2023-03-31-accounts

Board Members		Date Joined/ Resigned	Other Committee Membershi	Board	Meeting Attendance	Meeting Attendance
				Attended	Total
				No.	No.	Attendance
Stephen Funnel l	B Chair/RM	Apr 17/Mar 23	n/a	6(B)5(R)	6(B)5(R)	100%
Peter Lunio	Vice Chair	Sep 17	n/a			67%
Andrew Milroy	RM	Oct 18/Sept 22	n/a	2(B)5(R)	2(B)5(R)	100%(B)/ 100%(R)
Juliet Powell	TM	Nov 20/Sept 22	n/a			0%
Rob Emery		May 20	n/a			100%
Robert Kent		Mar 20/Dec 22	n/a			33%
Nick Leggett		Mar 20	ARAC			83%
Rachel Ch all ln or	R Chair	Oct 21	n/a	6(B)5(R)	6(B)5(R)	100%
Amandeep Jhawar		Nov 21	ARAC			67%
Dave Newmarch		Oct 21	n/a			67%
Colin Small		Nov 21	ARAC			67%
Simon Wilson	B Chair	Apr 23	n/a	n/a	n/a	n/a
Margaret Dodwell	A Chair	Apr 23	ARAC	n/a	n/a	n/a
Alun Bragg		Apr 23	ARAC	n/a	n/a	n/a
Jonathan Moore		Apr 23	n/a	n/a	n/a	n/a

Chief Executive	Chief Executive			Tjohnson	Appointed	18.07.22
Interim	Finance	Director		D Glass	Appointed	01.06.21
Director	of Corporate Services			D Glass	Appointed	26.07.22
Director	of Housing			C Gleghorn	Appointed	30.08.22
Head of	Business	Support Services		K Heath	Appointed	08.08.22
Interim	Director	of Asset Management		j Mitchell	Appointed	14.02.22
Director Building	of Asset Management Compliance		gc		Appointed	22.08.22
Changes
Interim	CEO			R Rance	Resigned	26.07.22
Interim	Housing	Director		L Clayton	Resigned	06.09.22

,	Meetings	during	the year ended 31March 2023
	Board
	Recovery	Working	Group

pg Financial Statements for the year ended 31March 2 Strategic Report lfalue for Money	pg Financial Statements for the year ended 31March 2 Strategic Report lfalue for Money	023	023	023	023
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.
The main focus during 2022-23 has been on addressing	the compliance				and		governance			issues
identified in 2021 and progressing EPIC towards recovery		and a G2	grading.			As such a			number		of
the metrics have reduced including: gearing, EBITDA and		ROCE. The		EBITDA			MRI	Interest		cover
measure is a key indicator for liquidity and investment capacity and our score compared to the sector median. The level of gearing has decreased slightly as a								Is favourable result of the
capital repayments; however, it remains considerably	below the		sector		median.			Our Headline
Social Housing cost per unit has increased by over 24% as		a result	ofthe investment					to make			the
required improvements to our homes and having increased		staff resources			but		still	remains		lower
than the sector median.
						ERIC		sector		sector
		2021/22	2022/23		Forecast			Rrledlen		Medlen
						Target		Iell)	2021	(eg)	2022
Reinvestment% This metrk looks at investment In properties Indudlng eslstlng stock and new		24.		1.6%			1.0%		5.		6.5'lk
stack. This Is cakula ted as a percentage of value of totalproperties.
New supply degvered (social housing) ase%oitotal stock This sets out the number of new
sadal housing units that have been acquired ordeveloped In the year as a proportion oftotal		0.0%		O.OIE			O,OIE		1.3'%		1,
units.
New supply degvered (Non social housing) ase%oftotal stock This sets out the number ofnew
Non soda( hauslng units that have been acquired ordeveloped In the year asaproportion of		N/A		N/A			N/A		N/A		N/A
totalunlts,
Hearings This shows the propartlan ofour borrowing compared ta our assets. A high gearing
cauld indicate that we have taken an tao much borrowing hawever law gearing could indkate		293%		28tyd			308%		43.		44 1%
that we have capadty ta borrow mare.
ERITOA- MRI ( Interest Cover) This shows how much cash the orgonka tron Isgenerating
compared ta Interest payments. Any resukobove 200%means that we are generating surplus		3373%		1627%			23639f	1830%		146.
cash aver and abave Interest payments
Heedgne social housing cost per unit (6) The unkmstmmk a s s the headline doih usino cost veronica depnedbydr nmuhh rpfsodalum ing		2,626		32			3,55		37
0peredng Margin% Sod el Housing 7kls Is an indicator afoperating efficiency and business
healthasltmeasurestheamountofsurplusgeneratedframturnaveronourday today		18.1'lk		11.5%			10.1%		26.3%		23.3%
activities
Operating Margin% Overall Thb lean Indkator ofoperating effklency and business health as	it
measures the amount ofsurplus generated from turnover on aorday ta day activities
Return on capital employed (ROCE)%This metrk campares the operating surplus to total asseu less current gab glues and assesses the eff iden I Investment ofcapita I resa urces		2.0)I		15%			1.2%		3.3%		3.2'lk

											Forecast
									Actual	Actual
									2021/22	2022/23	Target
											2022 23
Voids This measure illustrates		the SSrent lost though emp		(void/ stock	FS				1.49	1A4	1.74
Management lesf	cost per unit	This metric shows	the cost	per unit Incurred			in managing	our	1,460	1,779	2,28
Service charge	cost per unit Thls metricshows the		service charge cost erunitf						10	123	12
Maintenance cost per unit This metric shows the responsive repairs and planned revenue repairs f			average	maintenance		cost	per unit including		892	892	639
Rent Arrears	This shows how	Slofrent arrears compared		to rent charged		SS			3.59	4.77	tt/A
Rent Receivable This shows how e//ective we are			at collecting rents due		76'				97.62	98.3	97.5

Empowering People	Empowering People	Inspiring	Inspiring	Communities	Communities	Communities	Communities	Limited
Financial Statements		for the		year	ended		31	March 2023
Statement of	Comprehensive						Income
									Year Ended 31	Year Ended 31
									March	March
								Note	2023 f	2022 E
Turnover								1,2	5,721,678	5,422,580
Operating costs									(5,065,063)	(4,457,983)
Gain on disposal		of	property,		plant		and
equipment								21	149443	104 303
Operating surplus									806,058	1,068,900
Interest receivable	net		of indexation			of RCGF
interest									(331)	(415)
Interest and financing		costs							520 557	529817
Surplus before taxatlon									285,170	538,668
Taxation
Surplus for the year		after taxatlon							285,170	538,668
Other comprehensive			income
Actuarial gain/(loss)		in respect			of	pension
scheme								16	(142,783)	450,436
Total comprehensive			income	for	the	year			142387	989 104

					Revenue	Revaluation
					Reserve	Reserve f	Totalf
Balance	at 31 March	2021			17,772,240	9,703,346	27,475,586
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 31 March	2022			19,037,344	9,426,346	28,463,690
Surplus	2022/23				142,387		142,387
Transfer	between	reserves
(excess depreciation)					305~000	(305~000)
Balance	at 31 March 2023				19484 731	9 121346	28 606 077

pg inancial Statements for the year en Statement of Cash Flows	ded	31March 20	23	SP	IES
				Year ended	Year ended
				31March	31 March
			Note	2023 f	2022
Net cash generated from operating (see below)	activities			1,839,921	3,361,292
Cash flow from investing activities Purchase of tangible fixed assets Proceeds from sale fixed assets				(813,409) 336,000	(12,242,440) 400,000
Grants received Interest received				1,311	21,572 118
Cash flow from investing activities				(474,017)	(11,820,750)
Cash flow from financing activities Interest paid New secured loans				(520,557)	(529,817) 10,300,000
Repayment of borrowing Subtotal				457 378 977936	447 296 9 322 887
Net change in cash and cash equivalents				385 888	863 429
Cash and cash equivalents at beginning		ofthe year		3,325,877	2,462,447
Cash and cash equivalents at end ofthe		year	12	3711765	3 325 876
Cash flow from operating activities Surplus before taxation				285,171	538,668
Adjustments for non-cash items: Depreciation of tangible fixed assets Movement In bad debt provision Movement in trade and other debtors Movement in trade and other creditors				1,129,277 158,234 (111,002) 192,469	1,065,851 71,289 1,212,240 204,574
Pension costs less contributions payable				(113,783)	(84,564)
Adjustments for investing or financing activities: Surplus from the sale of tangible fixed assets Government grants utilised in the year Interest payable Interest received				(152,702) (68,631) 520,557 331	(108,041) (68,956) 529,816 415
Net cash generated from operating	activities			1839921	3 361 292
		At the
Reconciliation of Net Debt		Beginning the Year	of	Cashflows	At the End ofthe Year
		f		f	E
Cash and Cash Equivalents Housing Loans Due in 1 Year Housing Loans Due After I Year		3,325,877 (457,378) 17 750 399 (14,881,900)		385,888 (11,650) 469 801 844~039	3,711,765 (469,028) 17 280 598 (14~037~861)

				Years
Housing	Structure			100
Roof				60
Windows				25
Bathrooms				30
Kitchens				20
Boilers				15
Heating	Distribution		Systems	30
Electrical		Rewires		30
Solar panels				25
Composite		Doors		30

				Turnover f	Cost	ofsales	Operating expenditure	Operating surplus f
Social housing		lettings (note 2)		5,721,678			5~0651063	656~615
Activities	other than		social housing
Total				5 721678			5 065 063	656615
						2022
							Operating	Operating
				Turnover f	Cost	of sales f	expenditure	surplus f
Social housing		lettings	(note 2)	5,422,580			4,457,983	964,597
Activities	other	than social housing
Total				5 422 580			4 457 983	964 597

Notes to the Financial Statem	e	nts
2 Turnover and operating expenditure					2023	2022
Income						E
Rent receivable net of identifiable service charges Service charges income Net rental income					5,495,755 157292 51653~047	5,198,283 157 806 5 356 089
Sundry income Total turnover from social housing lettings Amortised government grants (Note 15) Turnover from social housing lettings					5,653,047 68I631 5 721678	2 465 5,353,624 68 956 5 422 580
Operating expenditure Management Service charge costs Routine maintenance					2,462,389 169,636 992,546	1,998,135 141,636 486,171
Major repairs expenditure Movement in Bad debt provision Depreciation of housing properties Operating expenditure on social housing lettings					242,027 168,979 1029 486 51065~063	753,353 68,232 1 010456 4 457 983
Operating surplus from social housing	lettings				656615	964 597
Void rental losses					82,558	80,945
3 Accommodation owned, managed		and	in development
			No. of properties		No. of	properties
			Owned Managed		Owned	Managed
			2023	2023	2022	2022
Social Housing
Under Management at the end ofthe year: General needs housing —Social Rent —Affordable Rent			1,102 172		1,106 170
—Intermediate			87		89
—Leasehold			23		20
—Shared Ownership			3		3
General needs housing —Under Construction			0 1387		1 1 389
4 Accommodation managed by others
EPIC owns property managed by other bodies.		No	of properties	No	of properties
			2023		2022
General needs —Social Rent			20		20

Financial Statements for the year ended 31 March	Financial Statements for the year ended 31 March	Financial Statements for the year ended 31 March	2023		~
Notes to the Financial Statements
5 Interest and financing costs
					2023	2022
Deferred benefit pension charge					11,000	20,000
Amortisation of Loan arrangement fees Loan interest payable					17,524 492,033	24,212 485,605
					520 557	529 817
6 Surplus on ordinary activities
The operating surplus is stated after charging/(crediting):—					2023 E	2022 f
Annual audit of the Association's financial	statements				28,458	19,152
Fees payable to the auditor for other services to		the Association:
Taxation compliance services						540
Operating lease rentals —Office equipment Depreciation of housing properties Depreciation of other fixed assets Amortisation of grant					1,373 987,352 99,791 (68,631)	978,734 55,395 (68,956)
7 Key Management Personnel
					2023	2022
						E
The aggregate emoluments paid to or receivable executive management team		by Directors		and the	253,285	398,345
The pension contributions paid to the key The emoluments paid to the highest-paid contributions	management personnel Director excluding pension				12,061 74,725	13,461 116,482

Employee infor	mation
									2023	2022
									No.	No.
The average number	of persons employed				during	the year	expressed	in
full time equivalents Office staff	(35 hours	per week) was:							22	18
Wardens, caretakers Total employees	and cleaners								1 23	1 19
Staff costs Wages and salaries Social security costs Other pension costs (Defined Total Employee Costs		benefit		(k defined		contribution)			882,095 86,773 47,390 1,016,258	639,903 62,752 37,879 740,534
									No.	No.
Aggregate number	of full-time		equivalent		staff whose		remuneration
exceeded E60,000 In the year
E60,001 to E70,000
E70,001 to E80,000
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	Properties Not		Freehold	Furniture and
Cost or		Completed f	Completed	Landf	offices	equipment f	Total
valuation
At 31.3.22 Revaluation		59,177,722	75,237	50,000	188,046	527,178	60,018,183
Additions
Properties Additions		76,305				65,910	142,215
Components Component		671,193					671,193
Replacements Property		(101,734)					(101,734)
Disposals Transfer to		(215,727)					(215,727)
Completed		75,237	(75,237)
Disposals At 31.3.23		59682,996		50,000	188046	588 592 500	588 60 513542
Depreciation	/
impairment
At 31.3.22 Charge for year Components		8,473,749 987,352			18,185 3,514	465,338 96,277	8,957,272 1,087,143
replaced Property		(37,811)					(37,811)
Dlsposals Disposals At 31.3.23		(49,642) 9373648			21699	588 561027	(49,642) 588 9956374
NBV 313 23		50I309I348		50I000	166/347	31473	50 557I168
NBV 31.3.22		50,703,973	75,237	50,000	169,861	61,840	51,060,911
						2023	2022
							6
Components capitalised Amounts charged to						671,192	218,231
expenditure						242,026	753,353

0 Fixedasset	investments
		2023	2022
			E
At 31.3.22		1	1
Additions in the At 31.3.23	year	1	1
Net book value	31.3.23	1	1
Net book value	31.3.22	1	1

			2023 f	2022 I
Rent arrears Less: provision Other debtors Prepayments Total	for bad debts and accrued income		269,871 (242,463) 75,211 339,214 441,833	192,435 (169,695) 113,105 353,220 489,065
All debtors are due within		one year.
12 Cash and cash equivalents			2023	2022
			f	E
Money market Cash at bank Total	investments and in hand		13,658 3698 108 3711766	13,608 3 312 268 3 325 876

13 Creditors: amounts falling due w	ithin	one year
			2023	2022I
Trade creditors Deferred capital grant (Note 15) Rents and service charges paid in advance Service charge balances held on behalf of Accruals and deferred income Loans and overdrafts	leaseholders		79,100 68,631 197,581 105,489 823,234 469,028	221,470 68,956 234,452 103,135 467,574 457,378
Other creditors Total			1743 063	1 552 965
Loans are secured by housing properties,	see	note 23.

14 Creditors:	amounts	falling due after more than one year	falling due after more than one year
				2023	2022
				E
Deferred Capital Loans Recycled Capital Total	Grant (Note Grant Fund	15)		6,398,471 17,280,598 191559 23 870 628	6,499,277 17,750,399 157418 24 407 094
Loans are secured	by housing	properties,	see Note 23.
15 Deferred	capital grant
				2023	2022
At 31.3.22 Grant received in Grant transferred	the year Re Property	Disposals		6,568,232 (32,500)	E 6,655,616 21,572 (40,000)
Amortised in the At 31.3.23	year			68 631 6467 101	68 956 6 568 232
Amount due to Amount due to Total	be released be released	in less than 1year after 1year		68,631 6398470 6467 101	68,956 6 499 276 6 568 232

air value plan ofassets, present va enefit asset/(liability)	lu	e o	f def	in	ed benef	it obl	igation and define	d
							2023	2022
							E'000	E'000
Fair value of plan assets Present value of defined benefit obligation (Deficit)/surplus In plan							2,249 2,740 (491)	3,552 4,003 (451)
Unrecognlsed surplus Defined benefit (liability)/asset to be recognised							(491)	(451)
Reconciliation of opening and closing	balances				ofthe defined		benefit obligation
							2023	2022
							f'000	E'000
Defined benefit obligation at start of period							4,003	4,109
Current service cost
Expenses Interest expense							4 111	4 90
Member contributions
Actuarial losses (gains) due to scheme	experience						183	272
Actuarial losses (gains) due to changes assumptions			in	demographic			(5)	(58)
Actuarial losses (gains) due to assumptions Benefits paid and expenses	changes			in	financial		(1,536) (20)	(360) (54)
Liabilities acquired in a business combination
Liabilities extinguished on settlements
Losses (gains) on curtailments
Losses (gains) due to benefit changes
Exchange rate changes Defined benefit obligation at end of period							2,740	4,003
Reconciliation of opening and closing		balances			ofthe fair value of plan assets
							2023	2022
							E'000	E'000
Fair value of plan assets at start of period Interest income							3,552 100	3,143 70
Experience on plan assets (excluding interest income) —gain (loss) Employer contributions		amounts			included	in	(1,498) 115	305 88
Member contributions
Benefits paid and expenses							(20)	(54)
Assets acquired in a business combination
Assets distributed on settlements
Exchange rate changes Fair value of plan assets at end of period							2,249	3,552

Empowering People Inspiring Communities Limited Financial Statements for the year ended 31 March 2023 Notes to the Financial Statements	Empowering People Inspiring Communities Limited Financial Statements for the year ended 31 March 2023 Notes to the Financial Statements	Empowering People Inspiring Communities Limited Financial Statements for the year ended 31 March 2023 Notes to the Financial Statements	Empowering People Inspiring Communities Limited Financial Statements for the year ended 31 March 2023 Notes to the Financial Statements
Defined benefit costs recognised in the statement of comprehensive				income	(SOCI)
				2023	2022
				E'000	f'000
Current service cost
Expenses				4		4
Net Interest expense				11		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)				15		24
Defined benefit costs recognised ln other comprehensive		income	(SOCI)
				2023	2022
				f'000	f'000
Experience on plan assets (excluding amounts included interest cost) —gain (loss)	in net		(1,498)			305
Experience gains and losses arising on the plan liabilities (loss)	—gain			(183)	(272)
Effects of changes in the demographic assumptions underlying the present value ofthe defined benefit obligation —gain (loss) Effects of changes in the financial assumptions underlying the present value of the defined benefit obligation —gain (loss) Total actuarial gains and losses (before restriction due to some of the surplus not being recognisable) —gain (loss) Effects of changes in the amount of surplus that is not				1,536 (140)		58 360 451
recoverable (excluding amounts included in net interest	cost)—
gain (loss)
Total amount recognised in Other Comprehensive Income— gain (loss)				(140)		451

ssets
		2023	2022
		6'000	E'000
Global Equity		42	682
Absolute Return		24	143
Distressed Opportunities Credit Relative Value		68 85	127 118
Alternative Risk Premia		4	117
Fund of Hedge Funds Emerging Markets Debt Risk Sharing		12 166	103 117
Insurance-Linked Securities		57	83
Property Infrastructure		97 257	96 253
Private Debt		100	91
Opportunistic Illiquid	Credit	96	119
High Yield		8	31
Opportunistic Credit Cash		16	13 12
Corporate Bond Fund			237
Liquid Credit
Long Lease Property Secured Income		68 103	91 132
Liability Driven Investment		1,036	991
Net Current Assets		6	10
Currency Hedging		4	14
Total assets		2 249	3 552

mployer's own financial in mployer.	mployer's own financial in mployer.	struments	or any property occupie	d by, or other asse	ts used by, the
Key Assumptions				2023	2022
				~/0 per annum	% per annum
Discount	Rate			4 830/0	2.78%
Inflation Inflation	(RPI) (CPI)			3 160/o 2.81O/0	3.47% 3.14%
Salary Growth				3 81o/o 750/o of	4.14% 75% of
Allowance	for commutation	ofpension	for cash at retirement	maximum	maximum
				allowance	allowance

he mo*	allty	ass	umptions adopted at 31 Mar	ch 2023 imply the following life ex	pectancies:
				2023	2022
				Life	Life
				expectancy at age 65	expectancy age 65	at
				Years	Years
Male retiring		In	2023	21.0	21.1
Female	retiring		in 2023	23.4	23.7
Male retiring		in	2043	22.2	22.4
Female	retiring		in 2043	24.9	25.2

Notes to the Financial	S	t	at	eme	nt	s
17 Capital commitments
The table below shows the financial			implications			and	sources		of funding	to deliver		the	signed
contracts with Homes England.
									2023			2022
												E
Capital expenditure that has been		contracted			for but		has	not
been provided for in the financial	statements								335,000		10,773,433
Capital expenditure that has been authorised					by	the Board		but
has not yet been contracted for
Capital commitment									335000		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)					335000			473	433
Total									335000		10773		433
18 Contingent liability
IfEPIC were to withdraw from all that our debt on withdrawal as at	forms 30~		of the Social Housing September 2021 would					Pension Scheme it has been calculated be f2,839,599.We have no plans to
exit from the scheme at the present		time.
19 Grant and financial assistance
									2023 f		2022 f
Total accumulated SHG received	or receivable				at	31 March:
Held as deferred capital grant									6863 114		6 895 614
Total									6863 114		6 895 614