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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%|
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||||Notes|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|
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|||||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|
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||||Notes|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|
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|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|
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|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|
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|9|Deferred capital grant||||
|---|---|---|---|---|
||||2023|2022|
||30th September 2022||26,220|26,600|
||Released to income during|the year|380|380|
||30th September 2023||525,840|526,220|
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|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|
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