| Page | ||
|---|---|---|
| Company information |
||
| Trustees Report | ||
| Report ofthe Auditors | 6-7 | |
| Income and Expenditure | Account | 8-9 |
| Balance Sheet | 10 | |
| Notes to the Financial Statements |
| Notes | Total | Total | |||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Turnover | 1,276,731 | 1,317,978 | |||
| Operating expenditure |
(1,099,130) | (1,200,866) | |||
| Operating surplus |
177,601 | 117,112 | |||
| interest receivable | 21,544 | 21,612 | |||
| Interest payable | (1,034) | (1,040) | |||
| Investment Gainsl(Losses) |
42,355 | 192,660 | |||
| Surplus on ordinary | activities | forthe period | 240,466 | 8330,344 | |
| Pension (loss)/gain | in period | 168,000 | 154,000 | ||
| Total comprehensive | income for | the year | 8408,466 | f484,344 | |
| All amounts relate to continuing |
activities. |
| Income and | Restricted | Total | ||
|---|---|---|---|---|
| Expenditure | Reserve | |||
| reserve | ||||
| Balance as at1stApril 2020 | 3,520,170 | 3,520,170 | ||
| Transfer between funds |
||||
| Total comprehensive | income for the year | 484,344 | 484,293 | |
| Balance as at31st | March 2021 | 4,004,514 | 4,004,453 | |
| Total comprehensive | income for the year | 408,466 | 408,466 | |
| Balance at31stMarch 2022 | R4,412,980 | @4+12,980 |
| Fixed assets costing less than f250 are written off in th |
e year ofpur | e year ofpur | chase. | |
|---|---|---|---|---|
| The cost offixed assets is depreciated by equai annual |
instalments | over their expected | economic lives as foitows:- | |
| Freehold property Leasehold property aiterations |
Impairment 15years |
review | ||
| Office equipment, Hostel Furniture, Kitchen and Washing |
Equipment | 5years | ||
| IT Equipment, Television, Fridge/Freezers |
2years | |||
| Motor Vehicles | 5years |
| Cost of | Operating | Operating | |||||
|---|---|---|---|---|---|---|---|
| Turnover | Sales | expenditure | Surplus | ||||
| F | |||||||
| Social housing lettings |
(note 3) | 1,276,679 | 1,073,593 | 25,537 | 177,549 | ||
| R1,276,679 | R1,073,593 | f25,537 | F177,549 | ||||
| 2022 | 2021 | ||||||
| Operafing | surplus | ||||||
| Is stated | after charging:— | ||||||
| Auditors | remuneration | (including | VAT) | 4,710 | 3,870 | ||
| Depreciation oftangible | Sxed assets | 21,810 | 24,485 |
| INCOME AND | EX | PEN | DITUR | E | FRO | M S | OCIAL HOLDING LETT | INGS | INGS | |
|---|---|---|---|---|---|---|---|---|---|---|
| Supported | Housing | |||||||||
| 2021 | ||||||||||
| P | ||||||||||
| Rent receivable | net ofidentifiable | service | charges | 729,708 | 776,671 | |||||
| Service income | 68,887 | 77,164 | ||||||||
| Revenue grants | 478,084 | 464,143 | ||||||||
| Turnover from social housing |
lettings | K1,276,677 | f1,317,978 | |||||||
| Management | 25,537 | 25,477 | ||||||||
| Routine maintenance | 42,290 | 46,135 | ||||||||
| Other costs | 1,031,303 | 1,129,254 | ||||||||
| Operating expenditure |
on social | housing | letbngs | R1,099,130 | R1,200,866 | |||||
| Operating surplus |
on social housing | lettings | f177,549 | f117,112 | ||||||
| Void losses | 16,315 | 25,185 | ||||||||
| Social housing | accommodation | —bed spaces | 73 | 73 |
| INTEREST PAYA | BLE AND SIMILAR CHARGES | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Total | Total | ||
| Pension net return | on assets | ||
| Bank Charges | 1,034 | 1,040 |
| average number ofpersons employed by the Compan |
y during the year was as follows: |
||
|---|---|---|---|
| 2022 | 2021 | ||
| No | No | ||
| Floating support workers | 2 | 2 | |
| Management | 2 | 2 | |
| Administration | 1 | 1 | |
| Hostel support workers | 21 | 21 | |
| 26 | 26 | ||
| costs (I'or the above persons) | |||
| Wages &salaries | 678,606 | 616,733 | |
| Social security | 60,508 | 55,311 | |
| Other pension costs | 59,541 | 69,938 | |
| F798,655 | F741,982 |
| TANGIBLE FIXEDASS | ETS —HOUSING | PROPERTIES | ||||
|---|---|---|---|---|---|---|
| Freehold | Leasehold | Plant, vehicles, | Furniture | & | ||
| Property f |
Alterations | Equipment etc F |
Fittings | Total | ||
| Cost: | ||||||
| At 1stApril 2021 | 868,699 | 402,690 | 94,361 | 68,646 | 1,434,397 | |
| Additions | 106,945 | 106,945 | ||||
| Disposals | (3,268) | (3,268) | ||||
| At 31stMarch 2022 | 868,699 | 509,635 | 91,093 | 68,646 | 1,538,073 | |
| Depreciation: | ||||||
| At 1stApril 2021 | 222,112 | 76,460 | 68,610 | 367,182 | ||
| Charge forthe year | 17,513 | 4,286 | 11 | 21,810 | ||
| On Disposals | (3,268) | (3,268) | ||||
| At 31stMarch 2022 | 239,624 | 77,478 | 68,622 | 385,724 | ||
| Net book amounts: | ||||||
| At 31stMarch 2022 | 868,699 | 270,011 | 13,615 | 1,152,349 | ||
| At 1stApril 2021 | 868,699 | 180,578 | 17,901 | 1,067,214 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| F | |||||||
| Term deposits with |
%nance | houses | 564,067 | 554,909 | |||
| Seven Investment | Management | 719,965 | 554,252 | ||||
| Brooks MacDonald | 694,53? | 541,613 | |||||
| Investec | 200,000 | 201,440 | |||||
| Aegon | 987,694 | 960,258 | |||||
| Investec Kick-Out | Plan | 96 | 106,850 | 100,000 | |||
| HEY Credit Union | 65,520 | 65,064 | |||||
| F3,338,633 | E2,977,536 | ||||||
| 9. | DEBTORS | ||||||
| 2021 | |||||||
| Trade debtors | 42,434 | 11,849 | |||||
| Rent receivable | excluding | service charges | |||||
| Service charge | receivable | ||||||
| Prepayments and |
accrued | income | 21,805 | 17,446 | |||
| f64,239 | R29,295 | ||||||
| 10. | CREDITORS: | amounts | falling due within one year | ||||
| 2022 | 2021 | ||||||
| Trade creditors | 12,674 | 46 | |||||
| Tax and social | security | 11,516 | |||||
| Other creditors | 63,415 | 72,923 | |||||
| Accruals and deferred | income | 9,854 | 38,096 | ||||
| f85,943 | f122,581 |
| 11. | CREDITORS: amounts | falling due after more than one year | ||
|---|---|---|---|---|
| f022 | 2021 | |||
| F | ||||
| Recycled capital grant | fund | 635,000 | 635,000 | |
| F635,000 | K635,000 |
| 2022 | 2021 |
|---|---|
| F | F |
| Financial assumptions | ||
|---|---|---|
| Discount rate | 1% | 1.9% |
| Future salary increase | 0 | .5% |
| Pension Increase rate | 1% | |
| 2022 | 2021 | |
| Financial assumptions | ||
| Retiring today: Males |
208 | 20.9 |
| Females | 235 | 23.3 |
| Retiring in 20years: |
||
| Males | 22.0 | 21.8 |
| Females | 253 | 24.8 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Amounts recognised |
In surplus or deficit | |||
| Current service cost | 35,000 | 35,000 | ||
| Loss on settlements | ||||
| Amounts charged to |
operating costs | K35,000 | R35,000 | |
| 2022 | 2021 | |||
| Net interest | 3,000 | 2,000 | ||
| Amounts charged to |
other | finance costs | R3,000 | R2,000 |
| Reconciliation ofopening | and closing balances ofthe present value of plan | assets | ||
| 2022 | 2021 | |||
| Opening scheme liabilities |
(1,629,000) | (1,406,000) | ||
| Current service costs | (40,000) | (35,000) | ||
| interest cost | (31,000) | (32,000) | ||
| Contributions by members |
(8,000) | (8,000) | ||
| Benefits paid | 75,000 | 64,000 | ||
| Remeasurements | 63,000 | (212,000) | ||
| Closing scheme liabilities |
f1,570,000 | K(1,629,000) |
| Reconc | liati | on ofopening and closing balances ofthe fair value |
ofplan assets | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Opening | fair | value of plan assets | 1,776,000 | 1,399,000 | |
| Interest | income | 34,000 | 34,000 | ||
| Participants | contributions | 8,000 | 9,000 | ||
| Return | on plan assets (in excess ofinterest income) | 124,000 | 222,000 | ||
| Contributions | by employer | 18,000 | 180,000 | ||
| Benefits | paid | (75,000) | (64,000) | ||
| Closing | fair | value ofplan assets | E1,885,000 | F1,776,000 | |
| 2022 | 2021 | ||||
| Actual | return on scheme assets | 315,000 | 147,000 | ||
| Major categories of plan assets as a percentage oftotal plan assets | |||||
| 2022 | 2021 | ||||
| Equities | 73% | 67% | |||
| Bonds | 17% | 18% | |||
| Property | 9% | 12% | |||
| Cash | 1% | 3% |