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