THE NORTH MEMORIAL HOME5 CITY OF LeicESTER FINCIAL STATEMENTS FOR THE YEAR ENDEO 31ST MARCH 2024 Regist•rod Charity Number 215582 R8ylstered So¢ial Housing Provldei Number L2793 Alrnshouse A5s0clatlon Number 1839
THE NORTH MEMORIAL HOMES CITY OF LEICE TER FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2024 NTENTS PAGES Registeréd Social Housing Provider Information R8POrt of the Trustees R&porting Accounlanvs report lo the Trustees Slalement of comprehensiv8 income Slatsment of changes in reserves BaL9@ 8h8et Statement of cash flow5 Note5 to the financial statements 10t015
Page 1 THE NORTH MEMORIAL HOMES CITY OF LEICESTER REGI TERE G PROVIDER INFORMATION The Tru8te&$ and Commlttètr of Managernent Mr A Nelson Dr M Solanki Ll Col D J Young Mr G Hunl Mrs L Ingram Mrs J Bryars Mr L St Clair fvlrs C Varley Mr J BeWY Chairman until June 2024 Chairrnan from June 2024 Vice-chairnian (résigned 30 April 20231 Iresigned 12 Oecember 20231 Officers Mrs K Smith (Hon Administralorl Professiorbal advi$*rs Sheldon. Bosley. Knight LeiGesler Chanty Organisatn Saciety (Charily Link) Letting Agents to 30 Seplernber 2023 Sretary and Treasurer to the TNslees Lèlling Agent from 1 November 2023 Reportlny actountant Andreww Stsnl FCA Johnson Murkott & Hu1 Chart8r8d A(xount8n15 Rawdon Housè Rawdon T6rr8CÈ Ashby de la Zouch Leiceslershir6 LE65 2GN Bankers HSBC Bank plc Brokers Westerby Inveslment Management Ltd. LÈice51er City Council has, since Ihe inception of Ihe North Memorial Hotnes in 1918. been vÈry involved in the d8V8lopment and 8uccoss of the Chonty. It was Sir Jonathan North who, as Lord Mayorof Leicesler. inau9uraiad thé Fund. Sinc8 that lim& LèiGe51er City Council ha5 continued to a55i51 the Charity in thè provEion of prof8sslonal expertise in the fcnn of Out of Hours aj Emarg8n¢y Repairs.
Page 2 The NORTH MEMORIAL HOMES CITY OF LEICESTER REPORT OF THE TRUSTEES YEAR ENDED 31ST MARCH 2024 The Trustees and Cornmittee of Managament pr8S8nt th8ir r&port 1ogathèrIh the financial Statements of the Charity for th8 year ended 31 March 2024. Thè financial slaletnents have been prepared in accordance with the accounting Felic£ sel out on pag8 10 and comply wlh thé Tru51 Deed and applicable law. Constitthlon and objects The Charity 15 conslituled under a Trust Dead dated 22 F8bru8ry 2007 as ametvjed by a Scheme Dated 3 July 2019. 8nd K8 8 registered charity No 215582. The Charity Is also a Registered Sottial Housing Provider No L2793. The Charitys original objecl was the provision of self<onlained houses for disabled 8x-s8rvic8m8n 8nd Ih8lr famil5, were CAtizens of thè City of LeIster, following tha end of tha Fifsl World War. Since that time the qualifications hav& b&8n broadened, with the approval of the Charity Commissionats, 10 include the dow or widower of such a person.. a parson who is perrnanenlly physically di5abl8d and in n8céssiIou8 cir(xJrnslances, a p9rs0n in necessilou5 circumstances. In 8v&ry case the residential qualification 8pplies unléss there ale exceptional circumstsrKes. The area of benefit has b8en eended from the City of L8iC8sler. lo include Ihè Counties of Leicestershire and Rutland A5 a result of a declin6 In the nutnber of familie5 Seeking houses. th? Ch8ri1y commenced a programme lo convert èa¢h property into iwo sebf-containad fLgls. At the present lime Ihere are fw8 house8 and thirty flats. Organisational stru¢tur8 and tralning The property of the Charily is vested Mlh the l)ffickql Custodian for Charities. Thè management of the Charity Is undert8ken by a Cornmittee comprising the Tw5tees and adws8d by the Treasurer and Sectrry. The Iruslees consist of.. - 2 ex-officjo Trusle8S 3 nominated Trusie&s - and not more than 7 cOpIlV& Trustees. Thè Cotnmitlee meets al least quartety arKJ recav8S 8ssislancÈ frorn officers of L8ice8t8r City Council in out of hours 6mergénGy repair5. New Board mernbers are gwen an induction pack whith proe5 information on the Charity's servic8s, Its con51l1utn and financial position. logelh8r with their legal obligations. They are also br18fed on their duties by the chair of the Management Board. Financlal rgvlow and Invo8tm•nt policy Al the commencement of th8 Charity an Endowmént Fur was trartsferrèd and this must be retsined in perpetuity. Incoms Is generated by r8v&nue frow rents and inveslmenls. Irome trarned 15 Used lo maintain and improve the properb8s and grounds and any surplusldeficil Is transferred to the Revenu8 Reserve Fund The InVlMnI Strategy 15 raviewed regularly and currently thé pdrnary aim is lo athieve income Mlh minimum nsk whil$i 5e8king capltal growth. A raprestnlalive from th& inve51rnenl 8dvi50r5, Wasletys, aM8nds Managernent Committee tneeliTrJs regularly to report on the investments. R•serv88 policy It is Ihe policy of Ihè Charity that free reseryes should be maintained at a lev618quwalent to twewe months operating costs Ihout Income from Weekly Mainltrnance Charg&s (WMCI. The Trusl8ES consider that reserves al this18vel will ensure that, in the event of a signifan1 reduction In income. they will be lo continu2 the Charitys current aclivili&s Wthile consideration is gwen lo ways in which additional income may b& generate(J The Trustees also recognise Ihe need for Investment incorna lo meet any exce55 of costs over WMC income and have r8sotrrfed lo maintain r8serves suffici8ni 10 generate such irOrne. However, it is not possible al pr8s8ni to detsrminé a figure for free reseNes as North Memorial Homès has been undertaking maityr refurbishm8nl work which is not yel condudèd. Tha lev81 of résetves will b& kèpl un(*r revi6W throughout thé year by th? Trustee5. Extraordlnary Repalr Fund IERFI This re51ricled fund is la be used for future major eKpendilur8 8nd tnajor refU1$hment projects. Transfers wll be mad8 from the Income and ExperltUre Account. The fund forms part of the inv8$tment portfolio. 11 can be drawn upon lo meet major il&ms of repair as deemed n&eessary. In thé longer term, it i5 the inlanlion of the Trustees that the ERF b6 converted to a d8Sl9nated fund to allow the Trustees lo adjust the level of fijnds held io tneet the Chanty's need5. Thè requirement 10 rnake a fixed contribution of E2.890 this fund each year has been ramovèd. The Trusle8s ha¥È discretion to make further conlnbulrons lo the fund should the nood arise.
Pag8 3 THE NORTH MEMORIAL HOMES CITY OF LEICESTER REPORT OF THE TRUSTEES CONTINUE YEAR ENDED31ST MARCH 2024 Cyellcal Maintonance Fund ICMFI This designat fund. to which transfers will b8 made from the Income and Expenditure account, will be used to meet maintenance costs occurriw al regular inlervals. At presanl, Ihare are nD funds d&signat8d for th15 purpose bjt th8 Trustee5 11 giv8 con81dÈration lo the establishment of a CMF onc& Ihe currenl major works progr3mme is compl818d. The18v81 of funds held in the CMF Mryll be linked lo a pL8nned rnaintenance programine which will be drawn up once the refurbishmént work5 are compl?le. Endowment Fund Thé &ndowmenl fund a88&1$ comprise of thè housing arKI futn81 properties of Irth Mèmorial Homes and its 8ndowrnent inv8Stmtrnts. Any profil or loss arising from revaluation or sale of Ihos8 85sets 15 add8d lo Ihe endowment fund aach yèar. Commitments The Twslees havé agreed upon a major programme of works involving th& mplacemenl of the windows and door5 to all properties. Improvetnen15 to the IherFnal erriciency ¥vhartr need and a r8dev8lopment of two blocks to convert eight existing one-bedrcom flats into twcFbedroom trnes. The Trusites have obtained eslimai&s and consider that thè cost will b8 around £1.23m. The programme of wotks Ongng throughout tha yèar. Valug for Monty The Trv5tees have reviewed the value for tnoney ef the opèration of the Hom8s and have had r8gard to guidance from th R8gulalor of Social Housing with resptcl lo small housing provKlers. The recommended value for money iThJicalors 8p8cifiwJ in such guidance are induded in these accounts The judgement of Ihe Trust888 Is Ihal these irK1icator5 evidenc8 that the Homes has strong profil margins, intèrèst payrnent cover and liquidity. The Twstees have reviewed the slal? of thè buikying sleck resuhing in a plann8d programme of refurbishmenl and nKd8misaiion. The VFM indicator5 will be r8weweLI 10 8nsuro that they remain appropriate to 8 modemi¥ed stock. Risk managernent The Trusl8é5 have examined the maiu slr8legr. busin8ss and operational ri5k5 which thé Charity faces and confimi Ihal system$ have been eslablished lo 8nabl8 regular reports to be pro(Juced so that Ihe nacessary steps can ba 18ken to 18ss8n Ihese risks. Trust8ès' responsibSllties in felation to the flnancial 5tatomèntS Law applicable lo the Charity requires Ihe Truslses lo prepare fin8ncial statements for each financlal year %thich ulv9 a true and fair view of the Cha15 fiTrancièl actwititss during the year and of ils financial tKsilh?n 81 the end of the year In preparing those financial 513tem8nls the Trusl&as are quir8d lo.- al Select suitsblfr aceounling w11c$ and then apply Ih&m con515lenlly', bl Make judg8ments and è51imales that are reasonable and prudent, cl Stale wh81her applKabl8 accounting slan(lards and 51alem8nts of recommended practicè have be8n followed subject to any depariures disclosed anLI explained In the financial stalemenls.. and dl Prepare the financial statements on th8 going concèrn basis unless it Is inappropriate to presume that the Charity 11 continua in business. The Trustèe5 are responsible for kBeping accounting records which discbse wth reasonable accurw, at any tim8. the financial position of th8 Association. enabling them lo ensure that the finanual stalemants comply with the Housing arKI Regen&ralion Act 2008 and the Accounlir¥J D1ctIOn for private registered prowders of social housing 2019. They have genÉral responsibility for taking steps to Safeguard the assets of th8 Assocration and lo prevent and detecl fraud 8nd other irregularities.
Pagg 4 IAL FLEI TR TEES ONT AREN R?vlow tsflh• Th8 linancial slaternents for th9 yqar trg as allachwj show an delicll fLYth8 ygar be¢4US0 01 Ihe ongolr#J programme of rsfurbshmèni worts. The invesimem value reduced In the year as funds wprè WilraWn to undertake those Y15. The Tru888 ar8 ad¥rys by Wesierby Investment Managernenl Lld Ydlh fatton managlng tha PDrtlolio. whl¢h has ver8e well followng e global $hDckG ol tha Trceni ars. The Treasufèr works vAlh IheTruslees lo sel a dget each year lo take a¢Unt of the investment incorne needed Ilarn the invesimenls lo supplèmam th& In¢orno rÈcdvablg Irorn housing. The Trustees kegp the invested funds und8r roviowlo onsure SUVlen1 re5eNes aTe a¥ai18bl8 to carry out their legal res[AlbIl1e6. Tho Rewes PoliGyviU be few6d lurth8ronc8 Iho knw quantum ol th8 r£pairs and upgrades are knovm. Th&Tmsi888 angage ChaTliy nk in o serviGe level agreement forcharity administra1n and linancial m&naoemenl ¥ervices. TheTwslees hekj loui Management medings durtng iheyeas all In person in Nrylh Mernorial Hornes Hall. There ha¥8 b no changBs Trustees durinu the y9. At the year trfKJ Iherewete Ihi8&V8¢ancies on Ihe Board Df Twslee5. A¢iiv8 slaps are beSnp iakgn bylha Trusltes 10 lill those vacgncies. Durir¥this yefjr, refUhmn1 mainten8nc& waseorrlad out on 88Ver propart188. ano Sn F4rtiGukgT. Wort conlinu8d the conversn ol eighl unlls Irorn ontrbedroom lo tsJorO[Nll Ilal$. Th9 Tiuslee$ are avrdre olchanging demands and requirements lora¢Gotnrnodab'on andqualrfieation$ lo th8 6Ghwne were amendad in July 2019 such that Ihe'Area ol B£nBfft' teXt6 lOth8 ¢ounii8s ol L6icèster5hlrg and Rulland. Thg ryounds wnbnueto bg mrrtaInd lo a hlgh $landaFd by"E¥grgroen" Compltrlg Gaidgn North Mgmorial HDm8s Cont88 10 hawo Its wobi8 91¥9 inlormabon on th8 Homès and pro$tIVe aWkani$ are oble lo dOnOd an wlwlon Iorm. The Honorary Adrniruslratorwsits Ihe Horne3 en ne¢¢ry and reports any concern5 to the Secretary and Trustees. The Seuelary abo vlslts IhB Home5 when n8c8s8ary. The Trusiges and Pl4nag8m8ni commiu8eeoniinu8 10 wort wards the maintenance ol high leve& of service 4nd slandard¥.11 i8¢QWi54nl and appcIale ol the continug supF)rt gbven by Le881 Clty Councll. In the year. Ihe TrustOB5 conbnuedto worf( wlh Oaduy and Wigston Borough Council pard to Obtaining planniw permission 10 reFAace ¥nd¢S and doDfs to 1 proporfi65 to Impiove the Iherma afficlency of lh8 prOres. Tho wolÉci ID Convèrt ÉKJhl 88n9 on&b8dmom Ilais into Mo6droom ones was ¢tympkted in the yearand the newflals are mwlulty Oc1. The Trusi8es are advis8d from knmè its lime on the newdire¢lNes within the secloi and hav8 mad8 aciwe pmparabons forthtr ImpmentatIon ofthe n&sY Social Houslng Aci 2024. North i1em0rf Homes endaavourto entsuFg that apprwato proc8dur8s ara athpled wlevanl 10 Ihe size of organi541ion. In considering the Value lor Money slandard, Trust89$ fdlow a11ng prawico in en5urlng Fropelty costs are only iU1r after sèvoAI dre obtained. Futhermore, any inv8simenlS are SLitae apprais1. We£kly Maintenance Gon1rili0ns lollowapyopriaw OUanCe. Thg organation opBrdle& undgr d8llned wles prov0 10 all ottupani8. Approved by the Tru6teeB and K4anagem8nt Committeeatvj ts¥Jn on IhBir bohall by.. OL 3,09.a(x4 Dr M SoL9nkl hrrnan Date
Page 5 THE NORTH MEMORIAL HOMES CITY OF LEICESTER PORTING ACCOUNTAMfs REPORT TO THE TRUSTEES YEAR ENDED 31ST MARCH 2024 A¢etruntant's report tr* the Tru5t885 on th& unaudilad accounts I report lo the trustee5 on the accounts for the year ended 31 March 2024 whh are sel out on pagas 6 to 15. Respective re8pon81bllltit$ of the Trustees and r8POrtlng ateountant The Trustees of th8 RegislÈrtd Housing ProVer are responsible for the pr8paralion of the accounts. and they considÈr that th6 R8gister8d Social Housing Provider is exèmpt from an audit. 11 is my reswnsibilily lo carry out procedur&s designed to enable MÈ lo report my opinion. Basis of opinion My procedures consisted of ¢omparing the aecoun15 With the accounting records kept by Ihe Registered Social Hou51ry Provider 8nd making enouiries of th& officer5 of the Regis18red Social Housing Provider as I considered necessary ror It purpose of this r£porf. Thasa wocedures provide th? only a88urance expressed in my opinK>n. Oplnlon In my opinnn.. the accounts for Ihe year ead 31 March 2024 are in accordance with the accounting records kept by thé Registered Social Housing Provider under paragraph 13512118) of thè Housing and Reganeraiion Act 2008., haviry regard only to. and on the ba515 of tha information ¢onlained in the accounting records.. the account5 Comply With the rgquir6m8nts of the Charities Act 2011., Ihe Regisler8d Social Housing Provider has salisfi8d th8 conditions for examplion frorn an audil of the accounts for the year ended 31 March 2024 specified in 58clion 136131 of the Housing and Regeneration Act 2008., th& accounts cornply with th8 requirements of thg Housing and R8gtrneration Act 2008 and the A¢counling Direction for private r8ulstered proVerS of Social IKiusing 2019. Andraw W Slant FCA R2poring Accounlanl Johnson Murkett and Hurst Chartered Accountants Date
Page 6 YHE NORTH MEMORIAL HOMES crTY OF LEICESTER ATEMENT OF PREHENSWE YEAR ENDED 1ST MAJICH 2024 TURNOVER 177.977 181,966 OPERATING COSTS 1369,5511 1241,6721 OPERAnNG IDEFicrr) 159,7061 Inlgrtrsl r¢8fvab and $rnllar Incomo Incieas8llderrea3el In the value ol itbvestfflenls 25.761 130.068 19,479 176,7931 TOTAL COMPREHENSIVE IDEFICM FOR THE YEAR 155.7451 JI ol the aeithiS ot the ChaTty are cLqssed as continuing. These linantsal stalgments wer8 approved by Ihg Trusleas and the Commlttee ol Man*JemeM on. ... ................ and are sAgn8d on Ihair b8hall by.. vIFtwl¥ 03.Qq, lol4 . Chairrnan Date Trustee Dale Th• note¥ on pwg 10 to 15 form part of lhe fln4nclo1 st•lomenM
Pa98 7 THE NORTH MEIIIORIAL HOME CITY OF LEICESTER TATEMENT OF CHANGes IN RESERVES YEAR ENDED 31ST MARCH 2024 Rostrlctèd Reserv95 Reva Res8rv8S Total At 1 April 2022 1,505,718 984,210 2,489,928 Doficil for th8 year 1117.0201 1117,Q201 Totsl comprehenslvo Ineom 1,505,718 867.190 2,372,908 Invtrsitnenl revaluation 137.0801 37,080 At 31 M8rch 2023 and 1 Aprll 2023 1.468,638 904,270 2,372.908 Def11 for the year 155.7451 155,7451 Total comprohenslv6 Incom• 1,468.638 848,$25 2.317,163 Inv&slment revaluation Transfaraf expenditure frorn Extraordinary R8pair Fund 113.879 187,4691 1113.8791 87.469 At 31 March 2024 1,495,048 822,115 2,317,183 The notes on pag85 10 to 15 form part of these Iln8ncial statement8
Pagp 8 RIAL ijb 8A 31ST No 2024 FIXED SET8 HoUrj fNQPBrtiÈs Cotnputer8quipmEni Fir¥S & fittlNJs B25.795 402.677 277 349 826.072 1,509.819 403.026 1,953,987 lovosimen 2,335.891 2.357.013 CURHENT A5SErs DebtOTS Cash al bank and in hand yo 13.731 124.435 46,677 265,805 138,166 312.482 CAEDITORS.. Amoun15 t&liw due 1h1n year 12 126,9361 1163.7411 NET ¢UHmENTsE[s 111.230 148.741 TOTAL ASSETS LESS RR£r LIABILMES 2,447.121 2,505,754 ¢REDITQRS: Amounts Idln9 due after moi8 Ihan Dne y 13 1129.9581 1132,8461 2.317.163 2.372,908 RESERVES Restrreted 4¥T¥9¥ Rgvgnu& reseFw8S 16 16 1,495.048 822.115 1.468.628 4,270 2.317.163 2,372.908 Thes8 financlal sments wer8 app1 by Ihtr Tiusiee5 and Ihe Commimoe ol Managemani on..........,......,.... an(1 are skJn¥J on Ihdr beh811 by.. gDLfi 41 c)3 cq Charman Date Trustee Dale Th? nots8 on pJqe¥ 10 to 15 fom part of IhwolÈM•nclal stst¥S
Page 9 ThE NORTH MEMORIAL HOMES CITY OF LEICESTER CASHFLOW STATEMENT YEAR ENDED 31ST MARCH 2024 2024 2023 Net cash flow from operating actlvltles 1234,5751 88,599 Cash flow from Invostlng actlvltl88 Refurbishment of taryible fixed ass81s- housing prop8rties Payments 10 acquire Invèsimenis Rectripts from sales of Inv6slments Inl?resl r8cewed 1506,7921 128,0601 602,296 25,761 1289,7721 1234,7891 331,787 19,479 Net Cash flow from invesWng actlvltle8 93.205 1173.2951 t IdBcreasel in cash and cash equlval8nts 1141,3701 184,6*1 Cash and cash •qUalentS at 1 Aprll 2023 265,805 0,501 Cash and cash equlva18nts at 31 March 2024 124,435 265,805 Cash and cash equivalent5 con81St of.. Cash ai bank and in hand 124,435 265,805 Cash fi¢)w from operating actlvltlEs (Deficit) for thé yèar Adjustments lor non<ash items.. Dèpreciation on tsngible fixed assets Amortisalion of gran18 Ilncreasel In d&biors 1CreaSe116¢r8astrI in creditors 1211.ST41 159,7061 83.746 12,8881 32,946 1136,8051 33,081 12,8881 113,9801 132,092 1234,5751 88,599 The note8 on pages 10 to 15 fomi part of these linancial statements
Page 10 E NORTH MEMORIAL HOMES CITY OF LeicE5TER NOTES TO THE FINANCIAL STATEMENT YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES The followiTrJ accounting policl8s havè been used ¢on515lenUy in dealiry with items which are considered matenal in relation lo the Charitys finarKrdl stslemen15 Ba8t8 of Ac¢ountlny The Noth Memorial Homes City Df Leic8s18r is 8 prwate registered prDvider of social housing in the United Kingdom. The address of th8 regislerad office is gwen in the Charity's Information on page 1 of these financial slal?m8nts. The Charity conslilutes a public b8nefil entity a5 defined by FRS 1D2. The financial statements have be?n prèpared In accordance with applicable accounting sland8rd$ includityd Financial Reporting Standard 102, thé Housing SORP 2018. Statement of Recomm&ndÈd Practice for Registered Social Housing Providers. and wlh the Accounting Direction for the pnval& regisitrèd provider5 for Social housing 2019. These financial statements 8re also prepared under the requirernenls ol the Housing Regeneration AGI 2008. The financial slal&ments have been prepared on a going concern basis under tha historical c081 convèntion, modrfied to includ8 certain iletns at fair value. Thé finanaal statements are prepared in sterling, which is th? functional currency of tho Régislad Sotial Housing Provider, and rounded to the nearest £1. The significant accounliw policie5 applied In lh8 pr8paralion of these financial statam&nts are set out below. These policies hav6 beèn consistentty applied to all yèars pre$ented unl8SS Otherwise slated. Tumovar Turwvar rapr&sènl8 rentsl and service charge income receivable in the year. Flxed ass•ts and depreciatlon Housing prop8rt188 are Slated al ojst lass accumulated depreciation. C051 inc1Je5 costs directly atlributsbl lo making th8 8ssè1 capable of op6ralir*J as intended such as th? tost of acquiring land and bullding5. devebpment cosls, inl&resl charues on loans during the development period and fyyendilure on improvements. D8wecrotion is provided on all tangibl& fixed asse15, at rates calculated lo write off thé cosl, 55 esbmal resldual value. of each ass81 on 4 syslematsc ba515 Over ils extted useful life as follows-. Housing property wnv?rsiot15 Rè-roofing Computerequipment Fixtures & fittings 10 y&8rs straht lin8 70 yèars slraighl lin8 3 years straight line 20¥0 reducing balance Soclal housing yrant and othor grants Where developrnenls have been financèd wholty or partty by socigl housing and other grants, the amount of th& grant received has btren included as deferred income and recognised in Tvmover ovèr the eslimal8d useful life of the associated ass81 Structure Inol landl. under thè accwa15 model. SHG received for ileTll5 Qf cost wNtlen off irTr the Slalement of Comprehensiva Income Account & Induded as part of Turnov6r. When Social Housmg Grant ISHGI in respect of housing properties In thè course of exceeds tslal cost to (late of thos8 housing PfOP&rtie5, the excass is shown as a current liability. SHG musl be reCYCd by the Group under certain condition5. il a prop&rty is sokj. or rfanolhèr relevant evenl lakes place. In these cas&s. the SHG c8n be used for projects approved by the Home5 and Communities Agency and Greater London AulIrity. Howéver. SHG may have lo be repaKJ If certain condiliorTrs a not m81. If the grant 15 not required lo be recycled or repaid, any unamortisfrd grant is récognised as Ttsrnover. In certain circumstances, SHG may be r?Yae, and in thai event, 15 8 subordinated unsecured repayable debt. Invgsfm8nts Invésiwents are staléd al market value wilh any surplus over cost bthng credi18d lo the Stslemenl of Cotnprehen5ive Incom&.
Pa9e11 TrIE NORTH MeMoRIAL HOMES CIYY OF LEICESTER NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2024 COUNTING POLICIES Thasè compris& endc%Yment rund and the exira¢ydinary repair fund5. Any surplus or daficil on dispos81 of the Invèstmènts irtluding ralUatn$. held a5 part of the 8ndowmenl fund must b? traTrsfeFr8d frotn revenue reserve. Capltali5atSon of interèst Intarast on the mortg8ge loan financing H developtnenl is capitalised up lo the dale of prathcal completion of proJ8Ct. Debtors and creditors receivable I payable wfjthln one year Debtors and creditors with no staled interest rate and receivable or payabl? wlhin on& year a recorded al Iran5aclion price. Any losses arising froKn irnpairment are recognised in tha stat8m8nt ofcompr8h&nsiv8 intom8 in other administrative exp8nsas. OFFiceRS HONORARIA 024 2023 Avera number of PSOnS Honoraria paid during year 6,152 6,152 Thè Iruslées did not receive any T8munwaiK)n or other benefits frorn employmèni wlh the charity. TURNOVER 2024 202 Rents Ceable Service charo&s 81igible for Housing Bènefit Amortisalion ofgrants 176,195 136,715 38,802 2.888 2.888 179,083 178,405 Less.. Rent (losses) from voids Reni1105se51 from bad debts 14,0361 112,6541 113,8881 11.0041 162,393 163.513 Add.. Oth8r Income- hire of hall othèr income- LCC grani 14,820 10.560 7,893 177.977 181.966
Page 12 THE NORTH MEMORIAL HOMES CITY OF LÈICESTER NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MAR 24 OPERATING COSTS 2024 2023 Oirecl property rnanagemenl costs Admin18trèlive costs 306,218 83.333 174,306 67.366 389.551 241.672 DEFICIT FOR THE YEAR 2D24 2023 Deficit for the year is stated after charging Reporting accounbnfs Mneratn Deprecialion 3.276 83.746 3.120 33.081 INTEREST RECEIVABLE SIMILAR INCOME 2024 2023 Intsrasl on brokeraccount Interasl on bank d&posil Investment Incotne 530 4.443 20,788 285 1,010 18,184 25.761 19.479 TAXATION North Memorial Hornes is a Régistered Social Hou&iw PrOv0r 8nd also a Règistered Charity is ex&mpl from tsxatvn.
Paoe 13 THE NORTH MEMORIAL HOMES LEICESTER TE THE FINAN IAL STATEMENTS YEAR ENDED 31ST MARCH 2024 TANGIBLE FIXED ASSETS Fteehold housing propertl85 Computer equlpment Flxtures a fittlngs Totsl Cost At beginnIg ofyear Additions 1,092,336 506,792 1.744 1,550 1,095,630 $06,792 At end of year 1,599.128 1,744 1,550 1,602.422 D8pr&clatlon Al beginning of year Charg8 for year 689.659 83.674 1,744 1.201 692.604 83.748 At end of year 773,333 1.744 1,273 778,350 N&t book value At 31 March 2024 825,795 277 826,072 At 31 March 2023 402,677 349 403,028 FIXED ASSET INVESThIENTS Equltle5 COIF Total Market valu8 al gInning of year Addilions ai cosi wrthdrawals frorn the fund Stsrplus on revaluation 1,127,892 28,060 1602.2961 28,381 826,095 1,953.987 28.060 1602.2961 130,068 101,687 Market value al end of year 582,037 927,782 1.509,819 Th8 Westerby inve5tm8nl Includèd in Equities has been tated as a rnanaged fund. As a re5utt. the Inv8$tment in the fuTrJ has been disdosed as opposed trj thé Individual shar&hoklings. 10. oe8TORS 2024 2023 Rent aearS Pr8paym8nts and accrued inwma 4,088 9,643 7.544 39.133 13,731 46.677 11. CASH AT BANK AND IN HAND 2024 202 Cash in bank curyenl a¢Euunl Cash hèld on deposit 6,000 118,435 6,000 259.805 124,435 265.805
Pago 14 The NORTH MEMORIAL HOMES OF LEICESTER NOTE5 TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2024 12. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 20 Trade creditor5 Accrua15 and deferred income 4,516 22,420 33,346 130,395 26,936 163.741 13. CREDITORS.. AMOUNTS FALUNG DUE AFTER MORE ONE YEAR 2024 2023 Soaal Houng Grant 129.958 132,846 129.958 132.e46 brtgage bans are advanced by I(01 aulhorilie5 or the Homes & Communitie5 Agency and bear inter8st ai approxirnalely 10% par annum under the terms of indNMlual mortgage deeds in resp8d of8ach property. Advances are av8i18ble onty in respect of Ihose devloptn8nts which hav8 bean givan approval for socwl housirg grant by th& Home5 & Comrnunilies AgenEy. 14 DEFERRED CAPITAL GRANT 2024 202 Al 1 April 2023 Rdeased lo Income in the year 132,846 12,8881 135.734 12.8881 At 31 Marth 2024 129.958 132,848 Amwnt du? to be reaSed < 1 yaar Amount due to b8 r81èased > 1 year 2.888 127.070 2.888 129,958 129,958 122,846 15. HOUSING ACCOMMODATION 2024 2023 Number gf units 35 35
Pag815 THE NORTH MEMORIAL HOMES CITY OF LEICESTER NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2024 16. RESERVES Rtstrl¢ted fundts Exlraordinary Repalr Fund EndowmnI Fund Reven Res8rve Total Balances brought forward Compr?hensr48 income for year ReValuat}n ol lrnfèsim&nl$ 681,037 787,601 187,4691 101.687 904,270 31,724 1113,8791 2,372,908 155,7451 12.192 Balancas carriad forward 693,229 801,819 822,115 2.317,163 17. LEGAL STATUS Norfh Mernorial Homes is a Registsred Ch8ri1y nurnber 215582 and a150 a Registered Social Housing Provid8r number U793. 18. COMMITMENTS Thtr Trustees have ayreed upon a major prograTlltne of works irivolwng the replac&menl of th8 Mndowts and doors to all properties. improvements lo th& thermal efficiency where needed and 8 r8developtnenl of two blocks lo convert eight exi51ing one-bectroom flats Into IwTrbedroom onas. The Trusteés have obtained e51im¥les and consider that the C05t wll be around £1.23m. Work on this commenced in January 2023. Capital c051s to Ihe year end of £801,564 have been incurred, with £506,792 being shown ès addition8 to Freehokj property in note 8. 19. INDEMNITY INSURANCE The Charity purchas&d insurar6 al a tost of £458 to indemnify the lrnslees officers ag8insl the consequences of any neglect or default on their part. Approval for this was reGewed from the Charity Cornmisslon. 20. VALUE FOR MONeY KEY METRICS 2024 2023 Métric 1". M81ric 2a.. Mèlnc 2b". Mètric 3.. 4.. Metrr S.. Matric 6a.. Metric 6b.. Mètric 7.. R8inw8Stmenl % New Supply ISoGial Housing Unitsl % New Supply (Non-social housing unit51 % Gearing % EBITDA MRI Interest Cover % Headline Social Mousing Cost £ Op&raling Margin (social housing l&tlingsl % Opardiing Margin (Overall) % R6turn on Capital Empbyed 61% 0% 72% 0% 0.66% .33.0% £11,130 -72.05% -31.2% -2.27% ££.905 421% -64.3% 4.67%