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2022-03-31-accounts

Annual Report and Financial Statements Year ended 31 March 2022

Company registration no. 2453957

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Patrons, trustees and advisors

Patrons

Bishop of Manchester, The Rt Revd Dr David Walker Susie Briscoe David Cade Ian Hay Davison CBE William Guthrie The Rt Revd Michael Turnbull CBE The Ven David Woodhouse

Trustee directors Elizabeth Wilson (Chair) Christopher Daws (Treasurer) Ven Simon Baker Andrew Deutsch John Glenton Trevor Morris Sally Nicholson Elizabeth Toher Executive director and secretary Miriam Morris Registered and principal office Can Mezzanine 7-14 Great Dover Street, London, SE1 4YR info@churchhomelesstrust.org.uk www.churchhomelesstrust.org.uk Company registration number 2453957 (England and Wales) Charity registration number 802801 (England and Wales) Auditor Buzzacott LLP 130 Wood Street London, EC2V 6DL Solicitors Stone King LLP Boundary House 91 Charterhouse Street London, EC1M 6HR Barclays Bank plc Principal bankers PO Box 294 Peterborough, PE1 1EZ

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Welcome from the chair of trustees

I’d like to welcome you to this year’s annual report which shares with you the wonderful successes of the year, as well as reflecting on the challenges we all face, but most especially those dealing with homelessness.

Because of the generosity of our donors: those who give regularly, those who make a spontaneous donation and those who leave us legacies in their wills, we have been able to increase the grants we give our beneficiaries to £250. Working with our partners, our grants enable them to furnish a room, buy a suit for interview, visit loved ones, and buy the essentials that many of us take for granted.

Our grants are tailored to the specific needs of the individual, and we offer essential support and items that often no-one else can fund. It is much appreciated by those we support, as you will see as you read through this report.

This year we are faced with the biggest cost of living crisis in most people’s experience and it is even more crucial that we are able to raise funds and spend those funds wisely. Our work would be impossible without the support of our corporate and personal donors and we are immensely grateful for your ongoing support and encouragement.

From all the trustees and all the team we give you a big thank you. Your donations and generosity of spirit make a big difference to those who are struggling to make ends meet and establish a home.

E.Wilson

Elizabeth Wilson

Chair of trustees

Contents

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The struggle to find and keep a home in 2022

These cards were used in a game to illustrate the challenges facing the people we help. 4 There are more on pages 11 and 14. They are based on government statistics from September 2022

Introduction from the executive director

This year has brought new and diverse challenges for everyone, and this is certainly true for Church Homeless Trust and the people we support. As the world began to ‘unlock’ from the deep and sustained challenges of the pandemic, homeless individuals were left to navigate a rapidly changing environment.

During the first lockdown, thousands of people without homes were housed in hotels as part of the excellent ‘Everyone In’ programme. Intensive support was provided as part of the programme and many of them were found permanent accommodation. We provided some of them with the essentials needed for their new home; rent deposits, fridges and cookers, carpets and curtains. We were pleased to hear some wonderful success stories following such difficult times.

However, many who lost their loved ones, health and/ or incomes during the pandemic have not fared so well. They have accrued debts, including rent arrears, and were dependent on the benefit uplift which has now been withdrawn. And just as life was returning to ‘normal’ the cost of housing, heating, eating, transport, and everything else has risen sharply, putting everyday necessities out of reach.

We have seen an enormous increase in people asking for help with bills simply to survive. To date we have been able to meet this demand, thanks to the continuing generosity of our supporters.

But we are aware that this cost of living crisis is affecting everyone. In turn this poses unprecedented challenges for all charitable and statutory providers of support for homeless people.

We will continue to provide as many grants as we can, and to support front-line workers and projects. We will also work with other organisations to highlight the unendurable difficulties facing so many of our fellow citizens.

Thank you for your interest and support for our mission through these difficult times.

Miriam Morris

Executive director

Our mission

Church Homeless Trust helps people who are homeless to establish a home by giving lifechanging grants which are tailored to their particular needs. We give grants to individuals of all ages, backgrounds, nationalities, and faiths.

We do this because we believe that everybody has a unique contribution to make to society, and that we all benefit when everybody is able to live fully and well.

We are a small, independent charity. We do not have an endowment, nor do we receive statutory, or any other institutional funding. We are entirely reliant on the continuing generosity of our supporters.

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Judy’s story

When Judy and her family were served an unexpected eviction notice from their landlord, their life was thrown into chaos. Despite having two young children to support, the lack of social housing meant that they were not offered council accommodation. For months and months they tried to rent somewhere privately, but they were consistently turned away. Despite always been good tenants and never having fallen into rent arrears, they were told that they were unlikely to find anywhere in the area willing to rent to a couple that had young children.

The fear of homelessness weighed on them on a daily basis for over six months. Their eldest child has autism, and particularly struggled with the change and uncertainty hanging over all of them.

“We have struggled mentally; it has been horrendous.”

When Universal Credit didn’t pay them for one month due to a timing issue with Judy’s part-time work, they were left penniless. They had to pay their rent to comply with the court agreement, but that left them without money for food or heating.

Church Homeless Trust supported Judy and her family to cope. CHT provided them with a grant for food and to pay their utilities, which allowed them the space they needed to cover their rent. We are very pleased to say that Judy’s family have now finally found somewhere to live and are no longer at risk of homelessness.

“The grant helped us get through a very difficult four weeks financially. I can’t begin to thank you enough. The stress of homelessness with two children was taking myself and my partner to breaking point. Your grant helped us avoid early eviction. We are now in a position of making a planned move and the future looks brighter.”

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Our history and purpose

Our roots go back to 1882 when Rev Wilson Carlile began to help the people who were sleeping rough on the Thames Embankment. At first he paid for lodgings for people, and then set up his own dormitory-style hostels for both men and women (separately). He recognised that they needed support, and in particular regular paid work in order to get off the streets.

Carlile formalised his work by setting up Church Army Housing in 1924, and in the period between the two world wars Church Army Housing became the main provider of services for people who were homeless across England. There were many men returning from the war with no homes to go to, and at one point the Church Army was housing around 300,000 people, including in large tents in public gardens along the Embankment.

To begin with the work was funded entirely by donations, but over the years as the welfare state was established it was increasingly state-funded. In order to access statutory funding Church Army Housing became independent from the Church Army and after several mergers became English Churches Housing Group. In 2006 it merged with Riverside Housing Group to become Riverside Care and Support. Riverside is still the largest provider of services for homeless people in England.

Church Housing Trust, as we were, was set up in 1984 to raise funds to support people living in the hostels. We are a small, independent charity, and in spite of our name we receive no direct funding from the Church, nor do we have a trust endowment. We have to raise all the money we give away.

Our charitable objects were updated in 2016 - to promote social inclusion and support of the homeless for the public benefit by relieving the needs of those people who are or have been homeless or socially excluded and assisting them to integrate into society including by means of:

  1. providing funding to support such people who need help to establish a home and reintegrate into society, and such people who need ongoing help due to disability and/or illness;

  2. funding support for such individuals which is not provided by statutory services or government funding;

  3. funding support for such individuals in need by working with service providers with charitable purpose, in particular Riverside Care and Support in the first instance, and other service providers with charitable objects similar to those of the charity; and

  4. challenging, encouraging and enabling the Church of England, and the wider Christian community, to continue the Christian tradition of helping homeless and socially excluded people.

The Westminster women’s ‘Open All Night’ project at the back of Peterhouse, 1911.

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The journey home...

The journey from sleeping rough to finding a home is often long and difficult. Each person who is experiencing homelessness has individual needs, abilities, and dreams. We fund the specific support that helps them to rebuild their lives and establish a home.

We know the names and hear the stories of all the people that we help. The grants we give them are often quite small, but they make a big difference to their lives.

Getting off the streets

Sleeping rough, even for a short while, has a devastating effect on a person’s mental and physical health. It is also very hard not to get sucked into a culture of substance misuse, exploitation and abusive relationships. This is why it is very important to get people off the streets as quickly as possible.

We support an initiative called Street Buddies, funding an outreach worker who has experience of rough sleeping, and is able to support entrenched rough sleepers on their individual route off the streets.

Music therapy can help homeless people to deal with issues and build relationships

We also support winter night shelters, mostly run by church and community groups, that provide a safe place to sleep and food in the cold winter months for rough sleepers.

And we provide a weekly allowance to asylum seekers who are living with host families as they are not eligible to work or claim benefits.

Building Confidence

As you can imagine, becoming and being homeless completely ruins your self confidence. Before people can establish a home of their own they need to regain their sense of self-esteem and purpose. Much of the funding we provide goes towards helping people do just that.

We pay for one-to-one counselling sessions; for transport to NHS appointments; for gym membership; for new well-fitting clothes; for toiletries; for identity papers; for musical instruments, cameras, drawing materials and journals; and for anything else that might help someone to rebuild their self-confidence and hope for their future.

Marie was left stranded and penniless as an asylum seeker. CHT provided an allowance grant that she uses to buy food to cook for her and her host family.

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Making a home

Moving into a new home can be a daunting experience, with new responsibilities and expenses. The people we help have very little money, and few possessions. Without financial assistance it can be difficult for them to create and maintain a long-term home.

Often the homes they move into have no furniture, no white goods, curtains or floor coverings. So we provide grants to help them buy what they need to set up a home. If there is a furniture reuse charity nearby we will buy furniture packs from them so that our funding goes further.

Developing skills

We also provide rent deposits, pay utility bills and will pay rent arrears where doing so enables someone to access or keep a home.

Many people who have been homeless, particularly those who have been on the street for while, lack the necessary skills to rejoin society.

Our partners put together plans with the people they help and we provide funding for the particular items and support they need.

We pay for laptops and smartphones so that people can learn to use digital technology. We fund courses for qualifications and certificates leading to work or further education. And we provide money for travel and specialist clothing or equipment needed for training and finding a job.

We also fund group activities within the schemes we support which help people to develop life skills and build positive relationships. We pay for cooking lessons; gardening sessions; breakfast clubs; book and film clubs; music studios; hiking expeditions and fishing trips; and any other activities which help to develop the friendships, interests and skills we all need in order to thrive.

Finally, we help people to reconnect with their families. We provide funding for smartphones for online contact, and for transport for face-to-face meetings. We pay for activities that parents can do with their estranged children, for example a trip to the cinema. And sadly sometimes we are asked for clothing and transport to attend the funeral of a loved one.

We gave nearly 600 people resettlement grants this year, helping them to move into a home.

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Malcolm’s story

After a fall out with his parents, Malcolm was taken into care. And in turn, as with many care leavers, he became homeless at a young age, and was taken into a supported living scheme.

He is a shy young man, and he found the transition from care into supported living very hard. This was made all the more difficult by a spinal injury that led to him spending a lot of time alone in his room. He gained a lot of weight, and became depressed.

After he had surgery on his spine, Malcolm regained some mobility and lost a lot of weight, and wanted to start to rebuild his life. However his benefits of just £58 a week were not enough for him to buy any clothes that fitted him, and he was too embarrassed to go out or socialise.

CHT gave Malcolm a grant for new clothes. Now he’s feeling more confident, and has made some new friends. This grant took away some of the worry for Malcolm, and now he’s focusing on finding a place of his own and a job.

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Our partners

It is through working closely with our service-delivery partners that we are able to reach the people who need our help.

Riverside Care and Support

Riverside manages more than a hundred supported housing schemes across England, making it the largest provider of services for people who are experiencing homelessness. Some of these schemes were originally established by Church Army Housing, so we share a history with Riverside as described on page 7. Our continuing partnership with Riverside enables us to reach over 3,000 people who are on a journey off the streets and into a home of their own.

Riverside Care and Support specialises in helping people with complex needs, those who are entrenched rough sleepers and those who are hard to reach. This means that often the route to a settled home takes some time and a lot of support. Through working with Riverside we provide funding for the particular support and items people need on every step of their journey, as described on pages 8 and 9.

Community-based initiatives

Thousands of homeless people who are not eligible for government help – including most homeless single men and young people - are kept alive by local winter night shelters, drop-in centres and food banks. In order to help these people, we have been building relationships with local community-based initiatives across the country, over the past five years. We will continue to work closely with community-based initiatives across the country to help them respond flexibly to the needs created in the wake of the pandemic.

Hosting schemes for destitute people

Migrants who are waiting for decisions on their immigration status, and asylum seekers who are appealing decisions are not eligible for any government assistance, nor are they allowed to work, or rent property. By definition, they are destitute. We have been working with Housing Justice, and local organisations who support who support destitute individuals. We provide a weekly allowance for the migrants so that they are not entirely reliant on their hosts, but can buy their own food, toiletries and transport.

Supporters

We receive no statutory funding, and we do not have an endowment, so we are entirely reliant on donations in order to be able to help homeless people. We are humbled by the generosity of our supporters, especially those who have been giving to us loyally over decades. We are also very pleased to be getting an increasing number of donations from new donors online.

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Governance

Trustee directors

The trustees are directors of the charitable company for the purposes of the Companies Act 2006. New trustees are appointed by those trustees who are already in office at the time with up to one-third being nominated by Riverside Care and Support. At any one time there must be a minimum of three trustees and a maximum of 15.

The trustees from 1st April 2021 up to the date of this report were as follows:

Trustees Appointed/Resigned/Retired
Elizabeth Wilson (chair)
Ven Simon Baker
Christopher Daws
Andrew Deutsch Appointed 9th February 2022
John Glenton (Riverside Care and Support nominee)
Trevor Morris
Sally Nicholson (Riverside Care and Support nominee)
Anne Parker CBE (Riverside Care and Support nominee) Retired 9th February 2022
Elizabeth Toher

No trustee had any beneficial interest in any contract with Church Homeless Trust during the year.

Elizabeth Wilson leads Liz Wilson Consultancy: a coaching and leadership development organisation whose aim is to build purposeful leaders and outstanding teams in organisations who want to make a difference. She also works with young people, helping them build resilience and achieve strong positive mental health and has been a school governor and Prince’s Trust mentor. She is also on the Board of Mae and Mitchell, a not for profit organisation providing bespoke social care in the community.

Ven Simon Baker was ordained as a priest in the Church of England in the early 1980’s Since then he has served in a number of parishes across the country and also had teaching and training posts. His most recent appointment was as Archdeacon of Lichfield and Rector of St Michael Lichfield and St John Wall. Simon is now retired and lives in Somerset.

Christopher Daws is a chartered accountant and a member of the Chartered Institute of Taxation and the Association of Corporate Treasurers. He was the Financial and Deputy Secretary of the Church Commissioners for England until his retirement at the end of 2006. He has been a trustee of Action for Children, Chairman of the Action for Children Pension Fund, a member of the Board for Actuarial Standards and the independent member of the audit committee of the Charity Commission. He is a trustee of The Share Foundation, Friends of Malmesbury Abbey and the Malmesbury Abbey Music Society.

Andrew Deutsch has had a successful career in the food industry having had leading roles with food manufacturers including Northern Foods, Hain Daniels and Bernard Matthews. He has extensive experience of both operations and relationship management. He was also a committee member of Riverside Care and Support from 2016 until 2022 and is a member of The Chorus Educational Trust.

John Glenton is the Executive Director of Care and Support at The Riverside Group. John shares a long history with Church Homeless Trust as his career working within the homeless sector began in 1987 with Church Housing Association. He has held various front line and management roles over the years covering business development, strategy, and operations. John is currently the chair of the National Housing Federation Homelessness Steering Group, the group aims to bring housing associations together to share best practice and lobby the Government to help end homelessness.

Trevor Morris is a former Area Manager at Riverside Care and Support who retired in May 2018. Prior to working at Riverside he served in the Armed Forces. Trevor is passionate about helping homeless veterans with their housing needs. While at Riverside he co-founded the Single Persons Accommodation Centre for the Ex Services (SPACES). Trevor became central in the development of a further five services for homeless veterans across the country and, at the time of his retirement, these services had helped 16,000 veterans.

Sally Nicholson Head of Operations Riverside, Sally has worked in care and supported housing services for 25 years, having extensive experience of managing a range of varied services and working with a diverse range of customers. Sally also has a specialism around developing Extra Care housing, and is the nominated lead for Care Quality Commission for the Riverside Group.

Elizabeth Toher is now retired. She was a Senior Programme Manager and Director and has worked across a number of organisations including The Cooperative Bank, Lloyds Banking Group and KPMG. She is experienced in managing complex change programmes as well as the deployment of business information systems in the finance industry and the public sector.

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Statement of trustees’ responsibilities

The trustees (who are also directors of Church Homeless Trust for the purposes of company law) are responsible for preparing the trustees’ report and 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 which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company 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 charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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. So far as each of the trustees is aware, there is no relevant audit information of which the charitable company’s auditor is unaware and each trustee has taken all steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of S418 of the Companies Act 2006.

Structure and management reporting

The overall responsibility for the charity lies with the trustees who have delegated the day to day management of the charity to the executive director. The trustees meet four times a year to review progress, discuss policy issues and agree strategy. The chair meets with the executive director every week to discuss strategic and operational matters.

A group of trustees undertakes an annual appraisal of the Executive Director, and sets targets for the coming year; the remuneration committee consisting of three trustees sets the pay for all members of staff.

Key management personnel

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the trustees and the executive director of the charity. The remuneration of the executive director is agreed annually by the trustees and is benchmarked against the sector.

Management

The Executive Director, Miriam Morris, is also Company Secretary. Miriam is supported by a Communications Officer, Trust Fundraiser, Trust Administrator, Supporter Relations Manager and part-time Financial Accountant. We also benefit enormously from the support given by our volunteers. Church Homeless Trust is an equal opportunities employer and applies objective criteria to assess merit. We employ the people we consider to be best for the job regardless of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation and disability.

Fundraising and data protection policies

Church Homeless Trust takes great care over its communications with supporters, making sure that the frequency and tone of our communications do not put pressure on supporters, but at the same time keep them informed and engaged. We ensure that supporters can change the way we communicate with them at any time.

We are registered with the Fundraising Regulator and adhere to the Code of Fundraising Practice. We manage our own fundraising activities and do not employ the services of any third-party ‘professional fundraisers’. We have processes for responding to complaints regarding our fundraising activities. Over the past year we have received no complaints about our fundraising activities.

We apply best practice to protect supporters’ data. We never sell data or swap data with other organisations. We regularly monitor and update our data protection policy to ensure that we are compliant with regulations.

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Financial review

Results for the year

Total income (including from investments and accrued legacies) for the year amounted to £583,947 which is a third less raised than in the previous year (2021 £930,764).

Unrestricted income decreased from £791,064 in 2021 to £449,792. This is explained by the drop in legacy income from the very high level of £389,330 the previous year. Legacies of £35,445 are stated after deducting a reduction of £37,234 in legacy income accrued in the previous year.

Non-legacy income increased, with unrestricted donations rising from £390,812 in 2021 to £403,437 in 2022. Restricted income was £134,155, a decrease on the previous year when £139,700 was raised.

Total expenditure for the year amounted to £644,851 (2021: £597,331). During the year, we spent £537,215 on charitable activities (2021 £505,447) and £107,636 on raising funds (2021 £91,884).

In response to demand and given the level of unrestricted reserves above our target level we increased our grant giving by 8% (£334,207 in 2022 compared to £307,471 in 2021). We finished the year with a deficit of £84,852 (2021 surplus of £291,650) due mainly to a planned doubling of unrestricted grants and the absence of exceptional legacy income.

Reserves policy and financial position

The trustees believe that the charity is a going concern, due to our level of reserves and the continuing generosity of our supporters.

On 31 March 2022 we held £219,694 of restricted reserves (2021 £184,467). These reserves are restricted in that they arise from specific bequests and grants which have not yet been expended. The trustees will disburse such funds in accordance with the conditions of the bequest or grant in response to demand.

We also held unrestricted reserves of £410,843 (2021 £530,922).

The value of the defined pension scheme liability at 31 March 2022 was £172,000 (2021 £152,000). This liability for our share of the deficit does not fall due immediately, and the expectation is that it will be met annually from income earned. Therefore, the pension provision is excluded in determining our free reserves which also exclude the net book value of tangible assets and stand at a total of £577,510 (2021 £676,387).

The trustees revised the charity’s reserves policy in 2016 from a target level of six months’ general fund expenditure, excluding grants, to eight months’. This is to make some provision against future pension deficit contributions.

Our free reserves exceed eight months’ expenditure of £227,000 (2021 £274,000). We are committed to spending the excess on grants and we will spread this extra funding over a few years.

Investment performance

Our aim is to maximise the total return (capital appreciation and income combined) within an acceptable level of risk while ensuring that the projected needs for cash can be met. We invest in ethical funds which are in keeping with the values of Church Homeless Trust. We do not put our restricted funds into investments where the capital is at risk.

During the year, the charity’s investments performed in line with the world stock markets, achieving an income yield of 2.6% (2021 2.7%) and a capital appreciation of 4.3% (2021 appreciation of 17.4%). At the end of the year, the charity’s investments comprised 100% UK common investment funds.

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Grants in 2021/2022

Outreach

Training and support to enable formerly homeless people to work with rough sleepers.

Counselling

Over 600 hours of one-to-one counselling sessions with qualified professionals.

Christmas Gifts

3,000 homeless individuals received a Christmas gift, and schemes were supported to make Christmas meals.

Resettlement

581 homeless people were helped to move into their own home.

Health and Fitness

Over 3,000 hours of fitness, from classes to clubs to gym memberships.

Creative Arts

Almost 3,000 hours of classes, from painting to making music .

Cooking and Gardening

5,112 hours per person of cooking and gardening projects, including breakfast groups.

Personal Support

995 homeless people received grants for training, travel, food, clothing, identity papers, toiletries etc.

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Risk management

Church Homeless Trust has a comprehensive register of risks and mitigating actions, which we review at each board meeting.

The main risk facing us, as with most organisations, is the current cost of living crisis which is being experienced by the people we help, many of our supporters, and indeed our staff and volunteers. These economic circumstances mean that the demand for our grants is rising even faster than it did during the pandemic, and at the same time some of our supporters are no longer able to donate to us.

Below is an abbreviated version of our risk matrix, outlining the mitigating actions we have taken. The trustees have assessed the major risks to which the charity is exposed, and believe that they have established effective systems to mitigate those risks.

Risks Mitigating actions
The rising cost of living will prevent people and companies from
being able to give to us		 Focus on trusts, companies and individuals who may be
beneftting from higher interest rates
Ensure that we maintain good relationships with our
existing donors in order to hang on to them
Focus on askingfor small monthlydonations online
The cost of living crisis increases demand beyond what we can
give		 The board will continually assess our application criteria
so that we are focussing our grants on the areas where
we can make the most difference
Educating people about the causes of homelessness
Changes in public perception about homeless people mean
that people are less willing to give		 Using personal case studies, as people are more
sympathetic to people who have lost homes because of
the pandemic or the cost of living crisis
The productivity of our staff team and trustees is reduced
through remote working		 We have continued to process grant applications every
week, so there has been no delay in funding. We have
purchased new cloudbased software to help us share
documents and process invoices. The team has regular
on-line meetings.
An interruption in the services provided by our partners We have been working closely wiith partners who have
increased the services they are providing and we have
funded the particular support which is needed at this
diffcult time.
The decline in church attendance, and the consequent
reduction in income and engagement		 We are moving our engagement with churches online,
and reaching individuals rather than congregations.

Trustees’ report signed for and on behalf of the trustees:

E.Wilson

Elizabeth Wilson

Chair of trustees

14 December 2022

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Independent auditor’s report to the members of Church Homeless Trust

Opinion

We have audited the financial statements of Church Homeless Trust (the ‘charitable company’) for the year ended 31 March 2022, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the financial statements. 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).

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. 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 auditor’s 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.

In our opinion, the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 March 2022 and of its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 Charity’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.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Trustees’ report, which is also the directors’ report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Trustees’ report, which is also the directors’ report for the purposes of company law, has been prepared in accordance with applicable legal requirements.

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Matters on which we are required to report by exception

In the light of the 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:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures in respect to the remuneration of Trustees specified by law are not made; or

• we have not received all the information and explanations we require for our audit

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees report and from the requirements to prepare a strategic report.

Trustees’ responsibilities

As explained more fully in the statement of trustees’ responsibilities, the Trustees (who are also the directors 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 has 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

• the engagement director ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and the Companies Act 2006) and those that relate to the Code of Fundraising Practice issued by the Fundraising Regulator.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• performed substantive testing of expenditure including the authorisation thereof;

• tested journal entries to identify unusual transactions; and

• assessed whether the judgements and the assumptions made in determining accounting estimates for the valuation of the defined benefit pension scheme deficit reduction plan liability, the useful economic lives of tangible fixed assets and the estimations of future income and expenditure flows were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• reading the minutes of meetings of those charged with governance; and

18

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 auditor’s report.

Use of this 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. Our audit work has been undertaken so that we might state to the charitable company’s members those matters that we are required to state to them in an auditor’s 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, or the opinions we have formed.

G. Miah

Gumayel Miah (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

15 December 2022

19

Year to 31 March 2022 Statement of financial activities

Notes
Income from:
Donations, grants and
legacies
1
Investment income and
interest receivable
2
Total income
Expenditure on:
Raising funds
3
Charitable activities
. Assisting homeless
people and those in
housing need
4
Total expenditure
Net (expenditure) income
before investment gains
(losses) and transfers
Net gains (losses) on
investment assets
12
Net income (expenditure)
before transfers
Gross transfers between
funds
16
Net (expenditure) income
7
Other recognised
(losses) gains
Actuarial losses
20
Net movement in funds
18
Reconciliation of funds:
Funds brought forward
at 1 April 2021
Funds carried forward at
31 March 2022
19		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2022
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2021
£
438,882
10,910		 134,155
-—		 573,037
10,910		 780,142
10.922		 139,700
—		 919,842
10,922
449,792 134,155 583,947 791,064 139,700 930,764
107,636
438,288		 —
98,928		 107,636
537,216		 91,884
319,108		 —
186,339		 91,884
505,447
545,924 98,928 644,852 410,992 186,339 597,331
(96,132)
27,053		 35,227
—		 (60,905)
27,053		 380,072
50,217		 (46,639)
—		 333,433
50,217
(69,079)
—		 35,227
—		 (33,852)
—		 430,289
(2,746)		 (46,639)
2,746		 383,650
—
(69,079)
(51,000)		 35,227
—		 (33,852)
(51,000)		 427,543
(92,000)		 (43,893)
—		 383,650
(92,000)
(120,079)
530,922		 35,227
184,467		 (84,852)
715,389		 335,543
195,379		 (43,893)
228,360		 291,650
423,739
410,843 219,694 630,537 530,922 184,467 715,389

Continuing activities

All the charity’s activities derived from continuing operations during the above two financial periods.

20

Balance sheet 31 March 2022

Notes 2022
£		 2022
£		 2021
£		 2021
£
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Short term deposits
Cash at bank and in hand
. Interest bearing accounts
. Other accounts and cash
Creditors: amounts
falling due within one
year
14
Net current assets
Total assets less
current liabilities
Provision for liabilities
15/20
Total net assets
Funds and reserves
18
Income funds
Restricted funds
16
Unrestricted funds
. General fund
. Pension reserve fund
20		 70,141
55,500
259,208
46,123		 5,333
405,665
350,590
55,500
91,858
58,518		 6,535
338,612
410,998
391,539		 345,147
522,242
430,972
(39,433)		 556,466
(34,224)
582,843
(172,000)		 682,922
(152,000)
802,537
(172,000)		 867,389
(152,000)
630,537 715,389
219,694
410,843		 184,467
530,922
630,537 715,389

Approved by the trustees of Church Homeless Trust, company registration number 02453957 (England and Wales), and signed on their behalf by:

E.Wilson

Elizabeth Wilson

Chair of trustees

14 December 2022

21

Statement of cash flows Year to 31 March 2022

Notes 2022
£		 2021
£
(4,199)
Cash fows from operating activities
Net cash provided by (used in) operating activities
A
Cash fows from investing activities
Investment income and interest received
Proceeds from the sale of investments
Purchase of investments
Purchase of tangible fxed assets
Net cash (used in) provided by investing activities
Increase (Decrease) in cash and cash equivalents in the year
Cash and cash equivalents at 1 April 2021
B
Cash and cash equivalents at 31 March 2022
B		 185,758
10,910
—
(40,000)
(1,713)		 10,922
—
(50,000)
(7,008)
(30,803) (46,086)
154,955
205,876		 (50,285)
256,161
360,831 205,876

Notes to the statement of cash flows for the year to 31 March 2022

A Reconciliation of net movement in funds to net cash provided by (used in) operating activities

2022
£		 2021
£
Net movement in funds (as per the statement of fnancial activities)
Adjustments for
Depreciation charge
Investment income and interest receivable
Gains on investments
Decrease (Increase) in debtors
Increase (Decrease) in creditors
Increase in pension provision
Net cash provided by (used in) operating activities		 (84,852)
2,914
(10,910)
(27,053)
280,449
5,210
20,000
185,758		 291,650
3,913
(10,922)
(50,217)
(297,195)
(1,428)
60,000
(4,199)

B Cash and cash equivalents

2021
£		 Cash fow
£		 2022
£
Short term deposits
Cash at bank and in hand:
Interest bearing accounts
Other accounts and cash		 55,500
91,858
58,518		 —-
167,350
(12,395)		 55,500
259,208
46,123

22

Principal accounting policies 31 March 2022

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 March 2022 with comparative information provided for the year to 31 March 2021.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes which follow.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The trustees therefore believe that the charity is a going concern.

In reaching this opinion they have assumed that the future pension commitments referred to in note 20 to these financial statements and for which there is a provision on the balance sheet as at 31 March 2022 will be met out of future income as contributions become payable. The most significant areas of judgement that affect items in the financial statements are detailed above.

With regard to the next accounting period, the year ending 31 March 2023, the most significant areas that affect the carrying value of the assets held by the charity remain the impact of the pandemic on economic conditions, the charity’s ability to attract donations and grants and its level of investment return (please see the investment policy section of the trustees’ report for more information).

23

Income recognition

Income comprises donations and grants, legacies, investment income and interest receivable. In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Income is recognised when the charity has become entitled to the income, it is probable that the income will be received and the amount can be measured reliably.

Entitlement to legacies is recognised when the charity has sufficient evidence that a gift has been left to it and the executor is satisfied that the gift will not be required to satisfy claims on the estate

Where legacies have been notified to the charity or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

In the event that a gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

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

Expenditure recognition

Expenditure comprises the following:

a) Raising funds includes the salaries, direct costs and overheads associated with generating voluntary income.

b) Charitable activities comprises expenditure on the charity’s primary charitable purposes, including grants payable.

Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to make a payment 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.

Grants payable are recognised when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and satisfied all related conditions. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not recognised but are disclosed as financial commitments in the notes to the financial statements.

All expenditure is stated inclusive of VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel, provision of office services and equipment and a suitable working environment.

Governance costs are the costs associated with the governance of the charity and its assets.

Support costs and governance costs are allocated as described in note 5.

Tangible fixed assets

All computers costing more than £500 and all other assets costing more than £1,000 with an expected life exceeding one year are capitalised. Other assets include office equipment and website development cost.

Tangible fixed assets are stated at cost less depreciation.

All assets are depreciated at 25% on the straight line basis in order to write off each asset over its estimated useful life.

24

Fixed asset investments

Listed investments and units in common investment funds are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above, one of the financial risks faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Gains and losses on investment assets are calculated as the difference between disposal proceeds or the fair value at the year end and their opening carrying value or purchase value if acquired during the financial year. Investment gains (or losses) are credited (or debited) in the statement of financial activities in the year in which they arise .

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They are discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Deposits for more than three months but less than one year are disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They are discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees.

The pension reserve fund represents the amount set aside to represent the charity’s share of the Social Housing Pension Scheme’s deficit as calculated by the scheme actuary.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

Leased assets

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis over the lease term.

Pension costs

The charity contributes to a defined benefit pension scheme which is funded by contributions from the employer and the employee. Pension scheme assets are measured using market values. Pension scheme liabilities are measured using the projected unit actuarial method and are discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. Any increase in the present value of the liabilities within the charity’s defined benefit scheme expected to arise from employee service in the period is allocated to the respective expense category within the statement of financial activities. Actuarial gains and losses are recognised in the statement of financial activities as part of other recognised gains and losses for the period.

25

31 March 2022 Notes to the financial statements

1. Donations, grants and legacies

Unrestricted
funds
£		 Restricted
funds
£		 Total
2022
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2021
£
Legacies
Other donations and grants		 35,445
403,437		 30,000
104,155		 65,445
507,592		 389,330
390,812		 —
139,700		 389,330
530,512
438,882 134,155 573,037 780,142 139,700 919,842

2. Investment income and interest receivable

Unrestricted
funds
£
10,703
207
10,910		 Restricted
funds
£		 Total
2022
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2021
£
Income from investments
Bank interest		 —
—		 10,703
207		 9,146
1,776
10,922		 —
—		 9,146
1,776
10,922
— 10,910 —

3. Raising funds

Unrestricted
funds
£
61,411
28,415
17,810
107,636		 Restricted
funds
£
—
—
—
—		 Total
2022
£
61,411
28,415
17,810
107,636		 Unrestricted
funds
£
59,210
17,461
15,213
91,884		 Restricted
funds
£
—
—
—
—		 Total
2021
£
Staf costs (note 8)
Advertising
Allocated support costs (note 5)		 59,210
17,461
15,213
91,884

4. Assisting homeless people and those in housing need

Unrestricted
funds
£		 Restricted
funds
£		 Total
2022
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2021
£
Grants payable
Staf costs (note 8)
Publicity
Allocated support costs (note 5)		 235,279
131,274
14,328
57,407		 98,928
—
—
—		 334,207
131,274
14,328
57,407		 121,132
129,762
17,032
51,182		 186,339
—
—
—		 307,471
129,762
17,032
51,182
438,288 98,928 537,216 319,108 186,339 505,447

26

5. Support costs

Support costs incurred during the year ended 31 March 2022 and the bases of their allocation were as follows:

Raising
funds
£		 Charitable
activities
£		 Total
£
55,750
3,983
6,825
8,659
75,217		 Basis of allocation
Pro rata by expenditure
Pro rata by expenditure
Pro rata by expenditure
Pro rata by expenditure
Ofce costs
Legal and professional fees
Bank charges and fnance costs
Governance costs (note 6)		 13,938
792
1,358
1,722		 41,812
3,191
5,467
6,937
17,810 57,407

Support costs incurred during the year ended 31 March 2021 and the bases of their allocation were as follows:

Raising
funds
£		 Charitable
activities
£		 Total
£		 Basis of allocation
Pro rata by expenditure
Pro rata by expenditure
Pro rata by expenditure
Pro rata by expenditure
Ofce costs
Legal and professional fees
Bank charges and fnance costs
Governance costs (note 6)		 12,212
261
1,024
1,716		 36,637
1,471
5,758
7,316		 48,849
1,732
6,782
9,032
15,213 51,182 66,395

6. Governance costs

Unrestricted
funds
£		 Restricted
funds
£		 Total
2022
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2021
£
Auditor’s remuneration
Other professional costs		 7,987
672		 —
—		 7,987
672		 9,032
—		 —
—		 9,032
—
8,659 — 8,659 9,032 — 9,032

7. Net income (expenditure)

This is stated after charging:

2022
£		 2021
£
Staf costs (note 8)
Auditor’s remuneration: statutory audit services
Depreciation		 192,685
7,987
2,914		 188,972
9,032
3,913

27

8. Staff costs

8. Staff costs
2022
£		 2021
£
Wages and salaries
Social security costs
Other pension costs
Other stafng costs		 168,428
12,022
11,188		 165,911
11,120
11,941
191,638
1,047		 188,972
—
192,685 188,972

Staff costs (including other related costs) by function were as follows:

Staff costs (including other related costs) by function were as follows:
2022
£		 2021
£
Raising funds
Charitable activities		 61,411
131,274		 59,210
129,762
192,685 188,972

The average number of employees, analysed by function, was as follows:

The average number of employees, analysed by function, was as follows:
2022
3
3
6		 2021
Raising funds
Charitable activities		 3
3
6

No employees were paid more than £60,000 during the year (including taxable benefits but excluding employer pension contributions).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the trustees and the Executive Director of the charity. The total remuneration (including taxable benefits and employer’s pension contributions) of the key management personnel for the year was £52,852 (2021 54,298).

9. Trustees’ remuneration

None of the trustees received any remuneration from the charity during the year (2021: none).

Four trustees were reimbursed travel expenses in the year £607 (2021:£0).

As of March 2022 three of the serving trustees were nominated by Riverside Care and Support, two of whom are employees of Riverside Care and Support.

10. Taxation

Church Homeless Trust is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

28

11. Tangible fixed assets and website

Cost
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for year
At 31 March 2022
Net book values
At 31 March 2022
At 31 March 2021		 Computers
and
equipment
£
6,184
1,713
7,897
4,942
1,018
5,960
1,937
1,242		 Fixtures
and
fttings
£
4,761
—
4,761
3,969
396
4,365
396
793		 Website
£
11,400
—
11,400
6,900
1,500
8,400
3,000
4,500		 Total
£
22,345
1,713
24,058
15,811
2,914
18,725
5,333
6,535

12. Fixed asset investments

Total
£
Market value at 1 April 2021
Additons during the year
Net gains for the year
Market value at 31 March 2022
Historical cost at 31 March 2022		 338,612
40,000
27,053
405,665
301,099

At 31 March 2022 all investments comprised units in the COIF Charities Investment Fund.

13. Debtors

13. Debtors
2022
£		 2021
£
Income tax recoverable
Prepayments and accrued income
Legacies receivable and other debtors
Investment income receivable		 10,000
11,549
42,933
5,659		 17,500
14,598
316,000
2,492
70,141 350,590

29

14. Creditors: amounts falling due within one year

14. Creditors: amounts falling due within one year
2022
£		 2021
£
Expense and other creditors
Social security and other taxes
Accruals and grants in advance		 28,322
3,211
7,900		 21,503
3,629
9,092
39,433 34,224

15. Provision for liabilities

15. Provision for liabilities
2022
£
172,000		 2021
£
Provision for Social HousingPension Scheme liabilities(note 21) 152,000

16. Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust to be applied for specific purposes:

Balance at
31 March
2021
£		 Income
£		 Expenditure
£		 Transfers
£		 Balance at
31 March
2022
£
Birmingham Townsend
Surrey Funds
Susex Funds
East Yorkshire
North Yorkshire
Veterans’ Schemes
Other Support Funds (note 17)		 —
1,830
30,900
30,253
8,705
22,197
90,582		 37,000
—
—
19,000
30,000
—
48,155		 —
(15,022)
(2,457)
(18,105)
(2,450)
(7,361)
(53,533)		 —
28,732
—
1,000
—
12,237
(41,969)		 37,000
15,540
28,443
32,148
36,255
27,073
43,235
184,467 134,155 (98,928) — 219,694

The transfers between funds represent amounts transferred between related funds.

The above restricted funds are funds held to support service users in specific schemes or regions across England.

30

17. Support funds

Support funds are used to enhance the lives of residents in over 100 supported housing schemes throughout England by providing ‘added value’ activities and equipment for which no other funding is available. The amounts payable during the year are shown in note 4 as grants payable.

18. Movements in funds

Note
Funds brought forward at
1 April 2021
Net income (expenditure)
per statement of fnancial
activities
Defned beneft scheme
defcit contribution paid
Actuarial gains (losses)
Funds carried forward at
31 March 2022		 General
fund
£		 Pension reserve
fund
£		 Restricted
funds
£		 Total
£
682,922
(63,079)
(37,000)
—		 (152,000)
(6,000)
37,000
(51,000)		 184,467
35,227
—
—		 715,389
(33,852)
—
(51,000)
582,843 (172,000) 219,694 630,537

19. Analysis of net assets between funds

General
fund
£		 Pension reserve
fund
£		 Restricted
funds
£		 Total
2022
£
Tangible fxed assets
Investments
Net current assets
Provision for liabilities
Total net assets		 5,333
405,665
171,845
—		 —
—
—
(172,000)		 —
—
219,694
—		 5,333
405,665
391,539
(172,000)
582,843 (172,000) 219,694 630,537

20. Pension commitments

Social Housing Pension Scheme: Background and information about the Scheme

Until 31 March 2013, the charity participated in the Defined Benefits Section of the Social Housing Pension Scheme (the Scheme). Church Homeless Trust ceased to have any active members of the defined benefit scheme on 31 March 2013.

The Scheme is a multi-employer Scheme which provides benefits to some 400 non-associated employers. The Scheme is a defined benefit scheme in the UK.

The Scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, sets out the framework for funding defined benefit occupational pension schemes in the UK.

The Scheme is classified as a ‘last man standing arrangement’. Therefore, the charity is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the Scheme deficit following withdrawal from the Scheme. Participating employers are legally required to meet their share of the Scheme deficit on an annuity purchase basis on withdrawal from the Scheme.

In 2020, sufficient information became available to allow the actuary to the Social Housing Pension Scheme (the Scheme) to calculate the share of the Scheme’s deficit applicable to each of the participating employers.

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Present values of defined benefit obligation, fair value of assets and defined benefit assets (liability)

31 March
2022
£’000		 31 March
2021
£’000
Fair value of plan assets
Present value of defned beneft obligation
Defcit in plan
Defned beneft liability to be recognised		 931
(1,103)		 1,035
(1,187)
(172) (152)
(172) (152)

Reconciliation of opening and closing balances of the defined benefit obligation

Year ended
31 March
2022
£’000
1,187
3
23
38
(24)
(51)
(73)		 Year ended
31 March
2021
£’000
Defned beneft obligation at start of period
Expenses
Interest expense
Actuarial losses (gains) due to scheme experience
Actuarial (losses) gains due to changes in demographic assump-
tions
Actuarial (losses) gains due to changes in fnancial assumptions
Benefts paid and expenses
Defned beneft obligation at end of period		 1,040
3
25
(7)
6
174
(54)
1,103 1,187

Reconciliation of opening and closing balances of the fair value of plan assets

Year ended
31 March
2022
£’000
1,035
20
(88)
37
(73)
931		 Year ended
31 March
2021
£’000
Fair value of plan assets at start of period
Interest income
Experience on plan assets (excluding amounts included in interest income) - (losses)
gains
Contribution by the employer
Benefts paid and expenses
Fair value of plan assets at end of period		 948
23
81
37
(54)
1,035

The actual return on the plan assets (including any changes in share of assets) over the period from 31 March 2021 to 31 March 2022 was (£68,000) (2021 £104,000).

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Defined benefit costs recognised in the statement of financial activities:

Included in expenditure on charitable activities

Included in expenditure on charitable activities
Year ended
31 March
2022
£’000		 Year ended
31 March
2021
£’000
Expenses
Net interest expense
Defned beneft costs recognised in statement of fnancial activities		 3
3		 3
2
6 5

Included in other recognised (losses) gains

Experience on plan assets (excluding amounts included in net interest costs)
- gain
Experience gains and (losses) arising on the plan liabilities
Efects of changes in the demographic assumptions underlying the present
value of the defned beneft obligation - gain (loss)
Efects of changes in the fnancial assumptions underlying the present value
of the defned beneft obligation - gain (loss)
Total actuarial losses		 Year ended
31 March
2022
£’000
(88)
(38)
24
51
(51)		 Year ended
31 March
2021
£’000
81
7
(6)
(174)
(92)

Defined benefit deficit recovery plan

Under the recovery plan, effective from 1 April 2019, the deficit contributions that are required from Church Homeless Trust are £33,410 a year until September 2026.

These payments will increase annually by 2% from 1 April 2020 and on each 1 April thereafter.

Estimated debt on withdrawal from the defined benefit scheme

As a result of pension scheme legislation, there is a potential debt (section 75 liability) on the employer that could be levied by the Trustee of the Scheme. The debt is due in the event of the employer ceasing to participate in the Scheme or the Scheme winding up.

The debt for the Scheme as a whole is calculated by comparing the liabilities of the Scheme (calculated on a buyout basis i.e. the cost of securing benefits by purchasing annuity policies from an insurer, plus an allowance for expenses) with the assets of the Scheme. If the liabilities exceed assets there is a buy-out debt.

The leaving employer’s share of the buy-out debt is the proportion of the Scheme’s liability attributable to employment with the leaving employer compared to the total amount of the Scheme’s liabilities (relating to employment with all the currently participating employers). The leaving employer’s debt therefore includes a share of any unpaid liabilities in respect of previously participating defaulting employers. The amount of the debt therefore depends on many factors including total Scheme liabilities, Scheme investment performance, the liabilities in respect of current and former employees of the employer, financial conditions at the time of the cessation event and the insurance buy-out market. The amounts of debt can therefore be volatile over time.

Church Homeless Trust has been notified by the Pensions Trust of its estimated employer debt on withdrawal from the Scheme based on the financial position of the Scheme as at 30 September 2021. As of this date the estimated employer debt or Section 75 liability for Church Homeless Trust was £611,612 (30 September 2020 - £744,365).

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Assets

Assets
The charity’s share of assets held within the Scheme at 31 March 2022 is as follows: 31 March
2022
£’000		 31 March
2021
£’000
Global Equity
Alternative Asset Classes
Liabilities Driven Investment
Net Current Assets
Total assets		 179
493
256
3		 165
601
263
6
931 1,035

None of the fair values of the assets shown above include any direct investments in the employer’s own financial instruments or any property occupied by, or other assets used by, the employer.

Key Assumptions

Key Assumptions
31 March
2022
%per annum		 31 March
2021
%per annum
Discount Rate
Infation (RPI)
Infation (CPI)
Salary Growth
Allowance for commutation of pension for cash at retirement		 2.77
3.83
3.31
4.31		 2.00%
3.36%
2.80%
3.80%
75% of maximum
allowance		 75% of maximum
allowance

The mortality assumptions adopted imply the following life expectancies:

31 March 2022
Life expectancy at
age 65 (Years)		 31 March 2021
Life expectancy at
age 65 (Years)
Male retiring in 2022
Female retiring in 2022
Male retiring in 2042
Female retiringin 2042		 21.1
23.7
22.4
25.2		 21.6
23.5
23.5
25.1

21. Related parties

Riverside Care and Support has the right to nominate up to one third of the trustees of Church Homeless Trust.

During the year Church Homeless Trust awarded grants to homeless individuals referred by Riverside Care and Support, making payments which in aggregate amounted to £228,488 (2021 £284,834) of which £6,600 is included in expense and other creditors (note 14). These monies were for the direct benefit of individuals experiencing homelessness providing funds for purposes for which there is no government funding available.

Total donations from trustees were £3,120 (2021 £1,090). There are no other related party transactions requiring disclosure in 2022 (2021 none).

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22. Members’ liability

The charity is constituted as a company limited by guarantee. In the event of the company being wound up, company members are required to contribute an amount not exceeding £1.

23. Operating leases

At 31 March 2022 the charity had the following future minimum commitments under non-cancellable operating leases in respect of:

Ofce equipment
2022
£		 Ofce equipment
2021
£
Operating lease payments due:
Within one year		 __ 1,439
__ 1,439

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We are very grateful for the support we have received from the following organisations:

3i Group

Abbot - Midlands Aldershot Church of England Services Trust Annie Tranmer Charitable Trust Armed Forces Covenant Fund Trust Beatrice Laing Trust Bedhampton Charitable Trust Benham Charitable Settlement Bennett Family Grantmaking Charity Bernays Charitable Trust BGL Group Borrows Charitable Trust Bramble Charitable Trust Bridgewater Charitable Trust Charles & Elsie Sykes Trust Chrimes Family Charitable Trust City & Metropolitan Welfare Charity Columbia Threadneedle Foundation D M Charitable Trust Deo Gratias Charitable Trust Duchy of Lancaster Benevolent Fund (Manchester) Eleanor Rathbone Charitable Trust Essex Trust Evan Cornish Foundation F P Finn Charitable Trust Fulmer Charitable Trust Ganzoni Charitable Trust Guildford Poyle Charities Hamilton Wallace Trust

Henry Oldfield Trust

Hull Aid in Sickness Trust Hull and East Riding Charitable Trust Hyde Park Place Estate Charity Jack Brunton Charitable Trust John James Bristol Foundation John Lewis Partnership - Victoria Joseph & Annie Cattle Trust Lalonde Trust Mills & Reeve Charitable Trust Minos Trust Mollie Croysdale Charitable Trust Nathaniel Reyner Trust Fund Ogilvie Charities Proven Family Trust R G Hills Charitable Trust RBM Quayle Charitable Trust Sabina Sutherland Charitable Trust Sir George Martin Trust Sir James and Lady Scott Trust Sir James Reckitt Charity Sir James Roll Charitable Trust Strand Parishes Trust The Ashley Family Foundation The Cook and Wolstenholme Charitable Trust

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