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← Ark Housing Association Northern Ireland Limited

2025-03-31-accounts

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025

Note
Turnover
2
Operating costs
2
Gain/(Loss) on disposal of housing properties
Operating Surplus
7
Interest receivable and similar income
5
Interest payable and similar charges
6
Other finance costs
15
Additional Pension Service Costs
15
Surplus on ordinary activities
Actuarial (loss)/gain on pension scheme
Total comprehensive income for the year		 2025
£
8,014,780
(5,893,153)
-
2,121,627
19,070
(1,153,539)
6,000
20,000
1,013,158
(26,000)
987,158		 2024
£
6,783,783
(4,820,591)
23,878
1,987,070
15,177
(876,307)
9,000
(3,000)
1,131,940
(88,000)
1,043,940

All amounts above relate to continuing operations.

There is no material difference between the surplus for the year end and their historical cost equivalent .

Turnover includes £0 (2024: £391,834) house sales income.

Operating costs include a transfer to Disposal Proceeds Fund of £0 (2025: £367,956)

21

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2025

Note
Surplus for the financial year
Actuarial (loss)/gain on pension scheme
15
Issued share capital in year
16
Net changes in capital and reserve
Opening restricted reserve
Movement in Restricted Reserves in year
Opening revenue reserve
Opening Capital
16,17
Closing total capital and reserves		 2025
£
1,013,158
(26,000)
1
987,159
56,979
(44,482)
8,817,110
52
9,816,818		 2024
£
1,131,940
(88,000)
-
1,043,940
142,582
(98,100)
7,785,666
52
8,874,140

22

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

2025
FIXED ASSETS
Note
£
Housing properties - depreciated cost
8
117,678,046
Other tangible fixed assets
9
803,080		 2024
£
104,579,962
870,710
118,481,126
NON CURRENT ASSETS
Pension
15
-
CURRENT ASSETS
Debtors
10
3,034,095
Cashat bankandin hand
3,866,737		 105,450,672
-
6,368,278
1,880,134
6,900,832
Creditors: amounts falling due within one year
11
(12,728,269)
Net Current(Liabilities)/Assets
(5,827,437)		 8,248,412
(16,676,832)
(8,428,420)
Total Assets Less Current Liabilities
112,653,689		 97,022,252
CREDITORS: amounts falling due after more
than one year
Creditors
12
(102,836,871)		 (88,148,111)
(102,836,871) (88,148,111)
NET ASSETS
9,816,818		 8,874,141
Capital and Reserves
Called up share capital
16
10
Capital reserve
17
43
Restricted reserves
19
27,968
Revenuereserve
18
9,788,797		 9
43
56,979
8,817,110
TOTAL FUNDS
9,816,818		 8,874,141

An undrawn Revolving Credit Facility balance of £5.8m is in place.

The financial statements on pages 21 to 41 were approved by the Board of Management on 30 June 2025 and were signed on its behalf by:

Chair of the Board of Management

Board Member

Mr Tom Doran Lr, Company Secretary Mr James McShane

23

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Note £ £

2,683,838
Net cash generated from operating activities
23		 2,682,343
Cash flow from Investing activities
Purchase of housing properties (13,310,198)
(26,979)		 (11,851,499)
Purchase of other fixed assets (44,507)
House Sales - 516,070
Capitalgrantsreceived 7,546,846 3,614,275
(5,790,331) (7,765,661)
Cash flow from financing activities
Loan principal repayments (427,953)
6,700,000		 (396,171)
Loan (repayments)/advances received 7,000,000
Shares - -
Repayment of Restricted Reserves to NIHE (44,482) (98,100)
Interest Paid (1,153,539)
19,070		 (811,749)
InterestReceived 15,177
Net cash from financing activities 5,093,096 5,709,157
Net increase/(decrease) in cash 1,986,603 625,839
Cashand cashequivalents at the beginning ofthe year 1,880,134 1,254,295
Cash and cash equivalents at the end of the year 3,866,737 1,880,134

24

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting Policies

1.1 Basis of Accounting

The financial statements have been prepared on the historical cost basis and in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Housing SORP 2018: Statement of Recommended Practice for Social Housing Providers.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts are rounded to the nearest £.

The Association is a company limited by shares incorporated in Northern Ireland. The registered office is situated at Unit 1, Hawthorn Office Park, 43 Stockmans Way, Belfast, BT9 7ET.

1.2 Turnover

Turnover represents rental income, service charges receivable net of voids and the release of capital grants and is recognised in the period to which it relates.

1.3 Other Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is charged on a straight-line basis over the expected useful economic lives of the assets at the following annual rates: Furniture and equipment 10% - 33.3%.

Depreciation is charged on a straight-line basis for the new office over 30 years.

1.4 Housing Properties

Housing properties are stated at cost less accumulated depreciation. Cost includes the cost of acquiring land and buildings, development costs and expenditure incurred in respect of improvements. All development costs directly attributable to bringing properties into management are identified and capitalised to schemes in construction during the year.

Expenditure on improvements to existing properties, which enhances the economic benefits of the property or extends its useful life, is capitalised as part of the cost of the property. Other maintenance expenditure is written off to the Income and Expenditure Account as it is incurred.

Depreciation is charged on a straight-line basis over varying timescales, depending on the estimated useful life of the individual components. The major components and their estimated useful lives are listed below. Depreciation charged in the accounts is based on properties in management on the 1[st] April each year.

Land Not depreciated
Structure (including roof) 100 years
Kitchen 20 years
Bathroom 25 years
Heating boiler 10/15 years
Heating system 30 years
Windows and doors 35 years
Electrics 35 years

Where there is evidence of impairment, the fixed assets are written down to the recoverable amount and any write down charged to operating surplus.

25

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

1 Accounting Policies (Cont’d)

1.5 Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6 Housing Association Grant

Grant received for property has been included under long term liabilities and is amortised over the estimated useful life of the component to which it relates on the same basis as the depreciation charge listed above under the accruals model. Such grants may be repayable under certain circumstances, primarily following the sale of housing property, but any amount repayable would be restricted to the net proceeds of the sale.

1.7 Restricted Reserves

The Association sets aside money raised for a specific purpose into a restricted reserve.

1.8 Retirement Benefits

The Association participates in the NILGOSC defined benefit pension scheme. The underlying assets and liabilities of the scheme attributable to the Association are held separately from those of the Association. Pension scheme liabilities are measured on an actuarial basis using a projected unit method and are discounted to their present value. Assets are measured at market value at the balance sheet date. As a result, the Association either recognises the scheme deficit on the balance sheet at the year end, or in the case of an asset position, does not recognise this on the balance sheet, on the grounds of prudence. Actuarial gains and losses are included in the statement of comprehensive income. Current and past service costs, curtailments and settlements are recognised within operating surplus. Returns on scheme assets and interest on obligations are recognised as other finance costs.

1.9 Disposal Proceeds Fund

Surpluses from disposal of housing properties, including the Voluntary Purchase Grant, are transferred to the Disposal Proceeds Fund. The association is required to apply these surpluses within a specified period to housing projects as Recycled Housing Association Grant.

1.10 Tenants' Services Fund

For certain schemes the Association is required to charge the tenants for additional services provided, over and above those of the normal management and maintenance services. The Association levies an additional charge to the tenants for this. Annual surpluses are transferred to a fund to equalise the financial position over a period of time and deficits are written off in the year in which they occur.

26

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

1 Accounting Policies ( Cont’d)

1.11 Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13 Financial Instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

27

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

1 Accounting Policies ( Cont’d)

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

1.4 Judgement and Key Sources of Estimation Uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The association has recognised a defined benefit pension scheme liability in the balance sheet, the value of which has been prepared by an independent qualified actuary. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long-term nature of these plans, such estimates are subject to significant uncertainty.

The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The asset lives are regularly reviewed and are changed as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Details of the useful lives is included in the accounting policies.

28

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

2 Turnover, operating costs and operating surplus

2025
2024
Operating
Turnover
Operating
Costs
Operating
Surplus/
(deficit)
Operating
Turnover
Operating
Costs
Operating
Surplus/
(deficit)
£
£
£
£
£
£
Social Housing Activities 7,145,230
5,040,535
2,104,695
6,232,011
4,259,950
1,972,061
Non-Social HousingActivities 869,550
852,618
16,932
943,606
928,597
15,009
Total 8,014,780
5,893,153
2,121,627
7,175,617
5,188,547
1,987,070

Income from Social Housing

Income from Social Housing

Property
Revenue
Sheltered
Supported
£
£
£		 2025
Total Social
Housing
£
Rent receivable
4,748,004
335,620
348,183		 5,431,807
Service Charges Receivable
430,562
153,571
200,915		 785,048
Support Charges and other
-
37,106
-		 37,106
Other Operating Income
-
-
-		 -
Gross Income
5,178,566
526,297
549,098		 6,253,961
Voids
(71,182)
(12,374)
(16,060)		 (99,616)
Net Income
5,107,384
513,923
533,038		 6,154,345
Grant released
847,892
25,809
117,184		 990,885
Total Income
5,955,276
539,732
650,222		 7,145,230
Operating Costs
Services
354,917
129,270
157,901		 642,088
Support
-
34,112
-		 34,112
Rates Payable
536,171
47,718
-		 583,889
Insurance
148,983
9,888
18,596		 177,467
Management Costs
638,322
61,637
77,737		 777,696
Maintenance Administration Costs
309,289
-
-		 309,289
Planned and Cyclical Maintenance
137,497
7,014
13,884		 158,395
Reactive Maintenance
463,994
59,402
93,694		 617,090
Gardening
26,018
3,309
13,561		 42,888
Component Disposals
24,294
34,235
22,406		 80,935
Depreciation
1,401,927
85,683
129,076		 1,616,686
Bad Debts
-
-
-		 -
Other
-		 -
Total OperatingCosts
4,041,412
472,268
526,855		 5,040,535
Operating Surplus 2,104,695

29

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

2 Turnover, operating costs and operating surplus (Cont’d)

Income from Social Housing

Income from Social Housing Income from Social Housing Income from Social Housing Income from Social Housing Income from Social Housing
Property 2024
Total Social

Revenue
£
Rent receivable
3,801,645
Service Charges Receivable
330,077
Support Charges and other
-
Other OperatingIncome
391,833		 Sheltered
£
306,109
147,232
34,915
-		 Supported
£
320,574
197,454
-
-		 Housing
£
4,428,328
674,763
34,915
391,833
Gross Income
4,523,555
Voids
(54,095)		 488,256
(4,038)		 518,028
(8,827)		 5,529,839
(66,960)
Net Income
4,469,460
Grant released
659,027		 484,218
20,733		 509,201
89,372		 5,462,879
769,132
Total Income
5,128,487
Operating Costs
Services
262,452
Support
-
Rates Payable
432,983
Insurance
130,906
Management Costs
482,520		 504,951
122,809
33,652
45,864
9,180
57,865		 598,573
155,578
-
-
17,475
70,929		 6,232,011
540,839
33,652
478,847
157,561
611,314
Maintenance Administration Costs
256,020
-
-
Planned and Cyclical Maintenance
70,874
10,629
6,726
Reactive Maintenance
289,586
31,513
50,094
Gardening
23,233
5,392
14,715
Component Disposals
28,460
4,590
-
Depreciation
1,084,810
72,608
120,532
Bad Debts
-
-
-
Other
367,955		 256,020
88,229
371,193
43,340
33,050
1,277,950
-
367,955
Total OperatingCosts
3,429,799		 394,102 436,049 4,259,950
Operating Surplus
1,972,061

30

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

2 Turnover, operating costs and operating surplus (Cont’d)

Property
Revenue
£		 Property
Revenue
£		 Sheltered
£		 Supported
£		 Supported
£		 2025
Total Social
Housing
£
4,589,739
1,627,116
6,216,855
2024
Total Social
Housing
£
3,794,720
1,308,371
5,103,091		 2025
Total Social
Housing
£
4,589,739
1,627,116
6,216,855
2024
Total Social
Housing
£
3,794,720
1,308,371
5,103,091		 2025
Total Social
Housing
£
4,589,739
1,627,116
6,216,855
2024
Total Social
Housing
£
3,794,720
1,308,371
5,103,091
Technical 3,624,996 470,555 494,188
Non-technical 1,553,570 18,636 54,910
Total 5,178,566 489,191 549,098
Technical
Non-technical		 Property
Revenue
£
2,892,205
1,239,517		 Sheltered
£
436,290
17,051		 Supported
£
466,225
51,803
Total 4,131,722 453,341 518,028
DFC Allowances 2025 2024
£ £
Management Allowances
Management Costs		 279,972
(587,353)		 260,964
(443,563)
Deficit
Maintenance Allowances
Planned and cyclical maintenance
Reactive Maintenance		 (307,381)
328,048
(137,497)
(463,994)		 (182,599)
305,776
(70,874)
(289,586)
Surplus/(Deficit) (273,443) (54,684)

31

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

2 Turnover, operating costs and operating surplus (Cont’d)

Turnover, operating costs and operating surplus from non-social housing activities

2025
£		 2024
£
Income 869,550 943,606
Total 869,550 943,606
Operating Costs
Management Services 852,618 928,597
Total 852,618 928,597
Operating surplus
Housing Stock
Number of units owned on 31 March		 16,932
2025
£		 15,009
2024
£
General needs housing
Supported Housing
Sheltered Housing		 712
57
74		 659
57
74
Homeless 24 24
867 814

3 Board Members’ emoluments

Board members act in a voluntary capacity and as such, none were in receipt of emoluments during the financial year. Four members were reimbursed expenses totalling £432 during the year. (2024 – £132).

32

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

4 Employee information

2025 2024
Average monthly number of persons
employed during the financial year by
activity:
Office
Support Staff		 Number
22
19		 Number
21
18
Staff Costs 41
£		 39
£
Wages and salaries 1,322,669 1,230,098
Social security costs
Other pension costs
Agency costs		 129,978
235,360
-		 110,168
220,016
102,878
1,688,007 1,663,160

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

Aggregateremuneration 411,790 370,066
411,790 370,066

The number of management personnel to whom emoluments (including salary, employer national insurance, employer pension contributions and benefits in kind) were paid during the year falls within each of the following bands:

2025 2024
Number Number
£130,000 - £135,000 1 -
£120,000 - £125,000
£95,000 - £100,000		 -
3		 1
-
£85,000 - £90,000 - 2
£65,000- £70,000 - 1
4 4

5 Interest receivable and similar income

2025 2024
Interest receivable £
19,070		 £
15,177

6 Interest payable and similar charges

2025 2024
£ £
Loan interest repayable 1,153,539 876,307

33

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

7
Operating Surplus		 2025 2024
£ £
This is stated after
Depreciation
Amortisation of grant		 1,702,307
(952,263)		 1,357,472
(752,466)
Amortisation written off (38,622) (16,666)
Components written off 80,935 33,050
Operating Lease Rentals - land and buildings
Auditors' remuneration
- audit services		 10,200 9,000

8 Tangible fixed assets - housing properties (land & buildings)

Cost
At 1 April 2024
Additions		 Cost
At 1 April 2024
Additions		 2025
113,567,938
14,795,704		 2025
113,567,938
14,795,704		 2024
101,610,670
12,571,142
Disposals (140,712) (613,874)
At 31 March 2025 128,222,930 113,567,938
Accumulated depreciation
At 1 April 2024
Charge for year

8,987,976
1,616,685
7,959,971
1,277,950
Disposals (59,777) (249,945)
At 31 March 2025 10,544,884 8,987,976
NBV at 31 March 2025 117,678,046 104,579,962
Net Book Amount Comprises:
Completed Schemes
Schemes in Progress

79,072,563
38,605,484
87,430,472
17,149,490
117,678,046 104,579,962

34

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

9 Other Tangible Fixed Assets

Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Accumulated depreciation
At 1 April 2024
Charge for the year
Disposals
At 31 March 2025
Net book value
At 31 March 2025		 House
Furniture
£
22,301
-
-
22,301
22,301
-
-
22,301
-		 Office
Fixtures &
Fittings
£
177,505
17,992
-
195,497
69,154
34,494
-
103,648
91,849		 Office
Fixtures &
Fittings
£
177,505
17,992
-
195,497
69,154
34,494
-
103,648
91,849		 Office
Fixtures &
Fittings
£
177,505
17,992
-
195,497
69,154
34,494
-
103,648
91,849		 New
Office
£
606,705
-
-
606,705
60,670
20,223
-
80,893
525,812		 Office
Refurb
£
309,035
-
-
309,035
92,712
30,904
-
123,616
185,419		 Office
Refurb
£
309,035
-
-
309,035
92,712
30,904
-
123,616
185,419		 2025
Total
2024
Total
£
£
1,115,546
1,062,703
17,992
52,843
-
-
1,133,538
1,115,546
244,837
165,314
85,621
79,522
-
-
330,458
244,836
803,080
870,710		 2025
Total
2024
Total
£
£
1,115,546
1,062,703
17,992
52,843
-
-
1,133,538
1,115,546
244,837
165,314
85,621
79,522
-
-
330,458
244,836
803,080
870,710
2024
£
278,603
131,850
(53,630)
356,823
96,465
103,798
5,811,192
6,368,278
2024
£
405,261
59,932
1,269,774
10,957,646
233,992
538,406
2,674,809
49,241
487,771
16,676,832
2025
10
Debtors		 £
409,436
Rental Debtors - Gross technical
Rental Debtors - Gross non-technical 128,645
Provision for BadDebts (53,630)
Net Rental (including rates and service charges) 484,451
22,383
Other Debtors
Prepayments 110,841
HousingAssociationGrantsReceivable 2,416,420
3,034,095
11
Creditors - amounts falling due within one year
2025
Bank loans (note 14) £
527,985
Rent, rates, service charges received in advance 108,859
Deferred Grant (note 13) 1,443,331
HAG in Advance
Contractors		 5,440,976
499,642
Other Creditors 322,226
Accruals and Deferred Income 3,841,238
Payroll cost and Pension fund
Disposals proceedsfund		 56,241
487,771
12,728,269

35

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

12
Creditors - amounts falling due after more than one year		 12
Creditors - amounts falling due after more than one year
2025 2024
£ £
Bank Loans (note 14) 32,113,593 25,929,134
HousingAssociationGrants (note13) 70,723,278 62,218,977
102,836,871 88,148,111
2025
13
Deferred Grant - Housing Association Grant
2024
Housing Association Grant £ £
At 1 April 2024 69,508,903
9,668,746		 63,815,233
Additions 6,042,582
Disposals (81,251) (348,912)
At 31 March 2025 79,096,398 69,508,903


6,020,152
952,718
Accumulated Amortisation
At 1 April 2024 5,393,450
Charge for year 751,069
Disposals (43,081) (124,367)
At 31 March 2025 6,929,789 6,020,152
NBV at 31 March 2025 72,166,609 63,488,751

1,443,331
Released within one year 1,269,774
**Released after more than one year ** 70,723,278 62,218,977
72,166,609 63,488,751

36

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

14 Loans

Loans are secured on individual assets of the Association and are repayable as follows:

2025 2024
Bank loans - Housing property and other loans £ £
Less than one year 527,985 405,261
Between one and two years 527,985 524,000
Between two and five years
After more than five years		 2,168,075
29,417,533		 1,744,613
23,660,521
32,641,578 26,334,395

Bank loans include £23,405,065 of secured loans repayable after five years by quarterly instalments of £137,494. All RCF loans outstanding at the end of the applicable period, will be converted to term loan until the end of the facility term being repayable on amortised basis over 45 years. Bank loans bear interest at rates ranging between 2.27% and 6.14% at variable and fixed rates. All bank loans is secured by way of mortgages upon the deeds of approved portfolios of properties.

Unamortised finance costs of £230,087 (2024 - £265,223) associated with the secured loan are held against the outstanding balance measured at amortised cost using the effective interest method in accordance with FRS 102 Section 11.

15 Retirement Benefits

The Association's pension scheme forms part of the total fund administered by NILGOSC. Ark has contributed at a rate of 19.5% of pensionable salaries. Members have paid contributions at varying rates up to 8.50%.

Formal valuations are carried out at regular intervals by independent professionally qualified actuaries. The last formal valuation was carried out as at 31 March 2025.

Assumptions

Assumptions
2025 2024 2023
(£000s) (£000s)
(£000s)
Rate of salary increase 4.00% 4.10% 4.50%
Pension increases in payment 2.50% 2.60% 3.00%
Discount rate 5.80% 4.60% 2.70%
Pension accounts revaluation rate 2.50% 2.60% 3.00%

Mortality Rates

Mortality Rates
2025 2024
(Years)
(Years)
Male - current pensioners
21.6		 21.7
Male - future pensioners 22.2 22.7
Female - current pensioners 24.5 24.6
Female - future pensioners 25.2 25.6

37

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

15 Retirement Benefits (continued)

The assets in the scheme and the expected rate of return were: -

2025 2024
(£000s)
(£000s)
Equities 1,950 1,752
Government bonds 747 662
Property 485 410
Corporate bonds 175 203
Multi Asset Credit 650 574
Other 291 265
Cash 553 547

Reconciliation of funded status to balance sheet

2025 2024
(£000s) (£000s)
Fair value of assets 4,851 4,413
Present value of scheme liabilities 3,506 3,958
Surplus/(deficit) in scheme 1,345 455
Related deferred tax liability (1,345) (455)
Net pension surplus/(deficit) - -

Income and expenditure impact

The following amounts have been recognised in the statements of comprehensive income:

2025 2024
(£000s) (£000s)
Current service cost 215 222
Interest on net liability (28) (9)
Interest on unrecognised asset 22 -
Income Statement Total 209 213
Asset (losses)/gains arising in the period (19) 197
Liability gains/(losses)arisingin theperiod (7) (285)
Other Comprehensive Income Statement Total (26) (88)

38

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

15 Retirement Benefits (continued)

Changes to the present value of obligations

31-Mar-25 31-Mar-24
(£000s) (£000s)
Opening obligation 3,958 3,732
Current service cost 215 222
Past service cost - -
Interest expense on obligations 190 172
Contributions by participants 84 77
Actuarial (gain)/loss on liabilities (861) (170)
Net benefitspaid out (80) (75)
Closing obligation 3,506 3,958

Changes to the fair value of assets

31-Mar-25 31-Mar-24
(£000s) (£000s)
Opening fair value of assets 4,413 3,814
Interest income on assets 218 181
Remeasurement (losses)/gains (19) 197
Contributions by employer 235 219
Contributions by participants 84 77
Net benefitspaid out (80) (75)
Closing fair value of assets 4,851 4,413

Actual return on assets

31-Mar-25 31-Mar-24
(£000s) (£000s)
Interest income on assets 218 181
Remeasurement(losses)/gains (19) 197
Actual return on assets 199 378

39

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

16 Called up Share Capital

2025 2024
£ £
Ordinary shares of £1 each, full paid
At 1 April 2024
Allotted during the year		 9
1		 11
-
Transferred to capital reserve - (2)
At 31 March 2025 10 9
17 Capital Reserve
2025
£
At 1 April 2024 43
Transferredfromshare capital -
At 31 March 2025 43
18 Revenue Reserve
2025
£
At 1 April 2024 8,817,110
Surplus for the year 997,687
Actuarialgain (26,000)
At 31 March 2025 9,788,797
19 Restricted Reserve
2025 2024
£ £
At 1 April 2024 56,979 142,582
Refund to NIHE Supporting People (2022/23) (44,482) (98,100)
Surplusinyear 15,471 12,497
At 31 March 2025 27,968 56,979

The restricted reserve are funds from NIHE Supporting People for specific purposes relating to sheltered and homeless services.

20 Contingent liabilities

There exists a contingent liability on the Association of the possibility of having to repay grants received on properties if any properties are sold. This also includes any grants written off through the implementation of component accounting.

40

ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT’D)

21 Commitments

Capital Commitments

Capital commitments amounting to £26,692,417 (2024 - £32,828,542) have been contracted for as at 31 March 2025. These commitments will be financed through a combination of HAG, loans and the Association's reserves.

Operating Lease Commitments

At the year end the Association had no commitments under operating leases (2024 -Nil).

22 Related party disclosures

No transactions with related parties were undertaken such as are required to be disclosed under UK GAAP.

23 Notes to the Cash Flow Statement

2025 2024
£ £
Net cash inflow from operating activities
Operating surplus for the year
Depreciation of tangible fixed assets		 2,121,627
1,702,307
1,987,070
1,357,472
Amortisation of grant (952,263) (752,466)
Amortisation written off
Components written off
Movement in debtors		 (38,622)
80,935
(76,047)		 (16,666)
33,050
(38,970)
Movementincreditorsless thanone year (154,099) 112,853
2,683,838 2,682,343

24 Analysis of Changes to Net Debt

2024 Cashflows Other
non-cash
changes		 2025
£ £ £ £
Long-term borrowings (25,929,133) (6,135,439) (49,020) (32,113,592)
Short-termborrowings (405,261) (136,608) 13,884 (527,985)
Total Liabilities (26,334,394) (6,272,047) (35,136) (32,641,577)
Cashand Cash Equivalents 1,880,134 1,986,603 - 3,866,737
Total net debt (24,454,260) (4,285,444) (35,136) (28,774,840)

41