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← Trusted Homes Ltd

2024-05-31-accounts

Accountancy Solutions

Trusted Homes Limited

Financial statements for the

year ended 31st May 2024

Charity number: 1157265 Registered England and Wales

Company number: 08398279 Company limited by guarantee

[Call: 07926 450 250 ] Email: info@hslaccountancysolutions.co.uk www.hslaccountancysolutions.co.uk

Trusted Homes Limited Contents of the financial statements for the year ended 31st May 2024

Page
Administrative Details 1
Directors (Trustees Report) 2 - 4
Independent Examiners Report 5
Statement of Financial Activities 6
Balance Sheet 7
Statement of Cash Flows 8
Notes to the accounts 9 - 12

Trusted Homes Limited Administrative details for the year ended 31st May 2024

Registered Charity number 1157265
Registered Company number 08398279
Directors (Trustees) Mr Simon Wilmott - Chair
Mrs Bhavneek Kaur Gangat - Trustee
Mr Gurnesh Singh
Mr Kishan Paul Singh Task		 -
-		 Trustee
Until 31stMay 2024
Registered Office Suite 3 Alma House,
Newtown Shopping Centre,
Birmingham,
B19 2AB
Bankers Lloyds Bank PLC
Caxton Gate,
Units 2 & 3, 36/38 New St,
Birmingham
B2 4LP
Independent Examiner Heera Singh FMAAT
HSL Accountancy Solutions Ltd
Enterprise House
61a Carr House
Doncaster
DN1 2BY

Page 1

Trusted Homes Limited The Directors (trustees) present their annual report for the year ended 31st May 2024

The trustees, who are also directors of the charity for the purposes of the Companies Act, submit their annual report and financial statements for the year ended 31st May 2024.

Exemptions

The trustees have taken advantage of the exemptions available to small companies, including the audit exemption (see statement on balance sheet).

Structure, Governance and Management

The charity's objects and regulations are regulated by the Constitution established in 2013, amended in March 2014. It is established:

(A) For the relief of Poverty, hardship, and distress in particular by the provision of accommodation, support and services for vulnerable people who are homeless or in acute housing distress and suffering poverty hardship and distress in Birmingham and surrounding areas.

(B) The above main objective is met by providing accessible temporary accommodation and a counselling/support service. Education and training courses are also available to broaden their skill with view to secure employment and their prospects of renting from the open market.

(C) To further such other charitable purposes according to the law of England and Wales as may from time to time be determined by the trustees.

Trustee induction and training

The charity has a Trustee base recruited from local organisations and individuals who have a good understanding and/ or experience of working with vulnerable groups and individuals. In an effort to understand and fully utilise the skill base of Trustees, they are asked to complete a skills and knowledge audit – where significant gaps in skills are identified for the board recruitment is focused to fill these gaps.

Most Trustees are already familiar with the practical work of the charity and are invited to attend information sessions before and after recruitment. They are also given a handbook that contains additional information relevant to the work of the board and the responsibility of Trustees, covering:

Trustee development sessions will be held as a minimum annually and individuals are encouraged to attend further relevant training, e.g. role and responsibilities of trustees etc.

Risk management

The Trustees have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces.

Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the project.

The continuing implementation of Quality Assessment Framework ensures a consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.

Page 2

Trusted Homes Limited The Directors (trustees) present their annual report (continued) for the year ended 31st May 2024

Main activities

Trusted Homes have been actively working with vulnerable residents and physical/ mental health. We continue to engage with Birmingham Mind to support residents with their mental health. Ongoing engagement with Adult Services, referrals has proven timely, but Trusted Homes staff continue to be committed to the residents in need until such care provisions are placed.

No new properties were secured during this financial year as the ownness was on, working with the current bed spaces and focus on the residents

Birmingham Voluntary Service Council (BVSC) application is processing and look to be awarded a grade very soon. Once approved, this will illustrate transparency and that Trusted Homes meet the criteria set out by Birmingham City Council.

With the ongoing support, care and supervision, Trusted Homes have managed to succeed and move residents onto positive outcomes, as follows;

Therefore, a total of 25% residents that are housed and supported by Trusted Homes, have managed to move on and or reform into positive outcomes.

Overall, within the female services, a total of 38.8% have secured a promising future by way of training and or a strong foundation of knowledge and education, in the direction the resident has taken.

Plans for Future Periods

Future plans, Trusted Homes are looking to conclude the application and become part of the BVSC. Also look to become members of the National Residential Landlord Association (NRLA) and Information Commissioners Office (ICO). Conclude and secure working relations/ contracts with counselling services. Expand our bed spaces, allowing more residents to enter the services and opening up opportunities for further employment.

Financial Review

The attached financial statements show the current state of affairs of the finances, which the trustees consider to be sound and will continue to closely monitor. The charity relies on donations and offering from its member and the public.

It is recognised that donations and offerings can fluctuate from year to year, thus the trustees aim to ensure that the charity has sufficient resources to continue its activities and to meet its obligations. To this end, it is considered prudent that sufficient liquid funds are maintained.

Public benefit statement

In planning the activities during the year, the Trustees have considered the Charity Commissions Guidance on public benefit. The Trustees have ensured that the organisation has worked to forward it's aims and objectives.

Reserves Policy

The Directors have made a commitment to maintain reserves equivalent to 3 – 6 months of expenditure, from unrestricted funds, not committed or invested in tangible assets. The reserves are needed to ensure the charity can meet liabilities should it need to operate with a reduced income or has to close down. Although the long-term strategy is to continue to build reserves through planned operating surpluses, the Directors continue to consider the extent to which existing activities and expenditure could be curtailed should such circumstances arise and are confident, should the organisation be required to close, the existing reserves would be sufficient.

Page 3

Trusted Homes Limited The Directors (trustees) present their annual report (continued) for the year ended 31st May 2024

Statement of Directors and Trustees' responsibilities

The trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and of the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company provisions:

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. The directors declare that they have approved the directors' report above. Signed on behalf of the company's directors:

The trustees declare that they have approved the above report.

Signed on behalf of the company's directors:

Signed: Date: 28th February 2025

Name and position: Simon Wilmott, Director

Page 4

Independent examiners report to the trustees of Trusted Homes Limited for the year ended 31st May 2024

I report on the accounts of the Trusted Homes Limited for the year ended 31 May 2024 which are set out on the following pages 6 to 10.

Respective responsibilities of trustees and examiner

The charity’s trustees (who are also the directors of the Company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that, in any material respect, the requirements:

  2. accounting records have not been kept in accordance with section 386 of the Companies Act 2006;

    • the accounts do not accord with such records:

  4. 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 (FRS102)

  5. any matter which the examiner believes should be drawn to the attention of the reader to gain a proper understanding of the accounts.

Mr Heera Singh FMAAT Date: 28th February 2025

HSL Accountancy Solutions Ltd Enterprise House 61a Carr House Doncaster DN1 2BY

Page 5

Trusted Homes Limited Statement of Financial Activities (Including the Income and Expenditure Account) for the year ended 31st May 2024

Income from:
Notes
Grants and donations
2
Grants
Charitable activities
3
Rents receivable
Other
Other gains
Total
Expenditure on:
Charitable activities
4
Direct costs
Support costs
Governance costs
Total
Net income/(expenditure)
Transfers between funds
Net movement in funds after transfers
Total funds brought forward at 1st June 2023
Total funds carried forward 31st May 2024		 Unrestricted
Restricted
Total
Total
funds
fund
2024
2023
£
£
£
£
0
0
0
0
669,308
0
669,308
604,094
0
0
0
0
669,308
0
669,308
**604,094 **
538,173
0
538,173
494,218
71,227
0
71,227
52,151
51,200
0
51,200
51,200
660,600
0
660,600
597,570
8,708
0
8,708
6,524
0
0
0
0
8,708
0
8,708
6,524
-66,148
0
-66,148
-72,672
-57,439
0
-57,440
-66,148

The above statement includes all gains and loses recognised during the year. All activities are regarded as continuing.

The accounting policies and notes on pages 9 to 12 form part of these financial statements.

Page 6

Trusted Homes Limited Balance sheet As at 31st May 2024

2024 2023
£ £
Fixed assets
Tangible assets 33,795 31,502
Current assets
Debtors 35,000 28,411
Cash at bank and in hand 29,235 4,749
64,235 33,161
Creditors (amounts falling due in one year) -113,108 -86,832
Net current assets -48,873 -53,671
Creditors (amounts falling due after year) -42,361 -43,978
Net assets -57,439 -66,148
Reconciliation of Funds
Unrestricted funds -57,439 -66,148

For the year ended 31st May 2024 the company is entitled to the audit exemption under section 477 (2) of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

a) ensuring the company keeps accounting records which comply with section 386; and

b) preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year, and its profit or loss for the financial year, in accordance with the requirement of the companies Act 2006 relating to accounts, so far as is applicable to the company.

These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies' regime.

The directors declare that they have approved the accounts above.

Signed on behalf of the company's directors:

Signed: Date: 28[th] February 2025

Name and position: Simon Wilmott, Director

The accounting policies and notes on pages 9 to 12 form part of these financial statements.

Page 7

Trusted Homes Limited Statement of Cash Flows for the year ended 31st May 2024

Cash flows from operating
activities:
Net income/(expenditure) per SoFA
(Increase)/decrease in assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash flows from investing
activities:
Investment income
Net increase/(decrease) in cash:
Total cash as at 01 June 2023
Total cash as at 31 May 2024		 Total
2024
£
8,708
-2,293
-6,589
24,659
15,777
24,485
4,749
29,235

Page 8

Trusted Homes Limited Notes to the financial statements for the year ended 31st May 2024

1 Accounting policies

1.1 Basis of preparation

These accounts (financial statements) have been prepared under the historic cost convention, with items recognised at cost or transaction value, unless otherwise stated in the relevant note(s), in accordance with: (a) The Charities Act 2011

(d) Accounting & Reporting by Charities: Statement of Recommended Practice (Charities SORP FRS102) (effective January 2015)

The charity meets the definition of a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

1.2 Incoming resources

These are included in the Statement of Financial Activities (SoFA). Incoming resources are recognised when:

(a) The company becomes entitled to the resources

(b) The directors are virtually certain they will receive the resources; and

(c) The monetary value can be measured with sufficient reliability

Where incoming resources have related expenditure (as with fund-raising or contract income) the incoming resources and related expenditure are reported gross in the SoFA. Grants and donations are only included in the SoFA when the company has unconditional entitlement to the resources. Contractual income is only included in the SoFA once the related goods or performance related services have been delivered. Investment income is included in the accounts when receivable.

1.3 Expenditure

Expenditure is charged to the statement of financial activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is classified under headings that aggregate all costs related to that 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.

Charitable expenditure comprises those costs incurred in the delivery of the charity’s activities and services for its beneficiaries, including both direct and support costs.

Governance costs include those costs associated with meeting constitutional and statutory requirements, including Accountancy fees.

1.4 Fund accounting

Restricted funds are funds received from donors which are subject to restrictions on the purposes for which they may be used of which have been raised for a specific project.

Unrestricted funds are those where there are no externally imposed restrictions. These include funds freely available to the charity for expenditure or appropriation to reserves for internally designated purposes.

1.5 Assets

Tangible assets are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost, or, if gifted, at the value to the company on receipt. The rates applicable are; Office equipment - 20% on costs Refuge equipment - 20% on costs

1.6 Taxes

The company is not VAT registered. As a Charity the company is exempt from taxation on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of chargeable gains Act 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 charitable objects.

1.7.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount, usually the invoice amount. Accrued charges are normally valued at their settlement amount.

Page 9

Trusted Homes Limited Notes to the financial statements for the year ended 31st May 2024

1.8. Debtors

Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

2. Grants and donations

During the period of the accounts, there were no Grants received.

3. Charitable activities

Charitable activities
Charitable activities
Rents receivable
Expenditure on
Direct costs
Rents payable
Staff costs, training and expenses
Utility costs
Project costs
Repairs and renewals
Support costs
Office rent
Office insurance
Security expenses
Printing postage and stationery
Advertising
Telephone
Traveling and subsistence
Legal and professional fees
Bank charges
Depreciation
Governance costs
Directors remuneration
Accountancy fee		 General
Restricted
Total
Total
Fund
Fund
2024
2023
£
£
£
£
669,308
0
669,308 604,094
General
Restricted
Total
Total
Fund
Fund
2024
2023
£
£
£
£
293,766
293,766
279,435
152,181
152,181
124,997
37,983
37,983
42,101
4,207
4,207
3,807
50,037
50,037
43,879
538,173
0
538,173
494,218
£
£
£
£
7,284
7,284
7,284
2,463
2,463
3,537
1,149
1,149
2,327
6,240
6,240
3,375
804
804
1,409
4,092
4,092
4,092
20,200
20,200
12,963
13,484
13,484
6,662
2,804
2,804
795
12,707
12,707
9,707
71,227
0
71,227
52,151
£
£
£
£
50,000
50,000
50,000
1,200
1,200
1,200
51,200
0
51,200
51,200

4 Expenditure on

Page 10

Trusted Homes Limited Notes to the financial statements for the year ended 31st May 2024

5. Salaries costs

5.
Salaries costs
Salaries
Average number of employees during the period was:
6.
Tangible fixed assets
Cost
Additions
Disposals
At 31st May 2024
Depreciation
At 1st June 2023
Charge this period
At 31st May 2024
Net book value at 31st May 2024
Net book value at 31st May 2023
7.
Debtors
Rents receivable
Other debtors
8.
Creditors
Social security snd other taxes
Director 1 current account - CC
Accrued expenses
Creditors (amounts falling due after year)
Bounce Back Loan		 2024
£
201,083		 2023
£
177,184
5
2024
£
35,000
0		 5
Fixtures &
Fittings
£
48,535
15,000
63,535
17,033
12,707
29,740
33,794
31,501
2023
£
28,411
0
35,000 28,411
2024
£
106,831
5,077
1,200		 2023
£
74,295
11,337
1,200
113,108 86,832
£
-42,361		 £
-43,978

Page 11

Trusted Homes Limited Notes to the financial statements for the year ended 31st May 2024

9. Trustee remuneration and related party transactions

During the period of accounts, out of pocket expenses incurred by the Trustees were reimbursed. Trustee, Mr Paul Kishan Singh Taak was employed by the Charity as the CEO. This has been approved by the Charity Commission.

10. Movement in Restricted funds

ovement in Restricted funds
Unrestricted funds
General funds
Restricted funds
Big Lottery - Awards for all		 Opening
Incoming
Expended
Closing
01/06/2023 resources
resources 31/05/2024
£
£
£
£
-66,148
669,308
-660,600
-57,439
0
0
0
0
-92,672
669,308
-660,600
-57,439

11. Deficit in Unrestricted Funds

The Trustees are aware and have acknowledged of the deficit balance in the Unrestricted Funds. The Trustees have informed us they have been working tirelessly to invest in service delivery and staffing to ensure the Charity is able to increase its capacity for support. In turn, the Charity should generate a surplus to reduce the deficit.

12. Analysis of net assets between funds

Tangible fixed assets
Net Current assets		 Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
33,795
0
33,795
-91,234
0
-91,234
-57,439
0
-57,439

13. Previous periods figure

The previous periods figure are provided for comparison purposes only.

Page 12