Rogi¥tor•d number: 06593129 Charlty nuM￿r$. 1125556 & SC0400S8 HAIG HOUSING TRUST (A company Ilmitgd by guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 CONTENTS Page Rgferenc& andadmlnislratiya deta11￿llh￿￿r.lty. It￿U5t0$S and a(tri#•rs Trustees. report statèment of Trustoes. r•$pon$lbllltles Indgpgndent auditorfs rnport on tha financlal statsmerrts ststemeni of Ilnancial acllvllles 12 8alan¢• shoot 13 Stat•ment of cash Ilows 14 Notes to the flnancial staloments 15-30 HAIG HOUSING TRUST {A company Ilmllod by guarant991 REFERENCE AND ADMINISTRATIVE D￿AlLs OF THE CHARITf. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustè*$ Mr D G Wllllams {Chair of Trustees} Ms L M S Locke (Vlce Chair of Trusleesl Lt Col l A Vere NiGoll (Resigned 4 November 20221 Mr J.P. Colborn&Baber Mr S M Elliott Mrs S S Femandes Mr P Findlay MBE (Resigned 17 June 20221 MrABWeir DrMJSWeir Mr N G Whlte Mrs N Mcwhinney Mrs K Connell Mr M Carter IAppolnte(121 December 2022) Mr C Thomson-smith (Appointed 22 March 2023} Company rgglst•r•d numb•r 06S93129 Charlty reglstered numbers 1125556 (England 8nd Wales) and SC040058 {Scdand) R•g18t•r•d offic• Mounlbarrow House 12 El￿abeth Street London SW1W 9RB Company soGr•tary Michael Robb Chlef executlvo offlc•r Tim Stockings Ind•p•nd•nt audltor cro￿ U.K. LLP 55 Ludgate Hill London EC4M 7JW Bank•Y8 B8rclays Bank PIC 50 Pall Mall London SW1A 1QF Sollcltors Trowers & Hamllns LLP 3 Bunhill Row London EC1Y 8YZ S￿l￿r TIM Stod(ings (Chlef Executive} Leadershlp Team ISLT) Michael Robb Wllliam Lindsay Klara Buzas Amand8 Deakln Robert Williams HAIG HOUSING TRUST (A company Imlted by guJrantf•l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present thelr repot1 and the financial ststemenls of the ￿rnPany for th8 year ended 31 March 2023 CHAIRMAN'S STATEMENT The post£ovld recovery has prove(J challenging for hou51ng and militsry charill8s. Inllation at levels not seen slnce the 19805 has put pressure on Haig's costs and seon many ol rts beneficiaries struggling financialty. Haig has a range of measures to support the most vulnerable. ranging from financlal help from its hardship luntj to accessing asslstance from partner servKg tharilies. The tlreless efforts of Haig's stsff. led by TIM Stockings and the Senior Leadership Team, along with its robust financlal position. allryued Halg to a￿lerate Its Invesknent in its propth'es through a five-year estate Improvement project. replacing roots, kitchens and bathrooms and. despite a rent freeze In 2022. restrict rent increases to below inflation. Assisted In part by the SoLaal Housing Decarbonisation Fund, Halg has embarked on an ambitious program of improving the energy eff￿lencY of its least efficient homes, reduang both its cathn footprint and beneficiary's runnlng costs. Halg's trustees and oulstanding staff remain focused on deliverlng against the strategic objectNes of bgneficiary focus, quality servlce and sustsinable homes lo improve the lives of the Veteran communlty. In 2023 the board 11 refresh Haig's strategic plan to ensure that it continues to delNer housing that 1$ fil for the future. HAIG HOUSING TRUST IA company Ilmlied by guarantortl Charitablo ObjKt$ and Gov•rnlng DoGum8nt The Chartty Is govamed by Ils 2019 Memorandum and Artides of AssocFatlon {MAoA). whkh ouuine its objects: To relSeve need, finanrAal hardship, slckness, dlsability. the effects of wounds, okj age fx other like condllion by the provish)n of. or assistsnce vhth, houslng for the follc)wing persons in order of prlority.. Members and fomier members of all ranks and ratings of the Amied For￿5 of the Crown, whether Regular or Reserve. and Iheir spouses, widows or wSdowers. Former or separated sprAJses of members or former members of the Amied Forces of the Crown. whether Regular or Reserve, who have dependent children living with them. Such persons in a. (li} above wllhout dependent chlldran. SuGh charitsbie purposes for ihe ben8fj1 of beneficiaries of the Charity as the Trustees derAde. Publ1¢ B•nelll The Tnjslees confirm that the Charity's principal activrties in support of ils MAQA arg b8ing delivered effectively and comply with the Charitses Act and Charty Commission's guidance. GOVERNANGE The Board comp￿SeS 13 independent non4xeculive Iruslees, who bring a wealth of gxperience to the charity and are legally responslble for Ihe overall managemènt arKI control of The TrusL They recEive no ￿muneratIOn for their role and any interests or reL4led paty relationships are disclosed In the Register of Interests. All Trustee5 sign and adheie lo Haig's Trustee Code of Conduct. Recent trustee recruitment conducted by an external agency strengthened Board diversity and targeted key skllls Idanltfted a8 being requlred. New Trustees undertake an inducllon PTogramme and the 8oard is kept up to date Mth developments through regular briefings and training. The recommendations oflhe Campbell Tlckell goveman¢e reMew In 2020 have been Implemented and the sector bodles. Trustees met formally la mlx of in-peTson and on4inel every quarter, delegating specific issues to three sub- committeès that report to the fvll board.. Estates, Finance & Risk (FRCI and People. Oversight of the Trust's Properties in Scolland Is by a local committee, consisting of volunteer members and a beneficiary lenanl that mel three Jmes. Addilionally, there is a Management Committee ihat meets quarterfy comprising the SLT and beneficiaries. allowing for an exchange of infomation and ensuring that the tsnants, voice is heard. The trust is rewewng tenant representation lo ensure that beneficiaries voice Is heard al the highest level of the Cha￿ty. There are three linked ch8ri1ies with similar objects.. Disabled Officer Garden Homes, Mitchell Flats and Clevedon Homes. The Trust also holds all allotted shares in a dormant limited tradlng company: Halg Housing Tradlng Llmlted. see note 24 to the financial statements. Remuneration Polky The Trust's reM￿eratIOn policy was agreed by the Board in May 2022. Stsff roles are benchmarked against a suite of measures with judgment applled to reflect market conditions. The pay award in FY 2022123 compriwj a flal rale increase and an additional lump sum paid later in the year in order lo help staff cope with the high cost of living. The scale of UK-wide inflation meant that a full CPI uplift was not possible but additional work was undertaken order to ensure staff were fairly remunerated. REVIEW OF A¢nVITIES Haig maintsins c.1500 homes for veterans in 80 communhles across the UK. varying in size from around 12 homes up to 345 propertles in Morden. Beneficiaries are charged a ch8rltsble rent sel below market rates. The HAIG HOUSING TRUST (A cornpthty Ilmlt•d by guarant••l Trust runs a 5peckg1 purchase scheme for disabled veterans under shared ownershlp agreements. Rental income provides the maln source of funds for the Charity. Tha 2021 strategic revlew catalysed a slep change in upkeep perfomance (repairs. maintenance, improvements and sustalnability) whilst ¢onfim)Ing our Purpose.. Providing quallty homo8 to improve the Ilvès of votsrans and thelr famllies In need and Straleglc Obiectives: 8on•fi¢iary focus Quality s•rvi¢e Sustainablè homes We work Collaboratively with 8 range of partners (Sloll. Combat Stress, RBL, ABF and SSAFAI to dellver better impact for beneficiaries. many of whom have complex needs that cannot be mel by Haig alone. We avoid dupl1￿tIng services, slgnposting those who requlre more help to other sources of support. We seek to shapè Veteran8' housing policy in conjunction wlth the Confederotlon of Sérvice Charili8s (Cobseo). The CE co-chalrs the housing cluster that helps nationwide co-ordination of veterans, housing. Outreach work with Minister5, MPS, Counc511ors and the Service Community helps to bmaden und&rslanding of Haig. The sad dealh of Her Majesty The Queen means that the ch8rMy Is curTenlly wlthoul a Patron; we awalt a declslon on the future of that role. Our P•opl• People are front and Centre for Haig. They are our mo81 Important resource. providlng servlces lo our benefiryaries and ddivering our strategy. We have upskilled our leadershlp and management teams. invesled in systems lo provlde more effective ways of working and reviewed our head office needs. As a result, we are rnoving lo a more efficient buildirbg that we will share with other service charllies. W9 have lislene(I lo our people- delNering a Staff Engagement Survey and acting on the results. We are increasing our focus on empk)yee wellbeing, provlding an enhan￿d benellts package and flexible working pattems that better meet the thanging"¢Jemands of-bolh H8￿"an￿￿￿￿1dUaI. Beneflclary focus The housing sector is under immense pre$gJre and Haig is not immune trom those pressures. We have seen a marked increase in enquiries from those in need and demand OLrtstrfps supply by a considerable margin. On average we receive 10 applicalSons for each available propety,. there Is clearly unsausfied ¢Jemand for veteran housing. We see better partnershlp working as key lo success. We are working on streamllning the beneficiary joumey into our housing and Improving tenant engagement. Annual community visits to meet our beneficiaries throughout the UK are a vital part of our work. We are investing heavily to improve our communicatsons. Gustomer seNice, access and support. as well as better complaint handling. We conducted a Tenants Survey this year, the first for a decade. and are worklng through the implications of the results, including the new Tenant Satisfaction Measures ITSMI that we have voluntsrlty adopted. We achieved an overall good rating of 79% and view Ihis as a strong basellne from whlch lo improve. We are adjustong key performance metrlcs to monllor progress. Quallty S8rvlce We increased the number of fronl-llne staff, improved their Iralnbng and overhauled IT support to enable them to provide greater assistance lo beneficiaries who need the most help. We froze rents this year. making a gnificant and lasting conlTibution lo household budgets al a tlm8 of cosl-of-living pressures. We also ntroduced a hardship fund that supplements Ihe annual decoration all¢)wance available to beneficiaries. Our ncome team works cbsely with those struggling to make ends meet, putting in place payment plans lo ensure that we can sustsln tenancies. Taken together Ihis suite of measures clearly demonstrates our charitable purpose and the benefits of living In a H8ig home. HAIG HOUSING TRUST IA compony limit￿ by guarant••l Sustainable Hom•# We improved the ¢ondllon of 372 homes by'planngj malnlenance, improvement and cydlcal dewalion programme this year. These projects inclLMfjed roof. porch and window replacements, kitchen and bathroom upgrades and redecoration. We also raised over 5,000 repair ortlers, handled nearfy 7.000 phone calls and 12,000 emails. Our post-works sats'sfaction survey indicated that 89% of our beneficiaries were saltsfied wlth the seNce they re￿iVed. We continue lo w¢yk on lfflproving customer service. the condition of our propertles and maklng hous9$ waTmer. whilst reduclng our carbon footprlnl. We wlll be more ambitious in 23124, delfverlng projects that Improve boneficiarie$' lives in tsver 500 homes. We aro working towards the target for all social housing lo be at EPC C or above by 2030, and where feasible we aim lo &xceed the standard. We were sueLessful In our bid lo amend the rules for the Social Houstng Decarbonlsation Fund, subsequently being awarded a grant of £2.6M as part of a wider £10M project to improve the energy perfonnanee of 750 homes in England ovèr the next 2 years. We wlll undertake this work in conjunction wlh tho planned programme of works to drive better sustsinability across our communilies. We hope that follow on funding will be available in future years lo enable us to expand our Improvement works. We are engaglng wlth the devolved govemments to try lo gain access lo equivalent fundlng outside Eng1ofKI. STRATEGIC OLrrLOOK The hOU￿ng sector faces signrficant challenges: societal, economic and 5truclural. The overall slate of sooal housing in the UK is poor and there are no quth flxes. The size of Investrnenl required Is enomious and requlres coordinated acllon be￿een central & local govemment. publlc and private sector5. Haig is not Immune from those pressures and seeks lo balance the short-lerm plan lo improve Its properties with long term finandal viabS1ity and nel zero targets. Our size means Ihal we need to work in pathershlp with others and expl¢il technology lo deliver sdulions that sult our operational approach. Our five-ye8r investrnenl programme Is already yleldlng dlvidends.. happter beneficiarles, Improved standards and lower runnlng costs. Our head Offi￿ Is past end of Ilfe and so a (Jeclslon has been made to relocate head offlce. t)oing so allows us to improve our back office functions and connections with other Service charflles by ¢o.locatNJtra*weFPa*prowthntyayotentlaFopprylunitrtO-make ustrofts site,"indvding the"pos$ibility of development. Future plans Haig's fLrtur6 pLgn8 refflect ils strategic objeGlives and purpose, by: Increaslng spend on maintgnance to improve the condition of the estate Ratlonalising and enhanGing the estate to make il more sustainable Cost effeclive delivery of bettor sgrvices that refflect benefi¢laries' needs Robust regulatory compllance and long lerni financial stability Maintaining Haig's reputation ag a provider of quality homes fpr veterans and thèir families Investrnenl in staff and infrastructure in support of the above Active participation in the housing, charitable and veterang, sectors. In doSng so, the Trust aims to show Ihe real value of living in a Haig home. Fundralslng and Inv•$tm•nts Fundraising 18 not a major aclNity of the Trus112023 £23kl, nor relied upon to fund operations. The Trust does not employ a professional fundraiser and all a¢livi11gs are overseen by the CE. The Charity is registered with the Fundraising Regulator and adheres lo the Fundraising Code ar￿ good practice, including a commitment to protect vuln8rable donors. The Trust complies with GDPR requirements and does not share data for the purpose8 of fundraising. The Trust retewed no complalnls In relallcffl to fundralslng acliviltes durlng the year. The Trust's investments of cash and funds are administared by Investec in a way that r9flects the Board's objectives and risk appetrte.. to achieve a'growlh. return with a 'ffledium' risk profile. They inve$l principally in investment grade fix8d interest securities, 'blue chip, equities and eollectNe funds. HAIG HOUSING TRUST (A comp•ny Ilmltsd by guarant8•1 FINANCIAL REVIEW AND RESULTS The plan lo use resources to improve the condition of our èstates resulted in a deficit of £2.1M. Cash reserves WOII contlnue lo ￿ used to fund the upgrade and maintenance programme. In line with our doasion to freeze rents, income was largely un¢hanged at £10.8M Uast year £10.9M). Total resources expended were £13.8M (£11.9MI. Key items were direct property costs, including.. repairs £8.4M {£6.6M}', staff £2.7M {£2.5MI.' 8UPPOrt £1.2M (£1.3M) and depr￿latIon £1.3M {£1.3MI. Total net asse18 were £88.2M (£90.3M). The Trust holds £3.8M1£4.OMI of investments on long term cash deposrts and fvnds with Investec, whlch manage them on a discretionary basis in accordance with the Invesknent Policy. The Fbnance and Risk Committee reviews Investment perfomiance quarterfy. Cash al bank was QO.6M (£22.2MI, most of which arose from the sale of a large property. £11 M of this money and the proceeds of future sale5 is deslgnated for th￿0 main uses-. sustainability pro)￿ts. property acquisition and planned improvement$. RESERVES Sufficlenl operating reseNes are held to enable the Trust to gperate and meet its chaTrtable objects. The amount held Is reviewed r8gulady, with a minimum of three to four months operating expenditure held In cash or other liquid securlfjes that can be reallsed within 60 days. Al 31 Mar 2023, reserves of £6.1 M {2022: £9.1MI were held equallng lo fj months of cash operating expenses wllh suffident Unrestricted Funds to cover distrlbution of these reserves. In line wlth the fwe-year estate improvement project, £11m of fvnds have boen dgsignated for Sustainabilty Prolects, Property Acquisition and Plannod Improvements. RISK MANAGEMENT Risk strategy is overseen by Tfustees. FRC revlews th¢ risk registsr quarterfy and reports to Board, who executive with additional assurance provided by internal audlL Prlncipal Rlsks Prinapal risks arBe from operallonal athlues and the wlder eGOn0m￿ & socl8tal environment, Induding= Athieving sustslnable homes al a decwt standard becomes unaff¢ydable Majcf IncldenL compliance or regulatory brea¢h leading to reputational damage Regulatory, legal and welfare change5 Inflationary pressures and o)ntraclor perfornance People- abillty to recruit. train and retain stsff wlth tha right skills & expgrience The age of our propertles means that many require extra work lo keep them habitable and struggle lo fft the eoncept of'modem living,. We are spgnding our cash balances to improve the situation and i•AII review our propety portfolio to ensure il meets our futures needs. Our successlul bid for SHDF money has gafvanlsed our efforts to diversrfy Income streams. Rentsl Sncome has held up well over a prolonged period of economic challenge. Our inve5knenl In our dedicated ints)me team has borne fruiL We deploy a range of measures lo sustsin tenancies and wlll continue lo work with beneficiarles to keep them In their homes, demonstrating the re81 benefit of being a charitable landlord. Whilst not coMpla￿nI, we assess that rental Income is as secuTe as it can be. Reserves, cash balances and investments are in a heallhy stale, underpinning our operallonal resillence. Supply side inflation hos Impacted on the cost of operali¢xss but we have been ablg to mitigate its worst offects by careful management and control of costs. We keep contractor perforrnan￿ under reviw and have made changes where necessary. Compliance continues to improve ijnder the oversight of a new management reglme. HAIG HOUSING TRUST IA ¢omp•ny Ilmltsd by guarants&l We see Incxeased appatite by govemments. regulators and ombudsman lo flex their mu5des, prindpally as a iesull of media pressure. Whilst we welcome a move to higher standards, some measures are eonlentious 8nd impact directy on our operations. Whilst not a Re9lstered Provider. we alm to alion as closety as posslble to the stsndarijs mandated for that s￿tor. We wlll keep a weather eye on legislatlve Ghanges and adjust our acllvilies accordingly. Going Concem The Trust has a robust business model, which has allowed it to weather the combined effects of Covbd 19 and the cosl-of-living crisis. The financlal strength of the Trust is confimied by the long-tem value of its property portfollo. The five-year business plan aims to upgrade properties uslng cash reserves whllst breaknng even on day-to-day activibes. The Trust Is Gonfldenl that the plan will be subslanlially achieved. potenllal to extract further value from ngnHcore elements of the property portfolio if necessary. HAIG HOUSING TRUST IA company Ilmltsd by guarant•o1 STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees (who are also tho directors of the Charity for Ihe purposes of company law} are responslble for preparing the Tru51ees' report Induding the Strategic report and the financial statements in accordance with applicabb law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice}. Company law requlres the Trustees to prepare financial statements for each financial year. Under company law the Trustee5 must not approve the financial slalemenls unless they are satisfied Ihat they glve a true and fair view of the state of affairs of the Charity and of its Irwming resources and appllcation of resources, induding Its income and expenditure. for that period. In preparfng these flnandal ststements, the Trustees ale required to.. selèct sullable accounting pglldes and then apply them consislènlly; observe the methods and prlnciples of the Charilles SORP IFRS 102)., makejudgments and accountlng estimates that are reasonable and prudent; stale whether applicable UK Accounllng Standards IFRS 1021 have been followed. $ubjectto any materSal departu￿$ disdosed and explained in the finandal ststem8nts'. prepare the financS8l stslements on the going concern basls unless it is in8pproprfale lo presume that the Charity wlll ￿ntinue in business. The Trustees are responsible lor keeping adequate accounting records that are sufficient lo show and explain the ChariV5 transacllons and disdose wlth reasonable aG￿racY at any lime the financlal position of the Chadty and enable them to ensure that the financial ststem8nts comply wlth the Companies Act 2006. They are also responslble for safeguarding the assets of the Charlty and hence for tsking reasonable steps for Ihe prevention and delecllon of fraud and other Irregularftlos. Provlslon of infom)allon lo th8 auditor Crowe UK LLP has indicated Its wllllngness to be reappolntsd as stslulory audltor. So fai as each of the trustees are aware. there is no relevant audit information of which the CoMpan￿S audftors are unaware. and each of the trustees have taken all the steps that they ought lo have taken lo make themselves aware of any re￿vant audit infomiation an¢fThiish that the charitable company's ouditors are aware of that oes informallon. The Trustees, Slrate9ic Report, prepared under the Charities Act 2011 and the Companles Act 2006. was approved by the trustees In their Gapacity as company directors on 28 September 2023 and signed on their behalf by.. Mr D G Wllllams Choir of Trustees Mr J.P. Colborno.Bab•r Trtjstee HAIG HOUSING TRUST {A ry>mpany limited by guarant•8} Independent Audltor's Report to the Members and tho Trustees of Halg Housing Trust Oplnlon We have audited the financial sL*ments of Haig Housing TTU¥t (Ihe eharilable compgrly'l for Ihe year ènded 31 March 2023 which comprise of the Statement of Finanoal ActNilies. the Balance sheet. the Ststement of Cash Flows and Notes lo the financial statements, including skJnrficanl accounlng policies. The financial reportlng framework that has been applled in their preparation Is applicable law and United Kingdom Accounting Stsndards, including Flnanual Reportlng Standard 102 The Financial Reporting Standard applicable In the UK and Republlc of Irdand (Unitsd Kingdom Generally Accepted Accounting Practice}. In our opinion the financial $talements'. give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of income and expenditure, for the year then ended. have been property prepared In aCCo￿ance with United Klngdom Generally A¢cepled Accounling Practice,. and have been prep8re(l in aceordanee wlth the requlremenls of the Comp8nles Act 2006 and the Charlties and Trustee Investment IScLJtlandl Act 2￿5 and Regulalons 6 and 8 of th8 Charfues Accounts {Scotland} Regulatlons 2000 lamendedl. Basls for oplnlon We conducted our au(Jit in accordance wfth Intemational Stan(Sards on Audltlng {UKI IISAS {UK}l and appllcable law. Our responsibilities undèr th08e standards are further des¢ribed in the Auditor's ro$pon$ibilrties for the audit of the financS8l slalemenls section of our report. We are Independént of the charflable company in acLordance with the ethical requlremenls that are re18vant lo our audit of the financial ststements In th8 UK including the FRC'S Ethical Standard, an¢J we have fulfilled our other ethical rosponsibililies in accordance W41h these requirements. We believe that the audlt evksence we have obtained Is suffiryent and approprfate to provide a basis for our opinion. Concluslons r•lJllng to golng Concern In audftlng the flnawal statements, we have concluded that the Trustees. use of the goiThJ concern ba515 of 8ccounlSng in the preparabon of tho finanGial statements is approprfale. Based on the work we hav8 perforned. we have not idenlffled any material uncertalnttes relaUng to events or conditsons that, individually or collectively, may cast sionificanl doubl on the chafitsble company's ablllly to continue as a going concern for a pe￿0d of at least trlelve months from when Ihe finanGlal statements are authorised for Issue. Our responsibllllles and the responsibilities of the Trustees wth respect to going concem are described in the rel8vanl sections of this rep(￿. Other InfomHllon The Tnjslees are respon&ble for the other information contslned wlthin the annual report. The other Informallon comprises the Infomialion included In the annual report, other than the financial statements and our auditor's report thereon. Our oplnion on the financial slalements does not ¢over the other Snformalion and. except to the extent otherwlse expllcidy slatsd in QUT report. we do not express any fomi of 85suranc8 conclusion Ihereon. Our responsibility is to read the other infomialion and, In doing so, consider whether the other Infomialion is malerSally inconsistent with the financial statements or our knowledge obtained In the audit or otherwlse appears lo be materially misslaled. If we id8nlrfy such material Incon5islenues or apparent material misstalemenls, we ale requlred to delemiine whether this gives rise lo a material misststement in the financial statemen15 themselves. If, based on the work we have perfomed, we conclude that there is a matsrial misstatement of this other Information. we are requlrfjd lo rgport that fact. We have nothing to report In this regard. HAIG HOUSING TRUST IA company Ilmited by guarantee) Independent Auditorfs Report to the Members and the Trustees of Halg Housing Trust Oplnlons on other mattern PfeSCTlbed by the Companles Act 2006 In our oplnlon based on the work undertaken In the ¢ourse of our audlt the infonnation given in the trustees. rewt, whiGh includes the directQTS' r8POrt and the strategic report prepared for the purposes of company law. for Ihe financial year for ￿1¢h the financial statements are prepared is consistent wllh thg financi81 stalemenls,. and the strategic report and the directors, report included wthin the trustees, report have been prepared in accordance with applicable legal requirements. Matt8ts on whkh we ar• rnqulred to report by oxcepllon In light of the knowledge and un(Jerstanding of the charilable company and thelr environment obtained Sn the course of the audit, we have nol Identified material mlsstatomgnts in the strateglc report or the directors, report induded wthin the trustees, report. We have nolhlng lo report in respect of the following malters In relallon lo whlch th& Companles Act 2006 and the Charities Accounts {ScoUandl Regulatlons 2006 requires us to repc*t lo you If. In our opinion: adequate and proper accounts'ng re￿rdS h8ve not been kept,. or th8 financial statements are not in agreement ￿th the accounting records and retums: or rtain disclosures of trustees, remuneration specrfied by law are not made., or we have not recelved all the infomiatlon and explanations we requlre for our audit. Responslbllltios of trustees AS explained more fulty in the Iruslee5' responsibilrties statement set out on page 8, the trustees (who are also the dlrectors of the Charttab￿ company for the purposes of company lawl are responsible for the preparation of the financSal statements and for bging satisfied that they give a true and falr view. and for such internal control as ihe trustees detemiine Is necessary to enable the preparation of finandal statements that are free from material misststemenl. whether due lo fraud or e￿Or. In preparing the financial statements, the trustees are responsible for ass8s8ing the charitable company's ability to contbnue as a going Con￿rn. discloslng, as applicable. matters related to going concem and using the going concem.tsasis ofAccouDtyuDloSLth￿ruSt￿e￿lthfir_1Dlen￿￿I8 th￿barItabl￿¢0mpan. y or tocease operauons. or have no realiS￿C alternative but to do so. Audltofs rosponsibllftles for the audit of the flnanclal Statements We have been appointed as audltor under S8Gtion 44(1 Xc} of the Charities and Trustee Investment Iscouandl Act 2005 and under the Companies Act 2006 and report in accordance wllh the Acts and relevant regulations rnade or having effect thereundeT. Our objedves are lo obtain reasonable assurance about whether the finandal slalemenls as a whole are free from material mis$latemenl, whether due to fral￿ or error, and to issue an auditor's report that includ8s our opinion. Reasonable assurance Ss a high level of assurance but Is not a guaronlee that an aLtrdll condu¢led in accordance with ISAS {UKI will always detect a matsdal misstatement when it exists. Mi5Stalements can arise from fraud or error and are considered material Sf. individually or in the aggr89ate, they could reasonably be expected lo Influgnce th& economlc docisions of users taken on the basis of these flnanual Ststements. Details of the exlent to which the audit was ts)nsidered capable of detedlng irregularltl88, Induding fraud and non•compliance with laws and regulallons are set out below. A further descripUon ol our responslbS111ies for the audit of the financial statements is located on the Financial Reporting Counal's website at.. vMw.frc.org.uklauditorsresponsibilltles. Thls descrfpllon fomis part of our auditor's roport. Extsnt to whl¢h tho audlt was cons1d9r￿ capable of detoding irregularltles. Including fraud Irregularities, including fr8ud, are instsnces ol non•compli8nce with laws and regulations. We idenlfled and assessed the rfsks of rnalerial misststement of the finanaal statements from iTregul8rities, whelher due to fraud or error. and discussed these betsveen our audll team members. We then designed and pgrformed audit 10 HAIG HOUSING TRUST (A company Ilmlt•d by guarantw) Independent Auditorfs Report to the Members and the Trustoes of Halg Housing Trust procedures re$pon$iv8 to those rlsks, Includlng obtaining audit evidence sufflclent and appropriate to provlde a basis for our oplnion. We obtslned an understanding of the leg818nd regulatory frameworks within whlth the charitsble company operates. I￿￿SIng on those laws and regulations that have a (Jirect effect on the detsmiln8tion of material amounts and d1sd0su￿S In the financial statements. The18WS and regulatlons we considered in this context wero the Companles Act 2006, the Charilies Aci 2011 and The Ch8ribes and Trustee Investment (Scollandl Act 20051, logelher wilh Ihe Charities SORP IFRS 1021. We assessed the requlred Complian￿ with these laws and regulallons as part of our audit procedures on the related finane4al statement Items. In addluon, we considered provisi￿)5 ofother laws and regulations that do not have a dlrect effeth on the finan¢ial statements but compliance wth which might be fundamental lo the charitable company's ability to operate or lo avold a malarial penalty. We also considered the Opportuni￿eS and Incentives that may existwithln the charitable company fof fraud. The laws and regulations we considered in thls conlgxt for the UK operations were General Data ProtoctKJn Regulations, Health and Safety legislation and Employment legislation. Auditing standards limit the required audit procedures to identify non4ompliance with these laws and regulallons to 8nquiry of the Trustee5 and other management and Inspection of regulatory and legal correspondence, if any. We idenlthed the greatest rfsk of material impact on the financial statements from irregularflles, including fraud, to be within the Ilmlng of recognilion of repairs and malnlenanco expenditure and the overrlde of controls by management. Our audit procedures to respond lo these rlsks Included enquiries of management, Internal audll and the Finance & Risk Committee aboul their own Identification and assessment of the rtsks of irregularities, sample testing on the poslno of joumals. reviewing accounting estimates for biases. revlewing regulatory correspondence with the Charity Commlsslw. Companie$ House, OSCR and readlng mlnute$ of meetings of Ihose charged wth govemanco. Owing to the inherent Ilmttations of an audit, the￿ is an unavoidable risk that we may nol have detected some material misstatements in the financial ststements, even though we have properly planned and performed our audit in accordance wllh audib'ng standards. For example, the further removed non-compliance wlth laws and regtjlations lirregularitie$l15 from the events and transactions reflected In the fft)8ncial slatements. the less likely the In￿ Ty limited procedurès require eren ori as with-any audit, y audiung standards would idenbFifln addif-, Ihere remalned a higher rlsk of non4etection of iffegularilies. as these may involve colluslon, forgery. intentionol omissions, Misrepresents￿on$, or the override of inlemal controls. We are not responslble for prevenUng non- compliance and cannot be expected lo detect non. Investments, held as part of an inveslm8nt portfolio, are held at market value al the Balance Sheet dale, with gains and losses being recognlsed wilhin income and 6xpenditure. The value of these assets at 31 March 2023 was £3.818.00012022. £4,022.0001- 2.11 Penslons Haig Housing Trust participates in 8 delned benefit pension scheme (The Pensions Trust Soclal Housing Pension Scheme) and a defined ￿ntrIbutIOn scheme. Costs In connecllon with both pension schemes are charged lo the Statement of Financial Activities a5 contributions fall due. 2.12 Fund accountlng Restr7Ctgd funds Donations or legacies received which are eamarked by the donor for specMSc purposes. Suth purposes are within the over811 alms of the char Endowment funds These are restricted funds which must be retsined as trust capital. subject to a dISc￿￿nary power lo use this capital for pury)oses. 16 HAIG HOUSING TRUST (A company limit•d by guarantse) Nolo$ to the flnanclal S￿￿•M$n￿ Designated funds These funds have been designated by the trustees for specific purposes. The largest deslgnaled fund represents amounts investsd in fixed assets for use by ihe charity. General fund The fun(Js are avallable al any time for the use al the discretion of Trustees for furtherance of the harity's activities and objectives. Crftl¢al #¢¢ountlng estlmat•s and aroas of Judgment In the application of the Charity's accounting poli¢ig$, Trusteès are required to make judgements, estimates, and assumptions about the carying valugs of assets and liabilttbes th81 are not readily apparent from other sources. The estimates and undedying assumptions are based on historical expedence and olher factors that are consSdered to be relevant. Actual results may differ from thes6 estimat6S. The estimates and underlying assiJmpJons are rgviewed on an on-going basis. Revisions lo aC0￿nting estimates ar& wognised in the period In which the 9stimate is revised rf the revision affects onty that period or In the period of the revision and future periods rfthe revi&on affects the currentand fvlure perlods. In the view of theTrustees. no assumpllons conceming the fubjre or &sUmaUon uncertainty affecting assets and liablllties al the balance sheet dale are likely lo result in a material adlustm8ntto their carying amounts n the next financial year. The areas where judgments and estimates have been made indude.. P•n$ions The SHPS pension liability Is based on the SHPS valuation as al 31 March 2023 and fvll details of this Ilabillty and the underfying assumptions are disclosed in nots 21. Useful economic lile of assèts The estimation of the useful economi¢ life of the properbes wlthin the portfolio means that deweclalion is a judgment. palm)eRt Impalrment of the properties is Gonsidered annually. In maWng the ludgomenl managernenl conslder the condillon and current use of the property. there have been no impalnnents in the current or prior y8ar. Income from donations and lega¢l Unr•strlct•d fvnds 2023 £000 Total fund$ 2023 £000 Total funds 2022 £000 Donations Legacies 23 23 25 Income from ¢harit•bl• a¢tivltle8 RestrlGtsd Unr•strictod funds funds 2023 2023 £000 £000 Total funds 2023 10 Total funds 2022 £000 Prov15ion of houslng lo benellclari8S 17 HAIG HOUSING TRUST {A company Ilmltgd by guarantsfr) Nots8 to the financlal statemonts Anatysis of •xpendlturg on charitable activitios Summary by lund type Endowment funds 2023 £000 Rèstrict•d Unrgstricted funds funds 2023 2023 £000 £000 Totsl fund$ 2023 £000 Provlslon of housing to beneficiaries Analysls of 8xp•ndlture by activiti 2023 £000 2022 Staff costs 2,747 2,484 Property repair. serving and management 8,265 6,615 Interest payable 57 Bad debt expense 55 Return of grant to Help for Heroes and donaJons pakl 75 50 BU1￿J1n9 depwiation 1.292 1.287 Support Costs 1.204 1,309 SLbPPOrt costs as above in¢lude consullancy feès of £15,000, legal and professKJnal fees of £48.000. information technology osts of £257,000, ancillary staff costs of £338.0(Kl. telephone expenses of £47,000. depreciallon of £97.000 and other costs of £403.000. Audllof8 romungratlon 2023 £000 2022 Fees payable lo the Charity's aud11￿ for tho audit of the Charity's annual accounts 31 25 Fees payable to the Charlty's auditor in respect ot. I non-audil services not induded above 18 HAIG HOUSING TRUST IA company limltod by guarantso) Notes to the flnanclal statemonts Staff Costs 2023 £000 2022 Wages and salaries 2.353 2,140 Scclal $￿urity ensts 212 Contributicfft to defined contribution pension sthemes 167 150 The average number of persons employed by the Charity durfng the year was as follows: 2023 No. 2022 Provision of housing Support wsts 14 15 The number of employee5 whose ¢mployee benefits lexcludlng employer pension costs) exceedgd £fjO.000 was". 2023 No. 2022 In the band £80,001- £70,000 In the band £70,001 - £80,000 In the band £80,001 - £90.000 In the band £90,001- £100.000 In the band £110,001 - £120,000 In the band £120,001- £130,000 Several senior staff left Ihe organlsation over the year, which affects the above figures. EmployeT'8 pension contributions of £38,129 {2022'. £42,206) were paid in respect of these higher pa*J employees. The total employeg benefits of 6 key management Pgrsonnel of the charity were £586,021 12022: 9 key management personnel received £704,986). 10. Trustoes. rqmuneratlon and expenses During the year. no Truste8$ re¢¢ived any remunerauon or other benefits {2022.. £nill. During the year ended 31 March 2023. expenses of £1k were reimbLsrsed cf paid directty to Trustees 12022= £nil) 19 HAIG HOUSING TRUST IA company Ilmltgd by guarantee) Nots8 to tho financlal 8tst¢ments 11. Tangible fixod a880ts Hou3ln9 propfjrties £000 Work in progres$ £000 Fmhold office £000 Motor vehlclo$ equipment £000 £000 Total Cost or valuallon At 1 April 2022 82.031 307 18 1,631 83.987 AddSllons 1,003 1062 Disposals {810} 1810) At 31 Ma￿h 2023 82,224 307 18 1.690 84,239 Dèpraclatlon At 1 Aprfl 2022 15A49 150 18 1,486 17.103 Charg9 for the year 1.292 96 1.393 On disposals {1811 {1811 At 31 March 2023 16.560 156 18 1.581 18.315 Net book valu• At 31 March 2023 At 31 March 2022 12. Investments 2023 2022 £000 Market Value at 1 April 4.022 3.813 Additions 76 Dlsposal$ (27} 126 Gain I1105se51 on Investsnents 1253} 182 Market value at 31 March Hislorfc Cost Investments comprise £3.8m under managementwith InvesleG and are represented by holdings In UK and overseas fLxed Interest, equities and property fvnds. 20 HAIG HOUSING TRUST IA company limltod by guarantee) Notes lo Iho finan¢i•l $tstements 13. Debtor4 2023 £000 2022 Rent dobt¢ys 180 210 Prepayn)ents Accrued inccffle and other deblors 141 142 14 Credttors: Amounts falling duo wlthln on¢ year 2023 £000 2022 Bank loans 734 Trade creditors 929 Other credltors 77 Accnjals and deferred income 2.052 The above ineludes £373k12022.' £383k} of deferred income which Telales to rental income réceived in 8dvanc8, the amounl bought forward was recognised fully within the year. Bank loans consist of fixed rate 108ns wlth a rale of 6.8% explring durlng 2025126. The loans arg secured on five of the estates owned by Haig HousinoTrusl. These make up a small proporiion of overall housing stock and have a nel book value of £6.687,976 at the year end. 21 HAIG HOUSING TRUST (A ¢ompany Ilmlted by guarant••} Notes to the flnanclal stat•m•nts 15. Statement of funds- current year Transfersl Balan¢• •t Galn$l 31 March (Lossès) 2023 £000 £000 BalaTr¢o at 1 April 2022 £000 Income Expendlturg £000 £000 Unr•$trlGt•d funds D•signated funds Fixed asset fund Leasehold Ilability fund Suslainabillty projects fund Propety acquisition fund Planned improvements fund Communlty cJ)esl reserve Penslon reservg 46.981 45,881 117 7.000 1.000 3.000 72 (374) 7,000 1,000 3.000 72 {405) 70 {39) 73 G•n•ral funds General Funds- all funds 22.956 11.813 (12.1151 (11,465} 11,189 Total UnraslriCt￿ fvnd• 11 13 261 67 Endowment fvnds Pem)anenl En(knwment 553 14 539 Rèstricted funds Veterans Accommod Colchesler Borough Councll DSSHF Disabled Officer Garden Homes Help for Heroes (coming home) Other Mrs Willie James Fund 14,580 450 2.753 14,580 450 2,770 107 (90) 75 1,710 104 331 115 1129} {75) 61 1.635 104 306 {101 124} 304 24 231 19 906 Total of funds 22 HAIG HOUSING TRUST (A company Ilmlt•d by guorant••l Notes lo the finan¢ial statements ststement of fvnd$ -prior yoar Transforsl Balance at Gainsl 31 MaKh (Lo$s•81 2022 £000 Balance at 1 April 2021 £000 In￿rn• Expenditure £000 Unr0$trlctgd funds De$lgnat•d fvnds Flxed 8ssel fund Leasehold liability fund Community chest reserve Pgnsion reservè 48,034 117 {1362} 46,981 117 72 1551 14361 14051 76 326 46765 G•neral funds General Funds- all fvnds 22.597 10,903 110.335) {2091 22.956 Total Unrestrl￿•d funds 117 Endowmont fvnds Permanent Endowment 567 14 Rèstrlct•d funds Veterans Ac￿mMOdatIon Colchesler Borough Counal DSSHF Disabled Officer Garden Homes Help for Heroes (comlng home) Other Mrs Willie James Fund 14.580 450 2.728 450 2,753 116 (w) 97 1.760 104 319 1137) {50) 75 1.710 104 331 {2) 280 P8nnanont End¢vm)ent Relates to properties ori9lnally gffted lo Dlsabled Officer Garden Homes. Restrlctod Funds l R•vrva$ VeteransAcGOmmodat￿n Fund This fund was create(I with monies from the Mlnislry of Defen￿ and is to be use(1 lo develop Ipurchase properbes in Morden. Scotland. AldeTshot and Colchesler. At 31 March 2023 the balan¢e of the fund Inclu(Jed propeTlles purchased. There is a 15 year covenanl on assets purthased wtth these funds. Colchesler &Yough Council Fund This reslricted lund was created with monies from Coichester Borough Council lo provide affordable homes for ex-service men and women. Disabled Soldier and Sallrxs (H8ckney) Found8tlon (DSSHF) Thls restriGted fvnd was created on the glftof the assets and Ilablllues of Ihg above charity to Haig Housing Trust. Further details are Included Sn note 24. Disabled Officer Garden Homes This fund 18long wlth the permanent endowment fund} represents funds In respect of Dlsabled Officer Garden Homes admlnlslered by Haig Houslng TrusL Further (Jetalls are included In Note 24. 23 HAIG HOUSING TRUST IA ¢omp•ny limited by guaranto0) Note8 to the flnan¢lal #tal•monts H81p for Hemgs (Coming Home) These funds comprise amounts donate(I to provide houslng to Injured Serv￿ men and women. Mrs J8m8s Charity Administered by Halg Housin9 Trust. Ihe funds are used to support a variety of purposes for needy tenants. Deslgnatsd fundl I r•$•rv Fixed assel fund This represents the net b¢Jok value of Tangible Fixed Assets held in unrestricted funds which are not available in the short term to fiJnd the Trust's activities. Transfers represent net addf(ions to fixed assets. Leasehold liobilily fund An accumulation fund created lo retain fijnds for the renewal and extenslon of leases on short and medlum term leèsehoid propertie5. Suslainathiity projecls fund This fund was created In the year to retsln fvnds for planned sustalnablllty improvements lo Ihg Trust's exlsllng propertles Sn line with the flve-year estste Improvement project. Propety acquislllon fvnd A nevrf fund created in the year to provhde for funds In an￿cIPati0Th of future property aGqulsilions In tt18 coming fve years. Planned improvements fund A new fund created in the year to provide lurK5s for a range of planned improvemonts to the Trust's existing piopety Portfollo In line with th6 ffive-year estate improvement prciect. PeTrs￿n reserve This represents funds sel aside for potential future costs arising from the Trust's commitmonl lo the Social Housing Pension Scheme. Community Chest Ras8Th6 This fund was crealed to holfindividuafdonations in order to onsure that the amounts donatéd are subsequently Spent on charitable purposes in dedication to these donors. 16. An•lysl8 of not assets bglw•on funds- current p•riod Endowment Ragtrktsd Unrgstrlcted funds funds tunds 2023 2023 2023 £000 £000 £000 Total funds 2023 £000 Tangible fixed assets 539 19,061 46,324 65,924 Flxed asset investments Current assets Creditors due within one year 288 557 3.530 20.422 {1,6351 3,818 20.979 {1.6351 Credltors due In m¢xe than one year (382} (382) Provlsbns for Ilabililies and charges (374) (374) Total 24 HAIG HOUSING TRUST {A company Ilmlted by guaranteè) Not•$ to the flnanclal statement8 Analysls of net as$•ts between funds- prior poil¢xl Endowment Restrl¢t•d Vnrestricted fvnds funds funds 2022 2022 2022 £ODO £000 £000 Total fund8 2022 £000 Tanglb18 fixed assets 553 19.061 47.270 66.884 Fixed asset investsnents 305 3.717 4.022 Current assets 637 22,294 22,931 Creditors due within one year 12,5941 {2,5941 Creditors due In more ihan one year {561) {501} PrOvis￿nS for liabilities and charyes 14051 1405) T¢)tal 17. Reconciliation of ngt mov•m•nt in fvnds tt+ not cash Ilow from oporating a¢tivitl¢s 2023 £OOD 11.6621 2022 Net income for the period {as per Slatement of Financial Aclivitiesl 17661 Adlustments for: Depreciation tharges 1.393 Dlvidends. interest and rents from Investments (3191 (96) Profil on the sale of fixed assets (8741 {72) Movement In penslon deficlt liablllty 1701 11031 (I￿rease) IDecrease in debtors 407 (466} (D8crease) In credllors 1930) 837 Interest payable 47 Not ¢ash provld•d by op•ratlng actlvltles 18. Analysis of Cash and cash •qulval•nls 2023 £000 2022 Cash in hand 20.612 22,157 Total cash and ¢*sh oqulvahnts 25 HAIG HOUSING TRUST {A ¢ompany limited by guarantèe) Not08 to Ihg finaD¢lal 8tat•ments 19. Analysis of Not Debt Al 1 Aprll 2022 Cash Ilows £000 £000 At 31 March 2023 £000 Cash al bank and In hand 22.157 20,612 Debl due within 1 year (734) {172) (5621 Capitsl commltments 2023 2022 Contracted for but nol PTovide(l in these financl81 statements 21. Ponsion commltments D￿Ined bgngfft $¢hom• TheTrust participates in the Social Housing Pension Scheme (the scheme), a multt-employer scheme which provldes beneflts lo some 500 non-associated employers. The scheme Is a defined benefit scheme in the UK. The scheme Is subjed to the funding legislation ouuined in Ihe Pensions Act 2004 which came into force on 30 December 2005. This, together wlth the documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financlal Reporting Councll, sel oul the framework for funding (*efined benefit occupational penslon sthgm¢$ In the UK. the last completed triennial valuation of the scheme for funding purposes was carried out as at 30 September 2020. The valuation revealed a deficf( of £1,560m. A recovery plan has been put In place with the aim of removing this defic51 by 31 Ma￿h 2028. The Scheme is classlfi8d as a "last4nan stsnding arrangemenf. Therefore the Trust is potentially Ilable for other parbcSpaling employers, obligations If these employers are unable to mèet their share of the scheme defi¢il followlng withdrawal from the scheme. PafticSpatlng employers are legally required to meet their share of the scheme defic51 on an annuity purchase basis on wllhdrawal from Ihe Scheme. For finanaal year5 ending on OT bef¢ye 28 February 2019, it was not possible for the Trusl lo obtsin sufficlent Snformation to enable il to account for the scheme as a defined benefit scheme. Therefore the Trust has accounted for the Scheme as a defined contribution scheme. For financial years ending on or after 31 March 2019, il has been possible to obtsin SLrfficYant information to enable thg Trust to account for the schème as a defined benefit scheme. For accounUng purposes, 8 valuatlon of the scheme is carried out with an effectNe date of 30 September each year. The liablllty figures from Ihls valuation are rolled f￿ard for accounting year- ends trom the followlng 31 Mard) to 28 February Inclusive. The lalesl accounting valuation was carried out with an effeclive date of 30 September 2022. The Ilablllty figures from this valuatlon were rolled forward for accounting year-ends from 31 Marth 2023 to 28 February 2024 indusive. The liabllibas are compared, at Ihe relwanl accoundng dale, wth the Trust's fair Share of the Schemes total assets to calujlate th8 Trust's net deficlt or Su￿luS. 26 HAIG HOUSING TRUST {A company Ilmlted by guarantea Notes to th• Ilnancial statomonls 2023 {£OOOsl 2022 (£OOQs) Falr value of plan assets 1.672 2,413 Present value of dellned benefit obligation 2,046 2.818 Surplus (deficill in plan {374} 1405) Oefined benefil asset (liability) lo be recognised {374} {405} Reconclllatk)n of o closln balan es of the fin benefSt obll atl 2023 2022 {£OOOs) (£OOO$) 2,818 2,921 Defined benefit obllgal¥)n at start of period Intsrest and other expenses 79 Actuarial losses Ig8insl due lo changes in financial assumpllons Benefits paid and expenses (697) (154) (66) (100) Defined bongftt obligation at •nd of perlod 2,046 2.818 Reconciliation of o ssets nln closin balancty of the falr 2023 f£OOOsJ 2,413 66 361 83 1154) 1,672 2022 (£OOOsJ 2,485 52 Fair value of plan assets al stsrt of perlod Inter951 income LOS￿ I galr4>0n plan.assets Employer contributions Benefits pald and expenses Falr valuo of plan ass•ts at end of ￿rfod 97 (100) 2.413 onclll nl losln balan of Expenses Net Interest expense Deflnod benefit ￿sts recognised In Statement of Financial Activit￿$ 10 13 Dollned benefft costs reco nlsed In Stat8ment of Financial Acliviti Experience on plan assets lexcludlng amounts Included in net interest CC>StI - galn (loss} Gains and losses arSslng on Ihe plan liabilities galn (loss) Effects of changes In the demographlc assumpuons underfying the present value of the defined benefit obligation - galn Ilossl Effects of changes in the financial assumptions underfyong the presenl value of the defined benefit obligauon - galn Ilossl Totsl actuarial galns and losses (before restrlctlon due to some of the surplus not being recognisablel - galn Iloss} {736) (121) 23 (140) 867 152 139) 155) Total amount recognlsèd In othor Comprehonslvg In￿M8- gain Il¢ss) {39) (55) 27 HAIG HOUSING TRUST (A company Ilmlt•d by guarantee) Notes lo thè financlal ststements Assgts 2023 I£OOOs) 2022 (£OOOsl Global Equity 31 463 Absdule Retum 18 97 Distressed Opportunities 51 86 Credit Relative Value 80 AKemalive ￿sk Prem 80 Emerging Markets Debt 70 RI￿ Sharing 123 79 Property 72 85 Insurance linked ￿u￿tIeS 42 Infrastruclure 191 172 PrN8te Debt 74 62 Opwtunistic Illlquid Credit 72 81 High Yiehj 21 OpportunSstic Credit Cash 12 Corporate Bond Fund 161 Currency Hedglng 191 Long Lease Properly 82 Secured Income abllty Driven Investment 771 673 Net Current Assets Total assets 1.672 2,413 None of the fair values of the assets shown above include any direct investments in the employer's own financial Instruments or any property OCCUPi8d by, or other assets used by the employer. Key Assumptlon$ 2023 %per annum 4.90% 3.21% 2.69% 3.69% 75% of maximum allowance 2022 %per annum 2.78% 3.73% 3.26. 4.26% 750A of maximum allowanc8 Dlscoijnt Rate Inflallon (RPII Inflation {CPII Salary Growth Allowance for commutation of pension for cash al retlrement 28 HAIG HOUSING TRUST (A Company limit•d by guarantee) Notes to the Ilnanclal statom•nts Llle exp•ctan¢y at age 65 Male retiring In 2023 Female retiring in 2023 Male retiring in 2043 Female reliiing in 2043 21.0 23.4 22.2 24.9 22. 0￿ratIng l•asas- Lessor Propethes owned by Haig Houslng Trust are occupied under various tenancy agreements. Th8 committed rental income generated under th¢so agreements over the next 12 months is estimated to b8 £ 579,00012022 £913,000). The Charity had no tt*mmitments under non-cancellable operating lea8es al 31 March 2023. 23. Related party transactlons There have been no related paty transactions that require disclosure. 24. Llnked Charitios and $ubsldlarl•8 Disabled Officer Garden Home5. Mltchell Flats and Clevedon Home$ have in the p8sI b&8n subject to a uniting dlrection granted by Charfty Commission schemes. The objects of the linked charfues below are generally the provision of housing accommodation for people in need, hardship or distress wblh preferenc8 gwen to ex-servi¢e men and women and other charitable purposes for the benefit of the re51dents as the trustees shall decide. H¢)wever, in respect of Disabled Officer Garden Homes (DOGH) accommodation Is for dlsabled fomier officers who are married or In a relalionshSp analogous to marriage. In addili¢)n, the Trust holds all allottsd shares in Haig Houslng Trading Limited Ilomierty Coming Home C8mpalgn Limited. name changed on 11 June 20191, a limited company {regislered in England and Wales 093316801 that carrEs out trading act4vlUes on behalf of the charity. This entity was dormant for the year ended 31 March 2023. A summary of the results of ea¢h, whid) are included In theso Financ4al Stalemenls, are shown below- Mitchell Flats £'ooo Clevedon Homes £'ooo DOGH £'ooo Income Expenditure 115 1129) 15 113) 12 1201 (Deficlt) I Surplus {14) {81 Nel assets 1301 558 29 HAIG HOUSING TRUST IA company limitod by guarantee) Noto¥ to the Ilnanclal stat•m•nts 25. Slat•mont ol Flnan¢lal Actlvttl•s- Comparativos Endowment funds 2022 £000 Rostrict•d Llnrestrlded funds fvnds 2022 2022 £000 £000 Total funds 2022 £000 Tot81 fvnds 2021 Note Incom• from: Donations and legacles 49 49 Charitable aclivltles 231 10,674 10,905 10.776 Profit on sale of assets 72 72 15,982 Investments 91 60 Other income Total Income and èndowments 17 17 12 EX￿ndItUr• on: Raising lunds Charitable aGtwilies 48 11,563 14 280 11,857 10,219 Total expendlturg 05 Net gain81(lossesl on investments Net movemont in funds before othèr recognlsed galns Actuarial Ilossesl on defined benefit pension schemes Transfers betsveen funds Net mov•m•nt in funds R•coneilia¢lon of funds: Totsl fvnds brought forward 172 536 {55} (551 (250) 567 20,038 70,312 90.917 74,022 Nel movement in funds Total funds carrlgd forward (14) 1351 16.B95 The Statement of Flnanclal Aclmlies Includgs all gains and losses recognised in the year. 30 (s.L