 102 110,264 69,046
HARVEST FIELDS HOMES (A Company Llmitsd by Guarantee) Notes to the Financial Statements {cont'd) Year Ended 31 st December 2023 Trustees Neither of the trustees has received any remuneralion from the Charity for services rendered nor been reimbur8ed any expenses. Details of transactions with connected charlties and related partles are set out in note 13 below. Staff Costs 2023 2022 Salaries 1,750 No employee was paid more that £60,000 per annum. Taxation The company is a registered charity and as all its income will be applied for charitable purposes, no liability to tax arises in respect of the year ended 31st December 2023 (2022: nil). Tangible Flxed Assets 2023 Freehold property 2023 Total 2022 Freehold property 2022 Total Cost At 18lJanuary Additionsldisposals in the year 1.617,564 1,650,400 1,617,564 1,650,400 At 31 st December 1,617,564 1,650,400 1,617,564 1,650,400 Depreclation At 181 January Charge for the year 451,850 26.094 484,686 26,094 425,756 26,094 458,592 26,094 At 31st December 477,944 510,780 451,850 484,686 Net Book Value At 31st December 2023 1,139,620 1,139,620 1,165,714 1,165,714 At 31 st December 2022 1,165,714 1,165.714 1,217,902 1,217,902
HARVEST FIELDS HOMES (A Company Llmited by Guarantee) Notes to the Flnanclal Statements (cont'd) Year Ended 31 st December 2023 Debtors 2023 2022 Rental debtors Other debtors 906 58 800 905 858 10. Credltors falllng due wlthln twelve months 2023 2022 Rent8 prepaid Accruals 501 8,745 1,199 6,308 9,246 7,507 11. Ut1118atlon of Funds 2023 Total Funds 2022 Total Funds Opening balances Net Incoming resources 1,188,589 59,372 1,094,584 94,005 Closing balances 1.247,961 1,188,589 Represented by: Tangible fixed assets Net current assetslliabllltles Long tenn loans 1,139,620 193,260 (84.919) 1,165,714 203,840 (180,965) 1,247.961 1,188,589 12. Share Capltal The Charity is limited by guarantee and has no share capital. Each member of the Charity has undertaken to contribute a sum, not exceeding £1, if it is wound up whilst that person is a member or within one year after ceasing to be a member. 10
HARVEST FIELDS HOMES (A Company Llmlted by Guarantee Notes to the Flnancial Statements (convd) Year Ended 31st December 2023 13. Connected Charities and Associated Party Tran3action8 Quothquan Trust, which is connected by virtue of common trustees, loaned this Charity maximum of £180,965 (2022: £197,962) in the year and at the year-end £84,919 (2022; £180,985) was outstanding. This comprises two loans, the interest rate on the older one being 70/opa and the one in 2012 being 3.7%pa these were considered to be the commercial rate for that purpose at the time the loans were agreed. It charged interest of £4,954 (2022: £7,003). The Second Quothquan Charitable Trust, which Is connected in the same way, provided this Charity with book-keeping and administratlon services to this Charity for which it paid £5,500 {2022: £5,500). Under the authority of Clause 4.1 of the Memorandum of Association 'to employ staff , not being prevented by Clause 5 thereof and being an adult not sharing a common purse wlth the trustees, one of the trustees, sons was the part time Housing Manager for this Charity and for Quothquan Homes. He ceased his employment In 2022. 11