Registered no: IP000158 Newington Housing Association (1975) Limited Annual report and financial statements for the year ended 31 March 2023
Newington Housing Association (1975) Limited Annual report and financial statements for the year ended 31 March 2023 Contents Pages Board of Management and advisers Strategic report of the Board of Management 3- 11 Report of the Board of Management 12- 14 Lnd¢pendent Auditors. report to the members of Newington Housing Association (1975) Limited 15-17 Statement of comprehensive income 18 Statement of changes in reserves 18 Statement of financial position 19 Notes to the financial statements 20-37
Newington Housing Association (1975) Limited Board of Management and advisers Board of Management Mr N Kelly (Chairm} Mr C Mcca01[ (Vice Chaimwi) Mr S McKenna Mrs R Bra(lley (Resigned 20.09.22) Mr P O'Flaherty Mr P Privilege Mrs C Maginness Mr G W21sli Ms S Walsh (Resigned 2Q.01.23} Mr L Mooney (Treasurer) Ms B Has58n Mrs L Privilege Mrs L Vincent (Appoinied l4.10.22) MThs B CallaJan (Appointed 14.10.22) Mr M Glinwood (Appointed 14.10.22) Mr S Drunimond {Appointed 14.10.22) Mr C Moore (Appointcd 14.10.22 & Resigned 13.0223) Mrs H Wilson (AppoirLted 23.02.23) Honorary Secretary MrAKe Registered office 300 Limestone Road Belfasi BT15 3AR Registered under the Co-operative and Community Benefit Societies A¢1 (Nonhern Ireland) 1969- Number IP 158 Registered charity with the CIL2rity Commission for Northcrn Ireland- Chariry registraiion Number- 102477 R¢gistered with the Dfc (Nl)- Numb¢r 13 Solicitors Arthur Cox Victoria House Gloucester Street Belfast BTI 4LS Bankers Danske Bank l Doncgall Square West Belfast County Antrim BTI 6JS AIB 31- 35 Higb Street Belfasl County Antrim BT12AL Ulster Bank 11-16 Doneg311 Square Easi Belfasl County Antrim BTI SUB
Neivington Housing Association (1975) Limited Board of Management and advisers Independent auditors ASM (B) Ltd Glendinning House 6 Murray Str¢ct Belfast BTI 6DN
Newington Housing Association (1975) Limited Statement of Comprehensive Income for the year ended 31 March 2023 18 2023 2022 Note Turnover 4,916,862 {3,913,064} 1,003,798 397,613 (397,613) 2.854 (526,865) (31,000) 448,787 1,511,000 1,959.787 4,766,486 (3,629,692 1,136,794 334,610 {334,610) 4,449 (440,087) (26,000) 675,156 363,000 1,038,156 Operating costs Operating surplus Surplus arising from sale of housing property Transfer to Disposal Proceeds Fund Interest receivable and similar income Interest payable and similar charges Other fitjance costs 17 io Surplus on ordinary activities Actuarial gainl (loss) in respect of pension schemcs Total comprehensive inco]J]e 24 All amounts above relate to continiiing operations of the Association. Statement of changes in reserves for the year ended 31 March 2023 2023 2022 Surpliis on ordinary activities for the financial year Movcment in share capitsl and capital reserve Actuarial gainl (loss) in respect of pension schemes Net addition to capital and reserves Op¢ning total capital and Teserves Closing total capital and reserves 448,787 675.156 19 24 1,511.000 1.959,793 13,980J53 15,940,146 363,000 1,038,157 12.942,196 13,980,353
Newington Housing Association (1975) Limited 19 Statement of Financial Position as at 31 March 2023 2023 2022 Note Fixed assets Housing properties Other tangible fixed assets 12 65.841.997 2.058.820 67.900,817 66,742,127 2,127,840 68,869.967 13 Current assets Debtors 14 628,080 IJ40,676 198.041 Cash at bank and in hand 1.187.087 1.968.756 {1,982.737) {13.981) 67.886,836 1.385.128 {1.855.5681 (470.440) 68.399,527 Creditors: amounts falling due within oJ)e year Net Cllrrent (liabilities)l assets Total assets less current ]iabi]ities 15 Crediton: atnounts falling due after more than one year Pension (liability) l Asset Net assets 16 (52,018.690) 72,000 15.940,146 (53.202.174) {1.217,000) 24 13,980,353 Capital and reserves Called lip shAre capital Capital reserve Revenlie reserve 19 25 19 20 192 192 15.939.929 13.980,142 Total funds 15.940.146 13.980,353 The fanCIal staiemenis on pages 17 10 39 were approved by the Board of Managernent on 18 Sepiember 2023 ind were signed on its behalf by-. (QU Mr N Kelly Ch*irman MT A Kerr Honorary Setrttary Mr C Mccarroll Board of Trlanagemen¢ Registered number: IP000158
Newington Housing AssocRation (1975) Limited Notes to the financial ststements for the year ended 31 March 2023 20 General inforniation The Association's principal activity during the financial year continues to be provision of social housing. The Association is registered under the under Co-operative and Coiwnunity Benefit Societies Act (Northem Ireland) 1969 and domiciled in the UL The address of the registered office is 300 Lim&stone Road. BelfasL BT15 3AIL Statement of compliance Th¢5e finanoiil statcments of Newington Housing Association (1975) Limited have been prepared on the going concem basis in cornpliance with United Kingdom Accounting Standards. including Financial Reporting stsnd 102, 'The Financial Reporting Standard applicable in the Uniied Kingdom and the Rcpublic of Ireland. ("FRS 102") under the historical cost convention, and in accordance with appltcable accoiinting stalldords in the United Kintsdom and Siaiement of Recommended Practice for Accounting by Registered Social Landlords (updated 2018)- The principal accounting policies. which bave be} Applied consistently Ihroughout the year, are set out below. The preseutation of the financial Stallents complies with the Registered Housing Association5 (Accounting Requirements) Order (Northern Ireland) 1993. Summary of significant accounting policies The Principal accounting policies applied in the preparaiion of these financial staiemenis are sel out below. Tliese policies Iiave been ¢onsist¢ntly applied io all the years preseni¢d. unlcbb otherwise statcd. Thc ctTrmpany has adopted FRS I02 in these financial statem¢nts. Basi5 of preparation of financial statements These financial statemellts are prepared on o going conceTn basis, Under the hisiorical cost convention. The preparation of financial sleMents requires the use of certain critical accounung estimates. It also requires rnyndgemcnl lo exeTcise its judgemenl in Ihc PTocess of applying the Association ac¢oimting policies. The areas involving a highcr degree of judgement or complexity, or aTeas wher¢ assurnptions and estimates are significant to the finaDcial statements. are disclosed in note 4. Exemptions for qualifying entities under FRS IOZ FRS 102 allow5 # qualifying entity certain disclosure exeTUPtiODS. subject to certain conditions. which have been con]plied witli. iiicludins notification of and no objection to. the use of exemptions by tbc Association's shareholders. The Association lias taken advantage of the following exemptions: the Associaiion has iaken advantage of the exemption, under FRS 102 paragraph 1.12(b) froin prq)aring a staleTnent of casli flows, on the basis that it is a qualifying entily and its ultimaie parent company. APEX Housing Association Limited. includes th¢ Association's ¢abh flows in it5 own consolidated financial statetn¢nts- and from Ihe financial instrument disclosures. required under FRS 102 parngrnph5 11.39 to I1.48A and parngraphs 12.26 10 12.29, as the infomialion is provided in the consolidated financial stalement disclosures.
Newington Housing Association (1975) Limited 21 Notes to the financlal statements for the year ended 31 March 2023 Summary of significant accounting policies (continued) Revenue recognition Revenue is measured at the foir value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered. net of rewrns, discounts and rebates allowed by the Association and vatue added taxes. The Association bases its esiimaie of retUTDS on historical results. taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Where the consideration receivable in c&sh and cash equivalents is defred And the arrangement constitutes a financing transaction. the fair value of the ¢onsideration is measured at the present value of all fijture receipts using the iniputed rate of interest. The A550ciation reCOlISeS revenue when (a) tbe significant risks and rewards of ownership have been transferred to the buyer- (bl the Association retains no continuing involvement or control over the goods- (c) the amount af revenue be measured reliably- (d) it is probable thai future economic benefits will flow tlirough the Ab'SULi4115()n and (e) when the specifjc crit¢ria relating to each of the Associalion's sal&s channels have been met. as described below. Net rental income Inconie includes rent and service charge income arisiDo from the provision of housing accommodation and the aniortisation of Housing Association GraDt. Illcomc 15 recognid in thc pcriod to which it r¢lxtes. IL) Otber income Other income is recognised in the Statement of comprehensive income when the terns of rurnue recognilion have been met. Employee benefits The Association provides a rnnge of benefits io employees. including paid holiday aTrdngements and defined benefit pension plans. Shori iei*i benefits Short tenn benefits. including holiday pay and other similar non-monetary benefrts. are recognised as an ¢xpcnsc in the period in whi¢h the service is received. Defined benefitplon The Association operntes a defined benefit plan for certain employees. A def]ned benefit plan defmes th¢ pension benefit that the employee will receive on retirement, usually dependent upon severdl factors including age, lengtli of service and Temuneration. A detilled benefit plan is a post-employment benefit other t11 a defined contribution plan. The liability recognised in the balance sheet in respect of the defined benefit plan is ihe present value of the defined beTkefit obligation at tlie end of pach Iinancial year less the fair value of the plan assets ai the same da. The defined benefit ubligaliotk is calculaied annually by an extcrnal actuary using the projected unit credit inethod. Th¢ present value OF the defined benefit obligation is det¢miined by discounting the estimatcd tre payments using markel yields on high quality ¢OTpDrate bonds that are denoTninaied in Sterling and iliat have terms approximating ihe estimated period of the fiiiure payments ('discount rate.). The tair value of plan assets out of which thc obligations are to be settled is mcas'ured in accordance with the Association's ac¢ounting policy for finanLial assets. For most plan assets this is the quoted price in an acts.ve market. Where quoted prices are not available appropliate valuation techniques are used to eslimate the ]r value.
Newington Housing Association (1975) Limited Notes to the financial statements for the year ended 31 March 2023 22 Sunimary of significant accounting policies (continued) Employee benefit5 (contfillued) The cost of the defmed benefit plaT4 recognised in profit or loss, except where included in the cost of an asset, comprises: {al {b) the increase in net defined benefit liability aiising froin employee service during the financial year. and the cosl of plan introductions. bencfit changes. ¢urtailments and settlements. Tiie net interest cost on the net def¢d benefit liability is delerniined by multiplying the net dcfined benefit liability by the discount rate (both as dctcrnitned at the slart of the financial year, tsking account of any changes in the net defined benefit liability during the financial year as a r¢suli of contribution and benefit paytn¢nts). Tliis cosi is recognised in the Sialement ofcomprelieiisive Income as 'Oth¢T finance costs,. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions arc re¢ognised in other compreheJ]sivc income. Tallgible fixed assets Housing properties The Association operates a full component ac¢ounting policy in relation to the capitalisation and depreciation of its completed housing stock. Other fixed assets Other fixed assets ar¢ stated at Cost. Housing AssocSation Grant and other grants Housing Association Grant other grants received as a contribution towards the capitsl costs of housing properties of the Association ale in¢luded in 'Creditors'. amounts falling due in less than one year, and 'Creditors= aniounts falling due after more than one yeaT' and are recognised in income over the Ubeful life of Ihe housing property slrucmre and its individual ¢omponenls. Housing Association Grallt received agains1 revenue expenditure is credited to revenue ID the period in whi¢li the related expenditure Is charged. Such grants. although treated as a grant for accounting puny)se4 may be rq)ayable under certain circumstances, primarily following the sale of housing properry, but any amount repayable would be restricted io the net proceeds of ihe sale. Depreciation and Impairment HousiDg properties Housing properti¢s are split between lanQ stTUCture ond major components which Tequire periodic replacement. Replacement or refurbishmelli of suct] major componenis is capitalised and depreciated over the estimated useful life which has been set taking into account prote5sional guidance and the Association's asset management strategy. In detemiining t])e remaining useful lives for the housing stock. the Association has taken account of views provided by both Intern and external professional sources. Freehold land 18 not subject to depreciation. Depreciation is charged so as to wrxte down th¢ cost or valuation of the freeliold housing properties and major componenis on a straight-line basis over iheir expected us¢ economic lives.
Newington Housing Association (1975) Limited 23 Notes to the financial statements for the year ended 31 March 2023 Summary of significant accounting policies (continued) Depreciation and Impairment (continued) Housing properties Major components are treated as separnble 0&4ets ond dcprcciatcd over their expected usefid economic lives or the lives of the struLrnre to which they relate, if shorter. over the following periods= Main fabric Roof structure and coverings Windows and external doors Batl)roomb Mechanical systems (heating. ventilation. plumbing) Boilersltlues Kitchens Electrics Lift 100 ycar5 80 years 30 years 30 years 40 years 15ye 20 years 40 years 30 years Housing assets are deprecirAted in th¢ month following a¢quisition. or in the case of a lar¥er project. from the month of completion. Where there is evidencc vf ivnpaimieni, the fixed assets are written down to the recoverable amount and any write down would be chargcd lo opcrating >*urplus. Other fjxed gssets Deprecilllion of other fixed assets is chorged on a stroight-line basis over the ¢stim8t¢d use1 economic lives of the assets at the following rates- Office prernises Office fumiture and equipment Computer equipment 2Yo OD Cost 100/.- 200/0 on cost 25Q/o on cost Sub$equent additions alld major components Subsequent costs. including major inspections. are included in the assets caTrying amount or r¢cognised as a separale asset, as appropriate. only when it is probablc that economic bcn¢fitS osso¢iatrd with the item will flow lo the Association and the cost can be mcasured reliably. The canying amount of any replaced componcnt is derecognised. Repairs, maintenance and minor inspection osts are cxpensed a5 illLurred. Derecognition Tangible assets are d¢re¢ognised on disposal or whell no ¢conomi¢ benefits are expected. On dtsposal the difference between the Thet disposal prnc¢eds and the carrying amount is rccognised in the Statement of Comprehensive Income. Leased assets At inception the Association &8sesses agreements that trdnsfer the right to use assets. The assessment considers whether the arrangcment is. or contains. a lease based on the Subance of the arrdngenient. Operating leased assets Leases Ihal do not transfer all the risks and rcwan]s of ownership are classifled as operating Ic85¢s. Payments under operdllng leascs are charged to the Statement of comprehensive income on a straight-line basis over the period nf the lease. Cash and cash equivalents Cash and casb equivalents include cash in hand. deposits held at call with bAnks, other short_tenn hioJly liquid investments with original matLirities of one month or Icss and bank ov¢rdrafts. Bank overdrafis are shown within botrowings in Cent liabilitlC5.
Neivington Housing Association (1975) Limited Notes to the financial statements for the year ended 31 March 2023 24 Summary of significant accounting policies (continued) Impalrment of non-finanelAI assets At each slalement of financial position date non-financial assets not carried at fair value are assessed to deterniine wliether there 15 an indication that the asset (or 855et's cash generdting unit) may be impaired. If ther¢ is such an indtcation the recoverable amount of Ilie asset (or asset's cash generdling unit) is compared to the canying amount of the asset (or a55et's cash generating unit). The recoverable amount of the asset (or asset's Cash generaling unit) is the higher of the fair value less costs lo sell and value in use. Value in use is defined as thc present valuc of the future cash flows before interesi and tax obtainable as a result of the asset's (or asset's cash generating unit) continued use. These cash flows discounted using a pTe-tsx discount rnt¢ that represents thc current market risk-free ratc and the risks inherent in th¢ assets. If the recovernble amount of the asset (or aet'S cash genernting unit) is estimated to be lower than the carrying amount, the carrying amount Ib rediiced to its recoverable amount. An impairment loss is recognTsed in Ihc Staiement of Comprehensive Income, unless the asset has bccn revalued whcn the amount is recogniscd in other comprehensive income to the cxtenl of any previously r¢cognised revaluation. Thereafter any excess is recognised in Statement of Cumprehensive Income. If an impairmeni Ioss 15 subsequently reversed. the carrying amount of the asset (or asset's cash generating unit) is increased to the revised estimate of its re¢over8ble amounL but only to the extent that the revised canying amount does noi ex¢eed the corrying amount that would have been deterniined (net of depreciation or aniortisation) had no impainnent loss been recognised ill prior periods. A reversal of an impairment 105s is ognIsed in the Statement of Cotnprehen5ive Income. Provisions Provisions are recogni5ed when the conipany lias a prcs¢ni legal or constructive obligation as a result of past events: it is probable that an outflow of r¢sourccs will be rcquircd to settlc th¢ obligation; and the amount of the obligalions be estimatcd reliably. Where there are a number ofsimilar obligoiions. the likelihood that on outflow will be required in settleTnent is determined by conbidering the elass of obligations as a whole_ A provision is recognised even if the likelihood of an oufflow with respect to any one item in¢luded in the same class of obligations may be small. Provisions are measured at the prcscnt value of the expenditures expectcd to be requir¢d to settle the obltgation using a pre-tax rate that reflects cuent market as5¢ssments of the time valu¢ of money and the risks specific to the obligalion. The increase in the provision due to passa8e of time is recognised as a fiThznce cost. Contingencles Contingent liabilities. lSing as a result of past events. are not recognised when (i) it is not probable that there wdl be an outflow of resources or tliat the amount cannot be reliably measured at ilie retM)rting d&te or (li} when ihe existence will be confirmed by ilie occurrence or non-occurrence of unccrtain tll[e evenis not wliolly within the company's ¢ontrol. Contingent liabilities are disclosed in the financial statemenis unless the probability of an ourflow of resources is remote. Financial in5trnments The company chosen to adopt Sections I l and 12 of FRS 102 in respect of fmancial instnjments. i) Finan¢ial a55ets Basic financial assets. including trado 2nd other receivables and cash and bank balances are initially recognised at tran5actioD Pl'ice, unless the arrangement Constitutes a financing transaction. where the trsactIon 15 measured at the prescnt valu¢ of ihc fvture receipts discounted at a market rate of interest. Such aets are subsequently carried 81 amortised cost using th¢ effective interest n]ethod. At the end of eacl) reporting period fmancial &ssets measured al amortised cost are assessed for objective evidence of impainnent. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of die estimated casli flows discounted at the asset's original effective interest rdie. The impairnieDI Ioss 15 recognised in Stateinent of Comprehensive Income.
Newington Housing Association (1975) Limited 25 Notes to the financial statements for the year ended 31 March 2023 Summary of significant accoullting policies (continued) Financial instruments {eoDtinued) If there is a decrease in the impairnient loss arisin¢F from an event occurring after the impairrnent was reeognised, the impairment is reversed. Tlie reversal is such that the Cllent carrying amouni does not exceed whar the carrying amouni would liave been liad the impairment not previously been recognised. The impairmeni reversal is rccognised in Siaten)ent of Comprehensive Income. Financial assets are derecognised when (al the contractual rights to the cash flows from ihe 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) despile liaving retained some signifiLant ritsks and rcwards of ownership. control of the asset has been trdnsferred to another party who lias the practical abiliiy io iinilaierally sell (he assei io an unrelaied third party without imposing addilional resiriciions. Oilier tinancial 1( ssets. including investments in equity in%lNments which arc noi subsidiarie& associates or joinl ventures. are initially mcasurcd at fair value. whlch is norn]ally ihe transaclion price. Such assets are subsequently carried at fair N'alue and the changes in fair value are recugnised StateineDt of Comprchensive Inconie: except that invesmienls in equity instruments that are noi publicly ttxded and whose fail vaiu¢s Cannot bc n]easutcd r¢liably are measured ai cost less impairment. Financial liabilities Basic tinancial liabilities, including trade and other payable5. bank loans and loans from group companie5. are initially recognised at transaction price, unless the arrangement Constitutes a financing transaction. whcre the debt instrument 15 measured at tlie prcsciit value of tlie future receipts discounted at a markct ratc of intcrcst. Dcbt instruincnls arc sub5cqucntly caLed at amortised cost. using the eftective ini¢rcsi ratc incthod. Fees paid on the establishment of loan facilities are Te¢Dgni%ed a% transaction costs of the loan lo the extent thai it 18 probable thal soinc or all of the facility will be drawn down. In this ca%e, the fee is defert¢d wiiil the drnw-down occurs. To the exleni ihere ib no evidence that il is probable that SVTnv ui all of the facility wÈll be drawn down, the fee is capitalised as a pre-pancnt for liquidity scrviccs and aillortiscd ovcr thc period of the facility lo which it rclates. Trade payables obligations to pay for uoods or services that havc bccn acquircd in thc orditkary course of business froni suppliers. Accoiints payable are classificd as cuThcnl liabilitie5 if payment is due wirhiti one year or less. If not, they are present¢d as non- current liabilities. Trade payables are re¢ognised initially ai tran5dCtion price and subsequencly measured at amortised cost using the effective interest method. Disposal proceeds fund The ncl Surpluscs, after loan tepaymenis. thai arise from the sale of propety io tenanis under the voluntary pur¢hasc grant arrangements instituted by the DepartTneni for Communities can be used by the Association to fijnd work5 on property that would not be eligibl¢ for Housing Associatiort Grant or in certain circumstances. attract loan finance. If ihe surpluses are noi U5¢d wiihin Iwv years ol their receipt they may be payable in part or in full to ihe Department for Communities. Ten2Dts' Services Fund For certain schemes. the A5soci8tion TS required to charge tenanls for additional services provided over and above the normal management and maintenance services. The Association levies an additional charge to the Tcnants for this_ Annual s]UseS and deficits are transferred to a fund to equalise the financial position over a period of time. Revenue reserves The A55ociation's policy is io retain a level of revenue reserves wliich reflects its n¢¢ds at tlie currait time and in the foreseeable future. The reserves required are sU1¢icnt to meet committed running costs for & period equivalenl to three months budgeted future expenditure and is in line with the group policy. The Board of Management reviewi the adequacy of the revenue reserves level on an annual basi5.
Newington Housing AssocRation (1975) Limited Notes to the fRnallcial statements for the year ended 31 March 2023 26 Critical accounting judgements and estimation uncertainty Estimates and judgemenis made in ihe process of preparing the financial statements are continually evaluated and are based on historical experAen¢e and other factors, including expectations of future evcnts that are believed to be reasonable under tlie ¢ircumstances. (a) Critical judgement in applying the entity's aecoullting policie5 There are no critical judgements in applying the entity's &¢counting policies. (b) CritlC21 accounting estimatu ¥nd assumptions The Board of Management make estimates and assumptions concerning the future in the process of preparing tlie financial slatsments. Tkie key estimates and &SSUL]]ptions that have been made in tlie p¥eparalion of these financial %tstenients are as follows.. (i) Useful economic Itves ofhoi&siiigpropeiYI The annual depreciation on housing properties i5 5¢nsitivc to Changes in the estimated useful economic lives and iesidual values of the &ssets. The useful economic lives and residual values are reviewed annually. They are amended when n¢¢essary Iv reflect Current cstimates. based on fiiture investmcnts, economic utilisation and the physical condition of the assets. See notc 12 for ihc caTrying amount of housing properties and note 3 for the usefiil economic lives for each component of housing property. Turnover Turnover and results relate ro the Association's main acliviiies which are carrted out in the United Kingdom. Turnover represenls rental and service charge income and residential charges. net of voids. It also includes amortisation of the Housing Association Grant received from the Northern Ireland Housing Executive. Operating costs 2023 2022 Direct prop¢ty management costs FRS 102 Pension costs 3,189,137 191,000 53Z,927 3,913.064 2,891,077 225,000 513.615 3,629,692 Administrdtive expenses
Newington Housing Association (1975) Limited 27 Notes to the financial statements for the year ended 31 March 2023 Operating Surplus 2023 2022 This is stated after chargingl(ereditino): Staff costs (note 8) Depreciation Amortisation of housing associaiion grant Loss on dispos&l of fixed asseis Auditor5 remuneration- external audit 998,108 1.131,492 {662,680) 5.933 895,184 1,084,888 (654,813} 8,682 12,100 13,J67 Employee infornlation 2023 2022 Staff eosts Wages and salaries SuLidl seLurity costs Other penslon costs 770.000 691.965 69.182 134.037 82.508 145,600 FRS 102 Pen5i0n cost 191,000 1.189.108 225.000 1.120.184 Tile above includes capitali.qed salaries of £50.955.1£144.930 2022) Number Number Average monthly Jkumber of persons employed during the fmancial year by getivitv: Administration 22 21 Directors, emoluments Members of tlie Board of Managcincnl scrye in a voluntary capacity and none were in receipt of eiiioluments during tlic year. The remiincration of thc Senior Managcment Tcwn of the AssocÈation (which includes the Chief Execiitive and the three Hcads of Departments) during the year w8s- 2023 2022 Aggregate emoliiTnents Pension contributions 251,366 47.148 234.140 45.657 298,514 279.797 The emoluments to the highest paid director (currently the Chief Execulive who is included wiÉhin thc above table) are as follows: 2023 2022 ALygregate emoluments Pension contributions 74,030 14,436 88,466 72.155 14.070 86,225
Newington Housing Association (1975) Limited Notes to the financial statements for the year ended 31 March 2023 28 Directors, emoluments (continued) Durinu the year the key management's emoluments (ex¢ludillg pension contributions and social security costs) fell within the following band distributions.. 2023 2022 Number Numb¢r More than £IO.000 but less than £15,000 More than £40,000 but less than £45,000 More than £55.000 but less ihan £60,000 More than £60.000 but less than £65.000 More than £70,000 but less than £75.(K)O 10 Illterest receivable and similar ineome 2023 2022 Interest receivable 2.854 4,449 I I Interest payable and similar eharges and other finance costs 2n23 2022 On bank loans. overdrafls and other loans Defined benefit pension scheme net interest cost 526,865 31,000 440.087 26.000 466.087 557,865 12 Housing properties 2023 2022 Cost At l April 202212021 Additions 79,240,767 495.043 (486,810} 79,249,000 78,349,283 1,359.802 1468,318) 79,240,767 Disposals At 31 March 202312022 Accumulated Depreciation At l April 202212021 Charge for th¢ year Disposals At 31 March 202312022 12,498,640 1.064,586 (156,223) 13.407,003 11,575,258 1,057,737 (134,355) 12,498,640 Net Book Valiie at 31 Marcb 2023 65.841,997 66,742.127
Newington Housing Association (1975) Limited Z9 Notes to the financial statements for the year ended 31 March 2023 12 Housing properties (continued) 2023 2022 Housing Association Grant and Dther grants At l April 2022 Addition5 44,470.659 51.699 (321,882) 44,200,476 44,410,556 348,629 (288.526) 44,470.659 Disposals At 31 Mareh 2023 Aceumulated Amorti5ation At l April 2022 Charge for the year Dispo8&ls At 31 March 2023 9504,664 662.680 (139J80) 10.027,954 34,172,522 ,959,340 654.813 1109,4891 9.504,664 34,965,995 Net Book Value at 31 M2rch 2023 13 Other tangible fixed assets Fixtur IIttAngs 2nd office equipment OITiee pren)iscs Total Cost Ai l April 2022 Additions 2.145,661 12.408 (16,166) 2,141,903 156,377 2.302,038 14,052 Disposals At 31 Mareh 2023 116.166) 2,299,924 158,021 Accumulated Depreciation At l April 2022 Charge for year Disposals At 31 March 2023 138.701 42.696 35.497 24,209 174.198 66.905 181J97 59.706 241,103 Net book amount At 31 March 2023 1,960506 2.006.960 98,31S 2,058,821 At 31 Mdrch 2022 120.880 2.127.840
Newington Housing Association (1975) Limited Notes to the financial statements for the year ended 31 March 2023 30 14 Debtors 2023 2ll22 Rental debtors gross- Technical Renial debtors gross- Non-iechDical Provision for bad debts Net rental (including rdtes. servi¢e charges) d¢btors Other debtors 106.972 115,781 (89.828) 132,925 421.858 77.848 113,036 {89,828) 101.056 41.034 55,951 198,041 Prepayment.8 ond accrued income 73,297 628.080 15 Creditors: amounts falling due within one year 2023 2022 Loans- banks (note 18) Loans- DFC (note 18) Other cieditors Amounts owed to parent undertakings (noie 26) Accruals and defcrred income Housing AssociatTon Grant (note 12) Dispos81 proceeds lld (note 17) 767,490 746.247 66,770 42,847 437,623 668,007 118,127 42.847 293,534 654,813 1,982,737 1.855,568 16 Creditors: amounts falling due after more than one year 2023 2022 Loans (note 18) Disposal Proceeds fund (note 17} 14ousing A550¢i0tion Grant (Dote 12) 17,672,3A6 841,859 33,504.515 52,018,690 18,446.746 444.246 34,311,182 53,202,174 The Association expect5 to utilise the Disposa15 l¥oceeds Fulld within the timescale5 allowed by the Department For Communities.
Newington Housing Association (1975) Limited 31 Notes to the financial statements for the year ended 31 March 2023 17 Disposals Proceeds Fund 2023 2022 At l April Transfcr5 in from house sal¢s 444346 397.613 109,636 334,610 Utilised against dcvelopment s¢heme8 At 31 March 841,859 444,246 18 Loans 2023 2022 Bank loans - Housing property Le55 ihdn one year. 01 on demand (Note 15) Between one and two years Betw¢en two and five years After more ih8n five yeaTS 767,490 3.467.490 4553,826 9,650.952 1&439,757 746.247 754,551 5.234.029 12,458.166 19.192.993 2023 2022 Repayment TL>rms Qiiarterly repayments over a period of 20 years commencing 2018 Quarterly repayments over a period of 25 years commencing 21 Qiiarterly repayinents over a period of 25 years Lommencing 2003 Quarterly repayments over a period of 25 years ¢ommen¢in¥ 2004 Quarterly repayments over a period of 25 years commencing 2004 Quart¢rly repayments over a perlod of 20 years comTnencing 2019 Revolving credit faciliry Interest Rate 2.65 / fixed 3,133,018 181.439 75.U33 J,277.677 223.331 6.016 /0 fixed 1.35/• + SONIA 113.176 6.016 /ts fixed 426,505 356,1142 11.566.940 2.700,001) 18.439,777 481,152 404,847 1.992.810 2.700,000 19.192,993 6.016/0 fixed 20/• fixedlSONIA 2.0Tr/0 + SONIA Security Thc banks hold security charges over the retated mortgaged housing properties. 2023 2022 Department for Communities- Housing Property Loans Le&8 than one year (Note 15)
Newington Housing Association (1975) Limited 32 Notes to the financial staten]ents for the year ended 31 March 2023 19 Called up Share capital 2023 2022 Ordin&ry shares of £1 eaclu fully paid At l AprLt 2022 Additions 19 85 Shares transferred to Capit#l Reserve Account At 31 March 2022 (67) 19 25 The addition of £6 share capital in the year r¢lates to shares issued to Board members, J Dnunrnond, L Vincent. B Callaghan, M GlinwooiL C Moore aThd H Wilson. 20 Capital reserve 2023 2022 At l April 2022 Transfer from share capital At 31 i¥Tarch 2023 192 125 67 192 192 21 Turnover, operating costs and operating surplus - A55ociation 2023 Turnover, operating costs and operatillg surplus 2022 Operating rnover Operating eosts Operating surplus Operating lumover Operating costs Operating surplus Social Housing Activities Non-So¢ial Housing Activities Total 4.916.862 (3,913.064} l.(M)3.798 4.766.486 (3.629.692) 1.136.794 4.916,862 (3,913.064) 1.003.798 4,766,486 (3,629,692) 1,136.794 22 Housing Stock Number of units owned on 31 Mch 2023 2022 Self-contained Number Number General needs housing Supported Housing Other 625 632 13 13 78 77 Total Units Owned aDd Managed #t the year end 716 722
Newington Housing Association (1975) Limited 33 Notes to the financial statements for the year ended 31 March 2023 23 Turnover, operating costs and operating surplus or deficit from social and non-social housing activities - Association Social Housing Activities General Sheltered Housing Other Sllpported 2023 Total Housing Opeithtihg ineonie Rent and rate5 receivable net of service charges Servi¢¢ chargcs rcc¢iv3ble Other-support intOTne Income from HAG 3.797.738 335.198 32.008 13.466 4,164,944 122.344 15,463 662,681 26.774 82.104 15.463 599.236 42.1190 20,555 Grus5 50cilll housing income Less voids 4,423,748 141.792} 4J81.956 475,655 (6.778) 468,877 66,029 4,965,432 (48.570) 4,916,862 Total social housing income Opéraling Cosis Services 66,029 110.432 30,182 21.893 140,614 21.891 Supporting people costs Management COSts Maint¢nonce administration costs 629,049 550.360 78.505 68.685 13,084 11,447 720.639 630.492 Bad Debis (rent and service charges) Planned atLd cyclical mainten8nce Reactive maintenance 8.289 8,289 236,574 426,232 1,064.586 220,U47 443.701 221.196 362.372 965.734 192.080 409.542 12.315 44.172 81,033 23.972 34,159 3,063 19,687 17.820 3,995 Depreciation of social housing Oiher costs Rates paid Total social housing expenditure 3,449.052 394.915 69.097 3,913,064 eratin Sur lusl(Deficit) on social housin 932.903 73.962 3,067 1,003,798
Neivlllgton Housing Associatioll (1975) Limited 34 Notes to the financial statements for the year ended 31 March 2023 23 Turnover, operating costs and operating surplus or deficit from social and non-social housing activities - Association (continued) Social Housing Activities (continued) General Need5 Housing Sheltered Housing Other Supported 2023 Total DfCAllowanees Management allowances Management costs Deficit 247,500 (629.049) 30.888 (78,505) {47,617) 5.148 (13,084) 283,536 (720,6381 {381549) (7,936> 1437,102) iiitenaNee AllowaHces Maintenance Allowances Plann¢d and cyclical maintcnan¢¢ Reactive maintenance 348.639 (221.196) (362.372) 43,510 (12.315) {44.172) 7,252 (3.063) (19,687) 399,401 (236.574) {426,232} Deficit {2349291 (12,9771 (15.499) (263,405) Technical 2nd Non-Technical Income Technical Non-Technical 2,980.117 844.396 3,824513 337.217 95,548 432.765 11,128 34.346 3,328,462 974,290 4,302.752 Total 45,474 The Association did not carry out any non-social housing activities during die cutt¢nt or previous fmancial year. The Association received £15.464 (2022: £10.997) during the year from the Northern Ireland Housing Bxecutive a5 restricted funds in respect of Supporting People. The costs associated with Supporting Peoplc dwing ihe year were £21.893 {2022: £22,952). Tbe deficit was fvnded from the Association's general reserves.
Newillgton Housing Association (1975) Limited 35 24 Pension liability Tiie net pension deficit and surplus amounts shown beloiv under FRS102 section 28 'Rctireinent benefits, do not represent a shorrfall or surplus which inipacts on shon terni cash funding. Tlie amouni shown below is calculated to Coinply with the Financial Reporting Standar(L the specific requirements of which differ from the basis on which pension liabilities are actuarially calculated lor the purpose of the ongoing fimding of the scheme. Thc Financial Reporting Standard requires: aLluarial deficiencles to be recognised immediately a5 a'liability" in tbe fmancial statements rather than being spread forward over employees. remaining service lives- the actuary, in valuing the scheme's liabilities, is required io use a bond yield as the discount rate for valuing fiilure li2biliiies. iaihcr than a rate That reflecis the cxpectcd return on the scheme's particular assel portfolio, with thc rcsiilt of an apparent increase in the pre5cnt valuc of future longer teTTn ITabilitlC5. FRS102 sethion 28 fjgures in relarion to employee5 and ex-employees who arc mclnbers of the NILGOSC pension schenie. A full Actuarial Valuation of the heme was carried out as at 31 March 2022. The niajor assumptions used by the actuary were: 2023 4.1°/0 2022 4.4% Rate of increase in salaries Rate of incrcasc in pcnsions in payinent Discount rate 2.60/0 2.90/. 4.6°/ 2.70/0 Inflation assumption 2.60/0 2.9/ The mortality assumptions used were as follows: 2023 2022 Years Years Average expected future life ai &ge 65 for - male cutrently aged 65 - female eurrenily aged 65 - male curtellily aged 45 female ¢urr¢ntly aged 45 22.2 21.8 25.0 25.0 23.2 23.2 26.0 26.4 The assets in the scheme and the expected rates of relurn were: 2023 2022 Equities Propcrty Bonds ] J47,000 343,000 1,185,000 193,000 196,000 3.264.0110 (3.192.000) 72,000 1.280,000 344,00 1.224,000 Cash 196,000 i 10,000 3.154.000 (4.371.000} (1,217,000} Other Total market value of assets Present value of scheme liabilities Net pension surplusl(deficit)
Newington Housing Association (1975) Limited 36 24 Pension liability (continued) Reeoncili#tion of present value of scbeme Ilabilities 2023 2022 At l April Service cost Member Contributions 4,371,000 337,000 48,000 118.000 (1,632.1)00) {50,000) 3,192.000 4,255,000 356,000 42,000 89,000 (305.000) (66,000) 4,371.000 Interest on scheme liabilities AcDJarial (gains)I losses Benefits paid At 31 March Reconciliatloll of fair vxllle of scheme assets 2023 2022 At l April Expcctcd r¢turn on schcTn¢ asbets Acrnarial {losses}/g&ins Ernployer contributions Member contributions 3,154,000 87,000 2,926,000 63.000 {121,000) 146,000 48.000 58,000 131.000 42.000 (66.000) 3,154.000 Benefits paid At 31 March 3,264.000 Analysis of amoullt5 chargedl {¢redited) to iD¢ome and expellditure: 2023 2022 Current service cost 337,000 356,000 Past service cost Expec( return on pellsion scherne assets Interest on pension scheme liabilities (87,000) 118,000 368,000 {63.0001 89,000 382,OUO Amounts for eurrent and previous three years: 2023 2022 2021 2020 Fair value of employer assets Present value of defined benefit obligation Surplusl(Deficit) 3,264.000 (3,192.000) 72.000 3,154,000 (4.371.000) (1,217,000) 2,926.000 (4.255,0001 11,329,000) 2.256,000 (3,169,000) {913.OOD) Actuarial gains and losses The amoullt of actuarial gain recognised in the Statement of comprehensive income is £1,511.000 (2022: gain of £363,000)
Newington Housing Association (1975) Limited 37 25 Contingent liabilities The ac¢umulated position of total Housing A&sociation Grdnt released at 31 March 2023 is £1 0.027.954 (note 121. The amuunt of Housing Association grant amonxsed and reco8nised as income in the year 10 31 March 2023 is £662.680. The possibility of any reimbursement lo the Departtnenl for Cornmurkilies is considered to be unltkely as the housing prupertieb are cxpecled lo conlinuc lo be made available for social housing for the foreseeable future. 26 Related parties The Association has identified the following transaction5 which musi be disclosed und¢r the tern of section 33 of FRS LO2. 2023 2022 APEX Housitig Association Limited Alnounts owed (toll by APEX HoLL8ing Association Liniitcd at l April Invoiees due to APEX Housing Association Limiled Aniounts paid to Apex Housing Limited Shares issued {42,847) (2,319) 2J19 {42.433} (414) Amount om'ed to parent undertaking at 31 Mar¢h (note 15) (42,847) {42,847) 27 Ultimate Controlling Party Thc immcdiale parent company and the ultimate parent conwany for the group is APEX Housing Association Limited. The parent undertakÉng of the smallest and large¥t group of undertakings, of which this association is a member, and for which consolidated financial sialemcnts are prepared is APEX Housing Association Limited. an association incoorated In Northern Ireland. Copies of ihe consolidated financial 5talements are available to the public upon request froTn l O Butcher Strcct. Londonderry. BT48 6HL. The association conslders ihc Board of Mznagctnent in APEX Housing Association Limiicd to be their uliimate eontrolling paty.