THE homeless REGISTERED COMPANY NUMBER: 6426197 (England and Wale5) REGISTERED CHARITY NUMBER: 1122802 FOUNDATION Re ort of the Trustees and Unaudited Financial Statements for the Year Ended 30 November 2024 for The Homeless Foundation Derek Young & Co Accountant5 LLP Chartered Accountants Estate Hous¢ Evesham Street Redditch Worcestershire B97 4HP
The Homeless Foundatio Contents of the Financial Statements for the ear ended 30 November 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9 to 16
The Homeless Foundation ort of the Tru5tee5 ear ended 30 November 2024 for the The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019). The trustees have complied with the duty in section 17 of the 2022 Charities Act to have regard to guidance published by the Charity Commission. OBJECTIVES AND ACTIVITIES Objectives and aims The main objective of the Homeless Foundation as Stated in our governing document is. to relieve, either individually or generally, persons who are in conditions of need, hardship or distress on a National basis. The key aim of The Homeless Foundation is to as51St in eradicating homelessness. We hope to achieve thi5 by focusing solely on providing Move-on Accommodation for the homeless which helps them transition from hostels to independent living. Public benefit The trustees have considered the Charity Commission's guidance on public benefit and we are in no doubt that our activities in helping the homeless provides a clear public benefit. ACHIEVEMENT AND PERFORMANCE Charitable activities We provided move-on accommodation for 20 homeless people in Worcester. Our iKozie MicroHome and our other one-bedroom flats continue to be used as move-on accommodation and are managed by one of our charity partners. While these units are small, we believe that their design has contributed lo the occupants, ability to live independently and move on from homelessness. Following our successful planning appeal, work commenced on the redevelopment of our 8 bed HMO which is now being converted into 8 self-contained flats. Funding for this will come from our own cash resources and a loan secured on our investment property. Sadly, we had to shut down our HiHomie.org online advice website. We failed to obtain the funding or assistance necessary to update the resources and advice which had become outdated. The savings from this will be redirected into our move-on progrdmme. Fundraising activities We did not engage in any fundraising activities, however, £1,483 of unsolicited donations were received via PayPal Giving and directly from donors, most of whom wished to remain anonymous. Where possible GiftAid was claimed on all donation5. We were delighted to receive £800 from Nisa Shopslmaking a Difference Locally. reg Charity 1123800. We are grateful to the Ni sa Local at Woodfield Close in Redditch who nominated The Homeless Foundation for this award. Internal and exterTh81 factors There are various internal and external factors that are relevant to the achievement of OUT objectives. Some are within our control and others are outside our control. The key external factors relate to the economy and the cost of residential housing. The key i nternal factors relate to our ability to manage our properties effectively while maintaining good working relationships with oth¢r ch arities with whom we work. Page I
The Homeless Foundation ort of the Trustees ear ended 30 November 2024 for the FINANCIAL REVIEW The results for the year show a surplus of £27,109 prior to any property Tevaluation5. All expenditure in the year related to charitable activities and investment management costs. No expenses or remuneration was paid to any of the trustees. Investment management costs were l 80/0 of gross investment income. This is a decrease of 5/0 from last year and is in-line with expectations. Income from charilable aclivilies has reduced by £25.502 this year due to the conversion of our 8 bedroom HMO into 5elf-contained flats. A loan of £250,000 has been agreed and secured against our investment property. The property's lease needed to be extended by 90 years to meet the loan requir¢m¢nts and this cost £63,000 including legal fees. The lease extension has increased the property's market value by a similar amount. Prineipal funding sources The principal funding source in the year was investment income at 69010 With income from charitable activities representing 280/0 of total income and voluntary donations representing 3 % of total income. Reserves poliey The trustees have reviewed the charity's needs for reserves in accordance with the guidance issued by the Charity Commission. We reviewed our reserve policy and have reduced the amount needed to £6,000 which should cover 6 months of admin and governance costs. Any amounts in excess of this will be allocated to the current development project. This policy will be rev iewed p¢riodically. Our reserves currently stand at £17,713. Going concern There are no material uncertainties about the charity's ability to continue as a going concern. FUTURE PLANS Our plans for the coming year are to ensure the completion of the conversion of our 8 bedroom HMO into self-contained flats. Once completed the flats will be used as move-on accommodation for single homeless people and we believe that this will help the future occupant5 to become fully responsible for all aspects of their lives and be better able to maintain tenancies going forward. We continue to look for opportunitie5 to purchase additional homes for Move-on use and for sites suitable for iKozie MicroHomes. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a lirnit¢d company, limited by guarantee, as defined by the Companies Act 2006. Recruitment and appointment of new trustees The trustees who are also directors of the company have the power to appoint new trustees and there are variou5 circumstances where a trusteeship can be terniinated as set out in article 3.5 in the Articles of Association. The trnstees do not currently anticipate the need to appoint any new trustees. The existing trustees possess all the skills and experience required to run the charity at this stage in its development. Should fitrther skills be required in the future then the need for additional trustees will be reviewed. Organisational Structure The trustees meet every 6 months to consider the business of the charity. In addition to thi5. there is weekly telephoT]e and email communication between the trustees regarding day to day operational matters. Page 2
The Homeless Foundation ort of the Trustees ear ended 30 November 2024 for the STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of n¢w trustees A trustee induclion policy will be established prior to recruiting new trustees. This will involve one to one sessions on the work of the charity and visits to our resettlement houses. The training needs of existing trustees are reviewed periodically and any training requirements ar¢ sourced externally. During the year the trustees attended training courses on Compliance & Governance. Risk management The major risk5 to which the charity is exposed. as identified by the trustees, have been reviewed and systems have been established to manage those risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06426197 (England and Wal¢s) Registered Charity number 1122802 Registered office Estate House 144 Evesharn Street Redditch Worcestershire B97 4HP Trustees Mrs J E O'Donnell K P O'Donnell Mrs V E Jenkins-Leigh Compgny Secretary Mrs J E O'Donnell Independent Examiner Derek Young & Co Accountants LLP Chartered Accountants Estate House Evesham Street Redditch Worcestershire B97 4HP Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ Solicitor5 Mills & Reeve LLP 78-84 Colmore Row Birniingham B3 2AB EVENTS SINCE THE END OF THE YEAR Inforniation relating to events since the end of the year 15 given in the notes to the financial statements. Page 3
The Homeless Foundation ort of the Trustees tar ended 30 November 2024 for the This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small ompanies. Approved by order of the board of tNstees on 14 July 2025 and signed on its behalf by.. K P O'Donnell - Trustee Page 4
Inde endent Examiner's Re ort to the Trustees of The Homeless Foundation Independent examiner's report to the trustees of The Homeless Foundation ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 November 2024. Responsibilitie5 and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as caled out under Section 145 of Ihe Charities Act 2011 ('the 201 l Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 201 l Act. Independent examiner's statement I have completed my examination. I confinn that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of th¢ Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records,. or the accounts do not coinply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities {applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Stephen Young Bsc Derek Young & Co Accountants LLP Chartered Accountants Estate House Evesham Street Redditch Worcestershire B97 4HP 14 July 2025 Page 5
The Homeless Foundation Statement of Financial Activities for the ear ended 30 November 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,483 721 Charitable activities Provision of housing for the horneless 14.282 39,784 Investment income 35.674 29,596 Total 51,439 70,101 EXPENDITURE ON Raising funds 6,331 6,901 Charitable activities Provision of housing for the homeles5 Homeless prevention services 15,954 845 5,315 Other ,200 1.440 Total 24,330 15,939 NET INCOME 27,109 54,162 RECONCILIATION OF FUNDS Total funds brought forward 1,777,678 1,723,516 TOTAL FUNDS CARRIED FORWARD 1,804 787 1,777,678 The notes fom part of these financial statements Page 6
The Homeless Foundation Balance Sheet 30 November 2024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Tangible assets Investments Investment property Social investments 12 866 1,155 13 14 643,223 142,985 580,000 838,606 1,787,074 1,419,761 CURRENT ASSETS Debtors Cash at bank 15 1,877 25,835 1.580 361.236 27,712 362,816 CREDITORS Amounts falling due within one year 16 (9,999) (4,899) NET CURRENT ASSETS 17,713 357,917 TOTAL ASSETS LESS CURRENT LIABILITIES ,804,787 1.777.678 NET ASSETS 1,804,787 1,777,678 FUNDS Unrestricted funds 17 1804 787 1777 678 TOTAL FUNDS 1804 787 1777 678 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024. The members have not required the company to obtsin an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a t¢ and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenvise comply with the requirements of the Companies Act 2006 relating to financial statements, 50 far as applicable to the charitable company. (b) The notes fonn part of these financial statements Page 7 continued.
TheH Foundation BalAnce Sheet - continued 30 November 2024 These financial 5tstements have been prepared in accordance with the provisions applithle to charitable companies subjeth to the small companies regime. The financial ststemerjts were approved by the Board of Trustees and authorised for issue on 14 July 2025 and were signed on its behalf by: J E O'Donnell - Trustee The notes forni part of these financial statements Page 8
Th¢ Homeless Foundation Notes to the Financial Statements for the ear ended 30 November 2024 STATUTORY INFORMATION The Homeless Foundation is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found in the report of the trustees. ACCOUNTING POLICIES Basis of preparing the financial statements The financial staternents of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the hislorical cost convention, as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the charity ha5 entitlement to th¢ funds, it is probab le that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligat ion can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular h¢adings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures, fittings & equipment 250/0 on reducing balance Tangible fixed assets are included at cost. with items below £250 not being capitalised. Investment property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 9 continued...
The Homeless Foundation Notes to the Financial Statements continued for the ear ended 30 November 2024 DONATIONS AND LEGACIES 2024 2023 Donations including gift aid 1,483 721 INVESTMENT INCOME 2024 2023 Income from properties Deposit account interest 27.000 8.674 24,685 35,674 29,596 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Provision of housing for the homeless Income from properties 14,282 39,784 RAISING FUIYDS Investment management eosts 2024 2023 Rent, rates and service charge Letting and manag¢m¢nt fees Property repairs 2.974 3,105 252 2,178 3.208 1,515 6.901 CHARITABLE ACTIVITIES COSTS Support costs (see note 8) Direct Costs Totals Provision of housing for the homele55 Homeless prevention services 4,633 785 11,321 60 15,954 845 11,381 Page 10 continued...
The Homeless Foundation Notes to the Financial Statements - continued for the ear ended 30 November 2024 SUPPORT COSTS Governance costs Management Finance Totals Other resources expended Provision of housing for the homeless Homeless prevention services 1,200 8,352 1,200 1,321 60 469 2,500 60 469 2,560 9,552 12,581 Support costs, included in the above, are as follows.. 2024 2023 Provision Other resources expended housing for the homeless Homeless prevention services Total activities Total activities Insuranc¢ Depreciation of tangible and heritage assets Bank charges Accountancy Legal fees 180 180 289 2,500 289 2,560 ,200 8,352 385 60 1,440 60 1,200 ,200 11,321 60 12.581 1,885 NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 2024 2023 Depreciation owned assets 289 385 io. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 November 2024 nor for the year ended 30 November 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 30 November 2024 nor for the year ended 30 November 2023. Page 11 continued..
The Homeless Foundation Notes to the Financial Statements - continued for the ear ended 30 November 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 721 Charitable activities Provision of housing for the homeless 39,784 Investment income 29,596 Total 70,101 EXPENDITURE ON Raising funds 6.901 Charitable aetivities Provision of housing for the homeless Homele55 prevention services 5,315 2.283 Other 1,440 Total 15.939 NET INCOME 54,162 RECONCILIATION OF FUNDS Total funds brought forward 1,723,516 TOTAL FUNDS CARRIED FORWARD 1777 678 12. TANGIBLE FIXED ASSETS Fixtures, fittings & equipment COST At l December 2023 and 30 November 2024 DEPRECIATION At l December 2023 Charge for year 4,054 289 At 30 November 2024 4,343 NET BOOK VALUE At 30 November 2024 866 At 30 November 2023 Page 12 continued...
The Homeless Foundation Notes to the Financial Statements continued for the ear ended 30 November 2024 13. INVESTMENT PROPERTY FAIR VALUE At l December 2023 Additions 580,000 63,223 At 30 Nov¢mb¢r 2024 643,223 NET BOOK VALUE At 30 November 2024 643,223 At 30 November 2023 580 000 Fair value at 30 November 2024 is represented by.. Valuation in 2012 Valuation in 2015 Valuation in 2021 Cost 150,000 70,000 60,000 363.223 643,223 Investment propety was valued on an open market basis by the trustees on 30 November 2024. 14. SOCIAL INVESTMENTS Property for charitable use MARKET VALUE At l December 2023 Additions 838.606 304 379 At 30 November 2024 1.142985 NET BOOK VALUE At 30 November 2024 1 142,985 At 30 November 2023 838,606 Programme related investments were valued on an open market basis by the trustees on 30 November 2024. Page 13 continued...
The Homeless Foundation Notes to the Financial Statements - continued for the ear ended 30 November 2024 14. SOCIAL INVESTMENTS - continued Cost or valuation at 30 November 2024 is represented by.. Propety for charitable use Valuation in 2012 Valuation in 2013 Valuation in 2017 Valuation in 2018 Valuation in 2019 Valuation in 2021 Cost 82.209 (15.815) 27.199 (2,800) (9,268) 6,720 1,054 740 1,142,985 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors Prepayments and accrued income 992 885 992 588 877 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors Accruals and deferred income 2.414 2,199 9,999 Rental income tolalling £300 (2023.. £300) has been deferred to next year, being the period the incom¢ relates to. 17. MOVEMENT IN FUNDS Net movement in fund5 At 1.12.23 At 30.11.24 Unrestri¢¢¢d funds General fund E,777.678 27,109 1.804.787 TOTAL FUNDS 1777 678 1,804,787 Page 14 continued...
The Homeless Foundation Notes to the Financial Statements - continued for the ear ended 30 November 2024 17. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 51,439 (24,330) 27,109 TOTAL FUNDS 51,439 24.330) 27,109 Comparatives for movement in funds Net movement in funds At 1.12.22 At 30.11.23 Unrestricted funds General fund ,723,516 54.162 1.777,678 TOTAL FUNDS 1.723.516 54,162 1777 678 Comparative net movement in funds, included in the above are as follows- Incoming resources Resources expended Movement in funds UnTe5tricted fund5 General fund 70,101 (15,939) 54,162 TOTAL FUNDS A cuent year 12 months and prior year 12 months combined position is as follows: Net movement in fund5 At 1.12.22 At 30.11.24 UJ]restricted funds General fund 1,723,516 81,271 1,804.787 TOTAL FUNDS 723 516 1804 787 Page 15 continued..
The Homeless Foundatio Notes to the Financial Statements continued for the ear ended 30 November 2024 17. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 121,540 (40,269) 81.271 TOTAL FUNDS 121.540 40,269) 81,271 18. CAPITAL COMMITMENTS In May 2024. the charity entered into a contract with D&S Construction for the conversion of its 8-bedroorn HMO propety into self-contained flats. The total value of the contract is £501,841. As at the year end, £304,000 had been paid, and the charity remain5 contractually committed to further expenditure of £197,841 in respect of this project. There are also related professional fees in the region of £1 0,000 still to pay. 19. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 30 November 2024. 20. POST BALANCE SHEET EVENTS After the balance sheet date, the company received a loan totalling £250,000 secured aoainst its investment property, which had been contractually agreed prior to the year end. Page 16