OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Registered number: 01870880 Charity number: 701800

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Information 1
The Board of Trustees' Report 2 - 12
Statement of the Boards' Responsibilities 13
Independent Auditors' Report on the Financial Statements 14 - 17
Statement of Comprehensive Income 18
Statement of Changes in Reserves 19
Balance Sheet 20
Statement of Cash Flows 21
Notes to the Financial Statements 22 - 36

NORTON HOUSING AND SUPPORT LTD (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2022

Trustees Ms J K Moore, Chair (appointed 4 May 2022)
Ms A E Frost, Chair (resigned 15 April 2022)
Dr H C Dipple, Chair (resigned 7 October 2021)
Mr W T Holynski, Treasurer
Dr S M Fallow
Ms S Johnson
Mr P E Frost
Ms A Khan (resigned 16 September 2021)
Ms X Zhang (appointed 29 April 2021)
Mr N G Sedgwick (appointed 25 February 2022)
Mr M Takolia (appointed 25 February 2022)
Mr V Gaten (appointed 14 April 2022)
Company registered
number
01870880
Charity registered
number
701800
Registered office
107 Newport Street
Leicester
LE3 9FU
Principal operating
office
107 Newport Street
Leicester
LE3 9FU
Company secretary
Ms S Johnson
Chief executive
Ms S Cowling
Independent auditors
Magma Audit LLP
Unit 2, Charnwood Edge Business Park
Syston Road
Cossington
Leicestershire
LE7 4UZ
Bankers
Cater Allen
9 Nelson Street
Bradford
BD1 5AN
Website
www.nortonhousingandsupport.org.uk
Registered Provider
Number
4676

Page 1

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

THE BOARD OF TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

1. INTRODUCTION

The board is pleased to present its report and audited financial statements for the charitable company for the year ended 31 March 2022.

Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

2021/2022 has been another challenging year as the organisation continued to deal with the difficulties of managing services during the COVID-19 pandemic. Throughout the year, the staff team have worked tirelessly to try to ensure that the needs of service users are met. Staff health and wellbeing has again been a key priority for the year, as has that of service users.

2. OBJECTIVES AND ACTIVITIES

2.1 Strategic Objectives - Review of Progress/Achievements

In line with the strategic objectives and specific objectives set out in the 2020/2021 Business Plan, our key achievements are:

Expanding the property side of the business is a priority for Norton Housing and Support. This would enable the provision of further good quality accommodation and support for more people with mental health needs, learning disabilities or from other disadvantaged groups.

During 2021/22 plans have progressed to purchase land and provide 15 new build supported flats in the Leicestershire area.

In March 2022, Norton Housing and Support opened a further seven place scheme for women at risk of homelessness. Norton Housing and Support has also agreed to take over, from April 2022, the running of two mental health drop ins in Leicester from a partner organisation. This will provide an exciting opportunity to develop further community-based services.

Norton Housing and Support continues to build on existing business partnerships such as the Conduit Consortium, as well as seeking new business opportunities across Leicester, Leicestershire and Rutland. This has involved widening our presence at networking meetings, particularly with local businesses. We continue to seek out information regarding grant funding bodies whose ethos and criteria might match our organisational priorities, in order that we can apply for any appropriate financial support.

In 2019 a trainer was appointed with the ambition to sell training sessions externally in order to raise the organisation’s profile and attract new partners. Unfortunately, the ongoing challenges of the pandemic have continued to impact upon our ability to develop the service as planned. However, a number of useful contacts have been made and training started to be delivered from October 2021, with very positive feedback from attendees. It is hoped to significantly increase the amount of training delivered in 2022 but a full review will be carried out to determine ongoing viability.

Page 2

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

THE BOARD OF TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

2.2 Pay Policy for Senior Staff

The board of directors, who are the charity’s Trustees, consider themselves and the management team to comprise the key management personnel of the charity in charge of directing and controlling, running and operating it on a day-to-day basis. All directors give of their time freely and no director received remuneration in the year. Details of directors’ expenses and related party transactions are disclosed in the notes to the accounts. The pay of senior staff is externally evaluated and reviewed annually (as is the case with all other managerial, administrative and support staff).

2.3 Quality Assurance

Norton Housing and Support is determined to ensure the provision of a high-quality service and is committed to ongoing quality improvement. A quality assurance strategy is in place.

Norton Housing and Support endorses the Leicester, Leicestershire and Rutland Mental Health Charter and Homelessness Charter, and has worked hard to develop its Residents Involvement Strategy. Following the organisation’s adoption of the National Housing Federation’s Tenants’ Charter, a new Residents’ Panel was established to replace the previous Service User Forum, with the aim of more formally involving residents in scrutiny, planning and decision making processes.

Norton Housing and Support is an Investors in People accredited organisation having achieved reaccreditation in 2021. In their report the Assessor noted the level of ‘personal and professional support, flexibility and training’ offered to staff to ‘ensure they are happy in their work and provided with the skills, confidence and knowledge to do their job well’.

The organisation is committed to supporting the mental health and wellbeing of its staff who represent our greatest asset. This has been particularly important as staff battled the challenges of the pandemic.

A basic health plan, provided by a not-for-profit organisation and offering a range of benefits, is in place for all staff.

2.4 Public Benefit Statement

The Trustees have complied with their duty to have due regard to the guidance on public benefit by the Charity Commission in carrying out their roles.

All the activities carried out by Norton Housing and Support, other than the training service, are in line with our primary objective, i.e., providing accommodation and/or support for people with ongoing mental health needs, a learning disability or from other disadvantaged groups.

The direct beneficiaries of our Independent Living Support (ILS) accommodation based service are vulnerable adults with ongoing mental health needs, and/or a learning disability, living in Leicester, and their carers. Our residents receive personalised support to enable them to develop their daily living skills, better manage their mental health, increase social inclusion and maintain a safe, secure and decent home.

As care and support is person centred, residents are able to progress at their own pace. Individual residents play a full role in agreeing the support package they require in order to meet their needs, realise their potential and achieve their aspirations. Norton Housing and Support already monitored outcomes for residents, but in 2016/17 an externally evaluated and accredited SROI initiative, has enabled us to better demonstrate our effectiveness in supporting residents to achieve agreed outcomes. The report also demonstrated that for every £1 spent, Norton Housing and Support achieves between £8 and £12 in social value.

Page 3

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

THE BOARD OF TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Norton Housing and Support enables residents to maximise their independence and many have felt able to move on to more independent living, generally in their own supported flat. We assist those residents wanting to move on and, in some cases, continue to offer support. To facilitate this, Norton Housing and Support has developed its own supported flats schemes which enable residents to move to their own tenancy, whilst continuing to receive intensive housing management support. Where vacancies have allowed, it has also been possible to offer people who have not previously been Norton Housing and Support residents, the opportunity to move to one of these schemes.

The development of the Personal Assistant Service has enabled us to provide a service to both existing residents moving to their own flats, as well as people living in the community.

In August 2018, women at risk of homelessness, and their children, became new beneficiaries of Norton Housing and Support with the opening of a new supported housing scheme. This scheme offers intensive housing management support and aims to enable women to move on to their own tenancy. Due to high demand, a further scheme opened in early 2022.

Norton Housing and Support strives to ensure fair and equal access to its services and receives referrals from a range of organisations. The majority of referrals for our mental health support services are received via health and social services professionals, local voluntary and community sector organisations and from homelessness services. Self referrals are also accepted. We work closely and effectively with involved health and social care professionals to ensure a well co-ordinated and integrated package of care and support is available to each resident.

With the development of new services for women at risk of homelessness, close working relationships have been developed with local Housing Options and homelessness services, from where most referrals emanate.

Norton Housing and Support reviews its charges on an annual basis and strives to ensure they are fair and provide value for money. The vast majority of residents are eligible for benefits, with Housing Benefit and Independent Living Support payments covering service and support charges. The weekly ineligible charge, which individual residents are responsible for paying, is generally met by Disability Living Allowance (gradually being replaced by Personal Independence Payments) or Employment Support Allowance.

In addition to encouraging feedback from residents, Norton Housing and Support also seeks feedback from carers and from referrers; a further survey is planned in 2022. Survey results, which are carefully considered, have always been positive. Any issues which are raised are addressed through agreed action plans, monitored by the Management Committee.

As described in 2.1 above, in 2019 Norton Housing and Support also launched a training service, aimed at raising the organisation’s profile, attracting new partners/sponsors and generating new income sources to facilitate expansion and the support of additional service users.

2.5 Strategic Objectives 2022/23

During 2022/23 agreed strategic objectives are:

Objective 1 - Existing Services

Page 4

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

THE BOARD OF TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Objective 3 - Financial Stability

To ensure the organisation is financially stable and sustainable including its overall budget, level of resources and that it is managing a healthy reserves position.

Objective 4 – Income Growth

To pursue additional pathways for income generation outside of the traditional Norton Housing and Support revenue streams, providing sustainability and growth for the organisation, and/or to fund service specific projects, e.g., training, healthy living service, drop ins etc.

3. ACHIEVEMENTS AND PERFORMANCE

3.1 Summary of Activities

Norton Housing and Support achieves its charitable objectives by providing high quality accommodation and/or support to adults with ongoing mental health needs and/or a learning disability, or from other disadvantaged groups.

Each of the six supported homes for adults with ongoing mental health needs and/or a learning disability (38 places), has a dedicated Support Worker who provides support tailored to individual needs

The women’s service (14 places) is supported by dedicated Housing Management Officers.

Personal Assistants provide similar personalised support to those living in either the group homes, or their own tenancy.

In 2011 Norton Housing and Support became a registered provider of social housing and landlord, when it purchased and renovated three move on flats. During subsequent years, two further schemes were developed offering a further ten places. Tenanted by those wishing to move on from supported accommodation to more independent living, these developments offer intensive housing management support daily. A total of 14 flats are now available including a one bedroomed flat managed by Norton Housing and Support and owned by PA Housing

3.1.1 Mental Health Supported Accommodation Service (LCC ILS contract)

At the end of the previous financial year 2020/21, there were 8 applications in process. All of these withdrew their applications due to finding alternative accommodation whilst waiting for a place to become available

In the 2021-2022 year, 19 referrals were received – an increase from the previous year when 13 were received. Of these 19 referrals three were accepted and moved in, eight were declined, seven withdrew and one remains on hold.

The main reason for applicants being declined was ongoing substance misuse.

During the year 2021-2022 four residents left the service. Two moved in with family, one was admitted to hospital, and one moved to temporary accommodation.

The occupancy rate for the year was 98.61%

Page 5

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

THE BOARD OF TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

3.1.2 Personal Assistant Service

Throughout the year, staff have worked hard to support service users during COVID-19 restrictions. For much of the year, due to the inability to work face to face, hours of support were reduced with the agreement of clients. Towards the end of the year, hours of support provided began to increase as restrictions allowed.

There were four referrals from outside Norton Housing and Support during the year, but unfortunately these had to be declined due to lack of capacity. However, a referral from an existing resident was accepted.

15 people were supported during the year, as opposed to 16 in 2020/21. Two people left the service - one due to COVID restrictions and one due to a lack of engagement/support needs being too high.

Summary of Personal Assistant activities undertaken to support individuals:

3.1.3 Supported Flats

Norton Housing and Support provides 14 places across four sites.

The occupancy rate for the year was 99.12% with one resident moving to more intensively supported accommodation due to poor health.

3.1.4 Women’s Scheme

The original scheme was opened in August 2018 and provides seven places (plus children). In early 2022 a further seven place scheme was opened but will not be fully operational until 2022/23.

Figures for 2021/22 are as follows, the figures in brackets refer to the previous year.

Referrals received: 40 (19) Referrals accepted: 12 (3) Referrals declined: 4 (4) Referrals withdrawn: 18 (8) Still being processed at year end: 6 (4)

Seven women moved on from the scheme, with five securing their own tenancy. Of the two other women leaving, one went to a foster care placement and one to a hostel.

Page 6

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

THE BOARD OF TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

3.2 Value for Money Metrics

The Regulator of Social Housing (RSH) requires that from 2018/19 all Registered Providers with a stock holding of less than 1,000 units report on the RSH Value for Money (VFM) metrics, within statutory accounts. The below table outlines performance in each of these metrics.

Metric 2019/20 2020/21 2021/22
Reinvestment % (in existing
homes and new homes)		 0% 0% 0%
New Supply Delivered % 0% 0% 0%
Gearing % 5.4% 2.6% -1.9%
Earnings Before Interest,
Tax, Depreciation,
Amortisation, Major Repairs,
Included (EBISTA MRI)
Interest Cover %		 543.8 496.2 406.3
Headline Social Housing
Cost per Unit £		 £9,340 £9,810 £9,980
Operating Margin %
Social housing lettings only
overall		 9.1%
10.8%		 5.9%
6.7%		 4.1%
6.4%
Return on Capital Employed
%		 3.7% 2.2% 2.3%

The RSH accepts that the metrics are standard and therefore inevitably more appropriate for some Registered Providers than others. As Norton Housing and Support is a small, specialised provider there are some areas where the variances may be greater than expected. For example, although there is significant development underway, as there has been no new development activity within the twelve-month period this is reported as 0%. Also, the Headline Social Housing Cost per unit is towards the higher end as all homes are supported housing with associated costs and social returns.

3.3 Fundraising

Fundraising continues to be an important area to develop for the organisation and during the year efforts have resulted in a total of £14,806 being received into the business. This can be broken down as £12,764 of restricted funds and £2,042 of unrestricted funds. Restricted funds include a grant from the National Lottery Community Fund towards the ‘Healthy Body, Healthy Mind and Healthy You!’ project.

The Board have agreed that fundraising should be a key priority for 2022/23.

Page 7

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

THE BOARD OF TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4. FINANCIAL REVIEW

4.1 Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

2021/22 has seen the continuation of the COVID-19 pandemic, and volatility in the economy as a result. The Trustees have considered the effect this may have had on the charitable company, and although unclear what impact this will have in the longer term, the Trustees have assessed this and consider the charity to be a going concern.

4.2 Reserves Policy

The Trustees consider that the state of affairs of the charity at the date of the balance sheet is satisfactory and that the present level of funding on a fund by fund basis is adequate to support the continuation of the homes, flats and support services.

The accounts show unrestricted reserves of £1,670,834, after taking into account the charity's fixed assets of £1,607,322 net of the associated property loans of £936,789 equates to £1,000,301 of free reserves which includes designated funds of £182,093. The likely timing of expenditure in relation to the designated funds, as detailed within note 15 in the accounts, is anticipated to be within the next 12 months.

As part of their analysis and review of risk management, the Trustees have reviewed the Reserves Policy and taken advice from their professional advisers. In recent years, the aim has been to keep reserves at a level sufficient to fund six months unrestricted expenditure. This has been felt to be appropriate in light of income and expenditure levels.

Further review incorporating organisational risk analysis concluded that Norton Housing and Support must continue to strive to diversify its income streams and expand services to increase its financial stability and longer term security. This must, however, balance the need to maintain a level of reserves appropriate to the risks of operating in the current financial climate and in the new contracting environment.

As a result of this analysis and as described in 2.1 above, in 2019 the decision was made to establish a training function with the aim of generating additional unrestricted reserves. A designated fund of £35,000 was established for this purpose which was carried forward in both 2020/21 and 2021/22. Designated funds were also made available to support marketing and information technology.

The Trustees will continue to explore opportunities to use reserves to consolidate and expand services, whilst monitoring the level of those reserves closely to ensure they remain appropriate.

4.3 Financial review

During the year the charity received income of £879,159 (2021 - £866,662) from Housing Benefit, the Independent Living Support Contract and ineligible charges. Expenditure on all salaries, premises costs, administration and governance costs etc amounted to £927,518 (2021 - £894,805). When combined with investment, voluntary and other income of £42,023 (2021 - £23,453) this resulted in net deficit before interest received of £6,336 (2021 - £4,690).

Page 8

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

THE BOARD OF TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4.4 Investments Policy and Objectives

The Trustees closely monitor the way in which Norton Housing and Support invests its funds and regularly reviews investment options. At the present time, money is held in bank accounts and therefore readily accessible.

4.5 Risk Management

During 2021/2022, the Organisational Risk Assessment and Risk Map were reviewed by the Operational Management Team and Trustees. Key risks were identified and analysed in terms of their likelihood and potential impact. Existing control measures and contingency plans were reviewed and updated to ensure their continuing effectiveness in minimising risk.

The Business Continuity Plan was also reviewed and will continue to be tested by the Operational Management Team on a six-monthly basis and reported to the Management Committee.

The Trustees consider the key issue currently facing the organisation continues to be that of securing long term security and financial stability for the organisation. The agreed strategy is to try to expand and diversify services/income streams, focusing on consolidating services in Leicester City and further expanding into the County of Leicestershire. This will involve balancing the need to maintain sufficient reserves in an uncertain climate with that of utilising some reserves in order to kick start developments.

The Leicester City Council ILS contract has been extended until 31 March 2023.

A Fundraising Strategy is in place, part of which involved income generation through the specialist trainer post offering training to external organisations. Unfortunately, due to the pandemic this has not been realised but it is hoped to make significant progress in 2022/23. However, a full review will be carried out in 2022/23 to determine ongoing viability.

In addition, further investment has been made in networking and partnership working, with a view to identifying potential development opportunities. Throughout the year, plans for a major new development in Leicestershire have been progressed and these will continue in 2022/23.

5. STRUCTURE, GOVERNANCE AND MANAGEMENT

5.1 Constitution

Norton House, as it was then known, was established in 1984 as a charity and company limited by guarantee. The charity is governed by its Memorandum and Articles of Association incorporated on the 11th December 1984, updated in October 2014 and again in 2018, to reflect the intention to develop services for other disadvantaged groups.

In the event of the charity being wound up the liability of the members is limited to £1.

The primary objective of the charity is the provision of accommodation and/or support for people with ongoing mental health needs and/or a learning disability, or from another disadvantaged group.

As of 31 March 2022, Norton Housing and Support provided the following services:

Page 9

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

THE BOARD OF TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Norton Housing and Support also provides a training service to external organisations.

Norton Housing and Support became a registered provider of Social Housing and Landlord in 2011.

In 2008 along with Enable, part of EMH homes (previously Foundation Housing Association) and the National Autistic Society, Norton Housing and Support was a founding member of the Conduit Consortium, which provides mental health and wellbeing services. Since then, the Consortium has been strengthened with Inclusion Healthcare, Leicestershire Centre for Integrated Living and Homestart Horizons all becoming members.

The Management Committee is the governing body of Norton Housing and Support, the Trustees being the core members. The Chief Executive attends all Management Committee meetings.

Effective resident involvement is central to the Norton Housing and Support philosophy. This ranges from the coproduced support planning process through to a range of feedback mechanisms and the involvement of residents in the planning and delivery of services. An active Residents’ Forum, In This Together, has been developed to more formally involve residents in scrutinising performance and in developing plans for the future. Trustees have been able to meet ‘virtually’ with some residents as part of the Trustee visiting programme with face-to-face visits planned for early 2022/23.

The Management Committee is supported by the Chief Executive, to whom responsibility for the day to day running of the organisation has been delegated. She has extensive experience of management and planning in the NHS, primarily in mental health services, and has been in post since 2002.

The Management Committee meets every six weeks to consider organisational, financial, and strategic issues relating to the organisation's activities and objectives. Ad hoc meetings are also held to enable fuller consideration of issues/action planning which are then reported back to the next Management Committee meeting.

The Trustees afford a high priority to issues of governance, and fully endorse the principles contained in the Charity Governance Code, produced with the support of the Home Office and Charity Commission. Work has continued this year with the aim of enabling Norton Housing and Support to sign up to the National Housing Federation (NHF) Code of Governance (2020); this has included robust action planning with Trustee involvement. A number of these actions are either in progress or have been completed, however some of the guidelines are a challenge for a smaller housing association. These include Trustee tenure and succession planning with work to address these issues during the year. The NHF states that organisations may choose to follow the guidance and notes wholly or in part, depending on their size, type and complexity and their existing policies.

As Norton Housing and Support cannot currently comply with NHF recommendations on Trustee tenure, the Organisation will continue to comply with the Charity Commission Governance Code and that of its constitutional documents which permits Trustees to seek re-election after a three-year tenure.

During the year, the organisation has reviewed its practice against the Housing Ombudsman’s Complaint Handling Code and has updated policies as a result.

Page 10

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

THE BOARD OF TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

5.2 Recruitment, Appointment and Training of Trustees

During the year, Norton Housing and Support has advertised for new Trustees and subsequently appointed two new Trustees in early 2022, with a further appointment confirmed in April 2022, as it progresses work on succession planning and increasing the diversity of the Board. The new Trustees have expertise in the areas of housing management, finance, and fundraising.

Unfortunately, early in the year, Alia Khan had to stand down as a Trustee due to work commitments and at the AGM we said goodbye to Heather Dipple after many years as a Trustee and latterly as Chair. Tributes were paid to Heather by her fellow Trustees following her decision to move out of the area.

All Trustees maintain an active interest in the organisation and keep themselves updated on the changing external environment. This is achieved mainly through regular Management Committee Meetings but also through occasional in-house training initiatives and attendance at external training events and conferences. There is a Trustee induction programme in place for new Trustees.

A system of Board and Trustee appraisals has been in place for some time; following review a revised group appraisal process was introduced this year.

The Trustees' skills and experience can be summarised as follows:

Page 11

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

THE BOARD OF TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6. DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed:

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr W T Holynski Treasurer

Date:

Page 12

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

STATEMENT OF THE BOARD OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022

The Board of Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Board of Trustees to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable Law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the surplus or deficit in that period.

In preparing these financial statements, the Board of Trustees are required to:

The Board of Trustees are responsible for keeping adequate accounting records, that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with Companies Act 2006, The Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Board of Trustees confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the charitable company's auditors are unaware. They have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

Approved by order of the members of the board of Trustees and signed on its behalf by:

Ms J K Moore Trustee

Date:

Page 13

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTON HOUSING AND SUPPORT LTD

Opinion

We have audited the financial statements of Norton Housing and Support Ltd (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, the Statement of Changes in Reserves, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Page 14

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTON HOUSING AND SUPPORT LTD (CONTINUED)

Other information

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

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 15

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTON HOUSING AND SUPPORT LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the sector, we have identified that the principal risks of noncompliance with laws and regulations related to UK Tax and legislation and breaches with the Regulator of Social Housing.

We have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011 and the Housing and Regeneration Act 2008 and the provisions of the Housing SORP. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included:

There are inherent limitations in the audit procedures described above. The more removed non-compliance with laws and regulations is, from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by forgery or intentional misrepresentation, for example, or through collusion.

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

Page 16

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTON HOUSING AND SUPPORT LTD (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Luke Turner ACA FCCA (Senior Statutory Auditor)

for and on behalf of

Magma Audit LLP

Unit 2, Charnwood Edge Business Park Syston Road Cossington Leicestershire LE7 4UZ

Date:

Page 17

NORTON HOUSING AND SUPPORT LTD (A Company Limited by Guarantee)

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2022

Note
TURNOVER
Operating costs
Fundraising costs
Operating Surplus/(Deficit)
3
Interest receivable and similar income
4
Surplus/(deficit) for the year
Total comprehensive income for the year		 2022
£
921,182
(926,553)
(965)
(6,336)
354
(5,982)
(5,982)		 2021
£
890,115
(893,695)
(1,110)
(4,690)
2,393
(2,297)
(2,297)

Page 18

NORTON HOUSING AND SUPPORT LTD (A Company Limited by Guarantee)

STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2022

2021
Balance as at 1 April 2020
Surplus/(deficit) for the year
Transfer to designated reserves
Balance as at 31 March 2021
2022
Balance as at 1 April 2021
Surplus/(deficit) for the year
Transfer to designated reserves
Balance as at 31 March 2022		 Restricted
reserves
£
11,509
(2,338)
-		 Unrestricted
reserves
£

1,517,280

59,065

(63,204)		 Designated
reserves
£

164,686

(59,024)

63,204
 Total
funds
£

1,693,475

(2,297)

-
1,691,178

1,691,178

(5,982)

-
1,685,196
9,171
1,513,141
168,866

9,171
5,191
-


1,513,141

42,428

(66,828)


168,866

(53,601)

66,828
14,362
1,488,741
182,093

Page 19

NORTON HOUSING AND SUPPORT LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 01870880

BALANCE SHEET AS AT 31 MARCH 2022

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
13
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 63,032
967,405
1,030,437
(52,184)		 2022
£
1,607,322
1,607,322
978,253
2,585,575
(900,379)
1,685,196
14,362
1,670,834
1,685,196		 76,188
927,637
1,003,825
(52,537)		 2021
£
1,675,490
1,675,490
951,288
2,626,778
(935,600)
1,691,178
9,171
1,682,007
1,691,178

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

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Ms J K Moore

Chair Date:

Mr W T Holynski Treasurer

The notes on pages 22 to 36 form part of these financial statements.

Page 20

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Interest received
Purchase of tangible fixed assets
Net cash provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Interest paid
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2022
£
105,081
354
-
354
(33,531)
(32,136)
(65,667)
39,768
927,637
967,405		 2021
£
79,801
2,393
(1,716)
677
(39,597)
(25,729)
(65,326)
15,152
912,485
927,637

The notes on pages 22 to 36 form part of these financial statements

Page 21

NORTON HOUSING AND SUPPORT LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies

Legal Status

Norton Housing and Support Ltd is a company limited by guarantee under the Companies Act 2006, a registered charity and a private registered provider of social housing with the Regulator of Social Housing in England and Wales.

The address of the registered office is given in the reference and administration details of the company on page 1 of these financial statements.

The nature of the entity's operations and principal activities are to provide accommodation and/or support for people with ongoing mental health issues, a learning disability or from disadvantaged groups.

The entity constitutes a public benefit entity as defined by FRS102.

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with applicable accounting standards and statements of recommended practice of the United Kingdom, including FRS 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland", Companies Act, the Housing SORP 2018 Update - Statement of Recommended Practice for Registered Social Housing Providers' "'the SORP") and the Accounting Direction for Private Registered Providers of Social Housing - 2019 ("the Direction").

1.2 Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the 12 months following the approval of the accounts. For this reason they continue to adopt the going concern basis in preparing the financial statements.

The independent living support contract has been secured up to 31 March 2023. After this date, Leicester City Council have communicated there will be alternative funding available. They have not provided any further information in respect of how much or who will be funded. Despite this level of uncertainty, the Trustees have a reasonable expectation that the company is a going concern.

1.3 Turnover

Turnover represents maintenance contributions and service charges receivable in the year net of losses from voids, Independent Living People support income and revenue from grants.

Monetary donations to the charitable company are credited to the accounts on a receipts basis except where the amount and entitlement is identifiable in advance where they are brought in as debtors. Gifted assets are credited in the accounts at the net fair value of the assets and liabilities.

Page 22

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies (continued)

1.4 Costs

Costs are recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Costs are classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the incorporated charity's relating to the governance of the company apportioned to charitable activities.

All costs are inclusive of irrecoverable VAT.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.

Housing Properties and other tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property - 4% on cost Property improvements - 5% on cost - Fixtures and fittings 15% reducing balance Office equipment - 33 1/3% on cost Freehold land - not depreciated

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the bank

1.7 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

Page 23

NORTON HOUSING AND SUPPORT LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies (continued)

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.11 Taxation

The company has charitable status and therefore is not subject to Corporation Tax on surpluses derived from charitable activities.

1.12 Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities incorporating Income and Expenditure Account over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities incorporating Income and Expenditure Account as the related expenditure is incurred.

1.14 Pensions

The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year.

Page 24

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies (continued)

1.15 Reserves

General reserves are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Designated reserves comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted reserves are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the property plant and equipment, and note 1.5 for the useful economic lives for each class of assets.

Page 25

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

3. Social housing income and costs

Independent Living Support (Supporting People)
Housing Benefit
Ineligible Charge
Other income
Donations and gifts
Grants
Social housing operating costs
Fundraising expenses
Operating (deficit)/surplus		 2022
£
148,493
687,886
42,780
27,217
2,042
12,764
(926,553)
(965)
(6,336)		 2021
£
149,578
675,470
41,614
16,117
7,336
-
(893,695)
(1,110)
(4,690)

4. Interest receivable and similar income

Unrestricted
funds
2022
£
Interest receivable
354
Total 2021
2,393		 Total
funds
2022
£
354
2,393		 Total
funds
2021
£
2,393

5. Expenditure on raising funds

Fundraising expenses

Unrestricted
funds
2022
£
Fundraising expenses
965
Total 2021
673		 Restricted
funds
2022
£
-
437		 Total
funds
2022
£
965
1,110		 Total
funds
2021
£
1,110

Page 26

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Analysis of Social Housing Operating Costs

Independent Living Support (Supporting
People)
Housing Benefit
Ineligible Charge
Additional Charitable Activities
Total 2022
Total 2021		 Direct
costs
2022
£
124,768
387,749
28,960
29,025
570,502
558,462		 Support
costs
2022
£
26,667
271,571
10,123
47,690
356,051
335,233		 Total
funds
2022
£
151,435
659,320
39,083
76,715
926,553
893,695		 Total
funds
2021
£
152,349
635,181
41,415
64,750
893,695

Analysis of direct costs

Staff costs
Premises
expenses
Residents
expenses
Professional fees
Total 2022
Total 2021		 Independent
Living
Support
(Supporting
People)
2022
£
119,511
1,075
-
4,182
124,768
126,322		 Housing
Benefit
2022
£
80,723
298,194
-
8,832
387,749
381,274		 Ineligible
Charge
2022
£
-
24,451
327
4,182
28,960
32,115		 Additional
Charitable
Activities
2022
£
18,468
10,557
-
-
29,025
18,751		 Total
funds
2022
£
218,702
334,277
327
17,196
570,502
558,462		 Tota
funds
2021
£
218,919
329,521
854
9,168
558,462

Page 27

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Analysis of Social Housing Operating Costs (continued)

Analysis of support costs

Staff costs
Depreciation
Loan interest
Other support
costs
Governance
Total 2022
Total 2021		 Independent
Living
Support
(Supporting
People)
2022
£
22,066
-
-
2,702
1,899
26,667
26,027		 Housing
Benefit
2022
£
143,130
68,171
32,136
24,225
3,909
271,571
253,907		 Ineligible
Charge
2022
£
7,355
-
-
728
2,040
10,123
9,300		 Additional
Charitable
Activities
2022
£
34,950
-
-
12,740
-
47,690
45,999		 Total
funds
2022
£
207,501
68,171
32,136
40,395
7,848
356,051
335,233		 Tota
funds
2021
£
196,064
68,132
25,729
39,810
5,498
335,233

7. Auditors' remuneration

Fees payable to the charitable company's auditor for the audit of the charitable company's annual accounts

2022 2021
£ £
7,440 5,040

8. Staff costs

Wages and salaries
Social security costs
Pension costs		 2022
£
386,579
22,585
17,039
426,203		 2021
£
375,695
22,958
16,330
414,983

Page 28

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. Staff costs (continued)

The average number of persons employed by the charitable company during the year was as follows:

Support workers
Management and administrative
Domestic staff		 2022
No.
16
5
2
23		 2021
No.
18
5
2
25

No employee received remuneration amounting to more than £60,000 in either year.

The remuneration and benefits received by key management personnel during the year were £32,469 (2021 - £30,421).

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .

Page 29

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

10. Tangible fixed assets including housing properties

Cost or valuation
At 1 April 2021
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Freehold
property
£
2,097,930
2,097,930
441,418
64,782
506,200
1,591,730
1,656,512		 Property
improvements
£
2,950
2,950
2,950
-
2,950
-
-		 Fixtures and
fittings
£
38,649
38,649
25,155
2,580
27,735
10,914
13,494		 Office
equipment
£
17,833
17,833
12,349
806
13,155
4,678
5,484		 Total
£
2,157,362
2,157,362
481,872
68,168
550,040
1,607,322
1,675,490

Included in freehold property is freehold land at cost of £463,359 (2021 - £463,359) which is not depreciated

11. Debtors

Prepayments and accrued income 2022
£
63,032
63,032		 2021
£
76,188
76,188

Page 30

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

12. Creditors: Amounts falling due within one year

Bank loans - secured
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
36,410
8,020
314
7,440
52,184		 2021
£
34,720
9,548
3,229
5,040
52,537

13. Creditors: Amounts falling due after more than one year

Bank loans - secured
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans - secured
Between two and five years
Bank loans - secured
Over five years
Bank loans - secured		 2022
£
900,379
2022
£
37,559
162,481
700,339		 2021
£
935,600
2021
£
36,111
177,853
721,636

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Repayable by instalments 2022
£
700,339
700,339		 2021
£
721,636
721,636

The bank borrowings are made up of four facilities.

The first facility is a bank loan due for repayment by 30 August 2036 and currently attracts interest at 3.4%. The bank loan is secured by a First legal charge over the charitable company's freehold premises at 128 Westcotes Drive.

The second facility is a bank loan due for repayment by 19 October 2039 and currently attracts interest at 3.75%. The bank loan is secured by a First legal charge over the charitable company's freehold premises at 16 St James Road.

Page 31

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. Creditors: Amounts falling due after more than one year (continued)

The third facility is a bank loan due for repayment by 19 June 2041 and currently attracts interest at 3%. The bank loan is secured by a First legal charge over the charitable company's freehold premises at 25 Church Street.

The fourth facility is a bank loan due for repayment by 19 January 2043 and currently attracts interest at 3.15%. The bank loan is secured by a First legal charge over the charitable company's freehold premises at 15 Ashleigh Road.

14. Financial instruments

Financial assets
Financial assets measured at amortised cost
Financial liabilities
Other financial liabilities measured at amortised cost		 2022
£
967,405
2022
£
952,563		 2021
£
927,637
2021
£
988,137

Financial assets measured at amortised cost comprise of other debtors and cash at bank.

Financial liabilities measured at amortised cost comprise of bank loans, trade creditors, other creditors and accruals excluding any elements of deferred income.

Page 32

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15. Statement of reserves

Unrestricted reserves
Designated reserves
Information technology
Training
Marketing
Fundraising
Development
Contingency
General reserves
Unrestricted reserves
Total Unrestricted reserves
Restricted reserves
Carlton Hayes
National Lottery Community
Fund
Edward Gosling
Tesco Community Grant
You in Mind
Total of reserves		 Balance at 1
April 2021
£
1,177
35,500
10,897
10,000
74,667
36,625
168,866
1,513,141
1,682,007
4,500
2,892
1,716
63
-
9,171
1,691,178		 Income
£
-
7,316
-
-
-
-
7,316
901,456
908,772
-
9,464
-
-
3,300
12,764
921,536		 Expenditure
£
(1,923)
(35,188)
(9,360)
-
(3,116)
(11,330)
(60,917)
(859,028)
(919,945)
(3,458)
(3,543)
(572)
-
-
(7,573)
(927,518)		 Transfers
in/out
£
1,746
27,372
-
-
12,650
25,060
66,828
(66,828)
-
-
-
-
-
-
-
-		 Balance at
31 March
2022
£
1,000
35,000
1,537
10,000
84,201
50,355
182,093
1,488,741
1,670,834
1,042
8,813
1,144
63
3,300
14,362
1,685,196

Page 33

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15. Statement of funds (continued)

Designated reserves

The information technology fund has been set up to fund the upgrade of computer equipment, the implementation of a backup system and the provision of technological support as required. The carried forward balance consists entirely of unspent funds.

The training fund was put aside to support the recruitment and salary of a trainer post for Norton Housing and Support. This role has been instrumental in testing the market and delivering external training events, in order to generate income and support development of a training arm for the organisation.

The marketing fund will ensure that money is available to support the branding and marketing of Norton Housing and Support, which is essential in order to further develop services in line with our business plan. This fund will also support materials for the new training and fundraising posts.

The Fundraising Fund will support the implementation of the Fundraising Strategy, with the intention of generating new income streams into the organisation.

The development fund has been set aside to ensure delivery of our asset management plan, which was developed by an external consultant following a full stock condition survey in 2018. This will ensure our owned properties remain fit for purpose now and in the future.

The contingency fund is a designated fund for items identified on the service charge schedule, this fund will be adjusted annually in line with actual expenditure for each home in accordance with the schedule for that property. It has been agreed by Trustees to include this fund to keep a clear and separate account of funds carried for each property.

General reserves

The carried forward balance of general funds consists of £1,607,322 in relation to fixed assets net of £936,789 of associated property loans equating to £670,533, which leaves a balance of £818,208 relating to available unspent funds.

Restricted reserves

In the previous year the charity was awarded a grant from Carlton Hayes of £4,500 towards the costs of producing a promotional video and funding towards the Healthy Living Project for Norton Housing and Support. The remaining unspent funds have been carried forward and will be spent in May 2022.

In the previous the year the charity was awarded a grant of £9,000 from the National Lottery Community Fund for the Healthy Living Project. During the year they received further funding towards the project. The remaining unspent funds at the year end have been carried forward to be spent in 2022/23.

The funds from Edward Gosling were received towards the cost of four new iPads, and were acquired in the year and included within fixed asset additions. The carried forward balance represents the net book value of the assets.

The Tesco Community grant of £500 was received to provide the service users of the charitable company with a Christmas dinner. The remaining unspent funds of £63 carried forward will be spent in 2021/22.

You in Mind is a local mental health charity, £3,300 has been received from them for Norton Housing and Support to take over providing drop ins twice a week for people with mental health needs to meet up.

Page 34

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Decrease in creditors
Interest paid
Net cash provided by operating activities
17.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
18.
Analysis of changes in net debt
At 1 April
2021
£
Cash at bank and in hand
927,637
Debt due within 1 year
(34,720)
Debt due after 1 year
(935,600)
(42,683)		 2022
£
(5,982)
68,168
(354)
13,156
(2,043)
32,136
105,081
2022
£
967,405
967,405
Cash flows
£
39,768
(1,690)
35,221
73,299		 2021
£
(2,297)
68,132
(2,393)
(4,485)
(4,885)
25,729
79,801
2021
£
927,637
927,637
At 31 March
2022
£
967,405
(36,410)
(900,379)
30,616

Page 35

NORTON HOUSING AND SUPPORT LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. Share Capital

Norton Housing and Support Ltd is a company limited by guarantee and has no share capital. The members of the company are the Board of Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

20. Pension commitments

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.

Contributions payable by the charitable company for the year amounted to £16,441 (2021 - £16,330) with £314 being included within creditors (2021 - £3,230).

21. Operating lease commitments

At 31 March 2022 the charitable company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2022
£
196,704
54,957
251,661		 2021
£
159,322
-
159,322

Page 36