2025-03-31-accounts

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 2025

CHARTWELLS ACCOUNTANTS LIMITED Chartered Accountants 217 Long Lane Halesowen West Midlands B62 QUT

Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2025

	Page
Trustees' annual report {incorporating the director's report)	1
Independent examiner's report to the trustees	10
Statement of financial activities (including Income and
expenditure account)	12
Statement of financial position	13
Statement of cash flows	15
Notestothefinancialstatements	16

Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report)

Year ended 31 March 2025

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025.

Reference and administrative details

Registered charity name Sandwell Homeless and Resettlement Project Limited Charity registration number 514302 Company registration number 01705859 Principal office and registered 109 St. Pauls Road office Smethwick B66 1EY England

The trustees

Mr M R Watkins Ms K Brooks Ms B Foster (Resigned 1 July 2024) Ms K Perry Mr S Yates (Resigned 14 August 2024) Mrs K E Storer-Young (Appointed 11 September 2024) Mrs H J Senya (Appointed 11 September 2024} Mr M F Z Husain (Appointed 11 September 2024)

Independent examiner Mr Christopher Goldie BSc ACA 217 Long Lane Halesowen West Midlands B62 9JT

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Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Trustees’ Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025

Structure, governance and management

Governing Document

The organisation is a charitable company limited by guarantee, incorporated on 11th January 1983 and registered as a charity on 14th October 1983. The association was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Recruitment and Appointment to the Board

The directors of the company are also charity trustees for the purpose of charity law and under the company's Articles are known as Board Members. Under the requirements of the Memorandum and the Articles of Association the Board are elected to serve for a period of three years after which they may be re-elected at the next Annual General Meeting.

Sandwell is a very diverse area with a wide range of cultures and religions being represented. The Board seeks to ensure that the needs of service users are appropriately reflected through the diversity of the trustees elected to the board.

Trustee Induction and Training

New Board Members are invited to meet the board in order that they may get a feel for the organisation and to understand the obligations of becoming a Board Member. After their attendance at this meeting 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 for induction and training. Trustees contribute their time and skills at Board Meetings and with other projects requiring trustee involvement and calling upon their particular expertise.

Members of the Board

During the year Bianca Foster, a director since 15th September 2021, resigned. Also during the year Steve Yates, a director since 30th March 2022, resigned.

Board members as at 31st March 2025;

• Michael Roland Watkins, director since March 1983

• Karen Perry, director since 28th July 2021

• Kathryn Brooks (Chair), director since 28th November 2018

• Katie Storer-Young, director since 11th September 2024

• Fayad Husain, director since 11th September 2024

• Ho Jan Seyna, director since 11th September 2024

The position of company secretary was vacant at year end.

Risk Management

The Board has drawn up a risk register which provides details of actions to be taken to reduce risk. The risk register is reviewed and updated by the Board regularly. The charity also purchases a range of insurance policies.

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2025

Organisational Structure

Sandwell Homeless and Resettlement Project has a Board of up to 10 members who meet every two months and who are responsible for the strategic direction and policy of the charity. SHARP embraces the Equality Act 2010 and recruits Board members from any background and with any of the 9 protected characteristics described within the Act. At the year end the Board had 6 members.

Day-to-day responsibility for the provision of operations, services and financial probity is delegated by the Board to the Senior Officers employed by SHARP. These senior officers are responsible for ensuring that the charity delivers the services specified and that the charity meets its obligations and aspirations,

At year end a Business Manager was in place, supported by a project manager.

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continuea)

Year ended 31 March 2025

Objectives and activities

Objectives

The Charity's objects and principal activities are to:

Care for persons in need, who are homeless or who by reason of adverse circumstances are in need of helo in acquiring a settled way of life through the establishment of residential accommodation and to assist these persons so as to develop their physical, mental and spiritual capacities that they may develop full maturity as responsible individuals and members of society and that their conditions of life may be improved.

The main objectives and activities for the year continue to focus upon helping people who are homeless to find appropriate accommodation, either within SHARP or elsewhere, offer them support and advice to enable them to manage their accommodation and to enjoy a reasonable quality of life. SHARP is a registered social landlord.

The strategies employed to assist the charity to meet these objectives include, but not exhaustively, the following;

• Provide accommodation of good quality for homeless people in Sandwell

• Provide a service for homeless people in Sandwell and signposting to other agencies as appropriate giving information on vacancies and support where available in Sandwell

• Provide the support necessary to enable service users to manage their own accommodation successfully

• Involve service users in the development of their personal support plans, which include attainable targets, regular reviews and flexibility to enable and embrace change

• Train service users to use the internet to allow them to access a number of online activities such as bidding for a home, finding a job and registering for universal credit

• Liaise with local housing providers concerning housing and other needs of service users

• Research the housing needs of homeless people

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• Participate proactively with local initiatives including Sandwell Council of Voluntary Organisations, and Sandwell Metropolitan Borough Council

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continuea)

Year ended 31 March 2025

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Activities

The GAP Supported Housing Project

The GAP project consisted of 30 furnished one bedroom flats at Selby House, Oldbury. GAP offered accommodation and support to teenage parents and their children, also single females aged 16 to 19 years. The project was commissioned by Sandwell Metropolitan Borough Council. Sadly at the beginning of May 2024 we were informed that the project would not be re-commissioned as had previously been suggested and that our contract would come to an end on 31st July 2024. We thus spent the three months from notification to closure working hard to wind down the project and ensure safe futures for the residents. The staff team regrettably were made redundant and we closed the project on 31st July 2024.

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Community Floating Support & Spot Purchasing

SHARP provides floating support through a contract with the council and specialist support through spot purchasing. This service supports 20 individuals with enduring mental health concern needs to maintain their tenancies and wellbeing by assisting with budgeting, shopping. arranging and accompanying to appointments, dealing with and understanding mail and liaising with other relevant agencies.

247 & 247a Barclay Road, Smethwick

Barclay Road offers accommodation 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 to the relevant agency.

The Gables

The Gables is enjoying its 5th year and has firmly established its reputation as an excellent provider of supported accommodation within Sandwell. We are continuing to work in conjunction with Sandwell Council's Complex Hub Team in accepting their referrals and it is gratifying that they often refer to us before referring to other Sandwell supported accommodation providers. We have 19 units of accommodation each with their own bathroom and share a communal dining area.

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee Trustees’ Annual Report (Incorporating the Director’s Report) (continued) Year ended 31 March 2025

OTee

Achievements and performance

247 & 247a Barclay Road, Smethwick

We have provided outreach support to our residents and continued to help them live independently within the community.

The Gables

We continue to receive referrals for individuals with enduring mental health difficulties, and who have or would struggle with maintaining their own tenancies and the team have received positive feedback from the involved agencies for providing a safe non-judgmental home environment. It is at present envisaged that the majority will be residing longer term at the Gables due to there being a lack of appropriate move on accommodation or because an independent tenancy would not be appropriate.

We continue to work in partnership with SMBC Complex Hub and the Community Mental Health Teams and it is rewarding that some of their team members have become regular visitors due to developing strong working relationships.

We have developed a strong link with St Albans Community Centre pius several other agencies within the local area and are working with them to enhance our reputation locally plus develop our service internally and externally.

145 people {including the current residents) have resided at the Gables since December 2020 and the majority have moved into their own tenancies or other supported housing schemes.

We continue to receive very positive feedback from residents about the safe living environment we provide and that they really do consider the Gables to be ‘home’ and ‘a safe place’.

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Sandwell Homeless and Resettlement Project Limited

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Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2025

ee

Financial review Responsibilities of the Board

The Board is responsible for maintaining proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charitable company to enable them to ensure that the financial statements 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 prevention and detection of fraud and any other irregularities.

investment Policy

Under the Memorandum and Articles of Association, the charity has the power to invest in the interest of the charity and/or its beneficiaries. The Board, having regard to the liquidity requirements of the organisation and to the reserves policy, have operated a policy of keeping available funds in an interest bearing deposit account,albeit with low reserves this does not currently generate any significant income,

Reserves Policy

Having examined the circumstances facing the charity and its future income and expenditure patterns the trustees have established that a prudent level of reserves for the charity to hold would be equivalent to three month's salary costs (including tax and NI costs) plus a sum fo cover exceptional costs related to closure / transfer of the charity - as at April 2025 the former figure would amount to £74,000 whilst the latter figure was set at £35,000. We are pleased to confirm that our reserve levels continue to be sufficient to cover this sum. We will continue to try to strengthen our reserves further in future years.

Review of the year April 2024 to March 2025

This year has been a year when sadly pressures on SMBC led them to de-commission one of our long standing projects and thus we said goodbye to the project's staff and a cohort of beneficiaries. The Gables however continues to thrive and we are also pleased to have been able to continue to support the vulnerable people who use this service. We are also pleased to continue to be a real living wage employer during the current cost of living crisis. We have turned in earnest to thinking about next steps to to develop the service and are actively seeking a new property to provide move on accommodation and to sit alongside the Gables. We successfully recruited three new trustees, and have also turned some attention to launching a website.

Plans for 2025-26

We will continue to work on building reserves to enable us to invest in a new project, and seeking to source a further property to enable this. We are also keen to continue to improve and extend what we offer in our existing projects.

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2025

En

Accounts

Company law requires the Board to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing those financial statements, the Board follows best practice by;

• Selecting suitable accounting policies and then applying them consistently

• Making judgements and estimates that are prudent and reasonable: and

• Preparing the financial statements on a going concern basis unless it is inappropriate to assume that the company will continue on that basis

The Board is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Board is 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.

Members of the Board

Members of the Board, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.

In accordance with company law, as the company's Directors, we certify that:

• So far as we are aware, there is no relevant information of which the company's accountants are unaware; and

• As Directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the charitable company's accountants are aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2025

The trustees’ annual report was approved on 17 September 2025 and signed on behalf of the board of trustees by:

Ms K Brooks Trustee

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Signature 1

Signed by Kathryn Brooks using authentication code dkpyfDBvIUOqKEZP at IP address 51.148.154.208, on 2025/09/24 08:48:35 Z. Kathryn Brooks 's e-mail address is: [e-mail].

Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

independent Examiner's Report to the Trustees of Sandwell Homeless and Resettlement Project Limited

Year ended 31 March 2025

| report to the trustees on my examination of the financial statements of Sandwell Homeless and Resettlement Project Limited (‘the charity’) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 20117 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 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Sandwell Homeless and Resettlement Project Limited (continued)

Year ended 31 March 2025

| 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.

Mr Christopher Goidie BSc ACA Independent Examiner

217 Long Lane Halesowen West Midlands B62 9JT

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 March 2025

			2025		2024
		Unrestricted	Restricted
		funds	funds	Totalfunds	Total funds
	Note	£	£	£	R
Income
Donations and grants	5	39,550	19,906	59,456	52,879
Charitable activities	6	504,487	=	504,487	641,716
Invesiment income	7	1,822	-	1,822	1,271
Total income		545,859	19,906	565,765	695,866
Expenditure
Expenditure on raising funds:
Costs of raising income	8	491,592	10,167	501,759	590,938
Total expenditure		491,592	10,167	501,759	590,938
Net income		54,267	9,739	64,006	104,928
Other recognised gains and losses
Gains from revaiuation of fixed assets		15,000	~	15,000	-
Net movement in funds		69,267	9,739	79,006	104,928
Reconciliation of funds
Total funds brought forward		412,844	813,642	1,226,486	1,121,558
Totalfundscarriedforward		482,114	823,381	1,305,492	1,226,486

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 16 to 28 form part of these financial statements.

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Note|£|E| |Fixed|assets| |Tangible|fixed|assets|13|1,033,061|4,008,718| |Current|assets| |Debtors|14|3,014|62,741| |Cash|at|bank|and|in|hand|278,142|162,867| |281,156|225,608| |Creditors:|amounts|falling|due|within|one year|15|8,725|7,840| |Net|current|assets|272,431|217,768| |Total|assets|less|current|liabilities|1,305,492|1,226,486| |Net|assets|1,305,492|1,226,486| |Funds|of|the|charity| |Restricted|funds|823,381|813,642| |Unrestricted|funds:| |Revaluation|reserve|108,839|93,839| |Other|unrestricted|income|funds|373,272|319,005| |Total|unresiricted|funds|482,111|412,844| |Total|charity funds|17|91,305,492|1,226,486|

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For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to smail companies.

Directors’ responsibilities:

• « The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

• ¢ The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicabie to companies subject to the small companies’ regime.

The statement of financial position continues on the following page. The notes on pages 16 to 28 form part of these financial statements.

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: Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of trustees and authorised for issue on 17 September 2025, and are signed on behalf of the board by:

Ms K Brooks Trustee

The notes on pages 16 to 28 form part of these financial statements.

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Signature 1

.

Signed by Kathryn Brooks using authentication code dkpyfDBvIUOqKEZP at IP address 51.148.154.208, on 2025/09/24 08:48:43 Z. Kathryn Brooks 's e-mail address is: [e-mail].

Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 March 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Cash|flows|from|operating|activities| |Net|income|64,006|104,928| |Adjustments|for:| |Depreciation|of|tangible|fixed|assets|9,157|9,794| |Other|interest|receivable|and|similar|income|(1,822)|(1,271)| |Interest|payable|and|similar|charges|-|4,181| |Accrued|expenses/(income)|60,187|(3,530)| |Changes|in:| |Trade|and|other|debtors|(181)|2,169| |Trade|and|other|creditors|606|(1,087)| |Cash|generated|from|operations|131,953|115,184| |Interest|paid|-|(4,181)| |Interest|received|1,822|1,271| |Net cash|from|operating|activities|133,775|112,274| |Cash|flows|from|investing|activities| |Purchase|of|tangible|assets|(18,500)|—| |Net|cash|used|in|investing|activities|(18,500)|-| |Cash|flows|from|financing|activities| |Proceeds|from|borrowings|-|(94,382)| |Net|cash|used|in|financing|activities|—|(94,382)| |Net|increase|in|cash|and|cash|equivalents|115,275|17,892| |Cash|and|cash|equivalents|at|beginning|of|year|162,867|144,975| |Cash|and|cash|equivalents|at end|of|year|278,142|162,867|

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The notes on pages 16 to 28 form part of these financial statements.

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 109 St. Pauls Road, Smethwick, B66 1EY, England.

1. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102}) and the Companies Act 2006.

1. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities,

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 March 2025

1. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• e — income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• *« — legacy income is recognised when receipt is probable and entitlement is established. ¢ income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: * expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.

• ¢ expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• « — other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 March 2025

3. Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of 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 other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 20% straight line Fixtures and fittings - 20% straight line

No depreciation has been charged on freehold property as the Trustees believe that the property will be maintained to a level where the value of the property is not expected to diminish. The property will be valued with sufficient regularity to ensure that the value reported in the financial statements is not materially different to its actual market value.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomesa party to the contractual provisions of the instrument.

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Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Financial instruments (continued)

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless paymeni for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

19

,

goo

Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025

4. Limited by guarantee

The charity is a company limited by guarantee and consequently does not have share capital. Each member has undertaken to contribute £10 to the assets of the company to meet its liabilities if called upon to do so.

5. Donations and grants

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2025
		£	£	£
Donations
Unrestricted donations		39,550	-	39,550
Restricted donations	- Groundworks UK	-	18,500	18,500
Restricted donations	- The Blakmore Foundation	~	-	-
Restricted donations	- Leeds Building Society	~	1,000	1,000
Restricted donations	- SCVO Vision Grant	-	-	-
Restricted donations	- DHU Health Care	-	-	~
Restricted donations	- The Rowlands Trust	-	406	406
Restricted donations	- Baron Davenports Charity	—	-	-
Restricted donations	- Michael Marsh Trust	-	—	-
Grants
SMBC core grant		-	-	-
		39,550	19,906	59,456
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2024
		£	£	£
Donations
Unrestricted donations		29,600	-	29,600
Restricted donations	- Groundworks UK	_	_	-
Restricted donations	- The Blakmore Foundation	-	60	60
Restricted donations	- Leeds Building Society	-	-	-
Restricted donations	- SCVO Vision Grant	—	500	500
Restricted donations	- DHU Health Care	_	1,109	1,109
Restricted donations	- The Rowlands Trust	-	910	910
Restricted donations	- Baron Davenports Charity	-	1,000	1,000
Restricted donations	- Michael Marsh Trust	~	1,200	1,200
Grants
SMBC core grant		18,500	-	18,500
		48,100	4,779	52,879

20

™

Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 March 2025

6. Charitable activities

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2025	Funds	2024
		£	£	£	£
	Barclay Road	11,847	11,847	11,695	11,695
	GAP project	139,129	139,129	202,781	202,781
	Community support	72,306	72,306	74,378	74,378
	Gables	277,872	277,872	351,182	351,182
	Student placement fees	3,333	3,333	1,680	1,680
		504,487	504,487	641,716	641,716
7.	Investmentincome

			Unrestricted	Total	Funds	Unrestricted	Total	Funds
			Funds		2025	Funds		2024
			£		£	£		£
Bank	interest	receivable	1,822		1,822	1,271		1,271

1. Costs of raising income

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2025
	£	£	£
Charitable fund raising costs	10,351	-	10,354
Wages and salaries	360,426	-	360,426
Employer's NIC	22,831	-	22,831
Pension costs	3,107	-	3,107
Insurance	11,333	-	11,333
Other motor/travel costs	2,759	-	2,759
Legal and professional fees	3,843	_	3,843
Information technology	5,397	-	5,397
Other office costs	8,705	—	8,705
Depreciation	1,451	7,706	9,157
Bank charges	230	-	230
Banik loan interest	-	-	—
Other support costs	8,095	1,188	9,283
Training	25	—	25
Accountancyfees	4,200	-	4,200
Premises expenses	48,839	1,273	50,112
	491,592	10,167	501,759

21

i

Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 March 2025

1. Costs of raising income (continued)

		Unresiricted	Restricted	Total Funds
		Funds	Funds	2024
		£	£	£
	Charitable fund raising costs	10,458	-	10,458
	Wages and salaries	414,987	=	414,987
	Employer's NIC	24,253	-	24,253
	Pension costs	4,939	-	4,939
	Insurance	10,727	-	10,727
	Other motor/travel costs	3,384	-	3,384
	Legal and professional fees	3,712	-	3,712
	Information technology	5,546	~	5,546
	Other office costs	14,300	-	14,300
	Depreciation	2,859	6,934	9,794
	Bank charges	353	—	353
	Bank loan interest	4,181	_	4,181
	Other support costs	9,540	5,988	15,528
	Training	21	-	21
	Accountancy fees	4,320	_	4,320
	Premises expenses	62,436	2,000	64,435
		576,016	14,922	580,938
9,	Netincome
	Net income is stated after charging/(crediting):
			2025	2024
			£	£
	Depreciation of tangible fixed assets		9,157	9,794
	Foreign exchange differences		230	353
	Operating lease rentals - other		1,493	1,493
10.	Independent examination fees
			2025	2024
			¢	¢
	Fees payable to the independent examiner for:
	Independentexaminationofthefinancialstatements		4,200	4,200

11.	Staff costs
	The total staff costs and employee benefits for the reporting period are analysed as		follows:
		2025	2024
		£	£
	Wages and salaries	360,426	414,987
	Saciai security costs	22,831	24,253
	Employer contributions to pension plans	3,107	4,939
		386,364	444,179

22

Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 March 2025

11. Staff costs (continued)

The average head count of employees during the year was 15 (2024: 23). The average number of full-time equivalent employees during the year is analysed as follows:

	2025	2024
	No.	No.
Business manager	1	1
Central admin	1	1
GAP project	6	11
Communitysupport	2	4
The Gables	5	6
	15	23

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

Key Management Personnel

The total remuneration paid to key management personnel in the year amounted to a total of £40,823 (2024: £38,967).

12. Trustee remuneration and expenses

None of the trustees received a remuneration. No other benefits from employment with the charity or a related entity were received by the trustees.

No trustee expenses have been incurred

13. Tangible fixed assets

	Freehold	Plant and	Fixtures and
	property	machinery	fittings	Total
	£	£	£	£
Cost
At 1 April 2024	995,000	74,527	34,675	1,104,202
Additions Revaluations	- 15,000	- _	18,500 -	18,500 15,000
At 31 March 2025	1,010,000	74,527	53,175	1,437,702
Depreciation
At 1 April 2024	-	71,762	23,722	95,484
Charge for the year	-	1,450	7,707	9,157
At 31 March 2025	_	73,212	31,429	104,644
Carrying amount
At 31 March 2025	1,010,000	1,315	21,746	1,033,064
At31March2024	995,000	2,765	10,953	1,008,718

23

Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 March 2025

1. Tangible fixed assets (continued)

Freehold property is used for the purpose of social housing.

The two properties held by the company were valued on 27th August 2024 by The Advanced Service Group, and 10th June 2021 by Bruton Knowles Property Consultants,(a qualified member of the Royal Institution of Chartered Surveyors (RCIS)), respectively.

The trustees believe the valuation of the properties at the year-end date had not materially changed since the valuations noted above.

Tangible fixed assets held at valuation

In respect of tangible fixed assets held at valuation,	the aggregate cost, depreciation and	the aggregate cost, depreciation and
comparable carrying amount that would have been recognised		if the assets had been carried
under the historical cost model are as follows:
		Freehold
		property
		£
At 31 March 2025
Aggregate cost		526,289
Aggregate depreciation		-
Carrying value		526,289
At 31 March 2024
Aggregate cost		526,289
Aggregate depreciation		—
Carryingvalue		526,289

1. Debtors

		2025	2024
		£	£
	Prepayments and accrued income	3,014	62,741
15.	Creditors: amounts falling due within one year
		2025	2024
		£	£
	Trade creditors	3,958	3,640
	Accruals and deferred income	4,479	4,200
	Other creditors	288	-
		8,725	7,840

24

Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Notes to the Financial Statements (continueg)

Year ended 31 March 2025

16. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,107 (2024: £4,939).

17. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
					At
	At			Gains and 31 March 202
	1 April 2024	Income	Expenditure	losses	5
	g	£	£	£	£
General funds	319,005	545,859	(491,592)	-	373,272
Revaluation reserve	93,839	-	-	15,000	108,839
	412,844	545,859	(491,592)	15,000	482,111
					At
	At			Gains and 31 March 202
	1 April 2023	Income	Expenditure	losses	4
	£	£	£	£	£
General funds	203,934	691,087	(576,016)	_	319,005
Revaluation reserve	93,839	-	-	_	93,839
	297,773	691,087	(576,016)	-	412,844

25

~ : :

Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee Notes to the Financial Statements (continuea) Year ended 31 March 2025

17. Analysis of charitable funds (continuea)

Restricted funds
					At
	At			Gains and31 March 202
	1 April 2024	Income	Expenditure	losses	5
	g	£	£	£	£
Welcome Boxes	~	~	_	~	_
The Rowlands Trust	1,510	406	(1,273)	-	643
Baron Davenports
Charity Michael Marsh Trust	- 1,039	- -	- (825)	- -	- 214
Cole Charitable Trust -
Gable Beds	-	_	_	-	_~
DPD Trust - Weston Trip	~	_	~	~	_
DPD Group - GAP
Project	_	-	-	-	_
Bauer Radio	_	-	~	~	_
Arnold Clark Automotive	-	-	-	_	-
The Blakmore
Foundation	-	-	-	-	—
Leeds Building Society	29	1,000	(250)	~	779
The Othona Community	-	-	-	-	-
F/Flow The Morrison	-	-	-	—	—
SCVO Vision Grant	-	-	-	=	-
DHU Health Care	113	—	(118)	-	—
The Gables	436,079	18,500	(7,706)	-	446,873
The Gables Revaluation	374,872	—	-	-	374,872
	813,642	19,906	(10,167)	~	823,381
					At
	At			Gains and 31 March 202
	1 April 2023	Income	Expenditure	losses	4
	£	£	£	£	£
Welcome Boxes	139	-	(139)	-	-
The Rowlands Trust	1,000	910	(400)	-	1,510
Baron Davenports
Charity	-	1,000	(1,000)	-	-
Michael Marsh Trust	-	1,200	(161)	-	1,039
Cole Charitable Trust -
Gable Beds	449	-	(449)	-	~
DPD Trust - Weston Trip	340	-	(340)	-	-
DPD Group - GAP
Project Bauer Radio Arnold ClarkAutomotive	7 744 935	~ _ -	(7) (744) (935)	_ - -	- — —
The Blakmore
Foundation	-	60	(60)	=	-

26

.

.

Sandwell Homeless and Resettlement Project Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

17. Analysis of charitabie funds (continued)

Leeds Building Society The Othona Community	686 323	- -	(657) (323)	- -	29 _
F/FlowThe Morrison	1,276	-	(1,276)	_	-
SCVO Vision Grant	-	500	(500)	-	-
DHU Health Care	~	1,109	(996)	-	113
TheGables	443,014	~-	(6,935)	-	436,079
The Gables Revaluation	374,872	-	-	~	374,872
	823,785	4,779	(14,922)	-	813,642
Analysis of net assets between funds
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2025
			£	£	£
Tangible fixed assets			211,315	821,746	1,033,061
Current assets			279,521	1,635	281,156
Creditors less than 1 year			(8,725)	-	(8,725)
Net assets			482,111	823,381	1,305,492
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2024
			£	£	£
Tangible fixed assets			197,767	810,951	1,008,718
Current assets			222,917	2,691	225,608
Creditors less than 1 year			(7,840)	—	(7,840)
Creditors greater than 1 year			-	—	-
Netassets			412,844	813,642	1,226,486

18. Analysis of net assets between funds

19. Social housing units

The following units of Social Housing were held by the charitable company during the year:

==> picture [410 x 38] intentionally omitted <==

----- Start of picture text -----
2025 2024
£ £
Supported Housing 21 51
----- End of picture text -----

20. Social housing rent arrears

There were no social housing rentals in arrears as at 31 March 2025.

21. Recycled capital grant fund

There were no transactions during the year to be recognised within the Recycled Capital Grant Fund.

27

Sandwell Homeless and Resettlement Project Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

22. Disposal proceeds fund

There were no transactions during the year to be recognised within the Disposal Proceeds Fund.

23. Analysis of changes in net debt

									At
						Att	Apr 2024	Cash flows	31 Mar	2025
							£	£		£
Cash	at	bank	and	in	hand		162,867	115,275	278,142

24. Operating lease commitments

The total future minimum lease payments under non-canceilable operating leases are as follows:	The total future minimum lease payments under non-canceilable operating leases are as follows:	The total future minimum lease payments under non-canceilable operating leases are as follows:
	2025	2024
	£	£
Not laterthan 1 year	1,393	1,493
Later than 1 year and not later than 5 years	232	1,625
	1,625	3,118

25. Contingencies

On 11 November 2019, Sandwell Homeless and Resettlement Project Limited acquired the freehold property known as The Gables for £1. The transfer of the property also included the liability of an outstanding social housing grant of £552,846. The social housing grant is only repayable if the specific conditions attached to the grant are breached.

26. Related parties

There were no related party transactions for the year end 31 March 2025.

28