Isleworth & Hounslow Charity Limited Consolidated Financial Statements Year Ended 31 December 2023 Homes England registration number. 4675 Company registration number.. 05577965 Charity registratK)n numbar.. 1112467 Isleworth & Hounslow Charlty Umlted Flnancial Statements Year Ended 31 December 2023 Contonts Page Charity Informalion Trustees, Report Indep8ndent Auditoff s Report Consdidaled Statement of ComprohensNe Incon cOns￿ldated Balance Sheet Company Batance Sheet Cons(Aidaled Stslement of Changes in Reserves Company Statement of Changes in Reserves Consdidaled Statement of Cash Fknws Notes to th8 Financial Ststanents 10 11 12 13-14 15 16 17-30 Isleworth & Hounslow Charlty Limited Charlty Infomiation Year Ended 31 De¢ember 2023 Trustses and Diroctors Mr R J Bart1￿￿)MeW- Chair Mr D G WotsJs- Vice-chair Ms H Davidson- Treasurer Ms A Carroll Rev D Cockayne Mr P G Dodkins Mrs L A Green Councillor T Louki MrCSLucy Ms S Sylvester Dr J fwins Mr P Tumer Secretary and Genaral Managgr Mr A Brooks Registered offlce and place of buslness The Office Tolson Hs)use Parthenia DrNe Islvwoth TW7 6GT Audltor Azels Audrt Serv Gladstone House 77-79 Huh Street Egham Surrey TWf20 9HY Bankers Bardays Bank PLC 210 High Street Hounslow TVWJ 1DL Isleworth & Hounslow Charity Limited Trustees, Report Year Ended 31 December 2023 The Trustée$ (who ar8 also th8 directors of the group for the purpses of the Companies Act) of Isleworth & Hounslow Charity Limited and Chiswick Parochral Charityllhe Group'l present their report, and the audited financol statements of the Group for the y8ar ended 31 December 2023. Membors of the board The Tmslees who have s&rved during the yearwere as follsYWS". MrR J Barthobmew-chair MrD G Woods-Vic&Chair Ms H Davidson- Treasurer R8v D Cockayne lappoinlad 28 sePtemL￿r 2023) Ms A Carroll Mr P G Ddkins Mrs LA Green Counci11or T Louki MrCSLucy Rev D Maclure (resigned 28 Mafch 20241 Ms S SY￿eSter Dr J Tippins Mr p fumer In 2017 the l>Jvernment intrtxluced regulalK)ns requiring a limf( upon Local Aulhoitiy Influence of Registered Providers of Social Housing.. The ReguLalion of Social Housing {Inlluence of Local Authorities) {Englandl Regulations 2017. As a resuli. in eady 2018 the G￿up agreed with HounsEow Council the removal of all theif nomination rights to the Board. This dkj Th)t affed any actual appointments. Review of the buslness and busin8ss mod21 Thg Trustees consider the performance of the Group. in provKling hom8s for those of nKdesl income. to be satisfactory and have made speaal 8ffort8 to ensuTe the pmvision of support for those of their resKJents who 80metimes tsc8 drfficum ¢ir¢umslanc6s. The grant-giviig budget was increased from £9,447 to £17,404. Objectlves and strategies for achiovlng objectlves The Group's rnain objects comprise the prowsion of affordable housing in cases of need. It is a ￿giStered Charity (Charity Numb&r. 11124671 and also a company limited by guarantee (Company Numbw,, 055779e51. The Group is ￿s0 a member of The Almshouse Ass0oat￿n {Number 5241 and is registered wth Hi)m8s England (Number 46751 and is a R8gislered Pmwder of S(Kial Housing. 11 Pfovides resKlenttal accommodation in 99 units, colknting maintenance and heating contributions from residents and maintaining its stock of affordable housiro in good repair. 11 makes charrtable donations to indwiduals in need and other Charitab￿ ¢xganisations supporbng people in need in the London B¢xough of Hounslow. Prlncipal rlsks and uncertalntles The key risks that may prevent the Group from achwing its cijje¢lives are considered and reviewed per￿dICal￿ by th@ General Managar and th8 Board. The Sikdihood and impatt of risks 18 assessed, and plans are put in place to mitsgale those risks consKlered lo be the mast like￿. Isleworth & Hounslow Charfty Limited Trustees, Report Year Ended 31 December 2023 Principal rfsks and uncertainties Icontinued The key risks are. Irusteeslstaff engag& in fraudulent activity- that the Group has gaps in ils health and safety practices.. major operational failure,. and failure to compty with regulat'ons. Main trénds and factors underlylng the developmen( pertorn)ance and posltlorn of thè Group The main trends are year-or￿year reductions in public s8Ctor g￿nding. partly due to ￿st of living crises and a continued demand for the Group's accomMc*Jal￿￿. The Group has been well-governed with continued high attendance at meelingy and fomial rewew of a Var￿ of pol￿7&5. The Sinking of the CPC into the target operating mLxJel structure by IAHC has been a methodical and smoc4h transition whi¢h has achieved both IAHC str￿eg￿ plan. by increasing stock by 19 propertP5. and by providing security and stabiltly to the benef￿laries at ￿rttlngh8rn Court as running costs tecom& streamlined, and oveNiew by ￿Hc experienced persornnal to provide a m¢ye robust compliance regime and deliver longer lem planning objectives. These wider plans include initHI boiler upgrades, and the development and prioritising a 5 year plan from a stock condition survey. Analysls uslng financial and non-flnancial key pgrfomianco Indicato The financial slalements show an operating yurplus for the year of £653,14212022.' surplus £150,458>, The Trustees consider this lo be a satisfactory outcome. During the yèar, the Gr¢JUP'S quoted invesbn8nts have increased in value by 11.4% (2022.. 3.9Q/o decrease). As a resuft of the operating surplus and increase in the value of investments, the overall surplus for the yoar was £1,260,791 (2D22 - deficrt of £161,065}. The Groups. ftjnds at the yearend were £14,256,047 {2022 - £12,9SS,2561. Future prospects and d8velopments The Charity refreshed rts &year strategy in 2018. with Ihe main objactive being to increase the amount of a¢cwmodalion offefed lo mor8 than 100 units by 2023 arKI this is bang achieved by the amalgamation of Chiswick Parochial Charity C'CPC.) within the Charity by February 2023. This S-year strategy also outlines an updated asset management pdicy which ensures that The Charlty's commitment to maintaining thè existing prop8rties to tha highest stsndards p)ssibk 15 Sustained. The Charty wll continue lo develop and keep under review how it is helping residents, who may be experiencing social isolation. Through the fange of activit*s on offer for residents. tho aim is ID keep residents physieolly, mentaly and socialty active. by Week￿ Wel￿￿ng checks both by visiting and by phone cans. Asse8smont of how thg Charity Is achl8ving Yalue for monoy The Group's approach to Value for Money is to ensure ihal wè continue lo prowd& affordabl8 housing. The properties aTe maintained, and C￿tribution lev815 ara kept the cap enforced by the Regulator of ScKial HousiryJ. Charitable donations are made to iesidenls of the London Borough of Hounslow after an assessment by the Truslees to ensure rel￿f is provided to fhose WI￿ IL Isleworth & Hounslow Charlty Llmlted Trustees, Report Year Ended 31 December 2023 Th8 following are Value for Money metrics as required by the Value for Money Standard issued by the Regulator of S(Ki￿ Housing- Metric 2023 valug o.w% iV/o 2022 valu 0.46% ou Reinveslrn8nl New su Social housin New supply (Non-social housing units Gearin EBITDA MRI Interest cover Headline social housin cost Operating margin (S￿la1 housing lettin erati ma Retum on ca 14.59% 2,269% £1.053 42.45% 34.41% Overal (cal ern 20.61% 1.18% 19.93% Assossmont of compliance wlth the Govemance and Financial Viablllty Standard Wa are pleased to report that the Group is meetitvJ the Govemance and Financial VBbilty Standard. Roservo9 Policy The Trustees have considered th￿r polw regarding Reserve5. The Group's rnain activty has been the provision of affordable housing in cases of need. tt is a Croup of Social Housing and continues lo be regulated by the Regulator of Social H(NJsing. 11 continues to fulfil the functions of a Regislwl Pro￿der of Scwl Housing and, as such. maintains sp8crfic other designated reserves for Gyclical maintenance and extraordinary repairs and annual transfers ar8 made lo such reserves in line with r￿0mmendationS of tha Regulatof of s￿la1 Housing. Transfers back from these reservas are th8n mad8 to match expenditure char9&J in the Inc(m8 and ExperKlilureAccounL Monies and qUL)ted investments fr(Hn Ihe John Fiekler Haden TNst were transferred into the Group during 2012 and are classified 88 Resth'cted Funds. The Group also maintains revenue reseTves. In order to conlinug and expand rts main actN((ies, in 2023124 the Group's int8ntion is to spend substsntial sums, particularty on maintaining or improving ils housing stock. 11 (loes not Ltndertake fund raising aclNities and therefore. to provide sufficsent sums to meet fvlure expenditure, its poI￿Y is lo maintain hwJh levels of revenue reseryes generated from reinvestment ofannual surplus8s from regular revenues. Covid influenced the ReseNes calculation, as the planned expenditure was poslponed/delayed due to variants of Covid. We exp8Ct there to be minimal disruption from 2023, we have sinc8 cornmissioned stock condit￿n suTheys. cfxnmencing from 2024. Finalty, revalualion reserves are maintained in accordance with gen8rally accepted accounting principles to rellecl the difference be￿een the market vdue and bock value of investments and h¢Jusing propety. Whèn such assets are realis8d to g8neTat8 funds future investment, amounts will be transferred from these reserves to revenue reservas. The value of each reseNe a8 at 31 D8cember 2023 is disclosed on page 13. The Charity's target levèl of free reseNes is three nTr)nths of expenditure, approximately £116.00012022 . £115,000) plus a budgeted amount being held for vjentffith capital projed$, lotslling £390,000 12022 £390,000). At the year end. the Group hehl free re5eTve5 of £1.269,940, which is above the target level. Code of governan The Charity is constituted as a company limited by guarantee and is therefore govemed by a Memorandum and Articles ofA$sociation. It was incorporated on 29 Sopternber 2W5 and, in October 2006., (c acquired the assets of Isleworth & Hounslow Charty and has taken over its activities. In January 20D8 th& Charity t¢XJk ovor the Parthenia Haybum Trust (prev￿USty nyanaged by London Borough of Hounslowl. In F$bruary 2023, The ChaTty linked with Chiswd( Parochial Charities and has taken over its actiwties. Isleworth & Hounslow Charity Llmlted Trustees, Report Year Ended 31 De¢ember 2023 The Group is managed by its Board of Trustees and had a staff team of two during the year. They consisted of the General Manager and the Almshouse orrjcer. The General Manager is responsible for the day-104ay running of the Charity and reporting diredty lo the Board of Trustees. He is also responsible for the dovdopmenl and govemance of the Group, the administration ol the Group and hous1r￿ management, ensuring that th8 Group's buildings are maintained and invested in and oversees day-tNlay repairs. The Almshouse Officer is responsible for regularfy visrting all the residents who live in the Grgups properties, assistin9 in dealing WFth particular i85ue5 that may arw, and carrying out general duties in the office. Two exwofficio Truslees-pres8nt incumbents oflhe benefi￿S of All SairTts' Church Isleworth and Sl John the Baptist Church Isleworth - have unlimi(ed tems of apwnknent. All other appoint￿ Tmslees also serve a temi of four years. New Trustees undergo an Induckn.￿ with the General Manager which would Gonwrise details of organisalional robs and responsibilrties as well as legal roles and responsibililios. Rofgrence to Trustees, annual revlew of Internal control The Trusteos are responsille for the control of financial affairs of the Group and its internal financial control. Day to day responsibiifti8s for administering financial functions are vested in the General Manager and he reports regularly to the Trustees on financk31 matters. A financial r15k assessment h3s been carriod out by the Trustees, who are sat15fied there are sufficient financial oMtrds in pkce lo rninimise any future rx)tential risk lo the assets of the GTOUP. Fina￿la1 procedures were reviewed and amended in September 2018 and will be revisit￿ in 2024. Current ongoing activit￿ of the Group ate funded from exisliny current incoming resources, mostly in the form of contiibutions fr(Yn existir@ housing properties and inv&slmenl income. Where n8W projects are undertaken. funding consid8Trtion is gnien to each proj￿ individually. The Group has reseNos, but as a provider ot social housing. tt will also seek grant funding and ban funding as necessary and where appropriate. Public beneflt statement The Trustees have given due conSiderat￿n to the Charity Commission published guidance on the public benefrt requirement. They will continue to rdieve Ihe need of people in n9Bessitous Circumstanc￿ by the provision of accommodation and the relef in need, haftlship ordistress of dher people resident in th& London Borough of Hounsltsw. Polky for settlng key management remuneratlon The Group has a Human Resources Committee whose reSp￿S￿lIty i¥ to review and agree remuneration levels for personnel. The Committee's decisons are s￿)Sequentty submitt&J tts the board of Trustees for information. Flnancial Instrnments Tha key financial-instruments tnduded in the financial statements are a p￿10110 of listed investrnenls held at fair value and loans secured certain housing properues. Invgstmgnl strategy and perfomiance The Group's lnv8stm￿tS ar8 managed by multiple Investment and Fund Managers and are spread a¢foss a wide ranga of investment products, to diversfy risk and maintain a well-balanced portfolio. Separate funds are held by CCLA, M&G and Ruffer. Tho Charity has benchmarked investnient perf0M￿tc8 in the year against a number of ulher providers and although overall perforrnance is broadty in lino wf(h UK equilies over the last 12 months 817.4Dh and outperforms most other measure5, i.e. hohjiny cash. infiaion ICPII and Bonds. However, there is room to challeNJe the p8rfomwnc8 of Ruffers whTrch has had a suEFstandard performance since December 2022, achieving aloss of £73k, howeversince December 2018 it has gaina a mdesl 23.9% {£273kl. The portfolio valué should have incmsed by £442k since Dgcanber 2018 using the lower performance of 38.7% obtained by M&G over the Comparab￿ peri)d. In the same perriod CCLA since December 201810 December 2023 has increosod its Portr￿10 value by 60.4% {£1.61 Oml and Ikewise M&G has gain8d 38.7tsh1£880k}. In the year to December 2023, both funds made 13.20h1£49&kl and 6.20A {£185k} respectivety, whilst RLther5 managed a loss of 5.2% {£73kl. Isleworth & Hounslow Charity Llmlted Trustees. Report Year Ended 31 December 2023 Trustees, responsibillties The Trustees are responsible for preparing the report and financial slalemenls in accordance with applicable law and regulations. Company and charity law and registered social housing legislation require the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the state of affairs of the Charity and of ts income and expenditure for Ihal period. In preparing these financial stalemenls, the Board is required lo.. select suitable accounting policies and then apply them ¢onsistently'. make judgements and eslimales that are reasonable alld prudent.. stsle whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls.. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any lim8 the financial position of the Charity and enable il to ensure that the financial slalemenls comply with Co.operalive and Community Benefit Societies Act 2014, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019. 11 has general responsibility for taking reasonable steps lo safeguard the assets of the Charity and to prev&nt and delect fraud and other irregularities. Disclosure of Information lo th9 auditors We, the directors ol the group who held office al the dale of approval of these Financial Statements as sel out above each confirm, so far as we are aware, that.. there is no relevant audit infomialion of which the group's audf(ors are unaware., and we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and lo establish that the group's auditors are aware of that information. In approving the Trustees, Report, we have taken advantage of the small company provisions in the Companies A¢1 2006 to not include a Strategic Report, in our capacity as group directors. Approved on behalf of the Board on c&......s*(nsibilitl8S for the audit of the financial statements sectK)n of <>ur report We are independent of the charilabla group in accordance with the ethical requirements that are relevant lo our audit of the financial stslemenls in the UK, including the FRC'S Ethical Standard, and w9 have fuifiDed our other ethical responsibillcies in accordance with these requir8menls. Vve believe that the audit evidence we have obtained is sufficient and apprcyriale lo provide a basis for Quropin￿n. Conclusions rdating to golng concem In auditing the financial slalements, we have concluded that the trusl8es' use cl the going concem basis tsf accounting in the preparation of the financial statements is appropriate. 8ased on the work we have perfomed, we have not identifi￿1 any material uncertainties relating lo events or conditions that, indNiduaUy or colthtiV8ty. may cast swdnificant doubl on the group's ability lo continue as a going concem for a peTiod of at least twelve months from when the fina￿ra1 statemants are 8Uthorised tor is$ue. Our responsibil￿.a8 and th8 f8SF)onsibilrties of the Injstees wth respect lo going concern are described in the relevant séctKJns of this report. Othgr Infomiatlon The other information comprises the information included in th8 annual report, other than the financial statements and our auditorfs report thereon. The twstees are responsib￿ for the other information contained ithin the annual report. Our Dpinion Dn the financial statements does r)ot cover the other infomialion and, except to the extent otherwise expli¢rfy staled in our report, we do not express any form of agsurance conclusion thereon. Our responsibility to read the Other InfoTmatiL￿ and, in doing so. consider whBther the other information is materialty inconsislenl with the fi'nancial stslements or our knowledge obtsined in the course of the audit. or otherwise appears to be materially misstated. If we identfy such material inconsislencie5 or apparent material misstatements, we are required to determine whether this give5 rsse to a material misstatement in the financial statements themsetves. If. based on the work we have perfomed, we conclude that there is a material mi5Stalement of this other infom1ats'on. wo are reqUI￿d to report that fact We have nothing to rewt in this regard. Isleworth & Hounslow Charity Limited Independent Audltorfs Report Year Ended 31 December 2023 Oplnlon on othor matters proscribed by the Companies Act 21K16 In our opinion, based on the work undertak8n in th8 cours& of the aud the information given in the Rep¢)rt of the Trustees for the financial y8ar for which the financial statanents are prepared is consistent wf(h the financial statements., and the Rewrt of the Trustees has been prepared in accordan¢o With applKable kgal requirements. Mattèrs on which wg ar8 r8quired to report by exception In the light of the knowledge and understanding of the charitable group and its envtronmenl Dbtained in the cfjurse oflhe audit. we have not identtfied material misststements in the Report of the Trustees. We have nothing lo report in resped of the following matt8rs wher8 the Companies Act 21X% requires UE to report to you ff, in our opinion: adequate a¢wunting records have not been kept or retums adequate for our audit have not been received from branches not visited by us-, or tha financial slatgm8nts we not in agreement the accountiwJ recor(Is and returns,. or ertain disdosures of trustees, remunerats'on specified by law are not made.. or we have not received all the information and exptanations we require for our audit., or the tru51ees were not entitled to prep¥e the financial slalemenls in accordance with the small eompanies regirne and take advantaga ofthe small companies, exemptions in pieparing the trustees, reP￿t and from the requirement to prepare a strategic repo Responsibilltlos of trustoes As explained more fully in th8 Ststwnent of TTUSteos ReSF￿sbl ili(ies set Lxrt on pages 5 8nd 6, the trusts85 (who are also the direct¢xs of the charitable group for the PU￿x)s&S of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vièw, and for such internal ￿ntrOl as the trustees deternine is necessary to enable the preparation of financial 8talements that are tree from m*erial misslatoment, Ythether due to fraud or error. In preparing the financi￿ statements. the trustees are responsible fr)r assessing the charitable group's abilty to continue as a going concern, di5clo£ing, as appficable, m8lters related to going eoncem and using the going con¢¢rn basis of accounting unle5S the trustees either intend to liquidate the Chari￿le group or to cease opwations, or have no realistic att8matNe but to do 80. Our r￿POnSibl11t1eS forthe audit of tho financial statements Our objectives are lo obtain ieasonable assuranee about whèlherthefinancial statements as a whole a￿ frae from material mi%statemenl, whether due to fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a hiyh l&vel of assuranc&, bul 15 not a guarantee that an audit conducted accordan￿ with ISAS (UK) will a￿y$ detect a material misstaiemenl when il ￿Sts. Mis5taiemonls can arise from fraud or error and are Considered material rf, itylividualy or in the aggregate, they could reasonably be expected to influence the eccybomic d￿ls￿)￿S of usars taken on the basis of these financiol statements. A further description of our responsibilit￿S for the audf( of th8 financial staternents 18 located on the Financial Reporting Council's wgb$rte at www.fre.org.ukl8uditor8responsljil￿eS. This description fom￿ part of our auditors report. Extent to whlch the audlt was consldered capable of detecting Irr8gularftle5, Includlng frdud Irregularities, includiro fraud. are instances of nonwcompliance with laws and regulations. We design procedures in line with our r8sponsibiliti8S, Outlined above and on the Fir)anckql Reporting Council's websita, to detect material misstatements li respect of irregul•itie5, including fraLKI. Isleworth & Hounslow Charity Llmlted Independent Audltor's Report Year Ended 31 December 2023 We obtain and update our understanding of the entity. Its activil￿s, its control enMroftmenl, and likely future developments. including in rel*ion to the legal and regLtlalory framewo¥k applicable and how the entity is complying wf(h that framework. Based on this understanding, we Klenlify and assess the risks of material misslatemenl of the financial slalements. wh8ther due lo fraud or error, design and perform audrft procedure8 responsive lo those risk5, and obtain audit eviiionce that is Suff￿lent and appropnate to provhje a basis for our opinion. This includes consi¢Jeration of the risk of acis by the entity th8t were ¢Dnlrary lo applicable laws and regUlat￿n5, including fraud. In response lo the risk of irrogularth'es and nonwpfiance with laws and regulations, incfuding fraud, we designed proGedures which included.. Enquiry of man￿ement and those charged wrth govemance around actual and poterrtial lrtigalion and claim5 as well as actual, suspecle(l and alleg￿ fr8LKI,' Reviewing minutes of m8elings (rfthose charged wth governance: Assessing the extent of compliance with th8 laws and regulatK)ns considered lo have a d1￿cl material effect on the financial statewnents or the wrations of the group through enquiry and inspection.. Reviewing financial statement éisdosures and tèsting to supporttng documentation lo assess compliance wth appI￿ab￿ laws and regulations.. Performing audit Y￿rk over the risk of management b￿8 and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating Ihe business rationale of 8unificant transactions outside the normal course of business and rev￿1￿4 accounting &8timates for indicators of potenb'al bias. Because of the inhèrent limrtalions of an audL there 18 a risk that we ￿￿11 not delect all irregularities, including th088 leading to a mat8rval misstatement in the financial statement5 or nonryccKnpliafft wtth regulation. This risk increases the more that compliance wfch a or regulation is removed from the events and transactions refiecled in the fin8nckgi statements, as wewill b9 less likely lo become aware of instances of non-COtMpliance. The risk of not detecting a material misstalemenl resulb'ng from fraud is higher than for one resuf(ing from error, as fraud rnay involv8 collusion. forgery. Intentional omissp)ns. misrepresentatiL)ns, ￿ the overrid& of internal Control. Use ofour report This repori is rnade solety lo the charrtable group's members, as a body. in accordance with Chapter 3 of Part 16 of the Compani8s Ad 2006. Our audrt work has bgen undertaken so that we might slate to the charitable group's members those maiters we are requifftd to state lo thern in an auditors, report and for no olh8r purpose. To the fullest extent peffnitted by law, we do not aceepl or assume r&s￿nsIbil￿Y to anyone other than th$ charitabk group and the chartsble group's membets as a body. for our audil work, for this report, or for the ¢¥lnions we have fomied. Paul Cre?sey (Senior Statutory Auditor) For and on bghalf of A2ets Audit Services Stslutory Auditor ar)d Chartered Accountants Gladstone House 77- 79 High Street Egharn Surrey TW20 9HY Date . 2024 Isleworth & Hounslow Charity Limited Consolidated Statement of Comprehensive Income (Including Income and Expenditure Account) Year Ended 31 December 2023 2023 2022 Note Turnover 1,410,141 754,854 Income from charitable aclivilies Value of assets acquired on consolidation Total TLsmover 953,561 456,580 1.410,141 754,854 754,854 Cost of sales 510,211 422,481 Gross surplus 899,930 332,373 Adminislralive expenditure 246,788 181.915 Operatlng surplus 653,142 150,458 Income from fixed asset 1nvestments 21.199 14.829 Interest receivable and similar income Interest payable and similar charges 3,482 {10,4361 300 110,8161 Movem&nl in fair value of financial instruments 693.404 1315.8361 Surpluslldeficitl on ordinary activitles for the year before tax 1,260,791 1161,0651 Tax on surpluslldeficl(l on ordinary activities 10 Surpluslldefi¢ltl for tho year aftgr tsx 1,260,791 1161,065} Total comprehenslve Incomellexp&nditurel for the year 1.260,791 1161,065) el incomelloulgoing) resources from charitable activities alue of assets acquired on consolidation Net incomelloutgoingl Resources 804,211 456,580 1.260,791 1161,085} 1161,065} On behalf of the Board R Bartholomtr, Trustee Director PTur us e Director Date 2024 10 Isleworth & Hounslow Charlty Llmited Consolidated Balance sheet Year Ended 31 December 2023 2023 2022 Noto Flxed as$et$ Tangible fixed assets 11.12 6,967,621 6,849,153 Investments 8,732,768 7.840,712 15.700,389 14.689,865 urr9nt assets Deblors 14 79.756 33,210 Cash at bank and in hand 1,031.812 726,835 1,111.568 760.045 Creditors: arnounts falllng (iue wlthln one year 124.413 104,903 Net current assets 987,155 655,142 Total assets less ctbrrent Ilabllltles 16,687.544 15.345,007 Creditors: amounts falling due after more than one year 15 2.431,497 2,349,751 Total net assets 14,256,047 12.995,256 Reserwes Income and expenditure reserve 18 7,048.058 6,593.701 Revaluation reserve 18 6,913.054 6,336,260 Restricted reserve 18 294.935 65,295 Total reserves 14,256.047 12,995.256 Thefinancial statements were approved and aulhorised for issue by the Truste&s on . .2024 Signed on behalf of the board RBa rustee Director er. Trustee Director The accompanying notes form an integral part of these financial slalemenls. Company Registration Number.. 05577965 11 Isleworth & Hounslow Charity Limited Company Balance sheet Year Ended 31 December 2023 2023 2022 Note Fixed assets Tangible fixed assets 11,12 6,687,756 6.849,153 Investments 8.450,194 7,840,712 15.137,950 14,689,865 Current as$ets Debtors 14 79,645 33,210 Cash al bank and in hand 1,019,080 726,835 1.098,725 760,045 Creditors: amounts falling due wlthln one year 15 94.385 104.903 Net current assels 1.004,340 655,142 Total as$ots less current Ilabllltigs 16,142,290 15,345,007 Creditors: amounts falling due after more than one year 16 2,313,359 2,349,751 Total n9t asseis 13,828,931 12,995,256 Reserves Income and expenditure reserve 18 6,842.257 6,593,701 Revaluation reserve 18 6,913.054 6,336,260 Restricted reserve 73.620 85,295 Total reserves 13,828,931 12,995.256 Thefinancial statements were approved and aulhorised for issue by the Trustees on . Signed on behalf of the board .2024 RBart lomew, Trustee Director ur er. Trustee Director The accompanying notes form an integral part ol these financial slalemenls. Comp8ny Registration Number.. 05577965 12 l$l¢worth & Hountskn¥ Gh•rfty Llmltsd Consolldlted Stthnènt olChang•8 In R•¥eNe8 Ygar Ended 31 Dèttwn￿r 2023 tXPEnthfvr• R•stri¢t•rt Icpci Tot•J Morri At1 Jany4ty201$ Surplu•tr yfjar É.$93,701 6.3￿.2fts 12.996.250 1.042,590 86.17T 18.7A)5 419$1 50.744 19.124 7.636,091 6.336.260 86.871 18,305 é2.351 50.744 14.2EIM4T Ifl¢Dmo Transfotslnts￿ 181 Atjl D8cBmtrtt 588.$3 578.794 2.352 .6&7 7,048.058 .913.054 73,620 16.$n 22.124 41951 53.098 16.487 f4,2M.047 13 vorth & Houn¥kn¥ Ch•rfty Lknh•d Contbolldatsd Ststomellt otCh4nw In Ra•er Yèar Endèd 31 Do¢•mber 2023 InG¢Jiii•and rE¥eThe. y41b1￿gharn rwryo- Hopkwl Ih)rrf •iV6 (cpci At l Janu•ry 2022 (Defvilllorthe y6Ar Total 6,435,859 6,6¢3.018 1$,156.321 1161,06S] 1161.lJ651 6274,T94 6,642.g18 Incom• T￿7$fel> In0* 181 At 31 D•¢•mb•r 2022 .758 12.149) 6.593.701 8,33e,260 12,996,258 14 Isleworth & Hounslow Charity Limited Com pany Statement of Changes in Reserves Year Ended 31 December 2023 Incomè and expenditurè reservè Revaluation reselvo R•$t￿¢t•d r•s•rv• Total At l January 2023 6.593.701 6,336,260 65,295 12,995,256 Surplus for tho year 833,675 833.675 Totd comprehen8lYg income Transfers (note 18) 7.427.376 6.336,260 65,295 13,828,931 {SB5,1191 576,794 8.325 At 31 December 2023 6.842,257 6.913.054 73.620 13,828,931 At l January 2022 6.435.859 6.643.018 77,444 13.156.321 {D8ficitl for the year (161,0651 {161,0651 Total comprehensive in¢ome 6.274.794 6.643,018 77,444 12,995.256 Transfers (n¢Jts 18) 318,907 (306.758) {12,149} At 31 Dgcemb&r 2022 6,593,701 6,336.260 65.295 12,996.256 15 Isleworth & Houn$low Charity Llmlted Consolidated Statement of Cash Flows Year Ended 31 December 2023 2023 2022 Nots Cash f%)wfrom operating activlties 19 272.232 303,260 Net cash flow from oporatlng actlvilies 272.232 303,2eo Cash flow from invgsting activitles Payments lo acquire tangible fixed assets Payments lo acquire fixed assets ￿VeSt￿nts Acquisition of link8d charity Interest re￿Ned 11051 {29,4021 (14,8291 40,85S 3,482 300 Net cash flow from investing activitles 44.236 143.931) Cash flow from fina￿cing activltles Repayment of k)ng term loans (1,055} (17,632) Interest paid {10,436) (10,8161 Net cash from financing adr¥itles 111.491) {28,4481 Net Increase In Cash Ind cash equlvalgnts 304.977 230,881 Cash and cash equivalents at 1 January 2023 726.835 495,954 Cash and cash •qulvalents at 31 Docgmber 2023 1.031.812 726,835 Cash and cash equlvalents conslsts of: Cash al bank and in hand 1,031.812 726.835 Cash and cash equlvalents at 31 December 2023 1,031.812 726,835 16 Isleworth & Hounslow Charity Llmlted Notes to the Financial Statements Year Ended 31 December 2023 Summary of significant accounting policles la) General Infornmlion and bash of preparnUon Isleworth & Hounskw Charty kn"mited llhe Chaty") is a charitabl8 company, limited by guarante8, incorporated in England and Wales and a prNale ¢haty of social hoLtsing in the United Kingdom, The Group consists of IS￿wOrth & Hounslow Chanty linked with Chiswd( Par(xhial Charities I'CPC'I. The address ofthe regislered Offi￿ is gNen on page 1 of these financial statements. The nature of the Group's op8rations and principal actsvibes are lo provide affordable housing in cases of n8ed. The Group constitutes a Publ￿ t*nefft 8nlty as Ilefined by FRS 102. The financial statements have been prepared in accordance with applicable accounting standards including Financial Rep(rting Standard 102 The Financial R8porting Standard Applicable in the UK and Republ￿ of Ireland IFRS 102) arKI the Statement of Recommended Practw for Social Housing Provtders 2018 and the Accounting DireCt￿n for Private Registered Providers of Social Housing 2022. The financial statements are also prepared undar the requirements of the Housing and Regeneration Act 2008 and the Companiès Act 20C6. The financial slalements hav8 been prepared on a going oncem basts under thè historical cost conventK)n, modffied to inGlude certain items al fair value. The financial statements are preparetj in steTling, wh￿h is th6 functional currency of the Charity. The significant accounting policies applied in the preparation of these financial statements are sel out below. These ptslicies have b*n consistentty applied to all years presented unless Othe￿Ise stsled. The financial statement consolKlates the resuKs of th& Charitablo Company and its link￿ charity Chiswick Parochial Chartty on a line by line basi8. All financial statements are made up to the 31 Decernber 2023. Chiswick Parochi8J Charity was linked into the Group from 1 S February 2023 and therefor8 th8 2022 accounts are not comparable. A separate Statement of ComprehensNe IrKorre is not presented for the Charitable Company itsem in 8ccord8nce with the exemptions afforded by sectM 408 ofthe ConN)anies Act 2008. {bl Golng concem The financial Statements have been prepared on the wing concern basis as th8 Truslaes believè that no material uncertainties exisL The Trust￿ have GonsKlered the level offunds hald and the expected level of income arKI expenditure for the 12 mnths from authorisiro the financial statements. 17 Isleworth & Hounslow Charity Llmited Note8 to the Financlal Statements Year Ended 31 December 2023 IG) Tangible flxed assfjts Tangible fixed assets {includitvJ S(￿la1 housing properties) are stated at C05t lor deemed costl less accumulated deprea*ion and accumulated impainnenl losses. Cost includes costs directly attributable lo making the asset Gapable of ¢werating as intended such as the ￿$t of aequiring land and buildings, developments costs, illleresl charges on 108ns during the developm8nl pgriod and expenditure on improvements. Expenditure on improvements will only be caprfcalised whan it results in incrementsl future benefits such as increasing rental income. reducing maintenance cos18 or re8ulting in a signfficant extens*)n of tre useful ecorkryric life ofthe property. Depreciation is provided on all tangible f￿d èssels, al rates calculated lo wrf(e off the Cost, less estimated residual value, of each asset on a systemth basis over its èxpected usefvl lrfe as follows.. Land )t deprecioted Housing pryrbes- stnJctur8 1%- 1.5% Housing properties- other cotrwinents A-10% Housing properties-fumiture. ￿tureS and ffttrrgs 25% Office equi 25% Housing prop8rt18s under constrwtion are not depT￿lat&￿ untl they are in use. The freehold property within CPC Is stated at cost less provisitm for any pem￿nent clirninution in value. No depro¢iation is provided because, in the q)tEon of the Truslees, the propety is maintained to such 8 standard that its est'maled residual value is not kss than cost and iherelore no materiai depreciation charge arises. Major cornponents of housing properties, such as lffts and warden alami systems. have been accounted for and depreciated separalety from the ￿nn￿ded housing prop*. ovèr their eXpetst￿ useful ec￿omIC lives and are induded in housing properties. The useful economic live5 of all tsngble fLxed assets are reviewed annualty. {dl Investment propertles The Charity owns land for inveslm8nt from whKh rental income is derived. The land was orFginally donated and is carried ot far value vAth any revaluatts)n gains r￿niSed wf(hin the Statement of Compr8h8nsNe Income, No tspreeialion or amrtisation is provKled in respecl of freehokl inve8tsnent properties. {e) Debtors and credltors recelvablelpayablg within one year Debtors and cred¢tors with no slated interest rate and recewable orpayablewilhin one yearare recorded al tronsaetion price. Any los$es arising from impairment are recognised in the statement of comprehensive income in other administrative expenses. Rights of soc￿1 kndlords to have impr¢)vement woths Carr￿ out lo properties by a third party {suGh as a l(xal authority) arg recognised as prepayments where payment has occurred in advance of the work8 being carried out and receipts in advance from the same third party ￿OgnISed 0$ liabilf(i8s. Assets and liabilibes or income and 8xpendrture are not offset. 18 Isleworth & Houn$low Charlty Limited Notes to the Flnanclal Statements Year Ended 31 December 2023 (Q Investments Investments are reeognised initialty al fair value vthich ks nom)ally the transaction price excluding transaction costs. Subsequenty. they are measured at fair value through the statement of comprehenswe income rf the shares are publidy traded or thoir fair value can otherwise be measuied raliabty. Ig) Loans and boThowlngs Loans and borrowings are Initi￿lY recognised at the transaction price including tran8actK>n costs. Subsequentty. they are measured at amortised cost using the offective interest rale method, less Impaiment. If an arrangement conslilutes a financing transaction it is measured at present valu8. Ih) Impaimient Housing prop8rties are ass8ssed annualty for impaimienl irbjicators. Where indKalors are identified an assessment for impaimienl is undertaken comparing Ihe as5el's carying amount to ts recoverable amount. Where the carrying ￿n￿nI of an asset is deemed lo ex(wd its recoverable amount. the assèt is WTitten down lo its recoverable amoijnt: this is likety lo be the value in use of the assel based on ils S8Nice tx)tential. Th8 resulttng impairment loss is recognised as expenditure in Slatgmont of Comprehen5Th1e I1￿c¥￿e. Where an asset is cuffently deerned not to be providing seNice potential to the Charty. ils reeovera)le amount ts its fair value less wsls to sell. other assets are reviewed for impaimienl rf there is an indtcat.on that impairment may have occurred. 11) Provl$lon8 Provisions ar8 recognised when the Charity has an obligation at the Ba￿nce Sheet dale as a resutt of 8 past event, il is probable that an oufflow of ￿noMiC benefts will be required in settlement and the amount can be reliabty estimated. Provisions for cyclica maintenance or major woths to existing stock are not madè unless thay represent Commitments or obligat+ons at the Balance Sheet date where there is no discretion to avoid or delay the expendf(ure. Ul Value Added Tax Value Add￿ Tax is not recoverable by th8 Chanty. and as such is included in th8 r8levant costs in the Statement of ComprehensNe Incom. Ikl Tumovor and other Income Tumovèr is measured al the fairvalue ofthe consider8tion received ￿ receivable. The policies adopted for the recognition of turnover are as fc41ows'. Turnov8r repres8nts rentsl and Serv￿ charges income recewable in the year net of rant and service charg&108ses from voKJs. revenue grants from the gov8Mw￿nt (Local Authorits8sI and Homes Eng18nd. 19 Isleworth & Hounslow Charfty Llmlted Notes to the Finan¢lal Statements Year Ended 31 Decernber 2023 (11 Government grants Government grants, frc*n Local Auihoritie5 are received in respect of caprf(al expenditur8. These orants are recognised al the fair value of the asset received or receivab￿. There the assets ar8 accounted for using the cost then the govemnient grant is accoun18d for using the accruals model. The difference between tho fair value of the asset and the wnsideralion is recognised a$ a liability and amortised over the usefvl econom￿ lrfe of the asseL This amortisalion is recognised within turnover. {m) Employae beneflts eft employees have rendered ser¥￿e lo the Charity.. short4erm employee beneffts to which the 8mpbyees are entitled ar6 recognised at the undiscounted amount expected lo be paid in exchange that service. Empkjyer Gonlributions are made to personal ￿$l￿n schemes for the ￿ employe8s of the Charty, and these are charged in the Statement of CcffiprehensN& Ine(The as they accru&. In) Rostrlcted Reseryes Restricted reserves are those reserves wh￿h a￿ only éxpend*)1o in accordance with the wishes ofthe fund8r or regulatory bc*y. Rest￿ted reserves include funds iaised in Tesponse to a specific appeal. During 2012 the Charity acquired the John Fielder Haden Trust, and thi5 comprises the only restricted fund. This fvnd may be used lo benefil tesidents of Isleworth. who are in need and who are sick. Rev8nue and expenditufe cannot be diredty set *Jainst restricted reserves but is taken through th8 stalèmenl of Comprehensive Inc(ykne and then a transferto reStr￿ted reserves is made as appropriate. (o) Judg9ments and key sources of estimatlon uncertainty The followng are the signrficant management judgements made in applying the accounting policies of the Charty that have the mosl signfftant effect on the financial Stat￿￿nts.. Housing prcyertEs in tsngible fix*￿ assets are valued at d88med cost as * 1 January 2014. Investment Propert￿ are carrEd at fair value. The Trustees have used valuation techniques such as income y￿Id to delemiine the carrying value rf the investrnent properties.. The approach to testing impairrnenl of sccial housing portlolio is sel out in section {gl above. 20 Isleworth & Hounslow Charity Llmlted Notes to the Flnanclal Statements Year Ende