2024-03-31-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	18-35

Mr N Mclvor	5	N Loughran	5
Mr G McCabe	5	Mr G Gilpin	3
Mr G Davidson	4	Ms M Alcorn	4
Ms L Allen	3	Ms E Martin	3
Mr D McCavery	2	Mr M Stevenson	1

	Notes	2.024	2023
Turnover	3	19,272,565	17,729,361
Operating costs	3	(16,312,700)	(15,865,189)
Operating surplus		2,959,865	1,864,172
Gain on property disposals		684,162	1,931,148
Transfer to disposal proceeds fund	15	(538,357)	(1,359,983)
Interest and financing income/(costs)		(2,563,736)	(1,811,230)
Other finance charges	20	23,000	(83,000)
Surplus before tax		564,934	541,107
Taxation
Surplus after tax		564,934	541,107
Other comprehensive income
Actuarial gain/ (loss) in respect of pension scheme	20	(149,000)	4,384,000
Total comprehensive income for the year		415,934	4,925,107

	Share Capita➢	Capita➢reserve	Revenue	Rest.riictec	Tota➢
			reserve	reserve
Balance at 1 April 2023	10	gal	31,111,11. 32.	0	31,111,225
Surplus / (deficit) for the year	-	-	572,803	(7,869)	564,934
Other comprehensive income	-	-	(149,000)	-	X49,000)
Transfers between reserves	(2)	2	(7,869)	7,869	-
Issued share capital	-	-	-	-	-
Balance at 31 March 2024	8	86	31,527,065	0	31,5271159

	Notes	2024	2023
		£	£
Fixed assets
Housing properties	10	223,689,177	207,839,650
Office premises	12	61772,635	0
Other tangible fixed assets	12	275,158	6,986,664
		230,736,970	214,826,314
Current assets
Trade and other debtors	13	91403,979	31741,701
Cash and cash equivalents		3,269,096	51666,467
		12,673,075	9,408,168
Less: Creditors: amounts falling due within	14	(20,120,260)	(17,412,028)
one year
Net current liabilities		(71447,185)	(8,003,860)
Total assets less current liabilities		223,289,785	2061822,454
Creditors: amounts falling due after more than
one year	14	(191,762,626)	(175,886,229)
Pension fund asset/(liability)	20		175,000
Total net assets		31,527,159	31,111,225
Reserves
Share capital	22	8	10
Revenue reserves		31,5271065	31,111,131
Capital reserves	23	86	84
Restricted reserves	24
Total reserves		31,527,159	311111,225

For the year ended 31 March 2024
	Notes	2024	2023
		£	£
Net cash inflow from operating	A	51845,103	4,2411724
activities
Returns on investments and servicing of	B	(21 563,736)	(1,811,230)
finance
Capital expenditure and financial investment	B	(15,360,801)	(12,131,962)
Cash inflow / outflow before use of liquid resources and financing		(12,079,434)	(9,701,468)
Financing	B	9,682,063	1016921235
		(2,397,371)	990,767
Reconciliation of net cash flow to movements	in net	debts (Note C)
Decrease in cash in period			(2,397,371)
Net funds at 1 April 2023			5/6661467
Net funds at 31 March 2024			3,269,096

	2024	2023
Operating surplus	2,959,865	1,864,172
Depreciation	41491/225	4,138, 840
Amortisation of grant	(2,588,359)	(2,309,639)
Movements in:
Other debtors	(195,854)	(88,562)
Creditors less than one year	1,129, 226	(128,087)
FRS 102 - pension adjustment	49,000	765,000
	5,845,103	4,241,724

Returns on investment and servicing of finance
Interest received	45,521
Loan and bank interest paid	(21609,257)
Net cash inflow / (outflow) for returns on		(2,563,736)
investment and servicing of finance
Capital expenditure and financial investment
Other fixed assets	(125,652)
Housing, land and buildings	(20,892,538)
Capital grant received	4,973,227
Proceeds from Disposals	684,162
Major repairs spend
Net cash inflow / (outflow) for capital expenditure		(15,360,801)
and financial investment
Financing
Loan principal repayments	(2,317,937)
Loan drawdowns	12,000,000
Share capital issued
Net cash inflow / (outflow) from financing		9,682,063

	At		Other		At
	01/04/23	Cashflows	Changes		31/03/24
	£	£	£		£
Cash in hand and at bank	5,6661467	(2,397,371)		-	3,269,096
Debt due within one year	(3,316,875)	(739,659)		-	(2,577,216)
Debt due after more than	(53,588,393)	101421,722		-	(64,010,115)
one year
	(51,238,801)	7,284,692		-	(63,318,235)

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

		2024		2023
			Operating	Operating
	Operating	Operating	Surplus/	Surplus/
	Turnover	Costs	(deficit)	(deficit)
	£	£	£	£
Social Housing Activities
(Note4)	18,486,376	15,359,184	31127,192	21146,091
Non-Social Housing Activities
(Note5)	786,189	953,516	(167,327)	(281,919)
	19,272,565	16,312,700	21959,865	1,864,172

			Supporting
	General	Sheltered	People Restricted	Hostel	Tenants Services	2024 Total	2023 Total
			Funding		£
Operating Income
Rent Receivable	12,210,552	134,182				12, 344, 734	111185,639
Service Charges Receivable		82,279		691901	708,641	860,821	764,54-5
Rates Receivable	1,768,320	19,471				1,787,791	1,641,224
Supporting People income			12,790			12,790	12,043
Income from HAG	2,341,383	17,038		231,958		2,590,379	2,640,94E
Income from Other Grants	194,212					1941212	199,646
Joint managed income				835,753		835,753	791,415
Exceptional Income
Less: Voids	(126,606)	(2,204)			(11,294)	(140,104)	(153,064
Total Social Housing Income	16,387,861	250,766	12,790	1,137,612	697,347	18,486,376	17,082,39E
Operating Costs
Service Costs		86,689		64,546	747,587	898,822	791,505
Supporting People costs			20,659			20,659	17,154
Care Costs
Management costs	3,107,633			150,845		3,258,478	2,453,319
Rates Payable	1,589,326	20,268				1,609,594	1,476,88-5
Maintenance Administration costs	2,346,316					2,346,316	11824,006
Planned & Cyclical Maintenance	367,862	4,043		5,869		377,774	656,913
Reactive Maintenance	2,238,156	35,073		238,514		2,511,743	2,657,301
Major Repairs (not capitalised)
Bad debts written off	74,469					74,469	42,637
Depreciation of Housing Properties	3,877,375	46,401		272,428		4,196,204	4,160,011
Component replacements	71,126	265		8,027		79,418	117,929
Pension fund non cash charge	49,000					49,000	765100C
Transfer (to)/from Tenants' Services Fund		(5,184)	(7,869)		(50,240)	(63,293)	(26,355)
Total Social Housing Expenditure	13,721,263	187,555	12,790	740,229	697,347	15,359,184	14,936,305
Operating surplus on social housing	2,666,598	63,211	0	397,383	0	3,127,192	2,146,091

DfC Allowances	2024	2023
	£	£
Management allowances	912,780	873,576
Management costs	(3,107,633)	(2,357,377)
Surplus/ (deficit)	(2,194,853)	(1,483,801)
Maintenance allowances	11069,520	11023,584
Planned and cyclical maintenance	(367,862)	(522,459)
Reactive maintenance	(2,238,156)	(2,350,994)
Surplus/ (deficit)	(1,536,498)	(1,849,869)
echnical & Non-Technical Income
	2024	2023
	£	£
Technical	101875,405	10,5961274
Non-Technical	4,117,941	219951134
Total	14,993,346	13,591,408

	2024	2023
	£	£
Operating Income
Development	786,189	6461965
Total Non-Social Housing Income	786,189	646,965
Operating Costs
Development Costs	7861189	6461965
Other costs not capitalised	147,428	236,838
Aborted scheme costs	191899	45,081
Total Non-Social Housing Expenditure	9531516	928,884
Operating (deficit) on non-social housing	(167,327)	(281,919)

	2024	2023
	£	£
Depreciation - owned tangible fixed assets	41196,204	41160,011
Amortisation of grant / Release of capital grant	(2,590,379)	(2,507,332)
Auditor's remuneration
- External audit of these financial statements	8,967	91995
- Internal audit	14,891	71584
nterest payable
	2024	2023
	£	£
On housing property loans	2,581,787	1,6481513
Bank interest and charges	271470	170,906
	216091257	11819,419

	2024	2023
	No.	No.
Administration	85	88
Housing, support and care	13	6
	98	94
Staff costs
	2024	2023
	£	£
Wages and salaries	3,658,750	31283,605
Social security costs	368,607	333,688
Pension costs (excluding non-cash costs)	653,956	584,775
	4,6811313	4,202,068

	2024	2023
	£	£
Aggregate remuneration	437,935	4281116
	437,935	428,116

	2024		2023
	£		£
Aggregate remuneration	_1091 _	183	96,750
	_1091 _	183	96,750

	2024	2023
	£	F-
45/000 - 501000	1
65,000 - 70,000	-	4
751000 - 801000	2
801000 - 851000	1
95,000 - 100,000	-	1
1051000 - 110,000	1
	5	5

	Housing
	properties
	held for
	letting
Cost or valuation
At 1 April 2023	264,139,342
Additions	20,892,538
Transfer to other tangible fixed assets	(204,525)
Disposals	(1,103,854)
At 31 March 2024	283,723,501
Completed	2431221,522
Work in progress	40,501,979
Depreciation and impairment
At 1 April 2023	561299,692
Charge for the year	4,196,204
Impairment charged in year	-
Eliminated on disposal	(461,572)
At 31 March 2024	60,034,324
Net book value
At 31 March 2024	223,689,177
At 31 March 2023	207,839,650

Self-Contained	2024	2023
	Properties	Properties
General Needs Housing	21270	21206
Supported Housing	-	-
Sheltered Housing	35	35
Hostel bed spaces	68	61
	2,373	2,302
Ikon self-Contained	2024	2023
	Bedspaces	Bedspaces
General Needs Housing
Supported Housing
Hostel bed spaces	172	179
	172	179
Total Units Owned and Managed at year end	21545	2,481
dumber of units manaved but not owned a ear end
Self-Contained	2024	2023
	Properties	Properties
General Needs Housing
Supported Housing
Sheltered Housing
Non Self-Contained	2024	2023
	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 2023	-	937,602	618251516	7,763,118
Additions	-	74,986	-	741986
Transfer from housing	6,875,761	1541125	(6,825,516)	2041370
properties
Disposals
At 31 March 2024	6,875,761	11166,713	-	8,0421474
Depreciation
At 1 April 2023		776,454	-	7761454
Charge for the year	103,126	115,101	-	218,227
Eliminated on disposal
At 31 March 2024	103,126	891,555	-	9941681
Net book value
At 31 March 2024	6,772,635	275,158	-	710471793
At 31 March 2023		161,148	618251516	6,986,664

	2024	2023
	£	£
Gross rental debtors - Technical	785,844	6491245
Gross rental debtors - Non-Technical	7951919	686,495
Provision for bad debt	(438,396)	(400,356)
Net rental debtors	1,143,367	935,384
Housing Association Grant receivable	7,976,124	2,509,700
Prepayments and accrued income	203,025	129,171
Other debtors	81,463	167,446
	9,403,979	31741,701

	2024	2023
	£	£
Loans	215771216	313161875
Housing Association Grant in advance	7,580,307	614481833
Revenue Grant in advance	2191256	3231481
Deferred Housing Association Grant (Note16)	2,590,379	21640,946
Disposal Proceeds Fund ( Note15)	31115,112	11755,129
Accruals and deferred income	316101470	2,007,832
Rent and service charges received in advance	376,254	2911836
Tenants' Services Fund (schemes undercharged and payable)	44,884	108,177
Trade and other creditors	6,382	518,919
	20,120,260	171412,028

	2024	2023
	£	£
Loans (see analysis below)	6410101115	53,588,393
Deferred Housing Association Grant (Note16)	127,214,154	120,937,853
Disposal Proceeds Fund (Note 15)	5381357	11359,983
	191,762,626	17518861229

Loans
	2024	2023
	£	£
Within one year	2,577,216	31316,875
Between one and five years	261481,820	2116491168
In five years or more	37,528,295	3119391225
	66,587,331	56,905,268

	2024	2023
	£	£
Balance brought forward	3,115,112	212561126
Transferred into fund	538,357	11359,983
Recycled into Social Housing Grant	-	-
Expenditure	-	(500,997)
Balance carried forward	31653,469	3,115,112

	2024	2023
	£	£
At 1 April	130,027,631	125,851,146
Grant received/receivable in the year	10,335,598	8,499,940
Released to income in the year	(2,590,379)	(2,640,946)
Eliminated on housing unit disposals	(388,010)	(1,632,509)
Grants written off	-	(50,000)
At31March	137,384,840	13010271631

	2024	2023
	£	£
Contracted for but not provided in the financial statements	34,092,804	43,881,833
Expenditure authorised by the Board of Management, but not
contracted
	34,092,804	43,881,833

	31/03/24	31/03/23	31/03/22
Assumptions
Rate of salary increase	4.1%	4.2%	3.5%
Pension increases in payment	2.6%	2.7%	3.0%
Discount rate	4.8%	4.7%	2.7%
Rate of inflation	2.6%	2.7%	3.00/o
DEFINED f$ENEFIT SECTION
Assets of the scheme:
	2024	2023	2022
	F	£	F-
Equities	6,371,000	5,054,000	51420,000
Property	114141000	1,415,000	1,263,000
Gilts	2,537,000	2,602,000	31121,000
Corporate bonds	612,000	3791000	278,000
Cash and other	3,6441000	31183,000	2,552,000
Total assets	14,578,000	1216331000	12,634,000
Actuarial liabilities	(13,144,000)	(12,458,000)	(15,995,000)
Surplus/ (deficit)	1,434,000	1751000	(3,361,000)
Related deferred tax liability
Net pension	11434,000	175,000	(3,361,000)
asset/ (liability)

	2024	2023
	£	£
Analysis of the amount charged to operating surplus
Current service cost	(702,000)	(1,349,000)
Past service charge
Total service charge	(702,000)	(1,349,000)
Employer contributions	6531000	584,000
Non-cash operating charge	(49,000)	(765,000)
Total expense recognised in operating surplus	0	(1,349,000)
Analysis of the amount credited to finance costs
Interest expense on defined benefit obligation	(585,000)	(431,000)
Interest income on assets	6081000	348,000
Net (charge)	23,000	(83,000)
Amount recognised in other comprehensive income
Asset gains/(losses) arising during the period	7461000	(881,000)
Actuarial gains/(losses) arising during the period	704,000	6,585,000
Liability gains/(losses) arising during the period	(165,000)	(1,320,000)
Adjustment gain/(loss) due to restriction of surplus	(1,434,000)
Actuarial gain/ (loss) in statement of changes in	(149,000)	4,384,000
equity
Movement in deficit during the year
Surplus(Deficit) at 1 April	175,000	(3,361,000)
Non-cash operating charge	(49,000)	(765,000)
Financing charge	23,000	(83,000)
Amount recognised in other comprehensive income	(149,000)	413841000
Surplus/ (Deficit) at 31 March	0	175,000

	At	At
	31/03/24	31/03/23
Asset and liability reconciliation	£	£
Liabilities at 1 April	12,458,000	151995,000
Service cost	7021000	11349,000
Interest cost	5851000	4311000
Employee contributions	2231000	199,000
Actuarial losses/(gains)	(1,109,000)	(5,265,000)
Benefits paid	285,000	(251,000)
Liabilities at 31 March	13,144,000	12,458,000
Assets at 1 April	12,633,000	12,634,000
Interest income on assets	608,000	348,000
Remeasurement gains/(losses) on assets	7461000	(881,000)
Employer contributions	653,000	584,000
Employee contributions	223,000	199,000
Actuarial gains/(losses)	-	-
Benefits paid	(285,000)	(251,000)
Assets at 31 March	14,578,000	12,633,000

	2024	2023
	£	£
Within one year	401493	401493
Between one and five years	98,971	98,972
In five years or more	-	-
	139,464	139,465
hare capital
rdinary shares of £1 each fully paid:
	2024	2023
At 1 April	10	11
Issued in the year		2
Transferred to capital reserve	(2)	(3)
At 31 March	8	10

	2024	2023
	£	£
At 1 April	84	81
Transferred from share capital	2	3
At 31 March	86	84
estricted reserves
	2024	2023
	£	£
At 1 April	-	11883
(Deficit)	(7,869)	(5,111)
Transfer to/(from) revenue reserves	7,869	3,228
At 31 March