Walls & Futures REIT plc (“WAFR”), the Real Estate Investment Trust and Social Stock Exchange member investing in UK residential property, focusing on the Supported housing sector, is pleased to announce its Interim results for the six months to 30th September 2017.
Financial Highlights:
- Net Asset Value (“NAV”) improved to £3,104,354 (31 March 2016 – £2,234,469)
- NAV per share improved by 4.4% over the 6 month period to 94p per share;
- Net Profit for the period of £127,384 (to 31 March 2016 – loss of £29,162);
Operational Highlights:
- Delivered first Supported housing project to budget and on time;
- Joined the Social Stock Exchange;
- Developed healthy pipeline of projects for delivery
Joe McTaggart commented:
“We have had an active six months implementing our strategy of focusing on the UK Supported Housing Sector successfully delivering our first project which has been let on a 25-year full repairing and insuring lease with rents adjusted in line with inflation (‘CPI’) to a major charity.
We have also actively engaged with local authorities and, with an understanding of their unique requirements, are working with our strategic partners to develop tailored supported housing within a sustainable funding framework.
Our aim is to start delivery of this pipeline of projects in early 2018, which will create much needed homes for some of the most vulnerable in society and add to our portfolio of high yielding residential properties, and deliver secure long-term income.
To support our growth plans we will be seeking to raise further capital shortly.”
Consolidated Income Statement
For The Period 18th March 2016 to 30th September 2016
|
6 Months to |
18 March 2016 to |
|||
|
£ |
£ |
|||
| RENT RECEIVED |
32,726 |
22,713 |
||
| INCREASE IN PROPERTY VALUES |
203,333 |
– |
||
| Gross Profit |
236,059 |
22,713 |
||
| Administrative Expenses |
(108,675) |
(51,894) |
||
| OPERATING PROFIT/(LOSS) |
127,384 |
(29,181) |
||
| Interest receivable and similar income |
– |
19 |
||
| PROFIT/(LOSS) BEFORE TAXATION |
127,384 |
(29,162) |
||
| Taxation |
– |
– |
||
| PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
127,384 |
(29,162) |
||
Consolidated Balance Sheet
30th September 2016
|
30 September 2017 |
30 September 2016 |
|||
|
£ |
£ |
£ |
£ |
|
| FIXED ASSETS | ||||
| Investment Property |
2,873,109 |
2,180,000 |
||
| CURRENT ASSETS | ||||
| Cash at Bank |
237,194 |
56,078 |
||
| Debtors and Prepayments |
6,863 |
– |
||
|
244,057 |
56,078 |
|||
| CREDITORS | ||||
| Amounts falling due within one year |
(12,812) |
(1,609) |
||
| NET CURRENT ASSETS |
231,245 |
54,469 |
||
| TOTAL ASSETS LESS CURRET LIABILITIES |
3,104,354 |
2,234,469 |
||
| PROVISION FOR LIABILITIES |
– |
– |
||
| NET ASSETS |
3,104,353 |
2,234,469 |
||
| CAPITAL AND RESERVES | ||||
| Called up share captial |
164,511 |
113,261 |
||
| Share Premium |
3,125,714 |
2,151,964 |
||
| Retained Earnings |
(185,871) |
(30,756) |
||
|
3,104,354 |
2,234,469 |
|||
The above figures have not been reviewed by the Company’s auditors.
The directors of the issuer accept responsibility for the contents of this announcement