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||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|
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|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|||
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||**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|
##
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##
||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)|
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|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|
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|||**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**|
##
##