2020-09-30-accounts - Spring Housing Association Limited

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					Page
Reference and administrative			details ofthe Charity,	its Trustees and advisers
Trustees' report					2-10
Independent	auditors'	report	on the financial statements		11 - 13
Consolidated	statement	offinancial activities			14
Consolidated	balance sheet				15
Charity balance sheet					16
Consolidated	statement	ofcash flows			17
Notes to the	financial statements				18-36

Trustees			TJ M Clark, Chair	TJ M Clark, Chair
			D R Bindert
			N V De-Costa
			P K Gill (resigned 29			September 2020)
			P B Hibbert (resigned			8 December 2020)
			R ikram (appointed		12December 2019)
			K L Moore
			N Owen
			D J Saunders
			N Sunder
Company number	registered		09244172
Charity registered number			1163098
Registered		office	Hestia House 22 Old Walsall	Road
			Birmingham
			B42 1DT
Company	secretary		DJ Bradley
Group Chief Executive			DJ Bradley
Independent		auditors	Dains LLP 15Colmore Row
			Birmingham
			B32BH
Solicitors			Anthony Collins Solicitors
			134Edmund	Street
			Birmingham
			B32ES
			Higgs 8 Sons 3 Waterfront	Business Park
			Brierley Hill
			Dudley
			DY5 1LX
Bankers			Barclays Bank Pic
			66 Oxford Street
			Kidderminster
			DY10 1BL

			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
		Note	2020	2020 E	2020 E	2019
Income from:
Donations and legacies Charitable activities Other income		4 5 6	117,779 8,744,305 237,885	352,927 52,596	470,706 8,796,901 237,885	315,070 6,916,851 77,806
Total income			9,099,969	405,523	9,505,492	7,309,727
Expenditure on:
Charitable activities			7,594,543	437,764	8,032,307	6,803,336
Total expenditure			7,594,543	437,764	8,032,307	6,803,336
Net movement in funds			1,505,426	(32,241)	1,473,185	506,391
Reconciliation offunds;
Total funds brought forward Net movement in funds			1,049,093 1,505,426	383,090 (32,241)	1,432,183 1,473,185	925,792 506,391
Total funds carried	forward		2,554,519	350,849	2,905,368	1,432,183

For the Year Ende	d 30 Se	ptember 2020
					2020		2019
			Note		F
Fixed assets Tangible assets			14		651,876		385,355
					651,876		385,355
Current assets Debtors Cash at bank and	in hand		16	1,452,559 1,461,307		1,270,530 423,090
				2,913,866		1,693,620
Creditors: amounts	falling	due within one	17	(558,963)		(640,044)
year
Net current assets					2,354,903		1,053,576
Total assets less	current	liabilities			3,006,779		1,438,931
Creditors: amounts than one year	falling	due after more	18		(101,411)		(6,748)
Total net assets					2,905,368		1,432,183
Charity funds Restricted funds Unrestricted funds			20 20		350,849 2,554,519		383,090 1,049,093
Total funds					2,905,368		1,432,183

			Note		2020		2019
Fixed assets
Tangible assets investments			14 15		651,876		385,355
Current assets					651,876		385,355
Debtors Cash at bank and	in hand		16	1,452,658 1,461,208		1,270,586 423,034
				2,913,866		1,693,620
Creditors: amounts	falling	due within one
year			17	(558,963)		(640,044)
Net current assets
					2,354,903		1,053,576
Total assets less current Creditors: amounts falling		liabilities due after more			3,006,779		1,438,931
than one year			18		(101,411)		(6,748)
Total net assets
					2,905,368		1,432,183
Charity funds
Restricted funds Unrestricted funds			20 20		350,849 2,554,519		383,090 1,049,093
Total funds
					2,905,368		1,432,183

For the Year Ended 30 Sept	ember 2020
				2020	2019
					E
Cash flows from operating activities Net cash provided by operating activities				1,267,017	579,234
Cash flows from investing activities Purchase oftangible fixed assets				(338800)	(214836)
Net cash used in investing	activities			(338,800)	(214,836)
Cash flows from financing	activities
Cash inflows from new borrowing				120,000	(90,000)
Repayments of borrowing
Net cash provided by/(used	in) financing		activities	120000	(90000)
Change in cash and cash Cash and cash equivalents	equivalents in at the beginning		the year of the year	1,038,217 423,090	274,398 148,692
Cash and cash equivalents	at the end	of	the year	1 461 307	423 090

					Unrestricted	Restricted	Total
					funds	funds	funds
					2020	2020	2020
						F
Donations Grants					3,450		3,450
Government	grants				114,329	352,927	352,927 114,329
Total donations		and legacies 2020			117,779	352,927	470,706
					Unrestricted	Restricted	Total
					funds	funds	funds
					2019f	2019	2019
Donations Grants					7,942		7,942
						307,128	307,128
Total donations		and legacies 2019			7,942	307,128	315,070
Income from charitable			activities
					Unrestricted	Restricted	Total
					funds	funds	funds
					2020 f	2020	2020f
Rent, eligible income	service charges and property			management	8,744,305	52,596	8,796,901
					Unrestricted	Restricted	Total
					funds	funds	funds
					2019	2019	2019
							E
Rent, eligible service charges and property income				management	6,672,168	244,683	6,916,851

		Unrestricted	Total
		funds	funds
		2020	2020
			F
Modern day slavery Other miscellaneous	funding income	17,996 219,889	17,996 219,889
		237,885	237,885
		Unrestncted	Total
		funds	funds
		2019f	2019 F
Modern day slavery Other miscellaneous	funding income	41,554 36,252	41,554 36,252
		77,806	77,806

Analysis	of expenditure	by expenditure typ	e
		Staff costs 2020	Depreciation 2020	Other costs 2020	Total 2020	Total 2019
Housing Support	provision costs	913,529 978788 1 892317	40,587 29337 69 924	5,678,418 391 648 6 070066	6,632,534 1 399 773 8 032307	5,709,474 1 093862 6 803336
Total 2019		1 362923	45 057	5395346	6803336

							2020	2019
	Staff training and expenses						38,693	33,083
	Property lease costs	and	write-offs				4,244,713	3,339,988
	Property costs						1,186,074	1,154,589
	Managing Agents' fees						255,612	221,988
	Bad debt allowance						(46,674)	317,029
	Wages and salaries						829,323	558,763
	National insurance						84,206	56,274
	Depreciation on vehicles,		leasehold		property,	fixtures and fittings	40,587	27,760
							6,632,534	5,709,474
9.	Support costs
							2020	2019
							F
	Administrative staff expenses						62,343	62,869
	Office costs						183,896	134,961
	Vehicle running costs	and	sundry	support costs			19,509	15,993
	Marketing costs						7,474	2,642
	Consultancy costs and	bank charges					31,681	29,565
	ITcosts						57,177	35,730
	Audit and accountancy	fees					16,620	24,140
	Legal and professional	fees					6,925	20,069
	Interest payable						6,023	2,710
	Wages and salaries						890,213	685,001
	National insurance						88,575	62,885
	Depreciation on office	and	computer		equipment		29,337	17,297
							1,399,773	1,093,862

Net income/(expenditure)
		2020	20'19f
Depreciation of tangible Depreciation oftangible Operating lease rentals	fixed assets owned by the charity fixed assets held under finance leases	62,480 7,444 3953810	40,423 4,632 3,293,370
		4,023,734	3,338,425

		Group 2020	G'roup 2019	Charity 2020	Charity 2019
		E	F
Wages Social	and salaries security costs	1,719,536 172,781	1,243,764 119,159	833,784 172,781	548,525 119,159
		1,892,317	1,362,923	1,006,565	667,684

			Group	Group
			2020	2019
			No.	No.
Management	and	admin	11	10
Housing			45	42
Maintenance			6	4
Support			27	12
			89	68

Group	Group
2020	2019
No.	No.

Group and Charity
	Long-term leasehold propertyf	Motor vehicles	Fixtures and fittings	Computer and office equipment F	Assets under construction E	Total
Cost or valuation At 1 October 2019 Additions Disposals	236,463 14,870	35,160 12,760	88,463 19,521 (3,072)	118,228 42,310	249,339	478,314 338,800 (3,072)
At 30 September 2020	251,333	47,920	104,912	160,538	249,339	814,042
Depreciation At 1 October 2019 Charge for the year On disposals	16,485 12,643	18,368 8,353	21,389 19,591 (717)	36,717 29,337		92,959 69,924 (717)
At 30 September 2020	29,128	26,721	40,263	66,054		162,166
Net book value
At 30 September 2020	222,205	21,199	64,649	94,484	249,339	651,876
At 30 September 2019	219,978	16,792	67,074	81,511		385,355

Name							Company number	Company number	Registered office	Registered office	Principal activity	Principal activity
Spring	Community				Homes	Limited	RS007733		Hestia	House,	To carry on, for	the benefit
									Old	Walsall Road,	ofthe community, the
									Birmingham, B42 1DT		business of providing and managing housing and
											accommodation	for
											persons in necessitous
											circumstances,	on a not
											for profit basis,
The financial			results		ofthe	subsidiary	for the year	were:
Name										Income	Expenditure	Surplus
											donated to
												parent
												charityf
Spring	Community Homes					Limited				7,359,654	(6,576,489)	783,165
The subsidiary			had net assets of ENil				as at 30September 2020 (2019 - ENII),
Debtors
								Group 2020		Group 2019	Charity 2020	Charity 2019
												F
Due within		one		year
Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income								1,044,325 76,875 331,359		908,609 68,776 293,145	1,044,325 99 76,875 331,359	908,609 56 68,776 293,145
								1,452,559		1,270,530	1,452,658 1,270,586

Creditors: Amounts falling due within one y	ear
	Group 2020	Group 2019	Charity 2020	Charity 2019
	E		E	E
Other loans Trade creditors Other taxation and social security	21,172 239,489 40,122	182,807 27,492	21,172 239,489 40,122	182,807 27,492
Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income	3,442 26,963 227,775	6,207 23,542 399,996	3,442 26,963 227,775	6,207 23,542 399,996
	558,963	640,044	558,963	640,044

Creditors:	n one year
	Group 2020	Group 2019	Charity 2020	Charity 2019
		E	E	E
Other loans	98,828		98,828
Net obligations under finance lease and hire purchase contracts	2,583	6,748	2I583	6,748
	101,411	6,748	101,411	6,748

				Group 2020	Group 2019	Charity 2020	Charity 2019
					E		E
Financial	assets
Financial	assets measured		at undiscounted
amounts	receivable			2,582,507	1,400,475	2,582,507	1,400,531
				Group 2020	Group 2019	Charity 2020	Charity 2019
				P.
Financial	liabilities
Financial	liabilities	measured	at undiscounted
amounts	payable			(500,252)	(578,050)	(500,252)	(578,050)
Financial	liabilities	measured	at amortised
cost				(120,000)		(120,000)
				(620,252)	(578,050)	(620,252)	(578,050)

Statement offunds
Statement offunds -current year
						Balance at
		Balance at 1 October 2019	Income	Expenditure		30 September 2020
Unrestricted funds
General Funds		1,049,093	9,099,969		(7,594,543)	2,554,519
Restricted funds Midlands Together (Hestia House) Refugee Action SVPRS Birmingham LIF Fund Big Lottery Fund Grant Children In Need Grant WM Strategic Migration Partnership Worcester Council - Refugee Services		55,884 75,532 1,650 184,911 17,819 494 3,807	52,596 94,106 4,849 27,500		(2,497) (122,802) (1,650) (122,415) (6,074) (26,707) (3,807)	53I387 5,326 156,602 16,594 1,287
Birmingham City Council - Production Charter of Rights Children In Need Grant -Refugees Nationwide Postcode Lottery Lottery Community Fund Homeless Link Commonweal Funding The Clothworkers Foundation	ofthe	17,450 25,543	10,000 29,799 50,000 18,600 39,860 30,000 4,000 25,000 9,260		(27,450) (40,549) (34,172) (1,330) (7,335) (30,000) (4,000) (121) (6,195)	14,793 15,828 17,270 32,525 24,879 3,065
Lan daid BCC - Mapping			9,953		(660)	9,293
		383,090	405,523		(437,764)	350,849
Total of funds		1,432,'I83	9,505,492		(8,032,307)	2,905,368

Statement offunds (continued)
Statement offunds - prior year
		Balance at 1 October 2018	Income	Expenditure	Balance at 30 September 2019
Unrestricted funds
General Funds		800,961	6,757,916	(6,509,784)	1,049,093
Restricted funds
Midlands Together (Hestia House) Refugee Action SVPRS Birmingham LIF Fund Big Lottery Fund Grant Children ln Need Grant WM Strategic Migration Partnership Worcester Council - Refugee Services Birmingham City Council - Production	ofthe	58,381 47,802 1,650 7,538 9,460	228,715 800 207,969 13,947 13,750 16,000	(2,497) (200,985) (800) (30,596) (5,588) (13,256) (12,193)	55,884 75,532 1,650 184,911 17,819 494 3,807
Charter of Rights Children ln Need Grant -Refugees Prospect Housing - Exempt Accommodation Birmingham 8 Solihull Women's Aid			17,450 40,180 7,000 6,000	(14,637) (7,000) (6,000)	17,450 25,543
		124,831	551,811	(293,552)	383,090
Total offunds		925,792	7,309,727	(6,803,336)	1,432,183

Analysis	of n	et assets between funds - current	period
			Unrestricted	Restricted	Total
			funds	funds	funds
			2020	2020	2020
			E
Tangible	fixed	assets	573,610	78,266	651,876
Current	assets		2,627,533	286,333	2,913,866
Creditors	due	within one year	(545,213)	(13,750)	(558,963)
Creditors	due	in more than one year	(101,411)		(101,411)
Total			2,554,519	350,849	2,905,368

Analysis	of n	et assets between funds - prior p	eriod
			Unrestricted	Restricted	Total
			funds	funds	funds
			2019	2019	2019
Tangible Current	fixed assets	assets	329,471 1,325,164	55,884 368,456	385,355 1,693,620
Creditors	due	within one year	(598,794)	(41,250)	(640,044)
Creditors	due	in more than one year	(6,748)		(6,748)
			1,049,093	383,090	1,432,183

Reconciliation of ne	t movement	in funds	to net cash	flow from opera	ting activities
					Group 2020	Group 2019f
Net income for the period (as per		Statement	of Financial	Activities)	1,473,185	506,391
Adjustments for: Depreciation charges Increase in debtors					69,924 (182,017)	45,057 (272,478)
Increase/(decrease)	in creditors				(104,075)	300,264
Net cash provided	by operating	activities			1,257,017	579,234

		Group	Group
		2020f	2019f
Cash	in hand	1,461,307	423,090
Total	cash and cash equivalents	1,461,307	423,090

			At 1 October 2019	Cash flows f	New borrowings	Repayment offinance leases	At 30 September 2020 E
Cash at bank and		in hand	423,090	925,147	120,000	(6,930)	1,461,307
Debt due within	1	year	(20)		(21,172)		(21,192)
Debt due after 1 year					(98,828)		(98,828)
Finance leases			(12,955)			6,930	(6,025)
			410,115	925,147			1,335,262

Operating lease	Operating lease	commitments	commitments
At 30 September		2020 the Group		and	the	Charity had commitments to		make	future	minimum lease
payments	under non-cancellable		operating		leases as follows;
						Group	Group		Charity	Charity
						2020	' 2019		2020 2019
						F
Land and	buildings:
Not later than 1 year						1,277,112	1,277,112		203,669	203,669
Later than	1 year	and not later than		5 years		1,614,232	1,614,232		942,228	942,228
Later than	5 years					1,833,068	1,833,068	1,800,000		1,800,000
						4,724,412	4,724,412	2,945,897		2,945,897