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