NOMAD OPENING DOORS
REGISTERED IN ENGLAND AND WALES UNDER COMPANY NUMBER 3846994
REGISTERED CHARITY NUMBER 1078089
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST MARCH 2023
TINGLE ASHMORE LTD
CHARTERED ACCOUNTANTS SHEFFIELD
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST MARCH 2023
INDEX
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' annual report | 2-5 |
| Independent examiner's report | 6 |
| Statement of financial activities and income and expenditure account | 7 |
| Balance sheet | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10-18 |
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST MARCH 2023
LEGAL AND ADMINISTRATIVE INFORMATION
Nomad Opening Doors Blades Business Hub, John Street, Sheffield, S2 4SW
Name and principal address Nomad Opening Doors Blades Business Hub, John Street, Sheffield, S2 4SW Company number 3846994 Charity number 1078089 Trustees Lisa Smith Sylvia Kotokwa Ruth Lucas Vincent Beard - appointed Mar-23 Gemma Deehan - appointed May-23 Joy Drever - appointed Mar-23 Rhona Sanders - appointed May-23 Luke Morton - resigned Dec-22 Chris Sterry - resigned Mar-23 Company Secretary Stephen Rundell Key management personnel Stephen Rundell Chief Executive Karen Awdhali Head of Services Angela Argenzio Finance Manager Accountants and independent examiners Tingle Ashmore Ltd Chartered Accountants Enterprise House, Broadfield Court, Sheffield, S8 0XF Bankers Co-operative Bank Plc West Street, Sheffield, S1 2SX Monmouthshire Building Society John Frost Square, Newport, NP20 1PX Hampshire Trust Bank PO Box 74003, London, EC2P 2QR
Page 1
NOMAD OPENING DOORS
31ST MARCH 2023
TRUSTEES' ANNUAL REPORT
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
The trustees present their annual directors' report and the unaudited financial statements of the charity for the year ended 31st March 2023 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.
Objectives and Activities
Purposes and aims
Our charity's purposes are as set out in the objects of the company, which are to relieve poverty and, in particular, need amongst homeless persons in the City of Sheffield and surrounding communities, without distinction of race, sex, sexual orientation, age, nationality, disability or political or religious beliefs.
Our mission
We have distilled our stated purpose into a clear mission which is as follows: To break the cycle of homelessness by empowering people to thrive in safe homes.
Our primary objectives
-
To unlock access to decent, affordable housing.
-
To help people transition out of homelessness quickly and positively.
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To support people to develop the skills and resilience to avoid homelessness in the future.
-
To be a sustainable organisation that supports people to make sustainable choices.
How we work to deliver these Objectives
We support people transitioning out of homelessness to increase and develop their personal asset, reduce their dependence on public services and access education, training, employment and volunteering opportunities and also increased their resilience. We also support people to sustain their tenancy and so reduce the repeat cycles of homelessness by using evidence based, trauma informed approaches and methodologies.
We work with private sector landlords to improve the availability, standard and affordability of housing for those who use our services. At the same time, we work with social housing providers and the local authority to develop innovative and sustainable responses to the needs of people who use our services.
Public benefit
We confirm that the trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
Page 2
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
TRUSTEES' ANNUAL REPORT
31ST MARCH 2023
Achievements 2022-23
An incredibly exciting year! For perhaps the first time in 3 years, Nomad and the wider region in which we work, was able to shake off the limiting factors that had lingered as a result of the Covid 19 pandemic. While things may never be the same as they were prior to 2020, we have now discovered some sort of “normality”. As a result, Nomad has been able to drive forward its exciting plans for growth and development.
The key achievement for the year was finalising the purchase of Clarity Lettings Agency from its Dronfield based owners. Clarity had been in operation for 12 years when we exchanged on the 1st September.
It has grown into a thriving commercial enterprise and one which we know will be a great asset to Nomad. Not only will Clarity be our second trading arm, generating much needed income to support our charitable aims, it will also provide an excellent “move on” opportunity for clients who are ready to move from shared accommodation to a family home or a one person property. Clarity Lettings along with its 120 properties will form the next stage in the SmartSteps Project continuum, positively expanding the Nomad offer.
While we were busy through the spring and summer of 2022, negotiating business loans, liaising with solicitors, and drawing up staffing plans, we were also busy pulling together a full application to the National Lottery Community Fund to replace the funding that was due to end in March 2023. We received the news in December 2023 that our application had been successful and £472,000 had been secured to continue to fund the much needed SmartSteps Project.
The only grey cloud during the year was the difficulty we had in recruiting to vacant posts as we worked to expand and strengthen our team. We came face to face with many of the issues being faced by all in the labour market since 2020. These issues included a poor response to job ads., recruits not responding to calls and emails and recruits not showing up at interviews. Frustrating though this was, I am pleased to report that in October and November of 2022 we successfully recruited Pouya Ali and Joshua Millar to the posts of Finance Assistant and Lettings Negotiator respectively, while in the winter and spring of 2023 we recruited Fergus Daffy and Jodie Kissack to the posts of Housing and Progression Officer and Administrator respectively.
Following the departure of our colleagues Aurora Piano and Jodie Sill in the winter of 2022, it was good to reinvigorate the staff team with such experienced and able people.
Changes to the Board of Trustees
In 2022-23 we said goodbye to Chair, Luke Morton and to long standing Trustee Chris Sterry, after more than 3 years of dedicated service. Luke and his family relocated to North Wales in a major life change while Chris, following personal bereavement, decided to move back to Lancashire to be closer to extended family. The winter/spring of 2023 saw the implementation of a comprehensive and highly successful recruitment campaign. Nomad has now recruited Joy Drever, a lecturer from Sheffield Hallam University, Gemma Deehan a qualified accountant with a long history of links to the third sector in Sheffield, and Vincent Beard, a project management and event planning expert. With the addition of these highly capable individuals, the Board has expanded its skill set and become more representative of the community we represent.
Many thanks to all Board members for their support and commitment and a special word of thanks to Lisa Smith who took on the post of interim Chair through the spring of 2023, keeping the Nomad “ship” on an even and steady course.
Page 3
NOMAD OPENING DOORS
TRUSTEES' ANNUAL REPORT
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST MARCH 2023
Financial review
Nomad’s position at the end of the financial year remains strong with the organisation performing according to budgetary predictions.
The backbone of this stability continues to be the National Lottery Community Fund grant, the fourth year of which ended on 31st March 2023. On top of this, a significant three year grant from the Tudor Trust has continued to add to overall financial resilience.
Reserves Policy
The trustees have reviewed the charity's needs for reserves in line with the guidance issued by the Charity Commission. Having reviewed its requirements and taking into account any costs that would be incurred should the charity cease to exist, the Trustees have determined that the minimum level of reserves held should be £105,000. Furthermore, they agree that the minimum level of reserves held should be at least 3 months operating costs.
This level will be reviewed on an annual basis to ensure that this remains an appropriate minimum level. At the year end total funds were £275,057, of which £42,633 were restricted funds and £232,424 were unrestricted funds. Reserves at 31st March 2023 were £157,779.
Going Concern
The Trustees confirm that in their opinion Nomad is a going concern and will continue to be so for at least the next financial year. The finance department, now consisting of the Finance Manager and Finance Assistant, underpins Nomad’s financial probity.
Structure, Governance and Management
Governing Document
Nomad is a company limited by guarantee and a registered charity. The company was incorporated on 23rd September 1999 and registered as a charity on 8th November 1999.
Company Status
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of a winding up. The total number of such guarantees at 31st March 2023 was 6.
The Trustees are members of the charity, but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.
All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 6 to the accounts.
Recruitment and Appointment of Trustees
Trustees are recruited through various means. Initial contact is through the CEO who will meet the enquirer and discuss with them the requirements of the role, as well as giving them a Trustees Information Pack. Nomad's Trustees are appointed by election with approval of the Board. One third of the members of the Trustees must retire by rotation but may stand for re-election. Other members can be co-opted during the year.
Page 4
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST MARCH 2023
TRUSTEES' ANNUAL REPORT
Organisational Structure
Each of Nomad's projects is managed by the Head of Services, who is line-managed by the CEO.
Decisions for the charity are normally taken at Trustees' meetings. The CEO and Finance Manager present operational and financial reports/information. The CEO convenes monthly SMT meetings to review all operations.
Trustees' responsibilities statement
The Trustees (who are also directors of Nomad Opening Doors for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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●select suitable accounting policies and then apply them consistently;
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●observe the methods and principles in the Charities SORP 2019 (FRS 102);
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●make judgments and estimates that are reasonable and prudent;
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●state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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●prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that 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.
This report has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.
The Annual Report was approved by the trustees on 29th September 2023 and signed on their behalf by
…………………………………………… Lisa Smith Trustee
Page 5
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST MARCH 2023
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
NOMAD OPENING DOORS
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31st March 2023 which are set out on pages 7 to 18.
Responsibilities and basis of report
As the charity Trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’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 Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection 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.
…………………………………………… Brendan Ashmore ACA Tingle Ashmore Ltd Chartered Accountants Enterprise House Broadfield Court Sheffield S8 0XF
Dated: 11th October 2023
Page 6
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| Notes | 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | ||
| Income from: | |||||
| Donations and legacies | |||||
| Donations | 39,344 | 5,888 | 45,232 | 18,143 | |
| Donations from subsidiaries | 13,036 | - | 13,036 | 2,000 | |
| Core grants | 5,195 | - | 5,195 | 8,143 | |
| Charitable activities | 2 | 234,904 | 202,243 | 437,147 | 432,960 |
| Other trading activities: | |||||
| Rental income | 7,650 | - | 7,650 | - | |
| Investment income | |||||
| Bank interest receivable | 387 | - | 387 | 115 | |
| _ | _ | _ | _ | ||
| Total income | 300,516 | 208,131 | 508,647 | 461,361 | |
| _ | _ | _ | _ | ||
| Expenditure on: | |||||
| Raising funds | 817 | - | 817 | 511 | |
| Charitable activities | 3 | 267,162 | 201,064 | 468,226 | 412,329 |
| _ | _ | _ | _ | ||
| Total expenditure | 267,979 | 201,064 | 469,043 | 412,840 | |
| _ | _ | _ | _ | ||
| Net income before transfers | 32,537 | 7,067 | 39,604 | 48,521 | |
| Transfers between funds | 5 | 10,000 | (10,000) | - | - |
| ______ | ______ | ______ | ______ | ||
| Net movement in funds | 6 | 42,537 | (2,933) | 39,604 | 48,521 |
| Total funds brought forward | 189,887 | 45,566 | 235,453 | 186,932 | |
| _ | ______ | _ | _ | ||
| Total funds carried forward | £232,424 | £42,633 | £275,057 | £235,453 | |
| _ _ |
__ ____ |
_ _ |
_ _ |
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Page 7
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
BALANCE SHEET
| Notes | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 9 | 3,911 | 7,407 |
| Investments | 10 | 100,000 | - |
| _ | _____ | ||
| 103,911 | 7,407 | ||
| _ | _____ | ||
| Current assets | |||
| Stocks | 1,367 | 1,367 | |
| Debtors | 11 | 113,955 | 37,179 |
| Cash at bank and on hand | 194,915 | 220,054 | |
| _ | _ | ||
| 310,237 | 258,600 | ||
| Creditors - amounts falling due within one year | 12 | 110,385 | 30,554 |
| _ | _ | ||
| Net current assets | 199,852 | 228,046 | |
| _ | _ | ||
| Total assets less current liabilities | 303,763 | 235,453 | |
| Creditors - amounts falling due after more than | |||
| one year | 13 | 28,706 | - |
| _ | _ | ||
| Net assets | £275,057 | £235,453 | |
| _ | _ | ||
| _ | _ | ||
| Charity funds | |||
| Unrestricted funds | 15 | 232,424 | 189,887 |
| Restricted funds | 15 | 42,633 | 45,566 |
| _ | _ | ||
| Total funds | 16 | £275,057 | £235,453 |
| _ _ |
_ _ |
For the year ending 31st March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the period in question in accordance with section 476;
-
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved and authorised for issue by the Board on 29th September 2023 and signed on their behalf by
……………………………. Lisa Smith
……………………………. Rhona Sanders
Trustee
Trustee
Company number: 3846994
Page 8
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST MARCH 2023
STATEMENT OF CASH FLOWS
| Total | Total | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Cash flows from operating activities: | ||
| Net cash provided by operating activities | 39,953 | 56,073 |
| _ | ______ | |
| Cash flows from investing activities: | ||
| Interest received | 387 | 115 |
| Purchase of tangible fixed assets | - | (161) |
| Purchase of investments | (100,000) | - |
| _ | ___ | |
| Net cash used in investing activities | (99,613) | (46) |
| _ | ___ | |
| Cash flows from financing activities: | ||
| Cash inflows from new borrowing | 40,000 | - |
| Repayments of borrowing | (5,479) | - |
| ______ | ___ | |
| Net cash provided by/(used in) financing activities | 34,521 | - |
| ______ | ___ | |
| Change in cash and cash equivalents in the year | (25,139) | 56,027 |
| Cash and cash equivalents at the beginning of the year | 220,054 | 164,027 |
| _ | _ | |
| Cash and cash equivalents at the end of the year | £194,915 | £220,054 |
| _ | _ | |
| _ | _ | |
| Cash and cash equivalents consists of: | ||
| Cash at bank and on hand | £194,915 | £220,054 |
| _ | _ | |
| _ | _ | |
| Reconciliation of net income to net cash flow from operating activities: | ||
| Net income for the year | 39,604 | 48,521 |
| Adjustments for: | ||
| Depreciation charges | 3,496 | 3,496 |
| Interest receivable | (387) | (115) |
| Interest payable | 1,452 | - |
| Decrease/(increase) in stock | - | (18) |
| (Increase)/decrease in debtors | (76,776) | 3,011 |
| Increase in creditors | 72,564 | 1,178 |
| ______ | ______ | |
| Net cash provided by operating activities | £39,953 | £56,073 |
| __ ____ |
__ ____ |
Page 9
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies
(a) General information and basis of preparation
Nomad Opening Doors is a company limited by guarantee registered in England and Wales. 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. The address of the registered office is given in the charity information on page 1 of these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard application in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and are rounded to the nearest £.
These financial statements present information about the charity as an individual undertaking and not about its group. The charity is exempt from the requirement to prepare group accounts as the group is small.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Going concern
The Trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.
The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
- (c) Income
All income is accounted for as soon as the charity has entitlement to the income, there is certainty of receipt and the amount can be measured.
Income is only deferred when:
-
●The donor specifies that the grant or donation must only be used in future accounting periods; or
-
●The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Grants receivable
Grants received for specific purposes are accounted for as restricted funds. Grants are not recognised as receivable until all conditions for receipt have been complied with. Where donor imposed restrictions apply to the timing of the related expenditure, as a pre-condition for its use, the grant is treated as deferred income until those restrictions are met.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Page 10
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS
-
1 Accounting policies (continued)
-
(d) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
- (e) Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 4.
- (f) Fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is calculated to write down the cost, less any residual value, of the fixed assets over their expected useful lives. The rate used is as follows:
Office fixtures and equipment - 4 years straight line basis
- (g) Investments
Investments in subsidiaries are measured at cost less impairment.
- (h) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
(i) Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables.
- (j) Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the year, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
- (k) Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme for its employees. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
- (l) Accrued Holiday Pay
Provision is made at the balance sheet date for holidays accrued but not taken, at the salary of the relevant employee at that date. The expected cost of compensated short-term absence (i.e holidays) is charged to the SOFA on an accruals basis.
Page 11
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies (continued)
(m) Termination Benefits
Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The charity recognises termination benefits when it is demonstrably committed to either (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy.
| Unrestricted | Restricted | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2023 | 2023 | 2023 | ||
| £ | £ | £ | ||
| 2 | Income from charitable activities | |||
| Housing management | 231,038 | - | 231,038 | |
| National Lottery Community Foundation | - | 120,359 | 120,359 | |
| NHS Cost of Living | - | 5,000 | 5,000 | |
| Hedley Foundation | - | 4,000 | 4,000 | |
| The Evan Cornish Foundation | - | 3,500 | 3,500 | |
| Sheffield Town Trust | - | 1,350 | 1,350 | |
| Leeds Building Society Foundation | - | 35,107 | 35,107 | |
| Charities Aid Foundation | - | 10,000 | 10,000 | |
| The Liz and Terry Bramall Foundation | - | 10,332 | 10,332 | |
| Sheffield City Council: | ||||
| - Device Support Fund | - | 7,500 | 7,500 | |
| - Suicide Prevention Fund | - | 1,500 | 1,500 | |
| - Community Safety Partnership Fund | - | 900 | 900 | |
| Other | 3,866 | 2,695 | 6,561 | |
| _ | _ | _ | ||
| £234,904 | £202,243 | £437,147 | ||
| _ | _ | _ | ||
| _ | _ | _ | ||
| 2022 | 2022 | 2022 | ||
| £ | £ | £ | ||
| Prior year comparison: | ||||
| Housing management | 211,154 | - | 211,154 | |
| National Lottery Community Foundation | - | 118,010 | 118,010 | |
| Postcode Neighbourhood Trust | - | 14,510 | 14,510 | |
| NHS Sheffield CCG - Winter Pressures | - | 11,156 | 11,156 | |
| Awards for All (Big Lottery) | - | 9,689 | 9,689 | |
| Help The Homeless | - | 5,000 | 5,000 | |
| Hobson Charity | - | 3,000 | 3,000 | |
| J G Graves Charitable Trust | - | 3,000 | 3,000 | |
| Sheffield City Council: | ||||
| - Community Covid Recovery Grant | - | 29,023 | 29,023 | |
| - Tackling Inequalities | - | 5,186 | 5,186 | |
| Other | 14,300 | 8,932 | 23,232 | |
| _ | _ | _ | ||
| £225,454 | £207,506 | £432,960 | ||
| _ _ |
_ _ |
_ _ |
Page 12
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS
| Total | Total | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| 3 | Expenditure on charitable activities | ||
| Direct costs: | |||
| Staff costs | 136,817 | 121,895 | |
| Project costs | 9,989 | 13,425 | |
| Housing expenses | 124,300 | 92,599 | |
| Support costs (see note 4) | 192,818 | 182,310 | |
| Governance costs (see note 4) | 2,850 | 2,100 | |
| Loan interest | 1,452 | - | |
| _ | _ | ||
| £468,226 | £412,329 | ||
| _ | _ | ||
| _ | _ | ||
| Unrestricted expenditure | 267,162 | 242,018 | |
| Restricted expenditure | 201,064 | 170,311 | |
| _ | _ | ||
| £468,226 | £412,329 | ||
| _ _ |
_ _ |
- 4 Analysis of governance and support costs
| Support | Governance | Total | ||
|---|---|---|---|---|
| 2023 | 2023 | 2023 | ||
| Basis of apportionment | £ | £ | £ | |
| Staff costs | Time spent | 133,815 | - | 133,815 |
| Office costs | Floor area | 20,043 | - | 20,043 |
| Accommodation | Floor area | 38,960 | - | 38,960 |
| Accountancy | Governance | - | 2,850 | 2,850 |
| _ | _____ | _ | ||
| £192,818 | £2,850 | £195,668 | ||
| _ | _____ | _ | ||
| _ | _____ | _ | ||
| Prior year comparison | ||||
| Support | Governance | Total | ||
| 2022 | 2022 | 2022 | ||
| £ | £ | £ | ||
| Staff costs | Time spent | 135,841 | - | 135,841 |
| Office costs | Floor area | 12,849 | - | 12,849 |
| Accommodation | Floor area | 33,620 | - | 33,620 |
| Accountancy | Governance | - | 2,100 | 2,100 |
| _ | _____ | _ | ||
| £182,310 | £2,100 | £184,410 | ||
| _ _ |
_ ___ |
_ _ |
Page 13
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS
5 Transfers between funds
The transfer relates to the grant from Charities Aid Foundation, with the restrictions being met following the purchase of the trading subsidiary.
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| 6 | Net movement in funds | ||
| This is stated after charging:- | |||
| Accountant's remuneration | |||
| - accounts preparation | 1,770 | 1,800 | |
| - independent examination | 390 | 300 | |
| - other | 690 | - | |
| Depreciation | 3,496 | 3,496 | |
| _____ | _____ | ||
| _____ | _____ | ||
| 7 | Analysis of staff costs, trustee remuneration and expenses, and the cost | ||
| of key management personnel | |||
| Wages and salaries | 234,339 | 227,645 | |
| Employer's national insurance | 17,629 | 15,150 | |
| Employer's pension contributions | 14,331 | 12,540 | |
| Training and other staff costs | 4,333 | 2,401 | |
| _ | _ | ||
| £270,632 | £257,736 | ||
| _ | _ | ||
| _ | _ | ||
| Allocated as follows: | |||
| Charitable activities | 136,817 | 121,895 | |
| Support costs | 133,815 | 135,841 | |
| _ | _ | ||
| £270,632 | £257,736 | ||
| _ _ |
_ _ |
No employees had employee benefits in excess of £60,000 in either year. The average number of staff employed was 9 (2022 - 10).
The key management personnel of the charity comprise the Trustees, Chief Executive, the Head of Services and the Finance Manager. The total employee benefits of the key management personnel were £116,947 (2022 - £107,775).
The trustees were not paid or received any other benefits from employment with the charity in either year. No expenses were reimbursed to trustees in either year.
- 8 Related party transactions
There were no related party transactions requiring disclosure in either year.
Page 14
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS
- 9 Tangible assets - Office equipment
| 9 | Tangible assets - Office equipment | ||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1st April 2022 and at 31st March 2023 | 17,100 | ||
| ______ | |||
| Depreciation | |||
| As at 1st April 2022 | 9,693 | ||
| Charge for the year | 3,496 | ||
| ______ | |||
| As at 31st March 2023 | 13,189 | ||
| ______ | |||
| Net book value | |||
| As at 31st March 2023 | £3,911 | ||
| _____ | |||
| _____ | |||
| 2023 | 2022 | ||
| £ | £ | ||
| 10 | Investments | ||
| Unlisted investments | £100,000 | £- | |
| _ _ |
The unlisted investment is a 100% holding in the ordinary share capital of Clarity Enterprises Limited, a company incorporated in England and Wales whose principal activity was that of property management. At 31st March 2023, the aggregate capital and reserves of the company amounted to £10,342 (2022 - £8,081) and its profit for the 7 month period was £16,016 (12 months to 31st August 2022 - £28,648).
The charity is also the sole guarantor for Nomad Opening Doors Trading Limited, a company limited by guarantee, incorporated in England and Wales and whose principal activity was that of property management. At 31st March 2023, the aggregate capital and reserves of the company amounted to £29,910 (2022 - £7,556) and its profit for the year was £29,910 (2022 - £12,605).
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| 11 | Debtors | ||
| Trade debtors | 21,322 | 11,111 | |
| Prepayments and accrued income | 92,633 | 20,267 | |
| Amount due from subsidiary undertaking | - | 5,801 | |
| _ | ______ | ||
| £113,955 | £37,179 | ||
| _ | ______ | ||
| _ | ______ | ||
| 12 | Creditors - amounts falling due within one year | ||
| Bank loan | 7,267 | - | |
| Trade creditors | 89,864 | 11,404 | |
| Taxation and social security | 5,162 | 4,157 | |
| Deferred income (note 14) | 1,200 | 9,241 | |
| Amount payable to subsidiary undertaking | 370 | - | |
| Other creditors and accruals | 6,522 | 5,752 | |
| _ | ______ | ||
| £110,385 | £30,554 | ||
| _ _ |
__ ____ |
Page 15
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| 13 | Creditors - amounts falling due after | more than one year | ||||
| Bank loan | £28,706 | £- | ||||
| ______ | ___ | |||||
| ______ | ___ | |||||
| 14 | Deferred income | |||||
| Balance at 1st April 2022 | 9,241 | 2,399 | ||||
| Released to income from charitable | activities | (9,241) | (2,399) | |||
| Amount deferred in the year | 1,200 | 9,241 | ||||
| _____ | _____ | |||||
| Balance at 31st March 2023 | £1,200 | £9,241 | ||||
| _____ | _____ | |||||
| _____ | _____ | |||||
| 15 | Analysis of movements in charity funds | |||||
| Balance at | Movement in resources | Transfers | Balance at | |||
| 1st April | Incoming | Outgoing | 31st March | |||
| 2022 | 2023 | |||||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds: | ||||||
| General funds | 189,887 | 300,516 | (267,979) | 10,000 | 232,424 | |
| _ | _ | _ | ______ | _ | ||
| Restricted funds: | ||||||
| National Lottery Community | ||||||
| Foundation | - | 120,359 | (120,359) | - | - | |
| Awards for All (National Lottery) | 2,422 | - | (2,422) | - | - | |
| Money Saving Expert | 3,973 | - | (3,973) | - | - | |
| Hobson Charity | 1,158 | - | (1,158) | - | - | |
| Frontline Network Ideas Fund | 685 | - | (685) | - | - | |
| NHS Cost of Living | - | 5,000 | (5,000) | - | - | |
| Hedley Foundation | - | 4,000 | (1,052) | - | 2,948 | |
| The Evan Cornish Foundation | - | 3,500 | (2,784) | - | 716 | |
| Leeds Building Society | ||||||
| Foundation | - | 35,107 | (983) | - | 34,124 | |
| Charities Aid Foundation | - | 10,000 | - | (10,000) | - | |
| The Liz and Terry Bramall | ||||||
| Foundation | - | 10,332 | (10,332) | - | - | |
| Sheffield Town Trust | - | 1,350 | (1,040) | - | 310 | |
| Sheffield City Council: | ||||||
| - Community Covid Recovery | ||||||
| Grant | 29,023 | - | (29,023) | - | - | |
| - Tackling Inequalities Fund | 5,186 | - | (5,186) | - | - | |
| - Device Support Fund | - | 7,500 | (7,500) | - | - | |
| - Suicide Prevention Fund | - | 1,500 | - | - | 1,500 | |
| - Community Safety | ||||||
| Partnership Fund | - | 900 | - | - | 900 | |
| Other | 3,119 | 8,583 | (9,567) | - | 2,135 | |
| ______ | _ | _ | ______ | ______ | ||
| 45,566 | 208,131 | (201,064) | (10,000) | 42,633 | ||
| ______ | _ | _ | ______ | ______ | ||
| Total funds | £235,453 | £508,647 | £(469,043) | £- | £275,057 | |
| _ _ |
_ _ |
_ _ |
_ _ |
Page 16
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS
15 Analysis of movements in charity funds (continued)
Description, nature and purposes of restricted funds
National Lottery Community Foundation - Grant funding to support the Smart Steps programme which assists adults to move into private rented accommodation or into supported accommodation to prepare for independent living in private rented accommodation
Awards4All - Awards4All supported Nomad by funding for staff wages to allow the project to continue to make an impact on homelessness in Sheffield.
Money Saving Expert - Funding for client workshops. Hobson Charity - Nomad received funding for different educational courses for clients.
Frontline Network Ideas Fund - Nomad received funding from Frontline Network Ideas Fund to support mental health support activities.
NHS Cost of Living - Winter Pressures funding, designated for a range of issues affecting our clients during the cost-of-living crisis.
Hedley Foundation - Supporting clients with personal equipment to keep them warm during the winter, such as coats, boots and hot water bottles.
The Evan Cornish Foundation - The Up-Front project enables us to cover the first month’s rent for clients moving in who were waiting for their benefit payments.
Leeds Building Society Foundation - Multi-year funding to support our SmartSteps programme. Charities Aid Foundation - A grant towards the cost of purchasing the trading subsidiary company. The Liz and Terry Bramall Foundation - A grant to fund employment and rent costs. Sheffield Town Trust - Supporting our work in preventing homelessness, this fund was allocated to the provision of counselling for our vulnerable clients.
Sheffield City Council - Funds were awarded for the acquisition of laptops to end digital exclusion in vulnerable groups; to provide counselling; and to address the risk of suicide through early intervention in homelessness prevention and support by our Housing Team.
Prior year comparison:
| Prior year comparison: | ||||
|---|---|---|---|---|
| Balance at | Movement in resources | Balance at | ||
| 1st April | Incoming | Outgoing | 31st March | |
| 2021 | 2022 | |||
| £ | £ | £ | £ | |
| Unrestricted funds: | ||||
| General funds | 178,561 | 253,855 | (242,529) | 189,887 |
| _ | _ | _ | _ | |
| Restricted funds: | ||||
| National Lottery Community Foundation | - | 118,010 | (118,010) | - |
| Crisis | 3,057 | - | (3,057) | - |
| Postcode Neighbourhood Trust | - | 14,510 | (14,510) | - |
| NHS Sheffield CCG - Winter Pressures | - | 11,156 | (11,156) | - |
| Project costs | - | 9,689 | (7,267) | 2,422 |
| Help The Homeless | - | 5,000 | (5,000) | - |
| Money Saving Expert | - | 5,298 | (1,325) | 3,973 |
| Hobson Charity | - | 3,000 | (1,842) | 1,158 |
| J G Graves Charitable Trust | - | 3,000 | (3,000) | - |
| Sheffield City Council: | ||||
| - Community Covid Recovery Grant | - | 29,023 | - | 29,023 |
| - Tackling Inequalities Fund | - | 5,186 | - | 5,186 |
| Frontline Network Ideas Fund | 1,560 | - | (875) | 685 |
| Other | 3,754 | 3,634 | (4,269) | 3,119 |
| _____ | _ | _ | ______ | |
| 8,371 | 207,506 | (170,311) | 45,566 | |
| _____ | _ | _ | ______ | |
| Total funds | £186,932 | £461,361 | £(412,840) | £235,453 |
| _ _ |
_ _ |
_ _ |
_ _ |
Page 17
NOMAD OPENING DOORS
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS
16 Analysis of net assets between funds Total funds are invested as follows
| Analysis of net assets between funds Total funds are invested as follows |
|||
|---|---|---|---|
| General | Restricted | Total | |
| funds | funds | funds | |
| £ | £ | £ | |
| Fixed assets | 103,351 | 560 | 103,911 |
| Net current assets | 157,779 | 42,073 | 199,852 |
| Long term liabilities | (28,706) | - | (28,706) |
| _ | ______ | _ | |
| Net assets | £232,424 | £42,633 | £275,057 |
| _ | ______ | _ | |
| _ | ______ | _ | |
| Prior year comparison: | |||
| Fixed assets | 6,288 | 1,119 | 7,407 |
| Net current assets | 183,599 | 44,447 | 228,046 |
| _ | ______ | _ | |
| Net assets | £189,887 | £45,566 | £235,453 |
| _ _ |
__ ____ |
_ _ |
17 Prior year correction
In the previous year Sheffield City Council provided a Community Recovery Grant of £29,023 which was believed to be unrestricted core funding. None of these funds had been spent by 31st March 2022. The Council has now confirmed that the grant should be treated as a restricted fund. The comparative figures have been amended to show this grant as restricted income from charitable activities rather than an unrestricted core grant. The fund balances carried forward at 31st March 2022 were also amended to increase the restricted funds and reduce the unrestricted funds by £29,023.
18 A detailed breakdown of the 2022 statement of financial activities between unrestricted and restricted funds is as follows:
| funds is as follows: | |||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| £ | £ | £ | |
| Income from: | |||
| Donations | 20,143 | - | 20,143 |
| Core grants | 8,143 | - | 8,143 |
| Charitable activities | 225,454 | 207,506 | 432,960 |
| Investment income: | |||
| Bank interest receivable | 115 | - | 115 |
| _ | _ | _ | |
| Total income | 253,855 | 207,506 | 461,361 |
| _ | _ | _ | |
| Expenditure on: | |||
| Raising funds | 511 | - | 511 |
| Charitable activities | 242,018 | 170,311 | 412,329 |
| _ | _ | _ | |
| Total expenditure | 242,529 | 170,311 | 412,840 |
| _ | _ | _ | |
| Net movement in funds | £11,326 | £37,195 | £48,521 |
| __ ____ |
__ ____ |
__ ____ |
Page 18