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|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|
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|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|||
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|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%|
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|||||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|
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|||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|
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||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|
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|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|
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|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|
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|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|
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|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|||
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||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|
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|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|
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