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2025-03-31-accounts

Registered number: 09244172 Charity number: 1163098

Spring Housing Association Limited

Trustees' Report and Financial Statements

For the Period Ended 31 March 2025

Spring Housing Association Limited

(A Company Limited by Guarantee)

Contents

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 13
Independent Auditors' Report on the Financial Statements 14 - 17
Consolidated Statement of Financial Activities 18
Consolidated Balance Sheet 19 - 20
Charity Balance Sheet 21 - 22
Consolidated Statement of Cash Flows 23
Notes to the Financial Statements 24 - 52

Spring Housing Association Limited

(A Company Limited by Guarantee)

Reference and Administrative Details of the Charity, its Trustees and Advisers For the Period Ended 31 March 2025

Trustees L Cannon,Chair
H Floyd
J Tenant Foster
F Ghobrial
A Wilson(appointed 19 September 2024)
D R Bindert(resigned 14 December 2023)
R Ikram(resigned 11 December 2024)
M Baird(resigned 31 March 2024)
B Taylor(resigned 31 March 2024)
D Saunders(resigned 31 March 2024)
V Hines(resigned 31 March 2024)
N Owen(resigned 31 March 2024)
A Duggan(resigned 31 March 2024)
Company registered
number
09244172
Charity registered number
1163098
Registered office
Hestia House
22 Old Walsall Road
Birmingham
B42 1DT
Company secretary
S Billingham
Group Chief Executive
J Beckett
Independent auditors
Dains Audit Limited
2 Chamberlain Square
Paradise
Birmingham
B3 3AX
Solicitors
Anthony Collins Solicitors
134 Edmund Street
Birmingham
B3 2ES
Devonshire Solicitors
3 Waterfront Business Park
Brierley Hill
Dudley
DY5 1LX

Page 1

Spring Housing Association Limited

(A Company Limited by Guarantee)

Reference and Administrative Details of the Charity, its Trustees and Advisers (continued) For the Period Ended 31 March 2025

Bankers

Barclays Bank Plc 66 Oxford Street Kidderminster DY10 1BL

Page 2

Spring Housing Association Limited

(A Company Limited by Guarantee)

Trustees' Report For the Period Ended 31 March 2025

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Spring Housing Association Limited (the charity) and Spring Community Homes Limited (the subsidiary) for the 18-month period ended 31 March 2025. The Trustees confirm that the Annual Report and Financial Statements of the charity and the subsidiary comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) (effective 1 January 2019).

Spring Housing Association Limited is a charitable company limited by guarantee and not having any share capital. It was incorporated on 1 October 2014 and registered as a charity on 11 August 2015. It commenced its activities on the 10 of November 2014.

The charitable company’s policy and operations are governed by its Memorandum and Articles of Association.

On 1 April 2024 Spring Housing Association and its subsidiary, Spring Community Homes, formed a group structure with St Anne's Hostel where it became a wholly owned subsidiary of St Anne's Hostel.

Spring Community Homes Limited is a wholly owned subsidiary of Spring Housing Association Limited and was registered on 7 March 2018 under the Co-operative and Community Benefit Societies Act 2014.

Since the charity and the subsidiary qualify as small under Section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required.

Structure, Governance and Management

Constitution

The charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 1st October 2014 which were revised in July 2018. It is also a registered charity number 1163098.

The principal object of the charity is to carry on, for the benefit of the community, the business of providing housing and associated amenities for persons in necessitous circumstances upon terms appropriate to their means and providing for persons in need thereof housing and any associated amenities especially designed or adapted to meet the disabilities and requirements of such persons. Such business is to be run on a not-for-profit basis.

The subsidiary is registered under the Co-operative and Community Benefit Societies Act 2014 under the society’s rules approved on 13 February 2018.

The society is formed for the benefit of the community in providing, directly or indirectly, and managing housing and accommodation, and any associated facilities, amenities and services for persons in necessitous circumstances and aged, disabled (whether physically or mentally) or chronically sick people upon terms appropriate to their means.

Page 3

Spring Housing Association Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Period Ended 31 March 2025

Structure, Governance and Management (continued)

Methods of appointment or election of Trustees

The management of the charity are the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

The management of the subsidiary are the responsibility of its members who are elected under the society’s rules.

The members of the Boards maintain a good range of skills and expertise in order to govern the group and are monitored annually by appraisal to form a skills matrix.

New trustees are appointed by placing advertisements with BVSC and through direct applications. The process requires potential Trustees to submit a CV detailing qualifications, skills and their motivation for joining. All CVs are reviewed by existing Trustees, and individuals with appropriate skills are be invited for interview. If the applicant is considered to have skills that would enhance the operation of the Board, this is assessed against our annual review of governance where we identify where there are skill gaps. A perspective board member is invited to attend a Board meeting as an observer and if, after that, they still wish to become a Trustee they will be invited to join the Board.

Policies adopted for the induction and training of Trustees

Each new trustee is inducted into the charity by meeting with other trustees and executive officers and being offered a shadow place on the board prior to joining.

Along with our regular board meetings we hold board away days which is an opportunity to invite consultants who have a good understanding of charity and housing governance to help guide the Trustees through the governance process.

Page 4

Spring Housing Association Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Period Ended 31 March 2025

Structure, Governance and Management (continued)

Organisational structure and decision making

The Board of Trustees has overall responsibility for the management of the group, its strategic direction and decision making. However, day to day responsibility for running the affairs of the charity and its subsidiary is delegated to the charity’s Chief Executive, Directors and the Senior Team.

The Board of Trustees for the charity meet at least once a quarter with a separate meeting being held for the subsidiary and its members. From March 2025 all trustees across the group will meet as a combined board with agenda set to match each entity.

Each board meeting is structured to have one or two main themes linked to a corporate calendar as well as considering specific business that has arisen since the previous meeting. Main themes include the business plan and strategic direction, performance of existing contracts, setting budgets, reviewing accounts and reviewing the corporate risk register.

During the reporting period the Company Secretary was also the Group Finance Director who was paid for his capacity as Finance Director and not for his role as company secretary.

The group has adopted the National Housing Federation Code of Governance to ensure a high level of conduct and integrity is in place. A self-assessment is carried out by the Board annually to ensure it continues to meet the requirements of the code.

Risk management

There is a Risk Management Plan in place which focusses on the major risks to which the charity and its subsidiary are exposed. The plan focusses on the financial risks, operational risks, governance risks and compliance risks faced by the group.

The plan sets out the effects of each of the risks facing the charity including the controls and mitigations in place to minimise the risk and is reviewed by the board on a regular basis to monitor both the likelihood and severity of each identified risk. The plan is a regular agenda item at Trustee meetings and will focus on areas where likelihood and severity are seen to have changed.

The Trustees have also adopted a Risk Management Strategy which incorporates a Strategic Risk Register to focus on specific strategic risks affecting the group and the mitigations which are in place.

Page 5

Spring Housing Association Limited

(A Company Limited by Guarantee)

Trustees' Report (continued)

For the Period Ended 31 March 2025

Objectives and activities

Policies and objectives

The Trustees consider they have had regard to the Charity Commission guidelines on public benefit and have established the following aims, objectives, vision and mission.

The objectives of the charity given in the Memorandum of Association are:

“to carry on for the benefit of the community the business of providing housing and any associated amenities for persons in necessitous circumstances upon terms appropriate to their means”

and

“providing for persons in need thereof housing and any associated amenities especially designed or adapted to meet the disabilities and requirements of such persons”

Our Aims:

Mission Statement:

“To prevent homelessness by creating safe places to live, supporting strong futures by removing barriers and influencing change in the sector”

Page 6

Spring Housing Association Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Period Ended 31 March 2025

Objectives and activities (continued)

Strategies for achieving objectives

Spring went into a group structure with St. Anne’s last year. To ensure a smooth transition, a wide range of governance and strategic changes were made. Intergroup agreements, service level agreements were developed. The boards of both entities were reviewed and revised, the mission, values, aims and objectives of both organisations were revised and aligned to ensure clarity of future direction. The Group’s strategic plan 2025 – 2030 has been developed and approved by the Board.

Historically Spring has leased all of its accommodation through a variety of local landlords and other charitable organisations. During the period the Charity was able to purchase its first property with help of the funding through the Social Investment Business. The property on Wellington Road has been managed by Spring for several years and is a 5-bedroom HMO so we have been able to secure the property for future years and been able to keep its residents in their home.

Spring continues to raise standards across Supported Exempt Accommodation, following the success of the Charter of Rights gained “Gold” accreditation with BVSC Quality Standards in 2023. This accolade was maintained in recent accreditation in April 2025.

We continue to support the Local Authority Strategies and actively provide housing solutions and pathways across the local authorities in which we work.

Spring has continued to strengthen its position in the West Midlands through the ongoing expansion of our services, particularly within the Coventry area.

The Birmingham Vulnerable Adults and Wellbeing contracts came to an end in December 2024 following a review and re-tender by Birmingham City Council. Out of this tender process Spring was successful in securing a new contract to continue to deliver its support to young people.

The Refugee Resettlement Service operates across four regions, providing support to families during their initial years in the UK. In additional to this we have been supporting a further 43 families as part of this service through the Find Your own Accommodation scheme most of which will continue to be supported through our main resettlement contract in April 2025. The Refugee Team and in -house

The refugee support contract for those fleeing the conflict in Ukraine came to an end in February 2025 where over the 18-month contract we supported families and individuals to find a permanent place to live in the Birmingham area and provided housing advice and support to individuals and families in Solihull.

Spring has been partnering with Birmingham City Council to seek and repurpose accommodation for families who remain in temporary accommodation. This project will aim to provide 35 units of accommodation across the city with 14 units of dispersed family accommodation and has nearly completed the refurbishment of a former conference centre in Bournville to provide the other 21 units.

The Fred Winter Centre, a multi-agency hub, has been fully operational since June 2022 and stands as a flagship service for Spring and all involved partners. It continues to play a significant strategic role in Stratford, aiming to reduce homelessness and support individuals affected by or at risk of homelessness. The Fred Winter Centre remains a focal point due to its innovative approach, drawing interest from visitors across the UK.

Page 7

Spring Housing Association Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Period Ended 31 March 2025

Objectives and activities (continued)

Our drive continues to be supporting families out of bed and breakfasts/hotels into more settled accommodation and reducing the pressure on local authorities of temporary accommodation. During the period we have secured a new contract to continue to deliver quality housing and support services in Stratford upon Avon to 42 families, formerly living in B & B/Hotels into temporary accommodation across the district.

We have continued to support and find accommodation for those sleeping on the streets in both Lichfield and Cannock through the period and have manged to place a number of customers in long term secure accommodation.

Radford Road continues to provide essential services to reduce rough sleeping across Coventry, Working in partnership with Coventry Rought Sleepers Outreach Team (RSOT) Radford Road provides first step accommodation to many individuals who have experienced rough sleeping in the city.

The Perry Barr NNS (Neighbourhood Network Scheme) continues to provide support to people under 50 with disabilities and Older Adults funded by Birmingham Adult Social Care with a primary goal to work with community assets to enhance the wellbeing of communities through upskilling. Community Champions/Groups were recognised and applauded for the difference they make in their communities at an Awards Event held in March. .

IMPACT Networks are one of IMPACT’s delivery models. The aims of IMPACT Networks are to:

  1. To improve practice and outcomes in adult social care at the local level and solve common, yet complex, challenges

  2. To collate practical solutions at the community level to create scalable solutions that inspire and inform change across the UK.

In 2024 Perry Barr NNS successfully applied for and were granted IMPACT Host Site status - Network Strand – using technology to promote independence / greater prevention.

We are still very much committed to reducing and supporting women experiencing homelessness. Funded via Public Health, an intensive review of period poverty within the Homeless sector has resulted in Spring developing a Period Poverty Toolkit. Period poverty is defined as a lack of access to menstrual products, hygiene facilities, waste management, and education.

Spring has worked with DWP, the West Midlands Combined Authority (WMCA), and other support providers explore opportunities to assist young people residing in supported housing to transition into work. Rent Simplification - Support Proof of Concept (PoC), a shared commitment between WMCA and the DWP, to provide streamlined financial assistance to young people living in commissioned supported housing who move into work or increase their working hours. Spring is evaluating the project and lessons learned.

Spring has adopted the Commitment to Collaborate (C2C) to Prevent and Relieve Homelessness Toolkit developed by the WMCA Homelessness Taskforce in partnership with Birmingham Voluntary Service Council (BVSC) to support organisations and partnerships across the region to prevent and relieve homelessness.

Page 8

Spring Housing Association Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Period Ended 31 March 2025

Objectives and activities (continued)

Activities for achieving objectives

Accommodation

The accommodation has been sourced through a selection of private landlords and charitable organisations which meet the needs of its customers in terms of living standards and location. The property stock is split between Spring Housing Association and Spring Community Homes with the majority managed by the subsidiary.

The stock is a mixture of self-contained flats and individual rooms which is used for the homeless and young people services. Along with properties ranging from 1 bed flats to 5-bedroom family homes used for the resettlement programme, those moving out of temporary accommodation and for general needs.

The general needs affordable accommodation managed by the charity, where possible, is let to individuals who were formally in supported accommodation but are now able to sustain their own tenancy.

At the end of the period the charity was managing a total of 893 units of accommodation across 9 different local authorities.

Employee Matters

Staff numbers have decreased slightly since the previous period (131) with total staff at 125 covering a mix of full and part time posts. There have been a number of contracts which have come to their end either during the period or early into the next so we are seeing a reduction in overall staffing levels across the Charity.

Hestia House is the head office of the charity with many staff being based there, but there are other regional and satellite offices in Birmingham, Lichfield, Stratford and Coventry where staff are based to support the customers surrounding each location.

All staff are recruited through a safer recruitment programme and induction process to ensure they offer the highest levels of experience in their chosen area and are suitable to work with vulnerable adults and young people.

Programme related investments

76% of the income received by the Charity is through rent and service charges with the majority coming via Housing Benefit or Universal Credit which is paid on a 28-day cycle.

22% of income comes through support contracts which are commission directly through the local authorities.

The remainder of income comes through a number of smaller grants which are used towards research and ancillary support work not covered by our existing contracts to further support our customers and the local community.

Page 9

Spring Housing Association Limited (A Company Limited by Guarantee)

Trustees' Report (continued) For the Period Ended 31 March 2025

Achievements and performance

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policy note.

Review of activities

Accommodation

All but one of the properties managed within Spring are leased, with the majority on short term agreements between 1 and 5 years. As of 31st March 2025, the total number of units in management were 893 which was a reduction of 8% on the previous year with a number of properties being handed back in the period that came to the end of their current lease. The handed back properties are a mx of both family homes and HMO properties that no longer meet the requirements for our customers.

69% of the stock is used for within our support services which is a mixture of shared and single accommodation to those at risk of homelessness in Birmingham, Coventry and Stratford. 5% of the stock is specifically held for those who are currently in temporary accommodation within the Stratford area. With the remaining 26% being family homes used for both general needs and also those families in our resettlement programme.

We continue to work with a core group of landlords, housing associations and charities who provide a large proportion of the accommodation used with the homeless services. The family homes are mostly leased from private sector landlords which have been selected to provide the most suitable locations for the families we support.

We will continue to increase our accommodation but only with targeted growth which is in line with our existing contracts working with the local authorities specifically in the regions of Coventry, Stratford upon Avon and Solihull. But to also replace any units that are due to be handed back to the landlords within Birmingham to ensure we can maintain our offer to the City.

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 to the landlords at the next available break in the lease.

Employment

The staffing structure has decreased over the period to 125 members of staff across all services which is made up of a mixture of full and part time posts. This is a reduction of 4.5% compared to the previous period.

Page 10

Spring Housing Association Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Period Ended 31 March 2025

Financial review

Reserves policy

The current reserves policy is to hold cash or near cash equivalents that are sufficient to cover 3 months of committed overhead expenditure for the charity. The Charity will be continuing to increase its cash reserve levels over the next 2 years.

Principal funding

For the 18-month period ending 31 March 2025, Spring and its subsidiary had a turnover of £21.3m which when comparing pro-rate to the previous year was a slight increase of 2% on the previous year. There has been an increase in rental income despite a reduction in units but the levels of support contracts reduced form the previous period. There was an increase in grant funds with a large grant received from Birmingham to provide additional units of Temporary accommodation within the region.

Refugee services have remained at the same level as the previous year with some contracts reducing but does include the Ukraine service and the Find Your Own Accommodation service. Care Leavers concluded at the start of the period so only has a small income showing for the period.

Grants were significantly higher compared to the previous period with additional funds received in line with our work towards providing more accommodation for those families who are currently held within temporary accommodation.

The operating surplus for the period was £210k which is just below the surplus form the previous period which was £216k.

Central and overheads were at a cost of £1.3m which is just a small decrease on the previous period though there was a high level of legal spend incurred as we went through the merger process. This remains at 9% of turnover again this year which is below our maximum target of 10%.

Lease costs are the highest cost to the Charity which were at just over £8m in the period. This has remained at a similar level on the previous period with ongoing rising costs of leases but with also having a reduction in units.

The next highest cost to the Charity is its staff costs which totalled £5.3m in the period which pro rata is an increase of 10% compared to the last period which is largely down to cost of living increases paid to staff including the increase to the minimum wage.

Cash held at the end of the period was £545k which was a reduction on the previous period as this held the PRS grant which has been partly used up in the later part of the period.

Page 11

Spring Housing Association Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Period Ended 31 March 2025

Plans for future periods

We have been working with a large Housing provider in Birmingham to take over management of some of their Supported Housing stock which will increase the amount of self-contained units we have in Birmingham and Coventry. There are several units in the pipeline in which we plan to take on over the next 12 months and will continue to seek opportunities to replace some of the less favoured shared accommodation in our portfolio.

Making sure the work we do and the accommodation we provide is always aligned to the needs and requirements of our customers is vital and we will continue to align our mission and goals to meet the needs of our customers.

As some of our contracts meet their natural end we are also looking at opportunities in Birmingham and the surrounding areas to replace these so that we can diversify our funding mix and be less reliant on rent and service charge income going forward.

We also aim to increase our reserves levels which was largely used in order to fund the Fred Winter Centre refurbishment so we will be looking to rebuild these levels over the next couple of years in line with our reserves policy.

Spring purchased its first property during the period and we plan to increase the level units it owns outright going forward.

Funds held as custodian

The charity does not hold any funds on behalf of others.

Trustees' responsibilities statement

The Trustees (who are also the directors of Spring Housing Association Limited for the purpose of company law) are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 12

Spring Housing Association Limited

(A Company Limited by Guarantee)

Trustees' Report (continued)

For the Period Ended 31 March 2025

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ report is approved have confirmed that:

Auditors

The auditors, Dains Audit Limited, have indicated 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 members of the board of Trustees and signed on their behalf by:

----- Start of picture text -----
_________
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L Cannon

Chair

Date:

Page 13

Spring Housing Association Limited

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Spring Housing Association Limited

Opinion

We have audited the financial statements of Spring Housing Association Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the period ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to 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 appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 14

Spring Housing Association Limited

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Spring Housing Association Limited (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 15

Spring Housing Association Limited

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Spring Housing Association Limited (continued)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

Page 16

Spring Housing Association Limited

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Spring Housing Association Limited (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Morris FCA (Senior Statutory Auditor)

for and on behalf of

Dains Audit Limited

Statutory Auditor Chartered Accountants

Birmingham

Date: 15/09/25

Page 17

Spring Housing Association Limited

(A Company Limited by Guarantee)

Consolidated Statement of financial activities (incorporating income and expenditure account) For the Period Ended 31 March 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other income
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
16
Net movement in funds
Total funds carried forward
16		 Unrestricted
funds
18-months
ended
31 March
2025
£
109,992
20,164,992
503,909
20,778,893
20,682,021
20,682,021
96,872
3,118,621
96,872
3,215,493		 Restricted
funds
18-months
ended
31 March
2025
£
585,242
-
-
585,242
472,101
472,101
113,141
233,127
113,141
346,268		 Total
funds
18-months
ended
31 March
2025
£
695,234
20,164,992
503,909
21,364,135
21,154,122
21,154,122
210,013
3,351,748
210,013
3,561,761		 Total
funds
Year ended
30 September
2023
£
295,175
13,333,606
125,338
13,754,119
13,538,535
13,538,535
215,584
3,136,164
215,584
3,351,748

The notes on pages 24 to 52 form part of these financial statements.

Page 18

Spring Housing Association Limited

(A Company Limited by Guarantee) Registered number: 09244172

Consolidated Balance Sheet

As at 31 March 2025

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
13
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
15
Total net assets
Charity funds
Restricted funds:
Restricted income funds
16
Restricted capital funds
16
Total restricted funds
16
Unrestricted funds
16
Total funds		 1,953,000
544,563
2,497,563
(1,652,583)
99,041
247,227		 31 March
2025
£
3,004,205
844,980
3,849,185
(287,424)
3,561,761
346,268
3,215,493
3,561,761		 2,215,369
838,156
3,053,525
(1,852,110)
169,990
63,137		 30 September
2023
£
2,638,583
1,201,415
3,839,998
(488,250)
3,351,748
233,127
3,118,621
3,351,748

Page 19

Spring Housing Association Limited

(A Company Limited by Guarantee) Registered number: 09244172

Consolidated Balance Sheet (continued) As at 31 March 2025

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

_________

L Cannon

Chair

Date:

The notes on pages 24 to 52 form part of these financial statements.

Page 20

Spring Housing Association Limited

(A Company Limited by Guarantee) Registered number: 09244172

Charity Balance Sheet As at 31 March 2025

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
13
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
15
Total net assets
Charity funds
Restricted funds:
Restricted funds
16
Restricted capital funds
16
Total restricted funds
16
Unrestricted funds
16
Total funds		 1,953,000
543,964
2,496,964
(1,651,984)
99,041
247,227		 31 March
2025
£
3,004,205
844,980
3,849,185
(287,424)
3,561,761
346,268
3,215,493
3,561,761		 2,844,930
208,051
3,052,981
(1,851,566)
169,990
63,137		 30 September
2023
£
2,638,583
1,201,415
3,839,998
(488,250)
3,351,748
233,127
3,118,621
3,351,748

Page 21

(A Company Limited by Guarantee) Registered number: 09244172

Spring Housing Association Limited

Charity Statement of financial position (continued) As at 31 March 2025

The Charity's net movement in funds for the period was £210,013 (2023 - £215,584).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

_________

L Cannon

Chair

Date:

The notes on pages 24 to 52 form part of these financial statements.

Page 22

Spring Housing Association Limited

(A Company Limited by Guarantee)

Consolidated Statement of Cash Flows For the Period Ended 31 March 2025

Note
Cash flows from operating activities
Net cash used in operating activities
18
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
New loans
Repayments of loans
New finance leases
Repayments of finance leases
Net cash used in financing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
19
The notes on pages 24 to 52 form part of these financial statements		 18-months
ended
31 March
2025
£
820,752
(835,885)
(835,885)
143,000
(199,642)
29,000
(250,818)
(278,460)
(293,593)
838,156
544,563		 Year ended
30 September
2023
£
1,042,723
(132,686)
(132,686)
12,653
(152,840)
33,588
(172,592)
(279,191)
630,846
207,310
838,156

Page 23

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

1. General information

Spring Housing Association Limited is a charitable company limited by guarantee and not having share capital. It was incorporated on 1 October 2014 and registered as a charity on 11 August 2015. It commenced its activities on 10 November 2014.

Spring Community Homes Limited is a wholly owned subsidiary of Spring Housing Association Limited. It was registered on 7 March 2018 under the Co-operative and Community Benefit Societies Act 2014, and began its activities on 1 September 2018.

As of 1 April 2024, Spring Housing Association Limited entered into a strategic partnership with St Anne's Hostel to form a new group structure. Under this arrangement, St Anne’s Hostel became the parent organisation of both Spring Housing Association Limited and Spring Community Homes, which now operate as its subsidiaries.

To align with the parent entity’s reporting period, the financial year end of Spring Housing Association Limited has been changed to 31 March. As a result, the current year financial statements cover an extended 18-month reporting period from 1 October 2023 to 31 March 2025.

The principal object of the group is to carry on, for the benefit of the community, the business of providing, directly or indirectly, and managing housing and accomodation, and any associated facilities, amenities and services for persons in necessitous circumstances and aged, disabled (whether physically or mentally) or chronically sick people upon terms appropriate to their means; and any other charitable object that can be carried out from time to time by a registered society.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Spring Housing Association Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

Page 24

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

2. Accounting policies (continued)

2.2 Longer reporting period

During the period, the Board approved a change in the Charity’s accounting reference date from 30 September to 31 March to align with the rest of the group.

As a result, these financial statements cover an extended 18-month period from 1 October 2023 to 31 March 2025. The comparative figures for the year ended 30 September 2023 are therefore not directly comparable.

2.3 Company status

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

2.4 Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected income and expenditure, together with projected cashflows, for a period of 12 months from the date of authorising these financial statements, and concluded that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

2.5 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Rental income is recognised from the point when properties are available for letting, net of any voids.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.6 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.

Charitable activities costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity.

All expenditure is inclusive of irrecoverable VAT.

Page 25

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying amount of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property - 2% straight line
Long-term leasehold property - Over the life of the lease
including Fred Winter Centre
Motor vehicles - 20% straight line
Fixtures and fittings - 20% straight line
Office equipment - 20% straight line
Computer equipment - 20% straight line

2.8 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.10 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

Page 26

Spring Housing Association Limited

Notes to the Financial Statements For the Period Ended 31 March 2025

(A Company Limited by Guarantee)

2. Accounting policies (continued)

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.15 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the period.

Page 27

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

2. Accounting policies (continued)

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to 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 administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Critical accounting estimates and areas of judgement

In the application of the charity's accounting policies, which are described above, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on experience and other factors that are considered to be relevant.

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.

Management is required to exercise significant judgement in estimating the bad and doubtful debt provision, which takes into account the ageing of debt and management's assessment of the likelihood of recovery.

Actual results may differ from those estimated. The estimates underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Page 28

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

4. Income from donations and legacies

Donations
Grants
Donations
Grants		 Unrestricted
funds
18-months
ended
31 March
2025
£
52,792
57,200
109,992
Unrestricted
funds
Year ended
30 September
2023
£
61,941
-
61,941		 Restricted
funds
18-months
ended
31 March
2025
£
-
394,492
394,492
Restricted
funds
Year ended
30 September
2023
£
-
233,234
233,234		 Restricted
capital funds
18-months
ended
31 March
2025
£
-
190,750
190,750
Restricted
capital funds
Year ended
30 September
2023
£
-
-
-		 Total
funds
18-months
ended
31 March
2025
£
52,792
642,442
695,234
Total
funds
Year ended
30 September
2023
£
61,941
233,234
295,175

Page 29

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

5. Income from charitable activities

Rent, eligible service charges and property management
Support income, care leavers and refugee services
Other charitable projects
Rent, eligible service charges and property management
Support income, care leavers and refugee services
Other charitable projects		 Unrestricted
funds
18-months
ended
31 March
2025
£
16,222,606
2,804,926
1,137,460
20,164,992
Unrestricted
funds
Year ended
30 September
2023
£
10,404,982
2,280,399
648,225
13,333,606		 Total
funds
18-months
ended
31 March
2025
£
16,222,606
2,804,926
1,137,460
20,164,992
Total
funds
Year ended
30 September
2023
£
10,404,982
2,280,399
648,225
13,333,606

Page 30

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

6. Other income

Other miscellaneous income
Other miscellaneous income		 Unrestricted
funds
18-months
ended
31 March
2025
£
503,909
Unrestricted
funds
Year ended
30 September
2023
£
125,338		 Total
funds
18-months
ended
31 March
2025
£
503,909
Total
funds
Year ended
30 September
2023
£
125,338

Page 31

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

7. Analysis of expenditure by activities

Housing provision
Housing provision		 Activities
undertaken
directly
18-months
ended
31 March
2025
£
18,344,304
Activities
undertaken
directly
Year ended
30 September
2023
£
11,705,809		 Support
costs
18-months
ended
31 March
2025
£
2,809,818
Support costs
Year ended
30 September
2023
£
1,832,726		 Total
funds
18-months
ended
31 March
2025
£
21,154,122
Total
funds
Year ended
30 September
2023
£
13,538,535

Page 32

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation on vehicles, leasehold property and fixtures and fittings
Staff training and expenses
Property lease costs and write-offs
Property costs
Managing agent's fees
Bad debt allowance		 Total
funds
18-months
ended
31 March
2025
£
4,446,431
397,936
116,942
8,852,454
4,385,135
387,378
(241,972)
18,344,304		 Total
funds
Year ended
30 September
2023
£
2,667,235
246,362
74,791
5,720,356
2,423,890
261,279
311,896
11,705,809

Page 33

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation on office and computer equipment
Staff training and expenses
Office costs
Vehicle running costs and sundry support costs
Marketing costs
IT costs
Consultancy costs and bank charges
Audit and accountancy fees
Legal and professional fees
Interest payable		 Total
funds
18-months
ended
31 March
2025
£
811,174
65,768
904,186
405,308
94,143
32,367
224,860
33,711
64,662
97,243
76,396
2,809,818		 Total
funds
Year ended
30 September
2023
£
539,152
47,820
556,390
260,868
57,008
12,476
135,483
92,531
30,760
46,556
53,682
1,832,726

Page 34

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

8. Net movement in funds

This is stated after charging:

Depreciation of tangible fixed assets owned by the charity
Depreciation of tangible fixed assets held under finance leases
Auditor's remuneration - audit of the group financial statements
Operating lease rentals		 18-months
ended
31 March

2025
£
394,667
69,035
18,800
8,021,918
8,504,420		 Year ended
30 September
2023
£
253,168
41,014
17,500
5,355,696
5,667,378

9. Staff costs

Wages and salaries
Social security costs
Pension contributions		 Group
18-months
ended
31 March
2025
£
4,633,026
530,076
94,503
5,257,605		 Group
Year ended
30 September
2023
£
2,902,428
248,147
55,812
3,206,387		 Charity
18-months
ended
31 March

2025
£
2,254,477
530,076
94,503
2,879,056		 Charity
Year ended
30 September
2023
£
1,715,328
248,147
55,812
2,019,287

Page 35

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

9. Staff costs (continued)

The average number of persons employed by the Charity during the period was as follows:

Management and administration
Housing
Maintenance
Support		 Group
18-months
ended
31 March
2025
No.
24
61
13
32
130		 Group
Year ended
30 September
2023
No.
22
40
8
57
127

The number of employees whose annualised employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group
18-months Group
ended Year ended
31 March 30 September
2025 2023
No. No.
In the band £60,001 - £70,000 3 2

The total compensation received by the key management of the charity during the period, including employer pension costs, was £103,231 (2023 - £65,545).

10. Trustees' remuneration and expenses

During the period, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the period ended 31 March 2025, no Trustee expenses have been incurred (2023 - £NIL).

Page 36

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

11. Tangible fixed assets

Group and Charity

Cost
At 1 October 2023
Additions
Disposals
At 31 March 2025
Depreciation
At 1 October 2023
Charge for the period
On disposals
At 31 March 2025
Net book value
At 31 March 2025
At 30 September 2023		 Freehold
property
£
-
190,000
-
190,000
-
1,279
-
1,279
188,721
-		 Long-term
leasehold
property
£
187,070
336,525
-
523,595
68,811
35,915
-
104,726
418,869
118,259		 Fred
Winter
Centre
£
2,517,675
22,035
-
2,539,710
301,965
253,628
-
555,593
1,984,117
2,215,710		 Motor
vehicles
£
127,305
34,800
(22,094)
140,011
72,927
32,848
(15,533)
90,242
49,769
54,378		 Fixtures
and
fittings
£
276,345
210,612
-
486,957
143,049
74,265
-
217,314
269,643
133,296		 Computer
and office
equipment
£
306,277
41,913
-
348,190
189,337
65,767
-
255,104
93,086
116,940		 Total
£
3,414,672
835,885
(22,094)
4,228,463
776,089
463,702
(15,533)
1,224,258
3,004,205
2,638,583

The net book value of assets held under finance leases was £454,100 (2023 - £492,145).

Page 37

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

12. Fixed asset investments

Principal subsidiary:

Spring Community Homes Limited is a direct subsidiary undertaking of the Charity. The registered company number of Spring Community Homes is RS007733 and the registered office is 22 Old Walsall Road, Birmingham, B42 1DT. The principal activity of Spring Community Homes Limited is the provision and management of housing and accommodation for persons in necessitous circumstances, on a not for profit basis.

Income Expenditure Surplus
18-months 18-months 18-months
ended 31 ended 31 ended 31
March March March
2025 2025 2025
£ £ £
Spring Community Homes Limited 14,551,314 14,488,457 62,857
Income Expenditure Surplus
Year ended Year ended Year ended
30 September 30 September 30 September
2023 2023 2023
£ £ £
Spring Community Homes Limited 9,765,158 9,707,294 57,864

The subsidiary had net assets of £Nil as at 31 March 2025 following a gift aided donation of the surplus to the parent charity (2023 - £Nil).

Page 38

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Period Ended 31 March 2025

13. Debtors

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
31 March
2025
£
1,355,658
194,982
80,523
321,837
1,953,000		 Group
30 September
2023
£
1,685,011
-
78,724
451,634
2,215,369		 Charity
31 March
2025
£
1,355,658
194,982
80,523
321,837
1,953,000		 Charity
30 September
2023
£
1,685,011
629,561
78,724
451,634
2,844,930

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. The consolidated group balance represents amounts owed by the parent entity which is not included in this consolidation.

14. Creditors: Amounts falling due within one year

Other loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income		 Group
31 March
2025
£
82,007
303,835
-
60,179
171,376
25,841
1,009,345
1,652,583		 Group
30 September
2023
£
161,897
278,101
-
67,366
169,120
29,225
1,146,401
1,852,110		 Charity
31 March
2025
£
82,007
303,835
4,359
60,179
171,376
25,306
1,004,922
1,651,984		 Charity
30 September
2023
£
161,897
278,101
-
67,366
169,120
28,690
1,146,392
1,851,566

Net obligations under finance leases and hire purchase contracts are secured on the related assets.

Page 39

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

Deferred income included in creditors was as follows:

Deferred income at 1 October 2023
Resources deferred during the period
Amounts released from previous periods		 Group
31 March
2025
£
878,528
339,668
(447,661)
770,535		 Group
30 September
2023
£
38,644
878,528
(38,644)
878,528		 Charity
31 March
2025
£
213,528
339,668
(213,528)
339,668		 Charity
30 September
2023
£
38,644
213,528
(38,644)
213,528

Support and refugee services income remitted in advance has been deferred into the period in which the service is delivered. Unspent PRS Leasing Scheme funding has been deferred until such point as the leases are secured and units made available to prospective tenants.

Page 40

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

15. Creditors: Amounts falling due after more than one year

Other loans
Net obligations under finance lease and hire
purchase contracts		 Group
31 March
2025
£
193,679
93,745
287,424		 Group
30 September
2023
£
170,431
317,819
488,250		 Charity
31 March
2025
£
193,679
93,745
287,424		 Charity
30 September
2023
£
170,431
317,819
488,250

Included within the above are amounts falling due as follows:

Between one and two years
Other loans
Between two and five years
Other loans		 Group
31 March
Group
30 September
2025
2023
£
£
87,061
75,486
106,618
94,945		 Charity
31 March
2025
£
87,061
106,618		 Charity
30 September
2023
£
75,486
94,945

Other loans includes an unsecured £250,000 Social Investment Business loan, being repaid over 5 years to December 2026, with a fixed interest rate of 7.9%.

Also included in other loans is an unsecured £185,000 loan from Stratford-on-Avon District Council repayable over 30 months at a fixed interest rate of 2.0%.

Also included in other loans is a £147,290 Social Investment Business Recovery loan, being repaid over 6 years to August 2030, with a fixed interest rate of 7.9%. The loan is secured by a standard fixed and floating charge over the relevant property.

Page 41

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

16.
Statement of funds
Statement of funds - current period
Balance at 1
October 2023
£
Unrestricted funds
Designated funds
Fixed assets
359,736
Fred Winter Centre
2,215,710
2,575,446
General funds
General Funds
543,175
Total Unrestricted funds
3,118,621		 Income
£
57,200
-
57,200
20,721,693
20,778,893		 Expenditure
£
(203,416)
(253,628)
(457,044)
(20,224,977)
(20,682,021)		 Transfers
in/(out)
£
559,341
22,035
581,376
(581,376)
-		 Balance at 31
March 2025
£
772,861
1,984,117
2,756,978
458,515
3,215,493

Page 42

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Period Ended 31 March 2025

16. Statement of funds (continued)

Balance at 1
October 2023
£
Restricted income funds
Children In Need Grant
(41)
BCC - Period Literacy
25,000
Nationwide
18,449
Police Crime Commissioner
6,065
Heart of England Community
Garden
9,768
BCC NNS
50,573
BCC Misc
(134)
Reaching Communities - FWC
36,696
Stratford Town Trust
23,614
FWC - Shared Prosperity Fund
-
BCC PRS Leasing
-
169,990
Restricted capital funds
Midlands Together (Hestia
House)
42,590
The Clothworker Foundation
20,547
BCC PRS Leasing - The Beeches
-
63,137
Total Restricted funds
233,127
Total of funds
3,351,748		 Income
£
-
-
-
10,625
-
181,687
-
80,312
50,000
28,485
43,383
394,492
-
-
190,750
190,750
585,242
21,364,135		 Expenditure
£
-
-
(18,449)
(15,085)
(9,768)
(190,038)
-
(96,874)
(63,359)
(28,485)
(43,383)
(465,441)
(4,493)
(2,167)
-
(6,660)
(472,101)
(21,154,122)		 Transfers
in/(out)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at 31
March 2025
£
(41)
25,000
-
1,605
-
42,222
(134)
20,134
10,255
-
-
99,041
38,097
18,380
190,750
247,227
346,268
3,561,761

Page 43

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

16. Statement of funds (continued)

Statement of funds - prior period

Unrestricted funds
Designated funds
Fixed assets
Fred Winter Centre
General funds
General Funds
Total Unrestricted funds		 Balance at
1 October
2022
£
374,582
2,357,923
2,732,505
48,657
2,781,162		 Income
£
-
-
-
13,520,885
13,520,885		 Expenditure
£
(120,872)
(168,873)
(289,745)
(12,893,681)
(13,183,426)		 Transfers
in/(out)
£
106,026
26,660
132,686
(132,686)
-		 Balance at
30 September
2023
£
359,736
2,215,710
2,575,446
543,175
3,118,621

Page 44

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Period Ended 31 March 2025

16. Statement of funds (continued)

Restricted income funds
Refugee Action SVRPS
Big Lottery Fund Grant
Children In Need Grant
Children In Need Grant -
Refugees
BCC - Period Literacy
Nationwide
WCC
Police Crime Commissioner
Heart of England Community
Garden
BCC NNS
BCC Misc
Reaching Communities - FWC
Stratford Town Trust
RSI 2021
Other restricted funding		 Balance at
1 October
2022
£
59,407
11,817
2,481
4,680
-
27,520
8,620
1,406
10,496
65,624
(134)
35,601
40,053
19,489
368
287,428		 Income
£
-
-
10,000
-
25,000
7,500
-
10,000
-
90,000
500
56,234
25,000
9,000
-
233,234		 Expenditure
£
(59,407)
(11,817)
(12,522)
(4,680)
-
(16,571)
(8,620)
(5,341)
(728)
(105,051)
(500)
(55,139)
(41,439)
(28,489)
(368)
(350,672)		 Transfers
in/(out)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
30 September
2023
£
-
-
(41)
-
25,000
18,449
-
6,065
9,768
50,573
(134)
36,696
23,614
-
-
169,990

Page 45

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Period Ended 31 March 2025

16. Statement of funds (continued)

Restricted capital funds
Midlands Together (Hestia
House)
The Clothworker Foundation
Total Restricted funds
Total of funds		 Balance at
1 October
2022
£
45,583
21,991
67,574
355,002
3,136,164		 Income
£
-
-
-
233,234
13,754,119		 Expenditure
£
(2,993)
(1,444)
(4,437)
(355,109)
(13,538,535)		 Transfers
in/(out)
£
-
-
-
-
-		 Balance at
30 September
2023
£
42,590
20,547
63,137
233,127
3,351,748

Page 46

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

Purpose of restricted income funds:

Refugee Action SVPRS

This project supports Syrian refugees resettling within Birmingham by providing furnished accommodation and support to the families.

Big Lottery Fund Grant

Is helping Spring be a place shaper and IT hub for the local community.

Children in Need Grant (YPS)

This fund is being used to deliver our Life-Hacks project within our young people services. This project offers a range of activities to our young people and provides equipment and support throughout the 3-year project.

Children in Need - Refugees

This project provides a family worker to specifically work with the children in the Syrian resettlement project.

Birmingham City Council - Period Literacy

To create a toolkit and provide training to the homeless sector around period literacy.

Nationwide

This is to provide support and advice to those who are or who have suffered from modern day slavery.

Police Crime Commissioner

To fund activities for the community and a session worker provided at the Fred Winter Centre

Heart of England – Community Garden Fund

To fund the creation of a customer garden at the rear of the Fred Winter Centre

Birmingham City Council – Network Neighborhood Scheme (NNS)

To research and provide support to both individuals and communities in the Perry Barr area to promote living healthy independent lives.

Reaching Communities – Fred Winter Centre (FWC)

To support those in the local community who are at risk of homelessness by providing advice, support and group activities for those residing in or around the Fred Winter Centre.

Page 47

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

Rough Sleepers Initiative (RSI)

To provide support, advice and move on routes to women who are either street homeless or at risk of becoming street homeless.

BCC PRS Leasing

Grant funding utilised on 5-year leases creating 9 units for council nominated tenants.

Purpose of restricted capital funds:

Midlands Together (Hestia House)

This funding was a capital contribution towards the works required to renovate the ground floor at Hestia House into an office space and community hub.

The Clothworkers Foundation

These funds were used towards the capital refurbishment project at Hestia House to create a community and ICT Hub.

BCC PRS Leasing - The Beeches

Capital element of grant funding utilised on the new Beeches development creating 21 units for council nominated tenants.

Page 48

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

17. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
31 March
2025
£
2,756,978
1,967,655
(1,221,716)
(287,424)
3,215,493		 Restricted
income funds
31 March
2025
£
-
529,908
(430,867)
-
99,041		 Restricted
capital funds
31 March
2025
£
247,227
-
-
-
247,227		 Total
funds
31 March
2025
£
3,004,205
2,497,563
(1,652,583)
(287,424)
3,561,761

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
30 September
2023
£
2,575,446
2,255,740
(1,224,315)
(488,250)
3,118,621		 Restricted
income funds
30 September
2023
£
-
797,785
(627,795)
-
169,990		 Restricted
capital funds
30 September
2023
£
63,137
-
-
-
63,137		 Total
funds
30 September
2023
£
2,638,583
3,053,525
(1,852,110)
(488,250)
3,351,748

Page 49

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Loss on the sale of fixed assets
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash in hand		 Group
18-months
ended
31 March
2025
£
210,013
463,702
6,561
262,369
(121,893)
820,752
Group
31 March
2025
£
544,563		 Group
Year ended
30 September
2023
£
215,584
294,182
-
(201,423)
734,380
1,042,723
Group
30 September
2023
£
838,156

19. Analysis of cash and cash equivalents

Page 50

Spring Housing Association Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Period Ended 31 March 2025

20. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases		 At 1 October
2023
£
838,156
(161,897)
(170,431)
(486,939)
18,889		 Cash flows
£
(293,593)
79,890
(23,248)
250,818
13,867		 New finance
leases
£
-
-
-
(29,000)
(29,000)		 At 31 March
2025
£
544,563
(82,007)
(193,679)
(265,121)
3,756

21. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £94,503 (2023 - £55,812). Contributions of £11,497 (2023 - £11,753) were payable to the fund at the balance sheet date and are included in creditors.

22. Operating lease commitments

At 31 March 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
31 March

2025
£
898,419
1,502,207
1,850,740
4,251,366		 As restated
Group
30 September
2023
£
1,995,570
2,714,503
2,262,818
6,972,891		 Charity
31 March

2025
£
846,994
1,477,287
1,850,608
4,174,889		 As
restated
Charity
30 September
2023
£
223,625
651,500
1,414,050
2,289,175

Page 51

Spring Housing Association Limited

Notes to the Financial Statements For the Period Ended 31 March 2025

(A Company Limited by Guarantee)

23. Related party transactions

On 31 March 2025, Spring Community Homes Limited donated its surplus for the year of £62,857 (2023 - £57,864), in accordance with a Deed of Covenant between the two entities.

During the period, the Charity recharged repairs costs and professional fees to its parent, St Anne’s Hostel. At the balance sheet date, £194,982 was owing to the Charity in respect of these recharges.

24. Controlling party

With effect from 1 April 2024, St Anne’s Hostel, a charity registered in England and Wales under the number 1037430, became the immediate parent and controlling party of Spring Housing Association Limited. Consolidated group financial statements can be obtained from Companies House, the Charity Commission or the parent's registered address: St Anne's Hostel, 112 Moseley St, Birmingham, B12 0RY.

Page 52