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2023-03-31-accounts

Information
Strategic Report 4-10
Board Report 11-13
Independent Auditor's Report 14-17
Statement of Comprehensive Income
Statement of Financial Position 19
Statement of Changes in Reserves 20
Statement of Cash Flows 21
Notes to the Financial Statements 22-35


For the year end
ed 31 March 2023
Note 2023 2022f
Turnover 3 1,171,224 1,128,375
Operating
expenditure		 3 (732,278) (712,577)
Operating
surplus		 438,946 415,798
Interest receivable 5 44,510 3,814
Interest and finance costs 4 (106,743) (87,667)
Surplus for the year 6 376,713 331,945
Other comprehensive income
Total comprehensive income for the year 376,713 331,945

2023 2022
Note 6
Fixed assets
Housing
properties		 9 9,274,811 9,474,540
Other property,
plant		 and equipment 10
9,274,811 9,474,540
Current assets
Debtors 73,057 52,689
Cash and short-term investments 1,676,438 1,413,249
Investments 1,890,119 1,851,749
3,639,614 3,317,687
Creditors: Amounts falling due within one year 12 (354,067) (332,662)
Net current assets 3,285,547 2,985,025
Total assets less current liabilities 12,560,358 12,459,565
Creditors: Amounts falling due after more than one
year 13 (8,637,774) (8,913,694)
Net assets 3,922,584 3,545,871
Capital and reserves
Revenue
reserve		 3,922,584 3,545,871
Total reserves 3,922,584 3,545,871


For the year ended 31 March 2023
Revenue
reserve Totalf
At 1 April 2021 3,213,926 3,213,926
Surplus for the year 331,945 331,945
At 31 March 2022 3,545,871 3,545,871
Surplus
for the year		 376,713 376,713
At 31 March 2023 3,922,584 3,922,584

2023 2022
Note 6
Net cash generated
from		 operating activities 16 572,677 541,598
Cash flows from investing activities
Purchase
of property,
plant		 and equipment (2,442) (2,520)
Interest received 44,510 3,814
Decrease
/ (increase)
in investments		 (38,370) 498,251
Net cash flows from investing activities 3,698 499,545
Cash flows from financing activities
Interest paid (106,743) (87,667)
Amortisation
of loan issue costs		 1,890 1,890
Repayments
of borrowings		 (208,333) (208,333)
Net cash flows from financing activities (313,186) (294,110)
Net increase I(decrease) in cash and cash
equivalents 263,189 747,033
Cash and cash equivalents at beginning ofyear 16 1,413,249 666,216
Cash and cash equivalents at end ofyear 16 1,676,438 1,413,249

at the following
annual
 rates:
Structure 100years
Roofs 60years
Doors and windows 30years
Kitchens 20 years
Bathrooms 25 years
Heating systems 30years
Rewiring 30years
Boilers 15years

Particulars
o		 f turnov e r,
operating costs a		 nd operating
surplus
2023
Operating Operating
Turnover costsf surplus
Social housing lettings (note 3A) 1,160,496 732,278 428,218
Job retention grant income
Other social housing activities 10,728 10,728
Total 1,171,224 732,278 438,946
2022
Operating Operating
Turnoverf costs
8		 surplusf
Social housing lettings (note 3A) 1,117,202 712,577 404,625
Job retention grant income 497 497
Other social housing activities 10,676 10,676
Total 1,128,375 712,577 415,798

3 A. Particulars
ofIn		 co me and Expe nditure
from so		 cial housing
lettings
General 2023 2022
Needs Total Total
Housing
Income
Rents receivable 1,044,464 1,044,464 1,003,173
Service charge income 46,555 46,555 44,552
Amortised
government		 grant 69,477 69,477 69,477
Turnover from social housing lettings 1,160,496 1,160,496 1,117,202
Expenditure
Service charge costs 38,034 38,034 32,909
Service charge sinking fund 0 0 5,522
Management 368,729 368,729 338,174
Routine maintenance 73,742 73,742 75,715
Planned
maintenance		 46,856 46,856 56,097
Bad debts 2,746 2,746 2,072
Disposal costs 80 80 120
Depreciation
of housing		 properties 202,091 202,091 201,968
Operating
costs		 732,278 732,278 712,577
Operating
surplus		 social housing lettings
428,218 428,218 404,625
Void losses 1,048 1,048 1,245
4. Interest and finance costs
2023 2022
E
Bank loans and overdrafts 106,743 87,667
106,743 87,667

For the year ended For the year ended 31 March 2023
5.
Interest receivable
2023 2022
E
Bank interest receivable 44,510 3,814
44,510 3,814
6.
Surplus for the year
Surplus
for the year is stated		 after charging:
2023
6		 2022
f
Depreciation ofproperty, plant and equipment 202,091 201,968
Government grants 69,477 69,477
Audit fees:
-Statutory audit (excluding VAT) 10,000 8,400
7.
Staff		 costs
2023 2022
E
Wages and salaries 172,718 168,799
Social security costs 7,848 8,714
Pensions 3,568 3,522
184,134 181,035
2023 2022
Number Number
Staff —absolute numbers 11 10

9.
Tangible fixed assets —housing
properti		 es
Completed
properties
f		 Total
f
Cost
At 1 April 2022 12,277,417 12,277,417
Additions 2,442 2,442
Disposals (598) (598)
At 31 March 2023 12,279,261 12,279,261
Depreciation
At 1 April 2022 2,802,877 2,802,877
Charge for the year 202,091 202,091
Eliminated
on disposals		 (518) (518)
At 31 March 2023 3,004,450 3,004,450
Net book value
At 31 March 2023 9,274,811 9,274,811
At 31 March 2022 9,474,540 9,474,540

10.
Property,
plant and equipment
-other
Fixtures
and
fittings Total
6 6
Cost
At 1 April 2022 34,699 34,699
Additions
Disposals
At 31 March 2023 34,699 34,699
Depreciation
At 1 April 2022 34,699 34,699
Charge for the year
Disposals
At 31 March 2023 34,699 34,699
Net book value
At 31 March 2023
At 31 March 2022
11.
Debtors
2023
6		 2022f
Amounts
falling due within one year:
Rent arrears 39,575 44,860
Rental income deferred (5,986) (8,624)
Provision for bad debts (15„392) (14,068)
Prepayments
and accrued income		 54,860 30,521
73,057 52,689

2023
6		 2022f
Bank loans and overdrafts (see note 13) 208,333 208,333
Rents received in advance 26,717 16,486
Trade creditors and after date invoices 18,365 8,240
Accruals 31,175 30,103
Net pay 23
Government grants 69,477 69,477
354,067 332,662

13.
Credit		 ors —amounts
falling due after m		 ore than one year
2023 2022
Other creditors
Loans 3,147,800 3,354,243
Government grants 5,489,974 5,559,451
8,637,774 8,913,694

2023 2022
6 E
Deferred income - Government grants
At 1 April 2022 5,628,928 5,698,405
Amortisation to Statement of Comprehensive Income (69,477) (69,477)
At 31 March 2023
5,559,451 5,628,928
Due within one year 69,477 69,477
Due after one year 5,489,974 5,559,451
Borrowings
are		 repayable as follows:
2023 2022
8
Bank Loans
Between one and two years 208,333 208,333
Between two and five years 833,333 833,333
After five years 2,343,751 2,552,084
3,385,417 3,593,750
Less transaction
costs on		 issue (29,284) (31,174)
3,356,133 3,562,576
Less amounts due on demand or within one year (208,333) (208,333)
3,147,800 3,354,243

2023 2022
E
Financial assets
Measured
at undiscounted		 amount receivable
~ Rent arrears and other debtors (see note 11) 39,575 44,860
~ Cash 3,566,557 3,264,998
3,606,132 3,309,858
Financial
liabilities
Measured
at undiscounted		 amount payable
~ Bank loans (see note 13) 3,147,800 3,354,243
~ Trade and other creditors (see note 12) 49,540 38,366
~ Rents received in advance (see note 12) 26,717 16,486
3,224,057 3,409,095
below:
2023 2022
E
Interest income and expense
Total interest income for financial assets at undiscounted amount
receivable 44,510 3,814
Total interest expense for financial liabilities at undiscounted amount
payable (106,743) (87,667)

16.
Net cash gen		 erated
from		 oper ating
activities
2023 2022
Surplus
for the year		 376,713 331,945
Adjustment
for non-cashitems:
Depreciation'
of property,
plant and equipment		 202,091 201,968
Loss on disposal of assets 80 120
(Increase)/decrease in debtors (20,368) 11,748
(Decrease)/increase in creditors 21,405 (18,559)
Adjustments
forinvesting
or financing		 activities:
Government
grants		 utilised
in the year		 (69,477) (69,477)
Interest payable 106,743 87,667
Interest received (44,510) (3,814)
Net cash generated from operating activities 572,677 541,598
Cash and cash equivalents
Cash at bank and
in		 hand 1,676,438 1,413,249
Cash equivalents
included
in current assets
Net cash generated from operating activities 1,676,438 1,413,249
17.
Financial commitments
2023 2022
Capital commitments are as follows: r
Contracted
for but not provided		 for
18. Housing Stock Housing Stock
2023 2022
Units Units
Owned and managed
Housing accommodation at affordable rent 200 200
200 200

At 31 March total future minimum lease payments under non-cancellable operating leases are as follows;
2023 2022
Photocopier E F
& 1 year
&2-5 years
&5years