Registered number: 06593129 Charlty numbers: 1125556 & SC040058 HAIG HOUSING TRUST (A company limited by guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Reference and administrative detalls of the Charity, Its Trustees and advlsers Trustees. report statement of Trustees. responsibilities Independent audIt0$ report on the flnanclal stst8ments Statement of financial actlvltles 12 Balance sheet 13 statement of cash flows 14 Notes to the financial statements 15-30
HAIG HOUSING TRUST (A company limlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr D G Williams (Chair of Trustees) Ms L M S Locke (Vice Chair of Trustees) Mr J.P. Colbome-Baber Mr S M Elliott Mrs S S Fernandes MrAB Weir DrMJSWeir Mr N G White Mrs N M¢inneY Mrs K Connell Mr M Carter Mr C Thomson-smith Company reglstered number 06593129 Charlty reglstered numbers 1125556 (England and Wales) and SC040058 (Scotland) Reglstered office Mountbarrow House 12 Elizabeth Street London SW1W 9RB Company secretary Michael Robb Chief executive offlcer Tim Stockings Independent auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers Barclays Bank PIC 50 Pall Mall London SW1A 1 QF Solicitors Trowers & Hamlins LLP 3 Bunhill Row London EC1Y 8YZ Senior Tim Stockings {Chief Executive) Leadership Team (SLT) Michael Robb William Lindsay Amanda Deakin Irfan Chaudhry
HAIG HOUSING TRUST {A Company Ilmlted by guaranto91 TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and the financial statements of the company for the year ended 31 March 2024 CHAIRMAN'S STATEMENT Despite challenging headwinds, Haig Housing Trust continues to deliver its primary objective of housing veterans and their families in need. That need is still growing as more people find their domestic situation difficult, and the supply of affordable housing remains constrained. We know that veterans and their families can experience a housing crisis at any stsge of their lives, 8nd our hardworking and dedicated colleagues are focussed on ensuring that Haig is there to help as many of them as possible. Although there is widespread recognition of a need to improve housing provision across the UK, a solution still seems some way off. Working with partners across the veterans, charty sector we are able to help over 4,000 beneficiaries every year, and we aim to help more. The substantial investment in our properties continuous apace and is yielding real impact. Across our eststes we have accelerated our maintenance and improvement programme whilst reducing our carbon footprint. As well as helping us to reduce our costs, this work puts money back in veterans, pockets by reducing their energy costs and helping them manage the growing cost of living. So far this year we have returned over £85,000 to beneficiaries in lower fuel bills, and we aim to do more. As we look to the future, we wtll grow and diversify our income to enable even greater investment in our properties. We will assess every estate against our strategy to deliver our three strategic objectives of Beneficiary Focus, Quality Service and Sustainable Homes. We will modernise our homes where we can, working with new partners to continue our transformation to deliver better housing solutions for more veterans. We are realistic about the challenges but optimistic about our future. Building on our successes we'll grow our positive impact on the lives of veterans and their families, and we aim to achieve more.
HAIG HOUSING TRUST IA company Ilmltsd by guarantee) Charltsble Objects and Governlng Document The Charity is governed by its 2019 Memorandum and Articles of Association (MAOA), which outline its objects.. To relieve need, financial hardship, sickness. disability, the effects of wounds, old age or other like condition by the provision of, or assistan with, housing for the following persons in order of priority: Members and former members of all ranks and ratings of the Armed Forces of the Crown, whether Regular or Reserve, and their spouses, widows or widowers. Former or separated spouses of members or former members of the Armed Forces of the Crown, whether Regular or Reserve, who have dependent children living with them. Such persons in a. (li) above without dependent children. Such charitable purposes for the benefit of beneficiaries of the Charity as the Trustees decide. Public Benefft The Trustees confirm that the Charity's activities in support of its MAOA Sre delivered effectively, complying with the Charities Act and Charity Commission's guidance. Governance The Board comprises e1ve independent non-executive trustees, who bring a wealth of experience to the charity and are legally responsible for the overall management and control of The Trust. They receive no remuneration for their role and any interests or related paty relationships are disclosed in the Register of Interests. All Trustees sign and adhere lo Haig's Trustee Code of Conduct. New trustees undertake an induction programme and the Board is kept up to date with developments through regular briefings and training. A strategy awayday is held once a year, as well as regular visits to estates. The Board assess its performance annually, mindful of the guidance issued by the Charity Commission, and sector bodies. Trustees met formally every quarter, delegating specific issues to three sub-committees that report to the full Board- Estates, Finance & Risk {FRC) and People. Oversight of the Trust's properties in Scotland is by a local committee, consisting of volunteer members and a beneficiary tenant that met three times. Additionally, there was a Management Committee comprising the executive team and beneficiaries. The Trust intended to move towards tenant representation on the Board but that has taken longer than envisaged. Future plans are being reviewed. There are three linked charities with similar objects: Disabled OfficerGarden Homes, Mitchell Flats and Clevedon Homes. The Trust also holds all allotted shares in a dormant limited trading company.. Haig Housing Trading Limited, see note 24 to the financial statements. Remuneration The remuneration policy was agreed by Board in May 2022. Staff roles are assessed against a suite of measures with judgment applied to reflect market conditions.
HAIG HOUSING TRUST {A company limit•d by guarantee) REVIEW OF ACTIVITIES Haig maintains c1500 homes for veterans in 80 communities across the UK, varying in size from around 12 homes up to 345 properties in Morden. Beneficiaries are charged a charitable rent set below market rates. Rental income provides the main source of funds for the Charity. The 2021 strategic review continues to drive change, improve perfomiance and channel investment for the ture, whilst confimiing our Purpose.. Pmviding quality homes to impmvo the Ilves of veterans and thwr familiés in need and Strategic Objectives.. Beneficiary focus Quallty service Sustalnable homes We continue to work collaboratively with a range of partners to deliver impact for beneficiaries, many of whom have complex needs that cannot be met by Haig alone. We avoid duplicating services, signposting those who require more help to other sources of support. We have established a productive relationship with E.ON to deliver our sustainability improvements and will use this model to build future capability. We continue to shape Veterans, housing policy in conjunction with the Confederation of Service Charities (Cobseo). The CE co-chairs the housing cluster that helps nationwide co-ordination of veterans, housing. Outreach work with Ministers, MPS, Councillors and the SeNice Community across the whole of the UK and Jersey helps to broaden understanding of Haig and deliver better outcomes for veterans. Although currently without a Patron, we hope to have a way ahead shortly. Our People As our most important resource, we work hard to recruit, train and retain high quality staff. We have initiated a new appraisal system, invested in developing our team, reorganised around delivery teams, recruited a finan director and are building systems to support delivering outcomes for our beneficiaries. We have moved our head office back to Victoria, which has reduced costs and provided an extra catalyst for change. We have an engagementteam of staff colleagues who help us design our rewards and recognition package. We believe Haig is a great place to work. We signed the Armed Forces Covenant and achieved the Bronze Level of the Defence Employer Recognilion Scheme - a tangible commitment to working veterans. Beneflciary focus The housing sector remains under immense pressure, caused by austerity and decades of under investment. Haig is not immune from that dynamic, with demand continuing to outstrip supply by a considerable margin. We are building partnerships as a way to leverage success. There has been volatility around the legislative agenda due to political uncertainty, making strategic planning challenging. We continue to strive to improve our impact and outcomes for beneficiaries. The cost-of-living crisis still affects many households, with an increasing number struggling to make ends meet. Whilst we have invested heavily in improving our estate, we still struggle in some areas to meet expectations. We are working hard to improve our performance but the reality is that with heavily subsidised rents and aging properties, our room for manoeuvre is limited. We are going to be clear in future that as a charity we exist to deal with need, not want. We have overhauled our complaints handling process, invested in upskilling staff and been clear about the cultural chsnge we want to deliver. We obtain direct feedbsck about our performance during our regular visits to eststes. The vast majority of our tenants are happy with the service they receive. We are moving towards adopting the sector's tenant satisfaction measures that provide a framework for monitoring and benchmarking. We have worked hard to improve tenant engagement, holding regular meetings at our largest estate and increasing the frequency of our communications, Quality Servlce We continue to focus our efforts on front line delivery aided by systems that free up staff time. Rents were increased by less than the sector average and we provide access to hardship and community funds to help
HAIG HOUSING TRUST IA company Ilmlted by guarante•) tenants live a more fulfilling life. Our income team continues to support those who are struggling, allowing them to stay in their homes and sustain their tenancies. Taken together this suite of measures clearly demonstrates our charitable purpose. Our IT supplier suffered a serious outage in November that meant we lost acce55 to our systems for a month. Previously this event might have severely impacted our services but as a result of the improvements we have made, we were able to continue operations. Sustsinable Homes We are delivering impact, improving the condition of our properties and making houses warmer whilst reducing the carbon footprint in 386 homes. In addition to improving habitability, these changes are saving residents an average of £500 per year on their energy bills, a total so far of over £85,000. In some case they are able to sell the excess power back to the grid, realising even greater savings. We will be more ambitious in 24125, delivering projects that improve beneficiaries, lives in over 500 homes. We are working towards the target for all social housing to be at EPC C or above by 2030., where feasible we try to exceed that standard. We handled over 8,000 phone calls and 10,000 emails, resulting in over 6,000 repair orders being raised. Our post-works satisfaction survey indicated that over 800/0 of our beneficiaries were satisfied with the service they received. This year we were delighted to receive a grant of £200,000 from the Army Benevolent Fund (ABF) to accelerate our kitchens and bathrooms improvement programme and have applied for another grant for 24125. We managed the impact from the worst storms in a generation that hit the island of Jersey hard, particularty our homes. We provided immediate emergency relief and are in the middle of a comprehensive reinstatement programme. STRATEGIC OUTLOOK The societal, economic and structural challenges facing the sector remain, as reflected in our comments last year. At the time of writing, the new govemment is rapidly rolling out their plan for change. There are likely to be profound implications for the housing sector. As we aspire to provide quality homes we support the general direction of travel but need to see the detail before we can assess the impact on our operations. Our investment programme is already yielding dividends.. happier beneficiaries, improved standards and lower running costs. Future Plans We will continue to grow our impact on beneficiaries by.. Investing in our estate, rationalising where appropriate Improving sustainability Delivering our services in a cost-effective way Improving our understanding of beneficiaries, needs Robust regulatory compliance and long-term financial stability Developing our staff and modemising our support systems Active participation in the housing, charitable and veterans, sector Building our fundraising capability In doing so we aim to show the real value of living in a Haig home.
HAIG HOUSING TRUST {A company Ilmltgd by guarantso) Fundraislng and Investments Fundrsising has historically not been a major activity of the Trust (2024 £8k}, nor relied upon to fund operations. We intend to change that dynamic to grow and diversify our income. We do not employ a professional ndraiser and all activities are overseen by the CE. We are registered with the Fundraising Regulator, adhere to the Fundraising Code, GDPR, and do not share data for the purposes of fundraising. The Trust received no complaints in relation to fundraising activities during the year. The Trust's investments of cash and funds are administered by Investec to reflect the Board's objectives and risk appetite. Money is invested principally in investment grade fixed interest securities, 'blue chip, equities and collective fijnds. Financial Revlew and Results - The plan to use resources to improve the condition of our eststes resulted in a deficit of £5.4M. Cash reseNes will continue to be used to fund the upgrade and maintenance programme. Total income increased to £14.5M (2023 £12.OM) Rents increased by an average of 7 /0 and £1.3m of grant income was received from SHDF {2023 £Nil) Total resources expended were £20.2M (2023 £13.7M). Key items were direct property costs, including-. repairs £14.1M (2023 £8.3M)', staff £3.OM (2023 £2.8M)", support £1.5M (2023 £1.2M) and depreciation £1.4M (2023 £1.4M). Total net assets were £83.OM12023 £88.3M). The Trust holds £14.3M (2023 £3.8M) of investment funds with Investec, who manage them on a discretionary basis in accordance with the Investment Policy. The Finance and Risk Committee reviews investment perfonnance quarterly. During the year £1 OM was transferred from cash deposits to investment funds. Cash at bank was £8.3M12023 £20.6M), most of which arose from the sale of a large propety. Most of the money held in cash and investments as well as the proceeds of future sales is designated for three main uses.. property acquisition, sustainability projects and planned improvements. Reserves Sufficient operating reserves are held to enable the Trust to operate and meet its charitable objects. The amount held is regularly reviewed, with a minimum of three to four months operating expenditure held in cash or other liquid securities that can be realised within 80 days. At 31 March 24 reseNes of £8.4M12023 £6.1M) were held, equating to 5 months of cash operating expenses with sufficient unrestricted funds to cover distribution of these reserves. Risk Management Trustees oversee risk performance., the FRC reviews the risk register quarterty and reports to Board, who assess policy, performance, appetite and risk register annually. Day to day management is the responsibility of the executive with additional assurance provided by internal audit. Prfnclpal Risks The principal risks to the Trust come from operational activities within the wider legal, economic & societal environment, including..
The escalating cost of achieving sustainable homes at a decent standard Meeting increasingly demanding tenant expectstion Contractor performance Regulatory, legal and welfare changes The ability to recruit and retain talented staff We have made significant investment in our properties and will continue to do so where it aligns with our strategy. We will dispose of those properties that are no longer a good fit. We will grow and diversify our income to provide headroom to do that and will investigate partnerships that may unlock development potential.
HAIG HOUSING TRUST {A company limitod by 9uarantsg) W8 have made great strides to improve tenants engagement but recognise that we have further to go. We are doing our best to manage tenant expectation but the realty is that the challenges are societal and sector wide., we cannot solve them alone. Maintenance and repairs are delivered by contractors on our behalf. We recognise the critical nature of that dynamic and will work in the next year to improve outcomes for all involved. The regulatory regime is becoming increasingly challenging. Increased appetite by governments, regulators and ombudsman to flex their muscles, principally as a result of media pressure too often casts housing providers as the problem, rather than part of the solution. That dynamic needs to change if the underinvestment of generations is to be addressed - there are no quick fixes. Although not a Registered Provider, we aim to align as closely as possible to the standards mandated for that sector. Going Concem The Trust has a robust business model, which has survived rent challenges and its financial strength is underpinned by the value of its property portfolio. The five-year business plan aims to upgrade properties using cash reserves whilst breaking even on day-to-day activities. The Trust is confident that plan will be substantially achieved, with potential to extract further value from non-core elements of the propety portfolio if necessary.
HAIG HOUSING TRUST {A company limitsd by gu8rontee} STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also the directors of the Charity for the purposes of company law} are responsible for preparing the Trustees, report.including the Strategic report and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PraGtice). Company law requires the Trustees to prepare financial ststements for each financial year. Under company law the Trustees must not approve the financial stalements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates thal are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subjectto any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequale accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply wilh 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. Provision of information to the auditor Crowe UK LLP has indicated its willingness to be reappointed as statutory auditor. So far as each of the trustees are aware, there is no relevant audit information of which the company's auditors are unaware, and each of the trustees have laken all the steps that they ought to have taken lo make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. The Trustees, Strategic Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the trustees in their capacity as company direclors on 251h September 2024 and signed on their behalf by.. Mr D G Williams Chair of Trustees Trustee
HAIG HOUSING TRUST {A company limited by guarantee) Independent Auditor's Report to the Members and the Trustees of Haig Housing Trust Oplnlon We have audited the financial statements of Haig Housing Trust (Ihe charitable company,) for the year ended 31 March 2024 which comprise of the Statement of Financial Activities, the Balance sheet, the Statement of Cash Flows and Notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of income and expenditure, for the year then ended-, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities and Trustee Investment (Scotland} Act 2005 and Regulations 6 and 8 of the Charities Accounts {Scotland} Regulations 2006 (amended). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of Ihe financial statements section of our report. We are indep@ndent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's abilty to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. other information The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, exp1 to the extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial ststements themselves. If, based on the work we have performed, we conclude that there is a material misstatement ofthis other infomation, we are required to report that fact. We have nothing to report in this regard.
HAIG HOUSING TRUST IA company limlted by guarantee} Independent Auditor's Report to th8 Members and the Trustees of Haig Housing Trust Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustees. report, which indudes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements- and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In light of the knowledge and understanding of the charitsble company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion: adequate and proper accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responslbllities of trustees As explained more fully in the trustees, responsibilities statement set out on page 8, the trustees (who are also the directors of the charitsble company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltoffs responsibilities for the audlt of tho financlal ststements We have been appointed as auditor under section 44(1){c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or h8ving effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users laken on the basis of these financial statements. Details of the extent to which the audit was considered Capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A rther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Extent to whlch the audit was considered capabl8 of detectlng Irregularities, includlng fraud Irregul8rities, including fraud, are instances of non-compliance with laws and regulations. We identiFied and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit 10
HAIG HOUSING TRUST (A company Ilmlted by guarantee) Independent Auditor's Report to the Members and the Trustees of Haig Housing Trust procedures responsive to those risks, including obtsining sudit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 and The Charities and Trustee Investment (Scotland) Act 20051, together with the Charities SORP {FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financi81 statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial st8tements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this Context for the UK operations were General Data Protection Regulations, Health and Safety legislation and Employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of repairs and maintenance expenditure and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, intemal audit and the Finance & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Compsnies House, OSCR and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations {irregularities} is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher Nsk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solgly to the charitable compan$ members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we hsve formed. Ivuk Vincent Marke Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London Date: 02.10.2024
HAIG HOUSING TRUST {A company limited by guarantee) STATEMENT OF FINANCIAL ACTivinES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Endowment funds 2024 £000 Restrlcted Unrestrlcted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Total fvnds 2023 £000 Note Income from: Donations and legacies 23 Charitable activities 257 11,309 11,566 10,796 Grants 1313 .1313 Profit on sale of assets 881 881 874 Investments 750 754 314 Other income Total Income and endowments 13 13 37 261 Expenditure on: Raising funds Charitable activities 92 19,622 92 20,069 47 13,659 14 433 Total expenditure 14 433 Net gainsl{losses) on investments (2) 382 (246) Net Income before other recognlsed gains 14 174 Actuarial (losses) on defined benefit pension schemes Net mov8ment in funds Reconciliation of funds: Total funds brought forward (51) (39) 539 19,906 67.885 88,330 90.277 Net movement in funds Total funds carrled forward (14) (174) (5,107) 15,295) (1,947) The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 15 to 30 form part of these financial statements. 12
HAIG HOUSING TRUST (A company limited by guarantee) BALANCE SHEET AS AT 31 MARCH 2024 2024 £000 2023 £000 Note Fixed assets Tangible assets Investments 64,614 14,292 65,924 3,818 12 78,906 69,742 Currenl assets Debtors Cash at bank and in hand 13 1,302 8,329 367 20,612 9,631 20,979 Credilors= due within one year 14 {5.143) (2,017) Net current assets 4.488 18,962 Total assets less current liabilities 83,394 88,704 Defined benefit pension scheme liability 21 (359) (374) Total nel assets Charity funds Endowment funds Restricted funds Unrestricted funds 525 19,732 62,778 539 19,906 67,885 Total funds The financial statements were approved and authorised for issue by the slees and ned on their behalf by: Mr D G Williams Chair of Trustees Date.. 25th September 2024 Trustee 13
HAIG HOUSING TRUST (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 £000 2023 £000 Note Cash flows from operatlng actlvities Net cash used in operating activities 17 (2,996) (2,009) Cash flows from investlng activities Dividends, interest and returns from investments Proceeds from the sale of tangible fixed assets Purchase of investments Purchsse of tangible fixed assets 633 1,277 {10,001) (581) 243 1,503 (1,063) Net cash provlded by investing actfvitles (8,672) 683 Cash flows from flnanclng activities Repayments of borrowing Interest payable 1561 (54) (173) Net cash used In flnancing activities {615) (219 Change in cash and cash equivalents in the year (12,283 11,545) Cash and cash equivalents at the beginning of the year 20,612 22,157 Cash and cash equlvalents at the end of the year 18 The notes on the following pages fom part of these financial statements. 14
HAIG HOUSING TRUST (A company limited by guarantee) Not8S to the financlal ststements General informatlon Haig Housing Trust is a private company limited by guarantee (registered number 06593129) which is incorporated and domiciled in the UK and meets the definition of a public benefit entity under FRS102. The address of the registered office is Mountbarrow House, 12 ElÈzabeth Street, London, SW1W 9RB. Accountlng pollcies 2.1 Basls of preparation of financlal statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20151, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 2.2 Going concern The Trust has a robust business model, the durability of which has been confirmed during the last o years, despite challenges faced in its operating environment. The financial strength of the Trust is also confirmed by the long term value of its substantial propety portfolio. The Trust has continued to maintain its substantial cash balances. The Trust's five year forecasts indicate that it will continue to maintain a positive cash balance over this period, despite plans to considerably increase expenditure on its property portfolio. The Trustees and Directors are confident that this forecasted five year cash performance will be substantially achieved, and they are aware of the potential to extract further value from non-core elements of the property portfolio if necessary. Accordingly they continue to adopt a going concern basis in preparing the financial statements. 2.3 Income Incorne from rental and service charges is recognised in the financial statements in the period to which the rent or seNice charge relates and entitlement is earned. Investment income is accounted for on an accruals basis. Donalions received are accounted for through the income and expenditure account on a receipts basis. Donated properties are included at their open market value or their existing use value at the date ofthe donation. Legacies are recognised in the financial statements only upon the grdnting of probate provided there is probability of legal entitlement and a reliable estimate can be obtained on notifications received before the year end. Non-performance related grants are accounted for as received. 2.4 Expendlture Expenditure is recognised in the period in which it is incurred and includes attributable VAT which cannot be recovered. Support costs comprise of administration costs and are allocated to the various cost categories on the basis of an estim8te of staff time attributable to each activity. Governance costs are the expenses incurred by the charity in meeting their statutory and constitutional requirements and include Trustees, expenses and external audit fees. 2.5 Housing Propertles Depreciation is charged to write down the value of freehold housing properties to their 8Stimated residual value on a straight line basis over their remaining expected useful economic lives. No housing properties are shown at a value exceeding their estimated recoverable amount. Impairment losses recognised are shown under operating costs. Freehold land is not depreciated. Freehold properties are depreciated over 50 - 70 years depending on the propety. Leasehold properties are depreciated overthe shorter ofthe term ofthe lease or their estimated useful life. 15
HAIG HOUSING TRUST {A company limited by guarantee) Notes to the flnancial statements Other Flxed Assets Assets costing more than £1,000 are capitalised. Depreciation is charged on a straight line basis over the expected economic life of the assels at the following rates.. Freehold offices Motor vehicles Office equipment 20 50 years 3 years 3 years 33Wo 2.6 Investments Investments are stated at market value at the balance sheet date. Gains are calculated based on the movement in market value during the period. The investments in the subsidiary undertakings are stated at deemed cost less impairment. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabilities Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 2.10 Financial instruments Haig Housing Trust has financial assets and financial li8bilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at cost comprise cash at bank snd in hand, togetherwith trade and other debtors {excludes prepayments). Financial liabilities held at cost comprise bank loans and overdrafts, trade and other creditors (excludes rent in advance). Investments, held as part of an investment portfolio, are held at market value at the Balance Sheet date, with gains and losses being recognised within income and expenditure. The value of these assets at 31 March 2024 was £14,292,000 (2023.. £3,818,000). 2.11 Pensions Haig Housing Trust participates in a defined benefit pension scheme (The Pensions Trust Social Housing Pension Scheme) and a defined Contribution scheme. Costs in connection with both pension schemes are charged to the Statement of Financial Activities as contributions fall due. 2.12 Fund accounting Restricted funds Donations or legacies received which are earmarked by the donor for specific purposes. Such purposes are within the overall aims of the charity Endowment funds These are restricted funds which must be retained as trust capital, subject to a discretionary power to use this capital for specific purposes. 16
HAIG HOUSING TRUST (A company limited by guarantee) Notss to the financial statements Designated funds These funds have been designated by the trustees for specific purposes. The largest designated fund represents amounts invested in fixed assets for use by the charity. Gene1 fund The funds are available at any time for the use at the discretion of Trustees for furtherance of the charity's activities and objectives. Critical accounting estimates and areas of Judgment In the application of the Charity's accounting policies, Trustees are required to make judgements, estimates, and assumptions about the carying values ofassets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period ofthe revision and future periods if the revision affects the current and future periods. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carying amounts in the next financial year. The areas where judgments and estimates have been made include: Penslons The SHPS pension liability is based on the SHPS valuation as at 31 March 2024 and full details of this liability and the underlying assumptions are disclosed in note 21. Useful economlc Ilfe of assets The estimation of the useful economic life of the properties within the portfolio means that depreciation is a judgment. Impalrment Impairment of the properties is considered annually. In making the judgement management consider the condition and current use ofthe property. During the year a £116,000 impairment charge was made against the Charity's former office premises in Morden as disclosed in note 11. There were no other impaimients in the current or prior year. Income from donations and legacles Unrestricted funds 2024 £000 Total funds 2024 £000 Total funds 2023 £000 Donations Legacies 23 Income from charltable actlvities Restrlcted Unrestricted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Total funds 2023 £000 Provision of housing to beneficiari88 17
HAIG HOUSING TRUST IA company limited by guarantee) Notes to the financial ststements Analysis of expenditure on charitable activities Summary by fund type Endowment funds 2024 £000 Restrlcted Unrestricted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Provision of housing to beneficiaries Analysis of expenditure by activities 2024 £000 2023 Staff costs 2,992 2,747 Property repair, servicing and management 14,147 8,265 Interest payable 46 Bad debt expense 54 30 Return of grant to Help for Heroes and donations paid 75 75 Building depreciation 1.277 1,292 Support Costs 1,470 1,204 069 Support costs as above include consultancy fees of £21,000, legal and professional fees of £37,000, information technology costs of £330,000, anci15ary staff costs of £393,000, telephone expenses of £65,000, depreciation and office impairment of £219,000 and other costs of £405,000. In prior years Help for Heroes has contributed grants towards purchase of properties. These grants are returned to Help for Heroes in the event a property bought using a Help for Heroes grant is sold. The net balance of Help for Heroes grants used to purchase properties as at 31st March 2024 was £1.5M (2023 £1.6M). No properties bought using a Help for Heroes grant are currently planned for disposal. Auditor's Muneration 2024 £000 2023 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 33 31 Fees payable to the Charity's auditor in respect of: All non audit services not included above 18
HAIG HOUSING TRUST (A company Ilmlted by guarantee) Notes to the flnancial statements Staff costs 2024 £000 2023 Wages and salaries 2,589 2,353 Social security costs 270 245 Contribution to defined contribution pension schemes 184 167 The average number of persons employed by the Charity during the year was as follows.. 2024 No. 2023 No. Provision of housing 47 42 Support costs 12 14 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 No. In the band £60,001- £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 In the band £130,001 £140,000 Several senior staff left the organisation over the year, which affects the above figures. Employer's pension contributions of £42.773 (2023: £38,129) were paid in respect of these higher paid employees. The total employee benefrts of 5 key management personnel of the charity were £504,461 (2023.. 6 key management personnel received £586,021). 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023.. £nil). During the year ended 31 March 2024, expenses of £1k were reimbursed or paid directly to Trustees (2023.. £1 k) 19
HAIG HOUSING TRUST (A company limited by guarantee) Notes to the financial statements 11. Tangible fued assets Houslng propertles £000 Work in progress £000 Freehold office £000 Motor Office vahicles equlpment £000 £000 Totsl £000 Cost or valuation At 1 April 2023 82,224 307 18 1,690 84,239 Additions 446 135 581 Disposals (427) (18) 11,527) (1.972) At 31 March 2024 82,243 307 298 82,848 Depreciation At 1 April 2023 16,560 156 18 1,581 18,315 Charge for the year 1,277 97 1,380 On disposals 132) 118) (1,527) (1,577) Office impairment 116 116 At 31 March 2024 17,805 278 151 18.234 Net book value At 31 March 2024 At 31 March 2023 12. Investments 2024 £000 2023 £000 Market Value at 1 April 3,818 4,022 Additions 10,118 78 Disposals (26 {27) Gain l (losses) on investments 382 (253) Market value at 31 March Historic Cost Investments comprise £14.3m under management with Investec and are represented by holdings in UK and overseas fixed interest, equities and propety funds. 20
HAIG HOUSING TRUST (A company Ilmlted by guarantee) Notes to the flnancial statements 13. Debtors 2024 £000 2023 £000 Rent debtors 383 180 Prepayments 390 46 Accrued income and other debtors 529 141 14. Creditors: Amounts falllng due within one year 2024 £000 2023 £000 Bank loans 562 Trade creditors 1,755 929 Other creditors 205 68 Accruals and deferred income 3,183 458 The above includes £317k {2023'. £373k) of deferred income which relates to rental income received in advance, the amount bought fOard was recognised fully within the year. Bank loans consisting of two fixed rate loans viith a rate of 6.8Vo were fully repaid during the year. These loanswere secured on five ofthe estates owned by Haig Housing Trust. These made up a small proportion of overall housing stock and had a net book value of £6,687.976 at the previous year end. 21
HAIG HOUSING TRUST (A company limited by guarantee) Notes to the financlal ststements 15. Statement of funds - current year Transfersl Balance at Gainsl 31 March (Losses) 2024 £000 £000 Balance at 1 Aprll 2023 £000 Income Expenditure £000 £000 Unrestrlcted funds Deslgnated funds Fixed asset fund Leasehold liability fund Sustainability projects fund Property acquisition fund Planned improvements fund Communty chest reserve Pension reserve 45,881 117 7,000 1,000 3,000 72 (374) (1,330) 234 44.785 117 7.000 1.000 3.000 72 (359) 66 (51) 183 General funds General Funds- all funds 11,189 14,274 {18,450) 150 7,163 Total Unrestricted funds 333 Endowment funds Permanent Endowment 539 14 526 Restrlcted funds Veterans Accommodation Colchester Borough Council DSSHF Disabled Officer Garden Homes Help for Heroes (coming home) other Mrs Willie James Fund 14.580 450 2.770 14,580 450 2,679 129 (220) 61 1.635 104 306 128 (133) {75) 56 1,560 104 303 (5> (2) 433 261 L 19 732 Total of funds 22
HAIG HOUSING TRUST IA company Ilmlted by guarantee) Notes to the flnanclal statements ststement ol funds-prior year Transfersl Balance at Gainsl 31 March {Losses) 2023 £000 £000 Balance at 1 Aprfl 2022 £000 Income Expenditure £000 £000 Unrestrlcted funds Designated funds Fixed asset fund Leasehold liability fund Sustainability projects fund Property acquisition fund Planned improvements fund Community chest reserve Pension reserve 46,981 117 (1,343) 243 45,881 117 7,000 1,000 3,000 72 (374) 56,696 7,000 1,000 3,000 72 405 46, 765 70 (39) 11,204 (1,273) General funds General Funds- all funds 22,956 11.813 (12,115) (11,46S) 11,189 Total Unrestrfctsd funds 261 Endowment funds Permanent Endowment 553 14 539 Restrlcted funds Veterans Accommodation Colchester Borough Council DSSHF Disabled Officer Garden Homes Help for Heroes (coming home) Other Mrs Wfillie James Fund 14,580 450 2.753 14,580 460 2,770 107 (90) 75 1.710 104 331 115 {1291 (751 61 1.635 104 306 {101 124) 304 24 Total of funds Pemianent Endowment Relates to properties originally gifted to Disabled Officer Garden Homes. Restrlcted Funds l Reserves Veterans Accommodation Fund This fund was created with monies from the Ministry of Defence and is to be used to develop Ipurchase properties in Morden, Scotland, Aldershot and Colchester. At 31 March 2024 the balance of the fund included properties purchased. There is a 15 year covenant on assets purchased with these funds. Colchester Bomugh Council Fund This restricted fund was created with monies from Colchester Borough Council to provide afford8ble homes for ex-service men and women. Disabled SOldr and Sailors (Hackney) Foundation (DSSHF) This restricted fund was created on the gift of the assets and li8bilities of the above charity to Haig Housing Trust. Further details are included in note 24. 23
HAIG HOUSING TRUST (A company Ilmited by guarantee Notes to the flnancial statements Disabled Officer Garden Homgs This fund (along with the permanent endowment fund) represents funds in respect of Disabled Officer Garden Homes administered by Haig Housing Trust. Further details are included in Note 24. Help for Heroes (Coming Home) These funds comprise amounts donated to provide housing to injured service men and women. Mrs Willie James Chan'ty Administered by Haig Housing Trust. the funds are used to support a variety of purposes for needy tenants. Deslgnated funds I reserves Fixed asset fund This represents the net book value of Tangible Fixed Assets held in unrestricted funds which are not available in the short term to fund the Trust's activities. Transfers represent net 8dditions to fixed assets. Leasehold liability fund An accumulation fund created to retain fundsforthe renewal and extension of leases on short and medium term leasehold properties. Sustainability pmjects fund This fund was created in the previous year to retain funds for planned sustainability improvements to the Trust's existing properties in line with the five-year estste improvement project. Pmperty aGqUlSltion fund A fund created in the previous year to provide for funds in anticipation of future property acquisitions in the coming five years. Planned improvements fund A fund created in the previous year to provide funds for a range of planned improvements to the Trust's existing property portfolio in line with the five-year estate improvement project. Pension resenie This represents funds set aside for the potential future costs arising from the Trust's commitment to the Social Housing Pension Scheme. Community Chest ReseNe This fund was created to hold individual donations in order to ensure that the amounts donated are subsequently spent on charitable purposes in dedication to these donors. 16 Analysis of net assets between funds - current perfod Endowment Restrlcted Unrestricted funds funds funds 2024 2024 2024 £000 £000 £000 Total funds 2024 £000 Tangible fixed assets 525 17,709 46,380 64.614 Fixed asset investments 295 13,997 14,292 Current assets 1,728 7,903 9.631 Creditors due within one year {5,143) 15,143) Provisions for liabilities and charges (359) (359) Total 24
HAIG HOUSING TRUST (A company limited by guarantee) Notes to the financial ststements Anatysis of net assets between funds - prior perfod Endowment Restricted Unrestricted funds funds funds 2023 2023 2023 £000 £000 £000 Totsl funds 2023 £000 Tangible fixed assets 539 19,061 46,324 65.924 Fixed asset investments 288 3,530 3,818 Current assets 557 20,422 20,979 Creditors due within one year (2,017) (2,017) Provisions for liabilities and charges (374) (374 Total 17. Reconclllatlon of net movement In funds to net cash flow from operating actlvltles 2024 £000 2023 £000 Net income for the period (as per Statement of Financial Activities) {5,626) (1,882) Adjustments for: Depreciation charges 1.380 1,393 Dividends, interest and returns from investments {634) {319) Profit on the sale of fixed assets Movement in pension deficit liabilty {881 {66) (874) (70) (Increase) l Decrease in debtors 1934) 407 Increase l (Decrease) in creditors 3.711 (930) Interest payable Net cash provided by operating activities 18. Analysis of cash and cash equivalents 2024 £000 2023 £000 Cash in hand 8,329 20,612 Total cash and cash equivalents 25
HAIG HOUSING TRUST (A company limlted by guarantee) Notes to the flnanclal ststements 19. Analysls of Net Debt At 1 Aprll 2023 Cash flov £000 £000 At 31 March 2024 £000 Cash at bank and in hand 20,612 (12,283) 8,329 Debt due within 1 year (562) 562 20. Capital commltments 2024 £000 2023 Contracted for but not provided in these financial statements 21. Penslon commitments Defined beneflt scheme The Trust participates in the Social Housing Pension Scheme {the scheme), a multi-employer scheme which provides benefits to some 500 non-associated employers. The scheme is a defined benefit scheme in the UK. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with the documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The lasl completed triennial valuation of the scheme for funding pUoseS was carried out as at 30 September 2020. The valuation revealed a deficit of £1,560m. A recovery plan has been put in place with the aim of removing this deficit by 31 March 2028. The Scheme is classified as a "last-man standing arrangement.. Therefore the Trust is potentially liable for other participating employers, obligations if these employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the Scherne. For financial years ending on or before 28 February 2019, it was not possible for the Trust to obtain sufficient information to enable it to account for the scheme ss a defined benefit scheme. Therefore the Trust has accounted forthe Scheme as a defined contribution scheme. For financial years ending on or after 31 March 2019, it has been possible to obtain sufficient information to enable the Trust to account for the scheme as a defined benefit scheme. For accounting purposes, a valuation of the scheme is carried out with an effective date of 30 September each year. The liability figures from this valuation are rolled fOard for accounting year- ends from the following 31 March to 28 February inclusive. The latest accounting valuation w8S carried out with an effective date of 30 September 2023. The liability figures from this valuation were rolled forward for accounting year-ends from 31 March 2024 to 28 February 2025 inclusive. The liabilities are compared, at the relevant accounting date, with the Trust's fair share of the Schemes total assets to calculate the Trust's net deficit or surplus. 26
HAIG HOUSING TRUST (A company Ilmlted by guarantee) Notes to the flnancial statements Fair value of lan ass8ts defined beneflt asset resent value of defined benefrt obll atlon and 2024 2023 (£OOOs) (£OOOs) Fair value of plan assets 1,682 1,672 Present value of defined benefit obligation 2,041 2,046 Surplus (deficit) in plan (359) (374) Defined benefit asset (liability) to be recognised (359) (374) Reconclllatlon of o enin and closln balances of the defined benefit obli ation 2024 (£OOOs) 2,046 2023 (£OOOs) 2,818 Defined benefit obligation at start of period Interest and other expenses Actuarial losses (gains) due to changes in financial assumptions Benefits paid and expenses Deflned benefit obllgatlon at end of period ioi 79 11 (697) (154) (117) 2,041 2,046 Reconclliation of o assets enin and closin balances of the falr value of lan 2024 (£OOOsJ 1,672 81 (40) 86 (117) 1.682 2023 (£OOOs) 2,413 66 (736) 83 {154) 1,672 Fair value of plan assets at start of period Inte$t income Losses I gains on plan assets Employer contributions Benefits paid and expenses Fair value of plan assets at end of period Reconciliation of o enin and closln balances of the falr value of lan assets Expenses Net interest expense Defined benefit costs recognised in Statement of Financial Activities 17 10 20 13 Defined benefit costs reco nised in Statement of Financial Activities Experience on plan assets (excluding amounts included in net interest cost) - gain (loss) Gains and losses arising on the plan liabilities - gain (loss) Effects of changes in the demographic assumptions underlying the present value of the defined benefit obligation - gain (loss) Effects of changes in the financial assumptions underlying the present value of the defined benefit obligation - gain (loss) Total actuarial gains and losses (before restriction due to some of the surplus not being recognisable} - gain (loss) (40) (736) (27) 23 32 (16) 667 (51) (39) Total amount recognised in Other Comprehensive Income - galn (loss) (51) (39) 27
HAIG HOUSING TRUST (A company limited by guarantee) Notes to the financial statements Assets 2024 (£OOOs) 2023 {£OOOs) Global Equity 168 31 Absolute Retum 18 Distressed Opportunities 59 51 Credit Relative Value 55 63 Atternative Risk Prem 53 Emerging Markets Debt 22 Risk Sharing 98 123 Propety 68 72 Insurance linked securities 42 Infrastructure 170 191 Private Debt 66 74 Opportunistic Illiquid Credit 66 72 High Yield Opportunistic Credit Cash 33 12 Private Equity Currency Hedging {1) Long Lease Property 50 Secured Income 50 77 Liability Driven Investment 685 771 Net Current Assets Totsl ass8ts 1,682 1,672 None of the fair values of the assets shown above include any direct investments in the employer's own financial instruments or any property occupied by, or other assets used by the employer. Key Assumptions 2024 /0 per annum 4.860/0 3.200/0 2023 'A per annum 4.90% 3.210 2.69% 3.690 750/0 of maximum allowance Discount Rate Inflation (RPI) Inflation {CPI) Salary Growth 3.75% Allowan for commutation of pension for cash at retirement maximum allowance 28
HAIG HOUSING TRUST (A company limited by guarantee) Notes to the financlal ststements Lrfe expectancy at age 65 Male retiring in 2024 Female retiring in 2024 Male retiring in 2044 Female retiring in 2044 20.5 23.0 21.8 24.4 22. Operdting leases - Lessor Properties ovmed by Haig Housing Trust are occupied under various tenancy agreements. The committed rental income generated under these agreements over the next 12 months is estimated to be £513.000 (2023 £579,000). The Charity had no commitments under non-cancellable operating leases at 31 March 2024 23. Related party transactions There have been no related party transactions that require disclosure. Llnked charities and subsldlarles Disabled Officer Garden Homes, Mitchell Flats and Clevedon Homes have in the past been subject to a uniting direction granted by Charity Commission schemes. The objects of the linked charities below are generally the provision of housing accommodstion for people in need, hardship or distress with preference given to ex-service men and women and other charitable purposes for the benefit of the residents as the trustees shall decide. However, in respect of Disabled Officer Garden Homes (DOGH} accommodation is for disabled former officers who are married or in a relationship analogous to marriage. In addition, the Trust holds all allotted shares in Haig Housing Trading Limited (formerly Coming Home Campaign Limited, name changed on 11 June 2019}, a limited company (registered in England and Wales 09331680) that carries out trading activities on behalf of the charity. This entity was dormant for the year ended 31 March 2024 A summary of the results of each, which are included in these Financial Statements, are shown below: Mitchell Flats £'ooo Clevedon Homes £'ooo DOGH £'ooo Income Expenditure 128 (133) 16 (28) 14 (32) (Deficit) I Surplus (5) (12) (18) Net assets 664 (42) 540 29
HAIG HOUSING TRUST (A company limlted by guarantee) Notes to the financlal statements 25. Statement of Flnanclal Activities - Comparatlves Endowment funds 2023 £000 Restricted Unrestrlcted funds funds 2023 2023 £000 £000 Total funds 2023 £000 Total funds 2022 £000 Note Income from: Donations and legacies 23 23 49 Charitable activities 222 10,574 10,796 10.905 Profit on sale of assets 874 874 72 Investments 305 314 96 Other income Total income and endowments 37 37 17 231 Expenditure on: Raising funds Charitable activities 47 13,341 47 13,659 48 11,857 14 304 Totsl expenditure 14 304 Net gainsl{losses) on investments Net movement in funds before other recognised gains Actuarial (losses) on defined benefit pension schemes Transfers beeen funds Net movement in funds Reconciliation of funds: Total funds brought forward 124) (222) (246) 181 14 97 585 139) (39) (55 553 20,003 69,721 90,277 90,917 Net movement in funds Total funds carri8d forward (14 (97) (1,836> {1,947) (640 The Statement of Financial Activities includes all gains and losses recognised in the year. 30