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2023-09-30-accounts

HOUSING FOR WOMEN

(A company limited by guarantee and having no share capital)

Annual Report and Financial Statements

Year ended

30 September 2023

Company Registration Number 00420651 Charity Registration Number 211351 Registrar of Social Housing Number L0970

Housing for Women (A company limited by guarantee having no share capital)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

CONTENTS

Page:

3 Executive and Advisors
4 Strategic Report
12 Report of the Board of Directors
22 Report of the Independent Auditor
25 Statement of Comprehensive Income
26 Statement of Financial Position
27 Statement of Changes in Reserves
28 Statement of Cash Flows
29 Notes to the Financial Statements

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

EXECUTIVE AND ADVISORS

BOARD OF DIRECTORS

Susan Kane (Chair)

Carli Harper-Penman (Vice-Chair)

Victoria Dingle Caroline Davies Elaine Marshall Troy Henshall Simon Basey Yvonne Akinmodun Helena Evans Somayya Yaqub

CHIEF EXECUTIVE AND COMPANY SECRETARY

Zaiba Qureshi

BANKERS

Lloyds TSB Bank Plc 39 Threadneedle Street London ECR2 8AU

REGISTERED OFFICE

Sixth Floor, Blue Star House 234-244 Stockwell Road London SW9 9SP

AUDITOR

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

INTERNAL AUDITOR

TIAA Ltd Artillery House Fort Fareham Newgate Lane Fareham PO14 1AH

SOLICITORS

Trowers & Hamlins 3 Bunhill Row London EC1Y 8YZ

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT

The Board of Directors present their Strategic Report for Housing for Women (“Housing for Women”) for the year ended 30 September 2023.

PRINCIPAL ACTIVITIES AND BUSINESS MODEL

The principal activity of Housing for Women is the provision of accommodation for women on low incomes and their dependants. In addition, we help support women and children escaping domestic abuse, survivors of trafficking, women leaving prison and older women.

We are a housing provider and charity with a mission to empower women and challenge inequality.

Business Model

Housing for Women is a not-for-profit public benefit entity. It is a company limited by guarantee and not having share capital, a registered provider of social housing and a registered charity.

Housing for Women is sole trustee of the charity The Mary Curzon Charity for Women Workers.

OBJECTIVES, STRATEGY AND PRINCIPAL RISKS AND UNCERTAINTIES

Objectives and mission

The mission of Housing for Women is to empower women through providing good homes and services and challenging inequalities they face.

Strategy

The year ended 30 September 2023 marks the first year of our new Corporate Plan 2022-27. In response to customer feedback our plan is clearly focussed on getting ‘Back to Basics’ with customers at the heart of all that we do. The plan is split into two phases as follows:

Phase 1 focusing on our customers’ needs and wants. We will transform our customer service increasing the size of our customer facing team and building our relationship with our customers with a ‘back to basics’ approach in core services. Our officers will have a greater presence on our estate and other properties, and we will begin to re-engage with customers at grassroots level. Our contacts with customers will be more efficient and effective, supported by our new housing management system enabling us to better manage interactions and build relationships with customers.

We will also seek opportunities to grow our specialist supported housing services for women under the umbrella of violence against women and girls.

Our stock is widely dispersed across London making the delivery of services more complex and costly. During Phase One we will review the whole of our stock portfolio and consider where and how we can deliver services most effectively and efficiently with a view to rationalising our areas of operation to improve both quality and value for money.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT (CONTINUED)

During the last two years of our Plan (Phase 2), we will build on the foundations of our achievements in Phase One and develop ‘good’ services into ‘great’ services, in line with our mission and vision. We will target our performance to the upper quartile results of our peers. We will explore a Housing for Women service offer “Housing Plus” that provides added value to our residents and distinguishes us from other landlords. We will also explore how we can grow our services, to deliver to more women across London.

Principal risks and uncertainties

The Strategic Risk Register is updated quarterly and kept under regular review by the Executive Team (ET), Audit and Risk Committee and Board of Directors. All risks are managed with reference to the Risk Register where identified risks with mitigating actions to be achieved are allocated to key personnel to implement. High level risks are modelled in the 30-year business plan through stress testing using the Brixx financial and business planning tool and Housing for Women maintains insurance cover for matters such as indemnity protection for officers and directors and public liability/property insurance.

Key risks and mitigation currently identified include the following:

Risk Mitigation
Inability to effectively engage with our customers
and/or deliver good quality services or manage
customer expectations resulting in poor
customer satisfaction and increased number of
customer complaints upheld.		 Communications Strategy in place.
Self-assessment against Ombudsman Code
completed and circulated to Board.
New Complaints and Compensation Policies
in place and rolled out to all staff and
customers.
Board and ET Report on Complaints revised
to include improved analysis and themes.
Customer Services Team now in place.
All staff to be trained in customer services.
Acuity Satisfaction surveys in place.
Customer Satisfaction improvement plan in
place.
Procurement and outsourcing of Repairs
service to MCP.
Failure to manage all aspects of the remediation
of our Childers Street development.		 Project Board in place.
Legal advisor and Barristers appointed.
Legal Claim made together with Insurers.
Quarterly reports to Board together with
project risk register review.
Communications Plan in place.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT (CONTINUED)

Risk Mitigation
Failure to comply with required Health &
Safety and Safeguarding
policies/legislation.		 H&S consultant in place
H&S Policy & procedure reviewed, and staff
briefed.
Compliance Policies reviewed and in place.
Compliance Manager and Compliance officer
in place reducing reliance on external
consultants and improving knowledge transfer.
Reporting governance in place with
performance reported in Board, Audit & Risk
Committee and ET.
Single source data management system -
C365 in place.
Safeguarding policies and procedures in
place.
Established liaison with Local Authority
Safeguarding teams.
Staff and Volunteers DBS Checked.
Staff trained in Safeguarding procedures.
Safeguarding forum established.
Failure to recruit and retain good quality
people in some areas of the organisation in
a market where strong candidates are in
short supply.		 Internal recruiter in post.
Recruitment and selection policy in place.
All managers trained in recruitment.
Improved induction process in place.
Wellbeing policies and procedures in place.
Salary benchmarking complete and new pay
policy implemented.
Enhanced menu of benefits.
Exit interviews being carried out by HR
consultant.
Staff retention plan completed and reviewed.
by People and Customer Committee.
Staff Engagement survey to be carried out
regularly.

Emerging Risks

There are further challenges ahead with potential risks in respect of delivery. We welcome the Social Housing Regulator’s new Consumer Standards which introduces new standards for landlords to provide safe homes and quality services and treat residents with respect - this echoes the sentiment of our Corporate Plan. We are also preparing for the enactment of Awaab’s Law which supports tenants in receiving prompt action in response to damp and mould and other repairs. We will also be

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT (CONTINUED)

finalising our strategy for Support Services taking into consideration The Supported Housing (Regulatory Oversight) Act 2023 which aims to set national standards for all supported housing.

GOVERNANCE

Governance structure

The Board of Directors are all non-executive members working voluntarily for Housing for Women. The members are drawn from a wide variety of disciplines, to provide the balance of skills and specialisations necessary for the management of Housing for Women. The Board of Directors met formally seven times during the year.

Housing for Women currently has two committees: The Audit & Risk Committee has responsibility for overseeing risk management and internal control and the People and Customer Committee has responsibility for overseeing both the People and Customer strategies together with recommending to the Board of Directors the remuneration of the Chief Executive and senior staff. It is also responsible for Board recruitment and succession planning.

Whilst retaining its responsibilities for the overall strategy and policies of Housing for Women, the Board of Directors delegates day to day management to the Chief Executive and the Executive Team.

Code of Governance

Housing for Women has adopted the National Housing Federation’s 2020 Code of Governance and an annual review of compliance with that code for 2022/23 was approved in Feb 2024. We identified a small number of minor areas where our compliance will be strengthened – this will be complete by March 2024.

Compliance with Regulatory Standards

Housing for Women has assessed its compliance with the Regulator of Social Housing (RSH) governance and viability regulatory standards (April 2015) and believes that it meets the standards identified by the RSH.

REVIEW OF BUSINESS

Financial Review

During an extremely busy year Housing for Women continued its work in securing a firm foundation for the future.

Housing for Women made a loss on ordinary activities before exceptional items of £1.4m for the year ended 30 September 2023 compared with a loss of £408k for the previous year.

Gross income receipts were in line with expectations. However, there was a void loss of £439k (2022: £413k). These were seen in both the General Needs and Supported Housing, with size and type of accommodation or availability of nominations being significant drivers. Further steps to effectively identify, manage and minimise void loss days in the future have been initiated by management.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT (CONTINUED) REVIEW OF BUSINESS (CONTINUED)

Additionally, the organisation held several properties requiring decants and substantial repairs. We are currently exploring the potential for lost income and cost recovery from the original developer in some cases.

Arrears recovery continued to be an area of ongoing focus with improvement plans in place to minimise bad debt. We have seen a small increase in the quantum of our arrears across the year mainly driven by an increase in former tenant debt.

During the year we brought both customer and asset management together under one Director of Operations. This improved staff cohesion giving better customer service whilst also providing improved Value for Money (VfM). We additionally invested significantly in our resources for this directorate and are now seeing through improved tenant satisfaction measures (TSMs) and reduced disrepair the positive outcomes our customers are experiencing.

Additionally considerable investment was made in respect of outsourcing our procurement programme for a significant number of contracts mainly around our assets. Whilst the cost to the organisation was £49k in the year, annual VfM savings have been identified of £95k arising from this work for forthcoming years.

Asset Management has represented an area of considerable investment in the year, both in respect of infrastructure, but also in monetary terms, with an additional spend of £1.6m in all areas including property compliance and cyclical works.

Finally, we experienced a significant uplift in our interest burden through the increase in variable rates seen across the banking sector. We were able to secure a significant property disposal in December 2023 which has improved both our reserves and liquidity enabling the organisation to navigate an uncertain economic environment, together with significant further plans for asset improvement and required remediation.

Operational Review

Customer Service

Whilst there were many challenges in respect of our customer service in 2022/23, we strengthened the relationship with our customers through effective communication and good quality services.

We were excited to launch our ‘Customer First’ strategy earlier in the year which set out our plan to place customers at the heart of what we do. One of our first actions was to establish a new Customer Service Team and streamline communications from customers into a single point of contact so that we can more effectively record and manage contacts with our residents.

In April we conducted our tenant satisfaction survey. This incorporated our Regulator’s Tenant Satisfaction Measures for the first time. Whilst the results were not where we want them to be, they provided a good baseline to embark on our improvement journey.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT (CONTINUED) REVIEW OF BUSINESS (CONTINUED)

Our acknowledgement of the necessary 3 year Back to Basics phase within our corporate plan, and the mobilisation of our Customer First strategy has already paved the way to a 3 year delivery plan to address the key result areas including rebuilding trust and improving communication.

Key deliverable outcomes that have been achieved over the past 12 months across the organisation’s frontline services are:

General Needs Services

During 2022/23 we were limited in welcoming new residents as we were carrying out significant repairs to several properties and using many of our voids for temporary decants for existing tenants. At the year-end we had 815 women and their families housed in permanent affordable homes (2022: 803).

Support Services

Housing for Women has continued to deliver a range of support services throughout the year including;

Funding of our Support Services

Housing for Women currently have reserves of £8.1m, 0.5m of which represents endowments received by the organisation and therefore restricted in its use. Therefore of the unrestricted reserves of £7.6m, charitable reserves available for support services total £0k (2021/22 £110k). Remaining reserves that have not been earmarked for specific use are solely for the operation of general needs housing as they have been generated from general needs activity. As such they cannot be used to cross-subsidise the supported housing projects that rely on income from local and central government and/or Trusts, Foundations, and donations.

Our funding and donations secured through Trusts, Foundations and individual donations are therefore critical for the continued delivery of services. We would like to take this opportunity to thank all our donors for their ongoing and generous support.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT (CONTINUED) REVIEW OF BUSINESS (CONTINUED)

During 2022/23:

We continue to operate in line with the Women’s Aid National Quality Standards. Embodying principles of participation, transparent governance and needs-led service delivery, they set out the nature and standard of service provision necessary to enable women and children survivors of domestic violence to cope with and recover from their experiences of abuse.

Childers Fire

In May 2020 we had a significant fire at our Childers Street scheme within a block managed by another housing association. Thankfully there was no loss of life or injuries, though significant damage to one block led to the safe decant of those affected.

Over the course of the year, the occupied Childers blocks (including those managed by others) continue to be fully alarmed, together with a Managed Service Waking Watch to support resident safety and provide additional reassurance.

Relevant surveys and enabling works continue to be carried out to support the future reoccupation and complex remediation programme and our assigned project team is working on the detailed design. As we work through the complexities of the programme, we periodically engage with and update stakeholders.

FUTURE PROSPECTS

To achieve our growth ambitions and build service capacity we continue to explore new opportunities through increased partnership working, mergers and acquisitions. Additionally, we shall seek future finance through a combination of active asset management and maximising opportunities to extend our gearing. In December 2023 as part of active asset management we were able to effect a net receipt in excess of £3.5m, through the disposal of a 10 studio flats.

During the year end we were pleased to have a positive outcome from the Ministry of Justice for our bid for organisational core costs to support our specialist accommodation and support projects for women affected by the Criminal Justice System. Additionally, we were successful in our accompanying bid to the MoJ for a new service which expands on our previous projects to deliver specialist support and accommodation to women on their release from prison. In the forthcoming

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STRATEGIC REPORT (CONTINUED)

months we shall be doubling our accommodation within our ReConnect+ project by 4 bedspaces, with a further increase planned later in the year.

KEY PERFORMANCE INDICATORS

Key performance indicators are identified and explained within the Value for Money section of the Report of the Board of Directors.

Approved by the Board of Directors and signed on behalf of the Board by:

Susan Kane Chair

Date: 12 March 2023

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS

The Board of Directors present their report and the financial statements for the year ended 30 September 2023.

Directors

The Directors of Housing for Women who served during the year are:

Responsibilities of the Board of Directors

The Board of Directors is responsible for preparing the Annual Report and Financial statements in accordance with applicable law and regulations.

Company Law requires the Board of Directors to prepare financial statements for each financial year. Under that law the Board of Directors has elected to prepare the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of Housing for Women and of the surplus or deficit of Housing for Women for that period.

In preparing these financial statements, the Board of Directors is required to:

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

The Board of Directors is responsible for keeping adequate accounting records that are sufficient to show and explain Housing for Women’s transactions and disclose with reasonable accuracy at any time the financial position of Housing for Women and enable them to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. They are also responsible for safeguarding the assets of Housing for Women and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Board of Directors are responsible for the maintenance and integrity of the corporate and financial information included on Housing for Women’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Internal Controls

The Board of Directors is ultimately responsible for the system of internal control and for reviewing its effectiveness. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Board of Directors confirms there is an on-going process for identifying, evaluating, and managing the significant risks faced by Housing for Women, including the risk of fraud that has been in place for the year under review and up to the date of approval of the Annual Report and Financial Statements. This process is regularly reviewed by the Board. The Board of Directors has approved and regularly reviews its policy on fraud covering prevention, detection, and reporting. The fraud register is reviewed annually.

The Board of Directors has reviewed the effectiveness of the system of internal control. In particular, the Board of Directors has reviewed and updated Housing for Women’s strategic risk map. The Board of Directors has received the Chief Executive’s report on the effectiveness of internal control which confirmed having reviewed the effectiveness of the system of internal control, including the sources of assurance agreed by the Board as being appropriate for that purpose, she was satisfied that adequate systems of internal control were substantially in place.

Management are responsible for the identification and evaluation of significant risks applicable to their areas of business together with the design and operation of suitable controls.

Key elements of the control framework include:

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

During 2022/23 our internal auditors (TIAA) carried out 5 assurance audits - ICT Cyber Security, Health and Safety Asbestos and Fire Risk, Homemaster Implementation of Housing System, Safeguarding and Incident Management, Finance – Budgetary Control and Treasury Management. The assurance assessments from these audits were 1 substantial level, 3 reasonable levels and 1 limited level of assurance

The Audit & Risk Committee have reviewed these reports and agreed the Executive Team’s (ET) action plan wherever improvements or issues of significance have been identified. A rolling review of actions completed is maintained and reported by the internal auditors and monitored quarterly by the Audit & Risk Committee. In respect of the audit with limited assurance given, all substantial action points will have been completed by April 2024.

As part of their annual assurance report the internal auditors have confirmed that they are satisfied that, for the areas reviewed during the year, Housing for Women has reasonable and effective risk management, control and governance processes in place.

The Board has reviewed the effectiveness of the Association’s internal controls and has not identified any significant matters leading to a breakdown in controls.

Value for Money Assessment

Background

The mission of Housing for Women is to empower women through providing good homes and services and challenging inequalities they face.

We continue to develop our ability to measure the impact, efficiency, and effectiveness of the services we deliver to our residents and service users. As a small housing association, we have limited resources, and operate in challenging areas where demand for our services exceeds supply. The Housing for Women Board and Executive Team aim to maximise the social value of the organisation by ensuring that its finance and resources are used effectively.

Approach

Housing for Women recognises that Value for Money (VfM) is a fundamental consideration and is committed to maximising VfM to ensure that the highest level of service is delivered to our customers. To maximise VfM, the needs of customers must be met by ‘doing the right thing, in the right place, at the right time and at the right price.’

The Board has agreed a strategic goal to ensure our systems and processes support service improvement, efficiency and compliance with funder and regulatory requirements.

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The aim is to deliver the strategic goal by continuing to improve our understanding of our costs, performance and quality of services by taking action to ensure that the right balance is achieved.

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

The strategy considers short, medium and long-term financial implications and is reviewed annually, with an action plan created and reviewed at Executive Team level for at least the year ahead.

As this is the first year of the current business plan a revised strategy has been put in place alongside the new Corporate Plan 2022 - 2027, clearly defining the deliverables in the short, medium and long term.

This has been done in conjunction with the future development of an ESG framework (environmental, social and governance) referring to a way of measuring our performance in respect of environmental and social impacts and risks, and the quality of governance.

Finally, to note, at the beginning of the year the organisation implemented a new Housing and Finance system. A LEAN approach to process reviews has commenced initially as part of the further embedding process and continuing to enable us to deliver efficiencies in this area at the end of 2024/25.

Taking account of Housing for Women’s current position and this strategic goal, the VfM objectives of Housing for Women are to:

In this first year of our plan, we were challenged on many areas of our VfM strategy, driven to some extent by the environment in which we currently operate, namely:

Measuring Value for Money

Our Assessment of VfM considers the following:

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HOUSING FOR WOMEN

(A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

Improved processes to deliver improved customer service

During the year we both resourced up within customer service but also began the work around reviewing processes within housing management. We initially have focussed on complaints management, rent arrears, voids management and antisocial behaviour. We are however seeing an improvement in services as an immediate outcome from the reviews and changes implemented. We currently are working with our IT consultants who develop Homemaster to bring that learning into action.

Performance comparison with our peers

During the year Housing for Women continued to benchmark through the G320 London benchmarking club, refining data and taking action to address any areas where performance is not at the required level.

----- Start of picture text -----
Median
Indicator 2020/21 2021/22 2022/23
BM 320
Benchmark
Regulatory metrics:
2.6
Reinvestment % - - -
New supply delivered (social
housing) % - - - -
New supply delivered (non-social
housing) % - - - -
31
Gearing % 20 25 21
EBITDA MRI interest cover % -195 -309 -186 171
Headline social housing cost per
8,997 11,141 11,997 6,110
unit £
Operating margin (social housing -1.1 -5.8 -18.2 12.9
lettings) %
Operating margin (overall) % 0.4 -4.8 -15.6 13.9
----- End of picture text -----

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----- Start of picture text -----
Return on capital employed % 0.04 -0.51 -1.90 2.15
Local key cost and performance
metrics:
Financial and overheads
23.5
Overhead as % turnover 26.2 22.2 18.6
Housing management
Cost per property 4,008 5,340 5,008 523
Asset management
Cost per property of major 3,813
2,208 3,401 1,775
works/cyclical maintenance
Cost per property of responsive
1,256 841 1,334 909
repairs and void works
Invest in our people
Staff turnover 29.7 32.8 14.3 Not measured
----- End of picture text -----

Commentary on Performance

During 2022/23 we continued to focus heavily on Customer Service and Service Improvement, primarily driving Value for Money through our substantial procurement programme driving efficiency and effectiveness for our customers.

The following summarises our performance across the metrics with external peers via the benchmark data:

Gearing %

EBITDA MRI interest cover %

With continued increased property compliance and significant investment made in our current stock in line with the financial plan accompanying the approved Business Plan, we continue to address under-investment in previous years whilst also complying with legal and regulatory requirements. Looking forward the results of the stock condition survey completed informed the levels of spend required over the next few years, although we continue to balance that need with that required for the Childers remediation.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

In 2022/23 we invested heavily in our customer facing services as part of Phase 1 of the corporate plan – “Back to Basics” which together with difficulties in securing permanent support staff in our Supported Housing teams (in line with that experience in the sector as a whole) continued to drive up our costs. Additionally the impact of the economic crisis led to our staff moving to a revised pay structure with additional monies invested in a consolidated pay review. We further significantly increased the investment in our property compliance and proactively resolved outstanding customer issues. Our maintenance contractors continue to provide a much-improved service in both quality and quantum of jobs completed.

In context we continue to work within our Board’s historical policy to keep rents at affordable social levels which drives a lower operating margin for the organisation when compared with our peers. However, during 2022/23 considerable costs were incurred in respect of our property compliance, resolving outstanding customer issues, expanding our customer service department together with further investment in our procurement to establish improved customer satisfaction and value for money in the future. We must now work to improve operating efficiency with a stable workforce to improve our operating margin whilst maintaining a quality service.

Our Board are committed to the delivery of our much needed and, in many cases, lifesaving, but low margin support services. This has the effect of further diluting the operating margin detailed above. However, in 2022/23 this had marginal impact due to the lettings challenges seen within general needs, together with the increased costs of compliance and customer service.

The Board acknowledges that in the current environment of economic uncertainty and budgetary constraint that a drive to do more with the same or less will continue to put our operating margin under pressure. However, they remain committed to push forward operations in areas of strength whilst working within an agreed risk envelope.

The ROCE continues to reflect both the low margins and gearing of the organisation.

Our level of overhead as % turnover has remained steady in 2022/23 with the stabilisation of elements of the workforce through permanent recruitment. We are now looking to drive efficiencies through our IT systems enabling this metric to move closer to our peers.

Housing management cost per property £5,008/unit - Total business, £3,253/unit - Total business excluding Supported Housing

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

In 2022/23 we continued to invest heavily in our general needs housing management resource having reviewed our methods of customer service delivery to both drive up performance and improve efficiency and therefore VfM. We expect this metric to remain high for a period as we

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

progress through the back-to-basics period of our new Corporate Plan, however would then anticipate it reducing after that point.

Having worked hard over the past few years to focus on the retention of our staff via various initiatives our levels of staff turnover have fallen to their lowest in many years. We have maintained a solid consistent workforce despite a very active job market and scarce resource. We have adapted our approach as necessary to secure good quality staff. Driving this metric down, ensuring the retention of a high-quality experienced team will also enable a continued embedding of VfM within the culture of the organisation as we retain and grow organisational history and knowledge.

Social return on investment

During the year 2022/23 volunteers contributed 1,633 (2021/22 3,979) hours of their time. Using the London Living wage the monetary value of this social impact is £26,846.52 (2021/22 £60,512). This reduction was due to resourcing challenges in this area which are being resolved. We have strong ambitions to improve upon these figures in the forthcoming couple of years especially through our engagement with befrienders, social work students and volunteers. We continue with partnerships with the University of Greenwich and London Metropolitan University hosting social work student placements. Additionally, during the year our volunteer Trustees gave generously of their time on Board/Subcommittees.

Actively Managing our Assets

To actively manage our assets, we follow our Asset Management Strategy which together with a Disposals Policy enables us to adopt an efficient process of review via an options appraisal process for voids/ low performing assets to best assess the investment approach going forward. Gordon Place

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represents one such building where following the appraisal process, with tenant consultation this was under offer for disposal at the year end. It completed in December 2023 for a net receipt in excess of £3.5m which will be re-invested in our current stock.

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

Additionally, using the data obtained by our comprehensive stock condition survey with an extended brief around decency, damp and mould and net zero carbon during 2021/22 we have been able to target programmes of work to best utilise resources. We have a voids standard of accommodation in place for both our supported housing and general needs tenants. Finally, we have successfully mobilised our new repairs contractor and are seeing significant VfM improvements together with an improved experience for our customers.

Procurement VfM Achievements

Our procurement strategy sets out how services and goods are to be procured to achieve value for money. It also encourages the use of quotes and tenders as the basis for ensuring best value in all procurement of goods and services.

During the year we terminated/retendered several contracts across the organisation, securing an expected annual VfM saving of £94k.These included repairs and planned maintenance (£34k), gas maintenance services (£16k), legal support (11k) and various compliance areas (£14k). Looking forward to 2023/24 we continue to procure with a focus on our asset management. These include neighbourhood/estate services, water hygiene services, gas maintenance and planned electrical works.

Going Concern

In respect of going concern the Board considers at present the key area of concern surrounds the cost of remediation works to Childers Street to the extent these are not covered by insurance or other claims and the timing of related cashflows. We have assessed the financial impact in the context of the current financial plan, including any impact on existing loan covenants and concluded the covenants will remain unaffected. Housing for Women has adequate long term debt facilities in place, as explained in note 27 and regularly reviews the medium-term cash flow. Additionally, considering this and other economic and operational demands, the Board has assessed the availability of potential additional funding, and property disposals, together with regular extensive stress testing of the financial plan. The Board is satisfied that it has adequate resources to continue in operation for the foreseeable future and therefore we consider it appropriate to continue adopting the going concern basis in preparing the financial statements.

Disclosure of information to the Auditor

In the case of each person who was a Director at the time this report was approved:

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

Auditor

The approval of our Statutory Accounts and the re-appointment of our External Auditors, Crowe UK LLP, will therefore be proposed at our Board meeting on 12 March 2024.

Approved by the Board of Directors and signed on behalf of the Board by:

Susan Kane Chair Date: 12 March 2024 Company Registration Number 00420651

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

Independent Auditor’s Report to the Members of Housing for Women

Opinion

We have audited the financial statements of Housing for Women (the “Charitable Company”) for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, the Statement of Changes in Reserves, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Board'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 Charitable Company'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 Board with respect to going concern are described in the relevant sections of this report.

Other information

The Board is 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 we do not express any form of assurance conclusion thereon.

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HOUSING FOR WOMEN

(A company limited by guarantee having no share capital)

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

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 Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the Board

As explained more fully in the Board’s responsibilities statement set out on pages 12-14 the Board is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Board determines 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 Board is responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board either intends to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

23

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HOUSING FOR WOMEN

(A company limited by guarantee having no share capital)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the Charitable Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements such as the Companies Act 2006, the Charities Act 2011, the Housing and Regeneration Act 2008 and other laws and regulations applicable to a registered social housing provider in England. We also considered the risks of non-compliance with the other requirements imposed by the Regulator of Social Housing and we considered the extent to which non-compliance might have a material effect on the financial statements.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant and support income, the assumptions applied in the impairment of property assets and the recognition of exceptional fire safety costs and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, analytical review and substantive testing of income, reviewing accounting estimates for biases, reviewing regulatory correspondence with relevant regulators and reading minutes of meetings of those charged with governance and legal communication.

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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Julia Poulter

Senior Statutory Auditor

Crowe U.K. LLP

Statutory Auditor London UK Date: 27 March 2024

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STATEMENT OF COMPREHENSIVE INCOME FOR YEAR ENDED 30 SEPTEMBER 2023

Note
TURNOVER
4
Operating expenditure
4
Surplus on sale of fixed assets
OPERATING SURPLUS
4
Exceptional item - uninsured losses
Surplus on revaluation of investment properties
Bank interest receivable
Interest and other financing costs
7
DEFICIT FOR THE YEAR
8		 2023
£
9,048,954
(10,464,413)
-
(1,415,459)
(1,528,015)
(2,943,474)
-
123,980
(1,237,797)
(4,057,291)		 2022
£
8,415,420
(8,823,115)
-
(407,695)
(1,016,372)
380,000
20,096
(717,846)
(1,741,817)

The financial statements were approved and authorised for issue by the Board of Directors on 12 March 2024 and were signed on its behalf by:

SUSAN KANE CARLI HARPER-PENMAN ZAIBA QURESHI Chair Vice-chair Company Secretary

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
Note
Fixed assets
Property, plant & equipment
9
Investment Properties
Investments
Current assets
Trade and other debtors
12
Cash and cash equivalents
13
Creditors - amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Less: Creditors - amounts falling due after more
than one year
15
Total net assets
Capital and reserves
Revenue reserves
Endowment funds
18		 2023
£
70,984,944
1,250,000
5,127
72,240,072
2,415,145
2,983,053
5,398,198
(2,955,874)
2,442,324
74,682,396
(66,532,692)
8,149,704
7,663,328
486,377
8,149,704		 2022
£
70,694,859
1,250,000
4,582
71,949,441
1,953,669
9,961,918
11,915,587
(3,774,221)
8,141,366
80,090,807
(67,883,813)
12,206,994
11,720,617
486,377
12,206,994

The financial statements were approved and authorised for issue by the Board of Directors on 12 March 2024 and were signed on its behalf by:

SUSAN KANE CARLI HARPER-PENMAN ZAIBA QURESHI
Chair Vice-chair Company Secretary

Company Registration Number 00420651 Charity Registration Number 211351

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

Registrar of Social Housing Number L0970

STATEMENT OF CHANGES IN RESERVES FOR YEAR ENDED 30 SEPTEMBER 2023

Note
At the beginning of the year
Deficit from Statement of
Comprehensive Income for the year
At the end of the year
At the beginning of the year
Deficit from Statement of
Comprehensive Income for the year
At the end of the year		 2023
Revenue
Reserve
Endowment
Reserve
Total
£
£
£
11,720,617
486,377
12,206,994
(4,057,289)
- (4,057,289)
7,663,378
486,377
8,149,704
2022
Revenue
Reserve
Endowment
Reserve
Total
£
£
£
13,462,434
486,377
13,948,811
(1,741,817)
-
(1,741,817)
11,720,617
486,377
12,206,994

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Note
Net cash generated from operating
activities
24
Cash flow from Investing Activities
Purchase of housing properties
Interest received
Proceeds from Sale of Property
Purchase of other property, plant &
equipment
Net cash used in investing activities
Cash flow from Financing activities
Repayment of borrowings
Grant funding
New borrowing
Loan agreement fees
Interest paid
Net cash used in financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at:
Beginning of the year
End of the year
12		 2023
£
(1,447,294)
123,980
-
-		 £
(4,360,107)
(1,323,314)		 2022
£
(2,325,631)
20,096
-
(32,116)		 £
(1,751,027)
(2,337,651)
-
(57,647)
-
(1,237,797)		 -
11,354,706
-
(717,846)
(1,295,444) 10,636,860
(6,978,864) 6,548,182
9,961,918 3,413,736
2,983,054 9,961,918

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

1. General information

Housing for Women, a company limited by guarantee having no share capital is incorporated in England under the Companies Act 2006, registered number 00420651, and is registered with the Registrar of Social Housing as a Private Registered Provider of Social Housing (Registered number L0970) and is a registered charity (Registered Number 211351). Housing for Women’s principal activities are stated in the Strategic Report on page 4.

The registered office is Sixth Floor, Blue Star House, 234-244 Stockwell Road, London SW9 9SP.

2. Principal accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.

2.1 Basis of accounting

The financial statements have been prepared in accordance with applicable accounting standards including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Statement of Recommended Practice for registered social housing providers, Housing SORP 2014.

In accordance with FRS 102 (3.3A), Housing for Women is a public benefit entity that has applied the “PBE” prefixed paragraphs.

The financial statements comply with the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022 (“the Direction”).

The accounts are prepared on the historical cost basis of accounting and are presented in sterling (£).

Housing for Women took the exemption within FRS 102 to not restate business combinations entered into before the date of transition.

2.2 Going Concern

In respect of going concern the Board considers at present the key area of concern surrounds the cost of remediation works to Childers Street to the extent these are not covered by insurance or other claims and the timing of related cashflows. We have assessed the financial impact in the context of the current financial plan, including any impact on existing loan covenants and concluded the covenants will remain unaffected. This is because our current funding does not have over-arching I&E covenant conditions to be met. Housing for Women has adequate long term debt facilities in place, and regularly reviews the medium term cash flow. Additionally, considering this and other economic and operational demands, the Board has assessed the availability of potential additional funding, and property disposals, together with regular extensive stress testing of the financial plan. The Board is satisfied that it has adequate resources to continue in operation for the foreseeable future and therefore we consider it appropriate to continue adopting the going concern basis in preparing the financial statements.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

2.3 Turnover and revenue recognition

Turnover comprises rental and service charge income, fees and grants receivable and other income.

2.3 Turnover and revenue recognition (continued)

Rental and service charge income is recognised in the period to which it relates, net of rent and service charge losses from voids. Rental income is recognised from the point when properties under development reach practical completion or otherwise become available for letting, net of any voids.

Service charge and other income are accounted for on the basis of the value of goods or services supplied during the period. Any over or under recovery of variable service charge amounts due is reflected as a creditor or debtor respectively.

Revenue grants are accounted for once Housing for Women is legally entitled to the grant. Revenue grants are recognised in the Statement of Comprehensive Income in the same period as the expenditure to which they relate under the performance model of accounting.

Government capital grants received are initially deferred and then credited to turnover in the Statement of Comprehensive Income on a straight line basis over the expected life of the asset which they have funded under the accrual model of accounting.

Other charitable income, such as legacies and donations is recognised as received.

2.4 Short term employee benefits

Short term employee benefits, including holiday pay, are accrued as services are rendered. Contributions to defined contribution pension schemes are charged to the Statement of Comprehensive Income as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the Statement of Financial Position.

2.5 Taxation

Housing for Women is not VAT registered since a large proportion of Housing for Women’s income, including its rents, is exempt for VAT purposes whilst the majority of its expenditure is subject to VAT that cannot be reclaimed, expenditure is shown inclusive of irrecoverable VAT.

Housing for Women has charitable status and therefore is not subject to Corporation Tax on surpluses derived from charitable activities, provided that the surpluses are applied to the charitable objects of Housing for Women.

2.6 Interest payable

Interest is capitalised on borrowings to finance the development of qualifying assets to the extent that it accrues in respect of the period of development if it represents:

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

Other interest payable is charged to the Statement of Comprehensive Income in the year.

2.7 Property, plant & equipment - Housing properties

Housing properties are properties held for the provision of social housing or to otherwise provide social benefit. Housing properties are principally properties available for rent and are stated at cost less accumulated depreciation and impairment losses.

Cost includes the cost of acquiring land and buildings, development costs and interest charges incurred during the development period.

Where an asset comprises components with materially different useful economic lives, those assets are separately identified and depreciated over those individual lives. The identification of such components is a matter of judgement and may have a material impact on the depreciation charge. The components selected are those which reflect how the major repairs to the property are managed.

Housing for Women depreciates the major components of its housing properties at the following annual rates:

Components identified within housing properties:

Roof and Structure 100 years
Windows and External doors 30 years
Kitchens 20 years
Bathrooms 30 years
Heating 15 years
Mechanical and electrical 40 years
Lifts 25 years

Subsequent expenditure which relates to either the replacement of previously capitalised components or the enhancement of such components which results in incremental future benefit is capitalised and the carrying amount of any replaced component or part component is derecognised. Costs associated with Land are not depreciated but remain on the books at acquisition value.

The residual values of fixed assets, their useful lives, and their depreciation rates are reviewed at each reporting date and where there is an indication of a significant change since the previous reporting date, they are adjusted prospectively.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

2.8 Property, plant and equipment - Other

Other property, plant and equipment are stated at cost less accumulated depreciation.

Depreciation is provided evenly on the cost of other property, plant and equipment to write them down to their estimated residual values over their expected useful lives. All assets with a value of less than £250 are treated as small equipment and written off in year.

The principal annual rates used for other assets are:

Leased Office buildings Over the life of lease Office equipment and furniture 25% Property equipment and furniture 33.3%

Gains or losses arising on the disposal of other property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised as part of the surplus/deficit for the year.

2.9 Investment properties

Investment properties are properties rented at market rent. They are stated at fair value. The valuation is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and class of investment property being valued. We are not aware of any restrictions on the realisability of investment property or the remittance of income and proceeds of disposal. There are no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancements.

2.10 Impairment

Assets other than those measured at fair value, are assessed for indications of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Non-financial assets

Non-financial assets comprise housing properties and other property, plant and equipment. A non-financial asset is impaired where there is objective evidence that, as a result of one or more events after initial recognition, the estimated recoverable amount of the asset has been reduced. The recoverable amount of a non-financial asset is the higher of its fair value less costs to sell and its value in use.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

2.10 Impairment (continued)

For the purposes of impairment assessments, housing properties are grouped together into schemes, each scheme typically comprising one or more buildings in an immediate locality, and each building consisting of one or more accommodation units. Schemes are typically developed or acquired as one block of units.

Value in use (VIU) for housing schemes, which are able to be let in the current condition and which are fulfilling the social purpose for which they were acquired is referred to as Value in use Service Potential (VIU-SP) and this can be measured using the ‘depreciated replacement cost (DRC) valuation basis. The DRC basis considers either the cost of purchasing an equivalent property on the open market (based on the sale prices for similar properties in or near the same location), or from another registered provider (where there is considered to be an active market), or the rebuilding cost of structures and components based on current building costs, using either current building contracts or market data (being primarily construction indices) applied to the relevant building size and type.

For other schemes, value in use is defined as the net present value of the future cash flows generated from the scheme before interest cost.

Financial assets

Financial assets comprise investments, trade and other debtors.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

2.11 Financial instruments

Financial assets and liabilities comprise investments, trade and other debtors, cash and cash equivalents, trade and other payables, accruals and loan balances.

Financial assets and financial liabilities are recognised when Housing for Women becomes party to the contractual provisions of the financial instrument.

All financial assets and financial liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Statement of Comprehensive Income, which are initially measured at fair value, unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

2.11 Financial instruments (continued)

asset or financial liability is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. A financing transaction may take place in connection with the sale of goods or services, for example, if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and Housing for Women intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that are classified as payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Debt instruments which meet the conditions of Section 11.9 of FRS 102 are subsequently measured at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash flows through the expected life of the financial asset or liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Other financial instruments and investments in equity instruments are recognised at fair value with any gains or losses being reported in surplus or deficit for the year.

Financial assets are only derecognised when and only when: the contractual rights to the cash flows from the financial asset expire or are settled; Housing for Women transfers to another party substantially all the risk and rewards of ownership of the financial asset; or Housing for Women, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled, or expires.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits and bank overdrafts which are an integral part of Housing for Women’s cash management. Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash without significant risk of change in value.

2.12 Grants

Government grants

Government grants include grants receivable from the Homes England, local authorities, and other government organisations. Government grants received for housing properties are treated as deferred income and recognised in turnover (amortised) over the estimated useful life of the housing property structure, under the accrual model. Government grant received specifically for components is amortised over the life of the component to which it relates.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

2.12 Grants (continued)

Grants relating to revenue are recognised in the Statement of Comprehensive Income over the same period as the expenditure to which they relate, once reasonable assurance has been gained that Housing for Women will comply with the conditions and that the funds will be received. Grants due from government organisations or received in advance are included as current liabilities.

Government grants released on the sale of the property may be repayable but are normally available to be recycled and are credited to a recycled grants fund and are included in the Statement of Financial Position in creditors. If there is no requirement to recycle or repay the grant on disposal of the asset, any unamortised grant remaining within creditors is released and recognised as income in the Statement of Comprehensive Income.

Other grants

Grants received from non-government sources are recognised using the performance model. A grant which does not impose specific future performance conditions is recognised as revenue when Housing for Women becomes entitled to the funds, it is probable they will be received and can be reliably measured. A grant that imposes specific future performance related conditions on Housing for Women is only recognised when these conditions are met. A grant received before the revenue recognition criteria are satisfied is shown as a liability in the Statement of Financial Position.

Recycling of capital grants

Where the Social Housing Grant is recycled, the grant is credited to the fund which appears as a creditor until used for further development. Where the recycled grant is known to be repayable, it is shown as creditors within one year.

2.13 Leases

Housing for Women elected to determine whether an arrangement existing at the date of transition to FRS 102 contains a lease on the basis of facts and circumstances existing at that date rather than when the arrangement was entered into.

Leases are classified as finance leases where the terms of the lease transfer substantially all the risks and the rewards of ownership of the leased asset. All other leases are classified as operating leases. Housing for Women only holds operating leases.

Rental payable or receivable under operating leases is charged or credited to Statement of Comprehensive Income on a straight-line basis over the lease term. Lease incentives are similarly spread on a straight-line basis over the term of the lease.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

2.14 Provision for liabilities

Provisions are recognised when Housing for Women has a present obligation as a result of a past event, and it is probable that Housing for Women is required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation, at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Housing for Women recognises a provision to cover the annual leave accrued by employees as a result of service rendered in the current period, and which employees are entitled to carry forward and use within the next twelve months. The provision is measured at the cost of salary, national insurance and pension contributions payable for the period of absence.

2.15 Reserves

Reserves comprise the revenue reserve balance, endowment funds and restricted funds.

Revenue reserves relate to the cumulative surpluses less amounts transferred to restricted reserves.

Housing for Women annually calculates amounts necessary for future maintenance and major works to its properties; funds to replace service chargeable items and amounts to ensure supported housing projects can continue to be financed during periods where no funding is in place. These amounts are recorded separately for management purposes. They are not differentiated from the unrestricted reserve balance for these statements but are disclosed for information purposes only.

Endowment funds are not available for general use at Housing for Women’s discretion. The capital and income of such funds can only be expended in accordance with the trust deed or other governing instrument.

3. Judgements and key sources of estimation uncertainty

The preparation of financial statement requires the use of judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for income and expenses for the year. These estimates and underlying assumptions are reviewed on an on-going basis.

Critical judgements in applying Housing for Women’s accounting policies

The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the Board of Directors has made in the process of applying Housing for Women’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

3. Judgements and key sources of estimation uncertainty (continued)

Identification of housing property components

Housing property depreciation is calculated on a component by component basis. The identification of such components is a matter of judgement and may have a material impact on the depreciation charge. The components selected are those which reflect how the major repairs to the property are managed.

Categorisation of housing properties as investment properties or property, plant and equipment

Class of properties within the category of housing properties that are held to earn commercial rentals or for capital appreciation or both are accounted for as investment properties unless immaterial to the financial statements. Properties rented to provide social housing and properties used for the production or supply of goods and services or for administrative purposes are classified as property, plant and equipment.

Impairment

For impairment purposes, as explained in the accounting policies, housing properties are grouped into cash generating units (CGU), being the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Judgement is required in establishing the appropriate level of asset grouping. The CGU level was determined to be at individual property level for completed properties and scheme level for properties in the course of construction.

The assessment of whether an asset is held for its service potential is also a matter of judgement and in making that judgement the Board of Directors considers the current use of the asset and the expected future use of the asset. If the asset is unable to be let in its current condition or is not being used for a social purpose, either now or in the foreseeable future, it is assessed as not being held for its service potential.

In calculating an asset’s depreciated replacement cost judgement is required on how best to calculate the recoverable amount for assets held for their service potential and whether there is an active market for the property. The Board of Directors is of the opinion that there is no active market at present.

Going Concern

The Board has assessed the financial impact of the remediation works to Childer’s Street in the context of the current financial plan, including any impact on existing loan covenants and has concluded the covenants will remain unaffected. Housing for Women has adequate long term debt facilities in place, and regularly reviews the medium term cash flow. Additionally, considering this and other economic and operational demands, the Board has assessed the availability of potential additional funding, and property disposals, together with regular extensive stress testing of the financial plan. The Board is satisfied that it has adequate resources to continue in operation for the foreseeable future and is therefore a going concern.

37

b

zdd

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

3. Judgements and key sources of estimation uncertainty (continued)

Estimation uncertainty

Bad debt provision

The rent and service charge receivable balance recorded in Housing for Women’s Statement of Financial Position comprise a relatively large number of small balances. A full line by line review of debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectible. The carrying amount of rent and service charges is disclosed in Note 12.

Useful lives of depreciable assets

The Board of Directors reviews its estimate of the useful lives of depreciable assets at each reporting date based on the expected utility of the assets. Uncertainties in these estimates relate to ‘technological obsolescence’ with regard to IT equipment/software and any changes to decent homes standard requiring frequent replacement of components. The accumulated depreciation as at 30 September 2023 is disclosed in Note 9.

Housing property impairments

The recoverable amount for impairment testing is based on either fair value less costs to complete and sell, present value of future cash flows or, for assets held for their service potential, depreciated replacement cost. In each case estimate is required.

The fair value less costs to complete and sell is based upon the existing use value – social housing for general needs housing properties. Estimation is required of the future cash flows expected to be derived from the properties and an appropriate discount rate.

The cost of purchasing an equivalent property on the open market is estimated based on the sale prices for similar properties in or near the same location.

The rebuilding cost of structures and components is based on the current build costs, based on either current building contracts or market data (being primarily construction indices) applied to the relevant building size and type.

The accumulated impairment provision at 30 September 2023 was £nil (2022: £nil).

38

b

zdd

HOUSING FOR WOMEN

(A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

4. Particulars of turnover, operating expenditure and operating surplus

Social
housing
lettings
(Note 4b)
Other
social
housing
activities
Development administration
Other charitable income
Other
Surplus on sale of fixed
assets
Exceptional
item
-
uninsured losses		 2023
Turnover
Operating
expenditure
Operating
surplus
/
(deficit)
£
£
£
8,855,815
10,464,414
(1,608,599)
-
-
-
179,939
(1)
179,938
13,200
-
13,200
9,048,954
10,464,413
(1,415,461)
-
-
-
-
-
-
1,528,015
(1,528,015)
9,048,954
11,992,428
(2,943,476)		 2022
Turnover
Operating
expenditure
Operating
surplus
/
(deficit)
£
£
£
8,336,494
8,823,115
(486,621)
-
-
-
50,563
-
50,563
28,363
-
28,363
8,415,420
8,823,115
(407,695)
-
-
-
-
-
-
1,016,372
(1,016,372)
8,415,420
9,839,487
(1,424,067)

b 39

zdd

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS 4 (b) Particulars of turnover and operating expenditure from social housing lettings

Income
Rents receivable net of identifiable service charges
Service charges receivable
Revenue grants
Amortised government grants
Other income
Turnover from social housing lettings
Operating expenditure
Service charges costs
Management
Routine maintenance
Planned maintenance
Major repairs
Bad debts
Rent payable
Depreciation charge
Loss on disposal of components
Insured costs
Other costs
Operating expenditure on social housing lettings
Operating surplus on social housing lettings before exceptional items
Exceptional item – uninsured losses
Operating surplus on social housing lettings
Rent losses from voids (included in Rents receivable
net of identifiable service charges)		 2023
2022
General
Needs
Refuges
Other
Supported
Housing
Total
Total
£
£
£
£
£
5,143,171
310,708
11,500
5,465,379
5,196,657
891,817
447,399
29,006
1,368,222
1,163,469
-
1,159,927
359,134
1,519,061
1,481,627
497,785
-
-
497,785
497,785
5,368
-
-
5,368
(3,044)
6,538,141
1,918,034
399,640
8,855,815
8,336,494
814,630
273,171
69,221
1,157,022
942,209.00
2,728,963
1,508,070
290,598
4,527,632
4,918,168
1,205,696
(0)
639
1,206,335
774,873.95
1,999,449
-
94
1,999,543
806,253.00
-
-
-
-
0
18,305
37,088
10,148
65,540
169,106
193,942
210,033
36,953
440,928
321,255
937,599
-
-
937,599
887,603
128,934
128,934
0
-
-
-
0
0
-
881
-
881
3,647
8,027,518
2,029,243
407,653
10,464,414
8,823,115
(1,489,377)
(111,209)
(8,013)
(1,608,599)
(486,622)
(1,528,015)
(1,528,015)
(1,016,372)
(3,017,392)
(111,209)
(8,013)
(3,136,614)
(1,502,993)
(338,743)
(87,615)
(12,879)
(439,237)
(412,950)

b

40

zdd

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

5. Key management personnel

Key management are those persons having authority and responsibility for planning, controlling and directing the activities of Housing for Women.

For the purpose of this note, the key management personnel are defined as the Board of Directors and the members of the Executive team – the Chief Executive Officer, the Director of Finance and Resources, the Director of Customer and the Director of Asset Management.

None of the Board of Directors or members received any emoluments. There were no related transactions requiring disclosure.

Remuneration payable to key management
personnel (including benefits in kind)
Employers pension contributions
Employers national insurance
The highest paid Executive:
Remuneration (excluding pension contributions)
Pension contributions		 2023
£
676,043
47,893
80,150
804,086
122,688
12,783
135,471		 2022
£
423,230
31,373
52,259
506,862
118,780
12,417
131,197

The remuneration and pension contributions relate to the Chief Executive. The Chief executive participates as an ordinary member of the group of defined contribution pension plan and received a pension contribution of 10.5% of pensionable salary.

6. Employee information

Employee information

The average number of staff of Housing for Women
(based on a standard working week of 35 hours):
Housing and support staff
Administration staff
Maintenance staff		 2023

38
17
9
64		 2022
29
20
9
58

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

6. Employee information (continued)

Staff costs for the above employees:

Wages and salaries
Social security costs
Other pension costs		 2023
2,562,602
257,856
142,076
2,962,534		 2022
2,294,159
240,434
133,195
2,667,788

Included within wages and salaries are redundancy/compensation costs of £5,816 (2022: £22,781).

Salary banding for all employees earning over £60,000, including salaries, bonuses and pension contributions paid by employer.

More than £60,000 but not more than £70,000
More than £70,000 but not more than £80,000
More than £80,000 but not more than £90,000
More than £90,000 but not more than £100,000
More than £100,00 but not more than £110,000
More than £110,00 but not more than £120,000
More than £120,00 but not more than £130,000
More than £130,00 but not more than £140,000		 2023
2022
Number
Number
2
4
1
-
-
-
1
1
1
-
-
1
1
-
-
1
6
7

7. Interest and financing costs

Interest payable on bank loans 2023
£
1,237,797
1,237,797		 2022
£
717,846
717,846

zdd

42

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

8. Deficit in current year

Is stated after charging:
Depreciation of housing properties
Depreciation of other tangible fixed assets
Amortisation of government grants
Operating lease payments
Land & Buildings
Auditors remuneration (excluding VAT):
In their capacity as auditors
In respect of other services		 2023
£
980,344
47,931
(497,785)
168,716
25,100
2,550		 2022
£
944,465
47,959
(497,785)
168,716
20,000
2,550

9. Property, plant and equipment

Cost
At 1 October 2022
Additions
Disposals
At 30 September 2023
Depreciation
At 1 October 2022
Charge for year
Disposals
At 30 September 2023
Net book value
At 30 September 2023
At 30 September 2022		 Housing
Properties
Property
equipment,
fixtures and
commercial
premises
Leasehold
Office
premises
Office
equipment
and
furniture
Total
£
£
£
£
£
85,613,337
77,368
136,010
394,994
86,221,709
1,447,294
-
-
-
1,447,294
(345,181)
-
-
-
(345,181)
86,715,450
77,368
136,010
394,994
87,323,822
14,992,972
77,368
132,588
323,922
15,526,850
980,344
-
-
47,931
1,028,275
(216,247)
-
-
-
(216,247)
15,757,069
77,368
132,588
371,853
16,338,878
70,958,381
-
3,422
23,141
70,984,944
70,620,365
-
3,422
71,072
70,694,859

Included within the housing properties balances is £nil of capitalised interest (2022: £Nil).

43

b

zdd

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

Housing properties book value, net of depreciation comprises:

Freehold land and buildings
Long leasehold land and buildings
Short leasehold land and buildings		 2023
£
65,135,955
5,306,683
515,745
70,958,382		 2022
£
64,818,035
5,311,314
491,016
70,620,365

10. Investment properties

At 1 October 2022
Net gain on revaluation
At 30 September 2023
1. Investments
As at 1 October 2022
Fair value adjustment
Market value at 30 September 2023
2. Debtors
Amounts receivable within one year
Arrears of rent and service charges
Less: provision for bad and doubtful debts
Prepayments and accrued income
Other debtors		 2023
£
815,209
(400,053)
415,156
1,109,971
890,018
2,415,145		 £
1,250,000
-
1,250,000
£
4,582
545
5,127
2022
£
783,423
(362,489)
420,934
737,789
794,946
1,953,669

11. Investments

12. Debtors

b

zdd

44

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

13. Cash and cash equivalents
2023
£
Cash held on current account or in hand
2,752,619
The Charities Official Investment Deposit Fund
230,434
2,983,053
14. Creditors – amounts falling due within one year
2023
Note
£
Amounts falling due within one year:
Loan instalments repayable within 12 months
16
853,335
Deferred government grant income
17
497,785
Trade creditors
97,475
Rent and service charges received in advance
608,060
Other creditors
88,457
Accruals and deferred income
810,762
2,955,874
15. Creditors - amounts falling due after more than one year
Note
2023
£
Housing loans
16
29,631,449
Deferred government grant income
17
35,701,243
Other deferred grant income
1,200,000
66,532,692		 2022
£
9,739,478
222,440
9,961,918
2022
£
807,420
497,785
326
445,050
152,768
1,870,872
3,774,221
2022
£
30,484,785
36,199,028
1,200,000
67,883,813

45

b

zdd

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

16. Housing loan debt analysis

Housing loans are secured by specific charges on Housing for Women’s housing properties and are repayable at varying rates of interest between 0.6% and 10.8%, in instalments due as follows:

Due within one year
Due after more than one year:
One to two years
Two to five years
Five or more years
The Net Book Value of assets held as security for the
housing loans at September 2023 was £41,493,281.
17. Deferred government grant income
Grant received
At 1 October
Grant received during the year
At 30 September
Grant amortised
At 1 October
Amortised to income in the year
At 30 September
Carrying amount
Amounts to be released within one year
Amounts to be released in more than one year		 2023
£
853,335
899,905
2,872,966
25,858,578
29,631,449
30,484,784
2023
£
49,724,243
-
49,724,243
13,027,433
497,785
13,525,218
497,785
35,701,243
36,199,028		 2022
£
807,420
853,337
2,796,901
26,834,546
30,484,784
31,292,204
2022
£
49,724,243
-
49,724,243
12,529,648
497,785
13,027,433
497,785
36,199,028
36,696,813

b

46

zdd

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

Government grant previously amortised to income
Government grant included in deferred income
Total government grant received		 2023
£
13,525,213
36,199,027
49,724,240		 2022
£
13,027,428
36,696,812
49,724,240

In addition to the deferred grants, Housing for Women has acquired properties which had grant funding of £8.74m awarded to other registered providers of social housing.

18. Permanent endowment funds

The reserves of Housing for Women include the following endowment funds of which Housing for Women is the trustee:

Mary Curzon Charity Balance
1 October
2022
£
486,377
486,377		 Investment
income
transfers from
Revenue
reserve
£
-
-		 Balance
30 September
2023
£
486,377
486,377

The Mary Curzon Charity for Women Workers (MCC) is administered under the banner title "Housing for Women". The assets and liabilities of the Mary Curzon Charity were consolidated in the accounts of Housing for Women in the year to 30 September 1998. The Mary Curzon Charity does not own or manage any property.

47

b

zdd

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

19. Analysis of net asset balances between funds

Fund balances at 30 September are represented by:

Property, plant and
equipment
Investment property
Investments
Current assets
Current liabilities
Creditors - amounts
falling due after more
than one year		 2023
Unrestricted
Endowment
Total
£
£
£
70,984,944
-
70,984,944
1,250,000
-
1,250,000
5,127
-
5,127
4,911,821
486,377
5,398,198
(2,955,874)
-
(2,955,874)
(66,532,692)
- (66,532,692)
7,663,327
486,377
8,149,704		 2022
Unrestricted
Endowment
Total
£
£
£
70,694,859
-
70,694,859
1,250,000
-
1,250,000
4,582
-
4,582
11,429,210
486,377
11,915,587
(3,774,221)
-
(3,774,221)
(67,883,813)
- (67,883,813)
11,720,617
486,377
12,206,994

20. Revenue Reserves

Revenue reserves include amounts earmarked for future anticipated major works (Major Work funds) to Housing for Women owned properties; service chargeable items replacement (replacement funds) and funding for non-externally funded periods in supported housing projects (charitable funds). As at 30 September 2023 the amounts earmarked are;

Charitable
Major Works
Replacement		 £
-
4,166,912
534,900
4,701,812

Reserves that have not been earmarked for specific use are solely for the operation of general needs housing as they have been generated from general needs activity. As such they cannot be used to cross-subsidise the supported housing projects that rely on income from Trusts, foundations, donations and/or local and central government funding. For further details please refer to the Trustees report page 9.

48

b

zdd

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

21. Leasing commitments

The total future lease commitments under non-cancellable leases are as follows:

Within one year
Between two and five years
After five years		 2023
Property
£
135,932
286,736
228,126
650,794		 2022
Property
£
131,800
339,745
231,263
702,808

22. Related party transactions

The members of the Board and the Senior Management Team are considered related parties as defined by FRS 102. Housing for Women retains a register of members’ interests. Transactions requiring disclosure are shown in note 5.

23. Social housing units

Accommodation owned and in management.

General needs housing
Supported housing		 2023
No
839
65
904		 2022
No
856
65
921

Of the above 849 units are owned by Housing for Women.

zdd

49

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

24. Notes to the statement of cash flows

Note
Operating surplus for the year
Exceptional item - uninsured losses
Adjustments for non-cash items
Depreciation of tangible fixed assets
9
Amortisation of grants
8
Loss on disposal of components and
other fixed assets
Non-cash accruals/prepayments
Movement in working capital
(Decrease)/increase in debtors
(Increase)/decrease in creditors
Net cash generated from operating
activities		 2023
£
(1,415,459)
(1,528,015)
812,028
(1,293,474)
344,636
(1,381,287)
(137,699)
239,163
(4,360,107)		 2022
£
(407,695)
(1,016,372)
990,018
(1,956,005)
15,314
173,969
(371,058)
820,802
(1,751,027)

25. Exceptional Item


Uninsured Losses		 2023
£
1,528,015		 2022
£
1,016,372

These losses relate to the uninsured costs incurred at Childers Street. Whilst we are currently uncertain as to where the liability for these costs lies, they have been written off as an Exceptional Item in the year. It should however be noted that a contingent asset may be confirmed in a future year as recovery of monies through third parties becomes more certain.

50

b

zdd

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

26. Financial instruments

The carrying values of Housing for Women’s financial assets and liabilities are summaries by category below:

2023 2022
£ £
Financial assets
Measured at undiscounted amounts receivable
Cash and cash equivalents 2,983,053 9,961,918
Gross debtors 815,209 783,423
Other debtors 536,949 829,946
Measured at fair value through profit and loss
Investments 5,127 4,582
Financial liabilities
Measured at amortised cost
Loans repayable 30,484,784 31,292,205
Measured at undiscounted amounts payable
Trade and other creditors 111,049 156,040
Housing for Women’s income, expense, gains and losses in respect of the financial
instruments are summarised below:
2023 2022
£ £
Fair value gains and losses on investments 545 (878)
Interest income and expense
Total interest income for financial assets at amortised cost 123,980 20,096
Total interest expense for financial liabilities at amortised
cost		 1,237,797 717,846

51

b

zdd