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2022-03-31-accounts

Charity registration number 1131254

RE-LEASED PROPERTIES

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

RE-LEASED PROPERTIES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs C Fryer
Mr P King
Charity number 1131254
Independent examiner Francis James & Partners LLP
1386 London Road
Leigh on Sea
Essex
England
SS9 2UJ

RE-LEASED PROPERTIES

CONTENTS

Page
Charity's report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 9

RE-LEASED PROPERTIES

CHARITY'S REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The objective of the charity is to provide assistance to vulnerable adults, within the South East Essex area, to enable them to live within the community, by providing housing to meet their needs.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

During the period under review the Charity expanded its bank of properties available to meet its objectives.

Achievements and performance

The charity has succeeded in continuing its activities and securing sufficient properties to house its client bank. It is ensuring that the needs of its existing client bank can be maintained, whilst currently looking to ensure that the future needs of these and any further clients can be met.

The charity has also been developing its support services to include advice to clients on benefit entitlement.

Financial review

The charity aims to build sufficient reserves to enable it to continue to provide a service to its clients, in the absence of short term funding. It is anticipated that reserves equivalent to three months expenditure, (£34,804) would be sufficient . At present the charity's reserves are below this level and the charity will aim to retain any surpluses generated until such time as the required level of reserves is met.

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The Trustees who served during the year and up to the date of signature of the financial statements were: Mrs C Fryer Mr P King

The charity looks to recruit trustees with a wide variety of experience, to include mental health care and business leadership, from the local community. All new trustees are provided with a copy of the relevant Charity Commission leaflets on their responsibilities and can ask for further guidance, if they so wish.

RE-LEASED PROPERTIES

CHARITY'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

Trade creditors of the company at the year end were equivalent to XX day's purchases, based on the average daily amount invoiced by suppliers during the year.

Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

Trade creditors of the company at the year end were equivalent to XX day's purchases, based on the average daily amount invoiced by suppliers during the year.

Public benefit

The trustees confirm that they have had due regard for the Charity Commission guidance on public benefit throughout the period.

The charity's report was approved by the Board of Trustees.

Mrs C Fryer Trustee

15 June 2022

RE-LEASED PROPERTIES

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF RE-LEASED PROPERTIES

I report to the Trustees on my examination of the financial statements of Re-Leased Properties (the charity) for the year ended 31 March 2022.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Francis James & Partners LLP

1386 London Road Leigh on Sea Essex SS9 2UJ England

Dated: 15 June 2022

RE-LEASED PROPERTIES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted Unrestricted
funds funds
2022 2021
Notes £ £
Income from:
Charitable activities 3 113,518 113,237
Expenditure on:
Charitable activities 4 139,216 116,286
Net expenditure for the year/
Net movement in funds (25,698) (3,049)
Fund balances at 1 April 2021 25,007 28,056
Fund balances at 31 March 2022 (691) 25,007

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

RE-LEASED PROPERTIES

BALANCE SHEET

AS AT 31 MARCH 2022

2022
Notes
£
Current assets
Debtors
7
-
Cash at bank and in hand
13,642
13,642
Creditors: amounts falling due within one
year
8
(14,333)
Net current (liabilities)/assets
Income funds
Unrestricted funds		 2021
£
£
19,284
25,496
44,780
(19,773)
(691)
(691)
(691)		 £
25,007
25,007
25,007

The financial statements were approved by the Trustees on 15 June 2022

Mrs C Fryer Mr P King Trustee Trustee

RE-LEASED PROPERTIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Re-Leased Properties is an unincorporated charity.

1.1 Accounting convention

The financial statements of the charity, 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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

RE-LEASED PROPERTIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

RE-LEASED PROPERTIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Charitable activities

Housing Housing
assistance assistance
2022 2021
£ £
Charitable rental income 113,518 113,237

4 Charitable activities

Housing Housing
assistance assistance
2022 2021
£ £
Staff costs 44,500 32,000
Housing costs 93,453 81,227
Telephone 403 454
Sundry expenses - 2,195
Accountancy 860 410
139,216 116,286
139,216 116,286

5 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

RE-LEASED PROPERTIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2022 2021
Number Number
2 2
Employment costs 2022 2021
£ £
Wages and salaries 44,500 32,000
There were no employees whose annual remuneration was more than £60,000.
7 Debtors
2022 2021
Amounts falling due within one year: £ £
Trade debtors - 19,284
8 Creditors: amounts falling due within one year
2022 2021
£ £
Other taxation and social security 972 1,038
Other creditors 13,361 18,735
14,333 19,773

9 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).