Company No. 04238548 Charity No. 1096639 QUOTHQUAN HOMES (A Company Limited by Guarantee) UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 December 2024 www.quothquanhomes.org.uk Independent Examiner: Peter Saltiel Church & Charity Accounts Service Ltd
QUOTHQUAN HOMES {A Cornpany Limited by Guarantee) Contents Year Ended 31st December 2024 Page Company Infomiation Report of the Trustees (Including Directors, Report) Independent Examinerfs Report Statement of Financial Activities and Income and Expenditure Account Balance Sheet Notes to the Financial Statements 7-11
QUOTHQUAN HOMES IA Company Llmited by Guarantee) COMPANY INFORMATION Charlty Name: Quothquan Homes Reglstered Charity Number: 1096639 (England & Wales) Company Number: 04238548 (England & Wales) Governlng Document: Memorandum and Artides of Association incorporated on 21•1 June 2001 Tru3tee8: J A Gilmour E J Robinson S J Robinson Secretary: S J Robinson Prfnclpal Offlce & Correspondence Addre88: Dale Farm Worcester Lane Sutton Coldfield West Midlands B75 SPR Bankern: Barclays Bank Leicester LE87 2BB Independent Examlner: Peter Saltiel Church & Charity Accounts Service Ltd 7 Planchadeau 23460 Saint-Pierre-Bellevue France
QUOTHQUAN HOMES IA Company Limited by Guarantee) Report of the Trustees (Including Directors, Report) 2024 The trust$, who are dlrectors of the company for the purposes of company law, present their report and financial statements together with the independent examinerfs report for the period ended 31 December 2024. The Charity was established by memorandum and articles of association on 218t June 2001 under company number 04238548 and was recognised as a charity on 21 March 2003 under charity number 1096639. The principal office is Dale Fann, Worcester Lane, Sutton Coldfield, 875 SPR. Objec( Actlvlties and Publlc Benefft The Objects of the Charity are to advance the Christian faith and, as an expression of Christian witness love and concem, to: prov8 accommodation arKI 8SS(X18ted amenities, seTrices, advice or assistance forpersons in necessitous circumstances or in chantable ne8d,' pmvide and/or support facilities to improve the conditions of life for the local community, relieve the aged, the poor, the sick and those In conditions of need, h8rdship and distress," and provide and/or support tsaining and p8Storal care. The trustees have taken account of the Charity Commission's general guidance relating to public benefit when reviewing the Charity's achievements and perfomance. To date the Charity has only met housing need. To this end the Charity owns and manages Rented Social Housing not required under the Section 106 Agreement with the City of Binningham on the housing development at Harvest Fields in Sutton Coldfield. At the year end, the Charity was renting out twenty properties to those who, before they moved to Harvest Fields, were considered to be in housing need. Achlevements, Performance and Publlc Benefft The trustees consider that the Object has been achieved satisfactorily during the year by providing good quality, affordable accommodation fortheir tenants. The provision of a home from Quothquan Homes has dramatically improved the qualty of life for most tenants, families. many of whom came from sub-standard or inappropriate sized properties. In many instances it has also released a property back into the rented housing market. They consider that this has satisfied the public benefit test. Financial Review & Reserves Pollcy The SuItS of the Charity for the year ended 31st December 2024 are set out in the financial statements. Income for the financial year was £140,616 (2023: £123,692). Expenditure for the financial year was £91,866 (2023: £74,430). The undesignated reserves carried forward are £840,044 which is considered satisfactory. However, the uninvested portion of these is only £142.758 (the free reserves). It was always the expectation of the trustees that, having paid interest and other costs, there would be very few free reserves for many years. Given the financial support available from the Quothquan Trust, this Charity can operate successfully with only small non4esignated reserves. The trustees actively monitor risks and seek to minimise, manage andlor eliminate them where possible and practicable.
QUOTHQUAN HOMES (A Company Limited by Guarantee) Report of the Trustees (including Directors, Report) 2024 Trustees The trustees listed on page 1 (J A Gilmour, E J Robinson and S J Robinson) have held office throughout the year. Trustees are appointed by the members who are the trustees. Details of transactions with connected charities and related parties are set out in note 13. Responsibilities of the Trustees The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing these financial statements, the trustees are required to'.- select suitable accounting policies and then apply them consistently., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue operating. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial staternents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Approved by the TrusteeslDirectors on 16th July 2025 and signed by their order. S J Robinson Secretary
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEESIDIRECTORSIMEMBERS OF QUOTHQUAN HOMES FOR THE YEAR ENDED 31ST DECEMBER 2024 Charity No: 1096639 Company No: 4238548 I report on the accounts of Quothquan Homes for the year ended 31 st December 2024 which are set out on pages 5 to 11. Responsibilities and basis of report As the charity's trustees of the Company (who are also the directors of the company 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 Ac°). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 ACV). 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 examlner's statement I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that: accounting records were not kept in accordance with section 386 of the Companies Act 2006; or the accounts do not accord with suth records; or the accounts do not cornply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that tho accounts give a 'true and fairf view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the Charities SORP (FRS102). I have no concerns and have come across no other matters in 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. Peter Saltiel Church & Charity Accounts Service Ltd 7 Planchadeau 23460 Saint-Pierre-Bellevue France Dated 21 July 2025
QUOTHQUAN HOMES (A Company Llmited by Guarantse) ststement of Financial Actlvltles and Summary Income and Expendlture Account Year Ended 31st December 2024 Total Total Unrestrlcted Unrestricted Funds Funds 2024 2023 Notes Income: Charitable activitles.. Rent receivable Interest receivable 138,306 2.310 123,014 678 140,616 123,692 Expendlturn: Charitable actlvltles (91,866) (74,430) Net Income for the year 48,750 49,262 Net movement In fund8 448,750 49,262 Total funds brought forward 791,294 742,032 Total funds carried fonNard 840.044 791,294 The Statement of Financtal Activities Includes all gains and losses recognised in the year. All the above results are derived from continuing activities. The notes on pages 7 to 11 form part of these financial statements.
QUOTHQUAN HOMES (A Company Limited by Guarantee) Balance Sheet At 31st December 2024 Notes 2024 2023 Fixed Assets Tangible assets 1,744,658 1,765,284 Current Assets Debtors Cash at bank 1,041 154,723 2,163 130,438 155,764 132,601 Creditors: Amounts falling due within one year 10 (13,006) (5,905) Net Current Assets 142,758 126,696 Total Assets less Current Liabilities 1,887,416 1,891,980 Creditors: Amounts falling due after more than one year 13 (1,047,372) (1,106,591) Net Assets 840,044 791,294 Represented by Unrestricted funds 840,044 791,294 The trustees {who are also the directors of the company for the purposes of company law) confirm that for the year ended 31$1 December 2024. the company was entitled to exemption from audit under section 477 of the Companies Act 2006, and members have not required the company to obtain an audit of Its accounts for the year in question in accordance with section 476 of the Act. The accounts have been examined by an independent examiner whose report appears on page 4. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The Notes on pages 7 to 10 form an integral part of these accounts. These accounts, which have been prepared In accordance with Ihe provisions in the Companies Act 2006 relating to small companies, were approved by the trustees l Direclors on 16th July 2025 and signed on their behalf by.. S J Robinson - Trustee Company No. 04238548
QUOTHQUAN HOMES (A Company Limited by Guarantee) Notes to the Financial Statements Year Ended 31 st December 2024 Basis of Preparation Basis of accounting These accounts have been prepared under the historical cost convention with items recngnised at cost or transaction value unless otherwise stated in the relevant note{s) to these accounts, accordan with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordan with the Companies House 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The accounts present a true and fair view and no changes in the basis of accounting have been rnade during the year. There have also been no changes to the previous accounts during the financial year. The chanty is a public benefit entty as defined by FRS 102. Going Concern The trustees are of a view that there are sufficient reserves to secure the immediate future of Ihe Trust for the next 12 to 18 months and on that basis the chanty is a going concem. Accounting Policies 2.1 Fund Accountlng - Unrestricted funds These are donations, rental and other income received or generated for the objects of the charity without specific purpose and are available as general funds. The charity has no restricted funds. 2.2 Income Rental income is included in the Statement of Financial Activities (SOFA) when the charity is entitled to the resource; that is more likely than not that the trustees will receive the resources and that the monetary value can be measured with sufficient reliability. Income from interest is induded in the accounts when receipt is probable and the amount receivable can be measured reliably. 2.3 Expenditure Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable rtainty. Expenditure on charitable actNities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good pradice. Rent prepaid is recorded as deferred incorne as current liabilities. Provisions for liabilities are measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
QUOTHQUAN HOMES (A Company Limited by Guarantee) Notes to the Financial Statements (convd) Year Ended 31st December 2024 Fixed Assets Purchased fixed assets are capitalised at the price paid (plus fees etc) even if the open market value could be or was higher at the time of acquisition. Depreclation Depreciation is calculated to write off from the date of first occupation the cost of buildings at 20/0 per annum straight line and carpets and fumiture at 12/20/0 per annum straight line. Current Assets Current assets are cash at bank with immediate access and debtors. Current Liabilities Current liabilities are obligations to pay for seNices related to the properties within one year. Non4urrent Liabilities Non-current liabilities relate to the loan from Quothquan Trust and related interest. This was used to purchase properties as reported in Note 13. There is no fixed temi for the loan and the charity maintains its obligation to repay the loan. Judgements and Estimations The trustees have not made any significant judgements in the process of applying the accounting policies and there are no areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. Cash Flow Exemption The trustees have not produced a statement of cash flows, as the Charity is within the small company and charity thresholds. Income The income and result for the year are attributed to the principal activity as set out in the report of the trustees. The whole of the income totalling £140,616 (2023: £123,692) was derived from the UK. Expendlture on charitable activities 2024 2023 Interest payable Depreciation of tangible assets Property expenses Governance - Independent Examiner Govemance - Companies House Bookkeeping & admin charge from SQCT Bank charges 5,685 20.626 60,218 700 34 4,500 103 8,327 20,626 40,227 635 13 4,500 102 91,866 74,430 QUOTHQUAN HOMES
(A Company Limited by Guarantee) Notes to the Flnancial Ststements (cont'd) Year Ended 31st December 2024 Trustees Neither of the trustees has received any remuneration from the Charity for services rendered nor been reimbursed any expenses. Details of transactions with connected chartties and related partles are set out in note 11 below. Staff Costs Since there were no employees, no employee was paid more than £60,000 per annum. Taxation The cornpany is a registered charity and, as all its income will be applied for Gharilable purposes, no liability to tax arises in respect of the year ended 31 st December 2024 (2023: nil). Tangible Flxed Assets 2024 Totsl 2023 Total Cost At 1st January Additionsldisposals in the year 2,155,595 2,155,595 At 31 st December 2,155,595 2,155,595 Depreclatlon At 1$1 January Charge for the year 390,311 20,626 369,685 20,626 At 31st December 410,937 390,311 Net Book Value At 31st December 2024 1,744,658 1,765,284 At 31 st December 2023 1.765.284 1,785,910
QUOTHQUAN HOMES (A Company Limited by Guarantee) Notes to the Financlal Statements (cont'd) Year Ended 31st December 2024 Debtors 2024 2023 Rental debtors Prepayments 821 220 1,871 292 1,041 2,163 10. Credltors falling due wlthln twelve months 2024 2023 Rents prepald Accruals 2,190 10,816 714 5,191 13,006 5,905 11. Utlllsatlon of Funds 2024 Total Funds 2023 Total Funds Opening balance Net incoming resources before transfers 791,294 48.750 742,032 49,262 Closing balances 840,044 791,294 Represented by: Tangible fixed assets Net current assets Long term loans 1,744,658 142,758 (1,047,372) 1,765,284 126,696 (1,100,686) 840,044 791,294 12. Share Capltal The Charity is limited by guarantee and has no share capital. Each member of the Charity has undertaken to contribute a sum, not exceeding £1, if it is wound up whilst that person is a member or within one year after ceasing to be a member. 10
QUOTHQUAN HOMES (A Company Limited by Guarantee) Notes to the Financial Statements (cont'd) Year Ended 31 st December 2024 13. Connected Charities and Related Party Transactions Quothquan Trust, which is connected by virtue of common trustees, loaned this Charity all the funds to acquire four apartments in previous years at 3,7 % pa (considered a commercial rate of interest for that purpose). They also loaned the funds to purchase houses in previous years at 7%pa. Accordingly it loaned a rnaximum of £1,100,686 (2023: £1,171,359) in the year and at the year*nd £1,047,372 {2023: £1,100,686) was outstanding. It charged interest of £5,685 (2023: £8,327). There is also a contingent liability of up to £3,235,710 {2023: £2,949,432> to pay additional interest to it that is only payable out of any surplus on disposal of the properties. The Second Quothquan Charitable Trust, which is another charity connected in the same way, provided this Charity with book-keeping and administration services for which it charged £4,500 (2023: £4,500). 11