Regtstsred no: IP000136 Clanmil Housing Association Limited Annual Statement of Accounts for the year ended 31 March 2023 Clanmil Housing Association Limited Annual Statement of Accounts for the year ended 31 March 2023 Contents Page(s) Board and advisers Strategic report of the Board 3-10 Report of the Board 11- 13 Independent auditors, report to the members of Clanmil Housing Association Limit¢d 14-15 Consolidated statement of comprehensive income 16 Consolidated statement of changes in reserves 16 Association statement of comprehensive income 17 Association statement of changes in reserves 17 Consolidated statement of financial position 18 Association statement of financial position 19 Consolidated cash flow statement 20 Notes to the fmancial statements 21-48 Clanmil Housing Association Limited Board and advlsers Board P Fiddaman MA (OXON) ACA (Chair) (retired 30 September 2022) M Monaghan MBE Msc (Chair) (appointed l October 2022) M M¢Canrt MA (Vice Chair) P Cassidy BA (QUB) CPFA (paused duties from 22 September 2022 to I l May 2023) N Adams Bsc (Hons) Ipaused duties from 25 March 2021 to 22 September 2022) K O'Neill Meng DO￿CBEMA A Rankin MBE BA (MOD) R Williamson BA L Hatmigan Bsc (Hons) MRICS N Hill Bsc Econ (Hons) FCPFA E Patterson Msc CHICM J Hannigall FCCA MBA CMCIH CDir co-opted 9 February 2023 Chief Executlve and Company Secretary C McTaggart Adv Dip CIHCM As8ocRICS MCMI Registered office Northern Whig Hou8¢ 3 Waring Street BelfASt BTI 2DX Registered under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, No. IP000136 Solicfitors (prlmAry) Mills Selig 21 Arthur Street Belfast BTI 4GA Bankers (prlm2ry) Danskc Bank Donegall Square West Belfost BTI 6SJ Independent audltors ASM (B) Ltd Chartered Accountants and Statutory Auditors Glendinning Housc 6 MuTray Street Belfast BTI 6DN Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2023 The Board present their strategic report and the audited financial statements for the year ended 31 March 2023 of ClanmAI Housing Association Limited (the "Association") and its subsidiaries (the "Group"). The Board is a voluntary Committec who have reswTrnsibility for the strategic direction, general policy and management of the Group. The day-to-day management of operations Is delegated to the Group Chief Ex¢cutiv¢ and the Executive Team. Gender analysis The Executive Team of the Association comprises 3 females and 3 males at year end. The Group had 327 employees on the 31 March 2023, both part and full tirne, of which 97 are male and 230 are fernale. Status Clanmil Housing Association Limited 15 registered under the Co-operative and Community Benefit Societies A¢t (Northern Ireland) 1969 {No. IP000136) and is & Registered Housing A&8ociation. The Association is a re8iStered charity with HMRC (Charity No. XR 43042). The Association is re8l$ter¢d with the Charity Commission for Northern Ireland {Registration No. NIC103840) Group structure Clanmil Housing Association Limited provides social and affordable housing in Northern Ireland and is the controllin8 member of the Group. Clanmil Developments Limited provides property development servir¢s to a5Si5t Clanmil Housing Association in deliverin8 Its social housing development programme. Clanmil Properties Limited manages commercial property rentals and provides services to property management companies and other Housing AsSociation￿OrganisatIOnS. Milbreen Limited is currently donnant but intends to develop housing for sale. Refer to note 18 for details of Clanmil Housing Association Limited investments in subsidiary undertakings. Principal activities The Group provides over 5,800 high quality homes for rent throughout Northern Ireland and helps facilitate home ownership for people who cannot afford to purchase a home outright through its shared equity product. Our homes are allocated to people from the housing selection scheme managed by the Northern Ireland Housing Executive. A wide range of people live in our homes. All shore a need for a good quality home, and to be part of a sustainable community where they ean live well, flourish and thrive. We offer a wide range of high quality housing and services including.. homes for families and single people. housin8 8nd support for older people. supported housing for older people with dementia and for people with learning disabilities and mental ill-health. hostels providing temporary refu8e for women and their children escaping domestic violence; houses for Irish Travellers. and supported housing for youn8 people leaving care. Our equity Share, part-buy. part-rent scheme makes homeownership achievable for people who cannot afford to purchase a home outright. It aIlow5 first time buyers to purchas¢ a share in a home and pay rent on th¢ remainin8 share, with an option to buy th¢ remainder at a time that Suits them. Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2023 (cont'd) Shaping our Future strate￿ 2026 In April 2021 we launched our new Strategy, Shaping our Fubjre and we began our shaping our future joumey set out in a bold five year strategic plan. This plan was c(HJesigned by colleagues, customers and stakeholders, and is both challenging and ambitious and provides, we believe, focus for us all, whilst reinforcing the importance of genuine partnerships that help our customers thrive and flourish within sustainable communities. Alongside our strategy, we reviewed and clarified our purp)se and valu&8 that guide us at Clanmil. We are here to provide homes for people to live well and we also spent time this year as an organisation connecting with this pury)ose and our rcfreshed value4 to ensure that they are at the heart of all that we do and are truly lives by everyone throughout Clanmil. Together we want to: L•av•a ￿•ItIV••xperknnc• B•ll•v• Inb•tt•r A¢hl•v•tO9•th•r . W*h ) a F#)slh* knye5Skn s mLre xl CL￿MY*S we c• m* weal c > Weaw see the W¢¥bJ tr11tt￿ty. ¥KJ wem wl%it . We¥t a lycèlty sowth ¢¢11b￿ Io we￿ a gotrusi * STea The five key aims of our new Str&te8y are: Build and maintain quality homes whilst preserving the environment Havin8 the right place to call home 13 an essential part of being able to live well. With that in mind we want to play leading role in tackling the housing crisis in Northem Ireland. We want to strengthen existing communities and help to create new one5 through the development of new sustainable homes that built for the future. The homes we build will be well maintsined, safe and energy efficient. Climale change is the challen8e of a generation so we must play our part in redltcing our carbon footprint. We aim to: Build and develop up to 1,400 well designed, energy efficienl mixcd-tenure homes in the next five years. TArget the design and delivery of new homes in bA)th urban and rural 8t￿ with the 8reate5t housing need. Be innovativc in our delivery and adopt all affordable delivery options, includin8 modern mcthods of construction, to minimise our carbon footprint. Invest in actively managing our assets, making them safe and attractive places to live. Subsidise our Core llctivity by diversifying our approach, capitalising on newopportunities for gro￿ through initiatlVCS such as the empty and &ffordable home5 schemes. l/ Provide services that make life easier for our customers We want our customers to sustain their tenancies for as long as they choose. It'5 important that we remain responsive to changing ciistomer needs and that we make life easier for them by making it easy to do business with us. We need to build and maintain healthy. trusting and respectful r¢lationship5 with our customers, so they are empowered to help shape the standard of services we provide. We will: Create services that provide a great custorner ¢xperience, being clear about what we offer and how w¢ work to SUPPOrt diverse customer needs. Build trusting relationthips by getting to know our ¢u5tom¢r5, their communities and listening to their individual need5. Working in partnership with other service provid¢rs. ¢reat¢ an environment where stable communities can thrive and customers are empowered to make infomied decisions that are right for them. Create more opporthnities for regular and robust customer feedback to generate qu&lity insight5 th&t Ivill help u5 to continually ¢nhance our services. D¢v¢lop an excellent multi-channel approach to serving our customers, giving customers a real choice in how they want to talk to us. Clanmil Hollsing Association Limited Strategic report of the Board for the year ended 31 March 2023 (contgd) Create a brilliant 2nd sustainable organisation, fit for the future In a world of digital, environmental and social disruption we must be ready to change and adapt to fulfil our purpose, and as a business we're only as good as our people and that's why we want to create a great place to work. We realise that to aehieve our ambitions we must have financial strength and operational efficiency, and that we have to manage our business to the highest standards. This will come through robust financial management and systems, as well as seeking to potentially generate additional revenue that we can re-invest for the benefit of our customers. We seek to= Review our organisational design and capability to ensure w¢ have the right people and expertise to deliver our strategy, managing and communicating change w¢ll. Strengthen our employer brand and offer to relain great people and attract diverse new talent. Lead with our new values and create the right culture where people can deliver their best work. We will create more opportunities for Colleagues to contribut4 feel empowered, supported in personal and professional development and have their voices heard. Deliver organisational efficiency and operational ucellence by M￿lMIS1ng the benefits of new and cxisting technologies to improve our end-to-end processes. Optimise our financial group structure und identify opportunities for future growth through partnership or innovotion, launching new effective services for our customers and communities. Be a respected voice to grow our impact We believe that everyone has the rightto a quality home and the Op￿rtUnIty to live in a safe and supportive community, that's why we will stand up and be hurd when it comes to social housin8. We want people to understand the importance of the sector and we want to add our voice to future housing policy so that we can ¢n5urc the issues that really impact on p￿>ple,8 live5 are addressed. We will promote a positive view of Clanrnil, both locally and regionally. to create both interest and demand in partnering with us or in becoming a customer. This will be achieved by: Creating strong. trusted and productive relationships with new and existing 3takchold¢rs. Initiating change, influence policy and be leaders within the housing sector to deliver our purpose. Powerfully communicating our new strategy and brand so people understand who we ar¢, what we do and how we add value to people's lives. Using the right communication channcls to effectively engage our audiences and M￿lMI8t our impac¢ sharing our SU￿¢sSeS beyond the housing sector. Cultivating new partnerships with service providers that are beneficial in helping our ¢u5tomus to live well, whilst also addressing future so¢i¢tal challenges. Reach, connect and collaborate to strengthen communities We know that some communities do not get the chance to thrive. We believe there are more ways in which we can support people and their communities beyond simply providing them with a home. We want lo help make this a more shared place and we know that shared eommunities have a lasting positive Impact on people's lives. We appreciate the value in developin8 great partrter5hips and we understand the importance of these in supporting our Customers. We want to maximise these partnerships so that customers know where to look for guidarnce, h¢lp 4nd expertise. We aim to: Focu5 our resources on the people who need most support, working closely with ¢xpert partners to deliver more services that communities need. Commission a review of existing community developm¢nt activity to identify the bi88est challenges and opportunities. d¢t¢rn]ining whether we lead, leave, collaborate or delegate. Contribute to building slable communitie5 by supporting people to liv¢ ￿11 and keep their homes. We will achieve this through financial inclusion s¢rvices, creating opw>rtunili¢5 and by exploring new ways of tsckliDg isolation in a post-COVID world. SUp[￿rt our existing shared communtties and deliver at least five more shar¢d 5¢hernes that are welcoming to all and give people the choice of living alongside neighbours from many backgrounds and traditions. Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2023 (cont'd) Raise environmental awareness by nurturing a ¢ommunity culture that values the environmenL community landscapes and energy efficiency. Our Performance For the core business areas the Board has set a number of key perforniance indicators - these include rent a￿ears, voids, customer satisfaction, growth, maintenance repair times. stsff thrnover and financial sthbility. Our perforniance is also assessed through a number of statutory inspection regimes, and w¢ are eommitted to continuing to achieve the highest standards. The financial year to 31 March 2023 was impacted by cost of living crisis and economic bJrn]oil arising from th¢ Russian invasion of Ukraine. We experienced an increase in repairs as we begin to calch up after the delays caused by COVID, but also experi¢n¢ed significant increases in repair costs and in common with our customers, energy costs and financing costs. We asscss our perfomwLee by how satisfied our customers are with the homes and services we provide. Wc regularly seek feedback from the people who live in our homes on everything from repairs to neighbourhoods. For th¢ financial year ending 2022123, following an independent survey, 67.9 /0 of our t¢nants were satisfied with our ovcrall service; 75.60/0 were satisfied with the quality of their home: and 74.30/• w¢r¢ satisfied with their neighbourhood as a place to live. Whil¢ this shows some improvement on last year, we are eommirted to high perfomiance and will work lo improve levels of customer satisfaction fvrther. Th¢ Group continues to gmw and efficiency savings are reinvested where appropriate to improve existing services, deliver additional service5, maintain and improve condition and value of our homes As well as the delivery of new homes. Wc strive to operate efficiently and effeGtively, and outputs are monitored by the Board of Management who receive perfornlance reports covering a variety of financial and non-financial pcrfonnan¢e inforn]ation. In challenging operating conditions, the Association has achieved the following perfonnance against its key tsrgets: PerformAnce Indlcator G¢arin8 ratio Actual 2022123 Targel 2022123 Comment Gearing is now calculated in lin¢ with new loan covenants as debt as a per ¢¢nt4g¢ of gross book value of property. The Group was fiilly com IxAnt with loan covenants durin ear, Better perfomiance than target. The Group was fully compliant with inter¢st cover coven8nts durin the car. Lowcr than Anticipated staff costs and b¢tt¢r than exp¢Gtcd r¢ntal income have more than offset incrcRscd maintcnance costs Performance impacted by cost of living crisis and impact on our customers as well ls ¢ourt delays, in ursuin ements. Performance improved on 2021122 out tLUI] of 3.90/0 work now focussed on ke rtics Perforn)an¢¢ below target but an improv¢m¢nt on 21122 p¢rfortnance of 73.4V/o, a renew¢d focus is being plar¢d on triaging repairs calls giv¢n that 600/0 arc d¢emed hi nori Whilst this reflects an improvement on 21122 out turn of 63,40/0 this remains a kc arca of focus 'This is an internalkeyperfonNance indicator excluding rales chargedand Gollected on behalfofLand & Property Services Interest Cover 2.3 times 1.25 time5 Operating margin 24.60/0 Housing schemes total arrears Social Housing voids Response m3illt¢Dance repairs complet within tirnes¢al¢ 84.6Q/o 92/0 Tenant satisfaction 67.9V/o 88Q/ Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2023 (cont'd) The management of financial resources is critical to the Group's ability to meet its objectives. Whilst the registered Housing Association has voluntary non-profit making status, the generation of an annual SUTplus is vital to ensure the ongoing investtnent in our existing homes as well as the delivery of new homes to play our part in alleviating the housing crisis in Northern Ireland as well as providing for longer tenn maintenance obligations, to meet the commitments to lenders, and to generally ensure adequate protection against unforcsecn ciicumstances. Th¢ key strengths of the Group which enable its primary objectives to be achieved are: A commitment to the highest standards of COTporale governance. A financial position which 5e¢ures the confidence of funders, facilitating fumre investment and strategic growth opporttmities. Professional and dedicated staff who are conllnitted to the Group's objectives" and A proven abTlity to ptay its part in th¢ delivery of the social housing development programmc. Colleagues Our success is due to Ihe commiirnent and professionalism of the pcople who worf( at Clanmil. Our teams worked incredibly hard in difficult circumstances this year to share and promote our values ensuring that our customers remain at the heart of everything w¢ do. The Group's total staff costs increased from £8,3 million in 2021122 to £9.2 million in 2022123. As a percentage of tun)over staffing costs fell slightly from 19,50/0 in 2021122 to 19.3 % in 2022123, Sickness absence levels reduccd from 4.90/0 in 2021122 to 4.50/0 Ill 2022123, Labour turnover decreased from 230/0 in 2021122 to 170/0 in 2022123. Value for Money (Vfm) Achi¢ving value for money remains a key business objective. Our aim is to utilisc our assets and resources as much as possible lo meet the needs of existin8 and future customers. To do this we continue to work collaboratively across Clanmil, harnessing the innovalion and creativity of our people, our customers and stakeholders lo delivei. improvements through etTiciency, effectiveness and economy. Through effective procurement a¢livity over the year, we achieved the following efficiencies.. 20 Quotation exercises, ensuring we received the best VFM with regards to approximately £250.000 spend (under £30.000 value each) 24 Contracts were tendered for Services to be delivered. with a total pre-tender estimate of £3,5 17,510. The acrepled t¢nd¢r costs were £3, 145,074 which is a saving of £372,436 on the pre-tender estirnate. 4 Contracts were tendered for works, with a total pre-tender estimate of £ 4,572,600. The Accepted tender costs of these procurements were £4,522,463 which is a saving of £50,136. Of these 28 contracts over the £30,000 threshold, the total savings equate lo £422,572. In addition we undertook 20 individual quotation exercises (under £30,000 each) , which ensured we achieved best value for money with regards to a fijrther £250,000 of Througb positive social impact we: Assisted 1,171 Customers with money advice Helpcd them sc¢ure £3.Om in additional benefits. £1.5nL of whicb assistants to pay th¢ir r¢nt Supported 174 customers to furnish their homes by accessing discretionary support grants/¢I￿lI1cs with an average award of £1,510 each Worked with contractors tr) se¢ure £7k for Social Value projects We will Continue to integrate Value for Money into our cul￿re as a matter of cours¢, with valu¢ defined from the perspective of our custorners and the seryices we deliver. Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2023 (cont'd) Dellverlng more social housing with less financial support from the taxpayer Durtng the year we increased the number of homes under management by 3.20/0 and have made progre&s on our plans to deliver 1,400 new homes by 2026 through the development of additional hom¢s for social. mark¢t rental, affordable equity share homes and by bringing empty homes back into use across a range of tenures. Construction d¢lays due lo material shortages and planning. have impacted both costs and construction timelines but the Development team continue ¢0 manage contracts robustly in challenging ¢ircumstances. 305 new properties were handed over in the year with a further 357 propcrti¢s at various stages of development at 31 Ma￿h 2023. To achieve those tsrgets. we plaT) to make our assets work harder, through increasing our gearing (which remains within the ovenants granted by the lending institutions that have supported us), focusing on driving improvement on voids. developing complementsry income streams and improving operational efficiency. We successfully launched a private placement for £IOOm in September 2022 complementing the renegotiation of £150m of existing borrowing facilities at more favourable rates in 2021122, We have £40 million of agreed undrawn loan facilities available to assist in fijnding our growth strategy and meeting ongoing commitments. We have generated modest surpluses from diversification into housing related activities. The purpose of Ihe diversification is to provide surpluses to continue to subsidise new affordable housing. These diversified activities, albeit on a relatively small scale, aro successfully operating in the market rental sector, commercial retail units and Management Agent services , Provldlng good quallty 2nd efflclent servlces to tenants Keeping our custom¢rs' homes safe, secure and comfortsble is our priority and during the year after the tragic news from Rochdale, we began a review of all damp and mould cases reported lo us over the past two year5 to ensure they have been resolved or are urrenily being addressed. Ongoing issues were identified in 4.50/0 of our homes and our colleagues are working hard with customers to find solutions. This has reinforced the need for us to listen lo, Icam from and act on what customers tell us, and in December 2022 we launched our first Customer Strategy, setting our how we will move fonvard alongside customers to provide th¢ homes and services they need. The strategy was ¢o-designed with our customers and is a statement of our intent to refresh our customet relationships and embed a truly Gustomer ¢entri¢ culture Ihroughout Clanmil. The Customer Council, which comprises eight Gusiomers from across Clanmil's homes; provides a ehannel for engagement between our customers and both senior management and Board Members on a range of issues affecting customers. Four customers from the Customer Council alt¢nded the annual Board away day on 9 FebNary 2023. to consider the implementation of the Customer Strategy, including customer priorities and engagement approaches. The Council is supported by seven local engagement fora across Northern Ireland. Customers also contribute to the Health Safety and W¢ll B¢ing forum, a Teaders panel which helps make policies and publications more Customer friendly and as part of th¢ Servi¢¢ Improv¢tnent Panel are currently scrutinising our grounds Maintenance s¢rvir¢s. We would like to thank the customers who have been involved $0 far and have given their time to work with us and help us improve. It really is appreciated. The completion of phase l of our Custoiner Services Centre is helping us handle customer calls expediently and deal more responsively with queries. We have also continued to develop our CIv4Dmil Connect customer service portal, launched last year, and over 1,500 customers are now registered and using tbis self-servicc option. In March 2023 we launched a Clanmil Connect app to further improve accessibility for customers. Also, during ihe year wc introduced a new Digital Strategy Ihat focuse5 on ¢quipping Clanmil colleague8 Wlth digital tools lo work better and smarter and on designing and upgrading hoines for a digital future. Investlng in our communities Clanmil is committed to improving community cohesion and go(Ml relatioDs by increasing the numberof Shared Neighboutthoods across NortheTn Ireland. During the ycar we continucd to deliver Good Relations Projects to streTJgthcn relationships between our Customers and Communitics within a fivc-mile radius in our current 9 Shared Neighbourhoods in Banbridge, Belfast, Cookstown, Crossgar. Crumlin, Downpatrick. Glcnwhitry. Newtownabbey and Newcastle. The Cohesion team are currently working hard to proTnotc a furthcr two sGhcm¢s in Antim and Carrickfergus. Other value for money ¢on$ld¢ratlon$ The AsSOGiAtion has maintained an operating margin of 270/0 which can be partly attributed to effective procurement and in¢reased income in the year. We continue to avail of the benchmarking provided by Hous¢marL which enables us to better understand our costs and quality of service provision, leading to bctter infomied decision making. Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2023 (eont'd) Environment We also eontinue to implement our Environmental Strategy - a road map for how we will progress the decarbonisation of our existing homes and the design and construction of new homes to the highest PKJssible environmental standard. A key focus of this strategy is ensuring our customers live in homes that are efflcient to run. Currently 98.5¥o of our stock meet Decent Homes standard. we are working to improve levels of thernial comfort. As a result 85 /0 of our homes are already at EPC rating C with plans to move the remainder (where possible) to EPC rating C by 2030. We are building our new homes on a fabric first approach and to a¢hicve EPC rating B and we are taking forward a pilot s¢hemc during 2022123 to design and construct to EPC rating A as well as exploring what will be required to design and construct our homes to the carbon neutral nZEB standard. For the year ahead 2023124 Our year ahead will again focus on engaging with our ¢ustomers in the face of the unprecedented economic challenges they will face. We will continu¢ on our digital journey maximising the efficiencies we can achieve in the d¢liv¢ry of high quality services. We will also examine opportunities for additional funding to support our ¢ontinuing d￿ClopMent progrAmme to deliver new homes 80 Cl8nmil can play its part in alleviating the housing crisis in Northern Ireland given the high number of applicants on the waiting list for a social home. Risk Management Responsibility for the identification of risks is clearly defined and operates through a rolling risk &88e&8ment process. Key risks facing the Group are considered by the Board of Management at each meeting and the Board has adopted a risk-aware strategic approach - and reviewed its risk appetite statement in the year to ensure continued focus on the management of risk 85 li drives forward the delivery of its strategic ambitions. Perforniance in the sector is generally affected by government tM)licies and changing legislation, the impact of the regulatory regime, changes in demographic, political or economic conditions or environmental risks. Some of the mAjor factors which may affect the Group over the next year are: Political and economic uncertainty caused by events in Europe and more locally the forniation of an Executive in Northern Ireland and inflationary impact on our customers. Cyber and data security. Regulation Changes related to the environment and climate change on existing As well as new properties: Impaci of Brexit l Nl Protocol on supply and cost of materials and skills. The impact of welfare reform. Development risks resulting from timely issue of planning approvals, availability of land and water and sewage infrastructure and property values: Regulation changes that could impact the health and safety obligations within our operating environment; Limits on Supportin8 People and other revenue fvnding- Increasing customer demandslcxpectations in¢luding the need to deal with anti-social behaviour. Measures are in plac¢ to manage these risks and the rwiew and implementation of further rniti8atin8 action$ is regularly monitored by the Board. Perfonnance in the year ended 31 March 2023 Overall the number of properties increased (305 new homes handed over including 79 already in stock, being held for r¢dev¢lopm¢nt, a19ss of 28 homes via the ri8ht to buy house sales scheme alongside 12 shared ownership homes, where customers purchased the remaining equity in their homes) by 186 to 5,851 (note 31). The Associatlon's 4nnual ￿VieW of rental charg¢s at April 2022 resulted in a 3.WA increase in the majority of r¢nts. There were 357 units under development by the Group at 31 March 2023. £29.5 million w&s spent on housing propertie5 additions and comp)nent replacement durin8 the y¢ar {not¢s 14 and 17) partially funded by Housing Association Grant of £14.8 million (note 15). Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2023 (eont'd) 10 Turnover for the Group increased by 12.1 /0 from £42.4 million in 2021122 to £47.5m. £1.4m or 3.3 /0 of this increase arose from shared equity property disposals. Group operating ¢osts of £34.4 million rq)resent 72.3&/0 of turnover (69.10/0 in 2021122). This includes an increase in costs of £1.9m associated with property disposals. The surplus on ordinary activities for the Group wa8 £7.8 million, showing a decrease over 2021122 of £0.5 million (60/0 decrease) This was impacted by inflationary pressures on maintenance costs, as well as increased repairs as we came out of COVID re8trictions. Increased salary costs reflect increased head counl and inter¢st costs increases rclaie to new borrowing lo help fund continued growth. Commercial properties comprising commercial premises to let and market rent residential property were revalued at year end 3 I March 2023. Overall these investment properties benefited from a small increase on revaluation of £0.2m. Financing costs increased from £4.8 million in 2021122 to £5.6 million. This was in part due to new loans secured as part of a Privat¢ Placernent which was priced before the economic tunnoil in Septemb¢r 2022. Loan balances were £182.Im (£174.7m in 2021122). The Association continues its programTne of major repairs and improvements to properties and the total expenditure in the year was £3.0 million. This was £0.8m b¢low planned levels. Expendilure of this type will flu¢tuat¢ from y¢ar-to-year dependent on the age and condition of s¢h¢mes. Costs deferred in 2022123. will be reprogrammed in 2023124 and future years. Events after the balance sheeL There were no post balance shect events. The potential ongoing impact of th¢ current economic and political uncertainty is considered under Risk Management and cxpectcd perfoTmance in 2023124 is outlin¢d Above. Expected performance in the year endlng 31 March 2024 Notwithstanding the ongoing economic upheaval, the Group expects fiirther growth in 2023124, as a result of the significant on- going developinent programm¢ and Ihe rcquiremenl to include inflattonary increases in rental Charges. Turnover is projected to increase by around 90/0 to approximately £52.3 million. with the end of the right to buy scheme leading to ￿rther house sales as existing applications are processed. It is planned that approximatcly 179 additional homes will be completed during the year and aftcr of disposals estimated at 30, the total homes owned or managed will increase to approximately 6,000 units (net of right lo buy sales and equity share sales). £3.7m of cxpenditure regarding the on-going programme of major repairs and improvements lo properties is anticipated in the year. The Group operates in a highly rcgulated environment which can result in associated cosl pressures and constraints on income streams. It will continue to develop a co-ordinated COTporate approach to Achieving efficiency largels in line with the Strategic Plan. Priorities have been sct to ensure that efficiencies are gained without an adverse impact on service delivery or $ervic¢ us¢r satisfaction. Financlal sustalnabillty The Group has a robust and compr¢hensTve framework of longer-terni financial planning in pla¢e. The Board regularly considers the longer-terni financial plan which covers a 40-y¢ar p¢riod. The plan includes sensilivity analysis and compares projected results to funders. covenants where applicable. To demonstrate the robustness of the plan, and to inform the Board of the potential risks a530ciated with the flnancial plan, several scenario analys¢s arc Completed. The most recent plan was oonsidered by the Board in Mar¢h 2023. This incorporated stress testing on a multi-variate basis that considered the potcntial downside from economic and business risks potentially arising. This d¢monstrat¢d that the financial plan does not put undu¢ pressure on the Group, and that through the adoption of plaT]ncd tnitigation strategies the Group wi continue to opcratc within its Covenant limits. B orderof the Bo C McTaggart Company Secretary 6 July 2023 Clanmil Housing Association Limited 11 Report of the Board for the year ended 31 March 2023 The Board wesent their report alld the audited fll]ancial statements for the year ended 31 March 2023 of Clarfftil Housing Association Limited (the 'A￿ociatiOn") and its subsidiaries (the "Group,). Board The Board is a voluntary Committee who have responsibility for the strategic direction, general policy and management of the Group. The day-to-day management of operations is delegated to the Group Chief Executive and the Executive Management Team. Performance In the year ended 31 March 2023 and expected performance in the year ended 31 March 2024 The sections on perforn]ance in the year ended 31 March 2023 and expected pcrforn)aDce in the year ended 31 Mawh 2024, are conthined in the strategic reporL which fomls part of this report. Treasury The Group's treasury management policy facilitstes th¢ ¢ffective management of cash flows, bo￿oWIngS, investments and the risks associated with these activities. An update to the policy was approved by the Board in February 2023. At 31 March 2023 the Association had loans oulstandiDg of £182. I million, compared with £174.7m at 31 March 2022. Average net debt per unit continued at £3 Ik at 31 March 2023 (£3 Ik 2021122) as 186 homes (nel of disposals) were added in th¢ y¢ar. The Group was fully compliant with loan covcnants during the year. The Association's interest cover ratio for the year of 2.3 times and the gearing ratio as at 31 March 2023 of 28.00/0 comfortably meet the Association's primary lender requirements. Rcsponsibilily for the management of interest rat¢ risk and liquidity risk is with the Board. The Association finances its operations through a combination of botTowing and th¢ rcinveslrnent of reserves. The amount of borrowings and its tern]8 ar¢ reviewed and deterniined by the Board. The Group engage8 specialist Treasury Management Advisors to assist in this proc¢ss. Interest rate rlsk Exposure to flUc￿alIng interest rates is managed by the ¢ornposition of a balanced porrfolio between fixed rate and variable rate loan5. Llquidity risk The Group maintain5 a mixtur¢ of long-tem] and short-tenn loan financ¢ that is designed to cnsure there are sufficient funds to achieve business objectives and to facilitate planned growth. As at 31 March 2023, the Group had agreed facilities unused across a number of InSti￿tIonS of £40ry to assist in fundTng ils growth strdtegy and meeting ongoing commitm¢nts. Currency risk The Association and Group do not engage in forei￿ CULTency transactions and so are noi exposed to exchange risk. Regulatfion The AssociatTon's principal regulator is the Department for Communities (Dfc). It is alsi) re8ulated by the Charity Commission Northern Irciand (CCNI) and the Northern Ireland Housing Executive (NIHE) in its role as administrator of Supporting People funding. Clanmil Housing Association Limited 12 Report of the Board for the year ended 31 March 2023 (cont'd) The Association cornplies with the Dfc Regulatory Standards. Based on the last Regulatory Framework rating received in relation to 2021122, Dfc detern]ined that Clat)mil Housing Association Limited met the Regulatory Standards for Governance, Finance and Consumer with the highest Rating l- meets the requirement. Quality Management The quality of the Association's management systems is recognised Ihmugh the Investors in People Silver re-accreditation in May 2022, and the standards of the Regulation And Quality Improvement Authority. Envlronmental matters The Group r¢cogmises its co￿orate responsibility to carry out its operations and development programme whilst minimising environmental impacts. The Board's continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. Statement of the responsibilities of the members of the Board The Co-operative and Community Benefit Societies Act and registered housin8 association legislation require th¢ tnembcrs of the Board of Management to prepare financial statenients for each financial year whi¢h give a true and fair view of the slate of the Association and Group's affairs and of its surplus or defAClt for that period. In preparing these statements the Board is required to: Select suitable accounting poli¢i¢s and apply them consistently* Make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue to operate. The members of the Board are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association and Group and lo enable Ihem to cnsurc thal the flnancial statements comply with the Co-operative and Community Benefit Societies Act (Northem Ireland) 1969 and the Registered Housing Associations (Accounting R¢quiremenls) Order (Northem Ireland) 1993. They have general responsibility for the taking of rcasonable steps to safeguard the assets of the Association and to prevent and detect fraud and other irregularitie5. Statement of disclosure of Informatfjon to auditors So far as each of the members of the Board at the date of approval of these financial statements is aware: There is no relevant audit inforniation of which the Association and Group's auditors are unaware. and They have taken all the step5 that they oughi to have laken as membcrs of th¢ Board in order to make themselves aware of any relevant audit infoTtnation and to estsblish that th¢ Association and Group's auditors are aware of that infOrn￿ll0n. Internal Control Th¢ Board has overall responsibility for the Association and Group's internal control systems and for r¢vicwtng the effe¢tiv¢ness of thcsc. Such systems can only provide the Board with reasonable, and not absolute, assurance against nlaterial misstatement or loss as they ar¢ designed to manage the risk of failure to achieve business objectives rather than eliminat¢ th¢ risk completely. Clanmil Housing Association LRmited Report of the Board for the year ended 31 March 2023 (cont'd) 13 Audit The Board has established a Group Audit aud Risk Committee with clearly defined tern￿ of referenGe. The main functions of the Gmup Audit and Risk Committee are to control and review the external and internal audit functions, the internal control systems and monitor the perforniance of the Association against the key business indicators. The Association's internal auditOTS report directly to the Group Audit and Risk Committee on completion of each systems review and an annual summary report is produced by the intem81 auditors sumtnarising the systems audit programme each year. The provision of the external auditor's report to those Charged with Governance also provides some &8surance through the year-end audit and the provision of an internal control report. Board and Executlve Officers The members of the Board and the Executive Officers of the Association ar¢ listed on page 2. After a qualifying period each member of the Board becomes a shareholder and holds one ￿llY paid share of £1 in the Asso¢iation. Independent audltors The auditors, ASM (B) Ltd, have indicated their Willingne￿ to conlinu¢ in office. and a resolution proposin8 their reappointment will be proposed at the Annual Gcncral M¢¢ting. By order of the Board C McTagg&rt Company Secretary 6 July 2023 Clanmil Housing Association Limited Independent auditors, report to the members of Clanm il Housing Association Limited 14 Report on the audit of the financial statements Opinion We have audited the financial statements, included within the Annual Statement of Accounts (*he Annual Report,). which comprise: the consolidated and association slalements of financial position as at 31 March 2023- the consolidated and associalion statements of comprehensive income. the wnsolidated and association stat¢m¢n¢s of changes in reserve4 and the consolidated c&8h flow statement for the year Ihen ended, and the notes to the financial statements. which include a description of the significant accounting polirie5. In our opinion. Clanmil Housing Association Limited's group financial statements and asso¢iation financial statements ('the financial statements,): give a true and fair view of the state of the group's and oflhe association's affairs as at 31 March 2023 and of the group's and association's surplu4 and of the group's cash flows, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi¢e (United Kingdom Accounting Standards. eomprising FRS 102 Yhe Financial Reporting Stsndard applicable in the UK and Republic of Ireland" and applicable law)"; have been properly prepared in accordance with Ihe Co-operative and Community Benefit Societies A¢t (Northern Ireland) 1969 and the Regislered Housin8 Associations (Acwunting Requirements) Order (Northern Ireland) 1993. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAS (UK) are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We believe that the audit eviden¢e we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the group and association in accordance with th¢ ethical r¢quir¢ments that are relevant to our audit of the financial sLqtemenls in the UK, which includes the FRC'S Ethical Standard and we have fulfilled our other ethical r￿POnSibl11t1eS in accordanee with these requirements. Conclusions relating to going concern We have nothing to report in respect of the followin8 matters in relAtion to which ISAS {UK) require us to rep)rt to you when: the board's us¢ of the going concern basis of a¢¢ounting in the pKparation of the financial ststements 1$ not appropriate; or the board has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's and association's ability to continue to adopt the going concern basis of accounting for a period of at least tw¢lve months from the date when the financial slalements are authorised for issue. However, becau5¢ not all future events or conditions can be predicted. thi3 Statement is not a guarantee as to the group's and a5socialion's ability to con¢inue a5 a going concem. Reporting on otber information The other information comprises all of the infom]alion in the Annual Re￿rt other than the financial statements and our auditors, rewjrt th¢r¢on. The board is responsibl¢ for the other inforniation. Our opinion on the financial statements does notcover the other inforniation and. accordingly, we do not express an audit opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and, in doing so, consider whether the other infomlation is materially in¢onsisient with the financial statements or our knowledge obtaind in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatemenL we are required to perforni procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other inforniation. If, based on the work we have perfonned. we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to rew)rt based on these responsibilities. Responsibilities for the financial statements and the audit Responsibllitles ofthe board for the finaneSal statements As explained more fully in the Statement of the responsibilities of the members of the Board of Management set out on pages 12 and 13, the Board is responsible for the preparation of the finan¢ial statements in accordance with the applicable fram¢work and for being satisfied that they give a true and fair view. The Board is also responsible for such internal control as it detemiines 1$ n￿¢s$ary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Clanmil HousRng Association Limited Independent auditors, report to the members of Clanmil Housing Association Limited (continued) 15 In preparing the fmancial statements. the board is responsible for assessing the group's and association's ability to continue as a going concern. disclosing as applicable. matters related to going eoncern and using the going concern basis of accounting unless the Board either intends to liquidate the group and association or to Cease operations, or has no realistic alternative but to do so. Auditors, responslbllltles for the audlt of the finanelal statements Ourobjectives are to obiain reasonable assurance about whether the financial statements as a whole are free from material misstatem¢nl. whether due to fraud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assur8n¢e, but is not a guarantee that an audit Conducted in accordance with ISAS (UK) will always detect a material misststement when il exists. Misstatements can arise from fraud or e￿or and are considered material if, individually or in the aggregate, they could reasonably be expected to influcncc the economic decisions of users taken on the basis of these fmancial slatements. Irre8ularities, including fraud, are instanc¢s of nonrfornpliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to delect material misstatements in respect of 1￿c8U18rities, including fraud. Th¢ ¢xt¢nt to which our procedures are ¢apabl¢ of detecting irre8ularilies, including fraud is detailed below.. We ¢onstdered the opportunities and incentives that may exist within th¢ company for fraud and identified the greatest pot¢nlial for fraud in the following ar¢as-. liming of r¢¢o8nition of income and posting of unusual jouma15. To address thos¢ risks we discussed the risk5 Wlth client management and d¢signed audit procedures to test the timing of revenue re¢ognition and tested a sample of journals to ¢onfim they were appropriate. A furthcr description of our responsibilit1¢8 for the audit of the financial statements is located on the Financial Rcporiing Council's websit¢ at.. www.frc.or¥.ukJaudilorsresponsibililie5. This d¢scription fomis part of our auditors. report. Use of this report This report, including the opinions, has been prepared for and only for the private registered provider's members as a body in accordance with section 43 of the Co-operative and Community Benefit Societies Act (Northem Ircland) 1969 article 19 of The Housing (Northem Ireland) Ordcr 1992 and for no other purpose. We do not, in giving these opinions, accept or assumc responsibility for any other purpose or to any othcr person to whom this report is shown or into whose hands it rnay rome save where expressly agreed by our prior consent An writing. Other required reportlng Co-operatlve and Communlty Benefit Socletles Act (Northern Irelydnd) 1969 exceptlon reportlThg Under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 we are required to report to you if, in our opinion: a satisfa¢tOry system of control over trans&ctions has not been maintained; or we have not received all the infornlation and Cxpianations we require for our audit. or proper a¢¢ounling records have not been kept by the &8sociation' or the association financial statements are not in agreement with the accounting records. We have no exceptions to report arising from this responsibility. Brian Clerkin (Senior Statutory Auditor) for And on behalf of ASM (B) Ltd Statutory Auditor Glendinning House 6 Murray Street Belfast BTI 6DN 6 July 2023 Clanmil HousRng Association Limited Consolidated statement of comprehensive income for the year ended 31 March 2023 16 2023 Note Trrno*r ratin 47,538571 34,432,582} 13,105,989 1954.050 (1046J79) 178,855 (s￿51 J29) (26,000 7,815,186 237,483 650,000) 7,402,669 69,803,698 77206J67 42,414269 (29,291,888) 13,122,381 626,867 (623,792) 32,510 (4,749,364) {47.(KN)) 8,361.602 {138,341) 1,042,IX)O 9265,261 60,538,437 69.803,698 costs 0￿ratIng surEIus Surplus arising from disposals of fiyEd assets Transfer to disposal proceeds fund Interest receivable and sinlllar incon Interest payable and sinlllar charges Oihcr fjnance (costsyincon sur￿Us on ordlnary actiiities Revaluation of Investment Properties Aciuarial ainl{loss) in res ect of Pension scheme Retained SUr￿u3 for the (Inanclai year Retallied su lus brou ht forward RetAlnedsur us carrled forwrd 10 12 13 17 33 All amounts above relate to continuing operations of the Group. Consolidated statement of changes in reserves for the year ended 31 March 2023 2022 2023 Surplus on ordinary a¢livilies MovcnKnt in share capital Revaluation of Invest￿￿nt Properties Actuarial gain / (1055) in respect of Pension scheme Derecogni¢iOn of Future pension contribution liability 7,815,186 8,361,602 26 17 33 237,483 (650,000) (138,341} 1,042.000 Nel addition to capital and reserY¢5 enin total capital and reserves Closln total ca lai And reser￿$ 7,402,670 69,803,708 78 9,265,261 60,538,447 69,803,708 The notes on pages 21 to 48 fonn part of these financial statements. Clanmil Housing Association Limited Association statement of comprehensive income for the year ended 31 March 2023 17 2023 2022 TllrnO￿r radn OFrallng 8urNus S￿￿lus arising fmmdisposals ofhousing property Trnnsfer to disposal proceeds fund Inlcrest receivable and similar incon tnterest payable and sinlllarcharges Oiher finance {costsyincorr SurtAus on ordlnary aeli￿deS Revaluation gainl (loss) on InVest￿ent Properties Actuarial ainl loss ect of Pension schew Retainedsurplus for the fin4neial year Retained su lus brou ht foThvard Re¢allledsur us cgrrled forwArd 47.801J39 (34,755,444 13,045,895 1,954,OSO (1046 J79) 178055 (SJ51 J29) 26,000 7,755,092 237,483 650 000 7,342,575 69.685,742 77,028J17 42,677,158 (29.665.IIKI) 13,012,058 626.867 (623,792) 3&329 (4,749.364) (47,000) 8,257,098 (138.341) costs io 12 13 17 33 9.160.757 60,524,985 69.685,742 All amounts above relate to continuing operations of the Association. Association statement of changes in reserves for the year ended 31 March 2023 2023 2022 Surplus on ordinary activities Movement in share capital Revaluation gainl (loss) on JnvestnKnt Properties Actuarial ainl ioss) it] res ect of Pension schen Net addition lo copilal and reserve8 Opening total ca ital and reserves Closln total ca tAI 2nd reserits 7,755,092 8,257,098 17 33 237,483 650,000 7,342,S76 69,685.752 77,028,328 (138J41) 1,042,(kn) 9,160,757 60,524.995 69,685,752 Thc notes on pages 21 to 48 forni part of thcse financial statements. Clanmil Housing Association Limited Consolidated statement of financial position as at 31 March 2023 18 2023 2022 Nol¢ Fixed a55ets Housing properties - depr¢¢iated cost tnvestn￿nt Properties Orhertangible fD2d assets Investments 14 17 16 18 557,513,756 17.557.555 1103,918 20,085 577,195 J14 543.796,781 16,826,475 2,00&946 20,085 562,651287 Currtnt Assets Assets held for r¢saie Debtot7 Investntntg Cash at bank and in hand 19 20 21 19,083.318 1533.466 8,438,217 311,055201 14,70&196 2,4g940 5,603,203 21804,339 Creditors: fallln¥ due iTrlthln one y¢#r (37,130,750) (35271,622) Net Eurrent assets Tolal a$$ets less current liabilities 7,075.$49 570,119 765 {11467283) 550,185,IX14 Cr¢ililors: amounts falllnE due after more th4n one year P¢nslon &fi¢it Nel ￿sets (491,506J87) (1,407,000) 77,206J78 (479.245.296) {1,136.000) 69,803,708 C8pitg1 gnd reseTTrEs Called up share Capital Revenue r¢setYe Totsl fundg 26 io 69.803,698 69,803,708:. 77,21&367 77206 378 The financlal statements on pages 16 10 48 were approved by the Board of Management on 6th July 2023 and W¢T¢ sign¢d on its behalf by.. M Monaghan Ch*lr of th¢ Board M Mccann Vle¢•Chalr of the Bo#rd C McTagggrl S¢er¢tary of the Board Clanmil Housing Association LimRted Association statement of financial position as at 31 March 2023 19 2023 2022 Note Fixed assets Housing properties- depreciated cost Investment Properties Other tangiblc fLxed assets Investmcnts 14 17 16 18 557,513,756 17,557,555 2,090,479 25,087 577.186,877 543,796,781 16,826,475 1,982,955 25,087 562,631,298 Currtnt Assets Assets held for resale Debtors Investments Cash at bank and in hand 19 20 21 16,865,840 2,533,466 8,057 075 27,456,381 12.144,481 2,492,940 5,178,982 19.8 16.403 Credltors: #mounts falllng due withill one year 22 (34.701,543) (32,380,653) Net currenl assets Total assets less current liabilities 7,245 162 569,941715 (12,564.250} 550,067,048 Creditors: amountj fAllin¥ due after rnore than one year Pension deficit Net assets 23 (491,506,387) 1,407,000 77 028.328 (479,245,296) 1.136,000 69.685 752 33 C*pltAI and reseryes Called up share capital Revenue reserve Tot*1 funds 26 li 77 028,317 77 028 328 10 69.685,742 69.685,752 The fingncial slalements on pages 16 to 48 were approved by the Board of Manag¢m¢nt on 6th July 2023 and were signed on ils half by.. M Monaghan Chalr of the Board of Managtm¢nt M Mccann Vlce-chair of the Bo8rd C McTaggarl Se¢ret4ry of the Board Clanmil Housing Association Limited 20 Consolidated cash flow statement for the year ended 31 March 2023 2023 2022 Note 27 Net cash inflow from o ratin activities Cash floiv from Invesdng actfivities Purchase and development of housiog properties Houstng Association Grant and other ￿ants Voluntary Purchase Grant Receipts frotn disposal of housing properties Purchase of other tangible assets Interest received Net eash used In Invesdn Actlvltles Cash flows from financing actlvltles New loans Loan principal rcpaymcnts Allotment of shares Interest paid Net cash used in finaneln a¢tlvltles Net Increase fin cash And cash equlvalents Cash and cash equivalents at the beginning of the ar Cash and cash equlvalcnts at the end of the ear 11,558,533 9,754.448 (30,734J95} (37,234,170) 14,330,865 21,650,517 S33,391 112,000 5,457,511 2,662,974 (289,855) (287,555) 90,191 60,302 (10,612,292) (13.035.932) 40,000,000 145,33 1,132 (32,543,473) (140,459,405) (5,527,228) (4,948,016) 1.929,299 (76,289 2,875,540 (3,357,773) 8,096,143 LI,453,9L6 28129 10,971,683 8.096.143 Th¢ notes on pages 21 to 48 forn] part of these financial stafrments. Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 21 General information The group and &sso¢iation's ￿]ncipal activity during the financial year was providing high quality. affoidable homes for rent throughout Northern Ireland and to help facilitate home ownership forpcople who cannot afford to purchase a home outright. The group is registered under the C(Foperative and Community Benefit Socicties Act (Northern Ireland) 1969 and domiciled in thc UK. Th¢ adthTSS of the registered office is Northem Whig How¢, 3 Waring Strct, Bclfasl, BTI 2DX. Statement of compliance These financial ststem¢nts of Clanmil Housing Association Limited have been prepared on the going concern basis in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in Ihe United Kingdom and the Republic of Ireland. ("FRS 102") under the historical cost convention, and in accordance wilh applicable accounting standards in the United Kingdom and Statement of Recommended Practice for Accounting by Registered Social Landlords . The principal accounting policies, which have been applied consistently throughout tbe year. are sel out below. The presentation of the financial statem¢nts complies with the Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993. Summary of sfigniflcant accountlng pollcles The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently appli¢d to all the years presented, unless otherwise stated. The company has adopted FRS 102 in these financial ststements. The significant accounting policies adopted by the group ar¢ as follows: Basls of prep4ratlon of tln4ncial statements These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, except for the revaluation of investment properties. The preparation of finaJ]cial statements requires the use of certain critical accountittg estimates. It also rcquires inanageinent to exercise its judgement in the process of applying the group and association accounting policies. The ar¢as involving a higher de￿Ce of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 4. Ba￿$ of ¢on$olld2tlon The group Statement of comprehensive income account and Statement of financial position include the financial statements of the group and its subsidiary undertakings made up to 31 March 2023. Entra group transa¢tions, any unrealised profilsllosse$ arising and int¢r¢ompany balances are eliminated fully on consolidation. Forelgn curren¢les Transactions and non-monetary assets, denominated in foreign currencies, are translated at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the slaternent of financial position date or the exchange rate of a related foreign exchange contract where relevant. The resulting exchange g8ins or losses are dealt with in the income and expenditure account. Revenue recognltlon Revenue is Jneasurcd at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the group and association and value added taxes. The group and association bases its estimate of returns on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrang¢]nent. Where the consideration receivable in cash and cash equivalents is deferred and the arrangement constitutes a financing transaction, th¢ fair value of the consid¢ration i5 m¢asured at the present value of all future receipts using the impul¢d rate of int¢r¢st. The group and association recognises r¢v¢nu¢ wh¢n (a) th¢ significant risks and rewards of ownership have b¢en transferred to th¢ buy¢r' (b) th¢ group and association retains no continuing involvement or control over the good5. (c) th¢ amount of revenue can be measured reliably. (d) it is probabl¢ that futyre economic b¢n¢fits will flow through the group and a55ociation and (e) when the specifi¢ criteria Clanmil Housing Association Limited Notes to the fmancial statements for the year ended 31 Mareh 2023 22 Summary of slgnlficant accounting polficfles (contmued) relating to each of the group and associatioD'S sales chalmels have been met, as described below and in note 5. i) Net rental income Income includes rent 2nd servi¢¢ charge income arising from the provision of housing accommodation and the amortisation of Houslng Association Grdnt. In¢ome is recognised in the period to which it relates. ii) Ffirst tranche equlty sales Proceeds from the ftrsl tranche disposals are accounted for as ￿MOver in the Ststem¢nt of ¢ompr¢hensiv¢ income in the period in which th¢ disposal occurs. iii) Other Income Other income is recognised in the Staternent of comprehensive income and retained earnings when the lernis of revenue recognition have been met. Employee beneflts The group provides a range of benefits lo employees, including paid holiday arrangcmenls and defined con¢ribution p¢nsion plans. i) Short term beneflt$ Short tenn benefils, including holiday pay and other similar non-monetary benefits, arc recogniscd as an exp¢nse in Ihc period in which the benefjt is received. il) Deflned corytrlbutlon penslon plans The group Operat￿ a defined contribution scheme for certain employees. A def￿ed contribution plan is a pension plan under which the company pays fixed contributions into a separate entity, Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the ststement of financial position. The assets of the plan are held separately from the group in independently adminiscered fijnds. 111) Multkemployer p¢n$lon plan The Group operates a defined benefit scheme tILrough the Social Housing Pension Scheme (SHPS). From the year endcd 31 March 2019, it was possible for the first time for the Group to account for the plan As a defined benefit plan. It previously accounted for the plan as a defined contribution scheme. Simi18r to the year end 31 Mar¢h 2022, the assets and liabilities relating lo the defined benefit plan havc been recognised in the financial statements as at 31 March 2023 (note 33). The assets of SHPS are held separately from those of the Group. The Group has adopted section 28 of FRS 102 in these financial statements. Pension scheme assets are measured using market value. Pension scheme liabilities are measures using the projected unit method and discounted at the current rate of return on a high-quality corporate bond of equivalcnt tem to the liability. The increase in thc present value of the liabilities of the Association's defined pension 5chem¢ arising from the employee service in the year 15 chargcd to operating sutylus. The net interest on the deficit or surplus is included in other finance Costs. A¢tu&rial gains and losses are recogni5ed in the stal¢ment of totsl r¢Cogni5￿ SUTpIu5¢8 dcficils. Tangible fixed assets Housing properties The group op¢rat¢s a full rornponent accounting policy in relation to th¢ ¢apitalisation and depreciation of its completed housing stock. Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 23 Other housing properdes For bousing acquired by the Association to providc a supply of affordable bonles on an equity sharing basis, sales proceeds a accounted for in the Statement of comprehensive income account with proceeds recorded in tLunover ond costs in cost of sales in accordance with SORP. The Association's share of the costs of developing the property are disclosed in tangible fixed assets- housing properties (note 14). Investment Propertles Commercial properties and residential properties for market rent are held at market valuation in the Statement of Financial Position (Dole 17). The aggregate surplus or defici¢ arising from any movement in year end valuation is a¢counted for in the Statement of Comprehensive Incom¢. Other flxed asset8 Other fixed assets are stated at cost. Houslng Assoelatlon Grant and other grants In linc with the requirements of the Housing SORP, Housing Association Grant and other grants received as a contribuiion lowards the capital costs of housing properties of the Association arc included as 'Cr¢ditors: amounts falling duc after mor¢ than one year, and 'Cr¢ditors'. amounts falling due within one year. rather than set against the capital ¢ost and are amortised to the Statement of comprehensive income as per the turnover policy above. Housing Association Grant r¢¢eived against revenue expendi￿re is credited to revenue in the period in which the related expenditure 15 charged. Such grants, although treated as a grant for accounting puryTroses, may be Tepayable under certain circumslanccs, primarily followTng the sale of housing property, bul any amount repayable would be restricled to thc nct prweeds of the sale. Depreelatlon And lrnpalrment Houglng properdes Housing properties are split between land, structurc and major components which require periodic replacement. Replaccm¢nt or refvrbishment of such major components is capitalised and depreciated over the estimated usefijl life which has been set taking into account professioual guidance and the group's asscl management strategy. In deterniining the remaining useful lives for the housin8 stock, th¢ group has taken account of views provided by both internal and external professional sources. Freehold land is not subject to depreciation. Depreciation 15 charged so as to write down the cost or valuation of the freehold housing properties and major components on a straight-line basis over their expected use economi¢ lives, Major ¢ompon¢nt$ are treated as separable assets and depreciated over their cxpeGted useful economic liv¢s or the lives of the St￿ctUre to which they relate, if shorter, over th¢ following periods.. Main fabric Roof structure and ¢ov¢ring$ Windows and external doors HeatTng syst¢m boilers Kitchen5 Bathrooms Mechanical systems (heating. ventilation, plumbiDg) Electrics Lift 80 years 80 years 27 years 15 years 20 years 25 years 27 years 40 years 25 years Housing assets are deprc¢iated in thc Tnonth of acquisition. or in the case of a larger proj¢¢t. from the month of completion. Where there is evidence of impairni¢nt, the f￿¢d assets a￿ written down to the recoverable amount and any write down would be charged to operating sutplus. Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 24 Summary of slgnlficant accounting policies (continued) Other tangible flxed assets Depreciation of other fixed assets is charged on a straight-line ba8is over the estimated use￿1 economic lives of the &ssets at the following annual rales.. Freehold buildings Office furniture and fittings Fixed asset property Motor v¢hicles 20/0 on cost IOO/o on cost 250/ts on cost Subsequent addltlons and major Components Subsequent costs. including major inspections. are included in the assets earying amount or recognised as a separate asset. as appropriate. only when it is probable that economic benefits associated with the it¢m wlll flow to the group and thc eosl can be measured reliably. The carrying amount of any replaced component is derecognised. Repairs, maintenance and minor inspection costs are expensed as in¢urred. Derecognltlon Tangible assets arc derecognised on disposal or when no future economic bencfits arc expected. On disposal the difference between the net di5P05al proceeds and the Carrying amount is r¢cognised in the Statement of comprehensive inrorne. Leased a8set$ At inception the group asscsses agreements that transfer the right to usc assets. The assessment considers whether the arrangement is, or contains, a Icase based on thc substanc¢ of the Arrangement. Operidng leased assets Lease8 that do not transfer all the risks and rewards of ownership are classified as operating leas¢s. Payments under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the period of thc lease. CAsh And cash equlvalents Cash and cash equivalents include cash in hand, deposits held al rAII with banks, other short-terni highly liquid investrnenls with original maturities of one month or less and bank overdrafts. Bank overdrafts are shovm within borrowings in ¢umt liabilities. Current asset Investments Current asset investments are investments in short-tern] deposits with an original maturity between one and twelve months. Investment ITh subsldlary company Investment in a subsidiary company is held at cost less accumulated impairnient losses. Impalrmellt of non-fjnancial assets At ¢ach Statement of financial position date non-financial assets not rarried at fair value are assessed to d¢temin¢ whether there is an indication that the asset (or asset's cash generating unit) may be impair¢d. If ihere is such an indication the reroverable amount of the a58et (or asset's cash generating unit) is compared to th¢ rarrying amount of the asset (or asset's Cash generating unit). Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 25 Summary of significant accounting policies (continued) The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as thc present value of the future cash flows before interest and tax obtainable as a result of the asset's (or 18set's cash generating unit) continued use. These cash flows discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the assets. If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the ¢arying amount. the carrying amount is reduced to its r¢coverable amount. An impairnlent loss is recognised in the Statement of comprehensive income and relained earnings, unless the asset has been revalued when the Amount is recognised in other comprehensive income to the extent of any previously recogmised rev&lu&tion. Thereafter any cxcess is recognised in the Ststemcnt of ¢omprehensivc income and retained ¢arnings. If an impairment loss is subsequently reversed, the carrying amount of the asset (or ass¢t'S ¢8sh generating unil) is increased to the revised estimate of its recoverable amount, but only lo the extent that the revised carrying amount does not exceed the carrying amount that would have been deterniined (net of deprviation or amortlsation) had no impairnient 1055 been recognis¢d in ptior periods. A reversal of an impairni¢nt loss is recognised in the Statement of Comprehensive income and retained earnings. i) Provlsions Provisions are recognised when the company ha8 a present legal or constructive obligation as a result of past events. it is probable that an outtlow of resource8 will be required to settle the obligation. and the amount of the obligations can b¢ e51imated reliably. Where there are a number of similar obligalions, the likelihood that an outflow will be required in settl¢m¢nt is dclermincd by onsidering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect lo any one item included in the same class of obligations may bc small. Provisions arc measured at the present value of the expenditures cxpccted to bc required to settle the obligation using A pre-tsx rate thAt r¢flc¢ts current market assessments of the time value of money and the risks specific to the obligation. The incr¢ase in the provision due to passage of time is recognised as a finAnce cost. Contlngencle9 Contingent liabilities, arising as a result of pasl events. are not recognised when (i) it is not probablc thal Ih¢re will be an outflow of resources or that the Amount ¢annot be reliably measured at the reporting dale or (li) when the existence will be confirnied by the occurrence or non-occurren¢e of uncertain fijture events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an oufflow of resources is rernot¢. FlnAnel21 Instruments The group has chosen to adopt Sections I l and12 of FRS 102 in respect of financial instruments, i) Flnanclal assets Basic fin8ncial assets. including trade 2nd other receivables and cash and bank balances are initially recognised at trAnsaetion price, unless the arrangement constitules a financing transaction. wh¢r¢ th¢ transarlion is measured at the present value of the hture receipts discounted at 8 Ma￿¢t rate of interest. Such assets are subsequently carried at amortised cost usin8 the effective interest method. At the end of ¢ach reporting p¢riod financial 8ss¢ts m¢asurcd at amortised cost ar¢ assessed for objective evidencc of impaimicnt. If an asset is impaired the impainnent105S is the diffcr¢n¢¢ bclw¢en the Carrying amount and the present value of th¢ ¢stimat¢d cash flows discounted al th¢ assct'5 original eff¢¢tive interest Tate. The impaimient loss is recognised in Statement of compr¢h¢n5ive income and retained ¢arniDgs. If there 15 a d¢¢r¢a5¢ in the impainnent loss arising from an cv¢nt occurring after the impairnient was recognised, the impainnent is reversed. Thc rcversal is such that the cu￿ent carrying amount do¢s not cxre¢d what the carrying amount would have been had the irnpairnicnt not previously been recognised. The impainnent reversal is rccognised in Statement of comprehensive income and retained earnings. Clanmil HousRng Association Limited Notes to the financial statements for the year ended 31 March 2023 26 Summary of significant accounting policies (contAnued) Financial assets are derecognised when (a) the contractual rights to the cash flows frorn the asset expire or are settled, (b) substantially all the risks and rewards of the ownership of the asset are transferred lo another party OT. (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another paty who has th¢ practical ability to unilaterally s¢ll the asset to an unrelated third party without imposing additional restrictions. Other financial assets. including investments in Cquity instruments wbich are not subsidiaries, a&8ocia¢es orjoint venttwes. are initially measured at fair vaIue, which is nornthlly the transartion price. Such assets are subsequently carricd at fair value and the changes in faTr value are recognised in Statement of comprehensive incorne and retained earnings, except that inveslmcnts in equity instruments that arc not publicly traded and who8¢ fair values cannot be measured reliably are measured at cost less impairnient. li) Flnanclal Ilabllltles Basic financial liabilities, including trade and other payables, bank loans and loans frorn fellow group Companies, are initially recognised al transaction price. unless the arrangement constitutes a financing transaction, where ihe debt instrument is measured al the present value of the futyre receipts discounted at a market rate of interest, Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on Ihe establishment of loan facilities are recognised as transaction costs of the loan lo the extent that it is probable that some or all of Ihe facility will be drawn down. In this case, the fee is defe￿ed until th¢ draw-down oG¢urs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortl8ed over the period of the facility to which il relates. Trade payables are obligations to pay for good5 or ￿rVIceS that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as cu￿ent liabilities if payment is duc within one year or less. If not, they are presented as non-current liabilitie$. Trade payables are rccogniscd initially at transaction price and subsequcntly measured at amortised cost using the effective interest method. Dlsposal proceeds fund The net surpluses, after loan repayments. that arise from the sale ofproperty to tenants under the voluntsry purchase grant arrangements instityted by the Department for Communities Can be utilised by the Association (note 10). If the surpluses are not used within two years of receipt, they may be payable in part or in ￿11 to the Dcpartmcn¢ for Cornmunities. Restrlcted fund Under Ihe temis of the Supporting People Funding Agreement (Schedule 8, paragraph 4) Supporting People funding musl be identified as a Reslricted Fund. Income and expendilure relating to Supporting People has been denoted as restricted (not¢ 36). Supporting People reserves. if applicable, are held separately and d¢noted as Restricted Funds. Any deficit is offset against a 8eneral reserve. Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 27 Critical accounting judgements and estimation uncertainty Estimates and judgem¢nts made in the pro¢&ss of preparing the Group and Association financial statements are continually evaluated and are basd on historical experienc¢ and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (&) Critical judgement In applying the entity's accounting policies There are no critical judgements in applying the entity's accounting policies. (b) Critical accounting estimates 2nd assumptions The Board of MAnagement makes estimates and assumptions concerning the future in the process of preparing the Group and Association financial statements. The estimates and assumptions that have a significant risk of causing a material adjustment to the earying amounts of assets and liabilities within the next financial year are addres$¢d below. Useful economic lives ofhousingproperlies The annual depreciation on housing properties is sensitive to changes in th¢ estimated usefvl economi¢ lives and residual values of the assets. The useful economic lives and r¢sidual values are reviewed annually. They arc amended when necessary to reflect Cu￿ent estimates, based on future investmcnts, ¢conomic utilisalion and the physical condition of the assets. See note 14 for the carying amount of housing properties and note 3 for the usefijl economic lives for each component of housing propety. There are no otber critical accounting estimates and assumptions. Analysis of turnover Tumover and results relate to Ihe group's main activities which are carried out in the United Kingdom. Tumover represents rentV41 and service charge income and residential charges for housing with Gare, nel of voids. It al80 includes first tranche equity share sales, amortisation of grants, income arising on the lease of a property to a related company, Services provided lo other Housing Associations and special needs management allowance (interim protection) received for the provision of housing with care. Operatlng costs Croup 2023 Assoclation 2023 2022 Direct costs Administrative e 28283,211 6,149J71 34 432 582 24,OOQ,I40 5291.748 29,291.888 28,951,710 5 803 734 34 755.444 24,661.314 5,003,786 29,665. Ilx) ense$ Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 28 Operatlng surplus Group 2023 Association 2022 2023 2022 Thls fis stated after chargiDgl(crediting): Staff costs (note 8) Depreciation Impainnent of CDL Shares Amortisalion of ￿llt Release of capital grant Auditors. r¢mun¢ralion audit seNi¢es non-audil services 9,165,848 8,283,278 10,465,755 10,603,346 9,165,848 10,450,903 8,283,278 10,588,494 (7,709,196) (7,563,422) (3,859,922) (1,794,940) (7,709,196) (7.563.422) (3,859,922) (1,794,940) 32,500 25,804 5,300 23.600 17,604 3,300 Employee Informatlon Group 2023 As$ocfiadon 2023 2022 2022 Stsff costs Wages and salaries Social security costs Oiher pension costs 7,445,815 670,959 1049 074 9,16S,848 6,747,060 566,144 970,074 8,283,278 7,445,815 670,959 1049,074 9,165,848 6,747,060 566,144 970,074 8,283,278 2023 2022 2023 2022 A￿r￿ge monthly nUm￿r of ￿rSOnA eM￿oyed th]rlng the financlAi year by Ac￿￿ty. Administration 162 151 162 151 Scheme Coaordinatots and ancillary staff 102 88 102 88 Sup orted hous?n 59 323 59 323 303 303 Executlve team's emoluments The remuneration of the cxccutivc team of the Association during the year was: Group 2023 Assocl&tlon 2023 2022 2022 A88regate ernluments Pension contnbutions 868,788 237,230 1,106,018 690,051 174.656 864.707 868,788 23733 1106.018 6W,051 174,656 864,707 Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 29 Executive team's emoluments (continued) The emoluments to the highest paid executive team member (CU￿entlY included within the abov¢ table) are as follows.. (koup 2023 Associ*don 2022 2023 2022 A88rcgal¢ enx)lunrnts 129,532 105,401 129,532 105.401 The number of executive team members to whom emoluments w¢r¢ paid during the year falls within ea¢h of the following bands.. Group Association 2023 2022 2023 No 2022 Sala Ban(L. £165,(KM)- £170,000 £160,IXI)- £165,000 £155,(K&i- £160,000 £150,IXX)- £155,0(XJ £145,(KKJ- £150.000 £140,(KKI- £145,0 £135,(W- £140,0 £130.IXKJ- £135,000 £125,(XX)- £130.0(KI £120,IXK)- £125.0(K) £115,(KN)- £120,0(K) £ I10.IK)O- £115,000 £105,IXKI- £l10,O(K) £100,(KJO- £105,0(K) £95,(m- £100,(K)o £90,(￿- £95,OIY) £85,OW- £90.0(Y) £80,0￿- £85,0 £75,(KK)- £80,0(M) £70.(KX)- £75,OC £65,(￿- £70,0(M) £60,(KKI- £65,0(K) M¢mb¢rs of th¢ Board serve in a voluntary capacity and none were in receipt of ¢molum¢nts during the year. The Board and Committee members were reimbursed for expenses totalling £5,266 during the year (2022: £2,075). Clanmil Housing Association Limited Notes to the fmancial statements for the year ended 31 March 2023 30 10 Transfer to disposal proceeds fund Group 2023 Assoclation 2023 2022 2022 Proceeds of disposal reci&lion on 3,175,000 lJ28,621 1,846,379 (1,154,669) 691,710 1,015,IXK) 391,208) 623,792 (354,103) 269.689 3.175,000 (lJ28,621) 1046J79 (1154,669) 691,710 1.015,IKIO 391208 623,792 (354,103) 269,689 erties dis osed Uiiiisation of dys osal ro¢eeds fund I I Interest recelvable and slmllar Income Group 2023 Assocladon 2023 2022 2022 Inlctest receivable 178 855 32,510 178 855 38,329 12 Interest payable and slmilar charges Group 2023 Assocl&don 2023 21y22 2022 Housing property loans Bank interest and charges 5,547,763 3,566 5 551329 4,746,533 2,831 4,749,364 5,547,763 3,566 5,55lJ29 4,746,533 2.831 4,749,364 13 Other finance costs Group 2023 Assoclatlon 2023 21)22 2022 Other finance costs aris ing on pens IOD scheme 26,000 47,000 26,000 47.IX)O Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 31 14 Tangible fixed assets - housing properties Soclal Houslng Social Housing Equity Share Equity Share Propertles Held Properties under Propertles Held Propertles under for IEttings eonstrnetlon for Letting Constrnction 2023 2023 2023 2023 Total Group and Assocladon 2023 Cost At l April 2022 Additions - S¢hemes Completed Additions- Capitalised Planned Maintenance Additions - Work in Pro￿¢$8 osals 594,336.847 38,268.636 27,678,L96 (38.268,636) 1,745,260 2,290,842 422,789 624,183,092 2,290,842 2,277,392 2,277,392 23,742,900 671,214 24,414,114 7,3ll,140) 5.020,479) 2.290,661) At 31 Mareh 2023 629 862 396 13 152 460 174S.441 1094 003 645 854 00 Depreclatlon Ai l April 2022 Charge for thc year Dis os&ls Ai 31 March 2023 (80,277,715) (8.803.801) 856,601 (88.224,915) (108,595) (28,769) 21,736 115.628 (80,386.310) (8.832,570) 878,337 88,340,543) Net bonk value At 31 Mgrch 2023 At 31 March 2022 Net book amount ¢omprlseg: Freehold property Lon easehold ro 541,637,481 514,059,132 13.152.460 27,678,196 1,629,8 12 1.636.664 1,094,003 422,789 557,513,756 543,796,781 390,151,938 151.485,543 541637 481 13,152.460 238,754 l.391.058 1,629.812 1,094,003 404,637,155 152,876.601 557.513.756 er 13,152,460 1,094.003 Net book *mount comprlses: Completed schemes Pro rtles under ¢onstruclion 541,637,481 1,629,812 543.267.293 14,246,463 557,513,756 13,152,460 13 152,460 1,094,003 1.094,003 541.637.481 1629 812 Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 32 15 Tangible fixed assets - Housing Association and other grants Social Houslng Social Houslng Prope rtles Propertles Held for under Lettings constrnetion 2023 2023 Total 2023 Groupand Association Eknusing Assoe14tion Andother grants At l April 2022 (359,666,656) (16,183J18) (375,849,974) Additions - Schenrs Conyleted Additions - C8pit&iiscd Planned Maintenance Additions Work in Progress osaL8 At31 March 2023 (22,097,174) 22,097,174 (732J74) (732,374) (14,077,454) (14,077,454) 3,859,922 386.799.880 3.859.922 378,636,282) (8,163,598) Amordsadon At l April 2022 Ch8rg¢ for Ib¢ y¢ar osals At 31 MArch 2023 62520,202 6,727,038 897,918 68,349 322 62,520,202 6,727.038 897,918 68,349,322 Net iwk wlue At31 L¥fyrch 2023 notes 22123 At31 March 2022 (notes 21122) (310286.960 (297.146,454) 8,163,598 16,183,318) (318,450,558) 313.329,772 Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 33 16 Other tangible fixed assets Freehold Office Motor Total Association buildlngs tsrnlture and vehicles equipment At l Apnl 2022 Additions Disposals At 31 Mftrch 2023 2210,337 33,060 2,682202 387,899 4,892,539 420,959 2,243,397 3,070,101 5 313 498 Depreciatlon At l April 2022 Charge for year DispN)sals At 31 March 2023 1.154,967 54202 1,754,616 259234 2,909,583 313,436 1209,169 2 013 850 3 223 019 Net book amount At 31 March 2023 1,034 228 1,055,370 1056 251 2,090,479 1,982,956 AtIA 927,586 Group othcr tangible fixed assets include leaseholder improvements of £13,439 (2022 £25,99 I). Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 34 17 Investment Property Commerciall Commerciall Private Priwte Pro￿rdeS Held PrO￿rtIeS unthr for ￿tting Contruetion 2023 Totsi Assocl4tlon 2023 2023 Cost or ￿lU￿￿On At l April 2022 14.813.667 2.012,808 16,826,475 Additions - WoTk in progress Revaluation gain at 31st Maich 2023 Work in Prog￿8$ osals 2,141,850 (2,011808) 129,1fv12 237,483 237,483 364,555 364,555 At31 March 2023 17 193,000 364,55S 17,SS7 555 The valuation of invcstmcnt properties held for letting was Ca￿led out at 31 March 2023 and 15 based on their market value as at that date. Tlie valuations across the Group were carried out by CBRE Limited, a firni of Rtcs registered valuers in accordance with Royal Institute of Chartered Surveyors ("RJCS") Valuation - Global Standards and the UK national supplement using qualified chartered surveyors who had sufficient current local and national knowledge of Ihc particular market, and skills and understanding to undertake the valuation competently. Investment propertie5 under conslruclion are valued at cost. The companies have adopted ihe provisions under section 16.1 and 16.2 of FRS 102 in relation to the revaluation of their investment properties (fair value movements being laken to the Statement of Comprehensive Income). On con501idation of the Group's housing propety values, any unrealised sutpluse5 deriving frorn inter-group property sales are removed. 18 Investments Group 2023 Cost At l April 2022 Additions Disposals At 31 MY&rch 2023 20,085 20,085 The group owns an investtnent in share Capital in MORHOMES PLC, a company re8lStered in England and Wales. The company's registered address 15 the 81h Floor, 71 Queen Victoria Strcct, London, Gr¢ater London, EC4V 4AY. The company's principal activity is financial intennediation. Asso¢lAdon Total Cost At l April 2022 Impairment At 31 March 2023 25,087 25,087 Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 35 As well as the Group inv¢stments listed above the investsnent represents the Association's bolding in wholly owned subsidi8ry cotnpanies. (i) Clanmil Properties Limited, (li) Milbreen Limited and (LIL) Clanmil Developments Limited. The regisiered addresses of these companies are Northern Whig House, 3 Waring Street, Belfast. BTI 2DX. The principal acttviues of th¢se companies are (i) the m8nagement of commercial propety rentals and the provision of services to bousing associations and property managemcnt companies (li) dorniant company and (iii) the provision of property development services. In addition, we hold 85 shares in management coinpanies in which the association has beneficial interests in properties. 19 Debtors Group 2023 Assocladon 2023 2022 2022 Rental Debtors &oss - Technical Rental Debtors (loss - Non-technical Provision for bad debts 1,704,939 914,179 1,476,627 1,588,794 852.849 1,406,889 1,704,939 914,179 1476,627 1.588,794 852.849 I,4[￿,889 Net rental (including rates, service ¢har8es) debtors Other tkbtors Prepayllknts and accNed ineon Housing Association (tant re¢eivabl¢ AnK)unts owed to rcjated parties Amounts owed b subsidia undertakin 1.142,491 1,034,754 1.142,491 1,034,754 4,86S,668 2,798,070 10,277,289 2,(Ki5,853 4,072,l55 7,595,434 4811,013 736,564 10,277,289 1,814,312 l.597,3l5 7,595.434 ote3 298.483 16,865,840 102,667 12, IM,482 19 083￿18 14,708,196 Amounts owed by subsidiary undertakings and related undertakings are unsecured, interest free and repayable on demand. Included in other debtors is £796,955 rcLating to the scrvlces equalisation account- this has increased from a debtor of £359.839 in 2022. 20 Current asset - Investments Group A5soclatlon 2023 2022 2023 2022 Short lemideposits- Funds rec¢ived fromDfC- Affordable HonKs ￿jan Funding Short Icmideposits- Funds ￿CeIved fromDfC- Fryty llo￿8 Loan Funding Short lernide osits Other 2,533,466 2.301,940 2,533,466 2.301,940 Total Short lemi de ositS 2,533,466 2,492,940 2,533,466 2,492,940 This represents cash h¢ld on d¢posit with an original mamrity between l and 12 months. At the balance sheet date the average maturity of the deposits was 3 months. The average interest rate was 1.950/0 (2022- 0.50/0). 191,(LlO 191.(X)O The funds received from Dfc are being temporarily held pending ulilisation in accordan¢¢ with the tern18 of the Financial Assi51an¢e Agreements. 21 Cash at bank and In hand Group 2023 Assoclatlon 2023 2022 2022 Funds r¢ceiv¢d fromDfC- Fjwly HO￿£$ Loan Funding Oth¢r¢ash ba]2n¢¢s held short terni ,438,217 8,438,217 s,6￿3,203 5.6i)3203 8,057,075 8,057,075 5,178,982 5,178,982 Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 36 22 Creditors: amounts fallfing due wlthln one year Group 2023 Assoclatlou 2022 2023 2022 Bank loans (Note 24) loan5 (Note 24) Other taxes and social security Rent, rates atLd seTrire charges r￿e1ved in advall¢¢ Housing Association Grant in advance Deferred hisloric building ￿nt Other creditors Amounts owed to subsidiary undertakin88 Services equalisation account- general AccNals and deferred income Disposal proceeds filnd Housing A550Ciation Grant (Note 15) 2.227,359 151,153 202,659 844,808 12,196,050 22,668 7,523,215 2,227,358 161,035 204.210 737,996 10,458.184 22,668 7,182,409 2227J59 151,153 202.659 844,808 12,196,0SQ 22,668 6,920,484 78,524 199,884 2,678,712 623,275 8 555,967 34 701,543 2,227,358 161.035 204,210 737,996 10.458,183 22,668 6,651,761 31,879 199,884 4,583,712 623,275 ,555,967 37.130,750 6,116,333 1,154.137 7 007.292 35,271.622 3,724,134 1,154.137 7 007 292 32,380.653 Amounts owed to subsidiary undertakings are un8ecured. interest free and repayable on dcrnand. 23 Credltors: amounts falllng due after more than one year Group 2023 Assocladon 2023 2022 2022 Bank loans (Note 24) Dfc loans (Note 24) Disposal proc¢¢ds fund Hou8ing Association grants and other grants INot¢ 15) 171,432,903 8,331,175 1,847,718 163,815,341 8.482.329 625,146 171,432,903 8J31.175 1047,718 163,815,341 8,482,329 625,146 309,894,591 306,322,480 309,894,591 306,322,480 491,51)6J87 479,245,296 491506J87 479,245,296 The suryTrlus on the disposal proceeds fLmd should be used within two years of the sale of the propety. Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 37 24 Loans Group 2023 Association 2022 2023 2022 Bank loans- Housing property other lollni Le&9 than one year, or on demaod (Noie 22) Between one and two year8 Between two and five year8 After more than five 2,227JS9 2,227,359 16.682,075 152,523,469 173 660 262 2.227,358 2.227,358 41.782,075 119.805,909 166 042 700 2,227,359 2,227,359 16,682,075 152,523,469 173 660 262 2.227.358 2,227,358 41,782,075 119,805,909 166,042,700 Securlty The Danske Bank holds a mortgage over related housing properties as security. First Trust and Ulster Bank loans are secured by way of mortgages upon th¢ d¢¢ds of the related housing properties. The Housing Finance Corporation loans are secured by way of mortgages upon th¢ d¢eds of the related housing properties. Senior notes are sccurcd by way of mortgages upon the deeds of the rclatcd housing prop¢rties. Group 2023 Agsocl4tlon 2023 2022 2022 Depfdrtment for Communltles - Houslng Property Less than one year (Note 22) Between one and two years Between two and five years After more than five ears 151,153 131,175 300,000 7 900 000 8 482,328 161,035 151,153 331,176 8 000 000 8.643.364 151,153 131,175 300,000 7 900 000 8,482,328 161,035 l51,153 331,176 8 000 000 8.643,364 Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 38 25 Financial instruments Th¢ group has th¢ following finanGial instruTncnts: Group 2023 Assoclatlon 2022 2023 2022 Financial assets that are cash Instruments measured At 2mortlsed cost Rental debtor (note 19) 1.142,491 Other debtors (note 19) 4,865,668 Housing association grants- receiwdble (note 19) 10,277,289 All￿unts owed by subsidiary undertakings (note 19) Amounts owed by related parties (note 19) Accnjed income (note 19) tnvestments (note 20} Cash al bank and in hand 1,034,754 2,005,853 7,595,434 1,142,491 4,411,013 10,277,289 298,484 1,034,754 1,814,312 7,595,434 102,667 78,523 81,332 2,533,466 2,492,940 8,438,217 5,603,203 27J35,654 18,813,516 2,533,466 8.057,075 26 719 818 2,492,940 5,178,982 18,219,089 note21) Flnanclal Ilabilltles measured at amortised cost Dti loans (note 22123) Bank loans (note 24) Amounts owed to subsidiary undertakings (note 22) Other creditors (note 22) A¢¢Nals (note 22) 8,482,328 8,643,364 173,660,262 166,042,700 8,482,328 173,660,262 78,524 7,079,809 2,613,523 191,914,446 8.643,364 166,042,700 31,879 6,802,101 2,601.226 184,121,270 7,682,540 7,332,749 4,518,523 4,848,079 194J43,653 186,866,892 26 Called up share capital Group 2023 ssocladon 2022 2023 2022 OrdlnAry sh*res of £1 èach, fully pld A¢ l April 2022 Transfer Allotted during the year Transfer lo reserves At 31 March 2023 io io io 10 (3) li io io Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2023 39 27 Net cash Inflow from operatlng activities - Group 2023 2022 Surplus on ordnary ac￿￿tIeS (Sutplusydefi¢it Arisitig from disposals of other fvEd assets Sury)lus arising from disposals of housing property Trdnsfer to disposal proceeds fijnd Interesl receivable and similar income Interest payable and sitniiar¢harges Other fmance costs Operating surWus Movement in service charges equalisation account Dcprecialion ¢harge AnKJtiisation charg¢ Release of capital grant Movenrnt in d¢biors Movement in credilors Net cash inflowfromo 7J15,186 8.361,602 (1,954,050) 1046J79 (178055) SJSlJ29 26,000 13,105,989 519,661 10,465,755 (7,709.196) (3,859.922) (1,506J08) 542 J54 11,558J33 (626,868) 623,793 (32.510) 4,749,364 47.IXK) 13,122,381 (634.474) EO,589,894 (7.563.422) (1,794,940) 64,186 4,029,17 9.754,448 ratln A¢tINIt1¢5 28 Analysis of net debt At l Aprll 2022 Cash flow At 31 Mlrch 2023 Cash at batth and in hand Short term inveslmcnls Cash and cash e uivalents Debt duc after onc year Debt due within one ear 5,603,203 2 492 940 8 096,143 (172,297,670) 2.388 393 166 589 920 2,835,014 8,438,217 2 53J 466 10,971,683 (179,764,078) 2 378 512 171170 907 2 875 540 (7.466.408) 9,881 4 S80 987 Clanmil Housing Association LRmited Notes to the financial statements for the year ended 31 March 2023 40 29 Reconclllatlon of net cash flow to movement In net debt 2023 2022 (Decrease) / increase in cash and c&th equivalents and in financial year Repayment of loans New loans 2,875,540 (3,357,773) 32,543,473 140,459,405 (40.000.000) (145,331,132) Movement in net debt in the financial year Net debt at l A ril Net debt gt 31 March {4,580,987) 166.589,920 171170 907 (8,229,500) (158,360,420) (166,589,920) 30 Turnover, operatlng costs and operatfing surplu$ - Assoclatlon Turnover, operating costs and operating surplus 2023 2022 Operating Turnover Operatlng Costs Operitlng Surplus Operating Surplus SoGial Housing A¢tiNiti¢s Non-social Housin Activities Total 43,535,833 4 265 $06 47 801339 31,864,506 2 879 938 34 744 444 11,671,327 1385 568 13 056 895 11,471,034 1,541.024 13 012058 31 Houslng Stock- Association Number of unlts owned on 31 March Self-contalned General needs housin8 Supported Housing (including housing with care) Sheltered Housing Shared OwnershiplAffordablc Housin 2023 2022 3,767 122 3,627 122 1,624 1,588 203 193 Non SelfwCOThtalned ortcd Total Units Owned 135 135 5,665 Number of unlts managed (but not owned) on 31 March Self4ontAfined General needs To¢al Units Owned And Managed 5,851 5,665 Clanmil Housing AssoeRatRon Limited 41 Notes to tbe fmancRal statements for the year ended 31 March 2023 32 Turnover, operating costs and operatlDZ surplus or defielt from soeial and Don￿social housing activities- Assoelallon e#0• 1-è12a-i&1s a ]11 11 lj i[ ! ClanmRI Housing Association Limited 42 Notes to the financial statements for the year ended 31 March 2023 32 Turnover, operating costs and operating surplus or deficit from soclal and non-social housing activities - Association (continued) Association 2023 2022 DSD Allowances - &ner81 Needs M2nggement Allomynces Managentnt Costs sUr￿u9 1 Defl¢lt 2,511,936 2J73J47 (4,813,084) 3.813,207) 2,301.148 1.439.860 MAlntenAnce Allomaneei Planned and cyclical maintenance Reactive nointenan¢¢ Surplug l Deficlt 1939J20 1090,208 (1,114,027) (1,021,988) 2,403.967 ,257,572) 1.578.674 1,389.352 Gross kneome from Rents #nd seriiee th4rge$ Technical Non Technical Total 2fi966.630 24.889.854 10,041.599 9,679,241 37,(K18.229 34,569.095 Note that the Association operates a rent poolin8 policy. This can impact on the assessment of 8urplu5 or deficit arising from a particular type of housing activity. Clanmil Housing Association Limited 43 Notes to the financial statements for the year ended 31 March 2023 33 Pension commitments The Associalion participates in the defllTred benefit section of the Social Housing Pension Scherne (SHPS). The Association offcrs a hybrid arrangement where employe¢s can join th¢ Career Average Revalued Earnings (CARE) structure wilh a 11120th accrual rate, as well &8 receiving contributions from the Association to the defined contribution s¢ction of SHPS. SHPS is a UK rcgister¢d trust-based pension s¢h¢me. SHPS is a multi-employer scheme with around 400 non-asso¢ialed employers. SHPS És classified as a 'last-man Standing arrangement, Therefore, the Association is potentially liable for other participating employer5, obligations if those employer5 are unable to meet their share of the scherne defiGit following withdrawal from SHPS. Verity Trustees are responsible for running SHPS in accordance with the TNst Deed and Rules, which sets Out their powers. The Trustee of the SHPS is required to act in the best interests of the beneficiaries. The Trustee is required to carry out an actuarial valuation every 3 years. The last triennial actuaTial valuation of SHPS for funding purposes was caTri¢d out as at 30 September 2020. This valuation revealed a total scheme deficit of £1,560m. A recovcry plan has been put in plac¢ with each employ¢r payin8 contributions with the aim of removing this d¢fi¢il by 31 March 2028. The Association expects to pay £314k towards the fimding defi¢il in SHPS during the accounting year beginning l April 2023. The Association's share of expenses in relalion lo nmning SHPS are paid in addition. The next actuarial valuation a5 at 30 September 2023, is due in September 2024. We were notified in 2021 by the Trustee of the Scheme that it has perfomied a review of the changes made to the Scheme's benefits over the years and the result is that there is uncertainty 5umunding 50m¢ of these ¢h8nges. The Trustee is seeking ciartfication from the Court on these items, and this process is ongoing with it being unlikely to be resolved before Ihe end of 2024 at the earliest. It is estimated that this could potentially increase the value of the fiJll Scheme liabilities by £155m. The Association's potential share is estimated at £265k. We notc Ihal this ¢stTmate has been calculated as at 30 September 2022 on the Scheme's Technical Provisions basis, Until the Court direction is received, it is unknown whether the full (or any) incre&se in liabilities will apply tber¢fore, in line with the prior year, no adjustment has been made in these flnancial statements in respect of this, Pension ¢osts for acxounting PUTposes hav¢ been Qalculated using assumptions consistent and appropriate with FRS 102. Present values of deflned beneflt obllgatlon, falr Value of assets and deflned benetlt 8SStt (ilablilty) 31 March 2023 31 March 2022 (£OOOs) (£OOOs) Fair value of plan assets 6,114 9,701 Prescnl value of defined benefit obligation (7,521) {10,837) Surplus (deficit) in plan (1,407) (1,136) Detlned benellt 45set (Ilablltty) to be recognlsed (1,407) (1.136) Clanmil Housing Association Limited 44 Notes to the financial statements for the year ended 31 March 2023 33 Pension commitments (continued) Re¢onellSatlon of openlng and closlng balances of the defined benefit obligatlon Perlod eDd¢d 31 March 2023 (£0005) Defined benefit obligatioTh at start of period cu￿ent service rost 10,837 316 Expenses Interest expense Member contributions 305 14 A¢ttwial loss¢s (gains) du¢ to sch¢me ¢xpericnce Actuarial losses (gains) due to changes in demographic assumptions Acbjarial losses (gains) due to chanBes in financial assumptions Benefits paid and expenses 174 (29) {3,881) {226) Defined benefit obligation al end of period 7,521 Reeoncillltlon of openlng and closlng b21Ances of the falr value of plAn assets Perlod from 31 March 2022 to 31 March 2023 (£OOOs) 9,701 279 Fair value of plan assets at start of period Interest income Experience on plan assets (excluding amounts included in interest income) - gain (loss) Employer contributions Member contributions Benefits paid and expenses Assets acquired in & business combination Assets distributed on settlements Exchange rate ch&nges Fair valu¢ of plan ass¢ts at end of period (4,386) 732 14 (226) 6,114 The actual retum on platl assets (including any ¢hanges in share of assets) over the period ended 31 Mar¢h 2023 was {£4,107,000). Clanmil Housing Association Limited 45 Notes to the financial statements for the year ended 31 March 2023 33 Penslon Commitments (continued) Defined benefit costs recognised in statement of comprehensive income (SOCD Perlod from 31 Mareh 2022 to 31 March 2023 (£OOOs) cU￿ertt service Cost 316 Exp¢nses Net interest expense 26 Defined benefit costs recognised in Ststement of Compr¢hensive Income (SOCI) 353 Defined beneflt costs recognlsed In other comprehenslve IDcome Perlod ended 31 March 2023 (£OOOs) Experience on plan assets (excluding amounts included in net interest cost) - gain (loss) (4,386) Experience gains and losses arisin8 on the plan liabilities - gain (loss) Effects of changes in the demographic assumptions underlying the present value of the defined benefit obligation - gain (loss) Effects of changes in the financial assumptions underlying the prescnt value of the defined bcnefit obligation - gaift (loss) Total actuarial gains and losses (before restriction duc to somc of the Surplus not bein8 reco nisable ain loss Tolal amount reco ised in Other Com (174) 29 3,881 (650) 650 rehensive Income - ain loss Clanmil Housing Association Limited 46 Notes to the financial statements for the year ended 31 March 2023 33 Penslon commltments (contlnued) 31 March 2023 31 March 2022 Assets Global Equity Absolute Rebjm Distressed Opportunities Credit Relative Valu¢ Alternative Risk Premia £OOOs 114 66 185 £OOOs 1.862 389 347 231 322 320 Fund of Hedge Funds Emerging Markets D¢bt Risk Sharing Insuran¢e-Link¢d Securities Property Infrastrucnire Private Debt 33 450 154 282 319 226 262 691 249 326 84 35 33 647 263 698 272 262 Opportunistic Illiquid Credit High Yield Opportunistic Credit Cash 21 44 Corporate Bond Fund Liquid Credit Long Lease Propety Secured Income Liability Driven Investment CutTency HedgtThg Net Current Asgets 185 250 361 281 2,816 12 16 2.707 138) 27 Total assets 6.114 9,701 None of the fAir values of the 488¢ts shown abov¢ includ¢ any direct inv¢slm¢nts in th¢ employer's own financial instrumenls or any properry oc¢upi¢d by. or oth¢r assets used by, the employer. Assu tlons 31 March 2023 31 MArch 2022 er Annum er •nnum Discount Rat¢ 4.80¥ Infialion (RPI) Infiolion (CPI) 2.90Yo Salary Orowth 3.90Yo Allowan¢¢ for cottunutation of pen$ion for cgsh at Tetirement 75% of ￿￿xIMUM allow8nc¢ 75Yv of maximum allowance The mortality assumptions adopted at 31 March 2023 imply the following lifr ¢xp¢ctancies'. Life exp¢ctancy at age 65 (Y¢•rs) Mal¢ r¢tiring in 2023 20.7 Female retiring in 2023 23.1 Male retiring in 2043 21.9 Female retiring in 2043 24.5 ClanmRI Housing Association Limited 47 Notes to the financial statements for the year ended 31 March 2023 34 Contingent liabilities The Association released Housing Association Grant (net of amortisation) of £435,816 during the year in relation to building Components repla¢ed arising from planned maintenance works. The accumulated position of total Housing Association Grant released At 31 Mar¢h 2023 is £6,502, I 18. The accumulated amount of Housing Association Grant amortised and recognised as income as at 31 March 2023 is £68,349,322. The possibility of any reimbursement to the Department for Communities is considered to be unlikely as the housing properties are expected to continue to be n￿de available for social housing for the foreseeable fijthre. 35 Capital commitments - Houslng Propertles - Assoclatlon 2023 2022 CapltAI expendlture Contracted for but not provided in th¢ financial statements 45,443,087 36.942,928 The Association anticipat¢s that this expenditure will be funded by Housing Association Grant from thc Dcpartment for Communilic5 and by private f￿anCe, both external and internal. 36 Restrlcted fund - Supportlng People Total Income relating to Supporting People Funding enditt￿¢ relalin tosu ortin Peo le Fundin 488,767 522 023 At 31 Mareh 2023 Clanmil Housing Association Limited 48 Notes to the financial statements for the year ended 31 March 2023 37 Related party dl$closures Details of the 8ubsidiaries are disclosed in Nots 18. The balances with the subsidiaries at the year-end were as follows: 2023 2022 An￿unts Omed ty suFAldlary undertakings (note 19) aanmtl Propertics Limited Clanmd Dcvclopnrnts Limited 252,141 46J42 102,667 2023 2022 Amounts owedto sulk41dlAry unthrtaklngs (note 22) Cianmil Properties L4mited Cianmi] DevelOpn￿ntS limited 4,500 74,024 44.127 31,879 Transa¢lions between these reIaled parties during the year were as follows: 2022 2022 Clanmll Proprtles Llmlted Rent charge from aanrnil Hou5 ing Association Limited to Clanmil Properties Limited manAgen￿nI and administration charge from Clanmil Housing Association L4mited lo Clanmil Properties Limitcd Contribulion from Cianmii Properties Limited to Clanmil Housing A880¢iation limited in respect ofthe insurance ofNorth¢rn Whi8 House Gift aid donation fromC]anmil Properties Limited to aanmil Housin8 Association Limited Rent and service charges from ClanmiI Properties Linllled to Clanmil Housing Association Limited Clanmll De%elopments tjmlted Managen*nt and administration charg¢ from aanmil Housing As80¢iation Limited to Clanmii Dcv¢lopn%nts Limited Developtr¢nt projects charge frorn Clannil Housin8 Association Linited to CianmiI DcvelOpt￿nts timited arg¢ fromaanmil Developnrnts Limited to aanrnil Housing Association Limited forth¢ provision of property developnrnt seNices Loan interest charged by aannlll Housing Asso¢iation limil¢d to Clanmil Developnrnts tAmit¢d Gift aid donation from Clanmil Developnrnts Litnited to ClatLmll Housing Association Limited 130,073 119,843 121,825 85.987 1,792 1,792 30,479 21676 119,953 127,233 24,794 24,794 119,119 187,187 6,010,173 6,4th)225 5,819 46J42