| Page | ||||
|---|---|---|---|---|
| Strategic Report | 1 —9 | |||
| Statement | of Trustees | 10 | ||
| Independent | auditors | report | ||
| Statement | of Comprehensive | Income | 14 | |
| Balance Sheet | 15 | |||
| Statement | in changes | in reserves | 16 | |
| Statement | of Cash flows | |||
| Notes to Financial Statements |
| Metric | Result | VfM Measure | VfM Measure | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Metric | 1 - | Reinvestment | Q 14'/ | Efficienc | |||||
| Metric | 2a | —New | Su I Social |
0.00% | Effectiveness | ||||
| Metric | 2b | —New | Su I Non-Social |
0.00% | Effectiveness | ||||
| Metric | 3 - | Gearin | 56 4Q'/ | Efficienc | |||||
| Metric | 4 —EBITDA MRI Interest Rate Cover | 118.42% | Efficienc | ||||||
| Metric | 5 —Headline Social Housin Cost er Unit |
P3,208 | Econom | ||||||
| Metric | 6a | —0 | eratin Mar in SHL |
38.60% | Efficienc | ||||
| Metric | 6b | —O | eratin Mar in Overall |
3323% | Efficienc | ||||
| Metric | 7 —Return | on Ca ital Em lo ed ROCE |
2.00% | Efficienc | |||||
| Performance | Indicators | ||||||||
| Service Area | Performance Indicator |
Year End | Year | End | Target | ||||
| 2022/23 Tar et | 2022/23 Actual | Achieved | |||||||
| Anti-Social | %of ASBcases responded to 8 |
||||||||
| Behaviour Managing |
and | investigations begun in timescale (24 hrs —high priority, 5 working |
92% | 75% | |||||
| Tenancies | da s —other cases | ||||||||
| Asset | Energy Efficiency: Average SAP ratin of dwellin s |
77 | 77 | ||||||
| %of emergency (24 hrs), urgent |
|||||||||
| Home | Repairs | (3days) and routine (20days) | 94% | 74.97% | |||||
| re airs corn leted within timescale |
|||||||||
| Keelman Homes Rent collected |
|||||||||
| from current tenants as a%of rent | |||||||||
| Rent | owed | 98% | 102.33% | ||||||
| (excluding arrears brought |
|||||||||
| f0rwal d | |||||||||
| Rent | Rent arrears of current tenants as a% of the rent roll due |
4% | 5.17% | ||||||
| Voids | Rent lost through empty properties as a io of rent due |
1 0/ | 326% |
| Charity Reference Number | Charity Reference Number | 1133321 | ||
|---|---|---|---|---|
| Company | Reference Number | 06972673 | ||
| Registered | Provider Number | 4647 | ||
| Registered | Address | Offices 19-20 | ||
| Gateshead International |
Business Centre | |||
| Mulgrave Terrace | ||||
| Gateshead | ||||
| NE8 1AN | ||||
| Directors | Stuart Green —Resigned | 02/02/2023 | ||
| Calum Willis —Resigned | 27/09/2022 | |||
| Jennifer Elliot —Resigned |
12/05/2023 | |||
| John Adams | ||||
| Alistair Wylie | ||||
| Joanne Giles | ||||
| Tom Winter | ||||
| Scott Robinson | ||||
| Iftekar Alom | ||||
| Secretary | Anne-Marie Pearce |
|||
| Auditor | Haines Watts | |||
| 17Queens Lane | ||||
| Newcastle upon Tyne |
||||
| NE1 1RN | ||||
| Banker | The Co-operative Bank 1"Floor, Norfolk House |
|||
| 90Grey Street | ||||
| Newcastle upon Tyne |
||||
| NE1 1HH | ||||
| Solicitor | Weightmans LLP |
|||
| 1 StJames' Gate | ||||
| Newcastle upon Tyne |
||||
| NE1 4AD |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Notes | f000 | f000 | ||
| Turnover | 1,778 | 2,360 | ||
| Operating costs |
(1,231 ) | (1,671 ) | ||
| Operating surplus |
547 | 689 | ||
| Interest payable | (673) | (659) | ||
| (Deficit)/Surplus | before tax | (126) | 30 | |
| 14 | (1) | |||
| (Deficit)/Surplus | for | the year | (112) | 29 |
| Total comprehensi | ve | income for the year | (112) | 29 |
| Notes | 2023 | 2022 | |||
|---|---|---|---|---|---|
| f000 | OOOO | ||||
| Fixed assets | |||||
| Tangible assets | 27,352 | 27,840 | |||
| Current assets | |||||
| Debtors | 641 | 348 | |||
| Cash at bank and in | hand | 573 | 1,057 | ||
| 1,214 | 1,405 | ||||
| Liabilities | |||||
| Creditors: amounts | falling due | ||||
| within one year | 10 | ( 1,258 ) | ( 1,291) | ||
| Net current assets/ | (liabilities) | (44) | 114 | ||
| Creditors: amounts | falling due after | ||||
| one year | ( 27,217 ) | ( 27,751 ) | |||
| Net assets | 91 | 203 | |||
| Reserves | |||||
| Income 8 Expenditure | Reserve | 91 | 203 |
| Income | & | |
|---|---|---|
| Expenditure | Reserve | |
| f000 | ||
| Balance at 1 April 2021 | 174 | |
| Surplus for year | ||
| Balance at 31 MarcH 2022 | 203 | |
| Balance at 1 April 2022 | 203 | |
| Deficit for year | ( 112 ) | |
| Balance at 31 March 2023 | 91 |
| Statement of Cashflowe As at 31 March 2023 |
||||||
|---|---|---|---|---|---|---|
| Notes | 2023 | 2022 | ||||
| f000 | FOOO | |||||
| Cash flows from operating | activities | |||||
| Net cash (usedin)lprovided | by operating | activities | ( 139 ) | 494 | ||
| Cash flows from investing | activities | |||||
| Purchase of tangible fixed assets |
( 42 ) | ( 2,062 ) | ||||
| Proceeds from disposal of tangible fixed |
assets | 55 | ||||
| Proceeds from the receipt of government | grants | 11 | 646 | |||
| Net cash provided byinvesting activities |
24 | ( 1,416 ) | ||||
| Cash flows from financing | activities | |||||
| Repayment of borrowings |
(369) | (347) | ||||
| Proceeds from new loan | 1,550 | |||||
| Net cash used in financing | activities | ( 369 ) | 1,203 | |||
| Change in cash and cash |
equivalents | (484) | 281 | |||
| Cash and cash equivalents | at the beginning | of the year | 1,057 | 776 | ||
| Cash and cash equivalents | at the end | of | the year | 573 | 1,057 | |
| Breakdown ofcash and cash equivalents |
||||||
| Cash at bank and in hand | 573 | 1,057 |
| Roof | 50years | |
|---|---|---|
| Heating systems | 40 years | |
| Electrics | 30years | |
| Windows | and external doors | 25 years |
| Structure | 100years | |
| Bathroom | 30years | |
| Kitchen | 20 years | |
| Gas boiler | 15years | |
| Land | Not depreciated |
| 2. | Turnover | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||||
| OOOO | f000 | ||||||||
| Rental and | service charge | income receivable | 1,557 | 1,435 | |||||
| Management | fee income | 95 | |||||||
| Amortisation | of government | grants | 127 | 127 | |||||
| Shared Ownership Sales Income |
94 | 703 | |||||||
| 1,778 | 2,360 | ||||||||
| 3. | Operating | surplus | |||||||
| The operating | surplus | is arrived | at after charging/(crediting): | ||||||
| 2023 | 2022 | ||||||||
| f000 | f000 | ||||||||
| Depreciation | of owned | tangible | fixed assets | 465 | 476 | ||||
| Amortisation | of government | grants and donated | land | ( 127 ) | ( 127 ) | ||||
| Auditor's remuneration |
|||||||||
| - audit | 15 | 13 | |||||||
| - other services relating | to | taxation | 2 | 2 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| f000 | OOOO | ||||
| Loans | from | Gateshead | Council | 673 | 659 |
| 7. | Taxation | ||
|---|---|---|---|
| Total tax expense recognised | in the income and expenditure | account |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| f000 | OOOO | |||||
| Current tax | (14) | |||||
| 7.1. | Reconciliation | ofthe | effective tax rate | |||
| 2023 | 2022 | |||||
| f000 | P.OOO | |||||
| (Deficit)/Surplus | (112) | 586 | ||||
| Total tax (credit)/ expense | (14) | 1 | ||||
| (Deficit)/Surplus | before | tax | (126) | 587 | ||
| Tax using the | UK corporation | tax rate of 19%(2021:19to) | (24) | 112 | ||
| Tax exempt revenues | ||||||
| Non-deductible | expenses | 10 | ( 111 ) | |||
| Total (credit)/expense | included | in the income statement | (14) |
| 8 | Tangible fixed assets | ||||||
|---|---|---|---|---|---|---|---|
| Shared | Housing | ||||||
| Ownership | Properties | ||||||
| Housing | Housing | Under | Computer | ||||
| Properties | Land | Properties | Construction | Equipment | Total | ||
| f000 | f000 | f000 | f000 | f000 | f000 | ||
| Cost | |||||||
| At 1 April 2022 | 25,038 | 3,255 | 1,315 | 1,024 | 30,632 | ||
| Additions | 39 | 3 | 42 | ||||
| Transfers | 976 | (976) | |||||
| Disposals | (79) | (62) | (141 ) | ||||
| At 31 March 2023 | 25,974 | 3,255 | 1,253 | 48 | 3 | 30,533 | |
| Depreciation | |||||||
| At 1 April 2022 | 2,723 | 69 | 2,792 | ||||
| Charge for year | 455 | 12 | 1 | 468 | |||
| Eliminated on disposal |
(73) | (6) | (79) | ||||
| At 31 March 2023 | 3,105 | 75 | 1 | 3 181 | |||
| Net book value | |||||||
| At 31 March 2023 | 22,869 | 3,255 | 1,178 | 2 | 27,352 | ||
| At 31 March 2022 | 22,315 | 3,255 | 1,246 | 1,024 | 27,840 |
| Debtors | |||
|---|---|---|---|
| 2023 | 2022 | ||
| f000 | OOOO | ||
| Trade debtors | 243 | 228 | |
| Prepayments | and accrued income | 384 | 120 |
| Corporation | tax | 14 | |
| 641 | 348 |
| 10. | Creditors: Amounts | Creditors: Amounts | falling due within one year | ||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| f000 | OOOO | ||||
| Trade Creditors | 30 | 4 | |||
| Accruals | 684 | 790 | |||
| Loans from | Gateshead | Council | 369 | 369 | |
| Corporation | tax | 1 | |||
| Recycled capital grant | fund | ||||
| Government | grants | 175 | 127 | ||
| 1,258 | 1,291 | ||||
| 11. | Creditors: Amounts | falling due after one year | |||
| 2023 | 2022 | ||||
| OOOO | OOOO | ||||
| Loans from | Gateshead | Council | 15,583 | 15,953 | |
| Government | grants | 11,634 | 11,798 | ||
| 27,217 | 27,751 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| OOOO | f000 | |||
| Assets measured | at | cost less impairment | ||
| Trade debtors | 243 | 118 | ||
| Liabilities measured | at amortised cost | |||
| Loans from Gateshead | Council | 15,952 | 16,322 | |
| Cash from operating | activities | |||
| 2023 | 2022 | |||
| OOOO | f000 | |||
| Deficit for the year | (112) | 29 | ||
| Adjustment for: |
||||
| Depreciation and amortisation |
468 | 470 | ||
| Loss on disposal of | fixed assets | 6 | ||
| Interest payable and |
similar charges | 673 | 659 | |
| Deferred government | grant | (127) | (127) | |
| Taxation | (14) | 1 | ||
| 894 | 1,032 | |||
| Decrease/(increase) | in | trade and other debtors | (293) | 21 |
| Increase/(decrease) | in | trade and other creditors | (81 ) | 101 |
| Interest paid | ( 673) | (659) | ||
| Tax paid | 14 | (1) | ||
| Net cash from operating activities |
(139) | 494 |