Charity Registration No. 1163981
Company Registration No. 05051891 (England and Wales)
HULL WOMENS NETWORK LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Fawley Judge & Easton Chartered Certified Accountants 1 Parliament Street Hull East Yorkshire HU1 2AS
HULL WOMENS NETWORK LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Ms K Brady Ms L M Hilder Mrs H K Johal Ms T L Cooper
Secretary Ms L M Hilder Charity number 1163981 Company number 05051891 Registered office 185 Preston Road Hull East Yorkshire England HU9 5UY Auditor Fawley Judge & Easton Chartered Certified Accountants 1 Parliament Street Hull East Yorkshire HU1 2AS
HULL WOMENS NETWORK LTD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent auditor's report | 5 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 - 19 |
HULL WOMENS NETWORK LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their annual report and financial statements for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's articles of association , the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's objects are the provision of safe and supported accommodation to women and children experiencing domestic violence and abuse. The policies adopted in furtherance of these objects are the charities articles and there has been no change in these during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Significant activities
Hull Women’s Network is run by women for women and aims to offer safe and supported accommodation to women and children experiencing domestic violence and abuse.
Despite the challenging macro-economic climate the organisation has continued to develop its services to respond to increased demand and need in the surrounding community. The organisation owns a portfolio of 120 + dispersed properties and works closely with women and children affected by domestic violence and abuse every year, enabling them to cope with crisis and develop themselves positively.
Below is a synopsis of our key services which have been delivered this year and contributed to achieving our charitable objectives:
Safe dispersed accommodation
Hull Women’s Network has successfully managed a dispersed accommodation service since 2008. All the properties in the portfolio are consistently tenanted - our average void rates range from 0.5 - 5% and most properties are vacated and re-let on the same day. We have worked successfully in partnership with the local authority and other local organisations to ensure that each property also benefits from target hardening measures and is equipped with lifeline alarms as necessary to each tenant.
We currently manage 220 properties as part of the Hull Safe Women's Homes group and are seeking to increase this portfolio further in the next year, predominantly through the National Charity Award winning Safe as Houses scheme – working with private landlords to lease their properties and let them to our client group.
The provision of these solutions not only delivers safe accommodation for those in desperate need of it, the holistic wrap around services provided by Preston Road Women's centre integrated with safe accommodation delivers outstanding outcomes for those families and significant returns on investment for the public purse.
Figures based on Home Office data, Cabinet Office and other Government Department publications and research demonstrate that for each £1 invested in prevention of domestic violence and abuse, a return of £7.12 can be achieved.
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HULL WOMENS NETWORK LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Volunteers
The work of all the volunteers within the company is greatly valued. Not only do our volunteers give of their time and energy to support the organisation, they contribute actively to shaping our services and co-producing services.
Local women support local women to recover from crises and rebuild their lives through the activities and services the centre provides.
Achievements and performance Fundraising activities
Fundraising activities during the year included income from:
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Rental income from our dispersed accommodation
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Property management charges from private landlords
-
grant income from Hull City Council
Financial review
Reserves policy
The trustees have established a reserves policy whereby they wish to see the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the charity to be at a level to ensure the continuity of the charity and this equates to approximately £30,000 in general funds. At this level the trustees feel that they would be able to continue current activities of the company in the event of any significant drop in funding.
We believe that the charity’s funds should be applied to delivering the charity’s objectives and therefore do not aspire to hold more than this amount in reserves unless planning for a specific purpose.
Additional reserves may be applied to reducing our loan commitments as and when the Trustees deem prudent.
Principal funding sources
The principal funding sources for the organisation during 2021/22 are:
Income from dispersed accommodation
We also received a grant from the Henry Smith charity to house women who are at even greater risk as they are aged between 16 to 18 or they have no recourse to public funds.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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HULL WOMENS NETWORK LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Plans for future periods FUTURE DEVELOPMENTS
Hull Women’s Network will continue to seek opportunities to increase its portfolio of dispersed accommodation offering safe accommodation to women and children fleeing violence and abuse.
Work will continue in conjunction with Winner Trading Ltd to identify and recruit suitable private landlords for whom the organisation can provide a property management service, thereby increasing the portfolio without the concomitant capital outlay.
Work will also continue to identify funds to purchase new properties, in particular to meet the identified needs for one-bedroomed flats for women without children and general needs accommodation.
We will work with statutory sector partners and charitable trusts to realise these aspirations so that the organisation can continue to provide its essential services far into the future.
Structure, governance and management
The charity is a company limited by guarantee.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Ms K Brady Ms L M Hilder Mrs H K Johal Ms T L Cooper
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Auditor
In accordance with the company's articles, a resolution proposing that Fawley Judge & Easton be reappointed as auditor of the company will be put at a General Meeting.
The trustees' r eport was approved by the Board of Trustees.
Ms L M Hilder Trustee
29 November 2022
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HULL WOMENS NETWORK LTD
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2022
The trustees, who are also the directors of Hull Womens Network Ltd for the purpose of company 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 Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HULL WOMENS NETWORK LTD
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HULL WOMENS NETWORK LTD
Opinion
We have audited the financial statements of Hull Womens Network Ltd (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 charity’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.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 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.
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HULL WOMENS NETWORK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HULL WOMENS NETWORK LTD
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' r eport; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Fawley Judge & Easton 29 November 2022 Chartered Certified Accountants Statutory Auditor 1 Parliament Street Hull East Yorkshire HU1 2AS
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HULL WOMENS NETWORK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HULL WOMENS NETWORK LTD
Fawley Judge & Easton is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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HULL WOMENS NETWORK LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income and endowments from: Donations and legacies 3 122,198 30,000 Charitable activities 4 655,734 - Other income 5 40 - Total income 777,972 30,000 Expenditure on: Charitable activities 6 617,814 - Other 10 245,851 - Total resources expended 863,665 - Net gains/(losses) on investment properties 11 929,041 - Net income for the year/ Net movement in funds 843,348 30,000 Fund balances at 1 April 2021 1,941,177 - Fund balances at 31 March 2022 2,784,525 30,000 |
TotalUnrestricted funds 2022 2021 £ £ 152,198 1,053,556 655,734 645,721 40 750 807,972 1,700,027 617,814 454,163 245,851 224,983 863,665 679,146 929,041 862,555 873,348 1,883,436 1,941,177 27,740 2,814,525 1,911,176 |
Restricted funds 2021 £ 30,000 - - 30,000 - - - - 30,000 - 30,000 |
Total 2021 £ 1,083,556 645,721 750 1,730,027 454,163 224,983 679,146 862,555 1,913,436 27,740 1,941,176 |
|---|---|---|---|
| Donations and legacies 3 Charitable activities 4 Other income 5 Total income Expenditure on: Charitable activities 6 Other 10 Total resources expended Net gains/(losses) on investment properties 11 Net income for the year/ Net movement in funds Fund balances at 1 April 2021 Fund balances at 31 March 2022 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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HULL WOMENS NETWORK LTD
BALANCE SHEET
AS AT 31 MARCH 2022
| Notes Fixed assets Investment properties 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 16 Net assets Income funds Restricted funds 18 Unrestricted funds |
2022 £ £ 8,001,079 688,316 3,467 691,783 (521,086) 170,697 8,171,776 (5,357,251) 2,814,525 30,000 2,784,525 2,814,525 |
2021 £ £ 6,719,926 164,275 870,098 1,034,373 (529,079) 505,294 7,225,220 (5,284,044) 1,941,176 30,000 1,911,176 1,941,176 |
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 29 November 2022
Ms L M Hilder Trustee
Company Registration No. 05051891
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HULL WOMENS NETWORK LTD
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 21 Investing activities Purchase of investment property Net cash used in investing activities Financing activities Repayment of bank loans Net cash generated from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2022 2021 £ £ £ £ (590,127) 535,956 (352,112) (1,226,119) (352,112) (1,226,119) 75,607 1,391,434 75,607 1,391,434 (866,632) 701,271 870,098 168,828 3,467 870,098 |
|---|---|
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HULL WOMENS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
Hull Womens Network Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 185 Preston Road, Hull, East Yorkshire, HU9 5UY, England.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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HULL WOMENS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably, Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
1.6 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
[Property rented to a group entity is accounted for as tangible fixed assets.]
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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HULL WOMENS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds 2022 2022 £ £ Donations and gifts - 30,000 Right to Buy Grants 122,198 - 122,198 30,000 Charitable activities Charitable rental income |
TotalUnrestricted Restricted Total funds funds 2022 2021 2021 2021 £ £ £ £ 30,000 - 30,000 30,000 122,198 1,053,556 - 1,053,556 152,198 1,053,556 30,000 1,083,556 Rental Properties Rental Properties 2022 2021 £ £ 655,734 645,721 |
|---|---|
4 Charitable activities
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HULL WOMENS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
5 Other income
| Unrestricted | Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2022 | 2021 | |||||
| £ | £ | |||||
| Other income | 40 | 750 | ||||
| 6 | Charitable activities | |||||
| Rental | Rental | |||||
| Properties | Properties | |||||
| 2022 | 2021 | |||||
| £ | £ | |||||
| Staff costs | 226,659 | 261,595 | ||||
| Property repairs & maintenance | 284,836 | 170,350 | ||||
| Insurance | 22,600 | 11,684 | ||||
| Council Tax | (496) | (63) | ||||
| Bad & doubtful debt | - | 37 | ||||
| Henry Smith expenditure | 61,082 | - | ||||
| 594,681 | 443,603 | |||||
| Share of support costs (see note 7) | 7,000 | 7,000 | ||||
| Share of governance costs (see note 7) | 16,133 | 3,560 | ||||
| 617,814 | 454,163 | |||||
| Support costs | ||||||
| Support | Governance |
2022 |
2021 | |||
| costs | costs |
|||||
| £ | £ |
£ |
£ | |||
| Operating lease charges | 7,000 | - |
7,000 |
7,000 | ||
| Accountancy | - | 3,108 |
3,108 |
3,360 | ||
| Legal and professional | - | 13,025 |
13,025 |
200 | ||
| 7,000 | 16,133 |
23,133 |
10,560 | |||
| Analysed between | ||||||
| Charitable activities | 7,000 | 16,133 |
23,133 |
10,560 |
7 Support costs
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HULL WOMENS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Social security costs Other pension costs |
2022 Number 12 2022 £ 215,532 10,249 878 226,659 |
2021 Number 12 2021 £ 244,076 16,125 1,394 261,595 |
|---|---|---|
There were no employees whose annual remuneration was more than £60,000.
10 Other
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2022 | 2021 | |
| £ | £ | |
| Financing costs | 245,851 | 224,983 |
| 245,851 | 224,983 | |
| Net gains/(losses) on investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Revaluation of investment properties | 929,041 | 862,555 |
11 Net gains/(losses) on investments
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HULL WOMENS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
12 Investment property
| Fair value At 1 April 2021 Additions through external acquisition Net gains or losses through fair value adjustments At 31 March 2022 |
2022 £ 6,719,926 352,112 929,041 8,001,079 |
|---|---|
The trustee's have revalued the properties using the current market values of similar properties in the immediate area of the housing stock. The information has been gathered from recently sold prices, current properties for sale and online sources such as Zoopla.
13 Debtors
| Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income Loans and overdrafts Bank loans Payable after one year |
2022 £ 61,475 620,722 6,119 688,316 2022 £ 5,332,995 5,332,995 |
2021 £ 61,583 92,901 9,791 164,275 2021 £ 5,257,388 5,257,388 |
|---|---|---|
14 Loans and overdrafts
The long-term loans are secured by fixed charges over all property held by the charity.
15 Creditors: amounts falling due within one year
| Notes Government grants 17 Trade creditors Other creditors Accruals and deferred income |
2022 £ 458,497 13 5,538 57,038 521,086 |
2021 £ 468,937 1,736 20,565 37,841 529,079 |
|---|---|---|
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HULL WOMENS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
16 Creditors: amounts falling due after more than one year
| Notes Bank loans 14 Other creditors |
2022 £ 5,332,995 24,256 5,357,251 |
2021 £ 5,257,388 26,656 5,284,044 |
|---|---|---|
Other creditors relates to the ESF funding that is being repaid. The organisation is repaying the fund back at £2,400 per annum.
17 Government grants
The grants funding within Hull Womens Network Ltd relates to the acquisition of the properties purchased by the charity. These grants are ammortised over the useful economic lifetime of the properties in line with the grant terms. The amount remaining at they year end is £468,937 (2019-£1,039,002).
Deferred income is included in the financial statements as follows:
| Deferred income is included within: Current liabilities Movements in the year: Deferred income at 1 April 2021 Released from previous periods Deferred income at 31 March 2022 |
2022 £ 458,497 468,937 (10,440) 458,497 |
2021 £ 468,937 1,039,002 (570,065) 468,937 |
|---|---|---|
18 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement | Movement | |||
|---|---|---|---|---|
| in funds | in funds | |||
| Incoming | Balance at | Incoming | Balance at |
|
| resources | 1 April 2021 | resources | 31 March 2022 |
|
| £ | £ | £ |
£ |
|
| Henry Smith Fund | 30,000 | - | 30,000 |
30,000 |
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HULL WOMENS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
19 Analysis of net assets between funds
| Unrestricted funds Restricted funds TotalUnrestricted funds 2022 2022 2022 2021 £ £ £ £ Fund balances at 31 March 2022 are represented by: Investment properties 8,001,079 - 8,001,079 6,719,926 Current assets/ (liabilities) 140,697 30,000 170,697 475,294 Long term liabilities (5,357,251) - (5,357,251) (5,284,044) 2,784,525 30,000 2,814,525 1,911,176 |
Restricted funds Total 2021 2021 £ £ - 6,719,926 30,000 505,294 - (5,284,044) 30,000 1,941,176 |
|---|---|
20 Related party transactions
Transactions with related parties
During the year the charity entered into the following transactions with related parties:
T he following amounts were outstanding at the reporting end date:
| Amounts owed to | related | |
|---|---|---|
| parties | ||
| 2022 | 2021 | |
| £ | £ | |
| Winner, The Preston Road Womens Centre | ||
| Ltd | 5,538 | 20,565 |
| 5,538 | 20,565 |
T he following amounts were outstanding at the reporting end date:
| Amounts owed by related parties Amounts owed by parties 2022 2021 Balance Net Balance £ £ £ Winner Trading Limited 620,722 620,722 92,901 620,722 620,722 92,901 |
related Net £ 92,901 92,901 |
|---|---|
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HULL WOMENS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
| 21 Cash generated from operations Surplus for the year Adjustments for: Fair value gains and losses on investment properties Movements in working capital: (Increase)/decrease in debtors Increase in creditors (Decrease) in deferred income Cash (absorbed by)/generated from operations 22 Analysis of changes in net (debt)/funds At 1 April 2021 £ Cash at bank and in hand 870,098 Loans falling due after more than one year (5,257,388) (4,387,290) |
2022 2021 £ £ 873,348 1,913,436 (929,041) (862,555) (524,041) 50,860 47 4,280 (10,440) (570,065) (590,127) 535,956 Cash flows At 31 March 2022 £ £ (866,631) 3,467 (75,607) (5,332,995) (942,238) (5,329,528) |
|---|---|
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