Notes - Genesis Housing Association

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Note of historical cost surpluses and deficitsYear ended 31 March 20132013 2012Group £m £mReported surplus on ordinary activities before taxation 44.3 26.4Historical cost surplus on ordinary activities before taxation 44.3 26.4Historical cost surplus for the year retained after taxation 44.3 26.431
Notes1. Accounting policiesThe following accounting policies will be appliedconsistently in dealing with items which areconsidered material in relation to the financialstatements.Basis of preparationThe financial statements have been prepared onthe going concern basis and in accordance withapplicable accounting standards, the Statement ofRecommended Practice ‘Accounting byRegistered Social Landlords’ 2010 (SORP 2010),under the historical cost accounting rules with theexception of listed investments which are includedat market value and comply with the AccountingRequirements for Registered Social LandlordsGeneral Determination 2006.Basis of consolidationThe consolidated accounts incorporate thefinancial statements of Genesis HousingAssociation Limited, its subsidiaries, associatesand joint ventures. Further details of thesubsidiaries, associates and joint ventures aredisclosed in note 11. The results of subsidiariesare included in the consolidated Income andExpenditure Account from the date ofincorporation or acquisition. Subsidiariesacquired during the year are consolidated usingthe acquisition method. Intra-group surpluses ordeficits are eliminated on consolidation. Fornewly acquired legal entities where thedifference between the cost of acquisition of itsshares and the fair value of the separable netassets acquired gives rise to goodwill, this iscapitalised and written off on a straight line basisover its estimated economic life. Provision ismade for impairment where appropriate.All subsidiaries’ financial statements are made upto 31 March.InvestmentsInvestments in subsidiary undertakings and loansto joint ventures are stated at cost less anyimpairment or write offs.Joint ventures and associated undertakings areaccounted for under the equity accountingmethod recognising the Group’s share of theresults and net assets on consolidation.Listed investments are stated at their marketvalue.Fixed assets and depreciationHousing propertiesHousing properties constructed or acquired onthe open market are stated at cost less theamount of grants received towards their cost anddepreciation. Cost includes the cost of acquiringland and buildings, development costs, interestcapitalised during the development period,directly attributable administration costs, andexpenditure incurred in improving or reinvestingin existing properties.Expenditure on major refurbishment toproperties is capitalised where the worksincrease the net rental stream over the life of theproperty. An increase in the net rental streammay arise through an increase in the net rentalincome, a reduction in future maintenance costs,or a subsequent extension in the life of theproperty. All other repair and replacementexpenditure is charged to the Income andExpenditure Account.Mixed developments are held within fixed assetsand accounted for at cost less depreciation.Commercial elements of mixed developments areheld as investment properties.Donated land is accounted for as both a costincurred to acquire land and grant received wherethe land is donated by a public body. Where theland is donated by a private donor then the excessvalue is recognised in turnover.Housing properties in the course of construction,excluding the estimated cost of the element ofshared ownership properties expected to be sold infirst tranche, are included in fixed assets and held atcost (less any impairment), and are transferred tocompleted properties when ready for letting.When housing properties are developed for sale toanother social landlord, the cost less any relatedcapital grant is dealt with in current assets underhousing properties and stock for sale.32
Page 1 and 2: BuildingbetterfuturesFinancial Stat
Page 3 and 4: The Board, Group Executive team, co
Page 5 and 6: Operating and financial reviewVisio
Page 7 and 8: Operating and financial reviewGenes
Page 11 and 12: Operating and financial reviewCompl
Page 13 and 14: Operating and financial reviewCash
Page 15 and 16: Operating and financial reviewRemun
Page 17 and 18: Operating and financial review2013-
Page 19 and 20: Report of the BoardStatement of the
Page 21 and 22: Report of the Boardplans are develo
Page 23 and 24: Report of the BoardWe’re pleased
Page 25 and 26: Report of the independent auditors
Page 27 and 28: Association income and expenditure
Page 29 and 30: Balance sheetAt 31 March 2013Note 2
Page 31: Statement of total recognised surpl
Page 35 and 36: Notes1. Accounting policies (contin
Page 37 and 38: Notes2. Turnover, operating costs a
Page 39 and 40: Notes3. Income and expenditure from
Page 41 and 42: Notes4. Notes to the Income and Exp
Page 43 and 44: Notes6. Directors’ emolumentsRemu
Page 45 and 46: Notes8. Net interest payable and si
Page 47 and 48: Notes9. TaxationAnalysis of charge
Page 49 and 50: Notes10. Tangible fixed assets (con
Page 51 and 52: Notes11. Fixed assets investmentsa)
Page 53 and 54: Notes11. Fixed assets investments (
Page 55 and 56: Notes12. Other fixed assets (contin
Page 57 and 58: Notes13. Housing properties, stock
Page 59 and 60: Notes15. Investments (held as curre
Page 61 and 62: Notes17. Creditors: amounts falling
Page 67 and 68: Notes20. Members 21. CommitmentsAss
Page 69 and 70: Notes22. Housing units and bedspace
Page 71 and 72: Notes23. Pension schemes (continued
Page 81 and 82: Notes25. Analysis of net debtGroup
Page 83:
Genesis Housing Association LtdRegi
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Notes - Genesis Housing Association

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