##
##
||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|
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##
|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|||
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##
|||||||||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|
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|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|
##
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##
|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|
##
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##
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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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|