# ## ## |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|er,
Op|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|Auditor's|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| ## ##