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2022-03-31-accounts

FORWARD HOUSING

Registered No: 03821702 Charity No: 1078391 OSCR Charity No: SC045082

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH, 2022

FORWARD HOUSING

(A charitable company limited by guarantee)

CONTENTS

Page
Introduction 1
Reference and Administration Information 2-3
Report of the Directors and Trustees 4-21
Report of the Independent Auditor 22-32
Summary of Money 33
Statement of Financial Activities 34
Balance Sheet 35
Statement of Cash Flows 36
Notes to the Financial Statements 37-47

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FORWARD HOUSING

(A charitable company limited by guarantee)

INTRODUCTION

These papers tell readers what the charitable company has been doing between April 2021 and March 2022.

The directors have written about what has gone well and what needs development.

You can see how the charitable company has managed its money.

The accounts have been checked by our Auditor – Sayer Vincent LLP

Some of these papers must be written in legal language. We have introduced each section with an Easy Read text box.

Page 1

FORWARD HOUSING

(A charitable company limited by guarantee)

REFERENCE AND ADMINISTRATION INFORMATION

The directors and trustees are pleased to present their report and financial statements for the year ended 31 March, 2022.

CHARITY NAME Forward Housing COMPANY NUMBER 03821702

COUNTRY OF INCORPORATION United Kingdom CHARITY NUMBER 1078391 OSCR CHARITY NUMBER SC045082 COUNTRY OF REGISTRATION England and Wales, Scotland REGISTERED OFFICE 134 Edmund Street Birmingham B3 2ES

COMPANY SECRETARY Tarnya Thompson

Page 2

FORWARD HOUSING

(A charitable company limited by guarantee)

REFERENCE AND ADMINISTRATION INFORMATION

AUDITOR

SOLICITORS

BANKERS

Sayer Vincent LLP Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES Barclays Bank PLC 43 High Street Sutton Surrey SM1 1DR

Reference and administrative information set out on pages 2-3 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Page 3

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES year ended 31 March, 2022

BOARD OF DIRECTORS

Members of the Board of Directors, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out below:

Robert Graham (Chairperson)

Sebastian Blagbrough

Sean Brew

(resigned 24 March, 2022) (resigned 4 October, 2022)

Simon Conway

Jean Curd

Gareth Jackson

Matthew Smith

Neil Yeomans (resigned 10 October, 2022)

SENIOR MANAGEMENT

Ben Harrison (Managing Director)

Page 4

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES year ended 31 March, 2022

This section explains that directors are responsible for putting together accounts which must show a true and fair view. This is the law.

RESPONSIBILITIES OF THE BOARD OF TRUSTEE DIRECTORS

The directors (who are also the trustees of Forward Housing for the purposes of charity law) are responsible for preparing the Report of the Directors and Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Board of Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the charitable company’s incoming resources and application of resources, including the income and expenditure, for the financial year. In preparing these financial statements, the Board of Directors are required to:

Page 5

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

The Board is responsible for keeping adequate accounting records which disclose with reasonable accuracy, at any time, the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Board is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

Page 6

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

What is Important for Forward Housing[1]

Forward Housing is part of the Thera Group of companies. Thera’s Vision clearly sets out Thera’s philosophy of control and involvement by people with a learning disability:

1 Thera Trust is our parent company. Its charitable objects are “the relief of persons with learning disabilities, their families and carers by the provision of support services including services in the support of residential, respite and other suitable forms of care, education and work opportunities and to promote public awareness of the needs of such persons and to give support to their families“ and “the promotion of the effective use of charitable resources for the benefit of the public by the provision of services to organisations involved in the relief of persons with learning disabilities, their families and carers."

Page 7

FORWARD HOUSING (A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES year ended 31 March, 2022

Helping More People

The strategy adopted by Forward Housing is intended to support Thera in furthering its plans to work across England and Scotland and Wales and to provide bespoke housing solutions for people with a learning disability where a Thera Company provides support.

During the past year, we have utilised funds from Thera Trust’s charity bond to provide more accommodation for people with a learning disability. These properties have been purchased directly by Forward Housing and then leased to Empower Housing Association. Empower grant Assured Tenancies to the people nominated to live in the new property. By March, 2022, over several years, Forward Housing had provided accommodation for 191 people.

As part of the Thera Group, Forward Housing applies Thera’s Vision to the work that it does, ensuring that people have control and choice over all aspects of their home.

Forward Housing will continue to work with people with a learning disability and their families as well as with other Thera companies and local authority commissioners to identify un-met housing needs. Appropriate properties will continue to be acquired either through an agreement with Cheyne Capital or directly by Forward Housing.

Page 8

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

Forward Housing’s approach is to provide “an ordinary house on an ordinary street”. The properties are specially adapted by Forward Housing to meet the specific needs of each prospective tenant, whilst ensuring the longer term marketability of the property either to alternative tenants or for sale.

Forward Housing is a Charity

Forward Housing SW was incorporated on 9th August, 1999, as a notfor-profit company limited by guarantee and having no share capital. Forward Housing SW was registered as a charity on 29 November, 1999. On 30[th] June, 2020, the company’s name was changed from Forward Housing SW to Forward Housing.

The company is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.[2] Fundraising

2 The Objects of Forward Housing are the relief of sickness, disability and suffering anywhere in the world and not particularly but not so as to limit the generality of the foregoing i) the provision and management, maintenance and improvement of housing for people with learning or other disabilities or who suffer from mental illness of any kind ii) the provision and funding of appropriate training and research facilities and other necessary services and support in connection with such people.

Page 9

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

Forward Housing does not fundraise and therefore, under Section 13 of The Charities (Protection and Social Investment) Act 2016, has no disclosures to make.

Forward Housing Provides Accommodation for People with a Learning Disability

As at 31 March, 2022, Forward Housing own 21 properties and leased 70 properties from Touchpoint Housing (FH) S.A.R.L. (a subsidiary of Cheyne Capital) (“Touchpoint”).

As at 31 March, 2022, there were 191 people living in properties owned or leased by Forward Housing; this included the provision of six places in short break properties (31 March, 2021, total 179 including the provision of six places for short breaks). It is pleasing that we have been able to achieve this increase despite the impact of the Covid-19 pandemic.

In addition to the needs of people supported and commercial considerations, Trustees have had regard to the Charity Commission’s guidance on public benefit and believe that the objectives and activities of Forward Housing fulfil the Commission’s requirements. The content of this report sets out how the charitable company has achieved its objectives during the year.

Page 10

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

What Happened in 2021-22

Our principal objectives for the year ended 31 March, 2022, were broadly the same as previous years, namely:

People Forward Housing Has Helped in 2021-22

As stated above, as at 31 March, 2022, there were 191 people living in properties owned or leased by Forward Housing; this included the provision of six places in short break properties (31 March, 2021, total 171 and six places).

Page 11

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

During the year ended 31 March, 2022, Forward Housing has helped five people who are already supported by Thera to move into new properties adapted to meet their needs as well as provided housing to seven people newly supported by a Thera support company.

As stated previously, access to funds, including from Thera Trust’s charity bond, has enabled Forward Housing to continue providing sustainable housing solutions for people that Thera companies support; which in turn has allowed people to enjoy the benefits of living in their own homes in the community and fully enjoy all of the benefits that this brings.

The people living in these new homes and being supported by Thera companies have come from a range of different backgrounds, but all now enjoy an enhanced quality of life.

Over the year, Forward Housing has been able to provide accommodation for a range of people, including:

Page 12

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

Two stories which illustrate the impact of our work:

‘Brian’, ‘Philip’ and ‘Martin’

During the year, we supported three people with deteriorating physical health needs to move to a new house in Lincolnshire.

Thera had supported the three men for many years at a property that was becoming increasingly unsuitable, due to its layout and the changing needs of the tenants.

The location of their new house was a crucial factor in determining where they wanted to live, maintaining the family and community connections that the men had developed. Forward Housing managed to secure a spacious bungalow only half a mile from their previous house.

The chosen property was refurbished and updated to a high standard and provides the tenants with a home that meets their current and future needs.

Page 13

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

‘John’

‘John’ is a tall, strong, energetic young man with a learning disability and autistic spectrum disorder who can be challenging towards those around him. ‘John’ cannot communicate verbally and can become agitated if he can’t make himself understood. He loves being outside, particularly using his trampoline and swing, and sensory stimulation is vital for his wellbeing.

We sourced and found a suitable bungalow for ‘John’ in Derbyshire which was refurbished to meet his needs. It is an exceptionally robust, open plan property with underfloor heating, recessed lights, toughened frosted glass in the lounge and integral blinds in the windows. All the rooms have waterproof, tanked floors, and washable walls and his bedroom has partly padded walls. He has a large trampoline and a swing in the garden, plus an outside sink for water play, which helps him manage his stress. ‘John’ loves his new home and is settling in well.

Forward Housing’s Money

Forward Housing’s accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with Forward Housing’s Articles of Association, applicable company and charity law and the requirements of the “Accounting and Reporting by Charities, Statement of Recommended Practice FRS 102”.

Page 14

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

Total income from charitable activities in 2021-22 was £1.7m (2020-21 - £2.1m).

Forward Housing’s reserves at the end of the year were slightly lower than last year at £4.4m. (31 March, 2021 - £4.5m.). Whilst we made a loss on our charitable activities, property values went some way towards offsetting this, although there was an overall loss for the year of £-128k (31 March, 2021 - £-312k). Cash balances were £242k (31 March, 2021 - £433k).

Reserves and Remuneration Policy

Forward Housing has substantial overall charitable reserves relative to its annual income and expenditure. The majority of these reserves are however represented by investment property which is not easily realisable into cash. Expenditure on charitable activities largely relates to expenditure on rent and other property costs which is backed by income from property leases, which are considered a secure source of charitable income.

As a result, trustees do not have any intention to target a higher level of overall reserves nor to increase free reserves to meet property costs already backed by secure income.

Page 15

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES year ended 31 March, 2022

Instead, trustees have determined that they should either maintain, or have access to, sufficient working capital to allow the charity to continue to be managed and to deliver its overall charitable purposes by being able to sustain six months of relevant costs. These costs are support activities, including the costs of management and operational staff. At present, net current assets of £30k do not meet this target. Trustees are reviewing their lease cost model including existing lease rents to increase revenue relative to costs.

Forward Housing’s Trustees are satisfied that the charity has sufficient access to overall reserves and to working capital, both as part of its reserves and from facilities available within the Thera Group, to fulfil its charitable objects on an ongoing basis.

Salaries to management and other staff are set in accordance with Thera Group’s pay policy. The pay of key management personnel is set by Thera Trust’s Remuneration and Pensions Committee. The Committee consists of three non-executive directors, who independently determine the remuneration of executive directors of the organisation, and of its subsidiary companies. In its remuneration policy, the Committee takes account of good practice guidelines in setting executive pay, including the principles set out in the NCVO's April, 2014 report on Charity Senior Executive Pay.

Page 16

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

Managing Forward Housing’s Risks

The directors have assessed the major risks to which Forward Housing may be exposed, identified on our risk register, and are satisfied that systems are in place to minimise the incidence and impact of these risks. This register is reviewed annually.

In addition, the board of directors are aware of the inherent risks associated with property acquisition, adaptation, leasing and financing and have ensured that arrangements are in place to both manage and minimise risk to Forward Housing. For example, one of the risks we face are vacant tenancies, which is largely mitigated in lease terms and conditions, through agreements with Thera support companies and by agreeing property disposal options with our partners. In the light of the changed inflationary environment, Directors continue to monitor progress with tenant rent increases awarded to our registered providers and the onward increase in rent received by Forward Housing from them.

Covid-19

In relation to potential additional or specific risks associated with Covid19, the trustees acted in line with policy and guidance issued by Thera Trust, the parent company of Forward Housing.

Page 17

FORWARD HOUSING (A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES year ended 31 March, 2022

Plans for the future

The trustees intend to continue with Forward Housing’s core activities during 2022-23 and, subject to sourcing further funding, in future years.

What Is Happening after March, 2022

Forward Housing continues to have access to a £10m. facility with Touchpoint (Cheyne Capital) to be deployed over the next two years.

It also has access to £1.5m from the £5m raised by Thera Trust in 2020 through the issue of its latest charity bond and has plans to deploy this in the near future. It is understood that Thera Trust will seek further bond or similar finance to enable Forward Housing to continue its strategy over the medium term.

Forward Housing’s Trustees

Members of the board of trustees, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report, are shown in the company information at the start of this report and accounts.

Page 18

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

Management of Forward Housing’s Activities

During the year to 31 March, 2022, Thera Trust was responsible for providing corporate services to Forward Housing and, as delegated by the Trustees, Ben Harrison was responsible for managing the activities of Forward Housing.

Forward Housing Makes Sure that it has Good Directors

(Recruitment, Induction and Training of Trustees)

As Forward Housing is part of the Thera Group and in accordance with its Articles, the majority of trustees are now appointed by Thera Trust.

Thera Trust has recently appointed a Head of Governance who supports Forward Housing to find and recruit new trustees that add value and bring additional skills and experience to the Forward Housing Board.

All trustees in the Thera Group follow a formal induction process to ensure they know the organisation and its aims and are aware of their responsibilities. All trustees are subject to references and enhanced DBS checks.

Page 19

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES year ended 31 March, 2022

This section explains that the directors have told the Auditor everything they should and that they have worked within the law.

DISCLOSURE OF INFORMATION TO THE AUDITOR

In so far as the Board of Directors is aware:

Page 20

FORWARD HOUSING

(A charitable company limited by guarantee)

REPORT OF THE DIRECTORS AND TRUSTEES

year ended 31 March, 2022

This section asks the Company Members to agree that the Auditor, Sayer Vincent LLP, be chosen again as the company’s Auditor.

RE-APPOINTMENT OF AUDITOR

In accordance with s.485 of the Companies Act 2006, a resolution is to be proposed at the Annual General Meeting for the re-appointment of Sayer Vincent LLP as auditor of the Company.

The directors’ report has been prepared in accordance with the special provisions applicable to companies, subject to the small companies' regime.

This report was approved by the board on 15 December 2022 and signed on its behalf.

Gareth Jackson

Trustee

Simon Conway

Trustee

Page 21

FORWARD HOUSING

(A charitable company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FORWARD HOUSING

This page explains that the Auditor is reporting that the accounts give a true and fair view of the company and that they are put together as the law says they should be put together.

OPINION

We have audited the financial statements of Forward Housing (the ‘charitable company’) for the year ended 31 March, 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Page 22

FORWARD HOUSING

(A charitable company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FORWARD HOUSING

This section explains that the Auditor has audited (checked) the accounts and that they are reporting to Company Members.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Page 23

FORWARD HOUSING

(A charitable company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FORWARD HOUSING

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Forward Housing’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 24

FORWARD HOUSING

(A charitable company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FORWARD HOUSING

This section explains that the Auditor must tell us if they are unhappy with how the directors managed the company. The Audit report says that there is nothing bad the Auditor wishes to report to Company Members.

OTHER INFORMATION

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Page 25

FORWARD HOUSING

(A charitable company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FORWARD HOUSING

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Page 26

FORWARD HOUSING

(A charitable company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FORWARD HOUSING

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial 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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the

Page 27

FORWARD HOUSING

(A charitable company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

FORWARD HOUSING

Trustee Directors’ responsibilities are explained on page 5.

This page explains that it is the Auditor’s responsibility to audit (check) the accounts as the law says they should.

charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Page 28

FORWARD HOUSING

(A charitable company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FORWARD HOUSING

This page explains how the Auditor checks the accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

CAPABILITY OF THE AUDIT IN DETECTING IRREGULARITIES

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Page 29

FORWARD HOUSING

(A charitable company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FORWARD HOUSING

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events

Page 30

FORWARD HOUSING

(A charitable company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FORWARD HOUSING

and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

USE OF OUR REPORT

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Page 31

FORWARD HOUSING

(A charitable company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

FORWARD HOUSING

Jonathan Orchard (Senior statutory auditor) 15 December 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

You will see that this report and accounts also includes accessible information so that the directors of Forward Housing are ensuring that all Company Members, including those with a learning disability, are able to fulfil their duties in law including to receive the accounts and to appoint the directors and Auditor. The law does not say we must provide this information, but Sayer Vincent LLP says it is in line with the statutory report and accounts.

Page 32

FORWARD HOUSING

(A charitable company limited by guarantee)

SUMMARY OF MONEY
For the year ended 31 March, 2022
What we have earned and what we have spent: £
Money we got in 1,677,925
What we spent on our staff
Other money we spent
Revaluation of houses
Money we spent more than money we got in
What Forward Housing has at 31 March, 2022:
Houses
How much cash we had in the bank
What we are owed by others
What we owe to other Thera companies
What we owe to others
Final amount the company had at 31 March, 2022		 (151,011)
(1,851,166)
196,366
(127,886)
£
10,506,548
241,547
3,810
(6,137,225)
(215,028)
4,399,652

Page 33

FORWARD HOUSING

(A charitable company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES

(incorporating an income and expenditure account)

for the year ended 31 March 2022

Note
Income from:
Donations
3
4
5
12
6
Reconciliation of funds:
Total funds carried forward
Total funds brought forward
Net gains / (losses) on investment properties
Net expenditure for the year being the net
movement in funds
Net (expenditure) / income before net gains
on investment properties
Total expenditure
Charitable activities
Covid-19 exceptional expenditure
Total income
Expenditure on:
Charitable activities
Exceptional income		 Unrestricted
£
6,320
1,671,605		 2022
Total
£
6,320
1,671,605
1,677,925
-
1,677,925
2,001,472
2,001,472
705
2,002,177
196,366
(127,886)
4,527,538
4,399,652
(324,252)		 2021
Unrestricted
Total
£
£
-
-
1,514,849
1,514,849
1,514,849
1,514,849
545,105
545,105
2,059,954
2,059,954
1,857,245
1,857,245
1,857,245
1,857,245
939
939
1,858,184
1,858,184
(513,553)
(513,553)
(311,783)
(311,783)
4,839,321
4,839,321
4,527,538
4,527,538
201,770
201,770
1,677,925
-
1,677,925
2,001,472
2,001,472
705
2,002,177
196,366
(324,252)
(127,886)
4,527,538
4,399,652

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 19 to the financial statements.

Page 34

FORWARD HOUSING

(A charitable company limited by guarantee)

BALANCE SHEET

as at 31 March 2022

COMPANY REGISTRATION NUMBER 03821702

Note
£
Fixed assets:
11
12
Current assets:
13
3,810
241,547
245,357
Current liabilities:
14
(215,028)
15
18
19
4,399,652
Total unrestricted funds
Investment properties
Total assets less current liabilities
Debtors
Unrestricted income funds:
The funds of the charity:
Creditors falling due within one year
Net current assets
Total net assets
Creditors falling due after one year
Long term liabilities:
Cash at bank and in hand
Tangible fixed assets
General funds
Total charity funds		 Note
£
Fixed assets:
11
12
Current assets:
13
3,810
241,547
245,357
Current liabilities:
14
(215,028)
15
18
19
4,399,652
Total unrestricted funds
Investment properties
Total assets less current liabilities
Debtors
Unrestricted income funds:
The funds of the charity:
Creditors falling due within one year
Net current assets
Total net assets
Creditors falling due after one year
Long term liabilities:
Cash at bank and in hand
Tangible fixed assets
General funds
Total charity funds		 2022
£
55,643
10,450,905		 £
58,349
432,898		 2021
£
59,085
8,936,210
10,506,548
30,329		 8,995,295
310,940
245,357
(215,028)		 491,247
(180,307)
4,399,652 4,527,538
10,536,877
(6,137,225)		 9,306,235
(4,778,697)
4,399,652 4,527,538
4,399,652 4,527,538
4,399,652 4,527,538

Approved by the trustees on 15 December 2022 and signed on their behalf by

Simon Conway Trustee

Gareth Jackson Trustee

Page 35

FORWARD HOUSING

(A charitable company limited by guarantee)

STATEMENT OF CASH FLOWS

for the year ended 31 March 2022

Note
Net expenditure for the reporting period
(as per the statement of financial activities)
Unrealised movement on investment property
Gain on disposal of investment properties
Interest payable
Depreciation charges
Decrease in debtors
Increase in creditors
20
Cash flows from financing activities:
Net cash (used in) / provided by investing activities
Net cash provided by operating activities
Cash flows from investing activities:
Payments to acquire investment properties
Proceeds from sale of investment properties
Cash flows from operating activities:
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Net cash used in financing activities
Change in cash and cash equivalents in the year
Interest paid		 £
£
(127,886)
(196,366)
-
261,548
3,442
54,539
1,393,249
1,516,412
1,388,526
(1,318,329)
-
(1,318,329)
(261,548)
(261,548)
(191,351)
432,898
241,547
2022		 £
£
(311,783)
513,553
(545,105)
213,581
3,442
268,857
222,141
676,469
364,686
(695,479)
974,105
278,626
(213,581)
(213,581)
429,731
3,167
432,898
2021		 £
£
(311,783)
513,553
(545,105)
213,581
3,442
268,857
222,141
676,469
364,686
(695,479)
974,105
278,626
(213,581)
(213,581)
429,731
3,167
432,898
2021
(1,318,329)
-		 (695,479)
974,105
364,686
278,626
(213,581)
(261,548) (213,581)
429,731
3,167
432,898

Page 36

FORWARD HOUSING

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

1 Accounting policies

a) Statutory information

Forward Housing is a charitable company limited by guarantee and is incorporated in the United Kingdom (England and Wales). The registered office address is 134 Edmund Street, Birmingham, B3 2ES. The operating address is The West House, Alpha Court, Swingbridge Road, Grantham, NG31 7XT. 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.

b) Basis of preparation

The 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 applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that the company has the ability to continue operating as a going concern and there are no known material uncertainties to this. Further information is given in the trustees' annual report.

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 amounts of assets and liabilities within the next reporting period.

e) Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Income from charitable activities represents fees for the accommodation of tenants. These fees comprise charges payable by registered housing providers who then sub-let the properties to the tenants.

Any rentals receivable under operating leases are credited to the statement of financial activities on a straight line basis over the term of the lease.

f) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

g) Expenditure and irrecoverable VAT

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is not separately analysed and is charged to the statement of financial activities when the expenditure to which it relates is incurred and is allocated as part of the expenditure to which it relates.

Support costs are central administration costs which have been recharged to the various activities using a fair allocation.

Governance costs include those incurred in the governance of the organisation’s assets and are primarily associated with constitutional and statutory requirements.

All expenditure has been classified under headings that aggregate all costs relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.

The charity is exempt from income tax and capital gains tax under Section 505 ICTA1988.

Page 37

FORWARD HOUSING

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

1 Accounting policies (continued)

h) Operating leases

Rentals payable under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease.

i) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:

5% straight line

The capitalisation threshold for tangible fixed assets is £1,000.

j) Investment properties

Investment properties are included at fair value. Any gain or loss on sale or revaluation is taken to the Statement of Financial Activities. Realised gains and losses are calculated as the difference between sales proceeds and original cost. Unrealised gains and losses for the year are calculated as the difference between the fair value at the year end and the opening fair value or purchase date if later. No depreciation is charged on investment properties in accordance with the Charities SORP.

If investment properties are occupied on a term long lease the fair value is reflective of the value in use. Investment properties which are excess to requirements (those held for sale) are valued based on vacant market possession, with any gains or losses being recognised when there is legal completion of a sale.

k) Debtors receivable within one year

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

l) Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible into known amounts of cash with insignificant risk of change in value.

m) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The charitable company enters into only basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans from related parties. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

o) Pensions

The pension cost charged to the statement of financial activities represents amounts payable by the charity in the accounting period. The charity makes payments to The Pensions Trust Ethical Fund. The scheme is a defined contribution scheme and the pension charge represents the amounts payable to the fund in respect of the year.

Page 38

FORWARD HOUSING

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

1 Accounting policies (continued)

p) Parent charity and financial support

An Intra-Group Agreement exists between Thera Trust and twenty eight of its subsidiaries. This Intra-Group Agreement incorporates a Funding Agreement which allows Thera Group companies to benefit from the movement of funds around the Group. Each subsidiary, other than The Camden Society, Equal Futures and Thera Limited, has acceded to this IntraGroup Agreement with Board approval. In addition to this, Thera Trust and its subsidiaries have all individually agreed not to demand the repayment of any inter-company borrowings within twelve months of the date on which the balance sheet is signed. Any amounts due to or from Group companies that have been shown as due within one year to balances arising from operational activities and gift aid. A market rate of interest has been charged on balances between group companies.

2 Judgements in applying accounting policies and key sources of estimation uncertainty

The directors of the company make estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the charitable company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have delegated authority to management to make the following judgements:

Group financial support

The directors of all of the subsidiaries within the Thera Group that have acceded to the Intra-Group Agreement as referred to above, have received assurance from the board of Thera Trust that adequate financing is in place to meet the group’s financing needs and this has enabled the directors to confirm that management can prepare the accounts on a going concern basis.

Leases

Management determines whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

Investment properties - owned

Investment properties owned by the charity are valued based either upon vacant market possession, where appropriate, or upon the then current and future rental yields on properties where a lease to a Registered Housing Provider is currently in place.

Page 39

FORWARD HOUSING

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

2 Judgements in applying accounting policies and key sources of estimation uncertainty (continued)

Recognition of leased investment properties at donated value

By way of a Framework Agreement between Touchpoint Housing (FH) S.A.R.L. (a subsidiary of Cheyne Capital), Thera Trust and Forward Housing completed in July 2015 and a variation to the Agreement effective from 31 March 2017, Forward Housing had control at 31 March, 2022, over a portfolio of 65 properties . These are by way of a 20 year, renewable lease, with the start date being the date of purchase (the earliest dates commencing in 2015) with the right to purchase at the end of the lease. These were sub-leased to Empower Housing Association, a Registered Housing Provider who granted assured tenancies in the properties to people with a learning disability.

The trustees have reviewed the accounting treatment of this portfolio and have decided to recognise a fixed asset on the balance sheet. The asset represents the economic benefit inherent in the sub-leases measured at fair value by the trustees on the basis of the net present value of future cashflows. The trustees will assess the fair value of the asset at each balance sheet date with changes in fair value being reflected in the statement of financial activities. Changes in the fair value will be affected by the changes in the rate of the Consumer Prices Index (CPI) to which rental flows are linked.

No consideration has been granted in relation to the change in value of these properties.

Impairment of other assets

Management reviews the carrying value of all other assets for indications of impairment at each period end. If indicators of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds it recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be generated by the asset.

Recoverability of trade debtors

Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

Management makes allowance for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the statement of financial activities.

Page 40

FORWARD HOUSING

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

3 Income from charitable activities

Income from charitable activities
Rent for accommodation of tenants
Service income		 Unrestricted
£
1,653,424
18,181		 2022
Total
£
1,653,424
18,181
1,671,605		 Unrestricted
£
1,469,148
45,701		 2021
Total
£
1,469,148
45,701
1,671,605 1,514,849 1,514,849

Included in income from charitable activities are aggregate rentals receivable in relation to operating leases totalling £1,653,424 (2021: £1,469,148).

4 Exceptional income

In 2021 there is exceptional income of £545,105 in relation to the profit on disposal of two investment properties (2022: £Nil).

5 Analysis of expenditure

Property costs
Support costs
Total expenditure
Interest payable
Depreciation		 Unrestricted
£
1,443,618
293,569
3,442
261,548		 2022
Total
£
1,443,618
293,569
3,442
261,548
2,002,177		 Unrestricted
£
1,264,901
376,260
3,442
213,581		 2021
Total
£
1,264,901
376,260
3,442
213,581
2,002,177 1,858,184 1,858,184

Exceptional costs of £705 (2021: £939) have been incurred, these costs are in relation to Covid-19.

Page 41

FORWARD HOUSING

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

6 Net expenditure for the year

This is stated after charging: 2022 2021
£ £
Interest payable 261,548 213,581
Depreciation: 3,442 3,442
Operating lease rentals:
Property 1,349,993 1,215,603
Auditor's remuneration (excluding VAT):
Audit 10,020 9,540
Other services 2,000 1,910

Auditors’ remuneration for the group is disclosed in full in the parent charitable company and is recharged to the subsidiary as part of the overall recharge of the group's management and administration costs.

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes
Social security costs
Salaries and wages		 2022
£
132,540
15,246
3,225		 2021
£
107,941
12,021
3,316
151,011 123,278

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

national insurance) during the year between:
2022 2021
No. No.
£60,000 - £69,999 1 -

These employees participated in the pension scheme during the year:

2022 2021
£ £
Employer pension contributions 1,321 -

The total employee benefits (including employer pension contributions and employer's national insurance) of the key management personnel were £74,215 (2021: £38,134).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

There were trustees' expenses in the current year of £1,436 (2021: £nil). They represented the payment or reimbursement of room hire and travel and subsistence costs incurred by 6 members relating to attendance at meetings of the trustees.

Page 42

FORWARD HOUSING

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 3 (2021: 3).

Staff are split across the activities of the charitable company as follows:
Management and administration		 2022
No.
3		 2021
No.
3
3 3

9 Related party transactions

There are no related party transactions to disclose for 2022 (2021: none) other than intra-group transactions as disclosed below.

Thera Trust is the parent charitable company of Forward Housing. Any balances due to or from entities within the Thera group are disclosed within the relevant debtors and creditors notes.

Thera Trust makes a recharge of management and administration costs incurred on behalf of the group to all of its subsidiaries. The specific amounts recharged to each entity are not being disclosed on the grounds that the Thera Group operates in a competitive commissioning environment and this information is commercially sensitive.

As in the accounting policies note for parent charity and financial support, a market rate of interest has been charged on balances between Thera Trust and Forward Housing of £261,548 in 2022 (2021: £213,581).

10 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Tangible fixed assets

Cost
At the start of the year
At the end of the year
Depreciation
At the start of the year
Charge for the year
Net book value
At the end of the year
At the end of the year
At the start of the year		 Property
Adaptations
£
68,837		 Total
£
68,837
68,837 68,837
9,752
3,442		 9,752
3,442
13,194 13,194
55,643 55,643
59,085 59,085

The above assets are used for charitable purposes.

Page 43

FORWARD HOUSING

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

12 Investment properties

Investment properties
Fair value at the start of the year
Additions including donations
Disposals at fair value
Revaluation during the year
Fair value at the end of the year		 Owned
£
5,206,818
1,318,329
-
-		 Leased
£
3,729,392
-
-
196,366		 2022
£
8,936,210
1,318,329
-
196,366		 Owned
£
5,137,057
695,479
(235,000)
(390,718)
5,206,818		 Leased
£
3,852,227
-
-
(122,835)		 2021
£
8,989,284
695,479
(235,000)
(513,553)
6,525,147 3,925,758 10,450,905 3,729,392 8,936,210

In 2021, the trustees have been provided with a valuation from Jones Laing LaSalle ("JLL") Residential Advisory Team, in accordance with the RICS Valuation Professional standards July 2017 Global and UK Edition of the properties that it owns. This valuation was at market value as at 31st March, 2021. The valuation was based either on the then current and future rental yields on properties where an under-lease to a Registered Housing Provider is currently in place, assuming good and marketable title free from onerous or unusual restrictions, covenants or encumbrances not covered by appropriate insurances, long term CPI of 2% and leases, where in place, formally registered with HM Land Registry or, where appropriate, upon vacant market possession. All of the investment properties owned by the charity are located within the United Kingdom. The majority of these properties are held for use in operating leases. No properties were identified for future sale at the year end (2021: none). The trustees do not consider any further revaluation necessary at 31st March, 2022 because there have been no fundamental change in rent and cash flows on the properties however a professional revaluation will be taken at 31 March 2024.

Some properties are leased by the charity and then under-let to a Registered Housing Provider. There is an economic benefit inherent in certain leases granted on these properties measured at fair value over their extended lifetime. This has given rise to a re-valuation of that benefit at the year-end.

13 Debtors

Trade debtors
Other debtors
Taxation and social security
Creditors: amounts falling due within one year
Prepayments and accrued income
Accruals and deferred income
Trade creditors
Other creditors		 2022
£
285
-
3,525		 2021
£
25,826
1,393
31,130
3,810 58,349
2022
£
53,240
4,572
4,158
153,058		 2021
£
64,196
4,053
(249)
112,307
215,028 180,307

14 Creditors: amounts falling due within one year

The group bank overdraft is secured by a fixed and floating charge over the undertaking and all property assets present and future across the companies included within the group overdraft facility.

Page 44

FORWARD HOUSING

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

15 Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
Amounts due to group undertakings 2022
£
6,137,225		 2021
£
4,778,697
6,137,225 4,778,697

The repayment period for the amounts owed to group undertakings is disclosed in the accounting policy called Parent charity and financial support.

16 Security

A first legal charge is held by Barclays Bank in respect of the Forward Housing’s investment properties. These charges are in respect of borrowings due by Thera Trust, however equal liability is shared by the company.

17 Pension scheme

The Pensions Trust Ethical Fund

Forward Housing participates in The Pensions Trust Ethical Fund, which is a defined contribution scheme for the benefit of its employees. Contributions payable during the period amount to £3,225 (2021: £3,316). The amount outstanding in respect of this Scheme at the year-end was £nil (2021: £nil).

18a Analysis of net assets between funds (current year)

Investment properties - owned
Creditors due after more than one year
Investment properties - leased
Net current assets
Net assets at 31 March 2022
Tangible fixed assets		 General
unrestricted
£
55,643
6,525,147
3,925,758
30,329
(6,137,225)		 Total
funds
£
55,643
6,525,147
3,925,758
30,329
(6,137,225)
4,399,652 4,399,652

18b Analysis of net assets between funds (prior year)

Tangible fixed assets
Investment properties - leased
Investment properties - owned
Net current assets
Creditors due after more than one year
Net assets at 30 March 2021		 General
unrestricted
£
59,085
5,206,818
3,729,392
310,940
(4,778,697)		 Total
funds
£
59,085
5,206,818
3,729,392
310,940
(4,778,697)
4,527,538 4,527,538

Page 45

FORWARD HOUSING

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

19a Movements in funds (current year)

General funds
Total funds		 At 1 April
2021
£
4,527,538		 Income and
gains
£
1,874,291		 Expenditure
and losses
£
(2,002,177)
(2,002,177)		 Transfers
£
-		 At 31
March 2022
£
4,399,652
4,527,538 1,874,291 - 4,399,652

The narrative to explain the purpose of each fund is given at the foot of the note below.

19b Movements in funds (prior year)

At 1 April
2020
Income and
gains
£
£
General funds
4,839,321
2,059,954
4,839,321
2,059,954
Analysis of cash and cash equivalents
At 1 April
2021
£
Cash at bank and in hand
432,898
Total cash and cash equivalents
432,898
Represents the amounts which are free of any restrictions or limitations.
Total funds
General funds
Unrestricted funds		 At 1 April
2020
£
4,839,321		 Income and
gains
£
2,059,954		 Expenditure
and losses
£
(2,371,737)
(2,371,737)
Cash flows
£
(191,351)
(191,351)		 Transfers
£
-		 At 31
March 2021
£
4,527,538
4,839,321 2,059,954 - 4,527,538
Other
changes
£		 At 31
March 2022
£
241,547
432,898 - 241,547

20 Analysis of cash and cash equivalents

Page 46

FORWARD HOUSING

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

21 Operating lease commitments

Forward Housing has entered into contracts with Touchpoint Housing (FH) S.A.R.L. to lease 65 (2021: 61) properties over a 20 year period, with the start date being the date of purchase. These properties were then sub-leased to Empower Housing Association at the same rental charge.

Forward Housing's total future minimum lease commitments payable and receivable under non-cancellable operating leases for these properties is as follows for each of the following periods:

Less than one year
One to five years
Over five years		 2022
2021
£
£
1,369,490
1,240,254
5,477,961
4,961,017
13,891,226
13,548,902
20,738,677
19,750,173
Property		 2022
2021
£
£
1,369,490
1,240,254
5,477,961
4,961,017
13,891,226
13,548,902
20,738,677
19,750,173
Property
20,738,677 19,750,173

Forward Housing has entered into contracts with Empower Housing Association to lease them 14 (2021: 11) of Forward Housing's owned properties over a 20 year period, with the start date being the date of purchase.

Forward Housing's total future minimum lease commitments receivable under non-cancellable operating leases for these properties is as follows for each of the following periods:

Less than one year
One to five years
Over five years		 2022
2021
£
£
257,679
201,987
1,030,718
807,948
2,806,566
2,232,090
4,094,963
3,242,025
Property		 2022
2021
£
£
257,679
201,987
1,030,718
807,948
2,806,566
2,232,090
4,094,963
3,242,025
Property
4,094,963 3,242,025

22 Ultimate holding company

Forward Housing’s ultimate parent company is Thera Trust, a charitable company limited by guarantee (company number 3593418) and registered in England and Wales (charity number 1090163). Thera Trust is ultimately controlled by the board of trustees.

Copies of the consolidated Thera Trust financial statements are available from Companies House or the Charity Commission.

Page 47