## ## ## |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|Other|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| ## |||||||31|March|2022|31|March|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| ## ##