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2023-03-31-accounts

Page
Company
Information
Trustees'
Annual Report		 2 to 7
Reporting Accountant's
Report
Statement ofComprehensive
Income
Statement ofFinancial Position 10
Statement ofChanges
in Reserves
Statement ofCash Flows 12
Notes to the Financial Statements 13to 23
Detailed Income and Expenditure Account 24
(for management
purposes
only)
The Newark Emmaus
Trust		 The Newark Emmaus
Trust
REGISTERED COMPANY NUMBER: 2783331 (England and Wales)
REGISTERED~NUMBER: 1017344
TENANT SERVICES
AUTHORITY REGISTERED NUMBER: 4640
OPERATIONAL ADDRESS: 37Northgate
Newark
Nottinghamshire
NG24 1HD
REGISTERED OFFICE: 37Northgate
Newark
Nottinghamshire
NG24 1HD
MANAGEMENT CO~K: IDBlatherwick - Vice Chaiuuan and Treasurer
N JBurley - Chief Executive Offtcer (no voting rights)
AJDown
E EFulcher
SM Gilbert
MRHaig
IA Howlett - Chairman
A C Kitt
KMcGanigle
A A M Readman
CRose
SECRETARY: JD Blathcrwick.
REPORTING ACCOUNTANT: Adrisn Heigh FCA
StePhenson Nuttall
/k Co
C~Accountants
Ossington
Chambers
6/8 Castle Gate
Newark
Nottinghamshire
NG24 1AX
SOLICITORS: Tallents Solicitors, 3 Middlcgate, Newark, Nottinghamshhe, NG24 1AQ
HSBC, The Market
Barclays Bank, Thc		 Place, Newark, Nottinghamshhu,
NG24
Market Place, Newark, No~hire,		 1EQ
NG24 IFJ
CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Mailing, Kent, ME194JP

efiort.
Year ended Year ended
31uMarch 20o3 31"March 2022
f
Headline social housing cost per unit 8 682 7774
Headline Social housin cost er uuit - assesses the hmdliae social housing cost per unit.
Efficiency
This is ameasure ofproductivity. We strive to deliver the same level ofservice for less cost, time, or etfort.
Year ended Year ended
31"March 2023 31"March 2022
Reinvestment
iu housing units for		 young people 0 0'/ 0 0'/
Operating margin (social housing lettings only) 42 80/ 45 1o/0
Operatmg margin (overafi) -3.8'/0 5 70/0
Return on capital employed -1.4'/o 2 20/
L'amings before interest, tax, depreciation, and major repairs
included interest cover 79 lo/0 258.7'/o
Gearing Currently
The Newark.		 Euunaus
Trust does not have any
borrowings
or interest		 on borrowmg.

31/3/23 31/3/22
Notes
Turnover 736,940 770,876
Less: Operating
costs		 764957 ~727 40
Operating
surplus		 (28,017) 43,636
Interest receivable
and		 other income 3,881 1,268
Interest and financing costs 28 000 (2~6000
Surplus
on ordinary		 activities before taxation (52,136) 18,904
Tax on surplus
on ordinary		 activities
Surplus for the year after nrr (52,136) 18,904
Remeasurement
gain/floss)		 on defined benefit pension scheme 17 983 000 281000
Total Comprehensive Income for the year 930 864 299904

STATEMENT OF FINANCIAL POSITIO
31stMARCH 2023		 N
31/3/23 31/3/22
Notes
FIXEDASSETS
Housing properties 11 964489 990,476
Other fieehold properties 11 151,250 156,069
Other fixed assets 11 70,136 85,432
Investments 12 158964 157279
1,344,639 1,389256
CURRENT ASSETS
Debtors 13 26,080 69,543
Cash at bank and in hand 694 757 624 187
720,837 693,730
CREDITORS
Amounts
falfing due within one year
NETC~ASSETS		 14 69943 650 894 78 135 615595
TOTAL ASSETSLESSCURRENT LIABILITIES 1,995,533 2,004,851
CREDITORS
Amounts
falling due after more than one year		 15 8 182
NKT ASSETSEXCLUDING PENSION
LIABILITY 1,995,533 1,996,669
Defined benefit pension scheme liability 17 152000 I 084000
NET ASSETS
FUNDS 18
Unrestricted
funds
General funds I 019021 861759
Unrestricted
funds excluding		 1,019,021 861,759
pension
liabiTity
Pension reserve ~152000 1084 000
Total unrestricted
(deficit)/funds		 867,021 (222/41)
Restricted funds 12/23 144,434
Endowment
reserve		 964289 990476
TOTAL FUNDS

General Total
unrestricted Pension unrestricted Restricted Endowment
funds reserve funds funds reserve Total
6
At31~MARCH ZOZ1 781,49Z (1310,000) (528408) 124,610 1,016,663 612,765
Surplus/(deficit)
for the year		 103,080 (104,000) (920) 19,824 18,904
Remeasurement
gahr/(toss)		 on defined
benefit pension scheme 281,000 281,000 281,000
Transfers (Pension contributions) (49,000) 49,000
Trausfers
(Housing properties		 —depreciation) 26 187 26 187 26 187
At31~MARCH 20Z2 ~861759 ~1084000 (2222
41)		 ~144 434 ~90476 9~12669
Smplus/(deficit)
for the year		 181,075 (101,000) 80,075 (1327.11) (52,136)
Remeasurement
gain/(loss)		 on defined
benefit pension scheme 983,000 983,000 983,000
Transfers (Pension contributions) (50,000) 50,000
Transfers (Housing properties - depreciation) 26 187 26 187 26 18
AT 31~MARCH 2023 1019021 ~152000 8~67021 ~12 23 ~964 89 ~1843 33

31/3/23 31/3/22
f
NET CASH FLOW FROM OPERATINGAC~S (Note 20)
CASH FLOW FROM INVESTINGA~S		 72,724 224252
Payments
to acquire tangible tired assets		 (3,291) (25,003)
Purchase ofinvestments (1,685) (75,884)
Interest received and other income 2 822 968
NET CASH FLOW FROM INVESTINGAC~S 2 154 99 919
NET CHANGE IN CASH AND CASH EQUIVALENTS 70,570 124,333
Cash and cash equivalents
at le April 2022		 624 187 499 854
CASH AND CASH EQUIVALENTS AT 31st MARCH 2023 694757 ~624 187
CASH AND CASH EQUIVALENTS CONSISTS Opt
Cash at bank and in hand 694 757 624 187
CASH AND CASH EQUIVALENTS AT 31stMARCH 2023 694 757 624 187

ly
allocated
Wages
ng basis:		 have been apportione
Social housing Non-social
Lettings 11011slilgactlvrtles
30% 70%

31/3/23 31/3/22
Operatmg Operating Operating Operating
Notes Tnrnovcr costs
f,		 surplus/(deficit) Turnover
f		 costs
6		 surplus/(deficit)
Social housing lettings 3 546311 312,550 233,761 510,068 279,857 230411
Non-social housing activities 4 190629 452 407 (2~6778 260 806 ~447
3		 ~18657
736940 ~764
57		 ~28 01 770 876 ~727 40 43 636

31/3/23 31/3/22 31/3/22
Rent, housing benefits and service agreement 546311 510 068
Turnover from social housin lettin s 546311 510 068
Management
Costs
Insurance 5,664 5,298
Service Costs
Staff costs (note 8) 152,114 149,655
Telephone 750 750
Routine ruaintenance and renewals
Maintenance
and services		 106,908 74,586
Bad debts 13,166 17,429
Depreciation
Housmg properties 26,187 26,187
Fquipment
and computers		 7761 5 952
0 cretin
costs on social hous'		 le ' s 312550 279 857
0 era '
s
lus on		 social housin lettin s 233 761 ~230 11
Void losses I 186 7 335

31/3/23 31/3/22
Grants
Beatrice Laing Trust 2,500
Boots Charitable
Trust		 9,982
Children
in Need		 16,232
Garfield Weston Foundation 30,000
John Lewis Partnership 1,000
JN Derbyshire
Trust		 1,500
Lloyds Bank Fouudation 27/50 4,041
London North Eastern Railway Limited 6,964
Mansfield Building Society 250
National
Lottery Fund
Nottin~e
County Council
No~bite
Police &Crime Commissioner		 48,115
12,685
10,812		 94,925
40,745
15,749
Postcode Places Trust 16,364
StJames's Place Charitable Foundation 2,500
The Jones 1986Charitable Trust 5,000
The Thomas Farr Charity 4400 2,000
Veolia 853
141,511 212,156
Donations
and legacies
Covenants 1,440 1,440
Donations 31299 37,300
Legacies ~351 4004
32,388 42,744
Other income
Fundraising
income		 16730 5 908
Turnover
from non-social		 hous' activities 190629 2~60 808
Expenditure
Staffcosts (note 8) 354,934 349,194
Office costs 31,425 35,359
Trainiug
centre general costs		 230 226
Bursary scheme
Marketing 729
Motor expenses 2,032 1,880
Accountancy 3,942 3,738
Bank charges 337 448
Recruitment
and advertising		 450
Other professional
fees		 3,471 6,091
Fundraisiug
costs		 13,641 . 529
Other freehold properties deprectation 4,819 4,819
Fquipment
aud computers		 depreciation 5,416 6,226
Motor vehicles depreciation 5,390 7,188
Fquipment
and computers		 loss on disposal 19
Residential
activities		 26,022 31,191
Less: Residents
contribudous
26 022 31 191
0 eratin
costs on uon-social housdn		 activities 4~52 407 ~447
83
0 era
su
lus/ deficit		 on nou-social housin activities ~261778 86 57
FOR THK YEAR ENDED 31st MARCH THK YEAR ENDED 31st MARCH 2023 2023
5. INTEREST RECEIVABLE AND OTHER INCOME
31/3/23 31/3/22
Interest receivable
and other income		 ~3g ~6
6. INTEREST AND FINANCING COSTS
31/3/23 31/3/22
f 8
Finance costs ofdefined benefit pension scheme
7. OPERATING SURPLUS FOR THE YEAR
The operating surplus for the year is stated after charging:
31/3/23 31/3/22
Depreciafion
—owned assets		 49,573 50,372
Loss on disposal 19
Pension costs —defined benefit scheme 72,000 77,000
Pension costs —defined conutbuhon scheme 1~0
STAFF COSTS
31/3/23 31/3/22
Wages and salaries 393,010 381,028
Social security costs 32,145 30,087
Pension costs —defined benefit scheme 72,000 77,000
Pension costs —dehned contribution scheme 9 893 10734
~849
31/3/23 31/3/22
Social housing lettings 152,114 149,655
Non-social housing
activities		 354934 349 194
~7048
No employee received emoluroents ofmore than 660,000.
31/3/23 31/3/22
Number Number
The average monthly
number ofemployees		 during the year was as follows: 12

FIXEDASSETS
Other Total Equipment
Housing freehold fieehold Motor and
properties properties propernes vehicles computers Totals
COST
At la April 2022 1.342,851 240,950 1,583,801 40,000 120,763 1,744,564
Additions
Disp os ala		 3291
~344		 3,291
~344
At 31oMarch 2023 1342 851 240 950 1 583 801 40 000 123710 1 747511
DEPRECIATION
At 1"April 2022 352,375 84,881 437256 18,438 56,893 512,587
Charge for year
Eliminated
on disposal		 26, 187 4,819 31,006 5,390 13,177
~324		 49,573
~324
At 31u March 2023 378 562 89700 468 262 23 828 69746 561 836
NET BOOKVALUE
At 3la March 2023 ~964 89 151250 1 115539 16172 53 964 1 185675
At 31 March 2022 990 476 156069 1 146545 21 562 63 870 ~131977

12. FIXEDASSFTINVESTMENTS
31/3/23 31/3/22
Investments
at market value		 %~779
13. DEBTORS:AMOUNTS FALLING DUF.WITHIN ONE YEAR
31/3/23 31/3/22
f.
Rent arrears 15,925 16,668
Prepayments
and other debtors		 10155 52 875
~2
14. CREDITORS: AMOUNTS FALLING DUK WITHIN ONK YEAR
31/3/23 31/3/22
15. Accruals aud deferred income
CREDITORS: AMOUNTS FALLING DUE~MORE THAN		 ONE YEAR 1E235
31/3/23 31/3/22
Accruals and deferred income ~12
16. DEFERRED INCOME
Under 1year Over 1year Total
At 1"April 2022 37,323 8,182 45,505
Amounts
deferred
during the year		 29,141 29,141
Amounts
released to iucome		 ~37 323 ~8182 ~45 505
At31"March 2023 Q2~L4. 2~4

respect ofthe paxt ofthe Nottinghamshire
County Council P		 respect ofthe paxt ofthe Nottinghamshire
County Council P		 ens ion Fund attributab le
to the chari		 ty.
The total cost recognised
in the period was as follows:-
31/3/23 31/3/22
f f.
Current service cost 72,000 77,000
Net interest income/expense
A~tion
expenses		 28,000
I 000		 26,000
I 000
Recognised in the surplus/deficit
for the year
Remeasurement
(gain)/loss
recognised
in other
Total cost recognised		 comprehensive income (see below) 101,000
~983 000
(~200		 104,000
~281 000
~77
)
The remeasurement
(gain)/loss
recognised in other comprehensive		 income comprises the following amounts:—
31/3/23 31/3/22
f
Actuarial
(gam)/loss
Othera~ (gains)/losses
on assets		 (1,079,000)
(68,000)		 (146,000)
Change in demographic
assumptions
Experience (gain)/loss
on scheme obligation
Actual (return)/loss
on scheme assets (excluding
Remeasurement
(gain)/loss
recognised in other		 interest income)
comprehensive
income		 (149,000)
218,000
95000
~9000		 4,000
~139000
~2
Amounts
recognised
on the Statement ofFinancial Position		 were as foBowst-
31/3/23 31/3/22
Present value offimded obligations
Pair value ofscheme assets
Net defined benefit pension schcune liability		 (2,189,000)
2 037000
~10		 (3,103,000)
2 019000
(1084~

PENSION COMMITM ENTS - continued ENTS - continued ENTS - continued
Changes
in the present		 value ofthe defined benefit obligations were as follows:-
31/3/23 31/3/22
Opening
defined benefit		 obligation 3,103,000 3802,000
Current service cost 72,000 77,000
Interest expense 80,000 62,000
Actuarial
(gain)/loss		 (1,079,000) (146,000)
Change in demographic assumptions (149,000)
Experience (gain)/loss 218,000 4,000
Contributions
by scheme participants
Benefits paid
Closing defined benefit obligation		 11,000
~67000
~0		 11,000
~107000
~03 000
Changes
in fair value ofthe pension scheme assets		 were as follows:-
31/3/23 31/3/22
Opening
scheme assets		 2,019,000 1,892,000
Interest income
Actual ~(loss) on scheme assets		 (excluding iuterest income) 52,000
(95,000)		 36,000
139,000
Other actuarial
gains/(losses)		 68,000
Admhustrmon
expenses		 (1,000) (1,000)
Contributions
by employer		 50,000 49,000
Contributions
by scheme		 participants 11,000 11,000
Benefits paid
Closing scheme assets		 ~67 000
~3700(		 ~107000
2~00
The amount
that each major class ofpension scheme assets constitutes		 ofthe fair value ofthe total scheme assets
was as follows:-
31/3/23 31/3/22
Equities 1,186,000 58% 1,224,000 61%
Gilts 42,000 2% 59,000 3%
Other bonds 121,000 6% 138,000 7%
Property 242,000 12% 259,000 13%
Cash 107,000 50/ 113,000 5%
Infiation-)m)red
pooled fund
~cture		 103,000
160,000		 50/
8'/		 106,000
120,000		 5%
6%
Private equities 76000 4% 0%
Total assets 100% 2~01
OILQ		 100%
The return/(loss)
on scheme assets was as follows:-
31/3/23 31/3/22
f, f
Interest income 52,000 36,000
Actual return/Uoss)
on scheme assets		 (excludmg interest income) ~95 000 139000
Total return on plan assets ~43 000 Z~109
The principal actuarial assumpfions used were as fofiows:-
31/3/23 31/3/22
Discoimt rate 4.80% 2.60%
Expected rates ofsalary mcreasas 3.85% 4250/0
Expcctcsf tates ofpensiou increases 2.85% 3.25%
Expected rate ofiuflation 2.82% 3.25%
The mortality
assumpfions		 used for longevity
(in		 years) ou retirement at age 65 are:
Refiring at thc Statement ofFinancial Position date
—Males 20.7 21.6
—Females 23.5 24.3
Retiring iu 20years
—Males 22.0 23.0
—Females 25.0 25.8

FUNDS
Unrestricted Total
General Pension Unresizicted Restricted Endowment Total
frmds reseive funds funds reserve funds
f
Income
Social housmg
lettings		 546,311 546,311 546,31I
Donations
and legacies		 30,582 30,582 1,806 32,388
Fuudraising
income		 16,730 16,730 16,730
Grants 49614 ~49
4		 91 897 141511
Turziovez
Interest receivable
and other		 mcome 643,237
~381		 643237
3 881		 93,703 736,940
3 881
Total income 647 118 647 118 93 703 740 821
Expenditare
Insurance 5,664 5,664 5,664
Staffcosts 249,851 72,000 321,851 185,197 507,048
Telephone
—accommodation		 750 750 750
Maintenance
aad services		 97721 97421 9,687 106908
Residential
activities		 3,737 3,737 22/85 26,022
Oflice costs —telephone 667 667 4,119 4,786
Ofice costs —other 23,411 23,411 3,228 26,639
Training
Centre general costs		 230 230
Marketing 729 729 729
Motor expenses 1495 1495 737 2,032
Accountancy 3,942 3/42 3,942
Bad debts 13,166 13,166 13,166
Bank charges 337 337 337
Other professional
fees		 2,040 1,000 3,040 431 3,471
Fundraisiug
costs		 13,641 13,641 13,641
Depreciatiou - Housing properties 26,187 Z6,187 26,187
Depreciation
—Other freehold properties		 4,819 4,819 4,819
Depreciation
—Motor vehicles		 5,390 5390 5,390
Depreciaiion
—Equipmeut		 and compuuns 13,177 13,177 13,177
Loss on disposals
—Fxpdpment		 aud computers 19 19 19
466,043 73,000 539,043 225,914 764,957
Finance costs ofdeffoed benefit
pension scheme 28 000 28 000 28 000
466043 101000 567043 225 914 ~792 57
SmptasI(deficit)
for the year		 181,075 (101,000) 80,075 (132411) — (52,136)
Remeasurement
gain/Uoss)		 on dcffued
benefit peosion scheme 983,000 983,000 983,000
Transfers (Pensiou contributions) (50,000) 50,000
Trans fins (Housmg properties —depzcciarion) 26,187 26,187 (26,187)
Balance at ls April 2022 ~86175 ~1084000 (2222 4I 144 434 990 476 912669
Balance iu 3Is March 2023 I 019021 ~152000 867021 ~12 23 ~964 89 I 843 533

YEARENDED 31sr MARCH 2023
Total
Pension unrestricted Restricted Endowment
reserve fimds fimds reserve Totals
FIXEDASSETS
Housing
properties		 964P89 964489
Other freehold properties 151/50 151450 151450
Other axed assets 70,136 70,136 70,136
Iuvestments 158,964 158,964 158,964
CURRENT ASSETS
Debtors 26,080 26,080 26,080
Cash at bank and in hand 682,534 682,534 12223 694,757
CREDITORS
Amounts
falling due within one year		 (69,943) (69,943) (69,943)
DEFINED BENEFIT PENSION
SCHEME LIABH,ITY ~152000 ~152000 ~152000
TOTAL NET ASSETS/(LIABILITIES)d)IEd)22
YEARENDED 31~MARCH 2022
Total
General Pension imrestricted Rc~cted Endowment
funds reserve funds funds reserve Totals
FTXKDASSETS
Housing properties 990,476 990,476
Other freehold properties 156,069 156,069 156,069
Other Bxed assets
Investments
C~ASSETS		 85,432
157779		 85,432
157,279		 85,432
157279
Debtors 69,543 69,543 69,543
Cash atbank and in hand 479,753 479,753 144,434 624,187
CREDITORS
Amounts
falling due w(Gun one year		 (78,135) (78,135) (78,135)
CREDITORS
Amounts
faiihrg due ager more
than one year (8,182) (8,182) (8,182)
DEFINED BFNEITI' PENSION
SCHEME LIABILIIY
TOTAL NET ASSFTS/(LIABILITIES)		 ~1084000(~ ~1084000 — ~1084000

RECONCILIATION
OF OP
AC~		 ERATING SUR PLUS/(DEFIC IT) TO CASH FL OW FROM
31/3/23 31/3/22
I
Operating
Surplus/(deficit)
for the year		 (28,017) 43,636
Adjustments
for non-cash items:
Depreciation oftangible fixed assets 49,573 50,372
Loss on disposal oftangible fixed assts 19
Decrease/(increase)
in debtors		 44,523 41,624
Increase/(decrease)
in creditors		 (16,374) 59,620
Defined benefit pension costs less contribufious payable 23 000 29 000
Net cash flow from operating activities 72724 224.252

31/3/23 31/3/22
Number Number
Housin Accommodation for Lettin
Units 36

31/3/23 31/3/22
INCOME
Taraoveri
Donations 32,739 38,740
Legacies (351) 4,004
Grants 141,511 212,156
Rent, housing benefits and service charges 546,311 510,068
Fundraising
income		 16730 5 908
736,940 770,876
Other income:
Deposit account interest 1,135 84
Investment
income		 2 746 I 184
TOTAL INCOME 740 821 772 144
EXPENDITURE
Provision ofaccommodation:
Residential
activities		 26,022 31,191
Insurance 5,664 5498
Mamtenance
and services		 106,908 74,586
Telephone 750 750
Bad debts 13 166 17429
152,510 129/54
Training Centre costs 230 226
Staffcosts:
Wages 393,010 381,028
Social security 32,145 30,087
Pensions
—defiued benefit scheme
Pensions
—defined contnbution
scherue		 72,000
~893		 77,000
10734
507,048 498,849
Oflice costs:
Telephoue 4,786 4,517
Office expenses 7,328 12,570
Repairs and renewals 16,066 15,977
Sundry expenses ~345 2295
31,425 35,359
Other costsi
Bursary scheme 44
Recruitment
aad advertising		 450
Marketing 729
Motor expenses 2,032 1,880
Bank charges 337 448
Legal aud professional fees 3,471 6,091
Fundiaising
costs		 13,641 529
Accouataacy 3 942 3 738
24,152 13,180
Depreciation:
Freehold property 31,006 31,006
Equipment
and computers		 13,177 12,178
Motor vehicles 5 390 7 188
49,573 50,372
Loss on disposal offixed assets:
Liquipment
and computers		 19
Interest aad financ costs:
Interest and financing
costs of		 deiined bencfit
pension scheme 28 000 26 000
TOTAL EXPENDITURF. 792957 753 240
(DFXICIT)/SURPLUS FOR THE YEAR