Char•ty Registratlon No. 1142743 gmpany Registration No. 07623246 {England and Wales) LANGDON HOUSING (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 LANGDON HOUSING (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr G Silyer Mr S Levington Mr G Cohen (appointed 7 September 2020} Mr W Rosenberglresigned 31 March 2021) Mr Paul Joseph Chief Executive Nell Taylor Company Secretary Mr 8 Shine Charity number: 1142743 (England and Wales) Company number 07623246 {England and Wales) Principal address Unit 506. Centennial Park, Centennial Avenu< Elstre< Boreh2mwood WD6 3FG Registered Office Unit 506, Centrnnial Park, Centennial Avenu E15tree, Borehamwood WD6 3FG Auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7IW Bankers Lloyds TSB 7 Floor 40 Spring Garden5 Manchester M21EN LANGDON HOUSING (A COMPANY UMITED BY GUARANTEE) CONTENTS Page Trustres, Annual Fieporc Independent auditor's repDrt Sr2tement of financial activities Balance sheet Sta¢¥hertt of cashflows 10 Notss to the attounts LANGDON HOUSING (A COMPANY LIMITED B Y GUARANTEE) TRUSTEES, ANNUAL REPOKT FOR THE YEAR ENDED 31 DECEMBER 2020 Charity infomiation The Trusoes present their annual report and the financial ststements for the period ended 31 December 2020. The accounts have been prÈparèd in 2Ctt>rdance with the accounting policies set OUL in notr I to the accounts and cornply with Langdon Housing's Mèmorandum and Articles ofAssociation, the Charitie5 Act 2011. Companies Act 2006 and the Charities SORP IFRSI 02). Reference and administrative details Langdon Housing is a registered charity (No. 11427431 and a company limited by guarantee and not having share c2Pital (No. 7623246)- The registered office is as shown on the legal and administrative information page. The Trustees on the date of this report, are as follows.. Mr S Lcvington Mr G &'lver Mr G Cohen (appointed 7th September 2020) Mr Paul Joseph Mr W P Rosenberg ￿ a Trustee throughout the period under reviw however he stood down on 31" March 2021 The curren¢ Truscees have the power ￿ remove and appoint tnjstses. The￿ are a maxmum number of 5 trustees and not less than 3 who may be appoin¢ed to the Board. The orpnisational oversight within Langdon Housing rests with Mrs S Mclndoe {InterÈm Housing Manager- Langdon Housing), to whom day to day operational management and compliance is delegated. Thè Management Teim of the Charity 15.. Mr N Taylor Chief Executive Mr B Shine Finance Directorlcompany Secretsry Mrs S MclThloe Langdon Housing- Inrerim Manager The trustees of Langdon Foundation. the parent Charity, review management rernuneration annually. Mr Taylor and Mr Shlne are remuneratsd through Langdon Foundation and noc Langdon Housing. struc￿re) govemance and management Langdon Housing was incorporated and established Memorandum and Article5 of Association on 5th May 201 l. The Articles were replaced by new Articles on 16 June 2015. The Board of Trustees is responsible for the overall governance of Langdon Housing as a charity. Trustees are co-opted by che existing Board of Trusoes or nominaLed by the TruS￿e5 of The Lan8don Foundation. Individual Trustees are appoinred for a renewable period of ¢hree year5 and may remain as Trustees for up to nine years unloss removed in accordance with the provisions set out in the Ar¢ides. There are no individual subscription5 Qr other Sums payable by Members. The man2gÈment of ¢he charity and regulatory complSance Is delegated to the Chief Executive 2nd an effective partnership exists with the Chairperson of the Board. The Chlef Executyve reports to trustoes at Board Meetings. The Langdon Foundatyon ensures Its salaries rernain competitive in the labour markeL through conducung an ann￿￿ pay rewÈw. paying individuals in line with Th)rmal industry practice and standard5, and benchm¥king salaries against other employers. Langdon determines the pay range for a vacancy prior to advertising IL followng the creation andlor mendment of a job description and specification. On appointment the 5tsrting salary 15 determined within that range to be offered to the successful candidate. based on relevant qualifications. experientt and any recruitment and reiention needs. Senior Leadership $￿arleS are based on the sarne economic lactors specified knoye, such a5, qualifications, experiÈncÈ and other factors like supply and demand, but a spot S￿ary is used on appointment and thereaf￿r the cost of living increase. as appropriate. LANGDON HOUSING (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 StrucbJre• governance and management (continued) The Langdon Foundation has In￿Oduced a More organised inductiC*n progrdmme whieh includes a dedicatéd portal containing inlormation about the history of Langdon, guides on TrustÈè rèsptsnsibilities. current stratw. governance documents and B02rd reports. The Board as a group receive presenf2tions on compliance and latest practice at lease annually. The external advisors of Langdon Housing are as set out on the legal and administrative pag Corporate gov¢vnan¢¢ Processes are in place to ensure that performance is monitored and thatappropriite management inlormatyon is prepared and reviewed regularly by both the Chwrperson and the Board. Induction and trdining for new Tru5te25 15 facilitated by the Chief Executive and the Finan of income h2ve been tnet, it 15 probable that the income will be received and the amount can be measured reliaFAy. Income from government or other grants. whether "capital" grant5 or 'trevenue" grants is recognised when the charity has entitletnent ¢0 the funds, any perfOrrnan￿ conditions attathed to the grants have been meL it is probable that the income will be received and the amount can bÈ ffl￿ured reliably and is noc deferred. Rental and other income connected to the provision of accommodation to beneficiaries is recognised in the year in vhich accommodation is provide(L 1.4 Expenditure Expenditure is recognised on an accrua15 basis once the ChariLy has a legal or constructive obligation to make paymenc Expenditure includes VAT which cannot be fully recovered. and 15 reporLed as parl of ¢he expenditure to which it relates. Charitable exp.enditure comprSses those costs incurred by the charity in the delivery of its actiyities and seryices for it5 ￿er1Elaries. Governince costs Include rhose costs assoclated with meeting the constitutional and statutory requirernenrs of the Ch￿tY and include the audit fe25 and costs linked to the strategic management of the charity. Al costs are allocated to the one charitable activSty. 1.5 Debtoys Trade and other debtors are recognised ai the settlement amount due af￿r any trade dixoun¢ offered and provision (or bad and doub¢ful debts. Prepayments are valued at the amount prepaid net of any tride discounts due. LANGDON HOUSING (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accountlng Policies (Continued) 1.6 Ca%h at bank and in hand Cash at bank and cash in hand indudes cash and short term highly liquid inYestTllents with a short maturity cf three rnonths or less from the date of acquisition or opening ol the deposit or sitnilar account. 1.7 Crèditors and provisions Credi¢ors and provisions are recognised where the Charity ha5 a present obligation resulting from a past event that wtll probably result in the transfer of funds to a third party and the amount due 10 settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recogni5ed ac their setdement amount alter allowing for any trade discounts due. 1.8 Financial instruments The Charity only has finanaal assets and liabilities of a kind that qualify a5 basic financial instruments. 8asic financial instruments are initially recognised at transaction value and subswuendy measured at their settlement value. 1.9 PeThsions For defined-contrlbutyon schemes. the amount charged to the SOFA in respect of pension cost5 and other posts retirement benefits is the contributions payable in the period. Any difference between the charge to the SOFA and the contributions payable to the Scheme 15 shown as an a55et or a liability in the balance sheeL 1.10 Operating leases Rentals ￿Yable under operating leasos are C￿rged against income on a straight line basis over the period of the lease. l. I l Fund accounting Unrestrictsd funds are available for use at the dixretion of the Trustees in lurthÈrance of the general oblectives of the charity. Restricted fuwKJs are fund5 which are to be used in accordance WiLh specific restrictions imposed by dowvxs or which have bÈÈn raised by the charity for particular purposes. The aim and use of eich restricted funds 15 set out in the notes ts) the financial ststements. 2 Legal status of the Chartty The Charity does not have Sha￿ capid and is limit8d by guarantee. In the •Yent of the company being wound u thÈ m2ximum amount which each member is liable to contribute is £10. Income from donations 2020 2019 Property Maintenance Fund 500 500 1,040 12- LANGDON HOUSING (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNT5 FOR THE YEAR ENDED 31 DECEMBER 2020 4 Income from charitable activitie5 2020 2019 Provisron of housing and living arrangements Housing benefit Recharged expenses to residents 1,404,388 105,823 1,510,211 1,334,482 120,858 1,455.340 Income from charitable activityes of £1,510,211 {2019.. £1,455,340} were all unrestricted funds. Analysis of expenditure 2020 2019 Provision of houslng and livin8 arrangements Strdff costs Rent Repairs and maincenance Expenses recharged to residents Consdtancy Other direct costs Depreciation Governan￿ costs Is8e note 61 107.19S 966.716 204.860 123,6B7 17,682 46,563 333 6.694 1,473,730 66.977 8B9.422 233,358 123,236 41783 24.529 6.821 1.387.126 Expenditure on charitable activitie5 was £1,473,730 {2019.. £1,387,126) ol which £1.473.081 was unrestricced 12019- £1,385,978) and £649 was restricted (2019.. £1,148}- Analysis of governance costs The Charity Initially identifies the costs of its support funttions. It then identifies those costs which relate to the governance function. Having identified it5 governance costs. the rÈmaining support costs together with the governance costs are all allocated agwn5t the one charitable acuyiry. Some support costs, finance and human resour￿. are managed and funded direcdy by The Langdon Foundation. 2020 2019 Other governance costs comprise: Auditor's remuneration Other costs 6.000 694 5.750 1.071 6,094 6.821 Net expenditure for thè yeav This is stated after charyn 2020 2019 Depreciation Auditorfs remunerdtion Opera¢ing lease rentals 333 6,000 966,716 5.750 889,422 LANGDON HOUSING (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysis of staff costs, trustee remuneration and expenges, and the cost of key management personnel 2020 2019 Wages and salaries Social securi¢y costs Pension 97,442 7,939 1,814 63.119 2,564 1.296 107.195 66,977 Nts èrnployees had employee benefits in ￿(esS of £60,000. The key management personnel of the Charity comprise the senior managemenL team as detailed on page l ol the trustee5' reporL A5 explained in the Trustee's Report. the remunera¢ion of some management personnel is through Langdon Foundation. During the year ex gracia termination payments of £18,57012019 nil) were paid. None of the Trusthes lor any persons connected with them) re£ewed any remuneration during the year and none of them were reimbursed for expenses during the year. Staff Number5 The average monthly head count of employees during the year was as follows.. 2020 2019 Number Numbcr Provision of housing and INing arrangements Total l O Pension and other post-retirement benèfit commitment5 The Charity contribute5 towards thc L2ngdon Group Scheme run by Nest whlch Is a defined contribution scheme. The assets of the schomo are held separntely Irom those of the Charity in an indèpèndently adMinis￿red fund. The pensSon cost charge represents contrfbutlons payable by th¢ tharity ¢0 the fund. 2020 2019 Ct)ntribuuons payable by the company for the year 1,814 1,296 The expense has been allocated to unrestricted expenditure on the same basis a5 wage5 and sa1arte 14- LANGDON HOUSING (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 I l Related party transactions The charSty Is connected to The Langdon Foundation (registered charity nurnber.. 1142742, reElStered company number.. 76217141, Langdon Community {registered charity number.. 1086393, rw5tered cotnpany number.. 4055338} and Langdon College (w5tered charity number. l 08893& regrstered company number.. 4104466), all of which are incorporated charitable companies registered in England and Wales that do not have share capital and are limiced by guaran¢ee. At the year end, the charitable company had a creditor 01 1238.44912019: É21,3891 due to The Langdon Foundauon. Duting the year, Langdon Housing wa5 charged building leasÈ rents15 01 £326,97012019.. £290.410) Irom The Langdon Foundation and Ihe balance at 31" December 2020 rela¢e5 ¢0 ¢hese renrals. A¢ the year end. the charitable company owed £nil {2019: £6,370) to Langdon College for properLY repairs. The ultyrnate controlling party of Langdon Housing is The Langdon Foundation, a charitable company {company number 7621714, chirity number 1142742> in whose account5 the result5 have been con501idated. The Langdon Foundation is the sole member of Langdon Housin& The Langdon Foundation owns properties, raises lunds and gives donation5 to Langdon College, Langdon Community and Langdon Housin& Corhs01idated accounc5 lor the Langdon Foundaoon can be obtained from the same r￿stered office as the charitx. 12 CorporatAOll tax As a charity, Langdon Housing is exempt from UK w on incgme and gains to the extenc that these are applied co i¢5 tharitable object& No UK tax charges have arisen in the Charity. during the year or th¢ previous year. 13 Tangible fixed assets Fixture5, fittings Motor vehicles & equipment Trtal Cost As at l January 2020 Additions 10,712 7.995 5,979 16,691 7,995 Ag at 31 December 2020 18,707 5,979 24,686 Depreciation: As at I january 2020 Charge for year 10.712 333 5,979 16.691 333 As at 31 December 2020 11.045 5,979 17,024 Net book value A$ 31 December 2020 7,662 7,662 A5 31 December 2019 LANGDON HOUSING (A COMPANY LIMITED B Y GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 14 Debtors 2020 2019 Trade debtors Other debtors Prepayments and accrued Income 105,290 23,966 18,361 72,103 19,542 46,1M8 147,617 137.693 15 Credltors: amounts falllng due wlthln one year 2020 2019 Trade creditors knovnts owed to group undertaknn85 Taxation and social security costs Oth(r creditors Accruals and deferred income 50,657 238,449 895 2.580 10,427 45,291 27.758 1.406 1,493 6.147 303,008 82,095 16 Analysis Of tha*ltabl¢ funds Analysi$ of movements in restricted funds Balance as at I January 2020 Incomlng Resources resource5 expended Transfers between funds Fund5 as at December 2020 Property maintènance fund soo 1649} 149 Analysis of movements sn restrlcted funds- prlor year BalancÈ as at I january 2019 Incoming resources Re59urces expended Transfers between funds Fund5 as a¢ 31 December 2019 Property maintenance fund (1.148) (108) 16. LANGDON HOUSING (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 17 Analysi5 of net assets between funds Unrestricttd Regtiicted fund5 funds Total Fund b21ances at 31 December 2020 are represenled br. Tansible FixÈd Assets Current assets Credltors of less than one year 7,662 453,255 (303,0081 7,662 453.255 (303,008) 157.909 157,909 Analysis of net a55ets between fund5- prior year unrestrict￿ Restricted fund5 funds Total Fund bdance5 at 31 December 2019 are representsd by.. Cwrent assets Creditors of less th3n one year 203,022 (82,095) 203.022 182.0951 120.927 120,927 18 Commitments under operating leases L4nd and Bulldlngs The future minimum payments under non-cancellable operating leases are- 2020 2019 Expiry date: No later than one year Later than one year and no latsr than five years 164,104 In,975 45,988 284,015 218,963 19 Reconciliation of net mowemÈnt in fund5 to rtèt cash llow frorn operating activities 2020 2019 Net movement in funds Add back depr￿ iation charge IDecrease)Iinc￿a￿ in debtors Inc￿Se1(decre3sel in creditor5 36,981 333 (9,924) 220,914 69,254 388.031 (527,317) Net cash providÈd by l(used in) operating activitie5 248.304 170.032)