CHOICE HOUSING IRELAND LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Registered under the Co-operative and Community Benefit Societies Act (Northern Ireland} 1969: IP000408
Registered Housing Association: R56
Registered Charity: NIC100095

CHOICE HOUSING IRELAND LIMITED
Annual Report and Finandal Statsments
For the Year Ended 31 March 2024
CONTENTS
Page
Directory
Statement of Board of Management's Responsibilities in Respect of the Report of the
Board of Management, the Strategic Report and the Financial Statem￿ts
Report of the Board of Management and the Strategic Report
Board of Management's Statement of Internal Financial Controls
Independent Auditor's Report to Choi¢¢ Housing Ireland Limited
Group and Parent Income and Expenditure Accounts
Group and Parent ststem¢nts of Other Comprehensive Income
Group and Parent Balance Sheets
Consolidat¢d Statement of Changes in Equity
Parent Statement of Changes in Equity
Consolidated Cash Flow Statement
21
22
26
28
29
30
31
32
Notes forming part of the Financial Statements
33

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financial Statements
For the Year Ended 31 March 2024
DIRECTORY
(Who served during the year)
BOARD OF MANGEMENT (DIRECTORS)
Mr J Higgins (Chair)
Mr C McAreavey (Vic¢ Chair)
Mr R Hawe
Ms J Donald
Mrs M Donnelly
Mrs H Harrison
Ms S Wylie
Mr P Leonard
Ms C Scales
Mrs C Young
Mr M McKinsty
Mr D Ton¢r
COMPANY SECRETARY Mr L Jackson
GROUPSENIOR MANAGEMENT TEAM
Mr M McDonnell
Mr M Rafferty
Mr J Anderson
Mrs C Ervine
Mr L Jackson
Mr W Farrelly
(Group Chief Executive)
(Group Director of Finance & Resources)
(Group Director of D¢velopment)
(Group Director of Tenant & Client Services)
(Group Director of Corporate Services)
(Group Director of Assct Services)
REGISTERED OFFICE
Lcslie Morrell House, 3741 May Strc¢L Belfast BTI 4DN
BANKERS
AIB
31-35 High Street, Belfast BTI 2AL
EIB
98-100 Boulevard Konrad Adenauer, Luxembourg
Barclays Bank
Donegall Square North, Belfast BTI SLU
Ulster Bank
Donegall Square East, Belfast BTI SUB
Bank of Ireland
Donegall Square South, Belfast B TI 5LR
Housing Finance Corp 107 Cannon Street, London EC4N SAF
Danske Bank
Donegall Square West, Belfast BTI 6JS
Nationwide
Kings Park Road, Northampton. NN3 6NW
EXTERNAL AUDITORS
Sumer Auditco NI Limite(L 4th Floor Glendinning House. 6 Murray
Street, Belfast, BTI 6DN
INTERNAL AUDITORS
TIAA, Artillery House, Fort Fareham, Newgate Lane, Fareham. P014
IAH
SOLICITORS
EDG Legal, 40 Linenhall Strcet. Belfast BT2 8BA

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financial Statements
For the Year Ended 31 Marth 2024
DIRECTORY (CODtinued)
At the date of signing thesc accouT]ts the following individuals were serving on the various subsidiary
boards and committees within the Group:
Choiee Services Oreland)
Lfnjfited
Maple And May IHome5) Ltd.
P Leonard (Chair)
H Harrison (Vice Chair)
G Millar
R Mcconnell
R Hawe
J Roden
Maple And May Ltd.
D Toner (Chair)
TRea
T Nelson
M Adrain
M Gillespie
S Lynch
P Leonard (Chair)
H Harrison (Vice Chair)
G Millar
R Mcconnell
R Haw¢
J Roden
L Jackson (S¢cretsry)
TeDant & Cllent Servl£e8
Committee
C Young (Chair)
Ms J Donald (Vice Chair)
K Bailey
P Convery
C Gibson
R Murray
R Hamill
L Jackson (Secretary)
DevelopmeDt & Assets
Commlttee
L Jackson (Secretary)
Flnanee Commlttee
P Leonard (Chair)
H Harrison (Vice Chair)
R Hawe
R Mcconnell
J Roden
G Millar
J Higgin5 (Chair)
D MacAt¢er (Vice Chair)
M McKinsty
S Elliott
E Hartin
L Jackson (Secretary)
Nomlnatlons & GoverDaDce
Commlttee
C McAreavey (Chair)
J Higgins (Vice Chair)
M Donnelly
L Jackson (Secretary)
L Jackson (Secretary)
Alldll & Risk Committee
C Scales (Chair)
M Donnelly (Vice Chair)
G Walsh
B Rooney
D Tate
l O'Doherty
M M¢Donnell (CEO)
L Jackson (Secretary)
L Jackson (Secrctsry)

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanaal Statements
For the Year Ended 31 March 2024
STATEMENT OF BOARD OF MANAGEMENT?S RESPONSIBILITIES IN RESPECT OF
THE REPORT OF THE BOARD OF IViANAGEMENT, THE STRATEGIC REPORT AND
THE FINANCIAL STATEMENTS
The Board of Management are restK)nsible for preparing the Report of the Board of Management, the
Strat¢gic Report and the financial statements in accordance with applicable law and regulations.
Cowop¢rative and Community Benefit Societies law requires the Board of Manag¢ment to prepa
financial statements for each financial year. Under thosc regulations th¢ Board have elected to prepare
the financial statements in accordance with UK Arcounting Standards, FRS 102 The Financial
Reporting Standard applicable in the UK and Republic ofJreland.
Undcr Co-operative and Community Benefit Societies law the Board of Management must not approve
the financial stal¢ments unless they are satisfied that they give a true and fair view of the state of affairs
of th¢ Group and Parent and of the income and cxpenditure of th¢ Group and Parent for that year. In
preparing these flnancial statements, the Board of Management are requir¢d to:
select suitable accounting p)licies and then apply them consistently.
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards and the Statement of Recommended Pra¢tic¢
have been follow￿, subject to any material departures disclosed and explained in the financial
statements.
assess the Group and Parent's ability to continue as a going concern, disclosing, as applicable.
matters relat¢d to going conccrn. and
use the going concern basis of accounting unless they ¢ither intend to liquidate the Group or Parent
or to ce&s¢ operations or have no realistic alternative but to do so.
The Board of Managcment are responsibl¢ for keeping adequate accounting rccords that are sufficient
to show and explain the Group and Parent's transactions and disclose with reasonabl¢ accuracy at any
time the financial position of the Group and Parent and enable them to ensure that the financial
statements comply with the requirements of the Co-operative and Community Benefit Societies Act
(Northern Ireland) 1969, Article 19 of the Housing (Northern Ireland) Order 1992, Registered Housing
Associations {A￿OUnting Requirements) Order (Northern Ireland) 1993, the Charities Act (Northern
Ireland) 2008 and Regulation 9 of the Charities (Accounts and Reports) Regulations (Northern I￿land)
2015. Th¢y are responsible for such internal controls as they deterniine are necessary to enable the
preparation of financial statements that ar¢ free from material misstatement, whether due to fraud or
error. and hav¢ general responsibility for taking such steps as are re&sonably open to th¢m to safeguard
the assets of the Group and to prevent and detect fraud and oth¢r irregularities.
The Board of Management are responsible for the maintenanc¢ and integrity of the corporate and
financial inforniation included on the Group's websit¢. Legislation in the UK governing the preparation
and dissemination of financial statements may differ from legislation in other jurisdictions.
On behalf of the board
Joe
ireclor
Ciaran McAr¢avey, Director
21 August 2024

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Statements
For the Year Ended 31 Marth 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
The Board of Management present their report and the audited financial statements of Choice Housing
Ireland Limited (the "Association" or "Parent") and its subsidiaries (together the "Group") for the year
ended 31 March 2024.
Principal Activity
Th¢ Association is a public benefit entity administered by a Board of Management and is involved in
the development and management of affordablc rented accommodation.
The Association is registered under the Co-operative and Community Benefit Societies Act (Northern
Ireland) 1969 (No. IP000408) and is a Registered Housing Association (R56), providing housing in
Northern Ireland for people in need.
The Association is a registered charity under the Charities Act (Nl) 2008 (Charity No. NICI 00095).
The Group provides low-cost accommodation through its r¢gistered housing association: Choice
Housing Ireland Limited ("CHI" or "thc Parent"). Additionally, its subsidiaries provide the following
services:
Maple And May Ltd ("M&M") provides accommodation in the private rented sector,
Maple And May (Homes) Ltd ("MMH") provides affordable home ownership.
Choice Services (Ireland) Limited ("CSL") provides maintenanc¢ services to the Group and to a
joint venture Comhar Facilities Management Limited.
Board of Management, Shareholders and Officers
The members of the Board of Management and the officers of the Association listed on page 2.
The Board of Management 15 a voluntary Committee who have responsibility for the strategic direction,
general policy and management of the Group. The day-to-day management of operations is delegated to
the Group Chief Executive and the Senior Management Team.
Ea¢h memb¢r of the Board of Management other than members co-opted during the year holds one
share of £1 in the Association.
Our Vision, Mission and Ambition
The Group's strategy to 2027, sets a clear vision for the organisation to make a real and l&sting
difference to the live5 of our tenants and their communities.
Our Mission is 'to enrich the lives of our tenants and communities through the provision of
great homcs and services.,
Our Vision to 2027 15 'to excel in everything that we do in the eyes of our customcrs, partners
and staff.,
Our Ambition 15 'to ¢mpower our staff and partners to make a positive and sustainable
difference by: increasing the supply of high quality and affordable homes. ensuring acces5 to
excellent SUPPOrt services. enabling our communities to flourish; and making best use of our
collective talent and rcsources.

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Ststements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
Business Plan 2024125
A summary of Group 'Headlines' for the 2024125 business planning period, encompasses:
To ensure that the tenant is at the centre of everything that we do.
To maintain ambitious ncw build targets, leading on shared and mixed tenure housing:
To progress the journey towards decarbonisation, balancing investment with
affordability for tenants;
To enhance our digital customcr, staff capabilities and data intelligenc< reporting.
To further develop our Cmployer brand and offering in a competitive labour market;
To successfully complete our objectives for the VHE and Killaire programmes;
To ensure long-terni funding is in place to support our strdtegic goals:
To ag￿¢ and progress plans for a combined HQ offi¢¢' and
To grow our subsidiaries synergistically to support the priorities of Choice Housing.
Provlding Great Homes
To ensure a development programme which delivers target completions, slarts and pipeline.
To launch the new Choice design guide to reflect development priorities and standards:
To successfully complete the pilot mixed tenure schemes with any lessons learned.
To remove delivery 'barriers' on a number of legacy dcvelopment projects.
To attract a new housebuilder to the social sector through a 'Design and Build. partnership;
To S￿Ure another 'HousiDg for All, scheme designation for a new SHDP project:
To maintain 'zero tolerance, on matters relating to tenant and staff h¢alth & safety;
To incre&8e the average EPC rating across our homes. completc retrofit pilots and progress a
'landmark' new build scheme with sector-leading sustainability credentials.
To complete a 'scope 3, lifecycle emissions footprint;
To meet the required investment in and cov¢rage of our plann¢d maintenance programme.
To impmve quality of stock data and reporting to inforn] a n¢w Asset
Management Strategy;
To complete the planned refurbishment of the fornier VHE portfolio. and
To complete the defects replacement programme at Killairc Wood.
Supportlng Communitia to Thrlve
To deliver our Community D¢velopmenL Tenant Engagement and Good Rclations
plans and achieve cxternal 'Tenant Participation, accreditation;
To Complete the re-housing of tenants from Donegall Street.
To secure 'Peace Plus, consortium funding and deliver associated thematic initiatives;
To improve economic resili¢nce and wcll-b¢ing of our con]munilies through targeted
investment and developm¢nt initiatives.
To ensure tenants rec¢ive a more flexible and accessible response repairs service;
To enable Choice Services to generate ¢fficiencies and innovation in our PMP.
To wntinue to improve our housing managem¢nt services around allocations, anti-social
behaviour, chang¢ of tenancy, income r¢¢overy, waste managemenL etc"
To support tenancy sustainment through in-house services and external partn¢rships:
To use customer and staff feedback to drive continuous improvement in our services.
To review our sheltered and 5UPPOrted housing priorities and partn¢rship working"
To promote the benefits to society of our work at Choi¢¢ Group; and
To agre¢ and implement a new Group communi￿tiOnS Strategy.

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnan¢ial Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEIIIENT AND THE STIL4TEGIC REPORT
(continued)
Business Plan 2024125 (continued)
Empowering ourpeople
To implement improvement actions arising from the external review of Killaire.
To agree and implement a new Group ICT Strategy with potential replacement of
systems;
To expand the digital offering for customers, partners and mobile working for staff.
To continu¢ to simplify the customer journey and expand our communication channels"
To undertake annual survey of staff and implement improvement actions arising.
To implement r¢eommendations arising from the current review of our Reward strategy.
To expand the Choice apprenticeship programme as a means of building our
'tslent pipeline
To refresh our employer branding to enhance recruitment and retention.
To mak¢ better use of data to improve decision-making through Power Bl reFM)rting'
To ensure funding in place to meet medium-terni liquidity and development aspirations.
To develop the next Value for Money Strategy with a focus on affordability through
efyiciency and service transforniation (including review of FM in communal schemes).
To implement improv¢ments in our procurement and contract management protocols.
with a greater focus on social value. and
To review rent policy for existing tenants across our portfolio.
Detailed business plans for each subsidiary have been approved by their Board and Group Board.
A summary of key imperatives for 2024125 for each subsidiary is as follows:
Choice Services
To fill current trade vacancies to ensur¢ appropriate staff resources ar¢ available.
To recruit a commercial Quantity Surveyor and Supervisor to support delivery of Choice PMP;
To enhance management systems. processes and interface between Active H & Connect.
To focus on value for money in response repairs service delivery to Choice Housing.
To support Choice Housing on sustainability, technology and community investment.
To work with Choice Housing colleagues to generate further efficiencies, improved processes,
effective reporting and strong financial management. and
To achieve the target profits which can be used to support the Group's objectives.
Maple & May
To agr¢¢ and implement the new 3-year strategy.
To complete and allocate current pipeline of mixed tenure pilot schemes.
To proactivcly transition the portfolio to reflect stratcgic goals. including targeted disposals.
To support the emcrgcnce of new affordable housing products.
To d¢liv¢r ￿rther eificiencies in day-to-day op¢rdtions' and
To achieve the target profits which can be used to support the Group's objectiv¢s.
Maple & May (Homes)
To agree and implem¢nt the new 3-year strategy.
To complete Sale of Phase l affordable houses at Rosses Gate"
To complete sale of Phase I and progress Phase 2 at Hillsborough Road, Dromara.
To resolve outstanding issu¢s at Park Av¢nue Heights. and
To achieve the target profits which can be used to support the Group's obj¢ctive5.

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanual Ststements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
Operational performance during the year
This section describes the operational perfornwlce of the Parent during the year. Targets are set for key
p¢rfom]ance indicatOTS and they are used in the managing of performance, and in 5¢tting the strategies
for continuous improv¢ment. Key perforn]anc¢ indicators are also used by the D¢partment for
Communities to assess the perfonnan¢¢ of each association against its peer group and the sector in total.
Response maintenance service
Th¢ table below shows the Parent's perfonnancc in completing works orders within target timescales:
Works order
Priorlty
er
leled within lar
el
2024
2023
Emergency (24 hrs)
93Yo
94Yo
Urgent (4 days)
95Yo
Routine (20 days)
950
940
Overall works order perforniance at 94,50/0 has exceeded the 2023124 Business Plan target of 90.00/0 and
is marginally highcr than the 2022123 out-turn (which was 93.20/0).
Planned maintenvdnce programme
In 202312024, £14.6 million was spent by the Parent on the planned maintenancc programme (capital
exp¢nditure) (202212023: £6.8 million). The most significant projects completed were in r¢lation to the
M¢tropole which was a sheltcred scheme replacing bathrooms, kitch¢ns, windows and doors and
upgrading heating plus a number of general nceds schemes having replacement kitchens. There was
also revenue planned and Cyclical maintenance ¢xpendilurc of £3.2 million (2022123 £2.4 million).
Arrear8
The Parent has a specialist income recovery team which focuses on arrears management and
perforniance and in particular the area of past tenant arrears. Whilst the timing and effect of Welfare
R¢fomTr are still unknown, th¢ income recovery t¢am continue to d¢dicate their time to the collection of
rents. The table below shows the arrears balances of the Parent after deduction of ¢xpected benefits, and
the percentage of rentsl income. The l¢vel of the arrears has increased due to the wider impact of the
cost-of-living crisis.
2024
2023
£?000
£'ooo
Current tenant arrears of Parent (after dcduction of expected
benefits)
£2,469
(4.7%
£573
£1,826
{4.00/0}
£616
Past tenant arrears
(I.IO/o)
Ll,042
(5.7°/o)
(1.3%)
£2.442
(5.30/0)
Tot81 arrears at year end

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanclal Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
Voids
The proactive management of voids is regarded as a key issue. A specialist allocations team aims to
improve perforn]ance in this area. Includ¢d within its tenns of rcfcr¢nc¢ is:
Arrangements for offers of accommodation:
Marketing.
External liaison with agencies.
Financial incentives.
Strategic approach including voids toolkiL and
Voids audits by housing managers.
Rent loss through voids by the Parent in the financial year w&$ £1,278k representing 1.90/0 of gross rent
receivable (202212023: £1,428k and 2.20/0). Overall voids have reduced by 79 when compared to the
same period last year. Housing and Maintenance voids in particular have seen a large reduction. This is
as a result of void works being completed in properties quicker, with waiting tenants moving in as soon
as void works are complete. A summary of the voids at the year-end are set out in the table below:
Mar-24
Mar-23
Housing voids units
Maintenance voids units
84
121
79
107
Unlettable voids units
64
61
VHE voids units
75
92
Total
302
381
New developments
The numbers of homes and bed spaces of the Parent in new schemes are shown below:
2024
2023
Units completrd
Units started
231
315
243
433
There was cxpenditure of £52.Om (2022123: £53.Om) by the Association during the year on new
dcv¢lopments. At 31 March 2024 there were 22 schemes on site comprising 1,148 units including, 146
units at Minorca Drive, Carrickfergus. 252 units at Rosses Gate and 90 units at Hillsborough Old Roa<L
Lisburn. The Association completed 231 units including 90 units at the Park Avenu¢ Hotel site, BelfasL
49 units at Old Eglish Phase I, Dungannon & 23 units at Lisburn Road, Belfast.

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financial Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
Staff
One of the k¢y perfomiance indicators in relation to staff management is the percentagc of working
days lost through sickness abscnrc. In 2023124 the Parent's sickness abscncc ratc was 3.50/0 (2022123:
Complaints
A total of 51 forn]al complaints were regisfrred by tenants of the Parent during the year. Compared to 54
for the previous year. A breakdown of complaints is analysed as follows:
2024
2023
MaintenancelR¢pairs
Anti-social Behaviour
30
Allocations
Damp/mould
Staff
Rent & Arrears
H¢ating charges
Other
Total
5]
54
45 of the complaints werc satisfactorily resolved at the first stage of the Parent's procedure. 6 of the
complaints receiv¢d progressed to the second stage (2022123: 5).
Choice Services Centre
Choice Services Centre is a specialist in-house contact centre tasked with providing a responsive and
accessible service to tenants. The following table shows its perfonnance levels:
2024
2023
Total calls r¢c¢iv¢d
103,320 118,517
Resolved at first contact
T&sks resolved by officer grade staff
Advisor quality assessment
920/0
NIA
io

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanaal Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
Streamlined Energy and Carbon Report (SECR)
Details of the Parent's energy consumption and emissions for the period l April 2023 to 31 March 2024
have been reported in the SECR and published on th¢ Choice website. The required FRSI 02 extracts
from this report are s¢t out below.
Methodology- Carbon Emission Factors used in calculations are the 'Government conversion factor5
for company reporting of greenhouse gas emissions, Annual factors for 2023 published on 2810612023
have been used in the calculations of carbon emissions for the SECR report.
In line with the scope of the SECR report. the data from the sources listed above were categorised into
Scope I, Scope 2 and Scope 3 emissions. All data was received from the Choice Encrgy team in May
and Junc 2024.
In 2023124 Choice continued to progress actions to deliver on their Sustainability & Energy Strategy
(2022-2025). New homes have ¢ontinued to be developed to high standards and Choice have
commenced plans to develop a18ndmark new housing development to enhanced energy> environmental
and biodiversity standards. Targets have been set to improve EPC data, by increasing the average
energy efficiency rating of their housing stock, and to tsrget properties with a Band E-G EPC rating.
Retrofitting of homes has continucd, including measures such as insulation improvements, heating
upgrades and lighting replac¢ments. Choice hav¢ a target to invest £250,000 over three y¢ars on
innovativ¢ technologies, which has included trialling of Temote monitoring technologies for thelr solar
PV portfolio, the trial of remote heating controls, and softwarc to support energy r¢trofits and
management of energy supply contracts.
Prevlous R•portlwYur UK•nd
Offshore
Gas: 14,948,408 kwh LPG: 152,312 k
HeatiTh8 011: 1017,384 kwh Cornpany-
ownedvans.. I￿9.590 kwh Electrfdty:
5,524,434 kwh Non-comparty own•d
vehicles.. 330,338 kwh. Toial:
24.782,472 kw
Inlornmtlon
ulfed
Ener8y consumptlors used tocalculate emisslons:/kWh
Imandatoryl- optiors&l to provlde separatè flAures for8aS,
electrlclty, tr8Th5PQrt fuel and other •n•ry source5
Curnrtfte
Y•arUKandoffshor•
Natural G8s: 14,479,347kWh 8urthln8 011128
Sec 0111.. L982A07kWh Gas 011135 Sec Olll..
9.644 kwh LPG: 32,873 kwh Comp&ny-owned
Vans.. 1.87B,632 Electrfclty.. 5,305,635 kwh
Non-company-ownedvehicles.. 383,264 kwh
Total.. 24,on.C02kWh
Emisslons from combustlon of ga5 ItC02•1
Emls510rts frorn combustlon of HeatlngOlI ItC02•1
Emissions frorn combustion otGa$ 011 tC02e (Scope 11
Em15$10ns frDrn combustion of LPG tC02e IS¢ope 11
Em15$10nsfrorn bu51ne55 travel In ¢gtnpanyowned
¥ehlcle5 tC02e15¢0pe 11
Emisslonsfrorn purth4s•d •l•¢irldtytC02e (Scop• I
loratlon ba5edl
Emissions Irorn bu51nes5 travel In rental cars oremployee-
owned vehicleswhere comp•ny Is re5pgn51ble fDr
purchaslngthefuel tC02e (Scope 31
Total Bross iC02e b45ed on above
Inten51ty ratlo:tC02egross fiEure based on rnandatory
lields abovele.
. EI(#J.WO revenue
2,648.69tC02•
488.85tC02e
2.SItC02o
7.05tC02e
L728.7tC02•
497.8 tC02e
OtC02•
32.7tCOle
47420tC02e
451.6tC02e
1,098.70tC02•
1.068.3 tC02•
92.92tC02e
4.31192tC02e
0.42tC02eltenancy
i.Y4tC02elener
81.6tC02e
4,Bf4J.7tC02e
0.421C02eltenanry
8.94tCOZelene
SUP
sup
li

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
Energy and emissions report (Continued)
Pr•vknuJ Reportkn8Y••r UK and
hrfornmtlon
Ener8y EfficientActions detailed resu
ortl Yur UK and Offthry•
Continued education and supportfor staff
• E¥istin8 Ivari3blel ener8y procurement
contracts were emtended to take advantage
of reduelng wholesale prlces. with regular
Invol￿ validation In place, supported by a
coThtSnued trial of a billing management
system.
• Investment In fabric improvemènts,
lightln8 and heatin8 upgrades
Upgraded he3￿n8 controls In a number of
communal heatin8 sthemes, alon8 Wlth
UP8radlng to more effldent bollers through
thelr assèts programme at vaTIous schemes
and Intjlvidual propertles.
Choice commenced a pllot to retroflt ol a
small number of propertles to a much
hi8hef startdard, usin8 the prin¢Sples ol
PAS2035, wlth works anticlpated to be
completed In 2024125
Improvements in recent years have meant
that only around 70 properties are now
known to have an EPC ratln8 018and E or F
Iwlth no known Band G propertiesl. An
increased number of EPCS were carrled out,
wlth dats now available for around 85% 01
thelr housln8 Stock.
• Cholce Support￿ Nl Energy Week in
Autumn 2023, wlth dally Information
provided on thelr Intranet, website and vla
so¢lal medla, and trainin8 provided to a
number of staff.
A competition was held to encourage
colleagues to 'SwStch & Save,, wSth an
estlrnated savln8 01 over £60.C4XI If all staff
took thls step.
Choice rev15ed and relaunched thelr
tenant ener8y booklet.
Choice 3150 operates a large solar PV
portfollo, rnanaging around 4CI) systems;
offsettlng carbon emisslons and makin8
sl8nlficant energy savin8s by supplyln8
èlectridty to a number of housing schemes.
Durlng this reportin8 period around 223,000
kwh of renewable electriclty was exported
to the electrlc
Id.
12

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanaal Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
CommuDity Investment
As & social purpose organisation, Choicc has a key role to play not only in providing homes. but also in
supporting communities to thrive through investing in our communities. We have a history of providing
a variety of scrvices for our tenants that can broadly be understood as 'Community Investment,. This is
a key way that we, as a housing association, differentiate ourselves from other landlords, and is central
to how we demonstrat¢ our social purpose. We are utilising thc UK Social Value Bank ('UKSVB'),
developed by HACT and Simctrica to measure the impact of our Community Investment actlvlty. In
2023-24, there wer¢ nine initiatives for which we could clearly identify the costs of delivery and
subsequent impact on tenants and wider Community.
In the reporting year Choic¢ Spent £975,061 on nine initiatives generating £8,685,860 of additional
Social value. The estimated Gross Value Added to the Northern Ireland economy through Choice's
business activity is GVA £71,877,451 sustaining an estimated 1243 jobs throughout the supply chain.
Our 'Community Investment, is an essential commitment, and we deliver this in a range of support
s¢rvices. Economic Resilience and Health and Well-being are the two themes under which community
investment activities are considered for funding. In the y¢ar 2023-24, Choice partnered with 7
organisations to deliver £86,420 of investment. Dctails of the initiatives are listed below.
Economic Resilience
The Rio Ferdinand Foundation (RFF) Community Programme
Our partnership with the RFF continue5 to grow and, following the succes5 of the pilot programme in
South and East Belfast, we invested £59,000 to keep th¢ South & East Belfast programme running and
to contribute to a new programme in Dery-Londonderry for 12 months.
To date 120 young people have engaged with the new programme and there 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 partn¢rs in an International Fund For Ireland ¢ross-border initialive with the PSNI, An
Garda Slochana and Oakl¢¢. The Beyond Th¢ Ball project brings young people together to build skills,
share learning and earn qualifications to deliver S￿la7 action and employability Outcomes. Choice do
not contribute fInancially to th¢ IFI-funded programme.
Choitt Housing Scholarships
During the year, Choice also continued to work with Queens University and Ulster University to
provide financial support to students facing financial, social or logistical barriers to furthering their
Cducation through its scholarship programm¢. Over the course of the five year programme, Choice
provided 30 scholarship priz¢s of £ 1,000 presented annually to students who have the ability to attend
university, but who ar¢ least likely to progress to higher ed￿atIOn and enables them to fulfil th¢ir
pot¢ntial.
13

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnandal Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
Brian McKeTma Student Placement Programme (incorporating the Brian McK¢nna Prize)
Brian McKenna. who passed away in February 2019, was a member of th¢ Choice teani for more than
twenty years and. during his time with th¢ organisation mad¢ a huge contribution to the lives of tenants,
colleagues. and the communities he worked in. As a board member of the Voice of Young People in
Care (VOYPIC), Brian wa5 committed to working to improve th¢ lives and opportunities for young
people both professionally and personally. In memory of Brian, the 2023-24 student placement
programme offered six stud¢nts the opportunity to work for a y¢ar in the ICT, Assets, Finance and HR
departments. During their time wilh Choice they receive supw)rt from a dedicated line manager who
guid¢s them as they develop skills aimed at p￿parIng them for employment, through practical learning
and real time problem solving. Students earn a living wage during the year's placement and the
opportunity to win payment of their final yearfs tuition fee for submitting the winning enty in a
business innovation programme.
Overlapping Themes Initiatives
Street Soccer Nl - Four Nations Challenge Cup
Choice have supported Street Soccer NI (SSNI) on a number of occasions to attend the Homeless World
Cup. SSNI provide programmes that tackle homelessness, unemployment, addiction and mental health
issucs. Choice have supported SSNI for a number of years and this year the Homeless World Cup
returned after a four y&ar absence. Choice funding helped towards travel costs, kit, training camp,
passports, visas and more. SSNI took a men's team of eight players. All players went through five
weeks of trials and trdining in the lead up to the ev¢nt. Each player was supported on a one to one b&sis
to make positive changes in their lives including finding employment and accessing housing. The team
finished in eighth place overall and the goalkeeper, Jonny Holland, pi¢ked up 'Best Goalkeeper of the
World Cup, and has signed for Ballymoney United. He continues to volunteer with SSNI supporting
vulnerable adults and homeless people and has started a new job.
Health and Well-being
USPCA - Community Partnership
Choice partn¢red with USPCA to introduce a programme for tenants relating to animal w¢lfare,
community engagement and education. The programme spanned 6 months and reached over 200
tenants through workshops and community events. A number of cases of irresponsible pet ownership
and welfare concerns w¢re reported to the USPCA as a result of this engagemcnt. The CDM r¢ported
that the collaboration "significantly contributed to advancing animal welfare. resw)nsible
ownership, community cngagement, and promoting education."
Women's Aid CoDference Sp)nsorship
A small donation was made to help sponsor BelfasULisburn WA conference. The aim of the conference
was to keep the matter of violence against women and girls, including domestic abuse specifically, in
the publi¢ consciousness Constantly and not just following a tragic event such as the murdcr of a
woman.
14

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
Financial perforniance
Income Vdnd expendlture
The table below provides a summary of the Group Income and Expenditure account.
2024
2023
Turnover
82.6
95.0
EBITDA,
30.1
19.9
Surplus for the year before exceptional items
14.9
18.0
Exceptional loss
(16.4)
Surplus for the year after exceptional items
14.9
The exceptional items in 2023 refer to the deconsolidation of the Republic of Ireland subsidiaries,
Oaklee and Acom which are treated in the Group results as a disposal of their net assets as at 31 $1 March
2023.
Allowing for the impact of the deconsolidation of Oaklee and Acorn, Group turnover has increas¢d by
7.00/0 reflecting an increase in units Ict and rental incre&ses of 7.1 % applied during the year.
EBITDA for the Grou
is calculated as follows:
2024
£000
2023
Ref
Surplus for the year
Depreciation through l&E
Amortisation through I&E
Loss on disposal of major r¢pairs
T&x
Interest payable
Interest reccivable
Adjusted EBITDA
I&E
Nole 6
Nole 6
Nole 6
I&E
I&E
I&E
14,565
17,560
(11,235)
719
375
9.219
1,143
1,467
20,671
(13.376)
1,306
130
12,370
2,641
19,927
15

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanclal Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(eontinued)
The Core Perforniance and Cashflow for the Parent is sct out in the tables below.
2024
£OOOs
2023 restated
£OOOs
Gross Rent
Operating Costs- CORE
Operating Margin- CORE
51057
(26,507)
25,350
490/•
48,587
(25,905)
22,682
Planned Maintenance Programme (PMP) Capex
PMP Revenue
Net Int¢rest
Other
Net Cashflow before discretionarylnon-recurring
Discretionary and Non-Recurring Items
Net Cashflow after discretiona
Inon-re¢urrin
(14,669)
(838)
(6,717)
(887)
2239
936
3.175
(6,789)
(185)
(6,361)
(118)
9,229
9,229
Real Rent Per Unit Per Annum (£)
Real Opcrating Costs Per Unit Per Annum (£)
Real PMP Per Unit Per Annum {£)
Net Interest Per Unit Per Annum {£)
Avcrage Units
4,478
2,289
1,267
580
11,581
4,264
2,274
596
558
IlJ94
Asyets and liabilities
The Group is in a strong financial position at the year-end. as shown by the following summary:
2024
2023
Fixcd and non-current &ssets
Net current assets/(liabilities)
Non-current liabilities
Net assets
1,033.5
(56.1)
(797.6)
179.8
968.1
{7.7)
(792.7)
167.7
Total fixed assets have increased to £1,028.2m (2023: £961.4m) due to the ¢ompletion of a number of
large housing schemes during the year. There w¢r¢ also 37 properties sold to tenants under the Statutory
Hous¢ Sales Scheme. The Group closely monilors its liquidity position in line with its prudent treasury
policy and holds suffiri¢nt cash and available banking facilities to meet all nur-tern] liabilities. At the
balance sh¢¢t date. the Group had committed, but undrawn facilities of £94.Om (2023: £73.Om).
Cashnows
During the year th¢ business generat¢d net cash-flow from operating activities of £46.9m (2023:
£33.6m) and repaid existing borrowings of £6.8m (2023: £55.3m).
16

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
Loan covenants
External private finanre is raised by the Parent and the financial cov¢nants are in respert of the financial
perforn)ance of th¢ Parent for all loans except EIB where the cov¢nants are in re5P¢Ct of the Group
perforniance. The covenant ratios arc as follows:
Ratlo compliance
Int¢rest cover
Interest cov¢r
Interest cover (consecutive years)
Inte￿st cover (consecutive ycaTS)
Gearing
Gearing
Requirement
>1.05:1
>l.10:I
>1.20:1
>1.20:1
<50%
<600/0
Actual
3.89:1
3.46:1
3.68: 1
3.20:1
350/0
350/
Basis
Parent
Group
Parent
Group
Pa￿nt
Group
The Parent and Group were fully compliant with these ¢ovenants during the year, as shown below:
Interest cover
Parent
2024
£'ooo
Group
2024
£'ooo
2023
£'ooo
2023
£'ooo
Adjusted EBITDA
Net Inl¢r¢st
Interest Cover ratio
Minimum re
uired
26,924
6,915
3.89
1.05
25.146
6,543
3.84
1.05
27,918
8,076
3.46
34,746
9,729
3.57
1,10
i.io
Ad. usted EBITDA 15 calculated as follows:
Parent
2024
£'ooo
Group
2024
£'ooo
2023
£'ooo
2023
£'ooo
Ref
Operating Surplus
Depreciation through I&E
Amortisation through I&E
Loss on diswsal of major repairs
Ad usted EBITDA for loan covenant
I&E
Nole 6
Note 6
Note 6
19,916
17,524
(11,235)
719
26,924
18.458
16,766
{11,384)
1,306
2S,146
20,874
26,145
17,560
20,671
(11,235) (13,376)
719
1,306
27,918
ur
oses
Gearing
Pv4rent
2024
Group
2024
2023
2023
Gross debt
Reserves
300
307
307
314
868
35%
500/0
858
360/0
50%
870
35Q/o
60%
861
360/0
600/0
Gearing {./•)
Maximum Allowed
3 Parent and Group rcs¢rves are calculated by aggregating capitsl and reserves, Housing Association
Grants ('HAG'), other capital grants, pension &8setslliabilities and financial instruments measured at
fair value.
17

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanclal Statements
For the Year Ended 31 March 2024
REPORT OF THE BOIIRD OF MANAGEMENT AIYD THE STRATEGIC REPORT
(eoDtinued)
Treasury policy and capital structure
The Group has a fornial detailed treasury management policy which is approved by the Board. The
policy sets out investment policies, borrowing policies, liquidity policies, interest rate management
policies and tre&8ury management procedures. The policy provides that no more than 500/0 of
outstanding debt will be on a floating rat¢ basis.
At the balance sheet date all drawn borrowings from EIB, DIE and a substantial proportion from AIB
ar¢ fixed rate borrowings. 75 % of the borrowings from Barclays are hedged against interest rdte
volatility. The loan and bond with THFC are on a fixed rate basis. Counte￿arty risk is mitigated by
closely monitoring credit ratings and restricting detx)sits to £1 Om. Revolving ¢redit facilities are on a
floating rate basis.
The Group has established and maintains stron8 relationships with a number of banks and financial
institutions to facilitate future funding r¢quirements and to cnsure a balanced loan portfolio. At ihe
balance sheet date, the Group had gross debt of £307m (2023: £314m), 10 % (2023: 50/0) of which is on
floating rate basis and cash (including cash deposit balances) of £15m (2023: £35m). This combined
with undrawn, committed facilities, will m¢¢t current developm¢nt funding requirements. The Group
generatcd cash flows from operations of £46.9m (2023: £33.6m) and paid inter¢st of £9.3m (2023:
£12.2m).
Manydgement of risk
Risk identification and 83gessment
As the Group's objectives arc ¢stablished and updated, any risks that may prevent their achievement are
identified and a5sess¢d in tern)s of their impact on the organisation and their likelihood of occurrence.
This activity is carried out at appropriate levels throughout thc Group.
Major Risks
There was one "Red" residual risk which was add¢d in January 2024.
The red risk rela*s to the larg¢ number of remedial rcpairs at our Killaire Wood scheme. In accordance
with our risk management policyi an update on PrOg￿sS in relation to this risk is presented to each
meeting of both the Board and the Audit & Risk Committee.
Audit
The Board of Management has established an Audit and Risk Committee with clearly defined ternis of
reference. Thc main functions of the Audit and Risk Committcc are to control and revi¢w the external
and internal audit functions, the internal control systems and monitor the perfonnanc¢ of the
Association against the key business indi¢ators.
The Association's internal auditors report directly to the Audit and Risk Committee on ¢ompletion of
each systems review and an annual summary ￿port is produced by thc internal auditors summarising
the systems audit programme each year. The work of the external auditors also provides some internal
control observations identified during the year-end audit.
18

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
Effectiveness of control mechanisms
For those risks which are identified as being the most significant for any part of the Group, tbe ¢xisting
control environment is assessed to establish ways in which it can be improved. Areas identified for
improvement will be regularly followed up until action points are fully addressed. Wherc a view is
fornied that the Group cannot exercise adequate wntrol over the relevant risk (for example due to
external influences) then the relevant strategic objective will be revisited to establish whether or not it
can be amended to reduce risk anit if not, whether the level of risk is acceptable.
Results for the year
The Group's surplus after tax and after exceptional items for the year was £14.6m (2023: £1.5m).
Donations
The Group and Parent made charitable donations of £88k during the year (2023: £48k). The Group and
Parent made no political donations nor incurred any political expenditure during the year (2023: nil).
Employee Involvement
The Group ¢ontinues to regard ¢ommunication with its employees as a key aspect of its policies.
Inforn?ation is given to employees about employment matters and about the financial and economic
factors affecting the Group's perforniance through management channels, quarterly in-house magazines
and attendanc¢ at internal seminars and training programm¢s.
Employment of Disabled People
The Group is committed to providing equal opportunities to employees. The employment of the
disabled is included in this commitment and the recruitment, training, development and promotion of
dtsabled people are based on the aptitudes and abilities of the individual. Should employees become
disabled during their employmcnt, every effort will be made to continue their employment and, if
necessary. appropriate training will be provided.
Suppller Payment Policy
The Group follows the Better Payment Practice Cod¢ for all suppliers. Th¢ four principles of the code
are: to agree payment ternis at the outset and stick to them. to explain payment procedures to suppliers"
to pay bills in accordance with any contract agreed with the supplier (or as requir¢d by law): and to tell
suppliers without d¢lay when an invoic¢ is contested and then settle disputes quickly.
Future Performance
The Group's future perforn]ance and financial risks will be affected by government policy, the
economic ¢nvironment, internal growth and efficiency initiatives. The Group h&8 adapted its strategy to
deal with the effects of the cost of living crisis, which can be evidenced Ihrough updated business plans
and stress-testing. The Board consider the Group to have strong potential future opportunities.
Diselosure of Information to Auditors
The Directors who held office at the date of approval of this Rep￿ of the Board confirn that, so far as
they are each aware, thei¢ is no relevant infonnation of which the Group's auditors are unaware. and
each Director has taken all the st¢ps n¢cessary that he/sh¢ ought to have taken as & director to make
himselftherself aware of any ￿levant audit inforniation and to establish that the Group's auditors are
aware of that inforniation.
19

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanclal Statements
For the Year Ended 31 March 2024
REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT
(continued)
Audltor
In July 2024, our previous external auditors, ASM (B) Ltd transferred all their external audil contracts
to Sumer Auditco Nl Limited. The Board h&s agreed to a new external audit contract with Sumer
Auditco NI Limited.
By order of the Board
ins (Chair)
21 August 2024
20

CHOICE HOUSING IRELAND LIMITED
Annual Report and Finanual Statements
For the Year Ended 31 March 2024
BOARD OF MANAGEMENT'S STATEMENT OF INTERNAL FINANCIAL CONTROLS
The Board acknowledges that it has the ultimate responsibility for ensuring that the Group has in place
a system of controls, appropriate for the various b￿SInesS environments in which it operates. These
controls arc designed to give r¢asonable assurance about:
Th¢ reliability of any financial inforn]ation that is published by? or is used within. the
The maintenanc¢ of proper accounting records. and
The protection of the Group's assets against their unauthorised usc or dis￿sition.
It is the Board's responsibility to establish and maintain systems of internal financial control. Such
systcms can only provide rcasonable (and not absolute) assurancc against material financial
misstatement or loss. The key cl¢ments of these systems include ensuring that:
There are fomydl policies and procedures in plac¢ (including the documentation of key
systems and rules that relat¢ to the delegation of authorities) which allow the monitoring of
controls and which scek to prevent th¢ unauthorised use of the Group's ass¢ts'
Experienced staff. who are suitably qualified, arc responsible for important business
functions, and are subject to annual appraisal procedures set up to maintain high standards
of perfonnance.
Regular management a¢counts are prepared promptly which provide relevant, reliabl¢ and
up-lo-date financial inforniation, and significant variances from budgets are inv¢stigated as
appropriate.
All significant initiatives, major commitments and investment projects are subject to fornial
authorisation procedures. through r¢levant committtts that are controllcd by Board
members.
The Board's Audit & Risk Committec reviews reports (from management, and from both
internal and external auditors) so that it may have reasonable assurance that control
procedures are in place and are being followed. These revicws include a gen¢ral revi¢w of
the major risks facing the Group•
The Audit & Risk Committee makes regular reports to the Board. and
Fornial procedures have been established for instituting action needed to correct
w¢aknesses identified in the ab)ve reports.
The Board is satisfi¢d that there have been no ma*rial loss¢s, contingencies or uncertainties that require
disclosur¢ in the financial statements as a result of weakness in th¢ internal financial controls.
By order of thc Board
Ins (Chair)
21 August 2024
21

Independent auditors, report to the members of Choice Housing Ireland Limited
Opinion
We have audited the financial statements of Choic¢ Housing Ireland Limited ('tthe Association") and its
consolidated UDd¢rtakings ('tthe Group") for the year ended 31 March 2024 which comprise: the
Consolidated and Association Income and Expenditure Accounts, the Consolidated and Association
Statements of Other Comprehensive Income, the Consolidated and Association Balance Sheets, the
Consolidated and Association Statements of Changes in Equity and the Consolidated Cash Flow
Statement and th¢ related notes, which include a description of the significant accounting w)licies.
The financial reporting framework that h&s been applied in their preparation is applicable law and United
Kingdom Standards including Financial Reporting Standard 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting
Practice) and the Housing SORP - Statement of Re¢omm¢nded Practice for Social Housing Providers.
In our opinion, the Consolidated and Association financial slatements:
give a true and fair view of the stat¢ of the affairs of the Group and of the Association as at 31
Mawh 2024 and of the income and expenditure of the Group and of the Association for the y¢ar
then ended.
have been prowly prepared in accordance with United Kingdom Generally Accepted
Acwunting Practice; and
have been properly prepared in accordance with the Co-operattve and Community Benefit
Societies Act (Northern Ireland) 2016 (forn]erly the Industrial and Provident Societies Act
(Northem Ireland) 1969), the Housing (Northern Ireland) Order 1992, th¢ Registered Housing
Associations (Accounting Requirements) Order (Northern Ireland) 1993. the Charities Act
(Northern Ireland) 21108 and Regulation 9 of the Charities (Accounts and Reports) Regulations
(Northcrn Ireland) 2015.
Basls for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and
applicable law. Our responsibilities under ISAS (UK) are further described in the auditors, re5tx)nsibility
for the audit of the financial statements section of our report.
We are independent of the Group and the Association in accordance with the ethical requirements that
are rclevant to our audit of the financial statem¢nts in th¢ Unit¢d Kingdom, including the Financial
R¢porting Council's Ethical Standard and we have fulfilled our other ethical resFM)nsibilities in
accordance with these requirem¢nts.
We believ¢ that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Conelusions relating to going concern
In auditing the financial statements. we have concluded that the directors, use of the going concern basis
of awounting in the preparation of the financial statements is appropriate.
Based on the work we havc perfornied, we hav¢ not identified any material uncertainties relating to events
or conditions that, individually or wllectively, may (ast significant doubt on the Group
22

INDEPENDENT AUDITOR'S REPORT TO CHOICE HOUSING IRELAND LIMITED
(conlinued)
or the Association's ability to continue as a going concern for a period of at least twelve months from
when the financial stalcments are authorised for issue.
Our responsibilities and the responsibilities of the Board of Management with respcct to going concern
are described in the relevant sections of this report.
Other information
The other inforniation comprises the infomjation included in the Annual Report other than the financial
statcments and our auditors. report thereon. The Board of Management is responsibl¢ for the other
inforniation contained within the Annual Report. Our opinion on the fInancial statements does not cover
the other information and, except to the extent othcrwisc cxpli¢itly stated in our r¢port, we do not cxpress
any forni of assurance wnclusion thereon.
Our responsibility is to read the other inforniation and, in doing so, ¢onsid¢r whether the other inforniation
is materially inconsistent with the financial statements, or our knowledge obtained in the course of the
audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we ar¢ required to detern]in¢ whether this gives rise to a mat¢rial
misstatement in the financial statements th¢mselves. If, based on the work we have perforn]ed, we
conclud¢ that there is a material misstatement of this other inforniation, we are required to report that fact.
We have nothing to report in this rcgard.
Matters on which we are required to report by exception
In light of our knowledge and understanding of the Group and the Association obtained in the course of
the audit, we have not identified material misstatements in the Report of the Board of Management and
the Strategic Report.
W¢ have nothing to report in respect of the following matters where thc Charities (Northern Ireland) Act
2008 and Regulation 9 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015
rcquire us to report to you if, in our opinion:
the inforniation given in the Rewrt of the Board of Management and the Strategic Report is
inconsistent in any material rcspect.
sufficient accounting records have not been kept"
the financial statements are not in agreement with the accounting records" or
we have not received all the infonnation and explanations requir¢d to complete our audit.
We have nothing to report in this regard.
Und¢r the Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (fonnerly the
Industrial and Provident Societies Act (Northern Ireland) 1969) are required to report to you if, in our
opinion:
a satisfactory system of control over trdnsactions has not b¢¢n maintained" or
23

INDEPENDENT AUDITOR'S REPORT TO CHOICE HOUSING IRELAND LIMITED
(copttinued)
we have not r¢¢eived all the inforniation and explanations we require for our audit. or
proper accounting rccords have not been k¢pt by the Association- or
the Association's financial stat¢ments are not in agreement with th¢ accounting records.
We have nothing to report in this regard.
Responsibilities of the Board of Management
As explained more fully in the Board of Management's Statement of Responsibilities on page 4, the Board
of Management is responsible for the preparation of the financial statements in accordance with the
applicable framework and for being satisfied that they give a true and fair view. The Board of
Management is also responsible for such internal control as it deterniines is necessary to enable the
p￿paratIOn of financial statcments that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Management is responsible for assessing the Group's
and the Association's ability to continue as a going concern, disclosing. as applicable, matters related to
going concern and using the going Concern basis of accounting unless they either intend to liquidate the
Group and the Association or to cease operations. or have no realistic alternativ¢ but to do so.
Auditors, responsibility for the Audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors, report that
includes our opinion. Re&80nable assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordanc¢ wilh ISAS (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and arc considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
prOcedU￿S in line with our responsibilities, outliDed above, to detect material misstatements in respect of
I￿¢gularitIeS, including fraud. The extent to which our procedurcs are capable of d¢tecting irregularities,
including fraud is detailed below:
We considered the opportuniti¢s and incentives that may exist within the Group and th¢ Association for
fraud and identified th¢ greatest potential for fraud in the following areas: management override of
controls, including relating to posting ofjournals. To address those risks we discussed the risks with client
management and tested a sample of journals to confirni they were appropriat¢.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Rey)rting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description
fornis part of our auditors, report.
24

INDEPENDENT AUDITOR'S REPORT TO CHOICE HOUSING IRELAND LIMITED
(continued)
Use of our report
This report is made solely to the Board of Management in accordance with section 43 of the Co-operative
and Community Benefit Socicties Act (Northern Ireland) 2016 (fonnerly the tndustrial and Provid¢nt
Societics Act (Northern Ireland) 1969) and article 19 of The Housing (Northern
Ireland) Order 1992. Our audit work has been undertaken so that we might State to the Board of
Management those matters we ar¢ r¢quired to state to them in an auditors, report and for no other purpose.
To the fullest extent pennitted by law. we do not accept or assume responsibility to anyone other than the
Association and the Board of Manag¢menL for our audit worL for this report, or for the opinions we have
forn]ed.
Brian Clerkln
Senfior Statutory Auditor
for and on behaifof Sumer Audlteo Nl Limlted
Statutory Auditors
4 Floor
Glendinning House
6 Murrny Street
Belfast
BTI 6DN
21 August 2024
25

CHOICE HOUSING IRELAND LIMITED
Annual Report and Finan¢lal Statements
For the Year Ended 31 March 2024
GROUP INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Total
Continuing Discontinued
Operations
Operations
Total
Note
2024
£'ooo
2023
£'ooo
2023
£'ooo
2023
£'ooo
Turnover
Operating costs
Operating surplus
82,568
(61,694)
20,874
76,675
(57,446)
19,229
18,328
(11,412)
6,916
95.003
(68,858)
26,145
Gain on disposal of
tangible fixed &ssets
Interest receivable and
similar income
Interest payable and
similar charges
Net finance
creditl(charges) relating to 5119.1
pension scheme
Fair value change in
investment properties
Transfer to disposal
proceeds fund
Movement in fair value of
financial instruments
Surplus before tax
before exception41 items
Exceptional Items - Loss
on disposal of subsidiaries
Surplus before tax after
exceptional items
Taxation
Surplus for the year
3,285
4,186
4,186
1,143
681
1,960
2,641
(9,219)
(7,930)
(4,440)
(12,370)
696
99
99
656
881
881
10
18
(2,694)
{4,011)
(4.011)
181
238
419
26.1
199
14,940
13,316
4,674
17,990
(16,393)
14.940
1,597
(375)
14,565
(130)
1.467
The current year results relate wholly to continuing operations.
The notes on pages 33 to 73 forni part of these financial statements.
26

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
ASSOCIATION INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
PARENT
2024
£'ooo
Note
2023
£'ooo
Turnover
Operating c05t5
Operating surplus
77,406
(57,490)
19,916
73,143
(54,685)
18,458
Gain on disposal of tangiblc fixed assets
Interest receivable and similar income
Interest payable and similar charg¢s
Net finance creditl (charges) relating to pension
scheme
3285
1082
(8,797)
696
4.186
982
(7,525)
99
5119.1
Fair value change in investment properties
Impainnent of financial assets
Transfer to disposal proceeds fund
Movement in fair valu¢ of finan¢ial
instruments
Surplus before tax
Taxation
Surplus for the year
10
18
(2,694)
(4,011)
26.1
199
14,487
12,370
14.487
12,370
Th¢ results relate wholly to continuing activities.
Th¢ notes on pages 33 to 73 fonn part of these financial ststements.
27

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financial Ststements
For the Year Ended 31 Marth 2024
STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
GROUP
PARENT
Notss
2024
2023
2024
2023
£'ooo
£'ooo
£'ooo
£'ooo
Surplus for the yevdr
Oiher comprehensive income
Re-mcasurement of net defined benefit liability 19.1
14465
1.467
14.487
12,370
4a47
10,138
4J47
10.J38
Net addition to restriction in recognition of pension
asset
19.1
Effective w)rtion of changes in fair value of
cash flow hedges
Disposal of subsidiary
(7357) (4,233) (7,257) (4,233)
455
8.480
455
3.089
26.1
(6,917)
Total other eomprehensive In¢ome for the year
(2,455)
7.468
(2,455)
8,994
Total comprehenslve income for the yeAr
12,110
8,935
12,032
21,364
The notes on pages 33 to 73 fonrl part of thesc financial statements.
28

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
BALANCE SHEET
AS AT31 MARCH 2024
GROUP
PARENT
2024
£'ooo
Note
2024
£'ooo
2023
£'ooo
2023
£'ooo
Fixed assets
Tangible fix¢d &8sets- Housing
Properties
Other tangible fixed &8sets
Invcstment properties
Financial assets
986,768
5224
3&248
925,134
5,161
31,139
986519
5,207
324
924,909
5,116
324
10
13,200
943,549
1.028,240
961,434 1,IKIfi750
Nonlurrent assets
Pension asset
19.1
5?24
6,668
5J24
6,668
Current assets
Stock
Trade and other debtors
Cash investments
Cash and cash equivalents
12
855
1,473
51,425
27,442
7,398
87,738
22
22
13
27,100
5,618
9.000
42.573
40,170
5.618
6J31
52,141
61,078
27,442
5,523
94,065
24.1
Creditors: amounts falling due
within one ycar
Net current (Ilabilitiesyassets
Total assets less eurrent liabilities
14
96,751
$4,178
979,386
95.401
94,408
4226
969,807
86,594
960,439
957,688
Creditors: amounts falling due after
more than onc year
Net Assets
15
799,535
179,851
792.698
167.741
792,785
177.022
792,698
164 990
Capital and reseryes
Share capital
Cash-flow hedge reserve
Revenue reserv¢
Total reserves
20
21
(1,520)
181,371
179,851
(1,975)
169,716
167,741
(1,520)
178542
177,022
(1,975)
166,965
164,990
The Group meets the definition of a Public B¢nefit Entity (PBE) as defined by FRS102. These financial
statements were approv￿ by the Board of Manag¢ment on 21 August 2024.
Signed on behalf of the Board of Manag¢ment:
Ciaran McAreavey
vice Chair
Lawrence Jackson
Secretary
The notes on pages 33 to 73 forni part of th¢se financial statements.
Registered Housing Association number: R56
Co-operative and Community Benefit Societies Act (Northern Ireland) 1969: IP000408
29

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanclal Statements
For the Year Ended 31 March 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED31 MARCH 2024
Foreign
Revenue
Currency
Reserve Translation
Reserve
Cash Flow
Hedge
Reserve
Total
Equity
£?000
£'ooo
£'ooo
Balance at l April 2022
Total comprehensive Income for the year
sU￿lUs for the year
Other comprehensive incomefor theyear
Foreign exchange differences on translation
of foreign operations
Effective portion of changes in fair value of
¢ash flow hedges
Re-m¢asurement of net defin¢d benefit
liability
Net addition to restriction in recognition of
pension asset
161,708
253
(3,155)
158,806
1,467
1,467
8,480
8,480
10,138
10,138
(4,233)
(4,233)
Disposal of subsidiary
Total comprekensive incomefor the year
636
253
7,300
253
8.935
Balance at 31 March 2023
169 716
167 741
Balance at l April 2023
Total comprehensive inconje for the year
Surplus for the year
Other comprehensive in¢omefor theyear
Effective portion of changes in fair value of
cash flow hedges
Re-measurement of net defjned benefit
liability
N¢t addition to restriction in recognition of
pension asset
169,716
(1,975)
167,741
14,565
14.565
455
455
4.347
4,347
(7,257)
(7,257)
Total Comprehensive incomefor theyear
455
Balance at 31 March 2024
181 J71
1.520
179,851
The notes on pages 33 to 73 forni part of thes¢ financial statem¢nts.
30

CHOICE HOUSING IRELAND UMITED
Annual Report and Flnandal Statements
For the Year Ended 31 March 2024
PARENT STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED31 MARCH 2024
Revenue
Reserve
Cash Flow
Hedge
Reserve
Total
Equity
£'ooo
£9000
£?000
Balance at l April 2022
Tot81 comprehensive income for the year
Surplus for the year
Other comprehensive incomefor iheyear
Effective portion of changes in fair value of ¢ash flow hedges
Re-measurem¢nt of net defined benefit liability
Net addition to restriction in recognition of pension asset
Total comprehensive Incomefor the year
148,690
(5,064)
143,626
12.370
12,370
3,089
3.089
10,138
4,233
10,138
4.233
3,089
Balance at 31 March 2023
166 965
164 990
Balance at l April 2023
Total comprehensive Income for the year
Surplus for the year
Other comprehensive incomefor the year
Effective portion of changes in fair valu¢ of cash flow hedges
Re-mea5urwnent of net defined benefit liability
Net addition to restriction in recognition of pension asset
Total comprehensive incomefor tke year
Balanee gt 31 March 2024
166,965
(1,975)
164,990
14,487
14,487
455
455
4,347
7,257
12,032
4,347
455
1,520
177 022
The notes on pages 33 to 73 fonn part of thcse financial statemcnts.
31

CHOICE HOUSING IRELAND UMITED
Annual Report and Flnandal Statements
For the Year Ended 31 March 2024
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAREIYDED 31 MARCH 2024
Note
2024
£'ooo
2023
£'ooo
Iyet cash from operating gctivitles
24
46.986
33,653
Cash flows from investing aetivities
Acquisition of tangible fixed assets
Expenditure on investment propety
Cash investments withdrawn/(invested)
Proceeds from sale of tangible fixed assets
Proceeds from the receipt of grants
Int¢rest received
Net cash used fn investlng aetivities
(97,110)
(s,oio)
21,824
3,998
45,933
1,143
(29.222)
(67,903)
(1,774)
(24,615)
1,659
41260
3,308
(48,065)
Cash flow from tlnan¢lng 8Ctivitles
Interest paid
Proceeds from new loans
R¢payments of borrowings
Net cash generated from fingneing Aetivitles
(9,315)
(12,255)
75.515
55,321
7,939
(16,162)
Net {deerease)lincrease In eydsh and c8sh equlvglents
Cash and cash equivalents at l April
Cash and eAsh equivalents at 31 March
1,602
7,398
9,000
(6,473)
13,871
The notes on pages 33 to 73 forni part of these financial statements.
32

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financial Statements
For the Year Ended 31 March 2024
NOTES
(fornilng PArt of the financlal statements)
ACCOUNTING POLICIES
1.1 Legal Status
Choice Housing Ireland Limited (the 'Association' or 'Parent') is established and registered under the
C¢Foperative and Community Benefit Societies Act (Northern Ireland) 1969 and is domiciled in Northern
Ireland. Its registration number is IP000408. It is registered with the Department for Communities
('DfC') as number R56. The registered office is located at 37-41 May St. Bclfast, County Antrim B Tl
4DN.
l.2 Basis of Accounting
These Group and Parent financial statements were prepared in accordance with Financial Reporting
Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Jreland ("FKS
102,) and the Housing SORP 2018: Statement of Recommended Practice for Regist¢red Social Housing
Providers. These financial statements comply with the Co-operative and Community Benefit Societi¢s
Act (Northern Ircland) 1969, Article 19 of the Housing (Northern Ireland) Order 1992, the Rcgistered
Housing A550ciations (Accounting Requirements) Ordcr (Northern Ireland) 1993.
The pr¢sentation currency of these financial statemcnts is sterling. All amounts in the financial statements
have been rounded to the nearest £1,000.
The accounting policies set out b¢low have, unless Otherwise stated, bc¢n applied conslSt¢ntly to material
items for all periods presented in these financial statements.
The Association is included in th¢ consolidated financial statements and is considered to bc a qualifying
entity under FRS 102 paragraphs 1.8 to 1.12. The following excmptions available under FRS 102 in
respect of certain disclosures for the Parent financial statcments have been applied:
No separate parcnt company Cash Flow Statement with related notes is included;
Kcy Management Personncl compensation not been included a second time. and
Certain disclosures required by FRS 102.1 l Basic Financial Instruments and FRS 102.12 Other
Financial Instrument Issues in respect of financial instruments not falling within thc fair value
accounting rules of P￿agraph 36(4) of Schedule l.
Judgements made by the directors, in the application of th¢s¢ accounting policies that have significant
effect on the financial statemcnts and estimates with a significant risk of material adjustment in the next
year are discussed in note 1,25.
1.3 Measurement ¢onvention
The financial statements are prepared on the historical Cost basis except that the following assets and
liabilities are stated at their fair value: derivative financial instrum¢nts, pensions and investment property.
33

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (continlled)
I ACCOUNTING POLICIES (Continued)
1.4 Basis of consolidation
The consolidated financial statements include the financial statements of the Association and its
subsidiary undertakings made up to 31 March 2024. A subsidiary is an entity that is controlled by the
Parent undertaking. The results of subsidiary undertakings are included in the Group income and
expenditure account from the dale that control commcnces until the dat¢ that control ceases. Control is
cstsblished when the Association has the power to govern the operating and financial policies of an entity
so as to obtain benefits from its activities. In assessing control, the Group takes into consideration
potential voting rights that are currently exercisable.
A joint venture is a contractual arrangcment undertaking in which the Group exercise joint control over
the operating and financial policies of the entity. Where the joint venture is carried out through an entity,
it is treated as a jointly controlled entity. The Group's share of the profits Icss losses of associat¢s and of
jointly controlled entities is included in the Group income and cxpenditure account and its int¢iest in their
net assets is recorded on th¢ Group balance sheet using the equity method.
In the Parent undertaking finan¢ial stat¢ments. investments in subsidiaries and joint ventures are Carried
at cost l¢ss impairnient.
1.5 Forelgn currency
Transactions in foreign curr¢ncies are translated into the functional currency of the Group companies at
the foreign exchange rate ruling at the date of the transaction. Monetary asset5 and liabilities denominated
in foreign currencies at the balance sheet date are retrdnslated to the funrtional currency at the foreign
exchange rate ruling at that date. Non-monetary &8sets and liabilities that are me&sur¢d in temis of
historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are
retranslated to the functional currency at foreign Cxchange rales ruling at the dates the fair value was
determined. Foreign cxchange differences arising on translation are recogniscd in income and
expenditure.
1.6 Going eoneern
The financial statemcnts have been p￿pared on a going conccrn basis which the directors consider to be
appropriate for the following reasons.
The Group and Association prepares a 3-year business plan which is updated and approved on an annual
basis. The most recent 3-year strategy (FY24-27) was approved in April 2024 by the Board. In order to
ensure delivery against these strategic goals, the Association will commit to key tsrgets for achievement
by 2025. bring forward annual busin¢ss plans and budgets with detailed objectives and KPIS; fomially
monitor strategic progress every six months with Board & Committee members: and report r¢gularly to
our stakeholders on achievcments and intcntions.
34

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (continued)
ACCOUNTING POLICIES (Continued)
1.6 Going concern (continued)
The Board, after reviewing the Group and Association's budgets for 2024125 and the Group and
Association's medium terni financial position &g detailed in the 2024125 business plan, is of the opinion
thaL taking account of severe but plausible downsides, the Group and Association has adequate resources
to continue in business for the foreseeable future. The Directors note that the Group balance sheet
includes an excess of current liabilities over CUTr¢nt &8sets. They hav¢ prepared financial and cash flow
projections which indicate that the Group will generate profits and positive cash flows over their forecast
period to 2050 which will be sufficient to ensure that all liabilitie5 can be discharged in the ordinary
course as they fall due for payment and that the Group will have adequate liquid funds availabl¢. In order
to Teach this conclusion, the Board havc considered:
the propety market- budget and business plan scenarios have taken account of delays in handovers,
lowcr nuTnbers of property sales, reductions in sales values and potential conversion of market sale
to social homes.
Maintenance Costs - budget and business plan s¢enario$ have been modelled to take account of cost
increas¢s and delays in maintenance expenditUT¢, With major works being phased into ￿tUre years.
Rent and seryicc charge receivable- aTrears and bad debts have been incrcascd to allow for customer
difficulties in making payments and budget and business plan scenari05 to take account of potential
future reductions in r¢nts;
Liquidity - current availabl¢ cash together with unutilised loan facilities of £94.Om which provides
Significant headroom for committed spend and other forecast cash flows that arise:
The Group's ability to withstand othcr adverse scenarios such &8 higher intcrest rates and nulnber of
void properties; and
For the continuing delivery of its development programme the Parent is dependent on grant funding
from the Department for Communities, and bank financing.
The Board believe the Group and Association has sufficient funding in place and expect the Group and
Association to be in compliance with its debt covenants even in severe but plausible downside scenarios.
In discussions with the Group and Association's bankers about its borrowing needs, there has be¢n
nothing to suggest that renewal of existing short-terni facilities may not be forthcoming on acceptable
tenns. Further undrawn long-terni facilities will meet development programme funding requirements into
the foreseeable future,
Consequently, th¢ director5 have a r¢asonable expectation that the Group and Association has adequate
resources to continue in operational existence for the foreseeable future. Accordingly. they continue to
adopt the going concern basis in prcparing th¢ financial statcm¢ntS.
1.7 Classification of finan¢ial instruments Issued by the Group
In a¢¢ordanc¢ with FRS 102.22, financial instruments issued by the Group are treated as ¢quity only to
the extcnt that they meet the following two conditions:
(a) they include no contractual obligations upon the Group to deliver cash or oth¢r financial assets or to
exchang¢ financial assets or f)nancial liabilities with another party under conditions that are
potentially unfavourable to th¢ Group. and
(b) where the instrument will or may be settl¢d in the entity's own equity instrum¢nts, it is either a non-
derivative that includes no obligation to deliver a variable number of the Group's own equity
instruments or is a derivative that will be settled by the Group's exchanging a fixed amount of cash
or other financial assets for a fLxed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classifi¢d &8 a financial liability.
35

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (continued)
ACCOUNTING POLICIES (continued)
1.8 Basic financial instruments
Rental debiors and other debtors
Rental debtors and other debtors are recognised initially at transaction price less attributable transaction
costs. Subsequent to initial recognition they are measured at amortised cost using the effcctive interest
method, less any impairnient losses.
Trade and other creditors
Trade and other creditors are recognised initially at transaction price plus attributsblc transaction costs.
Subsequent to initial recognition they are measured at amortiscd cost using the effective interest mcthod.
If the arrangement constitutes a financing transaction, for example if payment is def¢￿ed beyond nomial
business tcnns. then tt is measured at the present value of futur¢ payments discounted at a market rate of
interest for a similar debt instrument.
Interest-bearing borrowings Classified as basicfinancial Instruments
Int¢r¢st-bearing borrowings are recognised initially at the present value of future paym¢nts discounted at
a market rate of iDt¢rest less attributable transaction costs. Subs4uent to initial Tecognition, int¢rest-
b¢aTing borrowings are stat¢d at amortised c05t using the effectivc interest method.
Cash and cash equivalenls
Cash and cash 4uivalents comprise cash balances and call deposits.
1.9 Other financial instruments
Financial Inslrumenfs nol considered io be basicfinancial instruments (Otherfinancial instrt4ments).
Other financial instruments not meeting th¢ definition of basic financial instruments are recognised
initially at fair value. Subsequent to initial recognition olher financial instruments are me&sured at fair
value with changes recognised in income and expenditure except hedging instruments in a designated
hedging relationship shall be recognised as set out b¢low.
Derivativefinancial instruments and hedging
Derivative financial instniments are recognised at fair value. The gain or loss on re•m¢asurement to fair
value is recognised immediately in income and expenditure. However, wh¢re derivatives qualify for
hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged
(see below).
Cashflow hedges
Where a derivative financial instrument 15 designated as a hedg¢ of the variability in cash flows of a
recognised asset or liability, or a highly probable forecast transaction, the eff￿tive part of any gain or
loss on the derivative financial instrument is recogni5ed directly in other comprehensive incom¢. Any
ineffectiv¢ portion of the hedge is r¢cognised immediately in income and ¢xpenditure.
For cash flow hedges, where the forwast transactions r¢sulted in the recognition of a non-financial asset
or non-financial liability, the h¢dging gain or loss r¢oognised in other ￿Mprehensive income is included
in the initial cost or oth¢r carrying amount of the asset or liability. Alternatively, when the hedged item
is recogniscd in income and expenditure the hedging gain or loss is reclassified to the inwme and
expend]tt￿¢.
36

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Statements
For the Year Ended 31 March 2024
NOTES (eontinued)
ACCOUNTING POLICIES (contlnued)
1.9 Other financial instruments (continued)
When a hedging instrument expires or is sold terniinated or exercise￿ or the entity discontinucs
designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the
cumulative gain or loss at that point remains in equity and is recognised in accordance with the above
policy when the transaction occurs. If th¢ hedged transaction is no longer expected to tak¢ place. the
cumulative unrealised gain or loss recognised in equity is recognised in income and expenditure
immediately.
1.10 Tangible fixed assets
Housing properties are properties held for the provision of social housing or to otherwise provide social
benefit. Housing properties are principally properties available for rent and are stated at cost less
accumulatcd d¢preciation and impairnient losses. Cost includes the cost of acquiring land and buildings,
developm¢nl costs, interest charges incurred during the devclopment period. In instances wher¢
acquisition accounting is applied, the Group recognises the acquired housing assets at the Existing Use
Value for Social Housing at the date of acquisition.
Oth¢r tangible fixed assets are measured at cost less accumulated depreciation and any accumulated
impairn)ent losses.
Housing properties are split betwcen land, structur¢ and major components which rcquire periodi
replacement. Replacement or refurbishment of these components is capitali5ed and depreciated over their
estimated useful life, which has been set laking into account professional guidance and the Group's asset
management strategy. The related r¢placed asset is written off. In detern]ining the remaining useful lives
for the housing stock, the Group has taken account of views from both internal and ¢xternal professional
sources. The expected useful lives are revi¢wed on a regular basis.
Freehold and long le&8ehold land is not depreciated. In all other cases d¢preciation is provided to write
off the cost of fixed assets, less their eslimatcd residual values on a straight-line b&sis over the expected
useful lives of the assets concerned. The estimales of the useful lives of the major classes of asset are:
Asset Category
Useful Llfe
{Y¢4rs)
Asset Category
Useful Life
(Years)
Housingpropertles
Main fabric (new build)
Main fabri¢ (rehobilitated properties)
R(￿f structure and coverin8
Windows and external doors
Gas boilerslfires
Kitsh¢n
Bathroom51WCs
echanical systems
Electrics
Lift
DefeGts insurance
Oiher assets
The Group's office buildings
Office furnirure and equipment
Computer and telephone hardware
Computer software
Furniture in schem¢5
Fixtures and fitlings in schemes
Motor vehicles
Tools
loo
50
40
15
18
30
20
30
30
io
2-3
3-10
Assets in the Course of construction are stated at cost. These assets ar¢ not depreciated until they are
available for use.
37

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Statements
For the Year Ended 31 March 2024
NOTES (Continued)
ACCOUNTING POLICIES (continued)
1.10 Tangible fixed Assets (continued)
Works to existing properties which replace a component that has been tr¢ated separately for depreciation
purposes, along with those works that result in an increase in net rental income ov¢r the lives of the
properties, thereby enhancing thc economic benefits of the assets. arc Capitalised as improvements.
Housing properties are assessed annually for impairnient indicators. Where indicators are identified, an
assessment for impairment is undertaken comparing the scheme's carrying amount to its recoverable
amount. Where the carrying amount of a scheme is deemed to exceed its recoverable amount, the schcme
is written down to its recoverable amount. The resulting impairnient loss is Kcognised as operating
expenditure. Where a scheme is currently decmed not to be providing service potential to the association,
its recoverable amount is its fair value less costs to sell.
Developmen¢ cosls
D¢velopment Costs arc rapitalised wher¢ ihey are direcily attributable to bringing the properties into
working condition for their intended use. Such costs g¢n¢rally include th¢ labour costs of our own
employ¢es arising directly from the acqui51tion or development of th¢ propety and incremental costs that
would only have been avoided if the property ¢onc¢rned had not been acquired or constructed.
l.ll Government grAnts
Government grants are included within creditors in the Balance Sheet and credited to inrome and
expenditur¢ over the expected us¢ful lives of the assets to which they relate or in periods in which the
related costs are incu￿ed. The accruals mod¢l is adopted and grants are classified as grants relating to
asscts.
Government grants received for housing prop¢rti¢s are recognised in income over th¢ useful life of the
housing property structure and its individual components (excluding land) on a pro rata basis. Grants
received specifically for components of a housing pro￿rtY (e.g. funding for replacement of boilers) are
recognised in income over the expected useful life of the component.
On disposal of an asset for which a government grant was received and wh¢rc there is no obligation to
repay the grant, any unamortised grant remaining within liabilities in thc Balance Sheet relating to this
asset is derecognised as a liability and recognised as revenue in income and expenditure.
Where there is a rcquirement to either repay or recycle a grant received for an asset that has becn disposed
of, a liability is included in the Balance Sh¢et to recognise this obligation, measured at best estimate.
Property r¢ceived at below market value 15 treated as a non-exchange transaction as described more fully
in note 1.21.
Grants and contributions r¢ceivabl¢ relating to both completed schemes and schemes being built are
Shown separately within debtors. Those r¢ceived in advance of the related ¢xpenditure are shown
separately within creditOTS.
In certain circumstance5 any grant or contribution may be repayable in part or in full. but any such
amounts will rdnk as subordinated or unsecured debt on the relevant property.
38

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanclal Statements
For the Year Ended 31 March 2024
NOTES (continued)
I ACCOUNTING POLICIES (continued)
1.12 Investment property
Investment properties arc Properties not held for social benefit which are held togeth¢r to earn rental
income or for capital appreciation or for Ix)th. Investment properties are recognised initially at cogt.
Subsequent to initial recognition, investment properties are held at fair value. Any gains or losses arising
from changes in the fair value are recognised in income and expenditure in the period they arise. No
depreciation is provided in respect of investment properties.
1.13 Stocks - properties held for sale and work in progress
Completed properties and properties under construction for opcn market sales are recognised at the lower
of cost and cstimated selling price less costs to complete. Cost comprises materials, direct labour and
direct devclopm¢nt overheads. Assessing n¢t realisable value r¢quires use of the estimation techniques.
In making this assessment, manag¢m¢nt considers publicly available inforniation and internal forec&8ts
on future sal¢s activity. Net realisabl¢ value is based on estimated sales price after allowing for all further
Costs of completion and disposal.
1.14 Impairment excluding stocks. Investments and deferred tax a55et5
Finunelal assels (Including trnde and other deblors)
A financial asset not carried at fair value through incomc and expenditure is assessed at each r¢porting
date to detern]ine wheth¢r there is objective evidence that it is impaired. A financial asset is impaired if
objective evidence indicates that a loss event has occurred after th¢ initial recognition of the asset, and
that the loss event had a negative effcct on the estimated future cash flows of that asset that can be
estimated reliably.
An impairnient loss in respect of a financial &8set measured at amortised c05t is calculated as the
differenc¢ between its carrying amount and the prescnt value of the ¢5timated future cash flows
discounted at the asset's original effective interest rate. For financial instruments measured at cost less
tmpairnlent, an impairnient is calculated as the difference between its carrying amount and the bcst
estimate of the amount that the Group would receive for the asset if it were to b¢ sold at the reporting
date. Interest on the impaired asset continues to be recognised through the unwinding of the discount.
Impainnent losses are recognised in Income and Expenditure Account. When a subsequent event causes
the amount of impairnicnt loss to decrease, th¢ d¢cre&8e in impairnient loss is reversed through income
and expenditure.
Ivon-finanelal 4vsels
The carrying amounts of the Group'5 non-financial assets, other than investment propety, and stocks, are
reviewed at each reporting date to detennin¢ whether there is any indication of impainnent. If any such
indiration exists, then the asset, s recoverable amount is estimated. The rewverable amount of an asset or
housing scheme is the greater of its value in use and its fair value les5 rosts to sell. In assessing value in
use, the estimated future ¢a5h flows are discouDt¢d to their present value using a pre-tax discount ratc that
reflects cur￿nt market assessments of the time value of money and the risk5 specific to the assel. For the
purpose of impairn]ent testing, ass¢ts that cannot be test¢d individually ar¢ grouped together into the
smallcst group of assets that g¢nerates cash inflows from continuing us¢ that are largely independent of
the cash inflows of other ass¢t5 or groups of assets.
An impairnient Ioss 15 recognised if the carrying amount of an &ss¢t or its Cash Generating Unit (CGU)
exceeds its estimated recoverable amount. Impairn]ent losses r¢¢ognised in Income and Expenditure
Account. Irnpairnient losses recognised in respect of CGUS are allocated to reduce the Ca￿ying amounts
of the other assets in the unit (group of units) on a pro rata b&8is.
39

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanaal Statements
For the Year Ended 31 March 2024
NOTES (continued)
ACCOUNTING POLICIES (eonlinued)
1.14 Impatrment excluding stocks, investments and deferred tax assets (continued)
An impairnient loss is reversed if and only if the reasons for the impairnient have ceased to apply.
Impairn]ent losses recognised in prior periods are assessed at each reporting date for any indications that
the loss has decreased or no longer exists. An impairnient loss is reversed only to the extenl that the asset's
canying amount does not ¢xceed the carrying amount that would have been dcterniined, net of
dcpreciation or amortisation, if no impainnent loss had been recognised.
1.15 Employee benefits
DeJ7ned Contrlbullon plans and olher long4erm employee benefits
A defined contribution plan is a post-employment benefit plan under which the Group pays fixed
Contributions into a separate entity and will have no l¢gal or constructive obligation to pay further
amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense
in income and expendilur¢ in the periods during which services are rendered by employees.
Dejlned benefllplon$
The Group participat¢s in the Northern I￿land Local Governlnent Officers P¢nsion Scheme, which is a
funded dcfined benefit scheme.
The Group takes no part in the administration of this fund. Conlributions to it are in accordance with the
instructions of the Trustees of the scheme, which follows actuarial advice given to Ihem.
A defined benefit plan is a post4mployment benefit plan other than a defined contribution plan. The
Group's net obligation in respect of defin¢d benefit plan5 is calculated by estimating the amount of future
benefit that employees have earned in return for their scrvice in the curr¢nt and prior year. that benefit is
discountcd to deterniine its present value. The fair value of any plan assets is deducteil. The Group
detennines the net interest expense (income) on the net defined benefit liability {￿set) for the year by
applying thc discount rate as deterniined at the beginning of the annual period to the net defin¢d benefit
liability (asset) taking account of changes arising as a result of contributions and benefit payments.
The discount ratc is the yield at the Balance Sheet date on AA credit rated bonds denominated in the
currency of, and having maturity dates approximating to the ternis of the Group's obligations. A valuation
is perfornied every three years by a qualified actuary using the projected unit credit method. The Group
recognises net defined benefit plan assets to the extent that it is able to recover the surplus either through
reduced contributions in the future or through refunds from th¢ plan.
Changes in the net defined benefit liability arising from employee service rendered during the period, net
int¢rest on net defined benefit liability, and the cost of plan introductions, benefit changes, curtailments
and settlements during the year ar¢ recognised in In￿Me and expenditure.
Re-m¢&8urement of the net defin¢d benefit liability / asset is re¢ognis¢d in other comp￿henSIve incom¢
in the year in which it occurs.
Termlnalion benefits
Tennination b¢n¢fits are recognised as an expense wh¢n the Group is demonstrably committed, without
realisti¢ possibility of withdrawal, to a fornial detailed plan to either temiinate employment before the
nomaI retirement dat¢, or to provide tennination benefits as a result of an off¢r made to encourage
voluntary redundancy. Terniination benefits for voluntary redundancies are rerognised as an expense if
the Group has made an offer of voluntary redundancy? it is probable that the offer will be ￿CePted, and
40

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financial Ststements
For the Year Ended 31 Mar¢h 2024
NOTES (continued)
I ACCOUNTING POLICIES (continued)
1.15 Employee benefits (continued)
the number of acceptances can be estimated reliably. If benefits are payable morc than 12 months after
the reporting date, then thcy are discounted to their present value.
1.16 Provisions
A provision is recognised in the Balance Sheet when the Group has a present legal or constructive
obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are recognis¢d at the best estimate
of the amount required to settle the obligation at the reporting date.
1.17 Turnover
Turnover excludes value-added t&x and represents ￿￿tal and service charge income r¢c¢ivable (net of
void losses), fees receivable. and amortisation of grants. Rental income is recognised on the execution of
tenancy agreements. Other income is r￿ognISed as receivabl¢ on the delivery of services providd.
Donations received under the Gift Aid scheme lo the Parent, from its subsidiaries are recognised as
tumover upon r¢¢¢ipt as it relates to the principal activities of the Association and is eliminated on
consolidation.
1.18 Expenses
Jnterest receivable and interesfpayable
Interest is capitali5ed on borrowings to finance the devclopment of qualifying &8sets to the ¢xtent that it
accrues in respect of the period of development if it repr¢sents:
(a) interest on bO￿owingS specifically financing the development programme after deduction of related
grants received in advance. or
(b) a fair amount of int¢rest on borrowings of the association as a whole aftex deduction of Housing
Association Grant (HAG) received in advance to the extcnt that they can be deemed to be financing the
development programme.
A qualifying asset is one which necessarily takes a substantial p¢rAod of time to get ready for its intended
use or sale. Other interest payable is charged to in¢ome and expenditure in the year.
Other interest receivable and similar income include interest receivable on funds invested. Interest in¢ome
and interest payable ar¢ Tecognised in in¢om¢ and expenditure as they accrue, using the effective interest
method.
Operaling Lease
Payments made under operating leases are recognis¢d in the income statement on a straighl-line basis
over the t¢m of the lease.
41

CHOICE HOUSING IRELAND LIMITED
Annual Report and Finandal Statements
For the Year Ended 31 March 2024
NOTES (continued)
ACCOUNTING POLICIES (eontinued)
1.19 Taxation
Certain activities of the Group are not t&xable &$ the entities have charitable status.
Currcnt tax is recognised for the amount of income tax payable in respect of the taxable surplus for the
current or past reporting periods using the tax rates and laws that have been enacted or substantively
enacted by thc rcporting date.
Def¢rred tax is recognised in respect of all timing differences at the reporting date. except as otherwise
indicated. Deferred tax assets are only recognised to the extent that it is probable that they will be
recovered againsl the reversal of deferred tax liabilities or other future taxable profits. If and when all
Conditions for retsining tsx allowances for the cost of a fixed asset have been mct, the d¢f¢Tred tax is
reversed.
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacled
by the reporting date that ar¢ expected to apply to lh¢ reversal of the timing difference. Def¢￿ed tax is
measured on an undI￿Ount¢d basis.
Unrelieved tax losses and other def¢rr¢d tax assets are recognised only to the extent that it is probable
that th¢y will be recovered against the reversal of deferr¢d liabilities or other future taxable profits.
120 Propertles managed by agents
Most of the Group's special needs stock is managed by agents with the relevant skills and expertise to
support the tenants in these schemes. Some of these schem¢s receive a revenu¢ grant, which is passed
to the managing agent. Where the financial risk in these schemes falls primarily on the managing agents,
the related income and cxpenditure arising from day-to-day operations have been excludcd from these
fjnancial statements whilst the property rental income arising and related direct costs of management and
maint¢nance are included.
1.21 Non exchange transactions
Property received at below market value is treated as a non-exchange transaction. The differencc between
the fair value of th¢ asset donated or acquired and the consideration paid for the asset is ￿cOgniSed as a
govcrnmcnt grant and included in the Balance Sheet as a liability. The ternis of the donation or acquisition
arc considered to be perfom]ance-ttlated conditions and the grant is amortis¢d to turnover in the ycar of
perfomiance of the condition5.
1.22 Disposal proeeeds fund
Surpluses arising from the sale of property to tenants are transferred to the Disposal Proceeds Fund, along
with any related Housing Association Grant. The net surpluses can be used by the Group to fund works
on property that would not be cligibl¢ for housing assLKiation grant or (in c¢rtain cir¢umstances) attract
loan finance. If the surpluses are not used within two yvars of their receipt they may be payable in part or
in full to the Department for Communities and the amounts potentially repayable are in¢lud¢d within
Creditors.
1.23 Tenant services fund ('TSF')
Surpluses or d¢ficits arising from a differcnre between tenant s¢rvice and support charges and the relat
cost of service provision are held on the Balance Sheet as debtors or creditors, with the balance being
recovered from or releas¢d to future income streams. The TSF movem¢nts are included within operattng
costs on the face of the income stat¢ment.
42

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (continued)
ACCOUNTING POLICIES (continued)
1.24 Critical accounting estimates
The Board of Management makes estimates and assumptions concerning the future in the process of
preparing the Group financial statements. The estimates and assumptions made in the preparation of th¢se
financial statements are as follows:
mpainn¢nt- As part of the Group's Association's continuous review of the perforniance of
their assets, management identify any homes, or schemes, that have incre&sing void losses. are impacted
by policy changes or where the decision has been made to dispose of the properties. These factors a
considered to be an indication of impairn]ent. Where there is evidence of impairnient, the fixed &ssets are
written down to the recoverable amount and any impairnient losses are charged to operating SUTpluses.
Defined benefit obligation- Management's estimate of the defined benefit obligation is based on
a number of ¢ritiral und¢rlying assumptions such as standard rates of inflation. mortality, discount rate
and anticipation of future salary incr&ases. Variation in these assumptions may significantly impact the
liability and the annual defined benefit expenses (as analysed in Note 19). The net defined Irnefit p¢nsion
asset at 31 March 2024 was £5,324k
Management have assessed that there are no judgements that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities recognised in the financial statemenls.
PARTICULARS OF TURNOVEII OPERATING COSTS AND OPERATING SURPLUS-
PARENT
2024
2023
Operating
surplusl
(defi¢it)
£'ooo
Operating
surplus1
(deficit)
£1000
Turnover
Operating
costs
£'ooo
£'ooo
Social housing activities
Non-social housing activities
Total per income and
expenditure a¢¢ount
77,41)0
(57,051)
(439)
20J49
(433)
18,875
(417)
77,406
(57,490)
19,916
18,458
43

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 Marth 2024
NOTES (Continued)
2.1 TURNOVE￿ OPEIL4TING COSTS AND OPERATING SURPLUS OR DEFICIT
FROM SOCIAL HOUSING ACTIVITIES
Parent
2024
General Sheltsred Supported Agents Admin
needs
£'ooo
39,519
5,551
1.713
85
67
1,077
8,946
56,958
(675)
56383
2023
Total
Total
Ineome from lettlDgs:
Rent
Rates
Services
Services- Heat
Supporting people
Other income
Amortisation of grant
Gross income
Less: void losses
£'ooo
7.271
1.023
2,125
793
1,047
52
794
13,105
(369)
12,736
£'ooo £'ooo £'ooo
3,155
2,926
209
72
431
61
19
£'ooo
52,877
6,855
4276
939
1,133
1,138
1,466
78.684
(1278)
77.406
£'ooo
47,805
6,297
4,063
814
1,090
3.320
11,182
74,571
{1,428)
73,143
823
903
4,706 3.909
(222)
(12)
4,484
3,897
Net Income
Services
Heat
Supporting people
Management
Rat¢s payable
Maintenance
administration
Planned and cyclical
maintenance
Reactiv¢ maintenance
Major repairs
Property lease charges
Bad debts
Exchange movement
Impairn)ent
Depreciation- social
housing
Depreciation - non-social
housing
Transfer to Tenants,
S¢rvi¢¢s Fund
Operating costs
Operating surplusl
(deficit)
2,807
71
(20)
10,421
5,164
1,948
655
1,395
(229)
898
622
64
iio
5.487
790
1,375
10,436
6,326
4,421
I,ooi
1,427
10,590
5.836
56
159
188
96
2,206
671
359
242
3,478
3,131
1.949
464
532
198
3.143
2,404
5,079
610
14
344
1,428
82
503
579
16
7,589
719
16
344
72
7,549
1,306
12
779
72
17,661
16,344
12.980
2,301
1,139
1,241
356
356
409
(448)
41.177
328
(163)
3282
(19)
2.651
(302)
439 57,490
(526)
9,941
54,685
15.106
2,795
1,202
1,246
(433) 19,916
18,458
Oth¢r income includes £449k (2023: £948k) of donations r¢ceived under the gift aid scheme from
Group entities.
Turnover and operating costs relating to non-social artivities are set out in the AdmiD ¢olumn.
44

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Statements
For the Year Ended 31 March 2024
NOTES (continued)
TURNOVEK OPERATING COSTS AND OPERATING SURPLUS OR DEFICIT
FROM SOCIAL HOUSIIYG ACTIVITIES (Continued)
Parent
2024
General Sheltered Supported Agents Admin
needs
£yooo
2023
Total
Tot81
£'ooo
£'ooo £'&oo £'ooo
£'ooo
£'ooo
DIE management allowances
Management allowances
Management costs
(Deficitysurplus
3,057
(10,421)
(7,364)
807
284
422
4,570
(10,436)
(5.866)
4,533
(10,591)
(6,058)
229
1,036
(56) (188)
228
234
Dfc mglntenance allowances
Maintenance allowances
Planned and cyclical
Maintenance
Reactive maintenance
Defl¢lt
3.910
945
358
539
5,752
5.713
(2,349)
(664)
(5,253) (1,583)
(3,692) (1,302)
(634) (206)
(603) {619)
(879) (286)
(3,853)
(8,058)
(6,159)
(2,983)
(7,895)
(5,165)
Tllrnover excluding other income and amortisation of grant
Parent
2024
Total
£1000
2023
Total
£'ooo
39,357
19,284
58,641
Techni¢al
Non-te¢hni¢al
Total
44,300
20,502
64,802
Group
The addition of the turnover of Maple And May Ltd, Maple And May (Homes) Ltd and Choice Services
(Ireland) Limited (net of consolidation adjustments) of £5.162k (2023: £21,860k) resultcd in a Group
turnover of £82,568k (2023: £95,003k).
The addition of the operating costs of Maple And May Ltd, Maple And May (Hom¢s) Ltd and Choice
Services (Ireland) Limited (net of consolidation adjustments) of £4,204k (2023: £14,173k) r¢sulted in
Group operating costs of £61,694k (2023: £68.858k).
45

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (continued)
3 EMPLOYEES
Th¢ average number of persons employed (including the Group Senior Executives) during thc year.
analy5¢d by category was:
Group
2024
PareDt
2024
2023
2023
No.
Corporate Services
Development and Growth
Housing
Maintenance
71
20
152
178
421
86
26
173
178
463
70
20
152
79
321
76
21
155
75
327
The costs incurred in r¢spect of these employees were:
2024
£'oo
2023
£'ooo
2024
£'ooo
2023
£'ooo
Wages and salaries
Social security cosls
Other pension costs
13,342
lJ52
1,104
15,798
13,851
1,467
1,473
16,791
9,946
1,012
949
11.907
9.356
972
1,273
No redundancy costs were incurred during the year (2023.. £Nil). Included in the above are employee
costs capitalised of £2,654k (2023: £2,232k).
INFORMATION REGARDING DIRECTORS AND EMPLOYEES
Remuneralion of Group Senior EYeGutlves
Th¢ remuneration paid to six (2023: seven) Group Senior Executives (defined for the purposes of
emoluments as members of the Group Senior Management Team of the Association) was as follows:
Group
Parent
2024
2023
2024
2023
£'ooo
£'ooo
£'ooo £'ooo
Aggregate emoluments (including benefits in kind)
Pension contributions
732
783
732
676
142
139
142
123
874
922
874
799
The emoluments to the highest paid Director (currently
included within the above table) are as follows:
Aggregate emoluments (including benefits in kind)
Pension contributions
155
17
142
15
157
155
17
142
15
172
172
157
Total ex[￿nseS reimburs￿ to the Group S¢nior
Executives and not chargeable to inwm¢ t&K
46

CHOICE HOUSING IRELAND LIMITED
Annual Report and Finandal Statements
For the Year Ended 31 March 2024
NOTES (Continued)
3.1 INFORMATION REGARDING DIRECTORS AND EMPLOYEES (Continued)
Remuneration ofGroup Senior EKect4tives by Salary Band
The nutnbers of Group Senior Executives whose emoluments (including pension contributions but
excluding redundancy rclat¢d payments) fell within the following rangcs were:
Group
2024
Parent
2024
No.
2023
2023
BY4nd
£115,001- £120,000
£120,001- £125,000
£125.001- £130,000
£130,001- £135,000
£135.001- £140,000
£140.001- £145,000
£145,001- £150,000
£150,001- £155,000
£155.001- £160,000
£160.001- £165.000
£J65,001- £170.000
£170,001- £175.000
Total
Those Group Senior Executives who are member5 of the NILGOSC Pension Scheme are on the
same terms as all other rnembers.
Remuneration ofslaffby Salary Band
The number of staff who received r¢munerdtion greater than £60,000 (excluding directors and Group
Senior Executives):
Group
2024
No.
2023
Band
£60,001- £70.000
£70.001- £80,000
£80,001- £90,000
£90.001- £100,000
£ioo,ooi - £iio,000
Total
14
16
47

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (continued)
3.1 INFORMATION REGARDII¥G DIRECTORS AND EMPLOYEES (continued)
Remuneration ofBoard Members - Parent
The memb¢rs of the Board are not remunerat￿.
The total expcnses paid to members of the Board were £137 for the year ended 31 March 2024 (2023:
£nil).
INTEREST RECEIVABLE AND SIMILAR INCOME
Group
2024
£'ooo
Parent
2024
£?000
2023
£'ooo
2023
£'ooo
Interest receivable from bank deposits
Interest receivable from Group companies
1.143
2,641
1.144
738
459
523
982
1,143
2,641
1.882
INTEREST PAYABLE AND SIMILAR CHARGES
Group
2024
£'ooo
Parent
2024
£'ooo
2023
£'ooo
2023
£'ooo
Interest payable on financial liabilities at
amortis¢d Cost
Net int¢rest (creditycharge ol) net defined
benefit obligations
9319
12,370
.797
7,525
(696)
(99)
(696)
(99)
8,523
12,271
8,101
7,426
48

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (Continued)
SUIiPLUS ON ORDINARY ACTIVITIES
Included in income/¢xpcnditure are th¢ following:
Group
2024
Parent
2023
£'ooo
2024
£'ooo
2023
£'ooo
Depreciation on housing and other fixed
assets
Write-off of major repairs on owncd
tsngible fixed assets
Amortisation of grants and contributions
SUrp1￿s on sale of housing assets
Change in fair value of investment
property
Change in fair value of derivatives
r¢cognised in income and ¢xpenditure
Impainnent loss on s¢hem¢s being built
Internal audit services
32
29
32
Capitalisation ofown labour and overhead ￿lL}
17A24
16.766
17,560
20,671
719
719
1,306
(11.384)
(4,186)
1.306
(13,376)
(4,186)
(881)
(11235)
(3385)
(656)
(11235)
(3,285)
(199)
(419)
(199)
(181)
Group
2024
£'ooo
2023
£'ooo
Auditorgs Remuneration:
Fees payable to the Association's auditors for the audit of the
parent and Group financial statements
Fees payable to th¢ Association's auditors for other services:
T&x compliance services
Tax advisory services
All oth¢r services
Total amounts payable to the Association'5 auditors
64
88
io
74
96
49

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (continued)
7 TAXATION
The Association is considered to pass the tests s¢t out in Paragraph I Schedul¢ 6 Finance Act 2010 and
theT¢fore meets the definition of a charitable company for UK corporation tax purposes. AC￿rdinglY.
the Association is w)tentially exempt from taxation in respect of income or capital gains received within
categories covered by Chapter 3 Part I I Corporation Act 2010 or Section 256 of the Taxation of
Chargeable Gains Act 1992. to the cxtent that such income or gains are applied exclusively to charitable
purposes.
Maple And May Ltd Maple And May (Homes) Ltd and Choice Services (Ireland) Limited, as
subsidiaries of the Association, can gift their taxable profits to the Parent under a gift aid arrangemenL
thereby rcducing their t&xabl¢ profits to £Nil. All of the taxable profits of the company must be gifted
to the ParenL in cash, on or before l January following the accounting period end to meet this
arrangement. A current lax crediu (clwge) of £212k (2023: £37k) has been ￿ognIsed in respect of
these entities.
A deferred charge of £164k (2023: £167k) has been recognised relating to Maple And May Lt
arising on investment properties- total d¢ferred tax liability recognised of £1,133k (2023: £742k).
Additionally? due to the unc¢rtainty of the recoverability of the tax losses. a deferr¢d t&x asset of £244k
(2023: £244k) relating to Maplc And May Ltd has not been recognised.
Group
2024
2023
£'ooo
£'oo&
Parent
2024
2023
£'ooo £'ooo
Current tax
UK corw)ration tax on surplus for the year
Deferredlax
Deferred charged to the SOCI in arriving at the
surplus for the year
Total t&x on results
211
(37)
167
164
375
130
50

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Ststements
For the Year Ended 31 March 2024
NOTES (continued)
FIXED ASSETS- HOUSING PROPERTIES
Group
Housing Schemes being
bullt
£'ooo
Total
£'ooo
£'ooo
Cost
At 31 March 2023
Additions
Transfers
Impaimient
Disposals
At 31 March 2024
1,011,983
21,050
47,002
113,607
75,604
(47,002)
1,125.590
96,654
(9,669)
1,070J66
(10,736)
131,473
(20,405)
1,201,839
Depre¢i2tlon
At 31 March 2023
Charge for the year
Disposals
At 31 March 2024
(200,456)
(17,167)
2,552
(215.071)
(200,456)
(17,167)
2.552
(215,071)
Net Book Value
At 31 Mareh 2024
At 31 March 2023
855,295
811,527
131,473
113,607
986,768
925,134
The tenure for these properties at cost IS:
Freehold Long leasehold
£•ooo
£'ooo
1,078,273
123,566
1,010,241
115,349
Totsl
£'ooo
IJOl,839
1,125,590
At 31 March 2024
At 31 March 2023
No fixed assets are held under finance l¢as¢s.
Schemes being built
The amount of borrowing costs capitali5ed during the period was £897k (2023: £1,21 Ik) with a
capitalisation rate of 3.2 % (2023: 5.70/0
Includd in the cost of housing properties is £4,711 k (2023: £3,814k) in respect of capitalised finance
costs.
Security
Bank loans are secured by specific charges on some of the Group's properties. See note 16.
The Nct Book Value of assets hcld for sale at the ye8r-end is £Nil (2023: £1.2M)
51

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Statements
For the Year Ended 31 March 2024
NOTES (continued)
FIXED ASSETS- HOUSING PROPERTIES (continued)
Parent
Housing
Schemes Being
Built
Totsl
£'ooo
£'ooo
£'ooo
Cost
At 31 March 2023
Additions
Transfers
Disposals
Impairnient
At 31 March 2024
1.011,983
21.050
47,002
(9,669)
113,382
75,580
(47,002)
(10,736)
1,125,365
96,630
(20,405)
1,070J66
131224
1,201,590
DepreciAtion
At 31 March 2023
Charge for the year
Disposals
At 31 Msrch 2024
(200,456)
(17,167)
2,552
215,071
(200.456)
(17,167)
2,552
215 071
Net Book Value
At 31 March 2024
At 31 March 2023
855395
811,527
131.224
113,382
986,519
924,909
The tenure for these propcrties at Cost is:
Long
Leasehold
Freehold
£'ooo
1,078,023
1,010,014
Total
£'ooo
1,201,590
1.125,365
At 31 March 2024
At 31 March 2023
123,567
115.351
No fixed assets leased ar¢ held under finance leases.
Schemes being built
The amount of borrowing costs capitalised during the period was £897k (2023: £1,21 Ik) with a
capitalisation rate of 3.20/0 (2023: 5.70/0).
Included in the cost of housing propertics is £4,71 Ik (2023: £3,814k) in respect of capitalised finance
costs.
Security
Bank loans are secured by specific charges on some of the PaT¢nt's properties. S¢¢ note 16.
52

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (continued)
OTHER TANGIBLE FIXED ASSETS
Group
Office
Land *
and
Buildings
£'ooo
Office
Furniture
Tools
Total
Vehieles
Computers Software
Equipment
£'ooo
£'ooo
£'ooo
£?000 £'ooo
£'ooo
Cost
At 31 March 2023
Additions
Disposals
At 31 March 2024
7.956
114
1,375
13
2,555
319
2,307
106
74
14,381
456
7,963
125
lJ88
2.874
2.413
74
14,837
Depreei2tion
At 31 March 2023
Charge for the year
Disposals
At 31 Mareh 2024
(3,417)
(72)
(92)
(17)
(1,345)
(18)
(2,150) (2.162)
(181)
(87)
(54) (9,220)
(18)
(393)
(3.489)
(109)
(lJ63)
(2,331) (2249)
(72) (9.613)
Net book value
At 31 March 2024
At 31 March 2023
4,474
4A39
16
22
25
30
543
405
164
145
5,224
5,161
20
Office land is held freehold.
No fixed assets are held under finance leases.
53

CHOICE HOUSING IRELAND LIMITED
Annual Report and Finanual Statements
For the Year Ended 31 March 2024
NOTES (eontinued)
OTHER TANGIBLE FIXED ASSETS (continued)
Parent
Otrice
Land*
and
Buildings
£'ooo
oirice
Furniture & Computers Software
EquipmeDt
£'ooo
Totsl
Vehicles
£'ooo
£'ooo
£'ooo
£'ooo
Cost
At 31 March 2023
Additions
At 31 Mareh 2024
7.956
81
1.355
13
2,539
319
2.307
106
14,238
448
7,963
84
lJ68
2J58
2.413
14,686
Depreclation
At 31 March 2023
Charge for the year
At 31 March 2024
(3,417)
(72)
(3.489)
(81)
(1,328)
(17)
(lJ45)
(2,134) (2.162) {9,122)
(181)
(87)
(357)
(2J15) (2,249) (9,479)
(81)
Net book value
At 31 MAreh 2024
At 31 March 2023
4,474
4,539
23
27
543
405
164
145
5307
5,116
Office land is held freehold.
No fixed assets are held under finance leases.
10 INVESTMENT PROPERTY
Group
£'ooo
31,139
5,010
(557)
656
36,248
Parent
£'ooo
324
At l April 2023
Additions
Disposals
Revaluation gainl(loss)
At 31 March 2024
324
Investment properties consist of domestic properties in Maple And May Ltd and commercial propertie5
in Choice Housing Ireland Limited. held for rental.
Any gain or loss arising from a change in fair value is recognised in income and expenditur¢. Rental
income from investment property is accounted for as (kscribed in the turnover accounting policy.
54

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (contlnued)
10 INVESTMENT PROPERTY (continued)
Group
Th¢ investment property fair value is predominatcly based on a valuation by an external, indepcndcnt
valuer, having an appropriate recognis¢d professional qualification and recent Cxperience in the location
and class of the properties being valued. The valuation exercise for £36,017k of the propcrties held wa5
pcrfomied with a valuatlOD date of 31 March 2024.
Thc valuations, which are supported by previous market evidence, are prepared by considering the
aggregate of th¢ net annual rents, receivable from the properties and where rel¢vant, associated costs.
The directors have not obtained a valuation report as at 31 March 2024 in respect of the portion of Lesli¢
Morrell House carried as an investment property with an &8sessed value of £324k. The directors have
assessed the fair value as at 31 March 2024.
Any gain or loss arising from a ¢hang¢ in fair value is re¢ognised in profit and loss. Rental income from
inv¢sknent propety is accounted for as described in the turnover accounting policy.
Th¢ historical cost of the inv¢stment properties at 31 March 2024 was £31.962k (2023.. £27.354k).
Company
Leslie mO￿ell House (a portion of the property is carried as an investment propety and the remainder is
us¢d in the business): The directors have not obtained a valuation report as at 31 MaKh 2024 in respect
of this investment property with an assessed fair value of £324k. The directors have asKssed the fair
value as at 31 March 2024 cognisant of a valuation perfonned by an cxternal, independcnt valuer in March
2021.
The historical cost of the investment prop¢rti¢s at 31 March 2024 was £230k (2023: £230k).
I I FIIYANCIAL ASSETS
Group
Parent
£,(￿0
At l April 2023
Additions
13,200
1,500
At 31 March 2024
14.700
55

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financial Ststsments
For the Year Ended 31 March 2024
NOTES (eontinued)
FINANCIAL ASSETS (continued)
li
The undertakings in which the Group and Association's interest at th¢ y¢ar-end is mor¢ than 2￿/0 are as
follows-
Regtstered
oifice
Subsidiary undertakings
Maple And May Ltd Northern Ireland
Nature of Business
Class of
sbares held
Ownership
Provision of property ￿ntaI Ordinary &
and related services
Preference shares
Maintenance services
Ordinary
shares
Ordinary
shares
loo%
Choice Services
(Ireland) Limited
Maple And May
(Homes) Ltd
Jolnt venture
Comhar Facilities
Management Limited
Northern Ireland
Northern Ireland
Development of affordable
housing
i oo°/
Republic of Ireland
Provision of facilities
management services
A shares
99%
Maple & May Ltd- The Association holds 14,500,000 Preference shares of £1 each which are
redeemable at any time on request at the option of the issuer. The prcmium on red¢mption is £Nil.
Comhar Facilitics Management Limited is accountcd for &$ a Joint Venture within the Group financial
statements; carried at Cost. The investm¢nt at 31 March 2024 was £172 (2023: £172).
In 2023 there was a deconsolidation of th¢ Republic of Ireland subsidiaries, Oaklee and Acorn which
are treated in the Group results as a disposal of their net assets as at 31 st March 2023.
Loss on disposal of 8ub$ldlgrles
Group
2024
£'ooo
2023
£'ooo
Income & Expendilure Accounl
Loss on disposal
s¢alen￿mI of c0ryrehe￿ive Incon
Loss on disposal
16,393
6.917
56

CHOICE HOUSING IRELAND LIMITED
Annual Report and Finandal Statements
For the Year Ended 31 March 2024
NOTES (continued)
12 STOCK
Group
Parent
2024
£9000
598
235
22
2023
£'ooo
1,204
247
22
2024
£,￿0
2023
£'ooo
Work-in-progress
Stock- materials
Fuel
22
22
855
1,473
22
22
Work in progress rccognised in operating costs in the year amounted to £1,389k (2023: £866k).
13 DEBTORS
Group
Parent
2023
£'ooo
2024
£'ooo
2023
£'ooo
2024
£'ooo
Rental debtors gross - technical
Rental debtors gr05s - non-technical
Less provision for bad and doubtful debts
Net Rental Debtors
Housing asset grant receivablc
Other debtors
Amounts du¢ from group undertakings
Amounts due from joint venture
Prepayments and a¢¢rued income
2286
3.042
(1.759)
3,569
15,776
6,129
1,962
2,442
(1,733)
2,671
41,052
6,214
2,286
1,962
3,042
2,442
(1,759) (1,733)
3J69
2,671
15.776
41,052
5.639
5.570
14,129
11,015
16
13
1.041
757
40,170
392
1334
27,100
597
891
51,425
61.078
Due within one year
Due after one year
27,100
51,425
27233
12,937
40.170
59,278
1.800
61,078
27,100
51,425
The terni '*echnical" refers to the portion of the rental debt which will be paid out of expected
Housing B¢nefit and Supporting People payments. Parent- Other debtors includes £944k in relation to
the Tenants Services Fund. (2023: £39 Ik) Par¢nt- Amounts due from group undertakings are interest
free and unsecured. £12,937k due from group undertakings is due after more than one year (2023:
£1,800k), with £1,192k repayable on demand (2023: £9,215k).
57

CHOICE HOUSING IRELAND LIMITED
Annual Report and Finanual Statements
For the Year Ended 31 Marth 2024
NOTES (eontinued)
14 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Parent
2024
£*ooo
2023
£'ooo
2024
£'ooo
2023
£'ooo
Debt (note 16)
Trade creditors
Accruals
Other creditor5
CorFX)ration tax payable
Due to contractors for certified work and
retentions
Rental and ￿ry1¢e charge paid in advance
Other tax and social security
Amounts due to group undertakings
Amounts due to joint venture companies
Housing grant received in advance
Housing grant repayable
Deferred t&x liability
Disposal proceeds fund (note 18)
D¢ferred grant income (note 17.1)
24,737
4,149
8,436
140
204
31,612
2,859
6,754
190
275
24,737
3,752
8,061
24,862
2,575
6,296
6,049
1,408
343
3,525
1,156
64
6.049
1.408
250
3,525
1,156
49
35,134
29,294
4.178
1,134
5,563
29,294
4,178
35,134
742
2,458
10.583
95,401
S,563
11,116
94,408
2,458
10,583
86.594
96,751
Amounts due to group undertakings are interest free, unsecured and repayable on demand.
15 CREDITORS: AMOUNTS FALLING AFTER MORE THAN ONE YEAR
Group
2024
£'ooo
Parent
2023
2024
£'ooo
2023
£'ooo
£?000
Debt (note 16)
Disposal proceeds fund (note 18)
Financial instrumcnts (note 26)
Deferred grant income (note 17.1)
282,149 282,121
2,708
4,011
iJoo
1,954
513,378 504,612
799,535 792,698
275J99
2,708
iJoo
513J78
792,785
282,121
4,011
1,954
504,612
792,698
58

CHOICE HOUSING IRELAND LIMITED
Annual Report and Finandal Statements
For the Year Ended 31 March 2024
NOTES (¢ontlnued)
16 DEBT ANALYSIS
Group
2023
£'ooo
Parent
2024
£?000
2024
£'ooo
2023
£'ooo
Due within one year
Banks and other loans
Dfc loans
24,734
31,545
67
31,612
24,734
24,795
67
24,862
24.737
24,737
Due greater than one year
Banks and oth¢r loans
Dfc loans
282.149 282,118
275J99
282,118
282,149 282,121
306.886 3 I3,733
275J99
300,136
282,121
306,983
TotaE borrowings
Terms ofrepayment and interest rates
Group
CurreDCy
Nornln*l Intere4t rate
Yearof
maturlty
R4nge
2024 to
Repayment
xhedule
3J MArch
2024
31 M*rch
2D23
Range
0.81J/o to 6.20/0 (V8riable
ond Fixed)
9.6301• to 12.32% (Fixed) 2024 to
2025
Bank loans
GBP and
Euro
Monthly ond
quarterly
Bivannually
211,195
217.642
DfC108n
GBP
70
The Housing
Fin8n¢e
Cory)(Kation
('THFC') loans
GBP
2.92°/010 6.35V• (Fixed)
2026 to
2054
Quarterly bi-
annually and
bullet
95,688
96,021
Totsl
306,886
313,733
At 31 March 2024 the Group had undrawn loan facilities of £94,OOOk (2023: £73,OOOk).
Parent
Curreney
NomlnAI Inter¢8t rate Y￿r of
maturity
R#Dge
2024 to 2042
Repayment
schedule
31 Mar¢h
2024
£'ofjo
204,445
31 M#reh
2013
£.￿10
210,892
Range
Bank loans
GBP
Monthly and
quorterly
2024 10 2024 Bi-annually
(Variable and Fixed)
9.63 /0 to 12.32%
(Fixed)
Dfc loan
GBP
70
THFC loans
GBP
2026 to 2054
Quarterly bi-
annually and
bullBt
95,688
96.021
(Fixed)
Tot41
300,136
59

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Statements
For the Year Ended 31 March 2024
NOTES (eontlnlled)
16
DEBT ANALYSIS (eontinued)
At 3) March 2024 the Parent had undrawn loan faciliti¢s of £94,OOOk (2023: £73,OOOk).
Hedging
£30m of bank loans included in Parent and Group above have been hedged using interest rate
swaps to fix the interest payable (5.35010 Swap £20m 2040 and £1 Om Interest rate collar).
£35m of a bank terni loan facility for the Parent, which is undrawn at 31" March 2024, has been
hedged using an interest rate swap to fix the interest payable (3.5240/0 Swap £35m 2038).
Sect4rity
Bank loans are secured by way of mortgages upon the deeds of the related properties financed
by the loans and charges over the assets of the cntity.
The Housing Financ¢ Corporation Limited (THFC) loans are secured by way of a fixed charge
over the Association's housing assets.
Repayment schedule
Bas¢d on the lendels earliest repayment dat< bornwings are repayable as follows:
Group
2023
£'ooo
Parent
2024
£'ooo
2024
£'ooo
2023
£'ooo
Within one year or on demand
One year or more but less than two years
Two years or more but less than five
years
Five years or more
Total borrowings
24,737
7,722
30,139
31,612
7,644
24,178
24,737
7,655
15,698
24,862
7,644
24,178
244,288 250,299
306,886 313,733
252,046
300,136
250,299
306,983
Changes ipT net debr
Net debt represents the amounl of borrowings less cash. The changes in net debt arising during th¢ year
end￿ 31 March 2024 w¢r¢ as follows:
Group
Net ¢￿h 2nd
Cash equlvalents
£9000
D¢bt wlthln
ont year
£'o(M)
Debt greater
than one year
Total
£'ooo
£'ooo
At l April 2023
Cashflow
Other non-cash movements
7?98
1,602
(31ffj12)
31,612
(24.737)
24.737
(282,121)
6,847
(6.875)
282.149
(306J35)
40.061
(31,612)
297,886
At 31 Mareh 2024
60

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Statements
For the Year Ended 31 March 2024
NOTES (continued)
17 DEFERRED GRA￿r INCOME
17.1 GRAIYT RECONCILIATION- NET
Group
2024
£'ooo
Parent
2024
£'ooo
2023
£'ooo
2023
£'ooo
515,195
486,959
24.528
44,981
(11.235) (11,384)
(3,994)
(5,361)
At l April
Additions
Released to income in year
Disposals
Disposal of subsidiary
At 31 Mareh
515.195
24,528
(11.235)
(3,994)
532.104
47,343
(13,376)
(5,361)
(45,515)
515,195
524,494
524,494
515,195
Amounts to b¢ released within one year
Amounts to be released in mor¢ than one year
11.116
513,387
524,494
10,583
504,612
515,195
11,116
513,378
524,494
10.583
504,612
515.195
17.2 GRANT RECONCILIATION- GROSS
Parent
Other
£'ooo
5,913
Group
Total
£'ooo
697.951
24.528
(5.231)
HAG
£'ooo
692,038
24,528
(5,231)
Total
£'ooo
697,951
24,528
(5,231)
At l April 2023
Additions
Disposals
At 31 Mar¢h 2024
711J35
5,913
717,248
717,248
Amortlsatlon
At l April 2023
Released to income in year
Disposals
(180,198) (2,558)
(10,855)
(380)
1,237
(182,756)
(11,235)
1,237
(182,756)
(11,235)
1,237
At 31 March 2024
(189016) (2,938)
(192.754)
(192,754)
Net book value
At 31 March 2024
At l April 2023
521,519
511,840
2,975
3,355
524,494
515.195
524,494
515.195
61

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (continued)
18 DISPOSAL PROCEEDS FUND
The movements in th¢ disposal proceeds fund during the y¢ar were:
Group
Parent
2024
£'ooo
2024
£'ooo
2023
£'ooo
2023
£'ooo
At l April
House salcs
Expenditu
At 31 March
6,469
2,694
(892)
8371
2,901
4,011
(443)
6,469
6,469
2,694
(892)
8.271
2,901
4,011
(443)
6,469
The disposal funds surpluses must be used As follows:
Within the next y¢ar (note 14)
5,563
Within th¢ next two years (note 15)
2,708
&271
2,458
4,011
6,469
5.563
2.708
8371
2,458
4,011
6,469
19 EMPLOYEE BENEFITS
19.1 Pensions
Group and Parent
Thc Parent contributes to the Northern Ireland Local Governmcnt Officers Superannuation Committee
(NILGOSC). This is a defined benefit scheme and th¢ benefits currently provided are on a Career
Av¢rage Revaluated Earnings ('CARE') basis, based on an accrual rate of1149. Death in service
benefits include three times pensionable salary, and spouse pension paid to a qualifying spouse.
The most recent fornial actuarial valuation was completed &s at 31 March 2022 and rolled forward,
allowing for the different financial assumptions required under FRS 102, to 31 March 2024 by
qualified independent actuary. A full actuarial valuation is carried out ev¢ry three years. Pension
scheme assets were stated at their estimated market value at 31 March 2024.
At the 31" March 2024 the pension valuation reports a net pension asset of £19,930k before
consideration of a surplus restriction. In line with FRS 102 para 28.22 the Association has not
re¢ognised all of this sU￿]us. as it is unccrtain as to whether this surplus (calculated for Financial
Reporting purposes) will be recoverabl¢ via reduced future contributions (calculated for pension
funding purpos¢5). Based on third party specialist advire we have recOgni￿d £5,324k in th¢ Pension
Asset Account.
Netpension asset
2024
£'ooo
2023
£'ooo
Defined benefit obligation
Plan assets
Restriction on pension asset
Nct pension asset
(40.424)
60J54
(14.606)
5?24
(40,317)
54,334
(7,349)
6,668
62

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (continued)
19.1 Pensions (continued)
Movements in present valt4e ofdefined benefits obligation
2024
£'ooo
40J17
430
1,898
(1,473)
174
(922)
40,424
2023
£901)0
55,781
827
1,592
(17,229)
183
(837)
40,317
At l April
Current service cost
Interest expense
Re-me&qurement: acluarial gainsl{losses)
Member contributions
Benefits paid
At 31 March
Movemenls infalr valt4e ofplon assers
2024
£'ooo
54,334
2094
2,867
IJ07
174
(922)
60J54
2023
£'ooo
58,897
1,691
(7,091)
1,491
183
(837)
54.334
At l April
Interest income
Re-measurement gains on assets
Contributions by employer
Contributions by members
Benefils paid
At 31 March
Re-measurement of net defined liability
2024
£'ooo
1,699
2,867
(219)
(14,606)
(10.259)
7J49
(2,910)
2023
£'ooo
19,831
(7,091)
(2,602)
(7,349)
2.789
3,116
5,905
Re-measurement: actuarial gainsl(losses)
Rc-mcasurement gains on assets
Actuarial gains from experience
Restriction on pension asset
Net re-measurement- recognised in other ¢ompr¢hensive in¢om¢
Previous year curtailment
Total recognised in current year Other Comprehensive Income
Eypense recognised in the income and expenditure account
2024
2023
£'ooo
£'ooo
Operating costs: _ current service cost
- administration costs
417
814
13
13
Amounts charged to operating costs
Net inter¢st on net defined ben¢fit liability
Amounts charged to interest expense
430
827
(696)
(696)
(99)
(99)
63

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (continued)
19.1 Pensions (continued)
The fair value of the plan assets and the return on those &8sets were as follows:
2024
Fair
value
£'ooo
2024
Fair
value
2023
Fair
value
£9000
2023
Fair
value
Equities
Bonds
Multi-asset credit
Prop¢rty
Cash
26,406
13,003
8,050
9,413
3,482
60J54
44.0 22,415
21.0 12,644
13.0
7,093
i&0
5,725
6,457
54,334
41.2
23.3
10.5
11.9
Actual return on plan assets
5,461
(5,400)
Principal actuarial assumptions.. Financial asst4mpiions
The principal actuarial assumptions used by the actuary (expr¢ssed as weighted averages) at th¢ year-
end were as follows:
Assumptions used for calculations
Discount rate
Future increase in retail price index
Future increase in consumer price index
Future rate of salary increase
Average future rate of pension increases
2024
4.85 /
2023
3.200/0
2.800/0
2.800/0
4.30 /0
2.800/
The main assumptions relating to membu longevity underlying the pension liabilities at th¢ balan¢¢
sheet date are as follows:
Average expected future life expeet8n¢y after 65 for:
Male staff currently aged 65
Female stsff ¢urr¢ntly aged 65
Mal¢ currently aged 45
Female curr¢ntly aged 45
2024
Years
2023
Years
21.8
24.6
22.8
25.7
24.0
22.0
25.0
Defined contributions plan
The Association operates a defined contribution pension plan. The total expens¢ relating to th¢se plans
in the current year was £532k (2023: £459k).
192 Holiday Pay Entitlement
The employees of the Group have unused holiday entitlements at 31 March 2024 amounting to a
liability of £267k (2023: £185k). These have been r¢ported within staff costs and accruals.
64

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Statements
For the Year Ended 31 March 2024
NOTES (continued)
20 SHARE CAPITAL
Pydrent and Group
2024
2023
(Figur¢s are in single pounds)
Ordinary shares of£] each. fyllypaid
At l April
Share capital issued. fully paid
Transfer to capita] ￿SerVe
At 31 March
48
67
(19)
48
The Parent's sharc Capital is classified as equity and the shares are not entitled to a dividend, are never
redeemable. and will not be repaid if the Parent is wound up.
Every Board member h&s owned one sharc since their election to the Board. The names of all Board
members who held office during the year are listed on page 2 and 3.
No Board member holds or exercised an option to buy shares in or debentures of the Parent.
21 RESERVES
Capital reserve
Capital reserve represents the value of 5harcs surrendered on cessation of membership.
Parent and Group
2024
2023
(Figures are in single pounds)
At l April
Transfer from share capital
At 31 March
156
E37
19
156
156
Caskflow hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of
cash flow hedging instruments related to hedged transactions that have not yet occurred.
65

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnancial Statements
For the Year Ended 31 March 2024
NOTES (Continued)
22 CAPITAL COMMITMENTS
Group
Parent
2024
£?000
133,031
2023
£'ooo
132,537
2024
£'ooo
132,072
2023
£'ooo
Authorised and rontracted for
131,914
Th¢ figures above are gross expenditure b¢fore offsetting attributable grants. The Group 0￿rateS a
prudent Tr¢asury policy and has funding in place to meet these capital commitments.
23
RELATED PARTY TRANSACTIONS
Details of transactions with related parties during the financial year ended 31 March 2024 are shown
below:
Nature of ¢rgnsaction
Amount Balance due
Drl(Cr)
froml(to)
related
party
2024
£'ooo
Amount
Drl(Cr)
Balance due
froml(to)
related
party
2023
£'ooo
2024
£?000
2023
£'ooo
Comhar Facllities Management
Servic¢s provided by Par¢nt
Services provided by Group
SkAinos
Service charges
Mullgeh Allainn Management Co
Service charges
(45)
(1.778)
16
392
(43)
(1,658)
13
602
78
78
55
The Group have availed of the exemption in FRS102 to not report related party transactions for IOOO/o
owned subsidiaries. The exemption ha5 been adopted for Maple And May Ltd, Maple And May
(Homes) Ltd and Choice Services (Ir¢land) Limited.
Comhar Facilities Management Limited is a joint venture of the Parent.
Skainos Limil¢d is a property dev¢lopment partner and is considered to be & related party because the
Parent has repr¢s¢ntation on its Board.
Mullach Allainn Management Company Limited is a management company of a housing scheme and
is a wholly owned subsidiary which is not CODsolidated on the grounds of materiality.
All transactions with related parties are on an anns-length basis. There are no provisions against any
balance with related parties at the year-¢nd (2023: £nil).
66

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnanclal Statements
For the Year Ended 31 March 2024
NOTES (Continued)
24 CASHFLOW FROM OPERATING ACTIVITIES
2024
£'ooo
14A65
(3285)
2023
£'ooo
1,467
(4,186)
Surplus for the year
Gain on disposal of tangible fixed assets
Exceptional item- disposal of subsidiary
Interest receivable and similar income
Interest payable and similar charges
Net finance charges relating to pension scheme
Gain on property valuation
Transfer to disposal proceeds fund
Movement in fair value of fjnancial instruments
Taxation
Depreciation, impairnient and write-off of major repairs on own¢d
tangible fixed assets
Amortisation of capital grants and contributions
Pension costs less contributions Pydyable
Decrease in stock and tfdding properties
Decreas¢l(incre&8e) in trade and other debtors
Increase in trade and other creditors
Nct cash inflow from operating activities
(1.143)
9,219
(696)
(656)
2,694
(199)
375
(2,641)
12.370
(99)
(881)
4,011
(419)
130
32 J80
(11,235)
(870)
618
(1.000)
25,600
{13,376)
(664)
(627)
(19,016)
46.986
33,653
24.1 CASH INVESTMENTS
2024
£'ooo
5,618
2023
£'ooo
27,442
Cash Investments
Cash invcstments includes cash on deposit for more than 90 days.
67

CHOICE HOUSING IRELAND LIMITED
Annual Report and Finan¢ial Ststements
For the Year Ended 31 March 2024
NOTES (continued)
25 HOMES AND BEDSPACES IN MANAGEMENT AND IN DEVELOPMENT
The number of homes and bed-spaces in management and in development in Northern Ireland &9 at 31
March 2024 was 12,841 (2023: 12,765). This is analysed in the table below:
Number of units owned by the Parent
Self-CODtsined
2024
Properties
2023
Properties
General needs housing- Social Rent
Sheltered housing
Supported housing
Shared ownership
7,781
1,909
792
7,660
1,909
795
10.484
10,365
Non self-contalned
Bed$paees
Bedspaces
General needs housing- Social rent
Supported housing
14
1,053
1,067
1,047
1,055
TotAI units owned at yegr end
11.539
11,432
Number of units managed but not owned by the Parent
Self-contained
Properties
16
Properties
16
General Needs Housing- Social rent
Sheltered Housing
Total units managed at year end
16
16
Total units owned and managed by the Parent
11.553
11,448
Maple And May Ltd
Total units managed by the Group
286
11,841
266
11,714
Unlts In development at the year end
1,000
1,051
68

CHOICE HOUSING IRELAND LIMITED
Annual Report and Finandal Statements
For the Year Ended 31 March 2024
NOTES (continued)
26 FINANCIAL INSTRUMENTS
Carrying amouF7ts offinancial instrumeFTts held at other thanfair value..
Group
Parent
2023
£'ooo
2024
£'ooo
2023
£'ooo
2024
£'ooo
Assets measured at amortised cost
Cash and cash equival¢nts
Cash investmcnts
Trade and other debtors
Liabilities measured At amortised cost
Debt
Trade and other payables
9,000
5,618
25066
7,398
27,442
50,534
6,331
5,618
39,129
5,523
27,442
60,321
(306086) (313,733)
(18084)
(14,220)
(285286) (242,579)
(31)0,136) (306,983)
(18,112) (12,397)
(267,170) (226,094)
Financial instruments measured atfair value.,
Group
2024
£'ooo
{1,079) (1,381)
(415)
(573)
194
iJoo
Parent
2024
£'ooo
(1,079) (1,381)
(415)
(573)
194
1,300
2023
£'oo
2023
£?000
Derivatives- Level 2
Interest rate swap
Interest rate collar
Interest rate swap
Carrying value
1,954
1,954
The Group has the following d¢rivative financial instruments which have been measured at fair value:
Barclays £20m interest rate swap
Barclays £ IOM interest rate collar
National Westminster Bank £35m interest rate swap
The fair values of the inter￿l rate swaps and collars is based on discounting estimated cash flow5 based
on the ternis and maturity of each contract and using markct interest ra*s for a similar instrument at the
m¢&surement date.
69

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financial Statements
For the Year Ended 31 March 2024
NOTES (Continued)
FINANCIAL INSTRUMENTS (continued)
26
26.1 HEDGE ACCOUNTING
Th¢ following table indicat¢s the periods in which the ¢ash flows associat¢d with cash flow h¢dging
instruments ar¢ ¢xpected to occur as reqUI￿d by FRS 102.29(a) for the cash flow hedge accounting
models.
Hedging Cash Flows
Group
Derivative$
Carrying
amounl
Expected
¢Ash flows
£'ooo
lyear Ito<2 2to<5
or less
years
years
£'ooo
5 years
and over
£'ooo
£'ooo
£'ooo
£'ooo
2024
Inflows
Outflows
31,860 (33,490)
2.425
6,390
56,535
(33.841) 33,496 (2,503) (7,347) (57,487)
(1,981)
(78)
(957)
(952)
(iaoo)
2023
Inflows
Outflows
15,091
1,173
1,093
2,953
9,871
(18,130) (1,291) (1,290) (3,766) (11,784)
(3,039)
(118)
(197)
(813)
(1,913)
(1.954)
Company
Derivatives
Carrying
amount
£'ooo
Expeeted
¢a8h flows
lyear Ito<2 2to<5
or le$$
years
years
£'ooo
£'ooo
£'ooo
5 yearj
and over
£'ooo
2024
Inflows
Outflows
31,860 (33,490)
2,425
6.390
56,535
(33,841) 33,496 (2,503) (7,347) (57,487)
(1,981)
(78)
(957)
(952)
(iJoo)
2023
Inflows
Outflows
15,091
1.173
1,093
2,953
9,871
(18,130) (1,291) (1,290) (3,766) (11,784)
(3.039)
(118)
(197)
(813)
(1,913)
(1,954)
70

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financlal Statements
For the Year Ended 31 March 2024
NOTES (eontinued)
FINANCIAL INSTRUMENTS (continued)
26
26.1 HEDGE ACCOUNTING (continued)
Reconciliation offair value measuremenls offinancial liabilities
Group
Interest Interest
rats
rate
swap
collar
£'ooo
£'ooo
Fair value liability at l April
1,381
573
Movemenls recognised in Income andEYpendi¢ure
Ineffective portion of (gain5ylosses on
derivatives treatcd as cash-flow hedges
Fair value mov¢ment on derivativc
contracts whi¢h are not in a hedging
relationship
Movements recosnised in other comprehensive income
Effective portion of changes in fair
value of cash-flow h¢dg¢s
Interest
r2te swap
2024
Total
2023
Totsl
£'ooo
£?000
1,954
£'ooo
3,287
(200)
(199)
(419)
(303)
42
(194)
(455)
(8,480)
Disposal of subsidiary
7.566
Fair value Ilability at 31 Mareh
1,079
415
(194)
iJoo
1,954
The interest rate swaps and interest rat¢ collar are hedge accounted.
Parent
Interest Interest Interest
rate
rate
rate
eollar
swap
£'ooo
£'ooo
573
2024
Total
2023
Total
swap
£,￿0
1,381
£?000
1,954
Fair value liability at l April
Movements recognised in Income and Erpendilure
In¢ffective portion of (gain5)/losses on
derivatives treated as ¢ash-flow hedges
Fair valu¢ movement on derivative contracts
which are not in a hedging r¢lationship
Movements recognised in other comprehensive Income
Effective portion of changes in fair value of
cash-flow hedges
Fair value liability at 31 March
The interest rat¢ swaps and interest rate collar are hedge accounted.
5,224
(200)
(199)
(181)
(303)
42
(194)
(455) {3,089)
1.079
415
(194)
1,300
1,954
71

CHOICE HOUSING IRELAND LIMITED
Annual Report and Financial Statements
For the Year Ended 31 March 2024
NOTES (contlnued)
26
FINANCIAL INSTRUMENTS (continued)
26.1 HEDGE ACCOUNTING (contlDued)
Summary of hedges
FiFTancial instrumenl - Barclays £20m interest ra¢e swap
Hedge d￿criptiOn- The objective of the hedge is to mitigate the variability of the cash flows
stemming from the floating rate interest payments related to the Barclays floating rate loan £20m
(2040) against unfavourable movements in Ihe SONIA rate. The swap pays a fixed interest rate and
receives a floating interest ratc.
Risk being hedged- The cash flows stemming from the interest payments of the Barclays floating
rate loan £20m (2040) 15 linked to SONIA. The interest payments are highly expected to occur as
the loan h&g already been drawn. The h¢dged documentation takes into account the "critical ternis
matching" Quantitative analysis on hedge effectiveness is calculated using the hypothetical
derivative method, to ensure that no over-hedging is taking place.
Financial inslrument - Barclays £IOm interest rale collar
Hedge description- Thc obj¢ctive of the hedge is to mitigate the variability of the cash flows
stemming from the floating rate interest payments related to the Barclays floating loan £1 Om
{2040), against unfavourabl¢ movements in the SONIA rat¢. The instrument includes a cap at 60/0
and floor of 4.5 %.
Risk being hedged- Th¢ c&sh flows stemming from the interest payments of the Barclays floating
loan £1 Om (2040) is linked to SONIA. The interest payments arc highly expected to occur as the
loan has already been drawn. The hedged documentation takes into account the "critical ternis
matching" Quantitative analysis on hedge effectiveness is calculated using the hypothetical
derivative method, to ensure that no over-hedging is taking place.
Financial in$lrument- National Wesfminster Bank £35m interesl rate swap
Hedge description- Th¢ objective of the hedge is to mitigate the variability of the cash flows
st¢mmtng from the floating rate interest payments related to the National Westminster Bank
floating rate loan £35m (2038) against unfavourabl¢ movements in the SONEA rate. The swap pays
a fixed int¢r￿t rate and receives a floating inkrest rate.
Risk being hedged- The c&8h flows stemming from the interest payments of the National
Westminster Bank floating rate loan £35m (2038) is linked to SONIA. The hedged documentation
takes into account the "critical ternis matching" Quantitative analysis on hedge effectiveness is
calculated using the hypothetical d￿1Vative method, to ensu￿ that no over-hedging is taking place.
72

CHOICE HOUSING IRELAND LIMITED
Annual Report and Flnandal Statements
For the Year Ended 31 March 2024
NOTES (contlnued)
27 LEASING COMMITMENTS
Non-cancellable operating lease rentals are payable as follows:
Group
Pgrent
2023
£'ooo
2024
£'ooo
2023
£9000
2024
£9000
Less than one year
Between one and five years
More than five years
530
960
419
1,190
530
960
419
1,190
1,490
1,609
IA90
1,609
During the year £571k (2023: £372k) was r¢¢ognis¢d as an expense in the income and expenditure
account in respect of operating leases.
28 CONTINGEIYT LIABILITIES
There is a contingent liability in respect of grants and contributions if the Group does not comply with
the ternis of the letter of grant award. The Housing Association Grant for Eligible Housing Activities
Gen¢ra] (Northern Ireland) Detern]ination 1992. known as the 'General D¢terniination'* gives dctails of
a number of relevant events that trlgger grant recovery. The possibility of any reimbursement is
considered to bc r¢mok.
29 POST BALANCE SHEET EVENTS
There hav¢ bcen no significant events subsequent to year end that would rquir¢ adjustm¢nt or
disclosure in these financial statements.
73