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 fin￿l¢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 b￿lS 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 ce￿e 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 fInan￿e 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.eSe￿eS
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
Statein￿￿E 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 b￿ls.
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.
B￿lefIn￿ncluJ 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.eco￿lSed 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 a￿ange]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 eXpenS￿S
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 follo￿￿1￿￿ 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 Associa￿On 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$
Shelte￿d
Total
Total
Income from Social Housing
Relit and rales recei￿able
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