Financial Statements For the year ended 31 March 2023 The St. Michael's Housing Twst Charlty Number.. 504340 RegulatorofS(xi81 Housing number.. H1416
Financial Statements For the year ended 31 March 2023 The Sl. Michael's Houslng Trust Charity Number.. SM340 Regulatorof Soiyal HoUSg number. H1416 Contents Twstee, Profe88k)nal Advisors and Registered Offlce Rep)rt of the Trustee Independent Ey2nir*s Report Statement of Financial Actwiiies Statement of movement on reserves Statement of FInarkar Posltlon 10 Noles io the Financial Statements
Trustee, Professional Advisors and Registered Office The sole corporaletrusteeof thetharity is PwkLcKlg8 Proiert rityarKI aoJmFfjrty knmled bYG. The corForate Injslee is managed by its Board of Directors {Ch ¢onsi$ls of non-executive directors. Members of the trust Board are not individual Irustges under charity law bul a¢1 as agents on behaw of the corpoTale trustee and fulfil the trustee's dut in accordanc• with the charitable objectives. The members of th• Board of Directors of the corwrale trustee who served during the financial ygar were as follows.. David Pollard NkJel Oldman Deborah Locklon Rod Moore Mwreen Dover Sarah Oldman Malcolm Pell Guy Dalby Independent Examlners Celerica ALxounlanls First Floor The Old Chapel 9 Kempson Road Leicester LE2 8AN Ba)k8Y8 National We¥lminster Bank plc 2-8 Church Street Uverpool L1 3BG PrinGipal Offlco 2 Central Avenue Leicester LE2 1TB R•gistered Numbers Regulator of Social Housing number.. H1416 Charity Numbor 504340 Charlty Commls8ion Contsct Eddie Balley
Report of the Trustee The Iruslee presents their annual rep(Yt and unaudited financial statements for th8 year ended 31 MarGh 2023. Principal actsvity The charity is ConStred by a Trust Deed and registered with the Charty Commi5siongrs under charity number 504340 and the Regulator of Social Housing under H1416. Th8 principal object of the Trust is the provision of sp8cial needs accommodation for young single homdess people. Trusts• The trustee of the company, at the de of this rgport, is listed on page 3. Basls of proparatlon St Micha81's Housing Trust's fanCIal position is strong and as such, the Direct(Ys continue to adopt the going Concern basis. Bu$in•ss r•vi•w For the year ended 31 March 2023, the trust made a 8urplus of £36,460 {2022: £58,413>. Total revenue reserves now stand al £494.76012022: £458.300). Donatlons No ¢harltable or political donations were made in the year. Publlc bgnollt statement The trustee has coTrJucted a comprehensive review of the stated obje(aNes of the charity and 15 satisfied th all of these are capable of being delivered for the public benefrt. have further reviewed all the activities of the charity18sled against the charitable objectives of the Gharity, firsuy to ensure that they fall within ils charitable objectives and secondly to test each activity is beirMJ delivgrfjd in a manner whith can be construed as being for the public benefit. The trustge is Satisfied thal Ihgre arg no actNlties conducted or promoled by the charity that are not open to all people falling within ? defined class or calegory within thg broad paramgtor3 or objectives of the charity and that each aciivity falls wthin the ¥tatutory definition of being for the public bgngfil. Review of actlvltles and futur• b•n•fits The trustee confimis it has referred to the guidanc* contsined in the Charty Commissions, general guidance on public benefft when reviewing the charity's aims and objectives and in planning fijture athities for the year. The statement of financial activities for the year is set oul on page 10 of the financial stalemenls. A summary of the financial results and the work of the chartty is sel below. The focus for the charity continues to be on supporung Its tenants and discLtssions are ongoing as to how best to do this. Governan¢• of tho ¢harlty The Iruslee of the charity is the Board Pth Lo(hJe l¥cieca. During the perlod under revlew. the Board met regularly. Appllcalk)ns for Board membexship of P•k L(MYge Ole(l (the trustee of the charity) Is generally sought by advertisement. Board members of Park Lojge PrOjt receive regular training and development in order tr) ensure that they mainlaln thelr skills and a high level of awareness concerning issues in the sector. A reviewof performance of the Board as a whole and of Indwidual Board memlxrs lakes place each year.
Report of the Trustee (continued) Govemance of the charlty {contlnu0d) The Board of Pwk Ltsyge Pro (the trustee of the charity) mel regularly lo review the strategy and parformance and to agree operatlng plans and budgets. The Board of Pk Lty Pro11 (the tfuslee of the charity) delegatertairt functions to Committees operating under spectfic lerms of referen. MinLrtes of all Committee meetings are presented al Ihe followng Board meeting. The trustee delegates thg day to day management ofthe charity to Ecbjie Bailey. He Is the Centre Maner of PLcwJgg All govemance costs (including independent examinerfs fees, trustee expanses, trustee indemnity Insurance and costs of producing statutory accounts) are Gurrenlly bome by Park Prol&X and are not recharged to the charlty. Statémont of risk The hJentlfl¢ation of major business risks and the appropriate response 1$ orKJoing through a bollom up risk management process that involves staff armss Path LcKlg8 Pr Risk maps are ultimately approved by the Board. Charlty Govornanc• Code The Charlty Governance Code is designed as a tool lo support continuous improvernenl. The Board, having reviewed the Code's key principles, considers ils govemance structure and arrangemen1$ to be appropriate for the nature of its operatlons, and as such has decided not lo fomally adopt the Code. The Board does however regularly visit the Code's key princlples to ensure that the highest stsndards of governance are maintained. Subwuent Events The trustee confirm3 Ihal there have been no events since the financial period end which have had a maierial effect on the financial position of the charity. Insurance Insuranc8 policies are maintalned by Pwk L(#Jge prOt for members of the Board against Ikqbilili&s in relation lo Ihe Trust. Disclosure of Inforniatlon to Ind•pgndent 8xarnlner The trustee who held offic9 at the date of approval of this trustee rewt confirn that. so far 88 they are each aware, there is no relevant infomiation of which the charity's independent examiner is unaware,. and the ITUStee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant infomialon and to establish that the charity's Ind&pendgnl examiner Is aware of that infomation. Statgment of the tNst* r¢8ponsibllltlé8 In rospect of the annual roport of tho truslo8 and the flnanclal statsments The Trust89 is responsible for pWing the Report of the Trusteas and the financlal statements in accordance wtth applicable law and regulatiorts. Charty law requires the Trustee io prepare financial statements for each financlal year in a(tordan¢e with United Kingdom Generally Accepted Accounting Pra¢ti¢e {United Kingdom Accounllng Standards and applkable law). Under charity law the Trusteg musl not approve the firn¢la1 statements unless they are sallsfied that they give a true and fair view of the stale of affairs of th8 charity and of the in¢oming re50urGes and appllcatlon of reswr¢es. induding the income and expendtture, of thg charity for that period.
Report of the Trustee (continued) Slatement of ihe truste¢ re8pon$lbllltle8 In respect of the annual report of the truslee and the flnanclal slatomonts {contlnued) In preparing these financlal statements, Ihe Trustee is required to= select 8ullable accountlng pollcies and then apply them o)nsi$lenty', make judgements and 8CLounllng e$tlmale$ that a ¥sonable and prudent., stsle whether aptAicab18 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalemgnl$', and prepare the financial statements on the going concem basi5 unles5 it is inappropriate to presum8 that the charity will continue in business. The Trustee is reswnsible for keeping adequate accounting COrdS that are sufficient lo show and explain the charity's transaction$ and disclose with reasonable accuracy at any lime the financial position of the charity and enable th8m to ensure thal the financial slatements (X&mply with the Charities Act 2011, the Housing and Regen8ration Act 2008 and the A¢¢ounting Direction for PrNale Registered Providers of Social Housing 2019. They are also responsibl8 for safeguarding the assets of the charity and hence for taking asonable steps for the prevention and detectlon of fraud and other irregularitw. The Tru8le8 Is responslble for ensurlng that the Report of the Trustee Is prepared in acrdance wilh the Statement of Recommended Practlce, Accounllng by reglstered Social Houslng Providers 2018. Statement8 of compllance The Park Lojge prt Board have revlewed Ihe effe¢tlvene88 of the System of Internal ¢onlrol for the year ended 31 March 2023. Th8 Pth L98 have perfomied a 8etl-a88888ment against the Regulator's value for money standard. By order of the Trustee Pollard Trustees of Park Lodge Proje 3111012024
INDEPENDENT EXAMINERS REPORT to tho mombors of The St. Ml¢ha•l's Houslng Trusi We report to the charty Iruslee on my examination of the accounts of the charity for the year ended 31 MarGh 2023 which are set out on page$ 8 to 14 Re8ponslbllltles and bas1$ of roport As the charity's twstee you are re$ponslble for the preparation of the accounts in Sccordance with the requirements of the Charities Act 2011 {'the Act,). We report in respect of our examination of the chanty's accounts carried out under section 145 of the Act and in carrying out my examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)Ib> of the AGt. Indopondenl examlnorfs stalèmenl We confim that we are qualified lo undertake the examinallon because we are members of the Asso(aation of Chartered Certffied Accountants which is one of the listed bodles. We have completed our examination. We confirm that no material matters have come lo our attentlon In ¢onnection with the examination giving u5 cause to believe that in any malerlal respect.. accounting recc*ds were not kept in resFfjGt of the charity as required by section 130 of the Act., ¢y 2. th8 accounts do not a¢¢ord wth Ihose records," c 3. the accounts do not comply wtth the applicable requrements ncernIng the f(Ym and content of accounts set out in the Charrties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair vi8w' which is not a matter considered as part of an independent examination. We have concerns and have come across no other matters in cnnectIon with the examination to which attention shoul¢J be drawn in this report In order to enable a proper understanding of the accounts to be reached. Chartered Association of Certffi&J AccUntants Flrst Floor The Old Chapel 9 Kemp90n Road Leicester LE2 8AN Date 31 October 2024
Statement of Financial Activities for the year ended 31 March 2023 )te 2023 2022 Tumover OperatiTrJ costs 36,887 (848) 209,606 (151,2021 Opgrallng 8urplus 36,039 58,404 Interest receivable and other Income 421 Surplus for tho y•ar 36,460 58,413 All amounts relale to ¢ontinuing aCteS. The notes on p4es 11 to 14 form part of these firrancial statements. The statement of financlal actltIeS contains all the gains and Iosges recogni¥fjd in the ygar.
Statement of movement on reserves 2023 2022 FuThJ balan¢05 broughtfoward Surpluy for the y 458,3CKI 36,460 399.887 58,413 Fund balances carrled foTh•ard 494760 458,300 The notes on pages 11 to 14 fom) part of these financial stalements.
Statement of Financial Position as at 31 March 2023 N8 2022 Tanglble asgets Housing PropleS 94.381 95.184 94,381 95,184 Current assets Cash and cash equwalents DebtfAS 390,458 76,400 353.195 76,4CKJ 466,858 429,596 Creditors: amounts falling due within one year (895) 18951 Net current assats 464963 428,71KI CredfLors: amounts falllng due after more than one year 11 165.584) I,584) 494,760 45B,31)0 Capltal and R89 Income and Expenditure Reswve 494760 458,300 The notes on pages 11 to 14 fom) part of Ihese financial statements. These financial slatemenis were approved by the Trustee on 31 Octolw 2024 and were signed on its behalf by: Mr D Pollard Trustees of Park Lodgo Project ln
Notes to the Financial Statements for the year •nd•d 31 March 2023 1 Accounting policies Bas18 of accountlng The financial slalements have been prepared in a¢c(Ydance wth Stslemenl of Recommended Practices Accounting by Registered Social Houslro Providers 2018 and Aixounling and Reporting by Charities: staterne of Recommended Practice applicable lo charltles preparing their a¢¢ounts in accordance with the Finarcral RewtiThJ Standard for Smaller Entities leffeclive 1 January 2019), Financial Repting Standard applicoble in UK and Republic of Ireland (FRS 102> and the Charities Act 2011 and has applled the exemptions available unfjer the Charities SORP. Bas18 of preparation The charity's business activities, together with the factors likely to affect rts futu development. perf0mnCe and silion are set out in the Business Review on page 4. The charlty has considerable flnan¢ial resour in lation to the a¢livilies lo be performed. The trustee beIVeS that the charlty L8 well placed to manage its trrtjsiness risks suesSfullY despite the current uncertain econom oullcok. The trustees have a reasonable expectation Ihal Ihe charity has adequate resources to continue in OFerath)n exisl8nce for the foreseeable future. The trustees, after revlewing the d)arity budgets and the fact that the charlty have adequate resource8 to contlnue In buslness for the foreseeable future. The tru8lee8 therefore continue to &Jopt the golng concern ba8ls In preparlrtrJ the annual flnancial statemenls. Judgemgnts and key source8 of 68tlmatlon uncortalnty The preparation of the flnanclal statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilrties as al the 5talemerrt of Tinar181 posilion date the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes Could drffer from those estimates. Due to the nature of St Mlthl's Houslng Trust and its operations, th8 estimation of uncertainty included in Ihg accounts Is low. Tumovor TUrrVer presellts rent and service charges Irme generated by 8UPPOrted IMwsirKJ bed spa(. Service charge in¢ome is reGognised on an accrual basis. Operatlng ¢08ts Operating costs represenl serviGe tharge expenditure and property malntenance costs. Th8 managed agent operates variable service charge in full ¢onsullation with residents. The charges wlll Include an allowance for the surplus or deficit from prior years. wilh the surplus being returned lo residents by a reduced charge and a deflclt being recovered by a higher charge. Until these are tUrned or recovered, they are held as a creditor or debtor In the Statement of financial position. Flxed ass•t¥ and dwr•ciation Tangible fixed assets are stated al cost less actumulaled erClatIOn and impairnenl. The cost of housing land and properties ry)mprises purchase price together with in¢idenlal Costs of acquisition and improvements, including related administration charges. Interest is capitalised during ¢on$lru¢lion of the property up to the date of pract1 completion, by referen to th• tru$Vs cost of borrowings. Housing properties are managwj under the terms of the Tenanys Guarantee. Depwiation 1$ ¢harged on a $lraKdht4ine basis over the estimated useful economic lrfe of the asset of 100 years to their residual value. Debtors •fid CrlI0r¥ Debtors and creditors wrth no gLqted interest rate arKI w8Nable or payable within one year are recorded at transaction I. Any losses arising from impaiment are recc3nised in the income stslement in other operating expenses.
Notes to the Financial Statements (continued) For the year ended 31 March 2023 1 Accounting policies (Continued) Social Houslng Granl (SHG) When developments have been flnanced wholly or parlly by social housing and oth8r grants, the amouth of the grant received has been included as deferred Sncome and recognised in Turnover over the estimated useful lrfe of the associated asset under the acc¥uals mthjel. Social Housing Grant {SHG) received for items of cost written off in the Statement of comprehen5Ne income account 1$ In¢luded 8$ part of lurnover. When SHG in respect of housing propertles Sn the course of construction, exceeds the lotsl cost to dale of those h)using oyties, the exc855 is shown as a cJJrrenl Ilablllty. SHG must bo recycled under certain condltlons. ff a propety 1$ sold. or if another relevant event takes place. In these cases. the SHG can be used for projects approved by the Homes England and Grgaler London Authority. However, SHG may have to be repaid if certain conditions are rt met. If grant Is nol required to be reGyded or repaid, ary unamortised grant is recognised as turnover. In certain circ#Jmstance5. SHG may be repayabte. and, in that evenL 1$ a $ubordinaled unsecured repayable debt. Value Added Tax The St. Michael's Housing Trust is not registered for Value Added Tax IVAD. All amounts disclosed in the financlal statements are inclusive of VAT where applicable. 2 Operating surplus Total 2023 Tolol 2022 Rental IoMe ice charges Amortlsalon of Soclal Housing Grant 36.887 50.679 158.032 Total tumovor 36.887 209,606 Resources expendèd Maintenance costs Administration costs Dewec4atKJn 150,339 Total opgrating costs 151202 Oporaling surplus 36,039 The above results relate wholly to support houslng a¢tlvllles. 3 Employee information The charity has no employees and paid no remuneration or benefits lo trustee$ or Gonnected persons.
Notes to the Financial Statements (continued) For the year endod 31 March 2023 4 Interest receivable 2023 2022 Bank interest rerEivable 421 415 5 Directors, emoluments The trust has no employees and paid no remuneralion or benefrts to trustees or Mnne¢led rsonS. 6 Independent Examiners Fees The Independent Examinerfs Fees was £3,000 {2022: £6,000). 7 Fixed asset housing properties At 1 Awil 2022 118,395 At 31 March 2023 118,395 Deproclatlon At 1 April 2022 23.211 Charge for the year A¢¢umulat•d D•pr•¢iation At 31 Mar¢h 2022 23.211 Nèt book valua at 31 March 2023 94,381 Nel Lhjok value at 31 Mar¢h 2022 95,184 St. Mrhaefs owns four properties ¢onsi$ting of13 bed Sp$. All of the abov8 propertles ar8 Freehold. Pa* Lodg8 Pro bear the costs of Ihe components and the depre¢iats'on. Impalmiont Revl An Impairmenl revlew of propèrty was und8rtaken at 31 March 2022. No Impaimient provisions were r4uired.
Notes to the Financial Statements (continued) For the year ended 31 March 2022 8 Debtors 2023 2tr22 Amcwnts owed by Group und&1aking$ 78,400 76,400 76,400 76,400 9 Creditors amounts falling due within one year 2023 2022 Amounts falllng due wlthln one year: Amortisation of social housing grant 895 10 Taxation The Trust h88 charitable status with th8 H M ReveThJe & CLM5 and is therefore not liable to tsx on Its SUrpses. 11 Amounts falling due after more than one year: S(tial housiro grant Amortisation of social housing grant b Amount lo be released In one year 92,342 (26.7581 92,342 {24,863) (895) 65,584 65,584 12 Related party disclosures The trust has taken exemption under Section 28.4 Charrtles SORP, Control is exer¢i$ed thrwgh ctyporale trusteeship of Park Lodge Project ILimited by Guarante81. 14