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.
Threshold Housing Project REPORT OF THE TRUSTEES
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.
Threshold Housing Project REPORT OF THE TRUSTEES
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.
Threshold Housing Project REPORT OF THE TRUSTEES
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.
Threshold Housing Project REPORT OF THE TRUSTEES
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.
Threshold Housing Project REPORT OF THE TRUSTEES
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.
Threshold Housing Project REPORT OF THE TRUSTEES
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
Threshold Housing Project REPORT OF THE TRUSTEES
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
Threshold Housing Project REPORT OF THE TRUSTEES
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
Threshold Housing Project REPORT OF THE TRUSTEES
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.
Threshold Housing Project NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
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.
Threshold Housing Project NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
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
Year Ended Year Ended
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
Threshold Housing Project NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
Page 18
4. NET INCOMING RESOURCES
This is stated after:
Year Ended Year Ended
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
Year Ended Year Ended
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:
Year Ended Year Ended
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
Year Ended Year Ended
31 March 31 March
2014 2013
£ £
Audit fees 8,252 10,605
Other governance costs 421 190
8,673 10,795
Threshold Housing Project NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
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
Year Ended Year Ended
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
Year Ended Year Ended
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
Threshold Housing Project NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
Page 20
11. OPERATING LEASE COMMITMENTS
At the year end the company had annual commitments under non-cancellable operating leases as set
out below;
Year Ended Year Ended
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.
Threshold Housing Project NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
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.