Docusign Envelope ID." 325C4752-38C34CC7-944(D2s177O759jB Charity r•gislration number 247236 (England and Wales) HORNCHURCH HOUSING TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign EnveloFe ID. 325C4752.38C>4CC7.94428IT7075yjB HORNCHURCH HOUSING TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustèes John WOCAY Colin Smilh Spencer Seaton Peter Salisbury Rev Ken Wylie Melwn Walla( Cai(A Smiih IAppointsd 14 March 2J24} IAppointed 14 March 2ts24} Charity number IEngland and Wales) 247236 Auditor J Bu5hellAudit LLP GrouThJ Floor Kings HcAJsè 101-135 Kings Road Brenlw(>od Essex CM14 40R Investmènt advisors Brewn Dolphin Ltd 12 SmTthfièld Street London EC1A 9BD Ruffer LLP 80 Victoria Street London SW1E SJL M & G Investment 10 FenGhurth Avenue London EC3M SAG
Do¢usyn Envelope ID." 325C475246C34CC7.94D28l77o7s93B HORNCHURCH HOUSING TRUST CONTENTS Page Trustees. report statement of Irustees. resp<)nsibilitses Indep&ndent audilorfs tepxjt Statement of financial actiwtses Balance Sheet Notes to Ihe financial statements 10-18
Do$Tr Envelcoe ID." 325C475248c>4CC7-94402817107S938 HORNCHURCH HOUSING TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have t>een prepared in accorrjance Wilh the a(tounting policies set out in note 1 to the financial sktements and comply with the charitys governing d1Ment. Ihe Charities Act 2011. FRS 102 'The Financial Reporbng Standard applicable in Ihe UK and Republic of Ilarnd- and the Chaiities SORP -Accounting and Reporting by Charitl8s'. StatttMent of Recommended Pradice applKaNe to rhari(iÈs preparing their accounts in accordance with Ihe Financial Reporting Standard applubje in the UK and RepublK ol IrÈland IFRS 1021.. Oblectives and activities The piincipal activity ol the charity is providing sheltered accommodation to ekdety people who Iwe within the Bgrough. The overall objective of the charity therefore i5 lo promde accommodalion and welfare for poor and elderfy persons, allowing them to remain a member of their community when Ihey can no l(xwer afford to reside there. Homchurch Housing Trust al the end Df the financial year hold 48 dwellings across the Borwh. wth 3 new properties purchased in the finanaal year. These wll all be used to meet the charitys ot4ective in continuing to provide shdlèred accommodation (o those in the community in financial neEd. Skeales Court Sunrise Avenue. Homchurch Skeales Court was buitt in 1974 and featu 30 one-bedroom flats and is a Iwo-storey building. The building is accessib wth stair lifts io all first fthr fkis. The site also oifers the wmmunity many ameniiies including a communal garden. k)unge and laundry room. There a plenty of social aclimties which include exeruse classes. church services. chiropody ServIS and bingo. The tsffiS ol derk are onsite arKI a warden is resident, and Careline alarrns are fitted in all nats_ The Trust. H8cton Lane Homthurch The Trust consists of a bloc of 5 pu". pose-built one-bedroorr. bungalows which reside opposite the Havèring- Managed William Tansley-smrth House. This alk)ws the resentS to Sha the amenities of Ihe House, including their laundry room and lounge, as wdl as take part in the.'r social events ar,d activities. There 15 a bus stop very dose nearby the cotllpx, local shops a few hundred metres away. The manager ol Skeales Court is available on call lo assist with arby queries, and Carelsne alarms are fiited in each bungalow. Wolsele Road. Rornford There are 4 ma,50netles on this site bith the ground flINY being cme-bedroarn ptoperties, and the upper floor being bNo4)edroom. Each rr.ai50nette hzs a private garden and can tske part in Ihe activities at Skeales Court due lo there being none onsite. The Skeales Court manager is èlso available on call to asslst with rèsidents, queries, and the Careline alami Servi is used. A t8 slop is nèarby, being aroun(i a quarter of a mile away. znd the town cent 15 a mile away Irom the sile. Airfield Estatel Elm Park Ward Homchvrch There arÉ a total of 9 dwellings, 6 are houses and 3 are flats_ The tharTty ensures that as and when the property is vacant, required refurt)i5hments will be carried out on the premises to ensure that they remain a high standard. Public benelit The Iruslees have paid due regard lo guidance issued by the Charity Commission in de(xdirg whal activits'es the ¢harity should undertake. Achievements and perforrrtance Signifrcanl èctivities and achievemenls agaAnsl obiedives In order to achieve the objectives of the charity. thè quality of the properties are reviewed via surveys. wlh refurbishments carr out on Ihe premises once vacated. This ensures that each property remains in older and of a go(xJ standard for th8 community.
Docusign Envdope ID.. 325C4752-38C34CC7-S440-D2817707593B HORNCHURCH HOUSING TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial rèview Homchurch Housing Trust have had a heallhy financial year. total funds at 31 December 2024 increasing from £9,809.037 to £1 Q.102,399_ This is due to drty hawng a surplus of furKls of £293.362 in the year, compared with a deficit of £18,946 in 2023. R8s8rves policy It is the policy ol the charity Ihat unrestricted funds which have not been designated a specific (Jse should be rnaintained al a level equivalent to around six month's expenditure. The trustees considèr that reserves at this level will ensure that, Jn the event of a 5nc3nt drop in incoming resour$. they will be ablè to eontinue thè charily's Current activities whik consider8b.on is given to ways in which additv)nal funds may be raised, This level ol reserves has been maintained throughout the year. Inv&stmentpoliGy The charily utilises Ruffer LLP, RBC Brewin Dolphin and M&G Investmenls lo tnanage their investment PDrtfolios. The inveslments are all regL,lated by The Financial ConductAuthorily. ensuri professionalism in financial markets and regulatory prolection. Factors likely to aff8cI Mlur8 finanu81perfomJance Future plans The chanly intends to coniinue prowding shetteied accommodation to the community. and ensure that mainténance and ancillary lees cover the day-lo-day running CtS 34d future lrb1$hmernt$. In the longei tem), the charity plans to purchase a couple more properties to house aditnal persons in finan£xal need and achieve their objectives further. Econornic climate The charity needs lo conside.. the impact ol Ihe economic clim2te on thèir opération5. Sin¢e Covid-19 and Brexil. construction 2nd refurbishmenis cosis have Inased lollowng an irwase in the cost of materiats. In Ihe event of an economic downturn, Hornchurch Housing Trusl is in a 5tabk 5X)sition to continue operations as normal. and have assets readily available to liquidate to cover unexpecte(l or rising (x)sts. Covid-19 The charity was among many organisatK)ns irnpaGted by Ihe Covid-19 outbreak, which 9allY affectèd daY-t[daY operations. It has been noted that necessary measures We undertaken during the outbreak Includi ¢Josure of siles lo proteet the iesidenls, as well as the team_ Contingency plans were foirned ezrfy to be able to manage a similar situation Quickly and effe¢tively. and utilise their healthy cash resetve5 to progiess during the economic decline. StructurÈ, goveman¢e and Tnanagement The charity 15 controlled by its goveming document arml a deed of trust_ Hornchurch Hwsing Trust was constituled in rts prèsent form in 1991. forniety known as Hornchurch United Charities. The earliesl recognitn ol the charily was Appleton's Wmshouses. founded in 1586 and eslablished in the Parish of Hornchurch. The trust is registered wth the Charity CommissK)n. Thè trustees who served dtjring the year and up lo Ihe date of signature of the finanual statements were.. John Wood {Apwnled 14 March 20241 Colin Smith {Apwnted 14 March 20241 Spencer Sealon Peter Salisbury Jeremy Evans Rev Ken Wylie Melvin Wallace John Mylod Carol Smith IResigned 2 Marth 20251 IDeceased 28 February 20251
Docusign Envelope ID.. 325C4752-38C34CC7.9441>D28117075938 HORNCHURCH HOUSING TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Recruifrnenl and aPPntMent oltnJsfees Each trusiee serves for a four year term but is eligible for -appOintMent. None of the trustees has any benefiaal interest in the (ajmpany. All of the trustees are not permitted to receive any remuneraty'ons for their services to the Trust. Organisation81 structu Tre boaid ol trustees ensu thal a meeting is held quarleTly io disoJss the daity operats"on5 of the ¢hartty, future pLans and evaluate their investment r#xtfolio position_ Relatnship with relatedparties The charily has no link vAth"R8lated Parli8s" as defined by the Ststement of Recommended Practice. The trustees. report Yra5 approved by the Board of Truslee5. Sigmd Melvin Walla Trustee 15 Odober 2025 Dale= .....
Docu$9n Envelope ID.. 325C4752-36C34CC7-944CkD2817707593B HORNCHURCH HOUSING TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are r85pon51ble for preparing the Trustees, Rerh)rt and the financial staternents in aCran with applicable law and United Kingdom Accounting slarards (Unrted Kingdom Generally Accepted Accounting Praclicel. The Jaw applicable to charrties in England and Wales requires the trustees to ppara finan(xal statements for each financial year which give a trug and fair view of the State of affairs ol the charity and of the in¢oming resources and application of {esou5 of the charity for that year. In preparing these financial statemen&, Ihe trustee5 are required lo.. - select suitable accounting polioes and then apply them consistcntly., - observe the meihcKJ5 and principles in Ihe Chariiiès SORP". - make judgements and estimates thal a reasonable and prudent state whether applicable accwnting standards have t>een followed. subject lo any rnaterial departures disclosed and eXained in the finan¢¢al statements- and preparè the financial stateTh*nts on the going concern basis unless it is inappropriate to presume that the charity ill conlnue in operation. The trusteès are responsible for keeping sufficient a)Unty'ng records that disclose reasonable accuracy at any lime the finanaal position of the charity and enable them lo ensure that the finanaal stalemenls comply wth the Chaiities Act 2011. the Charity IAcc(yJnts and Reportsl Re9ulatiOn5 2008 and thg provisions of the trust deed. They are also responsib for sale9uarding thé assets ol Ihe tharity atKI hence fot taknng reasonable steps for thé prevention and detection ol fraud and other irregularities.
DDcuspJn En¥eh)pe ID.. 325C4752-38C34CCT-944N)28177075938
HORNCHURCH HOUSING TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF HORNCHURCH HOUSING TRUST
Opinion
We have audited thè financial slatements of Homthurch Housing Trust (the 'charity'l foT the year ended 31
December 2024 which comprise the ststemenl of financial actiwties. the balance sheet and noies to the financial
statements, inGluding significant ac
Docusion Envtslopp ID. 325C4752a8G34CC7-9440-D2817707593B HORNCHURCH HOUSING TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF HORNCHURCH HOUSING TRUST Responsibilities of trustee5 As explained more fully in the statement of ITUStees' restK>nsibilities. the trustees are responsible for the prÈratioll of rinancial statements and for being satisfied Ihal they gwe a true and fair view, and lor such intemal control a5 Ihe trustees determine is necessary lo enable thè preparatiorb of financial slalements that are Ie from materièl rTrisslatement. whether due to fraud or error. In preparing the finanual statements, the truslees are responsible for assessing the charity's ability to continue as a going concem. disdosing. as applicable. matters related lo going concem and using Ehe going concern basis of accounting UnSS the trustees either intend to cease operations. or have nts realisb¢ alternative bul to do so. Auditor's responsibilities forthe audit of the financial stattmertts We have been appointed as auditor under secb.on 144 of Ihe Charities Aci 2011 atKJ iewrt in aGcQrdaTr with the Act a,Id relevant Tegulalions made or having effect thereunder. Our objectives arè to obtain reasonable assurance aboul whether the financial statements as a whole are free from matèrial misstat8rnènt. whether due to fraud or effor. an¢Y lo issue an auditorfs report that includes our opinion. Reasonable as5uranc8 is a high level of assurance bul ts not a guarantee thal an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from frau¢J or error and are considered material rf. indivi¢Jually or in ihe aggregate, they c(MJld reasonably be expected to influence the economie deasions of users taken on the basis ol U)ese financial statements_ The extent to which our procedures afe capab of dètècb.ng irregularities, indudir¥J fraud. is detailed beltrw. Management override olconfro15 Auditing the risk ol managem8nt override of controls. including through testing joumal entries and other adjuslmenis lor appropriateness, and evaluab.ng the business rationak ol significant transactiDns outside the normal course of business. Non compliance with laws and regulations Enquiry ol management. those thaed wilh governance and Ihe entity's solitstor5 lor in-house legal team) around actual and poteyb.al libgation and daims. Reviewing minute5 of meetings of those charged ¥wlh governan. Réviewing financi81 statement disck)sures and lesling to supporting documentation to assess complian with applir2blè laws and gUlationS. A further description of our responsibilities is available on the Financial Reportip.g Council's website at.. http$'.l/ vrww.frc.org.uklauditorsresponsibilities. This descripb.on frKms part of our audrtorfs repc¥l. other matters Your atténiTon Is drawn to Ihe fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities- Statement of Recommended Practr.ce applicable tc> charit es preparing their accounts in aGcordance with the Finanaal Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021" las amended) in preference to the Accounts"ng and Re[K)rng by Charities.. Stalement ol Recommended PradiGe issued on 1 April 2005 whid) Is refer to in the extsnt regulations bul has now been wrthdrawn. This ha5 been done in order for the finanual statements to prowdé a truè and fair view In accordan with current General Accepted Accounting Practi. Use of OL4r report This report is made solely to the charity's trustees, as a IKKty. in acrnrd3nce wth Part 4 of Ihe Charities IAccounts and REport51 Regulations 2008. Oui audit work has been undertaken so that we might state to the chariy's trustees those matters we are required to slate to them in an auditor s report and lor no Olhet purpose. To the fullest extent p8rmitted by law. we do not accept or assume p)nbIl to anyon? other than the charily end the charity's trustees as a body, lor our a111 work. lot this report. oi for the opinions we have formed.
Docusign Envdope ID-. 325C4752_36c>4CC7.944c>2Bl7707S9aB HORNCHURCH HOUSING TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF HORNCHURCH HOUSING TRUST Corné von Wielll9h ACA For and on behalf of M J Bushdl Audit LLP. StatutoryAudrtor Chartered Accountants Ground Floor Kings House 101-135 Trthngs Road Brentwood Essex CM14 4DR Dale". 2..9_. .10- 2025 M J 8ushell Audit LLP is eligiNe for app(Mntrneni as auditor of the Charity by ¥irtue of its eligibility for appointrnent as audltor ol a company unde¥ section 1212 of the CoMpanS Act 2006.
t>ocUsn Env8b)P& ID.. 325C4752-38C34CC7-9440-D2817707593B HORNCHURCH HOUSING TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING SNCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Unrestricted funds 2023 Not•s Income from: Charitable aCV"ÉS Inveslrnenls 447.005 22.308 352,907 30.971 Total incomè 469.313 383,878 Expendlturè on: Raising funds Charitable activities 5,392 231,670 313,179 Total expenditu 237,(2 313,179 Net gainslllossesl on investments 11 61.111 189,6451 Net incomellexpendlturel and mov•rnent in funds 293,362 118.9461 Reconclliation of funds- Fund balances al 1 January 2024 9.809,037 9,827.983 Fund bolances at 31 Decernber 2024 10.102.399 9,809,037 The staternent ol financial aclivities includes all gains and losse5 re(x)gnised in the year. All income and expendlture derive from continuing actltIeS.
Docusign Envebpe ID. 325C4752_38C>4CC7_9440-D2817107593B HORNCHURCH HOUSING TRUST BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Notes Fixed a55ets Tangible assets Inv6stment property Investments 13 14 15 7.863.278 568.000 1.644.927 7,093,624 568.000 2,067.692 10,076.205 9,729,316 Current assets Oebtors Cash at bank and In harKI 16 2,822 92,714 30.278 40,142 95,536 Creditors-. amounts falling due within one year 17 113,9481 115,8151 Net current assets 26.194 79,721 Total assets less current liabllitiés 10.102,399 9,8(19,037 The funds of the charity Unrestricted funds 19 10.102.399 9.809,037 10.102.399 9,809,037 15 Oclober 2025 The linancsal statements were approv by Ihe trustees ...-. -.- . "E2ÈEOyÉ5éEGf8 Melvin Wallace Trustee
OocusvJn Env8bpe ID". 325C4752-38C34CC7-9440-D28177075928 HORNCHURCH HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢oounting policies Charity information Hornchurch Housing Trust is a charii which provides shettered aw)mmodation for elderty people who liv& withFn the borough. 1.1 Bèsls of preparation The financial stalerTtents have been prepared in accordance wilh Ihe charitys gov&rning Ilocument. the Charities Act 2011, FRS 102 The Finanaal Repc¥ting Siandard applicable In the UK and Republic ol Ireland" and the Charits SORP 'Accounting and Repotting by CharitEs.' Slatemenl of Recommended Practice applicable to charities preparing iheir account5 in accordance with Ihe Financial Reporting Standaid applicable in the UK and Republic of Irend IFRS 1021" The charity is a Public Bénefit Entity as defined by FRS 102. The charty has taken advantage of the provis5 in Ihe SORP for charities not to prepare a statement of cash flows. The fiftancial statements have departed from Ihe Charibes (Accounts and Reportsl Regulations 2008 only to the extent required to provide a true and fair This departure has invofved following the Statemont of Recomménded Practice for d)arites aPpn9 FRS 102 rather than ihe version of Ihe Slatemenl of Recommended Practice which is relerr8d to in the Regulations but Wh has since been withdrawn_ The finanaal slalements are prepared in sleding. whith is the fvncOnal currency of the ch8rity- Monetary amounts in these financial statements are rounded to the n8arest £ The financial staternents have been prepa Lthder the historical cost convention The principal accounting policies adopt¥d are set out below. 1.2 Going ¢on¢ern At the timè of approving Ihe fi*ancial statements. Ihe trustees have a aSOnable expectation that the tharity has adequatè resources to conb.nue in operational existence for the Itsrèseeab future. Thus the trustee5 continue lo adopt Ihe gng concem basis of accounting in preparing the firban(xal stalements. 1.3 Charltable funds Unreslncted funds are available for use al thè (tiscretion of Ihe iruslees in furthoranGe of their charitable objectivés. ReStrted fun(Js are subje¢l to speufic conditions by donors or granlors as to how they rnay be used. The purposes and uses of the restncled funds are set out in the notes to the fin£ncial statemerkis. Endowment funds are subject to specific conditsons by donors that the capital must be maintained by the charity. 1A Incom• Income is recognised when the charity is legally enb.ued to tt after any petknance condib.ons have been met, the amounis can be MeasUd reliably. and it is probable that income wll be r¢ceived. Cash donations are recognised on receipt. Other donations are CogniSed once the ¢harity has been notified ol the donalion. unless perfomiance corKli"0ns reqJire defetral ol the ami)unl. Income tax recoverable in relaliorb to donations received under GiftAKI or deeds of covenant 15 recognised at the lime of the donation. Legacies are recognised on recèipt or 01hese if the charity has been rK>lified of an irnpending distribution. the amount is known, and receipt Trs expected. 11 the aTnount is not known, the legacy is treated as a contingent asset. 10-
DocLJsign Envebpe ID.. 325C4752-38C34CCT.944(kD2817707593B
HORNCHURCH HOUSING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting policies
Icontsnuedl
1.5 Expenditure
Expenditu is recognised once there is a legal OT constructwe obligation io transfer economic benefft to a
Ihird party. it Is probab that a transfer of econortuc benefits will be required in settlement. and the arnount ol
the obligation can be measured liab.
Expenditure is ClasrIed by aclivity. The costs of each adwity are rnade ¥Jp of the total of direct cosls and
shared costs, inclu<Jing supwrt costs invofved in undertaking each actiwty. Direct costs attributable to a single
acbvity are allocated directly to that acthwty. Shared costs which conlribule to more than one activity and
support costs which a not attributablè lo a single acliwty are apportioned between those activities on a basis
consistellt with the uge of resou.'ces. Central staff costs are allocated on the basis ol time spenl, and
dePcl8t10n o*arges are allocated on Ihe p(xbon of ihe asset's use.
1.6 Tangible fixed assets
Tangible fixed assets are Initially measured at cost and subsequenuy rneasu¥ed at cost or valu3lion, net of
depreciation and any impaim)enl k)s5es.
D8preciation is recognised so as to write off the cost or valuation of assets less their residual values Dver Iheir
useful lives on the following bases-.
Freehold land and buildings
Improvemenls to prop8rty
Fixtures and fittin9S
Computers
See note b2low
Slraight line over 20 years
straight line at 20%
15% on reduowyJ balan
Fieehold properbes are nol dèpfeciated withtn the finaCIal statements. The trustees are of Ihe opinion that in
order lo
DOcus)n Enveltpe ID.. 325C4752-38c34CC744(k028f77o7SY3B HORNCHURCH HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policie5 IContinu•d) 1.10 Cash and cash èquivalents Cash 8nd cash equivalents include cash In hand. deposits held al call with banks, other short4erm liquid investmènts wth original maturities ol three morhths or less. and bank overaft$. Bank ovèrdrafts ar8 shtyNn within borrowngs In current liabilities. 1.11 Financial instruments Th¢ charity has elected to apply the provisions of Section 11 'Ba51c Financial Instruments. and Seclion 12 'Olher Finan¢ial In5truFnents Issues. of FRS 102 to all of its finanual instruments_ Financial instruments are recognised in the charilys balance sheet vthen the Gharily becomes party to the conlractual prowsions of the instrument. Financial assets and liabilities are offset. with Ihe net amounts present8d in the finanrial statements. when Ihere is a legalty enfOable right to set off Ihe recognised amounts ar)d there is an intènlion to Sett on a net basis or to realise the asset and settk the liatmlily simultaneously. Basic financial assels 8astc finanual assets, which include debtors and lash and bank balances, are initially measu0 at Iransaclion price including transaction costs and a subsequenlly carried al amortised cost using the effective interest method unléss the arrangement constiiutes a finaniing transaclion. where the transaction is measured at the present value of the future receipts oiscounted at a market rate of interesl. Financial assets classified as receivable within one year are not amortised. Basic financial liabllltles BasiE financial liabilities. including creditors and bank loans are initially recognised al tiansaclion price unless the 2rr3ngernenl oonstitules a financing transaction. where the dèbt instmmenl is measured at the present valdè of the futUTe payments diso)un(ed al a market rate of interest. Finanual liabilities dassified a5 payable within one year are not amCtISed. Debt instwments are subsequently tsTried at amrbsed cost. using the effective interest rate method. Trade credilors are oblTgations to pay for gocmjs or seNices Ihal have been acqtJir&d in the ordinary course of operations from suppliers. Amounts payable are dassified Ès currenl liabilities if payment Is due within one year or lèss. If rbot, they are presented as norkoJrrent liabi1rt1È5. Trade creditors are recognised initi2lly at transaction price and subsequently measured al atnortised cost using the effectsve inlerest method. Derecognltion of financial liabilities Financial liabilities are derecrxJ*ised when Ihe d)arty's Contractual obligal'ons expl or are discharg8d or cancelled. 1.12 Employee benefits The cost of any unused holiday enlitkment is recoJnised in the peric¥J in which th8 employee's services are reIVed. Termination bènèfrts are recDJnised immeclialely as an expense when the tharty is demonstrably committ8d lo terTninale the employment of an empbyee or to PlOVKJe temiinalion benefits. 1.13 Retirement benefits Payments to defined conlribution reb"rement benefit schemes are charged as an expensè as they fall due. 12-
Oo(xww EnvBlo*10 325c4752.38C34CC7_94428l77O7s93B HORNCHURCH HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Critical accounting estimates and jUdgets In the application ol the charity's accx)unb"ng polioes. the trust8e5 are required to make judgernents. estimates and assumptions about the &grrying amunt ol awls and liabilities that are not readily apparerbt from other s(>uices. The esu'mates and associaled assumptions are based on historical experience and other factors that a considered to be relevant. Actual resutts may differ trom these estimates. The estimates 2nd underlying assumpbons are rewewed on an ongoing basis. Revisions to accounting estimates are recogni5èd in the period in which the e51im3te is revised where the revisn affects only that period, or in the period of the ieviston and fLtture peritKls where the vIsion affects both cuTYenl and fulure periods. Income from charitable adivities Unrastrlcted fvnds 2024 Unrestricted funds 2023 Charitable activities Weekly mainlcnance & ancillary charges Ground rents 445,230 1,775 351.332 1.575 447,1)05 352.907 Income from invèstments Unrestricted Unrestri¢led nds funds 2024 2023 Dividends receivable Interest re1vable 21.890 418 30,960 22,308 30,971 Expenditurè on raising fund5 ilnrestricted Unrestricted funds fund5 2024 2023 Fundraising and publicity Cost of goDds donated 993 Managemènt fees 4.399 Total costs 5,392 13-
Do¢usign Envelope ID.. 325C475248C34CC7-9440-D2817707593B HORNCHURCH HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEhlBER 2024 ExpènditUTe on charitable activibes Charitabl8 activities Charitable activities 2024 2023 Direct costs Staff costs Repairs & maintenanca Insurance Property ub"libes Accountancy fees Helpline servic8 Advertising 55,876 120.828 5.388 14.605 11.412 3.205 228 64.190 190,453 4,751 10,858 8.640 2.866 8.500 211,542 290,258 Share of support and governance costs (see note n Support 20,128 22,921 231,670 313,179 Analysis by fund Unrestricted funds 231,670 313,179 Support ¢osts allocated to activtties 2024 2023 Office costs Gift5 & benevolence Legal and prolessbonal Sundries Subs¢riptions DepCIation Travel & subsistence Entertaining Residenl welfaie Govemance costs 1,248 3.125 4.4fa 14391 437 761 14.135 783 14,066 115 139 1,616 36 20.128 22,921 Analysed between= Charitable aclivities 20,128 22.921 14-
DOCU Envelope ID". 325C4752-38C&4CC7-9440-D2817707593B HORNCHURCH HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net movement in funds 2024 2023 The net movement in funds is stated after Chargin{Credi11ThJ}'. Fee5 payable for the audit of Ihe chariws financial stalements Depreciation ol owned tarvJible fixeil assets 7,920 14.066 8,100 14,135 Trustèès Non8 ot the trustees lor any persons connected with thernl re(*ived any remuneration or benefts from the charity during the year. 10 Employees The average monthly number ol employees during the year was: 2024 Numbèr 2023 Number Employment Costs 2024 2023 Wages and salaries Social secunty costs other pension costs 58.912 14.8461 1,810 57,209 5.235 1.746 55,876 64,190 There We no empkyees whose annual remuneration was MO than £60.CW. 11 Gains and lossès on investments Unrastricted Unrestri¢ted funds funds 2024 2023 Gainslllossesl arigng on.. Revaluation of investments Revaluation of investment propertie5 61.111 111,9311 ITI.7141 61,111 189.6451 12 Taxatlon The charity is exempl from taxabon on ts athilies because 811 its income is applied for Charitab purposes. 15-
DooJ¥ign Envelope ID.. 925c4752-38CcC7-g44(O28177O7S93B HORNCHURCH HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Tangible fixed assels FreEhd land Ftxlures and and buildlngs to property fittin9S Computers Total Cost At 1 January 2024 Additions 6.871.211 783.719 276.176 157.203 833 7.305.423 783,719 At 31 December 2024 7.654.930 276.176 157,203 833 8,089,142 Deproeiation and impairn)ent At 1 January 2024 Depreaalion charged in the year $5.0gS 13.809 156,057 229 646 28 211,798 14,066 Al 31 Dember 2024 68.904 156,286 674 225,864 Carrying amount Al 31 December 2024 7.654.930 207,272 917 159 7.863.278 At 31 December 2023 6.871.208 221,083 1.146 187 7,093.624 14 Investment property 2024 Fair value At 1 January 2024 and 31 December 2024 568,000 The fair value ol the investment property has been arrived at on the basis of a valuatson carried out in Oclober 2024 by AndW Charter & Co Chartered Surrfeyors. who are nol connected with the eharity. The valuation was made on an open market value basis by reference to markel evidence of transadion pri$ for similar properties. 15 Fixed asset investments Listed Unllsted lfivestments investments Total Cost or valuatlon Al 1 January 2024 Additions Valuation d)ap,ges Disposals 1.332.186 24.234 45, 142 1250 0001 735.506 21.890 15.969 128Q.0001 2,067.692 46,124 61.117 1530.0001 At 31 December 2024 1.751.562 493,365 1,644,927 Carrying amount At 31 De¢ember 2024 1.151.562 493,365 1.644.927 Al 31 Dernbr 2023 1.332.186 735.506 2,067,692 16-
Do¢u9n En¥eknpe ID.. 325C4752_38C>4CC7_9440-tr2817707S938 HORNCHURCH HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Debtors 2024 2023 Amounts fallin9 due within one yèar. Oth debtors Prepaymenis and accrued irKome 6,349 3,515 2,822 9.864 2,822 17 Creditors= amounts falling due within one year 2024 2D23 Other taxation and $al securi¢y Trado credrfLof5 Accruals and deferred rncome 5,234 2,273 8,308 5,665 8,283 13,948 15,815 18 Retlremènt benefit schemes 2024 2023 Defined contribution 5chem•s Charge io profit or k)ss in respecl of defined CA)ntribution schemes 1,810 1.746 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those ofthe charity in an independenuy administered fund. 19 Unrestrieted lunds The unrestrted funds ol charity comprise the unexpended balances of donalions and grants whid) are nol subjecl to specific conditions by donors and granto* as to how 1hey may bè used. These include designated fdnds which have been set asKJe out ofunresiricted funds by the trustees for speafic purpo$es. At 1 January 2024 Incoming re50urees Rer¢e5 •xpended G3in5 and losses At31 Decèmber 2024 General funds 9.809.037 469.313 1237.0621 61.111 10,102,399 Prevlous year: At 1 January 2023 Incomlng resourcès Resources oxpended Gains and 105ses At31 December 2023 General funds 9.827.983 383,878 1313.1791 189,6451 9,809.037 17-
OouBign Envelope ID.. 325C4752-38C34CC7.944(bD2817707593B HORNCHURCH HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Rèlated party transactions There were no ll1sclosae related party transactions during the year I2023- none). 18-