HUMPHREY BOOTH HOUSING CHARITY ANNUAL REPORT FOR THE FINANCIAL YEAR ENDING 31ST MARCH, 2025 Registered Charity No. 1072080 Regulator of Social Housing No. A0798 CONTENTS eNo. TRUSTEES, ANNUAL REPORT 1-21 STATEMENT OF COMPLIANCE WITH CORPORATE GOVERNANCE MATTERS 22 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 3042 THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 TRUSTEES Mrs Barbara Griffin, MBE Mrs Mary-Liz Walker JP DL Chairman to 14th February, 2025 Chairman from 14" February, 2025 P Dennett, Esq from 6. May, 2016 Senior Church Warden, Manchester Cathedral City Mayor of Salford Mr S During Councillor D A Lancaster, MBE P M McNamara Councillor J Mullen Councillor G C Reynolds C Wells Esq Duniv J C Willis Esq CBE CPFA LEGAL AND ADMINISTRATIVE INFORMATION Name and address of Charity: The Humphrey Booth Housing Charity The William Jones Building 1 Eccles Old Road Salford M6 7DE Governing Document: Statutory Instrument- The Charities (Booth Charities) Order 1985 No. 1935 Charity Registration No.: 1072080 Regulator of Social Housing No. A0798 Chief Executive to the Charity Mrs S M Jones to 14th February, 2025 Mr D Haynes from 3rd March, 2025 Bankers: Co-operative Bank PIC 1 Balloon Street Manchester M60 4EP Barclays Bank PIC 1 Churchill Place London E14 5HP Yorkshire Bank 48- 50 Market Street Manchester M1 1 PW Santander UK Bank Customer Service Centre Bootle Merseyside L30 4GB Nationwide Building Society Kings Park Road Moulton Park Northampton NN3 6NW Scottish Widows PO Box 883 Leeds LS19TY Shawbrook Bank CCLA Investment Management Ltd Lutea House One Angel Lane Warley Hill Business Park London EC4R 3AB The Drive Great Warley Brentwood Essex CM13 3BE Solicitors: Butcher and Barlow LLP Commercial Offi 3 Royal Mews Gadbrook Park Northwich CW9 7UD THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 (Continued) Auditors (External): Beever and Struthers Suite 16b The Beehive Lions Drive Shadsworth Business Park Blackburn BB12QS Investment Managers: Rathbone Investment Managers Limited Port of Liverpool Building Pier Head Liverpool L3 1 NW and Sarasin and Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Investment Management Advisers: Portfolio Review Seniices Pailings Warboys Road Kingston Hill Surrey KT2 7LS Health and Safety Advisers and Design Consultants: Warburton Associates Design and Management Ltd The Old Police Station 62 Chapel Street Salford M3 7AA THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 (Continued GOVERNANCE statutory Instrument No. 1935 The Charities {Booth Charities) Order 1985- provides that the Housing Charity shall be administered and managed by the Distributors of the Booth Charities as the Charity Trustees thereof. OBJECT The Object of the Humphrey Booth Housing Charity is to provide and maintain almshouses for the residents and to benefit the residents of Salford. (Ref. Paragraph 45= The Charities (Booth Charities) Order 1985 (Sl No. 1935), in relation to Paragraph 2wide Quinquennial Maintenance Plan produced by Warburton Associates Design and Management Limited as it related to tasks classified as requiring attention within one year and after one year and within five years, the following programme of work was undertaken during the financial year:_ Maln rlce Close: Annual gas safety and cart￿n monoxide alami checks Annual grounds rna1ntenan￿ including cutting back overgrown shrubbery and trees New washing machine installed All guttering cleared of debris 5-year fixed wiring testing and inspections and remedial rectffications Upgrade of electricity meters (landlord's supply) to Smart meters St James Close: Annual grounds maintenance induding cutting back overgrown shrubbery and trees and clearing of leaves from the estate grounds General roof works.. (i) Supply and lay of new reinforcedlbreathable roofing felt on all flat roots and the Community CentrelLaundry {11) Mossllichens cleaned from ridge tiles and tiles treated with anti-fungicidal wash (iii) Repairs to roof eaves and vent pipes estate-wide All guttering cleared of debris 5-year fixed wiring testing and inspections and remedial recttfications Upgrade of electricity meters (landlord's supply) to Smart meters Winstanle Close: Annual grounds maintenance including cutting back overgrown shrubbery and trees All guttering cleared of debris New storage heaters installed in the Community Centre 5 year fixed wiring testing and inspections remedial rectifications New FD30s Fire doors and door sets to be fitted to all units New UPVC rear exit doors and door sets to be installed in all blocks New composite front entrance doors and door sets to be installed in all blocks ) Building Regs. approval awaited THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 (Contlnued) HEALTH AND SAFETY The Charity continued to work in liaison with Warburton Associates Design and Management Limited in their capacity as Health and Safety advisers. The stipulated timetable for Electrical Inspection Testing and remedial work was obseNed throughout the year. Laundry equipment, specifically the tumble dryers on each Estate, were inspected and serviced. Annual gas safety checks were undertaken and the appropriate Certificates issued. Cyclical inspections of occupied units and weekly fire call point and emergency light testing, trip hazard inspections and reporting. and internal inspections of void properties were carried out on all Estates. The Chariiy continues to WO￿ with Greater Manchester Fire and Rescue Service in offering residents Person Centred Fire Safety Assessments. The Person Centred Fire Safety Assessments, carried out by GMFRS personnel, offer residents advice on fire safety in the home. All residents are afforded the opportunity to avail themselves of a Person Centred Fire Safety Assessment. All units are fitted with smoke and heat detectors which are checked. seNiced and maintsined throughout the year. Control of Asbestos Regulatlons 2012 (CAR 2012) Annual Asbestos inspections were undertaken during week commencing 1 ￿ May. 2024. The summary of the survey results estate-wide showed no remedial or removal works required. The register has been updated accordingly. A rninimal presence of low grade asbestos content remain5 Wlthin the Charity's properties. Guarding against the risk of Legionella bacterla In water systems In compliance with Statute as an Almshouse provider weekly flushing continues to be undertaken to prevent the build-up of stagnant water in systems where water is not used on a regular basis e.g. estate Community Centres and void properties. Annual and monthly water temperature testing and Inspections were carried out by Airbome Environmental Consultants Limited and the required Log Books completed. SERVICES TO RESIDENTS (a) Resldent welfare Working with Greater Manchester Police as part of the Neighbourhood Watch Scheme, the Charity receives regular Police Newsletters throughout the year which are displayed in each of the estate Community Centres. A booklet produced by Age UK 'Avoiding Scams - Ways to Protect Yourself was displayed in each of the Estate Communty Centres. Mainprice Close has CCTV sunieillance and a business hours staff Ffesence. due to being located on the Headquarters office site. A Newsletter is issued to residents and informal interaction between residents and Headquarters personnel occurred during their weekly attendance on the estates for operational and safety monitoring purposes. Periodic reviews of the residents, circumstances were used as a means of identifying ways in which the Charity could offer support. The Charity's Annual Report is displayed in each of the estate Communty Centres and the Charty's Headquarters reception area. The total number of general maintenance repairs on all Estates for 202412025 totalled 103 as at 31° March, 2025. THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 (Continued) Over the ChristmaslNew Year period 2024, Salix Homes Limited. the Charity's Maintenance Contractor, provided a 24 hour Out of Hours Emergency call out service to make safelcarry out repairs for genuine emergencies. A Booth Charities grant was made available to enable all residents to re￿1ve a supermarket gift voucher at Christmas. Advice was provided to all residents on the Government Support Schemes for Winter 2024125 together with tips to stay safe and well over the Winter period. Residents were provided with the necessary informakn'on to claim Pension Credit (b) TV Llcences Following an amendment to the Communications (Television LI￿nsIng) Regulations 2004 paragraph 5(1) Schedule 4. funded by a Booth Chartties grant, Concessionary TV LiCen￿S were obtained for 22 eligible residents. (c) Houslng Benefiuunlversal Credlt New residents are signposted to Salford CAB for assistan￿ in submitting claims for Housing Benefit or Universal Credit. (d) Fuel Poverty Under the annual review of residents contributions, consonant with Govemment policy to combat fuel poverty, the Housing Charity continued to subsidise the charge to residents for background Heating and hot water supplies in applicable units. SUSTAINABILITY {a) INVESTMENT MANAGEMENT PERFORMANCE REPORTING: POSITION AS AT 31ST MARCH, 2025 Investment Policy and Performance The Humphrey Booth Housing Charity operates three different investment fvnds, each with an investment strategy appropriate to its objectives. These funds are managed by Sarasin & Partners LLP and Rathbone Investment Management Limited on a fully discretionary basis. As at 31° March 2025 Sarasin & Partners LLP managed portfolios on behalf of the Permanent Endowment Fund and the Development Fund, thilst Rathbone Investment Management Limited managed portfolios on behalf of the Pemanent Endowment Fund, The Development Fund and the Extraordinary Repair Fund. Further details of those portfolios are noted below, including the values, all on a bid price basis. Permanent EndowThent Fund Sarasin & Partners LLP As at 3151 March 2025 the portfolio was effectively fully invested in income units of the Sarasin Endowments Fund, with a very small balance in cash. As at 3191 March 2025, the value of the Permanent Endowment Fund managed by Sarasin & Partners LLP was £8,397,999 compared to a value of £8,293,024 as at 31. March 2024. This represented a total return increase in value of 4.1 % , net of fees. Over the same period. the composite benchmark for short-term performance measurement purposes rose by 4.9%. The composite benchmark is comprised of the relevant indices for the asset classes the manager is likely to invest in, weighted according to the managerfs long-term strategy and was amended from the beginning of June 2023 to remove a specific weighting in UK equities and it was, instead, managed on the basis of a fully global equity allocation. Accordingly, the benchmark applied frorn that date was 7.50/0 UK Government Bonds. 7.5 /0 Sterling Corporate Bonds, 1 Ooh Global Equities currency hedged, 60 % Global Equities currency unhedged, 5°/0 Property, and 10% Alternatives. THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 (Contlnued) The neutral allocation to sterling was also amended to 400/0 from 60°k previously. The long-term investment objective for the Permanent Endowment is to maintain the capital value by achieving an average capital growth after fees, over rolling five-year periods, equivalent to CPI as at 31 March each year, whilst adopting a medium risk profile. During the five years ended 31st March 2025 the portfolio recorded capital growth of 28.10/0. which was ahead of the 25.90h increase in CPI inflation over the same period. The strongest performing assets over the full 12 months were the alternative assets, led by the holding in gold. Although equities produced strong returns over most of 2024, as investors continued to be excited about the outlook for the large US technology stocks, much of these returns were given back in 2025. The Capital only returns compared to CPI inflation have been helped by the posittve returns from equities and alternattve assets as well as sl st inflation returning to lower levels. Income received over the year to 31 March 2025 amounted to £228,665 and there was also a fee rebate of £18.722 being the difference between Ihe standard fee charged within the Sarasin Endowments Fund and the actual fee rate negotiated with the manager. As the income generated by the portfolio was not required for immediate expenditure. Sarasin added this to the balan￿ held in the Permanent Endowment Income Reserve Portfolio. At the end of March 2025. the balance on this account stood at £722,121 and the cash was invested in the BlackRock Sterling Liquidity Fund, which is very well diversified. As a result of the reinvestment of the fee rebates received the number of units in the Sarasin Endowments Fund st held increased from 6,706,278 as at 31 March 2024 to 6,719,007 as at 31É1 March 2025. As at 3151 March 2025 the overall asset allocation within the Sarasin Endowments Fund was 68 % Equities, 10 % Fixed Income. 4°h Property, 100/0 alternative asset classes and 80/9 Cash. Rathbone Investment Management Limited As at 31° March 2025, the value of the Permanent Endowment Fund managed by Rathbone Investment Management Limited was £2,820,071 compared to a value of £2,827,649 as at 31. March 2024. Adjusted for income paid away. this represented a total retum increase in value of 2.2%, net of fees. Over the same period, the composite benchmark for performance measurement purposes rose by 5.7%. The composite benchmark is comprised of the relevant indices for the asset classes the manager is likely to invest in, weighted according to the managers long-term strategy. This was unchanged over the period. The investment objective for the Permanent Endowment is to maintain the capital value, after CPI inflation, over rolling five-year periods, whilst adopting a medium risk profile. During the five years ended 3141 March 2025 the Permanent Endowment portfolio recorded a rise in the capital value of 26.90/0, which was ahead of the increase in CPI inflation of 25.9 % over the same period. Over the last year, the portfolio's total return of 2.2 /0 was slightly behind the rise in the comparative benchmark of 5.70/0 largely because of their stance to be overweight in overseas equrtEs relative to UK equities over a period when the latter did better and because their US pharmaceutical holdings were particularly disappointing. Over the year the income fell to £70.509 largely because of the continued switch of some of the UK equity allocation into lower yielding overseas equities. A total of £70.907 was paid out to the Trustees, bank account over the year through quarterly standing order payments. As at 31° March 2025, the portfolio was directly invested in UK equities and a number of overseas equities, as well as a number of third-party pooled funds for other asset classes. The overall asset allocation was 66 % Equities. 200/0 Fixed Income, 2 % Property, 90 alternative asset classes and 30￿ Cash. The Development Fund Sarasin & Partners LLP st As at 31 March 2025 the portfolio was effectivety fully invested in accumulation units of the Sarasin Endowments Fund, with a small balance held in cash. As at 3151 March 2025, the value of the Development Fund portfolio was £2,215,423 compared to £2.129,258 as at 31st March 2024. The portfolio recorded a total return increase of 4.1 ¥0 over the year. Over the same period, the composite benchmark for short-term performance measurement purposes rose by 4.90/0. The composite benchmark is comprised of the relevant indices for the asset classes the manager is likely to invest in, weighted according to the manager's long-term strategy and was amended from the beginning of June 2023 to remove a specific weighting in UK equities and it was, instead. managed on the basis of a fully global equity allocation. -11 THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 (Contlnued) Accordingly, the benchmark applied from that date was 7.50/0 UK Government Bonds, 7.5° Sterling Corporate Bonds. 10 % Global Equities currency hedged, 600/0 Global Equities currency unhedged, 5 % Property, and 100/0 Alternatr¥es. The neutral allocation to sterling was also amended to 40 % from 600/0 previously. The investment objective for the Development Fund is to maintain the capital value by achieving an average capital growih after fees. over rolling fve-year periods, equivalent to CPI as at 315t March each year, whilst adopting a medium risk profile. sin￿ the Development Fund is invested in accumulation units of the Sarasin Endowments Fund with income automatically reinvested, the capital return of the Sarasin Endowments Fund is not an exact proxy for the capital return achieved because it does not take account of any capital retum (or reduction) on the reinvested income. However, the underlying investment in the Sarasin Endowments Fund is the same as that held in the Permanent Endowment Fund, which saw its capital value rise by 28.10/0 over the rolling 5-year period. This was ahead of the rise of 25.9 % recorded by CPI over the same period. The strongest performing assets over the full 12 months were the altemative assets, led by the holding in gold. A￿hOUgh equities produced strong returns over most of 2024, as investors continued to be excited about the outlook for the large US technology stocks, much of these returns were given back in 2025. The capital only returns compared to CPI inflation have been helped by the equity retums as well as inflation returning to lower levels. Income generated by the holding in the Sarasin Endowments Fund amounted to £58,908 and this was automatically reinvested as accumulation units are held. The Development Fund also received a fee rebate of £4,897, being the difference between the standard fee charged within the Sarasin Endowments Fund and the actual fee rate negotiated with the manager. The fee rebate was used to purchase additional units in the Sarasin Endowments Fund and so the total number of units held was 599,770 as at 31. March 2025, cornpared to 598,650 as at 31st March 2024. The overall asset allocation within the Sarasin Endowments Fund was was 680h Equities, 100/0 Fixed Income, 40/0 Property, 10Yo alternative asset classes and 8 % Cash. Rathbone Investment Management Limited As at 31 March 2025 the value of The Development Fund managed by Rathbone Investment Management Limited was £2.522.588 compared with a value of £2,448,541, as at 3181 March 2024. This represented a total return increase of 3.0¥o, net of fees. Over the same period, the composite benchmark for performance measurement purposes rose by 5.2 % . The composite benchmark is comprised of the relevant indices for the asset classes the manager is likely to invest in. weighted according to the manager's long-tenn strategy and was unchanged over the period. The long-term investment objective for The Development Fund is to maintain the capital value, after CPI inflation, over rolling five-year pertods, whilst adopting a medium to lower risk profile. Over the five years to 31. March 2025 the portfolio recorded a rise in capital value of 31.6%, which was ahead of the increase in CPI inflation of 25.90A over the same period. Actual income St generated amounted to £63.424 and this income was reinvested. As at 31 March 2025. the portfolio was directly invested in UK equities and selected overseas equities and corporate bonds, as well as a number of third-party pooled funds for other asset classes. The overall asset allocation was 64 % Equities, 22Vo Fixed Income, 1 /0 Property. 6¥0 Altematives and 70A Cash. The Extraordlnary Repair Fund As at 31" March 2025, the value of The Extraordinary Repair Fund managed by Rathbone Investment Management Limited was £3,898.865 compared to a value of £3,803,475 as at 31. March 2024. This represented a total return increase in value of 2.5 %, net of fees. Over the same period, the composite benchmark for performance measurement purposes rose by 5.2%. The composite benchmark is comprised of the relevant indices for the asset classes the manager is likely to invest in, weighted according to the managerfs long-term strategy. which was unchanged over the period. The investrnent objective for The Extraordinary Repair Fund is to maintain the caprtal value, after CPI inflation, over rolling five-year periods, whilst adopting a medium to lower risk profile. In the five years to 31st March 2025 the portfolio saw the capital value rise by 27.10/0, which was ahead of the increase in CPI inflation of 25.90/0. -11- THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 (Continued) The amount of income generated by the portfolio decreased marginally to £102,967. As at 31 March 2025, the portfolio was directly invested in UK equities and selected overseas equities and corporate bonds, as well as a number of third-party pooled funds for other asset classes. The overall asset allocation was 630￿ Equities, 22% Fixed Income, 2Yo Property, 6Yo alternative asset classes and 7 % Cash. The Humphrey Booth Houslng Charlty Ethl¢al Investment Policy As already mentioned, the portfolios entrusted to Sarasin & Partners LLP are invested in the Sarasin Endowments Fund. This Fund operates an ethical policy that excludes tobacco producers or manufacturers of whole weapons systems, as well as companies that derive more than 10¥0 of turnover from products or services related to alcohol. tobacco, gambling or weapons systems related activities and a 5% turnover threshold is applied to the revenues of alcohol producers, gambling operations or adult entertainment. The policy was unchanged during the year. Sarasin & Partners LLP do not consider the policy to be so restrictive as to tr￿ likely to impact long-term performance. The Trustees have instructed Rathbone Investment Management Limited to avoid direct, and as far as is possible indirect, investment in companies involved in tobacco, alcohol, armaments. gambling or pornography. Rathbones keep the Charity regularfy Inform￿ of any potential breaches of this policy within the pooled funds held. (b) Flnanclal Review of Social Houslng Actlvlties The Charity relies on investrnent income from its endowment fund to allow a surplus on all activities before tsking into account investment gains and losses and this has been the case for a number of years. There has been a rise in income from letting activities because the Charity was able to increase weekly maintenance contributions by 5.5 % in accordance with the Govemment's Policy Statement on rents for Social Housing outlined on page 7 of this Report and as per the CPI + 1 0￿ formula prescribed by Central Government. Despite a 0.7Yo decrease in investment income there was an increase to income by 1.80A. A riselfall in share prices over the year created an unrealised gain of £171.194 (2023124: £1 ,188,648 gain) on investments. Investment managers are confident about the sustainability of investment income going forward. Ic} Reserves Policy At their meeting held on Friday, 12th July, 2024. the Housing Trustees approved and adopted the Reserves Policy for implementation, circulation to staff and annual review. Under the Reserves Policy the Housing Trust&s plan to hold a minimum of free reserves of £500.000 equating to 12 months, operating expenditure. As at 3181 March, 2025. the total funds of the CharÈty were £23,051,455 After deducting the Pemianent Endowment Fund £11,217,743 designated funds Extraordinary Repair Fund £3,730.135 and Development Fund £4,559,474 and funds tied up in fixed assets £1.532.576 the free reserves of the Charity totalled £ 2,011,527. -12- THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES. ANNUAL REPORT 2024125 (Contlnued) Due to the economic Un￿rtaIntieS associated with the war in Ukraine and the impact on the economic climate the Trustees consider it prudent to continue to maintain a higher level of reserves for the time being. The Trustees have given the Investment Managers for the Permanent Endowment Fund the task of maintaining the capital value of the fund, after inflation, whilst investing to a medium level of risk over a five-year cycle. It is producing sufficient income to allow the Charity to operate the ne￿SSary administratnie base, maintaining an operating surplus and attracting income from residents in line with what is considered fair and is compliant with the formula as prescribed by Central Government. The Trustees aim to maintain sufficient funds in revenue reserves to absorb all expenditure on charitable activities into the foreseeable future and authorised the creation of two designated funds through transfers from the revenue reserves for Extraordinary Repairs and a Development Fund. Again, the Investment Managers for the designated funds have been given the task of maintaining the capital value of the funds after inflation, whilst investing to a medium level of risk over a five year cycle. The building of the two new one bedroom bungalows will be funded from Ihe Development Fund reserves. The Extraordinary Repair Fund represents amounts allocaled to carry out major repairs on Housing Properties. The balan￿ as at 31" March. 2025 - £3,730,135. The Governing Order states that a reserve shall be maintained for the purpose of providing for the extraordinary repair, improvement or rebuilding of the Charity's property with a minimum annual transfer to the fund of £27,040. The Development Fund was created by ￿$OlUtion of the Trustees for use in a more major development project involving the units managed by the Charty should the need arise and in st accordance with the object of the Charity. The balance of the Development Fund as at 31 March, 2025 - £4.559.474. Pollcy for setting pay and remuneration of key management personnel The Board of Trustees consider the Chief Executive OfficerlHousing Manager. the Deputy Chief Executive Officer and the Accountant to be the key management personnel of the Charty in charge of directing and controlling the Charity and running and operating the Charity on a day-to-day basis. All Trustees give their time freely and no expenses were paid to Trustees in the year. Trustees are required to declare all relevant interests and register them with the Chief Executive OfficerlHousing Manager and, in accordance with the Charity's policies. withdraw from decisions where a conflict of interest arises. Key management personnel are also required to declare all relevant interests. In accordance with the Payment of Staff Policy document the salaries of the Chief Executive OfficerlHousing Manager, Deputy Chief Executive Officer and Accountant are reviewed annually and in general increased in line with the cost of living. In view of the nature of the Charity, lis economy of operations, and the extensive use of professional advisers to the Trust Board, the Trustees consider that a multiple of up to three times the median salary for UK employees is appropriate for those roles. The remuneration is also benchmarked wtth Charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with those paid for similar roles. THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024126 (Continued) (e) Relatlonshlp with Related Partles Amongst the other Charities governed by the same Governing Order as this Charity (The Charities (Booth Charities) Order 1985), are the Humphrey Booth the Elder's Charity and the Humphrey Booth the Grandson's Charity both ofwhom have a relationship with this Charity. The nature of the relationship involves the apportionment of salary costs incurred inrtially by the Distributors to the Elder's and Grandson's Charities to the Humphrey Booth Housing Charity reflecting the joint contracts under which employees function. There are also recharges from the Housing Charity to the Distributors for the use of the administration building which is owned by the Housing Charity. GOVERNANCE (a) Problty and Transparency The Terms of Reference for the Investment Sub-committee, setting out a clear assignment of responsibility and accountability in the interaction between the Sub-committee and the Board of Housing Trustees, continue to provide measurable standards of probity, transparency and governan￿. Declaratlons of Ellglbllity for Appointment as Housing Trustees The Housing Trustees completed annual Declarations of eligibility for appointment as Housing Trustees in compliance with Charity Commission guidance CC5C requirements. The register will be maintained and updated accordingly. (c) Declaratlons of Interest (i) A Declaration of Interests enquiry from the Chair remains a standing item on all Board Meeting agenda. The Housing Trustees and key management personnel completed annual Declarations of Interest to facilitate the proper conduct of meetings and the maintenance of a register. (d) Standards of Business Conduct The Gift and Hospitality register was reviewed by the Housing Trustees who were satisfied that gifts received were of a value, and were processed. in compliance with the agreed criteria. {e) Prudence In order to deliver the Charity's Objects effectively, the Board of Housing Trustees:_ (i) has in place policies and procedures to control and manage reserves. integrates financial and strategic planning. ensures financial and strategic planning. manages risk via evaluation of pilot projects. has regard to the City-WKle Strategy for older persons services. (vi) takes appropriate professional advice. (vll) scrutinises annual budget statements. liv) -14- THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 {Continued) Ivili) considers Quarterfy Management Accounts; and the Annual Report and Accounts, at their formal Meetings. and requires that they are prepared in accordance with Statutory requirements, and the Almshouse Association and other good practice standards (f) Value for Money As per the Regulator of Social Housing regulatory expectations for social housing providers, the Charity recognises the importance of value for money considerations in every aspect of its work including, accounting, operational and procurement procedures. The Charity's standard is one of °Best Value., thereby incorporating a qualitative and quantitative measurement" and the Charity's Policies and Procedures reflect that position. During the year: Weekly Malntenance Contribution The weekly maintenance contribution (WMC) rates for 2024125 approved by the Housing Trustees were calculated in compliance with the formula prescribed by Central Government and observed the flexibility to apply a lower increase due to the highest rates of inflation and the impact on the cost of living. utilities: Gas. electriclty and waste and surface water In ensuring best value is obtained, Utility Aid on behalf of the Charity continue to undertake cost reduction exercises on the Charitls utilities charges. SSE (Scottish Southem Electric) were reappointed for a two year period 1 #t October, 2024 to 30° September. 2026. SSE (Scottish Southem Electric) were appointed as the Charity's gas supplier for the four year period 1 St November. 2022, to 30 October, 2026. Everfiow were reappointed for a three year period August. 2024, to August, 2027. (iii) Select Llst of Service Providers The List of approved Service Providers is reviewed triennially., and Tender and Quotations registers are maintained and submitted to the Board of Housing Trustees. The Charity continues to ensure value for money is achieved when procuring goods and ServI￿S by obtaining comparative quotations and where possible and appropriate, by using companies within the Charity's area of benefrt. -1 THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 (Continued) (iv) Value for Money Metrics We report below the Charity's performance against the seven metrics required by the Regulator of Social Housing. Metric 2023124 Actual 2024125 Target 2024125 Actual 2025126 'Yarget Reinvestment % New su I delivered % Gearin Earnings Before Interest. Tax, Depreciation. Amortisation, Major repairs included (EBITDA MRI) Interest Cover Headline social housing cost per unit Operating Margin 0/0 (Social Housin Lettin sonl .0 eratin Mar Overall Retum on capital employed ROCE 8.880 13.12% -74.94 -62.15% £12,870 £17,061 £13,085 £18,407 6.(A) -82.98% -72.580/0 1.73% 1.58% 1.38% 'Operating Margin {Overalfj includes income and expenditure for investments -Target figures are derived from the 2024r25 and 2025126 Budgets respectively (v) Comparatlve Data The Charity has obtained comparative performance data from four registered providers offering affordable housing to the elderly. vulnerable adults aged over 55, purpose built for single people and couples and housing in rural areas. The number of units managed by the four registered providers ranged between 28 and 106. The table details the Charity's comparative performance in a number of key areas including.. number of stock managed turnover average re-let time weekly operating cost per unit operating cost as a percentage of turnover average weekly management costs per dwelling cost per property of housing management cost per property of responstve repairs and void works THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 (Continued) Metrlc Humphrey Booth Houslng Charity 2023124 Humphrey Booth Houslng Charity 2024125 stock Mana ed Turnover £000 Avera e re-let time da Weekl eratin cost er unit Operating cost as a percentage of tumover Average weekly management cost r dwellin Cost per property of housing mana ement Cost per property of responsive re airs and void works 44 290 154 177 44 307 96 198 140 148 412 397 435 940 The Charity was 910/0 occupied as at 31 March, 2025. During the year 5 properties were void, 1 of which was occupied attracts'ng 1 new resident. - The Charity's responsive repair costs reflect the excellent condttion of the properties and the benefit of having a portfolio-wide Cyclical and Quinquennial maintenan￿ Plan. COMPARATIVE DATA 2023/2024 100% 901JA £27.02 ,405.04 £573.32 800A 106 £12fj.30 103.63 £815.92. £54.03 £2,809.75 60010 83 154 6A 139. 9.12 ,514 28 £83.94 9&33 £36.40 £1,892.79 £990.32 £135,216 Stock Managed Tumover Average re- let time {daysl Weekly Operatlng Average Cost per Cost per operating C05t as a weekly property of property of cost per unit percentage management housing responslve management repairs and (Éi vold works (£) of tufnovfrr cost per dwelling IÉ) (£) UA B •Humphrey Booth Houslng oc The Charity's low number of stock managed and the level of subsidy provided means operating costs per property are higher than the comparators due to considerable fixed costs associated with being a registered social housing provider. No comparator provided infomiation for the average re-let days. -17- THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 {Continued) The Charity's responsive repair costs compare with the comparators due to maintaining the excellent condition of the properties and the benefit of a formal cyclical ar)d quinquennial maintenance plan. (g) Expenses staff salaries and the HMRC approved mileage rate are reviewed annually by the Housing Trustees as per Contractual commitments. (h) Common Reporting Standards The Charity is registered with HMRC for Common Reporting Standards purposes. A nil retum was submitted to HMRC on 1P January, 2025. GOVERNANCE LEVEL RISK MANAGEMENT (a) The Housing Trustees regularly reviewed the major risks to which the Charity was exposed and were satisfied that systems were in place to mitigate their exposures to major risks. Economlc Cllmate (b In consullation with Investment Managers and Professional Advisers, the position remains under close scrutiny in respect of the effect on the Housing Charity's portfolio of investment,. the implications in relation to the Charity's Strategic Priorities. and as a basis for determining ways to mitigate the risks. AUDIT SERVICES External Audit Services Beever and Struthers, appointed as External Auditors in 2015116. continued to provide External Audit servI￿s for the Financial Year 2024125. RISK MANAGEMENT Risk Management Pollcy and Strategy, Rlsk Evaluatlon and Risk Register The Risk Register is a standing item on all Board Meeting Agenda. The Housing Trustees reviewed the Risk Register in its entirety throughout the year. The risks related to Coronavirus (Covid-19) continued lo be managed throughout the year ensuring business continuity. Members of the Investment Sub-committee (Housing Trustees) undertook their Annual Review of Investments as at 31 sl March, 2025. and continue to review the fund portfolios quarterly. The performance report on investments is shown at pages 9 to 12. -1& THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 {Contlnued) ADMINISTRATIVE AND STAFF PIIArrERS At their Meeting held on the 12 Juw. 2024, the Housing Trustees reviewed and approved for implementation, circulation to staff, and review as indicated. the following Policy Statements'.- Reserves Policy - Annual Review Equal Opportunities- Statement of Principles Internet and Email Policy No Smoking and Vaping Policy stress Policy staff Grievance Procedure and Staff Disciplinary Procedure Anti-social Behaviour Policy and Procedure ) Triennial Review (b) At their Meeting held on Friday, 8th November, 2024, the Housing Trustees reviewed and approved for implementation. circulation to staff and triennial review the Standing Financial Instructions incorporating competitive tendering and quotation policy and procedures and select list of service providers policy. (c) Business Continuity Plan: Recovery or Replacement of Crltlcal Assets and Emergency Response Plan The Business Continuity Plan: Recovery or Repla￿ment of Critical Assets and Emergency Response Plan was continually reviewed and updated throughout the year. (d) GDPR Following the introduction of the GDPR legislation on the 25 May, 2018, work continues to maintain full compliance across the Charity's activities. (e) Training Throughout the reporting period. the Charty's personnel have attended 'virtual' rebevant webinars, and face to face training events. STRATEGIC ACHIEVEMENTS 202412025 (a Marketing Throughout 2024125. the Charity, via its continuing diverse Strategy in marketing its properties, reduced the number of void properties portfolio-wide achieving full occupancy at.. Winstanley Close for 9 months from 16tApril, 2024. to 23rd December, 2024 St James Close for 7 months from 27th April, 2024, to 17th December, 2024 As at 31st March. 2025, 910/0 of properties were occupied. (2024: 96¥0 occupied) Estate Redevelopment Plan It is anticipated that by August 2025, the Charty's Mainprice Close estate redevelopment project to build two. one-bedroom self-contained bungalow style housing will be completed. -1 THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 {Contlnued) (c) Maximising Income Rigorous monitoring of weekly maintenance contribution payments. timely action in supporting residents in claiming welfare benefits, and advice and assistance in meeting their financial obligations, continued to result in tangible improvements to control arrears of resident maintenance contributions. As at 31" March, 2025, there were nil outstanding weekly maintenance contribution payments. (d) Housing Maintenance Contract The 'round the clock" responsive maintenance service wth Salix Homes Limited continued throughout the year. As at 31" March, 2025, the contract with Salix Homes Limited ceased. Holly Tree Maintenance Limited will undertake the maintenance service with effect from 151 April, 2025. with Out of Hours emergency repairs being undertaken by a local Salford based company namely Pro Active FM Limited. STRATEGIC PRIORITIES 202512026 The prime aims of the Charity are to continue to.. ensure residents, welfare is maintained improve standards of accommodation and communal facilities., and sustain the Charity's financial and strategic viability To continue to liaise with Salford City Council and other key stakeholders in order to identify the implications of public funding cuts for residents of Humphrey Booth Housing Charity almshouse accommodation.. and to manage the consequential changes in a way that is sensitive to the needs of residents and the wider communty. To keep under review Salford Cty Council's new five year Strategy 2023 to 2028 entitled "Homelessness is everyone's business. to minimise homelessness and provide suitable accommodation for the Charity's "preferred" client group of persons aged 60+ (Referents. The Charities (Booth Charities) Order 1985). To continue to work with Investment Advisers to improve the Charity's financial strength and mitigate risks. To continue to implement the programme of maintenance work as outlined in the approved Quinquennial Maintenance Plan for the 5 year period 2022123 to 2026127. To endeavour to maintain full occupancy of the Charity's accommodation. -21 THE HUMPHREY BOOTH HOUSING CHARITY TRUSTEES, ANNUAL REPORT 2024125 (Continued) FINANCIAL REVIEW OF FUTURE PLANS The Charity has sufficient reser￿e$ to m￿1 the Strategic Priorities for 202512026 both in temis of Endowment Fund investmenl income to sustain the levels of Servi￿ to residents, taking into account the risks already highlighted in the Financial Review of Social Housing ActivitEs aforementioned. and Designated Funds to carry out improvement works. There were also significant resources for the Charity to be in a position to respond to evolving needs in the community which will come to the Housing Trustees, attention through the monitoring measures described in the Strategic Priorities 202512026 aforementioned. REPORTING REGULATIONS The Housing Charity has complied with the Charities Statement of Recommended Practice (SORP) 2019 and the Accounting Direction for Private Registered Providers of Social Housing 2022 in the preparation of the Annual Accounts. Mrs M-L Wa ker JP DL Chairman of Trustees Mr J C Willis, CBÈ Trustee Mr D Haynes Chief Executive Officerl Housing Manager Date.. 81h August, 2025 -21- STATEMENT OF COMPLIANCE WITH CORPORATE GOVERNANCE MATTERS The Trustees are responsible for ensuring that the Charity maintains a system of internal control, including suitable monitoring procedures. The system is designed to ensure that maintenance of proper accounting recor(Is and the reliability of the financial information, used with the Charity or for publication, but any such system can only provKle reasonable. and not absdLrte, assurance against misstatement or loss. The Charity's internal control and monitoring procedures include-.- (a) the control of key financial risks through cleady laid down authorisation levels and segregation, within practical limits, of accounting duties; periodic reporting of financial statements vrith comparison to budgets and explanations of variances. {c) reporting on compliance with intemal controls and procedures. The Trustees have reviewed the effectiveness of the system of intemal controls for the period covered by the accounts. Mrs M-L w