Registered Number: N1015965 The Radius Foundation (formerly known as Fold Housing Trust) Directors, report and financial statements for the year ended 31 March 2025
The Radius Foundation (formerly known as Fold Housing Trust) Directors, report and financial statements for the year ended 31 March 2025 Pages Directors and advisers Directors, report Independent auditors, report to the members Statement of Financial Activities Statement of Financial Position Notes to the financial statements 9-11
The Radius Foundation (formerly known as Fold Housing Trust) I Directors and advisers Directors Ms L Campbell Ms D FitLsimons Ms J Gavin Mr P Gibson Ms J Richardson Mr A Thomson Ms H Walker Ms L Wilson (Appointed 5 March 2025) (Resigned 26 March 2024) (Appointed 23 April 2024) (Resigned 26 March 2024) (Appointed 23 April 2024) (Appointed 26 March 2024) (Appointed 23 April 2024) (Appointed 26 April 2024) Company Secretary Mt A Thomson Mr J McLean (Appointed 26 March 2024) (Resigned 26 March 2024) Registered number N1015965 Registered offiee 3 - 7 Redburn Square Holywood County Down BTIS 9HZ Solicitors Wilson Nesbitt 33 Hamilton Road Bangor BT20 4LF Bankers Danske Bank Limited 12 - 15 Donegall Square West Belfast BTI 6JS Independent Auditors Grant Thornton (NI) LLP 12- 15 Donegall Square West Belfast BT16JH
The Radius Foundation (formerly known as Fold Housing Trust) 2 Directors, report for the year ended 31 March 2025 The directors present their report and the audited financial statements of the company for the year ended 31 March 2025. Prineipal activities The company's principal activity during the Ye was that of a charitable foundation. Directors The directors and officers of the company who Served during the year and up to the date of signing the fanCIal statements were.. Ms L Campbell Ms J Gavin Ms J Richardson Mr A Thomson Ms H Walker Ms L Wilson (Appointed 5 March 2025) (Appointed 23 April 2024) (Appointed 23 April 2024) (Appointed 26 March 2024) (Appointed 23 April 2024) (Appointed 26 April 2024) Business Review The results of the company show a surplus of £70.000 (2024.. £nil). The directors consider that the company's development and performance, including the results foi the year are very satisfactory. The Directors are of the view that the company will have sufficient resources to fvnd its ongoing activities for a period of at least 12 months whereby it continues to be appropriate to adopt the going concern basis in the preparation of the annual financial statements. Statement of directors, responsibilities in respect of the financial statements The directors are responsible for preparing the Directors, report and financial statements in accordance with applicable law and regulation. Company law requires the directors to prepare fmancial statements for each fInancial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdorn Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section IA, and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing the fancial statements, the directors are required 10: select suitable accounting policies and then apply them consistently. state whether applicable United Kingdom Accounting Standards, comprising FRS 102 Section IA. have been followed, subject to any material departures disclosed and explained in the financial statements- makes judgements and accounting estimates that ale reasonable and prudent. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the ompany's transactions and disclose with reasonable accuracy at any time the fmancial position of the company and enable them to ensure that the flllancial statements comply with the Companies Act 2006. Statement of disclosure of infornlation to auditors In the case of each director in office at the date of the Directors, report is approved- so far as that director is aware there is no relevant audit inforn]ation of which the company's auditors are unaware, and they have taken all the steps that he Oucrht to have taken as director in order to make themselves aware of any relevant audit infonnation and to establish that the company's auditors are aware of that infotmation.
The Radius Foundation (formerly known as Fold Housing Trust) 3 Directors, report for the year ended 31 March 2025 (continued) Small companies, exemption This report has been prepared in accordance with the special provisions relating to small COTnpanies within Part 15 of the Companies Act 2006. Independent auditors The auditors, Grant Thornton (Nl) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006 at the Annual General Meeting. This report was approved by the board on 26 June 2025 and signed on its behalf. Ms L Campbell Director
The Radius Foundation (formerly known as Fold Housing Trust) 4 Independent auditor's report to the members of The Radius Foundation (formerly known as Fold Housing Trust) Opinion We have audited the financial statements of The Radius Foundation (fonnerly known as Fold Housing Trust) ("the company"), which comprise the Statement of income and retained earnings. and the Balance sheet for the year ended 31 March 2025, and the related notes to the financial statements. including a summary of significant accounting policies. The fmancial reporting framework that has been applied in the preparation of the financial statements is applicable law FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion. The Radius Foundation (fornierly known as Fold Housing Trust) fmancial statements: give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and fmancial position of the company as at 31 March 2025 and of its fancial perfornlance for the year then ended. and have been properly 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 'Responsibilities of the auditor for the audit of the fmancial statements, section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the fmancial statements in the United Kingdom, including the FRC'S Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as deterniined to be appropriate in the circumstances for the entlty. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appTopriate to provide a basis for our opinion. Conclusions relatino to going concern tn auditing the financial statements, we have concluded that the dÈrectors' use of going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going conc¢m for a period of at least twelve months from the date when the fmancial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other information Other inforn]ation comprises infonnation included in the annual report, other than the fanCIal statements and our auditor's report thereon, including the Directors, Report. The directors are responsible for the other inforn]ation. Our opinion on the flnancial stafrments does not cover the other inforniation 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 fmancial statements, our responsibility is to read the other inforn]ation and, in doing so, consider whether the other infonnation 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 in the fu]ancial Statements, we are required to detennine whether there is a material misstatement in the financial statements or a material misstatement of the other inforn]ation. If. based on the work we have perfonned, we conclude that there is a material misstatement of this other infonnation, 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 inforniation given in the Directors, Report for the financial year for which the financial statements are prepared is consistent with the fman¢ial statements. and the Directors, Report have been prepared in accordance with applicable legal requirements.
The Radius Foundation (formerly known as Fold Housing Trust) 5 Independent auditor's report to the members of The Radius Foundation (formerly known as Fold Housing Trust) (continlled) Matters on which we are required to report by exception In the light of the knowledoe and understandincr of the company and its environrnent obtsined in the course of the audit, we have not identified any material misstatements in the Directors, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. 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 staternents and the part of the Directors. remuneration report to be audited are not in agreement with the accounting records and returns; or certain disc105ures of directors, remunerdtion specified by law are not made. we have not received all the infonnation and explanations we require for our audit- or the directors were not entitled to take advantage of the small companies. exemptions from the requirement to prepare a strategic report or in preparing the directors, report. Responsibilities of management and those charged with govern2nce for the financial statements As explained more fuLly in the Directors, responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, FRS 102, and for such internal control as directors deterniine Thecessary to enable the preparation of fanCIal statements are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the company's ability to Continue as a going concern. disclosing, as applicable. matters related to going concern and usino the going concern basis of accounting unless management either intends to liquidat¢ the company or to cease operations, or has no realistic alternative bul to do so. Those charged with governance are responsible for overseeing the company's financial reporting process. Responsibilities of the auditor for the audit of the financlal statements The objectives of an auditor are to obtain reasonable assurance about whether the fmancial statements as a whole are free from material mi5Statement, whether due to fraud or eOr. and to issue an auditor's report that includes their 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 rnaterial if, individually or in the aggregate, they could reasonably be expected to influence the economi¢ decisions of users taken on the basis of these financial statements. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description fornis part of our auditor's report. Explanation as to what extent the audit was considered capable of detecting irregul#riÉie5, including fraud IegUlarities, 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 frdud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAS (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the Company and industy, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Employment Law, Environrnental Regulations and Health and Safety laws, and we considered the extent to which non-compliance might have a material effect on the fanCIal statements. We also Considered those laws and regulations that have a direct impact on the preparation of the fmancial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or iecognise non-compliance with the laws and regulation. We evaluated management's incentive5 and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and detennined that the principal risks were related to posting inappropriate journal entries to manipulate financial perforniance and rnanagement bias through judgements and asSUrnPtions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticisrn through the audit to consider potential deliberate omission or Concealment of significant transactions, or incompletelinaccurdte disclosures in the fmancial statement.
The Radius Foundation (formerly known as Fold Housing Trust) 6 Independent auditor's report to the members of The Radius Foundation (formerly known as Fold Housing Trust) (continued) E¥planation as to what extent the audit was considered capable of deteeting irre(vularities, including fraud (continued) In response to these principal risks, our audit procedures included but were not limited to: enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-cornpliance and whether they have knowledge of any actual, suspected or alleged fraud. inspection of the company's regulatory and legal correspondence and review of minutes of director's meetings during the year to corroborate inquiries made. gaining an understanding of the internal controls established to mitigate risk related to fraud. discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of fmancial statements throughout the audit; identifying and testing journal entries to address the risk of inappropriate journals and management override of controls. designing audit procedures to incorporate unpredictability around the natyre, timing or extent of our testing. challenging assumptions and judgements made by management in their assessment on significant accounting estimates. and review of the fmancial statement disclosure5 to underlying supporting documentation and inquiries of management. The pritnary responsibility for the prevention and detection of iegUlar1tieS including fraud rests with those charged with govemance and management. As with any audit, there remains a risk of non-detection or trregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls. The purpose of our audit ivork and to whom we owe our responsibilities This report is made solely to the 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 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 perniitted by law. we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have fornied. Louise Kelly FCA (Senior S For and on behalf of Grant Thomton (Nl) LLP Chartered Accountants & Statutory Auditors Belfast tutory Auditor)
The Radius Foundation (formerly known as Fold Housing Trust) 7 Statement of Financial Activities (including Income & Expenditure Account) for the year ended 31 March 2025 2025 Designated 2025 Unrestrieted 2025 Tot81 2024 Total Note Income Donations and legacies 157,614 157,614 Total income 157,614 157,614 Expenditure Raising ndS Charitable activities Administration expenses 85,564 2,050 85,564 2,050 Total expenditure 87,614 87,614 Net incoming / (outgoing) resources before transfers 70,000 70,000 Gross transfers between fund5 Net incoming l (outgoing) resources 70,000 70,000 Other movement in funds.. Designated ndS transferred from Radius Housing 785,000 785,000 Fund balances at l April Fund balances at 31 March io 855,000 855,000 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities and complies with the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 9 to E I fom] part of these fmancial statements.
The Radius Foundation (formerly known as Fold Housing Trust) 8 Statement of Financial Position as at 31 March 2025 2025 2024 Notes Current assets Debtors Cash at bank and in hand 709,436 147,564 857,000 Creditors: amounts falling due within one year (2,000) Net assets 855,000 Fund5 Unrestricted Funds.. Designated funds General unrestricted funds io 855,000 Total shareholders, funds 855,000 The fanCIal statements were approved and authorised for issue by the Board and were signed on its behalf on 26 June 2025. Ms L Campbell Director The notes on pages 9 to I I fomi an integral part of these fmancial statements. Registered Number: IY1015965
The Radius Foundation (formerly known as Fold Housing Trust) 9 Notes to the financial statements for the year ended 31 March 2025 General information The company is a private company limited by guarantee and is incorporated and domiciled in Northern Ireland. The address of its registered ofFice is 3 - 7 Redburn Square, Holywood, County Down, B T18 9HZ. Accounting convention The financial statements of The Radius Foundation (forn]erly known as Fold Housing Trust) have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective l January 2019)" The Charity is a Public Benefit Entity as defined by FRS 102. The flnancial statements are prepared in sterling, which is the functional currency of the Charity. Monetsry amounts in these financial statements are rounded to the nearest £. The fLnancial statements have been prepared under the historical cost convention and the principal accounting policies adopted are set out below. Summary of significant accounting policies Going concern After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable tUre. In making this assessment the directors have considered the perfoTrnance of the company post year end. The directors consider the business will continue to be profitable and cash generating ooing forward. The company therefore continues to adopt the going concern basis in preparing its fancIal statements. Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Designated funds consist of unrestricted ndS received where the Trustees have fornlally set aside or eamarked the funds for a specific pUoSe. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted fimds are set out in the notes to the fmancial statements. Revenue Income is recognised when the charity is legally entitled to it after any perforniance conditions have been met, the amounts can be measured reliably and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless perforniance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the chlty has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Revenue grants are credited to incoming resources in the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred. Grants for the purpose of capital expenditure are credited to restricted incoming resources when receivable, transferred to designated funds on purchase of asset and then released to general funds over the related asset's useful life. Investment income is included in the Ststement of Financial Activities when receivable. Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributable to particular headings they have been allocated to activities on a basis consistent with use of the resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities.
The Radius Foundation (formerly known as Fold Housing Trust) 10 Notes to the financial statements for the year ended 31 March 2025 Summary of significant accounting policies (continued) Expenditure (continued) Fundraising costs include the salaries, direct expenditure and overhead costs of staff who promote fundraising, including events and mailings. Charitable expenditure comprises those costs incurred by the chaiity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirectnature necessary to support them. Governance costs includes those incurred in the governance of its assets and are associated with constitutional. staNtory and strategic requirements. Debtors Short tern] debtors are measured at transaction price, less any impairnient. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institution5 repayable without penalty on notice of not more than 24 hours. Cash equivalents are hiohly liquid investmenls that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Bank overdrafts are shown within borrowings in current liabilities. Creditors Short terni creditors are measured at the transaction price. Other financial liabilities, including bank loans, are rneasured initially at fair value, net of transaction costs, and are measured subsequently at arnortlsed cost using the effective interest method. Employees The company has no employees other than its directors (2024: Nil). The company's directors were not rernunerated for their services to the company (2024.. Nil). Income 2025 Designated 2025 Unrestricted 2025 Total 2024 Total Legacies Donations 157,614 157,614 Total ineome 157,614 157,614 Charitable aetivities 2025 Designat¢d 2025 Unrestricted 2025 Total 2024 Total Starter packs Community superniarket Tenant support fund Community chest 39,950 6,667 17,664 21,283 39,950 6,667 17,664 21,283 Total expenditure 85,564 85,564
The Radius Foundation (formerly known as Fold Housing Trust) 11 Notes to the financial statements for the year ended 31 March 2025 Administration expenses 2025 Designated 2025 Unrestricted 2025 Total 2024 Total Audit fees Bank charges 2,000 50 2,000 50 Total income 2,050 2,050 Debtors 2025 2024 Amounts due from group undertakings Prepayments and other debtor5 706,103 3,333 709,436 9 Creditors: amounts falling due within one year 2025 2024 Accruals and other creditors 2,000 10 Designated Funds The income funds of the ChaTity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes- Movement in funds Movement in funds Resour¢¢s Bu1CeS at Incoming R¢sources expended 31 Mar 24 r¢SOu¢S expended Balaoce at l Apr23 li)cuJning resources Transfers Balanc¢ at 31 Mar25 McAlorum legacy McKinsty legacy 102,614 55,000 (6,666) 190.000 285,948 (80,948) 595,000 569,052 157,614 (87,614) 785,000 855,000 11 Explanatory note to the funds McAlorum legacy - the Trustees have designated that these unrestricted funds be spent on the Community Supem]arket subscription in North Belfast McKinsty legacy- the Trustees have designated that this legacy be used for the tenancy support fund and community chest, along with the day to day administration costs of the Charity 12 Related party transactions The company has taken advantage of the exemptions contained in FRS 102, section 33. paragraph 33.IA not to disclose transactions with entitie5 that are part of the group qualifying as a related paty, as the company is a wholly owned subsidiary. 13 Ultimate parent undertaking and controlling party The immediate and ultimate parent company is Radius Housing Association Limited a company limited by guarantee and incorporated in Northern Ireland. Radius Housing Association Limited is the smallest and largest parent for which consolidated accounts are prepared. Group accounts are available at 3 - 7 Redburn Square, Holywood, County Down, B Tl 8 9HZ. The ultimate controlling paty is Radius Housing A55ociation Limited.