Registered no. IP224
Arbour Housing Limited
Report and Financial Statements
For the Year Ended 31 March 2025

Arbour Housing Limited
Year Ended 31 March 2025
Contents page
Page
Board of Management and Advlsers
strategic report of the Board of Management
Report of the Board of Management
13
Independent Auditor's Report to the members of Arbour Housing
Limited
17
statement of Comprehenslve Income
21
statement of Changes In reserves
22
statement of Flnancial Position
23
Statement of cash flows
24
Notes to the financial statements
25

Arbour Housing Limited
Year Ended 31 Mai'ch 2025
Board of Management and Advisers
Board of Management
A Clarke
Chair
M Blair
W Chambre
C Lyness
J Hool
N Hampton
Resigned April 2025
C Rooney
Chief Executive
K Matthews
Registered office
18 - 22 Carleton Street
Portadown
Co. Armagh
BT62 3EN
Registered number
Charity no. 102344
Independent Auditors
Sumer Auditco NI Limited
Glendinning House
6 Murray Street
Belfast
BTI 6DN
Bankers
Danske Bank
45148 High Street
Portadown
BT62 ILB
Barclays Bank
13th Floor, The Ewart
3 Bedford Street, Belfast
BT2 7EP
Ulster Bank
11-16 Donegall Square East
Belfast
BTI SUB
Solicitors
Thompson Mltchell
12-14 Mandeville St,
Portadown
BT62 3NZ
Carson McDowell Cleaver, Fulton, Rankin
Murray House,
50 Bedford St, Belfast
4 Murray St,
BT2 7FW
Belfast BTI 6DN
A&L Goodbody
42/46 Fountain
street,
Belfast, BTI 5EF

Arbour Housing Llmlted
Year Ended 31 March 2025
strategic report of the Board of Management for the year ended 31 March 2025
The Board of Management present their strategic report for Arbour Housing Llmlted for
the year ended 31 March 2025.
Principal actlvitles
Arbour Houslng Is a Co-operatlve and Community Benefit society registered wlth the
Department for Communltles ("DfC") provldlng houslng accommodation for those In need.
It has charitable status with HM Revenue and Customs and is a registered charity with the
Charity Commission for Northern Ireland.
Corporate Strategy
Arbour Housing reviewed and updated its 2023-2025 Strategy to cover the next 5 years,
2025 to 2030, Arbour aims to bulld on what has been achieved to date and to make a
positlve dlfference to our tenants, local communitles and the environment.
Vlsion Statement: To provide more homes, meet our tenants, needs and make a positive
dlfference to people's lives, communities and the environment.
strategic Objectives:
l. Empower our tenants
Supporting, Involvlng and empowering tenant5 In everything we do.
2. Build a strong business
Belng a strongi well-run organlsatlon who are seen as a partner and employer of
choice.
3. Provide great homes
Providing good quality and safe homes that meet residents, needs now and in the
future.
4. Provide more new homes
Building new homes to meet housing needs acr055 Northern Ireland.
5, Protect our environment
Reducirig our Impact on the environment.
Values.. These are the guiding princlples of what we do and how we work and will set the
standard that our tenants can expect from us, Our values are to be
Carlngi Honest,
Supportlve and Effectlve and to have Integrity.
The strategy will be actioned through a series of annual business plans that are designed
towards a programme of performance Improvement and business growth. The plan sets
out a series of goals and key performance indlcators that wlll guide staff towards the
slrateglc objectives and are monitored by the Board of Management and the management
team throughout the year,
Board of Management
The Board of Management meets regularly throughout the year.
There are three
committees that meet regularly throughout the year wlth specific responslblllties for
Property Servlces, Procurement and Development, Finance and Corporate Performance
and Audlt and Rlsk.
Board members are elected for three-year terms; retire on expiration of the three years
but are ellglble for re-electlon If they have not served the maxlmum allowed of nlne years.
Nigel Hampton reslgned as a Board member from the 31st March 2025.

Arbour Housing Limited
Year Ended 31 Marcli 2025
strategic report of the Board of Management for the year ended 31 March 2025
Gendei. analysis
members of the Board of Management are male and 2 are female. The management
team of Arbour Housing comprises 4 males and i female. On the 31st of March Arbour
Housing had a Lotal of 31 employees of which 13 were male and 18 were female.
For staff, excluding the senlor management team, analysis shows the average female
salary to be 6.010/0 lower than the male average. For members of the senlor management
team, excludlng the Chief executive, the average female salary is 13.160/0 lower. Arbour
Housing fully supports Fair Employment, and its objective is to fill each position with the
best candidate through a process of open and fair competition in line with best recruitment
practice.
Arbour Housing has a salary structure based upon assessment of the job specification and
skills requirement for each post. A job evaluation framework is used to objectlvely carry
out the job assessment, The successful candldates for recrultment of each role have their
salary determlned by the independent evaluation of the job and the analysls above Is the
reflection of this.
Operational performance
Arbour Housing alms to operate efficiently and effectivelyi and outputs are monitored by
the Board of Management and Commlttees who receive performance reports covering a
variety of financial and non-financial performance Indicators.
For the core business areas, the Board has set several KPI'S - these include Rent Arrears,
Voids, Customer Satisfaction, Maintenance Repair times, and Financial Stablllty.
In challenging operating conditions, the following performance agalnst key targets has
been achieved:
Performance
Indicator
Liquidity margin
Actual
2024-25
2.07
Target
2024-25
>0.5
Comment
Liquldity remalns at a comfortable level
and the position is managed throughout
the year wlth emphasis on managing
borrowing and interest cost5.
Gearing ratio
21%
Higher than Budget but comfortably wlthln
covenants agreed with lenders.
The gearing level reflects the management
of borrowiiig
and the
timing
of
develo
ment ex
enditure.
Better than Budget and comfortably within
covenants agreed with lenders.
This represents a posltlve outturn in the
context of conslderable
increases
in
interest rates and increased market costs
for re
airs includin
ca
Ital works.
Interest cover
190%
1720/0

Arbour Housing Limited
Year Ended 31 March 2025
strategic report of the Board of Management for the year ended 31 March 2025
Performance
Indicator
Operating Margln
Actual
2024-25
Target
2024-25
27.50/0
Comment
Turnover is 20/0 below Budget due to a
small variation in the timlng of completion
of Development schemes but is offset by
favourable Operating Costs 4 % to Budget
prlmarlly through Admin costs particularly
Salarles.
Payments have remalned strong through
the period and exceeded those antlcipated
to be Impacted by the Cost- of-Livlng crlsls.
Arrears and tenants continue to be a
matter for considerable su
ort.
Analysls shows favourable variance due in
the main to lesser number of voids than
Tenant arrears
Loss OF revenue
through Volds
0.730/0
Response
malntenance
Emergency
Urgent
Routine
repairs completed
withln timescale
Tenant satisfaction
Service Provision
Rent value for
money
Quality of
neighbourhood
Recommend to
family or friend
Abllity of staff to
deal effectively
with
ue
850/0
80%
800/0
Results reflect strong performance by
contractors and ongoing management
supervislon in the matter of contractor
performance.
850
900/0
890/0
92%
850/0
850/0
Year on year Improvement demonstrated
against our key benchmarking Indlcators in
our most recent Tenant Satisfactlon Survey
demonstrates
our
commitment
to
executing on our Tenant Participation
strategy but also in improving all aspects
of our servlce provision to tenants.
910
850/0
91%
850/0
890/0
The management of financial resources is critical to Arbour Housing's ability to meet its
objectives. Whilst Arbour Houslng has a voluritary non-profit making status, the generation
of an annual surplus Ss vStal to ensure the on-going investment in new housing stock, to
provide for longer term malntenance obligations, to meet the commitments to lenders and
to generally ensure adequate protectlon agalnst unforeseen circumstances.
Employee information
Arbour Houslng's total staff costs increased to £1,516,260 (2024.. £1,365,466) Including
reduced pension costs. Sickness absence levels were 3.7 % in 2024-25 (4.6 % in 2023-24).
There were 7 new staff joining and 7 staff members left durlng the year.

Arbour Housing Limited
Year Ended 31 March 2025
strategic report of the Board of Management for the year ended 31 March 2025
Geo-Political Events
Geo-Polltlcal events continue to impact wlth further risk of contagion in the last year adding
more uncertainty to Supply chain, market volatility and Trade Wars which necessitate
Arbour having to navlgate through new and additional cha51enges that included cost
inflatlon, interest rate increases, su pply chaln dlsru pLion a nd la bou r ski Ils shortages.
To maintain effective decision making in the Interests of Arbour Housing, throughout the
year the Board has overseen;
Development and Implementation of mitigatlng actions and processes to ensure
that Arbour Housing continues to operate an effective control environment: in
particular, addressing any key reporting and other coritrols on which we place
reliance historically, but which may not prove effective In the currenl environment.
Provision of reliable and reSevant information, on a continuing basls, to manage
operations and those of OLtr suppliers.
Maintenance of capital, ensuring that Arbour Housing has sufficient reserves.
Arbour Houslng's Board considers that the challenges which arose throughout the year
have not had a material effect on Arbour Housing's financial position that would Impact on
its ability to maintain operations, continued level of service to tenants or its ability to
malntain bank covenants. The Board are of the oplnion that the agreed actions have
assisted tenants and Arbour Housing itself to avold the potentlally slgnlflcant Impact that
mlght have arisen due to the uncertainty created by the challenges noted above.
The reported surplus for the year ended 31st March 2025 is ahead of the Budget set at
the beginning of the year and therefore ahead of the forecast set midway through the year
to take account of the potential Impact of interest rate rises, cost pressures, and potential
impact of tenants, clrcumstances,
The results reflect Increased rental income from an increase in the number of homes
provided and from rents, managed void loss, investment In malntaining homes through
response repalrs, other planned works and progress with on-going development activlty.
The latest review of rental debtors and tenant payments shows that the posltion has not
deteriorated, and Arbour Housing continues to offer support to tenants in financial
hardship includlng referral to other support servlces.
The Board consider that there will be no slgnlflcant impact on the value of properties under
the existing use valuation basls due to inflationary and Interest rate increases.
In response to the challenges Arbour Housing continues to carry out comprehensive risk
assessments and has put in place actions to manage and mitigate identified risks.

Arbour Housing Limited
Year Ended 31 March 2025
strategic report of the Board of Management for the year ended 31 March 2025
Consideration of the overall financial impact of interest and Inflatlonary cost Increases have
been reflected In the Budget for 2025-26 and five-year projections (2025-30) which covers
operational performance, financlal posltion and cash flow projections. Arbour Housing will
undertake regular reviews of the underlylng assumptions In the Budget and five-year plan
over the course of 2025-26 and conslder correctlve actlon measures, as appropriate.
The operatlng surplus for the year ended 31st March Is £3.42m presentlng a healthy
outcome for the flnanclal year. The Budget and five-year plan projections confirm that
Arbour Housing well placed to achieve its objectives and in position, financiallyi to manage
the risks raised. The projections show that the Impact on Cashflow is not of concern and
that Arbour Houslng has adequate facilities In place to maintain liquidity for the
foreseeable. The key financlal ratios computed on the Budget outturn and five-year plan
are comfortably within those covenanted Lo lenders.
The Board conslders that the Budget provSdes a reasonable estlmate of the flnancial impact
of the Interest rate and inflationary cost Increases.
Subsequent events
Arbour Housing Board conslders there have been no other events slnce the year end that
have had a slgnlficant effect on its financial posltion.
status
Arbour Houslng Llmlted is registered under the Co-operatlve and Community Benefit
Societies Act (Northern Ireland) 1969 (No. IP224) and is a Registered Houslng Association.
Arbour Housing Limited is a registered charity (Charity No. XN46064).
Arbour Housing Limited is reglstered with the Charity Commission for Northern Ireland
(Reglstralion No. NIC102344).
Value for Money
Arbour Housing Limited's focus on dellverSng value for money Is identlfled In two princlpal
strands, Strand I relates to continLfOUS Improvement that is a key element of our business
strategy. Strand 2 relates to benchmarking our outcomes against our peers and other
relevant external rneasures to identify and prioritise areas of focus.
Our consideration In driving Vfm is to maximise capaclty and better utilise our assets and
resources in a manner that balances and meets the needs of both existlng and fuLure
tenants and residents. Value in our service provlslon is therefore informed by the
perspectlve of our customers.
The focus is not just about cost saving5 and flnancial improvement. Conslderatlon is given
to economy, efflclency and effectiveness In the malntenance and use of our housing assets
to achieve our targets for new housing development, resldent services and community
investment.
Arbour Houslng pays due regard to rents and our annual business plans are deslgned
towards continual performance improvements and organisational growth which will
contribute towards achieving our Vfm alms. Vfm is ensuring that our investment and
expenditure is provldlng adequate returns In terms of the quality of service from suppllers
and contractors as well as ensuring costs are managed.

Arbour Housing Limited
Year Ended 31 March 2025
strategic report of the Board of Management for the year ended 31 March 2025
In the year 2024-25 our Vfm approach has helped deliver 94 homes to the Social Housing
Development Programme at 1060/0 of the Total Cost Index which is a positive outcome in
the context of increasing building costs. With Soan finance at 450/0 of the lotal cost of the
properties acquired, gearing is well within the covenant level required by our lenders. The
results mean Arbour Housing will incur comparatlvely lower interest charges and is
maintaining capacity for further investment in homes for those In need.
The incorne generated in the year ended 31 March 2025, from rent, rates and service
charges, totalled £10.05m (2024 - £8.86m) and represents an increase of 140/0 on the
prevlous year (2024 - 16.00/0). The cash generated was applied to interest charges on
existing loans (180/0), capital repayments on existing loans (170/0) malntenance activities
(240/0), rates (IIO/o), management and overhead (220/0), with maintenance activlties
Including reinvestment in improvement and replacements at increased levels.
For the year ended 31 March 2025 Arbour Housing had a net drawdown of finance £17.5m,
received Housing Association Grant funding £7.4m and expending a total of £24m on new
housing stock and presents an increased cash balance at year end (£0.45m).
Arbour Housing's activities which contribute to Vfm include.
Effective procurement of servlces designed to secure most economical supply
including the use of jolnt procurement wlth other Housing Assoclations to
consolidate the combined purchasing power
Focused set of internal key performance indlcators to encourage efficient cost-
effectlve practices and services
Regular contract meeting with service providers Including review of contract
performance Indlcators
A programme of quality assurance checks on work being carried out by service
providers
Ongoing investment in exlsting properties to ensure continued operational service
and standard of accommodation
Engagement wlth benchmarking opportunltles Includlng NIFHA and Dfc to measure
performance agalnst others
A series of tenant satlsfactlon surveys to assess quallty of services from the
perspective of the end user - tenants
Tenant Participation
Arbour Housing is committed to ensuring that all tenanls receive the best service possible.
To achieve this, we will provlde a range of real opportunities for tenants to contrlbute to
and influence declsions and the servlce delivery of Arbour Houslng, placlng tenants at the
centre of our decision-mal<ing process and to build upon our existing good practices and
level of tenanl- Involvement.
The objectives of our Tenant Participation Strategy are..
To ensure that tenant involvement is at the centre of what we do.
To develop and establish regular and meaningful opportunities for all our tenants
to partake in.
To provlde tenants with the support they need to promote tenant participation,
local empowerment and community cohesion.

Arbour Housing Limited
Year Ended 31 March 2025
strategic report of the Board of Management for the year ended 31 March 2025
To promote partnership working between Arbour Housing, tenants and the local
communlty to deliver effective and meanlngful improvements to the local
envlronment.
Tenant Involvement helps us manage our business so that tenants and other stakeholders
find It easy to participate in and influence decisions at a level at which they are
comfortable, To help achieve this, we recognise that many different opportunilies are
required.
We aim to;
Put tenants, vlews at heart of our declslon-maklng process
Listen, act and provide feedback to tenants
Provide a range of optlons for tenant involvement, via our Menu of Involvement
Ensure the promotion and expresslon of our community ethos
Ensure all stalf embrace this strategy to achieve meanlngful participation
Review our practices and how we operate by acting positlvely to feedback from
tenants
Commit to the provision of adequate resources to dellver all aspects of the
Strategy.
The members of the Tenants, Forum have access to tralnlng to enable them to maxlmlse
their contribution including Governance training and following conslderation, have
approved activities for Tenant Engagement throughout the year,
The Tenants Forum performs an enhanced scrutiny role on behalf of Arbour Housing.
Tenant involvement in the scrutlny of a landlord's performance is rooted in the princlple
that landlords take account of the followlng:
Tenant's prioritles and needs
Involving tenants In settlng pollcies and standards
Tal<lng tenants, vlews into account before decisions are taken
How to support tenants to hold the landlord to account
Results from the latest Tenant 5atlsfaction Survey support the practice of tenant
involvement and participation:
Over 700/0 of respondents were satisfled that Arbour Housing listened to thelr views
and acted on them
Over 950/0 of respondents felt that Arbour Housing kept them informed about things
that might affect them as a resident.
Tenant Forum members have been Involved in policy reviews and partlclpated in joint
scheme visits with Estate Compliance Officers to provide a tenant perspective on a range
of services provided wlth requests and views consldered and actloned in the year to March
2025, Forurn members have also held meetings with assorted members of Staff and
Contractors to outline any issues that tenants in thelr area may be experiencing to enhance
the services provlded by Arbour.
Risk Management
Responsibillty for the Identificatlon of risks is clearly defined and operates through a rolling
risk assessment process. Key risks facing Arbour Housing are considered by the Board of
Management and the Board has adopted a risl<-aware strategic focus.
Performance in the sector Is generally affected by government policles and changing
legislation, the impact of the regulatory regime, changes in demographlc, political or
io

Arbour Housing Limited
Year Ended 31 Marcli 2025
Strategic report of the Board of Management for the year ended 31 March 2025
economlc conditions or environmental rlsks. Some of the major factors which may affect
Arbour Houslng over the next year are:
strategic risks
Macroeconomic and finaiicial environment
Deliverlng against Tenant expectatlons
Diversificatlon into new business
Access to labour and skills
Counterparty risk
The requirements arlsing from the objective of decarbonisation and the investment
that will be required
Operatlonal risks
existlng stock and service dellvery
Existi ng stock quality
Delivering servlces to tenants
Health and safety
Costs and inflalion
Grant funding levels
Rent setting
Tenant welfare
Rental income and arrears
Data security
Data Integrity
Operational risks development
Contractual risks
Construction process risks
Finance and treasury management
Existing debt
New debt
Alternative funding models
Pensions
FraLsd
Measures are in place to control these risks, and the implementation of further mitigating
actions is regularly monltored by the Board.
Followlng the easlng of risks associated with the Covid pandemic new risks have emerged
from the wider global geopolltical environment. Arbour Housing is alert to the risks and
will endeavour to assess, monitor, antlcipate and mitigate as far as is possible.
Performance in the year ended 31 March 2025
During the year the number of homes in management increased to 1,643 (1,495 2023-
24). A further 139 properties had been substantially progressed in the year and will be
completed in early 2025-26.
The turnover figures show an Increase of 14 % in income from social houslng actlvities
from £10,195,480 in 2023-24 to £11,635,637 in 2024-25. Arbour Housing's annual revlew
of rental charges at March 2025 resulted a 4.00/0 increase of r'ent in 2025-26, which was
considered in the context of increasing costs faced and the pressures on tenants.
li

Arbour Housing Llmited
Year Ended 31 March 2025
strategic report of the Board of Management for the year ended 31 March 2025
Operating costs of £8,229,617 represents 710/0 of turnover (72.4 % in 2023-24) with a
further 14.90/0 to cover interest cost on loans (15.30/0 in 2023-24).
The surplus on ordinary activities was £1,820,815 showing an Increase from 2023-24 of
£491,147. The surplus on ordinary activities is reflective of an increase in Revenue of
14.3 % exceedlng that of the increase In Operating Costs and Interest costs on loans at
11.60/0 In additlon to an increase in the level of capitalised repalrs withln the planned
maintenance programme of works. The Board Is content that the figures represent
consistently healthy underlying performance.
Arbour Housing continued its programme of major repairs and improvemeiits to propertie5
and the total expenditure in the year, Inclusive of capital reinvestment, was £1,420,757
(2023-24,, £2,238,953), The level of expendlture of this nature wlll fluctuate from year-
to-year dependent on the age and condltion of schemes and the portion of thls charged
through the statement of comprehensive income can have a signiflcant impact on the
amount of retained surplus in any one year. Difficulties in the supply market and increasing
market costs have contributed to the recorded Increased costs. The Board Is confident that
thls does not impact on the covenants related to Bank finance.
Flnancing costs increased from £1,559,386 in 2023-24 to £1,736,933 due to the borrowlng
requlrements through the year and the higher interest rates. The current year includes
other finance income of £32,000 relating to pension adjustments (2023-24.. £Nil).
Arbour Housing is commltted to supporting contractors and suppllers through the timely
payment of invoices. The target Is to settle the accounts for undlsputed Involces wlthln 30
days. For the year 2024-25 the average payment period was 18 days (2023-24.. 18 days).
Expected performance in the year ending 31 March 2026
Arbour Housing expects to malntaln Its level of operatlons and performance In 2025-26.
It is planned that 199 homes wlll be completed through our development programme In
the year, Expenditure of £1,525,480 on on-going programme of component rep5acement,
Major Repairs and Improvements to properties is anticlpated In the year.
Financial sustainabiljty
Arbour Housing has a robust framework of long-term financial planning in place. The Board
regularly considers the long-term flnancial plan which covers a plannlng horlzon of 25
years. The plan includes sensitivity analysis and compares projected results to funders,
covenants where appllcable. The Board monitors the rnacro-economic environment In a
continuous process of review and adjustment where necessary to exploit opportunltles and
mitigate any threats.
By order of the Board
An
la Clarke
Date: 8th July 2025
12

Arbour Housing Liinited
Year Ended 31 Marclj 2025
Report of the Board of Management for the year ended 31 March 2025
The Board present thelr report together with the financial statements for the year ended 31
March 2025.
Princlpal activities
Arbour Houslng Is a registered non-profit making houslng association providing housing
accommodation for those in need. It Is an active particlpant In the Social Houslng
Development Programme.
Financial results
The surplus on ordinary activities for the year was £1,820,815 compared to a surplus of
£1,329,668 for the previous year.
Board of Management
The Board of Management meets regularly throughout the year. There are three commlttees
with delegated responsibilities whlch also meet regularly throughout the year w5th specific
responsibllities for Property Services, Procurement and Development, Flnance and Corporate
Performance and Audit and Risk.
Board members are elected for a three-year period, retire on expiration of the three years
but are ellgSble for re-election If they have not served the maxlmum allowed of nine years.
Treasury
Arbour Housing's treasury policy is regularly reviewed by the Finance & Corporate
Performance Committee, under the delegated authority from the Board of Management, The
aim is to malntain adequate cash balances to minimise interest payments on loans, wlthout
compromlsing the ability to meet our financial obllgations as they arlse.
Arbour Housing was fully compliant with loan covenants during the year and monitors these
covenants in all Budget projections.
All surpluses generated by Arbour Housing are reinvested with the objectlve of malntaining
homes In good condition, developlng new homes for urgent need at rents that are as low as
posslble and to reduce the need for borrowSng. The reserves that Arbour Housing has built up
have been reinvested In its housing properties, and are not, therefore, represented by cash
balances.
Interest rate risk
Exposure to fluctuating interest rates is managed by the composition of a balanced portfolio
of fixed and variable rate loans, Arbour Housing's effectlve interest rate for 2024-25 was
5,370/0 (2023_24: 5,170/0) and Arbour Housing has attetnpted to mitigate against the impact
of increaslng interest rates through effective cash management.
13

Arbour Housing Lin7ited
Year Ended 31 March 2025
Report of the Board of Management for the year ended 31 March 2025
Llquidity risk
Arbour Houslng maintains a mixture of long-term and short-term finance designed to ensure
that there are sufficient funds to achieve business objectives and to facllitate growth wlth
consideration to the interest costs of such finance.
Currency rlsk
Arbour Houslng does not engage in forelgn currency transactions and Is not exposed to
exchange risk.
Environmental matters
Arbour Houslng recognises its corporate responsiblllty to carry out its operations and
development programme whilst minimlslng envlronmental impacts. The Board's continued
aim is to comply with all applicable environmental legislation, prevent pollutlon and to reduce
waste wherever posslble and Its objectlves are reSnforced in its energy strategy, Arbour
recognlses that the Housing sector has a critical role to play in delivering the government's
ambition for net zero carbon emissions and responding to the climate crlsls.
A major Envlronmental consideration for Arbour Housing this year has been Carbon
Reductlon. Thls has been addressed in Arbour's 2023-28 Carbon Reduction Strategy (CRS)
whlch sets out the drivers for change and why the Carbon Reduction Pledge has been made,
where we are starting from, and our priorities for actlon to decarbonise our operations and
lay a foundation for the Future. The Strategy recelved Its annual review in March 2025, to
ensure the aims and objectives remain relevant and purposeful.
We are proud to confirm that Arbour completed our first Environment, Social & Governance
(ESG) report In 2024/25. Whilst this is not yet a mandatory requirement for our business, it
was felt that this is a strategic and responsible move for our organisation, to demonstrate
our commitment to sustalnabllity and bulld trust wlth the Regulator, our funders and our
tenants. This report aligns with to the 'Sustainability Reporting Standard for Social
Housing, which Is the sector standard for ESG reporting and ensures that we report on the
indicators that have been identified as belng most relevant for our sector. It also allows
comparlsons to be made across the sector as well as the ability to learn and share best
practlce with our peers, Within the past year we have continued to Implement our promlses
within the Cllmate Action Pledge (Business In the Community), enhanced the biodiversity
measures across our sites, Improved the Energy Rating of our stock, and installed
Renewables at our Head Office,
Corporate Governance
The 2023-24 Annua5 Regulatory Judgement from the Regulator (Department for
Communities), whlch cover the three standards of Governance, Finance and Consumer has
been shared and we are pleased to report that we have again received the top grade
(Regulatory Rating l- Meets the requirements), it 15 therefore the opinion of the Board of
Management that Arbour Housing is In compliance with the best practice issued by NIFHA
Code of Governance.
14

Arboiir Housing Limlted
Year Ended 31 Marcli 2025
Report of the Board of Management for the year ended 31 March 2025
Audit and Risk Committee
Arbour Housing has an Audlt & Risk Committee with clearly defined terms of reference.
The Committee monltors risk management and internal controls through the
management of internal and external audit programmes. The Commlttee provides a
forum through which the internal and external auditors reporL to the Board. The Board
believes that It has an objective and professional relationship with its auditors.
Going Concern
After making enqulrles, the Board of Management is confident that Arbour Housing has
adequate resources, plans and objectives to continue In operational existence for the
foreseeable future. For this reason, they continue to adopt the Going Concern basis in
preparing the financial statements.
Internal controls
The Board of Management Is responslble for Arbour Housing's system of internal
controls and for reviewing its effectiveness. Such a system is designed to manage and
reduce, rather than to eliminate, the rlsk of failure to achleve business objectives. It
can provide only reasonable, and not absolute, assurance against material
misstatement or loss.
We operate ongoing processes for identifyingi evaluating and managing the significant
rlsks faced by Arbour Housing, they have been in place for the year to 31 March 2025
and up to the date of the approval of the Annual Report and the Flnancial Statements.
The processes are reviewed at least annually by the Committee.
The key elements of the control system in operatlon are:
The Board has adopted a formal schedule of matters reserved for Its approval
ensuring it maintains responslbility for overall strategy, approval of all
property transactions and other major capital expenditure projects
There is an organisatlon structure with clearly defined lines of responsibility
and delegatlon of authorityi and
Detalled Budgets are prepared covering Arbour Houslng's business whlch are
revlewed and approved by the Board of Management. Actual results are
compared against Budget and appropriate actlon identifled and initiated,
15

Arbour Housing Limited
Year Ended 31 March 2025
Statement of the responsibilities of the Board of Management
The Board of Management is responsible for preparing the Board of ManagemenL's Report
and the financial statements in accordance with applicable laws and regulations.
The Board of Management Is requlred by law to prepare financlal statements for each
flnancial year which give a true and fair view of the state of affalrs of Arbour Housing and
of its surplus or deflclt for that period. In preparing these financlal statements, the Board
of Management are required to:
select 5ultable accountlng pollcles and then apply them consistently
make judgments and accounting estimates that are reasonable and prudent,
state whether applicable accounting standards have been followed, subject to any
material departures disclosed and explained in the financlal statements
prepare the financlal statements on the Going Concern basis unless It Is
Inappropriate to presume that Arbour Houslng wlll continue In operatlon.
The Board of Management are responslble for keeplng adequate accountlng records that
dlsclose with reasonable accuracy at any time the financial positlon of Arbour Houslng and
enable them to ensure that the financial statements comply wlth the Financial Reporting
Standard 102 and Housing SORP 2018. They are also responsible for safeguardlng the
assets of Arbour Houslng and for taking reasonable steps for the prevention and detectlon
of fraud and other irregularitles.
statement of dlsclosure to Auditors
So far as each of the members of the Board of Management are aware at the date of
approval of these financlal statements..
there is no reSevant audit informatlon of which Arbour Houslng's audltors are
unaware and
they have taken all the steps that they ought to have taken to make themselves
aware of any relevant audit Information and to establish that Arbour Housing's
auditors are aware of that Information.
Auditors
A resolution to reappoint Sumer Auditco NI Limited will be proposed at the Annual General
Meeting.
On behalf of the Board of Management
Angela Clarke
Chair
Date., 8th July 2025
16

Arbour Houslng Limited
Year Ended 31 Marcli 2025
Independent Auditor's Report
Opinion
We have audited the financial statements of Arbour Housing Llmlted for the year ended
31 March 2025 which comprises the statement of comprehensive income, the statement
of changes in reserves, the statement of flnancial posltlon, the statement of cash flows
and the related notes to the financlal statements, Includlng a summary of slgnlflcant
accounting pollcies.
Iii our opinion the financial statements:
glve a true and fair view of the state of Arbour Housing's affairs as at 31 March 2025
and of its surplus for the year then ended;
have been properly prepared in accordance wlth Unlted Kingdom Generally Accepted
Accounting Practice (Unlted Kingdom Accountlng Standards, comprising FRS 102"The
Financial Reporting Standard applicable In the Ul< and Republic of Ireland"
and
applicable law)" and
have been properly prepared in accordance with the requlrements of the Co-operative
and Community Benefit Societies Act (Northern Ireland) 1969. the Reglstered Houslng
Assoclations (Accounting Requirements) Order (Northern Ireland) 1993. Article 19 of
the Housing (NI) Order 1992; Regulation 9 of the Charities (Accounts and Reports)
Regulatlons (Northern Ireland) 2015; and the Charitles Act (Northern Ireland) 2008.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS
UK) and applicable law, Our responslbllltles under those standards are further described
in the AudiLor's responsibllities for the audit of the financial statements section of our
report. We are indepeiident of Arbour Housing in accordance wlth the ethical requirements
that are relevant to our audit of the financial statements in the UIC, including the FRC'S
Ethical Standard, and we have fulfilled our other ethical responslbilitles in accordance with
those requlrements. We believe that the audit evidence we have obtalned Is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to Going Concern
We have nothlng to report in respecl of the following matters in relatlon to whlch the ISAS
(UK) require us to report to you were
the Board of Management's use of the going concern basis of accounting in the
preparation of the financlal statements is not appropriate, or
the Board of Management have not disclosed in the financial statements any
identified material uncertainties that may cast slgnificant doubt about Arbour
Housing's ability to contlnue 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.
However, because not all future events or conditions can be predicted, this statement is
not a guarantee as to the association's ability to continue as a Going Concern.
17

Arbour Housing Limited
Year Ended 31 March 2025
Independent Auditor's Report (cont'd)
Reporting on other Information
The other information comprises the information Included in the Report of the Board of
Management other than the flnancial statements and our audltor's report thereon. The
Board of Management Is responsible for the other information. Our oplnion on the flnancial
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 audlt of the financlal statements, our responsibllity is to read the
other information and, In so doing, consider whether the other Information is materially
inconsistent with the flnancial statements or our knowledge obtained in the audlt or
otherwise appears to be materlally misstated. If we Identlry such material inconslstencles
or apparent material misstatements, we are required to determine whether there is a
material mlsstatement in the financial statements or a materlal misstatement of the other
informatlon. If, based on the work we have performed, we conclude that there is a materlal
mlsstatement of thls other information, we are requlred to report that fact.
Oplnion on other matters prescribed by the Companies Act
In our opinlon, based on the work undertaken In the course of the audit
the informatlon glven the Report of the Board of Management for the financlal
year for which the financial statements are prepared is consistent with the financlal
statements, and
the Report of the Board of Management has been prepared In accordance with
applicable legal requirements,
Matters on which we are requlred to report by exception
In the light of the Icnowledge and understanding of Arbour Houslng and its environment
obtained in the course of the audit, we have not identified material misstatements In the
Report of the Board of Management.
We have nothing to report in respect of the following matters in relation to whlch the
Companles Act 2006 requlres us to report to you if, in our oplnlon
adequate accounting records have not been kept, or returns adequate for our audit
have not been receSved from branches not vlslted by us; or
the financial statements are not in agreement wlth the accounting records and
returns. or
we have not received all the Informatlon and explanations we require for our audit.
18

Arbour Housing Limited
Year Ended 31 March 2025
Independent Auditor's Report (cont'd)
Responsibilities of the board of management
As explalned more fully in the Board of Management responsibilities statement the Board
of Management is responslble 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
are free from material misstatement, whether due to fraud or error.
In preparing the flnanclal statements, the Board of Management Is responsible for
assessing Arbour Housing's ability to continue as a Going Concern, disclosing, as
applicable, matters related to Going Concern and using the Going Concern basls of
accountlng, unless the Board of Management elther intend to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectlves are to obtain reasonable assurance about whether the financial statements
as a whole are free from materlal misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our oplnlon. Reasonable assurance is a high level of
assurance but is not a guarantee that an audlt conducted in accordance with ISAS (UK)
will always detect a material 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 economlc decislons of
users taken on the basls of these financial statements.
Irregularities, includlng fraud, are Instances of non-compliance wlth laws and regulations.
We design procedures in line with our responsibilities, outlined above, to detect materlal
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 opportunitles and incentives that may exist withln the company for
fraud and Identified the greatest potential for fraud in the followlng areas: postlng of
unusual journals. To address the rlsk, we discussed the risk with client management and
designed audit procedures to test a sample of journals to confirm they were approprlate.
A fu rther d escriptlon of ou r responsibilities for the aud it of financial staternents is located
on the Financlal Reporting Council's website at www.frc,org,uk/audltorsresponsibilities.
This description forms part of our audltors, report,
19

Arbour Housing Llmlted
Year Ended 31 March 2025
Use of our report
Thls report Is made solely to the Board of Management, In accordance wlth Article 38 of
the Co-operatlve and Communlty Benefit Societies Act (Northern Ireland) 1969 (formerly
the Industrlal and Provldent Societles Act (Northern Ireland) 1969). Our audit work has
been undertaken so that we might state to the Board of Management those matters that
we are requlred 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, for this report, or for
the oplnlon we have formed.
B Clerkln (Senlor Statutory Auditor)
for and on behalf of Sumer Auditco NI Limited
statutory Auditor
Glendinnlng House
6 Murray Street
Belfast
BTI 6DN
(date)
20

Arbour Housing Lin7ited
Year Ended 31 March 2025
statement of Comprehensive Income
For the year ended 31 March 2025
2025
2024
Note
5, 28, 30
6, 28, 30
Turnover
Operating costs
Operating surplus
Gain on disposal of housing properties
Interest receivable and simllar income
Interest payable and similar charges
Surplus on ordinary activities
Actua rlal galn / (Ios51 in respect of pension
Surplus for the financial year
Retalned surplus brought forward
11,648,188
10,189,650
(8,229,617) (7,373,212)
3,418,571
2,816,438
110,528
43,652
28,649
28,968
1,736,933
1,559,390)
1,820,815
1,329,668
(235,000)
423,000
1,585,815
1,752,668
22,731,054
20,978,386
24,316,869
22,731,054
24,316,869
22,731,054
10
11
12
31
24
Retained surplus carried forward
All amounts above relate to continuing operations of Arbour Housing.
The notes on pages 25 to 49 form part of these financlal statements.
21

Arbour Housing Limited
Year Ended 31 March 2025
statement of Changes in Equity
For the year ended 31 March 2025
2025
2024
Surplus for the flnancial year
Movement In capital and reserves
Net addition to capital and reserves
Openlng total capital and reserves
Closing total capital and reserves
1,585,815
1,752,668
1,585,818
22,731,157
24,316,975
1,752,668
20,978,489
22,731,157
22

Arbour Housing Limited
Year Ended 31 Marcli 2025
statement of Financial Position
As at 31 March 2025
Notes
2025
2024
Fixed assets
Housing properties - depreciated cost
13
181,344,169
158,997,877
other tangible fixed assets
14
637,628
657,715
181,981,797
159,655,592 -
Current assets
Debtors
15
8,286,952
4,177,723
Cash at bank and in hand
1,844,609
1,390,099
10,131,561
(6,678,092)
5,567,822
(6,264,528)
Credltors: amounts falling due wlthin one
year
16
Net current (liabllitles)/assets
3,453,469
(696,706)
Total assets less current liabilities
185,435,266
158,958,886
Creditors: amounts falling due after more
than one year
17
(161,609,291)
(136,782,729)
Penslon Asset
31
491,000
555,000
Total net assets
Capltal and reserves
24,316,975
22,731,157
Called up share capital
22
18
16
Capital reserve
23
88
87
Revenue reserve
24
24,316,869
22,731,054
Total funds
24,316,975
22,731,157
The notes on pages 25 to 49 form part of these financial statements.
A Clarke (Chair)
Orbour Housing Limited
Date.. 08/07/2025
J Hool
Board Member)
atthews
hief Executive)
egistere
number.,
224
Date.. 08107/2025
Date: 08/07/2025
23

Arbour Housing Limited
Year Ended 31 March 2025
statement of Cash Flows
For the year ended 31 March 2025
2025
2024
Note
Net cash from operating activities
Cash flow from investing activitles
Purchase and development of houslng properties
Recelpt of houslng assoclatlon grant
Receipts from dlsposal of housing properties
Purchase of other tanglble assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan advances
Loan principal repayments
Allotment of shares
Interest paid
Net cash used in from financing activities
Net (decrease)/ increase in cash and cash
Cash and cash equivalents at the beginning of the year
25
4,048,961
3,776,901
(24,826,021) (30,313,716)
7,408,833 19,167,910
268,488
607,606
(19,299)
(17,608)
28,649
28,968
(17,139,350) (10,526,840)
32,500,000 29,500,000
(16,731,358) (21,241,302)
(2,223,743) (1,644,240}
13,544,899
6,614,460
454,510
(135,479)
1,390,099
1,525,578
Cash and cash equivalents at the end of the
year
26
1,844,609
1,390,099
The notes on pages 25 to 49 form part of these financial statements.
24

Arbour Housing Liniited
Year Ended 31 Marcl? 2025
Notes to the financial statements for the year ended 31 March 2025
l. General information
Arbour Housing's principal actlvity during the financial year contlnues lo be providlng
houslng accommodation for those in need. Arbour Housing Is registered under the Co-
operative and Community Benefit Societles Act (Northern Ireland) 1969 and domiciled In
the UK. The address of the reglstered offlce 15 18-22 Carleton Street, Portadown, BT62
3EN.
2. Statement of compliance
These financlal statements of Arbour Housing Limited have been prepared on the going
concern basls in compliance with Unlted Kingdom Accounting Standards, including Financlal
Reportlng Standard 102, The Flnancial Reportir)g Standard applicable in the United
Kingdom and the Republic of Ireland" ("FRS 102") under the historical cost conventlon,
and in accordance with applicable accounting standards in the United Klngdom and
Statement of Recommended Practice for Accounting by Registered Soclal Landlords. The
principal accountlng policies, which have been applied consistently throughout the year,
are set out below. The presentatlon of the financlal statements complies with the
Registered Housing Associations (AccounLing Requirements) Order (Northern Ireland)
1993.
3. Summary of significant accounting policies
The principal accounting policies applied in the preparatlon of these financial statements
are set out below, These policies have been conslstently applied to all the years presented,
unless otherwlse stated, The company has adopted FRS 102 in these financial statements.
Basis of preparation of financial statements
These financial statements are prepared on a going concern basis, under the historical cost
convention. The preparation of financial statements requires the use of certaln critical
accounting estimates. It also requires management to exercise its judgement In the
process of applying Arbour Housing's accounting policies. The areas involving a higher
degree of judgement or complexltyi or areas where assumptlons and estimates are
slgnificant to the financlal statements, are disclosed in note 4.
Foreign currencies
Transactions and non-monetary assets, denominated In foreign currencies, are translated
at the exchange rate at the date of the transactlon. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the rate of exchange rullng at the
statement of flnancial position date or the exchange rate of a related foreign exchange
contract where relevant. The resulting exchange gains or losses are dealt wlth in the
StaLement of comprehensive income.
25

Arbour Hoiising Limited
Year Ended 31 March 2025
3. Summary of signlflcant accounting policies (continued)
Revenue recognition
Revenue Is measured at the falr value of the consideration received or recelvable and represents the
amount receivab5e for goods supplled or services rendered, net of returns, discounts and rebates
allowed by Arbour Houslng and value added taxes. Arbour Housing bases its estimate of returns on
hlstorlcal results, taking Into consideratlon the type of customer, the type of transactlon and the
specifics of each arrangement.
Where the consideration receivable In cash and cash equivalents Is deferred and the arrangement
constitutes a financing transaction, the fair value of the consideration is measured at the present
value of all future receipts using the imputed rate of interest. Revenue is recognised when, and to
the extent that, Arbour Houslng obtalns the right to consideratlon In exchange for Its performance.
Net rental income
Income includes rent and servlce charge income arising from the provision of housing
accommodatlon and the amortlsation of Houslng Associatlon Grant. Income is recognised
in the perlod to whlch it relates.
Other income
other income Is recognised in the Statement OF comprehensive income when the terms
of revenue recognition have been met.
Employee benefits
Arbour Houslng provides a range of benefits to employees, including pald holiday arrangements and
defined contrlbutlon penslon plans.
Short term benefits
Short term benefits, includlng holiday pay and other similar non-monetary benefits, are recognlsed
as an expense in the period in which the service is received.
Defined beneflt plan
Arbour Housing operates a defined beneflt plan for certaln employees, A defined benefit plan deflnes
the pension benefit that the employee will recelve on retirement, usually dependent upon several
factors including age, length of service and rernuneration, A defined benefit plan is a post-
employment benefit other than a defined contribution plan.
The liability recognised in the balance sheet in respect of the defined benefit plan is the present
value of the defined benefit obligation at the end of each flnanclal year less the fair value ol the plan
assets at the same date,
The defined benefit obligation Is calculated annually by an external actuary uslng the projected unit
credit method. The present value of the defined benefit obligation is determlned by discounting the
estlmated future payments using market yields on high quality corporate bonds that are
denominated in Sterllng and that have terms approxlmating the estimated period of the future
payments ('discount rate,).
26

Arbour Housing Limited
Year Ended 31 March 2025
3. Summary of significant accounting policies (continued)
The fair value of plan assets out of which the obligations are to be settled Is measured In
accordance wlth Arbour Housing's accounting policy for financial assets. For most plan assets this
is the quoted price in an actlve market. Where quoted prices are not available appropriate
va5uatlon techniques are used to estimate the falr value.
The cost of the deflned benefit plan, recognised in profit or loss, except were Included in the cost
of an asset, comprises:
(a) L'he increase in net defined benefit liabllity arlslng from employee service during the
financial year. and
(b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost on the net defined benefit Ilability is determined by multiplying the net defined
benefit liability by the discount rate (both as determined at the start of the financlal year, taking
account of any changes In the net deflned benefit liability during the financlal year as a result of
contribution and benefit payments). This net interest cost 5s recognlsed in profit or loss as 'finance
expense, and presented wlthin 'interest payable and similar charges,.
Actuarial galns and losses arising from experience adjustments and changes in actuarial
assumptions are recognised in other comprehensive income. These amounts together with the
return on plan assets less the interest income on plan assets included in the net interest cost, are
presented as 're-measurement of net deflned beneflt liabllity, In other comprehenslve income.
Tangible fixed assets
Housing properties
Operates a full component accountlng policy in relatlon to the capitalisation and depreciation
of its completed housing stock. Housing properties are stated at cost includlng appropriation
on costs and net of initial sales proceeds from part owners in respect of leasehold schemes.
other fixed assets
other fixed assets are stated at cost less accumulated depreciation.
Long leasehold office property
Arbour Housing's policy Is to depreclate the cost over the remalnlng useful economic life of
the property.
Schemes under construction
Schemes under construction are carried at cost and are not depreciated until brought into
use.
27

Arbour Housing Limlted
Year Ended 31 March 2025
3. Summary of significant accounting policies (continued)
Capitalisation of development costs
Development costs are capltallsed where they are directly attributable to brlnglng the properties
into working condltion for their Intended use. Such costs generally include the labour costs of
company employees arising directly from the acquisition or development of the property and
incremental costs that would only have been avoided if the property concerned had not been
acquired or consLructed.
Due to the higher volume of development In recent years and hlgher Interest rates on borrowings,
the Board of Management consldered the option of adding capital interest to scheme development
cost during the current flnancial year 2024-25. This resulted in an Increase of £446,974 In the
current year's profit. Necessary changes are made in the Statement of Comprehensive Income to
reflect these changes.
Housing Association Grant and other grants
Housing Association Grant and other grants received as a contrlbution toward5 the capital costs
of housing properties of Arbour Houslng were set against the capltal cost of these properties in
prior years. As per the 2018 Housliig SORP and FRS 102 the grants have been included as
'Creditors.' amounts falling due after more than one year, and 'Credltors.' amounts falllng due
within one year, and are amortlsed to the Statement of comprehensive Income as per the turnover
pollcy above, Housing Assoclation Grant received against revenue expenditure is credited to
revenue in the period in which the related expenditure Is charged.
Such grants, although treated as a grant for accounting purposes, may be repayable under certain
circumstances, primarily following the sale of housing property, but any amount repayable would
be restrlcted to the net proceeds of the sale.
Depreciation and Impairment
Houslng properties
Housing propertles are split between land, structure and major components which requlre periodic
replacement. Replacement or refurbishment of such major components is capltallsed and
depreciated over the estimated useful life which has been set taking Into account professional
guidance and Arbour Housing's asset management strategy. In determlning the remalnlng useful
lives for the housing stock, Arbour Housing has taken account of views provided by both internal
and external professional sources.
Freehold land Is not subject to depreclation whilst leasehold land is depreciated over the unexpired
period of the lease. Depreciatlon is charged so as to write down the cost or valuation of the
freehold housing properties and major components on a straight-line basis over their expected
use economic lives.
Major components are treated a5 separable assets and depreciated over their expected useful
economlc Ilves or the Ilves of the structure to whlch they relate, If shorter, at the followlng annual
rates:
28

Arbour Housing Limited
Year Ended 31 March 2025
Land
Structure (including roof)
Windows and doors
Main heating system unit
Kitchens
Bathrooms
Electrics
Mechanical systetns
Lift
Solar Panel
Alr Source Heat Pump
Not depreciated
100 years
35 years
15 years
20 years
25 years
30 years
30 years
20 years
20 years
20 years
Housing assets are subject to a depreciatlon charye in the year of acquisition or
completion. Where there Is evidence of Impairment, the flxed assets are written down to
the recoverable amount and any wrlte down is charged to Operating Surplus.
other fixed assets
Depreciation of other flxed assets is charged on a straight~Ilne basis over the estimated
useful economic lives of the assets at the following annual rates..
Office furnlture and equipment
Computer equipment
5 years
3 years
Long leasehold office property
The useful economic life of the asset has been estlmated at 50 years.
Subsequent additions and major components
Subsequent costs, including major inspectlons, are included In the assets carrying amount
or recognised as a separate asset, as appropriate, only when it is probable that economic
benefits associated with the item will flow to Arbour Housing and the cost can be measured
reliably. The carrylng amount of any replaced component Is derecognised. Repairs,
maintenance and minor inspectlon costs are expensed as incurred.
Derecognition
Tangible assets are derecognlsed on disposal or when no future economic benefits are
expected. On disposal the difference between the net disposal proceeds and the carrylng
amount is recognised in the statement of comprehenslve income.
Leased assets
At Inception Arbour Housing assesses agreements that transfer the right to use assets.
The assessment considers whether the arrangement is, or contalns, a lease based on the
substance of the arrangement.
Operating leased assets
Leases that do not transfer all the risks and rewards of ownershlp are classified as
operating leases. Paymenls under operating leases are charged to the Statement of
comprehensive income on a straight-line basls over the period of the lease,
29

Arbour Housing Limited
Year Ended 31 March 2025
3. Summary of significant accounting policies (continued)
Cash and cash equivalents
Cash and cash equlvalents include cash In hand, deposlt5 held at call with banks, other
short-term highly liquid investments with original maturltles of one month or less and bank
overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Impalrment of non-financial assets
At each statement of flnancial positlon date non-financial assets not carried at fair value
are assessed to determine whether there is an indication that the asset (or asset's cash
generating unlt) may be impaired. If there is such an Indlcatlon the recoverable amount
of the asset (or asset's cash generatlng unlt) Is compared to the carrying amount of the
asset (or asset's cash generating unit).
The recoverable amount of the asset (or asset's cash generating unit) is the hlgher of the
falr value less costs to sell and value In use. Value in use is defined as the present value
of the future cash flows before Interest and tax obtalnable as a result of the asset's (or
asset's cash generatlng unit) contlnued use, These cash flows dlscounted using a pre-tax
d15count rate that represents the current market risk-free rate and the risks inherent In
the assets.
If the recoverable amount of the asset (or asset's cash generatlng unit) is estimated to be
lower than the carrying amount, the carrying amount is redLiced to its recoverable amount.
An Impairment loss is recognlsed In the Statement of comprehenslve Income, unless the
asset has been revalued when the amount is recognised In other comprehenslve Income
to the extent of any previously recognised revaluation.
Thereafter any excess is
recognlsed in the Statement of comprehensive Income.
If an Impalrment loss is subsequently reversed, the carrying amount of the asset (or
asset's cash generating unit) is Increased to the revised estlmate of its recoverable
amount, but only to the extent that the revised carrying amount does not exceed the
carrylng amount that would have been determined (net of depreciation or amortisation)
had no Impalrment loss been recognised In prior periods. A reversal of an impairment loss
Is recognlsed in the Statement of comprehensive Income.
Provlslons
Provlsions are recognised when the company has a present legal or constructive obligatlon
as a result of past events; it Is probable that an outflow of resources will be required to
settle the obligation, and the amount of the obligations can be estimated reliably.
Where there are a number of similar obligations, the Ilkelihood that an outflow wlll be
required in settlement is determined by considering the class of obligations as a whole, A
provision is recognised even if the lilcelihood of an outflow with respect to any one item
included in the same class of obligations may be small,
Provisions are measured at the present value of the expenditures expected to be required
to settle the obligation using a pre-tax rate that reflects current marlcet assessments of
the time value of money and the risks speclfic to the obligation. The increase in the
provision due to passage of time is recognised as a finance cost.
30

Arbour Housing Limited
Year Ended 31 March 2025
3. Summary of significant accounting policies (continued)
Contingencies
Contingent liabilities, arising as a result of past events, are not recognised when (i) is
not probable that there wlll be an outflow of resources or that the amount cannot be
reliably measured al the reporting date or (il) when the exlstence wlll be confirmed by the
occurrence or non-occurrence of uncertain future events not wholly within the company's
control. Contlngent liabilities are disclosed in the financial statements unless the
probabillty of an ouLflow of resources Is remote.
Financial instruments
The company has chosen to adopt Sectlons 11 and 12 of FRS 102 In respect of flnanclal
Instruments.
Financial assets
Basic flnanclal assets, Sncluding trade and other receivables and cash and bank balances
are Initially recognised at transaction price, unless the arrangement constitutes a financing
transaction, where the transaction Is measured at the present value of the future receipts
discounted at a market rate of Interest. Such assets are subsequently carried at amortised
cost using the effective interest method.
At the end of each reporting period financial assets rneasured at amortised cost are
assessed for objective evidence of impalrment. If an asset is Impaired the impairment loss
Is the difference between the carrying amount and the present value of the estimated cash
Flows discounted at the asset's orlginal effectlve Interest rate. The impairment loss is
recognised in Statement of comprehensive income.
If there Is a decrease in the impairment loss arising from an event occurring after the
Impairment was recognised, the impairment is reversed. The reversal Is such that the
current carrying amount does not exceed what the carrylng amount would have been had
the impalrment not prevlously been recognised, The impairment reversal is recognised in
Statement of comprehensive income.
Financial assets are derecognised when (a) the contractual rlghts to the cash flows from
the asset expire or are settled, (b) substantially all the risks and rewards of the ownership
of the asset are transferred to another party or, (c) despite having retained some
significant rlsks and rewards of ownership, control of the asset has been transferred to
another party who has the practical abillty to unilaterally sell the asset to an unrelated
thi rd party wlthout i mposing additional restrictions.
other flnancial assets, including investments in equlty instruments whlch are not
subsidiaries, associates or joint ventures, are initially measured at fair value, which is
normally the transaction price.
Such assets are subsequently carried at fair value and the changes In falr value are
recognised in Ihe Statement of Comprehensive Income, except that investments in equity
instruments that are not publicly traded and whose fair values cannot be measured reliably
are measured at cost less impairment.
31

Arbour Housing Limited
Year Ended 31 March 2025
3. Summary of significant accounting policies (continued)
Flnanclal liabllities
Baslc financlal Ilabllities, including trade and other payables, bank loans and loans from
fellow company companies, are Inltlally recognised at transaction price, unless the
arrangement constitutes a financlng transaction, where the debt Instrument is measured
at the present value of the future recelpts discounled at a market rate of interest. Debt
Instruments are subsequently carried at amortlsed cost, using the Effective Interest Rate
method.
Fees pald on the establishment of loan facilities are recognlsed as transaction costs of the
loan to the extent that it Is probable that some or all of the facllity will be drawn down. In
this case, the fee is deferred until the draw-down occurs. To the extent there is no
evidence that it is probable that some or all of the facllity will be drawn down, the fee is
capitalised as a pre-payment for liquidity services and amortised over the period of the
faclllty to whlch It relates.
Trade payables are obligations to pay for goods or servlces that have been acqulred In the
ordlnary course of business from suppllers. Accounts payable are classified as current
Ilabllitles If payment is due withln one year or less. If not, they are presented as non-
current liabilities, Trade payables are recognised Inltially at transaction prlce and
subsequently measured at amortlsed cost using the effective interest method.
Disposal proceeds fund
The net surpluses, after loan repayments, that arise from the sale of property to tenants
under the voluntary purchase grant arrangements instituted by the Department for
Communities can be used by Arbour Houslng to fund works on property that would not be
eligible for housing association grant or in certaln clrcumstances, attract loan flnance.
If the surpluses are not used within two years of receipt, they may be payable in part or
in full to the Department for Communities.
Revenue reserves
Arbour Housing's policy Is to retain a level of revenue reserves which reflects its needs at
the current time and In the foreseeable future. The reserves required are sufflclent to meet
committed running costs for a period equivalent to nine months Budgeted future
expenditure. The Board of Management reviews the adequacy of the revenue reserves
level on an annual basis.
Tenants Services Fund
For certain schemes Arbour Housing is required to charge the tenants for additional
services provided, over and above those of the normal management and malntenance
servlces, Arbour Houslng levies an addltlonal charge to the tenants for thls. Annual
surpluses and deflcits are transferred to a fund to equalise the flnancial position over a
perlod of tlme.
32

Arboiir Housing Limited
Year Ended 31 March 2025
4. Critical accountlng judgements and estimation uncertainty
Estimates and judgements made In the process of preparing the flnancial statements al-e
contlnually evaluated and are based on historical experience and other factors, including
expectations of fulure events that are believed to be reasonable under the circumstances.
a) Critical judgement in applying the entity's accounting polScies
Carrying value of properties
On an annual basis, Arbour Houslng carries out an impairment review of its houslng
property assets. Arbour Housing will flrst consider If there has been any trlgger or
indication that assets mlght be impalred.
Arbour Housing will then determlne an
appropriate cash generatlng unit to be best represented by an individual scheme as this
Is the level that an Investment appralsal will be completed at. The impairment review is
based upon the existing use of the asset whlch corresponds wlth the Economlc Use
Valuation (EUV) provided for bank securlty, This confirms that the substantial part of a
scheme Is financially viable. In the event a scheme notes a potential for Impairment in
the Inltlal review, Arbour Housing will complete a discounted cash flow appraisal using the
specific detalls of each of the schemes. Finallyi If required, an external valuatlon wlll be
obtained to assess if there is a requlrement for impairment.
Arbour Housing has completed their annual impairment review and reported its findings
to the Finance committee and Board of Management in March 2025. There was no evidence
of impairment noted based on the assessment carried out. There are no other critical
judgements In applying the entity's accounting pollcies.
b) Crltical accounting estimates and assumptions
The Board of Management makes estimates and assumptions concerning the future in the
process of preparing the financial statements. The estlmates and assumptlons that have
a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are addressed below.
Defined benefit pension scheme
Arbour Housing has an obligation to pay pension benefits to certaln employees. The cost
of these benefits and the present value of the obligation depend on several factors,
includlng life expectancy, salary increases, asset valuations and the discount rate on
corporate bonds. Management estlmates these factors in determining the net pension
obligation in the balance sheet. The assumptions reflect hisLorical experience and current
trends. See note 31 for the dlsclosures relating to the defined beneflt scheme.
Useful economic lives of housing properties
The annual depreciatlon on housing propertie5 is sensitive to changes in the estlmated
useful economic lives and residual values of the assets, The useful economic 1Sves and
residual values are reviewed annually. They are amended when necessary to reflect
current estimates, based on future investments, economic utilisation and the physlcal
condition of the assets, See note 13 for the carrying amount of housing properties and
iiote 3 for the useful economic lives for each component of housing property.
33

Arbour Housing Limited
Year Ended 31 March 2025
4. Critical accounting judgements and estimation uncertainty (continued)
There are no other critical accountlng estirnates and assumptions,
5. Turnover
Turnover represents rental Income, service charges receivable and other Income (net of
voids). Revenue is recognlsed when, and to the extent that, Arbour Housing obtains the
right to consideratlon In exchange for Its performance.
6. Operating costs
2025
2024
Direct costs
Admlnistrative expenses
6,400,989 5,783,186
1,828,628 1,590,026
8,229,617 7,373,212
7. Operating surplus
2025
2024
This is stated after charging:
staff costs (note 8)
Depreclatlon (notes 13 & 14)
Amortisation of grant (note 13)
Release of capital grant (note 13)
Release of revenue grant
Loss on disposal of. fixed assets
1,516,260 1,365,466
2,740,625 2,329,845
1,495,754 1,279,239
2,088
2,088
155,027
116,210
52,202
34,500
Audltors, remuneration
-audit servlces
15,000
13,000
34

Ai'bour Housing Limited
Year Ended 31 March 2025
8. Employee information
Average monthly number of persons employed during the flnanclal year by actlvlty.
2025
2024
Adminislrallon
Housing management
Malntenance
Developmenl
12
io
32
31
staff costs
2025
2024
Wages and salarles
Soclal security costs
Other pension costs
Agency costs
1,233,114
122,234
139,439
37,010
1,531,797
1,138,212
104,277
128,820
7, 104
1,378,413
9. Directors. emoluments
The remuneration of key management personnel of Arbour Houslng during the year was:
2025
2024
Aggregate emoluments
Penslon contributions
330,723
68,924
399,647
332,526
66,777
399,303
Emoluments to highest pald member of management team
(excludlng pension)
98,244
89,121
The number of management team members to whom emoluments (excluding penslons
contributions) were pald during the year falls withln each of the following bands..
2025
2024
£95,000 - £100,000
£85,000 - £90,000
£65,000 - £70,000
£55,000 - £60,000
£45,000 - £50,000
Members of the Board of Management serve in a voluntary capacity and nil (2024.. £nil)
was in receipt of emoluments during the year.
The Board and Committee members are reimbursed for expenses totaling Nil during the
year (2024: £nil).
35

Arbour Housing Limited
Year Ended 31 March 2025
10.Transfer to disposal proceeds fund
2025
2024
Proceeds of disposal
Original assets, disposal costs and excluded surplus
Transfer to disposal proceeds fund (note 18)
482,250
(212,067)
270,183
11.Interest receivable and similar income
2025
2024
Interest recelvable
28,649
28,968
12. Interest payable and similar charges
2025
2024
On bank loans, overdrafts and other loans
Ca pital Interest
other Interest - Pension
2,215,907 1,655,159
(446,974)
(95,769)
(32,000)
1,736,933
1,559,390
36

Arbour Housing Limited
Year Ended 31 March 2025
13.Housing properties
depreciated cost
2025
2024
Housing
Properties
For relet
Shared
Equily
For relet
Total
Cost or valuation
At l Aprll 2024
Additions
Disposals
At 31 March 2025
181,103,627
25,226,317
(494,261)
205,835,683
127,537
181,231,164
25,226,317
(523,011)
205,934,470
151,852,762
30,390,563
(1,012,160)
181,231,165
(28,750)
98,787
Accumulated Depreciation
At l April 2024
Charge for the year
Dlsposals
At 31 March 2025
22,226,243
2,701,188
(350,179)
24,577,252
7,045
22,233,288
2,701,188
(344,175)
24,590,301
20,501,870
2,2B6,371
(554,953)
22,233,288
6,004
13,049
Net book value
At 31 Narch 2025
181,258,431
85,738
181,344,169
158,997,877
Net book amount comprises
Freehold property
Long leasehold properly
174,511,172
6,747,259
181,258,431
85,738
174,596,910
6,747,259
181,344,169
152,256,407
6,741,470
158,997,877
85,738
Net book amount comprises.
Completed schemes
Properties under construction
155,648,015
25,610,416
181,258,431
85,738
155,733,753
25,610,416
181,344,169
127,936,865
31,061,012
158,997,877
85,738
2025
2024
Housing Association Grant and other grants
At l Aprll 2024
Grants receivable
Disposa15
At 31 March 2025
117,702,077
11,297,910
(225,725)
128,774,262
96,463,634
21,792,415
(553,972)
117,702,077
Accumulated Amortisation
At l Apri5 2024
Charge for the year
Disposals
At 31 March 2025
13,638,243
1,652,869
(160,800)
15,130,312
12,532,668
1,397,537
(291,962)
13,638,243
Net book value
At 31 March 2025
113,643,950
104,063,834
37

Arbour Housing Liinited
Year Ended 31 March 2025
14.Other tangible fixed assets
Long
leasehold
office
property
Office and
computer
equipment
Total
Cost
At l Aprll 2024
Addltlons
Disposals
At 31 March 2025
911,428
289,459
19,349
(373)
308,435
1,200,887
19,349
(373)
1,219,863
911,428
Accumulated Depreciatlon
At l April 2024
Charge for the year
Dlsposals
At 31 March 2025
298,548
18,587
244,624
20,849
(373)
265,100
543,172
39,436
(373)
582,235
317,135
Net book amount
At 31 March 2025
At 31 March 2024
594,293
612,880
43,335
44,835
637,628
657,715
38

Arbour Housing Limited
Year Ended 31 March 2025
15.Debtors
2025
2024
Gross rental debtors Technical
Gross rental debtors
Non-Technical
Provision for bad debt
Net rental (Includlng rates, service charges) debtors
Housing Associal"lon Grant receivable
Prepayment5 and accrLJed income
Tenant services account
other debtors
479,409
358,233
(344,691)
492,951
7,453,056
57,721
30,263
252,961
8,286,952
381,182
194,076
(260,032)
315,226
3,633,268
57,446
41,301
130,482
4,177,723
16.Creditors
mounts fallln
due wlthin I
ear
2025
2024
Bank Loans (note 19)
Bought Ledger Control
Housing Assoclatlon Grant and other grants (note 13)
Rent In advance
Accruals and deferred Income
other credltors
1,877,861
737,070
1,541,808
176,185
2,325,811
19,357
6,678,092
1,615,710
1,713,615
1,281,762
103,045
1,547,928
2,468
6,264,528
17.Creditors
Amou
ts fallin
due after more than I
ear
2025
2024
Bank Loans (note 19)
Dlsposal Proceeds Fund (note 18)
Houslng Assoclatlon Grant and other grants (note 13)
48,151,314
1,355,835
112,102,142
161,609,291
32,644,822
1,355,835
102,782,072
136,782,729
Arbour Houslng expects to utilise the disposa5 proceeds fund within the timescales allowed
by the Department for Communities.
39

Arbour Housing Limited
Year Ended 31 Mai'ch 2025
18.Disposal proceeds fund
2025
2024
At l Aprll
Transfers In frorn house sales (note 10)
utilised againsl development schemes
1,355,835
1,310,037
270,183
(224,385)
1,355,835
1,355,835
19.Loans
2025
2024
Bank loans
Housing property
Less than one year, or on demand (Note 16)
Between one and two years
Between two and five years
After more than five years
1,877,861
6,106,667
9,436,104
32,608,543
50,029,175
1,615,710
1,636,080
13,235,759
17,772,983
34,260,532
Security
Bank loans bear interest at rates ranging between 3.22 % and 6.650/0 at variable and flxed
rates, Bank loans are repayable on an amortised basis over varying perlods between 22
and 30 years. All RCF loans outstanding at the end of the applicable availability period,
will be converted to term loan until the end of facility term being repayable on amortised
basis over 25 years. All bank loans are secured by way of mortgages upon the deeds of
approved portfolios of properties.
40

Arbour Housing Limited
Year Ended 31 March 2025
20.Financlal instruments - assets
2025
2024
Financlal assets at amortlsed cost
8,229,231
4,120,277
21.Finance instruments - liabilities
2025
2024
Fl nanclal liabilltles at amortlsed cost
53,111,413
37,524,541
22.Called up share capital
Ordlnary shares of £1 each fully paid:
2025
2024
At l Aprll
16
23
Issued In the year
Transferred to capltal reserve
At 31 March
(i)
18
(7)
16
23.Capital reserves
2025
2024
At l Aprll
Transfer to capital reserve
At 31 March
87
80
88
87
24.Revenue reserves
2025
2024
At l Aprll
Surplus on ordlnary acllvltles
Actuarlal gainl(loss) recognlsed In penslon scheme
22,731,054
1,820,815
(235,000)
20,978,386
1,329,668
423,000
24,316,869
22,731,054
At 31 March
24,316,869
22,731,054
41

Arbour Housing Limited
Year Ended 31 March 2025
25.Net cash generated from operating activltles
2025
2024
Surplus on ordinary activitles
Surplus arising from disposals of houslng property
Transfer to disposal proceeds fund
Interest recelvable and similar income
Interest payable and slmilar charges
other finance costs
1,820,815 1,329,668
(110,528) (313,835)
270,183
(28,649) (28,968)
1,736,933 1,559,391
Operating surplus
Depreciation charge
Amortisation charge and grant release
Impalrment and costs wrltten off
Movement in debtors
Movement Sn creditors
Dlfference in penslon charge and cash contributlons
Net cash generated from operating activities
3,418,571 2,816,439
2,740,624 2,329,845
(1,652,869) (1,397,537)
52,203
34,500
{288,591) (87,884)
(46,277)
209,034
(174,700) (127,496)
4,048,961 3,776,901
26.Analysis of net debt
l Aprll
2024
31 March
2025
Cash flow
Cash at bank and In hand
Cash and cash equivalents
Debt due after one year
Debt due within one year
Debt
Net Debt
1,390,099
454,511
1,390,099
454,511
(32,644,822) (15,506,492)
(1,615,710)
(262,151)
(34,260,532) (15,768,643)
(32,870,433)
(15,314,132)
1,844,609
1,844,609
(48,151,314)
(1,877,861)
(50,029,175)
(48,184,566)
27. Reconciliatlon of net cash flow to movement In net debt
2025
2024
(Decrease)/Increase In cash and cash equivalents and in
Repayment of loans
New loans
Movement In net debt in the financial year
Net debt at l Aprll
Net debt at 31 March
454,511
16,731,358
(32,500,000)
(15,314,131)
(32,870,434)
(48,184,565)
(135,480)
21,241,302
(29,500,000)
(8,394,178)
(24,476,256)
(32,870,434)
42

Arbour Housing Limited
Year Elided 31 March 2025
28.Turnover, Operating costs and operating surplus- Association
2025
2024
Operating
Surplus/
(deficit)
Operating
Surplus/
(deficit)
Operating
Turnover
Operating
Costs
Social Housing Activities
11,635,637
8,217,066
3,418,571
2,816,438
Non-social Housing Activities
12,551
12,551
11,648,188
8,229,617
3,418,571
2,816,438
29.Housing Stock
Number of unlts owned by the Arbour Houslng
managed at year end
2025
2024
Number
Number
General Needs Housing
1,639
1,490
Total owned
1,639
1,490
Number of units managed (but not owned) by
Arbour Housing managed at year end
2025
2024
Number
Number
General Needs Houslng
Total managed
Total Units Owned and Managed at year
end
1,643
1,495
43

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Arbour Housiiig Llmited
Year Ended 31 March 2025
30.Turnover operating costs and operating surplus or deficit from social and
non-social housing activities - Association (contlnued)
Social Housing Activities (continued)
2025
Total
2024
Total
Dfc Allowances
Mana
ement Allowances
Mana
ement Costs
Def icit
643 104
880 740
237 636
584 100
762 227
178 127
Maintenance allowances
Planned & c
clical maintenance
Reactlve Malntenance
Deficit
945 860
250 129
1 150 880
455 149
878 088
220,716
1 099 370
441,998
Technical & non- technical income
Technical
Non- technical
Total
7 629 918
2 363 889
9 993 807
6 581 138
2 216 805
8 797 943
Non-social Houslng Activities
2025
Total
2024
Total
Operating Income
Provlslon of support services
Other recharges
other Income
12,551
14,085
Total non-social housing income
Operating costs
Administration costs
other costs
12,551
14,085
1,141
11,410
12,551
1,280
12,805
14,085
Total non-social houslng expenditure
Operating surplus on non-social housing
45

Arbour Hoijsing Limited
Year Ended 31 March 2025
31.Pension liability
The net penslon 'deficit' shown below under FRS102 section 28 'Retirement benefits, does
not represent a shortfall which requires short term cash funding. The amount shown below
is calculated to comply wlth the Financial Reporting Standard, the speclflc requlrements OF
whlch differ from the basls on which pension liabllities are actuarlally calculated for the
purpose of the ongoing fundlng of the scheme. The Financial Reportlng Standard requires..
actuarial deficiencies to be recognised Immedlately as a 'llablllly" in the financial
statements
rather than being spread forward over employees, remaining
service l ives.
the actuary, In valuing the scheme's liabilities, is required to use a bond yield
as the discount rate for valuing future Ilabilities, rather than a rate that reflects
the expected return on the scheme's particular asset portfolio, wlth the result
of an apparent Increase in the present value of futL(re longer term liablllties.
At the 31st March 2025 the pension valuatlon reports a net penslon asset of £1.864M before
consideration of a surplus restriction. In line with FRS102 para 28.22 the Associatlon has
not recognised the full amount of the surplus on the basis of prudence, as It is uncertain
as to whether this surplLts (calculated for Flnancial Reporting purposes) will be recoverable
Sn full vla reduced penslon contributlons (calculated for penslon fundlng purposes). As such
we have recognised a £491k balance In the Pension Asset / (Liabllity) Account.
The below Is in relation to employees and ex-employees who are members of the NILGOSC
pension scheme.
An Actuarial Valuation of the scheme was carried out as at 31 March 2025.
The major assumptions used by the actuary were.,
31 March 31 March
2025
2023
Rate of Increase in salarles
Rate of increase in pensions In payment
Discount rate
Inflation assumption
4.0%
2.5%
5,8Wo
4.10/0
4,8¥0
2,60/0
The mortality assumptions used were as follows..
2025
Years
2024
Years
Average expected future life at age 65 for
male currently aged 65
Female currently aged 65
male currently aged 45
female currently aged 45
21.6
21.7
24.5
22.2
24.6
22.7
25.2
25.6
46

Arbour Housing Limited
Year Ended 31 Marcli 2025
The assets in the scheme and the oxpected rates of return were:
Value at Value at
31 March 31 March
2025
2024
£'ooo
£'ooo
Equities
Property
Government Bonds
Corporate Bonds
Multl Asset Credil
Cash
other
Total market value of assets
Present value of scheme liabilities
Net penslon Asset
Unrecognised asset due to restrlctlon
Amount In Statement of Financial Position
1,902
437
1,859
412
722
739
179
178
598
565
492
238
271
259
4,601
2,737
1,864
(1,373)
491
4,250
3,211
1,039
(484)
555
47

Arbour Housing Limited
Year Ended 31 March 2025
Note5 to the financial statements for the year ended 31 March 2025
31
Pension liability (continued)
Reconclliatlon of present value of scheme Ilabllities
2025
£'ooo
2024
£'ooo
At l April
Service cost
Member contrlbutions
Interest on scheme liabilities
Actuaria I lossesl(ga ins)
Benefits paid
At 31 March
3,211
77
28
154
(681)
(52)
2,737
3,139
80
27
144
(130)
(49)
3,211
Reconciliation of fair value of scheme assets
2025
2024
£'ooo
4,250
209
(50)
216
28
(52)
4,601
£'ooo
3,669
173
223
207
27
(49)
4,250
At l April
Interest on pension scheme assets
Actua ria l ( losses)/galns
Employer contrlbutlons
Member contributions
Benefits paid
At 31 March
Funded status
Unrecognised asset due to restriction
Net funding of funded plans
Amount in Statement of Finan¢lal Position
£'ooo
£'ooo
484
(1,039)
(555)
1,373
(1,864)
(491)
Analysis of amounts charged/ (credited) to income and
expenditure
£'ooo
£'ooo
Current service cost
Interest on penslon scheme assets
Interest on pension scheme liabilities
77
80
(29)
24
(209)
154
22
75
Amounts for current and previous two years:
2025
2024
2023
£'ooo
£'ooo
4,250
3,211
1,039
223
(130)
£'ooo
3,669
3,139
530
(441)
(1,551)
Falr value of employer assets
Present value of deflned benefit obllgatlon
(Deficit)/Su rplus
Experience (losses)/gains on assets
Experience (gains)/losses on liabilitie5
4,601
2,737
1,864
(50)
(681)
48

Arbour Housing Limited
Year Ended 31 March 2025
Actuarial gains and losses
The amount of actuarial gains/(loss) recognised in the Statement of compreheiisive income
Is £(235,000) (2024., Gain of £423,000).
2025
£'ooo
Net actuariaS gain
Increase in pension asset restrlction
Interest on unrecognlsed asset
631
(889)
23
235
32 Contingent liabilities
Arbour Housing released Housing Association Grant of £161,483 (2024.. £263,269) during
the year in relation to building components replaced arising from planned maintenance
works. The possibility of any reimbursement to the Department for Communlties
considered to be unllkely as the housing properties are expected to continue to be made
available for social housing for the foreseeable future.
33 Capital commitments
2025
2024
Capital Expenditure
Contracted for but not provided in the financial
statements
28,476,63 1
29,566,006
The Association antlcipates that some of this expendSture will be funded by Housing
Association Grant from the Department for Communitles and by private finance.
34 Related Parties
Arbour Housing has not identifled any transactlons whlch must be disclosed under the
terms of section 33 of FRS 102.
49