REGISTERED CHARITY NUMBER: 247236 Report of the Twstee5 and Audtted Flnancial Statements for the Yèar Ended 31 December 2022 for HORNCHURCH HOUSING TRUST Haines Watts Essex LLP Junip8r House Warley Hill Business Park Th8 Drive Brenlwood Essex CM13 3BE
HORNCHURCH HOUSING TRusr Contents of the Finan¢ial Statements for the year ended 31 December 2022 Page Report of the Trust•è$ Report of the Independent Audltors ststement of Flnan¢lal Actlvltles Balance Sheet Notes to the Financial Statements 10 to 18 Detalled Statement of Finan¢ial Activities 17 to 18
HORNCHURCH HOUSING TRUST Report of the Tru$le*$ for the year ended 31 December 2022 The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The ttustees have adopt8d the provisions of Accounting and Reporting by Charities.. Statement ol Recotnrnended Pracli( applicable to charities preparing thar accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Irdand IFRS 1021 leffective 1 January 20191. Obleetlv•s anil aetivities The overall objective of the Charity is to provide accommodation for poor p8rsons of good character and havo re5id8d In the 8orough of Hsvering for at least two years. Horn¢hurch Housing Trust offer5 39 modern 5elf-contained dwellings on three sites in the borgugh of Havering. Skeales Court, Sunrise Avenue, Hornchurch 8uilt in 1975 with 30 one bedroom flats over two floors stair lifts to the first floor. Amenities for residents include a recre8tion room. kitchen and purpose built laundry room. with a seclude(I garden. The office3 of the clerk and of the warden are on-51te. A frequent bus Servi passes the complex The Trust. H3Cton Lane, Horn¢hur¢h This site compii5es five one bedroom bungalows. The residents have the benefit of sharing the amenititrs of the adjoining council owned Wm Tansley Smith House, which is a Shelter complex and h85 a large sunny garden. 8 recreation room and Isundry. The 193 bus Servi to Hornchurth. Romford and The Queen'5 Hospital passes the complex. Wolseley Road. Romlord He there are four maisonettes in a sing18 block and the two at rirst floor level are aecessed steep stalrs. which Makes them suitable only foi more active and independent pwsons. Frequent bus services are available nearby. As vacancies occur the units are refurbished as n8ce5sary. Public Beneflt The Trustee5 h8ve paid due regard to the Charity Commission Guid8nTr on Public Benefit in deciding what activitias the charity un¢Jertakes. All actsvities undertaken by Horn¢hurch Housing Trust arè focussa on our charitable purposes. Achievement and performance The charity maintains all of it5 properties and their grounds in good ordsr, making them 8 pleasant place for our residènts. Finartrclal r¢vi8W Investment policy and obleetives The results for the ye8r are set out In the attached accounts. The total funds at 31 Decernber 2022 were £9.827,954 comp8recJ with £9,817.647 at 31 De¢grber 2021 Total expenditure during the year was £192, 146 compared with total expenditure of £255,263 during the y&ar ended 31 DeCeber 2021. Invèstment Policy The charity utilises Ruffer LLP, M & G Investments and Brewin Dolphifi Limited to manage its Investment portfolio which inelude5 both fixed interest unit5 8nd equitiès. The InvestTnent managers are all regulated by The Financial Conduct Authority and are required to ensure that such investments provide an adequ8t8 yield, whilst respecting the ethiral principles deemed appropriate by the charity. ReSeS Policy The trustees have decided that the arnount ol 'freo' reserves li8 unrestricted reserves not de5ignat6d as tangible asset51 held by the charity should be maintained at a level 4u81 to the approximate running costs of the charity for six month peiiod. This is assumed to bè £100,000. However the charity is ¢urrently pooling resources with the view to expanding the number of propertie5 it owns. Page 1
HORNCHURCH HOUSING TRUST Report of the Truste•s for the year ended 31 December 2022 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 iTnprov8ment of our properties and the facilities we offer to our sIdentS. Further to this the charity would like to expand the number of propertiss it owns in order to further its work and increase the provision of accornmodation currently off8r8d. Political UnTrrtaint It still remains to be seen what the impact, if any. Br8Xit will have on the construction market and the trust specifically. In the event ol any economic downturn the trust is well placed to operate a5 normal due to efficient financial controls. a strong balan sh88t and healthy cash serVeS. Covid-19 The trust was, like all organisations. affecied by the Covid-19 outbrè8k. Decisive rneasures were swifuy undertaken. Induding closur8 of sltes to protect our team, resident5 8nd other stakeholders. We closely monitored the crisis, and having formed contingency plall5 early and left significant cash in the organisation following a good year, the trust was w811 plac& to see out the crisis and to progress Strongly as the economy continues lo recover. The trust is looking at Possible new business m(Klels to ensure cornpliancy and managern6nt of risk. which il progressed, will result in review of the struetura. Future D6vèIo ent Although the comrnerpial new-build, r61urbishm8nt and fit-out markst rèmains competitive an¢Y uncertain following the Covid-19 outbreak. by aCtIrY managing risk across all areas of the trust , It is well placed to meet the day to day running needs. The board is looking al potential investrnenvpropety purchas8 Options to extond its current porttolio, as well as possibl8 Investment In Ils existing Stock One property has been purchased Sin the year end. Trustees will take the appropriate expert advice before making any investments I strategic decisOn$. structure, 9overnance and management Governlng document Thè charity is contr&11 by its governing duMent. a deed of trust and constitutes an Unincorporat chsrity. Hornchurch Housing Trust is an amalgam81ion ol many ancient charitie3, the earliest being Appleton's Almshouses founded in 1586. The curnt version of the governing document was Intr(Ucd on 15 February 1991 and 8rnded by spe¢ial re501ution on 18 May 1995. The trust is a registered Charity with the Charity Commission. Appolntmgnt of tru$te8S The trust deed makes provision lor th6 appointment of seven trustees, one ol whom by virtue ol his offirx will be the incurnbenl vicar of Sl Andrews Parish Chuich, Hornchurch. Organlsation The board of trustees administers the charity and meets iegularty to d15CUSS the running of the charity. A clerk has been appoint by the trustees to manage its day to day operations under the supervision of the chairman and deputy chaimian. Related Partl•s and Connècted Organisations The charity has no link with "Rdated Parties" as definas by the Statement of Recommended Practice and has not cornbin* wth ally other orgsnisalion In the pursuit of Ils charitable objectives. Referènce and administratlve detail$ Registerod Charlty numbor 247236 Principal add$5 33 Skeales Court Sunrise Avenue Hornchurch Essex RM124YA Page 2
HORNCHURCH HOUSING TRUST Report of th8 Truslee$ for the year ended 31 December 2022 Trustees Cllr C Smith Mr J Mylod Mr L N D<in Mr M Wallace Mr P J Salisbury Rèv K A Wylie Mr J R Evans Audltors Haines Vvatts Essex LLP Junip8r House Warley Hill Business Park Th8 Drive Brentwood Essex CM13 3BE Investment Managers Brewin C>olphin Ltd 12 Smithfield Street London EC1A 9BD Ruffer LLP 80 Vidoria Street London SW1E 5JL M& G Invesknent PO Box 9038 Chelmsford CM99 2XF Statement of tru5tee8' responsibilitles The trustee5 are responsible lor preparing the Raport of the Trustees and the financial statements in accordance with applicable law and United knngd(Kn Accounting Standards Iuniteil Kingdom Generally A¢pted Accounting Pfacticel Th8 law appli¢sble to ch8rities in England and Wales, the Charitses Act 2011, Charity IAc¢ount5 and Reports) Regulations 2008 and the provisions ol the trust deed requires thè trustees to prepa financial statements for each finsncial year which give a true £rEd fair view of the state of affairs of the charity ancj of the incoming r8SoUr$ and applI110n of resources. including the Income and 8xpenditur8, of the charity lor th8t period. In preparing those financi81 statements, the trustees arè required to select suitable accounting poliaes and then spply them consistently,. observe the tnethods and principles In the Charity SORP", makeiudgements and estimat85 that are ieasonable and prudent., prepare the financial statements on the going conrn basi5 unless it is inappropriate to presume that the charity will continue In business. The trustee5 are responsible lor keeping proper accounting records whi¢h disclose with reasonable 8ccura¢y at any time the financial position of the charity alld to enable thn to ènsuie that the financisl stslements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulation5 2008 and the PfOVlSlOnS ol the trust deeil. They ar8 also responsible for safeguarding the assets of the charity and hence for taking reasonable Steps lor the prevention 8nd det*tion of fraud and other itr8gularities. Page 3
HORNCHURCH HOLISING TRUST Report of the Trusiees for the year endeil 31 December 2022 ststemont of trustee5' responsibilities continuod Under the Charities Act 1993, the Trustees a required to". il Keep proper accountlng records which disclose with reasonable accuracy at the Iitn8 the financial position of the eharity". ill To prepare financial statements for each financial year which give 8 true and lair view ol the State of the charity's affairs and of the surplus or deficit for the year. and Comply with the gUlationS made by the secretary of state. In preparing those financial 5tatemenis the trustees are required to". select suitable accountirvj policies and then apply thèm ¢onsistently', makèiudgem8nt5 and estimates that are raasonable and prudent., state whethÈr applicable accounting standards have been followed, subject to sny material dertu di5dosed 8nd explained In the financi81 statements and whether the fin8nci81 statements have been prepared in accordance with the statement of recommended practlC8. 'Accounting and Reporting by Ch8rities' issu* by the Chaiity Commission. prepar8 the fin8n¢ial statements on the going concern basis unles3 It is inappropriate to presume that the charity will continue in operation. The Trustee5 ar8 also responsible for 5af8guarding the assets of the charity and hencè foi taking reasonable steps for the pr8vention and detaction of fraud and other Irr ularities Approved by order of th8 board ol trustees on . and signed on its behalf by.. Mr M WallaTr- Tr tee Page 4
Report of the Independent Auditors to the Trustees of Hornchurch Houslng Trust Opinion We have audited the financial statements of Hornchurch Housing Trust (the 'charity'l for the year ended 31 Dember 2022 which comprise the Statement of Financi81 Activities, the BalaTh Sheet and notes to the financial st8tements. including 8 summary of significant accounting policies. The financial reporting framework thst has bèèn appli in their preparation is applicable law alld Unitgd Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accountirg Practi1. In our opinion the financial statetnent5-. give a tru6 and f8ir view of the state of the charity's affairs as at 31 Decernber 2022 and of its ineoming resources and application of resouices, for the year then ended.. hav8 been properly prepara In accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of thè Chaiitl8s Act 2011. Basls for oplnlon We conducted our audit In accordance with Internstional Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financi81 stslements section of our report We are independanl of the charity in accordance with the ethical quirements that ar8 relevant lo our audrt of the fin8nci81 s18lements in the UK, Including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities In accordance with these requir8tn8nts. We believe that the audit 8vid8nc8 we have obtained is sufficient 8nd appropriate to promde a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, W6 have concluded that the trustges. use ol the gtsng concern basis ol accounting in the preparation of the fin¥naal statements is appropriate. 8ased on the work w8 have performed, w8 have not identifi£d sny material uncert8inlies relating to events or conditlOn5 that, individually or collg¢tively, may cast significant doubt on the charity's ability lo continue a5 a going concern for a period of at least twelve months frorn when the financial statements are authorised for Issue. Our responsibilities arKI the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The trustee5 are respon5ibla for the othèr information. Th8 other information comprise5 the information included in the Annual Report. other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on th8 financial st8tements doe5 not ¢over the other Information an(J. expt to the extent otherwise explicitly stated in our report, we ¢0 not èxpress any form of 8ssur8nce conclusion thweon. In connection with our audit of the financial statements. our responsibility is to read the oth8r information and, In doing so. consider whether the other information Is materially inconsistent with the financial statements or our knowledge obtained In the 8udit or otherwise appears to b8 matenally miss18led. If we idenbfy such mat8rial inconsistencies or 8pp8rent material misstatements, we a required lo dètermine whether this gives rise to a material rnisstatemènt in the financial statements thern581ves. If. based on the work we have performad, we condude that there is a material mi5Statement of this other information. we are quired to report that fact. We have nothing to report in thi5 regard. Matters on which we are requlred to report by exceptlon We have nothing io report in respect of the following matters whare the Chariti88 (Account5 and Reports) Regulations 2008 require5 US to report to you If, in our opinion. the information given In the Report of the Trustee5 is inconsistent in any material respect with the financial st81ements". or sufficient acwunbng r8cords have not been kept.. or the financial Statements are not in agreement with the accounting records 8nd return5,' or we have not received all the Infotrnation and explanation5 we require for our audit. Responsibilltles of trustees As explained more fully in the St8lem6nt of Trustees, Responsibilities. the trustees are r8sponsib18 for the pr8P8ration of the fin8n¢i81 statements which give a true and fair view, and for such Internal control a5 the irustee5 det8rmine is nesSary to enable the preparation of financial statements that are free from material misstalernent, whether due to traud or error. In preparing the financial statements, the trustees are Esponsible for assessing the charity's ability to continue as going conrn, disclosing, as applicable, mstters lated to going concern and using the going concern b85is of accounting unless the trust either illtd to liquidate the charity or to 9$e operations, or have no realisti altemative but to do so. Pag6 5
Report of the Independent Auditor5 to the TTUStees of Hornchurch Housing Trust Our responsibilities for the audtt of the financlal statement5 We have been appointed as auflitors und81 Section 144 of the Charities Act 2011 and report in a¢Ld8n with the Act and relevant rulationS m8de or having effect thereunder. Our objectives are to obtain reasonable as5uianc8 about whether the financial statamenls 8$ a whole are free from material misstatement, whether due lo fiaud or error. and to issue a Report of the Independent Auditors that Includtrs our opinion. Reasonable assurance is a high level of assurance, but Is not 8 gu8rantee that an audit conducted in accordance with ISAS IUKI wll alw8ys detect a materi81 misst8temenl when it exists. Misstat8ments can arise from fraud or effor and a considered rnaterial if. individually or in the aggregate. they could reasonably be expected to influence the economi¢ decisions ol users tsk on th8 basi5 of these financial st3t8rnents. The extent to which our procedures are capable ol ijetecting irregularities. including fraud 15 d8tai18d below.. Because of the inherent limitations of an audil. there is a risk that W8 will nol detect all irregulariti85. incjuding those lèading to a material misstatement In the financial statements or non-compliance with regulation. Th15 risk incre8ses the more that compliance with 8 law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to b8come aware ol instan5 of non-complian¢e. The r15k is also greater regarding irregularities occurring due to fraud rather than error, s5 fraud involves intentional COnalment, forgery, collusion, omission or misrepresenlat10n. We obtained an understanding of the leg81 and regulatory frameworks that are applicable to the charity and the sector in which it operat85. We determined that the rnost significant are those that relate to the reportlng framework. the Charitie5 SORP IFRS 1021 and the Charities Act 2011. Wè Understo( how the chsrity is complying Mth th058 legal and regulatory frameworks by making enquires of the management and those respoll5ible for governance. We Corroborat our enquiries through our review of Board minutes. We assessed the susceptibility of the charity's financial 5t8ternents to materi81 rnisstatemant. includiry how fraud might occur. The primary spOnSibl11tY for the prevèntion and cleteetion of irregularities including fraud r8sls with both th058 charged with governance of the entity and managernent. Our audit produreS in relation to fraud included but were not limitÉd to.. identifying and gaining an understanding of the internal controls management has in place to prevent and dèt8Ct fraud-. understanding how those charged with govemance considered and addressed the potential for override of controls or other inappropriate influents over the financial reporting proc8SS', di5¢ussing the risks of fraud amongst thè engagernent te8m', assessing the significant estimat8s an(J judgements in the financial statements for possible rnanipulalion or fflan8gement bis5', identifying 8nd testing journal entries. in particular any jouma15 indicating large or unusual trans8Ctions b3s8d on our understanding of the charity", assessing the extent ol compliance wilh thè relevant laws and regul8b'ons. A further description ol our responsibilities for the audit of the financial statefflents is located on the Financial Reporting Council's wetisite at ww.frc.org uklauditorsresponsibilitie5. This de$IptIOn forms part of our Report ol the Independent Auditors. Page 6
Report of the Independent Auditors to the Trustees of Hornchurch Houslng Trust Use of our report This report 15 mad8 solely to the charitys trustees, as a body, in accordan with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work ha5 been undertaken so that we might state to the charity's trust*s those matters we are required to state to them In an auditor5. report and for no other purpose. To the lulle5t extent permitted by law, we do not accept or 8ssume responsibility to anyone other than the charity and the Charity's trustees as a body, for our audit work. for this report, or for th8 opiniong we have formed. Haines Watts Essex LLP Haines Watts Essex LLP Juniper House Warley Hill Business Park The Drive Brentwoo Essex CM13 38E Date.. Page 7
HORNCHURCH HOUSING TRUST Statement of Flnancial Actlvltles for the year enilod 31 December 2022 2022 Unrestricted funds 2021 Total funds Note5 Incomg and enilowments from Donations and Ia¢[eS 250 Charltsble activities Core Activities 310.703 270, 155 Inv8Stment incoma 94,499 64,882 Total 405,452 335.037 Expendlture on Charitsble a¢tlvitl8S Core Activitie5 192,173 255.263 Net g8inslllos5esl on investments 1202.9431 342.370 NET INCOME 10,336 422,144 Reconclllatlon of funds Total funds brought forward 9,817,647 9,395,503 Total funds carried forward 9.827,983 9.817,647 The notes form part of these financial Statements Page 8
HORNCHURCH HOUSING TRUST Balance Sheet 31 December 2022 2022 Unre$tricted funds 2021 Total funds Notes FIx8d assets Tangible assets Investtnents Investments Investrnt property 5.471,552 5.436,824 3,575,070 645,000 3,700.293 645.000 9,691.622 9.782,117 Current 85sets Debtors Cash at bank and In hand 10 3.687 144,990 2,140 53,458 148,677 55,598 Credltors Amounts falling due within one year 112,3161 120.0681 Net currènt a$sets 136,361 35,530 Total assets less Current liabilities 9,827,983 9,817,647 NET ASSETS 9,827,983 9,817,647 Fund$ Unrestrictety funds 12 9,827.983 9,817,647 Total funds 9,827,983 9,817.647 The finan¢ial statem8nts were approv8d by the Board of Trust88s and authorised for issue .X?">.S.. and were signed on its beh81f by.. on Trustee The notes fvrm part of these finsncial statement5 Page g
HORN¢HURCH HOUSING TRUST Notes to the Financial Statements for the year ended 31 December 2022 Accounting polFcies Basis of preparing the financial statements Th8 financial ststernents ol the charity, which is a public benefit 8ntily under FRS 102. have b88n prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities". Statement of Recommènd8d Practice applicable lo Charities preparing their accounts in a¢cordanc8 With the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 20191,. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in th8 UK and Republic ol Ireland, and th8 Charities Act 2011. The financial slaternents h8ve been ppa under the historic81 cost convention. with the exception of investments which are included at mark&t value, as modified by the revaluation of rt81ft assets. Golng concern The financial statements have been prepared on a going coneèrn basis. The trustees hav8 reviewed and considere(I ralevanl information. including the annual budget and future cash fiows In making their assessment with regard to going Concern. Based on these assessments. the trustees have concluded th8t they catt continue to 3dopt the going concern basis in preparing the annual report and account. Finaneial reportlng standard 102 redu¢eil disclosure exèmptions The charity has taken advantage ol the following disclosure exemptions in preparing these financi31 statement3, 85 permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Irèland,. the requirement5 of Section 7 Statemènt of Cash Flows. Incorne All income is recognised in the St8tement of Financial Activities once the charity has entitlement to the funds, it is probable that the incotne will be re1Ve and the amount can be measurad reliably. Expenditure Liabilities are re¢ogn15ed as expenditure as Soon as there is 8 legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic b¢nefits will be required in settlement 2nd the amount of the obligats'on can be measured reliably. Expenditure Is account for on an accruals basis arTrd has been classified under headings that aggregate all c05t related to the cstegory. Where costs cannot b6 directly attributed to particular he3dings they have been allocated to activities on a basis consistent wth the use of resour$. Allocatlon of cost Costs of a direct nature have been grourEd and allocated directly to th6 activities lo which they late. Tangible lixed assets D8preciation is provided at the following annual r81es in order to wriie off e8ch ass8t over its estirn8ted useful Improvernents to property Fixture5 and fittings Computer equipment Straight line over 20 yèars 20Q/o on cost 15% on reducing balancé Invostments IveStmentS are stated at fsir valuè. The mid-market valuab'on is included at the ba13n sheet date and the gain or loss Is taken to the Statement of Financial Activities. Investment property InveslmÈnl property is shown st most cent valuation. Any aggregate surplus or defiryt arising from changes in fair value is re¢ognise£J In the Slatem&nl of Financial Activities. Taxation As a charity. Homchurch Housing Trust 15 exempt from tax on incoTne and gain$ Izlling within Sectlon 505 of thè Taxes Act 1998 or S256 of the Taxation of Chargeable Gains A¢t 1992 to thè extent that these 8re applied to it's charitable objects. Page 10
HORNCHURCH HOUSING TRUST Notes to the Flnancial Statements etsntinued for tho yaar ended 31 Deeember 2022 Accountlng policies ¢ontlnued Fund accounting Unrestricted funds a available for use at the discretion ol the trustees in lurtherarn ol the general objectlVèS ol the charity Unrestricted funds include a revaluation reswve representing the restatement of investmBnt ass8ts at market valuè. Designat8d funds are unr88tricted lunds'ring fenced" by the Managemtnt Cornmittee for particular purposes. Restricted funds can only be used for particular restricted purposes wthin the objects of Ihe eharity. Restrictions arise when specified by the donor or when funrjs are r8ised lor particular restricted purposes. Further explanation of the natur8 and purwse of eath fund Is included In the notes to the finanoal statements. Frnancial Instruments Financial sssels and finan¢ial liabilit18s are wognised in the b8lance sheet wh8n the entity b8¢ornes a party to th8 contractual provisions of the instrument. Basic financial instruments are initially recognise(l at th8 transaction price, un18S5 the arrangement Ctsll5titutes a financing transaction, where it is re¢ognis8d at the present value of the future payments (Jiscounted at a rnarket rate of interest lor a similar debt instrument. Trade and other debtors and creditors are classified as basic financial instrurnents and measured at initial recognition at transaction pri. Cash and cash 8quivalents are classified as basic financjal instruments and comprise cash in hand 8nd at bank. Investment income 2022 2021 Dividends r1Vable Deposit account interest 94.444 55 64,851 31 94,499 64,882 Tru$te•s' remuneratSon and b•nefit$ TrUSts. retnuneration and benefits for the year ended 31 tlecember 2022 were £nil12021." £nill. Trustees. expense$ Trustees, expenses for the year ended 31 Dernber 2022 were £nil12021- £nill. Staff Costs The average monthly number of employees during the yr was as follows". Adrninistration 2022 2021 No émployees received emoluments in excess of £80,000. Page11
HORNCHURCH HOUSING TRUST Notes to the Financial Statements continued for the yoar ond8d 31 Decgmber 2022 Comparatlves for the statement of financial a¢tivltles Unre5tricled funds Income and endowments from Charitable activitie¥ Core Activities 270,155 Investrn&nl incorne 64.882 Total 335.037 Expenditure on Charitable a¢tivltlos Core Activities 255.263 Net gains on Investments 342,370 NET INCOME 422.144 Reconclllatlon of funds Total funds brought forward 9,395.503 Total lunds ¢arrled forward 9,817,647 Auditors. r•muneratlon 2022 2021 Fees payable to the ch8rity's auditors for audit ol thè charity's financial staternenls Fees payable to the charity's auditors for accountancy services 6,100 2,660 5,700 2.100 8,760 7,800 Pag8 12
HORNCHURCH HOUSING TRUST Notes to the Financial Statements continued for the year ended 31 December 2022 Tangible fixed assets Improvements lo property Fixtures and FehOld property CompLrter equiprn@nl Totals Cost or valuation At 1 Janusry 2022 Additions 6.235.000 225.867 50,309 157,203 834 5,818,904 50,309 At 31 Dembar 2022 5,235,000 276.176 157,203 834 S,669,213 Depreclatlon At 1 January 2022 Charge lor year 26,100 IS.184 155.414 357 566 40 182,080 15,581 At 31 December 2022 41,284 155,771 606 197,681 Nel book value At 31 December 2022 5,235,000 234.892 1,432 228 5,471,552 At 31 Dmber 2021 5,235,000 199.767 1.789 5.436.824 Cost or valuation at 31 December 2022 15 r8presented by.. Improvements to property Fixtures anil fittings Freehold pmperty Compttter equipment Totals Valuation in 2020 Cost 4,626.095 808,905 4,626,095 1,043,118 276,178 157,203 834 5,235,000 276,176 157,203 834 5,669,213 Fixed a8s¢t investments 2022 2021 Improvements to property Shares other 2,685,180 889.890 2.817,380 882.913 3.575,070 3,700,293 Additional information as follows". Listod investments Market value At 1 Januzry 2022 Additions Disposals Revaluations 2.817,380 155,336 1100,3691 1187,1671 At 31 December 2022 2,885,180 Net book value At 31 Dec6rnber 2022 2,685,180 At 31 D$c8mber 2021 2,817.380 Page 13
HORNCHURCH HOUSING TRUST Notes to the Flnancial Statements continued for the year ended 31 Decemb•r 2022 Fixed asset investments - continued There were no investment a5S8ts outside the UK. Cost or valuation at 31 Decembsr 2022 is presented by.. Llsted Investments Valuation in 2022 Cost 500,957 2,184.223 2,68S,180 Investments (neither listed nor unlisted) were a5 follows.. 2022 2021 Other investm8nt Additions Rev8luations 882,913 32,827 125,8501 768.679 37.599 76,635 889,890 882.913 Investment property Fair value At 1 January 2022 and 31 D8Mber 2022 645,000 Net book value At 31 Dmber 2022 645,000 At 31 De¢etnber 2021 645.000 The fair value of investment property is based on s valuation by an an Independ8nt professionally qualified valu8r who has renI experien In the location and dass of the investment property teing valua Debtors= amounts falling du8 wlthin one year 10. 2022 2021 PrepaYMt$ and accrued income 3,687 2,140 Page 14
HORNCHURCH HOUSING TRUST Notes to the Flnanclal Statèments continued for thg year endod 31 De¢emb•r 2022 11. Creditors.. amounts falllng du• wlthin one year 2022 2021 Trade ¢dItorS Taxation and Social security Other cieditors 2,973 4,064 763 15,241 9,343 12,316 20,068 12. Movement In funds Net movement in funds At 31.12.22 At 1.1.22 Unrestrl¢ted funds General fund 9,817,647 10,336 9,827,983 TOTAL FUNDS 9,817.647 10.336 9,827.983 Net movement in funds, included in the above 8re as follows.. Incoming resources Resour$ expended Gains and losses Movem8nt in lund5 Unmtricied fund5 Ganeral fund 405,452 1192.1731 1202,9431 10.336 TOTAL FUNDS 405,482 1192,1731 1202,9431 10,336 Comparatives for movement In funds N8t movement in funds At 31.12.21 Al 1.1.21 Unrestricted funds General fund 9,395,503 422, 144 9,817.647 TOTAL FUNDS 9,395.503 422, 144 9,817,647 Comparative net MoVent in funds, included in the above are as follows.. Incoming rasourc£s Resourcès expended G8ins and 105ses Movement in funds Unrestricted funds General fund 335.037 1255.2631 342.370 422, 144 TOTAL FUNDS 335.037 1255.2631 342,370 422,144 Unrestricted fun*Ys include fair value 8rve of £4,979,03812021.' £5,167,928) Page 15
HORNCHURCH HOUSING TRUST Notes to the Finan¢lal Statements - continued for the year endod 31 December 2022 13. Relatod party dlsclosur•5 During th8 previous year cx)nsultancy work was uniyertaken by B Marjorarn. fom)er Int8rim D1Ctor of Housing for the London Borough of Havering ILBHI, in connection with f8cilitating the provision of services by LBH under Ihe terms of 8 Corporate seices Agreement and a Housing Agreement. services during ihe year to 31 DeMb&r 2022 was £nil12021.£33.4531. The total wst ol these Pag8 18
HORNCHURCH HOUSING TRUST Detailed Stat•mont of Flnanelal Activitles for the year ended 31 D8cember 2022 2022 2021 Income ond endowments Donatlons and legaclès Donated S1$ and faulity'es 250 Investment Income Dividends reiVable Deposit account interest 94,444 55 64.851 31 94,499 64.882 Charitsble a¢tlvities Weekly Maintenan( & ancillary charges Ground rents 308,928 1,775 268.305 1.850 310,703 270, 155 Totsl Incoming sOUrceS 405,452 335.037 Expenditure Charltable a¢tlvities Repsirs and maintenance Insurance Property utilities Accoun18n¢y Helpline servic8 Personnel cost Cost ol g8nerabng funds 66,413 4,018 10,116 8,76Q 2,746 55,429 9,409 86,214 4,876 7.901 7.800 2,633 63.860 9,287 156,891 182.571 Support costs Management Office costs Gifts and benevolence Legal and consultancy Sundries Subscriptions Depreciation 3,683 4,376 10,165 492 873 15,582 2,586 2,809 5S.512 213 555 10.916 35,171 72,591 Flnance Bank charges 101 Total resource5 expended 192,173 255,263 Net Income before gains and 1088e8 213,279 79.774 Realised recognised 9alns and Ios8e8 Carried forward 213.168 79,673 This page not form part ol the statutory finanaal statemènts Page 17
HORNCHURCH HOUSING TRUST Detalled Statement of Financial Activities for the year ended 31 December 2022 2022 2021 Reali5ed recogni5ed gains and losses Brought forward Nat gainslllossè51 on investments 213,168 1202,9431 79,673 342,370 Net Income 10,336 422.144 This page does not form part of the statutory financial Statements P8ge 18