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|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|
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|
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|
##
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|||||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|
##
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|
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|
##
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|||||||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|
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|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|
##
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|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|
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|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|
##
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|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|
##
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|||||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|
##
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||||||||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|
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||||||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)|
##
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|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|
##
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|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||||||
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