| Company Information |
Company Information |
|
|---|---|---|
| Report ofthe | Board (including Strategic Report) |
2to 12 |
| Independent | Auditor's Report |
13to 16 |
| Statement of |
Comprehensive Income |
17to 18 |
| Statement | of Financial Position |
18 |
| Statement of |
Changes in Equity |
19 |
| Statement of |
Cash Flows | 20 |
| Notes to the | Financial Statements |
21 to 34 |
| 31January 2023 (contin | ued | ) | |||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Reinvestment | 0.0% | 0.0% | |||
| New Supply Delivered —Social Housing |
Units | % | |||
| New Supply Delivered —Non-social |
Housing | Units | |||
| Gearing | 0.0% | p.p | |||
| EBITDA MRI Interest Cover | p | 0% | |||
| Headline Social Housing Cost per |
Unit | 841,193 | 834369 | ||
| Operating Margin (Social Housing) |
-6.89% | -1.18% | |||
| Operating Margin (Overall) |
-6.94% | -1.68% | |||
| Return on Capital Employed |
-3.0% | -P 7 |
| and the main | KPI's as follows: | ||||
|---|---|---|---|---|---|
| The company's | key financial and other performance | indicators | during the year were as follows: | ||
| Unit | 2023 | 2022 | |||
| (Deficit)/Surplus Occupancy at Occupancy at |
as '/o ofTotal turnover The Grove Castle Farm |
0/ 'k 0/ |
(5.15) 90.50 96.70 |
.40 84.40 95.90 |
|
| Total Staff costs as '/o ofTotal turnover | 0/ | 77.40 | 72.60 | ||
| Food costs as | '%%d ofTotal turnover | '/o | 5.40 | 5.00 | |
| Light/Heat costas '/r ofTotal turnover Voids as '/o of Housing Income |
0/ 0/ |
4.90 7.30 |
4.60 11.89 |
January2023 |
||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| 8 | ||||||
| Turnover | 2,123,319 | 1,903,156 | ||||
| Operating expenses |
(2,306,826) | (2,021,124) | ||||
| Other operating income |
33,795 | 84,636 | ||||
| Operating deficit |
(149,712) | (33,332) | ||||
| Loss on financial assets | at fair value | through | profit and loss | |||
| account | (16,951) | (3,012) | ||||
| Income from other fixed | asset investments | 56,956 | 43,595 | |||
| Other interest receivable | and similar | income | 352 | 305 | ||
| (Deficit)/surplus for the financial year Gain on revaluation ofother assets |
(109,355) ~65,257 |
7,556 109,480 |
||||
| Total comprehensive (deficit)/income |
for the | financial year | ~774,666 | 117,036 | ||
| The above results were | derived from |
continuing | operations |
| 2023 | 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Note | 6 | |||||||||
| Fixed assets | ||||||||||
| Tangible assets Investments |
10 11 |
1,564,984 2,721,448 |
1,597,452 2,879,095 |
|||||||
| 4,286,432 | 4,476,547 | |||||||||
| Current assets | ||||||||||
| Debtors | 12 | 169,350 | 86,949 | |||||||
| Investments | 13 | 332,628 | 223,917 | |||||||
| Cash at bank | and in | hand | 369,267 | 564,628 | ||||||
| 871,245 | 875,494 | |||||||||
| Creditors: Amounts | falling due | within | one | year | 14 | ~186,164 | 191,066 | |||
| Net current | assets | 685,081 | 684,428 | |||||||
| Total assets | less current liabilities | 4,971,513 | 5,160,975 | |||||||
| Creditors: Amounts | falling due | after | more | than one year | 14 | ~262, 632 | 281,888 | |||
| Net assets | 4,704,481 | 4,879,087 | ||||||||
| Capital and | reserves | |||||||||
| Revaluation | reserve | 18 | 225,348 | 290,599 | ||||||
| Restricted reserves | 18 | 70,458 | 78,772 | |||||||
| Unrestricted | reserves | 18 | 4,408,675 | 4,509,716 | ||||||
| Total equity | 4,704,481 | 4,879,087 | ||||||||
| App d |
d th |
1 | dhpth | ~ | d | .l..fI..I. ,72r | d | signed | on its behalf by: | |
| Mrs V R Wilkinson | ||||||||||
| Executive |
| Statement of | Changes | in Equity for | the Year En | ded 31Janua | ry 2023 |
|---|---|---|---|---|---|
| Revaluation | Restricted | Unrestricted | |||
| reserve | reserve | reserve | Total | ||
| 8 | 6 | 8 | |||
| At 1 February 2021 | 228,553 | 93,386 | 4,440,112 | 4,762,051 | |
| Total comprehensive Transfers |
income | 109,480 ~43.434 |
~14.614 | 7,556 62,048 |
117,036 |
| At 31 January 2022 | 290,599 | 78,772 | 4,509,716 | 4,879,087 | |
| Revaluation | Restricted | Unrestricted | |||
| reserve | reserve | account | Total | ||
| 8 | r. | f'6 | |||
| At 1 February 2022 | 290,599 | 78,772 | 4,509,716 | 4,879,087 | |
| Total comprehensive Transfers |
deficit | (65,251) | ~6,314 | (109,355) 8,314 |
(174,606) |
| At 31 January 2023 | 225,348 | 70,458 | 4,408,675 | 4,704,481 |
| Statement ofCash Flows fo | r the Ye | ar Ended | 31 January | 2023 |
|---|---|---|---|---|
| 2023 | 2022 | |||
| Note | 6 | |||
| Cash flows from operating activities |
||||
| (Deficit)/surplus for the year |
(109,355) | 7,556 | ||
| Adjustments to cash flows from non-cash |
items | |||
| Social housing grant recognised in income |
(14,856) | (14,928) | ||
| Depreciation and amortisation Finance income |
81,278 ~07,300 |
80,251 ~43.900 |
||
| (100,241) | 28,979 | |||
| Working capital adjustments | ||||
| Increase in debtors (Decrease)/increase in creditors |
12 14 |
(82,401) ~(4,902 |
(33,858) 33,682 |
|
| Net cash flow from operating activities |
~((87,044 | 28,803 | ||
| Cash flows from investing activities |
||||
| Interest received | 57,308 | 43,900 | ||
| Acquisitions oftangible assets |
(48,855) | (8,792) | ||
| Proceeds from sale oftangible assets | 45 | |||
| Acquisition of investments |
(280,928) | (501,151) | ||
| Proceeds from sale of investments Other investment movement |
373,324 ~(00,7(( |
143,267 88,377 |
||
| Net cash flows from investing activities |
7,817 | 234,399 | ||
| Net decrease in cash and cash equivalents |
(195,361) | (205,596) | ||
| Cash and cash equivalents at 1 February |
564,628 | 770,224 | ||
| Cash and cash equivalents at 31 January |
369,267 | 564,628 |
| construction over thei |
r estimated useful lives, |
as follows: | as follows: |
|---|---|---|---|
| Asset class | Depreciation method and rate |
||
| Land | Not depreciated | ||
| Structure &roof |
50years straight | line | |
| Kitchens, bathrooms, |
doors and windows | 30years straight | line |
| Lift | 15years straight | line | |
| Heating - boilers | 10years straight | line | |
| Heating - radiators | 25years straight | line | |
| Fixtures and fittings | 15%reducing balance |
| Operating | |||||
|---|---|---|---|---|---|
| Operating | deficit | ||||
| Social Other |
housing | lettings | Turnover f 2,123,319 33,795 2,157,114 |
costs f (2,269,610) ~37,276 ~2,306,626 |
2023f (146,291) ~3,421 (149,712 |
| Operating | |||||
| Operating | surplus | ||||
| Turnover f |
costs f |
2022f | |||
| Social Other |
housing | lettings | 1,903,156 84.636 1,987,792 |
(1,925,659) ~96.465 ~2.027.724 |
(22,503) ~10,829 (33,332 |
| Particulars ofthe compa |
ny's | rev | enue | for the year | from conti | nuing op |
erations is as follow |
s: |
|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||||
| 6 | E | |||||||
| Rent receivable net of identifiable |
service charges | 2,108,463 | 1,888,228 | |||||
| Amortised government Other grants |
grants | 14,444 412 |
14,444 484 |
|||||
| 2,123,319 | 1,903,156 | |||||||
| Void losses (being rental income being let, although available for |
lost as a result of property letting) |
not | ~155,111) | 226,288) | ||||
| 4 Analysis ofTurnover, |
Operating | Costs and Operating | Surplus | for the year | ||||
| Social | ||||||||
| housing | ||||||||
| letting | Other | |||||||
| expenditure | expenditure | 2023 | 2022 | |||||
| E | 6 | E | E | |||||
| Operating Expenditure |
||||||||
| Management charges |
||||||||
| payable Routine maintenance |
21,583 91,955 |
21,583 91,955 |
21,286 50,379 |
|||||
| Planned maintenance |
7,628 | 7,628 | 1,660 | |||||
| Depreciation of housing |
||||||||
| properties Payroll costs |
81,278 1,385,530 |
37,216 | 81,278 1,422,746 |
80,251 1,380,507 |
||||
| Other staff costs | 223,385 | 223,385 | 58,031 | |||||
| Food | 114,131 | 114,131 | 95,592 | |||||
| Other hire | 6,026 | 6,026 | 8,477 | |||||
| Travelling and subsistence Rent and rates Light, heat and power |
5,085 (1,246) 103,274 |
5,085 (1,246) 103,274 |
2,743 14,990 86,490 |
|||||
| Insurance | 28,247 | 28,247 | 23,830 | |||||
| Telephone and fax Office expenses Other costs |
5,833 32,630 92,862 |
5,833 32,630 92,862 |
9,720 36,839 95,919 |
|||||
| Legal and professional Cleaning Auditor's remuneration |
fees | 15,617 20,793 7,740 |
15,617 20,793 7,740 |
3,663 20,075 5,950 |
||||
| Bank charges Premises expenses |
418 26,796 |
418 26,796 |
373 24,349 |
|||||
| (Profft)/loss on disposal tangible fixed assets |
of | 45 | 45 | |||||
| Total operating expenditure |
2,269,610 | 37,216 | 2,306,826 | 2,021,124 |
| The analysis | ofthe | company's | other operating income fo |
r the year is as follows: | |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| 8 | |||||
| Government | grants | 28,903 | 81,850 | ||
| Miscellaneous | other | operating | income | 4,892 | 2,786 |
| 33 195 | 84,636 |
| Arrived at after chargin | g/(crediting) | ||
|---|---|---|---|
| 2023f | 2022 | ||
| Depreciation expense |
81,278 | 80,251 | |
| Development costs |
27,912 | 44,416 | |
| Auditors remuneration Amortised government |
grants | 7,740 ~14.444 |
5,950 ~14,444 |
| 7 Other interest receivable and similar income |
|||
| 2023 | 2022 | ||
| Iib | kdit | 352 | 305 |
| The aggregate | payroll | cos | ts (inclu | ding dire |
ctors' remu |
neration) |
were as follows: | |
|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||||
| 6 | 8 | |||||||
| Wages and salaries Social security costs Pension costs, defined |
contribution | scheme | 1,298,627 95,982 28,137 |
1,266,787 88,151 25,569 |
||||
| 1,422,746 | 1,380,507 | |||||||
| The average | full time | equivalent | number | of persons | employed | by the company (including |
directors) | |
| during the year, analysed | by category was | as follows: | ||||||
| 2023 | 2022 | |||||||
| No. | No. | |||||||
| Administration Other |
and support | 6 51 |
6 52 |
|||||
| 58 |
| 10Tangible assets | |||
|---|---|---|---|
| Housing | Furniture, | ||
| properties for 1st |
fittings and equipment |
Total | |
| 6 | 6 | ||
| Cost or valuation | |||
| At 1 February 2022 Additions Disposals |
3,315,192 6,000 |
491,477 3,806,669 42,855 48,855 (1,092)~(,092 |
|
| At 31 January 2023 | 3,321,192 | 533,240 | 3,854,432 |
| Depreciation At 1 February 2022 Charge for the year Eliminated on disposal |
1,784,747 64,806 |
424,470 16,472 ~1047 |
2,209,217 81,278 ~.1047, |
| At 31 January 2023 | 1,849,553 | 439,895 | 2,289,448 |
| Carrying amount |
|||
| At 31 January 2023 | 1,471,639 | 93,345 | 1,564,984 |
| At 31 January 2022 | 1,530,445 | 67,007 | 1,597,452 |
| Financial | |||
|---|---|---|---|
| assets at fair | |||
| value through | |||
| profit and | |||
| loss | Total | ||
| 6 | |||
| Non-current | financial assets | ||
| Cost or valuation | |||
| At 1 February | 2022 | 2,879,095 | 2,879,095 |
| Additions | 280,928 | 280,928 | |
| Disposals Fair value adjustments |
(373,324) (65,251) |
(373,324) ~65,251 |
|
| At 31 January | 2023 | 2,721,448 | 2,721,448 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| 8 | 6 | ||||||
| Historic | cost | ||||||
| At 1 February | 2,588,497 | 2,213,514 | |||||
| Additions Disposals |
280,928 ~353,950 |
501,150 ~126.167) |
|||||
| At 31 January | 2,515,475 | 2,588,497 | |||||
| 2023 | 2022 | ||||||
| 6 | 6 | ||||||
| Realised | (loss)/gain | ||||||
| Opening Proceeds |
market | value of disposals | 373,324 ~356.373 |
143,267 ~)40.255 |
|||
| Realised | losses/(gains) | 16,951 | 3,012 | ||||
| 2023 6 |
2022 f |
||||||
| Opening market value of investments Closing market value ofinvestments |
2,879,095 ~2,72),448 |
2,411,731 ~2,879,095) |
|||||
| 157,647 | (467,364) | ||||||
| Additions Disposals |
280,928 ~373,324 |
501,151 ~)43,267 |
|||||
| Unrealised | loss | / (gain) per Statement | of Comprehensive | Income | 65,251 | ~1709,480 |
| 11 Investments | (co | ntinued) | ||||||
|---|---|---|---|---|---|---|---|---|
| Ilarket | ||||||||
| Cost Value |
%Holding | |||||||
| Units | 6 6 |
|||||||
| SPDR Series Trust S&P500 ETF | 800 | 180,816 262,476 |
10 | |||||
| iShares PLC Physical | Gold (ETC)(GBP) | 5,400 | 145,262 164,700 |
6 | ||||
| Link Fund Solutions Trojan S Inc | 51,000 | 135,931 158,769 |
6 | |||||
| TwentyFour Global Funds Corporate |
Bond | I | 1,700 | 159,633 142,885 |
5 | |||
| M&G Securities | Ltd Global Macro Bond J Inc | 155,589 | 146,063 140,870 |
5 | ||||
| 12Debtors | ||||||||
| 2023 | 2022 | |||||||
| 6 | R | |||||||
| Trade debtors (gross | rent arrears) | 68,491 | 30,068 | |||||
| Other debtors | 64,478 | 13,605 | ||||||
| Prepayrnents | 36,381 | 43,276 | ||||||
| 169,350 | 86,949 | |||||||
| 13Current asset investments | ||||||||
| 2023 | 2022 | |||||||
| 6 | ||||||||
| Investments | 332,628 | 223,917 | ||||||
| 14Creditors | ||||||||
| 2023 | 2022 | |||||||
| Note | 6 | 6 | ||||||
| Due within one year | ||||||||
| Trade creditors | 85,019 | 33,164 | ||||||
| Social security | and other taxes | 23,232 | 25,141 | |||||
| Other creditors | 12,673 | 19,265 | ||||||
| Accrued expenses | 65,240 | 113,496 | ||||||
| 186,164 | 191,066 | |||||||
| Due after one | year | |||||||
| Other capital grants | 2,336 | 2,748 | ||||||
| Social housing | grant | (amortised | cost) | 16 | 264,696 | 279,140 | ||
| 267,032 | 281,888 |
| due in five years or more. The financial instrum repayable as follows: |
due in five years or more. The financial instrum repayable as follows: |
ents held and fair value through the profit and loss are |
ents held and fair value through the profit and loss are |
|---|---|---|---|
| In five years or more | 2023 2022 6 ~~2- ~Sag@ |
||
| 16Social housing | grant | ||
| Social | |||
| housing | |||
| grant | Total | ||
| 6 | |||
| Gross grant creditor At 1 February 2022 |
722,215 | 722,215 | |
| At 31 January 2023 | 722,215 | 722,215 | |
| Amortisation | |||
| At 1 February 2022 Transfers |
443,075 14,444 |
443,075 14,444 |
|
| At 31 January 2023 | 457,519 | 457,519 | |
| Carrying amount |
|||
| At 31 January 2023 | 264,696 | 264,696 | |
| At 31 January 2022 | 279,140 | 279,140 |
| Operating leases The total offuture minimum lease payments is as follows: |
||
|---|---|---|
| 2023 | 2022 | |
| 8 | 8 | |
| Not later than one year | 4,699 | 3,098 |
| Later than one year and not later than five years | 10,517 | 12,392 |
| Later than five years | 2,173 | |
| 17,389 | 15,490 |