2025-03-31-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 - (Chairman)
Nicola Cavanagh - (HR/ Finance)
Trudy M[c] Keown - (Governance)
Mr Andrew Lockey - (CEO)
Mrs Jane Lockey – Founder of the Charity

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

1[st] April 2024 – 31[st] March 2025.

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 01/04/2024, Wessmaps Housing Trust maintained two hundred and one tenancies providing housing support to people across Hampshire with different local authorities. During the period covered by this report WHT has taken on twenty one new tenants, moved

thirty three tenants within the portfolio and twenty four tenants have left the support provided by our tenancies to alternative general needs accommodation. At the end of this period 31/03/2025 the tenancy portfolio stands at one hundred and ninety-eight tenancies, providing twenty-one 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 maintained our working partnership with our existing support providers within our common bond area. We have also maintained 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 purchased our first freehold property on 14[th] February 2025 this enabled us to provide a safe secure home for a family with two you children, fleeing domestic violence.

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 sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR WESSMAPS HOUSING TRUST ROWLES & CO UNIT 104 SOLENT BUSINESS CENTRE MILLBROOK ROAD WEST SOUTHAMPTON S015 OHW

WESSMAPS HOUSING TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-14 Detailed Statement of Financial Activities 15

WESSMAPS HOUSING TRUST FOR THE YEAR ENDED 31 MARCH 2025 Page I The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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 1021 (effective l January 20151. OBJEcfivES AND AcfiviTIES Objectives and aims The principal objectives of the CIO are the relief of financial hardship amongst disadvantaged people for the public benef it 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. Public benefit The Trustees confirm that they have complied with the duty in section 17151 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission in deciding what activities the charity should undertake. ACHIEVEMENT AND PERFORMANCE Charitable activities At the beginning of the financial year, Wessmaps Housing Trust maintained two hundred and two tenancies providing housing support to people across with the different local authorities. WHT has increased the tenancy portfolio to two hundred and eight. providing Six new additional tenancies and additional support to new tenants. During the year, Wessmaps Housing Trust has maintained 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 choice for independent living throughout Hampshire. Toward the end of the financial year the Charity hit a mojor milestone with the purchase of it's first property for use by clients. FINANCIAL REVIEW Incoming resources totalled £940,172 (Prev: £783,860) for the period and resources expended were £764,064 {Prev- £581,210) giving a surplus of £176,108 (Prev= surplus £202.6501 for the period.

WESSMAPS HOUSING TRUST Page 2 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees aim to ensure that sufficient reserves are held for the 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") be a charity trustee, for as long as he or she holds that office. Mrs Nicola Cavanagh ( HR/Finance) Mrs Trudy McKeown I Commercial) Mr Richard McKeown (Chair) Mrs Jane Lockey {Chief Executive) Overall management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the constitution. Day to day project activity is managed and carried out by its paid staff.

WESSMAPS HOUSING TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Page 3 REFERENCE AND ADMINISTRATIVE DETAILS 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 Mrs Nicola Cavanagh l HR/Finance) Mrs Trudy McKeown I Commercial) Mr Richard McKeown Ichairl 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 .............................................And signed on its behalf by: Mr Richard McKeown {Chairl

INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF WESSMAPS HOUSING TRUST Page 4 Independent examinerfs report to the trustees of Wessmaps Housing Trust I'the Company") I report to the charity trustees on my examination of the accounts of the Company forthe year ended 31 March 2025. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law} you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061"the 2006 Act"). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 {"the 2011 Act"). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 {bl of the 2011 Act. Independent examinerfs 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 section 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 conslstent with the Charities SORP IFR51021; any matter which the examiner believes should be drawn to the attention of the reader to gain a proper understanding of the accounts. Rowles and Co U 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 2025 Page 5 2025 Total Funds 2024 Total Funds Unrestricted Fund Restricted Fund Notes INCOME AND ENDOWMENTS FROM Charitable activities Property Management 934,751 934,751 780,043 Investment income 5,421 5,421 3,817 Total 940.172 940,172 783,860 EXPENDITURE ON Raising funds Charitable activities Property Management Governance Costs 84,598 84,598 36,592 673,942 5,525 673.942 5,525 543.296 1,323 Total 764.064 764,064 581,210 NET INCOME(EXPENDITURE) 176.108 176,108 202,650 RECONCILIATION OF FUNDS Total funds brought forward 492.446 492.446 289,796 TOTAL FUNDS CARRIED FORWARD 668,554 668,554 492,446 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities

WESSMAPS HOUSING TRUST BALANCE SHE AT 31 MARCH 2025 Page 6 2025 Total Funds 2024 Total Funds Unrestrirted Notes Fund Restricted Fund FIXED ASSETS Tangible assets io 285,430 285.430 42,022 CURRENT ASSETS Debtors Cash in hand li 709,484 251,846 709,484 251.846 666,391 374,686 961.330 961.330 1,041.077 CREDITORS Amounts falling due within one year 12 404,644 404,644 590,653 NET CURRENT ASSETS 556,686 556,686 450,424 TOTAL ASSETS LESS CURRENT LIABILITIES 842,116 842,116 492,446 Long term liabilities 173,562 173,562 NET ASSETS 668.554 668,554 492,446 FUNDS Restricted funds 13 668,554 492,446 TOTAL FUNDS 668,554 492,446

WESSMAPS HOUSING TRUST BALANCE sHE- CONTINUED AT 31 MARCH 2025 Page 7 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trustee5 acknowledge their responsibilities for ensuring that the charitable company keeps accounting records that comply with Section 386 and 387 of the Companies Act 2006 and preparing f inancial 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 Sections 394 and 395 and which otherwise 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 Companie5 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 Ichairl

WESSMAPS HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page 8 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is 3 public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 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 1021 (effective l January 20151" Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006 . 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 constructive obligation com mitting 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. Governance 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 2025 Page 9 Tangible fixed assets Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. Computer Equipment Motor Vehicles 20% straight line 20% straight line All assets costing more than £400 are capitalised. Taxation The charity is exempt from corporation tax on its charitable activities.

WESSMAPS HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Page 10 ACCOUNTING POLICIES- continued Fund Accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 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 2025 Z024 Bank interest 5,421 3.817 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Activity Property Management Property Management Property Management Property Management Management fees JRS Grants/Employment Allowance Property management Fees Other income 919,216 10,500 5,035 772,021 5.000 2,623 400 934,751 780,043 CHARITABLE AcfiviTIES COSTS Support Costs (see note 5) Totals 2025 Property Management Governance Costs 673.942 5,525 679,466 673.942 5,525 679,466

WESSMAPS HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Page 11 SUPPORT COSTS Governance Costs Management Other Totals Property Management Governance Costs 673.942 673.942 5,525 5,525 673,942 5,525 679,466 NET INCOME/(EXPENDITURE) Net incomellexpenditurel is stated after charging/{creditingl: 2025 2024 Depreciation-owned assets 10.673 9,958 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits forthe year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees Expenses There were no trustees, expenses paid forthe year-ended 31 March 2025, the same for the year ended 31 March 2024. STAFFING The average monthly number of employees during the year was as follows- 2025 No. 2024 No. Administration 19 19

WESSMAPS HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS-CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Page 12 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Fund Fund Total Funds INCOME AND ENDOWMENTS FROM Charitable activities Property Management 780,043 780,043 Investment Income 3,817 3,817 TOTAL 783,860 783,860 EXPENDITURE ON Charitable activities Property Management Other trading activities Interest payable Governance Costs 540,947 36,592 2,348 1,323 540,947 36.592 2,348 1.323 TOTAL 581.210 581,210 NET INCOME/IEXPENDITUREI 202.650 202,650 RECONCILIATION OF FUNDS Total Funds brought forward 289,796 289,796 TOTAL FUNDS CARRIED FORWARD 492,446 492,446 10. TANGIBLE FIXED AsSs Motor Vehicles Computer Equipment Premises Total COST At l April 2024 Additions At 31 March 2025 DEPRECIATION At l April 2024 Charge for year At 31 March 2025 40,000 33,230 669 33.899 73,230 254.081 327,311 253,413 253.413 40.000 8,000 8.000 16,000 23,208 2,673 25,881 31,208 10.673 41,881 NET BOOK VALUE At 31 March 2025 253.413 24,000 8.018 285,430 At 31 March 2024 32,000 10,022 42,022

WESSMAPS HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS-CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Page 13 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade Debtors Staff Loans Other Debtors 327,617 49,885 331.983 326,369 340.022 709,484 666,391 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade Creditors Social Security and other taxes Other Creditors Accrued expenses 49,843 10,901 341,600 2,300 64,202 9,318 514,833 2,300 404,644 590,653

WESSMAPS HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS-CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Page 14 13. MOVEMENT OF FUNDS Net movement in funds 01104124 31103125 Un Restricted funds Restricted funds 492,446 176,108 668,554 TOTAL FUNDS 492,446 176,108 668,554 Net movement in funds, included in the above are as follows: Incoming Resources Resources Expended Movement in funds Un Restricted funds Restricted funds 940,172 1764.0641 176,108 TOTAL FUNDS 940.172 (764.064) 176,108 Comparatives for movement in funds At 01104124 Movement in funds At 31103125 Un Restricted funds Restricted funds 289,796 202,650 492,446 TOTAL FUNDS 289,796 202,650 492,446 Comparative net movement in funds, included in the above are as follows: Incoming Resources Resources Expended Movement in funds Un Restricted funds Restricted funds 783,860 1581,2101 202,650 TOTAL FUNDS 783.860 (581,210) 202,650 14. RELATED PARTY DISCLOSURES Included within Debtors is a material loan of £40.904 made to a member of staff (who is also member of the management team). The loan is interest bearing and 15 due to be repaid in full by 31 March 2026. The balance outstanding at 31 March 2025 was £40.904.

WESSMAPS HOUSING TRUST DAlLED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2025 Page 15 2025 2024 INCOME AND ENDOWMENTS Investment income Bank interest 5,421 3,817 Charitable activities Management Fees JRS Grants/Employment Allowance Property management Fees Other Income Total Incoming resources 919,216 10,500 5,035 772,021 5.000 2,623 400 783,860 940,172 EXPENDITURE Other trading activities Void Rent Service Charge costs 84,598 36,592 84.598 36,592 Support C05t5 Management Wages Social Security Pensions 491.119 45,193 11,751 26,112 5,361 5,036 8,375 8,896 10,279 1,247 8,707 376.054 36,240 21.033 26,301 2.488 4,058 14,845 413 10.034 2,055 8,659 239 226 Rent Insurance Telephone Postage and stationery Sundries Computer and software Rates and water Professional Fee5 Premises Expenses Bank Charges Depreciation of tangible assets Travel and subsistence Motor costs Advertising 2,814 10,673 23,069 14,310 1,000 9,958 17,428 10,917 Other Interest payable 2.348 Governance Costs Accountancy and legal fees 5,525 1,323 679,466 764,064 544,618 581,210 Total Resour¢e5 expended Net (expenditure)Income 176,108 202,650