| Board Members |
Date Joined/ Resigned |
Other Committee Membershi |
Other Committee Membershi |
Board | Meeting | Attendance | ||
|---|---|---|---|---|---|---|---|---|
| Attended | Total | |||||||
| attendance | ||||||||
| No. | No. | |||||||
| S | Funnell | Chair | Apr 17 | ARC | 8t OC | 10 | 10 | 100% |
| P | Lunio | Vice Chair | Sep 17 | OC | 10 | 90% | ||
| A | Fury | Sep 12/ Jun21 | ARC | (Chair) | N/A | N/A | N/A | |
| A | Stone | Jun 16/ Sep 21 | OC | N/A | N/A | N/A | ||
| V | Robb | Sep 18/ Jun 21 | N/A | N/A | N/A | |||
| L | Dulson | Sep 19/ Jun21 | N/A | N/A | N/A | |||
| A | Milroy | Oct 18 | OC (Chair) | 8 | 10 | 80% | ||
| J | Powell | TM | Nov 20 | OC | 10 | 20% | ||
| R | Emery | LA | May 20 | OC | 10 | 90% | ||
| P | Turner | Co-opted | Sep 17/May 21 | N/A | N/A | N/A | ||
| R | Kent | Mar 20 | ARC | 7 | 70 | 100% | ||
| N | Leggett | Mar 20 | ARC | 10 | 50% | |||
| R | Challinor | Co-opted | Oct 21 | 83% | ||||
| A | Jhawar | Co-opted | Nov 21 | 67% | ||||
| D | Newmarch | Co-opted | Oct 21 | 83% | ||||
| C | Small | Co-opted | Nov 21 | 83% |
| Chief Executive | Chief Executive | L Gibbs | Appointed | 01.04.98 | |
|---|---|---|---|---|---|
| Finance | Director | R Fullwood | Appointed | 22.08.16 | |
| Finance | Director | S Kellock | Appointed | 14.06.21 | |
| Interim | Chief Executive | S Kellock | Appointed | 15.06.21 | |
| Operations Director |
3 Plant | Appointed | 29.07.19 | ||
| Interim | Finance Director | D Glass | Appointed | 01.06.21 | |
| Interim | CEO —Consultant | R Rance | Appointed | 07.10.21 | |
| Interim | Housing Director |
—Consultant | L Clayton | Appointed | 02.11.21 |
| Interim | Asset Director —Consultant | 3 Cannon | Appointed | 02.11.21 | |
| Interim | Asset Director —Consultant | 3 Mitchell | Appointed | 09.02.21 | |
| Changes | |||||
| Chief Executive | L Gibbs | Resigned | 30.6.21 | ||
| Finance | Director | R Fullwood | Res igned | 31.5.21 | |
| Operations Director |
3 Plant | Resigned | 26.11.21 | ||
| Interim Director |
Chief Executive/ | Finance | S Kellock | Passed away 23.9.21 | |
| Interim | Asset Director —Consultant | 3 Cannon | Resigned | 10.02.22 |
| Empowering People Inspiring Communities Limited Financial Statements for the year ended 31 March 2022 |
epIrc | epIrc | epIrc | |
|---|---|---|---|---|
| Strategic Report | ||||
| Value for Money | ||||
| The Regulator of Social Housing Value for Money Standard and Code requires |
providers | to report | ||
| in their statutory accounts against the metrics defined by the Regulator. These |
metrics are defined | |||
| in the 'Value for Money Metrics' document issued by the Regulator. |
||||
| The table below details EPIC's performance against both the Value for Money |
Metrics | as well | as | |
| the Sector Scorecard indicators. | ||||
| ~ .-:Se stol' =—-=;— .—:-:=====-'-:; =— ===:===.' .;: '—':-42020/21=:= =:2021/22;".:,Mediad(al)) |
||||
| 2021 | ||||
| Reinvestment% This metric looks at investmentin properties including |
||||
| existing stock and new stock. This is calculated as apercentage ofvalue of | 6 6% | 240% | 58% | |
| total properties. | ||||
| New supply delivered (social housing) as a /o of total stock This sets out the |
||||
| number ofnew social housing units that have been acquired or developed in |
09/0 | 12.2% | 13% | |
| theyeoras a proportion oftotal units. |
||||
| New supply delivered (Non social housing) as a %oftotal stock This sets out |
||||
| the number of new Non social housing units that have been acquired or |
N/A | N/A | N/A | |
| developed in the year as a proportion oftotol units. | ||||
| Geadng% This shows the proportion ofour borrowing compared to our |
||||
| assets. A high gearing could indicate that we have taken on too much borrowing however low gearing could indicate that we have capacity to |
14.9% | 293% | 439% | |
| borrow more. | ||||
| EBITOA-MRI (InterestCover) Thisshowshowmuchcash theorganisationis |
||||
| generating compared tointerest payments. Any result obove 100%means |
772.9% | 337.3'Yo | 1830% | |
| that we are generating surplus cash over and above interest payments |
||||
| Headline social housing cost per unit (f) The unit cost metric assesses the |
||||
| headline social housing cost per unit as defined by the Regulator of Social |
2,342 | 2,626 | 3,730 | |
| Housing | ||||
| Operating Margin %Social Housing This is an indicator ofoperating efficiency |
||||
| and business health as it measures the amount ofsurplus generated from |
334% | 18.1% | 26.3% | |
| turnover on our day to day activities | ||||
| Operating Margin % Overall This is an indicator of operating efficiency and |
||||
| business health as it measures the omount of surplus generated from |
32 9% | 17.8% | 23.9% | |
| turnover on our day to day activities | ||||
| Return on capital employed (ROCE) /o This metric compares the operating |
||||
| surplus to total assets less current liabilities and assesses the efficient |
3 6% | 2.0% | 3 30/ | |
| investment ofcapital resources |
| 2020/21 | 2021/22 | ||
|---|---|---|---|
| Voids This measure illustrates the %rent lost though empty (void) stock % |
0.91 | 1.49 | |
| Management | cost per unit This metricshows the costper unitincurred in managing f. |
1,270 | 1,460 |
| Service charge | cost per unit This metric shows the service charge costper unitf | 107 | 103 |
| Maintenance | cost per unit This metric shows the average maintenance costper unit |
892 | |
| Rent Arrears | This shows how %of rent arrears compared to rent charged % |
2.11 | 3.59 |
| Rent Receivable This shows how effective we are at collecting rents due% |
98.8 | 97.6% |
| Year Ended 31 | Year Ended 31 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| March | March | |||||||||
| 2022 | 2021 | |||||||||
| Note | 6 | E | ||||||||
| Turnover | 1,2 | 5,422,580 | 4,657,118 | |||||||
| Operating | costs | (414571983) | (3,125,189) | |||||||
| Gain on disposal equipment |
of | property, | plant | and | 21 | 104303 | 17700 | |||
| Operating surplus |
1,068,900 | 1,549,629 | ||||||||
| Interest | receivable | (415) | 47 | |||||||
| Interest | and financing | costs | 529817 | 291 626 | ||||||
| Surplus | before taxation | 538,668 | 1,258,050 | |||||||
| Taxation | ||||||||||
| Surplus | for the year | after taxation | 538,668 | 1,258,050 | ||||||
| Other comprehensive | income | |||||||||
| Actuarial scheme |
gain/(loss) | in | respect | of | pension | 16 | 450,436 | (644,906) | ||
| Total comprehensive | income for | the | year | 989 104 | 613 144 |
| Revenue | Revaluation | |||||
|---|---|---|---|---|---|---|
| Reserve | Reserve | Tot.al | ||||
| 6 | F. | |||||
| Balance at 31 March 2020 | 17,003,200 | 9,825,099 | 26,828,299 | |||
| Surplus 2020/21 | 613,144 | 613,144 | ||||
| Right to Acquire Property |
Disposals | |||||
| (Reversal of Revaluation) | 35,247 | 35,247 | ||||
| Transfer between reserves |
(excess | |||||
| depreciation) | 157,000 | (157,000) | ||||
| Balance at 31 March 2021 | 17,773,344 | 9,703,346 | 27,476,690 | |||
| Surplus 2021/22 | 989,104 | 989/104 | ||||
| Right to Acquire Property | Disposals | |||||
| (Reversal of Revaluation) | (1/000) | (1/000) | ||||
| Transfer Between reserves | ||||||
| (excess depreciation) | 276/000 | (276/000) | ||||
| Balance at 31March 2022 | 19038448 | 9426 346 | 28 464 794 |
| Year ended | Year ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 31March | 31March | ||||||||
| Note | 2022 | 2021 | |||||||
| E | E | ||||||||
| Net cash generated from (see below) |
operating | activities | 3,361,292 | 1,085,378 | |||||
| Cash flow from investing | activities | ||||||||
| Purchase oftangible fixed assets |
(12~242~440) | (2 229 216) | |||||||
| Proceeds from sale fixed assets | 400,000 | 90,710 | |||||||
| Grants received | 21/572 | 618I897 | |||||||
| Interest received |
118 | 47 | |||||||
| Cash flow from investing | activities | (11~8201750) | (I 519562) | ||||||
| Cash flow from financing | activities | ||||||||
| Interest paid |
(529,817) | (291,626) | |||||||
| New secured loans |
10I30OI000 | 0 | |||||||
| Repayment of borrowing |
447 296 | 279 444 | |||||||
| Subtotal | 9 322 887 | 571 070 | |||||||
| Net change in cash and cash |
equivalents | 863429 | 1 005 254 | ||||||
| Cash and cash equivalents | at | beginning | ofthe year | 2I462I447 | 3467 701 | ||||
| Cash and cash equivalents | at | end ofthe | year | 12 | 3 325 876 | 2 462 447 | |||
| Cash flow from operating | activities | ||||||||
| Surplus before taxation |
538,668 | 1,258,051 | |||||||
| Adjustments for non-cash |
items: | ||||||||
| Depreciation of tangible fixed |
assets | 1,065,851 | 843,269 | ||||||
| Movement in bad debt provision |
71,289 | 27,966 | |||||||
| Movement in trade and other Movement in trade and other |
debtors creditors |
1,212,240 204,574 |
(1,309,908) 144,808 |
||||||
| Pension costs less contributions | payable | (84,564) | (82,906) | ||||||
| Adjustments for investing |
or | financing | activities: | ||||||
| Surplus from the sale of tangible |
fixed assets | (108,041) | (18,341) | ||||||
| Government grants utilised Interest payable |
in the year | (68,956) 529,816 |
(69,140) 291,626 |
||||||
| Interest received |
415 | 47 | |||||||
| Net cash generated from |
operating | activities | 3361292 | 1 085 378 | |||||
| At the | |||||||||
| Reconciliation of Net Debt |
Beginning | of | At the End | ||||||
| the Year | Cashflows | ofthe Year | |||||||
| f | E | ||||||||
| Cash and Cash Equivalents Housing Loans Due in I Year |
2,462,447 (286,315) |
863,429 (171,062) |
3,325,876 (457,377) |
||||||
| Housing Loans Due After I Year |
8 068 759 | 9,681 640 | 17,750,399 | ||||||
| (5~892~627) | (8~989/273) | (14I8811900) |
| Years | |||
|---|---|---|---|
| Housing | Structure | 100 | |
| Roof | 60 | ||
| Windows | 25 | ||
| Bathrooms | 30 | ||
| Kitchens | 20 | ||
| Boilers | 15 | ||
| Heating | Distribution | Systems | 30 |
| Electrical | Rewires | 30 | |
| Solar panels | 25 |
| Years | ||
|---|---|---|
| Freehold Offices |
50 | |
| Office furniture | 10 | |
| Office equipment | 4 | |
| Tools and equipment | 2 | |
| Computer equipment |
2 | |
| Capital computer | equipment | 5 |
| Operating | Operating | |||||
|---|---|---|---|---|---|---|
| Turnover f |
Cost ofsales f |
expenditure f |
surplus | |||
| Social housing | lettings (note 2) | 5,422,580 | 41457~983 | 964~597 | ||
| Activities other than | social housing | |||||
| Total | 5422 580 | 4457983 | 964 597 | |||
| 2021 | ||||||
| Operating | Operating | |||||
| Turnover | Cost ofsales | expenditure | surplus | |||
| E | E | E | ||||
| Social housing | lettings | (note 2) | 4,657,118 | 3 125I189 | 1 531929 | |
| Activities other | than social housing | |||||
| Total | 4 657 118 | 3 125 189 | 1 531929 |
| 2 Turnover and operating expenditure |
2 Turnover and operating expenditure |
2 Turnover and operating expenditure |
2 Turnover and operating expenditure |
2 Turnover and operating expenditure |
|||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||
| Income | 6 | ||||||||
| Rent receivable net of identifiable |
service | charges | 5,198,283 | 4,463,818 | |||||
| Service charges income |
157806 | 119705 | |||||||
| Net rental income | 5~356r089 | 4 583 523 | |||||||
| Sundry income |
2 465 | 4 455 | |||||||
| Total turnover from social housing lettings Amortised government grants (Note 15) |
5I353I624 68,956 |
4 587 978 69,140 |
|||||||
| Turnover from social |
housing | lettings | 5422 580 | 4 657 118 | |||||
| Operating expenditure Management |
1,998,135 | 1,554,363 | |||||||
| Service charge costs | 141,636 | 130,367 | |||||||
| Routine maintenance |
486,171 | 441,108 | |||||||
| Major repairs expenditure | 753,353 | 155,309 | |||||||
| Bad debts | 68,232 | 54,947 | |||||||
| Depreciation of housing |
properties | 1010456 | 789 095 | ||||||
| Operating expenditure on social housing |
lettings | 41457~983 | 3 125 189 | ||||||
| Operating surplus from social |
housing | lettings | 964 597 | 1 531929 | |||||
| Void rental losses | 80,945 | 41,751 | |||||||
| Accommodation | owned, managed | and | in development | ||||||
| No. of properties | No. of | properties | |||||||
| Owned | Managed | Owned | Managed | ||||||
| 2022 | 2022 | 2021 | 2021 | ||||||
| Social Housing | |||||||||
| Under Management at General needs housing |
the end ofthe year: —Social Rent |
1,106 | 953 | ||||||
| —Affordable Rent |
170 | 173 | |||||||
| —Intermediate | 89 | 85 | |||||||
| —Leasehold | 20 | 20 | |||||||
| —Shared | Ownership | 3 | |||||||
| General needs housing |
—Under Construction | 1 | |||||||
| 1389 | 1 236 |
| 5 Interest and financing costs |
|||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Deferred benefit pension charge |
20,000 | 8,000 | |||||
| Amortisation of Loan arrangement fees |
24,212 | 62,914 | |||||
| Loan interest payable |
485,605 | 220,712 | |||||
| 529817 | 291 626 | ||||||
| 6 Surplus on ordinary activities |
|||||||
| The operating surplus is stated after charging/(crediting):- |
2022 | 2021 f |
|||||
| Annual audit of the Association's financial |
statements | 19,152 | 13,324 | ||||
| Fees payable to the auditor for other | services to | the Association: | |||||
| Taxation compliance services |
540 | ||||||
| Operating lease rentals —Office equipment |
|||||||
| Depreciation of housing properties |
978,734 | 744,650 | |||||
| Depreciation of other fixed assets |
55,395 | 54,173 | |||||
| Amortisation of grant |
(68,956) | (69,140) | |||||
| 7 Key Management Personnel |
|||||||
| 2022 | 2021 | ||||||
| 6 | 6 | ||||||
| The aggregate emoluments paid to or receivable |
by Directors | and the | 398,345 | 388,834 | |||
| executive management team |
|||||||
| The pension contributions paid to the The emoluments paid to the highest |
key paid |
management personnel Director excluding pension |
13,461 116,482 |
18,463 120,339 |
|||
| contributions |
| 8 Employee info |
rmation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||||
| No. | No. | ||||||||||
| The average number |
of persons | employed | during | the year | expressed | in | |||||
| full time equivalents | (35 hours | per week) | was: | ||||||||
| Office staff | 18 | 21 | |||||||||
| Wardens, caretakers |
and cleaners | 1 | |||||||||
| Total employees | 19 | 21 | |||||||||
| Staff costs | |||||||||||
| Wages and salaries | 639,903 | 774,574 | |||||||||
| Social security costs | 62,752 | 75,521 | |||||||||
| Other pension costs |
(Defined | benefit | lk defined | contribution | treated as | ||||||
| defined benefit) |
37879 | 46 321 | |||||||||
| Total Employee Costs | 740 534 | 896416 | |||||||||
| No. | No. | ||||||||||
| Aggregate number |
of full-time | equivalent | staff whose | remuneration | |||||||
| exceeded E60,000 in the year | |||||||||||
| E60,00ito E70,000 | |||||||||||
| E80,001to E90,000 | |||||||||||
| E110,001 to E120,000 | |||||||||||
| E120,001 to E130,000 | |||||||||||
| E230,001 to E240,000 |
| Social | ||||||||
|---|---|---|---|---|---|---|---|---|
| Social | Housing | Office | ||||||
| Housing | Properties | Furniture | ||||||
| Properties | Not | Freehold | and | |||||
| Completed f |
Completed | Land 6 |
offices | equipment 6 |
Total | |||
| Cost or | ||||||||
| valuation | ||||||||
| At 31.3.21 | 46,996,247 | 487,041 | 26,000 | 109,604 | 527,178 | 48,146,070 | ||
| Revaluation | 24,000 | 24,000 | ||||||
| Additions | ||||||||
| Properties | 11,945,768 | 78,442 | 12,024,210 | |||||
| Additions | ||||||||
| Components | 218,231 | 218,231 | ||||||
| Component | ||||||||
| Replacements | (70,624) | (70,624) | ||||||
| Property | ||||||||
| Disposals | (323,704) | (323,704) | ||||||
| Transfer to | ||||||||
| Completed | 411804 | 411804 | ||||||
| At 31.3.22 | Sgg | 177I722 | 75/237 | 50/000 | 188046 | 527I178 | 60I018183 | |
| Depreciation | / | |||||||
| impairment | ||||||||
| At 31.3.21 | 7,565,663 | 14,783 | 413,345 | 7,993,791 | ||||
| Charge for year | 978,734 | 3,402 | 51~993 | 11034~129 | ||||
| Components | ||||||||
| replaced | (39,274) | (39,274) | ||||||
| Property Disposals |
31374 | 31374 | ||||||
| At 31.3.22 | 8 | 473 749 | 18185 | 465 338 | 8957 272 | |||
| NBV 313 22 | 50~703~973 | 75I237 | 50I000 | 169~861 | 61~840 | 51~060~911 | ||
| NBV 31.3.21 | 39,430,584 | 487,041 | 26,000 | 94,821 | 113,833 | 40,152,279 | ||
| 2022 | 2021 | |||||||
| 6 | 6 | |||||||
| Components | capitalised | 218,231 | 538,263 | |||||
| Amounts charged expenditure |
to | 753,353 | 155,309 |
| 2022 f |
2021 6 |
|||
|---|---|---|---|---|
| At 31.3.21 | 1 | 1 | ||
| Additions | in the | year | ||
| At 31.3.22 | 1 | 1 | ||
| Net book | value | 31.3.22 | 1 | 1 |
| Net book | value | 31.3.21 | 1 | 1 |
| 2022 f |
2021 E |
||||
|---|---|---|---|---|---|
| Rent arrears | 192,435 | 118,354 | |||
| Less: provision Other debtors |
for bad debts | (169,695) 113,105 |
(100,677) 97,308 |
||
| Prepayments | and accrued | income | 353220 | 1 657 609 | |
| Total | 489 065 | 1 772 594 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| 6 | 6 | |||
| Money market | investments | 13,608 | 13,601 | |
| Cash at bank | and | in hand | 3I312268 | 2 448 846 |
| Total | 3325 876 | 2 462 447 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| 6 | E | |||||
| Trade creditors | 221,470 | 127,601 | ||||
| Deferred capital grant |
(Note 15) | 68,956 | 69,140 | |||
| Rents and service charges | paid | in advance | 234,452 | 201,106 | ||
| Service charge balances | held on | behalf of leaseholders | 103,135 | 102,443 | ||
| Accruals and deferred | income | 467,574 | 409,969 | |||
| Loans and overdrafts | 457,378 | 286,315 | ||||
| Other creditors | 937 | |||||
| Total | 1552965 | 1 197511 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| f'000 | E'000 | ||||
| Fair value of | plan assets | 3,552 | 3,143 | ||
| Present value | of defined | benefit | obligation | 4,003 | 4,109 |
| (Deficit)/ surplus in plan |
(451) | (966) | |||
| Unrecognised | surplus | ||||
| Defined benefit (liability)/ | asset | to be recognised | (451) | (966) |
| Defined benefit (liability)/ | a | sset | sset | to be re | to be re | cognised | cognised | cognised | (451) | (966) | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of opening |
and | closing | balances ofthe | defined | benefit obligation | ||||||
| 2022 | 2021 | ||||||||||
| E'000 | E'000 | ||||||||||
| Defined benefit obligation |
at | start of period | 4,109 | 3,083 | |||||||
| Current service cost | |||||||||||
| Expenses | 4 | 4 | |||||||||
| Interest expense | 90 | 72 | |||||||||
| Member contributions | |||||||||||
| Actuarial losses (gains) due |
to scheme | experience | 272 | (66) | |||||||
| Actuarial losses (gains) assumptions |
due | to changes |
in | demographic | (58) | 13 | |||||
| Actuarial losses (gains) assumptions |
due | to | changes | in financial |
(360) | 1,022 | |||||
| Benefits paid and expenses | (54) | (19) | |||||||||
| Liabilities acquired in a business |
combination | ||||||||||
| Liabilities extinguished on |
settlements | ||||||||||
| I osses (gains) on curtailments | |||||||||||
| Losses (gains) due to benefit | changes | ||||||||||
| Exchange rate changes |
|||||||||||
| Defined benefit obligation |
at | end | of period | 4,003 | 4,109 | ||||||
| Reconciliation of opening |
and | closing | balances ofthe | fair value of plan assets | |||||||
| 2022 | 2021 | ||||||||||
| f'000 | E'000 | ||||||||||
| Fair value of plan assets at | start | of period | 3,143 | 2,687 | |||||||
| Interest income |
70 | 64 | |||||||||
| Experience on plan assets interest income) - gain (loss) |
(excluding | amounts | included | in | 305 | 324 | |||||
| Employer contributions |
88 | 87 | |||||||||
| Member contributions | |||||||||||
| Benefits paid and expenses | (54) | (19) | |||||||||
| Assets acquired in a business |
combination | ||||||||||
| Assets distributed on settlements |
|||||||||||
| Exchange rate changes |
|||||||||||
| Fair value of plan assets at | end | of period | 3,552 | 3,143 |
y Notes to the Financial Statements |
y Notes to the Financial Statements |
E p 9 pppppp I~i '~ C pal |
|||||
|---|---|---|---|---|---|---|---|
| Defined benefit costs recognised in the statement |
of comprehensive | income | (SOCI) | ||||
| 2022 | 2021 | ||||||
| f'000 | E'000 | ||||||
| Current service cost |
|||||||
| Expenses | 4 | ||||||
| Net interest expense | 20 | ||||||
| Losses (gains) on business combinations |
|||||||
| Losses (gains) on settlements | |||||||
| Losses (gains) on curtailments | |||||||
| Losses (gains) due to benefit changes | |||||||
| Defined benefit costs recognised in Statement ofComprehensive Income (SOCI) |
24 | 12 | |||||
| Defined benefit costs recognised in other comprehensive |
income (OCI) | ||||||
| 2022 | 2021 | ||||||
| f'000 | f'000 | ||||||
| Experience on plan assets (excluding amounts included interest cost) - gain (loss) |
in | net | 305 | 324 | |||
| Experience gains and losses arising on the plan liabilities (loss) |
- | gain | (272) | 66 | |||
| Effects of changes in the demographic assumptions the present value of the defined benefit obligation |
underlying - gain (loss) |
58 | (13) | ||||
| Effects of changes in the financial assumptions underlying present value ofthe defined benefit obligation - gain (loss) |
the | 360 | (1,022) | ||||
| Total actuarial gains and losses (before restriction ofthe surplus not being recognisable) - gain (loss) |
due | to some | 451 | (645) | |||
| Effects of changes in the amount of surplus that is |
not | ||||||
| recoverable (excluding amounts included in net interest |
cost)- | ||||||
| gain (loss) | |||||||
| Total amount recognised in Other Comprehensive gain (loss) |
Income- | 451 | (645) |
| 2022 | 2021 | ||
|---|---|---|---|
| f'000 | E'000 | ||
| Global Equity | 682 | 501 | |
| Absolute Return |
143 | 173 | |
| Distressed Opportunities |
127 | 91 | |
| Credit Relative Value | 118 | 99 | |
| Alternative Risk Premia |
117 | 118 | |
| Fund of Hedge Funds | |||
| Emerging Markets Debt |
103 | 127 | |
| Risk Sharing | 117 | 114 | |
| Insurance-Linked Securities |
83 | 75 | |
| Property | 96 | 65 | |
| Infrastructure | 253 | 210 | |
| Private Debt | 91 | 75 | |
| Opportunistic Illiquid |
Credit | 119 | 80 |
| High Yield | 31 | 94 | |
| Opportunistic Credit |
13 | 86 | |
| Cash | 12 | ||
| Corporate Bond Fund |
237 | 186 | |
| Liquid Credit | 38 | ||
| Long Lease Property | 91 | 62 | |
| Secured Income | 132 | 131 | |
| Liability Driven Investment |
991 | 799 | |
| Net Current Assets | 10 | 19 | |
| Currency Hedging |
14 | ||
| Total assets | 3,552 | 3 143 |
| Key Assumptions | Key Assumptions | 2022 | 2021 | |
|---|---|---|---|---|
| Discount | Rate | a/o per annum 2.78o/o |
% per annum 2.21% |
|
| Inflation | (RPI) | 3.47~/o | 3.22% | |
| Inflation | (CPI) | 3 14o/o | 2.87% | |
| Salary Growth | 4.140/o | 3.87% | ||
| 75a/o of | 75% of | |||
| Allowance | for commutation | ofpension for cash at retirement | maximum | maximum |
| allowance | allowance |
| he mortality | as | sumptions adopted at 31 Mar |
ch 2022 imply the following life ex |
pectancies: | |
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Life | Life | ||||
| expectancy at age 65 |
expectancy age 65 |
at | |||
| Years | Years | ||||
| Male retiring | in | 2022 | 21.1 | 21.6 | |
| Female retiring | in 2022 | 23.7 | 23.5 | ||
| Male retiring | in | 2042 | 22.4 | 22.9 | |
| Female retiring | in 2042 | 25.2 | 25.1 |
| The table below shows the financial |
The table below shows the financial |
implications | implications | implications | and | sources | sources | of funding | to deliver | to deliver | the | signed | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| contracts with Homes England. |
|||||||||||||
| 2022 | 2021 | ||||||||||||
| 6 | E | ||||||||||||
| Capital expenditure that has been contracted |
for but | has | not | ||||||||||
| been provided for in the financial statements |
10,773,433 | ||||||||||||
| Capital expenditure that has been authorised |
by | the Board | but | ||||||||||
| has not yet been contracted for |
|||||||||||||
| Capital commitment | 10773 | 433 | |||||||||||
| EPIC expects these commitments | to | be financed | with: | ||||||||||
| Triodos loan facilities | 10,300,000 | ||||||||||||
| Social housing grant (In line with spend) |
|||||||||||||
| Internally generated resources |
(Revenue | reserve) | 473 | 433 | |||||||||
| Total | 10773 | 433 | |||||||||||
| 18 Contingent liability |
|||||||||||||
| IfEPIC were to withdraw from all forms ofthe Social Housing that our debt on withdrawal as at 31"March 2021 would be |
Pension Scheme, E3,316,108.We |
it has been calculated have no plans to exit |
|||||||||||
| from the scheme at the present | time. | ||||||||||||
| 19 Grant and financial assistance |
|||||||||||||
| 2022 | 2021 | ||||||||||||
| E | E | ||||||||||||
| Total accumulated SHG received |
or receivable | at 31 March: | |||||||||||
| Held as deferred capital grant |
6895614 | 6 914041 | |||||||||||
| Total | 6895614 | 6 914041 |
| ) and one final staircasing took place on a ho |
use. | |
|---|---|---|
| 2022 | 2021 | |
| E | ||
| Sale Proceeds | 400,000 | 90,710 |
| Less: | ||
| Associated selling fees Write off cost (NBV) |
(3,738) 291959 |
(641) 72 369 |
| Surplus on disposal | 104303 | 17700 |