**Southern Housing** Financial Statements 2022-23 

Financial Statements 125 

The Association transacted with the following entities which are not themselves registered providers: 

|**Name of undertaking**<br>**Name of the transaction**|**2023**<br>**£m**|**2022**<br>**combined**<br>**£m**|
|---|---|---|
|Optivo Finance Plc<br>Inter-company loan to Southern Housing<br>bond issue<br>concessionary loan<br>Optivo Development Services Ltd<br>Development cash fow<br>Lamborn Estates Ltd<br>Inter-company loan to Lamborn<br>Southern Housing Construction Limited<br>and Spruce Homes Limited<br>Administration support costs and rental<br>income<br>Triathlon Homes LLP<br>Provision of administrative services|(81.5)<br>(2.0)<br>(86.4)<br>17.0<br>3.7<br>2.5|(200.0)<br>(63.9)<br>(122.6)<br>(0.1)<br>0.6<br>2.2|



Interest on the Optivo Finance plc loan is £33.6 million (2022: £24.6 million) and is charged at the same equivalent rate of the external loans with no mark up by Optivo Finance plc. 

Interest on the Lamborn Estates Ltd loan is charged at SONIA plus 5%. Interest charged in the year was £2.5 million (2022: £2.3 million). 

## **Samuel Lewis Foundation** 

The Samuel Lewis Foundation is a separate charity with Southern Housing as its trustee. Permanent endowment funds comprise the following resources which have been made available and which the trustees are legally required to retain or invest for specific charitable purposes. As these are permanent funds the trustees have no power to convert them into income and apply them as such. The fund balances include funds transferred from The Women’s Housing Trust. These balances are included in the parent association, Southern Housing. This disclosure is given for reporting purposes to the Charity Commission. Expenditure on letting activities comprises certain specific identifiable costs and overheads which have been apportioned on a consistent basis to the endowed properties. Dalmeny Avenue was regenerated in 2018 with all sales proceeds being ring fenced for the specific charitable purposes of the Samuel Lewis Foundation. 

|<br>proceeds being ring fenced for the specifc<br>purposes of the Samuel Lewis Foundation.|<br>charitable|
|---|---|
|**Date of**<br>**acquisition**<br>**Original**<br>**cost**<br>**£m**|**Number of**<br>**units**|
|Liverpool Road<br>1910<br>0.3<br>Jubilee Cottages<br>1935<br>0.7<br>Palliser Road<br>1927<br>1.0<br>Beech House<br>1936<br>0.7|247<br>28<br>57<br>16|



Fund balances are represented by: 

|**2023**<br>**£m**|**2022**<br>**combined**<br>**£m**|
|---|---|
|Property, plant & equipment<br>17.1<br>Stock<br>1.2<br>Cash<br>15.3<br>Investments<br>-|13.6<br>-<br>15.3<br>6.9|
|Total assets less current<br>liabilities<br>33.6|35.8|
|CREDITORS: AMOUNTS FALLING<br>DUE AFTER MORE THAN ONE<br>YEAR<br>Social housing and other<br>grants<br>(6.4)|(7.7)|
|Total net assets<br>27.2|28.1|
|NET INCOME FROM PERMANENT<br>ENDOWED ASSETS<br>Income from lettings<br>1.9<br>Less expenditure on letting<br>activities<br>(0.2)|1.8<br>(0.1)|
|Surplus on lettingactivities<br>1.7|1.7|