| The Trustees | The Trustees | and Committee | Mr A Nelson | Chairman | |||
|---|---|---|---|---|---|---|---|
| of Management | MrJ Bewley | Vice-Chairman | to 13October 2021 | ||||
| (resigned 13October 2021) | |||||||
| Mr G Hunt | |||||||
| Mrs L Ingram | |||||||
| MrJ Mercik | |||||||
| Dr M Solanki | |||||||
| Mrs J Bryars | |||||||
| Lt Col DJ Young | Vice-Chairman | from 13October 2021 | |||||
| Mr LSt Clair | |||||||
| Councillor G O'Donnell | (resigned 5 May 2021) | ||||||
| Officers | Mrs K Smith | (Hon Administrator) | |||||
| Professional | advisers | James Sellicks Letting | Agents | Letting Agents | |||
| Leicester Charity | Organisation | ||||||
| Society (Charity | Link) | Secretary and | Treasurer to the Trustees | ||||
| Reporting | accountant | Andrew W Stant |
FCA | ||||
| Johnson Murkett |
& Hurst | ||||||
| Chartered Accountants |
|||||||
| Rawdon House |
|||||||
| Rawdon Terrace | |||||||
| Ashby de la Zouch | |||||||
| Leicesters hire | |||||||
| LE65 2GN | |||||||
| Bankers | HSBC Bank pic | ||||||
| BroKers | Westerby Investment |
Management | Ltd. |
| THE NORTH MEMORI | AL HOMES CITY O | F LEICEST | ER | |||
|---|---|---|---|---|---|---|
| STATEMENT OF | COMPREHENSIVE | INCOME | ||||
| YEAR ENDED 31STMARCH 2022 | ||||||
| Note | 2022 | 2021 | ||||
| P. | E | |||||
| TURNOVER | 183,091 | 194,752 | ||||
| OPERATING COSTS | (243,504) | (130,613) | ||||
| OPERATING (DEFICIT)/SURPLUS | (60,413) | 64,139 | ||||
| Interest receivable | and similar income | 14,671 | 13,983 | |||
| Increase in the value of investments |
115,295 | 357,371 | ||||
| TOTAL COMPREHENSIVE | INCOME FOR THE YEAR | 69,553 | 435,493 | |||
| All ofthe activities | ofthe Charity are classed as continuing. |
| Restricted | Revenue | ||||
|---|---|---|---|---|---|
| Reserves | Reserves | Total | |||
| 2 | L | ||||
| At 1 April 2020 | 1,206,799 | 778,083 | 1,984,882 | ||
| Surplus for the year |
435,493 | 435,493 | |||
| Total comprehensive | income | 1,206,799 | 1,213,576 | 2,420,375 | |
| Investment revaluation |
238,644 | (238,644) | |||
| At 31 March 2021 and | 1 April 2021 | 1,445,443 | 974,932 | 2,420,375 | |
| Surplus for the year |
69,553 | 69,553 | |||
| Total comprehensive | income | 1,445,443 | 1,044,485 | 2,489,928 | |
| Investment revaluation |
98,769 | (98,769) | |||
| Transfer of expenditure | from Extraordinary | Repair Fund | (38,494) | 38,494 | |
| At 31March 2022 | 1,505,718 | 984,210 | 2,489,928 |
| Nofe | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| FIXEDASSETS | ||||||
| Housing properties |
145,899 | 138,622 | ||||
| Computer equipment |
77 | |||||
| Fixtures 8 fittings | 436 | 547 | ||||
| 146,335 | 139,246 | |||||
| Investments | 2,127,778 | 2,012,963 | ||||
| 2,274,113 | 2,152,209 | |||||
| CURRENT ASSETS | ||||||
| Debtors | 10 | 32,697 | 20,140 | |||
| Cash at bank and in hand | 11 | 350,501 | 426,645 | |||
| 383,198 | 446,785 | |||||
| CREDITORS: | ||||||
| Amounts falling due within one year |
12 | (31,649) | (39,997) | |||
| NET CURRENT ASSETS | 351,549 | 406,788 | ||||
| TOTAL ASSETSLESSCURRENT LIABILITIES | 2,625,662 | 2,558,997 | ||||
| CREDITORS: | ||||||
| Amounts falling due after more than one year |
13 | (135,734) | (138,622) | |||
| 2,489,928 | 2,420,375 | |||||
| RESERVES | ||||||
| Restricted reserves | 16 | 1,505,718 | 1,445,443 | |||
| Revenue reserves | 16 | 984,210 | 974,932 | |||
| 2,489,928 | 2,420,375 |
| 2022 | 2021 | |
|---|---|---|
| L | L' | |
| Net cash flow from operating activities |
(80,000) | 54,051 |
| Cash flow from investing activities |
||
| Refurbishment of tangible fixed assets- |
||
| housing properties |
(11,295) | |
| Payments to acquire investments |
(154,868) | (208,232) |
| Receipts from sales of investments | 155,348 | 217,658 |
| Interest received | 14,671 | 13,983 |
| Net cash flow from investing activities |
3,856 | 23,409 |
| Net (decrease)/increase in cash and cash equivalents |
(76,144) | 77,460 |
| Cash and cash equivalents at 1 April 2021 |
426,645 | 349,185 |
| Cash and cash equivalents at 31 March 2022 |
350,501 | 426,645 |
| Cash and cash equivalents consist of: |
||
| Cash at bank and in hand | 350,501 | 426,645 |
| Cash flow from operating activities |
||
| (Deficit)/Surplus for the year |
(60,413) | 64,139 |
| Adjustments for non-cash items: |
||
| Depreciation on tangible fixed assets |
4,206 | 3,174 |
| Amortisation of grants |
(2,888) | (2,888) |
| Decrease/(increase) in debtors |
(12,557) | (7,361) |
| Decrease in current asset investments | 33,874 | |
| (Decrease)/increase in creditors |
(8,348) | (36,887) |
| (80,000) | 54,051 |
| OFFICERS HONORARIA | OFFICERS HONORARIA | 2022 | 2021 |
|---|---|---|---|
| No | No | ||
| Average | number of persons |
||
| Honoraria | paid during the year |
6,247 | 5,723 |
| TURNOVER | TURNOVER | 2022 | 2021 | ||
|---|---|---|---|---|---|
| L | R | ||||
| Rents receivable | 157,038 | 153,181 | |||
| Service charges | eligible for Housing | Benefit | 38,802 | 38„802 | |
| Amortisation of |
grants | 2,888 | 2,888 | ||
| 198,728 | 194,871 | ||||
| Less: | Rent (losses) from voids | (30,187) | {14,255) | ||
| Rent {losses) from bad debts | (419) | ||||
| 168,541 | 180,197 | ||||
| Add: | Other | income - hire of hall | 6,680 | 6,680 | |
| Other | income - LCC grant | 7,870 | 7,875 | ||
| 183,091 | 194,752 |
| 4. | OPERATING COSTS | 2022 | 2021 | ||||
| 8 | 8 | ||||||
| Direct property management |
costs | 177,236 | 73,297 | ||||
| Administrative costs |
66,268 | 57,316 | |||||
| 243,504 | 130,613 | ||||||
| 5. | SURPLUS | FOR THE YEAR | 2022 | 2021 | |||
| 8 | 8 | ||||||
| Surplus for |
the year is stated | after charging | |||||
| Reporting | accountant's | remuneration | 3,000 | 3,000 | |||
| Depreciation | 4,206 | 3,174 | |||||
| 6. | INTEREST | RECEIVABLE AND SIMILAR | 2022 | 2021 | |||
| INCOME | 8 | 8 | |||||
| Interest on | broker account | 7 | 20 | ||||
| Interest on | bank deposit | 39 | 171 | ||||
| Interest on | deposits with |
Leicester City Council | 106 | ||||
| Investment | income | l4,625 | 13,686 | ||||
| 14,671 | 13,983 |
| TANGIBLE FIXEDASSE | TANGIBLE FIXEDASSE | TANGIBLE FIXEDASSE | TS | Freehold | ||||
|---|---|---|---|---|---|---|---|---|
| housing | Computer | Fixtures & |
||||||
| properties | equipment | fittings | Total | |||||
| E | L' | 6 | ||||||
| Cost | ||||||||
| At beginning | ofyear | 791,269 | 1,744 | 1,550 | 794,563 | |||
| Additions | 11,295 | 11,295 | ||||||
| At end ofyear | 802,564 | 1,744 | 1,550 | 805,858 | ||||
| Depreciation | ||||||||
| At beginning | of year | 652,647 | 1,667 | 1,003 | 655,317 | |||
| Charge for year | 4,018 | 77 | 111 | 4,206 | ||||
| At end of year | 656,665 | 1,744 | 1,114 | 659,523 | ||||
| Net book value | ||||||||
| At 31 March | 2022 | 145,899 | 436 | 'I46,335 | ||||
| At 31 March | 2021 | 138,622 | 77 | 547 | 139,246 | |||
| FIXEDASSETINVESTMENTS | Equities | COIF | Total | |||||
| 8 | L | 2 | ||||||
| Market value | at beginning | of year | 1,265,369 | 747,594 | 2,012,963 | |||
| Additions at cost |
154,868 | 154,868 | ||||||
| Withdrawals | from the fund | (155,348) | (155,348) | |||||
| Surplus on revaluation |
28,354 | 86,941 | 115,295 | |||||
| Market value | at end ofyear | 1,293,243 | 834,535 | 2,127,778 | ||||
| The Westerby | investment | included | in Equities has been treated as a managed fund. As |
a result, the | ||||
| investment in |
the fund has | been disclosed as opposed to the individual | shareholdings. | |||||
| DEBTORS | 2022 | 2021 | ||||||
| 9 | g | |||||||
| Rent arrears | 4,478 | 1,074 | ||||||
| Prepayments | and accrued | income | 28,219 | 19,066 | ||||
| 32,697 | 20,140 | |||||||
| CASH AT BANK AND IN HAND | 2022 | 2021 | ||||||
| L' | L' | |||||||
| Cash in bank | current account | 6,000 | 6,000 | |||||
| Cash held on | deposit | 344,501 | 420,645 | |||||
| 350,501 | 426,645 |
| CREDITORS: AMOUNTS | FALLING DUE WITHIN ONE YEAR | 2022 | 2021 | |
| 2 | ||||
| Trade creditors | 15,900 | 20,272 | ||
| Accruals and deferred | income | 15,749 | 19,725 | |
| 31,649 | 39,997 |
| 13. | CREDITORS." | AMOUNTS | FALLING DUE AFTER MORE | ||
|---|---|---|---|---|---|
| THAN ONE YEAR | 2022 | 2021 | |||
| F | |||||
| Social Housing | Grant | 135,734 | 138,622 | ||
| 135,734 | 138„622 |
| 14. | DEFERRED CAPITAL GRANT | 2022 | 2021 | |
| 2 | 2 | |||
| At 1 April 2021 | 138,622 | 141,510 | ||
| Released to income in the | year | (2,888) | (2,888) | |
| At 31 March 2022 | 135,734 | 138,622 | ||
| Amount due to be released |
& 1 year | 2,888 | 2,888 | |
| Amount due to be released |
& 1 year | 132,846 | 135,734 | |
| 135,734 | 138,622 | |||
| 15. | HOUSING ACCOMMODATION |
2022 | 2021 | |
| 2 | 2 | |||
| Number of units | 35 | 35 |
| VALU | E FOR | MONEY KEY METRICS | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||
| Metric | 1: | Reinvestment /. |
8'/ | 0o/o | |||||
| Metric | 2a: | New Supply (Social Housing | Units) | /o | 0'/o | 0'/o | |||
| Metric | 2b: | New Supply (Non-social housing |
units) | '%%d | 0'/o | 0'/o | |||
| Metric | 3: | Gearing /o |
-147.2'/o | -207.8'/o | |||||
| Metric | 4: | EBITDA MRI Interest Cover | '/o | 0'/o | 0'/o | ||||
| Metric | 5: | Headline Social Housing Cost E |
26,957 | 23,732 | |||||
| Metric | 6a: | Operating Margin (social housing |
lettings) | '/o | 3 20o/ | 53.34'/o | |||
| Metric | 6b; | Operating Margin (Overall) |
/o | 38 Oo/o | 233.6'/o | ||||
| Metric | 7: | Return on Capital Employed |
%%d | 2.65'/o | 17.02'/o |