2023-03-31-accounts - Thorngate Churcher Trust

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		Page
Report of the Trustees	1	to	14
Report ofthe Independent Auditors	15	to	18
Statement ot Financial Activities		19
Balance Sheet		20
Cash Flow Statement		21
Notes to the Cash Flow Statement		22
Notes to the Financial Statements	23	to	35

are taken into ac	count.
On the regulator's	formula	Thorngate's	margin	is as	follows:
	Thorngate	Thorngate	Thorngate		Thorngate	Position	in	Peer Group
	2023	2022	2021		2020	Peer Group		Median
						(out of 23)
Operating	4.57%	10.86%	10	55'/	6.33%			7 6'/
Margin
Overall

his is the sa	me as above b	ut only includi	ng social hous	ing.
	Thorngate	Thorngate	Thorngate	Thorngate	Position	in	Peer Group
	2023	2022	2021	2020	Peer Group		Median
					(out of 23)
Operating	18.1%	12.89%	155'/	17 9'/			13.18%
Margin
Social
Housing
Letting s

		Thorng ate	Thorngate	Thorngate	Thomgate	Position	Peer Group
		2023	2022	2021	2020	Peer Group	Median
						(out of 23)
EBITDA		3.23times	16.6 times	12.1 times	8.4times	Not avail	4.1
MR	I

	Thorngate	Thorngate	Thorngate	Thorngate	Position	Peer Group
	2023	2022	2021	2020	Peer Group	Median
					(out of23)
Gearing	14.57%	15.66%	11.06%	12.01%	Not avail

reparing a ne	w site for buil	ding in 2023-	24.
	Thorngate	Thorngate	Thorngate	Thorngate	Position	in	Peer Group
	2023	2022	2021	2020	Peer Group		Median
					(out of 23)
New supply
delivered
(Social
Housing)

	Metric 4 Retu	Metric 4 Retu	Metric 4 Retu	rn on Capita	l Employed (	ROCE)	ROCE)
a)	When looking			at operating	surplus figures,	gain/loss		on disposal ofproperty,		plant and equipment		is not
	included.	However these items are included					in this	measure as they can be considered			to form	part of
	the return	on		the capital investment in either			fixed	assets	(orjoint ventures).
	Thorngate's		measure		1.62%
				Thorngate	Thorngate		Thorngate		Thorngate	Position in	Peer
				2023	2022		2021		2020	Peer Group	Group
										(out oi 23)	Median
	Return	on		1.62%	383%		3.62%		2 07%		1.2%
	capital
	employed)

Void pro-rata 12m	Void pro-rata 12m	Thorngate	Thorngate	Thorngate	Thorngate	Peer group
		2022-23	2021-22	2020-21	2019-20	2022-23
Housin		0.23%	0.22%	0 27%	0.25%	1.15%
Housin	Value E	E2,3'l9	E2,058	E2,423	E2,120
Housing	% (excl new	0.23%	0.22 /o	0.27%	0.25%	1.15%
schemes
Housin	Value E	E2,319	E2,058	E2,423	E2,120
Care %		4.67%	1.70%	3.90%	1 17o/	9.5%
Care Value E		E108,208	E35,688	E72,296	E20,043

							2023	2022
			Unrestricted		Restricted	Endowment	Total	Total
			funds		fund	fund	funds	funds
		Notes				2	2	2
INCOME AND
ENDOWMENTS FROM
Donations and legacies		2	'l,211				1,211	7,208
Charitabie activities
Housing for older people			948,999				948,999	918,723
Care home			2,210,955				2,210,955	2,173,810
Investment income			620				620	27
Total			3,161,785				3,161,785	3,099,768
EXPENDITURE ON
Charitable activities		5
Housing for older people			782,691				782,691	770,616
Care home			2,239,005				2239005	1,964,328
Total			3,02'i, 696				3,021,696	2,734,944
Net gains/(losses) on investments			~80	)			~3.609)	42.221
NET INCOME			136,480				136,480	407,045
Other recognised
gains/(losses)
Actuarial gains/(lasses) defined benefit schemes	on		~44,967)				~44,987)	65.D05
Net movement in funds			91,493				91,493	472,050
RECONCILIATION OF
FUNDS
Total funds brought forward			7,314,686			40,503	7,355,189	6,883,139
TOTAL FUNDS CARRIED
FORWARD			7.4D6,179			40,503	7,446,682	7,355,189

	BALANCE SHEET
	31 MARCH 2023
		2023	2022
	Notes
FIXEDASSETS
Tangible assets	13	8,403,518	8,137,083
Investments	14	448,009	409,979
		8,851,527	8,547,062
CURRENT ASSETS
Stocks	15	8,871	6,685
Debtors	16	105,408	88,675
Cash at bank		302,735	565,066
		417,014	660,426
CREDITORS
Amounts falling due within one year	17	(861,181)	(345,800)
NET CURRENT ASSETS		~444,167i	314.626
TOTAL ASSETSLESSCURRENT
LIABILITIES		8,407,360	8,861,688
CRFDITORS
Amounts falling due after more than one	year 18	(666,193)	(1,190,738)
PROVISIONS FOR LIABILITIES	21	(294,485)	(315,761)
NET ASSETS		7,446.682	7,355.169
FUNDS	23
Unrestncted funds		7,406,179	7,314,686
Endowment funds		40,503	40,503
TOTAL FUNDS		7,446,682	7,355,189

			FOR T	HE YEAR ENDED	31 MARCH 2023
					2023	2022
				Nates		2
Cash flows from	operating		activities
Cash generated from operations				1	300,307	621,159
Interest paid Finance costs paid					(36,078) ~8,014)	(35,394) ~9,021
Net cash provided	by operating activities				256,215	576,744
Cash flows from	investing		activities
Purchase of tangible fixed assets					(454,1 12)	(699,005)
Purchase of fixed	asset investments				(41,639)	(4,706)
Interest received					620	27
Net cash used in	investing	activities			~495,131)	~703,684)
Cash flows from	financing		activities
New loans in year						500,000
Loan repayments	in year				~23,41 5	~75,789
Net cash (used in)/provided			by financing	activities	~23,41 5)	424,211
Change In cash	and cash		equivalents
in the reporting	period				(262,331)	297,271
Cash and cash equivalents			at the
beginning ofthe	reporting		period		565,066	267,795
Cash and cash equivalents			at the end
ofthe reporting	period				302,735	565,066

RECONCILIATION	OF NET INCOME TO NET CASH FLOW	OF NET INCOME TO NET CASH FLOW	OF NET INCOME TO NET CASH FLOW	OF NET INCOME TO NET CASH FLOW	OF NET INCOME TO NET CASH FLOW	FROM OPERATING ACTIVIT(ES	FROM OPERATING ACTIVIT(ES	FROM OPERATING ACTIVIT(ES
							2023	2022
							2
Net income for the	reporting				period (as per the Statement	of
Financial Activities)							136,480	407,045
Adjustments for:
Depreciation charges							181,459	178,952
Losses/(gain) on investments							3,609	(42,221)
Loss on disposaf of	fixed		assets				6,218	392
Interest received							(620)	(27)
fnterest paid							36,078	35,394
Finance costs							8,014	9,021
Increase in stocks							(2,1 86)	(6,685)
(Increase)/decrease	in	debtors					(16,733)	2,362
Increase in creditors Difference between	pension			charge and cash contributions			14,251 ~66,263)	85,835 ~49,906)
Net cash provided	by	operations					300,307	621,139
ANALYSIS OF CHANGES				IN	NET DEBT
					At 1.4.22		Cash flow	At 31.3.23
						2		8
Net cash
Cash at bank					565,066		(262,331)	302,735
					565,066		(262,331)	302,735
Debt
Debts falling due within		1 year				(26,494)	(501,130)	(527,624)
Debts falling due after		1	year		(1,190,738)		524,545	{666,193)
					(1,217,232)		23,415	(1,193,817)
Total					(652,166)		(238,916)	~891,082)

DONATION	S	AND LEGA	CIES
							2023	2022
							2	2
Donations							1,211	7,208
INVESTMENT INCOME
							2023	2022
								2
Deposit account interest							620	27
All investment		income is derived from		assets held in the	United	Kingdom.
INCOME FROM CHARITABLE ACTIVITIES
							2023	2022
			Activity					2
Social housing
maintenance		contributions	Housing	for older people			948,999	917,323
Grants			Housing	for older people				1,400
Residential	care home		Care home				2,208,879	2,063,632
Grants			Care home				2,076	110,178
							3.459,954	3.992.533
Grants received, included			in the above, are as follows:
							2023	2022
							2	2
Hampshire	County Council						2,076	107,296
HMRC - CJRS and SSPGrants								4,282
							2,076	111,578
CHARITABLE ACTIVITIES COSTS
						Direct	Support
					Costs (see		costs (see
						note 6)	note 7)	Totals
								2
Housing for	older people				576,194		206,497	782,691
Care home					2,032,669		206,336	2,239,005
					2,608,863		412,833	3,021,696

							2023	2022
Services							2,116,950	1,917,196
Day to day maintenance							'I47,252	127,415
Cyclical	mamtenance						53,660	25.006
Extraordinary		maintenance					64,582	32,804
Other costs							6,217	524
Depreciation							176,110	173,742
Interest	payable and similar charges						44,092	44,415
							2,608,863	2,321,102
SUPPORT COSTS
							Governance
						Management	costs	Totals
						E	E
Housing	for	older people				203,270	3,227	206,497
Care home						200,405	5,931	206,336
						403,675	9,158	412,833
Support	costs, included			in the above, are as follows;
Management
							2023	2022
					Housing
					for older		Total	Total
					people	Care home	activities	activities
					E		E	E
ITexpenses					16,171	16,171	32,342	25,21 0
Personnel					458	3,942	4,400	4,007
Building	and	office costs			19,472	6,910	26,382	24,083
PR and	advertising		costs		4,680	10,893	15,573	36,234
Management		costs			162,489	162.489	324,978	312,057
					203,270	200,405	403,675	401,591
Governance		costs
							2023	2022
					Housing
					for older		Total	Total
					people	Care home	activities	activities
					E	E	E	E
Auditors'	remuneration				1,788	4,242	6,030	5,904
Auditors'	remuneration			for non audit
work					250	500	750	750
Governance		costs			1,189	1,189	2,378	5,597
					3,227	5,931	9, 'I 58	12,251

STAFF CO	STS
		2023	2022
		E	f
Wages and	salaries	1,610,345	1,445,644
Social security costs		123,924	97,457
Employer's	pension costs	61,749	44,290
		1,796,018	1,587,391

The average mon	thly	number of employees during t	he year was as follows:
			2023	2022
Administration			4	3
Maintenance			4	3
Housing, support	and	care	63	64
			71	70

E60,000	w	as:
			2023	2022
E70,001	-	E80,000	1	1

11,	COMPARATIVES	FOR THE STATEMENT	FOR THE STATEMENT	FOR THE STATEMENT	OF FINANCIAL	OF FINANCIAL	ACTIVITIES
					Unrestricted		Restricted	Endowment	Total
					funds		fund	fund	funds
							2		2
	INCOME AND ENDOWIIIIENTS FROM
	Donations and legacies				7,208				7,208
	Charitable activities
	Housing for older people				917,323		1,400		918,723
	Care home				2,063,632		110,178		2,173,810
	Investment income				27				27
	Total				2,988,190		111,578		3,099,768
	EXPENDITURE ON
	Charitable activities
	Housing for older people				770,616				770,616
	Care home				1,852,750		11'I,578		1,964,328
	Total				2,623,366		111,578		2,734,944
	Net gains on investments				42.221				42,221
	NET INCOME				407,045.				407,045
	Other recognised	gains/(losses)
	Actuarial gains on	defined	benefit
	schemes				65,005				65,005
	Net movement in	funds			472,050				472,050
	RFCONCILIATION	OF FUNDS
	Total funds brought	fonvard			6,842,636			40,503	6,883,139
	TOTAL FUNDS CARRIED		FORWARD		7,314,686			40,503	7,355,189
12.	INCOME AND EXPENDITURE FROM SOCIAL HOUSING						ACTIVITIES
								2023	2022
	Charitable income	- fees and maintenance			contributions			3,160,033	2,980,955
	Charitable income	- donations		and legacies				1,987	7,208
	Charitable income	—grants							111,578
	Charitable expendiiure							u3, 322, 557)~2,734,944)
								139,469	364,797
	Adjustment for pension funds, capital grant			investments,	maintenance	reserve and		4.355	~25,))5)
	Charitable surplus							143,824	336,682

TANGIBLE FIXEDASSETS
			Fixtures
	Freehold	Plant and	and
	property	machinery	fittings	Totals
			2
COST
At 1 April 2022	10,397,313	108,668	459,436	10,965,417
Additions Disposals	420,302 ~55.034)	10,872 ~28,744)	22,938 ~182,879)	454,112 ~266.457)
At 31 March 2023	10,762,581	90,796	299,695	11,153,072
DEPRECIATION
At 1 Apnl 2022	2,353,420	79,563	395,351	2,828,334
Charge for year Eliminated on disposal	135,676 ~49,927)	17,315 ~20,204)	28,468 ~)02.)00)	181,459 ~260.239)
At 31 March 2023	2,439,169	68,674	241,711	2,749,554
NET BOOK VALUE
At 31 March 2023	8,323,412	22,122	57,984	8,403,518
Al 31 March 2022	8,043,893	29,105	64.085	8,137,083

FIXED ASSET INVESTMENTS
	Listed	Unlisted
	investments	investments	Totals
	2	2	2
MARKET VALUE
At 1 April 2022	405,273	4,706	409,979
Additions Revaluations	~3,609)	41,639	41,639 ~3,609)
At 31 March 2023	401,664	46,345	448,009
NET BOOK VALUE
At 31 March 2023	401,664	46,345	448,009
At 31 March 2022	405,273	4,706	409,979

			Listed	Unlisted
			investments	investments	Totals
			2		2
Valuation	in	2023	401,664	46,345	448,009

15.	STOCKS
							2023	2022
								2
	Stocks						8,671	6,685
16.	DEBTORS: AMOUNTS		FALLING DUE WITHIN ONE YEAR
							2023	2022
							2	2
	Arrears of maintenance		contributions		and care home tees		8,638	13,326
	Other debtors						479	8
	Prepayments and accrued			income			96,291	75,341
							105,408	88,675
17.	CREDITORS: AMOUNTS			FALLING	DUE WITHIN ONE	YEAR
							2023	2022
	Bank loans and overdrafts			(see note	19)		525,694	24,706
	Other loans (see	note 19)					1,930	1,788
	Trade creditors						114,744	79,846
	Maintenance contributions			and care	home fees received	in advance	102,581	135,923
	Social security and other		taxes				20.748	26,241
	Other creditors						95.484	77,296
							861 181	345,800
							2023	2022
							6
	Brought forward						135,923	94,311
	Amount released	to incoming resources					(135.923)	(94,311)
	Amount deferred	in year					102,581	135,923
	Carried forward						102,581	135,923

Deferred income relates to maintenance contributions and care horne fees received in	Deferred income relates to maintenance contributions and care horne fees received in	advance.
CREDITORS: AI)IIOUNTS FALLING DUE AFTER IIIIORE THAN ONE YEAR
	2023	2022
Bank loans (see note 19)	652,307	1,174,922
Other loans (see note 19)	13,886	15,816
	666293	k190,738

			2023	2022
			8
Amounts falling due	within one year
Bank loans			525,694	24,706
Other loans			1,930	1,788
			527,624	26,494
Amounts falling due	between	two and five years
Bank loans			106,021	602,154
Other loans			13,886	12,602
			119,907	614,756
Amounts falling due	in mors	than five years
Bank loans			546,286	572,768
Otherloans				3,214
			546,286	575,982

			2023	2022
				2
Bank	loans	'i,	178,001	1,199,628

								31 March 2023	31 March 2022
									2
Provision at start		of period						315,000	426,000
Unwinding of the		discount	factor					8,000	9,000
Deficit contribution		paid						(88,000)	(83,000)
Impact ofchange		in assumptions						45,000	(63,000)
Current service cost								9,000	21,000
Expenses								5,000	5,000
SHPS Provision	at end of		penod					294,085	315,000
TPT Retirement	Solutions		- The Growth		Plan			485	761
Provision at end	of period							294,485	315,761
Income and expenditure			impact
								31 March 2023	31 March 2022
								2	2
Interest expense								8,000	9,000
Impact ofchange		in assumptions		&contribution		schedule		45,000	(63,000)
Current sennce cost								9,000	21,000
Expenses								5,000	5,000
Assumptions
						31 March	2023	31 March 2022	3t March 2021
						%per annum		%per annum	%per annum
Rate of discount							4.88	2.79	2.15

ANALY	SIS OF NET AS	SETS BETWEEN F	UNDS
					2023	2022
		Unrestricted	Restricted	Endowment	Total	Total
		funds	fund	fund	funds	funds
			2	2	2
Fixed assets		8,403,516			8,403,518	8,137,083
Investments		448,009			448,009	409,979
Current	assets	376,511		40,503	417,014	660,426
Current	liabilities	(861,181)			(861,181)	(345,800)
Long term liabilities Provision for liabilities		(666,193) ~284,4853			(666,193) ~294,4853	(1,190,738) ~31~,7910
		7406,179	-	40,503	7,446,662	7,355,189

MOVEM	ENT	IN FUN	DS
					Net
					movement	At
				At 1.4.22	in funds	31.3.23
					p	2
Unrestricted		funds
General	tund			6,850,654	I03,099	6,953,753
Cyclical	maintenance		~eserve	323,762	(16,539)	307,223
Extraordinary		repairs	resen)e	140,270	4,933	145 2113
				7,314,686	91,493	7,406,179
Endowment		funds
Endowment		reserve		40,503		40,503
TOTAL	FUNDS			7,355,189	91,493	7,446,682

Net mov	emen	t	in fun	ds, includ	ed in the ab	ove are as foll	ows:
						Incoming	Resources	Gains and	Movement
						resources	expended	losses	in funds
						6	2		2
Unrestricted			funds
General	fund					3,161,785	(3,010,090)	(48,596)	103,099
Cyclical	maintenance			reserve			(16,539)		(16,539)
Extraordinary			repairs	reserve			4,933		4,933
						3,')61.785	)382),696)	48,596	91,493
TOTAL	FUNDS					3,161785	)3,,021.696)	~48, 596)	91,493
Comparatives			for movement		in funds
								Net
								movement	At
							At 1.4.21	in funds	31.3.22
							2
Unrestricted			funds
General	fund						6,428,794	42'I,860	6,850,654
Cycl)cal	maintenance			reserve			289,368	34,394	323,762
Extraordinary			repairs	reserve			124,474	15,796	140,270
							6,842,636	472,050	7,314,686
Fndowment			funds
Endowment		reserve					40,503		40,503
TOTAL	FUNDS						6,883,139	472,050	7,355,189