R•gistèrad number: 09244172
Charity number. 1163098
Spring Hou$lng Asso¢latlon Llmltèd
Trustees. report and financlal slalemènts
For Ihg Year Endgd 30 September 2021
IDAINS
ACCOUNT ANTS

Spring Housing Association Limlted
IA company limltod by guarant801
Contgnts
Page
Refergnco and administrativa detall$ of the Charty, its Trustees and advlsers
Tru8teos' report
2-11
Independent audltors, r•port on the financlal statoments
12- 15
Consolldatod statoment of financial a¢tlvities
Consolklated balance sheet
17
Charfty balance sheet
18-19
Consolldatgd $tatamont of cash flows
20
Notos to the financlal statemonts
21-41

Sprlng Hou$lng A¥sociation Llmltèd
IA company Ilmited by guaranlge)
Referenoe and admln15trative details of thè Charlty. Its Trustees and advlsers
For tho Yoar Ended 30 September 2021
Trustees
T J M Clark. Chair (resigned 28 September 2021)
K L Moor6, appointed Chair 30 November 2021
D R Bindert
N V De-cosla
P B Hlbbert Iresioned 8 D&cember 2020}
R Ikram
N Owen
D J Saunder8
N Sunder
L Cannon lappoinled 28 September 20211
Company regist•r•d
number
09244172
Charlly rggl$t•rod
numbèr
1163098
Registered offlce
Hestia House
22 Old Walsall Road
Birmingham
842 1DT
Company Sècretary
D J Bradley
Group Chief Executiv
D J Bradley
Indep8ndènt auditor
Dains LLP
15 Colmore Row
Birmingh8m
B3 2BH
Sollcltors
Anthony Collins Sollcllors
134 Edmijnd Street
Birmingham
B3 2ES
Higgs & Sons
3 Walerfronl Business Park
Brierley Hill
Dudley
DY51LX
Bankers
Barclays Bank PIC
66 Oxford Street
Kidderminstar
DYI0 1BL
Page 1

Sprlng Hou$lng Assoclatlon Llmltod
(A company Ilmitod by guarantèol
Trustees. Roport
For the Year Ended 30 S•ptèmber 2021
The Trustees (who are also diroctors of the Charty for the purposes of the Companies Act) present Ihelr annual
report together with the audited financial slalemenls of Sprfng Housing Assoclation Ilhe Charity) ar￿ Sprfng
Community Homes Limtted (the subsldlary} fol the year 1 October 2020 to 30 September 2021. The Annual
report Serves the purposes of both a Trustees, report and a dlre¢lors' report under company law. The Trustees
confirm that Ihe Annual report and financial statefnenls of the charitable ¢ompany comply with the ¢urrent
slalulory requirements, the requirements of the charitable companls govorning document and the provisions of
the Slalemenl of Recommended Pra¢ti¢e {SORPI applicable lo charities preparlng their a¢counls in accordance
with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1
January 20191.
Spring Housing Asso¢ialion Limited is a charitable company limited by gu8rantee and not hawng share capltsl.
11 was incorporaleLI on 1 O¢lobgr 2014 and registered as a charity on 11 August 2015. 11 commencad Its
8clivilies on 10 November 2014.
The charltable companls pollGy and operations are governed by ils Memorandum and Articles of Association.
Spring Community Homes Limlled is a wholly owned subsidiary of Spring Housing Assoclatlon Limited. It was
registered on 7 March 2018 under the Co-operative and Community Benefrt Societies Act 2014.
Since the charity qualifies as sm811 under sects'on 383, the strategic report roquired of medium and large
companies under the Compariie5 Act 2006 (Strateg￿¢ Report and Oireclorfs Report} Regulations 2013 is not
required.
Objectives and actlvltl88
a. Constltutlon
The charity Is regl$ter8d as a charitable company Ilmll8d by guarantee and was set up by a Mèmorandum of
Association on l October 2014 whlch were revised In July 2018. 11 Is also a reglslergd charity numb9¥ 1163098.
The prlnclpal oblecl of thg charity is lo carry on, for the btrngfit of the community. the business of providing
housing and associated amgnilies for persons in necessitous circumstances upon terms appropriate lo their
means and providing for persons in need Ihereof housing and any associated amenities especially designed OF
adapted lo meet the disabilities and requirements of such persons. Such business is lo be run on a not for profit
basis.
The subsidiary is registered under the Co-operative and Community Benefit Societ￿s Act 2014 Lsnder the
society's rules approved on 13 Fèbrtjary 2018.
The soci&ty Is fom)ed lor the benelil Df the community in providing. directly or indirectly. and managing housing
and accommodalSon, and any associated facililiss, amgnilies and $6rvices for persons in necessllous
¢ircumslances and aged, disabled Iwhelher physically or mentally} or chionically sick people upon terms
appropriate lo their means.
Page 2

Spring Housing Asso¢14tlon Llmltod
IA company Ilmltod by guarantee)
Trust¢es' Report {continuedl
For the Year Ended 30 Septemb&r 2021
Obloctlv•8 and actlvltle$ (contlnued}
b. Methods of appolntment or electlon of Truste8s
The management of the Charity is the responsibility of the TTUStees who are elgcled and co-opted under Ihg
temis ol the Articles of Association.
The managgm8nl of the subsidiary is the responsibility of ils mombers who ar8 elected under the societ￿$
rules.
The members of the Boards maintain a good rango of skills and expertise in order to govern the group and are
monitored annually by appraisal lo folm a skills Thatrix.
New trus*Èes are appointed by placing advertisements with BVSC anij through dlre¢l applicalitsns. The procéss
requlres potential Trustees to submit a CV detailing qualifi¢alions, skills and their motivation for joinirsg. Al Cvs
are reviewed by existing Trustees, and individuals wlth appropriate skills are be invited for interview. If the
applicant is considered to have skills that would enhance th8 operation of the Board, this is assessed against
our annual review of governance where we identify where Iherg are skills gaps. A pefspective boaid (nember is
invited lo attend a Board meeting as an obseNer and if, èfler that, Ihgy still wish lo become a Trustee they wsll
be invited to join the Board.
¢. Policles adopted for tha Inductlon and trainlng of Trustees
Each new Trustee is indu¢t8d into the charity by meetin9 with other Trustees and executive officers and being
offered a shadow place on the Board prior to joining.
Along with our regular Board meetlngs, we hold 8oard away days which Is an opporttjnlty lo In￿le consultants
who have a good understandlng of charity and housing govgrnance lo help guldg the Trusl8es through th8
governance process.
d. Organlsatlonal structure and decislon maklng
The Board of Tiuslees has overall responsibillty for the management of the group. its strategic direction and
decision making. However, day lo day responsibility for njnning the affairs of the charity and its subsidiary is
delegated lo the charit￿8 D1￿CtOrS and the Senior Team.
The 8oar(J of Trustees for the charily mgel at least once a quarter wlth a 8&parate meeting being held for the
subsidiary and its merrTrbers.
Each board meeting is structur8d td have one or two main themes linked lo a corporal8 calendar 8$ well as
considerlng speclfic business that has arlsen since the previous meeting. Main themès include the business
plan and slralogic dire¢tlon, pèrformance of existing conlracis, salting budg&ts, revi8wing accounts and
reviowing the corporate fisk Tegisler.
The Company Secretary Is also the Group Chief Executive who is paid for his capacity as Group Chief
Executive and not for his role as company secrètary.
The group has adoplod the National Housing Federation codg of govomanc8 to ensure a hlgh level of conduct
and integrity is in place. A sesf-assessment is carried out by the board annually lo ensure it continues lo meet
the requlremenls of the code.
Page 3

Spr5ng Houslng Assoclatlon Llmlted
(A company Ilmited by 9uaranteg1
Trustees. Report Icontlnuedl
For the Year Ended 30 September 2021
Obloctlvas and activltles {continued)
e. Rlsk management
There is a dsk management plan in place which focusses on the major risks lo which the tharity and ils
subsidiary are exposed, The plan focusses on the financ*al risks, operational risks, governancè risks and
compliance risks faced by the group.
The plan sets out the effocts of each of the risks facing the ¢hBrity including the controls and miligalions in place
lo mlnimls8 the risk and Is reviewed by the board on a regular basis lo monitor both the likelihood and severty
of each identified risk. The plan is a regular agenda item al Trustee meetings and will focus on areas whgre
likelihood and severity are seen lo have changed.
The Trnsts8s have also adopted a rlsk managom8nt slrat8gy which in¢orporales a stralogic risk register to
focus on sp8c4fic straleglc rlsks affectlng the group and the mlugallons whlch are In place.
f. Pollcies and objectives
The TrL*8lees consider they have had regard to th8 Charity Commission guidelines on public benefit and have
established the followng alms, objectives, vision and mlsslon.
Thg obje¢lives of the charity given in the Memorandum of Association are:
"to carry on for the beneflt of the communlty the buslness of provldlng hou8lng and any as$o¢lated
amonltl8$ for parsons In necessitous clrcumstances upon tomis approprlate to thelr means"
and
"provldlng for p•rsons In need thereof houslng and any associated amenities especlally deslgned or
adapted to meet the dlsabSlltlès and r¢qulremonts of such porsons"
Our Alms:
To provSde hlgh quality aC￿mmOdattQn for poopfg in housing need.
To prevent and reduce homelessness.
To assist people on 8 joumey away from housing need towards a future of stability, happiness and
Independence.
In addition to the above we aim to remain an I￿lependent organlsalion.
Mission St*tement=
'To create long tem prosperity by Investing to Pi8v8nl homal8ssn8ss and social iSDlalion°
Pgge 4

Sprlng Houslng Association Limitod
(A company Ilmltad by guarantee)
Tru51ees' Report (continued}
For the Year Ended 30 Septernber 2021
Objectives and actlvltles (contlnuodl
g. Strategles for achlevlng oblectlves
The Charity has continued Èo grow and has expanded the number of SeNi￿S it is operaling and also the
regions it is now operating wlhin.
It continues lo operate its Vulnerable Adults Housing and Wellbeing SLSPPOrt contracts whlch have now been
fully embedded successfulty into the ¢harily and are now apprDachin9 the end of year 2 in delivering this support
across the four conlracl$ which support homeless, young adults and exwoffenders.
Due lo the ongoin9 pandemic, there has been increasing dèlays to naw arrivals wilhirs the Birmingham
r988tUemgnt servlca howgver the Charily has w8lcomed a further g families lo the seN¢g this ygar and there
are also sevgral famlli&s who slart8d on this project who are now in their year 5 of the project.
In addition to our general refugee res8ttlem8nt programme, we have also been able to widen our offer due the
emergency in Afghanlslan wher8 we hav8 been commlssioned in both Birmingham and Slaffordshire to house
and support 120 people who are connected lo the UK through their work with Ihe BFilish Military.
Spring has expanded its services into Covenlry wlth a 24-hour supported homeless project in Radford Road
which opened in January 2021 and houses up to 24 vulnerable adults this has been commissioned as a
complex needs service by Coventy City Council.
Spring has a180 opaned its lirsl 10 supported units of aC￿mModation in Solihull in partnership with Solihull MBC
which welcomed its first customers in January 2021 wlh the aim lo expand the accommodation available within
this région in thè coming years.
Th8 Charity has conllnued to work wth B5rmlngham City Councll with the Charter of Rights publlcatlon and
research into living standards wtthin exempl accommodallon. 66 organisalions have now sigNed up to the
chartgr with the publication referenced in both the Nalional Statement of Expectations for Supported Houslng
and the recenuy published Kerslake Report.
Spring has continued into ils ground breaking research into women who are rough sleeEM'ng. Throughc>ul 2020,
our best practice lead carried out a research and learning pioject in Birmingham around a 'women-specific'
funding stream that formed part of Year 3 of the Rough Sleepers, Inilialive. This report, published in Marth
2021 as Violence Under Quiet Conditions. looked in depth al the experien¢es of women who wefe deemed to
be rough sleeping, or at rlsk of doin9 $0, and the experiences of the practitioner5 and 51akeholders who worked
alongside th8in. This work, continuing into 2022, seeks to understand and highlight how women's experiences
of 'rough sleeping, do not always, or often, align with thosa of men, and how women's backgrounds, needs, and
slrtjctural and systernic position as women need lo be taken into ac¢ounl at funding, policy and practice levels.
It S88ks to continue to explore and pul forward aY(ernalive ways lo con¢eive of womén's èxperiences of 'rough
$18&ping'; eviden￿ the structural and systemic problems that compound women's experi6nces, and make
r8¢omm&ndatlons around fulura fvnding, slralegy. and practice. Spring hgld awareness and information event
on our Blrthday on 10th Novembèr whlch had 167 professionals, praclilioners and experts by experigncg who
allended the online the event, with a follow ￿annfrd this year.
Services have continued to be affected by th8 pand8mic and the Charity has adapted its working practices to
protect its Customers and its wDrf(force. 11 also continues to SLtpport thos8 cuslomars with no recourse lo public
funds to ensuro they have a pla¢9 to live while pursuing their right lo remai￿.
Spring has also led on the refurbishment of the F￿d Winter Centre in Slralford Upon Avon whlch ￿11 b8come
15 units of accommodation to be made availabk lo those al risk of homelessness in the district and also hom8
a multi-a9ency support office offering support, training and 8mpSoymanl. The refurbishment works are nearing
the end with the centre due lo open early 2022.
Page 5

Spring Houslng Assoclatlon Llmlted
(A company Ilmltod by guarantee)
Trusteès. Report {continued}
For the Year Ended 30 Septembei 2021
Oblectlves and actlvltles {Gontlnuod}
h. AGtivities undertaken to achieve objectives
Accommodatlon
The accommodation has been sourced through a seleth'on of private landlords and charitable organisations
which meet th8 needs of ils customers in tem)s of Iwing standards and location. The properly stock is split
between Spring Housing Association and Spring Community Homes wth the majority managed by the
subsidiary.
The stock is a mixturo ol selfkncontained flats and individual rooms which is used for the homeless and young
people services. Along wSth properties ranging from I bod flats to &bedroom famlty homes used for the Syrian
and Afghan famlly resettlem8nl programme.
The general needs affordablg accommodation managed by the chaTity, where possiblo, is let to indivlduals who
Were formally In supported accornmodation bul are now able to sustain their own tenancy.
At the end of the period the charity wa8 managing a total of 848 unlts of accommodation across 21 dlfferenl
local authorities.
Employ$a Mattars
Staff numbers h8ve increased in the year which indude the staff required to oporat$ new services wthln
Coventry, Solihull, and the Afghan schemes. Staffing numbers have also been increased across our housing
support Sorvi¢es wlth increase in staff wthin our Housing, Maintenance. and Cleaning teams. There have also
b8en new rK>sl8 addèd to our back-office functions which provide support lo enable our front-line teams and
gnsure our PToperty standards arè mel.
As of the 30th September 2021 the Charity employed 115 staff wlth a mlxlure of full and part lime posts and
remains a Ilvlng wage employer and accredlled through Living wage Foundation.
Hestla House is the head office of th8 charity with many staff being based there, bul there are other regional
and satellite offices in Birmingham, Lichfield, and Coventy where staff are based to support the customers
SL•rroLtrnding each l¢)calion.
SSgnifi¢ant investment has been made lo our ICT infrastructure within the year which has helped to support the
workforce through remote and hybrid working pallems becoming more nomial.
All stsff are recrurted through a safer recruilmenl programme and induction process lo ensure they offer thè
highèst lèvels of experience in Ihgir ¢hosen area and are 8ultable to Wofk with vulnerab18 adults and youn9
ptsople.
Page 6

Sprlng Housing A5soclatlon Llmltgd
{A company limlted by guarant¥g}
Tw$te9$' Report Icontinuedl
For the Ytar Ended 30 Septembar 2021
Objeet1v￿ and actlvltles (continued)
l. Programme related Investments
Most of the income received by Ihg Charity is in the form of Housing Benefit whi¢h is paid on 8 28-day cyde. In
additional lo this. there has been a stèady increase in the levels of Universal Credit received as the numbers of
customers receiving this benef41 Increases.
Support contracts have continued lo increase with extension to Iha rough sleeper support contract wthin
Lichfield and Canno¢k and new commissioned SeNi￿S within Coventry and Slratlord upon Avon.
There has been a significant increase Sn the lèvel8 of grant Managed by the charity this yaar with the largest
portion received to fund the refurbishment works at the Fred Winter Centre wSlhln Stratford upon Avon. In
additional lo this thgr& is the continuation of grants received for support services from both Reaching
CommunitlO8 through the Big Lottery and also Children in Need.
Page 7

Sprfn9 Houslng Assoclatlon Llmltsd
IA ¢¢mpany Ilmited by guarantee)
Trustees. Report {contlnu¢d)
For the Year Ended 30 Septembar 2021
Achlgvpmonts and perfom)anco
a. Golng concem
After m8klng appropriate enquiries, the Trustees have a reasonable expeclalion that Ihe charity has adequate
resources to continue in operational existence for the foreseeable futurg. For this reason. they continue lo adopt
the going concern basis in preparing financial slalemenls. Further details regarding the adoption of the golng
concem basis can be found in the Accounting PcAicy note.
b. Revlow of activitios
Accommodallon
All of the properties managed withln the group are leased. with tho malorlty on short term agreements between
1 and 5 years. As of 30th September 2021, th8 lolal number of units in management werè 848 which was a 7 /0
increase on the prgviou5 year.
65/0 of the stock is used by the homeless setvice lo provkle shared and single accommodation within the
Birmingham homeless Servi￿ with a further 4VD offering the same service in other regions. 2P/o of the stock is
Used as fan)ily homes for the customers in our resettlement s8Nices. 4Vo is general needs stock.
12Vo ol the stock is managed by Spring Hotjsing Association and the remaining 88% is managed by Spring
Community Homes.
We continue to work with a core group of landlords who provide a large proportion of th8 accommodats'on used
with the hom8less sBrwces. However, wts have a much morg varied approach to procurement in the r8fugo
services in order lo obtain the right accommodatw)n in the rlghl areas for the incomin9 families. This ¢an lead lo
a high number of different privat8 landlords and letting agents being L+sed.
We wlll continue lo increase OUT accommodatlon bul only with targeted growth which is In Ilne with our existing
contracts worklng with the local authofilies speclNcally in the reglons of Coventry, StraÉford upon Avon and
Solihull.
All stock is reviewed in terms of viability, and quality on a regular basis and any property which fails to meet the
requirements will be handed back lo the landlords at the naxl available break in the lease.
Employment
The staffing structure has increased over the period lo 115 members of staff across all sethces whlch Is made
up of a mixture of full and part time Posts. This is an increase of 17¥0 compargd lo the previous period.
Th8 Increase in posts has come from addltlonal seryicas and contracts startifig in the ygar bul also an increase
in the housing support services and back-office potsts required lo strengthen the infTaslruclure of the workfor￿.
Despite this invostmenl our central costs whare at 8.50A this insured, we mel our target of nev8r beiw more
than 100/0 of turnover since Springs formatlon In 2014.
Page 8

Spring Housing Association Limitod
{A company limited by guaranteg)
Trustees, Report Icontinugd}
For the Year Ended 30 September 2021
Flnan¢lal revlwv
a. Re6eNes poll
The current reserves pc>licy is to hold cash or near cash equivalents that are sufficient lo cover 3 months of
committed expenditure for the charity. The lev&ls of resetves have reduced the last period with the additional
funding requir8d lo complete the refurbishment of the Fred Win18r Centre in Slrattord upon Avon. so the aim is
lo rebuild this back to previous levels over the corning years.
b. Principal funding
For th8 p8riod ending 30th Sgplèmbar 2021 the group had a turnover of £10,722.476 which was an Increase of
13Vo ¢ompared to tho provlous yoar. Thg 9rovrth has come from an incrBas6 in tha rental income generated by
the additional units aCqUi￿d in the ￿ar and also an incrgas& in the grants r¢¢eived in Ihe year due lo the
funding received to complete the refurbishment works al the Fred Winter Centro.
Rgfug99 services income has dropped slightly on the previous year which was paruy down lo the postponement
of several arrivals planned in the year and also rgaching the end of tho ¢ontra¢ls in som? areas. Care leavers
support income has also dropped due lo the planned redutstion in numbers of customers supported throu9h this
agreement.
The surplus for the period was £442.936 which is lower than the previous period where higher than expected
lev&l8 of voids have reduGed the level of rental income achievable. In addition lo this the level of maintenance
spend increased by 57% caused by an investment in propety stsnd8rd$ but also to ensure the regulaloTy
guidelines were mel across all siles.
Cenlr818nd ov8rhead8 wer0 8t a Cost of £933,141 whSch is an Increas8 on th8 pr8vious poriod of 32°/• dug to
increased back office support costs and also Increas&d compliance Inspoctlons. This is 8.5Yo of ttjrnovèr which
is below our maximum target of 10'h.
Lease costs are the highest cost lo the Charity which were al £4.276,900 in the period. This has increasèd on
the previous period due to ari increase in units managed within the homeless services.
The next highest cosl to the Charity is ils staff costs which lolalled £2,415,230 in the peiiod which is an increase
of 28 /0 compared to the lasl period with increased levels of staffing both in the baCk￿ffICe support and also the
within our housing and maintenance teams.
The largest area of inveslmènl Is towards the redèvelopment of the Fred Wlnler Cgnlre which as al the end of
the period had an increase in £1.7m worth of assets to cover the build works and professional fe¢s associated
with the refurbishment. In addition to this there was further investment in IT lo support the expanding workforc8
and also in addS1ional vans required for the maintenance team.
Cash held al the &nd of the perlod was £219,472 whlch has reduced compared to th8 previous pariod due lo the
investments made Into the Fred Wlnler Contre.
Page g

Spring Houslng As$o¢l#tlon Llmltéd
A company limited by guaranto•1
Trustees. Roport Icontlnuedl
For the Year Ended 30 Septembèr 2021
¢. Plans for futur• p¢rlods
The Charity plans to open an addltional 24 hour sile in Earlsdon. Coventry which wlll bts a slep down service and
able lo accommodate an additional 27 peoplg who have experienced Homelessness in the region lo
complement the existing Radford Road scheme.
The Charity Is due lo commence 2 seryice in both Birmingham and Coventy for the Relugee Transillons
Oulcomg Fund which alms lo support in both accommodation and employrnent lo newly ariived refugees.
There is still a commitment to provide family homes in both Birmin9ham, Slaffordshire, Wolverhampton and
Hereford$hiro for the ￿settlement serwces so will continue to source suitable accommodation and provide the
support ne8ded to thosa families up until the end of March 2022.
Additional units of accommodation will b8 sought in thè ragions of Coventy, Slratford and Solihull and will aim
lo seek separate ¢ommissioned ServI￿S for support of people gxperiencing homelessness withln these
regions.
The Fred Winter Centre will be opening early 2022 wllh the first services starting to operate and customers
momng into the accommodation within this multi-agency hub which wll be the first of ils kind lo operate within
the region.
The research and work around women rough sleepers and the Charler of Rights will continue with the aim to
increase the number of organisations signed up and engaging.
The Charity also has its ambition lo own its own properties and has several opportunities on offer which will be
Fevi8w8d during the year which should bring the first assets onlo tha books.
d. Funds held as custodlan
The charlty does not hold ariy funds on behalf of others.
Page 10

Spring Houslng Asso¢latlon Llmited
IA company Ilmlted by guarantee)
Tru5tees' Report (continued}
For the Year Ended 30 September 2021
Statement of Trustees. rosponslbllltlos
The Trustees (who are also the directors of the Charity for the purpose5 of wmpany law) are responsible for
preparing the Trustees, report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards {United Kingdom Generally Acoepled AccountSng Practtce).
Company law requi￿$ tho Trustees to prepare financial statements for gach financlal year. Under company law.
the Trustees musl not approve the financial slalements unlèss Ihoy are satisfied that they give a true and fair
view of the slate of affairs of the Group and the Charity and of Ihebr incoming resources and apyicalion of
resources. Including their inGome and expenditure, for that period. In preparing these financial slalements, the
Trustees are required lo..
select suitable accounting policies and then apply them cons5stent￿.
observe the methods and principles of the Charities SORP IFRS 1021,.
make judgements and accounting eslima16s that are reasonable and prudent.,
stale wheth&r applicable UK Accounting Standards (FRS 1021 have bgen followed. subject lo any
material d8partures disclosed and explainad in th8 financial $ts18menls',
prepare the financial slalemenls on the golng concein basis unless il is inappropriate to presume that the
Group will continue in business.
The Trkjslges are responslble for keeping adeouale accounting records that are Suff￿lent 10 Show and explain
the Group and the Charity's transactions and disclose with reasonable accur8¢y al any time the financial
position of the Group and the Charity and enable them lo ensure that the linancial slalemenls comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and
hence for taking reasonable st8ps for the prevention and detection of fraud and other irregularities.
Dlsclosure of infomiation to audltors
Each of the pèrsons who are TrLtslees at the timo whgn thls Trustses. report is approved has conffrmed that..
so far as Ihal Trustee is aware, there is no r8levanl audit information of whlch the charitable group's
audhors are unaware. and
thal Trustee has taken all the steps that ought to have been taken as a Trustse In ordèr lo be aware of
any relovanl audit infomialion and to establish that the charilablo group's auditors are aware of that
informalion.
Audltors
The auditors. Dains LLP. have indi¢al¢d their willingness to continue in office. The designated Trustees will
propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the membars of the board of Tfustees on 3 March 2022 and signed on their behalf by..
D J Bradley
Secretary
Page 11

Spring Houslng Association Llmited
IA company limited by guaranteel
Independent audStors' roport to tho MemboT8 of Spring Houslng Assoclation Llmltèd
Opinion
We have audited the financial slalements of Sprin9 Housing Association Limited {the 'parenl charitable
compBnll and its subsidiaries {the 'group'l for the year anded 30 September 2021 which comprise the
Consolidated stslemgnl ol financial activities, the Consolidated balance sheet, the Charity balance sheet, the
Consolidate(I slal&ment of cash flows and the rglaled nolgs, including a summary of significant accounting
pollcles. The financial reporNng fram8work that hay beèn applied in their preparation is applicable law and
Unoted Klngdom Accounting Stsndards, including Financial Reporting Standard 102 'The Flnancial Reporting
Standard applicable In the UK and Republic of Irgland. (United Kingdom Generally Accepted AccoLtnlSrvJ
Practice).
In our opinion the financial $tatemenls'.
glve a true and faSr view of tho state of the Group's and of the parent ¢haritsble companls affairs as al 30
September 2021 and of the Group's incoming resources and application of resources, including its
ncome and expend4ture for the year then ended..
have been propedy prepared in a¢cord8nce with United Kingdom Generally Accepted Accounting
Prdclice., and
have been prepared In accordance wlth the requirerrbents of the Compallies Act 2006 and the Chari1195
Ac12011.
Basis for oplnlon
We conducted our audit in accordance wlth Inlemational Standards on Auditing IUKI IISAS IUK}l and appllcable
law. Our responsibillb'es under those standards are further described in the Auditors, responsibilities for the audlt
of the financlal slalemenls section of our report. We are independent of the Group in accordance with the
ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including
the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
approprkg16 to provide a basis for our opinion.
Concluslons relating to going concorn
In auditing the financial statements, we have concluded that the Trustees. use ol the going Goncern basls of
accounllng In Ihe preparallon of Ihe finan¢tal statemgnls is appropriat8.
Based on the work we have performed, we have not Identified any mal8rial uncertainligs relating lo events or
conditions that. individually or Coll￿1&ye1y. may cast significant doubt on the Group's or the parent charilablo
¢ompanls ability to conlinue as a going concem for a period of al least twelve months fiom when the financial
slalements are aulhoris¢d for issue.
Our responsibilities and th8 rosponsibilitses of the Trustees with respect lo going concern are described in the
relevant sections of this report.
Page 12

Spring Houslng Assoclatlon Llmited
{A company Ilmlted by guarantee)
Ind•pend¢nt audllors, roport to th8 Mernbers of Spring Housln9 Association Limited l¢ontlnuèd)
othor information
The other informatson comprises the information in¢luded in the Annual report other than tho financtal
slatem9nls and our Auditors, report thereon. The TFuslees are rgsponsible for the other informafjon contained
within the Annual report. Our opinion on the financial slal6menls does not Gover the other information and,
except lo the extent otheNlse explicitly staled in our report, wtr do not èxpress any form of assurance
conclusion Iheretsn. Our r8sponsibillty is to read the other informallon and, in doing so, consider whether the
olhgr infomialion is Material￿ inconsist?nt wllh the financial statements or our kno￿0￿gO obtained in the course
of Ihg audit, or othe￿ISe appears lo bo materially misslaled. If we identify such material inconsistencies or
apparent material misslatemenls, we are requlred lo deterrnine whether this gives rise to a malarial
misstatement in the financial slatemenls Ihems81ves. If, based on tho work we have p8rformed, w8 condude
that there is a material mlsslalemgnl of this other information, we are required to report that fact.
We have nothing to report in this ragard.
Oplnlon on other matters pre8cribod by tho Companles Act 2006
In our opinion, based on thè work undertaken in the course of th8 auditr.
the information given in the Trusteas, Report for the flnancial year for which the flnandal stalemonts aTg
prepared is consistent with the linancSal statements.
the Trustees, Report has been PTepared in ac¢ordan¢e wrfh app5icable legal rtsqulrements.
Matters on which we ar• requlrod to raport by 8XCOPtion
In the light of our kno￿edge and und8rstanding of the charitable company and ils environment obtained in the
course of the audit, we have not identified material misstatements in the Trustees. Report.
We have nolhlng to report 111 respgct of tho followlng matters in rela￿On to which Companies Act 2006 rgquir8S
us lo report to you If, in our opinion..
the parent chariiable company has not kept adequate and sufficient a￿OUntIng recoTds, or returns
adequate for our audit havo not been re￿iVed from branches not visited by ijs.. or
the parent ¢harilable company financial slalemenls are not in agreement with the accounting records and
retums., or
c8rtaln dlsclosures of TrLJStees' remunerallon speclfSed by law are not made., or
we have not received all the information and explanations we require for OUT audit., (Ir
Ihe Trustees were nol enlilled to prepare the financial statements in accordancè with the sm811
companios regime and lake advantage of the small companies, exemptions in pieparing th8 Trustegs,
Rèport and from the requirement lo prepare a Slralagic Report.
Page 13

Spring Housing Associatlon Limited
IA company limited by guarantOo1
Independent audltor8' report to the Membèrs ol Sprlng Houslng Asso¢lotlon Llmltgd {contlnued)
Rosponslbllities of trust•es
As explained more fully in the Trustees. responsibilities statement. the Trustees Iwho are also the directors of
tho charitable company for the purposes of company lawl are responsible for the preparation of the financial
stat8menls and for b&ir*g salisfied that thèy giv8 a truè and fair view, and for such internal control as the
Trustees delermlno is necossary lo enabl8 the pr&paratlon of financial stat8m8nls that are free from material
misstatement. whether due to fraud or error.
In preparing the finanoal statements, the Trustees are responslble for assesslng the Group's and the parent
charitable ¢ompanls ability lo continue as a going concem, disclosing. as applicable, matters relal8d lo golng
concein and using the going concem basis of a¢¢ounling unless the Trustees either intend to liquidate the
Group or the parent charitable company or to cease operations, or hav$ no realistic allernalive bul lo do so.
Audltors. responsibilities for the audit of the flnanclal statement8
Our objeclNOS are lo obtain reasonable assurance about whether the financial ststemtsnts as a whole are free
from material misstalemenl, whether due to fraud or error, and lo issue an Auditors, report that includes our
opinion. Reasonable assurance is a high18vg1 of assurance, bul 18 not a guarantèe that an audit conducted in
accordance with ISAS IUKI wll always detect a material misslaleFnenl when il exlsls, Mlsststemonts can ayise
from fraud or error and are consider8d ma18rial If, indivldually or In IhB aggregate, thèy could 188sonably be
éxpected to influence thè economic decislons of L¢s&rs taken on the basis ol these financial slalemenls.
Irregulanties. including fraud. are instsnces of non-compllance whh laws and regulations. We deS￿n
procedures in line with our responsibilities, ouvined above. lo delecl material misstatements in respect of
irregularilies, including fraud. The exl8nl to which our prctedures are capable of (Jelectiry irregulallties.
including fraud is delailed below..
Our approach to identrfying and assessing the risks of material misstatement in respect of irregulariti8s,
including fraud and non-compliance with laws and rtsgulalions, was os follows..
the senior slatulory auditor enstjred that the engagement team collectively had the appropriate
competence, capabllllies and skills to identify or recogni$8 non-￿MPlI8nCfj with applicable laws and
regulations..
we identified the laws and regulations applicable to the company through discussions with d1￿ctorS and
other managomenl, and from our commercial knowledge and experience ol th8 charity sector..
we focused on specific laws and regulations which we considere(J may have a direct rKbalerial effect on
the financial statements or tho ope¥alions of tho company, including the financial reporting legislation,
Companies Act 2006, laxalion legislation, anb'_bribery, employrngnl, and environmental and heallh and
salolylogislalion;
we asstrssed the extent of ¢ompliance Tmlh the laws and re9ulaliDnS identified above through maklng
enquiries of mariagemenl and inspecting legal correspondence.. and
identified laws and regulations were communicated wthin the audit team regularty and the team
remained alert lo instance5 of non-compliance throughout the audit.
We assessed the susceplibilily of the company's financial sla18ments to material ffti8slalemenl, including
obtaining an und&rstsnding of how fraud might occur, by..
making enquiries of management as to Whe￿ they considtsred there was suscaptibility lo fraud, their
knowledge of actual, suspected and all$ged fraud..
considering the internal controls In place to miligale iisks of fraud and non-complianc8 ￿th laws and
regulatlons.
Page 14

Sprlng Housing Association Limlted
IA ¢ompAny Ilmlted by guarantee)
Indopondgnt audltors, report to tho Membors of Sprlng Housing Association Limited leontlnuedl
To address the risk of fraud through management bias and override of control8, we..
performed analytical procedures to identify any unusual or unexpected ielationships,.
t8sled journal entries to idenlrfy unusual transactions.,
assessed whether ludg8mènts and assumptions made in d&t8rmining the accounting estlmal68 sel out in
Note 3 were Indlc8tiv8 of pc>tential bias.,
investigated the rationale behlnd significant or unusual transactlons.
In responso to thg risk of irregularities and non-eornpliance with laws and regulations, we dosigned procedures
which included, bul weie not limited to:
agreeing financial statement disclosures lo underfying supporting documentation..
reading the minu18s of meetings of those charged with govemance.,
enquiring of management as to actual and potential litigation and claim5-
reviewing corresp(Indence wth HMRC, reltsvanl regulators and the company's leg81 adv¢sors.
Because ol the inherent limitations ol an audit. there Is a rfsk that we wll not delect all inegularitios, inclL*ding
those leading lo a material misslalemenl in the financial slalements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from thè av6nls and transactions
rgfleclèd in th8 financial slatemenls, as we will b8 lass likely to becon7e aware of Instances of non-compllance.
Th8 risk is also greater regafding irregularttles 0￿urrIng due lo fraud rather than error. as fraud involvas
intentional concealment, forgery, Gollusion, omission or mlsrepresent81ion.
A further description of our responsibilities for the audit of the flnanclal slalements is located on the Flnanclal
Reporting Councifs website al.. www.frc.or
.uklauditorsres
onsibililies. This description forms part of our
Auditors, report.
Use of our report
This report is made solely lo the charitable companjls members, as a body, in accordance ¥Aqth Chapter 3 of
Part 16 of the Companies Act 2006, and to the ¢haritsble company's trustees, as a body, Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit Work has b&en undertakgn so that wè might slate to the
charitable companls mgmbers those mallers we are requirèd lo stale lo tham in an Auditors, report and for no
other purpose. To the fullest gxlgnl permitted by law. we do not ac¢oPt or assume responsibility to anyon8 other
than the charitable company and Its members, as a body. for our audll work. for this report, or for the oplnlons
we have formed.
Andrew Morrls FCA IS¥nlor statulory audltorl
for and on behalf of
Dalns LLP
stalulory Auditor
Chartered Accountants
Birmingham
3 March 2022
Page 15

Sprlng Houslng Assoclatlon Llmitod
(A ¢ompany Ilmit•d by guarant891
Consolldated St8t•ment of financial activiti•s lincorporatlng Incomè and expenditure account)
For the Year Ended 30 September 2021
Unre$trfct¢d
funds
2021
Restrlcted
funds
2021
Totsl
funds
2021
Total
funds
2020
Noto
Income from:
Donations and legacies
Charitable activities
Other incoma
39,714
9.285,882
272,985
1,050,377
73,518
1.090.091
9.359,400
272,985
470,706
8.796,901
237,885
Total income
9,598,581
1,123,895
10.722.476
9,505,492
Expenditure on-
Charitable aclivitles
9.837,179
442,361
10.279.540
8,032,307
Total gxpendlture
9.837,179
442,361
10,279,540
8,032,307
Net movom•nt In funds
1238,5981
681,534
442,936
1,473,185
Re¢on¢lliatlon of funds:
Total funds brought foFward
Nel movement in funds
18
2.554,519
1238,598)
350,849
681,534
2.905,368
442,936
1.432,183
1,473,185
Total funds carried forward
16
2,315,921
1,032,383
3.348,304
2.905,368
The notes on pages 2110 41 fomi part of those financial 8talements.
Page 16

Sprlng Houslng Assoclatlon Llmlted
IA company Ilmlted by guarontè8}
Reglstered number: 09244172
Consolidated Balan¢è Sh•8t
As at 30 Septèmber 2021
2021
2020
Noto
Flxad assets
Tangible assets
Current assets
11
2,483.345
651,876
Debtors
13
1,863.976
219.472
1,452.559
1.461.307
Cash al bank and in hand
2,083,448
2,913,866
Credilors.. amounts falllng due wllhln one
year
14
{1,158,2791
1558,963)
Not Curront as$gt$
925,169
2,354,903
Total assets less current liabiliti8s
3,408,514
3,006,779
Creditors.. amounts falling due after more
than one year
15
160.2101
1101.4111
Total net assets
3.348.304
2,905,368
Charityfunds
Reslricled funds-.
Reslri¢led in¢ome funds
Restricted capital funds
16
16
165,372
867,011
272,583
78,266
Total restricted funds
Unrestricted funds
16
16
1,032,383
2,315.921
350,849
2.554.519
Total fund
3.348,304
2.905,388
Th8 Twslees acknowledge their responsibilities for complying with the requirem8nls of the Act with respect lo
accounting iecords and proparalion of financial statements.
The financial statements hav8 been prepared In accordance with the provisions applicable to enlilles sublect to
the small companies reglme.
The financial slalemgnts were apwoved ar￿ authoTt5ed for issue by Ihg Trustees on 3 March 2022 and signed
on their bohall by..
K L Moor•
Chair
The notes on pages 21 to 41 fom) parl ol these financial slatemenls.
Page 17

SpTin9 Hou$lng Assoclation Limit8d
(A company limited by gvarantèè)
Re9iStered number: 09244172
Charity Balan¢e Sheot
For the Year Ended 30 Seplembèr 2021
2021
2020
Notè
Fixed a$$¢ts
Tangible assets
Investments
11
12
2A83.345
651,876
2A83.345
651,876
Currant assgts
Debtors
Cash at bank and In hand
13
1,863.941
219.332
1.452,658
1,461,208
2,083.273
2,913,866
Creditors.. amounts falling due within orbe
year
14
11,158,104)
(558,963)
Net current assot$
925.169
2,354.903
Tot81 assets less current liabilltlos
3.408.514
3,006.779
Croditors.. amounts falling due after more
than one year
15
(60,210)
1101,4111
Total net a$sots
3,348,304
2,905,368
Charity funds
Reslricled funds..
Restr￿ted income funds
Restricted capital funds
16
18
165,372
867,011
272,583
78,266
Total restricted funds
Unrestricted funds
16
1.032,383
2.315,921
350,849
2.554.519
16
Total funds
3,348,304
2,905,368
Page 18

Spring Houslng Assoclatl¢n Llmlted
{A company limitsd by guarante•)
Reglstered numb•r: 09244172
Charity Statement of finanelal posltion {¢ontinuedl
30 September 2021
The Charity's nel movement In funds for the year was £442,93612020- £1.473,185).
The Trustèès acknowledge their responsibilities for ¢omplwng with th8 requirements of the Act with respect lo
accounting 16cords and PTeparalion of financial statamènls.
The financial statements hav8 been prepared In accordance with the provlsions applicable to entlll88 subl8cI to
the small companies regimg.
The financial ststements wer8 approved and aulhorised for issuo by the Trustees on 3 March 2022 and signed
on theSr b&hakf by..
K L Moor&
Chair
The notes on pages 21 to 41 form part of these financial statgmenls.
Page 19

Spring Houslng A880clatlon Llmited
(A ¢ompany Ilmlted by guarantèg)
Consolidated Statement of Cash Flows
Far thè Year Ended 30 Septèmber 2021
2021
2020
Nots
Cash flowts from op8ratSng actlvitias
Net cash prov￿ad by operating ath'viti'es
18
047.981
1,257,017
Cash flows from investlng actlvltles
Pro¢eeds from the sale of tangible lixed assets
Purchase of langiblg fixed assets
15.344
(1.939.217)
1338,8001
N•t ¢ash used In Investlng actlvltles
(1,923,873)
1338.8001
Cash IIow8 from flnanclng activities
Cash infk)ws from now bormwing
Repaymgnls of borrowing
55,000
(20.943)
120,000
Net cash provlded by flnanclng actlvitles
34.057
120,000
Changè In cash and cash oqulvalents In thè year
Cash and cash equwalenls at the beginning of the year
{1.241.8351 1,038,217
423,090
1,461,307
Cash and cash equlvalents at tho and of tho yoar
19
219,472
1,461,307
The notes on pages 21 to 41 form part of these firbarscial statements
Paga 20

Sprlng Houslng Association Llmlted
{A ¢ompany limitod by guarant8•1
Notes to the Flnancial Statements
For tho Year Ended 30 September 2021
Gon•ral Information
Spring Housing Association Limited is a charitsble company limited by guarantee and not having shale
capital. It was in¢oiporaled on 1 October 2014 and register8d 8$ 8 charity on 11 August 2015. 11
commenced its aclivltws on 10 Nov8mber 2014.
Spring Community Homes Limited is a wholly owned subsidiary of Spring Houslng Associallon L￿mIted. 11
was registered on 7 March 2018 under the Co-operative and Community Benefit Socielles Act 2014. and
began Ils aclimlles on I September 2018.
The principal object of the group is to carry on, for thg benefit of the communty. the business of
providing, directly or indirecUy. and mana9ing housing and accomodalion. and any associaled facilities,
amenities and services for persons in necessitous circumstances and aged, disabled {wh¢lhor physically
or menlallyl or chronically sick people upon terms 8PPFopriate to their means., and any other charitable
oblecl that can be carried out from lime lo lime by a registered society.
Accounting pollcias
2.1 Ba$1$ of preparation of financial statomont$
The financial statements have b66n prepared in accordance wilh the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable lo charities
preparing Iheir accounts In accordance with the Financial Reporting Standard applicable in the UK
and Rèpublic of Ireland IFRS 1021 leffgctivg 1 January 20191, the Financial Reporting Stsndard
applicablè the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.
Spring Housing Association Lbmiled meets the definition of a public benefit entity under FRS 102.
Assets and liabilibes are initially re¢ognis&d at hl8torlcal cost or transaction value unless olharwlse
slated in the relevant accounting policy.
The Consolidoted stslement of financial activities ISOFAI and Consolidated balance sheet
consc>lidal8 the flnancial slalements of the Charity and Its subsidiary undertaking. The results of the
subsidiary are consolidated on a line by line basis.
The Charity has takgn advantage of the exemption allowed under section 408 of the Companies Act
2006 and has not pres$nted its own Statement ol fi'nancial activities in these financial statements.
2.2 Company status
The charity is a company limited by guarantee. The membgrs of the Company are the Trustees
narned on page l. In the event of the charity being wound tjp, the liability in respect of the guaranla
is limited to £10 per membèr of the charlty.
2.3 Going concern
The financial statements have been prepared on a going concern basis as thè Trustee$ believe that
no material uncertain118s exist. The Trustees have considered Ihe level of funds held and the
expected level of Income and expenditure for a period of 12 months from the dale of authorising
these finan¢ial sta18menls. The budgeted in¢ome and exp&ndilure is sufficient with the level of
reseNos for the charity to be able lo continuè as a going concern.
Page 21

Spring Houslng Assoclation Limited
(A company Ilmltsd by guarantoel
Notes to the Financial Statements
For the Year End•d 30 Saptember 2021
Accounilng pollclgs Icontinuodl
2.4 Incom¢
All income is r8cognis&d once th8 Charity has enlidtrment lo the income. il is probabl8 that th8
in¢ome will be rec8ived and the amount of income ieceivable can b8 measured reliably.
Grants arg included in the Consolidated slalemenl of financial activltles on a receivable basis. Th8
balance of Income received for specrfic purposes but not expended during the period Is shown in the
relevant funds on the Balanco she81. Where income is received in advancg of 8ntillement of receipt,
Its reco9nitson is deferred and includod in creditors as deferred income. Where entittemenl occurs
before Incomg is ieceived, the income is ac¢rued.
2.5 Expenditure
Expenditure is recognised once there Is a legal or constructive obligation lo transfer economic
benefit to a third paty, il is probable that a transfer of economic benofits will be required In
setuement and the amount of the obligation can be measured reliably.
Charitsbla activities costs arè costs incurred on the charSWs operations. Includlng support costs and
costs relating to th8 govèrnance of the charity.
Grants payable are charged In the year when the offer is made except in those cases where the
offer Is conditional, such grants belng Y8¢ognised as expenditure when the conditlons attaching are
fulfilled. Grants olfered subject lo conditions which hav8 nol been mel al the year end are noted as a
commitment, bul not accrued as 8xpendilu¥e.
l exper￿lI￿re Is inclusNe of irrecoverable VAT.
2.6 Tanglblè fixad assets and depreclatlon
Tangible fixed assets costing £500 or more are capitslised.
A review for Impairment of a lixed asso1 is carriad out if events OT changés in t)r¢umStan￿ Indlcale
that the Car￿ng amount of any fixed asset may not be recoverable. Shortfalls between the carry?ng
value of fixed assols and their recoverable amounts are reco9nised as impalrmenls. Impairm9nt
losses are recognised In the Statement of Financial Aclivlll8S.
Ass?18 In the course of construction are in¢luded al costs incurred lo dale. Depreciation on these
assets is not charged until they are brought into use.
Tangible fixed assets are Carried al cost, net of depreciauon and any provision lor impairment.
Depreciation is provided al rates cal¢ulaled lo wr+te off the cost of fixgd assets. less their estimated
residual value, over their expected useful lives on the following bases..
Long-lerm leasehold prop8rty
Motor vehicles
Fixlufes and fittings
Officts equlpment
Computèr equlpm8nt
5Yo straight line
20¥0 slraighl line
20Yo Straight line
200/0 stralghl ling
20Yo Straight Ilne
Page 22

Spring Houslng Asso¢l8tion Limited
(A company Ilmlted by guaranteo)
Notes to thg Financial Statements
For the Year Ended 30 Septembor 2021
Accounting pollelès leontinued)
2.7 Invfj$tments
Investments in subsidiaries are valu8d al Cost tess provision for impairmanl.
2.8 Leaslng and hlre purchase
Assets obtsingd under hlre purchase contracts and financo leases are capltalk%ed as tanglble flx8d
assets. Asststs acquired by finance lease are depreciated over the shorter of the lease term and their
useful lives. Assets acquired by hire purchase a￿ depreciated over their useftjl lives. Finance leas&s
are those where substantially all of the benefits and risks of ownership are assumèd by the Group.
Obligations under such agreements are included in creditors, nel of the finance charge allocated to
future perR?ds. The finance element of the rental payment is charged lo the Consolidated statement
of financial a¢liwties so as lo produce a constant Periodic rale of charge on the nel obligation
oul818nding in each period.
2.9 Operatlng lea$0$
Rentals pald under operating leases ar8 charged lo the Consolidated slalement of flnanoial actlvllles
on a 81raSghl line basis over the leasè tèmi.
2.10 Debtors
Trade and other debtors are re¢ognised al the Selllement amount aller any trade discount olfered.
Prepayments are valued at the amount prepaid nel of any trad6 discounts due.
2.11 Cash at bank and in hand
Cash at bank and in hand in¢ludtrs cash and short-term highly liquid invoslmenls with a short
alurty of three months or less from the date of acguisilion or opening of the d8posII or similar
account.
2.12 Llabllltles and provlslons
Liabilities are re¢ognised when there is an obligation al thg Balance sheet dale as a result of a past
event, it is probable that a transfer of economic benefit wlll b& required in settlement, and the
amotjnt of the $8ttlemènl cari be 8slimated reliably.
Liabilities are recognised al the amount that the Charity anticipates il will pay lo sellle the debt or the
amount it has received as advanced payments for the goods or services it musl Provide.
Provisions are measured al the best estimate of the amounts requlred to settle the oblwation. Where
the eff9¢1 of Ihtr tsme value of money is malertal, the provision Is based on the present value of those
amoLJnts, dis¢ounted al the pre-tax discount ralo Ihal reflecis the risks specific lo Ihe liability. Th&
unwinding of the discount is recognised in the Consolidated statement of financial aclivits$s as a
finance cost.
2.13 Ponslons
The Group operates a defined contribution pgnsion scheme and the pension chargo reprgsenls fhe
amounts payable by the Group lo the fund in re8pècI of the year.
Page 23

Spring Housing Asyo¢iatlon Llmited
(A company limited by guarantee)
Notes to th? Financial Statgments
For th• Ysar Ended 30 Septemb•r 2021
Accounting policies (continued)
2.14 Fund accounting
General funds are unrestricted funds which are available for usa al th6 disu8tion of the Tnjslees in
furtherance of the general oblectives of the Group and whlch havè not baèn dèsignated for other
purposes.
Dgslgnated funds comprise unreslricled funds that havg been $91 aside by the Truste8s for
particular purposes. The aim and use of each designated fund is sel out in the notes to tho financial
slalernents.
Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by
donors or which have been raised by the Group for particular purposes. The costs of raising and
admini51ering such funds are charged ag8insl the spècific fund. The aim and use of each reslrided
fund is sel out in the notes to the financial slalernents.
Crltlcal accountSng estlmates and arèas of Judg•m•nt
In the application of the chaKills accounting policies, which ar8 described above, the Trustees are
required lo make ludgements, eslimales and assumptions abotjl the carwng amotjnts of assets and
Ibabilitles that are not readily apparent from other SOL)rcès. The oslimalès and assocSaled assumptlons
are based on experlence and other factors that are considered to be relevant.
Tangible fixed assets are deprecrdted over their useful lives taking into account residual values where
appropriate. The actual lives of the assets and Tesidual valLses are assessed annualty and may vary
dèpending on a number of factors. In re-assessing the asset lives. factors such as technological
Innovalbon. product I￿e cycl65 and maintenance programmes are taken into a¢￿unt. Rosidual values
consider such things as future market conditions. the remaining life of thè asset and projected dlsposal
values.
Management is required to exercise significant judgement in eslimaling the bad and doubtful debt
provision, whiGh takes into account the ageing of debt and management's assessment of the Ilkellhood of
recovery.
Actual results may differ frorn those eslimaled. The eslimat8s underlylng assumptions are rgviewed on
an ongoing basis. Revisions lo accounting estimates are recognised In th8 peilod in which the &slimate is
revised if Ihe revision affects only that period, or in the period of revision and future perio(Js il the revlsion
affects both Cur￿￿1 and fL+ILtre periods.
Page 24

Sprlng Houslng As¥o¢latlon Llmited
IA Company Ilmlted by guarantee)
Noto$ lo th¢ Financlal Stataments
For the Year End¢d 30 Sèptèmber 2021
Incomè from donations and legacies
Restricted Rèstrictad
income
Capltal
funds
funds
2021
2021
Unrestricted
funds
2021
Total
funds
2021
Donaliony
Grants
481
481
1.0SD.377
39,233
255.377
795,000
Government grants
39,233
39,714
255,377
795,000
1,090.091
The Group furloughed certain staff under the Government's Coronavirus Job Retention Scheme ICJRSI.
The fvnding recelved of £39.23312020 - £39,794} relates to claims made In respect of th8 year.
Re$trlctod
incomè
fund5
2020
Restricted
capita
funds
2020
Unrestricted
fund$
2020
Total
funds
2020
Donatioris
3.450
3,450
352.927
114,329
Grants
352.927
Government gr?nls
114,329
117.779
352,927
470,706
Page 25

Sprln9 Housing Association Limited
IA company Ilmlt•d by guarant891
Notos to the Flnanclal Statements
For the Year Ended 30 Sèptgmbor 2021
Income from ¢harltabl• actlviti8s
Unrastrlcted Restricted
funds
funds
2021
2021
Total
funds
2021
Rent, eligible serwee charge8 and propety managèment
Income
9,285,882
73,518
9,359,400
Unrestrlcted Restrfctgd
funds
funds
2020
2020
Total
funds
2020
Renl, elyible service charges and property management
income
8,744,305
52.596
8,796,901
Othgr Incomo
Unrgstrlct8d
funds
2021
Total
funds
2021
other miscallaneous income
272,985
272,985
Unrestiicted
funds
2020
Tatal
funds
2020
Modern day slav8ry funding
Other misce￿Ian8ouS incom8
17.996
219,889
17,996
219.889
237,885
237,885
Page 26

Spring Houslng Associatlon Llmlted
{A ¢ompany Ilmltad by 9uarantee)
Notès to th8 Financial Statements
For thg Year Endgd 30 September 2021
Anatysls of expenditure by actlvltlès
Activities
undertaken
dlrèctly
2021
Grnnt
tundlng of
actlvltles
2021
Support
costs
2021
Total
funds
2021
Housing provision
7.952,294
306,163
2.021,083 10.279,540
Activities
undèrtaken
dlr¢ctly
2020
Support
osts
2020
Total
funds
2020
Houslng provision
6,632,534
1,399,773
8.032,307
Analysis of direct ¢o$ts
Total
funds
2021
Total
funds
2020
Staff cos18
Depreciation on vehicles, leasehold property and fixtures and fittings
Staff training and expenses
Property lease costs and writè-offs
Propety costs
Managing Agenvs feos
Bad debt allowance
1.085.701
55,305
58,078
4,460,621
1,680,672
312,063
299.854
913.529
40,587
38,693
4,244,713
1,186,074
255,612
146.6741
7.952.294
6,632,534
Paga 27

Spylng Hou$lng Associatlon Llmlted
{A Company Ilmlted by guarantee)
Note5 to the Flnanclal Statemonts
For the Year Endèd 30 Sèptember 2021
Analysls of •xp8ndituro by aetiviti8s (continued)
Analysls of support costs
Totol
funds
2021
Total
funds
2020
Staff costs
D6precialion on office antl Computer equipm8nl
Staff Iraining and expenses
Office costs
Vehicle running costs and sundry support costs
Marketsry costs
IT costs
Consultancy ¢osts and bank charges
ALtdit and accountancy fees
Legal and professional fees
Interest payable
1.329.529
36.849
201,139
204,430
29.559
4,1 $3
76,966
59.806
37.754
31,494
9.404
978.788
29,337
62,343
183,896
19,509
7,474
57,177
31,681
16,620
6,925
6,023
2,021,083
1,399,773
Analysis of grants
Grants lo
Institution$
2021
Total
funds
2021
Total
funds
2020
Grant paid to Sl Petels {Saltley} Housing Association Ltd
306,163
306.163
The above was a capital grant paid lo assist St Peterfs Isaltleyl Housing Assoclalion Ltd in funding their
element of the renovation of th8 Fred Wintar Cenlre, a new community hub supportSng local people in
Strarford-tJpon-Avon. with a focus on providing housing plus a range of services which addrass
homalessn8ss and hardship.
Page 28

Spring Housing Association Limited
IA company limitod by guarantee)
Notes to thé Flnancial Statements
For the Year Ended 30 September 2021
Not Incomellexpenditur8}
This is stated after charging=
2021
2020
Depr8¢iation of tan9ible fixed assets owned by the ¢harity
Depreciation of tangible fixed assets held under finance leases
Audito¢s remuneration audit of the group financial stalemenls
Operating lease rentals
89.754
2.400
15,150
4,276.900
62,480
7,444
14.700
3,953,810
4,3B4.204
4,038,434
Staff ¢o$ts
Group
2021
Group
2020
Charfty
2021
Charfty
2020
Wag8s and salaries
Social security Costs
Penslon conlr¢bulions
2,187,958
186,224
41,04B
1.719.536
139,009
33.772
1,369.736
186.224
41.048
833.784
139,009
33,772
2,415,230
1,892,317
1,597,008
1.006,565
The average number of persons employed by the Charity during the year was as follows..
Group
2021
No.
Group
2020
Managernenl and admill
Housing
ainlenancg
Support
47
45
39
27
105
89
Page 29

Spring Houslng As$o¢l8tlon Llmlted
(A company limlted by guarantee)
Notes to the Financial Statements
For th8 Year Ended 30 September 2021
Staff costs (continued)
The number of employees whose employe8 benefits {exclLKling employer pen8lon costs) exceeded
£60.000 was:
Group
2021
No.
Group
2020
No.
In the band £60,001- £70,000
The lolal compensation re￿iVed by the key management of the charity during the year, including
employer pension costs, was £76,31712020- £66,314).
10.
Trustees. remuneration and expenses
During the year, no Truslees r8caived any remunerallon or othèr b8nefils {2020- £NILI.
DL*Ting thg yea¥ ended 30 Sgplembgr 2021, no Trusl8e gXP9nses have been Incuffed12020- £NIL}.
Pase 30

Sprlng Houslng Associatlon Llmlted
{A company Ilmlted by guarantee)
Not•$ to the Financial Statements
For the Year End&d 30 September 2021
11.
Tangibl8 fixed assets
Group and Charlty
Long-
tam)
leasèhold
proporty
Fixtures Computer
and and office As$8ts under
flttlngs equlpmant con$tructlon
Motor
vehicles
Total
Cost
Al 1 October 2020
Additions
251.333
47,920 104.912
69,191
74758
{15,5941
160,538
47,681
249,339
814,042
1.747,587 1.939,217
{15.5941
Disposals
At 30 September 2021
251,333
101,517 179,670
208,219
1.996.926 1737,665
Dopreciation
Al 1 October 2020
Charge for the year
29,128
13,028
26,721
18.796
40,263
25,482
66.054
36.848
162,166
92,154
At 30 September 2021
42.156
43,517
65,745
102.902
254.320
Not book valua
At 30 Saptemb8r 2021
209,177
58,000 113,925
105,317
1.996,926 2,483,345
AI 30 September 2020
222,205
21,199
64,649
94,484
249,339
651,876
Paga 31

Spring Housing Association Limlted
{A company limitod by guarantee)
Not0$ to thg Flnanclal Stalements
For the Ygar Endèd 30 September 2021
12. Fixed assot Invastmants
Prlnelpal subsldiarios
The followlng was a subsldiary undertaking of the Charity..
Name
Company
number
Reglstered offl¢e or prlncipal Principal activity
place of business
Spring Community Homes
RS007733
Heslia House,
Old Walsall Road,
Birmingham,
B42 1DT
To carry on, for the
benefit of the
community. the
business of
providing and
managing housing
and accommodation
for ￿r$on$ in
neeessitous
circumstances, on a
not for profil basis.
The flnanclal results of the subsidiary for the year were-
Nam•
Income
Expendlture
Surplus for
the yoar
Spring Community Homes
6,504,725
6,501.922
2.803
The subsidlary had net assets of £NII as at 30 Seplgmb9r 2021 following a gift aid8d donallon of tho
surplus lo Ihe pargnl charity12020- £Nill.
Pag8 32

Spring Houslng As$oclatlon Llmlted
IA company Ilmltsd by guarantee)
Ntstes to the Financlal Statements
For the Year Endèd 30 September 2021
13. Debtors
Group
2021
Group
2020
Charlty
2021
Charity
2020
Trade dobtots
Amounts owed by group und8rtakings
Other debtors
Prepayments and accrued income
1,310,461
1,044,325
1.310.461
1.044.325
99
100,880
452,635
76,875
331,359
100,845
452.635
76,875
331,359
1,863,976
1.452.559
1,863.941
1,452.658
14.
Cr•ditor5'. Amounts falllng du8 wlthln onè y•aT
Group
2021
Group
2020
Charlty
2021
Charlty
2020
Other loans
Trade creditors
Amounts owed lo group undertakings
Other taxa￿On and social security
Obligations under financè léa88 and hire
purchase contracts
Other credilors
Accwals and deferied income
93,847
714.252
21,172
239,489
93,847
714,252
25
49.367
21,172
239,489
49,387
40,122
40,122
2,708
5B,832
Z39,273
3.442
26,963
227,775
2,708
58.632
239.273
3,442
26,963
227,775
1,158,279
558,963
1,158,104
558,963
Nel obligations under flnance leases hire purchase contracts are secured on the related assets.
15. Credltors: Amounts falling due after mort than one year
Group
2021
Group
2020
Charity
2021
Charlty
2020
othgr loans
Nel obllgalions under finance lease and hire
purchase contracts
60,210
98,828
60.210
98.828
2,583
2.583
60,210
101,411
60.210
101.411
Page 33

Spring Houslng Asso¢latlon Llmited
{A company limitod by guarant9•)
Note5 to the FSnan¢lal Statem•nts
For the Year Endèd 30 Septembèr 2021
16. Statemont of funds
Statèmant of funds- cuThent y8ar
Balance at
30
Tran$fÈrs S•pt•mber
Inl{outl
2021
Balanco at 1
October
2020
Income Expenditure
Unrestricted funds
Doslgnated funds
Flxed assets
1,616,334
1.616,334
General funds
Gener81 Funds
554,519
9,598,581
(9,837,179) (1,616,334)
699.587
Total Unrestricted funds
1554.519
9.598,581
19,837,179)
2,315,921
Re$trIcI￿ Incomo funds
Refugee Action SVRPS
Big Lollery Fund Grant
Chlldren In Need Grant
W M Slrat8glc Mlgralion
Partnership
BCC- Production of the
Chavler of Rights
Children In Need Grant-
Refugees
Nationwide
5.326
IS6,602
16,594
55,518
97.497
4.849
140,5531
{135,6541
119.9101
20,291
118.445
1.533
1,287
13.750
115.037}
20,000
120,000)
14,793
15,828
17,270
32,S25
3.065
9.933
(24,726)
{15,8281
{17,2701
{32,5251
13.0651
17,5001
117,013)
Poslcode Lottery
Lottery Community Fund
Landaid
Landaid - kitchen fund
7.$00
15,542
15,000
52,039
18,000
6,767
BCC- miscellaneous
9,293
7.822
15.000
Reaching CommunitEs - FWC
Protect
(52,0391
(16.321)
{6,165)
RSI 2021
1,679
602
Other ￿StrICted lunding
Fred Winter Centre-
operatlons
12.500
{12,5001
Page 34

Sprlng Housing Association Limited
{A company Ilmit•d by guarantee
Notas to the Flnanclal Statements
For the Y¥ar Endad 30 Soptomber 2021
16.
stat•mgnt of funds Icontinuedl
Balance at
30
Soptember
2021
Balanca at I
October
2020
Transfers
Inl{outl
Income Expendlture
Rostrictèd capital funds
Midlands Together {Hestia
Houye}
The Clolhworker Foundation
Garfield Weston
Slratford District Councl
26th May Charity Trust
Stratford Town Trust
Warwickshire County Council
53,387
24,879
14.8111
11.4441
48.576
23.435
200,0110
310,000
25,000
60,000
200,000
200,000
310,000
25,000
60,000
200,000
Total Rè$trfet8d funds
350,849
1.123,895
(442.361)
1,032,383
Total of funds
2.905,368 10.722,476 110,279,540)
3,348,304
Page 35

Sprlng Houslng Assoclatlon Llmlted
{A company Ilmlted by guarantge)
Notes to the Financial StatÈm•nts
For thè Yèar Ended 30 Septemb8r 2021
16. Statement of funds Icontlnuod)
Statoment of funds - prior yaar
Balanc• at
30
Sèptember
2020
Balan¢a at
1 O¢tobgr
2019
Income Expendltur•
Unrostrictod funds
General Funds
1,049,093
9.099,969 17,594,543} 2.554,519
Rèstrlcted Income funils
Refugee Action SVPRS
Bim)ingham LIF Fund
Lottery Fund Grant
Children In N86d Grant
W M Strategic Migration Partnership
Wor¢esler Council - Refugee Seryices
Birmingham Cty Council - Production of the
Charter of Rlghls
Children In Need Grant- Refuge88
Nationwide
Postcode Lottery
Lottery Community Fund
Homeless Link
Commonweal Funding
Landaid
BCC- Mapyng
75,532
1.650
184,911
17,819
494
3.807
52,596
1122,802)
11.6501
{122,4151
16,074}
126,707)
13.807}
5,326
94,106
4.849
27.500
156,602
16,594
1,287
17.450
25,543
10,000
29,799
50,000
18,600
39,860
30.000
4,000
9,260
9,953
127,450)
140,5491
{34,1721
{1,3301
17.3351
130,0001
14,000}
16,195)
16601
14,793
15.828
17.270
32,525
3,065
9,293
Restrlcted capltal funds
Midlands Together (Heslia House)
The Clothworker Foundation
55.884
12,4971
11211
53,387
24.879
25.000
Total Restrict￿ funds
383.090
405,523
1437,7641
350,849
Total of funds
1.432.183
9,505,492
18,032.3071 2,905,368
P8ge 36

Spriny Housing Association Limbted
IA company Ilmltèd by guarant8•)
Notas to thè Flnanclal Statements
For th• Y9ar Ended 30 S•pt•mbèr 2021
Purpos• of r•strictad funds
Refugeè Actlon SVPRS
This project supports Syrian refugees resettling within Birmingham by providing furnished
accommodation and SUPPDrt lo the fami5ies.
Blrmlngham LIF Fund
This grantls from Bimingham City Council's Local Inngvalion Fund and is towards our Together We Can
Make A Difference project. This project aims to engage the local Community in business and enterprise
and starting off your own busines8 idea8.
8lg Lolt•ry Fund Grant
Is helping Spring be a place shaper and IT hub for thè local community.
Childron in Noed Grant IYPS
This fund is being used lo deliver our Llfe-Ha¢ks prol6cI ￿thIn our yOLtng people services. This project
offers a range of activities lo our young people and provides gquipmènt and support throughoL*I the 3-
year project.
WM Strateglc Mlgratlon Partnorshlp
This fund is being used lo gain Open College Network accredilalion for our Life-Hacks training
programme, which is offered to unaccompanied aS￿￿M seeking children.
Birmingham City Councll - Pr¢dudlon of the Chartor of Rlghts
This fund is being used to commission the pr¢xluclion of a Charter of Rights with residents and lo¥mer
residents of supported 'exempl' accommodation to produ￿ a voluntary code of practice.
Chlldren In Need - Refugees
This proj8cl provides a family worker lo specificalty work with the children in the Syrian 18setllèm8nt
project.
Natlonwld6
This is to provtde support and advi￿ to those who are or who have suffered from modem day slavery.
Post¢ode Lottgry
This grant Is to be used towards creating and improving the green spaces on a numbeT of Springs
properties.
Lottery Communlty Fund
This fund Is belng used lo support and accommodate those who have no recourse to public funds durlng
the recent pandemic.
Homeless Llnk
This fund has been used specifically around our homeless services lo provide support and
accommodation serviGes lo those who aro al risk of homelessness.
Page 37

SprSng Houslng Assoclation Umited
IA company limlted by guaranteg)
Notes lo the Financial Statements
For tha Y•ar Ended 30 Sapt8mb8r 2021
Commonweal Funding
Thls fund was used lo support th8 research into exempl accommodation.
Landald
Thls fund is bein9 used lo provbde equlpment and eommunicalions lo those limng alone to help reduce
Isolation durino the r8c8nl pandemic.
Midlands Together (Hestia Hous•>
Thls funding was a capltsl contribution towards the works required lo renovate the ground ftoor at Hestia
House Into an office space and community hub.
Th8 Clothworkors Foundatlon
These funds wa used towards the capital refurbishment project al Hesti2 House to create a community
and ICT Hub.
Gartl•ld W¥$ton I Stratford Dlstrlct Councll 126th May Charlty Trust I Stratford Town Trust I
Warwi¢k$hire County Counc51
Capital grant fundlng recelve¢J towards the devèlopment of the FTed Winter Centre. a new community hub
supporting local people in Slralford-upon-Avon. wllh a focus on providing houslno plus a range of
setViC88 which address hom8lessness and haldship.
17. Analysis of net assets between funds
Anatysls of net assets betweon funds - current yoar
Ro$tri¢ted Restricted
income
capital
funds
funds
2021
2021
Unrestricted
funds
2021
Total
funds
2021
Tangible fixed 8$88ts
Currant assets
Creditors due within one year
Creditors due in more than one year
1,616,334
1.918.076
{1,158,279}
160,210)
867,011
2,483,345
2.083,448
(1,158,279}
160,210)
165,372
Total
2,315,921
165,372
867,011
3,348,304
Page 38

Spring Housing Asso¢latlon Llmlt•d
{A company limited by guarantee}
Notes to the Financial Statements
For tha Yoar Endod 30 September 2021
17. Analysis of net assets betw8•n funds {continuedl
Analysls of net ass8ts between funds- prlor year
Restricted Restrl¢ted
Income
capbtal
funds
funds
2020
2020
Unrestrlctod
funds
2020
Total
funds
2020
Tangiblg fixed assets
Current assols
Credllors due wllhin one year
Creditors due in more than one year
573,610
2,627,533
1545,213}
1101,411)
78,266
651,876
2.913.866
1558,9631
1101,4111
286,333
(13.7501
Total
2,554,519
272.583
78,266
2,905,368
18.
Re¢on¢iliatitsn of not movement in funds to net cash flow from operatlng actSvltlo8
Group
2021
Group
2020
Net income for the year las par Ststsment of Financial Aclivilies}
442,936
1.473,185
Adlustm•nt$ for-
Depreciation charges
Loss on the sale of fixed assets
Increase in debtors
Increaselldbcreasel in creditors
92.154
250
69.924
(411,417) (182.017)
524,058
1104,0751
Net cash provldad by op•ratin9 activities
647.981
1.257,017
19. Analysis of cash and cash oqulvalents
Group
2021
Group
2020
Cash al bank and in hand
219.472
1.461.307
Page 39

Sprlng Houslng Association Limited
{A company limited by guarantee)
Notos to the Flnancial Statements
For the Year Endad 30 Soptembar 2021
20. Analysis of chan9es In nat debt
Atl
October
2020 Cash Ilows
At30
September
2021
Naw loans
Cash at bank and in hand
Debt due within l year
Debt due after 1 year
Finance leases
1,461,307 11,296.835}
{21,1721
117.675}
(98,8281
38.618
(6,0251
3,317
55.000
{55.000)
219.472
193.8471
160,2101
(2.7081
1,335,282 {1,272,5751
62.707
21. Capltal Commltmonts
Group
2021
Group
2020
Charlty
2021
CharSty
2020
Contracted for but not provided in these
flnanclal statements
Construction of tangible fixed assols
362,899
362.899
Page 40

Sprin9 Hgu$lng Association Limlted
{A company limit•d by guarantee>
Notes to th& Flnan¢ial Statemonts
For the Year Ended 30 Saptember 2021
Pension ¢ommitm•nts
The group operates a defined contribution pension schem8. The assets of the scheme are held
separately from those of the group in an independently administered ftjnd. The pensic>n cost char
represents contributions payable by the group to the fund and amounted lo £41.048 12020 £33.7721.
Contributions 01 £9.135 12020 £7,435) were payable lo Ihe fvnd al the baI8nce sheet datg and are
in¢luded in creditors.
23. Operating Igasg commltments
At 30 September 2021 the Group and the Charity had commilmonls lo make future minimum lease
payments under non-cancellable operating leases as follows:
Group
2021
Group
2020
Charlty
2021
Charfty
2020
Land and bulldings..
Not later than 1 year
Later than l year and not later than 5 years
Later than 5 years
842.887
1,346.948
1,525.918
1,277.112
1,614.232
1,833,068
304,540
792.677
1,500.000
203,669
942,228
1,800,000
3,715,753
4,724.412
2.597,217
2,945,897
24.
R•latad party tran$a¢tlon8
On 30 September 2021. Sprfng Community Homes Limited donated its surplus for the year of £2,803
12a20- £783,165).
25.
Controlllng party
The group is controlled by the Board of Trusloes.
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