Company Number 00959426
## **NINE OAKS HOUSING TRUST LIMITED**
## **FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2024**
**Waters and Atkinson Chartered Accountants Morecambe**
## **NINE OAKS HOUSING TRUST LIMITED**
**REPORT AND ACCOUNTS for the YEAR ENDED 31 MARCH 2024**
|**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 2024**
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 2024**
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 £158,908 in 2023 to £165,381 in 2024. Overall costs were down from £199,617 in 2023 to £184,824 in 2024.
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 2024**
## **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 2024 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:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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 2024 (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 (expenditure)/income**
**Transfers between funds**
**Net movement in funds**
**Total funds brought forward**
**Total funds carried forward**|**Unrestricted Restricted**
**Notes**
**Funds**
**Funds**
£
£
2
-
-
1080
-
3
223
-
4
165381
-
166684
-
5
183360
-
1464
-
184824
-
(18140)
-
-
-
(18140)
-
362151
-
14
344011
-|**Total**
**Funds**
**2024**
£
-
1080
223
165381
166684
183360
1464
184824
(18140)
-
(18140)
362151
344011|**Total**
**Funds**
**2023**
£
-
1940
115
158908
160963
198213
1404
199617
(38654)
-
(38654)
400805
362151|
|---|---|---|---|
Company Number 00959426
Page 5
## **NINE OAKS HOUSING TRUST LIMITED**
## **BALANCE SHEET AS AT 31 MARCH 2024**
|**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|**2024**
£
£
392497
1000
-
34192
35192
(26807)
8385
400882
(56871)
344011
344011|**2023**
£
£
388057
750
3351
45607
49708
(20743)
28965
417022
(54871)
362151
362151|
|---|---|---|
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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|P Grange|
|Director|Director|
Page 6a
## **NINE OAKS HOUSING TRUST LIMITED**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 2024**
## **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**
£
£
Sundry donations and legacies
-
-
|**2024**
£
-|**2023**
£
-|
|---|---|---|
Page 6c
## **NINE OAKS HOUSING TRUST LIMITED**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|**3.**
**Investment income**
**Unrestricted Restricted**
**2024**
£
£
£
Interest received
223
-
223
**4.**
**Incoming Resources From Activities to Further the Charity’s Objects**
**Unrestricted Restricted**
**2024**
£
£
£
**Social housing lettings:**
Net income from Social housing
lettings
165381
-
165381
**5.**
**Project costs**
**Social**
**2024**
**Housing Governance**
**Total**
£
£
£
**Costs directly allocated to**
**activities**
Staff costs
53168
-
53168
Food and housekeeping
14306
-
14306
Council tax
4810
-
4810
Water rates
4595
-
4595
Heating and lighting
44419
-
44419
Garden maintenance
9575
-
9575
Day to day repairs
30851
-
30851
Sundry expenses
2616
-
2616
Bank loan interest
3672
-
3672
Depreciation
8682
-
8682
**Total direct costs**
176694
-
176694
**Support costs allocated**
**to activities**
Stationery and postage
66
-
66
Advertising
479
-
479
Insurances
4971
-
4971
Telephone
999
-
999
Bank charges
151
-
151
Accountancy fees
-
1464
1464
**Total support costs**
6666
1464
8130|**2023**
£
115
**2023**
£
158908
**2023**
**Total**
£
54616
16964
4104
4947
51251
9764
36809
2519
2746
7572
191292
122
-
4846
1813
140
1404
8325|
|---|---|
|||
Page 6d
## **NINE OAKS HOUSING TRUST LIMITED**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|**6.**
**Operating deficit**
**2024**
£
Operating deficit is stated after charging:
Depreciation on owned assets
8682
Accountancy
1464
10146
**7.**
**Employee Remuneration**
**2024**
£
**Staff costs**:
Wages and salaries
47391
Social security
5777
53168
No employee earned £60,000 or more.
The average number of staff employed by the charity during the year was as follows:-
**2024**
**No.**
4
The directors take no remuneration or expenses.|**2023**
£
7572
1404
8976
**2023**
£
48014
6602
54616
**2023**
**No.**
5|
|---|---|
Page 6e
## **NINE OAKS HOUSING TRUST LIMITED**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|**8.**
**Tangible fixed assets**
**Cost**
At 1 April 2023
Additions in year
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023
**9.**
**Stocks**
Food and house-keeping
**10.** **Debtors**
**Amounts falling due within one year**
Prepayments
**11.** **Creditors:** **amounts falling due**
**within one year**
Bank loans and overdrafts
Trade creditors
Accruals
PAYE
Residents deposits held|**HAG**
**Assisted**
**Schemes **
£
357768
-
357768
-
-
-
357768
357768|**Fixtures,**
**Fittings &**
**Equipment**
£
297420
13122
310542
267131
8682
275813
34729
30289
**2024**
£
1000
**2024**
£
-
**2024**
£
-
11271
1464
493
13579
26807|**Fixtures,**
**Fittings &**
**Equipment**
£
297420
13122
310542
267131
8682
275813
34729
30289
**2024**
£
1000
**2024**
£
-
**2024**
£
-
11271
1464
493
13579
26807|**Total**
£
655188
13122
668310
267131
8682
275813
392497
388057
**2023**
£
750
**2023**
£
3351
**2023**
£
2764
7175
1404
-
9400
20743|**Total**
£
655188
13122
668310
267131
8682
275813
392497
388057
**2023**
£
750
**2023**
£
3351
**2023**
£
2764
7175
1404
-
9400
20743|
|---|---|---|---|---|---|
||
|
||||
|||||||
|||||||
Page 6f
## **NINE OAKS HOUSING TRUST LIMITED**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **12. Creditors: amounts falling due**
## **after more than one year**
|Bank loans|**2024**
£
56871|**2023**
£
54871|
|---|---|---|
## **13. Movement in funds**
|**At**
**Incoming**
**Outgoing Transfers**
**1/4/23 Resources Resources**
**between**
**funds**
£
£
£
£
**Restricted funds:**
-
-
-
-
Total restricted funds
-
-
-
-
**Unrestricted funds:**
General funds
362151
166684
(184824) -
Total unrestricted funds
362151
166684
(184824) -
**Total funds**
362151
166684
(184824) -|**At**
**31/3/24**
£
-
-
344011
344011
344011|
|---|---|
## **14. Analysis of net assets between funds**
|**General Restricted**
**Funds**
**Funds**
£
£
Tangible fixed assets
392497
-
Net current assets
8385
-
Creditors over 1 year
(56871) -
Net assets at 31 March 2024
344011
-|**Total**
**Funds**
£
392497
8385
(56871)
344011|
|---|---|
Page 6g
## **NINE OAKS HOUSING TRUST LIMITED**
## **NOTES TO THE ACCOUNTS for the year ended 31 MARCH 2024**
## **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 mortgage loan is interest only.
|Under one year
Between one and two years
Over five years|**2024**
£
-
-
56871
56871|**2023**
£
3000
-
54871|
|---|---|---|
|||57871|
The total secured liabilities at 31 March 2024 are £56,871.
## **17. Share capital**
The Society is limited by Guarantee and does not have Share Capital.