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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|
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|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|in|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|in|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)||||||||||||
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|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||
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||||||||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)|
##
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|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|
##
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||||||||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|
##
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|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|
##
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##
|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|
##
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##
||||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|
##
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|||||||||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|
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|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|
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|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|
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