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Company Registration Number: 2899314

Charity No: 1054029

THRESHOLD HOUSING PROJECT LIMITED

ANNUAL REPORT AND ACCOUNTS

For the year ending

31 March 2014

Threshold Housing Project TRUSTEES AND ADVISORS

Page 1

CHARITY NUMBER

COMPANY NUMBER

ADDRESS

1054029

2899314

Cavendish 249

Cavendish Street

Ashton Under Lyne

OL6 7AT

TRUSTEES Annie Hopley (Chair)

Lynn Keenaghan

Paul Hannah

Terri Farrow

Isabelle Farquhar Resigned 14/07/14

Tony Powell

Darren McGuiness

Paul Hoey Appointed 20/11/13

Rachel Damianou Appointed 20/11/13

SECRETARY Diane Baxter Resigned 1/4/14

Martin Frost Appointed 1/4/14

Trustees have differing experiences and backgrounds and their

roles and responsibilities require them to have an

understanding of all aspects of the charity’s work.

BANKERS

Lloyds Bank Plc

10 Booth Street

Manchester

M2 4AW

INDEPENDENT AUDITOR Baker Tilly UK Audit LLP

3 Hardman Street

Manchester

M3 3HF

Threshold Housing Project CONTENTS

Page 2

Page

Report of the Trustees 3

Independent Auditor’s Report 11

Statement of Financial Activities 13

Balance Sheet 14

Notes to the accounts 15

Threshold Housing Project REPORT OF THE TRUSTEES

Page 3

The trustees present their report and the accounts for the year ended 31st March 2014.

Trustees

The following persons have served as trustees and directors:

Annie Hopley (Chair)

Lynn Keenaghan

Paul Hannah

Terri Farrow

Isabelle Farquhar (resigned 14/07/14)

Tony Powell

Darren McGuinness

Paul Hoey (Appointed 20/11/2013)

Rachael Damianou (Appointed 20/11/2013)

Chief Executive Officer

Steve Goslyn

Structure, Governance and Management

Threshold is a company limited by guarantee and a registered as a charity. We joined the New

Charter Housing Group as a subsidiary company on 2 April 2012. We are governed in accordance

with our Articles of Association which define our objects of the organisation as:

The relief in need and necessitous circumstances by reason of youth, age, ill-health,

disability, financial hardship or other disadvantage

The advancement of education, training and employment prospects for persons in

necessitous circumstances and referred to above to advance their employment prospects,

Such other charity activities as permitted by law which in the opinion of the trustees support

these charitable objects.

The Board of Trustees

Trustees are recruited with interest and strategic expertise in homelessness and services for

vulnerable people as well as skills in finance, business and human resources. During the year we

recruited two new trustees, one of whom joining us from Tameside Women’s Project.

Under the Articles the Board may comprise no fewer than three and not more than twelve. They

will normally serve for a three year term and shall be eligible for re-appointment for a further term

of three years.

Members actively contribute to New Charter Group Governance including Threshold's Chair

attending the Trust Board and a Threshold Board Member serving on the Group’s Risk and

Assurance Committee. To ensure the board maintain and enhance their individual and collective

skills to best meet the evolving needs of the organisation, Board Members have taken part in an

annual appraisal exercise, accompanied by a skills assessment and an overall Board effectiveness

review as part of the wider independent Governance Review undertaken by Campbell Tickell. This

informed the Group Governance Plan and has resulted in a targeted training and development

programme for individuals and for the Board as a whole.


Page 4

Attendance at Board meetings during the year was as follows:

Board Meeting Attendance

Meetings

Attended

Possible

Meetings

Attendance

%

Annie Hopley (Chair) 6 6 100

Lynn Keenaghan 3 5* 60

Paul Hannah 4 6 67

Terri Farrow 4 6 67

Isabelle Farquhar 4 6 67

Tony Powell 4 6 67

Darren McGuinness 3 6 50

Paul Hoey 3 3 100

Rachael Damianou 2 3 67

Overall trustee attendance at meetings was 70.2% during the year.

*commenced sabbatical

Risk Management

Risk identification and management are key roles for our Board. During the year Board reviewed

Threshold’s risk management framework and identified three key strategic risks:

Loss of contracts

This has been mitigated by focusing on delivering excellent basic services. Additionally we have

benefited from work within the Group on highlighting the wider social and economic advantages of

our services to public bodies.

Not maintaining resilience during a period of change

This has been managed through ensuring that sufficient internal resources have been in place to

handle significant changes at same time as delivering our day to day services. This included

resourcing staff restructures following contract awards; and managing the integration of Threshold’s

central support functions within the New Charter Group.

Failure to stay ahead

This has been controlled by continuing to invest in new business development, investing in marketing

resources, and in ensuing that senior staff maintain external focus as key parts of roles.

Objectives and Activities

Overview

Threshold’s year of 2013/14 was one of positive changes and consolidation. It was our second year

within the New Charter Group. In the early part of the year resources were focused on setting up

newly won services. The latter period was focused on integrating central services within the Group.


Page 5

This included closure of the organisation’s administrative base in Oldham and the transferring of

functions to Tameside.

Social Mission

The social mission of Threshold is:

to actively work with homeless and vulnerable people to support them to achieve greater

independence and improved wellbeing.

We work with a wide range of vulnerable and disadvantaged people regardless of their background;

with housing related support at the core of our activities.

We believe that everyone should have the right and opportunity to feel safe and secure in their

home and community of their own choice.

We believe that everyone has the ability to continue learning and to achieve greater things in life.

We believe in people's ability to be a valuable, contributing resource to their own wellbeing and to

others.

We work with professionalism and commitment to deliver our services through a range of

contracted, funded and trading arrangements and partnerships.

Our charitable status means we use all of our resources and funding in pursuit of our social mission.

Values

Threshold’s values are:

Integrity which gives Threshold

the trust and confidence to support and learn from each other

assurance that we will be respectful and open in all we do

Co-operation helping Threshold

find solutions with, rather than for, customers

form the framework within which the Board and staff teams work

work in partnership with others

influence the shape of future services

Excellence as a focus to help Threshold

deliver a positive social impact

embrace and celebrate diversity

promote a culture of creativity and innovation

find new solutions and ways of meeting customers' changing needs.

Living these values will ensure that whilst we strive to do all the right things, we do them in the right

way. Our values are lived out in the everyday work of Threshold.


Page 6

Vision

In pursuit of our social mission, our vision is to:

have the personal needs and aspirations of our customers at the heart of everything we do

achieve and evidence the best possible outcomes for individuals

innovate to develop new services in partnership with others.

Key objectives

Our key objectives for the year have been to:

exceed the aspirations of our customers

increase the choices available to our current and potential customers

achieve a transformational culture

actively assess and manage risk

achieve financial sustainability

We continue to be supported in the achievement of these objectives through being part of the New

Charter Housing Trust Group.

Public Benefit

The Board confirm that they have referred to the guidance contained in the Charity Commission’s general

guidance on public benefit when reviewing the charity’s aims and in planning future activities.

Achievements and Performance

Threshold has had a successful year having previously won significant contracts for housing support

services, and retained or expanded other areas of work.

We established three “Great Moves” accommodation-based services for homeless men and women

in Tameside and Oldham. The services have adopted new, holistic models of referral and support,

with a focus on prompt move on to more independent housing. We also set up a “Great Lives”

activity and personalisation service which complements our housing support work in Tameside.

In Stockport we established a pilot floating support service for older people to help them stay in

their own homes. We also continued to develop Tameside Homes Services which provides practical

support to older and vulnerable people; with plans to offer services in other localities.

During the year we joined with New Charter Homes and Turning Point to win a tender for

domestic abuse services across Tameside. Threshold now runs women’s refuge element of this

holistic service which is branded as Bridges. Subsequently, we acquired the assets of the local

Tameside Women’s Project charity (see note 17). We have been able to continue their charitable

aims through delivery of their children’s service which support families affected by domestic abuse.

We expanded our property management services by leasing 16 new homes. This included setting up

the Purple Door project in Trafford working with the Albert Kennedy Trust to house four young

lesbian, gay, bi-sexual or transgender homeless people in a refurbished, formerly empty home.


Page 7

Other activity included the following:

Increasing the reach of our Children in Need funded Moving Forward service including

working in schools and Oldham’s state of the art Youth Zone

Winning a Redemption and Justice award for Re-unite, a project supporting mothers to get

back together with their children on release from custody

Assessing the social impact of our Oldham Floating Support service demonstrating that we

save the local authority £3.50 for every £1.00 spent.

Coordinating the 4th annual sleep out in Oldham raising funds for starter packs for new

tenants

Developing corporate volunteering opportunities with organisations including Oldham’s

Unity Partnership, Ikea, The Cooperative Bank and Oldham Council. We worked with over

80 people through their organisations’ volunteering programmes.

Strengthening our partnership with the Inspire Women’s group in Oldham who donated

over 1000 volunteer hours to the Oldham refuge in three months

Launching a new website and raising Threshold’s profile through social media.

Employment practices

Threshold, whilst a member of New Charter Housing Trust Group, has autonomy in terms of its

employment practices and policies reflecting the dynamic markets in which we operate. Threshold

ensures that every reasonable effort is made to achieve compliance with the Equality Act 2010 and

that there is no harassment, victimisation or discrimination in respect of the protected

characteristics contained within the Act including Age, Disability, Gender Re-assignment, Race,

Religion or Belief, Sex, Sexual Orientation, Marriage and Civil Partnership and Pregnancy and

Maternity, in the way we treat employees, contractors, job applicants and visitors.

Threshold remains committed to creating a working environment that offers equality of treatment

and opportunity for all employees and to provide them with the opportunity to develop their skills

and abilities. This applies to all aspects of Threshold’s working practices and includes the recruitment

and selection of employees, terms and conditions of employment, training, salary, work allocation,

promotion and disciplinary procedures.

All employees are required to adhere to the diversity and inclusion legal requirements and policies

and it is a mandatory requirement that they undergo training and development activities to ensure

that they carry out their duties and responsibilities in terms of promoting, developing, implementing

and reviewing the policy in the course of their work. As evidence of commitment to diversity and

inclusion, the Group has been awarded the Diversity in Business Accreditation at an “excellent” level

and Threshold’s work in this area and contribution to this achievement is reflected in the attaining of

this award.

To encourage all sections of the community to seek employment, facilities necessary to offer a

welcoming environment and flexible working patterns have been offered, provided that they do not

conflict with service delivery. All vacancies are advertised widely and appropriately.


Page 8

Employment practices are reviewed as appropriate to ensure compliance with current legislation.

Threshold, as with The Group generally, regularly informs employees of issues relevant to their

employment through a number of means.

Financial Review

The Total Incoming Resources for the year ending 31st March 2014 was £4.842m (2013: £3.235m).

Included within these figures are two items that are one-off in nature;

- £200k Gift Aid donation from Building Company

- £200k Donation from Tameside Women’s Project

The Total Resources Expended for the year ending 31st March 2014 was £4.489m, (2013:

£3.167m).

As a result of both of these movements the Net Movement in Funds in the year ending 31st March

2014 was £353k (2013: £67k).

The Balance Sheet as at 31st March 2014 remains in a healthy position with a cash at bank of

£2.136m (2013: £2.011m), and reserves of £2.160m (2013: 1.807m). This provides a strong basis

for the charity to operate, and to enable it to consider new projects.

Creditors are £392k (2013: £421k), and Debtors are £404k (2013: £215k) as at the 31st March

2014.

Overall this has been a successful first year as part of the New Charter Group, which will in the

future continue to provide cost savings and synergies.

Reserves Policy

General

Threshold ensures that there are sufficient reserves to meet the needs identified as part of the

formal risk management process and will review the policy every year.

Purpose

Unrestricted reserves are identified to meet the following needs:

Costs that may be incurred through redundancy

Sufficient reserves to ensure adequate resources to meet commitments should income be

substantially delayed

To meet a temporary deficit in any scheme for a limited period of up to two years

To meet the costs of any uninsured contingencies where unavoidable

Level of Reserves

The policy is to maintain sufficient unrestricted reserves to continue operating for four months or

35% of income as a minimum. Undesignated reserves at the year-end met this target.


Page 9

Plans for the future

Threshold's Board has worked closely with the senior leadership team over the year to develop a

new strategic framework for Threshold which sets out objectives for the next three years.

Supported by the New Charter Group, the period ahead presents Threshold with great

opportunities to demonstrate excellence in the delivery of services to customers. A new senior

structure gives us capacity to focus on performance and organisational development.

Threshold plans to continue to innovate and grow through developing new services, winning new

contracts and pursuing enterprising opportunities.

Going concern

Threshold was successful in 2012/13 in a number of contracts which stabilised Threshold’s business

until March 2015 at least. Additional successes during 2013/14 give the organisation further stability.

As a result the Board consider that Threshold is in a position to continue as a going concern.

Disclosure of Information to Auditors

As far as the directors are aware, there is no relevant audit information of which the company’s

auditors are unaware. Each of the directors has taken all steps that they ought to have taken as a

director in order to make themselves aware of any relevant audit information and to establish that

the company’s auditors are aware of that information.

Auditors

Baker Tilly UK Audit LLP indicated its willingness to continue in office. Following a review of the Auditors of

the New Charter Housing Trust Group, BDO LLP have been appointed auditors for the financial statements

ending on or after 31 March 2015.

Small Company Provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to

the small company regime.

Approved by the trustees on 18th September 2014 and signed on their behalf by:

Annie Hopley - Director


Page 10

Statement of trustees’ responsibilities

The trustees (who are also directors of Threshold Housing Project Limited 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).

The law applicable to charities in England & Wales 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 of the charity 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 judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations

2008 and the provisions of the trust deed. 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.

Signed on behalf of the Board of Trustees

Annie Hopley `

Date: 18th September 2014


Page 11

Independent Auditors Report to the Member of Threshold Housing Project Limited

We have audited the financial statements of Threshold Housing Project Ltd for the year ended 31

March 2014 on pages 13 to 21. The financial reporting framework that has been applied in their

preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally

Accepted Accounting Practice).

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.

Respective responsibilities of trustees and auditor

As explained more fully in the Statement of Trustees’ responsibilities set out on page 10, the

trustees (who are also the directors of the charitable company for the purposes of company law)

are responsible for the preparation of the financial statements and for being satisfied that they give a

true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with

applicable law and International Standards on Auditing (UK and Ireland). Those standards require us

to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.

Scope of the audit of the financial statements

A description of the scope of an audit of financial statements is provided on the Financial Reporting

Council’s website at http://www.frc.org.uk/auditscopeukprivate

Opinion on financial statements

In our opinion the financial statements:

- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2014

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; and

- have been prepared in accordance with the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Trustees’ Report for the financial year for which the

financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006

requires us to report to you if, in our opinion:

- the charitable company has not kept adequate accounting records, 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

http://www.frc.org.uk/auditscopeukprivate


Page 12

Independent Auditors Report to the Member of Threshold Housing Project Limited

- The Trustees were not entitled to prepare the financial statements in accordance with the

small companies’ regime and take advantage of the small companies’ exemption in preparing

the Strategic Report and the Directors’ report.

KEITH WARD (Senior Statutory Auditor)

For and on behalf of BAKER TILLY UK AUDIT LLP,

3 Hardman Street

Manchester

M3 3HF

Date

Threshold Housing Project STATEMENT OF FINANCIAL ACTIVITIES incorporating income and expenditure account

for the year ended 31 March 2014

Page 13

Notes

Unrestricted

Funds

Year

ended

31 March

2014

£

Restricted

Funds

Year

ended

31 March

2014

£

Total

Funds

Year

ended

31 March

2014

£

Total

Funds

Year

ended

31 March

2013

£

Incoming resources

Incoming resources from

generated funds;

Voluntary income 2 229,510 241,608 471,118 160,869

Investment Income 5,404 - 5,404 31,443

Incoming resources from

charitable activities 3 4,314,834 - 4,314,834

3,003,205

Other incoming resources 50,846 - 50,846 39,008

Total incoming resources 4,600,594 241,608 4,842,202

3,234,555

Resources expended

Charitable activities 4 4,346,546 40,094 4,386,640 3,156,545

Staff restructuring 93,933 - 93,933 -

Governance costs 8 8,673 - 8,673 10,795

Total resources expended 5 4,449,152 40,094 4,489,246 3,167,340

Net movement in funds 15 151,442 201,514 352,956 67,215

Funds brought forward 1,807,515 - 1,807,515 1,740,300

Funds carried forward 15 1,958,957 201,514 2,160,471 1,807,515

There were no recognised gains or losses for the year other than those included in the Statement of

Financial Activities.

The net movement in funds arises from continuing operations.

Threshold Housing Project Company Number: 2899314 BALANCE SHEET AS AT Charity Number: 1054029

31 MARCH 2014

Page 14

Funds Funds

Notes

31 March

2014

£

31 March

2013

£

Fixed Assets

Tangible Assets 9 12,122 2,183

Current assets

Debtors 10 404,208 215,290

Cash at bank 2,135,768 2,011,407

2,539,976 2,226,697

CREDITORS: Amounts falling due

Within one year 11 391,627 421,365

Net Current assets 2,148,349 1,805,332

Net Assets 2,160,471 1,807,515

Funds

Unrestricted - General 15 1,836,447 1,648,764

- Designated 15 122,510 158,751

Restricted 15 201,514 -

2,160,471 1,807,515

The financial statements have been prepared in accordance with the provisions applicable to

companies subject to small companies’ regime.

The financial statements on pages 14 to 22 were approved by the Trustees and authorised for issue

on 18th September 2014 and signed on their behalf by:

Annie Hopley - Director

Threshold Housing Project NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

Page 15

1. PRINCIPAL ACCOUNTING POLICIES

ACCOUNTING CONVENTION

The Accounts are prepared under the historical cost convention. The Accounts have been

prepared in accordance with applicable UK accounting standards, the Companies Act 2006

and the Charities SORP 2005 (Accounting and Reporting by Charities).

CASH FLOW STATEMENT

The Charity has taken advantage of FRS1 exemption for small companies, and has elected

not to produce a cashflow statement.

INCOMING RESOURCES

All incoming resources are recognised once the Charity has entitlement to the resources, it

is certain that the resources will be received and the monetary value can be measured with

sufficient reliability.

RESOURCES EXPENDED

Liabilities are recognised as resources expended as soon as there is a legal or constructive

obligation committing the Charity to the expenditure. All expenditure is accounted for on an

accruals basis and has been classified under headings that aggregate all costs related to the

category.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its

activities and services for its beneficiaries. It includes both costs that can be allocated

directly to such activities and any costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and

statutory requirements of the Charity.

FUNDS

Unrestricted funds are general funds, which are available for use or retention at the

discretion of the Directors, in accordance with the trusts objectives.

Restricted funds are trust funds subject to specific restrictions imposed by the funders.

Where the restriction creates an endowment (whether expendable or permanent) the grant

or donation is accounted for as a capital fund.

Designated funds are funds that are earmarked for a specific purpose by the Trustees.

TANGIBLE FIXED ASSETS

Where furniture and equipment is placed in residential schemes where an exceptionally high

rate of wear and tear is expected the items are written off to the SOFA in the year in which

they are acquired.

All other individual assets costing in excess of £250 are capitalised and depreciated over 3

years on a straight line basis.

The carrying values of tangible fixed assets are reviewed for impairment if events or changes

in circumstances indicated the carrying amount may not be recoverable.



Page 16

PENSIONS

Contributions in respect of the Company’s defined contribution scheme are charged to the

SOFA for the year in which they are payable to the scheme. The assets for the scheme are

held separately from those of the Charity in a separately administered fund.

LEASED ASSETS

Payments applicable to operating leases where substantially all of the benefits and risks of

ownership remain with the lessor are charge to the SOFA on a straight line basis over the

lease term.



Page 17

VOLUNTARY INCOME

Year Ended Year

Ended

Year Ended Year Ended

31 March 31 March 31 March 31 March

2014 2014 2014 2013

Unrestricted Restricted Total

£ £ £ £

Grants 20,000 41,608 61,608 124,744

Donations 9,510 - 9,510 20,109

Gain from acquisition of Tameside

Home Services (note 14)

- -

-

16,016

Donation from Tameside Women’s

Services

- 200,000 200,000 -

Donation from New Charter Building

Company

200,000 - 200,000 -

229,510 241,608 471,118 160,869

2. INCOME FROM CHARITABLE ACTIVITIES


31 March 31 March

2014 2013

£ £

Charges to residents (net of voids) 1,761,716 1,050,641

Charges for services 200,879 73,983

Supporting people 2,352,239 1,878,581

4,314,834 3,003,205

3. RESOURCES EXPENDED

Year ended 31st March 2014 Staff costs

Other

Costs Depreciation Total

£ £ £ £

Accommodation services 2,021,972 2,319,976 4,598 4,346,546

Children in need 34,631 5,463 - 40,094

2,056,603 2,325,439 4,598 4,386,640

Year ended 31st March 2013 Staff costs

Other

Costs Depreciation Total

£ £ £ £

Accommodation services 1,589,787 1,518,730 3,809 3,112,326

Children in need 37,919 6,300 - 44,219

1,627,706 1,525,030 3,809 3,156,545



Page 18

4. NET INCOMING RESOURCES

This is stated after:


31 March 31 March

2014 2013

£ £

Depreciation 4,598 3,809

Auditors remuneration for the year 9,600 10,800

Staff restructuring costs 93,933 -

One-off gain from Tameside Home

Services (note 14)

- (16,016)

5. EMPLOYEE INFORMATION


31 March 31 March

2014 2013

£ £

Salaries 1,904,538 1,488,434

Social Security 134,719 120,370

Pension Contributions 17,346 18,363

2,056,603 1,627,167

The average number of employees analysed by function (FTEs) was:


31 March 31 March

2014 2013

Housing Services 44 38

Floating Support 19 20

Support Services 24 5

Management & Administration 9 12

96 75

No employee earned more than £60,000 in the year.

6. TRUSTEES EMOLUMENTS

No payments have been made to trustee’s in the year.

7. GOVERNANCE COSTS


31 March 31 March

2014 2013

£ £

Audit fees 8,252 10,605

Other governance costs 421 190

8,673 10,795



Page 19

8. FIXED ASSETS

Furniture

and fittings

£

COST

At 1st April 2013 219,948

Additions 14,537

At 31st March 2014 234,485

DEPRECIATION

At 1st April 2013 217,765

Additions 4,598

At 31st March 2014 222,363

NBV at 31st March 2014 12,122

NBV at 31st March 2013 2,183

9. DEBTORS


31 March 31 March

2014 2013

£ £

Rents receivable 475,069 196,726

Provision for bad debt (315,086) (132,672)

159,983 64,054

Trade debtors 153,303 41,718

Prepayments and other debtors 13,910 34,852

Amount owed from parent and fellow

subsidiaries

72,768 74,666

Grant debtor 2,549 -

Other Tax and Social Security 1,695 -

404,208 215,290

10. CREDITORS


31 March 31 March

2014 2013

£ £

Trade creditors 11,763 180,627

Other Tax and Social Security - 34,574

Accruals and deferred income 223,858 120,252

Rent and service charges received in

advance

114,103 56,721

Amounts owed to fellow subsidiaries 40,715 27,922

Employer pension contributions 1,188 1,269

391,627 421,365



Page 20

11. OPERATING LEASE COMMITMENTS

At the year end the company had annual commitments under non-cancellable operating leases as set

out below;


31 March 31 March

2014 2013

£ £

Land & Buildings

Expire within 1-2 years 25,253 36,000

Expire within 2-5 years - 43,079

12. POST BALANCE SHEET EVENTS

There have been no significant post balance sheet events

13. ACQUISTION OF TAMESIDE HOME SERVICES

On the 3rd December 2012 Tameside Homes Services joined Threshold Housing project for nil

consideration. At that time the following fair value of net assets were incorporated into the balance

sheet of Threshold Housing Project.

£ £

CURRENT ASSETS

Debtors 25,000

Cash at bank 22,929

47,929

CREDITORS – Amounts falling due within 1

year

(30,537)

Provisions for liabilities (1,376)

16,016

This created a £16,016 one-off gain in the Statement of Financial Activities for the period ending 31st

March 2013. This has been included within voluntary income.



Page 21

14. FUNDS

Balance

b/fwd

Incoming

resources

Resources

expended

Transfer

between

funds

Balance

31 March

2014

£ £ £ £ £

Unrestricted

General 1,648,764 4,600,594 (4,449,152) 36,241 1,836,447

Designated 158,751 - - (36,241) 122,510

1,807,515 4,600,594 (4,449,152) - 1,958,957

Restricted

Children in need - 41,608 (40,094) - 1,514

Tameside Women’s

Project - 200,000 - - 200,000

- 241,608 (40,094) - 201,514

Total funds 1,807,515 4,842,202 (4,489,246) - 2,160,471

The designated reserve is used for activities in generating new business, with the transfer to the

general reserve to cover the salary costs in relation to the business development manager.

The Restricted Fund for Tameside Women’s Project is to be used within the Tameside Metropolitan

Borough area, for supporting women and children’s services in the relief, assistance and support for

those suffering domestic violence.

15. RELATED PARTY TRANSACTIONS

As a member of the New Charter Housing Trust Group, Threshold Housing Project Limited has had the

following transactions with Parent and its fellow subsidiaries.

Income Expenditure Debtor/(Creditor)

£’000 £’000 £’000

New Charter Housing Trust 14 97 (29)

New Charter Homes - 42 (9)

Gedling Homes - - -

New Charter Building Company 200 37 -

Aksa Housing Association 360 - 69

Great Neighbourhoods - - -

16. TAMESIDE WOMEN’S PROJECT

On the 31st March 2014 Threshold Housing Project purchased the trade and assets of Tameside

Women’s Project for £5. The fair value is deemed to be the same as the consideration paid.

As part of this agreement the bank balance was donated to Threshold Housing Project with a

requirement that it will be restricted and used for similar purposes as Tameside Women’s Services

Charitable objectives.

company registration number: 2899314 charity no: 1054029€¦ · darren mcguinness paul hoey...

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