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 seC￿tarylFraud 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 COmpa￿d 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 re￿IVeS
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