COMPANY REGISTRATION NUMBER: N1021018 CHARITY REGISTRATION NUMBER: NIC105735 Housing Rights Company Limited by Guarantee Financial Statements 31 March 2024 Finegan Gibson Ltd Chartered accountsnts & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Housing Rights Company Limited by Guarantee Financlal Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members 10 Statement of financial activities (including income and expenditure account) 16 statement of financial position 17 Statement of cash flows 18 Notes to the financial statements 19
Housing Rights Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charlty name Housing Rights Charity registration number NIC105735 Company registration number N1021018 Principal office and registered 1st Floor office Skainos Centre 239-241 Newtownards Road Belfast BT4 1AF The trustees G Walsh N J Fullerton C McDaid E Millen U A O'Hare C O'Neill F Kelly D McAnena J Wilson K Greene L Baird P Brannigan P Morgan P O'callaghan P Quigley R Crozier (Resigned 27 September 2023) (Resigned 15 February 2024) {Appointed 4 April 2023) (Appointed 15 February 2024) (Appointed 4 April 2023) Company secretary Catherine Mccauley 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) (continued) Year ended 31 March 2024 Solicitors Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW Structure, governance and management Governing Document Housing right is a company limrted by guarantee governed by it's Memorandum and Articles of Association dated 1st July 2014. Housing Rights is a registered charity with HMRC and the Charity Commission for Northem Ireland. Housing Rights is a membership organisation with currently 125 members, each of whom agrees to contribute £1 in the event of the charity winding up. Appointment 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 their potential to be able to make a helpful contribution to 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 Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. Trustee induction and training All newly appointed trustees undergo a half-day induction session which includes meeting with key management personnel to cover.'- general organisational background information,. Trustees and Board responsibilities., organisational projects,. operations and policy- and business support. Affangements for setting pay and remuneration of key management personnel 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 directing 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 the year. The pay of the senior staff is reviewed annually and normally increased in accordance with Northern Ireland Civil Service Pay Awards. In view of the nature of the charity, the directors benchmark against pay levels in other 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 30 % for any additional
Housing Rights Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (confinued) Year ended 31 March 2024 responsibilities. Oryanisation structure and how charity makes decisions The Board. as the governing body, can have up to 15 members. The Board nomially meets bi-monthly and the Office Bearers, known as the Executive Committee meet the months beeen Board meetings to ensure that the Board has everything it needs to do its job effectively. The Executive Committee 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 remuneration of staff. A DirectorlCEO 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 charitab18 activities. The Board of Housing Rights has also established an Audit & Risk Committee (ARC), operational from May 2017. to support them in their responsibilities regarding issues of risk, control. governance. finance, audit and associated assurance. The ARC has delegated responsibilty on behalf of the 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 risk management- and for ensuring the charity is complying with all aspects of the law, relevant regulations and good practice. Relationships with related partles None of our trustees Ceive remuneration or other benefit from their work with the charity. Risk management The trustees have a risk management strategy which comprises: an annual review of the principal risks and uncertainties that the charity faces., the establishment of policies, systems and procedures to mitigate those risks identffied in the annual review,. and the implementation of procedures designed to minimise or manage any potential impact on the charity should those 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 Ihe financial liability of Housing Rights to its pension commitments for that Scheme. The Board continue to proactively review and explor8 all options to assess and manage this risk effectivgly.
Housing Rights Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Objectives and actlvltles The charitys objectives are to promote the following purposes for the public benefit.. The rellef 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 necessitous circumstances in relation to housing matters: and Such other 8xclusively charitable purpose according to the Law of Northem Ir81and as the Directors may from time to time decide. Housing Rights believes that prevention of homelessness is the best cure. In Northem 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 are listed below under the 3 key strategic outcomes in the Improving Lives section of our Strategic Plan 2024-29. These include: 1. People live in good quality. afftjrdable and sustainable homes that meet their needs. a. Prevent homelessness b. Improve housing circumstances for those in need 2. Peoples experience of homelessness when it does occur. is that it is rare. brief and non-recurring. a. Alleviate homelessness b. Support people most at risk of repeat homelessness 3. People have the help they need at the right time. in a way that best meets their needs a. Ensure people know where to go to get help with their housing problems b. Ensure people have access to timely. quality advice in a way that best meets their needs c. Ensure People have the information they need to make decisions about their housing circumslances Further strategic priorities relating to influencing policy and practice and strengthening our capacity, are also included in our Plan. In shaping our priorities and objectivas for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit. The strategies employed to achieve the charity's aims and objectives are through the provision of services. The following describes the main services operational during the reporting year: A Housing Advice line for members of the public and stafflvolunteers working in frontline agencies A public infomiation website (vMw.housingrights.org.uklhousing-advice) Advocacy and legal representation work A Housing Possession Court Duty Scheme (Emergency help at court) Training on housing, homelessness and related issues Providing infomation 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 service within the prisons in Nl
Housing Rights Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 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 them to sustsin accommodation and access key support services Provision of a helpline on behalf of the Department for Communities to help landlords comply with their legal requirements and promote good practice in the Private Rented Sector. A Housing mediation service on behalf of the Department for Communities to help resolve housing disputes in the private rented sector as an altemative to Court. A new and unique specialist housing advocacy and mediation seNice developed for and delivered to young people in Nl to help prevent homelessness and sustain accommodation- A Renters, Voice project to support private tenants to build a collective voice and influence change A participation project to ensure that decisions made about housing and homelessness are informed by the experiences of people affected.
Housing Rights Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) feantlnued) Year ended 31 March 2024 Achievements and performance Significant achievements in the year included- 1. Dealing with 12,572 contacts for advice on housing and homelessness issues across N.1. including an increase in digital advice to 310/0 of the provision with 3,973 contacts; 2. Preventing 1,307 households from becoming homeless. 3. Over 247.000 individual users viewed pages on our public infomiation website {www.housingrighls.org.uklhousing-adviGe) 4. Providing advice to 1,684 landlords Iletting agent contacts operating in the private sector to help promote statutory compliance and good practice; 5. Delivery of the first housing mediation service in Nl to help resolve disputes in the private rented sector and dealing with 303 referrals during the year" 6. Development and delivery of a unique specialist housing advocacy and mediation service to 319 young people during the year to help prevent homelessness. 7. Our training service has continued to meet customer need by delivering relevant and new courses in line with policy and legislative changes. We delivered training in person and re-motely resulting in increased uptake with 1,105 participants attending during the year. 8. Influencing 23 recommendations and changes to housing policyllegislation. including a reduction in waiting time for Support for Mortgage Interest from 39 weeks to 13 weeks. Changes to the Dfc Budget Allocation 2023125 included additional funding for SHDP and the announcement in the Autumn statement that the Local Housing Allowance rate would be uprated. Further changes influenced include the adoption of Housing Advice Quality Standards into the NIHE Homelessness Action Plan, the addition of of participation into the HSSG Terms of Reference. infiuencing 4 CommendatIOnS the Nl Audit Office Publication 'Reducing Adult Reoffending, and shaped the priorities of Phase 2 of Private Rented Sector Reform through extensive, evidence based engagement with Dfc. 9. Renters, Voice. supported by Housing Rights continued to be an influential consultee of politicians lofficials when considering policyllegislative change in the private rented sector. This included influencing Regulations introduced under the Private Tenancies Act (Northern Ireland) 2022, continuing to advocate for policy change to support private renters in the face of the cost-of-living crisis, and carrying out research into the charging of unlawful letting fees (which they were commissioned by NIHE to carry out). The Annual Review document. known as our Impact Report, for the period 2023-2024 wlll be available at our Annual General Meeting which will be held prior to 31st March 2025.
Housing Rights Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continue<l) Year ended 31 March 2024 Financial revlew Housing Rights is grant aided by the Department for Communities. The organisation also receives money from other government departments and statutory organisations. Additional income is generated from sale of services, charitable fundraising and other donations. Housing Rights continues to meet the objects set by the funders. The organi5ation reports to funders directly on its work in tailored annual reports and also through a published Annual Review (Impact Report). The 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 SerVeS was £1.002.195 and the balance of restricted reserves was £475.927 at 31st March 2024. Investmentpowers andpolicy The trustees. having regard to the liquidty requirements of the charity, have kept available frjnds in an interest bearing deposit account and seek to achieve a rate on deposit which matches or exceeds inflation measured by the retail prIS index. The trustees agreed to the development and adoption of an investment policy in preparation of the strategic review of Housing Rights, reserves policy (completed August 2024). Reserves policy and going concern Reserves 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. Pending a strategic review of the current reserves policy to update the policy in light of best practice (expected to be completed by June 2025) the trustees consider that the ideal level of reserves would be at at least three months expenditure which for the year ended 31 March 2024 for core funding would be £201.264. In addition, an amount of £353,578 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 unrestricted free reserve5 is £614.842 of unrestricted reserves. Thi5 policy is reviewed by the Audit and Risk Committee annually. Unrestricted reserves freely available to spend. therefore excluding fixed assets, restricted reserves and designated reseNes amounted to £684,934 which is above the target level.
Housing Rights Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuedl Year ended 31 March 2024 Plans for future periods Our new Strategic Plan was launched to covers the period April 2024 March 2029. Housing Rights aims, subject to satisfactory funding arrangements, to sustain current services. The organisation also plans to develop new initiatives to meet the growing demand for assistance from people who are homeless or in houslng need in Northern Ireland. The organisation continues to recognise that the voluntsrylcommunity sector is in a period of financial uncertainty with significant public expenditure savings being made within the Nl Executive budget. Housing Rights intends to build on its effective relationship with funding bodies and to continue to demonstrate that it provides an efficient and effective value for money service. We will continue to evidence the high level of need for our work and to promote the positive outcome and impact of our services for people in housing need in Northern Ireland. In addition, the organisation is committed to strengthening its capacity and taking further steps towards its financial resilience. Trustees. responslbllltles 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 charitsble company and the incoming resources and application of resources, including Ihe income and expendilure, for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently: observe the method5 and principles in the applicable Charities SORP; make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are SLrfficlent to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of Ihe charity and enable them to ensure that the financial 51atements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Housing Rights Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Auditor Each of the persons who is a trustee at the date of approval of this report confirms that: so far as they are aware, there is no relevant audit infonrjation of which the charity's auditor is unaware., and they have taken all steps thal they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 5 December 2024 and signed on behalf of the board of trustees by.. R Crozier Trustee
Housing Rights Company Limited by Guarantee Independent Auditorfs Report to the Members of Housing Rights Year ended 31 March 2024 Opinion We have audited the financial statements of Housing Rights {Ihe 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account). statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting 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 view of the state of the charitys affairs as at 31 March 2024 and of its incoming resources and application of resources, including its 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 conduded our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibiltties 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 obtsined is sufficient and appropriate to provid8 a basis for our opinion. In common with many other businesses of our size and nature we use our size and nature, we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve Months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. 10
Housing Rights Company Limited by Guarantee Independent Audltorfs Report to the Members of Housing Rights (¢ontlnu•d) Year ended 31 March 2024 Other information The other infomiation comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infomation. Our opinion on the financial statements does not Cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so. consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. If, based on the work we have performed. we conclude that there is a material misstst8ment of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial ststements: and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledga and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us. or the financial 8tatements are not in agreement with the accountlng records and returns; or certain disclosuS of trustees, remuneration specified by law are not made. or we have not received all the infonnation and explanations we require for our audit: or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and tske advanlage of th8 small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report.
Housing Rights Company Limited by Guarantee Independent Auditor's Report to the Members of Housing Rights (continued) Year ended 31 March 2024 Responsibllltles of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial slatements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the 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 Members of Housing Rights (¢ontinu•d) Year ended 31 March 2024 Auditorfs responslbilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-complian wilh laws and regulalions. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: 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 industy and sector, control environment and business perfomance including the design of the remuneration policies. key drivers for directors, remuneration, bonus levels and performance tsrgets., results of our enquiries of management about their own identification and assessment of the 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 instsnces of non-compliance. d&tecting 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 tax 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 required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation. focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial slatements. The key laws and regulations we considered in this context included ongoing compliance with the 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 to avoid a material penalty. 13
Housing Rights Company Limlted by Guarantee Independent Auditorfs Report to the Members of Housing Rights (continued) Year ended 31 March 2024 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 to provide a basis for our opinion. The risk of not detecting 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 audFt in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the 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 uncertainty exists related to events or conditions that may cast signrficant doubt on the charivs ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial statements or. rf such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation. structure 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. 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 significant deficiencies in intemal control that we identify during our audit. 14
Housing Rights Company Llmlted by Guarantee Independent Auditor's Report to the Members of Housing Rlghts (continued) Year ended 31 March 2024 As explained more fully in the Trustees, Responsibilities Statement (set out on page 8), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vlew. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing {UK). Those standards require us to comply with the Financial Reporting Council's (FRC'S) Ethical Standard for Auditors,, in the circumstances set out in note 31 to the financial statements. Use of our report This report is made solely to the charitys 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 slate to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and th8 charity's mambers as a body. for our audit work. for this report, or for the opinions we have formed. Paul Dolan (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered aGcountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 5 December 2024 15
Housing Rights Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted fijnds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 99,695 21,182 56,894 18,762 99,695 2.052,168 56,894 18,762 204,800 1.961,459 67,205 2,528 2.030.986 Total income 196,533 2.030.986 2.227.519 2.235.992 Expendlture Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities Total expenditure (13,369) (13,369) (11,214) (217.294) (2.024,548) (2,241,842) (2.236,345) (230.663) (2.024,548) (2,255,211) (2,247.559) 10 Net gainsllosses on pension scheme 12 <11,640) Net expenditure (34,130) 6,438 (27,692) (23,207) Transfers between funds 69,297 (69,297) Net movement In funds 35,167 (62,859) (27,692) (23,207) Reconciliation of funds Total funds brought forward Total funds carried forward 967,028 538,786 1.505,814 1,529.021 1,002,195 475,927 1,478,122 1,505.814 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 19 to 33 form part of thesa financial staternents. 16
Housing Rights Company Llmited by Guarantee statement of Financial Posltlon 31 March 2024 2024 2023 Note Flxed assets Tangible fixed assets Investments 17 18 23.561 113 24,854 113 23,674 24,967 Current assets Debtors Cash at bank and in hand 19 257.756 1.646.698 226,489 1,430,301 1,656.790 1,904,454 Creditors: amounts falllng due wlthin one year Net current assets 20 (423,665) (149.602) 1.480.789 1,507.188 Total assets less current Ilabllltles 1,504,463 1,532,155 Creditors: amounts falling du8 after more than one year Net assets 21 (26,341) 1,478,122 (26,341) 1,505.814 Funds of the charity Restricted funds Unrestricted ftjnds 475.927 1.002.195 538,786 967,028 Total charlty funds 24 1,478,122 1,505,814 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for Issue on 5 December 2024, and are signed on behalf of the board by: R Crozier Trustee The notes on pages 19 to 33 form part of these flnanclal slatements. 17
Housing Rights Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operatlng actlvltles Net expenditure (27.692) (23.207) Adjustments ft)r.' Depreciation of tangible fixed assets Net gainsllosses on pension scheme Other interest receivable and similar income Accrued expenses 13,533 17.281 11.640 (2,528) 24.013 (18,762) 104,381 Changes in.. Trade and other debtors Trade and other creditors (31,267) 169,682 (34.760) 64.000 Cash generated from op8rations 209.875 56,439 Interest received 18,762 2.528 Net cash from operating activities 228.637 58,967 Cash flows from investing activitles Purchase of tangible assets Proceeds from sale of other investrnents (12,240) (13,973) (11,640) (25,613) Net cash used in investing aclivities (12.240) Net Increase in cash and cash equlvalents Cash and cash equivalents at beginning of year Cash and cash equlvalents at end of year 216.397 1.430,301 33.354 1,396.947 1.646,698 1,430,301 The notes on pages 19 to 33 forni part of these Ilnan¢lal statements. 18
Housing Rights Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefil entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 1 st Floor, Skainos Centre, 239-241 Newtownards Road, Belfast, BT4 1AF. statement of compliance 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 Statement of Recommended Practice applicable to Gharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 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 enlity. Golng concern There are no material uncertainties about the charity's ability to continue. Dlsclosure exemptions Th6 entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estlmatlon uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions 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 circumstances. 19
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (¢onlinued) Year ended 31 March 2024 Accounting policies (contlnu8d) Fund accounting Unrestricled funds are available for use at the discretion of the trustees to fijrther any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall inlo one of two sub-classes: 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 to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income- income from donations or grants is recognised when there is evidence of entitlement to the gift. receipt 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 seNices is recognised with the delivery of the Contracted service. This is classified as unrestricted funds unless there is a contractual 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 Financlal Ststements {contlnu8d) Year ended 31 March 2024 Accounting policies (conllnuodj Resources expended Expendlture Is recognised on an accruals basis as a liabllity is incurred. 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 costs of all fundraising activities, events, non-charilable 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 the 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 its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and Gonsistent basis. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term. on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tsngible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulaled impairment 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 il reverses a charge for impairment that has previously been recognised as expenditure wilhin the statement of financial activities. A decrease in the carying amount of an asset as a result of revaluation, is recognised in other recognised 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 statement of financial activities. Depreciation Depreciation is calculat8d 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 200h straight line 33% straight line 21
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (eonlinu Year ended 31 March 2024 Accounting policies {contlnuedJ Inveslments 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 impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investments in associates Investments in associates accounted for in accordance with the cost model are recorded at cost 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 at fair value. with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model viill 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 ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost 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. with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividend5 and other distributions received from the investment are recognised as income wilhout regard to whether the distributions are from accumulated profils of the joint venture arising before or after the date of acquisition. Impaimient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also vieWed for possible reversal at 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 a55et and generates cash inflows that largely independent of the cash inflows from other assets or groups of a55ets.
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2024 Accounting policies (contlnuedj Impairnient of fixed assets (contlnued) For impairment testing of goodwlll, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty lo the contractual provisions of the instrument. Basic 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 subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequently measured at fair value with changes in fair value regnised in income and expenditure. All other such investments are subsequently measured at cost less impainnent. other financial instwments. including derivatives. are initially recognised at fair value, unless payment for an asset is d8ferr8d beyond normal business tems or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the futur8 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 Gost are reviewed for objective evidence of impaimient 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 ststement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually signlficant, these are assessed individually for impairment. Other financial assets are 8ither assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had Ihe impairment not previously been recognised. 23
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (contlnu•dJ Defjned contribution plans Contributions to detlned contribution plans are recognised as an expense In the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead lo a reduction in future payments or a cash refund. 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. Llmlted 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. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations 99,695 99,695 204,800 204.800 Charitable activitles Unrestricted Funds Restricted Total Funds Funds 2024 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 Community Foundation 1,056,204 300,000 352.795 132,632 10,462 1,056,204 300,000 355,967 132,632 10,462 14,608 1,357 43,538 3,172 14,608 1,357 43,538 30,000 39.200 30,000 39,200 2,045 41,155 25,000 2.052,168 2,045 41.155 25.000 21,182 2.030.986 24
Housing Rights Company Limited by Guarantee Notes to the Financlal Statements feontlnuad) Year ended 31 March 2024 Charitable activities (contlnugd) Unrestricted Funds Restricted Total Funds Funds 2023 Department for Communities Oak Foundation Northern Ireland Housing Executive Northern Ireland Prison Service HPCDS (LSANI) Legal Services Other Income Nalionwide Foundation Community Justice Fund Domiant Accounts Fund Nl Henry Smith Charity OCN Grant LEF Community Foundation 1,028,383 300,000 329,591 109,361 10,463 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 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 other trading activities Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Fundraising and events Sale of Publications Membership Fees Training and Events Conference & Events income 560 560 4.327 180 7,400 38,345 16,953 4,327 180 7,400 38,345 16,953 6,896 37,083 12,355 6,896 37.083 12.355 56,894 56,894 67.205 67,205 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Deposit Account 18,762 18,762 2,528 2,528 Costs of other trading activities Unrestricted Funds Restricted Total Funds Funds 2024 Costs of other trading activities 13,369 13,369 25
Housing Rights Company Llmlted by Guarantee Notes to the Financial Statements (eontlnu•d) Year ended 31 March 2024 Costs of other trading activities (contlnued) Unrestricted Funds Restricted Total Funds Funds 2023 Costs of other trading activities 10,250 964 11,214 10. Expenditure on charltable actlvltles by actlvlty type Activtties undertaken directly Support costs Total funds 2024 Total fund 2023 Relieving Poverty, Homelessness & Housing Issues Governance costs 2,062,574 174.048 5.220 2.236,622 5.220 2.231,335 5,010 2,236,345 2,062,574 179.268 2.241.842 11. Analysis of support costs Analysis of support costs Total 2024 Total 2023 Staff costs Premises Communications and IT General office Governance costs 158,498 6,294 1,269 7,987 5,220 158.498 6.294 1,269 7.987 5,220 179.268 159.545 6.586 2.932 1.740 5,010 179,268 175.813 12. Net galnsllosses on penslon scheme Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl{losses) on other investment assets (11.640) (11.640) 13. Net expendlture Net expenditure is ststed after chargingl{crediting)'. 2024 2023 Depreciation of tangible fixed assets 13.533 17,281 26
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 14. Audltors remuneration 2024 2023 Fees payable for the audit of the financial statements 5,220 5,010 15. Staff costs The total staff costs and employee benefits for the reporting pertod are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pansion plans Other employee benefits 1.488.939 141.440 68.694 1,408,240 137,920 67,834 1,713 1,615.707 1.699.073 The average head count of employees during the year was 51 (2023: 54). The number of employees whose remuneration for the year fell within the following bands. were: 2024 2023 No. £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 personnel for services provided to the charity was £204,692 (2023:£199,066). 16. Trustee remuneratlon and expenses The Charity Trustees were not paid or received any other benefits from employment with the Charity in the year (2023: £Nil). During the year, one Trustee was reimbursed £470 for travel expenses incurred. (2023: £383) 27
Housing Rights Company Limited by Guarantee Notes to the Financial Statements feontlnuadj Year ended 31 March 2024 17. Tanglble flxed assets Fixtures and fittings Equipment Total Cost At 1 April 2023 Additions 30,635 139.273 12.240 169,908 12,240 At 31 March 2024 30,635 151,513 182,148 D8preclatlon At 1 April 2023 Charge for the year At 31 March 2024 29.277 1,118 115.7TT 12.415 145.054 13.533 30,395 128,192 158.587 Carrying amount At 31 March 2024 240 23,321 23.561 At 31 March 2023 1,358 23,496 24.854 18. Investments Listed Investments Cost or valuatlon At 1 Aprll 2023 and 31 March 2024 Impaim)ent At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 113 113 At 31 March 2023 113 All investrnents shown above are held at valuation. Financial assets held at fairvalue Listed investments are held at market value. 19. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 36.836 26.441 194.479 72,290 17,572 136.627 257.756 226,489 28
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (eontlnu8d) Year ended 31 March 2024 20. Credltors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 93,872 159.841 31.550 138.602 45,989 56,647 45,339 1,627 149,602 423.665 21. Creditors: amounts falllng due after more than one year 2024 2023 Other creditors 26.341 26,341 22. Deferred income 2024 2023 At 1 April 2023 Amount released to income Amount deferred in year At 31 March 2024 8,200 (8.200) 7,013 8,200 7,013 8,200 23. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £68.694 {2023: £67,834). 29
Housing Rights Company Llmited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 24. Analysis of charitable funds Unrestrfcted funds At 1 Apr 2023 Gains and losses At31 Mar 2024 Income Expenditure Transfers General Funds Pension withdrawal designated Fund Training Future accommodation designated fijnd 687.847 120.606 {169,255) 78,478 717,676 220,000 220,000 14,519 75,927 (61.408) 59.181 (9,181) 69,297 50,000 1,002.195 967,028 196,533 (230,663) At 1 Apr 2022 Gains and losses At31 Mar 2023 Income Expenditure Transfers General Funds Pension withdrawal designated Fund Training Future accommodation designated fund 620,771 306.141 (215,155) (12.270) (11,640) 687,847 415,000 {236.432) 41.432 220.000 59.181 59.181 1.035.771 306.141 (451.587) 88.343 (11,640) 967.028 £220,000 has been designated to help enable the Charity fund a complete cessation from the Nl Charities Pension Scheme. and cover any additional liabilities and professional costs associated with complete withdrawal. The income. less associated expenditure. generated from training courses delivered has been designated for future investment in training delivery. £50.000 has been designated to cover the costs of relotIng Housing Rights offices in Ihe future. 30
Housing Rights Company Llmited by Guarantee Notes to the Financial Statements (¢ontinu8dJ Year ended 31 March 2024 24. Analysis of charitable funds fcontlnu8d) Restricted funds At 1 Apr 2023 Gains and losses At31 Mar 2024 Income Expenditure Transfers CHAP Hani Prisons Beyond the Gate HPCDS Client Hardship Fund Dfc Mediation Landlord Helpline BME Nationwide Foundation YPHAMS Community Justice Fund National Lottery Awards for All Domiant Accounts Fund Nl l Digital New Oak Foundation Dfc Core Legal Education Fund Community Foundation Nl 147,717 40.859 66.317 13,092 18,454 107.973 47,997 237,012 92.445 10,462 {92.542) (22,025) (44.412) (3,678) (211.656} (25,356) {85,119) (7.214) (15,714) (1.623) 141,123 40,766 66,317 13,204 11,579 2,371 89,435 40,821 12,246 (1,504) 5.000 (157,694) (13.918) (47,830) (3.617) 5,867 82,177 50.631 40.005 12.246 33,642 2,959 43.538 39.200 (44,657) (71,403) (6.886) 35.973 25.637 6.729 900 900 34,508 30,000 (98.201) 94,081 62,388 23,524 300,000 923.396 (195.015} (104,755) (916,574) (6.822) 23,754 11,941 41,155 (29,722) (8.457) 14,917 25.000 {14,505) 538,786 2,030,986 (2.024,548) (69,297) 10.495 475,927 At 1 Apr 2022 Gains and At losses 31 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) (11,011) (40.957) (1,410) (191.665) (12,759) (80,625) (4.582) (18,600) (920) 147,717 40,859 66.317 13,092 18,454 823 (452) 2.000 2,371 31
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (contlnu8d) Year ended 31 March 2024 24. Analysis of charitable funds (contlnuod) Dfc Mediation Landlord Helpline BME Nationwide Foundation YPHAMS Community Justice Fund National Lottery Awards for All Dormant Accounts Fund Nl l Digital New Oak Foundation Dfc Core Legal Education Fund Community Foundation Nl 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 3,827 64.339 38,700 (35,984) (6,469) (19,937) (19,631) 33,642 2,959 900 900 1,848 (1,848) 35,000 35,000 (125,492) 90,000 34,508 37.693 300.000 879,517 {214,052) (100,117) (873.960) (5.557) 23,524 14,014 (581) (1.492) 11,941 493.250 1,929,851 (1,795,972) (88,343) 538,786 Transfers out of restricted funds related to project management costs and other intemal expenditure transactions. 25. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater Ihan 1 year Net assets 23.561 23,561 113 113 1.263.112 641.342 1,904.454 (258.250) (165.415) (423.665) (26.341) (26.341) 1,002.195 1,478.122 475.927 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets 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) (26.341) 1,505.814 538.786 32
Housing Rights Company Limited by Guarantee Notes to the Financial Statements (eontlnued) Year ended 31 March 2024 26. Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 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. Contlngent liabilities During the year. the charity received correspondence from their pension fund administrators to advisa that changes had been made in the past to the benefits provided to members of the Scheme which may not have b88n 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 pemiitted 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 associated costs. including legal costs. of an estimated £12.000. 29. Analysls of changes in net debt At At 1 Apr 2023 Cash llows 31 Mar 2024 Cash at bank and in hand 1.430.301 216.397 1,646,698 30. Operating lease commitments The total future minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 67,680 22,560 67,680 90,240 90,240 157,920 31. Related parties There were no related party transactions in the financial year ended 31 March 2024 {2023: None). 32. Ethical standards In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 33