REGISTERED CHARITY NUMBER: 1197580 Rgport of the Trustees and Audited Finaneial Statements for the Year Ended 31 December 2023 for HORNCHURCH HOUSING TRUST CIO Cooper Parry Group Limited Juniper House Warley Hill Business Park The Drive Brentwood Essex CM1338E HORNCHURCH HOUSING TRUST Contents of the Financlal Statements for the year ended 31 December 2023 Page Report of th* Trustees Statement of Fin8nclal Actlviti•s Balance Sheet Notes to the Financlal Staternents Detalled Statemènt of Financial Activitles 10 to 11 HORNCHURCH HOUSING TRUST Report of the Trustees for the yèar ended 31 December 2023 The trustees piesent t￿lf report wth the finanaal statements ol the Charity lor the year ended 31 Dewnber 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities". Statement ol Recommended Practi¢e applicable to charities prep8iing their accounts In accordance wth the Fin8rLial Rewting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Objeetlve6 arKI a¢tivitle¥ The charty is curientty transiiioning from an unincorpor*ed charity (number 2472381 to a CIO During this period the CIO was dormanl as assets were still In the process ol being formally transferred to the legal ownership ofthe new entity. Publlc Benefit The charity was domiant during this periLKI. Achièvement and performancè The charity was dormant during this period. Flnaneial review The charrty was domant during this psriod Investment policy and obi8ctlves The charity was dormant during this period. Page 1 HORNCHURCH HOUSING TRUST Rèport of the Trustees for the year ended 31 December 2023 Futuro plans The charity W8$ dormant during this perk)d however the future ￿an$ lor the CIO rernain the same 8s the unincorporated charty Inumbw 247236), as follows In the shot term the Charity's priorrty is to continue yoviding accomm(xYation and Oth￿ facilities to a high standard. This Implie5 the continued rnaintenance and irnprovement of our properties and the facilities we offer lo our residents. Further to this the charity would like to expand t￿ numbw of properties rt owns in order to further ts work and increase the provision of accomrnodation currently offered. l Uncertai It still remains to be seen whal the impact. Il any, Brexit will have on the thnstrLKlion market and the trust speulically. In the event ol any emnomio downturn the trust is well to operate as normal due to efficEnt financial (x)ntrols. str(￿9 balanTr Sheet and healthy ca3h reserve3. Covid-1 The trust Was, like all organisations, affected by Covid-19 outbreak. Decisive measures were swftly undertaken, indudin9 closure ol srtes to wotect (Jur team, ￿sidentS and other stakeholders We closely monitored the crisis, and having formed contingency plans earfy and left significant cash In the oiganisation followng a good year. the trust was well placed to see out the crisis and to progress strongly as the economy o)ntinues to recover. The trust is looking at possiblè new busi￿&* models lo ensure compliancy and rnanagement of risk, which if progressed. will result in review of the structure. Future Develo ment though th8 commercial new-build. retlrbis￿ent and frt-out market rwnains cornpelitiva and uncert81n following the Covid-19 outbreak, by activtrty managing iisk a(xoss all areas of the trust. it is well pla￿d lo meet the day to day running r￿ed$ Thè board is looking at potential investmenupropety purch8se options to exte￿1 its current F()rtfolio, as well 8s possib investtnènt in ils existing stod( One property has been purchased since the year end. Trustees will take the approwiale expert advsTr before making any Investrnents I sirategic dec4sions. Structure, governanee and management Governing document The charity Is cortrolled by its governing document, a deed ol trust and fDnstitutes an unincorporated chanty. Hornchurch Housing Trust is an 3rnal9amat￿n of many ancient charities. the earliest being Appleton'5 Almshouses founded In 1586 The cUr￿nt version of the governing document was introdLKed on 15 February 1991 and amended by speaal ￿s￿ul10n on 18 May 1995. The trust is a registered d)arity with the Charity C(xnmission. Appointsnent of trustees The trust deed makes 5yovision for the apFK)intrnent of seven trustees, cffte of whom by virtw ol his Offi￿ will be the incumbent vicar ol Sl Andrews Parish Churth, Hornchurch. Organisation Thè board of trustees administers ttte charty and meets regul8rFy to dis￿$$ the running of the ¢harty A derk has been appointed by the trustees to manage it5 day-to-day operations under the su[ervis￿n of the chairman and deputy chairman. Related Parties and Connècted Organisation5 The charity has no link with "Related Parties" as defined by the Statement of Recommended Practi￿ and has not combined with any other organisation in the pursuit of Its charitable objectNe5. Reference and admlnistrative dètalls Registered Charity number 1197580 Prlnclpal address 33 Skeale5 Cowt Sunrise Avenue Hornchurch Essex RM124YA Page 2 HORNCHURCH HOUSING TRUST Report of the Trustees for the year ended 31 December 2023 Trustees Cllr C Smith Mr J Mylod Mr S 8 Sealon Mr M Wallace Mr P J Salisbury Rev KAWyl Mi J R Evans Mrs Carol Margaret Smrth Mr John Wood Auditors Cck)per Paffy Group Limited statLrtory Auditor New Derwent House 89-73 Theobalds Road London WC1X 8TA The audrt business of Haines Watts LLP acquired by Cwper Parry Group Limited on 14 November 2023. Haines Watts LLP has resgned as auditor and Cooper Parry Group Limited has been app￿nt& in rts place. Investment Managers Brewin Dolphin Ltd 12 Srnitmfield Strèet London EC1A 9BD Ruffer LLP 80 Victoria Streel London sWlE￿L M & G Investment PO Box W38 Chelrnsford CM992XF Sts¢gment of trustees, responsibilities The trustees are re5pK)nsible for preparing the Report of the Trustees and the financial statements In accordanc* with applicable12w and United Kingdorn AGcounting Standards (United Kingdom Generally Accepted Accounting Practi￿1. The law applic2ble to charities in England and Wales. the Ch8rities Ad 2011, Charity IA(LountS and Rerortsl Regulations 2008 and the provisions of the tIUSt de8d requires tme trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs ol the tharity and of the InC￿ning reSoUr￿S and application of resources. Including the incorne and expendituie, of the tharity lor that period. In preparing ttrK)se financi81 statements, the trustees are required to select suitable attountino wlicies and th8n appty them consistently., observe the methL￿$ and prinuples in the Charity SORP. m3ke judgements and estirnale$ that are reasonab￿ and prudent, prepare financial statements on the going con￿rn basis unless it is inappropriate to presume ihat the charrty wll ontinuè In business. The trustees are responsiblè lor keeping proper accounting ￿e0rd$ which disclose with reasonable accuracy at any time the financial position ol the charity and to enable them to ensure that the financia5 statement5 comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the wovisions ol the trust deed They are 31s0 responsible IC￿ safeguarding Ihe assets of the charity and henTr lor taking reasonable steps for the prevention and detection ol fraud and other irregulairties Page 3 HORNCHURCH HOUSING TRUST Report ol the Trustees for th? year 8nded 31 Decembèr 2023 ststement of tnJ5tees' rèspon5ibilities. ¢ontlnued Under the charities Act 1993. the Trustees are requ1red to.. Il Keep propel accwnting records which disckjse with reasornab￿ accuracy ai the lime the finanoal Fosilion of the charity., ill To prepare finartial statements lor e8th financial year which gNe a true and fair view ol the state ol the charty's affairs and of the surplus or deficit for the ye8r. and comply wrth the rwjulalions made by the seo*elary of slate. In weparing those financ481 stat￿entS thetrustees are required to.. select surtable a(tounling policies and then 8ppty them consistently,. makejudgements and estimates that are reasonable and wdent., state whether applicable accounting standards have been followed. subject to any rnaterial departures disclosed and 8xplained In the finanaal statements and whether the linancol statements have been prepared In accordan￿ wth the statement ol recomrnended practi￿, 'AGwunting and Reporting by Charities, issued by the Charity Commission. Yepare the financial statements on the going con¢6rn basis unless il is inappropnate to presume ihat the charity will ntinue in operation. The Trustees are also responsible lor safeguarding the assets of the charity and hence for taking reasonable steps for the preventbon and detection of fraud and other Irreg Approved by order of the board of trustees on.. and signed on its bshall by.. Mr M Waiia&- Trust Pa9e 4 HORNCHURCH HOUSING TRUST Statement of Financial A¢livlties for the year ended 31 December 2023 2023 Tolal fund$ 2022 Tota1 funds Notes Income and endowments from Oonations and le9acies Charitable actlvltles Core Activrties Investsnent income Total Expendlture on Charitablè activities Core ￿￿tIeS Net gainslllossesl on invesknenls NET INCOME Reconclliatlon of funds Total funds brought forward Total funds carrled forwar(J Thè notes form part of these financial statements Page 5 HORNCHURCH HOUSING TRUST Balance Sheet 31 Dècember 2023 2023 Total funds 2022 Tot81 funds Ntsles Fixad assets Tangible assets Investments Investments Investrnent property Current assets Debtors Cash at bank and in h8nd 10 Creditors Amounts falling due wthin one year Net eurrent assets Totsl a5s•ts less ¢urr•nt Ilabilities NET ASSETS Funds UnreStr￿ed funds 12 Total fund¥ The financial ststements were approved by the Board of Trustees and authorised for issue . and were signed on its behaw by." Mr M Walla Tr The notes fom) part ol these fin8ncial statements Page 6 HORNCHURCH HOUSING TRUST Notes to the Financial Statements for th• year ènded 31 December 2023 Ac¢ountlng policies Basis of preparing the financial statem•nts The financial statements ol the charity. which is a public benefit entity under FRS 102, have been prepared in accordanTr with the Charities SORP IFRS 1021 'Accounting and Rewting by Charities.. Statement ol Recommended Practice applicable to charilies preparing their accourits in accordance wth the Financial Reporting Standard appli¢able in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Stand8rd applicable in the UK and Republic of Ireland, ar￿ the Charities Act 2011. The finanu81 stat￿nentS have been prep81ed under the hist￿l¢aL cost convention. with the exception ol investments thi¢h are included at rnarket value. as modified by the revaluation ol ¢ertain assets. Golng ¢oneern The financial slaternents have been wepared on a going conTrrn basis. The trustees have reviewed and considered relevant information, induding the annual budgel and future cash flows In making their assessment with regard to going concern. Based on these assessments, trustees have concluded that they can C(￿tInUe to adopt the going con￿rn basis In preparing the annual report and account Financlal reporting stsndard 102. redueed disclosure exemptions The charity has t8ken advantag8 01 the followng disc105ure exemptions in prepanng these financial statements. as pemitted ty FRS 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland.: the requirements ol Section 7 Statement of Cash Flows. In¢om• All 1ncome is recognised in the Statemenl of Finanaal Activilres once the ch8rty has entitlèment to the funds, it is piobable that the Income will be re￿Ned. and the amount can be measured reliabty. Expenditure Liabilities arè rec￿niSed as expenditure as soon as there is a legal or constructive obligation Commiiting the charty lo that expendrture, it is probable that a transfer of ￿onOmIC benefits wll be required in settlement and the amount ol the obligation can be measur& reliably Expenditu￿ is accounted for ￿ an acciuals basis and h8S tken dassilied under headings that aggregate all cost related to the category. Where costs ¢annot be directly attributed to particular headings, they have been allocated lo adivibes on a basi5 Lvnsistent with the use of reSoUr￿s. Allocation of cost Costs ol a direct n8turè have been groupgd and allocated directly to the aCtivit￿S to whith they relate. Tangiblè flxe(l assets Depreciation Is provided at the followwng annual rates in ordei lo wrrte off each asset over ts estimated useful life. Investfflènts Investments a￿ stated at fair value. The mid-market valUat￿n is included 81 the balance sheet dale and the gasn or loss is taken to tha Statement of Financial Activtties. Investmènt property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising tr¢M charoes in fair value Is rec0jni5￿l in the Staternent of Financial Activth"es. Taxation A5 a charity. Hornchurch Housing Trust is exempt frc¥n tax on income and gains falling within Section 505 01 the Taxes Act 1998 or S256 of the Taxation ol Chargèable Gains Acl 1992 to the èxtent that these are applied to Ifs charitable objects. Page 7 HORNCHURCH HOUSING TRUST Notss to the Financial Statements - continu•d for the year endèd 31 December 2023 Ac¢ountyng policle5- continued Fund a¢countlng Unrestricted funds are available for use at the discretion ol ihe trustees In fUrth8ran￿ ol the gener81 obje(Xives ol the charity. Unrestrict8d funds indude a revaluation reserve ￿presentIng the restatement of investment assets at market value. Designated funds are unrestricted fvnds'riry len￿d by the Management Comrnrttee for particular PLJrposes. Restricted funds c8n onty be used l(K particular restricted purposes within the ottects of the charty. Restrictions arise when specified by the donor or when funds are raised for particular restri¢ted purposes. Further explanal10n of the nature and purpose of each fund is induded in the notes to the financial statements. Flnancial instruments Financial assets and financial liabilities are recognised in the tralan￿ sh*t when the entity tecornes a p8rty to the contractual provisiolls ol the instrument. Basic financial Instruments are Initially recogni5ed al the transaction price. unless the ¥ran￿ment constitutes financing transadion. where it Is recognised at the pyesent value of the fLrture payrnents discounted at a market rate of Interest for a similar debt instrument. Trade and other debtors and credrtcrt are classified as basic finanoal instruments and measured at initi81 recognrtion ai transaction price. Cash and cash equivaltsnts are classffied as basic financial Ir￿umentS and c￿nprise cash in hand and at bank Comparatives for the statemènt of financlal activiUes Unrestnded funds In¢cffle and endowments from Charitable ￿tivitieS Core Activities Investment Income Total Expenditure on Charltable activlllos Cole Acliwties Ntrl gains on investments NET INCOME Reconciliatyon of funds Total funds tKought forward Total funds carrl•d forward Page 6 Movement In funds Net movement in funds At 31.12.23 At1 1.23 Unrestricted tund¥ General fund TOTAL FUNDS Net mov8ment in lund& included in the aLove are 8s follows.. In¢(ming resources Resources expended Gains and losses Movemenl in funds Unrestrictad furKis General fund TOTAL FUNDS R•lated party dlsclosures No rèlated party disdosures to note in this period. Page 9 HQRNCHURCH HOUSING TRUST Detailed statement of Finartclal Activiti•S for the year end￿ 31 1)ecember 2023 2023 2022 Incryne and endowments Donations and legaci•s Donated services and faolth'es Investment income Dividends reTrivable Deposit account Interest Charitable activitie5 Weekly tnaintenance & ancillary thaiges Ground rents Total ines)mlng resources Expendlture Charltsblg activltles Repairs and maintenan¢è Insurance Property utilities Accountancy Helpline servi Personnel cost Cost of gènerating fufids Support costs Management Office costs Gifts and benevolence Legal and consultancy Sundries Subscriptions Depreaation Flnancè Bank d)arge5 Total rèsources expended Net income before gains and losse8 Realised reeognlsed gains and108se¥ Carried forward This page does not form part of the staiutory financ￿1 staternents Page 10 HORNCHURCH HOUSING TRUST Deialled Statement of Financial Activiii•s for the year ènded 31 December 2023 2023 2022 Realised r•cognised gains and lo¥ses Brought forward Net g31nslllossesl on Investments Net in¢c￿$ This p8ge does ncrt form part of the statutory finarual statements Page11