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|Charity
Information|||1|
|---|---|---|---|
|Trustees'
Report|||2 —6|
|Independent
Auditor's|Report||7 —9|
|Statement
of Comprehensive||Income|10|
|Balance Sheet|||11|
|Statement
of Changes|in Reserves||12|
|Statement
of Cash Flows|||13|
|Notes to the Financial|Statements||14-26|
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|||Metric|||2022 value|2021 value|
|---|---|---|---|---|---|---|
|Reinvestment|||||0.46%|1.24%|
|New su|I|Social housin||units|0%|0%|
|New
supply||(Non-social||housing|0%|0%|
|units|||||||
|Gearin|||||10%|5.94%|
|EBITDA MRI||interest|cover||2,269%|1,819%|
|Headline|social housin||cost||E1,702|E2,330|
|Operating|margin
(Social|||housing|34.41%|42.28%|
|lettin
s|||||||
|0 eratin|mar
in
Overall||||19.93%|27.46%|
|Return
on|ca|ital em|lo ed||0.98%|1.27%|
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|||||Note|2022f|2021|
|---|---|---|---|---|---|---|
|Turnover||||2,3|754,854|716,563|
|Cost ofsales|||||422,481|352,036|
|Gross surplus|||||332,373|364,527|
|Administrative
expenditure|||||181,915|167,749|
|Operating
surplus|||||150,458|196,778|
|Income from fixed asset investments|||||14,829|13,673|
|Interest receivable
and similar|income||||300|24|
|Interest payable
and similar charges|||||(10,816)|(13,071)|
|Movement
in fair value of financial
instruments||||6,12|(315,836)|1,031,646|
|(Deficit)/surplus
on ordinary|activities for||the year||(161,065)|1,229,050|
|before tax|||||||
|Tax on (deficit)/surplus
on ordinary||activities|||||
|(Deficit)/surplus
for the year|after|tax|||(161,065)|1,229,050|
|Total comprehensive
(expenditure)/income|||for the year||(161,065)|1,229,050|
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|Year Ended 31 D|ec|em|be|r 2022||||
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
||||||Note|||
|Fixed assets||||||||
|Tangible fixed assets|||||10,11|6,849,153|6,978,707|
|Investments|||||12|7,840,712|8,141,719|
|||||||14,689,865|15,120,426|
|Current assets||||||||
|Debtors|||||13|33,210|25,534|
|Cash at bank and|in|hand||||726,835|495,954|
|||||||760,045|521,488|
|Creditors: amounts||falling||due within one year|14|104,903|99,540|
|Net current assets||||||655,142|421,948|
|Total assets less|current|||liabilities||15,345,007|15,542,374|
|Creditors: amounts||falling||due after more than one year|15|2,349,751|2,386,053|
|Total net assets||||||12,995,256|13,156,321|
|Reserves||||||||
|Income and expenditure|||reserve||17|6,593,701|6,435,859|
|Revaluation
reserve|||||17|6,336,260|6,643,018|
|Restricted reserve|||||17|65,295|77,444|
|Total reserves||||||12,995,256|13,156,321|
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|Year Ended 31 December 20|22||||
|---|---|---|---|---|
||Income and||||
||expenditure|Revaluation|Restricted||
||reserve|reserve|reserve|Total|
|At 1 January 2022|6,435,859|6,643,018|77,444|13,156,321|
|(Deficit) for the year|(161,065)|||(161,065)|
|Total comprehensive|||||
|income|6,274,794|6,643,018|77,444|12,995,256|
|Transfers
(note 17)|318,907|(306,758)|(12,149)||
|At 31 December 2022|6,593,701|6,336,260|65,295|12,995,256|
|At 1 January 2021|6,235,935|5,625,027|66,309|11,927,271|
|Surplus for the year|1,229,050|||1,229,050|
|Total comprehensive|||||
|income|7,464,985|5,625,027|66,309|13,156,321|
|Transfers
(note 17)|(1,029,126)|1,017,991|11,135||
|At 31 December 2021|6,435,859|6,643,018|77,444|13,156,321|
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|||2022|2021|
|---|---|---|---|
||Note|||
|Cash flow from operating
activities|18|303,260|329,397|
|Net cash flow from operating
activities||303,260|329,397|
|Cash flow from investing
activities||||
|Payments
to acquire tangible
fixed assets||(29,402)|(79,410)|
|Payments
to acquire fixed assets investments||(14,829)|(13,673)|
|Interest received||300|24|
|Net cash flow from investing
activities||(43,931)|(93,059)|
|Cash flow from financing
activities||||
|Repayment
of long term loans||(17,632)|(39,116)|
|Interest paid||(10,816)|(13,071)|
|Net cash flow from financing
activities||(28,448)|(52,187)|
|Net increase
in cash and cash equivalents||230,881|184,151|
|Cash and cash equivalents
at 1 January 2022||495,954|311,803|
|Cash and cash equivalents
at 31 December 2022||726,835|495,954|
|Cash and cash equivalents
consists of:||||
|Cash at bank and
in hand||726,835|495,954|
|Cash and cash equivalents
at 31 December 2022||726,835|495,954|
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|estimated|residual
|value, ofeac|h asset|on a systematic
ba|sis over its expected|
|---|---|---|---|---|---|
|Land|||||not depreciated|
|Housing|properties|-structure|||1% - 1.5%|
|Housing|properties|—other components|||2% - 10%|
|Housing|properties|—furniture,|fixtures|and fittings|25%|
|Office equipment|||||25%|
|Housing|properties|under construction||are not depreciated|until they are in use.|
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|ocial housing
|turnover
a|nd|cos|ts|||||
|---|---|---|---|---|---|---|---|---|
||||||||2022|2021|
|Income|||||||||
|Maintenance|contributions||receivable||||566,573|544,650|
|Service charges receivable|||||||77,575|65,210|
||||||||644,148|609,860|
|Less: Operating
expenditure|||||||||
|Routine maintenance|||||||107,056|106,973|
|Major works|||||||||
|Depreciation|of housing|properties|||||156,963|153,306|
|Other costs|||||||158,462|91,757|
|Operating
and net surplus|||from|social housing||activities|221,667|257,824|
|Void losses|||||||11,432|4,928|
|Amortised
government||grants|||||35,247|35,247|
|Turnover|||||||||
||||||||2022|2021|
|||||||||K|
|Contributions|(Housing|accommodation)|||||667,963|640,179|
|Ground
rents|(non-housing||accommodation)||||14,000|13,977|
|Rental income from non-social||||housing|property||54,825|54,825|
|Donations
and other income|||||||18,066|7,582|
||||||||754,854|716,563|
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||||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||E||
|Bank interest receivable|||||||||300|24|
|b) Interest payable
and similar||charges|||||||||
||||||||||2022|2021|
||||||||||F|F|
|Bank and other loans|||||||||10,816|13,071|
|Deficit)/surplus
on ordinary||activities|||||||||
|(Deficit)/surplus
on ordinary
activities||||is|stated after charging|||/ (crediting):|||
||||||||||2022|2021|
||||||||||E|F|
|Auditor's
remuneration|(including||expenses|||and benefits|in|kind)|10,800|10,200|
|Auditor's
remuneration|(including||expenses|||and benefits|in|kind) for|||
|non-audit
services|||||||||17,562|20,580|
|Depreciation
oftangible|fixed|assets|||||||158,956|155,674|
|Contributions
to defined|contribution|||pension schemes|||||8,184|7,170|
|Government
grants|||||||||(35,247)|(35,247)|
|Deficit/(surplus)
on fair|value|movement|||of investments||||315,836|(1,031,646)|
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|2022|2021|
|---|---|
|Number|Number|
|Management
and|administration|
|---|---|
|Housing,
support|and care|
|he agg|regate
remuneration
ofsuch employees
w|as as follows:||
|---|---|---|---|
|||2022|2021|
|||f||
|Wages|and salaries|102,294|89,626|
|Social|security|7,238|5,932|
|Other|pension costs|8,184|7,170|
|||117,716|102,728|
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||||Housing|
|---|---|---|---|
||||properties|
||||for letting|
||||E|
|Cost:||||
|At 1 January 2022|||7,864,497|
|Additions|||29,103|
|At 31 December 2022|||7,893,600|
|Depreciation:||||
|At 1 January 2022|||1,436,405|
|Charge for year|||156,793|
|At 31 December 2022|||1,593,198|
|Net book value:||||
|At 31 December 2022|||6,300,402|
|At 31 December 2021|||6,428,092|
|The net book value of land and buildings|comprised:|||
|||2022|2021|
|||F||
|Land and buildings:||||
|Freehold||6,300,402|6,428,092|
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|angible fixed assets —other||||||
|---|---|---|---|---|---|
|||Investment|Fixtures and|Computer
and||
|||properties|fittings|office|Total|
|||||equipment||
|Cost or valuation:||||||
|At 1 January 2022||548,000|24,029|16,604|588,633|
|Additions|||299||299|
|At 31 December 2022||548,000|24,328|16,604|588,932|
|Depreciation:||||||
|At 1 January 2022|||23,782|14,236|38,018|
|Charge for the year|||170|1,993|2,163|
|At 31 December 2022|||23,952|16,229|40,181|
|Carrying
amount:||||||
|At 31 December 2022||548,000|376|375|548,751|
|At 31 December 2021||548,000|247|2,368|550,615|
|he net book value of land and buildings|comprised:|||||
|||||2022|2021|
||||||F|
|Investment
properties:||||||
|Freehold||||548,000|548,000|
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|Fixed asset investments||
|---|---|
||Listed investments|
|Cost or valuation||
|At 1 January 2022|8,141,719|
|Additions|14,829|
|Revaluation|(315,836)|
|At 31 December 2022|7,840,712|
|Impairment||
|At 1 January 2022 and 31 December 2022||
|Carrying
amount:||
|At 31 December 2022|7,840,712|
|At 31 December 2021|8,141,719|
|13|an active mark
Debtors|et at t|he|Balance Shee|t date.|||
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
||Trade debtors (gross|||social housing|rent arrears)|24,500|10,500|
||Other debtors|||||8,710|15,034|
|||||||33,210|25,534|
|14|Creditors: amounts||falling due within one year|||||
|||||||2022|2021|
|||||||f.||
||Bank and other loans|||||1,057|17,634|
||Rents paid
in|advance||||10,791|6,479|
||Government|grants||||35,247|35,247|
||Accruals and|deferred||income||57,808|40,180|
|||||||104,903|99,540|
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|reditors: a|mounts
falling due after more than|one year||
|---|---|---|---|
|||2022|2021|
|||F||
|Bank and other loans||95,426|96,481|
|Government|grants|2,254,325|2,289,572|
|||2,349,751|2,386,053|
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|otal future
minimum
lease income receivable
under non-can|cellable
operating
leases is a|s follows:|
|---|---|---|
||2022|2021|
||F||
|Not later than one year|68,825|68,803|
|Later than one and not later than five years|275,300|275,212|
|Later than five years|269,654|338,449|
||613,779|682,464|
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|18|Reconciliation
ofoperating
(|def|icit)/surplu|s
to cash flow from|operating
activities||
|---|---|---|---|---|---|---|
||||||2022|2021|
||(Deficit)/surplus
for the year||||(161,065)|1,229,050|
||Interest payable||||10,816|13,071|
||Interest received||||(300)|(24)|
||Depreciation
and impairment|of tangible||fixed assets|158,956|155,674|
||Losses/(gains)
on investments||||315,836|(1,031,646)|
||(Increase)
in trade and other debtors||||(7,676)|(6,732)|
||Increase
in trade and other|creditors|||21,940|5,251|
||Government
grants
utilised|in the year|||(35,247)|(35,247)|
||Net cash flow from operating||activities||303,260|329,397|
|19|Analysis
ofchange
in net funds/(debt)||||||
|||||2021|Cash flows|2022|
|||||F|E|f.|
||Cash at bank and
in hand|||495,954|230,881|726,835|
||Debt due within one year|||(17,634)|16,577|(1,057)|
||Debt due after more than one||year|(96,481)|1,055|(95,426)|
|||||381,839|248,513|630,352|
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|||||||||||2022||2021|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||F|
|Financial|assets||||||||||||
|Measured|at fair value through|||the statement||ofcomprehensive|||||||
|income:|||||||||||||
|- Investment
property
(note||11)||||||||548,000||548,000|
|- Fixed asset listed investments||||(note 12)||||||7,840,712|8,141,719||
|||||||||||8,388,712|8,689,719||
|Financial|liabilities||||||||||||
|Measured|at amortised
cost||||||||||||
|- Other loans (notes 14-15)||||||||||96,483||114,115|
|The income, expenses,
net gains||||and net losses|||attributable|the|Charity's|financial
instruments||are|
|summarised|as follows:||||||||||||
|||||||||||2022||2021|
|||||||||||||F|
|Income and expense|||||||||||||
|Financial|assets measured|at|fair value through||||the statement||of||||
|comprehensive
income||||||||||69,954||68,522|
|Financial|liabilities
measured||at|amortised|cost|||||(10,816)||(13,071)|
|Net gains|and losses (including|||changes in|fair||value)||||||
|Financial|assets measured|at|fair value through||||the statement||of||||
|comprehensive
income||||||||||(315,836)|1,031,646||
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