North Belfast Housing Association Limited
Annual report and Financial statements for the year ended 31 March 2023
Report of the Board of Management for the Year Ended 31 March 2023
The Board of Management present their report and the audited financial statements for the year
ended 31 March 2023 of North Belfast Housing Association Limited (the "Association"). This report is
also known as the Trustees, report for Charity law purposes.
Status
The Association is an Industrial and Provident Society and is registered with the Department for
Communities {"DfC") providing housing accommodation for those in need. It has charitable status with
HM Revenue and the Association was registered as a charity on the 18 March 2014 with the Charity
Commission for Northern Ireland, registration No. NIC 100038.
Principal Activities
The Association provides general needs accommodation, purpose-built accommodation for the elderly
and supporting housing solutions for those in need, including those with addictions, family issues and
young homeless people.
. The objects of the association are to carry on for the benefit of the community:The business of
providing housing, accommodation, assistan￿ to help house people and associated facilitates and
amenities for the prevention or relief of poverty or those in need by reason of youth, age, ill health,
disability, financial hardship or other disadvantage,. and
Any other charitable object that can be carried out by an industrial and provident society registered
as a housing association by Dfc.
As a registered Charity, The Association is legally required to comply with the reporting requirements
set out in the Charities Act and to prepare accounts in accordance with legal guidance set out in law.
The Association is regulated by the Dfc and supports the Seven Principles of Public Life.
Strategic Imperatives
Our vision and mission detailed in our Strategic Plan 2022-2025 are outlined as follows..
Vision Statement
Everyone has an affordable, sustainable home in a supportive community that enables them to lead
their best lives.
Mission Statement
To provide a pla￿ to call home and an outstanding Servi￿ to those in need.
A home where people..
feel they belong-
feel safe.,
feel financially secure.,
. feel supported" and
. feel part of the fabric of the community.
Supporting our Vision and Mission we have established a set of Values to Influen￿ and infom how
we work together and provide a high quality service as a landlord. Our values are..
Integrity Building relationships of trust by being respectful, caring and honest with others,.
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North Belfast Housing Association Limited
Annual report and Financial statements for the year ended 31 March 2023
Report of the Board of Management for the Year Ended 31 March 2023
Empowerment- Listening to other people. maximising their ability to find solutions and make
decisions that help them live their best lives-
Excellence - Everyone is entitled to expect ServI￿S of the highest quality that are responsive to
their needs-
Collaboration - Working together with others in a supportive way to achieve the best outcome.,
Fairness - Everyone is of equal worth and entitled to be treated fairly and included. Diversity is
something to be recognised and celebrated., and
Sustainability - Being concerned with the environment and with the future of those we serve.
Board of Management
The Association is governed by a 13 member voluntary Board of Management. The board set the
strategic objectives for the association and receive regular reports on the association's progress and
perforrnan￿. The Board of Management are the directors of the company and are the trustees of the
charity-
The Board of Management, who served the Association during the year, and up to the date of signing
the financial statements, were..
Mrs Ursula Mayers (Chair)
Mr Tom Mervyn (VI￿ Chair}
Mr Brian Reid {Secretary)
Ms Jane Shaw (Treasurer)
Ms Janine Fullerton (Resigned 1610212023)
Mr William Chambré (Resigned 1610212023)
Mr John Simpson (Resigned 1610212023)
Mr Bob Hopkin
Mr Andrew McFadine
Mrs Brenda Morgan
Mrs Nicola Barber (Appointed 2310512023)
Ms Victoria Dunn (Appointed 2310512023)
Ms Dervla Kearney (Appointed 2310512023)
Mr Paul Henry (Appointed 2310512023)
Mr Patrick O'Hanlon {Appointed 2310512023)
Mr Stephen Garvin (Appointed 410712023)
The members of the Board of Management hold a fully paid share of £1 each in the Association and
no financial benefit is derived from such membership. Executive officers of the Association hold no
interest in the Association's share capital and although not holding legal status of directors they act as
executives within the authority delegated by the Committee.
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North Belfast Housing Association Limited
Annual report and Financial statements for the year ended 31 March 2023
Report of the Board of Management for the Year Ended 31 March 2023
Perfonnance for the year ended 31 March 2023
During the year the number of homes in ownership increased to 1,108 from 1,091 at the end of the
prior year representing a 1.50/0 increase in stock size for the Association. Turnover increased by 2.7 %
from £7,557,643 in 2021122 to £7,763,903 in 2022123. This increase is as a result of new homes
added to the Association's stock during the year. An average annual inflationary rent increase of 3 %
on much of our existing stock also helped to boost tumover.
During the past year the association fa￿d a number of significant challenges in the delivery of
Maintenan￿ projects. This resulted in a number of planned schemes being delayed. The association
made progress in the latter part of the year by completing a number of procurements that will spread
repair and investment workfiows across a number of capable contractors.
£1,933,151 of purchase orders were issued close to the year end in relation to maintenance projects.
Costs relating to these purchase orders have not been included in these financial statements. The
Board of Management do not believe a constructive obligats'on have been created for these purchase
orders as at 31 March 2023.
Expenditure on component replacements last year was £381,258 and a further £40,000 was
expended on adaptations. Operating costs of £5,219,674 represent 69°/o of turnover (2022.. 68 % ). The
Association generated an operating surplus for the year of £2,011,243.
The Board has a set number of key perf0mlan￿ indicators monitoring the operations of the
Association on regular basis.
Performance Indicator
Actual 22123
Target 22123
>85%
Emergency repairs carried out within 24 hours
Urgent repairs carried out within 4 days
Routine repairs carried out within 28 days
Operating margin
Net margin
Gearing ratio
Interest cover ratio
>80%
78°
>80%
34%
40°
28%
8.96
13.58
7.15
Net debt per unit
Voids as a % of Stock
£5,351
1.010
£5,367
1.61 %
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North Belfast Housing Association Limited
Annual report and Financial statements for the year ended 31 March 2023
Report of the Board of Management for the Year Ended 31 March 2023
Tenant Views
All tenants were issued with the annual tenant satisfaction Su￿eY in March 2023. A total of 98 returns
were received representing a return rate of 9 %. NB Housing's latest annual tenant satisfaction survey
results showed percentage of tenants satisfied=
1. NB Housing Overall servi￿ - 70°k"
2. Rent represents good value - 740
3. Accommodation - 76 %,
4. Area ILocation 76 %, and
5. Services represent value - 700A.
The results showed a small positive increase across 3 areas and a fall in 2. The association is
committed to listening to this feedback and has developed an action plan with the aim of making
improvements across a range of service.
Staff Development
NB Housing was accredited Investors in People status in 2015116 and continues to focus on leading
staff to achieve their potential and contribution to the success of the Association. This effort was
further acknowledged by re￿Iving the Investors in People Gold Award in 2019.
The association has developed an IIP working group to review and develop workstreams to make
employment with NB Housing both rewarding and attractive.
Remote working was forced upon the association with the pandemic but the association has seen that
remote working did bring benefits and a new Agile Working arrangement has been formulised and
available to staff whose duties can be shared between home and the workplace.
Staff absen￿ had redU￿d during the year from 8.910￿ in 2022 to 5.760/0 in 2023. Recruitment
difficulties remained during the year causing delays in replacing and filling some posts. The
association also employed our first apprentice during the year.
The Association continues to invest in staff development and training with an investment of 840
training hours with 271 attendan￿S at a cost of £12,080.
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North Belfast Housing Association Limited
Annual report and Financial statements for the year ended 31 March 2023
Report of the Board of Management for the Year Ended 31 March 2023
Value for Money
NB Housing is committed to providing ServI￿S and managing its assets in ways that achieve Value
for Money (Vfm). Value for Money is:
"Making the most efficient use of our assets and resources to deliver high quality and innovative
seThices that successfully meet customer needs and expectations at lowest possible cost"
For NB Housing, Value for Money is about becoming a modern and efficient business, improving our
service quality and providing social housing for those in need.
NB Housing take a comprehensive approach to self-assessment and use performance inft)rmation to
drive business decisions, and develop our improvement plans. The information also highlights trends
in expenditure and focuses our team's approach to Vfm.
This report includes a self-assessment demonstrating the association is achieving value for money in
meeting business aims. The association completes standard benchmarking with Housemark, who
collate performance data across UK social landlords. This information enables the association to
compare performance and share knowledge where best value is achieved.
The information provided in this report is taken from a number of sources, financial information is
taken from our Annual Audited Accounts, while other information has been collated from internal Key
Performance Indicator reports and Tenant Feedback.
In order to deliver value for money the association analyses a number of business processes,
ensuring budget decisions are made that support business plan objectives, ensuring effective
procurement is undertaken to source seNices.
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North Belfast Housing Association Limited
Annual report and Financial statements for the year ended 31 March 2023
Report of the Board of Management for the Year Ended 31 March 2023
Expected perfomiance in the year ending 31 March 2024
The Association plans to enhance investment on repairs and Maintenan￿ as a result of the
challenges experienced during the reporting year and post pandemic. Overall budget for repairs and
maintenance including revenue and capital programmes is estimated to be in the region of £3m. The
works will include response repairs. compliance checks. cyclical Maintenan￿ and well as major
improvements.
The association also wishes to continue to build to our stock and will develop a minimum of 50 units.
Corporate Governance
In the opinion of the Board, the Association is in compliance with the Best Practi￿ issued by the
National Housing Federation Code of G0Veman￿ and with the Dfc Regulatory Standards.
Corporate Strategy
The strategic plan 2022 - 2025 is divided into seven business aims=
Aims
Customer Engagement and Wellbeing
Aim.. To promote the wellbeing and participation of customers in decisions that affect them.
Customer Service
Aim.. To ensure that customers re￿1ve the highest possible level of service to meet their needs.
Building for the Future
Aim.. To develop new housing for those in need and maintain the high quality of our existing stock.
Communication
Aim.. To effectively promote the organisation and communicate with all stakeholders.
Finance
Aim.. Ensure NB Housing has the financial resoUr￿S it needs to achieve its aims and priorities and
these are effectively and efficiently managed.
Our People
Aim.. Ensure NB Housing has the staff it needs to achieve its aims and priorities and they are
effectively managed and supported to leam and develop.
Premises, physical and digital resources
Aim.. Ensure NB Housing has the premises and other physical reSoUr￿S it needs to achieve its aims
and priorities and these are effects'vely and efficiently managed.
Governance
Aim.. Ensure that the governan￿ of NB Housing complies with the requirements of the law, relevant
regulators, and best practice.
Annual Business Plan 2022 - 2023
Our annual business plan is designed to support the delivery of our strategic aims. The business plan
contained a total of 83 objectives of which we achieved 73, partially achieved 3 and did not achieve 7.
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North Belfast Housing Association Limited
Annual report and Financial statements for the year ended 31 March 2023
Report of the Board of Management for the Year Ended 31 March 2023
Going Concern
After making enquiries, the Board of Management have a reasonable expectation that the Association
has adequate resources to continue in operational existen￿ for the foreseeable future. For this
reason they continue to adopt the going concern basis in preparing the financial statements.
Treasury Management Policy
The Association's aim is to maintain loan balan￿S at a level to support development while keeping
loan interest charges to a minimum. This is achieved without comprising the Association's ability to
meet its financial obligations at they fall due.
Risk Management
Responsibility for the identification of risk is cleady defined and operates through a rolling risk
assessment process. A register of strategic risks is maintained and reviewed each quarter by the
Board. The risk register includes potential risks from the list below-.
Economic & Supply impact.,
. Windsor Framework and non-functioning executive;
Inflation and cost pressures.,
Supplier cost pressures, inflation. energy, rna1ntenan￿ and development costs.,
Loss of Board members"
. Tenant Engagement.,
Potential pressure on association's ability to raise revenue, financial performance and fraud,.
Cyber security and crime"
Development challenges to growth"
Poor service delivery.,
Net Zero target,. and
Staff welfare.
Measures are in place to control these risks and the implementation of further mitigating actions is
regulady monitored by the Board.
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North Belfast Housing Association Limited
Annual report and Financial statements for the year ended 31 March 2023
Report of the Board of Management for the Year Ended 31 March 2023
Financial Risk Management
The Association's operations expose it to a variety of financial risks that include the effects of changes
in credit risk, price risk and interest rate risk. The Association has in pla￿ a risk management
program that seeks to limit the adverse effects on the financial performance of the Association by
regular review of activity levels against changing market conditions and adjustment to cashflow
projections accordingly. The Association liaises with lenders on an ongoing basis to keep up to date
with other products in the marketplace.
Interest rate risk
Exposure to fluctuating interest rates is managed by the composition of a balan￿d portft)lio between
fixed rate and variable rate loans.
Liquidity risk
The Association maintains a mixture of long-term and short-term loan finance that is designed to
ensure there is sufficient fijnds to achieve business objectives and to facilitate planned growth. A
managed cashflow predicts need and also ensures that the Association operates within it banking
covenant Commitments.
The Association has a rolling private finan￿ facility available to fund ongoing developing plans over
the next number of years. Working Capital and cashflow management is strictly controlled with
moneys drawn from the existing facility as required.
Regulation
The Association's principal regulator is the Dfc. Their regulatory judgement for the year 2021122 gave
the Association the highest rating of Level 1 assessing the 3 standards.. Governance, Finance and
Consumer. The Association is subject to regulation by the Charity Commission for Northern Ireland as
it is a registered charity and the Northem Ireland Housing Executive (NIHE) in its role in administration
of Supporting People funding.
Environmental matters
The Association recognises its corporate responsibility to carry out its operations and development
program whilst minimising environmental impacts. The Board's continued aim is to comply with all
applicable environmental legislation, prevent pollution and redu￿ waste wherever possible.
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North Belfast Housing Association Limited
Annual report and Financial statements for the year ended 31 March 2023
Report of the Board of Management for the Year Ended 31 March 2023
Internal Financial Control
The Board of Management meets regularly throughout the year with specific responsibilities for
housing management, development and propety management, finance, audit, risk and human
resources.
The Board of Management have delegated authority to the following subcommittee"
Housing.,
Development and Propety Management.,
. Audit, Risk & Human ResOur￿s. and
Finance.
Each subcommittee operates within defined Terms of Referen￿. Subcommittee meetings are held
quarterly and receive perf0rrnan￿ reports and take necessary decisions within the delegated
authority of the main Board of Management.
Finance Committee
The Finance Committee monitors financial reporting and accounting policies, along with the adequacy
of the Association's internal finance control. Operationally, budgets are developed prior to financial
year end are monitored by the Finance Committee quarterty. These are measured against actual
performance with the budget review prO￿sS to account for any material fluctuations from plan.
Short and medium term cashflows are completed to ensure the Association has sufficiency in working
capital to carry forward its operational and development commitments. Forecasting is used to project
long term to assess the impact of future stock investment strategy.
The Board of Management is also responsible for the Association's systems of internal financial
control and along with senior management is responsible for establishing and operating detailed
control and reporting procedures. The system of intemal financial control can provide only reasonable
but not absolute, assurance against misstatement and loss.
The Committee has reviewed the effectiveness of the Association's system of internal financial control
for the year and the reviews are ongoing. This included a detailed review of the business risks facing
the Association and of the existing intemal financial control procedures.
The key elements of the control system in operation are..
The Committee maintains responsibility for overall strategy, approval of all propety transactions
and other major capital expenditure projects.
There is an organisation structure with clearfy defined lines of responsibility and delegation of
authority.
Detailed budgets are prepared covering the Association's businesses which are reviewed and
approved by the Committee. Actual results are compared against budget and appropriate action
identified and initiated.
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North Belfast Housing Association Limited
Annual report and Financial statements for the year ended 31 March 2023
Report of the Board of Management for the Year Ended 31 March 2023
The Audit, Risk & Human Resour￿ Committee review matters relating to intemal control and
receives reports from the Dfc monitoring visits. intemal auditors and from senior management on
a regular basis to enable it to make an assessment of the effectiveness of the Association's
internal control system.
Statement of the Board's responsibilities in respect of the financial statements
The Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and Registered
Housing Association legislation require the members of the Board of Management to prepare the
financial statements for each financial year which give a true and fair view of the state of the
Association's affairs and of its surplus or deficit for that period. In preparing these statements the
Board is required to=
select suitable accounting policies and apply them consistently-
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements., and
prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume
that the Association will continue to operate.
The members of the Board of Management are responsible for keeping proper accounting records
which disclose with reasonable accuracy at any time the financial position of the Association and to
enable them to ensure that the financial statements comply with the Co-operative and Community
Benefit Societies Act (Northern Ireland) 1969 and the Registered Housing Associations {Accounting
Requirements) Order (Northern Ireland) 1963. They have general responsibility for the taking of
reasonable steps to safeguard the assets of the Association and to prevent and detect fraud and other
irregularities.
Events after the Balance Sheet date
The Association has no post balan￿ sheet date events to disclose.
Charitable donations
Donations totalling £1,200 (2022: £5,814) were made by the Association during the year. No
donations for political purposes were made during the year (2022= £nil).
Financial sustainability
The Association has a robust framework of longer tenn financial planning in place. The Board
regulady considers the longer tenn financial plan which covers a 30 year period.
Statement of disclosure of information to auditors
So far as each of the members of the Board of Management at the date of approval of these financial
statements is aware"
there is no relevant audit information of which the Association's auditors are unaware, and
that each Board member has taken all the steps that ought to have have been taken as a Board
member in order to be aware of any relevant audit information and to establish that the
Association's auditors are aware of that information.
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North Belfast Housing Association Limited
Annual report and Financial statements for the year ended 31 March 2023
Report of the Board of Management for the Year Ended 31 March 2023
Independent Auditors
The auditors, RBCA Limited, have indicated their willingness to continue in office, and a resolution
proposing their reappointment will be proposed at the Annual General Meeting.
Approved and authorised by the Board on 28 September 2023 and signed on its behalf by..
Mrs Ursula Mayers
Director
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