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Last checked at 
13 Dec 2017 09:48
PENNAF LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 September 2017
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| Six months to 30th September 2017 | Year to 31st March 2017 |
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| £'000 | £'000 |
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TURNOVER |
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| 19,261 | 37,472 |
Operating costs |
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| (13,697) | (27,630) |
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| ─────── | ─────── |
OPERATING SURPLUS |
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| 5,564 | 9,842 |
Surplus on sale of fixed asset properties |
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| 78 | 593 |
Interest receivable and similar income |
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| 4 | 24 |
Interest payable and similar charges |
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| (3,492) | (6,581) |
Loan breakage costs |
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| (15,904) | - |
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| ─────── | ─────── |
(DEFICIT) / SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION |
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| (13,750) | 3,878 |
Tax on surplus on ordinary activities |
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| (49) | (81) |
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(DEFICIT) / SURPLUS FOR THE PERIOD AND TOTAL COMPREHENSIVE INCOME |
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| (13,799) |
3,797 |
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| ═══════ | ═══════ |
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The Group's turnover and expenses all relate to continuing operations.
GROUP STATEMENT OF CHANGES IN RESERVES
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Restricted reserve £'000 | Income and expenditure reserve £'000 |
Total reserves £'000 |
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At 1 April 2016 |
| - | 11,578 | 11,578 |
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Surplus and total comprehensive income for the year
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| - | 3,797 | 3,797 |
Big Lottery Grant received |
| 54 | - | 54 |
Big Lottery Grant expenditure |
| (30) | - | (30) |
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| ─────── | ─────── | ─────── |
At 31 March 2017 |
| 24 | 15,375 | 15,399 |
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Deficit and total comprehensive income for the period |
| - | (13,799) | (13,799) |
Big Lottery Grant received |
| 35 | - | 35 |
Big Lottery Grant expenditure |
| (25) | - | (25) |
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| ─────── | ─────── | ─────── |
At 30 September 2017 |
| 34 | 1,576 | 1,610 |
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| ═══════ | ═══════ | ═══════ |
PENNAF LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
As at 30 September 2017
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| 30 September 2017 |
| 31 March 2017 | ||
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| £'000 |
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FIXED ASSETS |
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Tangible assets |
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Housing properties - Cost |
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| 408,995 |
| 399,025 | |
- Depreciation |
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| (51,051) |
| (49,224) | |
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| ─────── | ─────── | ||
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| 357,944 |
| 349,801 | |
Other tangible fixed assets |
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| 3,418 |
| 3,374 | |
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FIXED ASSET INVESTMENTS |
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Homebuy loan |
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| 3,010 |
| 2,593 | |
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| ─────── | ─────── | ||
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| 364,372 |
| 355,768 | |
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| ─────── | ─────── | ||
CURRENT ASSETS |
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Stocks |
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| 139 |
| 125 | |
Debtors - due after one year |
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| 400 |
| 407 | |
Debtors - due within one year |
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| 1,533 |
| 2,750 | |
Investments |
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| 65 |
| 65 | |
Cash at bank and cash equivalents |
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| 41,239 |
| 31,018 | |
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| ─────── | ─────── | |
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| 43,376 |
| 34,365 |
CREDITORS: AMOUNTS FALLING DUE |
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WITHIN ONE YEAR |
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| (9,410) |
| (17,033) |
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| ─────── | ─────── | |
NET CURRENT ASSETS |
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| 33,966 |
| 17,332 | |
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| ─────── | ─────── | |
TOTAL ASSETS LESS CURRENT LIABILITIES |
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| 398,338 |
| 373,100 | |
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
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| (397,078) |
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(358,051) | |
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DEFERRED TAXATION |
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| 350 |
| 350 |
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| ─────── | ─────── | |
NET ASSETS |
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| 1,610 |
| 15,399 |
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| ═══════ | ═══════ | |
CAPITAL AND RESERVES |
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Non-equity share capital |
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| - |
| - |
Reserves |
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| 1,610 |
| 15,399 |
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| ─────── | ─────── | |
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| 1,610 |
| 15,399 |
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| ═══════ | ═══════ | |
PENNAF LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
As at 30 September 2017
The Group is showing an operating surplus of £5.564m for the first six months of 2017/18 compared to £9.842m for the year ended 2016/17. This compares favourably also with a six month budget of £4.364m, and an annual budget of £8.728m.
However, there is an overall deficit of £13.799m. This is after allowing for breakage costs of £15.904m as part of the Group's decision to review its borrowing in the first quarter of this year. On 7th June the Group repaid £126.943m of Clwyd Alyn Housing Association Limited's debt with six lenders, with the associated breakage costs.
On the same day PenArian Housing Finance plc received £160m offering £250m publicly listed bonds, retaining £90m. This was then on-lent to Clwyd Alyn to repay its existing debt, pay the breakage costs, and retain £17m for further development. The new interest rate applicable is 3.212%, which compares very favourably with its previous average loan rate of 4.02%.
The Group's Operating Surpluses continue to improve.
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