2022-03-31-accounts - Humphrey Booth Housing Charity

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

CONTENTS
	~Pe PNP.
TRUSTEES' ANNUAL REPORT	1 —21
STATEMENT OF COMPLIANCE WITH CORPORATE
GOVERNANCE MATTERS
STATEMENT OF TRUSTEES' RESPONSIBILITIES	23
INDEPENDENT AUDITOR'S REPORT	24-26
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET	28
STATEMENT OF CASH FLOWS	29
NOTES TO THE FINANCIAL STATEMENTS	30-42

				unrestricted	Endowment	Total funds
			Notes	funds	funds	2022	2021
Income and endowments		from:
Charitable activities	-social	housing		245,238		245,238	259,437
Service level agreement				27,713		27,713	27,851
Investments				205,529	345,308	550,837	527,875
Transfer to income				284,038	(284,038)
Total Income				762,518	61,270	&23,788	&15,163
Expenditure on:
Raising funds —Investment Fees		Management		39,688	58,348	98,036	97,974
Charitable activities				362,598		362,598	346,833
Total Expenditure				402,286	58,348	460,634	444,807
Net Incomel (Expenditure)				360,232	2,922	363,154	370,356
Net gains/(losses)	on investments		10	244,100	248,529	492,629	3,543,690
Net movement in	funds			604,332	251,451	855,783	3,914,046
Reconciliation of	funds:
Total funds brought forward				10,133,408	10,832,598	20,966,006	17,051,960
Total funds carried forward				10,737,740	11,084,049	21,&21,789	20,965,006

AS AT 31 MARCH	2022	2022
			Notes	2022	2021
Fixed assets
Tangible fixed assets				1,326,737	1,360,831
investments			10	19,135,175	18,475,234
				20,461,912	19,836,065
Current assets
Debtors				9,642	10,667
Gash and cash equivalents:
Investments —deposit		accounts		461,418	360,349
Cash at bank and in	hand			974,870	627,247
Total cash and cash	equivalents			1,436,288	1,167,596
Total current assets				1,445,930	1,198,263
Creditors". amounts one year	falling due within		12	(86,053)	(68,322)
Net current assets				1,359,877	1,129,941
Net assets				21,821,789	20,966,006
The funds ofthe charity
Permanent Endowment		Fund	13	11„084,049	10,832,596
Unrestricted Funds
Development Fund			14b	4,341,998	4,114,048
Extraordinary Repair	Fund			3,741,464	3,528,588
Revenue Reserves			15	2,449,056	2,285,550
Social Housing Grants		Fund	II15	205,222	205,222
Total unrestricted funds				10,737,740	10,133,408
Total charity funds			15	21,821,789	20,966,006

				2022	2021
Cash used in operating activities				(10,352)	25,380
Cash flows from investment activities
Investment and Interest Income				284,373	293,668
Purchase oftangible fixed assets				(25,320)	(8,361)
Cash provided by investing activities				259,053	285,307
Changes in cash and cash equivalents year	during		the	248,891	310,687
Cash and cash equivalents at the beginning year		ofthe		1,187,596	876,909
Total cash and cash equivalents at the end			ofthe year	1,436,288	1,187,596
Reconciliation ofnet movement in funds	to	net	cash flow from	operating activities
Net movement in funds				855,783	3,914,046
Add back depreciation charge				59,414	65,393
Add back in investment management fees at source from investment income		deducted		98,037	97,974
Deduct interest income shown in investing		activities		(549,722)	(527,108)
(Deduct) gains/add back losses on investments				(492,829)	(3,543,690)
Decrease/(Increase) in debtors				1,025	(4,648)
Increase/(Decrease) in creditors				17,729	23,413
Net cash used in operating activities				(10,382)	25,380

								2022	2021
Income from letting activities
Weekly maintenance contribution		receivable			net of identifiable	service
charges Service charges receivable								213,642 33,634	209,886 33,062
								247,278	242,948
Voids								(4,799)	(15,681)
Net weekly maintenance contributions				receivable				242,477	227,267
Other income from social housing			lettings					2,762	"32,170
Total income from social housing		activities						245,239	259,437
*Government Grant in respect ofCovid-1 9 relief for the Estate						Community	Centres
Operating and *non-operating	expenditure
Housing management								18,434	12,302
Services								64,834	50,066
Routine maintenance								24,947	30,508
Cyclical maintenance and Repairs			and	Improvements				8,571	15,252
Governance costs								24,443	23,020
Staff costs								131,289	114,444
Depreciation								59,414	65,393
Other costs								30,665	35,848
Total expenditure on social housing			activities					362,598	346,833
Operating deficit on social housing			lettings					(117,359)	(87,396)
*Non-operating expenditure	relates		to	quinquennial and other		costs
GOVERNANCE COSTS
Audit and accountancy Professional fees								13,536	12,802
Total governance cost								24,443 10,907	23,020 10,218

			2022	2021
			f	f.
Dividends	8,interest on managed	funds	549,722	527,106
Bank interest receivable			1,115	757
			550,837	527,875

TANGIBLE FIXEDASSETS
		Freehold
	Social housing	*land and
	properties	buildings	Equipment f	Total
Brought fonvard at 1 April 2021	1,990,063	256,274	65,670	2,343,027
Additions	21,189		4,131	25,320
at 31March 2022	2,011,272	266,274	90,801	2,366,347
Depreciation
Brought forward at 1 April 2021	(827,456)	(77,058)	(77,672)	(982,196)
Provided in year	(50,691)	(5,325)	(3,396)	(59,414)
Carried forward at 31March 2022	(878,147)	(82,393)	(81,070)	(1,041,610)
Net book value
at 31March 2022	1,133,125	183,881	9„731	1,326,737
at 1 April 2021	1,162,627	189,206	8,998	1,360,&31

INVESTMENTS		2022	2021
at 1 April 2021		18,475,234	14,796,077
Cash Movement		167,312	135,467
Unrealised gains/(losses)	in year	492,629	3,543,690
at 31 March 2022		19,135,175	18,475,234

				2022	2021
					E
The Investments	comprise:
Fixed Interest				1,956,570	2,199,369
UK Equities				6,394,319	5,212,592
Global Equities				8,140,257	8,463,729
Property				563,102	238,453
Alternative Assets				2,125,896	1,082,553
Liquid Assets				1,055,031	1,278,538
Reported Balances				19,135,175	18,475,234
Market value ofinvestments			greater than 5%oftotal investment
Sarasins Endowment		Funds	(formerly the Alpha CIF for Endowments)	10,111,796	9,827,223

YEAR ENDED 31 INARCH	YEAR ENDED 31 INARCH	2022	2022
				2022	2021
					E
DEBTORS
Weekly Maintenance	Contribution		debtors	1,765	1,630
Prepayments and accrued interest				7,877	9,037
				9,642	10,667
CREDITORS: amounts falling due within one year
Other creditors				36,8'l1	19,723
Accruals and deferred	income			49,242	48,599
				86,053	68,322
PERNIANENT ENDOWMENT		FUND
Balance at 1 April 2021				10,832+98	8,816,360
Transfer between funds					9,419
Income				61,270	56,434
Expenditure				(58,348)	(57,600)
Unrealised revaluation	gain/losses		on investments	248,529	2,007,985
Balance at31March	2022			11,084,049	10,832,598

YEAR ENDED 31 MARCH 2022	YEAR ENDED 31 MARCH 2022	YEAR ENDED 31 MARCH 2022				2022	2021
						F
DESIGNATED RESERVES (Extraordinary				Repair Fund)
Balance at	1 April 2021					3,528,588	2,755,975
Transfer between funds							(1,258)
Unrealised	revaluation gains/(losses)		on investments			116,190	731,251
Investment	income					82,503	70,812
Expenditure Movement	in the year transferred	from Income and Expenditure			account	(39,897) 54,585	(18,734) ~8,458
Balance at	31 March 2022					3,741,464	3,528,588
Included within the Extraordinary		Repair Fund isa gain of5115,190(2021:gain ofF731,251) relating					to unrealised
revaluation	gains/(losses) on investments.

Extraordinary Repair Fund. The transfer of F54,080above.	Extraordinary Repair Fund. The transfer of F54,080above.	Extraordinary Repair Fund. The transfer of F54,080above.	the F27,040 in respect o	, fthe 2020/21accounts is reflected	in the
DESIGNATED RESERVES (Development			Fund)
Balance at	1 April 2021			4,114,048	3,214,277
Transfer between funds					1,304
Unrealised	revaluation gains/losses	on investments		127,910	814,059
Investment	income			121,911	106,039
Expenditure				(21,871)	(21,631)
Balance at	31 March 2022			4,341„99&	4,114,048

RECONCILIATIO	N OF	FUNDS AND MOV	EMENTS ON RESERVE	S
					Unrestricted Reserves
			Permanent	Revenue	Designated
			Endowment	Reserve	Reserve
			Fund	Fund	Funds		Total
			5		6		F
at 1 April 2021			10,832,598	2,490,772	7,642,636	20,966,006
Transfer between	funds			(50,290)	50,290
Income			61,270	558,104	204,414		823,788
Expenditure			(58,348)	(344,308)	(57,978)	(460,634)
Gain on investments			248,529		244,100		492,629
Carried forward	at 31	March 2022	11,084,049	2,654,278	8083462	21	821 789
*See2021 comparative		on page 40

					Unrestricted Resenres	Unrestricted Resenres
		Permanent Endowment		Revenue Designated Reserve Reserve
			Fund	Fund Funds		Total
		F			6	8
at 1 April 2020		8,816,360		2,265,348	5,970,262	17,051,960
Transfer between	funds		9,419	(9,465)	46
Income				572,263	176,851	805,548
Expenditure			(57,600)	(337,374)	(49,823)	(444,797)
Gain on investments		2,007,985			1,545,310	3,5&,295
Carried forward	at 31March 2021	10,832,598		2,490,772	7,642,636	20,966,006
ANALYSIS OF NET ASSETS BETWEEN FUNDS
			Permanent
			Endowment	Unrestricted
			Fund	Funds		Total
						6
Tangible fixed assets				1,328,737		1,326,737
Investments			11,084,169	8,051,006		19,135,175
Cash at bank and	in hand			1,436,288		1,436,288
Other net current	assets				(76,411)	(76,4'1 1)
			11,084,169	10,737,620		21,821,789
ANALYSIS OF NET ASSETS BETWEEN FUNDS		—2021 COMPARATIVE
			Permanent
			Endowment	Unrestricted
			Fund		Funds	Total
			6		6	F
Tangible fixed assets					1,360,831	1,360,831
Investments Cash at bank and	in hand		10,832,598		7,542,638 827,248	18,475,234 827,248
Other net current	assets				302,693	302,693
			10,832,598		10,133,408	20,966,006

				Unrestricted	Endowment	Total funds
			Notes	funds	funds	202f.
Income and endowments	from:
Charitable activities -social	housing			259,437		259,437
Service level agreement Investments Transfer to income				27,851 472,870	55,005	27,851 527,875
Total Income				760,158	55,005	815,163
Expenditure on."
Raising funds —Investment Charitable activities Total Expenditure	Management	Fees		40,374 346,833 387,207	57,600 57,600	97,974 346,833 444,807
Net Incomel (Expenditure}				372,951	(2,595)	370,356
Net gainsl(losses) on investments			10	1,534,276	2,009,414	3,543,690
Net movement in funds				1,907,227	2,008,819	3,914,046
Reconciliation offunds:
Total funds brought forward Total funds carried forward				8,226,181 10,133,408	6,825,779 10,832,598	17,051,960 20,966,006