Financial Statements 7
35.2 Association On 26 June 2023 the trade and assets of Hadrian Healthcare (Skipton) Limited were sold to Anchor Hanover Group (the Association) at their fair market value of £30,750,000. The following table sets out the fair value of the identifiable assets and liabilities to the Association at the date of acquisition of the trade, assets and liabilities of Hadrian Healthcare (Skipton) Limited. Hadrian Healthcare (Skipton) Limited £’000 Fixed assets Tangible fixed assets: housing
30,768 30,768
Current assets Trade and other debtors: amounts due within one year
154 154
Total assets
30,922
Creditors: amounts falling due within one year
(172) (172)
Total liabilities
Net assets acquired Intercompany loan Total consideration
30,750 30,750 30,750
36. Prior period restatement In the prior year, restricted reserves were classified as restricted and designated reserves.
On review of the definitions of reserves in the SORP, monies collected from social housing tenants for the replacement of the Association’s assets meet the definition of a restricted reserve, which is subject to an external restriction to replace the assets, rather than a designated reserve which enables a more general, internally-determined use of the funds. The financial statements have therefore been restated to correct the presentation of these monies into restricted reserves. There is no impact to the statement of comprehensive income for the year ending 31 March 2023 or on overall reserves or net assets.
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