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|---|---|---|---|
|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|
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||||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)|
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|||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||||||||
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|||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|
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||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|
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|Roofs|||70 years|
|---|---|---|---|
|Windows|and external doors||30years|
|Boilers and heating||systems|15years|
|Kitchens|||20 years|
|Bathrooms|||30years|
|Groul ld wol ks|||100yeals|
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|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|
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||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|
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||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|
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|Debtors and prepayments|||
|---|---|---|
||2021|2020|
|Rent arrears|4,058|3,731|
|Prepayments|3,460|3,371|
||E7,518|E7,102|
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|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|
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|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|
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|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|
##
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|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|
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|||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|