| Executive | and Advisors | ||
|---|---|---|---|
| Strategic | Report | ||
| Report of | the Board of | Directors | |
| 20 | Report of | the Independent Auditor |
|
| 23 | Statement | ofComprehensive income |
|
| Statement | of Financial | Position | |
| 25 | Statement | of Changes | in Reserves |
| 26 | Statement | of Cash Flows | |
| Notes to the Finandal | Statements |
| Risk | MItigation | MItigation | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Inability to effectively | engage with our customers | ~ | Engagement Strategy in place with |
delivery | |||||||
| and/or | deliver good quality services | or manage | plan | ||||||||
| customer | expectations | resulting | in poor | ~ | Customer Panel review snd relsunch |
||||||
| customer | satisfaction | and increased | number | of | ~ | Communications Strategy in place |
but | being | |||
| customer | complaints | upheld | further developed with delivery plan |
including | |||||||
| customer engagement |
|||||||||||
| ~ | ETE KPI in place | ||||||||||
| ~ | Self-assessment against Ombudsman |
Code | |||||||||
| completed and circulated to Board |
|||||||||||
| ~ | New Complaints and Compensation |
Policies | |||||||||
| in place and rolled out to sll staff. | |||||||||||
| ~ | Board and ETReport on Complaints | revised | |||||||||
| to include better analysis and themes |
|||||||||||
| ~ | Complaint co-ordinator role established |
||||||||||
| ~ | Board members on Panel hearings |
||||||||||
| ~ | All staff trained in customer services |
||||||||||
| ~ | Acuity Satisfaction surveys in place |
||||||||||
| ~ | Customer Satisfaction improvement |
plan in | |||||||||
| place | |||||||||||
| ~ | Procurement snd outsourcing of Repairs |
||||||||||
| service to MCP | |||||||||||
| Failure | to | manage | all | aspects of | the | remediation | ~ | Project Board in place | |||
| ofour Childa ra Street | development. | ~ | Legal advisor secured. | ||||||||
| ~ | Board swayday session to provide |
overview | |||||||||
| of risks with regular updates as required | |||||||||||
| o | Communications Plan in plaoe |
| Risk | Mitigation | ||||||
|---|---|---|---|---|---|---|---|
| Failure to comply with required | Health | & | H8S consultant secured |
||||
| Safety and Safeguarding | H&S Policy 8 prooedure reviewed, and |
staff | |||||
| policies/legislation. | briefed. | ||||||
| Pennington's Report and Road map to |
|||||||
| improve compliance management has |
been | ||||||
| delivered during 2020-2t |
|||||||
| Review emerging guidance on building |
safety | ||||||
| and fire regulation from Hackitt Review, |
|||||||
| MCHLG and Regulator | |||||||
| Compliance Policies reviewed and in place |
|||||||
| Compliance Manager and Complianoe |
officer | ||||||
| in place reducing relianoe on external |
|||||||
| consultants and improving knowledge |
transfer | ||||||
| Expand staff knowledge and skillset in |
|||||||
| compliance. | |||||||
| Reporting governance in place with |
|||||||
| performance reported in Board, Audit & |
Risk | ||||||
| Committee and ET |
|||||||
| Single source data management system- |
|||||||
| C365 in place | |||||||
| Safeguarding policies and prooedures |
in place | ||||||
| Established liaison with Local Authority |
|||||||
| Safeguarding teams Interne! |
|||||||
| Staft' and Volunteers DBSChecked. |
|||||||
| Staff trained in Safeguarding procedures |
|||||||
| Safeguarding forum established |
|||||||
| Failure to recruit and retain good | quality | recruiter in post |
|||||
| people in some areas ofthe organisation | in | Recruitment and selection policy in place |
|||||
| a market where strong candidates | are | in | All managers trained in recruitment |
||||
| short supply. | Improved induction process in place |
||||||
| Wellbeing policies and procedures in place |
|||||||
| Salary benchrnarking complete and new pay |
|||||||
| policy implemented | |||||||
| Enhanced menu ofbenefits |
|||||||
| Exit interviews being carried out by HR |
|||||||
| consultant | |||||||
| Staff retention plan completed and reviewed |
|||||||
| by Remuneration Committee |
|||||||
| Staff Engagement survey to be carried |
out | ||||||
| regularly - Last completed July 2021 |
| Median | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| indicator | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | |||
| BM328 | |||||||||
| Banc bnI | ark | ||||||||
| Regulatory | |||||||||
| metrics: | |||||||||
| Reinvestment f( |
0.29 | 0.24 | |||||||
| hlsw supply delivered (social housing) % |
2.6 | 0.9 | |||||||
| New supply delivered | |||||||||
| (non-social housing) |
|||||||||
| Gearing % | 18 | 16 | 16 | 18 | 20 | ||||
| E9I7OA llllRI interest cover % |
266 | 305 | 187 | 202 | -114 | -195 | 356.4 | ||
| Headline social | |||||||||
| housing cost per | unit | 6.637 | 6,363 | 7,159 | 7,1'IB | 8,7e8 | 8,997 | 4,890 | |
| 8 | |||||||||
| Operating margin |
|||||||||
| (social housing | 16.7 | 16.5 | 7.4 | 5.9 | 20 | ||||
| lettings) % | |||||||||
| Operas ng margin (overall) % |
15.9 | 11.3 | 7.8 | 0.4 | 20 | ||||
| Return on capita employed % |
I | 195 | 1.79 | 1.48 | 0.89 | 0.74 | 0.04 | 2.7 |
| A company limited |
A company limited |
by guarantee | having n |
o share c | apital) | |||
|---|---|---|---|---|---|---|---|---|
| Local key cost snd | ||||||||
| performance | ||||||||
| metrics: | ||||||||
| Financial and |
||||||||
| overheads | ||||||||
| Oveihead as % turnover |
16 | 17.5 | 19.1 | 24.0 | 23.5 | 26 2 | 16.75 | |
| Housing | ||||||||
| mana ament |
||||||||
| Cost per property | 2,725 | 2,760 | 3,417 | 3,967 | 3,364 | 4,008 | 1,145 | |
| Asset management | ||||||||
| Cost per properly | of | |||||||
| major works/cycllca! | 831 | 946 | 838 | 2,582 | 2,268 | |||
| maintenance | ||||||||
| Cost per properly | of | |||||||
| responsive repairs |
1,897 | 1,613 | 1,539 | 1,130 | 1,256 | |||
| and void works | ||||||||
| Invest in our people | ||||||||
| Stsff turnover | Not Available |
29.4 | 50 | 52.5 | 29.70 | hlot measured |
| SUSAN | KANE | JOANNE | NORRIS | ZAIBA QURESHI |
|---|---|---|---|---|
| Chair | Vice-chair | Company S tery |
| 2021 | ||||||
|---|---|---|---|---|---|---|
| Revenue Reserve |
Endowment Reserve |
Total | ||||
| Note | E | E | ||||
| At the beginning | ofthe year | 14,582,216 | 466,377 | 15,068,593 | ||
| Surplus I (deficit) Comprehensive |
from Statement of income for the year |
(1,119,782) | (1,1'l9,782) | |||
| At the end ofthe year | 20 | 13,462,434 | 486,377 | 13,948,811 | ||
| 2020 | ||||||
| Revenue Reserve |
Endowment Reserve |
Total | ||||
| 8 | ||||||
| At the beginning | ofthe year | 14,683,356 | 486,377 | 15,169,733 | ||
| Surplus from Statement ofComprehensive Income for the year |
(101,140) | (101,140) | ||||
| Transfer between | reserves | |||||
| At the end ofthe year | 14,582,216 | 486,377 | 15,068,593 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Note | ||||||
| Net cash generated from operating activities |
25 | (1,770,075) | 1,375,956 | |||
| Cash flaw from Investing | ||||||
| Activities | ||||||
| Purchase ofhousing properties |
(1,194,471) | (1,581,457) | ||||
| Interest received | 22,894 | 27,720 | ||||
| Sale of property | ||||||
| Purchase ofother property, &equipment |
plant | (15,042) | ||||
| Net cash generated/(used) investing activities |
in | (1,186,619) | (1.553,737) | |||
| Cash flow from Financing | ||||||
| activities | ||||||
| Repayment ofhorrowings |
4,419,310 | |||||
| Grant funding | ||||||
| Interest paid | (359,288) | (458,955) | ||||
| Net cash used in financing activities |
(359,288) | 3,960,355 | ||||
| Net change in cash and cash equivalents |
(3,315,982) | 3,782,574 | ||||
| Cash and cash equivalents | at: | |||||
| Beginning ofthe year | 6,729,719 | 2,947,145 | ||||
| End ofthe year | 14 | 3,413,736 | 6,729,719 |
| Property, pla |
nt 4equi External |
pment - |
Housing | properties (c |
ontinued) |
|---|---|---|---|---|---|
| Components | tdentNed | within | housing | properties: | |
| Roof and Structure | 100years | ||||
| Windows and |
doors | 30years | |||
| Kitchens | 20 years | ||||
| Bathrooms | 30years | ||||
| Heating | 15years | ||||
| Mechanical and electrical |
40 years | ||||
| Lifts | 25 years |
| R)P~ | R)P~ | R)P~ | R)P~ | an ~O |
Pl | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| IC | ||||||||||||||||||||||||
| E | ICI,C | |||||||||||||||||||||||
| a | ||||||||||||||||||||||||
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||||||||||||||||||||||||
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| S Ct'0 |
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| 5 '8 % E D O~ |
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KK4 ee 0 |
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| None ofthe | Board of | Directors or members | Directors or members | received any emoluments. | There were no related |
|---|---|---|---|---|---|
| transactions | requiring | disdosure. | |||
| 2021 | 2020 | ||||
| Remuneration payable to key personnel (including benefits |
management in Rind) |
S66,869 | 326,157 | ||
| Ernp!oyera pension contributions |
30,146 | 25,667 | |||
| Employers national insurance |
43,328 | 38,398 | |||
| 439,142 | 390,222 | ||||
| Highest paid |
executive | ||||
| The highest | paid executive: | 108,418 | 104,383 | ||
| Pension contributions | 12,392 | 10,950 | |||
| 120,810 | 115,333 |
| The average | number | ofemployees | ofemployees | ofHousing | for Women | ||
|---|---|---|---|---|---|---|---|
| (based on a standard | working | week of 37'A hours for | 2021 | 2020 | |||
| Support Staff and 35 | hours for | ell other): | |||||
| Housing snd |
support | staff | 30 | 28 | |||
| Administration | staff | 18 | 14 | ||||
| Maintenance | staff | 10 | 5 | ||||
| 47 |
| Staff costs for | the above employees: | the above employees: | 2021 f |
2020 | ||
|---|---|---|---|---|---|---|
| Wages and salaries | 2,236,107 | 1,745,079 | ||||
| Social security | costs | 228,307 | 185.483 | |||
| Other pension costs | 129,061 | 107,688 | ||||
| 2,593,475 | 2,038,25G | |||||
| lnduded within |
wages | and salaries are redundancy | costs ofF Nil (2D20: F Nil). | |||
| Employee information | (corrgnusd) | |||||
| Salary banding | for all employees earning over E60,000, including |
salaries, bonuses | and p | |||
| contributions paid by employer. 2020figures have |
been restated | to include employer | pensi | |||
| contributions. | ||||||
| 2021 | 2020 | |||||
| Number | Number | |||||
| than E60,000 | but not | more than E70.000 | ||||
| than E70,000 | but not | more than E80,000 | ||||
| e than E80,000 | but not | more than E90,000 | ||||
| than F90,000 | but not | more than E10D,OOG | ||||
| e than f100,00 | but not | mors than E11D,GOD | ||||
| e than E110,00 | but not | more than F120,000 | ||||
| e than E120,00 | but not | more than f130,00G | ||||
| 7 | 3 |
| Interest | and Sn | anc | ing c | osts | ||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| f | ||||||
| Interest | payable | on | bank | loans | 359,288 | 456,955 |
| 359,285 | 458,955 |
| (A company limital by gaaraata | (A company limital by gaaraata | (A company limital by gaaraata | (A company limital by gaaraata | a having aa sha |
re capital | ) | |||
|---|---|---|---|---|---|---|---|---|---|
| NOTES TOTHE FINANCIAL | STATEMENTS | ||||||||
| B. | Surplus for the year | ||||||||
| 2021 | 2020 | ||||||||
| The operating | surplus | ls | amved at after | ||||||
| chargtng/(crediting): | |||||||||
| Depreciation of |
housing | properties | 906,977 | 888,915 | |||||
| Depreciation of |
other tangible fixed assets |
36,278 | 55,048 | ||||||
| Amortisation of |
government | grants | (497,785) | (497,785) | |||||
| Operating lease |
rentals: | ||||||||
| Land and buildings | 198,191 | 198,191 | |||||||
| Auditors' remuneration |
(exduding VAT): |
||||||||
| Audit fess | 19,125 | 16,667 | |||||||
| In respect of | other services | ||||||||
| 9. | Property, plant |
and equipment | |||||||
| Property | |||||||||
| Housing Properties |
equipment, fixtures and commercial |
Leasehold premises |
equipment furniture |
Total | |||||
| premises | |||||||||
| 6 | |||||||||
| Cost | |||||||||
| At 1 October 2020 | 82,219,872 | 'l71, | 173 | 136,010 | 347,836 | 82,874,891 | |||
| Additions | 'l,194,471 | 15,042 | 1,209.513 | ||||||
| Transfer to investment properties |
(126,637) | (126,637) | |||||||
| Disposals | (79,369) | (79,369) | |||||||
| At 30September | 2021 | 83,28T,706 | 91,804 | 136,010 | 362,878 | 83,878,399 | |||
| Depreciation | |||||||||
| At 1 October 2020 | 13,169,341 | 79,610 | 132,588 | 239,849 | 13,621,388 | ||||
| Charge for year | 906,977 | 134 | 36,144 | 943,255 | |||||
| Transfer to Investment Properties |
(27,811) | (27,811) | |||||||
| Disposals | |||||||||
| At 30September | 2021 | 14,048,507 | 79,744 | 132,588 | 275,993 | 14,536,832 | |||
| Net book value | |||||||||
| At 30September | 2021 | 69,239,199 | 12,060 | 3,422 | 86,885 | 69,341,566 | |||
| At 30September | 2020 | 69,050,531 | 91,563 | 3,422 | 107,987 | 69,253,503 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Freehold land and buildings |
63,286,492 | 63,056,194 | ||||
| Long leasehold land and |
buildings | 6,489,677 | 5.442,656 | |||
| Short leasehold land and |
buildings | 483,069 | 551,382 | |||
| 69,239,238 | 69,050,532 | |||||
| 10. | Investment properties |
|||||
| At 1 October 2020 | ||||||
| Transfer from property, | plant and equipment | 98,826 | ||||
| Net gain on revaluation | 771,174 | |||||
| At 30 September 2021 | 870,000 | |||||
| 11. | Investments | |||||
| As at 1 October 2020 | 14,396 | |||||
| Fair value adjustment | (8,936) | |||||
| Market value at 30September 2021 | 5,480 | |||||
| 12. | Debtors | |||||
| 2021 | 2020 | |||||
| Amounts receivable |
within one year | |||||
| Arrears ofrent and Less: provision for |
service charges bad and doubtful |
debat | 793,882 ~242 545 544,334 ~299776 |
|||
| 551,837 | 263,558 | |||||
| Prepaym ants and | accrued income | 303,313 | 269,950 | |||
| Other debtors | 353912 | 697552 | ||||
| 1,209,062 | 1,221,380 |
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| E | E | |||||||
| Cash held on current | account or in | hand | 3,192,256 | 6,508,308 | ||||
| The Charities Ofgcial Investment |
Deposit Fund | 221,438 | 221,411 | |||||
| 3,413,724 | 6,729,719 | |||||||
| 14. | Creditors —amounts | falling due | withm one year | |||||
| 2021 | 2020 | |||||||
| Note | f. | |||||||
| Amounts | falling due | within one year: | ||||||
| Loan instalrnenh repayable within |
12 months | 16 | 708,448 | 687,653 | ||||
| Deferred | government | grant income | 17 | 497,786 | 497,785 | |||
| Trade creditors | 84,179 | 55,607 | ||||||
| Rent and service charges received | in advance | 405,518 | 383,441 | |||||
| Disposal | proceeds fund | 18 | ||||||
| Other creditors | 95,053 | 90,247 | ||||||
| Taxation | and social security | 51,878 | ||||||
| Accruals | and deferred income | 1,323,354 | 1,420,878 | |||||
| 3,114,337 | 3,167,487 | |||||||
| 16. | Creditors | - amounts | falling due | after more than | one year | |||
| Note | 2021 | 2020 | ||||||
| E | E | |||||||
| Housing | loans | 16 | 19,879,652 | 20,588,301 | ||||
| Deferred | government | grant income | 17 | 36,696,812 | 37,194,597 | |||
| Other deferred grant |
income | 1,200,000 | 'l,200,000 | |||||
| 57,776,664 | 58,982,898 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| E | |||||
| Due within one year | 708,448 | 667,553 | |||
| Due after more than one year: | |||||
| One to two years | 749,773 | 708,448 | |||
| Two to five years | 2,533,498 | 2,387,718 | |||
| Five or more years | 16,696,682 | 17,492,135 | |||
| 19,879,85S | 20,588,301 | ||||
| 20,588,301 | 21.255,954 | ||||
| 17. | Deferred government | grant income | |||
| 2021 | 2020 | ||||
| E | E | ||||
| Grant received | |||||
| At 1 October | 49,724,243 | 49,724,243 | |||
| Grant received during | the year | ||||
| At 30September | 49,724,243 | 49,724,243 | |||
| Grant amortlsed | |||||
| At 1 October | 12,031,863 | 11,534,078 | |||
| Amortised to income |
in | the year | 497,785 | 497,785 | |
| At 30September | 12,529,648 | 12,031,863 | |||
| Carrying amount |
|||||
| Amounts to be released |
within one year | 497,785 | 497,785 | ||
| Amounts to be released |
in more then one year | 36,696,812 | 37,194,597 | ||
| S7,194,597 | 37,692,362 |
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| f | f | |||||||
| Govemrnent grant previously |
amortised to income | 12,529,843 | 12,031,868 | |||||
| Government grant included |
in defened | income | 37,1$4,597 | |||||
| Total government grant |
received | 49,724,240 | 49,724,240 | |||||
| In addition to the deferred grants, Housing for funding off8.74m awarded to other registered |
Women has acquired properties providers ofsocial housing. |
which had grant | ||||||
| 18.Disposal proceeds fund | ||||||||
| 2021f | 2020 | |||||||
| Balance at 1 October 2020 | ||||||||
| Interest in year |
||||||||
| Repaid in year |
||||||||
| Balance at 30September | 2021 | |||||||
| . Permanentsent | Arnds | |||||||
| The reserves ofHousing | for Women | include the following | endowment funds of |
which Housing | for | |||
| Women is the trustee: | ||||||||
| Investment | ||||||||
| Balance | income | Balance | ||||||
| 1 October | transfers from |
30September | ||||||
| Revenue | ||||||||
| 2020f | reserve f |
2021f | ||||||
| Mary Curzon Charity | 466,377 | 486,377 | ||||||
| 486,377 | 488,377 |
| Fund bala | nces at 30Septe | mber are repre |
sented by: |
|||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |
| E | E | E | E | E | ||
| Property, plant and equi pment |
69,341,603 | 69,341,603 | 69,253,503 | 89,253,503 | ||
| Invesbnent property |
870,000 | 870,000 | ||||
| Investments | 5,460 | 5,460 | 14,396 | 14.398 | ||
| Current assets | 4,136,409 | 486,377 | 4,822,786 | 7,464,702 | 486,377 | 7,951,079 |
| Current liabilities |
(3,114,337) | (3,114,337) | (3,167,487) | (3,167,487) | ||
| Creditors- | ||||||
| amounts falling due after more |
(57,776,664) | (57,776,664) | (58,982,898) | (58,982,898) | ||
| than one year | ||||||
| 13,462,471 | 486,377 | 13,848,848 | 14,582,216 | 486,377 | 15,068,593 |
| 2021 | 2020 | |
|---|---|---|
| Property | Property | |
| K | E | |
| Within one year | 173,697 | 180,959 |
| Between two and ttve years | 438,507 | 524,063 |
| After five years | 231,263 | 352,387 |
| 843,467 | 1,037,409 |
| 2021 | 2020 | ||
|---|---|---|---|
| No | No | ||
| Genera! needs housing | 857 | 857 | |
| Supported | housing | 66 | 57 |
| 913 | 914 |
| 25. Notes to lhe statement ofc | ash f | lows | |||
|---|---|---|---|---|---|
| Note | 2921 | 2020 | |||
| f | |||||
| Operating surplus for the year |
28,991 | 550,623 | |||
| Exceptional item - uninsured losses |
(1,582,652) | (220,528) | |||
| Ad]ustments for non-caah items |
|||||
| Depreciation oftangible fixed assets |
943,255 | 943,963 | |||
| Amortisation ofgrants |
(497,786) | (497,785) | |||
| Loss on disposal of components assets |
and | other fixed | 88,395 | 32,772 | |
| Non-cash accrual s/prepayments |
(168,529) | 665,315 | |||
| Movement in working capital |
|||||
| (Decrease)/increase in debtors |
193,530 | (554,569) | |||
| (Increase)/decrease in creditors |
(664,288) | (436,165) | |||
| Net cash generated from operating |
activities | (1,776,075) | 1,375,956 | ||
| 26. Exceptional item |
|||||
| 2021f | 2020 f |
||||
| Uninsured Losses |
1,582,662 | 220,256 |
| The carrying values of Housing |
The carrying values of Housing |
The carrying values of Housing |
for Women's | for Women's | financial assets and liabilities are | |
|---|---|---|---|---|---|---|
| summaries | by category below: | |||||
| 2021f | 2020f | |||||
| F inane fat | assets | |||||
| Measured | at undiscounted | amounts | receivable | |||
| Cash and | cash equivalents | 3,413,724 | 6,729,719 | |||
| Gross debtors | 793,882 | 544,334 | ||||
| Other debtors | 363,912 | 697,852 | ||||
| Measured | at fair value through | profit and loss | ||||
| Investments | 6,460 | 14,396 | ||||
| Financial | liabilities | |||||
| Measured | at arnortised cost |
|||||
| Loans repayable | 20,688,300 | 21,255,954 | ||||
| Measured | at undiscounted | amounts | payable | |||
| Trade and | other creditors | 179,232 | 145,854 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| E | E | |||
| Fair value gains and losses on | investments | (8,938) | ||
| Interest income and expense | ||||
| Total interest income for financial | assets at amortised | cost | 22,894 | 27,722 |
| Total interest expense for financial cost |
liabilities at arnortised | 359,288 | 458,955 |