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
W￿le 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 Ir￿g￿laritIeS 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 with￿n 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 prepa￿d 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
BathrOom￿CS
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￿ SeCu￿d 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 c￿di1 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