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 D￿eM￿r 2023
The trustees YeS￿l their report with the finanoal statements of the charity lor the year ended 31 De￿mber 2023. T
trustees have adopted the prowisions ol Accounting and Reporting by Charities" Statement of Recommended Practi
ap￿iCAble to charities preparing their accounts in accordance with the Financial Rep)rting Standard applicable in the UK
and R8pub11c of I￿larnd IFRS 1￿2) 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 b￿oUgh of Havering. At the end
of 2023 Hornchurch Housing Trust had purchased 6 new prOpert￿S on the Airfielij Estate in H￿￿churCh.
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 resId￿t8 Include a
reCreat￿n 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￿$$8ry
Public Benerrt
The Tiustees have paid due regard to the Charty Comrnission Guidan￿ on Public Benefit in deciding what activities the
charity undertakes. All aclivities undertaken by Hornchurch Housing Trust we f￿U$$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 0￿ber 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 Po￿1ng 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 pla￿d lo 0￿rate 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 c￿t1ngenCY 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 IntrodU￿d 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 11.5.2￿3)
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
sWlE￿L
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 (A￿oUnt5 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 rneth￿s 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 respon￿ble 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$ibilities- contlnued
Under the Ch￿itIeS Act 1993, the Trustees are required to..
il Keep propw attounting records which disd05e with reasonable ac£uracy al time the financial wgticn of the
Gharity",
ill To prepare finawial statem￿t$ 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 r￿ulationS 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$c￿able 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 pra￿1￿, '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$t*es 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 ACC￿nting Standards Iunited Kingdom Generally
Accepted Ar£ounting PraGtLel.
In our opinion the financial Statem￿lS..
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 t￿en 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 in*Jependenl 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 resportsibilit*s 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 r￿t identified any material uncertainties relating to events or co￿1tIOnS
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 trU￿ee$ 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 kn￿edge
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 rn*eiial 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 fina￿481
statements., or
sufficient acOc￿n￿.￿9 ￿cOrdS have not béen kept.. or
the financial Statements are not in agreement with the acc￿ntIng 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 Irr￿UIarrtIe$, 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 fraMe￿orkS by making enquiras ol the
management and those responsible lor g(wernan￿. We corr0￿rated our enquiries throLoh our review of Board
minutos.
We assessed the SUs￿p11b1lItY 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 pr￿dureS 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 FoSsi￿e 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 resp￿sibIlIty 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 inVestM￿t$
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 f9p￿Id
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 Cu￿tnt 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 Un￿rtaInty
L3nd and buildings are stated at fair value based on the valu8lion perfo￿ed 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 Un￿rtaintY 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 re￿1v£￿.
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 reSoUr￿s.
*•
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 ex￿pt frcm lax on incorne and gains falling wthin Sedion 505 ol the
Taxes Act 1998 or S256 of the TaXat￿n 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 reSe￿e 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. Restr￿10￿5
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 arran￿mernt 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, reMUn￿ath)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 y￿r ended 31 D￿ember 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 seN1￿5
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 De￿mtEr 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 De￿mber 2023
156057
211.796
Net l>ook value
At 31 De￿rnber 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 D￿ber 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 De￿rnber 2023
1.332 186
Net book value
At 31 D9￿mber 2023
Al 31 De￿mber 2022
2.685.180
There were no Investment asststs OLrtsidè the UK.
Cost or valuation at 31 December 2023 is represented by..
Listed
Investments
ValUat￿n 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.
Investrn￿t property
Falr value
At 1 January 2023
Revaluation
645,000
At 31 De￿mI￿r 2023
Net book value
At 31 De￿ML￿r 2023
568.000
At 31 De￿￿t￿r 2022
645.CQO
The investment property above was revalued At lair v81ue in thè year by an e￿ernal aprKaiser, A￿reW Chater &
Co Chartered Surveyors. Fair value was determined by taking Into a¢count comparable evidence and current
market conditions.
Fair value at 31 De￿￿ter 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￿$
ResOUr￿S
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
Resour￿5
reSOur￿S
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 (IlscI￿Ures
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 ￿TriVa￿le
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