Colonel Slater Homes Financial Statements Year Ended 31[st ] March 2024
Regulator of Social Housing registration number: A5168
Charity registration number: 1189922
1
Colonel Slater Homes
Financial Statements
Year Ended 31[st] March 2024
| Contents | |
|---|---|
| Page | |
| Registered Social Housing Provider Information | 3 |
| Trustees Report | 4 - 6 |
| Independent Accountant’s Report to the Trustees | 7 |
| Statement of Comprehensive Income | 8 |
| Balance Sheet | 9 |
| Statement of Changes in Reserves | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Financial Statements | 12 - 19 |
2
Colonel Slater Homes
Registered Social Housing Provider Information
Year Ended 31[st] March 2024
Charity registration number 1189922 Regulator of Social Housing registration A5168 number Trustees Mr Mel Kinnear (resigned 6[th] June 2023) Mr Roger Frost Mrs Anne Kelly Ms Michelle Naylor Mr Ian Holt (appointed 5[th] December 2023) Mrs Marie Kinnear Secretary/Clerk to the Trustees Mr Mark Heaton Registered office 1[st] Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 2AZ Reporting Accountant Azets Holdings Limited Crown House Bridgewater Close Network 65 Business Park Burnley Lancashire BB11 5TE Solicitor Smith Sutcliffe 50 Manchester Rd Burnley Lancashire BB11 1HJ
Bankers
HSBC 12 Manchester Road Burnley Lancashire BB11 1JH Unity Trust Bank plc 4 Brindley Place Birmingham B1 2JB
3
THE COLONEL SLATER HOMES
THE REPORT OF THE TRUSTEES
YEAR ENDED 31ST MARCH 2024
The Trustees of Colonel Slater Homes present their report, and the unaudited financial statements of the Registered Social Housing Provider for the year ended 31[st] March 2024.
Trustees of the charity
The Trustees of the Charity who have served during the year are listed on the Registered Social Housing Provider information page.
Charity objective and Public Benefit Statement
The principal activity of the charity is the provision of residences for persons in need from the Burnley area. The Trustees of the Charity have continued to pursue these aims in the year.
The Trustees have had due regard to the Charity Commission guidance on public benefit reporting in deciding what activities the charity should undertake.
The charity fulfils its public benefit obligations in selecting residents who fulfil the following criteria:
-
Financial need
-
Health needs
-
State of existing accommodation
-
External environment in which the person lives
Rents are maintained at an affordable level.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is governed by its constitution dated 12[th] June 2020 and amended 20[th] July 2022. This replaced the former unincorporated charity (221803) of the same name, now in the final stage of deregistration.
Trustees are appointed as needed from the local community and meet regularly.
ACHIEVEMENTS AND PERFORMANCE
Repairs to Properties
Repairs of a minor nature to the properties have been ongoing throughout the year and continue to be made. Ongoing work on the properties will be continued to ensure that they remain of a high standard..
4
Colonel Slater Homes
Board Report
Year Ended 31[st] March 2024
FINANCIAL CONTROL
The Trustees and Secretary continue to refine and improve the Financial Reporting and Controls, including regular reporting, investment monitoring and similar tasks, all appropriate to the organisation.
RISK MANAGEMENT
The Trustees have undertaken a policy of risk management and have endeavoured to ascertain the likely risks that they are subject to and have considered appropriate policies to deal with the risks which are foreseeable in relation to the operation of Colonel Slater Homes.
VALUE FOR MONEY
The RSH has issued a Value for Money Standard (‘VFM’) and a supporting Code of Practice that applies to all private registered providers of social housing (‘RPs’). RPs must include evidence in these financial statements to enable stakeholders to understand:
Performance against its own VFM targets and any metrics set out by the regulator and how that performance compares to its peers.
Measurable plans to address any areas of underperformance.
The last 3 years’ metrics are set out below with explanations. We aim in this coming year to set out our own targets and to seek out comparisons with other similar RPs.
----- Start of picture text -----
VFM Metric 2023/24 2022/23 2021/22
Reinvestment % - - -
- - -
New Supply Delivered %
Gearing % N/A N/A N/A
Interest Cover - EBIDA MRI % N/A N/A N/A
Headline Social Housing Cost per unit £ £2,602 £4,033 £2,947
Operating Margin % 17 -26 5
Return on Capital Employed % 1 -1 1
----- End of picture text -----
Reinvestment % - this relates to new development and work to existing properties as a percentage of the value of total properties held. This fluctuates due to amounts spent on major repairs.
New Supply delivered – there has been no new supply delivered.
Gearing % is a ratio of net debt against housing net book value. This is not applicable as the charity does not have any debt.
Interest cover (earnings before interest, depreciation and amortisation) is not applicable as the charity does not have any debt.
Headline Social Housing cost per unit and operating margin percentage fluctuate due to the amounts spent on major repairs which is cyclical.
Return on capital employed measures the efficiency of capital resources (operating surplus as a percentage of Total assets less current liabilities) and again is affected by major repairs.
HOUSING PROPERTIES
In the opinion of the Trustees, the market value of the housing properties of the trust are in excess of the net book value shown in the financial statements. However, as there is no intention to dispose of the properties, no professional valuation has been obtained. The title to the Charity's properties has been registered in the year under reference number LAN46297.
5
Colonel Slater Homes
Board Report
Year Ended 31[st] March 2024
RESERVES
Unrestricted revenue reserves amounting to £120,831 (2023 - £101,536) are held to cover budgeted expenses in a year and to assist in the financing of the future operations of the charity as detailed above. Designated reserves are held for the purposes specified in the accounting policies.
TRUSTEES RESPONSIBILITIES
The Trustees are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
The Charities Act 2011 and registered social housing legislation require the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the provider and of its income and expenditure for that period.
In preparing these financial statements, the Board is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the association will continue in business.
The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the association and enable it to ensure that the financial statements comply with Charities Act 2011 the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022. It has general responsibility for taking reasonable steps to safeguard the assets of the association and to prevent and detect fraud and other irregularities.
On behalf of the trustees
Mrs M Kinnear Trustee 16[th] July 2024
6
Colonel Slater Homes
Accountant’s report to the Trustees on the unaudited accounts of Colonel Slater Homes
Year Ended 31[st] March 2024
We report on the accounts for the year ended 31[st] March 2024, set out on pages 8 to 19.
Respective responsibilities of the Board and reporting accountants
The Trustees of the Registered Social Housing Provider are responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.
Basis of opinion
Our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.
Opinion
In our opinion:
-
the accounts for year ended 31[st] March 2024 are in accordance with the accounting records kept by the Registered Social Housing Provider under paragraph 135(2)(a) of the Housing and Regeneration Act 2008;
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having regard only to, and on the basis of the information contained in the accounting records:
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the accounts comply with the requirements of the Charities Act 2011;
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the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31[st] March 2024 specified in section 136(3) of the Housing and Regeneration Act 2008;
-
the accounts comply with the requirements of the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022.
Azets Holdings Limited Reporting Accountant Crown House Bridgewater Close Network 65 Business Park Burnley Lancashire BB11 5TE
12[th] September 2024
7
Colonel Slater Homes
Statement of Comprehensive Income (Including Income and Expenditure Account)
Year Ended 31[st] March 2024
| Note Turnover 2 Gross surplus Administrative expenditure 2 Void losses 2 Other operating income Operating Surplus / (Deficit) Income from fixed asset investments Interest receivable and similar income 5 Surplus on ordinary activities for the year before tax Taxation 9 Surplus for the year after tax Total comprehensive income for the year |
Continuing operations 2024 Total £ £ 39,997 39,997 39,997 39,997 (33,206) (33,206) - - - - 6,791 6,791 10,324 10,324 1,626 1,626 18,741 18,741 - - 18,741 18,741 18,741 18,741 |
Continuing operations 2023 Total £ £ 39,238 39,238 |
|---|---|---|
| 39,238 39,238 (49,261) (49,261) - - - - |
||
| (10,023) (10,023) 11,841 11,841 583 583 |
||
| 2,401 2,401 |
||
| - - |
||
| 2,401 2,401 |
||
| 2,401 2,401 |
On behalf of the Trustees
Mrs A Kelly Mrs M Kinnear Trustee Trustee 16[th] July 2024
8
Colonel Slater Homes
Balance sheet
Year Ended 31[st] March 2024
| Note Fixed assets Tangible fixed assets 10 Investments 11 Current assets Debtors 12 Investments 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Total assets less current liabilities Creditors: amounts falling due after one year 15 Total net assets Reserves Income and expenditure reserve 16 Investment revaluation reserve 16 Designated reserve 16 Endowment reserve 16 Total Reserves |
2024 £ 95,396 115,454 210,850 315 430,765 131,420 562,500 (4,912) 768,438 (78,372) 690,066 120,831 340,111 113,462 115,662 690,066 |
2023 £ 99,512 97,962 |
|---|---|---|
| 197,474 303 397,786 113,113 |
||
| 511,202 (5,888) |
||
| 702,788 (81,934) |
||
| 620,854 | ||
| 101.536 307,132 114,016 98,170 |
||
| 620,854 |
The financial statements were approved and authorised for issue by the trustees on 16[th] July 2024.
Signed on behalf of the trustees
Mrs A Kelly Mrs M Kinnear Trustee Trustee
The notes on pages 12 to 19 form part of these accounts.
9
Colonel Slater Homes
Statement of Changes in Reserves
Year Ended 31[st] March 2024
At 1st April 2022 Surplus for the year Total comprehensive income Unrealised surplus on investments At 31stMarch 2023and 1st April 2023 Surplus for the year Total comprehensive income Unrealised surplus/(deficit) on investments At31st March 2024 |
Income and expenditure reserve £ 98.581 2,955 2,955 - 101,536 19,295 19,295 - 120,831 |
Investment revaluation reserve £ 313,942 - - (6,810) 307,132 - - 32,979 340,111 |
Designated reserves £ 114,570 (554) (554) - 114,016 (554) (554) - 113,462 |
Endowment reserve £ 95,533 - - 2,637 98,170 - - 17,492 115,662 |
Total £ 622,626 2,401 |
|---|---|---|---|---|---|
| 2,401 | |||||
| (4,173) | |||||
| 620,854 18,741 |
|||||
| 18,741 50,471 |
|||||
| 690,066 |
10
Colonel Slater Homes
Statement of Cash Flows
Year Ended 31[st] March 2024
| Note Cash flow from operating activities 17 Interest paid Taxation paid Net cash flow from operating activities Cash flow from investing activities Interest received Dividends received Net cash flow from investing activities Cash flow from financing activities Net cash flow from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1st April 2023 Cash and cash equivalents at 31st March 2024 Cash and cash equivalents consists of: Cash at bank and in hand Cash and cash equivalents at 31st March 2024 |
2024 £ 6,357 - - 6,357 1,626 10,324 11,950 - - 18,307 113,113 131,420 131,420 131,420 |
2023 £ (8,518) - - |
|---|---|---|
| (8,518) | ||
| 583 11,841 |
||
| 12,424 | ||
| - | ||
| - | ||
| 3,906 109,207 113,113 113,113 113,113 |
11
Colonel Slater Homes
Notes to the Financial Statements
Year Ended 31[st] March 2024
1 Summary of significant accounting policies
(a) General information and basis of preparation
Colonel Slater Homes is a registered charity, a private registered provider of social housing in the United Kingdom. The address of the registered office is given in the Registered Social Housing Provider information on page 3 of these financial statements. The nature of the Registered Social Housing Provider’s operations and principal activities are provision of residences for persons in need from the Burnley area.
The Registered Social Housing Provider constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2014, and with the Accounting Direction for private registered providers of social housing in England 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 The financial statements have been prepared on a going concern basis under the historial cost convention, modified to include certain items at fair value.
The significant accounting policies applied in the preparation of these financial statements are set out below.
(b) Tangible fixed assets
Tangible fixed assets (including social housing properties) are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capitalised when it results in incremental future benefits such as increasing rental income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Freehold buildings 2% straight line
The useful economic lives of all tangible fixed assets are reviewed annually.
(c) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.
(d) Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
12
Colonel Slater Homes
Notes to the Financial Statements
Year Ended 31[st] March 2024
(e) Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date.
If such indication exists, the recoverable amount is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in expenditure through the statement of comprehensive income.
(f) Provisions
Provisions are recognised when the Registered Social Housing Provider has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Provisions for cyclical maintenance or major works to existing stock are not made unless they represent commitments or obligations at the Balance Sheet date where there is no discretion to avoid or delay the expenditure.
(g) Tax
The Charity is exempt from liability to taxation on its income and capital gains.
(h) Turnover and other income
Turnover is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of turnover are as follows:
Turnover represents rental and service charges income receivable in the year.
Interest and dividends receivable
Interest and dividend income is recognised as the Registered Social Housing Provider’s right to receive payment is established.
(i) Endowment reserves
Endowment reserves are those reserves which are only expendable in accordance with the wishes of the funder. Endowment funds represent those assets which must be held permanently. Revenue and expenditure cannot be directly set against endowment reserves but is taken through the statement of comprehensive income and then a transfer to endowment reserves is made as appropriate.
(j) Government grants
Government grants are received in respect of Social Housing. These grants are recognised at the fair value of the asset received or receivable. Where the assets are accounted for using the cost model then the government grant is accounted for using the accruals model. The difference between the fair value of the asset and the consideration is recognised as a liability and amortised over the useful economic life of the asset.
13
Colonel Slater Homes
Notes to the Financial Statements
Year Ended 31[st] March 2024
2 Turnover, cost of sales, administrative expenditure and operating surplus / (deficit)
| Social housing lettings Void losses Total |
Turnover £ 39,997 - 39,997 |
2024 Administrative Expenditure £ (33,206) - (33,206) |
Operating surplus / (deficit) £ 6,791 - 6,791 |
2023 |
|---|---|---|---|---|
| Operating surplus / (deficit) |
||||
| £ (10,023) - |
||||
| (10,023) |
3 Particulars of turnover and administrative expenditure from social housing lettings
| Turnover Rent receivable Turnover from social housing lettings Administrative expenditure Management Service charge costs Routine maintenance Legal fees Depreciation of housing properties Amortisation of social housing grant Administrative expenditure on social housing lettings Void losses Operating surplus / (deficit) on social housing lettings |
General needs housing £ 39,997 39,997 12,523 3,666 16,103 360 4,116 (3,562) (33,206) - 6,791 |
2024 Total £ 39,997 39,997 12,523 3,666 16,103 360 4,116 (3,562) (33,206) - 6,791 |
2023 Total £ 39,238 |
|---|---|---|---|
| 39,238 12,123 3,371 32,237 976 4,116 (3,562) |
|||
| (49,261) | |||
| - | |||
| (10,023) |
14
Colonel Slater Homes
Notes to the Financial Statements
Year Ended 31[st] March 2024
4 Accommodation owned and in management
| Completed units: Housing for older people 5 Interest and other finance income and charges a) Interest receivable and similar income Bank interest receivable 6 Surplus on ordinary activities Surplus on ordinary activities is stated after charging / (crediting): Depreciation of tangible fixed assets Gain / (loss) on fair value movement of investments |
Number of units at 31st March 2024 11 11 2024 £ 1,626 1,626 2024 £ 4,116 50,471 |
Number of units at 31st March 2023 11 |
Number of units at 31st March 2023 11 |
|---|---|---|---|
| 11 | |||
| 2023 £ 583 |
|||
| 583 | |||
| 2023 £ 4,116 (4,173) |
7 Trustee and key management personnel remuneration
Trustee and key management personnel neither received nor waived any remuneration during the year (2023: Nil).
8 Staff costs
There are no employees.
9 Tax
Colonel Slater Homes is a Registered Charity and is therefore exempt from liability to taxation on its income and capital gains.
15
Colonel Slater Homes
Notes to the Financial Statements
Year Ended 31[st] March 2024
10 Tangible fixed assets – housing properties
| The net book value of land and buildings comprised: Land and buildings: Freehold Cost: At 1stApril 2023 and 31stMarch 2024 Depreciation: At 1stApril 2023 Charge for year At 31stMarch 2024 Net book value: At 31stMarch 2024 At 31stMarch 2023 |
Housing properties for letting £ 205,812 |
Housing properties for letting £ 205,812 |
2023 £ 99,512 Total £ 205,812 106,300 4,116 110,416 95,396 99,512 |
|---|---|---|---|
| 106,300 4,116 |
|||
| 110,416 | |||
| 95,396 | |||
| 99,512 | |||
| 2024 £ 95,396 95,396 |
|||
| 99,512 |
16
Colonel Slater Homes
Notes to the Financial Statements
Year Ended 31[st] March 2024
11 Fixed asset investments
| Valuation At 1stApril 2023 Increase in valuation Disposals Revaluation At 31stMarch 2024 Impairment At 1stApril 2023 Written off Written back Eliminated on disposals At 31stMarch 2024 Carrying amount: At 31stMarch 2024 At 31stMarch 2023 |
Listed investments 97,962 17,492 - - 115,454 - - - - - 115,454 97,962 |
Total £ 97,962 17,492 - - |
|---|---|---|
| 115,454 | ||
| - - - - |
||
| - | ||
| 115,454 | ||
| 97,962 |
The fair value of listed investments is determined by reference to the quoted price at the year end.
| 12 Debtors Trade debtors (gross social housing rent arrears) Prepayments and accrued income 13 Current asset investments Listed investments Increase / (decrease) in valuation |
2024 £ - 315 315 2024 £ 397,786 32,979 430,765 |
2023 £ - 303 |
|---|---|---|
| 303 | ||
| 2023 £ 404,596 (6,810) |
||
| 397,786 |
The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.
17
Colonel Slater Homes
Notes to the Financial Statements
Year Ended 31[st] March 2024
| 14 Creditors: amounts falling due within one year Other creditors Accruals and deferred income 15 Creditors: amounts falling due within one year Accruals and deferred income 16 Reserves a) Designated reserves Cyclical repairs & maintenance reserve: Balance at 31stMarch 2023 & 2024 Property reserve: Balance brought forward Transfer to the income and expenditure account Balance at 31stMarch 2024 Total designated reserves |
2024 £ - 4,912 4,912 2024 £ 78,372 78,372 2024 £ 100,000 2024 £ 14,016 (554) 13,462 113,462 |
2023 £ 976 4,912 |
|---|---|---|
| 5,888 | ||
| 2023 £ 81,934 |
||
| 81,934 | ||
| 2023 £ 100,000 |
||
| 2023 £ 14,570 (554) |
||
| 14,016 | ||
| 114,016 |
18
Colonel Slater Homes
Notes to the Financial Statements
Year Ended 31[st] March 2024
| b) Investment revaluation reserve 2024 £ Balance brought forward 307,132 Change in market value of investments 32,979 Balance at 31stMarch 2024 340,111 c) Permanent endowment reserve 2024 £ Balance brought forward 98,170 Change in market value of investments 17,492 Balance at 31stMarch 2024 115,662 d) Revenue reserve 2024 £ Balance brought forward 101,536 Surplus for the year 18,741 Net transfers from: Property reserve 554 Balance at 31stMarch 2024 120,831 17 Reconciliation of operating surplus to cash flow from operating activities 2024 £ Surplus for the year 18,741 Interest received (1,626) Depreciation and impairment of tangible fixed assets 4,116 Amortisation of social housing grant (3,562) (Gains) / losses on investments (10,324) (Increase) / decrease in debtors (12) Increase / (decrease) in creditors (976) Net cash flow from operating activities 6,357 |
2024 £ 307,132 32,979 340,111 |
2023 £ 313,942 (6,810) |
|---|---|---|
| 307,132 | ||
| 2024 £ 98,170 17,492 115,662 2024 £ 101,536 18,741 554 120,831 |
2023 £ 95,533 2,637 |
|
| 98,170 | ||
| 2023 £ 98,581 2,401 554 |
||
| 101,536 | ||
| 2023 £ 2,401 (583) 4,116 (3,562) (11,841) (25) 976 |
||
| (8,518) |
19