REGISTERED COMPANY NUMBER: 06427360 {England and Wales) REGISTERED CHARITY NUMBER: 1121832 REPORT OF THE TRUSTEES AND CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR SALTBOX (A COMPANY LIMITED BY GUARANTEE)
SALTBOX CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees 1 to 13 Report of the Independent Audltors 14 to 17 Consolldated statement of Financial Activities 18 Consolldated statement of Financial Position 19 Consolldated statement of Cash Flows 20 Notes to the Consolldated Statement of Cash Flows 21 Notes to the Consolldated Flnanclal Statements 22 to 36
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the consolidated financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Saltbox Objectlves and aims Our objectives are to: 1. Support and encourage the work of the church and to promote Christian values in society 2. Provide infrastructure support to encourage, support and help build the capacity of community groups who deliver locality-based care initiatives 3. Develop local networks of initiatives to share best practice and to connect with regional and national networks to support, encourage and share best practice 4. Deliver a range of seNices that support vulnerable adults 5. Support communities to inform, influence and impact local decision making and service delivery to bring about beneficial change within their localities 6. Work as part of strategic multi-agency partnerships to inform and influence local decision making, strategy and policy. Hawes Street Houslng Objectlves and aims Our objectives are to 1. Providing housing and any associated amenities, services or assistance for people in necessitous circumstances on terms appropriate to their means: 2. Providing specially designed or adapted housing and associated amenities, seNices or assistance for people who need it or them because of chronic sickness, age or mental or physical disabilities: 3. Providing housing and any other associated amenities, services or assistance for any others for whom it is charitable to do so.. 4. To promote any other charitable purpose for the benefit of the community in Staffordshire Slgnificant actlvltles We constantly monitor our activities and progress and review our strategic objectives on an annual basis. We continue to make signifi'cant progress in the achievement of our objectives, which are further detailed in the Review of Activities. The Trustees have carefully considered the requirement for public benefit reporting in accordance with guidance issued by the Charity Commission. As a result, the Trustees have satisfied themselves that the public benefit of the activities undertaken by the Saltbox group, have continued and are likely to do so in the future. The activities of the Saltbox group which have contributed to the public benefit are summarised as follows: The provision of housing and rehabilitation services for ex-offenders under the Restart project: The provision of services to prevent isolation and loneliness and to maintain independent living for older people through the Carelink project., The provision of debt advice services through Money Matters, working in partnership with local foodbanks., The provision of infra-structure development support to faith based and non-faith based organisations to enable them to strengthen their activities and services in their furtherance of the public benefit. The purchase and renovation of vacant houses within the area surrounding Hawes Street in the Tunstall area of Stoke-on-Trent for letting at affordable rents to local people who are homeless or in housing need. Page 1
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Group R8Vl8w of Actlvltles 2023124 Splrftual Development Throughout the year Saltbox continued to offer help and support in order to provlde spiritual development opportunities in Stoke-on-Trent and beyond. The monthly Connect leaders, meetings continued to bring together local Christian church and ministry leaders in person at the Beacon House of Prayer on Tuesday mornings. It was encouraging to see numbers of leaders meeting in person to worshlp and pray together and also to share information about spiritual and community transformation in our local communities. Saltbox, once again, took the lead in organising the annual Stoke-on-Trent Civic Prayer Breakf8St which took place on 31st March 2023. The guest speaker was Martin Tideswell, Director of Communities and Commercial Engagement at Staffordshire University. There was also an interview with Sara Williams OBE (Chief Executive at the Staffordshire Chambers of Commerce). About 320 people attended a joyful and hope-filled event making the Stoke-on-Trent Civic Prayer Breakfast one of the largest such events not just in the UK but across the world. Saltbox's pioneering role in developing CPBS has meant that the Saltbox CEO is often asked for advice from others both in the UK and beyond. From April 2023 to March 2024, Saltbox organised four City Celebrations which all took place at Swanbank Methodist Church, Burslem: In June 2023, Saltbox organised a City Celebration with worship leader, James Adams, and the guest speaker w8s Rev Malcolm Mycock (St. John's Abbey Hulton). In October 2023, the City Director of the Cty Council, Jon Rouse, was interviewed about his work and challenges face by the City Council and the wider city. The guest speaker was Rev Kathryn Stephens (Swanbank). In January 2024, at the New Year celebration, Paul Critchley led worship and Robert Mountford (County Ecumenical Officer) was the guest speaker. In March 2024, the guest speaker was Sam Taylor (Saltbox) with Paul Critchley providing the worship. Saltbox also continued to support the quarterly City Faith Link meetings, which bring together faith and civic leaders. Saltbox maintained its local media partnership work by supporting the Sentinel in its provision of the weekly Yours Faithfully faith-based column and BBC Radio Stoke with its Sunday morning faith-based magazine programme. Saltbox continued to provide a link between local faith groups and statutory services to seek to enhance levels of community care and support provided. The city's 150 faith groups provide over 400 individual communty projects every week. mobilise over 2,000 local volunteers and provide care and support to many thousands of people. As a consequence of this ongoing link work, Saltbox continued to be a key partner of Stoke-on-Trent's emergency support response to those struggling increasingly with issues linked to the emerging cost of living crisis. A growing number of regional, national and international opportunities allowed Saltbox to increase its engagement with v8rious nation818nd international org8nisations including the NAYBA Network, the Gather Network, Movement Day UK and the World Prayer Centre. The Saltbox CEO spent significant time engaging nationslly and intemationally to work collaboratively in sharing positive faith-based responses to the various challenges faced by communities. Saltbox's work is increasingly seen as a model of good practice for those f8ith-based organlsations seeking to work positively in their communities and link strategically with statutory agencies and stakeholders. All activities were organised and overseen by Saltbox's staff with much appreciated help and support from volunteers and trustees. Page 2
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Soclal responsibility Saltbox's soci81 responsibility function delivers services that meet the needs of vulnerable adulls. provides support to grassroots initiatives and works within strategic partnerships to help bring about beneficial change. We are keen to identify gaps in current seNice provision as a way to respond to the needs of some of the most vulnerable and excluded groups in our communities. All of our social responsibility services are for public benefit, and include Carelink, Restart and Money Matters. Carellnk Carelink - Connects isolated older people with their community, maintaining connections that benefrt their health, wellbeing and independence to live well at home. Our over 65's befriending, reablement and intervention service aims to address needs and issues around loneliness and isolation with complex health and social issues We help older people to stay well, avoid health crises, and reduce loneliness and isolation. Activities include a telephone befriending servits, Chatty Café. day trips, piloting of the KOKU digital exercise platform, health and wellbeing monitoring, advocacy, social events, digital technology sessions, and volunteering opportunities. Carelink has supported 485 people throughout the year. Many of these received regular telephone befriending calls from our volunteers, with 12,479 Keep In Touch calls taking place. Over the year, 50 people have volunteered with us, providing 5,604 volunteer hours, and we are immensely grateful for all the support that they provide to our clients. Over the year. 147 of our telephone clients required additional support intervention. In order to help people to increase their confidence to go out, we have run Chatty Cafes in 3 venues (141 group sessions in total) and have organized 10 monthly trips for clients. We also provided bespoke digital support through our Connect cafes and one-tone support to a total of 40 individuals. In partnership with the University of Manchester, we have run 4 more cohorts using the digital app "KOKU" (Keep On Keep Up), {2 in Extra C8re settings through Adult Social Care, and 2 in conjunction with the MPUFT), which supports the physical health of older people living at home, managing their long term conditions, increasing mobility, and preventing falls. We have provided iPads and peer support to engage clients with this platform. To follow on from this, we encourage and support clients to engage with the benefits of other technology to improve their daily lives and other opportunities to remain active and connect socially. Through additional funding from Adult Social Care, we continued with our expanded Reablement service. which offered short-term intensive support to 133 older people to help improve their independence and welS- being. As we come to the end of this year, with sadness, we will be winding down our very successful Reablement service due to Sn end in funding, but remaining hopeful that further funding will be granted to grow and develop other parts of the service, including KOKU, beyond Stoke and North Staffs. We continue with strong partnerships, a highly regarded service which supports the work of our statutory health and social care partners and. most importantly, increases the quality of life for the elderly and isolated in our communities. Page 3
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Restart Restart continues to run as a supported housing seNice to individuals who are either homeless or at risk of homelessness. We work with clients who have multiple and complex needs such as homelessness, offending behaviour, breakdown of family relationships, unemployment, mental health issues and struggles with substance misuse. We have a support team who provide tailored support for each client to help each of them work towards independent living. During the year, Restart grew to a portfolio of 69 properties across Stoke-on-Trent & Newcastle-under-Lyme, and supported a5most 300 individuals. Across the 12 months, 42 individuals have been enabled to move on positively either into their own accommodation and independent living or a service which is better suited to their support needs. This represents 250/0 of service leavers who have been supported to this positive outcome. As well as the team of support workers, the team is supported by input from our Chaplain, Client Development Facilitator, Reconnect Worker and Dual Diagnosis Practitioner. These roles provide more specialised inteentions, contributing to the person-centred support offered to residents based on their specific set of needs. We continue to work closely with partners, seeing most of the 1,081 referrals we received in the last 12 months come from our partner organisations. Multi-agency working with HMPPS, local mental health services and other accommodation providers enables the right support to be in place for our residents. We continue to play a key role in the Changing Futures Programme which is active in the city, and we have a strong relationship with the local drug & alcohol service who co-locate with us in our city center premises. All of this is supported by our Property Services Team. made up of a number of maintenance and domestic support roles who ensure that our properties are maintained to a high standard, that there is always a prompt response to necessary repairs and rooms are made available to new residents as quickly and efficiently as possible. Restart is continuing to increase the number of properties in our portfolio alongside continually improving the standard of our accommodation and support. We are moving fOard with a holistic and person-centred supported accommodation service. Money Matters Various organisations and charitable trusts provide funding for Money Matters with the aim of improving financial capability through money management, benefrts and debt advice, along with bespoke digital and budgeting support. to ensure the positiv8 Outcomes are sustained. During the year, grants and donations have been reiVed from the Stoke-on-Trent Foodbank & Trussell Trust, The Energy Industry Voluntary Redress Scheme, the Santander Foundation. Benefact Trust, Independent Age, Stoke-on-Trent City Council's Household Support Fund, National Lottery Awards for All and Arm Trust funding, UKSPF, National Lottery Cost of Living Fund and Good Things Foundation. This confidential service continues to liaise with the DWP, local authority, creditors and HMRC where appropriate, helping to prepare income and expenditure budgets and negotiating debt management payment plans with creditors. It also assists in the provision of Debt Relief Orders, supports clients through bankruptcy procedures and represents our clients in court proceedings. In addition, Money Matters also has access to the Household Support Fund, which provides fuel and supermarket vouchers for vulnerable clients Page 4
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Money Matters During this year, we had a number of staff changes, including the long-standing team manager Mary-Anne Rapson moving on and Linda Smith taking over some of her role as full-time Operations Manager for Money Matters and Carelink. To facilitate this transition 2 of our existing staff also moved into more senior roles, providing more of the day-ttrday operational support. We continued with our 2nd year of funding from Stoke-on-Trent foodbank through the Trussell Trust's Pathfinder program, continuing with our Admin support and Caseworker roles and expenses for 5 volunteers. Santander, through their "Inspiring Digital for Financial Recovery" Fund, also in its 2nd of 3 years, employs 1 part-time Lead Digital and Money Guidance Coach and a full-time Welfare Benefits and Financial Capability Advisor to enhance the service further and up-skill those currently financially excluded and requiring longer- temi support due to a lack of digital skills. The latter of these moved across from the Independent Age- funded older person's project, which came to an end in December 2023. Additional funding through the Benefact Trust part funded 2 new roles: a full-time Welfare Benefits adviser and a part-time Debt Casework Assistant. Our Energy project came to an end as this one started, so we were able to move a member of staff across to the new Welfare Benefits role. ensuring we did not lose her experience and skills. At the start of the year, we identified a,need for further funding to cover our core Money Matters costs and later to cover the deficit in the Benefact funding. We were successful in gaining funding from the National Lottery Cost of Living fund, and a partnership project funded through UKSPF and HSF from SOT City Council. These funds have both supported the staffing costs of these projects whilst achieving the targets and outcomes of the grants. Over the last year, we held 515 sessions at Foodbanks providing 3,870 client interventions. We worked on 314 benefits cases and 77 debt cases, of which we supported 14 clients with DRO fees to enable their debts to be written off. Through our work, £164.783 of debt was written off, £1,444,431 worth of welfare benefrts were realised, and we helped people access £58.944 in grants and donations. We distributed 196 fuel vouchers and £100,000 of Household Support fund. Partnershlp working Saltbox values the importance of partnership working and we seek to work with others to identify and deliver priorities in and around the City of Stoke-on-Trent and the county of Staffordshire. As part of this role, we engage in a number of partners including.. Stoke-on-Trent City Council (including Adult Social Care, Housing and Public Health directorates) Staffordshire County Council NHS (including ICS, ICB, MPUFT, UHNM) stoke-on-Trent Healthwatch staffordshire Police staffordshire Probation Service West Midlands Probation Service Ministry of Justice . VAST Voluntary Sector Chief Officers, Group CitiZ8ns' Advice Bureau Stoke & North Staffs staffordshire Age UK Disability Solutions S-O-T Hardship Commission S-O-T Wider Welfare Refomi Group S-O-T Financial Inclusion Group Trussell Trust & Stoke-on-Trent Foodbank Staffordshire Universty Page 5
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE {Continued) Keele University Stoke-on-Trent College Stoke-on-Trent Homeless Forum Sentinel newspaper BBC R8dio Stoke Signal Radio Cross Rhythms Community Radio United Christian Broadcasters City Faith Link Forum Connect Leaders, Meeting World Prayer Centre NAYBA Gather Network Movement Day UK Hawes Street Houslng On 1st April 2023, Saltbox acquired Hawes Street Housing (HSH) as a wholly owned subsidiary (charity number 1076383, company limited by guarsntee number 02328684 and Registered Provider of Social Housing number 4707). HSH provides social housing in Staffordshire, primarily in the area of Tunstall, with 28 units of housing for tenants in 27 properties (one being split into 2 flats). HSH owns the freehold of 22 units with 6 units on a long leasehold from Stoke-on-Trent City Council. This acquisition received consent from both the Charities Commission and Regu18tor of Social Housing, with all necessary resolutions passed and revised Articles submitted to Companies House. The transition for both organisations has been very smooth with considerable goodwill on both parts. HSH commenced the year with 28 letting units (mainty refurbished terrace houses, plus three flats) and acquired 8 further property in the year which is Currently undergoing renovation, to take the housing stock to 29 units. Of these properties, 23 are wholly owned by HSH with 6 properties on a leasehold agreement with Stoke-on-Trent City Council (currently under renewal). All 28 properties were fully let during the year with 1 tenant moving to Council propety after the year end. New tenants undergo a thorough application and vetting process and HSH is able to offer wider support to tenants, particularly through the projects that Sallbox runs including support for older people and moneyldebt advice services. A Stock Condition Survey was commissioned during the year which has evidenced that our houses comply with the Decent Homes Standard. We have also developed a 5 year maintenance programme for the renovation and refurbishment of houses which will enable us to undertake significant improvements (e.g. replacement bathrooms and kitchens) in a planned and controlled manner. A considerable amount of work has taken place during the year to ensure that HSH is compliant with the Economic Standards set out by the Regulator of Social Housing, as well as preparation for the new Consumer Standards that registered providers must comply with from 1 st April 2024. There is further work to be undertaken by staff and Trustees to ensure full compliance with the Governance & Financial Viability Standard which will be completed in the next 12 months. Value for Money In the current economic environment, it is important to ensure that HSH maximises the value for money from any expenditure undertaken. The Board considers value for money as part of its strategic approach when allocating resources, but not at the expenses of providing a quality seNice. New financial procedures have been introduced following the acquisition by Saltbox, ensuring that major items of expenditure are scrutinized and approved prior to being incurred, with quotations obtained as required, to ensure that the best prices are secured. Page 6
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Flnanclal position Overall Performance The financial activity of the Charity is detailed in the Financial Statements attached. We are pleased to report that our results for the year ended 31 st March 2024 show a surplus of £264,425 (2023: surplus of £116,412). The surplus has been achieved due to the ongoing careful management of our project expenditure, alongside securing of additional grant income and contracts for the delivery of services. The Trustees are confident that during 2024125 the Saltbox group will continue to make good financial progress, despite the ongoing challenges around Cost and wage inflation and renewal of contractslreplacement grant income. It has sufficient reserves to enable the organisation to continue to deliver its activities whilst it also pushes fOard to achieve new grant income and other funding. Principal fundlng sources Income: Saltbox is financed through the regular giving of individual supporters, a number of significant grants and contracts (both restricted and unrestricted) and donations from local churches alongside enhanced housing benefit income for Restart clients to enable S8ltbox to undertake its critical support services to this client group. HSH is financed through the rents received from its tenants and from housing benefit for those tenants in receipt of this. Total Incoming resources during the year increased to £3,007.530 compared with £2,512,064 in the previous year. Page 7
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Alongside individual donors and churches, Saltbox acknowledges with gratitud@ the financial support received from the following funders.. Core Fundlng & Spiritual Development: Methodist District Association £5,000, Trentha Parish Church £3,200, Pott8rs House Church £1,200 Stoke North Methodist Church £600 and other local North Staffordshire churches amounting to £2,222. Carellnk: £48,735 from NHS Charities Togetherlcaptain Tom's fund towards a Carelink Engagement Coordinator and £44,904 from the National Lottery Know Your Neighbourhood Fund. Carelink also received £900 from Staffs Communty Foundation for room hire for the KOKU project in South Staffs. Money Matters: SNSCAB Energy Redress Fund £16,858, Santander Foundation £50,000, Twssell TrusVFoodbank Pathfinder Project £54,819.32, Independent Age £40,000, National Lott8ry Cost of Living Fund £72,019, Good Things Foundation £3,600 and SOT CC UKSPFIHousehold Support Fund £37,862 towards the Money MOTS partnership project. Restart: Big Lottery Fund £53,662 (final 6 months of the grant), Charles Hayward Foundation £25,000, B&Q Foundation £9,980, Nationwide Community Fund incremental grant £5,989, Hinchley Charitable Trust £7.500, and 29th May 1961 Charitable Trust £3,000. Capltal & Other Grants: We received £20,000 from Stokewon-Trent City Council towards our legal fees on the acquisition of Hawes street Housing and we also received £100,000 from the Household Support Fund towards supporting local people with energy bills, food and care packages through the cost of living and energy crisis. Expendlture: Total resources expended for the year was £2,743,105 compared with £2,395,652 in the previous year. Balance Sheet: Total funds at 31 st March 2024 were £3,144.284 (2023.. £533,058) of which Restricted funds were: £nil (2023.. £nil). Un-restricted funds were: £3,144,284 (2023: £533,058) Cash at Bank and in hand was £1,082.956 (2023: £553,175) which is considered adequate to meet the future cash needs of the Saltbox Group. Page 8
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Funds held as Custodlan Trustee on behalf of others On occasion, the charity may act as custodian Trustees over cash held for other small, not for profit organisations. This money is held in order that invoices can be paid on behalf of these organisations, enabling them to achieve their charitable activities. These monies are held in the charity's bank account and a separate nominal code kept to record any transactions on th8 balance sheet, which appears in other creditors and does not form part of the charity's own funds. At 31103124 no funds were held on behalf of other organisations (2023: £nil). Reserves policy Future Proofing the Charlty's Service Provision The Trustees have determined that the charity's reserves are kept at a satisfactory level to provide continuation funding for projects I work currently being undertaken by Saltbox with statutory andlor charitable trust funding as changes occur within the Health & Social Care, and PolicelProbationlHousing Sectors. This provision is to protect our ability to provide valued and much needed seNices, support and activities to our clients and customers (particularly in void income periods which arise between funding switches) as well as to provide a level of protection to our funders. Contlngency Policy Unrestricted reserves are maintained to enable the charity to manage its ongoing cash flow position. particularly as funding tems may vary significantly between different statutory or grant funders. To ensure that the charity remains sustainable in the event of any significant loss to our funding or other unforeseen circumstances, it is the Trustees, policy to hold reserves of approximately 3 months, expenditure. This equates to approximately £694.088 of which we currently hold £3,144,284 (2023 £533.058>. Restricted funds relate to any funds specifically provided under the terms and conditions of specific grant or trust funds. At 31st March 2024. restricted funds amounting to £nil were held. Investment pollcy and obJectiv6s In accordan with the Memorandum and Articles of Association, the Trustees, have the power to invest money in their absolute discretion as they think fit. EVENTS AFTER THE END OF THE REPORTING PERIOD There have been no material events after the end of the reporting period. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Saltbox is a charitable company limited by guarantee, registered in England and Wales, company number 06427360, registered charity 1121832, controlled by its goveming document (its Memorandum and Articles of Association). HSH is a charitable company limited by guarantee, registered in England and Wales, company number 02328684, registered charity 1076383, controlled by its governing document (its Articles of Association). It is also a Registered Provider number 4707 and regulated by the Regulator of Social Housing. Page 9
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recrultment and appointment of new trustees The election or appointment of Trustees is set out in the Articles of Association of Sattbox and HSH. Organisatlonal structure and decislon maklng The Board of Trustees of the group meets bi-monthly and is responsible for the strategic direction and policy of the charity. A scheme of delegation is in place and day to day responsibility for the provision of the services rests with the Chief Executive Officer (CEO), Lloyd Cooke, who leads a Senior Management Team. Declaratlon of interests Trustees are required to declare interests that are relevant and material both at Board level and at subcommittee level and declarations are requested at each meeting. A record is maintained of all relevant 8nd material interests by the Company Secretary and this record is available on request. Inductlon and training of new trustees New Trustees are identified through a trustee recruitment and selection process, based on a skills matrix of roles required for the governance of the charity. They are required to serve a probationary period during which time they are expected to attend an initial Board meeting as an observer. meet with the CEO and Chair of the Board, and undertake a Trustee induction programme to familiarise themselves with the charity and the context in which it operates. Key management remuneratlon The senior management team are responsible for the performance of the charity in their respective servi area. ensuring that 811 contract or grant targets are achieved and that these results are reported to respective funders. They also ensure that the charity's activities are safe and effective for staff and the beneficiaries in receipt of services and that quality standards are maintained throughout. The remuneration of all staff, including key management personnel, is undertaken based on benchmarking remuneration against other similar services, with a view to paying the prevailing market rate to ensure that the best staff can be recruited and retained. Related parties Saltbox operates independently and has no related party transactions other than employee benefits for key management personnel. Page 10
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Rlsk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The risk management reporting framework adopted by the Trustees includes the following: Preparation, update and review of the Risk Register at each Board meeting, with key issues identified and pro-active plans established to mitigate those identified risks, including the accountable manager and timeframe for monitoring of those risks., Preparation and presentation of the monthly management accounts and cash flow position to Trustees at each Board meeting, to ensure that the charity has sufficlent funds for a period of 12 months or more., Health and safety monitoring this is carried out by the CEO and SMT on at least an annual basis to ensure that any risks are identified. reported and mitigated. Health and Safety issues for our leased premises and all Restart leased properties is undertaken on a monthly basis, or more frequently, as risks are identified. All newly recruited staff receive induction training on health and safety and are required to report any identified risk to management. Reporting of health and safety matters is undertaken to the Board of Trustees at each Trustee meeting; Risk assessments are completed for both new and ongoing annual activities, including new locations for service delivery, with a view to the safeguarding of staff, volunteers and clients. Principal risks and uncertainties Principal risks that have been identified during the course of the year have included.. The ongoing impact of cost and wage inflation on the future financial position of the charity. This includes the potential for reduced income from fundraising and grant sources alongside donorslsupporters. plus increased costs due to the price of gaslelectricity and fuel, both for the organization and for the Restart Houses on which we pay utility bills. We have mitigated against these costs by significantly increasing budgets in respect of these anticipated price rises plus also reducing the amount of donorlfundraising income expected from supporters., The ongoing changes within the statutory sector and particularly in the NHS and Probation Service with larger block contracts on offer and the push for integrated services. The management team continue to carefully review future tender and contract opportunities, including pursuing partnership arrangements where these may create a stronger prospect for the securing of that contract. The renewal of the leases for 6 properties currently leased from Stoke-on-Trent City Council REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number Saltbox 06427360 (England and Wales) HSH 02328684 (England and Wales) Reglstered Charity number Saltbox 1121832 HSH 1076383 Reglstered office Saltbox Gitana Street Hanley stoke-on-Trent ST11DY Page11
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees Saltbox Revd P J Barber Mr B R Barber MrGDBond Mrs D F Hackney (resigned 28.9.23) Revd D Street Mr. S J Webster Dr M A Chi18ka Mr M W Holland HSH J Gerrard P Harley M W Holland (appointed 1.4.23) P J Madden C D Mcmain G D Bond (appointed 1.4.23) Company Secretary Mr L Cooke Auditors Sumer Audltco Ltd Stone House Stone Road Business Park Stoke-On-Trent ST4 6SR Sollcltors Nowell Mellor Solicitors Windsor House 5A King Street Newcastle Staffordshire ST5 1EH Anthony Collins Solicitors 134 Edmund Street Birmingham B32ES Keelys LLP 28 Dam Street Lichfield Staffordshire WS136AA Bankers Unily Trust Bank 4 Brindley Place Bimiingham 812HB HSH Bank of Scotland The Mount Edinburgh EH1 1YZ HSBC Bank plc 64 High Street Newcastle-Under-Lyme Staffordshire ST51QN EVENTS SINCE THE END OF THE YEAR Information relating to events since the end of the year is given in the notes to the financial statements. Page 12
SALTBOX REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Saltbox for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently. obseNe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit informstion and to establish that the auditors are aware of that information. AUDITORS The auditors, Sumer Auditco Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on .....lQ. .. ..... . 024........... and signed on its behalf by: Mr G D Bond - Trustee Page 13
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SALTBOX Oplnlon We have audited the financial statements of Saltbox (the 'ch8rit8ble company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, 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 (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended., have been properly prepared in accord8nce with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls 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 Auditors, 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. Concluslons relatlng to golng 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 UnrtaIntieS relating to events or onditions 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 Inforniatlon The trustees are responsible for the other infomiation. The other information comprises the infomiation included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otheise explicitly stated in our report, we do not express any fomi 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 otheNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, 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. Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 14
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SALTBOX Matters on whlch we are required to report by exception 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 Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or 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., or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, 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 intemal 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 twstees 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 altemative but to do so. Page 15
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SALTBOX Our responsibilities for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from m8teri81 misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors 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. The exient to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform 8udit procedures responsive to those risks, including obtaining audit evidence that is Sufficient and appropriate to provide 8 basis for our opinion. Identifying and assessing potential rlsks related to irregularltles In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and sector, control environment and business performance including the design of the company remuneration policies, key drivers for directors, remuneration, bonus levels and perfomiance targets., results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information. Audit response to rlsks Identlfled During the planning stage of the audit, the susceptibility of the charity to irregularities including fraud was considered and discussed with the audit team. No key audit risks were identified relating to the potential risk of fraud or irregularities. Our procedures to respond to risks identified included the following.. reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the fi'nancial statements., perfomiing cut-off tests to ensure income is recognised in the appropriate accounting period. enquiring of management concerning actual and potential litigation and claims., performing analytiC81 procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions,. and Page 16
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SALTBOX in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments. assessing whether the judgements made in making accounting estimates are indicative of a potential bias. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due 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 exsmple, 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 fraud or non- compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with 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.uldauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solety 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 auditors, 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 for this report, or for the opinions we have formed. Helen Tidym8n (Senior Statutory Auditor) for and on behalf of SumerAuditco Ltd Stone House Stone Road Business Park Stoke-On-Trent ST4 6SR Date: . Page 17
SALTBOX CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Investment income 20,911 2,160,858 4,340 20,911 2,982,279 4,340 33,009 2,476,035 3,020 821,421 Totsl 2.186.109 821,421 3 007 530 2 512 064 EXPENDITURE ON Charitable activities Support costs 1,509,002 406 247 827,856 2,336,858 408,247 2,078.752 316,900 Total 1.915 249 827 856 2743 105 2,395,652 NET INCOMEIIEXPENDITURE Transfers between funds Other recognlsed galnsl(losses) Gains on revaluation of fixed assets 270,860 243,565 (6,435) (243,565) 264,425 116,412 21 1,190,657 1190 657 Not movement in funds 1,705,082 (250,000) 1,455,082 116,412 RECONCILIATION OF FUNDS Total funds brought foward Acquisition of Hawes Street Housing 533,058 906,144 533,058 1,156,144 416,646 250,000 TOTAL FUNDS CARRIED FORWARD 3,144,284 3 144,284 533,058 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. Included within the above amounts are significant amounts of Housing Benefit income and expenditure. The notes form part of these financial statements Page 18
SALTBOX CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 Company 31.3.23 31.3.24 Notes FIXED ASSETS Tangible assets 13 2,867,227 731,078 CURRENT ASSETS Debtors Cash at bank and in hand 14 76,081 1.082.956 90,511 553,175 1,159,037 643,686 CREDITORS Amounts falling due within one year 15 (490,636) (398,579) NET CURRENT ASSETS 668,401 245,107 TOTALASSETS LESS CURRENT LIABILITIES 3,535.628 976,185 CREDITORS Amounts falling due after more than one year 16 (391.344) (443,12n NET ASSETS 3 144,284 533,058 FUNDS Unrestricted funds 21 3 144,284 533 058 TOTAL FUNDS 3 144,284 533,058 The financial statements were approved by the Board of Trustees and authorised for issue on ..io.l.i.p.l...10.4.Y........ and were signed on its behalf by.. Mr G D Bond - Trustee The notes form part of these financial statements Page 19
SALTBOX CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 Notes Cash flows from operating activities Cash generated from operations Interest paid 420.932 24.658) 195,637 Net cash provided by operating activities 396,274 186,524 Cash flows from investing actlvlties Cash acquired from subsidiary Purchase of tangible fixed assets 283,291 99,697 99.686 Net cash used in investing activities 183.594 99.686) Cash flows from flnanclng actlvltles New loans in year Loan repayments in year 56.011 Net cash (used in)Iprovided by financing activities 50 086) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 529,781 93.377 553,175 459 798 Cash and cash equlvalents at the end of the reportlng perlod 1082 956 553,175 The notes form part of these financial statements Page 20
SALTBOX NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net income for the reportlng perlod las per the Statement of Financial Actlvltles) Adjustments for: Depreciation charges Interest paid Decrease in debtors Increase in creditors 264,425 116,412 27,058 24,658 14,430 30,121 9,113 29,393 10,598 Net cash provided by operations 420,932 195 637 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 553,175 529 781 1,082,956 553,175 529 781 1082,956 Debt Debts falling due within 1 year Debts falling due after 1 year (51,163) (6,218) 56,305 (57,381) 391,344 498 812 50,087 448,725 Totsl 54,363 344,866 634,231 The notes fomi part of these financial statements Page 21
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and W8les. The address of the registered office is Bemersley House, Gitana Street. Hanley, Stokewon-Trent, Staffordshire, ST11 DY. ACCOUNTING POLICIES Basis of preparlng the flnanclal statements The financial statements of the charitable company, which is a public benefit entty under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicsble in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity. Critical accounting Judgements and key sources of estlmatlon uncertalnty The judgements that management has made in the process of applying the entty's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows". {1) Estimated useful lives and resldual values of flxed assets As described in the notes to the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the trustees. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other charities and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods. (111 Provlslons Provision is made for asset dilapidation and contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements. Golng concern There are no material uncertainties about the charity's ability to continue as a going concem. Income All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the vslue can be reliably measured. No amounts are included for the contribution of general volunteers. Page 22 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Income income from restricted gr8nts and contracts is accounted for according to the temis and conditions of the grant or contrdct, which may be time defined or performance related. Where contracts or grants expire at a date beyond the financial year end, the relevant proportion of funds are deferred to the next accounting period in accordance with the terms and conditions of the funder. Expenditure Expenditure is recognised on an accruals basis as 8 liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management. Tangible fbxed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life Freehold propety Fixtures and fittings Motor vehicles Computer equipment Not depreciated 20°/o Straight line 25 % straight line 25010 Straight line Project specific assets are written down in full in the year of purchase. Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. The charity only capitalises individual assets of a value of £1,000 or more. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specffied by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hlre purchase and leaslng commltments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Penslon costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are chsrged to the Statement of Financial Activities in the period to which they relate. Page 23 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impaimients are also reviewed for possible reversal 8t each reporting date. Flnanclal Instruments A financial asset or a financial liability is recognised only when the entty becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaimient at the end of each reporting date. If there is objective evidence of impairment, an impaimient loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equty instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impaiment. other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Basls of consolldatlon The consolidated financial statements incorporate the financial statements of the charitable company and all group undertakings. These are adjusted. where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over twenty years from the year of acquisition. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. DONATIONS AND LEGACIES 31.3.24 31.3.23 Donations 20,911 33,009 INVESTMENT INCOME 31.3.24 31.3.23 Rents received Page 24 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Restart Carelink Money Matters Spiritual Development Hawes Street Houslng Total Total Charltable activities 2,334,690 216,785 314,523 22,863 93,418 2,982.279 2.476,035 nal sed Unrestricted funds Restricted fund 2,060,932 1,569 2,930 2,009 93,418 2,160,858 1,743,515 273,758 215,216 311,593 20,854 821,421 732,520 2,334,690 216,785 314,523 22,863 93,418 2,982,279 2,476,035 Included in restricted funds above is: Big Lottery Fund Reaching Communities Fund (Restart) - £99,223 National Lottery Cost of Llvlng Fund (Money Matters)- £72,019 Natlonal Lottery Know Your Nelghbourhood Fund (Carelink)- £15,393 Included in the Restart project Income is a significant amount of Income received vla Houslng Benefit. The above excludes internal transfers whlch are shown in the notes to the financial statements. Page 25 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 EXPENDITURE FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Restart Carellnk Money Matters Spiritual Development Hawes Street Houslng Total Total Charltable activitles 1.752,915 196,189 313,999 36,445 37,310 2,336,858 2,078,752 Anal sed Unrestrlcted funds Restricted fund 1.471,464 228 37,310 1,509.002 1,391,545 281,451 196,189 313,999 36,217 827,856 687,207 1.752.915 196,189 313,999 36,445 37,310 2,336,858 2,078,752 Included In rostricted funds above Is: Big Lottery Fund Reaching Communitles Fund (Restart) - £99,223 Natlonal Lottery Cost of Living Fund (Money Matters)- £72,019 Natlonal Lottery Know Your Nelghbourhood Fund (Carellnk) - £15,393 Included In the above Restart project costs is a significant amount of costs in relation to Houslng Costs. The above excludes internal transfers which are shown in the notes to the financial statements. Page 26 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS Governance costs Management Finance Totals Other resources expended 371,498 1,451 406 247 Support costs are allocated to charitable activities, as follows.. 31.3.24 31.3.23 Carelink CCG Spiritual development Know Your Neighbourhood Hawes Street Housing Money Matters - CAB Money Matters - Santander Restart BLF Reaching COMMS Changing Futures Charles Hayward NSCHTICDAS Nationwide Community Grant SOT household support fund Carelink NHS charities together Money Matters National Lottery Money matters Independent Age Grant Chaplaincy Money Matters - Trussell trust pathfinder Benefact Awards for All Housing benefrt for the community Carelink VCIKoku Project 39,215 11,722 4,530 2,260 4,430 8,951 183,119 29.161 5,597 29,464 10,516 8,616 12,121 170,016 15,342 8,742 7,630 16,872 24,411 6,947 1,642 5,987 15,837 6,614 8.750 14.716 7.672 22,562 1.364 1,683 10,468 1,976 8,614 13.405 406,247 316.900 Support costs, included in the above, are as follows: 31.3.24 Other resources expended 31.3.23 Total activities Wages Pensions Other operating leases Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Rent Repairs and renewals 278,035 3,664 2,502 389 1,873 2,337 25.604 12,334 312 3,964 232,499 4,241 1,070 (1,572) 1,372 1,998 11,395 4,852 1,865 2,338 5,417 Carried forward 336,431 263,237 Page 27 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS - continued 31.3.24 other resources expended 31.3.23 Total activities Brought forward Bad debts Travel costs Depreciation of tangible and heritage assets Interest payable and similar charges Bank charges Auditors, remuneration Professional and legal fees 336,431 263,237 (164) 2.332 2,926 7,483 24,658 1,451 11,646 21,652 13,599 17,247 1,539 3,669 15,441 406.247 316,900 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(¢rediting)'. 31.3.24 31.3.23 Depreciation - owned assets Other operating leases 27,059 30,121 1,070 AUDITORS. REMUNERATION 31.3.24 31.3.23 Fees payable to the charity's auditors for the audit of the charity's financial statements 11,646 3,669 10. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. travel expenses 31.3.24 31.3.23 Trustees, travel expenses 387 Page 28 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 11. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Other pension costs 278.035 3,664 232,499 4,241 281,699 236,740 In addition to the staff costs above, wages and salaries of £1,084,450 (2023.. £973,442) and other pension costs of £17,275 {2023'. £15,284} have been directly attributed to the charitable activities costs within note 6 to the financial statements. The average monthly number of employees during the year was as follows: 31.3.24 47 10 31.3.23 47 Employees Trustees 57 53 The number of employees whose employee benefrts (excluding employer pension costs) exeded £60,000 was: 31.3.24 31.3.23 £60.001- £70,000 Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensations paid to key management personnel for service provided to the charity was £164.902 (2023: £114,373). 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Income from charftable actlvltles 31.3.23 Restart Carelink Money Matters Spiritual Development Total Charitable activities 2,006,165 194,338 243,257 32.275 2,476,035 Anal sed Unrestricted funds Restricted fund 1,732,198 6,627 4.690 1,743,515 273,967 187,711 243,257 27,585 732,520 2,006,165 194,338 243,257 32,275 2,476,035 Page 29 continued...
SALTBOX NOTES TO THE CONCOLIDATED FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued 8nditure on Charltable Actlvltles 31.3.23 Restart Carelink Money Matters Spiriiual Development Total Charitable activities 1.638,191 158.563 238,630 43,368 2,078,752 Anal sed Unrestricted funds Restricted fund 1,382,767 1.158 7,620 1.391,545 255,424 157,405 238,630 35,748 687,207 1638,191 158.563 238 630 43,368 2,078 752 Included In restricted funds above is: Big Lottery Fund Reaching Communities Fund (Rest8rt) - Income and expenditure of £106,503 Page 30 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold Leasehold property property Motor vehicles Computer equipment Totals COST At 1 April 2023 Additions Revaluations 697,000 474,343 1,190 657 83,765 5,051 51,075 7,794 42,866 5,363 874,706 972,551 1190,657 480,000 At 31 March 2024 2.362,000 480,000 58,869 48,229 3 037,914 DEPRECIATION At 1 April 2023 Charge for year 57,520 15,558 45,825 40,283 6,927 143,628 27,059 At 31 March 2024 73,078 170,687 NET BOOK VALUE At 31 March 2024 2,362,000 480,000 15,738 8,470 1.019 2,867,227 At 31 March 2023 697,000 26,245 2,583 731,078 1 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Other debtors Prepayments and accrued income 23,593 6,710 45,778 44,728 6,300 39,483 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Other loans (see note 17} Trade creditors Other creditors Accruals and deferred income 57,381 15,742 23,885 393 628 55,685 24,489 22,842 295,563 490,636 398 579 Included within the accruals and deferred income is deferred income of £345,358 (2023: £288,722). Within the current reporting period the following adjustments to deferred income were made, amounts released to income in respect of previous periods £288,722 (2023.. £263.132) and income deferred in the current year £345,358 (2023.. £288,722). Page 31 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 31.3.23 other loans (see note 17) 391,344 443 127 17. LOANS An analysis of the maturity of loans is given below: 31.3.24 31.3.23 Amounts falling due within one year on demand: other loans 57.381 55,685 Amounts falling beeen one and years: Other loans - 1-2 years 57,056 57,845 Amounts falling due beeen and five years.. other loans - 2-5 years 122 365 152,041 Amounts falling due in more than five years.. Repayable by instalments: other loans more 5yrs instal 211,923 233,241 The company has the following loans: A variable rate loan of £350,000 at a rate of 5.650/ts repayable by monthly instalments of £2,810 to April 2035. A fixed rate loan of £75,000 at a rate of 6.5 /0 repayable by monthly instalments of £1.299 to June 2027. A fixed rate loan of £75,000 at a rate of 3 % repayable by quarterly instalments of £5,150 to December 2024. A variable rate loan of £57,500 at a rate of 5.650/0 repayable by monthly instalments of £629 to March 2031. A variable rate loan of £56,000 at a rate of 5.650/0 repayable by monthly instalments of £609 to March 2033 Page 32 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - cont5nued FOR THE YEAR ENDED 31 MARCH 2024 18. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows.. 31.3.24 31.3.23 Within one year Beeen one and five years In more than five years 23.097 100.195 25,000 23,097 98,293 148,292 171,390 19. SECURED DEBTS The following secured debts are included within creditors: 31.3.24 31.3.23 other loans 448,725 498,812 A legal charge exists in favour of Methodist Chapel Aid Limited dated 13 May 2020 over the following freehold land and buildings known as Bemersley House, Gitana Street, Stoke-on-Trent, ST11 DY. A legal charge exists in favour of Methodist Chapel Aid Limited dated 9 March 2021 over the following freehold land and buildings known as 16 Glendale Street, Burslem, ST16 2EP. A legal charge exists in favour of Methodist Chapel Aid Limited dated 31 March 2021 over the following freehold land and buildings known as 42 Crystal Street, Cobridge, Stoke-on-Trent, ST6 2PF. A legal charge exists in favour of Methodist Chapel Aid Limited dated 31 March 2023 over the following freehold land and buildings known as 32 Samuel Street, Packmoor, Stoke-on-Trent, ST7 4SR. 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted fund fund Fixed assets Current assets Current liabilities Long temi liabilities 2,867,227 1,159,037 {490,636) 391,344) 2,867,227 1,159,037 {490,636) 391,344) 731,078 643,686 (398,579) 443,127) 3 144,284 3,144,284 533,058 Page 33 continued..
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 533,058 2,367,661 243,565 3,144,284 Restrlcted funds Restricted Funds 243,565 (243,565) TOTAL FUNDS 533.058 2.611.226 3,144 284 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Funds from acquisition of subsidiary Gains on revaluation of fixed assets 2,186,109 (1,915,249) 906,144 1,190,657 270,860 906,144 1,190,657 4,282,910 {1,915.249) 2,367,661 Restricted funds Restricted Funds Funds from acquisition of subsidiary 821,421 250,000 (827,856) (6.435) 250,000 1,071,421 (827,856) 243,565 TOTAL FUNDS 5 354 331 2,743.105) 2 611226 The unrestricted funds consist of £933,010 (2023- £754,663) in relation to the Restart project Comparatlves for movement In funds Net movement in funds Transfers beeen funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund 416,646 71,099 45,313 533,058 Restricted funds Restricted Funds 45,313 (45,313) TOTAL FUNDS 416 646 116.412 533,058 Page 34 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,779,544 (1.708,445) 71,099 Restricted funds Restricted Funds 732.520 (687,207) 45,313 TOTAL FUNDS 116412 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31.3.24 At 1.4.22 Unrestrlcted funds General fund 416,646 2,438,760 288,878 3,144,284 Restrlcted funds Restricted Funds 288,878 (288.878) TOTAL FUNDS 416,646 2,727.638 3.144 284 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Funds from acquisition of subsidiary Gains on revaluation of fixed assets 3,965,653 906,144 1,190,657 (3.623,694) 341,959 906,144 1,190.657 6,062,454 (3,623,694) 2,438,760 Restrlcted funds Restricted Funds Funds from acquisition of subsidiary 1,553,941 250,000 (1,515.063) 38,878 250,000 1,803,941 (1,515,063) 288,878 TOTAL FUNDS 7,866,395 5,138,757) 2 727,638 Page 35 continued...
SALTBOX NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 22. CONTINGENT LIABILITIES Rent due on properties for Restart Tenants is viewed as not material to the accounts because the income would offset the expenditure. 23. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. POST BALANCE SHEET EVENTS There were no material events up to the date of approval of the financial statements by the Board of Trustees. 25. BUSINESS COMBINATIONS On 1st April 2023, Saltbox acquired Hawes Street Housing (HSH> as a wholly owned subsidiary (charity number 1076383, company limited by guarantee number 02328684 and Registered Provider of Social Housing number 4707). HSH provides social housing in Staffordshire, primarily in the area of Tunstall, with 28 units of housing for tenants in 27 properties (one being split into 2 flats). HSH owns the freehold of 22 units with 6 units on a long leasehold from Stoke-on-Trent City Council. As a result of this acquisition the consolidated financial statements have been prepared under the acquisition method of acLounting. The comparative financial statements show the individual charitable company figures for Salibox and not the group. Page 36