**REGISTERED CHARITY NUMBER: 247236**
Report of the Trustees and
Audited Financial Statements
for the Year Ended 31 December 2021
for
HORNCHURCH HOUSING TRUST
Haines Watts Essex LLP Juniper House Warley Hill Business Park The Drive Brentwood Essex CM13 3BE
HORNCHURCH HOUSING TRUST
Contents of the Financial Statements for the year ended 31 December 2021
|||Page||
|---|---|---|---|
|Report of the Trustees|1|to|4|
|Report of the Independent Auditors|5|to|7|
|Statement of Financial Activities||8||
|Balance Sheet||9||
|Notes to the Financial Statements|10|to|15|
|Detailed Statement of Financial Activities||16||
HORNCHURCH HOUSING TRUST
Report of the Trustees for the year ended 31 December 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Objectives and activities**
The overall objective of the charity is to provide accommodation for poor persons of good character and have resided in the Borough of Havering for at least two years.
Hornchurch Housing Trust offers 39 modern self-contained dwellings on three sites in the borough of Havering.
## Skeales Court, Sunrise Avenue, Hornchurch
Built in 1975 with 30 one bedroom flats over two floors with stair lifts to the first floor. Amenities for residents include a recreation room, kitchen and purpose built laundry room, with a secluded garden. The offices of the clerk and of the warden are on-site. A frequent bus service passes the complex.
## The Trust, Hacton Lane, Hornchurch
This site comprises five one bedroom bungalows. The residents have the benefit of sharing the amenities of the adjoining council owned Wm Tansley Smith House, which is a sheltered complex and has a large sunny garden, a recreation room and laundry. The 193 bus services to Hornchurch, Romford and The Queen's Hospital passes the complex.
## Wolseley Road, Romford
Here there are four maisonettes in a single block and the two at first floor level are accessed via steep stairs, which makes them suitable only for more active and independent persons. Frequent bus services are available nearby.
As vacancies occur the units are refurbished as necessary.
## **Public Benefit**
The Trustees have paid due regard to the Charity Commission Guidance on Public Benefit in deciding what activities the charity undertakes. All activities undertaken by Hornchurch Housing Trust are focussed on our charitable purposes.
## **Achievement and performance**
The charity maintains all of its properties and their grounds in good order, making them a pleasant place for our residents.
## **Financial review**
## **Investment policy and objectives**
The results for the year are set out in the attached accounts. The total funds at 31 December 2021 were £9,8,17,647 compared with £9,395,503 at 31 December 2020. Total expenditure during the year was £255,263 compared with total expenditure of £263,762 during the year ended 31 December 2020.
## Investment Policy
The charity utilises Ruffer LLP, M & G Investments and Brewin Dolphin Limited to manage its investment portfolio which includes both fixed interest units and equities. The investment managers are all regulated by The Financial Conduct Authority and are required to ensure that such investments provide an adequate yield, whilst respecting the ethical principles deemed appropriate by the charity.
## Reserves Policy
The trustees have decided that the amount of 'free' reserves (ie unrestricted reserves not designated as tangible assets) held by the charity should be maintained at a level equal to the approximate running costs of the charity for a six month period. This is assumed to be £100,000. However the charity is currently pooling resources with the view to expanding the number of properties it owns.
Page 1
HORNCHURCH HOUSING TRUST
Report of the Trustees for the year ended 31 December 2021
## **Future plans**
In the short term the Charity's priority is to continue providing accommodation and other facilities to a high standard. This implies the continued maintenance and improvement of our properties and the facilities we offer to our residents.
Further to this the charity would like to expand the number of properties it owns in order to further its work and increase the provision of accommodation currently offered.
## Political Uncertainty
It remains to be seen what the impact, if any, Brexit will have on the construction market and the trust specifically. The outlook for the coming year was encouraging prior to the Covid-19 outbreak, however, in the event of any economic downturn the trust is well placed to operate as normal due to efficient financial controls, a strong balance sheet and healthy cash reserves.
## Covid-19
The trust has, like all organisations, been affected by the Covid-19 outbreak. Decisive measures were swiftly undertaken, including closure of sites to protect our team, residents and other stakeholders. We continue to closely monitor the crisis, however, having formed contingency plans early and left significant cash in the organisation following a good year, the trust is well placed to see out the crisis and progress strongly as the economy recovers.
The trust is looking at possible new business models to ensure compliancy and management of risk, which if progressed, will result in review of the structure.
## Future Development
Although the commercial new-build, refurbishment and fit-out market remains competitive and uncertain following the Covid-19 outbreak, by actively managing risk across all areas of the trust , it is well placed to meet the day to day running needs.
The board is looking at potential investment/property purchase options to extend its current portfolio, as well as possible investment in its existing stock. Trustees will be taking appropriate expert advice before making any investments / strategic decisions
## **Structure, governance and management**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Hornchurch Housing Trust is an amalgamation of many ancient charities, the earliest being Appleton's Almshouses founded in 1586. The current version of the governing document was introduced on 15 February 1991 and amended by special resolution on 18 May 1995. The trust is a registered charity with the Charity Commission.
## **Appointment of trustees**
The trust deed makes provision for the appointment of seven trustees, one of whom by virtue of his office will be the incumbent vicar of St Andrews Parish Church, Hornchurch. The remaining six are appointed by the Council of the London Borough of Havering.
## **Organisation**
The board of trustees administers the charity and meets regularly to discuss the running of the charity. A clerk has been appointed by the trustees to manage its day to day operations under the supervision of the chairman and deputy chairman.
## **Related Parties and Connected Organisations**
The charity has no link with "Related Parties" as defined by the Statement of Recommended Practice and has not combined with any other organisation in the pursuit of its charitable objectives.
## **Reference and administrative details Registered Charity number**
247236
## **Principal address**
33 Skeales Court Sunrise Avenue Hornchurch Essex RM12 4YA
Page 2
HORNCHURCH HOUSING TRUST
Report of the Trustees for the year ended 31 December 2021
## **Trustees**
Miss C Smith Mr J Chapman (resigned 31/3/2021) Cllr D White (resigned 31/3/2021) Mr J Mylod Mr L N Dodin Cllr M Wallace Mr P J Salisbury Trustee (appointed 31/3/2021) Rev K A Wylie Trustee Mr J R Evans Trustee (appointed 31/3/2021)
**Auditors** Ian Gorsuch Chartered Accountant Haines Watts Essex LLP Juniper House Warley Hill Business Park The Drive Brentwood Essex CM13 3BE **Investment Managers** Brewin Dolphin Ltd 12 Smithfield Street London EC1A 9BD Ruffer LLP 80 Victoria Street London SW1E 5JL M & G Investment PO Box 9038 Chelmsford CM99 2XF
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
HORNCHURCH HOUSING TRUST
Report of the Trustees for the year ended 31 December 2021
## **Statement of trustees' responsibilities - continued**
Under the Charities Act 1993, the Trustees are required to:
i) Keep proper accounting records which disclose with reasonable accuracy at the time the financial position of the charity;
ii) To prepare financial statements for each financial year which give a true and fair view of the state of the charity's affairs and of the surplus or deficit for the year, and comply with the regulations made by the secretary of state.
In preparing those financial statements the trustees are required to:
* select suitable accounting policies and then apply them consistently;
* make judgements and estimates that are reasonable and prudent;
* state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements and whether the financial statements have been prepared in accordance with the statement of recommended practice, 'Accounting and Reporting by Charities' issued by the Charity Commission.
* prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
Approved by order of the board of trustees on 27 October 2022 and signed on its behalf by:
Cllr M Wallace - Trustee
Page 4
Report of the Independent Auditors to the Trustees of Hornchurch Housing Trust
## **Opinion**
We have audited the financial statements of Hornchurch Housing Trust (the 'charity') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 5
Report of the Independent Auditors to the Trustees of
Hornchurch Housing Trust
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and the sector in which it operates. We determined that the most significant are those that relate to the reporting framework, the Charities SORP (FRS 102) and the Charities Act 2011.
We understood how the charity is complying with those legal and regulatory frameworks by making enquires of the management and those responsible for governance. We corroborated our enquiries through our review of Board minutes.
We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance of the entity and management.
Our audit procedures in relation to fraud included but were not limited to:
- identifying and gaining an understanding of the internal controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- discussing the risks of fraud amongst the engagement team;
- assessing the significant estimates and judgements in the financial statements for possible manipulation or management bias;
- identifying and testing journal entries, in particular any journals indicating large or unusual transactions based on our understanding of the charity;
- assessing the extent of compliance with the relevant laws and regulations.
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 Report of the Independent Auditors.
Page 6
Report of the Independent Auditors to the Trustees of Hornchurch Housing Trust
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Haines Watts Essex LLP Juniper House Warley Hill Business Park The Drive Brentwood Essex CM13 3BE
31 October 2022
Page 7
## HORNCHURCH HOUSING TRUST
## Statement of Financial Activities
for the year ended 31 December 2021
|||**2021**|**2020**|
|---|---|---|---|
|||**Unrestricted**||
|||**funds**|**Total funds**|
||**Notes**|**£**|**£**|
|**Income and endowments from**||||
|**Charitable activities**||||
|Core Activities||270,155|239,314|
|Investment income|2|64,882|51,514|
|**Total**||335,037|290,828|
|**Expenditure on**||||
|**Charitable activities**||||
|Core Activities||255,263|263,762|
|Net gains on investments||342,370|553,232|
|**NET INCOME**||422,144|580,298|
|**Other recognised gains/(losses)**||||
|Gains on revaluation of fixed assets||-|350,000|
|**Net movement in funds**||422,144|930,298|
|**Reconciliation of funds**||||
|**Total funds brought forward**||9,395,503|8,465,205|
|**Total funds carried forward**||9,817,647|9,395,503|
The notes form part of these financial statements
Page 8
HORNCHURCH HOUSING TRUST
## Balance Sheet
31 December 2021
|**Notes**
**Fixed assets**
Tangible assets
7
**Investments**
Investments
8
Investment property
9
**Current assets**
Debtors
10
Cash at bank and in hand
**Creditors**
Amounts falling due within one year
11
**Net current assets**
**Total assets less current liabilities**
**NET ASSETS**
**Funds**
12
Unrestricted funds
**Total funds**|**2021**
**Unrestricted**
**funds**
**£**
5,436,824
3,700,293
645,000
9,782,117
2,140
53,458
55,598
(20,068)
35,530
9,817,647
9,817,647
9,817,647
9,817,647|**2020**
**Total funds**
**£**
5,356,672
3,200,211
645,000|
|---|---|---|
|||9,201,883
2,701
227,223|
|||229,924
(36,304)|
|||193,620|
|||9,395,503|
|||9,395,503|
|||9,395,503|
|||9,395,503|
The financial statements were approved by the Board of Trustees and authorised for issue on 27 October 2022 and were signed on its behalf by:
Cllr M Wallace - Trustee
The notes form part of these financial statements
Page 9
HORNCHURCH HOUSING TRUST
Notes to the Financial Statements for the year ended 31 December 2021
## **1. Accounting policies**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Going concern**
The financial statements have been prepared on a going concern basis.
The trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment with regard to going concern. Based on these assessments, the trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and account.
## **Financial reporting standard 102 - reduced disclosure exemptions**
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Allocation of cost**
Costs of a direct nature have been grouped and allocated directly to the activities to which they relate.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 20 years Fixtures and fittings - 20% on cost Computer equipment - 15% on reducing balance
## **Investments**
Investments are stated at fair value. The mid-market valuation is included at the balance sheet date and the gain or loss is taken to the Statement of Financial Activities.
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **Taxation**
As a charity, Hornchurch Housing Trust is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1998 or S256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to it's charitable objects.
Page 10
HORNCHURCH HOUSING TRUST
Notes to the Financial Statements - continued for the year ended 31 December 2021
## **1. Accounting policies - continued**
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market value.
Designated funds are unrestricted funds "ring fenced" by the Management Committee for particular purposes.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Financial instruments**
Financial assets and financial liabilities are recognised in the balance sheet when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.
## **2. Investment income**
|Dividends receivable
Deposit account interest|**2021**
**£**
64,851
31
64,882|**2020**
**£**
48,115
3,399|
|---|---|---|
|||51,514|
## **3. Trustees' remuneration and benefits**
Trustees' remuneration and benefits for the year ended 31 December 2021 were £nil (2020: £nil).
## **Trustees' expenses**
Trustees' expenses for the year ended 31 December 2021 were £nil (2020 - £nil)
## **4. Staff costs**
The average monthly number of employees during the year was as follows:
||**2021**|**2020**|
|---|---|---|
|Administration|3|3|
No employees received emoluments in excess of £60,000.
Page 11
HORNCHURCH HOUSING TRUST
Notes to the Financial Statements - continued for the year ended 31 December 2021
## **5. Comparatives for the statement of financial activities**
|**Income and endowments from**
**Charitable activities**
Core Activities
Investment income
**Total**
**Expenditure on**
**Charitable activities**
Core Activities
Net gains on investments
**NET INCOME**
**Other recognised gains/(losses)**
Gains on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds**
**Total funds brought forward**
**Total funds carried forward**
**Auditors' remuneration**||**Unrestricted**
**funds**
**£**
239,314
51,514
290,828
263,762
553,232
580,298
350,000
930,298
8,465,205
9,395,503|**Unrestricted**
**funds**
**£**
239,314
51,514
290,828
263,762
553,232
580,298
350,000
930,298
8,465,205
9,395,503|
|---|---|---|---|
||||290,828|
||||263,762
553,232|
||||580,298
350,000|
||||930,298
8,465,205|
||||9,395,503|
|||||
||2021||2020|
||£||£|
|Fees payable to the charity's auditors for audit of the charity's financial
statements|5,750||5,350|
|Fees payable to the charity's auditors for accountancy services|2,100||2,000|
|||||
|||||
||7,800||7,350|
|||||
## **6. Auditors' remuneration**
Page 12
HORNCHURCH HOUSING TRUST
Notes to the Financial Statements - continued for the year ended 31 December 2021
## **7. Tangible fixed assets**
|**Freehold Improvements**
**property**
**to property**
**£**
**£**
**Cost**
At 1 January 2021
5,235,000
134,798
Additions
-
91,069
At 31 December 2021
5,235,000
225,867
**Depreciation**
At 1 January 2021
-
17,049
Charge for year
-
9,051
At 31 December 2021
-
26,100
**Net book value**
At 31 December 2021
5,235,000
199,767
At 31 December 2020
5,235,000
117,749
**8.**
**Fixed asset investments**
Shares
Other
Additional information as follows:
**Market value**
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020
There were no investment assets outside the UK.
Cost or valuation at 31 December 2021 is represented by:
Valuation in 2021
Cost|**Fixtures**
**and**
**fittings**
**£**
157,203
-
157,203
153,596
1,818
155,414
1,789
3,607|**Computer**
**equipment**
**Totals**
**£**
**£**
834
5,527,835
-
91,069
834
5,618,904
518
171,163
48
10,917
566
182,080
268
5,436,824
316
5,356,672
**2021**
**2020**
**£**
**£**
2,817,380
2,431,532
882,913
768,679
3,700,293
3,200,211
**Listed**
**investments**
**£**
2,431,532
259,165
(140,654)
267,337
2,817,380
2,817,380
2,431,532
**Listed**
**investments**
**£**
689,846
2,127,534
2,817,380|
|---|---|---|
Page 13
HORNCHURCH HOUSING TRUST
Notes to the Financial Statements - continued for the year ended 31 December 2021
## **8. Fixed asset investments - continued**
Investments (neither listed nor unlisted) were as follows:
|Other investments
Additions
Revaluations
**9.**
**Investment property**
**Fair value**
At 1 January 2021
and 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020|**2021**
**£**
768,679
37,599
76,635
882,913|**2020**
**£**
773,474
41,434
(46,229)|
|---|---|---|
|||768,679|
|||**£**
645,000|
|||645,000|
|||645,000|
The fair value of investment property is based on a valuation by an an independent professionally qualified valuer who has recent experience in the location and class of the investment property being valued.
## **10. Debtors: amounts falling due within one year**
|**10.**
**Debtors: amounts falling due within one year**||||||
|---|---|---|---|---|---|
|Prepayments and accrued income
**11.**
**Creditors: amounts falling due within one year**
Trade creditors
Taxation and social security
Other creditors
**12.**
**Movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|**At 1/1/21**
**£**
9,395,503
9,395,503|**2021**
**£**
2,140
**2021**
**£**
4,064
763
15,241
20,068
**Net**
**movement**
**in funds**
**£**
422,144
422,144|**2020**
**£**
2,701
**2020**
**£**
18,865
-
17,439
36,304
**At**
**31/12/21**
**£**
9,817,647|**2020**
**£**
2,701
**2020**
**£**
18,865
-
17,439|**2020**
**£**
2,701|
|||||36,304||
||||9,817,647|||
Page 14
HORNCHURCH HOUSING TRUST
Notes to the Financial Statements - continued for the year ended 31 December 2021
## **12. Movement in funds - continued**
Net movement in funds, included in the above are as follows:
||**Incoming**|**Resources**|**Gains and**|**Movement**|
|---|---|---|---|---|
||**resources**|**expended**|**losses**|**in funds**|
||**£**|**£**|**£**|**£**|
|**Unrestricted funds**|||||
|General fund|335,037|(255,263)|342,370|422,144|
|**TOTAL FUNDS**|335,037|(255,263)|342,370|422,144|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**At 1/1/20**
**£**
8,465,205
8,465,205|**Net**
**movement**
**in funds**
**£**
930,298
930,298|**At**
**31/12/20**
**£**
9,395,503|
|---|---|---|---|
||||9,395,503|
Comparative net movement in funds, included in the above are as follows:
||**Incoming**|**Resources**|**Gains and**|**Movement**|
|---|---|---|---|---|
||**resources**|**expended**|**losses**|**in funds**|
||**£**|**£**|**£**|**£**|
|**Unrestricted funds**|||||
|General fund|290,828|(263,762)|903,232|930,298|
|**TOTAL FUNDS**|290,828|(263,762)|903,232|930,298|
## **13. Related party disclosures**
During the year consultancy work was undertaken by B Marjoram, former Interim Director of Housing for the London Borough of Housing (LBH), in connection with facilitating the provision of services by LBH under the terms of a Corporate Services Agreement and a Housing Agreement. The total cost of these services during the year to 31 December 2021 was £33,453 (2020:£77,526).
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HORNCHURCH HOUSING TRUST
Detailed Statement of Financial Activities for the year ended 31 December 2021
|**Income and endowments**
**Investment income**
Dividends receivable
Deposit account interest
**Charitable activities**
Weekly maintenance & ancillary charges
Ground rents
**Total incoming resources**
**Expenditure**
**Charitable activities**
Repairs and maintenance
Insurance
Property utilities
Accountancy
Helpline service
Personnel cost
Cost of generating funds
**Support costs**
**Management**
Office costs
Gifts and benevolence
Legal and consultancy
Sundries
Subscriptions
Depreciation
**Finance**
Bank charges
Total resources expended
**Net income before gains and losses**
**Realised recognised gains and losses**
Net gains/(losses) on investments
**Net income**|**2021**
**£**
64,851
31
64,882
268,305
1,850
270,155
335,037
86,214
4,876
7,901
7,800
2,633
63,860
9,287
182,571
2,586
2,809
55,512
213
555
10,916
72,591
101
255,263
79,774
342,370
422,144|**2020**
**£**
48,115
3,399|
|---|---|---|
|||51,514
237,539
1,775|
|||239,314|
|||290,828
46,950
5,029
9,041
7,350
2,567
49,674
7,365|
|||127,976
4,141
2,687
117,162
228
622
10,888|
|||135,728
58|
|||263,762|
|||27,066
553,232|
|||580,298|
This page does not form part of the statutory financial statements
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