2022-03-31-accounts - King George V Memorial Houses

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Value for Money Key Metrics
						Hfop
						peer	Housing
						group	Pathways		King
						2021-22	avera	e	Geor eV
1. Reinvestment '/o
Considers the investment in properties (existing stock as
well as new supply) as a percentage	ofthe	value		of	total
ro erties held.						2.45%	2.02%		3.60o/o
2. New Supply Delivered '/o
The number of new social housing and non-social				housing
homes that have been acquired or developed			in the		year as
a proportion oftotal social housing	and non-social			housing
homes owned at period end.						0%	0%		0~/o
A. New supply delivered (Social housing homes)
B.New su I delivered Non-social	housin		homes			0%	0%		Oii/o
3. Gearing '/o
Assesses how much ofthe adjusted	assets	are made			up of
debt and the de ree ofde endence	on debt		finance.			3%	4.63		65 o/o
4. Earnings Before Interest, Tax, Depreciation,
Amortisation, Major Repairs Included		(EBITDA MRI)
Interest Cover ~/o.
A key indicator for liquidity and investment		capacity.
Measures the level of surplus generated compared				to
interest a able						381%	1,566%		0~/o
5. Social Housing Cost Per Unit
The headline social housing cost per unit as			defined		by the
Re ulator						E5,792	E6 243		E4 150
6. Operating Margin~/o
Demonstrates the profitability of operating		assets		before
exceptional expenses are taken into	account.		Increasing
margins are one way to improve the	financial		efficiency of a
business.						9%	5.41%		1283o/o
A. Operating Margin (social housing	lettings		only)
B.Operating Margin (overall) after adjusting			for impairment			7.95%	17.08%		14.81o/o
and merger costs
7 ROCE o/o
Compares the operating surplus to total
assets less current liabilities. An assessment			ofthe	efficient
investment of capital resources.						0.80%	1.28%		0.93o/o

				Hfop
				peer	Housing
				group	Pathways	King
Cost	er home			2021-22	avera e	Geor	eV
Management		costs			2,494	1,108
Service charge costs					764		446
Routine maintenance			cost		2,031	1,963
Planned maintenance
Major	repairs	expenditure			954		633
Other	social	housing	costs
Total				E5,792	E6,243	f4,150

e Per	formance Indic	ators
					Housing	Housing	Housing
				Hfop	Pathways	Pathways	Pathways
				2021-22	2021-22	2020-21	2019-20
Current	resident annual	WMC collection rate		99.82%	104%		103.2%
Current	resident arrears	as a %ofthe annual	WMC	0.85%	2%	2.31%	2.73%
Homes	with a valid Gas	Safety Certificate %			100%	100%	100%
All reactive repairs completed within target time %				98.2%	72%	81%	85%
Emergency repairs completed within target time %				100%	89%	78%	79%
Urgent	repairs completed	within target time	%	96.9%	70%	78%	82%
Routine	repairs completed within target time		%	96.2%	71%	87%	93%

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			2022	2021
		Notes
Fixed Assets
Housing Properties		9	211,168	212,202
Investments		11	459,654	415,377
			670,822	627,579
Current Assets
Debtors		12	3,604	3,353
Cash at Bank and	In Hand		142,227	138,275
			1'}5,831	141,628
Creditors: amounts	falling due within one year	13	(10,954)	(20,294)
Net Current Assets			134,877	121,334
Total Net Assets			2805,699	f748,913
Funds
Unrestricted funds			688,350	628,768
Restricted funds			117349	120 145
Total funds		14	f805,699	2748,913

								2022	2021
							Notes
Net cash (used in)/provided		by Operating		Activities			A	7,570	(6,879)
Cash flows from Investing	Activities
Purchase oftangible fixed assets								(7,600)	(1,764)
Proceeds on sale of investments
Dividends received								3,958	3,889
Interest received								24	62
Net cash provided by/(used		in) Investing		Activities				3,618	2,187
Cash Flows from Financing	Activities
Net change in cash and cash		equivalents						3,952	(4,692)
Cash and cash equivalents		at the beginning			of	the
year								6138275	142,967
Cash and cash equivalents	at the end ofthe year							f142,227	f138,275
A Cash flows from Operating Activities
Net Income/(Expenditure)		for the	year					56,786	91,827
Depreciation								7,473	7,217
Investment Income and		Interest	Receivable					(10,422)	(9,263)
(Increase)/Decrease in	Debtors							753	(695)
Increase/(Decrease) in	Creditors							(9,340)	(22,366)
Loss/(Gain) on Disposal		of Components						1,161	(19)
(Gains)/Losses on Investments								38841	73,580
								E7570	E 6,879
B Changes in Net Funds
				At	01/04/2021			Cash Flows	At 31/03/2022
Cash at bank and in hand						138275		3952	142,227

mponent are	s	t below:
Land			not depreciated
Main fabric			Over 70 years
Roof structure and Windows 5externa		covering I doors	Over 70 years Over 30 years
Boilers			Over 15years
Kitchen			Over 20 years
Bathrooms			Over 30years
Mechanical	systems		Over 30years
Electrics			Over 40 years
Fire Alarms/Warden		Call	Over 15years

2.	Income from Charitable	Activities
			2022	2021
	Almshouse Accommodation
	Residents Contributions		55,181	53,278
	Service Charges		3,851	4,226
	Voids		(401)	(316)
			658,631	E57,188
3.	Income from Investments
			2022	2021
			E	E
	Deposit Interest		25	62
	Investment Income		10,397	9,201
			f10,422	E9,263
4.	Expenditure on Charitable	Activities
			2022	2021
	Almshouse Accommodation
	Services		5,353	3,614
	Maintenance		23,560	22,805
	Bad Debts		270	31
	Depreciation		7,473	7,217
	Replacement offixed asset	components	1,161	(19)
	Support costs (Note 5)		13,291	14,556
			851,108	Z48,204

upport C	o	sts
			2022	2021
Almshouse		Accommodation
Management		charges	11,012	12,316
Bank charges			77	50
Residents'	welfare		144	240
Governance		costs	2,058	1,950
			f13,291	f14,556

						2021	2021
						f	f
Turnover	from Social Housing		Activities			58,631	57,188
Operating	Costs					(51,108)	(48,204)
Operating	surplus	and net surplus		from social housing	activities	f7,523	f8,984

costs charg	ed to the Charity is as follows:
		2022	2021
		f	f
Wages and	salaries	5,944	6,277
Socia I security costs		547	572
Pension costs		340	302
Redundancy		291	488
Off-payroll	contractors	262	785
		f7,384	f8,424

Housing Pro	perties
				Total
				Completed
				Housing
				Prope*ies
Cost
At 1st April 2021				276,252
Works to existing properties				7,600
Components	replaced			2 336
At 31st March	2022			281 516
Accumulated	Depreciation
At 1st April 2021				64,050
Charge for the year				7,473
Depreciation	released	on components	replaced	1 175
At 31st March	2022			70 348
Net Book Value
At 31st March	2022			K211,168
At 31st March	2021			f212,202

apital Grants
			2022	2021
Aggregate Amount	Received
At 1st April 2021
and 31st March 2022			f195,597	Z195,597
Released to Statement		of Financial Activities
At 1st April 2021
and 31st March 2022			f195,597	2195,597
Capital Grants Carrying		Value

Fixed Asset Invest	ment	s
				2022	2021
Market Value:
At 1st April 2021				415,377	336,485
Disposals in year
Accumulated income				5,436	5,312
Realised gains on investments
Unrealised gains/(losses)		on investments		38,841	73,580
At 31st March 2022				f459,654	f415,377
Historical cost as at	31st March 2022			6146,253	f140,817
Included in fixed asset investments			is financial assets of	f459,654 (2021:f415,377)	measured
at fair value through	net income/(expenditure).

	Amounts	due from residents	due from residents			2,031	2,052
	Prepayments and accrued		income			1,573	1,301
	Amounts	due from related	organisations		(Note 16)
						E3,604	f3,353
13.	Creditors: amounts due		within one		year
	Accruals	and other creditors				5,879	4,960
	Amounts	due to related organisations		(Note 16)		5,075	15,334
						f10,954	220,294

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Net As	sets Between Funds
		Unrestricted	Restricted
		Funds f	Funds	2022 Total
Housing	Properties	93,819	117,349	211,168
Investments		459,654		459,654
Net Current Assets		134877		134877
		f688,350	6117,349	E805,699
		Unrestricted	Restricted
		Funds	Funds	2021Total
				F.
Housing	Properties	92,057	120,145	212,202
Investments		415,377		415,377
Net Current Assets		121334		121334
		f628,768	6120,145	f748,913