Rur rura association FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Rural Housing Association Ltd Tollgate House, 2 Killyclogher Road, Omagh, Co Tyrone. Northern Ireland. BT79 OAK Company Registration No.. NP000345 Charity Registration No.. 100886
Rural Housing As50¢iation Ltd 2 Killyclogher Road. Omagh, County Tyrone, 8Tr9 QAX Association Information Board ofmanagemenl John Waddell {Chairl Carol Follis BA (Hons) (Vice Chairl Ciaran McKenna IBSC MBA) Isecrelaryl Alistair McKane BA, Dip TP, MRTPI (Treasurer) Thomas Gallagher B Ed. Tom Poller Michaela Mccusker Margaret Rafferty John Moss Chisf Executive Mr Stephen Fisher PGDip, MSC, CIHCM Registered Office 2 Killyclogher Road, Omagh. County Tyrone, BT79 OAX Head Offi¢e 2 Killyclogher Road, Omagh. County Tyrone, BT79 OAX Bankers Danske Bank 5-7 Market Street. Omagh. County Tyrone BT78 IBN AIB 1-4 East Bridge Street. Enniskillen, County Fermanagh. BT74 7BT Solicitors Mccaffrey & Co 8-10 Church Hill Omagh Co Tyrone BT78 1 DQ stalutoryAuditor5 McAleer Jackson Ltd Chartered Accountants & Registered Audilors Church House 24 Dub5in Road Omagh Co Tyrone BT78 1HE Internal Auditors Wle and Bisselt Chartered Accountanls & Registered Auditors 168 Bath Street Glasgow G2 4TP
Rural Housing Association Ltd 2 Killyclogher Road, Omagh. County fyrone, B Tr9 OAX Financial Statèments for the Year Ended31 March 2024 Contents Report of Board of Management Page Auditor's Report to the Members of Rural Housing Association Page Statement of Comprehensive Income Page Statemenl of Financial Position Page 10 Slalement of Changes in Equity Page Slalernenl of Cash Flows Page Notes to the Financial Statemen15 Page 13 Detailed Income and Expendilure Sumrnary for the Financial Year Ended 31 March 2024 Page 24 Inctsme and Expenditure from Lettings for the Financial Year Ended 31 March 2024 Page 26 Administrative Expenditure for the Financial Year Ended 31 March 2024 Page 27
Rural Housing Association Ltd 2 Killyclogher Road. Omagh, County Tyrone, 3r19 OAX Financial Statements for the Year Ended 31 March 2024 Report of the Board of Management The Board present their report together with the audited financial slatemenls for the year ended 31 March 2024. Princlpal activities Rural Housing Associallon was reoislered under the Co-operative and Community Benefil Societies Act (Northem Ireland) 1969 on 2 March 1992. The Association is a registered non-profit making housing association with the Department for Communities providing housing accommodation for those in need and is recognised as a charity with The Charity Commission for Northern Ireland and has charitable status with HMRC (HM Revenue & Cuslomsl. Business Review Welcome lo our Annual Report lor 2023124. As we reflect on the past year, we al Rural Housing Association remain sleadfasl in our commitment to providing high-qualily, environmentally friendly and affordable homes in rural communities. Despite the challenges posed by Covid, Brexit. and global events. our resolve remains unwavering and this year has been one ol continued growih. By overcoming these many challenges our ambitious development programme has resulted in record development starts for us in one year and for Ihal of the overall Rural HoLJsing targels set by one of our main sponsors, the Northem Ireland Housing Executive. Our strategic focus of an ambitious development programme is underpinned by our value for money processes and our aim lo provide Ihe highest quality homes for our tenants. To that effect our move away from traditional healing systems in new homes not only effectively heals the homes we provide for our tenants bul also offers environmental benefits, cost savings and safely advanla9es wlh over 40 tenants already enjoying those benefits. Last year was challenging for the Associalion as supply chains continued to require detailed management, financial pressures brought about by inflation particvlarly in maintenance and building, and a difficulty in recruiting slaff for temporary cover. Our customer satisfaction levels have remained high except in aspeGts of our maintenance service and il is wth thi5 in mind that new software systems have been idenlified and will be in place for Oclober 2024. We wll continue to engage wlh our tenants to gain an insighl as lo how we can improve the service and lo work wilh our Contractors lo ensure their performance is held accountable. The slruclural changes to the operational side of the A550cialion have now been embedded for a full year and we are happy lo report that they have all been succe55ftJl with a new board and committee slruclure adding lo a streamlined slralegic reporting slruclure that fits well within the Assooialion's Corporate Governance objectives. The Association continues lo focus on the welfare of our tenants. The Associalion availed of local and regional grants lo provide outreach to tenan15 and helped in providing one lo one welfare advice and sign posting. Most lenanls. particularly the more vulnerable. are frequently Gonlacted directly by staff member5 throughout the year lo provide sUPPOrt. The board also agreed to exiend the Association's hardship fund which helps lenanls with healing. electrical costs, rent and other financial requirements The Association continues to provide support lo ils staff through ils normal channels of welfare provision alongside extra training on home working, wellness training and social fun¢lions held through virtual and face lo face channels means to ensure staff stayed connected al an informal level as well. When selting its budgets for 2024, the Association. in line with miligalions identified in ils Corporate Risk Register added weighl lo ils cashflows for routine mainlenance and planned maintenance schemes to ensure coverage for the continued rises in costs of materials and labour. 11 is anlicipaled that this prudenl action should provide the Association with proper cover and ensure that inflationary pressures will not have an extreme impact on the Association as a going concern. Al the balance sheet dale, the hybrid working policy had been fully implemenled and assessed and monitored by management as being successful. During the financial year the Association increased ils level of properties bringing on 44 new units and selling 8 units through the House Sale Scheme12023".6 new units. sold 6 unilsl, Operating costs increased by £201,25212023-. £236,252) while the operating surplus increased to £1.204,62912023...£1,021,3121. Interest payable was £879.297 {2023." £712.5621 resulting in an overall surplus for the finan¢ial year of £344.201 (2022-. £293,743).
Rural Housing Association Ltd 2 Killyclogher Road, Omagh, County Tyrone, Bf79 OAX Financlal Ststements for the Year Ended 31 March 2024 Report of the Board of Management (continued) Business Review cont'd On the balance sheet housing properties al depreciated cost was £60m12023.. £52ml. Average staff numbers for the year are currently al 2412023'.231 and are not anticipated to increase significantly during the incoming financial year. Statement of Board of Management Responslbilities The Association is governed by a voluntary Board of Management. which consists of 9 peisons with a wide range of skills and experience in the privale. voluntary and public sectors. The Board rneet at least 6 times per year. The work of the Board includes deciding the strategic direction of the Association. monitoring and challenging the Chief Executive and Senior Managernenl Team and receiving recommendalions and decisions from four comrnitlees on policy and governance ofthe Association. The committees are the Audit, Risk and Governance comrnitlee. Technical comrnittee, Housing Service committee and the Finance and General Purposes Committee. The Chief Executive is responsible for delivering the Board's strategic vision al an operational level with help of the Senior Management Team ISMTI which provide reports and policies to the various committees on a regular basis. The SMT is made up of Chief Executive and four departmental directors.. Housing & Operalions Director. Development & Propety Assets Director, Finance Director & Business Development Director. Internal Controls Assuran¢a The Board acknowledges 115 overall responsibility for establishing and maintaining the whole system of interna5 control and for reviewing its effeclivene5s. The system of internal control is designed lo manage, rather than eliminate. the risk of failure to achieve business objectives, and lo provide reasonable, and not ab501ule, assurance against material misstalemenl or loss. The process for identifying, evaluating and managing the significant risks faced by the Association is on going. has been in pla¢e IhroughoLJI the period commencing 1 April 2023 up to the dale of approval of the annual repori and fjnancial statements. Key elements of the control framework include.. Board approved terms of reference and delegated authorities for Audit Risk and Governance and Technical Sub- committees., ¢learly defined management responsibilities for the idenlificalion, evaluation and control of significanl risks.. a Risk Register and Business Continuity Plan exists lo help manage and miligale these risks., robust slralegic and business planning processes, wilh detailed financial budgets and forecasts., a foimal governance framework detailing standing orders. cyclic reporting processes and relationships between the Board. Sub-committees. Senior Management Team and staff.. fomial recrLJilmenl, relenlion, training and development policies for all slatr, established aulhorisalion and appraisal pro¢edures for all significant new development inilialives and Gommilmenls", regular reporting to the appropriate committee on key business objectives. targets and outcornes., and Board approved whistleblowing and fraud policies. The Board cannot delegate ultimate responsibilily for the system of internal control, bul il can. and has delegated authority lo the Audit Risk and Covernance Sub-commillee lo regularty review Ihe effectiveness of the system ol inlemal control. The Board receives regular reports from the Audit Risk and Governance Sub-committee together with miriules of meetings. The Audit Risk and Governance Sub-committee has received the annual report of the internal auditor. and has reported its findings lo the Board. The Co-operative and Community Benefit So¢ielie5 Act (Northern Ireland) 1969 and registered housing association legi51alion require Ihe members of the Board of Managernenl lo prepafft financial slalemenls for each financial year that give a true and fair view of the slate of the Association's affairs and of its surplus or deficit for Ihal period. In preparing these financial slalements the Board is qUIred lo.. select suit8ble 8¢counling policies and apply Ihern consislenlly., make judgernenls and eslimales that are reasonable and prudent.. slate whether applicable acGounling standards have been followed, subject to any malerial departures disclosed and explained in Ihe financial slaternen15'. and prepare the financial slalements on the going concern basis unles5 it is inappropriate lo presume Ihat the Association will continue lo operate.
Rural Housing Association Ltd 2 Killyclogher Road, Omagh. County Tyrone. 8T79 OAX Financial Statements for the Year Ended 31 March 2024 Report of the Board of Management (continued) The rllembers of the Board of Management are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the As50ci81ion and lo enable them to ensure that the financial 5talemenls comply with the Co-operative and Community Benefit Socielies Act (Northern Ireland) 1969 and the Regislered Housing Associations (Accounting Requiremenlsl Order (Northern Ireland) 1993. They have general iesponsibilily for taking reasonable steps lo safeguard the assets of the Association and to prevent 8nd delecl fraud and other irregularities. Statement of Diselosure to Auditors So far a5 each of the members of the Board of Management at the dale of approval of these financial slalemenls is aware.. there is no relevant infortnalion of which the Association's auditor is unaware. they have taken all reasonable steps Ihat they ought lo have laken as member5 of the Board of Management in order to make themselves aware ol all relevant audit information and lo eslablish Ihal the Asso¢ialion's auditor 15 aware of Ihal informalion. On behalf of the Board Sècretary
Rural Housing Association Ltd 2 Killy¢logher Road, Omagh, County Tyrone, 8f19 OAX Financial Statements lor the Year Ended 31 March 2024 Auditor's Report to the Members of Rural Housing Association Opinion We have audited the financial slalemenls of Rural Housing Association Lirniled {Ihe 'Associalion'l for the year ended 31 March 2024 which comprise the Sialemenl of Comprehensive Income, the Slalemenl of Financial Position, the Statement of Changes in Equity. the Statement of Cash Flows and the related notes lo the financial slalemenls, including significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion Ihe financial slalemenls.. give a true and fair view of the slate of the Association's affairs as al 31 March 2024, and ol its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the Co-operative and Community Benefit Socielies Act (Northern Ireland) 1969, the Housing (Northem lrtlandl Order 1992. the Registered Housing Association (Accounting Requirernenlsl Order {Northem Ireland) 1993 8nd Charities Act (Northern Ireland} 2008. Basis for opinion We conducled our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and appli¢able saw. Our responsibilities under Ihose Standards are further described in the auditor responsibilitie5 for the audit of the financial statements section of our report. We are independent of the Association in accordance wilh the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRG'S Ethical Standard, and we have fulfilled our other ethical responsibililies in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going con¢ern In auditing the financial statements, we have concluded that the Board's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 8a5ed on the work we have performed, we have not identified any material uncertainties relating lo even15 or conditions that, individually or collectively. may cast significant doubt on the Association's ability to continue as a going concern for a period of al least twelve months from when the financial slatements are authorised for issue. Our responsibilities and the responsibilities of the Board with respect lo going concern are described in the relevant sections of this report_ Other Information The other information comprises the informalion included in Ihe annual report. other thari the financial statements and our Auditor's Report Ihereon. The Board are responsible for the other information contained within the annual report. Our opinion on the financial slalements does not cover the other information and, except to the extent olherwise explicitly slated in our report, we do not express any form of assurance ¢on¢lusion Ihereon. Our responsibility Is lo read the other information and. in doing so, consider whether the other information is materially inconsislent with the financial statements or our knowledge obtained in the course of the audil. or othetwise appeaFS lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we a required lo determine whether this gives rise to a material misslatemenl in the financial slalements themselves. If, based on the work we have perfotmed, we conclude that there is a material mi5Statemenl of this other information, we are requi lo report Ihal fact. We have nothing lo report in this reg8rd.
Rural Housing Association Ltd 2 Killyclogher Road. Omagh. County Tyrone, B T79 QAX Flnanclal Statèments for the Yèar Ended 31 March 2024 Auditor's Report to the Members of Rural Housing Association cont'd Matters on which wa arè r8qUtred to rèport by exception In the light of the knowledge and understanding of the association and ils environment obtained in the course of the audit, we have not identified material misstalemenls in the Board Report. We have nothing lo report in respect of the followng malters where the Co-operative and Community Benefit Societies Act (Northem Ireland) 1969 requires us lo report lo you if. in our opinion.. adequate accounting records have not been kept., or the financial slalemenls are not in agreemenl with the accounting recoids and relums., or certain disclosures of directors, remuneration specified by law are not made". or we have not received all the information and explanations we require for our audit. Respactive rasponslbllitlès of the 8oard of Managemènt and Auditor As explained more fully in Ihe Statement of Board of Management Responsibilities slalemenl sel out on page 5, the Board Iwho are also the trustees of the Association for Ihe purposes of charity lawl are responsible for Ihe preparation of the finan¢ial slatements and for being satisfied Ihal 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 misslalemenl, whether due lo fraud or error. In preparing Ihe financial slatemenls. Ihe Board is responsible for assessing the Association's ability lo continue as a going concern, disclosing. as applicable. mallers related lo going concern and using the going concern basis of ac¢ounling unless the 8oard either intends to liquidale the association or lo cease operations. or has no realislic alternative bul lo do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraLJd or error. and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee Ihal an audit conducted in accordan¢e with ISAS IUKI wll always deleGI a material misstalemenl when il exisls. Mi5slalemenls can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the e¢onomic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. a instances of non-compliance with laws and regulations. We design procedures in line wlh our responsibilities. outlined above, to delect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of delecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material mis-slalemenl in respect of irregularities including fraud and non- compliance with laws and regulations. was as follows.. We identified the laws and regulations applicable to the Association through dis¢ussions wilh management and from our commercial knowledge and experience ol the sector.. We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management inspecting legal correspondence. We assessed the susceptibilily of the Association's financial statemen15 to material mis-ststement, induding obtaining an understanding of how fraud might occur. by.. Making enquiries of management as to where they considered there was suscaplibility to fraud. their knowledge of actual. suspected and alleged fraud,. Considering the intemal controls in place lo miligale risks of fraud and non-compliance with laws and regulations and., Perfomied analytical procedures to identify any unusual or unexpected relationships.. Tested journal entries to identify unusual Iransaclions.. Assessed whether judgements and assumptions made in determining the 3¢counting estimates were indicative of polenlial bias.. Investigated the rationale behind any significant or unusual IransaBtions. In response lo the risk of IrglaritIeS an(J non-compliance with laws and regul81ions, we designed procedures which included, bul were nol limited lo.. Agreeing financial statements disclosures lo underlying supporting documenlalion., Reading the mintjles of tneelings lo Ihose charged with governance., Enquiring of management a5 to aolual and potential liligalion and claims.. Rewewing corresponden with HMRC, relevant gulatorS and the Association'5 legal advisors.
Rural Housing Association Ltd 2 Killyclogher Road, Omagh, County Tyrone, B TT9 OAX Financial Ststements lor the Year Ended 31 March 2024 Auditor's Report to the Members of Rural Housing Association cont'd Because of the inherent lirnilalions of an audit. there is a risk that we will not delect all irregularities, including those leading lo a malerial misslalemenl in Ihe financial statements or non-complian¢e wlh regulation, This risk In¢ase5 the more that compliance with a law or regulation is removed from the events and Iransa¢lions refle¢led in the financial slalemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves intentional concealmenl, forgery. collusion. omission or misrèpresentation. As part of an audit in accordance with ISAS (UK). we exercise professional judgement and maintain professional sceplicism throughout the audit. We also= Identify and assess the risks of material misslalemenl of the financial slalemenls, whether due to fraud or error. design and perform audil procedures responsive to Ih05e risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not delecling a rnaterial misstatement resulting fiom fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentional omissions. rnisrepresenlalions, or the override of inlernal control. Obtain an understanding of internal control relevant to the audit in order to desi9n audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the Association's internal control. Evaluate the appropriateness of accouriling policies used and the reasonableness of accounting eslirnales and related disclosures made by the Board. Conclude on the appropriateness ol the Board's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material unceriainty exists related to events or conditions that may cast significanl doubt on the Association's ability lo continue as a going concern. If we conclude that a malerial uncertainly exists, we are required lo draw attention in our auditor's report to the relaled disclosures in the financial statements or. if such disclosures are inadequate. lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo Ihe dale of our audilorfs report. However. futu events or conditions May cause Ihe Association to cease lo continue as a going concem. Evaluate the overall presentation, 51ruclure and conlenl of the Iinancial stalemenls, including the disclosures, and whether the financial slaletnents represent the underlying transactions and even15 in a manner that achieve5 fair presenlalion (ie. gives a true and fair viewl- We communicate with those ¢harged with govemance regarding, among other matters. the planned scope and timing of the audit and signilicant audit findings, including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities Is available on the FRC'S website al.. hllps'.IlwThw.Irc.org.uklaudilorslaudil- a5surance/audilor-s-responsibililies-lor-Ihe-audil-of-Ihe-fildescriplion~of-Ihe-audilor¢AE2QA80%995-respOnSib]Iitle5-f0r. This description forrns part of our audilo¢s report. Use of our report This report is made 501ely lo the Associalion's members. as a body. in accordance wilh section 43 of the Co-operalive and Community Benefit Societies Act (Northern Ireland) 1969, section 65 of the Charities Act (Northern Ireland) 2008, regulations made under section 66 of that Act (Part 4 of the Charities (Accounts and Reports) Regulations (Northern Irelandl 2015 and article 19 of the Housing INorthern Ireland) Order 1992. Our audit work ha5 been undertaken so that we might slate lo the Association's tnembers those malters we are reouired lo slate lo them in an Auditor's Report and for no olher purpose. To the fullest exlenl permitted by law, we do nol ac¢epl 01 assume responsibility lo anyone other than the Association and the Asso¢ialion'5 members as a body, for our audit work, for this report, or for the opinions we have formed. Michael Barnett (Senior Slalutory Auditor) foi and on behalf of McAeer Jackson Ltd Chartered Accounlanls and Slatulory Auditor5 Church House 24 Dublin Road Qmagh BT79 OAH 26 June 2024
Rural Housing A550¢iation Ltd 2 Kllly¢logher Road, Omagh, County Tyrone. B T79 OAX Statement of Comprehensive Income for the Year Ended 31 March 2024 2024 2023 Note Turnover Less operating cosis 4,380,337 { 3,175,708) 3.996,974 12.975.662) Operating surplus Sutplus on property disposals Interest receivable Interest payable and other charges Financing Icoslllincome Transfer lo disposal proceeds fund 1.204,629 586,870 15.869 1879,297) 3,000 1586.8701 1.021,312 493,355 3,993 1712,5621 119.0001 1493,3551 16 Surplus on ordinary activities before tsxation 344.201 293,743 Corporation tax on surplus Surplus for the year after taxation 344,201 293,743 other comprahensivè incomg Actuarial gainlllossl on pension scheme 16 347,000 955.000 Prior year adjustment Total comprehensive income for the year 691.201 1.248.743 Continuing opÈration5 None of the Association's activities were acquired or discontinued during the above two financial year5. Historical cost The differenGe belween the $1 as disclosed in the Slalemenl of Comprehensive Income before lax, and retained surplus for the year, on an unrnodified hisloFical cosl basis is not rnalerial.
Rural Housing Association Ltd 2 Killyclogher Road. Omagh, County Tyrone, Bf19 OAX Statement of Financial Position as at 31 March 2024 2024 2023 Nota Tangible fixed assets Housing properties Other fixed assets 10a 10b 80,588.736 851.377 52,734,290 869,371 61.440,113 53,603.661 Othèr non-Gurr&nt assets Pension 8ssel 16 340.000 61.780,113 53.603,661 Current assèts Debtors and prepayments Cash and cash equivalents 12 13 4,377.713 1,680,474 1.204,277 1.187.649 6,058.187 2.391,926 Creditors: amounts falling due within 1 year 14 17,898,069) 14.773,7901 Nel current assetsllliabilitiesl 1.839,882 2,381,864 Total assets less current liabilities 59.940,231 51,221,797 Creditors: amounts falling due after more than 1 year 152,839.4051 {44.810.1731 Provision for liabilities and charges Pension liability 16 { 2.0001 Total net assets 7.100,826 6.409,624 Reserve5 Share capital Capital reserves Revenue serveS 18 35 7,100.782 34 6.409,581 Total Reserves 7.100,826 6,409.624 Approved by the Board ol Management on 26 June 2024 Chairman Honorary Secretary Honorary Treasurer 10
Rural Housing Association Ltd 2 Killyclogher Road. Omagh, County Tyrone, 8T79 OAX Statement of changes in equity for the Year Ended 31 March 2024 Share Capital Capital Reserves Revenue Reserves Total Al 1 April 2022 30 5,160,838 5,160,880 Sutpluslldeficitl for the year 293,743 293,743 Actuarial gainllloss) on pension scheme 955,000 955.000 Share issue Share cancellation Al 31 March 2023 6.409.581 6.409.624 Surplusl(deficill for the year 344,201 344.201 Actuarial gainlllossl on pension scheme 347.000 347,000 Share issue Share cancellation At 31 March 2024 35 7,100,782 7,100.826 11
Rural Housing Association Ltd 2 Killyclogher Road. Omagh. County Tyrone, Bn9 OAX Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Net cash flow from oparating activities 19 2,201,015 1,897,386 Cash flow from investing activities Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Grants recewed Interest received 18,720,874) 635,104 3,044.580 15.869 14,399,153) 719.845 1,348,194 3,993 15,025,321 1 12,327.121 1 ash flow from financing activities Interest paid New secured loans Repayments of borrowings Share capilal 1842,1511 5,000,000 {840,7191 1719,3261 8,139.000 16,499,193) 3,317.131 920,482 Net change in cash and cash equivalents 492.825 490.747 Cash and cash èquivalents at 1 April 1,187,649 696,902 Cash and cash equivalènts at 31 March 13 1,680,474 1,187,649 12
Rural Housing A550ciation Ltd 2 KillyGlogher Road, Oma9h, County Tyrone, Bf19 OAX Notes to the Financial Statements for the Year Ended 31 March 2024 1 Accounting policiès Lègal reglstration The Association is registered withn Northern Ireland under the Co-operalive and Community Benefit Societies Act (Northern Ireland) 1969 and is a registered provider of social housing. Basis of accounting The financial slalements have been prepad under the historical cost convention. The financial statements have been prepared in compliance with UK GAAP. including FRS102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Slatement of Recommended Practice for regislered social housing providers ISORP 20181 issued by the National Federation of Housing Associations. The presentation of the financial statements complies with the Registered Housing Associations {A¢counting Requiremen151 Order INorthern Ireland) 1993. Turnovèr Turnover comprises rental income, grants and other incorlle. The Association's rental income is reflected nel of income attributable lo property rates. Fixed assats Housing properties are properties held for the provision of social housing or lo olhermrise provide social benefit. HoLJsing properties are principally properties avai13ble for rent and are staled al cost less accumulated depreciation and impairment losses. Cost includes the cost of acquiring land and buildings. development ¢osls, interest charges incLJrred during the development period. Works to existing properties which replace a component that has been Irealed separately for depreciation purposes. along wilh those works that result in an increase in nel rental income over the liv&s of the properties. thereby enhancing the economic benefits of the a$5ets, are ¢apilalised as improvements. Other fixed assets are staled al c051 les5 accumulated depreciation. Depreciation has been provided on the Asso¢iatlDn's Fixed Assets consislenl with standard accounting pracli¢e at the following rates.. Fixed assets by class Useful life Meth¢d Housing propety '. Main fabric Roof structure & covering - Windows & external doors Kitchen BathrOomCS Heating. ventilation & plumbing Electrics Office building Computer equipmenl Office furniture & equipment 100 Years 70 Years 30 Years 20 Years 30 Years 30 Years 40 Years 60 Years 3 Years 5 Years Straight line Straight line Straight line Straight line Stiaight line Slraight line Slraighl line Straight line Straighl line Straight line The depreciation charge is lime apportioned in the month of addition and in the month of disposal. No depreciation is Gharged on eilher properly under development or land. Impalrment Housing properties are a55essed annually for impairment indicator5. Where indicalors are identified an assessment for impairment is undertaken comparing the asset's Carrying amount to ils iecoverable amount. Where the carrying amount of an asset is deemed lo exceed 115 recoverable amount, the asset is wrillen down lo ils recoverable amount, this is likely to be Ihe fair value in use of the asset based on 115 service polenlial. The resulting impairmenl loss is recogni5ed as expendilure in income and expenditure. Where an asset is currently deemed not lo be providing service polenli81 to the Association. its recoverable amount is 115 fair value less costs lo sell. Other assets are reviewed for irnpairmenl if there is an indication that impairment may have occurred.
Rural Housing Association Ltcl 2 Killy¢logher Road, Omagh, County Tyrone, Bf19 OAX Notes to the Financial Statements for the Year Ended 31 March 2024 1 Accounting policie5 Icontinuedl Housing Association financing Capital development expenditure by the Association is financed partially by Housing Association Grant from the Departrnenl for Communities and from Privale Sector Loan Finance (Mixed Funding). Cuirenl (revenue) expenditure associaled with the management of the development programme is also supported by Housing Association Grant allowance, which is allribuled lo the Income and Expenditure account as appropriate. Administration expenditure associated with the management of the Association's property is Charged dI¢11Y against in¢ome from lettings. Acquisition and dèvelopment allowancès The amount of acquisition and development allowances IHAGI allowed by Ihe Department for Communities are attribuled to the cost of the propety ¢on¢erned. Credit is taken for allowances lor administrative costs lassocialed with the management ol the development programmel in the Slalemenl of Comprehensive Income and a relevant proportion of adminislralive expenditure is charged against them. Government and othgr grants Where the cost of properties have been financed by a Housing Association Grant IHAGI p8id from the Department for Communities, the grant is recognised in income over the expected useful life ot the housing property structure and ils individual components on a pro rala basis under the accruals model. HAG and other grants received in respect of revenue expenditure is credited lo the in¢ome and expenditure account in the same period as the expenditure lo which it relates. To the exlenl that Housirig Association Grant is ceIved in advance ol the related expenditure. il has been included in Credilors.. falling due within 1 year. lo be allribuled lo appropriale capital and revenue expenditure in future accounting periods. Disposal proceeds fund The Disposal Proceeds Fund represents the net surplus on property sales together with grant, which has been sel aside for the purpose of providing replacement pmperiies in accordance with the Department for Communities regulations. If the surpluses are not used within Iwo years from Iheir receipt they may be payable in part or in full to the Department for Communities. Retirement benefits The Association parti¢ipale5 in an industry wide defined benefit final salary pension scheme. The underlying assets and liabilities of the scheme allribulable lo Rural Housing Association have been identified by actuaries. As a resull the Association recognises Ihe scheme deficit on the balance sheet al the year end. Actuarial gains and losses and relLJrns on scheme assets are COgniSed in the slaletnenl of comprehensive inGome. Current and past service costs are re¢ognised within operating surplus and intere51 on obligations is recognised as other finance costs. Finan¢ial Snstrumtrnts The Association only has financial assets and liabilities of a kind Ihal qualify as basic financial inslrurnents. Basic instruments are initially recognised al transaction value and subsequently measured al their selllemenl value. 14
Rural Housing Association Ltd 2 Killyclogher Road, Omagh, County fyrone, B T79 OAX Notes to the Financial Statements for the Year Ended 31 March 2024 l Accounting policies Icontinuedl Golng concern The Association's business aclivilies. ils current financial position, and factors likely to affect ils future developrnenl are sel out within the annual report from the Board and within these financial slalements. The Association has in place long-lerm debt facilities which provide adequate resources lo finance commilled reinvestrnenl and developmenl programme5, along with the Association's day lo day operations. The Association also has a long-lerm business plan which shows that il is able lo service these debt facilities whilst continuing lo comply with lenders, covenants. As a131 March 2024 the Association had available cash reserves of £1.6m The Board's assessment of going concern involves a number of subjective judgements including. but not liiniled lo increased nl arrears. delayed rent collections. increasing inflation and interest rates, a reduction in property prices and costs associated with achieving energy efficiency homes. In making their assessmenl the Board have also considered the polenlial miligalions available lo manage the potential impact on its cashflows and liquidity. Stress tests have been run on the Association's business plan, which in¢lude the impact of sensitivities on the association's cash flow requiremenls, compli3n¢e wlh debt facilities, as well as ¢ovenant compliance. This stress testing found thal the business plan is robust and does not affect the Association's ability lo meet ils obligalions. On this basis, the Board has a reasonable expectation Ihal the Association has adequate resources lo Continue in operational existence for the foreseeable future. being a period of at least Iwelve rllonlhs after the dale on which the report and financial statements are signed. The Board have considered the foreseeable future for their going concern assessment lo cover the period lo 31 March 2026. On this basis. the Board continues lo adopt the going concern basis in the finan¢ial slalements. Signiflcantludgmerits and estimates The fr)Ilowing are the Significant management judgements made in applyng the accounting policies of the Association that have ihe most significant effect on the financial stalemenls. Useful lives of depreciable assels Management reviews its estimate of Ihe useful lives of depreciable assets at each reporting date based on the expected ulilily of the a5se15 including any components_ Unceriainlies in these estimates relate to technological obsolescence that may change the utility of certain software and IT eqLJipment, changes lo the Decent Homes Standards and changes lo energy efficiency requirements which may require mole frequent replacement of key components. Defined benefit obligation Management's estimate of the defined benefit obligation is based on a number of critical underlying assumptions such as standard rates of inflation, mortality, discount rale and anlioipalion of future salary in¢as¢s. Variation in Ihese assumptions may significantly impact the liability and the annual defined benefit expenses. 15
Rural Housing Association Ltd 2 Killy¢loglJer Road. Omagh. County Tyrone, 8T79 OAX Notes to the Financial Statements for the Year Ended 31 March 2024 2 Turnovèr, oparating costs and operating 5urpluslldeflGItI from social housing activities The whole of the Association s tumover is attribulable in the United KiNgdorn and is derived from Ihe principal activity of social housing. 2024 2023 General Needs Housing Total Social Housing Other Incomp Total Income Total Income Operating Income Rent receivable Rates receivable Management allowance re adaplalions Interest received Surplus on property disposal Other income Community developmenl grants Amortisation of grants Less voids 3,375.288 443,291 18.652 3.375.288 443.291 18.652 3.375.288 443,291 18,652 15,869 586,870 4.752 41.531 576.035 179.2121 3.044,033 405,343 (751 3.993 493.355 5.870 24,103 542,954 125.2541 15,869 586,870 4,752 41,531 576,035 179,2121 4,752 41,531 576.035 179.2121 Total Social Housing Incom 4,380,338 4,380.337 602,739 4.983,Q76 4,494.322 Operating Costs Bad debls Housing Management costs Maintenance Administration Planned and cyclical maintenance Development expenses Response maintenance Major repairs Depreciation Rate5 Total Social Housing Expenditure 110.122 } 1630.880 } 1397.879) 1300,6121 146,6091 1393,2031 { 10.1221 { 630.8801 1397.8791 1300.6121 146.6091 1393,2031 110.1221 1630.8801 1397.8791 { 300,6121 {46,609) 1393,2031 { 4.6771 1687,8981 1410,411 1 1241,0861 (7.3781 1370.5441 1997.4401 (997,4401 398.962 398,9621 13,175.708) 13,175,708) 1997.4401 1888,8591 398.962 1364,809 13.175,7071 { 2,975,662) Interest payable Financing ¢osVincome Transfer lo Disposal Proceeds Fund 1679.2971 1879,2971 3.000 3,000 1586,8701 1586.8701 1712,5621 119,0001 1493,3551 Surplus on ordinary activities 1,204,629 1.204,629 860,428 344.201 293.743 DFC Allowancès Managemènt Allowances £396 per unit Management costs Surplus l Deficit 231.264 630,880 399,616 217,008 687,898 470,890 Maintenance Allowances £464 per unit Planned and cyclical maintenance Response maintenance Surplus l Deficit 270,976 1300,6121 393,203 422.839 254,272 1241,0861 1370,5441 357,358 Gross income from rents Technical Non lechnical Total 82.00° 18.00% 2,767.736 607.552 3.375.288 2.496.107 547,926 3,044,033 18.oot No of Properties 584 548
Rural Housing Associotlon Ltd 2 Killyclogher Road, Omagh, County Tyrone. B TT9 OAX Notes to the Financial Statements for the Year Ended 31 March 2024 2024 2023 3 Operating surplus Operating surplus is statad aftèr charyingllcr&ditingl: Depreciation on tangible fixed assets (Profilllloss on disposal of other fixed assets Auditors remLJneralion - External Auditors remuneration- Inlemal Amortisation of Government grants 1,007,713 125,7721 12,349 11,880 { 576,0351 900,539 17,1771 11,424 13,339 1542.9541 4 Employee information 2024 2023 The average monthly number of persons employed during the year was.. 24 23 2024 2023 S Staff Costs Salaries Social security costs Pension costs Private Health Care 770,173 79,209 151,444 5.552 1.006.378 670.940 68,841 289,231 4.514 1,033,526 The aggregate remuneration, including benefits in kind and pension contributions. of key managemenl personnel of the Association during the year wa5: 2024 2023 Aggregate rernuneration 392,136 392,136 324,901 324.901 The number of mana9emenl personnel to whotn emoluments (including salary. employer national insurance, employer pension contributions and benefits in kindl were paid during the year falls within each of the followng bands.. 2024 2023 60.000 - 70,000 70,000 - 80,000 80,000- 90,000 90,000- 100,000 100,000 -120000 6 Board of Management remuneration The Board members received no remuneration from the Association. Total expenses paid during the year lo Board rnembers amounted lo £9612023.. £4431. Rent received from one lenanl Board members during the year amounted lo £6.81212023.. £11,545 equivalent lo two board mernber51. 7 Intorest r$¢eivable Bank interest 15,869 3,993 17
Rural Housing Association Ltd 2 Killyclogher Road. Omagh. County Tyrone, Bf19 OAX Notes to the Financial Statements for the Year Ended 31 March 2024 2024 2023 8 Interest payablè and other charges Bank loans 879,298 712.562 9 Corporation tax The Association became a registered charity reference XR23974 with effect from 13 October 2008. The Association is not liable lo Corporation Tax frorn that date. 2024 2023 10 Fixed assets lal Housing Land and Buildings ¢ost Al beginning of year Additions during year Disposals during year Al end of year 63.984,882 9.493,620 857.621 72,620,881 60,097,735 4.487,752 600,605 63,984,882 Depreciation At beginning of year Charge for year On disposals Al end of year 111,250,592) 1978,8271 197,274 12,032.145 { 10,515.2741 1870,2461 134.928 11,250,592 N8t book value at end of year 60.588.736 52,734,290 The Housing Land and Building costs includes £4.4m of Assets Under Construction. The deeds of Housing Properties are used to secure mortgages with our various lenders. Ibl Other fixed assèts Computer Equipment Office Equipment Office TOTAL C05t Al beginning of year Additions during year Disposals during year At end of year 1,116,777 97,108 10.488 54,807 404 1,268.692 10.892 1,116,777 107.596 55.211 1,279,584 Depreciation At beginning of year Charge for year On disposals Al end of year 1281,1541 118,6131 {86.8981 18,0831 151,2691 12,1901 1399,3211 {28,8861 279,7671 94,9811 53.4591 1428.207) Not book value at end of year 837.010 12,615 1,752 851.377 Net book valua at beginning of year 855,623 10,210 3,538 869,371 11 Housing Stock Number of units owned by the Association on 31 March 2024 General Needs Housing 2024 2023 584 548
Rural Housing Association Ltd 2 Killyclogher Road, Omagh. County Tyrone. B TT9 OAX Notes to the Financial Statements for the Year Ended 31 March 2024 2024 2023 12 Debtors Tenant debt Rental debtors gr05$ technical Rental debtor5 gross- Non-technical 170,833 42,708 129,892 32.473 213.541 162,365 Less.. provision for bad and doubtful debts 14,6771 213,541 157,688 HAG receivable Interest receivable Prepayments Olher debtors 4.051,048 919,583 90,550 22,574 50.569 76,437 4.377,713 1,204,277 13 Cash and cash equivalents Bank deposit account Current bank accounts Cash on hand 503,082 684.266 301 1.680.412 62 1,680,474 1.187,649 14 Creditors (due within l yearl Tenanl overpaymenl Accruals Other creditors Loan interest HAG paid in advance by DFC (see below) Deferred Housing Association Grant INole 15cl Loan repayments due wlhin 1 year INole 15bl 28,085 2.169,678 249,448 46,126 4,043,581 435.8g6 925,255 27.657 986,578 226,272 8,979 2,219,389 464,357 840,560 7,898.069 4.773.790 HAG paid in advance by DFC Opening balan HAG receivable Altribuled lo capital development Transfer lo revenue account Ba5ance at year end 2.219.389 6.314,169 14.489.977) 2.484,382 2,003,535 12.268,5281 4,043.581 2.219,389 19
Rural Housing Association Ltd 2 Killyclogher Road, Om8gh, County Tyrone, 8T79 OAX Notes to the Financial Statements for the Year Ended 31 March 2024 2024 2023 1S Creditors Ifalling dua after rn0 than 1 yèarl Disposal proceeds fund Bank loans Deferred income- capital grants lal Ibl Icl 1,015.332 19.261.917 32.562.156 566.585 15,187,332 29,056,256 52,839,405 44,810 173 lal Disposal proceeds fund Opening balance Transfers in- surplus on disposals repaymenl ofVPG discount 566.585 114,817 418.870 168,000 349,355 144,000 586,870 493.355 Transfers out- replacement properties 1138,123) 141.587) Closing balance 1.015,332 586.585 Ibl Bank loans Loans are secu on individual assets of the Association and 8re repayable as follows.. Vvilhin one year or on demand One year or rnore bul less than two years Two years or more bul less than five years Five years or more 925.255 957,423 1.993,477 16,311,017 840.860 838,469 1.767,773 12,581,090 20,187.172 16.028.192 All bank loans a SeCud by way of mortgages upon the deeds of properties. All bank loans are fixed loans (excluding the Reveloving Credit Facility) on a fixed quarterty repayment schedule drawn up by the lender. They bear interest rates ranging between 3.28°h and 5.15°A. We secured a Revolving Credit Facility in December 2022. The Revolving Credit Facility is provided on an interest only basis for 5 years Iwilh an option to exiend to 7 years) wlh the drawn balan¢e to be repaid or converted to a Slruclured Term loan al expiry of the lerm. The Revolving Credit Facility is on a variable quarterly repayment schedule. Icl Daf&rred in¢ome - capitsl grants Housing Association grant Al beginning of year Attributed during year From disposal proceeds fund On disposals Al end of year Other publi¢ gTant 36,905.091 4,351.854 138,123 576.6411 40,818,427 58,766 40,877.193 34.961.523 2,226.941 41,587 324.960 36.905.091 58,766 36.963,857 Amortisation Al beginning of year Amortised in year On disposals At end of year 17.443,2441 1576,0351 140,139 7,879.1401 16,978,886} (542.9541 78.596 7.443,244 Net book value at start of year 29,520.614 28.041.403 Deferred Housing Association Grant falling due within 1 year Deferred Housing Association Grant falling due after 1 year Net book value at end of year 435,896 32.562,156 32.998,052 464,357 29.056,256 29.520,614 20
Rural Housing A550ciation Ltd 2 Killyclogher Road. Omagh, County fyrone, 8T79 OAX Notes to the Financial Statements for the Year Ended 31 March 2024 16 Provision for liabilities and charges 2024 2023 Pension lassetl I liablllty Opening balance Current & past service cost Employers contributions Interest on net defined benefit liabilityl{assetl Remeasuremenl Igainsl I losses 2.000 151.000 1143.0001 13.0001 1347.0001 776.000 287.000 1125,0001 19.000 1955.0001 Closing balance 340,000 2,000 17 Share capital The Association's Rules require each member lo hold only one share of nominal value of one pound each in the Association. There were 9 members of the Association at 31 March 202412023'.9 members). 1 memberjoined and 1 retired from the Board of Managemenl during the year. 18 Capital reserves 35 34 The Capital reserve reflects the cumulative nominal value of shares cancelled by the Association. 19 Cash flow from operatiny activitiès Surplus for the year 1,204,629 1.021,312 Adjustments for non-cash items.. Depreciation of tangible assets Amortisalion of so¢ial housing grant Ilncreaselldecreastt in debtors Increaselldecreasel in creditors Pension costs less conlribulion5 payable 1,007.713 1576,0351 141,971 1 624.451 8.000 900.539 { 542,9541 { 67.4981 431,164 162,000 1,022.158 883,251 Adju5tmenls for investments or financing activities.. IProfillAoss on sale of tangible fixed assets 125,7721 17,1771 125.7721 17.1771 Net cash inflow from operating activities 2,201.015 1,897,386 20 Capital Commitments Al the balance sheet date the Association was conlraclually comrnilled lo Capital development expenditure of £16.7m 12023".£24.5ml with 76 committed units Boming on board within the next two years. To fund our development pro9ramme, we have an undrawn Revolving cdi1 Facility balanGe of £13m, surpluses with the Disposal Pio¢eeds Fund and Hoijsing Association Grant from the Social Housing Developmenl Programme. 21
Rural Housing Association Ltd 2 Killyclogher Road, Omagh, County Tyrvne. B T79 OAX Notes to the Financial Statements for the Year Ended 31 March 2024 21 Contlngènt liabilitias There exists a conlingenl liability on the A550cialion of the possibility of having lo repay Housing Association Grant received on properties if any properties are sold. This also includes any grant wrillen off through the implemenlalion of component accounting. The possibility of reimbursement to the Departmenl for Communities of the HAG released on build components replaced is considered lo be unlikely as the housing properties are expected lo continue lo be made available for social housing. 22 Retiremant benefits The Association operates a defined benefil pension scheme for 115 employees with the assets held separately from those of the company. The scheme provides retirement benefits on the basis of members, average earnings but any member who joined before 31 March 2015 wll be based on final salary. The fund is administered by the Northem Ireland Local Government Officers, Superannuation Committee. The funded nature of Ihe Local Government Pension Scheme require the Employer and its employees lo pay contributions into the furid, calculated at a level intended lo balance the pension liabilities with investment assets. A full actuarial valuation of the employerfs Local Government Pension Scheme funded benefits was carried out as at 31 March 2022 by a qualified independent actuary. Adjustments to the valuation al that dale have been made based on the followng assumptions.. 2024 2.5Qh 4.0/ 2.5 /. 4.7° 2.5° 2023 2.6Q 4.1 /0 2.6° 4.5% 2.60A Pension increases Salary increases CPI Inflation Discount r81e Pension accounts revaluation rate The mortality assumptions at the accounting dale are based on actual mortality experience of members within the Fund based on analysis carried out as part of the 2022 Aclurial Valuation, and allow for expected future tllolalily improvements. Sample life expectancies al age 65 in norrnal health resulting from these mortality assumptions are shown below. 2024 ears 2D23 ears Males Member aged 65 al accounting dale Member aged 45 al accounting dale Females Mernber aged 65 al accounting dale Mernber aged 45 al accounting dale 21.7 22.7 22.2 23.2 24.6 25.6 25.0 26.0 22
Rural Hotssing Association Ltd 2 Killyclogher Road, Omagh, County Tyrone, B T79 OAX Notes to the Financial Statements for the Year Ended 31 March 2024 22 Retirement benefits Icontinuedl R8conciliation of scheme assets and liabllities Assets Liabilities 2,554,000 12,556,000) 124,0001 24,000 143,000 50.000 Total 12,0001 Al 1 April 2023 Benefits paid Employer contributions Employee contributions Current service cost Past service cost Interest income I lexpensel Remeasurement gains I (losses) Actuarial gainslllossesl Return on lan assets excludin At 31 March 2024 143,000 150,0001 1151,0001 1151,0001 119.000 1116,0001 3,000 190,000 190,000 157,000 340,000 interest income 157,000 2,999.000 2,659,000 Total rgcoynised as an expense.. 2024 151.000 2023 287,000 Current service cost Past service cost Interest cost 3.000 148,000 19,000 306,000 No amounls12023.' nil) were included in the cost of assets. Th8 fair value of the plan as5et5 was.. 2024 1.310,000 291,000 522,000 126,000 399.000 168,000 183,000 2,999,OQO 2023 1.021,000 286,000 526.000 77.000 340,000 166,000 138.000 2,554,000 Equilies Property Bonds - government Bonds- corporate Multi Asset Credit Gash Other The return on the plan assets was.. 2024 119.000 157,000 276.000 2023 68,000 193,000 25.000 Interest income Return on lan assels less interest income Total return on lan assets 23 Evènts after gnd of reporting period No events afler the year end need lo be reported. 23
Rural Housing Association Ltd 2 Killyclogljer Road. Omagh. County Tyrone, 8T79 OAX Detailed Income and Expenditure Summary for the Financial Year Ended 31 March 2024 2024 2023 INCOME Rent receivable Rates receivable 3.296,076 443,291 3,739,367 23,404 41,531 576,035 4,380,337 3.018.779 405.343 3,424.122 5,795 24,103 542,954 3,996,974 Other income Community development grants Amortisalion of grants TOTAL INCOME EXPEND]TURE18efo Admin Apportionment) Letting costs Rates 1.819.385 398,962 2.218.347 1.213.873 1.572,573 364,809 1,937,382 1,236,360 Adminislralion costs TOTAL EXPENDITURE 3,432,220 3,173,742 TRADING SURPLUSIIDEFICITI 948,117 823,232 TRADING SURPLUSIIDEFICITI IAfterAdmin Apportionmentsl Lelting Rates 1,095.365 44.329 950.880 40.534 1,139,694 1191.5771 991,414 1168,182) Adminislralion 948.117 823,232 FIXED ASSETS AND INTEREST Adminislralion costs capilalised Interest receivable Inte$1 payable 256,512 15,869 879.298 198.080 3,993 712.562 SURPLUSIIDEFICIT) 341.201 312,743 Drsposal of property Sa5e proceeds Volunlary purchase grant 687.000 168.000 855,000 588,500 144.000 732.500 Less Cosl of property HAG eliminated Allowable costs Voluntary purchase grant allowance 831.416 (581,7991 9.561 8,952 268,130 564.449 1337.9581 6,168 6,486 239,145 Nel Surplus Transferred lo DFP 586,870 493,355 928.071 806.098 24
Rural Housing A550ciation Ltd 2 Killy¢logher Road, Omagh, County Tyrone. B T79 OAX Detailed Income and Expenditure Summary for the Financial Year Ended 31 March 2024 2024 2023 Note Balance brought forward 928,Q71 806,098 Financing Ic05tll income Nel interest on nel scherne assetsAiabililies 3,000 119,0001 Nel Tetum 3,000 119.0001 931,071 787,098 Corporation lax on lax adjusted surplus Surpluslldeficill after laxalion 931,071 787.098 Transfer lo disposal pro¢eeds fund 1586,8701 1493,3551 344,201 293,743 25
Rural Housing Association Ltd 2 KillyclogherRoad. Omagh, County Tyrone, B T79 OAX Income and Expenditure from Lettings for Financial Year Ended 31 March 2024 2024 2023 Income Rental income receivable Less loss of incorne from voids 3.375,288 79,212 3.296,076 443,291 3,739.367 576.035 4.315,402 3.044,033 25.254 3,018.779 405.343 3,424.122 542.954 3.967,076 Rates Amortisation of Grants Total Income Less operating Ipropety management) expenditure Bad debt Insurance Developmenl expenses Housing Iresponsel maintenance External cyclical and planned maintenance Property depreciation Rates 10,122 71.399 46,609 393,203 300,612 997,440 398,962 4,677 60,029 7,378 370.544 241.086 888.859 364,809 Total operating costs Renl surplus (before admin & interest payable) 2.218.347 2,097,055 1.937,382 2,029.694 Administration apportionment 1957.3621 11,038.2801 Rent surplus (before interest payable) 1,139.693 991.414 26
Rur31 Housing As50eiation Ltd 2 Killyclogher Road, Omagh, County Tyrone, B TT9 OAX Administrative Expenditure for the Financial Year Ended 31 March 2024 2024 2023 Administrative expenditure Salaries and wages Pension service cost Recruilmenl costs Travel and subsistence Slalionery and publications Affiliation and membership Publicity and advertising Courses and conferences Office accomrnodalion and services Equipment and fillings- depreciation Accountancy and audit Consultancy Legal & professional fees Insurance (Non Property) VPG administration allowance (Profilllloss on disposal of fixed assets Vehicle lease charges General expense5 Cornmunily development expenditure Tenant participation 776,955 151,000 6,638 18,886 7.821 22.528 7,428 7,060 85,893 10.273 24.229 2.038 47,384 16,522 118.514) 125,7721 4.800 703,098 287,000 4,986 15,774 4,420 18,699 10,183 7,671 70,594 11,680 24,763 25,526 17,683 16,232 112,6541 17,1771 6,615 64,296 4,408 28.639 2.628 Total Administrative èxpènditure 1,213,873 1,236,360 Apportionments Housing Management Property Maintenance 559.482 397,879 957,361 256.512 60 47° 39.53° 627.869 410,411 1,038,280 198.080 100 00.1 Developmenl and adaptations 1.213.873 1.236,360 27