REGISTERED CHARITY NUMBER.. 247236 Raport of the Trustees and Audited Financial Statements for the Year Ended 31 Dec•mber 2023 for HORNCHURCH HOUSING TRUST Cooper Parry Group Limited Statutory ALJditor New Derwent House 69-73 Theob81ds Road London WC1X 8TA
HORNCHURCH HOUSING TRUST Contents of the Financial Statements for the yaaT trnded 31 December 2023 Page Report of the Trustees Report of the Independent Auditors Statement of Flnan¢ial Actsvities Balance Shget Notes to the Flnancial Statements 10 to 17 Detailed Ststement of Financlal Activltle$ 18 10 19
HORNCHURCH HOUSING TRUST Rèport of the Trustees for the yèar ended 31 DeMr 2023 The trustees YeSl their report with the finanoal statements of the charity lor the year ended 31 Dember 2023. T trustees have adopted the prowisions ol Accounting and Reporting by Charities" Statement of Recommended Practi apiCAble to charities preparing their accounts in accordance with the Financial Rep)rting Standard applicable in the UK and R8pub11c of Ilarnd IFRS 12) leffe¢tive 1 January 20191. Objectives and activltles The overall objective of the chalty is to provide attommodab.on lor poor persons of good char8&er and have resided in the Borough of Havering lor at lea51 two year5 Hornchurch Housing Trust offers 45 modern sebf-contained dwellings on four sites in the boUgh of Havering. At the end of 2023 Hornchurch Housing Trust had purchased 6 new prOpertS on the Airfielij Estate in HchurCh. Skèales Court. Sunrisè Avenue. Hornchurch Buitt in 1975 with 30 one bedro(m flats over two floors with siair lifts to the first floor. Amenitie5 lor resIdt8 Include a reCreatn room. kitchen and purpose built laundry rwm, 1 a secluded garden The offi$ of the clerk and of t warden are on-site A frequent bLJS sen11 passes the complex. The Trust. Hacton Lane. Horn¢hurch This site comprises five one bedroom bungalows. The residents have the benefit ol sharing the amenities of the adjoining counol owned Wm Tansley Smrth House. which is a sheltered complex and has a large sunny garden. 8 recreation r(K)m and laundry. The 193 bus services to Homchurch, Rofflford and The Queen's Hosprtal passes the complex. Wolseley Road. Romford Here there are four rnaisonettes in a single tAock and the iwo at first floor level are accessed via steep stairs, which rnakes them suitable only for more aclive and independent Fersons. Frequent bLJS Servi 8re available nearby. rfield Estate. Homchurch At this site there 8re 6 dwellings of which 5 are houses, and Or is a ma$10nette. As vacanaes owur the unrts are refurbished as lle$$8ry Public Benerrt The Tiustees have paid due regard to the Charty Comrnission Guidan on Public Benefit in deciding what activities the charity undertakes. All aclivities undertaken by Hornchurch Housing Trust we fU$$ed on our charrf(able purposes. Achiev•ment and perfoman¢e The charity maintains all ol ils properties and their gr[1$ In gry)d order. making them a pleasant place for our residents. Flnancial vIew Invèstment policy and oblectivès The results lor the year are set oul in the attached accounts The tot81 ILJnds at 31 0ber 2023 were £9.809.037 compared wrth £9,827,983 at 31 Decernber 2022 Total expenditu during the year was £313.222 compared wilh total expenditure of £192.146 during the year ended 31 December 2022. Investment Policy The charity utilises Ruffer LLP. M & G Inveslments and B[in Dolph5n L1rn1ted to Mana rts investment portfolio which indudes both fixecl interest unit5 and equities. The Investment man8gers are a11 regulated by Finanoal Condud Authority and are required to ensure that such Investments providè an adequate yield, whilst respecting the ethical pnnciples deemed appropriate by the chaflty. ReseNes Policy The Irustees have decided that the amount ol'free, reserve5 lie unrestricted reserves not designated as tangible assets) held by the d)arrty should be maintained at a level equal to the approximatè running costs of the charity for a six month period This is assutned to be £100,000. However the charity is currently Po1ng resour$ wth the vièw to expanding the number of propertie5 It owns. Pa9e 1
HORNCHURCH HOUSING TRUST Report of the Trusteès for the year endad 31 December 2023 Future plans In the short term the cttarrty's priority is to continue providing accommodation and other facilities to a hwjh standard. This implies Ihe contlnLEd mainten8nce and improvernent ol our properties and the facilrties we offer to our residents. Further to this the tharily would like to expand IfE number of properties rt owns in order to further rts work and inuease the provision of ac¢crtnmodabon Trjrrently oftered. Political Uncertaint It still remains to be seen what thè impact. rf any, Brexit will Mave on the construction market and the trust specrfically. In the event of any economic downturn the trust is well plad lo 0rate as norm81 due to efficient financial controls. strong balance sheet and healthy cash reseTve$ Covid-19 The trust was, like all org8nisations. affected by the Covid-19 outbreak. Decisive measures were swriftly undertaken, Including closure of sites lo pr¢Aect our team. residents and other stakeholders. We closely monitored the crisi5, and having formed ct1ngenCY plans early and left significant cash in the organisation fdlowin9 a good year. the trust was well placed to see out the cnsis and to progress strongly as economy continues to recover The trust Is looking at Possible new business models lo ensure complian¢y and management of risk, which Il progressed, will result in review ol the structure F ture D velo men Ajthough the commerryal new-build, refurbishment and fft-wt marf<et iemains competitive and uncèrtain lollwng the Cov1d-19 outbreak. by actively mana9ing risk across all arezs of the trusi . It is well placed to meet the day to day running needs. The board is looking at potential investmenuproperty purchase options to extend ts current portfolio, as well as possible investment In its existing stcck. Six properties have been purchased since the year end. Tiustees wll lake the appropriate expèrt advice belcre making any investments 15trategic decisions. Structure. govemance and management Governing document The charity Is controlled by its governing dwment, a deed of trust and conth"tutès an unincorporated ¢harty. Hornchurch Housing Trust is an amalgamation of rnany ancient charrties. the earliest being Appleton's Almshouses founded In 1588 The current ver510n of the goveming document was IntrodUd on 15 February 1991 and amended by specia1 resolution on 18 M8y 1995. The trust is a registered charrty wrth the Charity Commission. Appointment of trustees The trust deed rnakes provision for the appointment ol nine trLtslees, one of whur by virtue ol his Offi will be the incumbent vicar of St kndrews Parish Church. Homchurch. Organisatlon The board of trustees administers the charrty and meets regularly to discuss the running of the chanty. An operations manager has bèen appointed by t tiustees io manage its day to day operats.ons unddy the superv15ion of the thairman and deputy chairman. R8late(I Parties #nd Connected Organisations The charity has no link with Related Parties, as defined by the Statemefft ol RecA)mmended Practice and h85 not combined wth any other organisation In the wrsuit ol its charitable objectives. RefererKe and a(kninistrdtiv• detsils Registered Charlty number 247236 Princlpal address 33 Ske81es Court Sunrise Avenue Hoinchurch E$5ex RM124YA Page 2
HORNCHURCH HOUSING TRUST R¥port of the Trustees for the year ended 31 December 2023 Trustee¥ Cllr C Smith Mr J W(K)d lappointed 13.3 20241 Mr J My1od Mr M Wallace Mr P J Salisbury Rev K A Wylie Mr J R Evans Mr S Seaton lapp01nted 11.5.23) Audltor8 Cooper Parry Group Limited Statthory Audit New Derwent House 69-73 Theob3kJs Road London WC1X8TA The 8udrt business of Haines Watts LLP was acquired by Cooper P8ry Group Limrted on 14 November 2023. Haines Watt5 LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in rts place. Investment Managers Brewin Dolphin Ltd 12 Smilhfield Street London EC1A 9BD Ruffer LLP eo Victoria Street London sWlEL M & G Investment PO Box 9038 Chelmsford CM99 2XF Statement of trustees. regponslbilitie8 The trustees are resronsible foi preparing the Rep)rt of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢tiTrl. The law applicab to charities In England and Wales, the Charrties Act 2011 Charity (AoUnt5 and Retorts) Regulations 2008 and the provisions of the trust deed qUireS the trustees to prepare financial 5tstements for each financial year which give a true and fair view ol state ol affairs of the charrty and of the incoming resour and application of iesources. including the income and expenditure, ol the charity lor thal period. In preparing those financi81 statements, the trustees are required to select suitable accounting px)licies and then appty thern conststently., observe the rneths and principles in the Charity SORP.. skeiudgements and estimates that are reasonable and piudènt, prepare the finanaal staternents on gcxng concem basis unless it is inappropriate to presume that the charity wll continue in business. The trustees are responble for keeping proper acGoLJnting records which dis0105e reasonable ac£uracy at any tifne the financial position of the tharity and to enable thern to ensure that the financia1 statements cornply wrth the Gharities Act 2011. the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the trust . Thèy are also responsible for safeguarding the assets of the charity and hence for taking reason8ble steps for the Fyevention and detectK)n of fraud and other Iiregularrties. Page 3
HORNCHURCH HOUSING TRUST Report of the Trustees for thè year ended 31 DKember 2023 Statement of trustees. respon$ibilities- contlnued Under the ChitIeS Act 1993, the Trustees are required to.. il Keep propw attounting records which disd05e with reasonable ac£uracy al time the financial wgticn of the Gharity", ill To prepare finawial statemt$ for each financial year wh1d) givs a true and fair v1ew ol the stale of the charity's affairs and ol surplus or deficit fr)r the year. and comply with the rulationS made by the secretsry of state In preparing those financi81 sialements the trustees are required lo" seled Suitable accounting poliryes and then apply thern wngstently", - m8kejudgernent3 and estirnaie5 that are rea$cable and Fndent., state whether applicable accounting standard5 have been followed. subject to any material departures disclosed and explained in the finanaal statements and whether the financial statements have been prepared In accordance wth the statement of recommended pra1, 'Accounting and Reporting by Charilies, issued by the Charity Commission. prepare the financial ststements on going concwn basis unless rt is Inapwopriate to we5L4ne that the charity wll continue In operation. The Trustees are also responsible lor 581eguaiding the assets ol the charity and henTr for t8king reasonable steps lor the prevention and detection of fraud and dher 1rreg Approved by orijer of ttte board of trustees on. and si9ned on its behalf by.. rus Page 4
Report of the Indepèndent Auditors to the Tru$tes ot Hornchurch Houshng Trust Opinlon We have audit the finarcial statements of Horn¢iurch Housing Trusi Ilhe 'charrty'l lor the year ended 31 December 2023 which compiise the Statement ol Financial Activities. the Balan¢e Sheet and notes to the financial statements, including a summary ol significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom ACCnting Standards Iunited Kingdom Generally Accepted Ar£ounting PraGtLel. In our opinion the financial StatemlS.. gwe a true and fair view ol the state of the charity's affairs as at 31 December 2023 and of Its incoming resouros and application of resovrces. for the yea then ended. have ten pioperly prepared In accordan with Unrted Kin9dorn Generally Accepted Aecounting Practice." and have teen prepared in accordan with the requirements ol the Charities Acl 2011. 8a5is for oplnion We conduded our audbt in 8eo)rdawe with International Standards on Audrting (UK) IISAS (UK)) and applicable law Our responsibilities under those standards are fLrther described in the Auditor5, responsibilities for the audit of the financial staternents section of our port We are inJependenl of the charty In 8c£ordawe with the ethical iequirernents that are relevant to our 8udit of the financial statements in the UK. Induding the FRC'S ElhicAI Standard, and we have fulfilled our other ethical resportsibilits in accordance wth these iequirements. We believe thal the audit ev1dence we have obtained is sufficient and apyopiiate to provide a basis for our oF4nion. Conclusiofis relating to going con¢ern In auditing the financial statements. we have concluded that the truste&s' use of the goin9 concem basis of accounting in the preparalion of Ihe financial statements is appropriate. Based on the work we have perfomied, we have rt identified any material uncertainties relating to events or co1tIOnS that, Individually or collertively. may cast significant doubt (x) the charity's ebility to Lonlinue as a going conTrrn lor period ol at least twelve months from when the financial staternents are authorised for issue. Our responsibilities and the reswnsibilities of the trUee$ with reswl 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 infomation in¢luded in the Annual Report. other th8n the finantsal statements and our Report of the Indepèndent Auditors thereon. Our opinion on the financial stalernents does not cover the other information and. èxcept to the extent othemise explicitly stated in our report, we do nci express any foim of assurance condusion thereon. In connection with our 8udrt of the finanaal Statements. our iesponsibility Is to re the other Information and. in doing so, consider whether the ¢Aher infcmation Is materially inconsistent wrth the financial statements or our knedge oblasned in the audit 01 otherwse appears lo be materially misstated If we identfy such matèrial inconslstencies 01 apparent material misst8temenls. we are required to determine wtrether this gwes rise to a rneiial misstatement in the financial statements themselves If, based on the work we have performed. we conclude that there is a material misstatement ol this other Information, we ale required to iep)rt that fact. We have nothing lo report in this regard. Matters on whlch we are required to report by exception We have nothing lo report In respect of the lollowing matters where the Charities IAGcounts and Reports) Regulation5 2008 requires us to reFM)rt to you Il, in our opinion the information given in the Report ol Trustees is nconsist$nt in any material respect with the fina481 statements., or sufficient acOcn.9 cOrdS have not béen kept.. or the financial Statements are not in agreement with the accntIng rewds and returns., or we have not received all the Information an¢ explanations we require for our audit. Responsibllities of trustees As explained mole fully In the Statement of Trustee5' Respcnsibilities, the trusiees are responsible for the preparation ol the financial statements which give a true and lair view, and f(K such internal contro1 as the trustees determine Is necessary to enable the prepar*ion of fi'nancial statwfients that are free Irorn rnatenal rnisstatemenl, whether due to fraud or error. In preparing the financial statements. the trustees are resp)nsiblè lor assessing the charty's ability 1¢ continue as a going concern, disclosing, as app11cable. Matters related to going concern and using the going concern basis of a¢counling unless the trustee8 either Intend to Iiquidale th8 charity or to cease operations, have no realistic alternative but to do so Page 5
Report of the Independent Auditors to the Trustèes of Hornchurch Houslng Trust Our rosponsibilities for the audit of the flnancial statements We have been appointed as auditors under Section 145 01 the Charbties Act 2011 and rep)rt In accordance wrth the Act and relevant regulati$ made CK hav1ng efferA thereunder. Our ot4"ec11ves arè to obiain reasonable assuranc£ aboLJt whether the linarLial statements as a whole are free Ir(m material misstatement, whether due to fraud or error, and to issue a Report of the lfidependent Auditors that indudes our opinion. Reasonable assuranTr Is a high level of assuran, but is not a guar8ntee that an audit conducted in accordance with ISAS IUKI wll always detect a materi81 missiatement when It exists. Misstatements can arise from fraud or error and are considered material If. Individually or In the aggregate. ttrEy could reasonably be exFECted to Influen the ecwomic decisions of users taken on the basis of these finanoal statements. The èxtent to which our procedures are capable ol deteciing Irregularities, Including fraud is detailed be10w'. Because of the Inherent limrtations of an audit. there is a risk th we will not detect all IrrUIarrtIe$, including those lèading to a material rnisSt3tement in the financial statements or non-Gompliance wrth regulation. This risk increases the more that o(Mnpliance wrth a law or regulation is r8moved from the events and transactions reflected in the Iin8ncial stalemenis, as we will be less likely to become aware of instances ol non-compliance The risk is also greater regarding irregularrties occurring due to fraud rather than error. as frauiy involves Intentional concealmfmt, f¢ygery. collusion, offlission or rnlsrepresentation. We obtained an understanding of the legal and regulatory frarneworks that are 3pplicable to the charity and the $tOr in which It operates. We determined that Ihe m05t significant are those that relate to the rerorting framèwork, the Charrties SORP IFRS 1021 and the Charitie5 Act 2011. We understood how the charity Is complying with tho legal and regu18tcYy fraMeorkS by making enquiras ol the management and those responsible lor g(wernan. We corr0rated our enquiries throLoh our review of Board minutos. We assessed the SUsp11b1lItY of the charity's financial statements to rnaleiial missl8tement, including how traud rnight occur. The primary responsibility for the prevention and detection ol iiregularitEs including fraud iests with both those charged with governance ofthe entrty and management. Our audit prdureS in relation to traud included but were noi limrted to Idenlifying and gaining an understanding of the internal contro15 management has in place lo prevent and detect fraud., understanding how those charged wth governance considered and addressed the poten.81 for override of controls or other Inappropriate influenTr over the finanaal reporting pro$$. discussing the risks offraud amongst the engagement team. assessing the swJnrficant éstimates and judgements In the financial statements lor FoSsie manipulation or management bias.. identifying and te5tsng journal entries, in particular any journals indicating large 01 unusual transactions based on our understanding of charity., assessing the extent of Complian wth thè relevant laws and gUlatiOns. A further descriptiori ol our responsibilities for the audit of thè financial statements Is located on the Financial Reporting Council's website at www.fraorg.uklaudrtorsresponsbilities. This description form5 part of our Rep ol tne Inclependent Auditors. P89e 6
Report ot the Indep8nd¢nt Auditors to thèTrustees of Hornchurch Housing Trust Use of our report This reFQrt is made solely to the charity's trustees. as a body. in accordan with Part 4 of the Ch81rties IAccounts and Reports) Regulation$ 2008. Our audit work has been undertaken so that we might state to the chanty's trustees those matters we are required to state to th in an auditors, report and lor no other purwse. To the fullest extent pertnitted by law, we do actspl or assume respsibIlIty io anyone olher ih8n the charity and the charity's Irustees as 8 body. for our audit work, f(K this report. for the opinions we have formed. Jane Wills Isenior Statutory Auditor) for and on behalf of Cooper Pary Group Limited New Derwent House 69-73 Theobalds Road London WC1X8TA Date.. 02t1Tr024 Page 7
HORNCHURCH HOUSING TRUST Statement of Financial Activities for thg year gnded 31 December 2023 2023 Unrestri¢tèd funds 2022 Total funds Notes Income and endowmènts from Donations and legacies 250 Charltable activities Core Activrties 310.703 352,907 Investrnent income 94,499 383 921 405.452 Total Expenditure on Charltable a¢vItIeS Core Actiwties 313222 192,173 Net gainslllos5esl on inVestMt$ 89,6451 202,9431 NET INCOMEIIEXPENDITUREI 118,9461 10,336 Reconctliation of funds Total funds brought forward 9,827,983 9,817,647 Totsl funds carrled f9pId 9.809 037 9.827.983 The notes form part ol these finawal statements Page 8
HORNCHURCH HOUSING TRUST Balance Sheet 31 December 2023 2023 Unrestrieted funds 2022 Total funds Notes Fixed assets T8ngible assets Investments Investments Invesbment property Y,093,625 5.471.552 12 13 1067.693 568,000 3,575.070 64S.000 9,729,318 9,691,622 Current Sets Debtors Cash at bank and In hand 14 2,822 3.687 144.990 95,536 148.677 Creditors Amounts falling due wrthin one year 15 115.8171 112,3161 Net current a¥s•ts 138,361 Total assets less Cutnt Ilabilit188 9,809,037 9.827.983 NET ASSETS 9.809,037 9.827.983 Funds Unrestii¢ted funds 16 9,809,037 9.827.983 Total fun(Is 9 809 037 9,827.983 The finanual statements were approved by the Board of Trustees and authorised for issue on and We signed on its behalf by.. Mrfm WalLa Trus ee Thè notes form part of these financial statements Page 9
HORNCHURCH HOUSING TRUST Notes to the Flnancial Statements for the year ended 31 December 2023 Accourtting policies 8asis of prepgrlng the flnancial statements The financial statements of the charity. which is a PLJblic benefit entity under FRS 102, h8ve been prepared In accordance with ttte Charities SQRP IFRS 1021 'Awunting and Reporting by Charities." Statement ol Recornmended Practice app1ic2ble to charities preparing their accounts in accordance with the Finartial Reporting Standard applicable in the UK and Republic of IreLand IFRS 1021 (effective 1 January 20191,. Financi81 Reporting Standard 102 'The Financial Reporting Standard applicable ln the UK and Republic of Ireland, and ttr Charities Act 2011. The finanual staternents have been prepared undei the h15torical cost convention. wth the exception of investments which are induded at market value. as modified by the revaluation ol certain assets. Golng concern The financial statements have been prepared on a 90ing concern basis. The trustees have reviewed and considered relevant infomation. induding the annual budget and future CAsh flows in making their assessrn8nt with iegard to going contsrn Based on these as5essmentS, the trustees have concluded th they can continue to adopt the going concern basis in preparing the annual report and account. Flnancial reporting standard 102 - reducèd disclosu exemptions The charity has taken athantsge of the followsng disclosure exemyion In preparing these finarri81 statements, as pemiitted by FRS 102 'Th¥ Financial ReForting Standard applicable In the UK and Republic ol Ireland, the requirements of Section 7 Statement ol Ca3h Flows. Critical accounting judgements and key sources of estlmation UnrtaInty L3nd and buildings are stated at fair value based on the valu8lion perfoed by an independent professional V8luer, with retrnt experience in the location and categ)ry ol property valued. The v8luer used observab market prices adjusted as necessary lor any difference In ILrture, location or ¢ondition of the specific asset. However. due to the UnrtaintY in comparable information available and future market ditiOns, there Is degree of uncertainty in thisjudgernent. Income I Income is recognised in the Statement ol Financial Activitie5 once the charity has entrtlement to the funds. rt is probable that the inccyne will be received and the amount can be m8a5ured reliably Donations, gits aThJ legacies are recorded as irKome in the year that they are re1v£. Expeftdlture Liabilities are recffjnised as expendrture as soon as there is a 931 or constru¢tive obligation MMItt1n9 the charity to that expenditure, il Is probable that a Iransfei of economic benefits will be requir& In settlefflent an the amount of the obligation (xn be measured reliably. Expenditure is accounted lor on an accruals basis and has been da5sffied under headings that aggiegale all cost related to the category. Where costs cannot be directly attributed to particular hea(Jings they have been allocated to activities on a basi5 consistent with the use ol reSoUrs. • Allocatlon of ¢ost Costs ol a direct nature have grouped and allocated diredly to tre activiti8S to they feLate. Tangible fixed assets DepreThation is provided at following annLBI rates in order to WTite off oach asset ov6r Its estimated LJ5elul life. Straight line over 20 years 20.14 on r£)st 15Yu on ieducing balance Improvements to property Fixtures and fittings Computer equipment Freehold properties Operat by the trust are not depreciated. this rewesents a departu from FRS102 which requires property to be depreciated as they have a limited life. The directors are however of the opinion that the adoption of th15 poli• is necessary to give a IfLE and fair view ol the financial statements due to t high level of m8llltenan being perfcKmed In all properties. These values are retained Su.eCt to the requirernent to test assets for Impairment In aco)rdariTr wsth FRS102 Page 10
HORNCHURCH HOUSING TRUST Notès to the Financial Statemènts - continued for the year endèd 31 Dectrmber 2023 Accountlng policies. continued Tangible fhxèd assots Investments Investments are stated at fair value. The mid-market valu31ion is Included at the balance sheet date and the gain or loss is taken to the Statement ol Finanaal Actwities. Investment property Investment Pfoperty is shown at most recent valuation. Any aggregate surplus or defiot arising from changes in fail value Is recognised ln thè Statement of Financial Activities Taxation As a charity, Hoinchurch Housing Trust is expt frcm lax on incorne and gains falling wthin Sedion 505 ol the Taxes Act 1998 or S256 of the TaXatn ol Chargeable Gains Act 1992 to the extent that these are applied to It's charitable objects. Fund accounting Unrestr1Cted funds are available for use at the discretion ol the trustees in furtheran ol the general objectives ol charrty. Unre5tiicted funds includè a revaluation reSee repie5enting the restaiement of investment asseis at market value. Designated funds are unrestricted funds'ring fenced" by the Management Committee lor particular purposes. Reslrirtèd funds can only be used particular restricted purposes within the ot4.eds of the oharty. Restr105 arise when specified by the donor or when funds ale raised for particular rèstricted Purposes Furth8r explanation ol the nature and purpose ol e*h fund is included in the notes to the financi81 statements. Flnancial instruments Financial assets and Iinanrial 1iabilrties are recognised in the balance sheet when the entity comeS a party to the contractual provisions of t instrument. Basic financial Instruments are Initially recogn1sed at thè transaction price, unless the arranmernt constitutes a finanring iransaction, where It is recognised al the present value of the future paymenls discounied at a maiket rate of interest for a similar (kbt Instrumènt. Trade and oth8r debtors and creditors are dassified as basic linanckql instruments and meagjred at initial recognrfcion at transaction price Cash and cash aquivalents are classified 8s basic finanaal insiruments and c(xnprise cash in hand and at bank. Donations and legacies 2023 2022 Donated swvices and facilities 250 Page11
HORNCHURCH HOUSING TRUST Notes to the Finoncial Statements . continued for the y•ar ended 31 December 2023 Investment Income 2023 2022 Dividends rewvable Deposit 8¢count Interest 30,959 55 55 31,014 94.499 In¢e from charitable actlviti 2023 2022 Activty Weekly Ma1rrtenan & ancjllaiy charges Ground rents Core Actiwties Core Activities 351.332 308,928 1.775 3S2 907 310.703 Charitsble activitiès costs SuppLYt costs (see note 61 Direct Costs Totals Core Activrties 290.257 313.222 Support costs Management Finan Totals Core Activities Trustegs. remuneration and benefits Trustees, reMUnath)n and benelrts lor the year ended 31 December 2023 were £nil12022.' £nill. Trustees, expenses Trustees. eypen5es for the year ended 31 December 2023 *Ere £nil12022 - £nill. Staff costs The average monthly number of employees ijuring the year was as follows." 2023 2022 AdministratK)n No 8mployees received anolurnents in excess of £60.000. During the year. total staff costs weie". 2023 2022 Gross wages Swal security costs other pensK)n costs 57,208 5,235 53.561 5.040 1.524 60,125 Page 12
HORNCHURCH HOUSING TRUST Notes to the Financlal Statements - continued for the yr ended 31 Dember 2023 Comparatlves tor the statemènt of financial activitles Unrestricted funds Income and èndowments from Donations and legacies 250 Charitable activitles Core Activities 310.703 Investsnent inc(xne 94.499 TrAal 405.452 Expendlture on Charitable activltles Core Activities 192.173 Net gainslllossesl on Investments 202.943 NET INCOME 10,33e Reconcillation of fund$ Total funds brought fotW8rd 9,817,647 Total funds carried fonvard 9,827.983 10. Auditors. remuneratfjon 2023 2022 Fees payabb lo the charills auditors for audit ol the charity's finanaal statements Fees payabl6 to the chanly's auditors for aecountamy seN15 6,100 2.000 e,100 2,660 8.760 Page 13
HORNCHURCH HOUS1 TRUST Notes to the Financial Ststements- continued for the year ended 31 Docember 2023 11. Tanglble fixed assets Imyovemen15 lo property Fixiures and fittings Freehold property Computer equipment Tota Cost or valuation At 1 January 2023 Additions 5,235,000 1636 208 276,176 157.203 834 5.669,213 1 636,208 At 31 DemtEr 2023 6.871,208 157 203 834 7 305 421 Depreclation At 1 January 2023 Charge for year 41,284 155.771 286 197,661 40 At 31 Dember 2023 156057 211.796 Net l>ook value At 31 Dernber 2023 6.871,208 221083 1.146 188 7 093,625 At 31 December 2022 5.235.(K)O 234.892 1.432 228 5.471,552 Cost or valuation at 31 Dber 2023 is represented by" Improvements to property Fixtures and ffttsngs Freehold property Computer equipmènt Totals Valu*ion In 2020 Cost 4,626,095 2245 113 4,626.095 2,679 326 276 176 157 203 834 6 871.208 276 176 157 203 834 7 305 421 12. Flxed asset investments 2023 2022 Listed investments Othèr 1,332,186 73$ 507 2.685.180 889,890 2 067,693 3,575,070 Page 14
HORNCHURCH HOUSING TRUST Notes to the Flnancial Statement5- contlnu•d for the year ended 31 Decembèr 2023 12. Fixed asset investments. contlnuad Additional inf(mialion as follows". Listed investments Markèt value Al 1 January 2023 Additions DIsFM)sals Revaluations 2.685.180 1,531,068 12,689,123) 194 9391 At 31 Dernber 2023 1.332 186 Net book value At 31 D9mber 2023 Al 31 Dember 2022 2.685.180 There were no Investment asststs OLrtsidè the UK. Cost or valuation at 31 December 2023 is represented by.. Listed Investments ValUatn in 2022 Cost 1194,9391 1527125 1,332 186 Investments (neither listed nor unlisted) we as follows.. 2023 2022 Otrer investments Additions Disposals Revaluations 889,890 882,913 32,827 1200.0001 735 507 889 890 Page 15
HORNCHURCH HOUSING TRUST Notes to the Financial Statements- contsnued for the year endgd 31 December 2023 13. Investrnt property Falr value At 1 January 2023 Revaluation 645,000 At 31 DemIr 2023 Net book value At 31 DeMLr 2023 568.000 At 31 Detr 2022 645.CQO The investment property above was revalued At lair v81ue in thè year by an eernal aprKaiser, AreW Chater & Co Chartered Surveyors. Fair value was determined by taking Into a¢count comparable evidence and current market conditions. Fair value at 31 Deter 2023 Is repi8sented by". Valualitsn in 2022 Valuation in 2023 645.000 77 0001 568.000 14. Debtors: amounts falllng due within one year 2023 2022 Prepayments and acuued incLyne 2,822 3.687 Creditors= amounts falling due withln one y•ar 2023 2022 Trade creditors Taxation and soual 5èCLfity Other creditors 1,075 5,234 9.508 2.973 9.343 12.316 16. Movem•nt in funds Net movement in furKIs At 31 12.23 At 1.1.23 Unrestricted funds General fund 9,827,983 118,9461 9.809,037 TOTAL FUNDS 9 809.037 Page 16
HORNCHURCH HOUSING TRUST Notss to th¢ Flnancial Statements- continued for the yèar ended 31 Decèmber 2023 16. Movoment in funds. contlnued Net movement in funds, included in the 8bove ale as follows.. Incoming resour$ ResOUrS expended Gains and losses Movement in funds Unrestricted funds General fund 383,921 1313,2221 189,6451 118,9461 TOTAL FUNDS 383 921 313,2221 18.9461 Comparatives for movement In funds Net movement in funds At 31.12.22 At 1.1.22 Unrestrlcted funds General furid 9.817,647 10.336 9.827.983 TOTAL FUNDS 9.817.647 10,336 9,827,983 Compwalive net movement in funds. inclu(Jed in the above are as follows. Incoming Resour5 reSOurS expended Gains 8nd Sses Movement in funds Unrestrlcted funds General fund 405.452 1192.1731 1202,9431 10,336 TOTAL FUNDS 405,452 192,1731 202.9431 10.336 Unrestricted funds include fair value reserve of £4,784,(fj912022. £4,979.0381 17. Relatgd party (IlscIUres There wère no related party transactions for the year ended 31 Decernber 2023. Page 17
HORNCHURCH HOUSING TRUST Detail¢d Statement of Financial Activitie$ for thè year endèd 31 Decèmber 2023 2023 2022 Incomè and endowments Donations and legacie$ Donated services and faalitie5 250 Investment incom8 Dividends TriVale Deposit ac¢ount Interest 94,444 55 30,959 ss 31,014 94.499 Charltable actlvitias Weekly rnainten8nce & arri11ary tharges Ground rents 351,332 1.575 308,928 1,775 352 907 310.703 383,921 405.452 Total Incomlng resources Expendlture Charitable activbtles Repairs and maintenarr Insurance Property Lrtilities AwountanGy Helpline service Personnel cost Cost ol generatirvJ funds 190,452 4,751 10.858 8.640 2.866 64,190 8,500 66.413 4.018 10,116 8,760 2,746 55,429 9,409 290,257 156,891 Support costs Management Office costs Gift5 and benevolence Legal and consultancy Sundries Subscriptions Depreciation 3,125 4,463 3,683 4.376 10,165 492 873 15.582 437 761 14.135 22,921 35.171 Finance Bank charges 111 Total resources expended 313,222 192,173 Net income b8fore gains and10ss•s 70.699 213.279 Realisèd re¢ognised gains and losses Carried forward 70.655 213,168 This page does not form part of thè siatulory linawial statements Page 18
HORNCHURCH HOUSING TRUST Detailed Slatement of Financial Activities for the year ended 31 December 2023 2023 2022 Reallsed recognised galns •nd losses Brought forward Net gainslllossesl on Investfflents Rea115ed gainsllbssesl on Investment wopety Net lexpendlturellincorna 70,655 111,9311 77.714 213,168 1202,9431 18.9461 10,338 This p8ge does nci forrn part of the siatutory finarrial statèments Page 19