# 



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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|18-35|





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|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|



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||**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<br>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|T**ota**`➢`|
|---|---|---|---|---|---|
||||**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**|<br>**2024**|2023|
|||£|£|
|Net cash inflow from operating|A|<br>**51845,103**|4,2411724|
|activities||||
|Returns on investments and servicing of|**B**|<br>**(21 563,736)**|(1,811,230)|
|finance||||
|Capital expenditure and financial investment|**B**|<br>**(15,360,801)**|(12,131,962)|
|Cash inflow / outflow before use of liquid<br>resources and financing||**(12,079,434)**|(9,701,468)|
|Financing|**B**|<br>**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**|





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||**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)|





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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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|||**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**<br>**Restricted**|**Hostel**|**Tenants**<br>**Services**|**2024**<br>**Total**|**2023**<br>**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|||
|-<br>External audit of these financial statements|8,967|91995|
|-<br>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|



## 



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||**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|||



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