Walls & Futures REIT PLC: Half Year Results for the period to 30 September 2022
Walls & Futures REIT PLC (WAFR)
Walls & Futures REIT PLC: Half Year Results for the period to 30 September 2022
30-Dec-2022 / 07:00 GMT/BST
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The issuer is solely responsible for the content of this announcement.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
30 December 2022
WALLS & FUTURES REIT PLC
(“Walls & Futures” or the “Company”)
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.
Joe McTaggart
Chief Executive
Consolidated Income Statement
For the Six-Month Period to 30 September 2022
6 Months to
30 September 2022
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
-
-
-
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