Charity registration number 1121825 (England and Wales) Company registration number 06187822 INDEPENDENT HOUSING UK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
INDEPENDENT HOUSING UK LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees P Shanks J Murarji G Mason (Appointed 29 May 2024) (Appointed 20 June 2024) Charity number (England and Wales) 1121825 Company number 06187822 Registered office Suite 1, Armcon Business Park London Road South Poynton Cheshire Uniled Kingdom SK12 1LQ Audbtor Azets Audil 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 Slatement of trustees, responsibilities Independent auditor's report Statement of financial activitles 10 Balance sheet 11 ststement of cash flows 12 Notes to the financial statements 13-23
INDEPENDENT HOUSING UK LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial slalements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial slatements and comply wilh 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 wilh the Financial Reportin9 Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). Objectives and activitles Public benefit Our charity's purposes as sel out in the objects contained in the company's Memorandum of Associalion are to.. 'To relieve the needs of peoplè in vunerable circumstances including those with learninig difficulties, mental health problems andlor physical disabililies by ensuring that they have access lo quality social housing which is suitable to their individual need and preference,. Acliwtiès Public benefrt 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 communily with the help and support they need to thrive. Who used and benefrted from our services? Continuing with our objectives, the services we provide to people with learning disabilities, mental health problems andlor physical. homelessness and those restricted the enlering the private rented sector with in England and Wales IHL UK Ltd is proud to provide quality accommodation with Housing Managemenl andlor support to over 500 tenants with the aim of continuing to grow in a robust manner. We will continue lo deliver our strategiG plan by slfengihening our geographic area of operation and customer base. This will continue to cement our relationships wilh commissioners, our customers and stakeholders alike. We will ensure we listen to and strive lo adapt properties and services thal 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 setvices by working closley with our stakeholders. commissioners and local authorities to ensure we can support Ihem in developing their housing strategy. Charitable Activitles Ensuring our work delivers our aims we are embracing our Health and Well Being programme lo 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 lo help promote peer support and activities.
INDEPENDENT HOUSING UK LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perfonnance Significant activities and achievements against objectives 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 piomoting end of January 2025. The review is helping us to ensure our aim, objectives and activities remained focused on our slated 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 adivities will contribute to the aims and objectives they have sel. 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. Providing a range of services which are reflective of relevant quality standards and maximise the potential of each individual tenant. Focusing on meeting the changing needs of tenants and providing bespoke services lo meel these needs. Working in partnership with other agencies. including care provider partners, social workers, and various other stakeholders including families, to ensure the besl possible outcomes for our lenanls. Enabling our tenants through collaborative working practices and seeking their irTrput into making positive impacts upon their living standards and environments. Financial review Financial Position The charity has made a deficit ft)r the year of £60.475 (surplus in 2024 of £164.132). The charity maintains a reserve figure of £511,029 (2024 - £571,504) and in the current financial year it has registered a surplus which should lead to a growth in reseeS al the end of the current financial year. ReseeS policy The Management Committee has examined the charity's requirements for reserves in light of the main risks to the organisation. 11 has established a policy whereby the unreslrided funds not committed or invested in tangible fixed assets held by the charity should equale to approximately three months expenditure. The reseeS 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 conlinue the current activities of the charity. We confirm that current reserves more than meet Ihese objectives. Major risks Risk management The Iruslees 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 regulady reviewed by the Trustees and corrective measures taken as and when required.
INDEPENDENT HOUSING UK LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future periods The charity will Gontinue to develop new relationships with slrategic partners and will look to develop new schemes Ihat complemenl our existing servi$ and Ihal will nol place stresses upon the current infrastructure of the business. The charity will review all existing and new partnerships to ensure thal the quality of the PToperties and management services delivered to tenants is not at any time compromised. Structure. govemance and management Governing document The organisation is a charitable company limited by guarantee, incorporated on 27 March 2007 and registered as a charily on 5 December 2007. The company was established under a Memorandum ofAssociation which established the objects and powers of Ihe charitable company and is governed under ils Articles of Associabon. In the event ofthe company being wound up members are required to conlribute 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.. JEHall {Resigned 18 October 2024) P Shanks J Murarii G Mason Mr E Forder (Appointed 29 May 2024) (Appointed 20 June 2024) (Appointed 24 September 2024 and resigned 29 October 2024) Recruitmellt and appointment of truste8s Knowledge and experience of the sector. senior leadership experience and Iraditional busines5 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 cUentlY restructuring the Board to provide a depth and breadth of skills, completely independent and on a voluntary basis that will be the bad(bone of the company. Organisational structure At present Ihis Board has Mo Trustees and recruiting is underway lo bring in an additional three trustees to the team. We have a dedicaled Board Secretary who is eXperiend in both govemance and charities. He will deliver 'hit the ground running, company secretarial and corporate governance solutions. Helping the Trustees receive assurance that the charity 15 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 Gommittee. 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 complele overview of departments and each report provided to the Tnjslees is reviewed, challenged and questioned. uitimalely the Trustee Board are responsible for ensuring that the charity delivers the services specified and that key perf0mlan indicators are met.
INDEPENDENT HOUSING UK LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Induction and training of tniste8S All trustees are already familiar with the practical work of the charity through their experiences wrthin supported housing and care generally. Additionally, new truslees will be invited to further enhance the experience and areas of expertise available to Ihe charity. All trustees are fully briefed in their role via information from the various Charity Commission publicalions signposted through the Commission's guide 'lhe Essential Trustee" This is distributed the all new trustees along wtth the Memorandum and Articles and the latest financial statements. other matters Following engagement with the Charity Commission, the trustees are continuing to assess all of our Governance and an implementation plan is in progress and we continue to work with the Charity Commission. The trustees of the Charity are proposing to undertake legal claims against connected persons {as defined in section 118 of the Charities Act 2011) in relation to unauthorised benefits received by those connected persons from the Charity. These include payments made in relation to servi$ provided to the Charity by individuals and connected organisations. Legal advice is Currently being sought in relation to the quantum of the Glaims, but the amounts which will be sought to be recovered are expected to range between £7m and £7.5m. 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. Philip..Shanks P Shanks Trustee Date.. J.an.3.0.,2Q26...... ...............
INDEPENDENT HOUSING UK LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The truslees, who are also the directors of Independenl Housing UK Limited for the purpose of company law, are responsible for preparing the Trustees, Report and the financial slatemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pradio). Company law requires the trustees lo prepare financial statements for each financial year which give a Irue and fair view of the slate of affairs of the charity and of the incoming resources and applicalion of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements. the truslees are required lo: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounling 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 it is inappropriate to presume that the charity will continue in operation. The truslees are responsible for keeping adequale accounting records Ihal disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial stalements 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 Qualified opinion We have audited the financial statements of Independent Housing UK Limited (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activtties, the balance sheet, the statement of cash flows and notes lo the financial statements, including significanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicab18 in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, except foT the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of reSoUs, for the year then ended., have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for qualified opinion As highlighted in the tTuslees report, the trustees of the Charity are proposing lo undertake legal claims against connected persons las defined in section 118 of the Charities Act 20111 in relation to unauthorised benefits received by those connected persons from the Charity. These indude payments made in relation to serVIS provided to the Charity by individuals and connected organisations. Legal advice is currently being sought in relation to the quantum of the claims, bul the amounts which will be soughl lo be recovered are expected to range between £7m and £7.5m. In view of the fact legal advice is on-going. we have been unable to obtain sufficient audit evidence as lo the recoverability of the amounts potentially being claimed. The financial statements do not currently include any adjustments for the amounts potenlially being claimed. We conducted our audit in accordance wrth International Standards on Audrting (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of th8 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 thal the audit evidence we have obtained is sufficient and appropriate to provide a basis for oui qualified opinion. ConGlusions relating to going concem In auditing the financial statements, we have concluded that Ihe trustees, use of the going conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol identified any material UnrtainlIeS relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's abilily to continue as a 90ing concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the tnjstees with respect to going concern are described in the relevant sections of this report. Other informatlon The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The Irustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomation and we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the olher information and, in doing so. consider whelher the other information is materially inconsistent with the financial statements or our knowledge oblained in the course of the audit, or olhetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial slatemenls themselves. If, based on the work we have performed, we conclude that there is a malerial misstalement of this other information, we are required to Teport that fact.
INDEPENDENT HOUSING UK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INDEPENDENT HOUSING UK LIMITED Matters on which we are required to report by exception In respect solely of the limitation on our work relating to amounts potentially being claimed against connected persons in relation to unauthorised benefits received by those connected persons from the Charity described above.. we have not obtained all the information and explanations that we considered necessary for the purpose of our audit- and we were unable lo determine whether sufficient accounling records had been kept. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if. in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Irustees. report., or the financial statements are not in agreement with the accounting records. Responsibilities of trustees As explained more fully in the statement of truslees, responsibilities. the trustees, who are a150 the directors of the charity for the purpose of company law, are responsible for Ihe preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees delermine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial slatements, the trustees are iesponsible for assessing the charity's ability to conlinue as a going concern, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounting unless the trustees either intend to liquidate the charilable company or to cease operations, or have no realistic ahernative but to do so. Auditorfs 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 Acl and relevant regulations made or having effect thereunder. Our objectives a to obtain reasonable assurance about whether the financial statements as a whole are free from rnaterial 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 assuTan¢e but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material mi5Statemenl 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 lo influen 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'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our audilorfs report.
INDEPENDENT HOUSING UK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INDEPENDENT HOUSING UK LIMITED Extent to whlch the audlt was ¢on$idered capable of detecting irregularities. including fraud Irregularities, including fraud. are instances of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website. lo detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entily, its activilies, its control environment, and likely future developments, inclLJding in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding. we identrfy and assess the risks of material misstatement of the financial statements, whether due to fraLJd or error, design and perfom audit procedures responsive to those nsks, and oblain 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.. Enquiry of management and those charged with govemance around aclual and potential litigation and claims as well as actual, suspecled and alleged fraud.. Reviewing minutes of meetings of those charged with goveinance., Assessing the extenl of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the enlily through enquiry and inspection., Reviewing financial slalemenl disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations- Performing audit work over the risk of management bias and override of controls. including testing of jOUTnal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside Ihe normal course of business and Teviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there Is a risk that we will nol detect all irregularilies. including those leading io a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that Complian with a law or regulation is removed from the evenls and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non4ompliance. The risk of not detecting a material misslatement Tesulting from fraud is higher than for one resulting from etror. as fraud may involve collusion. forgery, intentional omissions, misrepresenlations, or the override of internal control. Other matters As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the recoverability of amounts potentially being claimed against connected persons in relation to unaulhorised benefrts received by those connected persons from the Charity. Use of our report This report is made solely lo 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 lo the charity's trustees those matters we are required to slate lo 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 Irustees as a body. for our audit work, for this report, or for the opinions we have formed.
INDEPENDENT HOUSING UK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INDEPENDENT HOUSING UK LIMITED Jonathan Ward {Senior Statutory Auditor) For and on behalf of Azets Audlt Services, Statutory Auditor Chartered Accountants Alpha House 4 Greek Street Stockport SK3 8AB Azels 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 ofthe Companies Act 2006.
INDEPENDENT HOUSING UK LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Unrestricted funds 2024 Notes Income and endowments from: Charitable activities Investments Other income 8,712,873 1,994 471.851 9,087,690 30 168,307 Total income 9,186,718 9,256,027 Expenditure on: Charitable activities Olher expenditure 8,573,989 673.204 7,816,088 1.275,807 11 Total expenditure 9,247.193 9,091,895 Net in¢omel{expenditurel and movement in funds {60,475) 164,132 Reconciliation of funds: Fund balanS at 1 April 2024 571.504 407,372 Fund balances at 31 March 2025 511.029 571,504 The stalemenl of financial activities includes all gains and losses recognised in the year. All income and expendilure derive from continuing activities. 10-
INDEPENDENT HOUSING UK LIMITED BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Note$ Fixed assets Tangible assets 13 2,804 2,140 Current assets Debtors Cash al bank and in hand 14 853,362 323,493 696,071 500,308 1.176.855 1.196.379 Creditors: amounts falling due within one year 15 (668,630) {627,015) Net current assets 508.225 569,364 Total assets less current liabilities 511,029 571,504 The funds of the charity Unrestricted funds 17 511,029 571,504 511.029 571.504 The company is entitled to the exemption from the audtt requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. 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 slatements. The members have not required the company to obtain an audit of ils financial statemenls under the requirements ofthe Companies Act 2006, for Ihe year in question in accordance with section 476. These financial statements have been prepared in accordance with Ihe provisions applicable to companies subject to the small companies regime. These financial stalements have been audited under the requirements of Section 144 of the Charirrties Act 2011. The financial stalemenls were approved by the trustees on .Jan30,.2026 P.hi.Lip.Shanks.... P Shanks Trustee J£ssal.MUrj1.... J Murarii Trustee Company registration number 06187822 (England and Wales) 11
INDEPENDENT HOUSING UK LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activities Cash (absorbed byllgeneraled from operations 22 {177,173) 35,059 Investing activities Purchase of langible fixed assets Investment income received (1,636) 1,994 (2,218) 30 Net cash generated froml{u$ed in) investing activities 358 (2.188) Net cash generated from financing activities Net {de¢rease)lincrease in cash and cash equivalents (176.815) 32,871 Cash and cash equivalents at beginning of year 500,308 467.437 Cash and cash equivalents at end of year 323.493 500,308 12
INDEPENDENT HOUSING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity infonnation Independent Housing UK Limited is a private company limited by 9uaranlee incorporated in England and Wales. The registered Offi is Suite 1, Armcon Business Park, London Road South, Poynton, Cheshire, SK12 1 LQ. Unrted Kingdom. 1.1 Accounting convention The financial statemenls have been prepared in accordance with ihe charity's governing document. the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable to charities preparing their aGcounts in accordance with Ihe Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the fijnctional currency of the charity. Monetsry amounts in these financial slatements are rounded lo the nearest £. The financial statemenls have been prepared under the historical cost convention. The principal accounting policies adopied 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 exislence for the foreseeable future. Thus Ihe trustees continue to adopt the going concern basis of accounting in preparing the financial statements. As disclosed in the trustees report, the trustees are currently working wrth the Charity Commission to implement the instructions PTovided by the Charrty Commission. 1.3 Charitable funds Unieslricled 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 Cfedited 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 obligalion lo transfer economic benefit to a third party, it is probable thal a transfer of economic bènefits will be required in settlement, and the amount of the obligation can be measured reliably. Expendilure is classified by activily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activrty. Direct costs attributable to a single aclivity are allocaled directly to that activity. Shared cosls which contribute to more Ihan one activily and support costs which are not attributable lo a single activity are apportioned belween 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. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at COSt and subsequently measured at C05t or valuation, net of depreciation and any impairment losses. 13
INDEPENDENT HOUSING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (Continued) 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 Computers 25°A on cost 25°h on cost The gain or loss arising on the disposal of an assel is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the slatemenl 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 impairmenl loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairmenl loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalenls include cash in hand, deposils held at call with banks, other short-term liquid investments with original malurities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in cuent liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sedion 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 lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforable right to sel off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle Ihe liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balan$, are initially measured at transaclion price including Iransactior) costs and are subsequently carried at amortised cosl using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the presenl value of the future receipts discounted al a market rate of interest. Financial assets dassified as receivable wilhin one year are nol amortised. Basic financlal 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 lo pay for goods or servios 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 ihe effective interest method. 14-
INDEPENDENT HOUSING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcles (Continued) 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 rewgnised 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 terfflination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefrt schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the applicalion 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 assumplions are based on historical experience and other factors thal are considered to be relevanl. 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 ihal period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no criticial a¢Gounting estimates and judgements. Charitable activities Core rènt Malnt•nan¢•, management and s•Thlc• charges Tenants porsonal charges Staffing Incomg Total 2025 Total 2024 2025 2025 2025 2026 Sale of seNices 8,295,133 38,749 17,347 361,644 8,712,873 9,087,690 For the year ended 31 March 2024 Core rènt Malntonan¢•. managemènt and servlc2 ¢harg•s Tgnants rsonal charg• Staffing In¢om• Total 2024 Sale of servi$ 8,607,781 49.299 17,867 412,743 9,087,690 15
INDEPENDENT HOUSING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Invoslments Tolal Unrestricted funds 2025 2024 Bank interest received 1,994 30 Other income Unrestricted Unrestricted funds funds 2025 2024 Development income Office recharges Corwall refurbishmenl income 459,685 2,147 10,019 33,372 39,243 95,692 471,851 168,307 Charitable activities Charitable Charitable Expenditure Expenditure 2025 2024 Staff costs Travel costs Maintenance charges Rent and rates Other direct costs Legal and professional fees Staffing costs 860,715 37.700 12,351 5,709,481 1,154,539 325,394 201,503 743.464 44,585 973 5,646,224 762,056 157,533 180,022 8,301,683 7,534.857 Share of support costs {see note 7) Share of governance costs (see note 7) 210.737 61,569 249,992 31,239 8.573,989 7,816.088 16-
INDEPENDENT HOUSING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Govemance costs costs 2025 Support Governance osts costs 2024 Office costs Sundry expenses IT costs Staff welfare, recruitment and training Bank chafges Motor expenses Bad debls Depreciation 41,052 1,700 67,341 41,052 1,700 67.341 89.389 6,566 58,574 89,389 6.566 58.574 9,509 959 112 89.092 972 9,509 959 112 89.092 972 13,407 521 1.292 80,165 78 13,407 521 1,292 80,165 78 Audit fees Accountancy. legal and professional 25,800 25.800 21.OCrf) 21.000 35,769 35,769 10,239 10,239 210,737 61,569 272,306 249.992 31,239 281,231 Analysed beeen Charitable activities 210,737 61,569 272,306 249,992 31,239 281,231 Govemance costs includes payments to the auditors of £25,800 {2024- £21,000) for audit fees. Net movement in funds 2025 2024 The nel movement in funds is staled afler chargingl(creditingl'. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assels 25.800 972 21.000 78 Trustees The Trustees did not receive any remuneration or expenses (2024 £nil) for their role as a tnjslee. However, the following amounts were paid during the the current and previous year to currènt and former trustees Judith Hall £nil {2024= £500) for markeling services. Gelnn Mason £91 12024 £nil} for re-imbursed expenses. 17-
INDEPENDENT HOUSING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number 23 22 Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 785,815 62.311 12,589 672,684 58.945 11,835 860,715 743,464 The role of interim CEO. Joy Malyon received £57,000 as remuneration for her role through invoices raised lo the charity. Following her full appointment of CEO (November 2024) and becoming a full time employee. Joy Malyon received salaried remuneration tolalling £50.000. Joy Malyon is a former Trustee. The number of employees whose annual remuneration was more Ihan £60,000 is as follows. 2025 Number 2024 Number £70,000- £80,000 £100.000- £110,000 11 Other Unrestricted Unrestricted funds funds 2025 2024 Mainlenance charges 673,204 1,275,807 673,204 1,275,807 12 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 18-
INDEPENDENT HOUSING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Tanglble fixed assets Flxtur05 and flttlngs Computers Totsl Cost At 1 April 2024 Additions 11,505 1,636 4,845 16,350 1,636 At 31 March 2025 13,141 4,845 17.986 Depreciation and Impairment At 1 April 2024 Depreciation charged in the year 9,365 972 4.845 14,210 972 At 31 March 2025 10.337 4,845 15,182 Carrying amount At 31 March 2025 2,804 2,804 At 31 March 2024 2,140 2,140 14 Debtors 2025 2024 Amounts falling due within one year: Trade deblors Other debtors Prepayments and accrued income 312,941 4,999 535,422 278,321 9,625 408,125 853,362 696,071 15 Creditors: amounts falling due within one year 2025 2024 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 17,310 358,976 147,157 145,187 13,969 277,518 71,316 264,212 668,630 627,015 16 Retirement benefft schemes 2025 2024 Deflned ¢ontribution Schemes Charge lo profit or loss in respect of defined contribution schemes 12,589 11,835 19-
INDEPENDENT HOUSING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Retirement benefit schemes (Continued) The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 17 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balancès of rental. developmenl, maintenance and management fees received. Incoming resources Resources At 31 March expended 2025 2024 General funds 571,504 9,186,718 (9.247.193) 511,029 Previous year: At 1 April 2023 Incoming Resources At 31 March resources expended 2024 General funds 407,372 9.256.027 (9,091,895) 571,504 -20-
INDEPENDENT HOUSING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Operating lease commitments At the reporting end date the charity had outstanding commitments for fulure minimum lease paymenls under non-cancellable operating leases, which fall due as follows.. 2025 2024 Within one year Between two and five years In over five years 4,041,134 13.982,936 30,599,377 4,522,139 12,633,954 30,176,933 48,623,447 47,333,026 Lease payments recognised as an expense in the year ended 31 March 2025 were £5.709.480.51 (2024 £5,646,224). A number of the contracted leases are subject to consuffler price index (CPI) annual increase. The calculation of the above disclosure does not incorporate the consumer Price index {CPI) annual increase that a number of the leases are subject to as this rate is not consistant. An exercise performed using a consistant CPI increase rate of 3.40/0 across those leases subject to CPI increases, it was calculated that there is potentially an additional £14.7m of additional rent lo be disclosed acioss the lease disclosure to £63.3m. As this calculation is subjective. it has not been reflected in the above disclosure. The rent (income} to be received in the future will also be subject to annual reviews and increases, with the increases being consistent with the rate of CPI, helping mitigate the higher costs. 19 Analysis of net assets between funds Unrestfictsd funds 2025 At 31 March 2025: Tangible assels Current assetsllliabilitiesl 2,804 508.225 511,029 21
INDEPENDENT HOUSING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Anatysis of net assets between funds {Continued) Unrestri¢tsd funds 2024 At 31 March 2024: Tangible assets Current assetsl(liabilities) 2,140 569.364 571.504 22-
INDEPENDENT HOUSING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Related party transactions Paradigm Property Solullons Ltd. IA company In whlch certain trustees and key management were directors andlor shareholders) During the year ended 31 March 2025. service tharges of £506.453 were incurred. At 31 March 2025, the charity was owed £25.650 being unsecured and repayable on demand. Although all related party links ceased during the year ended 31 Mar¢h 2023. transactions continued on contractural basi5 until termination of the agreement on 31 August 2024. 21 Analysls of changes in net funds The chartty had no material debt during the year. 22 Cash (absorbed byllgenerated from operations 2025 2024 (Deficit)Isurplus for the year (60.475) 164.132 Adjustments for. Investment income recognised in statement of financial acttvities Depreciation and impairment of tangible fixed assets (1,994) 972 (30) 78 PAovements in worklng capital: (Increase) in debtors Increase in creditors (157,291) 41,615 (152.561) 23,440 Cash {absorbed by)Igenerated from operations {177.173) 35,059 Signature: Email: underdoLOOI@msn.com Signature: Email: jessal@myinvention.co.uk -23-