COMPANY REGISTRATION NUMBER: N1021018 CHARifY REGISTRATION NUMBER: NIC105735 Housing Rights Company Limited by Guarantee Financial Statements 31 March 2023 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Housing Rights Company Limited by Guarantee Financial Statements Year ended 31 March 2023 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) Statement of financial position Statement of cash flows 10 16 17 18 Notes to the financial statements 19 The following pages do not form part of the financial statements Detailed statement of financial activities 35 Notes to the detailed statement of financial activities 36
Housing Rights Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2023 The trustees, who are also the directors for the purposes of Gompany law, present their report and the financial statements of the charity for the year ended 31 March 2023. Reference and administrative detalls Registered charity name Housing Rights Charity registration number NIC105735 Company registration number N1021018 Princlpal offlce and reglstered 1 st Floor office Skainos Centre 239-241 Newtownards Road Belfast BT4 1AF The trustees G Walsh N J Fullerton C McDaid M A McDonnell E Millen U A O'Hare C O'Neill F Kelly D McAnena J Wilson K Greene P Brannigan P Morgan P O'callaghan P Quigley R Crozier {Resigned 31 March 2023) (Appointed 16 June 2022) (Appolnted 4 April 2023) (Appointed 4 April 2023) (Appointed 18 June 2022) Company secretsry Janet Wray Catherine (Kate) Mccauley (Resigned 31 March 2023) (Appointed 1 April 2023) Key Management Personnel Director Janel Wray Catherine (Katè) Mccauley Head of Services & Support Peter Mcmahon Head of Policy & Development Calherine {Kate) Mccauley Natalie Whelan {Lefi 31 JI March 20231 (Appointed 151 February 20231 (Resigned 18th July 2023) {Up to 31al January 2023) (Appointed 3rd July 2023) Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers Bank of Ireland 1 Donegall Square South Belfast BT15LR
Housing Rights Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (conllnued) Year ended 31 March 2023 Sollcltors Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW Structurei governance and management Govemlng Document Housing right is a company limited by guarantee governed by it's Memorandurn and Articles of Association dated 1st July 2014. Housing Rights is a registered charity with HMRC and the Charity Commission for Northern Ireland. Housing Rights is a membership organisation with currently 125 members, each ofwhom agrees to contribute £1 in the event of the charity winding up. Appolntment of trustees The Chair and the Trustees recruit and select new Trustees as needed. New Trustees are recruited in line with the Memorandum and Articles of Association having regard to their professional skills, and Iheir potential to be able to make a helpful contribution lo the governance of the charity. As part of the recruitment process they are made aware of a Trustees, legal obligations under Charity and company law, the content of the Mernorandum and Articles of Association. the committee and decision making processes, the business plan and recent financial performance of the charity. Trustee induction and tralning All newly appointed trustees undergo a half-day induction se55i0n which includes meeting with key management personnel to cover.'- general organisalional background information., Trustees and Board responsibilities; organisational projects.. operations and policy,. and business support. Arrangements for setting pay and remuneratlon of key managementpersonnel The directors consider the board of directors, who are the charity's trustees. and the senior management team comprise the key management personnel of the charity in charge of direGling and controlling, running and operating the charity on a day to day basis. All directors give of their time freely and no director received remuneration in Ihe year. The pay of the senior staff is reviewed annually and normally increased in accordance with Northem Ireland Civil Service Pay Awards. In view of the nature of the charity, the directors benchmark against pay levels in olher similar size charities run on a voluntary basis. The remuneration bench-mark is the mid-point of the range paid for similar roles adjusted for a weighting of up to 30D/o for any additional
Housing Rights Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2023 responsibilities. Organisation structure and how charity makes decisions The Board, as the governing body. can have up to 15 members. The Board nomally meets bi-monthly and the Office Bearers, known as the Executive Committee meet the months between Board meetings to ensure that the Board has everylhing it needs to do its job effectively. The Executive Committeè will generally review the major issues facing the organisation and make preliminary recommendations to the full Board at the next meeting on matters, for example, such as business planning., operational policies and practices: membership applications,. human resources and rernuneration of staff. A DireotorlCEO is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the DirectorlCEO has delegated authority, within terms of delegation approved by the Board. for operational matters including finance, employment and direct charitable activities. The Board of Housing Rights has also established an Audit & Risk Committee (ARC), operational from May 2017, to support Ihem in their responsibilities regarding issues of risk, conlrol, governance, finance. audit and associated assurance. The ARC has delegated responsibility on behalf of thé Board for ensuring that there is a framework for accountability.. for examining and reviewing all systems and methods of control both financial and otherwise including risk analysis and Tisk management,. and for ensuring the charity is complying with all aspects of the law, relevant regulations and good practice. Relatlonshlps with related parties None of our trustees re1ve remuneration or other benefit from their work with the charity. Risk management The trustees have a risk management strategy which comprises.. an annual review cf the principal risks and uncertainties that the charity faces; the establishment of policies. system5 and procedures to mitigate those Tisks identified in the annual review: and the implementation of procedures designed to minimise or manage any potential impact on the charity should these risks materialise. Oversight of risk and audit are devolved to an Audit and Risk Committee who meet at least quarterly Key Rlsk There is an external risk with the Northern Ireland Charities Pension Scheme (now closed) impacting on the financial liability of Housing Rights to ils pension commitments for that Scheme. The Board continue to proa¢tively review and explore all options to assess and manage this risk effectively.
Housing Rights Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnu8d) Year ended 31 March 2023 Objectives and activities The charity's objectives are to promote the following purposes for the public benefit: The relief of poverty and the relief of those in need by reason of youth, age, ill health, disability, financial hardship or other disadvantage-, and in particular to assist those persons with necessilous circumstances in relation to housing matters., and Such other exclusively charitable purpose according to the Law of Northern Ireland as the Directors may from time to time decide. Housing Rights believes that prevention of homelessness is the best cure. In Northern Ireland we work tirelessly to help more people to live in secure and affordable homes which will improve lives and promote well-being. The main strategic priorities of our work currently include.. 1) Preventing and alleviating homelessness., 2) Improving the housing circumstances of people who are in need., 3) Expanding the reach of our service5 by enhancing our digital offering. 4} Working collaboratively and developing effective partnerships with other agencies to provide the best outcomes for clients., 5) Diversifying our funding base and demonstrating value for money; 6) Promoting good practi¢e', 7) Securing positive change where existing lawslpolicy are negatively impacting on those living in poor or inadequate housing cir¢urnstances-, and 8) Effectively demonstrating the impact of our work. In shaping our priorities and objectives for the year and planning our activitie5. the trustees have considered the Charity Commission's guidance on public benefit. The strategies employed to achieve the charity's aims and objectives are throu9h the provision of Services. The fallowing describes the main services operational during the reporting year.. A Housing Advice line for members of the public and 5tsfflvolunteers working in frontline agencies A public infonnalion website (www.housingadviceni.org) Advocacy and legal representation work A Housing Possession Court Duty Scheme (Emergency help at court) Training on housing, homelessness and related issues Providing information resources on housing law and practice in Northern Ireland Client based policy comment A Community Housing Advice Partnership with generalist advice agencies throughout Nl A specialist housing advice seNice within the prisons in Nl A service (Beyond the Gate) for the most vulnerable prisoners immediately after release in Northern Ireland to help prevent them from becoming homeless and to help thern IQ 5UStain
Housing Rights Company Llmited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conflnugdj Year ended 31 March 2023 accommodation and access key support seNices Provision of a helpline on behalf of the Department for Communities lo help landlords comply with their legal requirements and promote good practice in the Private Rented Sector. A Housing mediation seNice on behalf of the Department for Communities to help resolve housing disputes in the private rented sector as an alternative to Court. new and unique specialist housing advocacy and mediation service developed for and delivered to young people in Nl to help prevent homelessness and sustain accomrnodation: A Renters, Voice project to support private tenants to build a collective voice and influenc8 change in the Private Rented Sector.
Housing Rights Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (ntInued) Year ended 31 March 2023 Achievements and performance Significant achievements in the year included: l. Dealing with 13,517 contacts for advice on housing and homelessness issues across N.1. including an increase in digital advice provision of 27 /0 to 4,742 Contacts- 2. Preventing 1,398 households from becoming homele5S,' 3. Delivering the cornerstone of Housing Rights digital strategy with launch of Housing Rights brand new website that went live on 30th March 2023: www.housingrights.org.uk', 4. Over 870,000 pages viewed by visitors to our public information website- 5. Providing advice to 1,764 landlords Iletling agent contacts operating in the private sector lo help promote statutory compliance and good practice; 6. Delivery of the first housing rnediation service in Nl to halp resolve disputes in the private rented sector and dealing with 336 referrals during the year., 7. Development and delivery of a unique specialist housing advccacy and mediation service to 350 young people during the year to help prevent homelessness; 8. Our training service has continued to meel customer need by delivering relevant and new courses in line with policy and legislative changes. We delivered training in person and re-motely resutting in increased uptake with 1,086 participants attending during the year. 9. Influencing 15 recommendations and changes to hoLrsing policyllegislation including posl-live amendments to regulations introduced under the Private Tenancies Act 2022 such as simplification of language Ihroughout the accompanying Tenancy Information document to ensure it is clear and accessible. Further changes influenced included changes lo Support for Mortgage Interest rules lo make this SUPPOrt for homeowners available after 3 months rather than 9 months. In addition. the Welfare Mitigations Review Independent Advisory Panel recommended the introdu¢tion of an independent Financial Inclusion Service to pro-vide bespoke advice to people impacted by local housin9 allowance cuts and include access to a grant scheme. 10. Renters, Voice, supported by Housing Rights continued to be an influential consullee of pol-iticianslofficials when considering policyllegislalive change in the private iented sector. This included influencing the renaming of the Tenancy Information Regulations 2023 and ac-companying document, as well as raising awareness of the impact of the c05t-of-living crisi5 on private renters through their survey and subsequent media work and conference presen-tations. The Annual Review document, known as our Impact Report, for the period 2022-2023 will be available at our Annual General Meeting which will be held prior to 31st March 2024.
Housing Rights Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (cortthiued) Year ended 31 March 2023 Financial review Housing Rights is grant aided by the Department for Communities. The organisation also recee$ money fmm other government departments and statutory organisations. Additional income is generated from sale of services, chaTttable fundraising and other donations. Housing Rights continues to meet the objects set by the funders. The organisalion reports to funders directly on its work in tailored annual reports and a150 through a published Annual Review Ilmpact Report). Thè movement in reserves and transfers between reserves for the year are shown in the Statement of Financial Activities on page 16. The balance of unrestricted reserves was £967,028 and the balance of restricted reserves was £538,786 al 31st March 2023. Investmentpowers and policy The trustees, having regard to the liquidity requirements of the charity, have kept available funds in an Interest bearing deposit account and seek to achieve a rate on deposit which matGhes or exceeds inflation mèasured by the retail prices index. Reserves policy and going concem Resetves are needed to bridge the timing gap between spending and receiving of income and to cover unplanned events or temporary shortfalls in income should they arise. Holding adequate reserves safeguards the provision of our services in the event of unexpected significant financial pressures. The trustees consider that the ideal level of reserves would be at least three months expenditure which for the year ended 31 March 2023 for Gore funding would be £239,546. In addition an amount of £297.142 would be required to meet statutory redundancy payments in the event they would be required and provision of £60.000 for unforeseen liabilities. Therefore, overall the target for unreslricled free reserves is £596,688 of unrestricted reseNes. This policy is reviewed by the Audit and Risk Commtttee annually. Unrestricted reseNes freely available lo spend, therefore excluding fixed assets, restricted reserves and designated reserves amounted to £662,880 which is abpve the target level.
Housing Rights Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (Continued) Year ended 31 March 2023 Plans for future periods Our current strategic Plan cover5 the period from April 2018 - March 2023 and a new Plan is currently being developed. Housing Rights aims, sub]ect to satisfactory funding arrangements, to sustain current seNices. The organisation also plans to develop new initiatives to meet the growing demand for assistance from people who are homeless or in housing need in Northsrn Ireland. The organisation continues to recognise that the volunlarylcommunity sector is in a period of financial uncertainty with significant public expenditure savings being made within the Nl Executive budget, Housing Rights intends lo build on its effective relationship with funding bodies and to continue to dernonstrate that it provides an efficient and effective value for money seNice. We will continue lo evidence the high level of need for our work and to promote the positive outcome and impa¢l of our services for people in housing need in Northern Ireland. Trustees. responsibilities Statement The trustees, who are also directors for the purposes of company law. are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resourGes and application of resources, including the income and expenditure, for Ihat period. In preparing these financial statements, the trustees are required to.. select suitable a¢counting policies and then apply them consistently., obseNe the methods and principlés in the applicable Charities SORP: makejudgments and accounting estimates that are reasonable and prudent: prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the Gharily and enable them to ensure that the financial statements cornply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities.
Housing Rights Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) fc¢mlinued) Year ended 31 March 2023 Auditor Ea¢h of the persons who Is a trustee at the dale of approval of Ihis report confirms thal.. so far as they are aware, there is no relevanl audit information of which the charily'5 auditor is unaware., and they have taken all steps that they ought lo have taken as a trustee to make thamselves aware of any relevant audit information and to estsblish that the charity's auditor is aware of that information. Small company provlslons This report has been prepared in accordance with the provisions applicable to companies entitled lo the small companies exemption. The trustees, annual report was approved on 19 September 2023 and signed on behalf of the board of trustees by.. R Crozier Trustee
Housing Rights Company Limited by Guarantee Independent Auditor's Report to the Members of Housing Rights Year ended 31 March 2023 Opinion We have audited the financial statements of Housing Rights (the 'charily') for the year ended 31 March 2023 which comprise the statement of financial activities (including income and expendf(ure account). statement of financial position, statement of cash flows and the related notes, including a summary of significant accoLrnting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢counting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair viéw of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended-, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., 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 audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 the provisions available for small entities, in the circumstances set out below, 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. In oommon with many other businesse5 ofour size and nature we use our size and nature, we use our auditors lo prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. Conclusions relating to going concem 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 statemen15 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 slatements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant se¢tions of this report. 10
Housing Rights Company Limited by Guarantee Independent Auditor's Report to the Members of Housing Rights (continued) Year ended 31 March 2023 other information The olher information comprises the information in¢luded in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other inforrnation 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 whethèr the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, 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 perfomied, we conclude Ihat there is a material rnisstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companles Act 2006 In ovr opinion, based on the work undertaken in the course of the audit= the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements- and the trustees, report ha5 been prepared in accordance with applicable legal qUirements. Matters on which we are required to rèport by exceptlon In the light of the knowledge and understanding of the charity and its environment oblained 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 of trustees, remuneration specified by law are not made-, or we have not received all the information and explanations we require for our audit-, or the Iru5tees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirèment to prepare a strategic report. 11
Housing Rights Company Limited by Guarantee Independent Auditor's Report to the Members of Housing Rights (continued) Year ended 31 March 2023 Responsibillties of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of Gompany lawl are responsible for the preparation of the financial statements and for being sat15fied 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 Irustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and usin9 Ihe going concern basis of accounting unless the trustees either intend to liquidale the charity or to cease operations, or have no realistic alternative but to do so. 12
Housing Rights Company Limited by Guarantee Independent Auditor's Report to the Ivlembers of Housing Rights {contlnued) Year ended 31 March 2023 Auditor's responslblllties for the audit of the flnanclal statements Our objecttves are to obtain reasonable assurance about whether the financial staternents as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditorfs 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 il exists. Misstatements can arise from fraud cr error and are consid8red material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user5 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 delecling irregularities. including fraud is detailed below: In identifying and assessing risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, we considered the following.. the nature of the industry and sector. control environment and business performance including the design of the remuneration policies. key drivers for directors, remuneration, bonus levels and performance largels.. results of our enquiries of management aboul their own identification and assessment of Ihe risks of irregularities., any matters we identified having obtained and reviewed documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether management have knowledge of any actual. suspected or alleged fraud.. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant Component audit teams and relevant internal specialists, including lax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In Common with all audits under ISAS (UK). we are also requir8d to perform specifi¢ proGedures to respond to Ihe iisk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of Ihose laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we GonsideTed in this context included ongoing compliance with Ihe UK Companies Act and tax legislation. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for their ability to operate or lo avoid a rnaterial penalty. 13
Housing Rights Company Limited by Guarantee Independent Auditor's Report to the Members of Houslng Rights (conllnuedj Year ended 31 March 2023 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not delecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on Ihe effectiveness of the intemal Gontrol. Evaluate Ihe appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainly exists relaled to events or conditions that may cast Significant doubt on the charity'5 ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report, However, future events or conditions may cause the charity to cease to continue as a going concem. Evaluate the overall pSentatIOn, slructure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 14
Housing Rights Company Limited by Guarantee Independent Auditor's Report to the Members of Housing Rights (eontinuedj Year ended 31 March 2023 We communicate with those charged with governance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any significanl deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity'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 lo the charity's members those matters we are required to state to thern in an auditor's report and for no other purpose. To Ihe fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, orfor the opinions we have formed. Paul Dolan (Sénior Statutory Auditor} For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 19 September 2023 15
Housing Rights Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Reslricted funds Total funds 2022 Unrestricted funds Total funds Notg Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 204,800 31,608 67,205 2,528 306,141 204,800 1,961.459 67.205 2,528 2,235,992 116 1,889.463 88,907 600 1,929,851 Total Income 1,929,851 1,979,086 Expenditure Expenditure on raisin9 funds.. Costs of other trading activities Expenditure on charitable activities Total expenditure (10,250) 19641 {11,214) 16,400) (441.3371 (1,795,008) (2,236.3451 (1.816,5331 (451,587) (1,795,972) (2,247,559) (1,822,933) 10 Net gainsllosses on pension scherne 12 (11,6401 (11,640) 656 Net lexpenditure)Ilncome (157,0861 133,879 (23,2071 156,809 Transfers beeen funds 88.343 (88,343) Net movement in funds 168,743) 45,536 123,207) 156,809 Re¢onciliation of funds Total funds brought forward Total funds ¢arrled forward 1.035,771 493,250 538,786 1,529,021 1,505,814 1.372,212 1,529,021 967,028 The statement of financial activities includes all gain5 and losses recognised in the year. All income and expenditure derive from continuing activities. The notss on page5 19 to 33 form part of these flnanclal statemgnts. 16
Housing Rights Company Limited by Guarantee statement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets Investments 17 18 24.854 113 28,162 113 24,967 28,275 Current assets Debtors Cash at bank and in hand 19 226.489 1.430.301 191,729 1,396,947 1,588,676 1.656,790 Creditors: amounts falling due wlthln one year Net current assets 20 (149,602) 1,507,188 1,532,155 {75,901) 1,512.775 1,541,050 Total assets less current Ilabilities Creditors: amounts falllng due after more than one year Nèt assets 21 126,3411 1,505,814 {12.0291 1.529,021 Funds of the charity Restricted funds Unrestricted funds 538.786 967,028 493.250 1,035,771 Total charity funds 24 1,505,814 1,529,021 These financial statement5 have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statéments were approved by the board of trustees and authorised for issu6 on 19 September 2023. and are signed on behalf of the board by- R Crozier Trustee The notes on pages 19 to 33 forni part of th9S9 flnanclal statsments. 17
Housing Rights Company Llmited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash flows from operating activities Net {expenditure}lincome {23,207) 158,809 Adjustments for.. Depreciation of tangible fixed assets Net gainsllosses on pension scheme Dividends, interest and rents from investments Other interest receivable and similar income Interest payable and similar charges Accrued expensesl(income) 17,281 11,640 15,072 1656) (51 1595) 1,608 {17,391) {2,528) 24,013 Changes in.. Trade and other debtors Trade and other creditors (34,7601 64,000 56,439 {35,330) (300.5411 (181,0291 Cash generated from operations Interèst paid Interest received (1,6081 595 2,528 Net cash froml{used in) operating activities 58,967 1182.0421 Cash flows from investing activities Dividends, interest and rents from investments Purchase of tangible assets Proceeds from sale ol other investments (13,973) (11,640) {25,613) 111,104) 656 Net cash used in investing a¢tivities 110,443) Net Increasel(decrease) in cash and cash equlvalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 33,354 1,396,947 (192,485) 1.589,432 1,430,301 1,396,947 The notes on pages 19 to 33 fomi part ofthese financial statements. 18
Housing Rights Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General information The charity is a public benefit entity and a private company limited by guarantee, reglstered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered offi is 1st Floor, Skainos Centre, 239-241 Newtownards Road, Belfast, BT4 1AF. Statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Stalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (Charities SORP IFRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concern There are no material uncertainties aboul the charity's ability to continue. Dlsclosure exemptions The entity satisfies the criteria of being a qualifying enlity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 ofFRS 102.. (a) No cash flow statement has been presented for the company. (b) Disclosures in sPeCt of financial instruments have not been presented. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assurnptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonnable under the circumstsnces. 19
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 March 2023 Accounting policies {continuédJ Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unreslricled funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-Glasses: restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity.. it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income-. income frorn donalions or grants is recognised when Ihere is evidence of entitlement lo the gift, re¢eipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery Of the contracted sejvlce. This 15 classified as unrestricted funds unless there is a contra¢tual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 20
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Accounting policies {conlinuedJ Resources expended Expenditure is recognised on an accruals basis as a liability is incued. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates-. expenditure on raising funds includes the cost5 of all fundraising activities, event5, non-charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those SUPPOrt costs and costs relating to th8 governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocated to expenditure Gategaries reflecting Ihe use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tanglble assets Tangible assets are initially recorded at cost. and subsequently staled at cost less any accumulated depreciation and impaiment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the dale of revaluation less any subsequent a¢¢umulated depre¢iation and subsequent accumulated impairrnent losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverse5 a chaTge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, 15 recognised in other reGognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statemenl of financial activities. Depreclation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Fixtures and fittings Equipment 200/0 straight line 330/0 Straight line Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less irnpairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. 21
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting pollcles (continued) Investments in associates Investments in asscciates accounted for in accordance with the cost model are recorded at ctssl less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured al fair value, with changes in fair value taken through income or exp8nditure. Where il is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Investments in joint vèntures Investments in jointly controlled entities accounted for in accordance with the Cost model are recorded at cosl less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date. the investments are measured at fair value, wilh changes in fair value taken through income or expenditure. Where il is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received frorn the investment are recognised as income without regard to whether the distributions are from accumulaled profrts of the joint venture arising before or after the date of acquisition. Impaimient of flxed assets A review for indicators of impairment is ¢arried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal al each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest Identifiable group of assets that includes the asset and generates cash inflows that largety independent of the cash inllows from other assets or groups of assets. For impairrnent testing of goodwill, the goodwill acquired in a business cembinalion is, from the acquisition date. allocated lo each of the cash-generaling units that are expected to benelit from the synergies of the combination, irrespeGlive of whether other assets or liabilities of the charity are assigned to those units. 22
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2023 Accounting policies (ConUnuej Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party lo the contractual provisions of the instrument. Basi¢ financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequent5y measured at amortised cost. Where Investments in shares are publicly traded or their fair value can otherwise be measured reliably, Ihe investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impaimient. Other financial instruments, including derivatives, are initially recognisad at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that 15 not a market rate. in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that Ihe reversal does not result in a carrying amount of the financial a55et that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are reGognised as an asset to the extent that the prepayment will lead tc a reduction in future payments or a cash refund. 23
Housing Rights Company Limited by Guarantee Notes to the Flnancial Statements (continuedj Year ended 31 March 2023 Accounting pollcies (conllnue Defined contrlbution plans (contlnued) When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee Each of the members of the company has guaranteed to contribute to the assets of the company in the event of the same being wound up to the extent of £1. Donatlons and legacles Unr&stricted Total Funds UnreslriGled Total Funds Funds 2023 Funds 2022 Donations Donations 204,800 204,800 116 116 Charitable actlvitles Unrestricted Funds Restricted Totsl Funds Funds 2023 Department for Communities Oak Foundation Northern Ireland Housing Executive Northern Ireland Prison Service HPCDS ILSANI) Legal Services Other Income Nationwide Foundation Community Justice Fund Dormant Accounts Fund Nl Henry Smith Charity OCN Grant LEF 1,028,383 300,000 329.591 109.361 10,463 1.028.363 300,000 333,575 109.361 10,463 13,343 360 64,339 12,196 35,000 38,700 1.725 14.014 3,984 13,343 360 64,339 12,196 35.000 38,700 1,725 14,014 31,608 1.929.851 1.961,459 24
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (continu8d) Year ended 31 MarGh 2023 Charltable activities (cunlinvedj Unrestricled Funds Restricted Total Funds Funds 2022 Department for Communities Oak Foundation Northern Ireland Housing Executive Northern Ireland Pri50n Service HPCDS {LSANI) Legal Services Olher Income Nationwide Foundation Community Justice Fund DomiantAccounts Fund Nl Henry Smith Charity OCN Grant LEF 1,001,262 300,000 366,988 79,061 1,001,262 300,000 366,988 79,061 11,429 3,422 11,429 3,422 52,301 40,000 35.000 52,301 40,000 35,000 54,851 1,834,612 1,889,463 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Fundraising and events Sale of Publications Membership Fees Training and Events Conference & Events income 4,327 180 7,400 38.345 16,953 4,327 180 7.400 38,345 16.953 35,658 450 9,380 35,455 7,964 88.907 35,658 450 9,380 35,455 7,964 88,907 67,205 67,205 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Income from listed investments Deposit Account 2.528 2,528 2,528 2,528 595 595 800 600 Costs of other tradlng actlvltles Unrestricted Funds Restricted Total Funds Funds 2023 Costs of other trading activities 10,250 964 11,214 25
Housing Rights Company Limited by Guarantee Notes to the Financial Statements fconilnuedj Year ended 31 March 2023 Costs of other trading activities fcontinued) Unrestrictéd Funds Restricted Total Funds Funds 2022 Costs of other trading activities 6,400 6,400 10. Expendlture on charltable actlvlties by activity type Activities undertaken directly Support cost5 Total funds 2023 Total fund 2022 Relieving Povety, Homelessness & Housing Issues Governance costs 2,060.532 170,803 5,010 2,231,335 5,010 1,811,059 5,474 1,816,533 2.060,532 175.813 2,236,345 11. Analysis of support costs Analysis of support costs Totsl 2023 Total 2022 Staff costs Premises Communications and IT General office Governance Costs 159,545 6,586 2,932 1,740 5,010 159,545 6,586 2,932 1.740 5.010 192,784 9,074 6,336 2.628 5.474 175,813 175.813 216,496 12. Net gainsllosses on pension scheme Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Gainsl{lossesl on olher investment assets (11,640) {11,640) 656 656 13. Net (expenditure)lincorne Net {expenditure)lincome is ststed after chargingllcrediting): 2023 2022 Depreciation of tangible fixed assets 17,281 15,072 26
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2023 14. Auditors remuneration 2023 2022 Fees payable for the audit of the financial statements 5,010 5,330 15. Staff costs The total staff costs and employee benefit5 for the reporting period are analysed as follows: 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans other employee benefits 1,408,240 137,920 87,834 1,713 1,615,707 1,296.294 120,697 47,502 59,678 1,524,171 The average head count of employees during the year was 54 (2022.. 43). The number of employees whose remuneration for the year fell within Ihe following bands. were., 2023 2022 £60,000 to £69,999 Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning. directing and controlling the activities of the charity. The total compensation paid to key management per50nrbel for services provided to the charity was £199,066 (2022-£226.6441. 16. Trustee remuneration and expenses The Charity Trustees were not paid or received any other benefits from employment with the Charity in the year (2022.. £Nil). During the year, one Trustee was reimbursed £383 for travel expenses incurred. (2022.. £Nill 27
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 17. Tangible fixed assets Fixtures and fittings Equipment Total Cost At 1 April 2022 Addition5 30,635 125,300 13,973 155,935 13,973 169,908 At 31 March 2023 30,635 139.273 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 27,570 1,707 29,277 100,203 15,574 127,773 17,281 145,054 115,777 Carrying amount At 31 Maroh 2023 1,358 23,496 24,854 At 31 March 2022 3.065 25,097 28,162 18. Investments Llsted Investments Cost orvaluation At 1 Aprll 2022 and 31 March 2023 Impairment At 1 April 2022 and 31 March 2023 Carrying amount At 31 March 2023 113 113 At 31 March 2022 113 All investments shown above are held at valuation, Financlal assets held at fair value Listed investments are held at market value. 19. Debtors 2023 2022 Trade debtors Prepayments and accrued income Other debtors 72,290 17,572 136,627 226,489 39,204 18,663 133,862 191,729 28
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 20. Creditors: amounts falling due within one year 2023 2022 Trade creditors Accruals and deferred income Social security and other taxes Defined benefit pension deficit Other creditors 45,989 56,647 45,339 22,076 24,434 25,035 2,672 1,684 75,901 1,627 149,602 21. Creditors: amounts falling due after more than one year 2023 2022 Other creditors 26,341 12,029 22. Deferred income 2023 2022 At 1 April 2022 Amount released to income Amount deferred in year At 31 March 2023 300,000 (300,0001 8,200 8,200 23. Pension5 and other post retirement beneflts Defined contrlbution plans The amount recognised in income or expenditure as an expense in relation to defined ccntribulion plans was £67,834 {2022- £47,502). 29
Housing Rights Company Limited by Guarantee Notes to the Financial Statements fcontthuedj Year ended 31 March 2023 24. Analysis of charitable funds Unrestricted funds Al 1 Apr 2022 Gains and losses At31 Mar 2023 Income Expenditure Transfers General Funds Pension withdrawal designated Fund Future accommodation designated fund 620,771 306,141 (215,155) 112,270) (11,640) 687,847 415,000 (236.432) 41,432 220,000 59,181 88,343 59,181 967,028 1,035.771 306,141 (451,587) (11,6401 At 1 Apr2021 Gains and 105ses A131 Mar2022 Income Expenditure Transfers General Funds Pension withdrawal designated Fund Future accommodation designated fund 546,220 144,474 {80,861) 10.282 656 e20,771 360.000 55,000 415,000 906,220 144,474 {8Q,861) 65,282 656 1,035.771 £220,000 has been designated to help enable the Charity fund a complete cessation from the Nl Char5ties Pension Scheme, and cover any additional liabilities and professional costs associated with complete withdrawal. £59,181 has been designated to cover the costs of relocating Housing Rights offices in the future. Restricted funds At 1 Apr 2022 Gains and losses At31 Mar 2023 Income Expenditure Transfers CHAP Hani Prisons Beyond the Gate HPCDS Client Hardship Fund 147.280 37,468 65,671 14.461 27,511 104,286 45,758 205,070 83,838 10,463 {92,838} 111,0111 {40,957) 11,410) (191,665) (12,759) 180.6251 (4,582) (18,600) (9201 147,717 4Q.859 66,317 13.092 18,454 823 (452) 2,000 2,371 30
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 31 March 2023 24. Analysis of charitsble funds fconflnued) Oak Foundation Legal Services Dfc Mediation Landlord Helpline BME Nationwide Foundation NIHE Mediation I YPHAMS Community Justice Fund National Emergency Trust Nationwide Foundation Wellbeing Support National Lottery Awards for All Dormant Accounts Fund Nl l Digital New Oak Foundation Dfc Digital Dfc Core Legal Education Fund 61,641 35,125 12,246 98,613 50,253 (60.798) {10,021) (38,183) (6,374) 89,435 40.821 12,246 11,756 64,339 {35,984) (6.4691 33,642 3,827 38,700 (19,937) (19,631) 2,959 900 goo 1,848 (1,848) 35,000 35.000 1125,492) 90.000 34,508 37.693 300,000 (214.052) (100,1171 23,524 879,517 (873,960) (5,557) 14,014 {581) (1,492) 493,250 1.929.851 {1.795.972) {88.343) 11,941 538,786 At 1 Apr 2021 Gains and losses A131 Mar 2022 Income Expenditure Transfers CHAP Hani Prisons Beyond the Gate HPCDS Client Hardship Fund Oak Foundation Legal Service5 Dfc Medialion Landlord Helpline BME 146,454 31,471 47.062 10,913 35,995 104.101 {92,330) {10,9451 50,069 {42,662) (1,410) 173,806 1148.326) 16,871) 83,454 (77,148) 12,758) {8,484) 147,280 37,468 65,671 14.461 27,511 1,073 78,218 3.369 36.830 30,842 12,246 (2501 (77,308) 823 (910) {3.369) (8,7381 (5,9871 98,613 50,252 (65.064) (39.982) 81,641 35,125 12,246 31
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (eonlinued) Year ended 31 March 2023 24. Analysls of charitable funds fcontlnuedj Nationwidé Foundation NIHE Mediation I YPHAMS Community Justice Fund National Emergency Trust Nationwide Foundation - Wellbeing Support National Lottery Awards for All Dormant Accounts Fund Nl l Digltal New Oak Foundation Dfc Digital Dfc Core Legal Education Fund 15,229 52,301 (49,7871 {5,987) 11,756 472 34,619 (26,9521 (4,312} 3,827 900 900 8,806 (4,0561 (4,750) 2.000 12,000) 4,112 (2,264} 1,848 35,000 35,000 300,000 (256,909) 34,622 {34,3141 817,775 (814.236) (5,398) (308) (3,539) 37,693 465.992 1,834.612 {1,742,072} 165.282) 493,250 25. Analysls of net assets between funds Unrestricted Funds Restricted Total Fund5 Funds 2023 Tangible fixed asseis Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 24,854 113 1,049,079 {80,677) {26,341) 967,028 24,854 113 607,711 1,656,790 (68,925) (149,602) 126,341 } 1.505,814 538,786 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed asset5 Investments Currenl assets Creditors less than 1 year Creditors greater than 1 year Net assets 28,162 113 1,095,426 (75,901) (12,029) 1,035,771 28.162 113 1.588,676 (75.9011 {12,029} 1,529,021 493.250 493,250 32
Housing Rights Company Limited by Guarantee Notes to the Financial Statements fcontinuedj Year ended 31 March 2023 26. Financlal instruments The Charity only has financial assets and financial liabilities af a kind thal qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value. 27. Corporation tax The Charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts. 28. Contingent liabilities During the year, the charity received correspondence from their pension fund adminislralors lo advise that changes had been made in the past to the benefits provided to members of the Scheme which may not have been executed as required by the Scheme's documentation. The pension fund trustees are seeking court direction, likely to be no earlier than 2023, on how to interpret the rules. If the court directs that some changes were made in a way not permitted by the Rules then consequently members, benefits would need to be increased, which would give rise to additional liabilities, of an estimated £140,000 and as50¢iated ¢osls, including legal costs, of an estimated £12,000. 29. Analysis of changes in net debt At At 1 Apr 2022 Cash flows 31 Mar 2023 Cash at bank and in hand 1,396,947 33,354 1,430,301 30. Related parties There were no related party transactions In the financial year ended 31 March 2023 {2022'. None). 33
Housing Rights Company Limited by Guarantee Management Information Year ended 31 March 2023 The following pages do not form part of the flnanclal statements.
Housing Rights Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Income and endowments Donations and legacles Donations 204,800 116 Charitable activities Department for Communities Oak Foundation Northern Ireland Housing Executive Northern Ireland Prison Service HPCDS {LSANI) Legal Services other Income Nationwide Foundation Community Justice Fund Dormant Accounts Fund Nl Henry Smith Charity OCN Grant LEF 1,028,383 300,000 333,575 109,361 10,463 13,343 360 64,339 12,196 35,000 38,700 1,725 14,014 1,961,459 1,001,262 300.000 366,988 79,061 11,429 3,422 52,301 40,000 35,000 1.889,463 Other trading activities Fundraising and events Sale of Publications Membership Fees Training and Events Conference & Events income 4.327 180 7.400 38,345 16.953 35,858 450 9.380 35,455 7,964 88,907 67,205 Investment income Income from listed inveslments Deposit Account 2,528 595 2,528 600 Total income 2,235,992 1,979,086 35
Housing Rights Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Costs of other trading a¢tivitles Costs of other trading activities Fundraising Expenses Conference Expenditure Bank Charges OCN Fees User Training Expenses 255 5,609 303 4,338 709 808 519 336 4,537 200 11,214 6,400 Costs of other trading activities 11,214 6,400 36
Housing Rights Company Limited by Guarantee Notes to the Detailed Statement of Flnancial Activities (continuedj Year ended 31 March 2023 2023 2022 Expenditure on charitable activities Relieving Poverty, Homelessness & Housing Issues Activities undertaken dlrectly Wageslsalaries Employerfs NIC Pension Costs Redundancy Ccsts Rent Light & Heat Repairs & Maintenance Insurance Travel Costs Legal & Professional Fees Telephone Costs Other Office Costs Depreciation Pension interest Pension scheme expenses Client Support (Hardship Fund) Recruitment Costs User Forums Hospitality & Advertising Bad debt Subscriptionslmemberships Staff training Hospitality PR IAdvertising Temporary staff Client Charitable Grants - expenditure Pension scheme withdrawal 1,271,746 122,272 60,432 1,713 65,227 26.608 1,589 9,556 10.593 50,920 16.700 86,939 16,244 1,124,988 105,182 41,540 59,678 74,367 9,380 327 6,988 3.447 45,414 11,934 45,758 13,716 166 1,442 250 4,960 3,204 220 452 28,638 2,051 2,845 2,145 9,178 32,650 545 4,533 4,930 22,569 742 5,391 13.444 533 236,423 2.060,532 1,600,037 Support costs Wageslsalaries Employeff5 NIC Pension costs Rent Light & Heat Repairs & Maintenance Insurance Telephone Costs Other Office Costs Depreciation 136,494 15.648 7,402 4,1e3 1,698 115 610 1,066 2,570 1.037 170.803 171,306 15,515 5,962 7,367 928 38 742 1,298 6.510 1,356 211,022 37
Housing Rights Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities (contlnuedj Year ended 31 March 2023 2023 2022 Governance costs Governance costs - audit fees 5.010 5,474 Expenditure on charitable activities 2,238,345 1,816,533 Net gainsllosses on penslon scheme Gainsl{losses) on other investment assets {11,640} e56 Net lexpenditurellincome {23,207) 156,809 38