## ## ## ## ## |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||| ## ## ##