Half Year Results for the period to 30 September 2022
Walls & Futures REIT plc (“WAFR”) the Ethical Housing Investor and developer, is pleased to announce its unaudited interim results for the six months to 30 September 2022.
Highlights
- Net Asset Value (NAV) down 0.5% to 97.5p per share (31 March 2022 – 98p per share)
- 100% of Specialist Supported Housing rents collected
- Loss of £36,749
- Welcome new strategic investor, Vengrove
Chief Executive’s Statement
Pax Homes have been well received in the market and we are in active discussions with a number of local authorities, charities and housing associations to build out the first developments in Dorset, Kent and Norfolk.
The last three months of the year has seen an increase in borrowing costs and a softening in the residential property market. However, this has had the effect of bringing more suitable sites to the market which will enable us to engage with new local authorities and partners in Yorkshire, Midlands and East of England.
During 2022 we have had discussions with a number of investors who we could work in concert with to support the growth of the company. We were delighted to announce on the 23 December 2022 that Vengrove, a real estate investment and advisory firm had acquired 250,000 ordinary shares (approx. 6.66%) in the Company.
We look forward to working with them in 2023 and will be writing to shareholders early next year to outline our plans.
Consolidated Income Statement
For the Six-Month Period to 30 September 2022
|
|
6 Months to 30 September |
6 Months to 30 September 2021 |
Year ended 31 March 2022 |
||
|
|
|
£ |
|
£ |
£ |
|
Rent received |
57,699 |
65,063 |
93,455 |
||
|
Cost of sales |
– |
(1,334) |
(1,549) |
||
|
Gross Profit |
57,699 |
63,729 |
91,906 |
||
|
|
|||||
|
Increase in property values |
– |
35,000 |
185,000 |
||
|
Other Income |
332 |
28 |
12,500 |
||
|
Administrative Expenses |
(94,334) |
(130,351) |
(242,474) |
||
|
Depreciation |
– |
– |
– |
||
|
____________ |
____________ |
____________ |
|||
|
OPERATING PROFIT/(LOSS) |
(36,303) |
(31,594) |
(46,932) |
||
|
Exceptional item |
– |
(168,794) |
(168,794) |
||
|
Interest receivable and similar income |
– |
– |
61 |
||
|
Interest payable |
(383) |
(289) |
(478) |
||
|
____________ |
____________ |
____________ |
|||
|
PROFIT/(LOSS) BEFORE TAXATION |
(36,686) |
(200,677) |
(122,279) |
||
|
Taxation |
63 |
– |
17 |
||
|
|
|
||||
|
Loss on disposal of fixed assets & depreciation |
– |
– |
– |
||
|
____________ |
____________ |
____________ |
|||
|
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
(36,749) |
(200,677) |
(122,296) |
||
|
|
|
|
|
||
|
Other comprehensive income |
– |
– |
– |
||
|
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
(36,749) |
(200,677) |
(122,296) |
||
Consolidated Balance Sheet
30 September 2022
|
|
30 September 2022 |
30 September 2021 |
31 March 2022 |
||||||
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
||
|
|
|
|
|
|
|
|
|
||
|
FIXED ASSETS |
|
|
|
|
|
|
|
||
|
Investment Property |
|
2,750,000 |
|
3,250,000 |
|
2,750,000 |
|
||
|
|
|
|
|
|
|
|
|
||
|
CURRENT ASSETS |
|
|
|
|
|
|
|
||
|
Cash at Bank |
829,352 |
|
412,472 |
|
949,249 |
|
|
||
|
Debtors and Prepayments |
117,350 |
|
5,268 |
|
42,107 |
|
|
||
|
|
|
|
|
|
|
|
|
||
|
CREDITORS |
|
|
|
|
|
|
|
||
|
Amounts falling due within one year |
(20,248) |
|
(26,917) |
|
(25,155) |
|
|
||
|
|
|
|
|
|
|
|
|
||
|
NET CURRENT ASSETS |
|
926,454 |
|
390,823 |
|
966,201 |
|
||
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
3,676,454 |
|
3,640,823 |
|
3,716,201 |
|
||
|
|
|
|
|
|
|
|
|
||
|
Provision for Liabilities |
|
– |
|
– |
|
– |
|
||
|
|
|
|
|
|
|
|
|
||
|
Amounts falling due over one year |
|
(16,000) |
|
(22,004) |
|
(19,000) |
|
||
|
|
|
|
|
|
|
|
|
||
|
NET ASSETS |
|
3,660,454 |
|
3,618,819 |
|
3,697,201 |
|
||
|
|
|
|
|
|
|
|
|
||
|
CAPITAL AND RESERVES |
|
|
|
|
|
|
|
||
|
Called up share capital |
|
187,754 |
|
187,754 |
|
187,754 |
|
||
|
Share Premium |
|
3,505,154 |
|
3,505,154 |
|
3,505,154 |
|
||
|
Fair Value Reserve |
|
1,416,019 |
|
1,223,519 |
|
1,416,019 |
|
||
|
Retained Earnings |
|
(1,448,473) |
|
(1,297,608) |
|
(1,411,726) |
|
||
|
|
|
3,660,454 |
|
3,618,819 |
|
3,697,201 |
|
||
|
|
|
|
|
|
|
|
|
||
Consolidated Cash Flows
For the Six-Month Period to 30 September 2022
|
|
30 September 2022 |
30 September 2021 |
31 March 2022 |
|
|
£ |
£ |
£ |
|
Cash flows from operating activities |
|
|
|
|
Cash generated from operations |
(116,928) |
(237,126) |
(359,185) |
|
Interest paid |
(301) |
(250) |
(478) |
|
Tax paid |
– |
– |
(6) |
|
Net cash from operating activities |
(117,229) |
(237,376) |
(359,669) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of investment property |
– |
– |
– |
|
Sale of tangible fixed assets |
– |
– |
– |
|
Sale of fixed asset investments |
– |
– |
12,500 |
|
Sale of investment property |
– |
– |
650,000 |
|
Interest received |
332 |
– |
61 |
|
Net cash from investing activities |
332 |
– |
662,561 |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
New loans in year |
– |
– |
– |
|
Loan repayments in year |
(3,000) |
(1,997) |
(5,000) |
|
Share issue |
– |
– |
– |
|
Share buyback |
– |
– |
– |
|
Net cash from financing activities |
(3,000) |
(1,997) |
(5,000) |
|
|
|
|
|
|
Increase/(decrease) in cash and cash equivalents |
(119,897) |
(239,373) |
297,892 |
|
Cash and cash equivalents at beginning of period |
949,249 |
651,357 |
651,357 |
|
Cash and cash equivalents at end of period |
829,352 |
411,984 |
949,249 |
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
Walls & Futures REIT PLC 0333 700 7171
Joe McTaggart, Chief Executive
Allenby Capital Limited (Corporate Adviser)
Nick Harriss/James Reeve 020 3328 5656