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2022-03-31-accounts

Solo Housing (East Anglia)

(A Company Limited by Guarantee)

Company Number: 03266905 Charity Number: 1068017 Regulator of Social Housing number: 4696

Audited Financial Statements For the year ended 31 March 2022

Solo Housing (East Anglia)

(A Company Limited by Guarantee)

Year ended 31 March 2022

Contents

Page No
Members of the Board and Professional Advisors 1
Report of the Executive Committee 2-14
Independent Auditor’s Report to the Members 15-18
Statement of Comprehensive Income 19
Balance Sheet 20
Statement of Changes in Reserves 21
Statement of Cash Flows 22
Notes to the Accounts 23-35

Solo Housing (East Anglia) (A Company Limited by Guarantee) Year ended 31 March 2022

The Executive Committee submit the annual Report and audited Financial Statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Companies Act 2006, the Statement of Recommended Practice for registered housing providers: Housing SORP 2018, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022.

Members of the Board and Professional Advisors

Charity Name: Solo Housing (East Anglia) Company Number: 03266905 Charity Number: 1068017 Homes and Communities Agency Registration Number: 4696 Executive Committee (Trustees): S Hanlin (Chairperson) A Archer D Crossman (Treasurer) (resigned 3 September 2021) A Drummond T Dowse (appointed 1 July 2022) P Ellick (Treasurer from 3 September 2021) S Fish K Hounsome (Secretary) E Malone (Vice Chair) (resigned 1 July 2022) L Oakley (appointed 1 July 2022) M Sandford (appointed 1 July 2022) D Sice Registered Office/Principal Office: 12A St Nicholas Street Diss Norfolk IP22 4LB Chief Executive: C Howell Auditor: Lovewell Blake LLP Chartered Accountants & Statutory Auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers: Lloyds Bank plc 3 Market Hill Diss Norfolk IP22 3JZ

1

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of members of the board and professional advisors on page 1 of the Financial Statements.

PRINCIPAL ACTIVITIES

Principal activities are the provision of supported accommodation across housing related support and other specialist contracts pr services. In addition, we provide a lodgings service in some district authority areas and to compliment the lodgings service in two districts we provide an accommodation access / homelessness prevention service. We also provide a small number of general needs accommodation either via our own stock or via housing management agreements. We have expanded our housing management services to include a housing management agreement with The Benjamin Foundation, where Solo Housing acts as the social landlord to young people who are provided accommodation related support by The Benjamin Foundation

STRUCTURE

Solo Housing registered as Registered Provider on 5[th] March 2012. The charity was originally established in 1985 as Campaign for Single Homeless People. Solo Housing became a Company Limited by Guarantee in 1996. The organisation is governed by the memorandum and articles of association

REVIEW OF THE BUSINESS

Service Delivery 2021 to 2022

The coronavirus pandemic continued to require us to use different ways of working across the organisation, having to adapt to keep everyone safe and prevent the spread of Covid-19.

The organisation was equipped and prepared for the ongoing changes imposed by the government in response to the pandemic and during 21/22 kept some of the innovative approaches adopted in service delivery. We have continued to deliver the services in a flexible way, making use of digital technology and in line with the government’s recovery road map, we have gradually increased the opportunity to meet people in person and have restarted our residents’ meetings in local community venues to create a space for listening and learning about resident’s views and what they want from Solo Housing.

2

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

Service Delivery 2021 to 2022 (continued)

Below is a breakdown of the services we have delivered over 2021-22:

Housing Related Support (HRS), New Supported Housing Projects and General Needs Accommodation

HRS Supported Accommodation:

Solo Housing is contracted to provide 105 bed spaces of HRS Supported Accommodation across Norfolk (Breckland and South Norfolk) and Suffolk (Babergh and Mid Suffolk).

We provide supported accommodation through properties that we own and through properties that we lease from private landlords in Norfolk and Suffolk. In Norfolk, 20 bed spaces are provided through properties that we own, 6 are delivered through a housing management agreement with Orbit Housing and the remainder are provided through lease agreements with private sector landlords.

Solo works in partnership with Orwell Housing to deliver 40 bed spaces of Supported Accommodation in Babergh and Mid Suffolk (6 bed spaces are provided by Orwell Housing the remainder are Private Rented Sector properties).

This has been a busy and challenging year for the HRS service which is still being affected by the Coronavirus pandemic and subsequent delays in completing essential repairs. In 2021-22, the HRS service welcomed 33 new residents (11 in Suffolk, 22 in Norfolk).

Voids and Out of Commission (OOC) bed spaces (HRS) (Target 5% voids and out of commissions across all three services)

HRS Services Voids
2020-
21(%)		 OOC
2020-
21
(%)		 Voids &
OOC
2020-21
(%)		 Voids
2021-22
(%)		 OOC
2021-22
(%)		 Voids &
OCC
2021-22
(%)
The Norfolk Visiting Service 3.62 3.18 6.79 2.59 6.72 9.30
The Suffolk Visiting Service 5.05 1.00 6.05 3.73 4.80 8.53
The Old Post Office Service 4.30 2.95 7.25 2.63 1.84 4.46
Overall averages (if each
service is given equal
weighting)		 4.32 2.38 6.70 2.98 4.45 7.43

The statistics show an overall increase in void and out of commission rates compared to last year from 6.70% (2020 to 21) to 7.43%. This increase is mainly the result of carrying our essential repairs and refurbishments when properties became empty and commissioning major repairs to several properties, which resulted in a delay in reletting or handing back to the landlord. We also commenced a programme of handing back PRS properties which we considered to no longer be suitable for our needs.

3

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

Service Delivery 2021 to 2022 (continued)

Moving On from HRS

HRS Services Positive
move on
2020-21		 Negative
Move on
2020-21		 Positive
move
on
percentage		 Positive
Move
on
2021-22		 Negative
Move
on
2021-22		 Positive
Move
on
percentage
Norfolk Support
Service		 12 2 86% 22 2 92%
The
Suffolk
Visiting Service		 5 8 38% 9 5 64%

38 residents left the service in 2021-22. Of these 31 moved on positively to independent accommodation, while 7 were negative moves such as evictions or abandonments, with 1 person accepting the accommodation and then not moving in.

The increase in both the number of people moving on and percentage of positive reasons why people moved on can be attributed to moving out of the pandemic restrictions and the strength in the support relationships between the support workers and the residents. There continues to be a chronic lack of affordable accommodation and we are focusing on building relationships with the private sector to address this need.

Off The Street Project (OTS)

The OTS Project launched in June 2020, with 4 bedspaces in a shared house in Thetford. The project’s aim is to provide accommodation and housing related support to people who have experienced rough sleeping in the Breckland District, with an objective to find alternative suitable accommodation. In 2021, the Department of Levelling Up and Communities approved plans for the project expand to provide 12 bed spaces in Breckland. We have been busy sourcing these properties and expect to deliver at least 6 additional bed spaces in 2022.

----- Start of picture text -----
OTS Voids OOC Voids & Voids OOC Voids &
2020- 2020- OOC 2021-22 2021-22 OCC
21(%) 21 2020-21 (%) (%) 2021-22
(%) (%) (%)
8.42 3.21 11.63 4.33 2.95 7.28
Move on from Positive Negative % Positive Negative %
OTS 2020-21 2020-21 Positive 2021-22 2021-22 Positive
move on move on
2020-21 2021-22
3 2 60% 1 4 20%
----- End of picture text -----

The void percentage has improved since 2020–21, despite the increase in people moving on from the project. There continues to be a lack of affordable accommodation in Breckland and some residents have found it difficult to sustain sharing the accommodation. There has been an increase in negative moves due to community safety concerns.

4

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

Service Delivery 2021 to 2022 (continued)

Women’s Accommodation Scheme

The Women’s Accommodation Scheme launched in January 2021, providing accommodation and housing related support to women released from prison wanting to return or relocate to South Norfolk. The accommodation is provided by Saffron Housing and is intended to be available for up to 6 months, alongside holistic person-centred support from Solo Housing to support the women to be able to move on independently into alternative affordable accommodation.

The first three bed spaces were introduced to this project in Q4 2020-21 immediately before the third national lockdown. The fourth bedspace was introduced in Q2 and the fifth and sixth bedspaces were introduced in Q4 2021-22.

----- Start of picture text -----
WAS Voids OOC Voids & Voids OOC Voids &
2020- 2020- OOC 2021-22 2021-22 OCC
21(%) 21 2020-21 (%) (%) 2021-22
(%) (%) (%)
55.32 0 55.32 27.37 4.52 31.89
Move on from Positive Negative % Positive 2021-22 Negative %
WAS 2020-21 2020-21 Positive 2021-22 Positive
move on move on
2020-21 2021-22
0 0 0 0 2 0
----- End of picture text -----

The project has provided safe and sustainable accommodation for 7 women so far, the 2 negative moves were directly related to serious anti-social behaviour and community safety concerns.

General needs:

Solo Housing owns 8 self-contained flats in Diss, 4 of which are rented as general needs properties.

One of the self-contained flats was used as a contractor base to facilitate essential building improvement work in the block.

Rental Income overall – KPI 3% of resident rent arrears for HRS

In most cases the core rent, service charge and enhanced housing management element of each bed spaces weekly charge is paid by housing benefit directly to Solo Housing. The arrears figures that are monitored represent the balances of charges payable by the resident, which will be the top up for utilities in shared accommodation or any shortfall in housing benefit where a resident is in work (after an adjustment has been made for the weekly charge to working tenants).

The final year end arrears figure for 2021 to 22 was £20,899 including former tenants’ arrears leaving in 21/22).

In Q3 of 2021-22, Solo Housing transferred the accounting system from Sage to Xero. We also implemented a new online Property maintenance and rental data base (Arthur online). The migration of data into the new system did not synchronise as expected and created difficulties in reporting accurate rent arrears figures for the remainder of the financial year.

5

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

Service Delivery 2021 to 2022 (continued)

The Lodgings and Shared Housing Service

Our services are funded via Flexible Homelessness grants from East Suffolk, South Norfolk District and Breckland Council.

The Lodgings Service seeks to match people who have one or more spare rooms they would like to rent out; with single people who have little or no support needs and who require accommodation. Landlords can be homeowners (with consent from the lender) or tenants (with consent to take in lodgers from the landlord).

During 2021-22 we could offer 132 lodgings bed spaces: working with 96 landlords across Norfolk and Suffolk. This has been a reduction since 2020–21 of 214 lodgings with 152 landlords due to the contracts ending in Colchester and Ipswich and many landlords ceasing to provide placements.

We received a total of 147 referrals across all areas, which is a increase of 6.52% (138) from 2020-21.

The Lodgings Service continued to be in demand, however due to the pandemic there have been anxieties associated with social distancing and this decreased demand dramatically. We are hopeful that this is a temporary difficulty, however as a result, East Suffolk Council decided not to fund the service in their district for 2022-23.

Lodgings Placements and Bed Spaces

We continuously communicate with all landlords on our register to determine the levels of active lodgings spaces and remove records for those no longer active.

Source of referrals received Source of referrals received TOTALS
Local Authority 124
Agency 4
Self 17
Solo Housing 1
Total 147
Bed spaces TOTALS
Number of bed spaces removed
 43
Number of new bed spaces gained 7
Total number of bed spaces maintained 132
Total Number of landlords on register 96
Placements/outcomes
Number of referrals who did not engage
56
Number of referrals who accepted lodgings space
28
Number who refused a lodging offer 9
Number accommodated via another outcome 24
Number accommodated in another LA area 0

In 2021-22 we introduced a new role to the service, an Accommodation Access Worker, to provide a Lodgings Service across South Norfolk and Breckland, and to also provide person led support to individuals to prevent their homelessness.

6

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

Service Delivery 2021 to 2022 (continued)

560 London Road South

This project commenced in 2018 as a collaboration with East Suffolk council to accommodate 6 people in selfcontained rooms within a House in Multiple Occupation (HMO). The project is funded by East Suffolk Council and Solo Housing provide the housing management service for the accommodation and to the residents.

Solo Housing entered into a further 5-year Service Level Agreement with East Suffolk Council. The accommodation has been fully occupied throughout 2021–22 and have been no evictions.

The Benjamin Foundation (TBF)

On the 8 December 2020, Solo Housing entered into a Housing Management Agreement with The Benjamin Foundation to provide a housing management service for up to 40 bed spaces of shared accommodation. We have introduced 30 of the 40 bed spaces over 2021-22 and expect to introduce the remaining 10 over 2022-23.

Complaints

Solo Housing has adopted the Housing Ombudsman Complaint handling code and we undertook work during 2021 to 22 to embed the requirements of the code into our complaints handling process.

During 2021 to 2022 we handled four complaints from residents which were upheld. The key learning taken from these complaints included the need to ensure all staff were fully aware of the complaints process and confident in handling it, staff training on support and staff training on communication with residents regarding repair issues.

Other activities:

We received funding to deliver work in partnership with Suffolk County Council, Engaged Communities Team on the Covid vaccination programme. We also received funding from Community Action Suffolk and Norfolk Community Foundation to provide Solo residents with support from the Household Support Fund to alleviate winter poverty.

We participated in the Norfolk Strategic Homelessness Conference “No Homelessness in Norfolk”, an event designed to showcase the collaborative work and learning from the pandemic and to keep the momentum of the “Everybody In” campaign. Solo Housing held a covid secure, in person, listen and learn event, that provided a live stream into the online conference to explore what system change could look like.

Solo Housing supported two members of staff to attend the new level 3 vocational qualification How to Work with Homeless People delivered by the Chartered Institute of Housing and Homeless Link.

We also took part in the National Housing Federation’s Starts At Home campaign and shared a story co-written with one of the residents of the Women’s Accommodation Service Jane's story • Starts at Home

We received funding from Saffron Community funds to run a course in partnership with Make Pivot Pivot - Jewellery made by homeless Londoners (makepivot.org) for up to 6 residents to learn how to design, make, market and sell handcraft jewellery to support training and employment opportunities. This was a hugely positive experience for the 5 residents who attended and graduated from the course. The local community has shown interest and the jewellery collection is due to be launched in the Summer 2022.

7

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

Corporate Governance

In February 2022 the Executive Committee (the board) confirmed the adoption of the National Housing Federation (NHF) Code of Governance 2020. There are four key principles contained within the code, these are Mission and values, strategy and delivery board effectiveness, control and assurance.

Prior to adopting the code the Code of Governance Compliance checklist was completed and discussed in detail at Executive Committee (board meetings). The checklist enables Solo Housing to identify areas where specific actions were required to meet the requirements of the four principles. From the board discussion and checklist review an action plan was developed to identify specific actions to enable Solo Housing to meet full compliance of the code. Work on the compliance actions continues in 2022 to 23.

In February 2022 the Executive Committee (board) also adopted the NHF Together with Tenants Charter and alongside the NHF Code of Governance Action Plan a strategy to meet the Together with Tenants Charter was agreed.

During 2021 to 22 Solo Housing consulted both staff, residents and board members on our organisational values and these were launched in December 2021 at the AGM. The organisational values support the work underway to actively engage our residents

Solo Housings values are:

Governance and Financial Viability

The board are committed to achieving good governance and being an effective provider of services, meeting both regulatory codes and standards.

The board are satisfied value for money is achieved through the full provision of services at a rate which is below that of local providers.

Recruitment, Appointment and Induction of Trustees (Executive Committee members)

There were no resignations of board members during the year and no new board members were recruited. In September 2021 the Executive Committee completed a skills audit against the key skills and experience the organisation requires to progress the Business Plan. Future recruitment and selection of new board members includes reference to any skills or experience required and a board recruitment plan was agreed in February 2022.

Composition and Role of the Executive Committee

The Executive Committee (board) consists of ten trustees (with a maximum number of 12) and senior managers attend at every meeting. The ten members at the date of this report are listed on page 1. During the year the Executive Committee met on four occasions, plus an AGM held in December 2021. The AGM was conducted face to face with options for those who preferred to attend online (due to the pandemic). Due to the pandemic all meetings have been held virtually including the AGM. The Business Planning Away Day was in November 2021.

Following the AGM the chair, the treasurer, vice chair and company secretary were reappointed. The joint chairs of the Finance, Audit and Risk subcommittee were re-appointed.

During the year the Finance, Audit and Risk subcommittee met four times virtually during the year.

8

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

Composition and Role of the Executive Committee (continued)

The sub committee the Development Team either met or received electronic updates seven times during the year with minutes approved by the main board. The Development Team provides scrutiny and monitors the management of any new development such as the Old Post Office site, the provision of head office facilities and appraisal of the Business Plan (specific project development) . The Development Team is made up of four board members, chaired by the board vice chair and supported by the CEO.

Each sub committee has agreed terms of reference.

The main board has agreed terms of reference and a schedule of significant matters reserved for its decision, which includes approval of the Business Plan, the allocation of financial resources, acquisitions and disposals, annual budgets, senior executive appointments, treasury policy and risk management. Responsibility for the Organisation's day to day operations is delegated to the Chief Executive.

Administration and Accounts

The Central Staff Team consisted of Beverley McRickus (replaced by Jan Bates in May 2021), the Admin and Accounts Manager, Fiona Carling PA to the CEO and Committee Clerk, Ella Moss, our part time Admin/Reception Worker and Jan White Accounts Officer (replaced by Julie Parkinson as Rents and Accounts Officer in May 2021).

Senior Management Team

The team comprised of the CEO, Business Operations Strategic Leader, Asset and Compliance Coordinator (recruited to this post in May 2021 and post holder resigned in March 2022). The Asset and Compliance Coordinator post was replaced by the Property Services Manager in April 22 (not part of the Senior Management team). During 2021 to 22 the Senior Management team was also supported by a specialist post of Building Surveyor on a zero hours contract (the Buildings Surveyor postholder joined the payroll with agreed fixed hours from April 2022).

Key Management Personnel remuneration

The salaries of the CEO and any senior managers are set to reflect the market rate of pay for comparative roles. The salary of the CEO is determined by the board as part of the overall budget sign off. No formal review of the CEO salary took place in 2021 to 22.

Public Benefit

The Executive Committee (board) have paid due regard to the Charity Commission guidance on public benefit and the objects of the organisation are:

To relieve need, hardship and distress amongst persons who are homeless and single in East Anglia and to provide social housing to such person who are without suitable accommodation.

INTERNAL CONTROL ASSURANCE

The Executive Committee has overall responsibility for establishing and overseeing a framework of delegation and the system of internal control and for reviewing its effectiveness in line with the organisation's governance documentation, policies and procedures.

No system of internal control can provide absolute assurance or eliminate all risk. The system of internal control is designed to manage risk and to provide reasonable assurance that key business objectives and expected outcomes will be achieved. It also exists to give reasonable assurance about the preparation and reliability of financial and operational information and the safeguarding of the organisation's assets and interests.

9

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

INTERNAL CONTROL ASSURANCE (continued)

Scrutiny of the organisation's internal controls is undertaken by the Finance, Audit and Risk subcommittee. This has terms of reference approved by the Executive Committee.

Key risks identified and managed in 2021 to 22:

The process adopted by the Executive Committee in reviewing the effectiveness of the system of internal control and fraud management together with some of the key elements of the control framework includes:

 Risk Management

Management responsibility has been clearly defined for the identification, evaluation and control of significant risks. There is a format and ongoing process of management review in each area of the organisation's activities. The senior management team consider significant risks facing the organisation and look at ways to mitigate these. The Chief Executive is responsible for reporting to the Executive Committee any significant changes affecting key risks. The Risk Management Plan is monitored by the CEO and reviewed by the main committee annually with highlight risk plans reviewed by the Finance, Audit and Risk subcommittee quarterly. In addition, if a significant risk is identified between meetings the Executive will be advised immediately by the CEO.

Covid 19 placed additional risks and the organisational pandemic business continuity plan was updated.

Risks in relation to compliance against regulatory requirements (Decent Homes Standard, H&S, employer liability, fire risk) were collated and reported to the Executive Committee with remedial actions identified monitored by the Finance, Audit and Risk and Executive Committee.

A process of control self-assessment and regular management reporting on control issues provides hierarchical assurance to successive levels of management and to the Executive Committee. This includes a procedure for ensuring that corrective action is taken in relation to any significant control issues, particularly those with a material impact on the financial statements.

10

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

INTERNAL CONTROL ASSURANCE (continued)

The Executive Committee retains responsibility for a defined range of issues covering strategic, operational, and financial and compliance matters including new investment projects. The organisation has a framework of standing orders, delegated authorities’ policies and procedures to manage levels of authority and decision making and employees must comply with these. These cover issues such as financial controls and authorisation, health and safety, data protection, confidentiality and whistleblowing and safeguarding.

The Executive Committee has contributed to periodic reviews of policies triggered by agreed review dates used within the organisation and has provided feedback on the development of new policies.

Financial reporting procedures include detailed budgets for the year ahead and monthly management accounts. These are reviewed and approved by the Finance, Audit and Risk subcommittee and the Executive Committee. The Executive Committee reviews key performance reports at each meeting to assess progress towards the achievement of key business objectives, targets and outcomes. One of the key standing orders of the Finance, Audit and Risk subcommittee is to regularly review the internal control framework and the risk plan/management process.

The Executive Committee confirms that there is an ongoing process for identifying, evaluating and managing significant risks faced by the organisation. This process has been in place throughout the year under review and is regularly reviewed by the Executive Committee.

Covid 19 continued to have some impact on some financial performance during the year mainly due to the inability to complete out of commissions works in timely manner so increasing void and out of commissions losses

The Executive Committee has updated the whistle blowing procedure for residents, service users and staff that have been communicated to all staff and service users. Where fraud is attempted, suspected or discovered, there is an anti-fraud and corruption policy in place to guide any investigation and report the findings. A record of all reported losses and compensation (resulting from fraud or not) is maintained, the effects financial or otherwise and the implications for the system of internal control are recorded and reported to the Executive Committee quarterly.

No fraud has been detected in 2021 to 22.

11

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

INTERNAL CONTROL ASSURANCE (continued)

VALUE FOR MONEY

The Regulator of Social Housing (RSH) has published a new value for money standard which must be adhered to by registered Providers. This includes the need to publish nine measures in a standard form to enable comparison across the sector, accepting that there will be variances associated with each business’s policies, strategy and focus.

----- Start of picture text -----
VFM Metric 2022 2021
1. Reinvestment % 21.2% 14.9%
2. New supply delivered (social housing units %) -% 0.9%
- - -
3. New supply delivered (non social housing units %)
4. Gearing % (0.3)% (5.7)%
5. EBITA MRI interest cover % 7.1% 1,635.7%
6. Headline social housing cost per unit £14,901.68 £12,583.68
7. Operating margin (social housing) % (0.2)% 14.4%
8. Operating margin (overall) % (0.2)% 14.4%
9. ROCE % (0.3)% 16.1%
----- End of picture text -----

FINANCIAL REVIEW

The organisation generated a net operating deficit for the year of £3,877 before interest charges and property impairment losses compared to a net operating surplus of £225,722 last year. After interest charges and property impairment losses the organisation generated a total comprehensive expenditure for the year of £17,817.

PRINCIPAL FUNDING SOURCES

The main source of income is rental income in the form of housing benefit and top up payments.

RESERVES

All surpluses generated by the charity are transferred to reserves and included on the balance sheet. Over the life of the Business Plan (5 years) the objective is to have unrestricted reserves sufficient to meet six months costs of around £680,000 should the organisation cease to operate. These reserves will include unrestricted cash and equity held within the freehold properties, owned by the charity, which would be released on sale or transfer to a similar organisation. The reserves are held to cover costs such as salaries, mortgage repayments, lease payments to break clauses, dilapidations and repair costs and other operating costs. Whilst some income would be received during a period of decommissioning services, this would be used to cover property overheads and a contribution towards salaries.

In addition to the above we hold reserves designated for particular purposes (for example planned maintenance).

The Finance, Audit and Risk subcommittee monitors the level of cash reserves in the bank at each meeting and the Reserves Policy is reviewed annually.

Free reserves, being unrestricted net current assets, in the revenue reserve and designated fund amounted to £288,441 (2021: £334,845) which amounts to around 2.5 months of unrestricted expenditure.

In addition to the above the charity holds reserves for particular purposes of £31,103 (2021: £33,948) within restricted funds at the year end.

12

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

EMPLOYEES

Solo Housing is committed to providing equal employment opportunities to disabled, ethnic minority and part time workers. The organisation recognises that all employees should be appropriately trained to enable them to fulfil their responsibilities whatever their role in the organisation. The organisation has a comprehensive Health and Safety policy with a designated management lead and detailed procedures which are communicated to all staff. We have a contract with Peninsula Business Services to provide us with up-to-date information and advice on human resources and health and safety to ensure that the charity is compliant with legislation.

INVESTMENTS

It is Solo Housing’s policy to ensure that all funds are managed effectively. Solo Housing will endeavour to secure interest revenue that meets budgetary expectations. All investments are considered in relation to how they may impact on the balance sheet.

PLANS FOR FUTURE PERIODS

The five-year Business Plan covers the period 2018 to 2023 and incorporates 6 overarching objectives which are as follows:

A progress reporting structure against key actions in the plan has been devised for biannual reporting to the Executive Committee using a RAG (red amber green) rating to highlight where actions are on track or require further focus. The report also aligns activity to ‘the Three Es’ (economy, efficiency and effectiveness) in relation to the Value for Money standard.

The Executive Committee adopts a robust approach to value for money and decision making, which includes rigorous appraisal of options to deliver the strategic objectives of the Business Plan. Economy, efficiency and effectiveness should underpin every aspect of our decision making and delivery to maximise the impact of the organisation and achieve value for money. Decision making regarding delivery needs to be assessed against organisational risk and our social purpose as a charity and social housing provider.

As a smaller registered provider partnership working is vital to allow us to maximise opportunities. We have extended our work with other larger providers to enable us to deliver projects. Partnership working with the private sector, local authorities, other registered providers and wider stakeholders continues to be of significant importance to Solo Housing.

We continue to test out social enterprise activities to both generate funds and provide our residents with employment and training opportunities.

We seek to continue to improve performance over the period of the Business Plan.

We are fortunate in having property assets within the charity and a priority is to ensure these assets are achieving best value and maximum impact to deliver housing solutions to those in housing need.

13

Solo Housing (East Anglia) (A Company Limited by Guarantee) Report of the Executive Committee for the year ended 31 March 2022

STATEMENT OF THE EXECUTIVE COMMITTEE’S FINANCIAL RESPONSIBILITIES

The Executive Committee (who are also directors of Solo Housing East Anglia for the purposes of company law) are responsible for preparing the Report of the Executive Committee and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law and registered social housing legislation require the Executive Committee to prepare financial statements for each financial year. Under company law the Executive Committee must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the organisation and of its income and expenditure for that period. In preparing the financial statements, the Executive Committee is required to:

The Executive Committee is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the organisation and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019. They are also responsible for safeguarding the assets of the organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Executive Committee are aware that:

AUDITOR

A resolution to reappoint Lovewell Blake LLP as auditor will be put to the Annual General Meeting.

The Report of the Executive Committee has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Signed on behalf of the Executive Committee by:

S Hanlin – Chairperson

Date: 3 December 2022.

14

Solo Housing (East Anglia) (A Company Limited by Guarantee) Auditors Report for the year ended 31 March 2022

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SOLO HOUSING (EAST ANGLIA)

Opinion

We have audited the financial statements of Solo Housing (East Anglia)(the ‘association’) for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Reserves, the Statement of Cash Flows, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)’.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the board's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the association's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the board with respect to going concern are described in the relevant sections of this report.

15

Solo Housing (East Anglia) (A Company Limited by Guarantee) Auditors Report for the year ended 31 March 2022

Other information

The other information comprises the information included in the Report of the Executive Committee, other than the financial statements and our auditor’s report thereon. The board are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the association and its environment obtained in the course of the audit, we have not identified material misstatements in Report of the Executive Committee.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion:

16

Solo Housing (East Anglia) (A Company Limited by Guarantee) Auditors Report for the year ended 31 March 2022

Responsibilities of the board

As explained more fully in the board’s responsibilities statement set out on page 14, the board members (who are also the directors of the association for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the board determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the board is responsible for assessing the association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board either intends to liquidate the association or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidancefor-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx.This description forms part of our auditor’s report.

17

Solo Housing (East Anglia) (A Company Limited by Guarantee) Auditors Report for the year ended 31 March 2022

Use of our report

This report is made solely to the association’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the association’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the association and the association’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Bankside 300 Peachman Way Broadland Business Park Norwich Mark Proctor FCA DChA (Senior Statutory Auditor) NR7 0LB For and on behalf of Lovewell Blake LLP, Statutory Auditor

19 December 2022

18

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Statement of Comprehensive Income (including Income and Expenditure account)

Year ended 31 March 2022

General Fund
Note 2022 2021
£ £
Turnover 5 1,620,431 1,572,300
Operating expenditure 6 (1,624,308) (1,346,578)
_____ _____
Operating (deficit)/surplus 4 (3,877) 225,722
Impairment charge - (217,000)
Interest and financing costs 8 (13,940) (14,129)
Total comprehensive (expenditure) for the
year 7 (17,817) (5,407)

There are no unrecognised gains or losses during the year other than as stated above.

The statement of comprehensive income and expenditure account reflects the activity during the year which is of a continuing nature.

Signed on behalf of the Executive Committee by:

S Hanlin

P Ellick

Date: 3 December 2022

The notes on pages 23 to 35 form part of these financial statements.

19

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Balance Sheet as at 31 March 2022

Company Registration Number: 03266905

Note
Fixed assets
Tangible fixed assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: Amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after
more than one year
15

Total net assets
Reserves
Income and expenditure reserve:
16
Revenue reserve
Designated reserve
Revaluation reserve
16
Restricted reserve
16
Total Reserves		 Total
2022
£
1,028,003
113,606
330,841
444,447
(110,403)
_ _
334,044
1,362,047
(327,938)
_

1,034,109
958,991
-
29,515
45,603
_____
1,034,109		 Total
2021
£
1,031,704
79,171
442,116
521,287
(152,494)
_ _
368,793
1,400,497
(348,571)
_
1,051,926
972,063
16,400
29,515
33,948
_____
1,051,926

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

These financial statements were approved and authorised for issue by the Executive Committee and are signed on their behalf by:

S Hanlin

P Ellick

Date: 3 December 2022

The notes on pages 23 to 35 form part of these financial statements.

20

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Statement of Changes in Reserves as at 31 March 2022

Revaluation
Reserves
£
At 1 April 2020
92,515
Revaluation loss
(63,000)
Surplus for the year
-
Total comprehensive
(expenditure) / income
(63,000)
Transfer between funds
-
At 31 March 2021 and 1
April 2021
29,515
Net (expenditure) for the
year
-
Total comprehensive
(expenditure)
-
Transfer between funds
-
At 31 March 2022
29,515		 General
Fund
Designated
Fund
Restricted
Funds
£
£
£
996,905
16,400
14,513
-
-
-
(40,177)
-
34,770
(40,177)
-
34,770
15,335
-
(15,335)

972,063
16,400
33,948
(29,472)
-
11,655
(29,472)
-
11,655
16,400
(16,400)
-
958,991
-
45,603		 Total
£
1,120,333
(63,000)
(5,407)
(68,407)
-
1,051,926
(17,817)
(17,817)
-
1,034,109

The notes on pages 23 to 35 form part of these financial statements.

21

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Statement of Cash Flows as at 31 March 2022

Note
Cash flow from operating activities
18
Interest paid
Net cash generated from operating activities
Cash flow from investing activities
Payments to acquire fixed assets
Net cash flow from investing activities
Cash flow from financing activities
Loan repayments
Interest paid
Net cash flow from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April 2021
Cash and cash equivalents at 31 March 2022
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at 31 March 2022		 2022
£
(75,758)
13,940
(61,818)
-
-
(35,517)
(13,940)
(49,457)
(111,275)
442,116
330,841
330,841
330,841		 2021
£
221,964
14,129
236,093
(127,686)		 2021
£
221,964
14,129		 2021
£
221,964
14,129
236,093
(127,686)
(35,186)
(14,129)
(49,315)
59,092
383,024		 59,092
442,116
442,116
442,116

The notes on pages 23 to 35 form part of these financial statements.

22

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts For the year ended 31 March 2022

1 General information

Solo Housing (East Anglia) is a Company Limited by Guarantee, a private registered provider of social housing in the United Kingdom. The address of the registered office is given in the information on page 1 of these financial statements. The nature of the Registered Provider’s operations and principal activities are described on page 2 of these financial statements.

2 Statement of compliance

These financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006.

The Registered Provider constitutes a public benefit entity as defined by FRS 102.

3 Accounting Policies

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(a) Basis of Accounting

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The financial statements are prepared in sterling, which is the functional currency of the RP.

(b) Fund Accounting

The Revenue Reserve consists of unrestricted funds which are available for use at the discretion of the trustees for the objectives of the Organisation.

The Designated Reserve consists of funds designated by the trustees for a particular purpose.

The Restricted Reserve consists of funds that the Organisation has been provided with for a particular purpose and it is the policy of the trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.

23

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts For the year ended 31 March 2022

3 Accounting Policies (continued)

(c) Turnover

Donations are included in the year in which they are receivable, which is when the organisation becomes entitled to the resource.

Grants in respect of revenue expenditure are credited to the Income and Expenditure account on a receivable basis. Grants received in advance of the period to which they relate are shown within the Balance Sheet as deferred income and released to the Income and Expenditure account in the appropriate year.

Rental income net of rent and service charge losses from voids and other income is recognised within the Income and Expenditure account on a receivable basis.

(d) Government Grants

Government grants received as a contribution to revenue expenditure are recognised in the statement of comprehensive income on a systematic basis over the period in which the landlord recognises the related costs for which the grant is intended to compensate. The related expenditure is included under operating expenses. Grants are recognised in the same period as the related expenditure provided the conditions for receipt have been satisfied and there is reasonable assurance that the grant will be received.

(e) Expenditure

Resources expended are charged in the Statement of Comprehensive Income on an accruals basis including VAT which cannot be recovered.

(f) Tangible Fixed Assets

Fixed assets costing more than £500 are capitalised and are included at cost, and are written off over their anticipated useful lives as follows:

Equipment 10% Reducing Balance Computer Equipment 25% Straight Line Motor vehicles 25% Reducing balance

(g) Housing Properties

Housing Properties have been revalued at lower of the recoverable amount and replacement cost within the financial statements and will be revalued every five years, with an interim valuation during the third year. The differences between the revalued amounts are transferred to/from the Statement of Comprehensive Income and revaluation reserve.

Improvements are works which result in an increase in the net rental income, such as a reduction in future maintenance costs, or result in a significant extension of the useful economic life of the property in the business. Only the direct overhead costs associated with new developments or improvements are capitalised. No depreciation is applied to the Housing Properties as they are subject to revaluation to market value every five years and thus any depreciation would be negligible.

(h) Leases

Rentals payable under operating leases are charged on a straight-line basis over the term of the lease.

(i) Pension Costs

The organisation operates a Defined Contribution Pension Scheme for employees. The assets of the scheme are held separately from those of the organisation. The contributions payable are charged to the Statement of Comprehensive Income as they fall due.

24

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts (continued)

For the year ended 31 March 2022

3 Accounting Policies (continued)

(j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(k) Cash at bank

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(l) Creditors and provisions

Creditors and provisions are recognised where the organisation has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(m) Financial instruments

The organisation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

(n) Going concern

The financial statements have been prepared on a going concern basis as the committee believes that no material uncertainties exist. The committee have considered the level of funds held and the expected level of income and expenditure for the 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Registered Provider to be able to continue as a going concern.

The board have considered the impact of the COVID-19 pandemic in making this assessment.

25

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts (continued)

For the year ended 31 March 2022

4 Turnover and Operating Surplus

Supported
housing		 2022
2021
Turnover
Operating
Expenditure
Operating
Deficit
Turnover
Operating
Expenditure
Operating
Surplus
£
£
£
£
£
£
1,620,431
(1,624,308)
(3,877)
1,572,300
(1,346,578)
225,722
1,620,431
(1,624,308)
(3,877)
1,572,300
(1,346,578)
225,722

5 Turnover from lettings

Donations
Grants receivable
Government grants received (including Housing Related Support Grant)
Housing benefit and rental income (net of voids and non-collectable rent)
Other income
Covid 19 grants
Furlough grant
Voids (including out of commissions of £59,614 and non-collectable rent of
£8,696)		 2022
£
21,487
71,643
368,204
1,155,453
3,644
-
-
__
1,620,431
(112,394)		 2021
£
4,654
53,942
367,171
1,120,896
632
10,000
15,005
__
1,572,300
(92,320)

6 Operating costs from lettings

Staff costs (note 11)
Rent - operating leases
Water, insurance, electricity and rates
Maintenance, repairs and furniture
Office costs
Travelling expenses
Professional fees
Depreciation
Bank charges
Other costs
Bad debt write off
Subcontractor costs		 2022
£
663,017
349,853
112,586
214,025
79,097
15,973
43,290
3,701
1,218
85,213
6,166
50,169
1,624,308		 2021
£
564,536
319,880
102,623
150,124
66,268
11,042
29,709
2,788
1,087
43,667
3,957
50,897
1,346,578

26

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts (continued)

For the year ended 31 March 2022

7 Surplus on Operating Activities

This is stated after charging
Service charge and rental losses from bad debts
Staff pension contributions
Depreciation
Auditor’s remuneration - Auditor’s remuneration relating to current year
- Irrecoverable VAT
- Payroll
Operating lease rentals		 2022
£
6,165
40,022
3,701
8,050
1,936
1,629
343,907		 2021
£
3,957
37,951
2,788
8,050
1,935
1,620
319,880

8 Interest Payable and Similar Charges

Interest on bank loans
Interest on other loans		 2022
£
13,124
816
13,940		 2021
£
12,730
1,399
14,129

9 Taxation

The Company is a registered charity qualifying for exemption from corporation and capital gains tax to the extent that its income is applied for its charitable purposes.

10 Emoluments of Executive Officers

For the purposes of this note Executive Officers consist of the Executive Committee and the Chief Executive Officer.

No Executive Committee members received any remuneration or reimbursed expenses during the year.

The remuneration paid to Executive Officers was as follows:

Total emoluments (excluding pension contributions) 2022
£
58,994		 2021
£
51,875

The Chief Executive is an ordinary member of the defined contribution pension scheme operated by the organisation, and no special arrangements are in place. Solo Housing (East Anglia) paid £4,233 (2021: £4,150) into the pension scheme on behalf of the Chief Executive Officer.

A total of £181 (2021: £1,560) was reimbursed to the Chief Executive Officer during the year in respect of travel and office costs incurred.

27

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts (continued)

For the year ended 31 March 2022

11 Staff costs

Wages and salaries
Social security costs
Other pension costs
Particulars for employees:
The average number of employees during the financial year were as follows:
Number of administrative staff
Housing and support staff
Total
The full time equivalent number of employees during the financial year was:		 2022
£
580,946
42,049
40,022
663,017
3
20
23
20		 2021
£
489,899
36,686
37,951
564,536
5
18
23
20

No employee received remuneration of more than £60,000 during the year (2021: none)

The organisation operates a defined contribution pension scheme. At the year end there is an amount included within creditors of £3,768 (2021: £4,120) owing to the scheme.

Key management personnel remuneration amounted to £151,293 (2021: £148,614) in respect of four employee (2021: four employees).

28

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts (continued)

For the year ended 31 March 2022

12 Fixed Assets

Housing
Properties
for letting
(at valuation)
Other Fixed
Assets
(at cost)
£
£
Cost/Valuation
As at 1 April 2021 and at 31 March 2022
1,018,280
116,832
Depreciation
As at 1 April 2021
8,280
95,128
Charge for the year
-
3,701
As at 31 March 2022
8,280
98,829
Net book value
As at 31 March 2022
1,010,000
18,003
As at 31 March 2021
1,010,000
21,704
The net book value of land and buildings comprised:
2022
£
Land and buildings:
Freehold
910,000
Long leasehold
100,000
1,010,000		 Total
£
1,135,112		 Total
£
1,135,112
103,408
3,701
107,109
1,028,003		 103,408
3,701
107,109
1,031,704
2021
£
910,000
100,000
1,010,000

During 2021 all of the properties were valued externally by Jones Lang LaSalle on a Existing Value in Use – Social Housing basis. The properties will be revalued every 5 years, with an interim valuation during the 3[rd] year.

If the properties were included at historical cost, the carrying value would be presented as:

Properties at historical cost
Cumulative historical cost depreciation
Net book value		 2022
£
1,444,337
1,444,337
(267,109)
1,177,228		 2021
£
1,444,337
1,444,337
(239,705)
1,204,632

29

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts (continued)

For the year ended 31 March 2022

13 Debtors

Debtors (gross of social housing rent arrears)
Prepayments and accrued income
Other debtors		 2022
£
96,542
16,330
734
_____
113,606		 2021
£
66,420
11,285
1,466
_____
79,171

14 Creditors: Amounts falling due within one year

Trade creditors
Accruals
Deferred income
Other creditors
Bank loans and overdrafts
Other taxes and social security and pension		 2022
£
34,556
17,788
19,489
3,696
19,158
15,716
______
110,403		 2021
£
10,521
10,096
82,588
18,049
18,459
12,781
______
152,494

The deferred income relates to grants received in the financial year which relate to future years.

2022
£
Deferred income brought forward
82,588
Released during the year
(69,149)
Deferred during the year
6,050
Deferred income carried forward
19,489		 2021
£
43,307
(5,039)
44,320
82,588

The bank loans included within creditors falling due within one year of £19,158 are secured on housing properties owned by the charity.

Other creditors include an amount of £1,417 owed to K Hounsome, an Executive Committee member, which is secured on housing property owned by the charity.

30

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts For the year ended 31 March 2022

15 Creditors: Amounts falling due after one year

reditors: Amounts falling due after one year
2022 2021
£ £
Other creditors - 1,417
Bank loans and overdrafts 327,938 347,154
327,938 348,571
The bank loans and other loan included within creditors falling due after more than one year are secured
on housing property owned by the organisation.
Analysis of loans payable by instalments - 2022 2021
£ £
In more than one year but not more than two years 19,488 20,233
In more than two years but not more than five years 60,759 57,426
In more than five years 247,691 270,912
327,938 348,571

One bank loan is on a repayment basis repayable over 25 years and is secured on a housing property. Interest is calculated at a variable rate of 2.5% over base.

The second bank loan is on a repayment basis repayable over 20 years and is secured on a housing property. Interest is calculated at a fixed rate of 6.256% over 20 years.

The third bank loan is on a repayment basis repayable over 25 years and is secured on a housing property. Interest is calculated at a variable rate.

The loan from K Hounsome is on a repayment basis repayable over 10 years. Interest was calculated at 2.5% and was reduced to 1.5% from October 2013.

16 Reserves

Designated
Reserve
Revaluation
Reserve
Revenue
Reserve
Restricted
Reserve
£
£
£
£
As at 1 April 2021
16,400
29,515
972,063
33,948
Net (expenditure) / income
-
-
(29,472)
11,655
Transfer
(16,400)
-
16,400
-
____
______
 _
_ __
As at 31 March 2022
-
29,515
958,991
45,603		 Total
£
1,051,926
(17,817)
-
__
1,034,109

31

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts For the year ended 31 March 2022

16 Reserves (continued)

eserves (continued)
Designated Revaluation
Revenue		 Restricted Total
Reserve Reserve Reserve Reserve
£ £ £ £ £
As at 1 April 2020 16,400 92,515 996,905 14,513 1,120,333
Surplus - - (40,177) 34,770 (5,407)
Revaluation - (63,000) - - (63,000)
Transfer - - 15,335 (15,335) -
_ ____
______
_ _____		 ___ __ __
As at 31 March 2021 16,400 29,515 972,063 33,948 1,051,926
The restricted reserve consists of:
Balance at 1 Income Expenditure Balance at 31
April 2021 /transfers in March 2022
year
Feasibility Fund 26,328 5,000 (6,854) 24,474
Tesco Starter Grant - 1,000 (453) 547
Awards for All Grant - 9,500 - 9,500
Female Offender Project - 29,623 (23,988) 5,635
Off The Street Project 7,620 30,000 (32,173) 5,447
33,948 75,123 (63,468) 45,603
The restricted reserve consists of:
Balance at 1 Income Expenditure Balance at 31
April 2020 /transfers in March 2021
year
Severe Weather Fund 2,845 - (2,845) -
Feasibility Fund 11,668 17,780 (3,120) 26,328
CAF Resilience Fund - 30,013 (30,013) -
Female Offender Project - 1,304 (1,304) -
Off The Street Project - 30,000 (22,380) 7,620
14,513 79,097 (59,662) 33,948

32

Solo Housing (East Anglia)

(A Company Limited by Guarantee)

Notes to the Accounts For the year ended 31 March 2022

16 Reserves (continued)

The designated reserve relates to a fund for renovating rental properties.

The Severe Weather fund was set up to identify and help people sleeping rough.

The Feasibility fund was set up to research the feasibility of enterprise propositions.

Female Offender Project (Women’s Accommodation Scheme) fund was set up with funding from Nationwide to fund a support worker salary.

Off the Street Project funding received to fund a support worker salary.

CAF Resilience Fund was set up with funding from CAF to enable residents to keep warm through the winter.

Awards for All Grant was received towards the potential head office move.

33

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts

For the year ended 31 March 2022

17 Analysis of net assets between funds

Designated
Reserve
Revaluation
Reserve
Revenue
Reserve
Restricted
Reserve
£
£
£
£
Fixed assets
-
29,515
998,488
-
Net current assets
-
-
288,441
45,603
Long term liabilities
-
-
(327,938)
-
_



As at 31 March 2022
-
29 515
958,991
45,603
Designated
Reserve
Revaluation
Reserve
Revenue
Reserve
Restricted
Reserve
£
£
£
£
Fixed assets
-
29,515
1,002,189
-
Net current assets
16,400
-
318,445
33,948
Long term liabilities
-
-
(348,571)
-
_
_


As at 31 March 2021
16,400
29 515
972,063
33,948		 Total
£
1,028,003
334,044
(327,938)
_
1,034,109
Total
£
1,031,704
368,793
(348,571)
_
1,051,926

18 Reconciliation of operating surplus to cash flow from operating activities

Net (expenditure) / income for the year

Depreciation on tangible fixed assets
Impairment
(Increase) in trade and other debtors

(Decrease) / increase in trade and other creditors

 2022
£
(17,817)
3,701
-
(34,435)
(27,207)
(75,758)		 2021
£
(5,407)
2,788
217,000
(12,701)
20,284
221,964

19 Analysis of changes in net debt


Cash at bank and in hand
Debt due within one year
Debt due after one year		 At 1 April
2021
Cashflows
442,116
(111,275)
(35,459)
14,884
(348,571)
20,633
58,086
(75,758)		 At 31
March
2022
330,841
(20,575)
(327,938)		 At 31
March
2022
330,841
(20,575)
(327,938)
(17,672)

34

Solo Housing (East Anglia) (A Company Limited by Guarantee)

Notes to the Accounts

For the year ended 31 March 2021

20 Accommodation owned, leased and managed

commodation owned, leased and managed
2022 2021
Units Units
Supported housing (social rent plus enhanced housing management and 105 103
service charges)
General housing (social rent) 4 4
109 107

In addition to the above the charity manages 6 general needs units on behalf of East Suffolk Council.

As detailed in the Report of the Executive Committee the charity leases 30 units which are managed by The Benjamin Foundation. No income or expenditure is included within the accounts as all risks and rewards are held by The Benjamin Foundation.

21 Commitments

The total future minimum lease payments under non-cancellable operating leases are as follows –

Land and Buildings
Not Later than one year		 2022
£
168,350
168,350		 2021
£
160,473
160,473

Solo Housing has various ongoing leases ranging from 6 months to 7 years. However, they are only committed for a period of six months.

In addition to the above the charity leases 7 properties for which no expenditure is included within these accounts as the properties are managed by The Benjamin Foundation.

22 Related Party Transactions

Other creditors includes a balance of £1,417 (2021: £18,417) loaned by K Hounsome, an Executive Committee Member, on which interest is being charged at 1.5%. This loan is secured by a charge on housing property owned by the organisation.

An amount of £296 (2021: £Nil) was paid to The United Reformed Church (K Hounsome is a director) for room hire.

23 Members Liability

In the event of winding up the Organisation, the Member’s Liability is limited to £1 each.

24 Legislative Provisions

The organisation is a Registered Charity formed under the Companies Act 2006. Registered Charity number 1068017. The organisation is registered with the Homes and Communications Agency and its Registered number is 4696.

35