2023-03-31-accounts

Contents		Page
List ofTrustees and Official
Report ofthe	Trustees	2-8
Report ofthe	Independent Auditors	g-t0
Consolidated	Statement of Financial Activities
Consolidated	and Parent Charity Balance Sheets	12
Consolidated	Cash Flow Statement	13
Notes tothe	Accounts	14 —32

Metrics and Basis
				2023	2022
1. Reinvestment					3%
The metrics looks atthe Investment in properties			both new and existing
asa percentage ofthe value oftotal properties		held.
2. New Supply Delivered
3. Gearing				-8%	-25%
This metric sssssses hcw much ofthe assets are		made up ofdebt and
the degree ofdependence on debtfinsnce.
4. Earnings before interest, tax, depreciation,		amortisation, major
repairs included (EBITDA MRI) Interest Cover				-11,327%	-1,616%
This is a key indicator for liquidity and investment	capacity.
5. Headline Social Housing cost per unit				822,594	822,594
This metric assessss the headline social housing		cost per unit
as defined by the Regulator.
6. Operating Margin
This metric measures profitability, and isawsy of		measuring
the financial efficiency ofa business.
Operating Margin (A)				-72%	-89%
Operating Margin (8)				-25%	-23%

YEAR ENDED 31 MAR	CH	2023
			Unrestricted	Restricted	Endowment	2023	2022
		Notes	Fund F	Fundf	Fund	Totalf	Total
Income and endowments from:
Donations and legacies			57,102			57,102	106,776
income from charitable activities: Contributions from residents		3	1,395,937			1,395,937	1,317,298
Other trading activities: Functions			1,394			1,394	19,725
Investments: Property Income Interest and investment income		4 10			222,074 455,175	222,074 455,175	287,039 413,787
Other income			25,426			25,426	2,761
Total income and endowments			1,479,859		677,249	2,157„108	2,147,386
Expenditure on:
Costofraising funds: Investment management costs		5			186,236	186,236	155,558
Expenditure on charitable activities: Services Management Maintenance			1,317,097 573,615 322,827			1,317,097 573,615 322,827	1,264,428 552,830 398,417
Depreciation			269,434	17,104		286,538	279,722
Other expenditure			695			695
Total expenditure			2,483,668	17,104	186,236	2,687,008	2,650,955
Net income 1(expenditure) before gains and losses on investments			(1,003,809)	(17,104)	491,013	(529,900)	(503,569)
Net gains I(losses) on investments		15&16			(1,303,551)	(1,303,551)	1,874,367
Net income I(expenditure)			(1,003,809)	(17,104)	(812,538)	(1,833,451)	1,370,798
Transfers between funds		23&24	904,000		(904,000)
Net movement in funds			(99,809)	(17,104)	(1,716,538)	(1,833,451)	1,370,798
Reconciliation offunds:
Total funds brought forward			9,023,079	478,911	26,522,833	36,024,823	34,654,025
Total funds carried forward			8,923,270	461,807	24,806,295	34,191,372	36,024,823

				Consolidated	Consolidated	Parent	Charity
			Notes	2023	2022	2023	2022
Fixed assets
Housing Association Scheme properties Equipment Improvements to Great Hospital buildings Property in the coume ofconstruction Investment properties Investments			14a&b 14a&b 14a&b 14a&b 15 16&22	686,208 640,334 7,023,531 694,389 5,776,524 18,794,691	711,634 482,601 7,243,358 187,993 6,138,524 19,279,749	686,208 640,334 7,023,531 7,343 5,776,524 18,794,692	711,623 482,601 7,243,358 7,343 6,138,524 19,279,749
Programme related investment			17			749,000	179,000
				33,615,677	34,043,848	33,677,632	34,042,198
Current assets
Stock			18	7,531	7,244	7,531	7,244
Debtors and prepayments Cash at bank and in hand			19	278,298 658,501	239,494 1,178,855	266,713 525,439	247,366 1,174,992
Cash held by investment	brokers			187,636	1,029,069	187,636	1,029,069
				1,131,966	2,454,662	987,319	2,458,671
Less:
Creditors:
Amounts falling due within	one year		20	(464,935)	(381,581)	(374,211)	(377,056)
Net current assets				667,031	2,073,081	613,108	2,081,615
Total assets less current liabilities				34,282,708	36,116,929	34,290,740	36,123,813
Less:
Creditors:
Amounts falling due after	one year		21	(91,336)	(92,106)	(91,336)	(92,106)
Total net assets				34,191,372	36,024,823	34,199,404	36,031,707
Represented by:
The funds ofthe charity:
Endowmentfund			23	24,806,295	26,522,833	24,806,295	26,522,833
Restricted fund			24	461,807	478,911	461,807	478,911
Income fund (unrestricled)			24	8,923,270	9,023,079	8,931,302	9,029,963
				34,191,372	36,024,823	34,199,404	36,031,707

					2023	2022
					6
Net cash oufflow from operating	activities (see below)				(874,333)	(231,799)
Cash Flows from investing activities
Interest, dividends and rents received Purchase offixed assets					677,249 (705,425)	700,826 (217,867)
Investment property transactions Proceeds from sale ofinvestments Proceeds from sale ofinvestments	property				301,559 4,303,865	43,286 3,490,021
Purchase of investments					(5,063,931)	(2,388,027)
Net cash provided by investing	activities				(486,683)	1,628,229
Cash flows from finandng activities
Repayment ofborrowing					(771)	(769)
Net cash provided by financing	activities				(771)	(769)
Change in cash and cash equivalents		in the year			(1,361,787)	1,395,661
Cash and cash equivalents brought forward					2,207,924	812,263
Cash and cash equivalents carried forward					846,137	2,207,924
Reconciliation ofnet income to	net cash outfiow from operating		activities
					2023	2022
					6	F
Net income/(Loss)					(1,833,451)	(503,569)
Inter.st, dividends and rents received (Gains)/Losses on investments Depreciation					(677,249) 1,305,565 286,540	(700,826) (592,047) 279,722
Decrease / (increase) in debtors					(38,804)	(59,522)
Decrease / (increase) in stock Increase / (decrease) in creditors					(287) 83,353	(595) 160,944
Net cash outflow from operating	activities				(874,333)	(231,799)
Analysis ofchanges in cash and cash		equivalents:		1 April 2022	Cash flows	31 March 2023
Cash at bank and in hand				1,178,855	(520,354)	658,501
Cash held by investment	brokers			1,029,069	(841,433)	187,636
Total				2,207,924	(1,361,787)	846,137

Income from Donations and L	egacies
	Regulated	Social	Unregulated	Total	Total
	Housing Activities		Activities	2023	2022
		5		F
Donations			57,102	57,102	2,329
NCC —Covid grant funding					104,447
			57,102	57,102	106,776

Accommodation charge Service charges (see below)	Accommodation charge Service charges (see below)	945,157 450,780	945,157 450,780	907,328 409,970
Contribution from Residents		1,395,937	1,395,937	1,317,298
Social housing operating	costs	(2,397,659)	(2,397,659)	(2,443,660)
Operating deficit		(1,001,722)	(1,001,722)	(1,126,362)
Void losses		(55,029)	(55,029)	(47,821)
Service Charges Gas and Electricity Care service		140,856 141,652	140,856 141,652	130,499 122,895
Catering Cleaning		94,856 73,416	94,856 73,416	105,556 51,020
		450,780	450,780	409,970

			Regulated	Social	Unregulated	Total	Total
			Housing Activities		Activities	2023	2022
				6
Property income Investment properties					222,074	222,074	287,039
Expenses Agent's commission Professional fees					(9,798) (3,193)	(9,798) (3,193)	(13,069) (13,978)
Repairs etc					(92,094)	(92,094)	(44,223)
Net income from investment		properties			116,989	116,989	215,768
Cost ofmanaging investments Property agent's commission Professional fees					9,798 3,193	9,798 3,193	13,069 13,978
Repairs etc Investment managers fees irrecoverable VAT					92,094 69,289 11,862	92,094 69,289 11,862	44,223 72,569 11,719
					186,236	186,236	155,558
Services
Staff costs				904,924		904,924	884,398
Food				86,779		86,779	91,507
Energy Laundry and cleaning Water and council tax				147,073 28,075 21,586		147,073 28,075 21,586	133,251 24,799 23,433
Amenities				10,119		10,119	5,668
Care consumables				1,543		1,543	3,461
Irrecoverable VAT				97,596		97,596	97,911
			1,297,695			1,297,695	1,264,428
Management Administration				132,933		132,933	143,283
Staff costs				291,592	33,511	325,103	328,016
Insurance				66,073	49,506	115,579	81,531
				490,599	83,016	573,615	552,830

				Regulated Social Housing Activities	Regulated Social Housing Activities	Regulated Social Housing Activities	Unregulated Activities 6	Total 2023 F	Total 2022
	Maintenance
	Building maintenance					322,827		322,827	398,417
	Depreciation Housing Association scheme properties Equipment Improvements to Great Hospital buildings					8,311 41,297 236,930		8,311 41,297 236,930	25,415 34,072 220,235
						286,538		286,538	279,722
10.	Interest and investment income Securities interest Deposit interest receivable		receivable				454,807 368	454,807 368	413,780 7
							455,175	455,175	413,787
11.	Other income
	Sundry income Booklet sales						160	160	2,658 103
							160	160	2,761
12.	Taxation
	The Great Hospital isa registered certain exemptions to income tax		Charity within the and capital gains			meaning tax. As a	ofthe Taxes Act and is, therefore, eligible to daim consequence no charge totaxation arises forthe
	year.
13.	Surplus after interest						2023 F		2022 F
	The net income before gains and		losses		is stated
	after charging I(crediting):
	Interest payable Depreciation Auditors remuneration —audit						13,657 286,538 28,190		13,657 279,722 13,935
	Auditors remuneration —non audit services						1,189		1,500

Fixed Assets - Group
	Housing Assoc. Scheme	Building		Property in the course of
	Pmperties 6	Improvements	Equipment E	construction	Total 6
Cost
At 1 April 2022 Additions	1,270,755	9,489,232	854,397 199,029	187,993 506,396	11,802,377 705,425
At 31 March 2023	1,270,755	9,489,232	1,053,426	694,389	12,507,802
Depreciation At 1 April 2022 Charge forthe year	559,132 25,415	2,245,874 219,828	371,796 41,297		3,176,802 286,540
At 31 March 2023	584,547	2,465,702	413,093		3,463,342
Net book value
At 31 March 2023	686,208	7,023,530	640,333	694,389	9,044,460
At 31 March 2022	711,623	7,243,358	482,601	187,993	8,625,575

Fixed Assets —Parent	Charity
	Housing Assoc. Scheme	Building		Property in the course of
	Properties	Improvements	Equipment	construction		Total
					E
Cost
At 1 April 2022 Additions	1,270,755	9,489,232	854,397 199,029	7,343		11,621,727 199,029
At 31 March 2023	1,270,755	9,489,232	1,053,426	7,343		11,820,756
Depreciation At 1 April 2022 Charge forthe year	559,132 25,415	2,245,874 219,828	371,796 41,297			3,176,802 286,540
At 31 March 2023	584,547	2,465,702	413,093			3,463,342
Net book value
At 31 March 2023	686,208	7,023,530	640,333		7,343	8,357,414
At 31 March 2022	711,623	7,243,358	482,601		7,343	8,444,925

Investment properties	-Group	and Charity
								2023	2022
								F	6
Valuation
1 April 2022 Disposals								6,138,524 (301,559)	5,850,561 (635,333)
Additions
Realised gain on disposal Gain I(loss) on revaluation								21,559 (82,000)	592,047 331,249
31 March 2023								5,776,524	6,138,524
Classification ofproperties
Residential Estate								703,000	645,000
Commercial holdings Agricultural holdings								4,410,000 663,524	4,830,000 663,524
								5,776,524	6,138,524
A formal valuation of	investment	properties	was	canied	out at		31 March 2023 by Brown		&Co Property	and
Business Consultants	LLP, a firm	ofindependent		chartered		surveyors,		on behalf ofthe Trustees in accordance
with the accounting policy set out in note 1g.A				formal valuation			of investment properties		is carried out	every
three years.

Investments
			2023		2023	2022		2022
			Cost	Market value		Cost	Market value
			6			6		6
Government stock Ordinary shares Fixed interest			389,826 9,344,344 3,072,186		344,694 12,244,951 3,046,200	281,197 11,253,162 2,648,828		272,243 16,252,308 2,755,198
Other assets			2,967,620		3,158,846
Total			15,773,976		18,794,691	14,183,187		19,279,749
Un-quoted investments Shares in TGH (Commercial) Ltd						1		1
Grand total - Charity			15,773,977		18,794,692	14,183,188		19,279,750
TGH (Commercial) Limited is a 100%subsidiary and a property construction activITies to include the provision of hospitality. TGH (Commercial) Limited Hospital to design and build new accommodation for residents. The results						company that has expanded its has been engaged by the Great ofthe subsidiary company to 31
March 2023are set	out	in note 29.

			2023	2022
			6	E
Movements	in quoted investments
Market value Additions		1 April 2022	19,279,749 5,063,931	19,430,662 2,388,077
Disposals Net investment		gains / (losses)	(4,303,865) (1,245,124)	(3,490,021) 951,071
Market value		31 March 2023	18,794,691	19,279,749

Programme related investment	Charity
	2023	2022
Loan toTGH (Commercial) Limited
Balance at 1 April 2022 Additional loan	179,000 570,000	173,000 6,000
Balance as at 31 March 2023	749,000	179,000

Stock
				Group		Charity
			2023		2022	2023	2022
					8	E	6
Food and beverages Booklets			6,509 1,022		6,238 1,006	6,509 1,022	6,238 1,006
			7,531		7,244	7,531	7,244
Debtors
				Group		Charity
			2023		2022 9	2023 8	2022 f
Prepayments Other debtors	and accrued income		135,451 115,158		118,058 106,373	135,451 103,573	118,058 108,878
Residents' contributions		receivable	27,689		12,063	27,689	20,430
			278,298		239,494	266,713	247,366
Creditors: amounts falling due within one year
				Group		Charity
			2023 8		2022 f	2023 8	2022 8
Trade creditors			252,859		216,041	223,810	216,041
Taxation and Accruals and	sodal security deferred income		28,204 183,875		29,678 135,862	28,204 122,197	29,678 131,337
			464,935		381,581	374,211	377,056

Creditors: amounts falling due af	ter more than one	year -Group and Charit	y
			2023	2022
Housing Association schemes (see	below)		91,336	92,106
			91,336	92,106
Housing Association Schemes		Prior	Youngs
		Court	Green	Total
				F
Balances at beginning ofyear		45,325	46,780	92,105
Less capital due within one year		(487)	(282)	(769)
Balances at end ofyear		44,838	46,498	91,336
Balance included above repayable instalments in more than five years	by	40,615	43,907	84,522
Rate ofinterest payable		15%	14%

22.	Financial	Instruments	Instruments
							Group	Charity
						2023	2022 6	2023 f	2022
	Financial	assets	atfair value through
	statement	offinancial activities
	Investments					18,794,691	19,279,749	18,794,692	19,279,750
						18,794,691	19,279,749	18,794,692	19,279,750
	Financial	assets	measured	at
	amortised	cost
	Trade debtors					27,689	17,355	27,689	20,430
	Other debtors					115,158		103,573
	Amounts	owed by group undertakings						749,000
						142,847	123,708	880,262	308,308
	Financial	liabilities measured			at
	amortised	cost
	Trade creditors					252,859	216,041	223,810	216,041
	Accru ala					163,415	96,017	101,740	94,567
	Loans —Amounts Loans —Amounts		due within due alter	one year one year		769 91,336	770 92,106	769 91,336	770 92,106
						508,379	404,934	417,655	403,484

								Unapplied	Total
							Investment	Total	Permanent
							Fund	Return	Endowment
							6	6
At beginning ofthe reporting		period:
Gift component ofthe Unapplied total return	permanent			endowment			5,091,310	21,431,523	5,091,310 21,431,523
Total							5,091,310	21,431,523	26,522,833
Movements in the reporting		period:
Investment return: Income,		dividends			and	interest		677,249	677,249
Investment return: realised		and		unrealised		losses		(1,303,551)	(1,303,551)
Less: Investment management			costs					(186,236)	(186,236)
Net unapplied total return								(812,538)	(812,538)
Unapplied total return the reporting period	allocated			to income		in		(904,000)	(904,000)
Net movement in the	reporting		period					(1,716,538)	(1,716,538)
At end ofthe reporting	period:
Gift component ofthe Unapplied total return	permanent			endowment			5,091,310	19,714,985	5,091,310 19,714,985
Total							5,091,310	19,714,985	24,806,295

Summary offund movements:
		Income	Restricted	Endowment
	Total	Fund	Fund	Fund
	nx	8
Charity Funds as at 31 March 2022	36,031,707	9,029,963	478,911	26,522,833
Income	2,154,528	1,477,279		677,249
Expenditure	(2,683,281)	(2,479,941)	(17,104)	(186,236)
Transfers behveen funds		904,000		(904,000)
Gains and losses on investments	(1,303,551)			(1,303,551)
Charity Funds as at 31 March 2023	34,199,403	8,931,301	461,807	24,806,295

Total staff costs during the year were:
	2023	2022
Remuneration	1,072,521	1,077,214
Social security costs	96,554	80,528
Pension cost	46,128	41,502
	1,215,202	1,199,244

ummary o	fnet	asset	s by fund
					Income	Restricted	Endowment
				Total	Fund	Fund	Fund
				2023	2023	2023	2023
					E	F
Investments Cash	(at Market Value)			18,794,692 713,075	571,214		18,794,692 141,861
Stock				7,531	7,531
Debtors				266,713	173,495		93,218
Creditors				(374,211)	(374,211)
Free reserves				19,407,800	378,029		19,029,771
Housing Association Investment property			loans	(91,336) 5,776,524	(91,336)		5,776,524
Properly in the course of construction Housing Association				756,343 686,208	756,343 224,401	461,807
Scheme property Equipment				640,334	640,334
Building improvements				7,023,531	7,023,531
				34,199,404	8,931,302	461,807	24,806,295
Investment	Fund						5,091,310
Unapplied	Total	Return					19,714,985
TotalEndo	wment	Fu	nd				24,806,295

ummary o	fnet assets by fund (continued	)
			Income	Restricted	Endowment
		Total	Fund	Fund	Fund
		2022	2022	2022	2022
		F	E
Investments Cash	(at Market Value)	19,279,749 2,207,924	1,178,855		19,279,749 1,029,069
Stock		7,244	7,244
Debtors		239,494	164,003		75,491
Creditors		(381,581)	(381,581)
Free reserves		21,352,830	968,521		20,384,309
Housing Association loans Investment property Property inthe course ofconstruction Housing Association Scheme		(92,106) 6,138,524 187,993 711,623	(92,106) 187,993 232,712	478,911	6,138,524
pr'operty Equipment		482,601	482,601
Building improvements		7,243,358	7,243,358
		36,024,823	9,024,529	478,911	26,522,833
Investment	Fund				5,091,310
Unapplied	Total Return				21,431,523
Total Endowment Fund					26,522,833

March 2	023are set out below.
		2023	2022
		F
Turnover		2,580
Cost ofsales and administration		(3,727)	(3,869)
Charitable donation
Net profit/(lass)		(1,147)	(3,869)
The aggregate ofassets liabilities and reserves was:
		2023	2022
Current	assets	831,693	185,008
Current	liabilities	(839,724)	(191,892)
		(8,031)	(6,884)

31.	Statement ofFinancial Activities 31March 2022	Statement ofFinancial Activities 31March 2022	Statement ofFinancial Activities 31March 2022
			Income	Restricted	Endawment	2022
			Fund	Fund	Fund	Total
			E	8	8	8
	Income and endowments from: Donations and legacies 106,776					106,776
	Income from charitable activities: Net contributians from residents		1,317,298			1,317,298
	Other trading activities Functians		19,725			19,725
	Shop income
	Investments Property income Interest and investment		income		287,039 413,787	287,039 413,787
	receivable
	Other income		2,761			2,761
	Total income and endowments		1,446,560		700,826	2,147,386
	Expenditure on:
	Cost ofraising funds Investment management costs				155,558	155,558
	Expenditure an chantabie aciivaiesi SBNlces 1,264,428					1264,428
	Management Maintenance		552,830 398,417			552,830 398 417
	Depredation		262,618	17,104		279,722
	Expendiiure on other trading	activities:
	Functions expenditure
	Oiherexpenditure
	Total expenditure		2,478,293	17,104	155,558	2,650,955
	Net income I (expenditure)		before
	gains and losses on investments		(1,031,733)	(17,104)	545,268	(503,569)
	Net gains I(losses) on investmenls				1,874,367	1,874,367
	Net income/(expenditure)		(1,031,733)	(17,104)	2,419,635	1,370,798
	Transfers between funds		1,050,000		(1,050,000)
	Net movement in funds		18,267	(17,104)	1,369,635	1,370,798
	Reconciliation offunds
	Total funds brought forward		9,004,812	496,015	25,153,198	34,654,025
	Total funds carried forward		9,023,079	478,911	26,522,833	36,024,823