# ## ## |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| ## ## ## ## ## ##