DocuSign Envelope ID: 656C6501-FE99-4771-A71B-7275A5B7C46B
Charity registration number 1157757
Company registration number 08972242 (England and Wales)
LETS FOR LIFE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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LETS FOR LIFE
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr DR Cameron |
|---|---|
| Mr RG Thompson | |
| Mrs N Andrews | |
| Mr A Crofts | |
| Mrs A Wood | |
| Charity number | 1157757 |
| Company number | 08972242 |
| Registered office | Hensmill House |
| 9-13 Manchester Road | |
| Wilmslow | |
| Cheshire | |
| SK9 1BQ | |
| Independent examiner | Mr N S Jenkins FCA |
| c/o UHY Hacker Young | |
| St John's Chambers | |
| Love Street | |
| Chester | |
| Cheshire | |
| CH1 1QN |
DocuSign Envelope ID: 656C6501-FE99-4771-A71B-7275A5B7C46B
LETS FOR LIFE
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
DocuSign Envelope ID: 656C6501-FE99-4771-A71B-7275A5B7C46B
LETS FOR LIFE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their annual report and financial statements for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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)" (effective 1 January 2019).
Objectives and activities
Lets for Life provides high quality homes with excellent standards of specialist supported housing management. These enable people who have learning disabilities with complex support needs to have a tenancy and live in the local community. It works with private landlords, philanthropists, investors, statutory and voluntary bodies, providers and above all, tenants and their families, to get the right home for the right tenant. Lets for Life provides ongoing additional housing management to its tenants to ensure they have everything they need to fulfil a safe and happy tenancy in a place they want to live in.
Lets for Life believes that all individuals have a right to be treated with respect and dignity, regardless of the differences between them in age, gender, marital status, race, sexuality, religion, culture, language or disability. It strives for equality in all aspects of the charity and welcomes diversity, without discrimination. Lets for Life strongly believes that constant monitoring and reviewing of its general structure, operations, policies and procedures is required for continuous improvement. This is completed not only by internal, external and tenant review, but with a strong focus on coproduction and consultation.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
This year has been a period of internal review, consolidation, and improvement. There has been across the board review of all documentation, infrastructure and processes. This has led to significant investment in resource and improvement across all areas.
Overall, the Board of Trustees has been satisfied in the company’s ability to ensure that existing tenants continue to receive excellent standards of additional housing management and new enquiries have not been adversely affected. Notably, the company’s staff have ensured that all relationships are afforded the same level of dedication, attention and passion towards achieving the charity’s mission.
It is clear that there remain many challenges and shortfalls in the current Social Care system. Lets for Life believes passionately that everyone deserves to live in a place they call home, with the people and things that they love, in a community where they belong. This simple human right remains out of reach for many individuals with learning disabilities. Lets for Life remains on a mission to change this.
In addition to working with landlords to provide homes through the private-lease model, Lets for Life is also expanding into the provision of homes through other routes. A core focus and priority for Lets for Life has been, and will continue to be, establishing itself as a committed partner to the NHSE Transforming Care programme, which is centred around the goal of “homes not hospitals.” Recent NHS figures show that there are at least 2,055 autistic people and people with learning disabilities in mental health inpatient settings in England. A proportion of the 2,055 are being housed in segregated, isolated environments, much like a prison cell, despite having committed no crime.
These figures need to change and Lets for Life is focused on bringing energy and a desire to help accelerate positive change. Lets for Life has built up the relationships and resources over the past year to be in a position to work on 4 new Transforming Care projects nationally. These projects are for individuals who are in the worst conditions, living in isolation and segregation, some for over 20 years. Each Transforming Care project is an enduring process, realistically taking 1-2 years or more from initial referral to Lets for Life to completion and moving in date.
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LETS FOR LIFE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
The Board of Trustees is pleased with the significant positive change Lets for Life has achieved through working with the Transforming Care programme. Since the Winterbourne View hospital scandal in 2011, there has been little improvement despite successive governments and NHS England claiming to focus on putting the wrongs right. It’s clear that charities and organisations like Lets for Life are needed to inject much needed desire, perseverance and a willingness to fight for the right for all people with autism and/or learning disabilities to be treated with respect and dignity.
In addition to this, there has been a focus on reviewing and improving core processes, legal frameworks and internal team structure and resource. There was a gaps analysis in the skill matrix of the team and a recruitment drive to address any identified gaps, resulting in considerable new research across each department to improve expertise and resource across the business. This has been a big undertaking and the start of 2022 saw the benefits from this starting to take place.
Financial review
Given the reasons detailed in Achievements and Performance, the Board of Trustees considers that the overall financial performance during this period of transition has been acceptable. Given the significant growth fulfilled and challenges faced the Trustees are confident in the opportunity ahead with a team that is well equipped with the knowledge, skills and confidence to grow the business from its core base.
Through funding from its parent charity via an intra-group agreement, Lets for Life was able to maintain a healthy financial position. The company's financial resources are being closely monitored, recorded and reported at a managerial and Board level, and will continue to be so on an ongoing basis.
In discussions with the HCA the charity has committed to hold a balance in reserves of £100,000 in order to fund ongoing liabilities and to protect the business from any shortfalls in revenue. Unrestricted reserves at 31 March 2022 amounted to £209,244.
During the year, one of the Trustees, Mr Cameron (via Hensmill Estates), has made available a number of properties at Newton Place, The Old Vicarage, Newton Abbot and Wigan. These properties are rented by Lets for Life from Mr Cameron and thereafter rented on by Lets for Life to individual qualifying tenants. The rental level between Mr Cameron and Lets for Life is set using identical parameters as are operated with third party landlords. In the view of the trustees, the rents paid are discounted from the market rates that Mr Cameron could achieve by renting the properties directly on the open market.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
Lets for Life is a registered charity (No 1157757), a company limited by guarantee (No 08972242) and specialist supported housing provider for individuals with learning disabilities who have complex support needs. It is a wholly owned subsidiary of its parent charity, The Cameron Charitable Trust.
Lets for Life is regulated by the Charity Commission and is registered with the Regulator of Social Housing as a Private Registered Provider of social housing (No 4863). To meet the Standards set (Governance and Financial Viability, Value for Money, Rent, Tenancy, Tenant Involvement and Empowerment, Neighbourhood and Community, Home), Lets for Life has adopted and complies with the National Housing Federation's Code of Governance.
Along with the charity's Articles of Association, the compliance with these standards is governed by Lets for Life's elected Board of Trustees. It is responsible for ensuring the charity strives for and achieves the strategic and financial objectives it sets, demonstrating probity at all times.
Lets for Life invests in its organisational structure and staff members who manage the charity demonstrating their specialist expertise, passion and knowledge.
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LETS FOR LIFE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr DR Cameron Mr RG Thompson Mrs N Andrews Mr A Crofts Mrs A Wood
Trustees are recruited by reference to an Appraisal Review and Framework of Competency to ensure the composition of the Board such that it can perform effectively.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' report was approved by the Board of Trustees.
Mr RG Thompson
Trustee
22 September 2022
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LETS FOR LIFE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LETS FOR LIFE
I report to the trustees on my examination of the financial statements of Lets For Life (the charity) for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mr N S Jenkins FCA
c/o UHY Hacker Young St John's Chambers Love Street Chester Cheshire CH1 1QN
Dated: 22 September 2022
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LETS FOR LIFE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 3 | 21,875 | - |
| Other trading activities | 4 | 236,564 | 201,937 |
| Other income | 5 | 34,578 | 36,355 |
| Total income | 293,017 | 238,292 | |
| Expenditure on: | |||
| Charitable activities | 6 | 227,047 | 174,599 |
| Net income for the year/ | |||
| Net movement in funds | 65,970 | 63,693 | |
| Fund balances at 1 April 2021 | 143,274 | 79,581 | |
| Fund balances at 31 March 2022 | 209,244 | 143,274 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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LETS FOR LIFE
BALANCE SHEET
AS AT 31 MARCH 2022
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2022 £ 73,683 13,938 87,621 (3,733) |
£ 125,356 83,888 209,244 209,244 209,244 |
2021 £ 111,977 41,714 153,691 (10,417) |
£ - 143,274 |
|---|---|---|---|---|
| 143,274 | ||||
| 143,274 | ||||
| 143,274 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 22 September 2022
Mr RG Thompson
Trustee
Company registration number 08972242
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LETS FOR LIFE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
Lets For Life is a private company limited by guarantee incorporated in England and Wales. The registered office is Hensmill House, 9-13 Manchester Road, Wilmslow, Cheshire, SK9 1BQ.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Property rental commissions and management charges are recognised when the charity has established the right to receive the income through performance of the related services, measured by reference to the stage of completion.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 includes all VAT which cannot be recovered.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 10& straight line Computers 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2022 | 2021 | |
| £ | £ | |
| Donated goods and services | 21,875 | - |
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
4 Other trading activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Rental of properties | 236,564 | 201,937 | |
| 5 | Other income | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Other income | - | 2,264 | |
| Management fees | 34,578 | 34,091 | |
| 34,578 | 36,355 | ||
| 6 | Charitable activities | ||
| Rental of | Rental of | ||
| properties | properties | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Property repairs, maintenance, etc | 34,102 | 43,879 | |
| Share of support costs (see note 7) | 145,245 | 99,295 | |
| Share of governance costs (see note 7) | 47,700 | 31,425 | |
| 227,047 | 174,599 |
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
7 Support costs
| Staff costs Depreciation Staff training, travel, etc Premises costs Communications and IT Other support costs Legal and professional Independent Examiner's fees Analysed between Charitable activities |
Support costs Governance costs £ £ 22,070 - 16,614 - 3,009 - 94,433 - 8,610 - 509 - - 46,500 - 1,200 145,245 47,700 145,245 47,700 |
2022 £ 22,070 16,614 3,009 94,433 8,610 509 46,500 1,200 192,945 192,945 |
Support costs Governance costs £ £ 16,703 - - - 319 - 67,618 - 12,790 - 1,865 - - 28,977 - 2,448 99,295 31,425 99,295 31,425 |
2021 £ 16,703 - 319 67,618 12,790 1,865 28,977 2,448 |
|---|---|---|---|---|
| 130,720 | ||||
| 130,720 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| Total Employment costs Wages and salaries |
2022 Number 1 2022 £ 22,070 |
2021 Number 1 |
| 2021 £ 16,703 |
There were no employees whose annual remuneration was more than £60,000.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
| 10 Tangible fixed assets Fixtures and fittings Computers £ £ Cost Additions 117,800 24,170 At 31 March 2022 117,800 24,170 Depreciation and impairment Depreciation charged in the year 11,780 4,834 At 31 March 2022 11,780 4,834 Carrying amount At 31 March 2022 106,020 19,336 11 Debtors 2022 Amounts falling due within one year: £ Amounts owed by fellow group undertakings 25,343 Other debtors 25,918 Prepayments and accrued income 22,422 73,683 12 Creditors: amounts falling due within one year 2022 £ Other creditors 2,533 Accruals and deferred income 1,200 3,733 13 Related party transactions |
Total £ 141,970 |
|---|---|
| 141,970 | |
| 16,614 | |
| 16,614 | |
| 125,356 | |
| 2021 £ 41,738 50,129 20,110 |
|
| 111,977 | |
| 2021 £ 1,555 8,862 |
|
| 10,417 | |
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
13 Related party transactions
(Continued)
Transactions with related parties
At the year end, the charitable company was owed £25,343 (2021: £41,738) by The Cameron Charitable Trust. Mr D.R. Cameron is a trustee and director of both charitable companies.
At the year end, the charitable company was owed £25,916 by (2021: £50,129) by Hensmill Estates LLP. Mr D.R. Cameron is a partner in this business.
The charitable company benefited from rent=free office space provided by Mr D R Cameron.
14 Limited by guarantee
The charity is a company limited by guarantee and has no share capital. Every member of the charity undertakes to contribute to the assets of the charity in the event of the same being wound up during the time he/she is a member or within one year afterwards for payments of the debts and liabilities of the charity contracted before the time he/she ceases to be a member, and of the costs, charges and expenses of winding up the same and for the adjustment of the right and contributories amongst themselves, such amount as may be required not exceeding £1 or equivalent.
15 Controlling party
The parent undertaking is The Cameron Charitable Trust, a charitable company registered in England and Wales and registered office of 9-13 Manchester Road, Wilmslow, Cheshire, SK9 1BQ.
16 Housing stock
At the balance sheet date, the company managed 80 units (2021: 76 units) of supported housing. The company does not own any housing units and has no exposure to void losses.
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