2022-12-31-accounts - Isleworth & Hounslow Charity Limited

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Charity Information			1
Trustees' Report			2 —6
Independent Auditor's	Report		7 —9
Statement of Comprehensive		Income	10
Balance Sheet			11
Statement of Changes	in Reserves		12
Statement of Cash Flows			13
Notes to the Financial	Statements		14-26

		Metric			2022 value	2021 value
Reinvestment					0.46%	1.24%
New su	I	Social housin		units	0%	0%
New supply		(Non-social		housing	0%	0%
units
Gearin					10%	5.94%
EBITDA MRI		interest	cover		2,269%	1,819%
Headline	social housin		cost		E1,702	E2,330
Operating	margin (Social			housing	34.41%	42.28%
lettin s
0 eratin	mar in Overall				19.93%	27.46%
Return on	ca	ital em	lo ed		0.98%	1.27%

				Note	2022f	2021
Turnover				2,3	754,854	716,563
Cost ofsales					422,481	352,036
Gross surplus					332,373	364,527
Administrative expenditure					181,915	167,749
Operating surplus					150,458	196,778
Income from fixed asset investments					14,829	13,673
Interest receivable and similar	income				300	24
Interest payable and similar charges					(10,816)	(13,071)
Movement in fair value of financial instruments				6,12	(315,836)	1,031,646
(Deficit)/surplus on ordinary	activities for		the year		(161,065)	1,229,050
before tax
Tax on (deficit)/surplus on ordinary		activities
(Deficit)/surplus for the year	after	tax			(161,065)	1,229,050
Total comprehensive (expenditure)/income			for the year		(161,065)	1,229,050

Year Ended 31 D	ec	em	be	r 2022
						2022	2021
					Note
Fixed assets
Tangible fixed assets					10,11	6,849,153	6,978,707
Investments					12	7,840,712	8,141,719
						14,689,865	15,120,426
Current assets
Debtors					13	33,210	25,534
Cash at bank and	in	hand				726,835	495,954
						760,045	521,488
Creditors: amounts		falling		due within one year	14	104,903	99,540
Net current assets						655,142	421,948
Total assets less	current			liabilities		15,345,007	15,542,374
Creditors: amounts		falling		due after more than one year	15	2,349,751	2,386,053
Total net assets						12,995,256	13,156,321
Reserves
Income and expenditure			reserve		17	6,593,701	6,435,859
Revaluation reserve					17	6,336,260	6,643,018
Restricted reserve					17	65,295	77,444
Total reserves						12,995,256	13,156,321

Year Ended 31 December 20	22
	Income and
	expenditure	Revaluation	Restricted
	reserve	reserve	reserve	Total
At 1 January 2022	6,435,859	6,643,018	77,444	13,156,321
(Deficit) for the year	(161,065)			(161,065)
Total comprehensive
income	6,274,794	6,643,018	77,444	12,995,256
Transfers (note 17)	318,907	(306,758)	(12,149)
At 31 December 2022	6,593,701	6,336,260	65,295	12,995,256
At 1 January 2021	6,235,935	5,625,027	66,309	11,927,271
Surplus for the year	1,229,050			1,229,050
Total comprehensive
income	7,464,985	5,625,027	66,309	13,156,321
Transfers (note 17)	(1,029,126)	1,017,991	11,135
At 31 December 2021	6,435,859	6,643,018	77,444	13,156,321

		2022	2021
	Note
Cash flow from operating activities	18	303,260	329,397
Net cash flow from operating activities		303,260	329,397
Cash flow from investing activities
Payments to acquire tangible fixed assets		(29,402)	(79,410)
Payments to acquire fixed assets investments		(14,829)	(13,673)
Interest received		300	24
Net cash flow from investing activities		(43,931)	(93,059)
Cash flow from financing activities
Repayment of long term loans		(17,632)	(39,116)
Interest paid		(10,816)	(13,071)
Net cash flow from financing activities		(28,448)	(52,187)
Net increase in cash and cash equivalents		230,881	184,151
Cash and cash equivalents at 1 January 2022		495,954	311,803
Cash and cash equivalents at 31 December 2022		726,835	495,954
Cash and cash equivalents consists of:
Cash at bank and in hand		726,835	495,954
Cash and cash equivalents at 31 December 2022		726,835	495,954

estimated	residual	value, ofeac	h asset	on a systematic ba	sis over its expected
Land					not depreciated
Housing	properties	-structure			1% - 1.5%
Housing	properties	—other components			2% - 10%
Housing	properties	—furniture,	fixtures	and fittings	25%
Office equipment					25%
Housing	properties	under construction		are not depreciated	until they are in use.

ocial housing	turnover a	nd	cos	ts
							2022	2021
Income
Maintenance	contributions		receivable				566,573	544,650
Service charges receivable							77,575	65,210
							644,148	609,860
Less: Operating expenditure
Routine maintenance							107,056	106,973
Major works
Depreciation	of housing	properties					156,963	153,306
Other costs							158,462	91,757
Operating and net surplus			from	social housing		activities	221,667	257,824
Void losses							11,432	4,928
Amortised government		grants					35,247	35,247
Turnover
							2022	2021
								K
Contributions	(Housing	accommodation)					667,963	640,179
Ground rents	(non-housing		accommodation)				14,000	13,977
Rental income from non-social				housing	property		54,825	54,825
Donations and other income							18,066	7,582
							754,854	716,563

									2022	2021
									E
Bank interest receivable									300	24
b) Interest payable and similar		charges
									2022	2021
									F	F
Bank and other loans									10,816	13,071
Deficit)/surplus on ordinary		activities
(Deficit)/surplus on ordinary activities				is	stated after charging			/ (crediting):
									2022	2021
									E	F
Auditor's remuneration	(including		expenses			and benefits	in	kind)	10,800	10,200
Auditor's remuneration	(including		expenses			and benefits	in	kind) for
non-audit services									17,562	20,580
Depreciation oftangible	fixed	assets							158,956	155,674
Contributions to defined	contribution			pension schemes					8,184	7,170
Government grants									(35,247)	(35,247)
Deficit/(surplus) on fair	value	movement			of investments				315,836	(1,031,646)

2022	2021
Number	Number

Management and	administration
Housing, support	and care

he agg	regate remuneration ofsuch employees w	as as follows:
		2022	2021
		f
Wages	and salaries	102,294	89,626
Social	security	7,238	5,932
Other	pension costs	8,184	7,170
		117,716	102,728

			Housing
			properties
			for letting
			E
Cost:
At 1 January 2022			7,864,497
Additions			29,103
At 31 December 2022			7,893,600
Depreciation:
At 1 January 2022			1,436,405
Charge for year			156,793
At 31 December 2022			1,593,198
Net book value:
At 31 December 2022			6,300,402
At 31 December 2021			6,428,092
The net book value of land and buildings	comprised:
		2022	2021
		F
Land and buildings:
Freehold		6,300,402	6,428,092

angible fixed assets —other
		Investment	Fixtures and	Computer and
		properties	fittings	office	Total
				equipment
Cost or valuation:
At 1 January 2022		548,000	24,029	16,604	588,633
Additions			299		299
At 31 December 2022		548,000	24,328	16,604	588,932
Depreciation:
At 1 January 2022			23,782	14,236	38,018
Charge for the year			170	1,993	2,163
At 31 December 2022			23,952	16,229	40,181
Carrying amount:
At 31 December 2022		548,000	376	375	548,751
At 31 December 2021		548,000	247	2,368	550,615
he net book value of land and buildings	comprised:
				2022	2021
					F
Investment properties:
Freehold				548,000	548,000

Fixed asset investments
	Listed investments
Cost or valuation
At 1 January 2022	8,141,719
Additions	14,829
Revaluation	(315,836)
At 31 December 2022	7,840,712
Impairment
At 1 January 2022 and 31 December 2022
Carrying amount:
At 31 December 2022	7,840,712
At 31 December 2021	8,141,719

13	an active mark Debtors	et at t	he	Balance Shee	t date.
						2022	2021
	Trade debtors (gross			social housing	rent arrears)	24,500	10,500
	Other debtors					8,710	15,034
						33,210	25,534
14	Creditors: amounts		falling due within one year
						2022	2021
						f.
	Bank and other loans					1,057	17,634
	Rents paid in	advance				10,791	6,479
	Government	grants				35,247	35,247
	Accruals and	deferred		income		57,808	40,180
						104,903	99,540

reditors: a	mounts falling due after more than	one year
		2022	2021
		F
Bank and other loans		95,426	96,481
Government	grants	2,254,325	2,289,572
		2,349,751	2,386,053

otal future minimum lease income receivable under non-can	cellable operating leases is a	s follows:
	2022	2021
	F
Not later than one year	68,825	68,803
Later than one and not later than five years	275,300	275,212
Later than five years	269,654	338,449
	613,779	682,464

18	Reconciliation ofoperating (	def	icit)/surplu	s to cash flow from	operating activities
					2022	2021
	(Deficit)/surplus for the year				(161,065)	1,229,050
	Interest payable				10,816	13,071
	Interest received				(300)	(24)
	Depreciation and impairment	of tangible		fixed assets	158,956	155,674
	Losses/(gains) on investments				315,836	(1,031,646)
	(Increase) in trade and other debtors				(7,676)	(6,732)
	Increase in trade and other	creditors			21,940	5,251
	Government grants utilised	in the year			(35,247)	(35,247)
	Net cash flow from operating		activities		303,260	329,397
19	Analysis ofchange in net funds/(debt)
				2021	Cash flows	2022
				F	E	f.
	Cash at bank and in hand			495,954	230,881	726,835
	Debt due within one year			(17,634)	16,577	(1,057)
	Debt due after more than one		year	(96,481)	1,055	(95,426)
				381,839	248,513	630,352

										2022		2021
												F
Financial	assets
Measured	at fair value through			the statement		ofcomprehensive
income:
- Investment property (note		11)								548,000		548,000
- Fixed asset listed investments				(note 12)						7,840,712	8,141,719
										8,388,712	8,689,719
Financial	liabilities
Measured	at amortised cost
- Other loans (notes 14-15)										96,483		114,115
The income, expenses, net gains				and net losses			attributable	the	Charity's	financial instruments		are
summarised	as follows:
										2022		2021
												F
Income and expense
Financial	assets measured	at	fair value through				the statement		of
comprehensive income										69,954		68,522
Financial	liabilities measured		at	amortised	cost					(10,816)		(13,071)
Net gains	and losses (including			changes in	fair		value)
Financial	assets measured	at	fair value through				the statement		of
comprehensive income										(315,836)	1,031,646