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2024-03-31-annual-report

Together Annual 2023 we enrich 2024 lives Report

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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024

Contents

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2. 5.
Enriching lives Enriching lives
through great through great
homes people
Page 12 Page 20
3. 6.
Enriching lives Enriching lives
through great through great
communities governance
Page 14 Page 22
1. 4.
Foreword Enriching lives
through great
Page 4 service
Our commitment to
Page 18
tenants extends far
beyond the bricks
and mortar.
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Choice Annual Report 2023 | 2024

from Group Chairperson and Group Chief Executive

Foreword

We have a ‘zero tolerance’ approach to any risks associated with the safety and well-being of our tenants and staff. So our operational performance in relation to the management of a range of health risks encompassing heating systems, fire, legionella, electrical and asbestos has been and remains at a high level. We understand tenant concerns around damp, mould and condensation and have revised our assessment and remediation procedures.

Welcome to the Choice Group Annual Report for the year ended 31st March 2024.

This report marks the end of the last Strategic Planning period from April 2021 and therefore provides an opportunity to look back at our achievements across the Choice Group and to look forward to the aspirations of our new Strategy to 2027. At the outset, we would like to ‘call out’ the breadth and depth of knowledge, skills and experience of our people. The Choice Group benefits from a hugely talented and dedicated team of staff and trustees who strive to reflect our core values by being caring, committed and creative. Thank you for everything that you do day and daily for our tenants, our partners and for each other.

We also recognise the challenge that many tenants experience with anti-social behaviour (ASB). At the very least, ASB represents a source of frustration and inconvenience but in some instances can develop if unchecked into a desire to move from your current home. Sustaining tenancies is a priority for everyone at Choice so we are pleased that over 480 ASB cases were successfully resolved by colleagues over the last 3 years. The level of antisocial behaviour remains low relative to the number of tenants.

The Strategic Plan ended 31st March 2024 had four priorities encompassing ‘Great’ homes, services, communities and delivery, and in very large part our underpinning objectives have been realised. Over the course of the last 3 years we have started 1,118 and completed 691 new social homes, constituting a significant proportion of the Social Housing Development Programme outputs. We have made close to 3,000 allocations in the same period as we tackle the continuing chronic under-supply of homes across the region. In turn, we have invested over £79 million in the maintenance of our existing homes, covering everything from day-to-day repairs and compliance checks to the replacement of a range of components including kitchens, bathrooms and windows, etc. Our repairs subsidiary Choice Services now serves the majority of our tenants, enabling us to deliver satisfaction ratings of over 90% whilst also ensuring better value for money.

Whilst the last strategic plan was launched in the middle of a global pandemic, it has ended at a time of significant pressure on household budgets and concerns over the reach of our public services and the transition to Universal Credit. Choice Group has endeavoured to mitigate the impact on our tenants and their families by continuing to prioritise the affordability of our rents and by growing our support to tenants both direct and indirect. We have kept rent increases to a minimum and our real rent levels remain below 2016 levels. Over the last 3 years we have provided over £500,000 in direct financial support to tenants, benefitting nearly 10,000 households. Over the same period we have invested in our Financial Inclusion team who have

assisted our tenants to receive an additional £17 million in welfare support, including over £2 million to help set up their home.

Our focus on tenant services and adding real and measurable value to communities the length and breadth of the country is a feature of the new Choice Group Strategy to 2027. So we will continue to prioritise the provision of great homes, encompassing both new build and high quality existing homes, with an increasing focus on decarbonisation and energy efficiency. Our average stock EPC rating is well above the Northern Ireland average. We will support our communities to thrive through ‘hearing the tenant voice’ and by continuing to lead on both shared housing and mixed tenure, with the assistance of our Maple & May subsidiaries. We will continue to empower our people through investment in their skills and in the enabling technology that seeks to simplify the ‘customer journey’.

Partnership working has always been at the very centre of the Choice ‘DNA’, whether that’s within the Group or with like-minded external organisations. Traditionally, our partner relationships have spanned the full range of supported housing interventions. We also work very closely with external agencies in the provision of our sheltered accommodation for older people. However, in recent years we have worked with and through partners to design and deliver new programmes focused on enhancing the educational attainment, employability and skills of our communities and in promoting environmental improvements.

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Choice Annual Report 2023 | 2024
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We will seek to enrich the lives of tenants, their families and the broader community over the next 3 years by demonstrating our charitable objects through initiatives that promote economic resilience and well-being. So our commitment to tenants extends far beyond the bricks and mortar. We continue to grow our portfolio of ‘shared housing’ projects designed to promote integrated communities and in turn we have led the housing sector in the provision of a number of innovative mixed tenure projects. In both of these workstreams, Choice Group has rightly championed the need for greater interdependence and inclusivity in communities across the country. Working closely with our partners across Government and in the private and third sectors, we will continue to mainstream the creation and development of diverse neighbourhoods with equality of opportunity and mutual respect at the core.

It has been another challenging but hugely rewarding year for the Choice Group. Whilst much has been achieved over the last 12 months, there is always lots more to do. Thanks for your interest in our work and for your continuing support in the years ahead.

Joe Higgins, Group Chair Michael McDonnell, Group Chief Executive

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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024 William Wilson, Community Network Chair

Community Network

The Choice Community Network facilitates engagement and consultation with tenants, ensuring their voice is heard across all areas that impact their homes and the communities in which they live and work. In the last twelve months we have seen a further increase in participation from tenants across a range of our engagement platforms – facilitating open and honest discussions and, as a result, shaping decisions made by the Choice group.

A key element of the success of this network over the last year has been the six regional networks and the events/workshops that were delivered. As a result of this success, it was agreed that all networks will be allocated their own budget and autonomy to deliver interventions and initiatives that are tailored to the needs of their specific areas.

William Wilson, Chair of the Community Network, and a Choice tenant: “Engaging with the Choice team, whether it is at senior level or individual housing teams, affords tenants the opportunity to voice both their concerns and ideas – and these are often taken on board.

Regular meetings take place where Area Managers keep tenants up to date on all areas of their scheme and the surrounding area. Important items like rent arrears or service charges for example are discussed. These discussions allow tenants to understand the costs, and why, for example service charges may need to rise but it also ensures we are able to keep Choice accountable – tenants getting what they pay for.”

Feedback from tenants is key in informing how we improve our services and make them fit for purpose and tenant centred.

enriching lives through tenant and community engagement

Jonathan Blakely, Community Development Manager:

“A key focus over the next period will be to further increase participation in these networks, encouraging those from minority and other hard to reach groups for example to get more involved. For this to happen we are constantly looking to improve how we engage with our tenants – it is our job to give them every opportunity to engage, communicate and get involved.

Face to face meetings, tenant forums, focus groups, workshops, and online surveys are proving very effective but the team continue to look for new and innovative ways to engage to further enhance our network offering.

Building capacity through a range of training and development opportunities for tenants continues to be a key commitment for Choice.”

Training opportunities include first aid, IT, good governance etc. and new partnerships with organisations working with younger people on street art and street performance projects.

An example of this capacity building is through the Community Champions, volunteers from local neighbourhoods who are committed to helping make their neighbourhoods great places to live. Community Champions act as a key liaison with Choice staff and assist us to deliver the best possible services for our communities. Choice provides ongoing training and support for Community Champions, supporting them become confident and influential community leaders that are positive voices in their neighbourhoods.

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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024

Choice Group

enriching lives through group strength

Maple and May - our affordable and private rental housing subsidiaries continue to grow albeit taking a slightly different direction this year. Originally established in 2018 to raise standards in the private rented sector and raise new revenues that we could use to support our core social housing tenants, the team have adapted to the changing needs and as a result has moved more towards supporting Choice in delivering its mixed tenure ambitions whilst continuing to raise standards across the board.

Maple and May continue to manage a portfolio of almost 300 private rented homes and has once again, generated a surplus, which is ultimately returned to Choice for the benefit of our core social housing tenants. The team has delivered several mixed social and private developments, working in partnership with parent company Choice.

Kings Hall, Belfast

• Handover expected – Summer 2024.

Mixed tenure is about social and private housing co-existing, with the aim of reducing social segregation and creating inclusive and diverse communities.

Former Park Avenue Hotel Site

Rosses Gate, Derry~Londonderry

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Rosses Gate,
Derry~Londonderry
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• Handover Phase 1 expected – September 2024

St Claire’s, Newry

Choice Services - continues to grow as a maintenance and repairs provider, now maintaining 10,000 homes across Northern Ireland and Ireland. In 2023/24 over 34,000 work orders were delivered by Choice Services across Repairs, Voids, Electrical Inspections and Planned Work.

Customer satisfaction levels remain high at 94.3%.

Of the 28,200 response repairs the volume of priorities are:

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Immediate Emergency Urgent Routine
(4-hour response) (24-hour response) (4-day response) (20-day response)
9.3% 22.9% 28.2% 39.6%
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Comhar FM - Over the past year the Comhar consortium (TINC NV, WSP, Choice Services, Oaklee Housing and Choice Housing) has progressed significantly from initial service commencement in 2020 and has continued to support residents with housing and maintenance services whilst promoting community engagement.

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3,400
Planned and
Response Repair
tasks were
delivered.
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100%
statutory compliance
achieved across
4 housing estates and
2 multi-storey
apartment blocks.
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COMHAR HOUSING
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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024

enriching lives through great performance

Performance

Performance highlights for 2023-24

Great Delivery

Allocations

Total Allocations - 989

Allocations Breakdown

Great Homes

• £70m Loan Secured for Capital Spend on Social Housing Development Programme

• Over £15m capital investment in our existing homes • 343 minor adaptations projects completed • 14 major adaptations projects completed

Great Services

Repairs

• Repairs completed by Choice Services NI - 26,926

• Repairs completed by Choice Services ROI - 4,188

• 94.5% repairs completed versus target

Customer Enquiries

Customer Service

Great Communities

• Spent £975,061 on 9 initiatives generating £8,685,860 of additional social value

• We partnered with 7 organisations to deliver £86,420 of community investment

• £6.98m Financial Support for tenants through Financial Inclusion Team. • The estimate Gross Value Added to the local economy through Choice’s business activity is GVA £71,877,451 sustaining an estimated 1,243 jobs throughout the supply chain.

£71,877,451

Gross Value Added to the local economy, sustaining an estimated 1,243 jobs.

A specialist team has a focus on difficult to let voids, ensuring every effort is made to find tenants for properties which have been vacant for a longer period.

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Rooms
Six £55
bedrooms
Bedsit
£113
£84
One
bedroom
£90
Five Average
bedrooms
£129 Weekly
Rent £
Two
bedrooms
£103
Four
bedrooms Three
£124 bedrooms
£115
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Ballyoan, Derry~Londonderry

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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024

enriching lives through great homes

Homes

It’s been another busy year for the Choice Development team. With a record number of new homes started in the previous two years, the focus in this reporting period has been to complete and hand over several major developments.

We have engaged several new delivery partners with no previous social housing experience which we hope will unlock further supply for social housing across Northern Ireland.

Our Development Strategy is focused on building homes where need is highest in locations where people want to live. Whilst a lower number of homes were started last year, the projects very much reflect that ambition.

Building new homes in Northern Ireland remains beset by challenges, including land shortages, budget cuts, construction cost inflation and the widely publicised capacity issues with Northern Ireland Water. Choice continues to deliver our new build programme despite these challenges, starting 243 new social homes last year.

Some highlights include:

Old Eglish Road, Dungannon

Former Park Avenue Hotel

Completed developments include:

Investing in our existing homes

The Planned Maintenance team has successfully delivered a record Planned Maintenance Programme despite the challenges of inflation in a very turbulent construction environment. Highlights include:

Over £15m Investment in capital 1574 separate investment in properties/ units our stock

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Riverdale
refurbishment
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The Stock Condition Surveying team have exceeded their targets, completing Choice’s first risk-based Stock Condition Survey Programme, undertaking surveys across our highest risk properties. Data from these surveys is electronic and incorporated into PowerBI dashboards which are used to monitor compliance with the Decent Homes Standard and to help make informed future decisions on investment.

This Stock Condition Survey Programme has contributed significantly to our ‘Every Visit Matters’ initiative which focuses on building the capacity of all Choice staff to be able to identify any issues whilst visiting a tenant that can then be addressed.

VHE

The former Victoria Homes (VHE) refurbishment project is now approaching its final phases and is on target for completion by the end of 2024.

Stock condition Additional surveys VHE investment completed for in year of c£5m 2711 properties

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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024

enriching lives through great communities

Communities

Housing for All

Tenants in participating communities benefit from:

Choice is committed to promoting inclusive and diverse communities. Throughout 202324 we continued to deliver on the Together: Building United Communities (T:BUC/Housing For All) shared housing programme. We are committed to participating in future peace funding models supporting shared housing, and are key partners in a new Peace Plus partnership working through a peace building bid for the housing sector. Ballymaglave Court, Ballynahinch and Manse Court, Saintfield have successfully completed their five-year Good Relations Action Plans, leaving Hulls Hill, Lisburn, and Nursery Close, Ballymena as fully occupied Housing For All schemes.

Community Investment

As a social purpose organisation, Choice has a key role to play not only in providing homes, but also in supporting communities to thrive. We have a long history of providing a variety of services for our tenants through our ‘Community Investment’ commitment.

The new shared housing scheme in Mullaghmore Road, Dungannon will be ready for handover in September 2024 and we have been very active partners in the Joint Advisory group in Dungannon, delivering various good relations initiatives in preparation for our new tenants moving into their new homes. Stiles Way, Antrim is planned for completion in early 2025 and will further expand our portfolio of shared housing schemes.

We are utilising the UK Social Value Bank (‘UKSVB’), developed by HACT and Simetrica to measure the impact of our Community Investment activity. As mentioned previously in this report, in 2023-24, there were nine initiatives that delivered important positive outcomes for our tenants.

Our new Housing For All scheme in Ballyoan, Derry~Londonderry was accepted onto the Shared Housing programme in November 2023.

Our ‘Community Investment’ is an essential commitment, and we deliver this in a range of support services. Economic Resilience and Health and Well-being are the two themes under which community investment activities are considered for funding.

The partnership approach used by Choice of working with local authorities, statutory, community, and voluntary sectors in the delivery of the T:BUC/Housing for All programme is a key factor in helping to meet the outcomes of improving good relations, promoting community integration and successfully delivering the shared housing programme.

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15
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Culture
Unveiled Event
Mini Mela,
Ballynahinch
Montalto
community event
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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024

Communities

In the year 2023-24, Choice partnered with 7 organisations to deliver a range of community investment initiatives. Highlights include:

The Rio Ferdinand Foundation (RFF) Community Programme

Our partnership with the RFF continues to grow and, following the success of the pilot in South and East Belfast, we have extended the programme and have now also contributed to a new programme in Derry~Londonderry for the next 12 months.

To date 120 young people have engaged with the new programme and there are weekly sports sessions delivered in the Bogside, Cityside and Waterside areas to build community relations and health and wellbeing outcomes. Outreach programmes are engaging more young people and ‘Dads and Lads’ and Mothers and Others’ cross-generational health and wellbeing projects are being delivered on a cross-community basis. Other activities include youth leadership accredited training programmes, employability events and a young women’s youth leadership programme.

Choice are also partners in an International Fund For Ireland cross-border initiative with the PSNI, An Garda Síochána and Oaklee.

Choice Housing Scholarships

During the year, Choice also continued to work with Queens University and Ulster University. We provide financial support to students facing financial, social, or logistical barriers to further their education through their scholarship programmes.

enriching lives through great communities

Brian McKenna Student Placement Programme

Brian McKenna, who passed away in February 2019, was a member of the Choice team for more than twenty years and, during his time with the organisation made a huge contribution to the lives of tenants, colleagues, and the communities he worked in. In memory of Brian, the 202324 student placement programme offered six students the opportunity to work for a year in the ICT, Assets, Finance and HR departments. During their time with Choice, they receive support from a dedicated line manager who guides them as they develop skills aimed at preparing them for employment, through practical learning and real time problem solving.

Street Soccer NI – Four Nations Challenge Cup

Choice has supported Street Soccer NI (SSNI) on several occasions to attend the Homeless World Cup. SSNI provide programmes that tackle homelessness, unemployment, addiction, and mental health issues.

USPCA – Community Partnership

Choice partnered with USPCA to introduce a programme for tenants relating to animal welfare, community engagement and education. The programme spanned six months and reached over 200 tenants through workshops and community events.

Women’s Aid Conference Sponsorship

A donation was made to help sponsor Belfast/ Lisburn Womens Aid Conference. The aim of the conference was to keep the matter of violence against women and girls, including domestic abuse specifically, in the public consciousness.

Choice Scholarships Belfast Mela

The Rio Ferdinand Foundation

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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024

enriching lives through great service

Service

Partnership Working

This year has seen the inception of two Joint Management partnerships which are likely to come to fruition during 2024.

Throughout the year 2023/24 the Tenant and Client Services team has continued to establish the strategic direction of supported services within the Choice portfolio and in the broader context of Northern Ireland housing provision. The key focus has been the review and improvement of the fundamentals of our delivery to ensure we continue to provide high quality homes and services.

Choice has recently completed a full remodelling project at Lanthorn Mews, Belfast which is managed in partnership with Cedar Foundation. The properties will accommodate individuals with Learning Disabilities and associated complex needs, facilitating, and enabling life in the community and will assist with the BHSCT Muckamore resettlement programme. In addition, Choice has had business cases approved for the remodelling of a further two shared services with both Threshold and Mindwise and we look forward to starting these projects which will enhance quality of life for these Service Users.

Our partnerships continue to thrive with Choice currently providing more than 1800 units of accommodation across 152 services which are managed in partnership with over 40 statutory and voluntary agencies

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Lanthorn Mews,
Belfast
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Choice Tenant Support Fund

through referral agents, ensuring support gets to those who are most in need of it. The funding means that shelves remain stocked for the months ahead as supplies of tinned and frozen foods and other essentials can be bought by those trying to make ends meet in a cost-of-living crisis for a small, weekly nominal fee.

Choice first introduced a Tenant Financial Support Fund (TSF) in 2021/22 allocating significant funding to assist tenants experiencing financial hardship, providing real support in areas where tenants struggle to sustain tenancies.

Working in partnership with local charities, Trussell Trust and Homeless Connect, practical support packages were provided to the most vulnerable in society, aimed at ensuring tenants were best placed to sustain their tenancies during difficult financial times.

In addition to these partnerships, the Financial Inclusion Team supported tenants through:

Where we are

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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024

enriching lives through great people

People

Promoting Good Causes

We recognise that our people are our greatest asset. Each team member of Choice is integral to helping achieve our mission of enriching the lives of our tenants and communities through the provision of great homes and services. Investing in staff is key to driving professional standards and ensuring tenants receive quality services and support. We have worked hard to develop our culture and we have embedded our values of being caring, committed and creative into everything that we do.

Through a range of initiatives and staff organised activities, Choice staff raised substantial monies for two local charities:

Action Mental Health and Almost Home are the latest in a long line of causes Choice has supported, with others including Action Cancer, Air Ambulance NI, Cancer Fund and Alzheimer’s Society.

Celebrating Success

The UK Affordable Awards 2024, which recognises excellence in UK housing and showcases associations work in local communities, named Choice as winner in the ‘Financial Inclusion Initiative of the Year’ category. The support fund was introduced in 2021/22 as part of the Association’s Financial Inclusion Services and has allocated significant funding to assist tenants experiencing financial hardship.

The UK Affordable Housing Awards acknowledges the work the social housing sector does across the UK with a particular focus in a number of categories in how the sector supports tenants and the wider communities we operate in.

Our Homes

where we are

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269
Total Homes
5
11,814 828
841 9
6
178 490 1 5479
2
10
4
970
283 8
1122
579
3
7 11
775
Housing Types
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Housing Types
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Local Councils

1 - Antrim and Newtownabbey 5 - Causeway Coast and Glens 9 - Mid and East Antrim 324 13 153 143 63 40 23 532 134 101 61 2 - Ards and North Down 6 - Derry and Strabane 10 - Mid Ulster 691 93 172 14 532 156 153 82 42 54 3 - Armagh, Banbridge & Craigavon 7 - Fermanagh and Omagh 11 - Newry Mourne & Down 203 172 177 27 113 89 81 482 142 148 3 4 - Belfast City Council 8 - Lisburn and Castlereagh 3907 795 635 142 774 210 124 14

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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024

Governance

Choice Group Board Group Chair: Joe Higgins Group Vice Chair: Ciaran McAreavey

Group Board Members:

Jennie Donald Mary Donnelly Helen Harrison Robin Hawe Paul Leonard Michael McKinstry Caralyn Scales Damien Toner Caroline Young Suzanne Wylie

Independent Committee Members:

Audit & Risk

Iggy O’Doherty Bernie Rooney David Tate Grainne Walsh

Development & Assets Rory McConnell Gerry Millar John Roden Finance Stephen Elliott Elaine Hartin Donal MacAteer Tenant & Client Services Karen Bailey Paul Convery Roy Hamill William Wilson - Community Network Chair

Independent Subsidiary Board Members:

Maple & May Limited

Rory McConnell Gerry Millar John Roden

enriching lives through good governance

Maple & May (Homes) Limited

Rory McConnell Gerry Millar John Roden

Choice Services Ireland Limited

Tim Nelson Trevor Rea Martin Gillespie Siobhan Lynch Mark Adrain

Senior Management Team:

Group Chief Executive, Michael McDonnell Group Director of Development, Jon Anderson Group Director of Tenant & Client Services, Carol Ervine

Group Director of Asset Services, Wilton Farrelly

Group Director of Corporate Services, Lawrence Jackson

Group Director of Finance & Resources, Michael Rafferty

Company Secretary:

Lawrence Jackson

Further details of the relevant skills and experience of the Choice Leadership Group can be found on our website.

You can also find a copy of our latest ESG Report via this link.

Group Financial Performance

The financial statements reflect the financial performance and financial position of the Choice Group for the year ended 31 March 2024 and has been prepared in accordance with FRS102 and Housing SORP 2018. The figures for ‘Group’ include the Parent and our subsidiaries: Maple & May Limited, Maple & May (Homes) Limited and Choice Services (Ireland) Limited.

assets, bringing their total gross value to £1,202m. The number of units in management at the balance sheet date within the Group was 11,832 (2023: 11,714). This increase reflects our development activity in Choice and Maple & May.

Long-term borrowing is an essential element in financing our projects. During the year our borrowings reduced by £7m to £307m. In addition, before the year end, we completed the negotiation of a £70m loan with Ulster Bank which in addition to existing funding will provide us with the private finance we need for our social housing development programme in Northern Ireland into the medium term.

The Group reported a strong financial performance for the 2023/24 financial year with a surplus before exceptional items of £14.9m (2023: £13.3m). These surpluses will be set aside to cover our debt repayments and invested into projects such as our planned and cyclical maintenance programme in later years.

The Group continues to grow from strength to strength each year and this is clearly reflected in our consolidated balance sheet, where we now have total reserves of £179m.

Our annual turnover from continuing operations was £82.5m in 2023/24 compared to £76.6m last year. The Group invested an additional £96m in housing

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Cash surplus to reinvest
2%
How we used
our rental Loan interest
income in costs Operating costs
2023/24 13% (inc. staff)
34%
Property
repairs
22%
Planned
maintenance
29%
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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024

Group Income & Expenditure Account for the year ended 31 March 2024

Choice Housing Ireland

Turnover
Operating costs
Operating surplus
Gain on disposal of tangible fxed assets
Interest receivable and similar income
Interest payable and similar charges
Net fnance charges relating to pension scheme
Fair value change in investment properties
Impairment of fnancial assets
Transfer to disposal proceeds fund
Movement in fair value of fnancial instruments
Surplus before tax before exceptional items
Exceptional Items - Loss on disposal of subsidiaries
Surplus before tax after exceptional items
Taxation
Surplus for the year		 GROUP
2024
2023
£’000
£’000
82,568
95,003
(61,694)
(68,858)		 PARENT
2024
2023
£’000
£’000
77,406
73,143
(57,490)
(54,685)		 PARENT
2024
2023
£’000
£’000
77,406
73,143
(57,490)
(54,685)
20,874
26,145
3,285
4,186
1,143
2,641
(9,219)
(12,370)
696
99
656
881
-
-
(2,694)
(4,011)
199
419		 19,916
18,458
3,285
4,186
1,882
982
(8,797)
(7,525)
696
99
-
-
-
-
(2,694)
(4,011)
199
181
14,940
17,990
-
(16,393)
14,940
1,597
(375)
(130)
14,565
1,467		 -
-
-
-
14,487
12,370
-
-
14,487
12,370

Group Balance Sheet as at 31 March 2024

Choice Housing Ireland

Fixed assets
Tangible fxed assets- Housing Properties
Other tangible fxed assets
Investment properties
Financial assets

Non-Current assets
Pension asset
Current assets
Stock
Trade and other debtors
Cash investments
Cash and cash equivalents
Creditors:amounts falling due within one year
Net current (liabilities)/assets
Total assets less current liabilities
Creditors:amounts falling due
after more than one year
Net assets
Capital and reserves
Share capital
Cash-fow hedge reserve
Revenue reserve
Total reserves		 GROUP
2024
2023
£’000
£’000
986,768
925,134
5,224
5,161
36,248
31,139
-
-		 PARENT
2024
2023
£’000
£’000
986,519
924,909
5,207
5,116
324
324
14,700
13,200
1,028,240
961,434
5,324
6,668
855
1,473
27,100
51,425
5,618
27,442
9,000
7,398		 1,006,750
943,549
5,324
6,668
22
22
40,170
61,078
5,618
27,442
6,331
5,523
42,573
87,738
(96,751)
(95,401)		 52,141
94,065
(94,408)
(86,594)
(54,178)
(7,663)		 (42,267)
7,471
979,386
960,439
(799,535)
(792,698)		 969,807
957,688
(792,785)
(792,698)
179,851
167,741		 177,022
164,990
-
-
(1,520)
(1,975)
181,371
169,716		 -
-
(1,520)
(1,975)
178,542
166,965
179,851
167,741		 177,022
164,990

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Choice Annual Report 2023 | 2024

Choice Annual Report 2023 | 2024

VFM our strategic approach to Value for Money

At Choice we believe that a focus on VFM leads to improved outcomes for our customers and our stakeholders, and that it generates savings on resources which can either be taken as short-term gains or recycled back into the organisation as additional longer-term investment. We have embedded this concept into the organisation through our Strategic Plan 2024-2027, and in particular we aim to:

Our strategy set outs a number of VFMrelated targets, encompassing:

Progress Made to Date

  1. Deliver best value in the delivery and funding of the social housing development programme.

In quantitative terms the table below shows progress against a number of the key Sector Scorecard metrics, with performance measured:

Our VFM strategy has the following aims:

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Metric Choice Choice National Self Assessment of Performance
FY18 FY23 Median Performance v National
FY23 Median
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Metric Choice
FY18		 Choice
FY23		 National
Median
FY23		 Self Assessment of
Performance		 Performance
v National
Median
1. Operating margin (social
housing lettings)		 22% 27% 18% Improving
2. Interest cover - EBITDA (MRI) -4% 145% 141% Improving
3. Units developed (as a %
of units owned)		 3.2% 2.8% 1.0% Reducing, but progress is in
line with business plan
4. Gearing 24% 30% 33% Increasing, but progress is in
line with business plan
5. Satisfaction with the
overall service provided		 88% 84% 79% Reducing, but better than
national and local peers
6. Reinvestment % 6.6% 7.2% 7.3% Improving
7. Investment in community
activities		 £35k £715k £519k Improving
13. Headine social housing CPU £3,957 £3,918 £4,418 Improving
14. Rent collected 102% 99% 97% Decreasing, but better than
national and local peers
15. Return on capital employed
(ROCE)		 2% 2.3% 2.6% Improving
Better
Worse
Close

Front Row L-R Michael McDonnell, Group Chief Executive, Carol Ervine, Group Director of Tenant & Client Services, Michael Rafferty, Group Director of Finance & Resources

Senior Management Team

Back Row L-R Wilton Farrelly, Group Director of Asset Services, Lawrence Jackson, Group Director of Corporate Services, Jon Anderson, Group Director of Development

28

Choice Annual Report 2023 | 2024

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