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2024-03-31-accounts

Annual Report & Consolidated Financial Statements

Amicus Trust Limited (A company limited by Guarantee)

For the year ended 31 March 2024

Charity No. 268639 Company No. 01182060

Amicus Trust Limited (a company limited by guarantee) Financial statements for the year ended 31 March 2024

Company information

Charity number: 268639
Company registration number: 1182060
Registered office: 104 Midland Road
Bedford
MK40 1QE
Directors and trustees: M M Smythe - Chair
J N Sackett
N D Daniels - Treasurer
J M H Armitage
J D Owen
S J Dickinson (resigned 14 October 2024)
A Macaulay (resigned 14 October 2024)
Chief executive: D Ball
Secretary: J P Prince
Bankers: Unity Trust Bank PLC
Bank of Scotland PLC
Bath Building Society
Auditor: Collett Hulance Accountants Limited
40 Kimbolton Road
Bedford
MK40 2NR

Amicus Trust Limited (a company limited by guarantee) Financial statements for the year ended 31 March 2024

Contents page to the financial statements

PAGE
Report of the trustees 1 – 7
Independent auditor's report 8 – 11
Principal accounting policies 12 - 15
Consolidated Statement of financial activities 16
Comparative Consolidated Statement of financial activities 17
Consolidated Balance sheet 18
Charitable Company Balance sheet 19
Consolidated Statement of cash flows 20
Notes to the financial statements 21 - 36

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

1

REPORT OF THE TRUSTEES

The trustees, who are directors of the group for the purposes of the Companies Act, present their annual report and audited consolidated financial statements of the company and its subsidiary for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Directors and trustees

The directors of the charitable company Amicus Trust Limited are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. As set out in the Articles of Association dated 25 July 1974, as amended on 3 June 2010 and 8 November 2021, the chairman of the trustees is nominated at the Annual General Meeting. The trustees have the power to co-opt members to fill specialist roles.

The trustees

The trustees serving during the year and since the year end were as follows:

M Smythe - Chair J Sackett N D Daniels - Treasurer J Armitage J D Owen S Dickinson (resigned 14 October 2024) A Macaulay (resigned 14 October 2024)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Amicus Trust Limited is a company limited by guarantee, incorporated on 28 August 1974 in England and Wales, company number 1182060 and registered as a charity on 11 February 1975, charity number 268639.

Organisation

The company is managed by a board of unpaid trustees of up to 15 members. Trustees are recruited in line with Amicus Trust Limited's equal opportunities policy and selected on the basis of their dedication to the aims of Amicus Trust Limited and their experience of homeless issues, and working with vulnerable or excluded people, either through their daily work or in a voluntary capacity. New trustees must be members of Amicus Trust Limited and may be voted in during board meetings. New trustees are inducted by internal and external trainers and provided with training in the regulatory framework in which Amicus Trust Limited operates. The board of trustees meet quarterly. There are sub committees: a Job Evaluation Committee and an Audit Committee. The Chief Executive is assigned the day-to-day management of operations of the charity.

Amicus Trust Limited has a Job Evaluation Scheme in place which forms the basis of a fair pay system across the organisation.

During the year ended 31 March 2014, the charitable company took control of the charity Charlotte Beaty’s Almshouses. The charity’s principal activity is in line with that of the charitable company. The charity has no share capital therefore the charitable company has control of the charity as it is the sole trustee. The address of the registered office is Amicus Trust 104 Midland Road, Bedford MK40 1QE.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

2

Risk management

The trustees have carried out a detailed review of the charity's activities in line with the business plan, which sets out the opportunities available to Amicus Trust Limited and the risks to which it is exposed. The trustees monitor the progress against the strategic objectives set out in the plan at each quarterly meeting and a comprehensive review of the plan is carried out annually. As part of this process, the trustees have implemented a risk management strategy, which comprises:

The risks that could potentially have an impact on the charity are:

OBJECTIVES AND ACTIVITIES

Purpose and aim

Amicus Trust Limited's purpose, as set out in the objects contained in the company's Memorandum of Association, is to:

In undertaking this objective, Amicus Trust Limited aims to provide support, guidance and short-term accommodation to single homeless individuals. We aim to enable each individual service user to achieve and maintain independent living. In addition to our core provision of supported accommodation, our service users have access to our specialist outreach team who provide an individually tailored Education, Employment and Training service.

Our aim fully reflects the purpose that the charity was set up to further.

Ensuring our work delivers our aims

We review our aims, objectives and activities each year. This review looks at what we have achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity, the main one being how many residents have been helped to move on to independent living, and the benefits that each activity has brought to the groups of people that we are set up to help. The review also helps us to ensure that our aims, objectives and activities remain focused on our stated purposes.

We have referred to the guidance contained in the Charity Commission's general guidance on the public benefit when reviewing our aims and objectives, and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that they have set.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

3

The focus of our work

Our main objectives for the year continued to be the provision of accommodation, support and guidance to single homeless people. The charitable company in practice provides services to homeless people in Bedfordshire, Buckinghamshire, Northamptonshire, Leicestershire, AylesburyVale, Huntingdonshire, Cambridgeshire and our subsidiary undertaking, Charlotte Beaty’s Almshouses provides services to those in Buckinghamshire. The strategies we used to meet our objectives included:

How our activities deliver public benefit

Our main activities and who we try to help are described below. All our charitable activities focus on the needs of single homeless people and are undertaken to further our charitable purposes for the public benefit.

The Charities SORP requires the trustees’ report to include the criteria used to measure and assess success in the reporting period.

ACHIEVEMENTS AND PERFORMANCE

Education and employment services

Amicus Trust Limited employs over 100 members of staff, and manages a number of projects providing accommodation support for over 500 individuals in Bedfordshire, Buckinghamshire, Northamptonshire, Leicestershire, AylesburyVale, Huntingdonshire, and now Cambridgeshire.

Service provision focuses on supporting service users as they achieve and sustain independence through individual support plans. This is managed through ongoing support including assisting service users to improve their life skills, to access education, training and employment and the provision of accommodation.

Amicus Trust Limited has developed innovative services to deal with issues faced by service users. The Trust identified the need for a service delivery to homeless veterans and today is supporting over 20 single homeless veterans. Amicus Trust Limited has dedicated houses for homeless veterans in Bedfordshire, Buckinghamshire, Northamptonshire and Leicestershire. Amicus Trust Limited continues to develop strong relationships with other agencies who support homeless service users, which provides a platform on which to improve future provision.

Supported accommodation

Amicus Trust Limited has many years' experience of providing accommodation for the homeless. The broad criteria for letting the accommodation are that an individual needs a period of support and reskilling before they can resume independent living. The accommodation and support is provided in one of the group homes and any reskilling and retraining is provided through the Stepping Stones project, with a Life Skills Development Worker or with a Mental Health Lead Officer. When an individual is ready to move on to independent accommodation they are helped to secure that accommodation and provided with any resettlement support required. A member of staff will stay in touch for as long as is necessary to allow for a smooth transition back into the community.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

4

In 2014, a pilot Veteran project for Amicus Trust Limited was set up to provide accommodation and support for 3 veterans and was the inspiration behind the creation of Heroes House, which provides support and accommodation for up to 9 homeless veterans. Further properties have been opened in Aspley Guise, Northamptonshire and Leicestershire and today we support over 60 homeless veterans.

Night Owl Project

The Night Owl Bus delivers support and guidance to individuals aged over 16 years. The type of support and guidance given is as follows:

Alms Houses

In 2014 the charitable company took control of the charity Charlotte Beaty’s Almshouses. The charity owns a group of houses in Buckinghamshire. The charity does not have any employees and is managed by the trust.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

5

FINANCIAL REVIEW

Reserves policy

As a result of focusing on obtaining new grants and minimising cost increases, the end of the year saw a positive financial result. The total reserves have increased from £5,694,966 to £6,426,130 as at 31 March 2024. As at 31 March 2024, the charitable company's free reserves were £4,107,115 (2023: £3,937,563). As Amicus Trust has grown significantly over the past three years, it has been possible to hold free reserves to cover 6 months expenditure and any surplus funds are planned to increase the level of free reserves to cover more than the 6 months expenditure. Our reserves policy also calls for us to retain enough reserves to cover ongoing financial commitments in terms of leases etc. These commitments currently stand at £12.87m over the next 5 years.

Income and expenditure

Total income for the year increased to £8,290,727 in 2024 from £7,504,800 in 2023. The overall costs of the supported accommodation activity rose during the year from £5,576,389 in 2023 to £7,987,436 in 2024. This is due to increased service provision.

The proportion of income received for restricted purposes represents 1.8% (2023: 2.4%) of total income. The focus of our restricted activities during the year was on the provision of Mental Health support and Veterans projects.

Overall, the results show a total surplus for the year of £195,080 (2023: £627,117) before gains and losses on investments. The surplus consists of a surplus on restricted funds of £39,418 (2023: £68,381 surplus) and a surplus on unrestricted funds of £155,662 (2023: £558,736).

At the year-end, the balance of unrestricted funds was £6,121,275 (2023: £5,429,529) and for restricted funds was £304,855 (2023 : £265,437).

Capital commitment

There were no capital commitments at 31 March 2024.

Investment powers

Under the Memorandum and Articles of Association, the charity has the power to make any investment, which the trustees see fit.

The trustees are satisfied with the performance of the investments during the year.

.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

6

PLANS FOR FUTURE PERIODS

Support and Accommodation Projects

The future plans for Amicus Trust Limited will see significant new opportunities as the Trust continues to grow and to develop the range of services it provides.

Our Business Plan covers an analysis of the current position, opportunities and threats, and outlines the strategic activities that will enable the Charity to meet its objectives.

To enhance present and prospective partners knowledge of our services and encourage partnership working within other geographical areas.

To work within our objectives, Amicus Trust Limited will prevent repeated homelessness.

Work is continuing in developing further support to ex-military personnel providing accommodation, education, training and employment.

Statement of trustees' responsibilities

The trustees (who are also directors of Amicus Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

The Charities Act 2011 requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the income and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each of the trustees is aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

7

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

Auditor

Collett Hulance Accountants Limited will be deemed reappointed for the next financial year in accordance with section 162 of the Charities Act 2011 unless the company receives notice under section 419(2) of the Companies Act 2006.

BY ORDER OF THE TRUSTEES

………………………………………………………..

M Smythe Chair of Trustees Date: 16 December 2024

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

8

Independent auditor’s report to the members of Amicus Trust Limited

Opinion

We have audited the financial statements of Amicus Trust Limited (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, Comparative Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charitable Company Balance Sheet, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity and group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Comments relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

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Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

10

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees (who are also the directors of the parent charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the group and the parent charity and their industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, significant one-off or unusual transactions and revenue cut-off.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

Our audit procedures in relation to fraud included but were not limited to:

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

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There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the charitable group’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable group’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable group and the charitable group’s members as a body for our audit work, for this report, or for the opinions we have formed.

Andrew Robert Upton (Senior Statutory Auditor)

for and on behalf of Collett Hulance Accountants Limited Chartered Certified Accountants and Registered Auditors 40 Kimbolton Road Bedford Bedfordshire MK40 2NR

Date:

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

12

PRINCIPAL ACCOUNTING POLICIES

GENERAL INFORMATION

Amicus Trust Limited is a private company limited by guarantee, incorporated in England and Wales. The liability of each board member is limited to £1. The registered office is 104 Midland Road, Bedford, MK40 1QE. The principal activity of the charity is to provide relief of poverty of persons who, by reason of mental or physical condition are unable to fulfil their duties as citizens or their obligations to their employers, in particular, but not exclusively, through the provision of social and supported housing and related activities. The registered company and charity numbers are listed on the company information page.

The financial statements have been prepared in sterling GBP as this is the charity’s functional currency. All numbers are rounded to the nearest £.

ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention, and 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 2019) (Charities SORP 2019 (FRS 102)) and the Companies Act 2006.

Amicus Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going Concern

The financial statements have been prepared on the going concern basis because there are no material uncertainties related to events or conditions that may cast significant doubts about the ability of the charity to continue as a going concern.

Basis of consolidation

The financial statements consolidate the accounts of Amicus Trust Limited and its subsidiary undertaking, Charlotte Beaty‘s Almshouses, registered charity number 1049099.

Under Section 408 of the Companies Act 2006 the charitable company is exempt from the requirement to present its own profit and loss account. The surplus for the year within the accounts for the charitable parent company was £426,257 (2023: £616,585).

All amounts in respect of group balances and transactions have been eliminated in arriving at the group figures.

The principal accounting policies of the charity are set out below.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

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Income

Donations and gifts

The income for the year is attributable to the principal activity of the charity, which is providing accommodation and support to single homeless people. Voluntary income is received by way of donations and gifts and is included in the Statement of Financial Activities when received. The value of the services provided by volunteers has not been included.

Rental income

Rental income is the income receivable for actual accommodation provided during the year to residents, excluding any arrears regarded as irrecoverable.

Investment income

Investment income includes interest accrued over the period but receivable on maturity, and includes any related tax credits.

Grants

Grants, including those for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities for the year in which they are receivable. Grants for the purpose of fixed assets are set aside in a restricted fund and the cost of the asset purchase is written-off against the funds over its estimated useful life.

Expenditure

Expenditure is recognised in the period in which it is incurred and includes attributable VAT. Expenditure is allocated to the particular project where the cost relates directly to the activity of that project. However the cost of overall direction and administration of each project, comprising of salary and overhead costs of the central function, is apportioned based on the salary costs for each project.

The costs of generating funds relate to the costs incurred by the charity in raising funds for charitable work.

Governance costs include the management of the company's assets, organisational management and compliance with constitutional statutory requirements.

Tangible fixed assets

Depreciation is provided for on assets with cost in excess of £500 in order to write off the cost of each asset over its estimated useful life, as shown below:

Furniture and equipment
 33% and 33% on cost
Infrastructure / Building Works
 20% on cost
Improvements to Leasehold property Over the life of the lease
Vehicles
 25% on cost
Freehold property Not depreciated

Freehold property is revalued by an appropriately qualified person every 3-4 years, or when the book value is significantly different from the market value.

Depreciation costs are allocated to projects on the basis of the use of the related assets in those projects.

Pensions

The company operates defined contribution (Money Purchase Plan) pension schemes which are managed by The Pensions Trust. The company's contributions payable for the year are charged in the Statement of Financial Activities as an unrestricted cost.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

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Unrestricted funds

Unrestricted funds are donations and other income receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Designated funds

Designated funds are unrestricted funds set aside by the Board of Trustees for particular purposes.

Restricted funds

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure, which meets these criteria, is charged to the fund, together with a fair allocation of management and support costs, where applicable.

Investments

The charitable company has an investment in its subsidiary undertaking by virtue of its control over the entity.

Listed investments are held at open market value.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price.

Financial instruments

Financial assets and liabilities are recognised on the Balance Sheet when the charity has become a party to the contractual provisions of the instrument.

Operating leases

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

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Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions in determining reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates, and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of revision and future periods, if the revision affects both current and future periods.

The key estimates and assumptions made in these accounts are:

All debtors are reviewed to determine if a bad debt provision is required for each balance.

Property is held at fair value and is valued every 3-4 years by an external valuer. The Trustees assess the valuation annually based on market assumptions. Refer to notes 12 and 13 for further details.

Impairment testing is carried out for all tangible assets and investments at the year-end date where there is an indication that impairment exists. For the purposes of impairment testing, the carrying amounts of the tangible assets are reviewed and an impairment loss is recognised where the carrying amounts exceed the assets recoverable amount.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sale proceeds and the carrying amount of the assets and is recognised in the Statement of Financial Activities.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

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Consolidated statement of Financial Activities (including income and expenditure account)

Total Total
Note Restricted Unrestricted 2024 2023
£ £ £ £
Income from
Voluntary income 1 1,200 - 1,200 1,100
Investment income 2 - 40,554 40,554 1,681
Grant Income 3 - 55,000 55,000 -
Income from charitable activities:
Supported accommodation 4 - 8,050,995 8,050,995 7,323,293
Garfield Weston Mental Health 4 - - - 30,000
Lottery Funding for Mental Health 4 57,025 - 57,025 -
Dorothy Boyd Will (Bedford) 4 - - - 22,000
Harpur Trust – Mental Health 4 48,450 - 48,450 -
Wellingborough Land Aid 4 - - - 20,582
Veteran projects 4 - - - 58,894
Central Beds Mental Health 4 - - - 29,000
Beds & Luton Community Trust 4 5,000 - 5,000 -
Huntingdon & St Neots M Health 4 - - - 10,000
The Evelyn Trust 4 6,588 - 6,588 -
House of Industry Funding 4 29,450 - 29,450 -
Other charitable grant 4 (3,535) - (3,535) 8,250
Total income 144,178 8,146,549 8,290,727 7,504,800
Expenditure on
Cost of generating funds
Raising funds from other organisations - (3,451) (3,451) (1,162)
Charitable activities:
Supported accommodation - (7,987,436) (7,987,436) (5,576,389)
Outreach/Mobile Night Shelter (553) - (553) (541)
Veterans projects (15,526) - (15,526) (30,497)
Other projects (88,681) - (88,681) (1,269,094)
Total expenditure 6 (104,760) (7,990,887) (8,095,647) (6,877,683)
__ __ __ __
Net income / (expenditure) 8 39,418 155,662 195,080 627,117
Gains / (losses) on investments 14 - 4,084 4,084 (123)
Transfers between funds 21 - - - -
Other recognised gains / (losses)
Gains on revaluation of fixed assets - 532,000 532,000 -
__ __ __ __
Net movement in funds for the year 39,418 691,746 731,164 626,994
Total funds at 1 April 2023 265,437 5,429,529 5,694,966 5,067,972
Total funds at 31 March 2024 304,855 6,121,275 6,426,130 5,694,966

All of the activities of the group in the current year are classed as continuing.

The group has no recognised gains or losses other than the results for the year as set out above.

The accompanying accounting policies and notes form part of these financial statements.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

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Comparative Consolidated statement of Financial Activities (incorporating an income and expenditure account)

Total
Note Restricted Unrestricted 2023
£ £ £
Income from
Voluntary income 1 1,100 - 1,100
Investment income 2 - 1,681 1,681
Income from charitable activities:
Supported accommodation 4 - 7,323,293 7,323,293
Garfield Weston Mental Health 4 30,000 - 30,000
Dorothy Boyd Will (Bedford) 4 22,000 - 22,000
Mobile Night Shelter Grants 4 - - -
Veterans projects 4 58,894 - 58,894
Wellingborough Land Aid 4 20,582 - 20,582
Central Beds Mental Health 4 29,000 - 29,000
Cambridgeshire Residents 4 - - -
Huntingdon & St Neots M Health 4 10,000 - 10,000
Peterborough Activities Fund 4 - - -
Nationwide Charities Trust 4 - - -
Other charitable grants 4 8,250 - 8,250
Total income 179,826 7,324,974 7,504,800
Expenditure on
Cost of generating funds
Raising funds from other organisations - (1,162) (1,162)
Charitable activities:
Supported accommodation - (5,576,389) (5,576,389)
Outreach/Mobile Night Shelter (541) - (541)
Veterans projects (30,497) - (30,497)
Other projects (80,407) (1,188,687) (1,269,094)
Total expenditure 6 (111,445) (6,766,238) (6,877,683)
__ __ __
Net income / (expenditure) 8 68,381 558,736 627,117
Gains / (losses) on investments 14 - (123) (123)
Transfers between funds 21 - - -
Other recognised gains / (losses)
Gains on revaluation of fixed assets - - -
__ __ __
Net movement in funds for the year 68,381 558,613 626,994
Total funds at 1 April 2022 197,056 4,870,916 5,067,972
Total funds at 31 March 2023 265,437 5,429,529 5,694,966

All of the activities of the group in the current year are classed as continuing.

The group has no recognised gains or losses other than the results for the year as set out above.

The accompanying accounting policies and notes form part of these financial statements.

18

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

Consolidated Balance Sheet

Note
£
Fixed assets
Property, plant & equipment
12
1,855,785
Investments
14
60,287
Current assets
Receivables
15
467,209
Investments
14
1,639
Cash and cash equivalents
16
4,467,154
4,936,002
Payables: amounts falling due
within one year
17
(425,944)
Net current assets
Net Assets
Funds
Unrestricted funds
General funds
21
4,367,643
Designated funds
21
839,017
Revaluation fund
21
914,615
Restricted funds
21		 Note
£
Fixed assets
Property, plant & equipment
12
1,855,785
Investments
14
60,287
Current assets
Receivables
15
467,209
Investments
14
1,639
Cash and cash equivalents
16
4,467,154
4,936,002
Payables: amounts falling due
within one year
17
(425,944)
Net current assets
Net Assets
Funds
Unrestricted funds
General funds
21
4,367,643
Designated funds
21
839,017
Revaluation fund
21
914,615
Restricted funds
21		 2024
£
1,916,072
4,510,058
6,426,130		 £
1,334,498
56,203		 2023
£
1,390,701
4,304,265
5,694,966
467,209
1,639
4,467,154
4,936,002
(425,944)
4,367,643
839,017
914,615		 617,650
1,639
4,214,766
4,834,055
(529,790)
4,207,897
839,017
382,615
6,121,275
304,855
6,426,130		 5,429,529
265,437
5,694,966

These financial statements were approved and authorised for issue by the Trustees on 16 December 2024 and are signed on their behalf by:

………………………………………………………..

………………………………………………………..

M Smythe – Chair Chair of Trustees

N Daniels - Trustee

Registration number : 1182060

The accompanying accounting policies and notes form part of these financial statements.

19

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

Charitable Company Balance Sheet

Note
£
Fixed assets
Property, plant & equipment
13
Current assets
Receivables
15
465,344
Cash and cash equivalents
16
4,381,466
4,846,810
Payables: amounts falling due
within one year
17
(434,840)
Net current assets
Net assets
Funds
Unrestricted funds
General funds
21
4,222,357
Designated funds
21
434,322
Revaluation fund
21
402,222
Restricted funds
21		 2024
£
951,786
4,411,970
5,363,756
5,058,901
304,855
5,363,756		 £
616,268
4,125,794
4,742,062
(539,062)
4,063,518
434,322
174,222		 2023
£
734,499
4,203,000
4,937,499
4,672,062
265,437
4,937,499

These financial statements were approved and authorised for issue by the Trustees on 16 December 2024. and are signed on their behalf by:

………………………………………………………..

………………………………………………………..

M Smythe – Chair Chair of Trustees

N Daniels - Trustee

Registration number : 1182060

The accompanying accounting policies and notes form part of these financial statements.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

20

Consolidated Statement of Cash Flows at 31 March 2024

Note
Cash flows from operating activities
Net income for the year
Adjustments for:
Losses/(Gains) on revaluation of investments
14
Depreciation
8
Decrease in receivables
Interest income
2
(Decrease) in payables
Cash flows generated from operating activities
Interest income
2
Purchase of property plant and equipment
12
Cash flows generated from investing activities
Cash flows generated from financing activities
Net increase in cash and cash equivalents
Cash at the beginning of the year
Cash at the end of the year
16		 2024
£
199,164
(4,084)
39,621
150,441
(40,554)
(103,846)
240,742
40,554
(28,908)
11,646
-
252,388
4,214,766
4,467,154		 2023
£
626,994
123
45,684
72,071
(1,681)
(18,211)
724,980
1,681
(37,628)
(35,947)
-
689,033
3,525,733
4,214,766

The accompanying accounting policies and notes form part of these financial statements.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

21

Notes to the Financial Statements

1 Voluntary income

Gift Aid receipts Restricted Unrestricted
Total
2024
Total
2023
£
£
£
£
1,200
-
1,200
1,100
1,200
-
1,200 1,100

In addition to the above, a number of donations of furniture, food, toiletries and vouchers were received during the year. The total value of these is estimated to have been around £1,000 (2023: £1,650). We would like to thank all those who have given donations to us.

2 Investment income

Fixed term deposits and bank account
interest		 Restricted Unrestricted
Total
2024
Total
2023
£
£
£
£
-
40,554
40,554
1,681
-
40,554
40,554
1,681
Fenland District Council Grant Restricted Unrestricted
Total
2024
Total
2023
£
£
£
£
-
55,000
55,000
-
-
55,000
55,000
-

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

22

Notes to the Financial Statements (continued)

4 Income from charitable activities

Restricted Unrestricted Total Total
2024 2023
£ £ £ £
Supported accommodation
Rental income - 7,823,343 7,823,343 7,112,650
Central Beds Supporting People Income - 58,176 58,176 57,323
Places for People - 169,476 169,476 153,320
-------------------------------------------- -------------------------------------------- -------------------------------------------- --------------------------------------------
- 8,050,995 8,050,995 7,323,293
============================================== ============================================== ============================================== ==============================================
Other grants
Lottery Funding for Mental Health 57,025 - 57,025 -
Veterans projects - - - 58,894
Harpur Trust – Mental Health 48,450 - 48,450 -
Wellingborough Land Aid - - - 20,582
Dorothy Boyd Will (Bedford) - - - 22,000
House of Industry Funding 29,450 - 29,450 -
The Evelyn Trust 6,588 - 6,588
Beds & Luton Community 5,000 - 5,000
Mental Health Projects - - - 69,000
Other charitable grants – other projects (3,535) - (3,535) 8,250
-------------------------------------------- ---------------------------------------------- -------------------------------------------- --------------------------------------------
142,978 - 142,978 178,726
============================================== ============================================== ============================================== ================================================

5 Net income from charitable trading activities of subsidiary

The charity controls a subsidiary charity, Charlotte Beaty’s Almshouses, a registered charity in England and Wales (1049099). The charity does not have share capital.

A summary of the results of the trading subsidiary Charlotte Beaty’s Almshouses (Registered Charity No. 1049099) is set out below:

Income
Expenditure on charitable activities
Net Income
Gains / (losses) on revaluation of investments
Gains / (losses) on revaluation of fixed assets
Total funds brought forward
Total funds carried forward		 2024
£
26,871
(30,048)
(3,177)
4,084
304,000
757,469
1,062,376		 2023
£
24,378
(13,846)
10,532
(123)
-
747,060
757,469

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

23

Notes to the Financial Statements (continued)

6 Total expenditure

Cost directly allocated to activities
Direct staff costs charitable activities
Advertising and other costs
Recruitment and other staff costs
Premises costs
Project running costs
Office running costs
Supporting costs allocated to
activities
Support staff costs
Project running costs
Office running costs
Legal and professional
Finance costs
Total Expenditure		 Supported
accommodation
£
1,429,225
-
101,342
3,966,503
311,524
125,816
575,723
195,859
41,939
-
-
6,747,931		 Education &
Employment
£
-
-
-
-
-
-
-
-
-
-
-
-		 Other activities &
projects
£
522,381
-
51,890
114,127
-
73,080
210,426
195,859
24,360
144,848
7,294
1,344,265		 Costs of
generating
voluntary income
£
-
3,451
-
-
-
-
-
-
-
-
-
-
3,451		 2024
£
1,951,606
3,451
153,232
4,080,630
311,524
198,896
786,149
391,718
66,299
144,848
7,294
8,095,647		 2023
£
1,548,486
1,162
174,722
3,542,079
371,048
181,728
678,674
207,774
60,576
103,439
7,995
-
6,877,683

Support costs are allocated to each activity based pro-rata to the staff costs directly incurred by that activity.

7 Taxation

The charitable group is exempt from corporation tax as all its income is applied to charitable purposes.

8 Net income / (expenditure)

This is stated after charging:
Depreciation - owned assets
Auditors' remuneration
- Audit
Operating leases		 2024
2023
£
£
39,621
45,684
8,200
9,500
2,877,362
2,546,583

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

24

Notes to the Financial Statements (continued)

9 Staff costs

Staff costs were as follows:

Staff costs were as follows:
Salaries
National insurance costs
Pension costs
Temporary staff		 2024
£
2,224,215
185,404
92,300
162,181
2,664,100		 2023
£
1,849,861
156,001
77,311
143,988
2,227,161

There were no employees whose total employee benefits (excluding employer pension costs) exceeded £60,000 during the year.

Pension costs relate to a defined contribution pension scheme operated by the charity. The assets of the scheme are held separately from those of the charity in an independently administered fund. There are £16,139 (2023: £14,708) unpaid contributions outstanding at the year end.

The average weekly number of employees during the year was as follows

Supported accommodation
Administration		 2024
82
20		 2023
74
18
102 92

No volunteers were used in the year ended 31 March 2024 or 31 March 2023.

There is one employee who is considered to be key management personnel. The total remuneration (including pension contributions) paid to key management personnel for the year was £59,238 (2023: £60,791).

10 Trustees remuneration and expenses

The Trustees did not receive any emoluments or expenses during the year (2023: £nil).

During the year, Amicus Trust Limited did not have trustee indemnity insurance.

11 Related party transactions

The charitable company and the group has taken advantage of the exemption available according to Section 33 ‘Related party disclosures’ not to disclose transactions entered into between members of a group that are wholly owned.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

25

Notes to the Financial Statements (continued)

12 Group tangible fixed assets

Improvements
Furniture
Freehold to Leasehold and Computer
properties property equipment equipment Vehicles Total
£ £ £ £ £ £
Cost or valuation
At 1 April 2023
1,275,000		 74,772 511,321 133,981 64,020 2,059,094
Additions
-		 - 28,908 - - 28,908
Disposals - - - - - -
Revaluation 532,000 - - - - 532,000
---------------------------------------------- ---------------------------------------------- -------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
At 31 March 2024
1,807,000		 74,772 540,229 133,981 64,020 2,620,002
============================================== ============================================== ======================================== ============================================== ============================================== ==============================================
Depreciation
At 1 April 2023
-		 74,772 463,604 122,200 64,020 724,596
Additions
-		 - 31,895 7,726 - 39,621
Disposals - - - - - -
Revaluation - - - - - -
---------------------------------------------- ---------------------------------------------- -------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
At 31 March 2024
-		 74,772 495,499 129,926 64,020 764,217
============================================== ============================================== ======================================== ============================================== ============================================== ==============================================
Net book value
At 31 March 2024 1,807,000 - 44,730 4,055 - 1,855,785
============================================== ============================================== ==================================== ==================================== ============================================== ==============================================
At 31 March 2023 1,275,000 - 47,717 11,781 - 1,334,498
============================================== ============================================== ==================================== ==================================== ============================================== ==============================================

The Group freehold properties have a total historic cost of £910,778. The Trustees obtain an independent revaluation by an appropriately qualified person every 3-4 years. The valuation is based on an open market basis. The properties were revalued as at 31 March 2024 by a local estate agent and the revaluation is reflected in these financial statements.

For the years in between, the Trustees perform a review of the valuation to ensure that there are no significant changes. The Trustees consider changes in the prices of local property through review of national property websites.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

26

Notes to the Financial Statements (continued)

13 Charitable company property, plant and equipment

Improvements
Furniture
Freehold to Leasehold and Computer
properties property equipment equipment Vehicles Total
£ £ £ £ £ £
Cost or valuation
At 1 April 2023
675,000		 74,772 507,966 133,981 64,020 1,455,739
Additions
-		 - 28,908 - - 28,908
Disposals - - - - - -
Revaluation 228,000 - - - - 228,000
---------------------------------------------- ---------------------------------------------- -------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
At 31 March 2024
903,000		 74,772 536,874 133,981 64,020 1,484,647
============================================== ============================================== ======================================== ============================================== ============================================== ==============================================
Depreciation
At 1 April 2023
-		 74,772 460,248 122,200 64,020 721,240
Additions
-		 - 31,895 7,726 - 39,621
Disposals - - - - - -
Revaluation - - - - - -
---------------------------------------------- ---------------------------------------------- -------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
At 31 March 2024
-		 74,772 492,143 129,926 64,020 760,861
============================================== ============================================== ======================================== ============================================== ============================================== ==============================================
Net book value
At 31 March 2024 903,000 - 44,731 4,055 - 951,786
============================================== ============================================== ==================================== ==================================== ============================================== ==============================================
At 31 March 2023 675,000 - 47,718 11,781 - 734,499
============================================== ============================================== ==================================== ==================================== ============================================== ==============================================

The Charity freehold properties have a historic cost of £192,778 as at 31 August 2007 plus £308,000 as at 31 July 2015. The Trustees obtain an independent revaluation by an appropriately qualified person every 3- 4 years. The valuation is based on an open market basis. The properties were revalued as at 31 March 2024 by a local estate agent and the revaluation is reflected in these financial statements.

For the years in between, the Trustees perform a review of the valuation to ensure that there are no significant changes. The Trustees consider changes in the prices of local property through review of national property websites.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

27

Notes to the Financial Statements (continued)

14 Group Investments

Listed investments
At 1 April 2023
Revaluation
At 31 March 2024		 Fixed asset
investments
£
56,203
4,084
60,287
Current
asset
investments
£
1,639
-
1,639

The investments relate to the charitable subsidiary only. (Refer to note 5)

15 Receivables: amounts falling due within one year

Trade receivables
Prepayments and accrued income
Other Debtors		 Group
2024
£
401,865
19,981
45,363
467,209		 2023
£
577,226
40,424
-
617,650		 Charitable company
2024
2023
£
£
399,883
575,844
19,981
40,424
45,480
-
465,344
616,268		 Charitable company
2024
2023
£
£
399,883
575,844
19,981
40,424
45,480
-
465,344
616,268
616,268

16 Cash and cash equivalents

Group Charitable Company Charitable Company
2024 2023 2024 2023
£ £ £ £
Cash at bank 4,467,154 4,214,766 4,381,466 4,125,794

17 Payables: amounts falling due within one year

Trade payables
Accruals
Other creditors		 Group
2024
£
321,951
83,825
20,168
425,944		 2023
£
295,923
215,130
18,737
529,790		 Charitable company
2024
2023
£
£
320,520
294,868
83,825
215,130
30,495
29,064
434,840
539,062		 Charitable company
2024
2023
£
£
320,520
294,868
83,825
215,130
30,495
29,064
434,840
539,062
539,062

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

28

Notes to the Financial Statements (continued)

18 Status

The company is limited by guarantee and therefore has no share capital. The company is a registered charity, number 268639. Every member of the company undertakes to contribute to the assets of the company, in the event of the company being wound up while he/she is a member, or within a year after he/she ceases to be a member, for payment of the debts and liabilities of the company contracted before he/she ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories amongst themselves, such amount as may be required not exceeding £1.

19 Analysis of net assets between funds

Group General
 Designated Restricted Total funds Total funds
Funds Funds funds 2024 2023
(including
revaluation
reserve)
£ £ £ £ £
Tangible fixed assets 1,916,072 - - 1,916,072 1,390,701
Current assets 3,792,130 839,017 304,855 4,936,002 4,834,055
Current liabilities (425,944) - - (425,944) (529,790)
---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
5,282,258 839,017 304,855 6,426,130 5,694,966
============================================== ============================================== ============================================== ============================================== ==============================================
Charitable Company General
 Designated Restricted Total funds Total funds
Funds Funds funds 2024 2023
(including
revaluation
reserve)
Tangible fixed assets 951,786 - - 951,786 734,499
Current assets 4,107,633 434,322 304,855 4,846,810 4,742,062
Current liabilities (434,840) - - (434,840) (539,062)
---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
4,624,579 434,322 304,855 5,363,756 4,937,499
============================================== ============================================== ============================================== ============================================== ==============================================

20 Comparative analysis of net assets between funds

Group General Funds
 Designated Restricted Total funds Total funds
(including
Funds		 funds 2023 2022
revaluation
reserve)
£ £ £ £ £
Tangible fixed assets 1,390,701 - - 1,390,701 1,398,820
Current assets 4,134,296 434,322 265,437 4,834,055 4,217,153
Current liabilities (529,790) - - (529,790) (548,001)
---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
4,995,207 434,322 265,437 5,694,966 5,067,972
============================================== ============================================== ============================================== ============================================== ==============================================

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

29

Notes to the Financial Statements (continued)

20 Comparative analysis of net assets between funds (continued)

Charitable Company General Funds
 Designated Restricted Total funds Total funds
(including Funds funds 2023 2022
revaluation
reserve)
£ £ £ £ £
Tangible fixed assets 734,499 - - 734,499 742,555
Current assets 4,042,303 434,322 265,437 4,742,062 4,135,970
Current liabilities (539,062) - - (539,062) (557,611)
---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
4,237,740 434,322 265,437 4,937,499 4,320,914
============================================== ============================================== ============================================== ============================================== ==============================================

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

30

Notes to the Financial Statements (continued)

21 Movement in funds

Group At At
1 April Income Expenditure Transfers 31 March
2023 2024
£ £ £ £ £
Restricted funds
Turvey Abbey 20,812 3,000 - - 23,812
Wellingborough Land Aid - 2,400 - - 2,400
The Evelyn Trust - 6,588 (6,588) - -
Variable Activities - 1,649 - - 1,649
Primaflow (M Health Funding) - 1,070 - - 1,070
Northampton Mental Health 48,257 - - - 48,257
Mental Health – South 10,005 - - - 10,005
Nationwide Xmas Donations 2,046 - - - 2,046
Donations received – gift aid 8,474 1,200 - - 9,674
PPE Funds 13,564 - - - 13,564
Cambridgeshire Residents 9,294 - - - 9,294
House of Industry Fundin - 29,450 (21,644) - 7,806
Beds & Luton Community - 5,000 - - 5,000
Fire and Country Funding - 1,000 - - 1,000
Leicester CMF Fund 3,000 - - - 3,000
Peterborough Activities Fund 1,431 - - - 1,431
Central Beds Mental Health 9,000 - - - 9,000
Garfield Weston Mental Health 27,000 - - - 27,000
Lottery funding for M Health - 57,025 (57,025) - -
Harpur Trust for M Health - 48,450 (3,424) - 45,026
Gale Family Trust - 2,853 - - 2,853
Dorothy Boyd Will (Bedford) 22,000 - - - 22,000
Other Restricted Funds 558 - - - 558
------------------------------------------------------- ------------------------------------------------------- ------------------------------------------------------- ------------------------------------------------------- -------------------------------------------------------
175,441 159,685 (88,681) - 246,445
Mobile Night Shelter Funds
Gale Family Charity Trust 3,406 (2,853) (553) - -
Garfield Weston Foundation 4,107 - - - 4,107
Old Wixam Tree Trust 8,291 - - - 8,291
Blunham Parish Trust 66 - - - 66
------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------
Sub-Total Mobile Night
Shelter 15,870 (2,853) (553) - 12,464
Veterans Project
Cublington Veterans Fund 14,000 - - - 14,000
ABF The Soldiers Charity 12,308 - - - 12,308
Veteran Mental Health 4,610 - - - 4,610
Farnborough Garrison Fund 2,893 - - - 2,893
The Armed Forces Covenant 9,036 - - - 9,036
The Harpur Trust 28,180 (12,654) (15,526) - -
Other Veterans Funds 599 - - - 599
------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------
Sub –Total Veterans Project 71,626 (12,654) (15,526) - 43,446
Wixamtree / Sandy Baptist Ch. 2,500 - - - 2,500
--------------------- -------------------- --------------------- --------------------- --------------------
Total Restricted Funds 265,437 144,178 (104,760) - 304,855
----------------------- ------------------- -------------------- **------------------- ** --------------------

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

31

Notes to the Financial Statements (continued)

21 Movement in funds (continued)

Group At Gains on
At
1 April Income Expenditure Transfers revaluation of
31 March
2023 Investments 2024
£ £ £ £ £ £
Unrestricted funds
General funds 4,207,897 8,146,549 (7,990,887) - - 4,363,559
Revaluation fund 382,615 - - - 536,084 918,699
Designated Charlotte Beatty
property 404,695 - - - - 404,695
Designated Bus. Transition fund 300,000 - - - - 300,000
Designated maintenance fund 30,000 - - - - 30,000
Designated mini bus fund 4,322 - - - - 4,322
Designated property fund 100,000 - - - - 100,000
---------------------- ------------------ ------------------------- ------------------ ----------------------- ----------------------
Total unrestricted funds 5,429,529 8,146,549 (7,990,887) - 536,084 6,121,275
-------------------- ------------------- --------------------- ----------------- ----------------------- --------------------
Total funds 5,694,966 8,290,727 (8,095,647) - 536,084 6,426,130
============================================================ ================================================ ======================================================= ========================================== ======================================================== ============================================================

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

32

Notes to the Financial Statements (continued)

21 Movement in funds (continued)

Charity At At
1 April Income Expenditure Transfers 31 March
2023 2024
£ £ £ £ £
Restricted funds
Turvey Abbey 20,812 3,000 - - 23,812
Wellingborough Land Aid - 2,400 - - 2,400
The Evelyn Trust - 6,588 (6,588) - -
Variable Activities - 1,649 - - 1,649
Primaflow (M Health Funding) - 1,070 - - 1,070
Northampton Mental Health 48,257 - - - 48,257
Mental Health – South 10,005 - - - 10,005
Nationwide Xmas Donations 2,046 - - - 2,046
Donations received – gift aid 8,474 1,200 - - 9,674
PPE Funds 13,564 - - - 13,564
Cambridgeshire Residents 9,294 - - - 9,294
House of Industry Fundin - 29,450 (21,644) - 7,806
Beds & Luton Community - 5,000 - - 5,000
Fire and Country Funding - 1,000 - - 1,000
Leicester CMF Fund 3,000 - - - 3,000
Peterborough Activities Fund 1,431 - - - 1,431
Central Beds Mental Health 9,000 - - - 9,000
Garfield Weston Mental Health 27,000 - - - 27,000
Lottery funding for M Health - 57,025 (57,025) - -
Harpur Trust for M Health - 48,450 (3,424) - 45,026
Gale Family Trust - 2,853 - - 2,853
Dorothy Boyd Will (Bedford) 22,000 - - - 22,000
Other Restricted Funds 558 - - - 558
------------------------------------------------------- ------------------------------------------------------- ------------------------------------------------------- ------------------------------------------------------- -------------------------------------------------------
175,441 159,685 (88,681) - 246,445
Mobile Night Shelter Funds
Gale Family Charity Trust 3,406 (2,853) (553) - -
Garfield Weston Foundation 4,107 - - - 4,107
Old Wixam Tree Trust 8,291 - - - 8,291
Blunham Parish Trust 66 - - - 66
------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------
Sub-Total Mobile Night Shelter
15,870 (2,853) (553) - 12,464
Veterans Project
Cublington Veterans Fund 14,000 - - - 14,000
ABF The Soldiers Charity 12,308 - - - 12,308
Veteran Mental Health 4,610 - - - 4,610
Farnborough Garrison Fund 2,893 - - - 2,893
The Armed Forces Covenant 9,036 - - - 9,036
The Harpur Trust 28,180 (12,654) (15,526) - -
Other Veterans Funds 599 - - - 599
------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------
Sub –Total Veterans Project 71,626 (12,654) (15,526) - 43,446
Wixamtree / Sandy Baptist Ch. 2,500 - - - 2,500
--------------------- -------------------- --------------------- --------------------- --------------------
Total Restricted Funds 265,437 144,178 (104,760) - 304,855
----------------------- ------------------- -------------------- **------------------- ** --------------------

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

33

Notes to the Financial Statements (continued)

21 Movement in funds (continued)

Charity At Gains on
At
1 April Income Expenditure Transfers
revaluation of
31 March
2023 Investments 2024
£ £ £ £ £ £
Unrestricted funds
General funds 4,063,518 8,119,678 (7,960,839) - - 4,222,357
Revaluation fund 174,222 - - - 228,000 402,222
Designated Bus. Transition
fund 300,000 - - - - 300,000
Designated maintenance fund 30,000 - - - - 30,000
Designated mini bus fund 4,322 - - - - 4,322
Designated property fund 100,000 - - - - 100,000
----------------------- -------------------- ----------------------------------------- ----------------------- -----------------------
Total unrestricted funds 4,672,062 8,119,678 (7,960,839) - 228,000 5,058,901
--------------------- -------------------- ----------------------- ---------------- ----------------------- ---------------------
Total funds 4,937,499 8,263,856 (8,065,599) - 228,000 5,363,756
============================================================ =================================================== ================================================================================================ ======================================================== ============================================================

22 Purpose of funds

Wellingborough Land Aid

In March 2021 funds were received to help with a project in Wellingborough High Street. This is to cover building works required.

The Evelyn Trust

The Evelyn Trust, based in Cambridgeshire, are funding a mental health worker to support the residents we house in Cambridgeshire.

House of Industry

Funding was secured from the House of Industry to fund the services of an Employability worker for the Stepping Stones project.

Beds & Luton Community

These funds were given specifically to help the charity’s activities within Bedfordshire.

Northampton Mental Health

A donation from Garfield Weston Foundation was given to the trust specifically to fund Mental Health advisors and support within the Northampton project.

Mental Health - South

Garfield Weston Foundation are also providing funds to support our Mental Health workers in the South projects.

Harpur Trust for Mental Health

The Harpur Trust, based in Bedford, is a regular supporter of Amicus activities with large donations. They have provided Amicus with a large donation in 23/24 financial year to help fund the mental health team. They have also provided funds for the Veteren’s projects Amicus runs.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

34

Notes to the Financial Statements (continued)

22 Purpose of funds (continued)

PPE Funds

At the start of the Covid pandemic in March 2020, PPE grants were made to Amicus Trust by Crisis UK and the Leicestershire and Rutland Community Foundation.

Cambridgeshire Residents

Donations have been received to support activities for residents within new projects in March, Wisbech and Ely, Cambridgeshire.

Leicester CMF Fund

Leicestershire Community Foundation donated £3k towards funding activities for the residents we support in Leicestershire.

Dorothy Boyd Will

This resident of Bedford donated £22k from her will to help fund the support we give to our Bedford residents.

Mobile Night Shelter Funds

Our bus-based service which drives around Bedfordshire at night, supporting rough sleepers has the capacity to provide shelter for up to 8 rough sleepers at any one time. The objective is to get as many rough sleepers as possible onto the path to supported accommodation. Various charities have given funds towards the costs of this project. Our heartfelt thanks go to all of them in enabling the project to continue and become a real success.

Gale Family Charity Trust

Provided funds towards the revenue costs of the Night Owl bus.

Garfield Weston Foundation

Provided funds in July 2017 towards the revenue costs for the Night Owl bus.

Old Wixam Tree Trust

Provided funds in November 2017 towards the revenue costs of the Night Owl bus.

Blunham Parish Church

Provided funds in January 2020 towards the revenue costs for the Night Owl bus.

Veterans Project

In 2014 we piloted a veterans project, providing accommodation and support for 3 veterans, followed by the creation of Heroes House in 2015 which accommodated a further 9. In 2016 we expanded in Bedfordshire, Buckinghamshire, Northamptonshire and Leicestershire providing support and accommodation for a further 60 plus homeless veterans.

Cublington Veterans Project

Have provided funds for a Horticultural Project at Cublington

ABF Soldiers Charity

Provided during the year to ensure security within the veterans projects.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

35

Notes to the Financial Statements (continued)

22 Purpose of funds (continued)

Veterans Mental Health

Austin & Hope Pilkington Trust provided a donation towards the salary cost for veterans mental health

Farnborough and Corby Garrisons

These garrisons have provided funding towards support for the veterans we look after.

General Revaluation Fund

This fund relates to the revaluation of properties owned and also investment funds.

Charlotte Beaty Property Fund

This fund was set up in 2014 when the charitable company took control of Charlotte Beaty’s Almshouses for the purpose of showing the value of the properties when donated to the charity.

Designated Business Transition Fund

This fund was set up in 2013 to support the need to diversify Amicus Trust Limited’s funding and reduce its reliance on funding from Supporting People.

Designated Maintenance Fund

This fund was started in 2005 for the purpose of setting aside funds to help cover the costs of dilapidation on leased properties at the end of the lease.

Designated Mini Bus Fund

This fund was started in 2006. The aim of this fund is to purchase a minibus which would be used to transport residents and their belongings between sites and when they are resettled. It would also be used to transport residents to activities that are not within walking distance.

Designated Property Fund

This fund was set up in 2015 for the purpose of setting aside funds to purchase new properties and for the set up costs of leasing new properties.

23 Other financial commitments

At 31 March 2024 the group and the charitable company was committed to make the following payments during the next year in respect of operating leases:

Leases which expire:
Within one year
Within two to five years
More than five years		 2024
£
3,098,117
9,762,921
64,218		 2023
£
2,814,332
8,911,334
2,064,824
12,925,256 13,790,490

24 Contingent liabilities

There were no contingent liabilities as at 31 March 2024 or 31 March 2023.

Amicus Trust Limited (A company limited by guarantee) Financial statements for the year ended 31 March 2024

36

Notes to the Financial Statements (continued)

25 Financial Instruments

Group

FINANCIAL ASSETS
Cash and cash equivalents
Financial assets that are debt instruments measured at amortised cost
FINANCIAL LIABILITIES
Financial liabilities measured at amortised cost		 2024
£
4,467,154
401,865		 2023
£
4,214,766
577,226
4,869,019 4,791,992
342,119 314,660
342,119 314,660

Financial assets measured at amortised cost comprise trade receivables.

Financial liabilities measured at amortised cost comprise trade payables and other creditors.

Charity

FINANCIAL ASSETS
Cash and cash equivalents
Financial assets that are debt instruments measured at amortised cost
FINANCIAL LIABILITIES
Financial liabilities measured at amortised cost		 2024
£
4,381,466
399,883		 2023
£
4,125,794
575,844
4,781,349 4,701,638
351,015 323,932
351,015 323,932

Financial assets measured at amortised cost comprise trade receivables.

Financial liabilities measured at amortised cost comprise trade payables and other creditors.

26 Control

The Board of Trustees are the controlling party.