## **FRIENDS OF ORIGIN HOUSING**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
FOR THE YEAR ENDED 31 MARCH 2021
## FRIENDS OF ORIGIN HOUSING
## **CONTENTS:**
|**_Page:_**|**_Page:_**|
|---|---|
|Trustees’ Report. ..................................................................................|1-3|
|Independent Examiner’s Report ...........................................................|
4|
|Statement of Financial Activities ..........................................................|
5|
|Balance Sheet ......................................................................................|
6|
|Notes to the Accounts ..........................................................................|7-12|
**Friends of Origin Housing**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31[ST] MARCH 2021**
The trustees submit their annual report and the financial statements for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in 2019 in preparing the annual report and financial statements of the charity.
The Trustees are incorporated as a body and registered with the Charity Commission. Its constitution is set out in the Rules of Friends of Origin Housing. The Charity is governed by the Board of Trustees whose members during the year are listed below. During the course of the year the Trustees met three times. Due to the Covid-19 pandemic, the meetings were conducted over Zoom.
## **Reference and Administrative Details, Trustees and Advisors**
## **The Trustees who served from 1 April 2020 up to the date of approval of these financial statements were as follows:**
Malcolm Holmes (Chair) Ashok Patel (Vice Chair) Alan Ramsdale (Secretary) Caroline Waterer Anne Pink (Treasurer)
The Trustees have not established any committees; all decisions are made at Trustees’ Meetings.
**Registered Address:** St Richard’s House, 110 Eversholt Street, London, NW1 1BS
## **Charity Registration No:** 271924
**Independent examiner:** Michael Tourville ACA, Beever and Struthers, 15 Bunhill Row, London EC1Y 8LP **Bankers:** Royal Bank of Scotland, 189-191 Camden High Street, London NW1 7BP **Constitution:** The Charity is governed by a scheme sealed by the Charity Commission and is registered under the Charities Act 2011.
**Financial Statements**
_**Year ended 31st March 2021**_
**~1~**
**Friends of Origin Housing**
## **TRUSTEES REPORT (Continued) FOR THE YEAR ENDED 31[ST] MARCH 2021**
## **Structure, Governance and Management**
Charity legislation requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity as at the end of the financial year and of the surplus or deficit of the Charity for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies, apply them consistently and state them in the financial statements;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- Indicate where the financial statements are prepared other than on the basis that the Charity is a going concern.
The trustees are responsible for keeping proper books of account with respect to the Charity's transactions and its assets and liabilities and for maintaining a satisfactory system of control over the Charity's books of account and transactions. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are aware of their overall responsibility for ensuring that the organisation has an appropriate system of controls, financial and otherwise, in place. In reaching major strategic and policy decisions, the Trustees have carefully assessed the potential exposure of Friends of Origin Housing and are satisfied that appropriate action is being taken to mitigate those risks.
Trustees have an annual self assessment of their skill set and the effectiveness of the Committee. This influences Trustee recruitment and on-going development.
## **Objectives and Activities**
It is the duty of the Trustees to apply the income of the Charity either generally or individually to assist in meeting the charitable aims of Origin Housing, formerly St Pancras & Humanist Housing Association (SPH), and to fund other charitable work, in line with its constitution. This is achieved by the provision of assistance to individuals who are in necessitous circumstances and by financial support for projects for the benefit of local communities within the geographical areas served by the Association and in other areas at the discretion of the Trustees.
The charity changed its name from SPH Friends to Friends of Origin Housing with effect from 1 April 2021.
**Financial Statements**
_**Year ended 31st March 2021**_
**~2~**
**Friends of Origin Housing**
## **TRUSTEES REPORT (Continued) FOR THE YEAR ENDED 31[ST] MARCH 2021**
## **Achievement and Performance**
Friends of Origin Housing provided funding for a range of Hardship Grants for families and individual tenants of Origin Housing (formerly St Pancras & Humanist Housing Association). We increased our funding provision to the Association because of the Covid-19 pandemic and the additional tenants who required grants.
Grants were also made from restricted funds to benefit the tenants of Speedwell House and Court (Origin Housing Association).
## **Reserves Policy**
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for the anticipated commitments in respect of all existing projects, which have been approved by the Trustees in furtherance of the Charity’s aims. As note 8 shows, the Trustees have designated £33,000 (2020: £33,000) of the unrestricted reserves of £292,547 (2020: £68,070) to ongoing projects, leaving £259,547 (2020: £9,547) available for projects in the future. The Trustees reviewed the charity’s needs and reserves in line with guidance issued by the Charity Commission and designated total funds of £3,000 for running costs and £30,000 for tenants’ grants.
The restricted reserves of £10,317 (2020: £11,122) comprise the Speedwell Fund for the benefit of tenants of Speedwell House and Speedwell Court. It is the Trustees’ intention that the total funds will be expended within the foreseeable future for Speedwell House and Court.
## **Financial review**
A summary of the year’s results can be found in the attached accounts.
Total income amounted to £257,577 (2020: £1,469). The income included £250,000, from an interim payment of a legacy from the estate of Eric Ezra (also see note 14). The overall expenditure for the Charity was £33,905 (2020: £38,757). The balance sheet shows total reserves of £302,864 (2020: £79,192). Of these funds, a total of £10,317 (2020: £11,122) is held as restricted funds relating to the Speedwell House and Court.
## **Public Benefit Review**
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
Signed by On behalf of the Trustees Date 7 January 2022
**Financial Statements**
_**Year ended 31st March 2021**_
**~3~**
**Friends of Origin Housing**
## **REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF FRIENDS OF ORIGIN HOUSING**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 5 to 12.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
I have completed my examination. I confirm that no material 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 charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
## _**Michael Tourville ACA**_
## _**Beever and Struthers**_
_Chartered Accountants 15 Bunhill Row London EC1Y 8LP_
_Date:_ 26 January 2022
**Financial Statements**
_**Year ended 31st March 2021**_
**~4~**
**Friends of Origin Housing**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MARCH 2021**
|Notes
**Incoming Resources from**
**Generated Funds**
Donations and Legacies
2
Investment Income
3
**Total Incoming Resources**
**Resources expended**
Charitable activities
4
Other Costs
5
**Total Resources Expended**
**Transfers**
**Net movements in funds**
Fund balance 1stApril 2020
**Fund balance 31st March 2021**|**Restricted**
**£**
**Unrestricted**
**£**
**2021**
**Total**
**£**
-
256,921 256,921
-
656
656
**-**
**257,577 257,577**
805
31,600
32,405
-
1,500
1,500
**805**
**33,100**
**33,905**
-
-
-
**(805)**
**224,477 223,672**
11,122
68,070 79,192
**10,317**
**292,547**
**302,864**|2020
Total
£
804
665|
|---|---|---|
|||1,469
37,257
1,500|
|||38,757
-|
|||(37,288)
116,480|
|||79,192|
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
The notes on pages 7 to 12 form part of these financial statements.
**Financial Statements**
_**Year ended 31st March 2021**_
**~5~**
**Friends of Origin Housing**
## **BALANCE SHEET as at 31st MARCH 2021**
|Notes
**Current Assets**
Debtors
6
Short Term Deposits
Cash at Bank and in hand
**Creditors**
Amounts falling due within one year
7
**Total Assets less current Liabilities**
**Funds**
Unrestricted funds
8
Restricted funds
9|**2021**
**£**
2020
£
250,835
785
46,261
45,666
9,800
44,241|
|---|---|
||306,896
90,692
(4,032)
(11,500)|
||**302,864**
79,192|
||292,547
68,070
10,317
11,122|
||**302,864**
79,192|
and were signed on its behalf by:
## **Trustee: Malcolm Holmes**
## **Trustee: Anne Pink**
The notes on pages 7 to 12 form part of these financial statements.
**Financial Statements**
_**Year ended 31st March 2021**_
**~6~**
**Friends of Origin Housing**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021**
## **Legal Status**
Friends of Origin Housing is a registered charity in England, registration number 271924. The registered office was changed in the year from Kenyon House, Hockerill Street, Bishops Stortford, Hertfordshire, CM23 2DW to St Richard’s House, 110 Eversholt St, London NW1 1BS.
## **1. Accounting Policies**
## **Basis of Preparation**
The financial statements have been prepared under the historical cost convention on an accruals basis. The accounts have been prepared in accordance with applicable Accounting Standards, the Charities Act 2011 and the Statement of Recommended Practice.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice.
As a public benefit entity, Friends of Origin Housing, has applied the public benefit entity ‘PBE’ prefixed paragraphs of FRS 102.
The charity has elected to take the exemption from the requirement to prepare a Cash Flow Statement due to its turnover being less than £500,000 as permitted by the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102).
## **Income**
Donations and legacies are accounted for on a receipts basis as, in common with many charities, voluntary donations cannot be fully controlled until they are received by the organisation and entered into the accounting records. All other income is accounted for on an accruals basis.
## **Outgoing resources (expenditure)**
Expenditure is recognised when it is due (accruals basis) not when it is paid. Amounts are stated inclusive of VAT as the Charity is unable to recover this.
## **Cash and short term deposits**
Cash equivalents include readily convertible short-term highly liquid investments less advances from banks repayable within three months from the date of the advance.
## **Debtors**
Amounts receivable (or paid in advance) at the end of the period are included in the accounts under debtors. These include invoiced service and prepaid expenditure. These are held at amortised cost.
**Financial Statements**
_**Year ended 31st March 2021**_
**~7~**
**Friends of Origin Housing**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021**
## **Liabilities**
Amounts payable at the end of the period are included in the accounts under amounts payable within or after one year as appropriate. This includes amounts due to suppliers and accrued expenditure (due but not invoiced). These are held at amortised cost.
## **Fund Accounting**
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income and gains are allocated to the appropriate fund.
## **Financial instruments**
Financial instruments such as loans, accounts payables, accounts receivables and cash are classified either as basic or complex. All financial instruments are initially measured at their fair values at the time the transactions occur. Subsequently basic instruments are measured at amortised cost and all complex financial instruments are measured at a fair value through the comprehensive income.
Financial instruments held by the charity are classified as follows: Cash and short term deposits are held at cost.
Financial liabilities and debtors are held at amortised cost using the effective interest method.
**Financial Statements**
_**Year ended 31st March 2021**_
**~8~**
**Friends of Origin Housing**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021**
## **1. Accounting Policies (continued)**
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
|**2.**
**Donations and Legacies**
Donations and Legacies
**3.**
**Investment Income**
Bank Interest
Investment Income
**4.**
**Charitable Activities**
Grants to Speedwell House
Grants to Origin Housing
Grants to Tenants of Newlon Fusion
Support costs
**5.**
**Other Costs**
Governance: Independent Examiner’s Fees (including VAT)
**6.**
**Debtors**
Prepayments and Accrued Income
All debtors are due within one year.||**2021**
**£**
256,921|
|2020
£
804
**804**
2020
£
101
564
**665**
2020
£
1,963
20,000
14,848
446|
|---|---|---|---|---|
|||**256,921**|||
|||**2021**
**£**
13
643|||
|||**656**|||
|||**2021**
**£**
805
31,231
-
369|||
|||**32,405**||**37,257**
2020
£
1,500
**1,500**
2020
£
785|
||||||
||||||
|||||**785**|
||||||
**Financial Statements**
_**Year ended 31st March 2021**_
**~9~**
**Friends of Origin Housing**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st] MARCH 2021**
|**7.**
**8.**|**Creditors: Amounts falling due within one year**
Trade Creditors
Accruals
**Unrestricted Funds**
**1 April**
**2020**
**£**
**Income**
**£**
**Expenditure**
**£**
General Reserves
35,070 257,577
(33,100)
Reserves Policy – Tenants
Grants
30,000
-
-
Reserves Policy- Running
Costs
3,000
-
-
Designated Reserves
33,000
-
-
Total Unrestricted Reserves
**68,070 257,577**
**(33,100)**|**Creditors: Amounts falling due within one year**
Trade Creditors
Accruals
**Unrestricted Funds**
**1 April**
**2020**
**£**
**Income**
**£**
**Expenditure**
**£**
General Reserves
35,070 257,577
(33,100)
Reserves Policy – Tenants
Grants
30,000
-
-
Reserves Policy- Running
Costs
3,000
-
-
Designated Reserves
33,000
-
-
Total Unrestricted Reserves
**68,070 257,577**
**(33,100)**|**2021**
**£**
2020
£
2,532
10,000
1,500
1,500
**4,032**
**11,500**
**Transfers**
**£**
**31 March**
**2021**
**£**
-
259,547
-
30,000
-
3,000
-
33,000
**-**
**292,547**|
|---|---|---|---|
|||30,000
-
-
3,000
-
-||
|||33,000
-
-||
|||**68,070 257,577**
**(33,100)**||
The designated reserves represent the anticipated commitments in respect of all existing projects, which have been approved by the Trustees in furtherance of the Charity’s aims.
|**9.**|**Restricted Funds**
Speedwell Fund
Total Restricted Reserves|**1 April**
**2020**
**£**
**Income**
**£**
**Expenditure**
**£**
**Transfers**
**£**
**31 March**
**2021**
**£**
11,122 - (805)
-
10,317|
|---|---|---|
|||**11,122 - (805)**
**-**
**10,317**|
The restricted fund is for the benefit of the tenants of Speedwell House and Speedwell Court, two properties on a same site owned by Origin Housing Limited.
**Financial Statements**
_**Year ended 31st March 2021**_
**~10~**
**Friends of Origin Housing**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021**
## **10. Related party transactions**
Trustee remuneration in the year was £0 (2020: £0) and trustee expenses of £805 (2020: £1,572) were reimbursed to one trustee member in the year for grant payments (2020: £1,525). The other expenses of £47 in 2020 related to the reimbursement of refreshment expenses.
|**11.**|**Analysis of net assets between**|**General**|**Designated**|**Restricted**|**Total**|
|---|---|---|---|---|---|
||**funds**|**Funds**|
**Funds**|**Funds**||
|||**£**|**£**|**£**|**£**|
||Fund balances at 31 March 2021|||||
||are represented by:|||||
||Cash|12,744|33,000|10,317|56,061|
||Debtors|250,835|-|-|250,835|
||Short term creditors|(4,032)|-|-|(4,032)|
|||**259,547**|**33,000**|**10,317**|**302,864**|
|**12.**|**Financial Instruments**|||**2021**|**2020**|
|||||£|£|
||The charity’s financial instruments may be analysed as follows:|||||
||**Financial assets measured at cost:**|||||
||Cash at bank|||9,800|34,241|
||Short Term Deposits|||46,261|45,666|
|||||**56,061**|**79,907**|
||**Financial assets measured at amortised cost:**|||||
||Debtors|||**250,612**|**564**|
||**Financial liabilities measured at amortised cost:**|||||
||Trade creditors|||**2,532**|**10,000**|
**Financial Statements**
_**Year ended 31st March 2021**_
**~11~**
**Friends of Origin Housing**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st] MARCH 2021**
|**13**
**Prior year SOFA**
Incoming Resources from
Generated Funds
Voluntary Income
Investment Income
**Total Incoming Resources**
**Resources expended**
Charitable activities
Other Costs
**Total Resources Expended**
**Net movements in funds**
Fund balance 1stApril 2019
**Fund balance 31st March 2020**|**Restricted**
**£**
**Unrestricted**
**£**
-
804
-
665|**2020**
**Total**
**£**
804
665|
|---|---|---|
||**-**
**1,469**
1,963
35,294
-
1,500|**1,469**
37,257
1,500|
||**1,963**
**36,794**|**38,757**|
||**(1,963)**
**(35,325)**
13,085
103,019|**(37,288)**
116,104|
||**11,122**
**68,070**|**79,192**|
## **14. Contingent Asset**
Friends of Origin Housing received notification in December 2019 that a legacy had been left to the charity in the will of the late Eric Ezra. In March 2021 we were informed that £250,000 of the legacy would be paid to the charity shortly. The amount was received in the bank on 20 May 2021. Friends of Origin Housing have been informed that this is an interim payment and that more income from the legacy is expected, however, at the date of approval of these accounts the amount and timing of the receipt is unknown.
## **15. Events after the reporting period**
At a Special General Meeting held on 1 February 2021, the Trustees agreed that the name of the charity should change to Friend of Origin Housing, with the change to take effect from 1 April 2021.
**Financial Statements**
_**Year ended 31st March 2021**_
**~12~**