2023-03-31-accounts

Contents
						Page
Registered	Social Housing			Provider	Information
Board Report						4-7
Independent		Auditor's	Report			8-10
Statement	of	Comprehensive		Income
Balance Sheet						12
Statement	of	Changes	in Reserves			13
Notes to the Financial			Statements			14 —22

Company	registration	registration	number	number	1005700
Charity registration		number			262505
Homes and Communities				Agency registration	H0552
number
Members	ofthe board				Mr M Stanton-Dunne
					Mr R Thomson
					Mrs P Griffiths
					Mr A Nurbhai
Registered	office				1 Sopwith Crescent
					Wickford Business Park
					Wickford
					Essex SS118YU
Places of	business				Abbeyfield House
					200 Timberlog Lane
					Basildon
					Essex SS141PG
					The Octagon
					41 Bridge Street
					Basildon
					Essex SS154AY
Auditor					Sygma
					Chartered Accountants
					Wickford Business Park
					1 Sopwith Crescent
					Wickford
					Essex SS118YU
Bankers					Lloyds Bank pic
					89 High Street
					Billericay
					Essex CM12 9AT

Value for money	Value for money
The Society is affiliated to The Abbeyfield Society f y tt t b l d tabb		and operates within lld. . yh d				its guidelines and lty tl t dll			principles. The I f		value y
throughout all of its activities. The Value for Money Metrics			are:
								2023		2022
	Metric 1:Reinvestment							0%		1%
	Metric 2a: New Supply (Social Housing Units)
	During the year the Society did not develop nor	acquire
	any social housing units (leasehold or other).							0%		0%
	Metric 2b: New Supply (Non-social Housing	Units)
	During the year the Society did not develop nor	acquire
	any non-social housing units (leasehold or other).							0%		0%
	Metric 3:Gearing							-56%		-112%
	Metric 4:Earnings Before Interest, Tax, Depreciation,
	Amortisation, Major Repairs Included (EBITDA MRI)
	Interest Cover
	During the year the Society did not capitalise nor pay any
	interest or other financing costs.							N/A		N/A
	Metric 5:Headline Social Housing Cost (per	unit)					614,016		610,741
	Metric 6a: Operating Margin (social housing	lettings)						-35%		-3%
	Metric 6b: Operating Margin (overall)							-32%		-1%
	Metric 7:return on Capital Employed							-4%		0%

Year Ended 31 March 2023	Year Ended 31 March 2023
			2023	2022
		Note		f
Turnover			262,452	264,079
Social housing activity	expenditure		~378,773	237,547
Gross surplus			(55,721)	26,532
Administrative expenditure			~27,214	(29,081)
Operating surplus			(82,735)	(2,549)
Interest receivable and	similar income		10,288	2,104
Interest payable and similar expenses			~772.228
Surplus on ordinary
activities for the year			(84,675)	(445)
Revaluation offixed asset investments			2,285	14,378)
Total comprehensive	income
for the year			(82,390)	(14,823)

Year Ended 31	March 2023	March 2023
					2023	2022
				Note	f
Fixed assets
Tangible fixed assets		- housing	properties	8	836,520	841,811
Tangible fixed assets		- other		9	2,516	2,960
Investments				10	800,385	404,364
					1,639,421	1,249,135
Current assets
Debtors
Cash at bank and	in	hand			470,707	940,546
					470,707	940,546
Creditors: amounts		falling due
within one year				12	(39,117	(30,360)
Net current assets					431,590	910,186
Total assets less	current liabilities				2,071,011	2,159,321
Creditors: amounts		falling due
after more than one		year		13	(344,717)	(350,637)
Total net assets					1,726,294	1,808,684
Reserves
Income and expenditure account				14	1,726,294	1,808,684
Total reserves					1,726,294	1,808,684

		Income and
		expenditure
		reserve f	Totalf
At 1 April 2021		1,823,507	1,823,507
Surplus for the year Revaluation offixed asset investments		(445) ~(14,378	(445) ~14,3787
Total comprehensive	income	(14,823)	(14,823)
At 31 March 2022 and	1 April 2022	1,808,684	1,808,684
Surplus for the year		(84,675)	(84,675)
Revaluation offixed asset investments		2,285	2,285
Total comprehensive	income	(82,390)	(82,390)
At 31 March 2023		1,726,294	1,726,294

2	Social housing	turnover and costs
						2023		2022
						E		6
	Rents receivable excluding service		charges			38,189		58,874
	Service charges receivable					224,263		199,285
	Amortised government grants					5,920		5,920
	Social housing	activity expenditure	—Service		costs	224,263		199,285
	Social housing	activity expenditure	—Repairs		and
	maintenance					85,101		29,406
	Social housing	activity expenditure	—Depreciation			8,809		8,856
	Operating (deficit)/surplus from social housing				activities	(55,721)		26,532
	Social housing	activity expenditure	—Administrative
	expenditure					27,014		29,081
	Net (deficit)/surplus from social housing			activities		(82,735)		(2,549)
	Losses from vacancies					147,196		139,405
3	Accommodation	owned and in management
						Number		Number of
						of units	at	units at
						1 April		31 March
						2022		2023
	Completed units:
	Housing for	older people					24	24
	There are no units under development
							24	24

4	Interest	and other finance income and charges	and other finance income and charges	and other finance income and charges	and other finance income and charges	and other finance income and charges	and other finance income and charges
	a) Interest		receivable		and similar		income
								2023	2022
								f	F
	Donations		received					3,440	1,025
	Other miscellaneous				income
	Interest	receivable		and returns		from investments		6,848	1,079
								10,288	2,104
	b) Interest		payable	and similar		expenses
								2023	2022
								5	5
	Investment		charges	and commissions				10,892
	Other miscellaneous				charges			1,336
								12,228
5	Surplus	on	ordinary		activities
	Surplus on		ordinary	activities is		stated after charging/(crediting):
								2023	2022
								f.
	Auditor's	remuneration			(including		expenses and
	benefits	in	kind) for	audit				3,840	3,840
	Auditor's	remuneration			(including		expenses and
	benefits	in	kind) for	non-audit				2,000	2,000
	Depreciation oftangible fixed assets							8,809	8,856

			Housing
			properties
			for letting	Total
			8	8
Cost:
At 1 April 2022			1,073,036	1,073,036
Additions —improvements	to properties		3,074	3,074
At 31 March 2023			1,076,110	1,076,110
Depreciation:
At 1 April 2022 Charge for year			231,225 8,365	231,225 8,365
At 31 March 2023			239,590	239,590
Net book value:
At 31 March 2023			836,520	836,520
At 31 March 2022			841,811	841,811
The net book value ofland	and buildings	comprised:
			2023	2022
			f	8
Land and buildings:
Freehold			1,076,110	1,073,036
			1,076,110	1,073,036

Tangible fixed assets —other
	Fixtures,
	fittings and
	equipment	Total
	8	8
Cost:
At 1 April 2022	120,988	120,988
Additions
At 31 March 2023	120,988	120,988
Depreciation:
At 1 April 2022	118,028	118,028
Charge for year	444	444
At 31 March 2023	118,472	118,472
Net book value:
At 31 March 2023	2,516	2,516
At 31 March 2022	2,960	2,960
Fixed asset investments
	Listed
	investments	Total
	6
Valuation:
At 1 April 2022	404,364	404,364
Additions	411,846	411,846
Disposals	(18,110)	(18,110)
Revaluation	2,285	2,285
At 31 March 2023	800,385	800,385
Impairment:
At 1 April 2022
At 31 March 2023
Carrying amount:
At 31 March 2023	800,385	800,385
At 31 March 2022	404,364	404,364

								2023	2022
								E	6
	Trade debtors		(gross		social	housing	rent arrears)
	Payments on		account
	Prepayments		and accrued			income
12	Creditors: amounts			falling		due within one year
								2023	2022
								6	6
	Trade creditors							12,215	6,835
	Other tax and		social security					1,926	782
	Government	grants						5,920	5,920
	Accruals and	deferred			income			19,056	16,823
								39,117	30,360
13	Creditors: amounts			falling		due after	more than one year
								2023	2022f
	Government	grants						344,715	350,635
	Other loans							2	2
								344,717	350,637

						2023f	2022f
Income
Residents' rental and	other income					403,728	397,564
Amortisation ofgovernment			grants			5,920	5,920
Losses arising from vacancies						+147,196)	~139,495
Turnover - net property		income				262,452	264,079
Expenditure
Administrative expenditure
Insurance							3,478
Telephone						2,737	2,240
Membership fee - The	Abbeyfield				Society	6,772	6,772
Auditor's remuneration						3,840	3,840
Bookkeeping						2,000	2,000
Travelling expenses						262	250
Advertising						6,145	5,527
Training and conferences						1,373	1,573
Other expenditure						1,997	1,615
Legal and professional	fees					690	575
Careline						1,198	1,211
Total administrative	expenditure					27,014	29,081
Repairs and maintenance
Alarm costs and maintenancre						1,986	2,133
Day-to-day repairs						18,904	12,650
Cyclical repairs						64,211	14,623
						85,101	29,406
Service costs
Care and catering:
Employee costs						154,996	142,472
Food costs and cleaning				materials		22,627	24,013
Window cleaning						955	905
Garden maintenance						2,448	1,873
Council tax/rates						6,203	5,980
Water rates						3,971	3,859
Heating						18,899	10,975
Lighting						10,487	6,486
Waste disposal						630	570
Pest control						690	716
Uniforms and PPE						212	204
Sundry expenses						2,145	1,232
						224,263	199,285
Depreciation
Housing properties						8,365	8,334
Fixtures, fittings and equipment						444	522
						8,809	8,856
Total social housing	activity			expenditure		318,173	237,547
Operating surplus						(82,735)	(2,549)