The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
The objects are specifically restricted to the promotion, preservation and protection of the good physical and mental well-being of women, including (but not limited to) providing social housing.
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
Chairs Report
In the year 2023-2024, the WomenCentre Homes Charitable Company maintained a property portfolio of six homes, providing safe and supported housing to six women and their 12 children.
We were delighted that the property industry charity LandAid voted WomenCentre Homes as their Charity of the Year 2023. This recognition is a testament to the fantastic work that our small Halifax-based charity does in Calderdale to provide safe and supported housing for women and their children who are at risk or have experienced harm from abusers.
We were overjoyed to witness the success story of one of our tenants. After two years of our unwavering support, she achieved employment and independence. We supported her to remain in her Stonewater property with her children. We have now also partnered with Halifax Opportunities Trust to provide a replacement for this supported property.
The WomenCentre Homes Team continued to strive towards excellence. Of particular interest this year has been the focus on developing both our pre-tenancy support model and quality outcomes monitoring for tenants.
I want to thank our outgoing chair, Helen Rhodes, and welcome our new trustees as they join this dedicated team. I also thank our small and professional executive team for their hard work and commitment to the homes and futures of the women and children we support.
Maggie Smallwood Chair-interim
CEO and Housing Development Manager’s Report
Thanks to continued revenue funding from The National Lottery Community Fund (TNLCF), the Housing Development Manager post remained secure, supporting development growth in our organisation which was one of the top priorities for 2023-2024.
We secured a £10k capital refurbishment grant from the Clothworkers Foundation, which enabled us to develop a partnership with the Halifax Opportunities Trust and refurbish an additional property to our portfolio during the period.
We strengthened our partnership with LandAid and secured a £75,000 capital refurbishment grant alongside £7,500 in legal costs from the Albert Hunt Trust to explore opportunities for renovating new housing stock in 2024-25.
We initiated new discussions on social investments with Key Fund and the Thrive Together Fund to explore grants and loans for accelerating housing growth.
During this period, Trusthouse Charitable Foundation awarded WomenCentre Homes pre-tenancy revenue funding of £8.5k. This has been instrumental in allowing us to develop our support model, which now includes pre-tenancy support for women on our waiting list for our homes.
The WomenCentre Homes team has been dedicated to developing personal support plans and quality outcome monitoring for the women and children we support.
For the second consecutive year, all participants felt that their overall situation had improved since moving into their WomenCentre Homes property.
Furthermore, all tenants reported experiencing improved relationships with their children, enhanced coping abilities, and better access to social networks and support.
We started a recruitment process for volunteers to support activities within the organisation.
Angela Everson (CEO) and Cathy Wheatcroft (Housing Development Manager
The Board of Trustees has developed a reserves policy in line with guidance from The Charity Commission. The principal funding sources are rental income from properties (primarily from housing benefit) and grants from charitable trusts.
At March 2024 unrestricted funds stand at £8,767 which is in line with the previous year. During the year the Board decided that it would be prudent to set up a specific designated contingency fund within unrestricted reserves. Currently the main risk for the charity is a loss of rental income impacting the ability to cover staffing and core costs. The board recognises that it will take time to build this contingency fund and has set a target of £20,000 to be reached over the following 5 years. The Board will continue to review this annually in conjunction with the risk register in case any changes are needed.
As at 31 March 2024 the contingency fund stands at £2,000.
The next few years will be instrumental in the scheme's growth to continue developmental momentum and build upon the number of properties to reach a point of financial self-sustainability. The national economic picture of high interest rates and a slow housing market has meant that our growth trajectory is slower than anticipated but we remain committed to responsible long-term growth.
Our long term aim is to grow our portfolio by considering a range of investment options, giving us comfort to:
Fulfil the demand for housing with support for our service users; and
Become sustainable and non-reliant on grant funding
Future Priorities 2024-2025
WomenCentre Homes aims to pursue a faster housing growth rate. This will include:
Reviewing the WomenCentre Homes Strategic Plan.
Continuing to develop our partnerships with large scale social impact investment partners and social investment funding.
Sourcing completion funding to add to existing capital investment from our partners Tudor Trust, LandAid, and Albert Hunt Trust to acquire three properties for our housing portfolio.
Other priorities include:
Adding two volunteers to our organisation to support the capacity of our Housing Team.
Investigate opportunities to share the WomenCentre Homes support model.
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The charitable company was registered with Companies House, registered number 12445679, on 6 February 2020.
It is controlled by its Memorandum and Articles of Association, dated 6 February 2020 and constitutes a limited company, limited by guarantee.
The charity was registered with the Charity Commission, registered number 1189204, on 24 April 2020.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Liability of members
The liability of members is limited.
The trustees' report was approved by the Board of Trustees.
The trustees, who are also the directors of Womencentre Homes for the purpose 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
I report to the trustees on my examination of the financial statements of Womencentre Homes (the charity) for the year ended 31 March 2024.
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Womencentre Homes is a private company limited by guarantee incorporated in England and Wales. The registered office is 23, Silver Street, Halifax, West Yorkshire, HX1 1JN, United Kingdom.
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Grants received
Rent income
Recharges
Recharges to Womencentre
Repairs and maintenance
Computer repairs and maintenance
Training
Affiliation fees and subs
Subcontractors and consultants
Management charges
Overhead charges
Rent
Insurance
Staff travel and expenses
Sundries
There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023.
Womencentre Homes does not have any employees. All staff who work for Womencentre Homes are employed by Womencentre and their salary costs are recharged to Womencentre Homes.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
The operating leases represent leases entered into with Halifax Opportunities Trust. The leases are negotiated over terms of 10 years from 1st of January 2024 to 31st December 2034 and rentals are fixed for 10 years.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
There were no disclosable related party transactions during the year (2023 - none).