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QUO VADIS TRUST
Company Registration No: 05876659 Charity Registration No: 1116196 Regulator of Social Housing No: 4703
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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QUO VADIS TRUST Report of the Board For the year ended 31 March 2024
Index to Report and Accounts
| Page | |
|---|---|
| Report of the Board | 1-7 |
| Independent Auditors' Report to the Members | 8-11 |
| Statement of Comprehensive Income | 11 |
| Statement of Changes in Reserves | 12 |
| Statement of Financial Position | 13 |
| Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15-25 |
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QUO VADIS TRUST REPORT OF THE BOARD FOR THE YEAR ENDED 31 MARCH 2024
LEGAL AND ADMINISTRATIVE DETAILS
The Company was formed on 14[th] July 2006 and took over the assets, liabilities and operations of Quo Vadis, a charitable trust, from 6[th] April 2007. Quo Vadis Trust is also a registered charity and registered under the Regulator of Social Housing (RSH)
Registered Company No.: 05876659
Registered Charity No.: 1116196
RSH Registration number: 4703
Registered Office: 92 Brownhill Road Catford, London SE6 2EW
Professional Advisors
Moore Kingston Smith Lloyds Bank Registered Auditors 3[rd] Floor 9 Appold Street 25 Gresham Street London London EC2A 2AP EC2V 7HN
Directors
The directors of the company serve as the charitable company’s trustees. The following served as directors from 1st April 2023 to the date of this report.
Michael Peters Chair appointed 28-02-22 Dr Susan Upton appointed 09-02-19 Phil Clark appointed 18-05-21 Harish Jani appointed 16-05-22 Winston Caine appointed 25-07-22 Fredda Cobbina appointed 25-07-22 Dwayne Quincy- Stone appointed 25-07-22
The Board presents the financial statements for the year ended 31[st] March 23.
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QUO VADIS TRUST REPORT OF THE BOARD FOR THE YEAR ENDED 31 MARCH 2024
OBJECTS AND PRINCIPAL ACTIVITIES
Quo Vadis Trust (QVT) is an award-winning housing association and charity based in Greater London. We provide supported accommodation to those over 18 unable to fulfil their life ambitions through personal barriers made vulnerable by their life circumstances. Our service delivery is tailored to individual needs, supports recovery and maximises independence to enhance the individual’s quality of life.
Review of the Year
During the last financial year to March 24, our Board of Trustees continued to support and oversee all of the good work that Quo Vadis Trust (QVT) does in South London. I am pleased to report that following a period of change we have completed a full year together as a Board of Trustees and in that time continued to have regular reviews both with formal meetings and consultations as required. Our Trustee led sub committees on areas such as audit and regulation and governance were held at least every quarter. With the diversity of the experience in our board, we trust that we delivered the guidance and governance needed for a successful year for QVT.
Our strategy continues to be
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Expertise and high level of service provision
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Diversification
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Holistic Client Intervention
QVT provides quite a wide portfolio of services ranging from 24-hour high needs support to low support assisted living. We continue to work very closely with the local community and councils and our aim is to provide assisted accommodation to those in need with the approval of the local councils in South London. We also run two care homes and provide that special care for those residents.
Our aim is to provide better quality accommodation to our residents and with that aim in mind we had handed back some properties back to landlords and acquired new ones with much better facilities. In total we had 185 community units at the end of March 24 plus 18 care home units. So, in total we had 203 units, and the Board is in the process of acquiring further accommodation to serve the community better.
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QUO VADIS TRUST REPORT OF THE BOARD FOR THE YEAR ENDED 31 MARCH 2024
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QUO VADIS TRUST REPORT OF THE BOARD FOR THE YEAR ENDED 31 MARCH 2024
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QUO VADIS TRUST REPORT OF THE BOARD FOR THE YEAR ENDED 31 MARCH 2024
Future Plans in 24-25
QVT strategy for the future is to provide the highest quality accommodation possible and is actively reshaping its property portfolio accordingly. We have recently acquired and opened new flagship accommodation in a 21-room property in Croydon which will be utilised for high needs care. We are pleased to announce that this property had been commissioned with the very close cooperation of Croydon Council.
QVT is also carrying out an extensive restoration of its Verdant Lane property, further improving the quality of the accommodation and facilities.
The QVT management team work diligently to identify new and carry out extensive vetting and financial due diligence to ensure that each will meet the necessary standards and suitability criteria. The Board are committed to supporting the management team in these activities by standing ready to provide oversight and guidance when necessary or requested.
SAFEGUARDING
QVT has a robust safeguarding policy, and procedures which guide our practice. This is reviewed annually or when relevant legislative changes are made. At QVT Safeguarding is everybody’s business and as such, forms an important part of our mandatory rolling programme of training and refreshers for Staff and Trustees. We are a member of Lewisham Borough Providers community partnership.
Governance
QVT’s governance structure is built around its articles of association. As Chair of the Board, I am pleased to report that we have expertise in all aspects of governance, and we continue to train and provide special courses to the Trustees to ensure that we are fully compliant with the regulations.
BOARD MEMBERS OBLIGATIONS
The Board deals with the policy, strategy, and business effectiveness of the organisation and ensures its good governance, compliance with the law, code of governance and regulatory requirements. It works with the executive to ensure this is achieved and is satisfied that this year the organisation is compliant with all requirements.
Financial Review of the Year
In the year to March QVT had a surplus of just over half a million pounds compared to £600k in the previous year. QVT follows a policy of ensuring that it remains solvent and can meet its obligations to fulfil its commitments on the portfolio of the leases. The total unrestricted reserves were £3.9m in March24. (£3.4m in 23).
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QUO VADIS TRUST REPORT OF THE BOARD FOR THE YEAR ENDED 31 MARCH 2024
The restricted reserves were minimal, and they are being used to fund the specific activities that they were earmarked for. During the year QVT utilised nearly £35k on specific projects which are listed in note 16 to the accounts. QVT is carrying forward just under £4k in restricted reserves at March 2024.
QVT continues to use the cash generated to make improvements to its facilities and spent over a £100k on improvements (this represents 20% of the financial surplus) and it also used the surplus from cash flow to service its loan and capital repayments. This amounted to £313k in 24 (£330k in 23).
With its commitments, QVT maintains enough liquidity to service its operations and at the end of financial year to April, the balance was £1.5m (£1.1m in 23).
QVT sees next as a year of consolidation and its current plans and projections show a reduced surplus with acquisition of better properties and even a more settled environment. To improve the quality of service the headcount in 2024 was higher. We had 85 staff in total in 2024 compared to 72 in 2023.
QVT is placed well to make good progress and provide even a better service going forward.
BY ORDER OF THE BOARD
Michael Peters (Chair) 9/8/2024 Date:
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QUO VADIS TRUST Independent Auditors' Report to the Members For the year ended 31 March 2024
Opinion
We have audited the financial statements of Quo Vadis Trust for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, the Statement of Changes in Reserves, the Statement of Financial Position, the Cash Flow Statement 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the association’s affairs as at 31 March 2024, and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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• have been prepared in accordance with the requirements of the Co-operative and Community Benefit Societies Act 2014, the Housing and Regeneration Act 2008, the Accounting Direction for Private Registered Providers of Social Housing 2022, and the Statement of Recommended Practice for registered social housing providers 2018.
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 financial statements section of our report. We are independent of the association in accordance with the ethical requirements that are 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Board members’ 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 Board members with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Board members are responsible for the other information. 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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.
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QUO VADIS TRUST Independent Auditors' Report to the Members For the year ended 31 March 2024
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.
We have nothing to report in respect of the following matters where the Co-operative and Community Benefit Societies Act 2014 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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• certain disclosures of trustees’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit.
Responsibilities of Board members
As explained more fully in the Board responsibilities statement, the Board members 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 Board members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board members 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 Board members either intend to liquidate the association or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line 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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.
Our approach was as follows:
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We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are Co-operative and Community Benefit Societies Act 2014, the Housing and Regeneration Act 2008, the Accounting Direction for Private Registered Providers of Social Housing 2022, and the Statement of Recommended Practice for registered social housing providers 2018, and UK financial reporting standards as issued by the Financial Reporting Council.
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We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
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We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
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We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
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Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
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QUO VADIS TRUST Independent Auditors' Report to the Members For the year ended 31 March 2024
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the association’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board members.
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Conclude on the appropriateness of the Board members’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the association’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the association to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the association's members, as a body, in accordance with the Co-operative and Community Benefit Societies Act 2014. Our audit work has been undertaken so that we might state to the association’s Board 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 any party other than the association and association's members as a body, for our audit work, for this report, or for the opinion we have formed.
Neil Finlayson (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP, Statutory Auditor
6th Floor 9 Appold Street London EC2A 2AP
Date: 12/8/2024
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QUO VADIS TRUST Statement of Comprehensive Income For the year ended 31 March 2024
| Note Turnover 2 Operating costs 2 Operating Surplus 2 Interest receivable and similar income 5 Interest payable 6 Surplus on Ordinary Activities 7 |
2024 £ 6,492,690 (5,883,425) 609,265 19,263 (115,579) 512,949 |
2023 £ 5,756,368 (5,031,361) |
|---|---|---|
| 725,007 1,852 (125,274) |
||
| 601,585 |
All of the activities of the Registered Provider relate to continuing operations.
There were no recognised gains or losses for the accounting years shown above other than those included in the statement of comprehensive income.
There is no difference between the reported surplus for the period and the historical cost surplus.
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QUO VADIS TRUST Statement of Changes in Reserves For the year ended 31 March 2024
| Note Balance at 1 April 2022 Surplus for the year Transfer 17 Balance at 1 April 2023 (Deficit)/Surplus for the year 16 Transfer 17 Balance at 31 March 2024 |
Restricted Reserves £ 9,092 (4,829) 157 4,420 (929) - 3,491 |
Unrestricted Reserves £ 2,754,644 606,414 27,010 3,388,068 513,878 - 3,901,946 |
Total £ 2,763,736 601,585 27,167 |
|---|---|---|---|
| 3,392,488 512,949 - |
|||
| 3,905,437 |
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QUO VADIS TRUST Statement of Financial Position at 31 March 2024
| Note | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | |||
| Housing properties (Cost less depreciation) | 11 | 4,542,705 | 4,628,301 |
| Other fixed assets | 12 | 13,286 | 59,505 |
| 4,555,991 | 4,687,806 | ||
| Current Assets | |||
| Debtors | 13 | 453,615 | 447,915 |
| Cash at bank and in hand | 1,537,298 | 1,092,070 | |
| 1,990,913 | 1,539,985 | ||
| Creditors: Amounts falling due | |||
| within one year | 14 | (588,523) | (526,235) |
| Net Current Assets | 1,402,390 | 1,013,750 | |
| Total Assets less Current Liabilities | 5,958,381 | 5,701,556 | |
| Creditors: Amounts due after | |||
| more than one year | 15 | (2,052,944) | (2,309,068) |
| Total Net Assets | 3,905,437 | 3,392,488 | |
| Capital and Reserves | |||
| Unrestricted reserves - general | 17 | 3,570,270 | 3,056,726 |
| Unrestricted reserves - designated | 17 | 331,676 | 331,342 |
| Restricted reserves | 16 | 3,491 | 4,420 |
| 3,905,437 | 3,392,488 |
9/8/2024 The financial statements were approved on under the delegated authority given by the Board of Management and signed on its behalf by:
Michael Peters (Chair)
Company registration number: 05876659
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QUO VADIS TRUST Cash Flow Statement For the year ended 31 March 2024
| Note Net cash inflow from operating activities (i) Returns on investments and servicing of finance (iia) Capital expenditure and financial investment (iib) Increase in cash in the year (iii) Notes to the cash flow statement (i) Reconciliation of change in resources to net inflow from operating activities Net incoming resources Depreciation Decrease /(increase) in debtors Increase in creditors Net cash inflow from operating activities (ii) Analysis of cash flows a. Returns on investments and servicing of finance Repayments Interest received Interest paid b. Capital expenditure and financial investment Payments to acquire housing property assets Payments to acquire other fixed assets (iii) Analysis of net debt Cash at bank and in hand Loans due within one year Loans due after one year Total Cash at bank and in hand Loans due within one year Loans due after one year Total |
At 1 April 2023 £ 1,092,070 (218,354) (2,309,068) (1,435,352) At 1 April 2022 £ 591,895 (212,215) (2,522,563) (2,142,883) |
2024 £ 844,423 (313,367) (105,828) 425,228 609,265 237,643 (5,700) 3,215 844,423 (217,051) 19,263 (115,579) (313,367) (105,828) - (105,828) Cash flow £ 445,228 (39,073) 256,124 662,279 Cash flow £ 500,175 (6,139) 213,495 707,531 |
2023 £ 868,513 (330,778) (64,727) |
|---|---|---|---|
| 473,008 | |||
| 725,007 235,409 (96,197) 4,294 |
|||
| 868,513 | |||
| (207,356) 1,852 (125,274) |
|||
| (330,778) | |||
| (40,084) (24,643) |
|||
| (64,727) | |||
| At 31 March 2024 £ 1,537,298 (257,427) (2,052,944) |
|||
| (773,073) | |||
| At 31 March 2023 £ 1,092,070 (218,354) (2,309,068) |
|||
| (1,435,352) |
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QUO VADIS TRUST Notes to the Financial Statements For the year ended 31 March 2024
1 Accounting policies
The financial statements of the Registered Provider have been prepared in accordance with UK Generally Accepted Accounting Practice (UKGAAP) including Financial Reporting Standard 102 (FRS 102) and in accordance with the Co-operative and Community Benefit Societies Act 2014, the Accounting Direction for Private Registered Providers of Social Housing 2022, and the Statement of Recommended Practice for registered social housing providers 2018.
Accounting Convention
The financial statements are prepared under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the association. Monetary amounts in these financial statements are rounded to the nearest pound.
Going concern
The board have assessed whether the use of the going concern basis is appropriate. They have considered all current and possible risks, events and conditions that might have a significant impact on the charity’s performance over the foreseeable future. They have concluded that there is a reasonable expectation that the company has adequate resources to continue in operation beyond 12 months from the date of approval of the financial statements.
Turnover
Turnover represents income from lettings, Registered Care Home fees, amounts received under Supporting People contracts and revenue grants receivable from Local Authorities and other funders due as at the year end date.
Within income from lettings are service charges which represent all amounts billed to tenants other than that representing core rent and recoverable council tax.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
Tangible Fixed Assets
Housing properties with the exception of freehold land are stated at cost less accumulated depreciation. Assets are only capitalised where the cost of acquisition and installation exceeds £1,000.
Freehold land and assets in the course of construction are not subject to depreciation. Depreciation is charged on a straight-line basis over the useful economic lives of fixed asset components to write off the cost to the estimated residual value at the end of the following time periods:
| Main fabric | 100 years |
|---|---|
| Roof structure | 70 years |
| Electrics | 40 years |
| Window and external doors | 30 years |
| Bathroom | 30 years |
| Mechanical systems | 30 years |
| Kitchen | 20 years |
| Gas boilers/fires | 15 years |
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QUO VADIS TRUST Notes to the Financial Statements For the year ended 31 March 2024
1 Accounting policies (Continued)
Depreciation is provided on the cost of non-property fixed assets by equal annual instalments at the following rates, in order to write off each asset over its estimated useful life or lease term, whichever is the shorter.
Vehicles 25% straight line IT Hardware 25% straight line Fixture and fittings 20% straight line Office equipment 15% straight line
Operating Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Rentals paid under operating leases are charged to the Income and Expenditure account as incurred.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Social Housing Grant (SHG) and other Grants
SHG is receivable from Homes England (formerly Homes and Communities Agency), local authorities and other government organisations. Government grants received for housing are recognised in income and expenditure over the useful life of the housing property structure and, where applicable, its individual components (excluding land) under the accruals model.
Government grants received in respect of revenue expenditure is credited to the income and expenditure account over the same period as the expenditure to which they relate once reasonable assurance has been gained that the entity will comply with the conditions and that the funds will be received.
Grants due from government agencies or received in advance are included as current assets or liabilities. Government grants received for housing purposes are subordinated to the repayment of loans by agreement with Homes England (formerly Homes and Communities Agency). SHG released on sale of a property may be repayable but is normally available to be recycled and is credited to a Recycled Capital Grant Fund and included in the statement of financial position in Creditors.
If there is no requirement to recycle or repay the grant on disposal of the asset, any unamortised grant remaining within creditors is released and recognised as income in the income and expenditure account.
Works to Existing Housing Properties
The Trust capitalises expenditure on housing properties which replaces or restores an existing component; or increases the net rental stream over the life of the property. An increase in the net rental stream may arise through an increase in the rental income, a reduction in future maintenance costs, or a significant extension of the life of the property.
Supporting People
Supporting People income represents the value of current Supporting People contracts and is taken to the Statement of Comprehensive Income account in the period to which it relates.
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QUO VADIS TRUST Notes to the Financial Statements For the year ended 31 March 2024
1 Accounting policies (Continued)
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short- term liquid investments with original maturities of three months or less.
Financial instruments
Financial instruments are recognised in the association's balance sheet when the association becomes party to the contractual provisions of the instrument.
The association has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Reserves
Restricted Reserves are monies received from charitable, private or corporate bodies where the donor has requested that the monies are used for a specific purpose or a specific project, and these sums remain unspent at the balance sheet date. The Designated Reserve for future maintenance and major repairs is a reserve to support the Registered Provider’s commitment to maintain its properties with a continuing programme of refurbishment and maintenance.
Pension Costs
The Registered Provider operates a defined contribution pension scheme whereby they agree to contribute to an employee's salary-related pension.
Payments to the pension schemes are charged to the Statement of Comprehensive Income account in the financial year in which they are payable.
Significant Judgements and Estimates
In the application of the Registered Provider's accounting policies, the Board of Management are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The items in the financial statements where these judgements and estimates have been made include:
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Impairment
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Recoverability of rental income and care charges
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Depreciation
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Docusign Envelope ID: BD0F8381-8794-45B3-BE24-DE77446A631D
| 2023 | Operating | Surplus | £ | 719,689 | (54,178) | 43,523 | (4,829) | 20,802 | 725,007 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | Operating | Costs | £ | 4,387,650 | 610,433 | - | 33,278 | - | 5,031,361 | |||
| 2023 | Turnover | £ | 5,107,339 | 556,255 | 43,523 | 28,449 | 20,802 | 5,756,368 | ||||
| 2024 | Operating | Surplus | £ | 641,103 | (69,579) | 36,306 | (929) | 2,364 | 609,265 | |||
| 2024 | Operating | Costs | £ | 4,891,728 | 956,776 | - | 34,921 | - | 5,883,425 | |||
| 2024 | Turnover | £ | 5,532,831 | 887,197 | 36,306 | 33,992 | 2,364 | 6,492,690 | ||||
| Income and expenditure from Social Housing Lettings | Social Housing Lettings | Grants and Other Income from Local Authorities | and Other Agencies | Care Home income | Contract income | Restricted grant income | Other income |
Docusign Envelope ID: BD0F8381-8794-45B3-BE24-DE77446A631D
QUO VADIS TRUST Notes to the Financial Statements For the year ended 31 March 2024
3 Particulars of Operating Surplus from Social Housing Lettings
| Property Management Income from Social Housing Lettings Service charges Net income from lettings Expenditure Management Services Routine Maintenance Property Rental Costs Insurance Bad Debt Charge Operating Surplus on Social Housing Lettings Voids * |
2024 £ 5,397,801 135,030 5,532,831 2,640,085 527,468 280,609 1,350,301 44,592 48,673 4,891,728 641,103 (131,127) |
2023 £ 4,968,133 139,206 |
|---|---|---|
| 5,107,339 | ||
| 2,153,727 575,600 317,859 1,270,047 32,657 37,759 |
||
| 4,387,649 | ||
| 719,690 | ||
| (110,602) |
- Voids represent income lost due to having a room empty that is unable to earn income.
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Docusign Envelope ID: BD0F8381-8794-45B3-BE24-DE77446A631D
QUO VADIS TRUST Notes to the Financial Statements For the year ended 31 March 2024
| 4 Accommodation in Management Properties: General and Supported Housing Care Home Units: General and Supported Housing Care Home 5 Interest Receivable and Similar Income Bank interest 6 Interest Payable and Similar Charges Interest payable on housing loans repayable wholly or partly in more than 5 years 7 Surplus on Ordinary Activities This is stated after charging: External auditors' remuneration - current year External auditors' remuneration - non audit services Operating lease payments - property rent Depreciation on tangible fixed assets |
2024 28 2 30 196 18 214 2024 £ 19,263 2024 £ 115,579 2024 19,900 3,680 1,350,301 237,643 |
2023 28 2 |
|---|---|---|
| 30 | ||
| 196 18 |
||
| 214 | ||
| 2023 £ 1,852 |
||
| 2023 £ 125,274 |
||
| 2023 17,405 3,480 1,270,047 235,409 |
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Docusign Envelope ID: BD0F8381-8794-45B3-BE24-DE77446A631D
QUO VADIS TRUST Notes to the Financial Statements For the year ended 31 March 2024
8 Directors' Emoluments
| Directors' Emoluments | 2024 | 2023 |
| £ | £ | |
| The remuneration paid to the key management personnel of the Registered Provider (the | ||
| Board, the Chief Executive and other members of the Senior Management Team) was: | ||
| Emoluments (including pension contributions, employers national insurance and benefits in | ||
| kind) | 337,727 | 319,159 |
| Emoluments (excluding pension contributions) include amounts | ||
| accrued to the highest paid director | 100,305 | 84,800 |
| The Chief Executive has a personal pension to which the Association contributes a fixed | ||
| percentage of contractual salary: | 5,879 | 5,307 |
| The Board of Management are not executive staff members and received no emoluments during the year | (2023: £nil). | |
| No (2023: 0) members of the Board of Management were reimbursed travel expenses (2023: | £nil). |
| 9 Employee Information The average weekly number of persons (including the Chief Executive) employed during the year was: House Staff Head Office Support The full time equivalent number of persons (including the Chief Executive) employed during the year was: House Staff Head Office Support Staff costs (for the above persons) Wages and salaries Social security costs Other pension costs Redundancy costs |
2024 No. 63 22 85 46 20 66 £ 2,410,082 228,557 61,596 - 2,700,235 |
2023 No. 51 21 |
|---|---|---|
| 72 | ||
| 38 18 |
||
| 56 | ||
| £ 1,813,532 177,138 49,614 - |
||
| 2,040,284 |
The number of employees who received total remuneration (excluding pension contributions) exceeding £60,000 or above were:
| 2024 | 2023 | |||
|---|---|---|---|---|
| No. | No. | |||
| £60,000 to £69,999 | - | 1 | ||
| £70,000 to £79,999 | 1 | 1 | ||
| £80,000 to £89,999 | - | 1 | ||
| £100,000 to £109,999 | 1 | - | ||
| £110,000 to £119,999 | 1 | - |
10 Taxation
The Registered Provider is a registered charity and its surplus for the year is not chargeable to corporation tax.
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Docusign Envelope ID: BD0F8381-8794-45B3-BE24-DE77446A631D
QUO VADIS TRUST Notes to the Financial Statements For the year ended 31 March 2024
11 Property Fixed Assets
| Freehold Short leasehold Land and Buildings Building Improvements Cost £ £ At 1 April 2023 4,566,678 1,002,086 Additions - 105,828 Disposals - - At 31 March 2024 4,566,678 1,107,914 Depreciation At 1 April 2023 254,148 686,315 Charge for the year 49,306 142,118 Eliminated on disposal - - At 31 March 2024 303,454 828,433 Net Book Value At 31 March 2024 4,263,224 279,481 At 31 March 2023 4,312,530 315,771 |
Total £ 5,568,764 105,828 - |
|---|---|
| 5,674,592 | |
| 940,463 191,424 - |
|
| 1,131,887 | |
| 4,542,705 | |
| 4,628,301 |
12 Other Fixed Assets
| Cost At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge for the year Eliminated on disposal At 31 March 2024 Net Book Value At 31 March 2024 At 31 March 2023 |
Motor Vehicles £ - - - - - - - - - - |
Office Equipment £ 117,565 - - 117,565 113,312 1,175 - 114,487 3,078 4,253 |
Furniture & Fittings £ 125,822 - - 125,822 100,075 23,040 - 123,115 2,707 25,747 |
IT Hardware £ 119,148 - - 119,148 89,643 22,004 - 111,647 7,501 29,505 |
Total £ 362,535 - - |
|---|---|---|---|---|---|
| 362,535 | |||||
| 303,030 46,219 - |
|||||
| 349,249 | |||||
| 13,286 | |||||
| 59,505 |
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Docusign Envelope ID: BD0F8381-8794-45B3-BE24-DE77446A631D
QUO VADIS TRUST Notes to the Financial Statements For the year ended 31 March 2024
| 13 Debtors: Amounts falling due within one year Rent and service charges Bad debt provision Other debtors Prepayments 14 Creditors: Amounts falling due within one year Trade creditors Other creditors Accruals Deferred income Other taxes and social security Dilapidations reserve Bank loans 15 Creditors: Amounts falling due after more than one year Bank loans Included within the bank loan balance above are amounts falling due as Between two and five years: Over five years: |
2024 £ 414,404 (43,328) 32,557 49,982 453,615 2024 £ 71,408 61,737 73,048 17,531 87,372 20,000 257,427 588,523 2024 £ 2,052,944 2,052,944 follows: 721,099 1,331,845 2,052,944 |
2023 £ 380,630 (43,255) 49,966 60,574 |
|---|---|---|
| 447,915 | ||
| 2023 £ 81,887 80,588 84,207 4,000 57,199 - 218,354 |
||
| 526,235 | ||
| 2023 £ 2,309,068 |
||
| 2,309,068 | ||
| 722,012 1,587,056 |
||
| 2,309,068 |
The bank loans disclosed in notes 14 and 15 are due to Lloyds TSB bank and are repayable by instalments at fixed interest rates of 4.29%, 4.6%, 5.71% and 4.77%. These loans are secured against freehold land and buildings belonging to the charity.
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Docusign Envelope ID: BD0F8381-8794-45B3-BE24-DE77446A631D
QUO VADIS TRUST Notes to the Financial Statements For the year ended 31 March 2024
16 Restricted Reserves
Movement on restricted reserves during the year were as follows:
| Scott Holroyd for Activities Spending The Sun Reader Fund The National Lottery Community Fund London City Airport Community Fund Steve Mann - fundraising walk Warm welcome Co op grant |
Brought Forward £ 31 525 2,910 618 336 - - 4,420 |
Income Expenditure £ £ - (31) - (275) 31,693 (32,863) - (618) - (90) 1,000 (1,044) 1,299 - 33,992 (34,921) |
Transfers £ - - - - - - - - |
Carried Forward £ 0 250 1,740 - 246 (44) 1,299 |
|---|---|---|---|---|
| 3,491 |
Scott Holroyd for Activities Spending provided funding for gardening.
The Sun Reader Fund provided funding for a gardening project.
The National Lottery Community Fund provided funding for a psychologist to work with clients, a part of two year extension of the project.
London City Airport have provided funding for healthy eating and art therapy projects. Steve Mann - fundraising walk provided funding for a gardening project.
Warm Welcomes Funding Programme 2023-2024 provided funding for three weekly Warm Welcome spaces (coffee mornings) in three different Lewisham Quo Vadis settings between 20 November 2023 and 31 March 2024 (28 clients to benefit) and Christmas Lunches (50 Lewisham clients to benefit).
Coop Funding provided funding for conducting workshops and 1-1 support to help beneficiaries learn life skills such as budgeting and ways of managing their mental health.
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Docusign Envelope ID: BD0F8381-8794-45B3-BE24-DE77446A631D
QUO VADIS TRUST Notes to the Financial Statements For the year ended 31 March 2024
17 Unrestricted Reserves
Movement on unrestricted reserves during the year were as follows:
| Brought Forward £ Future maintenance and major works 327,855 Various donations - client development 3,487 Designated reserves total 331,342 Unrestricted general funds 3,056,726 Unrestricted reserves total 3,388,068 |
Income £ - 2,364 2,364 6,475,597 6,477,961 |
Expenditure £ - (2,030) (2,030) (5,962,053) (5,964,083) |
Transfers £ - - - - |
Carried Forward £ 327,855 3,821 |
|---|---|---|---|---|
| 331,676 3,570,270 |
||||
| 3,901,946 |
Landstar funds represent donations designated towards client development activities.
18 Operating Leases
At 31 March 2024, the Registered Provider had annual commitments under noncancellable operating leases as follows:
| Within one year Within two to five years Over five years |
2024 £ 1,432,991 2,089,011 173,600 |
2023 £ 1,314,626 2,375,930 317,824 |
|---|---|---|
During the year, an amount of £1,462,036 (2023: £1,362,738) has been recognised as an expense in the Statement of Comprehensive Income.
At 31 March 2024, the Registered Provider had minimum lease payments due to them as lessor under noncancellable operating leases, including tenanted accommodation of £475,408 (2023: £404,897) due within one year.
19 Related Party Transactions
During the year to 31 March 2024 there are no related party transactions to disclose.
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