Company Registration No. 09901606 (England and Wales)
Affordable Housing Communities Limited
Annual report and financial statements
for the year ended 31 January 2024
Affordable Housing Communities Limited
Company information
Directors
Arlene Keenan
Anthony Spotswood
Jonathan Bridgland
Julie White
Harry Samuel
Ian Metcalfe
(Appointed 7 April 2023)
James Davies
(Appointed 13 February 2024)
Secretary
Claire-Marie McKenna
Company number
09901606
Registered office
Third Floor
Tringham House Deansleigh Road
Bournemouth
England
BH7 7DT
Independent auditor
Saffery LLP
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Affordable Housing Communities Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 29
Affordable Housing Communities Limited
Strategic report
For the year ended 31 January 2024
1

The directors present the strategic report for the year ended 31 January 2024.

Fair review of the business

The mission of Affordable Housing Communities Limited ("AHCL") is to provide more than just suitably designed practical homes for people in their later stages of life.

Our vision is to ensure that our homeowners have the financial liquidity to live independently for as long as they can, with tailored packages of care and support when required, and to enjoy the benefits of vibrant community life to stave off the detrimental effects of loneliness. The lifestyle options available to our homeowners are designed to promote wellbeing and social interaction.

We have delivered and established communities at Monterey, Vista, Esprit, Sherborne and Taunton and are in the final stages of the Chapters development in Salisbury, which when complete will total 535 homes, the majority of which are affordable.

The AHCL board meets quarterly and reviews all potential development projects put forward for approval. Consideration is given to the business case, financial viability, demand, support from the Local Authority and the design features which will benefit our homeowners, such as energy efficiency, accessibility and safety. The Board also reviews the operational and financial return on investments. The board has approved AHCL’s risk management framework, which includes its risk appetite, the strategic risk register, along with action plans to mitigate risks; which are monitored at each Board meeting.

During the year and in response to the feedback from customers and to deliver value for money for homeowners, the Board approved the outsourcing of property and community management to First Port Ltd. The Board oversees the performance delivered by First Port in accordance with the management agreement at each of its meetings.

AHCL continues to work closely with both private landowners, local authorities, and the NHS to secure a future pipeline of sites for development. In the medium term this will involve expanding our portfolio of tenures to also include general needs shared ownership.

In the coming year we will:

-    increase occupancy in the developments which have reached practical completion.

-    initiate ‘start on site’ at locations in Somerset and Berkshire.

-    obtain planning permission for a c300 unit development in Crawley.

Value for money

The Board is committed to continuously improving value for money for all of our homeowners in all aspects of our business.

Affordable Housing Communities Limited
Strategic report (continued)
For the year ended 31 January 2024
2

The Regulator of Social Housing has defined nine value for money metrics and these are the main elements of our value for money reporting and analysis, which allow us to compare with other focused registered providers in the sector, those of a similar size, the larger ‘for profit’ providers of a similar age, and against ourselves over time.

AHCL is still in its early stages of development which means that during the reporting period, our performance against the value for money metrics may display significant variances from others in the sector.

In addition to the prescribed metrics, AHCL provides additional services to its homeowners which, whilst not being quantifiable in monetary terms, beneficially impact society and the wellbeing of all our residents and these are captured in the narrative below. We have also compared our performance against others in the retirement housing sector who are not registered providers of social housing, to demonstrate the affordability of our products and services against this specific segment of the market.

KPI

FY22

FY23

FY24

Reinvestment

39%

21%

7%

New supply (social)

41%

22%

7%

New supply (non-social)

4%

1%

0%

Gearing

95%

86%

77%

EBITDA MRI

51%

182%

128%

Cost per unit

£1,618

£1,822

£1,005

Operating margin (social)

24%

15%

37%

Operating margin overall

24%

15%

10%

Return on capital employed

13%

9%

4%

 

Metric 1 – Reinvestment

 

This metric measures the fixed asset investment in properties as a percentage of the value of total properties held

 

Metric 2 – New Supply

This metric measures the number of new social and non-social homes developed in the year rather than reporting the total of homes developed as in previous reports.

Metric 3 – Gearing

This metric assesses how much of the adjusted assets are made up of debt and the degree of dependence on debt finance.

 

Affordable Housing Communities Limited
Strategic report (continued)
For the year ended 31 January 2024
3

Metric 4 – EBITDA MRI

This metric is an indicator for liquidity and investment capacity and measures the level of profit that AHCL generates compared to interest payable.

Metric 5 – Cost per unit

The headline social housing cost per unit for FY24 was £1,005.

Metric 6 – Operating Margin (social)

The company has a social housing operating margin of 37%. The majority of AHCL activity is from social housing, and therefore the margin is not diluted by activity on other tenures.

The overall operating margin is also 10%.

Metric 7 – Return on Capital Employed (ROCE)

This metric measures the efficiency of capital investment and was 4%.

Other value for money performance measures

Comparison with other retirement housing providers

AHCL is a provider of social housing and is unique in its service offering for its residents. Due to recent market entrants, we have seen an increase in the number of registered providers of social housing offering affordable housing for older persons. AHCL’s purchase prices, rent and service charges compare favourably in all locations.


Individual wellbeing and societal benefits

AHCL’s parent company’s mission is to provide happy, healthy and affordable lives. By establishing inclusive and exclusive communities, AHCL has been instrumental in contributing to the delivered savings to the NHS, as the wellbeing of its residents is maintained.

Events and Activities

Our lifestyle events programme includes activities ranging from age-appropriate exercise classes, coffee mornings, movie nights, quizzes and fish and chip suppers. All events are delivered at cost and are well attended by our residents and are generating positive feedback.

We have formalised the establishment of residents’ associations at all of our communities to ensure that our residents’ voices are heard and influence the services we offer.

Affordable Housing Communities Limited
Strategic report (continued)
For the year ended 31 January 2024
4

Principal risks and uncertainties

The company is exposed to a variety of financial risks which result from its operating activities including liquidity risk and exposure to house price volatility. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company.

Liquidity risk:

To maintain liquidity for ongoing operations and future growth, the company's parent company ensures sufficient funds are available to meet its liabilities as they fall due.

Housing market exposure:

Throughout the financial year, sales levels were affected by the volatility of the economy. Despite this, sales continued throughout the year, albeit at a slower rate than forecasted. The Board implemented a robust system of monitoring sales progress and full consideration was given to pricing levels (subject to RICS valuations) and sales incentives.

Regulatory compliance:

Following a drafting error in our earlier leases identified in April 2021, AHCL has maintained dialogue with Homes England throughout the period. Full resolution and settlement was reached in February 2024.

Economic environment

The directors confirm that the carrying value of property presented in the financial statements is not impaired at the balance sheet date.

Reporting non compliance

The Board considers compliance with the Code of Governance on a regular basis and reports and explains any derogation from the Code. 

 

Complying with the Ombudsman complaints handling code

The Board regularly reviews complaints and service improvements made as a result of them.  All complaints referred to the Ombudsman and the determinations received are reported to and considered by the Board.  The Board considered and approved AHCL’s self assessment of compliance with the Housing Ombudsman’s Complaint Handling Code for onward submission to the Ombudsman.

 

 

On behalf of the board

James Davies
Director
30 July 2024
2024-07-30
Affordable Housing Communities Limited
Directors' report
For the year ended 31 January 2024
5

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company continued to be that of providing affordable housing solutions for the over 55's through building communities with tailored lifestyle support options to promote extended independent living for residents with a wide range of needs. The company is registered with the Regulator of Social Housing as a ‘for profit’ registered provider (Registration 4836).

Results and dividends

The results for the year are set out on page 11.

No dividends were paid in the year. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Arlene Keenan
Michael Woods
(Resigned 7 April 2023)
Anthony Spotswood
Jonathan Bridgland
Julie White
Oliver Hunter
(Resigned 31 October 2023)
Harry Samuel
Ian Metcalfe
(Appointed 7 April 2023)
James Davies
(Appointed 13 February 2024)
Auditor

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Corporate governance

AHCL’s Directors have adopted the National Housing Federation’s Code of Governance 2020. At the financial year end, the Board confirmed compliance with the Code.

 

We have adopted the Sustainability Reporting Standard for Social Housing, in line with many others in the social housing sector. Our report for FY24 shows that 90% of our homes have an EPC level B with the remaining 10% at level C. We continue to embed ESG within our development and reporting processes and look forward to reporting improved performance in the coming year.

 

Compliance with Regulatory Standards

AHCL Directors have undertaken a robust assessment against the Regulator of Social Housing’s Economic and Consumer Standards and certify compliance with the material aspects of them.

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Affordable Housing Communities Limited
Directors' report (continued)
For the year ended 31 January 2024
6
Statement of compliance

In preparing this director's report, the Board has followed the principals set out in the Statement of Recommended Practice: Accounting by registered social housing providers (SORP 2018).

On behalf of the board
James Davies
Director
Affordable Housing Communities Limited
Directors' responsibilities statement
For the year ended 31 January 2024
7

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year under the Statement of Recommended Practice (The Housing SORP 2018). Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Affordable Housing Communities Limited
Independent auditor's report
To the members of Affordable Housing Communities Limited
8
Opinion

We have audited the financial statements of Affordable Housing Communities Limited (the 'company') for the year ended 31 January 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed; we conclude that there is a material misstatement of this other information we are required to report that fact.

 

We have nothing to report in this regard.

Affordable Housing Communities Limited
Independent auditor's report (continued)
To the members of Affordable Housing Communities Limited
9

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

 

Affordable Housing Communities Limited
Independent auditor's report (continued)
To the members of Affordable Housing Communities Limited
10

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, the Housing and Regeneration Act 2008 and UK Tax legislation. Additional frameworks applicable include the Housing SORP 2018: Statement of Recommended Practice for Registered Social Housing Providers and Accounting Direction for Private Registered Providers of Social Housing.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jamie Lane
Senior Statutory Auditor
For and on behalf of Saffery LLP
30 July 2024
Accountants
Statutory Auditors
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Affordable Housing Communities Limited
Statement of comprehensive income
For the year ended 31 January 2024
11
2024
2023
Notes
£
£
Turnover
3
17,718,589
42,145,007
Staff costs
6
(322,286)
(469,802)
Depreciation and other amounts written off tangible and intangible fixed assets
4
(4,872,350)
(4,368,024)
Other operating expenses
(10,745,371)
(30,955,002)
Operating profit
4
1,778,582
6,352,179
Interest receivable and similar income
8
335
-
0
Interest payable and similar expenses
9
(2,415,233)
(1,817,700)
Fair value gains and losses on investment properties
4,793,350
3,820,255
Profit before taxation
4,157,034
8,354,734
Tax on profit
10
(1,075,835)
1,460,153
Profit for the financial year
3,081,199
9,814,887

The income statement has been prepared on the basis that all operations are continuing operations.

Affordable Housing Communities Limited
Statement of financial position
As at 31 January 2024
31 January 2024
12
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
100,699,313
93,879,293
Current assets
Stocks
14
5,099,295
7,670,958
Debtors falling due after more than one year
15
-
0
2,091,000
Debtors falling due within one year
15
34,246,975
41,932,401
Cash at bank and in hand
450,399
841,914
39,796,669
52,536,273
Creditors: amounts falling due within one year
16
(39,014,965)
(48,054,792)
Net current assets
781,704
4,481,481
Total assets less current liabilities
101,481,017
98,360,774
Creditors: amounts falling due after more than one year
17
(64,714,447)
(64,675,403)
Net assets
36,766,570
33,685,371
Capital and reserves
Called up share capital
19
1
1
Profit and loss reserves
36,766,569
33,685,370
Total equity
36,766,570
33,685,371
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
James Davies
Director
Company Registration No. 09901606
Affordable Housing Communities Limited
Statement of changes in equity
For the year ended 31 January 2024
13
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2022
1
23,870,483
23,870,484
Year ended 31 January 2023:
Profit and total comprehensive income
-
9,814,887
9,814,887
Balance at 31 January 2023
1
33,685,370
33,685,371
Year ended 31 January 2024:
Profit and total comprehensive income
-
3,081,199
3,081,199
Balance at 31 January 2024
1
36,766,569
36,766,570
Affordable Housing Communities Limited
Notes to the financial statements
For the year ended 31 January 2024
14
1
Accounting policies
Company information

Affordable Housing Communities Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, Tringham House Deansleigh Road, Bournemouth, England, BH7 7DT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the requirements of the Companies Act 2006 and the Housing SORP 2018: Statement of Recommended Practice for Registered Social Housing Providers and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Affordable Housing and Healthcare Group Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

During the year ended 31 January 2024, the company made a profit of £3,081,199 (2023: £9,814,887). At 31 January 2024, the company had net current assets of £781,704 (2023: £4,481,481) and cash balances of £450,399 (2023: £841,914).true

 

Taking the above into consideration, the directors believe the company has enough funds available to continue as a going concern and have confirmed the parent company has sufficient funds available to support the company should this be necessary. On this basis the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
15
1.3
Turnover

Turnover comprises rental income receivable in the period, income from shared ownership sales, sales of properties built for sale and other services included at the invoiced value (excluding VAT) on goods and services supplied in the period and grants receivable in the period.

 

Rental income is recognised from the point when properties are sold to a tenant on a shared ownership basis, net of any voids. Income from sales of properties built or acquired for sale is recognised at the point of legal exchange of the sale. Rental income from operating leases are credited to the Statement of comprehensive income on a straight line basis over the term of the relevant lease.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between fair value of the consideration and the nominal amount received is recognised as interest income.

 

An agency sale arises where the company is acting on behalf of another party and does not have the ability to set selling price and has limited or no inventory and credit risk. Where such sales arise the gross sales value and associated cost of sale are excluded from the financial statements. The commission or other sales incentive earned from facilitating the sale is recognised when the sale of the underlying property is regarded as unconditional and the company has fulfilled its agency obligations and has thus earned the right to its commission.

1.4
Depreciation of housing properties

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Structures
2% straight line
Roofing, doors and windows
5% straight line
Electrical and mechanical systems
8% straight line
Other fittings, machinery and equipment
20% straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. This is a departure from the requirements set out in the Housing SORP as the directors consider that the company is an investment vehicle and users of the financial statements would expect the gain or loss to be part of the operating result of the company.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
16

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Properties for sale

Shared ownership first tranche sales, completed properties for outright sale and property under construction are valued at the lower of cost and net realisable value. Cost comprises materials, direct labour and direct development overheads. Net realisable value is based on estimated sales price after allowing for all further costs of completion and disposal.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
17
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
18
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
19
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13
Government grants

Government grants include grants receivable from Homes England ('HE'), local authorities and other government organisations.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. For Social Housing Grants this means that the grant is recognised as revenue on completion of the property.

 

Government grants received for housing properties are subordinated to the repayment of loans by agreement with HE. Government grants released on sale of a property may be repayable but are normally available to be recycled and are credited to a Recycled Capital Grant Fund and included on the statement of financial position in creditors.

 

If there is no requirement to recycle or repay the grant on disposal of the asset, any unamortised grant remaining within creditor is released and recognised as income.

 

Upon disposal of the associated property, the group is required to recycle grant proceeds and recognise them as a liability.

Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
20
1.14

Housing properties

Housing properties are properties held for the provision of social housing or to otherwise provide social benefit.

 

Completed housing and share ownership properties are stated at fair value at the date of valuation less subsequent accumulated depreciation and accumulated impairment losses. Fair value of the asset is based on anticipated discounted cash flows generated by the asset, this takes into account the regulated nature of the future expected rent reviews. Revaluations are made with sufficient regularity to ensure the carrying amount does not materially differ from the fair value of the properties as at the year end.

 

Housing properties under construction are stated at cost. Costs include the cost of acquiring land and buildings, development costs, interest charges incurred during the development period and expenditure incurred in respect of improvements.

 

Works to existing properties which replace a component that has been treated separately for depreciation purposes, along with those works that result in an increase in net rental income over the lives of the properties, thereby enhancing the economic benefits or the assets, are capitalised as improvements.

 

Expenditure on shared ownership properties is split proportionally between current and fixed assets based on the element relating to expected first tranche sales. The first tranche portion is classed as a current asset and related sales proceeds included in turnover, and the remaining element is classed as a fixed asset and included in housing properties at cost, less any provision needed for depreciation or impairment.

1.15

Sale and leaseback

Where the company enters into a sale and leaseback transaction, consideration is given to the substance of the transaction. The company applies various 'tests' when considering whether to derecognise an asset, or whether the transaction should be treated as a financing transaction. These 'tests' include: the duration of the lease, whether ownership options exist at the end of the lease, the risks and rewards which exist which may indicate ownership.

 

Where the asset remains on the balance sheet, it will be accounted for according to FRS 102, with a liability being recognised for the fair value of future lease payments, discounted at the rate implicit within the lease.

Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
21
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Valuation of property

 

The significant estimate in the financial statements is in connection with the property portfolio. The directors consider that they have been prudent in their assessment of the fair value of the properties at the year end. The business is currently in the sales process and the units are achieving 100% of their list price. The directors are therefore confident that the valuation shown in the financial statements at 31 January 2024 is fair market value. This is supported by independent valuations received from RICS qualified valuers.

Classification between short term and long term creditors

 

The directors have assessed the classification of short and long term creditor based on current expectation of either payment, or in the case of the grant, when the grant is expected to be released to the Statement of Comprehensive Income. The expectation follows the current budget.

 

Sale and leaseback transactions

 

During the 2022 financial year the company entered into a sale and leaseback transaction with a third party. The directors have applied various tests over the terms of the transaction to consider whether it should be accounted for as a sale and disposal of fixed assets, or a financing transaction. This requires judgment, and the outcome of the transaction undertaken during the period has been treated as a financing transaction.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Property sales
11,090,327
33,124,820
Government grant income
1,077,540
5,587,668
Property income
5,550,722
3,432,519
17,718,589
42,145,007
2024
2023
£
£
Other revenue
Interest income
335
-
Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
3
Turnover and other revenue (continued)
22

All turnover arose within the United Kingdom.

 

Property income represents rent receivable in the period of £2,709,787 (2023: £1,820,418). This is net of void rent charges of £nil on unsold units (2023: £nil). Service charges receivable in the period were £nil (2023: £143,988). Event fees and other income amounted to £3,164,134 (2023: £1,468,113). During the year, the company refunded all historic Ground Rent and Estate Fees in line with Homes England's requirements this amounted to £323,199 (2023: £nil), this has been charged against property income as this was where it had been originally allocated.

 

Property sales represent Older People Shared Ownership ("OPSO") lease sales supported by government, where residential occupier purchases a share of the property and the company retains the remaining share of the property. The company targets to sell at 50% ownership, but flexible on a resident by resident basis. The amount payable for the percentage of ownership acquired by the residential occupier is recognised as revenue on the point of completion. The retained element is shown in tangible fixed assets based on the capitalisation of income that retained proportion will generate in future.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Professional fees
41,348
198,218
Accountancy services
33,416
38,940
Support services
322,286
469,802
Depreciation of owned tangible fixed assets
4,792,396
3,842,029
Impairment of owned tangible fixed assets
79,954
525,995
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
28,250
22,500
For other services
Taxation compliance services
2,520
2,400
All other non-audit services
2,450
2,300
4,970
4,700
6
Employees

During the period, there were 7 (2023 - 7) employees employed by the company other than directors, who did not receive any remuneration (2023 - £nil). All operational support is provided by employees of Affordable Housing and Healthcare Group Limited, for which a charge of £322,286 (2023 - £469,802) is made. The support charge includes the provision of staff, use of computer equipment and software, use of office facilities, photocopying, telephone etc.

Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
6
Employees (continued)
23

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
322,286
469,802
7
Key management personnel

Key management personnel or non-executive board members of the company are remunerated by the parent company, Affordable Housing and Healthcare Group Limited and recharged to Affordable Housing Communities Limited.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
335
-
0
9
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
2,415,233
1,817,700
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,075,835
107,430
Adjustments in respect of prior periods
-
0
(1,567,583)
Total current tax
1,075,835
(1,460,153)
Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
10
Taxation (continued)
24

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,157,034
8,354,734
Expected tax charge based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
998,935
1,587,399
Tax effect of expenses that are not deductible in determining taxable profit
57,910
664
Adjustments in respect of prior years
-
0
(1,567,583)
Group relief
-
0
(941,254)
Depreciation on assets not qualifying for tax allowances
1,170,839
729,985
Gains not taxable
(1,151,849)
(625,909)
Depreciation on hire purchase assets
-
0
(643,455)
Taxation charge/(credit) for the year
1,075,835
(1,460,153)
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
13
79,954
525,995
Recognised in:
Administrative expenses
79,954
525,995
Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
25
12
Accommodation management and development
At the period end accommodation in management and development for each class of accommodation was as follows:
Social housing under ownership
2024
2023
Older people shared ownership (OPSO)
475
441
Total social housing owned
475
441
Social housing under development
Platinum skies shared ownership (PSSO)
94
94
Total social housing under development
94
94
13
Tangible fixed assets
Completed shared ownership housing properties
Shared ownership housing properties under construction
Total
£
£
£
Cost or valuation
At 1 February 2023
93,599,413
805,875
94,405,288
Additions
7,259,000
-
0
7,259,000
Disposals
-
0
(359,912)
(359,912)
At 31 January 2024
100,858,413
445,963
101,304,376
Depreciation and impairment
At 1 February 2023
525,995
-
0
525,995
Depreciation charged in the year
4,792,396
-
0
4,792,396
Impairment losses
79,954
-
0
79,954
Revaluation
(4,793,282)
-
0
(4,793,282)
At 31 January 2024
605,063
-
0
605,063
Carrying amount
At 31 January 2024
100,253,350
445,963
100,699,313
At 31 January 2023
93,073,418
805,875
93,879,293
Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
13
Tangible fixed assets (continued)
26

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Completed shared ownership housing properties
64,980,250
65,002,750

Completed shared ownership housing properties with a carrying amount of £100,253,350 were revalued at the reporting date by the directors by reference to sales prices achieved on unit sales to 3rd parties and independent valuations undertaken by Savills (UK) Limited between December 2022 and December 2023.

If previously revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
71,185,844
63,926,844
Accumulated depreciation
(8,634,425)
(3,842,029)
Carrying value
62,551,419
60,084,815

More information on impairment movements in the year is given in note 11.

14
Properties held for sale
2024
2023
£
£
Completed properties
445,963
805,876
Part exchange properties
4,653,332
6,865,082
5,099,295
7,670,958
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
171,294
86,007
Amounts owed by group undertakings
19,843,517
24,057,482
Other debtors
14,228,447
17,468,000
Prepayments and accrued income
3,717
320,912
34,246,975
41,932,401
Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
15
Debtors (continued)
27
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
0
2,091,000
Total debtors
34,246,975
44,023,401

 

16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
18
99,220
264,547
Trade creditors
366,188
84,721
Amounts owed to group undertakings
33,793,551
40,884,949
Corporation tax
303,166
303,166
Other taxation and social security
8,477
-
0
Government grants
20
1,204,000
2,308,000
Other creditors
1,474,274
2,807,231
Accruals and deferred income
1,766,089
1,402,178
39,014,965
48,054,792
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
64,714,447
64,675,403
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
2,119,682
2,093,768
In two to five years
8,478,728
8,478,728
In over five years
301,185,307
303,246,112
311,783,717
313,818,608
Less: future finance charges
(246,970,050)
(248,878,658)
64,813,667
64,939,950
Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
18
Finance lease obligations (continued)
28

In September 2020 and July 2021 the company entered into a sale and leaseback transaction with a third party, whereby the completed properties and the company's share in OPSO property would be sold and a lease entered into for a term of 150 years. At the end of the lease term the company can pay a peppercorn amount to re-purchase the properties. Given the risks and rewards afforded by the lease under the transaction, the directors have accounted for the transaction as a financing transaction, recognising the net present value of the future lease payments, discounted at the rate implicit within the lease.

 

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
20
Government grants
2024
2023
£
£
Total accumulated social housing grant received or receivable:
Recognised in the Statement of Comprehensive Income cumulative b/f
12,663,443
7,235,774
Recognised in the Statement of Comprehensive Income
1,237,539
5,427,669
Held as deferred grant income due within one year
1,204,000
2,308,000
Held as deferred grant income due after more than one year
-
-
15,104,982
14,971,443
21
Financial commitments, guarantees and contingent liabilities

Related companies within the group are party to a group bank facility totalling £31,674,051 (2023: £43,429,895), of which the company has utilised £nil (2023: £nil). The balance of £31,674,051 (2023: £43,429,895) is disclosed as bank loans within the parent and fellow subsidiary undertakings balance sheets. Security for this facility has been provided by Affordable Housing Communities Limited by way of fixed charges over its assets. Subsequent to the year end, the bank facility was repaid and the fixed charge released.

 

A reservation of rights letter was received from Homes England on 4th April 2022, in respect of errors in lease agreements which were not in accordance with Homes England grant funding requirements.

 

The directors have continued to work with Homes England to reach a satisfactory resolution. A settlement and waiver in respect of the agreements was received from Homes England on 13 February 2024 resulting in a £236,000 penalty payment which has been provided for within accruals within the reporting period.

 

 

Affordable Housing Communities Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
29
22
Operating lease commitments
Lessor

The operating leases represent Older Persons Shared ownership leases to third parties. The leases are negotiated over terms of 125 years. All leases include a provision for annual inflationary rent reviews.There are no options in place for either party to extend the lease terms.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
3,048,943
2,519,863
Between two and five years
12,195,774
10,079,450
In over five years
359,232,835
298,743,236
374,477,552
311,342,549
23
Capital commitments

At 31 January 2024 the company had expenditure contracted for but not provided in the financial statements amounted to £49,117,433 (2023: £58,682,774). These commitments will be financed through additional social housing funding and future property sales.

24
Events after the reporting date

On 11th July 2024 97% of Platinum Skies Holdings Limited was sold to Pasture Housing Limited. As part of this transaction Affordable Housing Communities Limited transferred properties at carrying value totalling £35m and the rights to the disposal event fees in the respective properties to Platinum Skies Sherborne LLP and Platinum Skies Quantock House LLP.

25
Related party transactions

The company has taken advantage of the exemption available in section 33.1A of FRS 102 from the requirement to disclose transactions with group companies where they are wholly owned.

26
Ultimate controlling party

The limited company's ultimate parent undertaking is Quantum Group Holdings Ltd which prepares group financial statements. The registered office of Quantum Group Holdings Ltd is Third Floor, Tringham House, Deansleigh Road, Bournemouth, England, BH7 7DT .

 

The ultimate controlling party is Julian Shaffer.

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