2022-03-31-accounts - Durham Aged Mineworkers' Homes Association

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The Board						1
Management Team and Advisors						2
Report ofThe Board						3
Statement	ofTrustees'	responsibilities in respect ofthe	Trustees'	Report and	the financial statements	14
Independent	Auditor's	Report to the Trustees of Durham	Aged Mineworkers'		Homes Association	15
Statement	ofComprehensive Income for the year ended		31st March 2022			19
Statement	of Financial	Position as at 31st March 2022				20
Statement	ofChanges	in Reserves for the year ended 31st March		2022		21
Statement	ofCash Flows for the year ended 31st March		2022			22
Notes to the Financial		Statements				23

			(N)
			(A)
			(N)
			(A)
Appointed		September 2021	(A)
Appointed		September 2021	(N)
Appointed		September 2021	(N)
Appointed		May 2022	(A)
Retired	September 2021		(A)
Retired	September 2021		(N)
Retired	September 2021
Retired	May 2022		(A)

		2022	2021
		Total	Total
	Note	f'000	f'000
Turnover		8,454	8,227
Operating Expenditure	3	(6,253)	(6,141)
Release of Disposal Proceeds
Fund			492
Profit/(Loss) on Disposal of
Fixed Assets	7	(45)	15
Operating Surplus		2,156	2,593
Interest Receivable	8	21	22
Interest and Financing Costs	9	(526)	(599)
Surplus for the year		1,651	2,016
Actuarial Gain/(Loss) in
Respect of Pension Schemes	22		(1,213)
Movement in Fair Value of
Investments	14	51	123
Total Comprehensive		2,146	926
Income for the Year

Statement of Financial Position as at 31st March 2022	Statement of Financial Position as at 31st March 2022	Statement of Financial Position as at 31st March 2022	Statement of Financial Position as at 31st March 2022		31 March	31 March
					2022	2021
				Note	6'000	6'000
Fixed Assets
Tangible Fixed Assets				12,13	79,625	77,816
Investments				14	829	774
					80,454	78,590
Current Assets
Trade and Other Debtors				15	268	175
Cash and Cash Equivalents					2,140	3,288
					2,408	3,463
Creditors: Amounts	Falling Due Within One
Year				16	(4,121)	(4,740)
Net Current Assets					1,713	1,277
Total Assets less Current			Liabilities		78,742	77,314
Creditors: Amounts	Falling due After More
than one Year				17	(50,989)	(51,114)
Provisions for Liabilities
Pension Liability				22	(1,396)	(1,958)
Total Net Assets					26,357	24,242
Reserves
Income and Expenditure		Reserve			22,186	20,004
Restricted Reserve				25	1,452	1,413
Designated Reserve					2,719	2,824
Total Reserves					26,357	24,242

							Income and
							Expenditure	Restricted	Designated
						Note	Reserve	Reserve	Reserve	Total
							f'000	F'000	f'000	f'000
Balances as at 1 April			2020				19,058	1,353	3,397	23,808
Surplus	for	the Year					2,016			2,016
Release	of	Disposal Proceeds		Fund					(492)	(492)
Actuarial	gain on pension liability					22	(1,213)			(1,213)
Movement		In Fair Value of Investments				14	125	(2)		123
Transfer	of	Designated	Expenditure		from
Designated		Reserve					81		(81)
Transfer	of	Restricted	Expenditure		from
Unrestricted		Reserve					62	62
Balance	at	31 March	2021				20,004	1,413	2,824	24,242
Surplus	for	the Year					1,651			1,651
Release	of	Disposal Proceeds		Fund						0
Actuarial	loss on pension liability					22	443			443
Movement		in Fair Value of Investments				14	47			51
Transfer	of	Designated	Expenditure		from
Designated		Reserve					75		(105)	(30)
Transfer	of	Restricted	Expenditure		from
Unrestricted		Reserve					35	35
Balance	at	31 March	2022				22,186	1,452	2,719	26,357

						2022	2021
						f'000	f'000
Net Cash Generated From	Operating			Activities (see note I)
						3,209	3,651
Cash Flow From Investing	Activities
Purchase ofTangible Fixed	Assets					(3,485)	(3,128)
Proceeds From Sale ofTangible		Fixed Assets				(55)	78
Grants Received						184	896
Interest Received						18	18
						(3,339)	(2,137)
Cash Flow From Financing	Activities
Interest Paid						(487)	(579)
New Secured Loans						2,000
Repayments of Borrowings						2,532	1,079
						(1,019)	(1,658)
Net Change in Cash and Cash Equivalents						(1,148)	(144)
Cash and Cash Equivalents	at Beginning				of the Year	3,288	3,432
Cash and Cash Equivalents	at	End ofthe Year				2,140	3,288
						2022	2021
Note I						f'000	f'000
Surplus for the year						1,651	2,016
Adjustments for non-cash	items:
Depreciation oftangible fixed assets						1,914	1,878
Amortisation ofgrants						(447)	(445)
Decrease/(increase) In trade	and	other debtors				(93)	26
Increase/(decrease) in trade	and	other creditors				(168)	292
Pension costs less contributions		payable				(168)	(185)
Profit (Loss) on disposal of tangible			fixed		assets	45	(15)
Disposal Proceeds Fund						0	(492)
Release of winter reserve						(30)	0
Adjustments for Investing	or financing				activities:
Interest payable						526	599
Interest received						21	22
Net cash generated from operating			activities			3,209	3,651

Depreciat	ion of ho	using properties
Freehold	properties,	other than properties	under construction, are depreciated	so as to write down
Roof			40 years
Heating systems			30years
Electrics			30years
Windows	and external doors		25years
Lift			20 years
Bathroom			20 years
Kitchen			15years
Gas Boiler			10years
Freehold	land is not	depreciated.

						2022
						Operating	Operating
					Turnover	Expenditure	Surplus
					f'000	f.'000	f'000
Social Housing Lettlngs
Housing Accommodation		(Continuing		Operation)	8,391	6,217	2,174
Total Social Housing	lettings				8,391	6,217	2,174
Other Social Housing		Activities
Garages and Allotmsnts		(Continuing		Operation)	11		11
Management Services	(Continuing		Operation)		31	(36)	(5)
Lease of Residential Home (Continuing
Operation)					21		21
					63	36	27
					8,454	6,253	2,201
Release of disposal proceeds fund Profit/(Loss) on disposal offixed assets							0 ~45
Operating Surplus							2,156
						2021
						Operating	Operating
					Turnover	Expenditure	Surplus
					f'000	f'000	f'000
Social Housing Lettlngs
Housing Accommodation		(Continuing		Operation)	8,164	6,106	2,058
Total Social Housing	lettings				8,164	6,106	2,058
Other Social Housing		Activities
Garages and Allotments		(Continuing		Operation)	12		12
Management Services	(Continuing		Operation)		30	(35)	(5)
Lease of Residential Home (Continuing
Operation)					21		21
					63	35	28
					8,227	6,141	2,086
Release of disposal proceeds fund							492
Profit/(Loss) on disposal		offixed assets					15
Operating Surplus							2,553

					2022	2021
					No. of	No. of
					Properties	Properties
Social Housing
General Housing:
- Social Rent					1,564	1,571
- Affordable Rent					227	197
Shared Ownership		Units			3	3
Leasehold Schemes for the Elderly					16	16
Total Owned					1,810	1,787
Accommodation	Managed		for Others		44	44
Total Managed					44	44
Total Owned and		Managed			1,864	1,831
Accommodation		ln Development		at the Year End		23
6.Operating Surplus

					2022	2021
					6'000	6'000
Depreciation of Housing	Properties		(Note	12)	1,873	1,849
Depredation of Other Tangible		Fixed Assets (Note 13)			41	29
Auditors' RemuneraUon	(excluding		VAT)
Fees Payable to the Association's			Auditors	for the Audit of
the Financial Statements					22	26
Fees Payable to the Association's			Auditors	for Other
Services
Fees Payable for Internal	Audit				10	10
Total Audit Services					32	36

			2022	2021
			8'000	f.'000
Housing	properties
Disposal	Proceeds		0	137
Carrying	Value of Fixed Assets		45	122
Profit (Loss) on disposal			45	15
Capital Grant Recycled (Note 19)			0	(59)
Disposal	Proceeds Fund (Note 20)		0	0
All values	above relate to Continuing	Operations.

8.Interest Receivable
		2022	2021
		f'000	f'000
Bank Interest Receivable and Similar	Income	21	22
		21	22
All values above relate to Continuing	Operations.

				2022	2021
				f.'000	6'000
Defined Benefit Pension Charge				49	27
Loans and	Bank	Overdrafts		499	583
				548	610
Interest Payable		Capitalised	on Housing
Properties	Under	Construction		22	11
				526	599

		2022	2021
Office Based Staff		23	22
Resident Managers	and Care Staff	3	3
		26	25
10b. Employee costs
		2022	2021
		f'000	f'000
Wages and Salaries		872	886
Social Security Costs		85	82
Other Pension Costs		288	174
		1,245	1,141

		Compulsory	Redundancy	agreed	departures
		2022	2021	2022	2021
		f'000	f'000	f'000	f'000
Termination	Benefits				9

		2022	2021
		f.'000	f'000
Basic Salary		240	232
Benefits	In Kind	3	3
Pension	Contributions	58	58
		301	292

			2022	2021
f60,000 f70,001	to to	f70,000 f80,000	1 1	1 1
f80,001	to	F90,000
f90,001	to	6100,000	1	1

						Housing
				Social	housing	properties for	Completed		shared
				properties	held for	letting under		ownership		Total housing
					letting	construction	housing	properties		properties
					5'000	5'000			6'000	6'000
Cost
At 1 April	2021				98,631	1,159			180	99,970
Additions						2,346				2,346
Reclasslflcatlons					3,428	(3,428)
Works to	existing properties				1,367					1,367
Disposals					593					593
At 31 March		2022			102,833	77			180	103,090
Depreciation
At 1 April	2021				22,463				25	22,488
Depreciation		charged	in year		1,871				2	1,873
Released	on	disposal			549					549
At 31 March		2022			23,786				27	23,813
Net book	value
At 31 March		2022			79,047	77			153	79,277
At 31 March		2021			76,168	1,159			155	77,482

					2022	2021
					6'000	6'000
Improvement		works		capitalised	1,367	0
Amounts	charged		to	income and
expenditure					75	81
					1,442	81

			2022	2021
			6'000	6'000
Total accumulated	social housing
grant received or	receivable	at 31
March			45,813	45,077
Recognised in the	Statement	of
Comprehensive Income			7,791	7,344
Held as deferred	income		38,022	37,733

			2022	2021
			E'000	F.'000
Aggregate	amount offinance costs Included	In ths cost
of housing	properUes		61	48

			31 March	31 March
			2022	2021
			E'000	E'000
Freehold	lend	and buildings	75,975	74,190
Long leasehold		lend and buildings	3,302	3,292
			79277	77,482

13.Tangi	ble fixed assets - other
			Computers	Furniture,
		Freehold	and oNce	fixtures and
		oNces	equipment	fittings	Total
		E'000	E'000	E'000	E'000
Cost
At 1 April	2021	492	443	102	1,037
Additions		0	43	13	55
Disposals		0	98	21	119
At 31 March 2022		492	300	94	973
Depreciation
At I APrll	2021	231	386	86	703
Charged	in the year	10	28	3	41
Released	on disposal		98	21	119
At 31 March 2022		241	318	68	625
Net book	value
At 31 March 2022		251	72	26	348
At 31 March 2021		261	57	16	334
14.Fixed	Asset Investments
				2022	2021
				E'000	E'000
Valuation
At 1 April				774	647
Additions				4	4
Movement	arising on revaluation			51	123
At 31 March				829	774
				31 March	31 March
				2022	2021
				E'000	E'000
Listed investments				829	774

15.Debtors
				31 March	31 March
				2022	2021
				f'000	f.'000
Due within one year
Rent and service charges receivable				77	41
Less provision	for bad	and doubtful	debts	28	25
Net rental debtors				49	16
Other debtors				7	3
Prepayments	and accrued income			212	156
Due after more than		one year
Prepayments	and accrued income
				268	175
16.Creditors:	amounts falling due within one year
				31 March	31 March
				2022	2021
				f'000	f'000
Debt (Note 21)				1,528	2,495
Trade creditors				324	90
Rent and service charges received			in
advance				68	203
Recycled capital grant		fund (Note 19)		1,130	283
Deferred grant	income	(Note 18)		453	1,001
Other creditors				60	81
Accruals and deferred		income		558	587
				4,121	4,740
17.Creditors:	amounts falling due after more than one year
				31 March	31 March
				2022	2021
				f'000	f'000
Debt (Note 21)				13,903	13,468
Recycled capital grant		fund (Note 19)		69	914
Deferred grant	income	(Note 18)		37,017	36,732
				50,989	51,114

					31 March	31 March
					2022	2021
					f'000	f'000
At 1 April					37,733	37,610
Grant received		in the	year		184	619
Disposals	in the year				0	(51)
Released	to Income		In	the year	447	445
At 31 March					37,470	37,733
					2022	2021
					f'000	f'000
Amounts	to be	released		within one year (Note 16)	453	1,001
Amounts	to be	released		in more than one year (Note 17)	37,017	36,732
					37,470	37,733

19.Recycled capital grant fund
	31 March	31 March
	2022	2021
	f'000	f'000
At 1 April	1,197	1,196
Grants recycled	0	59
Interest accrued	2	7
Grant withdrawn	0	67
At 31 March	1,199	1,197
Amount of grant due for repayment	283

	2022	2021
	f'000	f'000
At 1 April	0	492
Net sales proceeds recycled	0	0
Release of disposal proceeds fund	0	492
At 31 March	0	0

	2022	2021
	f'000	f'000
Due within one year
Banks loans (Note 16)	1,528	2,495
	1,528	2,495
Due after more than one year
Bank loans (Note 17)	13,903	13,468
	13,903	13,468
Total loans	15,431	15,963

	2022	2021
	f'000	f.'000
Within one year or on demand	1,528	2,495
One year or more but less than two years	1,081	1,446
Two years or more but less than five years	3,826	3,575
Five years or more	8,996	8,447
	15,431	15,963

								31 March 2022	31 March 2021
								f'000	f'000
Fair value of plan assets								8,632	8,458
Present value of defined benefit obligation								10,028	10,416
Defined benefit	(liability) to be recognised							1,396	1,958
Reconciliation	of opening		and closing balances of				the defined benefit obligation
								31 March 2022	31 March 2021
								f'000	f'000
Defined benefit	obligation at		1 April					10,416	8,313
Current service	cost							288	174
Expenses								8	7
Interest expense								227	197
Contributions by plan participants
Actuarial losses	(gains) due	to scheme experience						232	(205)
Actuarial losses	(gains) due	to changes			in demographic
assumptions								(157)	38
Actuarial losses	(gains) due	to changes			in financial assumptions			(771)	2,147
Benefits paid and expenses								215	255
Defined benefit	obligation	at 31 March						10,028	10,416
Reconciliation	of opening	and closing			balances of		the fair value of plan assets
								31 March 2022	31 March 2021
								f'000	f'000
Fair value of plan assets at 1			April 2020					8,458	7,410
Interest income								186	177
Experience on plan assets (excluding				amounts		included	in
interest income)	- (loss)/gain							(253)	767
Contributions by	the employer							456	359
Contributions by	plan participants
Benefits paid and expenses								215	255
Fair value of plan assets at			31 March 2021					8,632	8,458

Defined benefit c		sts In t	he Statem	e	nt of	Compre	hens	ive	Income (SO	CI)
									2022	2021
									f'000	f'000
Current service cost									288	174
Expenses									8	7
Net interest expense									41	20
Defined benefit costs recognised				In the SoCI					337	201
Defined benefit costs recognised				in	Other	Comprehensive			Income
										31 March 2022	31 March 2021
										f'000	f'000
Experience on plan		assets	(excluding		amounts	included		in net	interest
cost) - (loss)/gain										(253)	767
Experience gains and losses arising				on the plan liabilities				- gain/(loss)		(232)	205
Effects ofchanges		in ths demographic			assumptions		underlying		the
present value ofthe		defined	benefit obligation			-gain/(loss)				157	(38)
Effects of changes		In the financial assumptions				underlying		the	present
value of the defined		benefit	obligation		- gain/(loss)					771	2,147
Total amount recognised			In other	comprehensive			Income-
gain/(loss)											1,213
Assets
										31 March 2022	31 March 2021
										f'000	f'000
Global Equity										1,657	1,348
Absolute Return										346	467
Distressed Opportunities										309	244
Credit Relative Value										287	266
Alternative Risk Premia										285	319
Fund of Hedge Funds										0	I
Emerging Markets Debt										251	341
Risk Sharing										284	308
Insurance-Linked SecurlUes										201	203
Property										233	176
Infrastructure										615	564
Private Debt										221	202
OpportunisUc Illiquld	Credit									290	215
High Yield										74	253
Opportunistic Credit										31	232
Cash										29	0
Corporate Bond Fund										576	500
Liquid Credit										0	101
Long Lease Property										222	166
Secured Income										322	352
LiebUlty Driven Investment										2,409	2,149
Currency Hedging										(34)	0
Net Current Assets										24	51
Total assets										8,632	8,458

	31 March 2022	31 March 2021
	%per annum	%per annum
Discount Rate	2.79%	2.17%
Inflation (RPI)	3.59%	328%
Inflation (CPI)	3.20%	2.86%
Salary Growth	4.20%	386%

				Life expectancy	Life expectancy
				at age 65	at age 65
				(Years)	(Years)
Male retiring		at	31 March	21.1	21.6
Female	retiring		at 31 March	23.7	23.5
Male retiring		in	20 years	22.4	22.9
Female	retiring		In 20 years	25.2	25.1

			31 March	31 March
			2022	2021
			No	No
Number	of members
At 1 April			20	20
Joining	during	the year	9	1
Leaving	during	the year	20	1
At 31 March				20

24. Capital	commitmen	ts
				31 March	31 March
				2022	2021
				5'000	5'000
Capital expenditure
Expenditure	contracted	for but not provided	in the
accounts					2,557
					2,557

Restricted	Reserves
		William	Brandon	Cockfield	Wlngate	Others	Total
		Russell
		f'000	f'000	f'000	f'000	f'000	f'000
At 31 March	2021	593	375	253	61	131	1,413
Surplus for the year		16	19				35
Revaluation	of Investments			4			4
At 31 March	2022	609	394	257	61	131	1,452

				31 March 2022	31 March 2021
				R'000	R'000
Financial	assets -	loans and receivables:
Investments				829	774
Trade and	other debtors			56	19
Cash and	cash equivalents			2,140	3,288
				3,025	4,081
Financial	liabilities	-Amortlsed	cost
Trade and	other creditors			384	171
Loans				15,431	15,963
				'I5,815	16,135

						2022	2021
						f.'000	f'000
Floating	rate	on	money	market	deposits	2,140	3,288
						2,140	3,288

		2022	2021
		6'000	f'000
Fixed	rate	8,654	11,215