Walls & Futures REIT plc

Earnings Release • Dec 30, 2022

National Storage Mechanism | Additional information

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

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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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		-			-			-
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.

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

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ISIN:	GB00BD04QG09
Category Code:	IR
TIDM:	WAFR
LEI Code:	213800CJV93R1FPNT553
Sequence No.:	212157
EQS News ID:	1523833

End of Announcement	EQS News Service

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