2021-03-31-accounts

Chair'sreview		4
Strategicreport		6
Ourpartners& funders		13
Board'sresponsibilitystatement		20
Trustees'report		21
Independentauditors'reporttothemembersofLangleyHouseTrust		28
Statementofcomprehensiveincome		31
Statementoffinancialposition		32
Statementofchangesinreserves		33
Cashflowstatement	I	34
Notestothefinancialstatements		35

		Operating	Operating	Operating
Year	Income	Costs	Surplus	Surplus
		£'000	£000	%
2016/17	11,529	11,438	91	0.8
2017/18	12,098	11,924	174	1.4
2018/19	12,299	12,646	(347)	(2.8)
2019/20	13,430	13,156	274	2.0
2020/21	15,512	14,734	778	5.0

					Direc
Year	2020/21	2019/20	2018/19	2017/18	tionof
					Travel
1.Reinvestment	0.8%	2.3%	5,2%	6.4%	1
2A,NewSupply (SocialHousing)	2.1%	6.1%	5.8%	13.8%	1
2B.NewSupply (Non-SocialHousing)	0.0%	0.0%	0.0%	0.0%
5.HeadlineSocial
HousingCostperUnit	£10,429	£9,689	£9,016	£9,183	t
6A.OperatingMargin (SocialHousing)	(7.1%)	(6.9%)	(7.9%)	(1.8%)	I
6B.OperatingMargin (Overall)	5.0%	2.0%	2.8%	1.4%	t
7.ReturnonCapital Employed(ROCE)	6.4%	6.2%	3.3%	1.6%	t

Independent Auditor's Report to the Members of Langley House Trust Year ended 31 March 2021

operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019, together with the Housing SORP. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Trust's and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Trust and the group for fraud. The laws and regulations we considered in this context for the UK operations were the Regulator of Social Housing regulations, CQC Regulations for service providers and managers, employment legislation and taxation legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of rental and care income, recording the impact of the CQC regulatory reviews, and the override of controls by management. Our audit procedures .to respond to these risks included enquiries of management, and the Audit, Risk & Compliance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over the timing of income, reviewing accounting estimates for biases, reviewing regulatory correspondence and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non­ compliance with all laws and regulations.

Use of our report

This report is made solely to the Trust's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Trust's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust's members as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin

Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor Fourth Floor

St James House

St James Square

Cheltenham GL50 3PR

Date: 1 September 2021

30

Langley House Trust - Annual Report 2020 - 2021

Langley House Trust Statement of Comprehensive Income For the Year Ended 31 March 2021

Notes Turnover 3 Cost of sales Gross profit Operating expenditure 3 Other income Gain on disposal of property, plant and 7 equipment Operating surplus 3 Movement in fair value of investments 15 Interest receivable and other income 8 Surplus before tax Taxation Surplus for the year after tax Total comprehensive income for the year	Group 2021 £000 15,754 15,754 (14,884) 6 876 159 34 1,069 1,069 1,069	LHT 2021 £000 15,512 15,512 (14,734) 6 784 159 34 977 977 977	Group 2020 £000 13,572 13,572 (13,209) 424 787 (47) 47 787 787 787	LHT 2020 £000 13,430 13,430 (13,156) 424
				698 (47) 47
				698 698
				698

The financial statements were approved and authorised for issue by the Board on 15th July 2021 and were signed on its behalf by:

�0-,\�. l� \1a1colm Ha��s Philip Hilton Board Member Secretary

The notes on pages 35 to 55 form an integral part of these accounts.

31

Langley Hm,se Trus: Annual Heport 2020 2021

Langley House Trust Statement of Financial Position For the Year Ended 31 March 2021

Note FIXED ASSETS Housing properties 13 Other fixed assets 14 Investments 15 Total fixed assets CURRENT ASSETS Debtors 16 Cash in hand and at bank Total current assets Less Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Provisions for liabilities and charges Other Provisions 19 Total net assets Reseres Restricted reserves Revenue reserves Total capital&reseres	Group 2021 £000 6,147 367 937 7,451 1,496 6,036 7,532 (2,586} 4,946 12,397 2,925 36 9,436 15 9,421 9,436	LHT 2021 £000 6,147 367 937 7,451 1,486 5,663 7,149 (2,526} 4,623 12,074 2,925 36 9,113 15 9,098 9,113	Group 2020 £000 6,409 319 928 7,656 1,560 4,172 5,732 (1,9132 3,819 11,475 3,008 100 8,367 82 8,285 8,367	LHT 2020 £000 6,409 319 928 7,656 1,540 3,923
				5,463 (,8751 3,588 11,244 3,008 100
				8,136 82 _8,054 _
				8,136

The financial statements were approved and authorised for issue by the Board on 15th July and were signed-?n its behalf by: O.� Heu�. [�N ] . Malcolm Hayes Philip Hilton Board Member Secretary Cha;,o�

July uly � Secretary ¥1

Registered Company number: 07888191

The notes on pages 35 to 55 form an integral part of these accounts.

32

Langley House Trus[ Annual Report 2020 2021

GROUP
	Incomeand
	expenditure	Restricted
	reserve	reserves	Total
	£000	£000	£000
Balanceasat31March2019	7,507	73	7,580
Surplusfortheyear	787	-	787
Transfersfromrestrictedreserves	(9)	9	-
Balanceasat31March2020	8,285	82	8,367
Surplusfortheyear	1,069	-	1,069
Transfersfromrestrictedreserves	67	(67)	-
Balanceasat31March2021	9,421	15	9,436

LHT
	Incomeand
	expenditure	Restricted
	reserve	reserves	Total
	£000	£000	£000
Balanceasat31March2019	7,365	73	7,438
Surplusfortheyear	698	-	698
Transfersfromrestrictedreserves	(9)	9	-
Balanceasat31March2020	8,054	82	8,136
Surplusfortheyear	977	-	977
Transfersfromrestrictedreserves	67	(67)
Balanceasat31March2021	9,098	15	9,113,

GROUP	Note	2021		2020
		£000		£000
Netcashfromoperatingactivities		1.951		887
CashflowfromInvestingactivities
Purchaseofhousingproperties		(76)		(234)
Purchaseofotherfixedassets		(201)		(162)
Proceedsofsaleofhousingproperties		-		865
Proceedsofsaleofotherfixedassets		6		-
Proceedsofsaleofinvestments		150		-
		(121)		469
Cashflowfromfinancingactivities
Interestreceived		34		47
Netchangeincashequivalent		1,864		1,403
Cashandcashequivalentsatbeginningoftheyear		4,172		2,769
Cashandcashequivalentsattheendoftheyear		6,036		4,172
		2021		2020
Notei - reconciliationofnetcashflowfrom		£000		£000
operatingactivities
Surplusfortheyear		1,069		787
Depreciationoftangiblefixedassets		491		487
AmortisationofGrants		(83)		(82)
Profitondisposalofasset		(6)		(424)
Othernoncashchanges		(159)		AT
interestreceived		(34)		(47)
(Decrease)/lncreaseInprovisions		(64)		88
Decrease/(increase)Indebtors		64	I	(376)
IncreaseIncreditors		673		407
Netcashinflowfromoperatingactivities		1,951		887

dproperties(excludingland):
	Usefuleconomiclife	Depreciation
		rate
Pitchedroofs	50years	2%
Fiatroofs	20years	5%
Windowsandexternaldoors	25years	4%
Heating	20years	5%
Electrical	25years	4%
Bathrooms	25years	4%
Kitchens	20years	5%
Lifts	10years	10%
Structure	50years	2%
Plantandequipment	5years	20%
Computers	4years	25%
Motorvehicles	4years	25%

			2021
GROUP	Turnover	Operating	Gain/(Ioss)	Operating
		costs	ondisposal	Surplus/
			ofproperty,	(deficit)
			plantand
			equipment
	£000	£000	£000	£000
SocialHousingLettlngs(Note5)	4,791	5,131		(340)
Othersocialhousingactivities
SupportingPeople	512	505
ActivitiesotherthansocialHousing
Careandspotfunding	7,313	6,735		578
MinistryofJustice	1,426	1,156		270
Othergovernmentcontracts	865	785		80
VoluntaryIncome	372	128		244
PrisonServices	155	101		54
Other	282	324		(42)
Incomeforgeneratingfunds	38	19		19
Gainondisposalofproperty,plant				6
andequipment
	15,754	14,884		876
			2021
LHT	Turnover	Operating	Gain/(loss)	Operating
		costs	ondisposal	Surplus/
			ofproperty,	(deficit)
			plantand
			equipment
	£000	£000	£000	£000
SocialHousingLettings(Note5)	4,791	5,131		(340)
Othersocialhousingactivities
SupportingPeople	512	505
ActivitiesotherthansocialHousing
Careandspotfunding	7,313	6,736		577
MinistryofJustice	1,426	1,157		269
Othergovemmentcontracts	865	786		79
VoluntaryIncome	316	128		188
Other	251	272		(21)
Incomeforgeneratingfunds	38	19		19
Gainondisposalofproperty,plant				6
andequipment
	15,512	14,734		784

			2020
GROUP	Turnover	Operating	Gain/(loss)	Operating
		costs	on	Surplus/
			disposalof	(deficit)
			properly,
			plantand
			equipment
	£000	£000	£000	£000
SocialHousingLettings(Note5)	4,459	4,786		(327)
Othersocialhousingactivities
SupportingPeople	534	528
ActivitiesotherthansocialHousing
Careandspotfunding	6,327	5,949		378
MinistryofJustice	1,426	1,112		314
Othergovernmentcontracts	408	395		13
VoluntaryIncome	209	184		25
PrisonServices	144	89		55
Other	30	141		(111)
Incomeforgeneratingfunds	35	25		10
Gain/(loss)ondisposalofproperty,			424	424
plantandequipment
	13,572	13,209	424	787
			2020
LHT	Turnover	Operating	Gain/(loss)	Operating
		costs	on	Surplus/
			disposalof	(deficit)
			property,
			plantand
			equipment
	£000	£000	£000	£000
SocialHousingLettings(Note5)	4,460	4,767		(307)
Othersocialhousingactivities
SupportingPeople	534	528
ActivitiesotherthansocialHousing
Careandspotfunding	6,327	5.949		378
MinistryofJustice	1,426	1,112		314
Othergovernmentcontracts	408	396		13
VoluntaryIncome	220	184		36
Other	20	196		(176)
Incomeforgeneratingfunds	35	25		10
Gain/(loss)ondisposalofproperty,			424	424
plantandequipment
	13,430	13,156	424	698

	SocialHousing	SocialHousing	OtherSocial	OtherSocial
	Lettings		Housing
					Total
	Supported	Care	Registered	General
	Housing	Homes	CareBeds	Needs
SocialHousing
At31March2020	383	-	79	-	462
At31March2021	390	-	90	-	480
		2021	2020
Non-socialHousing
Undermanagementatstartof
year
Undermanagementatendof
year

	Supported	Care
a.GROUP	housing	Homes	TOTAL	TOTAL
	2021	2021	2021	2020
INCOME	£000	£000	£000	£000
Rentsreceivable	2,431	33	2,464	2,153
Serviceincome	2,212	33	2,245	2,224
Amortisedgovemmentgrants	65	17	82	62
Othergrants	-	-	-	-
TurnoverfromSocialHousingLettlngs	4,708	83	4,791	4,459
EXPENDITURE
Management	2,230	36	2,266	2,171
Services	1,970	26	1,996	1,751
Routinemaintenance	321	11	332	296
Plannedmaintenance	114	19	133	106
Majorrepairsexpenditure				-
Baddebts	203	-	203	242
Lossondisposalofcomponents				-
DepreciationofHousingProperties	194	7	201	220
OperatingcostsonSocialHousing
Lettings	5,032	99	5,131	4,786
OPERATING(DEFICIT)/SURPLUSON
SOCIALHOUSINGLETTINGS
ACTIVITIES			(340)	(327)
Voidlosses		m	(758)	, (672)

	Supported	Care
b.LHT	housing	Homes	TOTAL	TOTAL
	2021	2021	2021	2020
INCOME	£000	£000	£000	£000
Rentsreceivable	2,431	33	2,464	2,154
ServiceIncome	2,212	33	2,245	2,224
Amortisedgovernmentgrants	65	17	82	82
TurnoverfromSocialHousingLettings	4,708	83	4,791	4,460
EXPENDITURE
Management	2,230	36	2,266	2,170
Services	1,970	26	1,996	1,733
Routinemaintenance	321	11	332	296
Plannedmaintenance	114	19	133	106
Majorrepairsexpenditure				-
Baddebts	203	-	203	242
Lossondisposalofcomponents
DepreciationofHousingProperties	194	7	201	220
OperatingcostsonSocialHousing
Lettings	5,032	99	5,131	4,767
OPERATING(DEFICIT)/SURPLUSON
SOCIALHOUSING
LETTINGSACTIVITIES		im	i340).	MIL
Voidlosses	(745)		JML

	Group	LHT	Group	LHT
Isstatedaftercharging/(crediting):	2021	2021	2020	2020
	£000	£000	£000	£000
Depreciationofhousingproperties	338	338	370	370
Depreciationofothertangiblefixed	153	153	117	117
assets
Operatingieaserentais:
Landandbuildings	519	519	477	477
Officeequipment	5	5	7	7
Auditorsremuneration(excludingVAT)
Intheircapacityasexternalauditors	18	14	17	13
Surplusonsaleofotherfixedassets	(6)	(6)	(424)	(424)
1.SURPLUSONDISPOSALOFFIXED	ASSETS
	Group	LHT	Group	LHT
	2021	2021	2020	2020
	£000	£000	£000	£000
Proceedsofsales	6	6	865	865
Carryingvalueoffixedassetsdisposed
ofduringtheyear	-	-	(441)	(441)
SURPLUSONDISPOSAL	6	6	424	424

	Group	LHT	Group	LHT
	2021	2021	2020	2020
	£000	£000	£000	£000
DividendsreceivedonInvestments	29	29	32	32
Bankinterest	5	5	15	15
TOTAL	34	34	47	47
.EMPLOYEEINFORMATION
	Group	LHT	Group	LHT
	2021	2021	2020	2020
Theaveragenumberofstaffemployed
duringtheyear,expressedasfulltime
equivalents,(i.e.35hoursperweek)was:	260	249	232	225
	Group	LHT	Group	LHT
Staffcosts	2021	2021	2020	2020
	£000	£000	£000	£000
Wagesandsalaries	6,300	6,035	5,517	5,349
Socialsecuritycosts	577	557	470	455
Otherpensioncosts	275	265	243	237
OtherEmployeebenefits	76	76	-	-
TOTAL	7.228	6,933	6,230	6,041

	Group	LHT	Group	LHT
	2021	2021	2020	2020
£60,000- £70.000	1	1
£70,000-£80,000	1	1	2	2
£80,000-£90,000	1	1
£90.000-£100,000			1	1
£100,000-£110.000	1	1

	Group	LHT	Group	LHT
	2021	2021	2020	2020
	£000	£000	£000	£000
Theaggregateemolumentspaidtoor
receivablebynon-executiveDirectors
andformernon-executivedirectors
Theaggregateemolumentspaidtosenior
officers,includingsalary,employer's	335	335	255	255
pensioncontributionsandbenefits-in-kind
Theemolumentspaidtohighestpaid
officer(ChiefExecutive),including	106	106	99	99
benefits-in-kindbutexcludingemployer's
pensioncontributions

GROUPANDLHT
		Under
	Completed	Construction	Total
	£000	£000	£000
COSTAfALUATION
At1 April	10,023	-	10,023
Additions	6	70	76
Transfers		_
Disposals	-	-	-
At31March	10,029	70	10,099
DEPRECIATION
At1 April	3,614	_	3,614
Chargeforyear	338	-	338
EliminatedonDisposals	_	_	_
At31March	3,952	-	3,952
NETBOOKVALUEat31MARCH
2021	6,077	70	6,147
NETBOOKVALUEat1 April2020	6,409	-	6.409
Housingpropertiescomprise:
		2021	2020
		£000	£000
Freeholds		5,627	5,871
LongLeaseholds		17	18
ShortLeaseholds		433	520
Assetsunderconstruction		70	-
		6,147	6,409

GROUPANDLHT
		Motor
	Plant& equip	vehicles	Total
	£000	£000	£000
COSTWALUATION
At1 April	666	315	981
Additions	142	59	201
Disposals		(45)	(45)
At31March	808	329	1,137
DEPRECIATION
At1 April	462	200	662
Chargeforyear	108	45	153
Disposals		(45)	(45)
At31March	570	200	770
NETBOOKVALUEat31March2021	238	129	367
NETBOOKVALUEat1 April2020	204	115	319
15FIXEDASSETINVESTMENT
LHT& Group		2021	2020
		£	£
MarketvalueofInvestmentsatstartof
year		928	975
MarketvalueofInvestmentsoldduring
theyear		(150)	-
Marketvalueofinvestmentsatend
ofyear		937	928
Gaininvalueduringtheyear		159	{47}
GainrecognisedintheStatementof
ComprehensiveIncome		159
		159	{47}
HistoricCostofInvestments		599	733

	Group	LHT	Group	LHT
	2021	2021	2020	2020
	£000	£000	£000	£000
Amountsfallingduewithinone
year;
Rentarrears	940	940	874	874
Less:provisionforbaddebts	(761)	(761)	(674)	(674)
Nonrentalarrears	1,081	1,071	1,144	1,126
Less:provisionforbaddebts	(123)	(123)	(217)	(217)
Prepaymentsandaccruedincome	359	359	433	431
Intercompanybalance	-	-	-	-
	1,496	1,486	1,560	1,540

	Group	LHT	Group	LHT
	2021	2021	2020	2020
	£000	£000	£000	£000
Rentcreditbaiances	235	235	218	218
Nonrentalcreditbaiances	410	410	248	248
Tradecreditors	207	207	137	136
Taxation,socialsecurityandpensionpayabie	221	204	169	155
Accruaisanddeferredincome	1,416	1,373	1,057	1,034
SPcontractincomereceivedinadvance	14	14	1	1
Deferredcapita!grant(note18b)	83	83	83	83
	2,586	2,526	1,913	1,875

		Group	LHT	Group	LHT
		2021	2021	2020	2020
		£000	£000	£000	£000
Deferredcapitaigrant(note	18b)	2,925	2,925	3,008	3,008
		2,925	2,925	3,008	3,008

	Group	LHT	Group	LHT
	2021	2021	2020	2020
	£000	£000	£000	£000
Atthestartoftheyear	3.091	3,091	3,173	3,173
Grantreceivedduringtheyear	-	-	-	-
Releasedtoincomeintheyear	(83)	(83)	(82)	(82)
Otheradiustment	-	-	-	-
Attheendoftheyear	3,008	3,008	3,091	3,091
Amountduetobereleased<1
year	83	83	83	83
Amountduetobereleased>1
year	2,925	2,925	3,008	3,008
	3,008	3,008	3,091	3,091
Totalgrantreceived	4,721	4,721	4,721	4,721

GROUPANDLHT	2021	2020
	£000	£000
Openingbalanceasat1 April	100	12
Utilisedintheyear	(64)	(12)
Additionalprovision	-	100
Closingbalanceasat31March	36	100

	Group	LHT	Group	LHT
	2021	2021	2020	2020
	£000	£000	£000	£000
Capitalexpenditurethathasbeencontractedforbuthas
notbeenprovidedforinthefinancialstatements.	170	170
Capitalexpenditurethathasbeenauthorisedby
Trusteesbuthasnotyetbeencontractedfor.
	170	170
Thecommitmentsasat31Marchwillbefinancedas
follows:
	Group	LHT	Group	LHT
	2021	2021	2020	2020
	£000	£000	£000	£000
RevenuereservesoftheTrust	170	170
	170	170

	Group	LHT	Group	LHT
	2021	2021	2020	2020
	£000	£000	£000	£000
Landandbuildings:
inoneyearormorebutlessthantwoyears	419	419	441	441
Intwoyearsormoreandlessthanfiveyears	501	501	772	772
Infiveyearsormore	221	221	311	311
Others,whichexpire:
inoneyearormorebutlessthantwoyears	4	4	4	4
Intwoyearsormoreandlessthanfiveyears	9	9	5	5
Infiveyearsormore	-	-	_	_

	2021	2020
	£000	£000
Managementchargesfromsubsidiaries	16	14
Fundinggrantprovidedtosubsidiaries	170	179

a.GROUP
	2021	2020
	£000	£000
FinancialAssetsMeasuredatAmortisedCost:
RentandServiceChargeDebtors	184	200
OtherDebtors	958	927
CashandCashEquivaients	6.036	4,172
TotalFinancialAssets	7.178	5,299
FinancialLiabilitiesMeasuredatAmortised
Cost:
TradeCreditors	207	137
OtherCreditors	2,075	1,524
TotalFinancialLiabilities	2,282	1,661
a.LHT
	2021	2020
	£000	£000
FinancialAssetsMeasuredatAmortisedCost:
RentandServiceChargeDebtors	184	200
OtherDebtors	948	909
CashandCashEquivaients	5.663	3,923
TotalFinancial/^sets	6,795	5,032
FinancialLiabilitiesMeasuredatAmortised
Cost:
TradeCreditors	207	136
OtherCreditors	2,032	1,501
TotalFinancialLiabilities	2,239	1,637