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 re￿nt 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, ex￿p1 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.
Gene￿1 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 fO￿ard 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 SOld￿r 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 pU￿oseS 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 fO￿ard 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 be￿een
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