Annual report and financial statements for the year ended 31 March 2022
Company Registration No. 08988813 (England and Wales)
Contents
01 | Group highlights | 4 |
02 | Corporate structure | 6 |
03 | Aquila at a glance | 8 |
04 | Chair's statement | 10 |
05 Strategic report | 12 | |
06 Directors' report | 36 | |
07 | Corporate governance statement | 40 |
08 | Directors' remuneration report | 45 |
09 Statement of Directors' Responsibilities | 54 | |
10 | Independent Auditors' Report to the Members | 55 |
11 | Consolidated statement of comprehensive income | 61 |
12 | Consolidated statement of financial position | 62 |
13 | Company statement of financial position | 63 |
14 | Consolidated statement of changes in equity | 64 |
15 | Company statement of changes in equity | 65 |
16 | Consolidated statement of cash flow | 66 |
17 | Company statement of cash flow | 67 |
18 | Notes to the financial statements | 68 |
19 | Notice of Annual General Meeting | 95 |
20 | Directors and advisers | 100 |
4
Group | |
highlights | Our purpose |
To make a better, more sustainable, and socially | |
responsible world. | |
Our vision | |
To have a direct beneficial impact on communities | |
and lives in the UK and beyond. | |
To offer staff the opportunity to inspire positive | |
change in an environment with a strong social focus. | |
To provide investors the opportunity of supporting an | |
organisation that combines strong performance with | |
a positive social outcome. | |
Our culture and values | |
We Collaborate | |
Working together to succeed together | |
We Innovate | |
We challenge the norm | |
We Care | |
We go the extra mile | |
What we do | |
Our work helps our clients to develop a response to | |
a changing world and make a positive difference | |
to the communities in which they operate. We | |
work throughout the UK and internationally with | |
clients across housing and regeneration, sport and | |
education, charity and government sectors. |
5
Financial highlights
The results for the year ended 31 March 2022.
Revenue | Gross profit | Gross profit margin |
£10,119k | £2,206k | 22% |
(2021: £7,642k) | (2021: £1,640k) | (2021: 21%) |
Underlying operating profit* | Statutory profit after tax | Statutory earnings per share |
£726k | £579k | 1.45p |
(2021: £614k) | (2021: £187k) | (2021: 0.48p) |
Cash generated by operations | Cash balances | Total dividend payable |
£512k | £2,193k | 0.6p per share |
(2021: £930k) | (2021: £2,127k) | (2021: 0.55p) |
*Underlying operating profit is calculated by adjusting the reported pre-tax profit for share- based payment charges and in 2021 restructuring costs related to COVID-19, acquisition costs, and impairments of investments.
Dividend
The Directors propose a final dividend of 0.4p per share (2021: 0.4p). This will be paid on 1 August 2022 to shareholders on the register at 15 July 2022.
Annual report and financial statements for the year ended 31 March 2022 | Aquila Services Group plc |
6 | Corporate Structure |
Corporate structure
The corporate structure of the organisation and the Directors of the subsidiary boards are shown below.
Altair
Corporate Structure | 7 |
Within the year of reporting the Group set up two employee led groups with representation across the Aquila Group to focus activities on the environment and sustainability and equality, diversity and inclusion. The composition of these groups is set out below.
Green Group | EDI Group |
Aquila
Aquila Services Group plc
Derek Joseph
(Executive Chair)
Claire Banks
(Finance Director & Co Sec)
Fiona Underwood
(Executive Director)
Richard Wollenberg
(Non-Executive)
Altair Consultancy and Advisory Services Ltd
Directors: | |
Fiona Underwood (CEO) | Cathy Beazley |
Michael Appleby | Matt Carroll |
Claire Banks | Jim Lashmar |
ATFS
Aquila Treasury and Finance Solutions Ltd
Directors:
Claire Banks | Fiona Underwood |
Oaks
Oaks Consultancy Ltd
Directors: | |
Adam Walker (CEO) | Luke Southall |
Claire Banks | Fiona Underwood |
Rahul Bissoonauth |
Michael Appleby | Ellen Spooner | Claire Banks | Jagjeet Tiwana |
Milly Clarke | Ellie Dickens | Will Morley | Cydney Loughrey |
Annabel Grey | Kate Perham- | Alex Neate | Caroline Toogood |
Jennifer Rolison | Marchant | Natasha Raj | Casey-Scarlett |
Jess Shepherdson | Peter Latham | Jennifer Rolison | Haylock |
Becky Hazell | Beth Sadler | Patrick Goldie | |
Mihir Shah | Rebecca How |
Luke Southall | Alex Chilcott |
Annual report and financial statements for the year ended 31 March 2022 | Aquila Services Group plc |
8 | Aquila at a Glance |
Aquila at a glance
Aquila Services Group plc ('the Company') is the holding company for Altair Consultancy and Advisory Services Ltd ('Altair'), Aquila Treasury and Financial Solutions Ltd ('ATFS') and Oaks Consultancy Ltd ('Oaks') which form the group ('the Group').
The Group continues to implement its business strategy to encompass all the professional consultancy services that the Group's client base demands. The Group now provides advice and support across the affordable housing, regeneration, sport and education sectors. Its purpose is to assist organisations that benefit local communities such as housing associations, local authorities, government agencies, multi-academy trusts, other non-profit organisations and those set up for community benefit, as well as providing related high-level business advice to the commercial property sector.
Aquila at a Glance | 9 |
Group members
Altair Consultancy and
Advisory Services Ltd
Altair is a specialist management consultancy company that works with organisations that govern, manage, regulate or build housing. Operating within the UK and Europe, its international client base is increasing with expansion in Africa and Asia. Further information is provided within our strategic report on page 12.
The services that Altair offers cover housing development and regeneration, property asset management, health and safety compliance and building safety advice, strategic financial advice, governance and risk management, executive and non-executive recruitment. Our ITC and digital, transformation and people services are areas of investment and growth.
Clients contract with Altair on a fixed-fee basis, through retained contracts in our finance, governance and transformation business streams, and placements for members of the property team at client sites.
Aquila Treasury and Financial Solutions Ltd
ATFS is a specialist treasury management consultancy authorised and regulated by the Financial Conduct Authority that operates across the UK and Europe. It provides advice on treasury policy and strategy, debt and capital market finance, banking and card merchant services, value for money, and financial market information services to local authorities, charities, housing associations, education bodies, private sector housing providers and government bodies.
Work is delivered through fixed price contracts as retained general treasury advisers and information subscription agreements. Specific advisory project contracts are on a fixed fee basis, won through competitive procurement tenders, payable on agreed project milestones.
Oaks Consultancy Limited
Oaks is a specialist sports, charity, statutory and education consultancy operating within the UK and Europe with an increasing international presence. Oaks' clients include national and international sports teams and governing bodies, national and international charities, statutory organisations and local authorities, multi academy trusts and teaching school alliances, housing associations and corporate businesses.
Oaks provides consultancy advice and guidance on strategy and business planning, organisational and cultural change programmes, impact measurement, together with implementation support in relation to income generation and diversification. Contracts are delivered through a mix of fixed-fee projects and retained contracts for general advisory services.
Investments
AssetCore - 5.3% equity holding
AssetCore is a digital financial debt management platform for the affordable housing sector.
Annual report and financial statements for the year ended 31 March 2022 | Aquila Services Group plc |
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Aquila Services Group plc published this content on 01 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2022 23:22:07 UTC.