Registered No: IP000173
Grove Community Housing Association Limited
Report and Financial Statements
For the Year Ended 31 March 2023

Grove Community Housing Association Limited
Year Ended 31 March 2023
Contents page
Page
Board of Management and Advisers
Report of the Board of Management
Independent Auditor's Report
Statement of Comprehensive Income
Statement of Changes in Equity
io
statement of Financial Position
statement of Cashflows
12
Notes to the financial statements
13-25

Grove Community Housing Association Limited
Year Ended 31 March 2023
Board of Management and Advisers
Board of Management
Mr B Dunn
Mr J Chapman
Ms A Johnston
Mr E Hunt
Mr E Holmes
Ms C Mullan
Mr RV Chestnutt
Mr R Arbuthnot
Mr B Mccarron
Chair
Vice Chair
Resigned 20th September 2022
Resigned 27th February 2023
Chief Executive and Secretary
Ms A Crawford
Registered office
171 York Road, Belfast, BT15 3HB
Registered number
Registered under the Co-operative and Community Benefit Societies Act (Northern
Ireland) 2016 and Financial Conduct Authority, IP000173
Registered as a housing association with the Department for Communities (Northern
Ireland), Registered Number R14
Registered as a charity with the Charity Commission for Northern Ireland, NIC 104573.
statutory Auditors
ASM (B) Ltd
Glendinning House
6 Murray Street
Belfast, BTI 6DN
Bankers
Ulster Bank Limited
202-206 York Street
Belfast, BT15 IHY
Bank of Ireland
31 University Road
Belfast, BT7 INH
Solicitors
Edwards & Co. Solicitors
28 Hill Street
Belfast, BTI 2LA
Quigg Golden Limited
18 Hill Street
Belfast, BTI 2LA
Accountants
Connon Associates Ltd
40 Liminary Road
Ballymena, BT42 3HN

Grove Community Housing Association Limited
Year Ended 31 March 2023
Report of the Board of Management for the year ended 31 March 2023
The Board present their report together with the financial statements for the year ended 31
March 2023.
Principal activities
The Association is a registered non-profit making housing association providing housing
accommodation for those in need.
Financial results
The surplus for the year was £208,155 compared to a surplus of £244,866 for the previous
year.
Board of Management
The Board of Management meets regularly throughout the year.
Going Concern
The Board has assessed its Forecasts under various scenarios, including a significant increase
in inflation, energy and staffing costs, on its operating results and financial position and have
a reasonable expectation that the Association has adequate resources to continue in
operational existence for the foreseeable future. For this reason, they continue to adopt the
going concern basis in preparing the financial statements,
Value for Money
The Association is committed to delivering Value for Money (Vfm) by continuous performance
improvement. This is a key principle of the Association's business plan which aims to deliver
Vfm under its business objectives and Department for Communities (Dfc) standards of
Finance, Governance and Consumer. Achieving a balance of progress against the specific
targets within our Strategic Plan and Business plan will ensure we remain true to our core
mission and values and we believe, ensure success.
We continue to benchmark our services against our peers and other relevant measures,
mainly from the NI Federation of Housing Associations (NIFHA) and Dfc, to prioritise areas
for focus.
The Association considers Vfm in terms of the maximum outcome5 for the minimum cost of
service provision. The Association therefore strives to provide quality homes at reasonable
cost. In 2022-23 the annual rent increase was 40/0. The service charges were also reviewed
to ensure all eligible costs were included and we strived to ensure the servicing contracts
provided good value for money.
The Association has always benefited from volunteerism, with many of our Committee
members and shareholders undertaking tasks on behalf of the Association, such as actively
participating in the provision of tenant participation activities, including social events,
community garden activities and joint initiatives with others for those in food poverty. This
type of practical contribution enables us to deliver high value, meaningful services while
enabling the Association to keep costs to a minimum.
The Association attivities that contribute to Vfm include..
Key performance indicators which encourage efficient and effective services and
behavlours;

Grove Community Housing Association Limited
Year Ended 31 March 2023
Continual review of services and suppliers and Investment in technology to enable
procedures to be streamlined and improve compliance;
Delivering maximum value to the customer while mlnimising costs;
Working effectively and efficiently while maintaining and improving the service to our
customers by making the best use of resources;
Effective procurement of services including use of joint procurement with other Houslng
Associations to provide very competitive maintenance costs;
Tenant satisfactlon surveys and engagement to assess quality of services provided from
an end user perspertive, thereby understanding their definition of value, and focusing on
and doing the right things. and
Ongoing investment in our properties, ensuring high standard accommodation and
efficient, comfortable homes.
Understanding Vfm is as essential as managing and demonstrating it. The Association's Board
leads the approach to value for money by setting the strategic vision and mission. The
Association is also focused and determined to secure Vfm into the future. We will continue to
review opportunities for Vfm in 2023-24, coupled with ongoing benchmarking within the
sector.
Regulation
The Association's principal regulator is the Department for Communities (Dfc). The
Association complies with Dfc's Regulatory Standards.
In April 2017 a new Regulatory Framework was introduced for the regulation of Registered
Housing Association in Northern Ireland (RHAS). Under this approach, RHAS are assessed
annually against 3 standards namely: Governance, Finance and Consumer, This has
concluded that the overall engagement opinion and regulatory judgement rating for Grove
Community Housing Association is l. It has assessed all three of the standards namely,
Governance, Consumer and Finance as 'MET'. The Association will be reassessed following
submission of the annual regulatory return at the end of September 2023. The Association
continues to adopt a risk based approached in identifying and managing risk with a focus on
outcomes rather than compliance. We prioritise the management and use of our resources
and acknowledge our responsibility to stakeholders, particularly tenants and wider
community,
Internal controls
The Board of Management is responsible for the Association's systems of internal financial
control and, along with senior management, is responsible for establishing and operating
detailed control and reporting procedures. The systems of internal financial control can
provide only reasonable, and not absolute, assurance against material misstatement and loss.
The Board of Management have reviewed the effectiveness of the Association's system of
internal financial control. The review included consideration of the business risks facing the
Association and of the existing internal financial control procedures.
The key elements of the control system In operation are:
The Board has adopted a formal schedule of matters reserved for its approval ensuring it
maintains responsibility for overall strategy, approval of all property transactions and
other major capital expenditure projects;
There is an organisational structure with clearly defined lines of responsibility and
delegation of authority;

Grove Community Housing Association Limited
Year Ended 31 March 2023
Detailed budgets are prepared covering the Association's businesses which are reviewed
and approved by the Board. Actual results are compared against budget and appropriate
action identlfied and initiated. and
The Board review matters relating to internal control and receives reports on a regular
basis from the external and internal auditors and from senior management.
Statement of the responsibilities of the Board of Management
The Board of Management is responsible for preparing the Board of Management's Report
and the financial statements in accordance with applicable laws and regulations.
The Board of Management is required by law to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the Association and
of its surplus or deficit for that period. In preparing these financial statements, the Board
of Management are required to:
select suitable accounting policies and then apply them consistently.
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements.
prepare the financial statements on the going concern basis unless it 15 inappropriate to
presume that the Association will continue in operation.
The Board of Management are responsible for keeping adequate accounting records that
disclose with reasonable accuracy at any time the financial position of the Association and
enable them to ensure that the financial statements comply with the Co-operative and
Community Benefit Societies Act (Northern Ireland) 2016, (formerly the Industrial and
Provident Societies Act (Northern Ireland) 1969). They are also responsible for safeguarding
the assets of the Association and for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
statement of disclosure to auditors
So far as each of the members of the Board of Management are aware at the date of
approval of these financial statements:
there is no relevant audit information of which the Association's auditors are unaware,
and
they have taken all the steps that they ought to have taken in order to make themselves
aware of any relevant audit information and to establish that the Association's auditors
are aware of that information.
Auditors
A resolution to reappoint ASM (B) Ltd will be proposed at the Annual General Meeting.
On behalf of the Board of Management
Mr B Dunn (Chair)
Mr E Hunt (Board Member)
Date: 19th September 2023

Grove Community Housing Association Limited
Year Ended 31 March 2023
Independent Auditor's Report
Opinion
We have audited the financial statements of Grove Community Housing Association Limited
for the year ended 31 March 2023 which comprises the statement of comprehensive income,
the statement of changes in reserves, the statement of financial position, the statement of
cash flows and the related notes to the financial statements, including a summary of
significant accounting policies. The financial reporting framework that has been applied in
their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and the Housing
SORP
Statement of Recommended Practice for social housing providers issued by the
National Housing Federation.
In our opinion the financial statements:
give a true and fair view of the state of the Association's affairs as at 31 March 2023
and of its surplus for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice. and
have been properly prepared in accordance with the requirements of the Co-operative
and Community Benefit Societies Act (Northern Ireland) 2016 (formerly the Industrial
and Provident Societies Act (Northern Ireland) 1969).
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS
(UK)) and applicable law. Our responsibilities under those standards are further described in
the Auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the Association in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with those
requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provlde a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respett of the following matters in relation to which the ISAS
(UK) require us to report to you where:
the Board of Management's use of the going concern basis of accounting In the
preparation of the financial statements is not appropriate; or
the Board of Management have not disclosed in the financial statements any
identified material uncertainties that may cast significant doubt about the
Association's ability to continue to adopt the going concern basis of accounting for
a period of at least twelve months from the date when the financial statements are
authorised for issue.

Grove Community Housing Association Limited
Year Ended 31 March 2023
Independent Auditor's Report (cont'd)
other information
The other informatlon comprises the informatlon included in the Report of the Board of
Management other than the financial statements and our auditor's report thereon. The Board
of Management is responsible for the other information. Our opinion on the financial
statements does not cover the other information and, except to the extent otherwise explicitly
stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audlt of the financial statements, our responsibility is to read the other
information and, in so doing, consider whetherthe other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misstatement in the
financial statements or a material misstatement of the other information. If, based on the
work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact.
Opinion on other matters prescribed by the Companies Act
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Report of the Board of Management for the financial year
for which the financial statements are prepared is consistent with the financial
statements. and
the Report of the Board of Management has been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Association and its environment
obtained in the course of the audit, we have not identified material misstatements in the
Report of the Board of Management.
We have nothing to report in respect of the following matters in relation to which the
Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit
have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns;
or
we have not received all the information and explanations we require for our audit.
Responsibilities of the Board of Management
As explained more fully in the Board of Management responsibilities statement the Board of
Management is responsible for the preparation of the financial statements and for being
satisfied that they give a true and fair view, and for such internal control as the Board of
Management determine is necessary to enable the preparation of financial statements that
are free from material mi55tatement, whether due to fraud or error.

Grove Community Housing Association Limited
Year Ended 31 March 2023
Independent Auditor's Report (cont'd)
In preparing the financial statements, the Board of Management is responsible for assessing
the Association's ability to continue as a going concern, dlsclosing, as applicable, matters
related to going concern and uslng the going concern basis of accounting, unless the Board
of Management either intend to cease operations, or have no realistic alternative but to do
so.
Auditor's responsibilities for the audit of the financial statements
Our objettives are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance
but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect
a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
design procedures in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent to which our procedures
are capable of detecting irregularities, including fraud is detailed below:
We considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following
area: posting of unusual journals along with complex transactions. We discussed
this risk with client management, tested a sample of journals to confirm they were
appropriate and reviewed areas of judgement for indicators of management bias.
A further description of our responsibilities for the audit of the financial statements is located
on the Financial Reporting Council's website at www.frc.or
auditorsres
onsibilities. This
description forms part of our auditors, report.
Use of our report
This report is made solely to the Board of Management, in accordance with the Co-operative
and Community Benefit Societies Act (Northern Ireland) 2016 (formerly the Industrial and
Provident Societies Att (Northern Ireland) 1969). Our audit work has been undertaken so
that we might state to the Board of Management those matters that we are required to state
to them in an auditors, report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Association and the
Board of Management, for our audit work, for this report, or for the opinion we have formed.

Grove Community Housing Association Limited
Year Ended 31 March 2023
B Clerkln (Senior Statutory Auditor)
for and on behalf of ASM (B) Ltd
Statutory Auditor
Glendinning House
6 M urray Street
Belfast
BTI 6DN
19th September 2023

Grove Community Housing Association Limited
Year Ended 31 March 2023
statement of Comprehensive Income
For the year ended 31 March 2023
Notes
2023
2022
Turnover
1,367,343
1,348,927
Operating costs
(1,071,374)
(1,010,635)
Operating surplus
295,969
338,292
Gain / (Loss) on disposal of fixed assets
226,769
(16,344)
Transfer to disposal proceeds fund
15
(250,976)
other income
3a
475
Interest and financing income
6,683
181
Interest and financing costs
(70,290)
(77,738)
Surplus for the year
208,155
244,866
other comprehensive income
Actuarial gain in respect of pension scheme
18
278,000
181,000
Total comprehensive income for the year
486,155
425,866
The results relate wholly to continuing activities.
The notes on pages 13 to 25 form part of these financial statements.

Grove Communlty Housing Assodatlon Llmite
Year Ended 31 March 2023
Statement of Changes in Equity
For the year ended 31 March 2023
2023
Share
Capital
2023
Capital
reserve
2023
Revenue
reserve
2023
2022
Total
Total
Balance at l April
Surplus for the year
Remeasurement or the net defined benefit plan
Movement in share capital
Balance at 31 March
16
122
3,682.287
208.155
278,000
3.682,425
208,155
278,000
3,256,549
244,866
181.000
io
181
130
4 168 442
4 168 580
3 682 425
The notes on page5 13 to 25 form part of these financlal statements.
io

Grove Community Housing Association Limited
Year Ended 31 March 2023
statement of Financial Position
As at 31 March 2023
Notes
2023
2022
Fixed assets
Housing properties
Other tangible fixed assets
11,911,346
557.442
12,468,788
12,030,368
558,048
12,588,416
li
Current assets
Trade and other debtors
Cash and cash equivalents
12
109,174
1,321,853
1,431,027
102,203
1,405,642
1,507,845
Less: Creditors: amounts falling due
within one year
Net current assets
Total assets less current liabilities
13
543,774
523,382
887,253
13,356,041
984,463
13,572,879
Creditors.. amounts falling due after
more than one year
13
9,201,461
9,682,454
Pension fund (asset) / liability
Total net assets
18
(14,000)
4,168,580
208,000
3,682,425
Reserves
Share capital
Revenue reserve
Capital reserve
Total reserves
19
20
21
16
3,682,287
122
4,168,442
130
4,168,580
3,682,425
These financial statements were approved by the Board of Management and authorised
for issue on 19th September 2023 and are signed on its behalf by:
Mr B Dunn
Direttor (Chair)
Mr E Hunt
Direttor
Ms A Crawford
Secretary
The notes on pages 13 to 25 form part of these financial statements.
Registered No., IP000173

Grove Community Housing Association Limited
Year Ended 31 March 2023
Statement of Cash Flows
For the year ended 31 March 2023
2023
2022
Notes
Cash flow from operating activities
Surplus for the year
Adjustments for non-cash items:
Depreciation of tangible fixed assets
Amortisation of HAG
Decrease / (increase) in trade and other debtor5
Increase / (decrease) in trade and other creditors
Pension costs less contributions payable
Pension interest payments
(Gain) / Loss on fixed asset disposals
Transfer to disposal proceeds fund
Adjustments for investing or financing activities:
Interest payable
Interest received
208,155
244,866
9,11
14
233,081
(244,369)
(6,971)
(45,165)
51,000
5,000
(226,769)
250,976
264,508
(256,585)
(27,593)
121,322
57,000
7,000
16,128
12
13
18
18
15
65,290
(6,683)
283,545
70,738
{181)
497,203
Net cash generated from operating activities
Cash flow from investing activities
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed asset5
Grants received
Interest received
Net cash generated from / (used in) investing activities
9,11
(325,186)
360,000
89,651
6,683
131,148
(259,335)
181
(259,154)
Cash flow from financing activities
Interest paid
Repayment5 of borrowings
Share capital issued
Net cash used in financing activities
(65,290)
(433,192)
(70,738)
(396,090)
io
19
(498,482)
(466,818)
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
(83,789)
1,405,642
1,321,853
(228,769)
1,634,411
1,405,642
The notes on pages 13 to 25 form part of these financial statements.
12

Grove Community Housing Association Limited
Year Ended 31 March 2023
Notes to the financial statements
l. Legal status
Grove Community Housing Association Limited is a housing association registered in
Northern Ireland in the United Kingdom under the Credit Unions and Co-operative and
Community Benefit Societies (Northern Ireland) Act 2016 (formerly known as the
Industrial and Provident Societies Att (Northern Ireland) 1969}. The registered offlce of
the Association is 171 York Road, Belfast, BT15 3HB.
2. Accounting Policies
2.1 Basis of accounting
These financial statements have been prepared in accordance with Financial Reporting
Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of
Ireland, and the Statement of Recommended Practice for Registered Social Housing
Providers.
The financial statements are presented in Sterling (£), which is the functional currency of
the Association.
2.2 Revenue recognition
Revenue is recognised when the Association has entitlement to the funds and it is probable
that the income will be received and the amount is reliably measured.
Turnover includes rental income, service charge income receivable net of voids and release
of capital grant and is recognised in the period to which it relates.
2.3 Government and other grants
Housing Association Grant (HAG) is receivable from the Northern Ireland Housing
Executive (NIHE) and 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 below,
HAG released on sale of a property may be repayable but is normally available to be
recycled and is credited to the Disposal Proceeds Fund and included in the Statement of
Fi nancial Posltion within Creditors,
HAG due Is included as a current asset. HAG received in advance is included as a current
liability.
HAG received in respect of revenue expenditure is credited to the income and expenditure
account in the same period as the expenditure to which it relates.
13

Grove Community Housing Association Limited
Year Ended 31 March 2023
2.4 Tangible fixed assets
Housing properties
Housing stock are properties held for the provision of social housing or to otherwise provide
social benefit and are accounted for within tangible fixed assets. Housing properties are
principally available for rent and are stated at cost less accumulated depreciation and any
accumulated impairment losses. 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 of Housing properties
The Association separately identifies the major components which comprise its housing
properties, and charges depreciation, so as to write-down the cost of each component to
Its estimated residual value, on a straight line basis, over its estimated useful life.
The Association depreciates the major components of its housing properties over the
following useful lives:
Land
structure
Kitchen
Bathroom
Windows and doors
Mechanical systems
Roof
Electrics
Boilers
Not depreciated
100 years
20 years
30 years
30 years
30 years
60 years
40 years
14 years
Depreciation of other tangible fixed assets
Tangible fixed assets, except housing properties, are stated at cost less accumulated
depreciation. Depreciation is charged on a straight-line basis over the expected useful
economic lives of the assets as follows:
Office equipment
Office premises
4 years
50 years
2.5 Impairment
Housing properties are assessed annually for impairment indicators. Where indicators are
identified an assessment for impairment is undertaken comparing the asset's carrying
amount to its recoverable amount. Where the carrying amount of an asset is deemed to
exceed its recoverable amount, the asset is written down to its recoverable amount, this
is likely to be the fair value in use of the asset based on its service potential. The resultlng
14

Grove Community Housing Association Limited
Year Ended 31 March 2023
impairment loss is recognised as expenditure in income and expenditure. Where an asset
is currently deemed not to be providing service potential to the association, its recoverable
amount is its fair value less costs to sell.
other assets are reviewed for impairment if there is an indication that impairment may
have occurred.
2.6 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.
2.7 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.
2.8 Defined Benefits Pension
The Association participates in a defined benefit salary pension scheme. The underlying
assets and liabilities of the scherne attributable to Grove Housing Association have been
identified by actuaries. As a result, the Association recognises the scheme deficit or surplus
on the balance sheet at the year end. Actuarial gains and losses are included in the
Statement of recognised gains and losses. Current and past service costs, curtailments
and 5ettlernents are recognised within operating surplus. Returns on scheme assets and
interest on obligations are recognised as other finance costs.
2.9 Taxation
The Association is accepted as a charity by the HMRC. Income and capital gains of the
Association are generally exempt from tax if applied for charitable purposes.
The Association is not registered for VAT. All of its income, including rental receipts, is
exempt for VAT purposes.
2.10 Financial instruments
The Association only has financial assets and financial liabilities of a kind that qualify as
basic financial instruments.
Basic financial instruments are initially recognised at
transaction value and subsequently measured at their settlement value.
2.10 Judgements in applying accounting policies and key sources of estimation
uncertainty
No judgments have been made in the process of applying the above accounting policies
(apart from those involving estimates). There were no key assumptions made conceming
the future and other key sources of estimation uncertainty at the reporting date that have
15

Grove Community Housing Association Limited
Year Ended 31 March 2023
a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year.
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.
2.11 Going concern
After making appropriate enquires, the Board of Management has a reasonable
expectation that the Association has adequate resources to continue in operational
existence for the foreseeable future. For this reason, it continues to adopt the going
concern basis in the financial statements.
Turnover, Operating costs and operating surplus
2023
2022
Operating
Surplus/
{deficit)
Operating
Surplus/
(deficit)
Turnover
Operating
Costs
Social Housing Activities (Note 4)
Non-social Housing Activities
1,367,343
1,071,374
295,969
338,292
1,367,343
1,071,374
295,969
338,292
3a. Other Income
2023
2022
Miscellaneous
Covid19 Community Support Fund
473
475
16

Grove Community Housing Association Limited
Year Ended 31 March 2023
Turnover, operating costs and operating surplus from social housing
activities
2023
Total
2022
Total
Income
Rent Receivable
Service Charges Receivable
Rates Receivable
Income from HAG
Less: Voids
Total Social Housing Income
1,021,207
8,993
108,591
244,369
1,006,267
7,039
109,477
256,585
1 367 343
1 348 927
Operating Costs
Service Costs
Management costs
Rates Payable
Maintenance Administration costs
Planned & Cyclical Maintenance
Reactive Maintenance
Clerk of works
Change of tenancy repairs
Bad debts written off
Depreciation of Housing Properties
Other Depreciation
Profit on disposal of fixed asset components and HAG
Total Social Housing Expenditure
9,799
404,054
110,691
197,620
22,600
63,542
987
29,191
(191)
215,824
17,257
10,023
319,149
109,120
155,449
59,188
63,024
29,698
692
224,883
39,625
216
1 010 635
1 071 374
Operating surplus on social housing
295,969
338,292
Dfc Allowances
2023
2022
Management allowances
Management costs
Deficit
85,503
(404,054)
(318,551)
86,295
(319,149)
(232,854)
Maintenance allowances
Planned and cyclical maintenance
Reactive maintenance
Surplus/ (deficit)
118,940
(22,600)
(63,542)
32,798
119,868
(59,188)
(63,024)
(2,344)
Technical & Non-Technical Income
2023
2022
Technical
Non-Technical
Total
713,105
425,686
1,138,791
698,242
424,541
1,122,783
17

Grove Community Housing Association Limited
Year Ended 31 March 2023
Surplus on ordinary activities
Surplus on ordinary attivities Is stated after charging/(crediting):
2023
2022
Depreciation
owned tangible fixed assets
Amortisation of grant
Auditor's remuneration
External audit of these financial statements
Interna l audit
233,081
244,369
264,508
256,585
9,000
12,920
6,600
7,408
Interest payable
2023
2022
Bank charges
Loan Interest
Pension Interest charges
932
64,358
831
69,907
70,290
77,738
Employee information
Average weekly number of employees during the financial year expressed as full-time
equivalents is as follows..
2023
No.
2022
No.
Office
Staff costs
2023
2022
Wages and salaries
Social security costs
Pension costs
Pension service non-cash cost
266,344
22,575
43,314
51,000
383,233
192,798
13,994
28,749
57,000
292,541
18

Grove Community Housing Association Limited
'Year Ended 31 March 2023
The aggregate remuneration, including benefits in kind and pension contributions, of key
management personnel of the Association during the year was:
2023
2022
Salary
Pension contributions
Aggregate remuneration
65,339
12,680
78,019
62,420
12,111
74,531
*Remuneration 2022 includes a pay increase backdated to the previous financial year.
The number of management personnel to whom emoluments (excluding employer
pension contributions) were paid during the year falls wlthin each of the following bands:
2023
2022
65,000 - 70,000
60,000 65,000
55,000 60,000
Board of Management remuneration
There was no remuneration paid to the board members of the Associatlon (2022: £nil).
Board member5 were paid out of pocket expenses totalling £559 (2022: £288).
Tangible fixed assets
Housing properties
Cost or valuation
At l April 2022
Additions
Disposals
At 31 March 2023
16,512,736
308,535
367 008
16 454 263
Depreciation
At l April 2022
Charge for the year
Eliminated on disposal
At 31 March 2023
4,482,368
215,824
155 275
4 542 917
Net book value
At 31 March 2023
At 31 March 2022
11,911,346
12,030,368
2023
2022
Net book value comprises
Completed schemes
Properties under construction
11,284,902
626,444
11,911,346
11,492,070
538,298
12,030,368
19

Grove Community Housing Association Limited
Year Ended 31 March 2023
10. Housing Stock
Number of units owned and managed at year end
Self-contained
2023
Properties
215
2022
Properties
217
General Needs Housing
Supported Housing
Sheltered Housing
215
217
Number of units managed (but not owned) at year end
Self-contained
2023
Properties
2022
Properties
General Needs Housing
Supported Housing
Sheltered Housing
Total Units Owned and Managed at year end
215
217
11. Other tangible fixed assets
Office
premises
Office
equipment
Garden
Total
Cost or valuation
At l April 2022
Additions
Disposals
At 31 March 2023
755,618
103,503
16,651
65,380
924,501
16,651
755,618
120,154
65,380
941,152
Depreciation
At l April 2022
Charge for the year
Eliminated on disposal
At 31 March 2023
263,546
15,112
102,907
2,145
366,453
17,257
278,658
105,052
383,710
Net book value
At 31 March 2023
At 31 March 2022
476,960
492,072
15,102
596
65,380
65,380
557,442
558,048
20

Grove Community Housing Association Limited
Year Ended 31 March 2023
12. Debtors
2023
2022
Gross rental debtors Technical
Gross rental debtors
Non-Technical
Provision for bad debt
Net rental debtors
Prepayments and accrued income
Other debtors
17,125
31,658
(3,856)
44,927
42,540
21,707
109,174
30,393
14,643
(4,200)
40,836
33,644
27,723
102,203
13. Creditors
Amounts fallin
due within I
ear
2023
2022
Loans (see analysis below)
Deferred Housing Association Grant (note 14)
Disposal Proceeds Fund (note 15)
Accruals and deferred income
Rent and service charges received in advance
Trade creditors
Other taxes and social security
Other creditors
111,626
222,254
11,890
71,487
12,912
99,268
8,722
5,615
543,774
135,691
240,273
117,317
9,953
10,650
5,794
3,704
523,382
Amounts fallin
due after more than I
ear
2023
2022
Loans (see analysis below)
Deferred Housing Association Grant (note 14)
Disposal Proceeds Fund (note 15)
917,106
7,946,648
337,707
9,201,461
1,326,233
8,257,600
98,621
9,682,454
Loans
Loans are secured on individual assets of the Association and are repayable in
instalments as follows..
2023
2022
within one year
Between one and two years
Between two and five years
In five years or more
111,626
111,309
333,927
471,870
1,028,732
135,692
135,692
407,076
783,464
1,461,924
21

Grove Community Housing Association Limited
Year Ended 31 March 2023
14. Deferred grant
2023
At l April
Grant recelved in the year
Released to income in the year
Eliminated on house and component disposals
At 31 March
8,497,873
89,651
(244,369)
(174,253)
8,168,902
Deferred grant is Housing Association Grant (HAG) originally received less accumulated
amortisation.
15. Disposal Proceeds Fund
2023
At l April
House sales
Expenditure
At 31 March
98,621
336,911
(85,935)
349,597
The surplus on the disposal proceeds fund must be used within two years of the sale of
the property.
16. Capital commitments
2023
2022
Capital expenditure
Contracted for but not provided in the Financial Statements
61,341
The Association anticipates that this expenditure will be funded by Housing Association
Grant from the Department for Communities and by external private finance.
17. Contingent Liabilities
The Association released Housing Associatlon Grant during the year in relation to building
components replaced. The possibility of reimbursement to the Department for
Communitles is considered to be unlikely as the housing properties are expected to
continue to be made available for social housing for the foreseeable future.
22

Grove Community Housing Association Limited
Year Ended 31 March 2023
18. Pension commitments
The Association contributes to the Northern Ireland Local Government O￿lcerS
Superannuation Scheme (NILGOSC). This is a defined benefit scheme and the benefits
currently provided are on a Career Average Revaluation Earnings ('CARE') basis, based on
an accrual rate of 1149. Death in service benefits include three times pensionable salary,
and spouse pension paid to a qualifying spouse.
The valuation used for the disclosures has been based on the most recent attuarial
valuation at 31 March 2022 by a qualified independent actuary in order to assess the
liabilities of the scheme using the Projected Unit Method. A full actuarial valuation is carried
out every three years, Pension scheme assets were stated at their estimated market value
at 31 March 2023.
At 31st March 2023, the pension valuation prepared independently by Aon reports a net
pension asset of £14,000.
Reconciliation of funded status to balance sheet
2023
2022
Fair va lue of assets
Present value of funded defined benefit obligation
Funded status
Unrecognised asset
Asset / (Liability) recognised on the balance sheet
1,208,000
(1,194,000)
14,000
1,430,000
(1,638,000)
(208,000)
14,000
(208,000)
Changes to the fair value of assets
2023
2022
At l April
Interest income on assets
Re-measurement gains / (losses) on assets
Contributions by employer
Contributions by participants
Net benefits paid out
At 31 March
1,430,000
39,000
(279,000)
44,000
15,000
(41,000)
1,208,000
1,342,000
28,000
71,000
28,000
9,000
(48,000)
1,430,000
Changes to the present value of defined benefits obligations
2023
2022
At l April
Current service cost
Interest expense on defined benefit obligation
Contributions by participants
Actuarlal (gains) 1105ses on liabilities
Net benefits paid out
At 31 March
1,638,000
95,000
44,000
15,000
(557,000)
(41,000)
1,194,000
1,667,000
85,000
35,000
9,000
(iio,000)
(48,000)
1,638,000
23

Grove Community Housing Association Limited
Year Ended 31 March 2023
Amounts recognised in the income statement
2023
2022
Operatlng costs..
current service cost
Financing cost.. Interest Income on assets
Interest expense on net defined benefit obligation
Total expense recognised in income statement
95,000
(39,000)
44,000
loo,000
85,000
{28,000)
35,000
92,000
Amounts recognised in other comprehensive income
2023
2022
Asset gains / (losses) arising during the period
Llability gains / (losses) arising during the period
Total amount recognised in other comprehensive income
(279,000)
557,000
278,000
71,000
iio,000
181,000
The principal actuari31 assumptions used by the actua ry at the year-end were as follows..
Key assumptions
2023
0/0 p.a.
2022
Discount rate
CPI inflation
Pension increases
Pension accounts revaluation rate
Salary increases
2.70 %
3.000/0
2.700/0
3.000/0
4.500/0
4.200/0
The main assumptions relating to member longevity at the balance sheet date are as follows..
Mortality assumptions
2023
2022
Years
Years
Male pensioner member aged 65 at accounting date
Male active member aged 45 at accounting date
Female pensioner member aged 65 at accounting date
Female active member aged 45 at accounting date
22.2
23.2
25.0
26.0
21.8
23.2
25.0
26.4
Asset Allocation
Value at 31 March 2023
0/0
£M
0.499
0.127
0.248
0.033
0.158
0.071
0.072
1.208
Value at 31 March 2022
0/0
£M
0.615
0.143
0.353
0.031
0.187
0.057
0.044
1.430
uities
Pro
ert
Government bonds
Cor
orate bonds
Multi Asset Credit
Cash
Other
Total
20.50/0
2.7010
13.10/0
5.90/0
24.70/
2.20/0
13.1%
4.00/0
iOO.OO/o
100.oo/o
24

Grove Community Housing Association Limited
Year Ended 31 March 2023
19. Share capital
Ordinary shares of £1 each fully paid..
2023
2022
At l April
Issued in the year
Transferred to capital reserves
31 March
16
15
io
(9)
16
(8)
20. Revenue reserves
2023
2022
At l April
Surplus for the year
Actuarial gain / (loss) for the year
At 31 March
3,682,287
208,155
278,000
4,168,442
3,256,421
244,866
181,000
3,682,287
21. Capital reserves
2023
2022
At l April
Transferred from share capital
At 31 March
122
113
130
122
25