COMPANY REGISTRATION NUMBER: 01705859 CHARITY REGISTRATION NUMBER: 514302 Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Unaudited Financial Statements Housing registration number: 5054 31 March 2024 EL Chartered Accountants 217 Long Lane Halesowen West Midlands B62 9JT
Sandwell Homeless and Resettlement Project Limited Company Llmlted by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporaling the direclor's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) 10 12 Statement of financial position 13 Statement ol cash flows 15 Notes to the financial statements 16
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Trustees, Annual Report (Incorporallng Ihe Director's Report) Year ended 31 March 2024 The trustees, who are also the dlreclors for the purposes of company law, present their report and Ihe unaudllod financial slatemenls of the charity for the year ended 31 March 2024. Referenc8 and admlnlstrative detalls Reglstered charliy name San(knell Homeless and Reseltlemenl Project Llmlted Charlly reglstrallon number 514302 Company reglslratlon number 01705859 Princlpal offlce and reglstered 109 Sl. Pauls Road offlce Smelhwick B66 1EY England The truslees Mr M R Waiklns Ms K Brooks Ms B Foster Ms K Perry Mr S Yates Mr R Trumpeter (Resigned 1 July 2024) (Reslgned 14 August 2024) (Resigned 26 June 2023) Indepand8nl 8xamln&r Mr Chrtstopher Goldie Bsc ACA 217 Long Lane Halesow8n Wesl Mldlands B62 9JT
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Trustees, Annual Report (Incorporaling the Director's Report) fconllnued) Year ended 31 March 2024 Structure, governance and managemenl Governlng Document The organlsatlon Is a charitable company limit8d by guarantee, Incorporaled on 11 th January 1983 and registered as a charity on 14th October 1983. The associalion was established under a Memorandum of Association which established the objects and powers of the charilable company and is governed under ils Articles of Associalion. In the evenl of the company being wound up members are required to conlribu18 an amount not exceeding £10. Recrultment and Appolntment lo Ihe Board The dlrectors of th8 company are also charily trustees lor the purpose of chafity law and under Ihe company's Artic18s are known as Board Members. Under the requirements of the Memorandum and the Arllcles ol Association the Board are elected lo serv8 for a period ol three years after which Ihey may be re-elected al the next Annual General Meeting. Sandwell Is a very dlverse area with a wide range of cullur8s and r811gions being r8pr6sented. The 8oard seeks lo ensure that the n8eds of service users are appropriately reflected Ihrough the diversity of th8 Irus18es elected to the board. Trustee Inductlon and Tralnlng New Board M8mbers are invited lo meet the board in order that they may get a feel for the organlsatlon and to understand the obllgations of becoming a Board Member. After their attendance al Ihls meetlng if they wish to pursue their application further applicants are invited to visit the projects to meet staff and beneficiaries. Following this new Trustees may be appointed by the Board and will then be provided with further opportunities lor induclion and Iraining. Trustees conlrlbule their tim8 and skllls at Board Meetings and wllh other projects requiring trus188 involvement and calling upon their particular experlise. Members of Ihe Board During ihe year Ryan Trumpeter, a director since 281h September 2022. rasigned. Board members as at 31 st March 2024. Mlchael Roland Walklns, director since March 1983 Blanca Foster, director since 15th September 2021 Steve Yates. director since 30th March 2022 Karen Perry, dlrector since 28th July 2021 Kathryn Brooks (Chair), director since 281h November 2018 The posS1ion of company s8crelarywas vacant al year end. Rlsk Managernent The Board has drawn up a rlsk register whlch provides details of actions lo be taken to raduce risk. The risk regisler is revlewed and updated by the Board regularly. The charity also purchases a range ol Insuranc8 policles.
Sandwell Homeless and Resetllemenl Project LimÉted Company Llmited by Guarantee Truslees, Annual Report (Incorporating the Director's Reporl) (conllnued) Year ended 31 March 2024 Organlsatlonal Structure Sandwell Homeless and Resettlemenl Prolecl has a Board of up lo 10 members who meel every two months and who are responsible lor the slrategic direclion and policy of Ihe charity. SHARP embraces the Equality Act 2010 and recruits Board members from any background and wilh any of the 9 protected characleristlcs described within th8 Act. At the year end Ihe Board had 5 members. Day-to-day responsibility for the provision of operations, s8rvices and flnanclal probity is delegated by the Board to the Senior Officers employed by SHARP, These senlor officers are responslble for ensuring that the charity delivers Ihe services specified and that the charity meets Its obllgalions and aspirations. Ai year end a Business Manager was In plac6, supported by two proj8Ct managers, one for The Gap prolect and one lor The Gables and Communiiy Support.
Sandwell Homeless and Resettlement Project Limited Company Limlted by Guarantee Trustees, Annual Report (Incorporaling the Director's Report) (¢ontlnu&d) Year ended 31 March 2024 Obleetlves and actlvllies Oblectlves The Charity's objects and principal aclivilies are lo: Care for persons in need, who are homeless or who by reason of adv8rs8 circumstances are in need of help In acquiring a settled way ol lile through the establishmenl ol rasidential accommodation and to asslst these persons so as to develop thelr physical. mental and spiritual capacllles Ihal they may develop full maturity as responsible individuals and members ol society and that their conditions ol life may be improved. The main objectives and activities lor Ihe year continue to focus upon helplng people who ar8 home18SS lo find appropriate accommodation, eilher within SHARP or elsewhere, ollcr them support and advice to enable them to manage thelr accommodation and to enjoy a reasonable quality of life. SHARP Is a rsgislered social landlord, The strategies employed to asslst Ihe charily to meet Ihese objecllves Include, but nol exhaustively, the followlng; Provlde accommodation ot good quallly for homeless people in Sandwell Provlde a service for homelass people in Sandwell and slgnpostlng to Other agencles as approprlate glvSng Information on vacancies and support where available in Sandwell Provlde the support necessary to enable service users to manage their own accommodatlon successfully Involve service users in Ihe development ol their personal support plans, which include attainable largels, regular reviews and118xibillly lo enable and embrace change Train service us8rs lo use the inlernel to allow them lo access a number of online activities such as bldding for a home, findlng a job and reglsterlng lor universal credit Llaise with local housing providers concerning housing and other needs of seNice users Research the housing needs of homeless people Paiticipale proacliv8ly wllh local initiatives including Sandwell Council of Voluntary Organlsations, and Sandw811 Metropolitan Borough Council
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Truslees, Annual Report (Incorporating the Dlrector's Report) (¢onlinued) Year ended 31 March 2024 Aclivltles The GAP Supported Houslng Project The GAP prolect consists of 30 tumished one bedroom flats al Selby House, Oldbury. GAP offers accommodation and support to teenage parents and their children. also single females aged 16 to 19 years. Communlty Floallng Support & Spol Purchaslng SHARP provides floating support through a contract with Ihe council and sp8ciallsl support through spot purchasing. This service supporls 20 individuals with enduring mental health concern needs to maintain Ihelr tenancies and wellbelng by assisting with budgeting, shopping. arranging and accompanying lo appointments, dealing with and understanding mail and liaising with other relevant agencies. 247 & 247a Barclay Road, Smethwick Barclay Road offers accommodatlon to 2 ex-service users in two self-contained apartments. The freehold of Barclay Road is owned by SHARP. This accommodation Is designed for fully Independent living but we can provide support when requested or sign post lo the relevanl agency. The Gables The Gables Is enjoying its 4th year and has firmly established ils reputation as an excellent provider of supported accommodallon withln Sandwell. We are conlinuing lo work In conlunctlon wilh Sandwell Councll's Complex Hub Team in accepling thelr referrals and il is gralilylng that Ihey often refer to us before refeiring lo other Sandwell supported accommodation providers. We have 19 units of accommodatlon each with Iheir own bathroom and share a communal dinlng area.
Sandwell Homeless and Resetllemenl Project Limited Company Limiled by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) (conllnu8d) Year ended 31 March 2024 Achlevemenls and performanc8 The GAP supported houslng project During the year 13 families successfully moved into thelr own accommodation. The referral crileria for the Gap were extended lo include parents up to the age ot 25. Throughout the year we have been awalllno a re-tenderlng of the service and have been in conversation wilh Sandwell Councll as lo the tlmlng of thls, bul unlortunalely as of 31st July 2024 the projocl was decommissioned by the Councll, The stall team has been setlled and staff have underiaken training across a range of relevant areas including: Gang Awarenoss, County Lines and Knife Crime, Domestic Abuse Training, Managlng Allegalions, Plus Programme Mental Health Awareness Training, Learning from Domesllc Homicide Fleviews, Suicide Awareness Training, Journeying to a cullurally compelenl understanding workforc8, Working with men who us8 abuse in relationships. 247 & 2478 Barclay Road, Smethwlck We have provided outreach supporl lo our rosidents and continued to help Ih8m live independently wlthln the community. The Gables We continue lo recelve referrals for Indivlduals wlth endurlng mental health dlfflcullies, and who have or would struggle wllh mainlaining their own lenancies and the t8am hav8 recelved posiliva feedback from the involved agencies lor providing a safe non-judgmenlal home environment.11 is at pr8sent envisaged that the malorily will be residing longer term al the Gables due lo there being a lack of appropriat8 move on accommodation or becaus8 an independent tenancy would nol be appropriate. We continue to wot* in partnership with SM8C Complex Hub, Cranstoun drug and alcohol s8rvic9S, SmethwSck Public Health, Smethwick Communlty Development plus the Community Mental Heallh Teams and it is rewarding that some of Iheir team m8mbers have become regular vlsltors due to developing strong working relationships. Al present we are developlng links wlth several olher agencies within the local area and worklng with other service providers to develop our service internally and externally. 130 people (including the current residenls) have resided at the Gables since Dec8mb8r 2020 and th8 majority have moved into their own tenancies or other supported housing schemas. Wa continue to receive very posilrv8 feedback from residents aboul the safe livlng environment W8 provide and that they really do consider the Gables to be 'home'.
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 Flnanclal r8vlew Responslblllties of the Board The Board is responsible lor maintaining proper acLounling records which disclose, with reasonable accuracy at any tlme, the financial position of Ihe chaiilabla company to anable Ihem to ensure thal the financlal slatemenls comply with the Companies Act 2006. The Board is also responsible for safeguarding the assets of the charitable company and for taking reasonable steps for the prevenllon and detection of fraud and any other irregularities. Inveslment Pollcy Under the Memorandum and Articles ol Association, the charity has the power to invest in th8 Interest of the charity andlor Its beneflciaries. The Board, having regard to the liquidity requlremenls of the organisation and to the reserves policy, have operated a policy of keeping availabl8 funds In an inleresl bearing deposSt account,albeil with low reserves Ihis does not currently generate any signlficant incoma. Reserves Pollcy Havlng exam Ined the circumstances facing ihe charity and ils futur8 Income and exp8nditur8 patterns the Iruslees have establlshed that a prudent lev81 ol reserves for the charily to hold would b8 equSvalenl to three month's salary costs (including lax and Nl costs) plus a sum to cover exceptional costs related to closure I transfer of the charlty - as al April 2024 the former figure would amounl to £131,000 whllst the laller figure was set at £35,000. We are p18ased lo conflrm that our reserv8 lev81s conllnue lo be sullicient Io cov8r thls sum. We will continue to try to strenglhen our reserves lurlher in lulure years. Rèvlew ol the year Aprll 2023 to MarGh 2024 Thls year has been a year of consolidation and development. We are delighted that we have been able to repay the loan laken out to finance the refurbishment ol Ihe Gables. We are also p18ased to have been able lo continue lo be a real living wage employer during ihe current cost of livlng crlsls. We have continued to dev81op the services we offer at both our major cenlres Including extending the criteria for admlssion lo the Gap and achleving high levels ol occupancy at The Gables. We made serious consideration of becomlng Qfsled registered to enable the GAP to be able to take 'Looked Afler" 16117 year olds under new regislration provisions, bul ullimately we decided against this. Plans for 2024-25 We wlll begin to explore n8w ventures and continue to improve and extend we offer In our exlsting projects.
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 Accounts Company law requires the Board to prepare linancial statements for each financial year which gives a true and fair view of the state of aff airs of the charitable company as at lh8 balance sheet dale and of ils incoming resources and application ol resources for the financial year. In preparing those linanclal siaiements, Ihe Board lollows best practice by. Seleclino suitable accounting pollcies and Ihen applwng ihem consistent Making judgements and estimales that are prudent and reasonab18: and Preparing the flnancial statements on a going concern basis unless it is inappropriate to assume Ihal the company will continue on that basis The Board Is responsible for maintaining propar accounling records whlch disclose with reasonable accuracy at any lime the flnancial position ol the charitable company and to enable them to ensure that th8 flnancial sta18ments comply with the Companies Acl 2006. The Board is also responsibl8 for safeguarding the assels of the charitable company and hence for taking reasonable sleps lor the prevention and daleclion of fraud and other irregularllies. Member8 of the Board Members of the Board, who ar8 dlr8clors for the purpose ol company law and Iruslees for the purpose ol charity law, who served durlng the year and up to the dale of thls report are set out on page 1 . In accordance with company law, as the companls Dir8clors, we certify that: So far as we are aware, there 18 no rolevant informallon of which the company's accountants are unaware. and As Dlrectors of the company we have taken all the steps that we ought lo have taken In order to make ourselves aware of any relevanl information and to eslabllsh that the charitable companys accountants are aware ol Ihal informatlon. Small company provlslons This report has been prepared in accordance with the provislons applicab18 to companles enlitled to th6 small companies exemptlon.
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 The trustees, annual report was approved on 11 September 2024 and signed on behalf of the board of trusloes by.. Ms K Brooks Trustee
Virtual Cabinet Portal Digital Signatures Digltal Slgnature Verification You call verlfy that thls Is a genuine Virtual Cabinol [kument Portal signed document by uploading il lo Ihe lollowing secure web page.. hllps'.Ilwww.vlrtualcablnèlportal.comlVerifySignedDocumenl Signature Dates and Times All dates and Ilmes shown in the signatures below are expressed in Coordinated Universal Time {UTC}, which is generally equivalent lo GMT. You can lind out more aboltt UTC al the following web page.. htlp.'Ilwww.virtualcabin81portal.commhatlsUTG Signature 1 Signed by Kathryn Brooks usSng aulhentlcalion CCKle SWhvM2whlUV8cW1x al IP address 217.155.138.151. on 2024109119 09:37:45 Z. Kathryn Brooks 's e-mail address is- kalhrynbrookshere@gmail.¢¢)m.
Sandwell Homeless and Resettlement Project Limited Company Limlted by Guarantee Independent Examiner's Report to the Truslees of Sandwell Homeless and Resetllement Project Limited Year ended 31 March 2024 I report to the trustees on my examinalion ol tho financial statements of Sandw611 Homeless and Reselllament Prolecl Llmited ('the charity'l for the year ended 31 March 2024. Responslbllllles and basls of report As the Irus166s of the company {and also its directors for the purposes of company law) you are responslble for the preparation ol the linancial statements In accordance with the requirements of the Companies Acl 2006 ('th8 2006 Act,). Having satlsflcd mysell Ihal th8 accounts ol the company are not requlred lo be audited under Part 16 of th8 2006 Act and are eligible for indepandent examination, I report in respect ol my 8xaminalion of the charily's accounts as carried out under seclion 145 of the Gharities Act 2011 ('the 2011 Act,). In carrylng out my examination I hav8 followed the Directions given by thg Charity Commisslon under s8cllon 145{5)(b) of the 2011 Act. Independenl examlner's slalement Slnce the charity's gross Income exceeded £250,0(M) your examiner must be a member of a body Ilsled In section 145 of the 2011 Act. I confirm Ihal l am qualified lo undertake th8 examlnalion because l am a member of the Institute of Chartered Accountants in England and Wales {ICAEW), which Is one of the listed bodles. I have completed my examlnation. I confirm Ihat no mallers have come to my att8ntlon In connectlon with the examlnatlon glvlng me caus810 believe: accounting records were not kepl in respect ol the charity as required by s8Ction 386 of the 2006 Act; or the financial statements do not accord wllh those records; or the flnancial statements do not comply wilh the accounting requirements of section 396 ot the 2006 Act other than any requiromenl that the accounls give a 'true and fair, view which is not a matler consldered as part of an independent examination; or the financlal statements have not been prepared in accordance wilh the melhods and princlpl8s of the Statement of Recommended Practice for accounling and reporting by charities applicable lo charilies preparing their accounts In accordance with the Financial Reporting Standard appllcablc in the UK and Republlc ol Ireland (FRS 1021. 10
Sandwell Homeless and Resettlement Project Limited Company Llmlted by Guarantee Independent Examiner's Repoit to the Trustees of Sandwell Homeless and Resettlement Project Limited (conllnued) Year ended 31 March 2024 I have no Concerns and have come across no other matters in conneclion wilh the examination to which atlention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Mr Chrlslopher Goldie Bsc ACA Ind8pendent Examiner 217 Long Lane Halesowen West Midlands 862 9JT 11 September 2024 11
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Statement of Financial Activilies (including income and expenditure account) Year ended 31 March 2024 2024 Aestricled funds Total lunds Total lunds 2023 Unreslricled funds Note Income Donations and grants Charitable actlvilles Investment Income 48,1 (X) 641,716 1,271 691,087 4,779 52.879 641.716 1,271 695,866 128,257 537,481 254 Tolal Income 4,779 663,992 Expendlture Expendilure on raising funds: Costs of ralsing Income Total expendllure 576,016 14,922 14,922 590,938 590,938 572,233 576,016 572,233 Nel Income and net movemenl In lunds 115,071 (10,143) 104,928 91,759 Reconclllatlon of funds Total funds brought forward Total funds carrled loThvard 297,773 412,844 823,785 813,642 1,121.558 1,226,486 1,029,799 1,121,558 The siatemenl of Ilnancial activities includes all gains and losses recognised in th8 year. All income and expendllure derive from continuing aclivilies. The notes on pages 16 to 29 tomi part of theso flnanclal stalements. 12
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Statement of Financlal Position 31 March 2024 2024 2023 Note Fixed assets Tanglble fixed assets 13 1,008,718 1,018,512 Current assels Debtors Cash at bank and in hand 14 62,741 162,867 225,608 61,259 144,975 206,234 Credltors: amounts lalllng due wilhln one year Nel current assets 15 7,840 10,111 196,123 1,214,635 217,768 Total assels le88 currenl Ilabllitles 1,226,486 Credltors: amounts falling due after more Ihan on8 year Nel a88ets 16 93,078 1,226,486 1,121,557 Funds of the charlty Reslrlcled lunds Unrestricted funds: Revaluatlon reserve Oth8r unrestricted Income funds 813.642 823,784 93,839 319,005 412,844 1,226,486 93,839 203.934 297.773 1,121,557 Total unr8strlcte(I funds Toial charlly funds 18 For the y8ar ending 31 March 2024 the charlty was entilled to exemption from audlt under section 477 of the Companies Act 2006 relating lo small companies, Dlreclors, responsibllllles: The members have not required the company to obtain an audit of Its financial statements for the year in question In accordance wilh seclion 476: The directors acknowledge their responsibilitl8s for complying with the requirements of the Act with respect lo accounting records and the preparation of financial statements. Thes8 financlal slalements have been prepared in accordance with the provisions applicabl8 10 companles subject to the small companies, regime. The statement of financial position continues on the following page. Tho notes on pages 16 to 29 form part ol these flnanelal stalemenls. 13
Sandwell Homeless and Resetllement Project Limited Company Llmited by Guarantee Statemenl of Financlal Position fconlinued) 31 March 2024 These financial statements were approved by the board of trustees and authorised for Issue on 11 September 2024, and are signed on behalf ol the board by: Ms K Brooks Trustee Tho noles on pages 16 10 29 lorm part of these flnanclal slalamants. 14
Virtual Cabinet Portal Digital Signatures Digital Signature Verificatlon You Can verify that this is a genuine Virtual Cabinet Document Portal signed document by uploading it to the following secure web pag8- https'.Ilwww.vlrtualoabinelportal.comlVerllySignedDocument Signature Dates and Times All dales and tin7es shown In th8 signatures below are expSsed in Coordinated Universal Tiffla IUTCI. which Is generally equivalent lo GMT. You can find out more about UTC al the following web page: http,'Ilwww.vlrtualcabSnelportal.comlWhallsUTC Signature 1 S1gned by Kathryn Brooks using aulhentlcallon code SWhvM2whlUVecW1x at IP address 217.155.138.151. on 2024109119 09:37'.55 Z. K8lhryn Brooks 's e-mall addross is.. kalhrynbrookshere@gmail.com.
Sandwell Homeless and Resettlement Project Limited Company Llmlted by Guarantee Stalement of Cash Flows Year ended 31 March 2024 2024 2023 Cash Ilows Irom operallng acllvltles Nel incom8 104,928 91,759 Adjustments for.. Depreciation of tanglble fixed assets Other interest receivable and similar income Inlerasi payable and similar charges Accrued income 9.794 (1,271) 4,181 {3,531) 10,170 1254) 9,729 142,536) Changes in.. Trade and other debtors Trade and other creditors 2,169 {1,087) 115,183 1288) (347) 68,253 Cash generated from operations Interest pald Inleresl received {4,181) 1,271 112,273 19,7291 254 Nel cash from operating actlvitl8S 58,778 Cash Ilows from Investlng 8ctlvltle8 Purchase ol langlb18 assets Nel cash uséd in investing activ1ti8S (499) (4991 Cash flows Irom flnanclng acllvllles Proceeds from borrowings Nel cash used In linancing aclivltles (94,382) (94,382) (73,388) {73,388) Net Increas81{decrease) In cash and cash equlvalen18 Cash and cash equlvalents at beglnning of year Cash and cash equlvalents al end ol year 17,891 144,975 162,866 (15,109) 160,085 144,976 The notes on pages 16 to 29 form part of th8se flnanclal stalemenls. 15
Sandwell Homeless and Resettlemenl Project Limited Company Limlted by Guarantee Notes to the Financlal Statemenls Year ended 31 March 2024 General Informatlon The charily is a public benefit entity and a privale company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address ol the regist8red olllce Is 109 Sl. Pauls Road, Smethwick, 866 1EY, England. statem8nt of compliance These financial statements have been prepared in cornpliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, Ihe Slatam8nl of Recommended Praclice appllcable to charitias preparing their accounts in accordance with the Financial Roporting Standard applicable in Ihe UK and Republic ol Ireland (FRS 102) (Charilies SORP IFRS 1021) and the Companies Act 2006. Accountlng pollcles Basls of preparatlon The linanGial slatements have been prepared on the historical cosl basls, as rnodilied by the revalualion of cerlain financlal assels and Ilabililles and investment properti8s measured at fair value through income or exponditure. The financial statements are pr8par8d in sterling. which is Ihe functional currency of the entity. Golng concern There are no material uncertalntles aboul the charltls ability to contlnuo. Judgemenls and key sources ot esllmatlon uncerlalnty The preparatlon ol the financlal statements r8qulres management to make judgements, estimates and assumptions that allecl the amounts reported. These estimates and judg8menls ar8 Gontinually reviewed and are based on experience and other factors, includlng expectations of future events thal are believed lo b8 reasonable under tha circumstances, Forelgn currencles Foreign currency iransactions are inilialty recorded In the functional currency, by applying the spot exchange rate as at the date of the Iransaction. Monetary assets and liabilities denominaled in foreign curr6ncies are translated at the exchange rate ruling at the reporting dat8, Wlth any gains or Ioss8s being taken to the statement of flnancial activities. Fund accountlng Unr8Strieted lurKls are available for use at the discretion of the trustees to further any of tha charity's purposes. Deslgnated funds are unrestrtcled funds earmarked by the trustees for partlcular future project or commitment. Restricted funds ara subjected lo restrictions on their expendilure declared by the donor or through the torms of an appeal, and fall into one of two sub-classes: reslricted incomo lunds or endowment lunds. 16
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2024 Accountlng pollcles {contlnu8d) Incomlng resources All incomlng resources are included in the slatement of financial activities entillemenl has pass8d to the charity. it is probable Ihal Ihe economic benefits associated with Ihe transactlon will flow to the charity and the amount can be r81iably measured. The following specific policies are applied to particular categories of income: Income from donations or grants is recognised when ther8 is evidence ol entitlement to the gSft, recelpl is probabl8 and Ils amount can be measured rellably. legacy Income is recognised when r8CelPt is probable and entitlement is establlshad. Income trom donaled goods is measured at the falr value of the goods unless this is impractical to measure reliably, in which case tha value is derived Irom the cost to Ihe donor oi Ihg estlmaied resale value. Donated lacilities and services are recognls8d in the accounts when received if the value can be rellably measured. No amounts arè Includ8d for the contribullon ol general volunt88rs. Income from contracts for the supply of services is recognis8d with the dellvery of the contracted service. Thls Is classlfi8d as unreslricted funds unless there is a contractual requlremenl lor it to be spent on a particular purpose and relurned11 unspent, in whlch case it may be regarded as reslricted. Resources expended Expenditure Is recognised on an ac¢ruals basis as a liabilily Is incurred. Expenditur8 in¢lud8s any VAT which cannot be fully recovered, and is classified under headings ot the slalamanl of flnancial activilies lo whlch11 relales.. expenditure on ralslng funds includes the ¢OSls ol all fundraising acllvitles. events, non- charitable Irading activities, and Ihe sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking aclivilies that further ils charilable aims for the benofit of ils beneficiaries, including those support costs and costs relating to the governance of Ihe charity apportioned to charitab18 activities. other expenditure includes all expenditure that is neither related to raising funds for Ihe charity nor part of ils expendilure on charitable activities. All costs are allocated to expenditure categories reflecling the use of the resource. Direct costs attributable to a slngle activity are allocated directly to that activity. Shared costs ara apportioned between the activities Ihey contribute lo on a reasonable, justifiable and consistant basis. Operatlng leases Lease payments are recognised as an expens8 over the18ase term on a straighl-llne basts. The aggregate benafil ol lease incentives is recognised as a reduction to expense over the lease lerm, on a straight-line basis. 17
Sandwell Homeless and Resettlement Project Limited Company Limlted by Guarantee Notes to the Financial Statements {conlInd) Year ended 31 March 2024 Accounting pollcles (contlnued) Tanglble assets Tangibl8 assets are initially recordad al cost, and subsequenlly stated at cost less any accumulaled deprecialion and impairment losses. Any tangible assets carried at revalued amounts are recorded al the falr value al Ihe date of revaluation less any subsequent accumulated depreciation and subsequent accumulated Impairment losses. An increase in the carrying amount of an asset as a r8suII ol a revalualion, Is recognised in other recognised gains and losses, unSess il reverses a charg& for impairment that has proviously been re¢ognised as expenditur8 Within the slatement of financial activities. A decrease in the carrying amount of an asset as a result ol revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain. in which case the loss is shown within olher recognised galns and losses on the Statement of financial actlvili8S. The properly was valued on 1 Oth June 2021 by Bruton KnovAes Propety Consullants, a quallfled member of the Royal Institution of Charterecl Surveyors (RCIS). Depreclalion Depreclalion is calculated so as to wr118 off th8 Cost or valuation of an asset, less Ils residual value, over the useful economic Ilfe of that asset as follows: 20Yo Straight line 20¥0 Straight lin8 Plant and machlnery Flxtures and fillings No depreciation has been charged on freehold property as the Trustees believe that the prop8rty wlll be mainlalned to a level where the value of Ihe property is not expected to diminish, The properly will be valu8d with sufficient regularity lo ensure Ihal the value reported in the flnanclal statements is not materially different to its actual market value. Impalrment ol IIx8d ass818 A review lor indicators of impairment is carried out at each reporling date, with the recoverable amount being 8Stimated where such Indicators exisl. Where Ihe carrying value exceeds Ihe recoverable amount, Ihe asset is impaired accordingly. Prlor impairments ar8 also reviewed for posslble reversal at each reporting date. For the purposes of Impairment testing, when it is nol possible to estimate the recoverable amount of an Individual asset, an estimale is made of Ihe recoverable amount of tha cash-generating unil to which the asset belongs. The cash-generaling unil is the smallest idenliliable group ol assets Ihat includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing ol goodwill, the goodwill acquired in a business cornbination is, from the acquisition date. allocaled to each of the cash-generating unils that are expected to benefit from the synergies ot the combination, irrespective ot whether other assels or liabilitios of the charty are assigned to those unils. 18
Sandwell Homeless and Resetllement Project Limited Company Limited by Guarantee Notes to the Financial Statemenls (contlnued) Year ended 31 March 2024 Accounting pollcles (contlnu8d) Flnanclal Instrumènls A Ilnancial asset or a financial Ilability Is recognised only wh8n tho chafily becomes a party to the contractual provisions of the Instrument. Baslc Ilnanclal instruments are Inltlally recognised at the amount recelvable or payable including any related transaction cosls. Curr8nt assets and current liabilltias are subsequently measuied al the cash or other consld8ralion expected lo be paid or received and nol discounted. Debt Instruments are subsequ8nlly measured at amortised cost. Where inveslm8nls In shares are publicly traded or Iheir lair value can olh8rwis8 be measured reliably. the inveslment is subsequently measured at fair value with changes In fair value r8cognised in income and expenditure. All olher such investments are subsequently measured at cost less impairment. Other fSnanclal Instruments, includlng derivatives, are initially recognised at falr value, unless payment for an asset is deferred beyond normal lyjsiness terms or linanced at a rate of interest that is not a market rate, in which case Ihe assel is measured al the present value ol the future payments discounted at a markel rate of inlerest lor a similar debl Instrument. Other financial Instruments are subsequently measured at fair value, with any changes recognised in the slalemenl ol financial activltles, wlth the exception of h8dglng Instruments in a designated hedglng relationship. Financial assets thal are measured at cost or amortised cost are reviewed lor oblecllv& evidence ol Impalrmenl al the end of 8ach reporlSng date. If ther8 is objective evidence ol impairment. an impalrment loss is r8cognised under Ihe appropriate headlng in the slalemenl of financial activlties in which the inllial galn was recognised. For all equlty Instrumenls regardless of significance, and other financial assets Ihat are Individually significant, these are assessed individually for impairment. Other financial assels are elther assessed individually or grouped on the basis of similar credit risk characterislics. Any reversals of Impairmenl are recognised immediately, to the gxt8nt thal the reversal does not result in a carrytng amount ol the financial assel that exceeds what the carrying amount would have been had the impairmenl not previously been reGognised. Deflned contrlbullon plans Contributions to dellned contribution plans are recognised as an expense in the period In whSch the related servlce is provided. Pr8paid conlrFbutions are recognised as an asset to the extent that the prepayment will lead lo a reduction in future payments or a cash refund. When contributions are not expected lo be seltled wholly within 12 months of the end of the reporting date in which the employees render the relaled service, the liability is measured on a discounted present value basis. The unwinding of the discounl is recognised as an expense In the period in whlch it arises. 19
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Llmlted by guarante8 The charity is a company Ilmlled by guarantee and consequently does not have share capital. Each member has undertaken lo contribute £10 to Ihe assets of the company io meet ils liabilities if called upon to do so. Donations and grants Unrestricted Funds Restrlcted Total Funds Funds 2024 Donallons Unrestricted donations Reslricled donations - Bauer Radio ReslrScled donations - Arnold Clark Foundation Restricted donations- The Blakmore Foundalion ReslrScted donallons - SCVO Vision Grant Restricted donations - DHU Heallh Care Restricted donations - The Rowlands Trust Rest¥lGled donallons - Baron Davenports Charlty Restricted donations - BBC Childr8n in Need R8slricled donations - The Othona Community Reslrciled donations FIFlow The Morrison Raslricted donations - Micha81 Marsh Trust Reslrict8d donations - Cole Charitab18 Trust - Gables Beds 29,600 29,600 60 500 1,109 910 1,000 60 500 1,109 910 1,000 1,200 1,200 Grants SMBC core grant 18,500 48,100 18,500 52,879 4,779 Unrestricted Funds Restricled Tolal Funds Funds 2023 Donatlons Unrestricted donations R8slricled donations - Bauer Radlo Restricted donations - Arnold Clark Foundalion Restricted donations - The Blakmore Foundalion Restricted donations - SCVO Vision Grant Restricled donations - DHU Heallh Care Restricted donations - The Rowlands Trust Restricted donations - Baron Davenports Charty Restricted donations - BBC Children in Need Restricted donations - The Othona Community Reslrcited donations - FIFlow The Morrison Restricted donalions - Michael Marsh Trust Restricted donalions - Cole Charitable Trust - Gables Beds 30.060 30,060 2,125 1,000 110 2.125 1.000 110 1,000 640 8.340 323 5.000 549 1,000 640 8,340 323 5.000 549 1,500 1 ,500 20
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Notes to the Financial Stalements (conllnued) Year ended 31 March 2024 Donalions and grants (conilnued) Unrestricted Funds Reslriclod Tolal Funds Funds 2023 Granls SM8C core grant 75,610 105,670 75,610 126,257 20,587 Charltable acllvltles Unreslricled Total Funds Unreslricted Tolal Funds Funds 2024 Funds 2023 Barclay Road GAP project Community supporl Gables Student placement fees 11,695 202,781 74,378 351,182 1,680 641,716 11.695 202.781 74,378 351,182 1,680 641,716 7,812 194,483 73,102 262,084 7,812 194,483 73,102 262,084 537,481 537,481 Investment Income Unrestricted Tolal Funds Unreslrlcted Total Funds Funds 2024 Funds 2023 Bank interest receivable 1,271 1,271 254 254 21
Sandwell Homeless and Resetllement Project Limited Company Limited by Guarantee Notes to the Financial Statements (eontlnued) Year ended 31 March 2024 Costs of ralslng Income Unrestricted Funds Restricted Total Funds Funds 2024 Charitable fund raislng costs Wages and salaries Employer's NIC Pension costs Insurance Other molorllravel costs Legal and professional lees Information technology Other ofllce costs Depreciallon Bank charges Bank loan int8resl Other support costs Training Accountancy fees PremSses expenses 10,458 414,987 24,253 4,939 10.727 3.384 3,712 5,546 14.300 2.859 353 4,181 9,540 21 4,320 62,436 10,458 414,987 24,253 4,939 10,727 3,384 3,712 5,546 14,300 9,794 353 4,181 15,528 21 4,320 64,435 6,934 5,988 2,000 14,922 576,016 590,938 Unrestrlcted Funds R8Stricled Total Funds Funds 2023 Charltable fund raising costs Wages and salaries Employer's NIC Pension costs Insuranc8 Other molorllravel costs Legal and professional lees Information lechnology Other offlce costs Depreclation Bank charges Bank loan inlerest Other support costs Training Accountancy fees Premises expenses 11,154 381,594 23,579 3,529 9,461 2,421 4,208 6,057 15,070 3,235 248 9,729 6,541 972 4,080 42,215 524,093 11,154 405,117 23,579 3,529 9,461 2,421 4,208 6,057 15,070 10,170 248 9,729 15,468 972 4,080 50,970 23,524 6,935 8,927 8,754 48,140 572,233 22
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2024 Net Income Net income is staled afler chargingl(credlling): 2024 2023 Depreciallon of tangible fixed assets Foreign 8xchang8 differences Operating lease rentals olher 9,794 353 1,493 10,170 248 4,215 10. Independent examlnalion fees 2024 2023 Fees payable lo the independent examlner for: Independent 8xaminallon of the financial stat8menls 4,200 4,200 11. Staff c08ts The average head count of employees durlng the year was 23 (2023: 24). The average number of lull-lime equivalent employees during the year is analysed as follows: 2024 2023 No. No. Buslness manager Head of Gare and Gommunily Central admin GAP prolect Community support The Gables 23 24 No employee received employee benetits of more than £60,000 during the year (2023.. Nil). Key Management Personnel The total remuneration paid to key management personnel in the year amounted to a total of £38,967 {2023: £45.437). 12. Truste8 remuneration and expenses None of Ihe trustees received a remuneratlon. No olher benefits from employment with the charlly or a related enlity were recelved by the Iruslees. No trustee expenses have been incurred 23
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Notes to the Financial Stalements (contlnued) Year ended 31 March 2024 13. Tanglljle flxed assets Freehold propariy Plant and Flxlures and machlnery fittings Tolal Cost At 1 Aprll 2023 and 31 March 2024 Depreciatlon At 1 April 2023 Charge for the year At 31 March 2024 995,000 74,527 34,675 1,104,202 68.902 2,860 71,762 16.788 6,934 23,722 85,69D 9,794 95,484 Carrylng amounl Al 31 March 2024 995,IXJO 995,000 2,765 5,625 10,953 17,887 1,008,718 1,018,512 At 31 March 2023 Freehold property Is used for the purpose of social houslng. Fr88hold property was valued on 10 June 2021 by 8rulon Knowles Property Consultants, a quallfied member of the Royal Institullon of Chartered Surveyors (RCIS). The basis on which the valuatlon was made was depreciated replacgment cost. Tanglble flxed assets held at valuatlon In respect of langible flxed assets held al valuation. th8 aggregate cosl, depreclation and comparable carrying amount that would have been recognised if the assels had beon carried under the historical cost model are as follovrfs: Freehold property At 31 March 2024 Aggregate cost Aggregat8 depreclation Carrylng value 526,289 526,289 At 31 March 2023 Aggregate cost Aggregate depreciation Carrying value 526.289 526,289 14. Debtors 2024 2023 Prepayments and accrued income 62.741 61,259 24
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Notes lo the Financial Statements {conllnued) Year ended 31 March 2024 15. Credltors: amounts talllng due withln one year 2024 2023 Bank loans and ov8rdralts Trad8 creditors Accruals and deferred income Other credllors 1,304 4,531 4,080 196 3,640 4,200 7,840 10,111 16, Credltorg: amounts falllng due afler more than one year 2024 2023 Bank loans and overdrafts 93,078 17. Penslons and other post rellr8ment ben6flt8 D6flned contrlbullon plans The amount recognised In income or expendilure as an expense in relation to delined conlrlbution plans was £4,939 (2023: £3,529). 18. Analys18 of charltable funds Unreslrlcted lund8 Al 31 March 202 At 1 April 2023 Incom8 Expanditure Transfers General funds Revaluation reseNe 203,934 93,839 297,773 691,087 (576,016) 319,005 93,839 691,087 (576,016) 412,844 At 31 March 202 At l April 2022 Income Expendilure Transfers General funds Revaluatlon reseNe 83,218 93,839 643.405 {524,093} 1 ,404 203,934 93,839 297,773 177,057 643.405 (524,093) 1.404 25
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Notes to the Financial Statements {contlnued) Year ended 31 March 2024 18. Analysls of charilable funds (¢ontlnuedJ Restrlcted funds At 31 March 202 Al l April 2023 Incom8 Expendilure Translers Grantham Yorke Trust W81come Boxes The Rowlands Trust Baron Davenporls CharSly BBG Chlldren In Need Roger & Douglas Michael Marsh Trust Cole Charitable Trust - Gable Beds DPD Trust- Weston Trlp DPD Group - GAP Project Bauer Radio H8art of England Lloyds Bank The Clothworker Foundation Arnold Clark Automotlve The Blakmore Foundation 139 1,000 (139) {400) 910 1,510 1,000 (1,0001 1,200 {161) 1,039 449 340 (449) {340) (7) 1744) 744 935 {935) 60 (60> 26
Sandwell Homeless and Resettlement Project Limited Company Limlled by Guarantee Notes to the Financial Statemenls (conllnued) Year ended 31 March 2024 18. Analysls of charllable funds {conllnued) The George Henry C GHCC Cheshire Community CCF Leeds Building Soclety The Percy 8illon Chaiily The Othona Community FIFlow The Morrison SCVO Vision Grant DHU Health Care The Gables The Gables Revaluation 686 (657) 29 323 1,276 {323) {1,276) 1500) (996) (6,935) 500 1,109 113 436,079 374,872 813,642 443,014 374,872 823.785 4,779 (14,9221 Al 31 March 202 At 1 April 2022 Income Expenditure Transfers Grantham York8 Trust Welcome Box8S The Rowlands Trusl Baron Dav@nporls Charity BBC Chlldren in Need Roger & Douglas Michael Marsh Trust Cole Charitable Trust- Gable Beds DPD Trust - Weston Trip DPD Group - GAP Project Bauor Radio Hoart of England Lloyds Bank The Clolhworker Foundation Arnold Clark Aulomolive The Blakmore Foundation 125) {651) {984) (251 138 1,000 789 1,000 543 894 500 1.332 640 8,340 (1,183) {9,234) (500) (1,881) 549 1,500 {1.051) (370) 449 340 710 2,005 690 8,675 1.405 {1,998) (2,071) (8,6751 2.125 744 {1 ,405) 25 869 25 935 1,000 (934) 110 (110) 27
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Notes lo the Flnanclal Stalements (contlnued) Year ended 31 IAarch 2024 18. Analysis ol charltable funds (contlnu¢d} The George Henry C GHCC Cheshlre Community CCF Leeds Buildino Society The Percy Bilton Charily The Othona Community F/Flow The Morrison SCVO Vlsion Grant DHU Hoalth Care The Gables The Gables Revaluallon 2,000 (2,0001 5,000 1,000 500 {5,0001 {314) {500) 686 323 5,000 323 1,276 (3,724) 449,949 374,872 852,742 (6.935) 443,014 374,872 823,784 20,587 (48,140) (1,405) 19. Analysls of nat assets between funds The transfer of £0 (2023: £1,405) from Restricted Funds to Unrestricted Funds relates to Lloyds Bank, which has been redassifled by th8 Truslees as an unrestricted fund. Unrestricted Reslricted Tolal Funds Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Credltors greater Ihan 1 year Nei assels 197,370 222,918 (7,840) 811,348 2,690 1,008,718 225,608 (7,840) 412,448 814,038 1,226,486 Unrestricted Funds Restricted Total Funds Funds 2023 Tanglbla Ilxed assets Current assets Credltors less than 1 year Creditors greater than 1 year Net assels 200,626 200,336 110,111) {93,078) 297.773 817,886 5,898 1,018,512 206,234 {10,111) {93,078) 1,121,557 823,784 20. Soclal houslng unlls The following units ol Social Housing were held by the charilable company durlng the year.. 2024 2023 Supported Houslng 51 51 28
Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Notes to the Financlal Statements (conlinued) Year ended 31 March 2024 21. Soc5al houslng renl arrears There were no social housing rentals in arrears as at 31 March 2024 22. Recycled capltal granl lund There wer6 no transactions during the year to be recognlsed within the Recycled Capital Grant Fund. 23. DIsp08al proceeds fund Thera were no transactions during ihe year lo be r8cognised wlthin the Disposal Proceeds Fund. 24. Analysls of changes In nel debl Al At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and In hand Oobl due wilhin one year Debt due after one year 144,976 (1,304) (93,078) 50,594 17,892 1,304 93,078 112,274 162,868 162,868 25. Oporatlng lease commltmenls The total luture minimum lease payments under non-canc8llable operating leases are as follows.. 2024 2023 Nol later than 1 year Later than 1 year and not18ler than 5 years 1,493 1,625 3,205 3,118 3,118 6,323 26, Contlngencles On 11 November 2019, Sandwcll Homeless and Reselllemenl Project Llmiled acquired the freehold proporly known as The Gables lor £1. The Iransfer of the proporly also included the liability of an oulstanding social housing grant 01 £552,846. The social housing grant is only repayable il the specrflc conditions attached to the grant are breached. 27. Related partles There were no relatad party transactions for the year end 31 March 2024. 29