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2023-03-31-annual-report

ANNUAL REPORT AND FINANCIAL ACCOUNTS 2022/23

Rural Housing Association : Annual Report & Accounts 2022-23 : 1

Our Annual Report provides an overview of our work showcasing some of our achievements through the past year. We present this Annual Report together with our audited financial statements for 2022/23.

Contents

Rural’s mission is to continue to provide good quality affordable homes in rural areas and to support this, the Association remains committed to delivering value for money for its customers through the provision of highquality services in an efficient and ef ective manner.

If you, or someone you know would like this Annual Report in large print, in Braille or translated into another language please contact Stephen Fisher on 028 8224 6118 or email info@ruralhousing.co.uk

Rural Housing Association : Annual Report & Accounts 2022-23 : 3

Introduction - Chair and Chief Executive Report

1

Rural Housing at a Glance

Property Management Update Update on New Developments 2022/23 Housing Update 2022/23

Introduction - Chair and Chief Executive Report

significant pressure on cashflows and budgets over the next year as well.

the manpower and experience to develop, manage and maintain a high volume of new homes over the next few years.

Our hybrid model of working for staff is now embedded in the organisation and we will need to carefully measure our performance to ensure customer service and internal processes continue to be of the highest standard.

A big thank you to all the staff who cooperated with the reorganisation and made it a seamless process and many congratulations to those who have seen a promotion within the organisation.

Our staff numbers now stand at 23. In April 2022 we One of our most important priorities is to were sorry to lose Fergal McKenna from our housing continually review our approach to tenant department. Fergal has been replaced by Ashling engagement and to ensure all our tenants have an Fuller in May 2022, whose unique experience active role in the decisions that affect them. To this in housing will provide further expertise to the end, we continue to promote engagement and look department. We were also lucky to welcome Ailish forward to working with tenants across our schemes Armstrong to our housing department. Ailish comes in Northern Ireland. Included in this report are some with a wealth of experience from the NIHE and we examples of the work we have undertaken with our wish her well in her new role. tenants and their local communities in the past year. We are also very mindful of the cost-of-living crisis The Association’s activities are overseen by our and the increasing food and energy prices and we Board of Management which is made up of voluntary are fully committed to helping our tenants manage members. The Board who meets quarterly works to their way through these difficult times. We are ensure effective management of the Association pleased to report that the hardship fund and other and fulfilment of our mission ‘to enable people initiatives set up by the Association at the end of to thrive through the provision of high quality, last year has provided much needed respite for affordable homes”. Both Ciaran McKenna (Past some of those who needed extra support.

John Waddell, Chair Stephen Fisher, Chief Executive

WELCOME TO OUR ANNUAL REPORT FOR 2022/23

The Association’s activities are overseen by our Board of Management which is made up of voluntary members. The Board who meets quarterly works to ensure effective management of the Association and fulfilment of our mission ‘to enable people to thrive through the provision of high quality, affordable homes”. Both Ciaran McKenna (Past Chair) and Neville Armstrong (Past Chair) retired from the Board in 2022 and we were all sorry to see them step down after nine years of their expertise on the Board and Committees.

Just last year, we marked the 30th anniversary of the Association and reflected on the Association’s achievements over the years and its future plans. Our events showcased how the Association has played a key role in the provision of social housing and services in rural areas over this period of time.

Every year we are subject to controls and checks. Our internal auditors provide assurance to the board and this year again all audits were passed with high grades. Our Departmental Sponsors, the Department for Communities (DfC) also graded us at the highest level (Grade 1), while our external auditors continue to provide assurance to the board on our financial and governance controls.

Much has changed for the Association, its staff, and tenants over the last number of years and our Corporate Strategy, which was agreed in 2021, has helped pave our plans for the organisation going forward. As part of our strategic review in 2021, a full organisational review was carried out during 2022. That has brought about two new Committees under the Board, the Finance and General Purposes Committee and the Housing Services Committee. Both Committees have complemented the main Board, ensuring a strong oversight of both Finance and Housing related activities thus providing further assurance in all aspects of the operations of the Association.

The financial statements reflect the financial performance and financial position of Rural Housing Association for the year ended 31 March 2023. I am pleased to report a strong financial position with continued growth and turnover now just under £4 million and a surplus for the year of £293,743, taking our total comprehensive income to over £1.2 million. The Association maintained its level of properties of 548 at the year end, bringing on 6 new units and selling 6 units through the House Sale Scheme. There are approximately 10 House Sales currently in the scheme, however with a very healthy development programme (and the end of the House Sales Scheme in August 2022) we hope to see unprecedented increases in the numbers of our homes over the next 3 years and beyond. With excellent financial controls in place, we will see our balance sheet continue to improve.

We also thank the many stakeholders without whom none of this would be possible. Our banks, Danske bank and AIB, our many consultants and external advisors, our response maintenance contractors, NICOR, all our design teams and development contractors who continue to provide us with the quality and workmanship that reflects highly on Rural Housing Association’s ethos.

Further to these changes the organisation staffing structure was also fully reviewed by an external consultant. This review was designed to ensure the Association’s operational setup was fit for purpose for the coming years with an expected development programme of over 300 new homes. As a result of the review, four new departmental Directors have been put in place with Housing and the Technical departments seeing new posts created for middle managers, and the Business Development Department getting a new full time administrative post. These changes were all complete before March 2023 and we hope will provide the Association with

We are sponsored by the Department for Communities who provide grant funding through their agents, the Northern Ireland Housing Executive. We would like to thank both organisations for their continued commitment to the aims of Rural Housing Association and for sharing our unique vision.

The last financial year has been challenging for us all with Covid, Brexit and the war in Ukraine continuing to create pressures to our business, suppliers, and funders. A tougher economic climate, high inflation and business practises have converged into a business landscape which will continue to put

Finally, we would like to thank you all our Board members and staff for their commitment, dedication and hard work through those years.

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Introduction - Chair and Chief Executive Report Rural Housing at a Glance Property Management Update Update on New Developments 2022/23 Housing Update 2022/23

2 Rural Housing at a Glance

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NUMBER GRANTS NEW HOMES
OF HOMES RECEIVED (HAG) COMPLETED/
PURCHASED
548 March 2023 £2,003,535 March 2023
6 March 2023
548 March 2022 £4,130,569 March 2022
21 March 2022
528 March 2021 £1,624,319 March 2021
9 March 2021
NUMBER DEVELOPMENT NEW HOMES
OF STAFF SPEND ANTICIPATED
23 March 2023 £3,887,146 March 2023 43 March 2023
22 March 2022 £2,833,551 March 2022 50 March 2022
(19 ESP & 31 New Build)
21 March 2021 £1,716,817 March 2021
9 March 2021
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TURNOVER SURPLUS ON HOMES SOLD
ORDINARY ACTIVITIES
£3,996,974 March 2023 BEFORE TAXATION 6 March 2023
£3,966,944 March 2022 £293,743 March 2023 1 March 2022
£3,743,173 March 2021 £577,752 March 2022 2 March 2021
£427,855 March 2021
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Introduction - Chair and Chief Executive Report Rural Housing at a Glance Property Management Update Update on New Developments 2022/23 Housing Update 2022/23

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3 Property Management Update

Rural Housing Association is committed to ensuring our Housing stock is well maintained for the needs of our tenants..

PERFORMANCE

Over the course of the year, we have continued our planned and cyclical maintenance programmes and detailed below is details of the financial investment made in helping to ensure our houses are in the best condition. We are plesed to report high tenant satisfaction levels in this area.

Much of our planned maintenance work concentrates on the replacement of kitchens, bathrooms and windows when programmed.

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Completion Times
RHA Performance
Expressed as %
Emergency Response Maintenance repairs 96%
Urgent Response 79%
Response Routine Repairs 84%
Gas Servicing 100%
Boiler Servicing 51%
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EXPENDITURE FOR MAINTENANCE PROGRAMMES 2022/23

Expenditure for Maintenance Programmes
2022/23		 Actual Expenditure
Planned Maintenance £118,235
Response Maintenance £442,506
Cyclical £166,451
Total £727,192
Tenant Satisfaction Survey

The Association is currently compiling our Tenant Satisfaction Survey.

Adaptations

Feedback from residents is valuable to us as it helps us to identify problems, improve services offered and get a better understanding of what our tenants want. The results of the Tenant Satisfaction Survey for 2023 will be reported in our Annual Tenant Newsletter due to be published in December 2023.

During the year, we carried out 7 minor adaptations at a cost of £12,049.00 which were completed within target timescales. 100% of tenants reported that they were satisfied with the work and level of service from the Association.

REPAIRS & MAINTENANCE PERFORMANCE 2022/23 - RESPONSE WORKS ORDERS AND % DELIVERED

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Emergency Urgent Routine 1 Routine 2
(24 Hours) (4 Days) (10 Days) (20 Days)
Total number of Total number of Total number of Total number of
Total Number of Total Number of Total Number of Total Number of
Jobs completed Jobs completed Jobs completed Jobs completed
Jobs Jobs Jobs Jobs
within Target within Target within Target within Target
826 798 753 597 636 570 202 158
Target KPI completion expressed as %
96% 79% 90% 78%
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Rural Housing Association : Annual Report & Accounts 2022-23 : 9

Introduction - Chair and Chief Executive Report Rural Housing at a Glance Property Management Update Update on New Developments 2022/23 Housing Update 2022/23

Introduction - Chair and Chief Executive Report

Rural Housing at a Glance

Property Management Update

Update on New Developments 2022/23

Housing Update 2022/23

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4 Update on New Developments 2022/23
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Doagh
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Randalstown
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In March 2023, the Association completed a 6-unit scheme at Doagh providing much needed accommodation for local people in the area. This scheme was designed by GM Design Associates and built by Hugh J O Boyle and reflects the principles of our Rural Design Guide, which aims to deliver social housing schemes, reflecting the rural character of local communities.

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Doagh
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Randalstown
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Our Randalstown Scheme is complete. This scheme is located on the site of the ‘Old Bakery’, with architects GM Design Associates working hard to capture some of the design features of the original building in the architecture of the new scheme. Bell Contracts & Co Ltd, our contractors for the scheme, have brought this vision to life, in the development of a scheme that reflects the principles of our Rural Design Guide for Social Housing. This scheme will see the addition of nine much-needed homes to the town. We are looking forward to welcoming our new tenants in the coming weeks. This scheme was jointly funded through the Department for Communities & Dankse Bank.

We are committed to building new modern affordable homes in communities where people are proud to live. Rural Housing has ambitious plans for 2023/24, as we build new homes in Lisnaskea, Rathlin, Cushendall, Sion Mills & Ballyholland.

OUR STOCK - RURAL HOUSING ASSOCIATION STOCK TABLE AT 31/3/2023

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Newry & Mourne Down 137
Mid Ulster 20
Mid & East Antrim 15
Lisburn & Castlereagh City 6
Fermanagh & Omagh 141
Derry City and Strabane 115
Causeway Coast & Glens 22
Belfast City 0
Armagh City, Banbridge and Craigavon 58
Ards & North Down 26
Antrim & Newtownabbey 8
0 20 40 60 80 100 120 140 160
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During the financial year 2022/23, Rural added to its stock profile and on 31st March 2023 we had 548 units of social housing units geographically spread throughout Northern Ireland as indicated in the table opposite. The Association sold 6 of its properties through the Right to Buy Scheme during the year.

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Ahoghill
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RURAL HOUSING NEEDS TESTS

This year Rural Housing Association hosted two Rural Housing Needs Tests in partnership with the Housing Executive. The areas covered in the tests included Clabby and Newtownbutler. The aim of these Rural Housing Need Tests is to identify where there is a hidden need for social or affordable housing in rural communities.

New Scheme at Ahoghill

2022/23 saw the ongoing development of Rural Housing Association’s latest scheme in the village of Ahoghill, which includes the addition of twenty-six new social homes/apartments to the village. The scheme was brought forward as part of a Design and Build competitive tender, with architects Studiorogers and M J McBride being appointed as the contractor for the scheme.

This new-build scheme, which has been designed, is part funded through the Department for Communities (HAG) and Dankse Bank.

Other Significant D velopments Underway:

CUSHENDALL (34 Units at Cusendall)

We are delighted to announce we have been granted planning permission for 34 new homes in Cushendall. This scheme, designed by Studiorogers Architects, has also been selected as a Housing for All scheme, which will see additional funding for the delivery of good relations activities across the local area, We are looking forward to working with local residents and tenants over the coming years, to support ongoing community investment work in the Cushendall area.

RATHLIN

Work is ongoing with our 10 new homes being built at Church Bay on Rathlin Island.

BALLYHOLLAND

(14 Units at Harmony Heights, Ballyholland)

Design & Build Schemes

LISNASKEA

(9 Units at Nuttfield Road, Lisnaskea)

SION MILLS

(15 Units at Melmount Road, Sion Mills)

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10 : Annual Report & Accounts 2022-23 : Rural Housing Association

Introduction - Chair and Chief Executive Report Rural Housing at a Glance Property Management Update Update on New Developments 2022/23 Housing Update 2022/23

5 Housing Update 2022/23

HOUSING ALLOCATIONS - GENERAL NEEDS ACCOMMODATION

During the year, Rural Housing Association had 35 lettings (Combination of New lets and Re-lets).

Our Target: Allocate re-lets within 35 Days at year end Our Target: Allocate re-lets within 35 Days at year end Our Target: Allocate re-lets within 35 Days at year end
4.4.2022 to 31.3.2023 Re-let time
Not achieved		 Our total void loss was £25,254
representing under 1% of our total
annual rental income.

INCOME MANAGEMENT

We are mindful of the difficulties many of our tenants face given the current cost of living crisis and rising household costs. We are doing as much as we can to support those experiencing difficulties with financial hardship assistance, support and signposting to other services.

We remain focussed on protecting our rental income and arrears have been carefully managed by engaging and supporting our tenants, sign posting them to Universal Credit for help with housing costs, and other financial supports available.

Rent arrears remain steady with 82% of rental income coming through the Government welfare payments.

We collected 99% of our rental income. As of 31st March 2023, the Technical Arrears figure stood at 4.53% which includes all outstanding UC and HB payments and the Non-Technical Arrears figure was reported at 7.52%.

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Previous Year Results
Our Target Results for 2022/23
(2021/22)
Technical Arrears Achieve Current Tenant
4.53% 4.58%
arrear of 5% at year-end
Non-Technical Arrears Achieve Current Tenant
7.52% 5.39%
arrear of 5% at year-end
Reduce Past Tenant Arrears/Write-offs to < 2% 0.31% 1.37%
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As of 31st March 2023, the Former Tenant Arrears figure stood at £7,374 (0.72% of rent receivable).

Antisocial behaviour (ASB) can seriously affect the quality of life for tenants and their families and can have a negative impact on neighbourhoods and communities. We believe that our homes and estates should be places where people like living and feel safe. No one should feel intimated or harassed in the neighbourhood where they live.

RENTAL CHARGES

The Association’s Housing Stock is funded by rental income. Earlier this year we wrote to all tenants to let them know about our proposed rent increase for 2023/24 and provided tenants with a rent consultation document outlining our proposed costs and proposed rent for the forthcoming year.

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Average rents charged 2023
One bedroom £82.78
Two bedrooms £100.02
Three bedrooms £112.44
Four bedrooms £123.25
Five bedrooms £131.90
Average £107.69
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Tenants were advised that any comments made, or correspondence received regarding the proposed rent increase would be presented to our Board of Management who would consider this feedback prior to making the final decision on the proposal for the rental increase. Following the consultation process the Association increased its rents by 4.95% for the 2023/24 year.

COMPLAINTS ANALYSIS

There were 17 formal complaints recorded relating to the level of service from 1 April 2022 to 31 March 2023. All of these were resolved within target.

There was a total of 158 Complaints recorded relating to Anti-Social Behaviour during this period and none of the complaints had escalated to the formal complaints process. Most AntiSocial Behaviour complaints were resolved either by telephoning the complainant and alleged offender or sending out warning letters as per our policies and procedures for dealing with AntiSocial Behaviour.

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Tenant Engagement Activities Summary of SMART Targets Finance Update

6 Tenant Engagement Activities

ENERGY HARDSHIP BOOKLET

Rural Housing Association as part of the Northern Ireland Community Investment Network have produced a Cost-of-Living Guide for tenants. The guide provides a series of tips and advice for tenants on how they can save money within the home and reduce household bills. Copies of this Cost-of-Living are available by emailing: info@ruralhousing.co.uk

One of our most important priorities is to continually review our approach to tenant engagement and to ensure all our tenants have an active role in the decisions that affect them. To this end, we continue to promote engagement in many of our schemes and neighbourhoods and look forward to working with tenants across our schemes in Northern Ireland.

Below are some examples of the work we have undertaken with our tenants and their local communities in the past year.

HOUSING FOR ALL / SHARED NEIGHBOURHOODS, SION MILLS

Rural Housing Association continues to deliver our Housing for All (Shared Neighbourhoods) Programme in Old Mill Court, Sion Mills. Housing for All schemes receive funding from the Department for Communities and the Housing Executive to deliver a five-year good relations plan for each scheme. Over the last year, we have delivered a variety of good relations ’bridging’ projects aimed at building more connected and inclusive communities, including a series of heritage projects exploring the history of the dance halls and the Sion Mills railway, as well as arts-based projects working with seniors and young people in the Sion Mills area.

HOUSING FOR ALL SCHEMES / SION MILLS / CUSHENDALL

Rural Housing Association is pleased to confirm we will be expanding our Housing for All, Shared Neighbourhoods programme, with a second Housing for All scheme scheduled for Sion Mills in Autumn 2023 and work commencing later this year, on the development of a new shared neighbourhood in Cushendall.

Rural Housing Association : Annual Report & Accounts 2022-23 : 15

Tenant Engagement Activities

Tenant Engagement Activities Summary of SMART Targets Finance Update

Summary of SMART Targets

Finance Update

IN CHARGE OF CHANGE PROJECT, CO. FERMANAGH

Rural Housing Association received funding through the Public Health Agency’s Clear Project to deliver a health and wellbeing project in the Knocks/ Brookeborough area of County Fermanagh. The project was designed in partnership with our Tenant Board Representative and Tenant Panel Member, Margaret Rafferty and is an example of how Rural Housing Association’s tenants are bringing about positive change in their local areas.

The In Charge of Change project addresses the topic of mental and emotional wellbeing through a series of facilitated workshops. The project included support and advice for local women on topics such as positive mental health, coping with anxiety, dealing with the menopause and keeping healthy through exercise and diet, with sessions including yoga, cookery classes, mindfulness techniques and alternative therapies.

WOODVALE COMMUNITY GARDEN

Rural Housing Association partnered with The Conservation Volunteers (TCV) to create a community garden on an unused green space attached to our Woodvale Manor scheme in Eglinton.

This community garden initiative was funded through the National Lottery’s Living Spaces and Places Fund.

CASHEL COMMUNITY GARDEN,

GARRISON

Rural Housing Association are pleased to announce our Community Garden initiative will be extended to Cashel Crescent, Co Fermanagh this coming year, as we have been awarded additional funding through the Living Spaces and Places Fund.

CASHEL COMMUNITY GARDEN, GARRISON

Rural Housing Association are pleased to announce our Community Garden initiative will be extended to Cashel Crescent, Co Fermanagh this coming year, as we have been awarded additional funding through the Living Spaces and Places Fund.

TRAMWAY TALES PROJECT

Rural Housing Association’s Tramway Tales Project is an intergenerational project working with adults and children in Sion Mills, Victoria Bridge and Castlederg. The project explores the heritage connected to the local area, helping increase participants’ knowledge and understanding of their own local history and how it connects these three rural communities. The project was funded through the National Lottery Heritage Fund and brings to life the story of the tramway, which connected the rural towns and villages of Castlederg, Spamount, Crew and Fyfin to Victoria Bridge.

AHOGHILL SCHOOL COMPETITION

As part of our community engagement work, with our new scheme in the Ahoghill area, our contractors M J McBride and Rural Housing Association’s facilitated a school competition with Fourtowns Primary School to name the new scheme. The winner of the competition was announced at a special assembly on Friday the 7th October. The winning pupil pictured above was Jay Cameron, who chose the name Brook Court.

TENANT PARTICIPATION

Rural Housing Association continues to host tenant panel meetings, both online and in-person. This year Tenant Panel Members had the opportunity to participate in an autumn wreath making workshop with “Oh So Fabulous” as well as digital skills training with Ignite IT. Alongside these skills development sessions Tenant Panel Members also worked alongside RHA staff to review and update our Tenant Participation Strategy and Tenant Action Plan for the forthcoming years.

Thirty years on, we have remained true to the values of our founding members, continuing our mission to increase social housing supply across rural communities. We are particularly proud of our development programme, which through high quality housing schemes designed to reflect the character and heritage of rural communities, is helping retain the unique rural character of our small towns and villages, whilst addressing the need for increased social housing at a local level.

RURAL HOUSING CELEBRATES 30 YEARS

Rural Housing Association celebrated thirty years of service in 2022. On Monday 3rd October, we hosted a special celebration event at the Ulster American Folk Park, to mark the Association’s achievements over the last 30 years.

The event was attended by tenants, local MLAs, councillors, and representatives from across the finance, housing, construction and community sector.

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Customer Engagement and Communication Summary of SMART Targets Finance Update

Customer Engagement and Communication Summary of SMART Targets Finance Update

8 Summary of SMART Targets

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Measurement Target Date Target Achieved
Surplus for Year Achieved
Mar - 2023 £250,093
The difference between income and expenditure for the year £293,743
30 days or within
Prompt Payment Days (normal) Mar - 2023 contract term if shorter Achieved
Prompt Payment Days (new build) Mar - 2023 14 days Achieved
Gearing Ratio Monthly <50% Achieved
Interest Cover Monthly >1.35 Achieved
Interest Cover Monthly <1.1 Achieved
Current Ratio Monthly 1.00 or higher 0.50
Non-Technical Arrears
Arrears owing directly from tenants as a % of rental income expected Mar - 2023 5% 7.52%
directly from tenants
Technical Arrears Mar - 2023 5% 4.53%
Arrears Write-Offs
Mar - 2023 2% Achieved
Amount of arrears that are not collectable as a % of total rental income
Tenants 13 weeks in arrears Mar - 2023 3% Achieved
Past Tenant Arrears
Mar - 2023 2% Achieved
Arrears owing from ex-tenants as a % of total rental income
Maintenance Costs Monthly Budget -
Monthly Not Achieved
How much it costs the Association to maintain its properties from day to day 5%+5%
Repair Relet Costs
Monthly Budget -
How much it costs the Association to bring vacated properties back into Monthly 5%+5% Not Achieved
lettable condition
Repair Relet Time
Mar - 2023 14 Days Not Achieved
How quickly the Association can get repairs done on a vacant property
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Measurement Target Date Target Achieved
Allocation of Relets
Mar - 2022 35 Days Not Achieved
How quickly the Association can fill a vacant prope ty
Voids
Mar - 2022 2% Achieved
The cost of vacancies as a % of total rental income
Complaints
Mar - 2022 90% Achieved
Deal effectively with 90% complaints within time limits
Anti-Social Behaviour
Mar - 2022 90% Achieved
Deal effectively with 90% complaints within time limits
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Finance Update

For 2022/23 the Association continues to see modest growth of the development programme accompanied by consolidation of all aspects of the company’s business. 9

KEY HIGHLIGHTS

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March 2023 March 2022 March 2021
Number of Homes 548 548 528
Number of Staff 23 22 21
Turnover £3,996,974 £3,966,944 3,743,173
Surplus £293,743 £577,752 427,855
Development Spend £3,887,146 £2,833,551 1,716,817
Grants Received £3,003,535 £4,130,569 1,624,319
New Homes 9
6 21
Completed/Purchased (6 ESPS & 3 New Build)
50 9
New Homes Anticipated 43
(19 ESP & 31 New Build) (6 ESPS & 3 New Build)
Homes Sold 6 1 2
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The Association’s Income & Expenditure Account confirmed an increase in turnover and a net surplus for the year of £293,743 compared to £577,752 for the previous year, bringing its accumulated revenue reserves to £6,409,624.

Tangible Fixed Assets (Housing Properties) reported at March 2023 were £52,734,929 compared to £49,582,461 for the previous year. During the financial year the Association added 6 additional units of accommodation. Operating costs increased by £236,252 (2022: £97,100) whilst the operating surplus increased to £1,021,312 (2022: £1,227,534). Turnover is reported at £3,996,974 compared to £3,966,944 for the previous year. The Association sold 6 property during the year.

Details from our financial accounts for 2022/23 are provided on pages 19 to 21.

National Housing Federation Code of Governance Compliance

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18 : Annual Report & Accounts 2022-23 : Rural Housing Association

Statement of Comprehensive Income Statement of Cash Flows

Statement of Comprehensive Income Statement of Cash Flows Statement of Financial Position Statement of Changes in Equity Board Attendance Details Association Information

Statement of Financial Position Statement of Changes in Equity

Board Attendance Details Association Information

11

10

Statement of Comprehensive Income for the Year ended 31 March 2023

2023 2022
Note £ £
Turnover 3,996,974 3,966,944
Less operating costs -2,975,662 -2,739,410
Operating surplus 2 1,021,312 1,227,534
Surplus on property disposals 493,355 73,180
Interest receivable 7 3,993 717
Interest payable and other charges 8 -712,562 -629,499
Financing (cost)/income 16 -19,000 -21,000
Transfer to disposal proceeds fund -493,355 -73,180
Surplus on ordinary activities before taxation 293,743 577,752
Corporation tax on surplus 9 - -
Surplus for the year after taxation 293,743 577,752
Other comprehensive income
Actuarial gain/(loss) on pension scheme 16 955,000 488,000
Prior year adjustment - -
Total comprehensive income for the year 1,248,743 1,065,752

Statement of Cash Flows for the Year ended 31 March 2023

2023 2022
Note £ £
Net cash flow from operating activities 19 1,897,386 1,899,121
Cash flow from investing activities
Purchase of tangible fixed assets -4,399,153 -5,341,957
Proceeds from sale of tangible fixed assets 719,845 69,150
Grants received 1,348,194 3,746,100
Interest received 3,993 717
-2327121 -1,525,990
Cash flow from financing activities
Interest paid -719,326 -628,744
New secured loans 8,139,000 1,000,000
Repayments of borrowings -6,499,193 -740,615
Share capital 1 5
920,482 -369,354
Net change in cash and cash equivalents 490,747 3,777
Cash and cash equivalents at 1 April 696,902 693,125
Cash and cash equivalents at 31 March 13 1,187,649 696,902

Continuing operations

None of the Association’s activities were acquired or discontinued during the above two financial years.

Historical cost

The difference between the results as disclosed in the Statement of Comprehensive Income before tax, and retained surplus for the year, on an unmodified historical cost basis is not material.

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Rural Housing Association : Annual Report & Accounts 2022-23 : 21

Statement of Comprehensive Income Statement of Cash Flows

Statement of Comprehensive Income Statement of Cash Flows Statement of Financial Position Statement of Changes in Equity Board Attendance Details Association Information

Statement of Financial Position Statement of Changes in Equity

Board Attendance Details Association Information

12

13

Statement of Financial Position as at 31 March 2023

2023 2022
Note £ £
Tangible fixed assets
Housing properties at cost 10a 52,734,290 49,582,461
Other fi ed assets 10b 869,371 896,155
53,603,661 50,478,816
Current assets
Debtors and prepayments 12 1,204,277 523,026
Cash and cash equivalents 13 1,187,649 696,902
2,391,926 1,219,928
Creditors: amount falling due within 1 year 14 -4,773,790 -4,531,780
Net current assets/(liabilities) -2,381,864 -3,311,852
Total assets less current liabilities 51,221,797 47,166,764
Creditors: amounts falling due after more 15 44,810,173 41,229,883
than 1 year)
Provision for liabilities and charges
Pension liability 16 -2,000) -776,000
Total net assets 6,409,624 5,160,880
Reserves
Share capital 17 9 12
Capital reserves 18 34 30
Revenue reserves 6,409,581 5,160,838
Total Reserves 6,409,624 5,160,880
Approved by the Board of Management on 28 June 2023
Chairman Honorary Secretary Honorary Treasurer

Statement of Changes in Equity for the Year ended 31 March 2023

Share Capital Capital Reserves Revenue Total Reserves £ £ £ £ At 1 April 2021 8 29 4,095,086 4,095,123 - - Surplus/(deficit) for the year 577,752 577,752 - - Actuarial gain/(loss) on pension scheme 488,000 488,000 Share issue 5 - - 5 Share cancellation -1 1 - - At 31 March 2022 12 30 5,160,838 5,160,880 - - Surplus/(deficit) for the year 293,743 293,743 - - Actuarial gain/(loss) on pension scheme 955,000 955,000 Share issue 1 - - 1 Share cancellation -4 4 - - At 31 March 2023 9 34 6,409,581 6,409,624

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Rural Housing Association : Annual Report & Accounts 2022-23 : 23

Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flows Board Attendance Details Association Information

Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flows Board Attendance Details Association Information

15 Association Information

14 Board Attendance Details

Name Date joined Length of
Service		 Board Meetings Board Meetings Committee Meetings Committee Meetings
Meetings Held % Attendance Meetings Held Attended
Alastair McKane 19/06/2015 7 years 7 71.00 6 5
Carol Follis 24/03/2015 8 years 7 100.00 4 4
Rory O'Brien 20/02/2014 9 years 7 14.00 4 2
Tommy Gallagher 15/11/2017 5 years 7 71.00 4 1
John Waddell 18/05/2016 6 years 7 100.00 N/A N/A
Tom Potter 26/01/2022 1 year 7 100.00 5 6
Margaret Rafferty 26/01/2022 1 year 7 100.00 2 2
Michaela McCusker 26/01/2022 1 year 7 100.00 4 4
John Moss 01/03/2023 1 month N/A N/A N/A N/A
Neville Armstrong 09/01/2013 Retired 29th June 2022
Ciaran McKenna 12/09/2012 Retired 29th June 2022
Ryan Brady 26/01/2022 Retired 14 September 2022
Claire McKeefry 26/01/2022 Retired 25th Jan 2023

Remuneration of Board Members

Rural Housing Association does not remunerate Board members and their time is given on a voluntary basis. Travel expenses are paid to members at the appropriate Rural Housing Association rate. Total expenses paid were: £443 (2022:-£0)

----- Start of picture text -----
Board of
Management
Audit, Risk and
Finance and GP Technical Governance Housing Services
Committee Committee Committee
Committee
Chief Executive
Stephen Fisher
Development & Business Housing and Finance Director
Property Assets Development Operations
Director Director Director Mary Frances
Paul Fox Ruth Buchanan Martina Cranny McCrystal
Maintenance
Housing Manager
Manager Valerie Pinkerton
Emma Forker
Technical Office Technical Office Technical Office Technical Office Housing Office Neighbourhood Finance Office
(Planned) (Response) (Development) (Development) Rent Recovery Housing Office Carmel Mallon
Dayna Collins Alan Gibson Claire Coulter John McGinn Paula Rooney Orla Maguire
Technical Admin Technical Admin Services Shared Housing Housing Housing Advisor Finance Services Shared
Ryan Fox Brenda Gormley AdminstratorCharlene Brown AdvisorAisling Fuller ArmstrongAdvisorAilish Wendy Rankin(P/T) McNelisAdminEdel AdminstratorMcDaidLeanne
----- End of picture text -----

Board Members

Margaret Rafferty Michaela McCusker Tom Potter John Moss

John Waddell (Chair) Carol Follis (Vice Chair) Rory O’Brien (Secretary) Alistair McKane (Treasurer) Tommy Gallagher

Registered Offi e Tollgate House, 2 Killyclogher Road, Omagh, BT79 0AX

Bankers

Danske Bank, 5-7 Market Street, Omagh, Co Tyrone, BT78 1BN AIB, 8 High Street, Omagh, County Tyrone BT78 1BH

Staff

Chief Executive Housing and Operations Director Finance Director Business Development Director Housing Manager Maintenance Manager Technical Officer (Response) Technical Officer (Development) Technical Officer (Development) Technical Officer (Planned) Finance Officer

Stephen Fisher, PGDip, MSc, CIHCM

Solicitors

Martina Cranny BSc (Hons) PGDip, MBA, CIHCM Mary Frances McCrystal BSc(Hons), ACMA Ruth Buchanan BA (Hons) MSc Valerie Pinkerton BA (Hons) CIHCM PGDip Emma Forker BSc (Hons) Alan Gibson BSc (Hons) Claire Coulter BSc (Hons) John McGinn Dayna Collins Carmel Mallon BA (Hons) IATI Orla Maguire BSc (Hons) Paula Rooney BA (Hons) Aisling Fuller BSc (Hons) Ailish Armstrong Wendy Rankin BA (Hons) Charlene Brown BA (Hons) Leanne McDaid BA (Hons) PGDip Edel McNelis Brenda Gormley Ryan Fox BSc (Hons)

McCaffrey & Co, 8-10 Church Hill, Omagh, Co Tyrone, BT78 1DQ

External Auditors

McAleer Jackson, Chartered Accountant & Registered Auditor, 24 Dublin Road, Omagh, BT78 1HE

Internal Auditors

Wylie & Bisset, 168 Bath St, Glasgow G2 4TP

Registrations

Neighbourhood Housing Officer Housing Officer Rent Recovery Housing Advisor Housing Advisor Housing Advisor (P/T) Shared Services Adminstrator Shared Services Administrator (P/T) Finance Administrator Technical Administrator Technical Administrator

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25

RHA: 2 Killyclogher Road, Omagh Co Tyrone, BT79 0AX Tel: 028 8224 6118 Facebook.com/ruralhousing E-mail: info@ruralhousing.co.uk Web: www.ruralhousing.co.uk twitter.com/ruralhousingni