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2024-03-31-accounts

Charity registration number 701800

Company registration number 01870880 (England and Wales)

RSH No. 4676

NORTON HOUSING AND SUPPORT LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NORTON HOUSING AND SUPPORT LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr G N Sedgwick
Ms J Moore
Mr W T Holynski
Ms S Johnson
Mr P E Frost
Dr S M Fallow
Mr V Gaten
Mr L W Price (Appointed 8 February 2024)
Mr M Takolia (Resigned 8 June 2023)
Secretary Ms S Johnson
Company registered number 01870880
Charity registered number 701800
Registered office & principal address 107 Newport Street
Leicester
LE3 9FU
Chief executive Mrs J Fleetwood-Smith
Ms S Cowling_(retired 22 September 2023)_
Independent auditors Price Bailey LLP
36 Tyndall Court
Commerce Road
Lynchwood
Peterborough
PE2 6LR
Bankers Cater Allen
9 Nelson Street
Bradford
BD1 5AN
Registered Provider Number 4676

NORTON HOUSING AND SUPPORT LTD

CONTENTS

Page
Trustees' report 1 - 11
Independent auditor's report 12 - 14
Statement of comprehensive income 15
Statement of changes in reserves 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 33

NORTON HOUSING AND SUPPORT LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

1 INTRODUCTION

The Trustees present their annual report together with the audited financial statements of Norton Housing and Support Limited for the year ended 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current regulatory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice(SORP) applicable to registered social housing providers preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

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.

2023/2024 has been a significant year of change, development and transition for the organisation as the support contract with Leicester City Council ended on 31st March 2023 and we transitioned staff into the new delivery structure. The year has also seen the end of a long-serving staff with particular reference to the retirement of the CEO Sue Cowling and two other senior members of staff, whilst also successfully progressing plans for a major new capital development. Throughout the year, the staff team have worked tirelessly to try to ensure that the needs of residents are met. Staff health and wellbeing have again been a key priority for the year, as has that of residents.

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 Business Plan, our key achievements are:

- Having developed a 15-bed new build supported flats scheme in Leicestershire to be able to expand and provide further high-quality housing and support to individuals with diagnosed mental health conditions.

Expanding the property side of the business has been a priority for Norton Housing and Support. At the beginning of 2023/24, the plans had progressed to purchase land and provide 15 new-build supported flats in the Leicestershire area. This was accompanied by a bid for Homes England funding which was successful, with Blaby District Council also providing grant funding in support of the development.

Work began on the purchased land on Grove Road in Blaby, in March 2023 and was anticipated to be a 12-month build period. The build was fully on track for completion in March/April 2024, however unforeseen circumstances due to a company take-over of the employed Construction Company, which was followed by a subsequent windingup order have caused a delay. This process has resulted in the build being on hold since January 2024.

A significant amount of work has gone into securing a replacement construction company and we have been fortunate to be offered a reasonably priced ‘Fixed Price Contract’ from a new company, who will be taking on the Design and Build contract going forward. It is anticipated that the end date for completion and handover will be July 2024.

Over the year significant work has also been done to develop the referral routes and methodology and a detailed allocations protocol for working in partnership with Blaby District Council has been negotiated and developed to enable a smooth transition for potential residents and to support the swift allocation of the properties as soon after completion as possible.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

(Continued)

Due to the changes in the funding of the Support Service, Norton Housing and Support has had to restructure the delivery and staffing model. This has seen a significant change in the way support has been delivered to residents and has seen a change in staff hours, roles and responsibilities. Despite these changes, staff and residents have made a smooth transition overall. In addition, recruitment into the Support Manager role was successful and has brought in a fresh and skilled perspective to the team.

During 2023 Norton Housing and Support has also seen the retirement of long-standing CEO Sue Cowling. It had been expected that the role would be fulfilled internally on an Interim basis, however, this was not possible and as such recruitment for a new CEO took place in November 2023. A number of quality candidates were interviewed and trustees appointed Joanna Fleetwood-Smith to the role.

Joanna began on 1st February 2024 and has made a significant contribution already, having introduced Key Performance Targets and Management Structures to support efficient and effective staff appraisals, began a review of the organisation's IT infrastructure, developed a new approach to mapping and measuring resident’s personal Journey and progress and has also navigated the organisation around the issues surrounding the new build delays.

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, controlling, running and operating it on a day-today 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 endorse 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, In This Together, was established to more formally involve residents in scrutiny, planning and decision-making processes. Since its inception in late 2021, the Group has met nine times with a variety of different residents having been involved. A core group of around 7 residents regularly attend. A review of progress will take place in 2024/25.

Norton Housing and Support is an Investors in People accredited organisation having achieved reaccreditation in 2021. In her 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 new CEO is also committed to this and has programmed a review of the training and skills of the team which will support the review of the staffing structures going forward.

The organisation is committed to supporting the mental health and wellbeing of its staff who represent our greatest asset. It has been highly evident during the past year that all trustees value the staff greatly and have provided additional support for operational staff during a period of limited capacity within Senior Leadership. The new CEO has also employed the support of Occupational Health & independent HR Advisors where required to; ensure a safe and supported return to work for staff on long-term sick and to ensure the correct operational procedures are in place to support staff. Additionally, a basic health plan, provided by a not-for-profit organisation and offering a range of benefits, is in place for all staff.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

2 OBJECTIVES AND ACTIVITIES

(Continued)

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 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 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.

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. 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, who regularly either signpost women to the scheme, or refer them directly.

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 Personal Independent Payments covering service and support charges. The weekly ineligible charge, which individual residents are responsible for paying, is generally met by Personal Independence Payments or Employment Support Allowance.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

2 OBJECTIVES AND ACTIVITIES

(Continued)

2.5 Strategic Objectives 2024/25

During 2024/25 agreed strategic objectives are:

Objective 1 - Existing Services

To manage the expansion of any new services both in terms of growth and diversity, and where appropriate to deliver with partner organisations. All growth must be led by genuine need and with the assurance that Norton Housing and Support is equipped for the expansion in terms of ability and capacity.

-

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

3 ACHIEVEMENTS AND PERFORMANCE

3.1 Summary of Activities

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 13 flats are now available and are owned and managed by Norton Housing and Support.

Norton Housing and Support achieve 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.

We provide Supported Housing to 47 adults with ongoing mental health needs and/or a learning disability who live within 8 properties around Leicester, Oadby and Wigston. 34 individuals receive direct support from the Norton Housing and Support Service which is tailored to individual needs.

The women’s service (14 places across two properties) 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 2022 Norton Housing and Support also took over the delivery of the Mental Health Drop-Ins that had previously been run by You in Mind. These drop-in’s run twice a week and are open to the general public and residents of our Supported Housing Services.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

3 ACHIEVEMENTS AND PERFORMANCE

(Continued)

3.1.1 Personal Assistant Service

During this year there has been a focus on maintaining and rebuilding the PA service. This is now overseen by the Support Manager and Senior Support Worker.

During the year the service has received 5 referrals. Of this 2 have been accepted and throughout the year 8 individuals have been worked with.

Summary of Personal Assistant activities undertaken to support individuals:

3.1.2 Supported Flats

During the year, Norton Housing and Support provided 13 places across three sites.

The occupancy rate for the year was 93.63%, this is lower than previous mostly due to maintenance work required at our Westcotes Drive property.

3.1.3 Women’s Scheme

The original scheme was opened in August 2018 to provide seven places (plus children). In 2022/23 the service was expanded through the acquisition of a second property, taking the total number of places to 14.

The occupancy rate for the year 2023/24 was 89.27%.

Figures for 2023/24 are as follows;

2023/24 2022/23
Referrals received 42 34
Referrals accepted 13 6
Referrals declined 10 4
Referrals withdrawn 13 22
Awaiting assessment 6 2

During 2023-2024, 13 women moved on from the scheme, with 11 securing their own tenancy.

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.

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.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
3 ACHIEVEMENTS AND PERFORMANCE (Continued)
Sector
Metric 2020/21 2021/22 2022/23 2023/24
(2023)
Reinvestment % (in existing homes and new
0% 0% 0% 0% 7.1%
homes)
New supply delivered % 0% 0% 0% 0% 5.1%
Gearing % 2.6% -1.9% -31.9% 36.0% 11.4%
Earnings Before Interest, Tax, Depreciation,
Amortisation, Major Repairs, Included (EBIDTA 496% 406% 349% 11% 47%
MRI) Interest Cover %
Headline Social Housing Cost Per Unit £ £9,810 £9,980 £9,990 £13,221 £17,915
Operating Margin %
Social housing lettings only 5.9% 4.1% 12.2% -0.4% 3.5%
Overall 6.7% 6.4% 8.4% -4.1% 1.3%
Return on Capital Employed % 2.2% 2.3% 3.4% -1.0% 1.0%
----- End of picture text -----

3.3 Fundraising

Fundraising although still an important area to develop for the organisation, has received less attention during this period due to the concentration on staffing and delivery structures alongside the development of the Supported Housing Development in Blaby.

Nevertheless, during the year efforts have resulted in a total of £8,058.43 being received into the business.

This can be broken down into £500 of restricted funds and £7,558.43 of unrestricted funds. Restricted funds were the neighbourly Grant towards food. We also utilised most of the kind donation of £894.75, from a former resident’s family, towards a much enjoyed and appreciated resident trip.

The organisation also again benefitted from being selected as the ‘charity of the year’ by a local firm of accountants Torr Waterfield, whose quiz night raised a total of £4,045 for Norton Housing and Support and further private donations were received including via the Benevity Charitable Giving fund.

With the change in Chief Executive and Management Structure, there will be a new direction anticipated going forward to support the fundraising efforts of Norton Housing and Support. It is expected that a Fundraising Strategy will accompany the new Business Plan which will be adopted from 2025.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

4 FINANCIAL REVIEW

4.1 Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable 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.

2023/24 has ended with a turbulent period for the organisation due to the unforeseen circumstances surrounding the New Build Project, whilst the ongoing impact of the cost of living increases and the new Consumer Standards will likely provide further challenges going forward both economically and operationally. The Trustees have considered the effect this may have had on the charitable company. This will continue to be a developing situation and as such a reasonable estimate of the financial effect on the charity cannot feasibly be made. 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 £1,735,756, after taking into account the charity's property assets of £3,383,853 net of the associated property loans of £1,547,897. Unrestricted reserves include designated funds of £146,641. The likely timing of expenditure in relation to the designated funds, as detailed within note 17 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 2022/23 the decision was made to invest and develop the organisation's Support Housing Infrastructure with New Build project. This has been funded through a CAF Bank Loan, Norton Housing and Support's Reserves and further financial support from Homes England and Blaby District Council. Due to unforeseen circumstances it is expected that the organisational reserves will become depleted in 2024/25 due to the need to finish the New Build Project with a new construction company. The trustees will be monitoring closely the progress of this project and working with the CEO to find ways of reinflating the reserves to ensure they remain at an appropriate level.

4.3 Financial review

During the year the charity received income of £971,058 (2023: £1,013,324) from Housing Benefit, Independent Living Support and ineligible charges. Expenditure on all salaries, premises costs, administration and governance costs etc amounted to £1,029,895 (2023: £1,004,677). When combined with investment, voluntary and other income of £17,921 (2023: £82,448) this resulted in net outgoing resources of £40,916 (2023: net incoming resources of £91,476).

4.4 Investments Policy and Objectives

The Trustees closely monitor how Norton Housing and Support invests its funds and review investment options. However, following an externally facilitated review of those options, the Board prioritised the need to maintain the liquidity required to fund future capital developments. At present, money is held in bank accounts and therefore readily accessible.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

4 FINANCIAL REVIEW

4.5 Risk Management

During 2023/2024, 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 new CEO has the review of the risks as a high priority.

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 end of the Leicester City Council ILS contract on 31 March 2023, brought about significant changes to the structure of the support services to residents over the past year. The transition although challenging for all concerned has taken place without significant upset and staff and residents have become familiar with the new system. Now 12 months into delivery, the structure and delivery will be reviewed by the new CEO to ensure it meets the aims and standards of the service that Norton Housing and Support expect for their staff and residents.

An ongoing challenge this year has been to gain a full understanding of PA Housing’s intentions with the stock Norton Housing and Support currently manages. PA Housing have yet to provide any further information on timelines for the potential disposal of this stock, or how they may intend to go about this. Discussions are planned with PA Housing in 2024/25 to consider potential options.

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 £10.

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 2024, Norton Housing and Support provided the following services:

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

5 STRUCTURE, GOVERNANCE AND MANAGEMENT

(Continued)

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

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 were pleased to be able to carry out their annual visiting programme with face-to-face visits in summer 2023/24.

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, planning and business development in the Charity and Housing Sector, and has been in post since February 2024.

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 robust action planning has continued this year intending to enable Norton Housing and Support to sign up to the National Housing Federation (NHF) Code of Governance (2020) which states organisations may choose to follow wholly or in part, depending on their size, type complexity and existing policies.

A number of the agreed code of governance actions are either in progress or have been completed. However, some of the guidelines, including those on Trustee tenure and succession planning, are particularly challenging for a smaller housing association. Work has been done during 2022-2023 to address these challenges, including the Board agreeing a position on trustee tenure, that being:

The best interests of Norton Housing and Support are served by having a Board that comprises both longer serving Trustees and newer Trustees with a range of backgrounds, skills and experiences. Therefore, in line with the organisation’s constitution, there will be no time limit on trustee tenure and Trustees will be able to continue to serve as long as they are able to make a positive contribution to the Board. To ensure longer serving Trustees continue to be able to fulfil the requirements of the role and remain effective, once they have served 6 years, the Board will conduct an appraisal before they seek re-election.

As Norton Housing and Support cannot currently comply with NHF recommendations on Trustee tenure, the Organisation will continue to comply with its constitutional documents and the Charity Commission Governance Code, which it fully endorses.

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

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5 STRUCTURE, GOVERNANCE AND MANAGEMENT

(Continued)

5.2 Recruitment, Appointment and Training of Trustees

At the AGM on 28 September 2023 Ms J Moore stood down as Chair and was replaced by Mr N Sedgewick.

A further Trustee appointment was confirmed in February 2024; the new trustee has extensive housing management experience. The Board continues to progress work on succession planning and increasing diversity.

During the year, Mr M Takolia resigned as a Trustee.

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.

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

5.3 Compliance with Governance and Financial Viability Standard

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

6 STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the directors of the charitable company for the purposes of charitable company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees 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 company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper Accounting Records that disclose with reasonable accuracy at any time the financial position of the Charity and Group and to enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and the Group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.

7 DISCLOSURE OF INFORMATION TO AUDITORS

We, the trustees of the charitable company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

This report has been prepared taking advantage of the exemptions for small companies within part 15 of the Companies Act 2006.

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

Peter Frost (Sep 30, 2024, 7:22pm) Mr P E Frost Treasurer

Date: 30 Sep 2024

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NORTON HOUSING AND SUPPORT LTD

INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024

Opinion

We have audited the financial statements of Norton Housing and Support Ltd (the charitable company) for the year ended 31 March 2024 which comprise a Statement of Comprehensive Income, Statement of Changes in Reserves, Statement of Financial Position, Statement of Cash Flows and notes to the financial statements, including 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 Auditor's 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 UK, including the FRC'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 board's 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 board with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's 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.

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INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees' responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of charity 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 board 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 board either intends to liquidate the charitable company or to cease operations, or to have no realistic alternative but to do so.

Auditor's 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 auditor's 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:

13

NORTON HOUSING AND SUPPORT LTD

INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council's website at https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-theauditor’s-responsibilities-for. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the charitable company's members 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Kerr Hilliard y

Kerry Hilliard (Sep 30, 2024, 7:25pm) Kerry Hilliard ACA FCCA CTA (Senior Statutory Auditor)

for and on behalf of Price Bailey LLP Statutory Auditor 36 Tyndall Court Commerce Road Lynchwood Peterborough PE2 6LR

Date: 30 Sep 2024

14

NORTON HOUSING AND SUPPORT LTD

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2024

TURNOVER
Operating costs
Fundraising costs		 2024
2023
£
£
988,428
1,095,772
(1,027,252)
(1,002,377)
(2,643)
(2,300)
Operating surplus/(deficit)
Interest receivable and similar income		 (41,467)
91,095
551
381
Surplus/(deficit) for the year (40,916)
91,476
Total comprehensive income for the year (40,916)
91,476

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

The charitable company's results relate wholly to continuing activities. The accompanying notes form part of these financial statements.

30 Sep 2024

The financial statements were approved by the Trustees on ….....................

~~….....................................~~ Wieslaw Holynski (Sep 30, 2024, 7:24pm) ~~….....................................~~ Peter Frost (Sep 30, 2024, 7:22pm) Mr W T Holynski Mr P E Frost Trustee Trustee

Company registration number 01870880

15

NORTON HOUSING AND SUPPORT LTD

STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
Restricted Unrestricted Designated
reserves reserves reserves Total funds
£ £ £ £
2023
Balance as at 1 April 2022 14,362 1,488,741 182,093 1,685,196
Total comprehensive income for the year (7,816) 153,410 (54,118) 91,476
Transfer to designated reserves - (678) 678 -
Balance as at 31 March 2023 6,546 1,641,473 128,653 1,776,672
2024
Balance as at 1 April 2023 6,546 1,641,473 128,653 1,776,672
Total comprehensive income for the year (6,546) (7,381) (26,989) (40,916)
- - - -
Transfer to designated reserves
Balance as at 31 March 2024 - 1,634,092 101,664 1,735,756
----- End of picture text -----

The accompanying notes form part of these financial statements.

16

NORTON HOUSING AND SUPPORT LTD

BALANCE SHEET AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand		 54,351
792,118		 2024
£
3,396,199		 80,292
1,392,222		 2023
£
1,964,333
13
Creditors: amounts falling due
within one year		 846,469
(171,605)		 1,472,514
(44,318)
Net current assets 674,864 1,428,196
Total assets less current liabilities
14
Creditors: amounts falling due after
more than one year		 4,071,063
(2,335,307)		 3,392,529
(1,615,857)
Net assets 1,735,756 1,776,672
Charity funds
Restricted funds
17
Unrestricted funds
17		 -
1,735,756		 6,546
1,770,126
1,735,756 1,776,672

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

The accompanying notes form part of these financial statements.

30 Sep 2024

The financial statements were approved by the Trustees on ….....................

~~….....................................~~ Wieslaw Holynski (Sep 30, 2024, 7:24pm) ~~….....................................~~ Peter Frost (Sep 30, 2024, 7:22pm) Mr W T Holynski Mr P E Frost Trustee Trustee

The notes on pages 19 to 33 form an integral part of the financial statements.

Charity registration number 701800 Company registration number 01870880 (England and Wales) RSH No. 4676

17

NORTON HOUSING AND SUPPORT LTD

STATEMENT OF CASH FLOWS AS AT 31 MARCH 2024

----- Start of picture text -----
2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 18 241,466 187,578
Cash flow from investing activities
Interest received 551 381
Purchase of tangible fixed assets - housing (1,480,721) (427,590)
properties
Grants received 75,000 742,450
Cash flow from financing activities
New borrowings 669,230 -
Repayment of borrowings (26,152) (31,970)
Interest paid (79,478) (46,032)
Net cash flow from financing activities 563,600 (78,002)
Net decrease in cash and cash equivalents (600,104) 424,817
Cash and cash equivalents at beginning of the year 1,392,222 967,405
Cash and cash equivalents at end of the year 792,118 1,392,222
Cash and cash equivalents consists of:
Cash at bank and in hand 792,118 1,392,222
Cash and cash equivalents at end of the year 792,118 1,392,222
----- End of picture text -----

18

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Norton Housing and Support Ltd is a private 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 Accounting convention

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 – 2022 (“the Direction”).

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Significant judgements and estimates

The preparation of financial statements requires judgement in the process of applying the accounting policies and the use of accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable.

The following key estimates and judgements apply:

a) Useful lives of depreciable assets

Management reviews the estimated useful lives of depreciable assets at each reporting date. Uncertainties in these estimates may relate to the impact of technological change and/or to changes in government regulation that may require components of property to be replaced more frequently.

19

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

The charitable company is required to allocate it's expenditure between social housing activities and activities other than social housing. There is a degree of judgement that must be applied in determining the basis of apportionment for indirect costs, which may change over time and is reviewed and applied annually.

1.4 Turnover

Turnover represents maintenance contributions and service charges received 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 receipt’s 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.

1.5 Expenditure

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 benefit 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 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 charitable company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred relating to the governance of the charitable company apportioned to the charitable activities.

All costs are inclusive of VAT.

1.6 Depreciation of social housing properties

Major components of housing properties are identified and treated as separable assets and are depreciated on a straight line basis over their expected economic useful lives at the following rates:

Property structure 50 years
Roof 30 years
Windows and external doors 20 years
Kitchens 15 years
Bathrooms 15 years

Freehold land is not depreciated.

20

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.7 Tangible fixed assets

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 - 33.33% on cost Freehold land - not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 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 of payable by the bank.

1.9 Operating leases

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

1.10 Debtors

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

1.11 Cash at bank and in hand

Cash at the 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 the deport or similar account.

21

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past events, 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 charitable company anticipated 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, discounts 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.

1.13 Taxation

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

1.14 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.

1.15 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. Grants received from non-government sources are recognised using the performance model. A grant which does not impose specified future performance conditions is recognised as revenue when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the association is recognised only when these conditions are met. A grant received before the revenue recognition criteria are satisfied is recognised as deferred income.

1.16 Pensions

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

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Management reviews its estimate of useful lives of depreciable assets at each reporting date based on the expected utility of the assets including any components. Uncertainties in these estimates relate to the Decent Homes Standards and other asset replacement programme revisions which may require more frequent replacement of key components.

22

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Particulars of turnover, operating costs and operating surplus

2024
Social housing lettings (Note 3a)
Other social housing activities
Supporting people
Activities other than social housing		 Turnover
£
803,265
167,793
17,370		 Operating &
Fundraising
costs
£
(806,451)
(168,480)
(54,964)

Operating
surplus/
(deficit)
£
(3,186)
(687)
(37,594)
988,428 (1,029,895) (41,467)
2023
Social housing lettings (Note 3a)
Other social housing activities
Supporting people
Activities other than social housing		 Turnover
£
850,142
163,182
82,448		 Operating &
Fundraising
costs
£
(752,977)
(162,248)
(89,452)

Operating
surplus/
(deficit)
£
97,165
934
(7,004)
1,095,772 (1,004,677) 91,095
Particulars of income and expenditure from social housing lettings
2024
No.
Social rent
Supported housing units - owned
20
Supported housing units - managed
41		 2023
No.
20
46
61 66
2024
£
Rent receivable
866,209
Social housing operating costs
(806,451)
Void losses
(62,944)
All units represent supported housing. Overall, there was a decrease of 5 units,
manage 2 properties during the year.		 this was due to 2023
£
885,039
(752,977)
(34,897)
ceasing to
(3,186) 97,165

3a Particulars of income and expenditure from social housing lettings

23

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3b
Particulars of income and expenditure from non-social housing lettings
2024
£
Other Income
9,312
Donations and gifts
8,058
Other grants
-
Operating costs
(52,321)
Fundraising expenses
(2,643)
(37,594)		 2023
£
67,076
10,673
4,699
(87,152)
(2,300)
(7,004)
Interest receivable
Total 2023		 Unrestricted
funds
Total funds
Total funds
2024
2024
2023
£
£
£
551
551
381
381
381

5 Expenditure on raising funds

Fundraising expenses Unrestricted
funds
Total funds
Total funds
2024
2024
2023
£
£
£
2,643
2,643
2,300
2,300
2,300

6 Interest and financing costs

Interest on bank loans

Unrestricted
funds
Total funds
2024
2024
£
£
79,478
79,478		 Total funds
2023
£
46,032
46,032
46,032

24

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Analysis of Social Housing Operating Costs

Social housing lettings
Independent Living Support
Additional charitable activities
Total 2024
Total 2023
Analysis of direct costs
Staff costs
Premises expenses
Residents expenses
Professional fees
Total 2024
Total 2023		 Direct costs
Support
costs
Total funds
Total funds
2024
2024
2024
2023
£
£
£
£
452,395
352,120
804,515
752,973
139,490
28,990
168,480
162,248
37,956
16,301
54,257
87,156
629,841
397,411
1,027,252
1,002,377
667,547
334,830
1,002,377
Independent
Living Support
Social
housing
lettings
Additional
charitable
activities Total funds
Total
funds
2024
2024
2024
2024
2023
£
£
£
£
£
130,036
81,881
14,889
226,806
269,162
3,967
354,052
23,067
381,086
372,803
-
-
-
-
7,941
5,487
16,462
-
21,949
17,641
139,490
452,395
37,956
629,841
667,547
133,347
484,972
49,228
667,547

Analysis of support costs

Staff costs
Depreciation
Loan interest
Other support costs
Governance
Total 2023		 Independent
Living Support
Social
housing
lettings
Additional
charitable
activities Total funds
Total
funds
2024
2024
2024
2024
2023
£
£
£
£
£
23,649
207,828
275
231,752
182,380
-
48,351
-
48,351
68,171
-
65,689
13,789
79,478
46,032
5,246
29,892
2,237
37,375
37,631
95
360
-
455
616
28,990
352,120
16,301
397,411
334,830
28,901
268,001
37,928
334,830

25

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8
Auditors' remuneration
Fees payable to the charitable company's
auditor for the audit of the charitable
company's annual accounts		 2024
2023
£
£
7,200
7,200
9
Staff costs
Wages and salaries
Social security costs
Pension costs		 2024
2023
£
£
421,181
409,190
22,244
23,970
15,132
18,383
458,557
451,543
Support workers
Management and administrative
Domestic staff
The average number of employees expressed as full time
week of 37.5 hours):		 2024
2023
No.
No.
9
9
7
7
1
1
equivalents (calculated based on a standard working
17
17
2024
2023
£
£
Salary
28,656
29,086
Employers NIC
2,536
2,649
Pension contributions
743
1,572
No employees received remuneration on a full-time equivalent basis, including employer pension contribution,
in excess of £60k.
Key management personnel remuneration:
31,935
33,307

The highest paid Director's emoluments excluding pension costs in the year ended 31 March 2024 were £20,769 (2023: £31,735)

During the year, no non-executive board members received any remuneration or other benefits (2023 - none).

The Chief Executive is a member of the salary sacrifice pension plan. She is an ordinary member of the pension scheme and no enhanced or special terms apply. The charitable company does not make any further contribution to an individual pension arrangement for the Chief Executive.

In accordance with para 24 of the Accounting Direction for Private Registered Providers of Social Housing - 2022, the term 'Director' in the disclosures above include the Chief Executive and any other person who is a member of the executive management team.

10 Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £Nil) . During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £Nil) .

26

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11 Tangible fixed assets including housing properties

Cost or valuation
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Eliminated in respect of disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
property
Social housing
properties
Social housing
properties
under
construction
Property
improvements
Fixtures and
fittings
Office
equipment
Total
£
£
£
£
£
132,287 1,965,642 427,590 2,950 37,149 17,833 2,583,451
- - 1,474,319 - 3,633 2,769 1,480,721
- - -
(2,950)
(8,388)
(6,341)
(17,679)
132,287 1,965,642 1,901,909 - 32,394 14,261 4,046,493
90,962
480,020
-
2,950
27,925
17,261
619,118
4,692
40,311
-
-
1,853
1,495
48,351
-
-
-
(2,950)
(7,884)
(6,341)
(17,175)
95,654
520,331
-
-
21,894
12,415
650,294
36,633
1,445,311
1,901,909
-
10,500
1,846
3,396,199
41,325
1,485,622
427,590
-
9,224
572
1,964,333

Included in freehold property is freehold land at cost of £15,000 (2023 - £15,000) which is not depreciated.

Included in social housing properties is freehold land at cost of £463,359 (2023 - £463,359) which is not depreciated.

27

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
12 Debtors
2024 2023
£ £
Other debtors 575 380
Prepayments and accrued income 1,547 1,516
Rental and service charge debtors 52,229 78,396
54,351 80,292
13 Creditors: Amounts falling due within one year
2024 2023
£ £
Bank loans - secured 30,040 31,412
Trade creditors 18,552 5,380
Other creditors 44,113 315
Accruals 78,900 7,211
171,605 44,318
14 Creditors: Amounts falling due after more than one year
2024 2023
£ £
Bank loans - secured 1,517,857 873,407
Deferred income - government grant (Note 16) 817,450 742,450
2,335,307 1,615,857
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans - secured 30,040 31,412
Between two and five years
Bank loans - secured 120,160 94,237
Over five years
Bank loans - secured 1,397,697 747,759
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the
reporting date is:
2024 2023
£ £
Repayable by instalments 1,397,697 747,759
1,397,697 747,759
----- End of picture text -----

28

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

14 Creditors: Amounts falling due after more than one year (Continued)

The bank borrowings are made up of five facilities.

The first facility is a bank loan due for repayment by 30 August 2036 and currently attracts interest at 2.9% above base rate. 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 2.10% above base rate. The bank loan is secured by a First legal charge over the charitable company's freehold premises at 16 St James Road.

The third facility is a bank loan due for repayment by 19 June 2041 and currently attracts interest at 2.75% above base rate. 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 2.65% above base rate. The bank loan is secured by a First legal charge over the charitable company's freehold premises at 15 Ashleigh Road.

The fifth facility is an interest only bank loan due for repayment by 19 October 2048 and currently attracts interest at 2.1% above base rate. The bank loan is secured by a First legal charge over the charitable company's freehold premises at Frost Court. The total facility available is £913,000. A drawdown of £669,230 was made in the year ended 31 March 2024. Since the year end, a further drawdown of £243,770 has been made. (Note 25).

15 Financial instruments

Financial assets
Financial assets measured at amortised cost
Financial liabilities
Other financial liabilities measured at amortised cost		 2024
£
792,693
1,610,562		 2023
£
1,392,602
917,725

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.

16 Deferred capital government grant

At 1 April 2023
Grant received in the year
Released to income in the year
At 31 March 2024		 2024
£
742,450
75,000
-
817,450		 2023
£
-
742,450
-
742,450

29

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Statement of reserves

Unrestricted reserves
Designated reserves
Information technology
Training
Marketing
Fundraising
Development
Contingency		 Balance at 1
April 2023
Income
Expenditure
Transfers
in/(out)
Balance at 31
March 2024
£
£
£
£
£
-
-
(768)
1,000
232
5,314
-
(907)
314
-
4,093
1,537
-
(781)
-
756
6,426
-
-
3,574
10,000
81,321
-
-
15,250
96,571
34,055
-
(24,533)
25,467
34,989
128,653
-
(26,989)
44,977
146,641
General reserves
Unrestricted reserves		 1,641,473
988,979
(996,360)
(44,977)
1,589,115
Total unrestricted reserves 1,770,126
988,979
(1,023,349)
-
1,735,756
Restricted reserves
Carlton Hayes
National Lottery Community Fu
Edward Gosling
Tesco Community Grant
You in Mind		 3,423
-
(3,423)
-
-
2,468
-
(2,468)
-
-
572
-
(572)
-
-
-
-
-
-
-
83
-
(83)
-
-
6,546
-
(6,546)
-
-
Total of reserves 1,776,672
988,979
(1,029,895)
-
1,735,756

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 of entirely unspent funds.

The training fund was put aside to support the recruitment and salary of a trainer post for Norton Housing and Support Ltd. 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 material for the new training and fundraising posts.

30

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Statement of reserves (Continued)

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 anually in line with the 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 of £1,564,829 consists of £3,256,537 in relation to fixed assets net of £1,547,897 of associated property loans equating to £1,708,640.

Restricted reserves

The Carlton Hayes fund was set up to cover the costs of producing a promotional video and funding towards the Healthy Living Project. During the year further funding was received towards the project. The funds have been fully spent in 2023/24.

The National Lottery Community Fund was set up for the Healthy Living Project. During the year further funding towards the project was received. The funds have been fully spent in 2023/24.

The funds from Edward Gosling were received towards the cost of four new iPads. The carried forward value

represents the net book value of the assets.

You in Mind is a local mental health charity, funds were previously 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.

31

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
18 Reconciliation of net movement in funds to net cash flow from operating activities
2024 2023
£ £
Net expenditure for the year (as per SOFA) (40,916) 91,476
Adjustments for:
Dividends, interests and rents from investments (551) (381)
Loss on disposal of tangible fixed assets 504 740
Depreciation charges 48,351 69,840
Decrease in debtors 25,941 (17,260)
Increase in creditors 128,659 (2,869)
Interest paid 79,478 46,032
Net cash provided by operating activities 241,466 187,578
19 Analysis of cash and cash equivalents
2024 2023
£ £
Cash at bank and in hand 792,118 1,392,222
792,118 1,392,222
20 Analysis of changes in net debt
At 1 April At 31 March
2023 Cash flows 2024
£ £ £
Cash at bank and in hand 1,392,222 (600,104) 792,118
Debt due within 1 year (31,412) 1,372 (30,040)
Debt due after 1 year (873,407) (674,490) (1,547,897)
487,403 - 1,273,222 - 785,819
----- End of picture text -----

21 Share capital

Norton Housing and Support Ltd is a company limited by guarantee and has no share capital. The members of the charitable company are the Board of Trustees names 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.

32

NORTON HOUSING AND SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

22 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 charitable company to the fund.

Contributions payable by the charitable company for the year amounted to £15,132 (2023 - £18,383) with £437 being included within creditors (2023 - £315).

23 Operating lease commitments

At 31 March 2024 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		 2024
£
149,744
1,325
151,069		 2023
£
155,645
-
155,645

24 Capital commitments

At 31 March 2024 the charitable company had capital commitments as follows:

Contracted for but not provided for in the financial statements:
Acquisition of social housing property		 2024
£
346,630
346,630		 2023
£
1,762,516
1,762,516

The above commitments are intended to be funded from capital government grants (total allocation £990k), with the balance (£773k) funded through other grants, property sales and existing reserves.

The contract relating to the above commitment was cancelled after the year end and replaced with a new contract to complete the construction works.

25 Events after the reporting date

Since the year end, the charitable company has drawn down further loan advances of £243,770 relating to the fifth loan facility as detailed in note 14.

Since the year end the charity has exceeded it's bank covenants. This breach enables the bank to demand immediate repayment of it's loans. These loans have a value of £1,450,722 as at 31 March 2024.

33

Issuer

Price Bailey LLP

Document generated Mon, 30th Sep 2024 19:17:48 BST Document fingerprint d08a3ecf674d581d02a9ca9bbc382d27

Parties involved with this document

Document processed

Party + Fingerprint

Mon, 30th Sep 2024 19:22:04 BST Mon, 30th Sep 2024 19:24:03 BST Mon, 30th Sep 2024 19:25:34 BST

Peter Frost - Signer (8649eec3ed790f337e3d214045598525) Wieslaw Holynski - Signer (b3a5593c67269555c14b8dda39495ee1) Kerry Hilliard - Signer (902a0ce0e67d0844108736cc48cef507)

Audit history log

Date

Action

Mon, 30th Sep 2024 19:17:48 BST Mon, 30th Sep 2024 19:17:48 BST Mon, 30th Sep 2024 19:21:01 BST

Mon, 30th Sep 2024 19:21:01 BST Mon, 30th Sep 2024 19:21:45 BST Mon, 30th Sep 2024 19:21:47 BST Mon, 30th Sep 2024 19:22:04 BST Mon, 30th Sep 2024 19:22:04 BST

Mon, 30th Sep 2024 19:22:04 BST Mon, 30th Sep 2024 19:22:05 BST Mon, 30th Sep 2024 19:23:26 BST Mon, 30th Sep 2024 19:24:03 BST Mon, 30th Sep 2024 19:24:03 BST

Mon, 30th Sep 2024 19:24:03 BST Mon, 30th Sep 2024 19:24:03 BST Mon, 30th Sep 2024 19:24:08 BST Mon, 30th Sep 2024 19:24:38 BST

Envelope generated by Will Mair20.77.91.69 Document generated with fingerprint d08a3ecf674d581d02a9ca9bbc382d2720.77.91.69 Sent the envelope to Peter Frost (pete@weareunity.co.uk) for signing20.77.91.69 Document emailed to pete@weareunity.co.uk18.175.59.215 Peter Frost opened the document email.104.28.86.105 Peter Frost viewed the envelope104.28.86.94 Peter Frost signed the envelope104.28.86.94 Sent the envelope to Wieslaw Holynski (w.holynski@gmail.com) for signing104.28.86.94 Document emailed to w.holynski@gmail.com18.132.60.215 Peter Frost viewed the envelope104.28.86.94 Wieslaw Holynski viewed the envelope82.20.35.243 Wieslaw Holynski signed the envelope82.20.35.243 Sent the envelope to Kerry Hilliard (Kerry.hilliard@pricebailey.co.uk) for signing82.20.35.243 Document emailed to Kerry.hilliard@pricebailey.co.uk35.178.187.23 Wieslaw Holynski viewed the envelope82.20.35.243 Kerry Hilliard opened the document email.91.220.42.77 Kerry Hilliard viewed the envelope20.77.91.69

Mon, 30th Sep 2024 19:25:34 BST Kerry Hilliard signed the envelope20.77.91.69 Mon, 30th Sep 2024 19:25:34 BST This envelope has been signed by all parties20.77.91.69 Mon, 30th Sep 2024 19:25:34 BST Kerry Hilliard viewed the envelope20.77.91.69