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.