## ## ## |Contents||||Page| |---|---|---|---|---| |Company
information||||| |Board report||||2-12| |Statement ofBoard's|responsibilities|||13| |Independent
auditors'|report|||14 —17| |Accounting
policies||||18—20| |Income and Expenditure||Account||21| |Statement ofComprehensive|||Income|22| |Balance sheet||||23| |Cash flow statement||||24| |Notes to the financial|statements|||25-35| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## # ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## Independent Auditors. report to the members of Target Housing Limited (Limited by Guarantee) For the year ended 31 March 2023 There are inherent limitations in the audit procedures described above and the more removed non- compliance with laws and regulations is from the events and transactions refiecled in the financial slalemenls, the less likely we are lo beeome aware of it. Also. the risk of not delecling a material misstalemenl due lo fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by. for example. forgery (x inlenlional misfepresenlalions. or through collusion. A further description of our responsibiltthes is available on the Financial Reporting Council's website at www.frc.org.uklaudilorslaudit-assurancelauditor-5-responsibililies-for-lhe-audil-of-the-f￿des¢r1PIlon-0f -the-audilor's-responsibilities-for. This description fom15 part of our audilirfs report. Uso of our report This report is made solely to the housing association's members. as a bcmly, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and seCt￿n 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might slate to the association's members those fT7atters we are required lo stste to them in an auditor's 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 association and ils members as a body, for our audit work. for this reporL or for the opinions we have fomied. Simon Bladen. Senior Stslutory AudilL for and on behalf of Hawsons Chartered Accounlanls. Statutory Auditor Pegasus House 463a Glossop Road Sheffield S10 2QO -.2023 17 ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||(As restated)| |---|---|---|---| ||Note|2023|2022| |Turnover||13,920,051|12,053,660| |Less: Operating
costs||(13,822,878)|(12,027,059)| |Operating
surplus|1|97,173|26,601| |Interest receivable and similar income|5|453|86| |Interest payable
and similar charges|6|(121,270)|(63,539)| |Oegcit on ordinary
activities forthe year||~23,644|~36,352| ## ## |||||||(As restated)| |---|---|---|---|---|---|---| |||||Note|2023|2022| |Deficit for|the year||||~28844|~36,852| |Actuarial|gains/(losses)|in respect of defined|benefit pension||(42,000)|114,000| |scheme||||||| ||||||(65,644)|77,146| |Total comprehensive||(expenditure)/income|forthe year||~65644|77148| ## ## ## |||||||(As restated)| |---|---|---|---|---|---|---| |||||Note|2023f|2022| |Fixed assets||||||| |Properties at depreciated|||cost|7|10,011,337|8,400,941| |Other fixed assets||||8|162,730|144,463| |Total fixed assets|||||10,174,067|8,5454D4| |Current assets||||||| |Debtors||||10|1,099,306|850,111| |Cash at bank and|in hand|||9|758,316|1,566,886| ||||||1,857,622|2,418,997| |Creditors —amounts||falling due within one year||11|~4,589,295|~775D84| |Net current assets|||||768,329|1,841,913| |Total assets less|current||liabilities||10,942,396|10,187,317| |Creditors —amounts||falling due after one year||12|(7,921,860)|(7,066,137)| |Defined benefit liability||||19|(267,000)|(302,000)| |Total net assets|||||2,753,536|2,819,180| |Capital and reserves||||||| |Revenue reserve||||16|2,753,536|2,819,180| |Restricted reserves||||16||| ||||||2,753,536|2,819,180| ## ## ## ## |||||||(As restated)| |---|---|---|---|---|---|---| |||||Note|2023|2022| ||||||6|f| |Cash flow from operating|activities|||17|565,126|334,251| |Cash flow from investing|activities|||||| |Payments
to acquire tangible||fixed assets|||(2,187,774)|(4,440,240)| |Receipts from sales of tangible fixed assets|||||900|| |Interest received|||||453|86| |Net cash flow from investing||activities|||(2,186,421)|(4,440,154)| |Cash flow from financing|activities|||||| |Interest
paid|||||(121,270)|(63,539)| |Repayment
of long term loans|||||(78,290)|(69,616)| |Cash inflow from new borrowings|||||1,012,285|3,032,400| |Net cash flow from financing||activities|||812,?25|2,899,243| |Net (decrease) in cash and cash equivalents|||||(808,570)|(1,206,660)| |Cash and cash equivalents||at the beginning|ofthe||1,566,886|2,?73,546| |reporting
period||||||| |Cash and cash equivalents||at the end ofthe||||| |reporting
period|||||758,316|1,566,686| |Cash and cash equivalents||consists of:||||| |Cash at bank and in hand||||9|758,316|1,566,886| ## ## ## ## |Social housing
in|come and expenditure||| |---|---|---|---| ||||(As restated)| |||2023f|2022
E| |Gross rents receivable||7,719,287|6,332,834| |Supporting
People|income|1,240,708|1,153,687| |Revenue grants receivable||130,076|103,107| |AASC income||4,406,807|4,062,564| |Other income||423,173|401,468| |||13,920,051|12,053,660| |Social housing
operating costs||(13,822,878)|(12,027,059)| |Operating
surplus||97,173|26,601| |Operating
surplus|||| |Operating
surplus|is stated after charging:||| |||2023|2022| |||6|| |Auditors
remuneration|||| |-as auditors||4,290|3,900| |- for non audit services||6,710|7,140| |Depreciation||568,986|409,203| ## ## ## ## |The average
n|umbe|r|ofpersons employed
during th|e year expressed
in full time equivalent|s
was:| |---|---|---|---|---|---| |||||2023|2022| |||||No.|No.| |Administration|staff|||30|27| |Housing
development|||staff|148|121| |||||178|148| |Total employee|emoluments:|||2023f|2022f| |Gross salaries||||4,095,636|3,324,970| |Employers
national||insurance||366,363|281,574| |Pension
contributions||||178,423|202,924| |||||4,640,422|3,809,468| ||


f60,000was:|y
|| |---|---|---|---| |||2023|2022| |||No.|No.| ||In the band f100,001 - f110,000||| ||In the band f110,001 - 120,000||| |5,|Interest receivable||| |||2023|2022f| ||Bank deposits|453|86| |6.|Interest payable||| |||2023f|2022f| ||Mortgage interest|121,270|63,539| ## ## ## ## ## |Tangible fixed assets —housing
properties
(for letting)|| |---|---| ||Properties| ||6| |Cost|| |As at 1 April 2022 (as restated)|9,664,393| |Additions|2,107,870| |Disposals|| |As at 31 March 2023|11,772,263| |Depreciation|| |As at 1 April 2022|1,263,452| |Charge for the year|497,474| |Eliminated
on Disposals|| |As at 31 March 2023|1,760,926| |Net book value|| |As at 31 March 2023|10,011,337| |As at 31 March 2022 (as restated)|8,400,941| ||||||l40I-||IO O O
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in hand|758,316|1,566,886| |10.|Debtors|2023|2022| ||All receivable
within one year:|6|| ||Rents receivable|290,539|196,821| ||Other trade debtors|622,160|535,720| ||Prepayments
and accrued income|186,607|117570| |||1,099,306|850,111| ## ||doubtful
|debts
in relati|on to social housing
rent arr|
ears.|| |---|---|---|---|---|---| |11.|Creditors||||(As restated)| ||Amounts|falling due within one year:||2023|2022f| ||Trade creditors|||436,651|485,536| ||Accruals|and deferred|income|442,594|157,772| ||Bank loans|||196,627|119,429| ||Other loans|||13,421|12,347| |||||1,089,293|775,084| |12.|Creditors||||(As restated)| |||||2023|2022| ||Amounts|falling due after one year:|||| ||Accruals|and deferred|income||| ||Bank loans|||2,355,587|1,987,454| ||Other loans|||5,566,273|5,078,683| |||||7,921,860|7,066,137| ||Included|within creditors are the following amounts||due after more than 5years|| ||||||(As restated)| |||||2023|2022| |||||6|| ||After more than five years|||6,981,269|6,030,264| ## ## ## ## |||||||2023|2022| |---|---|---|---|---|---|---|---| |||||||8|F| ||Operating
leases which expire:||||||| ||Within one year|||||280,181|261,925| ||Within two to five years|||||348,216|528,362| ||After five years|||||14,000|14,000| |||||||642,397|804,287| |14.|Accommodation||in management|||2023|2022| ||Social housing|properties||owned|||| ||General||needs housing|||106|88| ||Social housing|properties||managed|||| ||General||needs housing|||471|428| ||Non-social
housing
properties||||managed||| ||Asylum||housing|||363|349| ||Total owned and||managed|||940|865| ## ## ## ## |16,|Reserves note||||||| |---|---|---|---|---|---|---|---| ||2023||B/fwd
f|Income
f|Expenditure
f|Pension
F|C/fwdf| ||Restricted funds||||||| ||SYF|||1,303|(1,303)||| ||RSAP|||367|(367)||| ||Clothworkers|||1,000|(1,000)||| ||Efficiency North|||1,000|(1,000)||| ||RMBC Adult care|||50,000|(50,000)||| ||Small individual|grants||5,974|(5,974)||| ||Unrestricted
funds||2,819,180|13,860,860|~13,884,584|~42.855|2,253,533| ||||2,819,180|13,920,504|(13,944,148)|(42,000)|2,753,536| ||2022 —As restated||B/fwdf|Incomef|Expendituref|Pensionf|C/fwdf| ||Restricted funds||||||| ||SMITF Welcome Fund||1,667||(1,667)||| ||BLFHull EU Revenue||8,517||(8,517)||| ||SYCFCSE||70||(70)||| ||SYFSprinklers|||1,955|(1,955)||| ||Children
in Need||3,998||(3,998)||| ||Clothworkers|||1,000|(1,000)||| ||Efficiency North|||1,000|(1,000)||| ||RMBC Adult care|||50,000|(50,000)||| ||Small individual|grants||9,167|(9,167)||| ||Unrestricted
funds||2,727,780|11,990,624|~I2, DI3.224|114,000|2,819,180| ||||2,742,032|12,053,746|(12,090,598)|114,000|2,819,180| ## ## ## ## ## |Reconciliation
ofo|perating
su|rplus to|cash fl|ows from operating|activities|| |---|---|---|---|---|---|---| |||||||(As restated)| ||||||2023
8|2022f| |Total comprehensive|(expenditure)/income||for the year||(65,644)|77,148| |Interest payable|||||121,270|63,539| |Interest receivable|||||(453)|(86)| |Depreciation|||||558,986|409,203| |(Profit) on disposal|||||(775)|| |(Increase) in debtors
Increase/ (decrease)|in creditors||||(249,195)
200,937|(130,594)
(84,959)| |Net cash flow from
activities|operating||||565,126|334,251| |Analysis ofchanges|in net debt|||||| |||(As restated)||||| ||||2022|Cash flows|Non-cash|2023| ||||||changes|| |Short term bcrrowings||(131,776)||78,290|(156,563)|(210,049)| |Long term borrowings||(7,066,137)||(1,012,286)|156,563|(7,921,860)| |Total borrowings||(7,197,913)||(933,996)||(8,131,909)| |Cash and cash equivalents||1,566,886||(808,570)||758,316| |Total net debt||(5,631,027)||(1,742,566)||(7,373,593)| ## ## ## |as a result is as follows:||||| |---|---|---|---|---| ||||2023|2022| ||||f000s|KOOOs| |Fair value ofscheme assets
Present value ofdefined benefit obligation
Defined benefit pension scheme deficit|||1,215
1,482
~267|1,943
2,245
~302| |Defined benefit obligation||||| |Changes
in the defined|benefit obligation|are as follows:||| ||||2023|2022| ||||8000s|6000s| |Obligation
at the start of the year|||2,245|2,104| |Service cost|||7|54| |Interest expense|||61|46| |Actuarial
(gains) and losses|||(739)|48| |Benefits paid|||(131)|(36)| |Member contributions|||35|25| |Other|||4|4| |Obligation
at the end ofthe year|||1,482|2,245| ## ## ## ## |||||2023|2022| |---|---|---|---|---|---| |||||SOOOs|EOOOs| |Fair value at start ofthe year||||1,943|1,681| |Interest income||||54|37| |Return on plan assets, excluding|amounts|included|in net interest|(781)|162| |Employer
contributions||||95|74| |Member contributions||||35|25| |Deficit contributions||||(131)|(36)| |Fair value at the end ofthe year||||1,215|1,943| ## |||||2023|2022| |---|---|---|---|---|---| |||||ROOOs|ZOOOs| |Deficit funding||liability at 1 April 2022||302|423| |Actuarial|movements||duding the year|42|(114)| |Current|service|cost|during the year|18|67| |Deficit contributions|||paid during the year|(95)|(74)| |Defined|benefit|liability at 31 March 2023||267|302| ## ## ## ## |The principal||a|ctuarial
assu|mptions
used are as follows:||| |---|---|---|---|---|---|---| ||||||2023|2022| ||||||%per annum|%per annum| |Discount rate|||||4.88|2.79| |Intlation (RPI)|||||3.20|3.59| |Intlation (CPI)|||||2.74|3.20| |Salary Growth|||||3.74|4.20| ||||||75%of|75%of| |Allowance for||commutation||ofpension for cash at retirement|Maximum|Maximum| ||||||allowance|allowance| |The mortality||assumptions||adopted at 31 March 2023 imply the following|life expectancies|| |||||||Life| |||||||expectancy at| |||||||age 65| |||||||(Years)| |Male retiring|in||2023|||21.0| |Female retiring|||in 2023|||23.4| |Male retiring|in||2043|||22.2| |Female retiding|||in 2043|||24.9| ## ##