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