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|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|||||
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||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|
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|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||
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|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|
##
##
##
##
##
##
##