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2022-12-31-accounts
| Contents |
Page |
| Trustees, Registered Office and Advisers |
1 |
| Report of the Trustees |
2-9 |
| Independent Auditor's Report |
10- 12 |
| Statement of Financial Activities |
13 |
| Balance Sheet |
14 |
| Statement of Cash Flows |
15 |
| Notes to the Financial Statements |
16-23 |
| Trustees: |
Mr S Holland (Chair) |
Mr S Holland (Chair) |
|
|
The Very Reverend A Bowerman |
|
(appointed 19 June 2022) |
|
Mrs J Simpson |
|
|
|
The Reverend M |
S Evans |
|
|
The Reverend A Garrow |
|
|
|
Mr M Wright |
|
|
|
Mr A Kempston-Parkes |
|
|
|
Mr A McPhee |
|
|
|
Mr P Foskett |
|
|
|
Ms M Start |
|
(appointed 19 January 2022) |
| Registered Mfice: |
Crown Chambers |
|
|
|
Princes Street |
|
|
|
Harrogate |
|
|
|
I-IGI INJ |
|
|
| Registered umber: |
Charity: 236424 |
|
|
|
Regulator of Social Housing (RSH): A0746 |
|
|
|
Almshouse Association Member Number: 0203 |
|
|
| External Auditors: |
Lithgow Perkins |
|
|
|
Crown Chambers |
|
|
|
Princes Street |
|
|
|
Harrogate |
|
|
|
I-IGI INJ |
|
|
| Bankers: |
CAF Bank |
|
|
|
25 Kings Hill Avenue |
|
|
|
Kings Hill |
|
|
|
West Malling |
|
|
|
Kent |
|
|
|
ME-19 4JQ |
|
|
|
Virgin Money |
|
|
|
21 James Street |
|
|
|
Harrogate |
|
|
|
North Yorkshire |
|
|
|
I-IGI IQU |
|
|
| Value for money ("VFM") metrics |
Actual |
Actual |
Actual |
Target |
Target |
Sector |
|
2022 |
2021 |
2020 |
2023 |
2022 |
Median* |
| Reinvestment |
1.1% |
48.6% |
3.0% |
11.4% |
0.0% |
4.7% |
| New supply delivered (Social housing units ) |
0.0% |
7.1% |
|
0.0% |
0.0% |
0.9% |
| New supply delivered (Non social housing units) |
|
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
| Gearing |
No debt |
No debt |
No debt |
No debt |
No debt |
|
| EBITDA MRI Interest Cover |
No debt |
No debt |
No debt |
No debt |
No debt |
194% |
| Headline social housing cost per unit |
E3,255 |
E3,455 |
2,905 |
E4,199 |
E4,366 |
E4,960 |
| Operating Margin (social housing lettings only) |
27.3% |
|
28.2% |
22.2% |
6.7% |
19.5% |
| Operating Margin (overall) |
27.3% |
|
28.2% |
22.2% |
6.7% |
17.4% |
| Return on capital employed (ROCE) |
2.6% |
|
2.6% |
2.4% |
0.6% |
2.4% |
|
|
|
|
Unrestricted |
Designated |
Total |
Total |
|
|
|
|
Funds |
Funds |
Funds |
Funds |
|
|
|
|
2022 |
2022 |
2022 |
2021 |
|
|
|
Notes |
|
|
|
|
| Income from: |
|
|
|
|
|
|
|
| Donations and legacies |
|
|
3 |
|
|
|
95,000 |
| Charitable activities |
— |
social housing |
4 |
86,287 |
|
86,287 |
68,868 |
| Investments |
|
|
5 |
13,543 |
|
13,543 |
10,572 |
| Total income |
|
|
|
99,830 |
|
99,830 |
174,440 |
| Expenditure on: |
|
|
|
|
|
|
|
| Charitable activities |
— |
social housing |
6 |
(62,846) |
|
(62,846) |
(70,404) |
| Total expenditure |
|
|
|
(62,846) |
|
(62,846) |
(70,404) |
| Net gains/(losses) on |
|
investments |
12 |
(10,443) |
|
(10,443) |
30,774 |
| Net (expenditure)/incomeand |
|
|
|
|
|
|
|
net movement
in funds |
|
|
|
26,541 |
|
26,541 |
134,810 |
| Reconciliation offunds: |
|
|
|
|
|
|
|
| Total funds brought |
forward |
|
|
588,711 |
302,955 |
891,666 |
756,856 |
| Total funds carried forward |
|
|
|
615,252 |
302,955 |
918,207 |
891,666 |
|
|
2022 |
|
2021 |
|
|
Notes |
|
|
|
|
| Fixed assets |
|
|
|
|
|
| Tangible fixed assets |
11 |
|
474,881 |
|
483,462 |
| Investments |
12 |
|
355,796 |
|
354,388 |
|
|
|
830,677 |
|
837,850 |
| Current assets |
|
|
|
|
|
| Debtors |
13 |
5,570 |
|
25,482 |
|
| Cash and cash equivalents |
14 |
88,106 |
|
56,844 |
|
|
|
93,676 |
|
82,326 |
|
| Less: |
|
|
|
|
|
| Creditors: amounts falling due |
|
|
|
|
|
| within one year |
15 |
(6,146) |
|
(28,510) |
|
| Net current assets/liabilities |
|
|
87,530 |
|
53,816 |
| Total assets less current liabilities |
|
|
918,207 |
|
891,666 |
| Total net assets |
|
|
918,207 |
|
891,666 |
| Funds of the charity |
|
|
|
|
|
| Unrestricted funds: |
|
|
|
|
|
| Unrestricted general fund |
16 |
|
615,252 |
|
588,711 |
| Social Housing Grant fund |
16 |
|
302,955 |
|
302,955 |
| Total charity funds |
|
|
918,207 |
|
891,666 |
|
2022 |
|
2021 |
|
| Net cash generated from operating activities |
|
|
|
|
| (see Note I below) |
|
35,017 |
|
112,545 |
| Cash flowfrom investing activities |
|
|
|
|
| Purchase of tangible fixed assets |
(5,447) |
|
(235,056) |
|
| Purchase of investments |
(11,851) |
|
(9,273) |
|
| Interest and similar income received |
13,543 |
|
10,572 |
|
|
|
(3,755) |
|
(233,757) |
| Net change in cash and cash equivalents |
|
31,262 |
|
(121,212) |
| Cash and cash equivalents at beginning of the year |
|
56,844 |
|
178,056 |
| Cash and cash equivalents at end of the year |
|
88,106 |
|
56,844 |
| Note 1 |
|
|
|
|
| Net income/(expenditure) for the year |
|
26,541 |
|
134,810 |
| Adjustments for non-cash items: |
|
|
|
|
| Depreciation of tangible fixed assets |
|
14,028 |
|
22,032 |
| (Decrease)/increase in trade and other debtors |
|
19,912 |
|
(23,691) |
| (Decrease)/increase in trade and other creditors |
|
(22,364) |
|
20,740 |
| (Loss)/gain on revaluation of fixed asset investments |
|
10,443 |
|
(30,774) |
| Adjustments for investing or financing activities: |
|
|
|
|
| Interest and similar income received |
|
(13,543) |
|
(10,572) |
| Net cash generated from operating activities |
|
35,017 |
|
112,545 |
| Structure |
80 years |
| Roofs |
70years |
| Windows and doors |
30 years |
| Kitchens |
20 years |
| Bathrooms |
25 years |
| Boilers |
15 years |
| Electrical and heating installations |
25 years |
| 3. |
Donations and legacies |
Unrestricted Funds |
Unrestricted Funds |
|
|
2022 |
2021 |
|
|
|
E |
|
Grants |
|
95,000 |
|
|
|
95,000 |
| 4, |
Income from charitable activities |
Unrestricted Funds |
Unrestricted Funds |
|
|
2022 |
2021 |
|
|
E |
|
|
Weekly maintenance charge |
82,918 |
72,557 |
|
Service charge income plus waterrates |
9,023 |
6,623 |
|
Less: Voids |
(5,654) |
(10,312) |
|
Total income from charitable activities |
86,287 |
68,868 |
| 5. |
Investment income |
Unrestricted Funds |
Unrestricted Funds |
|
|
2022 |
2021 |
|
Bank interest received |
323 |
8 |
|
Income on fixed asset investments |
13,220 |
10,564 |
|
|
13,543 |
10,572 |
| 6. |
Expenditure on charitable activities |
Unrestricted Funds |
Unrestricted Funds |
|
|
2022 |
2021 |
|
Management costs |
25,554 |
27,055 |
|
Service charge costs |
13,612 |
11,871 |
|
Routine maintenance |
9,652 |
9,445 |
|
Depreciation |
14,028 |
7,964 |
|
Accelerated depreciation |
|
14,069 |
|
Bad debts |
|
|
|
Total expenditure on charitable activities |
62,846 |
70,404 |
| 11. |
Tangible fixedassets |
|
Social Housing |
|
|
|
|
|
|
Properties for |
|
|
|
|
|
|
Letting |
Fixtures & |
|
|
|
|
|
Completed |
Fittings |
|
Total |
|
|
|
|
|
E |
|
|
Cost |
|
|
|
|
|
|
At 1 January 2022 |
|
626,350 |
4,641 |
|
630,991 |
|
Additions |
|
5,447 |
|
|
5,447 |
|
Disposals |
|
|
|
|
|
|
At 31 December 2022 |
|
631,797 |
4, |
641 |
636,438 |
|
Depreciation |
|
|
|
|
|
|
At 1 January 2022 |
|
143,216 |
4,313 |
|
147,529 |
|
Charge for the year |
|
13,864 |
|
164 |
14,028 |
|
Eliminated on disposals |
|
|
|
|
|
|
At 31 December 2022 |
|
157,080 |
4,477 |
|
161,557 |
|
Net book value |
|
|
|
|
|
|
At 31 December 2022 |
|
474,717 |
|
164 |
474,881 |
|
At 31 December 2021 |
|
483,134 |
|
328 |
483,462 |
|
Housing properties comprise: |
|
|
|
|
|
|
Freeholds |
|
|
|
|
474,717 |
|
Long leasehold |
|
|
|
|
|
|
|
|
|
|
|
474,717 |
| 12. |
Fixed asset investments |
|
|
|
|
|
|
|
|
|
Listed |
|
|
|
Valuation |
|
|
Investments |
|
Total |
|
|
|
|
|
E |
|
|
At 1 January 2022 |
|
|
354,388 |
|
354,388 |
|
Additions |
|
|
11,851 |
|
11,851 |
|
Unrealised (loss)/gain |
in year |
|
(10,443) |
|
(10,443) |
|
At 31 December 2022 |
|
|
355,796 |
|
355,796 |
|
The investments are held with M&G Investments. |
|
|
|
|
|
| to the quoted pr |
ice for identical assets in an active market. |
|
|
|
|
2022 |
2021 |
| The investments |
comprise: |
|
|
| Listed |
NAACIF shares |
355,796 |
354,388 |
| 13. |
Debtors |
2022 |
2021 |
|
Amounts falling due within one year: |
|
|
|
Weekly maintenance charge in arrears |
|
|
|
Less: Provisionfor bad debts |
|
|
|
Prepayments and accrued income |
5,570 |
25,308 |
|
Other debtors |
|
174 |
|
|
5,570 |
25,482 |
| 14. |
Cash and cash equivalents |
2022 |
2021 |
|
Cash at bank |
88,106 |
56,844 |
| 15. |
Creditors: amounts falling due within one year |
2022 |
2021 |
|
Trade creditors |
186 |
540 |
|
Accruals and deferred income |
5,960 |
27,970 |
|
|
6,146 |
28,510 |
|
Included in accruals and deferred income of €5,960 (2021:E27,970) is deferred income of: |
|
|
|
|
2022 |
2021 |
|
Deferred income brought forward |
|
|
|
Income released in the year |
|
|
|
Amounts deferred in the year |
|
|
|
Deferred income carried forward |
|
|
|
At 1 |
Income |
Expenditure |
Gains/(Losses) |
At 31 |
|
January 2022 |
|
|
on investments |
December 2022 |
| Unrestricted funds |
|
|
|
|
|
| Unrestricted general fund |
588,711 |
99,830 |
(62,846) |
(10,443) |
615,252 |
| Social Housing Grant fund |
302,955 |
|
|
|
302,955 |
|
891,666 |
99,830 |
(62,718) |
(10,443) |
918,207 |
17.
Analysis of net assets between funds |
|
|
Unrestricted |
|
funds |
|
E |
| Tangible fixed assets |
474,881 |
| Investments |
355,796 |
| Current assets |
93,676 |
| Current and non-current liabilities |
(6,146) |
|
918,207 |