2021-04-30-accounts

			Page
Trustees'	Report		1—3
Auditor's	Report		4 —6
Statement	ofComprehensive Income
Statement	ofChanges	in Reserves
Statement	of Financial	Position
Statement	ofCash Flows		10
Notes to the Financial		Statements	11-20
Appendix	to the Financial Statements		21

			Note	Note	2021	2020
Turnover
Net rental income					73,563	71,680
Less: Operating costs					(60,207)	(67,333)
Operating surplus				3,5	13,356	4,347
Loss on disposal of	fixed assets				(352)	(758)
Interest receivable	and other income				26,287	26,814
Interest payable and similar charges					(8,657)	(8,728)
Surplus/(deficit) on	investments				121,679	(64,117)
Surplus/(deficit)	on ordinary	activities
before taxation					152,313	(42,442)
Taxation on surplus	on ordinary	activities
Surplus/(deficit)	for the year				152,313	(42,442)
Total comprehensive income		for	the	year	6152,313	K(42,442)

		Capital	Revenue	Cyclical	Extraordinary	Revaluation
		fund	reserve	maintenance	repair	reserve	Total
				reserve	reserve
Balance as at 1	May	14,474	194,580	111(922	89,692	347,866	758,534
2019
Surplus/(deficit)			(29,043)	(13,399)			(42,442)
from statement	of
comprehensive
income
Transfer from			64,117			(64,117)
revaluation reserve
to income and
expenditure reserve
Transfer to			(9,314)	16,040	(6,726)
restricted reserves
from unrestricted
reserves
Balance as at 30		14,474	220,340	114,563	82,966	283,749	716,092
April 2020 and 1
May 2020
Surplus/(deficit)			157,436	(5,123)			152,313
from statement	of
comprehensive
income
Transfer to			(121,679)			121,679
revaluation reserve
from income and
expenditure reserve
Transfer to			(14,342)	16,620	(2I278)
restricted reserves
from unrestricted
reserves
Balance asat	30	E14,474	E241,755	E126,060	E80,688	E405,428	E730,486
April 2021

		Note		2021		2020
FIXEDASSETS
Housing properties		11		367,826		365,077
Other tangible fixed assets		12		11,024		13,346
Investments		13		571,175		473,759
				950,025		852,182
CURRENT ASSETS
Trade and other debtors		14	7,518		7,102
Investments		15	238,624		199,753
Cash and cash equivalents		16	48,239		25,665
			294,381		232,520
CREDITORS: Amounts	falling
due within one year		17	(38,501)		(27,049)
NET CURRENT ASSETS				255,880		205,471
TOTAL ASSETSLESS
CURRENT LIABILITIES				1,205,905		1,057,653
CREDITORS: Amounts	falling
due after more than one year		18		(337,500)		(341,561)
TOTAL NET ASSETS				E868,405		E716,092
CAPITAL AND RESERVES
Capital fund				14,474		14,474
Revenue reserves		21		241,755		220,340
Cyclical maintenance reserve		22		126,060		114,563
Extraordinary repairs reserve		23		80,688		82,966
Investment revaluation		24		405,428		283,749
reserve
				E868,405		E716,092

	Note		2021	2020
Net cash generated from
operating activities (see	note 25)		23333	5,797
Cash flow from investing	activities
Purchase of tangible fixed assets			(12,438)	(16,526)
Purchase of fixed asset investments			(14,608)	(15,445)
Purchase of current asset investments				(9,800)
Interest received			26,287	26,814
Net cash used in investing	activities		22,574	(9,160)
Net change in cash and cash equivalents			22,574	(9,160)
Cash and cash equivalents	at beginning	ofthe year	25,665	34,825
Cash and cash equivalents	at end ofthe	year	648,239	625,665

Roofs			70 years
Windows	and external doors		30years
Boilers and heating		systems	15years
Kitchens			20 years
Bathrooms			30years
Groul ld wol ks			100yeals

Particulars ofi	ncome an	d	expe	nditure from social	housing lettings
					2021	2020
Rents receivable	excluding	service		charges	75,680	72,800
Rent losses arising from voids					(2,117)	(1,120)
					E73,563	E71,680
Direct property management			costs		53,783	61,179
Administration costs					6,424	6,154
					E60,207	E67,333
Operating surplus	on social	housing		lettings	E13,356	E4,347
Rent contributions	at 30 April		2021	(per week)	E73	E70

	The operating surplus is arrived at after charging/(crediting):
		2021	2020
	Auditor's remuneration —audit services	3,720	3,612
	Auditor's remuneration —non audit services	2,064	2,004
	Depreciation of housing properties and components	9,337	8,841
	Depreciation ofother tangible assets	2 322	2 322
	Grants released against depreciation	(3,257)	(3,257)
	Loss on disposal oftangible fixed assets	352	758
	Key management personnel remuneration
6.	Fixed asset disposals —housing properties
		2021	2020
	Proceeds-from-disposal offixed assets
	Net carrying value offiyed assets disposed of	352	75n
	Loss on disposal of fixed assets	E352	E758
7.	Interest receivable and other income
		2021	2020
	Quoted investment dividends	26,274	26,775
	Bank interest	13	39
		E26,287	E26,814
8.	Interest payable
		2021	2020
	Interest on loans repayable after more than five years:
	The Housing Corporation	E8,657	E8,728

	The average number of employees during the year was	as follows:
		2021	2020
	Part-time employees
	The aggregate payroll costs were as follows:
	Wages and salaries	1,950	1,934
	Social security costs
	Other pension costs
		E1,950	Ei,934
11.	Housing properties
			Total
	Cost
	At 1 May 2020		481,369
	Additions		12,438
	Disposals		(3,074)
	At 30 April 2021		490,733
	Depreciation
	At 1 May 2020		116,292
	Charge for the year		9,337
	On disposal		(2,722)
	At 30 April 2021		E122,907
	Net Book Value
	At 30 April 2021		E367,826
	At 30 April 2020		E365,077

Other tangible fixed assets
	Equipment
	and Fixtures
Cost
At 1 May 2020	23,612
Additions
Disposals
At 30 April 2021	E23,612
Depreciation
At 1 May 2020	10,266
Charge for the year	2 322
On disposal
At 30 April 2021	E12,588
Net Book Value
At 30 April 2021	E11,024
At 30 April 2020	E13,346

3. Fixed asset investments
	2021	2020
——-Market value at 1 May 2020-	473;759-	520;321-
Additions	14,608	15,445
Disposals
Market value at 30 April 2021	E571,175	E473,759

Debtors and prepayments
	2021	2020
Rent arrears	4,058	3,731
Prepayments	3,460	3,371
	E7,518	E7,102

Current ass	et investments
		2021	2020
Market value	at 1 May 2020	199,753	192,063
Additions			9,800
Net unrealised	gains/(losses)	38,871	(2,110)
Market value	at 30 April 2021	E238,624	E199,753

	The historic cost of listed	current	asset	investments	on	30 April 2021 was	E128,534	(2020:
	E128,534).The investment	is held to fund		the extraordinary		and other repairs (see	note 23).
16.	Cash at bank and in hand
						2021		2020
	Barclays and HSBC current accounts					30,826		8,260
	Barclays Cyclical Maintenance Fund					17,413	17,405
						E48I239	E25,665
17.	Creditors —amounts due	within	one year
						2021		2020
	Rental income in advance					1,587		938
	Creditors
	Accruals					32,853	22,130
	Deferred income capital grants (see		note 19)			3,257		3,257
	The Housing Corporation (see note 20)					804		724
						E38,501	E27/049

				2021	2020
Deferred	income capital		grants (see note 19)	257,320	260,577
The Housing		Corporation	(see note 20)	80,180	80,984
				E337,500	E341,561

19.	Deferred grant income
		2021	2020
	Balance at 1 May 2020	263,834	267,091
	Released to income	(3,257)	(3,257)
	Balance at 30 April 2021	E260,577	E263,834
	Due within one year	3,257	3,257
	Due after more than one year	257,320	260,577
20.	Debt analysis
		2021	2020
	Due within one year
	The Housing Corporation	804	724
	Due after more than one year
	The Housing Corporation	80,180	80,984
	Total loans	E80,984	E81,708

Based on the lender's earliest repayment date, borrowi	ngs are repayable as follows	:
	2021	2020
Within one year or on demand	804	724
One year or more but less than two years	891	804
Two years or more but less than five years	3,301	2,977
Five years or more	75,988	77,203
	E80,984	E81,708

21.	Revenue	reserve
					2021	2020
	Balance at	1 May 2020			220,340	194,580
	Surplus/(deficit) for year				157,436	(29,043)
	Transferred	(to)/from designated/restricted		reserves	(136,021)	54,803
	Balance at	30 April 2021			E241,755	E220,340
22.	Cyclical maintenance		reserve
					2021	2020
	Balance at	1 May 2020			114,563	111,922
	Transferred	from revenue	account		16,620	16,040
	Less funds	utilised in the	year		(5,123)	(13,399)
	Balance at	30 April 2021			E126,060	E114,563

			2021	2020
Balance at	1 May 2020		82,966	89,692
Transferred	from revenue account		10,160	9,800
Transfer to	the revenue	account	(12,438)	(16,526)
Balance at	30 April 2021		E80,688	E82,966

Investments revaluation	reserve
		2021	2020
Balance at 1 May 2020		283,749	347,866
Net unrealised gains/(losses)	on current asset investments	38,871	(2II10)
Net unrealised gains/(losses)	on fixed asset investments	82,808	(62,007)
Balance at 30 April 2021		E405,428	E283,749

Cash flow from o	perating	activit	ies
				2021	2020
Surplus/(deficit) for	the year			152,313	(42,442)
Depreciation oftangible fixed assets				11,659	11,163
(Increase) in trade	and other	debtors		(416)	(708)
Increase/(decrease)	in trade	and other creditors		7,391	(277)
Carrying amount of	tangible	fixed asset disposals		352	758
(Surplus)/deficit on	investments			(121,679)	64,117
Interest receivable				(26,287)	(26,814)
Net cash generated	from operating		activities	I23,333	65,797

		2021		2020
	Direct		Direct
	Property	Admini-	Property	Admini-
Management		stration	Management	stration
	Costs	Costs	Costs	Costs
Employee costs
Warden - Wages	1,950		1,503
-Telephone	123		372
- Rates &Water	971		1,499
Gardener	280		431
Estate costs
Insurance	1,924		2,122
Repairs and renewals	10,799		18,956
Lifeline telephone	683		527
Electricity and gas	327		372
Water and sewage rates	4,487		4,048
Utilities —empty properties	7		249
Alarm maintenance	3,294		2,991
Advertising			605
Depreciation	11,659		11,163
Bad debts write off			(2,500)
Grants released against depreciation	(3,257)		(3,257)
Office overheads
Administration fees	20,536		22,098
Bank charges		34		15
Sundry expenses		(15)		90
Other operating expenses
Audit fee		3,720		3,612
Accountancy fee		2,064		2,004
Professional fees		621		433
	E53,783	E6,424	E61,179	E6,154