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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||
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||||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|
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|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%|
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|Cyclical Repairs|21,833|
|---|---|
|Major Repairs|101,822|
|Development|615,000|
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||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|
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|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|
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||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|
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||||March 2023|March 2022|
|---|---|---|---|---|
|UK|House Price Index||||
||for the Portsmouth|area|153.70|146.70|
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||||||||
|---|---|---|---|---|---|---|
|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|
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|5.|EMPLOYEES|2023|2022|
|---|---|---|---|
||Staffcosts:-|||
||Wages and salaries|57,713|55,482|
||Social security costs|||
||Pension Costs|1,696|1,546|
|||59,409|57,028|
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|||||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|
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||||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||
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|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.|||||
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|||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|
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|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|
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|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|
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||||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|
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||||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|