2022-03-31-accounts - Action Housing And Support Limited

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Trustees' Report
Independent Auditor's	Report
Income and Expenditure		Account			13
Statement ofTotal Recognised			Surpluses	and Deficits	14
Balance Sheet					15
Statement ofChanges	in	Reserves			16
Statement ofCash Flows					17
Notes to the Financial	Statements				18

REFEREN	REFEREN	CE AND A	CE AND A	DMINISTRATIVE DETA	DMINISTRATIVE DETA	ILS	ILS
Company		registration		number:		01548338(England			and Wales)
Charity	registration			number:		511265
Homes	England		registration		number:	4660
Members ofthe			board:			Mr T De'Ath (Chair)
						Mr N MacPherson		(Vice Chair)
						Mr A Stott (Resigned			14October 2021)
						Mr I Knowles
						Mrs P Warnock
						Mr P Bayliss	(Appointed			14 March 2022)
Co-opted		member:				Ms H Greig
Chief Executive:						Mr A Stott
Registered		office:				6Genesis Business			Park
						Sheffield Road
						Rotherham
						South Yorkshire
						660 1DX
Auditor:						BHP LLP
						2 Rutland Park
						Sheffield
						South Yorkshire
						S102PD
Solicitor:						Bailoran
						West Hill House
						Allerton Hill
						Leeds
						LS73QB
Solicitor:						Ward Hadaway
						5Wellington	Place
						Leeds
						LS1 4AP
						Hill Dickinson
Solicitor:						50 Fountain	Street
						Manchester
						M2 2AS

						2022	2021
Metric	1 Reinvestment '/o					9'/o	3'/o
Metric	2 New supply	delivered (social	housing	units)		4'/o	3'/o
Metric	3 Gearing '/o					So/o	13'/o
Metric	4 Earnings before interest, tax		and depreciation		'/o	1,413'/o	806'/o
Metric	5 Headline Social cost per unit					F11,699	810,329
Metric	6 Operating	Margin '/o
(social	housing and	overall the same)				1 1 '/o	7'/o
Metric	7 Return on	capital employed	'/o			7'/o	4'/o

		2022f	2021f
Turnover		5,683,456	4,803,665
Cost ofsales		(4,142,864)	(3,636,393)
Gross surplus		1,540,592	1,167,272
Administration Expenditure		(880,251)	(810,782)
Operating surplus		660,341	356,490
Surplus on sale oftangible fixed assets Interest receivable and similar income		43,566 127	234
Bank loan interest payable		(59,538)	(64,278)
Surplus for the year before taxation		644,496	292,446
Tax on surplus
Surplus for the year		644,496	292,446
CONTINUING OPERATIONS
The results relate to wholly continuing	activities.

				2022	2021
			Note	E	F
Fixed assets
Housing properties Other tangible fixed assets			10 10	7,094,068 796,677	6,755,206 816,829
				7,890,745	7,572,035
Current assets
Debtors				750,140	532,534
Cash at bank and in	hand			1,360,022	1,068,054
				2,110,162	1,600,588
Creditors: amounts	falling due within one year		12	(900,742)	(966,117)
Net current assets				1,209,420	634,471
Total assets less current		liabilities		9,100,165	8,206,506
Creditors: amounts	falling due after more than one year		13	(4,669,510)	(4,538,347)
Defined benefit pension		liability	17	(3,846,000)	(5,230,000)
Total net liabilities				584,655	(1,561,841)
Reserves
Unrestricted reserves			15	4,027,401	3,305,275
Pension reserves			15	(3,846,000)	(5,230,000)
Restricted reserves			15	403,254	362,884
Total Reserves				584,655	(1,561,841)

				General	Pension	Restricted
				reserve	reserve	reserve	Total
				F	6	6	6
At 1 April 2020				2,897,825	(4,840,000)	402,888	(1,539,287)
Surplus / (Deficit) for	the year			407,450	(75,000)	(40,004)	292,446
Remeasurement	loss		on		(315,000)		(315,000)
defined benefit pension		plan
Total comprehensive		income		3,305,275	(5,230,000)	362,884	(1,561,841)
at 31 March 2021
Surplus I (Deficit) for	the year			722,126	(118,000)	40,370	644,496
Remeasurement	gain		on		1,502,000		1,502,000
defined benefit pension		plan
Total comprehensive		income		4,027,401	(3,846,000)	403,254	584,655
at 31 March 2022

						2022	2021
					Note	F	E
Net cash flow from operating			activities		16	679,293	865,940
Cash flow from	investing	activities
Purchase oftangible fixed assets						(843,638)	(364,982)
Sale of tangible	fixed assets					234,028
Social Housing	Grants received					353,279	41,250
Interest received						127	234
Net cash flow from investing			activities			(256,204)	(323,498)
Cash flow from	financing	activities
Proceeds from issue of new		long-term		loans			50,000
Repayment of long term loans						(71,084)	(65,622)
Interest paid						(60,037)	(64,278)
Net cash flow from financing			activities			(131,121)	(79,900)
Net increase in	cash and cash equivalents					291,968	462,542
Cash and cash	equivalents	at	1 April			1,068,054	605,512
Cash and cash	equivalents	at	31 March			1,360,022	1,068,054
Cash and cash	equivalents	consists		of:
Cash at bank and in hand						1,360,022	1,068,054
Cash and cash	equivalents	at	31 March			1,360,022	1,068,054

		2022	2021
		E	E
Rental	income	4,406,145	3,637,477
Contracted income		1,019,287	933,203
Other grants Commercial premises Other income		16,000 42,517 18,343	13,190 64,092 88,968
Homes	England	181,164	66,735
Total		5,683,456	4,803,665

					Total	Total
		Staff Costs f	Otherf	Depreciation f	2022 6	2021f
Housing	and support	735,099	239,302	72,828	1,047,229	1,100,366
Housing	management	115,002	55,097	4,162	174,261	164,246
Housing	maintenance	183,452	2,131,608	234,475	2,549,635	2,023,214
Housing	services	357,402	10,275	4,162	371,839	348,567
Client services
Project	management	58,304	79,292	12,485	150,081	173,021
Administration expenditure		359,526	210,426	6,241	676,193	498,138
Governance costs		21,853	17,124		38,977	30,623
Pension	snance costs		115,000		115,000	109,000
		1,830,638	2,858,124	334,353	5,023,115	4,447,175
2021		1,616,412	2,563,397	267,366

Governance	costs include the following:	2022	2021
		E	E
Salaries and	office costs	21,583	13,011
Auditor's fees- audit services		17,124	15,612
Legal and professional fees			2,000
		38,977	30,623

4	Accommodation own	ed, managed a	nd in development
				Number	Number
				of units at	of units at
				start date	end date
				2022	2021
	Social housing General needs housing Sustainable tenancy Supported housing			117 19 28	124 26 6
	Total Social housing			164	156
	Non-social housing General needs housing Sustainable tenancy Supported housing			18 102 151	30 147 89
	Total Non-Social housing			271	266
	Total owned and managed			435	422
5	Interest and other finance income and expenses
	a) Interest receivable	and similar income		2022	2021
				E	6
	Deposit account interest			127	234
	b) Interest payable and	similar expenses		2022	2021
				F
	Bank loans and overdrafts			59,538	64,278
	c) Other finance costs			2022	2021
				E	6
	Interest on net defined	benefit pension	liability	115,000	109,000

Surplus/(deficit) is stated after cha	rging'
			2022	2021
			E	E
Auditor's remuneration (including	expenses	and	17,124	15,612
benefits in kind) for audit
Depreciation of housing properties and components Depreciation of other tangible assets Grants released against depreciation			222,169 112,184 (69,599)	204,876 62,490 (64,232)
Rent losses from bad debts			152,123	76,187
Operating lease rentals			1,072,099	888,506

All employees were involved in direct charitabl up by administrative duties.	e services, with a proportion of time o	f some staff ta
	2022	2021
	E
Wages and salaries Social security costs Other pension costs	1,485,435 130,113 195,093	1,230,143 98,920 153,803
	1,810,641	1,482,866
Agency costs	19,997	133,546
Total	1,830,638	1,616,412

Tangible fixed assets —Housin	g properties for letting
	Land and	Leasehold
	buildings	improvements		Total
	6		6	6
Cost: At 1 April 2021 Additions	6,841,905 565,507		1,103,620 181,047	7,945,525 746,554
Disposals	239,440		2,746)	(242, 186)
At 31 March 2022	7,167,972		1,281,921	8,449,893
Depreciation: At 1 April 2021	679,741		510,578	1,190,319
Charge for the year Depreciation on disposals	100,429 (55,265)		121,740 (1,398)	222,169 (56,663)
At 31 March 2022	724,905		630,920	1,355,825
Net book value: At 31 March 2021	6,162,164		593,042	6,755,206
At 31 March 2022	6,443,067		651,001	7,094,068
Tangible fixed assets —other
	Freehold Leasehold		Fixtures and
	buildings improvements		fittings	Total
			6
Cosh At 1 April 2021 Additions	901,568 5,090	70,165	1,349,790 91,996	2,321,523 97,086
Disposals			(14,592)	(14,592)
At 31 March 2022	906,658	70,165	1,427,193	2,404,017
Depreciation: At 1 April 2021 Charge for the year Depreciation on disposals	256,796 18,097	70,165	1,177,733 94,087 (9,538)	1,504,694 112,184 (9,538)
At 31 March 2022	274,893	70,165	1,262,282	1,607,340
Net book value: At 31 March 2021	644,722		172,057	816,829
At 31 March 2022	631,765		164,911	796,677

Debtors
				2022	2021
				E
Trade debtors Less: provision	(gross social housing for doubtful debt		rent arrears)	393,366 (210,716 182,650	248,686 (97,496) 151,190
Trade debtors Prepayments	(other) and accrued income			156,962 410,528	89,660 291,684
				750,140	532,534
Creditors: amounts		falling due within one year
				2022	2021
				E
Bank loans				94,662	71,702
Trade creditors Other tax and social security Other creditors Accruals and deferred income				407,502 35,487 60,808 220,015	590,887 30,713 59,205 147,103
Deferred income capital grants				82,268	66,507
				900,742	966,117

Creditors	: amou	nts falling due after more than one	year
			2022	2021
			E	E
Bank loans			1,937,865	2,031,908
Other creditors			233,300	275,900
Deferred	income	re capital grants	2,498,345	2,230,539
			4,669,510	4,538,347

Total future minimum lease payments under non-cancellable	operating leases are as foll	ows:
	2022	2021
	E	E
Not later than one year	727,581	734,766
Later than one and not later than five years Later than five years	963,998 382,645	1,166,469 474,563
	2,074,224	2,375,798

15 Reserves
		BF				Gains/	CF
		01.04.21	Income	Expenditure	Transfers	(losses)	31.03.22
		E	6	6	5	F	6
Unrestricted reserves
General reserves Pension reserves		3,305,275 (5,230,000)	5,493,999	(4,815,439) (118,000)		43,566 1,502,000	4,027,401 (3,846,000)
		(1,924,725)	5,493,999	(4,933,439)		1,545,566	181,401
Restricted reserves
South Yorkshire	Offender	7,036					7,036
Partnership Homes England Derbyshire Domestic		328,927 14,668	170,333	(139,956)			359,304 14,668
Abuse
Foundation Derbyshire Open Gate Trust Arbor PCC		2,000 200 260	625	(270) 73			1,730 273 885
Church on the Bus		123					123
Morrisons Foundation		4,670		(448)			4,222
Voluntary Action		5,000		(5,000)
Rotherham
Anonymous Mansfield District	Council		1,000 15,000	(987)			13 15,000
RMBC Section 106			616	(616)
Land Aid			1,381	(1,381)
Derby City			629	(629)
		362,884	189,584	(149,214)			403,254
Total reserves		(1,561,841)	5,683,583	(5,082,653)		1,545,566	584,655

	BF 01.04.20 E	Income E	Expenditure f	Gains/ (losses) E	CF 31.03.21 F
Unrestricted reserves General reserves Pension reserves	2,897,825 (4,840,000)	4,726,477	(4,319,027) (75,000)	(315,000)	3,305,275 (5,230,000)
	(1,942,175)	4,726,477	(4,394,027)	(315,000)	(1,924,725)
Restricted reserves South Yorkshire Offender	7,036				7,036
Partnership Homes England Derbyshire Domestic	379,559 14,668	61,205	(111,837)		328,927 14,668
Abuse Foundation Derbyshire Open Gate Trust Arbor PCC Church on the Bus Morrisons Foundation Voluntary Action	1,000 625	2,000 1,190 5,000 5,000	(800) (365) (1,067) (330)		2,000 200 260 123 4,670 5,000
Rotherham
RMBC Section 106		616	(616)
Land Aid		1,381	(1,381)
Derby City		1,030	(1,030)
	402,888	77,422	(117,426)		362,884
Total reserves	(1,539,287)	4,803,899	(4,511,453)	(315,000)	(1,561,841)

FO	R THE YEAR ENDED 31 MARCH 2022
16	Notes to the cash flow statement
	Reconciliation ofsurplus for the year operating activities	to cash flow from		2022 5	2021 5
	Surplus for the year			644,496	292,446
	Interest received			(127)	(234)
	Interest paid Depreciation and impairment oftangible fixed assets Surplus on disposal of tangible fixed assets Grants released (Increase) / decrease in debtors Increase / (decrease) in creditors			60,037 334,353 (43,452) (69,712) (217,606) (146,696)	64,278 267,366 (66,733) 56,767 177,050
	Defined benefit pension movements: Net interest cost Admin expenses Current service cost (less employer	contributions)		115,000 3,000	109,000 2,000 (36,000)
	Settlements
	Past service cost
	Net cash flow from operating activities			679,293	865,940
	Analysis ofchanges in net debt		At 1 April	Cash flows	At 31 March
			2021		2022
			5
	Cash at bank Debt due within 1 year Debt due after 1 year		1,068,054 (65,621) 2 053,610 1,051,177	291,969 (6,081) 21,702 307,589	1,360,023 (71,702) 2,031 908 743 588

Market value of	assets at date of the last full valuation	88,440 million
		2022	2021
Rate of inflation Rate of increase Rate of increase Discount rate	in salaries in pensions	3.1% 4.2% 32% 2.7%	2.70% 3.95% 2.80% 2.20%

					2022	2022	2022	2021	2021	2021
					Expected	Value	Split of	Expected	Value of	Split of
					rate of	of	assets	rate of	assets	assets
					return	assets		return
						EOOD			EOOD
Equities Government Other bonds Property Cash/liquid Other		bonds			6.5% 2.2% 2.9% 5.9% 0.5% 0.5%	10,494 3,816 1,430 159	66% 24% 9% 1%	6.5% 2.2% 2 9% 5.9% 0.5% 6.5%	7,095 1,951 1,185 1,315 202 2,702	49.1% 135% 8.2% 9.1% 1.4% 18.7%
Total market		value	of assets			15,899			14,450
Present	value		of	scheme
liabilities						(19,745)			(19,680)
Deficit in the scheme						(3,846)			(5,230)

rates. Th	e assumed life e	xpectations on retirement aged 65a	re:
			2022	2021
Retiring Males Females	today/current pensioners		22.6 25.4	22.5 25.3
Retiring Males Females	in 20 years/future	pensioners	24.1 27.3	24.0 27.2
Balance	sheet items as	at 31 llllarch:	2022	2021
			EOOO	F000
Present Present	value offunded benefit obligations value of unfunded benefit obligations		(19,725) (20)	(19,661) (19)
			(19,745)	(19,680)
Fair value of plan assets			15,899	14,450
Deficit in the scheme			(3,846)	(5,230)

Components of pe	nsion costs for the period:
		2022	2021
		E'000	E'000
Current service cost		(201)	(147)
Employer contributions		181	183
Effect of curtailment	or settlements
Past service cost
		20	36
Interest on pension Expected return on	liabilities assets	(318) 1,079	(387) 278
Administrative costs			(2)
		761	(111)

nts recognised in t	he income and expenditure accou	nt:
		2022	2021
		E'000	F'000
Current service cost		(201)	(147)
Effect of curtailment	or settlements
Past service cost
Net interest cost		(115)	(109)
Administrative costs			(2)
		(316)	(258)

nts reco	gnised	in the statement oftotal recognise	d gains and losses:
			2022	2021
			E'000	F'000
Actuarial	gains	I(losses)	1,502	(315)

e in benefit obligation	during	period to 31 M	arch:
				Unfunded	All	All
				benefits	benefits	benefits
				2022	2022	2021
				E'000	E'000	E'000
Benefit obligation at 1 April				19	19,680	16,888
Current service cost					201	147
Interest on pension liability Member contnbutions					433 36	387 28
Past service cost
Curtailments
Actuarial losses/(gains)	on liabilities					2,371
Benefits/transfers paid					(182)	(141)
Remeasurements					(423)
				20	19,745	19,680
Change in plan assets	during	period:
			Unfunded		All	All benefits
			benefits	benefits
			2022		2022	2021
			E'000		E'000	E'000
Fair value ofassets plan Expected return of plan Actuarial (gains)/losses	at 1 April assets on assets				14.450 1,397	12,048 278 2,056
Administration expenses Employer contributions Member contributions					197 36	(2) 183 28
Benefits/transfers paid					(181)	(141)
Fair value of plan assets	at end	of period			15,899	14,450
Actual return on plan assets Experience gains on assets Experience gains / (losses) on		liabilities			1,397 318 (65)	2,334 410 (2,781)