ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 ATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2026 2026 2025 Note Turnover Operatlng costs OpeTating Siirplu5 Interest receivable and similar income Interestpayable and similar charges Other finance costs Additional Pension Seryite Costs Surplu5 Qn ordinary activities Actuar&al IlossJ/g31n on pensLOn scheme Total comprehensive income for the year 8,466.130 6,389,821 2.076,309 22.215 [1.486,653) 6.OOD 112,000 729,871 L118,000)_ 611.871 8.014.780 5,893,153L 2,121,627 19,070 (1.153.539) 6.000 20.000 1,013,158 26,000 987,158 15 15 All amounts above relate to contlnulng operatlons. There is no material difference between the SUTplus for the year end and their historical cost equivalent. 21
ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL RF,PORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2026 2026 2025 Note Surplus forthe financial year Artuarial [lossl/gain ora pension scheme Issued share capital in year Net changes in capitsl and reservè Opening restrlL*ed reserve Movement in Restricted Reserves in year Opening revenue re5Erve Openlng Capital Closing total capital and re5erve5 729,871 (118,000) 1.013.158 (26,OOOJ 15 16 611,874 27,968 (32.023) 9,788,797 53 10,396,669 987.159 56.979 144,482) 8,817,110 52 9.816,818 16,17 22
ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL RF,PORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH Z026 STATEMENT OF FINANCIAL POSITION AS AT 31 MAiiCH 2026 2026 2025 FIXED ASSETS Houslng properties- deprecfiated cost Other tsngs'ble fixed assets Note 133,702,677 746,783 134.449,460 117,67R,046 803,080 118,481.126 NON CURRENT ASSETS PensiDn 15 CURRENT ASSETS DebtOFS Cash at bank and in hand io 4,892,739 516,186 5,408,92S 3,034,095 3,866,737 6,900,832 Creditors: amounts falling due wlthln one year li [10,552,773] (12,728.269) Net Current tLiabilities}/A5sets Total Assets Less Current Llabllities S.143,848 129,305.612 [5,827.437) 112.653,689 CREDITORS: amounts falling due after more than one year Creditors 12 118.908,943 lj8,906,943 11O2,U36,871) [102.836,871] NET ASSETS 10,396.669 916,818 Capital and Reserves Called up share capit31 Capital reserve ResrrScted reserves Revenue reserve 16 17 19 18 io 46 (4,055] 10.400,668 io 43 27.968 9,788,797 TOTAL FUNDS 10.396,669 9.816,818 An undrdwn RevolvinE CreditFacility balance of £15m Is In place. The finanaal statements on pages 21 to 41 were approved by the Board of Management Dn 29 lune 2026 and were signed on its behalf by: Chalr ofthe Board of Management MrTomD Board Member Mr lan McAvoy Company Secretary Mr James Mcshane cirf 23
ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 srATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026 2026 2025 Note Net cash generated from opcrdting artlvities 23 3,003,145 2,683,838 Cash flow from ITr)vesting activiti Purchase ofhousing properties Purchase of other fixed assets Capital grants received [16.354,528) [37,2841 6,288.503 10,103.309 [13,310,198) [26.979) 7,546,846 [5,790.331) Cash flow from financlng aetlvities Loan principal repayments an [repayments)/advances received Shares Repayment of Restrieted Reberves to NIHE Interest Paid Interest Received Net C3sh frorn financing activities Net increase/{decreaseJ in cash Cash and cash equivalents at the beginning of the year Cash and cash equlvalents at the end of the year (557,984) S,800.000 (427,9531 6,700,000 (27.968) [1,486.653) 22.215 3,749,613 {3,350.551) 3.866.737 J16.186 (44,482) [1,153,539) 19,070 5,093,096 1.986.603 1,8110,134 3,866,737
ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAI. STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 AccountingPolicies Basis ofAccountfjng The flnancial statements have been prepaTed on the historical cost basis and in compliance with FRS 102, The FinaDcI(Il Reporting Standard applicable in the UK and the Housing SORP 2018= Statement of Recommended Practice forsocial Housivjg Providers. The finanaal 5tate]nents are prepared in sterlin& which is the functional currency ol the eTLtity. Monetary amounts are rounded to the nearest £. The Assoclatlon Is a company limited by shares incorporated In Northern Ireland. The registered office is sitsated at Unit I, Hawthorn Office Park, 43 Stockmans Way, Belfast, BT9 7ET. Turnover Turnover represents rental income, service charges receivable net of voids and the rele2se of capltal grants and is recognised fin the period to which it relates. Other Tangible Ftxed Assets and Depreclatlon Tangible fixed assets are stated at cost less accumulated depreciatLOtL. Depreciatlon is charged on a straight-line basis over the experted useful economic lives of the assets at the following annual rates.. Furniture and equipment 10%- 33.3%. Depreclatlun is charged on a straight.line basis for the new office over 30 years. Housing Propertie5 Houslng properties are stated at cost less accumulated depreciation. Cost includ*.5 the c05t of acquiring land and buildings, development costs and expenditure Incurred in respect of ImpruveEnents.All development costs directlyattributableto bringingproperties into management are idenLified and capitalised to schemes in constructitrn during the yeÉlr. Expenditure improvements to existitlg propertie5, which enhances the economic benefits of the pi'operty or extends its useful life, is capitalised as part of the c05t tkf the property. Other maintenance expenditure is written off to the Income and Expenditure Account as it is incurred. Depreclatlon is charged on a straight-line ba5L5 over varyivkg timescales, depcnding 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 propertie5 iti management on the 1st April each year. Land Structure (induding roofj KitL-hen Bathroom Heating boiler Heating system Windows and doors Electrics Not depreciated 100 years 20 years 25 years 10/15 years 30 years 35 years 35 years Where there Is evidence of impalnnent, the fixed assets are written down to the recoverable amount and any write down charged to operating surplus. 25
ARKHOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANaAL ffATEMENTS FOR THE YEAR ENDED 31 MARCH Z026 NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONfDJ Accounting Policie$ [ConVd} Impaiment of red assets At each reporting perlod end date. the company reviews the carrying amounts ofits tsnglble assets to determine whether there is any Indlcation that those assets have suffered an impa1rentI0S5. If atly such iiidicalion exists, therecoverable amountoftheasset15e5timated ii) ordcrtodctern)ine the extent of the impairment loss (ilany). Where it is not Possible to estimate the recoverable aniounl of an individual asset, the company estimates the recoverable amountoftbe cash-generating unitto which the asset belongs. Recoverable amount isthe higher of fair value le55 Costs to sell and valuein Use.In assessingvalue in use, the estimated future casb flows are discounted to their presentvalue U5Ing a pre-taxdiscountratethatreflects currentmarkctasscssments ofthetimevalueofmnneyand the risks. &peafictothe asset forwhich the estimates of future cash flows havc not been adlu5ted. If the recoverable amount of an asset (or cash-generating unit] is estlmated to be less than its carrying amount. the carrying amount of the assel (or cash-generating unit) is reduced to its recoverable amounL An impairment loss is recognised Immediately in profit loss. unless the relevant asset is carried at a revalued amount. in which case the irnpairnient losg Is treated as a revaluatlon decrease. HousingA5sociation Grant Grant received for property has been included under longter]n liabilities and is amortised over the estimated useful life of the component to which it relates on the same basi5 as the depre¢i3tion charge listed above und2r the accruals modcl. Such grants may be repayable under certain drcutnstances. primarily following the sale of housing propcrty, buc any amount repayable would be restrirted to the net proceeds of thesale. Restricted Reserves The Association sets aside money lSed for a Specific purpose into a restrirted reserve. Retlrement Beneflts The knsociation participate5 in the NILGOSC defined benefit pension scheme. The underlying assets and liabilities of the schetne attributable to the As50ciatiOVL are held separately from thtrse of the Association. Pension scheme liabilities are measured on an actuarial basis using a projected unit method and arc discounted to their present value. Assets are measured at market value at the b31ance sheet date. As a resulL the Association cither recognises the scheme deficit on the bal<inLe sheet at the year end, or in the case of an asset position, docs not rccognise thi5 on the balance sheet,onthe grounds of prudence. Actuarial galn5 and losses are included in the statcm¢nt of comprehenssve income. Current and past SeiCe costs. curtailments and settlements are recognised within operating surplus. Return5 ofl 5cILeme asset5 and interest on obligations are recognised as other finance costs. Dispo$al Proceeds Fund SuTpluses 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 Hou5Ang Association GranL 1.10 Tenants. Servlce5 Fund For certaiTh schemes the Association is requlred to charge the tenants for additlonal services provided, over and above those of the normal management and maintenance services. The Association levies an addltional charge to the tenants Fur thi& Annual surpluses are transferred to a fund to equalise the financial position over a period of time and dèficlts are written off In the yearin which theyoc£ur. 26
ARK HOUSING ASSOCIATION NORTHERN JRELAND LIMITED ANNUAL REPORT AND FINANCIAI. STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 NOT&5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 {CONT'D) Accountlng Policies[ConYd) i.ii EmployeeBenefits The costs of short.term employee beiiefits are reeognised as a liability and an expense unle55 those costs are required to be recognised as part of thc cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's 5eryices are received. Terniinaknon benefit5 are recognised iinlnediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide terniination benefits. 1.12 Cashand Cash E4]vaIellts Cash and cash equivalents. include cash in hand, dcposits held at call with banks, other short-ier liquid investments with orlginal maturities of three months or less. and bank overdrafts. Bank overdrafts are Shown within borrowings in currentliabllities. 1.13 Financlallnstruments Financial instruments are recognised in the cotnpany's statement of financial position when the company becomes party to the contractual provision5 Qf the instrument. Financial assets and liabilitÉes are offseL with the net amounts presented in the financial statements. when there is a legally enftsrceable 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. Baslcfinanclalassets Basic financlal assets, which include trade and other receivables and cash and bank balances, are initially measured at trans2ttion price including traThsactlon cost5 and are 5ubsequentJy carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaetion, where thetransaction is measured atthe presentvalue olthefuture receipts discounted at a market rate ofinteresL Impalrment Dfflnanclolassets Financial assets, other than those held at fair value through profit and Ios5, are assessed for Indicators of impairment at each repurting end date. Financial assets are impaired where thcre is objectlve evidence tha¢ as a result cif one or MOIE events that occurred afterthe initial recognition ofthe flnandal asset, the estimated future cash flow5 have been affected. If an d5set Is impaired, the Impairment Ioss IS the differenc¢ between the carrying amount and the present value of the estimated casli llow5 discounted cltthe asset's original effective interest rate. The impairmEntloss i.s recognised in profit loss.lf there is a decrease In rhe impairment 1055 aTising from an event occurring 3fter the impairment wa5 recogniseLi the impairment Is reversed. The reversal is such thatthe current carrying amountdoes Iiot exceed what the carrying amguntwould have been, had the irnpairment not previously been recognised. The impalrment reversal Is recognised in profit orloss. Derecognltloft ofjlnanclal assets Financial a55etsare dereco8nised only whenthe contractual rights to the cash flows frotnthe asset explre 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 signLfic2nr risks and rewards of ownership dre retsined but control of the asset has transferred to another party thatls able to sell the asset in its entirety to an unrelat¢d third party. 27
ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONT'D} Accounting Policies [Collt'd) Classificquon oflFnanrlal liabllities Flnancial liabilities and equity instruments are classlfied accordlng to the substance of the contractual arrangements entered intu. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its-liabilities. Bosicjlnanclalliabllrftles Basic fi'nancial liabilities, includingtrade and other payables. bank loans. loans from fellow group Lompanies and preference share5 that are classified as debt. are initlally recognised attransaction price unless the arrÉingemcnt constitutes a financinE traiisaction. where the debt instrument is measured at the present valut of the future reipts discounted al a market rate of interost. Debt Instruments are Subsequently carried it amortised cost. using the effective interest rate Inethod. Trade payables are obligatlons to pay forgoods orservice5 thathave beenacquired in the ordlnary course of business from suppliers. Accounts payable are classified as current liabillties if payment Is due Wthin one year or less. If not, they are presented as non-current1sabilitie5. Trade payables are recogni5ed initially at transaction price and subsequent]y measured at amortised cost u.sing the efFective interest method. Derecogttltion offinanclal IltYbElltles Financial liabilities are derecognised when rhe company's contractual obligations expire or are discharged or cancelled. 1.14 ludgemetJt4nd Keysources ofEstimatlon Uncertainty Iii the applicatiun of the company's accounting policies, the dlrertors are required to make judgements, estimates and assumptions about the canying amount of assets and liabilities that are not readilyapparent from othersources. The estimates and associated assumption5 are based on historical expcrience and other factors that are conbldered to be relevant. Actual results may diFfer from these estimates. The estimate5 and underlying assumptions are rcviewed on an orLRoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that peri(>d. or in thE period of the reYi5ion and future periods where the revision affects both current and future periods. The a550ciation has recognised a defined benefit pension schenie liability in the balance sheet. the value of which has been prepared by an independenl qualified actuary. Thc actuarial valuation involves making assumptions about dL5count rates. future salary increases. mortaliry rates and future penslon increases. Due to the cthmplexEty of the valuation, the underlying assumptions and thelong4&mnature ofthese plans, such estimates are subjecttts significant uncertainty. The annual depreciation charge on fixed assets depend5 primarily on the estimated lives of each type of asset and e8limates of restdual values. The asset lives are rcgularly reviewed and are changed as neccssary to reflect current thinking on remairting lives in light of pro£pective econumic utilisation and physical condition of the assets ¢OIiLerned. Chang2s in asset lives can have a ssgnificant impact on depreciation and amortisatlon charge5 for the period. Detalls of the useful lives is included in the accountlng policies. 28
ARK HOUSING ASSOCIATION NORTHFRN IRF.IAND LIMrrED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20Z6 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONT'D} Z Turnover. operating costs and OPErating5urplus 2026 2025 Operatlng ThTnover Operatlng Costs Operating Surplus/ (deficlt) Operating Turnover Operating Costs Operatlng Surplu51 (deficit) Soclal Houslng AeUvStJes Non-social HousingActivities Total 7.515,873 950,257 8,466.130 5.445.764 944,OS7 6,389,821 2,070,109 6.200 2.076.309 7,145,230 869,550 8,014,780 5,040,535 852,618 5,893.153 2,104.695 16,932 2,121.627 Income from Soclal Hollsing 20Z6 Totsl Soaal Housing Property Rcvenue Sheltered Supported Rent receivable Service Charges Receivable Support Charge5 and other Other Operaiing Income Gross Income Voids 5,178,109 401,724 335,819 131,175 36,859 355,271 193,913 5.869,199 726,812 36,859 5,579.833 (69,951) 5,509,882 880,779 6.390,661 503,853 (10,881) 492,972 22,475 515,447 549,184 {26.795) 522,389 6,632.870 (107,627) 6,525,243 990.630 7.515,873 Nct Income Grani released Tof31 Income 609.765 Operating Costs Services 303,003 106,251 42,6S8 149,068 558,322 42,658 640.802 187,248 904,839 396,674 136,292 778,764 58.710 61,676 1,647,196 32,583 Support Rates Payable Insurance Management Costs Maintenance Administration Costs Planned and fyclical Maintenance Reactive Mairltenance Gardening Component Disposals Depreciation Bad Debts 590,654 160,323 745,369 396,674 123,040 521.589 43.801 55,928 1,448,084 32,583 10,230 72,033 16.695 87,437 6,961 101,023 3.07S 5.748 60,448 6,291 156,152 11,834 138,664 Uther Total Operntlng Costs 4,421,048 458.575 566,141 S,44S.764 Operating Surplus 2,070,109 29
ARKHOU51NG ASSOCIATION NORTHERN JRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMEFrrs FOR THE YEAR ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONT'D) 2 Turnover. operatlng costsand operatlng surplus (Convd) Income from Sorial Housing 2UZ5 Total Social Housing Property Revenue Slleltered Supported Rent recelvable Service Charges Receivable Support Charges and other Other OperatiTrg Income Gross Income Voids 4.748.004 430,562 335.620 153,571 37.106 34R,183 200,915 5,431,807 785,048 37.106 5.178,566 71,182 5,107,384 847,892 5.955,276 526,297 12,374 513,923 25,809 539,732 549,098 16,060 533,038 117,184 650,222 6,253,961 99,616 6.154.345 990,885 7.145,230 Net Income Grant released Totsl Income Operatlng Costs Services 354.917 129.270 34,112 47,718 9,888 61.637 157,901 642,088 34,112 583,889 177,467 777,696 Support Rates Payable Insurance ManageEnentC05ts Maintenance Administration Costs 536,171 148,983 638.322 18.596 77,737 309.289 309.289 Planned and Cyclical Maintenance Reartive Maiutenallce 137,497 463,994 26,018 24.294 1,401.927 7,014 59.402 3,309 34,235 85,683 13.884 93,694 13,561 22.406 129.076 158,395 617,090 42,888 80,935 1.616.686 Gardening Component Disposals Depreciation Bad Debts Otl]er Total Operating Costs 4.041.412 472,268 526.855 5.040.535 Operatlng Surplus 2,104,695 30
ARK HOUSINC A0C[ATIoN NORTHERN fRF.LAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR TklE YEAR ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMEf4TS FOR THE YEAR ENDED 31 MARCH 2026 (CONT'DJ 2 Turnover. operating costs and operating surplus (Convd) 2026 PToperty Revenue Total Social Houslng Sheltered Supported Techni1 Non.tethTrical 3,905,883 1,673.950 5,579.833 448,360 18.634 466,994 494,266 54,918 549,184 4,848.S09 1.747,502 6.596,011 Total 2025 Property Revenue Total Social Houslng Sheltered Supported Technical 3.624.996 1.553.570 5,178.566 470,555 18,636 489.191 494,188 54,910 549.098 4,589,739 1,627,116 6.216,855 Non-technical Total DFC Allowantes 2026 2025 Management Allowances Management Costs 317.520 [730,661) 279,972 (587.353] Deficit 413.141 307.381 MainteThance A]lowaDces Planned and cyclical maintenance Reactive Malntenance 359.100 [123,040] [521.589) 328.048 (137,497) (463.994) Surplus/(Deficlt) 285,529 273,443
ARK HOUSING ASSOCIATION NORTHERN IRELAND I.IMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEKENTS FOR THE YEAR ENDED 31 MARCH 2026 (COTrlf'D) 2 Turnover. operating eosts and operatingsurplus (Convd) Turnover, operatlng costs and operatlng5urplus from non-soclal houslng actlvltles 2026 2025 Income Total 950,257 9SO,257 869.550 869.550 Operating Costs Management Services Total 944,057 944,057 852,618 852,618 Operating surpllls 6,200 16,932 Housing Stock 20Z6 2025 Number of units owned on 31 March Gene1 needs housing Supported Housing Shcltored Htsusing Homeless 756 57 74 24 911 712 57 74 24 867 Board Members, emoluments Board members act in a Yoluntary capacity and as such, none were in receipt of emoluments durlng the financial year. One membEr was reimbursed expenses totalling E35 during the year. [2025 - E432J. 32
ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THI YEAR ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONfD) 4 Employee InfOrntIOn 2026 2025 Avercige monthly number of persons employed during thc financial year by dLdvity'. Offlce Support Staff Number 24 18 42 Number 22 19 41 staff Costs Wages and salaries Social securily costs Other pension costs 1,505.534 191.049 265,152 1,961,735 1.322,669 129,978 235,360 1.688,007 The aggregate remuiier2tion, Including benefit5 in kind and pension contributions, of keymanag&ment personnel of the Association durinE the year was= Aggregate remuneraiion S13.021 513.021 411,790 411.790 The number of management personnel to whom emoluments {inrliiding salary, employer naiional insurance, emplnyer pension contribuknons lind benefits in kind) werc paid during the. year fa]15 Within each of the lullowlng bands- 2026 Number 202S Number £135.000- £140.000 £130.000- £135,000 £95,000- £100.000 £90,000- £95,000 £70.000- £75,000 5 Interest receivable and similar Income 2026 20ZS Interest receivable 22,215 19.070 6 Interest payable alld 51milar charges Z026 2035 Loan interest repayable 1,486,653 1,153,539 33
ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH ZO26 NOTES TO THE FINANCML STATEMENTS FOR THEYEAR ENDED 31 MARCH 2026 (CONT'D) 7 Operating Surplus 2026 2025 Thls is stated after Depreciation Amortisation ofgrant Amortlsation written ofF Components wrttten orf Auditors, rEtnuneration audit services 1,740.825 [990.630J 1,702.307 (9S2,263) {38,622} 80.935 61,676 10,200 10,200 Tangible fixed assets- hou51ng propereS Oand & bullding5J 2026 2025 Cost At l April 2025 Additions Disposals At31 Mar¢h 2026 128,222,930 17,733,503 150,726 145,805,707 113,567,938 14,795,704 140,712 128.222,930 Accumulated depreciatlon At l April 2025 Charge foryear Disposals At31 March 2026 10,544,884 1,647,197 89,051 12.103,030 8,987,976 1,616,685 59,777) l(I,S44.884 NBVat31 March 2026 133,702,677 117.678,046 Net BookAtllount Comprlses: Completed Schcmes Schemes in Progress 89.S19,267 44,183.410 133,702.677 79,072,562 38,605,484 117.678.046 34
ARK HOUSING ASSOCtATION NORTHERN IREIAND LIMED ANNUAL REPORT AND FINANCIAV. STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 NOTES TO THE FJNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTD) Other Tangible FlxedAssets Offlce Flxtures House Furniture New Office Offlce Relurb 20Z6 Total 20Z5 Totsl Flttings Cost At l April 2025 Additioll5 Disposals At31 March 20Z6 22.301 195.497 37.331 606,705 309,035 1.133.538 37.331 1,115,546 17.992 22,301 232,828 606.705 309,035 1,170,869 1.133,538 Actumulated depreciation At l April 2025 Charge for the year Disposals At31 Mar<h 2026 22,301 103,648 42.502 80.893 20,223 123,616 30.903 330,458 93.628 244,837 85,621 22.301 146,150 101,116 154,519 424.086 330.4S8 Net bookvalue At31 Marcb2026 86,678 S05,589 154.516 746.783 803,080 2026 10 Debtors Rental Debtor5- Gross technical Rental Debtors- Gr055 non-technical Provi%ion for Bad Debts Net Rental (includlngrates and service charges) Other Debto Prepayments HousingAssociatson Grants Receivable 2025 422,605 211,777 72.888 561,494 32,089 131.506 4,167.650 409.436 128.645 53,630 484,451 22,383 110,841 2.416,420 4,892,739 3.034.095 11 CTedltors. amounts falllng due wlthin one year 2026 2025 Bank IDaThs [note 14) Rent. rates, Sel¢e charges received in advance Deferred Grant [note 13) HAG in Advance Contractors Other Creditors Accruals and DefeNed InLY)me Payroll casi and Pension Disposals proceeds furjd 524,429 144,218 1,663.753 2.334.665 265,385 953,319 4,107,841 71,392 487,771 527,985 108,859 1.443.332 5,440,976 499.642 322,Z25 3.841.238 56.241 487,771 10,552.773 12.728,269 35
ARK HOUSINGASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATF.MEKfs FOR THE YEAR ENDED 31 MARCH 2026 NOTES TO THE FANCIAL ATEmENTs FOR THE YEAR ENDED 31 MARCH 2026 {CONTD) Iz CredltDfJ- amounts falling due after more than one year 2026 202S Bank Loans (note 14) HousingA8sociation Grants (nole 13) 37,385,038 81,523,905 32.113,593 70,723.278 118,908,943 102,836,871 13 Deferred Grant. Housing Assodation Grant 2026 2025 HousingA550clation Grant At l April 2025 Additions D15posals At31 MarchZ026 79,096,398 12.011,679 69.508,903 9.668.746 81,251 79,096,398 91,108,077 Accumulated Amortlsation At l April 2025 Cljarge for year Disposals At31 March2026 6.929,789 990,630 6,020,152 952.718 43.081 6.929,789 7.920,419 NBVat31 March 2026 83,187,658 72,166,609 Released wlthin one year Released after more than oneyear 1,663,753 81.S23,905 83.187,658 1,443.331 70.723,278 72.166,609 36
ARK HOUSING ASSOCIATION NORTHERN IREIAND LIMITED ANNUAL REPORT AND FINANCIAI. STATEMENTS FOR THE YEAR ENDED 31 MARCH 20Z6 NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONT'D) 14 Loan5 Loan5 are secured on Indlvidual a5set5 of the Association and are repayable as follows.. 2026 20ZS Bankloans- Housing property and other loans Less than Dne year Between one and two years Between two and five years After more than flveyears 524.429 858.833 2,547,795 33,978,410 527,985 527,985 2.168.(175 29.417.533 37,909,467 32,641.578 Bank loans include £23,085,175 of secured loans repayable after five year5 by quarterly instalments of £137,494. AII RCF loans Outstaiiding at the end vf the applicable period, will be converted to term loan utLtII thE end of the facillry term being repayable on aniortised basis ovei- 45 ycars. Bank loaiis bear interest at rates ranging between 2.27% and .5.950AF at variable and red rates. All bank loans are sÈciired by way of mortgages upon the deeds of approved portfolios of propertle5. Unamortised finance costs of £204,210 [2025- £230,08n associated with the Secured loan are held against the outstanding balance measured atamortlsed costusing the effettive interest rnethod in accordance wlth FRS 102 Section 11. 15 Retlrement Benefits The Assoc2ation's pension scheme forms part of the total fund administered by NILGOSC. Ark ha5 Lontributed at a ratc of 19.-S% Df pensionable sal(iries. Members have paid contributions at varylng rates up to 8.SO%. Formal valuatiorjs are carrted out at regular intervals by independent professionally quallfied actuaries. The last formal valuation was trdrrled out as at 31 March 2026. Assumptions 2026 (£OOOsJ 4.30% 2.80% 6.20% 2025 (£OOOs) 4.00% 2.50% 5.80% 2.50% 2024 Rate of salary increase Penslon increases In payrnent Discount rate [£OOOs) 4.10% 2.60% 4.60% 2.60¥0 Penslon accounts revaluation rate 2.80¥0 Mortsllty Rates 2026 (Year5J 22.0 22.3 2025 (Years) 21.6 Male- current pensioners Male- futUTe pensloners Female- current pensioners Female- fllre pensioners 22.2 25.3 24.5 25.6 25.2 37
ARK HOUSING ASSOCIATION NORTHERN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20Z6 (CONT'D) 15 Retlrement Benefits(continued) The assets in the scheme and the experted rate of return were.'_ 2026 (£OOOs) 2.262 1191 202S (£OOOs) 1,950 747 485 175 Equitie5 Government bonds Property Corporate bond5 Multi Asset Credil Other 533 234 723 326 650 291 Cash 169 553 Reconcillation offvnded Status to balance sheet 2026 (EOOOs} 5,438 3,901 1,537 2025 (Eooas) 4,851 3,506 1,345 1,34S Fairvalue of assets Present value of scheme liabilities SurplusJ{deficit) in scheme Related deferred tax liability Netpension surplus/[deficit) 1,53 Income and expendlture Impact The following amounts have been retognised in the statements of cottLprehen5ive income.. 2026 (£OOOs) IS3 2025 (£oons) 215 [28) 22 209 Current serricg c05t Interest on net liabillty Intereston unreLognised a55et Income StatementTotal 78 146 A55et (lOsses)Igalls arising in the pcriod Liability gainsl(losses1 arising in thc period Other Comprehensive Inco1C StatemeTLt'L'otal 70 [19J 118 26 38
ARKHOU51NG ASSOCIATtON NORTHERN IREIAND LIMJTED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONT'D) IS Rptirement Beneflts (contfinued) Changes to the prosent value of obligatlons 31-Mar-26 (£DOOs) 3.506 3J-Mar-2S (£DtTrOs) 3,958 215 Opening obligation Current Service cost Past service cost Interest expense on obligations Conttibutions by pardcipants Actuarial [gain}/loss on liabillties Net benefits paid out aosing obligation 153 203 190 94 84 74 1861) 80 129 3,901 3,506 Changes to the fair value of &55ets 31-MaTr26 (£0005J 4.851 288 31-Mar-25 (£OOOs) 4.413 218 Opening fair value of assets Interest income on assets Remeasurement {losses)Igains Contributions by employer Contributions by participants Net benefits paid out Closing fairvalue of assets 70 264 [19] 235 84 94 129 80 4,851 5,438 Actllal return on assets 31-Mar-26 (£0005) 288 31.Mar-25 [£OOOs) 218 Interest Income on assets Remeasurement [Ios5es)/gains Artual return on assets 70 19 358 199 39
ARK HOUSING ASSOCIATION NORTHFRN IRELAND LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONT'D} 16 Called up Share Capltal Z026 2025 Ordinary share5 of £1 each, full paid At l April 2025 Allotted during theyear Transferred to capital reserve At31 March Z026 io io io 17 Capltal Reserve 2026 2025 At l April 2025 Transferred from share capital At31 March 2026 43 43 46 43 18 Revenue Reserve 2026 2025 At l April 2025 Surplus for the year Actuarial gain At31 March2026 9,788.797 729,871 118.000 10,400,668 8.817.110 997,687 2A,OUO 9.788,797 19 Restricted Reserve 2026 Z025 At l April 2025 Refund to NIHE Supporting People Surplus (Deficit) inyear At 31 March 2026 27.968 [27,9611) 4.055 4,055 56.979 144.482) 15.471 27.968 The restricted reserve are funds trom NIHE Supporting People for specific purposes relating to sheltered and homeless services. 20 Contlngent Ilabilitles There exlsts a contingent Ilabllity on the Association of the possib51ity of having to repay grants recelved on properdes if any properties are sold. Th15 also includes any grants written off through the Implementation of conwonent accounti 40
ARK HOUSING ASSOCIATION NORTHERN IRELAND I.IMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONfD) 21 Commitntents Copital Commitments Capital cotnmitments amoundng to £29.964.703 [2025- £26,692,417) have been contracted for as at 31 March 2026. These commitments will b¢ financed through a combination ofHAG, loans and the Association's reserve5. Open7ting Lease Commitments At the year end the Association had no commltments under operating leases [2025-Nil). Related partydlselosures 22 No transactiot15 wlth related parrles were undertaken Such a5 are required to be disclosed under UK GAAP. 23 Note5 to the Cash Flow Statement 2026 2025 Net cash Inflow from operating artlvlties Operating surplus lor the year DeprecldtlDn of tangible fixed assets Amortisation of grant Amorti5ation written off Components written off Movetnent in debtors Movement in credltors less than one year 2,076.309 1.740.825 {990,630) 2.121,627 1,702,307 (952,263) {38.622] 80,935 [76,047) 154.099 2.683,838 61.676 {140,257] 255.222 3,003.145 Z4 Analysis of Cbanges to Net Debt Other non-cash changes 2025 Cashflows 2026 Long-term borrowlngs shOrt-ter borrowings Total Liabilitie5 [32.113.S923 527,985 32.641,57 (5.230,691) 11,324 5,242.015 (40,755] 14,880 25.875 [37,385,038] 524,429 37,909.467 Cash and Cash Equivalents TDtal net debt 3,866,737 28,774.840 3.350,-E51)_ 8.592,566 516.186 37,393.281 25,875 41