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 Mcca￿01[ (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 f￿anCIal 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 Sta￿llents 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
s￿leMents 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 def￿red 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 reCO￿lISeS 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 recogni￿d 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 t1￿1 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 ￿t￿re 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 use￿1 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 Sub￿ance 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 C￿￿ent 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 a￿et'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 cu￿ent 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 tr￿sactIon 15 measured at the prescnt valu¢ of ihc fvture
receipts discounted at a market rate of interest. Such a￿ets 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 Cll￿ent 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 ca￿Led 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-pa￿ncnt 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 sU￿1¢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 2￿1
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 M￿ch
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 inco￿orated 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.