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2021-12-31-accounts

Contents
Page
Registered Social Housing Provider Information
Board Report 2-8
Independent Auditor's Report 9-11
Statement of Comprehensive Income 12
Balance Sheet 13
Statement of Changes in Reserves 14
Statement of Cash Flows 15
Notes tothe Financial Statements 16-24

Mr ACross
Mrs J Boyd
MrJCrackett (retired 5 March 22)
Mr H Milward
Mr RAuger
Dr R Hatts
Mr D Perrin
Mr A Haslewood (resigned 24 May 2021)
Mrs C Holmes
Mr GWoods (retired 28 March 22)
Mr B Newman
Mr
I Davies (appointed		 20 January 2021)
Mr N Prosser (appointed 28 April 2021)
Mrs A Thorn (appointed 24 May 2021)
Mr RGough (appointed 24 May 2021)
Mrs G Device (appointed 19January 2022)
MrTHunt (appointed 28 March 22)
Mr N Prosser
Drapers Place
Horsefair
Abbey Foregate
Shrews bury
SY26BP
WR Partners
Belmont House
Shrewsbury
Business Park
Shrewsbury
Shropshire
SY2SLG
Hatchers Solicitors
Welsh Bridge
1 Frankwell
Shrewsbury
Shropshire
SY38JY
Lloyds PLC
Pride Hill Branch
Shrews bury
Shropshire

variance analysis. Performance
metric
for future planning
and budgeting.		 s are reviewed
on both		 asite and h
Financial performance 2021 2022
New Supply Nil Nil
Gearing 22% 23%
Interest Cover 378% 345O/o
Social housing cost per unit E2,977 E2,677
Operating
margin		 6OA 9'/o
Return on Capital Employed 4% 2%

2021 2020
Total Total
Note 6
Turnover 277,883 270,404
Cost ofsales (151,827) (136,548)
Gross surplus 126,056 133,856
Administrative
expenditure		 (28,242) (35,472)
Operating
surplus		 before depreciation 97,814 98,384
Depreciation 74,240 75,323
Operating
suplus after depreciation		 23,574 23,061
Investment
portfolio		 income and gains 144,173 68,590
Interest receivable and similar income 24 78
Interest payable
and		 similar charges (25,875) (28,529)
Surplus/(Degcit)
on ordinary activities and
total comprehensive
Income forthe year		 141,896 63,200

2021 2020
ivoie 6 6
Fixed assets
Tangible fixed assets 12 3,669,329 3,731,733
investments 13 1,116,348 969,605
4,785,677 4,701,338
Current assets
Debtors 14 110 1,453
Cash at bank and in hand 333,224 296,531
333,334 297,984
Creditors: amounts falling due within one year 15 (102,500) (73,614)
Net current assets 230,834 224,370
Creditors: amounts falling due after more than one year 16 (829,343) (880,436)
Total net assets 4,187,168 4,045,272
Reserves
Income and expenditure reserve 18a 1,250,504 1,067,709
Revaluation
reserve		 18b 851,572 878,572
Restricted reserve 18c 578,285 591,285
Endowment
reserve		 18d 1,339,807 1,337,706
Designated
reserve		 16a 167,000 170,000
Total Reserves 4,187,168 4,045.272

ear Ended 31D ecember 2021
income &
expenditure Revaluation Designated Restricted Endowment Total
reserve
f		 reserve
f		 fsselve
f		 reserve
f		 reserve
f		 f
At 1January
2021 1,067,709 878,572 170,000 591,285 1,337,706 4,045,272
Surplus i (deficit)
forthe year 141,896 141,896
Internal transfers 3,000 (3,000)
Depreciation 68,500 (27,000) (13,000) (28,500)
Capital
repayments		 (30,601) 30,601
At 31 December 1,250,504 851,572 167,000 578,285 1,339,807 4,187,168
2021

2021 2020
Nate 6
Cash flow from operating activities 19 114,981 96,112
Net cash flow from operating
activities		 114,981 96,112
Cash flow from investing activities
Payments to acquire tangible fixed asset (11,836) (1,920)
Transfers
in (refer to note)
Interest received 24 78
Net cash flow from investing activities (11,812) (1,842)
Cash flow from financing acbvities
Interest paid (25,875) (28,529)
Loans received/(repaid) (40,601) (38,828)
Net cash flow from nnancing activities (66,476) (67,357)
Net increase/(decrease)
In cash and cash equivalents		 36,693 26,913
Cash and cash equivalents at 1January 2021 296,531 269,618
Cash and cash equivalents at31 December 2021 333,224 296,531
Cash and cash equivalents consists of:
Short term deposits 333,224 296,531
Cash and cash equivalents at31December 2021 333,224 296,531
The notes on pages 16to 24 form pari ofthese financial statements.

3 Cost ofsales
2021f 2020f
Repairs and maintenance 76,162 59,828
Warden
and Almshouse		 Manager's salaries and telephone 31,028 31,674
Electricity 14,712 18,249
Insurance 7,318 7,384
Water rates 3,050 2,277
Cleaning
and sundries		 6,738 5,880
Garden upkeep 10,836 9,735
Alarm system 1,983 1,521
Social Housing
activity		 expenditure (note 5) 151,827 136,548
Fundraising
expenditure
151,827 136,548
4 Administrative
expenditure
2021f 2020
Management
and administration		 14,096 12,249
Legal and professional fees 3,474
Auditors
remuneration		 —current year 5,860 5,520
Project development
costs		 8,286 14,229
28,242 35,472
5 Social housing
turnover		 and costs
2021f 2020f
Maintenance
contributions
receivable		 excluding service charges 246,408 243,204
Social housing
activity		 expenditure (151,827) (136,548)
Operating
surplus
from		 social housing activities 94,581 106,656

Ye ar Ended 31December 2 ar Ended 31December 2 021 021
6 Accommodation
owned		 and in management
Number of Number of
units at units at
31 31
December December
2021 2020
Owned and in management 50
Unowned
and in management		 1
51 51
7 Investment porffotio movements
2021 2020
6
Profit/(loss) on the disposal ofinvestments 81,828 (9,002)
Gain on revaluation
ofinvestments		 52,301 67,407
Income from investments 22,382 18,129
Investment management costs (12,338) (7,944)
144,173 68,590
8 Interest and other finance income and charges
2021 2020
6
Bank interest receivable 24 78
24 78
9 Surplus on ordinary activities
Surplus on ordinary
activities is stated after charging		 / (crediting):
2021f 2020
Auditor's
remuneration		 5,860 5,520
Profit/(Loss) on fair value movement ofinvestments 52,301 58,405

Tangible gxed assets —housing
prope		 rties
Housing
ptopsfhss		 Fixtures and Total
sontpletsd
6		 tltgngsf
Cost:
At 1 January 2021 5,427,575 38,150 5,465,725
Additions 11,836 11,836
Transfers
At 31 December 2021 5,427,575 49,986 5,477,561
Depreciation:
At 1 January 2021 1,713,255 20,737 1,733,992
Charge for year 68,500 5,740 74,240
At 31December 2021 1,781,755 26,477 1,808,232
Net book value:
At 31December 2021 3,645,820 23,509 3,669,329
At 31December 2020 3,714,320 17,413 3,731,733
The net book value ofland and buildings comprised:
2021 2020
6 6
Land and buildings:
Freehold 3,645,820 3,714,320
3,645,820 3,714,320

Listed
investments
6
At 1 January 2021 969,605
Dividends
received		 22,382
Profit on disposals 81,828
Management fees (9,768)
Revaluation 52,301
At 31 December 2021 1,116,348
14 Debtors
2021 2020
g g
Other debtors 110 1,453
110 1,453
15 Creditonn
amounts		 falling due within one year
2021 2020
5 g
Other creditors 34,003 23,500
Accruals and deferred income 26,051 9,510
Bank loan 31,096 30,604
Other loan 10,000 10,000
Taxation and social security 1,350
102,500 73,614

2021 2020
g 5
Bank loan 789,343 820,436
Other creditors 10,000
Other loan 40 DDD 50000
829,343 880,436

Credi
Bank		 tors: amounts
falling due after more tha
loans are repayable as follows:		 n one year (continued)
2021 2020
8
One to two years 32,037 31,557
Two tofive years 102,402 100,462
Five years ormore 654,904 688,417
789,343 820,436

18 Reserves (continued)
c) Restricted reserve 2021
6
At 1 January 2021 591,285
Internal
transfer		 (13,000)
578,285
At 31 December 2021

19 Reconciliation ofoperating
surplus tocash flow from operating		 acgvtties
2021
6		 2020f
Surplus/(Deficit)
for the year		 141,896 63,200
Interest payable
Interest received
Depreciation oftangible fixed assets
Revaluation
offixed asset investments
(Gain)/Loss
on sale offixed asset investments
Income from investments
Increase
/ (decrease)
in creditors
Investment
management
fees
Decrease
/ (increase)
in debtors		 25,875
(24)
74,240
(52,301)
(81,828)
(22,382)
18,394
9,768
1,343		 28,529
(78)
75,323
(67,407)
9,002
(18,129)
(8,375)
7,944
6,103
Net cash flow from operating
acdvities		 114,981 96,112