The trustees present their annual report and financial statements for the year ended 31 March 2025.
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, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".
The Charity's principal objectives as set out in the Memorandum of Association are the relief of poverty, sickness, and old age; in particular (but without in any way limiting the generality of the foregoing words) for the relief of poverty of persons who by reason of mental or physical infirmity are unable to fulfil their duties as citizens or their obligations to their employers.
Petrus assists and supports a wide range of people in housing need and aims to develop their skills, independence, and choice by providing good quality supported housing and associated services. During the year the Charity continued to provide this, working wherever possible to improve its level of service and standards.
The aim of the charity is to undertake a broad range of work and activity which contributes to achieving our vision of 'Together we will end homelessness and create safe paces where all people can flourish'. As a community- based organisation working to reduce homelessness and support vulnerable adults with complex needs, experiencing multiple disadvantage we are acutely aware of the impact of health, wellbeing and safe, secure housing on the outcomes of people in the boroughs within which we work. The importance of tackling barriers to good health and wellbeing to end homelessness is a key area of focus for the charity.
We work to offer a diverse range of frontline services to adults to relieve hardship and distress amongst homeless people and people in need. Our objectives of the year to work towards achieving our vision will be centred around providing Personalised Housing Plan homeless relief and prevention, Town centre outreach support, Women offenders service, Greater Manchester Housing First, Making Every Adult Matter Changing Futures, Green social prescribing, youth social prescribing, health and wellbeing activity and quality supported accommodation.
A further focus of our work is to campaign and break down stigma within communities surrounding the causes and effects of homelessness and influence positive prejudicial and policy change.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Petrus is a dynamic charity striving to deliver its vision ‘Together we will end homelessness and provide safe spaces where all people can flourish’. Petrus’s work is focused on:
Housing Support
Wellbeing Support
Crisis Support
During 2024/25 Petrus rehoused 114 vulnerable people in its supported accommodation, provided services to 320 people in their own homes and supported 185 entrenched rough sleepers who visited the Hub, a day centre where people can access a range of other vital services.
The team continue to be a lead partner in the Housing First contract (delivery started in 2020) that operates across Greater Manchester and has provided strong evidence that community based crisis support alongside a stable home for the people that Petrus support is key to reducing rough sleeping and homelessness. In the last 5 years, Petrus has rehoused 91 people with 16 being in the past 12 months. The project will run for at least another 12 months with Petrus recently retendering for the contract and it is anticipated that future funding could come from central Government as part of the new national Homelessness Strategy
Petrus made a surplus in 2024/25 driven by the efficient management of all accommodation based services and through a portfolio of initiatives aimed at providing enrichment to the lives of those that Petrus serves.
Integration with the Regenda Homes Financial Inclusion team also produced good financial results. At year end, Petrus tenancy arrears were £85,576 or 2.5%. Collection rate was 104.4% against a target of 99.6%.
A poor payment history by one local authority partner did mean intensive work by the Petrus and Regenda Homes teams to recover rent and service charges but this issue was resolved and the arrears position exceeded targets set.
The Charity achieved 97% customer satisfaction with its overall services and was awarded 3 Stars in Best Companies for staff engagement.
Despite a challenging funding environment, turnover has increased over the past 2 years.
The Charity's Statement of Financial Activities shows net income for the year 2024/25 of £247,372 (2024 - net income of £7,185).
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At 31 March 2025, the Charity had restricted funds of £73,022 (2024 - £41,736), unrestricted funds of £855,834 (2024 - £639,748 ) and endowment funds of £114,769 (2024 - £114,769 )
Accumulated funds are maintained in accordance with the reserves policy detailed below in order to enable the Charity to continue and to develop. Details of fixed assets are given in notes 13 and 14. The directors consider that the Charity's assets are available and adequate on a fund by fund basis to fulfil the obligations of the Charity.
The Company's latest Business Plan including sensitivity analysis and stress testing, approved May 2025, demonstrates that the Company has sufficient cash facilities in place to meet all liabilities as they fall due for a period of at least 12 months from the approval of these financial statements.
After a thorough review considering the impact of inflation and the challenging economic environment on all assets, liabilities and commitments, management has identified that the main risk comes from a reduction in local authority grant funding which is likely to impact on some community based support services delivered by Petrus. The stress testing performed includes modelling the impact of a potential reduction in grant income.
The management team monitor this risk through the production of monthly management accounts and updates on subsidiary performance are also provided to the parent Board at each Board meeting. To mitigate this risk, a number of exit strategy reserves have been designated by Trustees to cover the costs associated with the suspension of related community based services whilst safeguarding the charity's ability to continue to maintain its high quality service provision of supported housing for homeless people with a variety of needs.
Based on this position the Board has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months after the date on which the report and financial statements are signed.
The directors have reviewed the charity's need for reserves (unrestricted funds) in line with the guidance issued by the Charity Commission and have designated £396k (2024 - £412k) to meet the planned expenditure detailed in note 21 to the accounts.
The directors consider that, additionally, at least three months running costs should be retained to ensure that the Charity can run efficiently and meet the needs of its service users. After deducting designated funds, the balance of unrestricted (general) funds at the year-end met this target. This policy will be reviewed annually by the directors.
The Trustees regularly review where the charity's funds are invested and new accounts including fixed term deposits are opened periodically in order to ensure a competitive return is received.
The directors have conducted a financial risk analysis of the major risks to which the Charity is exposed and systems have been established to mitigate those risks.
Internal risks are minimised by the implementation of procedures for the authorisation of all operational aspects of the charitable company. These procedures are periodically reviewed to ensure they still meet the needs of the charity. There is a written financial risk assessment which forms part of the organisation's business plan.
The charity has a business plan that sets out its strategic aims and objectives for the next 3 years. Petrus will continue to delivery its primary activities to prevent homelessness whilst seeking opportunities to sustainably grow and meet the increasing demands on its services.
The Government should announce its national Homelessness Strategy in 2025/26 which will provide a clear sense of direction and clarity on funding for charities such as Petrus. This is expected to be launched alongside a strategy to reduce temporary housing and boost housing supply.
It is anticipated that having a long term vision by Government for eradicating homelessness will lead to new opportunities and will give Petrus the ability to grow further across the Northwest.
Petrus will focus efforts on fundraising and marketing to ensure that the charities brand is well recognised and fundraising becomes sustainable. This will be supported by a new Fundraising and Marketing Strategy which will be completed in early 2025/26.
The charity is a company limited by guarantee and is registered as a Charity with the Charity Commission. The affairs of the Charity are governed by its Memorandum and Articles of Association. The Charity is a member of the Regenda Group.
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:
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Charity complies with the principal recommendations of the National Housing Federation's Code of Governance 2020 and Code of Conduct 2022.
The Charity is run by a council of management who are responsible for setting the strategic direction of the organisation and for established policy.
Overall responsibility for the day to day running of the Charity is delegated to Petrus Charity Director and managers, who reports to the Trustees Board Quarterly.
The trustees listed in the legal and administrative information page are also directors of the charity for the purposes of company law. The maximum period a trustee can serve is 9 years.
Petrus Trustees makes all major decisions affecting development, strategy, finance and personnel matters.
There is a Business Plan agreed by the Petrus Trustees and approved by the Regenda Group Board which is the parent company.
Paid managers can make decisions regarding the day to day operation of services within an agreed schedule of delegations.
From time to time advertisements are placed in appropriate journals advertising Trustee vacancies.
There is a standard application pack, which includes information about the Charity, legal responsibilities, job descriptions and an application form, including reference requests. Potential new Trustees meet with the Chair of Petrus and Petrus Charity Director and also meet senior representatives from the Regenda Group (parent board) and can then be invited to attend a Petrus Board meeting in an observer role. References checks are carried out.
Prior to appointment to the Petrus Board, the application is considered by the parent board's Governance and Remuneration Committee for final approval to the parent board.
Training for trustees are available and includes health and safety, charity law, safeguarding and finance.
Useful information is available for new trustees on the Charity Commission website, particularly in the section "Guidance for Trustees and Charity Advisers".
The Trustees regularly review the remuneration of senior staff using NJC scales as a guide.
The trustees, who are also the directors of Petrus Community 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;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.
In accordance with the company's articles, a resolution proposing that Mitchell Charlesworth (Audit) Limited be reappointed as auditor of the company will be put at a General Meeting.
The trustees' report was approved by the Board of Trustees.
Opinion
We have audited the financial statements of Petrus Community (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:
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 Auditor's 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 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 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 statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement 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 our audit:
the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within 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 trustees 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 trustees' report and from the requirement to prepare a strategic report.
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements 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 charitable company or to cease operations, or have no realistic alternative but to do so.
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 with 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-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 detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
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;
the charity's own assessment of the risks that irregularities may occur either as a result of fraud or error;
the results of our enquiries of management and members of the Board of Trustees of their own identification of and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the charity’s documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they 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; and
the matters discussed among the audit engagement team 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 the following areas:
(i) The presentation of the charity's Statement of Financial Activities, (ii) revenue recognition (iii) the overstatement of salary and other costs. 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 framework that the charity operates in, focusing on provisions of those 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 considered in this context included the UK Companies Act and the Statement of Recommended Practice - 'Accounting and Reporting by Charities' issued by the joint SORP making body.
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 to the charity’s ability to operate or to avoid a material penalty. These included Safeguarding and Data Protection Regulations.
Audit response to risks identified
As a result of performing the above, we identified the presentation of the charity's Statement of Financial Activities, revenue recognition and overstatement of wages and other costs as the key audit matters related to the potential risk of fraud. The key audit matters section of our report explains the matters in more detail and also describes the specific procedures we performed in response to those key audit matters.
In addition to the above, our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;
enquiring of management and members of the Board of Trustees concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance and reviewing correspondence with relevant authorities where matters identified were significant;
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Petrus Community is a private company limited by guarantee incorporated in England and Wales. The registered office is The Foundry, 42 Henry Street, Liverpool, Merseyside, L1 5AY.
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" 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)". The charity is a Public Benefit Entity as defined by FRS 102.
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, unless otherwise stated in the relevant accounting policy.
The Charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The requirements of Section 7 Statement of Cash Flows;
The requirements of Section 11 Financial Instruments paragrahs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(b) and 11.48(c);
The requirements of Section 33 Related Party Disclosures paragraph 33.7
This information is included in the consolidated financial statements of Regenda Group as at 31 at March 2025 and these financial statements may be obtained from its registered office: The Foundry, 42 Henry Street, Liverpool, L1 5AY.
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.
The Company's latest Business Plan including sensitivity analysis and stress testing, approved May 2025, demonstrates that the Company has sufficient cash facilities in place to meet all liabilities as they fall due for a period of at least 12 months from the approval of these financial statements.
After a thorough review considering the impact of inflation and the challenging economic environment on all assets, liabilities and commitments, management has identified that the main risk comes from a reduction in local authority grant funding which is likely to impact on some community based support services delivered by Petrus. The stress testing performed includes modelling the impact of a potential reduction in grant income.
The management team monitor this risk through the production of monthly management accounts and updates on subsidiary performance are also provided to the parent Board at each Board meeting. To mitigate this risk, a number of exit strategy reserves have been designated by Trustees to cover the costs associated with the suspension of related community based services whilst safeguarding the charity's ability to continue to maintain its high quality service provision of supported housing for homeless people with a variety of needs.
Based on this position the Board has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months after the date on which the report and financial statements are signed.
General unrestricted funds are available to spend on activities that further any of the purposes of Charity
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
The principal endowment funds comprises a legacy received in 2005. The trustees have the discretion to spent the capital (an expendable endowment), but their intention is to maintain the capital and use the investments income arising from the benefits of homeless people under the terms of the legacy.
Investment income, gains and losses are allocated to the appropriate fund.
All income is accounted for on a receivable basis. Any grants whose use is restricted by the granter to some future accounting period are accounted for as deferred income until the restriction has been satisfied.
Income from investments represents interest from bank deposits. Interest on funds held on deposit is recognised when receivable and the amount can be measured reliably by the Charity, this is normally upon notification of the interest paid or payable by the bank.
Any voluntary income received by way of donations and gifts is included in full in the Statement of Financial Activities when receivable. The value of services provided by volunteers is not included
The value of services provided by volunteers is not included.
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 recognised on accrual basis and includes attributable irrecoverable VAT.
Direct costs are attributable to the charitable activities.
Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities, these include back office costs, finance, personnel, payroll and governance costs. Support costs have been allocated across the charitable activities based on staff numbers across three key charitable activities and this is consistent with the use of resources.
Governance costs are centralised across the Group.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Tangible fixed assets costing £500 or more are capitalised.
Cash and cash equivalents include cash in hand, 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.
As a registered Charity the company is generally exempt from Corporation Tax and Capital Gains Tax on its charitable activities but not from VAT. Irrecoverable VAT is included in the costs of those items to which it relates.
Contributions in respect of the charity's defined contribution pension benefit schemes are charged as an expense to the Statement of Financial Actitivies for the year in which they are payable to the scheme as they fall due.
The assets of the scheme are held separately from those of the Charity in a separately administered fund.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price.
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.
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually.
The rents, service charges and management fees line in the table is predominately made up of service charges.
Total expenditure on charitable activities for the year was £2,436,169 (2024 - £4,029,205) of which £1,939,467 was unrestricted (2024 - £3,422,049), £496,702 was restricted (2024 £607,156) and £Nil (2024 - £Nil) related to endowed funds.
Support costs have been allocated across the charitable activities based on staff numbers across three key charitable activities as this is consistent with the use of resources.
Governance costs are centralised across the Group. Petrus' governance costs comprise audit fees and legal, professional & consultancy fees, as identified above.
Regenda Limited charges the charity for a range of services including Governance as part of the intra- group charge.
This is included in expenditure on charitable activities
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £Nil).
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
Key management personnel of the charity comprise the Petrus Charity Director (Sonia Denham) and the Service Leads (Liz Valley, Karen Tyner and Toni Baker).
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Amounts owed to group undertakings are interest free and repayable on demand.
The bad debt charge in the year was £103,129 (2024: £453,577).
Deferred income is included in the financial statements as follows:
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
At the year end the outstanding balance for the payable contribution were £10,243 (2024: £10,950) reported in creditors.
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
The endowment fund principally comprises a legacy received in 2005. The trustees have the discretion to spend the capital (an expendable endowment), but their intention is to maintain the capital and use the investment income arising for the benefit of homeless people under the terms of the legacy.
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.
Town Centre Initiative - To help boost business and create a more vibrant town town centre in the Rochdale borough.
Housing First - Initiative to provide safe and secure homes to vulnerable people.
HUB - Women's Alliance - To provide support services to women offenders and those at risk of offending.
HUB - Gaddums - To provide 1:1 support to clients with complex need to enable them to access mainstream services.
Project - Volunteering - Training and development of volunteers.
Thriving Communities - The funds will be used to support the active delivery of the social prescribing programme in particular sessional delivery costs and taster sessions provided by local VCSE groups to increase access and awareness of social prescribing in Rochdale. These would fall into the categories of sports and leisure,finance and advice, nature and environment and arts and culture. All activities that will be provided are based on consultation with clients who would access the service who have been disproportionately impacted by Covid to support health and wellbeing.
NASP matched funding - Networking building partnerships, link working with GM partners and Network. Promotional activity in surgery, wider community, working across all lead venues delivering coproduced sessional activity. This is match funding for Thriving Communities and during the year a transfer was made to combine the funds.
Seasonal activities - £2k food vouchers received from Aldi specifically for the Christmas period.
Horticulture Health Programme - We are delivering strand 1 of the funding stream for the GM Nature For Health programme which is to develop and deliver social and therapeutic horticulture to individuals with severe mental health needs through a referral programme in partnership with the Community Mental Health Team.
Innovation Fund - Training and development of volunteers.
Hospital Discharge Pilot - The Greater Manchester Homelessness Action Network (GMHAN) and the GM VCSE Hospital Discharge. Alliance (via 10GM) are working together to pilot a new intervention aimed at improving hospital discharge experiences for people who face homelessness.
Extended Saturday Service - To facilitate the Hub opening on a Saturday for service users.
Nature Based Health Coaching - Picnic at the PIER, to cover the cost of food/drink and utensils etc.
Bee Curious Minds - To deliver a series of horticultural therapy workshops to pupils at Wardle Academy High School as part of the Bee Well in high schools pilot.
Food Solutions - Delivery of horticulture sessions at the hub with the men's group.
PIER - GMCA - Networking building partnerships, link working with GM partners and Network. Promotional activity in surgery, wider community, working across all lead venues delivering coproduced sessional activity.
Young Person Social Prescribing - Recruitment of Young Person's Link Worker and delivery of social prescribing service with and for young people at Hopwood Hall College in Rochdale over the college’s two sites. Includes support for activity delivery with local organisations. This is a universal intervention for young people in years 12 and 13 and young adult learners.
Changing Futures / MEAM - 2x MEAM worker posts, Individual level – Lasting change and improved outcomes for adults experiencing multiple disadvantage.
Tatton - Providing funds for garden competition.
Housing First - Tenants - Initiative to provide safe and secure homes to vulnerable people.
Action Together - Funding received to host a volunteer celebration event. The event thanked and celebrated the volunteers for their commitment to Petrus and highlighted the impact their time has on the community. This was also a 'graduation' celebration for the service users having completed Project 5, a training programme delivered in partnership with TLF.
Housing First - Peer Activity - Housing First is delivered in partnership across Greater Manchester. Petrus, along with other partner agencies have delivery responsibility for Bury, Bolton and Rochdale and zone lead responsibility for these areas. Housing First is a model of delivery prioritising access to good quality affordable housing with permanent, wrap around support emphasising choice and control sitting with the service user rather than service provider.
GMEF - Environmental Fund - Partially funding social prescribing activity for wellbeing at PIER, local medical surgeries and supported accommodation.
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.
Unrestricted general funds - Funds which are available for use or retention at the discretion of the directors, in accordance with the trust’s objects.
Unrestricted designated funds - Trustees have chosen to redesignate a number of reserves during the year which support the growth and long term sustainability of the charity.
Regenda Limited, the parent company, had intercompany charges of £356,906 (2024 - £513,061) with Petrus Community.
M&Y (Regenda Partnership) Limited, a company under common control, had intercompany, charges of £8,118 (2024 - £Nil) to Petrus Community.
Amount owed by group undertakings at year end was £3,049 (2024 - £Nil). Amount owed to group undertakings at year end was £17,515 (2024: (£363,254)).
The Charity's immediate and ultimate parent company is Regenda Limited, a company incorporated in England and Wales with the registered office of The Foundry, 42 Henry Street, Liverpool, L1 5AY.
As at 31 March 2025 the largest and smallest group in which the results are consolidated is that headed by Regenda Limited. The consolidated accounts of the company are available to the public and may be obtained from its registered office: The Foundry, 42 Henry Street, Liverpool, L1 5AY. No other group accounts include the results of the charity.