2021-03-31-accounts - Target Housing Limited

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		Note	2021	2020
			6	f
Turnover			10,122,921	8,190,684
Less: Operating costs			(9,070,236)	(7,628,032)
Operating surplus		1	1,052,685	562,652
Interest receivable and similar income		5	56	226
interest payable and similar charges		6	(61,113)	(71,239)
Surplus on ordinary	activities for the year		991,628	491,639

				Note	2021	2020
						r
Cash flow from operating	activities			17	1,447,196	614,508
Cash flow from investing	activities
Payments to acquire tangible		fixed assets			(1,955,901)	(276,709)
Receipts from sales oftangible fixed assets					56,058	2,654
Interest received					56	226
Net cash flow from investing		activities			(1,899,787)	(273,829)
Cash flow from financing	activities
Interest paid					(61,113)	(71,239)
Repayment of long term loans					(224,659)	(59,629)
Cash intlow from new borrowings					2,550,000	300,000
Net cash flow from financing		activities			2,264,228	169,132
Net increase in cash and cash equivalents					1,811,637	509,811
Cash and cash equivalents		at the beginning	ofthe		961,909	452,098
reporting period
Cash and cash equivalents		atthe end ofthe
reporting period					2,773,546	961,909
Cash and cash equivalents		consists of:
Cash at bank and in hand				9	2,773,546	961,909

Social housing income and expenditure
	2021	2020
	6	6
Gross rents receivable	5,098,627	3,993,760
Supporting People income Revenue grants receivable AASCincome Other income	805.398 216,731 3,600,926 401,239	823,974 110,056 3,108,758 154,136
	10,122,921	8,190,684
Social housing operating costs	(9,070,236)	(7,606,052)
Operating surplus	1,052,685	584,632
Operating surplus
Operating surplus is stated after charging:
	2021f	2020 E
Auditors remuneration
-as auditors -for non audit services Depreciation	3,700 6,362 249,257	3,600 7,362 220,407

The ave	rage n	umber		ofpersons employed during th	e year expressed in full time equivalent	s was:
					2021	2020
					No.	No.
Administration		staff			22	14
Housing	development			staff	96	90
					118	104
Total employee		emoluments:			2021	2020
					6	E
Gross salaries					2,483,392	2,003,135
Employers national			insurance		198,916	156,387
Pension	contributions				125,807	162,418
					2,808,115	2,321,940

Tangible fixed assets —housing	properties	(for letting)
			Properties
Cost
As at 1 April 2020			3,386,355
Additions			1,888,719
Disposals
As at 31 March 2021			5,275,074
Depreciation
As at 1 April 2020			692,235
Charge for the year			204,275
Eliminated on Disposals
As at 31 March 2021			896,510
Net book value
As at 31 March 2021			4,378,564
As at 31 March 2020			2,694,120

9,	Cash and cash equivalents	Cash and cash equivalents	Cash and cash equivalents			2021	2020f
	Cash at bank and	in hand				2,773,546	961,909
10.	Debtors					2021	2020
	All receivable within one year:					6
	Rents receivable					208,108	139,974
	Other trade debtors					421,402	536,851
	Prepayments and	accrued income				90,007	71,645
						719,517	748,470
	Included within rents		receivable	is a provision		off204,868(2020:6228,351) in respect of bad and
	doubtful debts in	relation to social housing			rent	arrears.
11.	Creditors					2021	2020
	Amounts falling due within one			year:		6	F
	Trade creditors					376,597	295,408
	Accruals and deferred		income			298,489	217,404
	Bank loans					116,201	116,373
	Other loans					11,932	11,348
						803,219	640,533
12.	Creditors					2021	2020
	Amounts falling due after one year:
	Accruals and deferred		income			1,464	3,419
	Bank loans					1,466,266	1,520,404
	Otherloans					2,481,732	102,665
						3,949,462	1,626,488

Reconciliation ofop	erating surplus to cash flows	from operating activities
		2021	2020
		8
Surplus for the year		721,628	750,639
Interest payable		61,113	71,239
Interest receivable		(56)	(226)
Depreciation		249,257	220,407
Loss/(Profit) on disposal		(6,018)	2,965
Decrease/(Increase)	in debtors	28,953	(271,224)
(Decrease)/Increase	in creditors	392,319	(159,292)
Net cash flow from	operating	1,447,196	614,508
activities

Changes	in the defined benefit obligation are as follows:
		2021
		ROOOs
Obligation	at the start ofthe year	1,576
Service cost		30
Interest expense		38
Actuarial	gains and losses	468
Benefits paid		(36)
Other		28
Obligation	at the end ofthe year	2,104

				2021
				0000s
Fair value at start ofthe year				1,385
Interest income				34
Return on plan assets, excluding	amounts	included	in net interest	198
Contribution by scheme participants				100
Deficit contributions				(36)
Fair value at the end ofthe year				1,681

The principle actuarial assu	mptions used are as follows:
		2021	2020
		%per annum	%per annum
Discount rate		2.17	2.38
Inflation (RPI)		3.28	2.63
Inflation (CPI)		2.86	1.63
Salary Growth		3.86	2.63
		75%of	75%of
Allowance for commutation	of pension for cash at retirement	maximum	maximum
		allowance	allowance