2022-03-31-accounts

Goodwin Development Trust

Annual Report and Financial Statements

For the year ended 31 March 2022

Charity number: 1098520 Company number: 04454814 Regulator of Social Housing registration number: 4799

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Goodwin Development Trust (A Company limited by Guarantee)

CONTENTS

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Goodwin Development Trust (A Company limited by Guarantee)

Company Information

Chairperson		S Igoe
Directors		S Igoe (Chair)
		A Guney
		K Ainley
		M Berin (Appointed 8 June 2021)
		J Halls (Appointed 19 November 2021)
		M Tymezak (resigned 18 October 2021) L Dimante (resigned 8 March 2022)
Company secretary		D Hamilton
Registered Office		The Octagon Walker Street
	*	Hull
		HU3 2RA
Solicitors		Rollits Wilberforce Court
		High Street
		Hull
		HU1 1YJ
Bankers		Handelsbanken
		Hull Marina Court
		18 Marina Court
		Castle Street
		Hull
		HU1 1TJ
Auditors		Armstrong Watson Audit Limited Third Floor
		10 South Parade
		Leeds
		LS1 5QS
Keymanagement		AndreaMennell

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Goodwin Development Trust (A Company limited by Guarantee)

Strategic Report for the year ended 31 March 2022

REVIEW OF BUSINESS

Following last year’s remarkable result, given the state of the nation due to the Covid-19 pandemic, the Trust approached 21-22 with trepidation and caution, not knowing what the world would look like in the aftermath of the pandemic.

Looking back, we certainly didn’t envisage more lockdowns and the continuation of restrictions long into the year. Furlough grants remained until September 2021, which provided much needed support for the Trust, and enabled us to support our staff whilst the business adapted to the relaxed regulations.

Last year, we reflected on the Trust returning to normality, but now we see that we never left “normality”. “normal” for Goodwin is our amazing response to whatever the external environment throws at us. We continued to deliver services throughout the pandemic and adapted our working methods. Those adapted methods continue today, and we have built resilience within our practices and staff teams.

As a board, we are incredibly proud of the way all our staff and volunteers pulled together throughout this exceptional period and continued to deliver much needed services to the community.

Throughout the financial year reflected within these accounts, we have worked on developing our supported housing offer, with a successful bid into Homes England for capital grant to allow us to develop six single person homes, specifically for those at high risk of rough sleeping. We were also awarded revenue grant to fund the support worker to work alongside these tenants. As at the date of signing this report, those units are complete, and are providing a safe and warm home for vulnerable individuals. The units were completed to an extremely high standard, and we received praise from Hull City Council, and Homes England, who were able to visit the site after the refurbishment was completed.

The current cost of living crisis is having a significant impact, not only on all our beneficiaries, but also our staff and volunteers. With fuel and food costs rising, and NI deductions increasing, impacting take home pay, people are struggling. We continue to seek inventive and constructive ways to Support not only our beneficiaries, but also our staff.

We are confident that our approach of flexibility and diversity will enable us to continue to meet the needs of the community into the future and deal with whatever the future holds. It’s not going to be easy, but our history of resilience and sometimes stubbornness, combined with robust plans and horizon scanning will see us through.

PRINCIPAL RISKS AND UNCERTAINTIES

There has been a comprehensive review of the risk register and other governance documents undertaken during the year, as part of a continuous review schedule, and a revised focus following the response to the Covid-19 Pandemic. The Board are focussed on the current cost of living crisis, which will increase our running costs, but also will result in an increased level of people needing our support. We must ensure that we can meet that increased need, whilst ensuring sustainability.

GOING CONCERN

The current economic and social environment (cost of living, energy prices, the War in Ukraine, residual impact of COVID 19) means that the Group faces operational challenges in the short to midterm. This has resulted in the Trustees approving a small deficit budget for the year to 31 March 2023 and implementing a scheme of monitoring and appraising on-going operations. Whilst acknowledging these facts the Trustees remain confident that the Group remains a going concern. This confidence is borne from the fact that: e Whilst short term budgets and forecasts indicate trading challenges, they are pessimistic with no allowance for non-committed income streams. Historically the Group have secured further grant income that has led to an overperformance against budget. This has continued in the year to 31 March 2023 with management accounts to July 2022 outperforming expectations.

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Goodwin Development Trust (A Company limited by Guarantee)

• ° This performance is underpinned by a diversity of income streams which spread and reduce any direct risks associated with the current economic and social environment.

• © This allows the organisation to be agile and restructure activities should financial headroom be at risk to the extent that the Group deliver different outcomes to service users but in a cash generative

• ° Themanner. current headroom in the Group's working capital facility provides the Group with time to focus and make any restructuring decisions in a sensible and cost-effective manner that protects both the future of the Group and its service users.

• e The Trustees are confident that they could utilise other levers in the business model, such as utilising time to pay arrangements with HMRC, to protect working capital and the delivery of services if needed.

• e Scenario planning shows that a focus on the growing housing operations of the business as a sole activity are cash generative and preserve the future of the Group. Whilst not a strategy the Trustees intend to pursue, it would provide short term financial sustainability if required.

• ° The terms of the current debt on key assets are favourable with good relationships with funders and no immediate pressure on servicing those facilities.

• © However, commercial property assets could be disposed of, which whilst currently valued at approximately £5m would realise in a fire sale scenario, an estimated £4m of proceeds. This would ensure the continued financial sustainability of the Group if required.

• Whilst acknowledging that uncertainty could exist on any of these assumptions given the volume of available options to the Trustees the financial statements have accordingly been prepared on a going concern basis.

DEVELOPMENT AND PERFORMANCE Goodwin has continued to develop its delivery programme and its 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 to 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 (KPI's) which are important for monitoring monthly results against budget and re-forecast 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 significant variances. Staff have been working incredibly hard towards the challenges set by Trustees.

NON-FINANCIAL KEY PERFORMANCE INDICATORS Goodwin operates a set of non-financial KPI's for each project, which are reported quarterly to the External Sub Committee.

ON BEHALF OF THE BOARD

Sharon Igoe - Chairperson Date: (Li September 2622

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Goodwin Development Trust (A Company limited by Guarantee) Board Report and Operating and Financial Review for the year ended 31 March 2022

BOARD MEMBERS

The directors of the charitable company (the charity) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and up to the date of signing this report were as follows:

S Igoe (Chair) A Guney K Ainley M Berin (Appointed 8 June 2021) J Halls (Appointed 19 November 2021) M Tymezak (resigned 18 October 2021) L Dimante (resigned 8 March 2022)

NATURE OF THE BUSINESS, OBJECTIVES AND STRATEGIES

Charitable Objects The charity's charitable objects are to promote any charitable purpose, principally for the benefit of the inhabitants of Kingston Upon Hull, and in particular:

• (1) to provide, construct, improve or manage social housing for persons in need together with any other amenities or facilities for the benefit of residents of such social housing either exclusively or together

• (2) with persons who are not residents of such social housing. provide advice and assistance to all residents of social housing provided, owned, and managed by the charity or any other organisation or person and applicants for social housing and applicants for social housing advice.

• (3) carry out any activity which is both connected with, or incidental to, the charity's charitable objectives in Articles 4.1 and 4.2 including but not limited to: (1) securing that land and buildings are brought into effective use; and

• (4) (2) creating an attractive and safe environment. to advance education, in particular but without prejudice to the generality of the foregoing, by providing or assisting in the provision of educational opportunities and associated facilities in particular for the benefit of young people.

• (5) to relieve unemployment, in particular but without prejudice to the generality of the foregoing by: - (a) providing or improving, or assisting in providing or improving, access to training, retraining and associated facilities.

• (b) assisting people to find employment, providing employment opportunities, or providing work experience.

• (c) providing practical support to people who are unemployed or undertaking training. (d) providing or assisting in providing financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for people in cases of

• (e) financial hardship or other charitable need; and creating training and employment opportunities by the provision of working space, buildings and/or land for use on favourable terms.

• (6) to provide or improve, or to assist in providing or improving recreational or leisure time facilities in the interests of social welfare in particular for the benefit of those who need such facilities because of their

• (7) youth, age, infirmity, disability, poverty or social and economic circumstances. (8) the preservation and protection of good health and the relief of sickness. the promotion of public safety and prevention of crime by means of the prevention, reduction and

• (9) deterrence of crime, nuisance, anti-social behaviour, vandalism, trespass, arson, and theft. establishing, managing, and maintaining a community resource centre and making facilities in such a centre available in particular for the benefit of those who need those facilities because of their youth,

• (10) age, infirmity, disability, poverty or social and economic circumstances; and the protection or conservation of the environment including by:

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Goodwin Development Trust (A Company limited by Guarantee)

(a) restoring or reclaiming land which cannot otherwise be used for economic social or environmental purposes by reason of pollution or damage caused by an activity previously carried out on the land. (b) preventing or reducing any potential causes of pollution in relation to any land which has suffered or may suffer pollution as a result of an activity previously carried out on the land. (c) remedying or mitigating the effects of any pollution in relation to land which has suffered or may suffer pollution as a result of an activity previously carried out on the land. (d) the conservation or promotion of biological diversity through: i. the provision, conservation, restoration, or enhancement of a natural habitat; or ii. the maintenance or recovery of a species in its natural habitat. (e) the provision, maintenance or improvement of public amenities including open space or other open recreational facilities; or (f) the maintenance repair or restoration of any building or structure which is of historic or architectural interest or is a place of religious worship. VisionThe charity's& Mission vision is of a diverse and thriving community within which everyone has the opportunity to benefit from, and contribute to, the wellbeing of the community on a fair and equal basis and as a locally controlled Development Trust we are committed to improving the quality of life in our community.

ValuesThe Trustees have composed an explicit a set of values which will govern the charity's behaviours both internally and externally and provide a framework against which both we, and those we deal with, can measure our performance. We will be honest & fair in all we do We will listen to and to 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 staff, our volunteers, and our partners We will be a champion for equality and opportunity for all

Strategic Priorities for 2021-26 To be a fair and trusted employer who values our people. To fight poverty in all its 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 to 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 demonstrate 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 to meet the charity's strategic objectives. In 2021/22 the Trust met all its contractual objectives as specified by the various funding bodies in the year, the performance is reported against the Trust's Strategic Priorities

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Goodwin Development Trust (A Company limited by Guarantee)

To be a fair and trusted employer

The Board are pleased to report that as well as implementing the National Minimum Wage increase at the start of the year, Goodwin was also able to improve the salary banding structure for all employees. Staff retention levels are good, and the Trust continues to develop its staff through in-house and external training.

To fight poverty In all Its forms within our commuuntly

FareShare Hull & Humber The project has contributed to over 2.3 million meals over the last year, redistributing 965 tonnes of food in the 12-month period.

Youth Employment Initiative (YEI) / Create to Change / Family Futures /Befriending We run a number of successful projects which serve the community and exist to engage the economically inactive and those 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 provide affordable and sustainable homes.

We are incredibly proud of the continued 100% 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 to use this status in the future to allow us to provide tangible support for other organisations wishing to become Registered Providers and to apply for funding from Homes England.

During the year, we were successful in securing funding from Homes England to acquire and refurbish 6 units to become homes for rough sleepers. At the time of writing this report, all units are completed and fully tenanted. Additionally, we were successful in applying for further funding for 10 more units, to be delivered in the next financial year. We continue to explore new opportunities for creating additional, good quality, affordable homes.

To be financially strong 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 haveFinancerobustsubcommittee.financial procedures and risk management in place which are overseen by a monthly Audit and

To care for the health and wellbeing of our community and all the individuals within it Children's Centres Goodwin continues to deliver the Children's Centre provision out of Fenchurch, Marvell, and the Octagon. Goodwin works closely with Hull City Council, the contract provider, to ensure that the Children’s Centre provision remains central to changes to the safeguarding and early help services in Hull: meeting the KPI's as agreed annually with Hull City Council. Nurseries Octagon nursery had a full Ofsted inspection in January 2022 and Fenchurch nursery had a full Ofsted inspection in February 2022. Both nurseries retained their “Good” Ofsted rating. We are continuing and we are continuing to build on our quality learning environments that meet the requirements of the revised Early Years Foundation Stage Profile (September 2021).

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Goodwin Development Trust (A Company limited by Guarantee)

TheYouthdeliveryProvisionof our service 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.

Doula / BFPS

The Doula and Breastfeeding Peer Support Service (BFPS) has continued to deliver an excellent targeted Doula service for pregnant women and new mums across the city, with a universal breastfeeding service which is also citywide. The services offering this service is delivered by 100 trained volunteers supported by a small staff team.

Danny’sDanny's DreamDream continued to deliver an exceptionally high-quality service, focusing on individuals with profound and multiple learning disabilities. Danny's Dream has retained its overall Care Quality Commission (CQC) rating of “Outstanding. We understand that this is the only provision currently in Hull and East Riding with an overall Outstanding judgement.

VeteransOur longstandingHub support to Veterans and their families has been cemented though the establishment of the City’s one stop 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 facilitate weekly Coffee mornings, walking clubs, choirs, model making and linkages to specialist Health, Wealth, and Housing agencies. New funding in the year form the Armed Forces Covenant Fund allowed us to offer additional support through Operation Legend and the Family and Carers Support.

To provide and support access to education, training, and employment opportunities

Employment, Enterprise, and 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 (YEl). Also, through the Building Better Opportunities programme we have been able to support older people to gain employment. In developing a more holistic support offer we provide access to 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, to provide a one stop shop. Aligned to 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 community safe, resilient and a happy place to be

Creative People and Places Creative People and Places brings with it a wealth of opportunities to the Estate, and Goodwin continues to seek ways in which it can be an active partner in the delivery of arts events across Hull. We are now halfway through our second CPP grant from Arts Council England and have adapted well to moving the service online during the year. As we see restrictions easing, we have a programme of “in person” events planned for the summer.in addition to this, we have received funding from Esmee Fairburn and the National Lottery to run the “Living Room” project, based on North Point shopping centre, and additional funding from ACE for our Loneliness Project, which ensured that our incredibly popular Shindigs could continue in the safety of people’s own Thehomes.core CPP funding comes to an end in December 2022. Goodwin will hand over the project to Back To . Ours Arts Limited at this point, which is a new company set up to take this over and apply for National Portfolio status with the Arts Council. Goodwin has a seat on the board of the new company and will continue to work closely with it, to ensure the integration of arts within our community.

AMIFThe AMIF projecthousing support to Refugees project in partnership with Refugee Council provides specific housing information, guidance, and support to refugees in Hull in partnership with The Refugee Council and HCAS locally.

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Goodwin Development Trust (A Company limited by Guarantee)

FINANCIAL REVIEW AND POSITION AT YEAR END INCLUDING FACTORS AFFECTING THAT POSITION The group is reporting a deficit of £201k in the year (2021: surplus of £102k). 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 monthly throughout the pandemic and are pleased at the level of emergency support which has been available to cover the Group's additional costs and reductions in income which have occurred because of the pandemic. Based on sufficient cash flows the » Truslees believe Uial Wie finativial slalerienls should be Piepdied ds 4 yuiliy Culvert. CAPITAL STRUCTURE AND TREASURY POLICY The Goodwin Development Trust is a company limited by guarantee. It 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 (amended by special resolutions 9 December 2002, 7 May 2003, 10 May 2005, 21 November 2005, 13 March 2007, February 2014 and 9 November 2021) and members of the Board of Trustees are the Members and Directors of the Company. It is regulated by the Regulator of Social Housing, registration number 4799. The Registered Provider's (RP) decision-making body is the Board of Trustees that meets monthly on the second Tuesday of each month. The Articles allow fora maximum of 11 Trustees.

There is an Audit and Finance Subcommittee which is chaired by a Trustee from the main Board with a senior staff member as support. This sub-board has its own Terms of Reference. All sub-committee minutes are supplied to Trustees at the following Board meeting.

The RP has two trading subsidiary companies:

Goodwin Community 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 two directors in total, one of whom is a Goodwin Development Trust director. The minutes of each board meeting are taken to the main board of Goodwin Development Trust.

Goodwin Community Housing Limited is a wholly owned subsidiary of the charity and was set up as a vehicle to hold the housing stock purchased and renovated by the charity. Currently the board comprises two directors, both of whom are Goodwin Development Trust directors.

CASH FLOWS AND CURRENT LIQUIDITY

The year-end cash position shows a net group overdraft position of £2,723k (2021: £1,801), which includes loans and overdrafts of £2,723. 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 to ensure best value is always achieved.

KEY ACCOUNTING POLICIES ADOPTED The Trust's accounting policies are detailed within the notes to the financial statements. REGULATOR’S INTERVENTION IN THE YEAR There has been no intervention from the regulator during the year.

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Goodwin Development Trust (A Company limited by Guarantee)

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 of supported housing. The long-term strategy remains the same as always, with a focus on improving the quality of life for residents of the Thornton estate, but considering the impact of the Covid-19 pandemic, the need for financial stability and secure income streams is at the root of the strategy. Whilst we generated a surplus this year, and have a positive outlook for the next year, it is yet to be seen what impact there will be in the long term, as the world economy copes with the fallout from the pandemic, and the UK continues to adjust to 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 significance since the end of the financial year.

AUDITORS

The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2008.

PUBLIC BENEFIT

In setting and reviewing our aims the Board has considered the Charity Commission's guidance on public benefit.

DIRECTORS’ RESPONSIBILITIES

The Board is responsible for preparing the report and financial statements in accordance 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 financial period. Under that law the directors 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 directors 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 company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently. - make judgements and estimates that are reasonable and prudent. - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Board is responsible for keeping adequate accounting records that are sufficient to 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 registered providers of social housing in England 2012.

They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Goodwin Development Trust (A Company limited by Guarantee)

STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS

We, the Board members of the RP who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

• 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 to make ourselves aware or any relevant audit information and to establish that the RP’s auditors are aware of that information,

ON BEHALF OF THE BOARD

Sharon Igoe - Chairperson Date: \ly Septemrbe™ QOAQ

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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 (the ‘parent Company’) and its subsidiaries (the ‘Group') for the year ended 31 March 2022, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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: ° give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2022 and of the Group's surplus for the year then ended; o have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and © have been prepared in accordance with the requirements of the Companies Act 2006.

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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

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 the Group's or the parent Company'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.

Other information

The other information comprises the information included in the 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.

We have nothing to report in this regard.

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Goodwin Development Trust (A Company limited by Guarantee)

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 statements are prepared is consistent with the financial statements: and

• ° the Group Strategic Report and the Trustees' Report have been prepared in accordance with applicable legal requirements.

Matters 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 obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Trustees' Report.

• We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ° adequate accounting records have not been kept by the parent Company, or returns 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 require for our audit.

Responsibilities of directors

As explained more fully in the Director's Responsibilities Statement set out on page 10, the trustees 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 nota 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 Group financial statements.

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 rnisstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: e the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations.

• e we identified the laws and regulations applicable to 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

• e identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

12

Goodwin Development Trust (A Company limited by Guarantee)

We assessed the susceptibility of the entity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ° making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and e considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: e performed analytical procedures to identify any unusual or unexpected relationships. e tested journal entries to identify unusual transactions; and ° assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: e agreeing financial statement disclosures to underlying supporting documentation; and e enquiring of management as to actual and potential litigation and claims. A further description of our responsibilities for the audit of the financial statements is located 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 Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the 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 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 Audit Limited

Chartered Accountants Statutory Auditor

Leeds

Date: iS -%-L2

13

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Comprehensive Income for the year ended 31 March 2022

	Note		2022	2021
			£k	£k
Turnover Operating expenditure	4	4,632 (4,766)		4,703 (4,613)
Operating (deficit) /surplus Interest and financing costs Losson disposal ofassets	6 7		(134) (110) -	90 (118) (8)
Deficit before tax			(250)	(36)
Taxation	11		-	138
(Deficit) /surplus for the year			(250)	102
Total comprehensiveincome forthe year		_-	(250) ee	4102

There is no difference between the reported result for the period and historical cost surpluses or deficits.

On behalf of the Board

brtitefivtestselssseeeas TRUSTEE [Sharon Igoe]

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Kladeg.
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TRUSTEE [Kellock Ainley]
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The annexed notes form part of these financial statements.

14

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Financial Position as at 31 March 2022 Company registration number: 4454814

	Company registration number: 4454814
	Odd SCSompary Group [Notes
	sameness 9607
	resale
	Cash and cash
—f
	Less: Creditors:
	amounts falling dus.withinone 16 (1,472) (1,876) (1,223) (1,890)
	ear ee ee ee
	Net et current
	Total ts
	Credit reditors: amountsfalling 17 (2,575) (2,623) (2,575)
	Provision for
	deferred tax FCO CCdCSdEC
	expenditure reserve FTotalreserves
	oftheBoard

ccvetessetissestssietuseassesee TRUSTEE [Sharon Igoe]

AS Kes i a TRUSTEE [Kellock Ainley] The annexed notes form part of these financial statements.

15

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Changes in Equity for the year ended 31 March 2022

,		Revaluation reserve £	Restricted reserve £	Designated Reserve	Income & expenditure £	Group Total £
	At 4 April 2021	-	1,476	110	4,970	6,556
	Deficit/Surplus for the year Total comprehensive income/(deficit) At 31 March 2022	223 : ae -ss1,699		(UU) a! -	(363) (868) __ 4,607	(250) a0) 6,306
		Revaluation reserve £	Restricted reserve £	Designated Reserve	Income & expenditure £	Group Total £
	At 1 April 2020	-	2,609	110	4,857	6,454
	Deficit for the year	-	(11)	-	113	102
	Total comprehensive deficit		(11)	-	113	102
	At31March2021	1A		110	4,970	6,556

16

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Cashflows for the year ended 31 March 2022

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Note|2022|2021| |Cash|flow|from|operating|activities|Ek|£k| |(Deficit)|/surplus|for|the|year|(250)|102| |Adjustments|tor|non-cash|Items:| |Depreciation|and|impairment|154|160| |(Profit)|/|Loss|on|disposal|"|e| |Decrease|in|trade|and|other|debtors|8|472| |(Increase)|/|Decrease|in|trade|and|other|creditors|(630)|735| |Net cash|generated|from|operating|activities|(748)|—“(“‘<;CO«*CN;|KO| |Cash|flow|from|investing|activities| |Purchase|of|tangible|fixed|assets|(154)|(71)| |Proceeds|from|sale|of|tangible|fixed|assets|127| |Investing|cash|flow|(154)|56| |Cash|flow|from|investing|activities| |Repayment|of|debt|(49)|(148)| |Financing|cash|flow|(49)|(148)| |Net|change|in|cash|and|cash|equivalents|(921)|1,377| |Cash|and|cash|equivalents|at|the|beginning|of the|year|(1,801)|(3,178)| |Cash|and|cash|equivalents|at|the|end|of the|year|___(2,721)|(1,801)|

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17

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2022

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 registered 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 statements have been prepared in accordance with applicable United Kingdom financial reporting standards, the Statement of Recommended Practice: Accounting by Registered Social Housing Providers (Update 2014) and 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 statements of Goodwin Development Trust and of its subsidiaries Goodwin Community Trading Limited and Goodwin Community Housing Limited.

• Government grants Government grants are recognised when it is 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 accounted for using the performance model, this being when all performance conditions have been met 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 local authorities and the Homes and Communities Agency. It also includes income from charitable activities and activities for generating funds in the year. Turnover is recognised once the company has entitlement to the income, to the extent that it 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 concern . The current economic and social environment (cost of living, energy prices, the War in Ukraine, residual impact of COVID 19) means that the Group faces operational challenges in the short to midterm. This has resulted in the Trustees approving a small deficit budget for the year to 31 March 2023 and implementing a scheme of monitoring and appraising on-going operations. Whilst acknowledging these facts the Trustees remain confident that the Group remains a going concern. This confidence is borne from the fact that: © Whilst short term budgets and forecasts indicate trading challenges, they are pessimistic with no allowance for non-committed income streams. Historically the Group have secured further grant income that has led to an overperformance against budget. This has continued in the year to 31 March 2023 with management accounts to July 2022 outperforming expectations.

• e This performance is underpinned by a diversity of income streams which spread and reduce any direct risks associated with the current economic and social environment.

• © This allows the organisation to be agile and restructure activities should financial headroom be at risk to the extent that the Group deliver different outcomes to service users but in a cash generative manner.

18

Goodwin Development Trust (A Company limited by Guarantee)

• ° The current headroom in the Group's working capital facility provides the Group with time to focus and make any restructuring decisions in a sensible and cost-effective manner that protects both the future of the Group and its service users.

• ° The Trustees are confident that they could utilise other levers in the business model, such as utilising time to pay arrangements with HMRC, to protect working capital and the delivery of services if needed. .

• e Scenario planning shows that a focus on the growing hausing operations of the business as a sole activity are cash generative and preserve the future of the Group. Whilst not a strategy the Trustees intend to pursue, it would provide short term financial sustainability if required.

• e The terms of the current debt on key assets are favourable with good relationships with funders and no immediate pressure on servicing those facilities.

• e However, commercial property assets could be disposed of, which whilst currently valued at approximately £5m would realise in a fire sale scenario, an estimated £4m of proceeds. This would ensure the continued financial sustainability of the Group if required.

• Whilst acknowledging that uncertainty could exist on any of these assumptions given the volume of available options to the Trustees the financial statements have accordingly been prepared on a going concern basis.

Fixed Assets and Depreciation

The cost of tangible fixed assets is written off over their expected useful lives on a straight-line basis. Rates used for this year's provision are:

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Freehold Propert
Leasehold Propert 2% or lease term
Motor Vehicles
[Equipment | 15% - 33.3%
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The useful economic lives of all tangible fixed assets are reviewed annually.

• Housing Properties Housing properties are recognised initially at 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 its carrying amount. Fair value gains and losses are recognised in other comprehensive income.

Any revaluation surplus is credited to the revaluation reserve in equity except to the extent that it 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 profit or loss, except to the extent of any existing surplus in respect of that asset in the revaluation reserve.

The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount.

Works to existing housing properties

• Expenditure on existing housing properties is capitalised when it is either capable of generating increased future rents, extends their useful economic lives or significantly 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 it is incurred.

19

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2022 Continued

Impairment All properties are considered for impairment annually and detailed reviews of assets for impairment 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 statement 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.

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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 at a price less than its open market value, or where it has been
donated as part of a development scheme, it is included at its current value on the date it 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 treated as a government grant. Where land is donated
or transferred by a non-public body the difference is recognised in turnover.
----- End of picture text -----

Stock Stocks are valued at the lower of cost and net realisable value, after making allowance for any obsolete or slow-moving items. Trade and other debtors Trade debtors are recognised and carried at the lower of their original invoiced value and recoverable amount. Where the time vale of money is material, receivables are carried at amortised cost. Provision is made when there is objective evidence that the Company will not be able to recover balances in full. Balances are written 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 and are subject to an insignificant risk of change of value Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Leased assets Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

• Rentals payable under operating leases are charged to the income and expenditure account on a straight-line basis over the period of the lease.

Interest income Interest income is recognised in the Profit and Loss Account using the effective interest method. Borrowing costs All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred. 20

8

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2022 Continued

Current Taxation No taxation is payable by the RP, since it has charitable status, and its activities are exempt from tax.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities based on tax rates and laws that are enacted by the balance sheet date. Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, with the following exceptions: Where the temporary difference arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither, accounting nor taxable profit or loss. In respect of taxable temporary differences associated with investments in subsidiaries, associates, and joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and Deferred income tax assets are.recognised only to the extent that it is probable that taxable profit will belossesavailablecan beagainstutilised.which the deductible temporary difference, carried forward tax credits or tax ‘

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:
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mo

Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is released or liability settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date. The carrying amount of deferred income tax assets is reviewed at each balance sheet date. Designated reserves . Designated reserves are part of unrestricted reserves which have been earmarked by the Board for a particular purpose. Such designations may be reversed by future Board decisions. Expenditure cannot be directly set against designated reserves but is taken through the income and expenditure account. A transfer is then made from designated reserves as appropriate. Restricted reserves Restricted reserves are those reserves which are only expendable in accordance with the wishes of the funder or regulatory body. Restricted reserves include funds raised in response to a specific appeal. Expenditure cannot be directly set against restricted reserves but is taken through the income and expenditure account. A transfer from restricted 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 restricted reserve. . . Value Added Tax : 3 irrecoverable VAT which can be attributed to capital item or revenue expenditure is added to the cost of the capital item or expenses where practicable and material. The activities of the the RP are partially exempt from VAT. A cost centre structure is utilised to account for VAT VAT in the most appropriate manner. Some activities are therefore shown net of VAT VAT where the VAT can can be recovered in whole or in part. The irrecoverable element of the of the the partially recoverable VAT VAT is shown as a cost within Operating costs ,

The activities of the the RP are partially exempt from VAT. A cost centre structure is utilised to account for VAT VAT in the most appropriate manner. Some activities are therefore shown net of VAT VAT where the VAT can can be recovered in whole or in part. The irrecoverable element of the of the the partially recoverable VAT VAT is shown as a cost within Operating costs

Pension costs The RP operates a defined contribution scheme for the benefit of its 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. , ;

Exemptions ; As a small company, the RP has not disclosed a Company Statement of Changes in Equity not a Statement of Changes in Net Debt.

.

21

. Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2022 Continued

• Judgement in applying accounting policies and key sources of estimation uncertainty

• ; . The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. Due to the nature of estimations actual outcomes may differ from initial expectations. Key sources of estimation uncertainty included within these financial statements include several estimations 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 to full rental (i.e., not used for charitable purposes) 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 estimated 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,

Parent company profit for the year The Company has taken advantage of the exemption under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss account in these financial statements. The profit after tax of the parent Company for the year was £3k.

3.	ACCOMMODATION IN MANAGEMENT	ACCOMMODATION IN MANAGEMENT	:
			Units at Start			Units	at	End
	Units under development		-				-
	General needs housing:		‘oe				6				,
	Affordable Rent	ee re			. ee:			e ne
4.	REVENUE
								.
The analysis ofthe group’s revenue for the		year from continuing operations is as		follows:					.
			2022)	2022)		«=2021	=.	2021
			£k	£k		£k		£k
Charitable Activities:
	Contract from Central Government / Local Authorities Grant from Central Government/ LocalAuthorities Homes England Grant		756 223 195			756 415 :
	Arts Council England Grant		390			345
	National Lottery Grant Nursery Income Income from provision of employability, Fareshare CFM income	education, and training	104 320. 641 167			93 329 601 123
	Danny's Dream Income		718			585
	Commercial rental		358		5	328
	Social Residential Rent		302			296
	Residential Rent		94			96
	Other Charitable Activities		364			651
Total Incomefrom Charitable Activities				4,632				4,617
Other trading activities										,
	Goodwin Community Housing - Rent	—	-			86.
‘TotalOther Income				-				86
	.			4,632				4,703
AllturnoverarosewithintheUnitedKingdom.				:

22

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 34 March 2022 Continued

SOCIAL HOUSING TURNOVER AND COSTS

Included	within the above turnover:
				Supported
		ei roy bonesin g		housing and housing for older	Ather _—	Total 2U22	Total 2U21
				people
		£k		£k	£k	£k	Ek
	Income
	Rent receivable excluding service charge	302		-	-	302	296
	Service charge income	-		-	-	-	-
	Turnoverfrom social housing lettings	302		.	:	$20,	«296
	Social housing activity expenditure	217		-	Ss	247	182
	Operating surplus / (deficit) on social	185				185	114
	housing lettings	See		cee
	Voidlosses	.		.	-	-	-

5. FINANCIAL ASSISTANCE AND OTHER GOVERNMENT GRANT RECEIVABLE

Total government grants received in the period was £223k (2021: £415k).

1. OPERATING DEFICIT

		2022	2021
		£k	£k
Operating surplus is stated after charging:
Auditors' remuneration (see note 7)		14	14
Depreciation and amortisation ofowned assets		154	159
Operating leases - other assets		6	6
and after crediting:
Deficiton sale oftangible fixed assets	__	-	(8)
AUDITOR’S REMUNERATION
		2022	2021
		Ek	£k
Fees payable (exclusive ofVAT) to the RP’s auditor in		13	13
relation to the period ofaccount forthe audit ofthe RP’s
annual accounts
Tax Fee
	ee

1. AUDITOR’S REMUNERATION

23

Goodwin Development Trust (A Company limited by Guarantee)

8. KEY MANAGEMENT PERSONNEL

Remuneration paid to key management personnel in the period was £65k (2021: £65k), paid to 4 Employees (2021: 1), as defined on the company information page. The Chief Executive is an ordinary member of the RP’s defined contribution pension scheme. No enhanced or special terms apply. There are no additional pension arrangements. The aggregate contribution made by the RP and its subsidiaries was £1k (2021: £1k) in addition to the personal contributions of the Chief Executive. The Board of Trustees (Directors) received no expenses or remuneration in the year.

1. EMPLOYEE INFORMATION

	2022	2022	2021
The average number of persons employed during the
year expressed in full time equivalents was:
Administration staff Housing development staff	ee	153	164 1
		Ek	Ek
Staffcosts (including members of the Board) Wagesand salaries Social Security costs Otherpension costs :	2,496 181 47		2,750 179 46
		2022	2021
The of number of staff employed during the year
expressed in full time equivalents whose remuneration payable (including compensation for loss of office) fell
within the following bands: £60,001-£70,000

410. 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 exempt from taxation under the provisions of the Income and Corporation Taxes Act 2000. Goodwin Community Housing has non-taxable income in the period.

Deferred tax

There is no deferred tax liability in Goodwin Community Housing (2021: Enil) relating to 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 2022 Continued

1. TANGIBLE FIXED ASSETS HOUSING PROPERTIES — GROUP and COMPANY

	Properties for social housing lettings	Tela
	Ek	£k
Cost or valuation
At 31 March 2021 Additions	6,855 235	6,855 235
Transfer to Current assets At 31 March 2022	(85) 7,005	(85) 7,005
Depreciation and impairment
At 31 March 2021	2,487	2,487
Charge for year - impairment	-	-
At 31 March 2022	2,487	2,487
Net book value
At 31 March 2021	4,368	4,368
At31March2022	4,518	4,518

The company only housing properties consist of the properties for social housing lettings with a Net Book Value of £4,518k (2021: £4,368k). All social housing is wholly owned by Goodwin Development Trust.

12. OTHER TANGIBLE FIXED ASSETS — GROUP and COMPANY

Cost	Landand buildings £k	Fixturesand fittings £k	Motorvehicles gk	Total Rk
At 31 March 2021 Additions	10,595 =	13 =	103 4	10,711 4
Disposals At 31 March 2022	- 10,595	(3) 10	- 107	(3) 10,712
Depreciation and impairment
At 31 March 2021 Charge for the year — depreciation	5,408 135	13 -	51 19	5,472 154
Disposals At 31 March 2022	- 5,543	(3) 10	- 70	(3) 5,623
Net book value
At31March 2021	BA	88239
At31March2022	5,052	ee	_37	5,089_

The net book value of land and buildings at 31 March 2022 comprised: £k Freehold 2,209 Long leasehold 2,843

The cost of depreciable assets included in land and buildings at 31 March 2022 was £10,595k Included in the total net book value of tangible fixed assets held on 31 March 2022 was fnil 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 2022 Continued

413. DEBTORS — ALL RECEIVABLE WITHIN ONE YEAR

	Company 2022 2021	Company 2022 2021	Group 2022	Group 2022	2021
	£k	£k	£k		Ek
Trade debtors Prepayments and accrued income Assets held for resale Amounts owed from group undertakings	107 277 85 270 __739	145 343 - 1211 609	107 300 85 - 492	_	145 355 - 1 501

14, CASH

	Company 2022 2021	Company 2022 2021	Group 2022	2021
	£k	Ek	£k	£k
Cash at bank and in hand Bank Overdraft Loans due within one year Loans due afterone year	5 (277) (138) (2,575)	584 - (139) (2,623)	5 (14) (138) (2,575)	961 - (139) (2,623)
	2,985)	__(2,178)	(2,722)	(1,801)

45, CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR

	Company 2022 2021	Company 2022 2021		Group 2022	2021
	£k	Ek		Ek	£k
Loans and overdrafts Trade creditors Other taxand social security Accruals and deferred income VAT	415 172 42 838 5	139 172 45 1,094 426		152 472 42 852 5	139 172 45 1,108 426
			_
	1,472	1,876		1,223	1,890

Loans and overdrafts please see note 16 for securities.

26

Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2022 Continued

1. CREDITORS - AMOUNTS FALLING DUE AFTER ONE YEAR

				Company	Company	Group	Group
				2022	2021	2022	20211
				Fir	Fi	Fk	Fk
Loans	and	overdrafts		2,575	2,623	2,575	2,623
			__2,575	2,575	2,623	2,575	2,623

The bank overdraft is secured by a group-wide debenture. An unlimited intercompany composite guarantee by and between each of the borrowers, Goodwin Development Trust and Goodwin Community Housing exists. The Group loans figure comprises: £88,750 from Handelsbanken, repayable over 6 years, secured on a small portfolio of residential properties, and £2,623,462 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 to contribute a maximum of £1 should there be a call on their guarantee.

18. RESTRICTED RESERVES — Group & Company

	Fund on	Incoming	Resources	Fund on 31°
	31%*March	Resources	Expended	March 2022
	2021	£k	£k	£k
	Ek
Fixed Assets Asda Fareshare WRAP MilitaryWork Club BBO AMIFTherapy Armed Forces Covenant Operation Legend AFC Sustaining support CLLD Do ItAug 18 CILM Aug 18 Youth Music ACE Youth takeover Fareshare CILM Estate of all Nations —Power to Change Youth Arts Takeover 2 Youth Arts Takeover 3 Youth Initiative Fund Living Room — National Lottery Creative People and Places— Ph 2	1,476 - - - - - - - - - - - - - - -	235 17 14 28 87 84 28 2 17 5 165 93 24 17 23 60 11 3 31 104 377	(11) (17) (14) (28) (87) (84) (28) (2) (17) (5) (165) (93) (24) (17) (23) (60) (11) (3) (31) (104) (377)	1,699 - - - - - - - - - - - - - -
	1,476	1,425	(1,202)	1,699

Designated reserve:

During a previous year, the group disposed of Kingfisher Rise, which resulted in a Recycled Capital Grant Fund (RCGF) balance of £110k, which is held as a designated reserve. In the current year this has been utilised as funding for the RSAP housing scheme which will complete in the next financial year.

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Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2022 Continued

49. 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 to the fund and amounted to £47k (2021 £46k). Contributions totalling Enil (2021 Enil) were payable to the fund at the year-end and are included in creditors.

20. RELATED PARTY TRANSACTIONS

At the date of these financial statements no Board and Committee members were tenants / 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 Goodwin Community Trading Ltd 100% Subsidiary Trading Non-regulated company Goodwin Community Housing Ltd 100% Subsidiary Trading Non-regulated company

The RP’s Board confirm that the company has no ultimate parent undertaking.

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