Midshire Supported Housing Trust
Charity No. 1167887
Company No. 08848785
Trustees' Report and Unaudited Accounts
31 January 2021
Midshire Supported Housing Trust Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2-3 |
| Statement of Financial Activities | 4 |
| Summary Income and Expenditure Account | 5 |
| Balance Sheet | 6 |
| Statement of Cash flows | 9-13 |
| Notes to the Accounts | 9-13 |
| Detailed Statement of Financial Activities | 14-15 |
Page 1
Midshire Supported Housing Trust Trustees Annual Report
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2020. The trustees have adopted the provisions of 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 (FRS102) (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The Charity’s objectives are to work in partnership with individuals with social and mental problems and communities to maximize the positive impact we have on peoples lives, promoting independence and full participation in society.
In setting our objectives and planning our activities he Trustees have given careful consideration to the Charity to commission public benefit guidance.
ACHIEVEMENT AN PERFORMANCE
Charitable activities
During the year under review the charity has accommodated and supported 131 individuals.
FINANCIAL REVIEW
Financial position
The charity achieved a surplus of £75,648
At the end of the period the charity had general funds of £98,086
Because the charity is funded by the local authority and receives funds on a regular basis throughout the year, the trustees feel that reserves will build up to a sufficient level within a matter of months.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Appointment of trustees
Trustees selection process is by interview. Candidates are selected on the basis of their specific knowledge and experience covering a wide range of skills including social work, legal and finance with the purpose of building a team able to advise and participate in the running of the charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company Number
08848785 (England and Wales)
Registered Charity Number
1167887
Page 2
Midshire Supported Housing Trust Trustees Annual Report
Registered Office
320 First Floor Witton Road Aston Birmingham West Midlands B6 6NX
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
A. Akram A.S. Bhopal N. Mir
Accountants
Keytax Accountants 220-222 Warwick Road B11 2NB
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
A. Akram Trustee 01 January 2021
Page 3
Midshire Supported Housing Trust Statement of Financial Activities
for the year ended 31 January 2021
| Notes Income and endowments from: Donations and legacies 3 Charitable activities 4 Other 5 Total Expenditure on: Charitable activities 6 Other 7 Total Net gains on investments Net income 8 Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2021 £ 534,578 26,000 26,128 |
Restricted funds 2021 £ - - - |
Total funds 2021 £ 534,578 26,000 26,128 |
Total funds 2020 £ 323,755 28,500 42 |
|---|---|---|---|---|
| 586,706 34,205 476,853 |
- - - |
586,706 34,205 476,853 |
352,297 12,084 334,080 |
|
| 511,058 - |
- - |
511,058 - |
346,164 - |
|
| 75,648 - |
- - |
75,648 - |
6,133 - |
|
| 75,648 | - | 75,648 | 6,133 | |
| 75,648 22,438 |
- 131,500 |
75,648 153,938 |
6,133 147,805 |
|
| 98,086 | 131,500 | 229,586 | 153,938 |
Page 4
Midshire Supported Housing Trust Summary Income and Expenditure Account
for the year ended 31 January 2021
| Income Gross income for the year Expenditure Depreciation and charges for impairment of fixed assets Total expenditure for the year Net income before tax for the year Net income for the year |
2021 £ 586,706 586,706 498,643 12,415 511,058 75,648 75,648 |
2020 £ 352,297 |
|---|---|---|
| 352,297 | ||
| 339,286 6,878 |
||
| 346,164 | ||
| 6,133 | ||
| 6,133 |
Page 5
Midshire Supported Housing Trust Balance Sheet
at 31 January 2021
| Company No. 08848785 Notes 2021 £ Fixed assets Tangible assets 10 37,246 37,246 Current assets Debtors 11 241,362 Cash at bank and in hand 10,270 251,632 Creditors:Amount falling due within one year 12 (9,292) Net current assets 242,340 Total assets less current liabilities 279,586 Creditors:Amounts falling due after more than one year 13 (50,000) Net assets excluding pension asset or liability 229,586 Total net assets 229,586 The funds of the charity Restricted funds 14 Restricted income funds 131,500 131,500 Unrestricted funds 14 General funds 98,086 98,086 Reserves 14 Total funds 229,586 |
2020 £ 20,636 |
|---|---|
| 20,636 167,340 952 |
|
| 168,292 (34,990) |
|
| 133,302 153,938 - |
|
| 153,938 | |
| 153,938 | |
| 131,500 | |
| 131,500 22,438 |
|
| 22,438 | |
| 153,938 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 January 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 01 January 2021
And signed on its behalf by:
A. Akram Trustee
01 January 2021
Page 6
Midshire Supported Housing Trust Notes to the Accounts
for the year ended 31 January 2021
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
Midshire Supported Housing Trust Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 8
Midshire Supported Housing Trust Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 9
Midshire Supported Housing Trust Notes to the Accounts
3 Income from donations and legacies
| 4 Income from charitable activities 5 Other income 6 Expenditure on charitable activities Expenditure on charitable activities Governance costs |
Unrestricted £ 534,578 534,578 Unrestricted £ 26,000 26,000 Unrestricted £ 25,901 227 26,128 |
Total 2021 £ 534,578 534,578 Total 2021 £ 26,000 26,000 Total 2021 £ 25,901 227 26,128 |
Total 2020 £ 323,755 |
|---|---|---|---|
| 323,755 | |||
| Total 2020 £ 28,500 |
|||
| 28,500 | |||
| Total 2020 £ - 42 |
|||
| 42 | |||
| Unrestricted £ 27,325 6,880 34,205 |
Total 2021 £ 27,325 6,880 34,205 |
Total 2020 £ 11,065 1,019 |
|
| 12,084 |
Page 10
Midshire Supported Housing Trust Notes to the Accounts
7 Other expenditure
| Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 8 Net income before transfers This is stated after charging: Depreciation of owned fixed assets 9 Staff costs Salaries and wages Pension costs No employee received emoluments in excess of £60,000. 10 Tangible fixed assets Cost or revaluation At 1 February 2020 Additions At 31 January 2021 Depreciation and impairment At 1 February 2020 Depreciation charge for the year At 31 January 2021 Net book values At 31 January 2021 At 31 January 2020 |
Unrestricted £ 49,049 8,567 394,906 12,415 8,316 3,600 476,853 2021 £ 12,415 2021 48,178 871 49,049 |
Total 2021 £ 49,049 8,567 394,906 12,415 8,316 3,600 476,853 £ 52,030 29,025 81,055 31,394 12,415 43,809 37,246 20,636 |
Total 2020 £ 33,211 5,874 262,476 6,878 7,653 17,988 |
|---|---|---|---|
| 334,080 | |||
| 2020 £ 6,878 2020 32,849 187 |
|||
| 33,036 | |||
| £ 52,030 29,025 |
|||
| 81,055 | |||
| 31,394 12,415 |
|||
| 43,809 | |||
| 37,246 | |||
| 20,636 |
Page 11
Midshire Supported Housing Trust Notes to the Accounts
| 11 Debtors Trade debtors Other debtors Prepayments and accrued income 12 Creditors: amounts falling due within one year Trade creditors Corporation tax Other taxes and social security Loans from trustees Other creditors Accruals 13 Creditors: amounts falling due after more than one year Bank loans and overdrafts 14 Movement in funds At 1 February 2020 Restricted funds: Restricted income funds: 131,500 Total 131,500 Unrestricted funds: General funds 22,438 Total funds 153,938 |
2021 £ 39,862 131,500 70,000 241,362 2021 £ 3,600 2,140 1,885 (2,569) 4,235 1 9,292 2021 £ 50,000 50,000 Incoming resources (including other gains/losses ) £ - - 586,706 586,706 |
Resources expended £ - - (511,058) (511,058) |
2020 £ 35,840 131,500 - |
|---|---|---|---|
| 167,340 | |||
| 2020 £ 1,600 2,140 4,365 - 5,185 21,700 |
|||
| 34,990 | |||
| 2020 £ - |
|||
| - | |||
| At 31 January 2021 £ 131,500 |
|||
| 131,500 | |||
| 98,086 | |||
| 229,586 |
Page 12
Midshire Supported Housing Trust Notes to the Accounts
15 Analysis of net assets between funds
| Fixed assets Net current assets Creditors due in more than one year and provisions 16 Reconciliation of net debt Cash and cash equivalents Bank loans Net debt |
Unrestricted funds £ 37,246 239,771 (50,000) 227,017 At 1 February 2020 £ |
Restricted funds £ - 2,569 - 2,569 Cash flows £ |
Total £ 37,246 242,340 (50,000) |
|---|---|---|---|
| 229,586 | |||
| At 31 January 2021 £ |
|||
| 952 | 9,318 | 10,270 | |
| 952 - - 952 |
9,318 (50,000) (50,000) (40,682) |
10,270 (50,000) |
|
| (50,000) | |||
| (39,730) |
17 Commitments
Operating lease commitments
Annual commitments under non-cancellable operating leases are as follows:
| 2021 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|
| Land and buildings |
Other | Land and buildings |
Other | |
| £ | £ | £ | £ | |
| Operating leases with expiry date: | ||||
| Pension commitments | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| The pension cost charge to the company | ||||
| amounted to: | 871 | 187 |
18 Related party disclosures
Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 13
Midshire Supported Housing Trust Detailed Statement of Financial Activities
for the year ended 31 January 2021
| Income and endowments from: Donations and legacies Charitable activities Other Total income and endowments Expenditure on: Charitable activities Total of expenditure on charitable activities Employee costs Salaries/wages Pension costs Staff training Motor and travel costs Vehicles - General costs Vehicles - Fuel Premises costs Rent Rates Light, heat and power Premises cleaning Premises insurances Premises repairs and maintenance |
Unrestricted funds 2021 £ 534,578 534,578 26,000 26,000 25,901 227 26,128 586,706 27,325 6,880 34,205 34,205 48,178 871 - 49,049 8,487 80 8,567 330,200 9,313 8,465 9,568 10,028 27,332 394,906 |
Total funds 2021 £ 534,578 534,578 26,000 26,000 25,901 227 26,128 586,706 27,325 6,880 34,205 34,205 48,178 871 - 49,049 8,487 80 8,567 330,200 9,313 8,465 9,568 10,028 27,332 394,906 |
Total funds 2020 £ 323,755 |
|---|---|---|---|
| 323,755 | |||
| 28,500 | |||
| 28,500 | |||
| - 42 |
|||
| 42 | |||
| 352,297 11,065 1,019 |
|||
| 12,084 | |||
| 12,084 32,849 187 175 |
|||
| 33,211 | |||
| 5,874 - |
|||
| 5,874 | |||
| 218,500 8,637 3,104 3,950 14,076 14,209 |
|||
| 262,476 |
Page 14
Midshire Supported Housing Trust Detailed Statement of Financial Activities
General administrative costs,
| including depreciation and amortisation Depreciation of Bank charges Equipment leasing and hire charges Stationery and printing Subscriptions Sundry expenses Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
22,438 98,086 |
12,415 1,382 - 2,814 480 119 3,521 20,731 3,600 - 3,600 476,853 511,058 - 75,648 75,648 - 75,648 131,500 131,500 |
12,415 1,382 - 2,814 480 119 3,521 20,731 3,600 - 3,600 476,853 511,058 - 75,648 75,648 - 75,648 153,938 229,586 |
6,878 260 886 2,663 - 113 3,731 |
|---|---|---|---|---|
| 14,531 | ||||
| 6,000 11,988 |
||||
| 17,988 | ||||
| 334,080 | ||||
| 346,164 - |
||||
| 6,133 | ||||
| 6,133 - |
||||
| 6,133 | ||||
| 147,805 | ||||
| 153,938 |
Page 15