Goodwin Development Trust Annual Report and Financial Statements For the year ended 31 March 2024 Charity number- 1098520 Company number.. 04454814 Regulator of Social Houslng reglstration number.. 4799
Goodwin Development Trust (A Company limited by Guarantee) CONTENTS Company Infomiatlon.................................................................................................................. Strategic Report for the year ended 31 March 2024.......................................... ....................... Board Report and Operating and Flnancial Review for the year ended 31 March 2024.......... Independent auditor's report to the members, as a body, of Goodwin Development Trust 12 Consolidated Statement of Comprehensive Income for the year ended 31 March 2024...... 16 Consolidated Statement of Financial Position as at 31 March 2024..............,........................ 16 Statement of Changes in Equity for the year ended 31 March 2024....................................... 17 Consolidated Statement of Cashflows for the year ended 31 March 2024............................. 19 Notes to the Financial Statements for the year ended 31 March 2024................................... 20
Goodwin Development Trust (A Company limited by Guarantee) Company Information Chalrperson S Igoe Dlrectors S Igoo (Chalr) A Guney K Ainley M Berin J Halls N Harrison S Benali lappoinled 10 February 20241 P Wells {appoinled 28 May 20241 Company socretary D Hamilton Reglstered Offlce The Octagon Walker Slreot Hull HU3 2RA Solicitors Rollils Wilberforce Court High Street Hull HU1 1YJ Bankers Handelsbanken Hull Marina Court 18 Marina Court Castle Street Hijll HU1 1TJ Audltors Armstrong Watson Audit LSmlled Third Floor 10 South Parade Leeds LS1 5QS Key management Clive Darnell Dianne Hamilton
Goodwin Development Trust (A Company limited by Guarantee) strateglc Report for the year ended 31 March 2024 REVIEW OF BUSINESS In Jun& this year we had a change in Ihe18adership structure al Goodwin. The outgoing CEO managed a very effecl(ve handover with the two incoming CO-CEOS. Changes lo the Sonior Leadership Team during this period has made some salary savings. The Senlor Leadership Team hsve reviewed contracts and leases, beginning a process of asset sales that did not impact on Goodwin's ability lo deliver services. This along with a commitment across the organisalion lo cost saving and maximising income has meanl a positive year. further building resilience. We continue lo review all aspects of the organisalion, reswnding io the challenges of the exlemal environment, including Ihe cosl-of-living ¢risis. As a Board, we have supported the transition to the new CO-CEO'S, and we remain very proud of the way our staff and volunteers a¢ross Goodwin work logèlher lo meet the neecls of the communities in Hull. Delivering services that offer children the best start in life and school readlness through our OFSTED registered Nurseries, DoulalBreaslfeeding Peer Support, Children's Cenlres as they Iransilioned lo Famity Hubs and the eslale-based Youth servi3. Providing quality club based, community and domi¢iliary care lo those th the most complex care need through our Outstsnding r8led CQC r8gistered Danny's Dream Seryice. Supporting those starting to gain work experience. the unemployed and economically ina¢live move into further training and employment through our Matrix and OFSTED registered provIsn. The UK Shared Prosperity Funding and access to Education Skills Funding Agency courses have provided opportunities lo devèlop this offer and lo include the Doula and Breastfeeding Peer Support training. As a Home's England Registered provider and Investment Partner we provide regulated housing at Affordable Rents across our portfolio and additional supported accommodation to those most vulnerable to rough sleeping. The Rough Sleepers Accommodation Prograrnme will continue lo seek acquiring additional units in the year ahead while we work with partners lo develop new Affordable Homes through acquisition and new build. Our longstsndlng partnershlps wilhln Hull Clly Council. indudlng Public Health and the VCSE sector has enabled us lo maintain the increasingly important Fareshare operations across th8 Humb&r sub-reglon providing food through Community Fare Share members to reduce the impact from the cosl-of-living crisis. Wa are confident that the Changes we have made. the continued commitment from our staff, volunteers and our Board of Trustees mean we are in an increasingly strong posilion to meel the challenges and opportunities ahead as Goodwin enters its 30th year. 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 conllnuous r&vlew schedule, and a revlsed focus following the response lo the cosl-of-living crisis and increasing economic uncertainty. The Board have remained focused on the on-going cost of living Crisis, which has increased our running costs, and increased the level ol support our communities have needed. We are confident of continuing to meet this need and ensuring suslainabilily. GOING CONCERN The current e¢onomic and social environment (cost of living, energy prlces, the War in Ukraine, the national debll means that that Goodwin Development Trust faces operational challenges in the short to midterm. This has resulted in the Trustees approving a small deficit budget for the year lo 31 March 2025 and implementing a scheme of monitoring and appraising on-going operations with an intention lo return a balanced budget. Whilst acknowledging these facts the Trustees remain confident that Goodwin Development Trust remalns a going ¢on¢ern. This confidence is borne from the fact that..
Goodwin Development Trust (A Company limited by Guarantee) Whilst short term budgets and forecasts indicate trading challenges, they are pessimisti¢ with no allowance for non-commilled income streams. Historically the Charlly h8ve secured further grant Income that has18d lo an overperformance against budget. This has continued in the year lo 31 March 2024 with management accounts lo July 2024 oulporforming expectations. This performance is underpinned by a diversity of income streams whlch spr8ad and reduce any dirgcl risks associated with the current economic and social environment. This allows the organisalion lo be agile and rèslruclure aclivilies should financial headroom be al risk lo the extent that the Charity deliver different outcomes lo service users bul in a cash generative mannBr. The current headroom in the Charity's working capllal facilily provides us with time to focus and make any restructuring decisions in a sensible and cosl-effective mannsr that prole¢ts both the future of Goodwin and its seNice users. The Trustees are confident that Ihoy could utilise other levers in the business model. such as ulilising lime lo pay arrangements with HMRC. to protect working capllal and the delivery of seNi¢es if needed. Scenario planning shows that a focus on the growng housing operations of the business as a sole activity are cash generative and prese*ve the future of the Charily. Whilst not a strategy the Trustees intend to pursue, il would provide short lemi financial suslalnablllly If required. The terms of the current debt on key assets are favourable with good relationships with funders and no immediate pressure on servlclng those lacililies. However, we continue to review commercial property assets. some of these could be disposed of wllhoul impacting on setvice delivery. This would ensure the continued financial sustainability ol the Charity if required. Whilst acknowledging thal uncertainty could exist on any of these assumptions given the volume of available options lo the Trustees the financial statements have accordingly been prepared on a going conceTn basis. DEVELOPMENT AND PERFORMANCE Goodwin has continued lo develop its delivery programme and ils strategy, with focus on sustainability and delivery of the Trust's objectives. The Strategic Busin&ss Plan has been reviewed and updated, and inroads have been made, we are reviewing supported housing provision, which will generate a stable income strea for the Trust, contributing lo the suslainabllily of the Trust whlch Is In Ilne wSlh our Strategic Business Plan. FINANCIAL KEY PERFORMANCE INDICATORS The Board have es18blished certain key performan indicators IKPI'S) which are important for monitoring monthly results against budget and re-forecast and monlhly cash Ilow figures al the Finan Sub Committee. As part of this monitoring process the Trustees review incoming resources and expenditure against budget. and challenge and investigate significant variances. Stsff have been working incredibly hard towards the challenges sel by Trustees. NON-FINANCIAL KEY PERFORMANCE INDICATORS Goodwin operates a sel of non-financial KPI'S for each proje¢l, which are reported quarterly lo the Board of Trustees full Board meeting. ON BEHALF OF THE BOARD Sharon Igoe- Chaitperson Dale
Goodwin Development Trust (A Company limited by Guarantee) Board Report and Operating and Financlal Revlew for the year ended 31 March 2024 BOARD MEMBERS The directors of the charitable company Ilhe charilyl are ils Trustees for the purpose of tharity law and throughout this report are collectively referred lo as the Trustees. The Trustees servlng durlng the year and up lo the dale of signing this report were as follows-. S Igoe {Chair) A Guney K Ainley M Berin J Halls N Harrison S Benali lappoinled 10 February 2024 P Wells {appointed 28 May 20241 NATURE OF THE BUSINESS, OBJECTIVES AND STRATEGIES Charitable Ob'ects The charity's charitable objects are lo promote any charitable purpose. principally for the bongfit of the inhabilanls of Kingston Upon Hull, and in particular.. {1) lo provlda, construct, Improv6 or manag8 Social housing for persons in need together with any other amenities or facilities for the benefit of residents of such social housing either exclLJsively or together with persons who are not residents of such social housing. (21 provide advi and assistance lo all residents of social housing provided, owned, and managed by the charity or any other organis81ion or person and applicants for social housing and applicants for soaal housing advice. 131 carry out any activity which is both connected with, or incidental to, the charity's charitable objecllves in Articles 4.1 and 4.2 including but not limited to.. 111 securing that land and buildings are brought Into effective use.. and 121 creating an allraclive and safe environment. (41 lo advance education, in particular bul wilhoul prejudice lo the gengrality of the foregoSng, by providing or assisting in the provision of educational opportunits'es and associated facilitS in particular for the benefit of young people. {51 lo relleve unemployment, in particular bul wilhoul prejudice to the generality of the foregoing by.. {a) providing or improving, or assisting in providing or improving. asS lo training, retraining and associated facilities. Ibl assisting people lo lind employment, providing employment opportunities, or providing work experience. Icl providing practical support lo people who are unemployed or undertaking training. Idl providing or assisting in providing financial assistance, technical asslslance or business advice or consultancy in order lo provide training and ernploymenl opportunities for people in cases of financial hardship or other charitable nèed., and lel creating training and employrnenl opportunities by the provision of working space, bulldings andlor land for use on favourable terms. 161 lo pmvide or improve. or to assist in providing or improving eational or leisure lime facilities in the interests of social welfare in particular lor the benefit of those who need such facilities because of their youth, age, infirmity, disability, poverty or soc181 and economic circumstances. {71 the preservation and protection of good health and the relief of sickness. {8) the promotion of public safely and prevention of crime by means of the prevention, reduction and dèlerren¢e of crimè, nuisancè, anti-social behaviour, vandalism. trespass, arson. and theft. (91 establishing, managing, and maintaining a community r&source centre and making facilities in such a nlre available particular for the benefit of those who need those facilities because of their youth, age, infirmity, disability, poverty or social and economic circumstances,. and 1101 the protection or conservation of the envimnment including by..
Goodwin Development Trust (A Company limited by Guarantee) lal restoring or reclalming land which cannot olherwlse be used for economic social or environmental purposes by reason of pollution or damage caused by an activity previously carried out on the land. Ibl preventing or reducing any potential ¢auses of pollution in relation lo any land which has suffered or may suffer pollution as a result of an activity previously carried out on the land. Icl remedying or mitigaling the effects of any pollution in relation lo land which has suffered or may suffer pollution as a result of an activity previously carried out on the land. {dl the ¢onseNation or promotion of biological diversity Ihrough.. the provision, conservation. resloT21ion, or enh8nc&ment of a natural habitst.. or the maintenance or recovery of a species in its natural habitst. 181 the provision, maintenance or improvement of public amenities including open space or other open 16crealional facilities., or If) the maintenance repair or restoration of any building or structure which is of historic or archlleclural interest or is a place of rellgious worship. Vision & Mission The charity's vision is ofa dlverse and Ihriving community within which everyone has the opportunity to benefit from, and contribute to. the wellbeing of the community on a fair and equal basis and as a locally controlled Development Trust we are committed lo improving the qu81ily of life in our community. Values The Trustees have composed an expllcll a sel of values which will govern the Charlty's behaviours both internally and 8xlernally and provide a framework againslwhich bolh we, and those we deal with. can measure our performance. We will be honest & fair in all we do We will listen lo and to learn from all those we work with and for We will encourage innovalive & entrepreneurial behaviour, afvlays seeking new and beller ways lo 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 Strale ic Priorities for 2021-26 To be a fair and trusted employer who values our people. To fight poverty in all ils forms within our communily. To be financially strong and sustainable. To care for the health and wellbeing of our communlly. To provide and support access lo education, training, and employment opportunities. To make our communily safe, resilient and a happy place to be.
Goodwin Development Trust (A Company limited by Guarantee) PERFORMANCE IN THE PERIOD, MAIN INFLUENCES AND POTENTIAL RISKS The Trust's overarching objective is to improve the quality of life of the residents of Hull and surrounding areas. The Trustees recognise their obligation lo demonslrale the public benefit of the charity and are aware of the Charity Commission guidance. The charity delivers public benefit by operating projects across a broad spectrum of social interventions Ihat serve lo meet the charily's strategic objectives. In 2023124 the Trust met all ils conlraclual objectives as sp8cilied by the various funding bodies in the year, the performance is reported against the Trust's Slralegi¢ Priorities To be a falr and trusted em lo er The Board ar¢ pleased lo report that as well as implementing the Nalional Minimum Wage increase at the slart of the year, Goodwin was also able to improve Ihts salary banding structure for all employees and provided an across the board pay rise for all staff. Siaff retention levels arts good. and the Trust continues lo develop its staff through in-house and exlemal training. Tofl ht overt In all Its forms wlthln our communll Far8Share Hull & Humber The project has redislribuled 960 tonnes ol surplus food, that is equivalent lo providing 2.1 million meals, to over 135 community organisalions across the Humber sub-region. They have in turn supported over 17,750 individuals and saved those organisalions of £3 million in food purchase ¢osls that they have diverted into their front-line support services. Ongoing support from Hull City Council and public donations enables us lo subsidise this service to members. Wilhoul the unwavering support of our volunteers and learners this would further nol be possible. Get into Goodwin Our estale-based initiative hBs been funded through a combination of Green Social Pr8s¢ribing, Know Your N8hbourhood and UKSPF grants that has enabled us to provide an on-going Warm spa within the Octagon that provides a weekly schtsdule of activities that Includes Soup Social, Craftlng Club. Job Club, Bingo, Allotment Group, R-evolution Cycling a¢livilies and Food Pantry. These a¢llvilies are supported with a¢$$ lo Mental Health and MoneylDebVB&nefils advice through CHCP and Hull and East Riding CAB. In January alone over 150 residents accessed this support. We are Celebratlng Goodwin's 30th anniversary in August 2025 with a community event on The Thornton Eslale that 11 showcase Goodwin seNices and our strong partnership work with a range of activities for the residents, Goodwin staff and volunteers. This will also be an opportunity to undertake community consullalion which will be us@d for fulurts funding applications lo continue lo improve the quality of life of people locally. Multlply 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 th$ year, we supported 340 people and rewarded them with a £10 gift voucher each. To rovide affordable and sustainable homes. We ar8 incredlbly proud of the continued 100¥0 occupancy of our portlolio of Social Housing. We are pleased that we are a fully compliant Registered HousSng provlder wlh Investment Partner status. We hope lo use Ihis status in the future lo allow us to provide tangible support for other organlsalions wishing lo become Registered Providers and lo apply for funding from Homes England. We continue lo explore new opportunllies for creating additional, g(K)d quality, affordable homes.
Goodwin Development Trust (A Company limited by Guarantee) To be flnanclall stron and stable We are Gonfidènl In the conlinuing success of Goodwin. Our diverse income streams. including the rentsl income from our social housing stock ensure we can continue lo grow and ¢onsolidate our position. We also have robust financial procedures and risk management in place. overseen by a monthly Audit and Finance subcommittee. To care for tho héalth and wellbeln ofour ¢ommunlt and all tha Indlviduals within it. Famlly Hubs) (previously Chlldren s Centres) Hull has made the transition from Children's Centres lo Family Hubs with marketing, rned1a and capital works induding exleTnal and internal signage and decorating of buildings. This has included the Goodwin, Fenchurch arKI Octagon Family Hub siles. These works have been funded directly by Hull City Council. The Family Hubs have been awarded additional revenue funding through the First 1001 Day's funding to employ addition81 staff until March 2025 with a focus on the youngesl children. This is working seamlessly with the main Family Hubs offer to ¢hildren and families in the Wesl of Hull as part of Hull's Early Help strategy. The Family Hubs service continues lo meet all KPI'S as set out by Hull City Councll through the Team plan and Annual conversation. Goodwin have been Invlled to reapply for a further 5-year contract from 1 $1 April 2025. Doula /BFPS Goodwin was successful in winning the Doula and Breasffeeding Peer Support Service IBFPSI tender in March 2023. The s&rvi¢e has additional staff resources through the Best Start in Life, First 1001 days Govemment funding into the Local Authority. This has meant we have been able lo offer an addiuonal seNice al The Hull Women and Children's Hospital and in the community to support Breaslfeeding ral8s. The service remains an exemplar of best practice as it delivers an excellent largeled Doula support for pregnant women and new mums across the city, with a universal cilywide breastfeeding service. We have a team of go trained volunlfjers supported by a small staff team. Nurseries Octagon and Fen¢hurch nurseries are both rated 'Good" {20221. They have benefited from the Government increase in early years fundlng, offering a universal 15 hours to two-year-olds. This will increase to include babies from g months in September 2024. The Octagon nursery is involved with a pilot in partnership with Hull City Council lo increase the voice of Ihe very young children in the way semces are delivered. Danny s Drèam Danny's Dream continues to deliver a Community, domiciliary and club-based offer at the Octagon focusing on individuals with profound and mullip5e leaming disabilities. Danny's Dream has taken on new rtsferrals, successfully transitioning two Individuals from full-lime education into adult services. Danny's Dream has been working in partnership with Con¢rg1o Youth Theatre Company and Artlink lo delivor a range of creative exp8rlences for the service users. CQC have recently changed the way they monitor and inspect services with a new framework and portal. The Danny's Dream management team have been working lo ensure that all staff understand and are confident with the change5. Danny's Dream has not yel been relnspected under the new framework and retains the overall Care Quallly Commission ICQCI rating of 'Outstsndlng°.
Goodwin Development Trust (A Company limited by Guarantee) To rovlde and su ort access lo educatlon tralnln and em ment o ortunltles Goodwln Tralning Services The provision of Employment and Training SUPPOrt has long been al the centre of Goodwin's mission. Based 81 the Community Hub we have delivered specific employability programmes for unemployed of all ages funded through UK Shared Prosperity funding, that has included.. ESOL focused employability support for our BAME communlly, paid work placements within lo¢al SME'S and largeled interventions for young people experiencing Mental Health and anxiety that has drawn spedalisl support from CHCP and MIND. Our 119-year-Old Traineeship provision switched to Study Programme provision due to changes implemented by Government. Most of our learners have access to Educational Health Care Plans and we are immensely proud of the experience and support we provide to these young people. Aligned lo this we have seen a growth in the number of apprentices we employ across the organisalion - investing in young people and supporting our own workforce development. To make our communlt Safe reslllent and a ha lace to be Youth Provision The delivery of our s$rvi¢e is underpinned by the National Occupational Standards for Youth Work practice and aims lo facilitate the personal, social. and educational development of young people. We deliver a largeled and universal service that adds value to other Goodwin projects such as The Family Hubs, the Youth Arts Takeover and Youth Music projects. We have been awarded a revenue grant from Big Lotlery Fund, Million Hours lo deliver additional weekend and evening provision that brings new opportunitlgs lo the young people including DH workshops and sports. The Tender for a 5-year youth contract from April 2025 has been submitlad lo Hull City City Councxl in June and we anlicipale the outcome of this Tender In October 2025.
Goodwin Development Trust (A Company limited by Guarantee) FINANCIAL REVIEWAND POSITION ATYEAR END INCLUDING FACTORS AFFECTING THAT POSITION The group is reporting a surplus of £22k in the year12023: deficit of £197kl. The company has sufficient reserves and funds available for al least 12 months from the approval date of the 8¢counls. The Board have reviewed c8shflows and reforecasls monthly throughout the year and are pleased al the level of improvements macle and continue lo be made. Based on sufficient cash flows the Trustees believe that Ihe financial statements should be prepared as a going concarn. CAPITAL STRUCTUREAAID TREASUR Y POLICY The Goodwin Development Trust is a company limited by guarantee. It has no share capital and is a charity registered with the Charity Corllmission. The guarantee of each member is £1. The governing document is the Articles of Association of the company (amended by special resolutions g December 2002, 7 May 2003, 10 May 2005. 21 November 2005. 13 March 2007, February 2014 and 9 November 20211 and members of the Board of Trustees are the Members and Directors of th8 Company. 11 is regulated by th8 Regulalor of Social Housing, registration number 4799. The Registered Provider's IRPI decision-making body is the Board of Trustees that meets monthly on the second Tuesday of each month. The Artlclas allow for a maxlmum of 11 Trustee8. There is an Audit and Finance Sub-commillee 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 lo Trustees al the following Board meeting. CASH FLOWS AND CURRENT LIQUIDITY The year-end cash position shows a nel group overdraft position of £3,024k12023.. £3,380k, 2022.. £2,722k), which includes loans and overdrafts of £2,822k. This has seen a reduced liabilily year on year. The change in the economic environment and move from grant funding tr> earned income resulted in the need for an overdraft from our maln bankers, Handelsbanken. In addllion lo Ihls, a loan of £3m was taken out with Hull City Council in 2019, to fund the new houslng dev6lopm8nl alongside the grant from Homes England, Ihls loan is secured against the properties. Rental income remains al a level sufficient lo setvice this debt. We also took out a loan with Hull City Council lo fund the new supported housing scheme. again income remains al a sufficient level lo service this debt. £190k. As well as this we have a loan with Key Fund that will be repaid in full by December 2025. The long-lerm cash flow indicates a return lo 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 aSways achieved. KEY ACCOUNTING POLICIES ADOPTED The Trust's accounllng policies are detailed wilhSn the notes lo the financSal slalement8. REGULATOR'S INTERVENTION IN THE YEAR There has been no inlervention from the regulator during the year. FUTURE DEVELOPMENTS INCLUDING FACTORS AND INFLUENCES ON FUTURE PERFORMANCE Future developments for the group focus on slralegic workino with Hull City Council wilhin the housing sector, looking particularly al new-build opportunilies and the provision of supported housing. The long-term slralegy remains the same as always, with a focus on improving the quality of life for residents of the Thornton eslale, bul considering the impact of cost of living, the need for financial stability and secure income streams is al the root of the strategy. Whilst we generated a surpllts this year Iregulaled hoLJsingl. and have a posib've oullook for the next year. it is yel lo be seen what impact there will be in the long lerm, as the world economy copes th the Cost of living crisis, global inflation and rising interest rates.
Goodwin Development Trust (A Company limited by Guarantee) 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 significan¢e Sin the end of the financial year. AUDITORS The auditors, Armstrong Walson Audit Limilad, will be proposed for reappoinlmenl in accordance with seclion 485 of the Companies Act 2008. PUBLIC BENEFIT In selling and reviewing our aims the Board has considered the Charity Commission's guidance on public benefit. DIRECTORS, RESPONSIBILITIES The Board is responsible for pr6paring the report and financlal ststements in accordance with applicable law and regulations, The Registered Social Housing legislation require the Board to prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the association and of ils income and expenditure for that period. Company law requires the directors lo prepare financial slalemenls for each financial period. Under that law Ihe dire¢lors have elected to prepare the financial slalements in accordance with Uniled Kingdom Generally A¢¢epted Accounting Practi (United Kingdom Accounting Standards and applicable lawl. Under ¢omp8ny law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the company and of the profil or loss of the company for that period. In preparing those financial slalemgnls, the directors are requSred lo.. select suitable accounting policies and then apply them consistently. make judgements and eslimales that are reasonablg and prudent. slate whether applicable UK Accounting Standards have been followed and the Slalemenl of Recommended Practice Accounting by registered social housing providers 2018, subject lo any material departures disclosed and explained in the financial slalemenls., and prepare the financial statements on the going ¢on¢ern basis unle8s11 Is Inappropriate lo presume that tho company will continue in business. The Board is responsible for keeping proper accounting records that ar8 sufficient to show and exp18in the company's transactions and disclose with reasonable accLJracy at any time the financial position of the company and to enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. the Housing and Regenerallon Act 2008 and the Accounllng Oireclion for Private Registered Providers of Social Housing 2019. They are also responsible for safeguarding the assets of the company and hen for taking reasonable steps for the prevention and detectn of fraud and other irregularities. 10
Goodwin Development Trust (A Company limited by Guarantee) STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS We, the Board members of the RP who held office at the date of approval of these Financial Slalemenls as set out above each confirm. so far as we are aware, Ihal.. there Is no relevant audit information of which the RP'S auditors are unaware., and we have taken all the steps that we ought lo have taken as Board members in order lo make ourselves aware or any relevant audit information and lo establish that th8 RP'S auditors are aware of that infomiation. ON BEHALF OF THE BOARD Sharon Igoe- Chairperson Date.. IIIIzoL*
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 Trusl {Ihe 'Company') for the year ended 31 March 2024, which comprise th8 Slalemenl of Comprehensive Income, th8 Slalement of Financial Position, the Statement of Cash Flows, the 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 slalements.. give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of the 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 reglstered providers of social housing in England 2019. Basis for opinion We conducted our audit in accordance with International Standards on Audiling (UK) (ISAS (UKI) 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 Company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdorn, 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 8 basis for our opinion. Conclusions relating to going concern In auditing the financlal statements, we have concluded that the board's use of the going concern basis of accounting in the preparation of the financial stalemenls is appropriate. Based on the work we have perfomied, we have not identified any malerial uncertainlies relalillg 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 al 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 infomialion included in the Annual Report other than the financi81 statemenls 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 slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or othenNise appears 12
Goodwin Development Trust (A Company limited by Guarantee) to be malerially misstaled. If we identify such material inconsislenaes or apparent material misslalemenls, we are required to determine whether this gives rise to a material misslalemenl in the financial slat8m8nts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other ir)formation, we are required lo report that fact. We have nolhing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Strategic Report and the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial slalemenls., and the 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 Company and its environment obtained in the course of the audit, we have not identified material misstalemenls in the Strategic Report or the Trustees, Report. We have nothing to report in respect of the following matters in relatlon lo which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees, remuneralion specified by law are not made., or we have not received all the information and explanalions we require for our audit. Responslbllltles of directors As explained more fully in the Diractor's Responsibilities Statement set oul on page 10, the trustees are responsible for the preparation of th8 financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is neSSary 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 Company's ability to continue as a going concern, disclosing. as applicable, matters related to going concem and Ljsing the going concern basis of accounting unless the trustees either intend to liquidate Ihe Compar)y or to cease operations, or have no realistic allemative bul to do so. Auditoes responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial slatemenls as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditovs Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audil conducted in accordance with ISAS {UKI will always detect a material misstatementwhen il exists. Misstatements can arise from fraud or errorand are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wlh our responsibilities, outlined above, to detect material misstatements in 13
Goodwin Development Trust {A Company limited by Guarantee) respect of irregularities, including fraud. The extent lo 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.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills lo 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. we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the industry. we verified our enquiries through review of Board minutes and other correspondence throughout the year to identify any breaches of laws and regulations. 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.. making enquiries of management as to where they considered there was susceptibility lo fraud, their knowledge of actual, suspected, and alleged fraud,. and considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We assessed the level of fraud risk and concluded that the area most susceptible lo fraud was revenue recognition and management override of internal controls. To address the risk of fraudlerror with regard to revenue recognition, we.. performed substantive tests of detail over the various revenue streams in the financial statements., 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.. tested journal entries recorded on the Company's finance system to identify unusual transactions that may indicate override of controls., reviewed key judgements and eslimales for any evidence of management bias. In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but were not limited to: agreeing financial statement disclosures lo underlying supporting documentation., and enquiring of management and reviewing board minutes and other correspondence throughout the year to identify actual and potentl81 litigation and claims. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have delected some material misstalemenls in the financial stalemenls, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as wllh any audit, there remains a higher risk of non-delection 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 non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. 14
Goodwin Development Trust (A Company limited by Guarantee) 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.uklauditorsresponsibililies. 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 mallers 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 Cotnpany and the Company's members, as a body. for our audit work, for this report, or for the opinions we have formed. Simon Turner {Senior Statutory Auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants statutory Auditor Leeds Date.. 2010912024 15
Goodwin Development Trust (A Company limited by Guarantee) statement of Comprehensive Income for the year ended 31 March 2024 Note 2024 £k 2023 £k Turnover Operating expenditure 4,189 4,077 4,707 4,776 Operating Surpluslldeficit Interest and financing costs Profil on disposal of assets 112 11411 51 169) 11281 Profltlllossl before tax 22 {1971 Taxation 10 SurplusllDeficitl for the year 22 {1971 Total comprehensive income for the year 22 1197} On behalf of the Board TRUSTEE Isharon Igoel TRUSTEE IKellock Mnleyl The annexed notes form parl of these financial slalements. 16
Goodwin Development Trust (A Company limited by Guarantee) statement of Financial Position as at 31 March 2024 Company registration number.. 4454814 Com an Notes 2024 2023 Fixed assets Housin ro erlies Tan ible fixed assets £k 4.633 4.685 £k £k 4,633 5.000 12 9,633 Current assets Trade and other debtors Assets held for resale Cash and cash e uivalents 13 504 501 14 511 512 Less: Creditors: amounts fallin due within one ear 15 {1.044} 11,1521 Net current liabilities lassets {5331 16401 Total assets less current liabilities 8,785 8,993 Creditors.. amounts falling due after one ear Provision for deferred tax 16 12,6541 {2,8841 Total net as$et$ 6,131 Reserves Housing property revaluation reserve Reslricled reserve Desi naled reserve Income and expenditure reserve Total reserves 18 1.706 1.718 4.425 4,391 6.131 6,109 These financial statements were approved and authorised for issue by the Board on 1710912024 on behalf of the Board. TRUSTEE Isharon Igoel TRUSTEE IKellock Ainleyl The annexed notes fomi part of these financial slatemenls. 17
Goodwin Development Trust (A Company limited by Guarantee) Statement of Changes in Equity for the year ended 31 Mar¢h 2024 Revaluation Restricted Designated Income & reserve reserve Reserve expendlture Company At 1 April 2023 1,718 4,391 6,109 Deliciusurplus for the year Total comprehensive incomel{defi'¢ill At 31 March 2024 1121 34 22 1121 1,706 34 22 4,425 6,131 Revaluation Restricted Designated reserve reserve Reserve Income & expenditure Company Total Al 1 April 2022 1.699 4,607 6.306 Deficiusurplus for the year Total comprehensive deficit 19 12171 (2171 11971 11971 19 At 31 March 2023 1,718 4,391 6,109 18
Goodwin Development Trust (A Company limited by Guarantee) Statement of Cashflows for thé year ended 31 March 2024 Note 2024 2023 Cash flow from operating activities £k £k (Deficill Isurplus for the year 22 {1971 Adjuslmenls for non-cash items.. Depreciation and impairment 166 170 {Profill l Loss on disposal {Increasel l Decrease in trade and other debtors 13) {71 (Increase) l Decrease in trade and other Creditors 404 1373} Net cash generated from operating activities 589 14081 Cash flow from Invéstlng actlvltles Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Investing cash flow 11961 179 11791 11961 Cash flow from Investlng actlvltles Repayment of debt Flnanclng cash flow 47 {471 54 {541 Net ¢hange in cash and cash equivalents 383 16581 Cash and cash equivalents at the beglnnlng of the year Cash and cash équivalents at the end of the ye8r 19
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Flnan¢lal Statements for the year ended 31 March 2024 STATUTORY INFORMATION Goodwin Development Trust is a charitable company domiciled in England and Wales, registration number 04454814 and charity number 1098520. The company is also registered with the Homes and Communities Agency. number 4799. The registered office is Pod 5. The Octagon, Walker Street. Hull. HU3 2RA. 2, PRINCIPAL ACCOUNTING POLICIES The RP is incorporated under lh8 Companies Act 2006 and the Charities Act 2011 and is a Registered Provider of Social Housing. Basis of Accounting The financi81 statements have been prepared in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and tha Republic of Ireland, the Slalemenl of Recommended Pra¢ti¢e Accounting for Private Registered Social Housing Providers 2018 (Housing SORPI and the Accounting Direction for Private Regislered Providers of Social Housing in England 2019. The linanaal slalem8nls ar8 also prepared undttr the requirements of the Housing and Regeneration Act 2008 and the Companles Act 2006.The accounts are prepared Sn accordance with the hislorical Cost basis of accounting except as modified by the revaluation of investments and certain fixed assets. Govèrnment grants Government grants are recognised when il is reasonable to expect that the grants will be received and that all related ¢ondilions will be met. Government grants in respect of capital expenditure have been accounted for using the performan¢¢ model, this being when all performan¢e conditions have been met the income is recognised as turnover in the Statement of Compreh8nsive Income. Turnover Turnover represents rental and servico 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. 11 also includes income from charitable activities and acllvilles for generating funds in the year. Turnover is fecognlsed once the company has enlillemenl lo the income. lo the exlenl (hal il is probable that the economic benefits will flow and the revenue can be reliably measured. Tumover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates. value added tax and other sales taxes. Flxed Assets and Depreclatlon The cost of tangible fixed assets is wiillen off over their expected useful lives on a straighl-line basis. Rates used for this year's provision are= Freehold Pro ert Leasehold Pro art Motor Vehicles ment 2% 2% 01 lease lem 25Q/o The useful economic lives of all tangible fixed assets are reviewed annually. Housing Properties Housing properties are recognised initially al cosl and thereafter carried al fairvalue less depreciation and impairment ¢harged subsequent lo the dale ol the revaluation. Fair value is based on periodic valuations prepared by key management personnel with guidance from professional valuers and is determined from markel-based evidence by appraisal. Valuations are performed frequenlly 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. D&precialion Ss considered in relation to the residual valu8s of the housing properties, as assessed with reference lo 20
Goodwin Development Trust (A Company limited by Guarantee) the market valuations noted above. Where the carrying value of an asset represents ils residual valu8 no further depreciation has tjeen accumulated. Notes to the Financlal Statements for Ihe year ended 31 Mar¢h 2024 Continued Any revaluation surplus is ¢redited lo the rsvalualion reservo in equity except to the extent that il reverses a decrease in the carrying value of the same asset previously recognised in profil or loss. in which case the increase is recognised in profil or loss. except lo the exlenl of any existing surplus in respect of (hal asset in the revaluation resetve. 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 lo their recoverable amount. Works to existlng houslng properties Expendilure on existing housing properties is capitalised when il is either Gapable of generating increased future rents, extends their useful economic lives or significantly reduces future maintenan¢8 costs. All other expenditure in respect of general repairs to the housing stock is charged lo the income and expendilure accounts as il is incurred. Impairment All properties are considered for impairment annually and detailed reviews of assets for impairment are carred out il thére 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 Servi potential of a property are recognised in the income and expenditure account. Impairments that reflect general changes in price are. where th6 property is shown al a valuation, recognised in the slalemenl of total recognised surpluses and deficits until the value of the asstsl falls lo 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 wllh other donallons, where th8 donallon Is from a non-publlc body and as a governrnent grant where il is from a public body. Where land is donated or transferred at a price less than ils open market value, or where il has been donated as part of a development scheme, il is included al its current value on the dale il is received. The difference between the current value and the transfer price of Land transferred from Central or local government or other public authorities is Irealed as a governrnenl grant. Where land is donated or transferred by a non-public body the differen is recognised in turnover. Stock Stocks are valued al the lower of cost and net realisable value, after making allowan¢ts for any obsolele or slow-moving items. Trade and other debtors Trade debtors are recognised and carried al the lower of their original invoicèd value and recoverable amount. Where the lime vale of money is material. receivables are carried al amortised cost. Provision is made when there is objective evKJence 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 lerm loans provided by financial instilulions. giving a nel debt figure when looking al total cash and cash gquivalants. The Trustées feèl this prasents a true and fair view of Ihe liquid resources of th& Company. 21
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 Continued 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 p&riod. lo defer settlement of the creditor for al least Iwelve months after the reportlng dale. If there is an unconéilional right lo defer selllemenl for al least twelve months after the reporting date, they are presented as non-cijrrenl Leased assets Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and deprecialed in the same manner as other tangible fixed assets. The related obligations, nel of fulure finance charges, are included in creditors. Rentals payable under operating leases are charged to the income and expenditure account on a straighl-line basis over the period ol the lease. Interest income Interest income is CogniSed in the Profil and Loss Account using the effective interest method. Borrowing easts All borrowin9 costs are recognised in the Profil and Loss Account in the year in which they are incurred. Current Taxation No taxation is payable by the RP, since il has Charitable stslus, and its activities are exempl from tsx. Currgnl lax assgls and liabilities are measured al the amount expected lo be recovered from or pald to the tsxalion aulhori118s b8s8d on tax ral8s and laws that are enacted by the balance sheet dale. Deferred income tax is recognised on all temporary dIfferenS arising between the lax bases of assets and liabilities and their carrying amounts in the financial slatemenls, with the following exceptK)ns'. Where the temporary difference arises from the initial recognition of goodwill or an asset or liabilily in a Iransa¢lion that is not a business combination Ihal al the lime of the transaction affects neilher accounting nor taxable profil or loss. In respect of taxable temporary dlfferences associated with investments in subsidiaries. associates, and joint ventures. where the liming of the reversal of the temporary diffenCeS can be Controlled and il is probable Ihal the lemporary differences will not revers6 in the foreseeabl8 futur8', and Deferred Income lax assets are recognised only lo the exlenl that il is probable that taxable profil will be available against whh the deductible temporary difference, carr*ed foNard tax Credits or tax losses can be ulilised. Deferred income lax assets and liabilities are measured on 8n undiscounted basis al the lax rates that are expected to app when the related asset is released or liability sellled, based on lax rates and laws enacted or substantively enacted at the balance sheet date. The carryirbg amount of deferred income lax assets is reviewed at each balance sheet dale. Deslgnated reserves Designated reseNes are part of unreslrlcled reserves whlch have been earmarked by the Board for a particular purpose. Such designations may be reversed by future Board decisions. Expenditure cannot be directly sel againsl designated reseNes bul is taken through the income and expenditure account. A transfer is then made from designated reserves as appropriate. 22
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 Continued Restrlcted reserves Reslricled reseNes are those resolves which are only expendable in accordance with the wishes of the lunder or regulatory body. Reslricled reserves include funds raised in response to a spe¢ilic appeal. Expenditure ¢annot be directly set against reslricled rtsserves but is taken through the income and expenditure account. A transfer from restricted reserves is then made as appropriate. Where a reslri¢led reserve is represented by assets Ihal are then revalued. the revaluation element is added to the reslri¢ted reserve. Valua Addèd Tax Irrecoverable VAT which can be allribuled lo 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 ulilised lo a¢wunt 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 re¢overable VAT is shown as a cost within Operating costs Pension costs The RP opèrates a deflned contribution scheme for the benefft of Its gmployees. A defined conlrlbulion plan is a pension plan under which the Company pays fixed oonlribulions into a saparale entity. Once the contributions have been paid the Company has no further payments obligations. Exèmptions As a small company. the RP has not disclosed a Company Statement of Changes in Equity not a Slalemenl of Changes in Nel Debt. Judgemont In applying accounting policies and kay sources of estimation uncertainty The preparation of the financial slalements requires management lo makejudgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet da16 and the amounts reported for revenue and expenses during the year. Due lo the nalure of eslimalions actual outcomes may differ from InllSal 8xpeclalions. Key SoUrS of eslimatlon uncertainly included wllhln th8se financial statements includa several 8sllmalions which are detailed within the above accounting policies. Management apply judgement and estimates in delerrnining the classification of property, pSant, and equipment. With regards assets subject lo full ntaI li.e.. not used for charitable puipos¢sl where the assets are actively marketed management apply a judgement that these should be presented as a current asset over non-currenl 8ssel. This includes having eslimaled any impairment likely lo arise on disposal. This impairment is calculated by management as the difference betwetsn Carrying value and anlicipaled selling price. Where anlicipaled selling prices exceeds carryin9 value no uplift in value is recognised within assets. Going Con¢èm The current economic and SOCHI environment Icosl of Ilvlng, energy prices. the War in Ukralne, the national debll means Ihal that Goodwin Development Trust laces operalional challenges in the short lo midterm. This has resulted in the Truslees approving a small deficit bLJdget for the year to 31 March 2025 and implemenling a scheme of monitoring and appraising on-going operations with an intention lo return a baland budget. Whilst acknowledging these fa¢ls the Trustees remain oonfidenl th81 GOwIn Development Trust remains a going concem. Thls confidence is borne from the fact that: Whilst short term budgets and forecasts indicate trading challenges, they are pessirnislic wth no allowance for non-Gommilled income streams. Historically the Charity have secured further grant 23
Goodwin Development Trust (A Company limited by Guarantee) income that has led lo an ovèrperformance against budget. This has continued in the year to 31 March 2024 wlh management accounts lo July 2024 outperforming expeclalions. This performance is underpinned by a diversity of income streams which spread and reduce any direct risks assoaated with the current economic and social environment. This allows the organisalion lo be agile and reslru¢lure activities should financial headroom be al risk lo the exlenl that the Charity deliver different oul¢omes lo service users but in a cash generallve manner. The current headroorn in the Charity's working capital facility provides us with lime lo focus and make any reslrucluring decisions in a sensible and cosl-effeclive manner that protects both the futur& of Goodwin and its servi¢e users. Tha Trustees are confident that they could utilise othér levers In thè business model, such as utilising tlme to pay arrangements with HhlRC, lo protect working ¢apllal and the delivery of seNices if needéd. Scenario planning shows that a focus on the growing housing operations of the business as a sole aotivily are cash gener811ve and preserve the future of Ihe Charity. Whilst not a strategy the Trustees intend lo pursue,11 would provide short term finan¢ial sustainability if required. The terms of the current debt on key assets are favourable with good relationships funders and no immodiale pressure on sèrvicing those facilities. However, we continue to VIeW commercial property assets, some of these could be disposed of wilhoul impacting on service delivery. Thls would ensure the continued financial suslainabllily of the Charity if required. Whilst acknowledging that uricertainly could exist on any of these assumptiS given the volume of available options lo the Trustees the financial statements have accordingly ljeen prepared on a going concern bas15. 24
Goodwin Development Trust (A Company limited by Guarantee) 3. ACCOMMODATION IN MANAGEMENT Units at start Units at End Units under development General needs housing.. Affordable Rent Notes to the Financial Statements for the year ended 31 March 2024 Continued 4. REVENUE The analysis of the group's revenue for the year from continuing operations is as follows.. 2024 £k 2024 2023 2023 £k £k £k Charitabla Activities: Contract from Central Government l Local Authorities Grant from Central Government l Local Authorities Homes England Grant Arts Council England Grant UKSPF Two Rldings Know Your Neighbourhood SMILE Found81ion National Lollery Grant Nursery Income Income from provision of employability, education. and training Fareshare CFM income Danny's DaM Income Commgrcial Rent Social R&sidenlial Rent Residential Rent Other Charitable Activities Total In¢om¢ from Charitable Activities 1,028 174 26 22 33 61 803 115 450 488 560 237 762 320 318 66 79 379 604 232 633 372 340 49 54 4,189 4.707 All turn-over arose within the United Klngdom. 25
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Flnanclal Slatements for the year ended 31 March 2024 Continued SOCIAL HOUSING TURNOVER AND COSTS Included within the above turnover.. Supported housing and housing for older people £k General needs housing Other Total 2024 Total 2023 £k £k £k £k Incoma Rent receivable excluding service charge 318 26 344 370 SeNice charg8 In¢orn8 35 35 19 Other Income Turnover from soc5al houslng lettlngs Social housing activity expanditurg 318 66 384 389 238 74 312 256 Opèratlng surplus I Ideflcltl on so¢lal housing lettings Void losses 80 181 72 133 5. FINANCIAL ASSISTANCE AND OTHER GOVERNMENT GRANT RECEIVABLE Total govemmenl grants received in the period was £174k {2023: £184k). 6. OPERATING DEFICIT 2024 £k 2023 £k Operating stjrplus is slated after charging: Auditors, remuneration (see note 71 Depreciation and amortisalion of owned assets Operating leases - other assets 15 166 14 170 and after crediting.. Dtrficil on sale of tangible fixed assets 26
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for Ihe year ended 31 March 2024 Continued 7. AUDITOR'S REMUNERATION 2024 £k 14 2023 £k 13 Fees payable18xcluslve of VATI to the RP'S auditor in relation to the period of account for the audil of the RP'S annual accounts Tax Fee 8. KEY MANAGEMENT PERSONNEL Remuneration paid lo key managernenl personnel In the perlod was £45k {2023'. £65k), paid lo 1 Employ8e from April 23 to June 2312023.. 11. from Januaiy 2024 to March 2024 paid to 2 Employees. The Chief Execulivels are ordinary members ol the RP'S defined ¢ontribulion pension scheme. No enhanced or special terms apply. There are no additional pension arrangements. The aggregate contribution made by the RP and 118 subsidiaries was £2k 12023.. £2kl in a(Sdilion to the personal contributions of the Chief Execulivels. The Board of Trustees (Directors) received no expenses or remuneration in the year. 9. EMPLOYEE INFORMATION 2024 2023 The average number of persons eoyed during the year.. Administration staff Housing development staff 140 155 £k £k Staff costs (including members of the Board) Wages and salaries Social Security costs Other pension costs 2,520 182 47 2,749 2,677 192 50 2,919 2024 2023 The number of staff employed during the year expressed in full time equivalents whose remuneration payable lincluding compensation for loss of office) fell within the following bands.. £60,001- £70.000 27
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 Continued 10. TAX ON SURPLUS ON ORDINARY ACTIVITIES Current tax The RP is a registarèd Charity, and no provision Is Considered necessary for iaxalion. Deferred tax There is no deferred tax Ilabllily In Goodwln Development Trust relating lo potential tsx on the value of the land and buildings. 28
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements forlhe year ended 31 March 2024 Contlnued 11. TANGIBLE FIXED ASSETS HOUSING PROPERTIES Propertles for soclal housing lellings £k Total £k Cost or valuatlon Al 31 March 2023 Additions Transfer lo Current assets Al 31 March 2024 7,120 7,120 7,120 7,120 Depreciation and impairment Al 31 March 2023 Charge for year- impairment Al 31 March 2024 Net book value Al 31 March 2023 Al 31 March 2024 2,487 2,487 2,487 2,487 4,633 4,633 4.633 4,633 The company only housing propertlgs consist of the properties for social housing letlings with a Nel Book Value of £4,633k12023.' £4,633k}. Al social housing is wholly owned by Goodwin Development Trust. 12. OTHER TANGIBLE FIXED ASSETS Land and buildings £k 10,615 Fixtures and fittings Motor vehicles £k £k 168 Total £k 10.791 Cost At 31 March 2023 Additions Disposals Al 31 March 2024 184 10,431 184 10.607 168 Depreclatlon and Impalmient At 31 March 2023 Charge for the year- depreciatKJn Disposals Al 31 March 2024 5,678 132 36 5,774 105 5,791 167 36 5,922 140 Net book value Al 31 March 2023 4,937 64 5,000 Al 31 March 2024 4,657 28 4,685 The nel book valuè of land and buildings al 31 March 2024 comprised.. £k 1.971 2.686 Freehold Long leasehold The cost of depreciable asseis included in land and buildings at 31 March 2024 was £10,431 k Included in the total nel book value of tangible fixed assets held on 31 March 2024 was £nil in respect of assets held under finance leases and hire purchase contracts. 29
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements forlhe year ended 31 March 2024 Continued 13. DEBTORS- ALL RECEIVABLE WITHIN ONE YEAR Company 2024 2023 £k £k 159 159 345 Trade debtors Prepayments and accrued income Assets held for resale 342 Amounts owed from group undertakings 504 501 14. CASH Company 2024 2023 £k £k Cash al bank and in hand Bank Overdraft Loans due within one year Loans due after one year {2091 1901 12,7311 13601 11461 12,8841 3,023 3,382 15. CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR Company 2024 2023 £k £k Loans and overdrafis Trade crèditors Other lax and so¢l81 s&¢urlty Accruals and deferred incom8 VAT 377 140 35 482 10 506 43 488 1,044 1.152 Loans and overdrafts please see note 16 for securities. 30
Goodwin Development Trust {A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 Continuèd 16. CREDITORS- AMOUNTS FALLING DUE AFTER ONE YEAR Company 2024 2023 £k £k Loans and overdrafts 2,654 2,654 2,884 2.884 The bank overdraft is secured by a company debenture. Thè loans figure ¢omprlses.' £63.750 from Handelsbanken. repayable December 2025, secured on a small portfollo of resldentlal propertles. £2,398.479 from Hull City Council, secured on the leasehold interest in the Hugh Webster sile, and repayable over 30 years. 11 also indudes £182,945 from Hull City Council, secured on Cavll Place sl18, and repayable over 30 years and Key Fund loans of £8.950, which ends in December 2025. 17. CALLED UP SHARE CAPITAL The RP is limi18d by guarantee and has no equity or non-equily share capital.. Members of the RP guarantee lo ¢onlribule a maximum of £1 should there be a call on their guarantee. 18. RESTRICTED RESERVES- Group & Company Fund on 31$1 March 2023 £k Incoming Resources £k Resources Expended £k Fund on 31$1 March 2024 £k Fixed Assets Green Sorial Prescribing Grant BBO AMIF Therapy Doll CILM YEI Fareshare Youth Employment Hub Youth Arts Takeover 2 Youth Music IYATI Youth Music 3 Young Peoples Grant Summer Lollery UKSPF- The Octagon Sprinoboard FiJnclion81 Skills South Blockhouse Project Know Your Neighbourhood PCC - Police, Camera, Action 1,718 {121 (81 11441 {601 1,706 144 60 111 66 26 15 22 {661 1261 1151 1221 151 121 {71 {71 1331 1261 141 {611 26 635 33 26 61 26 623 1,718 1,706 Designated reseNo: There is no designaled reserve in this financial year. 31
Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 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 Ihe RP to the fund and amounted to £47k12023.. £50kl. Contributions lolalling £nil 12023.. £nill were payable lo the fund at the year-end and are included in creditors. 20. RELATED PARTY TRANSACTIONS At the dale of these financi81 slalemenls we had 1 Board rnember who is a lenanl of the Company. All rents are made on an arms length basis. 21. GROUP AND RELATED UNDERTAKINGS During the period ended 31 March 2024 the RP had the followlng relal8d and associated undertakings which were dormant companies which have since been dissolvtsd. Name Relatlonshlp. Status Registered by Social Housing Regulator Non-regulated Go(xJwin Trading Ltd Go(xlwin Housing Ltd Community 1000/. Subsidiary CommunSly 100Yo Subsidiary Dissolved Dissolved Non-regulated The RP'S Board confim) that th8 company has no ultimate parent undertaking. 32