2023-03-31-accounts - Humphrey Booth Housing Charity

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	CONTENTS
		~ea eNo.
TRUSTEES' ANNUAL REPORT		1 —21
STATEMENT OF COMPLIANCE	WITH CORPORATE	22
GOVERNANCE MATTERS
STATEMENT OF TRUSTEES' RESPONSIBILITIES		23
INDEPENDENT AUDITOR'S REPORT		24- 26
STATEMENT OF FINANCIAL ACTIVITIES		27
BALANCE SHEET		28
STATEMENT OF CASH FLOWS		29
NOTES TO THE FINANCIAL STATEMENTS		30-42

TRUSTEES' ANNUAL REPOR	T 2022	/23 (Continued)	/23 (Continued)
Metric		Humphrey Booth Housing Charity 2021/22		Humphrey Booth Housing Charity 2022/23
Stock Mana ed Turnover f000 Avera e re-let time da s Week( o eratin cost er unit Operating cost as a percentage	f of		44 272 84 157		44 277 181
turnover % Average weekly management	cost		131		149
er dwellin F
Cost per property of housing
mana ement E Cost per property of responsive re airs and void works f			419 567		453 991

					Unrestricted	Endowment	Total
				N~t~~	funds	funds	funds 2023	2022
Income and endowments			from:
Charitable activities	-	social	housing		248,288		248,288	245,238
Service level agreement					29,094		29,094	27,713
Investments					245,134	358,724	503,858	550,637
Transfer to income					300,427	(300,427)
Total Income					822,943	58,297	881,240	823,788
Expenditure on:
Raising funds —Investment Fees			Management		38,384	54,899	93,283	98,036
Charitable activities				2	449,038		449,038	362,596
Total Expenditure					487,422	54,899	542,321	460,634
Net Income/ (Expenditure)					335,521	3,397	338,919	363,154
Net (losses)/gains	on	investments		10	(524,222)	(899,459)	(1,223,581)	492,629
Net movement in	funds				(188,701)	(898,052)	(884,753)	655,783
Reconciliation of	funds:
Total funds brought		forward			10,737,740	11,084,049	21,821,789	20,966,006
Total funds carried		forward			10,549,039	10,387,987	20,937,028	21,821,789

AS AT 31 MARCH	2023	2023
			Notes	2023	2022
				E	f
Fixed assets
Tangible fixed assets				1,290,298	1,326,737
Investments			10	18,109,979	19,135,175
				19,400,277	20,461,912
Current assets
Debtors				18,714	9,642
Cash and cash equivalents:
Investments —deposit		accounts		550,952	461,418
Cash at bank and in	hand			1,058,081	974,870
Total cash and cash	equivalents			1,609,033	1,436,288
Total current assets				1,627,747	1,445,930
Creditors: amounts one year	falling due within		12	(90,998)	(86,053)
Net current assets				1,536,749	1,359,877
Net assets				20,937,026	21,821,789
The funds ofthe charity
Permanent Endowment		Fund	13	10,387,987	11,084,049
Unrestricted Funds
Development Fund			14b	4,175,138	4,341,998
Extraordinary Repair Fund			14a	3,558,377	3,741,464
Revenue Reserves			15	2,610,303	2,449,056
Social Housing Grants		Fund	1/15	205,222	205,222
Total unrestricted	funds			10,549,039	10,737,740
Total charity funds			15	20,937,026	21,821,789

YEAR ENDED 31 MARCH 2023
				2023	2022
Cash used in operating activities				(109,517)	(10,362)
Cash flows from investment activities
Investment and Interest Income				306,832	254,373
Purchase oftangible fixed assets				(24,570)	(25,320)
Cash provided by investing activities				282,262	259,053
Changes in cash and cash equivalents year	during		the	172,745	248,591
Cash and cash equivalents at the beginning year		ofthe		1,436,288	1,187,596
Total cash and cash equivalents at the end			ofthe year	1,609,033	1,436,288
Reconciliation ofnet movement in funds	to	net	cash flow from	operating activities
Net movement in funds				(884,763)	855,783
Add back depreciation charge				61,008	59,414
Add back in investment management fees at source from investment income		deducted		93,283	98,037
Deduct interest income shown in investing		activities		(598,599)	(549,722)
Add back losses/(Deduct gains) on investments				1,223,681	(492,629)
(Increase)/Decrease in debtors				(9,072)	1,025
Increase in creditors				4,945	17,729
Net cash used in operating activities				(109,517)	(10,362)

Improvements	Improvements		Useful Economic Life
Structure			50 years
Roofing			40 years
Windows,	External Doors, Central Heating	and Bathrooms	25 years
Kitchens	and Other Fixtures		5years

									2023	2022
Income from letting activities
Weekly maintenance contribution			receivable			net of identifiable		service
charges									223,308	213,642
Service charges receivable									34,320	33,634
									257,628	247,276
Voids									(11,359)	(4,799)
Net weekly maintenance	contributions				receivable				246,269	242,477
Other income from social	housing		lettings						2,019	2,762
Total income from social	housing		activities						248,288	245,239
Operating and *non-operating		expenditure
Housing management									19,916	18,434
Services									66,762	64,834
Routine maintenance									43,621	24,947
Cyclical maintenance and Repairs				and Improvements					45,197	8,571
Governance costs									21,884	24,443
Staff costs									149,608	131,289
Depreciation									61,008	59,414
Other costs									41,042	30,665
Total expenditure on social		housing			activities				449,038	362,598
Operating deficit on social housing				lettings					(200,750)	(117,359)
*Non-operating expenditure		relates		to quinquennial			and other	costs
GOVERNANCE COSTS
Audit and accountancy									15,684	13,536
Professional fees									6,200	10,907
Total governance cost									21,884	24,443

			2023	2022
				6
Dividends	& interest on managed	funds	598,599	549,722
Bank interest receivable			5,259	1,115
			603,858	550,837

TANGIBLE FIXEDASSETS
		Freehold
	Social housing	*land and
	properties	buildings	Equipment	Total
			8	6
Brought forward at 1 April 2022	2,011,272	266,274	90,801	2,368,347
Additions	17,967		6,602	24,570
at 31 March 2023	2,029,239	266,274	97,403	2,392,917
Depreciation
Brought forward at 1 April 2022	(878,147)	(82,393)	(81,070)	(1,041,610)
Provided in year	(51,677)	(5,325)	(4,005)	(61,008)
Carried forward at 31 March 2023	(929,824)	(87,719)	(85,075)	(1,102,618)
Net book value
at 31 March 2023	1,099,415	1781555	12,328	1,290,298
at 1 April 2022	1,133,125	183,881	9,731	1,326,737

INVESTMENTS		2023	2022
at 1 April 2022		19,135,175	18,475,234
Cash Movement		198,485	167,312
Unrealised (losses)/gains	in year	(1,223,681)	492,629
at 31 March 2023		18,109,979	19,135,175

				2023	2022
					F
The Investments	comprise:
Fixed Interest				3,000,078	1,856,570
UK Equities				4,975,488	5,394,319
Global Equities				7,177,193	8,140,257
Property				424,161	563,102
Alternative Assets				2,175,502	2,125,896
Liquid Assets				357,557	1,055,031
Reported Balances				18,109,979	19,135,175
Market value of investments			greater than 5%oftotal investment
Sarasins Endowment		Funds	(formerly the Alpha CIF for Endowments)	9,579,682	10,111,796

YEAR ENDED 31 MARCH	YEAR ENDED 31 MARCH	2023	2023
					2023	2022
					8	f
DEBTORS
Weekly Maintenance	Contribution		debtors		2,507	1,765
Prepayments and accrued interest					16,207	7,877
					18,714	9,642
CREDITORS: amounts falling due				within one year
Other creditors					31,511	36,811
Accruals and deferred	income				59,487	49,242
					90,998	86,053
PERMANENT ENDOWMENT		FUND
Balance at 1 April 2022					11,084,049	10,832,598
Transfer between funds
Income					58,297	61,270
Expenditure					(54,899)	(58,348)
Unrealised revaluation	(losses)/gains			on investments	(699,459)	248,529
Balance at 31 March	2023				10,387,987	11,084,049

YEAR ENDED 31 MARCH 2023	YEAR ENDED 31 MARCH 2023	YEAR ENDED 31 MARCH 2023				2023	2022
						6	F
DESIGNATED RESERVES (Extraordinary				Repair Fund)
Balance at	1April 2022					3,741,464	3,528,588
Transfer between funds						13,060
Unrealised	revaluation (losses)/gains		on investments			(244,403)	116,190
Investment	income					103,188	62,503
Expenditure						(16,919)	(39,897)
Movement	in the year transferred	from Income and Expenditure			account	(38,013)	54,080
Balance at	31 March 2023					3,558,377	3,741,464
Included within the Extraordinary		Repair Fund is a loss of6244,403(2022: gain ofE116,190)relating					to unrealised
revaluation	(losses)/gains on investments.

The Charities (Booth Charities) Order	1985	requires the transfer ofa	yearly sum ofnot less than F27,040	to the
Extraordinary Repair Fund.
DESIGNATED RESERVES (Development		Fund)
Balance at 1 April 2022			4,341,998	4,114,048
Transfer between funds			(552)
Unrealised revaluation (losses)/gains	on investments		(279,819)	127,910
Investment income			134,582	121,911
Expenditure			(21,071)	(21,871)
Balance at 31 March 2023			4,175,138	4,341,998

RECONCILIATIO	N OF	FUNDS AND MOV	EMENTS ON RESERVE	S*
					Unrestricted Reserves
			Permanent	Revenue	Designated
			Endowment	Reserve	Reserve
			Fund	Fund	Funds	Total
			K	E	F	E
at 1 April 2022			11,084,049	2,654,278	8,083,462	21,821,789
Transfer between	funds			25,505	(25,505)
Income			58,297	585,174	237,769	681,240
Expenditure			(54,699)	(449,432)	(37,990)	(542,321)
l.oss on investments			(699,459)		(524,222)	(1,223,681)
Carried forward	at 31	March 2023	10,387,987	2,815,524	7,733,515	20,937,026
*See2022 comparative		on page 40.

			Unrestricted	Unrestricted	Reserves
		Permanent	Revenue	Designated
		Endowment	Reserve		Reserve
		Fund	Fund		Funds	Total
			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	8,083,462		21,821,789

ANALYSIS OF N	ET ASSETS BETWEEN	FUNDS
		Permanent
		Endowment	Unrestricted
		Fund	Funds	Total
		6	f	f
Tangible fixed assets Investments		10,387,560	1,290,298 7,722,419	1,290,298 18,109,979
Cash at bank and	in hand		1 609033	1,609,033
Other net current	assets		(72,284)	(72,284)
		10,387,560	10,549,466	20,937,026

ANALYSIS OF N	ET ASSETS BETWEEN F	UNDS —2022 COMPARATIVE
		Permanent
		Endowment	Unrestricted
		Fund	Funds	Total
		f	8	6
Tangible fixed assets Investments		11,084,169	1,326,737 8,051,006	1,326,737 19,135,175
Cash at bank and	in hand		1,436,288	1,436,288
Other net current	assets		(76,411)	(76,411)
		11,084,169	10,737,620	21,821,789

23 COMPARATIVE	STATEMENT	OF	FINANCIAL ACTIVITIES —2022	FINANCIAL ACTIVITIES —2022
				Unrestricted	Endowment	Total funds
			Notes	funds	funds	2022
Income and endowments	from:
Charitable activities -social	housing			245,238		245,238
Service level agreement				27,713		27,713
Investments				205,529	345,308	550,837
Transfer to income				284,038	(284,038)
Total Income				762,518	61,270	823,788
Expenditure on: Raising funds —Investment Charitable activities	Management	Fees		39,688 362,596	58,348	98,036 362,598
Total Expenditure				402,286	58,348	460,634
Net Incomel (Expenditure)				360,232	2,922	363,154
Net gains/(losses) on investments			10	244,100	248,529	492,629
Net movement in funds				604,332	251,451	855,783
Reconciliation offunds:
Total funds brought forward Total funds carried forward				10,133,408 10,737,740	10,832,598 11,084,049	20,966,006 21,821,789