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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|
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||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,'|
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|||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|
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||||||||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|
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||||||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|
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|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|
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||||||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|
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|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|
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|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|
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|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|
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||||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|
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|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|
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||||||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|
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|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|instruments|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)||
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|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|
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|t|31 March total future
minhnunl
lease payment»|under non-cancellablc
operating
leases are as|follows:|
|---|---|---|---|
|||2021|?0?0|
|Photocopier||||
|--'||||
||I year||S5I|
|&|2-S years|||
|&|S year»|||
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