Half Year Results for the period to 30 September 2021 & Directorate Change

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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December 31, 2021 05:00 ET (10:00 GMT)