**HAMMERSMITH UNITED CHARITIES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
**Registered Charity Number: 205856**
**HAMMERSMITH UNITED CHARITIES TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
|**CONTENTS**|**Page**|
|---|---|
|Reference and administrative details|2 - 3|
|Chair’s introduction|4|
|Structure, governance & management|5-6|
|•
Method of appointment and election of Trustees||
|•
Organisational structure and decision making||
|•
Induction and training of new Trustees||
|•
Pay and Remuneration||
|Public benefit|6|
|Objectives and activities|6|
|Achievements and Performance|7-8|
|•
Almshouses||
|•
Grants Programme||
|•
Partnerships||
|Volunteers and Fundraising|8|
|Trustee’s Report|10 - 12|
|•
Financial review||
|•
Investments||
|•
Key risks and uncertainties||
|•
Going concern||
|•
Plans for future||
|•
Reserves policy||
|•
Value for Money||
|Statement of Trustee’s responsibilities|13|
|Statement of internal financial controls|13|
|Independent auditor’s report|14 - 16|
|Statement of financial activities|17|
|Balance sheet|18|
|Statement of cash flows|19|
|Notes to the financial statements|22 - 34|
|Prior Year Statement of financial activities|34|
|Appendix: Grants made 2023/24|35 - 39|
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**HAMMERSMITH UNITED CHARITIES TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **REFERENCE & ADMINISTRATIVE DETAILS**
|**Trustee**|Hammersmith United Trustee Company|
|---|---|
|**Trustee company registration number**|06928467|
|**Charity number**|205856|
|**Homes England number**|1789|
|**Registered office**|Sycamore House, Sycamore Gardens, London W6 0AS|
|**Directors of the Trustee**||
|Vivienne Lukey|Chair, Chair of Governance and HR Committee|
|---|---|
|Christabel Cooper|Deputy Chair, Resigned June 2024|
|Samantha Adams#|Appointed April 2023|
|Manekshkumar Dattani||
|Samuel Deards|Chair of Grants and Partnerships Committee|
|Louise Delahunty||
|John Goddard||
|Kevin Griffiths|Appointed June 2024|
|Richard Jablonowski|Chair of Finance and Investment Committee|
|Frederique Jungman|Chair of Housing and Property Committee|
|Rev David Matthews +||
|Lydia Paynter *|Appointed September 2023|
|Cllr Natalia Perez*||
|Amir Sadjady|Resigned April 2024|
|Hugo Sintes||
|Cllr Nikolaos Souslous*||
|Derek Williams|Appointed June 2024|
## **Nominated Trustees**
***** Hammersmith & Fulham Council; **#** Latymer Foundation; **+** Bishop of Kensington
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**HAMMERSMITH UNITED CHARITIES TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **REFERENCE & ADMINISTRATIVE DETAILS (continued)**
## **Management Team**
Chief Executive and Clerk to the Trustees
## Victoria Hill
## **Auditors**
Nyman Libson Paul LLP 124 Finchley Road, London NW3 5JS
## **Solicitors**
## **Investment advisers**
## **Surveyors**
Russell Cooke 2 Putney Hill London SW15 6AB Cazenove Charities 1 London Wall Place London EC2Y 5AU Congreve Horner 10 Princeton Court 55 Felsham Rd London SW15 1AZ
## **Contact details**
info@hamunitedcharities.com
Office and correspondence address Sycamore House Sycamore Gardens London W6 0AS www.hamunitedcharities.com
facebook.com/hamunitedcharities @HamUnited
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**HAMMERSMITH UNITED CHARITIES TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **CHAIR’S INTRODUCTION**
Hammersmith United Charities was founded in 1618 with a mission to provide housing for older people and relief in need for the local community. Over 400 years later, our commitment remains as strong as ever.
This year, we welcomed 6 new residents to our Almshouses, John Betts House and Sycamore House, where we provide 92 affordable flats for people over 60. We invested heavily in our buildings, spending more than £300k on upgrading both communal lounges, refurbishing flats and implementing a new warden call system in preparation for the digital switchover. The Almshouses are a lively and welcoming community, and the residents enjoy an active social calendar including exercise classes, weekly coffee mornings, gardening activities, day trips and a grand party to celebrate the coronation of His Majesty King Charles III.
Our grants programme has continued to make a substantial impact, with £414k awarded to more than 50 organisations. Hammersmith United Charities believes in the power of community groups to understand and respond to local needs, support people in crisis, and bring people together to create strong community bonds. Our funds support a wide range of local organisations including those providing advice on debt, benefits, and housing, enabling children from low-income households have access to the same opportunities of their more affluent peers and supporting good health and social inclusion. Our new Flexible 3 Year Grant programme, introduced in response to community feedback, will support long-term planning for local organisations.
Strong partnerships between health and social care services and the voluntary sector are key to addressing health inequalities in the area and we have been pleased to collaborate with Imperial College Primary Care and Public Health team and the Central London Community Health Care NHS Trust to help educate young health professionals on the impact of housing and community organisations on population health.
A strong performance from the investment portfolio helped increase income from £1.3m to £1.8m, the portfolio is valued at £13.4 million and has been restructured to align with our mission, emphasising responsible business practices. We fixed our energy contracts for three years in 2021 and so were able to keep energy costs constant while prices were at their peak, the contracts were renewed during the year and whilst energy costs have doubled, we have been protected from the worst of the energy crisis. With net assets of £33.5m our reserves remain strong, ensuring our capacity to support both our Almshouses and the community in the longer term.
As we look to the future, our focus will remain on providing safe, secure housing and relief for those most in need within our community.
I extend my heartfelt thanks to our dedicated staff, volunteers, and trustees, whose hard work and commitment have been instrumental to our success.
Vivienne Lukey
Chair
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**HAMMERSMITH UNITED CHARITIES TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **STRUCTURE, GOVERNANCE & MANAGEMENT**
The Charity is an unincorporated trust constituted by a Scheme of the Charity Commissioners dated 14 July 1992 and amended by an order of 12 February 2007, a resolution dated 11 September 2008, and a further Scheme dated 3 March 2010 under which the Trustee was appointed as sole corporate Trustee. The Trustee is a company limited by guarantee. The Charity is also a Registered Provider of Social Housing registered with Homes England.
## **Method of appointment and election of Trustees**
The Trustee company is governed by a board of directors, referred to below as Trustees, comprising co-opted Trustees and nominated Trustees. Trustees serve a term of 4 years and are eligible for re-election or re-appointment, but no Trustee can serve more than 12 years.
There are five nominated Trustees; three appointed by the London Borough of Hammersmith and Fulham; one appointed by the governors of the Latymer Foundation; and one appointed by the Bishop of Kensington.
Up to ten co-opted Trustees may be appointed, all of whom must live, work or have a meaningful connection to our Area of Benefit. The Charity undertakes regular skills audits to inform recruitment of new Trustees to ensure there is an appropriate balance of skills and experience. We run an open recruitment process supported by advertising campaigns and encourage applications from a wide variety of people to make our board as representative as possible of the communities we work with.
## **Organisational structure and decision making**
The Board of Trustees and Trustee committees meet four times a year and the Board receives reports from the management team and Trustee committees:
- Housing and Property Committee
- Grants and Partnerships Committee
- Finance and Investment Committee
- Governance and HR Committee
The Board also receives reports from time to time from working groups or advisory committees, for example the Trustee Recruitment group.
The Trustees are responsible for setting strategy and are in law responsible for the running of the Charity, with the day-to-day management of the organisation being delegated to the Chief Executive and Clerk to the Trustees who oversees the staff team.
The Board believes this structure provides an adequate code of governance which is complaint with the HCA Governance and Financial Viability Standard, and the requirements of the Regulator of Social Housing and Charity Commission.
## **Induction and training of new Trustees**
All Trustees receive a thorough induction. New Trustees receive briefings from senior staff and Committee Chairs; are given a Trustee handbook, which includes the governing instrument, latest financial statements and other briefing documents; all Trustees must take safeguarding and diversity training, other training is provided if required; Trustees make introductory visits to the Almshouses and grant holders. The induction and ongoing training of Trustees is reviewed and updated regularly.
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**HAMMERSMITH UNITED CHARITIES TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **Pay and Remuneration**
All Trustees work on a voluntary basis and do not receive remuneration.
Staff pay and remuneration is recommended by the Governance and HR Committee and approved by the Board. Salaries and across the board pay increases are benchmarked against comparable roles/organisations in the sector by the Charity’s HR advisors, WorkNest.
## **PUBLIC BENEFIT**
Trustees have had regard to the guidance and the duties set out by the Charity Commission for public benefit when reviewing the Charity’s aims and objectives and in planning future activities across its grants programme and Almshouses.
## **OBJECTIVES AND ACTIVITIES**
The Charity’s objects are to provide for those in need within its Area of Benefit, the former Metropolitan Borough of Hammersmith. The Charity’s scheme directs it to provide:
- _i. Supported living accommodation for elderly people in need who have at least five years of association with the area of benefit and have limited means_
This is delivered through the operation of two Almshouses, Sycamore House and John Betts House, in Hammersmith. There are 92 flats plus 2 guest flats providing high quality accommodation for people over 60 who are on a low income and have assets of under £25,000. Potential residents must have lived in the area of benefit for 5 years.
- _ii. Relief in need to support, "either generally or individually, persons resident in the area of benefit who are in conditions of need, hardship or distress”._
This is delivered through a community grants programme. The Charity grants £400,000 per annum to local charitable organisations working with the people in our community who are most in need. Need may be experienced in different ways, for example through poverty, risk of exclusion or marginalisation, challenging family circumstances or ill health.
## **Almshouses**
The Almshouses support independent living for a diverse community with an age range from 60 to more than 90. We work closely with local health and social care partners to ensure that everyone has as much independence as possible and those who may require extra help have choice and control over the care and support they receive.
Community is a core tenet of Almshouse living and in 2023/24 the communal lounge at John Betts House received a muchneeded refurbishment, the residents selected the decor and a lighter, more modern space has been created. We are pleased to see that the lounge is now much more actively used by residents and their families. The lounge at Sycamore House was also refreshed with new paint and flooring. The residents enjoy welcoming the local community into the Almshouses, for example in 2023 we held parties to celebrate the King’s Coronation, held fundraising events for local good causes and took part in London Open Gardens. Children from Miles Coverdale Primary School visited Sycamore House for several weeks to tak e part in intergenerational music making sessions with the residents and John Betts Primary school kindly sang Christmas carols at both Almshouses.
The Almshouse gardens are an important part of our wellbeing strategy. The Community Gardeners work with residents to enable them to engage with the outdoors in whatever way suits that best whether that is gardening in their own plot, general maintenance of more accessible group activities such as seed cleaning or making lavender bags. In 2023/24, the residents of John Betts House received the bronze prize in the London Small Community Garden competition.
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**HAMMERSMITH UNITED CHARITIES TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024**
The Charity is committed to regular consultation and open communication with residents. Informal discussions are held weekly at the coffee mornings and a Residents Forum is held quarterly and is open to all residents. Residents are invited to submit questions or agenda items or to raise them on the day. Staff use the Forum to consult with the residents on matters which impact on them such as the redecoration programme.
We actively promote the Almshouses throughout the community with the aim of reaching older people with greatest housing need, during the year we were happy to welcome two new residents to Sycamore House and four new residents to John Betts House.
During the year we carried out a residents’ survey in order to be able to calculate “Tenant Satisfaction Measures” to report to the Regulator of Social Housing. We are pleased to report that we had 51 responses and overall satisfaction of 92%. We have discussed the results of the survey with the residents and implemented a plan to address the actions which arose from the discussion.
## **Grants Programme**
Hammersmith United Charities awarded 74 grants with a total value of £414k to community organisations during the year. More than 7,500 people living in the local community have benefited from these grants.
The Charity supports small local, community organisations as we believe these are the people who know our community best and are most able to engage those who are marginalised or disadvantaged. All our funding must be spent on people who live within the Charity’s area of benefit and the majority of charities we support are based in the area with strong roots in our community.
Civil society in Hammersmith is constantly involving in response to changes in our community and we fund a mixture of longstanding organisations such as the Sulgrave Club which has been providing after school and holiday activities to young people in Shepherds Bush for nearly 100 years and newer organisations such as 1000 Black Boys who are working to inspire young black men to fulfil their potential. We recognise the importance of lived experience in identifying and delivering services in our community and this year funded Gener8te, an organisation led by people with dyslexia which provides dyslexic friendly training and Bees and Refugees whose founder fled the war in Syria and provides therapeutic relief to fellow refugees who suffer from the trauma of war and struggle to settle into their new homes. Our remaining Community Grants support a wide range of causes, and we hope the impact of them as a whole will be to reduce inequality in Hammersmith.
During the year we introduced a new Flexible 3 Year Grant programme and were pleased to award The Lido Foundation, Violence Intervention Project and Family Friends £15,000 per year for three years. The programme was launched in response to feedback from our community partners about the challenges they face, and we hope these multi- year grants will support them to plan for the longer term. We plan to award three new Flexible 3 Year Grants each year.
The challenge facing many of our grants holders of managing constrained funding, rising costs and increasing need persisted for another year and we are very aware of the pressure this places on workers and volunteers. The 2023/24 Resilience Fund awarded 24 grants of £500 for community organisations to put towards projects such as volunteer appreciation events, training or team away days.
A full list of grants made is included with the accounts.
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## **HAMMERSMITH UNITED CHARITIES TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **Partnerships**
In 2018 the Charity founded H&F Giving in partnership with Dr Edwards and Bishop King’s Fulham Charity. We aim for H&F Giving to become the go-to organisation for funders and donors to understand and meet the needs of local people. In 2023/24 H&F Giving distributed £363k of funding to provide support to those facing crisis and poverty, particularly families with children under 18 and people with disabilities. A highlight of the year is the Christmas lunch provided for 325 socially isolated people, which this year included a surprise visit from H&F Giving Patron, Hugh Grant!
We continued our partnership with Imperial College Primary Education Team to educate medical students on the importance of working with housing and community partners to address health inequalities. We also created a new partnership with the Central London Community Health Care NHS Trust to create training placements for Occupational Therapy students. The students worked with the Almshouse residents to co-create a programme of health and wellbeing activities such as falls and dietary advice. The project is being used as a case study of a successful community partnership for the Trust.
## **Digital Strategy**
An upgraded warden call system was installed at each Almshouse during the year in preparation for the digital switch over, this also supports a new “I’m OK” button enabling residents to let us know they are OK if they don’t wish to receive a welfare check.
Community organisations are now able to apply for grants online, this makes the process more accessible and will make it easier for the Charity to measure the impact of our funding.
## **VOLUNTEERS**
We were grateful for the support of 2 volunteers during the year to help us maintain our gardens.
## **FUNDRAISING**
As an endowed Charity, Hammersmith Untied Charities does not actively fundraise though we occasionally receive unsolicited donations, these are usually added to the Charity’s grants budget and given out to local charitable organisations.
From time to time the Charity may make applications for funding from other bodies if we identify an opportunity which aligns with our charitable objectives.
The fundraising activities of H&F Giving are overseen by an independent Board however as a founding partner the Charity is committed to ensuring that fundraising abides by the Fundraising Standards Board’s Fundraising Code of Practice, the FRSB’s Fundraising Promise and to high standards of fundraising activity which respects the rights, dignities, and privacy of H&F Giving’s supporters.
No complaints have been received about fundraising activity during the year.
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**HAMMERSMITH UNITED CHARITIES TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **FINANCIAL REVIEW**
## **Income**
Income for the year was £1.8m (£1.3m in 2022/23). The three principal sources of income are ‘Weekly Maintenance Charge’ and service charges from the Almshouses which make up 63% of total income, (75% in 2022/23), investment income makes up 35% (21% in 2022/23), and Donations and Grants and Other income make up 2% (4% in 2022/23).
## **Expenditure**
Unrestricted expenditure, which excludes capitalised items and property depreciation, totalled £1.5m (£1.4m in 2022/23). The Charity therefore made an unrestricted surplus of £158k (£160k unrestricted deficit in 2022/23) before investment gains (losses in 2022/23), transfers to the permanent endowment and actuarial losses in respect of the pension scheme. Including investment revaluations, depreciation and actuarial losses in respect of the pension scheme, there was an overall surplus of £471k (£1.7m deficit in 2022/23).
The grants programme, including salary and support costs, incurred expenditure of £548k (£465k in 2022/23).
Staff costs for the year, including salary costs for grants were £521k (£463k in 2022/23).
Capital expenditure for the year was £313k (£739k in 2022/23). Depreciation, which is mainly attributable to our Almshouse properties, was £591k (£561k in 2022/23)
## **Investments**
The Charity has assets that comprise a portfolio of investment funds of £13.4m (£13.3m in 2022/23) managed by Cazenove and investment property valued at £1.7m (£1.7m in 2022/23). Both investment properties have been subject to independent external valuations and the value remains unchanged from the previous year.
The Board aims to achieve a return from the portfolio consistent with its intention to fund a grants programme that maintains its real value over time. The Charity has an unlimited investment horizon and is therefore able to tolerate volatility in the capital value of the investment funds in the medium to long term, in line with the total return target of CPI +4% achieved over a rolling five-year period. Investments are held in marketable securities diversified by asset class, manager, geography and security. At 31st March 2024 the valuation of marketable securities of £13.4m reflected unrealised gains of £0.8m (£0.7m losses in 2022/23), though this is below the long term target of CPI+4% the Trustees expectation is that long term targets will be met. Fund performance is reviewed regularly by the Finance and Investment Committee and reported to the Board at each Board meeting.
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**HAMMERSMITH UNITED CHARITIES TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **KEY RISKS AND UNCERTAINTIES**
The Trustees have implemented a risk management policy which identifies significant risks and proposes measures to mitigate and manage them. These are documented on the risk register which is regularly reviewed and updated.
Risks relate primarily to finance and assets, operations of the Charity’s two Almshouses which includes the delivery of a capital programme, and the reputation of the Charity. Mitigating actions include maintaining adequate reserves and healthy cash flow, regular review of the investment portfolio, maintaining good relationships with beneficiaries, and maintaining strong health and safety and safeguarding procedures including external assessments of health and safety and fire safety.
The government requirements regarding ‘Net Zero’ and the funding available to support this are changing rapidly. Our biggest opportunity to cut carbon emissions will be to replace the gas heat network however we have been advised to wait until there is more proven affordable and reliable replacement technology available to us.
## **GOING CONCERN**
Trustees have given due consideration to the Charity’s Going Concern status and regularly review our cash needs for the next 5 years. Given the funds available from the Charity’s unrestricted reserves and the relatively stable income from the Almshouses the Trustees believe it is appropriate to adopt the Going Concern basis of accounting in preparing the financial statements.
## **PLANS FOR FUTURE**
The Charity’s purpose is to provide safe and secure housing for local older people and ‘relief in need’ for our community and we will continue to do this through our Almshouses and grants programme.
We have invested heavily in the Almshouses in recent years and so in 2024/25 expect only to carry out essential works to maintain the properties at a high standard and meet regulatory requirements. This will include upgrading the fire doors and refurbishing flats as they become empty.
In April 2024 the Housing Ombudsman introduced a new complaints handling code. The Charity takes a positive approach to complaints handling and welcomes the opportunity to improve the services we provide to residents of the Almshouses. The new code will be adopted in full and communicated to all staff and residents. We are working with the residents to update the Resident’s Handbook and will continue to develop our residents’ engagement programme to ensure that residents have every opportunity to provide feedback and influence the services we provide to them
Local community organisations face an ongoing challenge of increasing need, more complexity in the problems that people face and a difficult funding environment. Hammersmith United Charities is committed to supporting our community with funding, networking and capacity building opportunities and championing the value of their work.
We will continue to support the development of H&F Giving with core funding of £30k per annum committed until 2025 along with ongoing administration and strategic support to help the charity to become sustainable and deliver long term impact in our community.
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**HAMMERSMITH UNITED CHARITIES TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **RESERVES POLICY**
The Charity has total reserves of £33.5m (£33.1m in 2022/23) of which £22.3m (£22.3m in 2022/23) relates to the permanent endowment. Unrestricted funds amount to £11.2m (£10.7m in 2022/23) and restricted funds amount to £18k (£18k in 2022-23). £17.3m (£17.6m in 2022/23) of the permanent endowment is made up of the Almshouse properties which under the terms of the Charity’s governing scheme must be retained permanently as Almshouses. The balance of the permanent endowment of £5.1m (£4.9m in 2022/23) includes an investment portfolio of funds of £3.4m, (£3.2m in 2022/23) and two investment properties with value £1.7m. The Trustees may vary the mix of property and other investments but must retain rather than expend the investment capital of the permanent endowment.
The permanent endowment investment funds of £3.4m are made up of the proceeds of investment properties which have been sold in past years and reinvested in funds. After seeking professional advice from the Charity’s solicitors and investment advisors the Trustees agreed to adopt a Total Return approach to the permanent endowment funds from 1 April 2022. A valuation of £2.2m was given to the base capital value of the permanent endowment funds – this represents the amount that must be preserved in perpetuity. This figure is based on the value of the investment properties in March 2001 (the first point that a market value is noted in the Charity’s records) plus inflation. Funds of up to 4% are withdrawn each year with the specific amount agreed by the Board each year in order to maintain a positive unapplied total return. The unapplied total returns in the permanent endowment at 31 March 2024 were £1.2m and movements during the year are analysed below.
||**Capital value**|**Unapplied total**|**Total permanent endowment**|
|---|---|---|---|
||**£**|**return £**|**investment funds £**|
|**Balance at 1 April 2023**|**2,200,000**|**993,339**|**3,193,339**|
|Dividends and interest||133,961|133,961|
|Realised and unrealised gains/(losses)||179,262|179,262|
|Investment management costs||(3,839)|(3,839)|
|Unapplied total return allocated to||(93,750)|(93,750)|
|income in the reporting period||||
|**Balance at 31 March 2024**|**2,200,000**|**1,208,973**|**3,408,973**|
The balance of the invested funds is unrestricted and totals £10.0m (£10.1m in 2022/23). The Trustees have elected to hold these funds predominantly as investments for the purpose of generating income and capital gain and to hold only the minimum working capital necessary to meet the Charity’s obligations on a timely basis. The Trustees present intention is to keep these reserves at around the same level subject to the annual fluctuations arising from the unrealised gains or losses on the revaluation of investments and to maintain the amount withdrawn from the investment portfolio at a level sufficient to fund the grants programme and investment in the Almshouses. The Trustees are in the process of setting a target range for the free reserves.
## **VALUE FOR MONEY**
The Charity’s approach to Value for Money is to take a holistic view of financial value and outcomes for beneficiaries so that the Charity makes the best possible impact from the resources available – people, buildings and talent.
The Charity carries out an ongoing programme of capital improvements according to the recommendations made in our stock survey and responding to changes in regulatory requirements or any issues which arise during the year. Flats are refurbished every 7 years or when they become vacant, and the Charity’s Scheme Managers work closely with residents to identify and address maintenance issues as quickly as possible. Major projects are put out to tender to multiple suppliers and a full appraisal carried out of the value for money before a decision is made.
A budget and business plan are created each year and scrutinised in detail by the Finance and Investment Committee before being reviewed and approved by the Board. Performance metrics are reported and reviewed each quarter and plans put in place to address any areas of under-performance.
Grantees are required to submit monitoring reports, and these are reviewed before further funds are released. The impact of the grants programme is reviewed annually; in 2023/24 it reached more than 7,500 people.
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**HAMMERSMITH UNITED CHARITIES TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
The Charity has reviewed its metrics in accordance with the Value for Money Code of Practice. The core housing information is set out in the following table.
|**Metric**|**Definition**|**2024**|**2023**|
|---|---|---|---|
|**Business Health**||||
|Operating Margin - Social
Housing (non-support)|Operating surplus (deficit) from social housing lettings /
turnover from social housing lettings|(36.5)%|(48.6)%|
|Operating Margin -
Overall|Operating (deficit) overall / turnover overall|(16.9)%|(51.5)%|
|EBITDA MRI interest
cover|Earnings before interest, tax, depreciation, amortisation,
major repairs included Interest cover %|N/A|N/A|
|**Development**||||
|New supply as a % of
current units||Nil|Nil|
|Gearing|Short term loans + long term loans - cash and cash
equivalents + finance lease obligations / Tangible fixed
assets: Housing properties at cost (current period)|N/A|N/A|
|**Outcomes**||||
|Reinvestment %|Development of new properties (housing) + newly built
properties acquired + works to existing housing properties
+ capitalised interest on housing properties + schemes
completed / Tangible fixed assets housing at cost|1.3%|3.2%|
|**Effective Asset**
**Management**||||
|ROCE|Operating (deficit) overall / total assets less current
liabilities|(0.9)%|(2.1)%|
|**Cost per unit**||||
|Headline social housing
cost||£15,824|£15,664|
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**HAMMERSMITH UNITED CHARITIES TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Charity law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
- observe the methods and principles of the Charities SORP (FRS 102);
- follow applicable UK Accounting Standards (FRS 102),
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. 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.
## **STATEMENT ON INTERNAL FINANCIAL CONTROLS**
The Trustees acknowledge their ultimate responsibility for ensuring that the charity has in place a system of controls that is appropriate to the environment in which it operates. These controls are designed to give reasonable assurance with respect to:
- the reliability of financial information used within the charity or for publication;
- the maintenance of proper accounting records; and
- the safeguarding of assets against unauthorised use or disposition.
- Controls and procedures in place include the following:
- procedures are in place, including segregation of duties wherever feasible, which allow the monitoring of controls and restrict the unauthorised use of the charity's assets;
- experienced and suitably qualified staff take responsibility for important business functions with annual appraisal procedures in place to maintain standards of performance;
- forecasts and budgets are prepared which allow the Trustees and management to monitor the key business risks and financial objectives, and progress towards financial plans set for the year and the medium term;
- • regular management accounts are prepared promptly, providing relevant, reliable and up-to-date financial and other information and significant variances from budgets are investigated as appropriate;
- all significant new initiatives, major commitments and investment projects are subject to formal authorisation procedures;
- Trustees reviewing reports from management and from the external auditors to provide reasonable assurance that control procedures are in place and are being followed.
## **AUDITORS**
The auditors, Nyman Libson Paul LLP, were appointed for the current financial period, after putting the audit out to tender, and have indicated their willingness to continue in office. Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
## **APPROVAL**
On behalf of the Board of the Trustee Company:
............................................. Director
Date: 25 September 2024
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**HAMMERSMITH UNITED CHARITIES INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **____________________________________________________________________________________________________**
Independent Auditor’s Report to the Trustees of Hammersmith United Charities
## **Opinion**
We have audited the financial statements of Hammersmith United Charities (‘the charity’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flow 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 charity’s affairs as at 31 March 2024 and of its 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 Charities Act 2011, Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing from January 2022.
## **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 the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustee's 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern 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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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 statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
14
**HAMMERSMITH UNITED CHARITIES INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **___________________________________________________________________________________________________**
## **Matters on which we are required to report by exception.**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees’ report; or
- sufficient and proper accounting records have not been kept by the charity; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 13, the Trustees 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 co ntrol 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditors under section 144 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having 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 influence the economic decisions of users taken 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 further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
15
## **HAMMERSMITH UNITED CHARITIES**
## **INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
_________________________________________________________________________________________
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, 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. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity 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 Charities Act 2011 together with the Charities SORP (FRS 102) and the Housing and Regeneration Act 2008. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within charitable companies for fraud. The laws and regulations we considered in this context for the UK operations were requirements imposed by the Regulator of Social Housing and the Charity Commission, 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 income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, analytical review and sample testing of income, reviewing accounting estimates for biases, reviewing regulatory correspondence with Social Housing Regulator and the Charity Commission, 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 risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intern al 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 solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustees 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 charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**Nyman Libson Paul LLP** Statutory Auditor, London
Date: 7 October 2024
Nyman Libson Paul LLP is registered to carry on audit work in the UK and regulated for a range of investment business activit ies by the Institute of Chartered Accountants in England and Wales.
16
## **HAMMERSMITH UNITED CHARITIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
_____________________________________________________________________________________________________
|||**Unrestricted**|**Restricted**|**Endowment**|**2024**|**2023**|
|---|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Funds**|**Total**|**Total**|
||**Notes**|**£**|**£**|**£**|**£**|£|
|**INCOME AND ENDOWMENTS FROM:**|||||||
|Donations and grants|2|676|17,000||17,676|54,445|
|||||-|||
|Investments||498,705||133,961|632,666|279,697|
||3||-||||
|Housing activity|4|1,132,532|||1,132,532|1,001,546|
||||-|-|||
|Interest and other income||10,704|||10,704|5,555|
||3||-|-|||
|||__________|__________|__________|__________|__________|
|**TOTAL INCOME**||1,642,617|17,000|133,961|1,793,578|1,341,243|
|||__________|__________|__________|__________|__________|
|**EXPENDITURE ON:**|||||||
|Investment management costs|5|40,654||3,839|44,493|79,827|
||||-||||
|Housing activity|6|912,402||590,880|1,503,282|1,488,082|
||||-||||
|Relief in need and grants|6|531,323|17,000|-|
548,323|464,672|
|||__________|__________|__________|__________|__________|
|**TOTAL EXPENDITURE**||1,484,379|17,000|594,719|2,096,098|2,032,581|
|||__________|__________|__________|__________|__________|
|**NET INCOME/(EXPENDITURE)**||158,238|-|(460,758)|(302,520)|(691,338)|
|Unrealised gains/(losses) on investments and||612,553||179,262|791,815|(997,134)|
|investment property|||||||
|||__________|__________|__________|__________|__________|
|**NET INCOME/(EXPENDITURE) FOR THE**|10|770,791||(281,496)|489,295|(1,688,472)|
|**YEAR**|||-||||
|Transfers between funds|18|(294,510)|-|294,510|-|-|
|Actuarial gain/(loss) in respect of pension|20|(18,000)|||(18,000)|(15,000)|
|scheme|||-|
-|||
|||_________|_________|_________|_________|_________|
|**NET MOVEMENT IN FUNDS**||458,281|-|
13,014|471,295|(1,703,472)|
|**Total funds brought forward**||10,726,971|18,353|22,326,250|33,071,574|34,775,046|
|||__________|__________|__________|__________|__________|
|**TOTAL FUNDS CARRIED FORWARD**||11,185,252|18,353|22,339,264|33,542,869|33,071,574|
|||=========|=========|=========|=========|=========|
All activities are continuing.
The financial statements were approved and authorised for issue by the Trustee on 25 September 2024 and signed on its behalf by:
…………………………….. Director of Trustee Company
……………………………...
Director of Trustee Company
17
**HAMMERSMITH UNITED CHARITIES BALANCE SHEET AT 31 MARCH 2024**
________________________________________________________________________________________________
|||**2024**||**2023**||
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**FIXED ASSETS**||||||
|Tangible Fixed Assets|13|17,286,678||17,575,088||
|**Investments**||||||
|Investments|14|13,365,336||13,342,689||
|Investment property|15|1,667,500||1,667,500||
|||----------------||----------------||
||||32,319,514||32,585,277|
|**CURRENT ASSETS**||||||
|Debtors|16|95,352||74,334||
|Cash at bank||1,398,625||854,168||
|||----------------||----------------||
|||1,493,977||928,502||
|**CREDITORS:**amounts falling due
within one year|17|(196,622)||(370,205)||
|||----------------||----------------||
|**NET CURRENT ASSETS**|||1,297,355||558,297|
||||----------------||----------------|
|**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**|||33,616,869||33,143,574|
|Pension – defined benefit liability|20||(74,000)||(72,000)|
||||----------------||----------------|
|**NET ASSETS**|||33,542,869||33,071,574|
||||=========||=========|
|**FUNDS**|18|||||
|Unrestricted income funds|||11,185,252||10,726,971|
|Restricted funds|||18,353||18,353|
|Endowment funds|||22,339,264||22,326,250|
||||----------------||----------------|
|**TOTAL FUNDS**|||33,542,869||33,071,574|
||||=========||=========|
The financial statements were approved and authorised for issue by the Trustee on [ ] and 25/09/24 signed on its behalf by:
……………………………. Director of Trustee Company
……..……………………...
Director of Trustee Company
18
**HAMMERSMITH UNITED CHARITIES STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024**
**______________________________________________________________________________________________**
|**Cash flows from operating activities**
Net movement in funds
Unrealised investment (gains)/loss
Investment income shown in investing activities
Depreciation
Loss on disposal of fixed assets
(Increase)/Decrease in debtors
(Decrease)/Increase in creditors excluding pension
Increase/(Decrease) in pension creditors
**Net cash used in operating activities**
**Cash flows from investing activities**
Withdrawals from investment portfolio
Investment management fees
Rental income from investment properties
Cash paid in respect of tangible fixed assets
Increase/(Decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the start of the year
**Total cash and cash equivalents at the end of the year**|**2024**
**2023**
**£**
**£**
471,295
(1,703,472)
(793,455)
997,134
(596,343)
(279,697)
590,880
561,132
10,822
-
(21,018)
(13,917)
(173,583)
74,725
2,000
(3,000)|
|---|---|
||(509,402)
(367,095)
1,300,000
1,440,000
15,825
43,973
51,326
44,134
(313,292)
(738,619)|
||1,053,859
789,488
544,457
382,395
854,168
471,773|
||1,398,625
854,168|
19
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of accounting**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with the Housing SORP 2018 Statement of Recommended Practice for registered social housing providers, the requirements of the Housing and Regeneration Act 2008 and the Charities Act 2011, and the Accounting Direction for Private Registered Providers of Social Housing 2022.
In addition, the Trustees have had regard to 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 2019) - (Charities SORP (FRS 102)), where it does not conflict with the Housing SORP.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Investment assets are restated at fair value at each balance sheet date.
## **Going Concern**
Trustees have given due consideration to the Charity’s Going Concern status in light of the current economic conditions and expected income and expenditure over the next 5 years. The Charity has substantial funds available from unrestricted reserves and Trustees believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.
## **Income**
Income is included on the Statement of Financial Activities when the charity is legally entitled to the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy.
## **Expenditure**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Termination benefits are accounted for on an accruals basis and in line with FRS102. Grants commitments are recognised when the intention to make a grant has been communicated to the recipient.
## **Allocation and apportionment of costs**
Support costs are the costs of central management and of governance costs (costs incurred in connection with enabling the charity to comply with external regulation, constitution and statutory requirements and in providing support to the Trustees in the discharge of their statutory duties). These costs are apportioned to activities based on weighted staff time.
## **Debtors**
Debts that are receivable within one year and do not constitute a financing transaction are recorded at the amount expected to be received, net of impairment. Prepayments are recorded at the amount prepaid at the reporting date.
## **Liabilities**
Liabilities are recognised when there is an obligation at the reporting 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. The Charity also recognises liabilities at the amount that it has received as advanced payments for goods or services it must provide.
## **Cash**
Cash at bank and in hand includes cash and short-term highly liquid investments.
20
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **Tangible fixed assets**
All assets costing more than £500 are capitalised. Property assets held at 1 April 2014 are held at deemed cost which is based on earlier valuations. This amount will not be updated, and subsequent additions are capitalised at cost.
In compliance with the Housing SORP, component accounting is adopted in respect of building costs whereby the buildings are sub-divided into their material components and those with materially different useful lives are treated separately for the purposes of depreciation, replacement and disposal. Assets are depreciated on the following basis.
Freehold land - not depreciated Freehold buildings - Structure: 1% of cost or deemed cost - Roofing: 3.3% of cost or deemed cost - Fit out: 8.3% of cost or deemed cost Plant and machinery - 25% of cost Fixtures and fittings - 15% of cost Computer equipment - 30% of cost
## **Fixed asset investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Unrealised gains/(losses) on investments’ in the Statement of Financial Activities.
## **Investment property**
Investment property is shown at fair value which in practice is market value. Any aggregate surplus or deficit arising from changes in market value is accounted for through the Statement of Financial Activities.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Endowment funds represent capital funds where the capital must be retained. Restricted funds are subject to restrictions on their expenditure imposed by the donor and can only be used as such.
## **Pension costs and other post-retirement benefits**
The Charity participates in the SHPS (Social Housing Pension Scheme). The Scheme is a multi-employer defined benefit scheme and the Charity’s share of the results of the scheme is shown within the accounts in accordance with FRS102.
The current service cost and costs from settlements and curtailments are charged against operating results. Past service costs are recognised in the current reporting period. Remeasurements are reported in the Statement of Financial Activities.
## **Judgement and estimates**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The charity carries out a significant amount of maintenance and refurbishment expenditure on its Almshouses each year. The distinction between which costs are expensed and which are capitalised with respect to the underlying framework is considered a significant judgement by management.
The Charity accounts for its investment property on a market value basis. Each year the Charity uses an external valuer to assist with arriving at the fair value of the property.
The Charity has recognised its liability in relation to the Social Housing Pension Scheme which involves a number of estimations as detailed in Note 20.
No other judgements or estimates have been made that have had a significant impact on the financial statements.
21
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
_____________________________________________________________________________________________________
|**2**|**DONATIONS AND GRANTS**|**2024**|**2023**|
|---|---|---|---|
|||£|£|
||Donations|676|13,000|
||Grant income|17,000|41,445|
|||------------|------------|
|||17,676|54,445|
||
|======|======|
|**3**|**INVESTMENT INCOME**|**2024**|**2023**|
|||£|£|
||Rents receivable|51,326|44,134|
||Dividends received|581,340|235,563|
||Interest receivable|10,704|5,555|
|||------------|------------|
|||643,370|285,252|
||
|========|========|
||**INCOMING RESOURCES FROM CHARITABLE**|||
|**4**|**ACTIVITY**|**2024**|**2023**|
|||£|£|
||Rent and Service Charge|1,154,802|1,070,864|
||Less: Voids|(22,270)|(69,318)|
|||------------|------------|
||Housing activity|1,132,532|1,001,546|
||
|========|========|
|**5**|**INVESTMENT MANAGEMENT COSTS**|**2024**|**2023**|
|||£|£|
||Investment Management cost|21,782|43,973|
||Support costs (Details Note 7)|22,711|35,854|
|||------------|------------|
|||44,493|79,827|
|||========|========|
22
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
_________________________________________________________________________________________
## **CHARITABLE ACTIVITIES 6 COSTS**
||**2024**|**2024**|**2024**|**2023**|**2023**|**2023**|
|---|---|---|---|---|---|---|
||Direct|Support||Direct|Support||
||Costs|Costs|Total|Costs|Costs|Total|
||£|£|£|£|£|£|
|Housing activity|648,378|854,903|1,503,281|591,192|896,890|1,488,082|
|Relief in need and|||||||
|grants|517,095|31,228|548,323|450,839|13,833|464,672|
||-------------|-------------|-------------|-------------|-------------|-------------|
||1,165,473|886,131|2,051,604|1,042,031|910,723|1,952,754|
||=========|=========|=========|=========|=========|=========|
Support costs are detailed in Note 7.
|**Grants Activity**|**Grants Activity**|||**2024**|**2024**|**2023**||
|---|---|---|---|---|---|---|---|
||||||**£**|**£**||
|As at 1 April 2023||||3,208||118,098||
|New Commitments made||||412,500||357,008||
|Grants Paid in the Year (See Appendix)||||(414,247)||(421,858)||
|Prior years’ Grants not claimed|||||-|(50,040)||
|||||-----------||-----------||
|As at 31 March 2024||||1,461||3,208||
|||||=======
||=======||
|ll grants are paid to organisations.||||||||
|**7**|**SUPPORT COSTS**|Professional|Staff|Office|Governance|
Property||
|||Fees|Costs|Costs|Costs|
Costs|Totals|
|||£|£|£|£|
£|£|
||Housing activity|30,096|183,725|17,731|34,072|
589,279|854,903|
||Relief in need/grants|4,087|24,950|2,408|-|
(217)|31,228|
||Investment management|||||||
||costs|2,972|18,146|1,751|-|
(158)|22,711|
|||-----------|-----------|-----------|-----------|
-----------|-----------|
||At 31 March 2024|37,155|226,821|21,890|34,072|
588,904|908,842|
|||=======|=======|=======|=======|=======|=======|
||At 31 March 2023|27,728|214,946|85,718|44,742|
573,443|946,577|
|||=======|=======|=======|
======= =======||
=======|
All grants are paid to organisations.
Support costs are the costs of central management. These costs are apportioned to activities on the basis of weighted staff time.
23
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **8. EMOLUMENTS OF TRUSTEES AND SENIOR MANAGEMENT TEAM**
None of the Trustees received any remuneration or expenses in the current or prior year. Key management personnel are considered to comprise the Chief Executive and Clerk to the Trustees and the Executive Management Team
||**2024**|2023|
|---|---|---|
||£|£|
|Executive emoluments (including pension contribution and benefit in kind)|175,484|168,479|
|Executive emoluments (excluding pension contribution) paid to highest paid executive|87,157|85,820|
|**9**|**STAFF COSTS**|**2024**|2023|
|---|---|---|---|
|||£|£|
||Wages and salaries|398,621|339,336|
||Social security costs|36,975|30,978|
||Pension costs|27,714|20,099|
||Other staff costs|57,980|72,710|
|||-----------|-----------|
|||521,290|463,123|
|||=======|=======|
The average number of full-time equivalent employees during the year was as follows:
|||**2024**|2023|
|---|---|---|---|
||Full Time|Actual|Actual|
||Equivalent|Number|Number|
|Operational staff|6|9|9|
|Management staff|3|3|3|
||-----------|-----------|-----------|
||9|12|12|
||=======|=======|=======|
Included in the Other Staff costs is £31,126 (2023: £48,964) payment in respect of agency staff, recruitment costs of £10,622 (2023: £11,345), Staff training and Welfare of £5,330 (2022: £4,061).
Emoluments to employees exceeding £60,000 in the year fell in the following bands:
|||**2024**|2023|
|---|---|---|---|
|||Number|Number|
|£80,000|- £89,999|1|1|
24
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|**10**|**NET INCOME/ (EXPENDITURE)**|**2024**|2023|
|---|---|---|---|
|||£|£|
||**This is stated after charging:**|||
||Auditors’ remuneration|||
||- audit services|24,420|32,944|
||Depreciation of tangible fixed assets owned by the charity|590,880|561,132|
||Pension Costs|27,713|20,099|
|||------------|------------|
|||643,013|614,175|
|||========|========|
|**11**|**HOUSING INCOME**|**2024**|2023|
|||£|£|
||Gross income: rent excluding service charges|844,354|803,219|
||Service and Heating Charges|301,662|267,645|
||Less: voids|(22,270)|(69,318)|
||Other income|8,786|-|
|||------------|------------|
||Housing income per SOFA|1,132,532|1,001,546|
|||========|========|
|**12**|**OPERATING COSTS OF HOUSING ACTIVITY**|**2024**|2023|
|||Number|Number|
||Housing accommodation – number of owned and managed units (including|||
||guest flats and flat used as office)|95|95|
|||**2024**|2023|
|||£|£|
||Services|316,358|354,179|
||Management|536,591|485,233|
||Repairs and maintenance|103,946|137,226|
||Depreciation|590,880|561,132|
|||-------------|-------------|
|||1,547,775|1,537,770|
|||=========|=========|
||(Loss) on Housing Activity|(415,243)|(536,224)|
25
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
||**TANGIBLE FIXED**||||||
|---|---|---|---|---|---|---|
|**13**|**ASSETS**|Freehold|Plant &|Computer|Furniture &||
|||Property|Machinery|Equipment|Fittings|Total|
|||£|£|£|£|£|
||**Cost/valuation**||||||
||At 1 April 2023|22,824,148|61,951|58,464|34,465|22,979,028|
||Additions|294,510|7,785|1,160|9,837|313,292|
||Disposals|(10,822)|(3,674)|(23,274)|(4,868)|(42,638)|
|||----------------|----------------|----------------|----------------|---------------|
||At 31 March 2024|23,107,836|66,062|36,350|39,434|23,249,682|
|||----------------|----------------|----------------|----------------|---------------|
||**Depreciation**||||||
||At 1 April 2023|5,264,328|56,324|53,185|30,103|5,403,940|
||Charged in the year|580,717|4,532|3,721|1,910|590,880|
||Elimination on disposal|-|(3,674)|(23,274)|(4,868)|(31,816)|
|||----------------|----------------|----------------|----------------|---------------|
||At 31 March 2023|5,845,045|57,182|33,632|27,145|5,963,004|
|||----------------|----------------|----------------|----------------|---------------|
||**Net Book Value**||||||
||At 31 March 2024|17,262,791|8,880|2,718|12,289|17,286,678|
|||=========|=========|=========|=========|=========|
||At 31 March 2023|17,559,820|5,627|5,279|4,362|17,575,088|
|||=========|=========|=========|=========|
=========|
The Charity's freehold housing properties, held for charitable purposes, were valued by Frost Meadowcroft Surveyors LLP, at £13.1m on 31 March 2012 (Sycamore House) and at £6.9m on 31 March 2011 (John Betts House) on a depreciated replacement cost basis. On transition to FRS102 on 1 April 2014, these valuations plus subsequent additions at cost were taken as the deemed cost of the properties. No further revaluations will be undertaken.
There would be no potential tax liability if the properties were sold at the current market value provided the gains were applied for charitable purposes.
Additions to freehold property in earlier years were financed with the assistance of Social Housing Grant of £1,750,000. This amount is not shown on the balance sheet due the valuation approach taken. The grant is potentially repayable in the event of the properties being disposed of and the surplus not being reinvested in social housing. In practice the endowed status of the housing properties makes it unlikely that such a disposal would take place.
26
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|**14**|**FIXED ASSET INVESTMENTS**|Listed|
|---|---|---|
|||investments|
|||£|
||**Market Value**||
||At 1 April 2023|13,342,689|
||Dividends Received|545,017|
||Investment Management Fees|(15,825)|
||Withdrawals|(1,300,000)|
||Gain/(loss) on revaluation|793,455|
|||---------------|
||Market value at 31 March 2024|13,365,336|
||Historical Cost|11,345,899|
|||=========|
|**15**|**INVESTMENT PROPERTY**|£|
||**Market Value**||
||At 1 April 2023|1,667,500|
||Gain/(loss) on revaluation|-|
|||--------------|
||At 31 March 2024|1,667,500|
|||=========|
Investment properties are wholly owned by the Charity and are externally valued on a regular basis by independent valuers who hold recognised and relevant professional qualifications, with recent experience in both the locality and class of the investment properties. They were valued by Frost Meadowcroft and Scrivener Tibbatts at 31 March 2024, with a combined value of £1,667k. The valuation approach considered market rent, comparable sales, and current market conditions
||**DEBTORS: amounts falling due within one**|**2024**|2023|
|---|---|---|---|
|**16**|**year**|||
|||£|£|
||Rental debtors|62,084|55,364|
||Prepayments|33,268|13,438|
||Other debtors
|-|5,532|
|||------------|------------|
|||95,352|74,334|
|||=======|=======|
||**CREDITORS: amounts falling due within one**|**2024**|2023|
|**17**|**year**|||
|||£|£|
||Trade creditors|120,185|249,369|
||Accruals and deferred income|35,631|87,981|
||Grant creditors|1,461|3,208|
||Other creditors|39,345|29,647|
|||------------|------------|
|||196,623|370,205|
|||=======|=======|
27
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|**18**|**MOVEMENT IN**|2023|2024|2024|2024|2024|2024|
|---|---|---|---|---|---|---|---|
||**FUNDS**|Brought|Income|Expenditure|Gains &|Transfers|Carried|
|||Forward|||Losses||Forward|
|||£|£|£|£|£|£|
||Endowment funds|22,326,250|133,961|(594,719)|179,261|294,510|22,339,264|
||Restricted funds|18,353|17,000|(17,000)|-|-|18,353|
||Unrestricted funds|10,726,971|1,642,617|(1,484,379)|594,553|(294,510)|11,185,252|
|||-------------|-------------|-------------|-------------|-------------|-------------|
|||33,071,574|1,793,578|(2,096,098)|773,814|-|33,542,868|
|||=========|=========|=========|=========|=========|=========|
The transfer of funds from Unrestricted funds to the Endowment funds relates to improvements to the Almshouses
||2022|2023|2023|2023|2023|2023|
|---|---|---|---|---|---|---|
||Brought|Income|Expenditure|Gains &|Transfers|Carried|
||Forward|||Losses||Forward|
||£|£|£|£|£|£|
|Endowment funds|22,759,643|52.010|(584,101)|(408,092)|506,790|22,326,250|
|Restricted funds|17,344|53,945|(52,936)|-|-|18,353|
|Unrestricted funds|11,998,059|1,235,287|(1,395,543)|(604,042)|(506,790)|10,726,971|
||-------------|-------------|-------------|-------------|-------------|-------------|
||34,775,046|1,341,242|(2,032,580)|(1,012,134)|-|33,071,574|
||=========|=========|=========|=========|=========|=========|
The endowment funds are permanent endowment funds and are managed on a total return basis. Further details of the basis of accounting and movements in the year are provided in the Trustees Report on page 11.
The transfer of funds from Unrestricted funds to the Endowment funds relates to improvements to the Almshouses. The transfer of funds is a restatement to correct an error of £506,790 in the prior year accounts as detailed in Note 19.
Following review of the property portfolio and advice from the Charity Commissioners, Trustees have classified as Endowment all specie and non-specie property owned by the Charity. Movement on these funds reflect relevant activity during the year. Restricted Funds mainly relate to funds received on behalf of H&F Giving. Unrestricted Funds mainly represent investments managed by Cazenove.
28
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **19 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
||2024|2024|2024|2024|2024|
|---|---|---|---|---|---|
||Tangible|Long-term|Net Current|Long-term|Total|
||fixed assets|Investments|Assets|Liability|Funds|
||£|£|£|£|£|
|Endowment funds|17,262,791|5,076,473|-|-|22,339,264|
|Restricted funds|-|-|18,353|-|18,353|
|Unrestricted funds|23,887|9,956,363|1,279,002|(74,000)|11,185,252|
||--------------|--------------|--------------|--------------|--------------|
||17,286,678|15,032,836|1,297,355|(74,000)|33,542,869|
||=========|=========|=========|=========|=========|
The analysis of net funds for 2023 has been restated to correct an error of £506,790 in the prior year accounts, the value of additions to Fixed Assets had not been correctly reflected in the Endowment funds.
||2023|2023|2023|2023|2023x|
|---|---|---|---|---|---|
||Tangible|Long-term|Net Current|Long-term|Totalx|
||fixed assets|Investments|Assets|Liability|Fundsx|
||£|£|£|£|£x|
|Endowment funds|17,559,821|4,890,827|(124,398)|-|22,326,250|
|Restricted funds|-|-|18,353|-|18,353|
|Unrestricted funds|15,269|10,119,362|664,352|(72,000)|10,726,973|
||----------------|----------------|----------------|-------------|----------------|
||17,575,090|15,010,189|558,295|(72,000)|33,071,574x|
||=========|=========|=========|========|=========|
29
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **20. PENSION COMMITMENTS**
Hammersmith United Charities participates in the SHPS (Social Housing Pension Scheme) as set out below:
## Defined Benefit Scheme
This scheme is a multi-employer scheme which provides benefits to some 327 non-associated employers. The scheme is a defined benefit scheme in the UK. Since 31 March 2019 the deficit on the SHPS Defined Benefit scheme has been accounted for in accordance with the provisions of FRS102 and the net Defined Benefit liability is now recognised.
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 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 scheme is classified as a 'last-man standing arrangement'. Therefore, the Charity is potentially liable for other participating employers' obligations if those 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 scheme. No current staff are members of this scheme and the Charity no longer offers the scheme to staff.
## Defined Contribution Scheme
The Charity offers staff a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independent fund administered by TPT. The Charity contributes to the scheme alongside staff and such costs are included in the amount reported in Note 9 above.
## PRESENT VALUES OF DEFINED BENEFIT OBLIGATION
||**31 March 2024**|**31 March 2023**|
|---|---|---|
||**(£000s)**|**(£000s)**|
|Fair value of plan assets|325|340|
|Present value of defined benefit obligation|399|412|
|**(Deficit) in plan**|**(74)**|**(72)**|
## RECONCILIATION OF OPENING AND CLOSING BALANCES OF THE DEFINED BENEFIT OBLIGATION
|||**Year ended**
**31 March 2024**|
|---|---|---|
|||**(£000s)**|
|||Defined benefit obligation at start of period
412|
|||Current service cost
-|
|||Expenses
3|
|||Interest expense
20|
|||Member contributions
-|
|||Actuarial losses (gains) due to scheme experience
(14)|
|||Actuarial losses (gains) due to changes in demographic assumptions
(5)|
|||Actuarial losses (gains) due to changes in financial assumptions
-|
|||Benefits paid and expenses
(17)|
|||**Defined benefit obligation at end of period**
**399**|
30
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **PENSION COMMITMENTS (continued)**
## RECONCILIATION OF OPENING AND CLOSING BALANCES OF THE FAIR VALUE OF PLAN ASSETS
||**Year ended**|
|---|---|
||**31 March 2024**|
||**(£000s)**|
|Fair value of plan assets at start of period|340|
|Interest income|17|
|Experience on plan assets (excluding amounts included in interest income) - gain (loss)|(37)|
|Employer contributions|22|
|Members contributions|-|
|Benefits paid and expenses|(17)|
|**Fair value of plan assets at end of period**|**325**|
The actual return on plan assets (including any changes in share of assets) over the period from 31 March 2023 to 31 March 2024 was (£18,000).
## DEFINED BENEFIT COSTS RECOGNISED IN STATEMENT OF FINANCIAL ACTIVITIES (SOFA)
||**Period from**|
|---|---|
||**31 March 2023 to**|
||**31 March 2024**|
||**(£000s)**|
|Current service cost|-|
|Expenses|3|
|Net interest expense|3|
|**Defined benefit costs recognised in SOFA**|**6**|
31
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **PENSION COMMITMENTS (continued)**
## DEFINED BENEFIT COSTS RECOGNISED IN SOFA
|DEFINED BENEFIT COSTS RECOGNISED IN SOFA||||
|---|---|---|---|
|||**Year ended**||
|||**31 March 2024**||
|||**(£000s)**||
|Experience on plan assets (excluding amounts included in net interest cost) - gain (loss)||
(37)||
|Experience gains and losses arising on the plan liabilities - gain|(loss)|14||
|Effects of changes in the demographic assumptions underlying the present value of the
defined benefit obligation - gain (loss)||
5||
|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||
(18)||
|recognisable) - gain (loss)||||
|**Total amount recognised in Other Comprehensive Income – gain (loss)**||**(18)**||
|ASSETS||||
||**31 March 2024**|**31 March 2023**||
||**(£000s)**|**(£000s)**||
|Global Equity|32|6||
|Absolute Return|13|4||
|Distressed Opportunities|11|10||
|Credit Relative Value|11|13||
|Alternative Risk Premia|10|1||
|Emerging Markets Debt|4|2||
|Risk Sharing|19|25||
|Insurance-Linked Securities|2|9||
|Property|13|15||
|Infrastructure|33|39||
|Private Debt|13|15||
|Opportunistic illiquid Credit|13|14||
|High Yield|-|1||
|Opportunistic Credit|-|-||
|Cash|6|2||
|Corporate Bond Fund|-|-||
|Liquid Credit|-|-||
|Long Lease Property|2|10||
|Secured Income|10|16||
|Liability Driven Investment|132|156||
|Currency Hedging|-|1||
|Net Current Assets|1|1||
|**Total assets**|**325**|**340**||
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.
**_____________________________________________________________________________________________________**
32
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **20. PENSION COMMITMENTS (continued)**
## KEY ASSUMPTIONS
||**31 March 2024**|**31 March 2023**|
|---|---|---|
||**% per annum**|**% per annum**|
|Discount Rate|4.89%|4.88%|
|Inflation (RPI)|3.17%|3.20%|
|Inflation (CPI)|2.77%|2.74%|
|Salary Growth|3.77%|3.74%|
|Allowance for commutation of pension for cash at retirement|75% of maximum
allowance|75% of maximum
allowance|
The mortality assumptions adopted at 31 March 2024 imply the following life expectancies:
||**Life expectancy at**|
|---|---|
||**age 65**|
||**(Years)**|
|Male retiring in 2024|20.5|
|Female retiring in 2024|23.0|
|Male retiring in 2044|21.8|
|Female retiring in 2044|24.4|
## **21. FINANCIAL COMMITMENTS**
At the year end, the Charity had financial commitments amounting to £ Nil (2023: £NIL) contracted for at the balance sheet date but not provided for in these accounts.
## **22. RELATED PARTY TRANSACTIONS**
Most of the Charity’s Trustees live in the local area and many are active in the community we serve. It may therefore be the case that Trustees also serve on the board of a local group who receives grant funding from the Charity. Where this is case the potential conflict is disclosed, and the Trustee takes no part in the decision making for the grant.
The Charity provides funding of £30k to H&F Giving along with support with finance, HR and legal matters. Vivienne Lukey and Hugo Sintes are Trustees of H&F Giving and do not take part in the decision to award funding. Vivienne Lukey is also on Foodbank board who received a £10k grant from HUC in November 2023. Vivienne Lukey did not take part in the decision to award this grant. Cllr Nikolaos Souslous is a Trustee of the Creighton Centre which received a 5k grant from the Charity in November 2023, but he did not take part in the decision to award this grant.
33
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **23. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Endowment|2023|2022|
|Funds|Funds|Funds|Total|Total|
|Notes|£|£|£|£|£|
|INCOME AND ENDOWMENTS|
|FROM:|
|Donations and grants|2|500|53,945|-|54,445|47,756|
|Investments|3|227,687 -|52,010|279,697|256,728|
|Charitable activity - Housing|4|1,001,546 -|-|1,001,546|853,763|
|Interest and Other|3|5,555 -|-|5,555|753|
|_________|_________|_________|_________|_________|
|TOTAL|1,235,288|53,945|52,010|1,341,243|1,159,000|
|_________|_________|_________|_________|_________|
|EXPENDITURE ON:|
|Raising funds|:|
|Investment management costs|5|70,690 - 9,137|79,827|102,977|
|Charitable activities:|
|Housing activity|6|926,951 -|561,131|1,488,082|1,369,395|
|Relief in need and grants|6|397,903|52,936|13,833|464,672|503,378|
|_________|_________|_________|_________|_________|
|TOTAL|1,395,544|52,936|584,101|2,032,581|1,975,750|
|_________|_________|_________|_________|_________|
|Net income/(expenditure) before|
|(160,256)|1,009|(532,091)|(691,338)|(816,750)|
|gains/(losses) on investments|
|Unrealised gains/(losses) on|
|(589,042) -|(408,092)|(997,134)|1,219,617|
|investments and investment property|
|Realised gain on disposal of investment|
|- -|- -|3,283|
|property|
|_________|_________|_________|_________|_________|
|Net income/(expenditure) for the|
|(749,298)|1,009|(940,183)|(1,688,472)|406,150|
|year|10|
|Transfers between funds|(506,790)|-|506,790|-|-|
|Actuarial gain (loss) in respect of|
|(15,000)|(15,000)|25,000|
|pension scheme|20|-|[ - ]|
|_________|_________|_________|_________|_________|
|NET MOVEMENT IN FUNDS|(1,271,088)|1,009|(433,393)|(1,703,472)|431,150|
|RECONCILIATION OF FUNDS:|
|Total funds brought forward|11,998,058|17,344|22,759,644|34,775,046|34,343,894|
|_________|_________|_________|_________|_________|
|TOTAL FUNDS CARRIED|
|10,726,971|18,353|22,326,250|33,071,574|34,775,046|
|========= =========|==========|=========|=========|
**----- End of picture text -----**
The SOFA for 2023 has been restated to correct an error in the prior year accounts, the value of additions to Fixed Assets and other transfers between funds had not been correctly reflected.
34
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
____________________________________________________________________________________________________
## **APPENDIX: GRANTS AWARDED**
|**No.**|**Meeting Date**|**Organisation**|**Grant**
**Amount**|**Summary of grant**|
|---|---|---|---|---|
|1|May 2023|Bassuah Legacy Foundation|£10,000|Funding to support and grow core activities such
as the Health and Wellbeing Programme and the
Employment and Volunteer Programme to
support single parent families in the AoB; and to
cover rent and operational costs for project
delivery.|
|2|May 2023|JOY Project|£10,000|To support 4 main activities for the benefit of 20-
40 Elders on the White City Estate, such as Chair
Exercises and Fall Prevention, Yoga & Pilates
Classes, Coffee Mornings, arts and crafts, and
discussiongroups.|
|3|May 2023|BLINK Dance Theatre|£7,000|Grant will help to develop and enrich their
performing arts programme, of which there are 4
sessions a week, delivering to 47 + learning
disabled adults.|
|4|May 2023|Bubble & Squeak|£15,000|Grant will ensure continuation of activities:
rescuing surplus food and redistributing it to
those in need, for free, throughout the
community.|
|5|May 2023|Doorstep Library Network|£7,000|Grant will ensure continued funding of operating
costs, specifically focusing on the White City
estate shared reading project, including the
partial salary costs of the Team Leader required
to organise and oversee familyvisits.|
|6|May 2023|For Brian CIC|£5,000|The grant will fund two street parties in 2024; the
curation of two exhibitions in the new
community art space; a gardening project to
improve the image of the estate; improved
communications in Old Oak.|
|7|May 2023|Gener8te|£3,625|The grant will fund one half day Dyslexic-
friendly Training for up to 40 attendees; one half
day Mental Health First Aid Training for up to
16 attendees; 1:1 follow-up consultations for
attendees for upto 12 attendees.|
|8|May 2023|Minds United Sports Club CIC|£14,000|The grant will fund weekly turn up and play
football sessions for residents of the North of
Hammersmith & Fulham and play fortnightly
league matches in the borough; FA Coaching
Courses, and a twice monthly 'Catch up' for
residents to socialise.|
|9|May 2023|M&C Foundation Ltd|£10,000|The grant will fund sports and martial arts
activities for young people in White City. A
series of martial arts and sports training sessions
for 30 young people aged 13 to 16 years old will
be delivered.|
|10|May 2023|The WILDE Foundation|£4,000|The grant will fund a creative space to host
writing workshops for women and children; a
flexible meeting space that will bring heritage
and cultural opportunities offering women skills
training, education via a Saturday school for
children and the young; weekly health and social
activities.|
35
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|11|May 2023|Shepherds Bush Families Project
& Childrens Centre|£10,000|The grant will fund the project's core services:
Immediate Crisis Intervention, Parent & Child
Drop In, After School Club & Holiday provision,
1:1 Advice and Advocacy; Pre-school; 1:1
Therapeutic Work and Group Therapy; Parents
Groups and Classes.|
|---|---|---|---|---|
|12|May 2023|Sulgrave Club Limited|£13,728|The grant will cover the costs of running the
project's Intermediate Youth Club for children
and young people in school years 6 to 8 (ages 10-
13years)for oneyear.|
|13|May 2023|White City Women's Health
Group|£2,740|The grant will fund monthly meetings with local
women at a community centre or another suitable
venue that is easily accessible for everyone.
During these meetings, we will have open
discussions on various topics related to women's
health andwell-being.|
|14|November
2023|Age UK Hammersmith &
Fulham|£7,500|To fund a new Volunteering Officer role to
support our Volunteering Manager to recruit
more volunteers.|
|15|November
2023|Bishop Creighton House
Settlement|£5,000|Funding towards a project providing life-long
support for people with learning disabilities and
mental health issues/physical disabilities.|
|16|November
2023|Community Switch Sports CIC|£14,836|A variety of free sports sessions for 5- to 13-
year-old children in term time and school
holidays.|
|17|November
2023|Photojournalism Hub CIC|£7,030|Funding towards photography workshops for
older people (50+) living in White City,
Wormholt,Shepherds Bush.|
|18|November
2023|Funpact|£10,000|Funding towards salary and core costs enabling
consolidation and growth of delivery of
workshops on transition from primary to
secondary and into teenage for children and
parents.|
|19|November
2023|Grove Neighbourhood Centre
Folk Art Group|£3,000|Funding towards local art group of up to 12
adults experiencing social isolation and/or mental
health issues.|
|20|November
2023|Hammersmith & Fulham Law
Centre|£7,500|Funding towards costs of employing a full-time
specialist employment law solicitor.|
|21|November
2023|Hammersmith and Fulham
Foodbank|£10,000|Funding towards relevant training and DBS
checks for volunteer teams.|
|22|November
2023|Old Oak Primary School|£10,000|Specialist therapeutic support for groups of
families to enable children with complex needs
who are at risk of failing at school to continue in
mainstream education.|
|23|November
2023|Petit Miracle Interiors Ltd|£7,500|Funding towards delivery and promotion of a
programme that supports people unable to enter
mainstream employment to gain practical skills,
get work experience or incubate a small business.|
|24|November
2023|The Westside Community
Foundation|£9,000|Funding towards children and young people
developing their sporting skills and access to
basketballprovision in their area.|
|25|November
2023|Intergenerational Music Making
CIC|£5,000|To fund x10 community music sessions, x10
community skill-building workshops, x3
community projects each lasting 6 weeks, and
x10 volunteer community training days.|
|26|November
2023|The RENA Initiative CIC|£5,000|Funding towards staffing and activity costs for
delivery of support to disadvantaged women in
White City through mutual support, art and
mentoring.|
36
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|27|November
2023|Bees & Refugees CIC|£5,000|Funding towards occupational and somatic
therapy through beekeeping and building
partnerships with local organisations to deliver
this.|
|---|---|---|---|---|
|28|December
2023|Family Friends|£15,000|A flexible three-year grant would support the
project's mission to foster lasting positive change
within the H&F community. It would fund the
expansion of services through a Dedicated
Family Connector; it would help to establish
collaborative partnerships and ensure long-term
sustainability.|
|29|December
2023|Lido Foundation|£15,000|The grant will cover increasing core costs and
contribute to the salary of the welfare advisor to
meet the increasing demands of users. It will
fund the Money Advice Project and the Housing
Support Project.|
|30|December
2023|Violence Intervention Project|£15,000|The grant will continue the VRA and move it
forwards into a new phase by establishing a
‘drop-in’ at their H&F office, building their
online presence, and assisting with establishing a
youth committee.|
|31|February 2024|Lunch Club + 4 The Blind|£3,500|The grant will contribute towards the group's
running costs such as finance, community,
transport to continue supporting individuals
within the Blind, Elderly and Disabled
community.|
|32|February 2024|HCGA - Hammersmith
Community Gardens
Association|£15,000|Hammersmith Community Gardens Association
(HCGA) is a local environmental charity with
four community gardens in Hammersmith and
Fulham. Funding will contribute to the Farm
Manager's Salary and fund the environmentally
educational Phoenix Farm Project.|
|33|February 2024|DanceWest|£8,000|Funding towards education and play programme
for vulnerable families and a dance group for
adults with dementia. HUC's grant will fund an
education & play programme to help pre-
schoolers to develop language & literacy and free
weeklydance classes.|
|34|February 2024|Equality Foundation|£10,000|Equality Foundation conducts community
consultations and needs assessments to
understand the challenges facing the community.
The grant will fund 3 months of intensive
employment training for 40 young Muslim
women(aged 18-25)over 6 months in W12.|
|35|February 2024|Fulham Reach Boat Club|£7,500|Free Water Sports Weeks during the Easter and
Summer Holidays of 2024 which provides
rowing, kayaking, breakfast, hot lunch, afternoon
snack, and land-based activities, talks and
workshops to beneficiaries.|
|36|February 2024|Grove Toddlers|£4,000|The grant will contribute towards our running
costs (rent to Grove Neighbourhood Centre and
wages to one part-time paid worker) and
maintaining low fees per drop-in session.|
|37|February 2024|Hope For Africans Development
Organisation (HADO)|£8,238|Works to advance education and relieve sickness,
distress and poverty amongst local ethnic
minoritized older people aged 60-85 years who
are unwell or isolated; the grant will deliver
domestic and advocacy support services for 26
service users.|
37
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|38|February 2024|Kulan Foundation Limited|£15,000|The grant will contribute to the core costs of the
Director who oversees funding and operation of
support 60 young people aged between 13-17
W12 areas and 40 parents through homework
clubs and mental health workshops.|
|---|---|---|---|---|
|39|February 2024|Woman's Trust|£14,700|The grant will deliver 1-to-1, trauma informed,
counselling for women affected by domestic
abuse who live in Hammersmith, providing 178
counselling sessions (including initial
assessments) to approximately 11 women.|
|40|February 2024|1000 Black Boys CIC|£15,000|Works to inspire Black boys and young Black
men to unleash their potential and purpose. The
grant will fund x3 Inspiration & Empowerment
Events in White City whereby successful people
will share their experiences with the young
people.|
|41|February 2024|Little Raven Academy CIC|£6,000|Provides a comprehensive educational
experience through Polish Saturday School. The
grant will establish a Polish Holiday Club in
West London for children ages 5-12 during the
February, May and October 2024 half-term
school breaks.|
|42|February 2024|The Reanella Trust|£9,600|The grant will enable The Reanella Trust to
support 30 vulnerable young people (13-18) with
disabilities and their families in Hammersmith
through 1:1 counselling, mentoring, and group
activities.|
|43|February 2024|Soup4Lunch LTD|£6,550|The grant will fund Soup4Lunch's outdoor
programme which combines gardening, creative
projects and shared meals. It will also fund the
salary of four part-time employees, weekly small
groups of 6-12 beneficiaries, and community
events and exhibitions.|
|44|February 2024|White City Theatre Project CIO|£12,000|The grant will be used to strengthen the
sustainability of WCTP by allocating funds
towards essential core costs. It will cover the
shortfall in funding practitioner fees to deliver
youth theatre weekly workshops and support
young people in White City.|
|45|March 2024|Lunch Club + 4 The Blind|£500|Wellbeing activity or items for volunteers/staff;
Premises/venue costs; Food; Volunteer expenses;
fundinga lunch outingfor volunteers.|
|46|March 2024|Age UK Hammersmith &
Fulham|£500|staff salaries|
|47|March 2024|Amici Dance Theatre Company|£500|Petrol/travel/vehicles.|
|48|March 2024|Barons Court Project Limited|£500|Wellbeing activity or items for volunteers/staff.|
|49|March 2024|Bassuah Legacy Foundation|£500|Petrol/travel/vehicles; Volunteer expenses.|
|50|March 2024|Community Switch Sports CIC|£500|Wellbeing activity or items for volunteers/staff;
Volunteer expenses.|
|51|March 2024|St Paul's Money Advice Centre|£500|Wellbeing activity or items for volunteers/staff.|
|52|March 2024|Doorstep Library Network|£500|Wellbeing activity or items for volunteers/staff;
increase training budget for the purpose of
retainingand motivatingstaff.|
|53|March 2024|Photojournalism Hub CIC|£500|To cover food, petrol/travel/vehicles, volunteer
expenses to cover a volunteer's childcare costs;
support for three additional needs beneficiaries;
travel and refreshments costs for educational
visits.|
|54|March 2024|For Brian CIC|£500|Volunteer expenses; Salaries.|
38
**HAMMERSMITH UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|55|March 2024|Funpact|£500|Local and highly qualified supervisor found to
support the CEO in her role as Funpact grows.|
|---|---|---|---|---|
|56|March 2024|Gener8te|£500|Volunteer expenses; food; wellbeing day of
activities, to impact the coproduction,
collaboration and holistic health of ourselves,
volunteers and our collaborators, to strengthen
our resilience, practices and connections.|
|57|March 2024|Grove Toddlers|£500|Salaries.|
|58|March 2024|John Betts Primary School|£500|Wellbeing activity or items for volunteers/staff.|
|59|March 2024|Minds United Sports Club CIC|£500|Wellbeing activity or items for volunteers/staff.|
|60|March 2024|M&C Foundation Ltd|£500|Energy bills; Volunteer expenses.|
|61|March 2024|The WILDE Foundation|£500|Premises/venue costs|
|62|March 2024|Shepherds Bush Families Project|£500|Salaries.|
|63|March 2024|Solidarity Sports|£500|Wellbeing activity or items for volunteers/staff.|
|64|March 2024|Sulgrave Club|£500|Energy bills.|
|65|March 2024|The Upper Room (St Saviour's)|£500|Volunteer Expenses|
|66|March 2024|Woman's Trust|£500|Salaries.|
|67|March 2024|Intergenerational Music Making|£500|Wellbeing activity or items for volunteers/staff;
Volunteer expenses.|
|68|March 2024|Bees & Refugees CIC|£500|Premises/venue costs.|
|69|March 2024|1000 Black Boys CIC|£500|Petrol/travel/vehicles; Salaries; Food.|
|70|March 2024|The Reanella Trust|£500|Wellbeing activity or items for volunteers/staff;
Volunteer expenses.|
|71|March 2024|White City Theatre Project CIO|£500|Wellbeing activity or items for volunteers/staff;
Energy bills; Volunteer expenses; Salaries.|
|72|March 2024|Alternative Theatre Company
Limited|£500|Energy bills; Premises/venue costs; Salaries.|
|73|Apr 2023|M&C Foundation Ltd|£500|Running costs of organisation's core projects.|
|74|Jun 2023|Amici Dance Theatre Company|£1,200|Dance workshops for young people with
disabilities.|
|||Total grants for 2023/24|£414,247||
39