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|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|
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|RSH||Description|Description|Description|,18/19|19120|-20'/21 .|Narrative|
|---|---|---|---|---|---|---|---|---|
|Re'f.|.|.|||Actual|Actual|-Acguavl,||
|||||||||ofwhich method
is used),|
|||||||||and it is far below registered|
|||||||||provider sector norms.|
|||EBITDA,|||9.4%|9.7%|9.2%|Earnings before interest, tax|
|||Earnings||||||depreciation
and|
|||before interest,||||||amortisation
(EBITDA) is an|
|||tax,||||||alternative
method
to|
|||depreciation||||||assessing
financial|
|||and||||||performance
instead of|
|||amortisation,||||||margin.
It is only included|
|||(unadjusted||for||||here because
itfeeds into|
|||major repairs)||||||the following
required|
|||||||||metric.|
|||EBITDA|||3,385%|5,418%|9,018%|Given St Basils low level of|
|||(adjusted|for|||||borrowing,
this metric is of|
|||major repairs)||||||little relevance.|
|||compared||to|||||
|||financing|costs||||||
|||Loan cover|||3,446%|3,629%|4,229%|200% is St Basils loan|
|||||||||covenant
requirement,
and|
|||||||||also a golden
rule.|
|||Cost per|unit||Et7.0k|F19.2I(|820.3k|The high unit cost reflects|
|||||||||the high level ofturnover of|
|||||||||high needs tenants,
who|
|||||||||receive high quality
(but|
|||||||||costly) exceptional
support.|
|6a||Operating|||4.5'Yo|3.9%|-6.2%|St Basils has had three|
|||margin —social||||||years ofreporting
surpluses|
|||housing||||||after a significant
loss in|
|||lettings
only||||||2017/18. The margin
is|
|6b||Operating
margin—
overall|||3.8%|2.7%|4.7%|significantly
lower than
registered
provider
norms,
but the return
on capital
employed
is similar.|
|||||||||This illustrates
St Basil's|
|||Return
on|||3%|2.1%|3.8'Yo|"small margin,
but well|
|||Capital||||||financed
financial
model",|
|||Employed||||||which is most apt for a|
|||||||||small charitable|
|||(ROCE)||||||organisation
that is focused|
|||||||||on relieving
hardship,
as|
|||||||||opposed to being focused|
|||||||||on housebuilding
and its|
|||||||||associated
borrowing|
|||||||||requirements.|
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|date ofthis report u|nless oth|erwise
stated:||||
|---|---|---|---|---|---|
|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||
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||||||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|
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|||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|
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||||||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|
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|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|
|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|
|Total income from lettings|||11,471|10,170|
|Expenditure
on lettings
Management
Services|||7,146
2,731|6,393
2,415|
|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|
|Auditors'
remuneration:-|||||
|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|
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|STAFF COSTS|||||
|---|---|---|---|---|
||||2022
f'000's|2021
f'000's|
|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)|||||||||
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|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|
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|||||Short term|Short term||Furnishings||
|---|---|---|---|---|---|---|---|---|
|||||Leasehold||Computer|and||
|||||properties
E'000"s||equipment
6'000's|fittings
6'000's|Total
f'000's|
||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|
##
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|---|---|---|---|
|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|
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|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|
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|||||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|
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|||||||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|
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|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|