Company Number 00959426
NINE OAKS HOUSING TRUST LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
Waters and Atkinson Chartered Accountants Morecambe
NINE OAKS HOUSING TRUST LIMITED
REPORT AND ACCOUNTS for the YEAR ENDED 31 MARCH 2021
| CONTENTS | |
|---|---|
| Page | |
| Charitable company information | 1 |
| Directors report | 2a to 2b |
| Independent examiner’s report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes |
6a to 6g |
Page 1
NINE OAKS HOUSING TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION AS AT 31 MARCH 2021
INCORPORATED In England on the 1 August 1969 REGISTERED AS CHARITY On the 1 January 1970 COMPANY NUMBER 00959426 CHARITY NUMBER 260089 DIRECTORS N Steadman A Jarvis B Whittaker P Grange REGISTERED OFFICE Nine Oaks Phoenix Way Windermere Cumbria LA23 1BB BANKERS Barclays Bank PLC 3 Crescent Road Windermere Cumbria LA23 1EB ACCOUNTANTS Waters and Atkinson Chartered Accountants The Old Court House Clark Street Morecambe Lancashire LA4 5HR
Page 2a
NINE OAKS HOUSING TRUST LIMITED
DIRECTORS ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021
Nine Oaks Housing Trust Limited was incorporated under the Companies Act 1948 to 1967 on the 1 August 1969 (Company number 959426) and is governed by the Memorandum and Articles of Association. The charitable company is limited by guarantee. The company is also registered with the Charities Commissioners (Charity number 260089). Its address is Nine Oaks, Phoenix Way, Windermere, Cumbria and the Directors during the year were:-
N Steadman A Jarvis B Whittaker P Grange – Appointed 13.10.2020
The Directors act on a voluntary basis and make up the governing body that adopt the policies and make the decisions on behalf of the charity. They meet at regular intervals to discuss the current and future progress of the charity’s objectives.
Our Aims and objectives
Purposes and Aims
Our charity’s purposes as set out in the objects contained in the company’s memorandum of association are to:
benefit the public by the provision of accommodation for lonely and elderly people.
The aim of our charity is to house such people who do not wish to stay in their own home and wish to have company in the form of a sheltered housing complex.
Ensuring our work delivers our aims
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of this activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aim, objectives and activities remained focused on our stated purpose. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
How our activities deliver public benefit
Our main activity and who we try to help are described below. All our charitable activities focus on the provision of accommodation for lonely and elderly people and is undertaken to further our charitable purposes for the public benefit. The charity is a public benefit entity.
Who used and benefited from our services?
During the year, 22 studios/apartments were available for rent for both male and female residents that required our services. This is together with The Lodge and a single guest room.
Income from Residents Fees decreased from £181,405 in 2020 to £159,594 in 2021. Overall costs were down from £151,992 in 2020 to £137,225 in 2021.
The directors remain satisfied with the financial position at the end of the year.
Page 2b
NINE OAKS HOUSING TRUST LIMITED
DIRECTORS ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021
Recruitment and appointment of management committee
The directors of the Company are also the charity trustees for the purposes of charity law. New trustees/directors are appointed on the recommendation of the existing trustees/directors.
Skills and experience required at board level are assessed against the needs of the Company Strategy. Nominations of potential new directors are sought from existing members of the Board, utilising their community, business and other links. Nominated individuals are invited to attend at least one board meeting in an observer capacity. They are given a realistic assessment of the likely time commitment that will be involved. They are required to submit a resume of skills and experience that they would bring to the board on the basis of which the board decides whether to offer an appointment.
Risk Review
The management committee has conducted its own review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
Reserves Policy
The management committee has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (“the free reserves”) held by the charity should be in the region of 6 months of the resources expended. At this level, the management committee feels that they would be able to continue the current activities of the charity in the event of a significant drop in income. It would obviously be necessary to consider how the income would be replaced or activities changed.
Small company exemptions
This report is prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
_____ B Whittaker On behalf of the Directors
Date -
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NINE OAKS HOUSING TRUST LIMITED
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2021 which are set out on pages 2 to 6.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
_______ Damien Sissons Chartered Accountant Waters and Atkinson The Old Court House Clark Street Morecambe LA4 5HR
Date …………………………
Page 4
NINE OAKS HOUSING TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 (including income and expenditure account)
| Incoming and endowments from: Donations and legacies Others Investments Charitable activities Total income and endowments Expenditure Charitable activities Governance costs Total expenditure Net income Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Restricted Notes Funds Funds £ £ 2 860 - 1080 - 3 20 - 4 159594 - 161554 - 5 135989 - 1236 - 137225 - 24329 - - - 24329 - 365448 - 13 389777 - |
Total Funds 2021 £ 860 1080 20 159594 161554 135989 1236 137225 24329 - 24329 365448 389777 |
Total Funds 2020 £ 1363 1240 60 181405 184068 150792 1200 151992 32076 - 32076 333372 365448 |
|---|---|---|---|
Company Number 00959426
Page 5
NINE OAKS HOUSING TRUST LIMITED
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Tangible assets 8 Current assets Stocks 9 Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 12 Net assets Funds Unrestricted funds 13 |
2021 £ £ 370042 1500 2555 100975 105030 (24732) 80298 450340 (60563) 389777 389777 |
2020 £ £ 373110 1600 12438 64940 78978 (23236) 55742 428852 (63404) 365448 365448 |
|
|---|---|---|---|
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements on pages 4 to 6g were approved by the board of Directors on ……………………. and signed on its behalf by:-
Director Director
Page 6a
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies
Accounting convention
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with:
The Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and with the Charities Act 2011.
The Financial Statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
Incoming resources
Turnover
Turnover represents rental income receivable net of rent losses from voids and service charges receivable.
Donations and grants
Income from donations and grants, including capital grants, is included in incoming resources when these are receivable, except as follows:
-
When donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods.
-
When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the preconditions for use have been met.
When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to preconditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.
Interest receivable
Interest is included when receivable by the charity.
Resources expended
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is directly attributable to specific activities and has been included in those cost categories.
Fixed assets
Building costs together with associated costs such as surveyors, architects and building regulations have all been capitalised.
Depreciation
-
1) Housing Land and Buildings
-
i) No depreciation is charged on land. ii) Depreciation is not charged on that portion of the cost which has or which will, qualify for H.A.G. H.A.G. is, or will be, effectively recognised as depreciation.
Page 6b
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
Depreciation (continued)
-
iii) The Board has not accounted for depreciation on its housing properties because the depreciation charge and accumulated depreciation are immaterial. The Board reviews annually the materiality of housing property depreciation.
-
2) Fixtures, Fittings and Equipment
-
Depreciation is charged at 20% per annum on the reducing balance basis.
-
3) General
-
A full year’s depreciation charge is made on fixed assets in the year of purchase, and no charge is made in the year of disposal.
Works to Existing Housing Properties
Expenditure on housing properties which results in an enhancement of economic benefits of the asset such as an increase in the net rental stream over the life of the property is capitalised.
Improvements to property that relate to assets that have a separately identifiable life to the property concerned, are also capitalised but under a category separate from the property.
Any works which do not result in an enhancement of economic benefits of a property are charged to the income and expenditure account. This includes expenditure incurred to ensure that the property can maintain its existing level of net rental income.
Impairment
All properties are considered for impairment annually.
Stocks
Stocks represent the estimated value, at cost, of catering stocks held.
Corporation Tax and Value Added Tax (VAT)
The Society has charitable status and is exempt from Corporation Tax on the income it has received.
The Society is not registered for VAT. Accordingly no VAT is charged to residents, and expenditure in the income and expenditure account includes the relevant VAT.
Fund accounting
Funds held by the charity are:
- Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the directors.
| 2. Voluntary income Donations and grants Unrestricted Restricted 2021 £ £ £ Sundry donations and legacies 860 - 860 |
2020 £ 1363 |
|---|---|
Page 6c
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
3. Investment income
| Unrestricted | Restricted | 2021 | 2020 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Interest received | 20 | - | 20 | 60 |
4. Incoming Resources From Activities to Further the Charity’s Objects
5.
| Unrestricted Restricted £ £ Social housing lettings: Net income from Social housing lettings 159594 - Project costs Social Housing Governance £ £ Costs directly allocated to activities Staff costs 59525 - Food and housekeeping 19867 - Council tax 5169 - Water rates 3724 - Heating and lighting 23545 - Garden maintenance 1367 - Day to day repairs 12083 - Sundry expenses 403 - Bank loan interest 2236 - Depreciation 3068 - Total direct costs 130987 - Support costs allocated to activities Stationery and postage 115 - Advertising 157 - Insurances 3045 - Telephone 1609 - Bank charges 76 - Professional fees - - Accountancy fees - 1236 Total support costs 5002 1236 |
2021 £ 159594 2021 Total £ 59525 19867 5169 3724 23545 1367 12083 403 2236 3068 130987 115 157 3045 1609 76 - 1236 6238 |
2020 £ 181405 2020 Total £ 65843 23770 5193 215 28119 721 13508 1498 2792 3835 145494 44 420 2793 1470 92 479 1200 6498 |
|---|---|---|
Page 6d
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
| 6. Operating surplus 2021 £ Operating surplus is stated after charging: Depreciation on owned assets 3068 Accountancy 1236 4304 7. Employee Remuneration 2021 £ Staff costs: Wages and salaries 53016 Social security 6509 59525 No employee earned £60,000 or more. The average number of staff employed by the charity during the year was as follows:- |
2020 £ 3835 1200 5035 2020 £ 58535 7308 65843 |
|---|---|
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| 6 | 6 | |
| The directors take no remuneration or expenses. |
Page 6e
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
| 8. Tangible fixed assets Cost At 1 April 2020 Additions in year At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 9. Stocks Food and house-keeping 10. Debtors Amounts falling due within one year Prepayments Other debtors 11. Creditors: amounts falling due within one year Bank loans and overdrafts Trade creditors Accruals Residents deposits held |
HAG Assisted Schemes £ 357768 - 357768 - - - 357768 357768 |
Fixtures, Fittings & Equipment £ 263861 - 263861 248519 3068 251587 12274 15342 2021 £ 1500 2021 £ 2555 - 2555 2021 £ 3000 10051 1236 10445 24732 |
Fixtures, Fittings & Equipment £ 263861 - 263861 248519 3068 251587 12274 15342 2021 £ 1500 2021 £ 2555 - 2555 2021 £ 3000 10051 1236 10445 24732 |
Total £ 621629 - 621629 248519 3068 251587 370042 373110 2020 £ 1600 2020 £ 2192 10246 12438 2020 £ 3000 7341 1200 11695 23236 |
Total £ 621629 - 621629 248519 3068 251587 370042 373110 2020 £ 1600 2020 £ 2192 10246 12438 2020 £ 3000 7341 1200 11695 23236 |
|---|---|---|---|---|---|
| 23236 |
Page 6f
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
12. Creditors: amounts falling due
after more than one year
| Bank loans | 2021 £ 60563 |
2020 £ 63404 |
|---|---|---|
13. Movement in funds
| At Incoming Outgoing Transfers 1/4/20 Resources Resources between funds £ £ £ £ Restricted funds: - - - - Total restricted funds - - - - Unrestricted funds: General funds 365448 161554 (137225) - Total unrestricted funds 365448 161554 (137225) - Total funds 365448 161554 (137225) - |
At 31/3/21 £ - - 389777 389777 389777 |
|---|---|
14. Analysis of net assets between funds
| General Restricted Funds Funds £ £ Tangible fixed assets 370042 - Net current assets 80298 - Creditors over 1 year (60563) - Net assets at 31 March 2021 389777 - |
Total Funds £ 370042 80298 (60563) 389777 |
|---|---|
Page 6g
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS for the year ended 31 MARCH 2021
16. Housing property mortgage loans
The mortgage loans are secured on the property Nine Oaks, Phoenix Way, Windermere by way of a mortgage debenture with Santander UK. The interest rate is variable.
| Under one year Between one and two years Between two and five years After five years |
2021 £ 3000 3500 8000 49063 63563 |
2020 £ 3000 3500 8000 51904 |
|---|---|---|
| 66404 |
The total secured liabilities at 31 March 2021 are £63,563.
17. Share capital
The Society is limited by Guarantee and does not have Share Capital.