2023-03-31-accounts - The North Memorial Homes City Of Leicester

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

The Trustees	and Committee	Mr A Nelson			Chairman
of Management		Lt Col DJ Young			Vice-Chairman
		Mr G Hunt
		Mrs L Ingram
		MrJ Mercik			(resigned	21 September 2022)
		Dr M Solanki
		Mrs J Bryars
		Mr LSt Clair			(resigned	30 April 2023)
		Mrs C Varley			(appointed	21 September 2022)
		MrJ Bewley			(appointed	5 December 2022)
Officers		Mrs K Smith			(Hon Administrator)
Professional	advisers	Sheldon, Bosley,	Knight		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.

			2023	2022
			L
TURNOVER			181,966	183,091
OPERATING COSTS			(241,672)	(243,504)
OPERATING (DEFICIT)			(59,706)	(60,413)
Interest receivable and similar income			19,479	14,671
(Decrease)/increase in the	value of investments		(76,793)	115,295
TOTAL COMPREHENSIVE	(DEFICIT)/INCOME	FOR THE YEAR	(117,020)	69,553

			Note	2023		2022
FIXEDASSETS
Housing properties					402,677		145,899
Computer equipment
Fixtures 8 fittings					349		436
					403,026		146,335
Investments					1,953,987		2,127,778
					2,357,013		2,274,113
CURRENT ASSETS
Debtors			10	46,677		32,697
Cash at bank and in hand			11	265,805		350,501
				312,482		383,198
CREDITORS:
Amounts falling due within	one year		12	(163,741)		(31,649)
NET CURRENT ASSETS					148,741		351,549
TOTAL ASSETSLESSCURRENT LIABILITIES					2,505,754		2,625,662
CREDITORS:
Amounts falling due after	more than one year		13		(132,846)		(135,734)
					2,372,908		2,489,928
RESERVES
Restricted reserves			f6		1,468,638		1,505,718
Revenue reserves			16		904,270		984,210
					2,372,908		2,489,928
These financial statements	were approved	by the	Trustees and the Committee		of Management	on ...........
and are signed on their behalf by:

		2023	2022
		2	2
Net cash flow from operating	activities	88,599	(80,000)
Cash flow from investing activities
Refurbishment of tangible fixed	assets-
housing properties		(289,772)	(11,295)
Payments to acquire investments		(234,789)	(154,868)
Receipts from sales of investments		331,787	155,348
Interest received		19,479	14,671
Net cash flow from investing	activities	(173,295)	3,856
Net (decrease) in cash and cash equivalents		(84,696)	(76,144)
Cash and cash equivalents at	1 April 2022	350,501	426,645
Cash and cash equivalents at	31 March 2023	265,805	350,501
Cash and cash equivalents consist of:
Cash at bank and in hand		265,805	350,501
Cash flow from operating activities
(Deficit) for the year		(59,706)	(60,413)
Adjustments for non-cash items:
Depreciation on tangible fixed assets		33,081	4,206
Amortisation ofgrants		(2,888)	(2,888)
(Increase) in debtors		(13,980)	(12,557)
Increase/(decrease) in creditors		132,092	(8,348)
		88,599	(80,000)

OFFICERS HONORARIA	OFFICERS HONORARIA	2023	2022
		No	No
Average	number of persons
Honoraria	paid during the year	6,152	6,247

TURNOVER	TURNOVER			2023	2022
				6	6
Rents receivable				136,715	157,038
Service charges eligible		for Housing	Benefit	38,802	38,802
Amortisation of grants				2,888	2,888
				178,405	198,728
Less:	Rent (losses)	from voids		(13,888)	(30,187)
	Rent (losses)	from bad debts		(1,004)
				163,513	168,541
Add:	Other income	—hire of hall		10,560	6,680
	Other income	- LCC grant		7,893	7,870
				181,966	183,091

OPERATING	COSTS		2023	2022
			L'	P.
Direct property	management	costs	174,306	177,236
Administrative	costs		67,366	66,268
			241,672	243,504

DEFICIT FOR THE YEAR	DEFICIT FOR THE YEAR	DEFICIT FOR THE YEAR	2023	2022
			L
Deficit for the year is stated after charging
Reporting accountant's		remuneration	3,120	3,000
Depreciation			33,081	4,206
INTEREST	RECEIVABLE AND SIMILAR		2023	2022
INCOME			2	F
interest on	broker account		285	7
Interest on	bank deposit		1,010	39
Investment	income		18,184	14,625
			19,479	14,671

TANGIBLE FIXEDASSETS	TANGIBLE FIXEDASSETS	TANGIBLE FIXEDASSETS	Freehold
			housing	Computer	Fixtures 8
			properties	equipment	fittings	Total
			L'	2
Cost
At beginning	of year		802,564	1,744	1,550	805,858
Additions			289,772			289,772
At end of year			1,092,336	1,744	1,550	1,095,630
Depreciation
At beginning	of year		656,665	1,744	1,114	659,523
Charge for year			32,994		87	33,081
At end of year			689,659	1,744	1,201	692,604
Net book value
At 31 March	2023		402,677		349	403,026
At 31 March	2022		145,899		436	146,334
FIXEDASSET INVESTMENTS			Equities	COIF	Total
			L'	2	2
Market value	at beginning	of year	1,293,243	834,535	2,127,778
Additions at	cost		234,789		234,789
Withdrawals	from the fund		(331,787)		(331,787)
Surplus on revaluation			(68,353)	(8,440)	(76,793)
Market value	at end of year		1,127,892	826,095	1,953,987

14.	DEFERRED CAPITAL GRANT	DEFERRED CAPITAL GRANT	DEFERRED CAPITAL GRANT	2023	2022
				2	F
	At 1 April 2022			135,734	138,622
	Released to income	in the	year	(2,888)	(2,888)
	At 31 March 2023			132,846	135,734
	Amount due to be released		& 1 year	2,888	2,888
	Amount due to be released		& 1 year	129,958	132,846
				132,846	135,734
15.	HOUSING ACCOMMODATION			2023	2022
				2	L'
	Number of units				35

								2023	2022
Metric	1:	Reinvestment '/o						72'/o	8'%%d
Metric	2a:	New Supply (Social Housing	Units)		~%%d			0'/o	po/o
Metric	2b:	New Supply (Non-social housing		units)		/0		0'/o	Po%%d
Metric	3:	Gearing '/o						-33.0'/o	-147.2'%%d
Metric	4:	EBITDA MRI Interest Cover	%%d					PO%%d	0'/o
Metric	5:	Headline Social Housing Cost 2						P.6,905	F6,957
Metric	6a:	Operating Margin (social housing		lettings)			'/o	4.21 '%%d	3.20'/o
Metric	6b;	Operating Margin (Overall) '/o						-64.3'%%d	38.0'%%d
Metric	7:	Return on Capital Employed	'/o					-4.67'/o	2.65'%%d