HOUSING TRUST
Selby and Distrlct Housing Trust
(A company limited by guarantee)
Report and Financial Statement8
For the Year Ended 31 March 2022
Charlty Number 1157240
Company Number 08548626

Selby and District Houslng Trust
(A company limited by guarantee)
Financial 8tatsm•nts
For the Year Endad 31 March 2022
Contents
Pago
Report of the Board
Ir)depend8nt auditorfs report to the members
8-11
statemént of Financlal Activities
12
Balance Sheet
13
Notes fomilng part of the financlal statements
1*19
SELBY & DISTRICT HOUSING TRUST
2021122

Solby and District Hou8lng Trust
Report of the Board for the year endod 31 March 2022
The Board presents rts directors, report and financial statements, indeperKlently audited, for
the year ended 31 March 2022.
Reference and Admlnlstrative Informatlon
Charty Name..
Selby and District Housing Trust
Charrty registration nufflb8r'.
1157240
Company regislration number..
08548526
Registgred Office and
operational address..
The Civic Centre,
Doncaster Road.
Selby
Y08 9FT
Board Members
Councillor John Maurice Mackman
Robert John Chambers
Dlrector and Chair (Council appointed Trustee)
Director and Vice Ch8iT {Ordinary Trustee)
Councillor Slephanle Duckett
Mrs Gilllan Ivey
Michael Richard Werritt
Alan Catterick
Vacancy
Director (Councll appointed Trustee)
Director (Council appointed Trustee)
Director (Ordinary Trustee)
Direclor (Ordinary Trustee)
Secretary and Dlre¢tor
Sarah Thompson
IN.B. Sarah Thompson resigned as Company Secr8tary on 3111 May 2021. Anna-marie
McGlanaghey was appointed Company Secretary in June 2021 until August 2022, after
which, Sar8h Thompson r8-assumed the role.)
Managing Dlrector
Stuart Robinson
Flnance Dlrector
Rob Parkes
Independent Audltors - Saffery Champness LLP. Mltre House, North Park Road, Harrogate
HG15RX
Bankers - Barclays Bank plc, of Markel Place, Selby, Y08 4NX
Solicitors:
Bevan Brittan LLP (Kings Orchard 1 Queen Street Bristol 8S2 OHQ) have provided
independent advice to the Trust on a case-by-case basis.
Trowers & Hamlins LLP {3 Bunhill Row, London, EC1Y 8YZ) have supported the
Trust's work on a prospective Sale of Trust properties.
SELBY & DISTRICT HOUSING TRUST
2021122

Structure. Governance and Management
Governin
Documen
Selby District Housing Trust ('the Trust,) is a public benefft entity limited by guarantèe,
incorporated on 29 May 2013 and registered as a Charity on 29 May 2014. The trust is
incorporated in the UK and registered in England and Wales.
The company was established under 8 Memorandum of Association vthich established the
objects and powers of the charitable company and is govemed under its Articles of
Association. In the event of the company being wound up members. and ex-members within
twelve months of ceasing to be mèmbers, are required to contribute an amount not exceeding
£10.
Recrui
ointment of
The dirèctors of the company ar8 also Charity truste8s for the purposes of Charity law and
under the Company's Articles are known as rneM￿rs of the Board. There are seven trustee
positions, three Council Trustees, nominated by Selby District Council and four individuals
eppointed or elected as Ordinary Trustees. The Board has a vacancy and this was carried
throughout 2021122 as there were no applications put forward for the appointment of the 4
Ordinary Trustee.
Under the requirements of the Memorandum and Articles of Assoclallon the Councll Trustees
shall be appointed by Selby District Council to serve for such period of office as shall
confirmed by the Council. One Ordinary Trustee must retire at each annual General Meeting,
the longest in off￿e retiring first and the choice between any of equal service being made by
drawing lots. Each retlring Ordlnary Trust88 shall be eliglble for feappolntment at the Annual
General Meeting but rf they are not reappointed the retiring Ordinary Trustee shall vacate
office at the conclusion of the meeting,
All members of th8 Board give thelr lime voluntarily and received no benefits from the Charty.
Any expenses reclaimed from the Charity are sel out in note 5 to the account8.
Trustee Induct'on
nd Trainin
New Trustees are given an induotion session wilh Trust Offi¢er5. This 8e8sion provides the
Trustee with expectations of them in the role as well as governance arrangem8nts and the
latest position on current schemes. New Trustees are provided with a welcome pack that
includes the Articles of Association and the Charity Commission Guidance entitled 'The
Essential Trustee,.
Risk Mana
The Trust has an organlsational risk register which is reviewed regularty ty the Finance and
Govemance Committee. System5 and procedures have been established to mitigate the risks
the Charity faces and the risk register is updated on a six-monthly basis. Key risks identifled
in the register are around access to revenue funding, health and safety and capacity and
resilience of the Trust. All have risk mitigationlcontrols in pla￿.
anis
tructure
The Selby and District Housing Trust has a Board of Trustees of up to seven members who
meet quarterly and are responsible for the strategic direction and policy of the Charty. At
present the Board has 6 members from a variety of professional backgrounds relevant lo the
work of the Charity. The Board is supported by a Managing Directoi, a Financial Director and
the Company Secretary. These posts are filled by volur)teers. Selby District Council has
SELBY & DISTRIC[ HOUSING TRUST
2021122

providetl funding for the appointment of a part-time Housing Manager who also supports the
Board. The Houslng Manager left the organisation in March 2022 and the role remains vacant.
The duties are currently being carried out by other members of the management team.
The Housing Manager or equivalent requests authorty to deliver elements of the build
projects as necessary through regular reports to the Board. Urgent items for which no
delegated 8ulhority exists are progressed via electronic mail to Board members as permitted
under the Articles of Association.
ed Part18
In so far as f( is complementary to the Charty's objects, the Chariiy is guided by both local
and national policy. At a local level Selby District Council h8s offered funding and has
donated services as well as aliowlng its staff to provide services under thèir volunteer
programme at no cost to the Trust.
Our Aims and objectlves
Pur
ses and Aims
Our Charity's purposes as set out in the objects contained in the company's memorandum of
association are to carry on for th8 benefft of the community lon a not-frjr-profit basis):
a. The provision and management of housing, so¢ial housing, hostels and other
residential accommodation to P80ple In necessitous circumstances.,
b. The provision of associated amenities, facilitles and Services for those housed by the
Charity or for the r81ief of aged, disabled (whether physically or menlallyl or chronically
sick people.,
and on a basis which 18 associated wlth or Incldental to objectives a and b
The provislon of recreation or other leisure facilities in the interest of social welfare,,
d. The relief of poverty.,
8. The advancement of education, training or retraining, particularly among unemployed
people an(1 providing unernployed people with work experience.,
f. The rnaintenance, improvement or provision of public amenities for the public benefit
in the interests of regeneration in areas of social and economic deprivation.,
g. Any other charitable object that can be carried out from lime to time by a company
registered as a provider of social housing with the Regulator.
The aims of our Charity 8re to provide housing at 80% of market rent to those meeting the
criteria set out in a. or b. above.
Ensurin
ourw
rk delivers our aims
During the course of 2020121 the Trust developed a detailed 30 year Finance Plan and has
continued to use that in the current flnancial year. We review our governance arrangements
each year, and we have referre(I to the guidance contained in the Charity Commission's
general guidance on public benefft when we review our aims, objectives and in planning fvture
activities.
The focus of our work
Our maln objectives for the year were to continue to identify, in partnership wlth Selby District
Council, property that could be used to enable us to meet our charitable aims.
SELBY & DISTRICT HOUSING TRUST
2021122

The Trust's original five year plan was to provide 56 homes which we can offer at 80¢/0 of the
prevailing market rent to those who meet our tenant criteria
In 2014115 we acquired tsvo separate sites in Tadcaster which provide 5 homes towards this
target. During 2017118 work began on a further 2 sites, one in Selby and one in Riccall. Our
Riccall scheme offive houses, was handed over in 2018. Also in 2018, we agreed the
purchasè of 12 $106 homes in Ulleskelf. our first s106 purchase. Six homes were handed
over to us in late 2018. and the remaining six came across in April 2019, all were let
immediately. In addition, the Trust took handover of a further 12 new build houses in Selby
town in the first half of 2019120. At the end of 2021122 the Trust owned 34 homes.
No development opportunities have been Pursued in 2021122 beyond the discusslon stage.
As such the Trust has not added to rf(s portfolio over the past year. In 2021, Selby District
Council updated its Medium Term Financial Strategy. The updated Stratègy materially
changed the Council's approach to its housing development plans as the Council will now
support the development of homes In Selby solely through its own means li.e. it will only
support dired delivery by the Council ilselQ. As such, Council108ns and grants will no longer
be made available to the Charlty for development purposes. In addrtion, although the Trust
has been In discussion with a number of developers regarding purchase of further homes, the
number of tangible opportunities coming forward over the year has been minimal. This 18
similar to the exparience In the previous financlal year.
There are no paid employees of the Trust. Selby District Council has employed a part tlm8
Housing Manager and this ha5 been provided to the Trust as a donated service until the
Incumbent's departure in March 2022 (the income and equivalent expenditure are included In
thè SOFA as donated services). The Housing Manager's role Is to support the Trust to
develop and grow its buslness and, working closety with the Council, ensuring our properties
are managed well giving excellent cuslom8r service. The Trust's homes are managed and
m8intained by Selby District Council through a Service Level Agreement. Because the Trust18
not developing or growing al this stagè it has not been necessary to flll the vacant Housing
Manag8r role.
In additi'on, the Trust pay Selby District Councll for 180 hours per annum financial
adminislration support.
Other managerial and administr*ive services are being provldèd on a volunteer basis by staff
with the relevant skills and qualrficalions. Staff are sometimes, bul not 8xclusively employed
by Selby District Council. This is estimated to be approximately 266 hours per annum In tot81
with the value equal to £5,300 (this is included in the Accounts as a donated servlcèl (£5,300
also for the previous year ended 3111 March 20211.
How our activities dellver public boneflt
Our main activities and who we try to help are described in our purposes and aiffts. All our
charitable activiti'es focus on the housing market and are undertaken to further our charitable
purposes for the public benefit.
o used and beneffted from our seNI￿s?
At the end of 2021122 the Trust provided 34 affordable homes for rent to the residents of
Selby District. Occupation has been excellent with none of the Trust's properties coming void
in the year and tenants have been satisfied with the homes provided by the Trust.
The main area of charttable activty and the achievements that flowed from our work during
2021122 are related lo the provision of affordable homes for rent in Selby Dtstrict.
SEL8Y & DISTRI￿ HOUSING TRUST
2021122

The Trust continued to operate as a Landlord during 2021122. providing 34 homes in the
District. The Trust continued to work closely with Selby & District Council to ensure that viable
development schemes are brought forward and that a pi￿lIne of land and development
opportunities are identified where appropriate.
Flnanclal Review
With continuing limited resources the Charty had satlsfadory financi81 perfoimance for the
period. We successfulty managed the 34 properties with zero void loss - no properties
became void in the year with our occupation rate at 1000kn against a target of 97.5%. Our rent
arrears remain low at 4.2% {as at February 20221, below our target of 5 %.
The Trust made a loss in the financial year of £447k. This is after non-cash costs including
impalrment of £425k because thè Trust plans lo sell its assets to Selby Distrlct Council at less
than the previous book value. This transaction and pricing has been agreed with the Charty
Commission. Th8re was no capital expendlture in the year.
Princi
al Fundin
Source
Selby District Council has funded the Trust by offering loans and grants where applicable, to
acqulre and develop suitable property for the Trust. The loans are repayable over a period of
30+ years and incur interest charges above the prevalling PublSc Works Loan Board interest
rale at the time of signing the loan.
Inv
Aside from retaining a modest amount in the General Reserve each yéar most of the Charty's
funds ar8 to be spent in the short temi so currently there are no funds frjr long term
investment. The Board has decided that repaying the loans advanced by Selby Distrlct
Council at present takes priorlty over building up reserves to invest externalty.
Rese
There are no restricted funds at 31" March 2022 (Nil at 31" March 2021). All unrestrlcted
funds must be used to further the charitable purpose of the Trust. Reserves as at 31 st March
2021 were £469,255 r8ducing to £22,412 as at 31st March 2022.
Con
The Financial Statements have bèen prepared on a basi5 Other than going concern. The Twst
is in the process of selling ils housing assets to Selby Distriot Council prior to winding up the
Trust. The housing assets have been written down to their net realisable value. No othèr
acCoun￿ng adjustments have been made in relation to this matter. There are no other
foreseen costs of winding up the Trust with the exception of legal and administratrwe costs.
The Trust remains reliant on the Council for servlces until the Trust winding up process 15
completed and there are no indications that the Council intends to remove or restrict the
acGess to these services in this period. The transaction date for the sale and completion of th8
wind up process have yet to be set. Further details can be found in the accounting poli¢ies
and in the Plans for Futuie Periods.
Plang for Future Porlods
The Trust has undertaken a review of tts activities as a ￿SuIt of the Councll's decision to
review its own housing development plans last year. This followed a change in the operating
environment due to Covid-19 and the Local Government re-organisation acros5 Norlh
Yorkshire. The Trustees have determined that the best outcome for the Trust and its original
SELBY & DISTRICT HOUSING TRUST
2021122

aims is to sell the housing assets to Selby District Council and subsequenly wind up the
Trust. The Trust is in the process of finalising the sale transaction and will then seek to wind
up the Trust. It is anticipated that the sale proceeds will allow tha Trust to meet all of its
obligations and to settle all of its liabilities.
Statement of trustees, responslbllltles
The trustees {who are also directors of S81by & District Housing Trust for the purposes of
company law) are responsible for preparing the Trustees, Réport and the financial statéments
in accordance with applicable law and United Klngdom Accounting Standards (United
Kingdom Generally Accepted Accounting Praclice).
Company law requires the trustees to prepare financial statemènts for each financial year
which give a true and fair view of the slate of affairs of the charitable company and of the
incoming rèsources and application of resources, including the income and expendilure, of the
charitable company for that period. In preparing thes8 financlal statements, the trustees are
required to..
select 8Ultable accounting policies and then apply them consistentty.,
observe the methods and principles in the Charities SORP IFRS 102);
makè judgements and estimate5 that are reasonable and prudent.,
state whether applicable accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements; and
prepare the financial slatem8nts on the going concern basis unless it18 inappropriate
to presume that the charity will conllnue in business.
The trustees are responslble for keeping proper accounting records that disclose wlth
reasonable accuracy at any lime the financial position of the charf(able company and enable
them to ensure that the financial statements comply with the Companies Act 2006. They are
also responsible for safeguarding Ihe assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Members of the Bo
Members of the Board. who are director5 for the purpose of company law and trustees for th8
purpose of Charrty law. who served during the year and up to the date of this report are set
out on page 2,
In accordance with company law, as the company's directors, we certfy that."
50 far as we are aware. there is no relevant audit information of which the company's
independent auditors are unaware., and
as the directors of the company we have taken all the steps that we ought to have
taken in order to make oursefves aware of any relevant audit information and to
establish that the Chanty's independent auditors are aware of that information.
Approved by the Board on 251Th January 2023 and sSgned on ils behalf by..
Councillor John Mackman
SEL8Y & DISTRicf HOUSING TRUST
202V22

Indepgndent auditor's report to the members
Oplnlon
We have audited the financial statements of Selby & District Housing Trust for the year ended
31 March 2022 which comprise the statement of financial activities, the balance sheet and
notes to the financial statements, including significant accounting policies. The financial
reporting framework that has IRen applied in their preparation is applicable law and United
Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial
Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
In our opinion the financial statements-
give a true and fair view of the charitable company's state of affairs as at 31 MarGh
2022 and of its incoming resources and appllcation of resOU￿e$, including ils income
and expenditure, for the year then ended;
have been property prepa￿d In accordance with United Kingdom Generally Accepted
Accounting Practice,. and
have been prepared in accordance with the Companies Act 2006.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Audtting (UK) {ISAs
(UK)) and applicable law. Our responsibilities under those standards are further described In
the Audltor's responsibilities for the audit of the financlal statements se¢lion of our report. We
are ind8pendent of the charitable company Sn accordance with the ethical requirements that
are relevant to our audit of the financlal stalements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other èthical responsibilities In accordance with these
requirements. We believe that the audit evid8nce we have obtained is sufficient arKI
appropriate to provide a basis for our opinion.
Emphasls of matter
W8 draw att8ntlon to note 1 of the financial statements which describes how The Board of
Selby & Oistrict Housing Trusl have made the declsion to wind up the trust, and as such the
Board Members do not consider it to be appropriate to adopt the going concern basis of
accounting in preparing the financial ststements. Accordingly, the financial statements have
been prepared on a basis other than going concern as described in nots 1, Our opinion is not
modified in respect of thi8 matter.
Other Informatlon
The trustees are responsibl8 for the other information. The other information comprfses the
nfomiation included in the annual report, other than the financial statements and our auditor's
report thereon. Our opinion on the financial stalemenls does not cover the other information
and, except to the extent otherwise explicitly staled in our report, we do not express any fomi
of assurance conclusion thereon.
Our responsibility is to read the other Snformation and, in doing so, consider whether the other
information is materially inconsistent with the financial staternents 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 lo a material misstatement in the financial statements themselves. If,
based on the work we have performed, we conclude thal there 15 a material misstatement of
this other information we are required to report that fact.
We have nothing to report in this regard.
SELBY & DISTRICT HOUSING TRUST
2021122

Opinlons on other rnattefs pre8¢rlbed by the Companlos Act 2006
In our opinion, based on the work undertaken in the course of the audit=
the irrformation given in the Report of the Board which includes the Directors, Report
for the financial year for which the financial statements are prepared is conslstent with
the financial statem8nts.' and
the Trustees, Annual Report whlch includes the Directors, Report has been prepared
in accordance with applicablè legal requirements.
Matters on whlch we are rgqulred to report by èxceptlon
In the light of the knowledge and understanding of the charitable company and its
environment obtained in the course of the audit, we have not idèntifbed material misstatements
in the Tru5tees' Annual Report.
W8 have nothing to report in respéct of Ihe following matters where the Companies Act 2006
requires u8 to report to you if, in our opinion..
adequate accounting racords have not been kept, or returns adequate for our audlt
have not been received from branches nol vlsited by us., or
the financial stalements are not in agreement with the accounting records and returns,.
or
certain disclosures of trustees. remuneration specified by law are not made; or
we have not received all the information and explanations we r8quire for our audlt.
the trustees were not entitled to prepare the financial statements in accordance with
the small companies regime and to take advantage of the small companies exemptlon
in preparfng the Report of the Board.
Responslbllltle8 of trugtee•
As explained more fully in the Trustees, Responslbilities Ststemenl set out on page 7, the
trustees (who are also directors of the chaTilable company for the purposes of company law)
are responslble for the preparatlon of the financial statements and for being satlsfied that they
glve a true and fair view, and for such inlernal control as the trustees determine Is necessary
to enable the preparation of financial statements that ar8 free from material mlsstatement,
whether due to fraud or error.
In preparing the financial 5talernents, the trustees are responsible for assessing the charitable
company's abilrty to continue as a going concérn. disclosing, as applicable, matters related to
going concern and using the going concem basis of accounling unless the trustees eilher
intend to liquidate the charitable company or to cease operations, or have no realistic
atternatlve to do so.
Auditorf$ respon8lbllltlo8 for the audlt of the financlal gtatsmonts
We have been appointed as auditors under the Companies Act 2006 and report in
accordance with regulations made under thatAct.
Our objectives are to obtain reasonable assurance about whether the financial statements as
a whole are free from rnaterial misslatement. whether due lo fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assuran￿,
but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect
a material misstatement when it exists. 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 ststements.
Irregularities, including fraud, are instan￿$ of non-compliance wilh laws and regulations. We
design procedures in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The specific procedures for this
SELBY & DISTRICT HOUSING TRUST
2021122

engagement and the extent to which these are capable of detecting irregularities, including
fraud are d8tailed below.
Identifying and assessing risks related to I￿egular1tIeS'.
We assessed the susceptibility of the charrf(able company's financial statements to material
misstatement and how fraud might occur, including through discussions with the trustees,
discussions within our audit team planning meeting. updating our record of internal controls
and ensuring these contro15 operated as intended. Wa evaluated possible incentives and
opportunities for fraudulent manipulation of the financial statements. We identrfied laws and
regulations that are of S￿nificanCe in the contexl of the charitable company by discussions
with trustees and updating our understanding of thè sector in which the charitable company
operates.
Laws and regulations of direct significance in the context of the charitable company include
The Companies Act 2006, and guidance issued by the Charity Commission for England and
Wales.
Audit response to risks *Jentified'.
We considered the extent of compliance with these laws and regulatlons as part of our 8udit
prO￿dureS on the related financial statement itèms including a review of financial statement
disclosures. We reviewed the charitable company's records of breaches of laws and
regulations, minutes of meeting5 and correspondence with relevant authorities to identtfy
potential material misstatements arising. We discussed the charitable company's policl8s and
procedures for compliance with laws and regulations with members of management
responsible for compliance.
During the ￿annIng meetlng wlth the 8udrt team, th8 engagement partner drew attenlion to
th8 k8y areas which might involve non-compliance with laws and regulations or fraud. We
enquired of management whether they were awaie of any instances of non-complianc8 Wlth
laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed
the risk of fraud through management override of controls by testing the appropriateness of
journal entries and identifying any significant transactions that were unusual or outside the
nonnal course of business. We assessed whether judgements made in making accounting
estimates gave rise to a possible indlcalion of management bias. Al the completion stage of
thè audit, the engagement partner's review Included ensuring Ihat the team had approached
their work with appropnate professional scepticism and thus the capacity to Identify non-
compliance vlth laws and regulations and fraud.
There are inherent limitations in the audit piocedures d8scribed above and the further
removed non-compliance with law5 and regulations is from the events 8nd transactions
reflected in the financial statements, the less likely we would become aware of it. Also, the risk
of not detecting a material misstatement due to fraud is higher than the risk of not detecting
one resulting from eiror, as fraud may involve dellberate concealment by. for example, forgery
or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council's
website at: www.frc.or
.uklau
itorsres
onsibilities. This description forms part of our auditorfs
report.
Other matters which we are requlred to addre55
In the previous accounting period the directors of the trust took advantage of the audit
exemption under s477 of the Companies Act 2006. The trust was eligible for independent
examination which was carried out under section 145 of the Charities Act 2011.
SELBY & DISTRICT HOUSING TRUST
io
202V22

Use of our rèport
This report is made solely to the charltable company's members. as a body, in accordance
with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken
so that we might state to the charitable company's members those matters we are required to
stale to them in an audrtorfs report and for no other purpose. To the fullest extent permitted
by law, we do not acc8Pt or assume responslbility to anyone other than the charitable
company and the charltable company's members as a body. for our audit work, for this r8port,
or for the opinions wè have formed.
I,&e-] Q
ILe
Salty Appleton (Senior Ststutory Auditor)
for and on behalf of Saff8ry Champness LLP
Chartered Accountants
Statutory Audrtors
Mttre House
North Park Road
H8rrogale
North Yorkshlre
HG1 5RX
Dat8..
27 January 2023
Saffery Champness LLP Is eligible to act as an auditor in terms of section 1212 of the
Companies Act 2008
SELBY & DISTRIC[ HOUSING TRUST
li
2021122

Selby and Dlstrlct Housing Trust
Statement of Financlal Activities lincluding Income & Expenditure Account) for
the year ended 31 March 2022
Unr•ththd
Fundi
2021122
Funds
20W21
R•th¢t•d Tolal Fundi
2020n1 2010rd1
R•strictsd Funds
2121122
2021n2
Incarfn• RI￿1¢
1219.8581
1219.8581 R￿1 IrKo
1229.
128,3411
128.3411 th)ntsJ Sonites
Nel Prweedsfrom A￿1 thkj (u Sa
8.7551
.7551
1248,1991
1248.199) Totl Rogou
1258.5571
1258.5sn
Rwourcqs Exp•nd•d
2T2,215
1.683
28.341
122.215 ProF4ty Mantyern•rt
1.683 Costs
28.341 OtrwR8soum ExFended
252,239 Tot4 Rg¥tyJc8$Exwd•d
870,537
6,108
28.755
670.537
8.108
28.755
252,239
7Cfj,4
705,4
4,040 R•gow
446A43
446.843
crth•rR*owl••d Gthwiowi
G*rts cffjmikthcffjol Fix•J
4,040 N8tIJovement￿ Fur￿¥
12
446,843
448,843
R•con¢ill￿OTh ol Fundi
1473,2951 Tcth Fun09 Bwjhl Forwatd
149.2551 Funth C•rrled FoF¥Mrd
1473,S51
9,2551
1469.2551
[22.112)
1469,2551
2.4121
Thfr statement of flnanclal actlvities Includes all galns and losses In the year. All
incoming resources and resources expended derlve from contlnuing actlvitles.
SELBY & DISTRICT HOUSING TRUST
12
2021122

Selby and Dlstrict Housing Trust
Balance Sheet as at 31 March 2022
2020nl
N¢t•
2021122
Flx•d A8s•ts
3,251,%3 T8ng*l& A&8ds
2,769,984
3,251,963 Tolal Fixwj Assets
2,769,964
Curr•nl Aswts
80,811 Debtcrfs
148,697 Cagh at b￿k in hand
186,699
15,427
229,508 Total Current As39ts
3)2,326
CuMTrt Llibllltt••
12742401 CTrth'tm thjg Within one yoar
1270,686)
144,7321 Nel Cwr8ntAssets1l￿ab1hbe5I
3,207.231 Totsl Assets less Cuttent Liabi1rf*g
168,3601
2,701.624
Long T•rni L1•bIl￿••i
12,737,976) Loans
10
12.679,2121
12,737,976) T¢)tsl Lcffj Temi Lithlit
12,679,212)
469,255 N•tAi••ts
22.412
Unr••trfcW Fund•
1109,1391 Rev81￿?￿0n Fund3
1360.1161 G8r*ral
1109.1391
66,727
1469,2551 Total Unreslricted Funds
122,4121
1469.2551 Totsl Funds
122,4121
These accounts are prepared In accordance with the provisions in the Companies Act 2006
relating to the sm811 companies, regime. The directors acknowledge their responsibilities for
complying with the requirements of the Act with respect to accounting records and the
preparation of accounts.
Approved by the Board on 25 January 2023 and signed on its behalf by:
Councillor John Mad(man, Chair
Rob Parkes, Finance Director
SELBY & DISTRICT HOUSING TRUST
13
2021122

Notes fornilng part of the Flnanclal Statements for tho yoar ended 31 March 2022
1. Accounting Pollcles
The principal accounting policies are summarised below. The accounting pollcSes have been
applied consislently throughout the year.
la) Basls of accountlng
The financial statèmènts have been prepared under the historical cost convention, as
modified by the inclusion of fixed asset investments at market value, and in
accordance with the Companies Act 2006 and Accountlng and Reporting by Charities..
Statem8nt of Recommended Practic8 IFRS 102) issued in 2019.
The use of the going concern basis of accounting is not appropriate and so the
accounts have been prepared on a basis other than going concern. The Trust is in th8
process of selling ils housing assets to Selby District Council prior to winding up the
Trust. The housing assets have been written down to their net realisable value. Fixed
assets continue to be rècorded as non-curTent assets as their use has not changed.
No other accounting adjustments have been madè in relation to this matter. There are
no other foreseen costs of winding up the Trust with th8 exception of legal and
administrative costs. The Trust remains reliant on Ihg Councll for servlces until the
Trust winding up process is ¢ompleted and there are no indications that the Council
intends to remove or reslrict the access lo these services in this period.
The transactlon date for the sale and Gompletion of the wind up process have yet lo be
set. Al Ihe time of selling the properties lo Selby District Council, Ihe intention is to
settle the loans to Selby District Council. The contractual terms of the loans, however,
have not changed and thèrefore part of the loans continue to be recorded as non-
¢urrent despite the Intention to S8tt18 th8m within 12 months.
Ib) Fund accountlng
Unrestricted funds are avallable for use at the discretion of the trustees in furtherance
ofthe general objectsves of the Charty.
Designated funds are unrestricted fvnds earmark8d by the Board for particular
purposes.
Reslricled funds are subject to restrictions on their expenditure Impo88d by the donor
or through the terms of an appeal.
(c) Incomlng ro$ourGe$
All incoming resources are included in the statement of financial activities when the Charity is
entitled to, and virtually certain to receive, the income and the amount can be quantified with
reasonable accuracy. The following policies are applEd to particular categories of income..
Voluntary income is received by way of grants, donations and gifts and is included in
fijll in the Stalement of Financial Activities when receivable. Grants, where entitlement
is not conditional on the (Jelivery of a specific performance by the Charity, are
recognised when the Charty becomes unconditionally entrtled to the granl.
Donated services and facilities are included al the value to the Charty where this can
be quantified. This includes the services of Senior Management and Company
Secretary, The Trusl from time to time may call on the services of other gener81
volunteers and the value of these services is not included in the accounts.
Investment income is included when receivable.
Incoming resources from grants. where related to performance and specific
deliverables, are accounted for as the Charity earns the right to consideration by its
performance.
SELBY & DISTRicf HOUSING TRUST
14
2021122

(d} Resources expended
Expenditure is recognised on an accrual basis as a liabilty is incurred. Expenditure includes
VAT which cannot be recovered, and is reported as part of the expenditure to which it relates..
Costs of generating fijnds comprise the costs associated with attracting voluntsry
income and the costs of trading for fundraising purposes.
Charitable expenditure comprises those costs incurred by the Char-ty in the delivery of
its aGtivth'es and services for its beneficiaries. It includes both costs that can be
allocated directly to such activities and those Costs of an indired nature necessary to
8UPI)ort them.
Governan￿ costs include those costs associaled with meeting the constkulional and
stalutory requirements of the Charty and InclLKle the independent examination fees
and costs linked to the strategic management of the Charity.
All costs are allocated between the expenditUf8 categories of the Statement of
Flnancial Accounts on a basis designed to reflect the use of the resource. Costs
relating to a particular activity are allocated directly, others are apportioned on an
appropriate basis è.g. estimated usage as set out in Note 3.
(el Flxod a8S•t$
Fixed assets are inltially measured at cost, which Includes purchase price and costs
attrSbutable to bringing the asset into use. They are then valued at fair value, determined as
the amount that would be paid for it in its existing use as social housing, l&ss accumulated
deprecialion. Depreciation is provided at rates calculated to write off the Gosl of each asset
over its expected uséful life. which in all ca58S 15 estimatefj al 60 years. Deprecialion is
Charged from the first year the asset is brought into use. Revaluation of buildings are
undertaken at least five yearly bul may be done more often if there is evidence of rapld
changes in property values. Impairment reviews are carried out as and when evidence comes
to light that that the recoverable amount of a functional fixed asset is below Its net book value
due to damage, obsolescenc8. or other relevant factors.
If) Flnanclal In8trument•
The trust only has financial assets and financial liabllltie8 of a klnd that quallfy as baslc
financial instruments. 8asic financial instruments are initially recognised at transaction value
and subsequently measured at their settlement value with the exceptlon of the Selby District
Loans whlch are subsequently measured at amortised cost Using the eff8Ctive interest
method.
2. Total Incomlng Resources
Unr•gtrlct•d Re>trlct•d
Funds
Funds
Total
2020121
Unr•strlct•d R•strtet•d
Funds
Funds
Tot*1
2021122
Grant from Selby Distn'ct
Council
128,3411 Donated Se￿￿0$
1219.8581 Rent & Senfloe Chaiges
128,3411
{219,8581
128.7551
1229.8021
128.7551
1229.8021
1248.1991
1248.1991
1258.5571
1258,5571
The donated servi￿$ are for the part-time houslng manager and the valu8 of the donated
services for the Managing Director, Finance Diredor and Company Secretary. The related
costs can be seen in note 3. There are no unfulfilled condits'ons attached.
SELBY & DISTRICT HOUSING TRUST
15
2021122

3. Total Resources Expended
Basis of
othér
Charltable Governance
Allocatlon Resour￿5 Activiti•s
Totsl
2021122
Costs directly allocated to actlviti•s
Trust Adminislralion Expense6
Direct
Propety Development
Direct
Pfoperty Management
DiTect
18.089
127,981
524.467
6,108
24.197
127.981
553,222
28,755
28,755
670.537
6,108
705,400
Basis of
Othér
Charltable Governan¢•
Allocatlon R•sourc•s Activities
Totsl
2020121
Costs dlrectly allocated to actlvltles
Trust Administration Expenses
Direct
Property Development
Dlrect
Property Management
Di￿t
11,776
119,723
,716
1,683
13,459
119,723
119,057
28.341
222.215
1.683
252.239
Other resources referg to the donated services of the Houslng Manager, the Managlng
Director, Finance Director and Company Secretary.
4. Staff Costs and Numbern
The Trust employs no staff directly. The Trust was provided with a part-timè Housing
Manager by Selby District Council ISDC). In addition. the Trust pays SDC for financial admin
support. Tho Trust's properties are managed by SDC through a service level agreement.
Other functions, e.g. Managerial Servic8s, are provlded by volunteers.
6. Trustaa Remunoratlon
No members of the Board received any remuneratlon during the y8ar. No travel costs were
reimbursed during 2o21-2212o2￿21- Nil)
No trusteè or other person re18ted to the Charity had any personal interest in any contract or
transaction entered Into by the Ch8rity durlng the year (2020-21 Nil).
6. Taxatlon
As a Charty, Selby and District Houslng Tnjst is exempt from tax on income and gains falling
within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act
1992 to the extent that these are applied to its charllable objects. No tax charges have arisen
In the Charity.
SELBY & DISTRICT HOUSING TRUST
16
202V22

7. Tanglble Flxed Assets
Freehold Leasehold
A55ets
Land &
Land &
under
Bulldlnqs Bulldlngs Construction
Totsl
Cost or Valuatlon
At 1 April 2021
Additions
Transfers
Revaluatlon Ir￿rease fecognlsed In
Revaluatlon R8serye
Al 31 March 2022
3,369.807
239.220
3,609,027
3,369,807
239.220
3,609,027
Ac¢umulBt•d Depreclatlon
At 1 April 2021
Charge for the Year
Impawment
Write out Acc Dep'n on Revaluation
1348,5201
152,7071
1425,¢)001
18.544)
14.272)
1357,0641
156,9791
1425,CK)01
Al 31 March 2022
-1826,227).........{12,8161..
..(839,0431
N•t Book Valu•
Al 31 March 2021
At 31 March 2022
3.021.287
2,543,580
230,878
226.404
3,251.963
2.769,984
An independent. professional valuation uslng the Existing Use Value- Social Housing
methodology was last completed on all properties in July 2019, and it was calculated as at
31 st March 2019. An impaimient of £425k was charged bècause the Trust plans to sell its
assets to Selby District Council at less than the previou5 book value. This transactlon and
pricing has been agreed with the Charrty Commission.
8. Current Assgts
2020r21
2021122
Debtor
72.560 Selby Dislrfcl Council
8,231 Prepaymènts and accrued income
148.697 Cash at bank and in hand
7,788
15,427
229,508 Total
202.326
9. Credltors: Amounts Falllng Due wlthln One Year
2020121
2021122
Creditor
1188,001) Selby District Council
155,241) Loans (Selby District Council)
(30,998) Other Creditors
(193.754)
(57,526)
(19,407)
(274,240) Totsl
(270,686)
SELBY & DISTRICTHOUSING TRUST
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202V22

10. Creditors: Amounts Falllng Due after more than One Year
2021r
Crgdhr
{2,737,976) Loons
12.879.212)
12.737.978) Totsl
12,679,212)
The fixed assets are primarily being funded by loans from Selby District Councll. Existing
loans are repayable over 30 years. All of thè loans are secured 8galnst the title of the
properties, whiGh they wer8 used to fund.
11. Analysls of Net Assets ￿tween Funds
Gen•ral O•slgnot•d R•strlct•d 31 March
Funds
Fund•
Funds
2021122
Tangl￿• Flxed As8et8
Current Assets
Current Liabilitles
Long-Term LiabilitlO8
2.789,984
202,326
1270,6861
12,679,212)
2.789,984
202,328
1270.6861
12,679,212)
Nel A8se16 at 31 Morch 2022
22.412
22,412
G•n•ral O•slgn#l•d R•*trlct•d 31 March
Funds
Funds
Pund•
2020121
T8n9lble Fixed Ass818
Current Assets
CuTr¢nt Llabililles
Long-Term Liabilities
Nel Assets al 31 Mareh 2021
3.251,963
229,508
1274,2401
12.737,9761
469.255
3.251,963
229,508
1274,2401
12,737,976)
469,255
12. Movements In Funds
1 Aprll
2021
In¢omlng Outgolng Tr4nsf•rs
R•sourc•s Resources
31 March
2022
Unrèstrlct•d Funds
Revaluation Funds
General Fund
1109.1391
1360.1161 {258.557)
109.139
596.261
122,4121
Tolal Unrestricted Funds
..(469,255J.... .L258:557)_-
.{22,4121.
Total Funds
1469.2551 {258.557)
705.400
{22.4121
For fijrther details of the revaluation see note 7.
SELBY & DISTRICT HOUSING TRUST
18
2021122

13. Remuneratlon of the Audltors
The remuneration of £11 k related solely to the external audit of these financial ststements
wtth no additional work undertaken.
14. Related Party Transactions
Selby District Council ISDC) nominates three of the seven Trustees positions of the Trust. It
provides funding and has donated services at no cost. It also provides paid-for servic8s under
a service level agreement.
Related Party transactions wlth Selby District Council were as follows:
Transactions wlth SDC
2020121 2021122
Income
Grants
Donated Servlces
Total Income
{28.2631 128,7551
{26.2831 128,7551
Expenditure
Trust Administration expense8
Propety Development
Propety Management
Total expendttur•
7,115
4,807
119.723 127,981
49,632
22,700
176,470 155,288
Amount recelvab18 from SDC at 31 March
Amount payable to SDC at 31 March
72,580
179,111
12,981,218112,930,4921
SELBY & DISTRI￿ HOUSING TRUST
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202V22