| Page | ||
|---|---|---|
| Company Information |
||
| Trustees Report | ||
| Report ofthe Auditors | 6-8 | |
| Income and Expenditure | Account | 9-10 |
| Balance Sheet | ||
| Cash flow statement | 12 | |
| Notes to the Financial Statements |
| Notes | Total | Total | |||
|---|---|---|---|---|---|
| 2023 6 |
2022 f |
||||
| Turnover | 1,645,591 | 1,276,731 | |||
| Operating | expenditure | (1,388,666) | (1,099,130) | ||
| Operating | surplus | 256,925 | 117,112 | ||
| Interest receivable | 9,986 | 21,544 | |||
| Interest payable | (841) | (1,034) | |||
| Investment Gains/(Losses) |
(65,332) | 42,355 | |||
| Surplus | on ordinary | activities for the period | 6200,738 | 6240,466 | |
| Pension | (loss)/gain | in | period | 392,000 | 168,000 |
| Total comprehensive | income for the year | 6592,738 | 6408,466 |
| Income and | Restncted | Total | ||
|---|---|---|---|---|
| Expenditure | Reserve | |||
| reserve | ||||
| Balance as at 1st April 2020 | 4,004,514 | 4,004,514 | ||
| Transfer between funds |
||||
| Total comprehensive | income for the year | 408,466 | 408,466 | |
| Balance as at 31st | March 2021 | 4,412,980 | 4,412,980 | |
| Total comprehensive | income for the year | 592,736 | 592,736 | |
| Balance at 31st March 2022 | 85,005,718 | F5,005,718 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Note | ||||||
| Cash flows from operating | activities | |||||
| Cash (absorbed by)/generated from operations |
248,169 | 148,339 | ||||
| 248,169 | 148,339 | |||||
| Investing Purchase Purchase |
activities oftangible fixed assets of investments |
82,994 | 106,945 318,742 |
|||
| Net cash | generated from investing |
activities | 82,994 | 425,687 | ||
| Net decrease in cash and |
cash equivalents | 165,177 | (277,348) | |||
| Cash and | cash equivalents | at the beginning | ofthe year | 263,452 | 540,800 | |
| Cash and | cash equivalents | at the end ofthe year | 6428,629 | 6263,452 |
| Cost of | Operating | Operating | |||||
|---|---|---|---|---|---|---|---|
| Turnover f |
Sales f |
expenditure 5 |
Surplus 6 |
||||
| Social housing lettings |
(note 3) | 1,645,591 | 1,367,556 | 21,110 | 256,925 | ||
| 61,645,591 | 61,367,556 | 621,110 | 6256,925 | ||||
| Operating | surplus | 2023 5 |
2022f | ||||
| Is stated | after charging:- | ||||||
| Auditors | remuneration | (including | VAT) | 4,450 | 4,710 | ||
| Depreciation oftangible |
fixed assets | 34,945 | 21,810 |
| INCOME AND | EXPE | NDITUR | E | FRO | M S | OCIAL HOLDING LETT | INGS | INGS | |
|---|---|---|---|---|---|---|---|---|---|
| Supported | Housing | ||||||||
| 2023 f |
2022f | ||||||||
| Rent receivable | net of identifiable | service | charges | 958,217 | 729,708 | ||||
| Service income | 66,063 | 68,887 | |||||||
| Revenue grants |
621,311 | 478,084 | |||||||
| Turnover from social housing |
lettings | 81,645,591 | F1,276,677 | ||||||
| Management | 21,110 | 25,537 | |||||||
| Routine maintenance | 58,715 | 42,290 | |||||||
| Other costs | 1,308,841 | 1,031,303 | |||||||
| Operating expenditure |
on social | housing | lettings | 81,388,666 | 81,099,130 | ||||
| Operating surplus on |
social housing | lettings | 8256,925 | 5177,549 | |||||
| Void losses | 14,716 | 16,315 | |||||||
| Social housing | accommodation | —bed spaces | 73 | 73 |
| INTERE | ST PAYA | BLE AND SIMILAR CHARGES | ||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Total 8 |
Totalf | |||
| Pension | net return | on assets | ||
| Bank Charges | 841 | 1,034 |
| average number |
of persons employed by the Compa |
ny during the year was as follows: |
|
|---|---|---|---|
| 2023 | 2022 | ||
| No | No | ||
| Floating support | workers | 2 | 2 |
| Management | 2 | 2 | |
| Administration | 1 | 1 | |
| Hostel support workers | 21 | 21 | |
| 26 | 26 | ||
| costs (for the above persons) | |||
| Wages &salaries | 864,222 | 678,606 | |
| Social security | 80,720 | 60,508 | |
| Other pension costs | 91,163 | 59,541 | |
| 81,036,105 | f798,655 |
| TANGIBLE FIXEDASS | ETS —HOUSING | PROPERTIES | ||||
|---|---|---|---|---|---|---|
| Freehold | Leasehold | Plant, vehicles, | Furniture | & | ||
| Property f |
Alterations f |
Equipment etc f |
Fittings 6 |
Total 6 |
||
| Cost: | ||||||
| At 1st April 2022 | 868,699 | 509,635 | 91,093 | 68,645 | 1,434,397 | |
| Additions | 66,385 | 7,900 | 8,708 | 82,993 | ||
| Disposals | ||||||
| At 31st March 2023 | 868,699 | 576,020 | 98,993 | 77,353 | 1,621,066 | |
| Depreciation: | ||||||
| At 1st April 2022 | 239,624 | 77,478 | 68,622 | 385,724 | ||
| Charge for the year | 29,068 | 5,866 | 11 | 34,945 | ||
| On Disposals | ||||||
| At 31st March 2023 | 268,692 | 83,344 | 68,633 | 420,669 | ||
| Net book amounts: | ||||||
| At 31st March 2023 | 868,699 | 307,328 | 15,649 | 8,720 | 1,200,396 | |
| At 1st April 2022 | 868,699 | 260,514 | 13,615 | 24 | 1,152,349 |
| 2023 6 |
2022f | |||||
|---|---|---|---|---|---|---|
| Term deposits | with finance houses | 573,380 | 564,067 | |||
| Seven Investment | Management | 689,610 | 719,965 | |||
| Brooks MacDonald | 789,700 | 694,537 | ||||
| Investec | 200,000 | |||||
| Aegon | 1,164,365 | 987,694 | ||||
| Investec Kick-Out | Plan | 96 | 106,850 | |||
| HEY Credit Union | 66,174 | 65,520 | ||||
| 63,283,229 | F3,338,633 | |||||
| 9. | DEBTORS | |||||
| 2023 | 2022 | |||||
| 6 | ||||||
| Trade debtors | 25,005 | 42,434 | ||||
| Prepayments | and | accrued income | 55,604 | 21,805 | ||
| 580,609 | 664,239 | |||||
| 10. | CREDITORS: | amounts | falling due within one year | |||
| 2023 8 |
2022f | |||||
| Trade creditors | 43,877 | 12,674 | ||||
| Other creditors | 63,415 | |||||
| Accruals and deferred | income | 15,518 | 9,854 | |||
| f59,395 | 685,943 |
| CREDIT | ORS: a | mounts | falling due after more than | one year | |
|---|---|---|---|---|---|
| 2023f | 2022f | ||||
| Recycled | capital | grant | fund | 635,000 | 635,000 |
| f635,000 | f635,000 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| 6 | 6 | ||||
| Surplus for | the year | 592,738 | 408,466 | ||
| Adjustments | for | ||||
| Pension gain |
(392,000) | (168,000) | |||
| Depreciation | 34,945 | 21,810 | |||
| Investment | loss/(gain) | 55,404 | (42,355) | ||
| Movements | in working | capital | |||
| Decrease/(increase) | in | debtors | (16,370) | (34,944) | |
| (Decrease)/increase | in | creditors | (26,548) | (36,638) | |
| 8248,169 | 8148,339 |
| l actuar | ial assumptions | ||
|---|---|---|---|
| 2023 | 2022 | ||
| Financial assumptions | |||
| Discount | rate | 4.75'/o | 2 7o/o |
| Future salary increase | 3'/o | 4.2'/o | |
| Pension | Increase rate | 3'/o | 3.3'/o |
| 2023 | 2022 | ||
| Financial assumptions | |||
| Retiring | today: | ||
| Males | 20.8 | 20.8 | |
| Females | 23.7 | 23.5 | |
| Retiring | in 20 years: | ||
| Males | 21.5 | 22.0 | |
| Females | 25.2 | 25.3 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Amounts recognised |
in surplus or deficit | ||||
| Current service cost | 30,000 | 35,000 | |||
| Loss on settlements | |||||
| Amounts charged to |
operating costs | 530,000 | 535,000 | ||
| 2023 | 2022 | ||||
| Net interest | 9,000 | 3,000 | |||
| Amounts charged to |
other | finance costs | 59,000 | S3,000 | |
| Reconciliation ofopening |
and closing balances ofthe present value of plan | assets | |||
| 2023 | 2022 | ||||
| Opening scheme liabilities Current service costs |
(1,570,000) (30,000) |
(1,629,000) (40,000) |
|||
| Interest cost | (42,000) | (31,000) | |||
| Contributions by members Benefits paid |
(6,000) 40,000 |
(8,000) 75,000 |
|||
| Remeasurements | 233,000 | 63,000 | |||
| Closing scheme liabilities |
E(1,375,000) | E(1,570,000) |
| Reconc | iliatio | n ofopening and closing balanc |
es ofthe fair value | of plan asset | s |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Opening | fair | value of plan assets | 1,885,000 | 1,776,000 | |
| Interest | income | 51,000 | 34,000 | ||
| Participants | contributions | 6,000 | 8,000 | ||
| Return on plan assets (in excess of interest income) | 166,000 | 124,000 | |||
| Contributions | by employer | 14,000 | 18,000 | ||
| Benefits | paid | (40,000) | (75,000) | ||
| Closing | fair value of plan assets | 52,082,000 | 61,885,000 | ||
| 2023 | 2022 | ||||
| Actual | return on scheme assets | 707,000 | 147,000 | ||
| Major categories of plan assets as a percentage | oftotal plan assets | ||||
| 2023 | 2022 | ||||
| Equities | 72'/o | 73'/o | |||
| Bonds | 17'/o | 17'/o | |||
| Property | 9'/o | 9'/o | |||
| Cash | 2'/o | 1 '/o |