2023-03-31-accounts

			Reference and	Reference and	administrative	administrative	administrative	Information	Information
			for the year ended				31 March 2023
Trustees	and Directors:		S Butterfill						(appointed	15October 2015)
			P Hillary			(Chair)			(appointed	27 October 2016)
			G Marshall J Osman			(Treasurer)			(appointed (appointed	12October 2017) 12October 2017,
									resigned 4	July 2023)
			R Hollis						(appointed	5 February 2019)
			A Holdup						(appointed	1 September 2020)
			A Davis J Ash						(appointed (appointed	5 October 2021) 5April 2022)
			A Chaudry						(appointed	6 September 2023)
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 ofAsset			Management)
Registered	Office;		125Albert Road			South
			Southampton
			SO143FR
Registered	Company	Number:	03009700
Regulator ofSocial Housing
Registration	Number:		LH4337
Registered	Charity Number.		1043664
Auditors:			CLA Evelyn	Partners			Limited
			Cumberland		House
			15 —17Cumberland				Place
			Southampton
			SO152BG
Solicitors:			Blake Morgan
			New Kings Court
			Tollgate
			Chandler's	Ford
			Hampshire
			SO53 3LG
Bankers:			NatWest
			68Above BarStreet
			Southampton
			SO147DS

		Notes	2023	2022
			8000s	8000s
Turnover			15,268	13,773
Operating costs			(14,824)	(13,408)
Operating surplus			444	365
Unrealised surplus	on investments			15
Surplus on ordinary	activities before interest			380
Interest receivable	and similar income
Interest payable and similar charges			(259)	(152)
Surplus for the year			193
Actuarial gain In respect of pension scheme			19	16
Total Comprehensive Income for the year			212

		Retained Earnings
		EOOOs
Balance at 1 April 2021		3,728
Surplus for the year		230
Other Comprehensive	Income	16
Balance at 31 March	2022	3,974
Balance at 1 April 2022		3,974
Surplus for the year		193
Other Comprehensive	Income	19
Balance at 31 March	2023	4,186

						Notes		2023		2022
							f000s	8000s	f000s	8000s
Net cash generated from		operating		activities		23		1,484		707
Cash flow from investing Acquisition, construction		activities and works		to	tangible		(2,372)		(1,117)
fixed assets
Proceeds from	the sale of fixed				asset		51
Investments
Proceeds from the disposal			of housing	property			395
Grants received							700
Net cash used	In investing		activities					(1,226)		(732)
Cash flow from	financing		activities
New loans (net offees)							1,436
Loans repaid Interest paid Interest received							(227) (259) 8		(248) (153) 2
Net cash generated from/(used ln) financing						activities		958		(399)
Increase/(decrease)/ in cash and cash					equivalents			1,216		(424)
Cash and cash	equivalents		at beginning		ofyear			812		1,236
Cash and cash	equivalents		at end of	year				2,028		812

Operating surplus
										2023	2022
										2000s	f000s
Operating surplus ls	slated	aRer charging:
Depreciation			- housing properties							408	325
			- other	fixed	assets					186	192
Amortisation ofgoodwill										36	36
Auditors' remuneration			- as auditors		(	exciu		ding	VAT and expenses)	20	14
			- other	services						1	3
Rent losses from bad debts			- rent (net ofservice charges)							21	32
			- service charges							19	27
Operating lease costs			- land and buildings							683	753
Income and Expenditure from Social				Housing			Activities
										2023	2022
										ROOOs	KOOOs
Income
Rent receivable net of identifiable service charges								and	voids	3,937	3,752
Service charges receivable										1,888	1,807
Revenue and capital	grants	relating to		lettings						4,252	3,153
Revenue and capital	grants	from other		social		housing			activities	4,552	4,654
Turnover from social	housing		activities							14,629	13,368
Social housing activity expenditure relating					to	lettlngs				9,909	8,707
Other social housing	activity	expenditure								4,282	4,318
Total expenditure on	social housing activity									14,191	13,025
Operating surplus from social			housing	activities						438	341
Void losses											532
Staff costs
										2023	2022
										EOOOs	KOOOs
Wages and salaries										8,146	8,795
Employer National Insurance			Contributions							656	530
Employer pension contribution			costs							572	502
										9,374	7,827

he average number of staff directly employed by quivalents) was:	the company during the year (expressed	in full time
	2023	2022
	Number	Number
Housing and support Substance misuse	178 69	152 83
Social enterprise	12	12
Finance	8	7
Administration	15	15
	280

enior Management Team's emoluments (Including	enior Management Team's emoluments (Including	enior Management Team's emoluments (Including	enior Management Team's emoluments (Including	enior Management Team's emoluments (Including	enior Management Team's emoluments (Including	enior Management Team's emoluments (Including	Key M	anagement Pers	onnel)
The aggregate emoluments ofthe Senior Management							Team,
including the	Chief	Executive,		were:
									2023	2022
									ROOOs	ROOOs
Wages and salaries									378	351
Employer National Employer pension		Insurance contribution		Contributions costs					47 48	41 45
									473
Remuneration	payable		to the	highest	paid	Director excluding		pension	83	79
For the year	ended	31	March	2023 the number ofemployees				whose annual
emoluments	induding		pension	contributions		were F60,000 or		more were:
									2023	2022
									Number	Number

							2023	2022
							f000s	KOOOs
Interest receivable			and investment	income			8	2
Interest	payable
							2023	2022
							f000s	KOOOs
Mortgage	interest						269	163
Unwinding	of discount factor in respect ofthe pension				growth	plan		1
Less capitalised		interest					(10)	(11)
							259	153

Housing property
		Property	in	Leasehold	land	Freehold	land
		development		and property		and property		Total
				held for lettlngs		held for lettlngs
		6000s			ROOOs		ROOOs	KOOOs
Cost
At 1 April 2022			333		2,119	11,141		13,593
Additions: new properties			13		506		1,194	1,713
works to existing properties					15		157	172
Transfers:		(346)			204		142
Disposals: sale of property							(395)	(395)
Disposals: components	replaced				(16)		(100)	(116)
At 31 March 2023					2,828	12,139		14,967
Depreclellon
At 1 April 2022					278		1,585	1,863
Charge for the year					65		343	408
Dlsposals: sale of property							(27)	(27)
Disposals: components	replaced				(16)		(69)	(85)
At 31 March 2023					327		1,832	2,159
Nel book va/ue
At 31 March 2023					2,501	10,307		12,808
At 31 March 2022			333		1,841		9,556	11,730

Intangible assets	Goodwill
	EOOOs
Cost at 1 April 2022 and 31 March 2023	421
Amorti sation
At 1 April 2022 Charge for the year	146 36
At 31 March 2023	182
Net Book Ve/ue
At 31 March 2023	239

Other fixed	assets
		Freehold	Leasehold	Motor	Office	Housing
		Property Improvements		vehicles	Equipment	Equipment	Total
		ROOOs	EOOOs	ROOOs	KOOOs	KOOOs	ROOOs
Cost
At 1 April 2022 Additions		278	470 311	184 7	192 83	467	1591 487
Disposals			(53)	(27)	(3)	(18)	(101)
At 31 March	2023	278	728		272	535	1,977
Depreciation At 1 April 2022 Charge for the year		32 8		130 28	157 36	378 56	1,058 188
Disposals			(53)	(22)	(3)	(18)	(96)
At 31 March	2023	40	366	136		416	1,148
Net book va/ue
At 31 March	2023	238	362	28	82	119	829
At 31 March	2022	246	109		35		533
On a historical cost basis, the freehold			property would	have been	included at:	2023	2022
						ROOOs	ROOOs
Cost						296	296
Aggregate	depreciation					(103)	(98)
Dereciated	cost					193

	All listed fixed asset investments are stated	All listed fixed asset investments are stated	at market	at market	value. The unlisted	value. The unlisted	value. The unlisted	investment is held at cost and	investment is held at cost and	investment is held at cost and	investment is held at cost and	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 7 periods from 1 April 2016to 31 March 2023.Jamie's Computers unpaid share capital and f9,500reserves at 31 March 2022 and 31 March 2023.									Limited	had f10,000 of
13	Debtors									2023		2022
										8000s		f000s
	Trade Rent and service charge									525		490
	Debtors: Less Provision for doubtful	debts								~221		~203
	Rent and service charge (net of		provision		for doubfful		debts)			304		287
	Other trade debtors (net of provision)									308		667
	Grants receivable											45
	Other debtors									24		80
	Prepayments and accrued income									218		167
												1,246
	All amounts shown under debtors fall due for		payment		within	one	year.
4	Creditors: Amounts falling due within	one year								2023		2022
										6000s		KOOOs
	Secured mortgage									232		240
	Trade creditors									580		633
	Grants in advance									381		134
	Taxation and social security									173		144
	Intercompany creditor (Jamies Computers	Ltd)								10		10
	Other creditors									287		352
	Accruals and deferred income									51		108
	Pension creditor (TPT)									7		7
	Deferred capital grant (Note 16)									117		100
										1,838		1,728

Creditors: Amounts fatting due after more than one year	2023 ROOOs	2022 8000s
Deferred capital grant (note 16) Secured mortgages (net offees) Pension creditor	3,771 6,873 6	3,371 5,657 14
Recycled Capital Grants	181
	10,831	9,042

A variable rate of interest was charged on E2,8 applied are:	09	k ofmo	rtga	ge balances (2022 R2,	913k).The vari	ables rates
					2023	2022
					6000s	ROOOs
SONIA+ 0.65%on the mortgage balance of Bank of England (BoE)base rate + 2% on the mortgage balance of Bank of England (BoE)base rate + 2.55%on the mortgage balance of					289 928 1,592	317 957 1,639
					2,809	2,913
					2023	2023
					KOOOs	FOOOs
A fixed rate of3.2%was charged on mortgage Atlxed rate of 2.9%was charged on mortgage	balances balances		of of		646 2,306	688 2,386
Afixed rate of3.707%was charged on mortgage		balances		of	1,480
					4,432	3,074
The mortgages are secured by fixed charges over 34of			the	Society's properties.
The mortgages are repayable as follows:
					2023	2022
					8000s	8000s
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 In more than five years					232 256 567 6,186	240 247 673 4,827
					7,241	5,987

18	Deferred	CapItal Grant			2023	2022
					ROOOs	ROOOs
	At 1 April				3,471	3,159
	Grant received		in year		700	395
	Released Transfer	to income In the year to RCGF			(103) (180)	(83)
	At 31 March				3,888	3,471
	Amounts	to be	released	within one year	117	100
	Amounts	to be	released	in more than one year	3,771	3,371
					3,888	3,471
17	Recycled	Capital Grant		Fund (RCGF)	2023	2022
					FOOOs	FOOOs
	At 1 April
	Grants recycled				180
	Interest accrued				1
	At 31 March				181
	Amounts	to be released		within ons year
	Amounts	to be released		in more than one year	181
					181

The ho	using stock	ofthe charitable company comprise	d the following types of property.
			2023	2022
			Number	Number
Leased	supported	units	240	282
Owned	supported	units	280	264
			520

he discount rate detailed in these ost.	he discount rate detailed in these ost.	disdosur	es. The un	winding ofthe	discount rate is	recognised as	afinance
Present Values ofProvision						2023	2022
						FOOOs	KOOOs
Present Value of Provision						13	21
Reconciliation ofOpening	and Closing Provisions					2023	2022
						KOOOs	ROOOs
Provision at start of period						21	94
Unwinding ofthe discount	factor	(Interest	expense)				1
Deficit contributions paid Remeasurements —impact ofany change in assumptions Remeasurements —amendments to the contribution schedule Provision at end of period						(6) 13	(24) (1) (49) 21
Income and Expenditure Impact						2023	2022
						SOOOs	KOOOs
Interest expense							1
Remeasurements —impact of any change In assumptions Remeasurements —amendments to the contribution schedule							(1) (49)
Assumptions					2023	2022	2021
						0/	'/
Rate of discount					5.52	2.35	0.66

		2023	2022	2021
		ROOOs	FOOOs	ROOOs
Year	1			24
Year	2			25
Year	3			25
Year	4			22

the employers	participati	participati	ng in th	e Fund if itforms part ofth	eir balanced investment stra	tegy.
Reconciliation	offunded		status	to Balance Sheet	31March 2023	31 March 2022
					R000s	f000s
Fair value ofassets					1,222	1,231
Present value	offunded		defined	benefit obligation	(752)	(1,083)
Funded status					470
Unrecognlsed	asset				(470)	(148)
Liability recognised		on	balance	sheet		0

Mortality Assumptions	Mortality Assumptions	Mortality Assumptions	Mortality Assumptions	Mortality Assumptions	Mortality Assumptions	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									2023		2022
Male
Member	aged 65 at accounting date									23.3		22.9
Member	aged 45 at accounting date									23.8		24.7
Female
Member	aged 65at accounting date									25.7		25.4
Member	aged 45 at accounting date									28.7		27.1
Asset allocation in the scheme Is		as	follows:							2023		2022
												0/
Equities										57.6		56.9
Property										6.8		6.9
Government bonds										16.5		17.2
Corporate	bonds
Multi Asset Credit												9.0
Cash										1.1		0.9
Other										18.0		9.1
Total										100.0		100.0
Amounts	recognised in Income Statement									2023		2022
Operating cost Current service cost Interest on net defined benefit asset									EOOOs ~1		EOOOs «1
Expense	recognised in Income Statement									85		97
										2023		2022
Amounts	recognised In other Comprehensive			Income						KOOOs		EOOOs
Asset (losses)/ gains arising during the			period							(112)		57
Actuarial	gains/ (losses) due to change		in financial	assumptions						530
Actuarial	gains/ (losses) due to changes		in demographic			assumptions				18
Actuarial (losses)/ gains due to liability experience Adjustments in respect of paragraph 28.22 ofFRS102										(99) (318)		99 (140)
Total amount recognised In other		Comprehensive			Income					19		18

Changes to present value ofthe defined benefit	Changes to present value ofthe defined benefit	obligation	obligation	2023 f000s	2022 f000s
Opening defined benefit obligation Current service cost				1,083 86	1,050 98
Interest expense on defined benefit obligation Contributions by participants Actuarial (gains)/ losses due to change in financial assumptions Actuarial (gains)/ losses due to changes in demographic assumptions Actuarial losses/ (gains) due to liability experience Net benefits paid out				29 10 (530) (18) 99 ~7	22 13 (99) ~1
Closing defined benefit obligation				752	1,083
Changes to the fair value ofassets				2023 8000s	2022 8000s
Opening fair value ofassets Interest income on assets				1,231	1,058 23
Remeasurement (losses)/ gains on assets Contributions by employer Contributions by participants Net benefits paid out				(112) 10 (7)	57 81 13 (1)
Closing fair value ofassets				1,222	1 231
Actual Return on Assets				2023	2022
				8000s	8000s
Interest income on assets					23
(Loss)/ gain on assets				(112)	57
Actual return on assets				(78)	80