WOODVALE & SHANKILL COMMUNITY HOUSING ASSOCIATION LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
Woodvale & Shankill Communit Housin Association Limited Annual Report and Financial Statements for the year ended 31 March 2023 Contents Pa Association Inforination Report of the Board Report of tne Auditors Consolidated Statement of Cornprelieiisive Income Associatioii Stalemeiit of Compreheiisive Income Consolidated Statement of Financial Position Association Statement of Financial P051tion io Consolidated Cashflow Stateinent Notes to the Finaiicial Statemeiits
Woodvale & Shankill Communit Housin Association Limited Association Information Board Mr T Fiiller (Chairperson) Evlr F Agnew Mrs S Chambers Mr J McLaughlin Mi. R Robinson Mrs G Hughes Secretary Mrs S Chambers Registered Office 91-95 Woodvale Road Belfast BTli 3BP Registered under the Indiistrial and Provident Societi>s Act (Northern Ireland) 1969 IP 167 Registered with the DSD (NI) R15 Registered with the Cliarity Coinmission for Northern Ireland NIC 10084) HMRC charity registration XN4i?25 Auditors MTS Chartered Accotintants l Lanyon Quay Belfast BTI JLG Principal Bankers Danske Bank Donegall Square Wesl Belfast BTI 6JS Solicitors Clyde & Co 51 Adelaide Street Belfast
Woodvale & Shankill Communit Housin Association Limited Report of the Board for the year ended 31 March 2023 Tlie Board presents its r-port together witli the financial stateinents for the year pnded 31 Marcli 20?3. Principal Activities The Group pi'ovides social holisiiig accominodation for those in need, affordable holising and energy 5Lipplies. Results The surplus on ordiiiary activities tor the yeai. Ivas £647,383 Compared with a surplus of £639,lJ7 for the previous year. Corporate Governance In the opinion of the Board, the Association is in coinpliance with the Best Practice issued by the NFIF Code of Governance. Board of Management The Board meets throiighoul the year and has committees with specific responsibilities for housing, finance and audit. Going Concern After making enquiries, the Board has a reasonable e.xpectation that the Association had adequate resources to coiitinue in operational existence for the Foreseeable futLire. For this reason the Board continues to adopt the going coiicern basis iii preparing tlie financial statements. Internal Financial Control The Board is responsible lor the AssociatioIi's svstem5 of intei'jial finanLial control and alon¢r ivith senior manaoement is I-sponSIble for establishing &id opei-ating detailed control and report procediire5. The systems of intemal financial control Ccin provide oiily reasonable, and not absolute, assui'aiice against material misstatement and loss. The Board has ieviei¥ed tlie effectiveness of the Associatioii's s)Isteni of inleriial financial control. The revieiv included consideration of the busiiiess I'i5ks facing the Association and of tlie existing internal financial control procedures. The key elements of the control system in operation are: The Bo8Jd lias adopted a formal Schedule of matter5 reserved for its approval ensuring it maiiitains responsibility for overall Strategy, approval of all property transactions and other major capilal expenditure projects. There is an organisation structure with clearly defined lines of responsibility and delegation of authority. Detailed budgets are prepared covering the Association's biisine55es ivhich are reviewed and approved bj. the Board. Actual results are compared against budget and appropriate action identified and initiated. Thc Board reviews matters relating to inteinal control and receives reports on a regular basis from the extemal and internal auditors and .From senior inaiiagement. The process for identifying, evaluating and managing the sigiiificant risks faced by the Association is ongoiiig, has been in place for the year uiider review and up to the date of approval of the anniial report and accouiits, and is regularly reviewed by the Board.
Woodvale & Shankill Communit Housin Association Limited Report of the Board for the year ended 31 March 2023 {continue(4 Board's responsibilities The Co-operative and Commiinity Benefit Societies Act (NL orthern Ireland) 1969 and retsistered housing -4ssocialion legislation require the members of the Board of Manageinent to prepare finl¢la1 statements for each fiiiaiic.ial yeai. Ivhich (Five a triie and fail. view of the state of tlie Associatioii s attairs and of its sui'pliis oi. deficit for that period. In preparing these statements the Board is required to: Select suitable accounting policies and apply theiT] consisteiitly Make judgein-nts and estiinates tliat are reasoiiable and prudeiit Prepare ihe financial statements on the going concerii basis unless it is inappropriate to presume that the Association will continue to operate. The members of the Board of Managemeiit are respoiisible for keeping propel- aecolintino records which disclose with reasonable accuracy at aiiy tiine the financial position of the Association and lo enable thein to ensure that the financial statements comply with the Co-opei'ative and ComiDunity Benefit Societies Act (Northern Ireland) 1969and the Registered Hoiising Associations (Accounting Requirernents) Order {Northern Ireland) 1993. They have general responsibil ity for the taki.no of reasonable steps to safeguard the assets of tlie Association and lo pievent and detect fraud and other irl'egul.l1ies. Statement of disclosure of information to auditors So far as each of the members of the Board is aware.. thei-e is no i-elevaiit ii)formation of whicli Ihe AssoLiation's aiidilors are uiiaiiiare they have taken all reasonable steps that they OLight to have taken, as members of the Board, ill order to inake tl)einselvcs awar¢ of any relevaiit audit infonnation and to establish that tlie Association s audil015 are awai-e of thal iiifoi-lnation. Auditors A resolution to reappoint MTS Chartered Accountants will be proposed at the Annual General Meeting. By order of the board Chairperson Belfast Date".
Woodvale & Shankill Communit Housin Association Limited Independent Auditors, Report to the Members for the Year Ended 31 March 2023 We have audited the financial stateinents of Woodvale & Shankill Commlinity HoLising Association Ltd for the year elided Jl [arch 20?3 which comprise the consolidated and association statement of coinprehensive income, the consolidated and association staieinent of clianges in I'eserves. the consolidaied and association statement of financial position, the coiisolidated statement of cash"flows aiid the related notes, which incllide a description of the significant accounting policies. In our opiiiion, the group and association financial slateinents= give a trLie and fair view of the state of the groiip and association's alTairs as at 31 March 2023 and of the groLlP and association's SLirplus, and of the groiip's cashtlows for the year then ended; have been properly prepared in accordance with United Kingdom Geiierally Aceepied Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting st)dard applicable in the UK and Republic of Ireland", and applicable l<lW)" Iiave beeii propei'ly prepared in accordance witli the Co-operative and Coinmunity Benefit Societies Act (Nortliern Ii-eland) 1969 and the Registered Housing Associations (Accounting ReqLiireinents) Order (Northem Ireland) 199). Basis for Opinion We coiiducted our audit in accordance with InteTnational Slandards on Aiiditin(T (UK) { ISA5 (UK) ) and applicable law. Our responsibilities under ISAS (UK) are further described in the Auditors, responsibilities for the audit of the financial statemeiit5 section of our report. We believe that the aiidit evidence we have obtained is siifficient and appropriate to provide a blS for our opiiiion. Independence We reinained independent of the group and association in accordaiice wi th the ethical requii'pments that are relevant to our aLidit of the financial statements in the UK, Nvhich inclLides the FRC'S Etliical Staiidard and we have fulfilled our ollier ethical responsibilities in accordance with these reqiiirements. Conclusions relating to going concern In auditing the fjnancial stateinenls, we have corjcluded that the Board of lanageMent'S use of tlie going concern basis of accounting in the preparation of the financial statemeiits is appropriate. Based on the work we have perfonned, we have not identified any material iincertainties relating to events or conditions that, individually or colleclively, Inay cast significant doubt on the Group and Association's ability to continue as a ooing concern for a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other information The other inforniation comprises the infonnation included in the annual report, other than the accounts and Qui. auditor's report thereon. The trustees are Tesponsible for the other information. Our opinion on the accounts does not Cover the other information and we do not express any fomi of assurance conclusion thereon. En connection with our audit of the accounts, our responsibility is to l'ead the othei. inforination and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be Inaterially misstated. If we identify such material ineon5iStencies or apparent illaterial misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other infonnation. If, based on the work we have perfoi-med, we conclude that there is a material misstatement this other information, we are required to report tliat fact. We have nothing to report in this regard.
Woodvale & Shankill Communit Housin Association Limited Independent Auditors, Report to the Members for the Year Ended 31 March 2023 {continuedl Matters on which we are required to report by exception We have notliing to report in respect of the following matters in relation to Nvhich the Co-operative and CominLinity Benefit Societies Act (Northern Ireland) 1969 require LIS to report to you if, in Olir opinioii.. 'Ihe information given in the financial statements is inconsisteiit in aiiy material respect with the board report. or SLifficient accoLinting records have not been kept- or the financial statements are not in agreement with the accounting records. or we have D.Ot received all tlie information and explanations we require for our audit. Under the Charities Act (Northem Ireland) 2008 and Regulation 9 of the Charities (Accounts and Reports) Regulatioiis (Northeni Ireland) 201 i, we are required to report to you if, in Olir opinioii.. siifficient accounting records have iiot been kept. the financial statemeiits are not in agreement with the accounting records. or we have not received all the information and explanations we require for our audit- OT the iiiformation given in the Report of the Board of Management and the Strategic Report is inconsistent in any material respect We have nothing lo report in this regard. Responsibilities of board As explained more fully iii tlie board's responsibilities statein-nt, the board rnernbers (who are also the trustees of the socIatIon for the purposes of charity law) are responsiblc for the preparation of the Financial 5tateinents and for being satisfied that they give a true and fair view, and for such internal control as the board detennine is necessary to eiiable tlic preparation of financial statements that ar¢ flee froin material misstatement, whether diie to fralid or error. Iii preparing the financial statements, the board is responsible for assessing the association's ability to conliiiue a goiiig concern, disclosing, as applicable, Inatters related to going concem and usiiig tlie goiiig concern basis of accounting unless the board either intends to liquidate the association or lo cee operations, or has no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the accoLints as a whole are free from material misstateinent. whether due to fraud or error, and to issue an auditor's report that inclLide5 our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accoi-dance with ISAS (UK) will always detect a material misslatement when it exists. Misstatements can arise from fraud or error and 8J-e considered malerial if, individually or in the aggregate, they could reasoiiably be expected to influence the economic decisions of users laken on the basis of these accouiits. Extent to which the audit was capable of detecting irregularities, including fraud Irregularities. including fraud, are instances of non-compliance with laws and regiilations. We dessgn procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, includiiig fraud. The extent to which our procedwes are capable of detecting irregularities,. including fraud is detailed below: We gained an undeTStating of the legal and the regulatory framework applicable to the group and the industy in which it operates and coiisidei'ed tlie risk of acts by the group which were contrary to applicable laws and regulations, including fraud. These included but were not limited io compliance with United Kingdom Generally Accepted Accounting Praclice (United Kingdom AcooLinting Standards, comprising FRS I02 The Financial Reporting Standard applicable in the UK and Republic of Ireland and applicable law)"
Woodvale & Shankill Communit Housin Association Limited Independent Auditors, Report to the Members for the Year Ended 31 March 2023 (continued) We focLised on laNvs aiid reoLilations that could give I'ise to malei'ial misstatemei)l in the tiiiancial stateineiits. Oiir tests incliided but were not limited to.. agreement of the finaiicial statement disclosures to underlying siipporting documentation. enqLiiries of manageinent; review of minutes of board meetings thi'oiighout the period. and considering Ihp effectiveness of the conti'ol environment and monilorino compliance with laws and regiilations. We also communicated relevant identified laws and regulations and polential fraud risk lo all engageineiit team meinbers and remained alert to any iiidications of fraud or iion-coinpliance with laivs and regulations throuoliout the audit. There are inlierent limitatioiis in the audit procedures described above and the fiirther rernoved i)on-compliance with laws and i-egulations is from events and transaction i-eflected in the fIn]ela1 statemeiits, Ilie less likely ive would become aware of it. As in all of oiir audits we address-d the risk of management override of internal conlrols. including testing journals aiid evaluating whether there was evideiice of bias by the director5 that represented a risk of matei'ial Inisstatement due to fraud. Our audit procedui-es were desi(rned to respond to risks of material Inisstatement in the financial stateinents, recoonising that the i-isk of not detectiiig a material misstateinent due to Fraud is higher tlian the risk of not detectiiig one resulting from eiTor, as fraud may involve deliberate concealinent by, for example, foi-gery, misrepi-esentations or throligh collusioii. There are inhereiit limitations in the audit procedures perfoi'med and the further removed iioii-compliaiice with law5 and regulations is fi'om the events and transaction5 reflected in Ilie financial stateinents, the less likely we 'e to become aivare of it. A further description of Olir responsibilities foi- the audit of tlie accoLints is located on Ilie Financial Reporting Couiicil's website al.. http-.//www.frc.org. uklauditorsresponsibililies. This description Forms part of our auditor's report. Use of this report This report is made solely to the association's board, as a body, in accordance with the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and the Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993.our audit work has been undertaken so that w¢ might state to the association's board those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the associalion and the association's board as a body, for our audit work, for tliis i-eport, or for the opinions we have forrned. Mr Richard Mcclay FCA Senior Statutory Auditor For and on behalf of- MTS Chartered Accountants l Lanyon Quay Belfast BTI JLG Date..
Woodvale & Shankill Communi Housin Association Limited Consolidated Statement of Comprehensive Income Year ended 31 March 2023 2023 2022 Notes Turnover 2.44j.83? 2.J08,480 Operating costs (1,774,0)?) (1:6?2,624) Operating Surplus 671.800 68i,8i6 Interest I'eceivable Siilerest and Finance costs Additioiial pension seivice cost Otl)ei' finance incomel{¢osts} 2,727 14,JiO} (13,0001 (i 0.0001 2,489 (8,?081 (J 1,000) (10,000) 15 15 Surplus on Ordinary Activities 647,177 639,137 Re-measurement". Acluarial (loss)/uain on pension scheme 15 44£1,000 l j? 000 Surplus for the Financial Year 18 1.091.177 791,137 The tlirnover and cxpenses all I'elalc to continliing operaiions oFthe Group. Consolidated Statement of Changes in Reserves Year ended 34 March 2023 2023 2022 Notes Surplus foi. the Jear 1,091.177 791.1)7 Movement in share capital Movement in capital reserves Net addition to capital and reserves 1.091,177 791.137 Opening total capita] and reseiv 16,7i1,464 15.960.J27 Closing total Capital and reserves 17,842.641 l6,751,464
Woodvale & Shankill Communi Housin Association Limited Association Statement of Comprehensive Income Year ended 31 March 2023 2023 2022 Notes Turnover ? ?4 j.22? 2.23i,191 Operating costs {1,649,2i8) (1:532,32Jl Operating Surplus i95,964 70? 868 Ii)tei-est reccivable Iiiterest and fInane costs Additional pension SCLwiee cost Oihcr finance inconie (costs) 5.727 {4.)iO) {lJ,0001 110,000) (8,2081 {31:000) {] 0.000) 15 15 Surplus on Ordinary Activities 574,J41 Actuai'ial Iloss)/oain on pension scheme 15 444.000 152.000 Surplus for the Financial Year 18 1.018,J41 811.44J The tui-nover and expenses all I'elat¢ lo continuing operations of thc Association. Association Statement of Changes in Reserves Year ended 31 March 2023 2023 2022 Notes Surplus for the year 1.018,J41 811,443 Movement in share capital Movemenl in capital reserves Net addition to capital and reserves 1,018,J41 811,443 Opening total capital and reserves 17,020,42? 16,208,979 Closinty total capital and i-eserves 18.OJ8,763 17,0?0,422
Woodvale & Shankill Communi Housin Association Limited Consolidated Statement of Financial Position As at 34 March 2023 2023 2022 Notès Tangiblè Fixed Assets Housing land and buildings-. Otliei. fixed assets ?9.702.766 900,196 29.702.-418 9J4,641 30,60?.96? 30,6J7,059 Current Assets Ti-ade and other debioi's Cash and cash equivalents J88.017 1,)18.778 J24.5?6 1.1?8.576 1.706,79) 1,4iJ.10? Creditors. Amounts Falling Due Within One Year Net Current Assets 12 (497,564) li20:OI2) 1 ?09.2J I 9JJ.090 Total Assets Less Current Liabilities Jl.81? 19) 31,i70,149 Creditors: Amounts Falling Due After More Than One Year Creditoi's 12 Provision Foi liabilities l J,969.))2 14,)97,685 4?1,000 14.818.68i 15 13.969,55? Total Net Assets 17.84?.641 16.751.464 Capital and Reserves Shal'e capital Capital I.eSeeS Rcvcnue rescrves 16 17 49 14 16.751,401 18 17,84? 578 Totsl Reserves 17.84?,641 16,7i1.464 The financial Statements on pages 6 to 2) were approved by the Board and are signed on their behalf bj.. Chair Boar ember Date.. ci'etai'y
Woodvale & Shankill Communi Housin Association Limited Association Statement of Financial Position As at 31 March 2023 2023 2022 Notes Tangible Fixed A55ets Housing land and buildings: Other fixed assets Investrryeiits 27.220.188 8i6.J6i 2.939,434 27,i92.J61 88),310 ?,477.198 io )1,015,987 JO,9i4,869 Current Assèts Trade and othei. debtors Cash ancl cash eqiiivalents 11 260.J65 1,080,804 1,226.6?0 1.4J8.451 1,341,169 Creditors: Amounts Falling Due Within One Year Net Current Assets 12 {476:611 } {498,062) 961.840 843.107 Total Assets Less Current Liabilities J1.977.827 )1,797.976 Creditors: Amounts Falling Due After More Than One Year Creditoi-s 12 Provision for liabililics 13.939,064 14.Ji6.554 421,000 15 l J.9J9,064 14,777.ii4 Total Net Assets 18,038,76J 17,0?0.422 Capital and Reserves Share capital C2piial reseives Rcvenue reserves 16 17 49 14 1 $,038.700 49 14 18 17,020,3i9 Total Reserves 18,0)8,76) 17,020,4?? The financial statements on pages 6 to 25 wei'e approved bj. the Board and al'e signed on Iheii. behalf by.. Chair 'd Mem Date.. £g-96-lYIO ecreiary io
Woodvale & Shankill Communi Housin Association Limited Consolidaied Statement of Cashflows Year ended 31 March 2023 2023 2022 Notes Net Gash genèrated from operating activitias 22 84j.j?7 974.969 Cashflow from financing activities 22 (i.719) Cashflow from investing activities 22 1610.2371 (688,2881 2J6,667 280.962 Financing (46,465} (49,604) Decrease in cash and cash equivalents 190.202 2)1.)i8 Cashflowfrom lincreasel decrease in debt Cash and cash equivalents at start of year 1,028.80J 747.841 Cash and cash equivalents at end of year 1,263.470 1,028,80J
Woodvale & Shankill Communit Housin Association Limited Notes to the Financial Statements for the year ended 31 March 2023 1. Accounting Policies 1.1 Basis of Accounting The fin&icial st<1tements have beeii pr-pared on the historical cost basis and in CoiTJpliance with FRS 102, Tb.e Financial Reporting Standard applicable in the UK and the Hoiisiiig SORP 20I4-Statement of Recomrnended Practice for Social Housing Providers. The financial stateinents are prepared in sterling, which is the Functional CLin-ency of the entity. Monelary amounts are roLiiided to the nrai'est £. The Association is a company limited by shal'es incorporated in Northern Ireland. The registered office is situated at 91-95 Woodvale Road, Belfast. BTI ) JBP. 1.2 Turnover Tiimover represents rental iiicoine, heating charges, heating incentive iiicome, service charges receivable net of voids and the release of capital grants, and i) recognised in the pei'iod to which it relates. 1.3 Other Tangible Fixed Assets and Depreciation Tcingible fix- .d setS ar= stated at cost less accumiilated depreciation. Depreciation is charg- straiglit line basis over the expected useful econoiDic lives of the assets at the folloiving annual rates: Furnillire and eqiiipment Plaiit & equipinent )3 1130/0 20% 1.4 Housing Properties Housiv.g pi'operties are stated al cost less accumulated depreciation. Cost includes the cost of acquiring land and biiildings, development costs and expenditui-e incurird iii respect of irnprovemenls. All development costs directly attributable to bringing properties into management are identified and capitalised to schemes in constrnction during the year, this includes capitalising interest payinenls. Expenditure on improvements to existing properties, which enhances the economic benefits of tli¢ property or extends its useful life. is capitaiised as part of the cost of the property. Other maintenance expenditure is written off to the Income and Expenditlire Account as it is incurred. Depreciation is charged on a straight-line basis over varying tirnescales, depending on the estimated useful life of the individual compoiients. The major component5 and their estimated useful lives are listed below. Land Structure (including rooD Kitclien Bathroorn Heating boiler Heating system Windows and doors Electrics Not depreciated 100 years ?0 years 25 years 10 years 30 year5 35 years 35 years Where their is evidence of impainTrent, the fixed assets are written down to the recoverable amoLint and any write down charged to operating surplus. 12
Woodvale & Shankill Communit Housin Association Limited Notes to the Financial Statements for the year ended 31 March 2023 1. Accounting Policies l¢ontinue(4 1.5 Housing Association Grant Graiit received for property has beeii included under long term liabi lilies and is amortised over the estimated useful life of the componeni to which it i-elates op. Ilie same basis as the deprecialion chartre listed above. Such grants may be I'epayable uiider certain circumstances: primarily following the sale of housing property, but any amount repayable would be restricted 10 the nel proceeds of the sale. 1.6 Investments Investments in subsidiary companies are recorded at cost. 1.7 Retirement Benefits The Associatioii participates in the NILGOSC defined beiiefit pension scheme. The iinderlying assets and liabilities of the scheme attributable to Woodvale & Shankill Community Housing are Iield separately from those of the Associatioii. Pension scheme liabilities are measLired oil an actiiarial basis Lising a projected unit ID_ethod and are discounted to theii- present value. AssetJ are measured at market valiie at the balance sheet date_ As a result the Association either recognises the scheine deficit on the balance sheet at the year end, or in the case of an asset P051tion, does not recognise this on the balance sheet. on the grounds of prudence. Actuatial gains and losses are inclijded in the StateinE of compreheiisive incorne. Current and past service costs, ciirtailments and settletnents are reco(Tnised within opei'atiiig SLirpliis_ Retui-ns on scheine assets and inlerest on obli(Tations are recogni5ed as other finance costs. 1.8 Disposal Proceeds Fund SLirpluses fi'om disposal of hoLising properties, including tlie Voluiitary Piirchase Grant, al-e transferred to the Disposal Proceeds Fuiid. Tlie association is reqiiired to apply these 5Lirpluses withiii a specified period to housing projects as Recycled Housing Association GrJnt. 1.9 Tenants, Services Fund For certaiii schemes the Association is required to charge the tenants for additioiial servic¢s provided, over and above those of the normal management and maintenance services. The Associatioii levies an additional charge to the tenants for this. Annual deficits are absorbed into operating surplus. 1.10 Operating leases Costs under operatin(F leases are charged to the income and expenditlire account in the period to which they relate. Outsianding comtnitments are disclosed in the notes to the financial statements. 1.11 Group Accounts The financial statement5 present information about the association as an individual undertakiiig aiid about ITS group. 13
Woodvale & Shankill Communit Housin Association Limited Notes to the Financial Statements for the year ended 31 March 2023 1. Accounting Policies (continued) 1.12 Employee Benefits The costs of short-tenn employee benefits are recognised as a liability and an expense. Linless those costs are required lo be recognised as part of the cost of stock or fixed &%sets. The cost of any uiiiised liolidaj entitlement is recognised in the period in wliiLh the emplo}'ee s services arts received. Termination benefits <ire recognised immediately an expense when the company is demonstrably coinmitted to tenninate the employineiit of an employee or to proiAide termination benefits. .13 Judgement and Key Sources of Estimation Uncertainty In the application ol the companj s accountin£ poli¢iei, The dii-ectors are requii'ed lo make jlidgeinents. estimates and assuinptions aboLIt the carryiiig amount of asset5 and liabilities th.jt are not readily apparent from other sources. The estimates and associated assLlmPtions are based on historical experience and other faciors that are considered to be relevant. ActLial results may difFer from these e5tiinate5. The estimates and iinderlyiiig assumptions are reviewed on ongoing bls. Revisions to accounting estiinates are recognised in the period in which the estimate is revised wheR-e the Tevision affects only that period, or in the pei'iod of the revision and future periods where the i-evisioD_ a.ffects both cLin-ent and future periods. 1.14 Cash and Cash Equivalents Casn ]d cash "qiiivalents incliide cash in hand, deposits held at call with banks, other short-term IiqLiid investments with original maturlties of three Inonths or less, and bank overdrafts. Bank ovei-drafts are shown within borrowings in ciirrent liabilities. 1.15 Financial Instruments Financial iiistrutneiits are recognised iii the groiip's statement of finaiicial position when the groiip becomes party to the contractiial provisions of the in5triiment. Financial assets and liabilities are offset , with tlie net amounts presented in the financial statements , when there 15 a legally enforceable right to set off the recognised amounts and there is an intention to scttle on a net ba515 or to realise the asset and settle the liability sirnultaneou51y. BlefInncluJ assets Basic financial assets, Ivhich include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are siibseqiiently carried at amortised cost iising the effective interest method unless the arTan(rement constitutes a financing transaction, where the transaction is measured at the present value of the futlire receipts discounted at a market rate of interest. Impairmenl olfinanclal ossels Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of impaimienl at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the eslimated future cash flows have been affected. If an asset is impaired. tlie impairment loss is the difference between the carrying amount and the present value of the estiinated cash tloii.'s discounted at the asset's original effective interest rate. The irnpairrnent loss is I.ecolSed in profit or loss. Tf there is a decrease in the impairment loss arising from ¢vent o¢curring after the impainnent was recogni5ed, the impairment is reversed. The reversal is siich that the current carrying arnount does not exceed what the carrying amount woiild have been, -had the impairment not previously been recogiiised. The iinpairnienl reversal is recognised in profit or loss. 14
Woodvale & Shankill Communit Housin Association Limited Notes to the Financial Statements for the year ended 31 March 2023 1. Accounting Policies {contlnugdl 1.15 Financial Instruments Icontlnuedl Derecognigion offinanciaj ussels Financial asset5 are derecogiiised only when the contractual l-ights to the casli flows from the asset expire oi. are settled, or when tlie company transfers the financial asset and substantial ly all the risks ai)d rewards of ownership to anotlier entity, or if some significant risks aiid rewai'ds of oNvnership are retained but control of the asset has traiisferred to another party that is able to sell the asset in its entirety to an unrelated third paty. Cl(Yssificalion offimanciul liabililies Financial liabilities and equity instruments are c]sIfIed accordin(F to the substance of the coniractual arrangeinents entered into. An equity instrument is any contract tliat evidences a residual intei-est in the assets of the company after dediicting all of its liabilities. Basicfinancial liabililies Basic financial liabilities, including trade and other payables. bank loans. loans froin fellow group coinpanies and prefereiice shares that are classified as debt, are initially recognised at transaction price unless the aange]llellt constitLltes a financing transaction, where the debi instrument is measui'ed at the Present value of tlie future receipts discoiinled at a market rate of intei-est. Debt iTJStruinents are sub5equ¢ntly cai'ried at amortised cost, iisino tlie effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from siippliers. Accolints payable are classified as current liabilities if paytnent is due within one year or less. If not, they are presented as non-curreiit liabilities. Trade payable5 are recognised initially at transaction price and subsequently measured at amortised cost iising the effective interest tnethod. Derecognition offinancial liabililies Financial liabilities are derecognised when the groiip's contractual oblig1( tians expire or are dischartred or cancelled. 15
Woodvale & Shankill Communi Housin Association Limited Notes to the financial statements for the year ended 31 March 2023 Groiip Association 2023 2022 2023 2022 2 Operating Costs Direct costs Administi'ative eXpenSS 1,166,10? 607,9JO 1,098,331 i24,293 1,116,9ii j3?.303 1.0418.976 £18).J47 1,774,OJ2 1.6??,6?4 1.649 ?)8 l.))? 32J 3 Interest Receivable Intei-est i'eceivable 2,727 2,489 j,7?7 4 Interest and Finance Costs Bank chai'ges Housing loans 946 7.262 4,3 30 8,208 4,3iO 8.208 5 Surplus On Ordinary Activities Before Taxation Siii'plus on 01.dinai'y activitics before taxatioii is stated afiei" ch"gi1]- Depi-ecialion Grant rclcased .luditors I'lmiiiieration - aiidit i*"oi'k 496.975 {?)4.i4i) 9.000 51J.055 447_8?8 46).700 (?jl_791) 9.000 (?31,791) 9.000 (? J£l:543) 9.000 6 Taxation No pi'ovision for cui"I'enl or defei'red taxation is necessary duc to the chai'itable stalus of the Association. 7 Employee Information The average weekly number ol pcrsons ernployed during the year was.. Office SLippoII staff Mainteiiance staff 2023 2022 2023 No. 2022 No. 10 io 12 10 12 34 20 Siaff costs Salai'ies Social secTrJrity costs Other pension cosis 745,285 706,177 4J3,630 )£1,457 40,190 4)5,304 35,88) 56,690 59,264 860,J64 818,872 508,277 i27,702 16
Woodvale & Shankill Communi Housin Association Limited Notes to the financial statements for the year ended 31 March 2023 7 Employeè Information contiJ?ued - Managemènt Team's Emoluments Group Associatlon 2023 2022 2023 2022 Management Servicès Equivalent aotsregate emoluments (excludin(r V ATI 97,?50 93,055 97.?iO Senior Staff Aooi'eoate emolLiments Pension costs 109.066 106.?06 109.066 106,706 109.066 106,206 109,066 106 ?06 Banding 50.000 - £60.1100 Board Members, Emoluments Board Membei-s acl in a iioluntary capacity and none were in I'cccipt of etnolutnenls or e.xpenses durino the year. 8 Tangible Fixed Assets - Housing Land and Building5 Group Association 2023 2023 2022 2022 Cost Al l April Additions Disposals J7.602.i99 996,5?4 (644,817) 36.907,687 938.490 1243,578) J5.297,667 587,356 (644,817} J4,09i.4i7 1.445,788 124),578) At 31 March J7.9i4.306 37,602,599 Ji,240.206 J 5 ?97.667 Completed J2,146,593 22,146,59i 28,992,597 28,992.597 Work in pi'ogress 5,807.71J 5,4i6,006 6,247,609 6,)05,070 Depreciation At l April Charge for yeai. Disposals 7,900,181 446,89J {95:5J4) 7,507.027 467,947 174,793) 7.70i,306 410,246 (95,534) 7,348,799 431,JOO (74,793) Ai )1 March 8,251,540 7,900,181 8.020,018 7,705,306 Net Book Value At 31 March ?9,702.766 29,702,418 27,220,188 27,592,361 17
Woodvale & Shankill Communi Housin Association Limited Notes to the financial statem&nt5 for the year ended 31 March 2023 9 Other Tangiblè Fixèd Assèts - Group Tenants, Motor Office 'rurnishingsl vehicles and premises and equipment plant equipment Total Cost At l April ?02? Additions Disposals 186.)?8 136.091 7,000 978.)i2 I,JOO,771 li.637 At 31 March 2023 19).i84 143,091 979.7JJ 1,316.408 DepreciatBon Al l April ?022 Charge for year Disposals 78.829 20,625 ?0),841 16.657 366,1 JO 50,08? 12,800 Ai ) l Mai"¢l1 202) 99,454 96,260 2?0,498 416.?12 Net Book Value At ) l Mai'ch ?023 46,8i I 759.23i 900.196 At J l March 2022 107.499 774.) I I 9341.641 Other Tangible Fixed Assets - Association Tenants. Motor Office furnishingsl vehicles and premises and equipment plant equipment Total Cost At l April 2022 Additions Disposals 186,J28 7.256 3).2?0 978.Ji2 1.199,900 8,637 At 31 March ?023 193,584 35.2?0 979.73J 1,208,iJ7 Depreciation At l April 2Q2? Chai-ge For year Di5POsals 78,829 20,625 31,920 20J.841 16,6)7 314,590 At J l March 2023 99,454 3?.220 220.498 )i2,172 Net Book Value At JI March 202) 7)9 ?J5 856,i65 At J l March 2022 107,499 3,300 774,511 88i,310 18
Woodvale & Shankill Communit Housin Association Limited Notes to the financial statements for the year ended 31 March 2023 Group Associatlon 2023 10 Investments 2023 2022 2022 Al l Apri Additioiisl(rLpaynients1 2.477,198 462.2)6 ? 719,902 (2&12:70&1) At 31 March ?.9J9,4J4 2.477.198 The inijestments are analysed as fiiither.. Shares in subsidiaries Loans to subsidiaries 2,1 iO,004 789 &lJO 2,1 i0,004 327.194 2,9J9.434 2.477.198 The shal'es I'epresent the holding of l 00 % of the ordinary share capital ol the follo1 subsidiai-ies.. Desci-iption of activities Coiiti'actor Enei-gy pi-ovider Affoi'dablc housino ConlraLtor Country of incorporatioJTr Northern Irelaad Northei"n Iieland oltheim Ireland Noithei-n Ireland WGS Property Enteiprises Ltd WGS Green Enei"oy Ltd WGS Residcntial Ltd WGS New Developmcnls Lld All loans lo subsidiLg1'ies are secui'ed and carry an intei'est charue of basc I'at¢ plus 1.65 /0. The Association also ¢hai"ges ils subsidiaries Foi. Associalioii resoLirces c.Ipended oli subsidiary a¢tlllity. All tt7nsactions are al dlllls length and comply wilh Dfc guidance on oi'oup struclui-es. Group Association 2023 2023 2022 2022 11 Trade and other debtors AITears ol rent - technical Arrears of rent - non-technical Provision for bad debis -366 li7,01) (91,198) 40.224 144.J98 {79,198) 157,013 191,198) 144,J98 (79,198) 99,181 241.i60 47,276 105,424 96,774 122,J28 99,181 65,374 47.276 105,424 50.995 10),946 Prepayments and acci'ued income Other debtors )88,017 J24,5?6 211,831 260,365 19
Woodvale & Shankill Communit Housin Notes to the financial statements for the year ended 31 March 2023 12 Creditors Group Association Limited As$0¢iation 2023 2022 2023 2022 Amounts falling due within one yeai.: Trade creditoi's and accruals Rents rec¢ived in advance Other creditors Deferred gi'ant Loaiis (see note 141 133,672 100,867 11,07) ?34,000 17,950 139,136 90,440 19,606 23).000 112.719 100,867 11,075 ?J4,000 17,9iO 117,18J 90,440 19,609 ? Ji.000 497.564 520,012 £176,611 498,062 Amounts falling due 2fter more than one year: Deien'ed gi'ant (see note 13) Disposal proceeds fund Loans (see note 141 12,417.148 1.5 l7,046 3i,i58 12.8?7,732 I,i06,010 63,943 l2,417.148 l.i17,046 4,870 12,8?7,7)2 1,306,010 22.812 lJ,969,552 14,397,68i 1).9J9,06L 14,356.i54 13 Deferred Grant Housing Association Grant Al l April Additions Di5posa15 18,94J.Oli li,831 (269,8i9) 19,114,lJ9 18.94i.Oli 15,831 1?69:859) (171:124} (171,1241 At J l March 18,688.987 18,943.015 18.688.987 18.943.015 Amortisation Al l Api-il Released in year Disposals 5,880,28J 234,545 (76,989) i,683,43J 251,791 (54.941) 5,880.28J 234,545 (76,9891 i,68J:4J3 ?51,791 154,9411 At J l March 6,037,8J9 5,880,28J 6,037.839 i,880,283 Net Book Value At ) l March 12,651,148 1).062,732 12.651,148 l J,062.732 To be I'eleased < l year To be released > l year 234,000 12,417,148 2)5,000 12,827,7J2 2J4,000 12.417,148 2J5.000 12,827,732 12.651.148 13,062,7?2 12,651,148 13,062.7J2 20
Woodvale & ShankiEI Communi Notes to the financial statements For the year ended 31 VAarch 2023 14 Loans Loans are secured on individual assets of the Associalioll and al'e repayable in inslalments as lollows-. Group As8oclation 2023 2022 Housin Association Limited 2023 2022 In one year or less Between one aiid two years Betm'eeii and five years In five years or more 22,950 9.870 i,000 li.488 17,9iO 4,870 17,94? 4,870 9,870 Housincy loans 99,773 22,820 i8.642 Bank clebL is secured by wa)" ol muilg&ges upon Ilie deeds of the related properties financed by loans 2nd bear interest at Fixed and variable I'ate5. 15 Retirement Benefits- Group and Association Tlie Associ,?tion s pensioii sLheme forms iiarl of Lhe lolal Fund adtniDislered bi, NILGOSC. Ify'.8LH,..I has conti"ibuted at a rate of 200/0 oFpcnsionablc salaries, and will remain at tlii5 rate unlil 51J¢h lime as the Association is advisecl otherNvise. Members have paid contributions at varying rates lip lo 8.iOO/o. Formal valiiations are cari'ied out al reoular inlernjals b> independent profcs5ionally qualiFied actuaries. The last Formal valuation ivas rarried out as at 31 fvlarch ?O?O. Assumptions Rate of salaiy inci'ea5C Pension increases in payment Discount l'ate Pcnsion accounts revaluation l.ate 2023 4.20a/. 2022 4.700/. 2.700/r* 2.70/0 Fair value of assets and obligations of scheme are: 2023 2022 Equities Bonds Property Cash Other 444.000 410,000 124,000 72.000 60.000 454,000 422,000 106.000 42,000 Total mai-kel value of a55ets Present value of scheme liabilities i.I10:000 1,057.000 (1,073,000) (1,478,000) Surplusl(deFicit in scheme Asset not I'ecognised 37,000 (37.000) {4?1,000) Net pension assetl(deficit) (421,000) 21
Woodvale & Shankill Communi Housin Association Limited Notes to the financial statements for the year ended 31 March 2023 15 Re'tirement Benefits Icontinuedl Reconciliation of scheme ass6ts and liabilitiès Ass8ts Llabiliti¢s £'ooo £'ooo 1,057,000 11,478,000) (46.0001 46.000 (66,0001 Totsl £'ooo {421,0001 At stai't of pei'iod Benefits paid Sei'iiice eost Coniribiitions from employer Contribiitions Iiom employees liltei'est income](eYpenst) Retunis on assets (excludints iniei'est income) Acluai-ial (lossl oi. gain 166.0001 53.000 9.000 29,000 (9.000) ()9,0001 (10,0001 8.000 473.000 481.000 I: 110.000 {1.07J:0001 The followiiig amounts have been recotrnised in the performance statements for the year_ 2023 2022 Analysis of the amount charged to operating surplus Curi'¥nt sei-vice cost Employer conti'ibutions 13.000 53,000 31.000 i5,000 Total operatino chai'ge 66.000 86.000 Analysis of the amount shown as other finance costs Inlercst on pcnsion assets Return on pension &5set5 Interest on pension liabilities Net return 29,000 21.000 (39.000) (31,000) (10,000) {10,000) Amount Tecognised Tn the statement of comprehensive income {SoCI) Actuarial {1055llgain in SOCI 481,000 l )?.000 Return on plan assets Interest income Return on plan assets le,x¢luding interesl income) 29,000 ?i.000 ?9,000 21.000 Mortality rates Male Curi'enl pensioners Futui'e pensionei's Current pensioners Future pensioners 87.2 years 88?yea 90.0 yeais 91.0 yeai's 86.8 years 88.2 yea17 90.0 years 91,4 years Female 22
Woodvale & Shankill Communit Housin Association Limited Notes to the financial statements for the year ended 31 March 2023 Group Association 2023 2023 2022 2022 16 Share Capital Ordinaiiw 81)ar¢s n( £ l eaih lull!. paid.. Al l April and )1 March 49 L19 49 £19 17 Capitsl ReseNe At l Api'il and J I tvlarch 14 14 14 18 Revonue Rèserves Al l Api'il and ) I Imairn Surplus for rhe yeai. Actuaiial (Ios5}/gain 16,7)1,401 647.177 444,000 li,960.264 6i9.137 l i2,000 17.020.3i9 574.J41 444.000 16 ?08,916 6)9,443 152,000 At J l Mai'ch 17,842.578 16,7il.401 18,OJ8,700 17.020.359 19 Contingent Liability Thei'e eNist5 a conlingent liability on Ihc Group of the possibilil! of having to repay oranls If Ceived on properties if any pi"opcitle3 are sold. This also includes any gi-ants written oFf Ihi'ou(Fh ihe itnpletnentation of eomponcnt accounting. 20 Commitments C<ipiluJ Comiiiilnienls "riiere are C&ipilal commitlnLlIt5- uinounling lo £Nil. 21 Related Party DTsclosures Group Association 2023 2022 2023 2022 Tenant - rental income Manaoemeni service5 Accountancy sei-vices (net of V ATI 4.781 97,2iO 2).000 4,687 93,Oi5 30,000 4,781 97,250 4,687 2).000 Transactions iviih subsidiary Companies have not been disclosed in accordance Nvith available exemption5 foi- IOOV/o owned Subsidiary companies. 23
Woodvale & Shankill Communit Housin Association Limited Notes to the financial statements for the year ended 31 March 2023 22 Notes to tho Cashflow Statement 2023 2022 Cashflow from opeyating activitiès Operalino sui'plus for tlie yeai. Sui'plus {loss) on disposal of filed assels Othei- eusts Depitcialion ol- tangible fixed assets Grant released Movements in.. Rental debtors Othci- debloi-s Ci-editors less than one yeai- 668,800 118,5451 685,8)6 (19:8)2) 496,97) (234.i4i) ilJ.05i {?51.7911 6.243 (69,7341 (J:667) s. j?8 843, j?7 974.969 Cashflow from financing activities Inlerest received Iiitei-LSt paid ?,489 (8 ?08} 14,3iOI 1,377 li,719) Cashflow from investing activities Purchase ot housinfJ propei-ties Capital oi'ants receivcd Othci. fixed assets Disposal of fixed assets (996.524) (9J8.490) Ili,6J71 )86.09) (100,527) )iO.729 {610,237) (688.288) Financing Shal-e capital New loans Loans repaid (46,46)) 149,604) (46,46)) (49,604) Analysis of Net Debt At 31103122 Cashflows At 31103123 Bank and cash balances Loan5 1,128,576 {99,7731 190 ?02 46.46) l.J18,778 {i3:J08) 1,028,80) 2)6,667 1,265,470 ?4
Woodvale & Shankill Communit Housin Association Limited Notes to the financial statements for the year ended 31 March 2023 23 AssociaOn turnover, opèrating costs and operating surplus 2023 2022 Operating Operatlng Operating costs surplus surplus Ideficiti Turnover Social Flousing Activities Non-social HoLising Aclivities 2.226,677 1.049,258 i77,419 18.)45 683.016 19,8)2 Totals 2.245.2?2 1.649.258 i9i.964 70?,868 Turnover, operating costs and operating surplus from social housing activities 2023 2022 General N¢ed$ Shelted Total Total Income from Social Housing Relit and rales receiable Servicc chaigcs i'eccivablc Support income Gi'ant released 1,578,843 JJ7.291 166,99J 23.207 1.916.134 166.99) 1.911,916 16J,406 22,)80 251,790 197,990 2)4.i4i Gross income Voids 1.776,8J3 (34,9011 364,046 2,340,879 2. J49.69? 179,JOII 1114.202) (lJ4,J)Jl Net income 1.741,932 484.745 2,226,677 ?.215. J)9 Operating costs Scrviccs Suppoitin£r People Mana(ycment costs Rate5 payable Maintenance administration cos15 Planned and cyclical maintenance Reaciive maintenance Bad debts Depreciation Other costs 204,2)8 47,91? 49,004 30.126 204,2)8 47,912 296,411 189,069 235,89? 118,195 I l5.09) 12,000 410.246 20,180 179,894 42.197 277,776 170,766 20i,571 81.091 110.920 12,000 4J I,)00 20,808 247.407 158.94) 199.626 95,Oi9 93.072 12,000 356,1?0 20,180 22,0?3 i4.126 Total operatino costs 1,182,407 466,851 1,649,258 I,i32,32J Opei?ting surplus 559,i25 17.894 577,419 68J,016 25
Woodvale & Shankill Communi Housin Association Limited Notes to the financial statements for the year ended 31 March 2023 23 Association turnover, operating costs and operating surplus l¢ontlnuedl 2023 2022 Gener31 Needs Shelterad Total Totsl DSD Allowances Management allowances Maiiagement costs 98.?08 (?47,407) 37.6?0 13i.828 1)7,808 (49,0041 (?96,4111 (277,776) Deticit {149:1991 11 I,J841 1160.583) (139,9681 Maiiitenance allowances Planned and cyclical maiiitenance Reactive maintenaiice I l i,072 19i:O)9) {9),0721 44.080 l j9,lj? 161.472 123,lJ61 (118,195) (81.091) 1?2,0?Jl 1115,09)) (110.9201 Deficit (7),0591 11.0791 {74.lJ8) (JO,i)91 Gross income from rents and service charges I'echp_ical Non-lechnical 868,J64 710.479 290.120 2J7.J71 l.li8.484 947.8iO l. lii.846 944.056 Total I,i78.843 j?7.491 ? I06.)34 2,097,90? Housing stock 2023 No. 2022 No. Nurnbei OF units owned at i l fvlarcli: Genei'al needs housing Sheltei'ed housing Supported housing 95 95 Tolal owned 26