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 servi￿3.
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 provIs￿n. 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 facilit￿S 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. a￿sS 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
N8￿hbourhood 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 1￿19-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 detect￿n 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 ne￿SSary 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 carr￿ed 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 dIfferen￿S 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 diffe￿nCeS 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 wh￿h 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 SoUr￿S 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 balan￿d budget.
Whilst acknowledging these fa¢ls the Trustees remain oonfidenl th81 GO￿wIn 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 assumpti￿S 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 D￿aM 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 e￿￿￿oyed 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