# 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 

1 



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 

2 



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. 

3 



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. 

4 



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


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. 

5 



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. 

6 



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 

a 



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. 

8 



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. 

9 



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. 

10 



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 

11 



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<br>scheme|19|(24,000)|(149,000)|
|Totalcomprehensiveincomefortheyear||444,552|415,934|



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

12 



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<br>reserve|Restricted<br>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. 

13 



Woven Housing Association Limited Year Ended 31 March 2025 

## Statement of Financial Position 

## As at 31 March 2025 


**----- Start of picture text -----**<br>
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|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.|

**----- End of picture text -----**<br>


14 



Woven Housing Association Limited Year Ended 31 March 2025 

## Statement of Cash Flows 

## For the year ended 31 March 2025 


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


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

L5 



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|



16 



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)|



17 



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. 

18 



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: 

|<br>Land|<br>-|Not depreciated|
|---|---|---|
|<br>Structure/main fabric|<br>-|Over 60 years|
|<br>Roof|<br>-|Over 50 years|
|<br>Windows and doors|<br>-|Over 15 years|
|Primary heating unit|-|Over 15 years|
|Kitchen|-|Over 15 years|
|<br>Bathroom|<br>-|Over30 years|
|<br>Mechanical systems|<br>-|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: 

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



19 



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. 

20 



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. 

Pa 



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. 

22 



Woven Housing Association Limited Year Ended 31 March 2025 

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

||||Supporting||||||
|---|---|---|---|---|---|---|---|---|
||General<br>£|Sheltered<br>£|People<br>Restricted<br>Funding<br>£|Hostel<br>£|Tenants<br>Services<br>£|Office<br>Ratital<br>£|a<br>Total<br>£|se as<br>Total<br>£|
|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||||<br>897,893|||897,893|835,753|
|Less: Voids|(161,771)|(5,549)|||<br>(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||<br>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)||<br>(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|<br>131,182|<br>0|527,194|0|30,415|4,158,883|3,127,192|



23 



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)|



24 



Woven Housing Association Limited 

Year Ended 31 March 2025 

6. 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|||
||-<br>External audit of these financial statements|15,120|8,967|
||-<br>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|



8. 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|



25 



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) 

26 



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|-|
|<br>Disposals|(764,147)|
|<br>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|
|<br>Charge for the year|4,375,291|
|<br>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|



27 



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|-|=|



28 



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.<br>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|



29 



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. 

30 



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. 

31 



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)||||



32 



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|



33 



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|



34 



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. 

35