##
##
##
||Executive|and Advisors|
|---|---|---|
||Strategic|Report|
|12|Report of|the Board of Directors|
|20|Report of|the Independent
Auditor|
|24|Statement|ofComprehensive
Income|
|25|Statement|of Financial
Position|
||Statement|ofChanges
in Reserves|
|27|Statement|ofGash Flows|
|28|Notes to|the Financial
Statements|
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##
|Risk|||||||Mitigation|Mitigation||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Inability to effectively||||engage with our customers|||~|Cornrnunications
Strategy
in plaoe.||||
|and/or|deliver good||quality services|||or manage|~|Self-assessment
against Ombudsman||Code||
|customer||expectations||resulting|in poor|||completed
and circulated to Board.||||
|customer||satisfaction||and increased||number of|~|New Complaints
and Compensation||Policies||
|customer||complaints||upheld.||||in place and rolled out to all staff.||||
||||||||~|Board and ETReport on Complaints||revised||
|||||||||to include improved
analysis
and themes.||||
||||||||~|Customer
Services Team now in place.||||
||||||||~|All staff to be trained
in customer services.||||
||||||||~|Acuity Satisfaction surveys
in plaos.||||
||||||||~|Customer
Satisfaction
improvement||plan|in|
|||||||||place.||||
||||||||~|Procurement
and outsourcing
of Repairs||||
|||||||||service to MCP.||||
|Failure|to manage||all|aspects of|the|remediation|~|Project Board in place.||||
|ofour Childers Street||||development.|||~|Legal advisor and Bamsters appointed,||||
||||||||~|Legal Claim made together
with Insurers.||||
||||||||o|Quarterly
reports to Board together|with|||
|||||||||project risk register review.||||
||||||||~|Communications
Plan
in place.||||
##
|Risk||||||Mitigation||||
|---|---|---|---|---|---|---|---|---|---|
|Failure|to comply with required|Health||&||H&S consultant
in place||||
|Safety|and Safeguarding|||||H&S Policy & procedure
reviewed,|and||staff|
|policies/legislation.||||||briefed.||||
|||||||Compliance
Policies reviewed
and|in place,|||
|||||||Compliance
Manager
and Compliance|||officer|
|||||||in place reducing
reliance on external.||||
|||||||consultants
and improving
knowledge||transfer.||
|||||||Reporting
governanos
in plaos with||||
|||||||performance
reported
in Board, Audit||&Risk||
|||||||Committee
and ET.||||
|||||||Single source data management
system-||||
|||||||C365 in plaos.||||
|||||||Safeguarding
policies and procedures|||in|
|||||||place.||||
|||||||Established
liaison with Local Authority||||
|||||||Safeguarding
teams.||||
|||||||Staff and Volunteers 066Checked.||||
|||||||Staff trained
in Safeguarding
procedures,||||
|||||||Safeguarding
forum established.||||
|Failure|to recruit and retain good||quality|||Internal
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 People and Customer
Committee.||||
|concerns,||||||Staff Engagement
survey to be cerned|||out|
|||||||regularly.||||
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##
|||||||||Median|
|---|---|---|---|---|---|---|---|---|
|Indicator|||||2019/20|2020/21|2021/22|BM 320|
|||||||||Benchmark|
|Regulatory|metrics:||||||||
|||||||||2.3|
|Reinvestment|%||||||||
|New supply|delivered||(social||||||
|housing) %|||||||||
|New supply|delivered||(non-social||||||
|housing) %|||||||||
|Gearing %|||||18|20|25|37|
|EBITDA MR|I interest||cover|%|-114|-195||182|
|Headline social housing cost per
unit 8|||||8,788|8,997|11,141|4.880|
|Operating
margin
lettings) %||(social housing|||5.9||-5.8|19.3|
|Operating
margin||(overall)||%|6.9|0.4|A8|17|
|Return on capital||employed||%|0.74|0.D4|-0.51|1.87|
##
|(A company
limited by guarantee|having
no s|hare capital)|||
|---|---|---|---|---|
|Local key cost and performance|||||
|metrics:|||||
|Financial
and overheads|||||
|Overhead as % turnover|23.5|26.2|22.2|23.D|
|Housing
management|||||
|Cost per property|3,364|4,008|5,340|627|
|set management|||||
|Cost per property
of maior
orkslcyclical
maintenance|2,582|2,208|3,4D1|87D|
|Cost per property
of responsive
repairs and void works|1,441|1,256|841|830|
|Invest in our people|||||
|Beffturnover|36.8|29.7|32.8|Not measured|
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##
|||Note|2022|2021|
|---|---|---|---|---|
|||||f|
|TURNOVER||4|8,415,420|7,885,230|
|Operating
expenditure||4|(8,823,115)|(7,857,139)|
|Surplus on sale offixed|assets||||
|OPERATING|||||
|(LOSS)/SURPLUS||4|(407,895)|28,091|
|Exceptional
item - uninsured
losses|||(1,016,372)|(1,582,652)|
|Surplus on revaluation
investment
properlies|of||380,000|771,174|
|Bank interest receivable|||20,098|22,884|
|Interest and other financing
costs|||(717,846)|(359,288)|
|DEFICIT FOR THE YEAR||8|(1,741,817)|(1,119,782)|
|TOTAL COMPREHENSIVE|||||
|INCOME FOR THE YEAR|||(1,741,817)|(1,119,782)|
##
##
##
||||||2022||
|---|---|---|---|---|---|---|
|||||Revenue|Endowment||
|||||Reserve|Reserve||
||||Note|||6|
|At the beginning|ofthe|year||13,462,434|486,377|13,948,811|
|Surplus from Statement
Comprehensive
Income||of
for the year||(1,741,817)||(1,741,817)|
|At the end ofthe year||||11,720,617|488,377|12,206,984|
||||||2021||
|||||Revenue
Reserve|Endowment
Reserve|Total|
|At the beginning|ofthe|year||14,582,218|486,377|15,068,593|
|Surplus from Statement||of||(1,119,782)||(1,119,782)|
|Comprehensive|Income|for the year|||||
|At the end ofthe year||||13,462,434|486,377|13,948,811|
##
||||2022||2021||
|---|---|---|---|---|---|---|
|||Note|||||
|Net cash generated
from||24||(1,751,027)||(1,770,075)|
|operating
activities|||||||
|Cash flow from Investing|||||||
|Activities|||||||
|Purchase ofhousing
properties|||(2,325,031)||(1,194,471)||
|Interest received|||20,095||22,894||
|Proceeds from Sale of Property|||||||
|Purchase ofother property,
&equipment|plant||(32,115)||(15,042)||
|Net cash used in investing||||(2,337,051)||(1,108,019)|
|activities|||||||
|Cash flow from Financing|||||||
|activities|||||||
|Repayment
of borrowings|||||||
|Grant funding|||||||
|New borrowing|||11,354,700||||
|Loan agreement fees|||||||
|Interest paid|||(717,845)||(359,288)||
|Net cash used in financing||||10,03a,aso||(359,288)|
|activities|||||||
|Net change
in cash and cash
equivalents||||0,548,182||3,315,982|
|Cash and cash equivalents|at:||||||
|Beginning ofthe year||||3,413,735||6,729,719|
|End ofthe year||13||9,901,918||3,413,736|
##
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##
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##
|charge. The components
selecte
are managed.|charge. The components
selecte
are managed.|charge. The components
selecte
are managed.|d are those which refle|ct how the ma|jor repairs|to the property|
|---|---|---|---|---|---|---|
|Housing
for Women depreciates|||the major components|of its housing|properties|at the following|
|annual
rates:|||||||
|Components|identified|within|housing properties:||||
|Roof and Structure||||100years|||
|Windows
and|External doors|||30years|||
|Kitchens||||20 years|||
|Bathrooms||||30years|||
|Heating||||15years|||
|Mechanical
and electrical||||40 years|||
|Lifts||||25 years|||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||||2022|||2021||
|---|---|---|---|---|---|---|---|---|---|
|||||||Operating|||Operating|
||||||Operating|surplus
I||Operating|surplus (|
|||||Turnover|expenditure|(deficit)|Turnover|expenditure|(deficit)|
|||||6|6|6|K|6|6|
|Social housing||lettings (Note 4b)||8,336,484|8,823,115|(486,621)|7,769,724|7,857,139|(87,415)|
|Other social housing activities||||||||||
|Development|administration|||||||||
|Other charitable||income||50,$63||$0,$63|79,432||79.432|
|Other||||28,363||28,363|36,073||36,073|
|||||8,41$,420|8,823,115|(407,69$)|7,885,229|7,857,139|28.090|
|Surplus on|sale|offixed assets||||||||
|Exceptional|item|- uninsured|tosses||1,016,372|(1,016,372)||1,582,652|(1,582,652)|
|||||8,415,420|9,839,487|(1,424,8$7)|7,885,229|9,439,791|(1,554,562)|
##
|4(h)
Parti|culars|a|ft|urno|ver|
and opera|ting
expe|nditure
fr|am social hausing|lettings|||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||2022|||2021|
||||||||||General
Needs|Refuges||Other
Supported
Housing|Total|Total|
|||||||||||||6|||
|Income|||||||||||||||
|Rents receivable
net of|identifiable|||service||charges|||4,943,353|244,956||8,348|5,196,657|5,256,127|
|Service charges reoeivable|||||||||756,236|377,018||30,215|1,1$3,4$9|868,231|
|Revenue grants||||||||||1,071,324||410,303|1,481,627|1,065,259|
|Amorlised
government|grants||||||||407,785||||497,785|497,785|
|Other Income|||||||||(5,505)|||2,461|(3,044)|82,322|
|Turnover from social|housing||lettlngs||||||6,101,089|1,803,298||451,327|8,336,494|7,789,724|
|Operating
expenditure|||||||||||||||
|Servioe charges coals|||||||||652,849|242,048||47,512|042,209|1,090,798|
|Management|||||||||3,423,906|1,138,571||385,291|4,918,168|3,659,323|
|Routine maintenance|||||||||774,019|171||884|774,874|1,147,128|
|Planned
maintenance|||||||||806,253||||8I05,253|821,192|
|Major repairs||||||||||||||0|
|Bad debts|||||||||124,668|40,305||4,133|169,106|(47.543)|
|Leasing costs|||||||||109,852|175,153||3I6,250|321,255|347,890|
|Depreciafion charge|||||||||887,$03||||887,6I03|837,410|
|Loss on disposal ofoomponenls|||||||||||||0|0|
|Insured costs|||||||||||||0|0|
|Other casts||||||||||||2,709|3,647|941|
|Operating
expenditure|on social|||housing||lettlngs|||6,779,552|1,596,084||446,579|8,823,115|7,857,139|
|Operating
surplus
on|social|housing|||lettlngs before||exceptions|I items|(507,603)|06,313||4,748|(486,822)|(87,415)|
|ExcepQonal
item —uninsured||losses|||||||(1,I016,372)||||(1,016,372)|(1,582,652)|
|Operating
surplus
on|social|housing|||lettings||||(1,604,055)|96,313||4,748|(1,502,093)|(1,670,067)|
|Rent losses from voids (included
in
net of identifiable
service charges)||||Rents receivable|||||(292,53$)|(92,300)||(28,118)|(412,980)|(255.000)|
##
##
|||||2622|2021|
|---|---|---|---|---|---|
|||||r.||
|Remuneration
payable to key management
personnel
iinduding
benefits
in kind)||||423,230|365.669|
|Employers
pension
contributions||||31,373|30,145|
|Employers
national
insurance||||52,259|43,328|
|||||506,862|439,142|
|The highest
paid Executive:||||||
|Remuneration
(excluding
pension|contributions)|||118,780|108,418|
|Pension contributions||||12,417|12.392|
|||||131,197|120.810|
|The remuneration
and pension|contributions||relate to the Chief Executive.|||
|The Chief executive
participates|as|an ordinary||member
ofthe group ofdefined contribution||
|pension
plan and received a pension||contribution||of10.5%ofpensionable|salary,|
##
##
##
##
||2022|2021|
|---|---|---|
|Wages and salaries|2,294,159|2,236,107|
|Social security costs|240,434|228,307|
|Other pension costs|133,195|129,081|
||2,667,788|2,593,475|
|||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
|||||||||Number|Number|
|More|than|f60,000|but|not|more|than|870,000|4|3|
|More|than|670,000|but|not|more|than|f60,000||1|
|More|than|280,000|but|not|more|than|E90,000|||
|More|than|f90,000|but|not|more|than|2100,000|||
|More|than|6100,00|but|not|more|than|K110,000|||
|More|than|f110,00|but|not|more|than|9120,000|||
|More|than|E120,00|but|not|more|than|E130,000|||
|More|than|f130,00|but|not|more|than|8140,000|||
|||||||||7|7|
##
||||||2022|2021|
|---|---|---|---|---|---|---|
||||||g||
|Interest|payable|on|bank|loans|717,846|359,288|
||||||717,846|359,288|
##
##
|.
Deficit in current y|e|ar||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||2022|||2021f||
|la stated alter charging:||||||||||||
|Depreciation
ofhousing||properties|||||944,465||906.977|||
|Depreciation
ofother tangible||||fixed assets|||47,909||36.278|||
|Amortisation
ofgovernment|||grants||||(497,706)||(497,785)|||
|Operating
lease payments||||||||||||
|Land &Buildings|||||||168,716||196,191|||
|Auditors
remuneration|(excluding||||VAT):|||||||
|In their capacity as auditors|||||||20,000||19.125|||
|In respect ofother services||||||||||||
|.
Property,
plant and||equipment||||||||||
||||Housing
Properties|||Property
equipment,
fixtures and
commercial
premises|Leasehold
Offic
premises|Office
equipment
and
furniture||Total||
|||||||f||||||
|Cost||||||||||||
|At 1 October 2021||||83,287,706||91,804|136,010|362,878||83,878,398||
|Additions||||2,325,631||||32,116||2,357,747||
|Transfer to Investment||||||||||||
|Properties||||||||||||
|Disposals||||||14436|||||14436|
|At 30September
2022||||85|613,337|77368|136010|394 994||86|221,709|
|Depreciation||||||||||||
|At 1 October 2021||||14,048,507||79,744|132,588|275,993||14,536,832||
|Charge for year|||||944,465|30||47,929|||992,424|
|Transfer to Investment||||||||||||
|Properties||||||||||||
|Disposals||||||2406|||||2406|
|At 30September
2022||||14,992,972||77,368|132,588|323,922||15,526,850||
|Net book value||||||||||||
|At 30September
2022||||70|620305||3422|71 072||70|694059|
|At 30September
2021||||60|230 100|12060|3422|86885||60|341 566|
##
##
||Included
within the housing|properties
balances isfnil|properties
balances isfnil|properties
balances isfnil|ofcapitalised
interes|t (2021:f36,000)|
|---|---|---|---|---|---|---|
||Housing properties
book|value, net ofdepreciation|||comprises:||
||||||2022f|2021
f|
||Freehold
land and buildings||||84,818,035|63,266,492|
||Long leasehold
land and buildings||||5,311,314|5.469.677|
||Short leasehold
land and buildings||||491,016|483.069|
||||||70,620,365|69.239.238|
|10.|Investment
properties||||||
|||||||f|
||At 1 October 2021|||||870,000|
||Transfer from property,|plant|and equipment||||
||Net gain on revaluation|||||380,000|
||At 30September
2022|||||1,250,000|
|11.|Investments||||||
|||||||f|
||As at 1 October 2021|||||5,460|
||Fair value adjustment|||||(878)|
||Market value at 30September||2022|||4,562|
|12.|Debtors||||||
||||||2022|2021|
||Amounts
receivable
within||one year||||
||Arrears ofrent and service
Less: provision for bad and||charges
doubfful debts|783,423
~362,466||793,882
~242,046|
||||||420,934|551,837|
||Prepayments
and accrued||income||737,789|303,313|
||Other debtors||||794,946|353,912|
||||||1,953,669|1,209,062|
##
|13.|Cash and cash equivalents|Cash and cash equivalents|Cash and cash equivalents||||||
|---|---|---|---|---|---|---|---|---|
|||||||||2021|
||||||||9,739,478|3,192,286|
||Cash held on current||account or in||hand||||
||The Charities
Official||Investment
Deposit Fund||||222,440|221,438|
||||||||9,961,918|3,413,724|
|14.|Creditors —amounts|falling due within one year|||||||
|||||||||2021|
|||||||Note|||
||Amounts
falling due|within||one year:|||||
||Loan instalments
repayable|||within|12 months|16|807,420|708,448|
||Deferred govemrnent||grant|income||17|497,785|497,785|
||Trade creditors||||||326|84,179|
||Rent and service charges received||||in advance||445,050|405,518|
||Other creditors||||||152,768|95,053|
||Accruals and deferred||income||||1,870,872|1,323,354|
||||||||3,774,221|3,114,337|
|15.|Creditors - amounts|falling||due after more than||one year|||
|||||||Note|2022|2021|
||||||||E||
||Housing
loans|||||16|30~4,788|19,879,852|
||Deferred government|grant income||||17|36,199,028|36,696,812|
||Other deferred
grant income||||||1,200,000|1,200,000|
||||||||67,883,813|57,776,664|
##
||are repayable
at varying||rates ofinterest between 0.6%|and 10.8%, in instalrne|nts
due as foll|
|---|---|---|---|---|---|
|||||2022|2021|
||Due within one year|||807,420|708,448|
||Due after more than one||year.|||
||One to two years|||853,337|749,773|
||Two to five years|||2,796,001|2,533,498|
||Five or more years|||26,834,646|16,596,582|
|||||30,484,784|19,879,853|
|||||31,292,204|20,588,301|
|17.|Deferred government|grant inoorne||||
|||||2022|2021|
|||||K||
||Grant received
At 1October|||49,724,243|49,724,243|
||Grant received during|the year||||
||At 30September|||49,724,243|49,724,243|
||Grant amortised|||||
||At 1October|||12,529,648|12,031,863|
||Arnortised to income|in|the year|497,785|497,785|
||At 30September|||13,027,433|12,529,648|
||Carrying
amount|||||
||Amounts to be released||within one year|497,785|497,785|
||Amounts to be released||in more than one year|36,199,028|36,696,812|
|||||36,696,813|37,194,597|
##
||||||2022|2021|
|---|---|---|---|---|---|---|
||||||E||
|Government|grant|previously|amortised|to income|13,027,428|12,529,643|
|Government|grant|included|in deferred|income|36,696,812|37,194,597|
|Total government||grant received|||49,724,240|49,724,240|
##
|omen|is the|trustee:||||||
|---|---|---|---|---|---|---|---|
||||||Investment|||
|||||Balance|income||Balance|
||||1|October|transfers
from|30|September|
||||||Revenue|||
|||||2021|reserve||2022|
||||||E||E|
|Mary|Curzon|Charity||486,377|||486,377|
|||||486,377|||486,377|
##
##
|Fund balance|s at 30Septe|mb|er
are|rep|resented
by:||||
|---|---|---|---|---|---|---|---|---|
||||2022||||2021||
||Unrestricted|Endowment|||Total|Unrestricted
Endowment||Total|
||||6||E|6|E||
|Property,
plant
and equipment|70,694,859||||70,694,859|69,341,603||69.341.603|
|Investment
property|1,250,WO||||1,250,000|870,DOO||87D,OOD|
|Imreelrnenla|4,582||||4,582|5,460||5,46D|
|Current assets|11329,210||486,377||11,915,587|4,136,409|486,377|4,622,786|
|Cunnnt
liabilities|(3,774,221)||||(3,774,221)|(3,114,337)||(3,114,337)|
|Creditors-|||||||||
|amounta
falling
due after more|(67,883,813)||||(67,809,819)|(57,776,664)||(57.776.664)|
|than one year|||||||||
||11,720,617||486,377||12,206,994|13,462,471|486,377|13,948,848|
|20.Revenue Reserves|||||||||
|Revenue reserves include||amounts||earmarked
for future||anticipated
major|works (Major|Work|
|funds) to Housing for Women|||owned|properties;
service chargeable
items|||replacement||
|(replacement|funds) and funding for|||non-externally
funded||periods
in supported
housing||projects|
|(charitable
funds), As at 30September|||||2022 the amounts|earmarked
are;|||
||||||||E||
|Charitable|||||||101,062||
|Major Works||||||5,614,206|||
|Replacement|||||||534,900||
|||||||6,250,168|||
##
##
||2022|2021|
|---|---|---|
||Propertyf|Property|
|Within one year|131,800|173,697|
|Between two and five years|339,745|438,507|
|After five years|231,263|231,263|
||702,808|643,467|
##
##
||||2022|2021|
|---|---|---|---|---|
||||No|No|
|Genera|I needs housing|||857|
|Supported||housing||56|
||||921|913|
##
|24. Notes tothe statement ofcash flows|24. Notes tothe statement ofcash flows|24. Notes tothe statement ofcash flows||||
|---|---|---|---|---|---|
||||Note||2021|
||||||f|
|Operating
surplus for the year||||(407,695)|28,091|
|Exceptional
item - uninsured
losses||||(1,016,372)|(1,582,652)|
|Adjustments
for non-cash
items||||||
|Depreciation
oftangible fixed assets|||9|990,018|943,255|
|Amortisation
ofgrants|||8|(1,956,005)|(497,786)|
|Loss on disposal ofcomponents|and|other fixed||15,314|88,305|
|assets||||||
|Non-cash
accruals/prepayments||||173,969|(188,529)|
|Movement
in working
capital||||||
|(Decrease)fincrease
in debtors||||(371,058)|103,530|
|(Increase)/decrease
in creditors||||820,802|(664,288)|
|Net cash generated
from operating||activities||(1,751,027)|(1,770,074)|
|25. Exceptional
Item||||||
|||||2022f|2021f|
|Uninsured
Losses||||1,016,372|1,582,652|
##
|TES|TO THE FINANCIAL STAT|E|MEN|T|S|||||
|---|---|---|---|---|---|---|---|---|---|
|26.|Financial
instruments|||||||||
||The carrying
values of Housing||for|Women's||financial|assets and liabilities are|||
||summaries
by category below:|||||||||
|||||||||2022|2021|
|||||||||E|6|
||Financial assets|||||||||
||Measured at undiscounted
amounts||||receivable|||||
||Cash and cash equivalents|||||||9,961,918|3,413,724|
||Gross debtors|||||||783,423|793,882|
||Other debtors|||||||829,946|353,912|
||Measured at fair value through||profit||and loss|||||
||Investments|||||||4,582|5,460|
||Financial
IlablINes|||||||||
||Measured at amortised
cost|||||||||
||Loans repayable|||||||31,292,205|20,588,300|
||Measured at undiscounted
amounts||||payable|||||
||Trade and other creditors|||||||156,040|179,232|
||Housing for Women's
income,||expense, gains|||and losses in respect ofthe financial||||
||instruments
are surnmarised|below:||||||||
|||||||||2022|2021|
|||||||||K|6|
||Fair value gains and losses|on investments||||||(878)|(8,936)|
||Interest Income and expense|||||||||
||Total interest income for financial assets at arnortised||||||cost|20,096|22,894|
||Total interest expense for financial
cost|||liabilities at a mortised||||717,846|359,288|