RWer¢d no: IP000136 Clanmil Housing Association Limited Annual Statement of Accounts for the year ended 31 March 2024 Clanmil Housing Association Limited Annual Statement Df Accounts for the year ended 31 March 2024 Contents Page(8) Board and advisers Strategic rq)ort of the Board 3- 11 Rcport of the Board 12-14 Independent auditors, rcport to the members of Clanmil Housing Association Limited 15-16 Consolidated statement of compr¢h¢nsive income 17 Consolidated Statement of chang¢s in reserves 17 Association statement of comprehensive income 18 Association statement of changes in reserves 18 consolidat￿ statement of financial position 19 Association statement of fmancial position 20 consolidat￿ cash flow statement 21 Note3 to thc financial statements 22-50 Clanmil Housing Association Liinited Board alld advlsers Board M Monagban MBE Msc (Chair) M Mccann MA (Vice Chair) P Cassidy BA (QUB) CPFA N Adams BS¢ (Hons) K O'Neill MeDg D Orr CBE MA A Rankin MBE BA {MOD) (retired 6 July 2023) R Williamson BA (retiml 6 Juty 2023) L Hannigan Bsc (Hons) MRICS N Hill Bsc Econ (Hon8) FCPFA E Patterson Msc CtHCM J Hannigan FCCA MBA FCIH CDir C Lilli¢ BA (Hons) (cw)t&l from 6 July 2023) Chief Execudve and Company Secretary C McTa8gart Adv Dip CJHCM A880cRICS MCMI Reglstsred office Nortbern Wkn8 House 3 Waring Street Belfast BTI 2DX Registered under the Cwerative and C(Knmunity B¢ncfit Soci&ie8 Act (North¢rn Ireland) 1969. No. IPOOOI36 Solicltors (prlrnary) Mills Sclig 21 Artbur Street Belf&8t BTI 4GA' Bankers (prlmary) Danske. Bank Dooe8all Square W¢8¢ Belfa81 BTI 6SJ Independent audltors ASM (B) Ltd Chartered Accountants and Ststutory Auditors Gleudinning Hou8e 6 mu￿aY Street Belfast BTI 6DN Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 The Board present their strategic report and the audited fllwicial slatements for the year ellded 31 March 2024 of Cltinrnil Housing As8ocAatioll Lin]ited (the "Association") and its subsidiaries (the "GTOUP.?. The Board is a voluntary Committee who have responsibility for the strategic direction, generdl policy and managemeArt of the Group. Thc day-to-day mall8￿Ment of operations is delegated to thc Group Chi¢f Executive and the Exccutive Team. Gender analysls Th¢ EXe￿tiVe Team of the Association comprises 3 females and 3 males at year end. The Group had 334 employe¢8 on the 31 March 2024, both part and full time, of which 105 are male and 229 are female. Statss Clanmil Housing Association Limited is registered under the Co-operntive and Conullunity Benefit SoGieties Act (Northern Ireland) 1969 (No. IP000136) and is a Registered Housing Association. The Association is a registered charity with Etkaic (Cbarity No. XR 43042). The Association is registered with tbe Cljarity Commission for Northern Ireland (Registration No. NIC103840). Group structsre Clanmil Housing Association Limited provides social and affordable housing in Northern treland and is the controlling rneniber of tht Group. Clanmil Devclopm¢nts Limited provides propety development Services to as8iSt Clanmii Housing Association in delivering its social housing development pr0grarnn￿. Clanmil Properties Limited maoa8es ¢0￿mercial property rentals and provides services tc propety management compatiie8 and otlLer Housing As80ciationslOrgani8ations. Milbreen Limited is currcntly dorniant but intends tc develop housing for sale. Refer to note 18 for details of Clanmil Housing Association Lirnited'8 investm¢Dts in subsidiary undertaking8. Principal actlvities The Group provid¢8 over 5,800 bigh quality I￿e$ for reni througbout Northern Ireland and h¢lp8 facilitate home ownersbip for peopl who cannot afford to pur¢hase a home outll8bt througb its shared equlty product. Our Imes are allocated to people from tbe housing selection Scheme ts￿￿8ed by the Northern Ireland HO￿ing Executive. A wide range of people Eive ill our bomcs. All share a need for a good quality home, &od to be part of a 8UStainable community wher they can live well, flourish and thrive. We offer a wide range of high quality ILOU8ill8 and services including: homes for families aad single people. housing and support for older people; supported housing for older peoplc wAth dcD]entia and for people with leaming disabilitiGg and mentsl al-health. hostels providing temporary refuge for wonjen and their children escaping domestic violence; houses for Irish Travellers; and supported housing for young people leaving care. Our equity share. part-buy, part-rent 8cheme makes bome ownership achievable for people who cannot afford to purcbasc a hom¢ outrighL It allows first titoe buyers to purchase a slwe in a home and pay r¢nt on the remaining shate. with aa Option to buy th remainder at a time that suits them. C.lanmii Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (cont'd) Sha￿'H2 our Future strate￿ 2026 In April 2021 we launched our new Strategy, Shaping our Future and we began our sbaping ow ￿tUre journey Set out IJJ a bold fiv Ye￿ strategic plan. This plan was c(Aesigned by colleagues, customers and stakeholders, and is both cballenging and ambitious anc provido we believe, focus for us all, whilst reinforcing the imwknce of gemi1￿ partnerships that help our CUston￿ thrive anc flourish WAthin 8U8tainable communities. Together we want to: L••v•a ￿1th10•xPlr1lA 8¢li•v•lnlxtt•r A¢hl•v•tog•th•r . wdha *0fy1 oforpyw w•J a hearf F•J55t•ty. We￿ a slwEa an1￿kn a FKGtht fa5fv Iiyesskn slTh¥ aThJ cai make rea cr > wcrtj v5 b) nd L¥Jt SIM lor trf we¥ seethe vrtyld mty4 ¥ntrncb¥ ctATrJe nt+tr $W4 we kny* tstwlh . Weare a P* trxkiess. ￿ tr￿1 si•¥J vp artl bewmied The five key ain￿ of our Strat¢gy are: Bulld and malntaln quAUty bomu whll$t preservlng the envlronment Having the rigbt place to borne 18 m e8sential pat of belug able to live well. Wlth that in mlnd w¢ want to play ¥ leading role in tackliD8 the housitig crisis in Northern Irela￿ We want to strengthen existing ¢ommunities and help tc create new ones through the development of new susthinable bomc8 tbat are built for the future. The homes we build WIL be wcil maintsinc4 safe and energy efficienL Cjimate clthnge is tbe CI￿lIenS¢ of a generation 80 we must play our part in reducing ouj Garbon footprint. We aim to: Build and develop up to 1,400 well designed, energy efficient, mixed-tenure homes in the next five year8. Target the design and delivery of new homes in both urban and rural area8 WAth the greatest housing need. Be innovative in our delivery alld adopt all affordable delivery options, including modern metbods of Constructio￿ to minimis¢ our carbon footyrinL Invest in actively managing our &8sets, D)aking them 8afe and attractive places to live. Subsidi8e our core activity by diversifying our appro￿h, capitali&inE on new opportimitie8 for growth through initiatives su¢E as th¢ empty and affordable homes s¢hetnes. Provlde servlces that make Ilfe easier for ollr customers We want our customers to 8ustsin their tenancies for as long as they choose. It'8 important that we remaiti responsive t( changin8 Customer needs and that we makc life easier for them by making it easy to do busine&s with us. We need tc build aod maintaio bealthy. til￿]ng and re8pecthil relationships with ourcustomers. so they are ¢mFK)wered to help shapc the Standard of Services we provide. We wilL Create services that provide a ￿at CU8tomer exp¢rience, being ¢lear about what we offer and how we Work io Support dive customer ne¢d8. Build trusting relationships by getting to know our customers, their conllnunities and listening to their Individu￿ ne¢(ts. Worknng in partnership with other service providers, create an environment Whe￿ stable communities can thTiVC anc customers ue cmpowered to make infomied decisions that are right for them. Create more opportimitics forregular and robust customer feedback to generate quality insights that will help us to continuall) enhance our service8. Develop an exrKll¢nt multi-cbannel appmach to serving our customers, giving customers a real choice in how they want t( talk to us. Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (cont?d) Create a brilliant and sustsinable organisation, fit for the future tn a world of digitsl. environmentsl and social diryti¢)ll we must be ready to cbange and adapt to fu]fil our pu4)ose. and as a business we're only as good &q ourpeople and that's why we want to create & great place to work We realise that to achieve our ambitions we must have fllwicial strength and operational etTiciency? and tbat we have to manage our business to the highest standards. This will come through rOb￿t financial management and systen)8, as well as seeking to potcntially generate additional revenue that we can re-inveAt for the benefit of our customers. We seek to., Review our orgAnis&tional design and capability to ensure we have the nght people al￿ expertise to deliver our strategy. n￿￿ging and communicating change well. Strengthen ow employer brand and offer to retain great people and attract diverse ncw tslent. Ixad with our new values and create the right ¢ulttwe where people can delivcr their be8t wo We will crcatc more opporturrities for colleague8 to contribute, feel empowered, supported in pwsonal and professional devclopment and have their voices heard. Deliver Qrgallisational efficiency and op¢rational excellence by M￿lMi81￿8 the benefit8 of new and existin8 te¢bDologies to improve our ¢nd-tO-end pmcesses. Optimise our fmall¢ial group structure and identify opportunities for future growth through partner8bip or innovation. launching new effective 8eryices for our customers and CODJmunities. Be a respected voice to grow our Impact We believe that everyone has the right to a quality bome and the opportunity to itve in a safe and supportive community: that's why we will 8tand up and be heard when it comes to social housing. We want people to understand the importanc¢ of the sector and we want to add our voice to fiiture lmsing policy so that we can ensure the issues that really impaci on people's live8 are addre88ed. We will promote a positive vivw 0£ ClanD]il, both loeAlly and regionally. to create both interest an( dem￿ in parthering with us or in b￿]ll￿ a customer. This will be achi¢v¢d by: Creating 8trong, trusted and prothictivc relatiOD8hip with new and exi8ting stake1￿Iders. Initiating cbange, infiuence policy and bc leaders witbiD the housing Sector to deliver our purp08e. P0werfi￿Y communicating our new strategy and brand so people understand who we are. what we do and how we add valu to people's lives. Usittg the right communication ¢hat)nelg to effectively cngage our audienGes and maximise our impact. 8haring our successe beyond the housin8 sector. Cultivating new partnership8 with suvice providers that are beoefi¢ial io helping our customers to live well. whilst al8c addressing future Societal challeoges. Reach, connect and collaborate to strengthen communldes We know that some conunullities do not get the chan¢¢ to thrive. We believe there are more way8 in which we car 8UPPOrt people and their communities beyond simply pmviding them with a home. Wc want to help make th]'s a more shared place and we know that Shared communities have a ￿StIll8 positive impact oo people's live8. We apprcriate thc value ia developing great partnerships and we undmtand the importanrK of tbese ill suppoitillg our ¢ustomers. We want to maximi8t these partnerships so tbat wstomcrs know where to look for guidance. help and expertise. We aim to: Focus our resources on tbe people WI￿ need most support. working closely with expert partners to deliver 0]0￿ services thai COD)munitie5 need. Commission a review of exi8tiag community development activity to identify the biggest cballenges and opportunities.. deterni1￿ whether we lead, leave, collaborate or delegate. Contribute to buildlng stable conununities by supporting people to live well and keep their homes. We will achieve thi through financial inclusioo seTViCCS, cr¢&tiDg op￿rtunItieS and by exploring new ways of ta¢klin8 isolation in a post-COVIE worl Support our existing shared communities and dclivcr at least five more shared Schemes that are welcoming to a]1 aDd gAv¢ people the choice of living alongside neighbours from many backgrounds and traditions. Raise environmeatai awareness by nurturi￿ a ¢onununity Gulture that values the environment, cominunity laudscapes anc energy efficieocy. Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (cont'd) Our Perfornwnce For the core business areas the Board has Set a nutnber of key perfon[w￿e Andicators - th¢8c include rent aTrars. voids. custom satisfaction. growth, maintenance repair times, staff turnoverand fjnancial stability. Ourperformance is also &sses8ed through anumbel of statutory in8pectioD regimes, and we are committed to continuing to achieve the highest standards. The fllwicial year to 31 March 2024 was impacted by tbe continued cost of living crisis and economic turn￿11 arising from the Russiar. invasion of Ilkraine and the confiict in Gaza. We experienced difficulties with the delivery of our repairs service in the latter part 01 the year. Of over 26,000 repairs we processed in the year, only two-thirds were completed on tyme, this is disappointing, and wt apologise to our customers and colleagues and thank them for their patience and SUPPDrt as we work with a number of interi coutractors to resolve the backlog. We also experienced sigDificant increases in repair costs and in common with our customers, cner85 ¢osts and fmancillg costs. We asscss our perforniance by how satisfied our customers are with the homes and service8 we provide. We regularly seek feedbac from the people who live in our homes oll ￿eryt￿llg from repairs to neighbourhoods. For the financial year ending 2023124, following 8n independent 8urvey, 68.20/0 of our teD2nts were satisfied with our overall service: 74.8Q/• were satisfied with the quality of their home; and 73.0•/• wcrc sat18fied witb their Deighbouthood a place to live. We continue to focus on the services that matter to our customers and are working with tlThn to improve satisfaction levels. The Group continues to grow and efficiency savlngs are rciThvested where appropriate to improvc cxisting 8ervices. deliver additio 8eryice8, maintain and improve the condition and value of our homes as well as the delivery of new homes. We strtve to operate efficiently and efftctivety, and outputs are tllonitored by the Board who rcceive perfOnn￿¢¢ reports covering E variety of financial and non-fllMncial perfonnance infornmtion. lo GI￿llenging operating conditions, the Asgocialion acbieved the following perforniaucc against its key targets for 2023124: Perform8llce Indlcltor Geariog ratio Actual 2023124 32% Target 2023124 450/ Comment Gearing is now calculatcd in line with new loan cov¢nallts as debt as a percentage of gross book value of propety. The Group was fully compliant with loan covenants during the Interest cover 3.25 limes 1.25 times Now calculated excluding major repairs. Better perforniance than tsrget. The Group was fully compliant with interest cover covenants durin Operating margin of 320/0 can be partly attributed to effective Procurement, operational efficien¢ies and in¢reased income in Operating mar8in 31.60/0 30.90/0 Social Housing azrears including renL ratcs and service charg¢8 5.lQ/ty Perforniance impacted by the ongoing impact of the cost of living crisis and impact on our customers. increase ill numbers of custoniers tnoving onto Universal Credit as well as court delays. ursuin ud ements to recover rent arrears. Perforniance continued to improve. work DOW focus8ed on key ro rties. R¢paits completion perfonnancc fell to 66.60/D overall irnpacted by response timcs increasing in the latter part of the year. As part of a strategic itDprovement plan we are currently procuring 7 regional response mainteDanrK contracts with renewed focus on obco letion and im rovin Gustomcr satisfaction. Whilst this reflects a very slight improvement on 22123 the outturn of 67.9 % this remains a ke area of focus. Social Housing voids 2.oyo Response D￿intenance repairs completed withxn timescale 66.6/0 Customer satisfaction 68,20/0 900/0 Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (cont'd) The managementof fmancial re￿UrceS is critical to the Group's abilityto meet its objective8. Ivhilst the registeredHousing As80¢iatior has voluntary non-profit making status. the generation of an annual surplus is vital to ensure the ongoing investmcnt in our existin£ home4 the delivery of new homes to play our part in alleviating thc housing crisis in Nortllern IrelaniL providing for looger tenr uthinteDance obligations. to meet our commitments to lenders. and to generally eDsure adequate proteG¢kon against unforcseer A￿ll￿￿tances. The key strrngths of the Group whicb enable its primary objectives to be achieved ar¢: A commitment to the highest standards of corporate governanGe' A financial position which secures the confidence of funders, facilitsting futh inveslmentand strategic growth opportunities.. Professional and dedicated staff who ore comnlltted to the Group's objectives. and A proven ability to play its part in the delivery of the 80cial housing development progTanllDe. Colleagues Our Succe￿ is due to the cornmitment and prOfe￿lonalISM of the people who work at Clanmii. Our team8 worked incredibly bard in difficult circuin8tances this year to Share and promote our values ensuring that our customer8 remain at the heart of everytbi we do. The Group's totsl staff costs increased from £9.2m in 2022123 to £IO.2m in 2023124. As a percentage of ttunover staffmg costs increased 81igbtly from 19.30/0 in 2022123 to 19.4¢/*0 in 2023124. Sickne8s ab8cnce levels reduced from 4.51)/• in 2022123 to 3.440/0 in 202312024, Labour turnovcr &crca8ed from 170/0 in 2022123 to 16.50/0 in 2023124. Value for Money (Vtm) Achieving value for money remain8 a key business objective. Our aim is to utilise our a88ets and resource8 as much as possible to ineet the needs of cxisting and fiilurc customers. To do this we continue to work collaboratively across Clamnil, ljarnessing the innovation and creativity of ourpeople, our customer8 and stakeholders to deliver improvements through efficiency, effectiveness and economy. Through effective procurement activity over the year. ClaDmil acbieved 8aving8 of £1,27l,124 througb the tenderin8 of10 projects with a value deemed to be over £30,000. tn addition, 13 individual quotation exerciscs were undertaken. (i.e. they were uoder £30,000 each), which ensured we received the best value for money in relation to a £1 10.355 8aving based on the lowest and second lowest quotation receive The total 8aviog8 generated to the busine&4 acro88 these 20 various procurement activities was £1,38 1,480. Tbrough positive 80cial impact we: As8lSted 1,144 customers witb money advice Helped them Secure £3.6m in additional income, an increase from £3.Om in 2022-23, Supported 158 customers to set up #nd nm their homes by accessing discretionary 8￿pOrt grants with an average award of £1,545 eaGh Worked with contractors to Secure £7.500 in ca8b, £8,150 towards new I￿￿¢ ytarter packs and 10 labour days for Social Value projects We will continue to integrate Value for Money into our culture as a matter of course. with value dcfmed from the perspective of our customers and the $ervice8 we deliver. C,lanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (cont'd) Dellvering more social bousing to address the housillg need in Northern Ireland During the year we continued to make progress to deliver our strategic target of1,400 new homes by 2026 and saw 261 new homes starting on site bringing the totsl number of homes under construction at the end of the fmancial year to 556. Our handover target was impacted by a number of issue8 across several schemes including delay8 with statutory bodies and the colltlnued impact of material cost iIlCTeases and rising iofiation, but w¢ did tske handover of 60 new homes. The Development teain continued to manage Constn￿tioD contracts tobustly ID line with contract tenns. To achieve the ambition of our GrovAh Strategy and delivermore homes, we plan to make our assets work harder, tbrough increasing our ge￿illg (which remains within the covenAnts granted by the Eending i￿StitUtionS that have supported us). focusing on driving improvement on voids. investigating complementary income streams and improving operational efficiency. We successfully launched a private placement for £IOOm in Septenlber 2022 completneutillg the renegotiation of £150m of existing borrowing facilities at more favourabEe rates in 2021122. We have £50m of agreed undrawn loan facilities available to 88SiSt in ￿ndItig our growth Strategy and meetxng ongoing commitments. We have generated modest surpluses from diversification into housing related activities. The pury)ose of the diversification is to Provide surpluses to continue to 8ubsidise new affordable housing. These diversified activities, albcit on a relatively Small Scale, are successfully operatiQ8 in the market rent￿ sector, ¢ommer¢ial r¢tsil units and Management Ageot services. Providlng good quallty and efflciellt servlcei to tenants 2023124 w88 a busy year for the teazn at Clallznil who, de8Pite a number of challenges, remained focu55ed on our cor¢ purpose and continued to work he￿ to deliver the homcs and 8eryicc8 our customer3 need. Our purposc is to provide homcs for people to live well at all stages of life and in December 2023 we launched a new Older People Strategy setting out how we will respond to the growing number of older people needing homes and 8ervices at a time when social and healthcare provision is under severe pre88Utc. Co de8igDed with customers and ¢olle&8ues; this Strategy will ensure w¢ focus our effort8 wbcrc they really n￿r. The rising c08t of living continued to impact many of our customers and our HardslLiP Fund was a lifcline to of our customers who were struggling to put food on thc table and heat their home. During the year we also provided financial and debt managemcnt advice to 1.142 customers gcncrating more than £3.6m additional incorne for them. We regulady hear from customers how much they Vah￿ quality repairs that keep their home5 8afe, secure and comfortable. It was therefore dxsappointing when we experienced difficulties with the delivery of this service in the latter part of the year and we worked hard to put interim contractors in place to as815t with closing out the backlog and commenced a review of how we could better deliver an efficient and reliable repairs service to Eneet our customers, needs and we expect to have these new anangements in place In 2024. However. this dAd not Stop the continuing investment in our homes and we spent £5.4m impmving cust(xner homes througb replacement kitchens, bathrooms, redecoration, new windows and new heating and fwe alann systems. We a180 continued io identify and make good any issues with damp aod mould working alongside customers to fwd effcrtive solutions, We continued to work hard to strive to be a customer centric organi8ation- one that listens to and acts on what custojners are tslling us- and during the year we reviewed 8nd updated our lettible standards, standards of service and our cuytomer handbook so that customers are clear on roles and responsibilities and exactly what our offer is. We also refmed our approach to customer engagemenl and are looking forward to building on this in 2024. Investlng In our communitles Clanmil is committed to improving community cohesion and good relation5 by increasing the number of Shared Neighbourhoods acros Northern Ireland. Duriag the year we continued to deIiver Good Relations Projects to strengthen relationships between our Customer.4 and Communitie5 within a fLve-mile radius io our Current 9 Shared Neighbouthoods in Banbridge, Belfast, Cookstown. Crossgar Crumlin, Downpatrick Glenwhirry, Newtownabbey and Newcastle. The Cohesion team are currently workiag hard to promote E further two schemes in Antrim and during the year we got approval to take forward a further shared housing scheme in MagherafelL Other value for money considerations The Association ha8 maintained an operdting margin of 32% which w be partly attributed to effective procuremenl operational efficiencies and increased income ia the year. We continue to avail of the benchmarking provided by HousemarK wbich enables us to better understand our costs and quality of seryice provision, leading to better iiifortued deciston making. Clanmil Housillg Assoeiation Limited Strategic report of the Board for the year ended 31 March 2024 (cont'd) Envlronment We also focused on D￿ltig existing homes as energy efficient as they can be. and our new Environmental Strategy 20242029 sets out our intent to bring all Clanmil homes to EPC rating C by 2030. This Strategy is our route map towards athieving net zero by 2050. embed environtnental protection in all that we do and includes a cOn￿nit￿ent that the heating systems in our homes WAll be electric firsL Our strategy has five goals: tksign and ￿lId energy efficient homes, creating sustsinable places to live 2. Eff¢ctiv¢ly manage our energy usc and rethice our carbon output lttvest ia ourexisting homes to improve theirenergy efficiency, helping tominin￿e the impact of fuelpovety on customers and en8ure homes are safe, decent and free frorn dampness and mould tmprove our cnviroDmentsl management of waste and water and support biodiversity and habitat. 5. Engage with our customers, collcagues and partoers to inforni them of our cnvironmentsl rnaoagement work and journey towards sustainability and net zero Currently 99.90/0 of our stock meet Decent Home8 stallda￿ We are working to improve levels of thernial comfor¢ as a re8uIt 860/0 of our homes are already at EPC rating C. This year we have commenced a 5-year programme of upgrading cornmunal heating $y8t¢m8 and to begin the traDSitton to electric home heatiag. Our electricity supply contracts are all from green renewable ttiriffs. Over the year we bave ¢ontinued ¢onslTuction on our exemplar project to meeting EPC rating A. We also reviewed and updated the Clanmil Design Guide wbich clearly 8ets out our ambitions for our new homes so that we are min]￿Sing the environmental impact of our construction activity aod providing cnergy cfficient homes that are cost effective for our customers. We will now de8igu and build all our new hon]es to EPC rating A. Detsils of ClaDmTI Energy Con8umption and Emission Rewrt for the period l April 2023 to 31 March 2024 wcrc as follows: Energy Gon8umption u8ed to calculate ernissions (KWH) Gas: 6.097,635 LPG: NIA Gas Oil 1.967,123 Kerosene 339.409 Electricity: 3,077,145 Total IIA81J12 Ernigsion from combustion of gas (kgC02e) Ernission from combustion of LPG (kgC02c) Emission from combustion of heating oil-Kcrosene (kgC02e) Emi88ion from consumption of heating oi-Gas Oil (kgC02e) Emi88ion from purchased electricity (kgC02e) Emission from business travel in ¢OAnp￿Y ovmed vehicles (k8C02e) Erni￿10n frojn travel in non-company owned vehicles (kgC02e) Total Gross (tC02e) I,l15,440 NIA 83.756 504,567 637.197 82,130 58,417 2,442 InteLsity ratio8: tC02e based on: Properties owned: EDergy 8uppIic5: Annual Turnover. 0.42tC02clbou8e owned 7.5 ItC02olsupply 4.64￿2t/£10o 000 Our busin&y3 carbon footprint of 2,442 tonne8 of C02 represents a 11.3 % re￿￿tion from base year 2021122. Figures arn d￿1Ved from the Energy Consumption Master Sprcadshcct controlled by Clanmil Housing AssoGiation containing. Ele¢tri¢ity. Natural Gas, LPG. Hcatin8 Oil consumption on a DM)othiy basis sourced from invoices. Compony vans mileage dats obtsined from Clgnmil Housing. Non-company owned mileage dats obtsined from ClaDmil Housing. For the year ahead 2024125 Ourycar ahead will again ffKUS on listening and acting upon what our Gustomers are telling us. We will continue to provide homes anc services for peopk to ]Ave well and the provision'of a quality, re3ponsive repair service for customers willbe a key prioriry. We wil. continue on our digitsl journey m&ximi8ing tbe efficiencies we can achieve in the delivcry of bigh-quth'ty services. We will also C,lanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (cont'd) 10 examine opportunities for additional thding to support our continuing developfftent programme to deliver new homes 80 Clanmil Gat play its part in alleviatillg the housing crisis in Northern Ireland given the high number of applicants on the waiting list for a socia home. Risk Management Clanmil continues to manage risk in line with our Risk Management Policy, framework, and governance structures. Responsibility for the identification of risk at a strategic, dir￿tOrate and operntional level is rieariy defined, and risks are regularly as8essed and review¢d. Key risks facing the Group are considered by the Board l Group Audit and ltisk Con]mittee on a quarterly ba818 and the Board has adopted a risk-aware strategic approach. Our risk appetite Statement is reviewed annually to en8uTe continued focus on the management of risk as it driv￿ forward the delivery ofits strategic ambitions. Perforniance in the 8ector is generally affected by government policies and changing legislation, the impact of the re8ulatory regime, chhnges in demograpljic, political or econon)ic conditions or environmental risks. Some of the major factors wbich may affect the Group over the next year ar¢: Ability to deliver our strategic growth ambition. Net z¢ro carbonlsustaiDabilitylenvironmental ronunitrlleuts. Ability to deliver a high 8tsndard of customer Service {associated reputstional risks). Cyber and data Becurity. Fire and building safety, including damp and mould. Contract managetnent and supply chain costs. Rectuilment and retention of the right peopk. Funding pre55ures associated with the Nl Budget. Data quality, and particularly the inforniation on existing stook. Political environment (including changcs in policy, legislation and regulAtion, welfare refonns and rent control). Performance in the year ended 31 March 2024 Overall the number of properties in¢reL8ed, with 60 new homes handed over, and an additional unit waB created in one of our ca homes. These were offset by the loss of 19 homes via the right to buy house sales 8cheme together and 5 shared ownership homes where customers purchased the remaining equity in their homes). Overall the number of properties increased from 5,851 to 5,888 (not 31). The Association's anoual review of rental charges at April 2023 resulted in a 9.00/0 increase in the majority of rents. There were 556 bome8 under construction by the Group at 31 March 2024. £37.0 m was spent oll housing properties additions and Component Teplacement during the year (notes 14 and 17) partially funded by Housing Association Grant of £19.3m (note 15). Turnover for the Group increased by 10.5 % from £47.5m in 2022123 to £52.5m. This wa8 facilitated by rent increases, together with a £1.3m increase in grant amortised And increaged rates recharges of £0.4nL Group opernting costs increased by £1.5m to £35.9m and represent 68.30/0 of turnover (72.3 % in 2022123). This was impacted by infiationary pressures on maintenance costs, increased salary costs reflect inllatiooary pressures &8 well as increased head count. The surplu8 on ordinary activities for the Group was £10.5m. an increasc of £2.7m over 2022123. This increase in operating surplus bas helped to offset an increase in interest costs Tegulting from iticreased borrowing and increasing borrowing costs. Financing costs increased from £5.6m in 2022123 to £7.Om. This was in part due to new drawdown of secured as part of a Private Placement which was priced before the economi¢ turnjoil io September 2022. Loan balances were £204.8m (£182.Im in 202￿23). Commercial properties comprising commercial premises to let and market rent rasidential property werc revalued at year eod 31 March 2024. Overall, the value of tbese investment properties was impacted by a small decrease on revaluation of £O.Im. Clanmil Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (cont'd) 11 The Association contimues its prograrome of major repairs and improvements to properties and the total expenditure in the year wa8 £4.2m (excluding associated redecoration). This WAS £0.6m above plaDned levels as costs defeffed frottL previous years were caught up Expenditure of ths type will fluctuate from year-to-ycar dependent on th¢ age and condition of sChe￿e$. Events after the balanee sheet There were no post balance sheet events. The potential ongoing impact of the current economic and political uncertainty is considere( under Risk Management and expected perforniance in 2024125 is outlined above. Expected performance in the year ending 31 Mareh 2025 Nottvithstanding the ongoing economic upheaval, the Group expects furtkw growtlL in 2024125, as a result of the Significant on- going dcvelopment programme Lnd the requirement to include infiationary increase8 in rentsl charges. Turnover is Projected to increase by around 2.5 % to approximately £33.8m. It is planned that approximately 194 additional homes wi]1 be Completed during the year and after disposals estitiiated at 7, the totsl homes owned or managed will increase to approximately 6.075 units (net of right to buy Sales and equity Share sales). £5.7m of cxpenditure reg?￿Ing the on-going prograTnme of major repairs and improvements to properties is anticipated in the y¢gr. The Group operates in a highly regulated environment whicb can result in associated cost pr¢$sures and constraints on income streams. It wlll continue to develop a co-ordinatcd COTporate approach to achieving efficiency targets in line with the Strategio Plan. Priorities have been set to ensure that efficicncic8 arc gained without all adverse impact on Jervice delivery or seryice user satisfaction. Flnancial sustalnability The Group ha8 a robust and comprelThsive framework of longer-tern] finllncial planning in place. The Board regularly consider8 the lon8er-terni financial plan which covers a 40-year period. The plan in¢ludes sensitivity analysis and comparcs projected results to funders, covenants where applicable. To demonstralc tbe robuslness of the plan. and to inforni the Board of the potential risks associated WAth the financial plan. Several scenario analyses are completed. The m08t reGent plan was considered by the Board in March 2024. This in¢orporated stress te8ting oa a multi-variate basis that con8idered the potential down8ide from cconomiG and business risks potentially arising. This denwnstrated that the fJDancial plan does not put undue pressure on the Group. and that through the adoptit)n of plaoned mitigation Strategies the Group can continue to operate within its covenant limits. By order of the Board Cw)08 C M¢Taggart Compydny Seeretary 28 Junc 2024 Clanmil Housing Association Limited Report of the Board for the year ended 31 March 2024 12 The Board present their report and the audited f￿anCIal statenlents for the year ended 31 March 2024 of Clanmii Housillg A8sociation Limited (the "Association") and itg subsidiaries (the"GrO￿l'). Board The Board is a voluntary Committee who have responsibility for the stratsgic 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 2024 and expeeted performance in the year ended 31 March 2025 The section8 oa performance in the year ended 31 Mhrch 2024 and expe£t¢d E*rforniance in the ycar ended 31 March 2025. are contained in the strategic report, which fornis p&rt of this TeporL Treasury The Group's treasury management policy facilitates the effective management of cash flows, boTrowittgs, investments and the risks associated with these a¢tiviti¢5. An update to the policy was approved by the Board in December 2023. At 31 Mawh 2024 the Association had loan8 outstanding of £204.8 million, compared with £182.Im at 31 Marcb 2023. Short terni investments and casb balances totsl £28.5m compared with £1 l.om at 31 March 2023. Average net debt per unit wa8 £30k at 31 Marcb 2024 (£31k 2022123) as 34 ILome5 (net of disposals) were added in the year. The Group wa8 fully coMpl￿tt with loan covenants durin8 the y&gr. The A880ciation'8 iaterest cover ratio for thc year of 3.25 times and the gearing ratio as at 31 March 2024 of 32.IY/o comfortably meet the Association's primary lender requirements. Responsibility for tbe management of interest ratc risk and liquidity risk is with the Board. The Association fllwices its opcrations througb a combination of boryowing and the reinvestment of reserves. The amount of bornwings and its ternis are reviewed and determined by the Board. The Group engages specialist Treasury Management Advisors to a8SlSt in this proce&8. Interest rate rtsk Exposure to flucfuatin8 interegt rates is managed by the composition of a balanccd portfoEio between f￿ed rate and T￿lable rate loang. Liquldlty rlsk The Group maintains a mixture of long-terni and short-term loan finaace tbat is d¢si8ned to ensure there are sufficient funds to achieve bu8ine88 objective8 and to facilitate planned growtb. As at 31 March 2024, tbe Group had agreed facilities unused across a nUDthr of Institutions of £50m, to a$si8t in funding its gro Strategy and meeting ongoing commitments. Currency risk The A830¢iation aud Group do not engage ID fo￿18￿ cutrency transactions and 80 are not exposed to exchaDge risk. Regulation The A880¢iation's principal regulator is the Department for CommuDities (Dfc). It is also regulated by the Charity Commission Nortbern trelalld (CCNI) and the Northern Ireland Housing Executive (T4IHE) in its role as administrator of Supporting People funding and Manager of the Social Housing Development Prograll￿¢. Clanmil Housing Association Limited Report of the Board for the year ended 31 March 2024 (cont'd) 13 The Association c¢)mplies with the Dfc Regulatory Standards. Based on the last Regulatory Framework rating received in relation to 2021122, Dfc detern]ined that Clanmil Housing Association Limited met the Keguiatory Standards for Governance, Finance and Consumer with the highest Rating l- meets the requirenxent. Quality Management The quality of the Association's nwiagement systems is recognised through the tnvestors in Peopk Silver re-accreditation in May 2022, and the standards of tlle Regulation and Quality Improvement Authority. The Association al80 receivcd during the year a bronze accreditation from Diversity Mark Cl￿rtillg our p&thway on Equality. Diversion and Inclusion. Environmental matters The Group recognises its corporate respoDsibility to cany out its operations and development programme whilst minimising environmental impacts and its intent is outlined our new Environmental Stralegy 2024- 2029. The Board's continuaj aim is to comply with all applicabl¢ cnvAronmcntal legislatio￿ prevent pollution and reduce waste wberever po&8ible. Statement of the responslbllitles of the members of the Board The Co-operative and Community BeDefit Societie8 Act and ￿gistered hov3ing association legislation require the member8 of the Board to prepare fmancial statements for each fuwicial year wbi¢h give & trne and fair view of the state of the Association and Group's affairs and of its 3UTplus or deficit for that period. In preparing these statements the Board is required to: Select suitable accounting policies and appty them consistently; Make judgements and c8timates that are reasonable and prudenl State whether applicable accountin8 Standards havc been followed, subject to any material departures di8c108ed and explained in the fuwicial statements; and Prepare the fuwicial statements oll the going concern ba818 unless it is inappropriate to presume that the A88ociation will ntinue to opernte. The members of thc Board are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fmaDcial p08ition of the Asso¢iAtion and Group aDd to enable them to ensure that the fllwicial statements comply with the Co-operative and Commuoity Beoefit Societies Act (Northern Ireland) 1969 and the Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993. They have generdl responsibility for the taking of reasonable Steps to safeguard the assets of th¢ Association and to prevent and detect fraud and other irregularitie8. Statement of dlsclosure of informr4tlon to audltors So far as eaeh of the members of the Board at the date of approval of these fllwicial statements is aware: There is no relevanl audit information of which the Association and Group's auditors are UDaware' and They have taken all the steps that th¢y ought to have taken &$ members of the Board in order to themselves aware of any rel¢vanl audit infonnation and to establish that th¢ Association and Group's auditor& are aware of that inforniation. IntsrDal Control The Board bas overall responsibility for the Association and Group's internal control systems and for reviewing the effectiveness of these. Such systems can only provide the Board with reasonable, &nd not absolute. assurance agaiDSt ￿aterial misstatement or loss as they are designed to manage the risk of faijurc to achieve business objective5 rather than ¢liminate the risk completely. Clanmil Housillg Association Limited Report of the Board for the year ended 31 March 2024 (contgd) 14 Audit The Board h&8 establisbed a Group Audit aod Risk Committee witb cleady defmed ternis of reference. The nmin function8 of the Group Audit and Risk Committee are to control and review the external and internal audit function4 the internal control 8yStems and monitor the perfornw￿ of the Association agaiDSt the key business iadicators. The Association's internal auditors report directly to the Group Audit and Risk Committee on completion of each system8 review and an annual sunw report is produced by the internal auditors sununarising the systems audit programme ¢￿h year. The provision of the external auditor's report to tILose Charged with Governance also provides some assurance through the year-end audit and the provision of ao internal control report. Board and Executive Officers The member8 of the Board and the Executiv¢ Officer8 of the Association are listed on page 2. After a qualifying period each member of the Board becomes a shareholder aJd hold8 one fully paid share of £1 in the Association. IndepeDdent auditors The auth'iors, ASM (B) W have indicated their willingness to continue in office, and a resolution proposiDg their reappointment will bc prop)8ed at the AnDual Gcneral Meeting. y order of the Board CnT C McTaggart Company Secretary 28th June 2024 Clanmil Housing Association Limited Independent auditors, report to the members of Clanmil HousRng Association Limited Is Report on the audit of the financial statements Opinion We have audited ttLe financial statelllents, included within the Annual Statement of Accounts ("thc Annual Report"), which comprise.. the CODsolidated and ￿0CIatiOn statements of financial position as at 31 March 2024. the consolidatcd and association statements ol comprehensive income. the consolidated and association statements of ch8ngcs in re3ervcs. and the consolidated cash flow statemeni for the year tILen ended, and the notes to th¢ fllW]cial statements, which includ¢ a descriplion of th¢ significant accounting poliGies. In our Opinio￿ Clann)il Housing Association Limited's group fLnancial statcments and association fmancial state￿entS ("the f￿an¢1& statements"): give a trne and fair view of the state of tbe group's and of tbe as30Giation's affair8 as at 31 Marcb 2024 and of the gn)up's anc association's 8urplu4 and of the group's casb flows, for the year then ellde(' have been properly prepared in accordance witb United Kingdom Generally Accepted Accouoting Practice (United Kingdor. Accounting Standards. comprising FRS 102"The FinancialReporting Standard applicable in the UK and Republic of Ireland" and applicable law). have been properly prepared in accordance WAth the Cfroperative and Community Benefit Societies Act INorthern Ireland, 1969 and the Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993. Basis for oplnlon We conducted our audit in accordance witb International Standards on Auditing (UK) ("ISAs (UK),) and applicable law. Oui re8pon8ibilities und¢r ISAS (UK) are fillther described in the Auditors. responsibilities for the audit of the fmancial ststemellts 8e¢tioi of our report. W¢ believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the group and as80ciation in accordance with the ethical requirernents that are relevant to our audit of th fmancial statements in the UK. which inrludes the FRC's Ethical Standard and we have fulfilled our other ethical re8ponsibilitics ir. accordance with the8c rcquircments. Conclusions relating to golng eoncern W¢ have nothing to rewrt in respect of the following matters in relation to which ISAS (UK) requir¢ u8 to rq)ort to you when.. the board'8 Use of the going concern ba818 of accounting ID the preparation of the fllwicial statements 18 not appropriat or the board has not disclosed in the fmancial ststements any identified materiaI uncertainties that may cast $ignifLcant doubi about the group8 and association's ability to continue to adopt the going conGern basis of a¢¢ounting for a period of ai lea8t twelve months from the date when thc fllwi¢ial ststements are authoTi5ed for issue. However. because not all future events or conditions can be P￿dicted, this statement is not a guarantee ￿ to the groups auda$$ociation'i ability to conlinue as a going Concern. Reporting on other information The other infotmation comprises all of the inforniation in the Annual Report other than the fmancial statements and our auditors, repori thereon. The board is responsible for the other infornlation. Our opinion on the fmancial statetnents does notcovcr the other infotmatiot an(L accordingly, we do not fApress an audit opinion or any forni of a88urance thereon. In connection with our audit of the financial Statements, our responsibility is to read the other Inforn￿￿On in doing so, considej whether the other information is materially inCODBi8tent with the fmancial statements or our knowledge obtained in the audiL 01 otherwise appears to bc materially mi&8tatcd. If we identify an apparent material inconsistency ormaterial misstatement, we are require( to perforni proc¢dures to conclude whether tILere is a rnaterial misstatement of the fmancial statements or a rnaleria] Lllisstaternent ol the other inlormatson. If. based on the work we have perfonned. we conclude that tbe￿ is a material misstatement of this oth information, we arc requittd to report that facL We have nothing to rq)ort based on these responsibilities. ResponsRbilities for the fmanclal statements and the audit Responsibilities of the board for the finydncial statenients As explained morc fully in the Statement of the responsibilities of the membcrs of the Board of Management set out on pages 12 anc 13. the Board is responsible for the preparation of the f￿ancial ststements in accordance witb the applicable framework and for ￿]n satisfied that they give a tNe,and fair view. The Board is also Tesponsible for such internal ¢ontrol &s it deterniines is necessary t( enable the preparation of financial statements that are free from material misslal¢menL whether duc to fraud or etror. Clanmil Housing Association Limited Independent auditors, report to the members of Clanmil Housing AssoeRation Limited (continued) 16 In preparing the financial statements, the board is rcspoLsibJe for assessing the ￿0Up and association's ability to Continue as a goillE concern, disclosing as applicable. matters relatcd to going concern and using the going concern basis of accounting unless the Boarc either intends to knquidate the group and association or to cease operdtions. or has no realistic altcrnative but to do so. Auditors. re8ponsibilAde8 for the audit of the IIDanei21 stitements Ourobjectives are to obtain re￿nable ￿uranCe about whether the fllmncial statements ￿ awhole are free from Th￿terIal misstatement whetlwdue to fraud or em)r. and to issue an auditors. ryjrt that includes ouropinion. Reasonable assurance is a high level of assuranc¢ but is not a guarantee that au audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists Misstatements can ￿lse from fraud or e￿Or ond are considered material if, individually or in the ag8regat¢, they ¢ould reasonably bc expected to iDfiuence the e¢cNonuc decistons of users taken on the basis of these fllwicial statem¢nts. Irre8uLaritie8, including frau4 are instances of non-cornpliance with law8 and regulation3. We design procedure5 in line with our responsibilities. outlined above. to detect material misstatements in respcct ofirregularitie4 includiag fraud. The extent to which our procedures are capable of detecting I￿]a[1ties, including fraud is detsiled below." We considered the opportunities and incentive8 that n￿Y exist within the comphny for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income and postitig of unusua1journ￿8. To address thoge risks we discussed the rlsks with client management and designed audit procedurc8 to test the liming of rev¢nu¢ re¢ognitioll and tested a sample of journals to confirni they were appropriate. A furtber de8CriPtion of our re8poD8ibilitie8 for the audii of the financial 8tatements 18 lo¢ated on the Financial Reporting Council, website at: www.frc.org.uklaudltorsresponsibi￿'1ies. Thi8 &scription fonDS part of our auditors, Teport. Uje of this report This report. including the opinion8. has been prcparcd for and only for thc mcmbers as a body in accordancc with section 43 of thc C(> operative and Community Benefit Societies Act (Nortbern Ireland) 1969 and article 19 of The Housing (Nortbeffl Ireland) Order 199x and for no other puryo8e. We do not. in giving thc8e opini004 accept or assume responsibility for any other pury>8e or to any othej person to whom this report ig shown or into whose hands it ll￿y Coll￿ save where expressly agreed by our prior consent in writing. Other requlred reportlng Co-operatlve gnd CommllDIty Benefit Soeietles Act (Northern Ireland) 1969 exception reportlng Under the Co-operative and Community Bcnefit Soci¢lies Act (Nortbern Ir¢land) 1969 we arc tcquired to report to you if, in OUT opinion: a satisfactory system of control over transactions ha8 not been maintained; or we have not received all the inforn￿tioll and ￿planatIOnS we require for our audit; or proper accounting records have not been kept by the association; or the association financial ststements are Dot in agreement with the accoun¢ing records. We have no exception8 to report ftri8ing from responsibility. Brian Clerkin (Senior Statutory Auditor) for and on behalf of ASM (B) Ltd Statutory Auditor Glendimiing House 6 Murray Street Belfast BTI 6DN 28th June 2024 Clanmil Housing Association Limited 17 Consolidated statement of comprehensRve income for the year ended 31 Mareh 2024 2024 2023 Note Thrnowr 52542249 5,916,953) 16.625,296 I J30,754 (1241,069) 707556 (6,912.114) {54.000) 10,456,423 (60020) 589 000) 9106,603 77206J67 87,012,970 47,538571 (34.432,582) 13.105,989 1.954,050 (1,846,379) 178,855 (5.551,329) {26,000) 7,815,186 237,483 650.￿0) 7.402,669 69,803,698 77,206,367 CQ8ts OFratiDg sur￿ll5 sU￿lUs arising from disposa]s offred assets Trnnsfer to disposal proceeds fund Interest ffceivable and simiiar incont Tnterest payabk and silllllar Cha￿e8 Othcr fiDance (¢ostsyinconr sur￿￿8 on ordinary actiiities Revaluation of InvestnTht Properties Actuatial ainl(loss) in res ect of Pension 5chery RetsInedsUr￿U￿ for the fjllanclal ye¥r Retaincd surplus brou ht fonvard Retsinedsur us carrledforward io li 12 13 17 33 All amounts above relate to continuing operatiODS of the Group. Consolldated statement of changes in reserves for the year ended 31 March 2024 2024 2023 Surplus on ordinary activities Movenrnt in $h2rc capital Revaluation of tnvestnEnt Propertics Actuarial ainl loss) in tes c¢t of Pension schcn Nct addition to capital and reserves ening total ca ital and reserves Closln totsl c "tal andresenEs 10,456A23 (i) (60020) 589.000 9006.602 77 06J78 87 012.980 7,815,186 26 17 33 237,483 650,￿0) 7,402,670 69,803,708 77.20fi378 The notes on pages 21 to 49 forni part of these fllLqncial statements. . Clanmii Housing Association Limited 18 Associatlon statement of comprehensive income for the year ended 31 March 2024 2024 2023 52,665ffj68 36 029334) 16,636,434 I J30.754 (1241,069) 707J56 (6,912,114) 54,000) 10,467561 (60,820) 589 000 9,817,741 17 47.801,339 34,755,444 13.¢X5,895 1,954,050 (1,846J79) 178.855 (5551 J29) c￿ts OFrating Sur￿ll$ Suryjlus atiqing fromdisposaIs of fjxed Asscts Trnnsferto disposalproeceds fund Intcffst ttccivable and sirnijar inconx Jntcrest payabk and sinrilarchargcs Other finance costg sUr￿u8 ￿ ordnary aetlTrlde8 RevaiuatK)n gain/ (bss) on Inve8tnYnt Pn)pertie8 ActhaTial ailll loss in tcs ect of Pension schen RetalDedJunlus for the flnanclgl year Betaincd SU lus brou ht foTrvard Retslnediur u$ c￿r1edfO￿Vd 10 12 13 7,755.092 237,483 650.0(J) 7,342,575 69,685.742 77,028,317 17 33 86 All amounts above relate to continuing operations of the A880ciation. Associatlon statement of changes In reserves for the year eDded 31 March 2024 2024 2Q23 Surplus on otdinary actkvlties Movcnrnt in Sha￿ capital Revaluati)n gain/ aoss) on JnvestTh£nt Propertics Actuari741 gainl k)ss) in tts ect ofPcnsion schcn Nct addition to capital and reserves Opening total c8Pltal and reserve8 a05ill tsi Andres¢rJtg IOh67J61 (i) (60,820) 589,000 9017,740 77,028 28 68 7,755,¢YJ2 26 17 33 237.483 (650,¢XJO) 7,342,576 69,685,752 77,028.328 The notes on pages 21 to 49 forni part of these fllwicial statements, Clanmil Housing Association Limited 19 Consolidated statement of flnancial position as at 31 March 2024 2024 2023 Note Flxed asset8 Hou8Ang properties - depreciated cost Investtllent Properties Other tangible fixed assets InvestnKDts 14 17 16 18 580,964,119 17,503,194 2.039,991 20.085 600527.389 557,513.756 17,557,555 2,I03,918 20.085 577 195 314 Current assets Assets beld for resale Debtors Inveslnxnts Cash at ballk in lllnd 19 20 21 24,1 16,318 18.954,304 9 578.621 52,649,243 19.083.518 2,533.466 8 438 217 30,055201 Creditors: An￿unty fa￿n8 due Ivlt]thi one year 22 (39.659.860) (37.130,750) 4et current is$etJ Total assets lesi current llabllltle8 12,989J83 613 516.772 7 075 549 570 I19 764 Credtrorj: all￿￿ntI falling due after n￿re than one year Penslon defftlt Net assets 23 (525,024.792) (491,506.387) 33 1479 000 87.012.980 1407.000 77 206 377 C2pltal And reserves Called up slwe capital Revem* reserve Tot￿ funds 26 io 87 012 970 87.012,980 li 77 77 206 378 The fmancial ststernents on page8 16 to 49 were approvd by the Board of Management on 28th June 2024 and were signed on it8 behalf by: M Monaghan Chalr of the Board M Mccann Wice-chatr of th¢ Board Crtyo C McTaggart Secretary of the Board Clanmil Housing Association Limited 20 Assoclation statement of financial position as at 31 March 2024 2024 2023 Notc Ixed•gets Housing properties - deprcciatcd cost Tnvcstnrnt Properties Other tangibk fiy£d asscts InvegtnKnts 14 17 16 18 580.964.119 17J03,194 2,039,991 25,087 600032 91 557.513.756 17,557,555 2,090,479 25,087 577,18A877 Current *sets Assets held for resalc D¢btot5 InVeSt￿rnts Cash at bank and in hand 19 20 21 22243?10 18,954J04 9￿91,605 50289319 16,865,840 2,533,466 8,057.075 27,45fj381 Credton; faulng tkne Nithiu one year (37871,750) (34,701,543) Net ¢urrent aS8ets 19Nlltle8 Totsl ￿Sets less current118trAllde8 12,817,469 613 7,245,162 569,941,715 Credith: amounts falllng the after more one )tar Penslon thfj¢lt Netlqsets {525,024,792) (491.50&38D 33 86,846 068 77.02&328 CaFl¢al and resenes Callcd up 8hatc capital Revenue r¢serve Trtal funth 26 io 86046,058 86 46.068 li 77,028J17 77,028,328 The fllwicial ststernents on pages 16 to 49 were approved by the Board of Mattagement 00 28th June 2024 ar￿ wer¢ signed on its beI￿lf by: M Monaghan Chalr of the Board MMCC Vice-chalr of the Board C McTaggart Secretary of the Board Clanmil Housing Association Limited 21 Consolidated cash flow statement for the year ended 31 March 2024 2024 2023 Note 27 Iyet ea8h Inllow from o eratin actlvities Cash flow from invesdng actlvldes Purchase and de￿lOpD￿llt of housing properties Housing Association (3rant and other wts Voluntary Purchase Grant Receipts from di8posal of housing properties PuTchase of other tangible assets Interest received Net ca$b used in InveBthI Acdvltles Cash flo￿ from fjnanclng aellvltlei New loan8 Loan principal repay7uents Allotment of Shares IDt¢rest paid Plet cish used kn fjnjncln Ydcdvldes Net lllerease In eash and Cfd$b equlvalenti Casb and cash cquivalents at the be￿ill￿ of 16 994 623 11,558,533 (36,778,802) (30.734,395) 17,694,612 14.330,865 435,216 533,391 2,354,653 5,457.511 (253099) (289,855) 676 996 90.191 15.871.224 10.612,292) 35,000.000 40.000,000 (12,335.964) (32.543.473) 6,226,193) 16 437 843 17,561,242 5.527.228) 1,929,299 2,875,540 10.971,683 8.096,143 CA8h and ¢a8h equlvalents At the end of the 28129 28,532.925 10,971,683 The notes on pages 21 to 49 forni part of these financial statements. ' Clanmil Housing Association Limited 22 Notes to the finalleial statements for the year ended 31 March 2024 General informatlon The group and a880ciation's principal activity during the fu￿￿la1 year was providing high quality, affordable homes for rent throughout Northern Ireland and to help facilitate home ovmership for people who catuwt afford to purchase a home outright. The group is registered under the Cowoperative and Community Benefit Societies Act ￿ortbern Ireland) 1969 and don)iciled in tbe UK. Ihe address of thc ￿gIStered office 18 NOrt]￿rn Whig House, 3 Warillg StrecL BelfasL BTI 2D Statement of compliance These financial statements of Cl8nmiJ Housing Association Limited have been prepared on the going concern basis in compliarnee witb United Kingdom Accounting SL￿dards. including Financial Reportiug Standard 102, "The Financial Reporting Standard applicable iu the United Kingdom and the Republic of Ire18nd" ("FRS 102") under the historic￿ cost Convention, and in accord8uGc with applicable accounting standards in the United Kingdom and Ststement of Recommcnd Practi¢¢ for Accountmg by Registered Socia] Lan(llords. The principal accounting policies, which have been applied consistcndy throughout tbe year, ar¢ sct out below. The presentation of the ruw￿1&1 ststemeut8 complies with the Registered Housing Associations (Accounting Requirnnents) Order (Nortbcrn Ireland) 1993. Summary of slgnificant accoulltlng pollcles The piincipal accounting policics applied in the prepeTrtion of these fmancial Statements are Set out below. These policies hav¢ been consistently applied to all the ye￿8 presented, unless otherwise stated. The company has adoptsd FRS 102 in the8e fllwicial statements. The 5igllifiGant accounting policies adopted by the group are as follows: B￿11 of preparadon of Ilnanclal gtfdtements These con801idated and ￿ep￿at¢ fllwicial Statements are prepared on a going concetll basis, under the historical cost Gonvention, except for tbe revaluation of investment propcrties. The preparation of fmallcial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group and as80¢iation accounting policie8. The areas involving a bigher degree of judgement or complexity, or areas where 8sumptions and estimates are 8ignific8nt to the financial statements. are disclosed An note 4. Basil of consoudatlon The group Statement of comprehensive income account and Statement of fllwicial position include the fmancial statements of the group and its subsidiary undertakings made up to 31 March 2024. ￿tra group transactions, any unreali8ed profitsllosses arising and intercompally balances ar¢ Climinated fully on consolidation. Forelgo currendej Transactions and non-monetary assets, d¢oominated ID foreign currencies, are translated at the exchange rate at the date of the transactioL Monetary a55et5 and liabilities denominated ill foreign currencies are retranslated at th¢ rate of exGhange rnliog at the statement of financial position date or the exchange rate of a related foreign exchange contract where relevant. The resulting exchange gains or IosBes at¢ dealt with in th¢ income and expenditure &c￿UllL Revellue recognition Revenue is measured at the fair value of the CODsideration received or receivable and represents the amount re¢eivable for goods supplied or services rendcred, net of Teturns, discounts and rebates allowed by the group and association alld value added t&xes. The group and association bases its estimate of retu￿5 oll historical results, takitig into consideration the type of customer. the typc of traDsa¢tion and the Sp￿1f1cs of each arrangement. Where the consideration receivable ill cash and cash equivalents is defeTred and thc azrangement COn8tilutes a fmancing transactio￿ the fair value of the ¢onsideration is measured at the present value of all future receipts using the imputed rate of interest. The group and association recogtiises revenue when (a) the Significant risks and rewards of ownership have been transferred to the buyer. (b) the group and association retsins no continuing involv,eD]ent or control over the goods; (c) tbe amount of revenue call be measured reliably. (d) it is probable that future economic benefits will flow through tbe group and association and (e) when the specific criteria Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 Summary of signlfieaDt aecounthig policies (continued) relatiDg to each of the group'and association's sales channels have been met, as descnbed below and in note 5. Net rentsl income Income includes rent and service clwge income arising from the provision of housing A￿0mMOdatiOn and the amortisation of Housing Association GTaut. Income is recognised in the period to which it relates. il) Flrst tranche equity SAles Pmceeds from the first tranche disposa18 are accoutt*d for as ttrnover in th¢ Ststemellt of compr¢h¢n8ive income in the period in wbich tbc disposal occurn. Other income Other income is recognised in the Statement of ¢omprchensive income and retained earnings wben dLe tenn$ of revenue recognition have been met. Ernployee benetits The group provides a range of benefits to employees. including paid holiday arrangements And defjncd contribution pension plan8. i) Short term beneflts Short terni benefits. including holiday pay and other similar non-monetary benefi￿ are recognised a8 an expen8e in thc period in which the benefit 18 received. DefiDed eoDtrlbutlon pell￿0￿ plani The group operates a defmed contribution schemc for certain employccs. A defmed contribution plen 18 a pension plan under which the company pays fLxed contributions into a separate entity. Once tILe contributions have bcenpaxd the group has no further payment Obligatio￿8. The contributions arc rcGognised a8 an expeD8e when they are due. Amounts not paid are 8bown in accrnals in the statemen¢ of fmancial position. Th¢ asset8 of the plan are held separately from the group in independently admini8tered lll) Multi-employer penslon plan The Group operates a def￿ed benefit scheme through the Social Housing Pension Scheme (SHPS). From the year ended 31 March 2019. it was possible foi the fwst time IOT the Group to account for the plan as a d¢fmed benefit plan. It prcviously accounted for the plan as a def￿ed contnl)ution scheme. Similar to the year end 31 March 2023. the assets and liabilities relating to the defmed benefit plan bave been recogni￿ in the financial 8tst¢ments as at 31 March 2024 (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 fllwicial statements. Pension scheme assets arc mcasured using market value. Pension srherne liabilities are measuKs using the projected UDit method and dis¢ouated at the current ratc of return oo a high-quality corporate bond of equivalent terni to the liability. The iDcrcase in the present value of the liabilitic8 of the Association's defmed pension scheme arising from the employee service in the year is cbarged to operating SUTplus. The net interest oll the deficit or surplus is included iu other finance costs. Actuarial gain8 and losses are Tecognised in th¢ statement of total recogoised SUTpIu8es and deficits. . Clanmil Housing Association Limited 24 Notes to the financial statements for the year ended 31 March 2024 Tangible fixed assets Housing properttes The group operatC8 a thll component arKountitig policy inrdation to the capitslisation and depreciation of its completed housing slock. Other houslng propertles For housing acquired by the Association to provide a supply of affordable homes on an equity sharing basis. 8ales proceed8 are accounted for in the StatcmeDt of comprehensive income account with proceeds recorded in turnover and cost8 in cost of sales in accordance with SORP. Tbe Association's shll￿ of the costs of developing the prwty are disc108ed io taD8ibl¢ fixed assets - housing prnpertie8 (note l4). Illvestment Properdes Commercial properties and residential properties for nwket rent are held at rn￿et valuation in the Statement of Financial Position (note 17). The aggregate wlus or deficit arising from any movement in year end valuation 18 accounted for in thc ststement of Comprehensive tn¢ome. Other fixed agsets Other fLxed a&8ets are stated at cost. Houslng AiioclAdon Grant and other grants In line with the rwirements of the Hou8ing SORP, Housing Association Grant and other grants received as a contribution towards the capAtal costs of housing properties of the A8SOCi8tion arc inGluded as 'Creditor8: amounts falling du¢ after more than one year. and 'Creditors: amounts falling due within one year. rather than Set agaI￿st the capitsl cost and are amortised to the Statement of comprehensive illcome as per the turnover policy above. Housing As80ciation Grant received against revenue ¢xpenditure is credited to revenue in the period in which the related expendifure 18 charge(L Such 8ran18. although treated as a grant for accounting puo)08e8, be repayable under c¢rtain circumstance8* prinjarily following the sale of hcwiDg propety, but any amount repayable would be r¢stsicted to the llct pmceeds of the sale. Depreclallon and Impalrment ouslng properdes Housing properties are sph't between laod. stsvGturc and major coD]POn¢Dts which require periodic r¢plaGem¢ot. Rq>laGem¢nt orrefurbishment of such majorcomponents is capilalised and depreciated overthe estimated useful life which hasbcen set takiDg into a¢Gouut professional guida￿¢ aDd the wp's a88¢t n￿￿g¢Ille0t strategy. In determining th¢ T¢mal￿g usefjjl lives for the housing 8to¢K the group has taken account of view8 provided by both internal and external professiot￿l sourc&8. Fre¢hold land is Dot subject to depreciation. Depreciation is charged 80 as to write down th¢ cost or valuation of the freehold housing propertie3 and major conwonents on a straight-lill¢ basis over their expected use economic liv¢8. Clanmil Housing Association Limited 25 Notes to the financial statements for the year ended 31 March 2024 Major comEN)nents are treated as sq)arable assets 2nd depreciated over their expected economic lives or the lives of the sttvcture to vthich they relate. if shorter. over the fr)Ilowing perio&s: Main fabric Roof structure and coverings Windows and external doors Heating System boilers Kitchens Bathroom8 Mechanical 8yStems (heatiog, vcntilation, plumbing) Electrics Lift 100 years 70 years 30 years 15 years 20 year5 30 years 30 year8 40 years 20 years Housing assets are depreciated in the month of acquisition, or io the case of a 18rger project, from the rnonth of completion. Where there 18 evidence of impairn]ent, the fLxed assets are written down to the recoverable amount and write down would be charged to operating suryilus. Other tYdDglble fixed assets Depreciation of other f￿ed a8sets 1$ charged on a S￿ht-line basis over the estimated useful economic lives of the assets at the following annual rates: Frechold buildings Office fi￿ltUre and fittings Fixed asset propety Motor vehicles 2% oncost IOO/o to 20% on cost IO% on cost Subwuent additioDS and major componellts Subsequent costs, including major inspections, are included in the assets carying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits a&8ociated with the it¢m will flow to the group and the cost can be ￿e￿ured ￿liabLY. The carrying amount of any replaced component is derecogni8ed. Repairs, maintenance and minor in3pection costs are expell￿d as incurred. Derecognition Tangible assets are dereco8nised on disposal or WI￿1 no fvture economic beDefits are expecte(L OD disposal the difference between the net disposal proceeds and the carrying amount is recognised in the Statement of comprehen8ive income. Leased M8ets At inception th¢ group a&8esses agreements that traDsfcr the riEbt to use asse￿ The asse&sment considers wlther the arrangement As, or contain4 a leasc bascd on tbe substance of the a￿eMe￿L Operathig leased a55ets Lea5¢s that do not transf￿ all the risks aDd r¢war&s of ownoT8hip are classified as operating Ic&qes. Payments urjder operating le&8es are charged to the Ststement of comprehensive income on a straight-linc basis over the period of the lease. Cash and caab equivalents Cash and cash equivalents include cash io han4 deposits held at call with baDk4 other 8hort-terni highly liquid investLDents with original maturities of onc month or less and bank overdrafts. Baok overdrafts are shown within botrowings in liabilities. . Clanmil Housing Association Limited 26 Notes to the finallcial statements for the year ended 31 March 2024 Current ￿Set Investments Cuffent asset inve51ments are inveslmcnts in short-terni deposits with an original matiwity between one alld twelve months. Illvestnient In subsidiary compally lovesttDent in a sub8idiary Company is held at cost le$$ accumulated impairnient losse8. ImpalnDent of non-fwallclal assets At each Statement of fuMncial position date non-fmancial assets not canied At fair value are a88es8ed to deterniine whether there is an indxcation that the asset (or asset's cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or a88et's cash generating unit) 18 compared to the carrying amount of the asset (or asset's cash generating unit). The recoverable amount of the asset (or asset's cash generating Ullit) is the higher of the fair value less costs to sell attd valu¢ in use. Value in use is defmed as the present value of the future cash flows before interest and tsx obtainable as a result of the asset'8 (or asset's cash generatmg Unit) continued use. Thesc cash flows discounted using a pre-t&x th'scount rate that represents tbe ¢urrent mat*et risk-free rate and the risks inhcrent in tbe &ssets. If the recoverable amount of the a&8et (or asset'8 cash gcncrating unit) 18 estimated to be lower than the carying amounL the arrying amount is reduced to its recoverable amount. An in)pairnient 1088 18 recognised in the Statement of comprehensive income and retsined camll￿8. unle88 the ￿et bas been revalued when the amount 18 recognised in other comprehensive income to the extent of any previously rccogni8ed revaluatioL Thetcats any ex¢e88 18 ttcognised in the Ststement of conwrehensive income and retained e8rnings. If an impairment1088 18 subsequently reverse4 the carrying amount of the as8et (or asset's cash generatitig unit) A8 increased to thc revAsed estimate of it8 recoverable amount. but only to the extcntthat the revised carrying amount doe8 not exceed the Carrying arnount that would have been detennined (net of depreciation or amorti8ation) had Lo impairment loss been recogni8ed in prior periods. A rev￿SaI of an impairni¢nt10&8 i8 recognigcd io the Statement of comprehensive income and retained eamings. i) Provlslons Provision$ are reCO￿lS¢d when the company ha8 a present legal or constructive obligation as a result of past events" it Is probable that an outfiow of resowces will be required to settIe the obligation" and the amount of the obligations can be estimated reliably. Where there are a number of similar obligations. the likelihood that an outtlow will be required in 8cttlemcnt is detennined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outt]ow with respect to any one item iticluded in the same class of obligations may be small. Provisions are mcasured at the present value of the expenditures expected to be required to settle the obli8ation using a pre-L rate that refiects current market as8essments of the time value of money and the risks specific to the Obligatio￿ The increase in the provision due to passage of time is recognised as a cosL ContlDgen¢l Contingent Jiabilities, arising &8 a result ofpast events. are not recognised when (i) it is notprobable that there will be an outtlow of resources or that the 8mount cannot be reliably measured at the reporting date or (li) when the existence WAll be CODfiTmed by the ocCu￿enee or non-occurrnce of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the fmancial slatemcnts unless the probability of an outtiow of resourres is remote. Clanmil Housing Association Limited 27 Notes to the financRal statements for the year ended 31 March 2024 Flnallcial Instrnments The group has chosen to adopt Section8 1 l and 12 of FRS 102 in respect of f￿anCIaL I￿St￿llnents. Financlal asffets Basic financial assets, including trade and other receivables and cash and bank balancc8 are initially recognised at transaction price, unless the atrangement constitutes a fllwicing transactio￿ where tbe transaction is measured at the present value of the future receipts discounted at a market rate of interest. Su¢h assets are Subsequently carried at amortised cost using the effective interest rAetho At the end ofeach reporting period financial assets measured at cost are assessed for objective evidence of impairnlent. If an asset As impaired the impairment loss is the difference between the carrying amount and the present value of the ¢stimated cash flows discounted at the asset's original effective interest rate. The ijyinllent loss is re¢ogDised in Statement of compreFLensive income and retained earnings. If there is a decrease in the impairnient loss arising frotn an event occuning after the irnpairnient was recognised. the impairnlent is reversed. The reversal is such that the current caryiog amount does not ¢xceed what tbe cgrying aroount would have be¢n had the impainnent not previously been re¢o8niged. The impairment reversal is recogni$ed in Ststement of comprehensive income And retaitied earnings. Financial assets are derecognised wheTh (a) the contractual rights to the cash flows from the a￿et expire or are settled, (b) substantkally all the risks aud reward8 of th¢ ownership of the ￿Set are transferred to another paty or, (c) de3Pite having retained Some significant risks and rewards of ownership, control of the asset has been transferred to another paty who has the practical ability to utiilaterally sell the asset to an unrelated third party without imposing additional rutrictions. Other fwancial assets, including inveslnLent8 in equity instruments wbich are not subsidiaries. associates or joint ventures. are initially measured at fair value, which is nornially the transaction price. Sucb assets are subsequently carried at fair value alld the changes in fair value 8re recognised in the Ststement of comprehensive income and retained earning4 except that Investments in equity instruments that are not publicly trad¢d and whose fair values caonot be measured reliably are measured at cost less impainnent. ll) Flnaneial llablllde8 Basie fuwicial liabilities. including trade and other payable8, bank loans and loans frorn fellow gD)up companies, are initially recoguised at transaction price, unless the arrangement constitutes a f￿anG￿8 transactio￿ where the debt instrument 18 tlleasured at the present value of the receipts th'scounted at a market rate of intere8t. Debt iQ8lnunents ar¢ subsequently carried at amortised cost, using thc effective interest rate metho Fees wd Oll the establisbment of loan facilities are recognised as transaction ¢03ts of the loan to the cxtent that it is probable that Some or all of the fa¢ility will be drawn down. In tbi8 ￿Se, the fee is deferred until tbe draW￿OWn occurs. 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 ond aLnortised over the period of tbe facility to which it relates. Trade payables are obligations to pay for goods or services that have been acquited in the ordinary course of business from supph'¢rs. Accounts payable ate classified as current liabilities if payment is due within one year or less. If DOL they are P￿ented as non-current liabilities. Trade payables yrc recogniscd illitidly at transaction price and subsequently measured at amortised cost U8in8 the effective intcrcst metho& Di5P0581 proceeds fllnd The net sury)luse4 after loan repayments, that arise from the sale of propety to tenants under thc voluntary purchase gtant aTrangements instituted by the Departtnent for CommuDities can be utili8ed by the Association (notc 10). If the surpluses are notused within two years of receip¢ they maybe payable in part or in to th¢ Departoientfor Communitie3. Clanmil Housing Association Limited 28 Notes to the financial statements for the year ended 31 March 2024 Restrlcted fund Under thc tcnns of tbe Supporting People Funding Agreemcnt (Schedule 8. paragraph 4) Supporting People funding must be identified as a Restricted Fund. Income and expenditure relating to Supporting People has been dcnoted as restricted (note 36). Supporting People reserves, if applicable, are held separately and denoted a8 Restricted Funds. Any defi¢it is offset against a Crltical accounting judgements and esthnadon uneertalllty Estinwtes aThd judgethents made in the process of preptiring the Group and Association fu￿1¢la1 statement8 are conlinually evaluated and are based on bi8torical experience and other factors. includin8 cxpectations of future events that are believed to be reasonable under the circunLStances. (a) Crltical Judgement ill #pptylllg the eDtIty's aecoullting policies There are no critical judgements in applying the entity'8 accounting policies. (b) Crld¢al Ae¢ounthig e$tlm2te8 and a88umption$ The Board of Managernent makes ¢8timates aod as8umptions conceTning the future in the process of preparing tb¢ Group and Association fllwicial Statements, The e8tirnates and assumption8 thai have a Significant risk of causing material adjustsnent to the Garying 8mounts of a8sels and liabilities within the next financial year are addressed below. Usefvl economlc lives ofhousingproperlies The aDnual depreciation on R￿uSIng properties 18 Sensitive to cbanges in the estimated u8ethl economic live8 and residual values of the asscts. The u8eful economic lives and residual values are reviewed annually. They are amended when necesgary to reflect current e$timate8, based on future investments. economic utilisation and the phy8ical condition of tILe assets. See note 14 for the carrying amount of hous1￿ properti¢8 and note 3 for the usefill economic liv¢8 for ¢aGh Gomponent of hou8in8 propcty. There are no other Gritical accounting ¢8timate8 and a88umptsons. Analysls of ￿rn0ver Thrnover and results relate to the group's main activities which are carried out in the Unitcd Killgdom. Turnover represents rental and Service cllarge income and residential charges for housin8 with care, net of voids. It also includes fwsLtranche equity share sales, &mortisation of grants, income arising on the l¢as¢ of a property to a related company> service8 provided to other Housing Associations and special needs tllanagement allowance (interim protection) received for the provision of housing with Operating c08ts Group 2024 Associ&tlon 2024 2023 2023 Direct costs AdmI￿trative e 29.153J03 6.763ffj50 35916.953 28,283,2ll 6 149J7l 34432 582 29528,767 6JOOA67 36.029.234 28,951,710 5,803.734 34 755,444 en8es Clanmil Housing Association Limited 29 Notes to the financlal statements for the year ended 31 Marcb 2024 Operating surplus Group 2024 Assoelatk)n 2024 2023 2023 This b stated after eharglngl(eredAtl￿. Staff c08ts (note 8) Depreciation AD*)rtisation of ￿allt Release of rAPital ￿ant A￿ditors. renllwration a￿￿"t 8erviGc8 IOJ13J58 9.165,848 10370,090 10,465,755 {8,691A25) (7.709,196) {2J61007) (3,859,922) lo213￿58 102S&951 (8.691825) (2J61,807) 9,165,848 10,450.903 (7.709,196) (3,859,922) 36,720 32.500 27,120 23,600 Employee infonnatioll AJ$￿1￿11 2024 2024 2023 Stsff costs Wages and sa]aries Social security c08ts Other cnsion costs 7.977.775 699035 1535,948 io 13 58 7.445,815 670,959 1,049,074 9,165,848 7.977.775 699035 lJ35 48 10213 558 7.445,815 670.959 l.(b19.074 9,165,848 2024 2023 2024 2023 Awrage DH￿thIY numi*r of Frson8 enulo)tdthrlDg the flnanttsl year by Adnmniqtrntion 165 162 165 162 Schenr COwordinator8 and ancillary staff 102 104 102 Sup orted housin 61 330 59 323 61 330 59 323 Executive team's emolumeDts Thc renllnerntion ofthc manage￿nt T&qmof the Association during the ycar was: 2024 2023 (Rcstated) 2024 2023 (Restated) Aggregate enr)lullrnts Pension conthbutions 645,980 167,797 813,777 558,016 IEt).033 7L8.049 645980 167.797 813.777 558,016 160,033 718,C49 Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 Prior year comparatives have been restated to reflect executive team emoluments instead of extended management team emoluments. This only reflects executive directors, remuneration. Executive team's emoluments {continlled) The emoluments to the highest paid executive team member (currently included within the above table) are as follows: Group 2024 A8SOClgtion 2024 2023 Aggregate enKilUt￿ntS 147255 129,532 147255 129,532 The number of manasem¢nt team members to whom emoluments were paid during the year falls within each of the following bands: Group 2024 No Association 2024 2023 2023 Sala Band: £145.000 - £150,000 £140,000 - £145,000 £135,000 - £140,000 £130,000- £135.000 £125,000- £130,000 £120,000 - £125,000 £115,000 - £120,000 £I10.000 - £115,000 £105,000- £110,000 £100,000- £105,000 £95.000 - £100.000 £90,000 - £95,000 £85,000 - £90,000 Total Members of the Board serve in a voluntary capa¢ity, and none were in receipt of emoluments during the year. The Board and Committee members were reimbursed for expenses totalling £2,714 during the year (2023: £5,266). ClanmRI Housing Association Limited 31 Notes to the financial statements for the year ended 31 March 2024 10 Transfer to disposal proceeds fund Grnup 2024 Association 2024 2023 2023 Proceeds of disposal recialion on ro 2,ISS,000 913,931 1241,069 623,275) 617,794 3,175,000 1.328.621 1.846.379 .154.669 691710 2,155,OlJO (913,931 1,241,069 623,275) 617,794 3,175,000 1.328.621 1,846,379 1154 669 691.710,, erties dis osed Util isalion of dis osal roceeds fimd Balanc¢ of disposals proceeds fund is included in creditors see notes 22 and 23 I I Interest receivable and similar income Group 2024 As$o¢lAtion 2024 2Iy23 2023 Interest receivable 707J56 178.855 707J56 178,855 12 Interest payable and similar charges Group 2024 Assoclltion 2024 2023 2023 Housing property loans Bank interest and char 909,607 2,507 6,912,114 5,547,763 3,566 5,551,329 6,909,607 2007 6,912,114 5,547,763 es 5.551.329 13 Other finance costs Group 2024 Association 2024 2023 2023 Other finarKe costs arising on pension scheme S4,￿0 26.000 54,000 26,000 Clanmil Housing Association Limited 32 Notes to the financlal statements for the year ended 31 March 2024 14 Fixed Assets Social Soci91 Housing Equity Share Housing Propertles Equity Share Properties Properties under Propertles Held vnder Held for constrnctloD for Letting Construction 2024 2024 2024 2024 Total Group andA$8oci4don 2024 Cojt At I ApTii 2023 Additions - Schenrs Coryiktcd Additions - Capitaliqcd Pknnned Maintenance 629,862J96 13,1514 1,745,441 1,094,003 645,854.3Crf) 8,385,447 (8385.447) I,N,003 (1,094.W3) 4,225.31J) 4225J(M) Additions - Wod( in Progre88 32510,617 221,719 31732,336 osa (473,502) 4.729,778 At31 Ilfarch 2024 638316J67 37.277 630 2087,661 678.082 158 De￿e£latiOn At l Apnl 2023 alge forihe year Dis osaL8 At 31 March 2024 (88,224,915) (9,913,242) 1.156,792 96.981,365 (115,628) (41,322) 20,276 (136.674 (8&340,543) (9,954,564) 1,177,068 (97,118,039) Net wlue At 31 Mareb 2024 At 31 I￿ArCh 2023 Net amount coryisel: Freehddw•￿rty 1¢￿eh￿d 541,235,502 541,637,481 37,277,630 13.152,460 2,450,987 1,629,812 580,964,119 557,513,756 1,094.L 389,749,958 151,485.544 541,235,502 37,277,630 1,059,930 1,391,058 2,450,988 428,087,518 152.87Afl12 580,964.120 37277,630 Net cony15es: Q)ryleted schellrs Properties under construction 541235,51Y2 2,450,988 543,686,490 37277,630 37277.630 541,235,502 3727T.630 2,450988 580964,120 Clanmil Housing Association Limited 33 Notes to the fiDancial statements for the year ended 31 March 2024 15 Tangible fixed assets - Housing Associadon and other grants Soclal Houslng Social llouSiDg Properties lleld Properties under for Lettlng8 con8trncttOn 2024 2024 Total 2024 Group aThl Assoelatlon AssoclAtlon and other grants At l April 2023 (378,636282) (8,l63,598) (386,799.880) Additions . Schcllts Coryleted Additio]]8 - Capitsli8ed PlaDtKd MaintenAnce AdditioL8 Work inPrngress 0$818 At 31 Mareh 2024 (9.882,090) 9,882.090 (332.045) (332,045) (18,922.757) (18.922,757) 2 361807 403 692 875 2 361807 386.488,610 17 204 265 Anybrtisitlon At l April 2023 Cb8rge for Itar Dis 8a18 At 31 MArch 2024 68J49?22 7,721,169 875 773 75 194718 68,349,322 7,721,169 875 773 75 194.718 Net ljook value At 31 March 2024 (notei 23124) At 31 March 2023 (￿te& 22123 (311293,892) (17204,265) (328,498.157) (310,286,960) (8.163,598) (318,450.558) . Clanmil Housing Association Limited 34 Notes to the financial statements for the year ended 31 March 2024 16 Other tangible fixed a88ets Freehold Office buildlngs furnlture and equipment Motor veblcles Tot Association At l April 2023 Additioo8 DAsposals At 31 Marcb 2024 2243,397 3,783 3,070,101 250,116 5,313,498 253,899 2 247 180 3 320 217 5 567 397 DepreclatioD At l April 2023 Cbargc for year Disposals At 31 March 2024 1209,169 54,202 2,013,850 250,185 3223.019 304J87 1263 371 2.264 035 3 527 406 Net book amount At 31 Mareh 2024 AtIA 'I2023 1056 182 51 2.039 991 2,090,479 1,034.228 GroupotlKr tangible fixed a88ets include leaseholder improvements of £nil (2023 £13.439). Clanmil Housing Association Limited 35 Notes to the fmanclal statements for the year ended 31 March 2024 17 Investment Property Commerclav Private Propertles IIeld for Letting 2024 Total Prlvate Properdes under Contnwlion AssoclAtlon 2024 2024 Cost or valuatlon At l April 2023 17,193,000 364.555 17,557,555 Additions - Work in progres8 Revaluation gainat 318t March 2024 Plamd Mtce additions 364,555 (364,555) (60,820) (60,820) 6.459 6.459 At 31 March 2024 17 03,194 17,503,194 The valuation of inVeStn￿nt properties held for letting was carried out at 31 Mawh 2024 alld 18 based on their matkct value a8 at that date. The valuations acr088 the Group were carried out by CBRE Limited, a of RICS registered valuers in accord&oce with Royal In8titute of Chartered Surveyors ('IUCS') Valuation- Global Standards and the UK national Supplement using qualified chartered surveyors who had sufficient curreDt local and national knowledge of the particular markeL and skills and understanding to undertake the valuation competently. Investment properties under construction a valued at cost. The companies have adopted the provisions under section l6.l and 16.2 of FRS 102 ill relation to the revaluation of their inve$tEnent properties (fair valuc movemeDts being taken to the Statemcllt of CompreheDgive tncomc). On consolidation of the Group's housing propety valu¢8, any unTeali8¢d 8urplu$¢s deriving from inter-group propety sales are removed. 18 Investments Croup 2024 Cost At l April 2023 20,085 At 31 March 2024 20,085 The group owns an investment in 8harc capital in MORHOMES PLC, a company registered in England and Wales. The company's registered address Is the 8th Floor, 71 Queen Victoria StreeL London. Greater Loodon, EC4V 4AY. The compaoy's principal activity is fmancial internieth'atio Associatloo 2024 Cost At l April 2023 25,087 At 31 I￿hr¢h 2024 25,087 Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 AS well & the Group investments listed above the investment represents the Association's holding in wI￿llY owned 8ubsidiary companies, (i) Clanmil Properties Limited, (li) Milbreen Limited and {iii) Clanmil Developments Limited. The register¢d addresses of these companies hre Northern Whig How, 3 Waring Street, BeJfasL BTI 2DX. The principal activities of these companies are (i) the management of commercial property rental8 and the provisioll of services to housing a88ociations and property tnanagetllent companies (li) dormant company and (iii) the provisioD of propety development services. In addition. we hold 85 shares in management companies in which the association h&q beneficial inter¢8ts ID properties. 19 Debtors Group ioEl*tlon 2024 2024 2023 2023 Renfal Debbrs (Iross-Ttelllll¢al R¢Mal Debtr)rs Gross- Non.trLknical Provision for bad deb Nei rerrtAI rat¢s. scrvice c Dcbknrs PTepayrnits and acentd Awon Housing AsyocialionGr&nt receivable idi uNl¢ngki 1049,448 1274J53 178J32 40.775 50IM247 32,940 11934J56 1.704.939 914.179 1476 627 .142,491 4,865,668 2.798,070 10.277.289 2,049,448 1,274,553 1,704.939 914.179 1476.627 1.142.491 4.411.013 736564 10.277289 298 483 16,865.840 d¢bknr8 1.540 775 5,569,763 840,050 13,934JS6 No 37 18 19083 518 22343 io Amounts owed by subsidiary undertakings alld relatedundertalangs are un8￿ured. interest frer and repayable on demand. Included in other debtors is £1,461250 relating to the services equalisation account- this has increased from a debtor of £796,955 in2023. 20 Current 28set - Investments Grnup 21124 2023 2024 2023 Slx>rt t¢[￿d¢ osits- Othr Tothl Sknrt *rni d¢ 08its 185154J04 04 2.533.466 2.533 466 18 954.304 18 54J04 2 533.466 2.S33 466 This represents cash held on deposit with an original nuturity betrween l and 12 months. At the balance sheet date the average maturity of the deposits was 3 months. The average intercst rale was 40/0 (2023.. 1.95Yo . The fi￿d8 received from Dfc are being temporarily held pending utilisation in ac¢orthce with the tern]s of th¢ Fin8n¢ial ABSiStan¢e A8reements. 21 Cash at bank and In hand 2024 2024 (￿herCash balances held short lenn 9￿78,621 9￿78,621 8,438.217 8,438217 9,091,605 9,091,605 8.057,075 8.057,075 Clanmil Housing Association Limited 37 Notes to the financial statements for the year ended 31 March 2024 22 Credltors: amounts falling due wlthin one year Group 21124 2023 2024 2023 Bank loans (Note 24) DIC loans [￿1¢ 24) Olher ond &)¢1￿ secuiity RenL rates aDd ￿VICe charRes received in adv4DC¢ Housing As50ciknn Grnnl iti advdftce Deferr&l historic building rnt Other credito Amunts owed to subsidiary undertakin S•rvi¢e8 equali8ation account- Kenerai A￿nth1* aDd defcrr¢d in¢ome D￿TrOSal pn)c¢uts tund Housio Associ*ion Grunt INotv 15) 1ffj70,519 131,176 193.902 57JJ45 14209,7(1S 22,668 706 2227,359 151,153 202.659 8M.808 12,196,050 22.668 7523215 1ffi70,519 131.176 193,902 573J45 IW,705 I2￿68 7a53,751 IiKI067 IiOJ68 3,53&767 1047ts78 7.719A04 37 71.750 2,227J59 151.153 202.659 844,808 12.196,050 22,668 6.920.484 78.524 199,884 2.678.712 623,275 .555.967 34.701,543 IIOJ68 5,314.74(J 1147.678 7 719 404 39 199.884 4,583.712 623275 8,555,967 37,130 750 Amounts owed th subsidiary Underth￿S are UDsecured, interest free and repayable on d¢ll￿d. 23 Creditors: amounts falling due After more than one year 2024 2023 2024 2023 BaT* loans (No* 24) loam {Note 24) Disposal proceeds Howin Association 1¥7114J30 8JfjQ 1341,109 320.778.753 525 024792 171,432,903 .331.175 1.847,718 309.894.591 491.506.387 19471J4930 171N32,903 8,331.175 1,847,7l8 309.894.591 491.506,387 1241,109 320 778 753 525,024.792 al￿ oth¢r ots15 Th¢ surplus on the disposal proceeds fjmd &hould be used WAthin two years of the sale of th¢ propety. Clanmil Housxng Association Limited 38 Notes to the financial statements for the year ended 31 March 2024 24 Loans As8ocl4tlon 2024 2024 2023 Bank loAns- lknusing ￿0￿rty and other IoAnS Less than one year, oron demand (Notc 22) Belwe¢n one and two years B¢twc¢n two and five ye8 After tr¥)re than five ears 1ffj70519 1ffj70519 6ffj82075 186J52J36 196J75.449 1227J59 1227.359 16,6K075 152.523.469 173.660,262 1,670319 1,670319 6ffj82,1175 186 J52336 196 J75A49 1227J59 2,227J59 16,681075 151523,469 173.660.262 Security The Danske Bank holds a mortgage over related housing prop¢rti¢s as security. First Trust and Ulster Bank loans are secured by way of mortgages upon the deeds of the related housing properties. The Housing Finance Corporation loans are secured by way of mortgages upon the deeds of the related hou5Tng properties. Senior notes are secured by way of mortgages upon the deeds of the related housing properties. Group 2024 2024 2023 D¢￿TIment fw Communitles- Houslng t£ss than one year (Noi¢ 22) Between one and two years Bet￿en Ylnd f￿¢ yeaT5 After n￿re ihan five e#Tg 131,176 loo.000 300,000 7,900.IM)O 8A31.176 151,153 131.175 3(K),(JX) 7.gx).(H) 8,481328 131,176 Ioowoo 30(JWOO 7,900,000 8A31,176 151.153 131.175 300.0(K) 7,￿,{m)) &482J28 Clanmil Housing Association Limited 39 Notes to the financial statements for the year ended 31 March 2024 25 Finaneial instruments The group has the following financial instruments: Group 21124 A8socIAtio 2024 2023 2023 Financial Asgets Ih*t are t￿h instruments n￿￿$￿Ted￿t amrti$edcost Rental debtor (note 19) (Aher debtors (note 19) Housing association grants - ￿¢¢Ivable {nole 19) ArrDunts owtd by subsidiary und¢rtakings (note 19) 1,540.775 5308346 13,934J56 1,142,491 4,865.668 lQ277.289 1540,77S 5569,762 13,934J56 1,142,491 4,411,013 10,277289 29&484 A¢¢rued incoftE {note 19) Invest￿￿nIS (note 20) Cash al bank and hand (note 21) 100rt67 18,954J04 9J78.621 49.916.769 7&523 2,533.466 8,438,217 27.335.654 18.954J04 9.091.605 49.0911802 1533.4&fj &057,075 26.719.818 Flnanci41 Ilaillllles ￿￿￿5￿redIt •rnortl$edcoJt DfC108ns (note 2YIII Bank108ns (note 24) Anu)unts oMEd to subsidw undertakings (note 22) Ckher crtdiiors (nol¢ 221 A¢¢rnals note 22) 8A31,176 196J75A49 8,481328 173.fAO,262 8.431,176 196J75A49 IOOA67 7J53,751 3J38.767 21 S,799.610 8,482.328 173,660.262 7&524 7,079,809 1613.523 191.914.446 7066J53 SJ14,740 217,987,720 7,6K2,540 4,518.523 194.343.653 26 Called up share capital Croup 2024 Assotladf 2024 OrdlnAry sharvJ of £1 t*h, fully pjd At l April 2023 Transfer Allotted durin8 the year Transfer to reseTres At 31 Mi arch 2024 li 10 li 10 (3) 131 io io Clanmil Housing Association Limited 40 Notes to the fmancial statements for the year ended 31 March 2024 27 - Net casb inllow frozn operating actsvlties - Group 2024 2023 su￿￿$ on orthnary aetlThtdes sU￿lUs arising fiDm dispos&]s ofhousing property Transfrr to disposal ptoceeds thnd Int¢￿St recexvable and sinrrijar incon Interest payable and sinJlar charges Othcrfinance costs OFradDg SU￿￿1 Movcrrnt in 8ervice charges equali%atM)n account Depffciation chargc AnM)rtiyation ch&TgC Release of capitsl grant Movcllrnt in debto Movenmt in credito Mov¢nrnt in WIP Net cash £nfiowfrom IOA56,423 (I J30.754) 1341,069 (lo7￿56) 6,912,114 7,815,186 (1954,050) 1,84A379 (178.855) 5551,329 26,CA)O 13.105,989 519,661 10.465,755 (7,709,196) (3,859,922) (1.50&308) 541554 16ffj25J96 665,739 10370.090 (8,691N25) (2J61,807) (1,038,035) 1.522,464 oi 16,994 623 radD sed￿des I 1,558,533 28 ADalysl8 of net debt Atl AFII 2023 Cub flow At31 2024 Cash 81 baDk8nd in hand Short l¢tmillve51Trents Cash and cash uiyaleois Debi due afteron¢ ye Debi due wiibin olle ear IA38,217 2,5J3,466 10 9.71,683 (179,764,078) 78J12) 171,170J07) 1,140h04 16,420 838 11561342 123340,852) 576*17 S,IU2,793 9J78*21 18 54 04 28 32 25 (203ir14930 Ql*95) 176 Clanmil Housing Association Limited 41 Notes to the financial statements for the year ended 31 March 2024 29 Reeonciliation of net cash flow to movement in net debt 2024 2023 (TkcTcase) l incrcase in Gash and cash equivaknts and in fnancial year Repaynrnt of loans New loans I7￿01342 1875.540 12a35,965 (35,000,000) 32,543,473 (40,{XH),￿O) Movenrnt in net debt in the fi￿ncial year Net debt at l A til Net at 31 March {5,102,793) (4,580,987) (171,170,907) 16A589.920) 176,273 700) (171,170,90 30 Turnover, operathig c08t8 and operathig surplus - Assocladon 2024 2023 0￿rating Operating SUr￿ll$ SuTP]us OFrAtlng Thrnowr OFrAdng Costs Social Housing Activitics 50N57.148 35,156.735 15JOO,413 11.671 J27 Non-social Housing Activities 2308,520 872.499 1.336,021 1.374.568 52,665,668 36.029234 16.636,434 13,045,895 31 Housing Stock- Assoclatlon Number of UDtts oTrvned on 31 Mareh Self-contained G￿￿ra1 need8 bowing Sup￿rted Housing (including housing with ¢are) Skltred HO￿ing Sbared Ownershi 2024 2023 3,760 122 1.6n 198 5.752 3.767 122 1,624 203 5.716 Affordable Hous IYOD Self-contained 136 5,888 135 5,851 Total Unlts Ojvned Iyuthr of units llll￿ged (but not ojvned) on 31 March Self-CODtiined General need5 Total Unlts Owned and Mana 5.888 5051 . Clanmil Housing Association Limited 42 Notes to the financial statements for the year ended 31 March 2024 32 Turnover. operating costs and operatlng surplus or defldt from social and noll-soclal housing aetlvAties - Association 41 Ji Ill ia i Ilijg I, Clanmil Housing Association Limited 43 Notes to the fjnancial statements for the year ended 31 March 2024 32 Turnover, operating costs and operaling surplu5 or deficit from socnal and non-social housing activities - As50eiadon (eontiDued) iodatlon I)SD Allowa￿¢5 MADAgen*nt Allowances Managenxint Costs SwyluslDeficlt 2024 2.592.432 5 713 282 3 120 850 2023 2511.936 4.813.084 2,103.290 (1,225,951) 2 970 726 2 093 387 1,939.320 (1,114.027) 2.403 967 1578 674 Plallt￿d aThl cyclical nuinkne Groji IDCOn￿ from Renti and 8ervlce charyei Tec1￿1¢al Non TecTrffjical Total 31.034,880 10631948 41666 828 26.966.630 99 29 Note that the A88￿lation ¢)peratcs a tent poolillg policy. Thi8 can impact on the a88es8m¢nt of Jurplus or deficit arisiD8 from a particular type of housing activity. Clanmil Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 33 Penslon conunitments The Association participates in the defuled benefit sectioD of tkn Social Housing Pension Scheme (SHPS). The A380ciation offers a hybrid arrangement where employecs can join the Career Average R¢valued Earnings (CARE) structur¢ with a 11120th accrual rate, as well as receivin8 contributions from the A&sociation to the defined contribution section of SHPS. SHPS is a UK registered trn8t-based pellsion scheme. SHPS is a multi-empioyer scheme with around 400 non-asgociated employers. SHPS is classified as a 'last-man sthnding arrangement,. Therefore, the Association is potentially liable for other participating employers. obligations if tbose employers are unable to meet their share of the scheme deficit following withdrawal from SHPS. Verity Tru8tee9 are r¢5poosible for nllming SHPS in accordance with the Trust Deed and Rules, wbich sets Out theii powers. The Trnstee of the SHPS is required to act in the best interests of the beneficiaries. The Trnstee is required to cany out an actuarial valuation every 3 years. The last triennial actuarial valuation of SHPS for fimding putposes was Ca￿led out as at 30 Septenther 2020. This valuation revealed a total scheme deficit of £1,560m. A recovery plan has been put in place with each employer paying Contributions with tbe aim of removing this deficit by 31 M&r¢h 2028. The Association ¢xpects to pay £331k towards the funding deficit in SHPS during the accounting year bcginning l April 2024. The A880ciation's Share of expenscs in relation to runni￿ SHPS are paid in addition. The ll￿t actuarial valuation lls at 30 September 2024, is due in Scptember 2025. We were Dotified io 2021 by the TTUStee of the Scheme that it I￿8 perfonned a review of the changes made to the Scheme. benefits ovcr the years and the result is that there is uncertsinty SUrro￿ding some of these change8. The TThstee 18 Seeking clarification from the Court on the8e items, and this pn)cess is ongoing with it betng unlikely to be resolved before the end of 2024 at the earliest. It is estimated that this could potentially increase the value of the fijll Scbeme liabilities by £155m. The Association's potential share is estimated at £265k. We no* ￿￿t this estimate ha8 been calculated as at 30 September 2022 on the Scheme's Teclfftical Provisions basis. Until the Court directAon is ￿CeIved, it 18 unknown WhetTr￿r tbe full (or any) increa8e ID liabilities will apply 8Ld tberefore. in line with the prior year. no adju$tmeut bas been made in these f￿anCIal statements in respect of this. Pension costs for accounting purposes have btto calculated using assumption8 consistent and appropriate with FRS 102. Present valuej of detlned beueflt obllgatlon, fatr value of aJ8ets and deflned beneflt aiset Olablllty) 31 M4rch 2024 {£0009) 31 March 2023 (£OOOi) Fairvatue of plan a8sets P￿sent v&lue of def￿ed benefit obligation Suryilus (dcfKit) in p]an 317 7,796 (1,479) 6,114 7.521 (1,407) Clanmil Housing Association Limited 45 Notes to the flnancial statements for the year ended 31 March 2024 33 Pension comndtments (eonthiued) Recondllatloll of opeDlng and cioslng balance8 of the deflDed benellt obligation Periodfrom 31 MArcb 2023 to 31 Mar¢h 2024 £OOOi 7,521 272 12 tkfned benefit obligation at start of period Cunvnt service cost enses Interest e4)en8e Menl)ercontnbutions Actuarial bsscs (gains) due to Schen￿ ejpeiience Actuarial b8ges tsains) due to change5 in denx)grnphi¢ •ssunytiOn8 Actuarial bs8e8 (gains) due to changes in financial a88unytion8 Beneffts paid and e4)enses tiabijities acquired in a business conljination tiabilities eJrtingui5hcd on s¢ttlentnts Losscs (gains) on curtaijnrnts Insses (gains) duc to benefit changes Ey£han e rate chan Defined benefit obb8ation at end ofpcriod 14 (55) (352) {100) 7,796 Reconelllatloll of openln8 and do$lng balaDcei of the fatr value of plan a•￿ts Perl(rflfrom 31 March 2023 to 31 Ivtsrch 2024 £OOOs 6,114 312 (878) 855 14 (100) Fairvalue ofplan assets at start of period Tntcrest incon F4)erience on plan assets (excluding arDunts included ID intcrest FJry)loyereontnbutions Men*)ercontnbution5 Benefits paid and expenses Asscts acquired in a business combination Assets d￿￿uted on settlenrnt5 Tr&han e rnte chan es Fairvakne of plan ￿set5 at end ofperiod 6,317 The actual return on plan a5set$ (including any changes in Share of ass¢t5) over the peTiod elld￿ 31 March 2024 was (£566.(KiO). Claiimil Housing Association Limited 46 Notes to the financial statements for the year ended 31 March 2024 33 Penslon commltments (eontinued) Defined benefit costs reeognised in Statement of eornprehensive income (SOCD PerI￿tfroM 31 M￿Ch 2023 to 31 Mar¢h 2024 £OOOJ 272 12 54 CU￿ent servic¢ cost Ewcnses Net Int¢￿t expens¢ Losses @ains) on bu8ine$8 co￿]natiOnS Losses Igains) on settknrnts Loss¢s (gains) on curtafinrnts Losses ( ains) due to benefit chan es tkfincd benefit costs recognised in Statewent of CoThprehensive Jncon 338 Defmed benefit colts recognised th other comprehen8lve Income Perlodfrom 31 Mareh 2023 to 31 M4r¢h 2024 £0008 (878) (118) 55 352 Eyrience on plan assets (exc￿dIng anDunts includcd in net interest F4)erieDce gains and losses arising on the plan liabditts - gain (Josg) Eff￿ts of changes in the denyjgraphic assunptions undertying the Effects of Chan es in the financial assu tions underl the resent Total actuarialgains and losses (bcforc restiiction due to sonz of the surpkns not being reco¥nisable)- gain 0088) (589) Clanmil Housing Assoeiation Limlted 47 Notes to the financial statements for the year ended 31 March 2024 33 Penslon commltments (conlinued) 31 Mw£h 2024 £0008) 31 M•reb 2023 £OOOs 114 (aobalFquity Absolute Return Distrssed Opportunities Credit Relative Value Alternative Risk Premi& Fnrtging Ma￿ts Debt Risk Sh￿ing IDsur8nrx-Linked Securtties Propety Infrnstructure Private Equity Private Debt Opportuni8tic llliquid Credit Hryh Yiehl Opportuni4tic Credit 247 185 231 li 33 370 33 154 263 638 21 125 Corpornte B)nd Fund liqu¥l Credit Long IKase Prop¢ty Secuted Incon Liability Driven Investnrnt Cunency Hedging Net Current Assets Total a58Ct8 41 185 281 2.816 12 16 1570 (3) li 317 114 . Clanmil Housing Association Limited 48 31 March 2024 31 Mareh 2023 /•per •/oper 4.80Yo 3.10% 2.90Yo 3.91Y/ Jnfiation(Trp JDfiation (CPD Saknry Growth 3.1(P/ 2.81P/. 3.8￿/0 75Yo of AlloW￿￿e for comnutation ofpaBion for cash at allowance allowawe The D￿talIty a88un¥tiooq adoptsd at 31 March2024 in¥ly th followir8 life expects[￿1¢8. expectallcy at age 65 ea Male retsriDg i02024 FeDMle retiriDg in 2024 Male TetiriDg in 2044 FeDMle re in 2044 20.3 22.8 21.6 24.2 Clanmil Housing Association Limited 49 Notes to the f￿ancIal statements for the year ended 31 March 2024 34 Contingent liabilitie5 The Association released Housing Association GTrDt (net of amortisation) of £69l.354 during the year in relation to building components repjaced arising from planned maintenance works. The a¢alluul*d position of totsl Housing Association Grant released at 31 Marcb 2024 is £7,193,472. The accumulated amount of Housing Association Grant atnortised and recognised income as at 31 March 2024 is £75,194,718, The possibility of any reimbursetnent to the Department for Con)munities is considered to be unlikely as thc housing properties are expected to continue to be made availabl¢ for social ￿￿u81[A8 for the foreseeable future. 35 Capital commltments - Hou8lng Properdes - Assoelatlon 2024 2023 Capltal expenditure Contracted for but not provided in the fmancial statemeots 63AII,436 45,443,087 The Association anticipates that tbi8 expenditure will be funded by Housing Association Grant from the Departsnent for Communities and by private fmance, both external and internal. 36 Re8trlcted fund - Supportlng People Total Income relating to Supporting People FundiDg Additional Supporting People Hard5￿p Fund￿8 cnditurc relatin tosu ortin Peo le Fundin At 31 March 2024 523.111 22.271 739 193 193 811 Clanmil Housing Association Limited so Notes to the flnancial statements for the year ended 31 March 2024 37 Related party dlsclosures Details of Ihe sub5idiarie8 are disclos¢d in Note 18. The bala￿e8 with the subsidiaries at the year-end We￿ as fo]low8: 2024 2023 Anw)uiits oived by subshllary ￿￿ertaking5 (note 19) Clatimil Properties Limited Clamrril Devel Limited 183,003 174,763 252,141 46J42 2024 2023 Amounts owed to iubjldlary undertaklDgs (Th)te 22) ClaDmil Properties Limited Clallmil Develo nts Iamited 4.5(Kl 74,024 100.467 TrA￿8aCtiOnS betwecll the3¢ related parties during ts year were as follows: 2024 2023 aanmll Propertles Llmlted Rent clxrgc from Clantnil Housing A880ciation Limited to ClarnniR Propertie8 Illa49 130,073 Mana&tnrnt and administration cbar8e from ClantDiI Hou8iDg Association Limited to Clanmil Properties timited Contribution from Clanmil Properties Limited to Clanmil HO￿41￿8 A8sociation timit¢d in respect of thc insurance of NortlKrll Whig Ho￿le GAft aid donation from Clanmil Properti¢8 Limikd to Cianmil How4ing Association Limitd Rcnt atsl service cbarges from Claamil Properties Jimited to Clanmil Housing Association Liullted aantt41 Developments LIn￿ted m￿gen￿nt and administration cbaTge from Clarniil HO￿41ng A88ociatioo Limited to Clanmil Developnxnts LAmited Dcveloplljent projects cbarge from Clatllnil Housing As8ociation Limited to ClantDiI Developnrnts Limited Charge fromclamnil Developn￿llts Limited to clam￿11 Ho￿$&n8 Association Limited for the provision of propety develop]￿ service8 Gift aid donation from ClazllDiI Developllrots Limited to Clanmil HowiDg Association Limited 64,177 121,825 1,852 1,792 61,058 30,479 IISJ71 119,953 24.794 24,794 97a75 119,119 6,196J60 6,010.173 28.161 46,342