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##
##
|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||||||||
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||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|
##
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##
##
##
||||||||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|
##
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##
##
##
##
|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)|
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