DJ Walls & Futures REIT PLC: Half year results for the 6 months to 30 September 2023
Walls & Futures REIT PLC (WAFR)
Walls & Futures REIT PLC: Half year results for the 6 months to 30 September 2023
22-Dec-2023 / 07:00 GMT/BST
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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.
22 December 2023
WALLS & FUTURES REIT PLC
("Walls & Futures" or the "Company")
Half Year Results for the period to 30 September 2023
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 2023.
Highlights
-- Net Asset Value (NAV) down 2% to 87p per share (31 March 2023 - 89p per share)
-- Property assets increased by 2.4% (GBP60,000)
-- Profit of GBP45,508 (30 September 2022 - Loss of GBP36,749)
-- 100% of Specialist Supported Housing rents collected
Chief Executive's Statement
"I am pleased with the overall performance of our property portfolio, with 100% of rents being collected along with a
slight increase in value due to inflation-linked rent increases.
The management team have been working with Vengrove to finalise the restructuring process and raise fresh capital. We
had hoped to conclude a significant transaction before Christmas. The stabilised, income-producing portfolio with an
estimated value of GBP10m would have increased our scale significantly and enabled us to move quickly to paying a
dividend. Unfortunately, the final due diligence process raised issues we could not overcome.
During 2024, we intend to raise an initial GBP10m, which will be invested into a portfolio of Social Infrastructure
Assets to ensure a dividend can be paid. The medium-term plan is to strengthen the existing board of directors in
preparation for an institutional fundraise of GBP200m and a move to the main market.
Our investment strategy will be focused on foundational assets that support the quality of life in regional and local
communities. We consider the key pillars to be:
1. Affordable Housing - Affordable rent & shared ownership
2. Education - Children's nurseries, special education needs & schools
3. Roadside & Transport - EV charging hubs, car parks& bus depots
4. Civic, Community & Justice - Libraries, community hubs, law courts & recycling facilities
Our long-term goal is to grow Social Infrastructure REIT into a GBP1bn plus market-leading public vehicle providing
critical community infrastructure, long-term sustainable inflation-linked income, and strong liquidity with defence
cashflow from a diversified tenant base."
Joe McTaggart
Chief Executive
Consolidated Income Statement
For the Six-Month Period to 30 September 2022
6 Months to Year ended
6 Months to
30 September 31 March
2023 30 September 2022
2023
GBP GBP GBP
62,407 57,699 115,398
Rent received
Cost of sales - - -
Gross Profit 62,407 57,699 115,398
Increase in property values 60,000 - (250,000)
Other Income 3,569 332 -
Administrative Expenses
(79,485) (94,334) (239,033)
Depreciation - - -
____________ ____________ ____________
OPERATING PROFIT/(LOSS) 46,491 (36,303) (373,635)
Exceptional item - - -
Interest receivable and similar income - - 1,749
Interest payable (305) (383) (558)
____________ ____________ ____________
PROFIT/(LOSS) BEFORE TAXATION 46,186 (36,686) (472,443)
Taxation 678 63 332
Loss on disposal of fixed assets & depreciation - - -
____________ ____________ ____________
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD 45,508 (36,749) (472,775)
Other comprehensive income - - -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 45,508 (36,749) (472,775)
Consolidated Balance Sheet
30 September 2022
30 September 2023 30 September 2022 31 March 2023
GBP GBP GBP GBP GBP GBP
FIXED ASSETS
Investment Property 2,560,000 2,750,000 2,500,000
Investments 1 - -
CURRENT ASSETS
Cash at Bank 753,335 829,352 756,524
Debtors and Prepayments 5,642 117,350 13,493
CREDITORS
Amounts falling due within one year (39,062) (20,248) (31,592)
NET CURRENT ASSETS 737,425 926,454 737,425
TOTAL ASSETS LESS CURRENT LIABILITIES 3,237,426 3,676,454 3,237,426
Provision for Liabilities - - -
Amounts falling due over one year (10,000) (16,000) (13,000)
NET ASSETS 3,269,936 3,660,454 3,224,426
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 1,226,019 1,416,019 1,166,019
Retained Earnings (1,648,992) (1,448,473) (1,634,501)
3,269,936 3,660,454 3,224,426
Consolidated Cash Flows
For the Six-Month Period to 30 September 2023
30 September 30 September 31 March
2023 2022 2023
GBP GBP GBP
Cash flows from operating activities
Cash generated from operations (3,516) (116,928) (64,682)
Interest paid (224) (301) (558)
Tax paid - - -
Net cash from operating activities (3,740) (117,229) (65,240)
Cash flows from investing activities
Purchase of investment property - - -
Sale of tangible fixed assets - - -
Sale of fixed asset investments - - -
Sale of investment property - - -
Development costs recognized in c/year - - (123,324)
Interest received 3,569 332 1,749
Net cash from investing activities 5,569 332 (121,485)
Cash flows from financing activities
New loans in year - - -
Loan repayments in year (3,000) (3,000) (6,000)
Share issue - - -
Share buyback - - -
Net cash from financing activities (3,000) (3,000) (6,000)
Increase/(decrease) in cash and cash equivalents (3,171) (119,897) (192,725)
Cash and cash equivalents at beginning of period 756,524 949,249 949,249
Cash and cash equivalents at end of period 753,353 829,352 756,524
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.
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
----------------------------------------------------------------------------------------------------------------------- Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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ISIN: GB00BD04QG09 Category Code: IR TIDM: WAFR LEI Code: 213800CJV93R1FPNT553 Sequence No.: 293551 EQS News ID: 1802571 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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December 22, 2023 02:00 ET (07:00 GMT)
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