2021-03-31-accounts - Lyng Community Association

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Information
Strategic Report
Board Report		10-13
Independent Anditor's	Report	I4-17
Statentent of Conlprehenskve laconic
Statement of I inancial	I'osition
Statement ofChanges	in Reserves	20
Statement ofCash Flosvs		21
Notes to the Financial	Statements	22-35

	2021	2020		2019	SBP&%'I2020
					A'Icdlan
Reinvestment	0 IQ"f	0. I 4')4&)		0.27'lo	3.62 "~0
cw Supply
Geal lng (as 'at)	32,07'io	'l7 &4"&	33.69"/0		16,67%0
EBITDA MRI	601.42"!o	239.67",'0	I	"/ 970''	250.5".:i)
Cost pc!' Unit	E3,327	E3,3g7		E3,108	E4,577
Operating margin	39.63":i)	34.51'uzi)	42.39'Ui)		I8. 1'!&)
Retnrn on capital eniployed	3,59",	3.45"'0		3,72, '&)	) 350,'

		IVote	2021	2020
Iurnover		3	1,111,056	l, 102,278
Operating expenditure		3	(665,453)	(677,424)
Operating slit'pltls			445,603	424,854
Interest receivahle		5	10,448	23,557
Intel est alld flllallce costs			(95,816)	(233,47g)
Surplus for the year		6	3ti0,235	?14,933
Other comprehellsstve	lllcolne
Total contprehensive	income for the year		360,235	214,933

							2021	)0)0
						rotc		E
Fixed assets
1lousing pl'opel'ties						9	9,674,108	9,867,305
Otllel' pl'opel"tv,	pl'lnt	and	etluiplllcnt			10
							9,674,108	9,867.305
Cul'I I".nt llsscts
Debtors							64,437	73,927
Cash and short-tenn		inl cstmcnts					666,216	1,282,3 I6
InvesIale n ts							?,350,000	1,500,000
							3,080,653	2,856,243
CI'cd itol's; Anion uts		ftllllng		due wit'bin	ouc ycat'		(351,?21)	(404,323)
ct cul I'cnt Ilsscts							2,729,432	'2,451.920
Total assets less	current		liabilities				12,403,540	12.319,225
Creditors: Amounts		falling		due aftel'	more than one year	13	(9,189,614)	(9,465,534)
dict assets							3,213,92(i	2,853,691
Capital and reserves
Revenue reserve							3,213,926	2,853,691
Total reserves							3,213,926	2,853,691

		revenue
		reserve	Total
		f.	f.
At	1 April 2019	2,638,758	2,638,7511
Surplus ror the year		214,933	214,933
At	31 March 2020	2,853,691	2,853,691
Surplus 1»r the year		360,235	360,235
At	31 March 2021	3,213,926	3,213,926

					2021	2020
				Note		f
Net cash generated from	operating	activities		16	535,111	631,571
Cash flo)vs from investing activities
Pill ch'tse of pt'opeltv, plallt Ill&i equtplllctlt					(9400)	(71,039)
Interest received					10,448	23,557
Increase in investments					(850,000)
Net cash flo)vs from investing activities					(848,952)	(47,482)
Cash flows from financing activities
Interest paid					(95,816)	(233i478)
A)11orttsattoll oi loialt tsstlc	costs				1,890	1,890
Repayments ofbo)Towings					(208,333)	(208,333)
Net cash fto)vs from financing activities					(302,259)	(439,921)
Net (decrease) / increase	in cash and	cash equivalents			(616,100)	l44,168
Ctlsll olid Ctlsll eq tllvillell	is i)t l)egllllllllg		ot year	16	1,282,316	1.288, I48
Cash and cash equivalents	at end of	year		16)	666),216)	1,782i316

1'artic	ul trs of	turnov		er, operating costs and	operating surplus
						2021
						Oper a till g	Operating
					Turnover	costs	surplus
Social	housing	lettings (note 3A)			1,088,201	665,453	422,748
Job retention		grant	income		12,916		12,916
Othel	social housing			activlttes	9,939		9939
Total					1,111,056	665,453	445,603
						2020
						Operating	Operating
					Tunao ver	costs	surplt&s
					8	f.	f
Social	housing	lettings		(note 3A)	1,089,680	677 424	412,256
Other	social housing		activities		12,598		12,598
Total					1,102,278	677,424	424,854

					Cielleral	2021	2020
					Needs	Total	Total
					I-Iousing
Income
Rents receivable					975,974	975,974	976,875
Servtce cllal ge hlcolne					42,750	42,750	43,328
An?or(ised g(?Vernlllellt		grant			69,477	69,477	69,477
Turnover from social		housing	lettings
					1,088,201	1,088,201	1,089,680
Expenditure
Sera ice charge costs					33,654	33,654	32,777
Service charge sinking		fund			10,841	IO,S41
Managenlellt					2S7,84S	287,848	304,180
Routine maintenance					85,746	85,746	90,573
1 lamled mallltellallcc					44,S60	44,860	5'?5
Bad debts					(93)	(93)	8,566
Disposal costs					757	757	7,374
Depreciation ofhousing		properties			201,840	201,S40	09429
Operating costs					665,453	665,453	677,424
Oper.ating surplus	social housing			lettings
					435,664	435,664	412,256
Void losses					372	372	2,277
Interest and llnance costs
						2021	2020
nk loans and overdrafts						95,816	233,478
						95,816	233,478

5.	Interest receivable	Interest receivable
							2021	2020
13ank	interest receivable						10,448	23 557
							10,448	23,557
6.	Surplus for the year
Surplus	for	the year is stated		after charging:
							2021	2020
								f
Depreciation		ofpropetzy,	plant		anti equipment		201,840	209,429
Ciovelllnlent		giants					69,477	69,477
Audit	tees:
- Statutot3		audit (excluding		VA'1')			8,000	6,500
7.	Staff	costs
							2021	2020
Wages	and salaries						145,147	146,244
Social	security costs						6,126	7,082
Pens lolls							3,268	2,165
							154,541	155,491
The average		full time equivalent			nunaber ofemployees	was: 4.6(2020:4.6)
							2021	2020
							Number	Number

9. Tangible fixed assets —housing properties
	Completed
	properties	Total
Cost
At I April 2020	12,268,486	12,268,486
Additions	9,400	9,400
Disposals	(2,391)	(2,391)
At 31 lvlarch 2021	12,275,495	12,275,495
Depreciation
At I April 2020	2,401,181	2,401,181
Charge for the year	201,840	201,840
Eliminated on dtsposals	(1,634)	(1,634)
At 31 March 2021	2,601,387	2,601,387
Net book value
At 31 March 2021	9,674,108	9,674,108
At 31 Ivlarch 2020	9,867,305	9,867,305

10. Prope	rty, plant and	equipment - other
			Fixtures
			and fittings	Total
Cost
At 1 April 2020			34,699	34,699
Additions
Disposals
At 31 March	20'1		34,699	34,699
Depreciation
At 1 April 2020			;4699	34,699
Charge tor the year
Disposals
At 31 March	2021		34,699	34,699
stet book value
At 31 March	2021
At 31 March	2020
11. Debtors
			2021	2020
Amounts falling due vvithin		one year;
Rent arrears			51,713	49,388
Rental income deferred			(11,322)
Provision for	bad debts		(20,138)	117,923)
Prepayments	and accrued income		44,184	42,462
			64,437	73,927

			2021	2020
Bank loans and	overdrlfts	(see note 13)	208,333	208,333
Rents received	in advance		18,755	17,28()
Trade creditor»	and after	date invoices	3,054	51,383
Accrual»			32,501	33,584
BBCChildren	in need grant		19,101	24,260
Govelllnlen1 gl'ant»			69,477	69,477
			351,221	404,323

13. Credi	tors —amounts f;tiling due after more	than one year
		2021	207()
			f
Other creditors
I nans		3,56)0,686	3,767,129
GovelTlnlent	gl'ant»	5,628,928	5,698,405
		9,189„614	9,465,534

			2021	2020
				E
Deferred income - Government	grants
At I April 2020			5,767,882	5,837,359
Arnortisation to Statement ofComprehensive		Income	(69,477)	(69,477)
At 31 March 202 I
			5,698,405	5,767,882
Due u ithin one year			69,477	69,477
Due after one year			5,628,928	5,698,405

					2021	2020
						f
Bank Loans
Between one	aml	tvvo years			208,333	208,333
Between two	&md five years				833,333	833,333
At'ter 1rve years					2,760,417	2.968,7&0
					3,802,083	4,010,416
Less transaction		costs on issue			(33,064)	(34,954)
					3,769,01')	3,975,46
Less alrlorlllts	clue orr delll&arul		ol' rvltlllll	011e vc&al	(208,333)	(208,333)
					3,560,686	3,767,129

The carry		ing values	ofth	e Associa	tion's tinancial assets and liabilities	are sumn?arised by category	below:
						2021	2020
Ftllallclal		assets
lvfeasured		at undiscounted		amount	receivable
~		Rent an'ears	and other debtors (see note 11)			51„713	49,388
e		Cash				3,016,216	2,782,316
						3,067,929	2,831,704
Financial		li;ihilities
Measured		at undiscnunted		amount	payahlc
		Bank loans	lsee	note 13)		3,560,686	3,767,129
	Trade and other			creditors	(see note 12)	35,555	84,!?67
~	Rents received			in advance	(sce note 12)	18,755	17,286
						3,614,996	3,869,382

The;dissociation's	The;dissociation's	income, expense, gains and losses in	income, expense, gains and losses in	income, expense, gains and losses in	income, expense, gains and losses in	respect ol	respect ol	financial	financial	are summarised	are summarised	beloxv:
										2021		2020
										f.		f
Interest income		and	expense
Total interest	income		t'or tinancial	assets at undiscounted		amount		receivable		10,448		23,557
Total interest	expense		for financial	liabilities	at undiscounted		amount		payable	(95,816)	(233,478)

16. Net cash generated activities	16. Net cash generated activities	from operating	from operating	from operating	from operating	2021	2020
Surplus for the year						360,235	214,933
.Arij r&s/»re&r& jor &ro&r-cns?r	i&e&rrs:
Depreciation ofproperty,		plant	and equipment			201,840	209,429
Loss on disposal ofassets						757	7,374
(Increase)/decrease in debtors						9,490	7,886
(Decrease)/increase in creditors						(53,102)	51,505
..h//'rrs/&&re&rrs for'irrves&i&rg	or jinn&rci			rg	ac&iri&ies:
Crovernment grants utrlised		in the year				(69,477)	(69,47?)
Interest payable						95,816	233,478
Interest received						(10,448)	(23,557)
Net cash generated from		operating		activities		535,111	631,571
Cash and cash equivalents
Cash at bank and in hand						666,216	1,282,316
Cash equivalents included		ill crlrrent		assets
Cash and cash equivalents						666,216	1,282,316
17. Financial commitments
						2021	2020
Capital commitments are	as follows:
Contracted for but not provided			for				5,000
							5,OO0
IS. Housing Stock
						2021	2020
						Units	Units
Osvned and managed
Housing accommodation	at affordable				rent	200	200
						200	200

t	31 March total future minhnunl lease payment»	under non-cancellablc operating leases are as	follows:
		2021	?0?0
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