Goodwin Development Trust Annual Report and Financial Statements For the year ended 31 March 2021 Charity number: 1098520 Company number: 04454814 Homes and Communities Agency registratlon number: 4799
Goodwin Development Trust (A Company limited by Guarantee) CONTENTS Company Information............................ ........... Strategic Report for the year ended 31 March 2021 Board Report and Operating and Financial Review for the year ended 31 March 2021........... Independent auditovs report to the members, as a body, of Goodwin Development Trust..10 Consolidated Statement of Comprehensive Income for the year ended 31 March 2021 . .14 Consolidated Statement of Financial Position as at 31 March 2021 .15 Statement of Changes in Equity for the year ended 31 March 2021........................................16 Consolidated Statement of Cashflows for the year ended 31 March 2021 .17 Notes to the Financial Statements for the year ended 31 March 2021................................. .18
Goodwin Development Trust (A Company limited by Guarantee) Company Information Chairperson S Igoe Dlrectors S Igoo (Chairl A Guney K Ainley L Dimanle M Berin (Appointed 8 June 20211 M Tymczak (Appointed 17 June 20211 A Heddle (resigned 10 November 2020} N Balare (resigned 10 November 20201 Company secretary D Hamilton Reglstered Offico The Octagon Walker Street Hull HU3 2RA Sollcltors Rollits Wilberforce Court High Street Hull HU1 1YJ Bankers Handelsbanken Hull Marina Court 18 Marina Court Castle Street Hull HU1 1TJ Audltors Armstrong Walson Audit Limited Third Floor 10 South Parade Leeds LS1 5QS Key management Andrea Mennell
Goodwin Development Trust (A Company limited by Guarantee) Strategic Report for the year ended 31 March 2021 REVIEW OF BUSINESS We began this financial year in a national lockdown as a result of the Government's response lo the worldwide Covid-19 pandemic, and at the time of going into lockdown, were led to believe it would last a maller of weeks. As we sign off these accoLJnls, the country has only just lifted reslriclions allogelher, and we now begin our slow and steady return to usual business, closely lollowing Government guidelines. Despite financial support, many businesses became casualties of the pandemic. Goodwin was in a fortunate position lo be able to respond quickly and effectively to the rapidly changing operating environment and was able lo ensure all staff and beneliaaries were kept safe and away from unnecessary risk. All staff teams adapted to working from home. online and over the telephone. Our strength has always been grounded in a combination of our dedicated, hard-working staff team, supported by our wide and diverse range of activities and funding sources. This was tested lo ils limit in the first quarter of FY 2020121 and we went from strength lo strength, pulling together not only as a group of staff and volunteers, bul as a community and as a key partner with the local authority in the shape of one of the three food parcel distribution nIres. with Go(xlwin playing a key role with food banks in the city through the lockdown. Linked with this, our Fareshare project saw uNPredenled levels of both food donations and requests for food, from our 150+ Community Food Members, serving those people most in need. Food distribution in April 2020 was 155 tonnes, compared with April 2019 37 lonnes. This equated lo 369,507 me81s in April 2020. In the full financial year. we redislribuled enough food to provide 3.5 million meals. As a board. we are incredibly proud of the way all of our staff and volunteers pulled together throughout this exceptional period and continued lo deliver mLJch needed services to the community. The current year's results refle¢l the charity's continued response to meeting the needs of the community, and being responsive lo the changes in those needs, and the funding available to help us meet them. Whilst delivering our services. we also continued our review of our assets, and were successful in the sale of the Queen House apartments. which were our last non-social housing units. The disposal, along with the additional Covid-relaled funding during the year puts us in the fortunate position of reporting a surplus for the year, with a strong balance sheet to carry us into the next year. PRINCIPAL RISKS AND UNCERTAINTIES There has been a comprehensive review of the risk register 2nd other governance documents undertaken during the year, as part of a continuous review schedule, and a revised focus following the response lo the Covid-19 Pandemic. The Board continue lo effectively use the services of their independent financial advisor, and have undertaken a series of Structur training courses during the year. GOING CONCERN In spite of the current balance sheet position, the Board remain confident that Goodwin is a Going COnrn. We have restructuring plans prepared for certain areas of the organisation, should action be required, and our main debt lies with Hull City Council in respect of the loan taken out lo finance the new housing scheme. This facility is secured on the housing scheme and could, if needed, be settled by a transfer of the property if any unforeseen circumstances occur. Throughout the pandemic period, the Board have had a monthly review of the rolling 12 month reforecast. a 13 week cashflow, and a long term cashflow and forward plan. all of which show that the group is a going COnrn. and has many routes lo suslainabilily, through income growth, cost reduction or, most likely. a combination of both. The past year has given the Board an opportunity to refocus, and the budget for the next financial year shows a clear path to achieving a break even re5LJIt. This is our first slep to turning around and beginning lo rebuild our reserves position. Compared lo previous years, we are confident in our reserves position.
Goodwin Development Trust (A Company limited by Guarantee) DEVELOPMENT AND PERFORMANCE Goodwin has continued lo develop ils delivery programme and ils strategy, with focus on sustainability and delivery of the Trust's objectives. The Strategic Business Plan has been reviewed and updated, and inroads have been made lo new housing developments. and supported housing provision, both of which will generate a stable income stream for the Trust, contributing to the sustainability of the Trust which is in line with our Strategic Business Plan. FINANCIAL KEY PERFORMANCE INDICATORS The Board have established certain key performance indicators IKPI'S) which are important for monitoring monthly results against budget and re-forecasl and monthly cash flow figures at the Finance Sub Committee. As part of this monitoring process the Trustees review incoming resources and expenditure against budget, and challenge and investigate signifKant variances. Staff have been working incredibly haid towards the challenges sel by Trustees. NON FINANCIAL KEY PERFORMANCE INDICATORS Goodwin operates a sel of non financial KPI'S for each project. which are reported quarterly to the External SLJb Committee. ON BEHALF OF THE BOARD Sharon Igoe - Chairperson Date.. 3 11
Goodwin Development Trust (A Company limited by Guarantee) Board Report and Operating and Financial Review for the year ended 31 March 2021 BOARD MEMBERS The directors ol the charitable company (the charilyl are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The Trustees servlng during the year and up to the date of signing this report were as follows.. S Igoe {Chairl A Guney K Ainley A Heddle (resigned 10 November 20201 N Batare (resigned 10 November 2020) L Dimanle M Berin (Appointed 8 June 2021) M Tymczak IAppoinled 17 June 20211 NATURE OF THE BUSINESS. OBJECTIVES AND STRATEGIES Vision & Mission The charity's vision is of a diverse and thriving community within which everyone has the opportunity to benefit from, and contribute lo, the wellbeing of the community on a fair and equal basis and as a locally controlled Development Trust we are commilled lo improving the quality of life in our community. Values The Trustees have composed an explicit a set of values which will govern the charity's behaviours both internally and externally and provide a framework 2gainsl which both we, and those we deal with, can measure our performance. We will be honest & fair in all we do We will listen lo and lo learn from all those we work with and for We will encourage innovative & entrepreneurial behaviour, always seeking new and better ways to do things We will show respect for our community, our slafl, our volunteers and our partners We will be a champion for equality and opportunity for all Slrale ic Priorities for 2021-26 To be a fair and trusted employer who values our people. To fight poverty in all ils forms within our community. To be financially strong and sustainable. To care for the health and wellbeing of our community. To provide and support access to education, training, and employment opportunities. To make our community safe. resilient and a happy place lo be. PERFORMANCE IN THE PERIOD, MAIN INFLUENCES AND POTENTIAL RISKS The Trust's overarching objective is to improve the quality of life of the residents of Hull and surrounding areas. The Trustees recognise their obligation to demonslrale the public benefit of the charity and are aware of the Charity Commission guidance. The charity delivers public benefit by operating projects across a broad spectrum of social interventions that serve lo meet the charity's strategic objectives. In 2020121, the performance is reported against the Trust's Strategic Priorities
Goodwin Development Trust (A Company limited by Guarantee) To be a falr and trusted em lo er The Board are pleased lo report that as well as implementing the National Minimum Wage increase at the start of the year. Goodwin was also able lo improve the salary banding structure for all the employees. The Trust made use of the Government's furlough scheme throughout the year, and as a result, we had no redundancies occurring as a result of the Covid-19 pandemic. Staff retention levels are good, and the Trust continues to develop its staff through in-house and external training. Tofi ht overt In all its forms within our communi Faresharè Hull & Humber The project has contributed lo over 3.5 million meals over the last year, redislribuling 1746 lonnes of food in the 12 month period. As the pandemic hil, and the need for food became much greater, Fareshare became a lifeline to thousands of people in the city through our food network. We received a number of grants lo assist with the volumes of food, and the increased demand through the last year. These included WRAP Ilhe Vvasle and Resources Action Group), ERC Local Community Aid, Sainsburys, Hull Daily Mail. Albert Gubey Foundation, Re¢kill Benckiser, Asda Foundation and TNLCF. These grants also allowed us lo move lo new premises at the end of the financial year, providing us a more up to dale waiehouse, with training facilities and officeslmeeting rooms. Youth Employment Inltlative (YEI) / Create to Chang9 /Family Futures /Befriending We run a number of successful projects which serve the community and exist to engage the economically inactive and Ih05e suffering with hidden disabilities, such as mental health. Over the past year, these projects have provided essential lifelines for the most vulnerable people on our estate. To rovide affordable and sustainable homgs. We are incredibly proud of the continued 1000/0 occupancy of our portfolio of Social Housing. We are pleased that we are a fully compliant Registered Housing provider with Investment Partner status. We hope lo use this status in the future lo allow us lo provide tangible support for other organisalions wishing to become Registered Providers and lo apply for funding from Homes England. We continue to explore new opportunities for creating additional, good quality, affordable homes. To be financiall stron and stable We are confident in the continuing success of Goodwin. Our diverse income streams including the rental income from our social housing stock ensures we can continue to grow and consolidate our position, We also have robust financial prOdureS and risk management in place which are overseen by a monthly Audit and Finance subcommittee. To care for the health and wellbein of our communi and all of the individuals within it Children's C8ntrés Goodwin continues lo deliver the Children's Centre provision out of Fenchurch, Marvell and the Octagon. Goodwin works closely with Hull City Council, the contract provider, lo ensure that the Children's Centre provision remains ntral lo changes to the safeguarding and early help seNices in Hull. Nurs9ri0S Our nurseries are both Ofsled raled"Good" and we are continuing to build on our quality learning environments both inside and out focussing on the communicating friendly spaS approach. Whilst our nurseries had lo close for the initial period of the lockdown al the start of the year, we SUC$sfUllY reopened both nurseries safely within the Government guidelines and with support from Hull City Council.
Goodwin Development Trust (A Company limited by Guarantee) Youth Provision The delivery ol our setvice is underpinned by the National Occupational Standards for Youth Work practice and aims to facilitate the personal, social and educational development of young people. We also engage with our young people through the Youth Arts Takeover and Youth Music projects. Doul? /BFPS The Doula and Breaslfeeding Peer Support Service IBFPSI has continued lo deliver excellent services to pregnant women and new mums across the city, ensuring that much needed support is given where il is needed most. The service continues to recruit, train and support 100 active volunteers across the City of Hull. Danny's Draam Danny's Dream continued lo deliver an exceptionally high-qualily service. retaining ils overall Care Quality Commission ICQCI rating of "Oulslanding. We understand that this is the only provision currently in Hull and East Riding with an overall Oulslanding judgement. Our focus is currently working with the Local Aulhorily, Adult Social Care, lo increase the safe working capacity of the club, back lo the usual levels. We used the period of reduced operating capacity al thè club to relocate this service into the Octagon building, which has refreshed and reinvigorated the service, and has been mel with an overwhelmingly positive response from our service users and their families. Social Prescribing Through the year our two estate-ba5ed initiatives, Fil and Fed and Thornton Befrienders, have established themselves as key community wellness services. Their ability lo react, respond and support following Covid 19 pul the organisation al the forefront of supporting the residents of Great Thornton Street Estate through delivering food aid to those Shielding, Isolating and struggling to afford to eat and providing friendships lo tackle social isolation and support mental wellbeing. Veterans Hub Our longstanding support to Veterans and their families has been cemented though the establishment of the City's one slop shop for all veteran's support agencies. This has been delivered in partnership with Hull City Council and funded through Hull's Veterans Covenant Fund and the Armed Forces Covenant Fund Trust. Though this we now lacililale weekly Coffee mornings, walking clubs, choirs, model making and linkages lo specialist Health, Wealth and Housing agencies To rovide and su ort access to education trainin and em lo ment o ortunities Employment. Enterprise ond Training (EET) The provision of EET support has long been at the centre of Goodwin's mission. Based at the Community Hub we have delivered specific employability programmes for unemployed 16-29 year olds through the Youth Employment Initiative Springboard IYEII. Also through the Building Better Opportunities programme we have been able lo support older people lo gain employment. In developing a more holistic support offer we provide a¢$S lo ICT through our UK Online status, access to the Thornton Pantry and co-locate delivery partners, such as Hull and East Riding Citizens Advice Bureau. lo provide a one slop shop. Aligned lo this we have seen a growth in the number of apprentices we employ across the organisation investing in young people and supporting our own workforce development. To make our communit safe resilient and a ha lace to be Estate ol all Nations We were successful in an application for £100k grant from CCLORS, which we used lo create the Eslale of All Nations project, which brought together and enhanced many of our estale-based inilialives. Crgative P8ople and Places Creative People and Places brings with it a wealth of opportunities to the Eslale, and Goodwin continues lo seek ways in which il can be an active partner in the delivery of arts events across Hull. We are now halhmay through our second CPP grant from Arts Council England, and have adapted well to moving the Servi online during the year. As we see restrictions easing, we have a programme of "in person. events planned for the summer.
Goodwin Development Trust (A Company limited by Guarantee) In addition to this. we have received funding from Esmee Fairburn and the National Lollery lo run the"Living Room. project, based on North Point shopping cenlre, and additional funding from ACE for our Loneliness Project, which ensured that our incredibly popular Shindigs could continue in the safely of people's own homes. AMIF project The AMIF housing support to Refugees project in partnership with Refugee Council provides specific SUPFK)rt and advice including language support lo refugees in Hull. We were pleased to not only gain an extension for the initial grant lo December 2020, but also to gain a new 2-year grant which allows us lo continue the setvice through lo December 2022. FINANCIAL REVIEW AND POSITION AT YEAR END INCLUDING FACTORS AFFECTING THAT POSITION The group is pleased to be able lo report a surplus of £102k in the year12020'. loss of £4.3ml. The company has sufficient reserves and funds available for at least 12 months from the approval date of the accounts. The Board have reviewed cashflows and reforecasts on a monthly basis throughout the pandemic and are pleased al the level of emergency support which has boen available lo cover the Group's additional costs and reductions in income which have occurred as a result of the pandemic. On the basis of sufficient cash flows the Trustees believe that the financial slalemenls should be prepared as a going concern. CAPITAL STRUCTURE AND TREASUR Y POLICY The Goodwin Development Trust is a company limited by guarantee.11 has no share capital and is a charity registered with the Charity Commission. The guarantee of each member is £1. The governing document is the Articles of Association of the company lamended by specia1 resolutions 9 December 2002. 7 May 2003, 10 May 2005. 21 November 2005, 13 March 2007 and February 20141 and members of the Board of Trustees are the Members and Directors of the Company. 11 is a member of the Homes and Communities Agency, registration number 4799. The Registered Provider's IRPI decision-making body is the Board of Trustees that meets on a monthly basis on the first Tuesday of each month. The Articles allow for a maximum of 11 Trustees, 7 of whom have to be residents of the Thornton Estate (known as resident direclorsl and 4 others (known as partner direclorsl. There are also three sub-commillees, each of which are chaired by a Trustee from the main Board and have a senior staff member as support. These sub-boards all have their own Terms of Reference. They are'.- Sub Board Chair Finance External Services Audit Committee Alt na Gune Kellock Ainle All na Gune Reports appertaining to project progress are taken lo the appropriate sub-committee and details recorded in the minutes. All sub-commillee minutes are supplied to Trustees al the following Board meeting. The RP has two trading subsidiary companies.. Goodwin Communlty Trading Limited is a wholly owned subsidiary of the charity. The Articles of Association provide for unlimited directors, two being independent directors. Currently the board comprises o directors in total. one of whom is a Goodwin Development Trust director. The minutes of each board meeting are taken lo the main board of Goodwin Development Trust. Goodwin Communlty Housing Limited is a wholly owned subsidiary of the charity and has been sel up as a vehicle to hold the housing stock purchased and renovated by the charity. Currently the board comprises o directors, both of whom are Goodwin Development Trust directors.
Goodwin Development Trust (A Company limited by Guarantee) CASH FLOWS AND CURRENT LIQUIDITY The year end cash position shows a nel group overdraft position of £1,801k12020..£3,178k), which includes loans and overdrafts of £1,801 k. The change in the economic environment and move from grant funding to earned income has resulted in the need for an overdraft from our main bankers, Handelsbanken.. In addition to this, a loan of £3m was taken out with Hull City Council in 2019, to fund the new housing development alongside the grant from Homes England. Rental income remains at a level sufficient to service this debt. The long term Cash flow indicates a return to a positive group cash balance. VALUE FOR MONEY The Trust's finance manual is updated annually and contains specific guidance over procurement in order lo ensure best value is achièved al all limes. KEY ACCOUNTING POLICIES ADOPTED The Trust's accounting policies are detailed within the notes lo the financial stalemenls. REGULATOR'S INTERVENTION IN THE YEAR There has been no intervention frotn the regulator during the year. FUTURE DEVELOPMENTS INCLUDING FACTORS AND INFLUENCES ON FUTURE PERFORMANCE Future developments for the group focus on strategic working with Hull City Council within the housing sector, looking particularly at new-build opportunities and the provision ol supported housing. The long-lerm strategy remains the same as always, with a focus on improving the quality of life for residents of the Thornton eslale, bul in light of the impact of the Covid-19 pandemic, the need for financial stability and secure income streams is at the root ol the 51ralegy. Whilst we generated a surplus this year, and have a positive outlook for the next year, it is yel lo be seen what impact ltriere will be in the long term, as the world economy copes with the fall out from the pandemic, and the UK continues lo adjust lo the impact of Brexit. EVENTS SINCE THE END OF THE YEAR INCLUDING THE IMPACT ON FUTURE OPERATIONS OF SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE There have been no events of significanTr Sin the end of the financial year. AUDITORS The auditors, Armstrong Walson Audit Limited, wi11 be proposed for reappointment in accoTdance with section 485 of the Companies Act 2008. PUBLIC BENEFIT In selling and reviewing our aims the Board has given careful consideration lo the Charity Commission's guidance on public benefit.
Goodwin Development Trust (A Company limited by Guarantee) DIRECTORS, RESPONSIBILITIES The Board is responsible for preparing the report and financial slalements in accoidance with applicable law and regulations. The Registered Social Housing legislation require the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the association and of its income and expenditure for that period. Company law requires the directors to prepare financial statements for each fi'nancial period. Under that law the directors have elected lo prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the directors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the company and of the profil or loss of the company lor that period. In preparing those financial stalemenls, the directors are required to.. select suitable accounting policies and then apply them consislenlly., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume that the company will continue in business. The Board is resFX)nsible for keeping adequate accounting records that are sufficient lo show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. the Housing and Regeneration Act 2008 and the Accounting Direction for private registed providers of social housing in England 2012. They are also Sponsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS We, the Board members of the RP who held office al the date of approval of these Financial Statements as sel out above each confirm, so far as we are aware, Ihal.. there is no relevant audit information of which the RP'S auditors are unaware., and we have taken all the steps that we ought to have taken as Board members in order lo make ouiselves aware or any relevant audit informats'on and lo establish that the RP'S auditors are aware of that information. ON BEHALF OF THE BOARD Sharon Igoe - Chairperson Dale.. 24
Goodwin Development Trust (A Company limited by Guarantee) Independent auditor's report to the members, as a body, of Goodwin Development Trust Opinion We have audited the financial statements of Goodwin Development Trust Ilhe 'parenl Company'l and its subsidiarie5 Ilhe 'Group'l for the year ended 31 March 2021, which comprise the Group Slalemenl of Comprehensive Income. the Group and Company Statements of Financial Position, the Group Slalemenl of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes. including a summary of significant accounting policies. The fi'nancial porting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalemenls.. give a true and fair view of the stale of the Group's and of the parent Company's affairs as al 31 March 2021 and of the Group's surplus for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordanee with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the AudiloT'S responsibilities for the audit of the financial statements section of our report. We are independent ol the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Counci5's Ethical Standard and we have fulfilled OLJr other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined Is sufficient and appropriate to pmvide a basis for our opinion. Concluslons relating to going concem In auditing the financial slatemenls, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Group's or the paienl Company's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. 10
Goodwin Development Trust (A Company limited by Guarantee) Independent auditor's report to the members of Goodwin Development Trust Icontlnued) Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report Ihereon. The Iruslees are responsible for the other information contsined within the Annual Report. Our opinion on the financial slalements does not cover the other information and. except to the extent olhetwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo delemiine whether this gives rise to a material misstalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Group Strategic Report and the Trustees, Report for the financial year for which the financial slalemenls are prepared is consistent with the financial slatemenls., and the Group Strategic Report and the Trustees, Report have been prepared in accordan with applicable legal requirements. Pjlatters on which we are required to report by exception In the light of the knowledge and understanding of the Group and the parent Company and its environment obtsined in the course of the audit, we have not identified material misslalements in the Group Strategic Report or the Trustees, Report. We have nothing lo report in respect of the following mallers in relation lo which the Companies Act 2006 requires us to reFX)rt to you if, in our opinion.. adequate accounting records have not been kept by the parent Company, or retums adequate for our audit have not been received from branches not visited by us.. or the parent Company financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we qUIre for our audit.
Goodwin Development Trust (A Company limited by Guarantee) Independent auditor's report to the members of Goodwin Development Trust (Continued) Responslbllities of directors As explained more fully in the Director's Responsibilities Ststemenl sel out on page 9, the Iruslees are responsible for the preparation of the financial statements and foi being satisfied that they give a true and fair view, and for such internal wntrol as the trustees determine is necessary lo enable the prep8ration of financial slalements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Group's and the parent Company's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend lo liquidate the Group or the parent Company or to cease operations, or have no realistic alleinalive but lo do so. Auditor's responsibilities for the audit of the financial Statements Our objectives are to obtain reasonable assurance about whelherthe financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an Auditorfs Report that incSudes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl when il exists. Misslalements 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 Group financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, to detect material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of detecting irregularities. including fraud is detailed below.. Our approach to identifying and assessing the risks of material misslatemenl in respeGI of irregularities. including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with appluble wS and regulations., we identified the laws and regulations applicable lo the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry,. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management., and identified laws and regulations were communicated within the audit team regularfy and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the enlily's financial statements lo material misslatemenl, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they conSided there was susceptibility to fraud. their knowledge of actual, suspected and alleged fraud., and considering the internal controls in place lo miligale risks of fraud and non-compliance wilh18ws and regulations. 12
Goodwin Development Trust (A Company limited by Guarantee) Independent auditor's report to the members of Goodwin Development Trust (Continued) To address the risk of fraud through management bias and overrKle of controls, we.. performed analytical procedures lo identify any unusual or unexpected relationships., tested journ81 entries lo identify unusual transactions., and assessed whether judgements and assumptions made in determining the accounting eslimales were indicative of potential bia5. In response lo the risk of irregularities and non-compliance with laws and regulations, we designed pr(Kedures which included, bul were not limited lo.. agreeing financial slalemenl disclosures to underlying supporting documentation., and enquiring of management as to actual and potential liligalion and claims. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website at.. www.fr¢.org.uklaudilorsosponsibililies. This description forms part of our Audilovs Report Use of our report This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those mallers we are required lo slate lo them in an Auditor's Report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Simon Turner {Senior Statutory Auditor) for and on behalf of Armstrong Watson AudSt Llmlted Chartered Accountsnls Statutory Auditor Leeds Dale.. 27 August 2021 13
Goodwin Development Trust (A Company limited by Guarantee) Consolidated Statement of Comprehensive Income for the year ended 31 March 2021 Note 2021 £k 2020 £k Turnover Operating expenditure 4,703 4,613 5,757 6,121 Operating Ideficitl I surplus Interest and financing costs Loss on disposal of assets 90 11181 1364) 1143) 3,843 Deficit before tax 1361 14,3511 Taxation 138 Surplus l{deficitl for the year 102 14.3511 Total comprehensive income forthe year 102 14,3511 There is no difference between the reported result for the period and historical cost surpluses or deficits. On behalf of the Board TRUSTEE Isharon Igoel TRUSTEE IKellock Ainleyl The annexed notes form part of these financia1 statements. 14
Goodwin Development Trust (A Company limited by Guarantee) Consolidated Statement of Financial Position as at 31 March 2021 Company registration number.. 4454814 Com an Grou Notes 2021 2020 2021 2020 Fixed assets Housin ro erties Tangible fixed assets £k £k £k 4,368 £k £k £k £k 4.368 £k 12 13 5,239 5,455 5.239 5,455 9,823 9.607 Current assets Trade and other debtors Assets held for resale Cash and cash uivalenls 14 609 567 501 568 405 15 584 961 10 1193 661 983 Less: Creditors: amounts falling due within one ear 16 11,8751 11,3861 11,8901 11,6531 Net ourrent assetsl liabilities 16821 17251 14281 {6701 Total assets less current liabilities 8,925 9,098 9,179 9.153 Creditors: amounts falling due after one gar Provision for deferred tax 17 {2,6231 12,561) 12,6231 12,5611 11381 Total net assets 6,537 6,556 6.454 Reserves Housing property revaluation reserve Restricted reserve Desi naled reserve Income and ex enditure reserve Total reserves 21 21 1,476 110 1,487 110 1.476 110 1,487 110 4,716 4.940 4.970 4,857 6,537 6,454 These financial statements were approved and aulhorised for issue by the Board on 24 August 2021 on behalf of the Board TRUSTEE ISh8ron Igoel TRUSTEE IKellock Ainleyl The annexed notes fom part of these financi81 statements. 15
Goodwin Development Trust (A Company limited by Guarantee) Statement of Changes in Equity for the year ended 31 March 2021 Revaluation Restricted Designated reserve reserve Reserve Income & expenditure Total At 1 April 2020 1,487 110 4,857 6,454 Deficiusurplus for the year Total comprehensive incomelldeficill At 31 March 2021 113 102 113 102 1,476 110 4,970 6.556 Revaluation Restricted Designated reserve reserve Reserve Income & expenditure Total At 1 April 2019 2,609 110 8.085 10,804 Deficit for the year Total comprehensive deficit 3,228 13,2281 4,350 14,3501 {1.1221 At 31 March 2020 1.487 110 16
Goodwin Development Trust (A Company limited by Guarantee) Consolidated Statement of Cashflows for the year ended 31 March 2021 Note 2021 2020 Cash flow from operating activities £k £k Surplus (deficit} for the year 102 (4,3511 Adjustments for non-cash items.. Depreciation and impairment 160 4,236 (Prolitl l Loss on disposal Decrease in trade and other debtors 472 631 Decrease I Ilncreasel in trade and other creditors 735 1481 Not cash generated from operating a¢tivitiey 1A69 468 Cash flow from investing actlvities Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Investing cash flow 1711 127 56 13951 461 66 ash flow from investing actlvities Repayment of debt Financing cash flow {1481 1148) {2381 12381 Net change In cash and cash equivalents 1,377 296 Cash and cash gquivalents at the beginning of the year Cash and cash equivalents at the end of the year 3,178 3,474 3,178 17
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Flnancial Statements for the year ended 31 March 2021 1. STATUTORY INFORMATION Goodwin Development Trust is a charitable company domiciled in England and Wales, registration number 04454814 and charity number 1098520. The company is also reglstered with the Homes and Communities Agency, number 4799. The registered office is Pod 5. The Octagon. Walker Street, Hull, HU3 2RA. 2. PRINCIPAL ACCOUNTING POLICIES The RP is incorporated under the Companies Act 2006 and the Charities Act 2011 and is a Registered Provider of Social Housing. Basis of Accounting The financial slalemenls have been prepared in accordan with applicable United Kingdom financial reporting standards, the Statement of Recommended practi.. Accounting by Registered Social Housing Providers Iupdale 201418nd the Accounting Direction 2015. The accounts are prepared in accordance with the historical cost basis of accounting except as modified by the revaluation of investments and certain fixed assets. Group accounts The RP is required by the Companies Act 2006 to prepare group accounts. The consolidated accounts comprise the financial slatÈments of Goodwin Development Trust and of its subsidiaries Goodwin Community Trading Limited and Goodwin Community Housing Limited. Government grants Government grants are recognised when is it reasonable to expect that the grants will be received and that all related conditions will be met. Government grants in respect of capital expenditure have been accoLJnled for using the performance model, this being when all performance conditions have been mel the income is recognised as turnover in the Statement of Comprehensive Income. Turnover Turnover represents rental and service charges income receivable in the year net of rent and service charge losses from voids, revenue grants from loca5 authorities and the Homes and Communities Agency. 11 also includes income from charitable activities and activities for generating funds in the year. Turnover is recognised On the company has enlitlemenl lo the income, to the extent that il is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts. rebates, value added tax and other sales taxes. Going concem The Trustees have prepared the financial slalements on a going concem basis. This assessment was made after taking account of all factors including consideration of the impact of COVID 19. In assessing these factors management have, for a period of at least twelve months from financial slalement approval.. Prepared profit and loss budgets that demonstrate the continued generation of income that ensures financial headroom remains sufficient to meet obligations Ensured the budgeted operating surpluses provide sufficient financial resource lo cover third party funding obligation Identified income streams from non operating activity, such as the disposal of capital assets, and assessed the high likelihood of these receipts In doing so the Trtjstees have sufficed themselves that the Group will meet ils obligations for a period of at least twelve months from dale of approval of these financial slalemenls, and that in doing so they have considered that any uncertainty in the economy, including due lo COVID 19, will not materially change this assessment. 18
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2021 Continued Fixed Assets and Depreciation The cost of tangible fixed assets is wrillen off over their expected useful lives on a straight line basis. Rates used for this year's provision are.. Freehold Pro ert Leasehold Pro ert Motor Vehicles ment 20 2°A or lease term 25,/ 15.1 33.30 The useful economic lives of all tangible fixed assets are reviewed annually. Housing Properties Housing properties are recognised initially al cost and thereafter carried at fair value less depreciation and impairment Charged subsequent to the date of the revaluation. Fair value is based on periodic valuations prepared by key management personnel with guidance from professional valuers and is determined from market-based evidence by appraisal. Valuations are performed frequently enough to ensure that the fair value of a revalued asset does not differ materially from ils carrying amount. Fair value gains and losses are recognised in other comprehensive income. Any revaluation surplus is credited to the revaSualion reserve in eqLtily exp1 to the exlenl that rt reverses a decrease in the carrying value of the same asset previously recognised in profit or loss, in which case the increase is recognised in profil or loss, except lo the extent of any existing surplus in respect of that asset in the revaluation reserve. The Carrying values of property, plant and equipment are Teviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoveTable and are written down immediately to their recoverable amount. Works to existlng housing properties Expenditure on existing housing properties is capitalised when it is either capable of genewting increased future rents, extends their useful economic lives or signilicanlly reduces future maintenance costs. All other expenditure in respect of general repairs to the housing stock is charged to the income and expenditure accounts as il is incurred. Impairment All properties are considered for impairment annually and detailed reviews of assets for impaiment are carried out if there is an indication that impairment has occurred or if they are not being depreciated. Impairments that are a result of a major reduction in the service potential of a property are recognised in the income and expenditure account. Impairments that reflect general changes in price are, where the property is shown at a valuation, recognised in the slalement of total recognised surpluses and deficits until the value of the asset falls to depreciated historical cost. Further impairments, or the full impairment if the property has not been revalued, are then recognised in the income and expenditure account. Donated land Donated land which is unconnected with any intended development is measured at current value and recognised in turnover with other donations, where the donation is from a non-public body and as a government grant where it is from a public body. Where land is donated or transferred al a price less than ils open market value, or where it has been donated as part of a development scheme. it is included at its current value on the dale il is received. The difference between the current value and the transfer price of land transferred from central or local government or other public authorities is Irealed as a government grant. Where land is donated or transferred by a non-public body the difference is recognised in turnover. stock Stocks are valued al the lower of cost and nel realisable value, after making alSowance for any obsolete or slow moving items. 19
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2021 Continued Trade and other debtors Trade debtors are recognised and carried at the lower of their original invoiced value and recoverable amount Where the lime vale of money is material. receivable are carried al amortised cost. Provision is made when there is objective eviden that the Company will not be able lo recover balanS in full. BalanS are wrillen off when the probability of recovery is considered remote. 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 2nd are subject to an insignificant risk of change of value Trade creditors Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course ol business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, al the end of the reporting period, to defer selllemenl of the creditor for at least twelve months after the reporting dale. If there is an unconditional right to defer settlement for al least twelve months after the reporting date, they are presented as non-currenl Leased assets Tangible fixed assets aCqUid under finance lèases or hire purchase contracts are capilalised and depreciated in the same manner as other tangible fixed assets. The related obligations. nel of future finance charges, are included in creditors. Rentals payable under operating leases are charged to the income and expenditure account on a slraighl-line basis over the period of the lease. Interest income Interest income is recognised in the Piofit and Loss Account using the effective interest method. Borrowing costs All borrowing costs are recognised in the Profi'l and Loss Account in the year in which they are incurred. Current Taxation No laxalion is payable by the RP, since il has charitable status and ils activities are exempl from lax. Current lax assets and liabilities are measured at the amount expected lo be recovered from or paid lo the laxalion authorities based on tax rates and laws that are enacted by the balance sheet dale. Deferred in¢ome lax is recognised on all temporary differen$ arising between the lax bases of assets and liabilities and their carrying amounts in the fi'nancial slalemenls, with the following exceptions.. Where the temporary difference arises from the initial recognition of goodwiS1 or an asset or liability in a transaction that is not a business combination that al the time of the transaction affects neither accounting nor tsxable profit or loss. In respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the liming of the reversal of the temporary differences can be controlled and il is probable that the temporary dillerences will not reverse in the foreseeable future., and Deferred income tax assets are recognised only lo the extent that it is probable that taxable profit will be available against which the deductible temporary differen, carried fomard tax credits or lax losses can be ulilised. Deferred income lax assets and liabilities are measured on an undiscounted basis al the tax rates that are expected to apply when the related asset is released or liability sellled, based on lax rates and laws enacted or subslanlively enacted al the balance sheet dale. The carrying amount of deferred income lax assets is reviewed at each balance sheet dale. 20
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 202q Continued Designated reserves Designated reserves are part of unrestricted reserves which have been earmaTked by the Board for a particular purpose. Such designations may be reversed by future Board decisions. Expenditure cannot be directly sel against designated reserves bul is taken through the income and expenditure account. A transfer is then made from designated reserves as appropriate. Restricted reserves Reslricled reserves are those reserves which are only expendable in accordance with the wishes of the funder or regulatory body. Reslricled reserves include funds raised in response lo a specific appeal. Expenditure cannot be directly sel against reslricled reserves bul is taken through the income and expendrture account. A transfer from reslricled reserves is then made as appropriate. Where a restricted reserve is represented by assets that are then revalued, the revaluation element is added to the fftslricled reserve. Value Added Tax Irrecoverable VAT which can be atlribuled to capital item or revenue expenditure is added lo the cost of the capital item or expenses where practicable and material. The activities of the RP are partially exempt from VAT. A cost Cent structure is utilised lo accoLJnt for VAT in the most appropriate manner. Some activities are therefore shown net of VAT where the VAT can be recovered in whole or in parl. The irrecoverable element of the partially recoverable VAT is shown as a cost within Operating costs Pension costs The RP operates a defined contribution scheme for the benefit of ils employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations. Judgement in applying accounting pollcles and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and sssumplions that affect the amounts reported for assets and liabilities al the balance sheet dale and the amounts reported for revenue and expenses during the year. Due to the nature of estimations actual outcomes may differ from initial expeGlalions. Key sources of estimation uncertainty included within these financial slalemenls include several eslimalions which are detailed within the above accounting policies. Management apply judgement and estimates in determining the classification of property, plant and equipment. With regards assets subject lo full rental li.e. not used for charitable purposesl where the assets are actively marketed management apply a judgement that these should be presented as a current asset over non-current asset. This includes having eslimaled any impairment likely to arise on disposal. This impairment is calculated by management as the difference between carrying value and anticipated selling price. Where anticipated selling prices exceeds carrying value no uplift in value is recognised within assets. 21
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Staternents for the year ended 31 March 2021 Continued 3. ACCOMMODATION IN MANAGEMENT Units at Start Unlts at End Units under development General needs housing.. Affordable Rent 4. REVENUE The analysis of the group's revenue for the year from continuing operations is as follows.. 2021 £k 1,817 1.166 315 329 192 389 200 295 4,703 2020 £k 835 2,510 1,232 426 188 90 189 287 5,757 Voluntary income Income from charitable activities Arts Council grants Nurseries & cafe Octagon Other incoming reSoUrS Rent receivable Social rent receivable All turnover arose within the United Kingdom. SOCIAL HOUSING TURNOVER AND COSTS Included within the above turnover.. Supported housing and housing for older people £k General needs housing Other Total 2021 Total 2020 £k £k £k £k Income Rent receivable excluding SeN1 charge 295 295 287 Service charge income Turnover from social houslng letting8 Social housing activity expenditure 295 295 287 182 182 145 Operating surplus I Idelicit} on soclal housing lettings Void losses 114 114 142 22
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2021 Continued 5. FINANCIAL ASSISTANCE AND OTHER GOVERNMENT GRANT RECEIVABLE Total government grants received in the period was £303k12020'. £140kl. OPERATING DEFICIT 2021 £k 2020 £k Operating surplus is slated after charglng.. Auditors, remuneration (see note 81 Depreciation and amortisalion of owned assets Operating leases- other assets 14 159 11 3.400 and after crediting.. Deficit on sale of tangible fixed assets 7. AUDITOR'S REMUNERATION 2021 £k 13 2020 £k 10 Fees payable (exclusive of VATI lo the RP'S auditor in relation lo the period of awount forthe audit of the RP'S annual accounts Tax Fee 8. KEY MANAGEMENT PERSONNEL Remuneration paid lo key management personnel in the period was £65k12020.. £125k), paid to 1 Employees12020'. 21, as defined on the company information page. The Chief Executive is an ordinary member of the RP'S ¢Jefined contribution pension scheme. No enhanced or special terms apply. There are no additional pension arrangements. The aggregate contribution made by the RP and ils subsidiaries was £1 k {2020.. £1 kl in addition to the personal contributions of the Chief Executive. The Board of Trustees IDireclorsl received no expenses or remuneration in the year. 23
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2021 Continued 9. EMPLOYEE INFORMATION 2021 2020 The average number of persons employed during the year expressed in full time equivalents was.. Administration stsff Housing development staff 164 1S4 £k £k staff costs (including members of the Board) Vvages and salaries Social Security costs other pension costs 2,750 179 3,098 215 92 2,975 2021 2020 The of number of staff employed during the year expressed in full time equiv8lenls whose remuneration payable (including compensation for loss of office) fell within the following bands- £60,001- £70,000 10. TAX ON SURPLUS ON ORDINARY ACTIVITIES Current tax The RP is a registered Charity and no provision is considered necessary for taxation. Goodwin Community Trading has a retained loss which is exempl from taxation under the provisions of the Income and Corporation Taxes Act 2000. Goodwin Community Housing has non-laxable income in the period. Deferred tax There is no deferred lax liability in Goodwin Community Housing {2020.' £138kl relating lo potential tax on the value of the land and buildings. 24
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2021 Continued 11. TANGIBLE FIXED ASSETS HOUSING PROPERTIES-GROUP and COMPANY Properties for social housing lettings £k Total £k Cost or valuation Al 31 March 2020 Al 31 March 2021 6,855 6,855 6,855 Depreciation and impalrment Al 31 March 2020 Charge for year- impairment Transfer lo current assets At 31 March 2021 Net book value At 31 March 2020 At 31 March 2021 2,487 2,487 2,487 2,487 4.368 4.368 4,368 4,368 The company only housing properties consist of the properties for social housing lellings wlh a Nel Book Value of £4,368k12020'. £4,368kl. All social housing is wholly owned by Goodwin Development Trust. During the year, the non-social housing properties were put up for sale, and as such, sold. 12. OTHER TANGIBLE FIXED ASSETS- GROUP and COMPANY Land and buildings Fixtures and fillings Motor vehicles £k £k £k 10.848 197 70 71 38 103 Totsl £k 11,115 71 475 10.711 Cost At 31 March 2020 Additions Disposals At 31 March 2021 253 10.595 184 13 Depreciation and impairment At 31 March 2020 Charge for the year- depreciation Disposals Al 31 March 2021 5,395 138 125 5408 197 68 21 38 51 5,660 159 347 5,472 184 13 Net book value Al 31 March 2020 5,455 At 31 March 2021 5.187 52 5,239 The net book value of land and buildings al 31 March 2021 compiised.. £k 2,266 2,921 Freehold Long leasehold The cost of depreciable assets included in land and buildings al 31 March 2021 was £10,595k Included in the total net book value of tangible fixed assets held al 31 March 2021 was £nil in respect of assets held under finance leases and hire purchase contracts. 25
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2021 Continued 13. DEBTORS- ALL RECEIVABLE WITHIN ONE YEAR Company 2021 2020 £k £k 145 253 343 312 121 609 Group 2021 £k 145 355 2020 £k 254 312 Trade debtors Prepaymènts and accrued income Amounts owed from group undertakings 567 501 568 14. CASH Company 2021 2020 £k £k 584 94 11391 13831 12,623) 12,5611 Group 2021 £k 961 11391 12.6231 2020 £k 10 18271 12,5611 Cash at bank and in hand Loans due within one year Loans due after one year 2,178 2,850 1,801 15. CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR Company 2021 2020 £k £k Group 2021 £k 2020 £k Loans and overdrafts Trade creditors Other lax and social security Accruals and deferred income VAT 139 172 45 1093 426 383 311 48 633 12 139 172 45 1108 426 627 318 48 646 12 1,875 1,890 1.653 Loans and overdrafts please see note 16 for securities. 26
Goodwin Development Trust (A Company limited by Guarantee) Notss to the Financial Statements for the year ended 31 March 2021 Continued 16. CREDITORS- AMOUNTS FALLING DUE AFTER ONE YEAR Company 2021 2020 £k Group 2021 2020 £k £k Loans and overdrafts 2,623 2,561 2.561 2,623 2,623 2,561 2,561 The bank overdraft is secured by a group-wide debenture. An unlimited Inlercompany composite guarantee by and between each of the borrowers, Goodwin Development Trust, Go(xlwin Community Trading and Goodwin Community Housing exists. The Group loans figure comprtses.. £93,750 from Handelsbanken, repayable over 6 years, secured on a small portfolio of residential properties, and £2,668,473 from Hull City Council, secured on the leasehold interest in the Hugh Webster site, and repayable over 30 years. 17. CALLED UP SHARE CAPITAL The RP is limited by guarantee and has no equity or non-equity share capital.. Members of the RP guarantee lo contribute a maximum of £1 should there be a call on their guarantee. 18. RESTRICTED RESERVES- Group & Company Fund at 31. Incoming Resources March 2020 Resources Expended £k Fund at 31° March 2021 £k £k £k Fixed Assets Asda Fareshare Fil & Fed Thornton Befriending Military Work Club MVC Coordinator BBO AMIF Therapy Armed Forces Covenant CLLD Do IIAug 18 CILM Aug 18 Youth Music ACE Youth takeover Fareshare CILM Eslale of all Nations- Power to Change Living Room - National Lollery Creative People and Places - Ph 2 1,487 1121 {21 iioi 1181 1821 1271 1801 1501 1131 1921 12021 {1381 161 1351 117} 150} 183} 326 1.243 1,476 10 18 82 27 81 50 13 92 202 138 35 17 50 83 326 1,476 Designated reyerve: During a previous year, the group disposed of Kingfisher Rise, which resulted in a Recycled Capital Grant Fund IRCGFI balance of £11 Ok, which is held as a dèsignated reserve. There are no amounts of RCGF which are more than three years old where a repayment may be required. 27
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2021 Continued 19. PENSION COSTS The RP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the RP in an independently administered fund, The pension cost charge represents contributions payable by the RP lo the fund and amounted to £46k12020 £92kl. Contributions lotalling £nil12020 £nil) were payable lo the fund al the year-end and are included in creditors. 20. RELATED PARTY TRANSACTIONS At the dale of these financial slalemenls no Board and Committee members were tenants I shared owners of RP properties. There have been no related party transactions which would require disclosure. 21. GROUP AND RELATED UNDERTAKINGS During the period ended 31 March 2021 the RP had the following related and associated undertakings Name Relationship. Status Registered by Social Housing Regulator Non-regulaled Goodwin Community Trading Ltd 100¥0 Subsidiary Trading company Goodwin Community Housing Ltd 1000/0 Subsidiary Trading company Non-regulaled The RP'S Board confirm that the company has no ultimate parent undertaking. 28