Company Number 00959426
NINE OAKS HOUSING TRUST LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Waters and Atkinson Chartered Accountants Morecambe
NINE OAKS HOUSING TRUST LIMITED
REPORT AND ACCOUNTS for the YEAR ENDED 31 MARCH 2023
| 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 2023
INCORPORATED In England on the 1 August 1969 REGISTERED AS CHARITY On the 1 January 1970 COMPANY NUMBER 00959426 CHARITY NUMBER 260089 DIRECTORS 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 2023
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:-
B Whittaker P Grange
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 increased from £124,863 in 2022 to £158,908 in 2023. Overall costs were up from £118,650 in 2022 to £199,617 in 2023.
Despite the deficit this year, 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 2023
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 2023 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
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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
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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 2023 (including income and expenditure account)
| Incoming and endowments from: Donations and legacies Others Investments Government grants Charitable activities Total income and endowments Expenditure Charitable activities Governance costs Total expenditure Net (expenditure)/income Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Restricted Notes Funds Funds £ £ 2 - - 1940 - 3 115 - 5 - - 4 158908 - 160963 - 6 198213 - 1404 - 199617 - (38654) - - - (38654) - 400805 - 14 362151 - |
Total Funds 2023 £ - 1940 115 - 158908 160963 198213 1404 199617 (38654) - (38654) 400805 362151 |
Total Funds 2022 £ - 1105 5 3705 124863 129678 117354 1296 118650 11028 - 11028 389777 400805 |
|---|---|---|---|
Company Number 00959426
Page 5
NINE OAKS HOUSING TRUST LIMITED
BALANCE SHEET AS AT 31 MARCH 2023
| Note Fixed assets Tangible assets 9 Current assets Stocks 10 Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 13 Net assets Funds Unrestricted funds 14 |
2023 £ £ 388057 750 3351 45607 49708 (20743) 28965 417022 (54871) 362151 362151 |
2022 £ £ 390656 1500 3546 101578 106624 (38819) 67805 458461 (57656) 400805 400805 |
|---|---|---|
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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:-
B Whittaker Peter Grange Director Director
Page 6a
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
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 2023
Depreciation (continued)
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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.
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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 £ £ Sundry donations and legacies - - |
2023 £ - |
2022 £ - |
|---|---|---|
Page 6c
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
| 3. Investment income Unrestricted Restricted 2023 £ £ £ Interest received 115 - 115 4. Incoming Resources From Activities to Further the Charity’s Objects Unrestricted Restricted 2023 £ £ £ Social housing lettings: Net income from Social housing lettings 158908 - 158908 5. Government grants Unrestricted Restricted 2023 £ £ £ Job retention scheme - - - 6. Project costs Social 2023 Housing Governance Total £ £ £ Costs directly allocated to activities Staff costs 54616 - 54616 Food and housekeeping 16964 - 16964 Council tax 4104 - 4104 Water rates 4947 - 4947 Heating and lighting 51251 - 51251 Garden maintenance 9764 - 9764 Day to day repairs 36809 - 36809 Sundry expenses 2519 - 2519 Bank loan interest 2746 - 2746 Depreciation 7572 - 7572 Total direct costs 191292 - 191292 Support costs allocated to activities Stationery and postage 122 - 122 Advertising - - - Insurances 4846 - 4846 Telephone 1813 - 1813 Bank charges 140 - 140 Accountancy fees - 1404 1404 Total support costs 6921 1404 8325 |
2022 £ 5 2022 £ 124863 2022 £ 3705 2022 Total £ 53282 13752 (16183) 523 20819 8510 18012 1936 2133 7972 110756 130 947 3738 1683 100 1296 7894 |
|---|---|
Page 6d
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
| 7. Operating deficit/surplus 2023 £ Operating deficit/surplus is stated after charging: Depreciation on owned assets 7572 Accountancy 1404 8976 8. Employee Remuneration 2023 £ Staff costs: Wages and salaries 48014 Social security 6602 54616 No employee earned £60,000 or more. The average number of staff employed by the charity during the year was as follows:- 2023 No. 5 The directors take no remuneration or expenses. |
2022 £ 7972 1296 9268 2022 £ 47655 5627 53282 2022 No. 5 |
|---|---|
Page 6e
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
| 9. Tangible fixed assets Cost At 1 April 2021 Additions in year At 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2023 At 31 March 2022 10. Stocks Food and house-keeping 11. Debtors Amounts falling due within one year Prepayments 12. 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 £ 292448 4972 297420 259559 7572 267131 30289 32888 2023 £ 750 2023 £ 3351 2023 £ 2764 7175 1404 9400 20743 |
Fixtures, Fittings & Equipment £ 292448 4972 297420 259559 7572 267131 30289 32888 2023 £ 750 2023 £ 3351 2023 £ 2764 7175 1404 9400 20743 |
Total £ 650216 4972 655188 259559 7572 267131 388057 390656 2022 £ 1500 2022 £ 3546 2022 £ 3000 23768 1296 10755 38819 |
Total £ 650216 4972 655188 259559 7572 267131 388057 390656 2022 £ 1500 2022 £ 3546 2022 £ 3000 23768 1296 10755 38819 |
|---|---|---|---|---|---|
| 38819 |
Page 6f
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
13. Creditors: amounts falling due
after more than one year
| Bank loans | 2023 £ 54871 |
2022 £ 57656 |
|---|---|---|
14. Movement in funds
| At Incoming Outgoing Transfers 1/4/22 Resources Resources between funds £ £ £ £ Restricted funds: - - - - Total restricted funds - - - - Unrestricted funds: General funds 400805 160963 (199617) - Total unrestricted funds 400805 160963 (199617) - Total funds 400805 160963 (199617) - |
At 31/3/23 £ - - 362151 362151 362151 |
|---|---|
15. Analysis of net assets between funds
| General Restricted Funds Funds £ £ Tangible fixed assets 388057 - Net current assets 28965 - Creditors over 1 year (54871) - Net assets at 31 March 2023 362151 - |
Total Funds £ 388057 28965 (54871) 362151 |
|---|---|
Page 6g
NINE OAKS HOUSING TRUST LIMITED
NOTES TO THE ACCOUNTS for the year ended 31 MARCH 2023
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 Over five years |
2023 £ 3000 2736 52135 57871 |
2022 £ 3000 700 56956 |
|---|---|---|
| 60656 |
The total secured liabilities at 31 March 2023 are £57,871.
17. Share capital
The Society is limited by Guarantee and does not have Share Capital.