2024-03-31-accounts - Wessmaps Housing Trust

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WESSMAPS HOUSING TRUST

TRUSTEES REPORT

1 The Structure, Governance and Management of the Charity

The Governance and management of the charity is as follows: Three Trustees and the Chief Executive officer who shall automatically ("ex officio") be a charity trustee, for as long as he or she holds that office.

Richard M[c] Keown Cooke - (Chairman)
Nicola Cavanagh - (HR/ Finance)
Trudy M[c] Keown - (Governance)
Mrs Jane Lockey- (CEO)

The Board have appointed Rowles & Co as the Charities Accountants to oversee the Charities financial affairs during this accounting period:

1[st] April 2023 – 31[st] March 2024.

2 The Objectives of the Charity

The objects of the CIO are:

The relief of financial hardship amongst disadvantaged people for the public benefit by providing services to, in particular but not exclusively, disabled and vulnerable people living and working in Hampshire, Dorset, Wiltshire, the Isle of Wight, Berkshire, West Sussex, Southampton and Portsmouth through the provision of supported housing that enables disadvantaged people to live within the community; enabling them to financially meet housing costs; enabling fair access to private rental housing provisions; providing access to interest free loans to fund housing deposits and home set up costs; the provision of additional housing management services all of which such persons could not afford through lack of means.

3 Achievements and performance of the Charity during the period

At the beginning of this financial year 01/04/2023, Wessmaps Housing Trust maintained one hundred and sixty-three tenancies providing housing support to people across Hampshire with different local authorities. WHT has increased the tenancy portfolio to one hundred and ninety-one tenancies, providing twenty-eight new additional tenancies and additional support to new tenants.

During the year of trading Wessmaps Housing Trust has maintained the existing service of providing affordable housing and support to vulnerable people within Hampshire.

We have further extended our working partnership with several new support providers within our common bond area. We have also developed additional partnerships with “Probation Services” and “Street Homelessness” within Southampton. We continue to develop additional services to generate more affordable housing and greater choice for independent living throughout Hampshire.

We have increased our staff team to enable the charity to maintain a good level of service delivery to our ever-increasing portfolio of supported tenancies.

4 A financial review during the period

The finances of the Charity were reviewed by the Trustees during this accounting period. No anomalies were brought to the attention of the Board or reported at this time.

REPORT OF ThE TRUSTEES AND UNAUDITED FINANCIAL sfATEMEKfs FOR THE YEAR ENDED 31 MARCH 2024 FOR WESSMAPS HOUSING TRusr ROWLES & CO UNIT 104 SOLENT BUSINESS CENTrE MILLBROOK ROAD WEST SOUTHAMPTON SOIS OHW

WESSMAPS HOUSING TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustee5 Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-14 Detailed Statement of Financial Activities 15

WES5MAPS HOUSING TRUST FOR THE YEAR ENDED 31 MARCH 2024 Page I The trustees present their report with the financial statements of the charity for the year ended 31 March 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} (effertive l January 2015). OBJEcfivES AND AcnviTIES Objertives and aims The principal objectives of the CIO are the relief of financial hardship amongst disadvantaged people for the public benefit by providing services to, in particular but not exclusively, disabled and vulnerable people living and working in Hampshire, Dorset, Wiltshire. The Isle of Wight, Berkshire, West Sussex, Southampton and Portsmouth through the provision of supported housing that enables disadvantaged people to live within the community,. enabling them to financially meet housing costs.- enabling fair acce5S to private rental housing provisions.. providing acce5S to interest free loans to fund housing deposits and home set up costs.. lack of means. the provision of additional housing management services all of which such persons could not afford through Public benefft The Trustees confirm that they have complied with the duty in section 17{S) ot the Charities Art 2011 to have due regard to guidance published by the Charity Commission in deciding what attivities the charity should undertake. ACHIEVEMENT AND PERFORMANCE Charitable activities At the beginning of the financial year. Wessmaps Housing Trust maintained one hundred and sixty three tenancies providing housing support to people across With the different local authorities. WHT has increased the tenancy portfolio to one hundred and ninety one, providing twenty eight new additional tenancies and additional support to new tenants. During the year. Wessmaps Housing Trust has maintsined the existing service of providing affordable housing and support to vulnerable people within Hampshire. Whilst we have not extended working relationships with any new local authorities we continue to develop our existing partnerships with Southampton City Council and Hampshire County Council on developing additional services to generate more affordable housing and greater Choi for independent living throughout Hampshire. FINANCIAL REVIEW Incoming resources totalled £783.860 (Prev.. £609.315) forthe period and resources expended were £581,210 (Prev.. £521,586) giving a surplus of £202.650 (Prev". surplus £87,729) for the period.

WESSMAPS HOUSING TRUST Page 2 REPORT OF THE TRusfEE5 FOR THE YEAR ENDED 31 MARCH 2024 The Trustees aim to ensure that sufficient reserves are hÈld forthe purpose for ensuring the continuation of the services and activities of the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is governed by a constitution adopted on 13 March 2014. The Governance and management of the charity is as follows. Three Trustees and the Chief Executive officer whom shall automatically l.ex officio I be a charity trustee. for as long as he or she holds that office. Mrs Nicola Cavanagh ( HR/Finance) Mrs Trudy McKeown ( Commercial) Mr Richard McKeown (Chair) Mrs Jane Lockey (Chief Executive) Overall management of the charrty is the responsibility of the trustees who are elected and co-opted under the term5 of the constitution. Day to day project activtty is managed and carried out by its paid Staff.

WESSMAPS HOUSING TRUST REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 Page 3 REFERENCE AND ADMINISTRATIVE DEfAILS Registered company number CE001071 (England and Wales) Registered Charity number 1156164 Registered Office 406 Solent Business Centre 343 Millbrook Road West Southampton Hampshire S015 OHW Trustees Mr5 Nicola Cavanagh ( HR/Finance} Mrs Trudy McKeown I Commerciall Mr Richard McKeown (Chair) Mrs Jane Lockey (Chief Executive) Independent Examiner Rowles and co Unit 104 Solent Business Centre Millbrook Road West Southampton S015 OHW Approved by order of the board of trustees on 102S . ..And signed on its behalf by- Mr Richard McKeown {Chair)

INDEPENDENT EXAMINEWS REPORT TO THE TRUSTEES OF WESSMAPS HOUSING TRUST Page 4 Independent examinerfs report to the trustees of Wessmaps Housing Trust 1.the Companfl I report to the charity trustees on my examination of the accounts of the Company forthe year ended 31 March 2024. Responsibllities and basis of report As the chariws 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 20061"the 2006 Att"). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act are eli8ible for independent examination, I report in respect of my examination of your charitys accounts as carried out under section 145 of the Charrtie5 Art 2011 (°the 2011 ACV). In carrying out my examination I have followed the Directions gNen by the Charity Commission under section 145{5) Ibl of the 2011 Act. Independent examlnerfs Statement In connection with my examination, no matter has come to my attention to indicate that: accounting records have not been kept in accordance with sertion 386 of the Companies Act 2006. the accounts do not accord with such records; where accounts are prepared on an accruals basis. whether they fail to comply with relevant accounting requirements under section 396 of the Companies Act 2006. or are not consistent with the Charities SORP {FRS1021: any matter which the examiner believes should be drawn to the attention of the reader to gain a proper understanding of the accounts. les and Co nit 104 Solent Business Centre Millbrook Road West Southampton S015 OHW Date...

WESSMAPS HOUSING TRUST STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2024 Page 5 2024 Total Funds 2023 Total Funds Unrestrotted Restricted Fund Fund Notes INCOME AND ENDOWMENTS FROM Charitable actlvities Property Management 780,043 780,043 608,580 Investment income 3,817 3,817 734 Total 783.860 78360 609,315 EXPENDITURE ON Raising funds Charitable attivities Property Management Governance Costs 36,592 36,592 35,217 543.296 1,323 543,296 1.323 480,929 5,440 Total 581.210 581,210 521.586 NET INCOMEIEXPENDITURE) 202.650 202.650 87.729 RECONCILIATION OF FUNDS Total funds brought forward 289.796 289.796 202,067 TOTAL FUNDS CARRIED FORWARD 492.446 492.446 289,796 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities

WESSMAPS HOUSING TRUSr BALANCE SHEET AT 31 MARCH 1024 Page 6 2024 Total Funds 2023 Total Fund5 Unrestrirted Notes Fund Restricted Fund FIXED ASSETS Tangible assets io 42.022 42.022 20,429 CURRENT ASSETS Debtors Cash in hand li 666,391 374,686 666.391 374,686 610,019 105,968 1.041.077 1,041,077 715,987 CREDITORS Amounts falling due within one year 12 590.653 590,653 446.621 NET CURREKf ASSETS 450,424 450,424 269.365 TOTAL ASSEfs LESS CURRENT LIABILITIES 492,446 492,446 289,795 NET ASSErs 492,446 492,446 289,795 FUNDS Restricted funds 13 492,446 289,796 TOTAL FUNDS 492.446 289.796

WESSMAPS HOUSING TRUST BALANCE SHEET- CONTINUED AT 31 RCH 2024 Page 7 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 forthe year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilitie5 for ensLAring that the charitable company keeps accounting records that comply with Section 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true 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 Settions 394 and 395 and which othenvise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charity company. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies. The financial statements were approved by the Board of Trustees on ........................................and were signed on its behalf by: Mr Richard McKeown (Chair)

WE55MAP5 HOU51N6 TRUST NOTES TO THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 Page 8 AccouKfiNG POLICIES Basis of preparing the financial statements The financial statements of the charttable 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 Charitie5.- Statement of Recommended Prdctice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective l January 20151" Financial Reporting Standard 102 Yhe Financial Reporting standard applicable in the UK and Republic of Ireland" and the Companies Att 21x16. The financial statements have been prepared under the historical cost of convention. The financial statements are prepared in sterling, which is the financial currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1. The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. There have been no transitional adjustments. 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 construrtive 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 direttly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resource5. Govemance Costs Governance costs are included in the Statement of Financial Activities on an accrual basis, exclusive of Value Added Tax.

WESSMAPS HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page 9 Tangible fixed assets Depreciation is provlded at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful lrfe. Computer Equipment Motor Vehicles 20% straight line 20% straight line All assets costing more than £400 are capitalised. TaK*ion The charity is exempt from corporation tax on its charitable activities.

WESSMAP5 HOUSING TrUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Page 10 ACCOUNTING POUCIES- continued Fund Accounting Unre5tritted funds can be used in accordance with the charitable objettives at the discretion of the trustees. Restritted funds can only be used for particular restricted purposes within the objects of the charity- Re5trittions arise when specified by the donor or when funds are raised for particular restritted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension costs 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. INVEStMENT INCOME 2024 2023 Bank interest 3,817 734 INCOME FROM CHARITABLE AcnviTIES 2024 2023 Management fees JRS Grants/EmploymentAllowan Property management Fees Other income Attivity Property Management Property Management Property Management Property Management 772.021 5.000 2,623 597,120 5,000 6,460 780,043 608,580 CHARITABLE AcnviTIE5 COSTS Support costs (see note 5) Totals 2024 Property ManaEement Governance Costs 543,296 1,323 544,618 543,296 1.323 544,618

WESSMAPS HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Page 11 SUPPORT COSTS Governance Costs Management Other Totals Property Management Governance Costs 543,296 543.296 1,323 1,323 543,296 1.323 544,618 INCOME/(EXPENDITURE) Net intome/(expenditure} Is stated after charging/(creditingl: 2024 2023 Depreciation-owned assets 9.958 TRUSTEES. REMUNERATFON AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees Expenses There were no trustees, expenses paid for the year*nded 31 March 2024. the same for the year ended 31 March 2023. srAFFING The average monthly number of employees during the year was as follows: 2024 2023 No. Administration 19 16

WESSMAPS HOUSING TRUST NOTES TOTHE FINANCIAL sfATEMENTS-CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Paee12 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACtIVlTIES Unrestritted Restricted Fund Fund Total Funds INCOME AND ENDOWMEpifs FROM Charitable activities Property Management 608.580 608,580 Investment Income 734 734 TOTAL 609.315 609,315 EXPENDITURE ON Charitable activitie5 Property Management Other trading activities Interest payable Governance Costs 480,680 35.217 249 480.680 35,217 249 5,440 TOTAL 521.586 521.586 NET INCOME/(EXPENDITURE) 87,729 87.729 RECONCILIATION OF FUNDS Total Funds brought forward 202,067 202,067 TOTAL FUNDS CARRIED FORWARD 289.796 289,796 10. TANGIBLE FIXED ASSEf5 Motor Vehicles Computer Equipment Total COST At l April 2023 Additions At 31 March 2024 DEPRECIATION At l April 2023 Charge for year At 31 March 2024 24,5(K) 15,500 25,679 7.550 33.230 50,179 23,050 73,230 13,188 5,188 16.562 6,646 23,208 29.750 1,458 31.208 NET BOOK VALUE At 31 March 2024 32.IXIO 10,022 42,022 At 31 March 2023 11.312 9.117 20,429

WESSMAPS HOUSING TRUST NOTES TO THE FINANCIAL sfATEMENTS- coKfiNUED FOR THE YEAR ENDED 31 MARCH 2024 Page 13 11. DEBTORS: AMOUbtrs FAWNG DUE WtrHIN ONE YEAR 2024 2023 Trade Debtors Other Debtors 326,369 340.022 367,017 243,002 666.391 610,019 12. CREDITORS: AMouMf5 FALUNG DUE wrrHIN ONE YEAR 2024 2023 Trade Creditors Social Security and other taxes Other Creditors Accrued expenses 64.202 9,318 514.833 2.300 7,101 8,032 429,188 2,300 590,653 446,621

WESSMAPS HOUSING TRUST NOTES TOTHE FINANCIAL sfATEMENTS-CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Page 14 13. MOVEMENT OF FUNDS Net movement in funds At 1.4.23 At 31.3.24 Un Restricted funds Restricted funds 289,796 202,650 492,446 TOTAL FUNDS 289,796 202.650 492,446 Net movement in funds, included in the above are as follows: Incoming Resources Resources Expended Movement in funds Un Restricted funds Restrirted funds 783,860 (581.210) 202.650 TOTAL FUNDS 783.860 (581.210) 202,650 Comparatives for movement in funds Movement in funds At 1.4.22 At 31.3.23 Un Restricted funds Restricted funds 202.067 87,729 289,796 TOTAL FUNDS 202.067 Comparative net movement in furKls. Included in the above are as follows: 87,729 289,796 Incoming ReSoUeS Resource5 Expended Movement in funds Restricted funds Restricted funds 609,315 {521,5861 87,729 TOTAL FUNDS 609.315 (521,586) 87,729 14. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2023.

WESSMAPS HOUSING TRUST DETAILED StATEMENT OF FINANCIAL ACTNMES FOR THE YEAR ENDED 31 MARCH 2024 Page 15 2024 2023 INCOME AND ENDOWMEp¥rs Investment income Bank interest 3,817 734 Charitable activities Management Fees JRS Grants/Employment Allowance Property management Fees Other Income Total Incoming resources 772,021 5,000 2,623 400 783,860 597,120 5,000 6,460 609,315 EXPENDITURE Other trading activities Void Rent Service Charge costs 36,592 35,217 36,592 35,217 Support Costs Management Wages Social Security Pensions Rent Insurance Telephone Postage and stationery Sundries Computer and software Rates and water Professional Fees Premises Expenses Bank Charges Depreciation of tangible assets Travel 2nd subsistence Motor cost5 Advertising Other Interest payable 376,054 36,240 21,033 26,301 2,488 4,058 14,845 413 10,034 2,055 8,659 239 226 9,958 17,428 10,917 364,553 33,098 10,901 12,489 2,092 3,423 3,329 5,440 5,143 904 1.423 891 249 10,036 14,689 10,095 2,348 1,092 Governance Costs Accountancy and legal fees 1,323 6,520 544,618 581,210 486,369 521,586 Total Resources expended Net (expenditure)Income 202,650 87,729