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← Changing Lives Housing Trust

2024-08-31-accounts

Registered Charity Number: 1134768 (Euglaud aud Wales) Registered Company Number: 6985746 Registered Provider Number: 4641

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

CHANGING LIVES HOUSING TRUST (A COMP ANY LIMITED BY GUARANTEE)

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Changing Lives Housing Trust

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

REPORT OF THE TRUSTEES

The trustees present their report and financial statements for the year ended 31 August 2024.

The accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts. They comply with the charity's governing document, the Companies Act 2006, and the "Accounting and Reporting by Charities: Statement of Recommended Practice" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102) applicable in the UK and the Republic of Ireland (as amended for accounting periods).

ABOUT CHANGING LIVES HOUSING TRUST (CLHT)

Changing Lives Housing Trust (CLHT) is a charity dedicated to supporting homeless individuals by providing temporary accommodation and assistance to those at risk of becoming homeless. CLHT works closely with local councils and referral agencies across Southeast London to tack.le the issue of homelessness in both London and the wider UK.

CLHT is steadfast in its commitment to ending homelessness. Our approach focuses on supporting individuals, one person at a time, while implementing policies that ensure everyone has a place to call home. Homelessness is a devastating issue, leaving individuals vulnerable and isolated. The primary objective ofCLHT is to continue providing temporary accommodation and the necessary support to break the cycle of homelessness in Southeast London.

Since our inception in 2009, we have provided temporary accommodation for over 3,000 homeless individuals. Additionally, we have supported more than half of them in obtaining appropriate training, securing employment, and transitioning to permanent accommodations of their own.

Changing Lives Housing Trust provides accommodation and support to individuals released from prison, those struggling with drug or alcohol dependency, individuals involved in prostitution, and people experiencing homelessness and sleeping rough on the streets of London.

OBJECTIVES AND ACTIVITIES

Changing Lives Housing Trust (CLHT) has adhered to the Charity Commission[1] s guidance on public benefit in reviewing its aims and objectives and in planning its future activities. The Board of Trustees has carefully considered how the charity's past and ongoing activities align with and continue to support the delivery of its set aims and objectives, The vision, values, and objectives ofCLHT, as agreed upon by the Board of Trustees, are outlined as follows:

VISION

CLHT will focus its efforts on:

Continued ...

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Changing Lives Housing Trust

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

REPORT OF THE TRUSTEES

OBJECTIVES

VALUE

OBJECTIVES OBJECTIVES
• Provide Temporary Accommodation: Offer service users temporary accommodation to prevent
homelessness.
• Spport During Hard Times: Help service users navigate difficult times and assist them in getting
back on their feet.
• Guidance for a Better Future: Guide service users who need additional support to take steps towards
a brighter future.
• Create a User-Led Organisation: Foster a service user-led organisation that empowers individuals to
shape their support services.
• Expand Resources and Capabilities: Strengthen resources and capabilities to effectively deliver
CLHT's vision and objectives.
• Empowering Transformation: Those affected by homelessness have the potential to transform their
lives through access to support and education, enabling them to achieve their aspirations.
• Right to Timely Support: People at risk of homelessness have the right to expect timely and clear
information and support to prevent homelessness.
• Promoting Independence: Everyonehasthe right to live as independently as possible, and CLHT
is committed to doing everything necessary to help people affected by homelessness achieve and
maintain independent living.
• Quality Accommodation: Everyone affected by homelessness has the right to expect high standards
of accommodation, and CLHT will ensure its housing stock is of good quality.
• Empowering Service Users: Everyone using CLHT services has the right to have their say in how
these services are run. CLHT will actively ensure they have a voice in the governance and
development of the charity's activities.
• Trustees' Accountability: CLHT trustees have adhered to the guidance issued by the Charity
Commission in determining the activities the charity should undertake.

THE OPERATING ENVIRONMENT

Changing Lives Housing Trust (CLHT) continues to strive to address the needs of its local communities, providing public benefit across five boroughs: Bexley, Croydon, Greenwich, Dartford and Merton. Many of these boroughs are experiencing an acute shortage of affordable housing, which remains the most significant challenge for CLHT in achieving its objectives.

In addition, the Covid-19 pandemic has placed considerable pressure on CLHT's services, leading to a marked increase in the number of individuals made homeless, To respond to this challenge, CLHT has adapted its accommodation and services to ensure they are 1[1] Covid Safe[11 ] while continuing to meet the needs of those facing homelessness.

STRATEGIES

Rough sleepers and homeless individuals often have complex needs and face multiple disadvantages. Those supported by CLHT frequently experience poor physical and/or mental health and may struggle with alcohol and/or drug dependencies, Many have criminal records, low educational attainment, and limited literacy and numeracy skills.

These individuals are often long-term unemployed, with limited job skills, and are socially isolated, living on the margins of society after losing contact with friends and family.

Homelessness is rarely the result of simply having nowhere to sleep. For those using CLHT's services, homelessness often stems from a combination of complex and cumulative factors such as job loss, eviction, addiction, leaving an institution, abuse, or an inability to cope with life[1] s challenges.

Continued ...

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Changing Lives Housing Trust

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

REPORT OF THE TRUSTEES

The Charity's strategy for achieving this objective and delivering public benefit was to reposition itself to effectively reach those within its dominant demographic and to fulfil the vision of the Trust.

ACHIBVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT

Relocation and Strengthened Operations

In September 2022, CLHT relocated to a new, spacious, and vibrant office in the town centre of Woolwich (Royal Borough of Greenwich). This move has enabled the organisation to continue its work with local communities through its robust remote network. CLHT is supported by a dedicated team of 28 staff members, working both in the office and remotely, to address the needs of the communities it serves. This operational setup underscores CLHT's commitment to meeting the needs of the homeless and fostering community well-being.

Expansion into Dartford

In the current financial year, we have successfully negotiated and entered into an agreement with the Borough of Dartford, which faces significant challenges with homelessness. As part of this agreement, we have initiated our first project/hostel in Dartford to address these issues.

Collaboration with Greater Change

Additionally, in Croydon, we collaborated with Greater Change, an organisation with a budget of £100,000 earmarked to assist homeless individuals and Supported Housing providers, This fund is intended to help the homeless achieve positive housing transitions by covering expenses such as furniture, deposit costs, moving and storage costs, and other necessary items. The budget is also dedicated to supporting homeless individuals in returning to work by funding training courses, driving licenses, interview clothing, and other essential resources to facilitate a positive move forward.

Exceptional Results in Croydon

Out of all the Supported Housing providers in Croydon, Changing Lives was the most successful in establishing support for CLHT Croydon clients and could secure funds worth £55K for their benefit. This initiative yielded exceptional results, as CLHT successfully assisted 15 clients in transitioning into independent living through funding from this initiative. Additionally, another 8 clients secured full-time employment and moved on positively. The success of this project has encouraged Greater Change to explore extending similar funding to other boroughs where CLHT operates. This project clearly demonstrated that with the right financial support, individuals can be empowered to return to work and achieve independent living,

New Move-On Process for Service Users

CLHT has established a new and more focused move-on process for its service users. This process emphasises working closely with service users during the final six months of their license. CLHT collaborates with private rented accommodation providers to ensure a smooth transition back into independent living. Additionally, CLHT has arranged special agreements with training suppliers to provide its service users with significant discounts for certain qualifications. As part of these a angements, for every five service users enrolled through CLHT, the supplier offers one free course for the most vulnerable service users who would otherwise be unable to afford further training. These initiatives underline CLHT's commitment to empowering service users and facilitating their journey towards independence and self-sufficiency.

CLHT operates across five London Boroughs, namely:

Continued,.,

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Changing Lives Housing Trust

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

REPORT OF THE TRUSTEES

As part of its core objective, CLHT will continue to provide suitable temporary accommodation for homeless individuals and rough sleepers across the UK. The charity is committed to equipping its service users with the necessary support to transition into permanent housing.

To achieve this, CLHT will strive to increase its housing stock annually and explore additional opportunities to expand its operations into new boroughs beyond its current areas of service.

The number of units provided by CLHT in the 2023/2024 financial year increased to 269 units. The Board of Trustees (BOT) remains optimistic that this figure will continue to grow in the coming year.

As part of its inclusion efforts, CLHT successfully helped 64 homeless individuals transition into permanent and helped 38 service users secure full-time employment during the 2023-2024 financial year. CLHT management is committed to increasing this number in the 2024--2025 financial year,

Given its work with vulnerable and at-risk adults, CLHT remains committed to providing 24/7 concierge (security) coverage and 24/7 floating support services. These measures ensure that adequate and consistent support is delivered across its areas of operation.

Inclusion into the mainstream and service users' engagements

Other achievements in 2023/2024

CLHT assisted service users in transitioning to private rented accommodations and supported specific individuals in Croydon by facilitating their participation in the Fast-Track Project, aimed at securing council accommodations, Additionally, several service users successfully progressed into independent rented accommodations, fostering greater self-sufficiency.

ACCOMMODATION

CLHT's accommodations are sourced through a network of private landlords and estate agents who meet the organisation[1] s standards for living quality and location. The property stock is divided between referrals from partner organisations and allocations from the local government, ensuring a diverse and accessible housing portfolio to support service users' needs,

CLHT's housing stock comprises a mix of self-contained units and individual rooms within shared accommodations, designed to support homeless individuals and rough sleepers.

The charity currently provides affordable accommodation to service users in the Royal Borough of Greenwich, Croydon Council, Bexley Council, Merton Council and Dartford Council,

Continued,,,

PAGES

Changing Lives Housing Trust

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

REPORT OF THE TRUSTEES

FINANCIAL REVIEW

Principal funding sources

The Charity's primary funding source is derived largely from rental income provided by local councils.

Investment policy and objectives

The trustees believe that the charity's financial performance aligns with their expectations and strategic plans for the organisation.

Reserves policy

As of 31st August 2024, the Charity's available reserves (unrestricted funds) stood at £1,052,115. These reserves are maintained to ensure that CLHT can fulfil its commitments to providing essential services and activities, as well as meeting staffing obligations in the event of reduced or absent funding. Additionally, the reserves are allocated to support key capital-intensive initiatives, such as securing additional rental units.

FUTURE PLANS

Changing Lives Housing Trust's strategy is to proactively address the growing homelessness crisis in the South East of London, Surrey, and Kent, with a particular focus on tackling street homelessness. A pivotal element of CLHT's strategy is to expand the number of homes available for its service users. This will be achieved through the acquisition of properties from both private and social property owners, either via leasing arrangements or outright property purchases.

Changing Lives Housing Trust (CLHT) is dedicated to addressing homelessness within its areas of operation. The Trust believes that the most effective way to achieve this goal is by fostering partnerships and collaboration with other organisations working to combat homelessness.

Changing Lives Housing Trust (CLHT) is dedicated to ensuring that everyone has access to a safe and secure home. To support this mission, CLHT has adopted the principles of the Housing First initiative, which focuses on providing secure tenancies as a foundational step in addressing homelessness.

The Charity remains committed to advancing its charitable objectives effectively. This includes increasing awareness of its services and actively seeking opportunities to deepen its involvement within the community.

The Charity remains dedicated to providing acconunodation for the homeless within the community, thereby contributing positively to community inclusion and fostering a sense of belonging.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Changing Lives Housing Trust (CLHT) is a charitable company limited by guarantee, incorporated on 10 May 2007, and officially registered as a charity on 8 August 2009. The organization is governed by its Memorandum and Articles of Association, with oversight provided by a Board of Trustees. The Trustees are responsible for setting the strategic direction of the Charity and make decisions through a simple majority vote. For operational efficiency, delegated authority has been granted to the Executive Officer and the implementation team, under the leadership of the Board

Recruitment and appointment of new trustees

Trustees are appointed based on their potential to contribute to the governance of the organization and the skills they bring to the role. Each Trustee is furnished with the Charity Commission's Guidance to Trustees to help them understand their responsibilities, Additionally, training opportunities are made available as required to support Trustees in fulfilling their roles effectively.

Continued.,.

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Changing Lives Housing Trust

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

REPORT OF THE TRUSTEES

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The Trustees regularly assess the significant risks the charity faces during their meetings and confirm that adequate systems are in place to mitigate these risks. Key measures include:

These measures collectively ensure the charity's operations are conducted safely and effectively.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees, who also serve as the directors of the charity under company law, bear the responsibility for preparing the Report of the Trustees and the financial statements, These documents must comply with applicable legal requirements and adhere to United Kingdom Accounting Standards, following the Generally Accepted Accounting Practice (GAAP).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable time the financial position of the charitable company and to enable them to ensure that the financial statements accuracy at any 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:

Auditors

Crean and Co Accountants Limited, (Statutory Audit Firm), was proposed by the trustees,

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Continued ..

PAGE7

CbllnglDg Livcj Houilllg Truit FNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2tr24 REPOR'f OF THE TRUSTEES Approved by order of th¢ board of trustee8 It￿rd on its behalf by: D*Dkll¢ Tumler- Tnut D¥t¢i 21Xh M¥r¢h 2025 Company number: arlty owDb¢r.' 6985740 1134768 PAGE 8

Changing Lives Housing Trust

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES

Opinion

We have audited the charity financial statements of Changing Lives Housing Trust ('the charity[1] ) for the financial year ended August 2023 which comprise the Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balance Sheet and notes to the financial statements, including the summary of significant accounting policies set out in note 2, The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS I 02 11The Financial Reporting Standard applicable in the UK and Republic oflrelandU, applying Section IA of that Standard and Accounting and Reporting by Charities: Statement or Recommended Practice applicable to charities preparing their accounts in accordance with FRS I 02.

In our opinion, when repoltlng in accordance with a fair presentation framework 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 charily in accordance with ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC[1] 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 the charity's ability to continue as a going concern for a period of at least twelve months from the date 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 or this report.

Other Information

The other information comprises the information included in the 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

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.

Continued ...

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Changing Lives Housing Trust FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES

O[p] inion on other matter[p] rescribed b[y ] the Comllanies 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 our knowledge and understandin[g ] of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report.

Responsibilities of trustees for the financial statements

As explained more full[y ] in the Statement of Trustees' Responsibilities set out In[p] age 51 the trustees 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 they determine is necessary to enable the preparation or financial statements that are free from material misstatement, whether due to fraud or error.

In pre[p] aring the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosin[g] , as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditor's responsiblllties for the audit of the financial statements

Our ob[j] ectives 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. Material 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, includin[g ] fraud. are Instances or non-com[p] liance with law and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in res[p] ect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Further information regarding the scope of our responsibilities as auditor

As[p] art of an audit in accordance with ISAs[(] UK[)] , we exercise professional[j] udgement and maintain professional scepticism throughout the audit. We also:

Continued ...

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Changing Lives Housing Trust FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit

The purpose of our audit work and to whom we owe our responsibilities

This report Is made solely to the charity'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 charity'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 charity and the charity's members as a body.

ions we have formed.

for and on behalf of Crean and Company Accountants Limited Registered Auditor Firm Lanesboro Street Roscommon F42 DA32 Republic of Ireland

Date: 20th March 2025

PAGE 11

Chllnglng Liyes How8illg Tn￿t FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 STATEMEf4T OF FINANCIAL ACTIVITTES 31.1I8.2024 Unr¢itTlcted fund 31.08.2023 Totsl nds Notes INCOME AND ENDOWMENTS FROM In¢oine Inves¢meni income 4,533,723 4,349,323 54 4,533,728 4,349,377 EXPENDITURf. ON ChArlthble acllvl¢leJ Lharitable activities Support ¢o&ts 3,637,970 888,753 3,487,561 74S 453 Total 4 526,724 4 233,015 NET INCOME 7,004 116,363 RECONCILIATION OF FUNDS Total funth brought forward 985,151 868.789 TOTAL FUNDS CAKRTED FORWARD 992 155 985 151 The slAtement of financial activities includes all gains and losxs r¢¢o8nixd in the year. All income and expenditure re￿iveS from ¢orttinuing a¢tivAIi Th¢ notes forni part of these financial 8tat¢m¢nts PAGB 12

Changing Lives Housing Trust FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 I AUGUST 2024

BALANCE SHEET AS AT 31 AUGUST 2024

BALANCE SHEET AS AT 31 AUGUST 2024
31.08.2024 31.08.2023
Notes Unrestricted
fund		 Total
funds
FIXED ASSETS
Tangible assets		 10 £
395,000		 £
346,059
CURRENT ASSETS
Debtors 11 356,084 465,052
Cash at bank and in hand 308,781
664,865		 190,902
655,954
CREDITORS
Amount falling due within one year 12 (7,750) (16,861)
NET CURRENT ASSETS 657,115 639,092
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,052,115 985,151
CREDITORS
Amount falling due after more than one year 13
NET ASSETS 1,052,115 985,151
FUNDS
Unrestricted funds
Revaluation reserve		 15 992,155
59,960		 985,151
TOTAL FUNDS 1,052,115 985,151

These financial statements have bee prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 4 April 2022 and were signed on its behalf by:

J

Danielle Turnier Date: 20th March 2025

Company number: 6985746 Charity number: 1134768

PAGE 13

Chanelog Llvej HouslDZ Trut FINANCIAL STATBMENTS FOR THE YEAR ENDED 31 AUOUST 2024 CASH FLOW sfATEMF, 31.118.2024 31.08.2023 Not¢ Ilows from operatlnE aCtMde• C￿h 8encrnied from operatio 79 329 646 Nel ¢￿h provided by op¢r4tin8 Activitl 117879 329.646 Change In eAih and eAth equlvAlellt In ¢be reporilog ￿rIOd 117079 (329,646) C*Jh And tash equlvJiltDt Al the be%1￿[&1￿￿ of the r¢poi'lln8 porlod 19(J,901 520,548 And t8sh equlyilenl •¢ ¢h¢ end or tbe reporllog period 3118,781 190.903 The not¢s form pan of th¢se fman¢ial slaletn¢nts PAGE 14

ChAn8lllg Uves Houjlng Thul FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2tr NOTES TO THE C'ASH FLOW STATEMET RECONCILIATtON OF INCOME TO NET CASH FLOW FROM OPERATING AcfiviTIES 31.08.2D24 3J.08.2W23 Iyet Income for th• r•portln8 perlod per the Si•temeRt DfFlnAncIAI Acllvllkj) AdJuilm¢ml for.. Deprecia170n char ncrea5¢ydecrcase in d¢biorn (De¢reoseythcrease in u¢dilots 116,363 11,019 1118,967 (9,111) 14.966 {458.736) (2,239) N¢t ¢iJb provld¢d by optr•lloll• ANALYSIS OF CHANGK IN Nrf FUNDS At 1.9.23 Cath flow Al 31 ,08.24 N•1 ¢oih Cuh at bank 190,902 117.879 308.781 117879 31b8 781 To141 117879 308 781 PAGE IS

Changing Lives Housing Trust

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity Wlder FRS 102, have been prepared in accordance with the Charities SORP (FRS 102)[1] 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 oflreland' and the Companies Act 2006. The financial statements have been prepared tmder the historical cost convention.

Going concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period ofat least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and I or expenditure vary unexpectedly. The trustees have concluded tbat there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable 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 obligation 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 headings 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 using the straight line method:

Freehold property 1%
Motor vehicles 20%
Furniture & fittings 20%
Office equipment 20%

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. Fm1her explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Continued ...

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Changing Lives Housing Trust FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

NOTES TO THE FINANCIAL STATEMENTS

Pensions and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

The Charity operates a defined contribution plan for the benefit of its employees. Contribution are expensed as they become payable.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease

2.

3.

4.

5,

6.

INCOME
31.08.2024 31.08.2023
£ £
Rental Income (Social Housing) 4,413,400 4,292,SIO
Service charge (Management) 82,276 32,592.96
Misc. Income —— 38,047 24,219.69
4,533,723
ee		 4,349,323
Eee
INVESTMENT INCOME
Bank interest received 5
ESS		 54
OL
CHARITABLE ACTIVITIES COSTS
Direct 31.08.2024 31.08.2023
costs Total Total
£ £ £
Charitable activities 3,637,970
sss		 3,637,970
3,487,561
Ess
CE SS
SUPPORT COSTS
Management Governance Management Governance 31.08.2024 31.08.2023
Other resources expended £ £ £ £
Administration
Bank Charges		 880,693
310		 880,693
310		 737,442
262
Audit fee 7,750
ee		 7,750 7,750
881,003
——————————		 7,750 888,753
—————S——_SS=		 745,453
ELS
NET INCOME (EXPENDITURE)
Net income (expenditure) is stated after charging/crediting
31.08.2024 31.08.2023
£ £
Auditor's remuneration 7,750 7,750
Depreciation - owned assets 11,019
14,966
——SSS
SSS—OEELLLLLLLSEEE

Continued ...

PAGE 17

Changing Lives Housing Trust

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

NOTES TO THE FINANCIAL STATEMENTS

  1. TRUSTEES REMUNERATION AND BENEFITS
TRUSTEES REMUNERATION AND BENEFITS
31.08.2024 31.08.2023
Trustees' salaries 87,624 83,043
Trustees' Tax and National insurance 9,581 9,219
97,205
SSS		 See 92,262
ST

8. STAFF COSTS

STAFF COSTS
31.08.2024 31.08.2023
Staff
Wages and salaries 539,263 422,487
Tax and National insurance 42,363 35,894
Other pension costs 25,104 10,070
606,731
eu		 468,451
oT
The average monthly number of employees during the year was as follows:
31.08.2024 31.08.2023
Average number of employees 22
a		 25
ae
No employee benefits exceed £60,000 during the period.

Continued ...

PAGE18

Changin% Llves Hous14 Tnmt FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 NOTKS TO ThE FINANc￿L STATEMENrs COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITILS Unrestrlct¢d fund 2024 Unr¢stricled fwid 2023 ]NCOME AND ENDOWME￿ FROM I￿Ome 4,533,72J 4,349,J23 54 EXPENDITURE ON CbArlt4ble ctivltl Chllritsble Aclivili¢$ 3h37,970 3,487561 Support ¢osts 745 453 4 526 724 4233 015 NET INCOME 7,0114 116,362 RECONCILIATION OF FIJNDS Totol nndj brouiht forw•rd TOTAL FUNDS CARRIED FORWARD 985 151 868 788 992 15S 985 151 io. TANGIBLE FIXKD ASSETS Fred￿ld Motor Vehick F¥rnitur¢ & Fittiny Equipment Totnlj Ai I September 21y23 Revaluatlon 349,lJXI 36,825 11,105 34,494 431.423 At 31 Au8USt 2024 DEPRECIATION At I Seplember 2023 Charg¢ for the year At 31 Au811St 2024 13,960 2&760 8.065 30 11.105 31.540 2.954 85,365 11,019 NEf BOOK VALUE At 31 Au8USt 2024 395,OOIJ 395,1100 At 31 Au8usI 2023 335.040 8,065 2,954 346.059 R•y•l￿All0￿ of CLHT Prnp•rty at 52 St•Al￿re Ro The CLHT propety loC￿ed ai 52 StanTh)re Rod￿ D¥rtford DA17 6EB. WKlvrnl a TeVall￿tIOn lo r¢fl¢ct the curTen¢ mfirkel value Of￿ &sxt. A dMktop ValU￿10n was ￿NI￿ted usin8 The Mov¢ Market valullion as th¢ basis for thls r¢v&luation. Cortlnued... PA(JE 19

CbAD¥lnz LlveJ HouJlJg Yrwt FINANCIAL STATBMENTS FOR THE YEAR ENDED 31 AUGUST 2024 NOTES TO TEIK FINANCIAL ￿ATEmENTs A5 part of Ihiy process. the accumulated depre¢iation of 1% that had IK¢n pplied to the land aNI building since the a¢qui$ition of the asset wa5 writt¢n off and trAosf¢rr¢d lo thc r¢v&lu8tion r¢s¢rv¢. Thts adjusrment ertsures that the propert￿3 vllue ac¢uraly r¢llects11s ¢urr¢nl market stsnding while adhering lo athrd g¢¢ounting pr￿11¢ 31.08.2024 31.08,2023 DEBTORS: AMOUNf FALLING DUE WITH￿ ONE YEAR Trad¢ d¢iors (R¢nlal in¢ome) Staff loan8 347,1 9,lJO 465,052 465 052 CREDITORS: A￿0￿ FALLING DUE WJTHIN ONE YEAR 31.08.2024 31.0821Y23 Trade creditors (Renthl I￿0￿¢) A¢wu•l (Awlii f¢¢ 2022-2023) 9,111 7,750 7,750 7.7SO 13. CREDrroRS: AMOiiiYf PALLING DUE AFfER VIORE THAN ONE YEAR No Creditors falling due aft¢r mor¢ than one year. The mortg88¢ gttured on th¢ ¢h8rilYs frnlwld laNi buildin8wu paid in full iti 2021%2021 fllwKial ye•f. MOVEMENT IN IIUNDS At 01.09.23 tnovement A13A.0824 Unreitrkt¢d fun c￿￿ra[ ￿lld TOTAL FUNDS 992 155 992 15S 985 151 Comkwatlye nel movement tti funds, 1K1￿1¢d in th¢ above are ￿ follow8.. Incomkng ruour¢ Rtiour¢eA expended Mov¢m¢nt In fund Unrnstrleled fvndj Genernl fund TOTAL FUNDS 4 533,728 4 526.724 4 526 724 15. REVALUATION RESERVK 31.08.2024 31.08.21Y23 L•nd and bullding 39,960 ¢hari¢Ys profft lo¢akd At 52 Stsnmo(e R￿d, Dartford DA17 6EB. und￿1 fy r¢valuation lo retl¢ct mark¢1 valuc of the a￿81. A duk1op valuation w&s coTrJu¢kd u31ngTh¢ Move M8rkei YaluatiotTr u the basis for thi% revalu￿10 Coniinued... PAGE 20

Cbn£lDg UY¢s Houjlui Trut FINANCIAL STATEMEKfs FOR THE YFAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL sfAThMENTS 16. COhTROLLING Erarry There is no over811 corttrollingentity. 17. EVENTS SINCE THE BAtANCE SHEET DAlf Th¢re have been no ev¢nts sinc¢ the b81tsnce sheei dale whi¢h mi8hi n¢¢usitale le￿(ement of the amounl in the finoncihl stalen￿nts. 18. CAPITAL COMMITMgyTS There were N) capital cornmithw45 ￿ the Jknt dat 19. REI LATED PARTY DISCLOSURL8 Mis5 Dgnielle Si¢gi A tru5t¢e WI￿ is also a dir¢ctor of the cFArity pttld £96,6￿ (2023-2024) and £73￿(KI (2022-2023) as Yenl for h¢rproperties used for t¢mwrary accomnwdaliort by the Ch•rity for the horneless. Thi5 paynKnl li in line with the chwi1￿5 govemkng document cla￿ 3(aXv). Wesley Tom i In￿¢¢c 18 allo a dir¢cknr of tho ¢lrity was paid £34,584 (2023-2024) 2,94] (2022.2023) ￿ 8rc43 salary durub8 the for providi￿ servic•s for the clwity. There were no oiher tr8WCtlorn with th¢Truyl¢e$ except those ref¢rred ¢0 •lJove. PAOE 21

CbgnzlDg LlvtJ Houilug Trust FINANCIAL STATBMEKfs FOR THE YLIR ENDED 31 AUGUST 2024 DETAILED STATEMENT OF FINANCIAL ACTIVITIES 31.08.2024 31.08.2023 INCOME AND ENDOWMKNTS In¢om• Rental Incom¢ (Social Housill&) Service chorgc (Management) Misc. I￿0 4,413,400 82276 4292,510 32,593 24219.7 4,533,713 4,349,323 Bank inl¢r¢s1 rK¢iv¢d 54 Total Incomin8 resourceA 4,533,728 4,349,377 EXPEND￿vRE Chwrltble Expendltur• Property rent & Iwe man88UX¢nt Property M4inl¢nanr¢ & Exp¢nyeJ Tenants W¢lfar¢ Projeci Work (CO￿ler8e) Council TAX. rlltes and HB overp4yments Light & H￿t 2371,46S 437,080 430,426 190,623 47,766 160609 2,209,235 441,508 349,420 164.171 147,999 175 229 3,637.970 3.487,561 M4n%ement & AdmlnlitrAtSon Aptns Siff Cwts Sl#rr w￿¢8 4nd Salaries Tox ond NatioMI Pemion 539,263 42,363 422,487 35.894 606,731 468.451 Wr4g¢S and SAlari¢s T&x ind National IMuran¢e 17,624 83.043 97305 92.262 Manage￿1 and Administration ¢xpcMeJ carried ronv￿ (CFWD} 703 9J6 560,713 ContimKd... PAGE 22

Cbanilng Lfvei Houslng Tr¥it FINANCIAL STATEMENfs FOR TItE YEAR ENDED 31 Auousf 21)24 DETAILED STATEMENT OF VIliANCIAL ACTIVITILS m￿￿gement 8nd AdmlnistrJtion ¢XPC4LW bro￿¢ forlwd (BFWD) 5611.713 AdmlDlstrotlon Aeeountsncy f¢¢ Computer and Soft￿r• Consultancy IMuranc¢ IT Internet L¢8al and ProfessioDo1 Ftts Misc. Uxpons¢$ otrice Renl oirice Suppli Sub$crlption Telecommuntcation Training Travellin8 ond Motor Rumin8 Costs Inler¢yt p8yabl¢-HMRC Wages Settl¢m¢n¢ Xm&s Dinner Depr¢ciAtion 24,081 9,071 15,8B8 ia60 21.923 18290 647 31,500 4A41 1,547 23,6111 22.944 8,761 23.513 9,894 36.176 1,659 430 25.250 10.756 300 21299 540 240 192 10,8JS 885 880,693 737,442 FIDJn¢¢ B8nk c￿rge1 310 262 GoYero•n¢o Audit f¢e Total rtyburetl expend¢d 4 $26 724 Nei IncorrtJexpenditur¢ 116363 PAOE 2J