boaztrust The Boaz Trust a Alonchester based chority providing accommodotion ond supporl for people seeking sanctuory in Greater Manchester and the surrounding areas," ond using what we leorn through our work to chollenge ond change the unjust systems that cause desfrilulion, bolh locally and nationally. Trustees, Annual Report and Financial Statements for the year ending 31 March 2024 Chority Registration Number (England ond Wales) 1110344 The BoazTrusl Trusfees, Annual Report for the year ending 31 March 2024 Contents Reference and Administrathve detail5.................................................................... Report of the Truslees for the year ending 31 March 2024................................... ............ Letler of introduction from our Choir of Trustees and Chief Executive........................... Charity objects, purpose, vision, mission and values......................................................... Summary of our main activities.... statement on Public Benefit.......................................... The wider context during 2023-24............................. Achievemenls........................................................................................................................ Accommodolion ond support for people refused asyium................................ F5oating support for people who have no recourse to public funds...................... 3. Accommodation and support for people granted refugee 5tatU5........................ 4. Wellbeing and holistic integration support..............................,.................... 5. Advocacy and Influencing ................................................................... Volunte@rs......................................................................................................................,........25 ..23 Structure, Govemance and Risk...... ..26 Safeguarding . Plans for the future......................................-...... ..28 ..29 Fundraising............................................................. Financial Review.................................................................................. -.........-......................32 statement of Trustees. Responsibilities..................................................................... .........34 Independent Examinerfs Report....................................... Statement of Financial Activities.. ..36 to 37 Balance Sheet................................... ..38 Cash Flow Statement....................................................................................... 39 Notes to the Financial Statements..-.- ..40 to 55 The Boaz Trust Trustees, Annual Report Reference and Administrative detalls The Boaz Trust is a registered chorily in Englond ond Wales no. 1110344. Offlce detalts: The Boaz Trust The Kath Locke Cenlre, 123 Moss Lane East, Manchesler MI 5 5DD Tel. 0161202 1056 Email. info@boaztrust.or Trustees Trustees who served during the year ond up to the date of this report were as follows.. Leah Amick Penny Applegate Mike Arundale H05san Hassanpour Josie Hicklirn Martin Palmer Appointed October 2023 Sfrrategy ond Finc7nce SLJb groups Finance sub group stepped down February 2024 Finance Lead Trustee. Housing. Strategy and Finance sub groups HoLJsing Leod Trustee, housing sub group Choir, Strutegy and Finance sub groups Safeguarding Leod Trustee ond Support work sub groLJp Nelworking Lead Trustee and Founder Slepped down October 2023 Roger Phillips Phil Rawlings Suzannoh Sammons Dave Smilh David Tomlinson Chlef Executlve Ros Hollond Independent Examlner Paul Roper McKellens Chartered Accountants I l Riverview The Embankment Business Park Vale Road, Heaton Mersey Slockport, SK4 3GN Bankets The Co-operative Bank PO Box 250 Delf House Skelmersdale Lancashire WN8 6WT Charities Aid Foundation Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA Propety owned by the Boaz Trust A property which is owned by the chority (having been gifted to the organisotion previously) is now registered with The Official Custodian For Charities (since September 20201. The Boaz TTU5t Trustees, Annual Report for 4he year ending 31 Morch 2024 Report of Ihe Trustees for the year endlng 31 March 2024 The Trustees of the BoazTrusl are pleased to present their annual report and the ff nancial statements for the year ending 31 March 2024. The reference and administralive infonnation set out on page 3 forms part of this report. The financial statements compty with current statutory requirements and the statement of Recommended Practice- Accounting and Reporling by Charities.. SORP applicable to charities preparing their accounts in accordonce wtlh FRSI 02. The BoazTrust Trustees, Annual Report for the year ending 31 Morch 2024 Letter of Inlroducllon from our Chalr of Trustees and Chlef Executlve Dear Friends. We are pleased to present the Boaz Trust's TTUStees Annual Report for 202&24, and it is our privilege to share with you Ihe joumey we have been on over Ihe past 12 monlhs. It is bNenty yeors since the very first Boaz Trustees met together to plon and dream together, and it is sobering lo acknowtedge that 202&24 has been one of the most challenging years we have faced as an organisation. The cost of living crisis impacted both income and expenditure. and these significant financial challenges led to us taking the difficult decision to make some sovings and reductions across different part5 of our work. We also had to navigate a rapidly changing, toxic political climale. all while seeknng lo respond to a mojor increase in demand for our serrfices. In this report you con reod more about our work this year and the difference it has made in the lives of people seeking safety. You will also be able to read stories from people supported by Boaz and hear mole about our plans for Ihe year ahead. As the year draws to a close, we are incredibly groteful for the dedication of our staff team and also for Ihe generosity of $0 many people who support our work in different ways. The commitmenl and faithfulness of so rnany individuals ond organisations is what make ourwork possible and we have fell that more deeply than ever this year. As we reflect on the road we hove taken over Ihe past 12 months and all that lies ahead, we are thankful for the strength, resilience and generosity we have seen across our community, and we remain committed to continuing our work in the years that lie ahead, so that people seeking safety truly can feel welcomed in our communities, and are able to thrive and flourish and experience life in all its fullness. With thanks to you all for standing wth us, Rèv. Canon Dr. Phil Rawlings Chair of Trustees Ros Holland Chief Executive The Boaz Trust Trustees, Annual Report for the year ending 31 March 2024 Charlty objects, purpose, vlslon, misslon and values The objects of the Boaz Twst as set out in its goveming document are.. To relieve financial hardship amongst those seeking asylum. those granted asylum and olher vulnerable migrants who are destitute and living temporarily or permanently in Greater Manchester and the surrounding area. This will be done particulady but not exclusively by the provision of temporary accommodation, advice. information, support and advocacy. Such other charitable purposes for the benefrt of those seeking asylum, those gronted refugee status and other vulnerable migrants who are destitute. in such ways as Ihe Truslees shall determine. Our Vlslon Is that people who seek safety in the UK are welcomed here and are free to live life in all its ￿lIneSS. Our Mlsslon Is: To provide accommodation and support for people seeking Sanctuary in Greater Manchester and the surrounding areas. To use what we learn through ourwork to challenge and change the unjust systems that cause destitution, both locally and notionally. OUT Organlsatlonal Values These 6 values inform how we work as an organisation: Chrfsl-centred Irooted in the teachings of Jesus Christ, we seek to serve those who society sees as the least, Ihe last and the lost) Commltted to excellence (we slrive for professionol excellence with integrity in all our worknng praclicesl Empowerlng others Iwe want to see the people we work with, including people supported by BoaL volunteers. slaff and 5UPPOrters, equipped and released to discover meaning and purpose in their lives.) Restless for justlce Iwe shine a light on injustice, especially where people seeking sanctuary are treated unfairty and we will fight to see change happen) Servant-hearted (we adopt an attitude of service wthin the orgonisotion and beyond, putting the needs of others before our own) Generou$ Iwe exlend a welcome to all we meet, sharing hospitality, k(ndness and love. and treating everyone with dignity. regardless of their backgroundl. The BoazTrust Trustees, Annual Report for the year ending 31 March 2024 Summary of our maln activlties The Boaz Trust provides accommodation and person-cenlred support for people facing or experiencing homelessness because of their insecure, changing or uncertain immigration status. The majority of people we work with have been through the asylum process and then found themselves homeless here in Greater Manchester, afler a decision (positive or negativel on their asylum claim. We offer somewhere safe to stay, basic living essentials. procticol ond emotional support. access lo legal advice and representathon, and wellbeing activities. During 2023-24 we supported 235 IrKllvlduals who were experiencing or facing homelessness because of their immigration status. We provided safe and stable accommodalion for 88 people who had become homeless after receiving a decision on their asylum claim (positive or negativel through our shared house5. We responded to the refugee homelessness crisis and increased our capacity to support people recently gronted refugee stafus who had been refetred to us and who were facing homelessness. Through our Floating Support work. 123 people who had insecure or restrictive imrnigralion 5talus were provided wth specialist I'.1 support. These individuals were slaying in altemative lemporary or emergency accommodation, sofa surffing or sleeping outside and accessed Boaz support through onsite vi5it5 at the place where they were staying. at one of our locol drop in sessions or ot our office. Alongside safe, slable accommodation. our Support Team continued to provide person-centred support for each person, which this yearwas delivered primarily through iNperson support at the Boazoffice. in shared houses or in other locations as appropriate. We offered a range of opportunities for individuals and groups to engage in different activities to support Iheir physical and menfal wellbeing. Throughout 202&24 we continued to Speak out against the injustices we see in the asylum system. We spoke oul against the Illegal Migration Bill which was passed into law in July, and against the Governmenl's plan to send people to Rwando. We continued lo share importanl updates and campaign actions relating to the ropidly changing policy environment with our supporters through our social media platforms and new51etters. The Boaz Trust Trustees, Annual Reporl for Ihe year ending 31 March 2024 statement on Publlc Benefit Each yeor the Trustee5 of the Boaz Trust review our objectives and activities to ensure they continue to reflect our charitable aims. In carying out this review of ourworL Trustees have referred to the Charity Commission's general guidance on public benefit. This report rneets the guidance on public benefit by setting out our charitable objects and mission, providing a summary review of Ihe activities we have carried out for the public benefit. and then describing in more delail the strategies adopted and acfivilies undertaken during the 20￿24 financial year. Thi5 report also describes the successes and outcomes of our key activities. and con5ider5 how ￿tUre activitie5 will continue to contribute towards our aims and objectives. The Trustees consider thal the work of Boaz has a public benefil thot extend5 beyond the immediate group of people we are supporling. Firslly, the organisation helps alleviate pressure on statutory seNices by providing safe accommodation, reducing the risk of homelessness and the resulting impact on our already stretched public resources. Secondly, our specialisl support work lead5 to improved mental and physical health outcomes for the people we work wth. reducing the impact on health and social care. Finally, by fostering integration and supporting access lo education and employment and volunteers, the people we support are able to thrive and flourish and contribute within their new communities. The Boaz Trust remains the largest non-profil provider of accommodation and support for people who have become homeless after receimng a positive or negalive decision on their asylum claim here in North West England. The Boaz Trust Tru5tees' Annual Report for the year ending 31 March 2024 The wlder context durfng 2023-24 The past yearwe once again witnessed a continuation and escalation of conflicts worldwide, inflicting immense suffering. The war in Ukraine continued. with more than 3 million people displaced. The war had an ongoing impact on global food and energy security. directly impacting cost of living across Europe and beyond. The second half of the year was dominated by news of the killing of tens of thousands of civilians in Gaza following the Hamas4ed atlack on15rael in October 2023. Ethiopia's brutal civil war persisted, while ongoing instability continues lo be underreported in countries including Sudon. Afghanislon, Haiti and AzerbaijarFArmenia, lo name just a few. In their 2023 reportl Amnesty Intemational described an inconsistent international response to "the severe human rights impoct of different conflicts and the protection of people fleeing Ihem. as well as other pattems of egregious violations. some amounting to crime5 against humanity., This feels more relevanf thon ever. and we are continuing to see rising levels of global hunger, extreme poverty. climate breakdown. displacement and human trafficking. Dtsplaced people across the worfd The number of forcibly displaced people has continued to rise over the past 12 month5. According to Ihe June 2024 report by the United Nations High Commissioner for Refugees IUNHCRI, a staggering 110 million people are now displaced globally, an increase of 7 rnillion from last year. This figure includes 35 million refugees. 5 million asylum seekers. and 57 million intemalty displaced persons IIDPS) who remain within their home countries. The top five source countrie5 for re￿geeS remain Syria. Venezuela, Ukrairbe, Afghanistan. and South Sudan. The UK govemment'5 own statistics for the year ending March 20243 show that asylum applications during the period reached 85.(KK), an increase of neady l O,C(10 compared to the previous year. While the approval rate remains high at 72%. the backlog continues to grow. with a Significant number of applicants awaiting a decision afler monlhs or, in some cases, years. This 15 particulady concerning a5 the "stop the boots policy continues, with the number of people crossing the English Channel reaching neady 50,0(Y) in the year ending March 2024. However, the government'5 focus on deterring these perilous journeys has resulted in a slow processing system, leaving many asylum seekers in limbo with limited access to 5UPPOrt. As before. the majority of applicants come from wor-tom regions like Afghanistan, Syrio. and Iran. I https.'Ilwww.amnesty.(Yg/enldocumentslpo110172LK)120241enl 2 htlps'.Ilwww.unhcr.org/uk/global-trends 3 https'.Ilwww.gov.uklgovernmentlstalislicslimmigrotion-SyStem-Stalistics-year-ending-march- 20241 The Boaz Trust Trustees, Annual Report for the yeor ending 31 March 2024 If is within this increasingly h05tile enwronment that the Boaz Trust has continued to provide accommodalion and 5UPPOrt for people who have become destitute here. while also worknng more widely lo try lo bring an end to destitution among people seeking sanctuary in our communities. io The BoazTrust Trustees, Annual Report for the year ending 31 March 2024 Achlevements The aim of this seclion is to demonstrate what the BoazTrust has achieved and the outcomes of its work during Ihe 202&24 financial year. We report on our activities, demonstrating the benefits the chority has brought to people who have become homeless through the asylum proces5, including those who have had their applications refvsed and those who have been granted refugee status. The process of this review also helps the Trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes. In total. during the 2023-24 financial year we 5UPPOrted 235 people from 38 different countrie5 4 This 15 an increase of over compared to 2022-23 due to the continued expansion of our Floating Support programme, and new work to respond to the homelessness Cri51s faced by people granted refugee status in the second half of the year. We provided 24.207 nights, accommodalion for 88 people who had become homele5S through the asylum process. In addition. we provided specialist Floating Support for123 people who were in temporary. insecure or no accommodation due to their immigration slalus and we also supported 32 individuals through our enhanced refugee support work. In the following section we will provide more detailed reports on the impact of our different areas of work, but we will start wth some words from someone we have supported until recentty. Noohi first came lo Booz afler receiving a negative decision on his asylum claim. He initially stayed in the night shelter that was in operation al the time. before moving into a Boaz house for people who have been refused asylum. We supported Noah os he worked wth his solicitor to make a further application to the Home Office. and eventually he was granted refugee status. After receiving this life-changing news. he moved into one of our houses for people with refugee status and then later moved on from Boaz into his own accommodation. In 2023, we worked with Noah and Stone Ba￿ell. a creative communications agency, to produce a short film sharing Noah's slory. The video went on to be shortlisted for the Charity Film Awards and formed an integral part of our 2023 '0pen the Doors, Christmas appeal. 4 Afghani5tary. Albania, ￿geria, Angola. Antigua ayd Bat)uda. BangTadesh. Burundi. Cameroon, China. Congo. DemocTOtic Republlc of Congo. Egyp", El Savacor. Erftrea, EIFNopia. Gambia. Ghana, Guir,ea. Indio. Iran, Iraq, Kenya, Kuwa.t. ￿bY0, Morocco. Mozombique, Niger, Nigep.a, Poki¢.an. Polestire, Somalia. South Africa, South Sudan, Sudon, Syria. Trirmclad. Ugando ond Zimbobwa. 5 We hove chonged Ni)oh's name lo tKotect his identtty The Booz Trust Tru5tees' Annual Report Thls Is Noah's story. told In hls own words. I left my country becouse l om persecuted by the government ond by my 50ciely. I thought the government here would give me refugee status to slay here becouse I was persecuted in my country. Bul unfortunately, I found Ihings here are much more difficult than l imagined. My asylum claim was refused ond I become deslilute and homeless. I was very depressed and I wos very hopeless. I moved from friend's sofa lo friend's floor lo Ihe 51reet5. It W05 very, very, very tough because I lost the government SUPPOrt. And because I'm homeless and destitute I don't hove ony linonciol support. I don't hove ony accommodation. And the life for me was hell. You feel like a prisoner in a big prison. You can't trave5. you don'l hove the righl to work, lo gel benefit you don'l have Ihe righl to get accommodalion. Al that lime I was stressed, depres5ed.11051 Iru51 in people. I lost trusl in God. I wos very pes5imislic about the future. But now everything has changed. Yes, my life now has changed completely. Booz is like o rescue boat for many people. Boaz encouraged me. They try their best to give me everything I want lo help me with everylhing financially and also they gave me occommodotion and olso even. emotionally. Always they encouraged me and Ihey took me to events, they took me lo the cinema, they took me lo the theatre ond they took me to the museum and ye5, they have done excellent Ihing5 for me. They helped me to submit my fresh claim. They also spoke lo me about bringing new documents to support my claim. And they referred me to solicitors lo help me in arronging my claim. Yes, that helped me because. you know at that time I didn't know the procedures on how to 5ubmil o fresh cloim. You hove lo bring new evidence, new documents to support your cloim ond for the first interview, I didn't lake any supporting documenls. Thot is why Ihey reject my first claim. But lor the fresh claim, I took the evidence. I took documents and letters from mony people ond that supported my cloim. And my claim was. my fresh claim wa5 successful. My life now is beautiful. Yeah, l am settled. I got a job and everything now is going in Ihe right direction and I'm very optimistic about the future of myself and my family also. When I compore my life in the post wilh my life now. somelimes for me, it's something unbelievable. I can'l believe it. I can't believe this big shift. This is a big change in my life. Now I'm very happy, very optimistic. I have gol o job. l am the Asslstanl Manager al my work. And now my life 15 going in the right direclion. When you give your money to Booz, Ihot meons you give life to olher people, Ihat means you give hope lo other people, that means you save lives, thol meons you encourage people and thal means you save people from going in a bad direction. I think Boaz is more than accommodation or food. Boaz is like a paradise for people like me, and other people who are homeless and de51itule. It15 about giving people hope.11 makes people believe in humanity. They have given me trust in people. Since moving on from BOOL Noah hos found stable employment in Monche5ter and remcyin5 on octive ond valued member of his church community. In 2023. we heord the wonderful new5 that following o successful family reunion applicalion, Noah's family was able to join him here in the UK. You con watch the film of Nooh's story by visiting b oztru5t.or .uk noah The Boaz Trust Trustees. Annual Reporl for Ihe year ending 31 March 2024 l. Accommodation and support for people refused asylum You- Booz- hove *he best way of doing thing& Before I came I walked looking down. now I om wolking with my heod up. [Ihe Bo(Fz support worker] has a good per50nalify and o ploce in my heart for his help. He alwoys listened ond took me S￿l0U$lY. Anything you or Boaz wan* help with I will be there to help...Tr)ere 15 0 poem in Arabic that says rf you do your best nothing is wasled- you showed me Ihis. l am so grateful. l osk for you to be ble&sed. I have nothing more to soy but Ihonk you, Ihank you Boaz. Hussain, who was supported by Boaz during 2023-24 In 2023-24 we continued to provide safe and stable accommodation for people facing homelessness after receiving a negathve decision on their asylum claim. Following a refusal of an asytum claim. people usually lose their entitlement to asylum support laccommodation and finances provided by the Home Offficel afler 21 days and are left with no recourse to public funds. Many of the people we work wilh are terrified of returning to their home country, for fear of whot they might face there. Most want to r&engage with the asOum process to help them resolve their insecure immigration status. During 2023-24 we provlded safe and stable accommodatlon In 9 shared houses for 43 people whose asylum applicathon5 had been refused. This year we provided housing for 14 women and 29 men. Most of the people we worked with were aged between 18-45. This year 21 people moved on from B¢)az to altemathve accommodation, usually afler a minimum of12 months of Support. These move-on palhway5 include Section 4 accommodation from the Home Office followtng the submission of a fresh claim as well as moving on to stay with friends or family. During 202>24 we received 58 new referral$ for people who weie facing homele55nes5 afler their asylum claim had been refused. Thi5 is a decrease of 31% compared to the previous year. We believe this reduction in referrals is primarily due to the general slowdown in decision maknng during 20￿24, which meant that referring partners were seeing fewer people who had received a negcjtive decision. We olso had to take the difficult decision to close ourwaiting Itst in February 2024 as we were reducing bed spaces. We plan to reopen the waiting list for people refused asylum in June 2024 and we expect refetTals to increase through the yearwth an increase in negative asylum decisions and cessations predicted in the coming months. This reflects the situation we have seen in 202&24 where we saw a rapid increase in refugee referrals this yecjr, following quick decision maknng by the Home Office. 13 The BoazTrust Trustees, Annual Report for the year endif)g 31 March 2024 Hollstk Support My support worker would ty her best. anything. rf I need somelhing. she will print it off, photocopy, or even rf there'5 a letter Ihey need... I sfv.ll have o very supportNe system cyround me, you know. even now- rf there's anything I need, Ihere's Boaz still there. you thow. Tamora who moved on from &)az last year While people live in B002 accommodation, they have a named support workerwho meels with Ihem on a regular basis and in Ihe majority of cases, will support them from their initial contact assessment meeting while they are on the waiting list through to the time when they come lo move on from Boaz. We conlinued to provide people wth a comprehensive package of tailored, holistic support over the course of this year. We've identified opportunities for people to volunteer and attend classes and acthvities delivered by other organisations as well as our own regular octivities. We have supported people to register with their local NHS GP surgery. and acce55 emergency medical care where needed. as well as refe￿Ing people for mental health support and other specialist services. We have visited people in hospital and walked alongside people as they have received difficult and life limiting medical diagnoses. This has be&n a challenging year. We hove supported people practicaljy and emotionally as they have faced detention and in one case, removal from the UK early in the year. ond then stood in solidarity and listened as people expressed their fears over the threats of flights to Rwanda. Wellbeing is on important part of the supporl offered to people within Boaz occommodation. We offer the opportunity to engage in a range of wellbeing activities (Boaz Life, see below), but also keep wellbeing as a focus in individual support meeling5 and conversations. The aim of this aspect of our work is to develop relationships, provide meoningftjl activities and to help build resilience. As well as referring people to specialist support where needed. we aim lo deliver our support work in a trouma-informed way, mindful of the range of traumatic experiences thal people we work with may have survived in their home countrie5. on theirjourneys to safety. as well as in the UK. Legal support We have continued to work in partnership witt) the Greater Monchester Immigration Aid Urlit IGMIAUI throughout this year. This partnership has been vilal to ensure people have access to good quality legal advice. including having previous paperwork reviewed, receiving feedback on new evidence collecled, as well as specific advice about how to progress their legal cases. 14 The BoozTru5t Trustees, Annual Report for the year ending 31 March 2024 People we have supported this year have also accessed legal advice from alternative providers, with a number of further submissions being made by ofher solicilot3. Despite these further submissions, accessing legal advice remai￿ one of the largest challenges faced by people we work wtth. wifh further reductions to legol aid and local provision of immigralion advice during the year. Legal snapshot of the year I I people cU￿entlY or previously supported by Boaz were granled leave to remain lusually refugee statusl and, unusually. 3 of these were while the individua15 were still in Boaz occommodalion 6 people made further Submissions l fresh claims for asoum Flnonclal and boslc needs support from Boaz Following the refusal of an asylum claim. people are unable to wort or claim mainstream welfare benefits. We therefore provide money each week so thal people are able lo meel their basic needs. We continued to use pre-payment cards for people living in Boaz accommodation and. thanks to support from generous funder5 and indNidua15, we were able to increase the amount provided each week to £25 per person. We continued to reimburse travel costs for certain appointments Iwith Boaz, medical or legol appoinlments for example), as well as cover cosls for things needed to progress someone's legal case le.g. travel wilhin the UK to meetings I demonstrations and ensuring appropriate translation of documents}. We have been able to Tun 3 Social Gatherings throughout the year, in line with times of celebration and when we have received donations of items. This year we held these in the summer. and at Harvest and Christmas. We were able to offer people fresh fruit and vegetables as well a5 tinned and dry goods. toilehies, donations of clothing, gifts at Chrisfmas, and other one off items. We are very thankful to indiwduals and groups who have 5UPPOrted our work through the donations of food, toiletries. hygiene items and more over the coutse of the year. 15 The Boaz Trust Trustees, Annual Report for the year ending 31 March 2024 2. Floating support lor people who have no recourse to public funds 'Floating support, refers to ovr work wtth people facing homelessness but who are not currently living in Boa£ houses. This support is for people living in unstable accommodation who ore al risk of destiluthon. or those who are already experiencing homelessness because of their immigrotion status. Wifh the relevant advice and information available. some of the people we support through this work can go on to access accommodation that they were previously unaware of being eligible for. Our.floating sUPPOrt service developed from 2019 as we sought new ways to reach people who were facing homele55ness ond who we weren'l able to accommodale due to our limited capacity. Since then. we have received funding to continue Ihis work as part of a new Restricted Eligibility Support Service IRESSI working in partnership with the Booth Centre and Greater Manchester Immigration Aid Unit. As part of RESS. Boaz works with people wtth restricted eligibility from non-EU countries. The term 'restricted eligibility, includes people who have conditions attached to their immigration status Ihat restrtcl their entillements to claim benefits and access housing as51Stance (this can include those referred to as having No Recourse to Public Funds). During 202&24 we worked with 123 people through ourfloating support. These were people fiom non-EU backgrounds, which means that we have supported people with a range of different immigration histories in the UK lunlike our housing), however a significant pioporlion of successful refeffals were for people who had been refused asylum: 18 people seeknng asylum lopen claim. and all entitled to asylum supporti 71 people who had been refused asylum 2 people with refugee stalus lor other forms of Leave to Remainlindefinite leave to remain) 32 people wth other lor unknown) immigration backgrounds Accommodation is, understandably, the main Pri￿lty for rnost people referred to RESS so support workers explore any accommodation options that people may have been eligible for and supported them to access that where possible, however these options were very limited and oflen nOrFe￿stenf. Despite that, we were able to enable the following posilive outcomes: 14 people moved into asylum support 7 people moved into Boaz houses 9 people lo other voluntary sector accommodafion I I people moved to emergency council accommodation lincluding cold weather emergency accommodation, A Bed Every Night IABENII. 16 The BoazTrust T￿SleeS, Annual Report fof the year ending 31 Morch 2024 emergency lemporory accommodolion. and accommodation provided through locol authority No Recourse to Public Funds teamsl As well as a focus on accommodation, the RESS team offered holistic floothng support to help people address other support needs the individual may have identified. Non-accommodation based outcomes from the last year include: 37 people accessed tinancial sUPPOrt. either followng referrals to the Migrant Destitution Fund and / or receiving supermarket vouchers through Boaz 19 people had support wilh health and wellbeing including registering with GPS, support lo attend appointments, HCI forms, referrals to menlal health services, and accessing art therapy sessions at Boa2. 52 people had legal support- including completing 16 SARS to the Home Office, numerous otherSARs le.g. police or medical records for evidence). support to attend legal appointments, support with followng legal adwce and collecting further evidence Our team were able to offer other forms of person24 we have apprecioted support from our volunteers who have continued to welcome people seeking sanctuary and play a vital role in ourwork in the followng way5: Carying out DIY tasks in our houses, including small repairs and decorating shored spaces and bedrooms ahead of new people moving in Improving our ouldoor spaces through gordening Ispecial thorn￿ to friends from Barclay's and L'oréol who once ogain sent teams of willing volunteers) Leading a range of Boaz Life wellbeing group sessions for women supported by Booz Helping to plan and deliver our biannual Family Night events alongside our staff team Supporting our office based staff wilh administralive support Continuing to lead Women's Wellbeing Walks locally for women living in Boaz houses Working alongside our refugee support team to begin to develop new resources for people moving into or already living in our shared houses We are so thankful to everyone who has played their part in supporting our work this year by ch005ing to invesl their time in Ihese ways. The Boaz Trust Trustees, Annual Report for the year ending 31 March 2024 Structure. Govemance and Risk The BoazTrust was fonned in June 2(N)4 and registered as a charity on 6 July 2005. The BoazTrust was established under a model Irust deed which established the objects and powers of the charitable trusl. This Structure was deemed to be most appropriate when Ihe organisotion was first established, however in 2022 Trustees agreed that we would explore Ihe pathway to establishing Boaz as a Charilable Incorporated Organisation. We submitted our application to register Boaz as a CIO and this was approved in May 2024. Through 2024-25 we will be working behind the scenes to ensure that everything is in order lo transition to the new organisation in April 2025. The Boaz Trust is govemed by o Board of Trustees, elected to seNe for a period of two years by resolulion of e￿slIng Truslees al special meetings held under Clavse 15 of the Trust's constitution. The Trustees are responsible for the overall management of the charity. Trustees are chosen for their commitmenl to people seekiD.g sancluary, their support for the values and ethos of the organisation. and for theirspecific personal and l or professional experience and expertise. During 2023-24 the Board of Trustees returned to meeting primarily in person with occasional online meetings ond. at the end of Ihe year, we had g Trustees. David Tomlinson stepped down in October 2023 afterserving for I l years. Josie Hicklin stepped down as Trustee in February 2024 after being part of our Board forjust over a year. We are so grateful for the experience, wisdom and expertise that Josie and David both brought to BoaL In October 2023. Penny Applegate joined our Board of Truslees bringing significant management experience and a strong underslanding of the welfare system, which we are very thar)kful for. The role of a Boaz Trustee is Sel out in our Trustee role descriplion which defines the duties and responsibilities of a Trustee in the context of our vision, values and work as an Organ￿atIOn. This draws on the Charity Commission's The Essential Truslee document. Throughout the year. information about Trustee-related fraining and development opportunities from a range of networks and sources wa5 shared wth and among Trustees. The Trustees oversee the Boaz Trust'5 policie5. plans and financial affairs. and supervise the work of the Chief Executtve in carrying out this work. During 202&24 the existing T￿Stee-1ed subgroups were mainlained. These covered different areas of our work.. finance, staffing, housing. strategy and support Work. which each include staff and Trustees. The Subgroups generally meet in the weeks before the full board and make reports and recommendalions to the full board as appropriate. The Chief Executive is appointed by the Trustees and is accountable to Ihem for managing the charity as a whole. Boaz has a Leadership Team which includes the Head of Support Services and Head of Operations as well as the CEO. On the 31st 26 The BoazTrust Trustees, Annual Report foi the year ending 31 March 2024 March 2024, we had a staff team of 14 people wth a FTE of I 1.1 and this was our staffing structure: Svpgcrt%V¢Fkef Advocaey & Communications Te8m Support Team , s¥ppwÈWUtk•Lkefvi¥si tk&der8hip Team Fundraising Operational Team: Housing. Finance, HR, Admin & Volunteering PA4 Remuneratlon Pollcy for Key Management Personnel Th8 Board of Tru5tee5 ond the Chief Executive Officer ore responsible for direcling ond controlling. running and operating the charity on a day lo day basis. All Trustees give their time freely and no Trustees received remuneralion in the year. All posts at the BoazTrust are paid according to the level of responsibility in their role5. Salaries are benchmarked against organisation5 of a similar srze. location and serwce using NJC scale5 for guidance. All staff are paid above the real living wage. Rlsk Management The Trustees have assessed the major risks to which the chartty i5 exposed, in particu5ar those related to operations and finances. and are satisfied that systems ore in place lo mitigate exposure to the major risks. Risks are considered under the headings suggested by the Charity Commission: Govemance; Operational; Financial: External Environment: Compliance and Regulation. The Trustees require the Chief Executive to actively manage these risks throughout the year and a risk malrix been developed to support this work. 27 The BoazTrust Trustees, Annual Report for the yeor ending 31 Murch 2024 Safeguardlng We believe that everyone has the right to live lrfe free from abuse and exploitation. We commit to upholding that right: and as an organisation we take 'zero-lolerance' of abuse wherever it occurs. whether it involves the people Boaz supports. staff. volunteers or any other parties. Safeguarding at Boaz means we are committed to ensuring that people who use our services do not, as a result of our work. come to any ham and also that our worknng practices minimise the risk of abuse. We recognise that the people we work with may be exposed to particular risks. abuse or exploitation in their home countries and on theirjourney to the UK as well as while they have been here in the UK. and this can continue to have a significant impact on their physical and mental health. staff, volunteers and Trustees of the Boaz Trust have a duty lo idenlsfy abuse and report it. It is everyone's responsibility. We have a Safeguarding Policy which is kept up to date and is shared with all Staff. volunteer5 and also supporters and the wider general public through our website7 Currently. one of our Trustees acts as Safeguarding Lead Trustee and our Head of Operations oversees safeguarding within the organisation. All Trustees. regular volunteer5 linvolved in directSy supporting people) and paid staff undertake basic DBS checks on joining the organisation and these are renewed every three years. Safeguarding is a standing item on the weekly Leadership Team meeting agenda and is also included on the agenda of the Full Bocjrd Meeting. We have a duty to ensure that those under our care are protected from abuse and exploitation, and that where abuse is suspected or has occurted. we have a clear framework of response, which is set out in oursafeguarding Policy Safeguording remains o stonding item on the agenda for Ihe Leade￿hip Team's weekly meeting, and we have a new recording log to capture safeguarding concerns as well as formal referrals mode (which is reviewed at the weeWy meeting). Boaz stoff have attended the following relevant safeguarding training thi5 year: Level 3 Safeguarding Vulnerable Adults ICPD College) Supporling the Third Sector lo Make Better Safeguarding referrals ISCIEI Safeguarding Policy Review Workshops Istep Change- led by Refugee Action Safeguarding Leads) Safeguarding Essentials for Charitie5 INCVOI During the lasl year, no safeguarding concems were raised in relotion to our work. www.booztrust.org.uklsafegvarding 28 The Boaz Trusl T￿stee$. Annual Report for the year ending 31 March 2024 Plans for the future In the eady part of 202&24 we continued the wotk to develop our strategic plan, in order that mighl fulfil our agreed ambition, which was to ensure more accommodation for people who were facing homelessness after receiving a decision on their 05ylum cloim. This development Wotk was put on hold due to the financial challenges we faced ond we had lo hove a sole focus on reducing costs and increasing income across the organisation. We now plan to pick this work up ogoin in 2024-25. Key priorities for 2024-25 therefore include: Submission of application to register Boaz as a Charitable Incorporated Organisalion ond take all necessary steps to ensure a smooth transition in on appropriate timescale Review and update our strategic plan, ensuring plans to grow ourwork are sustoinable Delwer the new Refugee Homelessness Prevention Project Ibuilding on learning from our cost of Itwn*related refugee support work and floating support model) Develop our advocacy strategy, to include a plan lo increase our work to influence locally and nationally in light of local and general elections Continue to develop our various funding and support streams lincluding grants, individual fundraising and church l organisational partnerships) 29 The Booz Tnjst Trustees. Annual Report for the year ending 31 March 2024 Fundralslng We fundraise to secure the resources we need to cary out our charitable objectives and to fulffl our mission, and we do this primarily through inviting donations from individuals and organisalions, and applying for grants from Trusts, Foundations and other grant-making organisations. All our fundraising is overseen by the Chief Executive and Ca￿ted out by our Fundraising and Partnerships Manager and Fundraising Officer (Trusts and Foundationsl. We are regulated by the Fundraising Regulator and we adhere to the Regulator's Code of Fundraising Practice and the Fundraising Promise. We have a policy on protecting supporter5 who may be in vulnerable circumstances and we do not use external companies to deliver our fundraising aclivities. This has been a challenging year in lerms of all forms of fvndraising. The cost of living crisis has impacled individuals and organisations who might usualw support ourwork and like many organisations, we have found it particulady difficult to secure grant funding. We cre thankful to oll those individuols who support our work through making regular donations, a significant number of whom generously incre05ed their monlhly donation5 or mode additional one off donolions in response to our challenging financial situation this year. We are grateful to our supporters who have taken part in sponsored evenls and held collections for Boaz to mat* special occasions such as birthdays, anniversaries and retirements. We wont everyone who supports our work in any way to have a positive experience of the Boaz Trust and if something goes WTong. or someone is unhappy with something the Boaz Trust has done. we will react promply. take complaints seriously and investigate faidy and openly. We will acknowledge any complaints within five working day5 and follow the procedure set out in our Fundraising Complaints Policy. Our Vulnerable Supporters Policy, Privacy Policy and Fundraising Complaints Policy are available on our website8 and from our office on request. These policies are reviewed annually. During the year we received no complaints about our fundraising. www.booz1rust.￿g.Uk/pUgeS/I 7-5UPPOrters Trie BoazTrust Trusfees, Annual Report fof the year ending 31 March 2024 Thank you to our donoTS We wsh to tharlk and acknowledge the Tnjsts, Foundations and organisations who made ourwork possible during part or all of the period of this report including, but not limited to- AB Charitable Trust Alberl Hunt Trust Barclays in the Community B&Q Foundation Bernard Sunley Foundation Comic Relief (Cost of Livingj Garfield Weston Foundation (Weston Aword5J Greater Manchester Combined Authority Grace Trust Green Pastures Henry Smith Charity Issachar Foundation Leigh Trust Leri Charitable Trust Manchester & Stockport Methodist District Marsh Charitable Trust Natior)al Lottery Community Fund fcommunity Organi50tion5 Cost of Ltving Fundj Society of the Holy Child Jesus Souter Charilable Trust The Charity Service Treeside Ttust Zochonis Charilable T￿st NB Some of Ihese funde￿ awarded fftelr wnts af tt)e end of e last fjnanciul year orreached ie end of fhersupport during the year. Thank you to the organisations. churches and other faith groups. corporate and independent businesses thal generously supported ourwork through financial gifts and other donations such as food, cleaning supplies and more. Thank you also lo the individuols who supported our work with gtfts and donalions, and those who have generous￿ allowed us lo use their houses throughout this year. 31 The BoazTrust Tru5tees' Annual Report for the year ending 31 March 2024 Flnancial Revlew We entered into the Financial Year 202&24 recognising thaf significant multi-year grant funding secured in previous years was coming to an end. In 2022-23, half of our total income came from grants. We were keen to susloin Ihe critical service5 to those supported by Boaz and to that end adopted a budget which would show expendilure exceeding income by £104,Gm but even wth Ihi5 overspend. the securing of new grant funding was essential. We also recognised that year-on-year deficits were not suslainable in the medium lerm and actions would be required during the 202>24 financial year to deliver balanced budgets in future years. By September 2023 the required grant funding had not been secured. the c05t of living crisis was having an impact both on income and expenditure and consequently the organisalion's financial trends were adverse to expectations. Accordingly, the TrLJStees and senior leadership team reluctontly found it necessary to plan for cost reductions. These were to be achieved through a reduction in staff FTE and by reducing the number of bed spaces available to people being supported. Simultaneou5 to the cost reductions. efforts were made lo take odvantage of grant opportunities as well as tuming to Boaz, supporters. In the lalter part of the financial year, significant grants were secured and supporters responded generously which meant Ihat the year ended with a financial position slightly better than that anticipated ot the outset of the year. Nevertheless. we are certain that the difficult Cost reductions ore consonant with financial sustainability. Looking at the financial headlines: Income of £684,895 was an increase of £54,28219%1 over the previous year. Individual donations increased by 9%. Grants received increased by 5% {boosted late in the financial year especially through new funding programmes related to the cost of living cris1S. Expenditure of £769,976 was £53,56517%1 higher than 2022-23. Increased costs were reflected in almost all expenditure lines. The cost savings already outlined will impact from April 2024. The resulting deffcit of £85.081 was favourable in Comparison to the budget which the Trustees had set at the start of the finonciol year. Neverthele55. thi5 was the second conseculive year of net expendilure. 2022-23 showed a deficit of £85,798. As regards the funds of the charity, Restricted Funds increased by £35,157 resulting a balance of £84.841 at year end. Unrestiicted Funds at year end stood ot £389.335 of which £315,0(X was designated. Designated funds included £198.OCX) as a General ReseNe Contingency Fund. This meant that General Reserves exceeded target by £74,335. Despite the challenges and difficulties faced during Ihe year, the BoazTrust showed a secure financial position as at the 31 st March 2024. Moreover, wth additional 32 The Boaz Trust Trustees, Annual Report for the year ending 31 March 2024 income secured and cost reductions in place, the Trustees have confidence in financial sustainability. This position has been achieved. in part. through the dedication of our staff, both past and present. who have 5h,own commitment beyond expectalions and forwhich the Trustee5 are thanthl. This year we have been more aware than ever of the generosity of our faithful supporters and funders, and we are thankful for all the many donations and grants which sustain us in our WO￿ to end destilution for those seeking safety here in Greater Manchester. The Boaz Trnst Statement of Trnstee8' Ile8ponsibilities The trustees are responsible for preparing the lrnstees, reFM)rt and the financial statements in ac¢ord&n¢e the United Kingdom Accounting Standards (United Kingdom Generally Accepted Acrouuting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statem¢nts for fiuaucial year which give a true and fair view of the state of affairs of the charity and of the iJKomTug resouTC¢S and application of resources of the charity for that period. In preparing these financial statements. the tn)st¢e5 required to: select suitable accounting policies alldthen appty consis&YLtIy' obserye the meth(yds and principl￿ in the Charities SORP. make judgements and estimates that are re&qothle andprudenL' state ￿ether applicable accounting S￿dardS bav¢ beffl followe& subject to any Materi￿ departures disclosed and explained in the fiDallcial stat¢m¢uts' and prepare the financial statements on the going con¢¢m b&sis unless it is inappropriate to pre5wne that the charity will continue in business. The trustees are responsible for keeping proper accountitig records that disclose with reasonable accuracy at any time the fJnanci&l position of the chariry and enable them to ensure that the financial 5tatemeuts cotnply with the Charities Act 2011, the Charities (AtcowKs attd Reports) Regulatiojjs 2008, and the provisions of the constitution. The trustees are aIso responsible for safeguarding the assets of the charity and hence for taking re&8on&ble steps for the prevention and detection of fraud and other irregu]arities. The trustees are responsible for the nMinteDance and irntegrty of the coTrorate glld ftnancial infornmtion included on the charitable company's website. t£￿S]&t10￿ gOvernU￿ the preparation and dissemination of finantsiaL Sta￿￿9)ts may differ from legislttion ill other jurisdi￿101 Approved by tbe t￿￿ of the charity on 14 July 2024 and signed on its Ixhalf by: Phil Rawlitigs Page 34 Thc Boaz Trust Independent Examiner's Report to the trnsttes of The Bogz Trust I report to the trttylpos on my examillation of the accounts of The BoazTn]st for the year ended 31 2024. R￿ponsIbIlItIeS 8lld b9$1$ of report As the charity tswtees of The Boaz Trust YOU are r¢s￿nSIble for the preparation of the accouttts in accordance with the requirements of the Charities Att 2011 ('the Act'}. I report in resyect of my exatnination of the The Bo8x Trll5Vs aecounts carried out under section 145 of the 2011 Act and in carrying out my examtnatioll I have followtxl a]1 the applicable Directioll5 given by the Charity Con)missi 55 forni an intyl part of these financia] statements. Page 36 The Boaz Trust Statement of Financial Aetivities for the Year Ended 31 March 2024 (Continued) Ullrestrieted r￿ttds Rtttriettd funds Total 2023 Not¢ Income And ElldowmeNts from: Donations and legacies Charitablc activitiC5 Other trading activities tnvestsnent income 286,382 143.136 19 4,419 143.877 52,780 430259 195,916 19 4,419 Tolal ill¢ome 433,956 196,657 630,613 ExpeDdAtur¢ oll: Raising funds Charitable activities (34.198) (420.628) (34,198) (682,213 (261,585 Tota] expenditiwe 454,K26) (261,585 (716,411 Net expenditure Net movement in fitnds 64,928 85,798 (20,870) (64.928) (85.798) Reconciliation of funds Total fimds brougbt forwaTd Total funds caTri¢d fonvatd 530,444 114,611 645,055 19 509,574 49,683 559.257 All of the charity's activities derive frotn conlinuing operatiODS the above two wiods. The fi￿d5 breakdown for 2023 is shown in note 19. The notes on pages 40 to 55 fotm an integral partof these fjllallcial statements. Page 37 The Boaz Trust (Registration number: 1110344) Balance Sheet as at 31 March 2024 2024 2023 Nots Fixed assets Tallgible assets 14 67,000 67,600 Current A$$¢ts Debtor5 Investments Cash atbank and in 1￿ 15 49,401 78.980 293,287 58,979 I 11,590 338,063 16 17 421,668 508,632 Creditor3: Amounts flllling dut withiD ont yeAr 18 14,492 16,975 Net current assets 407,176 491657 Net a56ets 474,176 559,257 Funds ofthe charity: R£strieted Income funds Restricted fir 84.841 49.683 UnTe5trictsd income fmnds Ullrestrictsd funds 389,335 509,574 Tothl funds 19 474.176 559,257 The financial statements ott page$ 36 to 55 were approwl by the tntstees, omd authorise41 for issue on 14 July 2024 and SI￿¢d on their behalf by- The not¢$ on pag¢$ 40 to 55 forni an integral part of thes¢ fiD8n¢ial 5trat¢ments. Page 38 The Boaz Trusl Cash Flow Statement for the Y¢ar End￿ 31 March 2024 2024 2023 Note C8sh £iow8 frotn operatlng actlvities Net cash expenditure {85,081) (85.798) AdJll8tments to eash flows from non-essh Aten Depr¢¢iation Investtnent illcome 600 600 4,419) {89,617) (90.482) Working cllpltal adjllstments Decrease In debtors D￿rease cr¢dÉtOTS Increasel{decrea5e) in Current asset investments 15 18 9,578 (2,483) 32.610 50.714 {7,759) {1,590 Net cash flows from op￿ting activities (50,777) (48252) Cash nows from inv¢$tillg artiyitiex lllteTest receii'able and sirni]aT illCOm¢ 6,001 4,419 Net decTeas¢ in casb and cash wivalejrts (44,776) (43.833) 381,896 Cash and cash equivalents at l April 338.063 Cash and cash equivalents at 31 March 293,287 338,063 All of the c&sh flows are deriyed from continuing 0￿ratiOnS during the aEM)ve two periods. The Dotes OD pages 40 to 55 fortu an integral part of these fllwjcial statemellts. Page 39 The Boaz TTh￿t Notes to the Financial Statements for the Ye¥4r Ended 31 Mareh 2024 l Aceountlllg polleies Basis of preparatlon The Boaz Trust eonstituteg a pllblic benefit entity as defined by FRS 102. Th¢ financial statements have beett prepared in aecordan¢e with Accoun￿£ and Reporting by Charities: Statement of Recojntnended Pr8ctiC¢ 8pplicabl¢ to dwsti¢5 prepariDg their accowts in accordance with the Finwt¢ial Ryorting Staudard appI]￿ble in the UK aud Republic of Irelalld (FRS 102), second edition- Octob 2019 ch￿itIeS SORP {FRS 102)). the Fitmncial Rep)rtiDg Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generall)" Accepted ALxounting Practiee. The accounts (financial statements) have been prepar&1 to give a MTue and fair view and hav¢ d¢pthed from the Charities (Accounts 2nd Reports) Regulations 2008 onl>, ts) the ext￿1 required to Provide a Yrue and fair viewrf. This departure has involved Following Accounting and Rq)orting by Charitie$'. StAt¢ment of Recommended Practice applicable to ¢barities preparing their accounts in accordattee with th¢ FinaTJ¢ial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102l second edition - October 2019, rather than the AGLOUliting and Reporting by Chari¢ies.' Statemellt of ReeouJm¢nded Pr￿]¢¢ effective from l April 2005 ￿￿1¢h has siu¢¢ bE¢ll withdrawn. As8¢ts and liabilities are initially r￿o￿lISed at historical cost or transaction va]ue unless othenvise stated in the relevant accounting policy note. Golng toneern The financial statements have been Prepared on Vdgoing concgm basis. The trustees assess whether tbe use of gotng concern is appropriate i.e. whether there are any mat¢rial uneertainties relxted to events or conditions that may eart significant doubt on th¢ ability of the charity lo Colltlliue &q a going eoneenL The trllytees make this in respect of a period of one year from the date of approv¥LI of the financial statements. Income and endoTvments Tncome is recogni5ed when tbe cbarity ha5 entitlement to the any performance conditions attached tr) the item{s) of income have been JneL it is probable that the income will be received alld th¢ arnouttt b¢ measured reliably. Donffrfons amdlegacies For lewies, e￿tItle1ncnt is tsken as the earlier of the date on wbich either. the cl]8rity is aware that probat¢ has beell.orante￿ the estate hag been thaiised and notification has been made by the exc￿tor{s) to the charity that a distribution will be tnade, or when a distribution ts received from the estate. R¢c¢ipl of a legacy, in whole or in part, is only considered probable when tbe amount can be meL8uttd reliably 8Dd the charity bas been notified of the executor's int¢tition to make a distributiOlI. Where legacies baye been notifted to the charity, or the charity is aw4r¢ of ihe gra￿ting of probate, and th¢ rriteTia for incom¢ r¢wgllitiou have not been met, then the legacy is trea￿d as a contingenl asset and disclosed if tnalerial.Donations and legacie5 are recognised on a receivable basis when receipt is probable and the amount can be reliabty ]neasured. Gramts recelvable Income from government and other grants whether 'capitsl' grants or 'revenue' ￿allts, is recogllised wbEn the charty has entitlement to the fjJnd& any perfomance conditions attached to the oJallts have m¢L it is probable tbat tbe illcome will be received and the amount can be me&wred reliably and is noi d¢f¢rre(L Page 40 The Boaz Trnst Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Deferredlncon Income r￿e1Ved in advance of a provision of a specified service is deferred until the crAterAa for income r¢cognition a￿ m¢¢. Donqteds¢nkn dndfqcilllles Donaied professional seryices and donated fdcilitics are recogni5ed as income when the chayiiy has control over the item, anj. conditions a8sociated with the donated item have been meL the receipt of economic b¢n¢fit from the use by the cbarity of the item 15 probable and that economic benefit can be me&sured reliably. lo with the Charities SORP (FRS 102). general volunteer ttme is not recognise4' tyfrr to th¢ truste¢s' a1￿Ual report for mor¢ infornjation about their contri￿U[lon. On receipt, donated professional services and donated facilitirs ore recogni%d QD the basis of the value of the gift to tbe charity which is the all￿u￿t the charity wi)uld h8N¢ b¢¢ll willing to pay to obtavn services or facilities of equivalent economtc benefit on the open markeL 4 ¢orrespondin8 4UiQUlIt is then iecogni5ed in expenditure in the perÉod of receipL Glft Gld Tax reclaimed by the cl)arity on gift a[d￿ doD8tions is treated ￿ ￿TestrIcted funding. IHvesthieRi Income tnterest on funds held on deposit is included when reeeivable 8nd the amount Can be rneasured reliably by the charity. this is nomally upon notification of the illterest paid or payable by the Bank. Expenditure Expenditure is reco￿lSed once there is a legal or (xbnslwctiv¢ oblig8tioD to Diake a payment to a tbird paty, il 15 prob2blc that settletnent will be required and the amount of the obligation can be M￿ured rEliabty. Exp¢nditure 1$ classilicd undcr the followimg acrivity headings.. - Costs of rnising fvnds con]prise tILe costs of fundraising and ￿ciated costs. - Expenditure on charitable actiYitie5 includes the costs of activities undertakell to furtber the PU￿05eS of the charity including support costs. - Other expenditure represents those itenLS not fallitig into any oth¢r h¢ading. Irre¢over&bl¢ VAT is charged as a wst aga1Th￿ the athivity for which the eXpe]￿lture w&8 incurre R¢lylngfun¢tr These are costs incurred in attrdrttng voluntary incomA the ￿ernent of invesbnents 2nd tknse in¢urred in trading artivities that raise fuuds. Chorilable oc1¢￿'￿e5 Charitable expcndFtwe comprises those ￿$t$ incuTred by the cFwity in the delivery of its activities and servi¢es for its b¢ncficiari¢5. It includes both costs that can be allocated directly to such activitie$ and those costs of an indirect nature necessary to support them. Page 41 The Boaz Trllst Notes to the Financial Statements for the Year Ended 31 March 2024 (Continued) Support costs Supp()rt costs are those fimctions that a5SiSt the work of the clwity but do not directly undertake charitable iviti¢$. Support costs include back office costy fJnanc& personnel, payroll and governance costs which support the ¢harity's progra1nn￿ alld activities. These costs are not allocated because the charity jwt h&8 one actiTrity. Governanee Costs These include the costs attributsble to the ¢haTity's ￿mpliance with ￿lt￿tiO[￿l and stattTtory requirements, incEuding audiL strategic n￿[￿¢￿t and ffiutees me¢tings and r¢lmbur￿d exW￿e5. The charity is considered to p&qs the tests set out in Patw3ph I Schedule 6 of the Finance Act 2010 and th¢r¢foTe it meets the der￿ltiOn of a cbaritable conu)any for corporation t&¥ PULTX)ses. Accordingly, the charity is potentially exempt from taxation in respect of income or capitAI gains received within categories covered by Chapter 3 Part l l Of the CoryKbr#tion Tax Act 2010 or Section 256 of the Taxation of Cbargeable Gains Act l992. to the extent that such illeome or gains are applied exclusivety to eljarilable purposes. Tanglble r￿ed JssetS Individual fixed assets with a purchase prirx of less thau £IOOO are Thot capitalised. Individual f]xed assets COSt￿￿g £IOOO or more are capitaIised at cost or at reasonable value on receipL and are depreciated over their ¢stimat¢d useful eunomic lives on a straight line basis. Th¢ house gifted to the Trust on 15th January ?019 w&8 broughi into the accounts at the surveyols valu*ion of £70.000. As the trw8tees plan to mailltai￿ the condition of the. pmpety. the estinwed residual value of the &sset based on the valuation of the land at £40,0(M) is to be depreciated over 50 years. Depreelatlon alld amorti4ation Depreciation is provided on tangible fixed a￿ts 50 as to write off the cost or Valuatio￿ I¢s5 ally estirnated residual value, over their expected useful economic life a5 folloms: Current asset investments Current &8set investments are inclllded 8t the lower of cost and net realisable value /￿et Yalue. Trnde deblors Trade alld other debtors aTe rtcogDised at the settlement amount duc. Prepaymcnts are vaiu¢d at the 4TDount prepaid. 'on-material expenditure for regular licen5es or subscriptions that straddle the yeav end are treated a5 ¢xpenditurE tbe year tbey are paid Cgsh and ellsh equivalents Cash at bank 8nd rash in hand include5 &ish ar¥J short terni bighly liquid invest￿ctIts a sljort rnaturity of three months or less from the date of acqui5tLion or opening of the deposit OT sirnilar accouuL Page 42 The Boaz Trust Iyotes to the FiJAallcial Statements for the Year Ended 31 March 2024 (coDtiDued) Trade credltor6 Creditors and pmvisions are recognised ￿ere the charity haq a present obligation resvlting from a p4St event that will probably re5uIi ill tbe transfer of funds to a third party and tbe amount due to settle the obligation ca b¢ measured or ¢8tiwated r¢liably. Cr¢ditors andprovisions are recognised at their s¢ttl¢nIe￿t amounL Borrowlng8 Interest-ixaring borrowings are initially recorded ￿ fdir value, net of trallsaction costs. tnterest-bearing borrowings are subsequently ca)Tied at amortised cosL with the difference between the proceeds, net of transaction c09ts. 8nd ihe a￿Ount (h￿ on redemption being re￿￿ed as a charge to the Statement of Financial Activities over the period of the relevallt l￿)rrOW1Dg. Inter¢$t ¢xp￿se is recO￿lSed on the basis of the etTective interest method and is irncluded in interest payabl¢ and similaT ¢haTg¢s. BO￿OW]ng5 are classified ￿ ¢urr¢nt ligbilities wiless the charity has 80 un¢ondition81 right to defrr sett]ement of the liability for at I&￿t twelve months after the re[￿¢11]8 dat¢. Fllnd structur¢ Unrestricted fimds Iwe available to spend on activitie5 that fjjrther any of the purposes of charity.Unre5tricted income flmds are general funds that are available for we at the trLstees discretion in furtberdnte of the objecuyey of the charity. Desigllated funds are Unrestricted funds of the charity vthich the trustees have decided at their discretion to set ide to use for & specific pwpos&Designated funds are unrestricted funds sd aside or specific purposes at the discretion of the trustees. Restrictrd funds are th)nations %thich the donor h&s specified are to be solety wed for particular areas of the charity's work or for specific projects being undertaken by the charity. HTre purchase and flnAnce leases Operating leas&% a￿ leasog in whi¢h th¢ tide to the asse￿ gnd the risks and rewards of ownersbip, remain with the le&sor. Rental charges are ¢barged on 8 5traitht line b&si$ ovff th¢ t¢Tm of th¢1¢&ge. Pensio￿ 4Dd otber p)st retirement obllgatioDS The Boaz Trust contributes 60/0 of gro&s salaries lo employees, [￿slo￿5. Prior to the charity's Automatic Bnro]meJll staging date of 1st 2016, this was offered by the charity, and the c(Mtn￿utson w&8 paid into personal pensLOD schemes as requested bv employees taking up the offer. Since the Automatic EnrolTnwJt sthgtllg date of I￿ June 2016. all stxff b2Ye been enrolled ill the clwity5 AE pension s¢heme. Arxrued ¢Dtitlements at that date were paid into the AE scheme. There were no outstanding c0lltributiot￿ atthe year ¢nd Dancial in5trnments Cla￿￿1¢¢￿10n The Charity only has financial &8sets and financial liabilities of a kind that qualify as b&5ie fi]Tranci21 instruments. Basi¢ f]nan¢ial tnstnllnents are initialty recognised at tr￿￿actIOn vallle alld subseq￿entlY measured at their settlen)ent value with the ¢xc¢ption of ballk loans which are subsequently me&sured at aTDQrtised cost using the effective interest method. Page 43 The Bogz Trust Notes to the Financial Statements for the Year Ended 31 Mareh 2024 (continued) 2 Income from dollations and legacfies Unrestricted funds General Restrlcted funds Total 2024 Donationg and legacies. Donations from orgallt5alion5 & cburches Donations from indiYidua]s L¢gari¢5 Sponsorship Gifi aid rexlaimed Grants, including capital grants. Grants- un¢onditsonal on p¢rfoTtnan¢e 3 1.954 128.944 1,979 240 32.194 137,546 1,979 940 17.159 17.159 108,030 169,226 277,256 467,074 289,006 178,068 Unre5tri¢ted ffunds General R&strleted funds Totsl 2023 Donations and legaci¢y' DO[￿lI0AS fri)m organisatiOll5 & chur¢he8 Donations from individua15 Sponsorship Gift aid re¢laim¢d Grants, including capital gratts; Grants. un¢onditiona] on perform 21.156 115,741 1,615 17.412 1.976 8,495 23,132 124,236 1,615 17,412 130.458 133,406 263,864 286.382 143,877 430,259 Page 44 The Boaz Trust Notes to the Financial StateAnents for the Year Ended 31 March 2024 (continued) 3 INcome froTh ¢harh4ble aetlyltles UDrestri¢ted fund5 G¢n¢r81 Rtstricted funds Tot&l 2024 Rent & Housing benefit Grant income re'A bed every night scheme. Other grant income Other income 154,953 154,953 53,817 1.500 1,550 53.817 1.5(KJ 156.503 55,317 211,820 Inrestritted fuDd% Gentrnl Re5trieted nds Total 2023 Rent & Housing benefft Grant income re'A bed every night scheme, Other m incom Other income 140.308 140.308 50,543 2,237 2,828 50,543 2.237 2,828 143,136 52,780 195,916 4 Jneorne frotn otber trading activities Total runds Total 2023 Trading income. Sales of goods attd seryices 19 [9 5 Investment illcotTte UDr£¥trictrd fund5 Gelleral Total 2024 Total 2023 tntere5t receivable and stmilar income" Intrrest receivable on bank deposits 6.001 6,001 4.419 Page 45 The Boaz Trust Notes to the Financial Statements for the Year Ended 31 Mareh 2024 (continued) 6 Expenditure ratslllg fund5 a) Costs of generatillg donatioDS and iegacl Unr£stric¢¢d funds General Total 2024 Total 2023 Note Fundraisers salary Fundraising events and other costs 45,024 3,506 45.024 3,506 30,394 3,804 48,530 48,530 34,198 7 Expenditure ¢baritsble activities Unrutrleted Iunds De51gnated General REStrict¢d Dds Total 2024 Note Office & administration costs Ellgagement & publicity Beneficiary supp)rt D￿reCiatIO atnortisation and other sirnilar costs Staff costs Gov¢rnan¢¢ ¢osts 5,623 27,978 31,916 65,517 4.324 175,280 700 72.981 5,024 248,261 600 4J95 600 395,845 6,199 298,819 6.199 92,631 10,618 512,61)0 198228 721,446 Lnrestricted funds Duignated General Restrieted nds Tot31 2023 Note Office & administration costs Engagement publicity Beneficiary support D¢pr¢ciation, amortisation Qnd other similar costs Staff costs Governall¢e wsts 63.700 63,700 5.435 245J54 5,435 245,354 600 363,671 3,453 682,213 (139,42D 241,513 3.453 261.585 (139.427) 560,055 261,585 Page 46 The Boaz Trnst Not￿ to the Financial Statements for the Year Ended 31 Mareh 2024 (continued) 8 Analjsls of governanee aDd sUPPOrt costs Covern4llc¢ ¢05ts Unrnstricted funds General Total 2024 TotAI 2023 Independent examiner fees Examination of the fmancial ststements Other fe¢$ paid to exatniners Trustees rerouneration and eX[￿seS Ttustee Inden)nity tnsurnttce Professional subscriptions 900 2.400 900 1.380 93 1.450 524 1,253 6,199 1.253 6.199 3,4)3 9 Net Ineomlnglout%oing resources Net outgoing re50wces for the year includ¢: 21124 2023 DEpreciation of fixed &ssets 600 600 10 Trust￿ remuneratiory expenses No t￿￿te¢s, uor any p¢rsollg connected l]ave recelved any re4nuneration from the c]]Arity during the year. No trustees have receiv￿ w reimbur%d expell￿ or any other benefits from the charity during the year. Donations t￿￿e by the tr￿slees without any conditions atrachedtotalled £10,460 forthe year (2023 - £3275). A number of houses are renteA to the clwity at peppe￿rn rolts. One of these is owned by a tustee alld his wilfe. Page 47 The Boaz Trnst Notes to the Finan¢iAI Statsments for the Year Ended 31 March 2024 {contiDued) 11 Stsff costs The aggregate payroll costs were as follows: 2024 2023 Stuff £osts duTing the y¢ar were: Wages and salaries SocÉal security costs Penston costs 388,407 28.415 24,047 346.836 26J32 20,897 394 065 440.869 The monthly average number of perso]L8 (including sejjior maDaganent I leadership team) employul by the harity during the year expressed as lime equivaIents was &8 follows: 2024 2023 All employees 16 14 16 (2023 . 14) of the above employees participated tn the Defined Contribution Pension khemes. Contrlbutions to the employee pension schejnes for the year tots11￿ £24.047 (2023 - £20,897). During the year, the charity nmde redundancy andlor termi￿0￿ payrn￿ts whi¢h totslled £3.400 (2023 - £5,634). No employee received emoluments of It￿¢ thau £60,0¢)O during the year 12 Independent exAm]De￿3 rem￿neratioD 2024 2023 Bxamination of the financial statements 900 1,380 Other fe&1 to exAminerx Preparation of financial statements 2.400 Page 48 The Boaz Trust Notes to the Financial Slatements for the Year Ended 31 March 2024 (continued) 13 Taxatio The eharity is a regigtered charty and ig therefore ex¢mpt from taxatio 14 Tanglble Ilxed a&8ets Land and buildings Total Cost At l April 2023 70.000 70,OIK) At 31 MaTch 2024 70,000 70,0(M) Depreelatloll At l April 2023 arge for the year 2,400 600 2,4(K) 600 At 31 March 21ll4 3,000 3,000 Net book value At 3 1 March 2024 67,0￿) 67,000 At 3 1 Mareh 2023 67.6(M) 67,600 15 Debtors 2024 2023 Tr&d¢ debtors Prepayments 30,944 18,457 47,275 11.704 49,401 58,979 16 Currelll asset investmellts 21124 2023 Cash deposits 78,980 111,590 17 Cash and cash equlvalellts 2024 2023 Cash on hattd Cash at bank Short-term deposits 2.815 201.673 88,799 3.561 136,201 198,301 293 ?87 338,063 Page 49 The Boaz Trnst Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 18 Creditors: amounts falling due wtthill one ye8r 2024 2023 Trade creditors 14,492 16,975 Page 50 The Boaz Trust lotes lo the Financial Statements for the Year Ended 31 March 2024 (eontinued) 19 Funds Balance 8t 31 March 2(124 Balartet at I Apri12023 Incoming resources Resoure e4)ended Traosfers Unrestricted funds General 77.680 451,510 561.130 106275 74,335 Dulgnatedfmnds Risk Conting¢n¢y Fw Budget deficit Fund Accom Capaeity Reserve R¢rov¢ry & ￿e￿lop￿￿￿t R¢seTY¢ IT Development Fulld Mora Fund Iii.o(Mi 156.0 50,0 87,000 (156.000) 198.000 50.000 41.668 5.625 67,6 (4,395) (5,623) (600 (37273) (2) 67,000 Designated 431,893 (10,618 (106,275 315,000 Tothl UllTestricted funds 509,573 451,510 (571.748 389,335 Restricted Funds Beneficiary Essentials Boaz Life a)ief Exe¢utive salary Support Worker salary Client Transport Emergency AcGommtrJatioJh Floating 8llpport Food Fun(traiser salary Hosting House running costs Office & Admintgtrntion Supervision SupportedRousing Manag TraD51ativ Volunteer exps Boaz Life Website Methodist NLCF c(￿01 2.970 (1.600) (2,356) (10270) (2,167) (1.952) lJ70 688 10.?70 2.167 3,546 1.244 2,317 1244 53,817 16.619 {53,817) (14,144) (960) 2,475 960 123 11,316 15,140 579 1,109 4,03 1 2,379 1,076 123 37,857 70.700 2,881 {44.159) {18,021) (579) (1.109) (3,415) (134) {695) 616 2.245 381 35,525 35.5?5 42,850 (42.850) Total Restricted funds 49,684 2J3,385 (198228 84,841 Totsl funds 559,257 684,895 769,976) 474,176 Pag¢51 The Boaz Trust Notes to the Financial Statements for the Year Ended 31 Ma￿￿ 2024 (Continued) Balanee at 31 MAreh 2023 Balance at I Aprll 2023 ltteomtng Rewurcej expended TraDsfers Unrestrirted fuDds General 237 978 433,956 594.253 77,681 Designtiledfynds Risk Contingency Fund Budget deficit Fulld Aceom Capacity Reserye Recovery & Development Reserve ITDevelopment Fund Mora Fund 47.0(K) 99.OLN) li 1,000 156,000 50,000 57,1)(K) 50.IXKI 47,641 5,625 68,200 (5.973) 41,668 5,625 67,600 600 Designated 2￿,466 6,573 146,0(H) 431,893 Total unrestricted funds 530,444 433.956 600,826 146,0( 509.574 R&striet&l Funds Beneficiary Essentials Beneficiary Payments Boaz Life Chief Executive salary Support Manager salary Support Worker salary Client Transport Emergeno A¢¢onymodation Floaling Support Food Fundraiser salsry Hosiing House nu]ning costs House major works Intsrnet pro￿7s1o￿ Legal Seryices Manager otTice & Adtninistration Supervi51011 Suptrf)rted Housing Manager Translation Volunteer exp3 Boaz Lifr Website 2279 2,824 3,265 560 20,401 9,167 5.573 1296 15 (809) (2,824) (1,021) (14,487) (20,401) (26,617) (3,149) {52) (50,543) (24,285) (4,426) 2,970 800 13.927 3,044 19.617 1.122 2,167 3,546 1244 50,543 24285 104 123 960 123 11,316 14.827 7.900 1500 {54,760) (7,900) (6,317) (1,753) (7,628) (3,610) (27,027) (3,166) (134) 67 3,817 1.753 888 21.880 3.0 26J36 3.1 15.140 578 1,109 4,03 1 2,379 1,076 1,811) 4.091 2.513 1.752 Total Restritted fund$ 114.611 196,657 261.585) 49,683 Total ￿ndS 645,055 630.613 862,411 146,000 559,257 Page 52 The Bogz Trust Notes to the Finaneial Statements for the Year Ended 31 March 2024 (continued) The spe¢ifi¢ purp05e5 for the fut￿ aTe to be applied are L% follow5: Restricted Futhd PorpDse Bet]efieiary ¢ssentials Boaz Life To thfray costs oftoiletries and cleaning It]a¢erials for clTents To provide classes and activites for elients For payjneut of CEO sa]ary and oncosts Forpayment of work¢r salary and oncort8 To meet clients ts7vel c(rtq ChieFExecutiYe salary Support Worker salary Client travel E]nergency accotnodation For the provision of wint¢r nithhe]ters OT other erne￿encY or Floating support For floating support sttvi¢es to support th¢ delivery of the A Bed Every Nigbi pro For provision of food for clients Forpaymerlt of fundtaiser salary and on¢osts For payment of salary. on￿S￿ and expeDses forhosting To provide and maintain hous&8 To defray costs attnbutable to Boaz Offi￿ and administration To defray costs of supervision and training of ¢as¢ ￿0TkCr5 For th¢ payment of hijuse manager salary and oncosts To defray costs of int￿preteT5 for clients and translation To defray costs io volullteers of travel to Boaz Life activities For cost of website d¢v¢lopm¢Th To provide ho￿81n8 and supp)rt for at leA4t 20 failed asylum Food F￿dIa]Ser salary HostiDg House running costs Offi¢e fjnd administration Supervision House manager sal Translation vol￿teer expen￿ Bou Life Website Methodist NLCF Cocol To ￿nd 2 or More support w0￿eT5 and the associated overhead ¢O5ts of providing housing and other wport forTefugees Desigllated Fund Purpose Risk Contingency Fund To provide a contingency forrisL. spe¢ifjcally the risk of closuTe Budg¢t d¢fi¢Él Futsd To fiuKI a responsibly a￿eed deficit budget Accojnodation Capacity Reserv¢ To fithd develop￿rnt of our housing capacity Recovery & Development Reser¥e Flloding eartll4Tk¢d by the Trn5W tor strategic initiativ¢$ IT Development Fund To provide for ￿tUrE IT invesfment A designated fund to ringfence the Continu￿ use of the PTopety at I l Mord Street. Mora Fund Page 53 The Boaz Trnst Notes to th¢ Financial Slatements for the Yw Ended 31 March 2024 (continued) The trnstees decided to close the budget deficit T¢serve fithd this ye4r. alliK&iDg the fim(Ls partly to eover this year's deficit on the General Fulld and aiso to ¢tJhanc¢ tbe Risk Contingency Fun& The Reeovery and Development r&gerv¢ 41so trausf¢rr¢d io the G¢u¢ral Fund in the year. 20 Reserves Polley T￿￿te£S recognise their legal duty to maE¥e the resources of The Boaz Trnsl resp)D5ibly. This includes ensuring that the fll)ances are managed in an effective and timely way, itt lin¢ the objects alld purpose of the organisation. The Trustees desire to spend income received promptly, iwt also recognise the pnmknce in maintaining an agreed amollnt of fuud% in ordtt to enS￿e ¢b¢ orgauAsation w Continue to opernte and maintain ongoing fithancial con)miDnents. This Reserves Policy therefore demotwtrates ts) all stsk¢holders that The Boaz TnL8t is intentional about how fi]ndg ar¢ mattag¢￿ and it Specifi￿llY sets out fi￿dS are being held The Reserves Policy show5 how ihe organisatioD is tsking into account risk and buiLding resiIience tr* ensure that the work i$ 5uthinable and can continue, for example if there was a downturn in incojne (e.g. due to an expe£ted grant not being secured), an unanticipated rise in costs (due to the wider economic sithation or i major increase in demand foi services), or any other significant and Unforeseen events which might impact the work of the organisation. Those UllTestricted fund8 tbat are freely available to Spend on tILe Bo8z TnJsl'$ Charitable puryyoses are known as General Reserves which tnclude 2 elements.. Risk Coniingen¢y Fund (which 15 desigllated) and the General Fund (which is not designated). General Reserves do llot include the following: ' r¢$tri¢t¢d fi]nds (e.& a grant that ¢an onty be used for a specific prOgT￿￿ of activities) * fjx¢d 88$et$ (e.g. buildings or land) other desi￿al¢d fi￿d9 which t￿Te been ring-fettced by the orgaDiSation for a SFrtific purp Th¢ thrget for General Reserves will FK the amowit calculated for Risk Contingetw. The TrLL8tee with lead resy)nsibility for Finance al0￿￿ with the Finance Sub Group witl propose a General Reserves T£wget for the year Ls pth of the annual p]2noiDg and blldgetillg proces5 and this target will be monitored througbout the year. It ig not po&8ible to plan for every eventuknty therefor¢ Trust¢e5 take into account the likelthood of ilifferent outcomes and leY¢15 of risk and tbcir possibl¢ financial impact. Settit]g aside reseThes for all risks Wollld be XC¢SSiV¢, 50 the Risk CoTrtingency will cover the most cosdy calculable risk This most ¢ostty risk would materialise if the orgamisation cewd to operate (costs would include: sthff redunth¢i¢s' 5UPPOrt related cost8 reducing over the period of closure. the rewm of ho￿ to th¢ir own¢rs' witbdrnwing from contractual obligations). The Risk ContitigEncy Futtd will iti any event be a mitiimum of 3 months of TrU￿7ng costs b￿d on the expenditure budg¢t foT th¢ y¢ar. For the year 202¥25, the Ge￿¢T￿l R¢serwes Target ￿lculated as £190,OW this is 3 montbs of rn￿￿lng 08ts. Page 54 The Boaz Tn￿t Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) The GeTh¢ral Fuud repre￿nts the balallce Ipositi*e or negative) of unrestricted fi]nds after designated fimds. includiug the Risk Contingellcy Fund has been taken into accounL Consequently. ally amount in the General Fwid represents reserves which are over (under) targeL The level of reseryes will be monitored through monthiylquarterty fil￿ne1￿ reporting mechanisms. The curreDt level of reserves will be compared with the thrget level 8n(L wbete there is a differcnce, infornjation will be given in ierms of what actions are being taken to bring the reserves into line with the target. The Risk Conting¢n¢y is reviewed at]Jalf year and year end. Alongside th¢ monitoring of Reserves against iarg¢L Tn￿t¢¢$ will receive infornmtion ￿latIllg to Desigllated Fundg, in¢luding the likely ttming (rfexp¢ndittty¢, in order to ensure that they being ￿Sed in accordance with tbeiT purposes. 21 Allalysb OI oet 4ssets between Totsl funds At 31 Mareh 21124 Lnrfstricted fuDds General Jlesigna¢ed Restricted funds Tangible fixed &8sets Current &%Aets Current liabilities 67,0(K) 248.000 67,000 421,668 14,492 124,352 {14,492) 109 860 49316 Total t￿t aysets 3I5.IMM) 49.316 474,176 Total funds at 31 March 2023 Utyrestrieted fundi Gerternl Designated Restrieted funds Fixed asset investments Current a&sets C1trr￿t liabilities 67.61X) 364293 67.600 508,632 (16,975 94,656 16.975 49.683 Tolxl net assets 77,681 431,893 49,683 559,257 Page 55