##
||||||Page|
|---|---|---|---|---|---|
|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|||||
##
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##
##
##
|||||||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|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||Note|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|Transfers
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)|
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