Reg No. IP000193 Triangle Housing Association Ltd Report and Financial Statements For the Year Ended 31 March 2024
Contents page Page Board of Management and Advlsers Report of the Board of Management 2-11 Independent AudStor's Report 12-14 Statement of Comprehenslve Income *". 15 Statement of Changes In Equlty 16 Statement of Flnanclal Posltlon 17 statement of cash flows 18 Notes to the Statement of cash flows 19-20 Notes to the flnanclal statements 21-32 Appendlces 33-42
Triangle Housing Association Ltd Year Ended 31 March 2024 Board of Management Mr N Dunlop Mrs D Harshaw Mr W Mccluggage Mrs D McBride Mr M Mccracken Mrs J Mccollam Mrs C Condren Mr D Balmer Mr M Dallat Mrs A Murray Ms N Diver Chalrperson Vice Chairperson Company seCtarylFraud Llalson Officer Treasurer (Co-opted 26 June 2023) (Resigned 26 June 2023) {Retlred 26 June 2023) Ms K McKenzle Chlef Executlve Mr C Alexander Reglstered offlce 60 Eastermeade Gardens, Ballymoney Co Antrlm BT53 6BD Reglstered under the Co-operatlve and Communlty Beneflt Socletles Act (Northern Ireland) 2016 (formerly the Industrlal and Provldent Socletles Act (Northem Ireland) 1969). Reglstered number IP 000193 Reglstered wlth the Charlty Commlsslon for Northern Ireland - NIC 101486 statutory Audltors ASM (B) Ltd Glendlnnlng House 6 Murray Street Belfast BTI 6DN Bankers Danske Bank Ltd 22 The Dlamond Coleralne BT52 IDA Barclays Bank Donegall House Donegall Square North Belfast BTI 5GB Ulster Bank Ltd 11-16 Donegall Square East Belfast BTI SUB Sollcltors Macaulay Wray 35 New Row Coleraine BT52 IAH Edwards & Co 28 Hill Street Belfast BTI 2LA Wllson Nesbitt 33 Hamilton Road Bangor BT20 4LF Cleaver Fulton Rankln 50 Bedford Street Belfast BT2 7FW Mills Selig 21 Arthur Street Belfast BTI 4GA Shoosmiths 2 East Brldge Street Belfast BTI 3NQ
Triangle Housing Assoclatlon Ltd Year Ended 31 March 2024 Report of the Board of Management for the year ended 31 March 2024 The Board presents its report together wlth the flnanclal statements for the year ended 31 March 2024. f Board of The Board of Management Is requlred by law to prepare financial statements for each flnanclal year whlch give a true and falr view of the state of affalrs of the Association as at the end of ' the financlal year and of the surplus or deficit for that period. The Board of Management confirms that sultable accountlng pollcles have been used and applled conslstently and reasonable and prudent judgements and estlmates have been made In the preparatlon of the financial statements for the perlod ended 31 March 2024. The Board of Management also conflrms that appllcable accounting standards have been followed and that the financial statements have been prepared on the going concern basls. The Board of Management Is responslble for keeplng proper accountlng records, whlch dlsclose, wlth reasonable accuracyi at any tlme the flnanclal posltlon of the Assoclatlon. It Is also responslble for safeguardlng the assets of the Association and hence for taklng reasonable steps for the preventlon and detection of fraud and other Irregularltles. Trlangle Is Incorporated under the Co-operatlve and Communlty Beneflt Socletles Act (Northern Ireland) 2016 (formerly the Industrlal and Provldent Socletles Act (Northern Ireland) 1969) (IP000193) and Is establlshed for charltable purposes and for the publlc beneflt. Trlangle Is a reglstered houslng assoclatlon wlth the Department for Communltles (Reg 32). It Is a not for proflt organlsatlon and Is reglstered as a charlty wlth the Charlty Commlsslon for Northern Ireland (NIC101486) and has charltable status wlth HMRC. Trlangle (the Assoclatlon) provldes soclal houslngp Includlng general needs houslng; supported houslng and care for people w5th dlsabllltSes and the elderSyi Intenslve houslng support servlces (floatlng support) to vulnerable cllents and progresslon to employment senlices to people who are economlcally InactSve. Durlng 2023/24, the key achievements were: Trlangle reluctantly Increased Its rents in Ilne wlth CPI + 1% (10. I % ) for the 2023124 year. Thls reflected the hlgh rate of inflatSon at that time. Desplte thls, rent for general needs propertles were lower than local houslng allowances and market rents. Trlangle completed 41 addltlonal houslng unlts In the year. At the end of the year Trlangle had 1,442 units of accommodatlon COmpad wlth 1,404 unlts the prevlous year, We dlsposed of some properties on the open market and also some house sales were made to slttlng tenants under the Statutory House Sales Scheme, whlch has now ended. Trlangle also provlded direct support and care serdlces to 160 servlce users wlth learnlng dlsabllltles and 37 frail elderly people. Triangle provlded homes for 284 people wlth special needs wlth support serrflces dellvered to them by I l jolnt management partners. In addltlon, floatlng support services were provlded to 820 people who requlred emergency accommodatlon and support and longer-term peripatetlc support servlces. Trlangle also provlded employment support servlces and tralnlng to 841 economlcally Inactlve servlce users with 208 securlng employment. Addltlonal servlce users attended employment tralnlng at Trlangle's Alternatlve Angles soclal enterprise sites.
Trlangle Houslng Assoclation Ltd Year Ended 31 March 2024 £289k was invested in replacing components wlthln exlsting housing stock. There are no significant fire safety or damp and mould Issues within our stock. Tenant satlsfactlon levels remained strongi however, satlsfaction with our repalrs service was lower than our target. Repairs tlmeframes were also lower than planned. We procured a new response repairs contract and a new heatlng maintenance contract durlng the year. An improvement plan has been implemented to secure improvement in key performance indicators In 2024/25. The average energy performance rating of Trlangle's Stock was 77.9 at March 2024. Updated assessments were carrled out on 125 propertles durlng the year. This resulted in a slight decrease on the average rating due to changes in methodology and higher energy costs. Energy performance ratings are considerably hlgher than the average for Northern Ireland housing stock (65.83). 88.4 % of TrSangle's stock has an energy performance band of A-C (an Increase of 1% from 2022123). Thls compares to the NI Average of 50%. The Board has approved a Zero Carbon Strategy whlch contalns ambltious targets to reduce the organlsatlon's carbon footprlnt signiflcantly over the next few years. The percentage of propertles vold but avallable for letting reduced was 3.5%. ThSs Increased from 1,780/0 In 2022123 durlng the year. WhSlst rent arrears Increased to 5.1 %. sllghtly Increased (by 0.40/0), thls represents a good performance given the cost-of-living challenges faced by tenants. Triangle secured over £610k in flnanclal support for our tenants and servlce users through Its flnancial Incluslon and floatlng support servlces. The surplus for the year before transfers to reserves was £916,243 compared wlth a surplus of £928,714 for the prevlous year. Trlangle employed an average of 462 staff throughout Northern Ireland durlng the year. Along wlth four other organisatlons, Trlangle formed a con50rt1um of supported employment provlders (called PROSPER) and successfully secured £4.8m Sn fundlng to deliver employment servlces to the economlcally Inactlve throughout 10 of the 11 councll areas in Northern Ireland. Trlangle appointed a new managed cloud and IT serrflce provlder. The accounts have been prepared In accordance with the Houslng SORP, Statement of Recommended Practlce for Registered Soclal Houslng Provlders. Value for Money (Vfm) In Trlangle means: Dellverlng maxlmum value to the customer whlle mlnlmislng costs. Thls means understandlng the customer's deflnltlon of value and focuslng on the rlght thSngs and doing thlngs rSght. Maklng the best use of avallable, or Ilmlted, resources. Worklng effectlvely and efficiently whlle maSntalnlng and Improvlng the service to our customers. Ensurlng clear correlatlon between transparent and well understood costs, and the quallty and level of servlce provlded. Defining value for money Is Important as Is managing and demonstrating it. Trlangle's Board of Management, through the executlve team, leads the approach to value for money. The Board sets the strategic directlon of the organisation and relates value for money to the organlsatlon's vlslon and purpose. An excStlng and ambltlous new corporate strategy for the period 2023-2026 has been adopted by the Board. Value for money Is embedded withln the operations of the organisation uslng a variety of methods. Triangle produces a balanced scorecard to both establish and monitor progress against corporate and annual plans. The organisational scorecard operates as a top-level view of the business and draws on the most essential indicators of organisational success. This approach forms the basis of its value for money management process. It is reviewed by the Board of Management on a quarterly basls and Is populated with'value, and 'money' measures as well as coverlng the efflclency of the 'value delivery system,.
Triangle Houslng Assoclatlon Ltd Year Ended 31 March 2024 Trlangle Identlfies four strateglc objectlves under the four themes of stakeholders, people, finance and processes. Achleving a balance of progress agalnst the speclflc targets within these four themes and ensuring that we remaln true to our core values should, we believe, ensure success. stakeholders - Improvlng lives by deliverlng excellent servlces People - Valulng and enabllng our people to meet current and future challenges Flnance - Creating sustalnable growth through strong financial management Processes - Continually improvlng key organlsatlonal processes The corporate and annual plan scorecard Is reflected In an operatlonal plan for each" department as well as indlvidual employee scorecards monltored at regular performancel;: revlews and annual appralsals by Managers. More speclflc strategies have been developed around core actlvitles that lead to economlc, efflclent and effectSve servlces. These include. a Development and Asset Management strategyi a Treasury Strategy; a Tenant Partlclpatlon / Servlce User Partlclpatlon and Engagement Plan; Financlal Incluslon Strategy and an Equallty Plan. The Board has consldered Its response to the cllmate crlsls and agreed a detalled Net Zero Carbon Strategy. Trlangle can demonstrate how value for money (Vfm) has been dellvered In the flnanclal year 2023124 and has a plan for securlng value for money Into the future. It Is a self - assessment process undertaken by the Board of Management and senlor employees of the organlsatlon. The organlsatlon also uses a varlety of methods to Involve tenants, serrflce users and staff In the development of strategy and to conflrm what value for money represents from thelr perspectlve. The organlsatlon also undertakes a natlonwlde benchmarklng exerclse wlth other reglstered houslng assoclatlons. Trlangle employs a range of external accredltatlon processes to assess and provlde frameworks and recommendatlons for Improvlng Its value for money approach, Includlng: IS09001 quallty management process. Investors in People (Sllver Award secured) and the- Customer Servlce Excellence Award (secured). Slnce 1977 Trlangle has been provldlng value Includlng slgnlflcant soclal value by engaglng In the followlng actlvltles: Bulldlng new homes. Landlord services such as houslng management and malntenance. Supportlng people to Ilve independently and allevlatlng homelessness. The organisation dlrectly manages supported accommodation for people wlth learnlng dlsabllltles and frail elderly and provldes floatlng support ser4ices to those with emergency houslng Issues. Community investment partlcularly worklng to increase employablllty for those furthest from the labour market. Partnering with other provlders of serrflces to the community conslstent wlth the value added by Its own directly managed actlvltles. Slgnlflcant addltlonal value is also created by Trlangle In the process of dellverlng these activities, notably through good procurement practice. Tenants and serrflce users have always been the primary focus for thls value. however, a significant amount of value extends to the wlder communlty and local and natlonal government In the pursult of their policy objectives.
Trlangle Houslng Assoclatlon Ltd Year Ended 31 March 2024 Triangle's governlng board, executives and tenants Involved In decision maklng must recognlse and balan diverse perspectives, Includlng those representing exlstlng and future tenants. Triangle's customer base can be summarised as follows: TRIANG_L_E Ke Stakeholders / Customer Grou SN Eurc••th So¢lol (esF> .. IMptr• STORS W PEUrtE' ,... Tenants and servlce users are the ultlmate test of the value of our artivlty. The Tenant Advlsory Group for people wlth learnlng dlsabllltles has conflrmed that It considered the following crltlcal In securlng value for money: values. staff attitude; person centred senilces. • a safe environment. increasing levels of independence. The provlslon of accesslble Informatlon Is Important to them and the Tenant Advlsory Groups have worked hard in helplng the organisation develop and produce accessible information. Intervlews were carrled out wlth general needs tenants and these Identlfied that for them the key drlvers In determlnlng value for money were: l. Customer Service 2. Response Repairs 3. Staff support 4. Tenanvcommunlty engagement
Trlangle Houslng Association Ltd Year Ended 31 March 2024 Rent levels In terms of affecting tenants, vlews of value for money was not as important as Improvements to the response repalrs servlce, Triangle's activitles as an organlsatlon are quite unique wlthln the houslng assoclatlon sector. The organisatlon Is a medlum provlder of accommodatlon provlslon but a large provider of houslng plus services to those w5th slgnlflcant houslng needs. emo A summary of the key Value for Money Metrics for 23124 are outllned below. Thls represents strong buslness health:1 The operatlng margln Increased from 10.350/0 In 2023 to 11.96% In 2024. The operating margln Is lower than other housing provSders, however, thls reflects the hlgh proportion of supported houslng servlces we provide. The operatlng margln has remalned very stable over the past 5 years. Our relnvestment In exlsting homes and new homes was 7.77 % of our total asset base. Thls compares to 7.63% In 2022/23 and Is above average for the sector. The rate of new houslng supply dellvery (new homes completed as a proportlon of exlstlng stock) was 2.84 % compared to 5.45% In 2022123. Gearlng (the proportlon of borrowlng In relatlon to the slze of our asset base) was 28.1% compared to 25.8% In 2022123. Interest cover was 1.8 tlmes agalnst our target of 1.2 tlmes (2022123 - 1.9 tlmes) In addltlon to the above, we also dellvered the followlng key outcomes: 841 people were supported to partlclpate In employment or tralnlng and educatlon The updated Asset Management strategy demonstrates that our houslng assets dellver excellent net present values over a 30-year perlod. All occupled homes meet the Decent Homes Standard. Our tenant satlsfactlon outcomes remaln strong wlth 92 % of tenants and servlce users satlsfled wlth the overall servlce we provlde. Trlangle's treasury pollcy Is revlewed by the Board each year. The pollcy sets out Investment pollcles, borrowlng pollcles and treasury management procedures. The alm Is to malntaln sufflclent cash balances to meet flnanclal obllgatlons as they become due and mlnlmlse Interest payments on scheme loans. At the balance sheet date of 31 March 2024 Trlangle had total bank loans of £47,420,717 (2023: £40,237,492). Trlangle complled wlth all covenants Imposed by Its lenders. on A more detalled Value for Money Report and Improvement Plan Ilnked to the Annual Business Plan for the incomlng year wlll be establlshed in consultatlon wlth Board, staff, tenants and servlce users. A progress report wlll be provlded wlthin the audlted accounts for 2024/25. Summary Key Performance Indlcators for 2023/24 2020121 2021/22 2022123 2023124 Number of Unlts 1,205 1,337 1,404 1442 Totsl Loans 35,193,296 39,557,073 40,237,492 47,420,717
Trfangle Houslng Assoclatlon Ltd Year Ended 31 March 2024 Gearlng Ratlo Hlstorlc Cost 27.4% 27.3 % 25.8% 28.1% Interest Cover 3.66 2.78 1.92 Turnover 18,934,430 19,931,104 21,791,451 £23,592,931 % Rent collected loo% 99% 97% 99% Current Baslc Rent Arrears 0.90/0 2.6% 3.0% % Rent Support & Care Arrears 2.80/0 3.1% 7.5% 7.30/0 % Rent loss due to volds 3.48% 4.16 % 3.42 % 4.8% % of Bad Debt Wrltten off 0.21% 0.06% 0.28 % -0.11% No of Users Floatlng Support 770 886 861 820 Floatlng Support Cost per User £1,180 £1,043 £1,168 £1,212 No of Users Progresslon to Employment 447 514 331 421 Progress to Employment Cost per user £2,179 £1,950 £3,344 £807* Total volds {avallable to re-let) 3.15% 4.160/0 3.42% 3.5Wo 0/0 of Repalrs completed wSthlntarget 90.1 % 88% 82.9 % 83.9% New Home starts 92 84 100 75 % of Propertles Decent Homesstandard loo% loo% loo% loo% User Satlsfactlon wlth Servlces Satlsfartion Overall 95% 98% 94% 92% Satlsfactlon wlth Involvement Overall 95% 950/0 93% 90% Satlsfactlon with Repairs 66% 670/0 64% 69%
Trlangle Houslng Assoclatlon Ltd Year Ended 31 March 2024 Summary Key Performance Indicators for 2023124 2020121 2021/22 2022/23 2023124 Satisfaction wlth Landlord Services 900/0 93% 830/0 790/0 Rent Represents Value for Money 840/0 78% 84% 80% Satisfled - Support and Care 980/0 98% 990/0 990/0 Satlsfled - Community Outreach Service loo% loo% loo% IOOO/o Satisfied Employment Progresslon to 99% loo% loo% loo% Satlsfled Servlce Floating Support loo% loo% loo% loo% No of Complalnts 25 28 27 24 No of Complalnts unresolved Labour Turnover 11.5% 17.3% 18.90 21.8% Staff Absence 6.15% 7.0% 7.5% 8.2% *Based on Income, not cost Trlangle has developed a report whlch sets out Its Envlronmental, Soclal and Governance {ESG) activlty agalnst the SustalnablSlty Reportlng Standard for Soclal Houslng. ESG Is a framework that helps stakeholders understand how an organSsation Is managlng rlsks and opportunltles related to envlronmental, soclal, and governance crlterla. ESG reflects the vlew that sustalnablllty extends beyond Just envlronmental Issues. The Sustalnablllty Reporting Standard for Soclal Housing Is allgned to Internatlonal frameworks Includlng the Unlted Natlons, Sustalnable Development Goals (SDG). It has 12 themes and 48 crlterla. Trlangle's updated report for 2023/24 wlll be shared wlth Its funders and key stakeholders. ntro The Board of Management Is responslble for Trlangle's systems of internal financlal control along with senlor management is responsible for establlshlng and operatlng detailed control and reportlng procedures. The systems of Internal flnanclal control can provide only reasonable, and not absolute, assurance agalnst material misstatement and loss. The Board of Management has revlewed the effectiveness of the Assoclatlon's system of Internal flnancial control. The revlew Included consideration of the buslness rlsks faclng the Assoclatlon and of the existing Internal flnanclal control procedures. The key elements of the control system In operation are..
rrfangle Houslng Assoclatlon Ltd Year Ended 31 March 2024 The Board has adopted a formal schedule of matters reserved for its approval ensurlng it malntalns responslbillty for overall strategy, approval of all property transactions and other major capital expendlture projects. There Is an organisatlon structure with clearly deflned Ilnes of responslblllty and delegatlon of authority. Detailed budgets are prepared covering the Assoclatlon's buslnesses whlch are reviewed and approved by the Board. Actual results are compared against budget and appropriate action identified and InitSated. The Audlt and Rlsk Committee revlews matters relating to internal control and reIVeS reports on a regular basls from the external and internal auditors and from the Executlve Management team. Triangle's objective is to identlfy and manage those rlsks whlch are Ilkely to occur and If they dld, would have a significant impact on the organisation. Triangle uses risk management techniques in all aspects of Sts operations and Integrates rlsk management as part of Its culture. Triangle identlfles, prloritises and assesses the rlsks It Is subject to, as and when a rlsk emerges. It Implements procedures to control and monltor rlsk. Trlangle formally revlews Its rlsk reglster quarterly. After maklng enqulrles, the Board of Management has a reasonable expectatlon that Trlangle has adequate resources to contlnue In operatlonal exlstence for the foreseeable future and for thls reason It contlnues to adopt the golng concern basls In preparlng the flnanclal statements. It Is the oplnlon of the Board of Management that Trlangle Is In compllance wlth Best Practlce Issued by the NHF Code of Governance. The Board of Management meets regularly throughout the year. There are slx commlttees, namely Flnance; Houslng and Development; Audlt and Rlsk; Organlsatlonal Development and Communlcatlons. Support Servlces. and Remuneratlon. All Commlttees meet regularly throughout the year. The Flnance Committee has responslbllity for flnance and IT. The Houslng and Development Commlttee has speclflc responslbSlltles for development and housSng management Including malntenance and floatlng support servlces. The Audlt and Rlsk Commlttee has responslblllty for Internal and external audlt, rSsk management and fraud.A professlonal Independent person attends thls commlttee and advlses and supports the Board on Its performance. The OrganSsatlonal Development and Communlcatlons Commlttee has the remlt for human resources, organlsation development, learnlng and development, corporate services and communicatlons. The Support Seniices CommSttee has the responslblllty for supported Ilvlng, and progresslon to employment services. The Remuneratlon Committee has responslblllty for overseelng the organlsatlon's remuneration pollcies for all paid staff wlth partlcular responslblllty for keeplng under revSew the terms and condltions of the Chlef Executlve Officer and other Executive Management Team members. Each member of the Board of Management Ilsted on page I holds a fully paid share of £1 In the Assoclatlon and no flnanclal beneflt Is derived from such membership. Executlve offlcers of Trlangle hold no interest In the Assoclatlon's share capltal and, although not holding the legal status of dlrectors, they act as executives wSthln the authorlty delegated by the Board.
Trlangle Housing Assoclatlon Ltd Year Ended 31 March 2024 Board members do not recelve any remuneration, only expenses In relatlon to travel allowances and Incldental expenses Incurred In the course of their duty. Gross expenses pald to the members for the year amounted to £2,543 (2023: £1,772) Chlef Executlve Officer and Directors recelve remuneration agreed by the Remuneratlon Commlttee annually. Trlangle makes an employer's penslon contributlon of either 6 % or 7.5 % to all staff through a deflned contrlbution personal penslon plan. No other speclal terms exist. Chief Executlve Offlcer and Directors, remuneratlon excludlng pension contributions were as follows: 2024 2023 No. £80k-£85k £85k-£90k £90k-£95k £95k-£IOOk £IOOk-£105k £105-£IIOK £110-£115K The audltors have conflrmed that In thelr oplnlon, wlth respect to the Board's statements on Internal flnanclal control and golng concern above, the members have provlded the dlsclosures requlred by the Code and such statements are not Inconslstent wlth the Informatlon of whlch they are aware from thelr audlt work on the flnanclal statements, and that the Board's statement on pages 2 to 11 approprlately reflects the Assoclatlon's compllance wlth the other paragraphs of the Code. They have carrled out thelr revlew In accordance wlth the relevant Bulletln Issued by the Audltlng Practlces Board, whlch does not requlre them to perform any addltlonal work necessary to express a separate oplnlon on the effectlveness of elther the Assoclatlon's system of Internal flnanclal control or corporate governance procedures, or on the ablllty of Trlangle to contlnue In operatlonal exlstence. Trlangle has a charltable glvlng commlttee and made charltable donatlons durlng the year of £12,607 (2023: £17,176). 10
ent Au The current auditors, ASM {B) Ltd, Chartered Accountants, have indicated a wllllngness to continue in offlce. A resolutlon to reappoint ASM (B) Ltd, Chartered Accountants, wlll be proposed at the Annual General Meeting. By Order of the board N Dunlop Chalr 24 June 2024 11
Independent Auditor's Report Oplnlon We have audlted the flnancial statements of Trlangle Houslng Association Llmlted for the year ended 31 March 2024 whlch comprises the statement of comprehenslve income, the statement of changes in reserves, the statement of financial positlon, the statement of cash flows and the related notes to the financial statements, Includlng a summary of slgnlflcant accountlng policies. The financlal reportlng framework that has been applled In thelr preparation is applicable law and United Kingdom Accountlng Standards, Including Flnanclal Reporting Standard 102 - The Financial Reportlng Standard appllcable In the UK and Republlc of Ireland (Unlted Klngdom Generally Accepted Accountlng Practlce) and the Houslng SORP - Statement of Recommended Practlce for social houslng provlders Issued by the Natlonal Houslng Federation. In our oplnion the financlal statements: glve a true and falr view of the state of the Assoclatlon's affalrs as at 31 March 2024 and of Its surplus for the year then ended. have been properly prepared sn accordance wlth Unlted Klngdom Generally Accepted Accountlng Practlce; and have been properly prepared In accordance with the requlrements of the Co-operatlve and Communlty Beneflt Socletles Act (Northern Ireland) 2016 (formerly the Industrlal and Provldent Socletles Act (Northern Ireland) 1969). Basls of oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audltlng (UK) (ISAS UK)) and appllcable law. Our responslbllltles under those standards are further descrlbed In the Audltor's responslbllltles for the audlt of the flnanclal statements sectlon of our report. We are Independent of the Assoclatlon In accordance wlth the ethlcal requlrements that are relevant to our audlt of the flnanclal statements In the UK, Includlng the FRC'S Ethlcal Standard, and we have fulfllled our other ethlcal responslbllltles In accordance wlth those requlrements. We belleve that the audlt evldence we have obtalned Is sufflclent and approprlate to provlde a basls for our oplnlon. Concluslons relatlng to golng concern We have nothlng to report In respect of the followlng matters In relatlon to whlch the ISAS (UK) requlre us to report to you where: the Board of Management's use of the golng concern basls of accountlng in the preparatlon of the flnancial statements Is not approprlate. or the Board of Management have not dlsclosed In the ilnanclal statements any ,identified materlal uncertainties that may cast slgnlflcant doubt about the .'Assoclation's ablllty to contlnue to adopt the going concern basls of accountlng for . a perlod of at least twelve months from the date when the financlal statements are . authorlsed for Issue. 12
other Informatlon The other Information comprises the informatlon Included in the Report of the Board of Management other than the flnanclal statements and our auditorfs report thereon. The Board of Management is responsible for the other Information. Our opinion on the financlal statements does not cover the other information and, except to the extent otherwise explicitly stated Sn our report, we do not express any form of assurance conclusion thereon. In connectlon with our audlt of the flnancial statements, our responslblllty Is to read the other infonnatlon and, In so dolng, conslder whether the other Information Is materlally Inconsistent wSth the financlal statements or our knowledge obtalned In the audit or otherwise appears to be materially misstated. If we identify such material inconsistencles or apparent material mlsstatements, we are requlred to determlne whether there Is materlal misstatement In the flnancial statements or a materlal mlsstatement of the other Informatlon. If, based on the work we have perforEd, we conclude that there is a materlal mlsstatement of thls other informatlon, we are required to report that fact. Oplnlon on other matters prescrlbed by the Companles Act In our oplnlon, based on the work undertaken In the course of the audlt: the Informatlon glven In the Report of the Board of Management for the financlal year for whlch the flnanclal statements are prepared Is conslstent wlth the flnanclal statements. and the Report of the Board of Management has been prepared In accordance wlth appllcable legal requlrements. Matters on whlch we are requlred to report by exceptlon In the Ilght of the knowledge and understandlng of the AssocSatlon and Its environment obtalned In the course of the audit, we have not Identified materlal misstatements In the Report of the Board of Management. We have nothlng to report In respect of the followlng matters In relatlon to whlch the Companles Act 2006 requ1$ us to report to you If, In our oplnion: adequate accountlng records have not been kept, or returns adequate for our audlt have not been recelved from branche5 not visited by us. or the flnanclal statements are not In agreement wlth the accountlng records and returns. or we have not received all the Inft)rmation and explanatlons we requlre for our audlt. Responslbllltles of the board of management As explalned more fully In the Board of Management responslbilitles statement the Board of Management Is responslble for the preparation of the financial statements and for being satlsfled that they glve a true and fair vSew, and for such Internal control as the Board of Management determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparlng the flnancial statements, the Board of Management Is responslble for assesslng the Association's abillty to contlnue as a going concern, disclosing, as applicable, matters related to going concern and using the golng concern basls of accountingi unless the Board of Management either intend to cease operations, or have no realistic alternative but to do so. 13
Trlangle Houslng Association Ltd Year Ended 31 March 2024 Independent Auditor's Report (cont'd) Auditor's responslbllltles for the audlt of the financial statements Our objectives are to obtaln reasonable assuran al)out whether the financial statements as a whole are free from materlal mSsstatement, whether due to fraud or error, and to Issue an audltor's report that includes our oplnlon. Reasonable assurance Is a hlgh level of assurance but Is not a guarantee that an audit conducted In accordance wlth ISAS (UK) will always detect a materlal mlsstatement when it exlsts. Misstatements can arlse from fraud or error and are consldered materlal If, Indlvldually or In aggregate, they could reasonably be expected to Influence the economlc declslons of users taken on the basls of these flnanclal statements. Irregularlties, includlng fraud, are Instances of non-compllance wlth laws and regulatlons. We deslgn procedures in line wlth our responslbllltles, outllned above, to detect material mlsstatements In respect of irregularities, includlng fraud. The extent to which our procedures are capable of detectlng irregularltles, Includlng fraud Is detalled below: We consldered the opportunltles and Incentlves that may exlst wlthln the organisatlon for fraud and Identlfled the greatest potentlal for fraud In the followlng areas.. tlmlng of recognltlon of Income, and postlng of unusual Journals along wlth complex transactlons. We dlscussed these rlsks wlth cllent management, deslgned audlt ProdureS to test the tSmlng of Income, tested a sample of Journals to conflrm they were approprlate and revlewed areas of Judgement for Indlcators of management blas to address these rlsks. A further descrlptlon of our responslbllltles for the audlt of the flnanclal statements Is located on the FlnancSal Reportlng Councll's webslte at . Thls descrlptlon forms part of our audltors, report. Use of our report Thls report Is made solely to the Board of Management, In accordance wlth Artlcle 38 of the Co-operatlve and Communlty Beneflt Socletles Act (Northern Ireland) 2016 (formerly the Industrlal and Provldent Socletles Act (Northern Ireland) 1969). Our audlt work has been undertaken so that we mlght state to the Board of Management those matters that we are requlred to state to them In an audltors, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responslblllty to anyone other than the Soclety and the Board of Management, for our audlt work, for thls report, or for the oplnlon we have formed. B Clerkln (Senior Statutory Audltor) for and on behalf of ASM (B) Ltd statutory Auditor Glendlnnlng House 6 Murray Street Belfast BTI 6DN 24 June 2024 14
statement of Comprehensive Income For the year ended 31 March 2024 Notes 2024 2023 Turnover 23,592,931 21,791,451 Operatlng costs 3 (20,770,329) {19,535,399) Operatlng surplus / (deflclt) 2,822,602 2,256,052 Galn / (loss) on dlsposal of fixed assets 15,339 133,002 Interest and flnanclng Income / (costs) (1,903,256) (1,444,096) Transfer to charlty fund (18,442) (16,244) Surplus / (deflclt) before tax 916,243 928,714 Taxatlon Surplus / (deflclt) after tax 916,243 928,714 other comprehenslve Income Unreallsed surplus / (deficlt) on revaluatlon of houslng propertles Total comprehenslve Income for the year 916,243 928,714 The notes on pages 21 to 32 form part of these flnanclal statements. 15
statement of Flnanclal Posltlon As at 31 March 2024 Notes 2024 2023 (RESTATED) Flxed assets Houslng properties other tanglble fixed assets 10 151.862,222 2,589,465 140,594,996 2,469,074 12 154,451,687 143,064,070 Current assets Trade and other debtors 13 5,915,961 1,673,324 6,463,152 685,657 Cash and cash equivalents 7,589,285 7,148,809 Less.. Creditors: amounts falllng due wlthln one year Net current assets / Ilabllltles 14 (8,193,929) (10,726,128) (604,644) (3,577,319) 139,486,751 Total assets less current Ilabllltles 153,847,043 CredStors: amounts falllng due after more than one year 14 (137,294,105) {123,850,057) Total net assets 16,552,938 15,636,694 Reserves Share capltal Revenue reserve 20 30 16,552,836 72 31 15,636,593 70 Capltal reserve Restated Deslgnated reserve Total reserves 21 22 16,552,938 15,636,694 These flnanclal statements were approved by the Board of Management and authorlsed for Issue on 24 June 2024 and slgned on Its behalf by: *4 N Dunlop Chairperson D Harshaw Vlce Chairperson Mccluggage Secretary The notes on pages 21 to 32 form part of these financlal statements. 17
statement of Cash Flows, For the year ended 31 March 2024 Notes 2024 2023, Net cash Inflow / outflow from operatlng activities Returns on investments and servlclng of flnance ,Capltal expendlture and flnanclal investment 2,347,282 2,851,118 (1,903,257) -,(1,429,594) (6,639,584) (2,610,378) -cash inflow / outflow before use of liquid resources and flnancing (6,195,559) (1,188,854) Flnanclng 7,183.226 680,423,: 987.667 (508,431) Reconclllatlon of net cash flow Increase / (decrease) In cash In perlod -cash and bank at l Aprll 2023 Cash and bank at 31 March 2024 987,667~.- 685,657 1,673,324 The notes on pages 21 to 32 form part of these flnanclal statements. 18
Notes to Statement of Cash Flows For the year ended 31 March 2024 A. Reconclllatlon of operatlng surplus / (deflclt) to operatlng cashflows 2024 2023 Operatlng surplus / deflclt Depreclatlon Transfers Amortlsatlon of grant HAG ellminated 2,822,602 2,274,262 18,442 (1,484,551) (269,590) 2,256,052 2,090,493 16,244 (1,394,414) (220,356) Movements In: Debtors (206,552) (807,331) (779,158) 882,257 Credltors less than one year 2,347,282 2,851,118 B. Analysls of cash flows for headlngs netted In the cash flow ststement Returns on Investment and servlclng of flnance Interest recelved 27,892 (1,931,149) 6,754 (1,436,388) Interest payable Net cash Inflow / (outflow) for retums on nvestment and servlclng of flnance (1,903,257) (1,429,594) Capltal expendlture and flnanclal Investment Other flxed assets Houslngi land and bulldlngs Capltal grant recelved Sales proceeds Net cash Inflow / (outflow) for capltal expendlture and flnanclal Investment (208,926) (13,875,703) 7,059,117 385,928 (6,639.584) (11,460) (11,556,572) 8,411,685 546,269 (2,610,378) Flnanclng Loan prlncipal repayments Drawdowns 5,883,225 1,300,000 {319,580) 1,000,000 Share capltal issued Net cash Inflow / (ouffiow) from flnanclng 7,183.226 680,423 19
Notes to Statement of Cash Flows (cont'd) For the year ended 31 March 2024 C. Analysis of changes In net funds At 31103123 other Changes At 31/03124 Cashflows Cash in hand and at ' bank Debt due wlthln one year 685,656 987,667- 1,673,324 (688,097) (168,772) (856,869) Debt due after more than one year (39,549,395) (7,014,453) (46,563,848) (39,551,837) (6,195,558) (45,747,393) 20
Notes to the flnanclal statements l. Legal status Trlangle Houslng Association Ltd Is a houslng assoclation reglstered In Northern Ireland In the United Kingdom under the Co-operative and Community Benefit Societies (Northern Ireland) Act 2016 (formerly known as the Industrial and Provident Societies Act (Northern Ireland) 1969). The registered office of the Association Is 60 Eastermeade Gardens, Ballymoneyi Co Antrlm, BT53 6BD. 2. Accountlng Pollcles 2.1 Basls of accountlng These flnanclal statements have been pPared In accordance with Flnanclal Reportlng standard 102 'The Financlal Reportlng Standard Applicable Sn the UK and Republlc of Ireland, and the Statement of Recommended Practlce ("SORP") for Reglstered Soclal Houslng Provlders. The financlal statements are presented In Sterllng (£), whlch Is the functlonal currency of the AssocSatlon. 2.2 Revenue recognltlon Revenue Is recognised when the Assoclatlon has entltlement to the funds and It Is probable that the Income wlll be received and the amount Is reliably measured. Turnover Includes rental and seniice charge Income, rates recelvable and resldentlal charges, net of voids, and release of Soclal Houslng Grants. 2.3 Government and other grants Soclal houslng grand (SHG) or Houslng Associatlon Grant (HAG) Is recelvable from the Northern Ireland Houslng Executlve (NIHE) and Is recognlsed In Income over the useful Ilfe of the houslng property structure under the accruals model. SHG/HAG due Is Included as a current asset. SHG/HAG recelved In advance Is Included as a Ilablllty. SHG/HAG receSved In respect of revenue expendlture Is credlted to the Income and expenditure account In the same perlod as the expenditure to whlch It relates. SHG/HAG released on sale of a property may be repayable but Is normally avallable to be recycled and Is credlted to the Dlsposal Proceeds Fund and Included In the Statement of Flnanclal Posltlon wlthln Credltors. 21
2.4 Tanglble flxed assets Houslng properties. Houslng stock Is properties held for the provlslon of soclal houslng or to otherwlse provlde soclal beneflt and are accounted for wlthSn tanglble flxed assets. Houslng propertles are prlnclpally avallable for rent and are stated at cost less accumulated depreclatlon and any accumulated Impairment losses. Cost Includes the cost of acqulrlng land and bulldlngs, together wlth development costs. Works to existing propertles whlch replace a component that has been treated separately for depreciatlon purposes, along wlth those works that result in an increase In net rental Income over the Ilves of the propertles, thereby enhanclng the economlc beneflts of the assets, are capltallsed as Improvements. Depreclatlon of Houslng propertles The Assoclatlon separately Identlfles the major components whlch comprlse Its houslng propertles, and charges depreclatlon, so as to wrlte-down the cost of each component to Its estlmated resldual value, on a stralght Ilne basls, over Its estlmated useful Ilfe. The Assoclatlon depreclates the major components of Its houslng propertles over the followlng useful Ilves: Structure 100 years Roofs - 70 years Wlndows and doors - 25 years Bathrooms - 20 years Mechanlcal systems - 35 years Gas bollers/flues - 15 years Kltchens - 17 years Electrlcs 35 years Houslng under constructlon Is not depreclated and no depreclatlon Is charged on the cost of land. Depreclatlon of other tanglble flxed assets For other tanglble flxed assets, depreclatlon Is charged on a stralght-llne basls over the expected useful Ilves of the assets to wrlte off the cost, less estimated residual values over the followlng expected Ilves: Office equipment.- 3 to 5 years Scheme assets - 10 yearsi Offlce premlses - 25 years Retail Unit- 25 years 22
2.5 Impalrment Housing properties are assessed annually for Impalrment indicators. Where indicators are Identified an assessment for Impairment is undertaken comparing the asset's carrying amount to Its recoverable amount. Where the carrying amount of an asset Is deemed to exceed Its recoverable amount, the asset is written down to Its recoverable amount, this is likely to be the fair value In use of the asset based on Its serrfice potential. The resultlng Impairment loss Is recognlsed as expenditure in income and expenditure. Where an asset is currently deemed not to be providing service potential to the assoclation, its recoverable amount is its fair value less costs to sell. Other assets are revlewed for Impairment if there Is an Indlcatlon that impairment may have occurred. 2.6 Employee beneflts Deflned Contrlbutlon Penslon The Assoclatlon operates a deflned contrlbutlon scheme for certaln employees. A deflned contribution plan Ss a penslon plan under whlch the Assoclatlon pays flxed contributlons Into a separate entlty. Once the contrlbutlons have been pald the Assoclation has no further payment obllgatlons. The contrlbutlons are recognised as an expense when they are due. Amounts not pald are included as accruals In the Statement of Financlal Posltlon. The assets of the plan are held separately from the Assoclatlon In Independently admlnlstered funds. 2.7 Tenants. Servlces Fund For certaln schemes the Assoclatlon Is requlred to charge to the tenants an addltlonal amount to fund the cost of common faclllties. Annual surpluses or deflclts are transferred to the Tenants, Servlces Fund to equallse the flnanclal positlon over the Ilfetlme of the scheme. 2.8 Dlsposal Proceeds Fund The net surpluses, after loan repayments, that arise from the sale of property to tenants under the voluntary purchase grant arrangements, InstStuted by the Department for Communltles, can be utilised by the Assoclation. If the surpluses are not used wlthln two years of thelr recelpt they may be payable in part or In full to the Department for Communitles. 2.9 Income tax The Assoclation Is accepted as a charlty by the HMRC. Income and capltal galns of the Association are generally exempt from tax if applied for charitable purposes. 2.10 Value Added Tax The Assoclatlon Is not registered for VAT. All of Its Income, Includlng rental recelpts, Is exempt for VAT purposes. 23
2.11 Flnanclal Instruments The Assoclatlon only has financial assets and flnanclal Ilabllltles of a klnd that quallfy as baslc flnanclal Instruments. Basic financial instruments are Inltlally recognlsed at transactlon value and subsequently measured at thelr settlement value. 2.12 Judgements in applying accountlng pollcles and key sources of estlmation uncertainty No judgments have been made In the process of applylng the above accounting policies (apart from those Involvlng estlmates). There were no key assumptlons made concernlng the future and other key sources of estlmatlon uncertainty at the reporting date that have a significant risk of causlng a materlal adjustment to the carrying amounts of assets and liabilities within the next flnanclal year. 2.13 Golng concern /) After maklng approprlate enqulres, the Board of Management has a reasonable expectatlon that the Assoclatlon has adequate resources to contlnue In operatlonal exlstence for the foreseeable future. For thls reason, It contlnues to adopt the golng concern basls In the flnancial statements. 2.14 Operatlng surplus/{deflclt): The operatlng surplus/(deflclt) on the statement of comprehenslve Income Includes the prlnclpal surplus/(deflclt) from revenue produclng actlvltles less operatlng costs of the Assoclatlon and other actlvltles that are not Investlng or flnanclng actlvltles. The Assoclatlon excludes galns/ (losses) on other flxed assets (non-soclal houslng assets), Interest recelvable and loan Interest payable from the operatlng surplus/ (deflclt). Turnover, Operatlng costs and operatlng surplus 2024 2023 Operatlng Surplus/ (deflclt) '.Operatlng Surplus/ (deflclt) Operatlng Turnover Oper•tlng Costs Soclal Houslng Actlvltles (Note 4) 20.735,883 17,790,653 2,945,230 2,359,525 Non-soclal Houslng Actlvltles (Note 5) 2,857,048 2,979,676 (122,628)". (103,473) 23,592,931 20,770,329 2,822,602 2,256,052 24
OOr•4¢rnLn i Ln Iri T4in Nin In Thi (Ni ri )COO)¢JO)o rn0) t W> Lfi cnfL a)A Inio ko CO u) a)Thi ION pl aithothplQ) 00£0(0coN0(nt I£)0OiJI ¢) in f i Tr4 o)m
Trlangle Houslng Association Ltd Year Ended 31 March 2024 4. Turnover, operating costs and operatlng surplus/ (deflclt) from social houslngactlvities (cont'd) Dfc Allowances 2024 2023- Management allowances Management costs Surplus/ (deflclt) 283,932 {982,464) (698,532) 282,348 (549,544) (267,196) Maintenance allowances Planned, cyclical and reactive malntenance I Surplus/ (deflclt) 332,688 (801,774) (469,086) 330,832 (687,836) (357,004) Technlcal & Non-Technlcal Income 2024 2023; Technlcal Non-Technlcal Total 3,797,351 4,089,686 7,887,037 3,487,757 3,365,031 6,852,788 5. Turnover, operatlng costs and operatlng surplus/(deflclt) from non- soclalhouslng actlvltles 2024 2023 Operatlng Income Development admlnlstratlon Supported Employment Floatlng Support servlces Speclal Recognltlon Payment Tradlng Other grants 382,808 1,099,028 993,789 486,591 1,106,936 1,005,356 28,778 352,645 58,457 301,858 Total Non-soclal Houslng Income Operatlng Costs Development admlnistratlon Supported Employment management costs Floatlng Support costs Tradlng Other grants costs 382,808 1,138,633 1,095,987 9,603 352,645 486,592 1,168,543 1,037,039 49,760 320,737 Total Non-soclal Houslng Expenditure Operating surplus/(deflclt) on non-soclal houslng Other Grants 2024 2023 Trust Housing For All Blg Lottery Fund Greenllght Blg Lottery Fund - Brilliantly Me Blg Lottery Fund Together for Our Planet The Gallaher Trust - PARITY project 3,769 332,437 5,204 174,993 11,266 63,035 3,510 Total Grants 26
Triangle Housing Assoclatlon Ltd Year Ended 31 March 2024 6. Surplus on ordinary actlvltles Surplus on ordlnary activities is stated after charging/ (crediting): 2024 2023 Depreclatlon owned tanglble fixed assets Amortlsatlon of grant l Release of capltal grant 2.274,262 (1,484,551) 2,090,493 (1,394,414) Audltor's remuneratlon External audlt of these flnanclal statements Internal audlt 16,800 22,280 16,800 24,544 7. Interest payable 2024 2023 Houslng property loan Interest Bank Interest and charges 1.917.592 1,436,388 8. Employee Informatlon Average monthly number of employees durlng the financlal year expressed as full-tlme equlvalents Is as follows: 2024 2023 No. Admlnlstratlon Houslngi SUPPOrt, development and care 91 371 462 84 396 480 2024 2023 Wages and salarles Soclal securlty costs Penslon costs Agency staff 11.266,253 992.531 657,597 1,281,594 14,197,975 10,922,408 984,513 640,033 814,593 13,361,547 Durlng the year 4 employees (2023: 6) recelved termlnatlon payments of £20,345 (2023: £27,996). £NII was outstandlng at the year-end (2023: £Nil). The aggregate remuneratlon of key management personnel of the Assoclatlon durlng the year was: 2024 2023 Aggregate emoluments payable to key management (Includlng penslon contributlons and beneflts In klnd) 483,992 477,462 Emoluments payable to the hlghest pald d1ctOr (excludlng penslon contributions but includlng benefits In kind) 110,283 106,667 27
Trlangle Housing Assoclatlon Ltd Year Ended 31 March 2024 The number of management personnel to whom emoluments (excludlng penslon contrlbutions) were paid durlng the year falls within each of the followlng bands: 2024 2023 75,000 - 80,000 80,000 - 85,000 85,000 - 90,000 90,000 - 95,000 95,000 -100,000 100,000 - 105,000 105,000 - 110,000 110,000 - 115,000 Board of Management remuneratlon There was no remuneratlon pald to the Board members of the Assoclatlon (2023: £nll). Board members were pald out of pocket expenses totalllng £2,543 (2023: £1,772). 10. Tanglble flxed assets - Houslng propertles Hou$lng propertles held for lettlng Cost or valuatlon At l Aprll 2023 Addltlons DSsposals At 31 March 2024 Completed Work In progress 155,728,810 13,875,703 (761,356) 168,843,157 148,065,325 20,777,832 Depreclatlon and Impalrment At l Aprll 2023 Charge for the year Impairment charged In year Eliminated on dlsposal At 31 March 2024 15,133,814 2,185,727 (338,606) 16,980,935 Net book value At 31 March 2024 At 31 March 2023 151,682,222 140,594,996 28
Trlangle Houslng Association Ltd Year Ended 31 March 2024 11. Houslng Stock Number of uni ear en Self-contalned 2024 Propertles 717 156 176 2023 Properties 713 163 141 General Needs Housing Supported HousSng Sheltered Housing Shared Ownership / Affordable Houslng Private rented 1,050 1,018 Non Self-contalned 2024 Bed spacas 2023 spaces General Needs Housing Supported Houslng Sheltered Houslng 392 386 392 386 Total Unlts Owned and Managed at year end 1,442 1,404 12. Other tanglble flxed assets Offlce premlseg Scheme assets Offlce equlpment Retall Unlt Total Cost or valuatlon At l April 2023 Addltions Dlsposals At 31 March 2024 2,829,114 161,910 560,056 9,848 3,551,080 208,926 199,078 2,829,114 161,910 569,904 199,078 3,760,006 Depreclation At l Aprll 2023 Charge for the year Ellmlnated on disposal At 31 March 2024 455,157 46,538 83,739 16,190 543,110 17,842 1,082,006 88,535 7,965 501,695 99,929 560,952 7,965 1,170,541 Net book value At 31 March 2024 At 31 March 2023 1327,419 2,373,957 61,981 78,171 8,952 16,946 191,113 2,589,465 2,469,074 29
Trlangle Houslng Association Ltd Year Ended 31 March 2024 13. Debtors 2024 2023 Gross rental debtors Technlcal , Gross ntaI debtors - Non-Technlcal Provlslon for bad debt ' Net rental debtors Housing Associatlon Grant recelvable Prepayments and accrued Income Tenants, Servlces Fund Other debtors 1,411,407 143,343 (9,609) I,S45,141 3,306.068 . 377,754-_ 103.999 582,999 5,915,961 1,421,734 164,786 (28,266) 1,558,254 4,059,811 389,985 43,215 411,887 6,463,152 Ip 14. Creditors 2024 2023 Restated Loans (see analysls below) Houslng Assoclatlon Grant In advance. Deferred Houslng Assoclatlon Grant (Note 15) ' Dlsposal Proceeds Fund -. Accruals and deferred Income Rent and servlce charges recelved In advance , Charlty fund ' Resldents, funds other credltors 856,869 3,016,117 1,484,551 330,655 875,052 160,210 30,558 24,943 1,414,974 8,193,929 688,097 4,999,894 1,394,414 294,321",- 1,249,515 291,395 25,223 24,916 1,758,353 10,726,128 IA li 2024 2023 Loans (see analysis below) Deferred Houslng Assoclatlon Grant (Note 15) 46,563,848 90,730,257 137,294,105 39,549,395 84,300,662 123,850,057 2024 2023 Wlthln one year Between one and two years Between two and flve years In flve years or more 856,869 996,573 8,749,812 36,817,463 47,420,717 627,708 699,475 12,820,896 26,089,413 40,237,492 30
Trlangle Houslng Association Ltd Year Ended 31 March 2024 14. Credltors (cont'd) Houslng loans are secured by specific charges on the associatlon's properties and are Payable at varylng rates of interest and terms. some of which extend up to 13 or 23 years. The association had total loan facilities of £48,620,717 at the 31st March 2024 of which £47,420,717 was drawn. 72.3Wo of the loan portfolio was at fixed rates of interest for their term. Included wlthln Accruals and Deferred Income for 2023 Is £129.359 of fundlng from Supporting People from NIHE which has been restated and not within Restricted Reserves in 2023. Supportlng People (NIHE) requested thls fundlng be repald and not be held In the restricted reserve. 15. Deferred grant 2024 2023 At l Aprll Grant recelved In the year Released to Income In the year Transfer from Dlsposal Proceeds Fund Ellmlnated on component dlsposals Ellmlnated on houslng unlt dlsposals At 31 March 85,695,076 8,455,413 (1,484,551) (181,540) (248,488) (21,102) 92,214,808 81,026,447 6,283,399 (1,394,414) {220,356) 85,695,076 16. Capltal commltments At 31 March 2024 the Assoclatlon had capltal commltments as follows.. 2024 2023 Contracted for but not provlded In the flnanclal statements Expendlture authorlsed by the Board of Management, but not contracted 19,307,072 19,077,917 19,307,072 19,077,917 17. Contlngent Llabllltles In The Associatlon released Soclal Houslng GrantlHouslng Assoclatlon Grant durlng the year In relatlon to bulldlng components replaced. The posslblllty of reimbursement to the Department for Communltles Is consldered to be unllkely as the houslng propertles are expected to contlnue to be made avallable for soclal houslng for the foreseeable future. The Assoclatlon has a contlngent Ilablllty In relatlon to a potentlal Ilabllity for hollday pay on overtSme payments. Trlangle has been paylng holiday pay on overtlme payments slnce 2015 when the regulatlons were IntrodUd however the PSNI case 5ntroduces the potentlal that payments could be back dated further. There are a number of unrtaIntleS In relatlon to calculatlng a reliable estlmate Including: the perlod to be covered. consideratlon as to what is deemed regularlroutlne overtlme; and the Identlflcation and potentlal Incluslon of other allowances. A rellable estlmate cannot be made at thls stage. 18. Pension Commltments DefSn ri Ions The Assoclatlon operates a defined penslon contrlbutlon scheme. The assets of the scheme are 31
Trlangle Houslng Association Ltd Year Ended 31 March 2024 held separately from the Association in an Independently admlnlstered fund. The Assoclatlon pald contrlbutlons durlng the year amountlng to £657,596 (2023: £640,033). Contrlbutlons outstandlng at 31 March 2024 amounted to £86,143 (2023: £81,084). 19. Leasing commltments eratin leas The total of the Association's future mlnlmum lease payments under non-cancellable operatlng leases was: 2024 2023 4., 4 Wlthln one year Between one and five years a '. In flve years or more 60,161 59,439 26,292 60,161 85,731 20. Share capltal Ordlnary shares of £1 each fully pald: 2024 2023 At l Aprll Issued In the year Transferred to capltal reserves At 31 March 31 29 (2) 30 (1> 31 21. Capltal reserves 2024 At l Aprll Transferred to I from share capltal At 31 March 70 69 72 70 22. Restrlcted reserves { Restated) 2024 2023 At l Aprll Transferred to / from revenue reserrfes, At 31 March 111,777 (111,777) Included wlthln Restrlcted Reserves as at 31 March 2023 was £129,359 of Supportlng People fundlng from NIHE, that Included £111,777 reserves brought forward and £17,582 that was transferred in during the year. Supportlng People (NIHE) requested this fundlng be repald and not be held In the restrltted reserve, therefore this has been restated as a credltor and Included within Accruals and Deferred Income In 2023. 23. Related party transactlons Durlng the year the Assoclatlon had no transactlons wlth related parties. 32
Trlangle Houslng Assoclation Ltd Year Ended 31 March 2024 APPENDIX I - GENERAL NEEDS HOUSING 2024 2023 INCOME Rent and seniice charges Rates receivable SHG released Volds 5,193,219 694,134 1,088,154 (221,857) 4,414,683 614,875 995,253 (103,267) 6,753,650 5,921,544 EXPENDITURE Admlnlstratlon costs Insurance Heat and Ilght Bad debts other runnlng expenses Rates payable Rates dlscount Repalrs - routlne Repalrs - planned and cycllcal Repalrs - admlnlstratlon costs Dlsposals Depreclatlon of propertles Depreclatlon other Interest 809,519 116,761 71,890 (11,108) 382,186 675,136 (71,927) 423,948 377,826 172,945 18,630 1,573,849 1,660 1,658,443 452,808 87,931 54,041 18,570 389,746 641,922 (68,537) 405,328 282,585 96,737 1,488,676 1,962 1,242,497 6,199,758 553,892 5,094,266 Surplus / (deflclt) before transfers 827,279 Transfer from / (to) tenants, ServIS account 114,101 157,315 Surplus / Ideflclt) 667,993 984,594 This schedule Is for Informatlon purposes only and Ss not subject to audit. 33
Triangle Houslng Assoclatlon Ltd Year Ended 31 March 2024 APPENDIX 2 - SUPPORTED HOUSING 2024 2023 Restated INCOME Rent and servlce charges Rates recelvable/ (overpald) Supportlng People Income Health trust charges Personal care charges Soclal Houslng Grant released Volds Furlough income 667,076 11,079 2,461,030 7,954,485 760,844 99,899 (37,878) 598,819 10,368 2,444,391 7,361,138 596,243 123,748 (39,627) 1,097 11,916,535 11,096,177 EXPENDITURE Admlnlstratlon costs Dlrect salarles Houslnglcare salarles Travel Tralnlng and recrultment Resldents, costs Rent Rates payablel(credlt due) Rates dlscount Insurance Water rates Statloneryi computeri phone and postage Heat and Ilght Tenant partlclpatlon Bad debts Servlce charges Runnlng expenses. Repalrs - routlne Repalrs - planned and cycllcal Repalrs - admlnlstratlon costs DepCIatIOn Dlsposals Interest 948,345 1,212,331 8,337,021 22,924 152,353 17,960 7,205 11,091 (1,109) 15,137 24,271 62,920 48,394 40,335 (630) 65,575 107,208 73,283 50,937 244,242 148,272 1,556 40,473 1,118,010 1,115,060 7,833,248 19,657 165,444 15,608 9,177 10,420 (1,042) 16,632 23,015 67,703 34,542 23,207 562 69,255 75,488 102,453 130,625 287,939 156,238 30,271 11,630,094 11,303,512 Surplus / (deflclt) before transfers . 286,441 (207,335) Transfer from / (to) tenants, SeIceS account Transfer from / (to) strIcted fund (43,547) (17,779) Surplus 242,894 Thls schedule Is for Information purposes only and Is not subject to audit. (225,114) 34
Trlangle Houslng Assoclatlon Ltd Year Ended 31 March 2024 APPENDIX 3 - ELDERLY SCHEME 2024 2023 INCOME Health trust Supporting People Other 312,091 254,175 168,421 248,094 1,905 566,266 418,420 EXPENDITURE Admlnlstratlon costs staff costs statloneryi computer, telephone and postage Sundrles 54,303 488,443 2,328 13,526 53,648 345,170 2,849 10,754 558,600 412,421 Surplus / (deflclt) 7,666 5,999 Thls schedule Is for Informatlon purposes only and Is not subject to audlt. 35
Trlangle Houslng Association Ltd Year Ended 31 March 2024 APPENDIX 4 - AGENCY MANAGED REVENUE ACCOUNT 2024 INCOME Rent and servlce charges Rates recelvable Soclal Houslng Grant Volds 1,260,914 60,614 296,498 (118,594) 1,154,502= 57,635 275,412 (91,438) 1,499,432 1,396,111 EXPENDITURE Admlnlstratlon costs Insurance Heat and Ilght Servlce charges Bad debts Rates payable Rates dlscount Gardenlng Repalrs - routlne Repalrs - planned and cycllcal Repalrs - Admlnlstratlon costs Dlsposals Depreclatlon Sundrles Loan Interest 182,411 32,116 16,131 103,293 2,905 72,406 (5,767) 35,137 123,869 89,623 46,979 ' 2,844 448,719 11,234 218,676 1,380,576 107,371 31,347 11,806 103,271 68,043 . (5,921) 47,179 160,222 4) 144,303. 27,653 360,959 11,838 163,619 1,231,690 Surplus before transfers 118,856 164,421 Transfer from / (to) tenants, servlces account (9,770) (6,763) Surplus 109,086 157,658 Thls schedule Is for information purposes only and Is not subject to audlt. 36
Triangle Housing Associatlon Lt41 Year Ended 31 March 2024 APPENDIX 5 PROPERTY DEVELOPMENT 2024 2023 INCOME Acqulsltlon and development allowances 382,808 486,591 EXPENDITURE Admlnistration costs Sundry development costs 43,778 339,030 382,808 155,971 330,621 486,592 (i) DONATIONS Donatlons recelved Resldents, expenses 3,251 (3,224) 2,570 (1,725) Surplus / (Deficlt) 27 845 Thls schedule Is for Snformatlon purposes only and Is not subject to audlt. 37
Trlangle Housing Assoclatlon Ltd Year Ended 31 March 2024 APPENDIX 6 PROGRESSION TO EMPLOYMENT ACCOUNT 2024 INCOME Trust Income DEL Income ESF grant 419,934 390,680 165,288 550,968 419,934 1,106,936 EXPENDITURE Salarles Travel Training Recrultment Marketlng Insurance Computer runnlng costs Statlonery Heat and Ilght Telephone Rent Malntenance Offlce furnlture/equlpment Sundry Central costs 324,136 4,402 2,390 132 835,864- 23,901 *' 19,676 424 782 828; 9,141 2,759 18,631 3,941 398 7,380 1,609 15,203 798 37,896 6,930 7,963 11,091 39,212 16,897 2,971 11,795" 140,901 459,540 (39,606) 1,168,543 (61,607) Surplus / (Deflclt) TRADING ACCOUNT Tradlng Income 58,457 Trainee expenses other expenses 7,797 18,217 31,543 1,806 9,603 49,760 8,697 Surplus / (deficit) 19,175 This schedule is for Informatlon purposes only and is not subject to audlt. 38
Trlangle Houslng Association Ltd Year End 31 March 2024 APPENDIX 7 UKSPF ACCOUNT 2024 2023 INCOME UKSPF Grant 679,093 679,093 EXPENDITURE Salarles Travel Tralnlng Recrultment Marketlng General Events Computer runnlng costs statlonery Conferences & Semlnars Telephone MaSntenance Sundry Central costs 542,705 20,092 10,044 165 3,507 1,319 2,928 464 3,396 2,737 579 21,239 69,918 679,093 Surplus / {Deflclt) Thls schedule Is for Informatlon purposes only and Is not subject to audlt. 39
Trlangle Housin9 Assoclatlon Ltd Year Ended 31 March 2024 APPENDIX 8 FLOATING SUPPORT 2024 2023 INCOME Supportlng People 993,789 1,005,356 EXPENDITURE - Admlnlstratlon costs ,, Salaries and Natlonal Insurance Staff travel Tralnlng and recrultment.:. Other runnlng costs 94,093 940,588 22,212 8,304 30,790 123,441 864,862 12,824 11,006 24,907 1,095,987 1,037,039 Surplus/(t)eflclt) (102,198) (31,683} OTHER SUPPORT SERVICES INCOME Grants Other Income other expenses 352,645 301,857 (352,645) (320,737) Surplusl(Deflclt) XNVESTMENT INCOME INCOME Bank Snterest 6,794 EXPENDITURE Bank charges Deflclt (13,557) 14,336 {14,502) (7,708) Thls schedule Is for information purposes only and Is not subject to audlt.
Trlangle Houslng Assoclatlon Ltd Year Ended 31 March 2024 APPRENDIX 9- OTHER SUPPORT SERVICES Trust Houslng For The Gallaher Trust 2024 2023 Income 332 437 352 645 301858 SalarSes 130,870 17,235 1,927 3,002 133,872 17,235 2,013 193,443 7,734 1,602 Travel Trainlng Recruitment Marketlng Insurance 86 147,520 2,255 149,775 16,357 24 Computer running costs 1,067 StatSonery Heat and light Telephone Rent 336 336 iii 194 316 118 118 12 Maintenance 117 Office fumlture/ equlpment Sundry 3,769 7,224 10,978 21,971 52,529 Central costs 27,325 27,325 47,231 332 437 320 737 Surplus/(Deflclt) Thls schedule is for Informatlon purposes only and Is not subject to audlt. 41
Triangle Housing Assoclatlon Ltd Year Ended 31 March 2024 APPENDXX 10 - SUMMARY INCOME AND EXPENDITURE ACCOUNT TRANSFERS FROM / (TO) 2024 2023 Restated General needs account Supported Ilvlng Elderly unlt Agency Development Progresslon to Employment Tradlng Floatlng Support Other grants Investment Disposals Charlty 667,993 242,894 7,666 109,086 984,594 (225,114) 5,999 157,658 (i) (61,607) 8,697 (31,683) (18,879) (7,708) 133,002 {16,244) (39,606) 19,175 (102,198) 14,336 15,339 (18,442) Transfers from / (to) restrlcted funds 916,243 928,714 Thls schedule Is for Informatlon purposes only and Is not subject to audlt, 42