2024-03-31-accounts

Registered no: IPO￿158 Newington Housing Association (1975) Limited Annual report and financial statements For the year ended 31 March 2024

Newington Housing Association (1975) Limited Annual report and financial statements for the year ended 31 March 2024 Contents Pages Board of Management and advisers Strategic report of the Board of Management 3-11 Rcport of the Board of Management 12- 14 Independent Auditors, report to the members of Newington Housing Association (1975) Limited 15-17 Statement of comprehensive income 18 Statemcnt of chang¢s in reserves 18 Statement of flljancial position 19 Notes to the financial statements 20-37

Newington Housing Association (1975) Limited Board of Management and advisers Board of Management Mrs L Vincent (Chair) Mrs B Callaghan (Vice Chair) Mr C Mccarroll Mr S McKenna Mr P O'Flaherty Mr P Privilege (resigned 18.09.23) Mrs C Maginness Mr G Walsh Mr L Mooney Ms B H&ssan (resigned 03.10.23) Mrs L Privilege Mr M Bright Mr N Kelly (resigned 20.02.24) Mr M Glinwood Mr S Drummond (TreasuT¢r) Mrs H Wilson (resigned 30.11.23) Honorary Secretary Mr A K¢rr Registered office 300 Limestone Road Belfast BT15 3AR Registered under the Co-operative and Community Benefit Societies Aci (Northern Ireland) 1969 - Number IP l i8 Registered charity with the Charity Commission for Northern Ireland- Charity registration Numb¢r- 102477 Registered with the Dfc (Nl)- Number 13 Solicitors Arthur Cox Victoria House Gloucester Street Belfast BTI 4LS Bankers Danske Bank l Donegall Square West Belfast County Antrim BTI 6JS AIB 31- 35 High Street Belfast County Antrim BT12AL Ulster Bank 11-16 Donegall Square Easr Belfast County Antrim BTI SUB

Newington Housing Association (1975) Limited Board of Management and advlsers Independent auditors Sumer Auditco Nl Limited Statutory Allditors Glendinning Hous¢ 6 Murray Street Belfast BTI 6DN

Newington Housing Association (1975) Limited Strategic report of the Board of Management for the year ended 31 March 2024 The Board of Management presents its strategi¢ report and the audited fmancial statements for the year ended 31 March 2024 of Newington Housing Association (1975) Limited {the Association). Principal activities Newington Housing Association (1975) Limiled is a registered non-profit making housing association providing housing accommodation for those in ne¢d. Group Structure Newington Housing Association (1975) Limited is part of APEX Housing Association Limited group. Board of Management The Board of Management is a voluntary Committee who have responsibility for the strategic direction, general policy and management of the Association. Th¢ day-to-day management of operations is delegated to the Senior Managem¢nt Team of the Association. Governance The Board of Management of Newington Housing Association (1975) Limited ("NHA") consists of a minimum of 7 and a maximum of 18 board members (Current membership is detailed on page l). It is made up of the honorary officers, being the Cha]￿ersOn, Vic¢- Chairperson, Hon. Treasurer and up to 15 other Trustees. The good governance responsibilities of the Board are to set the organisation's strategic aims and ensure that the necessary fmancial and human resources are in place for the organisation to meet its objectives and review management perfornian¢e. tn particular.. overseeing the activities of the organisation, its strategic direction and planning processes, programme delivery. flnancial controls and perforniance m¢&sures; reviewing and guiding strategy. reviewing and approving strategic plan5, annual budgets, programme plans and perforniance objectives, and risk management strategies and plans, as developed by the manag¢ment team. monitoring implementation and perfo)Tnanc¢, and overseeing major capital expenditure" ensuring that the organisational structur¢ is appropriale for achieving the OToanisation's strat¢gi¢ goals, and that the n￿eSSary policies, procedures and controls are in place to ensure that authority may be delegal¢d by the Board without loss of accountability" and in general, approving and oveftseeing the maintenance of sound Co￿Orate governance and the accountability of the Board. The Board meets at least 4 times per year and to &SSiSt It in carrying out its duties has delegated authority to four standing committees: Audtt and Risk Committee. Finance and Corporate Services Committee. Assets Committee; and Communities Committee. From time to time th¢ Board may also forni time-limited committees to deal with specific issues as required.

Newington Housing Association (1975) Limited Strategic report of the Board of Management for the year ended 31 March 2024 Gender analysis 8 members of the Board of Management are male and 4 are female. The Association has 24 employee5 of which 10 are male and 14 are female. Operational performance The Association aims to operate efficiently and effectively, and oulputs are monitored by the Board of Management who receive perforniance reports covering a variety of financial and non-fmancial perforniance inforn]ation. The Board has set a number of corporate strategy objectives in its 2023-26 Coryorate Plan. These are.. Our Homes - Provide high quality, sustainable and affordable homes by: Maintaining our existing properties to the highest possible standard. Identify and implement best practice in ternis of environmental standards and sustsinability. Review and renew our Asset Management Strategy. Continue to seek opportunities to meet the need for high quality social housing in North Belfast both through the acquisition and renovation of existing residential properties and through the development of new housing projects. Our Services- Provide high quality, sustainable and affordable homes by.. Review our existing services arjd ensure they continue to be fit for purpose. Innovate and develop new services in order to meet the challenges our tenants and the community are likely to face in the future. Provide both a quick response and valu¢ for money in all our services. As a communTty-based Housing Association, continue to develop our wraparoundlenabling services such as: access to welfare advice; signposting to other services. employability support. floating support. and family support hubs. Our Tenants & Communities- Newington will: Promote effective tenant participation so that the voice of the tenant and their fatnilies infonns all our work and our services. Continue to lead and engage effectively with our tenants, their families, the community in North Belfast and our statutory partners in order to create safe, diverse, vibrant and confident communities. Support tenants and their families to improve their quality of life. Inforni and influence public policy and debate around housing supply, housing quality, tenancy and other related issues. Provide a respected voice to advocate on behalf of our tenants and the North Belfast community and raise awareness of the many challeng¢s faced by our tenants and their families, with statutory agencie5 and political representatives Promote and celebrate our tenants and communities Our Team- Newington will: Continue to prioritise our financial sustaiThability and viability through good fmancial management practices. Deliver Value for Money while not compromising on outcomes. Ensure we provide the staff resource to meet the needs of the organisation. Continue to invest in the skills and professionalism of our staff. Prioritis¢ the wellbeing of our employees and board members. Improve communications both internally and externally and develop an effective communication strategy. Celebrate our successe5 as an organisation. Develop OUT Board by applying best practice in tenns of Board governance, compliance and rigk management, and ensuring our Board has the skills necessary to be effective. Maintain the strategic relationship with APEX Group. To deliver these strategic objectives annual business plans are developed and both Corporate & Business plan perfonnance is monitored by the Board. The management of fmancial resources is critical to the Association's ability to meet its objectives. Ivhilst the Association has a voluntary non-profit making status, the generation of an annual surplus is vital to ensure the on-going investment in new housing stock, to provid¢ for long¢r-t¢mi maint¢nance obligations, to meet commitments to lenders, and to generally ensure adequate protection against unforeseen circumstances.

Newington Housing Association (1975) Limited Strategic report of the Board of Management for the year ended 31 March 2024 Status Newington Housing Association (1975) Limited is registered under the Co-operative and Community Benefit Societies Act (Northcrn Ireland) 1969 and is il Rcgist¢rcd Housing Association. Newington Housing Association (1975) Limited is a registered charity (Charity No. IPI 58). Newington Housing AssociatioT] (1975) Limited is registered with the Charity Commission for Northern Ireland (Registration No. NICI 02477). Regulation The Association continues to meet its regulatory obligations with the Department for Communities R¢gulalion Team and received a Rating of l (Standards M¢t) in its most recent Regulatory Judg¢ment for the year 2022123 issued in March 2024. Review of Staffing Structure The Board r¢cognised that a full review of functions and stsffing was necessary to ensure the structures were fil for purpose and to ensui¢ value for money in service delivery. The review was completed in May 2023 and implementation of the recommendations was completed in Julv 2024. Employee information The Association's total staff costs increased from £998,108 in 2022123 to £1,061,994 in 2023124. Sickness absence levels decreased to 3.10/0 in 2023124 (5.90/0 in 2022123). There were 4 leavers and 8 new starts in the year. Staffing Structure A new strncture was approved in May 2023 with the amalgamation of the Housing & Communities and Property Services & Development Departments under one directorate lead by the Director of Communtties. This directorate's fimctions were split into two teams. This staffing structure was fully implemented in July 2024. The Communities T¢am, led by the Communities Manager. would focus on the services to the tenants and wider community and would be responsible for: Housing ManageTnent Response Maintenance Tenant EngagFement Community Inveslment The Asset Team will be led by an Assets Manager post. Thi5 department will be responsible for.. The long-term viability of the property assets Technical advice to S¢nior Managem¢nt Team Compliance Asset Management Strategy Plamied Maintenance Development support Procurement (including response maintenance) Sustainability and environmental impact

Newington Housing Association (1975) Limited Strategic report of the Board of Management for the year ended 31 March 2024 The new organisational structure is; 4rtV4 Housing Management Services Alloeations- Durlng the year there were 41 relets of existing stock, 28 General Needs Allocations, 4 Sheltered Allocations, 7 direct exchanges and 2 tenancy successions. Rent Collection & Debt Recovery- During the year 7W/o of the Association's rentsl income w&8 received directly from Houstng Benefjt. Universal Credit and other sources of benefits. Th¢ Association continues to proactively implem¢nt strategi¢s and policies to, in the f]rst instance ty io pr¢vent akTears occurring and to also recover outstanding arrears. The Association renewed the match- fimded W¢lfare Advice posL which commenced in January 2020 for a fi￿her two-year period to March 2025. This post is important in providing advice and assistance on income and benefits lo our tenants and the wider community. However. non-technical rent Tears increased from 3.60/0 2 April 2023 to 4.00/0 at year end. Arrears KPI 01 A ril 2024 2 A ril 2023 Non_technieal arrears a5 f/lo of total income 4.0•/ 3.61/1 Void stock on 31 March 2024 was 2.50/0 (31 March 2023: 2.00/0).

Newington Housing Association (1975) Limited Strategic report of the Board of Management for the year ended 31 March 2024 Value for Money IVFM) Newington Housing Association (1975) Limited has defmed VFM as a way to manage resources to provide quality service4 homes and help create safe, sustainable and vibrant communities for people to live and work. VFM is based not only on minimum cost of the services provided but also on the maximum effici¢ncy and effectiveness (outcomes) of the Tesources employed to deliver the service. VFM is about achieving the right balance between the three 'E's'_ Economy, E￿icIencY and Effectiveness. Economy is the price paid for what goes into providing a service. Efficiency is a measure of productivity or how much is gained from what is put in. Effectiveness is a measur¢ of th¢ impact achieved and can b¢ both qualitativ¢ and quantitative. VFM is high when there is an optimum balance between all three E's,, relatively low costs, high productivity and successful outcomes. Social value within Newington Housing AssociatlOD {1975) Limited is not limited to the outcomes that flow from housing assets or from the provision of bousing services but by also supporting th¢ local economy and community led organisations that deliver valuable service and support, which enhance communities and people's lives. Th¢ A&sociation wants to maintain VFM and be transparent about it. We have a clear aim of what we wanl to achieve, where our principles are and that our homes and s¢rvices.' Meet the needs of tenants and other service users at the right time and meet their expectations. Are of the right quality and are fit for purpose. Generate high levels of satisfaction and enhance our r¢putation and our track record; and Services are delivered from suppliers (internal or external) whose prices are competitive for the quality of service provided. These principles i]nprove our sustainability. viability and opportunities for the future. A comparison of some of the primary indicators for 2023124 is set out below along with the ￿gultS of the Housemark Sector Scorecard: Indicator Newington HA 2023124 Newington HA 2022123 UK Median Operdting rn￿￿1n 22.0 20.40/0 Gearing 22.10/0 22.30/0 45.40t/bo Return on Capital Employed Headline Social Cost Per Unit £3,937 £3.137 £4,475 Indicator Newillgton HA 2023124 Newington HA 2022123 Interest Cover 1550/0 2490/0 Occupancy 9V/o Some examples of activities in 2023124 where these Value for Money principles were applied are as follows: Newington have signed up io three pre-procured framework providers, Fusion 21, Procurement for Housing & M3NHF Frameworx. This enables Newington to draw down service and works contracts which will ensure value for money.

Newington Housing Association (1975) Limited Strategic report of the Board of Management for the year ended 31 March 2024 Value for Money IVFM) (continued) During the year Newington has: Replaced 54 kitchens within our homes during the 2023124 year 23 Gas boilers were upgraded within our existing homes 100 % of all relevant prop¢rties within Newington ownership have undergone a regular fre risk assessment 4 additional homes were added to our stock profile Our average energy rating of our homes is 76. which exceeds the Nl average ene￿Y rating of 65 Repairs and Maintenance A Measured Tenn Contract (MTC) for reactive maintenance jointly procured with Apex Housing Association became operational on l June 2022 with NICOR being appointed. This framework, when coupled with a jointly procured Planned and Cyclical Maintenance Contractor Framework, ensures that contractors employed are the most eificient in ternis of the balance between competitive pricing and quality of service. Our approach to how we maintain our assets and tenants, homes is set out in our Asset Management Strategy (AMS). The AMS emphasises the need to achieve VFM by identifying planned maintenance programmes therefore improving the quality of homes, increasing t¢nant satisfaction and reducing the cost of reactive repairs. The annual KPI for Response Maintenance Perfomiance for the year ended 31 Ma￿h 2024 is included below: Overall Jobs completed on time 860/0 Type °/0 Jobs Complet on time Immediate Call Out 990/0 Emergency Urgent Routine 830/ During the year Newington has: Invested £296K through planned and cyclical maintenance improv¢rnents to our existing homes Invested £480K invested in maintaining our existing homes through response maintenance Social Value, Tenant Particiwation, Community Engagement & Investment At Newington, we are committed to ensuring that new and existing tenants are aware of the support available to assist them to sustain their tenancies. Mechanisms and procedures are in place to ensure that tenants are signposted or directly refe￿ed for financial, tenancy or personal support and these procedures are at the core of our day-to-day services. By providing this service, it helps to maximise the us¢ of the various essential services that are provided locally. We continually strive to invest locally and believe we are making a real contribution to people's lives. One of our main strategi¢ priorities for 2023104 was delivering on the commilments we have made within our new Tenant Participation & Community Involvement Strategy 2023 -2026 and new Community Investment Strategy 2023 - 2026. Our Community Engagement Officer's role, which is part funded from the Community tnvestment Fund, is extremely important to local community and voluntary groups within North Belfast and the postholder plays a pivotal role in ensuring we deliver on the commitments made.

Newington Housing Association (1975) Limited Strategie report of the Board of Management for the year ended 31 March 2024 Partnership working with others at a local level We have continued to sustain all our existing partnerships. whilst continuing to forge new ones with various community. voluntary and statutory organisations. This is to ensure our l¢nants receive the support to help them to fully integrate well within their new or existing surroundings. Newington continued to attend various multi-agency partnership initiatives (i.e., Multi Agencylcommunity Saf¢ly Forums) to address any instances of Anti-social Behaviour an<Vor hate crime in all areas where Newington provides homes. The Association r¢main¢d an aclive member of the North Belfast Smile Sure-start's MI￿agcment Committee. Our Community Investment during 2023124 Via our Community Investment Fund budge¢ which is set by our Board each y¢ar, we have supported a rang¢ of strategic arLd community activities to allow us to provide greater financial support and to make more positive differences. locally. From April 2023. this budget was increased to 3Q/o of total rent receivable and is in place to support a range of strategic and community activities and which allows us to provide greater f￿anCIal support and to make a more positive difference, locally. Via our Community Investment Funl the Association spent £124k on various initiativ¢s and proj¢cts. We retained the provision of an independent Welfare Advice post during 2023124. The post is now fully funded by Newington and the Welfare Advice worker is based within Tar Isteach. The Welfare Advice worker delivers advice and support services out of the Tar Isteach advice centre two days per week and at Newington's main office on the Limestone Road, one day per week. The Association continued to work in partnership with our key stakeholders and partners to enhance the lives of those currently residing within existTrng w¢ll-established communiti¢s. Newington Continued to invest and support local communities through dir¢ct requests for fundin& as well as funding to support a range of community activities for young people, families and our older tenants. Tenant Vieivs We continued to promote initiatives that encourage tenant participation. OUT Tenant Fon]m has now been in place since April 2017. During 2023124, Forum members took part in various initiativ¢s including organising and delivering community events, seasonal projects, training, th¢ delivery of Newington's Icommunity Celebration Event. the development of our new Tenant Participation & Community tnvolvement Strategy and Community Invesknent Strategies for 2023 - 2026 and our new 3-Year Strdtegic Plan. Our main highlights during 2023 - 2024 B¢tween April 2023 and March 2024, the Association has delivered or flnancially supported the projects and initiatives that support our residents and the wider community. The following is a breakdown ot our CoTnmunity Inv¢stm¢nl expenditure during 202312024: Seasonal Events Funding Community Funding Financial support to local advice service at NLHO Community Training Events Brian Mullan Community Fund Youth Intervention (HFYC & NL YC) Student Bursary Scheme Camberwell Hub Project Kindness Fund Welfare Advice Grow NI (Camb¢rwell Court) Community Engagement Total £3,500 £37.932 £5.000 £io.000 £14.720 £8,000 £5,200 £3,352 £7,155 £20.700 £7,000 £10,335 £124,893 Newington continued to invest and support local groups, organisations and communities through direct requests for funding, as well as funding to support a range of community activities for young peopl¢, families, and our old¢r tenants.

Newington Housing Association (1975) Limited io Strategic report of the Board of Management for the year ended 31 March 2024 Commitment to working with other Housing Associations To further improve the Value for Money processes within NHA, there is a commitment to collaborative working with other Housing Associations and the Northern Ireland Federation of Housing Associations (NIFHA). The Association attends the following meetings to share ideas, best practice, enhance services and to promote a positive image of individual HA'S and th¢ social housing sector in general. NIFHA Govcrnanc¢/CEO Forum North West Housing Forum NIFHA Finance Forum NIFHA Housing Association Managers Fon NIFHA - Comms Officers FonAm SupportinglF.mpowering Communiti¢s - Tenant Participation Practitioners Network Group NtHE, NIFHA & HA'S Operational Group Risk Management Responsibility for the identification of risks is clearly defined and operates through a rolling risk ass¢ssment prncess. Key risks facing the Association ale considered by the Board of Management at each meeting and the Board has adopted a risk-aware strategic focus. The Association has invested in dedicated Risk Management Software to llnprove its risk management processes. Perforn)ance in the sector is generally afferted by government policies and changing legislation, the impact of the regulatory regime, changes in demographic, political or economic conditions or environmental risks. Some of th¢ major factors which may affect the Association over the next year are: Financial uncertainty and incr¢ases in interest rates may restrict the level of investment in planned maintenance programmes to ensure compliance with existing financial covenants Reductions in government spending impacting the association directly through reduced levels of Housing Association Grant available and a possible reduction in funding to our community and statutory partners which may reduce programmes delivered in the community. Governance risk arising from inadequate skills mix on IKTrard. Difficulties Wlth the supply cliain may lead to problems with the availability of labour impacting on the Association's ability to carry out planned and reactive maintenanc¢ programmes and the potential impa¢t on new build construction" Potcntial damage of rcputation. Measures are in place to control these risks, and the implementation of further mitigating actlODS is regularly monitored by the Board. Perforniance in the year ended 31 March 2024 During the year the number of homes in management increased by 4 from 716 to 720. The Association's annual review of r¢ntal charges in April 2023 resulted in a 8.0 % increase in the majority of rents. The surplus on ordinary activities, bcfor¢ pension acluarial gain was £423,047 (2023: £448,787). The Association continues its programme of major r¢pairs and improvements to properties and the lolal expenditure capitalis¢d in the financial year was £387,912. The lev¢1 of expenditure of this nature will fluctuate from year-to-year dependent on the age and condition of schemes and this has a significant impact on the amount of retained surplus in any one year. Expected perforniance in the year ending 31 March 2025 The Association expects to maintain its l¢vel of operations and perfonnance in 2024125. A surplus of £449,622 is budg¢ted for the year after spending £1,513,882 on maintaining our houses with a further £537,820 spent on capital repairs.

NewRngton Housing Association (1975) Limited Strategie report of the Board of Management for the year ended 31 March 2024 Financial sustainability The Association has a robust framework of longer - tern] fmancial planning in place. The Board regularly considers the longer- tenn fmancial plan which cov¢rs a 35- year period. The plan includes sensitivity analysis and compares projected results to fund¢rs' covenants where applicable. Going Colleern After making enquirics, the Board of Managemeni has a reasonable expectation that the Association has adequate resources to continue in operational existence for at leasi 12 months from the date of this report. The fjnancial statements have therefore been prepared on th¢ going concern basis. By order of the Board AKe Honorary Secretary Date Mrs L Vincent Chair Date 17.q.2*

Newington Housing Association (1975) LimRted 12 Report of the Board of Management for the year ended 31 March 2024 The Board of Management present their report and the audited financial statements for the year ended 31 March 2024 of Newington Housing Association (1975) Limited. Board of Management The Board of Management is a voluntary Committee who have responsibility for the strategic direction, general policy and management of the Association. The day-to-day management of operations is delegated to the Senior Management Team of the Association. Perforniance in the year ended 31 March 2024 and expccted pcrformance in the year ended 31 March 2025 The s¢ction5 on perforn]ance in the year ended 31 March 2024 and expeKted p¢rforniance in the year ended 31 March 2025, which are in the strategic report, are included in this report by cross reference. Treasury The Association's treasury management policy facilitates the effective management of casb flows, borrowings, investment5 and the risks associated with these activities. At 31 March 2024 the Association had bank loans outstanding of £17,671,328 (2023.. £18,439,806) (note 18). The Association was thlly ¢ompliant with loan covenants during the year. The Board is responsible for the management of interest rdte risk and liquidity risk. The Association finances its operations through a combination of borrowing and the reinvestment of retained reserves. The amount of bo￿OWIng5 and it5 ternis are reviewed and deterniined by the Board. Interest rate risk Exposure to fluctuating intcr¢st rates is managed by th¢ composition of a balanced portfolio between fix¢d rate and variabl¢ rate loans. Liquidity risk The Association maintains a mixture of long-tern] and short-terni loan finance that is designed to ensure there is sufficient funds to achieve busin¢ss objectives and to facilitate planned growth. Currency risk The Association does not engage in foreign cU￿encY transactions and so is not exrA)sed to exchanoe risk. Regulation The Association's principal regulator is the Department for Communities (Dfc). Environmental matters The Association recognises its corporate responsibility to carry out its operations and development prO￿amMe whilst minimising environmental impacts. The Board'5 continued alm is to comply with all applicable environmental legislation, prevent pollution and reduc¢ waste whereveT POS5ible.

Newington Housing AssociatRon (1975) Limited 13 Report of the Board of Management for the year ended 31 March 2024 Donations No donations for political purposes were made during the ycar (2023: £nil). Statement of the responsibilities of the members of the Board of Management The Board is responsible for preparing the fmancial statements in accordance with applicable laws and regulations. The Co-operdtive and Community Benefit Societies Act (Northern Ireland) 1969 and registered social housing legislation r¢quire the Board of Management to prepare financial statements for each fmancial year which give a true and fair view of the state of the Association's affairs and of its Surplus or deficit for that period. In preparing those fmancial statements the Board is required to: select suitable accounting policies and then apply them consistently. mak¢ judgements and ¢stimales that are reasonable and prudent. state whether applicable accounting standards have been follow¢d, subject to any material departures disclosed and explained in the fmancial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue in business. The Members of the Board of Management are responsible for k¢¢ping proper accounting records which disclose with reasonable a¢curacy at any time the f￿ancial position of the Association and to enable them to ensure that the financial statements comply with the Co-operative and Community B¢n¢fit Societies Act (Northern Ireland) 1969 and th¢ R¢gist¢r¢d Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993. It has general responsibility for taking reasonable steps to safeguard the &ssels of the Association and detect fraud and other irregularities. They are also responsible for safeguarding the assets of the Association and hence for taking re&sonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure of infomation to auditors So far as each of the members of the Board of Management at the date of approval of these financial statements is aware: There is no relevant audit inforniation of which the Association's auditors are unaware; and They have taken all the steps that they ought to have taken as members of the Board of Manag¢ment in order to make themselves aware of any relevant audit infornlation and to establish that the Association's auditors are aware of that inforniation. Internal Control The Board of Management has overall responsibility for the Association's internal control systems and for r¢viewing the effectiveness of these. Such systems can only provide the Board of Management with reasonable (and not absolute) assurance against mafrrial misstatement or loss as they are designed to manage the risk of failure to achieve business obj¢¢tives rather than eliminate the risk completely. Audit The Association's internal auditors report diredly to the Board on completion of each systems review and an annual summary report is produced by the internal auditors summarising the systems audit programme each year. The work of the external auditors also provides some assurance through the year-end audit and the provision of a report summarising their fmdings. Board of Management The members of the Board of Managemenl of the Association are listed on page l.

Newington Housing Association (1975) Limited 14 Report of the Board of Management for the year ended 31 March 2024 Independent auditors ln July 2024 our previous external auditors, ASM (B) Limited, transferred all of their extemal audit contracts to Sumer Auditco Nl Limited. The board ha5 agreed to the novation of the external audit contract to Sumer Auditco NI Limited. Sumer Auditco Nl Limited have indicated their willingness to continu¢ in office, and a resolution proposing their reappointment will be proposed at the Annual G¢n¢ral M¢¢ting. By ord¢r of the Board AKe Honorary Secretary Date Mrs L Vincent Chair Date i?Iql2*

Newington Housing Association (1975) Limited 15 Independent Auditors, Report to the members of Newington Housing Association (1975) Limited Opinion We have audited the financial statements of Newington Housino Assoctation (1975) Limit¢d ("th¢ Association") for the year ended 31 March 2024 which comprises the statement of comprehensive income, the statement of changes in reserves, the statement of fmancial position and the related notes to the fmancial statements, including a summary of significant accounting policies. The fmancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and the Housints SORP: Statement of Recommended Practi¢¢ for Social Housing Providers. In our opinion the financial statem¢nts'. give a true and fair view of the state of the Association's affairs as at 31 March 2024 and of its sury)lus for th¢ year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been properly prepared in accordance wilh the requirements of the Co-operative and Community Benefit Societies Act (Northern Ir¢land) 1969 (fornierly th¢ tndustrial and Provident Societies Act (Northem Ireland) 1969), with the requirements of Article 19 of the Housing (Northern Ireland) Order 1992, R¢gist¢r¢d Housing Associations (Ac¢ounting Requirements} Order (Northern treland) 1993, the Charities Act (North¢rn Ir¢land) 2008 and R¢gulation 9 of ihe Charities (Accounts and Reports) Regulations (Northern treland) 2015. Basis of opinion We conducted our audil in accordance with International Standards on Auditing (UK) (ISAS UK) and applicable law. Our responsibilities under those standards are further described in the auditors, responsibilities for th¢ audit of the fmancial stat¢m¢nts section of our report. We are independent of the Association in accordance with the ethical requirements that are relevant to our audit of the fmancial statements in the UK, including the FRC'S Ethi¢al Standard, and we have fulfilled our other ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have oblained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the fmancial statements, we have concluded that the directors, use of the going concern basis of accounting in thepr¢paration of the fmancial statements is appropriat¢. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Association's ability to continue as a going concem for a period of at least twelve months from when the f￿anCIal statements ate authorised for issue. Our responsibilities and the responsibilities of the Board of Management with respect to going concern are describ¢d in the relevant sections of this r¢port. Other inforniation The other inforniation comprises the inforniation included in the Report of the Board of Management other than th¢ fmancial statements and our auditors, report ther¢on. The Board of M8nagement is responsible for the other inforniation. Our opinion on the fmancial slatements does not cover the other inforn)ation and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion th¢reon. Our responsibility is to read the other infornlation and, in so doing, consider whether the other infonnation is mat¢rially inconsistent with the fmancial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether there is a material misstatement in the f]nancial statements or a material misstatement of the other inforniation. If, based on the work we have perf0rnie￿ we Conclude that there is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard.

Newington Housing Association (1975) Limited 16 Independent Auditors, Report to the members of Newington Housing Association (1975) Limited (cont'd) Matters on which we are required to report by exception In light of our knowledge and understanding of the Association obtained in the course of the audit, we have not identified material misstatements in the Report of the Board of Management and the Strategic Report. We have nothing to report in respect of the following matters where the Charities (Northern Ireland) Act 2008 and Regulation 9 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 require us to report to you if, in our opinion: the inforniation given in the Report of the Board of Management and the Strategic Report is inconsistent in any material respect. sufficient accounting records have not been kept. the financial statements arc not in agreement with the accounting ￿ords. or we have not received all the inforniation and explanations required to Complete our audit. We have nothing to report in this regard. Under the Co-operativ¢ and Community Benefit Societies Act (Northern Ireland) 2016 (forn]erly the Industrial and Provident Societies Act (Northern Ireland) 1969) are required to report to you if, in our opinion.. a satisfactory system of control over transaclions has not been maintained. or we have not received all the infonnation and explanations we require for our audit; 01 prop¢r accounting records hav¢ not been kept by the Association. or the Association's fLnancial statements are rjot in agreement with the accounting record5. We have nothing to report in this regaTd. Responsibilities of the Board of Management As explained more fully in the Board of Management's Statement of Responsibilities, the BoaTd of Management is responsible for the preparation of the fmancial statements and for being satisfied that they give a true and fair view. The Board of Management is also responsible for such internal control as it deterniines is necessary to enable the preparation of fmancial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the Board of Management is responsible for assessing the Association's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting, unless the Board of Management either intend to cease operations, or have no realistic alternative but to do so. Auditors, responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about wheiher the financial statements as a whole are free from material misstatement, wh¢ther due to fraud OT error, and to issue an auditors. report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted In accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could Teasonably be expected to influence the economic decisions of users taken on the basis of these fmancial statements. Irr¢gularities, including fraud, are instances of non-complÈan¢e with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We considered the opportunities and incentives that may exist within the Association for fraud and identified the greatest potential for fraud in the following areas: management override of controls relating to posting of journals. To address those risks we discuss￿ th¢ risks with client management and designed audit procedures to test a sample of journals to confjrni they were appropriate.

Newington Housing Association (1975) Limited 17 Independent Auditors, Report to the members of Newington Housing Association (1975) Limited (cont'd) A further description of our responsibilities for the audit of the fmancial statements is located on the Financial Reporting Council's websifr at ii'ww.frc.or .uklaudiiorsre4 )on£ibilities. This description fornis part of our auditors, report. Use of our report This report is made solely to the Board of Management in accordance with section 43 of the Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (forn]erly the Industrial and Provident Societies Act (Northem Ireland) 1969) and article 19 of The Housing (Northern Ireland) Order 1992. Our audit work has been undertaken so that we might state to the Board of Management those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest exfrnt perniitted by law, we do not accept or assume responsibility to anyone other than th¢ Association and th¢ Board of Management, for our audit work, for this report, or for the opinions we have fonned. Brian Clerkin FCA Scnior Statutory Auditor for and on behalf of Sumer Auditco Nl Limited Registered Auditors Glendinning House 6 Murray Street Belfa$t BTI 6DN 17 Sept¢mber 2024

Newlngton Housing Association (1975) Limited 18 Statement of Comprehensive Income for the year ended 31 March 2024 2024 2023 Note Turnover 5234,880 (4,083,455) 1,151,425 62,404 2,028 14,652 (807,462) 4,91&862 (3913,064) 1,003,798 397,613 (397,613) 2,854 (s2￿65) (31,000) 448,787 1,511,000 Opernting costs Operating surplus Surplus arising from sale of housing propety Trdnsfer to Disposal Proceeds Fund Interest receivable and sitnilar income Interest payable and similar charg¢s Other finance costs 17 io Surplu$ on ordinary activities Actuarial gainl (loss) in respect of pension schemes Unrecognised Asset in respect of pension schemes Total comprehensive income 423,047 246,000 (305,000) 364,047 24 24 1,959,787 All amounts above relate to continuing operdtions of the Association. Statement of changes in reserves for the year ended 31 March 2024 2024 2023 SuTplus on ordinary activities for the financial year Movement in share capital and capital reserve Actuarial gain/ (loss) in respect of pension schemes Unrecognised Asset in respect of pension schemes Net addition to capital and reserves Opening total capital and reserves Closing total capital and reserves 423,047 44&787 19 24 246,000 {305,000) 364,047 15,940,144 16,304,191 1,511,000 24 1,959,793 13,980J51 15,940,144

Newington Housing Association (1975) Limited 19 Statement of Financial Position as at 31 March 2024 2024 2023 Note Fixed assets Housing pmperties Other tangible fixed assets 12 65,598J56 2,001,875 67,600,231 65,841,997 2,058,820 67,900,817 13 Current assets Debtors 14 311206 1299,881 1,611,087 (3,014,159) (1,403,072) 66,197,159 628,080 1,340,676 1,968,756 (1.982,739) {13,983) 67,886,834 Cash at bank and in hand Creditors: amounts falling due within one year Net current (liabilities)l assets Total assets less eurrent liabilities 15 Creditors: amounts falling due after rnore Ihan one year Pension {liability) l Asset Net assets 16 (49,892.968) (52,018,690) 72,000 15,940.144 24 16,304,191 Capital and reserves Called up share capital Capital reserve Revenue reserve 19 25 25 20 192 192 16,303,974 16,304,191 15,939,927 15,940,144 Totsl funds The fmancial statements on pages 17 to 39 were approved by the Board of Management on 17 September 2024 and were signed on its behalf by: Mrs L Vincent Chair Mr A Kerr Honorary Secretary em'• Mr C Mcca￿011 Board of Management Registered Dumber: IP000158

Newington Housing Association (1975) Limited 20 Notes to the financlal statements for the year ended 31 Mareh 2024 General infornjation The Ass(Kiation's principal activity during th¢ financial year continues to be provision of social housing. The Association is registered under the under Co-OPCTative and Conunullity Benefil Societies Act (Northern Ireland) 1969 and domiciled In the UK. The address of the registered office is 300 Ltmestone Road, BelfasL BTI 5 3AR. Statcment of compliance These financial statements of Newington Housing Association (1975) Limited have been prepared on the going concern basis in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in th¢ United Kingdom and lh¢ Republic of Ireland" ("FRS 102") under th¢ historical cost convention. and in accordance with applicable accounting standards in the United Kingdom and Stat¢ment of R¢commended Practice for Accounting by Registered Social Landlords (updated 2018). The principal accounting policies, which have been applied consistently throughout the year, are set out below. The prescntation of the financial statements complies with the Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993. Summary of significant accounting policies The principal accounting policies applied in the preparation of these fmancial statements are set out below. These policie5 have been consistently applied to all the years presented, unless otherwise stated. The company has adopted FRS 102 in these fmancial statements. Basis of preparation of financial statemenls These financial statements are prepared on a going concern basis, under the historical cost convention. The prepardtion of ffftancial statements requires the usc of certain critical accounting estimatcs. It also requires managemcnt to exercise its judgemcnt in the process of applying the Association accounting policies. The are&s involving a higher dcgree of judgement or complexity. or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 4. F.xemptions for qualifying entities under FRS 102 FRS 102 allows a qualifying entity certain disclosure exemptfftons, subject to certain conditions, which have been complicd with, including notification of and no objection to, th¢ use of excmptions by the ASS￿latIOn.S shareholders. The Association has taken advantage of the following exemptions.. the Association has tsken advantage of the exemption, under FRS 102 paragraph 1.12(b) from preparing a statement of cash flows. on the basis that it is a qualifying entity and its ultimate parent company, APEX Housing Association Limited. includes the Association's cash flows in its own consolidated financial slatements. and from the financial instrurnent disclosures, required under FRS 102 paragraphs 11.39 to I1.48A and paragrdphs 12.26 to 12.29, as the inforn]ation is provided in the consolidated financial statement disclosures.

Newington Housing Association (1975) Limited 21 Notes to the financial statements for the year ended 31 March 2024 Summary of significant accounting policies (contlDued) Revenue recognition Revenue is measured at the fair value of the Consideration received or receivable 8nd represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Association and value added taxes. The Association bases its estimate of retlllms on hislorical results, taking into consideration the type of customer, the type of transaction and the specifics of each a￿angernent. Where the consid¢ration r¢ceivabl¢ in cash and cash equivalents is deferred and the arrangement constitutes a fmaThcing transaction, the fair value of the consideration is measured at th¢ present value of all ￿tUre receipts using the impufrd rate of interest. The Association recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Association retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably" (d) it is probable that fuiure economic benefits will flow througts th¢ Association and (e) when the spectfic criteria relating to each of the Association's sales channels have been met. as described below. Net rental income Income includes rent and service charg¢ income arising from the provision of housing accommodation and th¢ amortisation of Housing Association Grant. Jncome is reco.(mised in the period to which it relales. Other income Other tncome is recognised in the Statement of comprehensive income when the ternis of revenue recognition have been met. Employee benefits The Association provides a range of benefits to employees, including paid holiday aTrangements and d¢fmed benefit pension plans. Short term benefils Short terni benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. Defined benefitplan The Association operates a defmed benefii plan for certain employees. A defmed benefit plan defmes the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a post-employm¢nl benefit other than a defmed contribution plan. The liability reco￿lS¢d in the balance sheet in respect of the d¢fmed benefit plan is the pres¢nt value of the defmed benefit obligation at the end of each fmancial year less the fair value of the plan assets at the same date. The def￿¢d benefit obligation is calculated annually by an exlernal actuary using th¢ projected unit credit meihod. The present value ofthe defmed ben¢fit obligation is deterniined by discounting the estimated future paym¢nts using market yields on high quality corporate bonds thal are denominated in Sterling and that have ternis approximating the estimated period of the ￿tUre payments ('discount rate,). The faTrr value of plan assets out of which the obligations are to be settled is measured in accordance with the Association's accounting policy for financial assets. For most plan assets this is the quoted price in an active market. Where quoted prices are not available appropriate valuation techniqu¢s are used to estimate the fair value.

Newington Housing Association (1975) LimRted 22 Notes to the financial statements for the year ended 31 March 2024 Summary of significant accounting policies (Continued) Employee benefits {continued) The cost of the defined benefit plaw recognised in profit or loss. ¢xcept where included in the cost of an asset, comprises= (a) the increase in net defined benefit liability arising from employee service during the fmancial year; and (b) the cost of plan introductions, benefit changes. curtailments and settlements. The net interest cost on the net defined benefit liability is deterniin¢d by multiplying the net defined benefit liability by the discount rate (both as deterniined at the start of the fmancial year. taking account of any changes in the net defffted benefit liability during the fmancial year as a result of contrTbution and benefit payments). This cost is recognised in the Statement of Comprehensive Income as 'Other fmance costs,. Actuarial gains and losses arising from experience adjustments and changes in actharial assumptions are recognised in other comprehensive income. Tangible fixed assets Housing properties Th¢ Association operates a full component accounting poltcy in relation to the capitalisation and depreciation of its completed housing stock. Other fix￿ assets Other fixed assets are stated at cost. Housing Association Grant and other grants Housing Association Grant and other Jants received as a contribution towards the Capital costs of housing properties of tbe Association are included in 'Creditors.' amounts fallino due in less than one year, and 'Creditors'. amounts falling due after more than one year, and are recognised in income over the useful life of the housing property Structure and its individual components. Housing Association 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 c¢rtain circumstances, primarily following the sale of housing property. but any amount repayable would be restricted to the net proc¢¢ds of the sale. Depreciation and Impairnient Housing properties Housints properties are split between land, structure and major components which require periodic replacement. Replacement or refurbishment of such major components is capitalised and depreciated over the estimated useful life which has been set taking into account professional guidance and the Association's ass¢t management strategy. In detennining the remaining useful lives for the housing stock, the Association has taken account of views provided by both internal and external professional sources. Freehold land is not subject to depreciation. Depr¢ciation 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 useful economic lives.

Newington Housing Association (1975) Limited Notes to the financial statements for the year ended 31 March 2024 Summary of significant accounting policies (continued) Depreciation and Impairment (continued) Housing properties Major components are treated as separable assets and depreciated over their expected useful economic lives or the lives of the structure to which they relate, if shorter, over the following per1(￿s. Main fabric Roof structure and coverings Windows and external doors Bathrooms Mechanical systems (heating, ventilation. plumbing) Boilers/flues Kitchens Electrics Lift 100 years 80 years 30 years 30 y¢ars 40 years 15 years 20 yeaTS 40 years 30 years Housing assets are depreciated in the month following acquisition, or in the case of a larger project, from the month of completion. Where there is evidence of impainnenl, the fixed assets are written down to the recoverable amount and any write down would be charged to op¢rdting surplus. Other fixed assets Depreciation of other fixed assets is charged on a straight-line basis over the estimated useful economic lives of the assets at the following annual rates.. Offi¢¢ premis¢s Office furniture and equipment Computer equipment 2 /0 on cost 10 % - 21P/o on cost 250/0 on cost Subsequent additions and major Components Subsequent costs. including major inspections, 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 the Association and the cost Can be measured reliably. The caTrying amount of any replaced component is d¢recognised. Repairs, maintenance and minor inspection costs are expensed as incurred. Derecognition I"angible assets are derecognised OT] disposal or when no future economic bcnefits are expected. On disposal the difference between the net disposal proceeds and the carrytng amount is recognised in the Ststemcnt of Comprehensive Incom¢. Leased assets At inception the A%sociation assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is. or contains, a lease based on the substance of the arrangetnent. Operating leased assets Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the period of the lease. Cash and eash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-trrni highly liquid investments with original maturities of one month or less and bank overthafts. Bank overdrafts are shown within borrowings in current liabilities.

Newington Housing Association (1975) Limited 24 Notes to the financial statements for the year ended 31 March 2024 Summary of significant accounting policies (continued) Impairment of non-financial assets At each statement of financial position date non-financial assets not Ca￿led at fair value are assessed to detennine whether there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an indicatlOD the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying amount of th¢ asset (or asset's cash gen¢raling unit). The recoverable amount of the asset (or assel's c&sh generating unit) is the higher of the faiT value le5S Costs to sell and value in use. Valu¢ in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of thc asset's (or asset's cash generdting unit) continued use. 11)ese cash flows discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the assels. If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impainnent loss is recognised in the Statement of Comprehcnsive Income, unless the asset has been revalued when the amount is recognised in other comprehensiv¢ income to th¢ extent of any previously recognised revaluation. Thereafter any excess is recognised in the Statement of Comprehensive Income. If an impainnent Ioss is subsequently reveTsel the carrying amount of the asset (or asset's cash generating unit) is increased to the revised estimate of it5 recoverable amount, but only to th¢ extent that the revised carrying amount does not exceed the carrying amount that would have been detern]ined (net of depreciation or amortisation) had no impainnent loss been recognised prior periods. A reversal of an impaimient loss is recognised in the Statement of Comprehensiv¢ Income. Provisions Provisions ar¢ r¢cogni5ed when the company has a present legal or constructive obligation as a result of past eventS- it is probable that an outflow of Tesources will be required to settle the obligation. and the amount of the obligations can be estimated reliably. Where there are a nutnber of simllar obligations, the likelihood that an outflow will be required in settlement is detennined by considering the class of obligations as a whole. A prnvision is recognised even if the likelihood of an outtlow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of th¢ expenditures expected to be required to settle the obligation usino a pre-tax rate that reflects cu￿ent market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is Tecognised as a fmance cost. Contingeneies Contingent liabilities, arising as a result of past events, are not recognised when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (li) when the existence will b¢ confirnied by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the f￿anCIal statements unless the probability of an outtlow of rcsources is remote. inaneial instruments The company has cbosen to adopt Sections I l aTJd 12 of FRS 102 in respect of financial instrnments. Financial asset5 Basic fmancial assets, including trade and other receivables and cash and bank balances are initially recognised at trausaction price, unless the arrangement constithte5 a financing transaction, where the transaction is measured at the present value ol the future receipts discounted at a market rate of interest. Such assets are subsequently Ca￿led at amortised cost using the effective interest method. At the end of each Teporting period financial assets measured at amortised cost are assessed for objective evidence of impairnient. If an asset is impaired the impaimient loss is the difference between the canying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairnient loss is recognised in Statement of Comprehensive Income.

Newington Housing Association (1975) Limited 25 Notes to the financial statements for the year ended 31 March 2024 Summary of significant accounting policies (continued) Financial instruments (continu￿) If there is a decreas¢ in the impainnent loss arising from an ¢v¢nt occurring aft¢r the impainnent was r¢wgnised: the impairment is r¢versed. The r¢v¢rsal is such that the cU￿¢￿t carrying amount does not exceed what the carrying amount would have been had the impairnlent not previously been recognised. The impairment reversal is re¢ognised in Slalement of Comprehensive Income. Financial assets are derecognised when (a) the contractual rights 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 risks and rewards of ownership. control of the assei has been Iransferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Other fmancial assets, including invesiments in equity instruments which are not subsidiaries, associat¢s or joinl ventures, are initially measured at fair value, which is norn]ally the transaction price. Such assels are subsequently carried at fair value and the changes in fair value are recognised in Statement of Comprehensive Income, except that investments in equity instruments that are not publicly traded and whos¢ fair values cannot be measured reliably are measured at wst less impainnent. Financial liabilities Basic fmancial liabilities, including trade and other payables, bank loans and loans from group Companies, are initially r￿ognised at tran&2ction price, unl¢ss the arrangement constitutes a fmancing transaction, wher¢ th¢ debt instrnment is measured at the present value of the future receipts discounted at a market rate of interest. D¢bi instruments are subsequently Ca￿led at amortised cost, using the effective interest rate m¢thod. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to th¢ exfrnt that it is probable thal some or all of the facility 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 th¢ facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Trade payables are obligations w pay for go(Kls or services ihat have been acquired in the ordinary course of business from suppliers. Accounts payable are classifi¢d as current liabilities if payment is due within one year or l¢ss. If not, they are present¢d as non- current liabilities. Trade payables are recognised initially at transaction price and subs¢qu¢ntly measured at amortised cost using the effective interest method. Disposal proceeds fund The net surpluses, after loan repayments, that arise from the sale of propety to tenants under the voluntary purch&s¢ grant arrangements instithted by the Department for Communities can be used by the Association to fund works on property that would not be eligible for Housing Association Grant or in certain circumstances, attract loan f￿all¢¢. If the surpluses are nol used within two years of their receipt they may be payable in part or in full to the Department for Communities. Tenants, Services Fund For certain schemes, the Association is required to charg¢ tenants for additiona] servic¢s providel over and alx)ve the nornial management and maintenanoe services. The Association l¢vies an additional charge to th¢ Tenants for this. Annual surpluses and deficits are transferred to a fi]nd to equalise the financial position over a period of tim¢. Revenue reserves The Association's policy is to retain a level of revenue reserves which refl¢cts its needs at the curr¢nt time and in th¢ foreseeabl¢ future. The reserves requir¢d are sufficient to meet committed running costs for a period equivalent to three montbs budgeted future expenditure and is in line with the group policy. The Board of Management revi¢ws the adequacy of th¢ revenue reserves level on an annual basis.

Newington Housing Association (1975) Limited 26 Notes to the financial statements for the year ended 31 March 2024 Critical accounting judgements and estimation uncertainty Estimates and judgements made in th¢ woccss of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Critical judgement in applying the entity's aeeounting policies There are no criticaljudgements in applying the entity'g accounting policies. (b) Critical accounting estimates and assumptions The Board of Management make estimates and assumptions concerning the future in the process of preparing the fmancial statements. The key estimates and assumptions that have been made in the preparation of these fmancial statements are as follows: (i) Usefvl economic lives of hoz45ingproperties The annual depreciation on housing properties is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic live5 and residual values are reviewed annually. They are amended when necessary to reflect current estimate& based on future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of housing properties and note 3 for the useful economic lives for each component of housing propety. Turnover Turnover and results relate to the Association's main activities which are caTried out in the United Kingdom. Turnover represents 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 2024 2023 Di￿t propety management costs FRS 102 Pension costs 3,322,053 20,000 741,402 4,083,455 3,189,137 191,000 532.927 Administrative expenses 3,913,064

Newington Housing Association (1975) Limited 27 Notes to the financial statements for the year ended 31 March 2024 Operating surplus 2024 2023 This is stated aft¢r chargingl(crediting): Staff costs (note 8) Depreciation Amortisation of housing association grant Loss on disposal of r￿ed assets Audito￿, remuneration- external audit 1,061,933 1,134,180 {654,444) 16,362 10,867 998,108 1,131,492 (662,680)) 5,933 13,367 Employee inforniation 2024 2023 Staff costs Wages and salaries Social security costs Oth¢r pension costs FRS 102 Pension cost 824J04 82,032 155,096 770.000 82.508 145,600 20,000 1,081,932 191,000 1.189,108 The above includes capitalised salaries of £81,908 (£50,955 2023). Number Number Average monthly number of persons employed during the financial year by activity: Administrdtion 22 22 Directors, emoluments Members of the Board of Management serve in a voluntary capacity and none were in receipt of emoluments during the year. Th¢ remuneration of the Senior Management Team of the Association (which includes the Chief Executive and the two Heads of Departmenls) during the year was: 2024 2023 Aggregate emoluments Pension contributions 203,660 32,065 235,725 251,366 47.148 298,514 The emoluments to the highest paid director (cutrently the Chief Executive who is included within the above table) ate &$ follows: 2024 2023 Aggregate emoluments Pension contributions 80,156 14,611 94,767 74,030 14,436 88,466

Newington Housing Association (1975) Limited 28 Notes to the fRnancial statements for the year ended 31 March 2024 Directors, emoluments (continued) During the year the key managetnent's emoluments (excluding pension contributions and social security costs) fell within the following band distiibutions.. 2024 2023 Number Number More than £10,000 but less than £15,000 Mor¢ than £40,000 but less than £45,000 More than £55,000 but less than £60,000 More than £60,000 but less than £65,000 More than £65.000 but less than £70,000 More than £70,000 but l¢ss than £75,000 More than £80,000 but less than £85,000 10 Interest receivable and similar income 2024 2023 Interest receivable 7,652 7,000 2,854 Defmed benefit pension scheme net interest credit I I Interest payable and similar charges and other fAnan¢e costs 2024 2023 On bank loans. overdrafts and other loans Defmed benefit pension scheme net interest cost 807,462 526,865 31.000 807,462 557,865 12 Housing properties 2024 2023 Cost At l April Additions 79,249,000 848,527 (213,796) 79,883,731 79,240,767 495,043 (486,810) 79,249,000 Disposals At 31 March Aeeumulgted Depreciation At l April Charge for the year Disposals At 31 March 13,407,003 1,067,591 (189,219) 14,285,375 65,598J56 12,498,640 1,064,586 (156.223) 13,407.003 65,841,997 Net Book Value at 31 March

Newington Housing Association (1975) Limited 29 Notes to the financial statements for the year ended 31 March 2024 12 Housing properties (continued) 2024 2023 Housing Association Grant and other grants At l April Additions 4&K200,476 151,185 (179,721) 44,171,940 44,470,659 51,699 (321,882) 44,200,476 Disposals At 31 March Accumulated Amortisation At l April Charge for the year Diswlsals At 31 March 10,027,954 654,448 (171,508) 10,510,894 33,661,046 9,504,664 662,680 (139,380) 10,027,9fv1 34,172.512 Net Book Value at 31 March 13 Other tangible fixed assets Fixtures, fittings and office equipment orriee premises Total Cost At l April 2023 Additions 2,141,903 158,021 9,644 2,299,924 9.644 Disposals At 31 March 2024 2,141,903 167,665 2J09568 Accumulat￿ Depreciation At l April 2023 Charg¢ for year Disposals At 31 Mareh 2024 181,397 42,826 59.706 23,764 241,103 66,590 224,223 83,470 307,693 Net book amount At 31 March 2024 1.917,680 84,195 2,001,875 At 31 March 2023 1,960,506 98,315 2,058,821

Newington Housing Association (1975) Limited Notes to the financial statements for the year ended 31 March 2024 14 Debtors 2024 2023 Rental debtors gross - Technical Rental debtors gross - Non-technical Provision for bad debts 221,695 62,530 (140,870) 143?55 79,067 88,784 311,206 106,972 115,781 (89,828) 132,925 421.858 73,297 628,080 Net rental (including rates, service charges) debtors Other debtors Prepayments and accrued income IS Creditors: amounts falling due within one year 2024 2023 Loans- banks (note 18) Other creditors Taxation and social security Amounts owed to parent undertakings (note 26) Disposal Proceeds fund (note 17) Accruals and def¢￿ed income 785,586 767,490 66,770 270 45,166 839,831 689,486 653,820 3,014,159 42,847 437,625 668.007 1.982,739 Housing Association Grant (not¢ 12) 16 Creditors: amounts falling due after more than one year 2024 2023 Loans (note 18) Disposal Proceeds fund (note 17) Housing Association Grant (notc 12) 16,885,742 17.672,316 841,859 33,504,515 52,018,690 33,007,226 49,892,968 The Association expects to utilise th¢ Disposals Pr￿eedS Fund within th¢ ti]nescales allowed by th¢ Department For Communities.

Newington Housing Association (1975) Limited 31 Notes to the financial statements for the year ended 31 March 2024 17 Disposals Proceeds Fund 2024 2023 At l April Transfers in from house sales Utilised against development schemes At 31 Mareh 841,859 (2,028) 444,246 397,613 839,831 841,859 18 Loans 2024 2023 Bank loans- Housing property Less than one year, or on demand (Note 15) Between one and two years Between two and five years After more than five years 785J86 3,474,673 4,530,186 8880,883 17,671 J28 767,490 3,467,490 4,553,826 9,651,000 18,439,806 2024 2023 Repayment Tenns Quarterly repayments over a period of 20 years commencing 2018 Quarterly repayments over a period of 25 years commencing 2001 Quarterly repayments over a period of 25 years commencing 2003 Quarterly repayments over a period of 25 years commencing 2004 (￿arterlY repaym¢llts over a peri(yd of 25 years commencing 2004 Quarterly repayments over a period of 20 years commencing 2019 Quarterly ￿payMentS over a period of 20 years commencing 2019 Quarterly repayments over a period of 20 y¢ars commencing 2019 Revolving credit facility Interest Rate 2.65 % fixed 2,988,576 136,914 37,558 368J63 305,773 2,765,110 2,781,146 5587,888 2,700,IMIO 17,671 J28 3,133,018 181,439 75,033 426,505 356.842 2,878.738 2,889.159 5,799,072 2.700,000 18,439,806 6.0160/0 f￿ed 1.350/0 + SONIA 6.0160/0 fixed 6.016/0 fjxed 6.3 /0 fjxed 2.10/0 fixed 2.3% f￿ed 2.00/0 + SONIA Security The banks hold security charges over the relafrd mortgaged housing properties.

Newington Housing Association (1975) Limited 32 Notes to the financial statements for the year ended 31 March 2024 19 Called up share capital 2024 2023 Ordinary Shares of £1 each, fully paid At l April Additions 25 19 At 31 March 25 25 20 Capital reserve 2024 2023 At 31 March 192 192 21 Turnover, operating costs and operating surplus - Association 2024 Turnover, operating costs and operating surplus 2023 Operating turnover Operating ¢ost5 Operating surplus Operating turnover Operating costs Operating surplus Social Housing Activities Non-social Housing Activiti¢s Totsl 5,234,880 (4,083,455) 1,151,425 4,916,862 (3,913,064) 1,003,798 5.234080 (4,083,455) 1,151,425 4.916,862 (3,913,064) 1,003,798 22 Housing Stock Number of units owned on 31 March 2024 2023 Self-contained Number Number General needs housing Supported Housing Other 629 625 13 13 78 78 Total Units Owned and Managed al the year end 720 716

Newington Housing Association (1975) Limited 33 Notes to the financial statements for the year ended 31 March 2024 23 Turnover, operating costs and operating surplus or deficit from social and non-social housing aetivities - Association Social Housing Aetivities General Needs Housing Sheltered Housing Other Supported 2024 Total Operallng income Rent and rates receivable net of service charges Service charges receivable Other-support income Income from HAG 4,065,564 33,290 359,370 109,261 16,411 41,999 527,041 (19,717) 507a24 34,568 13,870 4,459,502 156,421 16,411 654,444 5286,778 {51098} 5,234,880 591,889 4,690,743 (32,181) 4,658,562 20.556 Gross social housing income Less voids 68,994 Total social housing income Operaling Costs Services 68,994 79,654 108,550 27,779 96,541 71,515 4,170 192J74 27,779 891,145 660,134 3,939 130,611 577,843 6&284 1,067,591 {6,185) 469,940 4,083,455 Supporting people costs Management costs Maintenance administration costs Bad Debts (r¢nt and smi¢¢ rharges) Planned and cyclical maintenance Reactive maintenance 778,514 576,700 3,939 105,493 518,348 4,740 968.587 (5.403) 433,434 3,464,006 16,090 11,919 20.848 48,363 63,544 80,783 (670) 36,506 553,759 4,270 11,132 Major Repairs Depr¢ciation of social housing Other costs 18,221 (112) Rates paid Total social housing expenditure 65,690 eratin Sur lusl Deficit on social housin 1,194,556 3J04 1,151,425

Newington Housing Association (1975) Limited 34 Notes to the financRal statements for the year ended 31 March 2024 23 Turnover, operating costs and operating surylus or deficit from social and non-social housing activities - Association (continued) Social Housing Activities General Needs Housing Sheltered Housing Other Supported 2023 Total Operallng Income Rent and rates receivable net of service ch￿geS S¢rvic¢ charg¢s receivable Other-support income Income from HAG 3,797,738 26.774 335,198 82.104 15,463 42,890 475,655 (6,778} 468,877 32,008 13,466 4,164,944 122J44 IS463 662,681 4,965.432 (48,570) 4,916,862 599236 4,423,748 (41,792) 4J81,956 20,555 66,029 Gross soeial housing ineome Less voids Total soeial housing income Operaling Costs Services 66,029 110,432 30,182 21,893 78,505 68,685 140,614 21,891 720,638 630A92 289 Supporting people costs Manag¢m¢nt costs Maintenance administration costs Bad Debts (rent and service charges) Planned and cyclical maint¢nance Reactive maintenance 629,049 550,360 8,289 221,196 362,372 965,734 192,080 409.542 13,084 11.447 12.315 44,172 81,033 23.972 34,159 3,063 19,687 17,820 3,995 236,574 426231 1,064587 220.047 443,701 3,913,064 Depreciation of social bousing Other costs Rates paid Total social housing expenditure 3,449,052 394 915 ratin Sur rieit on social housin 932,904 11)03.798

Newington Housing Association (1975) Limited 35 Notes to the financial statemellts for the year ended 31 March 2024 23 Turnover, operating costs and operating surplus or deficit from social and non-soeial housing activities - Association (continued) Social Housing Activities (continued) General Needs Housing Sheltered Housing Other Supported 2024 Total DfCAllowances Manag¢ment allowances Management costs Deficit 249,084 (778,514) (529.430) 30,888 (96,541) {65,653) 5,148 (16,090) (10,942) 285,120 (891,145) ((A)6,025) MaintenanceAllowancaw Maintenance Allowances 351,734 (105,493) (518.3487) {272,106) 43,617 (20,848) (48,363) (25,594) 7270 (4270) (11,133) (8.133) 402,621 (130.611) {577,843} (305,833) Planned and cyclical maintenallce Reactive maintenance Deficit Technical and Non-Techni¢al Income Technical 3,193,887 904,966 4,098,853 377,952 107,090 485,042 14,093 34,346 48,439 3,585,932 1,046,402 4,632J34 Non-Technical Total General Needs Housing Sheltered Housing Other Supported 2023 Total DfCAllowance Management allowances Management costs Deficit 247.500 (629,049) (381549) 30,888 (78,505) (47,617) 5,148 (13,084) (7,936) 283.536 (720,638) (437,102) Malnienance Allowances Maintenance Allowances Planned and cyclical maintenance Reactive maintenance 348.639 (221,196) (362,372) (234,929) 43,510 (12,315) (44.172) (12,977) 7,252 (3,063) (19.687) (15,498) 399,401 (236,574) (426231) (263,404) Deficit T¢chnical and Non-Te¢hnieal Income T¢cl)nical 2,980,117 844.396 3,824,513 337.217 95,548 432,765 11,128 34,346 45,474 3,328,462 974,290 4J02,752 Non-Technical Total

Newington Housing Association (1975) LRmited 36 Notes to the financial statements for the year ended 31 March 2024 23 Turnover, operating costs and operatlng surplus or deficit from social and non-social housing activities - Association (continued) The Association did not caTry Out any non-social housing activities during the current or previous fmancial year. The Association received £16,411 (2023.. £15,464} during the year from the Northern Ireland Housing Executive as restricted funds in respect of Supporting People. The costs associated with Supporting People duriJ)g the year were £20,848 (2023: £21,893). The net deficit was funded from the Association's general reserves. 24 Pension liability The net pension deficit and surplus amounts shown below under FRSI 02 s¢ction 28 'Retir¢ment benefits. do not represent a shortfall or surplus which impacts on short tenn cash fiinding. The amount shown below is calculated to comply with the Financial Reporting Standord. the specific requirements of which differ from the basis on which pension liabilities are actuarially calculated for th¢ purpose of the ongoing ￿ndIng of the scheme. The Financial Reporting Standard requires: (i) actlwial deficiencies to be recognised immediately as a'liability" in the financial statements rather than being spread forward over employees, remaining service lives. the actuary. in valuing the scheme's liabilities, is required to use a bond yield as the discount rate for valuing future liabilities, rather than a rate that reflects the expecfrd return on the scheme's particular asset portfolio, with the result of an apparent increase in the presenl value of future longer terni liabilities. (li) FRSI 02 section 28 figures relate to employ¢¢s and ex-employees who a￿ members of the NILGOSC pension scheme. A full Actuarial Valuation of the scheme w&s carried out as at 31 March 2022. The major assumptions used by the actuary were: 2024 2023 Rate of increase in salaries Rate of increase in p¢nsions in paymcnt Discount rate 2.60/0 2.60/0 4.7°/. 4.60/0 Inflation &ssumption 2.60/0 2.6% The mortality assumptions used were as follows: 2024 2023 Years Years Average expected life at age 65 for - male currently aged 65 - female currently aged 65 - male currently aged 45 - female cu￿entlY aged 45 21.7 22.2 24.6 25.0 22.7 23.2 25.6 26.0

Newington Housing Association (1975) Limited 37 Notes to the financial statements for the year ended 31 March 2024 24 Pension liability (Continued) Th¢ assets in th¢ sch¢me and the exp¢d¢d rates of return were: 2024 2023 Equilies Prop¢rty Bonds 1,482,000 347,0(M) 1,217,000 463,000 224,000 3,733,000 (3,428,000) 305,1KbO 1,347,000 343,000 1,185,000 193,000 196,000 3,264.(K)O (3,192,000) 72,￿0 Cash Other Total market value of assets Present value of scheme liabilities Net pension surplus Reconciliation of present value of scheme liabilities 2024 2023 At l April Service cost 3,192,1)00 175,OIMI 4&000 147,000 (79,000) {55,000) 3,428,000 4,371.000 337,0(K) 48,000 118,000 (1,632,000) (50,000) 3,192,000 Member contributions tnterest on scbeme liabilities Actuarial (gainsy losses Benefits paid At 31 March Reconeiliation of fair value of scheme assets 2024 2023 At l April Expected return on scheme assets ActuaTial (losses)/gains Employer contributions Member contributions Benefits paid At 31 March 3,264,000 154,0 168,000 154.000 48,000 (55,0(Kl) 3,733.000 3,154,000 87,000 (121,000) 146.000 48,000 3.314,000 Analysis of amounts ehargedl (credited) to income and expenditure: 2024 2023 Current service cost 175,000 (154,000) 147,OIMb 168,0(K 337,000 (87,000) 118,000 368,000 Expected return on pension sch¢me assets tnterest on pension scheme liabilities

Neiyington Housing Association (1975) Limited 38 Notes to the financial statements for the year ended 31 March 2024 24 Pension liability (continued) Amounts for Current and previous three years: 2024 2023 2023 2021 Fair value of ￿ployer assets Present value of defined benefit obligation Funded Status 3,733,000 {3.428,000) 305,OIMI (305,000) 3,264,000 (3.192.000) 72,000 3,154,000 (4.371.000) (1,217,000) 2,926,000 14,255.0(M)} (1,329,000) Unrecognised Asset su￿lUsI(Def1cIt) 72,000 (1,217,000) (1,329,000) Actuarial gains and losses ereditedl{eharged) to the statement of Comprehensive income: 2024 2023 Actual gains Impact of non-recognition of pension scheme assets 246,0(Kl (305,000) {59,000} 1,511,000 1,511,000 25 Contingent liabilities The accumulated position of total Housing Association Grant released at 31 March 2024 is £10,510,894 (note 12). The amount of Housing Association grant amortised and recognised as income in the year to 31 March 2024 is £654,448. The possibility of any reimbursement to the Department for Communities is considered to be unlikety as the housing properties are expected to continue to ￿ made available for social housing for the foreseeable future. 26 Related parties The Association has identified the following transactions which must be disclosed under the tenns of section 33 of FRS 102. 2024 2023 APEX Housing AssociatlOD Limited Amounts owed (to)1 by APEX Housing Association Limited at l April Invoices due to APEX Housirtg Association Limited Amounts paid to Apex Housing Limited Amount owed to parent undertaking at 31 March (note IS) (42,847) (2,319) (42,847) (2.319) 2,319 (42,847) (45,166)

Newington Housing Association (1975) Limited 39 Notes to the financial statements for the year ended 31 March 2024 27 Ultimate Controlling Party The immediat¢ par¢nt company and the uliimate parent company for the group is APEX Housing Association Limiled. The parent undertaking of the smallest alld largest group of undertakings, of which this association is a member, and for which consolidated financial statements ar¢ prep￿ed is APEX Housing Association Limited, an association incorporated in Northern Ireland. Copies of the consolidated f￿anCIal statements are available to the public upon request from 10 Bulch¢r StreeL Londondery, BT48 6HL. The association considers the Board of Management in APEX Housing Association Lllnited to be their ultimate controlling party.