Company No. 03588469 Charity No. 1071686 HARVEST FIELDS HOMES (A Company Limited by Guarantee) UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31st December 2024 www.harvesffieldshomes.org.uk Independent Examlner: Peter Saltiel Church & Charity Accounts Service Ltd HARVEST FIELDS HOMES (A Company Limited by Guarantee) Contents Year Ended 31st December 2024 Page Company Infomiation 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 Limited by Guarantee) COMPANY INFORMATION Charity Name: Harvest Fields Homes Registsred Charlty Number: 1071686 (England & Wales) Company Number: 03588469 (England & Wales) Governlng Document: Memorandum and Articles of Association incorporated on 25 June 1998 Trustees: 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 Bankers: Barclays Bank Leicester LE87 2BB Independent Examlner: Peter Saltiel Church & Charity Accounts Service Ltd 7 Planchadeau 23460 Salnt-Pie￿e-Bellevue France HARVEST FIELDS HOMES (A Company Limited by Guarantee) Report of the Trustees including Directorfs Report) 2024 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 2024. The Charity was established by memorandum and articles of association on 251h June 1998 under company number 03588469 and was recognised a8 a charity on 24th September 1998 under charity number 1071686. The principal office is Dale Farm, Worcester Lane, Sutton Coldfield, B75 SPR. Objec( Activities and Public Benefit The Objects of the Charity are to advance the Christian faith and, as an expression of Christian witness love and concem, to: prov￿8 accommodation and associated amenities, seNices, advice or assistance for persons in n￿Ssit0us circumstances or in charitable need,. provide and/or support facilities to improve the conditions of lrfe for the local community, relieve the aged, the poor, the sick and those in conditions of need, hardship and dIst￿SS,. and provide and/or support training and pastor81 ca￿. The trustees have taken account of the Charty Cornrnission's general guidance relating to public benefit when reviewing the Charity's achievements and performance. To date the Charity has only met housing need. To this end the Charity owns and manages the Rented Social Housing required under the Section 106 Agreement with the City of Bimiingham on the housing development at HaNest Fields, Sutton Coldfield. At the year end, the Charity was renting out twenty-four properties to those who, before they Moved to Haniest Fields, were considered to be in housing need. Achievements. Perfomiance and Publlc Beneflt The trustees consider that the Object has been achieved 8atisfactorily during the year by providing good quality, affordable accommodation for their tenants. The provision of a horne from Harvest Fields Homes has dramatically improved the quality of life for rnost tenants, families; many of whom came from sub-standard or inappropriate sized properties. In many instances it has also released a property back into the ￿nted housing market. They consider that this has satisfied the public benefit test. Financial Review & Reserves Policy The results of the Charity for the year ended 31st December 2024 are set out in the financial statements. Income for the financial year was £191,268 (2023: £169,636) and the expenditure was £92,225 (2023: £110,265>. The undesignated reserves carried forward are £1,347,004 which is considered satisfactory. However, the uninvested portion of these is only £233,478 (the free reserves). It was always the expectation of the trUSt￿S that, having paid Inte￿St 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 resep4es. The trustees actively monitor risks and seek to minimise, manage andlor eliminate them where possible and practicable. HARVEST FIELDS HOMES (A Company Limited by Guarantee) Report of the Trustees (including Director's Report) 2024 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 Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Approved by the trustees l Directors on 16th July 2025 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 2024 Chari No: 1071686 Com No: 3588469 I report on the accounts of Harvest Fields Homes for the year ended 31st December 2024 which are set out on pages 5 to 11. Responslbllltles and basis of report As the charitvs trustee5 of the Company {who are also the dlrectors of the company for the purposes of company lawl, you are responsible forthe preparation of the accounts in accordance with the requirements of the Companies Act 2006 {-the 2006 Act"). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charit¢s accounts as carried out under section 145 of the Charities Act 2011 {"the 2011 Act"). In carrying out my examination, I have followed the Directionsgiven by the Charity Commission (under section 145(51{b) of the 2011 Att. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that: accounting records were not kept in accordance with section 386 of the Companies Act 2006. or the accounts do not accord with such records; or the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fairf viewwhich is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the Charities SORP (FRS102). I have no concerns and have come across no other matters in connectlon with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Peter Saltiel Church & Charity Accounts SeThlce Ltd 7 Planchadeau 23460 Saint-Pierre-Bellevue France formerly, 69 Portland Place Greenhithe, Kent, DA9 9FE Dated 20" July 2025 HARVEST FIELDS HOMES (A Company Limited by Guarantee) Statement of Financlal Activities and Summary of Income and Expenditure Account Year Ended 31st December 2024 Total Unrestrfcted Fund8 2024 Total Unrestricted Funds 2023 Notes Income: Charitable activities: rent receivable Interest receivable 188,316 2,952 167,894 1,742 191,268 169,636 Expendlture: Charitable activltie8 92,225 110,264 Net Income for the year 99,043 59,372 Net movement In funds 99,043 59,372 Total funds brought forward 1,247,961 1,188,589 Total funds carried forward 1,347,004 1.247,961 The Statement of Financial Activities includes all gains and losses recognised in the year. All the above results are derived from continuing activities. The notes on pages 7 to 11 form part of these financial statements. HARVEST FIELDS HOMES (A Company Limited by Guarantee) Balance Sheet At 31st December 2024 Notes 2024 2023 Fixed Assets Tangible assets 1,113,526 1,139,620 Current Assets Debtors Cash at bank 4,671 252,939 905 201,601 257,610 202,506 Creditors: Amounts falling due within one year 10 (24,132) (9,246) Net Current Assets 233,478 193,260 Total Assets less Current Liabilities 1,347,004 1,332,880 Creditors: Amounts falling due after more than one year 13 (84,919) Net Assets 1,347,004 1,247,961 Represented by: Unrestricted funds 1,347,004 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 3151 December 2024. the company was entitled lo 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 to 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 16th July 2025 and signed on Iheir behalf by- S J Robinson- Trustee Company No. 03588469 HARVEST FIELDS HOMES (A Company Limited by Guarantee) Notes to the Financlal Statements Year Ended 31 st December 2024 Basis of Preparation Basis of accountlng These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the ￿levant 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 with the Financial Reporting Standard applicable 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 aGcounts during the financial year. The charity is a public benefft entity as defined by FRS 102. Going Concern The trustees are of a view that there are sufficient reserves to secure the immediate future of the Trust for the next 12 to 18 months and on that basis the charity is a going concem. AcGounting Policies 2.1 Fund Accounting . Unrestricted funds These are donations, rental and other income received or generated for the objects of the charty without specific purpose and are available as general funds. The charity has no restricted funds. 2.2 Income Rental income is induded 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 reSoU￿S and that the monetary value can be measured with sufficient reliability. Income from interesl is included in the accounts when re￿Ipt is probable and the amount receivable can be measured reliably. 2.3 Expenditure Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation commrtting the chaiity 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 activities which further the charWs objectives, as well as any associated support costs. Govemance costs comprise all costs involving public accountability of ￿ charity and its Complian￿ 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 Limitsd by Guarantee) Notes to the Flnancial Statements {conVd) Year Ended 31st December 2024 Fixed Assets Purchased fixed assets are capitalised at the price paid (plus fees etc) even if the open market value could be or was higher at the time of acquisition. Depreclatton Depreciation is calculated to write off from the date of first occupation the cost of building8 at 2% per annum straight line and carpets and fumiture at 12'A% per annum straight line. Current Assets Current assets are cash at bank with immediate access and debtors. Current Llabllities Current liabilities are obligations to pay for services related to the properties within one year. Non4urrent Llabllltles Non-current liabilities relate to the loan from Quothquan Trust and related interest. Thls was used to purchase properties as reported in Note 13. There is no fixed term for the loan and the charity maintains its obligation to repay the loan. Judgements and Estlmatlons The trustees have not made any significant judgements in the process of applying the accounting policies and there are no areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. Cash Flow Exemptlon The truslees have nol produced a stalement of cash fl¢)ws, a8 the Charity Is within the small company and charity thresholds. Incomo 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 totalling £191,268 (2023: £169,636) was derived from the UK. Expenditure on charltable activftles 2024 2023 Interest payable Depreciation of tangible assets Property expenses Governance - Independent Examiner Govemance - Companies House Bookkeeping & admin charge from SQCT Bank charges 974 26,094 58.819 700 4,954 26,094 72,966 635 13 5,500 102 5,500 104 92,225 110,264 HARVEST FIELDS HOMES (A Company Llmlted by Guarantee) Notes to the Financial Statements (cont'd) Year Ended 31st December 2024 Trustses Neither of the trustees has received any remuneration from the Charity for services rendered nor been reimbursed any exp8nses. Details of Iransactions with connected charilies and related partie8 are set out in note 13 below. Staff Costs Since there were no employees, no employee was pald more than £60,000 per annum. Taxatlon The company is a registered charty and as all its income will be applled for charitable purposes, no liability to tax arises in respect of the year ended 31st December 2024 (2023: nil). Tanglble Flxed A88ets 2024 Freehold property 2024 Total 2023 Freehold property 2023 Total Cost At 18lJanuary Additionsldisposals in the year 1,617,564 1,650,400 1,617,564 1,650,400 At 31 st Decernber 1,617.564 1.650,400 1,617,564 1,650,400 Depreclatlon At 1st January Charge for the year 477.944 26,094 510.780 26,094 451,850 26,094 484,686 28,094 At 31st December 504,038 536,874 477,944 510,780 Net Book Value At 31st December 2024 1,113,526 1,113,526 1,139,620 1,139,620 At 31 st Decernber 2023 1,165,714 1,165,714 1,165,714 1,165,714 HARVEST FIELDS HOMES (A Cornpany Limited by Guarantee) Notes to the Financial Statements {conVd) Year Ended 31st December 2024 Debtor8 2024 2023 Rental debtors Other debtors 1,918 2,753 905 4.671 905 10. Creditors falllng due within twelve months 2024 2023 Rents prepaid Accruals 5,824 18,308 501 8,7454 24,132 9,246 11. Utilisatlon of Funds 2024 Total Funds 2023 Total Funds Opening balances Net incoming resources 1,247,961 99,043 1,188,589 59,372 Closing balances 1,347,004 1,247,961 Represented by: Tangible fixed assets Net current assetslliabilities Long term loans 1,113,526 233,478 1,139,620 193.260 (84,919) 1,347,004 1,247,961 12. Share Capitsl 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 whilsl that person is a member or within one year after ceasing to be a member. 10 HARVEST FIELDS HOMES (A Company Limited by Guarantee) Notes to the Flnancial Statements (conf d) Year Ended 31st December 2024 13. Connected Charities and Associated Party Transactlons Quothquan Trust, which is connected by virtue of common trustees, loaned this Charity a maximum of £84,919 (2023: £180,965) in the year and at Ihe year-end £nil (2023: £84,919) was outstanding. This comprises two loans, the interest rate on the older one being 70kpa and the one in 2012 being 3.70/opa - these were considered to be the commercial rate for that purpose at the time the loans were agreed. It charged interest of £974 (2023: £4,954). The Second Quothquan Charitable Trust. which is connected in the same way, provided this Chartty with book-keeping and administration services to this Charity for which it paid £5,500 (2023: £5,500).