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|ur strategic objectivesandke|yprioritiesare summarised below.||
|---|---|---|
|Strateqic Obiective<br>lnspire our team|2025126kevpriorities<br>Colleague wellbeing|Measure<br>KPI<br>dayslosttosickness<br>absence|
|Create positive change|Supportourresidentstoidentify|KPI-<br>o/oofresidentswithstaying|
||andmeetpersonal qoals|safeplans|
|Reach morepeople|Seekadditionalfundingto ensure<br>services continue uninterrupted|Fundsraised<br>increased costs<br>comparedto|
|Sustain our future|Managevoidlosses and arrears|KPls-%lost from voidsand<br>arrears|



|<br>perates onalower cost base and higher m|<br>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(%)<br>Additionalfundsraised(Ê'000)|97.9%<br>f98k|99.5%<br>î20k|99.3o/o<br>c120k|100o/o<br>Ê40k|N/A<br>N/A|100%<br>[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%|



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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<br>activities<br>activities<br>€€|||housing<br>activitiesf|31March<br>2026<br>Ê|2025<br>RestatedI|
|lncome||||||||
|GrantsandDonations|4|||17,772|<br>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<br>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<br>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)||<br>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<br>Amortised government grants|14<br>5|102,428<br>(4ol,190)|64,297<br>(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<br>4<br>5<br>6<br>7<br>I<br>I<br>10<br>11<br>12|ofGomprehensive lncomerelated notes<br>Particulars ofturnover,operating costs andoperatingsurplus<br>lncome andexpenditure fromsocial housing lettings<br>Turnoverfrom non-socialhousing lettings<br>Unitsofhousingstock<br>Operating surplus<br>Employees<br>Directors' andsenior executives'remuneration<br>lnterestreceivable andsimilarincome<br>lnterestpayable and financing costs|
|---|---|



|Statement<br>13<br>14<br>15<br>16<br>17<br>18<br>19<br>20<br>21<br>22<br>23<br>24<br>25|ofFinancialPositionrelatednotes<br>Tangible fixed assets-housingproperties<br>Other tangiblefixedassets<br>Debtors<br>Creditors: amountsfallingdue within oneyear<br>Creditors: amountsfallingdueaftermorethanoneyear<br>Deferredcapitalgrants<br>Loans and borrowings<br>Provisionforliabilities and charges-Prioryear adjustment<br>Pensions<br>Operatingleases<br>Capitalcommitments<br>Related partydisclosures<br>Prior YearAdjustment|
|---|---|





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## 

## 

|<br>sts ofreplacementorrestoration oftheseco<br>usefuleconomiclife as follows:|<br>mponentsarecapitalisedandde||
|---|---|---|
|Descri<br>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||



## 

## 

|<br>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|



## 



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## 

## 



|4<br>Particulars of turnover, operating costsandoperatingsurplus|4<br>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<br>GrantsandDonations|101,708<br>193,310|74,543<br>237,498|27,165<br>(44,1881|
||295,018|312,041|(17,0231|
|Operating Surplus|14,367,192|13,854,805|s',|'2,387|
||Turnover|Operating|Operating|
||(Restated)|costs|Surplus|
||||(Restated|
||2025t|2025<br>€|2025<br>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<br>Other|94,659<br>50,454|59,176<br>315,211|35,483<br>(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<br>Unitsofhousingstock|||
|---|---|---|
||2026|2025|
||Number|Number|
|SupportedHousing|||
|-<br>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<br>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<br>Employees|||
|---|---|---|
||2026<br>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<br>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<br>€|andvehicles<br>€||I|
|Costorvaluation|||||
|At1April2025|2,816,780|1,461,848||4,279,628|
|Additions||20,848||20,848|
|Disposals|||||
|At31 March2026|2,816,780|<br>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|<br>1,356,931||2,'|'58,751|
|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||<br>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<br>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<br>llowed undertheRent Standard.Aprovisionhasthereforebeen made for the a<br>osses and baddebts.Further details areprovidedinNote 25onthisprior perio|me rents being chargedabovethe<br>mount repayable. Thiswillbe redu<br>d adjustment.|maximum<br>cedbyvoid|
|---|---|---|
||2026|2025|
||f|(Restated)|
|||Ê|
|Provisionforrepayable amount-chargedtoincomeand<br>expenditure|77,210|<br>79,420|
|Balance sheetprovision|423,744|346,534|





## 

## 

## 

## 

## 

|he organisationhad minimumlease payments under non-cancellabl<br>AmountspayableasLessee|eoperatingleases as set out below:||
|---|---|---|
||2026f|2025t|
|Landandbuildings<br>Notlaterthan1year|73,290|66,804|
|Withinl-2years<br>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<br>Ê|Total<br>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)|