2021-01-31-accounts - Abbeyfield Northumbria

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Company Information
Report of the Board (including Strategic Report)	2 to 10
Independent Auditor's Report	11 to 14
Statement of Comprehensive Income	15
Statement of Financial Position	16
Statement of Changes in Equity	17
Statement ofCash Flows	18
Notes to the Financial Statements	19to 32

1Januar	y 2021 (continu	ed)
				2021	2020
Reinvestment				0.0%	2.3%
New Supply	Delivered —Social Housing		Units %
New Supply	Delivered —Non-social	Housing Units
Gearing				0.0%	0.0%
EBITDA MRI	Interest Cover			37490%	39138%
Headline Social Housing Cost per		Unit		234,348	633,779
Operating Margin (Social Housing		I ettings and Overall)		2.8%	1.8%
Return on Capital Employed				1.1%	0.7%

The company's key financial and other performance	indicators during the y	ear were as follo	ws:
	Unit	2021	2020
Surplus/(Deficit) as %of Total turnover Occupancy at The Grove Occupancy at Castle Farm Total Staff costs as %of Total turnover Food costs as %of Total turnover Light/Heat cost as %of Total turnover		2.70 87.90 94.60 75.90 5.30 3.60	1.80 96.90 98.30 70.30 5.00 3.50

Statement of Co January 2021	mpr	ehensive Inco	me f	or the Y	ear Ended 3	1
					2021	2020
				Note	8	8
Turnover					1,847,952	1,881,697
Operating expenses					(1,923,474)	(1,853,939)
Other operating income					126,056	5,743
Operating surplus					50,534	33,501
(Loss)/gain on financial snd loss account Income from other fixed Other interest receivable	assets at fair value through asset investments and similar income		profit	7	(53,621) 35,609 1,948	20,699 48,411 2,976
Surplus for the financial year Surplus/(deficit) on revaluation		ofother assets		10	34,470 146,321	105,587 168,639
Total comprehensive income		for the financial year			180791	274,226

Statement of	Finan	cial Position as at 3	1Janu	ary 2021
			Note	2021f	2020f
Fixed assets Tangible assets Investments			10 11	1„668,911 2,411,731	1,749,697 2,328,973
				4,080,642	4,078,670
Current assets Debtors Investments Cash at bank and in	hand		12 13	53,091 312,294 770,224	71,212 283,878 580,047
				1,135,609	935,137
Creditors: Amounts	falling	due within one year		~((57.384	~((25.7(5
Net current assets				978,225	814,422
Total assets less current Creditors: Amounts falling		liabilities due after more than one year	14	5,058,867 ~256,876	4,893,092 ~3((,832
Net assets				4,762,051	4,581,260
Capital and reserves Revaluation reserve Restricted reserves Unrestricted reserves			18 18 18	228,553 93,386 4,440,112	82,232 70,458 4,428,570
Total equity				4,762,051	4,581,260

Statement of	Changes	in Equity for t	he Year En	ded 31Janua	ry 2021
		Revaluation	Restricted	Unrestricted
At 1 February 2019		reserve 8 (86,407)	reserve 8 70,458	reserve 8 4,322,983	Total 6 4,307,034
Total comprehensive	income	168,639		105,587	274,226
At 31 January 2020		82,232	70,458	4,428,570	4,581,260
At 1 February 2020		Revaluation reserve 6 82,232	Restricted reserve 6 70,458	Unrestricted account f 4,428,570	Total 6 4,581,260
Total comprehensive Transfers	income	146,321	22,928	34,470 ~22,928	180,791
At 31 January 2021		228,553	93,386	4440,112	4,162,081

Statement ofCash Flows fo	r the Ye	ar Ended	31January	2021
			2021	2020
		Note		6
Cash flows from operating activities
Surplus for the year			34,470	105,587
Adjustments to cash flows from non-cash Social housing grant recognised in income Depreciation and amortisation Finance income	items	6 7	(15,015) 80,786 ~(37,557	(15,115) 82,968 (51,387)
			62,684	122,053
Working capital adjustments Decrease/(increase) in debtors Increase in creditors		12 14	18,121 36,672	(18,705) 8,460
Net cash flow from operating activities			117,477	111,808
Cash flows from investing activities Interest received			37,557	51,387
Acquisitions oftangible assets Acquisition of other investments Disposals of other investments Other current asset movements Net cash flows from investing activities			(758,176) 821,735 ~25,415 72,755	(47,506) (1,268,461) 712,329 508,694 ~(43,557
Net increase in cash and cash equivalents			190,177	68,251
Cash and cash equivalents at 1 February			580,047	511,796
Cash and cash equivalents at 31 January			770,224	580,047

3 Tur	nover,	operating costs and op	erating surplus for the year
					Operating
				Operating	surplus
			Turnoverf	costs	2021 F
Social Other	housing	lettings	1,847,952 126,056	(1,811,309) (99,645)	36,643 26,411
			1,974,008	(1,910,954)	63,054
					Operating
				Operating	surplus
			Turnoverf	costsf	2020f
Social Other	housing	lettings	1,881,697 5,743 1,881,4411	(1,853,939) ~1,853,939	27,758 5,743 33,501

Particulars ofthe company's revenue for the year from continuing	Particulars ofthe company's revenue for the year from continuing	Particulars ofthe company's revenue for the year from continuing	operations is as follows:
			2021 6	2020f
Rent receivable net of identifiable Amortised government grants Other grants	service charges		1,832,937 14,444 571	1,866,582 14,444 671
			1,847,952	1,881,697
Void losses (being rental income being let, although available for	lost as a result of property letting)	not	~185,44))	47,970

4 Analysis ofTurnov	erating Costs and	Operating Surplu	s for the year
	Social
	housing
	letting expenditure K	Other expenditure F	2021	2020 6
Operating Expenditure
Management charges payable Routine maintenance Planned maintenance	(18,636) (33,117)	(2,307)	(18,636) (35,424)	(18,289) (63,163) (18,237)
Depreciation of housing properties Payroll costs Other staff costs Food Other hire Travelling and subsistence Rent and rates Light, heat and power Insurance Telephone and fax Office expenses Other costs Legal and professional fees Cleaning Auditor's remuneration Bank charges Premises expenses Total operating expenditure	(80,786) (1,325,299) (2,011) (97,143) (7,998) (1,144) (15,692) (67,165) (17,413) (9,572) (38,466) (67,367) (1,090) (20,087) (5,450) (378) ~15,015 ~1823 829	(77,481) (1,927) (17,930) ~99,645	(80,786) (1,402,780) (2,011) (97,143) (7,998) (1,144) (15,692) (67,165) (17,413) (9,572) (38,466) (69,294) (1,090) (38,017) (5,450) (378) ~15,015 ~1,923,474)	(82,968) (1,332,601) (6,707) (93,855) (7,330) (2,555) (14,994) (65,847) (15,876) (10,127) (32,553) (52,791) (1,090) (14,940) (5,450) (570) ~13,996 1,853,939

5 Other operating	5 Other operating	income	(continued)
				2021	2020
					F
Government Miscellaneous	grants other	operating	income	122,573 3,483	5,743
				126,056	5,743

Arrived at after charging/(crediti	ng)
		2021	2020
Depreciation expense Development costs Auditors remuneration Amortised government grants		80,786 40,298 5,450 ~14444	82,968 19,600 5,450 ~(14,444
7 Other interest receivable	and similar income
		2021 8	2020f
ibkdeo	its	1,948	2,976

The aggregate payroll	costs (includi	ng directors' remunerati	on) were as follows:
			2021	2020
				6
Wages and salaries Social security costs Pension costs, defined	contribution	scheme	1,284,955 89,384 28,441	1,223,440 82,942 26,219
			1,402,780	1,332,601

9	remuneration	remuneration
			2021	2020
			6	6
Audit of the	financial	statements	5,450	5,450

10Tangible a	ssets
		Housing	Furniture,
		properties for	fittings and
		1st f.	equipmentf	Totalf
Cost or valuation At 1 February 2020		3,315,193	482,685	3,797,878
At 31 January	2021	3,315,193	482,685	3,797,878
Depreciation At 1 February Charge for the	2020 year	1,647,897 68,425	400,284 12,361	2,048, 181 80,786
At 31 January	2021	1,716,322	412,645	2,128,967
Carrying amount
At 31 January	2021	1,588,871	70,040	1,668,911
At 31 January	2020	1,667,296	82,401	1,749,697

		Financial
		assets at fair
		value through
		profit and
		lossf		Totalf
Non-current	financial assets
Cost or valuation At 1 February 2020 Additions Disposals Fair value adjustments		2,328,970 758,176 (821,735) 146,320		2,328,970 758,176 (821,735) 146,320
At 31 January	2021	2,411,731		2,411,731
		2021f		2020f
Historic cost At 1 February Additions Disposals		2,196,814 758,178 ~(747,478	1,690,606 1,268,461 ~(782,253
At 31 January		2,213,514		2,196,814

								2021f	2020 F
Realised (loss)/gain Opening market value of Proceeds Realised losses/(gains)		disposals						821,735 ~768,114) 53,621	712,329 ~(733,028 ~(20,699
								2021 f	2020 f
Opening Closing	market value of investments market value of investments							2,328,967 ~(2,411,731	1,604, 196 ~2,328„967)
								(82,764)	(724,771)
Additions Disposals 0 tt d(0 1 )tt P		St t	t 10	P	3	1	1	758,178 ~821,735 ~146321)	1,268,461 ~712,329 ~(168,639

11 Investments (con	tinued)
						Market
					Cost	Value	% Holding
				Units	8	F
Edgewood L Select US Select Growth SPDR Series Trust S&P 500 ETF			I Z	510 760	118,911 190,946	145,219 206,998	6 g
iShares PLC Physical Gold (ETC) (GBP) Link Fund Solutions Trojan S Inc M&G Securities Ltd Global Macro Bond J inc				5,400 57,000 99,000	144,147 141,624 108,504	142,668 162,559 108,761	6 7 5
12Debtors
						2021f	2020
Trade debtors (gross Other debtors Prepayments	rent arrears)					16,139 4,899 32,053	35,048 5,138 31,026
						53,091	71,212
13Current asset investments
						2021	2020
						E	6
Investments					312,294		283,878
14Creditors
						2021	2020
				Note		6	r.
Due within one year Trade creditors Social security and other taxes Other creditors Accrued expenses						31,642 21,070 14,161 90,511	32,075 19,306 2,649 66,685
					157,384		120,715
Due after one year Other capital grants Social housing grant	(amortised	cost)		16	3,232 293,564		3,804 308,028
					296,816		311,832

repayable as	follows	:
			2021	2020
				8
In five years or more
18Social housing		grant
			Social
			housing
			grant	Total
			8
Gross grant At 1 February	creditor 2020		722,215	722,215
At 31 January	2021		722,215	722,215
Amortisation At 1 February Transfers	2020		414,187 14,444	414,187 14,444
At 31 January	2021		428,631	428,631
Carrying amount
At 31 January	2021		293,584	293,584
At 31 January	2020		308,028	308,028

19Obligations u	nder lease	s and hire pu	rchase contracts
Operating leases
The total offuture	minimum	lease payments	is as follows:
				2021	2020f
Not later than one year Later than one year and not		later than five	years	4,095 6,104	7,087 9,659
				10,199	16,746