2023-03-31-accounts - The Lord Mayor Of Portsmouth's Coronation Homes

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REGISTERED OFFICE	61 Coronation	Cottages
	Northern Parade
	Portsmouth
	Hampshire
	PO2 9LZ
AUDITORS	Jones Avens Limited
	Chartered Accountants
	Piper House
	4 Dukes Court
	Bognor Road
	Chichester
	West Sussex
	PO19 8FX
SOLICITORS	Blake Morgan LLP
	New Kings Court
	Tollgate
	Chandlers Ford
	Eastleigh
	Hampshire
	SO53 3LG
PRINCIPAL BANKERS	Lloyds Bank pic
	Portsmouth Business Centre
	38London Road
	North End
	Portsmouth
	Hampshire
	PO2 OLR
ACCOUNTANTS	Morris Crocker
	Chartered Accountants
	Station House
	Havant
	Hampshire
	PO9 1QU

			2023	2022
Total repairs	and maintenance	costs	132,091	160,603
Social housing units in management			82	82
Maintenance	cost per unit		1,611	1,959

as follows	:
					2023	2022
Operating	surplus	from social housing		activities	102,097	48,999
Net book	value of	properties	held for	social lettinf.	2,006,386	2,034,009
Financial	return on assets				5.09%	2.41%

Cyclical Repairs	21,833
Major Repairs	101,822
Development	615,000

	Note	2023	2022
TURNOVER		502,681	474,087
Operating costs		(377,773)	(402,366)
OPERATING SURPLUS		124,908	71,721
Interest receivable	and other income	63,041	203,200
SURPLUS FOR	THE FINANCIAL YEAR	187,949	274,921
TOTAL COMPREHENSIVE INCOME FORTHEYEAR		187,949	274,921

BALANCE SHEET AS	AT 31MARCH	AT 31MARCH	2023
			Note		2023		2022
FIXEDASSETS
Tangible fixed assets - Housing		Properties	8	2,006,386		2,034,009
Other tangible fixed assets			11	10,151		11,951
Investment properties			9	1,477,900		1,410,592
Other fixed asset investments			10	658,333		663,056
					4, 152,770		4,119,608
CURRENT ASSETS
Debtors			12	4,232		8,701
Cash at bank and in hand				319,145		543,451
				323,377		552,152
CREDITORS: Amounts	falling
due within one year			13	(38,932)		(64,783)
NET CURRENT ASSETS					284,445		487,369
TOTAL ASSETSLESSCURRENT
LIABILITIES					4,437,215		4,606,977
CREDITORS: Amounts	falling
due after one year			14		(302,283)		(659,993)
TOTAL NET ASSETS					4,134,932		3,946,984
RESERVES
Income and expenditure	account				4, 134,933		3,946,984
					4,134,933		3,946,984

	Income &
	Expenditure
	reserve	Total
Balance as at 1April 2021	3,672,063	3,672,063
Period ended 31March 2022:
Total comprehensive income for the year	274,921	274,921
Balance as at 31March 2022	3,946,984	3,946,984
Period ended 31March 2023:
Total comprehensive income for the year	187,949	187,949
Balance as at 31March 2023	4,134,933	4,134,933

			March 2023	March 2022
UK	House Price Index
	for the Portsmouth	area	153.70	146.70


2.	SOCIAL HOUSING INCOME AND		EXPENDITURE		2023	2022
	Income from social housing	lettings
	Rents receivable excluding service charges Service charges receivable Amortisation ofsocial housing grants				360,940 69,503 12,091	338,396 62,329 12,091
	Turnover from social housing	lettings			442,534	412,816
	Social housing operating costs				(340,437)	(363,817)
	Operating surplus from social	housing	activities		102,097	48,999
	Net surplus from social housing activities				102,097	48,999
	Rent losses from voids in year	(deducted		above)	6,397	7,054
	Turnover from social housing	lettings			442,534	412,816
	Income from market rented properties				60,147	61,271
	Income from lettings				502,681	474,087
	Social housing accommodation	units in	management
	(including scheme managers)				82	82
3.	OPERATING SURPLUS				2023	2022
	The operating surplus is stated	after charging:-
	Depreciation Loss on disposal ofassets				68,782 8,944	73,838 4,472
	Auditors remuneration				3,144	2,952
4.	INTEREST RECEIVABLE AND OTHER INCOME				2023	2022
	Investment gains/(losses)				(4,723)	74,273
	Increase/(decrease) in fair value Bank interest received				67,308 448	128,847 80
	Other income				8
					63,041	203,200

EMPLOYEES	2023	2022
Staffcosts:-
Wages and salaries	57,713	55,482
Social security costs
Pension Costs	1,696	1,546
	59,409	57,028

				2023	2022
Emoluments	paid to	directors	who are executive staff members	27,231	24,000
Emoluments	paid to	directors	who are not executive staff members
				27,231	24,000
Emoluments	payable	to the highest paid director,
excluding pension contributions				27,231	24,000

			Long
			Leasehold	Freehold
			Held for	Held for	Assets under
			Letting	Letting	construction	Total
	Cost
	At 1 April 2022		2,318,624	405,601		2,724,225
	Additions
	Replacement	components	40,213	8,090		48,303
	Disposals		(22,558)	(11,148)		(33,706)
	Transfers of	schemes in progress
	At 31March	2023	2,336,279	402,543		2,738,822
	Depreciation
	At 1 April 2022		561,282	128,934		690,216
	Charge for the year		60,971	6,011		66,982
	On disposals		(13,614)	(11,148)		(24,762)
	At 31March	2023	608,639	123,797		732,436
	Net BookValue at 31March 2023		1,727,640	278,746		2,006,386
	Net Book Value at 31March 2022		1,757,342	276,667		2,034,009
9.	INVESTMENT PROPERTIES			2023	2022
	At 1 April 2022			1,410,592	1,281,745
	Additions
	Disposals
	Transfers
	Movement in	fair value		67,308	128,847
	At 31March	2023		1,477,900	1,410,592

10. INVESTMENTS
					2023	2022
Cost or valuation
At 1 April 2022					663,056	588,783
Gain/(loss) on revaluation		oflisted investments			(4,723)	74,273
At 31 March 2023					658,333	663,056
				2023		2022
				Fair		Fair
			Cost	Value	Cost	Value
Listed - UK stock exchange			205,000	658,333	205,000	663,056
Investments
Fixed asset investments	are	stated at fair value.

		Leasehold	Fixtures,
	Leasehold Office	Car Park	Fittings and
	Accommodation	Extension	Equipment	Total
Cost
At 1 April 2022	9,705	5,027	15,390	30,122
Additions
Disposals
At 31March 2023	9,705	5,027	15,390	30,122
~De recioiion
At 1 April 2022	4,464	2,316	11,391	18,171
Charge for the year	194	101	1,505	1,800
Eliminated on disposal
At 31March 2023	4,658	2,417	12,896	19,971
Net Book Value at 31March 2023	5,047	2,610	2,494	10,151
Net BookValue at 31March 2022	5,241	2,711	3,999	11,951

12.	DEBTORS				Note	2023	2022
	Rent and service charges	receivable				2,869	2,710
	Prepayments and accrued	income				1,363	5,991
						4,232	8,701
13.	CREDITORS: AMOUNTS FALLING			DUE		2023	2022
	WITHIN ONE YEAR
	Rent and service charges	received in advance				7,827	6,873
	Deferred grant income				15	12,091	12,091
	Other taxes and social security					597	647
	Other creditors					10,621	11,218
	Accruals Bank loans					7,796	4,894 29,060
						38,932	64,783
14.	CREDITORS: AMOUNTS FALLING			DUE		2023	2022
	AFTER ONE YEAR
	Deferred grant income				15	302,283	314,374
	Bank Loans						345,619
						302,283	659,993
15.	DEFERRED INCOME					2023	2022
	Social housing government	grants:-
	At 1 April 2022					604,561	604,561
	At 31 March 2023					604,561	604,561
	Amortisation ofsocial housing		government	grants:-
	At 1 April 2022					278,096	266,005
	Released to income in the At 31 March 2023	year				12,091 290,187	12,091 278,096
	Carrying amount at 31March 2022					314,374	326,465

THE LORD MAYOR OF PORTSMOUTH'S CORONATIO	THE LORD MAYOR OF PORTSMOUTH'S CORONATIO	THE LORD MAYOR OF PORTSMOUTH'S CORONATIO	THE LORD MAYOR OF PORTSMOUTH'S CORONATIO	THE LORD MAYOR OF PORTSMOUTH'S CORONATIO	THE LORD MAYOR OF PORTSMOUTH'S CORONATIO	N HOMES	2	2
NOTES TO THE FINANCIAL STATEMENTS FOR THE						YEAR ENDED	31MARCH 2023
15.	DEFERRED INCOME (CONT'D)						2023	2022
	Amounts to be released within		one year				12,091	12,091
	Amounts to be released in more			than	one year		302,283	314,374
							314,374	326,465
16.	FINANCIAL INSTRUMENTS						2023	2022
	Carrying amount offinancial			assets
	Measured at fair value through		income and expenditure:
	Fixed Asset listed Investments						658,333	663,056
17.	CASH FLOW FROM OPERATING ACTIVITIES						2023	2022
	Reconciliation ofoperating	surplus			to net cash inflow
	from operating activities
	Surplus/(Deficit) for the year						187,949	274,921
	Increase in fair value						(67,308)	(128,847)
	(Gains)/Losses on investments						4,723	(74,273)
	Investment income recognised		in income and expenditure				(60,595)	(61,351)
	Depreciation charges Loss ofdisposal ofassets						68,782 8,944	73,838 4,472
	Changes in debtors Changes in creditors						4,469 3,209	(81) (10,470)
	(Decrease) in deferred income						(12,091)	(12,091)
	Net cash flow from operating		activities				138,082	66,118
	ANALYSIS OF NET DEBT
						At 1.4.22	Cash flow	At 31.3.23
	Net cash
	Cash at hand and in bank					543,451	(224,306)	319,145
	Total					543,451	(224,306)	319,145

			2023		2022
INCOME
Rent receivable			427,484		406,721
Amortisation ofsocial housing	grants		12,091		12,091
Service charges receivable			69,503		62,329
			509,078		481,141
Rent losses from debts and voids			(6,397)		(7,054)
Income from lettings			502,681		474,087
Operating costs			(377,773)		(402,366)
OPERATING SURPLUS/(DEFICIT)			124,908		71,721
OTHER INCOME AND EXPENSES
Investment gains/(losses)		(4,723)		74,273
Increase/(decrease) in fair value		67,308		128,847
Interest receivable:
Bank deposit interest				80
Other income
			63,041		203,200
NET SURPLUS FOR THE YEAR			187,949		274,921

			2023	2022
Wages and salaries			59,409	57,028
Water and sewerage			(2,618)	1,596
Insurance			19,136	15,665
Garden maintenance			19,167	16,750
Light and heat			2,151	3,725
TV licences			650	513
Printing, postage and stationery			500	676
Telephone			504	1,705
Consultancy fees			24,274	19,850
Audit fee			3,195	2,952
Bank charges			728	911
Sundry expenses			10,465	2,088
Legal and professional	fees			1,325
Market rented housing	property	costs	18,848	19,404
Bad debts				461
Depreciation			68,782	73,838
Loss on disposal ofassets			8,944	4,472
Major repairs			74,562	70,031
Repairs and maintenance			56,274	84,233
Service repairs and maintenance PCC (Davis Alarms) contract			1,255 6,335	6,339 5,143
Finance charges
Loan interest			5,212	13,105
Council tax				556
			377,773	402 366