THE OLINDA TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

CHARITY NUMBER: 701371

THE OLINDA TRUST FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016 Contents

Page

Charity Information Annual Report

Statement of Trustee's Responsibilities Statement of Financial Activities

Balance Sheet Notes to the Financial Statements independent

Examiner's Report

THE OLINDA TRUST CHARITY INFORNIATION

FOR THE YEAR ENDED 31 AUGUST 2016 Date Registered

5 April 1989

Responsible Individual

Jude Horsnell (appointed 1 June 2016)

Registered Care Manager

Donna Bird

Charity Number

701371

Registered Office

North Wales Housing

Plas Blodwel Broad Street Llandudno Junction LL31 9HL

Operating premises

100 Llanelian Road Colwyn Bay Conwy LL29 9UH

THE OLINDA TRUST ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2016 The Trustee presents its annual report and independently examined financial statements of The Olinda Trust (the 'Charity') for the year ended 31 August 2016. Principal Activity The Charity's main activity is the provision of living accommodation persons who are or have been suffering from mental illness.

and support

for

The Charity operates a Registered Care Home from premises leased from North Wales Housing at Plas Parciau, 100, Llanelian Road, Colwyn Bay, Conwy LL29 7AS, which provides 24 hour care to its residents. The aim of the Charity is to provide a good, caring and safe home for all of its residents. The Charity operated throughout the year and continued at which point it ceased all operations.

in

operation until October 2016,

Trustee The Charity's Trustee is North Wales Housing Association Limited. The Chief Executive of North Wales Housing was the Responsible Individual of the Charity until his retirement on 31 May 2016. The Communities Director of North Wales Housing was then appointed as the Responsible Individual.

Structure, Governance and Management The Olinda Trust is governed by a Scheme as ordered by the Chariity Commission on 16 August 2007. The Scheme replaced the former Trust Deed dated 1 January1988. It is a registered charity - number 701371 - and is regulated by the Care and Social Services Inspectorate Wales (CSSIW). The Trustee is responsible for managing and developing the Charity with the Registered Care Manager employed to oversee the day to day running of the Charity.

THE OLINDA TRUST ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2016 How Trustees are Appointed

and Trained

North Wales Housing was approached by the previous trustees to become the Trustee of the Charity in 2007. A management advisory committee consisting of independent members and members acting on behalf of North Wales Housing was appointed in February 2014. Necessary training is given to trustees, as required. The Committee met for the final time in July 2016, at which point a new committee was set up by North Wales Housing to manage the closure of the home and wind-up The Olinda Trust.

Financial Review The statement of financial activities shows a deficit of 8264, 568 (201 5: surplus F427, 950). This includes committed contract costs of f52, 250. The surplus in 2015 arose as a direct result of the receipt of liquidated damages and insurance for rental loss of f588, 168 and E8,229, respectively. Excluding these sums, would have resulted in a deficit for 2015 of

2168,447. Achievement

and Performance

The Olinda Trust has continued to provide bespoke services to both long and short-term clients, continuously receiving positive feedback from all users and stakeholders of the service. The home is built to a very high standard.

Policy on Reserves The Olinda Trust requires reserves for the following reasons: To provide sufficient working capital for its day to day needs. To enable it to continue to operate in the event of a crisis. To enable it to cope with any reduction in its income. To finance and underpin growth in its activities.

The policy followed is to build up reserves whenever possible.

THE OLINDA TRUST ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2016 Going concern

The Olinda Trust has returned a significant deficit of 2264, 568 (2015: surplus f427, 951). As noted in the financial review, the surplus in 2015 arose as a direct result of the receipt of liquidated damages and insurance for rental loss of f 588, 168 and E8,229, respectively. Excluding these sums would have resulted in a deficit for 2015 of 2168,447.

Based on the continuing

the Trustee no longer has a reasonable expectation that the Charity will be in a position to continue operating. The Trustee has, therefore, made the decision to close the home and wind-up The Olinda Trust. poor performance,

October 2016. These financial statements have been prepared accordingly, writing down the assets to net realisable value, where appropriate, and providing for any contractual commitments that have become onerous at the balance sheet date. The financial statements do not include any provision for the future costs of terminating the business except to the extent that such costs were committed at the balance sheet date.

The Charity ceased trading

in

Public Benefit Statement The Trustee has considered the Charity Commission guidance regarding Public Benefit and is satisfied that the Charity's activities during the year, as described in this report, satisfy the test. The Annual

Report was approved

behalf by:

A Creber

by the Trustee on 20 April

2017 and signed on its

THE OLINDA TRUST STATEMENT OF TRUSTEE'S RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2016 The Trustee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Charity legislation requires the Trustee to prepare financial statements for each in financial year. The Trustee has prepared the financial statements accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). In preparing these financial statements, the Trustee is required to:

select suitable accounting policies and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK followed, subject to any material in the financial statements; and prepare the financial statements is inappropriate to presume that

Accounting

departures

Standards have been disclosed and explained

on the going concern basis unless it the Trust will continue in business.

The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable it to ensure that the financial statements comply with applicable legislation. It is also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE OLINDA TRUST STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2016

Notes

2016

2016

5

5

2015 2

2015 2

290, 350 585, 155 8,229

805, 763

INCOMING REBOURCES: INCOMING RESOURCES FROM

CHARITABLE ACTIVITIES:

463, 566

Cele Fees 2b

Damages Rental Income Loss Liquidated

463,560

20

INCOEENG RESOURCES FROM FUNDRAISING ACTIVITIES: Fundraislng

TOTAL INCOMING RESOURCES

3,010

500

466, 578

896,263

RESOURCES EXPENDED: RESOURCES EXPENDED

ON

CHARITABLE ACTIVITIES:

Wages Agency Fees

Lease Catering Heat 6 Light Depreciation Equipment Management Charge Legal 6 Professional Fees

Water Insurance Cleaning pmperty Maintenance Loan Interest Training Gardening

Telephone SlaBonery Rates Miscellaneous Fire Contract Window Cleaning Pest Control Lilt Servicing Advertising Door Entry

Licences GIRs

Bank Charges Pro6t on Sale of Properly

5b

241,886 10,218 67, 500 53,889 23, 366 11,827 10,593 1,500 11,025 1,174 11,308 2,027 1,599

256, 6$2 113,5$5 90,000 88, 883 30,779 12,008 10,190 9,000 7,21 6 8, 812 6, 749 6, 200 6, 227 5,520 5,126 4,$43 4,646

205

303 7, 058 722 2, 554 3,026

3,160 2, 72$ 2,479

1,611

889 339 722

866 001 541 535 352 287

(54)

3,376

210

135 104

121

(678,894)

(468, 313)

Committed Conirscls

62, 250

NET INCOMING RESOURCES

(264, 668)

427, 950

9.120

(418,830)

255,448

9,120

Total Funds Brought Forward

Total funds Carried Fonvsrd

Them were no recognised gains or losses in the year other then those included in the Statement of Ftnsndal AcgviBes. All activities are from operaBons that ceased In Odober 2016.

THE OLINDA TRUST BALANCE SHEET

AS AT 31 AUGUST 201 6 2016 Notes

5

2016 8

f

2015 2

93,430 38,714 25, 765

157,909

2015

CURRENT ASSETS

3

Fixtures, Furnishings snd Equipment Cash at Bank and in hand Prepsymenls

82, 674 28, 594

111,168

CREDITORS: Amounts fslgng due within one year

(270,087) (52, 250) 44.279

Loan from Trustee Committed Contracts Accruals

(127,073) (366,616

(21,716

148,789)

255,448

NET (LIABILITIES) I ASSETS

RESERVES 255,448

Reserves

9, 120

255,448) on the The gnancial statements were approved and authorised for issue by the Trustee on 20 April 2017 and signed Trustee's behalf by:

A Creber

THE OLINDA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

1. Accounting Policies (a) Accounting Convention The financial statements are prepared under the Historical Cost convention and in accordance with the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' and applicable accounting standards. As noted within the Annual Report on page 4, the Trustee no longer has a reasonable expectation that the Charity will be in a position to continue operating. The Trustee has, therefore, made the decision to close the home and wind-up The Olinda Trust. As a result, the financial statements have not been prepared on a going concern basis.

(b) FRS 102 have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council.

The financial statements

The Olinda Trust is a public benefit entity, as defined paragraphs prefixed 'PBE' in FRS 102.

in

FRS 102 and applies the relevant

This is the first year The Olinda Trust has prepared its financial statements in accordance with FRS 102, accordingly the financial information as at 1 September 2014 (being the date of transition) and for the year ended 31 August 2015 has been reviewed for material adjustments on adoption of FRS 102 in the current year. No adjustments were required.

(c) Incoming Resources All

income is included in the Statement of Financial Activities on an accruals basis.

(d) Resources Expended All

expenditure

is included in the Statement of Financial Activities on an accruals basis.

(e) Taxation No provision is made for taxation as the Charity is entitled offered by the Income Tax Act 2007.

to the various exemptions

THE OLINDA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

1.Accounting Policies

(continued)

(f) Pension

The Olinda Trust does not operate a pension scheme and makes no pension scheme contributions.

2. Property (a) Operating Lease The Olinda Trust leases Plas Parciau from North Wales Housing under an operating lease. Payments under the operating lease are charged to surplus or deficit in the Statement of Financial Activities on a straight-line basis over the period of the lease.

(b) Liquidated Damages and Rental Income Loss The Olinda Trust moved to Plas Parciau in August 2014 and was registered for a full complement of residents in January 2015. This move was delayed due to a power surge and delays to the completion and handover of the building by North Wales Housing. During 2015, The Olinda Trust received F588, 168 from North Wales Housing in liquidated damages and E'8, 229 from a successful insurance claim for loss of rental income.

3. Fixtures,

Furnishings

and Equipment Fittings

6 At 31 August 2616 At

31 August 2015

Furnishings R

Equipment

Total

6

4,351

74,355

3,868

82,574

4, 911

83, 109

5,410

93,430

THE OLINDA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016 4. Creditors:

Amounts Falling Due Within One Year

The loan from Trustee of f270, 087 (2015: f127,073), represents a loan from North Wales Housing for staff and property related expenditure incurred by the Trustee on the Charity's behalf.

When The Olinda Trust ceased trading in October 2016, the Charity was liable to pay f52, 250 as termination fees on contracts and staff redundancies. This amount has been fully provided for in the 2016 financial statements.

5. Trustees Fees and Staff Costs (a) Trustees Fees No remuneration or expenses were paid by the Charity to the Trustee for its role Trustee during the current or prior year.

as

(b) Staff Costs Staff Costs are as follows:

2015

2016 F

Salaries Employers Nl

Staff costs relate to staff employed administered by North Wales Housing.

by The

241, 106 15,566

227, 764 14, 122

256, 692

241,886 Trust.

Olinda

The average number of employees is as follows:

10

payroll

2016

2015

No.

No.

13

Full Time Equivalents

All

13

costs are

THE OLINDA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

6. Fees for Examination of the Accounts Legal and professional fees of E7,215 (2015: f11,825) include an amount of K3, 000 (2015: E1,800) for the services of the independent Examiner.

11

THE OLINDA TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE OLINDA TRUST

FOR THE YEAR ENDED 31 AUGUST 2016 report on the financial statements of The Olinda Trust for the year ended 31 August 2016, which are set out on pages 6 to 11. I

Respective Responsibilities

of Trustee and Examiner

The Charity's Trustee is responsible for the preparation of the financial statements . The Charity's Trustee considers that an audit is not required for the year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility

to:

examine the financial statements

under section 145 of the 2011 Act;

in the general Directions given laid down follow the procedures Charity Commission under section 145(5)(b) of the 2011 Act; and

by the

state whether particular maters have come to my attention. This report, including my statement, has been prepared for and only for the Charity's Trustee as a body. My work has been undertaken so that I might state to the Charity's Trustee those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustee as a body for my examination work, for this report or for the statements I have made.

Basis of Independent Examiner's Report accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanation from you as Trustee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a 'true and fair view' and the report is limited to those matters set out in the statement below. My examination

was carried out

in

12

THE OLINDA TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE OLINDA TRUST

FOR THE YEAR ENDED 31 AUGUST 2016 Independent

Examiner's Statement

In connection with my examination,

no matter has come to my attention:

which gives me reasonable

cause to believe that

in

any material

respect the

requirements:

to keep accounting

records in accordance with section 130 of the

2011 Act; and to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or

to which, in my opinion, attention should be drawn understanding of the accounts to be reached.

Vincent Marke FCA c/o Mazars LLP 45 Church Street Birmingham

B3 2RT

L&i L/l)4

13

in

order to enable a proper