Walls & Futures REIT PLC (WAFR) Half Year Results for the
period to 30 September 2021 & Directorate Change 31-Dec-2021 /
10:00 GMT/BST Dissemination of a Regulatory Announcement that
contains inside information according to REGULATION (EU) No
596/2014 (MAR), transmitted by EQS Group. The issuer is solely
responsible for the content of this announcement.
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
31 December 2021
WALLS & FUTURES REIT PLC
("Walls & Futures" or the "Company")
Half Year Results for the period to 30 September 2021
Directorate Change
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 2021.
Highlights
-- Net Asset Value (NAV) down 5.8% to 96p per share (Mar 2021
102p per share)
-- 100% of Specialist Supported Housing rents collected
-- Loss of GBP200,677
Chief Executive's Statement
While the defence of the unsolicited offer from Virgata Services
was successful, the direct cost has led to charge of approximately
GBP169,000, approximately 85% of the loss for the period.
Despite the ongoing economic challenges affecting the property
market by Covid-19, 100% of our Specialist Supported Housing rents
have been collected.
Post the 30 September 2021, we have successfully disposed of our
final Private Rental Sector (PRS) property for GBP662,500
reflecting a premium of 1.9% to its valuation as dated 31 March
2021. The proceeds will be invested into further Specialist
Supported Housing projects.
We are reviewing several Specialist Supported Housing investment
opportunities, and are confident that future projects will, like
our existing projects in the sector, make a significant positive
impact on both our net asset value and revenue.
The design work on our bespoke home for autism is now complete
and we are finalising the marketing materials to launch in the New
Year.
We also announce David White will step down from the board as of
the 31 December 2021 to focus on other business interests. We thank
him for his efforts and wish him all the best in his new
endeavours.
We are delighted to welcome Keisha Robinson to the board as of
the 1 January 2022. Keisha brings a broad range of complementary
skills to the board which will be of great importance as we roll
out our bespoke home for autism. Further information regarding
Kiesha's appointment are set out below following the half-yearly
financial statements
Joe McTaggart
Chief Executive
Consolidated Income Statement
For the Six-Month Period to 30 September 2021
6 Months to Year ended
6 Months to
30 September 31 March
2021 30 September 2020
2021
GBP GBP GBP
65,063 79,023 148,420
Rent received
Cost of sales (1,334) (31,409) (40,106)
Increase in property values 35,000 - (35,000)
Other Income 28 27,617 (21,861)
Gross Profit 98,757 75,231 51,453
Administrative Expenses
*(299,145) (121,630) (258,654)
Depreciation - (316) (631)
____________ ____________ ____________
OPERATING PROFIT/(LOSS) (200,388) (46,715) (207,805)
Interest receivable and similar income - - 27
Interest payable (289) (5,578) (6,6364)
____________ ____________ ____________
PROFIT/(LOSS) BEFORE TAXATION (200,677) (52,293) (214,169)
Taxation - - -
Loss on disposal of fixed assets & depreciation - (19,000) -
____________ ____________ ____________
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD (200,677) (71,293) (214,169)
Other comprehensive income - 176,118 -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (200,677) 104,825 (214,169)
*Includes approx. GBP169,000 of the Exceptional Expenses
directly related to the defense of the Virgata Services unsolicited
offer
Consolidated Balance Sheet
30 September 2021
30 September 2021 30 September 2020 31 March 2021
GBP GBP GBP GBP GBP GBP
FIXED ASSETS
Investment Property 3,250,000 3,950,316 3,215,000
CURRENT ASSETS
Cash at Bank 412,472 40,313 651,357
Debtors and Prepayments 5,268 6,934 3,421
CREDITORS
Amounts falling due within one year (26,917) (5,189) (25,281)
NET CURRENT ASSETS 390,823 42,058 629,497
TOTAL ASSETS LESS CURRENT LIABILITIES 3,640,823 3,992,374 3,844,497
Provision for Liabilities - - -
Amounts falling due over one year (22,004) (30,000) (25,000)
NET ASSETS 3,618,819 3,962,374 3,819,497
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 1,223,519 934,900 1,188,519
Retained Earnings (1,297,608) (665,434) (1, 061,930)
3,618,819 3,962,374 3,819,497)
Consolidated Cash Flows
For the Six-Month Period to 30 September 2021
30 September 30 September 31 March
2021 2020 2021
GBP GBP GBP
Cash flows from operating activities
Cash generated from operations (237,126) (62,967) (110,612)
Interest paid (250) (5,514) (6,364)
Net cash from operating activities (237,376) (68,481) (116,976)
Cash flows from investing activities
Purchase of investment property - - -
Sale of tangible fixed assets - (19,000) -
Sale of fixed asset investments - 19,000 -
Sale of investment property - 655,999 1,316,000
Interest received - - 27
Net cash from investing activities - 655,999 1,316,027
Cash flows from financing activities
New loans in year - - 30,000
Loan repayments in year (1,997) (570,000) (600,000)
Share issue - - -
Share buyback - - -
Net cash from financing activities (1,997) (570,000) (570,000)
Increase/(decrease) in cash and cash equivalents (239,373) 17,518 629,051
Cash and cash equivalents at beginning of period 651,357 22,306 22,306
Cash and cash equivalents at end of period 411,984 39,824 651,357
The above figures have not been reviewed by the Company's
auditors.
Appointment of Director
The Company is pleased to announce the appointment with effect
from 1 January 2022 of Ms Kiesha Robinson as an Independent
Non-Executive Director of the Company. Ms Robinson will also be
appointed Company Secretary after a handover period with the
incumbent.
Ms Robinson is an experienced legal and company secretarial
practitioner who has spent the last decade working within the
inhouse legal teams of Vitol, Reckitt Benckiser, Bank of America
Merrill Lynch and Hearst Magazines. She is currently a
Non-Executive Director and Company Secretary of AQSE-quoted SulNox
Group plc, a hydrocarbon fuel emulsification specialist focussed on
emissions reduction and fuel savings.
The Directors of the issuer accept responsibility for the
contents of this announcement.
For further information, contact:
Walls & Futures REIT PLC 0333 700 7171
Joe McTaggart, Chief Executive
Website www.wallsandfutures.com
Allenby Capital Limited (Corporate Adviser)
Nick Harriss/James Reeve 020 3328 5656
Disclosure of Information Required Under Rule 4.9 of the AQSE
Growth Market Access Rulebook
Kiesha Mae Robinson
Age 34
Ordinary Shares held - Nil
Current Directorships
SulNOx Group plc
Noy Consulting Limited
Former Directorships
Luxury Cleaning Services Limited
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