2023-09-30-accounts - The Abbeyfield Buckland Monachorum Society Limited

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ort on c	ertain metrics as set out below:
Metric			2023	2022
1	Reinvestment (%)		0.5%	2.5%
2(a)	New Supply - social housing units	(%)	0	0
2(b)	New Supply - non social housing	units (%)	0	0
3	Gearing (%)		14.2%	17.2%
4	EBITDA MRI interest cover (%)		359%	564%
5	Headline social housing cost per unit		615,996	f14,409
6a	Operating margin (Social housing	lettings) (%)	17.6%	22%
6b	Operating margin (Overall) (%)		17.6%	22%
7	Return on capital employed (%)		5%	6%

			2023		2022
Turnover			173,404		162,448
Operating expenditure			(142,931)		(126,629)
Operating	Surplus		30,473		35,859
Finance income			827		10
Government	funds receivable				573
Finance costs			(13,017)		(9,319)
Surplus before and after taxation		being the total
comprehensive income for the year			f18,283		f27,123
Statement	ofchanges in Reserves		Income and	Restricted	Total
			Expenditure	Reserve
			Reserve
Balance	ofReserves at 30th September 2022		567,322	29,799	597,121
Surplus	for the year		18,283		18,283
Transfer	ofrestricted income to	Restricted Reserve	(3,900)	3,900
Balance	ofReserves at 30th September 2023		f581,705	f33,699	f615,404

				Notes
						2023		2022
Tangible assets
Tangible fixed assets - housing			property			685,388		698,939
Current assets
Trade receivables				7	54,210		42,567
Cash					74,186		66,355
					128,396		108,922
Trade payables:	amount	due	within one year	8	30218		29,088
Net current assets						98,178		79,834
Total assets less	current	liabilities				783,566		778,773
Trade payables:	amounts	due after more than one year		8		168,162		181,652
Net Assets						K615,404		K597,121
Equity
Share Capital '
Income and Expenditure		Reserve				581,705		567,322
Restricted Reserve						33,699		29,799
						K615,404		6597,121

			2023	2022
Statement ofcash flows
Cash flows from operating activities
Surplus for the financial year			18,283	27,123
Adjustments for:
Depreciation offixed assets			16,649	17,079
Amortisation ofgrant			(380)	(380)
Interest payable and financing costs			13,017	9,319
Interest received			(827)	(10)
Government funds received				(573)
(Increase)/decrease in trade debtors			(933)	285
Increase in trade creditors			1,130	505
Net cash generated from operating	activites		46,939	53,348
Cash flows from investing activities
Expenditure on fixed assets - housing	property		(3,098)	(16,693)
Expenditure re potential extension			(10,710)
Government funds received				96
Interest received			827	10
Net cash used in investing activities			(12,981)	(16,587)
Cash (inflows)/ outflows from financing		activites
Interest paid			13,017	8,842
Net bank loans (granted)/ repaid			13,110	(24,945)
Net cash cost from financing activities			26,127	(16,103)
Net increase in cash and cash equivalents			7,831	52,864
Cash and cash equivalents at beginning		ofyear	66,355	13,491
Cash and cash equivalents at end ofyear			674,186	K66,355

2	Operating Surplus		2023	2022
	This is stated after charging:
	Depreciation ofowned fixed assets		K16,649	f17,079
3	Residential Charges		2023	2022
	Nominal total charges	receivable	183,692	172,370
	Losses from vacancies 5.8to (2022 6.2lo)		(10,658)	(10,629)
	Net receipts from charges 94.2'Jo (2022 93.8N)		5173,034	f.161,741
4	Staff Costs		2023	2022
	Wages and salaries		58,738	53,598
	Pension contributions		1,812	1,692
			K60,550	655,290
	Average number of	employees
	Full time
	Part time (equivalent	full time)
5	Finance costs		2023	2022
	Interest payable to Lloyds Bank pic		K13017	f9319

6	Tangible fixed assets
		Land	Freehold	Furniture
			property	and
	Cost			Equipmenl	Total
	1stOctober 2022	35,000	835,296	75,126	945,422
	Additions		210	2,888	3,098
	Disposals
	30th September 2023	f35,000	f835,506	f78,014	K948,520
	Depreciation
	1stOctober 2022		179,148	67,335	246,483
	Charge for year		13,046	3,603	16,649
	On disposals
	30th September 2023		f192,194	f70,938	f263,132
	Net book value
	30th September 2023	f35,000	f643,312	K7,076	/685,388
	30th September 2022	f35,000	f656,148	K7,791	f698,939
7	Trade receivables		2023		2022
	Trade debtors and prepayments		1,748		815
	Expenditure on proposed extension		52,462		41,752
			K54,210		K42,567

	The expenditure	on the proposed	extension includes	legal charges, planning and building	legal charges, planning and building	legal charges, planning and building	control
	fees, supporting	reports, architects	fees and initial works to commence			the development.	The
	directors believe	the market value	ofthe site is significantly		in excess	ofthe land and above costs.
8	Trade payables					2023	2022
	Amounts falling	due within one	year
	Lloyds Bank pic	- term loan				12,444	12,444
	Lloyds Bank pic	- bounceback loan				7,200	7,200
	Lloyds Bank pic	—additional loan				3,360	3,360
	Accruals and other liabilities					7,214	6,084
					K30,218		629,088
	Amounts falling	due in more than one year
	20year term loan to July 2035 -Lloyds Bmk pic					93,777	98,940
	7year term bounceback loan to March 2028 -Lloyds			Bank	pic	18,000	25,200
	20year additional	loan to October	2041 - Lloyds Bank pic			30,545	31,292
	Deferred capital	grant (see note 9)				25,840	26,220
					f168,162		5.181,652

11	Accommodation	in management:	in management:	Housing for older people	2023	2022
	Number ofbeds	for full time	residents		10	10
	Number ofbeds	for residents'	guests		1	1