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2021-03-31-accounts

Contents Page
Legal and Administrative Information 1-2
Report of the Board of Directors
Board of Directors'
Annual
Review		 11 - 12
Independent
Auditor's		 Report 13 — 15
Statement
of Comprehensive
Income		 16
Statement
of Changes		 in Reserves 17
Statement
of Financial		 Position 18
Cashf low Statement 19
Notes to Accounts 20 - 32

2020/21 2019/20
Development of New Properties (THP)
Newly
build		 properties acquired (THP) 3,408,680
Works to Existing (THP) 9,041 140,504
Divided
by:
Housing
Properties		 at net book value 9,183,526 9,514,720
Outcome 00/0 370/0

en acquired
or developed
in the
its owned at 31 March 2021.		 y ear as a prop ortio n
of t		 otal social ho using
units and non-s		 ocial
housing
2020/21 2019/20
a.
Social Housing
Units
Total Social Housing
Units Developed		 or Newly Built Units 48
Acquired
In-Year
Divided
by Total Social Housing		 Units (inc. Shared Ownership) 194 194
Outcome Oo/o 25o/o
b.
Non-Social
Housing
Units
Total Non-Social
Units Developed		 or Newly Built Units Acquired
In-Year (Owned).
(Total non-social		 rental housing units owned,
non-social
leasehold
units owned,		 new outright sale units
developed
or acquired).
Divided
by Total and Non-Social		 Housing Units Owned
(Period
End). (Total social housing
units		 owned, total non-social rental
housing
units owned,
social leasehold		 units owned, non-social
leasehold
units owned
(Period end))
Outcome
Oo/o Oo/o

debt finan ce.
2020/21 2019/20
Total of:
Short-Term Loans 41,005 32,853
Long-Term Loans 1,529,573 1,512,471
Less Cash and Cash Equivalents (281,881) (18,029)
Amounts
Owed to Group		 Undertakings
Finance Lease Obligations
1,288,697 1,527,295
Divided by:
Housing
Properties		 at net book value 9,183,526 9,514,720
Outcome 14o/o 16o/o

(EBITDA MRI) Interes t Cove r
Olo		 r
Olo
The EBITDA MRI interest cover measure is a key indicator for liquidity and investment
capacity.		 It seeks to
measure
the level of surplus
that a registered		 provider generates compared to interest
payable.
2020/21 2019/20
Operating
Surplus
/ (Deficit) (Overall)		 150,838 (82,129)
Less Gain / (loss) on disposal of fixed assets (housing
properties)
Less Amortised
Government
grant		 (266,235) (214,093)
Plus Interest
receivable		 33 171
Less Capitalised
major		 repairs expenditure for period
Plus Total depreciation charge for period 370,796 264,544
255,432 (31,507)
Divided by:
Interest
Capitalised
Plus Interest
payable
and financing		 costs 51,773 37,423
Outcome 4930/0 -840/0
Metric 5 —Headline
Social Housing		 Cost Per Unit
2020/21 2019/20
Total of:
Management
and Staffing Costs		 1,084,446 820,965
Establishment
Running		 Costs 213,078 198,844
Routine
Maintenance		 Costs 119,744 47,765
Capitalised
Major Repairs Expenditure		 for Period 9,041 140,504
Other Social Housing Letting Costs 255,340 325,814
1,681,649 1,533,892
Divided by:
Total Social Housing
Units Owned		 and Managed at the Period End 194 194
Outcome 8,668 7,907

2020/21 2019/20
a. Social Housing Lettings 17.77'/0 0.45'/0
b. Overall 5.44'/0 4.64'/0

2020/21 2019/20
Operating
Surplus
/ (Deficit) inc. Gain
(Housing
Properties)		 / (Loss) on Disposal of Fixed Assets 150,838 (82,129)
Divided
by:
Total Assets less Current Liabilities 10,389,984 10,507,142
Outcome 1.45'/0 -0.78'/o

Notes 2021 2020
Turnover 2a 2,772,016 2,016,734
Operating costs 2a (2~629I358) (2,110,313)
Operating surplus / (deficit) 2a/6 142,658 (93,579)
General donations received 2a 15,409 27,950
Restricted donations received 2a 5,230 385
Investment income (gross) 2a 33 171
Pension fund contribution 14/16 (12,492) (17,056)
Surplus / (deficit) for the year before tax 150,838 (82,129)
Taxation
Surplus / (deficit) for the year 150,838 (82,129)

STATEMENT OF CHANGES IN STATEMENT OF CHANGES IN RESERVES
General Revaluation Total
Reserves Reserve Reserves
Balance as at 1 April 2019 1,127,374 790,807 1,918,181
Surplus/(Deficit)
Comprehensive		 from Statement
Income		 of (82,129) (82,129)
Balance at 31 March 2020 1,045,245 790,807 1,836,052
STATEMENT OF CHANGES IN RESERVES
General Revaluation Total
Reserves Reserve Reserves
Balance as at 1 April 2020 1,045,245 790,807 1,836,052
Surplus/(Deficit)
Comprehensive		 from Statement
Income		 of 150,838 150,838
Balance at 31 March 2021 1,196,083 790,807 1,986,890

2021 2020
E
Notes
FIXED ASSETS
Tangible
Fixed Assets
Housing
Association		 assets 9,183,526 9,514,720
Non Mousing
Investment
Property
Property,
Plant 5.Equipment		 1,025,000
297,392		 1,025,000
313,621
TOTAL FIXED ASSETS 10,505,918 10,853,341
CURRENT ASSETS
Stock
Debtors due
in less		 than one year 10il 1,698
183,203		 994
219,412
Cash and cash equivalents 12 281,881 18,029
466,782 238,435
CREDITORS
Amounts
falling
due		 within one year 13 (582,716) (584,634)
NET CURRENT LIABILITIES (115,934) (346,199)
TOTAL ASSETS LESSCURRENT 1Oi389i984 10,507,142
LIABILITIES
CREDITORS
Amounts
falling
due		 after more than one year 14 (8,403,094) (8,671,090)
NET ASSETS 1,986,890 1,836,052
ACCUMULATED
RESERVES
General
Reserves		 li196i083 1,045,245
Revaluation
Reserve		 790,807 790,807
TOTAL RESERVES 1,986,890 1,836,052

2021 2020
Cashflows
from operating		 activities
Surplus/(Deficit)
for		 the financial year 150,838 (82,129)
Adjustments
for:
Depreciation
of tangible		 assets 370,796 264,544
Amortisation
of Grants		 received (266,235) (214,093)
Interest
Received		 (33) (171)
Interest
Paid		 51,773 37,423
Decrease/(Increase) in trade and other debtors 36,209 (87,744)
(Increase)
in Stocks		 (704) (73)
(Decrease)/Increase in trade and other creditors (53,679) 20,294
Net Cashf low from operating activities 288,965 (61,949)
Cashflows
from investing		 activities S.donations
Purchase of tangible assets (23,373) (3,573,029)
Proceeds from sale of fixed assets
Loans received 50,000 1,305,040
Grants
Received		 2,140,000
Grants
Paid Back
Interest
Received		 33 171
Interest
Paid		 (51,773) (29,419)
Net Cash from investing activities (25,113) (157,237)
Net Increase/(Decrease) in cash and cash equivalents 263,852 (219,186)
Cash and Cash Equivalents at the beginning of the year 18,029 237,215
Cash and Cash Equivalents at the end of the year 281,881 18,029
Other
At 1 non-cash At 31
April 2020 Cash flows changes March 2021
Analysis ofchanges in
net debt
Cash and cash
equivalents
Cash 18,029 263,852 281,881
Borrowings
Due within
one year		 (32,853) (8,152) (41,005)
Due after one year (1,512,471) (17,102) (1,529,573)
Total net debt (1,527,295) 238,598 (1,288,697)

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KEY MANAGEM ENT
R		 EM UNERATION UNERATION
The remuneration paid to officers of the Association excluding pension contributions was:
2021 2020
E E
Emoluments
to		 officer 70,100 71,652
Expenses
reimbursed		 to the aforementioned officer
Other officers' expenses reimbursed
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Social Housing Assistance 2021 2020
E
Total accumulated social housing
grant receivable at 31 March 8,187,458 8,187,458
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10. STOCKS 2021 2020
E
Sports centre and Cafe 875 380
Cleaning 823 614
1,698 994
11. DEBTORS 2021 2020
E E
Trade debtors 25,635 52,015
Residents'
rents owed		 869 676
Prepayments 70,953 81,692
Other debtors
due within		 one year
—Accrued Income 80,144 83,290
- Other 5,602 1,739
183,203 219,412
12. CASH AND CASH EQUIVALENTS 2021 2020
E E
Bank deposit account 281,373 17,462
Cash
in hand		 508 567
281,881 18,029
13. CREDITORS: Amounts falling due within one year 2021 2020
Trade Creditors 87,906 126,196
Other Creditors 63,484 54,582
VAT 5 PAYE/NIC payable 25,761 30,562
YMCA Pension
deficit		 30,881 30,804
Holiday
Accrual		 40,086 5,935
Sundry
creditors		 and accruals 34,512 37,463
Deferred
Capital		 Grant —HE Vittoria Walk 101,614 101,618
Deferred
Capital		 Grant —HE St Michael's 16,843 21,142
Deferred
Capital		 Grant —GCC St Michael's 8,677 10,891
Deferred
Capital		 Grant —HE Dulverton Court 20,734 20,734
Deferred
Capital		 Grant —Dulverton Court 9,757 9,757
Deferred
Capital		 Grant —HE James Smith Row 13,151 13,514
Deferred
Capital		 Grant —James Smith Row 10,084 10,362
Deferred
Capital		 Grant —GCC Potters Place 3,911 3,655
Deferred
Capital		 Grant —HE Potters Place 74,310 74,566
Arle Road Sports Centre Loan 8,333 8,333
Potters Place GCC Loan 25,573 24,520
Government
Loan		 7,099
582,716 584,634

CREDITORS: Amounts CREDITORS: Amounts falling due after falling due after one year 2021 2020
E
YMCA England
Pension		 Deficit 167,845 193,862
Deferred
Capital		 Grant —HE Vittoria
Walk		 2,474,664 2,576,274
Deferred
Capital		 Grant —HE St Michael's 427,981 444,825
Deferred
Capital		 Grant —GCC St Michael's 220,475 229,152
Deferred
Capital		 Grant —HE Dulverton Ct/James Smith 620,698 625,005
Row
Deferred
Capital		 Grant —CBC Dulverton Court 292,093 318,277
Deferred
Capital		 Grant —HE James Smith Row 399,463 412,614
Deferred
Capital		 Grant —CBC James Smith Row 306,302 316,386
Deferred
Capital		 Grant —GCC Potters Place 98,200 95,431
Deferred
Capital		 Grant —HE Potters Place 1,865,800 1,946,793
Arle Road Sports Centre Loan 225,701 231,951
Potters
Place GCC Loan		 1,260,971 1,280,520
Government
loan		 42,901
8,403,094 8,671,090
YMCA England Pension
Due in 1-2 Years 31,729 31,729
Due in 2-5 Years 95,187 95,187
Due in &5 Years 40,929 66,946
167,845 193,862
Deferred Capital Grant
Due in 1-2 Years 266,236 259,081
Due in 2-5 Years 798,708 742,067
Due in &5 Years 5,640,732 5,963,609
Arle Road Sports Centre Loan 225,701 231,951
Potters Place Loan 1,260,971 1,280,520
Government
Loan		 42,901
8,235,249 8,477,228
TOTAL 8,403,094 8,671,090

Dulverton
Vittoria St St Ct/ 3ames Potters
Walk Michael's Michael's Smith Row Place HE S.
HE HE GCC HE 8r. CBC GCC Total
At 1 April 2020 2,677,892 465,967 240,043 1,726,649 2,120,445 7,230,996
Grant paid back in the year
Grant received in the year
Released in the year (101,614) (21,143) (10,891) (54,367) (78,224) (266,239)
At 31 March 2021 2~576'278 444g824 229I152 IJ672I282 2I042I221 6I964/757