||Page|
|---|---|
|Report oftheTrustee|ItoS|
|Independent Examiner'sReport|9|
|StatementofComprehensiveIncome2023|10|
|ComparativeStatementofComprehensiveIncame2022|11|
|Statementof Financial Position|12ta13|
|StatementofCashFlows|14|
|StatementofChangeinFunds|15|
|NotestotheFinaacialStatements|16to28|
|DetailedStatementsofComprehensiveIncome2023|25to26|
|ComparativeDetailedStatementsofComprehensiveIncome2022|27tDZS|
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|||31.12.23|31.12.22|
|---|---|---|---|
|i|Reinvestment7o|32.45Vo|A.AAVo|
|i^|Newsupply delivered7o(SocialHousing units)|A.A3Va|a.oack|
|2b.|Newsupplydelivered7o(Non-Social Housing units)|O.lAYo|A.jAVo|
|3|GearingVo|1.83?o|-15.59Va|
|4.|Earnings before Interest, Tax, Depreciation,Amortisation,MajorRepairsIncluded|||
||Interest CoverVa|837.37Vo|1736.SZVo|
|5|Headline Social Housing Ccst PerUnit|L5,937.37|t4,878.17|
|6a.|OperatingMargin(social housinglettings)7o|12.89Vo|21.26Vo|
|6b.|OperatingMargin {averall)Va|12.89Va|21.26Va|
|7|Retum onCapital Employed(ROCE)7o|5.20Va|8.28Vo|
##
##
|i|||||2423|2422|Target|
|---|---|---|---|---|---|---|---|
|1
-1|Contributions
of|col
lected
the Board|d
of Directors|of contributionsowed|93.21Vo
98.73Vo
86.807o|99.55Vo
96.617o
89.2A7o|95.AA7o
troa.0*vo
48.6}ck|
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|StatementofComprehensive Income
ortheYearEnded31December 2023|||||||
|---|---|---|---|---|---|---|
|||||31.12.23||31.12.22|
||Unrestricted||||||
||Generaland||||||
||Designated||Restricted||||
|||funds|funds|Total funds|Total funds||
||Notes|f|s|T||f,|
|TURNOVER|18.|205"165|14,944|224,145||241,974|
|Operating Costs|18|{191,729)||{r91;129)||(159,031)|
|OPERATING SURPLUS/(DEFICIT)||13,436|14,94fr|28,376||42,943|
|Donations|lo
lo|855||855||)fi|
|Interestreceivableandotherincome|1R|5,392||s,392||4R{?|
|Interest payableandfinance costs|ta|(3,182)||(3,182)||{3,228)|
|Realised gains/ (losses) on investments|18.|16,770||16"770|||
|SURPLUS/(DEFICIT) FORTHE YEAR||33,271|ru,944|48,277||44,588|
|Unrealised(loss)/gains on investments|7|(15,015)||(1s,01s)||(3,627\|
|TOTALCOMPREHENSIVE|||||||
|INCOME/(DEFICIT)FORTHE YEAR|||||||
|BEFORE TRANSFE OFF'UNDS||18,256|14,944|33,196||44,961|
|Transferbetween funds|12.||||||
|TOTALCOMPR,EHENSIVE|||||||
|INCOME/(DEFICIT)FORTHE YEAR||18,256|14,940|33,196||44,961|
|Totalfundsbrought forward|t2.|475,613|300|475,913||434,952|
|TI}TALFUNDSCARRTEDFORWARD12.||493.869|$,24A|509,109||475,913|
|
fortheYearEnded31DecemberZ$22||||||
|---|---|---|---|---|---|
|||||3t.r2.2231.12.2t||
|||Unrestricted||||
|||Generaland||||
|||Designated|Restricted|||
|||funds|funds|Total funds|Total funds|
||Notes|s|s|c|I.|
|TUR.NOVER|19|201,974||201,974|185,719|
|Operating Costs|t9|(1s8,s31)|(500)|(159,031)|(20s,208)|
|OPERATINGSURPLUS/(DEFICIT)||43,443|(s00)|a)q11?.|(19,489)|
|Donations|t9|1t\||2A|t,2w|
|Interestreceivableandotherincome|i9|4,853||4,853|3,606|
|Interest payable and finance costs|19|{3,228)||(3,228)|(3,171)|
|Realised gains/ (losses) on investments|t9|||||
|SI.IRPLUS/(DEFICIT) FORTIIEYEAR||45,088|(s00)|44,588|(17,8s3)|
|Unrealised(loss)/gains oninvestments|19|{3,627)||(3,627)|I0,816|
|TOTALCOMPREHENSTVEINCOME||||||
|1(DEFICIT)FORTHEYEAR BEFORE||||||
|TRANSFEOFT'UNDS||41,461|(500)|40,961|{1,037)|
|Transferbetween funds|13|||||
|TOTALCOMPREHENSTVE||||||
|INCOME/(DETTCIT)F'ORTHE YEAR||41,46t|(s00)|44,961|(7,037)|
|Totalfundsbrought forward|l-1|434,152|800|434,952|441,989|
|TOTAI,FUNDSCARRMDFORWARD|13|475,613|300|475,913|
434,952|
||||||||31.12"2331.12.22|31.12"2331.12.22|31.12"2331.12.22|
|---|---|---|---|---|---|---|---|---|---|
||||CaPital&|||||||
|||||Extra-||||||
||||OrdinarY|||||||
||Unrestricted||Restricted|RePair|Property|||Total|Total|
|||Funds|Fund|Fund||Fund||funds|funds|
||Notes|s||f||||s|s|
|FXEDASSETS
Tangibleassets
Investments|6.
7.|562
90,216|M.944|89,726
16,500||325"678
-|430,906
fi6,716||3A4,894
124,859|
|||90,77814,94Arc6,226||||325,678||537,622|429,753|
|CURRENTASSETS
Debtors
Cashatbank andinhand|6.
14.|13,784
34,336|300|||||13;784
34,636|9,244
96,096|
|||48,120|300|||||48,420|105,336|
|CREDITORS
Amountsfallingduewithinoneyear9||{4CI,45'7)||||{2e2)||$-A,74e)|(16,700)|
|I\ETCURREF]TASSETS||/,btlJ|300|||{292)7,671|||88,636|
|TOTAI.ASSETSLESS
CURRENTLIABILITIES||98,44115,240||rc6,226325,386||||545,293|518,389|
|CREDITORS||||||||||
|Amountsfallingdue more thanone
year|10.|(18,000)||||(18,184)(36,184){42,476)||||
|NETASSETS||8A,44175,240||105,2253A7'ZA2||||509'109|475'913|
|||!||!f::||||||
|FUNDS
Urestrictedfunds
Designated funds
Restricted funds|12.|||||||80,441
4.13,428
15,240|103,053
3"12,560
300|
|TOTALFUNDS||||||||509,109415,913||
##
||Notes|31.12.23|31.12.22|
|---|---|---|---|
|||f|$|
|OPER.A,TINGACTIIVITES||||
|Netcashgeneratedfromoperations|14.|61,956|52,713|
|Interestpaid||(2,800)|{2,834)|
|NBTCASH GENERATEDFROtrTOPERATINGACTTVTTIES||sq15q|49,879|
|CA.SHFLOW FROMINTVESTTNGACTIYITTES||||
|Improvementsrohousingproperties|6.|(139,6s4)||
|Interest anddividendsreceived on investments|2.|5,392|4,653|
|Purchaseofinvestments|7.|(5,102)|(4,606)|
|Saleproceedsofinvestments||25,000||
|NET CAS}I FLOWFROMI(USEDIN) INVESTINGACTIVITES||{114,363)|+t|
|CASHFLOW FROM FINANCING ACTWITTES||||
|Repaymentof bon'owings||(6,2s2)|(6,219)|
|NET(DECREASEi/TNCREASEINCASIIAl\{D CASH||||
|EQUTVALENTS||(61,460)|$,747|
|CASH A]qD CASHEQUIVALENTS,ATTTIEBEGINNINING||||
|OFTHE YEAR||96.096|52.389|
|CASHANDCASHEQUryALENTS ATTI{EEN}OFTHE||||
|YEAR|14.|34,636|96,496|
||||Capital&|||
|---|---|---|---|---|---|
||||Extra-|||
||Income and||Ordinary|||
||Expenditure|Restricted|Repair|Property|Total|
||Funds|tr'und|Fund|Fund|Funds|
||t|{|{.|t|.t'|
|Balanceat7lanuary 2422|49,359|800|177,226|207.567|434,952|
|(Deficit/Surplus forthe year|53,694|(s00)||(12,233)|40,961|
|Baianceat31 December2422|103,053|300|177,226|195,334|475,913|
|Surplus/(Deficit)forthe year|(22,612) t4,944||(71,000)|111,868|33,196|
|Balanceas31 December 2023|80,441|
15,24A|rc6,226|307,202|509,109|
|StaternentofChangesinFunds||||||
|fortheYearEnded31December 2022||||||
||||Capital&|||
||||Extra-|||
||Income and||Ordinary|||
||Expenditure|Restricted|Repair|Property|Total|
||F'unds|Fund|Fund|Fund|Funds|
||f||f|f|{.|
|Balanceat1January2021|68,845||117,226|195,918|441,989|
|Surplus/(Deficit) forthe year|(19,486)|800||n,649|(7,037)|
|Balance at 31 December 2A21|/0?{o|800|17"7,226|207,567|434,952|
|(Deficit)/Surplusforthe year|53,694|(508)||{12,233)44,961||
|Balanceas31 December 2022|103,053|300|tt7,226|195,334|475,913|
##
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##
|II{YESI]L{ENT INCOME|||
|---|---|---|
||31.12.23
t|37.12.22
t|
|Income fromLrankdeposit|291|+t|
|Dividend income|5,rcz|4,646|
||3,392|4,653|
##
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##
|STAFFCOSTS|||
|---|---|---|
||31.12"23|37.12.22|
||L|t|
|Wages andsala.ries|53,205|45,749|
|Socialseeuritycosts|||
|Other pensioncosts|572|1,388|
||54,7'71|47,637|
|The averagemonthlynumberofemployeesduringthe year wasasfollows:|||
||31.12.23|31.12.22|
||2|2|
|Noemployees received emolumentsinexcessoff,60,000.|||
|INTERESTPAY;trItLEdniiB SIA,IILARCI{ARGES|||
||31.12.23|31.72.22|
||E|t_|
|Mortgageinterest payable|2,800|2.834|
##
||Freehold|Froperty|Fixtures and||
|---|---|---|---|---|
|COST|property
f|improvements
t|fittings
I|Totals
t|
|At1lanuary 2023
Additions
Disposals|299,350
123,990|245,1A6
15,664|29,316|513,172
139,6s4|
|LessHousing Grant|(132,112)|||(i32,112)|
|At31 December 2A23|291,228|26A,770|29,316|581,314|
|}EPRECIATION|||||
|At1January 2023
Eliminatedon disposals|38,784|69,772|28,zrc|136,766|
|Chargeforyear|i,696|11,412|543|13,642|
|At31 December2023|4A,470|81,184|28,"1s4|150,408|
|NET BOOKVALUE|||||
|At3lDecernber 2A23|25A,758|179,586|562|430,906|
|At31 December2022|128,454|175,334|1,106|304,894|
|Inciudedwithinthe costoftheFreehold|property island costing{gg3i3||that is non depreciable||
|FIXEDASSETINVESTMENTS|||||
||||M&G||
|||M&G|General||
|||ERF Fund|Fund|Tctals|
|MARKET VALUE||E|f.|L|
|At7January2022
Additions
Disposals
Revaluations||50,687
2"A95
1,452|74,172
3,AA-I
(8,230)
(16,A67)|124,859
5,1A2
(8,230)
(15,0I5)|
|At31 DecemberZA23||53,833|52,882|146,716|
|NETBOOKYALLIE|||||
|At31 December 2A23||53,833|52.882|106,716|
|At3iDecember 2A22||50,687|74,1]2|124,959|
|Aliinvestments were heldintheUK.|||||
##
|DEBTORS: AII,IOUNTSFALLINGDUEWITHINO|NEYEAR||
|---|---|---|
||31.L2.23|3t.12.22|
||t|E|
|Residentscontributionsinarears|3,243|5,930|
|Bad debtprovision|||
|Prepaidexpenses|4,AOZ|3,310|
|Other debtors|6,580||
||13,784|9.244|
##
##
||31.12.23|31.12.22|
|---|---|---|
||s|E|
|Residentscontributionsreceivedinadvance|544|524|
|Mortgage|292|252|
|Accruedexpenses|32,242|9,343|
|NationalAlmshouseAssociationloan|5,000|6,000|
|PAYE/NIC/Pension|1,671|581|
||4A,749|15,740|
|CREDTTORS: AN{OUNTSFALLINGDUE S{ORETHANONEYEAR.|||
||31.12.23|3L.12.22|
||t|f|
|Mo*gage|18,184|18,476|
|NationalAlmshouseAssociation loan|18,000|24,040|
||36,184|42,416|
##
##
|MOVEME|{T$iFUI{DS||||||
|---|---|---|---|---|---|
||Ar1.01.23|Net movercent|Transfer||4t31.12.23|
|||infunds|tletween|||
|Unrestricted funds|s|{|fundsf||f|
|IncomeandExpenditureFund|103,053|18,256|(40,868)||80,441|
|Designatedfunds||||||
|ExtraordinaryRepairFLrnd|87,500||(71,000)||16,500|
|CapitalFund|89,726||||89,726|
|PropertyFund|195,334||1i1,868_||307,202|
|Linrestrictedand designatedfunds475.613||18,256|||493.869|
|Restricted funds||||||
|Gardening||||||
|FhysicalActivity|300||||300|
|NewBuildingFund||74,940|||ru,94A|
|Restricted funds|300|14,940|||15,24A|
|TOTALFUNDS|475,913|33,196|||509.109|
|TheExtraordinary repair fundis heldacrossthetotal ofthe investmentportfolio.||||||
|Netmoyementinfunds,included inthe aboveareasfollows:||||||
||lncorning|Resources|Gainsand||Nlovement|
||res(}urces|expended|losseson||infunds|
||||investments|||
|||rr|f||s|
|Unrestricted funds||||||
|IncomeandExpenditureFund|211,412|(194,911)||1,755|18,256|
|Designatedfunds||||||
|Extraordinary RepairFund||||||
|CapitalFund||||||
|ProperlyFund||||||
|Restricted funds||||||
|Gardening||||||
|PhysicalActivity||||||
|NewBuildingFund|M,94A||||14,940|
|FUNDSMOVEMENTBEFORE||||||
|"RANSFERS|225,352|{194,911)|1,755||33,196|
##
##
|2022COMPARATIVEMOVEME|NTINFUND|S|||
|---|---|---|---|---|
||Aitt.o7.22|Net movement|Transfer|Lt31.12.22|
|||infunds|between||
||||funds||
||||f|f|
|Unrestricted funds|||||
|IncomeandExpenditureFund|49,359|41,461|11'.)7,'1,|103,053|
|Designatedfunds|||||
|Extraordinary RepairFund|87,500|||87,500|
|CapitalFund|89,726|||89,726|
|PropertyFund|20'7,567||(12,233)|195,334|
|Unrestrictedand designatedfunds434,152||41,451||475,613|
|Restricted funds|||||
|Gardening|500|(500)|||
|PtiysicalActivity|300|||300|
|Restricted funds|800|(s00)||-?00|
|TOTALFUNDS|434,952|40,961||4'75,913|
|TheExtraordinary repair fundis heldacrossthetotal ofthe investmentportfolio.|||||
|Netmovementinfunds,included inthe aboveareasfollows:|||||
||lncornirg|Resources|Gainsand|Movement|
||resources|expended|losseson|infunds|
||||investmerts||
||f|c|t|{|
|Unrestricted funds|||||
|IncomeandExpeaditureFund|205,847|(161,759)|{3,627)|41,461|
|Designatedfunds|||||
|Extraordinary RepairFund|||||
|CapitalFund|||||
|PropertyFund|||||
|Restricted funds|||||
|Gardening||(500)||(500)|
|PhysicalActivity|||||
|FUNDSMOVEMENTBEFORE|||||
|TRANSFERS|246,841|{162,259)|(3,621)|40,961|
##
|RECONCILLATIONOFSURPLUSAPTER TAX TOCASH
GENERATEDFROM/{USEDIN)OPERATTONS|||
|---|---|---|
||37.12.23|31.12.22|
||c|f|
|Surplusforthe year|33,196|40,961|
|Adjustmeats for:|||
|Depreciationand loss on disposaloftangible fixedassets|13,642|13,065|
|Grantamortisation|||
|Movementin fairvalueofinvestments|15,015|3,62',7|
|(Gain)on disposalofinvestments|{16,770)||
|Interest and investment income receivable|(s,392)|(4,6s3)|
|Interest payable|2,800|2,834|
|Operatingcashflows beforemovementin working capital|42,494|55,834|
|Decrease/(Increase)intrade and other debtors|(4,544)|(1,46t)|
|(Decrease)Ilncreaseintrade and othercreditors|24,409|(1,6s4)|
|Cash generatedfromoperations|61,9s6|52,713|
|CASHANDCASTIEQUIYALENTS|||
||31.12.23|31.12.22|
||T|f|
|Cash andcashequivalents representedby|||
|Cashatbank andinhand|34,553|71,804|
|Deposit|83|24,292|
|Cashat bank andinhand|34,636|95,096|
##
##
##
||Unrestricted|Restricted|||
|---|---|---|---|---|
||funds
f$|
funds|31.12.23
{|31.12.22
t|
|TURNOVER|||||
|Residents' MaintenanceContribution|217,124||217,124|241,823|
|Lessvoids
Rental incomeHalUChurch|{13,937)
1,400||{13,93't)
1,400|(881)
400|
|Laundry|578||578|632|
|Grants||14,940|M,944||
||205,165|14,940|220"105|2at,974|
|OPERATII{GCOSTS|||||
|Seryicecosts|||||
|R.atesand water|3,855||3"855|2,327|
|Gas andElectricity|8,807||8,807|7,452|
|Gardening andcleaning|9,843||9,843|9,321|
|Insurance|2;785||2,785|2,579|
|SchemeManager cost|18,140||18.140|24,199|
|Pension|1,572||\,572|1,388|
|CentralControlsystemmaintenalce|1,820||1,824|1,269|
|Depreciation|13,642||13,642|13,065|
|Residentswelfare|570||s70|62A|
|TVLicences|364
61,398||364
6r,398|JtI
62,t95|
|Managementandadministration|||||
|Secretarytothe Trustee andCEO
Telephone,printing,stationery, post and|35,065||35,065|22,05A|
|computer exp
Accounts productionand Independent|3,54s||3,54s|3,024|
|Examiner'sfee|2,815||2,875|2,352|
|Advertisingand website|162||162||
|Sundries and subscriptions|1,395||1,395|1,213|
|Professionalfees|1,788||1,788|"1all|
|Consultancyfees|||||
|PayrollBureau|||||
|Bookkeepingservice|4,512||4,512|4,212|
|Trainingcostsstaff welfare|262||262|?1<|
|Trustee insurance|||||
|Bad debt|348||348|1<
LJ|
|Lossofofficesettlement|15,000||15,000||
|Trusteeexpenses|97||97|18|
|Travetr|143||143|30|
||65,194||6s,194|3s"s67|
##
||Unrestricted|Restricted|||
|---|---|---|---|---|
||funds|funds|3r"12.23|31.12.22|
||a|c|f|f|
|Maintenance|||||
|Dwellings|45,481||45,481|36,754|
|Cornmunalareas|t5,464||15,464|23,983|
|Service contracts|3,758||3,758|379|
|Wasteandpestcontrol|435
65,137||435
65,13'7|154
61,270|
|T'OTALOPERATIII{GCOSTS|191,729||r91,729|159,031|
|OPERATINGSURF'LTJS/(DEFICIT)|13,436|14,940|28,376|42,943|
|Donations|855||855|20|
|Interestreceivable andotherincome|||||
|Interest receivable|291||291|47|
|Investment income|5,142||5,142|4,606|
|Otherincome||||2AO|
||5,392||5?q?|4,853|
|Interestandfinancingcosts|||||
|Irtsrestpayable|(2,800)||(2,800)|(2,834)|
|Bankcharges aud loan arrangementfees|(382)||(382)|{3e4)|
||(3,182)||(3,182)|{3,228)|
|Realisedgains/(losses)onfixedasset|16,',I70||16,770||
|SURPLUS(DEFICIT)FORTHE YEAR|33,211|14.944|48,211|44,588|
|Unrealised(loss)igainson investments|(1s,015)||(1s,015)|{3,627)|
|TOTALCOMPREHENSTVE|||||
|INCOME/(DEFICIT}FORTHE|||||
|},EARBEFORE TRANSFE OF
FUNDS|18,256|A,944|33,196|
44,961|
||Unrestricted|Restricted|||
|---|---|---|---|---|
||funds
f|filnds
f|31.12.22
f|31.12.2L
t|
|TURT'{OVER.|||||
|Residents' MaintenanceContribution
Less voids
RertalincomeHalVChurch
Laundry|201,823
(88r)
400
632||201,823
(881)
400
632|181,210
(4,195)
2,t3CI
6A4|
||201,9"t4||2A1,9'14|185,719|
|OPERATINGCOSTS|||||
|Servicecosts|||||
|Ratesand water
Gas andElectricity
Gardening and cleaning
Insurance
Scheme Manager cost
Pension
Central Controlsystem maintenance
Depreciation
Residentswelfare
TVLicences|)?)'7
7"452
8,82r
2,s79
24,199
1,388
1,269
13,065
62A
377|500|z,3z I
7,052
9,321
)\7q
24,199
1,388
1,269
13,065
620
3t7|83
2,841
9,959
2,428
1? 11<
706
1,693
11,692
840
159|
||61,695|500|6)tqs'|34,A26|
|Managementandadministration|||||
|Secretary1othe Trustee andCEO
Teiephone,printing,stationery, post and
Accounis productionand Independent|22,050
3,024||22,0so
3,A24|15,256
2,878|
|Examiner'sfee
Advertisingand website|)1\')||)?<,)|2,110|
|Sundries and subscriptions
Professionalfees
Consultancyfees|1,213
a
^aa||1,213
2,277|I?15
83|
|PayrollBureau|||||
|Bookkeepingservice
Trainingcostsstaff wellare
Trustee insurance|4,2t2
375||4,212
375|3,9&
50|
|Baddebt
Trusteeexpenses
Travel|15
18
30||15
18
30|745
384
46|
##
##
||Unrestricted|Restricted|||
|---|---|---|---|---|
||funds|funds|31.L2.22|31.12.21|
||ff,||s|s|
|Maintenance|||||
|Dwellings|36,754||36,754|94364|
|Communalareas|23,9&3||23,983|33,450|
|Service contracts|3'19||379|602|
|Waste and pestcontrol|154||154||
||61,21A||61,274|124,416|
|TOTAI.OPERATINGCOSTS|r58,531|500|159,031|245,208|
|OPERATING SURPLUS{DEFICIT)|43,443|(s00)|42,943|(19,489)|
|Donations|2A||2A|1,200|
|Interestreceivable andotherincome|||||
|Interest receivable|47||47|2|
|Investmentincome|4,606||4,646|3,604|
|0therincome|2W||2AA||
||4.853||4,853|3,605|
|Interestandfinancingcosts|||||
|Interest payable|(2,834)||(2,834)|(2,864)|
|Bankcharges andloanarrangementfees|(394)||{3e4)|(307)|
||{3,228}||(3,228)(3,171)||
|RealisedgainV(losses)onfixedasset|||||
|SURPLUS(DEFICIT)FORTHE YEAR|45,088|(500)|44,588|(17,853)|
|Unrealised (loss/gainson investments|(3,627)||{3,627)|10,816|
|TOTALCOMPBEHENSIVE|||||
|TNCOME/(DEFICTT)FOR.THE|||||
|YEARBEFORETRANSF'EOF
FUNDS|41,461|(s00)|4a,961|(7,037)|