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2023-03-31-accounts

Company number: 06396687 Charity Number: 1122206

SPEAR Housing Association Limited

Report and financial statements For the year ended 31 March 2023

SPEAR Housing Association Limited

Contents

For the year ended 31 March 2023

Reference and administrative information ...................................................................................... 1 Message from the Chair and CEO .................................................................................................... 3 Trustees’ annual report .................................................................................................................. 5 Independent auditor’s report ....................................................................................................... 19 Statement of financial activities (incorporating an income and expenditure account) ................... 23 Balance sheet ............................................................................................................................... 24 Statement of cash flows ................................................................................................................ 25 Notes to the financial statements ................................................................................................. 26

SPEAR Housing Association Limited

Reference and administrative information

For the year ended 31 March 2023

Company number 06396687
Country of incorporation United Kingdom
Charity number 1122206
Country of registration England & Wales
Registered office and 89 Heath Road
operational address Twickenham
TW1 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 (resigned 8 September 2022)
Christine Reay
Company Secretary Tim Fallon
Key management Tim Fallon Chief Executive
personnel Susan Kent Finance Director
Mark Taylor Head of Operations
Charlotte Treversh
Head of Human Resources
Helen Whittaker Director of Fundraising & Engagement

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SPEAR Housing Association Limited

Reference and administrative information

For the year ended 31 March 2023

Bankers CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ Solicitors Russell Cooke LLP Bishop’s Palace House Kingston-Upon-Thames KT1 1QN Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane LONDON EC1Y 0TL

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SPEAR Housing Association Limited

Message from the Chair and CEO

For the year ended 31 March 2023

Message from the Chair and CEO

The year ended 31 March 2023 was the first of three years of the Governments updated Rough Sleeping strategy with funding awarded to Local Authorities for the whole period. Whilst services have continued to adapt in response to needs and the requirements of local authority commissioners, this more sustainable funding has been largely beneficial to SPEAR in enabling it to develop its medium term plans with greater certainty, albeit in an economic environment that has become more challenging.

SPEAR has continued to develop its work supporting rough sleepers placed into their own self-contained accommodation through “Housing First” and Rough Sleepers Accommodation Programme. The continuing expansion of this work offers valuable opportunities for Rough Sleepers to have the opportunity to make life changes from a settled home, with SPEAR’s support on their individual journeys.

The year saw the evolution of health services at SPEAR with opportunities for Rough Sleepers to attend health days, community based drop in days, connecting rough sleepers with necessary health care. Increasing partnership working with the NHS in the year has been beneficial for this work and also allowed individuals with limited digital skills to undertake training so that they can access health services in an increasingly digitalised world. This complements the existing work undertaken on skills development and involvement, which is generously supported by donors.

As the year developed the challenges of an emerging cost of living crisis and higher inflation in the wider economy became apparent. SPEAR is well aware of the risks of increased homelessness such an economic climate poses, what it less immediately obvious is the very real concern that this generates for many people who have previously experienced homelessness. SPEAR continues to be here to support those who are impacted. It has been heartening to see the support from donors in response to the increased costs that SPEAR is incurring and their generosity enables SPEAR to continue its essential work and face what is predicted to be a more financially difficult year in 2023/24.

As ever, none of our work would have been possible without tremendous support from Local Authorities, commissioners, supporters, funders and volunteers - we would like to thank them all. We are also very aware of the tremendous dedication of the staff at SPEAR and would like to thank them for all their efforts including their great response to severe weather situations where we have helped Local Authorities provide emergency responses. We would also like to thank our Trustees for their time and commitment in providing guidance to SPEAR in a year where at times it felt like the economic certainties of previous years were being fundamentally changed.

It is the individual stories that bring the work of SPEAR to life. “Nicola*” became homeless at 18 and initially slept on friend’s floors for a couple of years before having no choice other than to sleep on the streets.

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SPEAR Housing Association Limited

Message from the Chair and CEO

For the year ended 31 March 2023

“I was lonely and I was really just giving up on everything”

Finding “Nicola” and helping her secure a room in a shared house made a big impact.

“It was one little room and it was the best feeling in the world to have a roof over your head”

From this foundation SPEAR worked with “Nicola” to help her regain her confidence and make new friends.

Other SPEAR clients who have accessed health services have commented,

“Everything is focused on the user which is great, great access to services that didn’t initially come here, great for mental health.”

“When I was on the streets and homeless and I was leading an unmanageable lifestyle and you know my life was all over the place to go the doctors and all that was difficult…you can’t cope with life.”

“Nicola’s” story and these comments illustrate why the services of SPEAR are so essential to enabling individuals at a low point in their lives to rebuild their futures; we look forward to helping more individuals in the coming year.

*Not her real name

Paul Doe, Chair of Trustees

Tim Fallon, CEO

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

Trustees’ Report

The trustees present their report and the audited financial statements for the year ended 31 March 2023.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with the, the Companies Act 2006, the memorandum and articles of association and the Statement of Recommended Practice (SORP 2019)- Accounting and Reporting by Charities; applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The objectives of the charity are:

The trustees review the aims, objectives, and activities of the charity regularly. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity'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 is not considered that there are any private benefits or significant detrimental impact from its work. The trustees consider that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance.

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

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 issue, so we provide a range of support services to help our clients reach their full potential, always operating from our values:

Working together: We work alongside service users, partners, staff, 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 potential 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 circumstances. 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 issues. 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’t) and 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 the communities we serve and that all our clients are treated fairly and respectfully. Where possible, we record information around the diversity of our clients on our database so we can better understand the demographics of the community we are working with and adapt our services accordingly. We have an open complaints process that can be accessed by clients and volunteers who wish to raise any concerns.

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

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 is treated equally and with respect, irrespective of race, colour, religion, national origin, sex, disability, age, marital status or sexual orientation

Our Beneficiaries

SPEAR is an inclusive organisation supporting a range of people experiencing homelessness in South West London. We work with young people, aged 16 – 25 and adult men and women, including women who have experienced domestic abuse. We support people off the streets and those at imminent risk of homelessness into accommodation, including supported hostels, shared houses, and independent flats. We assist people with their physical and mental health, addiction issues and their skills, education, and employment - helping them sustain their tenancies, pursue personal goals and aspirations, and move towards more independent living.

The 16 almshouses and 8 flats owned by the SPEAR Endowment Trust (SET) provide long term homes for those whose financial circumstances necessitate assistance with their housing, normally older individuals with a connection to London or the surrounding area.

Our clients are at the centre of our work and the Service Involvement Group, is just one of the ways that SPEAR collects feedback upon its services. 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 2022-23:

During the year 844 people accessed SPEAR’s services of which 21% were female. Homelessness can impact people of all ages and 105 of the people SPEAR worked with were under the age of 25.

SPEAR delivers outreach services intended to locate and assist those who are street homeless on behalf of four London Boroughs, Kingston, Richmond, Wandsworth and Sutton. The key to these services is flexibility to varying demand, prompt location of individuals and establishing relationships of trust that support and encourage people to move into accommodation. Some are ready immediately, for others only sustained work will re-establish trust which in turn will encourage them to take the next step back into accommodation. During the year SPEAR worked with 414 verified rough sleepers and provided supported housing for 272 and brokered accommodation for others.

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

As well as providing accommodation directly SPEAR continues to deliver essential support with the Housing First and Rough Sleepers Accommodation Programmes in Kingston, Richmond and Wandsworth whilst starting a new service in Sutton. These intensive services enable entrenched rough sleepers to access accommodation as a foundation to rebuilding their lives and to then receive support to sustain their tenancies and address the issues that contributed to rough sleeping in the first place. A total of 35 of these properties were available throughout the year with a further 5 being provided in Sutton.

The work of the Homeless Health Link team is varied. 231 people were supported to improve their health and it is calculated that the use of emergency health services such as Accident and Emergency was reduced by 54% amongst those that SPEAR support. For some homeless people registering with a GP can be a challenge as there can be an expectation that patients provide an address, even when this is resolved practical problems of how to receive letters remain. However, there are ways to ensure that all are able to access health services and 331 people are registered with a GP.

As well as providing practical help to individuals the service has also evaluated the barriers to accessing health services and been able to establish that as well as the lack of an address other challenges are money (no phone credit to make an appointment no money to get there), information (lack of digital skills in an increasingly digital world), confidence (some people don’t believe that they deserve support and care) and trust due to previous negative experiences with individuals and institutions.

One participant in a multi week course designed to enable individuals to develop essential digital skills to enable their access to health care services commented

“The programme is run very well for people learning from the ground up. If I had not signed up for the programme, I would not be able to do anything digitally and would not have done it for the rest of my life. All my previous work was manual. This is all new to me, and I will always be learning. But the support you have given me has guided me well, and I look forward to continuing this learning journey with SPEAR.”

Thanks to the generosity of donors SPEAR is able to offer a range of services to develop individual’s skills and confidence beyond those supporting health. 38 young people were supported into education, training and employment whilst amongst the older cohort 41 people developed their skills 13 gained employment and 35 contributed to their local community through volunteering.

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

Our Volunteers

The generosity of our volunteers with their time and skills significantly enhances the services that SPEAR is able to provide to its clients. Volunteer roles during the financial year included: peer mentor volunteering support, fundraising support, befriending/mentoring, outreach volunteers, digital mentoring, and a range of skills training, including cooking. We also had incredible valuable professional support, including: communications, health services, hairdressing and property maintenance – all from individuals offering their expertise and skills.

Volunteers have been central to the delivery of SPEAR health days which are popular and well attended. These enable clients to readily access health services in an informal community setting whilst also providing access to other services and advice.

In addition SPEAR has worked with a range of corporate partners on volunteering days with teams undertaking significant gardening and decorating jobs as well as assisting with fundraising. SPEAR benefits from the support of corporate partnerships beyond volunteering, but it is always good to have the opportunity to work together on a hands on practical project.

Additionally, our Trustees continued to provide expertise and governance throughout the financial year.

Whilst there has been a reduction in total volunteer numbers and hours a greater focus on specific skills and corporate partnership means that all our volunteers have added real value to the work that SPEAR was able to undertake. They have ensured that clients had a wider range of opportunities than could be offered solely though the provision of local authority and NHS commissioned services, for that and their generosity of time we are very grateful.

Our Supporters

We rely on the generosity of our supporters to help fund our work and remain truly grateful to all our supporters for helping us to raise vital funds. Voluntary income comes from donations made by individuals, companies, trusts and foundations, community groups, schools and from legacy gifts.

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

Over the last year we have seen an increase in our income from trusts and foundations, a vital source of funding to support different programmes of work across the charity. We have also been successful with continuation funding from the National Lottery Community Fund, with a multi-year grant due to start in 23/24.

A key focus for our fundraising over the last year has been to explore ways of reaching new donors. Our winter appeal was a great success with 42% of online donations coming from new supporters. Over the last year we have been really impressed by the generosity of individuals who have fundraised for us; running marathons, sponsored night walks, sleepouts, organising bake sales and quizzes are just some of the amazing activities our supporters have taken part in.

Thank you to everyone who has supported SPEAR.

Financial review

SPEAR reported a net surplus in the year of £ 264,169 (2022: £ 195,666).

Total incoming resources for the year reduced slightly to £ 5,249,472 from £ 5,406,699, a decrease of 3% (2022: increase 5%).

In summary, income comprises:

Unrestricted income for the year marginally decreased to £ 4,761,878 from £ 4,815,330, last year, a decrease of 1%. The most significant contributory factors were a decrease in rent and service charge income from supported housing schemes where less properties were in management, which was largely offset by an increase in contractual income for the provision of charitable services.

Restricted income for the year decreased to £ 487,594 from £ 591,369 last year, a decrease of 18%. A significant three year programme funded by the National Lottery Community Fund had drawn to a close in the year ended 31 March 2022. SPEAR has been pleased to secure a further three year programme which starts in April 2023, however this was the single most significant factor in the change between the years, overall other restricted income increased in the year ended 31 March 2023.

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

Our expenditure for the year decreased to £ 4,985,303 from £ 5,211,033 last year, a decrease of £ 225,730 or 4%. Staff costs represented 66% (2022: 67%) of expenditure, with average headcount decreasing to 91 from 98.

Analysis of our expenditure shows that we spent 69% (2022: 70%) on charitable activities, 28% (2022: 25%) on support costs, 2% (2022: 4%) on fundraising, and 1% (2022: 1%) on governance.

This decrease in expenditure reflects changes in SPEAR’s activities with the provision of less shared accommodation at the same time as some other charitable activities have increased.

Total funds increased by 3% to £ 8,003,350 from £ 7,739,181.

Cash and cash equivalents – Total cash and cash equivalents at 31 March 2023 totalled £ 6,671,414 (2022: £ 6,666,712). £ 36,165 was generated from operating activities (2022: £ 478,815), £ 59,059 (2022: £ 8,717) was spent on capital expenditure and £ 27,596 of investment income (2022: £ 804), lead to a net increase in cash and cash equivalents of £ 4,702 (2022: £ 514,359).

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 reported in previous years, the Trustees are aiming at free reserves to cover operational activities from unrestricted income for at least 3 months, moving to 6 months over time. As of 31 March 2023, the unrestricted general reserves, totalled £ 1,808,546 which represents approximately 4.3 months of expected average expenditure (at 31 March 2022: unrestricted general funds were £1,678,885, being approximately 3.8 months of expected average spend).

At 31 March 2023 SPEAR had designated reserves as follows:

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

The Reserves 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 will 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 with the terms of the grants received.

SPEAR Endowment Trust

During 2018, Quintus Housing Trust became part of the SPEAR family, changing its name to the “SPEAR Endowment Trust” (SET). SET’s financial results have been included in the SPEAR accounts since the year ended 31 March 2019.

At 31 March 2023 the Endowment Fund amounted to £ 3,934,815 (31 March 2022: £ 3,956,463). £ 1,248,702 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.

Over the medium-term SPEAR intends to supplement the endowment with a capital appeal, grants and loans to enable it to buy more properties than with the endowment alone.

Principal risks and uncertainties

SPEAR has an approach to risk management designed to ensure that there is an on-going process for identifying, evaluating and managing 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 most significant. 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 their support personalised, that their data 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 these 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

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

appropriate skills, the publication of policies 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 strategic priorities change and services can be subject to tendering. 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 commissioning requirements. SPEAR seeks to mitigate these risks by aiming to have an agile culture and sustain good relationships with its key commissioners and funders.

Risk of financial deficits threatening the financial sustainability of SPEAR: SPEAR delivers a range of commissioned services that offer limited scope for generating financial surpluses and which are characterised by being short term in nature. It is exposed to the same wider operating environment as other organisations including high inflation but due to the importance of fundraising could be adversely impacted by a downturn in giving. It benefits from having gained financial strength when SPEAR Endowment Trust joined the group and seeks to make the best use of these assets, but much of this financial strength is either restricted to 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 these risks by keeping the financial performance of contracts and the organisation under regular review as well as assessing the financial impact of taking on new services.

Difficulty in recruiting and retaining staff: The nature of most of SPEAR’s services is they are heavily dependent upon recruiting and retaining staff able to problem solve and work in some challenging situations. Recruitment of staff in London is difficult for many organisations beyond those working in social care, a sector 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, by seeking innovative ways to recruit and with a longer term plans for offering more competitive salaries

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

Fundraising practices review

All fundraising practices are framed within the values and principles of the organisation. 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 important 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 SPEAR know their decision. SPEAR does not sell or exchange lists of data with any other charities or companies for their marketing or fundraising purposes. SPEAR is committed to being transparent about how it collects and uses personal data, and to meeting its data protection obligations in accordance with General Data Protection Regulations (GDPR) and domestic laws, SPEAR’s privacy statement can be found on its website.

We received no complaints about our fundraising practices in 2022-23.

Plans for the future

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

Structure and governance

The organisation is a charitable company limited by guarantee, incorporated on 11 October 2007 and registered as a charity on 7 January 2008.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

At the year end the Board comprised of 11 members. No trustees received remuneration for their roles or were paid for any other activity relating to the charity in the year.

The Board is supported in discharging these responsibilities through the following subcommittees:

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 charity. No expenses were reclaimed from the charity during the year.

Appointment of trustees

New trustees are recruited through advertising with the objective of ensuring an appropriate mix of skills, and candidates are asked to attend an interview with the Chair and another trustee. Trustees have agreed that future trustee recruitment will aim to increase diversity within the Board. During the year no new Trustees were appointed (year end 31 March 2022: none).

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

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.

Serious 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 contributing to their homelessness to be addressed. However, not all clients achieve good outcomes. Where there has been an incident or an adverse outcome this is recorded and is reviewed by senior staff and trustees. 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. One incident relating to loss or money was investigated and reported to the Charity Commission subsequent to the period. There were no other incidents to report to the Charity Commission, as there has been: no large donations from an unknown or unverifiable source; no links to terrorism or extremism; no damage to property.

Related parties and relationships with other organisations

SPEAR maintains no relations with, and no transactions were entered into with, related parties during the year 2022/23, with the exception of SET/Quintus Housing Trust as explained above.

Remuneration policy

Pay and remuneration of the charity’s key management personnel is set according to SPEAR’s Remuneration Policy and Procedure, which applies to all employees, is regularly reviewed and benchmarked with comparable roles. The policy includes a pay scale, controls for pay increases and bonuses. 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.

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

Statement of responsibilities of the trustees

The trustees (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 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 these financial statements, the trustees are required to:

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 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:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements 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

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SPEAR Housing Association Limited

Trustees’ Annual Report

For the year ended 31 March 2023

2023 was 12 (2022:12). The trustees are members of the charity but this entitles 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 2023 and signed on their behalf by:

Paul Doe

Chair of trustee

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Independent auditor’s report

To the members of

SPEAR Housing Association Limited

Opinion

We have audited the financial statements of SPEAR Housing Association Limited (the ‘charitable company’) for the year ended 31 March 2023 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 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on 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 sections of this report.

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Independent auditor’s report

To the members of

SPEAR Housing Association Limited

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which 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 trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Independent auditor’s report

To the members of

SPEAR Housing Association Limited

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

21

Independent auditor’s report

To the members of

SPEAR Housing Association Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior statutory auditor)

DATE: 15 December 2023

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

22

SPEAR Housing Association Limited

Statement of financial activities (incorporating income and expenditure account)

For the year ended 31 March 2023

For theyear ended 31 March 2023 For theyear ended 31 March 2023 For theyear ended 31 March 2023
Unrestricted
Restricted
Note
£
£
Income from:
3
212,672
-
4
4,521,610
487,594
5
27,596
-
4,761,878
487,594
6
174,113
-
6
4,308,198
481,344
4,482,311
481,344
7
279,567
6,250
279,567
6,250
Reconciliation of funds:
3,782,718
-
4,062,285
6,250
Net movement in funds
Total funds brought forward
Total funds carried forward
Raising funds
Net income / (expenditure) for the
year
Total expenditure
Charitable activities
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities
SPEAR		 Unrestricted
Restricted
£
£
-
-
-
-
-
-
-
-
-
-
-
21,648
-
21,648
-
(21,648)
-
(21,648)
-
3,956,463
-
3,934,815
SPEAR Endowment Trust		 2023
Total
£
212,672
5,009,204
27,596		 2022
Total
£
249,539
5,156,356
804
4,761,878 487,594 - - 5,249,472 5,406,699
174,113
4,308,198		 -
481,344		 -
-		 -
21,648		 174,113
4,811,190		 291,570
4,919,463
4,482,311 481,344 - 21,648 4,985,303 5,211,033
279,567 6,250 - (21,648) 264,169 195,666
279,567
3,782,718		 6,250
-		 -
-		 (21,648)
3,956,463		 264,169
7,739,181		 195,666
7,543,515
4,062,285 6,250 - 3,934,815 8,003,350 7,739,181

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements.

23

SPEAR Housing Association Limited

Balance sheet

Balance sheet
As at 31 March 2023 Company no. 06396687
Note
Fixed assets:
10
Current assets:
11
Liabilities:
12
14
Endowment fund
Designated general funds - planned maintenance
Designated general funds - property development
Total unrestricted funds
Creditors: amounts falling due within one year
Net current assets
Total assets less current liabilities
Restricted income funds
Unrestricted income funds:
The funds of the charity:
Total net assets
Designated funds
General funds
Total charity funds
Cash at bank and in hand
Short term deposits
Tangible assets
Investments
Debtors		 £
1,218,799
2,874
6,668,540
7,890,213
(1,167,461)
1,268,152
953,691
1,840,442		 2023
£
1,276,958
3,640		 £
725,083
2,874
6,663,838		 2022
£
1,258,936
3,640
1,280,598
6,722,752		 1,262,576
6,476,605
7,391,795
(915,190)
1,127,752
953,691
1,701,275
8,003,350 7,739,181
8,003,350 7,739,181
6,250
3,934,815
4,062,285		 -
3,956,463
3,782,718
8,003,350 7,739,181

Approved by the trustees on 12 December 2023 and signed on their behalf by:

Paul Doe Chair of Trustees

24

SPEAR Housing Association Limited

Statement of cash flows

For the year ended 31 March 2023

Reconciliation of net income to net cash flow from operating activities

Reconciliation of net income to net cash flow from operating activities Reconciliation of net income to net cash flow from operating activities Reconciliation of net income to net cash flow from operating activities
Net income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Dividends, interest and rent from investments
(Increase) / Decrease in debtors
Increase / (Decrease) in creditors and deferred income
Net cash provided by operating activities
Note
£
£
36,165
27,596
Disposals / (additions) to investments
-
Additions to fixed assets
(59,059)
(31,463)
4,702
6,666,712
16
6,671,414
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
2023
Cash flows from operating activities
Net cash (used in) / provided by investing activities
Net cash provided by operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments		 2023
£
264,169
41,037
(27,596)
(493,716)
252,271		 2022
£
195,666
39,750
(804)
434,615
(190,412)
36,165 478,815
4,702
6,666,712		 514,359
6,152,353
6,671,414 6,666,712

25

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

1 Accounting policies

a) Statutory information

SPEAR Housing Association is a charitable company limited by guarantee and is incorporated in England and Wales.

The registered office address and principal place of business is 89 Heath Road, Twickenham, Middlesex, TW1 4AW

b) Basis of preparation

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

These accounts consist of the accounts of SPEAR Housing Association Limited and the SPEAR Endowment Trust (previously known as Quintus Housing Trust), charity number 1122206-1, an unincorporated charity. The Charity Commission issued a linking direction for the two charities in 2018.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

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

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

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

Rental Income and service charges are recognised on a receivable basis in the period to which it relates, net of any losses from voids and bad debts for arrears.

f) Interest receivable

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

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

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

h) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. The cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

i) Governance costs

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities. Governance costs are apportioned on the basis of staff time attributable to each activity, as outlined above.

j) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Endowment funds can be used solely for the specific purpose of property acquisition

26

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

1 Accounting policies (continued)

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Land is not depreciated.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

 Buildings and Property components - Almshouses and Housing 8-75 years  Fixtures & Fittings 3 years  Computers & Equipment 3 years  Vehicles 4 years

m) Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.

o) Creditors and provisions

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

p) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

q) Pensions

The pension contributions are paid into Group Personal Pension Plans on behalf of all eligible employees who elect to have such a pension arrangement. This is an individual defined contribution arrangement. The charity's liability is limited to the employer's contributions.

2 Statement of financial activities (incorporating income and expenditure account) - Prior Year

Expenditure on:
Income from:
Donations and legacies
Charitable activities
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Investments
Total income
Raising funds
Charitable activities
Total expenditure
Net income for the year		 Restated
Restated
Unrestricted
Restricted
£
£
249,539
-
4,564,987
591,369
804
-
4,815,330
591,369
291,570
-
4,290,932
608,734
4,582,502
608,734
232,828
(17,365)
232,828
(17,365)
3,549,890
17,365
3,782,718
-
SPEAR		 Restated
Restated
Unrestricted
Restricted
£
£
249,539
-
4,564,987
591,369
804
-
4,815,330
591,369
291,570
-
4,290,932
608,734
4,582,502
608,734
232,828
(17,365)
232,828
(17,365)
3,549,890
17,365
3,782,718
-
SPEAR		 Unrestricted
Restricted
£
£
-
-
-
-
-
-
-
-
-
-
-
19,797
-
19,797
-
(19,797)
-
(19,797)
-
3,976,260
-
3,956,463
SPEAR Endowment Trust		 Unrestricted
Restricted
£
£
-
-
-
-
-
-
-
-
-
-
-
19,797
-
19,797
-
(19,797)
-
(19,797)
-
3,976,260
-
3,956,463
SPEAR Endowment Trust		 2022
Total
£
249,539
5,156,356
804
4,815,330 591,369 - - 5,406,699
291,570
4,290,932		 -
608,734		 -
-		 -
19,797		 291,570
4,919,463
4,582,502 608,734 - 19,797 5,211,033
232,828 (17,365) - (19,797) 195,666
232,828
3,549,890		 (17,365)
17,365		 -
-		 (19,797)
3,976,260		 195,666
7,543,515
3,782,718 - - 3,956,463 7,739,181

27

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

3 Income from donations and legacies
4 LB Kingston
LB Merton
LB Richmond
LB Sutton
LB Wandsworth
NHS contracts
COVID grants
Hampton Fund
Avantia
QSix (formerly PMM)
Richmond Parish Lands Charity
Other
The Berkeley Charitable Foundation
Legacies
Donations
Income from charitable activities
Rents and service charges – Supported housing and hostels
Rents and service charges – SET Housing and almshouses
Service Contracts:
Grants:
The National Lottery Community Fund
Sub total
Volunteering
Hampton Fund
Sub total
Sub total
The Steel Charitable Trust
Comic Relief
Other Services
Community Development and Innovation
Homeless Health Link Service
The National Lottery Community Fund
Halcrow Foundation
The Steel Charitable Trust
The Hobson Charity
The Drapers' Charitable Fund
Hampton Fund
City Bridge Trust
Other
HSBC
The Albert Hunt Trust
Heathrow Community Trust
University of Westminster
The Berkeley Charitable Foundation
Sub total
Bupa Foundation
Richmond Active Fund		 Unrestricted
£
27,646
185,026		 Restricted
£
-
-		 2023
Total
£
27,646
185,026		 Unrestricted
£
2,130
247,409		 Restricted
£
-
-		 2022
Total
£
2,130
247,409
212,672 - 212,672 249,539 - 249,539
Unrestricted
£
1,181,360
215,135
588,193
145,000
1,166,481
305,924
821,262
98,255
-
-
-
-
-
-
-		 Restricted
£
-
-
-
-
-
-
-
-
-
-
53,705
11,624
39,583
-
1,200		 2023
Total
£
1,181,360
215,135
588,193
145,000
1,166,481
305,924
821,262
98,255
-
-
53,705
11,624
39,583
-
1,200		 Unrestricted
£
1,321,043
218,646
422,425
152,193
1,171,806
328,617
914,203
-
36,054
-
-
-
-
-
-		 Restricted
£
-
-
-
-
-
-
-
-
-
5,000
-
-
50,000
24,189
2,027		 2022
Total
£
1,321,043
218,646
422,425
152,193
1,171,806
328,617
914,203
-
36,054
5,000
-
-
50,000
24,189
2,027
4,521,610
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 106,112
32,500
-
-
3,750
63,723
37,892
15,000
-
5,000
-
10,000
-
17,525
-
-
1,390
-		 4,627,722
32,500
-
-
3,750
63,723
37,892
15,000
-
5,000
-
10,000
-
17,525
-
-
1,390
-		 4,564,987
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 81,216
18,750
61,000
15,000
11,250
42,104
11,250
-
5,000
-
137
-
5,000
-
5,000
1,001
-
15,119		 4,646,203
18,750
61,000
15,000
11,250
42,104
11,250
-
5,000
-
137
-
5,000
-
5,000
1,001
-
15,119
-
-		 186,780
12,046		 186,780
12,046		 -
-		 190,611
172,640		 190,611
172,640
-
-		 12,046
12,500		 12,046
12,500		 -
-		 172,640
26,250		 172,640
26,250
- 12,500 12,500 - 26,250 26,250

28

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

the year ended 31 March 2023
Income from charitable activities (continued)
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Property and maintenance
Screwfix Foundation - 5,000 5,000 - - -
Bupa Foundation - 5,000 5,000 - - -
B&Q Foundation - 5,000 5,000 - - -
The Edward Gostling Foundation - 10,000 10,000 - - -
The National Lottery Community Fund - 10,000 10,000 - - -
- 35,000 35,000 - -
Core Grants
The Wimbledon Foundation and the London Community
Foundation - 37,500 37,500 - 33,125 33,125
Richmond Parish Lands Charity - 38,500 38,500 - 42,875 42,875
The Albert Hunt Trust - - - - 7,000 7,000
Garfield Weston Foundation - - - - 25,000 25,000
Swire Charitable Trust - 20,000 20,000 - - -
Comic Relief - 15,000 15,000 - - -
The Welland Trust - 10,000 10,000 - - -
Richmond Charities - 7,000 7,000 - - -
Heathrow Community Trust - - - - 2,500 2,500
City Bridge Foundation - 3,756 3,756 - - -
Sherling Charitable Trust - 2,000 2,000 - - -
The Richmond Charities - - - - 5,000 5,000
Other - 1,400 1,400 - 5,152 5,152
Sub total - 135,156 135,156 - 120,652 120,652
Total income from charitable activities 4,521,610 487,594 5,009,204 4,564,987 591,369 5,156,356
5 Income from investments
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Interest earned 27,596 - 27,596 804 - 804
27,596 - 27,596 804 - 804

29

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

6a Analysis of expenditure (current year)

Staff costs (Note 8)
Premises Costs
Infrastructure Costs
Fundraising Costs
Client Costs
Other Direct Costs
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Client Services Client Services Cost of
raising funds
£
104,158
-
1,547
9,146
-

-		 Volunteer
costs
£
17,123

-
60
-

-
-		 Governance
Costs
£
-

-
-

-

-
43,804		 Support
Costs
£
1,056,697
203,033
136,562

-
15,001
-		 2023
Total
£
3,293,197
1,222,457
201,452
9,146
215,247
43,804		 2022
Total
£
3,470,465
1,253,384
205,219
6,271
192,169
83,525
SET Housing
and
Almshouses
£
-
99,574
9,278
-
-
-		 Supported Service contracts
Health and
Community
Development
£
131,559
70
1,622
-
27,931

-		 Outreach,
hostels and
housing
services
£
1,983,660
919,780
52,383
-
172,315

-
3,128,138
1,238,460
0
38,439
4,405,037
4,344,841
108,852
58,144
1,805		 161,182
53,833
1,671		 114,851
57,478
1,784		 17,183
3,378
105		 43,804
-
(43,804)		 1,411,293

(1,411,293)		 4,985,303
-
-		 5,211,033

-

-
168,801 216,686 174,113 20,666 4,985,303 -
135,616 412,249 291,570 26,757 - - 5,211,033

30

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

6b Analysis of expenditure (prior year)

Staff costs (Note 8)
Premises Costs
Infrastructure Costs
Fundraising Costs
Client Costs
Other Direct Costs
Support costs
Governance costs
Total expenditure 2022		 Client Services Client Services Cost of
raising funds
£
167,395
1,016
3,469
6,271
959
-		 Volunteer
costs
£
19,827
203
296
-
-
-		 Governance
Costs
£
-
-
-

-

-
54,943		 Support
Costs
£
975,385
215,041
103,279

-
10,845
-		 2022
Total
£
3,470,465
1,253,384
205,219
6,271
192,169
83,525
SET Housing
and
Almshouses
£
-
82,903
323
-
350
-		 Supported Service contracts
Health and
Community
Development
£
255,869
3,994
15,238
-
25,102
23,061		 Outreach,
hostels and
housing
services
£
2,051,989
950,227
82,614
-
154,913
5,521
3,245,264
1,055,716
43,861
4,344,841
83,576
49,581
2,459		 323,264
85,294
3,691		 179,110
107,795
4,665		 20,326
6,164
267		 54,943
-
(54,943)		 1,304,550

(1,304,550)		 5,211,033
-
-
135,616 412,249 291,570 26,757 - - 5,211,033

31

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

This is stated after charging:

This is stated after charging:
2023 2022
£ £
Depreciation 41,037 39,750
Operating lease rentals:
Property 519,711 535,666
Auditor's remuneration (excluding VAT):
Audit 13,100 11,400

Staff costs were as follows:

Staff costs were as follows:
DBS Checks
Redundancy and termination costs
Other forms of employee benefits
Staff and volunteer Expenses
Contractors and temporary Staff
Recruitment
Staff learning and development
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2023
£
2,624,212
268,368
64,563
23,658
185,959
22,668
76,680
1,747
3,793
21,549		 2022
£
2,797,860
268,612
69,760
30,300
183,418
32,659
52,528
2,711
6,250
26,367
3,293,197 3,470,465

The following number of employees received employee benefits (excluding pension contributions and employer's national insurance) during the year between:

2023 2022
No. No.
£60,000 - £69,999 1 -
£70,000 - £79,999 1 -
£80,000 - £89,999 - 1
£90,000 - £99,999 1 -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £ 373,290 (2022: £ 317,759).

32

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was follows:

Depreciation
At the start of the year
Charge for the year
Tangible fixed assets
At the end of the year
Cost
At the start of the year
Additions in year
At the end of the year
Net book value
At the end of the year
At the start of the year
Supported Housing and Hostels
Supported Service Contracts
Operational Management
Central Support
Raising Funds
Trust Fundraising
Communications Manager
Volunteering		 Land and
buildings -
Almshouses
£
505,069
24,930		 Land and
buildings -
Housing
£
1,107,737
10,784		 Fixtures,
fittings &
computer
equipment
£
108,216
6,621		 2023
No.
22
46
8
10
2
1
1
1		 2022
No.
23
48
9
12
3
1
1
1
91 98
Vehicles
£
-
16,724		 Total
£
1,721,022
59,059
529,999 1,118,521 114,837 16,724 1,780,081
203,446
10,525		 174,724
11,123		 83,916
16,253		 -
3,136		 462,086
41,037
213,971 185,847 100,169 3,136 503,123
316,028 932,674 14,668 13,588 1,276,958
301,623 933,013 24,300 - 1,258,936

10 Tangible fixed assets

All of the above assets are used for charitable purposes.

11 Debtors

Debtors
Trade debtors
Staff Loans
Prepayments
Accrued income		 2023
£
1,090,992
5,934
47,183
74,690		 2022
£
413,150
2,084
75,477
234,372
1,218,799 725,083

33

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Holiday pay provision
Trade creditors
Payroll taxation and social security
Other creditors and provisions
Accruals
Deferred income (Note 13)		 2023
£
183,412
90,859
42,262
183,000
293,425
374,503		 2022
£
156,026
142,175
64,205
157,571
243,675
151,538
1,167,461 915,190

13 Deferred income

Deferred income
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2023
£
151,538
(126,871)
349,836		 2022
£
554,460
(554,460)
151,538
374,503 151,538

Included in the above is £255,341 (2022: £62,000) relating to Amounts Invoiced in advance, and £119,162 (2022: £89,538) being deferred amounts on contracts with future performance obligations.

14a Analysis of net assets between funds (current year)

Tangible fixed assets
Investments
Net current assets
Net assets at the end of the year		 Endowment
£
1,248,702
-
2,686,113		 Designated
£
-
-
2,221,843		 General
unrestricted
£
28,256
3,640
1,808,546		 Restricted
£
-
-
6,250		 Total
funds
£
1,276,958
3,640
6,722,752
3,934,815 2,221,843 1,840,442 6,250 8,003,350

14b Analysis of net assets between funds (prior year)

Tangible fixed assets
Investments
Net current assets
Net assets at the end of the year		 Endowment
£
1,234,636
-
2,721,827		 Designated
£
-
-
2,081,443		 General
unrestricted
£
24,300
3,640
1,673,335		 Restricted
£
-
-
-		 Total
funds
£
1,258,936
3,640
6,476,605
3,956,463 2,081,443 1,701,275 - 7,739,181

34

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

15a Movements in funds (current year)

Movements in funds (current year)
Total restricted funds
Unrestricted Funds
Designated funds:
Designated development fund
Cyclical maintenance fund
Total designated funds
General funds
Endowment Funds
Total endowment funds
Community Development & Innovation
Restricted funds:
Core charitable services
Volunteering
Services grants
Property and maintenance
Total unrestricted funds
Property reinvestment (Almshouses)
Property reinvestment (Housing)
Homeless Health Link
Total funds		 At 1 April
2022
£
953,691
1,127,752		 At 1 April
2022
£
-
-
-
-
-
-		 Income
& gains
£
106,112
12,500
35,000
135,156
186,780
12,046		 Expenditure &
losses
£
(99,862)
(12,500)
(35,000)
(135,156)
(186,780)
(12,046)		 At 31 March
2023
£
6,250
-
-
-
-
-
- 487,594 (481,344) 6,250
Transfers
between fund
£
-
140,400		 Income &
gains
£
-
-		 Expenditure &
losses
£
-
-		 At 31 March
2023
£
953,691
1,268,152
2,081,443 140,400 - - 2,221,843
1,701,275 (140,400) 4,761,878 (4,482,311) 1,840,442
3,782,718 - 4,761,878 (4,482,311) 4,062,285
1,185,609
2,770,854		 -
-		 -
-		 (11,123)
(10,525)		 1,174,486
2,760,329
3,956,463 - - (21,648) 3,934,815
7,739,181 - 5,249,472 (4,985,303) 8,003,350

35

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

Movements in funds (continued)

Purposes of restricted funds

Homeless Health Link service

Grants from National Lottery Community Fund fund a service to improve the physical and mental health of people experiencing homelessness in Richmond and Kingston.

The Core Charitable Services

Grants as detailed in note 4 to pay for overheads including central services, head office, managing data and IT costs.

Volunteering

A grant from Hampton Fund funds a volunteering service in which volunteers are recruited, trained and supported in a range of roles throughout SPEAR.

Property Maintenance and Service grants

Grants as detailed in note 4 to support the broad range of services provided by SPEAR.

Community Development & Innovation

Grants as detailed in note 4 to fund work supporting young people and adults who are homeless to develop their confidence and life skills, to improve their wellbeing, to undertake training and education, and to secure employment.

36

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

15b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
Designated funds:
Designated development fund
Cyclical maintenance fund
Total designated funds
General funds
Total endowment funds
Restricted funds:
Core charitable services
Volunteering
Supported Housing and services grants
Community Development & Innovation
Homeless Healthlink
Endowment Funds
Property reinvestment (Almshouses)
Property reinvestment (Housing)
Total funds
Unrestricted Funds
Total unrestricted funds		 At 1 April
2021
£
953,691
1,129,972		 At 1 April
2021
£
7,500
-
7,065
2,800
-		 Income
& gains
£
120,652
26,250
81,216
190,611
172,640		 Expenditure &
losses
£
(128,152)
(26,250)
(88,281)
(193,411)
(172,640)		 At 31 March
2022
£
-
-
-
-
-
17,365 591,369 (608,734) -
Transfers
between fund
£
-
-		 Income &
gains
£
-
-		 Expenditure &
losses
£
-
(2,220)		 At 31 March
2022
£
953,691
1,127,752
2,083,663 - - (2,220) 2,081,443
1,466,227 - 4,815,330 (4,580,282) 1,701,275
3,549,890 - 4,815,330 (4,582,502) 3,782,718
1,194,966
2,781,294		 -
-		 -
-		 (9,357)
(10,440)		 1,185,609
2,770,854
3,976,260 - - (19,797) 3,956,463
7,543,515 - 5,406,699 (5,211,033) 7,739,181

37

SPEAR Housing Association Limited

Notes to the financial statements

For the year ended 31 March 2023

e year ended 31 March 2023
Analysis of cash and cash equivalents
Cash at bank and in hand
Notice deposits (less than three months)
Total cash and cash equivalents		 At 1 April
2022
£
6,663,838
2,874		 Cash flows
£
4,702
-		 At 31 March
2023
£
6,668,540
2,874
6,666,712 4,702 6,671,414

17 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


the following periods
Less than one year
One to five years
Over five years		 2023
2022
£
£
215,753
277,851
272,642
375,188
-
36,048
488,395
689,087
Property
488,395 689,087

18 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

19 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

20 Related Party Transactions

There are no related party transactions to disclose for this financial year (2022: 0). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

38