Newington HousRng Association (1975) Limited 20 Statement of Comprehensive Income for the year ended 31 March 2025 2025 2024 Note Turnover 5,557984 (£601617) 954J67 5,234,880 (4,083,455) 1,151,425 62,404 2,028 14,652 (807,462) Operating costs Operating surplus SuTplus arising from sale of housing property Transfer to Disposal Proceeds Fund Interest receivable and similar income 17 io 34,320 (761,361) Interest payable and similar charges Other finance costs Surplus on ordiJJary aetivities Actuarial gainl (loss) in respect of pension heMeS Unrecognised Asset in respect of p¢nsion schemes Total eomprehtnsive income 227J26 829,000 (829,000) 227J26 423,047 246,000 (305,OIH)) 364,047 24 24 All amounts above relate to continuing operations of the Association. Statement of changes Rn reserves for the year ended 31 March 2025 2025 2024 Surplus 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 227J26 423,047 19 24 829,000 (829,000) 227J33 16,304,191 16,531,524 246,000 {305,000) 364,047 15,940.144 24 16J04,191
Newington Housing Association (1975) Limited 21 Statement of Financial Position 2s at 31 Mareh 2025 2025 2024 Not¢ Fixed assets Housing prop¢rti¢s Other tangible fixed assets 12 65,861,890 1,94&076 67,809,966 65,589,356 2,001,875 67,600,231 13 Current a&sets Debtors 14 319,439 754,068 1,073,507 (6,380,358) (5J06,851) 62,503,115 311206 1,299.881 1,611,087 (3,014,158) (1,403,071) 66,197,160 Cath at bank and in hand Creditors: amounts falling due within one year Net current (liabilities)l assets Total assets less current liabilities 15 Creditors: amounts falling due after more than one year Pension (liability) / Asset Net assets 16 (45971,591) {49,892,968) 24 16,531,524 16,304,191 Capital and reserves Called up share capital Capital reserve Revenue reserve 19 32 25 20 192 192 16,531JllO 16,531,524 16,303.974 16,304191 Total funds The f]nancial statements on pages 18 to 39 were approved by the Board of Management on 23 September 2025 and were signed on its behalf by: Mrs L Vincent Chair Mr A Kerr Honorary Seeretary Mr S Drummond Board of Management Registsred number.. IP000158
NeTrvington Housillg Association (1975) Limited 22 Notes to the financial statements for the year ended 31 March 2025 General information The Association's principal activity during the financial year continues to be provision of social housing. The Associati<)n is registered under the under Co-operative and Con]munity Benefit Societies Act (Northern Ireland) 1969 and domiciled in the UK. The address of the registered office is 300 Limestone Road, BelfasL BT15 3AIL Statement of compliance These fmancial 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 the United Kingdom and the Republic of Jreland, ( FRS 102") under the historical cost convention. and in accordance with applicable accounting standards in the United Kingdom and Statement of Recommended 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 presentation of the financial statetnents complies with the Registered Housing Associations (Accounting Requirements) thder (Northern Ireland) 1993. Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The company has adopted FRS 102 in these financial statements. Basi5 of preparation of finaneial slatements These fnCial statements are prepared on a going concem basis, under the historical cost convention. The preparation of financial statements requires the use of certain critical accouT)ting estimates. It a]so requires management to exercise its judgement in the process of applying the ASSlatIon accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 4. Exemptions for qualifying entities under FRS 102 FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions. whiclL have been complied with, including notification of and no objection to, th¢ use of exempiions by the Association's shareholders. The Association has taken advantage of the following exemptions: the Association has taken advantag¢ of the exemption, under FRS I O? paragrapkn 1.12(b) from preparing a statement of cash flows, on the basis that it is a qualifying entity and its ultimate parent compaT]y. APEX Housing Association Limited, includes the Association's cash flows in its own consolidated financial statements; and from the financial instru]nent disclosures, required under FRS 102 paragraphs 11.39 to I1.48A and pardgraphs 12.26 to 12.29, as the inforniation is provided in the consolidated financial statement disclosures.
Newington Housing Association (1975) Limited Notes to the financial statements for the year ended 31 March 2025 Summary of significant accountlDg policies (continued) Revenu¢ recognition Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or servic¢s rendereLL net of returns, discounts and rebates allowed by the Association and value added taxes. The Association bases its estimate of r¢turns on historical results, taking into ConsidetIon the type of customer, the type of transaction and the specifics of each arrang¢m¢nt. Where the considerntion receivable in cash and cash equivalents is deferred and the aange[ent constitutes a financing transaction, the fair value of the con%iderdtion is measured at the present value of all future receipts using the imputed 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 Tetains no continuing involvement or control over the goods" (c) the amount of revenue can be rneasured reliably,. (d) it is probable that future economic benefits will flow through the Association and (e) when the specific Criteria relating to each of the Association's sales channels havc been m¢L as descr1 ed below. Net rental ineome Income includes rent and service charge income arisino from the provision of housing accommodation and the amortisation of Housing Association Grant. Income is recognised in the period to which it relates. Other ineome Other income is recognised in the Ststement of comprehensive income when the lenns of revenue recognition have been met. Employee benefits ty paid holiday arrangements and defined ben¢fit pension plans. The Association provides a ranoe of benefit5 to employees, includintt 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. ii) Defined benefitplan The Association operates a defined benefit plan for certain employees. A defined benefit plan defines 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-employment benefit other than a defined conlribution plan. The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defed benefit obligation at the end of each financial year less the fair value of the plan assets at the same date. The defined benefit obligation is calculated annually by an external actuary using the projected unit Credit method. The present value of the def]ned benefit obligation is detennined by discounting the estimated future payments using market yields on higb quality corporate bon(18 that are denominated in SteTling and that have ternis approximating the estimated period of th¢ future payments ('discount rdte,). The fair 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 va]uation techniques are used to estimate the fair value.
Newington Housing Association (1975) Limited Notes to the financial statements for the year ended 31 March 2025 Summary of significant accounting policies (continued) Em ployee benefits (continued) The cost of the defined benefit plan, recognised in prof1t or loss, except where included in the cost of an asseL ¢oTnprises: (a) (b) the iJ]crease in net defined benefit liability arising from employee service during the fmancial year- and the cost of plan introductions, benefit changes, Curtailments and settlements. The net interest cost on the net defined benefjt liability is defrrn)ined by multiplying the net defined benefrt liability by the discount rate (both as deterniined at the start of the financial year, taking account of any changes in the net defined benefit liability during the fmaneial year as a result of contribution and benefit payments). This cost is recognised in the Statement of Comprehensive Income as 'Other f)nance costs,. Actuarial gains and losses arising from experience adjustments and changes in actuarial &ssumptions are recognised in other comprehensive income. Tangible fixed assets Housing properties Tbe Association operdtes a full component accountino policy in relation to the capitalisation and depreciation of its completed housing stock. Other fixed assets Other fixed assets are stated at cost. Housing Association Grant and other grants Housing Association Grant and other grants received as a contribution towards the capital costs of housing properties of the Association are included in 'Creditors.' amounts falling 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 certain circumstances, primarily following the sale of housing Propety, but any amount repayable would be restricted to the net proceeds of the sal¢. Depreciation and Impairment Housing properties Housing 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 asset management strateJo . 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. DepTeciation 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 25 Notes to the financial statements for the year ended 31 Mareh 2025 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 whi¢h they relate, if shorter, over the following periods.. Main fabric Roof structhre and coverings Windows and external doors Bathroorns Mechanical systems (heating, ventilation, plumbing) Boilert]u¢S Kitchens Electrics Lift 100 years 80 years io years JO years 40 years 15 years 20 years 40 years 30 years Housing assets aTe depreciated in the rnonth following acquisltion. or in the case of a larger project, from the month of completion. Where there is evidence of impairn)ent, the fixed assets are written down to the recoverable amount and any write down would be charged to operating surplus. OÉher red assets Depreciation of other fixed assets is charged on a straight-line basis over the estimated useful economic lives of the assets at the followino annual rates: Office premises Office furniture and equipment Computer equipment 20/(b on cost 10% - 200/ty on cost ?5% on cost Subsequent additions and major components Subsequent costs, including major inspections, are included in the assets carrying amount or recognised as a separate asseL 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 carying amount of any Teplaced component is derecognised. Repair¥ maintenance and minor inspection costs are expensed as incurred. Derecognition Tangible assets are derecognised on disposal or when no futUTe economic benefits are expected. On disposal the difference between the net disposal proceeds and the catrying arnount is recogttised in the Statement of Comprehensive Income. Leased assets At inception the Association assesses agreements that transfer the riJt to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the atTangement. Operating leased assets Leases that do not transfer all the risks and rewards of ownership are classifjed as operating leases. Payments under operating leases are charged to the Statement of comprehensive income on a 8traight-line basis over the period of the lease. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-tern] highly liquid investments with original malurities of one month or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Newington Housing Association (1975) Limited 26 Notes to the finaneial statements for the year ended 31 March 2025 Summary of significant accounting policies (continued) Impairment of non-fjnancial assets At each statement of financial position date non-financial assets not carried at fair value are assessed to detennine whether there is an indication that the asset (or asset's cash generatino unit) rnay be impaired. If there is such an indication the recoveTable amount of the asset (or asset's cash generating unit) is cotnpared to the carrying amount of the asset (or asset's cash generating unit). The recoverable amount of the asset (or a55et's cash generating unit) is the higher ofthe fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's (OT asset's cash generating unit) continued use. These cash flows are discounted usino a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the a55ets. If the recoverable amount of the asset (or asset'"s cash generating unit) is estimated to be lower than the calrying an)ount, the carrying amount is reduced 10 its recoverable amount. An impairment loss is recognised in the Statement of Comprehensive Income, unless the asset has b¢¢n revalued when th¢ amount is recognised in other comprehensive income to ihe extent of any previously recognised revalualion. Thereafter any excess is recognised in the Statement of Comprehensiv¢ Income. If an impainnent loss is subsequently reversec the carying amount of the asset (or asset's cash generating unit) is increased io the revised estin]ate of its recoverable amount but only to the extent that the revised carrying amount does not exceed the carrying amount that would hav¢ been detemiined (net of depreciation or arnortlsation) had no impaim]ent loss been recognised in prior periods. A reversal of an impaimient loss is recognised in the Statement of Comprehensive Income. Provisioll5 Provision5 are recognised when the company has a present legal or constructive obligation as a result of past events. it is probable that an outflow of resources will be required to settle the obligation- and the amount of tbe obligations can be estimated reliably. Where there are a number of similar obligations, the likelihood that an oufflow will be Tequired in settlement is detennined by considering the class of oblioations as a whole. A provision is recognised even if the likelihood of an outt]ow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current 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 recognised as a finance cost. Contingeneies Contingent liabilities, arising as a result of past events, are not recognised when (i) it is not probable tILat there will be an outtlow of resources or that the amount cannot be reliably measured at the reporting date or (li) when the existence will be confitThed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the fmancial statetnents unless the probability of an outflow of resources is remote. Financial inslruments The ¢ompany has chosen to adopt Sections I l and 12 of FRS 102 in respect of fanCIal instruments. Financial assets Basic fmancia] assets, including trade and other receivables and cash and bank balances are InitilY recognised at transaction price, unless the arrangernent constitutes a financing transaction, where th¢ transaction is measured at the present vallle of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortl5ed cost using the effective interest method. At the end of each reporting period financial assets m¢asured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impaimient loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's orioinal effective interest rate. The impairn]ent loss is recoonised in Statement of Cornprehensive Income.
Newington Housing Association (1975) Limited Notes to the financial statements for the year ended 31 March 2025 Summary of significant accounting policies (continued) 27 Financial instrumenls (continued) If there is a d¢creas¢ in the impairment loss arising from an event oecuff ing after the impainnent was recognised, the impaiment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairnient not previously been recognised. The impairnient reversal is recognised in Statement of Comprehensiv¢ Income. Financial assets are dere¢ognised when (a) the contractual rights to the cash flows frovn the asset expire or are settled, (b) substantially all the risks and WardS of the own¢rship of the asset transferred to another party or, (c) despite having retained some significant risks and rewards of ownership. control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrirtions. Other financial assets, including investments in equity instrurnents which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is nornlally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in Statement of Con]prehensive Income, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost les5 impairment. Financial liabilities Basic financial liabilities. including trade and other payables. bank loans and loans frotn group ci)mpanies, aTe initially recognised at tran5artion price. unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cosL using the effective interest rate method. Fees paid on the estsblishment of loan facilities are recogntsed as trdnsaction cost5 of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is defeed until the draWoWn occurs. To the extent there is no evidence that it is probable ihat some or all of the 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 to pay for goods or services that have been acquir in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due wiihin one year or les5. If not, they are wesented as non- current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Disposal proceeds fund The net surpluses, after loan repayments. that arise frorn the sale of property to tenants under the voluntary purchase grant arrangements instituted 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 circumslances, attract loan finance. If the surpluses are not used within iwo years of their receipt they may be payable in part or in full to the Departn]ent for Communities. Tenantsy Services Fund For certain schemes, the Association is required to charge tenants for additional services provided, over and above the nornial management and maintenance services. The AssociaÉion levies an additional charge io the Tenants for this. Annual surpluses and deficits are tranSfe¢d to a fijnd to equalise the financial position over a period of time. Revenue reserves The Association's policy is to retain a level of revenue reserves which reflects its needs at the current time and in the foreseeable future. The reserves required are sufflcient to meet committed running costs for a period equivalent to three vnonths budgeted future expenditure and is in line with the Ivroup policy. The Board of Management reviews the adequacy of the revenue reserves level on an annual basis.
Newington Housing Association (1975) Limited 28 Notes to the financial statements for the year ended 31 March 2025 Critical accountlng judgements and estimation uncertainty Estimates and judgements tllade in the PTocess of preparing the financial statements are Continually evaluated and are b&8ed on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Critical judgement in gpplying the entity's accounting policies There are no critical judgements in applying the entity, s accounting policies. {b) Critical ae¢ounting estimates and assumptions The Board of Management make estimates and assumptions concerning the future in the process of preparing the financial Statements. The key estimates and assumptions that have been made in the preparation of these financial statements are as follows.. (i) Usefyl econoTnic lives ofhousingproperties The annual depreciation on housing properties is sensitive to changes in the estimated useful economic lives and residual values of the sets. The useful economic lives and residual values are reviewed annually. They are amended when necessary to reflect current estimates, based on futtre investments, economi¢ utilisation and the physical condition of the assets. See note 12 for the carying 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 carried out in the United Kingdonk. Turnover represents rental and service chaTge income aT]d residential charges, net of voids. It also includes amortisation of the Housing Association Grant received from the Northern Ireland Housing Executive. Operating costs 2025 2024 Direct property management costs FRS 102 Pension costs 3045 J81 12,000 746235 4,603,616 3,322,053 20,000 741,402 4,083,455 Administrative expenses
Newington Housing Association (1975) Limited Notes to the financial statements for the year ended 31 March 2025 Operating surplus 29 202S 2024 This is stated after chargingl(crediting): Staff costs {note 8) Depreciation Amortisation of housing association grant Loss on disposal of red assets Auditors, remuneration- external audit 1,221,643 1,166,118 (660,417) 10,283 11,867 1,061,933 1,134,180 (654,444) 16,362 10,867 mployee information 2025 2024 Staff costs Wages and salaries Social security costs Other pension costs FRS 102 Pension Cost 946,759 96,870 178,014 824,804 82,032 155,096 12,000 1,233,643 20,000 1,081,933 The above includes capitalised salaries of £82,555 (£81.908: 2024). Number Number Avevdge monthly number of persons employed during the financial year by aetivity: Administration 25 22 Directors, emoluments Members of the Board of Management serve in a voluntary capacity and none were in receipt of emoluments during the year. The remuneration of the Senior Management Team of the Association (which includes the Chief Executive and the two Heads of Departments) during the year was.. 2025 2024 Aggregate emoluments Pension contributions 214,035 40,667 254,702 203,660 32,065 235,725 The emoluments to the highest paid director (currently the Chief Executive who is included within th¢ above table) are as follows: 2025 2024 Aggregate emoluments Pension contributions 7&824 14977 93,801 80,156 14,611 94,767
Newington Hollsing Association (1975) Limited 30 Notes to the financial statements for the year ended 31 Mareh 2025 Direetors, emoluments (continued) During the year the key management's emolwnents (excluding pension contr1utiOns and social securlty costs) fell witbin the following band distrÉbutions: 2025 2024 Number Number Mor¢ than £55,000 but less than £60,OtK) More than £60,000 but less t1] £65,0(K) More than £65,000 but less than £70,0(K) More than £70,000 but less than £75,0(X) More than £75,000 but less than £80,000 More than £80,000 but less than £85,0(K) 10 Interest receivable and similar income 2025 2024 Interest receivable 22,320 12,000 34,320 7,652 7,000 Defined benefit pension scheme net interest credit 14,652 11 Interest payable and similar charges and other fmance costs 2025 2024 On bank loans, overdrnfts and other loans Defmed benefit pension scheme net interest cost 761,361 807,462 761J61 807,462 12 Housing properties 2025 2024 Cost At l April Additions 79,883,730 1.390.828 (138,660) 81,135,898 79,249,000 848,526 (213,796) 79,883,730 Disposals At 3] Mareh Accu]nulated Depreciation At l April Charge for the year Disposals At 31 March 14285,375 1,102,565 (113,932) IS274,008 13,407,003 1,067,591 (189,219) 14,285,375 Net Book Value at 31 March 65,861,890 65,598,355
Newington Housing Association (1975) Limited 31 Notes to the financial statements for the year ended 31 March 2025 12 Housing properties (continued) 2025 2024 Housing Association Grant and other grants At l April Additions 44,171,940 206,814 (116,874) 44,261,880 44,200,476 151.185 (179,721) 44,171,940 Disposals At 31 March Accumulated Arnortisation At l April Charge for the year Disposals At 31 March 10,510,894 660,417 (102,430) 11,068,881 33,192,999 10,027,954 654,448 (171.508) 10,510,894 33,661,046 Net Book Value at 31 Mar¢h 13 Other tangible fixed assets Fixtures, rittings and office equipment Office premises Totsl Cost At l April 2024 Additions 2,141,903 167,665 9,754 2,309,568 9,754 Disposals At 31 Mareh 2025 2,141,903 177,419 2J19J22 Accumulated Depreciation At l April 2024 Charge for year Disposalg At 31 March 2025 224.223 42,826 83,470 20,727 307,693 63,553 267,049 104,197 371246 et book amount At 31 March 2025 1,874,854 73222 1,948,076 At 31 March 2024 1,917,680 84,195 2.001,875
Newington Housing Association (1975) Limited 32 Notes to the financial statements for the year ended 31 March 2025 14 Debtors 2025 2024 Rentsl debtors gross - Technical Rentsl debtors 0$S - Non-technical Provision for bad debts 277214 114290 (176,148) 215J56 29,959 7{124 319,439 221,695 62,530 (140,870) 143,355 79,067 88,784 311,206 Net rental (including rates. service charges) debtors Other debtors Prepayments and accrued income 15 Creditors: amounts falling due within one year 2025 2024 Loans- banks (note 18) Other creditors 3,474,676 266036 785.586 Taxation and social security An]ounts owed to parent undertakings (note 26) Disposal Proceeds fund (note 17) AcCal$ and deferred income 270 45,166 839,831 1,121,257 633,893 6,380,358 45,166 839,831 689,485 653,820 3.014,158 Housing Association Grant (note 12) 16 Creditors: amounts falling due after more than one year 2025 2024 Loans (note 18) Disposal Proceeds fund (note 17) Housing Association Grant (note 12) 13,411,485 16,885,742 32,560,106 45,971,591 33,007,226 49,892,968 The Association expects to utili5e the Disposals Proceeds Fund within the timescales allowed by the Department For Communities.
Newington Housing Association (1975) Limited 33 Notes to the financial statements for the year ended 31 March 2025 17 Disposals Proceeds Fulld 2025 2024 At l April Transfers in from house sales S39,831 841,859 (2,028) Utilised against development schemes At 31 March 839,831 839,831 18 Loans 2025 2024 Bank loans - Housing property L£ss than one yeaT. or on demand (Note 15) Between one and two years Between two and five years After more than five years 3A74,676 789,015 12,622,470 785,586 3,474,673 4,530,186 8,880,883 17,671,328 16,886,161 2025 2024 Repayment Tenns Quarterly repayments over a period of 20 years commencing 2018 Quarterly repayments over a period of 25 years commencing 2001 Quarterly Tepayments over a period of 25 years commencing 2003 Quarterly Tepayments over a period of 25 years cotnEnencing 2004 Quarterly repayments over a period of 25 years commencing 2004 Quarterly repayments over a period of 20 years cornmencing 2019 (2uarterly repaym¢nts over a period of 20 years commencing 2019 Quarterly repayment5 over a period of 20 years commencing 2019 Revolving credit facility Inlerest Rate 4.250/0 fixed 2,841,911 89,772 2,988,576 136,914 37,558 368,363 305,773 2,765,110 2,781,146 5,587,888 2,700,000 17,671,328 6.016/0 fixed 1.350/0 + SONIA 6.0160/0 fixed 306,963 251,827 2,651,449 2,671,355 5J72,884 2,7110,000 16,886,161 6.0160/0 fixed 6.3 % fixed 2.10/0 fixed 2.30/u fixed 2.0/0 + SONIA Security The banks hold security charges over the related mortgaged housing properties. 2025 2024 Department for CommunitiC5 - Housing Property Loans Less than one year, or on demand INote 15)
Newington Housing Association (1975) Limited 34 Notes to the financial statements for the year ended 31 March 2025 19 Called up share capital 2025 2024 Ordinary share5 of £1 each, fully paid At l April Additions 25 25 At 31 March 32 25 20 Capital reserve 2025 2024 At 31 March 192 192 21 Turnover? operating costs and operating surplus - Association 2025 Turnover, operating costs and operating surplus 2024 Operating turnover Operating eosts Operating surplus Operating turnover Operating costs Operating surplus Social Housing Activities Non-social Housing Activities Total 5,557,984 (4,603,616) 954,368 5,234.880 (4,083,455) 1,151,425 5 557,984 (4,603,616) 954,368 5,234,880 (4,083,455) 1,151.425 22 Housing Stock umber of units owned on 31 March Self-contaillcd 2025 2024 Number Number General needs housing Supported Housing Other 629 629 13 13 78 78 Total Units Owned and maged at the year end 720 720
Newington Housing Association (1975) Limited 35 Notes to the financial statements for the year ended 31 March 2025 23 Turnover, operating costs and operating surplus or deficit from soeial and non-social houSlDg activities - Association Soeial Hollsing Activities General Needs Housing Sheltered Housing Other Supported 2025 Total Operaling ineome Rent and rdtes reoeivable llet of servicc charges Service charges re¢¢ivable Other-support income Income from HAG 4,321,006 29,779 389,595 110,690 16,932 39,671 556,888 (16.052) 540,836 37,824 14,137 4,748,425 154,606 16.932 660,417 5,580,380 {22J96) 5557,984 600,190 4,950,975 (6,344) 4,944631 20,556 72,517 Gross social housing income Less voids Total social housing income Operathg Costs Services 72,517 49,614 133,354 33.728 93,362 89,149 3,876 186044 33,728 861002 822,911 9,885 99,528 745,650 224,186 1,102,565 17,376 499,142 4,603,617 Supporting people costs Management costs Maintenance administration costs 752,880 718,904 9,885 82,573 585,529 224,186 1,005,350 15,180 460,973 3,905,074 15,560 14,858 Bad Debts (rent and service charges) Planned and cyclical maintenance Reactive maintenance 14.207 133,669 2,748 26.452 Major Repairs Depreciation of social housing Other costs 78,795 1,882 38,169 616,315 18,420 314 Rates paid Total soeial housing expenditure 82228 O ieratin Sur lusl Defieit on soeial housin 1,039.557 75,4791 (9,711 954J67
Neivington Housing Association (1975) Limited 36 Notes to the financial statements for the year ended 31 March 2025 23 Turnover? operating costs and operating surplus or deficit from soeial and non-social bousing activities - Association (continued) Social Housing Activities General Needs Housing Sheltered Housing Other Supported 2024 Total Operaling incon 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) 507,324 34,568 13,870 4,459,502 156,421 16,411 654,444 5,286,778 (51 098) 5234,880 591,889 4,690,743 (32,181) 4,658,562 20.556 68,994 Gross social housing income Less voids Total social housing income Operallng 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 68284 1,067591 (Q185) 469,940 4,083,455 Supporting people costs Managernent costs Maintenance administration costs Bad Debts (rent and service charge5) Planned and cyclical n]aintenance Reactive maintenance Major Repairs Depreciation of social housing Other costs 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 18,221 (112) Rates paid Total social housing expenditure 65,690 ratin Sur lusl Defieit) on socfial housin 1,194,556 46,4351 3J04 .151.425
Newington Housing Association (1975) Limited 37 Notes to the financial statements for the year ended 31 March 2025 23 Turnover, operating costs and operating surplus or deficit from social and non-social bousing activities - Association (continued) Social Housing Activities (continued) General Needs Housing Sheltered Housing Other Supported 2025 Total DfCAllowafttes Management allowances Management costs Deficit 249.084 (752,880) (503,796) 30,888 (93,362) (61474) 5,148 (15,560) (10,412) 285,120 (861,802) (576,682) MaRnlenonceAllowuntes Maintenance Allowances 351,734 43,617 7,270 402,621 Planned and cyclical maintenance Reactive nMintenance (82,573) (585,529) 316 681 (14,207) (133,669) (2,748) (26,452) (99,528) (745,650) 1442.557 Deficil 104.259 21.9301 Technical and Non-T¢chni¢al Income Teclmical 3,480,629 870,157 413,774 103.443 17,615 34,346 3,912,018 1,007.946 Non-Technical Total 4,350,786 517217 51,961 4,919,964 General Needs Housing Sheltered Housing Other Supported 2024 Totsl DfCAllowances Management 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) (606,025) Maintenance Allowances Maintenance Allowances 351,734 (105,493) (518,347) (272,106) 43,617 (20,848) (48,363) (25,594) 7,270 (4,270) (11,133) (8,133) 402,621 (130,611) (577,843) (305033) Planned and cyclical maintenance Reactive maintenance Deficit Technical and Non-Techni¢al Income Tecllllical 3,193,887 904,966 4,09&853 377,952 107,090 485,042 14,093 34,346 48,439 3,585,932 1,046,402 4,632,334 Non-Technical Total
Newington Housing Association (1975) Limited 38 Notes to the financial statements for the year ended 31 March 2025 23 Turnover, operating costs and operating surplus or deflcit from social and non-soeial housing activities - Association (eolltinued) The Association did not eany out any non-social housing activities during the cuent or previous financial year. The Association received £16,932 (2024." £16,411) during the year from the Northern Ireland Housing Executive as restricted funds in respect of Supporting People. The costs associated with Supporting People during the year were £33,972 (2024." £27.779). 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 section 28 'Retirement b¢nefits' do not represent a shortfall or surplus which impacts on short term cash funding. The amount shown below is calculated to comply with the Financial Reporting Standard. the specific requirements of which differ from the basis on which pension liabilities are actuarially calculated for the purpose of the ongoing ndIng of the scheme. The Financial Reporting Standard requires: (i) actuarial deficiencies to be recognised immediately as a "liability" in the financial statements rather than being spread fonvard over employees, remaining service lives. the actuary, in valuing the scheme's liabilities, is required to use a bond yield &s the discount Tate for valuing future liabilities, rather than a rate that reflects the expected rern on the scheme's particular asset portfolio, with the result of an apparent increase in the present value of future longer terni liabilities. (li) FR8102 section 28 figures relate to employees and ex-employees who are members of the NILGOSC pension scheme. A full Actuarial Valuation of the scheme was carried out as at 31 March 2022. The major assiiinptions used by th¢ actuary were: 2025 4.00/0 2024 Rate of increase in salaries Rate of incr¢ase in pensions in payment Discount rdte 2.5°/ 2.6D/o 5.8°/• 4.70/0 Inflation assumption 2.50/0 2.60/0 The mortality assumptions used were as follows: 2025 2024 Years Years Average expected future life at age 65 for - male currently aged 65 - female cUentty aged 65 - male currently aged 45 female cUentlY aged 45 21.6 21.7 2&5 24.6 22.2 22.7 2%2 25.6
Neivington Housing Association (1975) Limited 39 Notes to the financial statements for the year ended 31 March 2025 24 Pension liability (continued) The assets in the scheme and the expected rates of return were: 2025 2024 Equities Property Bonds 1,675,000 385,000 1,322,000 434,000 239,000 4,055,000 (2,921,000) 1,134,000 1.482,000 347.000 1,217.000 463,000 224,000 3.733,000 (3,428,000) 305,000 Casb Other Total market value ofassets Present value of scheme liabilities Net pellsion surplus Reconeiliation of present value of scheme liabilities 2025 2024 At l April Service cost 3,428,000 190,000 59,000 161,000 (858,000) (59,000) 2,921,000 3,192,000 175,000 48,000 147,000 (79,000) (55.000) 3,428,000 Member ¢ontributions Snterest on scheme liabilities Actuarial (gainsy I0eS Benefits paid At 31 March Reconciliation of fair value of scheme assets 2025 2024 At l April Expected Teturn on s¢heme assets Actuarial (losses)Igains Employer contributions Member contributions 3,733,000 180,000 (36,000) 178,000 59,000 (59,IHIO) 4,05SOOO 3,264,000 154.000 168,000 154.000 48,000 (55,000) 3,733,000 Benefits paid At 31 Mareh Analysis of amounts chargedl (credited) to income and expenditure: 2025 2024 CUnt service cost 190,000 (19,000) l£LOOO 185,000 175,000 {154,000) 147,000 168,000 Expected return on pension 5chetne assets Interest on pension scheme liabilities
Newington Housing Association (1975) Limited 40 Notes to the financial statements for the year ended 31 March 2025 24 Pension liability (continued) Amounts for current and previous three years: 2025 2024 2023 2022 Fair value of employer assets Present value of defined benefit obligation Funded Status 4,055,1100 (2,921,000) 1,134,000 (1,134,000) 3,733,000 (3,428,000) 305,000 (305,000) 3,264,000 {3,192,000) 72,0 3.154.000 (4,371,000) (1,217,000) Unrecogni5ed Asset surplu(DerI¢lt) 72,000 (1,217,000) Actuarial gains and losses ereditedl(eharged) to the statement of eomprehensive ineome: 202S 2024 Actua] gain5 Impact of non-recognition of pensAon scheme assets 822,000 (815,000) 7,000 246.000 (305.000) (59,000) 25 Contingent liabilities The accumulated position of total Housing Association Grant released at 31 March 2025 is £11,068,881 (note 12). The amount of Housing Association grant amortised and recognised as income in the year to 31 March 2025 is £660,417. The posstbility of any reimbursement to the Department for Communities is considfflrd to be unlikely as the housing properties are expected to continue to be tnade available for social housing for the foreseeable fvture. 26 Related parties The Association has identified the following transactions which must be disclosed under the t¢nns of section 33 of FRS 102. 2025 2024 APEX Housing Association Limited Amounts owed (to)1 by APEX Housing Association Limited at l April Invoices due to APEX Housing Association Limited Amounts paid to Apex Housing Limited Amoullt owed to parent undertaking at 31 March (note 15) (45,166) (7,996) 7,996 (4&166) (42,847) (2,319) (45,166)
Newington Housing Association (1975) Limited 41 Notes to the financial statements for the year ended 31 March 2025 27 Ultimate Controlling Party The iEnmediate parent company and the ultimate parent company for the group is APEX Housing Association Limited. The parent undertaking of the smallest and largest group of undertakings, of which this associatioll is a mernber. and for which consolidated financial statements are prepared is APEX Housing Association Limited, an association incorporated in Northern Ir¢land. Copies of the consolidated financial statements are available to the public upon request from 10 Butcher Street, Londonderry, BT48 6HL. The association considers the Board of Management in APEX Housing Association Limited to be their ultirnate controlling party.