2024-03-31-accounts

Registered number: 2001P Charity Registration Number: NIC101435 Northern Ireland Co-ownership Housing Association Limited Annual report and financial statements for the year ended 31 March 2024

Northern Ireland Co-ownership Housing Association Limited Annual report and financial statements for the year ended 31 March 2024 Contents Pages Board of management and advisers Report of the Board of Management and the Strategic Report Independent Auditors, report to the members of Northern Ireland Co-ownership Housing Association Limrted 9-12 Consolidated statement of comprehensive income 13 Consolidated statement of changes in reserves 13 Co-ownership statement of comprehensive income 14 Co-ownership statement of changes in reserves 14 Consolidated statement of financial position 15 Co-ownership statement of financial position 16 Consolidated statement of cash flows 17 Notes to the financial statements 18-40

Northern Ireland Co-ownership Housing Association Limited Board of management and advisers Board of management David Little (Chair) Jordan Buchanan Paul Buggy (appointed 21 September 2023) Alastair Coulson Daniel Egerton (appointed 21 September 2023) Audrey Fleming Gillian Greer Alyson Kilpatrick (resigned 21 September 2023) Alan Ledlie Nicola Mccrudden Andrea McKellar IGo-OPted 11 April 2024) Norman McKeown Philip Price Angela Wiggam (co-opted 11 April 2024) Derek Wilson Chief executive Mark Graham Secretary Gillian Hughes Registered office Moneda House 25-27 Wellington Place Belfast BT16GD Bankers Bank of Ireland 1 Donegall Square South Belfast BT15LR Ind•pendent auditors BDO Northem Ireland Chartered Accountants and Statutory Auditors Metro Building, 1 st Floor 6-9 Donegall Square South Belfast BT15JA Solicitors A&L Goodbody Northem Ireland LLP 4246 Fountsin Street Belfast BT15EF Cleaver Fulton Rankin Limited 50 Bedford Stret Belfast BT2 7FW

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report The Board of Management l°Board-) presents its report, including its strategic report, for the year ended 31 March 2024 for Northern Ireland Co-ownership Housing Association Limtted ( Co-ownership'l and its subsidiary (together the "Group.). The wholly owned subsidiary of Co-ownership is called Ownco Homes Limited I"Ownco°). Cowownership is a registered charty with the Chartty Commission for Northem Ireland. The Board of Co-ownership are the directors of the company and are the trustees of the charty. 1. Strategic Principal activity The principal activty of Co-ownership remains unchanged and is the prowsion of intermediate housing on a shared ownership basis for persons in need thereof. C¢>Ownership provides a public benefit through helping enable families and individuals, who meet the crrteria for relief ofthose in need, to have a home of their own through shared ownership. Ownco compliments the Group by providing a route to home ownership when a full mortgage or Co-ownership are currently unattainable. Our Purpose.. To enable people to become homeowners. Our Vision.. To lead the way on affordable home ownership. Our Values.. Putting customers first, working together. doing the right thing. and evofving and improving. Whilst the Group operates on not-for-profrt principles, the generation of an annual surplus is vital to ensure the ongoing investment in new homes. to meet the commrtments to lenders, and to generally ensure adequate protection against unforeseen circumstances. Co-ownership has developed a three year corporate plan vthich sets out an ambrtion deliver on four primary objectives. These objectives are to extend its reach and impact on society, to be the best we can be for our customers, to be strong advocates and trusted partners for home ownership and to be a great place to work with high perfomiing teams delivering our service. The plan is on track to deliver the objectives wrthin the agreed timetable. The key strengths of the Group which enable its primary objectives to be met are: A customer ￿ntriC focus, wtth a product offering that meets customer needs., A commitment to the highest standards of customer service and corporate govemance; A financial position which secures the confidence of funders, facilttating future investment and strategic grovrth opportunities- and Professional and dedicated staff who are committed to the Group's objectives. Review of business and future developments During the year Co-ownership helped customers purchase a total of 771 (2023: 745) properties and as a result the housing property portfolio increased from £486m to £513m. Staircasing activity levels were impacted by higher mortgage rates, with 448 full property sales transactions 12023= 576} and 68 partial staircases {57 in 2023). The level of repossession sales remained low and totalled 9 for the year (2023: 22). At 31 March 2024 Co-ownership had interests in 10,523 homes {2023= 10.209}. The Board continues to explore opportunities for enhancement of rts services going forward, in response to a changing housing market. The shared ownership product for people over the age of 55, which was launched in June 2022, is aimed at helping provide affordable homeownership for people who are retired or are approaching retirement. Applications since the launch have been encouraging and reSu￿ed in 23 homes being purchased by 31 March 2024. A new customer portal was launched during the year which should enhance customer experience and plans to digitise the staircasing processes are under development. The underlying need for affordable homes in Northem Ireland remains strong, atthough a lack of supply of homes and economic uncertainty are challenges home buyers wll continue to face in the year ahead. Changes to Local development plans by Councils should resutt in more mixed tenure developments being built and Co-ownership will continue to advocate the need for more intemiediate housing. Ownco purchased 9 houses at a totsl cost of £1.7m. making 85 purchases to date. There were 8 property sales in the year, of which 5 were to previous tenants of the schem¢. At 31 March 2024 Ownco owned 24 homes and held £6.6m on deposit for reinvestment.

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report 2. Financial Financial Perfonnance The surplus forthe year amounted to £17.9m12023: surplus £15.7ml. The increase primarily arises from an increase in rents to £15.5m12023." £14.5m), a decrease in operating costs to £5.5m (2023." £5.9m), a decrease in the surplus on sale of housing properties to £5.5m (2023.. £7.2m) and an increase in interest receivable to £3.5m (2023: £1.3m). The Department for Communities {DfC) provided Co-ownership with Financial Transaction Capital of £14.2m by way of long temi loans during the year, which together with Co-ownership's own resources funded the investment in homes. During the year sales proceeds generated £8.1 m of grant repayable to Dfc and in addition Co-ownership made £5m of loan repayments to Dfc. Ownco made £3m of earty loan ￿paYrnents to Dfc. A loan facilty of £65m with Bank of Ireland remains in place for a further five years. Of this facilty, £30m was drawn throughout the year. At the year-end the Group had cash and deposit balan￿5 of £75m (2023: £89m). net current assets of £68m {2023'. £80m) and total net assets of £160m {2023.' £142m). Co-ownership's policy is to retain a level of revenue resetves, which matches its needs at the current time and in the foreseeable future. The revenue reserves required are sufficient to meeting committed running costs for a peri¢Jd equivalent to six months budgeted future expendrture. The Board are satisfied with the underlying financial performance of the Group. They are of the view that for the foreseeable future Co-ownership will continue to generate sufficient operating surplus to cover tts operating and financing costs and have sufficient finance to fund its ongoing activities for a period of at least 12 months. It therefore ontinues to adopt the going concem basis in the preparation of the annual financial statements. Events after the Balance Sheet date The Group has no post balance sheet date events to disclose. Value for Money (V1711) The focus on Vfm and continuous improvement is an important aspect to the delivery of our corporate strategy. It is recognised that the focus is not just about cost savings and financial improvement. but that Vfm is integrated into the culture and operations of the organisation. Value is defined from the perspective of our customers and stakeholders in any service or process, where economy, efficiency and effectiveness are considered in everything that we do whilst having regard to qualty of service. Our approach to Vfm is to ensure the combined efforts of the organisation and its resources are focused on what makes a differen￿ for our customers and stakeholdets. This is done through measuring and assessing our efforts against targets so the impact of ourwork is understood, and that leamings can be taken and used to shape future plans wrth an aim to be constantly improving and evolving. The Finance & PerfomianrE Commlttee oversee the delivery of Vfm through review and challenge. which includes the review of business cases. contracts registers and performance indicators. Key performance indicators for the year showed the following OLrtcomes against target: The number of home ac￿ptanCeS issued was 805 (target 8001. The average home purchase price was £148,800 (target £147,000). The average customer starter share was 570A (target 56°/01. The number of customers who bought out was 448 (target 500). The average time taken to provide an initial approval to applicants was 2 days (target 5 days). The average time taken to issue an acceptance was 10 days (target 19 days). The net promoter score for customers who would recommend Co_ownership was 920A (Target 75 % ). The Board consider that Co-ownership provided good value for money to both tt5 Customers and its stakeholders during thé last year. particularly given the challenging economic environment.

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report 3. Environmental and Social The Group recognises that as a charty with a vision to lead the way on affordable home ownership, it has an important role to play in the joumey to Northem Ireland delivering Net Zero. Co-ownership has developed a strategic response to climate change with aims to be a voice for the owner occupier sector. to encourage customers to improve energy and carbon efficiency in their homes. and to lead by example by reducing the cart)on footprint of ouroperational environment. Some of the actions taken during the year by the Group are- Conducting a customer survey to understand their views on energy efficiency measures within their homes. Providing training to staff on domestic low carbon technologies and training an in-house EPC assessor. Educating staff on how to save energy in homes. with the assistance of National Energy Action. Running our first energy savings week for customers. providing tips and ideas on how to conserve energy. Developing some pathfinder initiatives for home energy improvements. Gathering information on the energy efficiency and energy sour￿$ of the homes the Group has interests. Conducting an extemal audrt of the cart)on efficiency of the Group's operations. Energy and carbon reporting In line with the 'Companies (Directors, Report) and Limited Liabilty Partnerships (Energy and Carbon Report) Regulations 2018, and related accompanying govemment guidance 'Environmental Reporting Guidelines- Including Streamlined Energy and Carbon Reporting requirements.. March 2019., the Group presents details of its carbon and energy as.. UK Greenhouse gas emissions and energy use data 23124 22123 Energy consumption used to calcutate emissions IkWh} Scope 2 emissions in metric tonnes C02e Purchased electricty Total gross emissions in metric tonnes C02e Intensity ratio tonnes C02e l £m revenue 101,169 97,874 31 31 31 31 0.71 0.62 The Group's only reportable energy consumption was purchased electricity. To determine emissions for the year ended 31 March 2024, the Group used a methodology compliant with the Greenhouse Gas {'GHG'I Protocol. Electricity consumption was based on actual data, obtained from supplier invoices, meter readings and online supplier portal data. The collected consumption data is then converted into greenhouse gas emissions. The Group utilises a "Green Tariff which provides 100 /0 renewable energy, although the conversion into greenhouse gas emissions applies the electricity supplier's average across all fuels. Social As an organisation with a strong social purpose that recognises its responsibility to cary out its operations whilst minimising the impact on the enwronment. it has a Corporate Social Responsibilty Strategy in place. The social impact of Co-ownership is evidenced by what customers have told us as being the impact of buying a home through Co-ownership has had on their lives. A recent customer of Co-owners showed.. 76 % agreed or strongly agreed they fem part of the communty where they lived. 890/0 agreed or strongly agreed they could travel to work conveniently_ 83 /0 agreed or strongly agreed they felt their health and wellbeing had improved. 95 % agreed or strongly agreed they fe￿ part more independent. 800/0 agreed or strongly agreed they felt financially secure. The Community Fund supported four drfferent groups across Northem Ireland and together with funding raising initiatives resulted in Co-ownership making charitable donations of £21,59012023= £22,143) during the year. No donations for political purposes were made during the year {2023.' £Nill.

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report 4. Governance Co-ownership is govemed by the Board, which is made up of nonexecutive directors elected from by the shareholders. The Board complies with a code of governan￿ based on the National Housing Federation model code of governance. The Board considers rt has complied with the Charty Commission for Northern Ireland's guidance on public benefit. The Board and executive directors The Board and executive directors of Co-ownership are listed on page 1. The Board is a voluntary committee who have responsibility for the strategic direction. general policy and management of the organisation. The day-to4ay management of operations is delegated to the Chief Executtve and the Senior Leadership Team. Each past and present member of the Board holds one non-equty share of £1 in Co-ownership. The Chief Executive of Co-ownership holds no interest in Co-ownership's share capital and although not having the legal status of director acts as executive wrthin the authorty delegated by the Board. The work of the Board is supported by three committees which operate under clearly defined terms of reference. The committees are the Audit, Risk & Governance Commtttee. the Finance & Perfomiance Committee and the Human Resources Committee. Internal control The Board is responsible for ensuring that the Group has established and maintains an effective system of intemal control. The operation of intemal Control is delegated to the Senior Leadership Team on a day to day basis; however the Board reviews the operation of those controls in the following ways. Intemal financial controls ensure the reliability of financial informalion, the maintenance of proper accounting records and the safeguarding of assets against unauthorised use or disposition. The organisation has a clearty defined organisational structure based upon a system of delegation and authorisation, which includes the Board where appropriate. The levels of authorrty are set out in internal policies and similar documents which have been adopted by the Board and are subject to periodic review. These are supported by detailed procedures which seek clearly to define operations, controls and authorisation levels and limitations so as to ensure the completeness, accuracy and reliabilty of tranSa￿lOn$ and information. The Board reviews the effectiveness of the system of internal control through participation in the Audit, Risk & Governance Committee. That Committee reviews reports from management. from the intemal auditors and from the external auditors and seeks to obtain reasonable assurance that control procedures are in place and are being followed. This includes a review of the major risks facing the Group. The Audit. Risk & Govemance Commrttee approves an annual internal audÈt plan, considers recommendations and agrees appropriate responses and action with the Senior Executive Officers. The Commrttee generally meets four times during the year. The intemal auditors also attend meetings and they have unrestricted access to the Chair of the Commtttee. The Senior Executive Officers attend meetings when required. The minLrtes of the Committee are fonnally recorded. The Board recerves the annual report of the internal auditors. The Intemal Audit Plan reflects the risk management policy and the risk register $0 that internal audit resources are directed towards testing the risks and their control mechanisms which the policy identifies Control is further reinforced by ¢omprehensive measurement of, analysis of, and reporting and acting upon. performance data. The Audit, Risk & Governance Committee regularly reviews the risk register. The Board regularly reviews the risk appetite statement. The Group develops and monitors progress against a 3 year strategy, which is reviewed by the Board. A detailed annual budget. operational plan and cash flow projections are prepared. The Finance & Perfomiance Committee reviews these documents in detail and receives regular performance reports from the Senior Executive Officers. including management accounts and perfomiance indicators, which are prepared promptty. These are compared with the planning and budgeting documents to monitor key business and financial activtiies and identify any activities or developments which require intervention or modtfication. The Committee generally meets four times during the year. All new initiatives, major commilments and investment projects are subject to fomial appraisal and authorisation procedures by the Board.

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report Internal control (continued) The Human Resources Committee supports the Board in matters relating to organisational structure and resourcing, staff employment terms and condttions. board and staff learning and development, and grievance and disciplinary matters. It also ensures that the Board retains an appropriate structure, size and balance of skills to support the strategic objectives and values of Co-ownership. and meets its responsibiif(ies regarding Executive level recruitment, performance and remuneration. It liaises on various matters relating to the management and development of human resources strategy, policy and practices within the organisation, both statutory and in temis of good practicelpublic policy directives. The Commrttee generally meets four times during the year. The Board recognises that no system of intemal control can provide absolute assurance or eliminate all risk. The system of internal control is designed to manage risk and to provide reasonable assurance that the key business objectives and expected outcomes will be achieved. The system of control also exists to give reasonable assuranGe about the preparation and reliability of financial and operational information and the safeguard of Co-ownership's assets and interests. The organisation is commrtled to the highest standards of qualty, probity, openness and accountability and has in place a confidential reporting system. Flnancial risk management The Group's operations expose it to a variety of financial risks that include the effects of changes in credit risk. price risk and interest rate risk. The programme of capital investment is financially dependent on the continued availability of government funding. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial perfonnance of the Group by regular review of activty levels against changing market conditions and adjustment to cashflow projections accordingly. with regular financial stress testing performed. The Group liaises with lenders, financial adviser networks and independent financial advisers on an ongoing basis to keep up to date with other products in the market place. Credit risk Levels of rent collectibles are set in line with the corporate plan and cashflow forecasts. Strict procedures are in place and levels of arrears are regularly reviewed. monitored and reported to the Board. Price risk The Group is exposed to changes in the housing market. In order to ensure the Group is receiving value for money on the properties it purchases and sells, each property is valued by a professional external valuer prior to entering into a contract. The nature of operations undertaken by the Group exposes it to a number of inherent price risk factors. By rigidly adhering to its procurement policy, in line with public sector tendering requirements. the Group is Customarily able to detemiine and agree favourable prices Therefore. the risk management strategies and operational processes employed by the Group ensure that such exposure is controlled. Interesl rate nsk The Group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances which are held on deposit. Interest bearing liabiltties consist of bank loans that bear interest at normal commercial rates. In order to manage the impact of interest rate fluctuations the Group has implemented a hedging strategy. Cash deposits are spread across various banks to mrtigate counterparty nsk. Non- financial risk management The Group's operations are exposed to a variety of non-financial risks that include operational, market and environmental risks. The Group has in place a risk management system that seeks to identfy, measure, mrtigate and monitor these risks. Operational nsk Good systems, processes and people reduce operational risks. Changes, including digital transfomiation and development of new products, are rigorously tested before launching. Information security protocols are followed and regulady audited. Conveyancing of properties are managed by legal professionals. Market risk Delivery of housing programmes is dependent upon the housing market. consumer demand, govemment support and mortgage lender appetite for Co-ownership products. Stakeholder engagement and raising product awareness are key tools in managing markét nsk.

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report Non- financial risk management (continued) Environmental nsk Climate change presents an increasing risk to Co-ownership. The Govemment has targets under the Climate Change Act 2008 to reach 'net zero, carbon emissions by 2050. Meeting this target will require a range of actions across sectors of the economy, including housing, that are responsible for emissions_ Co-ownership continues to develop plans in response to climate change. Health and safety The Group is commrtted to achieving the highest practicable standards in health and safety management and strives to make its offices a safe environment for both employees and customers alike. As an organisation we have invested in providing information. training. instruction and supervision to all employees and will continue to invest resources in ensuring the office remains a safe work environment. Human resources The Group's most important resource is its people; their knowledge and experience are crucial to meeting customer requirements and organisational objectives. At 31 March 2024 the team delivering these requirements and objectives comprised 59 employees and the Board comprised 12 members. Co-ownership holds an Investor in People accreditation reflecting the good management of its people. Experienced and suitably qualified staff take responsibilty for important business functions. Annual appraisal procedures are in pL9ce to maintain standards of perfomance. Regulation Co-ownership's principal regulator is the Department for Communtties {DfC). The latest published regulatory judgement related to the year 2022123 with the following ratings being received. Area of operations.. Financial Standard Governance Standard Overall Rating." Meets the requirements Meets the requirements Meets the requirements Statement of the Board of Management's responsibilities The Board is responsible for preparing the financial statements in accordance wtth applicable laws and regulations. The Industrial and Provident Societies Act {Northem Ireland) 1969 and registered housing association legislation require the Board to prepare financial statements for each financial year which give a true and fair view of the stste of Ihe Co- Ownership's affairs and of its surplus or deficit for that period. In preparing these ststements the Board is required to: Select suitable accountin9 F)olicies and apply them consistently" Make judgements and estimates that are reasonable and prudent". State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and Prepare the financial statements on the going concem basis unless it is inappropriate to presume that Co- Ownership will continue in business. The Board is responsible for keeping proper accounting records which disclose wrth reasonable accuracy at any time the financial position of Co-ownership and to enable them to ensure that the financial statements comply with the Industrial and Provident Societies Act (Northem Ireland} 1969 and the Registered Housing Associations (Accounting Requirements) Order (Northem Ireland) 1993. It has general responsibility for the taking of reasonable steps to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Northern Ireland Co4)wnership Housing Association Limited Report of the Board of Management for the year ended 31 March 2024 Statement of disclosure of inforniation to auditors So far as each of the members of the Board in office at the date of approval of these financial statements are aware: there is no relevant audit information of which the Group's auditors are unaware- and it has taken all the steps that it ought to have taken as the Board in order to make themselves aware of any relevant audit infomiation and to establish that the Group's auditors are aware of that information. Independent auditors BDO were the auditors throughout the year. BDO have indicated their willingness to continue in office. and a resolution proposing their reappointment will be proposed at the Annual General Meeting. Byo erof David Little Chair of the Board of Management 26 September 2024

Northern Ireland Co-ownership Housing Association Limited Independent auditors, report to the members of Northern Ireland Co-ownership Housing Association Limited Opinion on the financial statements We have audrted the financial ststements, included within the Annual Report and financial statements (the "Annual Report.), which comprise: the consolidated and Co-ownership statements of comprehensive income. the consolidated and C￿OWnership statements of changes in reserves. the consolidated and Co-ownership statements of financial position as at 31 March 2024 and the consolidated statement of cash flows for the year then ended., and the notes to the financial statements, which include a description of the significant accounting policies. The financial feporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountj'ng Practice). In our opinion. Northern Ireland Co-ownership Housing Association Limited's group financial ststements and the 'Co- Ownership's, financial ststements {the ￿nanCIal statements.).. give a true and fair view ofthe state of the group's and of the Ctrownership's affairs as at 31 March 2024 and of the group's and Co-ownership's surplus and of the group's cash flows for the year then ended; have been properly prepared in accordance wtth United Kingdom Generally Accepted Accounting Practice (Unrted Kingdom Accounting Standards, comprising FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and applicable lawl.. and have been prepar&i in accordance with The Cfroperative and Communty Benefit Societies Act {Northern Ireland) 1969, The Charities Act (Northem Ireland) 2008, The Housing (Northern Ireland) Order 1992, The Charities (Accounts and Reports) Regulations {Northem Ireland) 2015 and The Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC'S Ethical Standard. and we have fuwilled our other ethical responsibilities in accordance with these requirements. Concluslons relatln9 to going concem In auditing the financial statements, we have concluded that the Board of management's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectivety, may cast signrficant doubt on the group's and the Co-Ownership'5 ability to continue as going concem for a period of at least hvelve months from when the financial statements are aLrthorised for issue. Our responsibilities and the responsibilities of the Board of management with respect to going Concern are described in the relevant sections of this report.

10 Northern Ireland Co4)wnership Housing Association Limited Independent auditors, report to the members of Northern Ireland Co-ownership Housing Association Limited (continued) Other inforniation Responsibilities for the financial statements and the audit The Board of Management are responsible for the other infonrjation. The other infomiation comprises the infomiation included in the annual report other than the financial statements and our audrtoffs report thereon. Our opinion on the financial statements does not cover the other infomation and, except to the extent othemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other InfO￿atIOn is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit. or othe￿iSe appears to be materially misstaled. If we identfy such material inconsistencies or apparent material misstatements. we are required to detemiine whether this gives rise to a material misstatement in the financial statements or a material misstatement of the other infomiation. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomation. we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Board of management for the financial statements As explained more fully in the Statement of the Board of Management's responsibilities. the Board of management is responsible for the prepaption of the financial statements and for being satisfied that they give a true and fair view and for such internal control as the Board of Management detemiines is necessary to enable the preparation of financial ststements that a￿ free from matenal misstatement. whether due to fraud or error. In preparing the financial statements, the Board of management is responsible for assessing the group's and the Co Ownership's abilty to continue as a going concem. disclosing. as applicable. matters related to going concem and using the going concern basis of accounting unless the Board of management either intends to liquidate the group or the Co- Ownership's or to cease operations, or has no realistic atternative but to do so. Auditors, responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors. report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audrt conducted in accordance with ISAS {UK) will aiways detect a material misstatement when it exists Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was capable of detecting irregularities. including fraud. Irregularities, including fraud. are instances of non-compliance wrth laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud. is detailed below. We gained an understanding of the legal and the regulatory framework applicable lo the group and the Co-ownership and the industry in which it operates and considered the risk of acts by the group and the Co-ownership which were contrary to applicable laws and regulations. including fraud. These included but were not limited to compliance wtth The Cowoperative and Community Benefrt Societies Act (Northem Ireland) 1969, The Charities Act (Northern Ireland) 2008, the Housing (Northem Ireland} Order 1992, The Charrties {Accounts and Reports) Regulations (Northern Ireland) 2015 and The Registered Housing Associations (Accounting Requirements) Order (Northem Ireland) 1993, FRS 102. "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Northern Ireland Co-ownership Housing Association Limited Independent auditors, report to the members of Northern Ireland Co-ownership Housing Association Limited (continued) We focused on laws and regulations that could give rise to material misstatement in the financial ststements. Our tests included but were not limited to.. agreement of the financial statement disclosures to undetying supporting documentation. enquiries of management., and considering the effectiveness of the control environment and monitoring compliance with laws and regulations. There are inherent limitations in the audyt pr(Kedures described al)ove and the fijrther remved non<ompliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits, we addressed the risk of management override of internal controls. including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. A further description of our responsibilf(ies for the audit of the financial statements is located on the FRC'S website at: www.frc.or .uklauditorsres onsibilrties. This description fomis part of our auditors, report. Other required reporting Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 exception reporting Under the Co-operatrve and Community Benefit Societies Act (Northem Ireland) 1969 we a￿ required to report to you in our opinion.. a satisfactory system of control over transactions has not been maintained., or we have not received all the infornation and explanations we require for our audit- or proper accounting records have not been kept by the Co-ownership.. or the Co-ownership's financial statements are not in agreement with the accounting records. We have no exceptions to report arising from this responsibilty. Charities (Accounts and Reports) Regulations {Northem Ireland) 2015 exception reporting Under the Charities (Accounts and Reports) Regulatsons {Northem Ireland) 2015 we are required to report to you rf, in our opinion= sufficient accounting records have not been kept in respect of the Ctrownership. the Co-ownership's financial statements are not in agreement with the accounting records. we have not re￿IVed all the infomiation and explanations we require for our audit." or information contained in the financial statements is inconsistent in any material respect wrth the report of the Board of Management for the year ended 31 March 2024. We have no exceptions to report arising from this responsibilty.

12 Northern Ireland Co4)wnership Housing Association Limited Independent auditors, report to the members of Northern Ireland CoQwnership Housing Association Limited (continued) Use of this report This report is made solely to the Co-ownership as a body in accordance with section 43 of The Co-operative and Community Benefit Societies Act (Northem Ireland) 1969, section 65 of The Charities Act (Northem Ireland} 2008, regulations made under 66 of that Act (Part 4 of the Charities (Accounts and Reports) Regulalions (Northern Ireland) 2015), and article 19 of The Housing (Northem Ireland) Order 1992 and for no other purpose. Our audit work has been undertaken so that we might state to the group's and the C￿OWnershIp,S members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the group and the Co-ownership and the group's and the CO￿Wnership,s members as a body, for our audtt work. for this report. or for the opinions we have formed. Nigel V W Harra, senior stalutory auditor For and on behalf of BDO Northern Ireland Metro Building, 1 st Floor 6-9 Donegall Square South Belfast BT15JA Date: 26 September 2024

13 Northern Ireland Co-ownership Housing Association Limited Consolidated statement of comprehensive income for the year ended 31 March 2024 2024 2023 Note Tumover Cost of sales 43,779,049 (23,402,324) 15,457,071) 700,000 15,619,654 {142.225) 3,492.123 (1,081,596) 17,887,966 18.138 17,879,818 (15,000 17,864,818 50.220,282 (29,304,681) {5,864,354) 800,000 15,851,247 {122,457) 1,231.574 (1.217,226) 15,743,138 {58,965) 15,684,173 6,716,000 22,400,173 Operating costs Release of impairment of housing properties Operating surplus Loss on disposal of housing properties Interest receivable and similar income 13 10 Interest payable and similar charges Surplus before tax Taxation 11 12 Surplus for the financial year Actuarial (deficit)Isurplus recognised in pension scheme Total cOMp￿hen$1ve income forthe financial year 24 All amounts above relate to the continuing operations of the Group. Consolidated statement of changes in reserves for the year ended 31 March 2024 2024 2023 Note Surplus for the financial year Actuarial Ideficitllsutplus recognised in pension scheme Net movement in capital and reserves Opening totsl capital and reserves Closing total capital and reserves 17,879,818 {15,000) 17,864,818 141,738,524 159,603,342 15,684.173 6,716,000 22,400,173 119,338,351 141.738,524 24

14 Northern Ireland Co-ownership Housing Association Limited Co-ownership statement of comprehensive income for the year ended 31 March 2024 (Association only) Note 2024 2023 Turnover 42,220,610 (22,151,893) (5,376,137) 500,000 700.000 15,892,580 (142,225) 3,171,205 (1,081.596) 17.839,964 (15,000) 17,824,964 48,875,837 128,258,331} (5,799,041) 30,000 800,000 15,648,465 {122.457} 1,115.135 (1,217,226) 15,423.917 6,716,000 22,139,917 Cost of sales Operating costs Donations received Release of impairment of housing properties Operating surplus Loss on disposal of housing properties Interest receivable and similar income 33 13 10 Interest payable and similar charges Surplus for the financial year Actuarial (deficitllsurplus recognised in pension scheme Total comprehensive income for the financial year 11 24 All amounts above relate to the continuing operations of Ctrownership. Co-ownership statement of changes in reserves for the year ended 31 March 2024 (Association only) 2024 2023 Note Surplus for the financial year Actuarial {deficit)Isurplus recognised in pension scheme Net movement in capital and reserves Opening total caprtal and reserves Closing total capital and reserves 17,839,964 (15,000 17,824.964 140,971,585 158,796,549 15,423,917 6,716,000 22,139,917 118,831,668 140,971,585 24

15 Northern Ireland Co.Ownership Housing Association Limited Consolidated statement of financial position as at 31 March 2024 2024 2023 Note Fixed assets Housing properties Other tangible assets 13 517,312,756 264,301 517,577,057 489,479.679 202,878 489,682,557 16 Current assets Stock 17 1.959.660 1,717,229 68,757,253 6,174,772 78,608,914 (10.366,680) 68,242,234 585.819,291 (426,215,949) 159,603.342 2.093.579 379.830 78,687,610 10.219,420 91.380,439 (11.254,164) 80,126,275 569.808,832 (428,070,308) 141,738,524 Debtors 18 Investments Cash at bank and in hand 19 Creditors: amounts falling due withln one year Net current assets 21 Total assets less ¢urrent liabilities Creditors: amounts falling due after more than one year Net assets excluding pension surplusl(defJcit) Pension surplusl(deficit) Net assets including pension surplusl(deficit) 22 24 159,603,342 141.738,524 Capital and reserves Called up share capital Revenue reserves 25 26 3.740,293 155.863,015 159,603,342 3,531,006 138,207,484 141.738,524 Designated reseNes Total capital and reserves 27 Th& financi21 statamontg on paoes 13 to 40 were approved by the Board of Management on 26 September 2024 and were signed on its behalf by: id Li Mark Graham Chle xeGUtlve Philip P Board Member Registered number: 2001P Charity Registration Number: NIC101435

16 Northern Ireland Co-ownership Housing Association Limited Co-ownership statement of financial position as at 31 March 2024 (Association only) 2024 2023 Note Fixed assets Housing properties Other tangible assets Investments 13 513,179,460 264,301 300,001 513,743,762 485,834,904 202.878 300.001 15 16 486,337,783 Current assets Stock 17 1,959,660 2,093.579 1.683,404 357.429 63.250.705 70,582,528 5,096.412 8.220,844 71,990,181 81.254,180 (10,221,445) (11,050.070) 61.768,736 70,204,110 575.512,498 556,541,893 {416,715,949> (415.570,308) 158,796,549 140,971,585 Debtors 18 Investments 19 Cash at bank and in hand Creditors: amounts falling due within one year Net current assets 21 Total assets less current liabilities Creditors: amounts falling due after more than one year Net assets excluding pension surplusl(d8fJcit) Pension surplusl(deficit} Ngt assots In¢ludlng penslon surplusl(deflclt) 22 24 158,796,549 140,971,585 Capitsl and reserves Called up share capital Revenue reserves 25 34 26 2,933,500 155,863.015 158,796,549 2,764,067 138.207,484 140,971,585 Designated reserves Total capital and reserves 27 The financial ststements on pages 13 to 40 were approved by the Board of Management on 26 September 2024 and were signad on its b•half by: ar em er Mark Graham - Chief Executive Philip Pri ard Member Reglstered number: 2001P Charity Registration Number". NIC101435

17 Northern Ireland Co-ownership Housing Association Limited Consolidated statement of cash flows for the year ended 31 March 2024 Notes 2024 2023 Net cash inflow from operating activities Tax paid 29 9,939.403 (67,8091 9.871,594 8,688.621 (42,776) 8,645,845 Investing activlties Purchase of properties Housing Ass¢xiation Grant received for purchase of properties Sale of properties Housing Association Grant repaid on Sale of properties Purchase of other tangible fixed assets Interest received {52,093.313) 1,400 29,932.957 {8,986,971) (157,027) 2,278,705 (29,024,249) (43,425,150) 6.300 38,008,660 {17,802,919) 181,9301 1,133,766 (22,161,2731 Net cash used in investing activities Cash flows used in financing activities New term loans 14,250,000 36.250.000 Repayment of loans Interest paid Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year (8,000.0001 (1,072.350) 5,177,650 (13,975.005 88,907.030 74,932.025 13,750,000) (1,065,226) 31,434,774 17.919.346 70,987,684 88,907,030 20

18 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 General information Co-ownership's principal activty is the provision of affordable housing on a shared ownership basis. C￿OWnership is regislered under the Co-operative and Communty Benefrt Societies Act (Northern Ireland) 1969 and domiciled in the UK. The address of the registered office is Moneda House, 25-27 Wellington Place, Belfast, BT16GD. Statement of compliance These financial statements of Northem Ireland C¢>Ownership Association Limrted have been prepared on the going concern basis in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the Unrted Kingdom and the Republi¢ of Ireland" {"FRS 102"), in accordance with applicable accounting standards in the United Kingdom and Statement of Recommended Practice for Accounting by Registered Social Landlords (updated 2018). The principal accounting policies. which have been applied consistently throughout the year, are set out below. The presentation of the financial ststements complies wrth the Registered Housing Associations {Accounting Requirements) Order (Northern Ireland) 1993. Disclosure exemptions In preparing the separate financial statements of the Association, advantage has been taken of the following disclosure exemptions available in FRS 102: no cash flow statement or net debt reconciliation has been presented for the Association. Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented. unless otherwise stated. The Group has adopted FRS 102 in these financial Statements. The significant accounting policies adopted by the Group are as follows: Basis of preparation of financial statements These consolidated and separate financial statements are prepared on a going concem basis, under the historical cost convention. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise rts judgement in the process of applying the Group and Co-ownership accounting policies. The areas involving a higher degree of judgement or complexity. or areas where assumptions and estirnates are signfficant to the financial statements. are disclosed in note 4. Basls of consolidation The consolidated statement of comprehensive income and consolidated statement of financial position are made up to 31 March 2024. Intra group transactions, any unrealised profitsllosses arising and interGompany balances are eliminated fully on consolidation. Going concern After making enquiries and reviewing the financial plan. the Board has a reasonable expectation thatthe Group has adequate resources to continue in operational existence for the foreseeable fLrture. For this reason, f( continues to adopt the going concem basis in the financial statements.

19 Northern Ireland Co-ownership Housing Association Limited Notes to the financial ststements for the year ended 31 March 2024 (continued) Summary of significant accounting policies (continued) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered. net of returns, discounts and rebates allowed by the Group and Co-ownership and value added taxes The Group and Co-ownership bases its estimate of returns on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Where the consideration receivable in cash and cash equivalents is deferred and the arrangément constitutes a financing transaction. the fair value of the consideration is measured at the present value of all future receipts using the imputed rate of interest. The Group and CcFOwnership recognises revenue when (a} the signfficant risks and rewards of ownership have been transferred to the buyer, {b) the Group and Co•Ownership retains no Gontinuing involvement or control over the goods- {c} the amount of revenue can be measured reliably.. (dl it is probable that future economic benefrts will flow through the Group and Co-ownership and (e) when the specific criteria relating to each of the Group and C¢TrOwnership's sales channels have been met, as described below and in note 5. Rental income Income represents rental income receivable. Rental income is recognised from the point that the properties are formally let and spread over the rentsl term. First tranche equty sales Proceeds from the first tranche disposals are accounted for as turnover in the Statement of comprehensive income n the period in which the disposal occurs which is the legal completion date. Donations received Donations receNed are recognised in the Statement of comprehensive income when the donation is received. Value added tax The financial statements include VAT to the extent that rt is suffered by the Group and not recoverable from HM Revenue and Customs. Current taxation The tax expense for the period comprises cu￿ent and deferred tax. Tax is recognised in the statement of comprehensive income. The cu￿ent income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries vlhere the company's subsidiaries operate and generate taxable income. Employee benefits The Group provides a range of benefrts to employees. including paid holiday arrangements and defined benefit pension plans. Short term beneffts Short term benefits, including holiday pay and other similar non-T￿netary beneffts. are recognised as an expense in the period in which the sep4ice is received.

20 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) Summary of significant accounting policies (continued) Pension funding Retirement benefrts to employees of C¢>Ownership are provided by the Northem Ireland Local Govemment Officers Superannuation Committee {NILGOSCI defined benefit scheme which is exiemally funded and contracted out of the State Earnings Related Pension Scheme. In respect of this scheme, Cckfvnership's staff constttutes only a small percentage of the overall membership. Co-ownership has no influence over the level of contributions. The assets of the NILGOSC scheme are held separately from those of C¢>Ownership. Co-ownership has adopted FRS 102 section 28 'Employee benefrts, in these financial statements. Pension scheme assets are measured using market value. Pension scheme liabilities are measured using the projected unit method and discounted at the cu￿ent rate of retum on a high quality corporate bond ofequivalenl temi to the liability. The movement in the present value of the liabilities of C￿OwnershIp,S defined benefit pension scheme arising from employee seNice in the year is charged to the statement of comprehensive income. Under FRS 102. a net interest expense. based on the net defined benefit liabilrty, is recognised in the statement of comprehensive income. A net defined benefit asset is only recognised to the extent that the surplus is able to be recovered etiher through reduced contribulions in the future or through refunds from the scheme. The contributions are determined by qualified actuaries on the basis of triennial valuations, using a projected unit method. Tangible fixed assets Housing properties Housing properties are stated at cost which is purchase price together with any incidental costs of acquisition. These properties are effectively purchased concurrently by Co-ownership and participants and so are disclosed in fixed assets at the cost to Co-ownership wrth the participants. net investment also disclosed in the housing properties note to the financial ststements. Housing properties are not depreciated as the Group estimates that the residual value is higher than the historical cost before charging any depreciation. Impaiment Any impaimient in the value of the housing properties is charged to the statement of comprehensive income in the year in which tt is first recognised. A reversal of impaimient is recognised in the statement of comprehensive income. Other fixed assets Other fixed assets a￿ stated at cost iv) Other tangible fixed assets Tangible fixed assets are stated at historic purchase cost ￿s$ a¢¢umulated depreciation. The cost of tangible fixed assets is their historic purchase cost, together wrth any incidental costs of acquisition. Depreciation is calculated after allowing for grants received, so as to write off the cost of tangible fixed assets on a straight line basis over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows.. Office equipment Fixtures and frttings 25 10

21 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) Summary of significant accounting policies (continued) Derecognition Tangible assels are derecognised on disposal or when no future economic benefits are expected. On disposal the difference be￿een the net disposal proceeds and the carying amount is recognised in the Statement of comprehensive income. Housing Association Grant and other grants Housing Association Grant and other grants received are included within 'Creditors'. amounts falling due after more than one yearf and 'Creditors.' amounts falling due within one yearf. Housing Association Grant received against revenue expendrture is credited to revenue in the period in which the related expendi(ure is charged. Such grants, allhough treated as a grant for accounting purposes, may be repayable under certain circumstances, primarily following the sale of housing property. but any amount repayable would be restricted to the original grant amount. Housing Association Grants received are capital grants and as they relate to house purchases are nol recognised in the statement of comprehensive income, rather they are held as a liabilrty on the balance sheet until the housing investment is sold at which point the grant is repaid. Othergrants relating to revenue are recognised in income and expenditure overthe same period as the expendrture to which they relate once perfomiance related condrtions have been met. Stock The costs relating to expected future property sales are tpnsferred from housing properties in fixed assets to inventories for sales occurring one month following the year end. Current asset investments Current asset investments are short-temi, liquid depostts with an original maturty be￿een one and twefve months. All current asset investments are classified as cash equivalents within the financial ststements. Cash and cash equivalents Cash consists of cash at bank and in hand. Cash equivalents consist of short-term, highly liquid deposits held at call or at notice with banks with original maturities of twelve months or less. Debtors Debtors are stated after all known bad debts have been written off and specific provision has been made against all debts considered doubtful for collection. Housing loans All borrowings are inttially stated at the fair value of the consideration received. Finance costs are charged to the income and expenditure account over the temi of the borrowings. Interest payable but not yet paid at the year*nd is shown as accrued interest within credttors due within one year.

22 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) Summary of significant accounting policies (continued) Impaimient of non-financial assets At each statement of financial position date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carying amount of the asset. The recoverable amount of the asset is the higher of Ihe fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a resutt of the asset's continued use. These cash flows discounted using a pre-tax discount rate that represents the current market risk- free rate and the risks inherent in the assets. If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impainnent loss is reco3nised in the Statement of income and retained earnings, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in the Statement of income and retained earnings. If an impainnent loss is subsequentty reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount. but only to the e*(ent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation} had no impairment loss been recognised in prior periods. A reversal of an impaimient loss is recognised in the statement of income and retained earnings. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a resutt of past events: it is probable that an oufflow of resources will be required to settte the obligation., and the amount of the obligations can be estimated reliably. IAlhere there are a number of similar obligations. the likelihood that an oufflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tsx rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. Contingencies Contingent liabilities, arising a5 a result of past events, are not recognised when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (li) when the existence will be confimied by the occurrence or non-¢xcurrence of uncertain future events not wholly within the Group s control. Contingent liabilities are disclosed in the financial statements unless the probability of an oufflow of resources is remote. Operating leases Annual rentals on operating leases are charged to profrt or loss on a straight-line basis over the term of the lease.

23 Northern Ireland Co-ownership Housing Association Limited Notes to the financial ststements for the year ended 31 March 2024 (continued) Summary of significant accounting policies (continued) Financial instruments The Group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets Basic financial assets, including trade and other receivables and cash and bank balances are inrtially recognised at transaction price. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the dtfference be￿een the carying amount and the expected realisable value of the asset. The impaimient loss is recognised in Statement of income and retained earnings. If there is a decrease in the impairment bss arising from an event occurring after the impaimient was recognised, the impaimient is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in Statement of income and retained eamings. Financial assets are derecognised when (al the contractual rights to the cash flows from the asset expire or are settled, (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or, {c) despite having retained some signrficant risks and rewards of ownership, control of the asset has been transferred to another paty who has the practical abilty to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities Basic financial liabilities, including trade and other payables. bank loans and other borrowings, are initially recognised at transaction pri￿, unless the arrangement constitutes a financing transaction, Whe￿ the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the exient that it is probable that some or all of the facilty will be drawn down. In this case. the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facilty will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classrfied as cu￿ent liabilities rf payment is due within one year or less. If not. they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Revenue reserves Co-ownership's policy is to retsin a level of free reserves. which matches its needs at the current time and in the foreseeable future. The reserves required are sufficient to meeting committed running costs for a period equivalent to six months budgeted future expenditure. Designated reserve - property purchase All olher reserves are treated as designated feserves as they are used to fund Co-ownership's investment in housing properties and thus are not available for future general use. Transfers between reserves are made to retain committed running costs for a period equivalent to six months of budgeted future expenditure wrthin the Revenue reserve.

24 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) Critical accounting judgements and estimation uncertainty Estimates and judgements made in the process of preparing the Group financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical judgement in applying the entity's accounting policies The following judgement. apart from those involving estimates, made by the directors has had signrficant effect on the amounts recognised in the financial statements-. C¢>Ownership provides housing on a shared ownership basis. Under the arrangement Co-Owner5hip has with a lender on an individual propety. the lender ranks in priority to Co-ownership and therefore rf the borrower fails to pay the lender, the propety could be repossessed by that lender. Co-ownership has incurred losses on repossessed properties over recent years. As a result. it is necessary to recognise an impairment provision for future losses expected on the repossession of such properties. When calculating the provision management consider the historical losses incurred, and current property values based on recent transactions and apply an expected loss ratio to the book value of properties. Estimation uncertainty in applying the entity's accounting policies In preparing the financial statements the recoverabilty of debtors and the level of impairment on housing properties has been considered. A provision for bad debts has been made for the estimated amount of debtors that are considered to be unrecoverable. The level of provision held at the year end is set out in note 18. A provision for the impaimient on housing assets has been made for the estimated amount of investment that is considered to be unrealisable. Management take into account factors including the broader Northern Ireland propety market, the yield level of the properties and other known factors as part of this consideration. There has been a release of £0.7m this year due to the improvement in the housing market since the prior year end The level of impairment provision at the year end is set out in note 13. The underlying assumptions relating to the valuation of the Group's defined benefit pension scheme position include estimates of inflation. mortalty. discount rate and anticipated salary increase5. The Group uses the Group's actuaries to value the scheme's assets and liabilities. The assumptions used are also provided by thè Group's actuaries and have not been adjusted. Variations in these assumptions. along with movements in asset valuations, can be expected to signtficantly alter the net pension postiion from year to year. The directors have adopted a policy of not recognising a net pension scheme asset as they do not believe it to be recoverable.

25 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 5 Lettings and other related inforniation Group Co-ownership 2024 2023 2024 2023 Tumover Rents (see below) First Tranche Sales {note 9) 15,498,583 14,481,396 28,280,466 35,738,886 43.779,049 50,220,282 15,363,644 26,856,966 42,220,610 14,319.451 34,556.388 48,875.837 Cost of sales Rents 1102,302) (101,281) 1102,302) {101,281> (23,300,022) {29.203,4001 (22,049,591) {28,157,050) 123,402.324) (29.304.681) (22,151,893) (28,258,331) First Tranche Sales (note 9) Operatlng costs Management expenses lexc. Non cash pension) Non cash pension costs Valuation fees Bad debt releasedl(written offj (5,244,023) (4.927,007) (5,164,5711 14.862,582) 113,000) (652,000) (13,0001 {652,000) 1236.090) (302,955) 1234.608) (302,0671 36.042 17,608 36.042 17,608 15,457.071) 15,864,354) (5,376,137) 15,799,041) Donations received (note 33) 500,000 30.000 Release of impainnent of housing properties note 13 700,000 800.000 700.000 800,000 Operating surplus 15.619,654 15,851,247 15,892.580 15,648,465 Loss on disposal of housing properties (note 9) Inlerest receivable and similar income {note 10) Interest payable and similar charges (note 11) Surplus before taxation for the year (142,2251 (122.457) (142,225) {122,457) 3,492.123 1.231.574 3,171,205 1,115,135 (1.081,596) (1,217,226) {1,081,596) (1,217.228) 17,887,956 15,743,138 17.839,964 15,423.917 Group Co4)wnership 2024 2023 Tumover from lettings 2024 2023 Rents Processing fees 15,359,391 139.192 15,498.583 14.284,214 197.182 14.481.396 15,224,452 14,122,269 139,192 197.182 15.363.644 14,319,451

26 Northern Ireland Co-ownership Housing Association Limited Notes to the financial ststements for the year ended 31 March 2024 (continued) 5 Lettings and other related information (continued) Group Co-ownership 2024 2023 Analysis of Operating costs 2024 2023 Personnel Salaries (excluding pensions) Pension contributions Other staff costs 2.967,612 475,118 109,014 3,551,744 13.000 3,564.744 2,888,550 476,131 104,856 3,469,537 652,000 4.121,537 2,950,510 475,118 109,014 3,534,642 13,000 3,547,642 2,873,298 476,131 104,856 3,454,285 652,000 4,106,285 Non cash pension costs Establishment Propety costs Telephone Depreciation 470.580 25,180 95,605 591.365 430,589 27.317 90.490 548.396 420,663 25,180 95,605 541,448 390.448 27,317 90,490 508,255 Administration Administration overheads Computer costs Professional fees Project costs General expenses Repairs Marketing Credit Agency 147,661 239,597 129,845 74,027 125,992 82,045 269,240 32,507 1,100.914 126,270 198,585 120,556 49,888 119.882 12.532 254,858 26,503 909,074 147,661 239,597 118,999 74,027 124,405 82,045 269,240 32.507 1,088,481 126,270 198,585 113,191 49,888 118,215 12,532 254,858 26,503 900.042 Total Management expenses 5.257.023 5,579.007 5,177,571 5,514,582 Valuation fees 236.090 {36,042) 5,457.071 302,955 (17,6081 5,864,354 234.608 (36.042) 5,376,137 302,067 (17,608) 5.799,041 Bad debt released Total Operating costs

27 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 6 Operating surplus Group Cothnership 2024 2023 2024 2023 Operating surplus is stated after charging: Staff costs, excluding pension (note 7) Pension (note 7) - contributions other pension costs Depreciation of tangible fixed assets owned assets (note 15) 2.967.612 475,118 13.000 2,888,550 2,950.510 476,131 475.118 652,000 13.000 2.873.298 476.131 652,000 95.605 90.490 95,605 90.490 Operating lease rentals 268,646 245.651 268.646 245,651 Fees payable to the Group's auditor for the audrt of the financial statements Fees payable to the Group's auditor for non-audit services - tax compliance Fees payable to the Group's auditor for non-audit services - other 40.500 39,000 37,250 36,000 2.950 2,950 3.250 3,125 2.150 2,000 7 Employee information Group Co-ownership 2024 2023 2024 2023 Staff costs Wages and salaries Social security costs 2,685.874 2,594,830 2.668.772 281,738 293,720 281,738 2,967,612 2,888,550 2,950,510 475,118 476,131 475,118 3.442.730 3.364,681 3,425,628 13.000 652,000 13,000 3.455,730 4.016,681 3,438,628 2,579,578 293,720 2,873,298 476.131 3.349,429 652,000 4.001,429 Pension contributions Other pension costs C¢>Ownership staff costs includes redundancy costs of £85,942 (2023.. £Nil). 2024 Number 2023 Number Average monthly number of persons employed by the Group and Co-ownership (including the Chief Executive and excluding the board members) during the year by activty.. Pemianent 60 62 Temporary Administration and finance 60 63

28 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 7 Employee information (continued) During the period employee benefrts {excluding pension contributions) outside of key management emoluments of more than £60.000 fell within the following band distributions= 2024 Number 2023 Number More than £60,000 but not more than £70.000 More than £70.000 but not more than £80.000 Key management emoluments The remuneration of the key management (compromising the Chief Executive and senior personnel) of the Group and Cfrownership during the year was.. Group Co-ownership 2024 2023 2024 2023 Aggregate emoluments Pension contributions to money purchase schemes 391,838 360,468 391,838 360.468 68,980 63,803 68.980 63,803 460.818 424,271 460,818 424.271 Members of the Board of Management serve in a voluntsry capacrty and none were in receipt of emoluments during the year. The emoluments to the highest paid key management included within the above table are as follows.. Group Co4)wnership 2024 2023 2024 2023 Aggregate emoluments Pension contributions 124.242 21.897 146,139 117,764 20,966 124,242 21,897 146.139 117,764 20.966 138.730 138,730 During the period the key management emoluments {excluding pension contributions) fell wrthin the following band distributions.. 2024 Number 2023 Number More than £75,000 but not more than £80.000 More than £80,000 but not more than £85,000 More than £90,000 but not more than £95,000 More than £115.000 but not more than £120.000 More than £120.000 but not more than £125,000

29 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) Surplus on sale of housing properties Group Co-ownership 2024 2023 2024 2023 Sales - first tranche sales 28.280,466 35.738.886 (23.300.022) {29.203,400) 4,980,444 6,535,486 1142,225) 26,856.966 34,556,386 (22,049,591) (28,157.050) 4,807,375 6,399.336 Cost of sales - first tranche sales Loss on disposal of housing properties - second tranche and after Release of provision fof impairment of housin ro erties note 13 (122,457) 1142.225) {122.4571 7(10.000 800,000 700.000 800,000 5,538,219 7,213,029 5,365,150 7,076,879 Comprising: Repossession of properties Surplus on disposal Release of impairment of housing properties {170,685) 5.008,904 700.000 (938,537) 7.351.566 (170,685) 4,835.835 (938,537) 7,215,416 800,000 800.000 700,000 5,538.219 7,213,029 5,365,150 7.076.879 As at 31 March 2024. there were 1212023.. 8) properties remaining in repossession status. 10 Interest receivable and similar income Group CoQwnership 2024 2023 2024 2023 Interest receivable Interest on pension scheme 3,464,123 28,000 3,492,123 1.231,574 3,143,205 28,000 3,171,205 1.115,135 1.231.574 1,115,135 11 Interest payable and similar charges Group Co-ownership 2024 2023 2024 2023 Interest payable Interest on pension scheme 1,081,596 1,065,226 152.000 1,217.226 1,081.596 1,065,226 152,000 1,217,226 1,081,596 1,081,596

30 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 12 Taxation on profit on ordinary activities Group cO￿wnerShip 2024 2023 2024 2023 UK corporation tax charge on profit for the year Total current tax 8.138 8,138 58,965 58,965 Reconciliation of tax expense The tax assessed on the profit on ordinary activtiies for the year is lower than {2023: lower than) the standard rate of corporation tax in the UK of 250A (2023= 19°A). 2024 2023 Surplus on ordinary activities before taxation 17,887.956 15,743,138 Surplus on ordinary actNities by rate of tax Marginal relief Charitable income not chargeable to tax Adjustment to tsx in respect of previous periods 4,471,898 2,991,196 11,155 (4,459,991) (2,930,544) 12.614) (1.687) Tax on profrt 8,138 58,965 As Co-ownership is a charitable entty it does not pay corporation tax. The tax charge above relates to the subsidiary Ownco Homes Limited. 13 Housing properties Group Housing Investment Participants. Investment Cost Group At 1 April 2023 Transfers of completed schemes and additions in the year Disposals Transferred to stock At 31 March 2024 1,163.526,346 117.136.670 (50,582,331) {5,725,6001 1.224.355.085 670.219.220 493,307,126 65.216.270 51,920.400 (27,581,756) (23,002.575) (3,765.940) (1,959,660) 704,087,794 520.265.291 Impairnient At 1 April 2023 Released in the year At 31 March 2024 14,600.000) 700,000 13.900,000) Uncompleted schemes and additions Balance at 1 April 2023 Additions 772,553 52,095,313 151.920,401) 947,465 Transfers At 31 March 2024 At 31 March 2024 517,312,756 489.479,679 At 31 March 2023

31 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 13 Housing properties (continued) Co-Owner3hip Housing Investment Cost Participants, Investment Co4)wnership At 1 April 2023 Transfers of completed schemes and additions in the year Disposals Transferred to stock At 31 March 2024 1,159,881,571 115,406,729 (49.342.911) (5,725,600) 1,220,219,789 670,219,220 489.662.351 65,216,270 50,190.459 {27,581,756) {21,761,155} 13.765,940) (1,959,660> 704.087.794 516,131,995 Impairment At 1 April 2023 Released in the year At 31 March 2024 {4,600,000) 700,000 13,900,000) Uncompleted schemes and additions Balance at 1 April 2023 Additions Transfers 772,554 50,365,370 (50.190,4591 947,465 At 31 March 2024 At 31 March 2024 513,179,460 485,834,904 At 31 March 2023 The above properties are held subject to ninety-nine year leases to the occupiers. The leases give CTrOwnership power to repossess the properties in the event of non-compliance with any of the condrtions set out in the lease. The occupier, known as the participant, currently contributes a minimum of 500A of the funding of the propety. Capital commitments The total cost to finalise uncompleted schemes and additions amounts to £8,386,220 {2023.. £8,303,145), of which £3,532.191 (2023= £3.433,911} represents C￿Ownership,s investment. In addition, negotiations are in progress for the purchase of existing property at a total cost of £27.522.550 (2023.. £20.747,145), of which £11,674,715 (2023. £8,697.204) represents Go-ownership's investment. Ownco Homes has capital commitments on housing propertie5 contracted to but not completed at the year end of £383,20412023'. £Nil}. 14 Housing Association Grant 2024 2023 Group and Co4)wnership At 1 April Receivable in the year Repayable- on disposal At 31 March (note 22) 178,320,308 1,400 18,105,759) 170,215,949 191,183,830 6,300 (12,869,822) 178,320,308 Housing Association Grant (HAG) repayable on disposal consists of amounts paid during the year of £4,182,000 (2023.. £8,064,849) and amounts falling due within one year of £3.923.759 (2023: £4,804,973) (note 21).

32 Northern Ireland Co~Ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 15 Other tangible fixed assets Fixtures and fittings Office Equipment Total Group and Cothnership Cost At 1 April 2023 Additions At 31 March 2024 161.366 41 483,293 156,987 640,280 644.659 157,028 801,687 161,407 Accumulated depreciation At 1 April 2023 Charge for the year At 31 March 2024 47,575 16,141 63.716 394,206 79,464 473.670 441.781 95,605 537,386 Net book amount At 31 March 2024 97.691 113,791 166,610 89,087 264,301 202,878 At 31 March 2023 16 Fixed asset investments 2024 Subsidiary Undertaking 2023 Subsidiary Undertaking Co4)wnership Cost 300.001 300,001 The investment represents Ctrownership's holding in a wholly owned subsidiary company, Ownco Homes Limited. 17 Stock 2024 2023 Group and Co-ownership Stock 1,959,660 2,093,579 This value represents the cost of housing properties held for sale at the year end. Any propety that will be staircased or sold within one month of the year end has that element of the property moved from housing property to stock. Stcck is held at the lower of cost and net realisable value.

33 Northern Ireland Co-ownership Housing Association Limited Notes to the financial ststements for the year ended 31 March 2024 (continued) 18 Debtors Amounts falling due within one year Group Co-ownership 2024 2023 2024 2023 Rent debtors 352,742 (182,000) 170,742 1,546,487 1,717,229 325,112 (171,000) 154,112 225.718 379,830 335,459 1182,000) 153,459 1,529,945 1,683,404 306,197 (171,000) 135,197 222,232 357,429 Less.. bad debts provision Prepayments and a¢¢rued income 19 Current asset investments Group 2023 Co4lwnership 2024 2024 2023 Short term deposits 68.757.253 78.687.610 63.250,705 70,582,528 Current asset investments comprise deposrts with an original maturity be￿een one and twelve months. The Group manages risk by utilising a variety of in5trtutions and accounts wrth the intention of holding these deposits to maturity to generate a return. 20 Cash and cash equivalents Group Co4)wnership 2024 2024 2023 2023 Cash at bank and in hand Short term deposits (note 19) .174.772 68,757,253 74,932,025 10,219.420 78.687.610 88,907,030 5,096,412 63,250,705 68.347,117 8,220,644 70,582,528 78.803.172 21 Creditors: amounts falling due within one year Group Co-ownership 2024 2024 2023 2023 HAG repayable - on disposal Participants, deposits Other creditors Dfc Loans (note 23) Corporation Tax Accruals and deferred income 3,923,759 246,196 511,019 5,000,000 8,138 677,568 10,366,680 4,804,973 240,017 463,059 5,000,000 58,965 687,150 11,254,164 3,923,759 117,879 511,019 5,000,000 4,804,973 113,724 463,059 5,000,000 668,788 10.221,445 668,314 11,050,070

Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 22 Creditors: amounts falling due after more than one year Group Co4)wnership 2024 2024 2023 2023 Bank loan (note 23) Dfc loans (note 23) Housing Association Grant (note 14) 30,000,000 226.000,000 170.215.949 426,215,949 30.000,000 219,750,000 178.320.308 428.070,308 30,000.000 30,000,000 216,500,000 207,250,000 170.215.949 178,320,308 416,715,949 415,570,308 Security The bank loan and Dfc loan are secured by a floating charge over all the assets of Northern Ireland CIFOwnership Association Limited with the bank taking preferen￿. 23 Loans and other borrowings Group 2024 Co-ownership 2024 2023 2023 Bank loans and overdrafts 30,000,000 30.000.000 30,000,000 30,000,000 Maturity of financial liabilities: Greater than five years 30,000.000 30,000,000 30,000,000 30,000,000 Group Cothnership 2024 2024 2023 2023 Department for Communities loans 231,000,000 224,750.000 221,500,000 212,250,000 Maturity of financlal Ilablllties: Due within one year In more than one year, but not more than five years Greater than five years 5,000.000 5,000,000 5.000,000 5,000,000 42,031,250 34,156.250 42.031,250 34,156,250 183,968,750 231,000,000 185.593.750 224.750.000 174,468.750 173,093,750 221,500.000 212,250,000 The above loans from Dfc relate to Financial Transactions Capital (-FTC-). The Dfc loan is interest free and secured against the assets of the Group. The Bank loan and unused facilities bear interest between 0.50A and 3.OOA and are secured against the assets of the Group. At 31 March 2024 the Group had an undrawn revolving loan facilty of £35m.

35 Northern Ireland Co-ownership Housing Association Limited Notes to the financial ststements for the year ended 31 March 2024 (continued) 24 Pension commitments A net pension deficit shown below under section 28 of FRS 102 deals with accounting for employee benefrts and does not represent a shortfall which requires short term cash funding. The amount shown below is calculated lo comply with the Financial Reporting Standard, the specific requirements of which differ from the basis on which pension liabilities are actuanalty calcukted for the purpose of the ongoing funding of the scheme. The Financial Reporting Standard requires.. actuarial deficiencies to be recognised immediately as a liabilty in the financial statements rather than being Spread forward over employees, remaining service Irves,. and the actuary, in valuing the scheme's liabilities, is required to use a bond yield as the discount rate for valuing future liabilrties. rather than a rate that reflects the expected retum on the scheme's particular asset portfolio. with the result of an apparent increase in the present value of future longer term liabilities. The below is in relation to employees and ex-employees who are members of the NILGOSC pension scheme. NILGOSC pension scheme is considered a related party of Co-ownership. The most recent valuation was conducted as at 31 March 2022 by a qualified actuary for the purpose of the disclosures below. The major assumptions used by the actuary were: Group and Co-ownernhip Rate of increase in salaries 2024 2023 2022 4.10° 4.20 % Rate of increase in pensions in payment Discount rate 2.60% 2.70° 3.00 % 4.80. 4.700 2.70°/0 3.0001. Inflation assumption 2.60% 2.700 The mortalty assumptions used were as follows: 2024 Years 2023 Years 2022 Years Grou and Co-ownershi Longevty at age 65 for current pensioners: -men 21.7 22.2 21.8 - Women Longevty at age 45 for future pensioners: -men 25.0 25.0 22.7 23.2 23.2 - Women 25.6 26.0 26.4

36 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 24 Pension commitments (continued) The assets and liabilities in the scheme and the reconciliation to the statemerrt of financial position were.. Value at 31 March 2024 £'ooo 9.145 2,030 4,520 2,783 1,172 1,277 20.927 (18,6661 2,261 12,261) Value at 31 March 2023 £'ooo 7,541 2.111 4,449 2,507 1,225 1,018 18.851 (18,501} 350 Group and Cothinership Equities Propety Bonds Asset Credit Cash Other Total market value of assets Present value of scheme liabilities Net pension surplus Unrecognised asset Net pension deficit recognised in statement of financial osition (350) Reconciliation of fair value of scheme assets 2024 2023 Group and Co4)wnernhip At 1 Apri Interest income on assets £'ooo £'ooo 18.851 889 21,793 592 Member contribLrtions 178 174 Employer contributions Actuarial gainsl(lossesl Benefrts paid At 31 March 476 551 1,089 1556) 20.927 13,767} (4921 18,851 The actual return on assets was a gain of £2.Om (2023.. loss of £3.2m). Reconciliation of present value of scheme liabilities 2024 2023 Group and Co4)wnership At 1 April Current service cost £'ooo £'ooo 18,501 27,705 1,128 744 Interest cost 861 Member contributions 178 174 Actuarial Igains)I losses Past service Cost (807) (10,833} 75 Benefits paid At 31 March (5561 18.666 {492) 18,501

37 Northern Ireland Co-ownership Housing Association Limited Notes to the financial ststements for the year ended 31 March 2024 (continued) 24 Pension commitments (continued) Analysis of amount charyed to income or expenditure are as follows". 2024 2023 Group and Co-ownership Current seNice cost Past service cost £'ooo £'ooo 1,128 75 152 Interest on net defined benefrt scheme (28) Total cost 461 1,355 Amounts for current and previous four years: 2024 2023 2022 2021 2020 Group and Co4)wnership Fair value of employer assets £'ooo £'ooo £'ooo £'ooo £'ooo 20.927 18,851 21,793 20,126 16,361 Present value of defined benefit obligation 118.6661 (18,501) (27,7051 {28.493) (21.832) Surplusl(Deficit} 2,261 350 15,912) (8,367) (5,471) Totsl amount recognised in the statement of changes in reserves 2024 2023 2022 2021 2020 Group and Co-ownership Actuarial surplusl(deficitl £'ooo £'ooo £'ooo £'ooo £'ooo (15) 6,716 3,353 (2,414) {905) 25 Called up share capital Each past and present member of the Board of Management holds one non-equity share of £1 in Co-ownership. 2024 2023 Group and Co-ownership Allotted, issued and fully paid There were no changes in share captial during the year. 26 Revenue reserves Group 2024 Co-ownership 2024 2023 2023 Opening reserves Net transfer from designated reserves (note 27) Closing reserves 3,531,006 209.287 3.740,293 3,028.089 502,917 3.531,006 2,7fA,067 169.433 2,933,500 2,716,000 48,067 2,764,067 The transfer from Designated reserves has been made on the basis that the closing Revenue reserves represent 6 months committed operating costs.

38 Northern Ireland Co-ownership Housing Association Limited Notes to the financial ststements for the year ended 31 March 2024 (continued) 27 Designated reserves Property pU￿haSe reserve 2024 2023 Group At 1 April Surplus for the year Transfer to revenue resep4e (note 26) At 31 March 138,207,484 17.864,818 (209,287) 155,863,015 116,310,228 22,400,173 1502.917) 138,207,484 2024 2023 Co-ownership At 1 April Surplus for the year Transfer to revenue reserve {note 26) At 31 March 138.207.484 17,824,964 1169,433) 155.863.015 116,115,634 22,139,917 {48,067) 138,207,484 Designated reserves are the balance of reserves required to fund Ctrownership's investment in housing properties. 28 Financial Instruments Group 2024 Co-ownership 2024 2023 2023 Financial assets that are debt instruments measured at amortised cost Rental debtor (note 18) Short temi deposits {note 19) Cash at bank and in hand 170,742 68,757,253 6,174,772 154.112 78,687,610 10,219,420 153,459 135,197 63,250,705 70,582,528 5,096,412 8,220,644 75,102,767 89,061,142 68,500,576 78,938,369 Financial liabillties measured at amortised cost Dfc loans (note 23) Bank loans {note 23) Participants, deposits (note 21) Accruals (note 21) 231,000,000 30,000,000 246.196 677,568 224,750,000 221,51)0.000 212,250,000 30,000,000 30,000,000 30,000,000 240.017 117,879 113,724 687,151 668.786 668,314 261,923.764 255.677.168 252.286,665 243.032,038

39 Northern Ireland Co4)wnership Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 29 Reconciliation of consolidated operating surplus to net cash inflow from operating activities 2024 2023 Surplus in the financial year Taxation 17,879.818 8,138 142,225 15.684,173 58.965 Gainl(loss) on disposal of housing properties - second tranche and after Interest receivable and similar income 122.457 13.492.1231 1,081.596 15.619,654 (5,337,114) 356,085 (700,000) 95.605 (1.231,5741 1,217,226 15,851,247 (7,474,024) 938,537 (800,000) 90,490 3,419 (573,0481 652,000 Interest payable and similar charges Operating surplus Surplus on sale of housing properties Repossession of properties Release of impairment of housing properties Depreciation Movement in debtors 1151.981) 44,154 13,000 Movement in creditors Difference be￿een pensions charges and cash contributions Cash inflow from operating activities 9,939,403 8,688,621 30 Analysis of consolidated net funds Other non cash Cashflow movements 1 April 2023 31 March 2024 Cash at bank and in hand Short term deposits {note 19) Debt due wrthin one year (note 21) Debt due after one year (note 22) Nat funds 10,219,420 {4.044,648) 78,687,610 (9,930,357) (5.000.000) 5,000,000 {5,000,0001 (249.750.000) (11,250,000) 5,000,000 (165.842.970) (20.225.005) 6,174,772 68,757,253 (5,000,000) (256,000,000) (186.067.975)

40 Northern Ireland Co~Ownership Housing Association Limited Notes to the financial ststements for the year ended 31 March 2024 (continued) 31 Operating lease commitments At 31 March the Group and CoThOwnership had the following future minimum lease payments under non-cancellable operating leases for each of the following periods.. Land and buildings 2024 Land and buildings 2023 Within one year Within to five years After five years 223,243 892.973 223,243 1,339,459 223,243 892.973 446.486 1.562,702 32 Legislative provisions Couownership is incorporated under the C￿operative and Communrty Benefrt Societies Act (Northern Ireland) 1969. 33 Related party disclosures Ownco Homes Limrted is regarded as a related paty as defined by section 33 of FRS 102 as it is a wholly owned subsidiary of Northem Ireland Cowownership Housing Association. The transaction and balances due fromlto this related paty during the year were as follows.. 2024 2023 Amounts owed from related paty at 1 April Management and administration charge to Ownco Homes Donations from Ownco Homes 17,102 500.000 1517.102) 15,252 30,000 {45,252) Receipts from Ownco Homes Amounts owed from related party at 31 March In the prior year donations received from Ownco Homes by Co-ownership We￿ presented as tumover. These have been reststed to present the donations as a separate item on the Statement of comprehensive income.