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2022-03-31-accounts

Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Catalyst Housing Charitable Trust

Annual Report and Financial Statements

31 March 2022

Registered Charity Number 1113922 Companies House Registered Company Number 5677196

Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Contents
Board members, executives and advisers 2
Report of the Trustees 3 - 8
Independent Auditor’s Report to the members of Catalyst Housing Charitable
Trust		 9 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 24

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Report of the Trustees

Reference & Administrative Information

Secretary & Registered Office

Charity registration number: 1113922 Company registration number: 5677196

Suzanne Maguire (appointed 17 June 2021 resigned 31 May 2022) Brenda Giles (appointed 01 June 2022) Sophie Atkinson (resigned 17 June 2021)

Ealing Gateway 26 - 30 Uxbridge Road Ealing W5 2AU

Trustees

Auditors

Sahil Khan – Chair Dipa Joshi Marie Vernal Karina Skinner Catherine Williams Delphine Merlot

BDO LLP 2 City Place Beehive Ring Road Gatwick West Sussex RH6 0PA

Solicitors

Winckworth Sherwood LLP Minerva House 5 Montague Close London SE1 9BB

Management Team

Bankers

National Westminster Bank Plc Elizabeth Finch Charitable Trust Officer 1 The Mall Ealing W5 2PL

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Report of the Trustees

The Trustees are pleased to present their report together with the audited financial statements for the year ended 31 March 2022.

Structure, Governance and Management

The charity is governed by a Board of Trustees. The Board is responsible for the strategic direction and management of the charity and monitoring the achievements against the charitable objectives. The Board meets quarterly where officers report on project progress, grant award recommendations and financial performance.

The day to day management of the Trust is provided by Catalyst Housing Limited, the parent entity, under the responsibility of its Director of Catalyst Communities. The DOSH Big Lottery (project offered support to tenants living in social housing, in the London Borough of Ealing) both funded support that is similarly provided via Catalyst Housing Limited.

Organisation

The charity was registered as a company on 17 January 2006 with registered company number 5677196. The company received charitable status on 26 April 2006 with registered charity number 1113922.

The charity’s governing documents are the Articles of Association and it is incorporated as a private company limited by guarantee and not having share capital under the Companies Act 2006 and any further legislation of a similar nature and any statutory modification or re-enactment thereof. The Articles of Association grants to the Trustees their general investment powers.

The Trustees who have served during the year and since year end are set out on page 2. All Trustees are appointed by the Catalyst Housing Group board and are not subject to a limited period of time on the board. The Trustees meet quarterly to review the performance of the charity against the business plan.

Trustees are not remunerated. The Members are listed on page 2 of these accounts.

Financial information about Catalyst Housing Charitable Trust’s subsidiary, Southall Day Centre Limited, is set out in Note 8 to the accounts.

On 9 October 2019 the Board of Southall Day Centre Limited agreed to transfer its business to Catalyst Housing Limited. This was subsequently approved by the boards of Catalyst Housing Charitable Trust on 17 October and the board of CHL on 23 October.

From 1 April 2020 Southall Day Centre Limited has transferred all its business to Catalyst Housing Limited.

Risk Management

Risks managed by the charity Board and officers are the appropriate award of grants to residents and local community groups. A set of criteria has to be met which is tested and monitored by the charities administrator. Each community grant has to be agreed by the Board of Trustees.

The Trustees have overall responsibility for establishing, maintaining and reviewing the system of internal controls but day to day responsibility has been delegated to employees at Catalyst Housing Limited. The charity is subject to the same control environment as the rest of the Group and is consistent with ‘Internal Control: Guidance to Directors’ principles. Risks to which the charity is exposed are reviewed on a regular basis and procedures put in place to manage them as far as possible.

A key principle risk at present is the ongoing Covid-19 global pandemic, and its effect on our colleagues, customers, supply chain and wider economy. We will continue to monitor the progress of the pandemic in conjunction with our parent company, and the impact of the customers during this time.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Report of the Trustees

Objectives and Aims

The charity’s mission is to enhance the lives and the communities of West London and the South East in order to create better futures for both the residents of Catalyst Housing Limited and the wider local community.

The objective of the charity is the relief of persons who are in necessitous circumstances and in need of assistance and to improve the social and economic conditions of disadvantaged neighbourhoods by enhancing the independence, choice and prosperity of people that live in them.

Trustees want to maintain their support for practitioners working to help residents reduce debt and improve financial inclusion, into employment or increasing skills and education, ensure young people are able to engage in positive activities outside of school and offer improved community activities in line with service outcomes.

Activities and achievements

The successful launch of the new grants programme has been the focus for 2021/22. After reviewing the grants amid the unique circumstances of the Covid-19 pandemic, a new programme started in April 2021. Two grant funds have been created to meet the service outcomes of the Communities Team. This ensures customers could be supported through hardship as well as to progress their aspirations and in their health and wellbeing needs. It also allows customers to follow through on ideas for events and projects that enhance their communities.

The Customer Support Fund has three streams – Alleviating Hardship, Achieving Aspirations and Health and Wellbeing. Most grants have been awarded to alleviate hardship for residents as the impact of the pandemic continued. A renewed emphasis on prudence has meant being able to support those most in need and keep limited funds available going forward.

The Community Support Fund again has three streams – Events, Project and Green Spaces. As mandatory restrictions and carefulness around social contact continued only a limited number of grants were awarded. As confidence grew particularly near Christmas older customers in particular enjoyed support for parties after the experiencing isolation for so long.

The new grants programme has successfully bedded in and been used well to support customers. Ongoing review has allowed for minor changes to enhance the offer as well as scrutiny of procedures.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Report of the Trustees

Charitable Trust Grants 2021/22

Catalyst Housing Charitable Trust have not had any fundraising activities.

The table shows a breakdown of the two grant programmes across areas of Catalyst Housing Charitable Trust. Customer Support Fund which supports customers in hardship, achieve aspirations and enhance health and wellbeing. This could include but is not limited to household necessities, children’s activities, training and education as well as sports needs and items to reduce isolation. The Community Support Fund has supported groups with festive events as well as garden projects.

groups with festive events as well as garden projects. groups with festive events as well as garden projects. groups with festive events as well as garden projects. groups with festive events as well as garden projects.
Total Budget £100,000
Total Grant Spend £50,140.88 50.14%
of which customer support fund £45,392.16
of which communitysupport f und £4,748.72
Year on Year comparison 21-22 20-21 19-20 18-19 17-18 16-17
Customer Support Fund £45,392.16 £89,010.90 £63,544.76 £45,636.85 £45,851.59 £38,324.95
Community Support Fund £4,748.72 £3,166.45 £9,475.48 £5,789.22 £3,930.52 £3,228.00
TOTAL £50,140.88 £92,177.35 £73,020.24 £51,426.07 £49,782.11 £41,552.95
Spend by fund Spend by fund Applications
made		 Applications
Paid		 Spend
Customer Support
Fund		 Alleviating
Financial
Hardship Fund		 89 84 £37,647.46
Achieving
Aspirations
Fund		 11 10 £3,885.12
Improving
Health &
Wellbeing Fund		 29 23 £3,859.58
Community Support Fund Community
Projects Fund		 2 2 £1,300.00
Community
Events Fund		 10 9 £3,448.72
Green Spaces
Fund		 0 0 £0.00
Total 141 128 £50,140.88

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Report of the Trustees

Financial Review

Grant awards are met from the charity’s remaining reserves.

Reserves policy

The charity has a number of designated reserves; the purpose of the funds is to give grants and loans to community groups delivering projects to benefit the community in their areas of operation, at the discretion of the sub-committees. The balance of the designated reserves at the year-end was £275,786 – Note 13.

The designated fund for Southall Day Centre Building and Repairs Fund is specifically for the maintenance of 20 Western Road, which is owned by the Trust. This fund receives a £10,000 per annum transfer from the unrestricted fund plus 2.5% interest on the previous year’s balance.

The company calculate the reserves as that part of the charity’s unrestricted income funds that is freely available after taking account of designated funds that have been earmarked for specific building or major equipment purchase, research and other projects.

The available reserves currently stand at £152,833 and are calculated as follows:

Total unrestricted funds of £428,619 Less designated funds (£275,786) Available reserves £152,833

Results

The deficit for the year amounted to £63,065 (2021: £128,519). In the 2021 financial year there was grant activity in respect of The Big Lottery and Active Londoner both of which completed in 2021.

Outlook for 2022/23

The focus for 2022/23 will be on ensuring successful delivery of the grant programme. The main actions for the year will be:

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Report of the Trustees

Going Concern

Available reserves are £152,833 and the budget for 2022/2023 is £141,232. After reviewing the charity forecasts and the results of the stress testing, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for a period of no less than 12 months from the date of sign off of the financial statements. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Auditors

Catalyst Housing Charitable Trust has no requirement for an Annual General Meeting, as such the auditors appointment will continue until such time as the Trustees appoint new auditors.

Disclosure of information to the auditors

The Trustees who held office at the date of approval of this report confirm that, so far as they are each aware, there is no relevant audit information of which the charity’s auditors are unaware; and each trustee has taken all the steps that he/ she ought to have taken as a Trustee to make himself/herself aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Report of the Trustees

Statement of Trustees Responsibilities in Respect of the Trustees Report and the Financial Statements

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including its profit or loss of the charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for ensuring that the report of the board is prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the Trustees. The Trustees responsibility also extends to the ongoing integrity of the financial statements contained therein.

In preparing the Trustees report the Trustee have taken advantage of the exemptions allowed for small companies as set out in the Companies Act 2006.

Approved by the Trustees and signed on their behalf by:

Sahil Khan Chair

Date 12 August 2022

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

INDEPENDENT AUDITOR’S REPORT TO MEMBERS OF CATALYST HOUSING CHARITABLE TRUST

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of Catalyst Housing Charitable Trust (“the Charitable Company”) for the year ended 31 March 2022, which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, 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).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The other information comprises the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Trustee’s report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;

Responsibilities of Trustees

As explained more fully in the Statement of Trustees Responsibilities in Respect of the Trustees Report and the Financial Statements, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Audit procedures capable of detecting irregularities including fraud performed by the engagement team included:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Use of our report

This report is made solely to the Charitable 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 Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Cliftlands (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Gatwick, UK

Date: 28 October 2022

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Statement of financial activities (Including the income and expenditure account) Year ended 31 March


Year ended 31 March
Note Unrestricted
Restricted
Total funds		 Total funds
funds funds
2022		 2021
Income £
£
£		 £
Investment income 31
-
31		 1,532
Donations 390
-
390		 -
Income from charitable activities 2 28,500
6,460
34,960		 214,972
______
____		 ______ ______
Total income 28,921
6,460
35,381		 216,504
______
____		 ______ ______
Expenditure
Expenditure on charitable activities 3 (91,986)
(6,460)
(98,446)		 (345,023)
__ ____ __ __
Total expenditure (91,986)
(6,460)
(98,446)		 (345,023)
__ ____ __ __
Net expenditure (63,065)
-
(63,065)		 (128,519)
_______
____		 ______ ______
Net movement in funds
(128,519)
Total funds brought forward 491,684
-
491,684		 620,204
____ ____ ____ ____
Total funds carried forward 12,13,14 428,619
-
428,619		 491,684
____ ____ ____ ____

All income and expenditure derive from continuing activities.

The notes on pages 16 to 24 form part of these financial statements.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022 Registered Number 5677196

Balance sheet
As at 31 March
Note 2022 2021
Fixed assets £ £
Tangible assets 7 117,560 119,061
Investments 8 58 58
__ __
117,618 119,119
__ __
Current assets
Debtors 9 - -
Cash and cash equivalents 10 330,654 434,956
__ __
330,654 434,956
__ __
Creditors: amounts falling due within one year 11 (19,654) (62,390)
__ __
Net current assets 311,000 372,566
__ __
Net assets 428,619 491,685
__ __
The funds of the charity
Unrestricted income funds 12 428,619 491,685
__ __
Total charity funds 14 428,619 491,685
__ __

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

These financial statements were approved and authorised for issue by the Trustees on 12.08.2022 and signed on their behalf by:

Sahil Khan Chair

12 August 2022

The notes on pages 16 to 24 form part of these financial statements.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Statement of cash flows Year ended 31 March

2022 2021
Note £ £
Cash flows from operating activities
Net movement in funds (63,065) (128,520)
Adjustments for:
Depreciation of fixed assets – other 7 1,501 1,501
Interest received (31) (1,531)
Movement in trade and other debtors 9 - 212
Movement in trade and other creditors 11 (42,739) (221,179)
_ _
Net cash generated (used in) operating
activities (104,333) (349,517)
_ ______
Cash flows from investing activities
Interest received 31 1,531
_ _
Net cash from investing activities 31 1,531
_ _
Net (decrease) in cash and cash equivalents (104,302)
 (347,986)
Cash and cash equivalents at beginning of the 434,956 782,942
year
_ _
Cash and cash equivalents at end of the year 330,654 434,956
_ _

The notes on pages 16 to 24 form part of these financial statements

Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Notes to the financial statements

1. Accounting policies

Catalyst Housing Charitable Trust is a charity incorporated in England and Wales under the Companies Act.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice: Accounting & Reporting by Charities (SORP 2015) issued in March 2015 and the Companies Act 2006.

Catalyst Housing Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of a performance or provision of other specified service is deferred until the criteria for income recognition are met.

Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Notes to the financial statements

1 Accounting policies continued

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of work or a specific project. The charity holds designated fund reserves for the purpose of giving grants and loans to community groups delivering projects to benefit the community in their areas of operation and to maintain the Trustees’ obligations on 20 Western Road, Southall, respectively.

Going concern

Available reserves are £152,833 and the budget for 2022/2023 is £141,232. After reviewing the charity forecasts and the results of the stress testing, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for a period of no less than 12 months from the date of sign off of the financial statements. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified as ‘Expenditure on charitable activities’ and includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Tangible fixed assets

Individual fixed assets are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

Asset category Annual rate
Freehold property 2%
Computer equipment 25%

Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as condition of the asset and future use of the asset are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash at bank and cash equivalents includes cash and deposit investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Notes to the financial statements

1 Accounting policies continued

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Judgements in applying accounting policies and key sources of estimations.

In preparing these financial statements the key judgements have been made in respect of the following:

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the programmes and activities. These costs have been allocated to expenditure on charitable activities.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Notes to the financial statements

2 Income from charitable activities

Unrestricted Restricted Total Total
funds funds 2022 2021
£ £ £ £
Community Enterprise 22,500 - 22,500 22,500
DOSH Plus 6,460 6,460 158,272
Active Londoners - - - 34,200
Connolly Foundation 6,000 6,000
_ _ _ _
Total income from charitable activities 28,500 6,460 34,960 214,972
__ __ __ __

3 Expenditure on charitable activities

Activities Grant
undertaken funding of Support
Total		 Total
directly activities costs 2022 2021
£ £ £ £ £
Charitable activities:
Community Enterprise 50,141 - - 50,141 113,300
Governance costs 40,344 - 1,501 41,845 49,462
DOSH Plus - 6,460 - 6,460 158,272
Active Londoners - - - 23,989
___ __ __ ___ ___
Total expenditure on
charitable activities		 90,485 6,460 1,501 98,446 345,023
___ __ __ ___ ___
Net income/(expenditure) is stated after charging: 2022 2021
£ £
Depreciation 1,501 1,501
____ ____

Expenditure on charitable activities was £98,446 (2021: £345,023) of which £90,485 (2021: £161,261) was unrestricted and £6,460 (2021: £183,762) was restricted.

Audit fees for the current year and prior year have been borne by the parent company, Catalyst Housing Limited.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Notes to the financial statements

4 Catalyst Housing Charitable Trust sub-committee grant awards

In the period to 31 March 2022, the charity awarded grants of £50,141 through the Catalyst Gateway Grants Committee.

5 Employee information

The number of employees employed during the year, expressed as full time equivalents was 1 (2021: 2). The employee costs for the above persons including salaries, social security costs and cost of pension scheme contributions, total £21,413 (2021: £72,149).

6 Trustees

No trustees, or any person with a family or business connection with any of the trustees, has received remuneration, directly or indirectly, from the charity (2021: £nil). None of the trustees were reimbursed for out of pocket expenses by the charity (2021: none), however travel expenses were reimbursed by Catalyst Housing Limited.

7 Tangible fixed assets

Cost
At 1 April 2021
At 31 March 2022
Depreciation
At 1 April 2021
Charge for year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Freehold
Property
Computer
Equipment
£
£
175,000
884
_
_
175,000
884
_
_
(55,939)
(884)
(1,501)
-
_
_
(57,440)
(884)
_
_
117,560
-
_
_
119,061
-
_
____
 Total
£
175,884
_
175,884
_
(56,823)
(1,501)
_
(58,324)
_
117,560
_
119,061
_

Freehold Property represents the Southall Day Centre building. The legal title of the property was transferred from Ealing Family Housing Association Limited in the year ending 31 March 1991 to Ealing Family Charitable Trust and then to the charity (known as Catalyst Communities Trust at the time of transfer) on 19 December 2006 and is shown in the balance sheet at historic cost less accumulated depreciation.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Notes to the financial statements

8 Investments

Investments
2022 2021
£ £
Ordinary shares in Southall Day Centre Limited 58 58
__ __

This represents a 100% share of the issued £1 ordinary shares in the company, which is a charity registered in England. A Summary Statement of Financial Activities and Balance Sheet is provided below for Southall Day Centre for the year ended 31 March 2022.

The Southall Day Centre is a dormant entity and had no activities.

Balance sheet - Southall Day Centre 2022 2021
Limited
£ £
Fixed assets -
Current assets 58 58
Current liabilities -
___ ___
Net assets 58 58
___ ___
Called up share capital 58 58
Unrestricted funds - -
_ _
Total funds 58 58
__ __

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Notes to the financial statements

9 Debtors
2022 2021
£ £
Trade debtors - -
__ __
10 Cash and cash equivalents
2022 2021
£ £
Cash and cash equivalents 330,654 434,956
__ __
11 Creditors: amounts falling due within one year
2022 2021
£ £
Trade Creditors - 594
Accruals and deferred income 8,281 41,730
Amounts due to group undertakings 11,374 20,066
__ __
19,655 62,390
__ __
12 Unrestricted income funds
£
At 1 April 2021 491,684
Total income 35,381
Total expenditure (98,446)
__
At 31 March 2022 428,619
__

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Notes to the financial statements

13 Unrestricted income funds

Designated funds

Designated funds
Balance Incoming/ Transfer to Balance
1 April (Outgoing) designated 31 March
2021 Resources funds 2022
£ £ £ £
Southall Day Centre Building & Repairs Fund 125,965 - 13,149 139,114
Property fund 119,061 (1,501) - 117,558
Roundwood and Church End 150 - - 150
Catalyst Gateway Grants Committee 18,962 - - 18,962
__ __ __ __
264,138 (1,501) 13,149 275,786
__ __ __ __
Fixed Net Total
Fund balances are represented by: assets Current
assets
£ £ £
Southall Day Centre building and repairs fund - 139,114 139,114
Property Fund 117,558 - 117,558
Roundwood and Church End - 150 150
Catalyst Gateway Grants Committee - 18,962 18,962
__ __ __
117,558 158,226 275,786
__ __ __

The Catalyst Gateway Grants Committee designated funds, totalling £18,962 for the purpose of giving grants and loans to community groups delivering projects to benefit the community in their areas of operation, at the discretion of the sub-committees.

The designated fund for Southall Day Centre building and repairs is specifically for the maintenance of 20 Western Road, which is owned by the Trust. This fund receives a £10,000 per annum transfer from the unrestricted fund plus 2.5% interest on the previous year’s balance.The Southall Day Centre Building & Repairs Fund represents amounts held to maintain the Trustees’ obligations on 20 Western Road, Southall.

The property fund arose from property gifted to the Trust and is maintained at the balance of tangible fixed assets.

The Roundwood & Church End Fund represents donations received specifically for welfare payments to tenants on the Roundwood & Church End Estates (historically part of Fortunegate Community Housing).

The Designated funds are recognised separately for internal classification and there are simply part of the unrestricted funds.

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Catalyst Housing Charitable Trust Financial Statements 31 March 2022

Notes to the financial statements

14 Analysis of net assets between funds

Restricted Unrestricted Total
funds
funds		 funds
£ £ £
Tangible fixed assets - 117,560 117,560
Investments - 58 58
Cash at bank and in hand - 330,654 330,654
Other net current liabilities - (19,655) (25,847)
___ ___ ___
- 428,619 428,619
___ ___ ___

15 Transactions with related parties

The financial statements include annual rental income of £22,500 from Southall Day Centre Activities under Catalyst Housing Limited.

The charity paid staff recharges of £Nil (relating to Catalyst Housing Limited’s staff time spent on the charity’s project delivery) (2021: £35,588) and corporate overheads of £18,894 to Catalyst Housing Limited (2021: £10,506).

16 Parent entity

The charity’s parent is Catalyst Housing Limited, a Registered Provider of Social Housing, but the charitable activities are independently managed by the Trustees. The consolidated accounts of Catalyst Housing Limited are available from their registered office, Ealing Gateway, 26-30 Uxbridge Road, London, W5 2AU.

On April 1st, 2022, Catalyst Housing Limited became a subsidiary of the Peabody Trust, making Peabody the ultimate controlling entity of Catalyst Housing Charitable Trust from this date.

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