Company registration number 03785174 (England and Wales)
THE HOUSING FORUM LIMITED
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE HOUSING FORUM LIMITED
COMPANY INFORMATION
Directors
M Chowdery
S F Grant
S J Teagle
G W Sibley
(Resigned 1 April 2022)
C Compton-James
(Resigned 31 July 2023)
J W W Ratcliff
T Reid
(Appointed 1 April 2022)
Company number
03785174
Registered office
6th Floor
1 Minster Court
Mincing Lane
London
EC3R 7AA
Auditor
Griffin Stone Moscrop & Co
21-27 Lamb's Conduit Street
London
WC1N 3GS
THE HOUSING FORUM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
THE HOUSING FORUM LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,699
5,398
Tangible assets
5
12,441
11,752
Investments
6
125,045
140,185
17,150
Current assets
Debtors
7
402,423
343,978
Cash at bank and in hand
370,418
534,560
772,841
878,538
Creditors: amounts falling due within one year
8
(636,810)
(590,474)
Net current assets
136,031
288,064
Net assets
276,216
305,214
Reserves
Income and expenditure account
276,216
305,214
Members' funds
276,216
305,214
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime, and in accordance with the provisions of FRS 102 section 1A - small entities.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
S F Grant
S J Teagle
Director
Director
Company registration number 03785174 (England and Wales)
THE HOUSING FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
The Housing Forum Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 6th Floor, 1 Minster Court, Mincing Lane, London, EC3R 7AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Membership income is included in the financial statements on a receipts basis, as the company does not have entitlement to the income until it is received.
Other income is included in the financial statements as they become receivable or due. Expenditure is included on an accruals basis.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Rebrand
over 5 years on cost
1.4
Tangible fixed assets
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:
Computer equipment & website
20% on cost
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 credited or charged to surplus or deficit.
1.5
Fixed asset investments
Fixed asset investments are initially recognised at their transaction cost and subsequently measured at fair value at each reporting date, unless the value cannot be measured reliably in which case it is measured at cost less impairment.
THE HOUSING FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company 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 company's balance sheet when the company 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
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 business 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.
1.9
Taxation
UK corporation tax is provided at the rate applicable to the profit for the year. The Housing Forum Limited has obtained "not-for-profit" status from HMRC and therefore the rate applicable on income for the year will be zero.
THE HOUSING FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
1
1
Administrative staff
4
3
Total
5
4
THE HOUSING FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Intangible fixed assets
Rebrand
£
Cost
At 1 April 2022 and 31 March 2023
13,495
Amortisation and impairment
At 1 April 2022
8,097
Amortisation charged for the year
2,699
At 31 March 2023
10,796
Carrying amount
At 31 March 2023
2,699
At 31 March 2022
5,398
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
17,066
Additions
3,823
Disposals
(3,658)
At 31 March 2023
17,231
Depreciation and impairment
At 1 April 2022
5,314
Depreciation charged in the year
3,000
Eliminated in respect of disposals
(3,524)
At 31 March 2023
4,790
Carrying amount
At 31 March 2023
12,441
At 31 March 2022
11,752
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
125,045
THE HOUSING FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Fixed asset investments
(Continued)
- 6 -
Fixed asset investments revalued
The historical cost of fixed asset investments at the balance sheet date was £124,864.
The fair value of listed investments is determined by reference to the market value. The listed investments are wholly comprised of an investment portfolio managed by Rathbones.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
-
Additions
167,812
Valuation changes
830
Disposals
(43,597)
At 31 March 2023
125,045
Carrying amount
At 31 March 2023
125,045
At 31 March 2022
-
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Membership fees due
381,364
337,619
Other debtors
509
Prepayments and accrued income
21,059
5,850
402,423
343,978
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,427
32,126
Corporation tax
236
342
Other taxation and social security
104,947
90,411
Other creditors
4,695
3,064
Accruals and deferred income
514,505
464,531
636,810
590,474
THE HOUSING FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,016
17,741
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans at the year end are £3,867 (2022: £1,704).
10
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Reema Mistry
Statutory Auditor:
Griffin Stone Moscrop & Co
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
5,240
7,704
THE HOUSING FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
13
Related party transactions
During the year the company entered into transactions with companies associated with the directors of the company. These transactions were as follows:
Countryside Partnerships (formerly Vistry Partnerships), an entity to whom Stephen Teagle is an Executive Board Member and Chief Executive, provided the company with membership income in the year of £12,230 (2022: £11,990) and sponsorship fees of £2,150 (2022: £1,000).
Osborne Homes Construction Limited, an entity to whom Caroline Compton-James is an Executive and Head of Strategy for Construction, provided the company with membership income in the year of £6,140 (2022: £6,020).
Network Homes Ltd, an entity to whom Jamie Walter William Ratcliff is an Executive Director of Business Performance & Partnerships, provided the company with membership income in the year of £6,140 (2022: £5,950).
NHBC Services Limited, an entity to whom Tim Reid is an Executive Customer Relationship Director, provided the company with membership income in the year of £12,230 (2022: £11,990). The company provided NHBC with service charge fees in the year of £30,000 (2022: £30,000).
14
Directors' transactions
During the year S Grant, a director of the company, repaid in full the balance of a historic season ticket loan, the remaining balance on the loan is £nil (2022: £509).
2023-03-312022-04-01false28 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedM ChowderyS F GrantS J TeagleG W SibleyC Compton-JamesJ W W RatcliffT Reid037851742022-04-012023-03-3103785174bus:Director12022-04-012023-03-3103785174bus:Director22022-04-012023-03-3103785174bus:Director32022-04-012023-03-3103785174bus:Director42022-04-012023-03-3103785174bus:Director52022-04-012023-03-3103785174bus:Director62022-04-012023-03-3103785174bus:Director72022-04-012023-03-3103785174bus:RegisteredOffice2022-04-012023-03-31037851742023-03-31037851742022-03-3103785174core:ComputerSoftware2023-03-3103785174core:ComputerSoftware2022-03-3103785174core:OtherPropertyPlantEquipment2023-03-3103785174core:OtherPropertyPlantEquipment2022-03-3103785174core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103785174core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3103785174core:CurrentFinancialInstruments2023-03-3103785174core:CurrentFinancialInstruments2022-03-3103785174core:RetainedEarningsAccumulatedLosses2023-03-3103785174core:RetainedEarningsAccumulatedLosses2022-03-3103785174core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3103785174core:ComputerSoftware2022-04-012023-03-3103785174core:ComputerEquipment2022-04-012023-03-31037851742021-04-012022-03-3103785174core:ComputerSoftware2022-03-3103785174core:OtherPropertyPlantEquipment2022-03-3103785174core:OtherPropertyPlantEquipment2022-04-012023-03-3103785174bus:CompanyLimitedByGuarantee2022-04-012023-03-3103785174bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3103785174bus:FRS1022022-04-012023-03-3103785174bus:Audited2022-04-012023-03-3103785174bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP