Company number: 06396687 Charity Number-. 1122206 SPEAR Housing Association Limited Report and financial statements For the year ended 31 March 2022 *AB)DJIHL4 22112r2022 COMPAMES HOUSE . A26
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SPEAR Houslng Assoclatlon Llmtted Contents For ihe year ended 31 March 2022 Reference and administrative information Message from the Chair and CEO...........................-....................................................... Trustees. annual report Independent auditor's report Statement of financial activities (incorporating an income and expenditu account) Balance Sheet Statement of cash flow5 Notes to the financial statements .22 -23 .24
SPEAR Houslng A550ciation Limited Reference and administrative InfOrntIOn For the year ended 31 MaKh 2022 Compary number 06396687 Country of incorporation United Kingdom Charity number Country of registration 122206 England & Wales Reglstered office and operational address 89 Heath Road Twickenham TWI 4AW Trustees Trustees, who are also directors under company law. who served during the year and up to the date of this report were as follows.. Paul Doe Chair Duncan Richford Vice Chair Jack Stephen Fiona Barrett Kai Bilimoria Nigel Bloomer Charlotta Campanale Jonathan Cardy Alex Doig Grant Healy Wim Overeynder Christine Reay (resigned 8 Septernber 2022) Company Secretary Tim Fallon Key management personnel Tim Fallon Mark Gay Interim Finance Director (resigned 8 December 2021) Finance Director (appointed 7 March 2022) Susan Kent Heidi Shrimpton Head of Fundraising & Communications (left 31 December 2021) Director of Fundraising & Engagement (appointed l March 2022) Helen Whittaker Le51eigh Bounds Director Strategic Operations (left I l June 2021)
SPEAR Houslng Association Limited Reference and admin5siratlve Inforniatlon For the year ended 31 March 2022 Mark Taylor Operations Director (appointed 12 June 2021) Charlotte Treversh Head of Human Resources (appointed 14 June 2021) Bankers CAF Bank Limited 2 5 Kings Hill Avenue West Malling Kent MEI 9 4JQ Solidtor5 Russell Cooke LLP Bishop's Palace House Kingston-Upon-Thames KTI IQN Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Inwcta House 108-114 Golden Lane LONDON ECIY OTL
SPEAR Houslng Assoclatlon Llmlted Message from the Chalr and CEO For the year ended 31 March 2022 Message from the Chair and CEO 21122 saw the continuing impact of Covid on rough sleeping. In March 2020 SPEAR'S Outreach teams had played a key role in the 'Everyone In, initiative to provide all rough sleepers with a place to stay safe at the beginning of Ihe pandemic. Throughout 21122 we continued to support many people placed in hotels and temporary accommodation throu9h this initiate while continuing our usual Outreach work. 21122 also saw. in 3 LA areas. the first full year of SPEAR staff supporting rough sleeper5 placed i n their own self-contained accommodation through 'Hou5ing First. initiatives funded by the Rough Sleepers Accommodation Programme IRSAP). Sep 22 saw the launch of the Governmenr's updated Rough Sleeping strategy. This was combined with confirmation of funding for 3 year5 i nstead of one for many of our services. starting from April 22. This presented the prospect of more sustainable funding for the work we do but was coupled with the uncertainty of many of services being subject to formal retendering after 31 Mar23. At the time of writing ihe effects of the very large increases in fuel costs and the general high inflation environment are beginning to be seen." the number of rough sleepers is increasing. the people we suppon in accommodation are having to choose heating or eati ng. SPEAR itself is facing significant increases in costs. including staffing, that are not funded. None of our work this year would have been possible without tremendous support from Local Authorities. commissioners. supporters. funders and volunteers we would like to thank them all. Both of us are regularly reminded of the vital nature of the work that SPEAR undertakes and the opportunities it provides to the people we work with. through a mixture of commissioned and fundraised services. There are many, individual stories at SPEAR.. one which illustrates wonderfully well the type of Vrk we do. is that of Jess. Jess had been subject to extreme violence and was targeted in her home after reporting the crimes. Scared for her life she became homeless. Several years of life on rhe streets led to drug usage. Following an arrest. she was linked to a programme to quit drugs and found accommodation at SPEAR'S accommodation for women. "Ir was warm. comfortable and welcoming. My workers gave me lots of supporr and they felt like friends, people I could trust and talk to about anything. I hadn t done well ar school and rhey helped me pass an English qualification, then a course on Healrh and5ocial Care because I like caring forpeople..
SPEAR Houslng A551xlallon Llmlted Me55age from the Chalr and CEO For the year ended 31 March 2022 Jess started volunteering to help other SPEAR clients with their health needs. She then took an opportunity to join SPEAR'S six-month Peer Mentoring course which she successfully completed. She explained that You got to experience working one on one th a clieni. which helps you get ready for employment. You feel more confident because you know what to do." Je55'5 volunteering continued afier she had completed the course and when a job came up in SPEAR'S peer mentoring team. she was ready for employment. Today she is employed in a full-time role supporting clients to susiain their tenancies, where her lived experience is invaluable. The factors that lead to people sleeping rough persist. In the year and years ahead SPEAR will continue to adapt and respond equally to challenges and opportunities so that we continue to meet this important need. Paul t)oe, Chair of Trustees rim Fallon. CEO
SPEAR Houslng A55oclation Limited Trustees, Annual Report For the year ended 31 March 2022 Trustees, Report The trustees present their report and the audited financial statements for the year ended 31 March 2022. Reference and administrative information sei our on pages l and 2 forms part of this report. The financial statements comply with current statutory requirements. the memorandum and articles of association and the Statement of Recommended Practice Accounring and Reporting by Charities.. SORP applicable to charities preparing their accounts in accordance with FRS 102. ObjettNes and activities The objectives of the charity are= The relief of persons in need who are homeless or at risk of becoming homeless, including. but not limited to. Ihose wiih subsiance misuse problem5 by providing accommodation. services and advice so as to help increase the independence and decrease the marginalisaiion in society of such persons.. and To undertake research into homelessness for the public benefit. The trustees review the aims. objectives, and activities of the charity regularly. This report look5 at what the charity has achieved and the ourcomes of its work in the reporting period. The trustees report the success of each key activityand the benefits the charity has brought to those groups of people that if is set up to help. The review also helps the trustees ensure the charity's aim5. objectives and activities remained focused on its stated purposes. The trustees have referred to the guidance contained in the Charity Commission's general 9uidance on public benefit when reviewing the chariry's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. The charity's main activities and who it tries to help are described below. All its charitable activities focus on homeless individuals and are undertaken to further SPEAR'S charitable purposes for the public benefit. It 15 not considered that there are any private benefits or significant detrimental impact from its work. The trus(ees consider that they have complied with the duty in section 4 of the Charities Aci 2006 to have due regard to public benefit guidance.
SPEAR Houslng A55ociatSon Limfted Trustee5' Annual Report For the year ended 31 March 2022 Our Approach and Values SPEAR is a charity for people experiencing homelessness in South West London. We build communities in which those people suffering from homelessness have a place to call home and the help they need to lead a fulfilling independent life. We recognise that homelessness is much more than just a housing iSSLJe. so we provide a range of support services to help our clients reach their full poieniial, always operating from our values.. Worklng together.. We work alongside service users, partners, siaff. and volunteers to design and provide services that meet the needs of those experiencing homelessness. Together we overcome challenges. Aspirational: We aim high. aspiring to achieve the very best outcomes for our clients. We see poiential in everyone, and encourage our clients to achieve their own goals. dreams, and ambitions. We aspire to the highest standards of professionalism. Respectful= We respect everyone. regardless of their background or circumstance5. We view everyone as an individual with their own personal journey. We always listen to and value people's views. Determined= We work tirelessly to support people experiencing homelessness to recover from their personal issue5. We break down the barriers they face. Visionary: We try new and innovative ways to provide long-term solutions and reduce the isolation of homelessness. We are always willing to take a new approach. learning from what works (and what doesn'tland use this to guide our work. Diversity, inclusion and equity Diversity. inclusion and equity are at the heart of what SPEAR does and it is important that all people representing our organisation including Staff. volunteers and peer mentors represent SPEAR'S values in this area. We are committed to ensuring that our services are accessible and reach all members of ihe communities we serve and that all our clients are treated fairly and respecrfully. Where p055ible. we record information around rhe diversiry of our client5 on our database so we can better undersiand Ihe demographics of the community we are working with and adapt our service5 accordingly. We have an open complainrs process thai can be accessed by clients and volunteers who wish to raise anv concerns.
SPEAR Houslng Aswclatlon Umlted Trustees. Annual Report For the year ended 31 March 2022 SPEAR is an inclusive employer. We are committed to maintaining a culture of diversity, inclusion and equity. We do not tolerate discrimination. harassment or victimisation. Everyone we work with 15 treated equally and with respect. irrespective of race. colour, religion, national origin. sex. disabiliry, age, marital statu5 or sexual orientation Our Beneficiaries SPEAR is an inclusive organisation supporting a range of people experiencing homelessness in South West London. We work W¥th young people, aged 16- 25 and adult men and women. including women who have experienced domestic abuse. We support people off ihe street5 and those at imminent risk of homelessness into accommodation, including supported hostels. shared houses. and independent flats. We a55iSt people with their physical and mental health, addiction issue5 and their skills. education. and employment - helping them sustain their tenancies, pursue personal goals and aspirations. and move towards more independent livi ng. The 16 almshouses and 8 flats owned by the SPEAR Endowment Trust (SET) provide long term homes for those whose financial circumstances nece551tate assistance wirh their housing, normally older individuals a connection to London or the surrounding area. Our clients are at the centre of our work and the Service Involvement Group, who meet regularly is just one of the ways that SPEAR collects feedback upon its services. A Client Satisfaction Survey undertaken in March-may 2021 contacted 577 clients of whom 142 completed the survey. Getring in touch with so many people would not have been possible without the incredible help of our volunteers. The survey showed that 88% of respondents were happy with the overall services SPEAR supports them with. In terms of improving SPEAR'S services. participants suggested better access to counselling and more mental health training for staff. Areas that SPEAR wll seek to develop further in the future. SPEAR encourages people to train as accredited Peer Mentors in order to support and help others with some clients volunteering and others progressing into employment at SPEAR and elsewhere. Achievements and Performance Our key impacts on homelessness In 2021-22: 2020121 was an exceptional year because of COVID and its impact on homele5sness,' in a number of areas of aciivity levels and performance have returned to more usual levels in 2021122. 1 .006 (2021: 1,017) people accessed SPEAR'S services 198 people or 20% were female (2021.. 19%)
SPE4R Housing Association Limited TTUStees' Annual Report For the year ended 31 March 2022 94 people or 9% (2021: 14%) were under the age of 25 Providing Housing: We worked with 476 (2021.. 686) verified rough sleepers across 4 boroughs We provided supported housing for 286 12021= 200) people and 8rokered accommodaiion for another 216 (2021 '. 307) people. Improvlng Health: We supported over 247 people 12021 .. 811 to improve their health. 51 people registered with a CP12021 '. T 44) We reduced the use of efnergency health services such as A&E attendances by 54% 12021= 45%) amongst the clients wilh whom we worked. Women's Services: We provided supported housing tenancies to 13 women (2021.. 32) Young People's SeThices: 5 12021 '. 48) young people were supported into education. training. and employment Community Development and Innovation: We supported 200 (2021-. 2571 homeless people to develop their skills 20 (2021.. 34) people gained employment 140 12021 . 108) people have engaged in pre-employment training 39 (2021 '. 75) people contributed to their local community through volunteeri ng During the year the work of the Homeless Health Link team was externally evaluated and reported upon. Two extracts from the report illustrate the nature and impact of the work. ~1 ve been [with HHLSJ for about four. maybe five monrhs now. In ihar shorr amount of lime. I've had the mosr help I've ever had in ihe pasr 10 year5." (HHLS Clien# ~1 think when the client reali5e5 they've actually gor someone in rheir life, who is intere51ed in seeing rhem improve rheir healrh, rheirphysical and mental health. And that's like the sole motive of thatper50n. I think theyreally respond well ro rhar... get fo See them build rheir confidence. At firsr. rhey rend ro be in very severe depression. very nervous bur over the months. we see them build up their confidence a5 they get to trust us and start getting tl7eir lives together. It s good ro see client5 gaining confidence in getting back in control." (HHLS Staffj
SPEAR Houslng Assoclatlon Umlted TTUStees' Annual Report For the year ended 31 March 2022 Our Volunteers The generosity of our volunteer5 Wlth rheir time continues to make out work stron9er. Their breadth of skills significantly enhances the services thai SPEAR is able to provide to its clients. Volunreer roles during ihe financial year included.. peer mentor volunteering support, fundraising support. volunteer drivers. befriendinglmentoring. outreach volunteers. digital mentoring, cloihing pop up, and a range of skills trainin9. including cooking. We also had incredible valuable professional support. including". communication5, health services and property mainienance - all from individuals offering their expertise and skills. SPEAR also worked with a number of corporate partners on corporate volunteering day5 where teams brought their energy. enthusiasm and skills to a range of tasks including decorating at supported housing and rejuvenaring gardens. Their recogniiion of the social importance of work wilh those who have experienced hornelessness is encouraging and we seek to forge longer term relationships to further benefit SPEAR'S clients. Additionally, our Trustees continued to provide expertise and governance throughout the financial year. 126 people12021 '. 120) volunteered their time to support in some capacity. Volunteers donated 3.997 12021 . 1 ,895) hours of their time. We estimate that volunteering roles contributed over £44,175 (2021 = £ 31 ,514) of value to SPEAR. All our volunteers have added real value io the work that SPEAR was able to undertake and ensured that clients had a wider range of opportunities than could be offered solely though the provision of local authority commissioned services. for that and their generosity of time we are very grateful. Our Supporters We would like to thank all our supporters 7th10 made donations to SPEAR during 2021122 including those who left us a gift in their will. As a charity we are reliant on voluntary conrributions to support our work and we remain truly grateful to all our supporters for their continued generosity. It is through this generosity that we are able to provide the life enhancing experiences for our clients, adding value to our statutory services, Voluntary income has come from a wide range of supporters including local schools and faith groups. local community group5. active members of our communities who have taken part in sponsored events such as bike rides and marathons. generous donors who give cash gifts as well as regular standing
SPEAR Houslng Assoclatlon Umlted Trusiees, Annual Report For ihe year tnded 31 March 2022 orders. trusts and foundations as well as through the generosity of our corporate parrners. You have all been truly amazing and made a huge difference to people's lives - thank you. Financial review SPEAR reported a net surplus in the year of £ 195.666 (2021= £ 239,698). Total incoming resources for the year increased to £ 5.406.699 from £ 5.115,330, an increase of 5% (2021 = increase 26%). In summary, income comprises.. 55% (2021.. 54%) commissioned services from London Boroughs of Richmond, Wandsworth. Kingsion, Sutton and Merton- 12%12021 '. 11 %) from Trusts for specific related homeless services- 28% (2021.- 25%) from rent. service charge and housing benefit income on housing. h05tels and Supported housing", 5% (2021= 10%) from donations. legacies and events organi5ed by our fundraising team.. less than l % (2021 '. 1 %) bank and inve5trnents interest receivable. Unrestricted income for the year increased to £ 4.815.330 from £ 4.077.502 last year. an increase of 12%. This arose principally from the increase in rent and service charge income from supported housing schemes where additional properties had been brought into management. Restricted income for the year decreased to £ 591,369 from £ 639.656 last year, a decrease of 8%. The previous year had benefiied from high levels of COVID grants. the funding for this additional expenditure available in the year ended 31 March 2022 was lower and wa5 a main factor in the decrease. Our expenditure for the year increased to £ 5,211,033 from £ 4,91 5,632 last year. an increase of £ 295.401 or 6%. Staff costs represented 67% (2021= 68%) of expenditure. with average headcount decreasing to 98 from l 01. Analysi5 of our expenditure show5 that we spent 70% 12021 '. 69%) on charitable activities, 25% (2021: 25%) on support costs. 4% (2021. 5%) on fundraising, and l % (2021.- 1 %) on governance. This increase in expenditure reflects growrh with increased activity and continuous support for established housing schemes and rough sleeper services which operate across South West London.
SPEAR Houslng Assoclatlon Umlted Trustees. Annual Report For the year ended 31 March 2022 Total fund5 increased by 3% to £ 7.739.181 from £ 7.543.515. Cash and cash equivalents Total cash and cash equivalents at 31 March 2022 iotalled £ 6,666,711 (2021 . £ 6.152.353). £ 478.815 was generated from operating activities 12021 .' £ 438.411). £ 8.717 (2021 .' £ 29,0001 wa5 spent on capital expenditure and £43.437 of realised investments acquired in the previous year. lead ro a net increase in cash and cash equivalents of £ 514.359 (2021= £ 369.979). Reserves policy and going concern Trustees have examined the requirement for free reserves i.e. unrestricted funds not invested in tangible fixed assets or designated for specific purposes. As reporred in previous years. the Trustees are aimin9 at free reserves io cover operational activities from unrestricted income for at least 3 month5, moving to 6 months over (ime. As of 31 March 2022. the unrestricted general reserves. totalled £ 1,699,055 which represents approximately 3.9 months of expected average expenditure (at 31 March 2021= unrestricted general funds were £1.466.227, being approximately 3.4 months of expected average spend). Ai 31 March 2022 the Company had designated reserves as follows= Future property cycl ical maintenance to cover obligations totalling £ 1 .129.972 12021 = £ 1.129.972). The required sums are reviewed annually based on potential planned repair5 and renewal s. An amount of £ 953,691 12021-. £ 953.691). designated to cover the legal and refurbishment costs of property acquisition which cannot be funded under the terms of the restricted endowment fund. SPEAR intends to expend these funds over the medium term. The Reserve5 Policy is reviewed annually by the Audit and Risk Committee and approved by the Trustees. Restricted Funds may only be used for the purposes specified by the donor and only expenditure meeting these criteria is allocated to each fund. Any grants which remain unspent at the year-end wil I be held as restricted reserves subject to any specific funding terms attached to the grants. These may only be used for the projects in accordance wirh the terms of rhe grants received.
SPEAR Houslng Assoclatlon Umlted Trustees. Annual Report For the year ended 31 March 2022 SPEAR Endowment Trust During 2018. Quintus Housing Trust became part of the SPEAR family, changing its name to the 'SPEAR Endowment Trust- ISET). SET'S financial results are included in the SPEAR accounts since the year ended 31 March 2019. At 31 March 2022 the Endowment Fund amounted to £ 3.956.463 (31 March 2021= £ 3.976,260). £1.236.646 of this is held in the 24 properties owned by SET with the balance held as cash. The cash funds will enable us to seek out potential property acquisitions within South-west London to provide much needed accommodation for our service users and lor bases from which to operate. Over the medium-term SPEAR iniends 10 supplement the endowment with a capital appeal, granis and loan5 to enable it to buy more properties (han with the endowment alone. Principal rfsks and uncertainties SPEAR has an approach io risk management designed to ensure that there is an on-going process for identifying. evaluating and mana9ing the significant risks faced by SPEAR. Risks are assessed for their likelihood and potential impact and the Audit & Risk Committee and Board focuses their work on those risks which are identified as mosr significanr. For all of these risks the potential to mitigate risk is considered and where proportionate. action is taken. A wide variety of Strategies are used to mitigate risk through appropriate policies and procedures, spreading risk through sufficient diversity of activity and funders and seeking to lay off risk through insurance. Principal Risks during the year were identified as= Staff fail to adhere to policies and procedures- SPEAR'S policies and procedures have been designed to ensure that clients are safe and iheir support personalised, that their daia is secure and that staff provide services in a professional manner that protects their own. clients. volunteers and members of the public's health and safety. The risk of staff failing to follow ihese procedures appropriately is that there are poor outcomes which could place clients. volunteers. donors. members of the public or staff at risk. SPEAR seeks to mitigate these risks through ensuring that it has appropriate skills, the publication of policie5 and procedures and the induction and training of staff. Risk of loss of contractual income.. Contractual income to support the provision of services for the homeless can vary as Strate9ic priorities change and services can be subject to tenderin9. The risk of the changing priorities is that if SPEAR fails to adapt its services on a timely basis it could incur additional costs and not fully meet omrni 55ioning requirements. SPEAR seeks io mitigate these risks by aiming to have
SPEAR Houslng Assoclatton Umlted Tru5tees' Annual Report For the year ended 31 March 2022 an agile culture and sustain good relationships with its key commissioners and funders. Risk of financial deficits threatening the finanaal sustainability of SPEAR: SPEAR delivers a range of commissioned services that offer l ittle if any scope for generating financial surpluses. It is exposed to the same operating environments as other organisations including high inflation. It benefits from having gained financial strength when SPEAR Endowment Trust joined the group. but mLsch of this financial strength is either restricted ro providing homes in accordance with the Trust deed or will be required to maintain the existing almshouses and housing. However. longer financial deficits over a number of years could put the long term future of SPEAR at risk. SPEAR seeks to mitigate Ihese risks by keeping the financial perforrnance of contracts and the organisation under regular review as well as assessing the financial impacr of taking on new services. Dlfficulty in recruiting and retaining 5taff- The nature of m05t of 5PEAR'$ Services is they are heavily dependent upon recruiting and retaining siaff able to problem solve and work i n some challenging situarions. Recruitment of staff in London is difficult for many organisations beyond those working in social care, a secfor whose funding does not enable particularly competitive salaries. The risk of difficulties in recruiting and retaining is that existing staff teams are stretched, services become reliant upon expensive temporary staff which in turn impacts both the financial performance and quality of services. SPEAR seek to mitigate these risks through the work of its Human Resources team and by seekin9 innovative ways to recruit. Fundraising practices review All fundraising practices are framed wiihin the values and principles of the organisaiion. SPEAR regularly monitors fundraised income against budget. diversity of income and fundraising ratios to ensure the organisation is able to make informed decisions regarding activities. SPEAR does not raise funds through telephone or door to door fundraising or work with external agencies to do so. SPEAR'S relationship with its supporters is very imporiant to it and it does not put any undue pressure on its supporters to donate to the charity. Many of SPEAR'S supporters want to know how their gifts are making a difference. SPEAR ensures that supporters are given a choice in whether they would like to be kept updated about its work. If any of SPEAR'S donors do not wish to receive future communication from SPEAR then it is made clear in supporter newsletters. mailings and on SPEARS website how they can let sPR know their decision. SPEAR does not sell or exchange lists of data with any other charities or companies for their markerin9 or fundraising purposes. SPEAR 15 committed to being transparent about how it collects and uses personal data. and to
SPEAR Houslng Assaclailon Umlted Trustees, Annual Report For ihe ar ended 31 March 2022 meeting its data protection obligations in accordance with General Data Protection Regulations IGDPR) and domestic laws. SPEAR:s privacy statement can be found on its website. We received no complaint5 about our fundraising prattices in 2021-22. Plans for the future SPEAR intends to carry on adapting the nature of its services in line with the Government's Strategy for Rough Sleepers. which will aim to work in tandem with both existi ng rough sleepers and preventative work for those at risk of homelessness. SPEAR will seek to further expand its services offered under Housing First which looks to ensure that Rough Sleepers are accommodated in self contained homes with all the necessary support to address any underlying issues. that may be complex, that lead to rough sleeping. Acquiring properties to provide more independent accommodation to homele55 people, including use of rhe endowment and designated funds to acquire and lor renovate appropriate properties. which should also further strengthen the financial viability of SPEAR. Look to secure longer term funding with partners for the preventaiive health services offered by SPEAR. which have been developed with the support of fundraising grants. Further develop the work evidencin9 the continuous improvement of quality of services provided by SPEAR. Broaden the range of opportunities in activities. training. volunteering and employment available to SPEAR clients so they can personalise their involvement with SPEAR with the support of fundraising partners. Continue io review how evolwng iechnology can best irnprove service delivery and the efficient management of the charity. Structure and governance The organisation is a charitable company limited by guarantee. incorporated on 7 l October 2007 and registered as a charity on 7 January 2008. The company was esiablished under a memorandum of association which established the objects and powers of the charitable company and is governed under irs articles of association. At the year end the Board comprised of 12 members. No trustees received remuneration for their roles or were paid for any other activity relating ro the charity in the year. The Board is supported in discharging these responsibilities through the following 5ub- committees-
SPEAR Houslng Associatlon Limited TTUStees' Annual Report For the year ended 31 March 2022 Audit and Risk Commiiiee. Personnel & Quality Assurance Commiuee., and Operations Committee This facilitates a greater depth of governance across all key areas of the charities activities. finances and internal infrastructure, policies and procedures. Overall operational management of SPEAR is delegated to the Chief Executive. Throughout the year, the trustees. the Chief Executive, and the wider Senior Management Team monitored effectiveness and best practice. The Board approves SPEAR'S strategic and annual business plans- annual budgets- extraordinary expenditure in excess of agreed limits.. strategic decisions- policies.. employment terms and conditions. remuneration levels of key management personnel with reference to existing pay scales within the organisation and the housing sector in which SPEAR operates- and all decisions relating to governance. All trustees give their time voluntarily and receive no benefits from the chariry. No expenses were reclaimed from the charity during Ihe year. Appointment of trustees New trustees are recruited through advertising with the objeciive of ensuring an appropriate mix of skills, and candidates are asked to attend an interview with the Chair and another trustee. Trustees have a9reed that future trustee recruitment will airn to increase diversity Wlthin the Board. During the year no new Trustee5 were appointed (year end 31 March 2021 .' none). Trustee induction and training On appointment, all Trustees undergo a formal induction process and training needs of trustees are reviewed regularly with a view to ensuring that trustees are kept up to date with their responsibilities. Seriou5 Incident Reporting to the Charity Commission SPEAR'S work with clients. some of whom can be vulnerable. is intended to enable any underlying issues that are contribufing to their homelessness to be addressed. However. not all clients achieve good outcomes. Where there has been an incident or an adverse outcome this 15 recorded and is reviewed by senior staff and irusrees. Consideration is given as to whether the circumstances require reporting to the Charity Commission. There were no serious safeguarding incidents that required reporting in the year. Nor were there any other incidents to report to the Charity Commission. as there has been= no 1055 of
SPEAR Hou51ng Assoclatlon Llmtted TrusteÈs' Annual Report For the ar ended 31 March 2022 money or assets., no large donations from an unknown or unverifiable source; no links to terrorism or extremism: no damage to properry. Related parties and relationships with other organisations SPEAR maintains no relalions with. and no transactions were entered into with. related parties during the year 2021122, with the exception of SETlQuintus Housing Trust as explained above. Remuneration policy Pay and remuneration of the charity's key management personnel is set according to SPE4R's Remuneration Policy and Procedure. which applies to all employees. is regularly reviewed following external expert advice. The policy includes a pay scale. controls for pay increases and bonuses. and benchmarking with comparable roles. All staff are paid at least the London Living Wage. Funds held as custodian trustee on behalf of others The charity holds no funds on behalf of others as custodian. Statement of responsibilities of the trustees The rrustees (who are also directors of SPEAR for the purposes of company law) are responsible for preparing the trustees. annual report and the financial statements in accordance with applicable law and United Kin9dom Accounting Srandards (United Kingdom Generally Accepted Accouniing Practice). Company law requires the trustee5 to prepare financia5 statements for each financial year which give a true and fair view of the staie-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 these financial statements. the trustees are required to.. Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make Judgements and estimates that are reasonable and prudent State whether applicable UK Accounring Siandards and statemen(s of recommended practice have been followed. subjecr to any material departures disclosed and explai ned in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume thai the charity will continue in operation
SPEAR Housing Association Llfflfted Trustoes. Annual Report For ihe aT ended 31 March 2022 The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statement5 comply with the Companies Aci 2006. They are also responsible for safeguarding the asseis of ihe charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other i rfegularities. In so far as the trustees are aware.. There is no relevant audit information of which the charitable company's auditors are unaware The trustee5 have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charirable company's website. Le9islation in the United Kingdom governing the preparation and dissemination of financial statement5 may differ from legislation in other jurisdictions. Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2022 was 12 (2021 ".121. The trustees are members of the charity but this entirles them only to voting rights. The trustees have no beneficial interest in the charity. Auditor Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity. The trustees. annual report has been approved by the trustees on 12 December 2022 and signed on their behalf by.. Paul Doe Chair of trustee
Independent audltorfs report To the members of SPEAR Housing A550ciation Limiied Opinion We have audited the financial statements of SPEAR Housing Association Limited Iihe 'charitable company,) for the year ended 31 March 2022 which comprise the statement of financial activities. balance sheet. statement of cash flows 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 FRS 102 The Financial Reporting Srandard applicable in the UK andRepub/ic of Ireland(Uniied Kingdom Generally Accepted Accouniing Praciice). In our opinion, Ihe financial statemenis: Give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources. including its income and expenditure for the year then ended Have been properly prepared in accordance with Uniied Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Companies Act 2006 Basis for opinion We conducted our audit in accordance with International Siandards on Auditing IUK) IISA5 (UK)) and applicable law. Our responsibilities under those standard5 are further described in the Auditor's responsibilities for the audit of the financial statements section of our repori. 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'5 E(hical Standard and we have fulfilled our oiher ethical responsibilities in accordance with these requirements. We believe that ihe audit evidence we have obtained is sufficient and appropriate to provide a ba515 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 rhe preparation of ihe financial statements 15 appropriate. 8ased on the work we have performed. we have not identified any Material uncertainties relatirtg to events or conditions ihat. individually or collectively. may cast significant doubt on SPEAR Housing Association Limited'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 seciions of this report.
Independent audltorfs report To the members of SPEAR Housing Association Limited Other Information The other information comprises the information included in the truslees. annual report, other than the financial staiemenis and our auditor'5 report theieon. The trustee5 are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the oiher information and. except to the extent otherwise explicitly staled in our report. we do not Èxpress 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 inconsisteni with the financial staiements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such mateiial inconsistencies or appareni material misstatemenis. we are required to determine whether thts 9ives rise io a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude thai there is a maierial mi5Statement of this other information. we are required to report that fact. We have nothin9 to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audi1= The information given in ihe trusiees. annual report for ihe financial year for which the financial siaiements are prepared 15 consistent with the financial statements- and The tru5tee5' annual report. including the strategic report has been prepared in accordance with applicable legal requiremenis. Matters on which we are required to report by exception In ihe 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 mi55taremenis in the tfU5tees' annual report. We have nothing to report in respect of the following matters in relation to which the Companies Aci 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 noi visited by us: or The financial statemenis are not in agreemeni 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 directors were not entiiled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exempiions in preparin9 the trustees. annual report and from the requirement io prepare a strategic report.
Independent audltor's report To the members of SPEAR Housing Assoclatlon Umlted Responsibilities of trustees As explained more fully in the staiemenr of trustees. responsibilities set out in the trustees. annual report. the Irusiees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial 51atements 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 siaiement5 that are free from material misstatemeni. whether due to fraud or error. In preparin9 the financial statemenis. the Irustee5 are responsible for assessing the charitable company's ability to continue a5 a going concern, disclosbng. as applicable. matters related to going concern and using the going concern basis of accounting unless the trustee5 either intend to liquidate the charitable company or io cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objeciives are to obiain reasonable assurance about whether the financial statements as a whole are free from material missiaiement. wheiher due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bui Is nor a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a maierial missiatement when it exisis. Misstatemenis 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 ihe5e financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedure5 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 are sei out below. Capability of the audit in detecting irregularities In identifying and assessing risks of material Misstatement in respect of irregularities. including fraud and non-compliance with laws and regulat40ns. our procedures included the following.. We enquired of management and the Finance Committee. which included obtaining and Teviewing supporting documentation. concernin9 the charity's policies and procedures relating io.. Identifying. evaluating. and complying with laws and regulations and whether they were aware of any instances of non-compliance., Detectin9 and responding io the risks of fraud and whether they have knowledge of any aciual. suspected. or alleged fraud- The internal controls established to rnitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. 20
Independent audltor's report To the members of SPEAR Houslng A$50Cilltion Limitod We obtarned an understanding of the legal and regulatory framework that the charrty operates in. focusing on those law5 and regulations that had a material effect on the financial statemenis or thai had a fundamental effect on the operations of the charity from our professional and sector experience. We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audii. We reviewed any reports made to regulators. We reviewed the financial statemeni disc105ures and tested these to supporting documentation to assess cornpliance with applicable laws and regulations. We performed ana11(al procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addresslng the risk of fraud ihrough management override of controls. we tested the appropriateness of journal entries and other adjustments. assessed whether the judgements made in making accounting estimates are indicaiive of a poteniial bias and iested significant transactions that are unusual or those outsrde the normal course of business. 8ecau5e of the inherent limitation5 of an audit. there is a risk that we will not detecr all irregularities, including those leading to a maierial misstatement in ihe financial statements or non-compliance wilh regulation. This risk increases the more that compliance wilh a law or regulation is removed froffl the evenis and iransactions reflected in the financial statements, as we will be less likely to become aware of insiances of non-compliance. The risk is also greaier regarding irregularities occurrin9 due io fraud rather than error. as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. A further description of our responsibiliiies is available on ihe Financial Reporting Council'5 website at-. rsres onsibiliiies. This description forms part of our auditor's report. Use of our report This report is made solely to the chariiable companrfs members as a body. in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken 50 that we mi9ht state io the charitable cornpanrfs 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 ihe charitable company's member5 as a body, for our audit work. for this report. or for ihe opinion5 we have formed. Noelia Serrano (Senior sraturory auditor) 16 December 2022 for and on behalf of Sayer Vincent LLP. Statutory Audiior Invicia House. 108-114 Golden Lane. LONDON. ECI Y OTL 21
SPEAR Houslng Assoclaiion Lirnited Siaterntnt of f5nanCi artlwrles Iincorporaring iniome and expendiiiire accounti For the ar ended 31 March 2022 SPEAR ilnre51ritted SPEAR Endolvfflent Trust Restred UnrestrKied ResirKted 2022 Total 2021 Yctal Note lTrcome from.. Donations and legacies Charitable activi15 Inve5rments 249.539 4.564.987 804 249.539 S,156.JS6 804 411.834 4,739,758 3.738 591.369 Total Income 4.815.330 591.369 5.406.699 5.155,330 Expendlture on= RaisSrtg funds 291.570 4,290.932 291.570 4.919.463 240.171 4.675.461 608.734 7 9.797 Total txpendiiure 4,582.502 608.734 19.797 5.211.033 4.915.632 Net incorne I lexpendiiurel for ihe yeat 232.828 (17.365) 119.797) 195.666 239.698 Net moRment in fuhds 232.828 117.3651 119.797) 195.666 239.698 Aon¢ll1at1on of fund5'. Toral Funds brought forward TO funds tarrltd fonwd 3.549.890 17.365 3.976.260 7.545.515 7.303,817 3.782.718 3,956,463 7.739.181 7.543.515 All of ihe abD¥t results ale lerived from C¢nnlrtg activities. ThutYre Oiher recoved gains or 105se5 Other ihaD those 51altd abry4e. MoverneTh15 n [ndS are distlosed in l•ott I S to the finantial statements. 22
SPEAR Houslng A550datlon Llmlted Balance sheet Company no. 06396687 As at 31 March 2022 2022 2021 Note Flxed assets: Tangible asseis Investment5 .258.936 3.640 1,289,969 47,097 1.262.576 1.337.066 Current assets= Debrors Short ierm deposils Cash at bank and in hand 725.083 2.874 6.663.838 1.159.698 4.049 6.148.305 7.391.795 7,312.051 Uabllltles.. Creditors.. amounis falling due within one year 1915,190) (1,1 OS.6021 Net current ossets 6.476.605 6,206,449 Total assets Itss current Ilabllltles 7.739.181 7.543,515 Total net assets 7.739.181 7,543.515 The funds of the charlty. Restricted income funds Endowment fund Unrestricted income funds.. 17,365 3,976,260 3.956.463 De5i9nated funds Designated genefal funds - planned mainienance Designated general funds - property development 1.127.752 953.691 1.129.972 953,691 General funds 1.701.275 .466.227 Total unrestrirted funds 3.782.718 3,549.890 Total charlty funds 7.739.181 7,543,515 Approved by the trustees on 12 December 2022 and signed on their behalf bv-. Paul Doe Chair of Trustees 23
SPEAR Housln9 Assoclatlon Llmoted Stttement of cash flows For ihe year ended 31 March 2022 Reconclllatlon of net Income to net cash fl$ from operailng aamiles 2022 2021 Net Income for ihe reponlng perlod las per ihe staiement of financial activilies) Depreciation charge5 Dividends. inieresi and reni from inve5Tments Decrease I Ilncrease) in debiors IDÈtrÈasel I Inc¥ease in crediiors and deferred income 195,666 239.698 39.750 1804) 434.615 {190.4121 45.467 13,7381 1562,5331 719,546 Ner lash provlded byllused Sn) operatlng ac¥s11e5 478.81 S 438.441 Note 2022 Z021 Cash flows from operating artivilies Net wh prtividtd by operatlng attMe5 478.815 438.441 Cash flows from investlng actMiles- Dividends. interest and rents from investments Disposals I ladditionsl to inve5tmtnis Additions to fixed a55ers 804 43,457 (8.717) 3.737 143.4571 128.7421 Nei cash provfjded by I (used In) by Investlng aulvlrles 35.544 168.4621 Change In cash and cash equivaltnts In th year 514,359 369.979 Cash and cash eouivalerts ai the be9inning of the year 6.152.353 5,782,374 Cash and cash equlvalents at the end of th* year 6.666.712 6.152.353 24
SPE4J¢ Houslng Assoclatlon Uffliied Notes to the flnanclal staterneftts For the a) Siatutory Infovmatlo SPLAR Hou51ThJ A55rfiaii4)bl is a charitatyt tompaty limiied ty9uarantee and L% Incorporaied in EngL4nd and Wales. The rtyisrertd owitè additss afid Plifici1 place of esS Is 89 Heath Aoad. Tickenham. MhJle5eM. TWI 4AW b) Ba515 of preparailon The finaKial 5tatemenr5 have bEen prEpared in aC(wdat <tIng and Reporting by Charities.. aternenr of Recornmended Pracrict pplicable ro ¢h#rillèS weparin9 t1r accnts in accofdaKe ¥h the Fina(la1 PepDrting Srarthrd applble in ihc LX RepuWi¢ of Iveland IFRS 102I- Icharltlos 50RP FRS 102). the FiTrancknil Reporting Standard aprIabl in the UK afid Republ of Ireland IFRS 1021 and the Companks Aci 2006. These accounts COTrsisi of the accounts of SPEAR Housin9Awiatitih iinted arnl the SPEAR EndainentTru5t (prewiously kDthvn as Quintus Housing Trust). chanty numb¢r 112Z206-1. an unin¢orw>raitd chaiity. The Charity Commission issued a linkirng diretritsn for ihe chariiies ih 2018. As a rèsult ol the Ilnkin9 direction. <omparatNe informathin SPEAR Housing A550riaiiDn Limircd •nd the SPEAR Endowment Trust ha¥e combined from the year-endEd 31 2019 •nd hav¢ ttsrattd as il the linkin9 dlrection has aFway5 been in existeDCe. As5eis an¢J liabilities art Ifiitlalt rt(0gntstd at htOrAl cosi or transaaKsn vakn unk55 otheM5e suid irt the rtltV4nt a£cowniin9 kyjllcy or note. ¢) Publ1¢ b¢ntni entRy The charitable lomnY ntrs defirAbOh ol 4 lhefit eThiY Under FR5 102. d) Goln9 lern The trustees considerthtthEre are no maierthl un¢erTaiNties atwt the thariiable comparfs to contiThJe a5 a gofjng contern. The rru5TEe5 4D not consider that thort afÈ SOr(e5 01 esiimatKTr (enlrY ai ihE rewrriry d•ie ihai hab a Signlncant rlsk of cawslng a material adjusrmenr to the caThn9 amounts of a55e15 4nO li•biliiie5 [hin Lht ntxt rewrtiTrJ perkwj. el Income INtomÈ Is rÈcognised when the charlty has effltitlemeni to ihe lund5. PErformarKe coTriliT$ 4n4¢ht4 to the in¢(mt have ieen met, it 1% piobable that the wll be recewed and thar ihe ount bt me•sred rliabty. lrfomt from 9o¥ernftnt and other9rants.whether capital. grants or'revewe. grtnis. is rE¢(wJnised when the th¥ity h45 entillement to the funds. any perforfflaKe mnditions attached 10 the grartTS h4b 1. 11 ts pmbabk that tht irKorne 11 be received and the amonI can be measured reliably and 15 noi delerred. IrKomÈ rocolved In advaCe of the provfjsion of a SpEcif SEThiQ is dEferre(l urfll ihe for 1me rectyjhitK aro met. Rental Income and 5Ei¥ice t$ re<09nd a rottivaU basis in the peifjod towhich it ielates. ner of any ID55e5 from %•Jids ad bad for arrears. f) ImEresi rncelvalAt IntEresi funds held On depDsit is included wheffl recel¥able and tht can be nasured Lry the charity,. 15 normalty UWJD notilication ol tht Inte$t paMI or payable the bank. ExpeThdlturn ar4 lry¢wbYrabl¢ VAT Expehditurt Is iecognised once thtre is a kqal or con5tnKtNe oblwjaiion to make a paTrir¢M io a third party. li is Proble thai senlemen¢wlll be requlred and the amount of the obligaiion can be measured reliabty. Expendiiure rs dassified uhdtf ihe followin9 headin9S". Costs of raising funds rolate to costs InC1r£d ty Ihe chaiity eKoura91g third partie5 10 rnike WJluntsiry(ornirilK•Tr5 io 11. as Well as the cost of any actlvits with a fwndraisiThJ purpose EMpEndirure on charir¥ble actitIeS indudes tht costs ol delhtrifi9 sÈNkes undertaken to fvrther the pr>S5 of our chailty and their Assotiatd Support ctssts IrrecoveratrAe VAT is charged as a cosr ay4ihSt Iht artity for Ihe txpehditure was irKurred. h) AIIDtailon of suppon costs Res0r(e$ expended are allocared to rhe paFricvlar •CDvffywhtre ihe ¢05t reL4tts dirtrtly to that aCtlty. The £•Sl Dr owcrall dirt¢tiOn and •dmini5rrarioTr of tach acrwity. comprisiTr9 ihe salary atsd Ovewhead costs ol the teniral funciior. 15 appOrtd on the followln9 basis which a an estimato. based on stsff lime. ol the amouni attri1wlab to each aalvity. GoverTranct costs are the (osts associaiedwih rhe governarKe anangernenis ol the tharity. T$¢ costs •rt aSSDtiated wirh ¢OhSlitutlonal and 51atwtory requirements arnd include anyc0515 a55ociattd with rht strarcgic managernenT of ihe charlty's •uiwrs. Gobrrnarfe costs a¥e apportioned QD rhE ba515 of 51aff tirnE attritIe w each ttlty. 4$ Outlined abm. RestrictEd funds •rt io t¢ used for specific purposes as la the donor. Expenditure meeis these crittria 15 charyed io Iht fyhd. Unres¢rKied funds art donations and oiher Incoming re50urce5 red or gETreraied for iht chariuble wJrw5es. QeslgThated funds ire unrewicted earnwktd tytt Iwusies lor P•rtKvr kmrirws. Endowmeni fund5 can bE ustd soltty for the Specif wrpose of Pron¥4(qUI51tb)n 25
SPEAR Housln9 Assoclatlon Llmlted Notes to the finandal ststernerbts For the 22 k) OpEr¥tlng leases Rtntal char9es are char9ed on a Straht line basis over ihe le olihE ka5e. 11 Tanglble flxed a55et5 Itern5 of qUlFffieni are ¢•pitalised where the wrhase txcteds 1.000. Depweciaiion ¢0s1s are allocaied to ictrrfiiies on ihE ba515 Of the wse ol tht relattd asstts In those actAfi1$. Asstis are re¥ed lor inyJirmEnt if cirturttstsnces indote their ¢4rrwNJ w41 mlv exceed thtlr net realisable value ar value in use. Land is not dEpreciated. DepreciatioTh15 Provided at rates calculaied io 11¢ d¢wM tht cosi af th to its estimated residtsal vakn its e%ed uselul life. The depreciaiion rare5 In use are a5 lo11." BlIding$ ahd Propettycomponenis- rnshOu$es and Housi Flxtures & Fittin9S Computers & Equipment -75 >r4rs 3 years 3 years ffl) Dtlknrs Trade and other debr0 are reiD9n15ed ai rhE SeTLlerrrt amotrnt. Propkynnts are valued at the amount wepald. n) Cash at bank and In hand Cash at bank and GlSh in hand iffi¢lvdes Cash shorT renn htyt lityid ifd¥tstments a sIt mawrity of three months or less Irom th date ol acquisirTr Ot openiN4 of tht deposh oi accr. Cash lanCeS exclude 4rry fvThJs held on tellf of seM¢t users. ol Crediiof5 and prasID#S Creditor5 and prowsions •re rtC¢9nisedwhere tht tha1 has a present 01911n resuhirw from a pasi eveni thai will probably resulr in ihe lianski ol futsds to a third party athd the amount due to Stit the oblwjarion te rneasured or e51brniiod reliabty. Crrdiior5 •nd provFsions ale normalty iecogn15ed at iheii seirlerneni arrkwni afttr al1¢x4 ftsrany tradt diSt(wJnts due. The charlty only has flnanclal assets and financbal liats"&"lS ola kind thii qualify as bll5K fi01 iThstrwrntnrs. 8451¢ fibl•rt¢i•l instruments ore Snitially recogni5ed ar iran5aaion valve and 5ub5equcnl rncasurtd at iheiT Settlemtfit ith the exctplion of bank loans wthich are ub%equÈrltly measured at amortised cost uSifi9 the effectwe interesi method. q) PeTrslws The Pension cNtThbutions ait Pah4 ifflro Group Personal Penshin (bn bEhall tbf all eligible ernplDyees who elert t¢ have such 3 ponsiOII arran9eThem. This 15 an individual defined ¢ohlri[KJfi arrtfigerf. The charty's liability is limited to the emplwrf5 coniiibuiion5. 2 5tar¢m¢nt of flnanclal {IncorporaTr9 lTrcomE and expendltsre I¢JunI)- Pdor Ye SPEAR Ethdowmethi Tru$t 2021 Restated Unrtstncted Restated Restncted UnrestrKEed Resiriaed Toul Income from.. Dtsnaiions and legadts 411.834 4.100.102 3.738 411,834 4.739,758 J,?38 639.656 Inve51fflen15 Tothl IncrAn 4.sl 5.674 639.656 5.155.330 ExKndlluvt .. Ralsln9 funds Charitable actNi£S 240.171 3,995.901 Z40.171 19.5 19 4.675,4fj1 660,041 ToLnl expenL¥tum 4.236.072 660.041 19.519 4.915,632 Nei Income for the ar 279.602 120.385) 219,698 Ntt movement In lunds 279.602 120.385Tr 239.698 Reconciliation of funds-. Total funds broyshT fortv4rd 3.270.288 37.750 3.995.779 7.303.817 T1 lunds tarried fomard 3.549.890 17.365 3.976.260 7.543.515 26
SPEAR Howslng Assodailon Llrnlted Nores io the financial statements 3 Incomt fmm dothions and Itwlts 202Z Totsl Unrtstrkthd 2031 Totsl Resriitsed Legaclts Donatlons 2.130 247.409 2,130 247.409 9.622 402.312 9.622 402.212 249.519 249.539 411.834 4 Inctymt from trItable 4aMtIs 2OZ2 Aestated Total Unre51rKred Restated Re5¢ricred 2021 Toral ilnrr5tTKtrif R¢5rridc Ren15 and 5eryitc ch4ryes- &rworted houSibl9 and hv5trls Rtnt5 and Sefvite char9es- s¥r NO$1n9 and almshouses Supported Seryice Coniracts.. IB Kingston LB MenoD LB RichrM>hd LB Sutton LBWand5worth 1.321.043 218.645 1.121.043 218.646 1,034.102 203.574 1.034.102 203.574 422.425 ISP.193 1.171.805 328.617 914.203 422.425 152.193 1.171.805 321,617 9)4.203 496.602 1 13.072 1.124.947 416.513 649.756 496.602 1.124,947 416.513 649.756 Crant5'. Coronavirus Job ReteThtion SchernE Ifurlough scherne) COVID grafiT5 Hampton Fund He4thr¢)w CommublityTrnst ICOWD) Mome$snesS Reponse Fund ICOVIDI London Funde15 CommuNty TIu5t Qsix Iformerty PMMI Richrnond Parish Lands Charity (Xher 38.936 38.936 36.OS4 36.054 s,000 12.250 7.500 99.740 s.000 35,417 31.400 3.094 12.250 7.500 99,740 5.000 35,417 31,400 3.094 50.000 24.188 2.027 50,000 14.161 2,027 Sub lot 4.564.987 81,216 4.646.2Q2 4.077.502 194.400 4.271.903 18,750 61.000 15.000 l•,YS0 fji.000 15.000 11.250 41.104 11,2$0 23.125 23.125 Tht Narional Lottery CornrvJniTV Fyrl The Oiapers. chaIe Fund Haltrow Foundatlon Cornic Rèliéf Clty 6ridgc Trusr 29th May Charitable Trst The Hobstyn Chaiy Masons Mhldlesex Other Johrn Laing Cri1ble Twsi The Sieel Charitable Try5r ste¢Smart The Albert Hunt Trust Heaihrv44 Community fr$r Postcodè Communiry Trnst Carfield Weston Foundati¢ Tht BerkeV Chaiiiable FoundatiDll 42.104 11.150 31.037 5,000 31.037 5.000 5,QOCI 2.000 soo 23.000 13? 500 23.000 1.001 9.005 9,005 i 0,000 10,000 Sub total I.611 190.611 34,599 134.599 The Nallofft Lortery Community Fur 172,640 172.640 125.406 I Z5.406 Sub wial 17Z.640 I n.640 125.406 125,4IJ6 Hamwtsn Fnd 26.2S0 26.250 Sub 26.250 26.250 27
sp Housln9 As$oclatlon Llrnlted 14Die5 tv ihe ftnandal staiements For the 22 4 Ihrome from charltable acrilIeS Icontlnued) 2022 r¢e5rated Total Unrestricred Restate Restrict 20ZI Tot41 lknve5tTicied Restiiued The Wlmbltdon FouThdatlon and the London Community Foundation Richmond Par15h LaThI5 Chamy Tht Albtrt Hunt Tiust Carfiekl Wtston Foundation Hampion Fund Make Some Noise Comastsnic Bentvoltnt Fund The Berkt1ty chatae Foundation Heathrow Community frust City Bridge T$r Otht¢ COVIO iwandsworth The Rlchmond Charities her 33.125 42.875 7.000 25.000 33.125 42.B75 7.000 25.000 50.000 25.375 50.000 47.975 22.600 s.000 55.000 4.000 10.ooo 2.500 11.250 4.000 5,OOC 5.000 55.000 4.000 10,000 2.500 z,soo 2.500 4.000 5.000 5.000 5,1SZ 5,152 Sub Totsl 120.6S2 120.652 22.600 194.7Z5 4.564.987 591.369 5.1 $6.356 4.100,102 639,656 4.739.758 S Ihcome Ir•m Ih¥tstnnts 2022 T•tsl Unie5trkted 2021 Total UnrestrKTed Restri¢ lThterest oarThed 804 3,738 3.738 3.?38 3.738 28
SPEAA Hou51n9 Alsodauon Note5 to financ1 5Litmer•s oithE ar EndEd 31 March 2022 6a And555 of expenditutE IcuTrertyur> SupportedS¢th rtath. Heètttt hostebind hw51ry SEfM(wSi C05t ol 022 Toui ClSt5 Costs To¢AI Si•lf ¢osis 81 FreftiiS¢S Cosis 255.169 2.051.98 950.237 B2.614 19.B27 975.3a4 3.470.465 3,325.948 1.037.TZO 30?.762 2.358 2B6.111 60.F33 83.W3 J23 3.469 205.219 ClipDt C05ts Dii¢CI Cos 350 9$9 23.061 $4.943 83.S77 32J.264 J.245.261 179.110 2Q.J26 1.304.550 4,915.632 ¢0515 85.7Y 1.055.717 43.B61 IOT.795 6.164 11.304.55D) 2.4S9 3.691 4.665 267 154.Y31 ToLIl expondlluro 1022 412.249 4.344.141 291.$70 2&757 4.91S,632 Toral exoenditwrt 2021 329.1189 4.143.894 241.WJ7 23.238 4.915,63Z 29
SPFAR Hauslny Assaaafjort MIt*d Note5 ro the nn4n(1415tsrernenrs For the ear ended 31 Mah ZOZZ 6b knatys15 of expenditu (prior¥e4r> Oient serCes Supporttd Strrice contracts Htalth-nd c0rnfflLrty OEvÈloptyen[ hositls hou51 Cosi of setvitts raiSirKJ funds Housiry and m5houStS Vdunteer Covernanie Cos SuppDrt Costs 2021 Stalltosts (Nofe 81 234.197 127.287 1.267 1.028,979 3,325.948 1,037,720 202.762 2,358 793.436 105.761 247 473 6.822 9.734 74.253 2.351 406 170.175 60.733 60,733 125.464 262.624 3.085.644 136.631 19.113 60.733 1.224.653 4.915,fj3l Support C05t5 C<wtrnance cost5 48.763 62.280 1.089 98.648 4.892 3.144 IS6 2.41 B 50.179 Total expendlture 2021 176.645 327.993 240.171 4.915.632
SPEAR HousSn9 Assoclatlon Llmiied Noies to the financial stattment5 For the ear ended 31 March 2022 Nei income lexpendlturel for ihe year This is stated after chargin9- 2022 2021 Depreciation Operating lease rentals.. Property Auditor's remunefaiion (excluding VATJ.. Audit 39,750 45.467 53S,666 512,875 11.400 10,850 Anasysis of sraff ctssts. trustee remuneratSon and expenses. and the cost of key management personne The charity trustees were noi paid or received any oiher benefiis From employment with the charily In ihe year 12021.. £nill. No charity trustee receNed paymeni for profe55ional or oiher seNices supplied to the charity12021.. Staff costs were as follows.. 2022 2021 Salaiies and wages Social security cosrs Employer's coniribuiion to delined coniribuiion ptnsion schemts Staff and volunteer Expenses Coniraaors and iemporary Staff Coronavirus Job Reiention Scheme Ifurlou9h stherntl Provision for deferred siaffin9 COSIS Staff learnin9 and developmeni Recruitment DBS Checks Redundafjcy and temiiftation costs Othev form5 of employee benefits 2.797,860 268.612 69,760 30.300 183.418 2.646,223 242.140 67,594 27,313 152,232 38.936 84,319 13,139 29,640 992 32.659 52.528 2.711 6.250 26.367 23.422 3.470.465 3.325,948 The followin9 number of empl¢)yee5 received ernpknyee benefits (excluding pension ioniribution5 and employei's narional insurance) during the year beeeTr.' 2022 No. 2021 No. £60.000 - £69,999 £80.000 - £89.999 The rotal employee benefits (including PEnsion contributions and employer's national insuiancel of the key management personnel were £ 31 7,759 12021-. £ 316.3361. 31
SPEAR Hous5ng Assoclatlon Llmlted Notes to the finan¢ial statements For the ear ended 31 March 2022 Staff numbers The avera9e number of employee5 Ihead tount bastd on number of staff employed) during the year was follows.. 2022 No. 2021 No. Supp)rted Hou5in8 and H05tels Supported Serwce Contracts Operational Management Central Support Raising Funds Trust Fundraising Cornmunications Managtr Volunreering 23 48 27 47 98 101 l O Tanglble flxed assets Land and buildin9S Almshouses Land and buildings Housing Fixiures & fiiting5 Computer equipment Toial Cosi Ai ihe stan of the year Additions in year Oisp05a15 in year 502.849 2.220 1,107.737 114.456 53.175 6.497 15701 1,778,217 8,717 (65.9121 165.342) Ai the end of ihe year 505.069 1.107.737 49,114 59,102 1.721,022 Deprtclallon Ai ihe starr of rhe year OisP05als in year Charge for the year 193.006 165.367 97,377 165.342) 15.623 32.498 15701 4.330 488.248 165.9121 39.750 10.440 9.357 Ai ihe end of the year Nei book Value At the end of the year 203.446 74.724 47.658 36.258 462.086 301.623 933.013 1,456 22,844 1.258.936 At ihe 51an of the year 309,843 942.370 17.079 20.677 7.289.969 All of the above assets afe used for chariiable purF*)5es. I l DeOr$ 2022 2021 Trade debrors Other debtors Staff Loans Prepayments Accrued income 413,150 950,027 120 3.025 80,607 125.919 2,084 7S,477 234,372 725.083 1.159.698 32
SPEAR Housing Association Limited Notes to ihe flnanclal staremenis For the ear ended 31 March 2022 12 Credltors= amounis falllng due wirhin one year 2022 2021 Trade creditors Payroll taxation and social Security Holiday pay prov(sion Other creditors and provisions Accruals Deferred income (Note 131 156,026 142,175 64,205 157,S71 243,675 151,538 143,973 94,980 156.081 156.108 554,460 91S.190 1,105.602 13 Deferred Income 2022 2021 Balance at the beginnin9 of the year Amount released to income in the year Amount deferred in the year 554.460 1554.4601 151.538 83,500 133,5001 504.460 Balance at the end of the year 151.538 554,460 Included in the above 15 £ 62,000 12021-. £ 262.8031 relaiing to Amounts Invoiced in advance. and £ 89,538 12021.. £291,657) being deferred amounts on contracts with fU1u performamce obli9ations. 14a Analysls of net usets beThveen fund5 Icurrenr year) General Desi9nated unrestriaed Toial funds Endowment Restriaed Tangible fixed assets Invesimenis Net current asseis .234.636 24,300 3,640 1.673,335 1,258,936 3,640 6.476.605 2.721.827 2.081.443 Nei a55ers at the end of the #r 3.956.463 2.081,443 ,701.275 7.739,181 7 4b Analysis of a55et5 between fvnds Iprior year) General uniestricted Ttsial funds Endowment Oe5i9naied Restricred Tangible fixed assets Investments Net curfent assets .252.213 37.756 47.097 1.381.374 1.289.969 47.097 6,206.449 2.724.047 2.083,663 17.365 Net a55et5 at ihe end of ihe yèar 3.976.260 2.083.663 ,466.227 17.365 7.543.515 33
SPEAR Housong Assoclaiion Llmited Notes io the financial statements For ihe ear ended 31 March 2022 1 Sa Movemenrs In fvnds Icurreni year> Ar 7 April 202T Incoffle Expendiiure & At 31 March & gain5 105ses 2022 Re5trlcted funds: Core charitable 5ervice5 Volunteering Supponed Housing and Services grants Community Developmeni & Innovation Homeless Healthlink 7.51)0 120.652 26.250 81.216 190,611 72.640 1128,1521 126,2501 188,2811 1193,4111 1172,6401 7.065 2.800 Toial resirfaed fvnds 17.365 591.369 1608,7341 l April Transfers 2021 betyleen fund Income & Expendiiure & At 31 March 9ains losses 2022 Unrestritted Funds Designared funds.. Designated development fund Cyclical maintenance fund 953.691 1.129.972 953.691 1,127.752 12,2201 Total des19nated funds 2.083.663 12,220) 2,081,443 General funds 1.466.227 4.815.330 14,580,282) 1,701,275 Toial ufirestrfcred funds 3.549.890 4.81 S.330 14,582.502) 3,782.718 Endowment Funds Property reinvestment (Almshousesl Property resnvestment (Hou5ingl 1.194.966 2.781.294 (9,3571 110,4401 1,185.609 2.770.854 3.976.260 119.797) 3.956.463 Total fvnds 7.543.515 5,406,699 15.211.033) 7.739.181 34
SPEAR Housin9 Assoclatlon Llmlied Nffles to the financial statements For ihe ear ended 31 March 2022 Movemenis In funds Icontlnued) Purposes of restrfcred funds Homeless Healih Link service Crants from National Lottery Communiry Fund fund a seNice to improve the physical and mental heatth of people experiencing homelessness in Richmond and Kingston. The Core Charitable Services Grant5 a5 detailed in note 4 to pay for overheads includin9 central services. head office. managing daia and IT cosi5. Volunteering A grani from Hampton Fund funds a volynieering Service in which volunteers are re¢ruittd. trained and supported in a ran9e of roles ihrou9hour SPEAR. Supptsrttd Houslng Schemes: sand0be Road Supported Housin9 Scheme This 9rani from ihe Richmond Parish Lands Charity funds a supported housing schtme in Richmond. Rosa House Supported Housing Schtme A grant from Richmond Parish Land5 Chariry funds a supponed housing schemt in Richmond. Rlngwood Way Supported Houslng kheme A granr from Hampton Fund funds a 5UPW>rted housin9 scheme worker. Community Development Inno¥ation Grants as detailed in note 4 to fund work supporting young people and adults who are homele55 to develop their confiden£e and life skills, io improve iheir wellbein9. 10 underrake irainin9 and educaiion. and to secure employment. 3S
SPE4R Houslng AssoclatSon Llmfted Noies to the financial statements For the ar ended 31 March 2022 15b Movements In funds Iprbor year) Al l April 2020 Income Expendtture & At 31 March & 9ains losse5 2021 Resirlcted fund5'. Core charitable service5 Volunteering Supported Housing and 5er¥ices grants Community Development & Innovation Homeless Healthlink 3.750 4.375 17,000 12.625 172.125 13.125 194.400 134.599 125,406 1168.3751 117.5001 1204,3351 1144.4241 1125,4061 7.500 7.065 2.800 Total resiriaed funds 37.750 639.656 1660,0411 17.365 At l April Transfers 2020 beeen fund Income & Expendiiure & At 31 March gain5 Ios5e5 2021 Unrestricted Funds Designated funds.. De5ignaied develtspmeni fund Cyclical maintenance fund 956,691 1.195.406 13.000) 165.4341 953,69T 1.129,972 Toral designaied fund5 2.152.097 168.4341 2.083.663 General fvnds 1,118.19J 1.714,784 11.366,7481 1.466.227 Total unrestrtcted funds 3.270.288 1.714.784 11,435.1821 3.549,890 Endcswment Funds Property reinvestment (Almshousesl Propeny reinvestment IHou5ingl 1.204.045 2.791,734 19,0791 110,4401 1,194,966 2.781.294 3.995.779 119,5191 3.976.260 Total funds 7.303.817 2.354.440 12.114.742) 7.543.515 36
SP&4R Housing Association Limited Notes to rhe financlal staremenrs rthe ear ended 31 March 2022 16 Analysis of cash and ash equfvalenis At l April 2021 At 31 Marth 2022 Cash flws Cash at bank and in hand Notice deposits Iless ihan three month51 6.148.305 4.049 515,533 6.663.838 2.874 Total tash and cash equlvalents 6,152,353 514.358 6.666.712 17 Operatlng lease cornrnliments The charity's toial fuiure minimum lease payments under non-cancellable operating lease5 Ts as follows for each of the Following periods Property 2022 2021 Less than one year One to five years Over five years 277.85 1 375.188 36.048 442.282 480,020 83.548 689.087 1,005.850 18 Legal status of the charlty The charity is a company limited by 9uarartte and has no share caprtal. The liabiliry of eath member in the event of winding up is limited io £1 19 Taxation The charity is exempt from corporaiion lax as all ils income is charitable and is applied for charitable purpose5. 20 Related Party Transartlons There are no relaied parry transactions to disc105e for ihis financial year 12021.. none). There are no donations from related parties which are outside ihe normal course of business and no restricted donations from related parties. 37