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|HOUSING
CHARITY ESTATES||||||
|---|---|---|---|---|---|
|INAINPRICE CLOSE
Eccles Old Road|6apartments|(1 x2 bedroom; 4 x 1 bedroom;|||1 x studio)|
|Salford M6 7AE|2 self-contained||bungalows|(2x 2 bedroom,|disabled access)|
|STJAMES CLOSE|20 apartments||(2x 1 bedroom;
18studio)|||
|Vicarage Close||||||
|Salford M6 8EQ||||||
|WINSTANLEY CLOSE|16apartments||(10x 1 bedroom; 6studio)|||
|Acresfield
Road||||||
|Salford M6 7EZ||||||
|TOTAL|44 Units|||||
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|||Metric|Metric|||2019/20|2020/21|2020/21|2021/22|
|---|---|---|---|---|---|---|---|---|---|
|||||||Actual|**Target|Actual|**Target|
||Reinvestment
%|||||708%|0%|0.31%|312%|
||New su|I
delivered||%||0%|0'/o|0'/o|0%|
||Gearin|||||-44.20%|54%|-59.68%|-4994%|
||Earnings|Before|Interest, Tax,|||||||
||Depreciation,
Amortisation,||||Major|||||
||repairs included||(EBITDA MRI)|||||||
||Interest Cover|||||||||
||Headline
unit|social housirig cost per||||13,186|11,407|6,538|9,432|
|6.(A)|Operating|Margin|%|(Social||-122.10%|-49.03%|-33.69%|-79.27%|
||Housin|Lettin
s Onl||||||||
|6. B|*O cretin|Mar|in '/o|Overall)||30.06'/o|42 91%|31.83%|28.16%|
||Return on capital
ROCE||employed|||1 48%|2.02%|1 77%|1 56%|
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|||||Unrestricted|Endowment|Total funds||
|---|---|---|---|---|---|---|---|
||||Notes|funds|funds|2021|2020|
|Income and endowments||from:||||||
|Charitable
activities|-social|housing||259,437||259,437|225,688|
|Service level agreement||||27,851||27,851|28,878|
|Investments||||472,870|55,005|ii27,875|584,658|
|Transfer to income||||||||
|Total Income||||760,158|55,005|&15,163|839,224|
|Expenditure
on:||||||||
|Raising funds —Investment
Fees||Management||40,374|57,600|97,974|85,738|
|Charitable
activities|||2|346,833||346,833|501,246|
|Total Expenditure||||387,207|57,600|444,807|586,984|
|Net Income/ (Expenditure)||||372,951|(2,595)|370,356|252,240|
|Net gains/(losses}|on investments||10|1,534,276|2,009,414|3,li43,690|(1,185,129)|
|Net movement
in|funds|||1,907,227|2,006,819|3,914,046|(932,889)|
|Reconciliation
of|funds:|||||||
|Total funds brought
forward||||8,226,181|8,825,779|17,051,960|17,984,848|
|Total funds carried forward||||10,133,408|10,832,598|20,966,006|17,051,959|
##
|AS AT 31 INARCH 2021||||
|---|---|---|---|
||Notes|2021|2020|
|Fixed assets||8|8|
|Tangible
fixed assets|9|1,360,831|1,'117,863|
|Investments|10|18,475,234|14,I'96,077|
|||19,836,065|16,213,940|
|Current assets||||
|Debtors||10,667||
|Cash and cash equivalents:||||
|Investments
—deposit accounts||360,349|'!59,612|
|Cash at bank and in hand||827,247|617,097|
|Total cash and cash equivalents
Total current assets
Creditors: amounts
falling due within||1,187,596
1,198„263|II76,909
682,926|
|one year|12|(68,322)|(44,909)|
|Net current assets||1,129,941|638,019|
|Net assets||20,966,006|17,051,959|
|The funds ofthe charity||||
|Permanent
Endowment
Fund|13|10,832,598|8,616,360|
|Unrestricted
Funds||||
|Development
Fund|14b|4,114,048|3,214,277|
|Extraordinary
Repair Fund|14a|3,528,588|2,755,976|
|Revenue Reserves
Social Housing
Grants Fund
Total unrestricted
funds|15
1/15|2,285,550
205,222
10,133,408|2,060,125
205,222
6,235,599|
|Total charity funds|15|20,968,006|17,651,959|
##
|YEAR ENDED 31 MARCH 2021|||||||
|---|---|---|---|---|---|---|
||||||2021|2020|
|Cash used in operating
activities|||||25,380|(191,321)|
|Cash flows from investment
activities|||||||
|Investment
and Interest Income|||||293,668|316,495|
|Designated
Fund Divestment||||||129,107|
|Purchase oftangible
fixed assets|||||(8,361)|(145,097)|
|Cash provided
by Investing
activities|||||285,307|300,505|
|Changes
in cash and cash equivalents
year||dudng||the|310,687|109,184|
|Cash and cash equivalents
at the beginning
year|||ofthe||876,909|767,725|
|Total cash and cash equivalents
at|the end|||ofthe year|1,187,596|876,909|
|Reconciliation
ofnet movement
in funds||to|net|cash flow from|operating
activities||
|Net movement
in funds|||||3,914,046|(932,889)|
|Add back depreciation
charge|||||65,393|61,504|
|Add back in investment
management
at source from investment
income|fees||deducted||97,974|86,088|
|Deduct interest income shown
in investing|||activities||(527,108)|(585,833)|
|(Deduct) gains/add
back losses on investments|||||(3,543,690)|1,185,129|
|Decrease/(Increase)
in debtors|||||(4,648)|11,406|
|Increase/(Decrease)
in creditors|||||23,413|(16,726)|
|Net cash used in operating
activities|||||25,380|(191,321)|
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|YEAR ENDED 31 MARCH 2021|YEAR ENDED 31 MARCH 2021|YEAR ENDED 31 MARCH 2021|||||||
|---|---|---|---|---|---|---|---|---|
|CHARITABLE
ACTIVITIES —SOCIAL||||HOUSING ACTIVITY|||||
||||||||2021|2020|
|Income from letting activities|||||||||
|Weekly maintenance
contdibution
charges
Service charges receivable||receivable||net ofidentifiable|service||209,886
33,062|203,555
32,604|
|Voids|||||||242,948|236,159|
||||||||(15,681)|(13,770)|
|Net weekly maintenance
contributions|||receivable||||227,267|222,369|
|Other income from social housing
Total income from social housing|lettings
activities||||||*32,170
258,437|3,299
225,666|
|*Government
Grant
in respect of|Covid-1 9 relief for the Estate||||Community|Centres|||
|Operating
and Won-operating
expenditure|||||||||
|Housing
management
Services|||||||12,302|13,882|
||||||||50,086|53,995|
|Routine maintenance|||||||30,508|27,288|
|Cyclical maintenance
and Repairs
Governance
costs
Staff costs||and|Improvements||||'I5,252
23,020
114,444|175,370
21,180
118,322|
|Depreciation
Other costs|||||||65,303|61,504|
|Total expenditure
on social housing||activities|||||35,848
346,833|29,705
501,246|
|Operating
deficit on social housing
*Non-operating
expenditure
relates||lettings
to quinquennial
and other|||costs||(87,388)|(275,558)|
|GOVERNANCE COSTS|||||||||
|Audit and accountancy|||||||||
|Professional fees|||||||12,602|13,464|
|Total governance
cost|||||||10,218|7,696|
||||||||23,021)|21,180|
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|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||||6|5|
|Dividends
8 interest on managed
Bank interest receivable||funds||||527,108
767|582,382
2,276|
|||||||527,875|564,658|
|Interest receivable|relates to bank deposit and investment
interest.|||||||
|TAXATION||||||||
|There is no liability
under section 505|to Corporation
tax on the result for the year as
ICTA 1958in respect ofits achvities.||||the Housing|Charity claims charitable|relief|
|TANGIBLE RXEDASSETS||||||||
||||||Freehold|||
||||Social housing|*land and||||
||||properties|buildings||Equipment|Total|
||||||||5|
|Brought forward at
Additions
at 31 INarch 2021|1 April 2020||1,983,834
6,249
1,990,083||255,274
266,274|84,558
!,112
8lii,670|2,334,556
5,361
2,343,027|
|Depreciation||||||||
|Brought forward at 1 April 2020
Provided
in year
Carried forward at 31March 2021|||{770,140)
(57,316)
(827,456)||(71,743)
(5,325)
(77,068)|(74.920)
(2,752)
(77,672)|(916,803)
(55,393)
{982,196)|
|Net book value||||||||
|at 31 INarch 2021
at 1 April 2020|||1,159,551
1/13,694||192,282
194,531|8,998
9638|1,360,831
1,417,863|
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|||||
|---|---|---|---|
|INVESTMENTS||2021|2020|
|at 1 April 2020||14,796,077|15,927,063|
|Cash Movement||135,467|54,143|
|Unrealised
(losses)fgains|in year|3,543,690|{1,185,129)|
|at $1 March 2021||18,475,234|14,796,077|
|Investments
are sh|ow|n at m|arket value at the balance sheet date.|||
|---|---|---|---|---|---|
|||||2021|2020|
||||||F|
|The Investments|comprise:|||||
|Fixed Interest||||2,199,369|2,158,430|
|UK Equities||||5,212,.'i92|3,786,646|
|Global Equities||||8,463,729|6,198,033|
|Property||||238,453|365,265|
|Alternative
Assets||||1,082 553|1,085,037|
|Liquid Assets||||1,278,.'i38|1,202,666|
|Reported Balances||||18,475pg!34|14,796,077|
|Market value of investments|||greater than 5%oftotal investment|||
|Sarasins
Endowment||Funds|(formerly the Alpha CIF for Endowments)||9,827,223|
##
|YEAR ENDED 31 MARCH|YEAR ENDED 31 MARCH|2021|2021|||
|---|---|---|---|---|---|
|||||2021|2020|
|||||8||
|DEBTORS||||||
|Weekly Maintenance|Contribution||debtors|1,830||
|Prepayments
and accrued interest||||9,037|5,672|
|||||10,667|6,019|
|CREDITORS: amounts
falling due within one year||||||
|Other creditors||||19,723||
|Accruals and deferred|income|||||
||||||44,909|
|||||68,322|44,909|
|PERMANENT
ENDOWMENT||FUND||||
|Balance at 1April 2020||||&,816,380|9,429,500|
|Transfer between
funds||||9,419||
|Income||||56,434|52,664|
|Expenditure||||(57,600)|(52,043)|
|Unrealised
revaluation|gain/losses||on investments|2,00?,985|(613,761)|
|Balance at 31 March|2021|||10,832,598|8,816,360|
##
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|YEAR ENDED 31 MARCH 2021|YEAR ENDED 31 MARCH 2021|YEAR ENDED 31 MARCH 2021|||2021|2020|
|---|---|---|---|---|---|---|
||||||E|E|
|DESIGNATED RESERVES (Extraordinary||||Repair Fund)|||
|Balance at|1 April 2020||||2,75!3,975|2,985,654|
|Transfer between
funds|||||(1,258)||
|Unrealised|revaluation
gains/(losses)||on investments||73'I,251|(299,992)|
|Investment|income||||70,812|89,613|
|Expenditure
Movement
Income and|in the year transferred
Expenditure
account|from|||(18,734)
~8~488|(61,517)
42,217|
|Balance at|31 March 2021||||3,528,588|2,755,975|
##
|Included
within the Extraordinary
Repair Fu
revaluation
gains/(losses)
on investments.|Included
within the Extraordinary
Repair Fu
revaluation
gains/(losses)
on investments.|Included
within the Extraordinary
Repair Fu
revaluation
gains/(losses)
on investments.|Included
within the Extraordinary
Repair Fu
revaluation
gains/(losses)
on investments.|nd is a gain off731,251 (2019:loss|nd is a gain off731,251 (2019:loss|ofE299,992) relating
to u|ofE299,992) relating
to u|nrealised|
|---|---|---|---|---|---|---|---|---|
|The Charities
(Booth Charities)
Order 1965
Extraordinary
Repair Fund.
The transfer
in||||requires the transfer ofa yearly sum
respect of2020/21
will be reflected||of not less than f27,040
in the 2021/:&2 accounts.||to the|
|DESIGNATED RESERVES|(Development|||Fund)|||||
|Balance at 1 April 2020||||||3,214,277||3,507,598|
|Transfer between
funds||||||11,304|||
|Unrealised
revaluation
(losses)/gains||on|investments|||814,059||(271,376)|
|Investment
income||||||106,039||125,886|
|Expenditure||||||721,831&|~747 831||
|Balance at 31 Nlarch 2021||||||4,114,048||3,214,277|
##
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|RECONCILIATIO|N
OF FUNDS AND MOV|EMENTS
ON RESERVE|S|||
|---|---|---|---|---|---|
|||||Unrestricted
Reserves||
|||Permanent|Revenue|Designated||
|||Endowment|Reserve|Reserve||
|||Fund|Fund|Funds|Total|
|||F|F|6|6|
|at 1 April 2020||8,816,360|2,265,348|!I,970,252|17,051,960|
|Transfer between|funds|9,419|(9,465)|46||
|Income||56,434|572,263|176,851|805,548|
|Expenditure||(57,600)|(337,374)|(49,823)|(444,797)|
|Gain on investments||2,007,985||'1,545,310|3,553,295|
|Carried forward|at 31 March 2021|10,832,598|2,490,772|7,642,636|20,966,006|
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||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|
|||||||||F|
|Financial
Financial|assets measured
at fair value through
net
assets that are debt instruments
measured||||income/expenditure:
at amortised
cost:||18,475,234|14,796,077|
|Rental and service charge
Deposit accounts
Cash at bank and in hand||debtors|||||1„l330
360,349
827,248|347
259,612
617,097|
||||||||1,189,227|877,256|
|Financial|liabilities at amortised cost:||||||||
|Other creditors
Accruals|||||||19,723
48,!399|44,909|
||||||||68,322|44,909|