2023-03-31-accounts

	Page
Board of Management and Advisers	1-2
Report of the Board of Management	3-7
Independent Auditor's Report	8-11
Statement of Comprehensive Income	12
Statement of Changes in Equity	13
Statement of Financial Position	14
Statement of Cash Flows	15
Notes to the Statement of Cash Flows	16-17
Notes to the Financial Statements	18-34

N McIvor	Chair
E Creery	Retired August 2022
G Gilpin	Honorary Secretary
G McCabe	Treasurer
J Currie	Retired August 2022
B Johnston	Retired August 2022
N Loughran	Vice-Chair
M Alcorn
G Davidson
M Stephenson
D McCavery
L Allen	Appointed February 2023
E Martin	Appointed February 2023
Committee Members
J Bourke	Appointed August 2021
B Horowski	Appointed August 2021

Mr N Mclvor	6	Ms E Creery	2
Mr G Gilpin	5	Mr G McCabe	6
Ms N Loughran	6	Mr B Johnston	2
Mr D McCavery	3	Mr M Stevenson	2
Mr G Davidson	6	Ms M Alcorn	1
Ms L Allen	2	Ms E Martin	2
Mr J Currie	0

	Notes	2023	2022
Turnover	3	17,729,361	17,411,205
Operating costs	3	(15,865,189)	(15,571,869)
Operating surplus		1,864,172	1,839,336
Gain on property disposals		1,931,148	2,363,216
Transfer to disposal proceeds fund	15	(1,359,983)	(1,755,111)
Interest and financing income/(costs)		(1,811,230)	(1,681,915)
Other finance charges	19	(83,000)	(82,000)
Surplus before tax		541,107	683,526
Taxation
Surplus after tax		541,107	683,526
Other comprehensive income
Actuarial gain/ (loss) in respect of pension scheme	19	4,384,000	1,724,000
Total comprehensive income for the year		4,925,107	2,407,526

	Share Capital	Capital reserve	Revenue	Restricted	Total
			reserve	reserve
	£	£	£	£	£
Balance at 1 April 2022	11	81	26,184,141	1,883	26,186,116
Surplus / (deficit) for the year	-	-	546,218	(5,111)	541,107
Other comprehensive income	-	-	4,384,000		4,384,000
Transfers between reserves	(3)	3	(3,228)	3,228	0
Issued share capital	2				2
Balance at 31 March 2023	10	84	31,111,131	0	31,111,225

	N otes	2023	2022
		£	£
Fixed assets
Housing properties	10	207,839,650	1901056,766
Other tangible fixed assets	12	6,986,664	3,495,724
		214,826,314	193,552,490
Current assets
Trade and other debtors	13	31741,701	8,968,369
Cash and cash equivalents		51666,467	416751700
		9,408,168	13, 644, 069
Less: Creditors: amounts falling due within	14	(17,412,028)	(18,245,930)
one year
Net current liabilities		(81003,860)	(4,601,861)
Total assets less current liabilities		206,822,454	188,950,629
Creditors: amounts falling due after more than
one year	14	(175,886,229)	(159,403,513)
Pension fund asset/(liability)	19	175,000	(3,361,000)
Total net assets		31,111,225	26,1861116
Reserves
Share capital	21	10	11
Revenue reserves		31,111,131	26,184,141
Capital reserves	22	84	81
Restricted reserves	23	0	1,883
Total reserves		31J111225	26,186,116

For the year ended 31 March 2023
	Notes	2023	2022
		£	£
Net cash inflow from operating	A	4,241,724	416151730
activities
Returns on investments and servicing of	B	(1,811,230)	(1,681,915)
finance
Capital expenditure and financial investment	B	(12,131,962)	561,970
Cash inflow / outflow before use of liquid resources and financing		(9,701,468)	3,495,785
Financing	B	10,692,235	(2,252,101)
		990,767	11243/684
Reconciliation of net cash flow to movements	in net	debts (Note C)
Increase in cash in period			990,767
Net funds at 1 April 2022			4,675,700
Net funds at 31 March 2023			5,666,467

	2023	2022
	£	£
Operating surplus	1,864,172	11839,336
Depreciation	41138,840	31933,566
Amortisation of grant	(2,309,639)	(2,393,116)
Movements in:
Other debtors	(88,562)	(44,967)
Creditors less than one year	(128,087)	426,911
FRS 102 - pension adjustment	765,000	8541000
	41241,724	4,615,730
.Analysis of cash flows for headings netted in	the cash flow	statement.
Returns on investment and servicing of finance
Interest received	8,190
Loan and bank interest paid	(1,819,420)
Net cash inflow / (outflow) for returns on
investment and servicing of finance		(1,811,230)
Capital expenditure and financial investment
Other fixed assets	(4,360,411)
Housing, land and buildings	(23,977,572)
Capital grant received	13,490,469
Proceeds from Disposals	21715,552
Major repairs spend
Net cash inflow / (outflow) for capital expenditure		(12,131,962)
and financial investment
Financing
Loan principal repayments	(2,307,767)
Loan drawdowns	131000,000
Share capital issued		2
Net cash inflow / (outflow) from financing		10,692,235

	At		Other		At
	01/04/22	Cashflows	Changes		31/03/23
	£	£	£		£
Cash in hand and at bank	416751700	9901767		-	516661467
Debt due within one year	(2,292,111)	(1,024,764)		-	(3,316,875)
Debt due after more than	(43,920,925)	(9,667,468)		-	(53,588,392)
one year
	(41,537,336)	(9,701,465)		-	(51,238,801)

Land	-	Not depreciated
Structure/main fabric	-	Over 60 years
Roof	-	Over 50 years
Windows and doors	-	Over 15 years
Primary heating unit	-	Over 15 years
Kitchen	-	Over 15 years
Bathroom	-	Over 30 years
Mechanical systems	-	Over 30 years
Electrics	-	Over 30 years
Lifts	-	Over 20 years

Land	-	Not depreciated
Office buildings	-	Over 50 years
Scheme furniture and equipment	-	Over 3 — 5 years
Motor vehicles	-	Over 4 years
Office furniture and equipment	-	Over 4 years

		2023		2022
			Operating	Operating
	Operating	Operating	Surplus/	Surplus/
	Turnover	Costs	(deficit)	(deficit)
	£	£	£	£
Social Housing Activities
(Note_4)_	17 1082,396	14,936,305	2,146,091	1,981,337
Non-Social Housing Activities
(Note_5)_	6461965	928,884	(281,919)	(142,001)
	17 1729,361	1518651189	11864,172	1,8391336

			Supporting
	General	Sheltered	People Restricted	Hostel	Tenants Services	2023 Total	2022 Total
			Funding
			FE
Operating Income
Rent Receivable	11,061,759	123,880				111185,639	101670,889
Service Charges Receivable		62,400		42,859	659,286	764,545	707,807
Rates Receivable	1,622,984	18,240				1,641,224	1,597,152
Supporting People income			12,043			121043	11,976
Income from HAG	2,384,778	17,037		239,131		2,640,946	2,393,116
Income from Other Grants	199,648					1991648	862,313
Joint managed income				791,415		791,415	736,165
Exceptional Income						-	80,706
Less: Voids	(135,040)	(4,407)			(13,617)	(153,064)	(138,523
Total Social Housing Income	15,134,129	217,150	12,043	1,073,405	645,669	17,082,396	16,921,603
Operating Costs
Service Costs		76,179		63,527	6511799	791,505	723,966
Supporting People costs			17,154			17,154	12,251
Care Costs
Management costs	2,357,377			95,942		2,453,319	2,167,773
Rates Payable	1,457,925	18,960				1,476,885	1,457,023
Maintenance Administration costs	1,824,006					1,824,006	1,761,619
Planned & Cyclical Maintenance	522,459	61,895		72,558		656,913	717,712
Reactive Maintenance	2,350,994	63,409		242,898		2,657,301	2,294,989
Major Repairs (not capitalised)							847,639
Bad debts written off	42,637					42,637	124,939
Depreciation of Housing Properties	3,833,253	45,237		281,521		4,160,011	3,933,56E
Component replacements	117,929					117,929	72,429
Pension fund non cash charge	765,000					765,000	854,000
Transfer (to)/from Tenants' Services Fund		(15,114)	(5,111)		(6,130)	(26,355)	(27,643)
Total Social Housing Expenditure	13,271,580	250,566	12,043	756,446	645,669	14,936,305	14,940,26E
Operating surplus/ (deficit) on social			0	316,959		2,146,091	1,981,337
housing	1,862,549	(33,416)			0

DfC Allowances	2023	2022
	£	£
Management allowances	8731576	876,348
Management costs	(2,357,377)	(2,062,628)
Surplus/ (deficit)	(1,483,801)	(1,186,280)
Maintenance allowances	110231584	11026,832
Planned and cyclical maintenance	(522,459)	(615,633)
Reactive maintenance	(2,350,994)	(2,044,857)
Surplus/ (deficit)	(1,849,869)	(1,633,658)

	2023	2022
	£	£
Technical	1015961274	1010851253
Non-Technical	2,995,134	2,890,595
Total	13,591,408	12,975,848

	2023	2022
	£	£
Operating Income
Development	646,965	4891602
Total Non-Social Housing Income	6461965	4891602
Operating Costs
Development Costs	6461965	489,602
Other costs not capitalised	236,838	1211440
Aborted scheme costs	45,081	20,561
Total Non-Social Housing Expenditure	9281884	631,603
Operating (deficit) on non-social housing	(281,919)	(142,001)

	2023	2022
	£	£
Depreciation - owned tangible fixed assets	41160,011	3,933,566
Amortisation of grant / Release of capital grant	(2,507,332)	(2,393,116)
Auditor's remuneration
- External audit of these financial statements	91995	9,995
- Internal audit	7,584	11,850

	2023	2022
	£	£
On housing property loans	116481513	116521693
Bank interest and charges	1701906	29,934
	1,819,420	1,682,627

	2023	2022
	No.	No.
Administration	88	79
Housing, support and care	6	14
	94	93
Staff costs
	2023	2022
	£	£
Wages and salaries	3,2831605	2,907,790
Social security costs	333,688	271,610
Pension costs (excluding non-cash costs)	584,775	515,880
	41202,068	316951280

	2023	2022
	£	£
Aggregate remuneration	4281116	339,743
	4281116	3391743

	2023	2022
	£	£
Aggregate remuneration	96,750	931410
	961750	93,410

			2023	2022
			£	£
55,000	-	60,000	-	1
60,000	-	65,000	-	3
65,000	-	701000	4
70,000	-	751000
75,000	-	80,000
80,000	-	85,000
85,000	-	90,000
901000	-	95,000
95,000	-	100,000
			5	5

	Housing
	properties
	held for
	letting
Cost or valuation
At 1 April 2022	243,890,988
Additions	23,977,572
Transfer to other tangible fixed assets	-
Disposals	(3,729,218)
At 31 March 2023	264,139,342
Completed	2231807,377
	40,331,965
Work in progress
Depreciation and impairment
At 1 April 2022	53,834,222
Charge for the year	4,160,174
Impairment charged in year	-
Eliminated on disposal	(1,694,705)
At 31 March 2023	5612991692
Net book value
At 31 March 2023	20718391650
At 31 March 2022	190,056,766

Number of units owned and managed at year end
Self-Contained	2023	2022
	Properties	Properties
General Needs Housing	21206	2,178
Supported Housing	-	-
Sheltered Housing	35	35
Hostel bed spaces	61	61
	2,302	21274
Non Self-Contained	2023	2022
	Bedspaces	Bedspaces
General Needs Housing
Supported Housing
Hostel bed spaces	179	179
	179	179
Total Units Owned and Managed at year end	2,481	21453
Number of units managed (but not owned) at year end
Self-Contained	2023	2022
	Properties	Properties
General Needs Housing
Supported Housing
Sheltered Housing
Non Self-Contained	2023	2022
	Bedspaces	Bedspaces
General Needs Housing
Supported Housing
Sheltered Housing
Total Units Managed at year end

	Office	Computers and	Assets under	Total
	Premises	office equipment	Construction
Cost or valuation
At 1 April 2022	11246,390	912,621	21541,533	41700,544
Additions	51,447	24,981	412831983	4,360,411
Disposals	(1,297,837)	-	-	(1,297,837)
At 31 March 2023		9371602	6,825,516	7,763,118
Depreciation
At 1 April 2022	498,433	706,387		1,204,819
Charge for the year	15,000	70,068	-	85,068
Eliminated on disposal	(513,433)	-		(513,433)
At 31 March 2023	0	7761454	-	776,454
Net book value
At 31 March 2023	0	161,148	61825,516	6,986,664
At 31 March 2022	747,957	2061235	21541,533	3,495,725

	2023	2022
	£	£
Gross rental debtors - Technical	649,245	624,934
Gross rental debtors - Non-Technical	6861495	629,381
Provision for bad debt	(400,356)	(392,199)
Net rental debtors	9351384	862,116
Housing Association Grant receivable	2,509,700	7,824,927
Prepayments and accrued income	129,171	211,333
Other debtors	167,446	69,993
	317411701	8,968,369

	2023	2022
	£	£
Loans	3,316,875	212921111
Housing Association Grant in advance	6,448,833	9,565,938
Revenue Grant in advance	323,481	2551592
Deferred Housing Association Grant (Note 16)	2,640,946	2,557,730
Disposal Proceeds Fund (Note 15)	1,755,129	5011016
Accruals and deferred income	21007,832	1,678,246
Rent and service charges received in advance	291,836	2931263
Tenants' Services Fund (schemes undercharged and payable)	108,177	134,532
Trade and other creditors	5181919	967,502
	1714121028	18,245,930

	2023	2022
	£	£
Loans (see analysis below)	53,588,393	43,920,924
Deferred Housing Association Grant (Note 16)	120,937,853	113,7271479
Disposal Proceeds Fund (Note 15)	11359,983	11755,110
	175,886,229	159,4031513

Loa ns
	2023	2022
	£	£
Within one year	313161875	21292,111
Between one and five years	21,649,168	141061,547
In five years or more	3119391225	291859,378
	56,9051268	46,213,036

	2023	2022
	£	£
Balance brought forward	2_1_256_1_126	952_1_499
Transferred into fund	1_1_359,983	1,755,111
Recycled into Social Housing Grant	-
Expenditure	(500,997)	(451,484)
Balance carried forward	3,115,112	2,256_1_126

	2023	2022
	£	£
At 1 April 2022	125_1_851_1_146	118,422,877
Grant received/receivable in the year	8,499,940	11,982,026
Released to income in the year	(2,640,946)	(2,393,116)
Eliminated on housing unit disposals	(1,632,509)	(1,741,090)
Grants written off	(50,000)	(419,551)
At31March2023	130,027_1_631	125,851_1_146

	2023	2022
	£	£
Contracted for but not provided in the financial statements	43,881,833	41,879,137
Expenditure authorised by the Board of Management, but not
contracted
	43_1_881,833	41,879_1_137

	31/03/23	31/03/22	31/03/21
Assumptions
Rate of salary increase	4.2%	3.5%	3.2%
Pension increases in payment	2.7%	3.0%	2.7%
Discount rate	4.7%	2.7%	2.1%
Rate of inflation	2.7%	3.0%	2.7%

DEFINED BENEFIT SECTION
Assets of the scheme:
	2023	2022	2021
	£	£	£
Equities	5,054,000	5,4201000	5,361,000
Property	1,415,000	11263,000	1,031,000
Gilts	21602,000	3,121,000	2,733,000
Corporate bonds	379,000	2781000	1,401,000
Cash and other	3,183,000	2,552,000	11054,000
Total assets	121633,000	12,634,000	111580,000
Actuarial liabilities	(12,458,000)	(15,995,000)	(15,729,000)
Surplus/ (deficit)	175,000	(3,361,000)	(4,149,000)
Related deferred tax liability
Net pension	175,000	(3,361,000)	(4,149,000)
asset/ (liability)

	2023	2022
	£	£
Analysis of the amount charged to operating surplus
Current service cost	(1,349,000)	(1,361,000)
Past service charge
Total service charge	(1,349,000)	(1,361,000)
Employer contributions	5841000	5071000
Non-cash operating charge	(765,000)	(854,000)
Total expense recognised in operating surplus	(11349,000)	(1,361,000)
Analysis of the amount credited to finance costs
Interest expense on defined benefit obligation	(431,000)	(329,000)
Interest income on assets	348,000	247,000
Net (charge)	(83,000)	(82,000)
Amount recognised in other comprehensive income
Asset gains arising during the period	(881,000)	4211000
Liability gains/(losses) arising during the period	61585,000	1,303,000
Change in actuarial assumptions	(1,320,000)
Actuarial gain/ (loss) in statement of changes in	4,384,000	1,724,000
equity
Movement in deficit during the year
(Deficit) at 1 April	(3,361,000)	(4,149,000)
Non-cash operating charge	(765,000)	(854,000)
Financing charge	(83,000)	(82,000)
Amount recognised in other comprehensive income	4,384,000	1,724,000
Surplus/ (Deficit) at 31 March	175,000	(31361,000)

	At	At
	31/03/23	31/03/22
Asset and liability reconciliation	£	£
Liabilities at 1 April 2022	15,995,000	151729,000
Service cost	113491000	1,361,000
Interest cost	4311000	329,000
Employee contributions	199,000	1741000
Actuarial losses/(gains)	(5,265,000)	(1,303,000)
Benefits paid	(251,000)	(295,000)
Liabilities at 31 March 2023	12,458,000	15,995,000
Assets at 1 April 2022	1216341000	11,580,000
Interest income on assets	348,000	247,000
Remeasurement gains/(losses) on assets	(881,000)	421,000
Employer contributions	584,000	507,000
Employee contributions	199,000	1741000
Actuarial gains/(losses)	-	-
Benefits paid	(251,000)	(295,000)
Assets at 31 March 2023	12,633,000	12,634,000

	2023	2022
	F	L
Within one year	401493	83,939
Between one and five years	98,972	1171000
In five years or more
	139,465	2001939

	2023		2022
	£		£
At 1 April		11		10
Issued in the year		2		4
Transferred to capital reserve		(3)		(3)
At 31 March		10		11

	2023	2022
	£	£
At 1 April 2022	81	78
Transferred from share capital	3	3
At 31 March 2023	84	81
estricted reserves
	2023	2022
	£	£
At 1 April 2022	1883	21156
(Deficit)	(5,111)	(273)
Transfer to/(from) revenue reserves	31228	-
At 31 March 2023	0	1,883