Isleworth & Hounslow Charity Limited Consolidated Financial Statements Year Ended 31 December 2024 Hom88 England registration number.. 4675 Company registration numb8r: Q5577985 Charfty registration numb6r.' 1112467
.l¥lpwortli &.Ht>upslow LhariTy Limited rinancial.sttatomp.iS .Year Eiid#d 31 D.ecember 2024 Contonts Page Charity Information Tru%loes' Report Indp.pendent Auditorfs Report .Consolidated Statement of Corriprehensive Income Lonsolidated Balane,e Sheet Compally Balanc8 Sh8et Coi)solidat8d Ststement ofchanges in Fieserves Company {Itater0enLQf;changes in Reserves on*olidateil Statement of Cash Flows NoteèJ to Ilie Financia Ststements 10 11 12 13-14 15 16 17-30
Isleworth & Hounslow Charity Limited Charity Information Year Ended 31 December 2024 Trustees and Dlrectors Mr R J Barlholomaw- Chair Mr D G Woods- Vic8-Chair Ms H Davidson - Treasurer Ms A Carroll Rev D Cokayne Mr P G Dodkins Mrs LA Green Councillor T Louki MrCSLucy Ms S Sylvester Dr J Tippins Mr P Turner Secretary and General hllanager Mr A Brooks R8gisterod office and place of business The Office Tolson House Parth8nia Drive Isl8worth TW7 6GT Auditor Azgts Audit Services 2nd Floor Regi8 Hous8 45 King William Street London EC4R 9AN Bankers Barclays Bank PLC 210 Hlgh Street Hounslow TW31DL
Isleworth & Hounslow Charlty Limlted Trustees, Report Year Ended 31 December 2024 The Trustees (who are also the dlrectors of the group for the purposes of the Companies Acll of Isleworth & Hounslow Charity Limited and Chiswick Parochial Charity ("Ihe Group'} present their report, and the audited rinancial statements ofthe Group for the year ended 31 December 2024. Momb6rs of the board The Trustees who have served during the year were as follows., Mr R J Bartholomew- Chair Mr D G Woods- Vice-chair Ms H Davidson- Treasurer Rev D Cokayne Ms A Carroll Mr P G Dodkins Mrs L A Green Councillor T Loukl MrCSLucy Rev D MaGLure (reslgned 28 March 20241 Ms S Sylve5tor Dr J Tipplns Mr P Turner Review of thè business and business model The Trustees consider the perf0rrnan of the Group, in providing homes for those of modest income, to be satisfa¢lDry and hav8 made special efforts to 8nsur8 the provision of Support for those of their re5id8nls who sometimes fac8 difficult circumstances. The grant-giving budget decreased in current year from £17,404 lo £5,502. ObjectiV85 and 8trategtes for achieving those obj&ctiv88 The Group's main objects comprise the provision of affordable housing in cases of need. It is a registered charlty (Charlly Number,. 1112467) and also a company limitad by guarante8 (Company Numb8r.' 05577965>. Th8 Group is also a m8mber of Th8 Almshouse Association (Number 524) and 18 regist8red with Homes England (Number 4675) and is a Registered Provider of Soclal Houslng. It provides residential accommodation in 99 units, collecting maintenance and heating contributions from residenls and maintaining its stock of affordable housing in good repair. It makes charitable donations lo Indivlduals in need and other charllable organisatlons supporting p80ple In neéd in the London Borough of Hounslow. Prlncipal risks and un¢ertalntles The key risks that may prevent th8 Group from achievlng its oLijectives are considered and reviawed periodically by Ihe General Manager and the Board. The likelihood and impact of risks is assessed, and plans are put in place to mitigata those risks consideréd to be the most likely. Th8 key risks ar8.. truste8slstaff 8ngag8 In fraudulant acllvlly,, that th8 Group has gaps in its haalth and saf8ty pra¢tice8,' mai'or operational fallure. and failure to comply with regulalSons.
Isleworth & Hounslow Charity Limited Trustees, Report Year Ended 31 December 2024 Maln Ir8nds and factors underlying Ihe developm8nt. performance and position of the Group The main trends are year-on-year reductions in public sector spending, partly due to cost of living Grises and a continued dernand for the Group's accommodation. Tha Group has been well-governed with continuad high attendanc& 21 maelings and formal raviaw of a variety of polici68. The linklng of the CPC Into Ihe target operating M91 structure by IAHC has been a methodical and smooth transitlon which has achieved both IAHC Strategic plan, by incr8asing stock by 19 properties, and by providing securty and stability lo the beneficiaries at Whittingham Court as running costs become streamlined, and oveNiew by IAHC experienced personnel to provide a more robust compliance regime and deliver longer term planning objectives. These wid&r plans include Initial boiler upgrades, and the dev8lopm6nl and priorilising a 5 year plan from a stock condition survey. Analysls uslng flnanclal and non-financial key perfomianeA Indicators The financial statements show an operating surplus for the year of £254,065 (2023.. £653,142). The Trustees consider thi8 to be a satisfactory outcome. During the year, the Group's quoted investments hav8 increasad in value by 5.8Yo (2023: 11.40/.). As a result ofthe operating surplus and increase in the value of Investments, the overall surplus for the yearwas £837,087 {2023- £1,260,791). The Groups, funds al the year-end were £15,093,134 (2023 - £14.256.047). Future prospects and developments The Charity refreshed its 5-year strategy in 2024, with the maln objective being to increase the amount of current acGommodation of 99 units to more than 120 units by 2029, to be achieved by redeveloping its land in Hounslow. In addition. this 5-y8ar strat8gy Olrtlines an updated asset management policy using Stock Condition Surveys ta identify, maintain and Improve sustainably the existing properties to the highest standards possible. The Charity will continue providing well-belng checks, visits and phone calls along with a range of social aGtlvltles to increase the resldent experlence and keep rasidents physically, mentally and socially active. Assessment of how the Charity is achieving value for money The Group's approach to Value for Money is to ensure that we contlnue to provlde affordable housing. The prop8rlies are mainlained, and contribution levels are kept below the cap enforced by the Regulator of Social Housing. Charltable donations are made to resldenls of the London Borough of Hounslow aftar an ass8ssm8nt by the Trusleas to ansur8 rélief is provided to those who need it.
Isleworth & Hounslow Charlty Limited Trustees, Report Year Ended 31 December 2024 The following are Value far Money metrics as required by Ihe Value for Money Standard Issued by the Regulator of Social Housing: Metrlc 2024 valu 2023 value Reinvestment New su Social housin units New supply (Non-social housing units Gearin EBITDA MRI interest cover Headline social housin cost Operating margin (Social housing lettln eralin mar In Overall Return on capltal employed 0/0 3,11Q/o £1,053 42.45/, £1,275 23.10'/0 1.45% 20,6110 1.18/ Assessment of compllance wlth the Governance and Flnanclal Vlablllty Standard Vve are pleased to repori that the Group is meeting the Gov8rnance and Financial Viability Standard. Reserves Pollcy The Truste8s have consid8r8d th8ir policy regarding ReseNes, The Group's rnain activity has been the provision ofaffordable housing in cases ofneed. 11 is a Group of Soclal Houslng and continues to be regulated by the Regulator of Social Housing. It continues to fulfil th8 functions of a Registered Provider of Social Housing and, as such, malntains specrfic other designaled reserves for cyclical Maintenan and extraordinary repairs and annual transfers are mada to such reserves in1Sne with recommendations of tha Ragulator of Social Housing. Transfers back fram thès8 res8rv&s ara th8n made to match exp8nditure charged in the Income and Expenditure Account. Monles and quoted Investments from tha John Field&r Haden Trust W8r8 transferred into the Group during 2012 and are classifi8d as Rastiicted Funds. The group also maintains revenue reserves. In order to continue and expand ts main activitl8s, in 2024125 the Group's intenticn is to continue to invest and spend to increasing, m8inl8ining and improving its current housing stock. It does not undertake fund raising activities and therefore, to provide sufficient sums to meet future expendlture, its policy is to maintain high levels of revenue reserves generated from reinvestment of annual surpluses from regular revenues and the stratggic us@ of grant applications to help aid funding for the redevelopment of land in Hounslow. Flnally, ravaluation r&serves are rnalntalned In accordance wtlh gan8rally acc8Pt8d accounting principles to reflect the diff8r8nc& behween th8 market value and book value of Investmenls and housing property, When such assets ar8 realised to generate funds for future investment, amounts wlll bè Iransferred from thes8 re6eNes to revenu6 reserves. The value of each reserve as at 31 December 202418 dlsclosed on pag8 13. rh8 Charity's target level of free reserve5 IS three months of expenditure, approximately £235,000 (2023 £116,000) plus a budgeted amounl .being held for identlfled ¢apltal prosects, totalling £Nil (2023 £390,000). At the year end, the Group held free reserv8s of £760,087 {2023 £1,269,940), which is above the target level. Code ofgovemance The Charity is constituted as a company limited by guaranlaè and is thar@fora govgrned by a Memorandum and Artic168 ofAssociation. It was incorporated on 29 Sep18mber 2005 and, In October 2006. it acquired the assets of Isleworth & Hounslow Charity and has taken over Ils acllvities. In January 2008 the Charity took over the Parthenla Hayburn Trust (previously managed by London Borough Df HounslDW). In F@bruary 2023, The Charily linked with Chiswick Parochial Charities and ha5 taken over its activities.
Isleworth & Hounslow Charity Limited Trustees, Roport Year Ended 31 Dacember 2024 The Group is managed by its Board of Trustees and h8d a stsff team of three during thè year. They consisted of Ihe General Manager and the Almshouse Officer and the Gardener. The General Manager is responsible forthe day-to4lay runnSng ofthe Charity and reporting directly to the Board of TNstè88. H8 is also responsible forthe developmenl and governance of tha Group, the administration of th8 Group and housing management, ensurlng that Ihe Group's buildings are maintained and inv&sl8d in and oversees day-to-day repairs. The Almshouse Officer is responsible for regularly vlsitlng all the residents who live in th9 Groups prop6rtigs, assistlng in dealing with particular issues that may arisa, and carrying out gengral duli8s in th& office. Two ex-offiGiO Trustees- presenl incumbents of the benefices ofAII Saints, Church Isleworth and St John the Baptist Church Isleworth - have unlimited tarms of appointment. All other appointed Trustees also s8Ne a term of four years. New Trust6es undergo an induction with the General Manager which would comprise details of organisational roles and responsibililies as well as legal roles and responsibilities. Referance to Trusts88' annual review of intornal Control The Truste&s are responsible for the control of financial affairs of the Group and ils intemal financial control, Day to day responsibilities for administerlng financial functlons are vested In the Ganeral Manager and ha reports regularly to the Trustees on financial matters. A financial ri8k assessmenl has b8en carrièd out by th Trusle8s, who are satisfi6d th8r& are sufficient financial controls in place lo minlmise any future potentlal rlsk lo the assets of the Group. Flnanclal procedures were reviewed with enhancements added to maintaln robustness of current operating pracllces of an enlarggd group, but were not finalised and signed off, but anticipate and expect these lo implement by end of 2025. Current ongoing aclivities of the Group are fvnded from existing current incoming resources. mostly in the form of contributions from existing housing properties and investment income. Where new projects are undertaken, fvnding Gonsideration is given to each project individually. Th8 Group has res8rves, but as a provider of social housing, it will also s66k grant funding and loan fLJnding as necessary and where appropriate. Public benafit statement Th8 Trustees hav8 giv8n du8 consideration to the Charfty Commission publlshed guidance on the public benefit requirement. They will contlnue to relleve the need of people In necessltous clrcurnstances by tha provlsion of accommodation and the relief in need, hardship or distr8ss of oth8r peopl8 resident in th8 London Borough of Hounslow. Pollcy for settlng key management remuneration The Group has a Human Resources Committee whose responsibility is to review 8nd 8gr8e r8muneration levels for personnel. The Committee's decisions are subsequently submitted to the board of Trustees for Informatlon, Financial in8lrum8nt8 The key financlal instruments included in the financial statements are a portfolio of listed inv8stm@nts held at fair value and loans socur8d on certain housing properti&s. Investmgnt strategy and performance The Group's investments are managed by mulllple Investment and Fund Menagers and are spread across a wlde range of Investment products, to dlvarslfy risk and malntaln a well-balanced portfolio. Saparata funds ar8 held by CCLA, M&G and Fiuffer. Investment performance across all areas contlnues to be bLrfFgted by currant g-politICal headwlnds. In lh8 year lo Dec 2024. overall perfomiance was up 5.4D/o contributing1£457K) . wilh a low performancefrom Ruffers of .3.9 % (.£39K) and a high of 80/c$1£253K) with M&G, with CCLA performance of 5.7% (£243kl. However, since Dec24, the quarter to Mar25 shows a 6,4 % (£63k} Increase under Ruffers. whllst M&G posted a 1.2/e increase {£42KI and CCLA showing a loss of 3.3¥0 (-£151 K}. With Ihe current volatile and changeable condilions. the inv8stment strategy of monitoring performance closely contlnues lo prevail.
Isleworth & Hounslow Charity Limited Trustees, Report Year Ended 31 December 2024 Trustees, responsibilities The Trustees are responsible for preparing the report and financial statements in accordance with applicable law and regulations. Company and charity law and registered social housing legislation require the Trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its inGome and expenditure for that period. In preparing these financial statements, the Board is required to: select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent., 51ale whether appliGable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charity will Gontinue in business. The Trustees are responsible for keeping adequate aGcounting records which disclose with reasonable accuracy al any time the financial position of the Charity and enable it to ensure that the financial statements comply with Co-operative 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 2022. It has general responsibility for taking reasonable steps to safeguard the assets of the Charity and to prevent and detect fraud and other irregularities. Disclosure of information to the auditors We, the direclors ofthe group who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that.. there is no relevant audit informalion of which the group'5 auditors are unaware- and we have taken all the steps that we ought lo have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the group's auditors are aware of that information. In approving Ihe Trustees, Report, we have taken advantage of the small company provisions in the Companies Act 2006 to not include a Strategic Report, in our capacity as group directors. Approved on behalf of the Board on .2025 by: Signature R Bartholomew, Trustee Signature....... P Turner, Truste irèctor Director
Isleworth & Hounslow Charlty Llmlted Indépendent Auditor's Report Year Ended 31 December 2024 Oplnlon Vve have audlled the financial statements of Isleworth & Hounslow Charlty Limlt8d (Iho parant charitabl8 company,) and Its subsidiaries for the year ended 31 December 2024 which comprise the Consolidated statement of Comprehensive Income, the Consolidated and Cornpany Balance Sheets, the Consolidated and Company Statements of Changes in Reserves, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Unit8d Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charitable group's and parent charitable comp8ny's affairs as at 31 December 2024 and of its income and expenditure for the year then ended., have been properly prepared in accordanc6 Wlth United Kingdom Generally Accepted Accountlng practice- and have b8en prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for prlvate register8d providers of social housing in England 2022, Basis for opinion We conducted our audil in accordance with International Standard5 on Auditino (UK) (ISAS (UKI) and applicable law. Our responsibilities under those slandards are further described in the Auditor's responsibilitias for the audit of the flnancial slatements section of our report. We ara independent of the charitablg group in accordancg Wlth the ethical requirements that are relevant to our audit of the financial statements in the U K, including th8 FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance wllh these requirements. We believe that the audlt evldence we have obtainad is sufficient and appropriate to provld8 a basis for our opinion. Conclusions mlatlng to going concern In auditing Iha financial statem6nts, we have concluded that the trustee5' Use of the going concern basis of accounting In the preparallon of the flnancial statements is appropriate. Based on the work we have performed, we have not identified any material uncertalntles relating to events or GondStions that, individually or collectively, may cast signlficant doubt on the group's ability to continu8 as golng conc8rn for a period of at least tW81ve months fro)m when th6 financial stat8ments are authorised for issue. Our responsibilities and the responsibilit18s of the truste88 Wlth resped to going concern are described in the relevant sectioris of this repori. Other Informatlon Tha oth8r information compris8S th8 information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are res.ponsible for the other Informatlon contalned within the annual report. Our oplnlon on the financial stalements does not cover th6 other Information and, except to the gxtgnt othenmise explicitly stated in our report, we do not 8xpr&ss any form of assurance conclusion thereon. Our r8sponsibility is to read the other information and, in doing so, consider whether the other Informallon is rnaterially Inconsistent with Ihe financial statements or our knowledge obtained in the course ofthe audlt, or olhemise appears to be materially misstated, If we id8ntify such material inconsisl8nci6s or apparent material misstatements, we are requirad to d6t6rmine whether this gives rise to a material misstatement in the financial slatements themselves. If, based on the work we have perfonned, we conclude that there is a matsrial misststement of this other informatlon, we are required lo report that fact, We havs nothing to r6pc)rl in this regard.
Isleworth & Hounslow Charlty Limited Independent Auditor's Report Year Ended 31 December 2024 Opinion on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. thg information given In Ihe Report of the Trustees for the financial year for which the financial statements are prepared is CDnsistent with the financial stalements., and the Report of the Trustees has been prepared in accordance with applicable legal requirements, Matters on which we are required to report by excoplion In the light of Ihe knowledge and understanding of the charitable group and its environment oblained in th8 course of the audit, vve have not idenlified material misstal8ments in the Report of the Tru8tees. We have nothing to report in respecl of th8 following matters where the Companies Act 2006 require5 US to reporl to you if. in our opinion.. adequate accounting r8cords have not been kept or returns adequat8 for our audit have not been received from branches not visited by u5., or the financial statemgnts are not in agr8ement with the accounting records and returns., or certaln dlsclosurgs of trusteos, remuneration specifiod by law are nol made., or we have not recelved all the information and explanations ws r8quire for our audlt,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regim8 and take advantage oftha small companies, exemptions in preparlng the trustees, report and from the requirernent to prepare a strategic report. Responsibllltles of trustees As explained more fully in the Stalement of Trustaes Responsibilities sel out on page 6, the trustees (who are also the directors of the charitable group for the purposes of company law) are responsible for th8 prep8ration of the financial statements and for being satisfied that thay give a Iru8 and fair view, and for such internal control as the trusl8@s determine is nec8ssary to 8nabl& the preparatlon of financial statements that are free from material misstatement, whether due to fraud or error, In preparing the financial statements, the Iruslees are responsib18 for assessing th8 charitable group's ablllty to continue as a going concern, disclosing, a8 applicabSe. m8tt8rs related to golng concern and using the golng concern basi8 of accounting unless the trustees either Intend to liquidate the charltabla group or to cease operations, or have no realisllc alternatlve but to do 50. Our responslbllltles forthe audll of the flnanclal statements Our objectSves are to obtain reasonable assurance about whathar the financial st818m8nts as a whole are free from rnaterlal mlsstatement, wh8th8r due to fraud or prror. and to issue an audltor's report that includes our opinion. Reasonable assuranc8 is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detecl a mat9rial misstalemgnt when it 8xists. Mis8tatemenls can arise from fraud or error and are considered materlal if, individually or in the aggregat8, they could reasonably be exp8ct8d 10 Influence tha economic decisions of users taken on the basls of Ihese financial stataments. A further description of our responsibilities for the audit of the financlal statemants is located on the Financial Reporting Council's website at www.frc.org.uklaud ilorsresponsibilities. This descrlplion forms part of our auditors report. Extent to which the audlt was consldered capable of d6t6¢tlng Irregulariti8s, including fraud Irregularities, including fraud. are instances of nDn-cDmpliance with lavws and regulations. We design procedures in line with our r8sponsibilities, outlin8d abov& and on the Financlal Reporting Councll's website, to detecl ma18rial misstatements in respect of irregularltles, including fraud.
Isleworth & Hounslow Charity Limited Indapandent Auditor's Report Year Ended 31 December 2024 We obtain and update our understanding of the entity, its activities, its control environment, 8nd likely fulur8 developments, including in relation lo the legal gnd regulatory frarllework applicable and how the entity is complying with thal framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial staternents, whether due to fraud or error, design and perform audit procedures responslve lo those risks, and obtain audit evid8nce that is suff ici8nt and approprigte to provid8 a basis for our opinion. Thls Includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compllance with laws and regulations, including fraud, wa designed procedur&s which included: Enquiry of management and those charged with governanc& around actual and potential litigation and claims as well as actual, suspected and alleged fraud. Reviewing minutes of meetings ofthose charged with govemance., Assessing the extent of compliance with the laws and regulations considered lo have a direct material effect on Ihe financia1 statements or the operations of the group through enquiry and inspection., Reviewing finanoial staternenl disclDsur8s and testing to supporting documentation lo assess compliance with applicable laws and regulations. Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness. evaluating Ihe businass rationale of significant transactlDns outside the normal course of business and revi8wing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit. ther8 is a risk that w8 will not detect all irregularitias, including thosalgading to a material misstat9ment in the financial statements or non-compliance with regulatlon. Thls risk increases the more that compllance wlth a law or regulation Is removed from the events and Iransactlons reflected in the flnanclal statements, as we wlll be less likely to becom9 aware of instances of non-compliance. The risk Df not delecling a material mis8tst8rllent resulting frow fraud is higher than for one resulting from 8rror, as fraud may involve collusion, forgery, intenllonal omissions, mlsrepresenlations, or the override of internal control, Use of our report This report Is rnade solely to the charitable group's members, as a body, In accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has b88n undertaken so that W8 might state to the charitable group's m8rnbers those malters we are requir&d to stat8 to th8m in an auditors, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charltable group and the charltable group's members as a body, for our audit work. for this r8POrt, or for the opinions we hav8 form8d. Rebecca Boys (Senlor Statutory Audltor) For and on beha5f of Azets Audit Services Statutory Auditor and Chart8r8d Accountants 2nd Floor Regis Hou86 45 King William Street London EC4R 9AN Date 15 August 2025
Isleworth & Hounslow Charity Llmlted Consolidated Statement of Comprehensive Income (Including Income and Expenditure AcGount) Year Ended 31 December 2024 2024 2023 Note Turnover 1,099,936 1,410,141 Income from charitable activities Value of assets acquired on consolidation Total Turnover 1,099,936 953,561 456,580 1,410,141 22 1,099,936 Cost of sales 470,272 510,211 Gross surplus 629,664 899,930 Administrative expenditure 375,599 246,788 Operating surplus 254,065 653,142 Income from fixed asset investments 31,215 21,199 Interest receivable and similar income Interest payable and similar charges 5,991 (10,298) 3,482 {10,436) Movemanl in fair value of financial instruments Movement in fair value of investment propertias 479,114 77,000 593,404 Surplus on ordinary actlvitles for the year before tax 837,087 1,260,791 Tax on surplus on ordinary activities 10 Surplus for the year after tax 837,087 1,260,791 Total comprehensive income for the year 837,087 1,260.791 et income resources from charitable activities alue of assets acquired on consolidation et income Resources 837,087 804,211 456,580 1,260,791 837,087 On behalf of the Board olo Trustee Director P Turn Trustee Director Date 2025 10
Isleworth & Hounslow Charity Limited Consolidated Balance she8t Year Ended 31 December 2024 2024 2023 Noto Fixed assets Tangible fixed assets 11,12 6.884,328 6,967,621 Investments 9,242,421 8,732,768 16,126,749 15,700,389 Current assets Debtors 14 52,324 79,756 Cash at bank and in hand 1,438,835 1,031,812 1.491,159 1,111.568 Creditors: amounts falling due within one year 15 132,230 124,413 Net current assets 1,358,929 987,155 Total assets less current liabllltles 17,485,678 16,687,544 Creditors: amounts falling due after more than one year 16 2,392,544 2,431,497 Total net assets 15.093,134 14.256,047 Reserves Income and expenditure reserve 18 7.332,032 7,048,058 Revaluation reserve 18 7,431,160 6,913,054 Restricted reserves 18 329,942 294,935 Total reserves 15,093,134 14,256,047 The financial stalemenls were approved and authorised for issue bythe Trustees on .2025 Signed on behalf of the board rtholoJMew, Trustee Dir ctor P Turner, Trustee Director The accompanying notes form an integral part of these financial statements. Company Registration Number.. 05577965
Isleworth & Hounslow Charity Limited Company Balance sheet Year Ended 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assets 11,12 6,604,463 6,687,756 Investments 8,927,366 8,450,194 15,531,829 15,137,950 Current assets Debtors 14 37,756 79,645 Cash at bank and in hand 1,426,902 1,019,080 1,464,658 1,098,725 Creditors: amounts falling due within one year 120,831 94,385 Net Current assets 1,343,827 1,004,340 Total assets less current liabilities 16,875,656 16,142.290 Credltors: amounts falling due after more than one year 16 2,276,806 2,313,359 Total net assets 14,598,850 13,828,931 Reserves Income and expenditure reserve 18 7,091,544 6,842,257 Revaluation reserve 18 7.431,160 6,913,054 Restricted raserve 18 76,146 73,620 Total reserves 14,598,850 13,828,931 The financial statements were approved and authorised for issue by the Trustees on . Signed on behalf of the board .2025 Q,<4fJL R B ffholom Trustee Director PTur ér, Trustee Director The accompanying notes form an integral part of these financial statements. Company Registration Number.. 05577965 12
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Isleworth & Hounslow Charity Limited Company Statement of Changes in Reserves Year Ended 31 Decemb6r 2024 Income and expendlture reserve Revaluatlon reserve Rostrlcted resorvo Total At 1 January 2024 6,842,257 6,913,054 73,620 13,828,931 Surplus forthe year 769,919 769,919 Total comprehensiv8 Income Transfers {note 18) 7.612,176 6.913,054 73,620 14,598,850 (520,632) 518,106 2,526 At 31 December 2024 7,091.544 7,431,16D 76,146 14,598,850 At 1 January 2023 6,593,T01 6,336,260 65,295 12.995,256 Surplus for the year 833,675 833,675 Total comprehensive income Transfers Inole 18) 7,427,376 6,336,260 85,295 13,828,931 (585,1191 576,794 8,325 At 31 December 2023 6,842,257 6,913,054 73,620 13,828,931 15
Isleworth & Hounslow Charlty Llmlted Consolidated Statement of Cash Flows Year Ended 31 December 2024 2024 2023 Note Cash flow from operating activities 19 412,247 272,232 Net cash flow from operating activitles 412,247 272,232 Cash flow from Investing activities Payments to acquire tangible fix6d assets Acquisition of linked charity Dividends received Interest received (419) {1051 40,859 676 5,991 3,482 Net cash flow from investing activities 6,248 44,236 Cash flow from flnanclng activlties Repayment of long term loans (1,174) {1,0551 Interest pald (10,298) 110,436) Net cash flow from flnanclng actlvltles (11,472) 111,491} Net increase in cash and cash equlvalents 407,023 304,977 Cash and cash equivalents at 1 January 2024 1,031,812 726,835 Cash and cash equivalents at 31 December 2024 1.438,835 1,031,812 Cash and cash equivalents consists of: Cash at bank and in hand 1,438,835 1,031,812 Cash and cash equivalents at 31 December 2024 1,438,835 1,031,812 16
Isleworth & Hounslow Charity Limited Notes to the Financial Statements Year Ended 31 December 2024 Summary of slgnlfl¢ant accounting pollcies (a) General Inforniafion and basis of preparatlon Isleworth & Hounslow Charity Limited ("Ihe Charity"} is a charitable company, limit@d by guarantee, incorporated in England and Wales and a private charity of soci81 housing in the United Kingdom. The Qroup consists of Isleworth & Hounslow Charlty link8d wlth Chiswlck Parochial Charities ("CPC"}. The address of the registered office is given on page 1 of these financial statements. The nature of the Group's operations and prlnclpal actSvSt1as aré to provide affordablé housing in cases of need. The Group constitules a public benefit entity as defined by FRS 102. The financial slatements have been prepared in accordance with applicable aocounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable In the UK and Republic of Ireland (FRS 102) and the Statement of Recommended Practice for Social Housing Providers 2018 and the Accounting Direction for Private Fiegist8red Provid8rs of Social Housing 2022. The finanoial statements are also prepared under the r8quirements of the Housing and Regeneration Act 2008 and the Companies Act 2006. The financial statements have been prepared on a going concern basls under the hislorical Cost Gcnvention. modified to include certain items at fair value. The financial statern8nts are prepared in stgrling. which is th8 functional currency of the Charity. The significant accounting policies applied In the preparation of these financial statements are set out balow. These policies have been consistantly applied to all years presented unless otherwise stgt8d. The financial statement consolldates the results of the Charitable Company and its linked charity Ghiswlck Parochial Charlty on a line by lin8 basis. All financial statements are made up to the 31 December 2024. A separate Statement of Comprehenslve Income is not presented for the Charitab18 Company itself in accordance with the 8xemplions afforded by section 408 of th8 Comp8nies Act 2006. {b} Golng concem The financial slatem8nts have b88n prepared on the going concern basis as the Trustees belleve that no material uncertainties exist. The Trustees have considered the level offunds held and the expected level of income and exp6nditure for the 12 months from aulhorising the financial statements. 17
Isleworth & Hounslow Charity Limited Notes to the Financial Statements Year Ended 31 D6cember 2024 (¢) Tangible fixed assets Tangible flxed assets (Including social housing properties) are stat6d al cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributablg to making Ihe asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, interest charg@s on loans during the davelopment period and expenditLJre on improvemenls. Expenditure on improvements will only be capitalised when il results in incremental future benefits such as increasing rental Income, reducing maintenance cost5 or resulting in a signlficant extension of the useful econornic life of the property. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, les5 estimated residual value, of each asset on a systematic basis over ils expected useful life as follows., Land not depreci81ed Houslng propertias- structura Housing propertles- other components Housing properties - furniture, fixlur9s and fittings Office equipment 25Y. Housing properties under construction are not depreciat8d unlil they are in us8. The freehold property wlthln CPC Is staled at cost less provision for any permanent dlminution in value. No depreclatlon Is provided because, In the opinion of the Truste&s, thé prop8rty is maintain8d to such a standard that its estimaled residual value is not18SS than cost and therefore no rriat8rial depreciation charge arises. Major components of houslng propertles, such as lifts and warden alarm systems, have been acGounted for and depreclated separately from the connected housing property, over their expected us8ful economic lives and ar8 included in housing propert.ies. The useful economic lives of all tanglble fixed assets are reviewed annually. (d) Investment properties Th8 Charity owns land for investment from which rgntal incom8 is derived. The land wa8 originally dona18d and Is carried at fair value with any r8valuallon galns recognised within the Statement of Comprehensive Income. No d8pr8ciation or amortisation is provided in respect of freehold investment properties. (e} Debtors and credltors receivablelpayable wlthln one year Debtors and creditors with no stated interast rate and r6ceivabl& or payable within one year are recorded at transaction price. Any losses arising from impalrment are recognised in the statement of comprehensive income in other administrative expenses. Righls of social landlords to have improvement works carried out to properties by a thlrd party (such as a local authorltyl are recogn15ed as prepayments where payment has occurred in advance of the works being carrled out and recelpts in advance from the same thirrj paty rgcognised as liabilities. Ass8ts and liabilities or incom8 and expenditur8 are not offset. 18
Isleworth & Hounslow Charity Limited Notes to the Flnanclal Statements Year Ended 31 December 2024 If) Investments Investments are recognised inilia51y al falr value which is normally Ihe transaction price excluding transaction costs. Subsequently, they are measured at fair value through the stalement of comprehensive income rf the shares are publicly traded or their fair value can otherwise be measur8d reliably. Igl Loans and borrowlngs Loans and borrowings are initially recognised at the transaction price including transacticn costs. Subsequently, they are rne8sured at amortised cost uslng the effecliva interest rate method, less impaiment. If an arrangement constitutes a financing transaction it is measured at present value, (hl lrnpairment Housing prop8rties are assessed annually for impainM8nl indicators. Where Indicators are Identified an ass8ssrnent for impairment is undertaken Comparing Ihe asset's carrying amount lo Its recoverable amount. Where the carrying amount of an asset is deemed to ex¢88d its rgCOV8rable amount, the asset is writt9n down to its recoverable amount, this is likely to be the value in use of the asset based on Its service potential. The resulling impairment loss is recognised as expenditure in Statement of comprehensive Income. Where an asset is currently deemed not to be providing serviGe potential to the Charity, Its recoverable amount is its fair value less costs to sell. Other assets are reviewed for impairment if there is an indication that impairment may have occurred. (i} Provlslons Provisions are recognised when the Charity has an obllgation at the Balance Sheet date as a r8suII of a past event, it is probable that an outFlow of economic ban8fits wi15 be requir8d in settlement and the amount rAn be reliably estimated. Provisions for cyclical maint8n8nc8 or major works to existing stock are not made unless they represent commitments or obligations at the Balance Sheet date where there is no discretion to avoid or delay the expenditure, U) Value Added Tax Value Added Tax is not recoverable by the Charlty, and as such is included in the relevant costs In the Stalement of Comprehenslve Income, (k) Turnovèr and other Incomo Tumover Is measured at the falr value of the conslderatlon recelved or r8c8ivable. The pollcies adopled for the recognlllon of turnover are as follows.. Tumovgr represents r8ntal 8nd seNice charges income racaivable in the year net of rent and servlce charge losses from voids, revenue grants from the government (Local Authorities) and Homes England, 19
Isleworth & Hounslow Charity Limited Notes to the Financlal Stat6m8nts Year Ended 31 December 2024 (l) Government grants Government grants, from Local Authorities are received in respe¢l of capital exp9nditure. These grants are recognised at the fair value of the asset received or racgivabla. Where the assets are accounted for Using the cost model then the government grant is accounted for using the accruals model. The diffprence between the fair value of the asset and the consid6ration is recognised as a Ilablllty and amortised over the useful economic life of the asset. This amortisalion is recognised wilhin turnover. (m) Employee beneflts Vvhen employees have rendered service to fihe Charily, short-term employee benefits lo which the employees are entilled ar8 recognised at the undiscounted amount expected to be paid in axchan9 for that service. Employer contributions are made lo personal pension schemes for two employees of the Charity, and these arè charged in the Stal8ment of Comprehensive Income as they accrue. (n) Restrlcted Reserves Restiict&d reserves are those reserves which are only expendable in accordance wkh the wishes of the funder or regulatory body. Restricted reserves include funds raised in response to a speGlfic appeal. During 2012 the Charity acqulred the John Flelder Haden Trust, and thls comprlses the only restricted fund. This fund may be used to benefit residents of Isleworth, who ara in naod and who ar8 sick. Revenue and expendlture cannot be diractly set against restrict8d reserves but is taken through lh8 statement of Comprehansive Income and then a transfer to restricted res@rv8s 18 made 88 appropriate. (o) Judgements and key sources of estlmatlon un¢ertalnty The following are the significant management judgements made in applying the accounting policies of the Charity that have the most signrficant effect on the financial slalements.. Housing properties in tangibla fix8d 8ssgts are valued at deamed cost as at 1 January 2014. Investment properties are carried al fair value, The Trustees have used valuation techniquas such as income yield to determine Ihe carrying valua of the investment prop8rties- The approach to l&sting impairm8nt of social housing portfolio is s8t out in section (g) above, 20
Isleworth & Hounslow Charity Limited Notes to tha Financial Statements Year Ended 31 December 2024 Consolidated soclal houslng turnover and costs 2024 2023 Income Mainlenanoe contributions raceivabl8 Service charges receivable 754,141 165,924 720,171 140,248 920,065 860,419 Less: Operatlng expendlture Routinè rnainlenance 126,233 104,295 Depreciation of housing properties 160,586 161,195 oth8r costs 183,452 229.644 Operating and net surplus from social housing activities 449,793 365,285 Void108ses 7,3Q7 19,475 Amortised govemrnent grants 37,648 37,048 Turnover 2024 2023 Contributions (Housing accommodalionl 950,406 877,992 Ground rents (non-housing a¢Gommodation) Rental incom8 frorn non-social housing property 18,156 29,337 19.006 54.825 Value of assets acqulred on linking of charity Donatlons and other Income 456,58Q 1.738 102.037 1,099,936 1,410,141 21
Isleworth & Hounslow Charfty Llmlted Notes to the Flnancial Statements Year Ended 31 December 2024 Parent charity income and expanditure account The Charity has taken the exemption undor section 408 of the Companies Act 2006 not to present its incorne and axpendilur& accounts as parl of these financial statements. The Charity's total income for the year was £940,Q44 {2023'. £813,208) and its surplus for the financial y6ar was £769,918 12023.. £833,675). Accommodatlon owned and In rnanagement The Group owns 99 unils12023.' 99) that are used to provide affordable housing in cases of need, Properties managed by agents The Group owns 112023: 1) property comprising 13 units12023: 131 that is managed on its behalf, under a leasing agreement, by Notting Hill Genesis. Interest and other flnance Income and charges a) Interest receivable and simllar income 2024 2023 Bank inter6St receivable 5.991 3,482 b} Interest payable and similar charges 2024 2023 Bank and oth8r loans 10,298 10.438 Consolldated surplus on ordinary activities Surplus on ordinary activilies Is staled after (creditingllchargi ng: 2024 2023 Auditor's remuneration (including expenses and benefils in kindl Auditor's r8muneralion (including expenses 8nd benefils Sn klndl for non-audit services Depreclatlon of tanglble fixed assets Conlrlbutlons to defined contribution pension sch8mgS Government grants (Surplus) on fair value movement of Investments Revaluallon movement on invgstm6nt prop8ty 18,900 16,285 48,808 180,712 10,002 (37,648 1479,1141 (77,000) 27,305 161,502 8,099 (37,048) {593,404) 22
Isleworth & Hounslow Charity Limited Notes to th8 Financial Statements Year Ended 31 December 2024 Board and key management personnel remuneratlon The Trustees consider themselves and the General Manager to be key management personnel. The total remuneration for key management personnel, including employer's pension contributions and employar's national insuranc& contributions, amounted to £90,407 (2023 - £78,698). No remuneration was received by trusl8es or non.èxecutive board members, During the year there was a Trustees, annual dinnar costing £1.30912023 - £1.003). Expenses of £Nil {2023'. £5) were relmbursed to no (2023: one) trustee. Group staff Gosts The average monthly numbar of employ8es, including m8mbers of Ihe executlvg team, during Ihg year was as follow5.' 2024 Number 2023 Number Management and admlnlstratlon Housing, support and care The average number of employees, including members of the managament team, calculal6d on a full time equivalent was 3 emplDye&s (2023 - 31 c)n the basis of a 35 hour week. The aggregate remuneration of such employees was as follows: 2024 2023 Vvages and salaries Social security Other p8nsion costs 138,535 5,558 10,002 132,445 12,386 8,099 154,095 152,930 1 employee {2023'. 1) received 8rnployee benefits {excluding employer's pension contributlons and employer's national insurance contributions) exceeding £60,000. The employee benefits fell within the following band: £80,001 to £90,000 {2023'. On@ person in band £60,001 lo £70,000)- The Registered Provider operates a deflned contribution pension plan for its employees. The amount recognlsed as an expense In the year was £10,002 (2023 - £8,099). Employer contributlons of 80/0 are made on behalf of 2 (2023., 2) of the employ8es. No speclal pensions arrangernenls have been made for the General Manager. 23
Isleworth & Hounslow Charity Limited Notes to the Financlal Statements Year Ended 31 December 2024 10 Tax Isleworth & Hou nslow Charity Limited is a registered Charity and, therofore, is not liable to income lax or Gorporation tax on incoma or gains derived from its charitab18 activiti8s as they fall within the various exemptions available to registered charitigs. 14 Tanglble flxed assets- houslng proportles Group hou$lng pr¢pgrt1¢s forlottlng Company housing properties for letting Cost: Al 1 January 2024 Additions Al 31 Dacambar 2024 8,173,465 7,893,60D 8,173,465 7,893,600 Depreclation- At 1 January 2024 Charge for year At 31 Decernber 2024 1,754,242 160,480 1,914,722 1,754,242 160,480 1,914,722 Nel book value: At 31 December 2024 At 31 Decernber 2023 6,258,743 6,419,223 5,978,878 6,139,358 The net book value of land and buildings oonpris8d. Group 2023 Company 2023 2024 2024 Land and buildings Fr8@hold 6,258,743 6,419,223 5.978,878 6,139,358 Social housing properties with a net book value of £948,26712023 - £980,066) have been pledged as security for liabilities of the Charity, These assets have restricted tille. 24
Isleworth & Hounslow Charlty Llmited Notes to the Financial Statements Year Ended 31 December 2024 12 Group & company langlble flxed assets - other Inve$¢ment pwp¢r(1o9 FixtureB and Computor and Iittlngg offlce Total e4ulpm8nt Cost or valuation.. Al 1 January 2024 548,000 24,328 16,709 589,037 Additions Gainl(105sI on revaluation Al 31 Decomber 2024 419 419 77.000 686,456 77,000 625,000 24,328 17,128 Depreclatlon: Al 1 January 2024 Charge for the year At 31 D8C8mb8r 2024 24,103 106 24,209 16,536 126 16,662 40,639 232 40.871 Carrying amount.. At 31 December 2024 625,000 119 466 625,585 Al 31 December 2023 548,000 225 173 548,398 The net book value of land and buildings comprised.. 2024 2023 Investment properties.. Freehold 625,OQO 548,000 r8ngible fixed assets held at valuation Inv8stn78nt PmP6rties The land included in Investment properties was independently valued at £520,000 in May 2018 on the basis of markat valua for existing uso by Perry Hill Chartered Surveyors. The land included within Inveslment prop6rti8s was ind8pèndently valued at £610.000 as at 31 December 2024 on the basis of market value for exlstSng use by Wlnfields Chartered Surveyors. Th8 Twslees conslder the appropriate valuation at 31 December 2024 to be £625,000, basgd on Iha sit8's current r8ntal value. The land was originally donated. Details of leaslng arrangements relatlng to Investment properties are provld8d In nole 16. 25
Isleworth & Hounslow Charlty Llmited Notes to th8 Flnanclal Statements Year Ended 31 December 2024 13 Fixad assat Investments Group Il$t•d Inveslmonts Company 11gt•d InvB8tmgntS Cost or valuation Al 1 January 2024 Additions Revaluation Al 31 Dec&mb8r 2024 8,732,768 30,539 479,114 9,242,421 8,450,194 30,539 446,633 8,927,366 Impairment At 1 January 2024 and 31 December 2024 Carrying amount,. At 31 December 2Q24 9,242,421 8,927,366 Al 31 December 2Q23 8,732,768 8,450,194 The fair value of listad investm@nls is del8rminad by r6ference ID the quoted price for idenllcal assets in an actlV8 market al thè Balance Sheet date. 14 Debtors Group 2023 Company 2023 2024 2024 Trade debtors {gross social housing rent arrears) Other debtors 26,127 26,197 17,914 61,842 15,625 22,131 6,948 56,621 Amounts owed by linked charlty 16,076 79.756 37,756 79,645 15 Creditors: amounts falllng due wlthln one year Group 2023 Company 2023 2024 2024 Trade creditors Bank and other loans Rents paid in advance Government grants Accruals and deferred income Amounts owed to linked charity 3,938 1,277 36,161 37,646 53,208 3,938 1,277 27,744 35,247 45,548 7,077 1,146 5,530 37,646 80,091 1,146 5.530 35,247 52,462 132,230 124,413 120,831 94,385 26
Isleworth & Hounslow Charity Limited Notes to the Financial Statements Year Ended 31 December 2024 16 Creditors: amounts falllng due after more than one year Group 2023 Company 2023 2024 2024 Bank and other loans 92,977 94,282 92,977 94,282 2,299,567 2,337,215 2,183,829 2,219,077 Government grants 2,392,544 2,431,497 2,276,806 2,313,359 other loans tolalling £94,25412023- £95,428) are secured by tho properties in resp&cl of which monios were advanced. Interest on the Raybell Court loan, advanced by Orchardbrook Limilad, is b@ing charged at 10.8750A. Gapitsl repayments on this loan are being made blannually. other loans Include aggregate amcunls of £84,977 (2023 - £86,352) which fall du8 aft&r five years and whlch are payable by Instalment5. 17 Group & Company Leases Operatlng leases- les50r Operallng leases prlmarily relate lo a leas8 tak8n on Farnells by Notting Hill G8n8sis and a lease on the Investment properly by a nurs8ry. Total future minimum lease income receivable under non-cancel lable operating leases is as follows: 2024 2023 Not later than one year Latèr than on8 and not later than five year8 Later than fivo y&ars 68.825 251,967 155,337 68,825 265,967 210,162 476,129 544,954 18 R•sorves a) Income and expendlture reserve The Incom9 and expendlture reserve represents cumulative surplus and deficlls net of other adjustments. A transfer is made from the income and expenditure reserve to the revaluation reseN8 and the restricled reserv8 for Ihe market revaluation gains or105ses. b) Revaluation reserve The revaluation reserve represents the valuation In 1982 of the land and buildings acquired from othar Charities and the cumulatlV8 effect of markat revaluations ofth8 quoted inv@stments. 27
Isleworth & Hounslow Charity Limited Notes to the Financial Statements Year Ended 31 DeG8mber 2024 18 Reserves (continued) c) Fieslricl8d Restrlcted funds represent monies and quoted investments transferred from the John Flelder Haden Trust. and this comprises the only restricted fund. Thls fund may be uaed to benefit resid6nls of Isleworlh, who are In need and who are sick. 19 Reconciliation of operating Ideficit)Isurplus to cash flow from operating actlvities 2024 2023 Surplus for the year 837,087 1,260,791 Nel assets acquir6d on linking of CPC Interest payable Interest received Depreciation and impairment of tangible fix8d 8SS8Is {Gains} on Investments (Gains} on revaluation of investment property lecreasel{Increasel in trade and other debtorg Increasel(Decrea8el in trade and other cr8ditors Investment income reinvested Dividends received Government grants utillsed in the year (456,580) 10,436 (3,482) 161,502 (593.404) 10,298 (5,991) 160,712 {479,114) {77,000} 27,432 7,686 {30,539) (676} 137,648) (34,778> (14,006} (21,199> {37,048) Net cash flow from operatlng actlvltles 412,247 272,232 20 Analysls of change in net fundslldebt) Group 2023 Cash flows 2024 Cash at bank and in hand Debt due within one year Debt due after mora Ihan one year 1,031,812 (1,1461 (94,2821 407,023 (1311 1,305 1,438,835 11,277 (92,977) 936,384 408,197 1,344,581 28
Isleworth & Hounslow Charity Limited Notes to the Financial Statemants Year Ended 31 Decernber 2024 21 Financlal instruments The carrying amounts of Charity's financial instruments are as follows: Group 2023 Company 2023 2024 2024 Financial assets Measured al fair value through the statement of Gompreh8nsive income,. Investment property (note 12) Fixed asset listed investments {note 13} 625,000 548,000 625,000 548,000 9,242,421 8,732,768 8,927,365 8,450,194 9.867,421 9,280,768 9,552,365 8,998,194 Financial li8biliti&s Me8sured at amortised cost other loans (notes 15-16} 94,254 95,428 94,254 95,428 The incorne, expenses. net gains and net losses attributable the Charity's financial instruments are summarised as foSlDws'. Group 2023 Company 2023 2024 2024 Incom9 and exp6nse Financial ass8ts m8a8ur8d at fair value through the Statement of comprehensiv8 income Financial liabilities m8asured at amortised cost 66,543 79,506 65,844 79,506 110,298) {10,4361 (10,294) (10,436) Mgt g8ins and losses (including changes In fair value) Financial ass8ts measured al fair valué through the statemenl of comprehensive Incom8: Listed investm8nts 479,114 77,000 593,404 523,632 588,096 Investrnent property 29
Isleworth & Hounslow Charlty Llmlted Notes to the Financlal Statements Year Ended 31 December 2024 Linking of Chiswick Paro¢hial Charity On 161h February 2023, the Charity linked with Chi8wlck Parochial Charity, which is a registered charity. Their activities include the provision of comfortable, affordable housing for eligible people living within the London Borough of Hounslow. The costs of Ilnklng was £nil and the value of net assets acquired are shown ss income in the year totalling £456,580. The n81 assets acquired as at 16th February 2023 are as follows.. 2023 Flxed Assets Tangible 8ssels Investments 279,865 277,433 Current assets Trade debtors other debtor5 Gash at bank and in hand 9,455 2,334 40,859 Creditors: amounl falllng due wlthln one yaar Accruals and oth8r cr8ditors Rents paid in advanc8 Development creditors (30,404) (625) (2,399) Creditors: amount falling du8 after more than one year Development creditors 119,938 456,580 23 Related party transactlons During the year, Isleworth and klounslow made payments of £173.53112023: £71,919} and recelved receipts of £165,20012023.. £55.844) on b8half of Chiswick Parochial Charlty. During the year, CPC mad8 P8ym8nts of£31,484 {2023L £nll> on behalf of Isleworth and Hounslow, As at 31 December 2024, Isleworth and Hounslow owed £7,07712023.. £16,076 owed by Chiswick Parochial Charity to Isl6worth and Hounslow) to Chlswick Parochial Charity. 30