WOODVALE & SHANKILL COMMUNITY HOUSING ASSOCIATION LIMITED
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Woodvale & Shankill Community Housing Association Limited
Annual Report and Financial Statements for the year ended 31 March 2024
| Contents Association Information Report of the Board Report of the Auditors Consolidated Statement of Comprehensive Income Association Statement of Comprehensive Income Consolidated Statement of Financial Position Association Statement of Financial Position Consolidated Cashflow Statement Notes to the Financial Statements |
Pages |
|---|---|
| 1 2 – 3 4 – 6 7 8 9 10 11 12 - 26 |
Woodvale & Shankill Community Housing Association Limited
Association Information
Board
Mr T Fuller (Chairperson) Mr F Agnew Mrs S Chambers Mr I McLaughlin Mr R Robinson Mrs G Hughes Mr G Courtney
Secretary Mrs S Chambers Registered Office 91-95 Woodvale Road Belfast BT13 3BP Registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 IP 167 Registered with the DSD (NI) R15
Registered with the Charity Commission for Northern Ireland NIC 100843 HMRC charity registration XN45225 Auditors MTS Chartered Accountants 1 Lanyon Quay Belfast BT1 3LG Principal Bankers Danske Bank Donegall Square West Belfast BT1 6JS Solicitors Clyde & Co 51 Adelaide Street Belfast BT2 8FE
1
Woodvale & Shankill Community Housing Association Limited
Report of the Board for the year ended 31 March 2024
The Board presents its report together with the financial statements for the year ended 31 March 2024.
Principal Activities
The Group provides social housing accommodation for those in need, affordable housing and energy supplies.
Results
The surplus on ordinary activities for the year was £668,474 compared with a surplus of £647,177 for the previous year.
Corporate Governance
In the opinion of the Board, the Association is in compliance with the Best Practice issued by the NHF Code of Governance.
Board of Management
The Board meets throughout the year and has committees with specific responsibilities for housing, finance and audit.
Going Concern
After making enquiries, the Board has a reasonable expectation that the Association had adequate resources to continue in operational existence for the foreseeable future. For this reason the Board continues to adopt the going concern basis in preparing the financial statements.
Internal Financial Control
The Board is responsible for the Association’s systems of internal financial control and along with senior management is responsible for establishing and operating detailed control and report procedures. The systems of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement and loss.
The Board has reviewed the effectiveness of the Association’s system of internal financial control. The review included consideration of the business risks facing the Association and of the existing internal financial control procedures. The key elements of the control system in operation are:
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The Board has adopted a formal schedule of matters reserved for its approval ensuring it maintains responsibility for overall strategy, approval of all property transactions and other major capital expenditure projects.
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There is an organisation structure with clearly defined lines of responsibility and delegation of authority.
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Detailed budgets are prepared covering the Association’s businesses which are reviewed and approved by the Board. Actual results are compared against budget and appropriate action identified and initiated.
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The Board reviews matters relating to internal control and receives reports on a regular basis from the external and internal auditors and from senior management.
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The process for identifying, evaluating and managing the significant risks faced by the Association is ongoing, has been in place for the year under review and up to the date of approval of the annual report and accounts, and is regularly reviewed by the Board.
2
Woodvale & Shankill Communi Housin Association Limited Report of the Board for the year ended 31 March 2024 (continued) Board's responsibilitles The Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and registered housing association legislation require the members of the Board of Management to prepare financial statements for each fmancial year which give a true and fair view of the stste of the Association's affairs and of its surplus or deficit for that period. In preparing these statements the Board is required to.. Select suitable accounting policies and apply them consistently Make judgements and estimates that are reasonable and prudent Prepare the financial statements on the going concern b&sis unless it is inappropriate to presume that the Association will continue to operate. The members of the Board of Management are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association and to enable them to ensure that the financial statements comply with the Co-operativ¢ and Community Benefit Societies Act (Northern Ireland) 1969and the Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993. They have general responsibility for the taking of re&8onable steps to safeguard the assets of the Association and to prevent and detect fraud and other irregularities. Statement of disclosure of information to auditors So far &8 each of the members of the Board is aware: there is no relevant infonnation of which th¢ Association's auditors are unaware they have taken all reasonable steps that they ought to have taken. as rnembers of the Board, in order to make themselves aware of any relevant audit information and to establish that the Association's auditors are aware of that infomiation. Auditors A resolution to reappoint MTS Chartered Accountants will be proposed at the Annual General Meeting. By order of the board Chairperson Belf&st Date.. 5th August 2024
Woodvale & Shankill Community Housing Association Limited
Independent Auditors’ Report to the Members for the Year Ended 31 March 2024
We have audited the financial statements of Woodvale & Shankill Community Housing Association Ltd for the year ended 31 March 2024 which comprise the consolidated and association statement of comprehensive income, the consolidated and association statement of changes in reserves, the consolidated and association statement of financial position, the consolidated statement of cashflows and the related notes, which include a description of the significant accounting policies.
In our opinion, the group and association financial statements:
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give a true and fair view of the state of the group and association's affairs as at 31 March 2024 and of the group and association's surplus, and of the group's cashflows for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law)";
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have been properly prepared 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.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the group and association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Board of Management’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and Association's ability to continue as a going 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 information comprises the information included in the annual report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information 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 materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
4
Woodvale & Shankill Community Housing Association Limited
Independent Auditors’ Report to the Members for the Year Ended 31 March 2024 (continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the board report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Under the Charities Act (Northern Ireland) 2008 and Regulation 9 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, we are required to report to you if, in our opinion:
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sufficient accounting records have not been kept;
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit; or
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the information given in the Report of the Board of Management and the Strategic Report is inconsistent in any material respect
We have nothing to report in this regard.
Responsibilities of board
As explained more fully in the board's responsibilities statement, the board members (who are also the trustees of the association for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the board determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the board is responsible for assessing the association's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board either intends to liquidate the association or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,· including fraud is detailed below:
We gained an understating of the legal and the regulatory framework applicable to the group and the industry in which it operates and considered the risk of acts by the group which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of lreland", and applicable law)";
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Woodvale & Shankill Communit Housin Association Lim ited Independent Auditors, Report to the Members for the Year Ended 31 March 2024 (eontinued) We focused on laws and regulations that could give rise to material misstatement in the financial statements. Our tests included but were not limited to.. agreement of the financial statement disclosures to underlying supporting documentation" enquiries of management" review of minutes of board meetings thToughout the period. and Considering the effectiveness of the control environment and monitoring compliance with laws and regulations. We also communicated relevant identifled laws and regulations and potential fraud risk to all engagement team members and Temained alert to any indications of fraud or non-compliance with laws and regulations throughout th¢ audit. There are inherent limitations in the audit procedures described above aud the fither removed non-compliance with laws and regulations is from events and transaction reffected in the financial statements, the less likely we would become aware of it. As in all of our audits we addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our audit procedures w¢r¢ designed to respond to risks of material misstatement in the financial staternents, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one Tesulting from eor, as fraud may involve deliberate concealment by, for example, forgery, misrcpiesentations or through collusion. There are inherent limitations in the audit procedures performed and the further Temoved non-cotnph.ance with laws and regulatloljs is from th¢ events and transactions reflected in the financial statements, the less likely we are to becom¢ aware.of it. A further description of OUT responsibilities for the audit of the accounts is focated on the Financial Reporting Council, s website at: http'./lwww.frc.org.uk/audi¢orsresponsibiljtiés':This de5CriPtion form5 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 (A¢Gounting Requiretnents) Order (Northern Ir¢land) 1993.our audit work has been undertaken so that we might state to the a550ciation's board those rnatters we are required to state to them tn an auditOT'S report and for no other purpose. To the fullest extent perrnitted by law, we do not accept or assum¢ responsibility to anyone other than the association and the association's board as a body, for our audit work, for this report, or for the opinions we have fonned. Mr Richard Mcclay FCA Senior Statutory Auditor For and on behalf of.. MTS CharteTed Accountants l Lanyon Quay Belfast BTI 3LG Date: 5th August 2024
Woodvale & Shankill Community Housing Association Limited
Consolidated Statement of Comprehensive Income Year ended 31 March 2024
| Consolidated Statement of Comprehensive Year ended 31 March 2024 |
Income | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Turnover | 1.2 | 2,516,851 | 2,445,832 |
| Operating costs | 2 | (1,856,156) | (1,774,032) |
| __ | __ | ||
| Operating Surplus | 5 | 660,695 | 671,800 |
| Interest receivable | 3 | 11,998 | 2,727 |
| Interest and finance costs | 4 | (2,219) | (4,350) |
| Additional pension service cost | 15 | (5,000) | (13,000) |
| Other finance income/(costs) | 15 | 3,000 | (10,000) |
| __ | __ | ||
| Surplus on Ordinary Activities | 668,474 | 647,177 | |
| Re-measurement: | |||
| Actuarial (loss)/gain on pension scheme | 15 | 2,000 | 444,000 |
| __ | __ | ||
| Surplus for the Financial Year | 18 | 670,474 | 1,091,177 |
| ======= | ======= | ||
| The turnover and expenses all relate to continuing operations of the Group. |
Consolidated Statement of Changes in Reserves Year ended 31 March 2024
| Year ended 31 March 2024 | |||
|---|---|---|---|
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Surplus for the year | 670,474 | 1,091,177 | |
| Movement in share capital | - | - | |
| Movement in capital reserves | - | - | |
| __ | __ | ||
| Net addition to capital and reserves | 670,474 | 1,091,177 | |
| Opening total capital and reserves | 17,842,641 | 16,751,464 | |
| __ | __ | ||
| Closing total capital and reserves | 18,513,115 | 17,842,641 | |
| ======= | ======= |
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Woodvale & Shankill Community Housing Association Limited
Association Statement of Comprehensive Income Year ended 31 March 2024
| Year ended 31 March 2024 | |||
|---|---|---|---|
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Turnover | 1.2 | 2,386,526 | 2,245,222 |
| Operating costs | 2 | (1,712,633) | (1,649,258) |
| __ | __ | ||
| Operating Surplus | 5 | 673,893 | 595,964 |
| Interest receivable | 3 | 19,248 | 5,727 |
| Interest and finance costs | 4 | (1,227) | (4,350) |
| Additional pension service cost | 15 | (5,000) | (13,000) |
| Other finance income (costs) | 15 | 3,000 | (10,000) |
| __ | __ | ||
| Surplus on Ordinary Activities | 689,914 | 574,341 | |
| Actuarial (loss)/gain on pension scheme | 15 | 2,000 | 444,000 |
| __ | __ | ||
| Surplus for the Financial Year | 18 | 691,914 | 1,018,341 |
| ======= | ======= | ||
| The turnover and expenses all relate to continuing operations of the Association. | |||
| Association Statement of Changes in Reserves | |||
| Year ended 31 March 2024 | |||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Surplus for the year | 691,914 | 1,018,341 | |
| Movement in share capital | - | - | |
| Movement in capital reserves | - | - | |
| __ | __ | ||
| Net addition to capital and reserves | 691,914 | 1,018,341 | |
| Opening total capital and reserves | 18,038,763 | 17,020,422 | |
| __ | __ | ||
| Closing total capital and reserves | 18,730,677 | 18,038,763 | |
| ======= | ======= |
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Woodvale & Shankill Communi Housin Association Limited Consolidated Statement of Financial Position As at 31 March 2024 2024 2023 Notss Tangible Fixed Assets Housing land and buildings: Other fLxed assets 29,838,652 868,368 29,702,766 900.196 30,707,020 30,602,962 Current Assets Trade and other debtors Cash and cash equivalents 11 262,601 1.761,153 388.017 1.318,778 2,023,754 1,706,795 Creditors: Amounts Falllng Due Within One Year Net Current Assets 12 (537,497) (497,564) 1,486,257 1.209.231 Total Assets Less Current Llabllities 32,193,277 31,812,193 Credltors: Amounts Falling Due After More Than One Year Creditor5 12 Provision for liabilities 15 13,680,162 13.969,552 13,680,162 13,969,552 Total Net Assets 18,513,115 17.842.64l Capital and Reserves Share capital Capital reserves Revenue reserves 16 49 14 18,513.052 49 14 17,842.578 17 18 Total Reserves 18,513,115 17,842,641 The financial statements on pages 6 to 25 were approved by the Board and are signed on their behalf by: Chair Boar ember Date: 5th August 2024 Secretary
Woodvale & Shankill Communi Housin Association Limited Assoclation Statement of Financial Position As at 31 March 2024 2024 2023 Not•s Tanglble Flxed Assets Housing land and buildings: Other fixed assets Investments 27,124,398 837.037 3,172,843 27,220,188 856,365 2.939,434 10 31.134,278 31,015.987 Current Assets Trade and other debtors Cash and ¢&8h equivalents 11 195.776 1,566,985 211.831 1226,620 1.761761 1.438,451 Credltors: Amounts Falllng Duo Wlthln One Year Net Current Assets 12 (499,466> (476,611) 1263,295 961,840 Total Assets Less Current Llabllltles 32.397.573 31.977.827 Credltors: Amounts Falllng Due After Moro Than One Year Creditors 12 Provision for liabilities 13,666,896 13.939,064 15 13,666,896 13,939,064 Total Net Assets 18.730,677 18,038,763 Capltal and Reserves Share capital Capital reserves Revenue reserves 16 17 49 14 18,730.614 49 14 18.038.700 Total Reserves 18,730,677 18,038,763 The fllwiciai statements on pages 6 10 25 were approved by the Board and are signed on their behalf by: Chair mber Date.. 5th August 2024 Secretary io
Woodvale & Shankill Community Housing Association Limited
Consolidated Statement of Cashflows Year ended 31 March 2024
| Consolidated Statement of Cashflows Year ended 31 March 2024 |
|||
|---|---|---|---|
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Net cash generated from operating activities | 22 | 1,051,415 | 845,527 |
| Cashflow from financing activities | 22 | 9,779 | 1,377 |
| Cashflow from investing activities | 22 | (593,691) | (610,237) |
| ____ | ____ | ||
| 467,503 | 236,667 | ||
| Financing | (25,128) | (46,465) | |
| ____ | ____ | ||
| Decrease in cash and cash equivalents | 442,375 | 190,202 | |
| Cashflow from (increase) decrease in debt | 25,128 | 46,465 | |
| Cash and cash equivalents at start of year | 1,265,470 | 1,028,803 | |
| ____ | ____ | ||
| Cash and cash equivalents at end of year | 1,732,973 | 1,265,470 | |
| ========= | ========= |
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Woodvale & Shankill Community Housing Association Limited
Notes to the Financial Statements for the year ended 31 March 2024
1. Accounting Policies
1.1 Basis of Accounting
The financial statements have been prepared on the historical cost basis and in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Housing SORP 2014:Statement of Recommended Practice for Social Housing Providers.
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts are rounded to the nearest £.
The Association is a company limited by shares incorporated in Northern Ireland. The registered office is situated at 91-95 Woodvale Road, Belfast, BT13 3BP.
1.2 Turnover
Turnover represents rental income, heating charges, heating incentive income, service charges receivable net of voids and the release of capital grants, and is recognised in the period to which it relates.
1.3 Other Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is charged on a straight line basis over the expected useful economic lives of the assets at the following annual rates:
Furniture and equipment : 10% - 33 1/3% Plant & equipment : 20%
1.4 Housing Properties
Housing properties are stated at cost less accumulated depreciation. Cost includes the cost of acquiring land and buildings, development costs and expenditure incurred in respect of improvements. All development costs directly attributable to bringing properties into management are identified and capitalised to schemes in construction during the year, this includes capitalising interest payments.
Expenditure on improvements to existing properties, which enhances the economic benefits of the property or extends its useful life, is capitalised as part of the cost of the property. Other maintenance expenditure is written off to the Income and Expenditure Account as it is incurred.
Depreciation is charged on a straight-line basis over varying timescales, depending on the estimated useful life of the individual components. The major components and their estimated useful lives are listed below.
| Land | Not depreciated |
|---|---|
| Structure (including roof) | 100 years |
| Kitchen | 20 years |
| Bathroom | 25 years |
| Heating boiler | 10 years |
| Heating system | 30 years |
| Windows and doors | 35 years |
| Electrics | 35 years |
Where there is evidence of impairment, the fixed assets are written down to the recoverable amount and any write down charged to operating surplus.
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Woodvale & Shankill Community Housing Association Limited
Notes to the Financial Statements for the year ended 31 March 2024
1. Accounting Policies ( continued )
1.5 Housing Association Grant
Grant received for property has been included under long term liabilities and is amortised over the estimated useful life of the component to which it relates on the same basis as the depreciation charge listed above. Such grants may be repayable under certain circumstances, primarily following the sale of housing property, but any amount repayable would be restricted to the net proceeds of the sale.
- 1.6 Investments
Investments in subsidiary companies are recorded at cost.
- 1.7 Retirement Benefits
The Association participates in the NILGOSC defined benefit pension scheme. The underlying assets and liabilities of the scheme attributable to Woodvale & Shankill Community Housing are held separately from those of the Association. Pension scheme liabilities are measured on an actuarial basis using a projected unit method and are discounted to their present value. Assets are measured at market value at the balance sheet date. As a result the Association either recognises the scheme deficit on the balance sheet at the year end, or in the case of an asset position, does not recognise this on the balance sheet, on the grounds of prudence. Actuarial gains and losses are included in the statement of comprehensive income. Current and past service costs, curtailments and settlements are recognised within operating surplus. Returns on scheme assets and interest on obligations are recognised as other finance costs.
1.8 Disposal Proceeds Fund
Surpluses from disposal of housing properties, including the Voluntary Purchase Grant, are transferred to the Disposal Proceeds Fund. The association is required to apply these surpluses within a specified period to housing projects as Recycled Housing Association Grant.
1.9 Tenants’ Services Fund
For certain schemes the Association is required to charge the tenants for additional services provided, over and above those of the normal management and maintenance services. The Association levies an additional charge to the tenants for this. Annual deficits are absorbed into operating surplus.
1.10 Operating leases
Costs under operating leases are charged to the income and expenditure account in the period to which they relate. Outstanding commitments are disclosed in the notes to the financial statements.
1.11 Group Accounts
The financial statements present information about the association as an individual undertaking and about its group.
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Woodvale & Shankill Community Housing Association Limited
Notes to the Financial Statements for the year ended 31 March 2024
1. Accounting Policies ( continued )
1.12 Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13 Judgement and Key Sources of Estimation Uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
1.14 Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.15 Financial Instruments
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of impairment 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 estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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Woodvale & Shankill Community Housing Association Limited
Notes to the Financial Statements for the year ended 31 March 2024
1. Accounting Policies (continued)
1.15 Financial Instruments (continued)
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the 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 suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group’s contractual obligations expire or are discharged or cancelled.
1.16 Going Concern
The financial statements have been prepared under the going concern basis. The Board have considered both the financial position of the Association and ongoing actions being taken by the Association against two separate regulators. While the regulators are independent of each other the actions are connected. At the date of the signing of the audit report the outcome of these actions is undecided. Having considered these factors the Board are content the going concern basis is appropriate.
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Woodvale & Shankill Community Housing Association Limited
Notes to the financial statements for the year ended 31 March 2024
| Group | Association | Association | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| **2 ** | Operating Costs | £ | £ | £ | £ |
| Direct costs | 1,196,647 | 1,166,102 | 1,147,500 | 1,116,955 | |
| Administrative expenses | 659,509 | 607,930 | 565,133 | 532,303 | |
| _ | _ | _ | _ | ||
| 1,856,156 | 1,774,032 | 1,712,633 | 1,649,258 | ||
| ====== | ====== | ====== | ====== | ||
| **3 ** | Interest Receivable | ||||
| Interest receivable | 11,998 | 2,727 | 19,248 | 5,727 | |
| ====== | ====== | ====== | ====== | ||
| **4 ** | Interest and Finance Costs | ||||
| Bank charges | 1,589 | 1,311 | 597 | 1,311 | |
| Housing loans | 630 | 3,039 | 630 | 3,039 | |
| _ | _ | _ | _ | ||
| 2,219 | 4,350 | 1,227 | 4,350 | ||
| ====== | ====== | ====== | ====== | ||
| **5 ** | Surplus On Ordinary Activities Before Taxation | ||||
| Surplus on ordinary activities before taxation is | |||||
| stated after charging: | |||||
| Depreciation | 493,356 | 496,975 | 444,209 | 447,828 | |
| Grant released | (245,094) | (234,545) | (245,094) | (234,545) | |
| Auditors’ remuneration - audit work | 9,000 | 9,000 | 9,000 | 9,000 | |
| ====== | ====== | ====== | ====== |
6 Taxation
No provision for current or deferred taxation is necessary due to the charitable status of the Association.
| **7 ** | Employee Information | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|---|
| The average weekly number of persons | No. | No. | No. | No. | |
| employed during the year was: | |||||
| Office | 9 | 9 | 8 | 8 | |
| Support staff | 10 | 10 | 10 | 10 | |
| Maintenance staff | 9 | 12 | 2 | 2 | |
| __ | __ | __ | __ | ||
| 28 | 31 | 20 | 20 | ||
| ======= | ======= | ======= | ======= | ||
| Staff costs | £ | £ | £ | £ | |
| Salaries | 664,407 | 745,285 | 466,022 | 433,630 | |
| Social security costs | 59,526 | 58,389 | 41,399 | 34,457 | |
| Other pension costs | 32,434 | 56,690 | 30,666 | 40,190 | |
| __ | __ | __ | __ | ||
| 756,367 | 860,364 | 538,087 | 508,277 | ||
| ======= | ======= | ======= | ======= |
16
Woodvale & Shankill Community Housing Association Limited
Notes to the financial statements for the year ended 31 March 2024
7 Employee Information continued - Management Team's Emoluments
| Group | Group | Association | Association | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Management Services | £ | £ | £ | £ |
| Equivalent aggregate emoluments | ||||
| (excluding VAT) | 102,110 | 97,250 | 102,110 | 97,250 |
| ======= | ======= | ======= | ======= | |
| Senior Staff | ||||
| Aggregate emoluments | 114,519 | 109,066 | 114,519 | 109,066 |
| Pension costs | - | - | - | - |
| __ | __ | __ | __ | |
| 114,519 | 109,066 | 114,519 | 109,066 | |
| ======= | ======= | ======= | ======= | |
| Banding | ||||
| £50,000 - £60,000 | 2 | 2 | 2 | 2 |
| ==== | ==== | ==== | ==== |
Board Members' Emoluments
Board Members act in a voluntary capacity and none were in receipt of emoluments or expenses during the year.
8 Tangible Fixed Assets - Housing Land and Buildings
| Group | Group | Association | Association | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Cost | £ | £ | ||
| At 1 April | 37,954,306 | 37,602,599 | 35,240,206 | 35,297,667 |
| Additions | 725,113 | 996,524 | 456,790 | 587,356 |
| Disposals | (184,956) | (644,817) | (184,956) | (644,817) |
| __ | __ | __ | __ | |
| At 31 March | 38,494,463 | 37,954,306 | 35,512,040 | 35,240,206 |
| __ | __ | __ | __ | |
| Completed | 32,146,593 | 32,146,593 | 28,992,597 | 28,992,597 |
| ======= | ======= | ======= | ======= | |
| Work in progress | 6,347,870 | 5,807,713 | 6,519,443 | 6,247,609 |
| ======= | ======= | ======= | ======= | |
| Depreciation | ||||
| At 1 April | 8,251,540 | 7,900,181 | 8,020,018 | 7,705,306 |
| Charge for year | 444,856 | 446,893 | 408,209 | 410,246 |
| Disposals | (40,585) | (95,534) | (40,585) | (95,534) |
| __ | __ | __ | __ | |
| At 31 March | 8,655,811 | 8,251,540 | 8,387,642 | 8,020,018 |
| __ | __ | __ | __ | |
| Net Book Value | ||||
| At 31 March | 29,838,652 | 29,702,766 | 27,124,398 | 27,220,188 |
| ======== | ======== | ======== | ======== |
17
Woodvale & Shankill Community Housing Association Limited
Notes to the financial statements for the year ended 31 March 2024
9 Other Tangible Fixed Assets - Group
| Tenants' | Motor | Office | ||
|---|---|---|---|---|
| **furnishings/ ** | vehicles and | premises and | ||
| equipment | plant | equipment | Total | |
| Cost | £ | £ | £ | £ |
| At 1 April 2023 | 193,584 | 143,091 | 979,733 | 1,316,408 |
| Additions | 8,674 | 2,548 | 5,450 | 16,672 |
| Disposals | - | - | - | - |
| _ | _ | _ | _ | |
| At 31 March 2024 | 202,258 | 145,639 | 985,183 | 1,333,080 |
| _ | _ | _ | _ | |
| Depreciation | ||||
| At 1 April 2023 | 99,454 | 96,260 | 220,498 | 416,212 |
| Charge for year | 18,904 | 13,613 | 15,983 | 48,500 |
| Disposals | - | - | - | - |
| _ | _ | _ | _ | |
| At 31 March 2024 | 118,358 | 109,873 | 236,481 | 464,712 |
| _ | _ | _ | _ | |
| Net Book Value | ||||
| At 31 March 2024 | 83,900 | 35,766 | 748,702 | 868,368 |
| ====== | ====== | ====== | ====== | |
| At 31 March 2023 | 94,130 | 46,831 | 759,235 | 900,196 |
| ====== | ====== | ====== | ====== | |
| Other Tangible Fixed Assets - Association | ||||
| Tenants' | Motor | Office | ||
| **furnishings/ ** | vehicles and | premises and | ||
| equipment | plant | equipment | Total | |
| Cost | £ | £ | £ | £ |
| At 1 April 2023 | 193,584 | 35,220 | 979,733 | 1,208,537 |
| Additions | 8,674 | 2,548 | 5,450 | 16,672 |
| Disposals | - | - | - | - |
| _ | _ | _ | _ | |
| At 31 March 2024 | 202,258 | 37,768 | 985,183 | 1,225,209 |
| _ | _ | _ | _ | |
| Depreciation | ||||
| At 1 April 2023 | 99,454 | 32,220 | 220,498 | 352,172 |
| Charge for year | 18,904 | 1,113 | 15,983 | 36,000 |
| Disposals | - | - | - | - |
| _ | _ | _ | _ | |
| At 31 March 2024 | 118,358 | 33,333 | 236,481 | 388,172 |
| _ | _ | _ | _ | |
| Net Book Value | ||||
| At 31 March 2024 | 83,900 | 4,435 | 748,702 | 837,037 |
| ====== | ====== | ====== | ====== | |
| At 31 March 2023 | 94,130 | 3,000 | 759,235 | 856,365 |
| ====== | ====== | ====== | ====== |
18
Woodvale & Shankill Community Housing Association Limited
Notes to the financial statements for the year ended 31 March 2024
| Group | Group | Association | Association | ||
|---|---|---|---|---|---|
| **10 ** | Investments | 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ | ||
| At 1 April | - | - | 2,939,434 | 2,477,198 | |
| Additions | - | - | 233,409 | 462,236 | |
| _ | _ | _ | _ | ||
| At 31 March | - | - | 3,172,843 | 2,939,434 | |
| ======= | ======= | ======= | ======= | ||
| The investments are analysed as further: | |||||
| Shares in subsidiaries | - | - | 2,150,004 | 2,150,004 | |
| Loans to subsidiaries | - | - | 1,022,839 | 789,430 | |
| _ | _ | _ | _ | ||
| - | - | 3,172,843 | 2,939,434 | ||
| ======= | ======= | ======= | ======= |
The shares represent the holding of 100% of the ordinary share capital of the following subsidiaries:
| Description of activities | Country of incorporation | |
|---|---|---|
| WGS Property Enterprises Ltd | Contractor | Northern Ireland |
| WGS Green Energy Ltd | Energy provider | Northern Ireland |
| WGS Residential Ltd | Affordable housing | Northern Ireland |
| WGS New Developments Ltd | Contractor | Northern Ireland |
All loans to subsidiaries are secured and carry an interest charge of base rate plus 1.65%. The Association also charges its subsidiaries for Association resources expended on subsidiary activity. All transactions are at arms length and comply with DfC guidance on group structures.
| Group | Association | Association | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| **11 ** | Trade and other debtors | £ | £ | £ | £ |
| Arrears of rent - technical | 44,806 | 33,366 | 44,806 | 33,366 | |
| Arrears of rent - non-technical | 135,866 | 157,013 | 135,866 | 157,013 | |
| Provision for bad debts | (80,944) | (91,198) | (80,944) | (91,198) | |
| _ | _ | _ | _ | ||
| 99,728 | 99,181 | 99,728 | 99,181 | ||
| Prepayments and accrued income | 145,377 | 241,560 | 78,552 | 65,374 | |
| Other debtors | 17,496 | 47,276 | 17,496 | 47,276 | |
| _ | _ | _ | _ | ||
| 262,601 | 388,017 | 195,776 | 211,831 | ||
| ====== | ====== | ====== | ====== |
19
Woodvale & Shankill Community Housing Association Limited
Notes to the financial statements for the year ended 31 March 2024
| **12 ** | Creditors | Group | Group | Association | Association |
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Amounts falling due within one year: | |||||
| Trade creditors and accruals | 167,104 | 133,672 | 139,117 | 112,719 | |
| Rents received in advance | 110,388 | 100,867 | 110,388 | 100,867 | |
| Other creditors | - | 11,075 | - | 11,075 | |
| Deferred grant | 245,091 | 234,000 | 245,091 | 234,000 | |
| Loans (see note 14) | 14,914 | 17,950 | 4,870 | 17,950 | |
| _ | _ | _ | _ | ||
| 537,497 | 497,564 | 499,466 | 476,611 | ||
| ====== | ====== | ====== | ====== | ||
| Amounts falling due after more | |||||
| than one year: | 2024 | 2023 | |||
| Deferred grant (see note 13) | 12,118,275 | 12,417,148 | 12,118,275 | 12,417,148 | |
| Disposal proceeds fund | 1,548,621 | 1,517,046 | 1,548,621 | 1,517,046 | |
| Loans (see note 14) | 13,266 | 35,358 | - | 4,870 | |
| _ | _ | _ | _ | ||
| 13,680,162 | 13,969,552 | 13,666,896 | 13,939,064 | ||
| ====== | ====== | ====== | ====== | ||
| **13 ** | Deferred Grant | ||||
| Housing Association Grant | |||||
| At 1 April | 18,688,987 | 18,943,015 | 18,688,987 | 18,943,015 | |
| Additions | (6,844) | 15,831 | (6,844) | 15,831 | |
| Disposals | (61,592) | (269,859) | (61,592) | (269,859) | |
| __ | __ | __ | __ | ||
| At 31 March | 18,620,551 | 18,688,987 | 18,620,551 | 18,688,987 | |
| __ | __ | __ | __ | ||
| Amortisation | |||||
| At 1 April | 6,037,839 | 5,880,283 | 6,037,839 | 5,880,283 | |
| Released in year | 245,094 | 234,545 | 245,094 | 234,545 | |
| Disposals | (25,748) | (76,989) | (25,748) | (76,989) | |
| __ | __ | __ | __ | ||
| At 31 March | 6,257,185 | 6,037,839 | 6,257,185 | 6,037,839 | |
| __ | __ | __ | __ | ||
| Net Book Value | |||||
| At 31 March | 12,363,366 | 12,651,148 | 12,363,366 | 12,651,148 | |
| ======= | ======= | ======= | ======= | ||
| To be released < 1 year | 245,091 | 234,000 | 245,091 | 234,000 | |
| To be released > 1 year | 12,118,275 | 12,417,148 | 12,118,275 | 12,417,148 | |
| __ | __ | __ | __ | ||
| 12,363,366 | 12,651,148 | 12,363,366 | 12,651,148 | ||
| ======= | ======= | ======= | ======= |
20
Woodvale & Shankill Community Housing Association Limited
Notes to the financial statements for the year ended 31 March 2024
14 Loans
Loans are secured on individual assets of the Association and are repayable in instalments as follows:
| Group | Group | Association | Association | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| In one year or less | 14,914 | 22,950 | 4,870 | 17,950 |
| Between one and two years | 10,340 | 9,870 | - | 4,870 |
| Between two and five years | 2,926 | 5,000 | - | - |
| In five years or more | - | 15,488 | - | - |
| ___ | ___ | ___ | ___ | |
| Housing loans | 28,180 | 53,308 | 4,870 | 22,820 |
| ======== | ======== | ======== | ======== |
Bank debt is secured by way of mortgages upon the deeds of the related properties financed by loans and bear interest at fixed and variable rates.
15 Retirement Benefits - Group and Association
The Association’s pension scheme forms part of the total fund administered by NILGOSC. WSCHA has contributed at a rate of 20% of pensionable salaries, and will remain at this rate until such time as the Association is advised otherwise. Members have paid contributions at varying rates up to 8.50%.
Formal valuations are carried out at regular intervals by independent professionally qualified actuaries. The last formal valuation was carried out as at 31 March 2022.
| Assumptions | 2024 | 2023 |
|---|---|---|
| Rate of salary increase | 4.10% | 4.20% |
| Pension increases in payment | 2.60% | 2.70% |
| Discount rate | 4.80% | 4.70% |
| Pension accounts revaluation rate | 2.60% | 2.70% |
| Fair value of assets and obligations of scheme are: | 2024 | 2023 |
| £ | £ | |
| Equities | 531,000 | 444,000 |
| Bonds | 424,000 | 410,000 |
| Property | 118,000 | 124,000 |
| Cash | 68,000 | 72,000 |
| Other | 74,000 | 60,000 |
| __ | __ | |
| Total market value of assets | 1,215,000 | 1,110,000 |
| Present value of scheme liabilities | (1,072,000) | (1,073,000) |
| __ | __ | |
| Surplus/(deficit in scheme | 143,000 | 37,000 |
| Asset not recognised | (143,000) | (37,000) |
| __ | __ | |
| Net pension asset/(deficit) | - | - |
| ======= | ======= |
21
Woodvale & Shankill Community Housing Association Limited
Notes to the financial statements for the year ended 31 March 2024
15 Retirement Benefits (continued)
| Reconciliation of scheme assets and liabilities | Reconciliation of scheme assets and liabilities | Assets | Liabilities | Total |
|---|---|---|---|---|
| £'000 | £'000 | £'000 | ||
| At start of period | 1,110,000 | (1,073,000) | 37,000 | |
| Benefits paid | (52,000) | 52,000 | - | |
| Service cost | - | (36,000) | (36,000) | |
| Contributions from employer | 31,000 | - | 31,000 | |
| Contributions from employees | 10,000 | (10,000) | - | |
| Interest income/(expense) | 52,000 | (49,000) | 3,000 | |
| Returns on assets (excluding interest income) | - | - | - | |
| Actuarial (loss) or gain | 64,000 | 44,000 | 108,000 | |
| __ | __ | __ | ||
| 1,215,000 | (1,072,000) | 143,000 | ||
| __ | __ | __ | ||
| The following amounts have been recognised in the performance | statements for | the year. | ||
| 2024 | 2023 | |||
| Analysis of the amount charged to operating surplus | £ | £ | ||
| Current service cost | 5,000 | 13,000 | ||
| Employer contributions | 31,000 | 53,000 | ||
| __ | __ | |||
| Total operating charge | 36,000 | 66,000 | ||
| __ | __ | |||
| Analysis of the amount shown as other finance costs | ||||
| Interest on pension assets | 52,000 | 29,000 | ||
| Return on pension assets | - | - | ||
| Interest on pension liabilities | (49,000) | (39,000) | ||
| __ | __ | |||
| Net return | 3,000 | (10,000) | ||
| __ | __ | |||
| Amount recognised in the statement of | ||||
| comprehensive income (SoCI) | ||||
| Actuarial (loss)/gain in SoCI | 108,000 | 481,000 | ||
| __ | __ | |||
| Return on plan assets | ||||
| Interest income | 52,000 | 29,000 | ||
| Return on plan assets (excluding interest income) | - | - | ||
| __ | __ | |||
| 52,000 | 29,000 | |||
| __ | __ | |||
| Mortality rates | ||||
| Male | Current pensioners | 86.7 years | 87.2 years | |
| Future pensioners | 87.7 years | 88.2 years | ||
| Female | Current pensioners | 89.6 years | 90.0 years | |
| Future pensioners | 90.6 years | 91.0 years |
22
Woodvale & Shankill Community Housing Association Limited
Notes to the financial statements for the year ended 31 March 2024
| Group | Group | Association | Association | ||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| **16 ** | Share Capital | £ | £ | £ | £ |
| Ordinary shares of £1 each fully paid: | |||||
| At 1 April and 31 March | 49 | 49 | 49 | 49 | |
| ====== | ====== | ====== | ====== | ||
| **17 ** | Capital Reserve | ||||
| At 1 April and 31 March | 14 | 14 | 14 | 14 | |
| ====== | ====== | ====== | ====== | ||
| **18 ** | Revenue Reserves | ||||
| At 1 April and 31 March | 17,842,578 | 16,751,401 | 18,038,700 | 17,020,359 | |
| Surplus for the year | 668,474 | 647,177 | 689,914 | 574,341 | |
| Actuarial (loss)/gain | 2,000 | 444,000 | 2,000 | 444,000 | |
| __ | __ | __ | __ | ||
| At 31 March | 18,513,052 | 17,842,578 | 18,730,614 | 18,038,700 | |
| ======= | ======= | ======= | ======= |
19 Contingent Liability
There exists a contingent liability on the Group of the possibility of having to repay grants received on properties if any properties are sold. This also includes any grants written off through the implementation of component accounting.
20 Commitments
Capital Commitments
There are capital commitments amounting to £Nil.
| **21 ** | Related Party Disclosures | Group | Group | Association | Association |
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Tenant - rental income | 4,949 | 4,781 | 4,949 | 4,781 | |
| Management services | 101,560 | 97,250 | 101,560 | 97,250 | |
| Accountancy services (net of VAT) | 25,000 | 25,000 | 20,000 | 20,000 | |
| ======= | ======= | ======= | ======= |
Transactions with subsidiary companies have not been disclosed in accordance with available exemptions for 100% owned subsidiary companies.
23
Woodvale & Shankill Community Housing Association Limited
Notes to the financial statements for the year ended 31 March 2024
| **22 ** | Notes to the Cashflow Statement | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Cashflow from operating activities | ||||
| Operating surplus for the year | 660,695 | 671,800 | ||
| Surplus (loss) on disposal of fixed assets | (14,836) | (18,545) | ||
| Other costs | - | - | ||
| Depreciation of tangible fixed assets | 493,356 | 496,975 | ||
| Grant released | (245,094) | (234,545) | ||
| Movements in: | ||||
| Rental debtors | (547) | 6,243 | ||
| Other debtors | 125,963 | (69,734) | ||
| Creditors less than one year | 31,878 | (6,667) | ||
| __ | __ | |||
| 1,051,415 | 845,527 | |||
| ======= | ======= | |||
| Cashflow from financing activities | ||||
| Interest received | 11,998 | 5,727 | ||
| Interest paid | (2,219) | (4,350) | ||
| __ | __ | |||
| 9,779 | 1,377 | |||
| __ | __ | |||
| Cashflow from investing activities | ||||
| Purchase of housing properties | (725,113) | (996,524) | ||
| Capital grants received | (6,844) | 15,831 | ||
| Other fixed assets | (16,672) | (15,637) | ||
| Disposal of fixed assets | 154,938 | 386,093 | ||
| ___ | ___ | |||
| (593,691) | (610,237) | |||
| ___ | ___ | |||
| Financing | ||||
| Share capital | - | - | ||
| New loans | - | - | ||
| Loans repaid | (25,128) | (46,465) | ||
| __ | __ | |||
| (25,128) | (46,465) | |||
| __ | __ | |||
| Analysis of Net Debt | ||||
| At 31/03/23 | Cashflows | At 31/03/24 | ||
| £ | £ | £ | ||
| Bank and cash balances | 1,318,778 | 442,375 | 1,761,153 | |
| Loans | (53,308) | 25,128 | (28,180) | |
| ___ | ___ | ___ | ||
| 1,265,470 | 467,503 | 1,732,973 | ||
| ======== | ======== | ======== |
24
Woodvale & Shankill Community Housing Association Limited
Notes to the financial statements for the year ended 31 March 2024
| 23 | Association turnover, operating costs and operating surplus | Association turnover, operating costs and operating surplus | Association turnover, operating costs and operating surplus | - | |
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Operating | Operating | Operating | |||
| Turnover | costs | surplus | surplus | ||
| (deficit) | |||||
| £ | £ | £ | £ | ||
| Social Housing Activities | 2,371,690 | 1,712,633 | 659,057 | 577,419 | |
| Non-Social Housing Activities | 14,836 | - | 14,836 | 18,545 | |
| _ | _ | _ | _ | ||
| Totals | 2,386,526 | 1,712,633 | 673,893 | 595,964 | |
| ======= | ======= | ======= | ======= | ||
| Turnover, operating costs and operating surplus from | social housing activities | ||||
| 2024 | 2023 | ||||
| General | |||||
| Needs | Sheltered | Total | Total | ||
| £ | £ | £ | £ | ||
| Income from Social Housing | |||||
| Rent and rates receivable | 1,674,838 | 373,989 | 2,048,827 | 1,916,134 | |
| Service charges receivable | - | 167,177 | 167,177 | 166,993 | |
| Support income | - | 38,986 | 38,986 | 23,207 | |
| Grant released | 208,536 | 36,555 | 245,091 | 234,545 | |
| _ | _ | _ | _ | ||
| Gross income | 1,883,374 | 616,707 | 2,500,081 | 2,340,879 | |
| Voids | (22,285) | (106,106) | (128,391) | (114,202) | |
| _ | _ | _ | _ | ||
| Net income | 1,861,089 | 510,601 | 2,371,690 | 2,226,677 | |
| _ | _ | _ | _ | ||
| Operating costs | |||||
| Services | - | 179,497 | 179,497 | 204,258 | |
| Supporting People | - | 38,986 | 38,986 | 47,912 | |
| Management costs | 258,016 | 57,614 | 315,630 | 296,411 | |
| Rates payable | 163,397 | 36,464 | 199,861 | 189,069 | |
| Maintenance administration costs | 203,959 | 45,544 | 249,503 | 235,892 | |
| Planned and cyclical maintenance | 147,299 | 17,273 | 164,572 | 118,195 | |
| Reactive maintenance | 100,625 | 22,110 | 122,735 | 115,095 | |
| Bad debts | 12,000 | - | 12,000 | 12,000 | |
| Depreciation | 354,083 | 54,126 | 408,209 | 410,246 | |
| Other costs | 21,640 | - | 21,640 | 20,180 | |
| _ | _ | _ | _ | ||
| Total operating costs | 1,261,019 | 451,614 | 1,712,633 | 1,649,258 | |
| _ | _ | _ | _ | ||
| Operating surplus | 600,070 | 58,987 | 659,057 | 577,419 | |
| ======= | ======= | ======= | ======= |
25
Woodvale & Shankill Community Housing Association Limited
Notes to the financial statements for the year ended 31 March 2024
| 23 | Association turnover, operating costs and | operating surplus (continued) | operating surplus (continued) | operating surplus (continued) | |
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| General | |||||
| Needs | Sheltered | Total | Total | ||
| £ | £ | £ | £ | ||
| DSD Allowances | |||||
| Management allowances | 95,436 | 37,620 | 133,056 | 135,828 | |
| Management costs | (258,016) | (57,614) | (315,630) | (296,411) | |
| _ | _ | _ | _ | ||
| Deficit | (162,580) | (19,994) | (182,574) | (160,583) | |
| _ | _ | _ | _ | ||
| Maintenance allowances | 111,824 | 44,080 | 155,904 | 159,152 | |
| Planned and cyclical maintenance | (147,299) | (17,273) | (164,572) | (118,195) | |
| Reactive maintenance | (100,625) | (22,110) | (122,735) | (115,095) | |
| _ | _ | _ | _ | ||
| Deficit | (136,100) | 4,697 | (131,403) | (74,138) | |
| _ | _ | _ | _ | ||
| Gross income from rents and service charges | |||||
| Technical | 921,161 | 319,084 | 1,240,245 | 1,158,484 | |
| Non-technical | 753,677 | 261,068 | 1,014,745 | 947,850 | |
| _ | _ | _ | _ | ||
| Total | 1,674,838 | 580,152 | 2,254,990 | 2,106,334 | |
| _ | _ | _ | _ | ||
| Housing stock | 2024 | 2023 | |||
| No. | No. | ||||
| Number of units owned at 31 March: | |||||
| General needs housing | 336 | 338 | |||
| Sheltered housing | 95 | 95 | |||
| Supported housing | - | - | |||
| _____ | _____ | ||||
| Total owned | 431 | 433 | |||
| _____ | _____ |
26