## **Richmond Fellowship (NI) Ltd** ## **T/A** ## **Threshold** (A company limited by shares) ## **Report and Financial Statements** **Year Ended 31 March 2024** Company number IP346 ## **Richmond Fellowship (NI) Ltd Report of the Committee of Management and Financial Statements For Financial Year Ended 31 March 2024** |**Table of Contents**|**Pages**| |---|---| |Report of the Committee of Management|3 - 10| |Report of the Auditors|11 –14| |Statement of Financial Activities|15| |Balance sheet|16| |Statement of Cashflows|17| |Notes to the financial statements
|18 – 26| - 2 - **Richmond Fellowship (NI) Ltd Report of the Committee of Management For Financial Year Ended 31 March 2024** **Reference and Administrative Details of the Charity, its Trustees and Advisers Committee Of Management** Dr P McGarry (Chairperson) Mr A Harbinson (Vice Chairperson) Mr R Lamrock (Retired June 2024) Prof M Donnelly (Resigned July 2024) Mr T Price (Treasurer) Prof J Campbell Ms C Loughran Dr J Kane Mr C Hughes Ms J Connolly (Appointed June 2024) **CEO/ Secretary** Mr R Kapur (Retired April 2024) **CEO** Mrs F McCabe (Appointed March 2024) **Company Secretary** Ms V Browne (Appointed June 2024) **Trading Name** Threshold Services **Registered Name** Richmond Fellowship (NI) Ltd **Registered Office** 432 Antrim Road Belfast BT15 5GB Registered under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, No. 346 registered under the Charities Commission for Northern Ireland, No. 100956 & HMRC, Charity No. XN91835 |**Auditors**|Miscampbell & Co||| |---|---|---|---| ||6 Annadale Avenue||| ||Belfast||| ||BT7 3JH||| |**Bankers**|Ulster Bank Ltd|Santander
|Virgin Money| ||16 Donegall Sq East|301 St Vincent St|Jubilee House| ||Belfast
|Glasgow
|Gosforth| ||BT1 5UB|G4 5HN
|NE3 4PL| |**Investment Managers**|Investec|Evelyn Partners|NICIF| ||58 - 60 Bedford St|32 – 38 Linenhall St|1-7 Bedford St| ||Belfast|Belfast|Belfast| ||BT2 7DR
|BT2 8GB
|BT2 7EG| |**Solicitors**|Worthingtons||| ||24 -38 Gordon Street||| ||Belfast||| ||BT1 2LG||| - 3 - ## **Richmond Fellowship (NI) Ltd Report of the Committee of Management For Financial Year Ended 31 March 2024** ## **Objectives and activities** ## Purposes and Aims Our charity’s purposes as set out in the objects contained in the Charity’s model rules are: - to provide therapeutic residential accommodation for children, adolescents, adults and the elderly, recovering from mental health problems, and - to provide counselling, therapy, outreach services, research and other related activities within the social care field for children, adolescents, adults and the elderly. ## **Achievements and performance** ## Ensuring our work delivers our aims We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months, based on the corporate plan. This ensures our aims, objectives and activities remain focused on our stated purposes. We ensure that a high level of service is achieved and there is a focus on continual improvement which promotes both good outcomes and best value. Our outcome data continues to provide evidence that people we support benefit from being in our service. We are committed to meeting the standards required from our key stakeholders and surpassing these through continued organisational improvement which will ensure that we further our legal purposes and provide best care and life opportunities to those referred to us. A key service and business objective is the continuing high occupancy level of the supported living services we provide. Satisfactory performance was achieved during the reporting period. Externally Threshold is regulated by the Regulation and Improvement Authority (RQIA) and Quality Assessment Framework (QAF) for NIHE Supporting People. Regulation of the social care workforce is regulated by the Northern Ireland Social Care Council (NISCC), Health Professional Council (HPC) and Nursing and Midwifery Council (NMC) which also places stringent requirements on the organisation, all of which are adhered to through our policies and procedures. ## **Main activities** The focus of our work We deliver a portfolio of accommodation-based services which offer effective psychosocial environments for people with severe mental illness. This includes regulated supported living, supported housing and peripatetic floating support services to enable people to live independently in our community. - 4 - ## **Richmond Fellowship (NI) Ltd Report of the Committee of Management For Financial Year Ended 31 March 2024** ## The focus of our work (Continued) We provide 94 places within our 24/7 accommodation-based services. Forty of these are within care and support therapeutic services (Clearwater House and Dumbarton House in North Belfast and Glencarn House in Glengormley). These units specifically take patients with severe mental illness referred from the local psychiatric services. Dumbarton caters for those over 50, while the other two units are designed for people aged 18-50. There are 52 places available in supported housing facilities at Sophia House in Glengormley, Belfast community flats in north and south Belfast, Belgravia Terrace in south Belfast and Glendun House in Portrush. Our Floating Support Service is a peripatetic outreach service which helps people with mental health problems remain in their own homes and supports a maximum of 35 individuals at any one time. The service enables individuals to build links, maintain their tenancies and become more active in their local communities. ## How our activities deliver public benefit Our main activities and beneficiaries are described above. All our charitable activities focus on those recovering from mental health problems and are undertaken to further our charitable purposes for public benefit. ## **Financial Review** Net income and (expenditure) in the year was (£203,536) (£70,558 – 2022/23). Our services continue to be in high demand and operational performance has been satisfactory, however there was a deficit this financial year. The committee of management made decision to offer staff a recognition payment in line with NJC scales which amount to £100K of this deficit. In addition £158K was returned to NIHE Supporting people which related to a prior year and is shown in the expenditure (note 3). ## Reserves Reserves for the charity are £2,127,513 for year end March 2024 , this includes unrestricted reserves of £755,527 and restricted of £1,371,965 and £21 of share capital. The planned budget expenditure for 24/25 is £3M and available cash reserves of £600,771 which allows for 2.4 months of expenditure. The trustees plan to review reserves policy in 24/25 year to agree a target for unrestricted reserves going forward. The cash reserves are needed to meet the working capital requirements of the Charity and the Committee of Management are confident that at this level they would be able to continue the current activities of the Charity in the event of a significant drop in funding. Share Capital of £21 - 5 - ## **Richmond Fellowship (NI) Ltd Report of the Committee of Management For Financial Year Ended 31 March 2024** ## Going concern After making appropriate enquires, the Committee of Management have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. ## Principal risks and uncertainties Threshold manages all of its financial risks through a series of controls and maintenance of a Risk Register which is continually reviewed by management and considered by the Committee of Management on quarterly basis. Risks are assessed for likelihood and impact, with mitigating action described against each risk identified. The principal commercial, operational and financial risks that have been identified as having a serious potential impact on the performance and future prospects or reputation of the organisation are as follows: 1. Reduction in core revenue streams as a result of primary funder’s budget constraints; 2. Failure to meet performance standards/contract compliance from key stakeholders; 3. Cost inflation and further increases in national minimum wage; 4. Failure to recruit, develop and maintain a competent qualified workforce. The Committee of Management and Senior Management Team are satisfied that appropriate actions have been identified and taken so that these risks are managed effectively. Mitigation actions include: 1. Transparent engagement with key stakeholders on true cost of service delivery 2. Effective cost budgeting; 3. Continual staff benchmarking to ensure to retain and recruit talent. ## Principal Funding Sources Our principal funder continues to be the NIHE both in terms of its direct funding through Supporting People and indirectly through Housing Benefit paid to our tenants. The Department of Health provides valuable assistance with core funding and training grants, while Northern Trust, Western Trust and Belfast Trust provided financing for the provision of direct care services to our residents. ## Investment Policy and performance The Charity continued to adhere to its investment policy, investing funds with three investment management firms. The aim has continued to be the investment of funds within a managed risk setting, to ensure returns are hedged against inflationary loss and to support existing and new services. The investment has been set for the medium term and trustees are content that investments were managed in line with the Investment Policy. - 6 - ## **Richmond Fellowship (NI) Ltd Report of the Committee of Management For Financial Year Ended 31 March 2024** ## **Plans for Future Periods** The current Corporate Strategy ends in 2025. With the retirement of Raman Kapur and the appointment of Fiona Mc Cabe at the close of this budget year, we thank Raman for his leadership and look forward to a new chapter under the tenure of our new Chief Executive and Senior Management team. Priorities for the year ahead include: - Review of our ICT Infrastructure and digitization of processes to enhance security, efficiency and mitigate risk. We plan to invest in much-needed capital and cloudbased systems, as well as developing a new website and a Digital Transformation plan. - Review of our Corporate governance to include revision of our purpose, values, and governing rules. We plan to apply to FCA, Charities Commission NI and Companies House to change our name to Threshold Services, convert the company to a Charitable company limited by guarantee and propose a new Memorandum and Articles. - Engage with our staff, people we support and other stakeholders to define our corporate objectives and priorities for the period 2025-2028. A strategic review of services during the year will inform and guide the Charity to develop specialist services, subject to satisfactory funding arrangements being available. - Strengthening partnerships and developing collaborative approaches to ensure delivery of high-quality services across Northern Ireland to meet the needs of the people we support. The financial impact of National Minimum Wage uplifts, social care staff recruitment and retention costs, which continue to face the whole health and social care sector, and much needed investment in digital development means we are budgeting for a deficit in 2024-2025. Good financial management gives the Trustees confidence that we have adequate reserves to meet the deficit, investment requirements and running costs of the organisation. - 7 - ## **Richmond Fellowship (NI) Ltd Report of the Committee of Management For Financial Year Ended 31 March 2024** ## **Structure, Governance and Management** ## Governing Document The Charity is a registered Society under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, limited by shares, incorporated on 26 June 1992 and registered as a charity for HMRC purposes. The Charity was established under model rules which created its objects and powers. The Charity is regulated by the FCA (Financial Conduct Authority). ## Committee of Management The Committee members of the Charity, also known as members of the Committee of Management manage the business of the Charity. All members of the Committee of Management give their time voluntarily and received no benefits from the Charity. Method of appointment for election of members of the Committee of Management Following nominations received for membership, the Committee of Management assess suitability of candidates. If successful, the candidate for membership is co-opted to the Committee and formally elected at the subsequent Annual General Meeting. ## Policies adopted for the induction and training of Committee Members It is company policy to provide an induction programme for newly appointed committee members, to acquaint them with the organisation’s policy and practice, its aims and activities, management and governance and also what is expected of them under company law. ## Risk Management The Committee of Management has conducted a review of the major risks to which the Charity is exposed. A risk register has been established and is updated at regular intervals. ## Key management pay arrangements The Committee of Management consider the pay scales of all employees in the context of the budgeting process. Senior Management pay is benchmarked against similar organisations and reviewed periodically in the context of performance and confirmed inflationary enhancement of core income streams - 8 - **Richmond Fellowship (NI) Ltd Report of the Committee of Management For Financial Year Ended 31 March 2024** ## **Structure, Governance and Management (continued)** ## Charity Structure Threshold has a Committee of Management of up to 15 members who meet quarterly and are responsible for the strategic direction and policy of the Charity. At present the Committee has 8 members from a variety of professional backgrounds relevant to the work of the Charity. Up to 31[st] March 2024 the Secretary also sat on the Committee but had no voting rights, going forward the secretary no longer sits on the committee. A scheme of delegation is in place and day to day responsibility for the provision of services rests with the Chief Executive. The Chief Executive is responsible for ensuring that the Charity delivers the services specified and that key performance indicators are met. The Services Managers have responsibility for the day to day operational management of the Charity, individual supervision of the staff team and also ensuring that the team continues to develop their skills and working practices in line with good practice. ## Working partners We acknowledge the support we receive from Department of Health, local Health and Social Care Trusts and the Northern Ireland Housing Executive and to the agreements we have with our local housing associations, including Choice, Radius and Ark. ## **Responsibilities of the Committee of Management** Company law requires the Committee of Management to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Committee of Management confirm they follow best practice and: - select suitable accounting policies and then apply them consistently; - follow applicable accounting standards; - make judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis, unless it is not appropriate to assume that the company will continue on that basis. The Committee of Management is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with relevant statute. - 9 - ## **Richmond Fellowship (NI) Ltd Report of the Committee of Management For Financial Year Ended 31 March 2024** **Structure, Governance and Management (continued)** Members of the Committee of Management The Committee of Management is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Members of the Committee of Management, who served during the year and up to the date of this report are set out on page 3. In accordance with company law, as the company’s directors, we certify that: - so far as we are aware, there is no relevant audit information of which the company’s auditors are unaware; and - as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information. ## **Auditors** A resolution to reappoint Miscampbell & Co. will be proposed at the AGM. This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP) (FRS 102), the Financial Reporting Standard (102) applicable in the UK and Republic of Ireland (FRS 102) and the Co-operative and Community Benefit Societies Act (Northern Ireland) 2016. Approved by the Committee of Management on 19[th] September 2024 and signed on its behalf by: Dr P Mc Garry (Chair) - 10 -