Reg No. IP000193 Triangle Housing Association Ltd Report and Financial Statements For the Year Ended 31 March 2025
Contents page Page Board of Management and Advisers Report of the Board of Management 3-11 Independent Audltor's Report 12-14 Statement of Comprehensive Income 15 Statement of Changes in Equity 16 Statement of Financial Position 17 Statement of cash flows 18 Notes to the Statement of cash flows 19-21 Notes to the financial statements 22-33 Appendices 34-43
rriangle Houslng Assoclatlon Ltd Year Ended 31 March 2025 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 Mr G Allen Chairperson Vice Chairperson Company Secretary/Fraud Liaison Officer Treasurer (co-opted 8th November 2024) Chief Executive Mr C Alexander Registered office 60 Eastermeade Gardens, Ballymoney Co Antrim BT53 6BD Registered under the Co-operative and Community Benefit Societies Act (Northern Ireland)2016 (formerly the Industrial and Pmvident Societies Att (Northern Ireland) 1969). Registered number IP 000193 Registered with the Charity Cornmission for Northem Ireland NIC 101486 Statutory Auditors Sumer Auditco NI Ltd Glendinning House 6 Murray Street Belfast BTI 6DN Bankers Danske Bank Ltd 22 The Diamond Coleraine BT52 IDA Barclays Bank Donegall House Donegall Square North Belfast BTI 5GB Ulster Bank Ltd 11-16 Donegall Square East Belfast BTI SUB Solicitors Macaulay Wray 35 New Row Coleralne BT52 IAH Edwards & Co 28 Hill Street Belfast BTI 2LA Wilson Nesbitt 33 Harnilton Road Bangor BT20 4LF
Triangle Houslng Association Ltd Year Ended 31 March 2025 Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW Mills Sellg 21 Arthur Street Belfast BTI 4GA Shoosmiths 2 East Bridge Street Belfast BTI 3NQ
Triangle Houslng Association Ltd Year Ended 31 March 2025 Report of the Board of Management for the year ended 31 March 2025 The Board presents its report together with the financial statements for the year ended 31 March 2025. statem ntofB of Mana ement's res nsibili ies The Board of Management is reqUId by law to ppare financial statements for each financial year which give a true and fair vlew of the state of affairs of the Association as at the end of the financial year and of the surplus or deficit for that period. The Board of Management confirms that suitable accounting policies have been used and applied conslstently and reasonable and prudent judgements and estimates have been made in the preparation of the financial statements for the period ended 31 March 2025. The Board of Management also confirms that applicable accounting standards have been followed and that the financial statements have been prepared on the going concern basis. The Board of Management is responsible for keeping proper accounting records, which disclose, with reasonable accuracy, at any time the financial position of the Association. It Is also responsible for safeguarding the assets of the Association and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. Prin al activl Triangle is incorporated under the Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (formerly the Industrial and Provident Societies Act (Northern Ireland) 1969) (IP000193) and is established for charitable purposes and for the public benefit. Triangle is registered housing association with the Department for Communities (Reg 32). It is a not for profit organisation and Is registered as a charity with the Charity Commission for Northern Ireland (NIC101486) and has charitable status with HMRC. iness R vi Triangle (the Association) provides social housing. including general needs houslng; supported housing and care for people with disabilities and the elderly. intensive housing support services (floating support) to vulnerable clients and progression to employment services to people who are economically inactive. During 2024125, the key achievements were: Triangle increased its rents for general needs accommodation in line with CPI + Iwo (7.7010) for the 2024/25 year. The Board of Management approved a new rent setting scherne for supported housing accommodation to ensu that Triangle could continue to provide high quality management and rnaintenan services to our tenants. Triangle completed 117 additional housing units in the year. At the end of the year Triangle had 1,545 units of accommodation compared with 1,442 units the previous year. Triangle also provided direct support and care services to 160 service users with learnlng disabilities a nd 37 frail elderly people. Triangle provided homes for 292 people with spedal needs with support services delivered to them by 11 joint management partners. In addition, floating support services were provided to 774 people who required emergency accommodation and support and longer-term peripatetic support services. Through these services we helped 218 people to access benefits, 334 to maintain their tenancy, 171 were supported to access health services, and 49 people were supported to obtain employment. As lead partner of the Prosper Consortium, working in partnership with 4 other voluntary sector partners, funded by UKSPF, employment support was provided to 921 economically Inactive participants with 346 securing employment across 9 council aaS within Northern Ireland.
Trlangle Housing Assoclatlon Ltd Year Ended 31 March 2025 Addltionally a dedicated Learning Disability Service commissioned by NHSCT provided a total of 7859 vocational training service days to individuals with learning disabilities referred to the service. This was delivered across 3 enterprise sites (Coleraine, Ballymena & Magherafelt) Along with four other organisations, Triangle is in a consortium of supported employment providers (called PROSPER) and successfully secured funding to deliver employment services to the economically inactive throughout 10 of the 11 council areas in Northern Ireland, £362k was invested in replacing components within existing houslng stock. There are no significant fire safety or damp and mould issues within our stock. Tenant satisfaction levels remained strong, however, satisfaction with our repairs service was lower than our target. Repairs timeframes improved significantly with 92% of all response repairs completed on time (Target 900/0). This was a result of a new response repairs contract and a new heating maintenance contract and the implementation of an improvement plan. The average energy performance rating of Triangle's stock was 78.2 at March 2025. Energy performance ratings are considerably higher than the average for Northern Ireland houslng stock (65.83). 88.9 % of Triangle's stock has an energy perf0rrnan band of A-C (an increase of 0.5¥0 from 2023124). This compares to the NI Average of 50 %. The average C02 production per property reduced to 2.2 tonnes compared to 2.3 tonnes in 2023124. The percentage of properties void but available for letting reduced was 2.659/0. This decreased from 3.50/0 in 2023124. Rent arrears decreased from 5.1% in 2023124 to 3.6%. Tliis represents a good performance given the cost-of-living challenges faced by tenants. Triangle secured over £491k in financial support for our service users through our floating support services. We also provided finanaal health checks for 256 tenants and general tenancy sustainment support to 400 tenants. This included supporting 226 tenants with transition to universal credit. We invested £271k of funding in community projects which were attended by over 7,000 people under our Housing for All programmes. Triangle employed an average of 467 staff throughout Northern Ireland during the year. Triangle continued to invest in the recently upgraded managed cloud and impn)ved it's IT service. The accounts have been prepared in accordance with the Housing SORP, Statement of Recommended Practice for Registered Social Housing Providers. Ad in Since 1977 Triangle has been providing value including significant soclal value by engaging in the followi ng activities: Building new homes. Landlord services such as housing management and maintenance. Supporting people to live Independently and alleviating homelessness. The organisation directly manages supported accommodation for people with learning disabllities and frail elderly and provides floating support sendices to those with emergency housing issues. Community investment - particularly working to increase employability of those economically inactive, including those persons with a disability. Partnering with other providers of services to the community consistent with the value added by its own directly managed activities. Building shared comrnunity through the development and implementation of good relations pla ns in identified geog raphical locations. Significant additional value is created by Triangle in the process of delivering these activities, notably through good procurement practice. Tenants and service users have always been the primary focus for this value" however, a significant amount of value extends to the wiéer community and local and national government in the pursuit of their key objectives. Triangle's governing board, executives and tenants must Cognise and balance diverse perspectives, including those representing existing and future tenants. Triangle's customer base can be summarised as follows..
Triangle Housing Assoclation Ltd Year Ended 31 March 2025 Tenant Iservic Users Supported Living Progression to Employment Outreach Floating Support Agency Tenants General Needs Tenants Commtssioners l Fun ulato ersl emenl.Pathers . . Departmei)t for Communities {DfC) Northerii Ireland Housing Execulive (NIHE} Department of Health {DoH) Health & Social Care Triisls Departmeiit for the Economy (DfE) Departmeiit for Housing.. Communities and Local Government (UK) Regulation Quality & Improvement AuthoriiyIRQIA) Local Government The Charity Commission for Nl -" Auttsm Iniligti¥es "Posttiyè FulLires'- -Livabifity ainstsy DRP:, Inspiie Wel1bng Tenants and service users are the ultimate test of the value of our activity. The Tenant Advisory Group for people with learning disabilities has confirmed that it considered the following crltical in securing value for money: Values that are implemented through the service delivery process and outcomes. Employee attitude; Person centred services; A safe environment. Increasing levels of independence. The provision of accessible information is important to them and the Tenant Advisory Groups have worked hard in helping the organisation develop and produce such information. Interviews were carried out with general needs tenants, and these identified that for them the key drivers in determining value for money were: l. Customer Service 2. Response and planned Repairs 3. Tenant/community engagement Rent levels in terms of affecting tenants. views of value for money was not as important as improvernents to the response repairs service. Triangle's artivities as an organisation are quite unique within the housing assoclation sector. The organisation is a medium provider of accommodation provision but a large provider of housing plus services to those with significant housing needs.
Triangle Housing Assoclatlon Ltd Year Ended 31 March 2025 V luef rm Value for Money (Vfm) in Triangle means.. Delivering maximum value to the customer while minimising costs. This means understanding the customer's definition of value and focusing on the right things and doing thing5 right. Making the best use of available, or limited, resources. Working effectively and efficiently while maintaining and improving the sen4ice to our customers. Ensuring clear correlation between transparent and well understood costs, and the quality level of service provided. na in Value f Defining value for money is important as is managing and demonstrating it. Triangle's Board of Management, through the executive team, leads the approach to value for money. The Board sets the strategic direction of the organisation and relates value for money to the organisation's vision and purpose. Triangle continued to deliver the exciting and ambitious corporate strategy for the period 2023-2026 has had been adopted by the Board. Value for money is embedded within the operations of the organisation using a variety of methods. Triangle produces a balanced scorecard to both establish and monitor progress against corporate and annual plans. This 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 basis and is populated with 'value' and'money, measures as well as covering the efficiency of the 'value delivery system,. Triangle identifies four strategic objectives under the four themes of stakeholder, people,finance and processes. Achieving a balance of progress against the specific targets withinthese four themes and ensuring that we remain true to our core values should, we believe,ensure success. Stakeholders - Improving lives by delivering extrllent services. People - Valuing and enabling our people to meet current and future challenges. Finance Creating sustainable growth through strong financial management. prosseS - Continually improving key organisational processes. The corporate and annual plan scorecard is reflected in an operational plan for each department as well as individual employee scorecards monitored at regular performance reviews and annual appraisals by Managers. More specific strategies have been developed around core actlvities that lead to economic. efficient and effective services. These include strategies for. Asset Management , Treasury Management: Community Engagement. People. Procurement. Zero Carbon. Financial Inclusion. Triangle also reported on the revised Equality Scheme for the period 2023-2028 with associated action plan during the past year and reviewed its Disability Action Plan.
Triangle Housing Association Ltd Year Ended 31 hlarch 2025 Triangle can demonstrate how value for money (Vfm) has been delivered in the financial year 2024/25 and has a plan for securing value for money into the future. The organisatlon also undertakes a nationwide benchmarking exercise with other gIStered housing associations. Defining VFM Managing VFM Demonstrating VFM Service levels rertrt l suii'.)o!t ihargE selilllg & Rel!. e5<fEier.L ¢gaiD.st sÈatr..4grds Affordahility service costs lfjP-.NI)4S",ency coclc lor I'i.r.t I Sll?i EWII c.13rgp fietling è. os<essmtr..:. Id Eff Iv strate ICPI nnin nked t I Plan Trlangle's corporate strategy sets out a high-level framework which determines the strategic direction of the Association for the three years 2023-26. It establishes Triangle's vision and mission statement, its strategic priorities, outcomes, and measures. The work of Triangle over the reportlng period is guided by its overdrchin9 vision of 'Building Better Lives Together. with the people and communities we sep4e. The mission of the Assoaation over the period is 'We at Trlangle enhance Ilves by providing homes, supporting individuals and families, sustsining communities and promoting equality.
Trlangle Housing Associatlon Ltd Year Enaled 31 March 2025 Triangle Is focused on achieving 6 core outcomes over the 3-year lifetime of this strategy. These are outlined below: People Know Us and Trust Us Dellver more and better homes Building Better Lives Together Grow Excellent, Person Centred Servi¢es . A High-performlngi C. ollaboratlve . and Healthy wor.kplace An Aslle Innovative. Proc ent Contract M em Effective procurement has resulted in economies of scale as well as process efflciencies and outcomes. Triangle's capabilities have been further developed and further value in procurement is key focus by the oryanisation. Social value is a key outcome of Triangle's procurement activity. Mana ement The organisation reviewed its process for risk management which tests organisational resillence on a regular basis. It is currently implementing a digitised System to help implement this process. A Contin USB ent Process Frameworks for business improvement are used throughout the organisation. The external accreditation under these frameworks provides a good challenge and focus for improvement plans. nt rn and xtern udit Triangle employs RSM UK to undertake internal audit, focussing on those areas risk assessed as business critical or in need of process and compliantr testing. A series of internal audits are also deployed across the organisation in addition to the work undertaken by RSM UK. Triangle has also trained its own internal auditors in compliance with the ISO 9001.2015 standard.
Triangle Housing Assoclatlon Ltd Year Ended 31 March 2025 Benchm rkin Triangle undertakes annual benchmarking activities coordinated by Housemark on behalf of housing associations across the UK. The outcomes of this continue to assist in focusing v2lue for money activitles in the future. A summary of the key financial rnetrics assoaated with organisational Value for Money for 24125 are outlined below. The surplus for the year before transfers to reserves was £969,766 compared with a surplus of £916,243 for the previous year. Triangle employed an average of 467 staff throughout Northern Ireland during the year. The operating margin remained stable as it has for the last five years and was 11.650/0 in 2025 and 11.960/0 in 2024. The operating margin is lower than other housing providers, however, this reflects the high proportion of supported housing serdices we provide. Our reinvestment in existing homes and new homes was 8.670/0 of our total asset base. This compares to 7.770/0 in 2023/24 and is above average for the sector. The rate of new housing supply delivery (new homes completed as a proportion of existing stock) was 7. 14% compared to 2.84D/o in 2023124. Gearlng (the proportion of borrowing in relation to the size of our asset base) was 28.3Wo compared to 28.1% in 2023/24. Interest cover was 3.05 times against our target of 1.2 times (2023/24 - 1.8 times) Triangle's Treasury Policy is reviewed by the Board each year. The policy sets out investment policies, borrowing policies and treasury management procedures. The aim is to maintain sufficient cash balances to meet financial obligations as they become due and minimise interest payments on loans. At the balance sheet date of 31 March 2025 Triangle had total bank loans of £52,107,639 (2024: £47,420,717). Triangle complied with all covenants imposed by its lenders. A rn0 detailed Value for money is available separately. Environmen ial and vernance Re Trlangle has developed a report which sets out its Environmental, Social and Governance (ESG) activity against the Sustainability Reporting Stsndard for Social 14ousing. ESG is a framework that helps stakeholders understand how an organisation is managing risks and opportunities related to environmental, social, and governance criteria. ESG reflects the view that sustainability extends beyond just envlronmental issues. The Sustainability Reporting Standard for Social Housing is aligned to international frameworks including the United Nations, Sustainable Development Goals (SDG). It has 12 themes and 48 criteria. Triangle's updated report for 2024125 will be shared with its funders and key stakeholders. tern Fin ncial Control The Board of Management is responsible for Triangle's systems of internal financial control, along with senior management it is responsible for establishing and operating detailed control and reporting procedures. The systems of intemal financial control can provide only reasonable, and not absolute, assurnnce against material misstatement and loss. The Board of Management has reviewed the effertiveness of the Association's system of internal financial control. The review included consideration of the business risks facing the
Triangle Housing Association Ltd Year Ended 31 March 2025 Association and of the existing internal financial control procedures. The key elements of the control system in operation are: The Board has adopted a formal schedule of matters reser4ed for its approval ensuring it maintains responsibility for overall strategy, approval of all property transactions and other major capital expenditure projects. There is an organisation structure with clearly defined lines of responsibility and delegation of authority. Detailed budgets are prepared covering the Association's businesses which are reviewed and approved by the Board. Actual results are compared against budget and appropriate action identified and initiated. The Audit and Risk Committee reviews matters relating to internal control and receives reports on a regular basis from the external and internal auditors and from the Executive Management team. Triangle's objective is to identify and manage those risks which are likely to occur and If they did. would have a significant impact on the organisation. Triangle usesrisk management techniques in all aspects of its operations and integrates risk management as part of its cultu. Triangle identifies, prioritises and assesses the risks it is subject to, as and when a rlsk emerges. It implements procedures to control and monitor risk. Triangle formally reviews its strategic risk register quarterly. Con Goin After making enquiries, the Board of Management has a reasonable expectation that Triangle has adequate resources to continue in operational existence for the foreseeable future and for this reason it continues to adopt the going concern basis in preparing the financial statements. The Treasury Strategy sets out the long term business plan including cashflows for thlrty years based on the attivities set out in Triangle's Strategic Plan. Cor te Govern It Is the opinion of the Board of Management that Triangle is in compliance with Best Practice issued by the NHF Code of Governance 2020. The Board of Management Meets regularly throughout the year. There are six committees, namely Finance; Housing and Development. Audit and Risk; Organisational Development and Communications; Support Services. and Remuneration. Committees also meet regularly throughout the year. The Finance Committee has responsibility for finance and rr. The Housing and Development Committee has specific responsibilities for development and housing management Including malntenance and floating support Servi$. The Audit and Risk Committee has responsibility for internal and external audit, risk management and fraud. A professional independent person attended this committee for part of the year and advised and supported the Board on the Committee's performance. The Organisational Development and Communications Committee has the remit for human resources, organisation development, learning and development, corporate services and communications. The Support Services Committee has the responsibility for supported living, and progression to employment services. The Remuneration Committee has responsibility for overseeing the organisation's remuneration policies for all paid staff with particular responsibility for keeping under review the terms and conditions of the Chief Executive OffIr and other Executive Management Team members. Each member of the Board of Management listed on page i holds a fully paid share of £1 in the Association and no financial benefit is derived from such membership, Executive officers of Triangle hold no interest in the Association's share capital and, although not holding the legal status of directors, they act as executives within the authority delegated by the Board. 10
Trlan9le Housln9 Association Ltd Year Ended 31 March 2025 Board members do not ceIve any remuneration, only expenses in relation to travel allowances and incidental expenses incurred in the course of their duty. Gross expenses paid to the members for the year amounted to £1,737 (2024: £2,543). Chief Executive Officer and Directors receive remuneration agreed by the Remuneratlon Committee annually. Triangle makes an employer's pension contribution of either 60/0 or 7.50/0 to all staff through a defined contribution personal pension plan. No other special temis exist. Chief Executive Officer and D1ctorS, remuneration exduding pension contributions were as follows: 2025 No. 2024 No. £85k-£90k £90k-£95k £95k-£IOOk £IOOk-£105k £10S-£IIOK £110-£115K É115k-£120k with Code of B st Practi The auditor has confirmed that in its opinion, with respect to the Board's statements on internal financial control and going concern above, the members have provided the disclosures required by the Code and such statements are not inconsistent with the information of which they are aware from their audit work on the financial statements, and that the Board's statement on pages 3 to 12 appropriately reflects the Association's compliance with the other paragraphs of the Code. They have carried out their review in accordance with the relevant Bulletin issued by the Auditing Practices Board, which does not require them to perform any additional work necessary to express a separate opinion on the effectiveness of either the Association's system of internal financial control or corporate governan procedures, or on the abllity of Triangle to continue in operational existence. Triangle has a community engagement fund committee and made charitable donations during the year of £15,637 (2023: £12,607). 11
Trlangle Housing Assoclation Ltd Year Ended 31 March 2025 In dent Audi With effect from l July 2024, due to a reorganization and rebranding exercise, our extemal auditors transferred all of their external audit appointments to Sumer Auditco NI Ltd. The Audit Partner and Audit Staff undertaking the external audit have remained unchanged. The current auditors, Sumer Auditco NI Ltd. Statutory Auditors, have indicated a willingness to continue in office. A resolutlon to reappoint Sumer Auditco NI Ltd, Statutory Auditors, will be proposed at the Annual General Meeting. By Order of the board N Dunlop Chair 23 June 2025 12
Trlangle Houslng Associatlon Ltd Year Ended 31 March 2025 Independent Auditor's Report Opinion We have audited the financial statements of Triangle Housing Association Limited for the year ended 31 March 2025 which comprises the statement of comprehensive income, the statement of changes in reserves, the statement of financial position, the statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and the Housing SORP - Statement of Recommended Practice for social housing providers Issued by the National Housing Federation. In our opinion the financial statements: give a true and fair view of the state of the Assoaation's affairs as at 31 March 2025 and of its surplus for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practlce. and have been properly prepa in accordance with the requirements of the Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (formerly the Industrial and Provident Societies Act (Northern Ireland) 1969). Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We a independent of the Association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is suffficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where: the Board of Management's use of the going concem basls of accounting in the preparation of the financial statements is not appropriate. or the Board of Management have not disclosed in the financlal statements any identified material uncertainties that may cast significant doubt about the Association's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 13
Trlangle Housing Associatlon Ltd Year Ended 31 March 2025 Other informatlon The other infomiation comprises the information included in the Report of the Board of Management other than the financial statements and our auditor's report thereon. The Board of Management is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in so doing, consider whether the other information is materially nconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are requlred to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. Oplnion on other matters prescribed by the Companies Act In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Board of Management for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Report of the Board of Management has been prepad in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the Association and its environment obtained In the course of the audit, we have not identlfied material misstatements in the Report of the Board of Management. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial ststements are not in agreement with the accounting records and returns; or we have not received all the infom)ation and explanations we require for our audit. Responsibilities of the board of management As explained more fully in the Board of Management responsibilities statement the Board of Management is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Board of Management determine is necessary to enable the preparation of financial statements that a free from material misststement. whether due to fraud or error. In preparing the financial statements, the Board of Management is responsible for assessing the Association's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the Board of Management either intend to cease operations, or have no realistic alternative but to do so. 14
Triangle Houslng Assoclation Ltd Year Ended 31 March 2025 Independent Auditor's Report (cont'd) Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a materlal misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We considered the opportunities and incentives that may exist withln the organisation for fraud and identified the greatest potential for fraud in the followingareas: posting of unusual journals along with complex transactions. We discussed these risks with client management, designed audit procedures to test a sample of journals to confirm they were appropriate, considered any complex transactions, and reviewed areas of judgement for indicators of management bias to address these risks. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc or rsres onsibilities. This description forms part of our auditors, report. audit Use of our report This report Is made solely to the Board of Management, in accordance with Article 38 of the Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (formerly the Industrial and Pmvident Societies Act (Northem Ireland) 1969). Our audit work has been undertaken so that we might stste to the Board of Management those matters that we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Society and the Board of Management, for our audit work, tor this report, or for the opinion we have formed. Brian Clerkin FCA (Senior Statutory Auditor) for and on behalf of Sumer Auditco NI Ltd statutory Auditors Glendinning House 6 Murray Street Belfast BTI 6DN 23 June 2025 15
Trlangle Housing Assoclatlon Ltd Year Ended 31 March 2025 Statement of Comprehensive Income For the year ended 31 March 2025 Notes 2025 2024 Turnover 25,784,184 23,592,931 Operatlng costs 3 (22,780,464) (20,770,329) Operating surplus / (deficlt) 3,003,720 2,822,602 Gain / (loss) on disposal of fixed assets 98,973 15,339 Interest and financing income / (costs) Transfer to charity fund (2,113,459) (1,903,256) (19,468) (18,442) Surplus / (deficit) before tax Taxation 969,766 916,243 Surplus / (deficit) after tax 969,766 916,243 Other comprehensive income Unrealised surplus l (deficit) on revaluation of housing properties Total comprehensive income for the year 969,766 916,243 The notes on pages 22 to 33 form part of these financial statements. 16
Triangle Housing Assrtiation Ltd Year Ended 31 March 2025 statement of Flnanclal Posltion As at 31 March 2025 Notes 2025 2024 Fixed assets Housing properties Other tangible fixed assets io 165,033,215 2,527,620 167,560,835 151,862,222 2,589,465 12 154,45 1,687 Current assets Trade and other debtors Cash and cash equivalents 13 9,074,622 1.494,843 10,569,465 5,915,961 1,673,324 7,589,285 Less: Creditors.. amounts falling due within one year Net current assets / 1Sabilities Total assets less current liabilities 14 (13,658.891) (8,193,929) (3,089,426) 164,471,409 (604,644) 153,847,043 Creditors., amounts falling due after more than one year 14 (146,948,704) (137,294,043) Total net assets 17,522,705 16,552,938 Reserves Share capital Revenue reserve Capital reserve 20 31 30 17,522,602 72 16,552,836 72 21 Total reserves 17,522,705 16,552,938 These financial statements were approved by the Board of Management and authorised for Issue on 23 June 2025 and signed on its behalf by: JkLJi N Dunlop Chairperson 1 _ [4Mfv(Ll Mccluggage Secretary D Harshaw Vlce Chairperson The notes on pages 22 to 33 fomi part of these financial statements. 18
Triangle Houslng Assoclatlon Ltd Year Ended 31 March 2025 staternent of Cash Flows For the year ended 31 March 2025 Notes 2025 2024 Net cash inflow / outflow from operating activities Returns on investments and serrficing of finance Capital expenditure and financial investment 4,366,518 2,347,282 (2.113,459) (1,903,257) (7,118,463) (6,639,584) Cash inflow / outflow before use of liquid resources and financing (4,865,404) (6,195,559) Financing Net Cash Flow 4,686,923 7,183,226 (178,481) 987,667 Reconciliatlon of net cash flow Increase / (decrease) in cash in period Cash and bank at l April 2024 Cash and bank at 31 March 2025 (178,481) 1,673,324 1,494,843 The notes on pages 22 to 33 form part of these financial statements. 19
Triangle Housing Assoclation Ltd Year Ended 31 March 2025 Notes to Statement of Cash Flows For the year ended 31 March 2025 Reconcillation of operating surplus / (deficit) to operating cashflows 2025 2024 Operating surplus / deficit Depreciation Transfers 3,003,720 2,463,272 19,468 (1,621.227) (170.586) 2,822,602 2,274,262 18,442 (1,484,551) (269,590) Amortisation of grant HAG eliminated Movements in: Debtors Creditors less than one year (511,313) 1.183,184 (206,552) (807,331) 4.366,518 2,347,282 B. Analysis of cash flows for headings netted In the cash flow statement Returns on Investment and servicing of finance Interest received 34,688 (2,148,147) 27,892 (1,931,149) Interest payable Net cash inflow / (outflow) for returns on investment and servicing of finance (2.113,459) (1,903,257) Capital expenditure and financial investment Other fixed assets Housing, land and buildings Capital grant received Sales proceeds Net cash inflow l (oufflow) for capital expenditure and financial investment (14,598) (15,783.291) 8,398,495 280,931 {7.118.463) (208,926) (13,875,703) 7,059,117 385,928 (6,639,584) Flnancing New loans obtained Loan principal repayments Drawdowns 610,000 {623,078) 4,700.000 6,500,000 (616,775) 1,300,000 Share capital issued Net cash inflow / (outflow) from financing 4,686,923 7,183,226 20
Triangle Houslng Association Ltd Year Ended 31 March 2025 Notes to Statement of Cash Flows (cont'd) For the year ended 31 March 2025 C. Analysis of changes in net funds At 31/03124 other Changes At 31/03125 Cashflows Cash in hand and at bank Debt due within one year 1.673.324 (178,481) 1,494,843 (856,869) 182,282 (674,587) Debt due after more than one year (46,563,848) (4,869,204) (51,433,052} (45.747,393) {4,865,403) (50,612,796) 21
rriangle Houslng Assoclation Ltd Year Ended 31 March 2025 Notes to the financial statements l. Legal status Triangle Housing Association Ltd is a housing association registered 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 (Northem Ireland) 1969). The registered office of the Association is 60 Eastermeade Gardens, Ballymoney, Co Antrim, BT53 6BD. 2. Accounting Policies 2.1 Basis of accounting These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, and the Statement of Recommended Practice ("SORP") for RegiSted Social Housing Providers. The financial statements are presented in Sterfing (£), which is the functional currency of the Association. 2.2 Revenue recognltion Revenue is recognised when the Association has entitlement to the funds and it is probable that the income will be received and the amount is reliably measured. Turnover includes rental and service charge income, rates receivable and residential charges, net of voids, and release of Social Housing Grants. 2.3 Government and other grants Social housing grant (SHG) or Housing Association Grant (HAG) is receivable from the Northern Ireland Housing Executive (NIHE) and is recognised in income over the useful life of the housing property structure under the accruals model. SHGIHAG due is included as a current asset. SHG/HAG received in advance is included as a liability. SHGIHAG received in respect of revenue expenditure is credited to the income and expenditure account in the same period as the expenditure to which it lates. SHG/HAG released on sale of a property may be repayable but is normally available to be recycled and is credited to the Disposal Proceeds Fund and included in the Statement of Financial Position within Creditors. 22
Triangle Houslng Assoclatlon Ltd Year Ended 31 March 2025 2.4 Tangible flxed assets Houslng properties Housino stock is properties held for the provision of social housing or to otherwise provide social benefit and are accounted for within tangible fixed assets. Housing properties are principally available for nt and are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes the cost of acquiring land and buildings, together with development costs. Works to existing properties which replace a component that has been treated separately for depreciation purposes, along with those works that result in an increase in net rental income over the lives of the properties, thereby enhancing the economic benefits of the assets, are capitalised as improvements. Depreciation of Housing properties The Association separately identifies the major components which comprise its housing properties, and charges depreciation, so as to write-down the cost of each component to its estlmated residual value, on a straight line basis, over its estimated useful life. The Association depreciates the major components of its housing properties over the following useful lives: structure - 100 years Roofs - 70 years Windows and doors- 25 years Bathrooms - 20 years Mechanical systems - 35 years Gas boilers/flues 15 years Kitchens 17 years Electrics - 35 years Housing under construction is not depreciated and no depreciation is charged on the cost of land. Depreciation of other tangible fixed assets For other tangible fixed assets, depreciation is charged on a straight-line basis over the expected useful lives of the assets to write off the cost, less estimated residual values over the following expected lives: Office equipment - 3 to 5 years Scheme assets - 10 years Office premises - 25 years Retail Unlt- 25 years 23
Trlangle Housing Associatlon Ltd Year Ended 31 March 2025 2.5 Impalrnient Housing propertles are assessed annually for impairment indicators. Where indicators are identified an assessment for impairment is undertaken comparing the asset's carrying amount to its recoverable amount. Where the carying 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 service potential. The resulting impairment loss is recognised as expenditure in income and expenditure. Where an asset is currently deemed not to be providing service potential to the association, its recoverable amount Is its fair value less costs to sell. Other assets a reviewed for impairrnent if there is an indlcation that impairment may have occurred. 2.6 Employee benefits Defined Contribution Penslon The Association operates a defined contribution scheme for certain employees. A defined contributlon plan is a pension plan under which the Association pays fixed contributions into a separate entity. Once the contributions have been paid the Association has no further payment obligations. The contributions a recognised as an expense when they are due. Amounts not paid are included as accruals in the Statement of Financial Position. The assets of the plan are held separately from the Association in independently administered funds. 2.7 Tenants. Services Fund For certain schemes the Association is required to charge to the tenants an additional amount to fund the cost of common facilities. Annual surpluses or deficits are transferred to the Tenants, Services Fund to equalise the financial position over the lifetime of the scheme. 2.8 Disposal Proceeds Fund The net surpluses, after loan payMents, that arise from the sale of property to tenants under the voluntary purchase grant arrangements, instituted by the Department for Communities, can be utilised by the Association. If the surpluses are not used within two years of their receipt they may be payable in part or in full to the Department for Communities. 2.9 Income tax The Association is accepted as a charity by the HMRC. Income and capital gains of the Association are generally exempt from tax if applied for charitable purposes. 2.10 Value Added Tax The Association is not registered for VAT. All of its income, including rental receipts, is exempt for VAT purposes. 24
Trlangle Housing Association Ltd Year Ended 31 March 2025 2.11 Flnancial instrument5 The Association only has financial assets and financial liabilities of a kind that qualify as basic financia I Instrurnents. Basic financial instruments are initially recog nised at transaction value and subsequently measured at their settlement value. 2.12 Judgements in applying accounting policies and key sources of estimation uncertalnty No judgments have been made in the process of applying the above accounting policies (apart from those involving estimates). There were no key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and lia bilities within the next financial year. 2.13 Going concern After making appropriate enquires, the Board of Management has a reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in the financial statements. 2.14 Operating surplus/(deficit) The operating surplus/(deficit) on the statement of comprehensive income includes the principal surplus/(deficit) from revenue producing activities less operating costs of the Association and other activities that are not investing or financing activities. The Association excludes gains/ (losses) on other fixed assets (non-social housing assets), interest receivable and loan interest payable from the operating surplus/ (deficit). Turnover, Operating costs and operating surplus 2025 2024 Operating Surplus/ (def icit) Operating Surplusl (deficit) Operating Turnover Operatlng Costs Social Housing Activities (Note 4) 22,509,170 (19,540,623) 2,968,547 2,945,230 Non-Social Housing Activitles (Note 5) 3,275,014 (3.239,841) 35,173 (122.628) 25,784,184 (22,780,464) 3,003,720 2,822,602 25
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rriangle Housing Association Ltd Year Ended 31 March 2025 4. Turnover, operating costs and operating surplus/ (defiat) from social housingactivlties (cont'd) Dfc Allowances 2025 2024 Management allowances Management costs Surplus/ (deficlt) 322,344 (1.082,818) (760,474) 283,932 (982,464) (698,532) Maintenance allowances Planned, cyclical and reactive maintenan Surplus/ (deficit) 377,696 (1,024.851) {647,155) 332,688 (801,774) (469,086) Technical & Non-Te¢hnical Income 2025 2024 Technical Non-Technical Total 4,077.220 4,947,703 9,024,923 3,797,351 4,089,686 7,887,037 5. Turnover, operating costs and operating surplus/ldeficit) from non- socialhousing activities 2025 2024 Operatlng Income Development admlnistration Supported Employment Floating Support services Trading Other grants 438.767 1,254,799 1,036,221 38,092 507,135 382,808 1,099,028 993,789 28,778 352,645 Total Non-soclal Houslng Income 275 2 857 048 Operating Costs Development administration Supported Employment management costs Floating Support costs Trading other grants costs 438,769 1,254,801 1.023,823 15.313 507.135 382,808 1,138,633 1,095,987 9,603 352,645 Total Non-social Housing Expenditure 297967 Operating surplus/(deflclt) on non-social housing Other Grants 2025 2024 Trust Housing For All The Gallaher Trust 51.662 444.196 3,769 332,437 Total Grants 27
rrfangle Housing Associatlon Ltd Year Ended 31 March 2025 6. Surplus on ordinary activities Surplus on ordinary activities is stated after charging/ (crediting): 2025 2024 Depreciation - owned tangible fixed assets Amortisation of grant / Release of capital grant Auditor's remuneration External audit of these financial statements Internal audit 2.463,272 (1,621.227) 2,274,262 {1,484,551) 16,800 23,760 16,800 22,280 7. Interest payable 2025 2024 Housing property loan interest Bank interest and charges 2,129.302 1,917,592 8. Employee information Average monthly number of employees during the financial year Is as follows: 2025 No. 2024 No. Administration Housing, support, development and care 103 364 467 91 371 462 St cost 2025 2024 Wages and salaries Social security costs Pension costs Agency staff 12,152,962 1,080,722 689,764 1,113.888 15.037,336 11,266,253 992,531 657,597 1,281,594 14,197,975 During the year no employees received termination payments (2024: 4). There was £0 paid in 2025 (2024: £20,345). £0 was outstanding at the year-end (2024: £0). The aggregate remuneration of key management personnel of the Association during the year was., 2025 2024 Aggregate emoluments payable to key management (including pension contributions and benefits in kind) 504.859 483,992 Emoluments payable to the highest paid director (excluding pension contri butions but including benefits in kind) 115,029 110,283
rn"angle Housing Association Ltd Year Ended 31 March 2025 The number of management personnel to whom emoluments (excluding pension contributions) were paid during the year falls within each of the following bands., 2025 2024 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 - 115,000 115,000 - 120,000 oard of Management remuneration There was no remuneration pald to the Board members of the Association (2024: £nil). Board members were paid OLJt of pocket expenses totalling £1,737 (2024: £2,543). 10. Tanglble fixed assets - Housing properties Housing properttes held for letting Cost or valuation At l April 2024 Additions Disposals At 31 March 2025 Completed Work in progress 168,843,157 15,783,291 (370,653) 184,255,795 161,416,348 22,839,447 Depreciation and impairment At l April 2024 Charge for the year Impairment charged in year Elimlnated on disposal At 31 March 2025 16,980,935 2,386,829 (145,184) 19,222,580 Net book value At 31 March 2025 At 31 March 2024 165,033,215 151,862,222 29
Tnangle Housing Association Ltd Year Ended 31 March 2025 11. Housing Stock Num ned an an ear Self-contalned 2025 Properties 814 156 176 2024 Properties 717 156 176 General Needs Housing Supported Housing Sheltered Housing Shared Ownership / Affordable Housing Private rented 1,147 1,050 Non Self-contalned 2025 Bed spaces 2024 Bed spaces General Needs Housing Supported Housing Sheltered Housing 398 392 398 392 Total Unlts Owned and Managed at year end 1,545 1,442 12. Other tangible fixed assets Offlce prem45es Stheme asset$ Office equlpment Retail Unit Total Cost or valuation At l April 2024 Additions Dlsposals At 31 March 2025 2,829,114 161,910 569,904 11.341 199,078 3,257 3,760,006 14,598 2.829,114 161.910 581.245 202,335 3,774,604 Depreclation At l April 2024 Charge for the year Eliminated on dlsposal At 31 March 2025 501,695 45,840 99.929 13.614 560,952 8,768 7,965 8,221 1,170,541 76,443 547,535 113.543 569.720 16,186 1,246,984 Net book value At 31 March 2025 At 31 March 2024 2,281,579 2,327,419 48,367 61.981 11.525 8,952 186.149 191,113 2,527,620 2,589.465 30
Triangle Housing Assoclation Ltd Year Ended 31 March 2025 13. Debtors 2025 2024 Gross rental debtors - Tethnical Gross rental debtors Non-Technical Provision for bad debt Net ntaI debtors Housing Association Grant receivable Prepayments and accrued income Tenants, Services Fund other debtors 1,653,075 241,440 {25.990) 1,868,525 5,953,418 509,211 128,976 614,492 9.074,622 1,411,407 143,343 (9.609) 1,545,141 3,306,068 377,754 103,999 582,999 5,915,961 14. Creditors mounts fallin due withln I 2025 2024 Loans (see analysis below) Housing Association Grant in advance Deferred Housing Association Grant (Note 15) Disposal Proceeds Fund Accruals and deferred income Rent and service charges received in advance Charity fund Residents. funds Other creditors Other taxes and social security 674,587 7.343,500 1.621,227 856,869 3,016,117 1,484,551 330,655 875,052 160,210 30,558 24,943 1,414,974 1.470,416 771,548 34,889 32,298 1,464,361 246,065 13.658,891 8,193,929 Amounts fallin ue after more than I 2025 2024 Loans (see analysis below) Deferred Housing Assoaation Grant {Note 15) 51,433,052 95,515,652 146,948.704 46,563,848 90,730,257 137,294,105 ans 2025 2024 Within one year Between one and two years Between two and flve years In five years or mo 674,587 6,005,448 9.125.394 36,302,210 52,107,639 856,869 996,573 8,749,812 36,817,463 47,420,717 31
Triangle Housing Association Ltd Year Ended 31 March 2025 14. Creditors (cont'd) Housing loans are secured by specific charges on the association's properties and are repayable at varylng rates of interest and terms, some of which extend up to 13 or 23 years. The association had total loan facilities of £54,607,639 at the 31st March 2025 of which £52,107.639 was drawn. 77% of the loan portfolio was at fixed rates of interest for their term. 15. Deferred grant 2025 2024 At l April Grant received in the year Released to income in the year Transfer from Disposal Proceeds Fund Eliminated on component disposals Eliminated on housing unit disposals At 31 March 92,214.808 6,383,230 (1.621,227) 330,654 (30,255) {140,331} 97,136,879 85,695,076 8,455,413 (1,484,551) (181,540) (248,488) (21,102) 92,214,808 16. Capital ¢ommltments At 31 March 2025 the Assooation had capital commitments as follows: 2025 2024 Contracted for but not provided in the financial statements 21.419.466 21.419.466 19,307,072 19,307,072 17. Contingent Liabilities Social Hou Gr Housin Association rant The Association released Social Housing Grant/Housing Association Grant during the year in relation to building components replaced. The possibility of reimbursement to the Department for Communities is considered to be unlikely as the housing properties are expected to continue to be made available for social housing for the foreseeable future. olida Pa The Association has a contingent liability in relation to a potential liability for holiday pay on overtime payment5. Triangle has been paying holiday pay on overtime payments since 2015 when the regulations were introduced however the PSNI case introduces the potential that payments could be back dated further. There are a number of uncertainties in relation to calculating a reliable estimate including: the period to be covered; consideration as to what is deemed regular/routine overtime. and the identification and potential indusion of other allowances. A reliable estimate cannot be made at thi5 Stage. 18. Penslon Commitments Define con ribution ensions The Association operate5 a defined pension contribution scheme. The assets of the scheme are held separately from the Association in an independently administered fund. The Association paid contributions during the year amounting to £689,764 (2024: E657,596), Contributions outstanding at 31 March 2025 amounted to £13.834 (2024: £86,143). 32
Trlangle Housing Assoeiatlon Ltd Year Ended 31 March 2025 19. Leasing commitments in leases The total of the Association's future minimum lease payments under non-cancellable operating leases was: 2025 2024 Within one year Between one and five years In five years or more 64,377 60,161 64,377 60,161 20. Share capital Ordinary shares of £1 each fully pald: 2025 2024 At l April Issued in the year Transferred to capital reserves At 31 March 30 31 (2) 30 31 21. CapStal reserves 2025 2024 At l April Transferred to / from share capital At 31 March 72 70 72 72 22. Restricted reserves 2025 2024 At l April Transferred to / from revenue reserves At 31 March 23. Related party transactions During the year the Association had no transactions with related parties. 33
Trlangle Houslng Association Ltd Year Ended 31 March 2025 APPENDXX I - GENERAL NEEDS HOUSING 2025 2024 INCOME Rent and service charges Rates receivable SHG released Voids 5,957,502 764,913 1,232,376 {279,608) 5,193,219 694,134 1,088,154 (221,857) 7.675,183 6,753,650 EXPENDITURE Administration costs Ensurance Heat and light Bad debts other running expenses Rates payable Rates discount Repairs routine Repairs planned and cyclical Repairs - administration costs Disposals Depreciation of properties Depreciation - other Interest 892,209 106,834 48,509 34.856 490,622 808,928 (81,372) 569,933 454,919 190,610 53,913 1,839,491 1,207 1,917,353 809,519 116,761 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 7,328,010 347,173 6,199,758 Surplus / Ideficit) before transfer5 553,892 Transfer from l (to) tenants. servi$ account 69,292 114,101 Surplus / (deficit) 416,465 667,993 This schedule is for information purposes only and is not subject to audit. 34
rriangle Housing Assoclatlon Ltd Year Ended 31 March 2025 APPENDIX 2- SUPPORTED HOUSING 2025 2024 INCOME Rent and service charges Rates receivablel (overpaid) Supporting People income Health trust charges Personal care charges Social Housing Grant released Voids 833,327 14,234 2,546,784 8,317,427 742,140 103,935 (26,084) 12,531,763 667,076 11,079 2,461,030 7,954,485 760,844 99,899 (37,878) 11,916,535 EXPENDITURE Administration costs Direct salaries Housing/Care salaries Travel Training and recruitment Residents, costs Rent Rates payablel(credit due) Rates discount Insurance Water rates Stationery, computer, phone and postage Heat and light Tenant participation Bad debts Service charges Running expenses Repairs - routine Repairs - planned and cyclical Repairs - administration costs Depreciation Disposals Interest 999,074 1,229,038 8,874,627 15,623 118,204 16,791 4,162 29,998 {1,162) 16,021 948,345 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 60,356 45,098 44,676 839 93,477 96,434 143,977 110,507 257,307 161,691 (4,924) 33,725 12,345,539 11,630,094 Surplus / (deficit) before transfers 186,224 286,441 Transfer from / (to) tenants. services account Transfer from / (to) restricted fund {36,010) (43,547) Surplus 150,214 This schedule is for information purposes only and is not subject to audit. 242,894 35
Trlangle Housing Associatlon Ltd Year Ended 31 March 2025 APPENDIX 3 - ELDERLY SCHEME 2025 2024 INCOME Health trust Supporting People other 387,251 270,809 312,091 254,175 658,060 566,266 EXPENDITURE Administration costs staff costs stationery, computer. telephone and postage Sundries 62,505 530,335 2,804 13,972 54,303 448,443 2,328 13,526 609,616 558,600 Surplus / (deficit) 48,444 7,666 This schedule is for information purposes only and is not subject to audit. 36
Trlangle Houslng Association Ltd Year Ended 31 March 2025 APPENDIX 4 - AGENCY MANAGED REVENUE ACCOUNT 2025 2024 INCOME Rent and service charges Rates receivable Social Housing Grant Voids 1,384,388 70,558 284,916 (95,698) 1,260,914 60,614 296,498 (118,594) 1,644,164 1,499,432 EXPENDITURE Admlnistration costs 197,663 30,287 23,950 89,503 6,212 69,491 (5,719) 45,810 245,017 117,097 50,910 (27,449) 390,745 182,411 32,115 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 Insurance Heat and light Service charges Bad debts Rates payable Rates discount Gardening Repairs routine Repairs planned and cydical Repairs Administration costs Disposals Depreciation Sundries Loan interest 178,224 1,411,741 Surplus before transfers 232,423 118,856 Transfer from / (to) tenants, services account (8,305) {9,770) Surplus 224,118 109,086 This schedule Is for information purposes only and is not subject to audit. 37
Trlangle Housing As5oation Ltd Year Ended 31 March 2025 APPENDIX S PROPERTY DEVELOPMENT 2025 2024 INCOME Acquisition and development allowances 438,767 382,808 EXPENDITURE Administration costs Sundry development costs 39,427 399,340 438,767 43,778 339,030 382,808 DONATIONS Donations received Residents, expenses 11,911 (4,556) 3,251 (3,224) Surplus / (Deficit) 7,355 27 This schedule is for information purposes only and is not subject to audit.
Triangle Housing Association Ltd Year Ended 31 March 2025 APPENDIX 6 PROGRESSION TO EMPLOYMENT ACCOUNT 2025 2024 INCOME Trust income 379,435 419,934 379,435 419,934 EXPENDITURE Salaries Travel Training Recruitment Marketing General Events Insurance Computer running costs stationery Heat and light Telephone Rent Maintenance Office furniture/equipment Sundry Central costs 312,028 4,586 963 96 198 1,453 433 4,968 1,124 7,561 764 24,333 324,136 4,402 2,390 132 398 7,380 1,609 15,203 798 37,896 6,930 7,963 11,091 39,212 1,428 (16,511) 36,011 379,435 459,540 (39,606) Surplus / (Deficit) TRADING ACCOUNT Trading income 28,778 Trainee expenses other expenses 13,388 7,797 1,806 1,925 15,313 22,779 9,603 Surplus / (deficit) 19,175 This schedule is for information purposes only and is not subject to audit. 39
Triangle Housing Association Ltsl Year Ended 31 March 2025 APPENDIX 7 UKSPF ACCOUNT 2025 2024 XNCOME UKSPF Grant 875,364 679,093 875,364 679,093 EXPENDITURE Salaries Travel Training Participants Training Recruitment Marketing General Events Computer running costs statlonery Conferences & Seminars Rent Heat & Light Telephone Maintenance Sundry Central costs 615,810 24,326 14,332 5,173 65 38,493 11,529 542,705 20,092 10,044 165 3,507 1,319 2,928 464 3,396 863 13,597 10,682 1,041 2,364 7,189 59,658 70,242 2,737 579 21,239 69,918 875,364 Surplus / (Deficit) 679,093 This schedule is for information purposes only and is not subject to audit. 40
Trlangle Houslng Association Ltd Year Ended 31 March 2025 APPENDIX 8 FLOATING SUPPORT 2025 2024 INCOME Supporting People 1,036,221 993,789 EXPENDITURE Administration costs Salaries and National Insurance staff travel Training and recruitment Other running costs 98,424 863,869 19,878 11,601 30,051 94,093 940,588 22,212 8,304 30,790 1.023,823 1,095,987 Surplus/(Deficit) 12,398 (102,198) OTHER SUPPORT SERVICES INCOME Grants other income Other expenses 507,135 352,645 (507,135) (352,645) Surplus/(Deficit) INVESTMENT XNCOME INCOME Bank interest 27,893 EXPENDITURE Bank charges (18,845) (13,557) Surplus/(Deficit) 15,843 14,336 This schedule is for information purposes only and is not subject to audit. 41
Trlangle Housing Assoclatlon Ltd Year Ended 31 Nar¢h 2025 APPRENDIX 9 - OTHER SUPPORT SERVICES Trust Houslng For The Gallaher Trust 2025 2024 Income 444 196 507 135 352 645 Salaries 113,257 8,412 1,251 268,642 2,136 10,769 396 124,026 8,808 1,251 268,642 2,136 133,872 17,235 2,013 149,775 Travel Training Marketing Computer running costs Stationery 127 127 336 Telephone Sundry 112 112 118 51,662 3,467 55,129 21,971 Central costs 46.904 46,904 27,325 444 196 507 135 352 645 Surplus/(Def icit) This schedule is for information purposes only and is not subject to audit. 42
Triangle Houslng Association Ltd Year Ended 31 hlarch 2025 APPENDZX 10- SUMMARY INCOME AND EXPENDITURE ACCOUNT TRANSFERS FROM / (TO) 2025 2024 General needs account Supported living Elderly unit Agency Development Progression to Employment Tradlng Floating Support Other grants Investment Disposals Charity 416,465 150,214 48,444 224,118 667,993 242,894 7,666 109,086 (39,606) 19,175 (102,198) 22,779 12.398 15,843 98,973 (19,468) 14,336 15,339 (18,442) Transfers from / (to) restricted funds 969,766 916,243 This schedule is for information purposes only and is not subject to audit.