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← Independent Housing UK Ltd

2024-03-31-accounts

Charity registration number 1121825

Company registration number 06187822 (England and Wales)

INDEPENDENT HOUSING UK LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

INDEPENDENT HOUSING UK LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P Shanks
J Muraji (Appointed 29 May 2024)
G Mason (Appointed 20 June 2024)
Charity number 1121825
Company number 06187822
Registered office Suite 1, Armcon Business Park
London Road South
Poynton
Cheshire
United Kingdom
SK12 1LQ
Auditor Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
Bankers Barclays Bank PLC
Leicester
Leicestershire
United Kingdom
LE87 2BB
Solicitors Frettens Solicitors
2 Christchurch Road
Ringwood
Hampshire
BH24 1DN

INDEPENDENT HOUSING UK LIMITED

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 21

INDEPENDENT HOUSING UK LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Our charity's purposes as set out in the objects contained in the company's Memorandum of Association are to:

'To relieve the needs of people in vunerable circumstances including those with learninig difficulties, mental health problems and/or physical disabilities by ensuring that they have access to quality social housing which is suitable to their individual need and preference'.

Public benefit

Our main activities and who we try to help are described below. All our charitable activities focus on the provision of intensive housing management services to further our charitable purposes for the public benefit. We provide homes to help people remain in their community with the help and support they need to thrive.

Who used and benefited from our services?

Continuing with our objectives, the services we provide to people with learning disabilities, mental health problems and/or physical, homelessness and those restricted the entering the private rented sector with in England and Wales

IHL UK Ltd is proud to provide quality accommodation with Housing Management and/or support to over 500 tenants with the aim of continuing to grow in a robust manner.

We will continue to deliver our strategic plan by strengthening our geographic area of operation and customer base. This will continue to cement our relationships with commissioners, our customers and stakeholders alike.

We will ensure we listen to and strive to adapt properties and services that are shaped by our customers, taking into account market conditions and always delivering value for money.

During the period we have built on our existing services by working closley with our stakeholders, commissioners and local authorities to ensure we can support them in developing their housing strategy.

Charitable Activities

Ensuring our work delivers our aims we are embracing our Health and Well Being programme to our customers. We are conducting a tenants survey to ensure we are delivering our promise. A newsletter is being proposed for a tenants voice and also to help promote peer support and activities.

INDEPENDENT HOUSING UK LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

Ensuring our work delivers our aims

We undertook a comprehensive review of our aims, objectives and activities in the prior year and will be implementing a new five year strategy which we will be promoting end of January 2025. The review is helping us to ensure our aim, objectives and activities remained focused on our stated purposes. We referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. The trustees continue to consider how planned activities will contribute to the aims and objectives they have set.

The focus of our work

Our main objectives for the year continued to be the provision of intensive housing management services to the tenants which we serve and the promotion of their independence through personalised support.

Financial review

Financial Position

The charity has made a surplus for the year of £164,132 (deficit in 2023 of £272,876).

The charity maintains a reserve figure of £571,504 (2023 - £407,372) and in the current financial year it has registered a surplus which should lead to a growth in reserves at the end of the current financial year.

The Management Committee has examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should equate to approximately three months expenditure. The reserves are needed to meet the working capital requirements of the charity and the Board of Trustees are confident that at the level they would be able to continue the current activities of the charity.

We confirm that current reserves more than meet these objectives.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Board has previously conducted a review of the major risks to which the charity is exposed and a risk register has been established and is updated monthly to be reviewed by the Senior Management Team and Chief Executive.

This is the regularly reviewed by the Trustees and corrective measures taken as and when required.

Plans for future periods

The charity will continue to develop new relationships with strategic partners and will look to develop new schemes that complement our existing services and that will not place stresses upon the current infrastructure of the business.

The charity will review all existing and new partnerships to ensure that the quality of the properties and management services delivered to tenants is not at any time compromised.

INDEPENDENT HOUSING UK LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management Governing document

The organisation is a charitable company limited by guarantee, incorporated on 27 March 2007 and registered as a charity on 5 December 2007. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

In the event of the company being wound up members are required to contribute an amount not exceeding £10.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

J E Hall (Resigned 18 October 2024) N J Thompson (Resigned 11 October 2023) D Spencer (Resigned 2 June 2023) P Shanks J Muraji (Appointed 29 May 2024) G Mason (Appointed 20 June 2024) E Forder (Appointed 24 September 2024 and deceased 29 October 2024)

Knowledge and experience of the sector, senior leadership experience and traditional business and financial skills are well represented on the Board. In an effort to maintain the broad skill mix, members of the Board are requested to provide a list of their skills (and update it each year).

We are currently restructuring the Board to provide a depth and breadth of skills, completely independent and on a voluntary basis that will be the backbone of the company.

At present this Board has two Trustees and recruiting is underway to bring in an additional three trustees to the team. We have a dedicated Board Secretary who is experienced in both governance and charities. He will deliver ‘hit the ground running’ company secretarial and corporate governance solutions. Helping the Trustees receive assurance that the charity is under control and meeting legal standards. He is a specialist who works with social housing providers but has experience of working in a variety of business sectors.

The Chief Executive also sits on this committee.

A scheme of delegation is in place and day to day responsibility for the provision of the services rest with the Chief Executive and the Senior Management Team.

The Trustees have complete overview of departments and each report provided to the Trustees is reviewed, challenged and questioned.

Ultimately the Trustee Board are responsible for ensuring that the charity delivers the services specified and that key performance indicators are met.

All trustees are already familiar with the practical work of the charity through their experiences within supported housing and care generally.

Additionally, new trustees will be invited to further enhance the experience and areas of expertise available to the charity.

All trustees are fully briefed in their role via information from the various Charity Commission publications signposted through the Commission's guide "the Essential Trustee". This is distributed the all new trustees along with the Memorandum and Articles and the latest financial statements.

Following engagement with the Charity Commission we are assessing all of our Governance and an implementation plan will be adopted to action during 2023-2024. We are also seeking guidance on the legality of historical payments to trustees.

INDEPENDENT HOUSING UK LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Auditor

The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

The trustees' report was approved by the Board of Trustees.

P Shanks Trustee

18 December 2024

INDEPENDENT HOUSING UK LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of Independent Housing UK Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT HOUSING UK LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF INDEPENDENT HOUSING UK LIMITED

Opinion

We have audited the financial statements of Independent Housing UK Limited (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

INDEPENDENT HOUSING UK LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INDEPENDENT HOUSING UK LIMITED

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This 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-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

INDEPENDENT HOUSING UK LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INDEPENDENT HOUSING UK LIMITED

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Ward (Senior Statutory Auditor) for and on behalf of Azets Audit Services

19 December 2024

Chartered Accountants Statutory Auditor

Alpha House 4 Greek Street Stockport United Kingdom SK3 8AB

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

INDEPENDENT HOUSING UK LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

**Unrestricted ** Unrestricted
funds funds
2024 2023
Notes £ £
Income and endowments from:
Charitable activities 3 9,087,690 6,447,696
Investments 4 30 22
Other income 5 168,307 1,300,396
Total income 9,256,027 7,748,114
Expenditure on:
Charitable activities 6 7,816,088 6,767,385
Other 11 1,275,807 1,253,605
Total expenditure 9,091,895 8,020,990
Net income/(expenditure) for the year/
Net movement in funds 164,132 (272,876)
Fund balances at 1 April 2023 407,372 680,248
Fund balances at 31 March 2024 571,504 407,372

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

INDEPENDENT HOUSING UK LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2024
£
£
2,140
696,071
500,308
1,196,379
(627,015)
569,364
571,504
571,504
571,504		 2023
£
£
-
543,510
467,437
1,010,947
(603,575)
407,372
407,372
407,372
407,372		 2023
£
£
-
543,510
467,437
1,010,947
(603,575)
407,372
407,372
407,372
407,372
407,372
407,372
407,372

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 18 December 2024

P Shanks Trustee

J Muraji Trustee

Company registration number 06187822

INDEPENDENT HOUSING UK LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from operations
19
Interest element of hire purchase payments
paid
Net cash (used in)/provided by operating
activities
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Investment income received
Net cash (used in)/generated from
investing activities
Financing activities
Capital repayments in the year
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(2,218)
-
30
-		 £
35,059
-
35,059
(2,188)
-
32,871
467,437
500,308		 2023
£
-
4,932
22
(2,385)		 £
179,067
(92)
178,975
4,954
(2,385)
181,544
285,893
467,437

INDEPENDENT HOUSING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Independent Housing UK Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 1, Armcon Business Park, London Road South, Poynton, Cheshire, SK12 1LQ, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Fees from the services the charity provides are credited to the Statement of Financial Activities in the year to which they relate.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

INDEPENDENT HOUSING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% on cost Computers 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

INDEPENDENT HOUSING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no criticial accounting estimates and judgements.

Total 2023 £ 6,447,696
Tenants personal charges 2023 £ 17,002
Maintenance, management and service charges 2023 £ 61,378
Core rent 2023 £ 6,369,316
Total 2024 £ 9,087,690
Staffing income 2024 £ 412,743
Tenants personal charges 2024 £ 17,867
Maintenance, management and service charges 2024 £ 49,299
Core rent 2024 £ 8,607,781
Sales within charitable activities

INDEPENDENT HOUSING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4 Investments

**Total ** Unrestricted
funds
2024 2023
£ £
Bank interest received 30 22
Other income
**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Development Income 33,372 754,468
Office recharges 39,243 15,923
Cornwall Refurbishment Income 95,692 530,005
168,307 1,300,396

5 Other income

6 Charitable activities

Charitable
Expenditure
Charitable
Expenditure
2024
2023
£
£
Staff costs
743,464
656,160
Travel costs
44,585
46,331
Maintenance charges
973
316
Rent and rates
5,646,224
4,287,954
Other direct costs
762,056
1,425,193
Legal and professional fees
157,533
164,663
Staffing costs
180,022
-
7,534,857
6,580,617
Share of support costs (see note 7)
249,992
161,784
Share of governance costs (see note 7)
31,239
24,984
7,816,088
6,767,385		 Charitable
Expenditure
Charitable
Expenditure
2024
2023
£
£
Staff costs
743,464
656,160
Travel costs
44,585
46,331
Maintenance charges
973
316
Rent and rates
5,646,224
4,287,954
Other direct costs
762,056
1,425,193
Legal and professional fees
157,533
164,663
Staffing costs
180,022
-
7,534,857
6,580,617
Share of support costs (see note 7)
249,992
161,784
Share of governance costs (see note 7)
31,239
24,984
7,816,088
6,767,385		 Charitable
Expenditure
Charitable
Expenditure
2024
2023
£
£
Staff costs
743,464
656,160
Travel costs
44,585
46,331
Maintenance charges
973
316
Rent and rates
5,646,224
4,287,954
Other direct costs
762,056
1,425,193
Legal and professional fees
157,533
164,663
Staffing costs
180,022
-
7,534,857
6,580,617
Share of support costs (see note 7)
249,992
161,784
Share of governance costs (see note 7)
31,239
24,984
7,816,088
6,767,385
2024
£
743,464
44,585
973
5,646,224
762,056
157,533
180,022
7,534,857
249,992
31,239
7,816,088		 2023
£
656,160
46,331
316
4,287,954
1,425,193
164,663
-
6,580,617
161,784
24,984
6,767,385

INDEPENDENT HOUSING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

7 Support costs

Office costs
Sundry expenses
IT costs
Staff welfare, recruitment
and training
Bank charges
Motor expenses
Bad debts
Hire purchase interest
Depreciation
Audit fees
Accountancy. legal and
professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
89,389
-
6,566
-
58,574
-
13,407
-
521
-
1,292
-
80,165
-
-
-
78
-
-
21,000
-
10,239
249,992
31,239
249,992
31,239		 2024
£
89,389
6,566
58,574
13,407
521
1,292
80,165
-
78
21,000
10,239
281,231
281,231		 Support
costs
Governance
costs
£
£
80,224
-
3,949
-
35,915
-
12,739
-
177
-
1,197
-
27,491
-
92
-
-
-
-
12,000
-
12,984
161,784
24,984
161,784
24,984		 2023
£
80,224
3,949
35,915
12,739
177
1,197
27,491
92
-
12,000
12,984
186,768
186,768

Governance costs includes payments to the auditors of £21,000 (2023- £12,000) for audit fees.

8 Net movement in funds 2024 2023
£ £
Net movement in funds is stated after charging/(crediting)
Fees payable to the company's auditor for the audit of the company's financial
statements 21,000 12,000
Depreciation of owned tangible fixed assets 78 1,069
Hire of plant and machinery - 1,848
Loss/(profit) on disposal of tangible fixed assets - (2,574)

9 Trustees

The Trustees did not receive any remuneration or expenses (2023 £nil) for their role as a trustee. However, the following amounts were paid during the the current and previous year to current and former trustees :

Judith Hall £500 (2023: £6,000) for marketing services.

Joy Malyon £nil (2023: £18,095) for services relating to governance, strategy and risk control.

Nigel Richmond £nil (2023: £13,656) for accountancy services.

INDEPENDENT HOUSING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
22
2024
£
672,684
58,945
11,835
743,464		 2023
Number
16
2023
£
593,595
52,970
9,595
656,160

The role of interim CEO during the year was undertaken by former Trustee Joy Malyon, the remuneration totalling £74,423.

The number of employees whose annual remuneration was more than £60,000 is as follows:

The number of employees whose annual remuneration was more than £60,000
is as follows:
2024 2023
Number Number
£60,000 - £70,000 1 1
11 Other
**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Net profit on disposal of tangible fixed assets - (2,574)
Maintenance charges 1,275,807 1,255,110
Depreciation - 1,069
1,275,807 1,253,605

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

INDEPENDENT HOUSING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

13
Tangible fixed assets
Fixtures and
fittings
Computers
£
£
Cost
At 1 April 2023
9,287
4,845
Additions
2,218
-
At 31 March 2024
11,505
4,845
Depreciation and impairment
At 1 April 2023
9,287
4,845
Depreciation charged in the year
78
-
At 31 March 2024
9,365
4,845
Carrying amount
At 31 March 2024
2,140
-
At 31 March 2023
-
-
14
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
278,321
Other debtors
9,625
Prepayments and accrued income
408,125
696,071
15
Creditors: amounts falling due within one year
2024
£
Other taxation and social security
13,969
Trade creditors
277,518
Other creditors
71,316
Accruals and deferred income
264,212
627,015		 Total
£
14,132
2,218
16,350
14,132
78
14,210
2,140
-
2023
£
118,153
6,752
418,605
543,510
2023
£
13,933
103,484
119,851
366,307
603,575

INDEPENDENT HOUSING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2024
£
4,522,139
12,633,954
30,176,933
47,333,026		 2023
£
4,578,999
13,074,993
30,682,514
48,336,506

Lease payments recognised as an expense in the year ended 31 March 2024 was £5,646,224 (2023 - £4,316,700).

17 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
Unrestricted
funds funds
2024 2023
£ £
Fund balances at 31 March 2024 are represented by:
Tangible assets 2,140 -
Current assets/(liabilities) 569,364 407,372
571,504 407,372

INDEPENDENT HOUSING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18 Related party transactions

Paradigm Property Solutions Ltd.

(A company in which certain trustees and key management were directors and/or shareholders)

During the year ended 31 March 2023 Miss J Bosanko was a director of Paradigm Property Solutions Ltd and resigned from this position on 14 July 2022. Miss J Bosanko was part of the key management of Independent Housing UK Ltd until 28 February 2023.

Mr N Richmond, a former trustee of Independent Housing UK Ltd until his resignation on 7 February 2023, is also a shareholder in Paradigm Property Solutions Ltd.

During the year ended 31 March 2023, service charges were made of £1,673,343 and office service recharges were made of £15,923.

At 31 March 2023, the charity was owed £3,857; all related party balances outstanding at 31 March 2023 were unsecured and repayable on demand.

Although all related party links ceased during the year ended 31 March 2023, transactions continued on an arm's length contractural basis until termination of the agreement on 31 August 2024.

19 Cash generated from operations 2024 2023
£ £
Surplus/(deficit) for the year 164,132 (272,876)
Adjustments for:
Investment income recognised in statement of financial activities (30) (22)
Gain on disposal of tangible fixed assets - (2,574)
Depreciation and impairment of tangible fixed assets 78 1,069
Interest element of hire purchase and finance lease rental payments - 92
Movements in working capital:
(Increase)/decrease in debtors (152,561) 155,665
Increase in creditors 11,440 297,713
Cash generated from operations 35,059 179,067

20 Analysis of changes in net funds

The charity had no debt during the year.