Walls & Futures REIT PLC: Half year results for the 6 months to 30 September 2023

Walls & Futures REIT PLC (WAFR) 
Walls & Futures REIT PLC: Half year results for the 6 months to 30 September 2023 
22-Dec-2023 / 07:00 GMT/BST 
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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. 
 
22 December 2023 
WALLS & FUTURES REIT PLC 
 
 ("Walls & Futures" or the "Company") 
 
Half Year Results for the period to 30 September 2023 
 
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 2023. 
 
Highlights 
 
     -- Net Asset Value (NAV) down 2% to 87p per share (31 March 2023 - 89p per share) 
     -- Property assets increased by 2.4% (GBP60,000) 
     -- Profit of GBP45,508 (30 September 2022 - Loss of GBP36,749) 
     -- 100% of Specialist Supported Housing rents collected 
 
Chief Executive's Statement 
 
"I am pleased with the overall performance of our property portfolio, with 100% of rents being collected along with a 
slight increase in value due to inflation-linked rent increases. 
 
The management team have been working with Vengrove to finalise the restructuring process and raise fresh capital. We 
had hoped to conclude a significant transaction before Christmas. The stabilised, income-producing portfolio with an 
estimated value of GBP10m would have increased our scale significantly and enabled us to move quickly to paying a 
dividend. Unfortunately, the final due diligence process raised issues we could not overcome. 
 
During 2024, we intend to raise an initial GBP10m, which will be invested into a portfolio of Social Infrastructure 
Assets to ensure a dividend can be paid. The medium-term plan is to strengthen the existing board of directors in 
preparation for an institutional fundraise of GBP200m and a move to the main market. 
 
Our investment strategy will be focused on foundational assets that support the quality of life in regional and local 
communities. We consider the key pillars to be: 
 
 1. Affordable Housing - Affordable rent & shared ownership 
 2. Education - Children's nurseries, special education needs & schools 
 3. Roadside & Transport - EV charging hubs, car parks& bus depots 
 4. Civic, Community & Justice - Libraries, community hubs, law courts & recycling facilities 
 
Our long-term goal is to grow Social Infrastructure REIT into a GBP1bn plus market-leading public vehicle providing 
critical community infrastructure, long-term sustainable inflation-linked income, and strong liquidity with defence 
cashflow from a diversified tenant base." 
 
 
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 
                                                2023         30 September 2022 
                                                                               2023 
                                                      GBP              GBP         GBP 
 
                                                  62,407       57,699            115,398 
Rent received 
Cost of sales                                   -            -                 - 
Gross Profit                                    62,407       57,699            115,398 
 
Increase in property values                     60,000       -                 (250,000) 
Other Income                                    3,569        332               - 
Administrative Expenses 
                                                (79,485)     (94,334)          (239,033) 
 
Depreciation                                    -            -                 - 
                                                ____________ ____________      ____________ 
OPERATING PROFIT/(LOSS)                         46,491       (36,303)          (373,635) 
Exceptional item                                -            -                 - 
Interest receivable and similar income          -            -                 1,749 
Interest payable                                (305)        (383)             (558) 
                                                ____________ ____________      ____________ 
PROFIT/(LOSS) BEFORE TAXATION                   46,186       (36,686)          (472,443) 
Taxation                                        678          63                332 
 
Loss on disposal of fixed assets & depreciation -            -                 - 
                                                ____________ ____________      ____________ 
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD          45,508       (36,749)          (472,775) 
 
Other comprehensive income                      -            -                 - 
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD       45,508       (36,749)          (472,775)

Consolidated Balance Sheet

30 September 2022

                                           30 September 2023            30 September 2022   31 March 2023 
                                           GBP         GBP            GBP         GBP           GBP         GBP 
 
FIXED ASSETS 
Investment Property                                  2,560,000              2,750,000             2,500,000 
Investments                                          1                      -                     - 
 
CURRENT ASSETS 
Cash at Bank                               753,335                829,352               756,524 
Debtors and Prepayments                    5,642                  117,350               13,493 
 
CREDITORS 
Amounts falling due within one year        (39,062)               (20,248)              (31,592) 
 
NET CURRENT ASSETS                                   737,425                926,454               737,425 
TOTAL ASSETS LESS CURRENT LIABILITIES                3,237,426              3,676,454             3,237,426 
 
Provision for Liabilities                            -                      -                     - 
 
Amounts falling due over one year                    (10,000)               (16,000)              (13,000) 
 
NET ASSETS                                           3,269,936              3,660,454             3,224,426 
 
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                                   1,226,019              1,416,019             1,166,019 
Retained Earnings                                    (1,648,992)            (1,448,473)           (1,634,501) 
                                                     3,269,936              3,660,454             3,224,426

Consolidated Cash Flows

For the Six-Month Period to 30 September 2023

                                                 30 September 30 September 31 March 
 
                                                 2023         2022         2023 
                                                 GBP            GBP            GBP 
Cash flows from operating activities 
Cash generated from operations                   (3,516)      (116,928)    (64,682) 
Interest paid                                    (224)        (301)        (558) 
Tax paid                                         -            -            - 
Net cash from operating activities               (3,740)      (117,229)    (65,240) 
 
Cash flows from investing activities 
Purchase of investment property                  -            -            - 
Sale of tangible fixed assets                    -            -            - 
Sale of fixed asset investments                  -            -            - 
Sale of investment property                      -            -            - 
Development costs recognized in c/year           -            -            (123,324) 
Interest received                                3,569        332          1,749 
Net cash from investing activities               5,569        332          (121,485) 
 
Cash flows from financing activities 
New loans in year                                -            -            - 
Loan repayments in year                          (3,000)      (3,000)      (6,000) 
Share issue                                      -            -            - 
Share buyback                                    -            -            - 
Net cash from financing activities               (3,000)      (3,000)      (6,000) 
 
Increase/(decrease) in cash and cash equivalents (3,171)      (119,897)    (192,725) 
Cash and cash equivalents at beginning of period 756,524      949,249      949,249 
Cash and cash equivalents at end of period       753,353      829,352      756,524

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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