Walls & Futures REIT PLC: Half Year Results for the period to 30 September 2022 (1523833)

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 GBP36,749

-- 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                    Year ended 
                                                             6 Months to 
                                                30 September                   31 March 
                                                2022         30 September 2021 
                                                                               2022 
                                                      GBP              GBP         GBP 
 
                                                  57,699       65,063            93,455 
Rent received 
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 
                                           GBP         GBP            GBP         GBP           GBP         GBP 
 
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 30 September 31 March 
 
                                                 2022         2021         2022 
                                                 GBP            GBP            GBP 
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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December 30, 2022 02:00 ET (07:00 GMT)