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|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.||
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|||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.||||||
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||||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|
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||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|
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||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|
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|OFFICERS HONORARIA|OFFICERS HONORARIA|2022|2021|
|---|---|---|---|
|||No|No|
|Average|number
of persons|||
|Honoraria|paid during
the year|6,247|5,723|
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|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|
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|||||||||
|---|---|---|---|---|---|---|---|
|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|
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|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||
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||||||
|---|---|---|---|---|
|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|
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|---|---|---|---|---|
|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|
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|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|