Règlstered number: 06593129 Charlty numbers: 1125556 & SC040058 HAIG HOUSING TRUST (A company limited by guarant••) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2025 CONTENTS Page Roforonco and administrativo details of th• Charity. its Trust5 and advisors Tru8tees' r•port SL*ement of Trustees. responslbllltles Indepandgnl auditorfs rgport on tha financial ststem&nts Stalement of Ilnanclal actlvltl•$ 12 Balance shg•t 13 Stat•mont of cash flows 14 Noto5 to the Ilnanclal ststements 15-30
HAIG HOUSING TRUST {A company Ilmltgd by guarantsg) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Mr J.H. 8ardett (Chair of Trustees) (Appointed 18 March 20251 Ms L M S Locke {Vice Chair of Trustees) Mr D G Williams Mr J.P. Colborne-Bab8r r S M Elliott (Resigned 25 September 2024) Mrs S S Fernandes MrABWeir DrMJSWeir Mr N G Whlte Mrs N Mcwhinney Mrs K Connell Mr M Carter (Reslgned 5 February 2025) Mr C Thomson-smlth Mr T auaye {Appoinled 25 September 2024) Mr P R Bales {Appoinled 4 February 2025) Company regl$t•rnd numb•r 06593129 Charity registered numbèrs 1125556 (England and Wales) and SC040058 (Scolandl Registergd offic MoUntba0W House 12 Elyzabelh Slreel London SW1W 9R8 Company Secretary Mi¢hael Robb Chlof oxocutfvo offir TIM Stocklngs Independent auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers Barclays Bank PIC SO P811 Mall London SW1A 1QF Sollcltors Trowers & Hamlln8 LLP 3 Bunhill Row London EC1Y 8YZ Senitir Tim Stockings (Chief ExeculNe} Leadèrshlp Team ISLTI Michad Robb William Lindsay Amanda Deakin Irfan Chaudhry
HAIG HOUSING TRUST company Ihnltdl by guar•rt¢•l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report and the financial st8temenls of the company for the year 8nd8d 31 March 2025 CHAIRMAN'S STATEMENT This is my first 5tstemenl as Chair of Haig Housing Tnjst., l am very proud lo have been appolnted lo this position in 2025 and I pay tribute lo my predecessor, David Williams, who worked tirelessly for our beneficiaries and the wider Veterans, community. We are in a much better posillon for hls effort and we thank him ort behalfof everyone associated with Haig Housing. Whilst there are many challenges ahead. l am confident that we have the team al Haig Housing who will deliver excdlenl outcomes for our benefiryaries. You will read here about some of the work we have done. as well as an oudine of ourfulure plans. In the year ahead we will revlew and update our strategy to make surg that we address the significant ongolng changes in Ihe housing sector, many of which have been prompted by the change of government In 2024. We welcome the increased focus on housing by senior policy makers and hope that we an benefft from the addilional fundlng Ihal has been slgnalled. We are proud ofthe homes that we provide today to more than 4,000 tenant beneficiaries: bul we are very aware that eurrenlly we cannot meet the increasing demand for veterans, housing. We have ambitious plans to improve our reach and impact bul even that may not be enough- recognisng that challenge we will work collaborativdy ith our partners and grow our delivery nelworks. Housing needs are Crical for everyone and ch8118nges occur al all staggs of Itlg- so we ¢ndeavour lo stsntj ready to help veteians of all ages and backgrounds across the UK. l especially want to thank our hardworking and dedicated colleagues who deliver our seNices. They work Ilrelessly for the benefit ol others and wllhout them our veterans would not be able lo aceess the support they need. To glve them th8 resour(xs lo do even more we are growing our fundralsing efforts to build and dlvers our inwme. We are delighted that HRH the Princess Royal has consenled lo be our new Royal Patron, succeeding Her Majesty Queen Elizabeth11. We express our sinre Ihanks lo the Princess Royal for Ihe support she is providing to us. Haig Housing TrusY8 Royal connections date back to our foundation in 1918. with support then from HRH the Prince of Wales. We are now looking ahead to our Centenary in 2028, when we aim to lebrats the pasl and S9re the future for the Trust and its work to support the UK Veteran community.
HAIG HOUSING TRUST A ComnY Ilmltsd by ouafants•l Charllablg ObJoGt$ and Governing Documont The Charity is govemed by ils 2019 Memorandum and Artides of Assoclatlon IMAOAI. whlch outline its object5: To relieve need, financial hardship, sickness. disability, the effects of wounds. old age or other like condition by the provision of, or asslstsnce wilh. housing for the following persons in order of priority.. Members and fomier members of all ranks and rallngs of the Amied Forces of the Crown, whether Regular or Reserve, and their spouses, widows or widowers. Fomier or separated spouses of members or former member5 of the Amied Forces of the Crown, whether Regular or Reserve. who have dependent children INino with them. Such persons In 8. {111 above thOut dependent chlldren. Such charltable purposes for the benefit of benefiGiarigs of the Charity as Ihe Tru51ees derAde. Publ1¢ Benefft The Trustees confirm that the Charity's activit$ in support of ils MAOA are delivered effeGtively. ¢omplying wilh the Charities Act and Charity Commission's guidance. Go¥ornan¢e The Board comprlses thirteen independent nonxecullve Iruslees. who bring 8 weah of experience to the charity and are legalty responsible for the overall management and control of The Tru5L They receive no remunerallon for IheSr role and any Interests or related paty relationshlps are dlsclosed In Ihe Register of Interests. All Tru$te8$ sign and adh8TO to Haig's Tru$toe Codg of Conduct. New trustees undertake an Inducllc) programme and the Board Is kept up to dale wllh developments through regular briefings and training. A strategy awayday is held once a year, as well as regular visits to estates. The Board assess ils porfomance annually, mlndful of the gLJidance issued by the Charlty Commission, and seclor bodies. Trustees mel formally every quarter. delegating specillc Sssues to three sub-commbttees that report lo the full Board: Estates, Finance & Risk IFRCI and People. Oversight of the Trust's properbes in Sc¢)iland is by a Ioc81 committee. consSslng of volunteer members and a beneficiary tenant that mel three limes. Additionally. there was a Managemenl Committee comprlsing the execulive team and benefldades. The Trust Sntended to move towards tenant representation on the Board but that has taken longer than envisaged. Future plans are being reviewed. There are three linked charitie8wilh similar objects.. Disabl8(l Officer Garden Homes, Mitchell Flats and Clevedon Homes. The Trust also holds all allotted shares in a dormant Ilmited trading company.. Halg Hou81ng Tradlng Limlted. see note 24 lo the financial statements. Remuneratlon The remungralion policy was agreed by Boar(I In March 2025. People Committee reviews reward and recognition regularly, Including salary levels and pay awards, making recommendation5 for Board approval.
HAIG HOUSING TRUST {A company Ilmltad by 9liaraii) REVIEW OF ACTIVITIES We dellver Impa¢l and publlc benefll by houslng veterans and theirfamilles, of all ages and backgrounds In mlxed communities across the UK. We are accelerating our efforts lo improve beneficlary service, principalty by spending more money mainlairbing and mLxlemising our homes. We aim lo foster wnmunSdes in the areas we operate. with fflost of our estates being made up of a small number of Iow-density family houses wtth good communal spaces and private gardens. Charging a charllable rent usually well bel¢)w market value. we provido additional support in Ihe fomi of housing managers and income teams, that allow our benefarleS to live fulfilling INes. We are working to our 2021 strategy that laid out priorities for fwe years. Given the rapid changes in the housing sector we will review that work next year. Our Purpose remains.. Provldlng quallty homes to Improve the lives of votgran$ and Ihglr famili88 In noed Supported by our Strategic Obiecbvos that drive operational ddivery.. B8n•fiGiary fo¢us Quality $orvic• Sustainablo homes We recognSse thal we cannol work in isolation nor do we have the resources lo satisfy every request. We aim to 'meet neod. not want,. In an increasingly complex sector, we have grown our collaborative working wilh partners to deliver impact for our beneficiaries. We aim lo avoid duplication by signposting those who neod more hdp lo specialist providers. We have built strong links lo other veterans, charities As the largest provider ofveterans. housing, we lry to act as 8 unifying voice for our wder st8keholder8, working with partners lo shape Veterans, housing policy in conjunction wth the cOnferatiOn of SeNice Charities Icobseol an(J Office for Veterans, Affairs. With a new government in place, we have achieved considerable success in building links with policymakers. There is a strategic shift in the political landscape. as the new govemment seeks to drsve better housing across tha UK sector. This renewed focus on the sector is good, eatalysing as it does di$s1On and adion on measures that are long overdue. Our activity has combined intemal work to up5kill staff. modemise systems and streamline processes to drive better beneficiary service- with outward facing effcft to grow partnerships. The pressures mentioned in previous reports continue, with contsnuing signrficant cost challenges. We havo refocused efforts as a result. We were delighted this year to be awarded Bronze level ofthe Defence Employers Recognition Scheme {DERS) following our signing of the Amied Forces Covenant in March 2024. We were also pleased lo gain the PrHle in Veterans Standard IPIVSI, an important slep on ourjoumey of building diversity. Our Sustsinability efforts were recognised al the National Energy Efficiency Awar(Js and in Dember Al Cams, the new Minisler for Velerans and People visited Morden. Our Peoplo We continu8 to inv8sI in Qui team. upskilling them as part of our programme of continual improvement. The new appraisal system is bedding in.. we wll make some adjustrnents next year to simpltfy it based on staff feedback. It has pn)moted better engagement and helped us on ourjourney ofcullural change. We hold regularstsff brlefing days. military orienlation visits and briefings by parther organisauons to help us grow our understanding of the Am)ed Forces community. We havo updated systems and adjusted team responsibilities lo ensure we remain focused on our strategic objectives and operational delivery. Beneficlary focus We have stepped up our engagement with tenants, including surveys & focus groups, resident meetings In Morden. regular e-newsleiters, a printed magazine. website bulletins and volunteer days. We signpost tenants to key information. including links lo veterans partners and charities who can help wlth speelallst knowledge. We have also rolled out Switchee smart Ihermostsls. which have a valuable wn8ssagin9 function. Our surveyors and houslng managgrs spend most of their time vislting and dealing diredy wilh our beneficiaries. We conduct in*)erson Annual Tenancy Reviews. meets'ng over 95% of our tenants in their homes.
HAIG HOUSING TRUST IA c•mpary Ilmlted by guaranteo) Additionally, our programme of executs've and Board eslale visits have induded Hackney, Kings Lynn. Norwi¢h. Liverpool, Warrlngton, Cardrft. Edinburgh, Glasgow and Hamilton. We continue to promote our CommunSty Fund for rosident4ed projects that improve their neighbourhood. We take great prlde in our veterans, service and hold anrÈual Remembrance Day events, providing wreaths for residents lo lay on behalf of Iheir estates. Quality Servicè Our visits allow us lo meet Ihose whom we help and provlde Immediate feedback on our successes. as well as where we need lo Improve. Whilsl the majority of our tenants are happy, we know we need lo continue to improve and so are inv8sb.ng lo ensurewe can provide better beneficiary service. Our revlsed complaints handling prwes5 helps support us in wtling things right when they go wrong and 15 a key driver of cultural change. As well 8s upskllllng staff, uslng lethnology and modernising systems, we have a0 adjusted team responsibilittes and recruited experienced staff lo fill gaps. a dear focus on improving Serv1 for our beneficiaries. wo wdl ntinUe this process bringing sknlls that we currently lack In house. Sustalnable Homes We h8ve deliVed upgrades lo over 500 homes, ranglng from Insulab"on, new doors, wlndows and roots lo solar panels and other carbon-reducing Measu$. Residents continue to comment favourably on the Improved habitability such changes bring, as well as the marked reduction in energy costs. In Ilghl of the consljerable changes In legislation and regulalSons that are In the plpeline. as well as costs and suliability of current hemes, we have decided to refocus funds lo cor8 modemisation and planned works, to ensure that we can match future expectstions and maintsin stk compllance. STRATEGIC OUTLOOK The change of govemmenl has brought a radIcal dlfferent agenda Into soclal houslng and catalysed much change. We support Ihe renewed focus on investment and putting right decades of under investment. Some of the changes include profound implicallons for the sector and will increase operational Gosts. We are confident that we can rise lo the challenge and have adjusted our planned programmes to ensure we have the funds in the shortlem to respond to new regUlatnS. Having delivered most ofour Phase 2.1 Social Housing Dec8rbonisalion Fund ISHDFI project we have scaled bad( further work to ensure we have funds lo reach revised compliance regulations that are being discussed by govemment. We work wth sector representatives arKI colleagues in our peer group to understand how we can best fespond. Futurè Plan8 Wvewill continue lo Invest In the fabdc of our properues, our stsff and systems to deliver better benefi¢iary service. We want to grow our impact, by.. Responding to the needs of our benefiliaries Growing our estate so we Can house morg velerans Dlsposing of those properties than no longer suit our purpose Modernising those homes we own Reducing the c051 of ownership Improving servlce dellvery whilst driving down costs Working with partners and growng our networks Growing and dNersifying our Income streams Achieving regulatory compliance and long-lerm finanual stsbillty Active particip8b.on in the housing, charitsble and vetorans, $g¢tor
HAIG HOUSING TRUST IA Gomrony Umltod by guar4ntg•1 Fundralslng and InvoStrn9nts Rental income has historically provided the main source of funds for the Trust but we have made a start on growing our fundraising to generate additional funds for modernlsation and tjevelopmenl. A5 part of this change we ran a '12 Days of Gratitude, Christmas social media campaign featuring videoed beneficiary testSmonlals for the first Ume to raise awareness of Haig, the work we do and velefans housing in general. We aim to raise our lundrai5ing efforts nexi year, in order to gr¢)w and diversify ¢)ur income as well as raise the awareness of the Haig Houslng Trust lo enable us to grow our impacL We do not employ a professional fundralser and all activities are overseen by the CE. We are registered with the Fundraising Regulator, adhero lo the Fundraising Code. GDPR, and do not share data for the purpose$ of lur)draising. The Trust recaved no complaints in relation to fvndraising activities during the year. Aside from money to satisfy cashflow and liquidity needs, other fund$ aro invesled and managed by our professional advisors, Investe¢. in lin8 Imlh th& Board's guidance and risk appetite. Money is invested pryncipally in investment grade fixed interest $UritieS, 'blue ¢hip' equrties and collective funds. Th8 Flnance and Risk Committee reviews Investh)enl perfomiance quarterty. Financial Ravi¢w and Results The plan lo use resources to improve the condition of our estates resutted in a deficit of £4.7M. Cash reserves 11 continue lo be used to fund the upgrade and maintenance programffle. Total income increased to £16.5M {2024 £14.5MI Rents increased by an average of 7% and £1.3M of grant income was received. mainly from SHDF12024 £1.3MI Totsl resources expended were £21.5M12024 £20.2MI. Key items were direct propety costs, including repairs £15.6M12024 £14.1M)', staff £3.2M12024 £3.OMI,' support £1.2M12024 £1.5M} and depreeialion £1.4M {2024 £1.4M). Total net assets were £78.3M {2024 £83.OM). The Trust hdds £13.9M {2024 £14.3MI of investment funds with Inveslec, who manage them on a discretionary basis in accordance with the Investment Pdiey. The Finance and Risk Committee reviews invostment perfomance quarterly. Cash * bank vras £4.7M {2024 £8.3M}, most of which aroso from the sale of a18rge property. Most ofthe money hely in cash and inveslments as well as the prCeedS of future sales is designated three main uses: planned improvements to existing housing stock, sustainability Pfojecls and property acquisition. Reserves Sufficient operating reserves are held lo enable the Trust to operate and meet its charitable objects. The amount held is regularly reviewed, with a minirnum of three to four months operating expenditurg held in Gash ¢y olher liquid secutities that can bè realised within 60 days. At 31 March 25 reserves of £8.7M12024 £8.3MI weTe held, equating to 6 months of cash operating expenses with sufficient unrestricted funds to cover dlstribulion of these serves. Rlsk Management Trustees oversee risk m8nag8ment', the FRC reviews the risk register quarterfy and rep$ to Board, who assess top rlsks quarterfy and policy. performance. appettte and the entire risk register annualty. Day to day management is degated to the executive wbth addillonal assurance provlded by Inlemal audit. In dolng so, the Trustees have considered the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks in accordance with the Charities (Accounts and Reports) Regulations 2008, as well as Commisslon guidance contained in CC 26. Th8 risk policy, reviewed annually. lays outthe process for idenlifylng. assesslng Ilkelihood and impact. managing and reporting risk, as well as the Trustees. risk appeif(e. Departments hold indThiidual risk register$ lo gnable effective management, as well as identification of those risks that are most significant,. those risks are amalgamated into the lop risk rggisler. retnforcing the link between operational and strategic objectwes.
HAIG HOUSING TRUST Irnpahy Ilmltod by guarants•l Prlnclpal Rlsk8 The princpal risks arising from operations Indu¢Je'.
Funding capital inveslment to devebp and modernlse the estate The cost of achlevlno sustainable homes at a decent standard DelNering high quality beneficiary service that meets increasing expectstic Contractor performance undermining reputation and satisfaction An incident that impacts on our reputstion Regulatory, legal and compllance requlrements The ability to recruit and retain talented staff Our move lo Increased fundralsing. as well as building partnerships and neorkS lo diversify and grow Income address the fSrst Iwo risks. We have invested in training and systems, as well as revlsed our policies as part of our cultural loumey to deliver belter benefici8ry service. We have changed our processes and team structure lo impiove the monitoring of contractor performark. Taken as a who, these measures also address the compliance requirements, as well as mitigating the impact of an irKidenL We value our collgagues and the work they do daity for our beneficiaries. We encourage a positive. molwaling culture al work and spend time investing in our people - they deliver for us. Our resources are limlled bul we belleve we strike a fair balance in our approach to reward and recognition. We hope that working for Haig is fulfilling for staff and the communlties we serve. Going Concern The Trust has a robust business model, which has survived recent thallenges and its financlal strength Is underplnned by the value of Its property Portfollo. The five-year business plan alms lo upgrade propertles uslng cash reserves whllsl breaking even on day-to-day activities. The Trust is confident that plan will be substantially achieved, with potential to extract further value trom non<ore elements of th8 property portfolto if neSsary.
HAIG HOUSING TRUST IA company Ilmltad byguarante81 STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THe YEAR ENDED 31 MARCH 2025 The Trustees {who are also the directors of the Charity for the purposes of MpanY lawl are responsible for preparing the Trustees. report including the Strategic report and Ihg financial ststements in acrdanCe wvith applicable law and United Kngdom Accountlng Standards (United Klngdom Gener81ty Accepted Accounting Practice). Company law requires the Trustees to prepare financial stalemenls for gach financial year. Under company law tho Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of SourCes, including its Income and expenditure, for that peilod. In preparlng these financl81 statements, the Trustees are required to= select suitable accounting policies and then apply them consistentty.. observe the melhods and princip$ of the Charities SORP IFRS 1021; make judgments and accounts'ng estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless It is inappropdale to presume that the Charfty w511 conunue In buslness. Th? Trustofjs are responsible for keeping adequat¢ aOUnting rOrdS Ihal are sufficient lo show arKJ explain the Charity's transaclions and disclose with reasonable accuracy at any time the finanual position of the Charity 8nd enable them lo ensure that the financial ststements comply wlth the Comp8nies Act 2006. They are also responslble for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of frauij and other irregularities. Provision of information to the auditor Crowe UK LLP has Indkated tts wllllngness to be reappolnled as ststutory audS10r. So far as each of the tnjslees are aware, the is no relevant audit information of whlch the company's auditor$ are unaware. and each of the trustees have taken all the steps that they ought to have taken lo make themselves aware of any relevant audrt infomialion and lo establish that the charitable company's auditors are aware of that informalion. The Trustees, Slralogic Report. prepared under the Charities Act 2011 and the Companies Act 2006. was approved by the trustees in thdr capacity as companydirectors on 24 Seplember202S and signed on th$ir beha by: .H. Bartlett ir of TNstees . Colborne-Baber Tr
HAIG HOUSING TRUST IA Company limit•d by guarantee) Independent Auditorfs Report to the Members and the Trustees of Halg Housing Trust Oplnlon We have audited the financial statements of Haig Housing Trust I'the charitable Company'l for the yèar ended 31 March 2025 which comprise of the Statement of Financial Activities, the Balan sheet, the Statement of Cash Flows and Notes to the finan¢ial st81emenls, induding significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unlled Klngdom Accounting Stsndards. including Financjal Reporting Stsndaid 102 The Flnancial Reporting Standard applicable in the UK and RepublSc of Ireland (United Kingdom Generally Accepted AccoLsnting Pracllcol. In our oplnlon the financial stalemenls.. gwe a true and fair view of the state of tho ¢haritaWe MpanY'S affairs as at 31 March 2025 and of income and expenditure, for Ihe year then ended., have been propedy prFJpared in accordance with United Kingdom Generally Accepted Accounting Pr8ctlce,' and have been ppared in accordance th the requirements of the Companies Act 2006 and the Charities and TnJslee Investrnent IScolland} A¢t 2005 and Regulallons 6 and 8 of the Charitie5 Accounts Iscolandl Regulations 2006 lamendedl. Bas1$ for oplnlon We conducted Dur audit in accordance with International Standards on Auditing IUKI IISAS IUKI) and applS¢able law. Our responsibilrties undèr those Standards are further described in the Audilols responsibilities for the au¢Jil of the financial statements section of our report. We are independent of the charitable company in accordance wlth the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibi1Sties in ardance with these requirements. We belleve that the audlt evidenc8 we have oblained is sufficignl and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern In audlllng the financial stalemenls, we have concluded that the Trustees, use of the goln9 concem basis of accounting in the preparab'on of the financial slalemenls is appropriate. Based on the work we have perfoymed, we have not Idenllfled any material uncertalntles relallng lo events or Conditions that, individually or collectwely, may cast significant doubt on the ¢haritsble company's ability lo continue as a going concem for a period of at least hyelve months from when the financial statements are aulhorised for issue. Our responsibililyes and the responsibililies i)f the Trustees with respect to going ¢on¢em are desGribed in the relevant secb'ons of Ihis report. Othgr Infornatlon The Trusle8s are responsible for the olher Informatlon contsined wittiin the annual report. The other informalion comprises the infomiaknon included in the annual report, other than the financial statements and our audf(or's report thereon. Our opinbon on the financlal statements dees not cover the other inlomiali¢n and, except to the exlent otherwise explicitly stated In our report. we do not express any form of assurance conclLJsion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiatlon Is matsrially Inconslslenl with the financial stslements or our knowledge obtsined Sn Ihe aud51 or otherwise appears to be materially misstated. If we identify such materi81 inconsistencie5 or apparent material misstatements, we are required lo determine whether this gives rise to a material misslatemenl in the financial statements themselves. If, based on the work we have perforned, we conclude that there is a material misstatement of this olher infom)ati¢Jn, we are raquired lo report that fact. We have nothing to report In this fegard.
HAIG HOUSING TRUST (A ¢ompany limlted by guarantee) Independent Auditor's Report to the Members and the Trustees of Haig Housing Trust Oplnlons on other rnatters proscrlbed by thg Companlos Act 2006 In our opinlon based on the work undertaken In the couts& of our audit the infomat16n given in the trustees, report, thich includes the directors, report and the slralegic report prepared fof the poSeS of company law, foi the financial year for which the financial stalfrments are prepared is consistent with the financial statements,. and the strategic report and the directors, report induded within the tru$te¢s' report have been prepared in accordance with applicable legal requirements. Matters on whlch we are rgqulred to report by exceptlon In Ilghl of the knowledge and understandlng of the charltsble company and their environment obtained in the Course of the audit, we have not identified material misstatements in the strategic report or the dirgctors. report included thin the trustees, report. We have nothing lo report in respect of the foll¢)wing matters in relation to which the Companies Act 2006 and the Charllies Accounts Iscouandl Regulations 2006 requlres us lo report to you if, In our oplnlon.. adequate 8nd proper a¢Unting reCrdS have not been kept,. or the financial statements are not in agreement with the accounting records an¢J r8tums; or certain disclosures of trustees. remuneration specified by18w are not made,. or we have not ceiVed all the information and explanations we require for our audit. Responslbllltles of trnstees As explained more fulty In the trustees, re8pon8ibllitie8 Statement Set out on page 8. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparauon of the financial slalemenls and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstslement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the ch8fTtable company's ability to continue as a going COnr. disclosing. as applicable. fflatters related to golng concern and using the going concern basis of accounbng unless the trustees either intend lo1Squidale the charStable company or to cease operations. have no realistic allernative but lo do so. Auditovs responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section 4411 Xc} of the Charities and Trustee Investsnent {Scoand) Act 2005 and under the Companies Act 2006 and report In accordance with the Acts and relevant regulations made or having effect thereunder. Our objects.ves ar8 lo obtaln reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether lo fraud of error, and to issue an auditor's Teport that includes our opinion. Reasonable assurance is 8 high level of assurance bul is not a guarantee that an audit conducted in a)rdance with ISAS (UK} will always delecl a material misstatement when It exists. Misslalemenls can arbse from fraud or error and are considered material if. individually or in the aggregate, Ihey could reason8bty be expected lo influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to whlch the audit was consklered capable of dg1g¢ting irregularitsos. including fraud and non-compliance with laws and regulations are sel out below. A further description of our responsibilities for the audlt of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description foms part of our audrtorfs Teport. Extent to whlch the audlt was consldered c•pablè of detectlng Irregularltlos. Includlng fraud Irregulariues. including fraud, are instances of non-complianGe with laws and regulations. We Klentified and assessed the risks of material misslalemenl of the financial slalements frgm irregularities, wholher due lo fraud or error, arbd discussed these bfrb¥een our audit team members. We then designed and perfomied audil 10
HAIG HOUSING TRUST IA Gompany limited by guarante?) Independent Auditorfs Report to the Members and th8 Trustees of Haig Housing Trust procedures responsNe lo those risks, includlng obtslnlng audll evSdenco sufficlenl and appropriate to provide basis for our gpinion. We obtained an understanding of Ihe legal and regulatory frameworks within which the Charitsble company operates, f{USIng on those laws and re9ulations that have a direct effect on the delermSnatSon of material amounts and dSsclosures In the financSal slalements. The laws and regulationswe considered In this context were the Companies Act 2006, the Chafities Act 2011 and The Charllles and Trusts8 Investment Iscolland) Act 20051, together bwth tho Charities SORP {FRS 102). We assessed the required compliance with those laws and regulations as part of Ouf audit procedures on the related financial ststemenl items. In addlllon, we considered provisions ofolher laws and regulations Ihal do not have a dlrecl effect on the finanual slalemenls bul compliance wlh which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and inntiveS that may exist within the charitable company for fraud. The laws and regulations we considered In Ihls context for the UK operations were General Data Protection Regulations, Health and Safety legislalSon and Employment legislation. Auditing standards limit the required audll pr¢xedures to idenllfy non-compllance with these laws and regulations lo enquSry of the Trustees and other management and inspection of regulatory and legal correspondence. if any. We identrfied the greatest risk of matertal impact on Ihe finanGial statements from irregularities. induding fraud. to be within the liming of recognition of repairs and mainlen8nce expenditure and the override of controls by management. Our audit procedures to fespond lo these risks included enquiries of management, inlemal audit and the Finance & Risk Committee about their own Idenlificalion and assessment of the risks of irregltlarilies, sample testing on the posting of joumals, reviewing accounb.ng estimates for bi8se$, reviewing regulatory coThespondence Mlh the Charity Commbssbn. Comp8nies House, OSCR and reading minutes of meetings of Ihos8 charged with governance. Owing lo the inherent limitations of an audit, there is an unavoldable rSsk that we may not have detected some material mi5stslemenls in the financial slalemenls. even though we have propwly planned and perforTned our audit In aecordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularilies) is from the events and transactions reflected in the financial stalemenls, the less likely the inherenuy limited procedures required by auditing standards would identfy it. In addition. as with any audit. there Temalned a hlgher risk of non4letectwJn of irregularilie5. as these may involve collusion, forgery, Intentlonal omissions, misrepresentations. or the override of internal controls. We are not responslble for preventing non- compliance and cannot be 8xpe¢ted lo detect non-compliance with all laws and regulations. Use of our ropt)rt This report is made solely to the charitsble company's members. as a boty, in accordanee with Chapter 3 of Part 16 of the Companies Act 2008, and to the charitable company's trustees, as a tody, in accordance with Regulation 10 of the Charitres Accounts (Scollandl Regulauons 2006. Our audit work has been undertaken so that we might stsle to the charitable ¢ompany'$ membeTS those matters we are required to stste to them in an audf(orfs report and for no other purpose. To the fullest gxtenl pwmitted by law, we do not accept or assume responsibilrty to anyone other than the charitable company and the charitable company's members as a boty and the charitable company's truste8s as a body, for our audit work. for this report, or for the opinions we have formed. •kb Vincent Marke Senior Slatulory Audltor For and on behalf of Crowe U.K. LLP Slatul¢)ry Auditof London Dale= 25 September 2025
HAIG HOUSING TRUST {A company limit•d by guarant99) STATEMENT OF FINANCIAL ACTNITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Endowmènt funds 2025 £000 Restried Unrestrlcted funds funds 2025 2025 £000 £000 Total funds 2025 £000 Total funds 2024 Not8 Income from: Donations and 0¢le¥ 23 23 Charitable aGtivitie$ 271 12.130 12.401 Grants 1270 1270 1,313 Profil on sale of assets 2.410 2,410 881 Inveslments 10 361 371 754 Other income Totsl Income and endowments 13 14 Expondhurè on: Raising funds Charllable a¢tiviUes 118 20.927 118 21287 92 20.069 14 Total eXndItur* 14 Nel gainslllossesl on investm&nts {6) 269 263 382 Nat income before oth•r r¢¢ognised galns 14 73 Actuarial {kJssesl on defineij benefit pension schemes Net movement In funds Reconciliation of funds: Total funds brought forward (131 113) {511 525 19.732 62,778 83,035 68,330 Nel movemenl in funijs Total funds carrlod forward 1141 1711 {4,586) {4,671) 152951 The Statemenl of Financial Activities indudes all gains and losses recognised in the year. The notes on pages 15 10 30 form part of Ihesg finan(aal stalemenls. 12
HAIG HOUSING TRUST IA company Ilmtted by guarantee) BALANCE SHEET AS AT 31 MARCH 2025 2025 £000 2024 Note Fixed assèts Tangible assets Investments 11 12 63.246 13.911 64,614 14.292 77.157 78.90 Current assot8 Debtors Cash at bank and in hand 13 1.759 4,651 1.302 8.329 6.410 9.631 Creditors: due within one year 14 {4,903) 15.143) Net current assets 1,507 4N88 Total assgts1g89 current liabilities 78.664 83,394 Defined benefit pension scheme liability 21 {300) 13591 Total nat assats Charlty fund$ Endowment fund8 Restricted funds Unrestrlcted funds 15 15 15 511 19.661 58.192 525 19,732 62.778 Totsl funds The finanaal statements were approved and authorised for issue by the Trustees and signed on iheir behalf by: .H. Bartlett Ch ir of Trustees Date: 24 September 2025 olborne-Baber Tru 13
HAIG HOUSING TRUST IA company limited by guarantgo) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 £000 2024 Note Cash flows from operating activities Net $h used in operating o¢1ivilies 17 (7.0201 {2,996) Cash Ilow$ from Invosilng artlvltlos Interest and dividends receive(I Proceeds from the sale of tsngible fixed assets Proceeds from the sale of inveslments Purchase of investments Purchase of tangible fvxed assets 371 2,629 5.118 14.5201 <238 633 1.277 110.001} {581) Not cash providod by Invosling actlvltles 3.360 18,6721 Cash flows from financing activitie8 Repayments of borrowing Interest payable 15611 (18) Net cash used In flnanclng actlvltles {18) 16151 Chang& in cash and cash aquivalants in th8 year {3.6781 (12,283) Cash and cash equivalents al the beginning of the year 8,329 20,612 Cash and cash equivalents at the end of the year 18 Thè notss on the following pages fom part of thes6 financial stat8m8nts. 14
HAIG HOUSIMG TRUST {A wmpany limit•d by guarantee) Notes to the flnanclal statèments Gongral information Haig Housing Trust is a private company limited by guarantee (registered number 065931291 which is incorporated and domiciled in the UK and meets the definltbon of a publlc benefit entity under FRS102. The address of the registered office is Mountbarrow House, 12 Elizabeth Street. London. SW1W 9RB. Accounting policl•s 2.1 Basls of preparatlon of flnanclal statsmonts The financial statements have been prepared in accordance with the Charib'es SORP IFRS 102} - Accounting and Repcrting by Charities.. Slalement of Recommended Pradice applicable to charities preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) leffecfjve 1 January 2015}. the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland {FRS 1021 and the Companles Act 2006. 22 Going conc•rn The Trust has a robust business model. tre durablllty of which has been confimied durfng the last two years. despite challenges faced In SIS operallng environment. The financial strength of the Trust is also confimied by the long term v81ue of its substantial property portfolio. The Trust has continued lo malnt8in tts substsntlal cash balances. The Trust's five year forecasts Indlcate that il will ntinUe lo maintain a positive cash balance over this period, desP11e plans to considerably increase expenditure on its pfopety Portfolio. The Truslees and Directors are confident thal Ihls forecasted five year cash perfomiance Mll be substanlSally achleved, and they are aware of the polenllal to extract further value from non-core elements of the propety Porttolio if necessary. Accordfjng they Continue to adopt a Ing nC£M basis in preparing the financl81 statements. 2.3 Income Incom8 from rentsl and service charges is recognised In the financial ststements Sn th& period lo which the rer)t or Service charge relates and entitlement is earned. Investment income is accounted for on an accruals basis. Donatlons reiVed are accounted for through the incom8 and 8xpendilure account on a receipts basis. Donated properties aro Included al Ihelr open market value or their exlsling use value al the date of the donation. Legacles are recognlsed In the finandal stslements only upon the gr8ntlng of probate provlded there is probability of legal enlillement and a reliable estimate can be obtained on notifications received before the year end. Non-performance related grants are accounted for as received. 2.4 Expenditure Expenditure Is recognlsed In the perfod in which it is incurred and includes attributable VAT wh cannot be recovered. Support costs comprise of administration costs and are allocated to the various ost categories on the basis ofan estimate of staff time attributable to each activity. Governance costs are Ihe expenses Incurred by the charity in meeting their slatutory and constilulional requirements and indude Twstees. expenses and external audit fees. 2.5 Houslng Properties Depreciation is charged to write down the value of freeho housing propertles lo Ihelr esmated residual value on a straighl line basis over thelr remaining expected usefvl economic lives. No housing properties are shown at a value exceeding their eslimaled recoverable amount. Impalment losses recognised are shown under operating costs. Freehol(I land is not depreciated. Freèhold Properlies are depreaated over 50- 70 years dependlng on the property. Leosehdd properties are deprec4aled over the shorter of the temi ofthe lease or their estimated useful life. 15
HAIG HOUSING TRUST IA company Ilmlted by guarantee) Notes to thg financial statemants Othr Fixod Assets Assets costing more than £1,000 are capitalised. Depreciation is charged on a 8lr8ight line ba$1$ over the expected economic lrfe of the assets at the fdlowing rates.. Freehold offices Motor vehlcles Office equipment -2% -33% -33% 50 years 3 years 3 years 2.6 Invastmants Investments are stated at market value at the balance sheet dale. G8Ins are calculated based on the movement in market value during the period. The inveslments In the subsidiary undertakings are slated at deemed cost less impaimi8nL 2.7 Debtors Trade and other debtors are recognised al the setuemenl amount after any trade disc£Junt offered. Pr8paymenls are valued at the amount prepaid net of any trade dlscounls due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid inveslmonts with 8 short maturity of three months or less from the date of acquisition or opening of the deposit or similar a¢¢ount. 2.9 Llab11tt19$ Liabilities and provisions are recognised when there is an obligation at ihe Balance sheet date as result of a past event, it is probable that a transfer of economic benefil will be required in settlement. and the amount of the seeMent can be estimated reliably. 2.10 Financial instruments Haig Housing Trust has financial assets and financial liabilities of a kind that qualify as basic flnanaal nstruments. Basic financial instruments are inrtially recognlsed at transaction valuè and subsequently measured at amortlsed cost using the effects.ve interest method. Financial assets held atcosl comprise cash at bank and in hand, togelherwith tiaije and otherdeblors {exdudes prepayments). Financial liabilib'es held at cost comprise bank Loans and overdrafts, trade and other creditors (excludes renl in advance). Investments, held as part of an investment portfolio, are held at market value at the Balance Sheet date, wilh gains and losses being recognised within inwme and expendlture. The value of these assets at 31 March 2025 was £13,911,00012024.' £14,292,000). 2.11 Penslons Haig Housing Trust parbcipates in a defined benefit pension scheme (The Pensions Trust Social Housing Pension Schemol and a defingd contribution Scheme. Costs in connection with bolh pension schemes are charged to the Statement of Financial Activities as contributions fall due. 2.12 Fund accountlng RastriGtgd funds Donations or legacies received which are eami8rked by the donor for specific purposes. Such purposes are within the overall aims of the charity Endowment funds These are restricted funds which musl be retained as trust capltsl, sublecl to a dlscrellonary power to use thls capital for spKifi¢ purposes. 16
HAIG HOUSIMG TRUST (A company limitod by guarantee) Notes lo the flnanclal stalgments Deslgnatgd funds These funds have been designated by the trustees for specific purposes. The largest designated fund represents amounts invested in fixed assets for use by the charity. Gen8ral fund The funds are available at any time for the use al the discrgtion of Trustees for furtheran of Ihe charity's activrbes and obJ"e¢tNes. CrItI1 accountlng ¢Stlmgtgs and aroas of judgment In the application of the Charity's accounting policies, Tru$tg95 arg r¢quired lo make judgements. estimates, and assumpllons about the carrylng values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may dtffer from these estimates. The 88mateS and undedylng assumpllons are revlewed an on-going basls. Revlslons lo accounong eslim8le5 are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods. In theview oflhe Trustees, no assumptions concernlng Ihe fvlure or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a malerlal adjustment to thelr carrylng amounts in the next financial year. The areas where judgments and estimatgs have been made indude.. Ponslons The SHPS pension liability is based on the SHPS valuation as at 31 March 2025 and fijll details of this liability and the undedying assumptions are disdosed in nots 21. Usèful oconomic lifo of assats The estlmatlon of the useful economlc lrfe of the properlies within the portfolio means that deprecSalion Is a judgment. Impaimiont Impaimient of the properUe5 Is consldered annualty- In making the judgement management consSder the condition and current use of the property. Ouring the year a £22,00012024'. £116,000) Impairm8nl charge was made against the Charity's fomier office premises in Morden as disdosed in note 11. There were no other impairnienls in the currenl or prior year. Income from donallon8 and legacie8 unrtricted fvnds 2025 £000 Total funds 2025 £000 Total funds 2024 Don81ions Legacies 18 18 Income from Ghariloble activilies Reslrl¢ted Unreslrlcted fund5 funds 2025 2025 £000 £000 Total funds 2025 £000 Total funds 2024 Provlslon of housing to benefiaaries 17
HAIG HOUSING TRUST IA MpanY Ilmlted by guarantee} Not to tho financlal statements Analys1$ of oxpgndituro on charltablo aGUvttles Summary byfund ty Endowmont funds 2025 £000 Restrlctgd Unrostrlctad funds funds 2025 2025 £000 £000 Total funds 2025 £000 Provision of housing to beneficiaries Analysi$ of oxponditurn by a¢tivitles 2025 £000 2024 Staff costs 3,240 2,992 Property repair, serving and management 15,572 14.147 Interest payable 18 Bad debt expense 16 Relum of grant to Help for Heroes and donations paKI 75 Building depreciation 1.277 1,277 Support Costs 1.164 1,470 Support costs as above include consultancy fees of £27.000, legal and professional foes of £71,CK)O, informats'on technology costs of £229,000, ancillary staff costs of £170,000, telephone expenses of £83,000. depreciation and office impairment of £111,000 and other costs of £413,000. In prior years Help for Heroes has contributed grants towards purchase of properties. These grants are returned lo Help for Heroes in the event a property bought using a Help for Heroes grant is sold. Tho nel balance of Help for Heroes grants used lo purchasg propertios as at 31st March 2025 was £1.SM 12024 £1.5MI. No pioperties bought using a Help for Heroes grant are currently planned for dlsposal. Audltorfs remunoratlon 2025 £000 2024 Fees payablo to the Charity's auditor for the audit of the Charftys annual accounts Fees payable lo the Charity's audllor In respect of.. All non audll ServIS not included above 18
HAIG HOUSING TRVST (A company Ilmltgd by guarant8e) Nolos to the financial statements Staff costs 2025 £000 2024 Wages and sala8$ 2,813 2.589 Social security Costs 281 270 Contribution to defined contribution pension schgmes 202 The average number of persons employed by the Charity during the year was as follows.. 2025 No. 2024 Provision of housing 48 47 Support sts 12 12 The number of employees whosg employge benefits (excludlng employer penslon costs) exceeded £60.000 was.. 2025 2024 In the band £60,001- £70,000 In the band £70,001- £80.000 In the band £80,001- £90,000 In the band £90,001- £100,OCKI In the band £130,001- £140,000 In the band £140,001- £150.CI)O Several senior staff left the organisation over Ihs year. whlch affects the above ftgures. Employer's pension contributions of £52.95412024 42.773) were pald in respect of these higher paid employees. The total employee benefits of 5 key management personnel of the charity were £569,527 12024.. 5 key management personnel raceived £504.4611. 10. Tru$t•èy' romuneration and expgnsos During the year, no Trustees re1ved 8ny remneraon or other benefts (2024: £nil}. During the year ended 31 Marth 2025. expenses of £2k were relmbursed or pald directy to Trustees 12024.. £1kl 19
HAIG HOUSING TRUST IA company limitèd by guarantee) Noto8 lo Ihe financlal statèmants 11. Tangible fixod assots Housing propertles £000 Work In progross £000 Freehold Offl¢e offlc• equlpmont £000 £000 Totsl £000 Cost or valuation Al 1 Aprll 2024 82,243 307 298 82,848 Additions 210 237 Disposals 12581 1258} At 31 March 2025 81.985 210 307 325 82.827 Dgpre¢iation At 1 Aprll 2024 17.805 278 151 18234 Charge for the year 1.277 83 1.366 On disposals 1411 (41) Office impaimient 22 22 At 31 March 2025 19,041 234 19,581 Net book value Al 31 March 2025 At 31 Merch 2024 12. Investments 2025 £000 2024 £000 Market Valvo at 1 April 14.292 3.818 Addlllons 4.720 10.118 Dlsposals (5.3841 (261 Gain l (losses) on investsnents 263 382 Market value at 31 March Historic Cost Investsnenls comprise £13.9m under management with Invest8c and are represented by holdings in UK and ovets8as fixed interest, equities and propety funds. 20
HAIG HOUSING TRUST (A ¢ompany Ilmlted by guarantse) Notes to the flnanclal ststemonts 13. Débtors 2025 Éooo 2024 £000 Rent debtors 277 383 Prepayments 229 Accrued Income and other deblors 1.253 529 1 Creditors: Amounts falllng due wlthln one year 2025 £000 2024 Trade creditors 1.166 1.755 Other CTeditors 153 205 Accruals and deferred Inme 3.183 The above indudes £131k12024: £317k} of deferred income whith rglales lo rental in¢ome received in a(Jvance, the amount bought forward was recognised fulty within the year. 21
HAIG HOUSING TRUST (A Company limitod by guarantee) Notes to the financial statements 15. Statement of funds- current year Tran$for¥l Balance al Galn$l 31 March {Lossos} 2025 £000 £000 BalanGo at 1 April 2024 £000 Income Expendituro £000 £000 Vnr&strl¢ted funds Designated funds Fixed asset fund Leasehold liability fund Sustsinability projects fund Property acquisition fund Planned improvements fund Community chest reserve Pension rgserve 44,785 {1.317} 165) 43,403 117 2.305 1,000 5,000 72 {300) 7,000 1,000 3,000 72 {3591 12,6951 {2.0001 2.000 72 (13) General funds General Funds- all lunds 7.163 16.203 117.105) 6.595 Totsl Unrgstricted funds Endowmgnt funds Pemianenl Endowment 52 14 511 Restrlcted funds Veterans Accommodatbn 14,580 14.580 Colthester Borough Council DSSHF Disabled Officer Garden Homes Help for Heroes (coming homel Other Mrs Willie James Fund 450 2.679 450 2,706 135 11081 56 1,560 104 303 136 12341 (42) 1.560 104 303 10 {4) (61 Total of funds 22
HAIG HOUSING TRUST IA MpanY Ilmited by guarantsel 14otg$ to the financFal statomonts ststement of funds -prior y•ar Transfersl Balance at Gainsl 31 March ILossg$) 2024 £000 £ooD Balance at 1 April 2023 £000 Incom• Expendlture £000 Unrestrlcted fvnds Designated fund$ Fixed asset furKI Leasehold liability fund SL¢slainabllity projects fund Property acquisition fund Planned improvements fund Community chest reserve Pension reserve 45.881 11.3301 234 44.785 117 7.1100 1.000 3.000 72 (359) 55.615 7,000 1.000 3.000 72 374 56,696 66 {1.2641 {51} 183 G•n•ral funds General Funds - all funds 11.189 14274 (18,450) 150 7.163 Total Unrestrlcted funds 714 Endowment funds Pemianenl Endowment 539 14 525 Restrlctgd fvnds Veterans Accommodallon Colchester Borough Council DSSHF Disabled Officer Garden Homes Help for Heroes Icomlng homel Other Mrs Willie James Fund 14.580 450 2.770 14,580 129 1220) 2,679 61 1.635 104 306 128 (133) {75) 1.560 104 303 (51 {2) 433 Permanent Endowment Relates to properties originally gifted lo Disabled Officer Garden Homes. Rgslrlcted Funds l RerS Velarans AccOmmodatn Fund This furKI was created with monies from the Ministy of Defence and is lo be used to develop Ipurchase properties In Morden. Scotland. Aldershol and Colchester. Al 31 March 2025 the balance of the fund included properues purchased. There is a 15 year covenant on assets purchased with these funds. Colchester Bcwugh Coundl Fund This reslri¢led fund was created wlth monlesfrom Colchester Borough Council lo provrdg affordable homes for ex-service men and women. Dlsabl8d Soldler 8nd Sailors fH•ckney) FoUndatn (DSSHF) This restricted fund was created on the glftof the assets and liabllitoes of the above charity lo Haig Housing Trust. Further details are Included in note 24. 23
HAIG HOUSING TRusr IA company limlted by guarante•l Notes to tho flnanclal statomonts Disabled Offic8r Garden Homes This fund (along with the pemanent endowment fund) represents funds in respect of Disabled Officer Garden Homes administered by Haig Housing Trust. Further details are induded in Note 24. H8lp for H8roes (Coming Hom8J These funds comprlse amounts donated to provlde housing to insured service men and women. Mrs llIe James Charity Administered by Haig Housing Trust, thefunds are used to supporta variety of purposesfor needy tenants. Dosignatod funds I ro8orwo8 Flxed asset fvnd Thls represents the net book value of Tanglble Fixed Assets held in unrestricted funds which aro not available in the short term lo fund the Trust's activities. Transfers represent net additions to fixed assets. Leasehold liability fund An accumulation fund created to retain fvnds for the renewal and extension of18ases on short and medium term 5easehold properties. Sustainability projects fund This fund was created lo retsin funds for planned su5tsinability improvements lo the Trust's exlsting properties in line wlh the five-year estate improvement project. Property acquisrtion fvnd A fund created lo provide lor funds in antirypation of future property acquistions In the comlng five ye8rs. Planned impmv8ments fvnd A fijnd created to provide funds for a range of planned impTovements lo the Trust's 8sting propety p(xttolio in line with the five-year estate improvement project. P8nsion resenie This represents funds sel aside for the potential future costs arising from the Tnjsfs commitment to the Socsal Housing Pension Scheme. Communlty Chgsl Rosorve This fvntj was ueated to hold individual donations in order to ensure that the amounts donaled are subsequ8ntty spent on charitsble purposes in dedication to these donors. 16 Analysls of net assets between fund8- current porlod Endowment Restrictsd Unrostridod funds funds funds 2025 2025 2025 £000 £000 £000 Tolal fvnds 2025 £000 Tangible fixed assets 511 17,709 45.026 63,246 Fixed 8ssel Investsnents 13,613 13.911 Current assets 1.654 4.756 6.410 Creditors due within c8 year 14,9)31 {4,9031 Provlsions liabilities and charges 13001 13001 Total 24
HAIG HOUSING TRUST (A company Ilmlted by guaranlg0} Notes to the financial stat•ments Analysis of not assets between funds . prfor rIOd End¢>wm•nt Restrlctgd UnTOStrlcted funds funds funds 2024 2024 2024 £000 £000 £000 Tolal funds 2024 Tangible fixed assets 525 17,709 46.380 64,614 Fixed 8sset Investments 295 13,997 14,292 Current assets 1,728 7.903 9,631 Creditors within one year 15,143) (5,143) Provisions for liabilities and charges (3591 13591 Total 17. Reconclllatlon of net movement In funds to n¢t ¢ash Ilow from operatlng actlvltles 2025 £000 2024 Net income for the period (as per Statement of Financlal Activltles} 14,9211 (5,626) Adjustments for: Depreciab'on charges 1,366 1.380 Interest and dividends reiVed (371) 1634) Profit on the sale of fixed assets Movement In penslon deficlt liabi1Sty (2.410) 1721 1881) 1661 {Increase) l Decrease in debtor5 {4571 {9341 Increase l (Deuease} in creditors 11731 3.711 Interest payable 18 Net 5h provid•d by operating activiti•s 18. Analysis of cash and cash equivalents 2025 £000 2024 Cash in hand 4.651 8.329 Total ¢ash and ¢ash gqulvalonts 25
HAIG HOUSING TRUST (A company limited by guarantsèl Note8 to the flnanclal Statements 19. Analysls of N•1 D•bt At l April 2024 Cash flows £000 £000 At 31 Mar¢h 2025 £000 Cash al bank and in hand 8.329 (3.678} 4,651 Debt due within 1 year Capital commitmants 2025 £000 2024 Contracted for but not provided in these financial statements 21. Pen8lon commltments Dafined bgnoflt schamg The Trust partlcipales In the Social Housing Pension Scheme {the scheme), a multi-employer scheme which provides benefits to some 500 non-associated employers. The scheme is a defined benefit scheme in the UK. The scheme is subject to the funding legislation oullined in the Penslons Act 2004 which came Into force on 30 December 2005. This. together with the documents issued by the Penslons Regulator and Technical Actuarial Standards issued by the Finanaal Reporting Coundl, set out the framework for funding defined benefit occupational pension heMeS In the UK. The last completed lriennial Valuaon of the scheme for funding purposes was carried out as at 30 September 2023. The valuation revealed a deficit of £693m. A recovery plan has been put in place with the alm of removlng this defiol by 31 Marth 2028. The Seheme is dassified as a 'lasl-man standing ariangemenf. Therefore the Trust is potentially liable for other participating employers, obligations if these employers are unable lo meet their share of the scheme deficit following withdrawal from the scheme. Partlcipaling employers are legalty required lo meet their share of the sch8me deficll on an annulty purchase basls on wlthdrawal from tho Scheme. For financial years ending on or before 28 Febnjary 2019, r( was not possible for the Trust to obtain sufficient information lo enable it lo account for the schemo as a defined benefit scheme. Therefore the Trust accounted for the Scheme as a defined contribution schefne. For financial years ending on or after 31 March 2019, 11 has been posslble lo oblain suffldenl Informallon lo enable the Trvsl to acwunt for the scheme a5 a defined benefit scheme. For aw)unting purposes, a valuation of the scheme is cathed out wllh an effeCve date of 30 September each year. The liability figures froffl this valuation are rolled forward for accountlng year- ends from the following 31 March to 28 February inclusive. The latest accountlng valuation was arried out with an effecllve dale of 30 Seplgrnber 2024. The liability figures from this valuation wer8 rolled fryword for accountsng year-ends from 31 March 2025 to 28 Febwary 2026 indusive. The liabilities are compared, at the relevant aecounting date, wlh the Trusfs fair share of the Schemes total assets to calculate the Twsl's nel deficit or surplus. 26
HAIG HOUSING TRUST {A company limited by guaTantsel Noto8 lo the financlal statement8 Falr value of lan assets rosent lue of deflned benefft obli ation and 2025 2024 (£00031 (£0003) Fair value of plan assets 1.649 1.682 Present value of defined benefit obligation 1949 2,041 SuTpIu5 {defiall in plan {300) 13591 Defined benefft asset {liability) lo be reccKJnlsed 13001 (359> R•conciliation of o nin and ¢11n balances of the defSn•d bgnefrt obli ati 2025 (£OOOs) 2,041 2024 (£OOQsJ 2.046 Defined benefit obligation al start of period Interest and other expenses 99 ioi Actuarial losses (gains) due to scheme experience 104 AcbJ8rial108ses {g8ins} due to changes In financial assumptr)ns (167) Benefi15 paid and expenses (128) 1949 (117) DefId benefit obllgatlon at end of perlod 2.041 Reconclllatlon of o assets In and closl Ir value of lan 2025 {£OOOs) 1.682 81 1761 90 (128} 2024 (£OOOs) 1,672 81 1401 86 (1171 1,682 Falr v81ue of plan assets at start of period Interest income Losses I gains on plan assets Employer conlribulions Benefits paSd and expenses Fair value of plan assots at •nd of period econciliatlon nln and cl In balanco8 of thè falr valu0 of lan ass Expenses Nel interest expense Defined benefit costs recognised in Ststement of Financial Activitles 15 17 18 D•fined benefit costs reco nised In Statem fFln iviti•s Experience on plan assets (excluding amounts Sncluded In net Inlergst cost) - gain Ilossl Gains and losses arlsing on the plan Ilabilities gain (loss) Effects of changes in the demographic assumptions underfying the present value of the defined benefit obligalion gain (loss} Effects of change5 In the flnanclal a55umplions und8dying the present value of the defined benefit obllgauon - gain {loss} Total aeluar181 gains and loss&s (before restrlclSon due lo some of the surplus not being recognisable}- gain Ilossl {76} 140} {104) 127) 32 167 (161 {511 Total amount ra¢¢gnls•d In Other Compr•henslve Income- galn {lo$sl 151) 27
HAIG HOUSING TRUST {A Company Ilmltod by guarante8 Nots8 to th• flnanclal 8tatement8 2025 (£OOO$l 2024 I£OOOsl Global Equity 185 168 Absolute Retum 66 Distressed Opportunltles 59 Credit Relative Value 55 Altemative Risk Prem 53 Liquid Alematives Emerging Markets Debt 306 22 Flsk Sharing 98 Propety 68 Insurance linked securities Infrastructure 170 Private Debt Opportunistic Illiquid Credtt Private Credit Credit Investment Grade Credll 202 83 51 Opportunistic Credit Cash 22 33 Private Equity Currenw Hedgin9 Real Assgts 11) 197 Long Lease Property Secured Income 28 Liability Driven Invesknent 685 Nel Current Assets Total assgts 1,682 None of the fair valu95 of the assets shown above include any direct investrnents in the employefs financial instruments or any propety occupied by. or other assets used by the employer. Key Assumpllons 2025 %per annum 2024 %per ¥nnum 4.86% 3.200 2.75Yo Discount Rale Inflation {RPII Inflation {CPII 5.68% 3.14% 3.75% 28
HAIG HOUSING TRUST
IA company Ilmlted by guarantèe)
Note$ to tho financlal statemonts
Salary Growth
3.75%
75% of
maxlmum
811¢)wance
3.75%
75% of
maxirnum
allowance
Allowance for commutauon of pension for cash al rellremenl
Lll• expectancy
at ag• 65
Male retiring in 2025
Female retiring Sn 2025
Male retiring in 2045
Female retiring in 2045
20.5
23.0
21.7
24.5
Oporating18ases- Lossor
Propert$ owned by Halg Housing Trust are oGwpied urn18r v8ri0US t8n8ncy agreemenfs. Th
committ8drental income g8ner8ted underthesg agreements ov9r thg ngxt 12 monlhs is estimated lo be
£563.000 {2024 £513.0001.
The Charity had no commitments under non
HAIG HOUSING TRUST (A company limitgd by guaranWI Notes to the financlal 8tatemonts 25. Slatemont of FlnanGial Activitio$- Comparativgs Endowment funds 2024 £000 Restrlcted Uniestrfcted funds funds 2024 2024 £000 £000 Total funds 2024 £Doo Total funds 2023 Not• Incomg from: Donauons and legacles 23 Charitable activities Grants 257 11,309 1313 11.566 1313 10.796 Profil on sale of assets 881 881 874 Invesknents 750 754 314 Other Income Total Income and endowments 13 13 37 14 Expendlture on: Raislng fuThJs Charitable actlvllSes 92 19,622 92 20.069 47 13,659 14 433 Total expenditur• 14 Net gainsl{lossesl on investments Net movement In fvnds bofore oth9r rocognlsed galns Actuarial Ilossesl on defined benefit penslon schemes Transfers befvleen funds Not mov•mtnt in funds Raconciliation of funds: Total funds brought fOard 382 {246) 14 174 (51) (51) 139) 539 19.906 67.885 88.330 90.277 Nel movement in funds Total fvnds urri•d forward 1141 11741 15,107) 15,295) 11,947) The Stalemenl of Financial Activities includes all gains 8nd losses recognised in the year. v7.7 30