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|||||||||Pages|
|---|---|---|---|---|---|---|---|---|
|Reference and administrative
trustees
and advisors||||details ofthe|charity,|its||1-3|
|Chair's report|||||||||
|Trustees'|report|||||||5 -13|
|Statement|by|the board
in respect of internal|||financial||control|14|
|Independent||auditor's|report|||||15 - 18|
|Statement|of|Comprehensive||Income||||19|
|Statement|of|Financial|Position|||||20|
|Statement|of|Change|in Reserves|||||21|
|Statement|of|Cash Flows||||||22|
|Notes to the financial|||statements|||||23-38|
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|Bankers and|Redwood|Bank|Bank|Bank||||
|---|---|---|---|---|---|---|---|
|Similar Institutions|The Nexus||Building|||||
|(Continued)|Broadway|||||||
||Letchworth||Garden||City|||
||SG6 3TA|||||||
||Hampshire||Trust Bank|||||
||6 E Parade|||||||
||Leeds|||||||
||LS1 2AD|||||||
||United Trust|||Bank||||
||1 Ropemaker|||Street||||
||London|||||||
||EC2Y 9AW|||||||
|Solicitors|MPP Solicitors|||||||
||22 High Street|||||||
||Maldon|||||||
||Essex|||||||
||CM9 5PJ|||||||
|External Auditor|Beever and||Struthers|||||
||Chartered|Accountants||||and Statutory|Auditors|
||Suite 9b|||||||
||The Beehive|||Lions Drive||||
||Shadsworth|||Business Park||||
||Blackb urn|||||||
||BB12QS|||||||
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|Desi nated reserves||||||||||
|---|---|---|---|---|---|---|---|---|---|
|6 month
operational|reserve||||||||F210,000|
|Miss B.J.Abberley|bequest||to be used||in respect of residents'|||welfare|f13,325|
|Mrs E. Mott bequest|to be used for|||the|welfare|of residents|in|Fairfield|F2,802|
|House||||||||||
|Miss J. Barwell bequest||to be used||for|the welfare of residents|||in|F1,505|
|Fairfield House||||||||||
|Miss B.Weaver bequest||to|be used for||the welfare of residents|||in|F2,178|
|Fairfield House||||||||||
|Miss J.Jelbart donation||to be used||for|personal|items required||by|f60|
|a resident on emergence||admission||to|hospital|||||
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|||Year ended|Year ended|
|---|---|---|---|
|||31 March 2023|31 March 2022|
|Turnover||542,614|547,505|
|Operating|expenditure|(539,876)|(439,327)|
|Operating|Surplus
l (Deficit)|2,738|108,178|
|Other interest receivable
and similar income||4,309|2,167|
|Interest payable
and similar charges||(6,995)|(6,811)|
|Surplus I|(Deficit) for the year and total|52|103,534|
|comprehensive
income||||
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|||||Notes|Year ended|Year ended|
|---|---|---|---|---|---|---|
||||||31 March|31 March|
||||||2023|2022|
|||||||E|
|Fixed assets|||||||
|Housing
properties|||||1,496,085|1,444,009|
|Other fixed|assets||||5,338|7,497|
||||||1,501,423|1,451,506|
|Current assets|||||||
|Investments||||9|342,274|339,804|
|Debtors||||10|23,695|23,843|
|Cash and cash equivalents|||||181,997|269,774|
||||||547,966|633,421|
|Creditors:|amounts|falling due within one year|||(68,974)|(79,493)|
|Net current|assets||||478,992|553,928|
|Creditors:|amounts|falling due after more than one year||12|(620,656)|(645,727)|
|Net assets|||||1,359,759|1,359,707|
|Capital and|reserves||||||
|Income and|expenditure||account||1,359,759|1,359,707|
|Total Reserves|||||1,359,759|1,359,707|
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||||||Income and||
|---|---|---|---|---|---|---|
||||||Expenditure||
||||||Reserve|Total|
|||||||F|
|Balance||as at 1 April 2021|||1,256,173|1,256,173|
|Surplus|/|(deficit) from Statement|of Comprehensive|Income|103,534|103,534|
|Balance||as at 31 March 2022|||1,359,707|1,359,707|
|Surplus|/|(deficit) from Statement|of Comprehensive|Income|52|52|
|Balance||as at 31 March 2023|||1,359,759|1,359,759|
##
||||||||Year ended|Year ended|
|---|---|---|---|---|---|---|---|---|
|||||||Notes|31 March 2023|31 March 2022|
|Net cash generated
from|operating||activities|||(see|||
|Note i)|||||||(4,726)|100,216|
|Cash flow from investing|activities||||||||
|Payments
to acquire investments|||||||||
|Payments
to acquire tangible||fixed assets|||||(74,108)|(94,567)|
|Proceeds from sale oftangible||fixed assets|||||||
|Interest received|||||||1,839|2,167|
||||||||(72,269)|(92,400)|
|Cash flow from financing|activities||||||||
|Interest paid|||||||(6,995)|(6,811)|
|Repayment
of borrowings|||||||(3,787)|(3,688)|
||||||||(10,782)|(10,499)|
|Net change
in cash and cash equivalents|||||||(87,777)|(2,683)|
|Cash and cash equivalents||at beginning|||of||269,774|272,457|
|the year|||||||||
|Cash and cash equivalents||at end ofthe|||year||181,997|269,774|
|Components
ofcash:|||||||||
|Cash at bank and at hand|||||||181,997|269,774|
||||||||Year ended|Year ended|
||||||||31 March 2023|31 March 2022|
|Note i:|||||||E||
|Cash flow from operating|activities||||||||
|Surplus
/ (deficit) for the year|||||||52|103,534|
|Adjustments
for non-cash|items:||||||||
|Depreciation
oftangible
fixed||assets|||||24,191|20,639|
|Decrease
/ (increase)
in trade||and other debtors|||||148|(9,249)|
|Increase
/ (decrease)
in trade||and other creditors|||||(10,548)|1,903|
|Adjustments
for investing|or financing|||activities:|||||
|Government
grants amortised||in the year|||||(21,255)|(21,255)|
|Interest payable|||||||6,995|6,811|
|Interest receivable|||||||(4,309)|(2,167)|
|Net cash generated
from operating|||activities||||(4,726)|100,216|
|The notes on pages 23 to 38||form an|integral|||part ofthese financial|statements.||
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||||2023||
|---|---|---|---|---|
||||Operating|Operating|
|||Turnover
E|expenditure
E|surplus
f|
|Social housing|income (Note 3)|542,614|539,876|2,738|
|Activities other|than social housing||||
|Other Income|||||
|Total||542,614|539,876|2,738|
||||2022||
||||Operating|Operating|
|||Turnover|expenditure|surplus|
|Social housing|income (Note 3)|547,380|439,327|108,053|
|Activities other|than social housing||||
|Other Income||125||125|
|Total||547,505|439,327|108,178|
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||||2023|2022|
|---|---|---|---|---|
|||||F|
|Income from social housing||lettings|||
|Maintenance
contributions|||275,203|279,070|
|Service charge income|||246,156|246,838|
|Amortised
government|grant||21,255|21,255|
|CJRS grant||||217|
|Total income from lettings|||542,614|547,380|
|Expenditure
on housing|||||
|Service costs|||224,535|191,546|
|Management
costs|||114,382|141,526|
|Routine maintenance
costs|||45,973|42,374|
|Planned
maintenance|costs||134,500|46,335|
|Major repairs|||||
|Property
depreciation|||20,486|17,546|
|Total expenditure
on|lettings||539,876|439,327|
|Operating
surplus|||2,738|108,053|
|Void losses|||19,703|4,753|
##
|4|OTHER INTEREST RECEIVABLE AND SIMILAR INCOME|OTHER INTEREST RECEIVABLE AND SIMILAR INCOME|OTHER INTEREST RECEIVABLE AND SIMILAR INCOME|||
|---|---|---|---|---|---|
|||||2023|2022|
||Interest on deposits|||4,309|2,167|
|5|INTEREST PAYABLE AND SIMILAR CHARGES|||||
|||||2023|2022|
||||||E|
||Nationwide
Building Society loan|||1,311|1,058|
||Orchardbrook|loan||5,684|5,753|
|||||6,995|6,811|
|6|SURPLUS /|(DEFICIT) ON ORDINARY ACTIVITIES||||
|||||2023|2022|
|||||E|E|
||The operating|surplus
is stated after charging/(crediting):-||||
||Auditors
remuneration
(excluding||VAT)|||
||In their|capacity as auditors||6,720|6,105|
||In respect ofother services|||1,195|1,085|
||Depreciation|of Housing
Properties||20,486|17,546|
||Depreciation|of Other Fixed Assets||3,705|3,093|
##
##
|||||||Total|
|---|---|---|---|---|---|---|
|||||Completed||Properties|
|||||||E|
|Cost|||||||
|At 1 April 2022||||||2,020,778|
|Additions||||||72,562|
|Disposals||||||(29,286)|
|At 31 March|2023|||||2,064,054|
|Depreciation|||||||
|At 1 April 2022||||||576,769|
|Charge for the year||||||20,486|
|Released
on|disposals|||||(29,286)|
|At 31 March|2023|||||567,969|
|Net Book value|||||||
|At 31 March|2023|||||1,496,085|
|At 31 March|2022|||||1,444,009|
|Works to existing properties||in the year|||||
|Improvement|works capitalised||||||
|Components
capitalised||||||72,562|
|Amounts
charged
to expenditure||||||134,500|
|Although
fixed|assets are not revalued,||the Trustees are satisfied|that the aggregate|value ofassets||
|is in excess of|the value included|in the|financial statements.||||
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|8|OTHER FIXE|DASSETS|||||
|---|---|---|---|---|---|---|
||||Furniture,|fittings|Computer|Total|
||||and equipment||equipment||
|||||E|||
||Cost||||||
||At 1 April|2022||55,206|6,596|61,802|
||Additions|||540|1,006|1,546|
||Disposals||||||
||At 31 March 2023|||55,746|7,602|63,348|
||Depreciation||||||
||At 1 April|2022||50,960|3,345|54,305|
||Charge for the year|||1,888|1,817|3,705|
||Released|on disposals|||||
||At 31 March 2023|||52,848|5,162|58,010|
||Net Book Value||||||
||At 31 March 2023|||2,898|2,440|5,338|
||At 31 March 2022|||4,246|3,251|7,497|
|9|CURRENT ASSET INVESTMENTS||||||
||||||2023|2022|
|||||||E|
||Current Asset Investments||||342,274|339,804|
|10|DEBTORS||||||
||||||2023|2022|
||||||F|E|
||Maintenance|charge arrears|||2,952|1,031|
||Other debtors|and prepayments|||20,743|22,812|
||||||23,695|23,843|
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|||||||2023|2022|
|---|---|---|---|---|---|---|---|
|||||||f.|F|
||Loans (note 12)|||||3.931|3,902|
||Trade creditors|||||10,154|20,856|
||Other creditors|and accruals||||30,736|20,301|
||Taxation
and social security|||||2,182|11,932|
||Deferred
capital|grant (note|13)|||21,255|21,255|
||Prepaid
maintenance
contribution|||charge||716|1,247|
|||||||68,974|79,493|
|12|CREDITORS:|AMOUNTS|FALLING DUE AFTER MORE THAN ONE YEAR|||||
|||||||2023|2022|
||Deferred capital|grant (note|13)|||552,618|573,873|
||Loans|||||68,038|71,854|
|||||||620,656|645,727|
||Total loans|||||||
||Orchardbrook|||||52,002|52,539|
||Nationwide
Building Society|||||19,967|23,217|
|||||||71,969|75,756|
||Loan payments|due within one year||||3,931|3,902|
||Loan payments|due after more than one year:||||||
||- Repayable|in one to two years||||3,995|3,962|
||- Repayable|in two to five years||||12,438|11,994|
||- Repayable|after five years (all repayable|||by instalments)|51,605|55,898|
|||||||71,969|75,756|
##
||||||2023|2022|
|---|---|---|---|---|---|---|
|||||||E|
|At 1 April|||||595,128|616,383|
|Released to income||in the|year||(21,255)|(21,255)|
|At 31 March|||||573,873|595,128|
|Amount|due to be released||& 1 year||21,255|21,255|
|Amount|due to be released||& 1 year||552,618|573,873|
|The total|accumulated|government||grant|573,873|595,128|
|The total|accumulated|government||grant and financial|1,062,733|1,062,733|
|assistance
received or receivable||||at 31 March:|||
##
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##
|YEA|R ENDED 31 MARCH 2023 (continue|R ENDED 31 MARCH 2023 (continue|d)|||||
|---|---|---|---|---|---|---|---|
|15a.|WAGES AND SALARIES|||||||
|||||||2023|2022|
|||||||E||
||Staff costs during the year|||||||
||Wages and salaries|||||174,744|193,527|
||Agency costs||||||11,185|
||Social security costs|||||11,213|9,978|
||Pension contributions|||||1,937|1,560|
|||||||187,894|216,250|
||The average
number|of persons employed|by the Association||during|||
||the year was|||||12|12|
||The average
number|of persons employed|by the Association||on a|||
||full time equivalent
basis (based on 35 hour||week), during|the|year|||
||was|||||||
##
|||||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||F|
|The aggregate|emoluments|paid to|or receivable||by non-executive|||||||
|Directors and|former non-executive||Directors|||||||||
|The aggregate|emoluments|paid to|or receivable||by|Key Management|||||53,921|
|Personnel||||||||||||
|The aggregate|compensation
paid||to or receivable||by Key||||||53,921|
|Management|Personnel|||||||||||
|The emoluments
paid to the highest|||paid Key Management||||Personnel||||53,921|
|excluding
pension
contributions||||||||||||
|The aggregate|amount
of|Key Management||Personnel
or|||past|Key||||
|Management|Personnel
pensions,||excluding|amounts||payable||under||||
|a properly
funded
pension||scheme||||||||||
|The aggregate|amount
of|any consideration||payable||to or|receivable|||||
|by third parties for making||available|the services ofa|||Director||or Key||||
|Management|Personnel|||||||||||
|The aggregate|amount
of|any consideration||payable||to Directors|||or|||
|Key Management
Personnel
for loss of office||||||||||||
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|ACCOM|MODATI|ON
IN|M|ANAGEME|NT|||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|Number|of units|of housing||accommodation||||
|Supported||housing|and housing||for older people|57|57|
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|CAPITA|L AND OT|HER|CO|MMITMENTS||||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|||||||E||
|Capital|expenditure|that|has|been contracted|for but has not been|44,501|75,006|
|provided|for in the|financial||statements||||
|Capital|expenditure|that|has|been authorised|by the Board but has|75,141|80,000|
|not yet|been contracted||for|||||
##
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|ALYS|IS OF CHANGES
IN NET DEBT/(F|UNDS)|||
|---|---|---|---|---|
|||2022|Cashflows|2023|
|||F|E||
|Loan|borrowings|75,756|(3,787)|71,969|
|Total|liabilities|75,756|(3,787)|71,969|
|Cash|and cash equivalents|(269,774)|87,777|(181,997)|
|Total|net debt/(funds)|(194,018)|83,990|(110,028)|
##
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|22|FINANCIAL
INSTRUMENTS|FINANCIAL
INSTRUMENTS|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||The Association's
financial|instruments|||may|be|analysed|as follows:|||
||||||||||2023|2022|
||||||||||E|E|
||Financial Assets:||||||||||
||Financial Assets Measured||at|Cost|||||||
||Cash and cash equivalents||||||||181,997|269,774|
||Financial Assets Measured||at|Amortised||Cost|||||
||Maintenance
charge arrears||||||||2,952|1,031|
||Other debtors||||||||914|914|
||Current asset investments||||||||342,274|339,804|
||Total Financial Assets||||||||528,137|611,523|
||Financial Liabilities:||||||||||
||Financial
Liabilities
Measured|||at Amortised|||Cost||||
||Maintenance
charge creditors||||||||716|1,247|
||Trade and other creditors||||||||38,981|41,859|
||Housing
loans payable||||||||71,969|75,756|
||Total Financial
Liabilities||||||||111,666|118,862|