| ur strategic objectivesandke | yprioritiesare summarised below. | |
|---|---|---|
| Strateqic Obiective lnspire our team |
2025126kevpriorities Colleague wellbeing |
Measure KPI dayslosttosickness absence |
| Create positive change | Supportourresidentstoidentify | KPI- o/oofresidentswithstaying |
| andmeetpersonal qoals | safeplans | |
| Reach morepeople | Seekadditionalfundingto ensure services continue uninterrupted |
Fundsraised increased costs comparedto |
| Sustain our future | Managevoidlosses and arrears | KPls-%lost from voidsand arrears |
perates onalower cost base and higher m |
argins. |
|||||
|---|---|---|---|---|---|---|
| RSHMetric | 2023t24 | 2024125 | 2025t26 | 2025t26 | SPBM | 2026t27 |
| Actual | Target | 2025t26 | Target | |||
| Median | ||||||
| Headlinesocialhousingcost perunit | î.14k | î.14.5k | t18.8k | 124.1k | t13.8k | î22.8k |
| (€'000) | ||||||
| EBITDA interestcover(%) | 607% | 814% | 33Yo | 451% | 48.5% | -521% |
| Operating Margin: social housing lettings | ||||||
| (%|7.42% | 11.07% | 5.42Yo | 2.31% | 6.34o/o | 2.33% | |
| Operatinq marqin: organisation(%) | 6.63% | 8.21% | 3.0% | 1.52% | 4.98% | 1.53% |
| Return oncapitalemploved(%) | 4.47o/o | 5.7o/o | 3.04% | 1.06% | 3Yo | 1.08Yo |
| Gearinq(%) | -36.9% | -54.8o/o | -54.4% | -17.1% | 14.35% | -33.1Yo |
| Reinvestment(%) | 0.54% | 5.13% | 11o/o | 4.25% | 6.71% | |
| New supply delivered | 0.05% |
| Evolve Metric | 2023t24 | 2024t25 | 2025126 | 2025t26 | SPBM | 2026t27 |
|---|---|---|---|---|---|---|
| Actual | Target | 2025r26 | Target | |||
| Median | ||||||
| Colleaqueabsences(workinqdavslost) | 9.4 | 9.7 | 9.3 | b | 4.55 | b |
| Residents withcurrent supportplans(%) Additionalfundsraised(Ê'000) |
97.9% f98k |
99.5% î20k |
99.3o/o c120k |
100o/o Ê40k |
N/A N/A |
100% [139.5k |
| Voidlosses(%) | 4.9% | 4.9o/o | 10.5% | 5.74o/o | 6.3% | 7.5% |
| Arrears losses(%) | 4.4% | 5.72% | 5.14% | 3.0% | 6.0% | 4.6% |
29 July 2026
| Note | 2026 | 2025 | |
|---|---|---|---|
| (Restated) | |||
| â | f | ||
| Turnover | 4 | 14,072,174 | 13,370,876 |
| Operating costs | 4 | (13,854,805) | (12,491,568) |
| Other operating income | 4 | 295,018 | 145,113 |
| Operatingsurplus | 4,8 | 512,3871,024,421 | |
| lnterestreceivable and similar income | 11 | 225,038 | 281,941 |
| lnterestpayable and financing costs | 12 | (179,0471 | (235,739) |
| 558,3781,070,623 | |||
| Taxation | |||
| Surplusfortheyearaftertaxationandtotal | 558,3781,070,623 | ||
| comprehensiveincomefortheyear |
| Unrestricted | Unrestricted | Restricted | Restricted | ||||
|---|---|---|---|---|---|---|---|
| Non- | 31 March | ||||||
| Notes | HousingNon-housing activities activities €€ |
housing activitiesf |
31March 2026 Ê |
2025 RestatedI |
|||
| lncome | |||||||
| GrantsandDonations | 4 | 17,772 | 175,538 |
193,310 | 50,454 | ||
| Charitable activities | 4 | 14,072,174 | 14,072,174 | 13,370,876 | |||
| Othertradingactivities | 6 | 101,708 | 101,708 | 94,659 | |||
| lnterestreceivable | 11 | 225,038 | 225,038 | 281,941 | |||
| 14,072,174 | 344,518 | 175,538 | 14,592,230 | 13,797,930 | |||
| Expenditure | |||||||
| RaisingFunds | 4 | 128,395 | 128,395 | 65,539 | |||
| Charitable activities | 4 | 13,377,303 | 93,278 | 181,287 | 13,651,868 | 12,377,244 | |
| Other trading activities | 4 | 74,543 | 74,543 | 48,785 | |||
| lnterestpayable | 12 | 122,974 | 56,072 | 179,046 | 235,739 | ||
| 13,500,277 | 352,288 | 181,287 | 14,033,852 | 12,727,307 | |||
| Netincome/(expenditure) fortheyear | I | 571,897 | (7,770) | (5,749)558,3781,070,623 | |||
| Netmovementinfunds | 571,897 | (7,770|(5,749)558,3781,070,623 | |||||
| Reconciliationoffunds | |||||||
| Opening balanceasat1April2025as previously stated |
't0,760,345 | 5,900,330 | 8,749 | 16,669,424 | 15,519,381 | ||
| Prior period adjustment | 25 | (346,534) | - | (346,534) | (267,114) | ||
| Openingba¡ance asat1April2025as re stated |
10,413,8115,900,330 | 8,749 | 16,322,890 | 15,252,267 | |||
| Glosingbalance as at 31 March2026 | 10,985,7085,892,560 | 3,000 | 16,881,268 | 16,322,890 |
| Note | 2026 | 2025 | |
|---|---|---|---|
| Restated | |||
| € | Ê | ||
| Fixed assets | |||
| Tangible fìxed assets-housingproperties | 13 | 24,419,928 | 24,039,573 |
| Tangiblefixedassets -other | 14 | ,2ty!0,7?3 .,2,23?,?_02, | |
| 26,560,651 | 26,261,875 | ||
| Current assets | |||
| Debtors-receivablewithinoneyear | 15 | 961,263 | 786,904 |
| Cash and cash equivalents | 8,699,624 | 8,882,275 | |
| 9,660,887 | 9,669,179 | ||
| Creditors: amounts fallingduewithinoneyear | 16 | 5,666,334 | 3,118,271 |
| Netcurrentassets | 3,994,5536,550,908 | ||
| Total assetslesscurrent liabilities | 30,555,204 | 32,812,783 | |
| Creditors: amounts fallingdueaftermore than | 17 | ||
| oneyear | 13,250,192 | 16,143,359 | |
| Provisionforliabilities and charges | 20 | 423,744 | 346,534 |
| Net assets | 16,881,268 | 16,322,890 | |
| Funds and Reserves | |||
| GeneralHousing Reserve-Unrestricted | 10,985,708 | 10,413,811 | |
| Non-Housing Reserves | |||
| Unrestricted | 5,892,560 | 5,900,330 | |
| Restricted | 3,000 | 8,749 | |
| 16,881,268 | 16,322,890 |
| General | Non-Housing | Non-Housing | Total | Total | |
|---|---|---|---|---|---|
| Housing | Reserve- | Reserve - | Reserves | ||
| Reserve- | Unrestricted | Restricted | |||
| Unrestricted | |||||
| Ê | f | s | f | ||
| Balance at1April2025aspreviously | 10,760,345 | 5,900,330 | 8,749 | 16,669,424 | |
| stated | |||||
| Prior period adjustment(note25) | (346,534) | (346,534) | |||
| BalanceatIApril2025as restated | 10,413,8115,900,330 | 9,749 | 16,322,890 | ||
| Surplus/(Deficit) fortheyear | 574,897 | (7,770) | (5,749) | 558,378 |
|
| Balance at31March2026 | 10,999,7085,892,560 | 3,000 | 16,881,268 |
| General | Non-Housing | Non-Housing | Total | |
|---|---|---|---|---|
| Housing | Reserve- | Reserve- | Reserves | |
| Reserve- | Unrestricted | Restricted | ||
| Unrestricted | ||||
| f | f | c | I | |
| Balanceat1April2024as previously stated | 9,555,233 | 5,846,121 | 118,02715,5'19,381 | |
| Prior periodsadjustment(note 25) | (267,114) | - | (267,114) | |
| Balanceat1April2024 as restated | 9,288,11I | 5,846,121 | 118,027 | 15,252,267 |
| Restated Surplus/(deficit) fortheyear | 1,125,692 | 54,209 | (10e,278) | 1,070,623 |
| Balance at 31 March 2025asRestated | 10,413,81't | 5,900,330 | 8,74916,322,890 |
| Note | 2026 | 2025 | |
|---|---|---|---|
| € | (Restated)f | ||
| Cashflows from operating activities | |||
| Surplus forthefinancialyear | 558,378 | 1,070,623 | |
| Adjustments for: | |||
| Depreciationoffixedassets-housingproperties | 13 | 873,495 | 870,822 |
| Depreciation of fixed assets -other Amortised government grants |
14 5 |
102,428 (4ol,190) |
64,297 (401,1e0) |
| Provisionforrent repayment | 20 | 77,210 | 79,420 |
| lnterest payable and financing costs | 12 | 179,047 | 235,739 |
| lnterest receivable and similar income | 11 | (225,038) | (281,e41) |
| (lncrease)/Decreaseintradeandother debtors | (174,359) | 597,230 | |
| lncrease/(Decrease)intradeand other creditors | 646,314 | (97,645) | |
| Netcashgeneratedfrom operating activities | 1,636,285 | 2,137.355 | |
| Cashflowsfrominvesting activities | |||
| Purchasesoffìxed assets-housingproperties | 13 | (l,253,850) | (12e,084) |
| Purchasesoffìxedassets-other | 14 | (20,848) | (137,555) |
| lnterestreceived | 11 | 225,038 | 281,941 |
| Netcashfrominvesting activities | (1,049,660) | 15.302 | |
| Cashflows from financing activities | |||
| lnterestpaid | 12 | (179,O471 | (235,739) |
| Repayment of loans-bank | (590,229) | (53e,501) | |
| Neúcasl¡usedinfinancingactivities | ,-(,7q9,2_79)Q79?4o) | ||
| Net (decrease)/increaseincash and cashequivalents | (182,651) | 1,377,417 | |
| Cash and cash equivalents at beginningofyear | 8,882,275 | 7,504,858 | |
| Cash and cashequivalentsat end ofyear | 8,699,624 | 8,882,275 |
| Non cash | ||||
|---|---|---|---|---|
| Reconciliation ofnetdebt | 1 April2025 | Cash flows | changes | 31 March2026 |
| Cash at bank | 8,882,275 | (r82,651) | 8,699,624 | |
| Short term loans | (586,882) | 1,901,750 | (2,488,632) | |
| Long term loans | (2,704,344) | 590,229 | (1,901,750) | (212,3651 |
| Netdebt | 5,591,049 | 407,578 | 5,998.627 |
| Statement 4 5 6 7 I I 10 11 12 |
ofGomprehensive lncomerelated notes Particulars ofturnover,operating costs andoperatingsurplus lncome andexpenditure fromsocial housing lettings Turnoverfrom non-socialhousing lettings Unitsofhousingstock Operating surplus Employees Directors' andsenior executives'remuneration lnterestreceivable andsimilarincome lnterestpayable and financing costs |
|---|---|
| Statement 13 14 15 16 17 18 19 20 21 22 23 24 25 |
ofFinancialPositionrelatednotes Tangible fixed assets-housingproperties Other tangiblefixedassets Debtors Creditors: amountsfallingdue within oneyear Creditors: amountsfallingdueaftermorethanoneyear Deferredcapitalgrants Loans and borrowings Provisionforliabilities and charges-Prioryear adjustment Pensions Operatingleases Capitalcommitments Related partydisclosures Prior YearAdjustment |
|---|---|
sts ofreplacementorrestoration oftheseco usefuleconomiclife as follows: |
mponentsarecapitalisedandde |
|
|---|---|---|
| Descri on |
Economic useful life(years | ) |
| Structure | 50 | |
| Roof coverings | 45 | |
| Walls, floors, ceilings | 40 | |
| Mechanical systems | 35 | |
| Boilers andcentralheating | 30 | |
| Lifts | 30 | |
| Electrical installations | 30 | |
| External doors andwindows | 25 | |
| Sprinkler systems | 20 | |
| Kitchens, bathrooms and other fittings | 15 |
lives, using thestraight-linemethod. The es |
timateduseful lives range |
|---|---|
| Description | Economic usefullife |
| Leasehold land and buildings | Lease term |
| Plant, machinery and vehicles | 4 |
| Fixtures, fittings, tools and equipment | 5-10 |
| Computers | 4 |
| 4 Particulars of turnover, operating costsandoperatingsurplus |
4 Particulars of turnover, operating costsandoperatingsurplus |
||
|---|---|---|---|
| Turnover | Operating | Operating | |
| costs | Surplus | ||
| 2026 | 2026 | 2026 | |
| Ê | Ê | â | |
| Social housing lettings(Note5) | 10,979,910 | 10,384,849 | 595,061 |
| OtherSocialHousingActivities | |||
| Charges for support services | 76,533 | 142,185 | (65,652) |
| Supportingpeople | 3,015,731 | 3,015,731 | |
| 14,072,174 | 13,542,765 | 529,409 | |
| Activitiesother than Social Housing Activities | |||
| Lettings GrantsandDonations |
101,708 193,310 |
74,543 237,498 |
27,165 (44,1881 |
| 295,018 | 312,041 | (17,0231 | |
| Operating Surplus | 14,367,192 | 13,854,805 | s', |
| Turnover | Operating | Operating | |
| (Restated) | costs | Surplus | |
| (Restated | |||
| 2025t | 2025 € |
2025 Ê |
|
| Socialhousing lettings (Note5) | 10,810,035 | 9,426,730 | 1,383,305 |
| Other Social Housing Activities | |||
| Charges for support services | 65,265 | 194,875 | (129,610) |
| Supportingpeople | 2,495,576 | 2,495,576 | |
| 13,370,876 | 12,117,181 | 1,253,695 | |
| Activities otherthanSocial Housing Activities | |||
| Lettings Other |
94,659 50,454 |
59,176 315,211 |
35,483 (264,757) |
| 145,113 | 374,837 | (229,274) | |
| Operating Surplus Restated | 13,515,989 | 12,491,568 | 1,024,421 |
| Supported | Supported | |
|---|---|---|
| housing | housing | |
| 2026 | 2025 | |
| (Restated)î | ||
| lncome | ||
| Rents net of identifiable service charges | 3,030,362 | 3,591,125 |
| Service charge income | 7,412,868 | 6,748,252 |
| Amortisedgovernmentgrants | 401,190 | 401,190 |
| Other income | 13q,490 | 99,468 |
| Turnover from social housing lettings | 10,979,910 | 10,810,035 |
| Expenditure | ||
| Management | 1,499,466 | 1,508,005 |
| Service charge costs | 5,285,051 | 4,870,709 |
| Routine maintenance | 953,895 | 525,485 |
| Major repairs expenditure | 1,043,915 | 760,689 |
| Bad debts | 147,429 | 233,742 |
| Depreciation ofhousingproperties | ||
| - annual charge | 875,519 | 870,822 |
| Legal and consultancyfees | 270,980 | 467,307 |
| Other costs | 308,594 | 187,971 |
| Operating expenditureonsocial housing lettings | 10,384,849 | 9,426,730 |
| Operatingsurplusonsocial housing lettings | !-9-5,9q11rqqq3o5. | |
| Void losses | 1,007,939 | 663,014 |
| 2026 | 2025 |
|---|---|
| I | I |
| 101,708 | 94,659 |
| 7 Unitsofhousingstock |
||
|---|---|---|
| 2026 | 2025 | |
| Number | Number | |
| SupportedHousing | ||
| - OwnedUnits |
434 | 434 |
| SupportedAccommodationmanaged for others | 115 | 106 |
| Total ownedand managedaccommodation | 549 | 540 |
| SupportedAccommodationmanaged forothers at1April 2025 | 106 | 106 |
| Additionalmanaged units added | I | |
| SupportedAccommodationmanaged for others at 31 March | fi5 | 106 |
| I Operatingsurplus |
||
|---|---|---|
| 2026I | 2025f | |
| Thisisarrived at after charging | ||
| Depreciation of housing properties | 873,495 | 870,822 |
| Depreciation of other tangiblefixedassets | 102,428 | 64,297 |
| Operating lease charges-land & building | 79,382 | 106,904 |
| Audito/sremuneration: | ||
| -feespayable to theorganisation'sauditor fortheauditofthe | ||
| annual accounts | 51,450 | 43,500 |
| Defined contribution pension cost | 150,812 | 166,127 |
| 9 Employees |
||
|---|---|---|
| 2026 f |
2025t | |
| Staff costs (including Leadership Team) consistof: | ||
| Wages and salaries | 5,524,274 | 5,422,301 |
| Social security costs | 649,435 | 478,985 |
| Cost of deflned contribution scheme | 150,812 | 166j27 |
| Redundancy costs | 4,541 | |
| Totalstaff costs | 6,324,521 | 6,071,954 |
| heaverage number ofemployees(includingtheLeadership | Team)during theyear,basedonheadcount,wasa | sfollows: |
|---|---|---|
| 2026 | 2025 | |
| Number | Number | |
| Administration | 20 | 18 |
| HousingandSupport | 190 | 169 |
| Charitable projects | 2 | 4 |
| 212 | 191 |
| elnterimChiefExecutiveand lnterimDirector of Operationswereengaged | through agency contracts. | |
|---|---|---|
| 2026 | 2025 | |
| fâ | ||
| Leadership Team emoluments | 180,987 | 432,257 |
| Agencycostsrelatingto interimposts | 305,031 | |
| Contributionstomoney purchasepensionschemes | 12,004 | 29,851 |
| 498,022 | 462,108 |
| 2026 | 2025 | |
|---|---|---|
| Number | Number | |
| f60,000,-,Ê69,999 | 1 | 1 |
| f70,000-Ê79,999 | 1 | |
| f80,000-f89,999 | 1 | |
| Ê90,000 -f99,999 | 2 | |
| Ê170,000,-,t179,999 | 1 |
| 1'llnterestreceivable and s¡m¡lar income | ||
|---|---|---|
| 2026 | 2025 | |
| I | € | |
| Bank lnterestreceivable | 225,038 | 281,941 |
| 12lnterestpayable andfinancingcosts | ||
| 2026 | 2025 | |
| I | t | |
| lnterestpayable on bank loansandoverdrafts | 174,649 | 231,408 |
| Bank charges | 4,397 | 4,331 |
| 179,046 | 235,739 |
| 13Tangiblefixed assets-housingproperties | Freehold Land | Long Leasehold | TotalLand & |
|---|---|---|---|
| &BuildingsI | Land& Buildings Ê |
BuildingsI | |
| Cost or valuation: | |||
| At1April2025 | 35,907,439 | 1,107,651 | 37,015,090 |
| Additions | 1,253,850 | 1,253,850 | |
| Disposals | |||
| At31March2026 | 37,161,289 | 1,107,651 | 38,268,940 |
| Depreciation: | |||
| At1April2025 | 12,436,956 | 538,561 | 12,975,517 |
| Charge for theyear | 857,346 | 16,149 | 873,495 |
| Disposals | |||
| At31March2026 | 13,294,302 | 554,710 | 13,849,012 |
| Net bookvalueat31March2026 | 23,866,987 | 552,941 | 24,419,928 |
| Net book value at 31 March 2025 | 23,470,483 | 569,090 | 24.039.573 |
| 2026 | 2025 | ||
| s | Ê | ||
| Workstoproperties | |||
| Improvementstoexisting propertiescapitalised | 1,253,850 | 129,084 | |
| Major repairs expenditure chargedtoStatement of Comprehensivelncome | 1,043,915 | 760,689 | |
| 2,297,765 | 889,773 | ||
| Capital grant-Housing Properties | 20,0s9,485 | 20,059,486 |
| 14Othertangible fixed assets | ||||
|---|---|---|---|---|
| Non-Housing | Fixtures, | Total other | ||
| Freehold | fittings, | Fixed assets | ||
| Land and | equipment | |||
| Buildings € |
andvehicles € |
I | ||
| Costorvaluation | ||||
| At1April2025 | 2,816,780 | 1,461,848 | 4,279,628 | |
| Additions | 20,848 | 20,848 | ||
| Disposals | ||||
| At31 March2026 | 2,816,780 | 1,482,696 |
4,299,476 | |
| Depreciation | ||||
| At1April2025 | 738,847 | 1,317,479 | 2,056,326 | |
| Charge foryear | 62,976 | 39,452 | 102,428 | |
| Disposals | ||||
| At31 March2026 | 801,822 | 1,356,931 |
2,' | |
| Netbookvalue | ||||
| At31 March2026 | 2,014,958 | 125,765 | 2,140,723 | |
| At 31March 2025 | 2,077,933 | 144,369 | 2,222302 | |
| l5Debtors | ||||
| 2026 | 2025 | |||
| f | Ê | |||
| Receivablewithinoneyear | ||||
| Rent and service charge arrears | I ,030,710 | 917,069 | ||
| Less:Provision for doubtful debts | (614,603) | (554,503) | ||
| 416,107 | 362,566 | |||
| Tradedebtors | 449,189 | 282,277 | ||
| Otherdebtors | 6,493 | 10,426 | ||
| Prepayments andaccruedincome | 89,474 | 131,635 | ||
| 961,263 | 786,904 |
| l6Creditors: amountsfallingduewithinoneyear | ||
|---|---|---|
| 2026 | 2025 | |
| Ê | Ê | |
| Loansand borrowings(Note19) | 2,499,632 | 586,882 |
| Tradecreditors | 1,249,475 | 458,438 |
| Taxationand social security | 139,150 | 104,389 |
| Othercreditors | 123,653 | 159,312 |
| Deferredcapitalgrant (Note18) | 401,190 | 401,190 |
| Accrualsand deferred income | 1,264,234 | 1,408,060 |
| 5,666,334 | 3.118.271 |
| 17Greditors: amountsfallingdueaftermorethanoneyear | ||
|---|---|---|
| 2026 f |
2025t | |
| Loansandborrowings (Note19) | 212,365 | 2,704,344 |
| Deferred capitalgrant(Note18) | 13,037,827 | 13,439,015 |
| 13,250,',192 | 16,143,359 | |
| 18Deferredcapital grants | ||
| 2026 | 2025 | |
| f | I | |
| At1April | 13,840,207 | 14,241,397 |
| Grantsreceived during theyear | ||
| Releasedtoincome during theyear | (401,190) | (401,190) |
| At31 March | 13,439,017 | 13,840,207 |
| Totalvalue of grants received | 20,059,486 | 20,059,486 |
| 19Loans andborrowings | ||
| Maturity of debt: | ||
| 2026I | 2025f | |
| ln one yearorless,oron demand | 2,488,632 | 586,882 |
| lnmore than one year but not more than twoyears | 176,036 | 617,888 |
| lnmore than two years but not more than fiveyears | 36,329 | 1,391,489 |
| lnmore than fiveyears | 694,967 | |
| 2,700,9973,291,226 |
| saresultof areview offormularents,anhistoricliability has arisenduetoso llowed undertheRent Standard.Aprovisionhasthereforebeen made for the a osses and baddebts.Further details areprovidedinNote 25onthisprior perio |
me rents being chargedabovethe mount repayable. Thiswillbe redu d adjustment. |
maximum cedbyvoid |
|---|---|---|
| 2026 | 2025 | |
| f | (Restated) | |
| Ê | ||
| Provisionforrepayable amount-chargedtoincomeand expenditure |
77,210 | 79,420 |
| Balance sheetprovision | 423,744 | 346,534 |
| he organisationhad minimumlease payments under non-cancellabl AmountspayableasLessee |
eoperatingleases as set out below: | |
|---|---|---|
| 2026f | 2025t | |
| Landandbuildings Notlaterthan1year |
73,290 | 66,804 |
| Withinl-2years Within2-Syears |
8,600 | 8,600 |
| 8r,890 | 75.404 |
| Commitments contracted butnot providedfor | ||
|---|---|---|
| 2026 | 2025 | |
| Ê | Ê | |
| Fire remedialwork | 1,685,209 | 2,254,087 |
| lmpactontheStatement ofComprehensivelncome | |||
|---|---|---|---|
| 2025I | |||
| Revenue-aspreviouslyreported | 13,450,296 | ||
| Reductionin rental income | (79,42O) | ||
| Revenue-asrestated | 13,370,876 | ||
| lmpactontheStatement ofComprehensivelncome | |||
| 2024f | 2025 Ê |
Total Ê |
|
| Revenueoverstatement | (267,114) | (79,420) | (346,534) |
| lncrease inprovision | 267,114 | 79,420 | 346,534 |
| lmpacton retained earnings | (267,114) | (7e,420) | (346,534) |