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2022-03-31-accounts

Trustees and Trustees and Directors: Directors: Directors: S Butterfill
D Craggs (resigned 1 March 2022)
P Hillary (Chair)
A Holland (resigned 5 October 2021)
G Marshall (Treasurer)
J Osman
R Hollis
G Tunney (resigned 17January 2022)
A Holdup
A Davis (appointed 5 October 2021)
JAsh (appointed 5 April 2022)
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)
G Nesbitt (Director of Asset Management, appointed 14June 2021)
Registered Office: 125Albert Road South
Southampton
SO143FR
Registered Company Number: 03009700
Regulator of Social Housing
Registration Number: LH4337
Registered Charity Number: 1043664
Auditors: CLA Evelyn Partners Limited
Cumberland House
15—17Cumberland Place
Southam pton
SO152BG
Solicitors: Blake Morgan
New Kings Court
Tollgate
Chandler's Ford
Hampshire
SO53 3LG
Bankers: NatWest
68Above BarStreet
Southampton
SO147DS

Notes 2022 2021
KOOOs f000s
Turnover 13,773 11,909
Other Operating
Income (CJRS)		 110
Operating
costs		 (13,408) (11,546)
Operating
surplus		 365 473
Unrealised
surplus
on investments		 15 27
Surplus
on ordinary
activities before interest		 380 500
Interest receivable
and similar income
Interest payable
and similar charges		 (152) (134)
Surplus for the year 230 369
Actuarial
gain
in respect of pension scheme		 21 16 52
Total Comprehensive
Income for the year		 246 421

Retained
Earnings
KOOOs
Balance at 1 April 2020 3,307
Surplus for the year 369
Other Comprehensive Income 52
Balance at 31 March 2021 3,728
Balance at 1 April 2021 3,728
Surplus for the year 230
Other Comprehensive Income
Balance at 31 March 2022 3,974

Notes 2022 2021
ROOOs ROOOs f000s KOOOs
Net cash generated
from		 operating activities 22 707 1,043
Cash flow from investing activities
Acquisition,
construction		 and works to tangible (1,117) (2,907)
fixed assets
Grants received 385 472
Net cash used in investing activities (732) (2,435)
Cash flow from financing activities
New loans 2,626
Loans repaid (248) (905)
Interest
paid		 (153) (131)
Interest received 2 3
Net cash (used in)/generated in financing activities (399) 1,593
(Decrease)/Increase
in cash		 and cash equivalents (424) 201
Cash and cash equivalents at beginning of year 1,236 1,035
Cash and cash equivalents at end of year 812 1,236

estimated
useful e		 conomic li ves 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* 5or 10

2 Operating
surplus
2022 2021
ROOOs KOOOs
Operating
surplus is		 stated after charging:
Depreciation - housing
properties		 325 283
- other fixed assets 192 179
Amortisation
of goodwill		 36 26
Auditors'
remuneration		 - as auditors ( exclu ding VAT and expenses) 14 16
- other services 3
Rent losses from bad debts - rent (net ofservice charges) 32 29
- service charges 27 24
Operating
lease costs		 - land and buildings 753 716
3 Income and Expenditure
from Social		 Housing Activities
2022 2021
KOOOs KOOOs
Income
Rent receivable
net of identifiable
service charges		 and voids 3,752 3,283
Service charges receivable 1,807 1,745
Revenue
and capital		 grants relating
to		 lettings 3,153 2,915
Revenue
and capital		 grants from other social housing activities 4,654 3,675
Turnover
from social		 housing activities 13,366 11,618
Social housing
activity expenditure
relating		 to lettings 8,707 7,551
Other social housing activity expenditure 4,318 3,618
Total expenditure
on		 social housing
activity		 13,025 11,169
Operating
surplus
from social		 housing activities 341 449
Void losses 532 453
4 Staff costs
2022 2021
KOOOs ROOOs
Wages and salaries 6,795 5,915
Employer
National
Insurance		 Contributions 530 453
Employer
pension
contribution		 costs 502 377
7,827 6,745

enior Management
Team's		 enior Management
Team's		 enior Management
Team's		 enior Management
Team's		 emoluments
(including		 emoluments
(including		 emoluments
(including		 emoluments
(including		 emoluments
(including		 Key Management
Pers		 Key Management
Pers		 onnel)
The aggregate
emoluments		 of the Senior Management Team,
including
the		 Chief Executive, were:
2022 2021
ROOOs EOOOs
Wages and salaries 351 316
Employer National Insurance Contributions 41 36
Employer
pension		 contribution costs 45 41
437 393
Remuneration payable to the highest paid Director excluding pension 83 82
For the year ended 31 March 2022 the number of employees whose annual
emoluments including pension contributions were 660,000or more were:
2022 2021
Number Number

Interest receivab le and similar i ncome
2022 2021
ROOOs KOOOs
interest receivable and investment income 3
Interest payable
2022 2021
ROOOs ROOOs
Mortgage interest 163 144
Unwinding ofdiscount factor in respect ofthe pension growth plan 1 3
Less capitalised interest (11) (13)
153 134

Housing
property
Property in Leasehold land Freehold land
development and property and property Total
held for lettings held for lettings
KOOOs ROOOs EOOOs KOOOs
Cost
At 1 April 2021 1,563 2,008 9,253 12,824
Transfers: (1,563) 1,563
Additions:
new properties		 333 333
works to existing properties 139 481 620
Disposais: components replaced (28) (156) (184)
At 31 March 2022 333 2,119 11,141 13,593
Depreciation
At 1 April 2021 241 1,375 1,616
Charge for the year 49 276 325
Disposals (12) (66) (78)
At 31 March 2022 278 1,585 1,863
Net book va/ue
At 31 March 2022 333 1,841 9,556 11,730
At 31 March 2021 1,563 1,767 7,878 11,208

Intangible assets Goodwill
KOOOs
Cost at 1 April 2021 and 31 March 2022 421
Amortisatl'on
At 1 April 2021 110
Charge for the year 36
At 31 March 2022 146
Net Book Value
At 31 March 2022 275
At 31 March 2021 311

Other fixed assets
Freehold Leasehold Motor Office Housing
Property Improvements vehicles Equipment Equipment Total
ROOOs ROOOs KOOOs ROOOs KOOOs KOOOs
Cost
At 1 April 2021 237 445 174 215 431 1502
Transfers (4) (39) 43
Additions 41 68 10 21 24 164
Disposals (39) (5) (31) (75)
At 31 March 2022 278 470 184 192 467 1591
Depreciation
At 1 April 2021 27 365 92 166 284 934
Transfers (14) (32) 46
Charge for the year 50 38 28 71 192
Disposals (40) (5) (23) (68)
At 31 March 2022 32 361 130 157 378 1,058
Net book value
At 31 March 2022 246 109 54 35 89 533
At 31 March 2021 210 80 82 49 147 568
Qn a historical cost basis, the freehold property would have been included at: 2022 2021
KOOOs ROOOs
Cost 296 296
Aggregate
depreciation		 (98) (95)
Depreciated cost 198 201

12 Investments Listed Unlisted 2022 2021
ROOOs KOOOs KOOOs ROOOs
Cost or valuation
Valuation
at 1 April		 2021 182 10 192 165
Disposal at cost (45) (45)
Realised gains on investment (14) (14)
Unrealised
gain
in		 year 15 15 27
Cost or Valuation
at 31 March		 2022 138 10 148 192
Historic Cost at 1 April 2021 80 10 90 90
Disposal
during
the		 year (45) (45)
At 31 March 2022 35 10 45 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 its
registered
office at		 125 Albert Road South, Southampton, SO14 3FR. Jamie's Computers was dormant
throughout
the 6 periods
from		 1 April 2016to 31 March 2022. Jamie's Computers Limited had F10,000 of
unpaid
share capital		 and E9,500 reserves at 31 March 2021 and 31 March 2022.
13 Debtors 2022 2021
ROOOs EOOOs
Trade
Rent and service charge		 490 466
Debtors
Less Provision
for		 doubtful debts ~203 ~211
Rent and service charge (net of provision for doubtful debts) 287 255
Other trade debtors (net of provision) 667 378
Grants receivable 45 26
Other debtors 80 7
Prepayments
and accrued income		 167 281
1,246 947
All amounts
shown		 under debtors fall due for payment within one year.
14 Creditors: Amounts falling due within one year 2022 2021
KOOOs ROOOs
Secured mortgage 240 248
Trade creditors 633 393
Grants
in advance		 134 302
Taxation and social security 144 134
Intercompany
creditor		 (Jamies Computers Ltd) 10 10
Other creditors 352 266
Accruals and deferred income 108 140
Pension creditor (TPT) 7 24
Deferred capital grant (Note 16) 100 68
1,728 1,585

Creditor s: Amounts falling due after more than one year 2022 2021
ROOOs ROOOs
Deferred capital grant (note 16) 3,371 3,091
Secured mortgages (net offees) 5,657 5,987
Pension creditor 14 71
9,042 9,149

applied are:		 , ,.
2022 2021
KOOOs f000s
SONIA+ 0.65% on the mortgage balance of 317 349
Bank of England (BoE)base rate + 2% on the mortgage balance of 957 991
Bank of England (BoE)base rate + 2.55% on the mortgage balance of 1,639 1,706
2,913 3,046
2022 2021
ROOOs ROOOs
A fixed rate of3.2% was charged on mortgage balances of 688 729
A fixed rate of2.9%was charged on mortgage balances of 2,386 2,460
3,074 3,189
Th e mo rtgag es
are repayable
as follows:
2022 2021
ROOOs ROOOs
In less than one year 240 248
In more than one year but less than two years 247 257
In more than two years but less than five years 673 528
In more than five years 4,827 5,202
5,987 6,235

Deferred Capital Grant Capital Grant 2022 2021
KOOOs ROOOs
At 1 April 3,159 2,754
Grant received in year 395 472
Released to income
in the year		 (83) (67)
At 31 March 3,471 3,159
Amounts to be released within one year 100 68
Amounts to be released in more than one year 3,371 3,091
3,471 3,159

The ho using stock ofthe charitable
company
comprise		 d
the following
types of property.
2022 2021
Number Number
Leased supported units 282 287
Owned supported units 264 248
546 535

The company
had outstanding
commitments
for future
min
leases as set out below:		 imum
payments
under non-cancellable
operating		 imum
payments
under non-cancellable
operating
Land and buildings
2022 2021
ROOOs ROOOs
Operating
leases which expire:
Within one year 596 691
In two to five years 1,581 945
After five years 479 243
2,656 1,879

Present Values of Provision 2022 2021
ROOOs ROOOs
Present Value of Provision 21 94
Reconciliation
ofOpening and Closing Provisions		 2022 2021
KOOOs KOOOs
Provision at start of period 94 111
Unwinding
ofthe discount factor (interest		 expense) 1 3
Deficit contributions paid (24) (23)
Remeasurements —impact ofany change in assumptions (1) 3
Remeasurements —amendments to the contribution schedule (49)
Provision at end of period 21 94
Income and Expenditure
Impact		 2022 2021
ROOOs KOOOs
Interest expense 1
Remeasurements —impact of any change in assumptions (1)
Remeasurements —amendments to the contribution schedule (49)
Assumptions 2022 2021 2020
0/ 0/
Rate of discount 2.35 0.66 2.53
ear e nd period:
2022 2021 2020
ROOOs KOOOs ROOOs
Year 1 24 23
Year 2 25 24
Year 3 25 25
Year 4 22 25
Year 5 22

the employers participatin participatin g
in th		 e Fund
if it forms part ofth		 eir balanced
investment
str		 ategy.
Reconciliation offunded status to Balance Sheet 31 March 2022 31 March 2021
FOOOs ROOOs
Fair value ofassets 1,231 1,058
Present value offunded defined benefit obligation (1,083) (1,050)
Funded status 148
Unrecognised asset (148) (8)
(Liability) recognised on balance sheet
The key actuarial
assumptions
on which the Scheme		 Actuary's
calculations
are based		 are as follows:
31 March 2022 31 March 2021
'/0 per annum '/0 per annum
Discount Rate 2.7 2.1
CP I inflation 2.9 2.6
Pension increases 2.9 2.6
Pension accounts rate of revaluation 2.9 2.6
Salary increases 3.9 3.6

mortality
assumptions
are show		 mortality
assumptions
are show		 n
be		 low.
Assumed
Life expectancy at		 65 2022 2021
Male
Member aged 65at accounting date 22.9 23.1
Member aged 45 at accounting date 24.7 24.8
Female
Member aged 65 at accounting date 25.4 25.5
Member aged 45 at accounting date 27.1 27.3
Asset allocation
in the scheme is		 as follows: 2022 2021
0/
Equities 56.9 57.0
Property 6.9 6.1
Government
bonds		 17.2 17.3
Corporate
bonds
Multi Asset Credit 9.0
Cash 0.9 1.4
Other 9.1 18.2
Total 100.0 100.0
Amounts
recognised		 in Income Statement 2022 2021
KOOOs f000s
Operating cost
Current service cost 98 67
Interest on net defined benefit asset 1
Expense recognised in Income Statement 97 67
2022 2021
Amounts
recognised		 in other Comprehensive Income KOOOs ROOOs
Asset gains/ (losses) arising
during the period		 57 193
Liability gains/(losses) arising during the period 99 (237)
Adjustments
in respect of paragraph		 28.22 (140) 96
Total amount
recognised
in other		 Comprehensive Income 16 52

Changes to present value ofthe defined Changes to present value ofthe defined benefit obligation 2022 2021
KOOOs ROOOs
Opening
defined
benefit obligation		 1,050 719
Current service cost 98 67
Interest expense on defined benefit obligation 22 17
Contributions
by participants		 13 11
Actuarial
(gains)/ losses on liabilities		 (99) 237
Net benefits
paid out		 1 1
Closing defined benefit obligation 1,083 1,050
Changes to the fair value ofassets 2022 2021
KOOOs ROOOs
Opening
fair value ofassets		 1,058 823
Interest income on assets 23 19
Remeasurement
gains/ (losses) on assets		 57 191
Contributions
by employer		 81 15
Contributions
by participants		 13 11
Net benefits
paid out		 (1) (1)
Closing fair value ofassets 1 231 1,058
Actual Return on Assets 2022 2021
ROOOs KOOOs
Interest income on assets 23 19
Gain/ (loss) on assets 57 191
Actual return on assets 80 210

Reconcili ation
ofopera		 ting
s		 urp luses
to net cas		 h inflow from operat ing
activities
2022 2021
KOOOs ROOOs
Operating surplus 365 473
Amortisation
of intangible		 fixed asset 36 26
Amortisation
of deferred		 capital grant (73) (67)
Depreciation
oftangible		 fixed assets 517 446
Deficit on disposal
offixed assets		 114
(Increase) in debtors (239) (82)
Increase/(Decrease)
in creditors		 (29) 195
Pension scheme adjustment 16 52
Net cash inflow from operating activities 707 1,043
Analysis ofchange
in		 net debt
At 1 April 2021 Cash Flow Other At 31 March 2022
f000s KOOOs f000s EOOOs
Cash at bank and
in hand		 1,236 (424) 812
Debt due within one year (248) 248 (240) (240)
Debt due after one year (5,987) 330 (5,657)
Total (4,999) (176) 90 (5„085)