Sto
BasDIs
orripany Number 03964376
Registered in England
St Basil's (Limited by Guarantee)
Works with young people
St Basil's Annual Report and
Financial Statements
Year ending 31 March 2023
|INDEX||PAGE|
|---|---|---|
|Information|||
|Strategic Report|||
|Board Report|||
|Independent|Report ofthe Auditor||
|Statement of|Comprehensive
Income|29|
|Statement of|Financial Position|30|
|Statement of|Changes
in Reserves||
|Statement of|Cash Flows|32|
|Notes to the Financial Statements||33|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|financial
rule|financial
rule|financial
rule|financial
rule|s.||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Description|||||Rule|1,9/20
Actual||20/21
Actual||||||21/22
Actual||22/23
Target|22/23
Actual|||22/23
Benchmark||||
|Margin|||||Historically|||||||||||||||||||
||||||set at 3%,|||||||||||||||||||
||||||the Board|||||||||||||||||||
||||||agreed an|||||||||||||||||||
||||||amendment|||||||||||||||||||
||||||to this rule|||||||||||||||||||
||||||during
the
year due to|2.7%|||4.7%|||||1.0%||Surplus|1.8%||||20.3%|||
||||||the uncertain|||||||||||||||||||
||||||economic|||||||||||||||||||
||||||environment.|||||||||||||||||||
||||||The target is|||||||||||||||||||
||||||now to make|||||||||||||||||||
||||||a surplus.|||||||||||||||||||
|Cash|days||||Maintain|||||||||||||||||||
||||||cash|||||||||||||||||||
||||||reserves|||||||||||60||||||||
||||||sufficient for|56||||||||102|throughout||125|||||n/a||
||||||a minimum|||||||||||the year||||||||
||||||of2 months|||||||||||||||||||
||||||(60days)|||||||||||||||||||
|Borrowing||||/|Loan|||||||||||||||||||
|gearing|||||coverage to|||||||||||||||||||
||||||be a|||||||||||||||||||
||||||minimum
of
200%|3,629%||4,229%|||||2,142%|||200%|n/a|||||n/a||
||||||(covenant|||||||||||||||||||
||||||requirement)|||||||||||||||||||
|ollowin|g|the||repayment
in full ofthe housing||||loan||held|||with|Unity Bank,||the borrowing|/ gearing|||financial|||ru|
|s not applicable|||||to the 2022/23 year-end.|||||||||||||||||||
|n addition|||to the above targets,|||the RSH|published|||||VfM metrics|||in 2018/19 to be set as targets,|||||||and t|he|
|monitore|d||and reported
in our financial statements.|||||||St||Basil's||performance||for each metric is shown|||||in|the ta|b|
|elow, with|||the||target metrics being St Basils'|||budget|||set at the start||||ofthe year.|||||||||
|RSH
Ref||Description
19I2'0
Actual||||20/21
Actual|21/22
Actual||||22/23
Target|||22/23
Actual||22/23
Benchmark|Narrative|||||||
||||||||||||||||||Due to|changing||||||
||||||||||||||||||circumstances|||||at a||
|||Reinvestment
6.0%||||10.6%||1.7%||||3.8%||1.3%||9.8%|particular|||project, the||||
||||||||||||||||||capital|plan was revised||||||
||||||||||||||||||mid-yesr|||||||
|2a|New supply,
social
housing
units
10.5%|||||8.6%||1.8%||||0%||9||3.1%|No new social units
(owned) were
developed
or acquired
during
the year.|||||||
|2b|New supply,
non-social
n/a|||||n/a||n/a|||||n/a|n/s||0%|St Basils has
social housing||||no non-|||
||housing||||units|||||||||||||||||||
||Gearing||||-9.9%|-21%|-21.9%||||-21.7%|||-30.3%||-3.5%|This method takes cash
reserves
into account,|||||||
##
|RSH
Ref|Description|Description|Description|19/20
Actual|20/21
Actual|21/22
Actual|22/23
Target|22/23
Actual|22/23
Benchmark|Narrative|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||as a result St Basils|
|||||||||||has negative
external|
|||||||||||financing
because its|
|||||||||||cash is larger than
its|
||Gearing,|||||||||borrowing
(now nil).|
||normal|||7.4%|6.2%|5.8%|5.3%|0|n/a|The normal
method|
||method|||||||||does not include cash|
|||||||||||reserves.|
|||||||||||St Basils repaid it's one|
|||||||||||housing
loan before the|
|||||||||||end ofthe year.|
|||||||||||Earnings
before|
||EBITDA,
Earnings
before interest,
tax,
depreciation
and|||9.7%|9.2%|6.7%|3.7%|4.2%|n/a|interest, tax
depreciation
and
amortisation
(EBITDA)
is an alternative
method
to assessing
financial
performance
instead of|
||amortisation,
(unadjusted
for
major repairs)|||||||||margin.
It is only
included
here because
itfeeds into the
following
required|
|||||||||||metric.|
||EBITDA|||||||||This metric has no|
||(adjusted|for||||||||relevance
to St Basils|
||major repairs)|||5,418%|9,018%|2,153%|1,853%|n/a|1 210%|due to not having
any|
||compared||to|||||||borrowing.|
||financing|costs|||||||||
|||||||||||Following
the|
|||||||||||repayment
ofthe|
||Loan cover|||3,629%|4,229%|2,142%|200%|n/a|n/a|housing
loan, there is|
|||||||||||no metric to report for|
|||||||||||loan cover for the year.|
|||||||||||The high
unit cost|
|||||||||||reflects the turnover of|
||Cost per unit|||Et9.2k|820.3k|Ft9.3k|n/a|820.2k|64.8I(|high needs tenants,|
|||||||||||who receive high|
|||||||||||quality
support.|
||Operating|||||||||Although
St Basil's|
|Sa|margin —social
housing|||3.9%|-6.2%|-2.9%|n/a|-1.9%|13.5%|overall
margin has
improved
from the|
||lettings
only|||||||||previous year,
it still|
|6b|Operating
margin—
overall|||2.7%|4.7%|1.0%|1%|1 8%|203%|remains
significantly
lower than registered
provider
norms.
however,
the return
on|
|||||||||||capital employed
is|
|||||||||||similar.|
|||||||||||This illustrates
St|
|||||||||||Basil's "small margin,|
|||||||||||but well financed|
|||||||||||financial
model"
which|
||Return
on
Capital
Employed|||2.1%|3.8%|0.9%|0.8%|1.3%|3.1%|is most apt for a small
charitable
organisation
that is focused on|
||(ROCE)|||||||||relieving
hardship,
as
opposed to being|
|||||||||||focused on|
|||||||||||housebuilding
and its|
|||||||||||associated
borrowing|
|||||||||||requirements.|
##
##
##
##
##
##
##
##
##
##
##
|Helen Bates|||Ordinary|Director|||
|---|---|---|---|---|---|---|
|Paul Cadman|||Ordinary|Director|||
|Maddie
Dixon|||Co-opted|Director, resigned||March 2023|
|Stephen Chance
Steve Guyon OBE
Feizal Hajat OBE|||Co-opted
Ordinary
Ordinary|Director, appointed
Director, resigned
Director||September 2022
September 2022|
|Chris Miller|||Ordinary|Director|||
|Nil Neale|||Ordinary|Director|||
|Nimmi
Patel|||Ordinary|Director|||
|Raj Ram|||Ordinary|Director|||
|Vicki Stott
Jean Templeton|||Ordinary
Executive|Director, appointed
Director||September 2022|
|The Very Reverend|Matthew|Thompson|Nominated|Director|||
|Chris Todd|||Ordinary|Director, resigned|September 2022||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||Notes|||
|---|---|---|---|---|---|---|
||||||2023|2022|
||||||8'000's|F'000's|
|TURNOVER|||||||
|Housing|support contracts||||||
|||- Birmingham|City Council||4,284|4,054|
|||- Solihull
MBC|||843|738|
|||- Worcester CC|||398|425|
|||- Warwickshire|CC||425|415|
|||—Coventry
CC|||532|534|
|||—Other Councils|||267|255|
||||||6,749|6,421|
|Income|from|lettings||3b|6,434|5,829|
|Fundraising||||3a|958|999|
|Other income|||||966|957|
|Amortisation||ofSocial Housing
Grant||15|208|208|
|||||3a|15,315|14,414|
|OPERATING||COSTS||3a|(15,060)|(14,273)|
|OPERATING||SURPLUS||3a|255|141|
|Interest|receivable
and similar income||||9|1|
|Interest|payable
and similar||charges||(12)|(12)|
|SURPLUS FOR THE YEAR|||||252|130|
|TOTAL|COMPREHENSIVE||INCOME FOR THE YEAR||252|130|
##
|||Notes|2023|2022|
|---|---|---|---|---|
||||f'000's|8'000's|
|FIXEDASSETS|||||
|Housing
properties
- cost|less depreciation||13,449|13,563|
|Other property,
plant & equipment|||519|782|
|Total fixed assets|||13,968|14,345|
|CURRENT ASSETS|||||
|Debtors|||1,636|1,031|
|Cash and cash equivalents|||5,070|3,922|
||||6,706|4,953|
|CREDITORS: AMOUNTS|FALLING|12|(2,759)|(2,154)|
|DUE WITHIN ONE YEAR|||||
|NET CURRENT ASSETS|||3,947|2,799|
|TOTAL ASSETS LESSCURRENT|||17,915|17,144|
|LIABILITIES|||||
|CREDITORS: AMOUNTS|FALLING DUE|13|(12,441)|(11,922)|
|AFTER MORE THAN ONE YEAR|||||
|NET ASSETS|||5,474|5,222|
|CAPITAL AND RESERVES|||||
|Revenue
reserves|||5,336|5,062|
|Restricted reserves|||138|160|
|TOTAL RESERVES|||5,474|5,222|
##
||||||Revenue|Restricted|2023|2022|
|---|---|---|---|---|---|---|---|---|
||||||reserves|Reserves|Total|Total|
||||||E'000's|F'000's|E'000's|F'000's|
|At 1 April 2022|||||5,062|160|5,222|5,092|
|Surplus|from statement||of|comprehensive|||||
|income|||||252||252|130|
|Transfer|to/from|restricted||reserves|22|(22)|||
|At 31 March 2023|||||5,336|138|5,474|5,222|
|For the|year ending 31 March 2022|year ending 31 March 2022|year ending 31 March 2022|year ending 31 March 2022|||||
|---|---|---|---|---|---|---|---|---|
||||||Revenue|Restricted|2022|2021|
||||||reserves|Reserves|Total|Total|
||||||F.'000's|F.'000's|f.'000's|f'000's|
|At 1 April 2021|||||4,914|178|5,092|4,457|
|Surplus|from statement||ofcomprehensive||||||
|income|||||130||130|635|
|Transfer|to/from|restricted||reserves|18|(18)|||
|At 31 March 2022|||||5,062|160|5,222|5,092|
|||||||2023|2023|||2022|
|---|---|---|---|---|---|---|---|---|---|---|
|||||Notes||f.'000's|6'000's|5'000's||E.'000's|
|NET CASH INFLOW|||||||||||
|FROM OPERATING|ACTIVITIES|||17|||666|||817|
|CASH FLOW FROllil|FINANCING||||||||||
|ACTIVITIES|||||||||||
|Interest received||||||9|||1||
|Interest
paid||||||(12)|||(12)||
|Housing
loans repaid||||||(302)|||(13)||
|Investments
encashed|||||||||||
||||||||(305)||||
|||||||||||(24)|
|CASH FLOW FROM|INVESTING||||||||||
|ACTIVITIES|||||||||||
|Purchase
of housing|properties|||8||(213)||(211)|||
|Purchase
ofother property,||plant|&||||||||
|Equipment||||||(14)||(113)|||
|Capital grants
and donations|||||||||||
|received/accrued||||15||1,014|787|||(324)|
|NET CHANGE
IN CASH AND|||||||1,148|||469|
|CASH EQUIVALENTS|||||||||||
|CASH AND CASH EQUIVALENTS|||||||3,922|||3,453|
|AT START OF YEAR|||||||||||
|CASH AND CASH EQUIVALENTS|||||||5,070|||3,922|
|AT END OF YEAR|||||||||||
|Analysis
ofchanges|in net|debt||At 1st|April
f'000|Cashf iowa
8'000|Other|non-cash
f'000
At||31"March
6'000|
|Cash and cash equivalents|||||3,922|1,148||||5,070|
|Housing
loans|||||(302)|302|||||
|Total|||||3,620|1,450||||5,070|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|TURNOVE|R AND O|PERATING (|DEFICIT)/SURP|LUS||||
|---|---|---|---|---|---|---|---|
||||2023|||2022||
|||Turnover|Operating|Surplus/|Turnover|Operating|Surplus/|
|||f'000's|costs
6'000's|(deficit)
f'000's|8'000's|Costs
L"000's|(deficit)
f.'000's|
|Income and||||||||
|expenditure|from|||||||
|lettings||||||||
|Supported|housing|||||||
|—residential|(note|||||||
|3b)||12,302|(12,530)|(228)|11,471|(11,807)|(336)|
|Other income and||||||||
|expenditure||||||||
|Fund raising||958|(536)|422|999|(541)|458|
|Non-residential||||||||
|services||2,055|(1,994)|61|1,944|(1,906)|38|
|Total||15,315|(15,060)|255|14,414|(14,254)|160|
##
|INCOME AND EXPENDITUR|E FROIN|SOCIAL HOUSING|||
|---|---|---|---|---|
||||2023|2022|
||||All|All|
||||Supported|Supported|
||||Housing|Housing|
||||Accomm-|Accomm-|
||||odation|odation|
||||8'000's|E'000's|
|Income from lettings|||||
|Rent receivable|||2,620|2,408|
|Service charges receivable|||3,814|3,421|
|Net rents receivable|||6,434|5,829|
|Supporting
People Grant|||4,853|4,685|
|Other income|||1,015|957|
|Total income from lettings|||12,302|11,471|
|Expenditure
on lettings|||||
|Management
Services|||7,487
2,577|7,146
2,417|
|Routine maintenance|||937|882|
|Residential
building
lease costs|||313|314|
|Planned
maintenance|||627|592|
|Bad debts|||262|174|
|Depreciation
of properties|||327|282|
|Total expenditure
on lettings|||12,530|11,807|
|Operating
surplus
on social|housing|lettings|(228)|(336)|
|Rent losses from voids|||664|742|
|RPLUS ON ORDINARY ACTIVITIES|||||
||||2023|2022|
||||F'000's|8'000's|
|Surplus
on ordinary
activities is stated after charging/(crediting)|||||
|Depreciation
of housing
properties|||327|282|
|Depreciation
ofother fixed assets|||255|306|
|Auditors'
remuneration:—|||||
|In their capacity as auditors|||20|19|
|In respect of other services|||||
|Staff costs (note 6)|||7,658|7,660|
|Amortisation
of social housing
Other equipment
lease charges|grants||(208)
49|(208)
43|
|Land and buildings
lease charges|||369|371|
##
##
##
##
##
##
|employed
du|rin|g the year:|||||||
|---|---|---|---|---|---|---|---|---|
||||||||Number|Number|
|Management|||||||8|8|
|Administration|||||||34|36|
|Housing
support||services|||||227|240|
|Total employees|||||||269|284|
|DIRECTORS'|EMOLUMENTS||||||||
||||||||2023|2022|
||||||||E'000's|F.'000's|
|Emoluments|of|the Senior Management|Team (including||pension||451|440|
|contributions)|||||||||
|The emoluments||of the Senior Management||Team disclosed above|||||
|include amounts||paid to:|||||||
|The Chief Executive,
being the highest|||paid|director (excluding||pension|75|73|
|contributions)|||||||||
##
|TANGIBLE FIXEDASSETS —|HOUSING PROPERTIES|||
|---|---|---|---|
||Housing|Housing||
||properties|properties||
||held for|under||
||letting
E'000's|development
f'000's|Total
E'000's|
|COST||||
|At 1 April 2022|16,854|18|16,872|
|Additions|134|79|213|
|At 31 llllarch 2023|16,988|98|17,085|
|LESS:||||
|DEPRECIATION||||
|At 1 April 2022|3,309||3,309|
|Charge for the year|327||327|
|At 31 March 2023|3,636||3,636|
|NET BOOK VALUE||||
|At 31 March 2023|13,352|98|13,449|
|At 31 March 2022|13,545|18|13,563|
##
|9.|OTHER PROP|ER|TY, PLANT 8 EQUIPM|ENT||||
|---|---|---|---|---|---|---|---|
|||||Short term||Furnishings||
|||||Leasehold|Computer|and||
|||||properties
E'000's|equipment
E'000's|fittings
6'000's|Total
6'000's|
||COST|||||||
||At 1 April 2022|||607|2,091|1,891|4,589|
||Additions||||6|8|14|
||Disposals||||(36)|—|(36)|
||At 31 March 2023|||607|2,061|1,899|4,567|
||ACCUMULATED||DEPRECIATION|||||
||At 1 April 2022|||311|1,897|1,599|3,807|
||Charge for the|year||48|70|137|255|
||Disposals||||(14)||(14)|
||At 31 March 2023|||359|1,953|1,736|4,048|
||NET BOOK VALUE|||||||
||At 31 llllarch 2023|||248|108|163|519|
||At 31 March 2022|||296|194|292|782|
|10.|UNITS IN MANAGEMENT|||||||
|||||||2023|2022|
|||||||Number|Number|
||Bed spaces|||||603|601|
||At the end ofthe year there were 54 units|||in development|(2022: nil).|||
|11.|DEBTORS|||||||
|||||||2023|2022|
|||||||F'000's|f.'000's|
||Rental debtors|||||535|498|
||Less: Provision|for|bad debts|||(255)|(194)|
||Net rental debtors|||||280|304|
||Other debtors|||||867|368|
||Prepayments|||||330|219|
||Accrued
Income|||||159|140|
|||||||1,636|1,031|
##
##
|CREDIT|ORS:|AMOUNTS
FALLING DUE WITHIN ONE Y|EAR||
|---|---|---|---|---|
||||2023|2022|
||||E'000's|F.'000's|
|Rental pre-payments|||488|443|
|Accruals|||700|373|
|Deferred|Income||781|486|
|Trade creditors|||410|441|
|Other taxation||and social security costs|172|188|
|Housing|loans|||15|
|SHG due|within|one year|208|208|
||||2,759|2,154|
##
##
##
|CREDI|TORS: AM||OUNTS
FALLING DUE AFTER MO|RE THAN ONE YEAR||
|---|---|---|---|---|---|
|||||2023|2022|
|||||f'000's|F'000's|
|SHG to|be released||after one year|12,176|11,370|
|Housing|loan||||287|
|Provision|for dilapidations|||265|265|
|||||12,441|11,922|
|Profile of Housing||loan:||||
|Amount|falling due||2-5 years||59|
|Amount|falling due||5+ years||228|
||||||287|
##
##
##
##
|SOCIAL HO|USING GRAN|T AhllORTISATION|MOVEMENT|||
|---|---|---|---|---|---|
|||||2023|2022|
|||||E'000's|F.'000's|
|Deferred income —Grants||||||
|As 1 April 2022||||11,577|11,785|
|Grants received||||1,014||
|Amortisation|to Statement|of Comprehensive|Income|(208)|(208)|
|At 31 lillarch|2023|||12,383|11,577|
|Amortisation|within one year|||208|208|
|Amortisation|after one year|||12,175|11,369|
##
##
||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|
||||||||8'000's|L'000's|
|Operating|surplus||for the year||||255|141|
|Movement|in|debtors|||||(569)|127|
|Movement|in|creditors|||||620|169|
|Depreciation|||||||568|588|
|Amortisation||ofgrant|||||(208)|(208)|
|Net cash|flow|from|operating|activities|||666|817|
|CAPITAL|COMMITMENTS||||||||
||||||||2023|2022|
||||||||F'000's|F'000's|
|Capital expenditure|||contracted|for but not provided|for in the||||
|financial statements|||||||3,589||
|Capital expenditure|||authorised|but not yet contracted||for|||
##
##
##
##
##
##
##
##
##
|Fort|he year ending 31 March 2023|he year ending 31 March 2023|he year ending 31 March 2023||||
|---|---|---|---|---|---|---|
|23.|RESTRICTED RESERVES||||||
||Restricted
Reserve|||At 1 April 2022|Expenditure|At 31 March 2023|
|||||L"000's|F'000's|F.'000's|
||Young Women's|Fund|—Shelter|131||131|
||Young Women's|Fund|—Hardship|29|(22)||
||Total Restricted|Reserves||160|(22)|138|