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|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.||
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||||Note|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|
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||||Restricted|Revenue||
|---|---|---|---|---|---|
||||Reserves|Reserves|Total|
|||||F|E|
|At 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 31 March 2022 and|1 April 2022||1,505,718|984,210|2,489,928|
|Deficit for the year||||(117,020)|(117,020)|
|Total comprehensive|income||1,505,718|867,190|2,372,908|
|Investment
revaluation|||(37,080)|37,080||
|At 31 March 2023|||1,468,638|904,270|2,372,908|
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||||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:||||||||
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|||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)|
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|OFFICERS HONORARIA|OFFICERS HONORARIA|2023|2022|
|---|---|---|---|
|||No|No|
|Average|number
of persons|||
|Honoraria|paid during the year|6,152|6,247|
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|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|
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|OPERATING|COSTS||2023|2022|
|---|---|---|---|---|
||||L'|P.|
|Direct property|management|costs|174,306|177,236|
|Administrative|costs||67,366|66,268|
||||241,672|243,504|
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|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|
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|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||
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|DEBTORS||2023J|2022
g|
|---|---|---|---|
|Rent arrears||7,544|4,478|
|Prepayments|and accrued income|39,133|28,219|
|||46,677|32,697|
|CASH AT BANK AND IN HAND||2023|2022|
|||L'|L'|
|Cash in bank|current account|6,000|6,000|
|Cash held on|deposit|259,805|344,501|
|||265,805|350,501|
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|12.|CREDITORS:|AMOUNTS|AMOUNTS|FALLING DUE WITHIN ONE YEAR|2023|2022|
|---|---|---|---|---|---|---|
||||||2|L'|
||Trade creditors||||33,346|15,900|
||Accruals and deferred||income||130,395|15,749|
||||||163,741|31,649|
|13.|CREDITORS:|AMOUNTS||FALLING DUE AFTER MORE|||
||THAN ONE YEAR||||2023|2022|
||||||P|2|
||Social Housing|Grant|||132,846|135,734|
||||||132,846|135,734|
|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|
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|||||||||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|