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 f￿￿nCial 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 ASS￿latIon 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 Conside￿tIon 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
a￿ange[￿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 descr￿1 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 def￿ed 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)
Boiler￿t]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 r￿ed 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 f￿anCIal instruments.
Financial assets
Basic fmancia] assets, including trade and other receivables and cash and bank balances are Initi￿lY 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 defe￿ed until the draW￿oWn 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 r￿ed 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 contr1￿utiOns 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$S - Non-technical
Provision for bad debts
277214
114290
(176,148)
215J56
29,959
7{124
319,439
221,695
62,530
(140,870)
143,355
79,067
88,784
311,206
Net rental (including rates. service charges) debtors
Other debtors
Prepayments and accrued income
15 Creditors: amounts falling due within one year
2025
2024
Loans- banks (note 18)
Other creditors
3,474,676
266036
785.586
Taxation and social security
An]ounts owed to parent undertakings (note 26)
Disposal Proceeds fund (note 17)
AcC￿al$ 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 m￿aged 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 cu￿ent 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 re￿rn 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 cU￿entty aged 65
- male currently aged 45
female cU￿entlY 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 I0￿eS
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
CU￿nt 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.