Details of society

1 Details of society

Details of society

1.1 Details of the society

Register number

Registered office

address

Postcode

24843R

84-88 KINGSGATE ROAD

WEST HAMPSTEAD

LONDON

NW6 4LA

1.2 Year end date (dd/mm/yyyy)

See Note 1.2

3 1 / 0 3 / 2 0 1 3

Committee of management

If you are a club you do not need to give a year of birth in questions 1.3-1.6.

The names of the members of the Committee at the date on which the return is signed

should be entered below in BLOCK CAPITALS.

1.3 Details of Chairman

Name

Address

Postcode

Year of birth

Business occupation and other directorships

JOHN OKE

40 LEIGHTON ROAD

KENTISH TOWN, LONDON

NWS 2QE

1939

RETIRED

CHAIRMAN OF CAMDEN BME ALLIANCE

TRUSTEE CAMDEN LAW CENTRE

1.4 Details of Treasurer

Name

Address

Postcode

Year of birth


BIYI ADEGBOLA

46 TURBYS GARDENS

COFFEE HALL, MILTON KEYNES

MK6 5HA

1967

SENIOR BUSINESS SUPPORT ACCOUNTANT

FCA 9 Mutuals AR 30 - Industrial and Provident Societies (F) o Release 2 • April 2013 page 3


1.5 Details of Secretary

Name

Address

Postcode

Year of birth


LARA OYEDELE

FLAT 7

BEAUFORT HOUSE

TALBORT ROAD

LONDON

N15 4DR

1966

CHIEF EXECUTIVE OFFICER

1.6 Details of Members of the Committee

Name

LESLIE LANIYAN

JOHN COKER

EFUA TAYLOR

SHARON LYNCH

SANDRA BROWN

Address

C/O SHIAN HA

76 MARE STREET

LONDON

E8 3SG

PO BOX 55739

5 CLOVE CRESCENT

LONDON

E14 1BY

FLAT F, SOPHIE

COURT

344 FINCHLEY ROAD

LONDON NWS 7AJ

27 MERU CLOSE

GOSPEL OAK

LONDON

NWS 4AQ

FLAT 13 DOUGLAS

COURT

213 SQUIRES LANE

LONDON NWS 2QS

Year of birth

1956

1963

1938

1963

1965


MANAGING DIRECTOR

STRATEGIC HOUSING MANAGER

MATURE STUDENT

SECRETARY

TRUSTEE FOR

AFFORD

TENANT

REPRESENTATIVE TRAINEE COUNSELLOR

TENANT REPRESENTATIVE

Please use separate sheets of paper if you need more space.

Please indicate how many separate sheets of paper you have used.

NONE

FCA 9 Mutuals AR 30 - Industrial and Provident Societies (F) « Release 2 • April 2013 page 4


All societies must answer the following questions whether the answers are yes or

no, and provide all other information requested

1.7 Does the society take deposits (excluding withdrawable shares) within the

provisions of the Financial Services and Markets Act 2000?

M No

• Yes

1.8 Does the society hold deposits (excluding withdrawable shares) taken previously, even though it does not currently take them, within the provisions of the Financial Services and Markets Act 2000?

Kl No

• Yes

1.9 Is the society a subsidiary of another society?

M No

• Yes

1.10 Does the society have one or more subsidiaries?

El No

• Yes

1.11 Is the society currently accepted by the Inland Revenue as a charity for tax purposes?

El No • Continue to question 1.12

• Yes • Give details below

Reference number of letter from Inland Revenue or the Scottish Charity number

You must confirm that you have attached a copy of the • Yes

Inland Revenue's letter to this return

1.12 Is the society registered with the Homes and Communities Agency, Welsh Ministers or The Scottish Housing Regulator?

D No > Continue to question 1.14

El Yes • Select the one you are registered with below and provide the registration

number

El Homes and Communities Agency

• Welsh Ministers

QThe Scottish Housing Regulator

Register number L3757

1.13 Is the society a registered social landlord?

• No El Yes

1.14 Does the society offer any insurance products?

El No

• Yes

1.15 Does the society undertake residential mortgage business?

El No

• Yes

1.16 Name of any organisation to which the society is affiliated

Name NATIONAL HOUSING FEDERATION

FCA 9 Mutuals AR 30 - Industrial and Provident Societies (F) • Release 2 « April 2013 page 5


Benefit of the community societies

1.17 As once completed this return will be placed on the society's public file, benefit of the community societies are welcome to use the space below to provide a report for all those who may have an interest in the society. If provided, this report should cover the activities of the society during the financial period covered by the return and should set out how these activities have brought benefit to the community.

NOT PROVIDED

Please use separate sheets of paper if you need more space.

Please indicate how many separate sheets of paper you have used.

NONE

FCA 9 Mutuals AR 30 - Industrial and Provident Societies (F) o Release 2 c April 2013 page 6

2 Statistics

Statistics

We can use these figures in our Annual Report.

Account details

2.1 You must enter the figures below

See notes for help on items E-T. Enter NIL where applicable

A

B

C

D

E

F

G

H

I

J

Members at beginning of year

Members ceased during year

Members admitted during year

Members at end of year

Turnover for year

Total of income and expenditure (receipts and payments added together)

Net surplus/(deficit) for year

Fixed assets

Current assets

Total assets (equal to amount in row 0, below)

10

2

0

8

1,196,843

221,335

126,950

3,232,942

1,847,271

5,080,213

K

L

M

N

O

Current liabilities

Share capital

Long-term liabilities

Reserves

Total liabilities, share capital & reserves (K+L+M+N) (equal to amount in J above)

378,836

9

3,392,991

1,308,377

5,080,213

All societies (excluding clubs) must complete boxes P-T

p

Q

R

S

T

Investments in other Industrial and Provident societies

Loans from members

Loans from Employees' Superannuation Schemes

Dividends on sales

Share interest

0

0

0

0

0

FCA 9 Mutuals AR 30 - Industrial and Provident Societies (F) • Release 2 • April 2013 page?

2 Statistics

2.2 Names of subsidiaries as defined in Section 15 of the Friendly and Industrial and Provident Societies Act 1968

NONE

2.3 Names of subsidiaries not dealt with in group accounts (if any) and reasons for exclusions (as approved by the FCA)

The society must have written authority from us to exclude a subsidiary from group

accounts

NONE

FCA 9 Mutuals AR 30 - Industrial and Provident Societies (F) • Release 2 • April 2013 page 8

3 The audit

3.1 Type of audit used for the attached accounts.

If the society has used a full professional audit or an accountant's report then the report

must be prepared by a registered auditor.

El Full professional audit • Continue to section 4

• Accountant's report > Complete questions 3.2 and 3.3

• Lay audit • Complete questions 3.2 and 3.3

D Unaudited • Complete questions 3.2 and 3.3

3.2 Do the society's registered rules allow the society not to undertake a full professional audit?

El No

• Yes

3.3 Has the membership passed at general meeting, in accordance with section 4A(2) of the Friendly and Industrial and Provident Societies Act 1968, a resolution allowing the society not to undertake a full professional audit for the year of account in question?

El No

• Yes

FCA 9 Mutuals AR 30 - Industrial and Provident Societies (F) o Release 2 • April 2013 page 9

4 Accounts and signature

Accounts and signature

Accounts

4.1 Date on which the accounts and balance sheet will be/were laid before the AGM (dd/mm/yyyy)

2 5 / 0 9 / 2 0 1 3

4.2 Has your society produced accounts to the minimum standard required?

El Yes • you must confirm that you have attached the accounts

and the audit/accountant's report bearing the original

signatures of the auditor (if required by law), the secretary

and the two committee members.

• No • you must produce accounts to the minimum standard

required, see notes for details.

El Attached

Signature - all societies to complete

4.3 The Secretary of the society must sign and date below

I certify that the information in this form is correct to the best of my knowledge and belief.

Name

Signature

Phone number

Email

Date

LARA OYEDELE

( % -

020 7625 1799

[email protected]

30/09/13

FCA 9 Mutuals AR 30 - Industrial and Provident Societies (F) o Release 2 « April 2013 page 10

mailto:[email protected]

Serial Number

1.

2.

3.

4.

6.

7.

8.

9.

ODU-DUA HOUSING ASSOCIATION LTD (jgj ' C '^ ^ f% T

' AGM attendance sheet / M » ~ A oUt * { & / X ' '

Wednesday 25th September 2013 Epworth Room, the Wesley, 81-103 Euston Street London NW1 2EZ

a* $ ' (& . "•• & y € ^ .

ssf * / rctt&*a# pkvite.

Share Cert Number

18

60

61

65

62

66

67

68

69

Name Signature

Ms Sharon Lynch

Ms Efua Taylor

Mr John Oke

Mr Leslie Laniyan

Ms Wilhelmina Hamilton

Mr John Coker

Mr Biyi Adegboia

lr Alan Green

Ms Sandra Brown

/^••fijUfl.

I

(

I wf

Staff and Observers

10.

11.

12.

13.

14.

15.

16.

17.

18.

19.

20.

Name

Kevin Lally

Janet Trench

Ed Ihejirika

Manjul Shah

Anne-Marie Morris

Akima Fraser

Alex lllsley

Lara Oyedele

Miral Nandha

Rakesh Outar

Sharon Dawe

Organisation / Address

Knox Cropper

Greater London Authority

C>/ oo^LTfie^ DCUK

Clitheroe Shah

"ZfJTf*

The Caraf Centre

Staff

Staff

Staff

Staff

Staff

Staff

Signature

YJO^V^IAXXA

J 4 ^

"f*lhK/

i /?^A»4^

He. 4 •

' A v i

h r es*\

FMf

\ipolOQ ies'

f&x^.

Page 1 of 2 AGM Attendance Sheet, Sept 2013

ODU-DUA HOUSING ASSOCIATION LIMITED

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2013

Incorporated under the Industrial and Provident Societies Acts 1965 to 2002

Friendly Society Registration No: 24843R Homes and Communities Agency Registration No: L3757

NOX CROPPE chartered accountants


INDEX TO THE REPORT AND FINANCIAL STATEMENTS

Page

General Information 1

Report of the Board of Management 2 - 4

Independent Auditors' Report 5

Balance Sheet 6

Income and Expenditure 7

Notes to the Financial Statements 8-15

Page 1


GENERAL INFORMATION

Registered Office:

Homes and Communities Agency No.

Industrial and Provident Society Registration No.

Board of Management:

Chief Executive/Secretary

Solicitors:

Independent Auditors:

Bankers:

84-88 Kingsgate Road West Hampstead London, NW6 4LA

L3757

24843R

Alan Green Biyi Adegbola Efua Taylor John Coker John Oke Leslie Laniyan Olutayo Peters Sandra Brown Sharon Lynch

Lara Oyedele

(Resigned 10/7/12) (Treasurer)

(Chairman) (Vice-Chairman) (Resigned 31/8/12) (Tenant) (Tenant)

Batchelors Charles House 35 Windmore Road Bromley, Kent BR11RW

Knox Cropper Chartered Accountants 8/9 Well Court London EC4M 9DN

Lloyds TSB Bank Pic 40 Rosslyn Hill Hampstead London NW3 1NL

Nationwide Building Society Kings Park Road Moulton Park Northampton NN3 6NW

Page 2


REPORT OF THE BOARD OF MANAGEMENT

The Board of Management presents its report together with the audited financial statements for the year ended

31st March 2013.

Principal Activity The principal activity of the Association is the provision of rented accommodation for the homeless and people

on low incomes.

Review of Results for the Year and Future Developments The Board is of the opinion that the Association is on course to meet its obligations to all stakeholders in a

satisfactory manner.

The Association's Capital and Reserves as at 31 March 2013 stood at £1,308,387 and for the year ended on that

date it recorded a surplus of £126,950 after financing costs.

Events since the Year End On 26th July 2013 the transfer of ownership of Odu-Dua's offices from Genesis Housing Association was completed. We now own the freehold, comprising the ground floor office space and the three bedroom flats at 84, 86 and 88 Kingsgate Road, NW6. The £500,502, shown in debtors on page 11, is no longer held by solicitors, Batchelors and will be reflected in the fixed asset value of next year's accounts.

On 5th July 2013 Odu-Dua committed to purchasing 1A Halliwick Court Parade, N12 0ND for £290,000. This purchase is in order to meet obligations attached to the Homes and Communities Agency's £810k empty homes grant awarded in March 2012. The plan is to convert this property into 2 x Ibed flats charged at an affordable rent level.

Value for Money Ensuring Value for Money (VfM) is embedded in all of Odu-Dua's practices and policies. VfM is the delicate balancing act between the three 'Es' of economy, efficiency and effectiveness. On a day to day basis it translates to spending less, spending well and spending wisely.

We operate a programme of continuous improvement reviews to examine the services we provide in terms of cost, process, tenant expectations and demands, customer satisfaction and performance. The following sets out a few examples of how we have demonstrated and assessed VfM throughout the last financial year;

• Contractors were invited to bid for this year's external decorations contracts via a competitive

tendering process which took account of their understanding of tenants' needs as well as the cost.

9 Partnering with Arhag and a number of other BME housing associations to conduct a joint stock

condition survey.

9 We are a member of Camden Shares, a time-banking facility, who organise the free exchange of

services and resources across organisations in Camden. We have offered the use of our meeting

room and our photocopying facilities. In exchange we have received theatre tickets for tenants, sent

tenants and staff on training courses and also had the use of a professional photographer who took

tenants' photographs for the website.

« Regularly joining forces with other small housing associations and charities to organise staff training

courses and seminars for rates much more reasonable than those charged by the CIH, Shelter etc.

e Negotiated with Jigsaw Arts to offer discounted workshop places for our tenants during the school

holidays.

• A well-established practice of re-using paper and stationery. Our telephone message pads are made

up using the blank side of already used sheets of paper. Envelopes from items posted to Odu-Dua,

are re-used for internal post. Folders, binding combs, treasury tags and delivery boxes are all re-used

until it is no longer feasible to do so.

Page 3



Freehold Land and Buildings

The Board considers that the market value of freehold land and buildings is in excess of the amount shown in the financial statements. However, since these assets are used in the Registered Social Landlord's business and no disposals are envisaged, the excess is not quantified.

Statement of the Responsibilities of the Board of Management The Industrial and Provident Societies Acts and registered social housing legislation requires the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Association and of the surplus or deficit for that period. In preparing these financial statements the Board is required to:

select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Association will continue in business.

The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association and enable it to ensure that the financial statements comply with the Industrial and Provident Societies Acts 1965 to 2002, the Housing and Regeneration Act 2008, and the Accounting Direction for Social Housing in England 2012. It has general responsibility for taking reasonable steps to safeguard the assets of the Registered Social Landlord and to prevent and detect fraud and other irregularities.

Statement on the Registered Social Landlords Internal Controls Systems The Board of Management is responsible for maintaining a sound system of internal controls which:

focuses on the significant risks that threaten the organisation's ability to meet its objectives; and provides reasonable assurance of the safeguarding of assets

The Board of Management is also responsible for reviewing the effectiveness of the system of internal control.

The internal control system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable, and not absolute, assurance against material misstatement or loss.

The process for identifying, evaluating and managing the significant risks faced by the Association is ongoing. This process has been in place for the year ended 31 March 2013 up to the date of approval of the annual report and financial statements and is regularly reviewed by the Board and Chief Executive.

The process, which the Board has adopted in reviewing the effectiveness of the Association's system of internal controls, includes review of matters during meetings held by the Board and agreeing on follow up action, if required. The staff team, as part of the process during the preparation of quarterly management accounts, annual budgets and other relevant reports also carries out regular reviews.

The main policies which the Board has established and which are designed to provide effective internal control include outsourcing of its internal audit function to an external professional organisation, whose report is reviewed by management and the Board. Management are committed to ensuring implementation of the recommendations of the external professional organisation. There were no material internal control weakness identified during the year.

Board of Management and Chief Executive

The Board of Management and Executive Officers of the Association are listed on page 1.

Page 4



Auditors

The Registered Auditors, Messrs Knox Cropper, Chartered Accountants have indicated their willingness to continue in office and a resolution to re-appoint them will be proposed at the Annual General Meeting.

By Order of the Board of Management

Lara Oyedele Secretary

Date: 7 " August 2013

Pages

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF


We have audited the financial statements of Odu-Dua Housing Association Limited for the year ended 31st

March 2013, which comprise the Income and Expenditure Account, the Balance Sheet, and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the Association's members, as a body, in accordance with the Industrial and Provident Societies Act 1965 to 2002 and the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the Association'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 Association and the Association's members as a body, for our audit work, for this report or for the opinion we have formed.

RESPECTIVE RESPONSIBILITIES OF THE BOARD AND AUDITORS As. explained more fully in the Statement of Board's responsibilities, set out on page 3, the Board is responsible for the preparation of financial statements which give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:

e whether the accounting policies are appropriate to the association's circumstances and have been consistently applied and adequately disclosed;

• the reasonableness of significant accounting estimates made by the Board; and 9 the overall presentation of the financial statements

In addition, we read all the financial and non-financial information in the Report of the Board to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies, we consider the implications for our report.

OPINION ON THE FINANCIAL STATEMENTS In our opinion the financial statements:

9 give a true and fair view of the state of Odu-Dua Housing Association's affairs as at 31st March 2013 and of its income and expenditure for the year then ended; and

9 have been properly prepared in accordance with the Industrial and Provident Societies Acts 1965 to 2002, the Housing and Regeneration Act 2008, and the Accounting Direction for Social Housing 2012.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters where the Industrial and Provident Societies Acts, 1965 to 2002 require us to report to you if, in our opinion:

• a satisfactory system of control over transactions has not been maintained; or • the association has not kept proper accounting records; or o the financial statements are not in agreement with the books of account; or • we have not received all the information and explanations we need for our audit

Knox Cropper 8/9 Well Court

Chartered Accountants London Statutory Auditor EC4M 9DM

J ^ (W*p~*r 2013


BALANCE SHEET

AS AT 3 1 s t MARCH 2013

Page 6

Notes 2013 2012

FIXED ASSETS Housing Properties Social Housing Grant

Other Tangible Fixed Assets

CURRENT ASSETS Debtors Cash at Bank and in Hand

LESS CREDITORS Amounts falling due within one year

Net Current Assets

Total Assets Less Current Liabilities

2(a) 2(b)

2(a)

3

4

658,330 1,188,941 1,847,271

(378,836)

12,611,516 (9,415,341)

3,196,175

36,767 3,232,942

1,468,435

£4,701,377

129,389 1,720,446 1,849,835

(352,222)

12,612,999 (9,415,341)

3,197,658

49,440

3,247,098

1,497,613

£4,744,711

CREDITORS Amounts falling due after more than

one year

Capital and Reserves Called-up Share Capital Revenue Reserves

3,392,991

1,308,377

£4,701,377

3,553,274

10 1,181,427

£4,744,711

The financial statements were approved by the Board of Management and were signed on its behalf by

Board Member : John Oke - Chair

Secretary: Lara Oyedele

Board Member : Biyi Adegbola - Treasurer

Date: "T7* /Utu j r 2013

Page 7


INCOME AND EXPENDITURE ACCOUNT

AS AT 3 1 s t MARCH 2013

TURNOVER

Operating Costs

OPERATING SURPLUS

Interest Receivable and Similar Income

Interest Payable and Similar Charges

SURPLUS FOR THE YEAR

Revenue Reserve brought forward

Revenue Reserve carried forward

Notes

9

9

9

11

12

7

2013

£

1,196,843

(975,508)

221,335

22,543

(116,928)

126,950

1,181,427

2012

£

1,081,615

(874,690)

206,925

17,256

(126,012)

98,169

1,083,258

£1,308,377 £1,181,427

CONTINUING OPERATIONS None of the Association's activities were acquired or discontinued during the above two financial years.

TOTAL RECOGNISED SURPLUSES AND DEFICITS The Association had no recognised surpluses or deficits other than the surplus for the year.

HISTORICAL COST SURPLUSES AND DEFICITS Historical cost surpluses and deficits were identical to those shown in the income and expenditure account.

Page8 ODU-DUA HOUSING ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 s t MARCH 2013

ACCOUNTING POLICIES

The Association is registered under the Industrial & Provident Societies Acts 1965 to 2002 and is registered with the Homes and Communities Agency as a registered social landlord as defined by the Housing and Regeneration Act 2008.

a) Basis of Accounting The financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice: "Accounting by Registered Social Landlords, Update 2010". The accounts comply with the Housing and Regeneration Act 2008 and with the Accounting Direction for Social Housing 2012. The accounts are prepared in accordance with the historical cost basis of accounting.

b) Turnover Turnover represents rental income receivable net of rent losses from voids, service charges receivable and other income.

c) Fixed Assets and Depreciation Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is charged on a straight line basis over the expected economic useful lives of the assets at the following annual rates :-

Fixtures, fittings and equipment 20.0% on cost Motor vehicles 25.0% on cost

d) Housing Properties Housing properties are stated at depreciated cost. The cost of completed housing properties (net of SHG attributable to buildings and the cost of land) is depreciated over the life of the properties. Development costs in connection with the acquisition and refurbishment of properties is capitalised.

Properties held under lease are depreciated over the shorter of their useful economic life and the terms of the lease.

In accordance with the requirements of SORP 2010, properties are now accounted for on a component cost basis with each component being depreciated over its estimated economic life. The principal components identified and the depreciation rate applied to each component are set out below:

Land Main fabric Roof structure and covering Windows & external doors Gas boilers/fires Kitchen Bathroom/WCs Mechanical systems (heating, ventilation, plumbing))

Electrics Lifts

Not depreciated

Over 100 years

Over 50 years

Over 30 years

Over 15 years

Over 20 years

Over 20 years

Over 20 years

Over 40 years

Over 20 years

Page 9 ODU-DUA HOUSING ASSOCIATION LIMITED


FOR THE YEAR ENDED 3 1 s t MARCH 2013

ACCOUNTING POLICIES (Continued)

e) Completed Housing held by another Housing Association

This is stated at cost less local authority grant. The development has been completed by another Association and rented out. The Board of Management's plan is to buy the housing units from the Housing Association.

f) Social Housing Grant (formerly Housing Association Grant) Where developments have been financed wholly or partly by Housing Association grant, the cost of those developments has been reduced by the amount of the grant received.

Housing Association grant is repayable in the following circumstances:-

(i) If a property is sold. (ii) If the development of a property is not completed.

g) Works to Existing Properties Works to existing properties are capitalised to the extent that they provide an enhancement to its economic benefits in excess of the standard of performance anticipated when originally acquired or constructed.

h) Leased Assets Rentals payable under operating leases are charged to the Income and Expenditure account as incurred.

Assets obtained under hire purchase or finance leases are capitalised in the balance sheet. Those held under hire purchase are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives, or the lease term, whichever is shorter.

The interest element of those obligations is charged to the profit and loss account over the relevant period. The capital element is treated as a liability.

i) Interest Payable Interest payable is charged to the income and expenditure account in the year to which it relates.

j) Designated Reserves Designated reserves are unrestricted reserves earmarked by the Board for a particular purpose. Transfers to designated reserves are made at the discretion of the Board and they may be reversed by future Board decisions.

ODU-DUA HOUSING ASSOCIATION L IMITED



Page 10

2(a) TANGIBLE FIXED ASSETS

COST At 1s t April 2012 Additions Disposals

At 31st March 2013

DEPRECIATION At 1s t April 2012 Charge for the Year Disposals At 31st March 2013

NET BOOK VALUE At 31st March 2013

At 31s t March 2012

Housing Properties

held for Letting

£

12,763,867 74,274

(18,098)

Completed Properties

held by other

Associations £

144,258

12,820,043

295,126 63,695 (6,036)

Total Properties

£

12,908,125 74,274

(18,098)

Furniture, Fixtures

Equipment 8 Motor

Vehicles £

104,590

144,258 12,964,301 104,590

295,126 63,695 (6,036)

55,150 12,673

Total £

13,012,715 74,274

(18,098)

13,068,891

350,276 76,368 (6,036)

352,785

£12,467,258

£12,468,741

352,785

£144,258 £12,611,516

£144,258 £12,612,999

67,823

£36,767

£49,440

420,608

£12,648,283

£12,662,439

2(b) SOCIAL HOUSING GRANT

At 1s t April 2012 Received in Year At 31s t March 2013

9,271,083

£9,271,083

144,258 9,415,341

£144,258 £9,415,341

9,415,341

£9,415,341

Grants include £144,258 of Local Authority Grants.

Net book value of Housing Properties comprises:

Freeholds Long Leaseholds Total

Expenditure on Existing Properties

Capitalised Charged to Income and Expenditure Account

2013

£

7,386,138

5,081,120

£12,467,258

74,273

136,784

£211,057

2012

£

7,387,017

5,081,724

£12,468,741

111,620

£111,620




3. DEBTORS

Amounts falling due wi th in one year Rent Arrears Less : Provision for bad debts

Prepayments and accrued Income Cash Held By Solicitors Other Debtors

£500,502 of cash held by Batchelors Solicitors is for the purchase of the Kingsgate Road property

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2013

£

96,201

(9,921)

86,280

27,212

500,502

44,336

£658,330

2012

£

83,983

(8,512)

75,471

36,130

-

17,788

£129,389

Rent and Service Charges in Advance Other Creditors Accruals Housing Loans PAYE and Salaries

38,135

103,983

63,368

167,937

5,413

£378,836

23,132

114,514

44,378

166,177

4,021

£352,222

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

HOUSING LOANS Building Society Loans Crown Limited Loans

2,891,679 501,312

£3,392,991

3,034,985 528,289

£3,563,274

Housing loans from Banks and the Building Societies are secured by specific charges on the Association's housing properties.

The loans are repayable at varying rates of interest with £525,943 at fixed rates of interest and £3,034,985 at rates linked to LIBOR. The final instalments fall to be repaid in the period 2020 to 2033.

BY INSTALMENTS Within one year Between two and five years In five years or more

167,937 671,749

2,721,242

£3,560,928

166,177 664,709

2,898,565 £3,729,451




NON EQUITY SHARE CAPITAL

2013 2012 £ £

Shares of £1 each issued and fully paid At 1st April 2012 10 10 Shares issued during the year Resignations 1

At 31st March 2013 £9 £10

The shares provide members with the right to vote at general meetings, but do not provide any rights to dividends or distributions on winding up.

7. RESERVES

REVENUE RESERVES At 1st April 2012 1,181,427 1,083,258 Surplus for the year 126,950 98,169 At 31st March 2013 £1,308,377 £1,181,427

8. FINANCIAL COMMITMENTS

8(a) Capital Commitments At 31st March 2013 there were no capital commitments other than the purchase of the Kingsgate Road property which was in the process of being acquired at the year-end (see note 3).

8(b) Operating Leases The payments which the Association is committed to make in the next year under operating leases are as follows:-

Office equipment, leases expiring :

Two to five years

Land and building, leases expiring: One to two years

2013 £

£4,900

£6,600

2012 £

£4,900

£14,600

9.




TURNOVER, OPERATING COSTS, AND OPERATING SURPLUS

Page 13

Turnover

£

2013 Operating

Costs £

Operating Surplus (Deficit)

£

Turnover

£

2012 Operating

Costs £

Operating Surplus (Deficit)

£

Income & Expenditure f rom Lettings

Permanent Accommodation Temporary Social Housing

1,092,431

36,332

(963,983)

(11,525)

£128,448

24,807

1,037,214

34,401

(853,976)

(15,658)

183,238

18,743

Other Income & Expenditure

Sale of Land Future Jobs Fund Management Fees -Management Fees -Lithos Road

Total

Aldwych

£1,128,763

45,952 -

10,000

12,128 68,080

£1,196,843

£(975,508)

---

--

£(975,508)

£153,255

45,952 -

10,000

12,128 68,080

£221,335

£1,071,615

--

10,000

-10,000

£1,081,615

£(869,634)

-(5,056)

-

-(5,056)

£(874,690)

£201,981

-(5,056) 10,000

-4,944

£206,925

INCOME AND EXPENDITURE FROM LETTINGS

Income from Lettings Rent receivable net of

identifiable Service Charge Service charges receivable

Net rents receivable

Expenditure on lett ing activities Management Services Routine Maintenance Major Repairs Bad Debts

Total expenditure on lettings

Operating Surplus on Lettings

Voids

Permanent Housing

976,953

115,478

1,092,431

Temporary Social

Housing £

36,332

2013 Total

1,013,285

115,478

36,332 1,128,763

2012 Total

968,351

103,264

1,071,615

384,990

114,793

326,732

136,059

1,409

963,983

£128,448

£12,295

10,676

30

94

725

11,525

£24,807

£-

395,666

114,823

326,826

136,784

1,409

975,508

£153,255

£12,295

384,331

128,788

237,656

111,620

7,239

869,634

£201,981

£2,605




10. OPERATING SURPLUS

2013 2012

£ £ Operating Surplus is stated after charging : Auditors' remuneration (including VAT)

Audit Services 6,613 6,420 Non Audit Services

Depreciation of assets 76,368 69,692 Operating Lease Charges 19,500 19,500

11. INTEREST RECEIVABLE AND OTHER INCOME

Bank Interest 9,960 8,507 Sundry Income 12,583 8,749

£22,543 £17,256

12. INTEREST PAYABLE AND SIMILAR CHARGES

Stock Management Fees 13,914 13,914 Loans and Bank Overdraft 103,014 112,098

£116,928 £126,012

13. PENSION COMMITMENTS

During the year a defined benefit pension scheme was opened. Contributions made by ODU-DUA totalled £2,436. (2012: Nil). The scheme is available to all employees.

14. CHIEF EXECUTIVE EMOLUMENTS AND EXPENSES OF THE BOARD OF MANAGEMENT

Chief Executive The aggregate remuneration paid to the Chief Executive of the Association was:

2013 2012 £

Emoluments (including benefits in kind) £55,575 £55,000

No member of the Board of Management received remuneration for their services.

BOARD OF MANAGEMENT The reimbursement of expenses paid to the Board of

Management were £1,577 £1,324




15. EMPLOYEE INFORMATION

The average weekly number of persons (including the Chief Executive and excluding temporary agency staff) employed during the year was :

STAFF COSTS (FOR THE ABOVE PERSONS) Wages and Salaries Social Security Costs Pension Costs

16. UNITS

Owned Managed Temporary Social Housing (TSH)

TOTAL

17. POST BALANCE SHEET EVENTS

There were no post balance sheet events which require disclosure in the accounts.

18. RELATED PARTY TRANSACTIONS Board members Sandra Brown and Sharon Lynch are also tenants. Their tenancies are on normal commercial terms and they cannot use their position to their advantage. The rent level or policy for managing arrears is not different to non-board members and the level of arrears at the year-end is not materially different to non-board member tenants.

2013 No.

8

2013 £

184,761 17,502 2,436

£204,699

146 30

5

181

2012 No.

8

2012 £

181,278 17,929

£199,207

146 30 5

181

Documents

Details of society