2025-03-31-accounts

Woven Housing Association Limited

_ Report and Financial Statements

For the Year Ended 31 March 2025

Woven Housing Association Limited Year Ended 31 March 2025

Contents page

	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	1:5
Notes to the Statement of Cash Flows	16-17
NotestotheFinancialStatements	18-35

Woven Housing Association Limited Year Ended 31 March 2025

Board of Management

N McIvor Chair

N Loughran Vice- Chair G McCabe Treasurer and Temporary Honorary Secretary G Gilpin Retired August 2024

G Gilpin G Davidson

M Alcorn L Allen

D McCavery

D Little Joined September 2024 P Livingstone Joined September 2024 E McQuillan Joined September 2024 C Milligan Joined September 2024

Committee Members

J Bourke

B Horowski

T Cole

T Curran

M Gilmore

Chief Executive and Secretary A McKeown BA(Hons), Dip HS, MBA

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Woven Housing Association Limited Year Ended 31 March 2025

Board of Management and Advisers (cont’d)

Registered office Laganwood House 44 Newforge Lane Belfast BT9 5NW

Registered under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, (formerly the Industrial and Provident Societies Act (Northern Ireland) 1969)

Registered number IP 000172

Registered with the Charities Commission for Northern Ireland NIC 103066

Statutory Auditors RBCA Ltd Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG

Bankers Ulster Bank Ltd 11-16 Donegall Square East Belfast BT1 5UB

Solicitors Edwards & Co 28 Hill Street Belfast BT1 2LA

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Woven Housing Association Limited Year Ended 31 March 2025

Report of the Board of Management for the year ended 31 March 2025

Strategic Report

The Board presents its strategic report and the audited financial statements for the year ended 31 March 2025 of Woven Housing Association Limited (the “Association”).

Principal Activities

The Association is a registered non-profit making housing association providing housing accommodation for those in need.

Company Profile

Woven Housing Association (formerly known as Habinteg Housing Association (Ulster) Ltd) was founded in 1976 and is a registered housing association in Northern Ireland. Woven plans, develops and manages ‘integrated’ housing schemes in both urban and rural areas throughout the region and works with a number of partner organisations in providing supported housing projects. The Association currently has over 2,500 properties at more than 100 locations and 16 partnership schemes.

Woven’s Vision - ‘Homes, Lives and Communities Woven as One' encapsulates the Association’s central aim of providing housing which combines a range of dwelling types - family houses, apartments and bungalows - in order to appropriately meet the needs of the widest range of users, including older persons and persons with a disability. Quality, sustainable developments include large and medium sized suburban _ housing developments, inner city apartments, individual rural cottages and specialised housing schemes. Partnership projects include sensitively designed housing with care schemes, temporary accommodation for people who are homeless, and housing initiatives for people with additional support needs.

The standard and quality of these developments has been recognised at local and national level with an impressive list of high-profile awards, including the UK Housing Award for Outstanding Achievement in Social Housing in Northern Ireland, the RICS Award for the Northern Ireland region and a succession of NIHE Housing Council Awards for Best Scheme in Northern Ireland.

Woven is a Customer Service Excellence organisation still retaining the Standard. We are a Gold standard Investor In People Organisation. We continue to hold the following international Standards:

• e ISO9001 Quality Management Systems.

• e [S014001 Environmental Management.

• e IS045001 Occupational Health and Safety.

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Woven Housing Association Limited Year Ended 31 March 2025

Results and Performance

The surplus on ordinary activities for the year was £468,552 compared with a surplus of £564,934 for the previous year. The total Comprehensive income for the year is £444,552 against a figure from 2023/24 of £415,934.

For the 2024/25 Business year we continued to deliver our core services, maintaining our focus on our tenants, other customers and employees’ needs. We responded to legislative changes, made funding decisions in a timely manner, and progressed our digital journey.

Using our annual Business Operational Plan and Dashboard we outlined 24 external and internal KPIs and targets and monitored and reported on our performance on a quarterly basis to our Senior Management Team and Board. We have achieved significant success with these targets over the last 12 months.

Value for Money

The Association is a member of Housemark which provides benchmarking information to enable us to continue to measure our performance against our peers in Northern Ireland and throughout the United Kingdom. We will continue to challenge ourselves to make best use of the resources we have available when meeting customer needs.

Risks

The Board have reviewed the strategic and key risk register on a quarterly basis throughout the year. This covers inherent and residual risks for the key strategic areas within the organisation as well as further actions that the Association has put in place to minimise any potential impact. This will continue to be reviewed and amended by the Association.

Treasury Management Policy

The Association’s aim is to keep cash balances to a minimum of £2,000,000 where possible and therefore keep loan interest charges to a minimum. This is achieved without compromising the Association's ability to meet its financial obligations as they fall due. During the period new loans of the value of £6,000,000 were drawn down. It is noted that the cash balances currently held will be utilised on new developments and to fund our planned maintenance programme.

All surpluses generated by the Association have been reinvested in order to maintain existing homes in good condition, develop new homes at rent levels as low as possible and to reduce borrowing requirements. The reserves that the Association has built up have largely been reinvested into its properties and are not, therefore, represented by cash balances.

Future Development

The Association's strategy is to increase the number of homes in management each year through a combination of house purchases and new developments on site. There are 150 new starts expected during 2025/26. We anticipate to hand over 135 new homes to new tenants throughout the year.

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Woven Housing Association Limited Year Ended 31 March 2025

Corporate Governance

In the opinion of the Board, the Association is in compliance with the Best Practice Code of Governance issued by NIHFA and although our current grading under DFC Regulatory Standard is three, the Association has put in place the necessary resources and processes that provide evidence to support our regrading back to one.

The Board

----- Start of picture text -----
The Board meets regularly throughout the year. There are various sub-committees who
meet regularly throughout the year with specific responsibilities for development, housing
management and maintenance, finance and corporate services, as well as audit and risk.
There were six Board meetings during the course of the year, and the attendance was as
follows:
Mr N Mclvor [6 Ms N Loughran
Mr
G McCabe MrG Gilpin
Mr G Davidson Ms M Alcorn
MsL Allen Mr D McCavery l4 |
Mr E McQuillan Mr D Little
Mr P Livingstone Mr C Milligan
----- End of picture text -----

Gerry Gilpin retired in August 2024. New Board Members David Little, Eoin McQuillan, Paul Livingstone and Christopher Milligan were elected in September 2024.

Audit and Risk Committee

The Association has an Audit and Risk Committee with clearly defined terms of reference. The committee comprises 2 members and meets at least 4 times a year. Any member is entitled to attend a committee meeting. The Audit and Risk Committee monitors financial reporting and accounting policies along with the adequacy of the Association’s internal financial controls and provides a forum through which the Association's external and internal auditors report to the Board. The Board believes it has an objective and professional relationship with its auditors.

Going Concern

After making enquiries, the Board has a reasonable expectation that the Association had adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

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Woven Housing Association Limited Year Ended 31 March 2025

Internal Financial Control

The Board is responsible for the Association’s systems of internal financial control and along with senior management, is responsible for establishing and operating detailed control and report procedures. The systems of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement and loss.

The Board has reviewed the effectiveness of the Association’s system of internal financial control. The review included consideration of the business risks facing the association and of the existing internal financial control procedures. The key elements of the control system in operation are:

• e the Board has adopted a formal schedule of matters reserved for its approval ensuring it maintains responsibility for overall strategy, approval of all property transactions and other major capital expenditure projects;

• e there is an organisation structure with clearly defined lines of responsibility and delegation of authority;

• e detailed budgets are prepared covering the Association’s businesses which are reviewed and approved by the Board. Actual results are compared against budget and appropriate action identified and initiated; and

• e the Audit and Risk Committee reviews matters relating to internal control and receives reports on a regular basis from the external and internal auditors and from senior management.

Compliance with Code of Best Practice

The auditors have confirmed that in their opinion, with respect to the Board’s statements on internal financial control and going concern above, the members have provided the disclosures required by the Code and such statements are not inconsistent with the information of which they are aware from their audit work on the financial statements, and that the Board’s statement on pages 3 to 7 appropriately reflects the Association’s compliance with the other paragraphs of the Code. They have carried out their review in accordance with the relevant Bulletin issued by the Auditing Practices Board, which does not require them to perform any additional work necessary to express a separate opinion on the effectiveness of either the Association’s system of internal financial control or corporate governance procedures, or on the ability of the Association to continue in operational existence.

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Woven Housing Association Limited Year Ended 31 March 2025

Statement of the Board

The Board is required to prepare accounts for each financial period which give a true and fair view of the state of the Association’s affairs and of its surplus or deficit for that period. In preparing those accounts the Board is required to:

• e select suitable accounting policies and then apply them consistently;

• e make judgements and estimates that are reasonable and prudent;

• e state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the accounts; and

• e prepare the accounts on the going concern basis unless it is inappropriate to presume that the Association will continue to operate.

The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association. It is also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention of fraud and other irregularities.

Auditor

The Audit and Risk Committee recommended to the Board that Ross Boyd Chartered Accountants be re-appointed as the Association’s external auditors and Ross Boyd Chartered Accountants have indicated a willingness to continue in office. A resolution concerning their reappointment will be proposed at the Annual General Meeting.

On behalf of the board

Neil McIvor Chairman 17" September 2025

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Woven Housing Association Limited Year Ended 31 March 2025

Independent Auditor’s Report

Opinion

We have audited the financial statements of Woven Housing Association Limited for the year ended 31 March 2025, which comprise the Statement of Changes in Reserves, Statement of Cashflows and Notes to the Financial Statements including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended Practice for Social Housing Providers issued by the National Housing Federation.

In our opinion the financial statements:

• e give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its surplus for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the requirements of the Co-operative and Community Benefits Societies Act (Northern Ireland) 1969 (formerly the Industrial and Provident Societies Act (Northern Ireland) 1969), the Charities Act (Northern Ireland) 2008, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993.

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the board's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the association's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the board with respect to going concern are described in the relevant sections of this report.

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Woven Housing Association Limited Year Ended 31 March 2025

Independent Auditor’s Report (cont’d)

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Management

As explained more fully in the Board of Management responsibilities statement the Board of Management are is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Board of Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Management is responsible for assessing the Association's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the Board of Management either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• e We identified areas of laws and regulations that could reasonably be expected have a material effect on the financial statements from our sector experiences through discussion the Board of Management and other management (as required by auditing standards).

• e We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered the extent of compliance with those laws and regulations as apart of our procedures on the related financial statement items.

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Woven Housing Association Limited Year Ended 31 March 2025

Independent Auditor’s Report (cont’d)

• e With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect was limited to enquiry of the Board of Management.

• e We communicated applicable laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.

• e We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

• e Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Other required reporting

Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 exception reporting

Under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, we are required to report to you if, in our opinion:

• e A satisfactory system of control over transactions has not been maintained; or

• e We have not received all the information and explanations we require for our audit; or

• e Proper accounting records have not been kept by the association; or

• e The financial statements are not in agreement with the accounting records.

• We have no exceptions to report arising from this responsibility.

Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 exception reporting

Under the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 we are required to report to you if, in our opinion:

• e Sufficient accounting records have not been kept; or

• e The financial statements are not in agreement with the accounting records; or

• e We have not received all the information and explanations we require for our audit.

• We have no exceptions to report arising from this responsibility.

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Woven Housing Association Limited Year Ended 31 March 2025

Independent Auditor’s Report (cont'd)

Use of our report

This report is made solely to the Board of Management, in accordance with Article 38 of the Co-Operative and Community Benefit Societies Act (Northern Ireland) 1969 (formerly the Industrial and Provident Societies Act (Northern Ireland) 1969). Our audit work has been undertaken so that we might state to the Board of Management those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Board of Management and the Association as a body, for our audit work, for this report, or for the opinions we have formed.

Brian Stewart (Senior Statutory Auditor) For and on behalf of RBCA Limited, Statutory Auditor

Linenhall Exchange

26 Linenhall Street Belfast BT2 8BG

17th September 2025

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Woven Housing Association Limited

Year Ended 31 March 2025

Statement of Comprehensive Income

For the year ended 31 March 2025

	Notes	2025	2024
		£	(Restated)
			£
Turnover	3	20,594,736	18,486,376
Operating costs	3	(16,587,454)	(15,526,511)
Operating surplus		4,007,282	2,959,865
Gain on property disposals		(34,485)	684,162
Transfer to disposal proceeds fund	15	-	(538,357)
Interest and financing income/(costs)		(3,520,245)	(2,563,736)
Other finance charges	19	16,000	23,000
Surplus before tax		468,552	564,934
Taxation		-	-
Surplus after tax		468,552	564,934
Other comprehensive income
Actuarial gain/ (loss) in respect ofpension scheme	19	(24,000)	(149,000)
Totalcomprehensiveincomefortheyear		444,552	415,934

The notes on pages 18 to 35 form part of these financial statements.

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Woven Housing Association Limited Year Ended 31 March 2025

Statement of Changes in Equity

For the year ended 31 March 2025

	Share Capital	Capital reserve	Revenue reserve	Restricted reserve	Total
	£	£	£	£	£
Balance at 1 April 2024	8	86	31,527,065	-	31,527,159
Surplus / (deficit) for the year	-	-	477,197	(8,645)	468,552
Other comprehensive income	-	-	(24,000)	-	(24,000)
Transfers between reserves	(1)	1	(8,645)	8,645	-
Issued share capital	4	-	-	-	4
Balanceat31March2025	11	87	31,971,617	-	31,971,715

The notes on pages 18 to 35 form part of these financial statements.

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Woven Housing Association Limited Year Ended 31 March 2025

Statement of Financial Position

As at 31 March 2025

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Notes|2025|2024| |£|£| |Fixed|assets| |Housing|properties|10|246,017,030|223,689,177| |Office|premises|12|6,699,250|6,772,635| |Other|tangible|fixed|assets|12|244,516|275,158| |252,960,796|230,736,970| |Current|assets| |Trade|and|other|debtors|13|7,467,124|9,403,979| |Cash|and|cash|equivalents|5,660,450|3,269,096| |13,127,574|12,673,075| |Less:|Creditors:|amounts|falling|due|within|14|(27,763,269)|(20,120,260)| |one|year| |Net|current|liabilities|(14,635,695)|(7,447,185)| |Total|assets|less|current|liabilities|238,325,101|223,289,785| |Creditors:|amounts|falling|due|after|more|than| |one|year|14|(206,353,386)|(191,762,626)| |Pension|fund|asset/(liability)|19|-|-| |Total|net|assets|31,971,715|31,927,159| |Reserves| |Share|capital|21|11|8| |Revenue|reserves|31,971,617|31,527,065| |Capital|reserves|22|87|86| |Restricted|reserves|23|-|-| |Total|reserves|31,971,715|31,527,159| |These|financial|statements|were|approved|b|e|Board|of|Mafiagement|and|authorised|for|issue| |on|¥7 Septembey’2025|and signed|on|its|b|/| |Mr|N|Mclvér*|Chair|Mra McCabe Honokary|Ms|N|Loughran|—|Vice|Chair| |The notes on pages|18 to 35 form oaileeiesecrataryfinancial|statements.|

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Woven Housing Association Limited Year Ended 31 March 2025

Statement of Cash Flows

For the year ended 31 March 2025

----- Start of picture text -----
Notes 2025 2024
£ £
Net cash inflow from operating A 6,579,805 5,845,103
activities
Returns on investments and servicing of B (3,520,245) (2,563,736)
finance
Capital expenditure and financial investment B (4,340,993) (15,360,801)
Cash inflow / outflow before use of liquid (1,281,433) (12,079,434)
resources and financing
Financing B 3,672,787 9,682,063
2,391,354 (2,397,371)
Reconciliation of net cash flow to movements in net debts (Note C)
Increase in cash in period 2,391,354
Net funds at 1 April 2024 3,269,096
Net funds at 31 March 2025 5,660,450
----- End of picture text -----

The notes on pages 16 to 17 form part of this financial statement.

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Woven Housing Association Limited Year Ended 31 March 2025

Notes to Statement of Cash Flows

For the year ended 31 March 2025

A. Reconciliation of operating surplus / (deficit) to operating cashflows

	2025	2024
	£	£
Operating surplus	4,007,282	2,959,865
Depreciation	4,748,768	4,491,225
Amortisation of grant	(2,826,156)	(2,588,359)
Movements in:
Other debtors	(629,810)	(195,854)
Creditors less than one year	1,287,721	1,129,226
FRS 102 —- pension adjustment	(8,000)	49,000
	6,579,805	5,845,103

B. Analysis of cash flows for headings netted in the cash flow statement.

Returns on investment and servicing of finance
	£	£
Interest received	102,570
Loan and bank interest paid	(3,622,815)
Net cash inflow/ (outflow) for returns on	ee	(3,520,245)
investment and servicing of finance
Capital expenditure and financial investment
Other fixed assets	(122,189)
Housing, land and buildings	(26,850,405)
Capital grant received	22,666,086
Proceeds from Disposals	(34,485)
Major repairs spend	“
Net cash inflow/ (outflow) for capital expenditure
and financial investment		(4,340,993)
Financing
Loan principal repayments	(2,327,217)
Loan drawdowns	6,000,000
Share capital issued	4
Net cash inflow/(outflow)fromfinancing		3,672,787

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Woven Housing Association Limited

Year Ended 31 March 2025

Notes to Statement of Cash Flows (cont'd)

For the year ended 31 March 2025

C. Analysis of changes in net funds

	At		Other		At
	01/04/24	Cashflows	Changes		31/03/25
	£	£	£		£
Cash in hand and at bank	3,269,096	2,391,354		.	5,660,450
Debt due within one year	(2,577,216)	501,912		-	(2,075,304)
Debt due after more than	(64,010,115)	(4,174,695)		*	(68,184,810)
one year
	(63,318,235)	(1,281,429)		-	(64,599,664)

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Woven Housing Association Limited Year Ended 31 March 2025

Notes to the financial statements

i. Legal status

Woven Housing Association Limited changed its name from Habinteg Housing Association (Ulster) Limited within the financial year. Woven Housing Association Limited is a housing association registered in Northern Ireland in the United Kingdom under the Credit Unions and Co-operative and Community Benefit Societies (Northern Ireland) Act 2016 (formerly known as the Industrial and Provident Societies Act (Northern Ireland) 1969). The registered office of the Association is Laganwood House, 44 Newforge Lane, Belfast, BT9 5NW.

2. Accounting Policies

2.1 Basis of accounting

These financial statements have been prepared in accordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ and the Statement of Recommended Practice (“SORP”) for Registered Social Housing Providers.

The financial statements are presented in Sterling, rounded to the nearest pound (£), which is the functional currency of the Association.

2.2 Revenue recognition

Revenue is recognised when the Association has entitlement to the funds and it is probable that the income will be received and the amount is reliably measured.

Turnover includes income receivable from lettings, rates and service charges, fees receivable, grants and other income.

2.3 Government and other grants

Housing Association Grant (HAG) is receivable from the Northern Ireland Housing Executive (NIHE) and is recognised in income over the useful life of the housing property structure under the accruals model. HAG due is included as a current asset. HAG received in advance is included as a liability.

HAG received in respect of revenue expenditure is credited to the income and expenditure account in the same period as the expenditure to which it relates.

HAG released on sale of a property may be repayable but is normally available to be recycled and is credited to the Disposal Proceeds Fund and included in the Statement of Financial Position within Creditors.

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Woven Housing Association Limited Year Ended 31 March 2025

2.4 Tangible fixed assets

Housing properties

Housing stock are properties held for the provision of social housing or to otherwise provide social benefit and are accounted for within tangible fixed assets. Housing properties are principally available for rent and are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes the cost of acquiring land and buildings, development costs, interest charges incurred during the development period.

Works to existing properties which replace a component that has been treated separately for depreciation purposes, along with those works that result in an increase in net rental income over the lives of the properties, thereby enhancing the economic benefits of the assets, are capitalised as improvements.

Depreciation of Housing properties

The Association separately identifies the major components which comprise its housing properties, and charges depreciation, so as to write-down the cost of each component to its estimated residual value, on a straight line basis, over its estimated useful life.

The Association depreciates the major components of its housing properties over the following expected useful lives:

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	-	Over30 years
Mechanical systems	-	Over 30 years
Electrics	7	Over30 years
Lifts	-	Over20years

Depreciation of other tangible fixed assets

For other tangible fixed assets, depreciation is charged on a straight-line basis over the expected useful lives of the assets to write off the cost, less estimated residual values over the following expected lives:

Land	-	Not depreciated
Office buildings	-	Over50 years
Scheme furniture and equipment	-	Over3-—5 years
Motor vehicles	-	Over 4 years
Office furniture and equipment	-	Over4years

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Woven Housing Association Limited

Year Ended 31 March 2025

2.5 Impairment

Housing properties are assessed annually for impairment indicators. Where indicators are identified an assessment for impairment is undertaken comparing the asset's carrying amount to its recoverable amount. Where the carrying amount of an asset is deemed to exceed its recoverable amount, the asset is written down to its recoverable amount, this is likely to be the fair value in use of the asset based on its service potential. The resulting impairment loss is recognised as expenditure in income and expenditure. Where an asset is currently deemed not to be providing service potential to the association, its recoverable amount is its fair value less costs to sell.

Other assets are reviewed for impairment if there is an indication that impairment may have occurred.

2.6 Employee benefits

Defined Contribution Pension

The Association operates a defined contribution scheme for certain employees. A defined contribution plan is a pension plan under which the Association pays fixed contributions into a separate entity. Once the contributions have been paid the Association has no further payment obligations.

The contributions are recognised as an expense when they are due. Amounts not paid are included as accruals in the Statement of Financial Position. The assets of the plan are held separately from the Association in independently administered funds.

Defined Benefits Pension

The Association also participates in a defined benefit salary pension scheme through the Northern Ireland Local Government Officers Superannuation Committee. The assets of the scheme are held separately from those of the Association. Pension scheme liabilities are measured on an actuarial basis using a projected unit method and are discounted to their present value. Pension scheme assets are valued at market value at the balance sheet date.

2.7 Tenants’ Services Fund

For certain schemes the Association is required to charge to the tenants an additional amount to fund the cost of common facilities. Annual surpluses or deficits are transferred to the Tenants’ Services Fund to equalise the financial position over the lifetime of the scheme.

2.8 Disposal Proceeds Fund

The net surpluses, after loan repayments, that arise from the sale of property to tenants under the voluntary purchase grant arrangements, instituted by the Department for Communities, can be utilised by the Association. If the surpluses are not used within two years of their receipt they may be payable in part or in full to the Department for Communities.

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Woven Housing Association Limited Year Ended 31 March 2025

2.9 Income tax

The Association is accepted as a charity by the HMRC. Income and capital gains of the Association are generally exempt from tax if applied for charitable purposes.

2.10 Value Added Tax

The Association is not registered for VAT. All of its income, including rental receipts, is exempt for VAT purposes.

2.11 Financial instruments

The Association only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.12 Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements made in the process of preparing the association financial statements are continually evaluated and are based on historical expenses and other factors, including expectations of future events that believed to be reasonable under the circumstances.

(a) Critical judgement in applying the entity’s accounting policies.

There are no critical judgements in applying the entity’s accounting policies.

(b) Critical accounting estimates and assumptions

The Board of Management makes estimates and assumptions concerning the future in the process of preparing the association financial statements. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of housing properties

The annual depreciation on housing properties is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reviewed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

(ii) Accruals

Accrued expenditure includes amounts relating to certain purchase orders issued by the Association. Actual amounts subsequently invoiced by suppliers may vary from amounts accrued due to subsequent work variations and other unforeseen circumstances. Purchase orders are accrued by the Association when it considers that a constructive obligation has been created and are valued with reference to agreed contractual rates and reflecting historical experience and current trends.

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Woven Housing Association Limited

Year Ended 31 March 2025

(iii) Bad debt provisions

Recoverability of trade debtors is part of the association’s credit control process to regularly monitor the recoverability of trade debtors and make adequate provisions for any doubtful amounts. Bad debt provisions are calculated both on a specific and general basis, using all information available to the association at the time.

There are no other critical accounting estimates and assumptions.

2.13 Going concern

After making appropriate enquires, the Board has a reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in the financial statements.

3. Turnover, Operating costs and operating surplus

		2025		2024
			Operating	Operating
	Operating	Operating	Surplus/	Surplus/
	Turnover	Costs	(deficit)	(deficit)
	£	£	£	£
Social Housing Activities
(Note 4)	20,594,736	16,435,853	4,158,883	3,127,192
Non-Social Housing Activities
(Note 5)	-	151,601	(151,601)	(167,327)
	20,594,736	16,587,454	4,007,282	2,959,865

Non-social Housing Activities has been stated after capitalising salaries of £859,154 (2024 - £786,189). The Statement of Comprehensive Income, note 3 and note 5 prior year comparatives have been restated to reflect this.

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Woven Housing Association Limited Year Ended 31 March 2025

4. Turnover, operating costs and operating surplus/ (deficit) from social housing activities

			Supporting
	General £	Sheltered £	People Restricted Funding £	Hostel £	Tenants Services £	Office Ratital £	a Total £	se as Total £
Operating Income
Rent Receivable	13,842,655	144,158				39,798	14,026,611	12,344,734
Service Charges Receivable		80,621		62,500	682,428	15,000	840,549	860,821
Rates Receivable	1,945,945	20,356					1,966,301	1,787,794
Supporting People income			13,042				13,042	12,790
Income from HAG	2,572,857	17,037		236,262			2,826,156	2,590,379
Income from Other Grants	203,527						203,527	194,212
Joint managed income				897,893			897,893	835,753
Less: Voids	(161,771)	(5,549)			(12,023)		(179,343)	(140,104)
Total Social Housing Income	18,403,213	256,623	13,042	1,196,655	670,405	54,798	20,594,736	18,486,376
Operating Costs
Service Costs		75,812		62,090	789,146	24,383	951,431	898,822
Supporting People costs			21,687				21,687	20,659
Management costs	3,263,993			156,958			3,420,951	3,258,478
Rates Payable	1,779,325						1,779,325	1,609,594
Maintenance Administration costs	2,355,791						2,355,/o2	2,346,316
Planned & Cyclical Maintenance	489,328			8,440			497,768	377,774
Reactive Maintenance	2,698,391			171,159			2,869,550	2,511,743
Major Repairs (not capitalised)	95,648						95,648	=
Bad debts written off	53,628						53,628	74,469
Depreciation of Housing Properties	4,058,707	46,541		270,043			4,375,291	4,196,204
Component replacements	146,350	140		771			147,261	79,418
Pension fund non cash charge	(8,000)						(8,000)	49,000
Transfer (to)/from Tenants’
Services Fund		2,948	(8,645)		(118,741)		(124,438)	(63,293)
Total Social Housing
Expenditure	14,933,121	125,441	13,042	669,461	670,405	24,383	16,435,853	15,359,184
Operating surplus on social
housing	3,470,092	131,182	0	527,194	0	30,415	4,158,883	3,127,192

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Woven Housing Association Limited

Year Ended 31 March 2025

4. Turnover, operating costs and operating surplus/ (deficit) from social housing activities (cont'd)

DfC Allowances	2025	2024
	£	£
Management allowances	978,516	912,780
Management costs	(3,263,993)	(3,107,633)
Surplus/ (deficit)	(2,285,477)	(2,194,853)
Maintenance allowances	1,146,544	1,069,520
Planned and cyclical maintenance	(489,328)	(367,862)
Reactive maintenance	(2,698,391)	(2,238,156)
Surplus/ (deficit)	(2,041,175)	(1,536,498)
Technical & Non-Technical Income
	2025	2024
	£	£
Technical	13,595,747	10,875,405
Non-Technical	3,237,714	4,117,941
Total	16,833,461	14,993,346

Technical & Non-Technical Income

5. Turnover, operating costs and operating surplus/ (deficit) from non-social housing activities

	2025	2024
		(Restated)
	£	£
Operating Income
Development	-	-
Total Non-Social Housing Income	-	-
Operating Costs
Development Costs	-	-
Other costs not capitalised	144,692	147,428
Aborted scheme costs	6,909	19,899
Total Non-Social Housing Expenditure	151,601	167,327
Operating(deficit)onnon-socialhousing	(151,601)	(167,327)

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Woven Housing Association Limited

Year Ended 31 March 2025

1. Surplus on ordinary activities

Surplus on ordinary activities is stated after charging/(crediting):

		2025	2024
		£	£
	Depreciation - owned tangible fixed assets	4,375,291	4,196,204
	Amortisation of grant/ Release of capital grant	(2,826,156)	(2,590,379)
	Auditor’s remuneration
	- External audit of these financial statements	15,120	8,967
	- Internal audit	9,772	14,891
7.	Interest payable
		2025	2024
		£	£
	On housing property loans	335093;301	2,581,787
	Bank interest and charges	69,514	27,470
		3,622,815	2,609,257

1. Employee information Average weekly number of employees during the financial year expressed as full-time equivalents is as follows:

	2025	2024
	No.	No.
Administration	89	85
Housing, support and care	12	13
	101	98
Staff costs
	2025	2024
	£	£
Wages and salaries	3,865,071	3,658,750
Social security costs	396,685	368,607
Pension costs (excluding non-cash costs)	672,288	653,956
	4,934,044	4,681,313

The aggregate remuneration, including benefits in kind and pension contributions, of key management personnel of the Association during the year was:

		2025	2024
		£	£
Aggregate	remuneration	309,111	437,935
		309,111	437,935

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Woven Housing Association Limited Year Ended 31 March 2025

8. Employee information (cont'd)

The total remuneration payable to the highest paid Director, excluding pension contributions but including benefits in kind was

		2025	2024
		£	£
Aggregate	remuneration	108,992	109,183
		108,992	109,183

The number of key management personnel to whom emoluments (including salary and benefits in kind) were paid during the year falls within each of the following bands:

			2025	2024
			£	£
45,000	—	50,000		1
75,000	—	80,000		2
80,000	—	85,000		1
85,000	—	95,000	1	-
95,000	—	100,000	1	-
105,000	—	110,000	-	1
115,000	-	120,000	1	-
			3	3

9. Board of Management remuneration

Board members were paid out of pocket expenses totalling £1,292 (2024: £1,453)

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Woven Housing Association Limited Year Ended 31 March 2025

10. Tangible fixed assets — Housing properties

	Housing
	properties
	held for
	letting
	£
Cost or valuation
At 1 April 2024	283,723,501
Additions	26,964,890
Transfer to other tangible fixed assets	-
Disposals	(764,147)
At 31 March 2025	309,924,244
Completed	257,975,336
Work in progress	51,948,908
Depreciation and impairment
At 1 April 2024	60,034,324
Charge for the year	4,375,291
Impairment charged in year	=
Eliminated on disposal	(502,401)
At 31 March 2025	63,907,214
Net book value
At 31 March 2025	246,017,030
At31March2024	223,689,177

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Woven Housing Association Limited Year Ended 31 March 2025

11. Housing Stock

Number of units owned and managed at year end

Self-Contained	2025	2024
	Properties	Properties
General Needs Housing	2,436	2,270
Supported Housing	-	-
Sheltered Housing	35	35
Hostel bed spaces	68	68
	2,539	2,373
Non Self-Contained	2025	2024
	Bedspaces	Bedspaces
General Needs Housing	-	-
Supported Housing	*	“
Hostel bed spaces	172	172
	172	172
Total Units Owned and Managed at year end	2,711	2,545
Number of units managed (but not owned) at year end
Self-Contained	2025	2024
	Properties	Properties
General Needs Housing	=	-
Supported Housing	-	-
Sheltered Housing	-	-
Non Self-Contained	2025	2024
	Bedspaces	Bedspaces
General Needs Housing	-	-
Supported Housing	=	=
Sheltered Housing	-	-
TotalUnitsManagedatyearend	-	=

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Woven Housing Association Limited Year Ended 31 March 2025

12. Other tangible fixed assets

Office	Office	Computers and		Total
Premises		office equipment
	£	£		£
Cost or valuation
At 1 April 2024	6,875,761	1,166,713		8,042,474
Additions	31,200	90,989		122,189
Disposals	=	=		-
At 31 March 2025	6,906,961	1,257,702		8,164,663
Depreciation
At 1 April 2024	103,126	891,555		994,681
Charge for the year	104,585	121,631		226,216
Eliminated on disposal	=	=		=
At 31 March 2025	207,711	1,013,186		1,220,897
Net book value
At 31 March 2025	6,699,250	244,516		6,943,766
At 31 March 2024	6,772,635	275,158		7,047,793
13. Debtors
			2025	2024
			£	£
Gross rental debtors — Technical			988,318	785,844
Gross rental debtors —- Non-Technical			996,416	795,919
Provision for bad debt			(451,228)	(438,396)
Net rental debtors			1,533,506	1,143,367
Housing Association Grant receivable			5,409,459	7,976,124
Prepayments and accrued income			347,477	203,025
Tenant Services Fund (schemes	overcharged and payable)		79,554	-
Other debtors			97,128	81,463
			7,467,124	9,403,979

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Woven Housing Association Limited Year Ended 31 March 2025

14. Creditors

Amounts falling due within 1 year

	2025	2024
	£	£
Loans	2,075,304	2,577,216
Housing Association Grant in advance	13,987,892	7,580,307
Revenue Grant in advance	251,200	219,256
Deferred Housing Association Grant (Note 16)	2,826,156	2,590,379
Disposal Proceeds Fund (Note 15)	3,297,006	3,115,112
Accruals and deferred income	5,009,023	3,610,470
Rent and service charges received in advance	312/505	376,254
Tenants’ Services Fund (schemes undercharged and payable)	-	44,884
Trade and other creditors	4,183	6,382
	27,763,269	20,120,260
Amounts falling due after more than 1 year
	2025	2024
	£	£
Loans (see analysis below)	68,184,810	64,010,115
Deferred Housing Association Grant (Note 16)	138,168,576	127,214,154
Disposal Proceeds Fund (Note 15)	-	538,357
	206,353,386	191,762,626

Loans
	2025	2024
	£	£
Within one year	2,075,304	2,577,216
Between one and five years	30,136,159	26,481,820
In five years or more	38,048,651	37,528,295
	70,260,114	66,587,331

Loans are secured on individual assets of the Association and are in instalments as set out above.

The Board are content that there are sufficient funds to cover any short-term loan repayments.

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Woven Housing Association Limited

Year Ended 31 March 2025

15. Disposal Proceeds Fund

	2025	2024
	£	£
Balance brought forward	3,653,469	3,115,112
Transferred into fund	-	538,357
Recycled into Social Housing Grant	-	-
Expenditure	(356,463)	-
Balancecarriedforward	3,297,006	3,653,469

16. Deferred grant

	2025	2024
	£	£
At 1 April	137,384,840	130,027,631
Grant received/receivable in the year	20,433,306	10,335,598
Released to income in the year	(2,826,156)	(2,590,379)
Eliminated on housing unit disposals	(9,366)	(388,010)
Grants written off	-	-
At31March	154,982,624	137,384,840

17. Capital commitments

At 31 March 2025 the Association had capital commitments as follows:

	2025	2024
	£	£
Contracted for but not provided in the financial statements	56,949,570	34,092,804
Expenditure authorised by the Board of Management, but not
contracted	-	-
	56,949,570	34,092,804

The Association anticipates that this expenditure will be funded by Housing Association Grant from the Department for Communities and by private finance, both external and internal.

18. Contingent Liabilities

There exists a contingent liability in respect of Housing Association Grant received by the company. The possibility of reimbursement to the Department for Communities is considered unlikely as the housing properties are expected to continue to be made available for social housing for the foreseeable future.

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Woven Housing Association Limited Year Ended 31 March 2025

19. Pension commitments

Contributions to the fund, both employer and employee, are at rates specified by NILGOSC.

Formal valuations are carried out at regular intervals by independent professionally qualified actuaries. The date of the last full actuarial valuation of the employer’s LGPS funded benefits was 31 March 2022.

	31/03/25	31/03/24	31/03/23
Assumptions
Rate of salary increase	4.0%	4.1%	4.2%
Pension increases in payment	2.5%	2.6%	2.7%
Discount rate	5.8%	4.8%	4.7%
Rate of inflation	2.5%	2.6%	2.7%
DEFINED BENEFIT SECTION
Assets of the scheme:
	2025	2024	2023
	£	£	£
Equities	6,494,000	6,371,000	5,054,000
Property	1,494,000	1,414,000	1,415,000
Gilts	2,469,000	2,537,000	2,602,000
Corporate bonds	613,000	612,000	379,000
Cash and other	4,655,000	3,644,000	3,183,000
Total assets	15,725,000	14,578,000	12,633,000
Actuarial liabilities	(11,713,000)	(13,144,000)	(12,458,000)
Surplus/ (deficit)	4,012,000	1,434,000	175,000
Related deferred tax liability	=	-	-
Net pension	4,012,000	1,434,000	175,000
asset/(liability)

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Woven Housing Association Limited

Year Ended 31 March 2025

.

19. Pension commitments (cont'd)

The following amounts have been recognised in the performance statements for the year to 31 March 2025.

	2025	2024
	£	£
Analysis of the amount charged to operating surplus
Current service cost	(666,000)	(702,000)
Past service charge	=	2
Total service charge	(666,000)	(702,000)
Employer contributions	674,000	653,000
Non-cash operating charge	8,000	(49,000)
Total expense recognised in operating surplus	(0)	(0)
Analysis ofthe amount credited to finance costs
Interest expense on defined benefit obligation	(629,000)	(585,000)
Interest on unrecognised asset	(69,000)	-
Interest income on assets	714,000	608,000
Net (charge)	16,000	23,000
Amount recognised in other comprehensive income	=	-
Asset gains/(losses) arising during the period	(163,000)	746,000
Actuarial gains/(losses) arising during the period	2,668,000	704,000
Liability gains/(losses) arising during the period	(20,000)	(165,000)
Adjustment gain/(loss) due to restriction of surplus	(2,509,000)	(1,434,000)
Actuarial gain/ (loss) in statement of changes in	(24,000)	(149,000)
equity
Movement in deficit during the year
Surplus(Deficit) at 1 April	0	175,000
Non-cash operating charge	8,000	(49,000)
Financing charge	16,000	23,000
Amount recognised in other comprehensive income	(24,000)	(149,000)
Surplus/(Deficit)at31March	(0)	oO

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Woven Housing Association Limited

Year Ended 31 March 2025

19. Pension commitments (cont'd)

	At	At
	31/03/25	31/03/24
Asset and liability reconciliation	£	£
Liabilities at 1 April	13,144,000	12,458,000
Service cost	666,000	702,000
Interest cost	629,000	585,000
Employee contributions	226,000	223,000
Actuarial losses/(gains)	(2,648,000)	(1,109,000)
Benefits paid	(304,000)	285,000
Liabilities at 31 March	11,713,000	13,144,000
Assets at 1 April	14,578,000	12,633,000
Interest income on assets	714,000	608,000
Remeasurement gains/(losses) on assets	(163,000)	746,000
Employer contributions	674,000	653,000
Employee contributions	226,000	223,000
Actuarial gains/(losses)	-	-
Benefits paid	(304,000)	(285,000)
Assetsat31March	15,725,000	14,578,000

20. Leasing commitments

Operating leases

The total of the Association’s future minimum lease payments under non-cancellable operating leases was:

	2025	2024
	£	£
Within one year	40,493	40,493
Between one and five years	57,730	98,971
In five years or more	-	-
	98,222	139,464

21. Share capital

Ordinary shares of £1 each fully paid:

	2025		2024
	£		£
At 1 April		8		10
Issued in the year		4		-
Transferred to capital reserve		(1)		(2)
At31March		11		8

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Woven Housing Association Limited Year Ended 31 March 2025

22. Capital reserves

		2025	2024
		£	£
	At 1 April	86	84
	Transferred from share capital	1	2
	At 31 March	87	86
23.	Restricted reserves
		2025	2024
		£	£
	At 1 April	-	~
	(Deficit)	(8,645)	(7,869)
	Transfer to/(from) revenue reserves	8,645	7,869
	At31March	-	-

The restricted reserves above relate to the Supporting People surplus/ (deficit) at the Association’s sheltered scheme. This account has historically shown a deficit each year except for the year ending March 2021 in which we reported a small surplus. In the current year we have reported a deficit and as per the Associations policy we have transferred this deficit to the revenue reserves at the end of the reporting period.

24. Related party transactions

During the year the Association had no transactions with related parties.

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