2021-03-31-accounts

Extracare Charitsble Trust ANNUAL REPORT AND ACCOUNTS 31 March 2021

Key facts
Foreword by the Chief		Executive
Legal and administrative		information
Report ofthe Board
Strategic report					18
The Board's responsibilities in preparation			ofaccounts		42
Independent auditor's Charitable Trust		report to the members		of The ExtraCare	43
Consolidate statement		ofcomprehensive	income		47
Statement offinancial		position			48
Statement ofchanges	in reserves				49
Consolidated statement		ofcash flows			50
Notes tothe financial	statements				51

				'
				I I
Homes for older people			4,238	3,917
New homes completed			321	230
Villages in Development				1plus 1extension
New homes in development				321
Our Residents			4,404	4,416
Average age ofour residents		is	80	80
Villages			16
Schemes
Charity Retail Shops			44	52
Volunteers supporting	our Charity		2 231	2,169
Staff working to a shared goal			1,293	1,307
Turnover			f41.7M	f44.2M
Reserves			f265.7M	f247.3M
Total comprehensive	income		f18.4M	f47.3M
Awards include:			Investors	in People Gold Award

Charity Name			The ExtraCare Charitable Trust	The ExtraCare Charitable Trust	The ExtraCare Charitable Trust	The ExtraCare Charitable Trust	The ExtraCare Charitable Trust
Governing Instrument			The Charity			is a company limited			by	guarantee		and		not
			having	a	share		capital. As	such	it	is	governed		by	its
			Memorandum			and Articles of		Association,			which were last
			amended		by special resolution			on 13	November 2019.Itwas
			incorporated			on	11December	1987.
Registered Charity	Number		327816
Registered Social	Landlord		4706
Company Registered		Number	2205136
Members			The Directors			ofthe Charity from time totime and such							other
			persons	admitted to membership ofthe						company under				the
			Articles.	The		number ofmembers is unlimited.
Board ofTrustees	(also referred to as a						Formally appointed			Retired/Resigned
Directors ofthe Company for the purpose					of
Company law):
Nicholas Baldwin	CBE (Chair)						11November	2020
Paul Jennings (Chair)							11November	2010		11November			2020
Mary Martin (Vice Chair)							15November	2017		21June 2021
Richard Clarke (Senior Independent Director)							14November	2018
Professor Guy Daly							18March 2019
Rebekah Eden							15November	2017		11November			2020
Adrian Eggington*							1March 2020
Margaret Gardner							13November	2019		15January		2021
Karen Helliwell*							1March 2020			13July 2021
Susan Lock*							1March 2020
David Mell							14November	2018
Philip Riman							24 April 2019
Susan Whelan Tracy							13November	2019
Harpal Baines**							21June 2021
Richard Byrne**							21June 2021
Andy Hardy**							21June 2021
"Interim appointment		1March 2020, elected			at
AGM 11November	2020.
**Currently interim	appointment,		pending
election at the next	AGM

nnual Report &Accounts: 2020/21	nnual Report &Accounts: 2020/21	nnual Report &Accounts: 2020/21							Cha 'table T Ust
Development Committee:					Operations Committee:
Philip Riman (Chair), Nicholas Baldwin,					David Mell (Chair),	Harpal Baines,			Nicholas
Richard Byrne, Adrian		Eggington, Andy Hardy,			Baldwin, Richard Clarke, Karen Helliwell,
Karen Helliwell, Paul Jennings, Mary Martin,					Paul Jennings, Susan		Lock, Susan Whelan
					Tracy,
Includes all Trustee	members (current and				Includes all Trustee	members		(current and
previous)					previous)
Fundraising, Research		and Advocacy			Audit and Assurance		Committee:
Committee:
Professor Guy Daly	(Chair), Richard Clarke,				Richard Clarke (Chair), Harpal			Baines,
Margaret Gardner	David Mell, Susan Whelan				Adrian Eggington,	Andy Hardy, Susan Lock,
Tracy,					Mary Martin, David		Mell,
Includes all Trustee	members (current and				Includes all Trustee		members	(current and
previous)					previous)
Nomination and Remuneration Committee:
Susan Whelan Tracy (Chair), Nicholas Baldwin,					Richard Clarke, Rebekah Eden,			Paul
Jennings, Mary Martin
Includes all Trustee	members (current and			previous)
Company Secretary		Angela Carpenter		(from 15March 2021)
		Gemma Duggan		(until	15March 2021)
Executive Leadership		Mick Laverty			Chief Executive
Team (principal		Joanna Grainger			Executive Director	Operations		(from
members ofstaff)					01/09/2021)
		Angela Harding			Executive Director	Operations		(until
					16/07/2021)
		Henriette Lyttle-			Executive Director	Marketing		and
		Breukelaar			Innovation (until 30/04/2021)
		Chris Skelton			Executive Director	Corporate		Resources
		Kevin Willetts			Executive Director	Development,			Sales
					and Procurement
Registered and		7 Harry Weston		Road
principal office		Binley Business	Park
		Coventry
		CV3 2SN
Principal Bankers		Lloyds Banking	Group Pic
Primary Solicitors		Shakespeare Martineau, Pinsent Masons
Auditors		RSM UK Audit	LLP

		~ ~	~	0
Nicholas Baldwin CBE (Chair) Paul Jennings (retired Chair) '		2of2 5of5		3of3 3of5	1of1 1of1
Richard Clarke		7of7		10of10	1of1
Guy Daly		Sof7		2of3	1of1
Rebekah Eden'		4of5		4 of4	0of1
Adri an Eggington'		7of7		7of8	OofO
Margaret Gardner'		6of6		1of2	0of1
Karen Helliwell'		4of6		Oof4	Oof0
Susan Lock'		6of 7		7of8	Oof0
Mary Martin'		6of6		8of9	10f1

			~ ~	~
David	Mell		7of7		7of7	1of1
Philip	Riman		7of7		3of3	Oof1
Susan	Whelan	Tracy	6of7		6of6	1of1

Complete	the construction	the construction	of Solihull	village	village	and the	and the				Achieved	Achieved	Achieved
Earlsdon	Park 2village extension
Achieve	CQC good or	outstanding		for	all	locations					Achieved
inspected	during the year
Achieve	resident experience		ratings of:								Achieved
~ 80%	in villages; and
~ 90%	in schemes
Achieve	staff satisfaction	scores of:									Achieved
~ 75%	- satisfied with ExtraCare as an employer;						and
~ 90%	- fully committed	to	the vision
Achieve	a total surplus in excess of f15M				and	limit the
underlying operational		loss	(i.e. excluding		resales) to
f2M.								~	Revised		target		following		Covid-19
*Targets are measured here on		the	previous basis ofaccounting						to	E10M		surplus		and		E2M
									operating		loss		limit —Achieved
Ensure	we meet the	Regulator of		Social		Housing's				Not		inspected
expectations

				'
				I I
Operating	deficit		(E3.1M)	(K3.3M)	(E7.3M)
Total Comprehensive		Income	f18.4M	f47.3M	f46.3M
Turnover			f41.7M	f44.2M	f38.2M
Reserves			f265.7M	f247.3M	f200.0M

1.Reinvestment	1.Reinvestment	6.1%	14.5%	15.0%			0.4%
2. New Supply
—Social Housing		1.3%	6.6%	6.9%			0.0%
—Non-Social Housing		0.0%	7.9%	6.7%			0.0%
3.Gearing		33.8%	26.2%	25.0%			20.0%
4.EBITDA MRI*		196.1%	-6.0%	0.0%	'=4.IK	'	70.0%
					, L
5.Headline Social Housing Cost per		E4,023	E6,905	E6,775			E6,000
unit
6.Operating	Margin
- Overall		21.5%	-7.5%	-6.5%	'-'7'.5%'		-3.0%
-Social		23.6%	25.0%	26.0%	265i9n W'7		20.0%
7.Return on	Capital Employed	2.8%	-0.8%	-0.7%			0.0%
(ROCE)
*Earnings before	interest, taxation, depreciation,	amortisation, major repairs included,		interest cover %

~	~
1.Arrears		(reduce value of payments		due)	3.18%	2.75%	2.50%
2.	Rental	Voids (reduce average	period for		10.8weeks	8weeks	8weeks
re-let)
3.	Operations Surplus				E4.7M	E1to3M	E1.1M
4.	Loan to	Value			55.3%	50%	55%

nnual Report &Accounts: 2020/21	nnual Report &Accounts: 2020/21								Cha lableTust
5.CQC rating Good or Outstanding		95%	100%	—',;,::,950/o.		',	,		100% —21/21
									locations
6.Resident satisfaction	rating at villages	84.5%	80%Vi I Iages		o ' .l I			's	80%
		Villages	90%	9- 2~.					Villages
		91.7%	Schemes						90%
		Schemes							Schemes
7.Reduce energy usage		n/a	n/a	3.45tnes					-5%
				resident/year					3.28tnes
									resident/year

nergy	use	and global green	house gas emissio	ns for pe	riod	1April 2020	to 31March
		Item	Current	Reporting	Year		2019/20
			Amount	Unit		Emissions	Emissions
						(CO2e)	(COze)
Scope Scope Scope	1 2 3	Gas Electricity Water Waste —liquid	42,813,389 18,378,224 235,128 227,179	kwh I&wh m'		7,872 4,285 81 161	7,306 4,075 84 168
		Waste —solid	83	tnes
		Travel	225,083	miles		58	138

Forthe year ended	31March	2021
						2021	2020
					Note	c 000	E.'000
Turnover						41,678	44,170
Operating expenditure						(44,821)	(47,484)
Operating deficit						(3,143)	(3,314)
Interest receivable						6	18
Interest and financing Increase in fair value	costs of investment	properties			5 11	(4,560) 31,729	(4,174) 47,886
Surplus before tax						24,032	40,416
Taxation					27		(45)
Surplus for the year						24,032	40,371
Other comprehensive pension expenditure Defined benefit pension costs recognised			in other comprehensive	income	22 22	(5,649)	6,942
Total comprehensive	income for	the year				18,383	47,313

As at 31March	202	1				Char	itable Trust
				Group		Charity
				202j	2020	2021	2020
			Note	E'000	E'000	E'000	f'000
Fixed assets
Intangible assets			9	83	125	83	125
Tangible fixed assets			10,12	126,328	178,581	126,328	178,581
Investment properties			11	744,450	650,603	744,450	650,603
				870,861	829,309	870,861	829,309
Current assets
Stocks and assets held for disposal			14	138	132
Trade and other debtors			15	3,332	3,378	3,431	3,342
Cash and cash equivalents				3,804	5,202	3,788	5,189
				7,274	8,712	7,219	8,531
Creditors: Amounts	falling due within one year		16	(436,587)	(403,407)	(436,493)	(403,243)
Net current liabilities				(429,313)	(394,695)	(429,274)	(394,712)
Total assets less current		liabilities		441,548	434,614	441,587	434,597
Creditors: Amounts	falling due after more than one year		17	(166,629)	(182,514)	(166,629)	(182,514)
Defined benefit pension		liability	22	(9,203)	(4,759)	(9,203)	(4,759)
Other provisions			23	(42)	(50)	(42)	(50)
Total net assets				265,674	247,291	265,713	247,274
Capital &reserves:
Restricted reserves			21	6,602	6,606	6,602	6,606
Revenue reserves				259,072	240,685	259,111	240,668
				265,674	247,291	265,713	247,274

As at 31Marc	h 2021
			Group		Charity
				Incomo and		Income anci
			R strictecl	expenditure	Restrict ci	expenditure
			reserve	f'esei've	reserve	reserve
			E'000	E'000	E'000	f'000
At 1April 2019 Surplus for the year Transfer to/from restricted		reserves	6,671 (65)	193,307 47,313 65	6,671 (65)	193,290 47,313 65
As at 31March	2020		6,606	240,685	6,606	240,668
At 1April 2020 Surplus for the year Transfer to/from restricted		reserves	6,606 (4)	240,685 18,383 4	6,606 (4)	240,668 18,439 4
As at 31March	2021		6,602	259,072	6,602	259,111

Consolidated statement ofca	Consolidated statement ofca	sh flows				Extr	aCare
For the year ended 31March		2021					Charr'table Trust
						2021	2020
					Note	E'000	f.'000
Net Cash generated from operating		activities				(4,771)	(5,623)
Cash flow from investing activities
	Purchase oftangible fixed assets					(14,325)	(39,279)
	Grants received					640	644
	Interest received					6	18
Net cash used in investing activities						(13,679)	(38,617)
Cash flow from financing activities
	Interest paid					(6,046)	(5,911)
	New secured loans					28,000	10,500
	Repayments of borrowings					(44,086)	(19,776)
	Payments received on	property	leases			64,943	85,082
	Settlement of property	repurchase		liability		(25,759)	(23,168)
Net cash used in financing activities						17,052	46,727
Net change	in cash and cash equivalents					(1,398)	2,487
Cash &cash	equivalents at beginning	ofthe year				5,202	2,715
Cash &cash	equivalents at end ofthe year					3,804	5,202

Depreciation
Assets costing more	than		E1,000 are		capitalised	at cost.	Assets under		construction	for social	housing		are not depreciated		until
brought into operational		use.
Depreciation of fixed	assets is			charged	by equal instalments		commencing		with the date of acquisition			at	rates estimated	to write off
their cost or valuation	less any			residual	value over	the expected useful		lives which are as follows:
Freehold land							not depreciated
Freehold buildings —Social			housing
Main Fabric							100years
Roof gt Covering							70years
Electrics							40years
Windows gt External	Doors						30years
Bathroom gt WC							30years
Mechanical Systems							30years
Lift							28years
Kitchen							20years
Freehold buildings —Investment				properties			not depreciated
Leasehold property							over period		of lease
Furniture and equipment							over 2to	6years
Motor vehicles							over 3years

		2021			2020
			Operating			Operating
		Operating	Surplus /		Ooerating	SUI'p us /
	Turnov r	Costs	(Deficit)	Turnover	Costs	(Deficit)
	E'000	E'000	E'000	E'000	E'000	E'000
Social housing lettings (Note 4)	7,796	(5,729)	2,067	7,511	(5,634)	1,877
Other social housing activities:
Development services Housing related support contract income Management services	948	(974) (2) (526)	(974) (2) 422	56 909	(1,088) (2) (660)	(1,088) 54 249
Other social housing activities	948	(1,502)	(554)	965	(1,750)	(785)
Non social housing lettings Residential property income Other rent	14,425 310	(11,086) (90)	3,339 220	14,066 357	(11,053) (115)	3,013 242
Non Social Housing lettings	14,735	(11,176)	3,559	14,423	(11,168)	3,255
Other non Social housing activities
Development services Care and health services	10,233	(1,979) (14,578)	(1,979) (4,345)	10,448	(2,210) (13,920)	(2,210) (3,472)
Community services Other	2,000 3,005	(2,442) (4,648)	(442) (1,643)	1,944 4,182	(2,767) (5,898)	(823) (1,716)
Retail	2331	(2,370)	(39)	3,242	(2,968)	274
Donations	630	(397)	233	1,455	(1,169)	286
Other non social housing activities	18,199	(26,414)	(8,215)	21,271	(28,932)	(7,661)
Total	41,678	(44,821)	(3,143)	44,170	(47,484)	(3,314)

4. Income and	exPen	diture	fro	m	s	ocial hous	ing letti	ngs - Group
									2021		2020
									Supported	Supported
									I-lousing and	Housing and
									Mousing for	I-lousing for
									Older People	Older	P ople
									E'000		E'000
Rent receivable	and maintenance			charge net of identifiable				service charges	3,988		3,528
Service charge income									2,742		2,665
Amenity income									664		753
Housing related	support										171
Amortised government		grant							402		394
Turnover from Social Housing			Lettings						7,796		7,511
Management									2,335		2,166
Service charge costs									1,562		1,650
Routine maintenance									368		404
Planned maintenance									231		565
Depreciation of	housing	properties							1,233		849
Operating Costs	on Social Housing			Lettings					5,729		5,634
Operating Surplus on Social Housing					Lettings				2,067		1,877
Void losses									482		167
5.Interest and	financing costs			-	Group
									2021		2020
									E'000		E'000
Bank loans									4,065		3,985
Otherloans									2,013		1,893
Defined benefit	pension	charge							98		277
Interest payable	capitalised on		housing			properties	under construction		(1,616)		(1,981)
									4,560		4,174

the senior management team in the year totalle	d f762	(2020:E2,777	).
							2021	2020
							f'000	f'000
Aggregate Emoluments payable to Directors (including		pension contributions		and	benefits	in kind)	826	778
Emoluments (including benefits, but excluding who was also the highest paid Director	pension	contributions)	payable	to the Chief		Executive	233	215
The Chief Executive is a member ofthe defined	contribution scheme.		No enhanced		or special terms apply to this or any other pension

7.Employee Inf	ormation -	Group and Charity
			Group		Charity
			2021	2020	2021	2020
			Number	Number	Number	I'lumber
Average number of employees Executive directors			5	5	5	5
Care services			1,041	1,045	1,041	1,045
Administration,	fundraising	and publicity	247	257	139	147
			1,293	1,307	1,185	1,197
Full time equivalents Executive directors			5	5	5	5
Care services			633	625	633	625
Administration,	fundraising	and publicity	206	222	126	138
			844	852	764	768

Staff Costs (Forthe above persons)
	Group		Charity
	2021	2020	2021	2020
	f'000	f'000	f'000	f'000
Wages &Salaries Social Security Costs Other Pension Costs	24,494 1,903 803	24,466 1,911 868	22,823 1,802 745	22,603 1,776 807
	27,200	27,245	25,370	25,186

			Group		Charity
			2021	2020	2021	2020
			f'000	f'000	E'000	E'000
Defined	benefit schemes		52	111	52	111
Defined	contribution	schemes	751	757	693	696
			803	868	745	807

	2021	2020
Salary Range	Number	Number
f200,001tof210,000
f190,001tof200,000
f130,001tof140,000
f120,001tof130,000
f110,001tof120,000
f100,001tof110,000
f90,001tof100,000
f80,001to f90,000
f70,001tof80,000
f60,001tof70,000
	24	27

Notes to th	e financial statement	s			Cha	ntabte Trust
8.OPerating	defiCit - Group
					2021	2020
					E'000	E'000
The operating	deficit is arrived at after		charging/(crediting):
Trustee indemnity insurance
External auditor's remuneration:
In respect of	the audit ofthe Charity's	Financial		Statements	60	49
In respect of	other services: The audit ofthe charity's	subsidiary		Financial Statements	10	7
	Taxation services				56	44
	Audit-related assurance	services			18	17
	Other services				3	23
Operating leases Rent payable on buildings					1,192	1,264
	Other				5	5
Depreciation Amortisation	ofowned tangible fixed ofintangible fixed assets	assets			3,582 78	3,401 103
Amortisation	of deferred Social Housing		Grant		(465)	(457)

9.Intangible aSSetS - Group aod Charity
	E'000
Cost:
At 1April 2020	1,099
Additions	36
At 31March 2021	1,135
Depreciation: At 1April 2020	974
Charged in the year	78
At 31March 2021	1,052
Net BookValue
At 31March 2021	83
At 31March 2020	125

10.Fixed	A	ssets - H	ousing Properties -	Group and	charity
						Housing	Housing
					properties held		properties	under	Leasehold	land
					for Iettings		construction		and buildings		Total
						f '000		E'000		E'000	f'000
Cost:
At 1April	2020					124,765		59,652		417	184,834
Additions						21		12,530			12,551
Schemes	completed					15,945	(71,662)				(55,717)
Disposals						(3)					(3)
Change oftenure						(7,332)					(7,332)
At 31March		2021				133,396		520		417	134,333
Depreciation:
At 1April	2020					11,372				77	11,449
Depreciation		charged	in the year			1,955				4	1,959
Eliminated	on disposal					(3)					(3)
At 31March		2021				13,324				81	13,405
Net Book	Value
At 31March		2021				120,072		520		336	120,928
At 31March		2020				113,393		59,652		340	173,385
										2021	2020
										E'000	E'000
Expenditure		on works	to existing properties
Components		capitalised/improvements								21	19
Amounts	charged tothe statement ofcomprehensive				income					599	969
										620	988
Finance Costs
Aggregate	amount of		finance costs included	in the cost of housing properties					4,022		3,385
Aggregate	amount of		finance costs included	in the cost of properties		under construction					1,959
									4,022		5,344

The ExtraCare Charitable Trust
For the year ended 31March 2021
Notes to the financial statements

						Investinant
						p r0 p 2 I't Ies
						E'000
Fair Value:
At 1April 2020						650,603
Schemes completed						54,786
Change of	tenure					7,332
Movement	in fair value					31,729
At 31March 2021						744,450
Historic Cost
					2021	2020
					E'000	E'000
Investment	properties	measured	under the historic	cost convention	397,670	335,552
Included within the above isf12,862Kofcapitalised				interest (2020:E9,924K).

12.Other Tangible	Fixed Ass	ets - Group and charity
				Furniture
				and Other
				Eq tl	I0rtlent
					E'000
Cost:
At 1April 2020					10,548
Additions					896
Transfer from housing	properties	under construction			931
Disposa Is					(240)
At 31March 2021					12,135
Depreciation:
At 1April 2020					5,352
Charged in the year					1,623
Released on disposal					(240)
At 31March 2021					6,735
Net Book Value
At 31March 2021					5,400
At 31March 2020					5,196
13.Fixed Asset Investments		- Group and charity
			2021		2020
			E		E

		Country of
Name of subsidiary	undertaking	incorporation	Class ofshare	Nature of business
Extra Care Retail Limited		England	Ordinary	Charity retail operation
Extracare Nominee	1Limited	England	Ordinary	Dormant
Extracare Nominee	2 Limited	England	Ordinary	Dormant

Group		Charity
2021	2020	2021	2020
f'000	E'000	E'000	E'000
138	132

15.Debtors
				Group		Charity
				2021	2020	2021	2020
				f'000	E'000	E'000	E'000
Rent and service charges receivable				2,435	2,447	2,435	2,447
Less: provision	for bad and	doubtful	debts	(495)	(484)	(495)	(484)
Net rent arrears				1,940	1,963	1,940	1,963
Valued Added	Tax			126	163	126	163
Amount owed	by subsidiary	undertaking				381	310
Prepayments	and accrued	income		1,240	1,081	961	803
Variable Service Charges				20	100	20	100
Other debtors				6	71	3	3
				3,332	3,378	3,431	3,342

16.Cred	itors: Amoun	ts falling due within one year
			Group		Charity
			2021	2020	2021	2020
			f'000	f'000	f'000	f'000
Loans (note 18)			1,086	776	1,086	776
Trade creditors			600	651	599	646
Amounts	due to contractors for certified work		1,752	4,860	1,752	4,860
Rent and	Charges received in advance		582	510	582	510
Other taxation and social security costs			436	479	436	470
Corporation Tax				45
Deferred	capital grant	(note 20)	487	462	487	462
Accruals	and deferred	income	6,246	6,349	6,153	6,244
Lease buyback liability			423,664	387,609	423,664	387,609
Variable	service charge	creditor	1,734	1,666	1,734	1,666
			436,587	403,407	436,493	403,243

17.Creditors: Amounts falling due after more than one year -	Group and charity
	2021	2020
	E'000	E'000
Loans (note 18)	121,902	137,884
Deferred income (note 19)	144	197
Deferred capital grant (note 20)	44,583	44,433
	166,629	182,514

18.Loan Analysis - Group and charity
	2021	2020
	E'000	E'000
Due within one year
Bankloans	1,086	776
Due after more than one year
Otherloans	57,500	42,500
Bankloans	65,383	96,469
	122,883	138,969
Less: Issue Costs	(981)	(1,085)
	121,902	137,884

Based on the lender's earliest repayment date, borrowings are repayable as	follows:
	2021	2020
	E'000	E'000
Within one year or on demand	1,086	776
One year or more but less than two years	776	31,086
Two years or more but less than five years	3,258	2,948
Five years or more	118,849	104,935
	123,969	139,745

Deferred income will be credited	tothe Consolidated St	atement of Comprehensive Inc	ome:
				2021	2020
				E'000	E'000
Within one year				71	126
Between one and two years				70	79
Between two and five years				74	118
				215	323
				2021	2020
				E'000	f'000
Lease premiums receivable, credited to the Consolidated		Statement ofComprehensive	Income
over the period ofthe lease (up	to twenty five years)			85	113
Other Care income				2	46
Care for Life income, amortised	over life expectancy of	plan holder		128	164
				215	323

20.Def	erred Capit	al	Grant Income - Group and charity
				2021	2020
				E'000	f'000
Balance	at 1April			44,895	44,708
Received	in the year			640	644
Released	to income	in the year		(465)	(457)
Balance	at 31March			45,070	44,895
				2021	2020
				E'000	f'000
Amounts	to be released		within one year	487	462
Amounts	to be released		in more than one year	44,583	44,433
				45,070	44,895

	At 1April			At 31March			At 31March
	2019	Incom	Expenditure	2020	Income	Expenditure	2021
	E'000	E'000	E'000	E'000	E'000	E'000	f'000
Fixed assets
Hagley Road, Birmingham	1			1			1
Humber Court, Coventry	208		(3)	205		(3)	202
Lark Hill Village, Nottingharn	2,893		(32)	2,861		(32)	2,829
New Oscott Village, Birmingham	1,204		(13)	1,191		(13)	1,178
Lovat Fields Village, Milton Keynes	945		(11)	934		(10)	924
Shenley Wood Village, Milton Keynes	169		(2)	167		(1)	166
Pannel Croft Village, Birmingham	529		(5)	524		(6)	518
St Oswalds Village, Gloucester	2		(1)	1			1
Rosewood Court, Wellingborough	235		(3)	232		(3)	229
Sunley Court, Kettering	227		(3)	224		(3)	221
Yates Court, Evesham	111		(1)	110		(1)	109
	6,524		(74)	6,450		(72)	6,378
Special projects and other funds
Other miscellaneous funds	4	17	(2)	19	75	(10)	84
Other scheme restricted funds	143	31	(37)	137	20	(17)	140
	147	48	(39)	156		(27)	224
Total funds	6,671	48	(113)	6,606	95	(99)	6,602

Key assu	mptions
			2021	2020
			E'000	E'000
Discount	Rate		2.15%	2.38%
Inflation	(RPI)		3.29%	2.63%
Inflation	(CPI)		2.86%	1.63%
Salary Growth			3.86'Yo	2.63'Yo
Allowance for commutation		of pension for cash at retirement	75/ of	75%of
			maximum	maximum
			allowance	allowance

Defined benefit costs reco	gnised in Statement	of	Com	pre	hens	ive Income
									2021
									E'000
Current service cost									52
Expenses									43
Net interest expense									97
									192
Defined benefit costs recognised in Other Comprehensive					Income
									2021
									E'000
Experience on plan assets	(excluding amounts	included		in	net	interest cost) - gain			2,804
Experience gains and losses arising on the plan		liabilities		—gain					993
Effects ofchanges in the demographic assumptions			underlying			the present value ofthe defined benefit obligation		—loss	(191)
Effects ofchanges in the financial assumptions		underlying			the	present value ofthe defined benefit obligation	-loss		(9,255)
Total actuarial gains									(5,649)
Present values of defined	benefit obligation, fair		value	ofassets and defined benefit liability
								2021	2020
								f'000	f'000
Fair value of plan assets								42,083	38,300
Present value of defined benefit obligation							(51,286)		(43,059)
Defined benefit liability to be recognised								(9,203)	(4,759)
Reconciliation of opening	and closing balances of		the defined			benefit obligation
									2021
									E'000
Defined benefit obligation	at start of period								43,059
Current service cost									52
Expenses									43
Interest expense									1,009
Contributions by members									122
Actuarial gains due to scheme experience									(993)
Actuarial losses due to changes in demographic		assumptions							191
Actuarial losses due to changes in financial assumptions									9,255
Benefits paid and expenses									(1,452)
Defined benefit obligation	at end of period								51,286

22. Retirement benefits (continued) - t-rou	p and cha	rity
Reconciliation ofopening and closing balances	ofthe	fair value of plan assets	2021 6'000
Fair value of plan assets atstart of period			38,300
Interest income			912
Experience on plan assets (excluding amounts	included	in interest income)	2,804
Employer contributions			1,397
Contributions by members			122
Benefits paid			(1,452)
Fairvalueoflanassetsatendofperiod			42,083

The analysis ofthe scheme assets at the reporting date were as follow Assets	s:
	2021	2020
	E'000	E.'000
6loba I Equity	6,707	5,602
Absolute Return	2,323	1,997
Distressed Opportunities	1,215	738
Credit Relative Value	1,324	1,050
Alternative Risk Premia	1,585	2,678
Fund of Hedge Funds	5	22
Emerging Markets Debt	1,699	1,160
Risk Sharing	1,532	1,293
Insurance-Linked Securities	1,011	1,176
Property	874	844
Infrastructure	2,806	2,850
Private Debt	1,004	772
Opportunistic Illiquid credit	1,070	927
High Yield	1,260
Opportunistic Credit	1,154
Corporate Bond Fund	2,486	2,184
Liquid credit	502	16
Long Lease Property	825	663
Secured Income	1,750	1,453
Liability Driven Investment	10,695	12,711
Net Current Assets	256	164
Totalassets	42,083	38,300

Analysis ofthe	sensitivity to	the principal ass	umptions ofthe present value ofthe defined	benefit obligation
				Change in
		Change	in assumption	liabilities
				E'000
Discount rate		Increase	of0.1%p.a.	(934)
Rate of inflation	(CPI)	Increase	of0.1%p.a.	537
Rate of salary growth		Increase	of0.1%p.a.	10

						2021	2020	2019
						E'000	f'000	f'000
Present value		ofprovision				42	50	61
Reconciliation		of opening		and closing provisions
							2021	2020
							f'000	f'000
Provision	at start		of period				50	61
Unwinding	of	the	discount	factor (interest	expense)		1
Deficit contribution			paid				(10)	(10)
Remeasurements			-impact	ofany change	in assumptions		1	(1)
Provision	at end of period						42	50
Income and expenditure				impact
							2021	2020
							f'000	E'000

Interest expense
Remeasurements	—impact ofany change	in	assumptions
Costs recognised	in income and expenditure		account
Assumptions
				31-Mar-21	31-Mar-20		31-Mar-19
				par annum	%per	annum	%pe; annum
Rate of discount				0.66		2.53	1.39

		2021	2020
		f'000	E'000
Turnover		2331	3,242
Cost ofsales		(192)	(414)
Staff costs		(1,260)	(2,059)
Other costs		(1,321)	(1,531)
Other operating	income	403	1,036
Net profit		(39)	274
Taxation			(45)
Retained in subsidiary		(39)	229
Current assets		398	490
Current liabilities		(437)	(244)
Retained in subsidiary		(39)	246

										2021	2020
										E'000	E'000
Surplus for the year										24,032	40,371
Interest payable										4,560	4,174
Interest receivable										(6)	(18)
Operating surplus for the	year									28,586	44,527
Adjustments for non-cash	items:
Change in fair value of investment		properties								(31,729)	(47,886)
Release of Buyback liability										(3,129)	(3,412)
Depreciation oftangible fixed assets										3,582	3,401
Amortisation of intangible	assets									78	103
Amortisation ofdeferred capita I grants										(465)	(457)
Amortisation offinance costs										104	107
Defined benefit pension schemes										(1,310)	(1,227)
Operating cash flows before movements			in	working	capital					(4,283)	(4,844)
Movements in working capital
Increase in stock										(6)	(12)
Decrease in rental and other debtors										46	539
(Decrease)/Increase in trade and		other creditors								(528)	(1,306)
Net cash generated/(used)	from	operating		activities						(4,771)	(5,623)
				At	1 April	2020	Cash flows	N	vi finance	Other non	At 31March
Analysis of changes in net	debt								leases	cash	2021
						E'000	E'000		E'000	E'000	E'000
Cash and cash equivalents					5,202		(1,398)				3,804
Bank loans due in less than	1year					(776)				(310)	(1,086)
Bank loans due in more than 1year					(95,384)		30,776			206	(64,402)
Other loans					(42,500)		(15,000)				(57,500)
Lease buyback liability					(387,609)		25,759		(64,943)	3,129	(423,664)
Total					(521,067)		40,137		(64,943)	3,025	(542,848)

33.Numb	er ofhomes	in m	ana	gement	and develo	pme	nt
								2021	2020
								I'lomb r	N u r11be,
Social housing units Owned by the Charity Managed on behalf ofother organisations								742 288	693 288
Non-Social Leased or	housing units part leased investment			properties				2,611	2,338
Other
Social housing properties		managed		under	a partnership	arrangement		430	431
Non-Social	housing properties		managed		under a partnership		arrangemrnt	167	167
								4,238	3,917
Homes in	development	at 31	March
Supported Leased or	housing part leased investment			properties					52 269
									321

						Group		Charity
						2021	2020	2021	2020
						f'000	F.'000	6'000	E'000
Financial	assets
Debt instruments		measured		at amortised	cost
Trade and other debtors						2,417	2.313	2,756	2,554
Cash						3,804	5,202	3,788	5,189
						6,221	7,515	6,544	7,743
Financial	liabilities
Measured	at amortised		cost
Trade and other creditors						479,577	446,414	479,483	446,304
Loans						123,969	139,745	123,969	139,745
						603,546	586,159	603,452	586,049