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Last checked at 
25 Nov 2022 10:09
Beyond Housing
Financial Performance September 2022
Unaudited Figures
Income and Expenditure at September 2022
Actual Sept 2022 | Budget Sept 2022 | Variance to budget | Fav/un fav | |
£m | £m | £m | ||
Turnover | 44.574 | 47.833 | 3.259 | Adverse |
Operating Costs | 34.602 | 36.391 | 1.789 | Favourable |
Operating Surplus | 9.972 | 11.442 | 1.470 | Adverse |
Net Interest Payable | 3.280 | 3.406 | 0.126 | Favourable |
Disposal of Fixed Assets | (0.725) | (0.329) | (0.296) | Favourable |
Net Surplus excl asset sales | 6.692 | 8.036 | 1.344 | Adverse |
Turnover marginally lower due to development pace and new housing units arising, rents on budget. Operating costs lower due to less outright sales costs and corporate overhead spending. Interest payable and disposals per budget. Net surplus reflects income and operating costs.
Balance Sheet at September 2022
Actual Sept 2022 | Actual March 2022 | Movement | Fav/un fav | |
£m | £m | £m | ||
Fixed Assets | 415.894 | 399.618 | 16.276 | Favourable |
Current Assets | 46.462 | 58.967 | 12.505 | Adverse |
Current Liabilities | 12.907 | 19.525 | 6.618 | Favourable |
Net Current Assets | 33.555 | 39.442 | 5.887 | Adverse |
Long term Labilities - loans | 229.998 | 230.003 | 5 | Favourable |
Capital & Reserves | 449.449 | 439.060 | 10.389 | Favourable |
Fixed asset value increasing due to new homes and capital programme (roofing, kitchens, bathrooms etc) investment in stock. Current assets lower due to lower cash (development spend) and prepayments. Current liabilities higher due to lower creditors. No change in long term loans.
Treasury Position
• Board approved business plan sets 'golden rules' at tighter levels than lender covenants to ensure a healthy buffer is sustained
• Cash balance c£31m September 2021
• Beyond completed at £250m ESG 30-year bond refinancing May 2021 (£85m retained with £165m drawn to principally refinance £130m of existing loans)
• Moodys credit rating update at Sept 2022 (A2 unstable).
Golden rule | Performance (as at August 2022) | |
EBITDA-MRI interest cover | 121% | 279%-285% |
Asset cover ratio | 126.5% | 119%-137% |
Net borrowing: Housing assets at cost | 39%-43% | |
Net debt per unit | £13.591 | |
Cash and cash equivalents | To cover at least 21 months or requirements | more than 36 months |
Current ratio | >1.0 | 2.6 |
Open market sales | 0% |
Performance at August 2022. Performance represents range across lenders. Golden rules set by the board above bank and funder requirement. Asset Cover ration golden rule average across all lenders.
Lender Facilities
Lender - September 2022 | RCF | Fixed/drawn | Sub total | Undrawn | Total |
£ | £ | £ | £ | £ | |
Lloyds | 20,000,000 | 12,300,000 | 32,300,000 | 20,000,000 | 32,300,000 |
RBS | 30,000,000 | 28,300,000 | 58,300,000 | 30,000,000 | 58,300,000 |
Nationwide | 54,000,000 | 29,300,000 | 83,300,000 | 54,000,000 | 83,300,000 |
Bond | 0 | 165,000,000 | 165,000,000 | 85,000,000 | 250,000,000 |
Total | 104,000,000 | 234,900,000 | 338,900,000 | 189,000,000 | 423,900,000 |
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