OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

Trustees and Trustees and Directors: Directors: Directors: S Butterfill
D Craggs
P Hillary (Chair)
A Holland
G Marshall (Treasurer)
J Osman
R Hollis
G Tunney
A Holdup (appointed 1 September 2020)
Company Secretary: T Pickup
Senior Staff T Pickup (Chief Executive)
A Powell (Director of Finance and Central Services)
M Taylor (Operations Director)
T Keall (Operations Director)
N Wilsenham (Operations Director)
Registered Office: 125Albert Road South
Southampton
SO143FR
Registered Company Number: 03009700
Regulator of Social Housing
Registration Number: LH4337
Registered Charity Number: 1043664
Auditors: Nexia Smith 8 Williamson
Cumberland House
15 —17Cumberland Place
Southampton
SO152BG
Solicitors: Blake Morgan
New Kings Court
Tollgate
Chandler's Ford
Hampshire
SO53 3LG
Bankers: NatWest
68Above Bar Street
Southampton
SO147DS

Notes 2021 2020
ROOOs ROOOs
Turnover 11,909 10,550
Other Operating
Income (CJRS)		 110
Operating
costs		 (11,546) (10,356)
Operating
surplus		 473 194
Unrealised
surplus/(deficit)
on investments		 27 (23)
Surplus
on ordinary
activities before interest		 500 171
Interest receivable
and similar income
Interest payable
and similar charges		 (134) (78)
Surplus for the year 369 99
Actuarial
gain
in respect of pension scheme		 52 12
Total Comprehensive
Income for the year		 421

Retained
Earnings
ROOOs
Balance at 1 April 2019 3,196
Surplus for the year 99
Other Comprehensive Income 12
Balance at 31 March 2020 3,307
Balance at 1 April 2020 3,307
Surplus for the year 369
Other Comprehensive Income 52
Balance at 31 March 2021 3,728

Notes 2021 2020
f.000s KOOOs ROOOs ROOOs
Net cash generated
from		 operating activities 22 1,043 735
Cash flow from investing
Acquisition,
construction		 activities
and works		 to tangible (2,907) (2,219)
fixed assets
Grants received 472 984
Net cash used in investing activities (2,435) (1,235)
Cash flow from financing
New loans		 activities 2,626 1,229
Loans repaid (905) (65)
Interest
paid
Interest received		 (131)
3		 (77)
6
Net cash generated
in financing
activities		 1,593 1,093
Increase
in cash and cash equivalents		 201 593
Cash and cash equivalents at beginning ofyear 1,035 442
Cash and cash equivalents at end of year 1,236 1,035

estimated
u		 seful economic lives at the following rates:
Component Years Component Component Years
Structure 50 Boiler and Heating System Bathrooms" 10or 20
Roof 30 Windows
and Doors'		 Sub structure 10
Electrical Wiring 20 Solar Panels Kitchens" 5 or 10
UPVC windows and doors: 20 years; wooden
windows: 5 years
Bathrooms and Kitchens are depreciated
at the shorter rate where there are shared		 facilities

2 Operating
surplus
2021 2020
ROOOs ROOOs
Operating
surplus is stated		 after charging:
Depreciation - housing
properties		 283 186
- other fixed assets 179 156
Amortisation
of goodwill		 26 6
Auditors'
remuneration		 - as auditors
includ
(		 ing VAT and expenses) 16 15
- other services
Rent losses from bad debts - rent (net ofservice charges) 29 12
- service charges 24 10
Operating
lease costs		 - land and buildings 716 688
3 income and Expenditure from Social Housing Activities
2021 2020
ROOOs ROOOs
Income
Rent receivable
net of identifiable
service charges		 and voids 3,283 2,535
Service charges receivable 1,745 1,597
Revenue and capital grants relating
to lettings		 2,915 1,809
Revenue
and capital grants		 from other social housing activities 3,675 4,331
Turnover
from social housing		 activities 11,618 10,272
Social housing
activity expenditure
relating
to lettings		 7,551 6,146
Other social housing
activity		 expenditure 3,618 3,864
Total expenditure
on social		 housing
activity		 11,169 10,010
Operating
surplus
from social housing
activities		 449 262
Void losses 453 264

equivalents)
was:
2021 2020
Number Number
Housing
and support
Substance
misuse		 139
59		 119
59
Social enterprise 10 9
Finance 7 7
Administration 14 12
229 206

Senior Management
Team's emoluments
(including		 Senior Management
Team's emoluments
(including		 Senior Management
Team's emoluments
(including		 Senior Management
Team's emoluments
(including		 Senior Management
Team's emoluments
(including		 Senior Management
Team's emoluments
(including		 Senior Management
Team's emoluments
(including		 Senior Management
Team's emoluments
(including		 key Management
Per		 sonnel)
The aggregate
emoluments
of the Senior Management		 Team,
including
the		 Chief Executive, were: 2021 2020
ROOOs ROOOs
Wages and salaries 316 293
Employer
National
Employer
pension		 Insurance
contribution		 Contributions
costs		 36
41		 34
39
393 366
Remuneration payable to the highest paid Director excluding pension 78 76
For the year ended 31 March 2021 the number ofemployees whose annual
emoluments including pension contributions were 860,000 or more were:
2021 2020
Number Number

2021 2020
ROOOs ROOOs
interest receivable interest receivable and investment income
7 Interest payable
2021 2020
ROOOs ROOOs
Mortgage
interest		 144 111
Unwinding
of discount factor in respect ofthe pension		 growth plan 3 1
Less capitalised interest (13) (34)
134 78

Housing
property
Property
in		 Leasehold land Freehold land
development and property and property Total
held for lettlngs held for lettings
ROOOs ROOOs ROOOs ROOOs
Cost
At 1 April 2020 1,299 1,711 7,337 10,347
Transfers: (502) 246 256
Additions:
new properties		 766 1,578 2,344
works to existing properties 51 83 134
Disposals: components replaced (1) (")
At 31 March 2021 1,563 2,008 9,253 12,824
Depreciation
At 1 April 2020 195 1,139 1,334
Charge for the year 46 237 283
Disposals (1) (1)
At 31 March 2021 241 1,375 1,616
Net book va/ue
At 31 March 2021 1,563 1,767 7,878 11,208
At 31 March 2020 1,299 1,516 6,198 9,013

Intangible assets Goodwill
ROOOs
Cost at 1 April 2020 130
Additions —purchase of Linden House care home 291
At 31 March 2021 421
Amortisation
At 1 April 2020 84
Charge for the year 26
At 31 March 2021 110
Net Book Va/ue
At 31 March 2021 311
At 31 March 2020 46
Other fixed assets
Freehold Leasehold Motor ONce Housing
Property Improvements vehicles Equipment Equipment Total
ROOOs KOOOs ROOOs ROOOs ROOOs ROOOs
Cost
At 1 April 2020
Additions		 237 415
30		 130
62		 208
7		 373
58		 1,363
157
Disposals (18) (18)
At 31 March 2021 237 445 174 215 431 1502
Depreciation
At 1 April 2020
Charge for the year		 24
3		 317
48		 69
37		 134
32		 225
59		 769
179
Disposals (14) (14)
At 31 March 2021 27 365 92 166 284 934
Net book va/ue
At 31 March 2021 210 80 82 49 147 568
At 31 March 2020 213 98 61 74 148 594
On a historical cost basis, the freehold property would have been included at: 2021 2020
ROOOs ROOOs
Cost 296 296
Aggregate
depreciation		 (95) (92)
Depreciated
cost		 201 204

12 Investments Listed Unlisted 2021 2020
ROOOs ROOOs ROOOs f000s
Cost or valuation
Valuation
at 1 April		 2020 155 10 165 188
Unrealised
(deficit)l		 gain
in year		 27 27 (23)
Cost or Valuation
at 31 March		 2021 182 10 192 165
Historic Cost at 1 April 2020 and 31 March 2021 80 10 90 90
All listed fixed asset investments are stated at market value. The unlisted investment
is held at cost and
represents
100%of the share		 capital of Jamie's Computers Limited. Jamie's Computers Limited has
it
registered
office at		 125 Albert Road South, Southampton, SO14 3FR. Jamie's Computers was dormant
throughout
the 4 periods from		 1 April 2016 to 31 March 2021.Jamie's Computers Limited had 210,000 o
unpaid
share capital		 and E9,500 reserves at 31 March 2020 and 31 March 2021.
13 Debtors 2021 2020
f000s 8000s
Trade
Rent and service charge		 466 379
Debtors
Less Provision
for		 doubtful debts L2211 ~109
Rent and service charge (net of provision for doubtful debts) 255 270
Other trade debtors (net of provision) 378 284
Grants receivable 26 166
Other debtors 7
Prepayments
and accrued income		 281 145
947 865
All amounts
shown		 under debtors fall due for payment within one year.
14 Creditors: Amounts falling due within one year 2021 2020
ROOOs ROOOs
Secured mortgage 248 105
Trade creditors 393 392
Grants
in advance		 302 126
Taxation and social security 134 111
Intercompany
creditor		 (Jamies Computers Ltd) 10 10
Other creditors 266 241
Accruals and deferred income 140 151
Pension creditor (TPT) 24 23
Deferred
capital grant		 (Note 16) 68 64
1,585 1,223

Creditors: Amounts Creditors: Amounts falling due after more than one year 2021
ROOOs		 2020
8000s
Deferred
Secured
Pension		 capital grant
mortgages
creditor		 (note 16) 3,091
5,987
71		 2,690
4,410
88
9,149 7,188

A variable
rate of interest
was c
rates applied are:		 harged
on E3,046k of		 m ortgage
balances
(		 2020 E4,392k)
Th		 e variables
2021 2020
ROOOs KOOOs
LIBOR + 0.65% on the mortgage balance of 349 380
Bank of England (BoE)base rate + 3% on the mortgage balance of 271
Bank of England (BoE)base rate + 2.53%on the mortgage balance of 374
Bank of England (BoE)base rate
Bank of England (BoE)base rate		 + 2% on the mortgage
balance of
+ 2.55% on the mortgage
balance of		 991
1,706		 3,367
3,046 4,392
The mortgages
are repayable as follows:
2021 2020
ROOOs f000s
In less than one year
In more than one year but less than two years
In more than two years but less than five years		 248
257
528		 105
180
529
In more than five years 5,202 3,701
6,235 4,515

Deferred Capital Grant Capital Grant 2021 2020
ROOOs ROOOs
At 1 April 2,754 1,688
Grant received in year 472 1,108
Released to income
in the year		 (67) (42)
At 31 March 3,159 2,754
Amounts to be released within one year 68 64
Amounts to be released in more than one year 3,091 2,690
3,159 2,754

The ho using stock ofthe charitable
company
comprise		 d
the following
types of property.
2021 2020
Number Number
Leased supported units 287 279
Owned supported units 248 226
535 505




leases as set out below:

Land and buildings
2021 2020
KOOOs KOOOs
Operating
leases which expire:
Within one year 691 708
In two to five years 945 1,270
After five years 243 159
1,879 2,137

Pension Scheme (continued)
Present Values of Provision 2021 2020
KOOOs f000s
Present Value of Provision 94
Reconciliation
ofOpening and Closing Provisions		 2021 2020
KOOOs ROOOs
Provision
at start of period		 111 135
Unwinding
ofthe discount factor		 (interest expense) 3 2
Deficit contributions paid (23) (23)
Remeasurements —impact of any change in assumptions 3 (3)
Remeasurements —amendments to the contribution schedule
Provision
at end of period		 94
Income and Expenditure
impact		 2021 2020
ROOOs ROOOs
Interest expense 2
Remeasurements —impact ofany change in assumptions (3)
Remeasurements —amendments to the contribution schedule
Assumptions 2021 2020 2018
Rate of discount 0.66 2.53 1.39
each year end period: py
2021 2020 2019
R000s ROOOs ROOOs
Year 1 24 23 22
Year 2 25 24 23
Year 3 25 25 24
Year 4 22 25 25
Year 5 22 25
Year 6 22
Year 7
Year 8

ofthe employer s
participa		 s
participa		 ting
in the Fund
if it forms part of		 their balanced
investment
s		 trategy.
Reconciliation offunded status to Balance Sheet 31 March 2021 31 March 2020
KOOOs ROOOs
Fair value ofassets 1,058 823
Present value offunded defined
benefit obligation		 (1,050) (719)
Funded
status		 104
Unrecognised asset (8) (104)
(Liability) recognised on balance sheet 0
The key actuarial
assumptions
on which the Schem		 e Actuary's
calculations
are based		 are as follows:
31 March 2021 31 March 2020
%per annum %per annum
Discount Rate 2.1 2.3
RPI inflation 2.6 1.8
CPI inflation 2.6 1.8
Pension increases 2.6 1.8
General Pay inflation
Pension accounts rate of revaluation		 3.6 2.8
1.8

Mortality Assumptions
The mortality
assumptions
are		 based on the recent actual mortality experience of members within the Fund
and allow for expected
future		 mortality improvements. Sample life expectancies at 65 resulting from these
mortality
assumptions
are shown
below.
Assumed
Life expectancy
at		 65 2021 2020
Male
Member aged 65 at accounting date 23.1 23.0
Member aged 45 at accounting date 24.8 24.7
Female
Member aged 65 at accounting date 25.5 25.5
Member aged 45 at accounting date 27.3 27.2
Asset allocation
in the scheme is as		 follows: 2021 2020
Equities 57.0 52.7
Property 6.1 7.3
Government
bonds		 17.3 21.8
Corporate
bonds		 0 0
Cash 1.4 2
Other 18.2 16.2
Total 100.0 100.0
Amounts
recognised
in Income Statement		 2021 2020
FOOOs ROOOs
Operating
cost
Current service cost 67 89
interest on net defined
benefit		 asset 1
Expense recognised
in Income Statement		 67 88
2021 2020
Amounts
recognised
In other Comprehensive		 Income ROOOs ROOOs
Asset gains/(losses)
arising
during the		 period 193 65
Liability gains/ (losses) arising during the period (237) 51
Adjustments
in respect of paragraph		 28.22 96 (104)
Total amount
recognised
in		 other Comprehensive Income 52 12

Changes to present value of the defined benefit obligation 2021 2020
ROOOs ROOOs
Opening
defined
benefit obligation
Current service cost		 719
67		 651
89
Interest expense
on defined
Contributions
by participants
Actuarial
(gains)/ losses on		 benefit obligation
liabilities		 17
11
237		 16
15
(51)
Net benefits
paid out		 1 1
Closing defined benefit obligation 1,050 719
Changes to the fair value of assets 2021 2020
ROOOs ROOOs
Opening
fair value ofassets
Interest income on assets		 823
19		 650
17
Remeasurement
gains/ (losses) on assets
Contributions
by employer
Contributions
by participants
Net benefits
paid out		 191
15
11
(1)		 65
77
15
(1)
Closing fair value ofassets 1,058 823
Actual Return on Assets 2021 2020
ROOOs ROOOs
Interest income on assets 19 17
Gain/ (loss) on assets 191 65
Actual return
on assets		 210 82