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2023-03-31-accounts

Salisbury Trust for the Homeless Ltd

REGISTERED COMPANY NUMBER: 05812515 REGISTERED CHARITY NUMBER: 1118746

SALISBURY TRUST FOR THE HOMELESS LTD (COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Salisbury Trust for the Homeless Ltd

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2023

CONTENTS Pages
Company information 2
Annual report 3 to 6
Independent auditor’s report to the members of Salisbury Trust for the Homeless 7 to 9
Statement of financial activities including income and expenditure account 10
Balance sheet 11
Notes to the financial statements 12 to 22

Salisbury Trust for the Homeless Ltd

COMPANY INFORMATION
PATRONS:- The Bishop of Salisbury
The Bishop of Clifton
The Dean of Salisbury
TRUSTEES AND DIRECTORS:- Maureen Pardy, Chair
Edward Probert
Ann Underwood
Ken Smith (resigned 31stMay 2023)
Will Bennett
Keith Phillimore
Rachel McMillan
Ben Thornton (appointed 8thDec 2022)
EX OFFICIO Vacant
COMPANY SECRETARY:- Philip Baker
REGISTERED OFFICE:- Bevan House
148 Fisherton Street
Salisbury
SP2 7QW
REGISTERED COMPANY NUMBER:- 05812515
REGISTERED CHARITY NUMBER:- 1118746
AUDITOR:- Crowe U.K. LLP
St James House
St James’ Square
Cheltenham
GL50 3PR
SOLICITOR:- Steele Raymond LLP
Richmond Point
43 Richmond Hill
Bournemouth
BH2 6LR
BANKER:- Lloyds Bank Plc
45 Old Christchurch Road
Bournemouth
BH1 1ED

Salisbury Trust for the Homeless Ltd

ANNUAL REPORT

The Trustees present their report and the financial statements for the period ended 31 March 2023, which should be read in conjunction with the information on page 2. This report also serves as the Directors’ Report for the purposes of Company Law. The financial statements have been prepared in accordance with Accounting and Reporting by charities; Statement of Recommended Practice applicable to Charities preparing their accounts with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019 – Charity’s SORP (FRS 102) (second edition – October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

GOING CONCERN

As set out in the accounting policies note, after reviewing the company’s forecasts and projections, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently, the company continues to adopt the going concern basis in preparing its financial statements.

OBJECTIVES AND ACTIVITIES

STFH’s objects, as defined in the Articles of Association, are:-

The trustees have given due regard to public benefit when planning the charity’s activities, in accordance with Sections G2 and G3 of the Charity Commission’s General Guidance on Public Benefit (January 2008).

The charity achieves its principal objects and purposes through the provision of accommodation, support and housing advice to vulnerable people. These benefits are directly related to the aims of the charity and are fully compliant with Principles 1 and 2 of the Charity Commission Principles on Public Benefit.

ACHIEVEMENTS AND PERFORMANCE

Salisbury Trust for the Homeless Ltd (STFH) provides accommodation and support for single homeless people of Salisbury and the wider Wiltshire area. In the past 12 months it has supported 72% of clients in its shared accommodation to move on to independent accommodation in a planned way.

The Trust owns 5 of the 9 properties it uses as rental accommodation, all acquired since 2008. The latest purchase, a four bedroom house for use as an HMO, was in 2019.

STFH continues to benefit from the relationship it has with its parent organisation, BCHA, and the support and expertise they offer.

As part of its recent Business Plan review, the Charity expects to continue to increase support for the homeless and plans to buy suitable properties to gradually replace the ones being leased as well as continuing to seek the support of the local community and local businesses for its work.

Following the difficulties of the pandemic fundraising activities have now returned to normal and have included a summer garden party raising £1.3k, a concert raising £662 and a quiz raising £783. We have also been successful in gaining grants from various organisations including the national masonic charitable fund, Fletcher sponsorship, and from private donors. We also have over 30 collecting tins positioned in various establishments around the city.

Salisbury Trust for the Homeless Ltd

Our three professional staff set up customised action plans with new clients which they work through together. The staff have a caring and effective approach which is why we achieve such good outcomes with our clients.

Over thirty of our supporters donate regularly and during lockdown we were able to increase this number. In a normal year, more than fifty volunteers also support our numerous activities. The Trustees are most grateful for the valuable contribution made by both volunteers and supporters for their generous assistance.

FINANCIAL REVIEW

The Charity reports a net surplus for the year of £36,075 (2022: £49,403). Total funds at 31 March 2023 were £1,020,170 of which £1,017,532 was unrestricted and £2,638 was restricted for the Kitchen Fund.

The Board has examined the charity’s requirements for reserves in light of the main risks to the organisation. It has established a policy whereby free reserves held by STFH should be a minimum of three months of expenditure which is to be held in either cash or intra group loans. Budgeted expenditure for 2023/24 is £279,000 and therefore, as the target of £69,750 is below the £168,990 total of free reserves, this requirement is being met. Free reserves are equal to the total of net current assets at 31 March 2023 held in unrestricted funds.

The reserves are needed to meet the working capital requirements of the charity and the Board are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding. The funds included designated funds of £33,491 (2022: £40,664) for on-going furniture replacement. Total funds also include £2,638 (2022: £2,638) of restricted funds.

Cash reserves for the trust are healthy and will be used to support us during the 2023/24 financial year if donations reduce below budgeted levels. The Trust holds reasonable levels of accessible cash which is currently equivalent to eight months’ expenditure. In addition, the Trust’s parent, BCHA, has access to very significant levels of cash – circa £21.25m of undrawn committed bank facilities as at 31 March 2023 – which could be used to provide medium term support if required.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Salisbury Trust for the Homeless Ltd (STFH) is a company limited by guarantee and a registered charity. The liability of the members is limited by their guarantee. The company was incorporated on 1 January 2008 and continued operations which were previously carried out in a charitable trust of the same name. STFH is a subsidiary of Bournemouth Churches Housing Association Limited (BCHA).

The Trustees listed on page 2 have held office during the whole of the period from 1 April 2022 to the date of this report unless otherwise noted. No person may be appointed as a Trustee unless approved in writing by the parent member (BCHA), but the organisation does seek, through general advertisement and networking, additional members with relevant experience or interest in the work of the charity. The induction and training of trustees is overseen by the parent member (BCHA).

STFH signed up to the National Housing Federation Code of Governance 2020 (also used by the parent member, BCHA) and seeks to comply with the relevant provisions of the Code. It should be noted that some provisions are only applicable at Group-level (for example Audit Committee requirements) and others are not applicable at all (for example Board remuneration).

The Board of STFH has self-assessed as being compliant as at the year ending 31 March 2023 against all the Code’s principles. A full self-assessment report can be found on the Charity’s website www.stfh.org.uk

RISKS

The trustees acknowledge their responsibility for identifying and managing the risks to which the charity is exposed. The approach to the management of risk includes:

Salisbury Trust for the Homeless Ltd

Risk Management is also coupled with Group-level stress test scenarios of our Financial Plan each year and ensuring that mitigation strategies are put in place to ease financial pressures where scenarios crystallise singularly or concurrently.

The principal three strategic risks as identified and scored on the Strategic Risk Map at the year-end are summarised below:

A – Loss of staff/unfilled staff vacancies (mitigated by a Service Level Agreement with BCHA and active recruitment, when required)

B – Donor Income below the budgeted target (mitigated by a dedicated volunteer fundraising coordinator, active trustee support, and other voluntary and sponsorship assistance)

C – Void and Bad Debt losses adverse to budgeted target (mitigated by an ongoing focus by the staff team). In addition, a significant proportion of the trust’s customers are on some form of government benefit (housing benefit/Universal Credit)

COMPLIANCE & INTERNAL CONTROL

STFH uses the Group-wide Framework of Business Planning Risk and Internal Control which is based on the model developed by the US Committee of Sponsoring Organizations of the Treadway Commission (COSO). This internationally recognised model has five integrated components:

  1. Control Environment (standards, processes and structures)

  2. Business Planning and Risk Assessment (defining the strategy and understanding risks to achieving objectives)

  3. Control Activities (policies, procedures and systems to mitigate risk)

  4. Information & Communication (generating and sharing data)

  5. Monitoring (assessing that the components are present and functioning)

Within these five components are 17 principles which drill down into a broad range of control measures. The Board receives regular and ongoing assurance on legal/regulatory compliance and control via a number of measures including:

Assessment of the effectiveness of Internal Controls

In our annual Group-level self-assessment, nine of the principles were scored as Strong, six as Moderate to Strong and two as Moderate. There were no components scored as Weak.

It also concluded that there were no weaknesses that have resulted in material losses, contingencies on uncertainties which require disclosure in the accounts. The measures in place give robust assurance to the Board on a regular basis that the viability of the charity should not be compromised. The Group Board reviewed the range and effectiveness of controls that were in place for the year ending 31 March 2023 and up to the date of this report.

Salisbury Trust for the Homeless Ltd

STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE TRUSTEES’ ANNUAL 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 they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland .

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 charitable company and of the income and expenditure 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 charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITOR

In so far as the trustees are aware:

Approved by the Trustees on 30 August 2023 and signed on their behalf by:

P Baker Company Secretary

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SALISBURY TRUST FOR THE HOMELESS LTD Opinion

We have audited the financial statements of Salisbury Trust For The Homeless Ltd (the “charitable company”) for the year ended 31 March 2023 which comprise the Income and Expenditure Account, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 are independent of the charitable company 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 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 contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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 this gives rise to a material misstatement in the financial statements themselves. 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.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SALISBURY TRUST FOR THE HOMELESS LTD (continued)

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In 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 directors’ report included within the trustees’ 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 trustees’ responsibilities statement set out on page 6, 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 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 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.

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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line 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:

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SALISBURY TRUST FOR THE HOMELESS LTD (continued)

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, together with the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the company for fraud. The laws and regulations we considered in this context for the UK operations were health and safety, employment and taxation legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of non-rental income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit, Risk and Treasury Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, designing audit procedures over the timing of non-rental income and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations

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

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.

Guy Biggin for and on behalf of Crowe U.K. LLP, Senior Statutory Auditor

Chartered Accountants Crowe U.K. LLP St James House, St James’ Square Cheltenham GL50 3PR Date: 31 August 2023

Salisbury Trust for the Homeless Ltd

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

Notes
INCOME AND EXPENDITURE
Income:
Donations & Legacies
3
Investment Income
4
Charitable Activities
5
Total Income
Expenditure:
Charitable activities
6,7
Total Expenditure
Net income and net movement in
funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
Total
2023
Total
2022
£
£
£
£
60,425
-
60,425
63,221
367
-
367
15
236,649
-
236,649
212,598
297,441
-
297,441
275,834
261,366
-
261,366
226,431
261,366
-
261,366
226,431
36,075
-
36,075
49,403
981,457
2,638
984,095
934,692
1,017,532
2,638
1,020,170
984,095

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 12 to 22 form part of these financial statements.

Salisbury Trust for the Homeless Ltd

BALANCE SHEET AT 31 MARCH 2023 Company Number 05812515

Notes
Fixed Assets
Tangible assets
9
Current Assets
Debtors
10
Cash at bank and in hand
Total Current Assets
Liabilities
Creditors falling due within one year
11
Net Current Assets
Total assets less current liabilities
Net assets
The funds of the charity:
Unrestricted income funds
12,14
Restricted income funds
13,14
Total charity funds		 2023
£
848,542
29,781
174,788
204,569
(32,941)
171,628
1,020,170
1,020,170
1,017,532
2,638
1,020,170		 2022
£
859,598
28,517
125,877
154,394
(29,897)
124,497
984,095
984,095
981,457
2,638
984,095

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime under the Companies Act 2006 and in accordance with the provisions of FRS102 section 1A – small entities.

The financial statements were approved by the Board and authorised for issue on 30 August 2023.

M Pardy (Chair)

The notes on pages 12 to 22 form part of these financial statements.

Salisbury Trust for the Homeless Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1) COMPANY STATUS

The charity is a company limited by guarantee incorporated in England and Wales, whose registered office is set out on page 2. The members of the company are the trustees named on page 2. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

2) ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been 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 (FRS102) (effective 1 January 2019) – (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 Section 1A Small Entities) and the Companies Act 2006.

Salisbury Trust for the Homeless Ltd (STFH) meets the definition of a public benefit entity under FRS102. Assets and liabilities are recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy note(s) and the trustees consider it to be a going concern.

In preparing these financial statements the company has taken advantage of the disclosure exemptions conferred by FRS102 paragraph 1.12, in accordance with paragraphs 1.8 – 1.10. Therefore these statements do not include a cashflow statement, or certain disclosures in respect of financial instruments. The disclosure exemption has been adopted because the equivalent disclosure is included in the consolidated financial statements of Bournemouth Churches Housing Association Limited.

b) Income

Income is recognised when the charity has entitlement to 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.

Rental income is recognised in the period the properties are let. The company adopts the fixed method for calculating and charging service charges to its tenants and therefore recognises its income in the period of charge.

c) 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.

Salisbury Trust for the Homeless Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2) ACCOUNTING POLICIES (continued)

d) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the 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 purpose or defined project.

e) 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 relating to charitable activities, including any associated support costs.

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

f) Operating leases

Rent due under operating leases is charged to the income and expenditure account in the period in which it becomes payable.

g) Impairment

If the trustees become aware of a possible impairment, the carrying value of fixed assets is compared with their recoverable amounts. Any impairment is charged to the income and expenditure account.

h) Going concern

After reviewing the company’s forecasts and projections, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

As the trustees have concluded that it has sufficient resources to enable it to continue in existence, the company continues to adopt the going concern basis in preparing its financial statements.

i) Depreciation of freehold property

Freehold land and property is carried at historic cost and split between land, structure and other major components that are expected to require replacement over time. Land is not depreciated on account of its indefinite useful economic life.

Salisbury Trust for the Homeless Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2) ACCOUNTING POLICIES (continued)

Freehold properties are split between the structure and the major components that require periodic replacement: the cost of replacement or restoration of these components is capitalised and depreciated over the determined average useful economic life as follows:

Description Economic life
(years)
Structure 100
Kitchen 20
Bathroom 30
Roofs 70
Central heating and ventilation 15
Electrics 40
External windows and walls 30

j) Tangible fixed assets

Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

Asset category Annual rate
Furniture & Equipment 10%-25%

k) Debtors

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

l) Creditors and provisions

Creditors and provisions 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 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.

m) Financial Instruments

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

n) Pensions

A defined contribution pension scheme is operated. Pension contributions payable are charged to the statement of financial activities in the period to which they relate.

Salisbury Trust for the Homeless Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3) VOLUNTARY INCOME

General fund
Grants & donations		 Unrestricted
2023
Unrestricted
2022
£
£
£
£
60,425
60,425
63,221
63,221
60,425
60,425
63,221
63,221

4) INTEREST RECEIVABLE AND INCOME FROM INVESTMENTS

Interest on Deposit account 2023
2022
£
£
367
15
367
15

5) INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Rental income
Service charges
Other		 2023
2022
Unrestricted
Total
Unrestricted
Total
£
£
£
£
160,930
160,930
146,468
146,468
72,944
72,944
64,580
64,580
2,775
2,775
1,550
1,550
236,649
236,649
212,598
212,598

Salisbury Trust for the Homeless Ltd

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6) COST OF CHARITABLE ACTIVITIES

Charitable activities
Support Costs:
Office costs:- Rent and rates
Electricity, water & cleaning
Legal and professional
Sundry expenses
Bank charges
Repairs and maintenance
Telephone
Printing, postage & stationery
Travel & Motor expenses
Bad Debts – Rents
External Audit
Office Equipment
IT costs
Management fee (BCHA)		 Unrestricted
Total 2023
Unrestricted
Total 2022
£
£
£
£
219,272
219,272
190,007
190,007
5,000
5,000
5,000
5,000
22
22
116
116
173
173
243
243
811
811
113
113
1,102
1,102
1,077
1,077
257
257
6
6
7,470
7,470
5,948
5,948
66
66
65
65
130
130
515
515
8,662
8,662
3,670
3,670
2,997
2,997
3,600
3,600
44
44
682
682
360
360
389
389
15,000
15,000
15,000
15,000
42,094
42,094
36,424
36,424
261,366
261,366
226,431
226,431

7) TOTAL RESOURCES EXPENDED

Charitable activities
Support costs
Charitable activities
Support costs		 Staff Costs
Depreciation
Other
Total
(Note 8)
Costs
2023
£
£
£
£
75,674
11,694
131,904
219,272
-
-
42,094
42,094
75,674
11,694
173,998
261,366
Staff Costs
Depreciation
Other
Total
(Note 8)
Costs
2022
£
£
£
£
65,022
11,989
112,996
190,007
-
-
36,424
36,424
65,022
11,989
149,420
226,431

Salisbury Trust for the Homeless Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8) TRUSTEES AND EMPLOYEES

Staff costs include the
following:
Wages and salaries
Social security costs
Pension costs		 Total
Total
2023
2022
£
£
68,661
59,410
6,002
4,491
1,011
1,121
75,674
65,022
The average number of employees for the year was:
Project based staff
Administration		 Number
Number
2023
2022
3
3
-
-
3
3

No employee earned £60,000 or more in the period.

No trustee received any remuneration or were reimbursed any expenses during the period. There are no retirement benefits accruing to the trustees under money purchase pension schemes.

9) TANGIBLE FIXED ASSETS

Cost
At 1 April 2022
Additions:
-
Replaced Components
Disposals:
- Replaced Components
At 31 March 2023
Accumulated depreciation
At 1 April 2022
Charge for the year
Eliminated on disposals:
-
Replaced Components
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold and Long
Leased Property
Fixtures and
Fittings
Total
£
£
£
948,331
1,375
949,706
2,775
-
2,775
(3,866)
-
(3,866)
947,240
1,375
948,615
88,733
1,375
90,108
11,694
(1,729)
-
-
11,694
(1,729)
98,698
1,375
100,073
848,542
-
848,542
859,598
-
859,598

Salisbury Trust for the Homeless Ltd

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10) DEBTORS
Rent receivable
Prepayments & accrued income
11) CREDITORS: Amounts falling due within one year
Trade creditors
Accruals and deferred income
Other creditors
Amounts owed to group undertakings		 2023
2022
£
£
24,723
24,753
5,058
3,764
29,781
28,517
2023
2022
£
£
8,661
5,063
10,122
15,276
2,014
1,150
12,144
8,408
32,941
29,897

Salisbury Trust for the Homeless Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12) UNRESTRICTED FUNDS

Unrestricted
funds
Designated Funds
-Furniture
replacement fund
Total
Unrestricted
funds
Designated Funds
-Furniture
replacement fund
Total		 Balance
Balance
1 April
2022
Incoming
resources
Resources
expended
Transfers
31 March
2023
£
£
£
£
940,793
297,441
(261,366)
7,173
984,041
40,664
-
-
(7,173)
33,491
981,457
297,441
(261,366)
-
1,017,532
Balance
Balance
1 April
2021
Incoming
resources
Resources
expended
Transfers
31 March
2022
£
£
£
£
888,479
275,834
(226,431)
2,911
940,793
43,575
-
-
(2,911)
40,664
932,054
275,834
(226,431)
-
981,457

The income funds of the charity include the following designated funds, which have been set aside out of unrestricted funds by the trustees for a specific purpose:

The furniture replacement fund provides replacement furniture at schemes and has been created by transferring a proportion of the service charge from the General Fund. A further part of the provision has been released during 2022/23 against the purchase of various items including carpets and bedding and will continue to do so until the provision is all released.

Salisbury Trust for the Homeless Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13) RESTRICTED FUNDS

Kitchen fund
Total
Kitchen fund
Total		 Balance
Balance
1 April 2022
Incoming
resources
Resources
expended
Transfers
31 March
2023
£
£
£
£
£
2,638
-
-
-
2,638
2,638
-
-
-
2,638
Balance
Balance
1 April 2021
Incoming
resources
Resources
expended
Transfers
31 March
2022
£
£
£
£
£
2,638
-
-
-
2,638
2,638
-
-
-
2,638

The kitchen fund represents donations received to install a new kitchen and washing machines. It is not anticipated that a cost will be incurred each year.

14) ANALYSIS OF NET ASSETS BETWEEN FUNDS

As at 31 March 2023

Restricted funds:
Kitchen Fund
Unrestricted funds:
Designated Funds
General Funds		 Tangible
Fixed Assets
Net Current
Assets
Creditors Due
After More
Than One
Year
Total
£
£
£
£
-
2,638
-
2,638
-
33,491
-
33,491
848,542
135,499
-
984,041
848,542
171,628
-
1,020,170

Salisbury Trust for the Homeless Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14) ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

As at 31 March 2022
Restricted funds:
Kitchen Fund
Unrestricted funds:
Designated Funds
General Funds		 Tangible
Fixed Assets
Net Current
Assets
Creditors Due
After More
Than One
Year
Total
£
£
£
£
-
2,638
-
2,638
-
40,664
-
40,664
859,598
81,195
-
940,793
859,598
124,497
-
984,095

15) COMMITMENTS

At 31 March 2023 the total minimum amount payable under non-cancellable operating leases was as set out below:

Operating leases which expire:-
Within one year
Within 2 to 5 years		 Land and
Land and
Buildings
Buildings
2023
2022
£
£
5,000
36,500
7,342
12,342
12,342
48,842

The company had capital commitments totalling £nil (2022: £nil).

STFH rents 4 properties whose lease expired on the 31[st] March 2023. A new lease for these properties has been signed post year-end (1[st] April 2023) for a five year period.

16) CONTROL

The ultimate and immediate parent undertaking is Bournemouth Churches Housing Association Limited (BCHA).

The results of Salisbury Trust for the Homeless Ltd are included in the consolidated accounts of Bournemouth Churches Housing Association Limited, these consolidated accounts are available from:

The Factory, 14 Alder Hills, Poole BH12 4AS.

The registered office and full address for Salisbury Trust for the Homeless Ltd is Bevan House, 148 Fisherton Street, Salisbury, SP2 7QW.

Salisbury Trust for the Homeless Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

The registered office and full address for all other companies is The Factory, 14 Alder Hills, Poole BH12 4AS.

17) RELATED PARTY TRANSACTIONS

During the year Bournemouth Churches Housing Association Limited charged Salisbury Trust for the Homeless Ltd £15,000 (2022: £15,000), in respect of management charges and £nil (2022: £nil) in respect of goods and services.

There is scope for two of the Trustees of Salisbury Trust for the Homeless Ltd to either sit on the Board of Management of, or be employed by Bournemouth Churches Housing Association. Currently only one of these positions is taken.

Bournemouth Churches Housing Association Ltd is a Registered Provider of social housing, registered with the Regulator of Social Housing, number LH0155.

There was £12,144 owed by Salisbury Trust for the Homeless Ltd to BCHA at 31 March 2023 (2022: £8,408).

There was £nil owed by BCHA to Salisbury Trust for the Homeless Ltd (2022: £nil).

18) FINANCIAL INSTRUMENTS

The charity’s financial instruments may be analysed as follows:
2023 2022
£ £
Financial assets that are recorded at transaction price 199,511 154,394
Financial liabilities that are recorded at amortised cost 32,941 29,897
Financial assets comprise cash, trade debtors and loans
Financial liabilities comprise trade creditors, accruals and other loans.