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 finaocial statemcnts foi the year ended 31 March 2024 of Clanmil Housing
Associatioll Limited (the "Association,) and its subsidiarics (the "Group.).
The Board is a voluntary Committee who have responsil)ility lor the strategic diTection: general policy and ￿a￿ageMellt of the
Group. The day-to-day ll￿ageMent of op¢rallons is delegated to the GIoup Chief Executive and the Executive Team.
Gender analysis
The Executive Team of the Associaiion comprises 3 females alld 3 males at year end. The Group bad 334 employees on the 31
March 2024, both part and fiill time. of which 105 are male and 229 are female.
Status
Clanmil Housing Association Limited is registered under the Co-operative and Con)munity B¢nefit Societies Act (Northern treland)
1969 (No. IPOOO136) and is a Registered Housing Association.
The Association is a registered cbariry with HMRC (Cbarity No. XR 43042).
The Association is registered with tbe Cbarity Commission for Orthern Ireland (Registration No. NIC103840).
Group structure
Clanmil Housing Association Limited provides social and affordable housing in Nortbcrtl treland and is tbe controlling mctThbcr of thf
(iroup. Clanmil Developments Lttnited provides property developtllcnt services lo assist Clallmil HousiDg Association ill dGlivcIing it&
social housing development programme. Clanmil Properties Limited manages cotDmercial property rentsls and provides services tc
property management companies and other Housing knociationslOrganisatioDs. Milbreen Limited is currently dorn]aat but intends tc
develop housing for sale.
Refer to note 18 for details of Clanmil Housing A&sociation Littlited's inveskneots in subsidiary undettaking5.
Principal activities
The Group provides ov¢r 5.800 htgll quality 1￿MeS for rent throughout Northern Ireland 2nd hclps facilitatc home owncrship for p¢oplc
who cannot afford to purcbase a home outright through its shared equity producL
Our homes are allocated to people from the housing selection scheme managed by the Northern Ireland Housing ExecutLVe.
A wide rdnge of people live in our hotnes. All share a need for a good quality home. and to be part of a sustainable CODJmUDity wher<
they can live well, flourish and thrive. We offer a wide range of high quality housing and services including:
boffles for fatniiies and single people"
housing and support for older people"
supported housing for older people with dements"a and for people with learning disabilities and mcntal dl-healtb.
hostels providing temporary refugc for worncn and thcir children e￿apIng domestic violencc.
houscs for Irish Trdvclleis" and
supported hollsing for young people leaving care.
Our equity share. part-buy, part-rent scheme makes home ownership acknevable for people who cannot afford to purchase a homt
outright. It allows f￿st time buyers to purch&se a sbare in a home and pay rent on the relllaining share, with all Optioll to buy th
Temainder at a time that suits them.

C,lanmil Housing Association Limited
Strategic report of the Board for the year ellded 31 March 2024 (cont'd)
Shaping our Future Stratey 2026
In April 2021 we launched OUT new Strategy, Shaping our FutUTe and we began our shaping our future journey set out in a bold fiv¢
year strategic plan. This plan was c(Fdesigned by colleagues. customers and stakeholders, and is both challenging and ambitious anc
provides, we believe, focus for us a]1, whilst reinforcing the importance of genuine partherships tbat help our customers thrive anc
flourish within sustainable communtties.
Together we want to:
L¢•ve a posrtlveexptrlBn¢4
Beli￿¢ in bett•r
A¢hi•veto8¢ther
. wth a woiki ofi4yyiW aThY a lthj Ot
TLbJetlv we are stytrfw. ffs as strnr* as Ilmt
E a k45ty sl¥)w
rncrfe
aThJ we ￿ m* rea c
we see me Fesrm. me SNC
whtsi we hro* Ifot sameknes we mum
OJ aThJ wthj ¥¢4ffMI ￿ kj seth lJu¢
ar¢J slTr* tett
Weal see the wuld drtr¥enty, and we myy
(*cLsw. wil act I￿sty.
, ￿ece￿￿* Ihal
kn> as we
ccynes str￿￿tr
ckcLmstsrKe5
, Weare a pw tKsrn5. so IThLsI ￿ gre
¥e CTUI
Sknl up aThJ beummled
The five key aims of our Strategy are.
Build and maintain quality homes whilst preserving the environment
Having the right place to call home is ao e&senil￿ part of being able to live well. With that in mind we want to play E
leading role in tackling the housing crisis in Northcrn Irelan(L We want to strengthen existing COmmUDities and belp IC
create llcw oncs through the development of new sustainable homes that built for the futuic. The homes we build WIL
be well maintsined, safe and energy ¢fficicnL clin￿te change is the challenge of a geDerdtion so we must play our part in reducing ouj
carbon footprint. We aim to:
Build and develop up to 1,400 weEI designed, energy efficient, mixed-tenure homes in the next five years.
Target the design and delivery of new homes in both urban and n￿al areas with tbe Ereatest housing need.
Be innovative in our delivery and adopt all affordable delivery optioD& including modern methods of constnjction, to JTiiniJfiisf
our cathon footprint.
Invest in actively managing our assets, making them safe and attractive places to live.
Subsidise our core activity by diversifying OUT approach, capitalising on new opportuniiies for growth through initiatives sucE
as the empty alld affordable homes scbemes.
Provide services that make life easier for our eustomers
We want our customers to SUStain their tenancies for ￿ long as they choose. It's important that we remain responsiv¢ tc
changing customer needs and that we make life easier for them by making it easy to do business w.ith us. We need tc
build and maintaiti healthy, trusting and respect￿1 relationships with our customers, so they are empowered io help shap
the staudard of services we provide. We will:
Create services that provide a great customer exp¢rience. being Clear about what we offer alld how we work to support divers
c￿toMer needs.
Build trnsting relationships by getting to know our customers, their communities and listeniJJg to their individual needs.
Working in partnership with other service provideTS, create an environment where stable communities can tbn've anc
customers are empowered to make inforraed decisions that are right for tbem.
Create more opportunities forregular xnd robust customer feedback to genera* quality insights that wdl help us to continuall)
enhance our services.
Develop an excellent muIti-clw￿cl approach to serving our customers, giving customers a real choice in how they want tc
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 sustainable organisation, fit for the future
In a world of digital, enviro]Lmental and social disruption we oiust be ready to cbange and adapt to fiilfil our purpose,
and as a business we're i)n]y as good as our people aud thai's why we want to create a great place to work. We realise
that to achieve our aJnbitioDS we must have fllwicial strength and operational efficiency, and that we have to manage
our business to the highest standards. This will come through robust fmaDcial managen]ent and systeins, as well as seeking to
pot¢nlially generate additional revenue that we can re-invest for the benefit of our customers. We seek to..
Review our organisational design and capability to ensure we have the right people and expertise to deliver our strategy.
managing and communicating change well.
Strengtbell our ¢mployer brand and offer to retain great people and attract diverse new tslent.
Lead with our new values and create tbe right culture where people can deliver their best wo￿.
We will create more OppOrtu￿lI1es for Colleagues to contribute, feel anpowered, supported in personal and professional
developDJ¢nt and have thcir voiccs heard.
Deliver organisational efficiency and operational excellence by m&ximising the benefits of new and exkstillg tecbDologies
to ituprove our end-tfrend processes.
Optimise our f￿all¢la1 group strn¢ture and identify opportLEnities for future growth through partnership or innovation,
launching new effective Servi￿ for our customers and commullities.
Be a respected voice to grow our impact
We believe that everyone has the right lo a quality home and the opportuniry to live iti a safe and supportive comDJuuity
that's wby we will stand up and be heard when it come5 to social housing. We want people to understand the importanc¢
of the sector and we want to add our voice to future housing policy so that we can ensure the issues that really impaci
OD people's lives are addressed. We wi]J promote a tx)sitive view of ClaTllnil. both locally and regionally, to create both interest anc
demand in partsiering with us or in becoming a customer. This will be achieved by:
Creatillg strong. t￿sted and productive relatiollsbips with new and cxisting stakeholders.
Initiating changc. illfiuence pohcy and be leaders within the housing sector to deliver our purpose.
Powerfully communicating our new strategy and brand so people understaud who we are, what we do and how we add valu¢
lo people's lives.
Using the right ¢ommunication channels to effectively engage our audiences and m&ximise our impact, shanng our successeE
beyond the housing sector.
Cultivatillg new partnerships with service providers that are beneficial in helping our customers to live well, whilst alsc
addressing future societal challenges.
Reach, connect and coll2borate to strengthen communities
We know that some communities do not get the chance to tbrive. We believe there are more ways in which we car
support people and their communities beyond simply providing them with a home. We want to help ￿ake tbis a mof¢
shared place and we know tbat shared communities bave a lasting positive impact 00 people's lives. We appreciate th<
value iu developing great partnersbips and we ullderstand the importance of these ID supporting our ¢ustomers. We wallt to m&ximxs
these partncrships so that customers know where to look for guidance, help and expertise. We aim to:
Focus our resources on the people who need most support, working closely with expert partners to deliver ￿Ore services thai
communities need.
Conllnissioll a review of existing community development activity to identify the biggest cballenges and opportunities."
deterniining whether we lea￿ leave, collaborate or delegaie.
Contribute to building stable con]muDities by supporting people to live well alld keep their homes. We will achieve thi:
through F￿anCIal inclusion services. cr¢ating opportunities and by exploring new way5 of tackling isolation in a post-COVIE
world.
Support our existing shared communities and deliver at least five sllared schetlles that are welcoming to all and givc
people tbe choice of living alongside neighbours from many backgrounds and traditions.
Raise environmental awareness by nutturing a con￿nunIty culture that values the environment, collllnunity landscapes anc
enerEY efficiency.

Clanmil Housing Association Limited
Strategic report of the Board for the year ended 31 March 2024 (cont'd)
Our Performance
For the co￿ business areas the Board has sct a nulllbcr of key performance indicators - tbe5e include rent arrcars, voids, customci
satisfaction, growth, maintenance repair times, staff tumoverand flllancial siabdity. Ourperforniance is also assessed tbrough a numbej
of statutory inspection ￿giMeS, and we are comtnitted to contilluing to achieve the highest standard5.
The fjllancial year to 31 March 2024 was inipacted by the continued c05t of living crisis and economic ttuinoil arising from the Russiar.
inv&8ion of Ukraine and the confiict in Gaza. We experienced difficulties with the delivery of our repairs service in the latter part ol
the year. Of over 26,000 repairs we processed in the year. only two-thirds were completed on tyme. this is disappointing, and w(
apolDgi5e to our customers and colleagues and thank them for their patience 8JJd support as we work with a number of interi
contractors to resolve the ba¢kIog. We also experienced sigDifJwit incre&ses in repair costs aad in common with our customers, energ)
Costs and fmancing costs.
We assess our perforniance by how satisfied our customers are with the homes and services we provide. We regularly seek feedbacl
from the people who live in our homes on everything from repaits 10 neigbbourhoods.
For the fmancial year ending 2023124, following an independent survey.
68.20/0 of out tcnimts wcrc saiisficd with our ovcrall service"
74.80/0 were satisfied with the quak.ty of their home" and
73.0 /0 were satisfjcd with theii neighbourhood &s a place to live.
We continue to focus on the services that matter to customers and are working with them to improve satisfaction levels.
The GTOUP continues to grow and efficiency savings are reinvested where appropriate to improve existing services. deliver additiona
services, main¢airA and improve the condition and value of our homes as well as the dellvery of new homes.
We strive to operate elTiciently and effectively. and oulputs aTC monitored by the Board who receive pcrfonnancc Icpotts covering
variety of fmancial and non-fmancial perfornlance mforniation.
In challenging operating ¢onditions, the Association achieved the following perforn]ance against its key targets for 2023124:
Performallce
Indicator
Gearing ratio
Actual
2023124
32/0
Target
2023124
45/0
Comment
Gearing is now calculated in lin¢ with new loan covenants a5
debt as a percenlage of gross book value of propety. The
Group was fijlly compliaot witb loan coveDant5 during the
ear.
Now calculated excluding rnajor repairs. Better perforrnaJLce d]au
target. The Group was fully cotnpliant with iuterest cover
covenants durin
ear.
Operating rnargin of 320/0 can be partly attributed to effective
PTOCUTement, operational efficiencies and increased income ill
Interest cover
3.25 tinles
1.25 times
OperatAng margin
31.60/0
30.90/0
Social HO￿Ing arrears
including ren( rates and
service charges
5.10/0
Perforniance impacted by the ongoing impact of the cost of living
crisis and impact on our customers, increase ill numbers of
customers moving onto LniveNI Credit as well as court delays,
in pursUi112 iud2ements tr) recover rent arrears.
Perfornlance continued to improve, Work llow focussed on key
roDernes.
Repairs completion perfornlance fell to 66.60/0 overall impacted
by response times increasing in the latter part of the year. As part
of a strategic improvetllent plan we are currently procuring 7
teEional response mainteDance contracts with rcllewcd focus on
ob COllL
letion and im
rovin
custo￿er satisfaction.
Whilst this Teflects a very sligbt improvement on 22123 the
outturn of 67.90/0 thts remains a ke
area of focus.
Social Housing voids
2.0%
2.5/
Response maintenance
repairs completed
within timescale
66.60/0
920/0
Customer satisfaction
68.20/

Clanmil Housing Association Limited
Strategic report of the Board for the year ended 31 March 2024 (cont'd)
Thc rnallagement of fllLancial resources is critical to tbe Group's ability to meet its objcctives. Whilst the registeredEIousing Associatt"oi
has voluDtary llon-profit making staths, thc generati(￿ of an annual surplus is vital to ensure the ongoing investment in our existinE
homes, tbe delivery of new homes to play our part ill alleviating the housing CTiSi5 itL Northern JTeland, providing for longer te
rtLainteDance obligations, to meet our commitments to lenders. and to Eenetally eu5ure adequale protects.on agaI￿st unforeseer
Giicumstances.
The key strengths of the Group whicb enable its primary Obje￿iveS to be achieved are:
A commitULent to the highest standards of corporate governance"
A f￿anCIal position which secures the confidence of funders. facilitating future investtnent and strategic growth opportunities."
Professional and dedicated staftwho are committed the Group's objectives. and
A proven ability to play its part in th¢ delivery of tbe social housing development progr2mrne.
Colleagues
Our success is due to the committnenl and profe&sionalism of the people who work at ClanTnil. Our teams worked incredibly hard
in difficult circutnstances this ye3r to share and promote our values ensllring tbat our customers remain at the heart of everything
we do.
The Gruup's total staff costs increased from £9.2m in 2022123 to £10.2m in 2023124. As a perceutagc of turnover staffmg costs
increascd slightly from 19.3 /0 in 2022123 to 19.4 /0 in 2023124. Sickness absence levels rcduced from 4.50/0 ID 2022123 to 3.44 % in
202312024, Labour tLLrnover decreased from 170/0 in 2022123 to 16.5 % in 2023124.
Value for Money IVIM)
Achieving value for money remains a key business objective. Our aim is to utilise our assets and resources as much as possible to
meet the necds of existing alld ￿tUre customers.
To do this we continue to work collabordtivcty acmss Clanmil. harnessing the innovation and creativity of ourpeople, our customers
and stakeholders to deliver improvements through efficiency. effectiveness and economy.
Through effective procurement activity OVCT the year. C]anmil acbievcd savings of £1,271,124 through the tendering of 10 proj¢cts
with a value deemed to be over £30,000.
In addition, 13 individual quolation exercises were undertakett (i.e. they were under £30.000 each), which ensured we received the
best value for money in relalion to a £1 10,355 saving based on the lowest and second lowest quotation received.
The total savings generated lo the business across these 20 various procurement activities w&8 £1.381.480.
Through positive social impact we=
Assisted 1.144 customers with moaey advicc
Helpcd them secure £3.6m in additional income. an increase from £3.Om in 2022-23.
Supported 158 customers to set up and run their ho￿eS by accessiDg discretionary support grants with an av¢rage award of
£1,545 cach
Worked with contractors to secure £7,500 iu cth. £8.150 iowards new home starter packs and 10 labour days for Social
Value projects
We will colltinue to integrate Value for Money into our cuItL￿e as a matter ofcouTse, with value der￿ed from the perspective of our
customers and the services we deliver.

Clanmil Housing Association Limited
Strategic report of the Board for the year ended 31 March 2024 (cont'd)
De]iveriDg rnore social housiDg to address the housing need in Yorthern Ireland
During the year wc continued to make progress to deliver our strategic target of1.400 new homes by 2026 and saw 261 new homes
starting on sitc bringing the total number of ho￿eS und¢r ¢onstrnction at the end of the fllwlcial year to 556. Our handover targ¢t
was impacted by a nutnber of issues across several schemes including delays with statutory bodies and the colltinued impact of
material cost increases and ristng illfiation. but w¢ did take handover of 60 new homes. The Development teatn continued to manage
construction contracts robustly in litie with Contract ternis.
To achieve the ambition of our Growth Strategy and delivermore homes. we plan to make our wets work harder, througkl increasing
our ge￿Ing (which remai]]s within the covenants granted by the Eending insti￿lI0nS that have supported us), focusing on dTiving
improvement on voids, invesiigating complemclltary income streaEns and improving operational efficiency. We successfully
launched a private placement for £IOOm in Septen]ber 2022 completnenling the renegotiation of £150m of existillg borrowing
facilities at n]ore favourable rates in 2021122. We have £SOm of agreed UDdrawn lo8￿ facilities available to &ssist in funding our
gTOWtb strategy ond meeting ongoing commitments.
We have generalcd modest Su￿luSeS from diversification into housing related activities. The PUTpose of the diversification is to
provide sU￿luseS to continue to subsidise new affordable housing_ These diversified activities, albeit on a relatively small scale, are
successfully operating in the market rental sector, commercial retail uoits and Management Agent services.
Providing good qllality and effieient services lo tellallt5
2023124 was a busy year for Ibe tea￿ at Clanmil who, despite a Dumbcr of challenges. remained focu55ed on our core purpose and
continued to work hard to deliver the home5 and services our customers need.
Our purpose is to provide homes for people to live well at all slages of life and ID December 2023 we launched a new Older People
Strategy setting out how we will respond to the growing nurnber of older people needing homes and services at a titne when social
and healthcare provision is under severe pre&8ure. Co designed with customers and colleagues. this strategy will ensure we focus
our efforts where they really matter.
Thc ￿s￿g cost of living contmued to itnpact many of our cuslorners and our Hardship Fund was a lifeline to many of our customers
who were struggling to put food on the table and heat their homc. D￿]llE the year we also providcd finaucial aud debt management
advice to 1,142 rustomers generating more than £3.6m additional illCOJD¢ for them.
We regularly hear from customers how much they value quality repair5 that keep their homes safe, secure and colufortable. It was
therefore disappointing 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 assist with closing out the backlog and commenced a review of how we could better
deliver an effictent and reliable repairs seryice ¢0 meet our cuslomeTs' needs and we expect Lo have these new arrangements in place
2024. However, this did not stop the contimuing investment in our homes aDd we spellt £5.4m improving customer homes through
replacement kitchens, bathroonjs. redecoratio￿ new windows and new hcating and r￿C alarm systems. We also continued to identify
and make good any issues with damp aDd mould working alongside customers to find effective solutions.
We continued lo work hard to strive to be a customer centric organisation- one tbat listens to and acts on what customers are telling
us- and during the year we reviewed and updated our lettable standards. slandards of service and our customer bandbook so that
customers are clear on roles and responsibilities and exactly what our offer is. We also ref￿ed our approach to cuSto￿er engagernenl
and are looking forward to building on this in 2024.
Investing in our communities
Clat]mil is committed to improving community cohesion and good relations by increasing the nuruber of Slwed Neighbourhoods acrosc
orthern Irelalld. Duriag the year we continued to deliver Good Relations Pmjects to strengthen relatioDships between our Customer4
and Communities within a five-mile radius in our current 9 Sha￿d Neighbourhoods in Banbridge, Belfast, CooL8town, Crossgar
Crumlin, DownpatricL Glenwhirry, Newtovmabbey and Newcastle. The Cohesion team are cU￿entlY Working hard to promote c
further two schemes in Antrim and during the year we got approval to take lorward a fi￿ther shared housing scbeme in Magherafelt.
Other value for money considerations
The Association bas mainlained an operating margin of 32/0 which can be partjy attributed to effective procuremen¢ operdtional
efficiencies and increased income in the year. We eontinue to avail of the benchmarking provided by Housernark wbi¢b enables us
to better understand our costs and quality of service pmvision, leadinE to better llrfornied decision making.

Clanmil Housing Association Limited
Strategic report of the Board for the year ended 31 March 2024 (cont'd)
EllvironmeDt
We also focused on making existing homes as energy efficient as they can be. and our new Envirotllnental .8trategy 2024-2029 sets
out our intent to briug all Clanmil homes lo EPC rating C by 2030. This Stsategy is our route map towards acbieving n¢t z¢ro by
2050. eTnbed environmental protection in all that we do and includes a comtllittnent that tbe heating systems in our homes will be
electric f￿St.
Our strategy has five goals:
Design and build energy efficient homes. creating sustainable places to live
2. Effectively manage our energy use and reduce our carbon output
Invest in ourexisting homes to improve theirellergy efficiency. helping to minimise the impact of fvelpoverty on customers
and e￿SUre homes are safe, decent and frce from dampness and mould
Improve our enviTODmental management of waste and water and support biodiversity and babitaL
5. Engage widl our customers, colleagues and partners to infortu them of our environmental management work and journey
towards sustainability and net zero
Currently 99.90/0 of our stock meet Decent Homes standar(L We are working to i-tuprove levels of thetmal comfort, as a result 86 %
of our homes are already ai EPC rating C. This year we bave commenced a 5-year progranune of upgrading cornmunal heatiDg
sysfrms and to begin the trans'ition to electric home heating. Our electricity supply contracts are all from green renewable Lqn'ffs.
Over tbe year we have continued construction on our cxemplar pmjcct to meeting F.PC rating A. We a]so reviewcd and updated the
Llanmil Design Guide which clearly sols out our ambitions for our Dcw homes so that we are Min]￿SIng the environnental impact
of our construction activity and providiug energy efficient homes that are Cost effective for our custorners. We will now design and
build all our new homes to EPC Tating A.
Details of Clallmil Energy Consumption and Emi&sion Report for the period l April 2023 to 31 March 2024 were as follows:
F.neTgy consumption used to calculate ernissions (KWH)
Gas:
6.097.635
NIA
.967.123
339,409
3,077,145
11,481,312
LPG:
G&sO
Kerosene
Electri¢ity:
Totat
Emission from Combustion of gas (kgC02e)
Emission from conlbustion of LPG (kgC02c)
Emission from combustion of heating oil-Kerosene (kgC02e}
Etllission from consumption of beating oi-Gas Oil (kgC02e)
Etllission from purchased electricity (kgC02e)
Emission from business travel in company owmed vehicjes (kgC02e)
Emission from travel in non-company owned veljicles (kgC02e)
Total Gross (tC02e)
1,115,440
NIA
83,756
504,567
637,197
82,130
58,417
2,442
Intensity rati05: tC02e based on:
Properties owned..
Energy supplies..
Annual Turnover:
0.42tC02e/house owned
7.51 tC02elsupply
4.64tC02el£lOO 000
Our business carbon footyrint of 2.442 tonnes of C02 represeuts a I1.30/ reduction from base year 2021122. Figures are derived
from the Energy Consumption Master Spreadsheet controlled by Clanmil Housing Association contsining, Electricity, Natural Gas,
LPG. Heating Oil consuts]ption on a monthly basis sourced from invoices.
Cotllpany vans mileage data obtained from Clantnil Housing. Non-company owned mileage dats obtained from Clanmil Houssng.
For the year 2be2d 2024125
Our year ahead will again focus on listelling and acting upon what our Gustomers are telliug us. We will ¢ontinue to provide hotnes anc
services for people to live well and the provision of a quality. resp¢)Dsive repair service for customers will'be a key prioriry. We wil."
continue on our digital journey maximisinE the efficiencies we can achieve in the delivery of high-quality services. We will also

C,lanmil Housing Association Limited
Strategic report of the Board for the year ended 31 March 2024 (cont'd)
10
exarnine opportunities for additional fimding to support our continuing dcvelopment programuLC to dcliver ncw homes so Clanmil cat
play its part in alleviatillg the housing crisis in Northern Ireland ￿Ven the high number of applicants on the w￿tIng ￿st for a soci&
home.
Risk Management
Clanmil continues to manage risk in line with our Risk Management Poh'cy, frameworK and governance structures. Responsibility
for the identification of risk al a strategic. directordte and operdtional fievel is clwly defllled. and risks are regularly assessed and
reviewed.
Key risks facing the Group are ¢on5idered by the Board l Group Audit and Risk COUL￿Ittee on a quarterly basks and the Board has
dopted a risk-aware strategic approach. Our risk appetite statement is reviewed annually to e￿U[e continued focus on the
management of risk as it drives forward the delivery of its strategic ambitions.
Performance iTA the sector is generally affected by govetnD)ent policies and changing legislation, the impact of the regulatory regime,
changes in demograpbic, polilical or economic conditioDS or environmental risks. Some of the tnajor factors wbicb may affect the
Group over the next year are:
Ability to deliver our strate￿C growth ambition.
Nct zcio catbon/su.4tainabilitylenvironrnclltal collllDittllents.
Ability to dellver a hiEh standard of customer service {associaied rcputational rislLs).
Cyb¢r and data security.
Fire and building safety. including damp and mould.
Contract management and supply chain cost5.
Recruilment and retention of the right people.
Funding pressure5 associated with the NI Budget.
Data quality, and partiLularly the inforniation on existing stock
Political ellvirotllnent (including changcs in policy, legislation and regulation. welfare refOr￿s and rent control).
Performance in the year ended 31 Marcb 2024
Overall the number of properties increased. with 60 new homes handed over, and an additional UDit was CTeated in one of our carf
homes. These were offset by the loss of 19 homes via the righi to buy house sales scheme together and 5 slwed ownership homes
where Gustomers purchased the remaining equity in their home5). Ovdl the llumber of propertics increascd from 5.851 to 5,888 (notc
31).
The Association's allnual review of rentsl charges at April 2023 resulted in a 9.00/0 increase in tbe majority of rents.
There were 556 bornes under construclion by the Group at 31 March 2024.
£37.0 Eu was spent on housing properties additions and component replacement during the year (notes 14 and 17) partially fimded
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 was facilitated by rent In¢￿aSe5, together with
a £1.3m increase in grant amortised and increased rates recharges of £0.4m.
Group operating costs increased by £1.5m to £35.9m and represent 68.3 /0 of turnover (72.3 /0 in 2022123). This was smpacted by
infiationary pressures on maintenance Costs. increased salary costs reflect infiats"onary pressures as well as iDcreased head count.
The suo)lus on ordillary activities for the Group was £10.5m. an increase of £2.7m over 2022123. This increase ill operating surplus
has helped to offset an increase in interest COSIS rcsuiting from increased bO￿Ow]￿E and increasing bottowing costs.
Financing costs increased from £5.6m in 2022123 to £7.Om. This was in part due to new drawdown of fi￿d5 secured as part of a
Private Placement which was priced before the econnmic turnoil in Seplember 2022. Loan balances were £204.8m (£182.Im in
2022123).
Commercial properttes comprising commercial pren]ises to let and market rent residential property were revalued at year end 31
March 2024. Overall, the value of these investtllent properties was impacted by a small decrease on revaluation of £0. Im.

Clanmil Housing Association Limited
Strategic report of the Board for the year ended 31 March 2024 (cont'd)
The Association contijiues its prograllllll¢ of ll￿jOr repairs and improVe￿ents to properÈies and the total expenditure in the year was
£4.2m (excluding associated redecoration). This was £0.6m above planned levels as costs deferrea from previous years were caught
up on. Expenditrjre of this Èwe will fluctuate from year-to-year dependent on the age and condition of schemes.
Events after the balance Sheet
There were no post balance sheet events. The potential ongoing impact of the current economic and political uncertainty is considerec
under Risk Management and expected perforniance in 2024125 is outlined above.
Expected performance in the year ending 31 March 2025
Nottvithstanding the ongoing econornic upheaval, the Group expects futther growth in 2024125, as a result of the significant on-
going developmeot programme and the requiren]ent to illclude mfiationary increases in rental charges. Tumover is proje¢led to
iJ)¢rease by around 2.50/0 to appToximately £53.8m.
It is planned tbat approximately 194 additional homes will bc completed during the year and after disposals estimated at 7. the total
homes OWDed or ttwiaged will increase to approximately 6,075 utiits (net of right to buy sales and equity share sales).
£5.7m of expenditure regarding thc oll-going programme of major repairs and improvements to propertlC5 Is anticipated in tELC ycar.
The Group opciates in a highly Tcgulated environment which can result in &5sociated cost pressures and constraints un incornc
streams. It will continue to dcvclop a co-ordinated corporate approach to achieving etTiciency targets in linc with thc Strategic Plall.
Priorities havc bcen set to ensure that efficiencies are gained without an advcrse impact on servicc dclivery or scrvice uscT
satisfaction.
Financial sustainability
The Group has a robust and comprehensive framework of longet-tcrttL financial plannillg in placc. The Board regularly considers
thc longer-tern] fmancial plan which Covers a 40-year period. Ibc plan tncludes sensitivity analysis and compares projected results
to funders, covcnants where applicable. To demonstrate thc robustlless of the pla￿ alld to inlonll the Board of thc Potential nsks
associated with thc fllwicial plall. severnl scenario aDalyses arc compleied. IThc llLOSt receot plan w&8 considered by the Board in
March 2024. This illLurpurated stress tesling on a multi-variate basis that considered the potential downside from economic and
business risks potentially arising. This demonstrated that the fmancial plan does not put undue prcssure on the Group. and that
through the adoption of planned miiigation strdtegies the Group can continue to operate within its covenant limits.
By order of the Board
C MLTaggart
Company Secretary
28 JUD¢ 2024

C'lanmil Housing Association Limited
Report of the Board for the year ended 31 March 2024
12
The Board present their report and the audited fujancial statements for the year ended 31 March 2024 of Clanmil Housing
Association Limited (the "Association.) and its subsidiaries (the"GTOUP").
Board
The Board is a voluntary Cornmittee who have responsibility for the strategic direction, general policy and management of thc
Group. The day-to-day managernent of opc￿tiOnS is delegated to the Gn)up Chief Executive 2nd the Excculive Management Team.
Performance in the year ended 31 March 2024 and expected performance in tbe year ended 31 March
2025
The sections on perfonnance ill the year ended 31 March 2024 and expected perforniance in the year ended 31 March 2025. are
contained in the strategic report, which lornis part of this TeporL
Treasury
The GTOUP'S treasury management policy facilitates the effective management of cash flows, borrowings, invest]nents and the risks
associated with these activities. An update to the policy was approved by the B0￿d in December 2023.
At 31 March 2024 the Association had loans outstsnding of £204.8 M￿lOn. compared with £182. Im ai 31 March 2023. Short terni
invcsttllcnts and casb balanccs total £28.5m cOmp¢￿ed with £1 l.om at 31 March 2023. Average net debt per unit was £30k at 31
Match 2024 (£3 Ik 2022123) &s 34 homes (net of disposals) wcre added in the year.
Thc Ciroup w&s fi￿Y compliant with loan covenants during thc ycar.
Thc Association's interest covw ratio for the year of 3.25 times and the gearing ratio as at 31 March 2024 of 32.oo/o comfortably
meet tbe Association's prijnary Icndcr requirements.
Responsibility for the manageJDent of interest rate risk and liquidity risk is with the Board. The Association Fu￿nceS its operations
through a combination of borrowing and the reinvesttneDt of reserves. The amount of borrowings and its tertns are reviewed and
delerniined by the Board. The Group ellgages specialist Treasury Management Advisors to assist in this proce&s.
Interest rate risk
Exposure to fluctuating interest rates is maDag¢d by the composition of a balanced portfolio between fLxed rate and variable rate
loans.
Liquidity risk
The Group maintains a mixture of loug-tenn and short-lerm loan fmance that is designed to ensure there are suEficient funds to
achieve business objcctives and to facilitate plaDllcd growth.
As at 31 Marcb 2024, the Group had agrecd facilities unused across a numbcr oltnsts"tuts"ons of £50m, to assist in fuudillg its growth
strategy and meeting ongomg comtnittnents.
Currency risk
The Association and Group do not engage ill foreign WTren¢y trau5actlOn5 and so are not exposed to exckLaDge risk.
Regulation
The Association's principal regulator is the Department for Collimullities {DtE). It is also regulated by the Charity Conllnission
Northern trelalld (CCNI) and the Northern Ireland Housing Executive (NIHE) in its role as administrator of Supporting People
flllld￿ and Manager of tbe Social Housing Development Progranlllle.

Clanmil Housing Association Lin]ited
Report of the Board for the year ended 31 March 2024 (cont'd)
13
The Association complies with thc Dfc Regulatory Standards. Based on thc 1&8t Regulatory Framework rating received in rclatio
10 2021122, Dfc determined tbat Cianmil Housing ￿￿O(lation Lirtlited met the ReEulaiory Standards for GoverDance, Finance and
Consumcr with the highest Rating l- mccls the requiremenL
Quality ManagemeDt
The quality of the Association's manag¢m¢nt systems is recognised through the Investors in People Silver re-accreditation in May
2022, and the standards of the Regulation and Quality Improvemeni Authoriry. The AssociatlOD also received during the year a
bronze acGreditation from Diversity Mark charting our pathway on Equality, Diversion aJLd Inclusion.
Environmental matters
The Group recognises ils corporate respoDsibdiry to Ca￿ out its operations and development progranLme whilst minin]ising
enviTonrnental impacts and its intent is ouilined ill our new Environmentsl Strategy 2024 - 20?9. The B0￿d,$ continued ain] is to
comply with all applicable environtnental legislatioty prevent pollution a￿d reduce waste wberever possible.
Statement of the responsibilities of the members of the Board
The c.o-operative and Community Bcnefit Societies Act and registered housing association leEislation require the members of the
Board to prepare fmancial statcrnents loi each fllwicial year wEll'ch Eive a true aDd fair view of the state of the Association and
CFroup's affairs and of its SUTplus or dcficit for tELat period. In preparinE these statements the Board is required to:
sel￿t suitable accounting policies and apply them consistently-
Make judgements and estimates that are reasonable and prudenL
stste whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in thL I￿all61a1 statements. and
Prepare the fI[￿1claI statements on the going concern b&sis unless it l5 illappropriatc to PreSu￿e that the Associatt"on will
continue to operate.
The members of the Board are responsible for keeping proper accounting records which disclose with reasonable accuracy at any
time the fmancial positioo of the Association and Group and to enable them to ensure that the fmancial statements comply with the
Co-operative and Community Benefit Societies Aknt (NortI￿rn Ireland) 1969 and the Registered Housing Associations (Accounting
Requtrements) Order (borthern Ireland) 1993. They have general responsibility for the taking of reasonable steps to safeguard the
assets of the Association and to prevent and detect fraud and other irregularities.
Statement of disc105ure of information to auditors
So far as each of thc tllcmbers of the Board at thc date of approval of these financial statements is awate".
There is no relevant auth't infortnation of which the Association and Group's audiiors are unaware; and
They have taken all the steps that they ought to have taken as mcmbers of the Board in order to make themselves awate ol
any relevant audit information and to estsblish that the Associatioll and Group's audiior5 are aware of that inforrnation.
Internal Control
The Bo8rd bas overall responsibiliry for the Association and Group's internal Control syste￿5 and for reviewing the effectivelless of
these. Such systems can only provide the Board with reasonable, 8nd not absolute. assurance against material misstatement or loss
as they are designed to lllanage the risk of failure lo achieve bu5iDess objectives rather than eliminate the risk completely.

Clanmil Housing Association Limited
Report of the Board for the year ended 31 March 2024 (cont'd)
14
Audit
The Board has established a Group Audit and Risk Collllllittee with cl¢arly defmed ternis of reference. The main fi￿CtionS of the
Group Audit and ￿"sk Committee are to control and review the exfrrnal and internal autht fLmCtions. the internal coutrol systems
and monitor the performance of the Asso¢Aation against the key busiDess indicators. The Association's internal auditors report
directly to the Group Audit and Risk ComD]ittee on completion of each systems review and an annual SUllLTnary report is prothiced
by the internal auditors summarising the systems audit progranulle ea¢h year. The provision of the external auditor's report to those
Charged with Governance also provides some assurance through the year-eDd audit and the prov15ion of an internal control report.
Board and Executive Officers
The members of the Board and the Execulive Officers of the Association are listed on page 2.
After a qualifying period each rnember of the Board becomes a shareholder and holth one ￿llY paid share of £1 in the Association.
IndepeDdent auditors
Ilte auditors. ASM (B) Ltd. havc indicalcd their WAllmgn￿ to continve io officc. and a resolution proposing their reappointment
will bc proposed at the Annual Gcn¢ral Mceting.
By order of the Board
CnT
C McTagEart
Company Secretary
28th June 2024