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Goodwin Development Trust and subsidiary undertakings

Final Management Report

For the period ended 31 March 2023

This document is strictly private and confidential

ArmstrongWatson Accountants, Business & Financial Advisers www.armstrongwatson.co.uk

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Arrnstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered 5ue SESicaew officeof Chartered is 15 VictoriaAccountants Place, Carlisle,in England CA1 1EW and Waleswhere a forlist aof rangemembers of investmentis kept. Arrnstrongbusiness Watsonactivities. LLPUnless is regulated otherwise by theindicated, Institute either exoressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such. és ao * Armstrong Watson Audit Limited is registered to carry on audit work in the UK by the Institute of Chartered Accountants in pearl Aro England and Wales. Registered as a limited company in England and Wales, number 8800970. The registered office is 15 ee pders Victoria Place, Carlisle, CA1 1EW. [everest] S, Bare os Armstrong Watson Financial Planning Limited is authorised and requlated by the Financial Conduct Authority, Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson AREER Financial Planning Limited.

Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The aia registered office is 15 Victoria Place, Carlisle, CA1 1EW.

FINAL MANAGEMENT REPORT

31 March 2023

1. INTRODUCTION

a. Purpose

This report has been prepared for the Directors of Goodwin Development Trust and Subsidiary undertakings to bring attention to various matters arising from the audit of Goodwin Development Trust and Subsidiary undertakings for the period ended 31 March 2023,

b. Responsibilities

Details of the responsibilities of the Directors of Goodwin Development Trust and Subsidiary undertakings are set out in our engagement terms dated 06 June 2023.

Armstrong Watson Audit Limited, as auditor to Goodwin Development Trust and Subsidiary undertakings, is responsible for forming an opinion on the financial statements. Details of our responsibilities are set out in our engagement terms. The audit of the financial statements does not relieve management or those charged with governance of their responsibilities.

CG Limitations

Our audit procedures, which have been designed to enable us to express an opinion on the financial statements, have included the examination of the transactions and the controls thereon of Goodwin Development Trust and Subsidiary undertakings. The International Standards on Auditing (UK) do not require Us to design audit procedures for the purpose of identifying supplementary matters to communicate with those charged with governance.

Our audit included consideration of internal controls relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for expressing an apinion on the effectiveness of internal control or to identify any significant deficiencies in their design or operation.

We have included in this report only those matters that have come to our attention as a result of our normal audit procedures and, consequently, our comments should not be regarded as a comprehensive record of all deficiencies that may exist or improvements that could be made.

This report is to be regarded as confidential to the Directors of Goodwin Development Trust and Subsidiary undertakings and is intended for use by them and staff of Goodwin Development Trust and Subsidiary undertakings only. No responsibility is accepted to any other person in respect of the whole or part of its contents. Before this report, or any part of it, is disclosed to a third party our written consent must be obtained.

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FINAL MANAGEMENT REPORT

31 March 2023

d. Independence

Based on the information provided by you and our own internal procedures to safequard our independence as auditors, we confirm that there are no relationshios between us and any of our related or subsidiary companies and you and your related entities creating an actual or perceived threat to our independence within the regulatory or professional requirements governing Us as your auditors.

We note we have provided non audit services in the year including:

e Corporation tax compliance for subsidiary undertakings e Other assurance work

We are satisfied that adequate safeguards are in place to ensure we remain objective and independent in spite of these services. These include:

An assessment that fees relating to said services are not material to either party
No contingent element of fees we charge
Non assurance work provided by an independent team separate to the audit team
4, Work completed does not materially impact the financial statements.

Goodwin Development Trust and subsidiary undertakings Page 4 of 10

ArmstrongWatson Accountants,a Advisers

FINAL MANAGEMENT REPORT

31 March 2023

2. AUDIT RISK AREAS

a. Significant Audit Risks

Significant audit risks highlighted in the Audit Strategy Memorandum

Significant risk			Our response	Findings
Revenue Recognition			We have tested a sample	From the testing
			ofgrant income to	performed there were no
The ISA’s prescribe	that			documentation and
revenue recognition is the	banking transactions to area of the Financial confirmcompleteness and statements most likely to . perpetuate Fraud. accuracy. Each itemwas Followed through to
In Goodwin Development			accrued/deferred income	recognition of deferredand
Trust, this relates togrant	toensure ithadbeen
income notbeing			recognised appropriately.
recognised in linewith				Furthermore a review of
criteria setoutby the			Wehave completed atest	postyearend activity
Charities SORP.			ofdetail agreeing the	shows strong
			recognition of items during	recoverability oftrade
Forremaining income,we _	the period tosupporting
consider the risk to relate			documentation.	all accrued income tested
to recognition ofrevenue		in		was traced through to
the correctaccounting				cash received.
period; cut off
				We identified no evidence
				ofunderstatement of the
				deferred income balance
				through the testing
				performed.
Management Override			We have assessed the	We have identified no
			design and implementation
In addition to fraud	by	ofcontrols overpayment	bring to yourattention.We
revenue the ISA's prescribe	authorisation. that all audits remain sceptical for evidence of . ‘ management override or Wehave identified and bias. tested the adequacy of
			yearend manual journals	exoenses and have
			that could indicate	identified no
			override.	recommendations For
				improvement in these
				areas.

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FINAL MANAGEMENT REPORT

31 March 2023

Significant risk	Ourresponse	imlaxellae}s)
Carrying value ofassets	We have reviewed	From the testing performed
	management's assessment of	we have identified no
As with revenue	the carrying value ofassets and	indicators ofimpairment. The
recognition there is a risk	assessed whether thereareany	impairment charge booked in
ofoverstatement of	indications ofimpairment	the 2019 financial statements
assets to “windowdress”	through our testing performed in	was £3,843kandwe have
reported results so as to	other areas of the file.	identified no new evidence
ensure the group		thatwould suggest that and
continues to receive	We have reviewed any fixed	Further impairment provision
council loans and grant	asset disposals in the year, in	is required in the current year
income. The value of	particularthe property disposals	financial statements.
assets as at 31 March	and post yearend disposals
2023 isjustover E4.6m.	which may provide evidence of
	whether carrying values appear
	to be reasonably stated.
Going concern	We have reviewed	From our review of
	management's assessmentof	management's assessment
Due to thecompany loss	the entities as a going concern. In	ofthe GDT’'s ability to
makingand a reliance on	doing sowe have reviewed	continue as a going concern,
council loans and grant	forecastsandbudgets as well as	we haveconcluded that a
income which could be	the yearend position and post	reduce in loss and increase in
revoked in the current	yearend trading results to	Funding as well as the entity's
climate,we consider there	analysehowwell the business is	contingency plansand cost
to be a significant risk in	coping and isexpected to cope	saving measures, the entity is
this area.	with the costofliving crisis,	considered to be a going
	inflation and the general	concern with no material
	economic uncertainty for a	uncertainty.
	period ofat least 12 months from
	the signing of the financial	Based on the above, we have
	statements.	concluded that thecompany
		is able to continue as a going
	Thedisclosures within the	concern fora periodof at
	financial statementswith regards	least12 monthsfrom thedate
	togoing concern and theimpact	ofapproval ofthe financial
	of cost ofliving crisis, inflation	statements.
	and the general economic
	uncertainty (including within the
	accounting policies, board report
	and strategic report have been
	reviewedandagreed.

b. | Additional Risks Identified We have not identified any additional risks during the audit process and therefore we have not had to amend our planned audit procedures.

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FINAL MANAGEMENT REPORT

31 March 2023

3. SUMMARY OF ADJUSTMENTS

a. Late Adjustments (following receipt of information) The following adjustments have been made post-year end by the client:

		Account	Type	DR	CR	Impact	Reasons
						P&L
1	2100	Creditors Control	Factual	14,861	14,861
	alc						adjustmentmade
							for debit balances
							in trade creditors.
	1110	Sundry Debtors					Adjustment was
							incorrect so
							correction made
							post-yearend.

b. | Unadjusted Audit Difference

The following audit differences have been identified which remain Unadjusted:

|No.|||Account|Type|DIR.|||CR|Impact|Reasons| |---|---|---|---|---|---|---|---|---| ||||||||P&L|| |1||1100 Debtors Control|| Factual | 11,048|||||Reassign credit| |||/
alc||||||balances intrade| |||||||||debtors to trade| |||||||||creditors| |||2100 Creditors||||11,048||| |||Control a/c||||||| |2||1100 Debtors Control|| Factual | 42,324||||(42,324) | Reducebaddebt|| |||a/c||||||provision For| |||||||||balances which| |||||||||have since been| |||Bad debt provision||||||recavered,| |||expensea/c||||42,324|||

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4. AUDIT FINDINGS

a. Matters Identified To Bring To Your Attention

There are no further unresolved matters to bring to your attention.

b. Key Audit Judgements

There are no key audit judgements to bring to your attention.

a Qualitative Aspects of Financial Statements

There are no qualitative aspects which we would like to bring to your attention.

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5. INTERNAL CONTROLS

a. Significant Deficiencies In Internal Controls

We have not identified any significant deficiencies in the internal controls. However please refer to the section below for recommendations on improvements in internal systems identified during the course of the audit.

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b. Systems Improvements

These controls have been assessed on the following basis:

Recommendation Rating / Colour Definition Red Priority Recommendations which are fundamental to the system and upon which the organisation should take immediate action. Amber Priority |Recommendations which, although not fundamental to the system, provide scope |for improvements to be made. Green Priority PP Recommendations concerning issues which are considered to be of a minor nature, but which nevertheless need to be addressed. Improved System Potential Issues concerning potential opportunities for management to improve the operational efficiency and/or effectiveness of the system.

Observation Risk Arising Recommended Actions Management Response Improved System Potential Delivery notes kept | There is a risk that Ensure that delivery notes for purchases should there be a are retained for all orders/invoices. dispute regarding a__| relevant purchase purchase there is no | orders/invoices. evidence as to the order being delivered.

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FINAL MANAGEMENT REPORT

31 March 2023

6. AUDIT CONCLUSIONS

a. Significant Difficulties Encountered During The Audit No significant difficulties were encountered during the audit. We would like to thank all members of staff For their assistance throughout the engagement.

b. Written Representations

A Letter of Representation will be signed on behalf of the Directors prior to the audited accounts being issued. Please see the draft letter For the reoresentations that we will be seeking.

ci Audit Opinion We anticipate that we will issue an Unmodified audit report on the financial statements of Goodwin Development Trust and Subsidiary undertakings, subject to the directors approving the accounts as presented to us.

d. Acknowledge of Final Report

We acknowledge receipt of the final management report on behalf of those charged with governance.

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Goodwin Development Trust

Annual Report and Financial Statements For the year ended 31 March 2023

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

Goodwin Development Trust (A Company limited by Guarantee)

Company INFOrmation[.......ccccccscsssssccsssssecececceeesssseeseesceecessscenenseeseesueneaseesuvavsceeeereesecesaseseseeescessaeed] Strategic Report for the year ended 34 March 2023 .0.......:ccccssccssscesseecseseseceecescessseesenearersneenesesene® Board Report and Operating and Financial Review for the year ended 31 March 2023...........4 Independent auditor’s report to the members, as a body, of Goodwin Development Trust..11 Consolidated Statement of Comprehensive Income for the year ended 31 March 2023........14 Consolidated Statement of Financial Position as at 31 March 2023 ...........ccccccesssesssseeerereeeeeeedD Statement of Changes in Equity for the year ended 31 March 2023...........cccccccsssssessteertereereeedO Consolidated Statement of Cashflows for the year ended 31 March 2023 ........ccccceseceeeeeed7 Notes to the Financial Statements for the year ended 31 March 2023 ............c:csessereseeeeeeedB

Goodwin Development Trust (A Company limited by Guarantee)

Chairperson	S Igoe
Directors	S Igoe (Chair)
	AGuney
	KAinley
	M Berin
	J Halls
	N Harrison (appointed 17 January 2023)
Company secretary	D Hamilton
Registered Office	The Octagon
	Walker Street
	Hull
	HU3 2RA
Solicitors	Rollits Wilberforce Court
	High Street
	Hull
	HU1 1¥J
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
Key management	Clive Darnell
	DianneHamilton

Strategic Report for the year ended 31 March 2023

REVIEW OF BUSINESS

As we moved out of the final COVID 19 restrictions affecting our operations we turned head wind into the economic storm caused through rises in global inflation and the cost-of-living crisis. Increases in costs of materials, services and labour at a time when we were locked into historical contractual prices made the trading year very challenging indeed.

Such, much like the previous year, we have had to adapt and change our business practices to become leaner and more efficient in our service delivery. Goodwin is an amazing organisation that responds 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. In particular:

Continuing to provide the best start in life for children and families through our OFSTED registered Childrens Centres, Nurseries, Doula/Breastfeeding Peer Support and Youth Services. The onset of Family Hubs and the improved financial support for the childcare sector provide stability and opportunity for the year ahead.

Providing quality care to those with the most complex care need through our CQC registered Danny's Dream Service as service moved out of COVID restrictions mid-year.

Supporting the unemployed and economically inactive move into further training and employment through our Matrix and OFSTED registered provision. The transition from European Funding to UK Shared Prosperity Funding and access to Education Skills Funding Agency courses provides the opportunity to provide a more integrated pathway of support.

AsRentsa Home'sacrossEnglandour portfolioRegisteredand additionalprovider andsupportedInvestmentaccommodationPartnerwe provide regulatedto those most housingvulnerable at Affordableto rough sleeping. The Rough Sleepers Accommodation Programme will continue to seek acquiring additional units in the year ahead while we work with partners to develop new Affordable Homes through acquisition and new build.

Our longstanding partnerships within Hull City Council, the health fraternity and VCS has enabled us to maximise the impact of our Fareshare operations across the Humber sub-region providing food to those in hunger and access to help benefits and debts, mental health and befriending through initiatives like our own estate based Warm Space.

The current cost of living crisis will continue to have 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 cost-of-living crisis and increasing economic uncertainty. The Board are focused on the current cost of living crisis, which will increase our running costs, but also will result in an increased level of peaple needing our support. We must ensure that we can meet that increased need, whilst ensuring sustainability.

Goodwin Development Trust (A Company limited by Guarantee)

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 2024 and implementing a scheme of monitoring and appraising on-going operations with an intention to return a balanced budget. 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.

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

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 Board of Trustees full Board meeting.

ON BEHALF OF THE BOARD

Sharon Igoe - Chairperson Date: a 5A 7

Goodwin Development Trust (A Company limited by Guarantee) Board Report and Operating and Financial Review for the year ended 31 March 2023

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:

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S Igoe (Chair)
A Guney
K Ainley
M Berin
J Halls
N Harrison (appointed 17 January 2023)
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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 with persons who are not residents of such social housing.
(2) 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
(2) creating an attractive and safe environment.
(4) 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: -

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(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 financial hardship or other charitable need; and
(e) 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 youth, age, infirmity, disability, poverty or social and economic circumstances.
(7) the preservation and protection of good health and the relief of sickness.
(8) the promotion of public safety and prevention of crime by means of the prevention, reduction and deterrence of crime, nuisance, anti-social behaviour, vandalism, trespass, arson, and theft.
(9) 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, age, infirmity, disability, poverty or social and economic circumstances; and
(10) the protection or conservation of the environment including by:

(a) restoring or reclaiming land which cannot otherwise be used for economic social or environmental 4

Goodwin Development Trust (A Company limited by Guarantee)

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.

Vision & Mission

The charity's 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 asa locally controlled Development Trust we are committed to 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 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.

PERFORMANGE 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 2022/23 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

| 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 and provided an across the board pay rise for all staff. 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 community

FareShare Hull & Humber

The project has redistributed 896 tonnes of surplus food, that is equivalent to providing 2 million meals, to over 150 community organisations across the Humber sub-region. They have in turn supported over 17,000 individuals and saved those organisations of £3 million in food purchase costs that they have diverted into their front-line support services. Ongoing support from Hull City Council and public donations enables us to subsidise this service to members. Without the unwavering support of our volunteers and learners this would further not be possible.

Get into Goodwin

Our estate-based initiative has been funded through a combination of Green Social Prescribing, Know Your Neighbourhood and UKSPF grants that has enabled us to provide an on-going Warm Space within the Octagon that provides a weekly schedule of activities that includes Soup Social, Crafting Club, Job Club, Bingo, Allotment Group, R-evolution Cycling activities and Food Pantry. These activities are supported with access to Mental Health and Money/Debt/Benefits advice through CHCP and Hull and East Riding CAB. In January alone over 150 residents accessed this support.

Multiply

Our Government Levelling Up funded Multiply Math courses have focused content on providing learners with support on Household Budgeting and Cooking on a Budget. In the last quarter of the year, we supported 298 people and rewarded them with a £10 gift voucher each.

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 previous financial 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 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 have robust financial procedures and risk management in place which are overseen by a monthly Audit and Finance subcommittee.

To care for the health and wellbeing of our community and all the individuals within it

Children’s Centres (Family Hubs)

Goodwin Development Trust (A Company limited by Guarantee)

Hull has been awarded funding to develop Children's Centres into Family Hubs. There will be rebranding and additional resources to support the youngest children. Goodwin continues to deliver the Family Hubs provision at Fenchurch, Marvell, and the Octagon. Goodwin works closely with Hull City Council, the contract provider, to ensure that the Family Hubs 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.

Doula / BFPS

Goodwin was successful in winning the Doula and Breastfeeding Peer Support Service (BFPS) tender in March 2023. The service has additional staff resources through the Best Start in Life, First 1001 days Government funding into the Local Authority. The service continues to deliver an excellent targeted Doula support for pregnant women and new mums across the city, with a universal breastfeeding service which is also citywide. This service is delivered by 100 trained volunteers supported by a small staff team. 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 to build on our quality learning environments that meet the requirements of the revised Early Years Foundation Stage Profile (September 2021).

Danny’s Dream

Danny’s Dream continues to deliver an exceptionally high-quality service, focusing on individuals with profound and multiple learning disabilities through a club-based offer at The Octagon and community support including access to a range of activities that meet the needs and interests of the individual service users. Danny’s Dream has retained its overall Care Quality Commission (CQC) rating of “Outstanding”.

Veterans Hub

After another successful year in supporting veterans though funding from Hull City Councils Veterans Covenant Fund we have we have facilitated 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 Service that redistributed financial support to both East Riding and Northeast Lincolnshire Councils.

This was the last year that we delivered the Armed Forces Community Hub and Work Club having made the decision to cede support to veterans specifically. We continue, however, to support many veterans through our rich tapestry of services and as Social Landlord

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

Goodwin Training Services

The provision of Employment and Training support has long been at the centre of Goodwin's mission. Based at the Community Hub, Octagon and Thornton Village Hall we have delivered specific employability programmes for unemployed 16-29-year-olds through the Springboard Youth Employment Initiative, that has included: ESOL focused employability support for our BAME community, paid work placements within local SME's and targeted interventions for young people experiencing Mental Health and anxiety that has drawn specialist support from CHCP and MIND.

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.

Our 16-19-year-old Traineeship provision was audited as part of Humber Learning Consortiums OFSTED which was award Good Provider and inspectors noted “Subcontractors provide effective education and support for trainees who are not yet ready for an apprenticeship and trainees who prefer to learn with a supportive employer and in small groups”.

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.

Goodwin Development Trust (A Company limited by Guarantee)

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. 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.

Funding was also received from the National Lottery to run the "Living Room’ project, based on North Point shopping centre.

The core CPP funding came to an end in December 2022 with an extension to March 2023. Goodwin then handed over the project to Back To Ours Arts Limited, which is a new company set up to take this over as they have successfully applied for National Portfolio status with the Arts Council.

Youth Provision

The delivery of 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. The youth provision delivers both a universal open access youth club offer and targeted support to individual young people. Collocation with the Octagon Family Hubs means a joined-up service for these young people and adds value to the contracts.

Captial Grants received from the Youth Investment Fund and Biffa Award have enabled us to invest in our Youth Centre and Multi Use Games Area to provide modern, safe facilities for young people to be happy and thrive.

We celebrated the Queens Jubilee through our Jubilee Jamboree which saw over 200 residents attend our day long festival.

AMIF project

The AMIF housing 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 to December 2023.

FINANCIAL REVIEW AND POSITION AT YEAR END INCLUDING FACTORS AFFECTING THAT POSITION

The group is reporting a deficit of £197k in the year (2022: deficit of £250k).

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 year and are pleased at the level of improvements made and continue to be made. Based on sufficient cash flows the Trustees believe that the financial statements should be prepared as a going concern.

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 for a maximum of 11 Trustees.

Goodwin Development Trust (A Company limited by Guarantee)

There is an Audit and Finance Sub-committee 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.

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 £3,380k (2022: £2,722k, 2021: £1,801k), which includes loans and overdrafts of £3,030k. This has seen a reduced liability year on year. The change in the economic environment and move from grant funding to earned income 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. We have also taken out a further loan with Hull City Council to fund the new supported housing scheme, again income remains at a sufficient level to service this debt, £190k. As well as this we have borrowing of £150k to invest in further property but a Board decision was made not to proceed and this will be repaid in 23/24. 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.

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 cost of living, the need for financial stability and secure income streams is at the root of the strategy. Whilst we generated a surplus this year (regulated housing), 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 cost of living crisis, global inflation and rising interest rates.

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.

Goodwin Development Trust (A Company limited by Guarantee)

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 UK Accounting Standards have been followed and the Statement of Recommended Practice Accounting by registered social housing providers 2018, 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 proper 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 2019.

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.

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! 95: 14) 7a922

Goodwin Development Trust (A Company limited by Guarantee) Independent auditor’s report to the members 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 2023, 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 ofthe parent Company's affairs as at 31 March 2023 and of the Group's surplus for the year then ended,
° 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, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019.

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 board's 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 association'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 board 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.

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 not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 misstatements 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. The applicable laws and regulations include compliance with FRS 102, the Companies Act 2006, UK tax legislation and the Statement of Recommended Practice for Registered Social Housing Providers 2018.
e we identified the laws and regulations applicable to the Group and Parent company through discussions with directors and other management, and from our commercial knowledge and experience of the industry. .

Goodwin Development Trust (A Company limited by Guarantee)

e we verified our enquiries through review of Board minutes and other correspondence throughout the year to identify any breaches of laws and regulations.
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.

We assessed the susceptibility of the entity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

e 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.
e Weassessed the level of fraud risk and concluded that the area most susceptible to fraud was revenue recognition and management override of internal controls.
To address the risk of fraud/error with regard to revenue recognition, we: e performed substantive tests of detail over the various revenue streams in the financial statements; e performed analytical procedures in addition to substantive tests of detail with regards to the material streams of revenue in the financial statements;

To address the risk of fraud through management bias and override of controls, we:

e tested journal entries recorded on the Group's finance system to identify unusual transactions that may indicate override of controls; e reviewed key judgements and estimates for any evidence of management 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 ° enquiring of management and reviewing board minutes and other correspondence throughout the year to identify actual and potential litigation and claims. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or noncompliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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) Armstrongfor and on behalfWatson of Audit xLimited \ | Ano Chartered Accountants Statutory Auditor Leeds Date: 3 )‘ A) -Y-WG 79 a 13

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Comprehensive Income for the year ended 31 March 2023

	Note	2023	2022
		£k	£k
Turnover	4	4,707	4,632
Operating expenditure		(4,776)	(4,766)
Operating (deficit) /surplus	6	(69)	(134)
Interestand financing costs Loss on disposal of assets		(128) -	(110) -
Deficit before tax		(197)	(250)
Taxation	10	-	-
(Deficit) /surplus forthe year		(197)	(250)
Total comprehensive incomeforthe year		(197)	(250)	.

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

On behalf of the Board

seepdreehise PSS, see TRUSTEE [Sharon Igoe]

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----- Start of picture text -----
Kk Tie,oo TRUSTEE [Kellock Ainley]
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The annexed notes form part of these financial statements.

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Financial Position as at 31 March 2023 Company registration number: 4454814

|Co
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Group
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Notes| 2023
2022
2023
2022
[Fixedassets |
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| 4518 |
| 4633 |
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9,633|| 9,607
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Total assets less| |Cred
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| | (2,004)oe(2576)~~ (2,884— 2.875)
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|
|
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|:6.306
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eee| |revaluation reserve
Restricted reserve
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- [| - [|
Income and| |[Totalreserves
|||6,106
6304|
[6109|‘|
6,306|

These financial statements were approved and authorised for issue by the Board on 22/08/2023 on behalf of the Board.

cee ........ TRUSTEE [Sharon Igoe]

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

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Changes in Equity for the year ended 31 March 2023

	Revaluation	Restricted	Designated	Income &	Group
	reserve	reserve	Reserve	expenditure	Total
	£	£		£	£
At 1 April 2022	-	1,699	-	4,607	6,306
Deficit/Surplus forthe year	-	19	-	(216)	(197)
Total comprehensive income/(deficit) At 31 March 2023	; ~	bi 1,718	: -	a1e) 4,391	nee 6,109
	Revaluation	Restricted	Designated	Income &	Group
	reserve	reserve	Reserve	expenditure	Total
	£	£		£	£
At1 April 2021	-	1,476	110	4,970	6,556
Deficitfor the year	-	223	-	(363)	(250)
Total comprehensive deficit		223	-	(363)	(250)
At31March2022	ee	1,699	-	4,607	6,306

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Cashflows for the year ended 31 March 2023

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Note|2023|2022| |Cash|flow from|operating|activities|£k|Ek| |(Deficit)|/surplus|for the|year|(197)|(250)| |Adjustments|for|non-cash|items:| |Depreciation|and|impairment|170|154| |(Profit)|/|Loss|on|disposal|-|-| |(Increase)|/|Decrease|in|trade and|other debtors|(7)|8| |(Increase)|/|Decrease|in|trade and|other|creditors|(373)|(630)| |Net cash|generated from operating|activities|(408)|——<“<iti‘TA#Y;C~C;~~*”| |Cash|flow from|investing|activities| |Purchase|of tangible|fixed|assets|(196)|(154)| |Proceeds|from|sale|of tangible|fixed|assets| |Investing|cash|flow|(196)|(154)| |Cash|flow from|investing|activities| |Repayment|of debt|(54)|(49)| |Financing|cash|flow|(54)|(49)| |Net change|in|cash|and|cash|equivalents|(658)|(921)| |Cash|and|cash|equivalents|at the|beginning|of the|year|(2,722)|(1,801)| |Cash|and|cash|equivalents|at the end|of the year|(3,379)|(2,722)|

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Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

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 Hames 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Statement of Recommended Practice Accounting for Private Registered Social Housing Providers 2018 (Housing SORP) and the Accounting Direction for Private Registered Providers of Social Housing in England 2019. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006.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 deficit budget for the year to 31 March 2024 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 2024 with management accounts to July 2023 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.

Goodwin Development Trust (A Company limited by Guarantee)

e 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.
° Thecurrent 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.
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.

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:

Freehold Propert
Leasehold Propert	2% or lease term
MotorVehicles
	15%-33.3%

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. 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.

Works to existing housing properties

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 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.

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.

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 equivalents includes term loans provided by financial institutions, giving a net debt figure when looking at total cash and cash equivalents. The Trustees feel this presents a true and fair view of the liquid resources of the Company.

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.

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 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 io 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 be available against which the deductible temporary difference, carried forward tax credits or tax losses can be utilised. 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

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 RP are partially exempt from VAT. A cost centre structure is utilised to account 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 part. 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 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.

Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2023 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.

3. ACCOMMODATION IN MANAGEMENT

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Units at Start Units at End
Units under development e fs
General needs housing: " ss
Affordable Rent - - :
REVENUE
analysis of the the group’s revenue for the year from from continuing operations is as follows:
2023 §=.2023))—_-2022 2022
£k £k Fk £k
Charitable Activities:
Contract from Central Government/ Local Authorities 803 756
Grant from Central Government/ Local Authorities 184 223
Homes England Grant 115 195
Arts Council England Grant 450 390
National Lottery Grant 0 104
Nursery Income 379 320
Income from provision of employability, education, and training 604 641
Fareshare CFM income 232 167
Danny's Dream Income 633 718
Commercial Rent 372 358
Social Residential Rent 340 302
Residential Rent 49 94
Other Charitable Activities 546 364
Total Income from Charitable Activities 4,707 4,632
Other trading activities
Goodwin Community Housing - Rent - -
Total Other Income - -
4,707 4632
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4. REVENUE

The analysis of the the group’s revenue for the year from from continuing operations is as follows:

All turnover arose within the United Kingdom.

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 Continued

SOCIAL HOUSING TURNOVER AND COSTS

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Included|within|the|above|turnover:| |Supported| |General|housing| |BALISIH|g|housingand|Other|Total2023|Total2022| |for|older| |people| |£k|Ek|Ek|Ek|£k| |Income|TT| |Rent|receivable|excluding|service|charge|354|16|-|370|302| |Service|charge|income|-|19|-|19|-| |a| |Turnover from|social|housing|lettings|354|36|°|369|302| |Social|housing|activity|expenditure|234|22|-|256|217| |Operating|surplus|/|(deficit)|on|social|120|13|133|85| |housing|lettings|ee| |Void|losses|.|-|~|.|7|

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5. FINANCIAL ASSISTANCE AND OTHER GOVERNMENT GRANT RECEIVABLE

Total government grants received in the period was £184k (2022: £223k).

OPERATING DEFICIT

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£k|£k| |Operating|surplus|is|stated|after|charging:| |Auditors'|remuneration|(see|nate|7)|14|14| |Depreciation|and|amortisation|of owned|assets|170|154| |Operating|leases|-|other|assets|6|6| |and|after|crediting:| |Deficiton|sale|of tangible|fixed|assets|ss|_|—————| |7.|AUDITOR’S|REMUNERATION| |2023|2022| |£k|Ek| |Fees|payable|(exclusive|of VAT)|to|the|RP’s|auditor|in|13|13| |relation|to the|period|of account|for the|audit of the|RP’s| |annual|accounts| |Tax|Fee|4|4|

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Goodwin Development Trust (A Company limited by Guarantee)

8. KEY MANAGEMENT PERSONNEL

Remuneration paid to key management personnel in the period was £65k (2022: £65k), paid to 1 Employees (2022: 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 £2k (2022: £1k) in addition to the personal contributions of the Chief Executive. The Board of Trustees (Directors) received no expenses or remuneration in the year.

9. EMPLOYEE INFORMATION

		2023	2022
The average number of persons employed during the
year:
Administration staff		155	153
Housing development staff		3	‘
		£k	Ek
Staff costs (including members ofthe	Board)
Wages and salaries		2,677	2,496
Social Security costs		192	181
Other pension costs		50	47
		2,919	2,724
				;
		2023	2022
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		4	1

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 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 (2022: £nil) relating to potential tax on the value of the land and buildings.

Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2023 Continued

11. TANGIBLE FIXED ASSETS HOUSING PROPERTIES — GROUP and COMPANY

	Properties for social housing lettings	Teta
	EK	EK
Cost or valuation
At 31 March 2022	7,005	7,005
Additions	115	115
Transfer to Current assets	-	-
At 31 March 2023	71200120
Depreciation and impairment
At 31 March 2022	2,487	2,487
Charge for year - impairment	-	-
At 31 March 2023	2,487	2,487
Net book value
At 31 March 2022	4,518	4,518
At 31 March 2023	_ 4,633	4,633

The company only housing properties consist of the properties for social housing lettings with a Net Book Value of £4,633k (2022: £4,518k).

All social housing is wholly owned by Goodwin Development Trust.

42. OTHER TANGIBLE FIXED ASSETS — GROUP and COMPANY

		Land and buildings	Fixtures and fittings	Motor vehicles	Total
Cost		£k	£k	Ek	Ek
At 31 March 2022		10,595	10	107	10,712
Additions Disposals At 31 March 2023		20 - 10,615	- (2) 8	61 - 168	81 (2) 10,791
Depreciation and impairment
At 31 March 2022		5,543	10	70	5,623
Charge for the year— depreciation Disposals At 31 March 2023		135 - 5,678	- (2) 8	35 - 105	170 (2) 5,791
Net book value
At 31 March 2022		5,052	a	37	5,089
At 31 March 2023	:	4,937	-	64	5,000_

The net book value of land and buildings at 31 March 2023 comprised:

Ek Freehold 2,173 Long leasehold 2,764

The cost of depreciable assets included in land and buildings at 31 March 2023 was £10,615k

Included in the total net book value of tangible fixed assets held on 31 March 2023 was Enil in respect of assets held under finance leases and hire purchase contracts.

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 Continued

13. DEBTORS — ALL RECEIVABLE WITHIN ONE YEAR

	Company	Company	Group
	2023	2022	2023	2022
	Ek	£k	Ek	£k
Trade debtors	159	107	159	107
Prepayments and accrued income	342	207	342	300
Assets held for resale	-	85	-	85
Amounts owed from group undertakings	-	270	-	-
	501	739	501	492
within ‘assets held for resale’ is the sale of	Cromwell	Road which	sold for £79K. It was held
register at£85K and therefore a write down of £6,000.
	Company		Group
	2023	2022	2023	2022
	£k	£k	£k	£k
Cash at bank and in hand	8	5	4	5
Bank Overdraft	(360)	(277)	(360)	(14)
Loans due within one year	(146)	(138)	(146)	(138)
Loans due afterone year	(2,884)	(2,575)	(2,884)	(2,575)
	(3,382)	__(2,985)	(3,379) _(2,722)
CREDITORS -AMOUNTS FALLING DUE WITHIN ONE YEAR
	Company		Group
	2023	2022	2023	2022
	£k	£k	Ek	£k
Loans and overdrafts	506	415	506	152
Trade creditors	104	172	104	172
Other tax and social security	43	42	43	42
Accruals and deferred income	488	838	488	852
VAT	11	5	11	5
	1152	1,472	1,1821,223

Included within ‘assets held for resale’ is the sale of Cromwell Road which sold for £79K. It was held on the assets register at £85K and therefore a write down of £6,000.

14. CASH

15. CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR

Loans and overdrafts please see note 16 for securities.

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 Continued

CREDITORS - AMOUNTS FALLING DUE AFTER ONE YEAR

			Company	Company	Group	Group
			2023	2022	2023	2022
			Ek	£k	£k	£k
Loans	and	overdrafts	2,884 _2,884	2,575 2,575	2,884 2,884	2,575

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: £68,105 from Handelsbanken, repayable over 6 years, secured on a small portfolio of residential properties, £2,521,986 from Hull City Council, secured on the leasehold interest in the Hugh Webster site, and repayable over 30 years. It also includes £185,953 from Hull City Council, secured on Cavil Place site, and repayable over 30 years and Key Fund loans of £108,383.

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*
	318 March	Resources	Expended	March 2023
	2022	£k	£k	£k
	Ek
Fixed Assets	1,699	31	(12)	1,718
Green Social Prescribing Grant Military Work Club BBO	- - -	3 30 90	(3) (30) (90)	- - -
AMIF Therapy Armed Forces Covenant Operation Legend AFC Sustaining support CLLD Do ItAug 18 CILM Aug 18 Fareshare CILM	- - - - - - - -	87 O11 7 17 cbf 149 88 39	(87) (31) (7) (17) (17) (149) (88) (39)	- - - - - - - -
Youth Employment Hub Youth Arts Takeover2	- -	57 31	(57) (31)	- ~
Youth Music (YAT) Youth Music 3	- -	9 8	(9) (8)	- -
Young Peoples Grant Youth Investment Fund	- -	6 1	(8) (1)	- -
The Big Jubilee Jamboree YEI Fareshare (Springboard)	AM FUND	- - -	10 28 5	(10) (28) (5)
Archaeological Event South Blockhouse Project UKSPF (The Octagon) Know Your Neighbourhood Bransholme Living Room (National Lottery) Unboxed—CPP	- - - - - -	6 3 25 4 55 44	(6) (3) (25) (4) (55) (44)	- - - - - -
Creative People and Places— Extension Creative People and Places— Ph 2	- - 1,699	37 409 1,327	(37) (409) (1,308)	- - 1,718
	Ze

Goodwin Development Trust (A Company limited by Guarantee)

Designated reserve:

There is no designated reserve in this financial year.

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 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 to the fund and amounted to £50k (2022: £47k). Contributions totalling £nil (2022: 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 2023 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.

Goodwin Development Trust

Annual Report and Financial Statements For the year ended 31 March 2023

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

Goodwin Development Trust (A Company limited by Guarantee)

Chairperson	S Igoe
Directors	S Igoe (Chair)
	AGuney
	KAinley
	M Berin
	J Halls
	N Harrison (appointed 17 January 2023)
Company secretary	D Hamilton
Registered Office	The Octagon
	Walker Street
	Hull
	HU3 2RA
Solicitors	Rollits Wilberforce Court
	High Street
	Hull
	HU1 1¥J
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
Key management	Clive Darnell
	DianneHamilton

Strategic Report for the year ended 31 March 2023

REVIEW OF BUSINESS

Providing quality care to those with the most complex care need through our CQC registered Danny's Dream Service as service moved out of COVID restrictions mid-year.

PRINCIPAL RISKS AND UNCERTAINTIES

Goodwin Development Trust (A Company limited by Guarantee)

GOING CONCERN

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

DEVELOPMENT AND PERFORMANCE

FINANCIAL KEY PERFORMANCE INDICATORS

NON-FINANCIAL KEY PERFORMANCE INDICATORS

Goodwin operates a set of non-financial KPI's for each project, which are reported quarterly to the Board of Trustees full Board meeting.

ON BEHALF OF THE BOARD

Sharon Igoe - Chairperson Date: a 5A 7

Goodwin Development Trust (A Company limited by Guarantee) Board Report and Operating and Financial Review for the year ended 31 March 2023

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:

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----- Start of picture text -----
S Igoe (Chair)
A Guney
K Ainley
M Berin
J Halls
N Harrison (appointed 17 January 2023)
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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 with persons who are not residents of such social housing.
(2) 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
(2) creating an attractive and safe environment.
(4) 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: -

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(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 financial hardship or other charitable need; and
(e) 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 youth, age, infirmity, disability, poverty or social and economic circumstances.
(7) the preservation and protection of good health and the relief of sickness.
(8) the promotion of public safety and prevention of crime by means of the prevention, reduction and deterrence of crime, nuisance, anti-social behaviour, vandalism, trespass, arson, and theft.
(9) 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, age, infirmity, disability, poverty or social and economic circumstances; and
(10) the protection or conservation of the environment including by:

(a) restoring or reclaiming land which cannot otherwise be used for economic social or environmental 4

Goodwin Development Trust (A Company limited by Guarantee)

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.

Vision & Mission

We will be honest & fair in all we do

We will listen to and to learn from all those we work with and for

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.

PERFORMANGE IN THE PERIOD, MAIN INFLUENCES AND POTENTIAL RISKS

| Goodwin Development Trust (A Company limited by Guarantee)

To be a fair and trusted employer

To fight poverty in all its forms within our community

FareShare Hull & Humber

Get into Goodwin

Multiply

To provide affordable and sustainable homes.

We are incredibly proud of the continued 100% occupancy of our portfolio of Social Housing.

We continue to explore new opportunities for creating additional, good quality, affordable homes.

To be financially strong and stable

To care for the health and wellbeing of our community and all the individuals within it

Children’s Centres (Family Hubs)

Goodwin Development Trust (A Company limited by Guarantee)

Doula / BFPS

Danny’s Dream

Veterans Hub

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

Goodwin Training Services

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.

Goodwin Development Trust (A Company limited by Guarantee)

To make our community safe, resilient and a happy place to be

Creative People and Places

Funding was also received from the National Lottery to run the "Living Room’ project, based on North Point shopping centre.

Youth Provision

We celebrated the Queens Jubilee through our Jubilee Jamboree which saw over 200 residents attend our day long festival.

AMIF project

FINANCIAL REVIEW AND POSITION AT YEAR END INCLUDING FACTORS AFFECTING THAT POSITION

The group is reporting a deficit of £197k in the year (2022: deficit of £250k).

CAPITAL STRUCTURE AND TREASURY POLICY

Goodwin Development Trust (A Company limited by Guarantee)

There is an Audit and Finance Sub-committee 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:

CASH FLOWS AND CURRENT LIQUIDITY

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.

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.

Goodwin Development Trust (A Company limited by Guarantee)

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.

select suitable accounting policies and then apply them consistently.
- make judgements and estimates that are reasonable and prudent. - state whether applicable UK Accounting Standards have been followed and the Statement of Recommended Practice Accounting by registered social housing providers 2018, 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.

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.

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! 95: 14) 7a922

Goodwin Development Trust (A Company limited by Guarantee) Independent auditor’s report to the members of Goodwin Development Trust

Opinion

In our opinion the financial statements: ° give a true and fair view of the state of the Group's and ofthe parent Company's affairs as at 31 March 2023 and of the Group's surplus for the year then ended,
° 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, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019.

Basis for opinion

Conclusions relating to going concern

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

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

Other information

We have nothing to report in this regard.

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

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

Auditor's responsibilities for the audit of the financial statements

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. The applicable laws and regulations include compliance with FRS 102, the Companies Act 2006, UK tax legislation and the Statement of Recommended Practice for Registered Social Housing Providers 2018.
e we identified the laws and regulations applicable to the Group and Parent company through discussions with directors and other management, and from our commercial knowledge and experience of the industry. .

Goodwin Development Trust (A Company limited by Guarantee)

e we verified our enquiries through review of Board minutes and other correspondence throughout the year to identify any breaches of laws and regulations.
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.

We assessed the susceptibility of the entity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

e 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.
e Weassessed the level of fraud risk and concluded that the area most susceptible to fraud was revenue recognition and management override of internal controls.
To address the risk of fraud/error with regard to revenue recognition, we: e performed substantive tests of detail over the various revenue streams in the financial statements; e performed analytical procedures in addition to substantive tests of detail with regards to the material streams of revenue in the financial statements;

To address the risk of fraud through management bias and override of controls, we:

Use of our report

Simon Turner (Senior Statutory Auditor) Armstrongfor and on behalfWatson of Audit xLimited \ | Ano Chartered Accountants Statutory Auditor Leeds Date: 3 )‘ A) -Y-WG 79 a 13

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Comprehensive Income for the year ended 31 March 2023

	Note	2023	2022
		£k	£k
Turnover	4	4,707	4,632
Operating expenditure		(4,776)	(4,766)
Operating (deficit) /surplus	6	(69)	(134)
Interestand financing costs Loss on disposal of assets		(128) -	(110) -
Deficit before tax		(197)	(250)
Taxation	10	-	-
(Deficit) /surplus forthe year		(197)	(250)
Total comprehensive incomeforthe year		(197)	(250)	.

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

On behalf of the Board

seepdreehise PSS, see TRUSTEE [Sharon Igoe]

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Kk Tie,oo TRUSTEE [Kellock Ainley]
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The annexed notes form part of these financial statements.

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Financial Position as at 31 March 2023 Company registration number: 4454814

These financial statements were approved and authorised for issue by the Board on 22/08/2023 on behalf of the Board.

cee ........ TRUSTEE [Sharon Igoe]

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

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Changes in Equity for the year ended 31 March 2023

	Revaluation	Restricted	Designated	Income &	Group
	reserve	reserve	Reserve	expenditure	Total
	£	£		£	£
At 1 April 2022	-	1,699	-	4,607	6,306
Deficit/Surplus forthe year	-	19	-	(216)	(197)
Total comprehensive income/(deficit) At 31 March 2023	; ~	bi 1,718	: -	a1e) 4,391	nee 6,109
	Revaluation	Restricted	Designated	Income &	Group
	reserve	reserve	Reserve	expenditure	Total
	£	£		£	£
At1 April 2021	-	1,476	110	4,970	6,556
Deficitfor the year	-	223	-	(363)	(250)
Total comprehensive deficit		223	-	(363)	(250)
At31March2022	ee	1,699	-	4,607	6,306

Goodwin Development Trust (A Company limited by Guarantee)

Consolidated Statement of Cashflows for the year ended 31 March 2023

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Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023

1. STATUTORY INFORMATION

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

Group accounts

Government grants

Turnover

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 2024 with management accounts to July 2023 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.

Goodwin Development Trust (A Company limited by Guarantee)

e 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.
° Thecurrent 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.
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.

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:

Freehold Propert
Leasehold Propert	2% or lease term
MotorVehicles
	15%-33.3%

The useful economic lives of all tangible fixed assets are reviewed annually.

Housing Properties

Works to existing housing properties

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 Continued

Impairment

Further impairments, or the full impairment if the property has not been revalued, are then recognised in the income and expenditure account.

Donated land

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

Cash and cash equivalents

Trade creditors

Leased assets

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.

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 Continued

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

Value Added Tax

Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2023 Continued

3. ACCOMMODATION IN MANAGEMENT

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4. REVENUE

The analysis of the the group’s revenue for the year from from continuing operations is as follows:

All turnover arose within the United Kingdom.

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 Continued

SOCIAL HOUSING TURNOVER AND COSTS

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5. FINANCIAL ASSISTANCE AND OTHER GOVERNMENT GRANT RECEIVABLE

Total government grants received in the period was £184k (2022: £223k).

OPERATING DEFICIT

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Goodwin Development Trust (A Company limited by Guarantee)

8. KEY MANAGEMENT PERSONNEL

Remuneration paid to key management personnel in the period was £65k (2022: £65k), paid to 1 Employees (2022: 1), as defined on the company information page.

9. EMPLOYEE INFORMATION

		2023	2022
The average number of persons employed during the
year:
Administration staff		155	153
Housing development staff		3	‘
		£k	Ek
Staff costs (including members ofthe	Board)
Wages and salaries		2,677	2,496
Social Security costs		192	181
Other pension costs		50	47
		2,919	2,724
				;
		2023	2022
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		4	1

10. TAX ON SURPLUS ON ORDINARY ACTIVITIES

Current tax

Deferred tax

There is no deferred tax liability in Goodwin Community Housing (2022: £nil) relating to potential tax on the value of the land and buildings.

Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2023 Continued

11. TANGIBLE FIXED ASSETS HOUSING PROPERTIES — GROUP and COMPANY

	Properties for social housing lettings	Teta
	EK	EK
Cost or valuation
At 31 March 2022	7,005	7,005
Additions	115	115
Transfer to Current assets	-	-
At 31 March 2023	71200120
Depreciation and impairment
At 31 March 2022	2,487	2,487
Charge for year - impairment	-	-
At 31 March 2023	2,487	2,487
Net book value
At 31 March 2022	4,518	4,518
At 31 March 2023	_ 4,633	4,633

The company only housing properties consist of the properties for social housing lettings with a Net Book Value of £4,633k (2022: £4,518k).

All social housing is wholly owned by Goodwin Development Trust.

42. OTHER TANGIBLE FIXED ASSETS — GROUP and COMPANY

		Land and buildings	Fixtures and fittings	Motor vehicles	Total
Cost		£k	£k	Ek	Ek
At 31 March 2022		10,595	10	107	10,712
Additions Disposals At 31 March 2023		20 - 10,615	- (2) 8	61 - 168	81 (2) 10,791
Depreciation and impairment
At 31 March 2022		5,543	10	70	5,623
Charge for the year— depreciation Disposals At 31 March 2023		135 - 5,678	- (2) 8	35 - 105	170 (2) 5,791
Net book value
At 31 March 2022		5,052	a	37	5,089
At 31 March 2023	:	4,937	-	64	5,000_

The net book value of land and buildings at 31 March 2023 comprised:

Ek Freehold 2,173 Long leasehold 2,764

The cost of depreciable assets included in land and buildings at 31 March 2023 was £10,615k

Included in the total net book value of tangible fixed assets held on 31 March 2023 was Enil in respect of assets held under finance leases and hire purchase contracts.

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 Continued

13. DEBTORS — ALL RECEIVABLE WITHIN ONE YEAR

	Company	Company	Group
	2023	2022	2023	2022
	Ek	£k	Ek	£k
Trade debtors	159	107	159	107
Prepayments and accrued income	342	207	342	300
Assets held for resale	-	85	-	85
Amounts owed from group undertakings	-	270	-	-
	501	739	501	492
within ‘assets held for resale’ is the sale of	Cromwell	Road which	sold for £79K. It was held
register at£85K and therefore a write down of £6,000.
	Company		Group
	2023	2022	2023	2022
	£k	£k	£k	£k
Cash at bank and in hand	8	5	4	5
Bank Overdraft	(360)	(277)	(360)	(14)
Loans due within one year	(146)	(138)	(146)	(138)
Loans due afterone year	(2,884)	(2,575)	(2,884)	(2,575)
	(3,382)	__(2,985)	(3,379) _(2,722)
CREDITORS -AMOUNTS FALLING DUE WITHIN ONE YEAR
	Company		Group
	2023	2022	2023	2022
	£k	£k	Ek	£k
Loans and overdrafts	506	415	506	152
Trade creditors	104	172	104	172
Other tax and social security	43	42	43	42
Accruals and deferred income	488	838	488	852
VAT	11	5	11	5
	1152	1,472	1,1821,223

Included within ‘assets held for resale’ is the sale of Cromwell Road which sold for £79K. It was held on the assets register at £85K and therefore a write down of £6,000.

14. CASH

15. CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR

Loans and overdrafts please see note 16 for securities.

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 Continued

CREDITORS - AMOUNTS FALLING DUE AFTER ONE YEAR

			Company	Company	Group	Group
			2023	2022	2023	2022
			Ek	£k	£k	£k
Loans	and	overdrafts	2,884 _2,884	2,575 2,575	2,884 2,884	2,575

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*
	318 March	Resources	Expended	March 2023
	2022	£k	£k	£k
	Ek
Fixed Assets	1,699	31	(12)	1,718
Green Social Prescribing Grant Military Work Club BBO	- - -	3 30 90	(3) (30) (90)	- - -
AMIF Therapy Armed Forces Covenant Operation Legend AFC Sustaining support CLLD Do ItAug 18 CILM Aug 18 Fareshare CILM	- - - - - - - -	87 O11 7 17 cbf 149 88 39	(87) (31) (7) (17) (17) (149) (88) (39)	- - - - - - - -
Youth Employment Hub Youth Arts Takeover2	- -	57 31	(57) (31)	- ~
Youth Music (YAT) Youth Music 3	- -	9 8	(9) (8)	- -
Young Peoples Grant Youth Investment Fund	- -	6 1	(8) (1)	- -
The Big Jubilee Jamboree YEI Fareshare (Springboard)	AM FUND	- - -	10 28 5	(10) (28) (5)
Archaeological Event South Blockhouse Project UKSPF (The Octagon) Know Your Neighbourhood Bransholme Living Room (National Lottery) Unboxed—CPP	- - - - - -	6 3 25 4 55 44	(6) (3) (25) (4) (55) (44)	- - - - - -
Creative People and Places— Extension Creative People and Places— Ph 2	- - 1,699	37 409 1,327	(37) (409) (1,308)	- - 1,718
	Ze

Goodwin Development Trust (A Company limited by Guarantee)

Designated reserve:

There is no designated reserve in this financial year.

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2023 Continued

19. PENSION COSTS

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 2023 the RP had the following related and associated undertakings

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

2023-03-31-accounts

Goodwin Development Trust and subsidiary undertakings

1. INTRODUCTION

a. Purpose

b. Responsibilities

CG Limitations

d. Independence

2. AUDIT RISK AREAS

a. Significant Audit Risks

TOGoodwin Development Trust and subsidiary undertakings Page 6 of 10

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3. SUMMARY OF ADJUSTMENTS

a. Late Adjustments (following receipt of information) The following adjustments have been made post-year end by the client:

b. | Unadjusted Audit Difference

The following audit differences have been identified which remain Unadjusted:

4. AUDIT FINDINGS

a. Matters Identified To Bring To Your Attention

b. Key Audit Judgements

a Qualitative Aspects of Financial Statements

5. INTERNAL CONTROLS

a. Significant Deficiencies In Internal Controls

b. Systems Improvements

6. AUDIT CONCLUSIONS

b. Written Representations

d. Acknowledge of Final Report

Goodwin Development Trust

Annual Report and Financial Statements For the year ended 31 March 2023

CONTENTS

Company Information

Goodwin Development Trust (A Company limited by Guarantee)

Strategic Report for the year ended 31 March 2023

REVIEW OF BUSINESS

PRINCIPAL RISKS AND UNCERTAINTIES

Goodwin Development Trust (A Company limited by Guarantee)

GOING CONCERN

DEVELOPMENT AND PERFORMANCE

FINANCIAL KEY PERFORMANCE INDICATORS

NON-FINANCIAL KEY PERFORMANCE INDICATORS

ON BEHALF OF THE BOARD

BOARD MEMBERS

NATURE OF THE BUSINESS, OBJECTIVES AND STRATEGIES

Charitable Objects

Goodwin Development Trust (A Company limited by Guarantee)

Vision & Mission

Strategic Priorities for 2021-26

PERFORMANGE IN THE PERIOD, MAIN INFLUENCES AND POTENTIAL RISKS

To be a fair and trusted employer

To fight poverty in all its forms within our community

FareShare Hull & Humber

Get into Goodwin

Multiply

To provide affordable and sustainable homes.

To be financially strong and stable

To care for the health and wellbeing of our community and all the individuals within it

Goodwin Development Trust (A Company limited by Guarantee)

Doula / BFPS

Danny’s Dream

Veterans Hub

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

Goodwin Training Services

Goodwin Development Trust (A Company limited by Guarantee)

To make our community safe, resilient and a happy place to be

Youth Provision

AMIF project

CAPITAL STRUCTURE AND TREASURY POLICY

Goodwin Development Trust (A Company limited by Guarantee)

CASH FLOWS AND CURRENT LIQUIDITY

VALUE FOR MONEY

KEY ACCOUNTING POLICIES ADOPTED

REGULATOR’S INTERVENTION IN THE YEAR

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

Goodwin Development Trust (A Company limited by Guarantee)

PUBLIC BENEFIT

DIRECTORS’ RESPONSIBILITIES

STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS

Goodwin Development Trust (A Company limited by Guarantee) Independent auditor’s report to the members of Goodwin Development Trust

Opinion

Basis for opinion

Conclusions relating to going concern