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2021-03-31-accounts

Contents
Page
Registered
Social Housing		 Provider Information
Board Report
Independent Auditor's
Report		 14
Consolidated Statement
of		 Comprehensive Income 18
Statement
of		 Comprehensive Income 19
Consolidated Balance Sheet 20
Balance Sheet 21
Consolidated Statement
of		 Changes in Equity 22
Statement
of		 Changes
in Equity		 23
Consolidated Statement
of		 Cash Flows 24
Notes to the Financial Statements 25

Company Company registration registration number number 2769788
Charity registration number 1125743
Regulator ofSocial Housing registration number 4870
Members ofthe board (Trustees) J Upton MBE —Chair
P TAyres
F Akinbusoye
Dr V Fernandes
J Gowin —resigned 07/06/2020
Dr A J Holden
L Keen FCA —appointed 18/11/2020 —Treasurer
M Maguire —resigned 18/10/2020
C Montgomery
Rev J Robertson
T Stone —resigned 13/08/2020
J Valentine
JWalker
Secretary L Keen FCA
Senior Management Team S Green —Chief Executive
R Prosser-Dryer —Head of Finance —resigned 29
January 2021
A Rhind —Head of Business Development
L Harrison —Director of Housing &Support—
appointed 4 January 2021
Richard Freeman —Interim Director ofFinance—
appointed
29 January		 2021
Registered office 1 North Sixth Street
Milton Keynes
MK9 2NR
Auditor Hillier Hopkins
LLP
249 Silbury Boulevard
Milton Keynes
MK9 1NA
Bankers National
Westminster		 Bank Pic
501 Silbuiy Boulevard
Milton Keynes
MK9 3ER

2021 2020
Rents receivable including service charges 2,040,520 964,656
Operating
surplus		 from social housing
activities		 1,692,083 563,863
Net surplus
from		 social housing activities 147,816 376,968
Void losses 194,004 292,127
Void losses as a percentage of total potential rentals 9% 23%
Closing cash balance 306,769 273,348

Total Total
Note 2021
f		 2020f
Turnovel 2,667,583 1,351,820
Direct costs (1,081,333) (680,794)
Gross surplus 1,586,250 671,026
Administrative
expenditure		 (1,702,893) (802,936)
Other operating
income		 51,204
Fair value movements 10 71,026 (56,339)
Operating
surplus/(deficit)		 5,587 (188,248)
Income from fixed asset investments 13,404 13,703
Interest receivable
and		 similar income 402 4,187
Interest payable
and similar expenses		 (86,879) (11,239)
Deficit for the year before taxation (67,486) (181,597)
Tax on deficit
Deficit for the year (67,486) (181,597)
Total comprehensive income for the year (67,486) (181,597)

Total Total
Note 2021 2020
E F
Turnover 2,634,932 1,251,518
Direct costs (1,030,309) (604,456)
Gross surplus 1,604,623 647,062
Administrative
expenditure		 (1,647,191) (788,820)
Other operating
income		 51,204
Fair value movements 10 36,358 (13,335)
Operating
surplus/(deficit)		 44,994 (155,093)
Income from fixed asset investments 5,330 3,250
Interest receivable
and		 similar income 318 2,175
Interest payable
and similar expenses		 (81,549) (3,232)
Deficit for the year before taxation (30,907) (152,900)
Taxation on deficit
Deficit for the year (30,907) (152,900)
Total comprehensive income for the year (30,907) (152,900)

2021 2020
Note
Fixed assets
Tangible
fixed assets		 8 19,319,984 19,421,910
Investment
properties		 9 825,000 825,000
Investments 10 327,081 196,055
20,472,065 20,442,965
Current assets
Debtors 11 152,339 360,671
Investments 12 60,000
Cash at bank and in hand 321,010 423,654
533,349 784,325
Creditors: amounts falling due within one year 13 (677,496) (585,865)
Net current (liabilities)/assets (144,147) 198,460
Total assets less current liabilities 20,327,918 20,641,425
Creditors: amounts falling due after more than one year 14 (9,717,076) (9,980,659)
Defined benefit pension liability 22 (245,591) (228,029)
Total net assets 10,365,251 10,432,737
Reserves
Called up share capital 18 12 12
Restricted
property		 reserve 19 9,148,948 9,386,583
Income and expenditure reserve:
General funds 19 766,291 596,142
Designated
funds		 19 450,000 450,000
TotalReserves 10,365,251 10,432,737

2021 2020
Note
Fixed assets
Tangible fixed assets 8 19,275,615 19,421,910
Investments 10 202,762 46,404
19,478,377 19,468,314
Current assets
Debtors 136,043 349,976
Cash at bank and in hand 306,769 273,348
442,812 623,324
Creditors: amounts falling due within one year 13 (605,379) (522,329)
Net current (liabilities)/assets (162,567) 100,995
Total assets less current liabilities 19,315,810 19,569,309
Creditors: amounts falling due after more than one year 14 (9,455,209) (9,686,364)
Defined benefit pension liability 22 (119,746) (111,183)
Total net assets 9,740,855 9,771,762
Reserves
Called up share capital 18 12 12
Restricted
property		 reserve 19 9,148,948 9,386,583
Income and expenditure reserve:
General funds 19 441,895 235,167
Designated
funds		 19 150,000 150,000
Total Reserves
9,740,855 9,771,762

Called up Income and
share expenditure Restricted
capitalf reserve
F		 reserve
f		 Total
f
At 1 April 2019 12 1,227,739 9,386,583 10,614,334
Deficit for the year (181,597) (181,597)
Total comprehensive income
for the year (181,597) (181,597)
At 1 April 2020 12 1,046,142 9,386,583 10,432,737
Deficit for the year (67,486) (67,486)
Total comprehensive income
for the year (67,486) (67,486)
Transfers 237,635 (237,635)
As at 31 March 2021 12 1,216,291 9,148,948 10,365,251
Income and expenditure reserve
General Designated
funds funds Total
f F F
At 1 April 2019 727,739 500,000 1,227,739
Deficit for the year (181,597) (181,597)
Transfers 50,000 (50,000)
Total comprehensive income
for the year (131,597) (50,000) (181,597)
At 1 April 2020 596,142 450,000 1,046,142
Deficit (67,486) (67,486)
Transfer to/from restricted 237,635 237,635
reserves
Total comprehensive income
for the year 170,149 170,149
At 31 March 2021 766,291 450,000 1,216,291

ny
Called up Income and
share expenditure Restricted
capital reserve reserve Total
F E F E
At 1 April 2019 12 538,067 9,386,583 9,924,662
Deficit for the year (152,900) (152,900)
Total comprehensive income
for the year (152,900) (152,900)
At 1 April 2020 12 385,167 9,386,583 9,771,762
Deficit for the year (30,907) (30,907)
Total comprehensive income
for the year (30,907) (30,907)
Transfer to/from
restricted		 237,635 (237,635)
reserves
At 31 March 2021 12 591,895 9,148,948 9,740,855
Income and expenditure reserve
General Designated
funds funds Total
E F
At 1 April 2019 338,067 200,000 538,067
Deficit for the year (152,900) (152,900)
Transfers 50,000 (50,000)
Total comprehensive income
for the year (102,900) (50,000) (152,900)
At 1 April 2020 235,167 150,000 385,167
Deficit for the year (30,907) (30,907)
Transfers 237,635 237,635
Total comprehensive income
for the year 206,728 206,728
At 31 March 2021 441,895 150,000 591,895

2021 2020
Note f
Cash flow from operating activities 20 660,107 1,905,813
interest
paid		 (86,879) (11,239)
Net cash flow from operating
activities		 573,228 1,894,574
Cash flow from investing activities
Payments
to acquire tangible
fixed assets		 (482,721) (6,492,390)
Payments
to acquire investments		 (120,000)
Interest received 402 4,187
Income from fixed asset investments 13,404 13,703
Net cash flow from investing
activities		 (588 915) (6474 500)
Cash flow from financing activities
Repayment
oflong-term
loans		 (119,307) (38,853)
Interest paid 86,879 8,007
Repayments
offinance leases		 (54,529) (80,385)
New bank loans 4,400,000
Net cash flow from financing
activities		 (86,957 4,288,769
Net increase/(decrease)
in		 cash and cash equivalents (102,644) (291,157)
Cash and cash equivalents at 1 April 2020 423,654 714,811
Cash and cash equivalents at 31 March 2021 321,010 423,654
Cash and cash equivalents consists of:
Cash at bank and
in hand		 321,010 423,654
Cash and cash equivalents at 31 March 2021 321,010 423,654

residual
val		 ue, of each as set on a systematic
ba		 sis over its ex
Structure 60 years
Mechanical
Furniture
8		 8 engineering
fittings		 (e.g roofs, lifts) 30years
10years
Small/non-integral plant 8 equipment 6 years

2021 2020
Group E F
Rents receivable including service charges 2,040,520 964,656
Revenue
grants		 receivable 344,710 151,504
Capital grants receivable 157,847
Other assistance receivable 24,348 87,934
Social housing
activity expenditure		 (875,342) (640,231)
Operating
surplus		 from social housing activities 1,692,083 563,863
Net surplus
from		 social housing
activities		 147,816 376,968
Void losses 194,004 292,127
Government
grants taken to Income		 51,204
Interest receivable
and similar income
Group Company
2021 2020 2021 2020
E P E
Bank interest receivable 402 4,187 318 2,175
Interest payable and similar expenses
Group Company
2021 2020 2021 2020
E E F
Bank loans and overdrafts 86,879 11,239 81,549 3,232

Group Company
2021 2020 2021 2020
F F f
Auditor's
remuneration		 (including expenses and benefits in 13,505 13,700 8,905 9,100
kind) for audit
Auditor's
remuneration		 (including expenses and benefits in 4,090 4,830 2,750 3,750
kind) for non-audit
Depreciation oftangible fixed assets 584,647 10,521 584,647 10,521
Operating
lease rentals		 9,140 6,534 9,140 6,534
(Profit)/loss
on fair value		 movement of investments (note 10)
(71,026)		 56,339 (36,358) 13,335
Government Grants receivable (51,204) (51,204)
Particulars ofadministrative expenditure
Group Company
2021 2020f 2021
F		 2020f
Staff salary costs 568,903 412,241 552,843 392,040
Pension costs 110,613 53,440 77,442 46,373
Staff training and welfare 40,616 38,787 40,616 38,787
Hotels, travel &subsistence 1,618 6,383 1,618 6,383
Office costs 140,345 87,335 139,959 86,654
Legal, audit and consultancy costs 68,870 74,629 62,917 70,039
Bad debts and finance charges 47,080 8,145 46,948 7,940
Premises costs 57,071 58,080 57,071 58,080
Depreciation 584,647 10,521 584,647 10,521
Irrecoverable VAT 83,130 72,003 83,130 72,003
1,702,893 821,564 1,647,191 788,820

The aggregate
remunera		 tion
ofsuch employees		 was as follows:
Group Company
2021 2020 2021 2020
F F F
Wages and salaries 1,010,045 667,406 1,010,045 667,406
Social security 87,595 58,577 87,595 58,577
Pension costs —defined contributions 45,878 39,648 45,878 39,648
Pension costs —defined benefit 64,735 13,792 31,564 6,725
1,208,253 779,423 1,175,082 772,356

2021 2020
Group and company Number Number
Management 3 3
Resident Support 12 10
Fundraising 2 2
Property Services 10 4
Social Enterprise 5 1
Administration 3 2
35 22
2021 2020
Number Number

8 Tangible fixed assets
Group
Housing Fixtures 8 Computer
properties
F		 fittings
f		 equipment
F		 Total
F
Cost or valuation:
At 1 April 2020 18,241,446 1,002,787 188,199 19,432,431
Additions 207,338 241,929 33,456 482,721
At 31 March 2021 18,448,782 1,244,716 221,655 19,915,152
Depreciation:
At 1 April 2020 10,521 10,521
Charge for the year on owned assets 432,751 117,896 6,578 557,225
Charge for the year on financial assets 27,422 27,422
At 31 March 2021 432,751 117,896 44,521 595,168
Net book value:
At 31 March 2021 18,016,031 1,126,819 177,134 19,319,984
At 31 March 2020 18,241,446 1,002,787 177,678 19,421,910
Land and buildings
Group and Company
The net book value offreehold housing properties land and buildings
comprised:
2021 2020
F F
Freehold 18,016,031 18,241,446
Aggregate
amount		 offinance costs included in land and buildings 649,070 641,368
Assets held under finance lease

2021 2020
F E
At 1 April 3,929,574 2,954,538
Recognised in the Statement ofComprehensive Income (99,483) 975,036
Held as deferred income at 31 March 3,830,091 3,929,574
Company Freehold Office Computer
propertiesf equipment
F		 equipment
F		 Total
Cost or valuation:
At 1 April 2020 18,241,446 1,002,786 188,199 19,432,431
Additions 207,338 197,560 33,456 438,352
At 31 March 2021 18,448,782 1,200,346 221,655 19,870,783
Depreciation:
At 1 April 2020 10,521 10,521
Charge for the year on owned assets 432,751 117,896 6,578 557,225
Charge for the year on financial assets 27,422 27,422
At 31 March 2021 432,751 117,896 44,521 595,168
Net book value:
At 31 March 2021 18,016,031 1,082,450 177,134 19,275,615
At 31 March 2020 18,241,446 1,002,786 177,678 19,421,910

Investment 2021 and 2020
properties Land & buildings
E
Cost and net book value 1,416,789
Valuation of Investment properties

Fixed asset investments
Group Company
Listed Listed
investments investments
E E
Cost or valuation
At 1 April 2020 196,055 46,404
Additions 120,000 120,000
Revaluation 71,026 36,358
Reclassifications (60,000)
At 31 March 2021 327,081 202,762
Carrying
amount:
At 31 March 2021 327,081 202,762
At 31 March 2020 196,055 46,404

Debtors
Group Company
2021 2020 2021 2020
f f f F
Trade debtors (gross social housing rent arrears) 128,119 136,382 128,119 136,382
Less provision for doubtful debts (42,476) (70,632) (42,476) (70,632)
Trade debtors (others) 4,211 8,045 4,211 7,776
Amounts
owed		 by group undertakings 5,201 2,019
Other debtors 3,504 184,965 3,504 184,965
Prepayments and accrued income 58,981 101,911 37,484 89,466
152,339 360,671 136,043 349,976

2021 2020
F
60,000

Creditors: amounts
f		 alling due within on e year
Group Company
2021f 2020
F		 2021
f		 2020
f
Bank loans 32,445 32,445
Trade creditors 184,282 177,973 172,143 173,983
Rents paid in advance 48,351 10,476 47,756 10,476
Finance lease obligations 46,290 50,334 46,290 50,334
Tax and social security 22,454 21,913 22,454 21,913
Pension creditor 39,059 41,259 19,049 21,832
Other creditors 12,000 12,000 12,000 12,000
Accruals and deferred income 292,615 239,465 285,687 231,791
677,496 585,865 605,379 522,329

Creditors: amounts falling due after mo re t han one year
Group Company
2021 2020 2021 2020
f F f
Bank loans 4,661,867 4,694,295 4,400,000 4,400,000
Finance lease obligations 50,485 50,485
Accruals and deferred income 5,055,209 5,235,879 5,055,209 5,235,879
9,717,076 9,980,659 9,455,209 9,686,364
Accruals
and deferred
income includes
grants
(2020 - f3,929,574) from Homes
England
and		 in support
ofthe capital costs of the new campus
ofF3,830,091
F747,779 (2020 - F767,202) from the South East Midlands
Local
Enterprise
Partnership.		 These will be released over the useful
life ofthe assets that they relate to.
Included
within the above are amounts		 falling due as follows:
Group Company
2021 2020 2021 2020
f F f f
Between one and two years:
Bank loans 182,483 32,998 154,937
Finance lease obligations
Accruals and deferred
income		 371,106 50,485
122,322		 371,106 50,485
122,322
553,589 205,805 526,043 172,807
Between two and five years:
Group Company
2021 2020 2021 2020
F F f
Bank loans 554,680 549,935 482,371 473,536
Accruals and deferred income 480,318 587,966 480,318 587,966
1,034,998 1,137,901 962,689 1,061,502
Over five years:
Group Company
2021 2020 2021 2020
f F f
Bank loans 3,924,704 4,111,362 3,762,692 3,926,464
Accruals and deferred income 4,203,785 4,525,591 4,203,785 4,525,591
8,128,489 8,636,953 7,966,477 8,452,055

Total future
minimum
lease payments
are as follows:
2021 2020
F
Within one year 46,290 50,334
Between two and five years 50,485
46,290 100,819

Group
2021 2020
F
Not later than one year 16,496 9,140
Later than one and not later than five years 57,006 28,992
Later than 5years 25,128 6,120
98,630 44,552

Company
2021 2020
F F
Not later than one year 16,196 9,140
Later than one and not later than five years 55,806 28,992
Later than 5years 25,128 6,120
97,130 44,552

17 Deferred grant income
Group and Company
2021 2020
F F
At 1 April 2020 4,725,419 2,993,296
Grants received
in the year		 162,983 1,769,481
Released to income during the year (282,221) (37,358)
At 31 March 2021 4,606,181 4,725,419
Amounts
to be released		 within one year 147.,216 106,923
Amounts
to be released		 in more than one year 4,458,965 4,618,496
4,606,181 4,725,419
18 Share capital
Ordinary
shares off1 each
Number
Allotted
called up and fully		 paid
At 1 April 2020 and 31 March 2021 12 12

Reserves (continued) Reserves (continued)
Designated
Reserves
Group Balance
Balance Incoming Resources 31 March
1 April 2019f resources
F		 expendedf Transfersf 2020
F
Cyclical Repairs fund 250,000 (50,000) 200,000
New Services fund 250,000 250,000
Total designated funds 500,000 (50,000) 450,000
Balance
Balance Incoming Resources 31 March
1 April 2020 resources expended Transfers 2021
F f f F
Cyclical Repairs fund 200,000 200,000
New Services fund 250,000 250,000
Total designated funds 450,000 450,000

Designated
Reser
Company		 ves
Balance
Balance Incoming Resources 31 March
1 April 2019 resourcesf expended Transfersf 2020
F
Cyclical Repairs fund 50,000 (50,000)
New Services fund 150,000 150,000
Total designated funds 200,000 (50,000) 150,000
Balance
Balance Incoming Resources 31 March
1 April 2020
f		 resources
F		 expended
F		 Transfers 2021
F
Cyclical Repairs fund
New Services fund 150,000 150,000
Total designated funds 150,000 150,000

2021 2020
F F
Surplus/(Deficit) for the year (67,486) (181,597)
interest received (402) (4,187)
Interest payable 86,879 11,239
Income from fixed asset investments (13,404) (13,703)
Depreciation
and impairment		 of tangible fixed assets 584,647 10,521
(Gain)/losses
on investments		 (71,026) 56,339
(Increase)/decrease in trade and other debtors 208,332 (67,437)
Increase/(decrease) in trade and other creditors (84,995) 2,124,893
Increase/(decrease) in pension deficit 17,562 (30,255)
Net cash flow from operating activities 660,107 1,905,813
21 Analysis
ofchanges		 in net debt
Balance at Balance at
1 April 2020 Cash flows 31 March 2021
F E F
Long-term
borrowings		 (4,694,295) 32,428 (4,661,867)
Short-term
borrowings		 (32,445) (32,445)
Lease liabilities (100,819) 54,529 (46,290)
Total liabilities (4,827,559) 86,957 (4,740,602)
Cash and cash equivalents 423,654 (102,644) 321,010
Total net debt (4,403,905) (15,687) (4,419,592)

Group
Within one One to Two to five After 5 After more Total Total
year two years years years than one
year
Total 2021 2020
E E
As at 31 March 2021 39,050 38,467 112,058 95,066 245,591 284,641
As at 31 March 2020 37,913 37,913 113,739 76,377 228,029 265,942
Company Within one One to Two to After 5 After more Total Total
year two years five years years than one
year
Total
f.		 2021 2020f
As at 31 March 2021 19,040 19,040 57,120 43,586 119,746 138,786
As at 31 March 2020 18,485 18,485 55,455 37,243 111,183 129,668

2021 2020
F F
Capital expenditure
that has been contracted
the financial
statements		 for but has not been provided for in 37,988 13,559

Group 2021 2020
F F
Financial assets
Measured at fair value through the statement ofcomprehensive income:
Fixed asset listed investments (note 11) 387,081 196,055
Debt instruments
measured		 at amortised cost:
Trade debtors (note 12) 89,854 73,795
Other debtors (note 12) 3,504 184,965
93,358 258,760
2021 2020
Financial liabilities F f
Measured at amortised cost
Trade creditors (note 13) 184,282 177,973
Other creditors
(note		 13) 51,059 53,259
235,341 231,232
The income, expenses, net gains and net losses attributable to the Group's financial instruments are
summarised
as follows:
2021 2020
F E
Net gains and losses (including changes in fair value)
Financial assets measured
comprehensive
income		 at fair value through the statement of 71,026 (56,339)