| INDEX | PAGE | |
|---|---|---|
| Information | ||
| Strategic Report | ||
| Board Report | 21 | |
| independent | Report ofthe Auditor | 26 |
| Statement of | Comprehensive Income |
29 |
| Statement of | Financial Position |
30 |
| Statement of |
Changes in Reserves |
31 |
| Statement of | Cash Flows | 32 |
| Notes to the Financial Statements | 33 |
| RSH | Description | Description | Description | ,18/19 | 19120 | -20'/21 . | Narrative | |
|---|---|---|---|---|---|---|---|---|
| Re'f. | . | . | Actual | Actual | -Acguavl, | |||
| ofwhich method is used), |
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| and it is far below registered | ||||||||
| provider sector norms. | ||||||||
| EBITDA, | 9.4% | 9.7% | 9.2% | Earnings before interest, tax | ||||
| Earnings | depreciation and |
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| before interest, | amortisation (EBITDA) is an |
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| tax, | alternative method to |
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| depreciation | assessing financial |
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| and | performance instead of |
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| amortisation, | margin. It is only included |
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| (unadjusted | for | here because itfeeds into |
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| major repairs) | the following required |
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| metric. | ||||||||
| EBITDA | 3,385% | 5,418% | 9,018% | Given St Basils low level of | ||||
| (adjusted | for | borrowing, this metric is of |
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| major repairs) | little relevance. | |||||||
| compared | to | |||||||
| financing | costs | |||||||
| Loan cover | 3,446% | 3,629% | 4,229% | 200% is St Basils loan | ||||
| covenant requirement, and |
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| also a golden rule. |
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| Cost per | unit | Et7.0k | F19.2I( | 820.3k | The high unit cost reflects | |||
| the high level ofturnover of | ||||||||
| high needs tenants, who |
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| receive high quality (but |
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| costly) exceptional support. |
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| 6a | Operating | 4.5'Yo | 3.9% | -6.2% | St Basils has had three | |||
| margin —social | years ofreporting surpluses |
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| housing | after a significant loss in |
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| lettings only |
2017/18. The margin is |
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| 6b | Operating margin— overall |
3.8% | 2.7% | 4.7% | significantly lower than registered provider norms, but the return on capital employed is similar. |
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| This illustrates St Basil's |
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| Return on |
3% | 2.1% | 3.8'Yo | "small margin, but well |
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| Capital | financed financial model", |
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| Employed | which is most apt for a | |||||||
| small charitable | ||||||||
| (ROCE) | organisation that is focused |
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| on relieving hardship, as |
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| opposed to being focused | ||||||||
| on housebuilding and its |
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| associated borrowing |
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| requirements. |
| date ofthis report u | nless oth | erwise stated: |
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|---|---|---|---|---|---|
| Helen Bates | Ordinary | Director | |||
| Maddy Bunker | Ordinary | Director, resigned | September 2021 | ||
| Paul Cadman | Ordinary | Director | |||
| Maddie Dixon |
Co-opted | Director, appointed | January 2022 | ||
| Sara Fowler | Ordinary | Director, resigned | September 2021 | ||
| Steve Guyon OBE | Ordinary | Director | |||
| Feizal Hajat OBE | Ordinary | Director | |||
| Chris Miller | Ordinary | Director | |||
| Nil Neale | Ordinary | Director, appointed | December 2021 | ||
| Nimmi Patel |
Ordinary | Director, appointed | September 2021 | ||
| Raj Ram | Ordinary | Director | |||
| Jean Templeton | Executive | Director | |||
| The Very Reverend | Matthew | Thompson | Nominated | Director | |
| Chris Todd | Ordinary | Director |
| Notes | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| E'000's | F'000's | ||||||
| TURNOVER | |||||||
| Housing | support contracts | ||||||
| - Birmingham | City Council | 4,054 | 3,475 | ||||
| - Solihull MBC | 738 | 733 | |||||
| - Worcester CC | 425 | 405 | |||||
| - Warwickshire | 415 | 415 | |||||
| - Coventry CC |
534 | 507 | |||||
| - Other CC | 255 | 160 | |||||
| 6,421 | 5,695 | ||||||
| Income | from | lettings | 3b | 5,829 | 5,074 | ||
| Fundraising | 3a | 999 | 1,782 | ||||
| Other income | 957 | 1,088 | |||||
| Amortisation | of Social Housing | Grant | 15 | 208 | 126 | ||
| 3a | 14,414 | 13,765 | |||||
| OPERATING | COSTS | 3a | (14,273) | (13,121) | |||
| OPERATING | SURPLUS | 3a | 141 | 644 | |||
| Interest | receivable and similar |
income | 1 | 1 | |||
| Interest | payable and similar |
charges | (12) | (10) | |||
| SURPLUS FOR THE YEAR | 130 | 635 | |||||
| TOTAL | COMPREHENSIVE | INCOME FOR THE YEAR | 130 | 635 |
| Notes | 2022 | 2021 | ||
|---|---|---|---|---|
| 6'000's | F'000's | |||
| FIXEDASSETS | ||||
| Housing properties —cost less depreciation Other property, plant & equipment |
13,563 782 |
13,634 975 |
||
| Total fixed assets | 14,345 | 14,609 | ||
| CURRENT ASSETS | ||||
| Debtors | 1,031 | 1,158 | ||
| Cash and cash equivalents | 3,922 | 3,453 | ||
| 4,953 | 4,611 | |||
| CREDITORS: AMOUNTS | FALLING | 12 | (2,154) | (1,995) |
| DUE WITHIN ONE YEAR | ||||
| NET CURRENT ASSETS | 2,799 | 2,616 | ||
| TOTAL ASSETS LESSCURRENT | 17,144 | 17,225 | ||
| LIABILITIES | ||||
| CREDITORS: AMOUNTS | FALLING DUE | 13 | (11,922) | (12,133) |
| AFTER IIIIORE THAN ONE YEAR | ||||
| NET ASSETS | 5,222 | 5,092 | ||
| CAPITAL AND RESERVES | ||||
| Revenue reserves | 5,062 | 4,914 | ||
| Restricted reserves | 160 | 178 | ||
| TOTAL RESERVES | 5,222 | 5,092 |
| Revenue | Restricted | 2022 | 2021 | |||||
|---|---|---|---|---|---|---|---|---|
| reserves | Reserves | Total | Total | |||||
| f.'000's | E'000's | F'000's | 8'000's | |||||
| At 1 April 2021 | 4,914 | 178 | 5,092 | 4,457 | ||||
| Surplus | from statement | of | comprehensive | |||||
| income | 130 | 130 | 635 | |||||
| Transfer | to/from | restricted | reserves | 18 | (18) | |||
| At 31 March 2022 | 5,062 | 160 | 5,222 | 5,092 |
| 2022 | 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Notes | F'000's | f'000's | f'000's | f'000's | |||||
| NET CASH INFLOW | |||||||||
| FROM OPERATING | ACTIVITIES | 17 | 817 | 1,807 | |||||
| CASH FLOW FROM | FINANCING | ||||||||
| ACTIVITIES | |||||||||
| Interest received | 1 | 1 | |||||||
| Interest paid | (12) | (10) | |||||||
| Housing loans repaid |
(13) | (15) | |||||||
| Investments encashed |
0 | 0 | |||||||
| (24) | (24) | ||||||||
| CASH FLOW FROM | INVESTING | ||||||||
| ACTIVITIES | |||||||||
| Purchase of housing |
properties | (211) | (1,456) | ||||||
| Purchase ofother property, |
plant | & | |||||||
| Equipment | (113) | (214) | |||||||
| Capital grants and donations | |||||||||
| received/accrued | 15 | (324) | 1,582 | (88) | |||||
| NET CHANGE IN CASH AND |
469 | 1,695 | |||||||
| CASH EQUIVALENTS | |||||||||
| CASH AND CASH EQUIVALENTS | 3,453 | 1,758 | |||||||
| AT START OF YEAR | |||||||||
| CASH AND CASH EQUIVALENTS | 3,922 | 3,453 | |||||||
| AT END OF YEAR | |||||||||
| Analysis of changes |
in net | debt | At 1stApril f'000 |
Cashflows f'000 |
Other | non-cash f'000 At |
31"March f"000 |
||
| Cash and cash equivalents | 3,453 | 469 | 3,922 | ||||||
| Housing loans |
(315) | 13 | (302) | ||||||
| Total | 3,138 | 482 | 3,820 |
| TURNOVE | R AND O | PERATING ( | DEFICIT)/SURP | LUS | |||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Turnover | Operating | Surplus/ | Turnover | Operating | Surplus/ | ||
| f'000's | costs f'000's |
(deficit) f.'000's |
f'000's | Costs f'000's |
(deficit) F'000's |
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| Income and | |||||||
| expenditure | from | ||||||
| lettings | |||||||
| Supported | housing | ||||||
| —residential | (note | ||||||
| 3b) | 11,471 | (11,807) | (336) | 10,170 | (10,796) | (626) | |
| Other income and | |||||||
| expenditure | |||||||
| Fund raising | 999 | (541) | 458 | 1,782 | (486) | 1,296 | |
| Non-residential | |||||||
| services | 1,944 | (1,906) | 38 | 1,813 | (1,839) | (26) | |
| Total | 14,414 | (14,254) | 160 | 13,765 | (13,121) | 644 |
| INCOME AND EXPENDITURE | FROM | SOCIAL HOUSING | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| All | AII | |||
| Supported | Supported | |||
| Housing | Housing | |||
| Accomm- | Accomm- | |||
| odation | odation | |||
| F'000's | F'000's | |||
| Income from lettings | ||||
| Rent receivable | 2,408 | 2,164 | ||
| Service charges receivable | 3,421 | 2,910 | ||
| Net rents receivable | 5,829 | 5,074 | ||
| Supporting People Grant Other income |
4,685 957 |
4,202 894 |
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| Total income from lettings | 11,471 | 10,170 | ||
| Expenditure on lettings Management Services |
7,146 2,731 |
6,393 2,415 |
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| Routine maintenance | 882 | 866 | ||
| Planned maintenance |
592 | 775 | ||
| Bad debts | 174 | 132 | ||
| Depreciation of properties |
282 | 215 | ||
| Total expenditure on lettings |
11,807 | 10,796 | ||
| Operating surplus on social |
housing | lettings | 336 | 626 |
| Rent losses from voids | 742 | 566 | ||
| SURPLUS ON ORDINARY ACTIVITIES | ||||
| 2022 | 2021 | |||
| F'000's | F.'000's | |||
| Surplus on ordinary activities is stated after charging/(crediting) Depreciation of housing properties Depreciation ofother fixed assets |
282 306 |
215 326 |
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| Auditors' remuneration:- |
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| In their capacity as auditors | 19 | 18 | ||
| In respect ofother services Staff costs (note 6) Amortisation ofsocial housing |
grants | 7,660 (208) |
7,333 (126) |
|
| Other equipment lease charges |
43 | 43 | ||
| Land and buildings lease charges |
371 | 242 |
| STAFF COSTS | ||||
|---|---|---|---|---|
| 2022 f'000's |
2021 f'000's |
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| Staff costs including | the Senior Management | Team | ||
| Wages and salaries | 6,886 | 6,591 | ||
| Social security costs | 574 | 545 | ||
| Other pension costs | 200 | 197 | ||
| 7,660 | 7,333 |
| Number | Number | |||||||
|---|---|---|---|---|---|---|---|---|
| Management | 8 | 8 | ||||||
| Administration | 36 | 37 | ||||||
| Housing support |
services | 240 | 223 | |||||
| Total employees | 284 | 268 | ||||||
| DIRECTORS' | EMOLUMENTS | |||||||
| 2022 | 2021 | |||||||
| f'000's | f'000's | |||||||
| Emoluments | of | the Senior Management | Team (including | pension | 440 | 417 | ||
| contributions) | ||||||||
| The emoluments | ofthe Senior Management | Team disclosed above | ||||||
| include amounts | paid to: | |||||||
| The Chief Executive, being the highest |
paid | director (excluding | pension | 73 | 73 | |||
| contributions) |
| TANGIBLE FIXEDASSETS —HOUSING PROPERT | IES |
|---|---|
| Housing | |
| properties | |
| held for | |
| letting f'000's |
|
| COST | |
| At 1 April 2021 | 16,661 |
| Additions | 211 |
| At 31 March 2022 | 16,872 |
| LESS: | |
| DEPRECIATION | |
| At 1 April 2021 | 3,027 |
| Charge for the year | 282 |
| At 31 March 2022 | 3,309 |
| NET BOOK VALUE | 13,563 |
| At 31 March 2022 | |
| At 31 March 2021 | |
| 13,634 |
| Short term | Short term | Furnishings | ||||||
|---|---|---|---|---|---|---|---|---|
| Leasehold | Computer | and | ||||||
| properties E'000"s |
equipment 6'000's |
fittings 6'000's |
Total f'000's |
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| COST | ||||||||
| At 1 April 2021 | 601 | 2,045 | 1,830 | 4,476 | ||||
| Additions | 6 | 46 | 61 | 113 | ||||
| At 31 March 2022 | 607 | 2,091 | 1,891 | 4,589 | ||||
| ACCUMULATED | DEPRECIATION | |||||||
| At 1 April 2021 | 263 | 1,782 | 1,456 | 3,501 | ||||
| Charge for the | year | 48 | 115 | 143 | 306 | |||
| At 31 March 2022 | 311 | 1,897 | 1,599 | 3,805 | ||||
| NET BOOK VALUE | ||||||||
| At 31 March 2022 | 296 | 194 | 292 | 782 | ||||
| At 31 March 2021 | 338 | 263 | 374 | 975 | ||||
| 10. | UNITS IN MANAGEMENT | |||||||
| 2022 | 2021 | |||||||
| Number | Number | |||||||
| Bed spaces | 601 | 590 | ||||||
| At the end ofthe year there were no units | in development | (2021: nil). | ||||||
| 11. | DEBTORS | |||||||
| 2022 | 2021 | |||||||
| F'000's | F.'000's | |||||||
| Rental debtors | 498 | 327 | ||||||
| Less: Provision | for | bad debts | (194) | (144) | ||||
| Net rental debtors | 304 | 183 | ||||||
| Other debtors | 368 | 601 | ||||||
| Prepayments | 219 | 237 | ||||||
| Accrued Income | 140 | 137 | ||||||
| 1,031 | 1,158 |
| CREDITORS: AMOUNTS | FALLING DUE WITHIN ONE YEAR | ||
| 2022 f'000's |
2021 f'000's |
||
| Rental pre-payments | 443 | 279 | |
| Accruals | 373 | 288 | |
| Deferred Income | 486 | 495 | |
| Trade creditors | 441 | 537 | |
| Other taxation and social | security costs | 188 | 179 |
| Housing loans |
15 | 15 | |
| SHG due within one year | 208 | 202 | |
| 2,154 | 1,995 |
| CREDI | TORS: AM | OUNTS FALLING DUE AFTER MO |
RE THAN ONE YEAR | ||
|---|---|---|---|---|---|
| 2022 f'000's |
2021 f'000's |
||||
| SHG to | be released | after one year | 11,370 | 11,583 | |
| Housing | loan | 287 | 300 | ||
| Provision | for dilapidations | 265 | 250 | ||
| 11,922 | 12,133 | ||||
| Profile of Housing | loan: | ||||
| Amount | falling due | 2-5 years | 59 | 59 | |
| Amount | falling due | 5+years | 228 | 241 | |
| 287 | 300 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| f'000's | f.'00(ys | ||||
| Deferred income —Grants | |||||
| As 1 April 2021 | 11,785 | 11,785 | |||
| Grants received | |||||
| Amortisation | to Statement | of Comprehensive | Income | (208) | |
| At 31 March | 2022 | 11,577 | 11,785 | ||
| Amortisation | within one year | 208 | 202 | ||
| Amortisation | after one year | 11,369 | 11,583 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| 8'000's | L'000's | ||||||
| Operating | surplus | for the year | 141 | 644 | |||
| Movement | in debtors | 127 | 69 | ||||
| Movement | in creditors | 169 | 678 | ||||
| Depreciation | 588 | 541 | |||||
| Amortisation of grant |
(208) | (125) | |||||
| Net cash | flow from | operating | activities | 817 | 1,807 | ||
| CAPITAL | COMMITNIENTS | ||||||
| 2022 | 2021 | ||||||
| 8'000's | 8'000's | ||||||
| Capital expenditure | contracted | for but not provided | for in the | ||||
| financial statements | |||||||
| Capital expenditure | authorised | but not yet contracted | for | 738 |
| RESTRICTED RESERVES | RESTRICTED RESERVES | ||||
|---|---|---|---|---|---|
| Restricted Reserve | Opening | Balance | Expenditure | Closing Balance | |
| F'000's | E'000's | E'000's | |||
| Young Women's | Fund - Shelter | 131 | 131 | ||
| Young Women's | Fund - Hardship | 47 | (18) | 29 | |
| Total Restricted | Reserves | 178 | (18) | 160 |