IRIS Accounts Productionv24.3.2.46OtherCompany accountsTruefalsePounds1.10.2330.9.2430.9.24FYFRS 102AuditedSmall companies regime for accountsFullCharities SORPtruetruetruetruetruefalsetruefalsefalse iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh021893802023-09-30021893802024-09-30021893802023-10-012024-09-30021893802022-09-30021893802022-10-012023-09-30021893802023-09-3002189380ns0:CharitableCompanyLimitedByGuarantee2023-10-012024-09-3002189380ns15:PoundSterling2023-10-012024-09-3002189380ns11:FRS1022023-10-012024-09-3002189380ns11:Audited2023-10-012024-09-3002189380ns11:SmallCompaniesRegimeForAccounts2023-10-012024-09-3002189380ns11:FullAccounts2023-10-012024-09-3002189380ns11:CharitiesSORP2023-10-012024-09-3002189380ns0:Trustee12023-10-012024-09-3002189380ns0:Trustee22023-10-012024-09-3002189380ns0:Trustee32023-10-012024-09-3002189380ns0:Trustee42023-10-012024-09-3002189380ns0:Trustee52023-10-012024-09-3002189380ns0:Trustee62023-10-012024-09-3002189380ns0:Trustee72023-10-012024-09-3002189380ns11:RegisteredOffice2023-10-012024-09-3002189380ns11:CompanySecretary12023-10-012024-09-3002189380ns0:Activity82023-10-012024-09-3002189380ns0:TotalUnrestrictedFundsns0:Activity82023-10-012024-09-3002189380ns0:Activity8ns0:TotalRestrictedIncomeFunds2023-10-012024-09-3002189380ns0:Activity82022-10-012023-09-3002189380ns0:TotalUnrestrictedFunds2023-10-012024-09-3002189380ns0:TotalRestrictedIncomeFunds2023-10-012024-09-3002189380ns0:TotalUnrestrictedFunds2023-09-3002189380ns0:TotalRestrictedIncomeFunds2023-09-3002189380ns0:TotalUnrestrictedFunds2024-09-3002189380ns0:TotalRestrictedIncomeFunds2024-09-3002189380ns10:WithinOneYear2024-09-3002189380ns10:WithinOneYear2023-09-3002189380ns10:AfterOneYear2024-09-3002189380ns10:AfterOneYear2023-09-300218938022023-10-012024-09-3002189380ns10:OwnedAssets2023-10-012024-09-3002189380ns10:OwnedAssets2022-10-012023-09-3002189380ns0:GBP70001ToGBP800002023-10-012024-09-3002189380ns0:GBP70001ToGBP800002022-10-012023-09-3002189380ns0:TotalUnrestrictedFundsns0:Activity82022-10-012023-09-3002189380ns0:Activity8ns0:TotalRestrictedIncomeFunds2022-10-012023-09-3002189380ns0:TotalUnrestrictedFunds2022-10-012023-09-3002189380ns0:TotalRestrictedIncomeFunds2022-10-012023-09-3002189380ns10:FurnitureFittings2023-09-3002189380ns10:FurnitureFittings2023-10-012024-09-3002189380ns10:FurnitureFittings2024-09-3002189380ns10:FurnitureFittings2023-09-3002189380ns10:BetweenTwoFiveYears2024-09-3002189380ns10:BetweenTwoFiveYears2023-09-3002189380ns10:BetweenOneFiveYears2024-09-3002189380ns10:BetweenOneFiveYears2023-09-3002189380ns10:MoreThanFiveYears2024-09-3002189380ns10:MoreThanFiveYears2023-09-3002189380ns10:AllPeriods2024-09-3002189380ns10:AllPeriods2023-09-3002189380ns10:Secured2024-09-3002189380ns10:Secured2023-09-30

REGISTERED COMPANY NUMBER: 02189380 (England and Wales)

REGISTERED CHARITY NUMBER: 1061855













TRUSTEES' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024


FOR



WINCHESTER HOUSING TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)



WINCHESTER HOUSING TRUST LIMITED


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024












Page



Reference and Administrative Details  

1



Chair's Report  

2


to


3


Chief Executive's Report  

4



Trustees' Report  

5


to


8


Report of the Independent Auditors  

9


to


11


Statement of Financial Activities  

12



Balance Sheet  

13



Cash Flow Statement  

14



Notes to the Cash Flow Statement  

15



Notes to the Financial Statements  

16


to


27


WINCHESTER HOUSING TRUST LIMITED


REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 30 SEPTEMBER 2024





TRUSTEES

Mr N S Green


Mr A J Sydney


Mr I Tait


Mr I M Deans


Mr G R Rumbell


Dr J K Lander


Mr J O'Donovan


Ms M A Wickens


Councillor C Westwood (resigned 29.5.2024)


Ms S D Tenner (appointed 24.4.2024)




COMPANY SECRETARY

Mr A D C Simpson




REGISTERED OFFICE

Highland House


Mayflower Close


Chandler's Ford


Eastleigh


Hampshire


SO53 4AR




PRINCIPAL ADDRESS

Southgate Chambers


37-39 Southgate Street


Winchester


Hampshire


SO23 9EH




REGISTERED COMPANY

NUMBER

02189380 (England and Wales)




REGISTERED CHARITY

NUMBER

1061855




AUDITORS

Hopper Williams & Bell Limited


Statutory Auditor


Highland House


Mayflower Close


Chandler's Ford


Eastleigh


Hampshire


SO53 4AR




BANKERS

Handelsbanken


1 Crown Walk


Jewry Street


Winchester


Hampshire


SO23 8BB


WINCHESTER HOUSING TRUST LIMITED


CHAIR'S REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



The Chair's reports for the last two years have referred to the challenges facing tenants caused by high levels of inflation, and to cost pressures that Winchester Housing Trust Ltd. (WHT) was experiencing. While those factors have been less apparent in the year to September 2024, the Board remains acutely aware of practical issues that continue to face many residents, both in our owned properties and those managed on behalf of Rentplus-UK Ltd. The Chief Executive's Report shows that the Trust has successfully managed the matters that had to be confronted, has bought more properties, is making a modest contribution to lessening local authority waiting lists, and has continued to make our existing homes more energy efficient.


It was over 37 years ago that WHT was set up as an independent charity and a company limited by guarantee. Consistent aims since then have been to maintain homes in good condition, and to provide an increasing amount of quality housing at affordable rents. In the early years progress to fulfil the second objective was modest, but significant change over the past few years has transformed the business. An operational relationship was established with Rentplus-UK Ltd. in May 2020, strategic plans have been prepared and regularly reviewed, and a decision taken to make more effective use of the Trust's substantial asset base.


It is a particular pleasure to report that important matters that were close to being finalised this time last year, have come to fruition. Of special note has been the purchase of four properties for occupation by Afghan refugee families, helped by government funding from the Local Authority Housing Fund. It is gratifying that the result has been widely appreciated. A further purchase of three new homes at North Whiteley was completed after the end of the 2023/24 financial year, one of them adapted for a physically impaired resident. Our owned housing stock is now 111, including 50 shared ownership units. In addition, WHT manages 118 homes owned by Rentplus-UK. Ltd. Tenants commit to buy them at a 10% discount to open market values after 5, 10, 15, or 20 years, and in the meantime, rents paid are at less than market rates. The portfolio of homes owned by Rentplus and managed by WHT has not increased for over a year. Two schemes that were planned to have been finalised by now are still not in a position to receive residents. It is hoped that the reason for delay, which is outside WHT's control, will  be resolved so that other schemes in progress can be completed within the planned timescale. The income projections for the next two years have needed to be adjusted.


The Trust never loses sight of the importance of providing its residents with good quality housing at affordable rents. Once again, rents were increased by less than the amount allowable, and the maintenance programme was focussed on making homes as energy efficient as possible. WHT understands the impact that poor housing can have and has increased the budget for maintenance and improvements to its properties for 2024/25. Close contact with residents is an important part of the Trust's housing management, and it continues to seek the best ways of encouraging tenants to communicate with staff and board members.


The financial results over the past three years demonstrate the success WHT is having in the provision of affordable housing to more and more households. There is, though, no complacency in the knowledge that external events will continue to affect the Trust, risks are regularly monitored to ensure that business environment challenges are well understood. The Finance and Audit Committee meets regularly, and the financial and operational performance is considered at each bi-monthly Board meeting, aided by the timely production of monthly management accounts.


With the change of government after the 4 July general election, the Labour Government's plan to increase the construction of new homes was eagerly awaited. The Press Release on 30 July, headed "Housing targets increased to get Britain building again", following a ministerial statement to Parliament, was widely welcomed by bodies that will have roles to play in reaching the target of 1.5 million new homes over the next five years.  WHT noted a commitment that 50% of new homes would be "affordable", the announcement of a new £450 million Local Authority Housing Fund Scheme, the intention to provide stability about future levels of rent, and a review of the Right to Buy Scheme. Further information is expected to be provided in the Spring 2025 Spending Review. WHT has developed good relationships with local authorities in Hampshire and farther afield and looks forward to progressing schemes that come forward for approval.


The need for more good quality affordable housing also became apparent with statistics issued in September 2024 by the Ministry of Housing, Communities and Local Government. With 1.3 million households on social housing waiting lists, and 150,000 children living in temporary accommodation, the urgency of a significant step-change is obvious. Furthermore, papers issued in October 2023 and August 2024 by University College, London (UCL) stressed additional advantages from the building of more homes; financial savings of £1.5billion annually through savings in the cost of homelessness, treating poor health, child poverty, and criminal justice services.


WINCHESTER HOUSING TRUST LIMITED


CHAIR'S REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



As envisaged last year, the Trust has joined the National Housing Federation's small housing association forum and has committed itself to adopt the Tenants' Charter to give even more assurance to tenants. While WHT is not a Registered Provider of housing, its track record, its experienced staff, its continuous training programme, and its desire to have high levels of accreditation, provide confidence to all stakeholders.


There have been two changes to the composition of the Board in the year to September 2024. We welcomed Dambu Tenner as a Trustee and Board member. Through her work with a much larger housing association group, she brings a wealth of valuable experience to our deliberations. Councillor Chris Westwood resigned as the representative of Winchester City Council, and James Batho was appointed to replace him but, at the Council's request, as an observer not a Board member or Trustee.


None of the achievements of recent years have happened by accident. They have required the skills of many people, and the Trust greatly benefits from the leadership of Andrew Simpson, our Chief Executive and Company Secretary. His expertise and commitment, coupled with the support of all who work for us, and with us, are appreciated; employees, board members, contractors, professional advisers, and local authorities. The unexpected problem mentioned earlier has needed sensitive handling, but staff rose to the challenges in an outstanding way, and the Board is especially appreciative of the extra efforts made to minimise the adverse impact.


Once again, a separate session was held to examine WHT's strategy for the years ahead. Loan to Value (LTV) gearing is lower than necessary and, given the acute shortage of good quality affordable homes, the Board decided in principle to increase debt, subject to scrutiny of each potential property purchase and the achievement of an acceptable rate of financial return. Our financial plans for the next two years show continuing growth, and results in the early months of the 2024/2025 financial year have met the prudently based budgets. In concluding this Report, I am pleased to confirm that the Board is confident it has the necessary financial and staff resources to maintain the momentum evident in these financial statements.




John Lander (Chair)

February 2025


WINCHESTER HOUSING TRUST LIMITED


CHIEF EXECUTIVE'S REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



The financial results of Winchester Housing Trust Ltd. (WHT) for the year to 30 September 2024 show net income of £691,725, an increase of 155% compared with the previous year's figure of £271,511. The rise resulted from rent increases in our Rentplus-UK Ltd. managed stock, and the acquisition of a property that was previously tenanted on a shared equity basis and is now generating rental income. Later in the year we acquired four units in Basingstoke that are let to Afghan refugees and for which we received a 40% grant from Homes England, and took additional borrowing from Handelsbanken.  The substantial increase in our net assets arises from the retained trading surplus and the balance sheet treatment of the grant received in connection with the Basingstoke properties. All our costs are monitored against a carefully prepared financial budget, with the Finance and Audit Committee having regular oversight of financial activities.


The Trust maintains a good relationship with its residents and has active dialogue to ensure that rent collection is high and bad debts are low. We have maintained below inflation rent increases for a second consecutive year, recognising the financial challenges that people are under as costs continue to rise. We will not, however, take our eye off the various issues that confront us, and are conscious of the need to continually monitor rent collection and debt management. To reflect the increase in WHT's activity and its well-developed plans, the finance function was strengthened through the appointment of Simon Matthews as Finance Manager.


The Trust has again undertaken improvement work on its properties during the last financial year to protect their values, and to enable residents to live in good quality homes. We have improved guttering and undertaken roof work as well as replacing electric heaters to more energy efficient storage heaters. This work is dictated by the stock condition survey undertaken by Ridge Partners which is our blue print for improvement. In the coming year we aim to improve loft insulation in all our properties and have taken advice from an expert in retrofit.


As at 30 September 2024, the Trust's portfolio comprised 61 properties owned outright and 50 with shared ownership rights. WHT has been able to lift the covenant restrictions on its shared equity properties which now allows staircasing of equity shares to 100%. We have offered this opportunity to our residents, one person is currently going through this process, and we hope that others will follow suit to enable us to reinvest in more properties. The Trust also manages 118 homes on behalf of Rentplus-UK Ltd. The Trust has decided to limit its future geographical operations to Hampshire, Berkshire and Dorset, aside from one scheme in Rainham.


The Trust continues to seek s106 opportunities within our area and submits offers to buy at a rate which reflects our ability to repay any potential borrowing. The maximum rent charged by WHT is the Local Housing Allowance Rate, and a simple return on investment calculation will determine whether the opportunity is financially viable. Previously WHT has offered around 35% of open market value to developers for these units, but is working towards increasing to 50% of open market value to make our offers more attractive. A number of bids have been submitted and we await a response.


The Trust remains committed to growth despite the challenges, and aims to do this in a sustainable way. Far too many small housing associations have merged with larger organisations with the result that the identity and purpose of those organisations have been lost forever. I am pleased to report that there is no such thinking by the Winchester Housing Trust Ltd Board of Trustees and members share my enthusiasm to grow the organisation as and when we can. I remain appreciative of the support, expertise and dedication that members give in their careful governance of the Trust.


Andrew Simpson, Chief Executive and Secretary

February 2025


WINCHESTER HOUSING TRUST LIMITED (REGISTERED NUMBER: 02189380)


TRUSTEES' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024




The trustees, who are also directors of the Charity for the purposes of the Companies Act 2006, present their Report with the financial statements of the Charity for the year ended 30 September 2024. They have adopted the provisions of the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statements of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland', issued in October 2019.


OBJECTIVES AND ACTIVITIES

Principal Objectives
The powers of the Trust, for the furtherance of the Trust's objectives and activities, are set out in its Memorandum and Articles of Association.

The Trust aims to provide affordable housing for those in housing need in the South of England.

The strategies it adopts include the following:
- Maintaining existing properties in good repair, with special regard to energy efficiency
- Purchasing properties for letting to tenants at affordable rents
- Managing properties on behalf of Rentplus UK Ltd.
- Purchasing additional shares of properties to benefit tenants
- Facilitating the sale of properties by shared owners

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year the Trust has successfully achieved the above aims. Performance, which is closely monitored by trustees, has been in line with agreed budgets. With a difficult external environment emerging in recent months, business plans will be carefully reviewed by trustees at their bi-monthly meetings. Further information is contained in the Reports from the Chair and Chief Executive.


WINCHESTER HOUSING TRUST LIMITED (REGISTERED NUMBER: 02189380)


TRUSTEES' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



FINANCIAL REVIEW

Please see the Chief Executive's Report for details of the financial performance for the year.


Public Benefit

The trustees, in exercising their powers, have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. The trustees consider that by following the strategies stated above to provide affordable housing in the South of England, they are meeting the public benefit requirement.


Risk Management

The Charity has, during the 2023/24 financial year, reviewed its risk management strategy. The principal risks of the Charity are regularly monitored by its Finance and Audit Committee and the Board at its bi-monthly meetings. Systems and procedures are in place to mitigate risks.


Funding

The Trust is funded by accumulated reserves and a modest level of Bank debt provided by Handelsbanken plc. The bank loan was transferred from Lloyds Bank plc during the 2021/22 financial year. £1,100,000 of the debt is at a fixed rate of 4.90% for 10 years, compared with a margin of 3.24% above base rate that applied until June 2022. A new loan was taken out in April 2024 with a draw down of £200k, the debt has a fixed rate of 2.31% over the Base Rate for 3 years.


Reserves

The Trust's policy is to continue to accumulate reserves through operating surpluses so as to provide increasing numbers of properties let at affordable rents to those in housing need. The Trust considers that its fixed assets, which total £8,793,962  (2023 - £7,737,156), do not constitute free reserves as they are held for the purpose of generating income to further the Trust's objectives. The balance of free reserves amounts to a deficit of £1,794 (2023 - £203,450), excluding bank loans due in greater than one year of £1,300,000 (2023 - £1,100,000) at the balance sheet date. Free reserves have been calculated by deducting current liabilities, investments and tangible fixed assets from total assets and then adding bank loans due within one year.


The trustees decided to update the charity's reserves policy in the prior year due to the growth of the charity.  The level of reserves to be maintained should be equivalent to the sum of:

- 2 months of WHT expenditure, plus

- 3 months' (quarterly) lease charges payment to Rentplus less 1 month of Rentplus rental income.

This would equate to around £213,000 (2023: £197,000) in total. The current level of reserves covers this and therefore the Trustees are satisfied the charity is maintaining sufficient reserves.  Any additional funds are held to take advantage of any opportunities that arise.


FUTURE PLANS

Please see the Chair's Report and Chief Executive's Report for details of future plans.


STRUCTURE, GOVERNANCE AND MANAGEMENT

The legal and administrative information set out on page 1 forms part of this Report. The financial statements comply with statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities.


This Trustees' Report, supplemented by Reports by the Chair and Chief Executive, is also a Directors' Report required by section 415 of the Companies Act 2006.


Governing Documents

Winchester Housing Trust Limited was incorporated as an independent charity and company limited by guarantee in 1987. It is governed by the Memorandum and Articles of Association with the last amendment being made by a resolution dated 8 February 2023.



WINCHESTER HOUSING TRUST LIMITED (REGISTERED NUMBER: 02189380)


TRUSTEES' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The Articles of Association of Winchester Housing Trust Limited have been amended to allow for an increase in the number of trustees to a maximum of ten.


Induction of Trustees

In normal circumstances potential trustees attend a Board meeting to decide whether they would like to join the Board. If an application is made, candidates meet with two members of the Board and the Chief Executive, and a recommendation is made to the next Board meeting. New trustees are given information about the Trust and trusteeship responsibilities, a copy of the latest financial statements and other relevant information.


Organisational Structure and Decision making

The day to day running of the organisation is the responsibility of Andrew Simpson, the Trust's Chief Executive who is also the Company Secretary.  He has held these posts since March 2018, and is responsible for ensuring that the organisation fulfils its charitable remit, and reports to the Board which meets bi-monthly. The regular reporting covers the work plan, and progress towards meeting business targets across many aspects - financial, operational, and risk management. In addition, he brings to the Board's attention potential opportunities to extend the Company's activities. At present, consideration is being given to working with more partners and widening the geographical area within which we operate.


A Finance and Audit Committee, comprising Nigel Green, who chairs the meetings, John Lander, the Trust's Chair, and Andrew Simpson, meets regularly. In addition, a separate group of board members meets when required to consider specific property acquisition opportunities. Board members are not generally involved in the day to day management of the organisation, but willingly provide their experience whenever necessary. The Chair meets regularly with the Chief Executive.


The Chief Executive is supported by three other employees, a part-time administrator, a full-time Housing Officer, and a part-time Finance Officer. As the Trust's business expands, the possible need to increase the staff resource is kept under review.


Directors

The trustees who served during the year and up to the date of this Report are listed on page 1 of these financial statements. Each trustee has given a direct £1 guarantee.


STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Winchester Housing Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).



WINCHESTER HOUSING TRUST LIMITED (REGISTERED NUMBER: 02189380)


TRUSTEES' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



STATEMENT OF TRUSTEES' RESPONSIBILITIES

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Approved by order of the board of trustees on 5 February 2025 and signed on its behalf by:






Mr A D C Simpson - Secretary


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WINCHESTER HOUSING TRUST LIMITED



Opinion

We have audited the financial statements of Winchester Housing Trust Limited (the 'charitable company') for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 30 September 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the charitable company in accordance with 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 responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.


Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Trustees' Report has been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WINCHESTER HOUSING TRUST LIMITED



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the trustees' Report.


Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.


Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs, correspondence and a review of board minutes.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WINCHESTER HOUSING TRUST LIMITED



Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Michaela Johns (FCCA) (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR


13 February 2025


WINCHESTER HOUSING TRUST LIMITED


STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024

2023


Unrestricted

Restricted

Total

Total


funds

fund

funds

funds



Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

3

Provision of housing

1,751,805


363,000


2,114,805


1,585,891



Investment income

2

11,629


-


11,629


2,087


Total

1,763,434


363,000


2,126,434


1,587,978



EXPENDITURE ON

Charitable activities

4

Provision of housing

1,395,154


39,555


1,434,709


1,316,467



NET INCOME

368,280


323,445


691,725


271,511


Transfers between funds

20

283,000


(283,000

)

-


-


Other recognised gains/(losses)

Gains/(losses) on revaluation of fixed assets

-


-


-


(173,637

)

Net movement in funds

651,280


40,445


691,725


97,874



RECONCILIATION OF FUNDS

Total funds brought forward

6,840,875


-


6,840,875


6,743,001



TOTAL FUNDS CARRIED FORWARD

7,492,155


40,445


7,532,600


6,840,875



CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.


WINCHESTER HOUSING TRUST LIMITED (REGISTERED NUMBER: 02189380)


BALANCE SHEET

30 SEPTEMBER 2024


2024

2023



Notes

£


£

FIXED ASSETS


Tangible assets

11

257


269


Social investments

12

8,793,692


7,737,156


8,793,949


7,737,425



CURRENT ASSETS


Debtors

13

37,261


29,319


Cash at bank

425,099


493,568


462,360


522,887



CREDITORS


Amounts falling due within one year

14

(423,709

)

(319,437

)


NET CURRENT ASSETS

38,651


203,450



TOTAL ASSETS LESS CURRENT

LIABILITIES

8,832,600


7,940,875



CREDITORS


Amounts falling due after more than one year

15

(1,300,000

)

(1,100,000

)


NET ASSETS

7,532,600


6,840,875


FUNDS

20

Unrestricted funds

7,492,155


6,840,875


Restricted funds

40,445


-


TOTAL FUNDS

7,532,600


6,840,875



These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 5 February 2025 and were signed on its behalf by:






Mr N S Green - Trustee


WINCHESTER HOUSING TRUST LIMITED


CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024

2023



Notes

£

£


Cash flows from operating activities

Cash generated from operations

1

837,564


408,915



Interest paid

(60,784

)

(53,752

)


Net cash provided by operating activities

776,780


355,163




Cash flows from investing activities

Purchase of tangible fixed assets

(342

)

-



Purchase of social investments

(1,056,536

)

(467,832

)


Sale of social investments

-


202,081



Interest received

11,629


2,087



Net cash used in investing activities

(1,045,249

)

(263,664

)



Cash flows from financing activities

Bank loan

200,000


-



Net cash provided by financing activities

200,000


-




Change in cash and cash equivalents in

the reporting period

(68,469

)

91,499



Cash and cash equivalents at the

beginning of the reporting period

493,568


402,069



Cash and cash equivalents at the end of

the reporting period

425,099


493,568




WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



1.

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024

2023



£

£


Net income for the reporting period (as per the Statement of Financial

Activities)

691,725


271,511




Adjustments for:


Depreciation charges

354


548




Loss on disposal of fixed assets

-


22,505




Interest received

(11,629

)

(2,087

)



Interest paid

60,784


53,752




Increase in debtors

(7,942

)

(2,879

)



Increase in creditors

104,272


65,565




Net cash provided by operations

837,564


408,915





2.

ANALYSIS OF CHANGES IN NET DEBT



At 1.10.23

Cash flow

At 30.9.24


£

£

£


Net cash



Cash at bank

493,568


(68,469

)

425,099



493,568


(68,469

)

425,099





Debt


Debts falling due after 1 year

(1,100,000

)

(200,000

)

(1,300,000

)


(1,100,000

)

(200,000

)

(1,300,000

)



Total

(606,432

)

(268,469

)

(874,901

)



WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024



1.

ACCOUNTING POLICIES



Summary of significant accounting policies and key accounting estimates


The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.



The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.



Basis of preparation


Winchester Housing Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.



Going concern


The trustees consider that there are no material uncertainties about the charity‘s ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.



Income


All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.



Expenditure


Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.



Charitable activities


Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.



Grants policy


Income from grants is recognised when the charity has entitlement to the funds, any performance conditions


attached to the grants have been met, it is probable that the income will be received and the amount can be


measured reliably and is not deferred.



Social investments

Individual fixed assets are initially recorded at cost, being purchase price or valuation, less depreciation. All eligible assets are capitalised with a minimum level of £500 in place.
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Fixtures, fittings and equipment: 20% straight line basis





WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



1.

ACCOUNTING POLICIES - continued



Social investments

Programme related investments
Programme related investments represent freehold properties held by the trust. Where the property is unencumbered the full equity value held is included.

These properties are subject to regular revaluation, and a full revaluation was undertaken in 2021. Land and buildings are not depreciated which is a departure from the general requirement of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the trustees, non-compliance with the standard is necessary for financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Fixed asset investments
Investments in unquoted equity instruments whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors
Trade debtors are amounts due from tenants in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.


Taxation

The charity is exempt from corporation tax on its charitable activities.

WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



1.

ACCOUNTING POLICIES - continued



Fund accounting

Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.

There are restricted funds held by the charity. The restricted fund is from a grant received from Basingstoke and Deane Borough Council.

Further details of each fund are disclosed in note 20.


Financial instruments

Classification
Financial assets are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.


Pension costs and other post-retirement benefits


The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.



WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



2.

INVESTMENT INCOME

2024

2023



£

£


Interest receivable - trading

11,629


2,087




3.

INCOME FROM CHARITABLE ACTIVITIES

2024

2023


Provision

Total


of housing

activities



£

£


Property rental income

1,751,805


1,585,891




Grants

363,000


-



2,114,805


1,585,891





Grants received, included in the above, are as follows:

2024

2023



£

£


Basingstoke and Deane Borough Council

363,000


-




4.

CHARITABLE ACTIVITIES COSTS

Direct

Support



Costs (see

costs (see



note 5)

note 6)

Totals


£

£

£



Provision of housing

1,417,615


17,094


1,434,709




5.

DIRECT COSTS OF CHARITABLE ACTIVITIES

2024

2023



£

£


Staff costs

168,266


156,962




Insurance

40,944


31,430




Postage and stationery

210


561




Advertising

-


450




Sundries

1,118


7,532




Repairs and maintenance

169,436


127,191




Office expenses

29,955


23,127




Travel and subsistence

2,954


6,309




Legal fees

7,512


25,865




Rent and rates

12,181


1,105




Lease charges from Rentplus

920,471


844,575




Bad debt provision

3,430


2,328




Depreciation

354


547




Loss on sale of assets

-


22,505




Interest payable and similar charges

60,784


53,752



1,417,615


1,304,239





All of the above expenditure was unrestricted.


WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



6.

SUPPORT COSTS

Governance



Finance

costs

Totals



£

£

£


Provision of housing

2,645


14,449


17,094





Support costs, included in the above, are as follows:


2024

2023


Provision

Total


of housing

activities



£

£


Bank charges

2,645


-




Auditors' remuneration

10,650


7,000




Auditors' remuneration for non audit work

3,799


5,228



17,094


12,228




7.

NET INCOME/(EXPENDITURE)



Net income/(expenditure) is stated after charging/(crediting):



2024

2023



£

£


Auditors' remuneration

10,650


7,000




Auditors' remuneration for non audit work

3,799


5,228




Depreciation - owned assets

354


548




Deficit on disposal of fixed assets

-


22,505




8.

TRUSTEES' REMUNERATION AND BENEFITS



There were no trustees' remuneration or other benefits for the year ended 30 September 2024 (2023 - £nil)



Trustees' expenses



There were no reimbursed expenses to trustees from the charity during the year (2023 - £46) .


9.

STAFF COSTS

2024

2023



£

£


Wages and salaries

146,857


141,110




Social security costs

10,069


9,695




Other pension costs

11,340


6,157



168,266


156,962





The average monthly number of employees during the year was as follows:


2024

2023



Charitable activities

4


4




WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



9.

STAFF COSTS - continued



The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:


2024

2023



£70,001 - £80,000

1


1




The total employee benefits of the key management personnel of the charity were £93,657 (2023 - £86,142 (including employer's NI and employer pension contributions).

10.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total


funds

fund

funds



£

£

£


INCOME AND ENDOWMENTS FROM


Charitable activities


Provision of housing

1,585,891


-


1,585,891




Investment income

2,087


-


2,087



Total

1,587,978


-


1,587,978




EXPENDITURE ON


Charitable activities


Provision of housing

1,316,467


-


1,316,467




NET INCOME

271,511


-


271,511



Other recognised gains/(losses)


Gains/(losses) on revaluation of fixed assets

(173,637

)

-


(173,637

)


Net movement in funds

97,874


-


97,874




RECONCILIATION OF FUNDS


Total funds brought forward

6,743,001


-


6,743,001




TOTAL FUNDS CARRIED FORWARD

6,840,875


-


6,840,875




WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



11.

TANGIBLE FIXED ASSETS

Fixtures


and


fittings



£


COST


At 1 October 2023

11,849




Additions

342




At 30 September 2024

12,191




DEPRECIATION


At 1 October 2023

11,580




Charge for year

354




At 30 September 2024

11,934




NET BOOK VALUE


At 30 September 2024

257




At 30 September 2023

269




12.

SOCIAL INVESTMENTS

Land and


buildings



£


MARKET VALUE


At 1 October 2023

7,737,156




Additions

1,056,536




At 30 September 2024

8,793,692




NET BOOK VALUE


At 30 September 2024

8,793,692




At 30 September 2023

7,737,156





The trust's land and buildings were revalued as at 8 November 2021 by Carter Jonas.



The current valuation standards indicate valuations for 'registered social housing providers' properties should be valued on the basis of Existing Use Value for Social Housing.  Although Winchester Housing Trust is not a registered social housing provider, the actual function of the trust is similar to that of a social housing provider. The properties are therefore valued on the Existing Use Value for Social Housing on the encumbered units used for social rented housing, with the remainder of properties valued on the basis of market value.



The trust holds a mixture of properties both encumbered and unencumbered.  The encumbered units are subject to the restriction that they are to be used for affordable housing, either social rented or shared equity.  These are valued at vacant possession unencumbered values and then a discount is applied to reflect the encumbrances.



WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



12.

SOCIAL INVESTMENTS - continued



The trust has a 25-45% interest in properties built on land transferred to the trust by Winchester City Council. The remaining percentage holding of these properties has been sold on a shared equity basis to council nominations.  Prior to 2017, in view of the conditions imposed and the fact that the trust currently does not enforce its right to rental income on its percentage holding of these properties, only the value of holdings in excess of 25% was reflected with the land and buildings valuation above.  If disposed of in the future the capital appreciation was reflected as appropriate.  It was considered that this estimate would be excessively prudent with the increased discount under the existing use valuation method.  Therefore, the whole of the trust's interest in a property is reflected in the accounts.



Where shared equity properties are unencumbered the whole of the equity retained by Winchester Housing Trust Limited is valued.



Cost or valuation at 30 September 2024 is represented by:


Land and


buildings



£


Valuation in 2017

3,460,340




Valuation in 2021

240,045




Valuation in 2022

(38,000

)



Valuation in 2023

(173,637

)



Cost

5,304,944



8,793,692




13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023



£

£


Trade debtors

16,739


21,826




Prepayments and accrued income

20,522


7,493



37,261


29,319





WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023



£

£


Trade creditors

259,920


224,843




Social security and other taxes

3,798


4,090




Other creditors

93,331


9,144




Accruals and deferred income

66,660


81,360



423,709


319,437




15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023



£

£


Bank loans (see note 16)

1,300,000


1,100,000




16.

LOANS



An analysis of the maturity of loans is given below:


2024

2023



£

£


Amounts falling due between two and five years:


Bank loans - 2-5 years

200,000


-




Amounts falling due in more than five years:



Repayable otherwise than by instalments:


Bank loans more than 5 years

1,100,000


1,100,000




17.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:


2024

2023



£

£


Within one year

23,969


23,969




Between one and five years

79,110


85,420




In more than five years

128,661


146,384



231,740


255,773





The operating lease commitments are in relation to contracts with Rentplus.  The commitments shown are an estimate, based on the estimated maximum exposure of the charity to void periods on properties (where the charity would be liable to pay 75% of the rental income for up to three months whilst the property has no tenant).The calculation above also assumes that 25% of the properties will be sold each five years, in line with the contracts.



WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



18.

SECURED DEBTS



The following secured debts are included within creditors:


2024

2023



£

£


Bank loans

1,300,000


1,100,000





Bank loans


£1,100,000 of the bank loan relates to a Handelsbanken fixed rate interest loan running for 10 years from 2022 - 2032.  The fixed interest rate is 4.90%. An additional loan for £200,000 was taken out in the year with a fixed rate interest of 2.31% over the Base Rate. The loans are secured by way of fixed charges against properties owned by the Trust.


19.

ANALYSIS OF NET ASSETS BETWEEN FUNDS

2024

2023


Unrestricted

Restricted

Total

Total


funds

fund

funds

funds



£

£

£

£


Fixed assets

257


-


257


269




Investments

8,793,692


-


8,793,692


7,737,156




Current assets

334,915


127,445


462,360


522,887




Current liabilities

(336,709

)

(87,000

)

(423,709

)

(319,437

)



Long term liabilities

(1,300,000

)

-


(1,300,000

)

(1,100,000

)


7,492,155


40,445


7,532,600


6,840,875




20.

MOVEMENT IN FUNDS

Net

Transfers



movement

between



At 1.10.23

in funds

funds

At 30.9.24


£

£

£

£



Unrestricted funds


General fund

3,386,471


368,280


283,000


4,037,751




Revaluation Reserve

3,454,404


-


-


3,454,404



6,840,875


368,280


283,000


7,492,155




Restricted funds


Basingstoke and Deane Borough Council

Fund

-


323,445


(283,000

)

40,445





TOTAL FUNDS

6,840,875


691,725


-


7,532,600




WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



20.

MOVEMENT IN FUNDS - continued



Net movement in funds, included in the above are as follows:


Incoming

Resources

Movement


resources

expended

in funds


£

£

£



Unrestricted funds


General fund

1,763,434


(1,395,154

)

368,280





Restricted funds


Basingstoke and Deane Borough Council

Fund

363,000


(39,555

)

323,445





TOTAL FUNDS

2,126,434


(1,434,709

)

691,725






Comparatives for movement in funds


Net



movement



At 1.10.22

in funds

At 30.9.23


£

£

£



Unrestricted funds


General fund

3,080,616


305,855


3,386,471




Revaluation Reserve

3,662,385


(207,981

)

3,454,404



6,743,001


97,874


6,840,875




TOTAL FUNDS

6,743,001


97,874


6,840,875





Comparative net movement in funds, included in the above are as follows:


Incoming

Resources

Gains and

Movement


resources

expended

losses

in funds


£

£

£

£



Unrestricted funds


General fund

1,587,978


(1,316,467

)

34,344


305,855




Revaluation Reserve

-


-


(207,981

)

(207,981

)


1,587,978


(1,316,467

)

(173,637

)

97,874




TOTAL FUNDS

1,587,978


(1,316,467

)

(173,637

)

97,874





Revaluation Reserve


The revaluation reserve comprises unrealised gains on programme-related investments.



Basingstoke and Deane Borough Council Fund


Funds were received from the council towards the purchase of four properties and a contribution for maintenance for each of them.  The purchases have completed in the year and maintenance is underway.  The transfer between this fund and the general fund represents the amount transferred to fixed assets for the purchase of the properties.


WINCHESTER HOUSING TRUST LIMITED


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



21.

EMPLOYEE BENEFIT OBLIGATIONS



The Charitable company has a defined contribution pension scheme.  Contributions made in the year and charged to the Statement of Financial Activities were £11,340 (2023 - £6,157). The amount which remained unpaid at the year end totalled £1,001 (2023 - £109).


22.

CONTINGENT LIABILITIES


There is a restriction over four properties in Basingstoke. The agreement entered into with Borough council states that the charity must seek permission from the council before selling any of these properties and proceeds must be re-invested into further affordable housing in that geographical area. If the charity is not able to replace a property, then the charity must repay the amount that it received from the council for the relevant property.

Therefore the charity's total contingent liability in respect of the four properties is £283,000. However, the charity is committed to keeping or replacing these properties as affordable housing, so the likelihood of having to repay any contributions is minimal.

23.

RELATED PARTY DISCLOSURES


There were no related party transactions for the year ended 30 September 2024 (2023 - none).