Registered No: IP000173
Grove Community Housing Association Limited
Report and Financial Statements
For the Year Ended 31 March 2024

Grove Community Housing Association Limited
Year Ended 31 March 2024
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
10
Statement of Financial Position
li
statement of Cashflows
12
Notes to the financial statements

Grove Community Housing Association Limited
Year Ended 31 March 2024
Board of Management and Advisers
Board of Management
Mr B Dunn (Chair)
Mr J Chapman (Vice Chair)
Mr E Hunt
Mr E Holmes
Mr RV Chestnutt (Vice Chair)
Mr R Arbuthnot
Mr B Mccarron
Mr D Ward
Mr J Peel (Treasurer)
Mr J Cochrane
Mr M Wilkins
Ms S Smyth
Mr C McGivern
st
Resigned l August 2024
Resigned 1st May 2024
th
Resigned 19 September 2023
th
Appointed 19 September 2023
th
Appointed 19 September 2023
th
Appointed 19 September 2023
th
Appointed 19 September 2023
th
Appointed 19 September 2023
th
Appointed 19 September 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
Sumer Auditco NI Limited
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 2024
Report of the Board of Management for the year ended 31 March 2024
The Board present their report together with the financial statements for the year ended 31
March 2024.
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 £259,390 compared to a surplus of £208,155 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 resu Its and fi nancial 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 outcomes for the minimum cost of
service provision. The Association therefore strives to provide quality homes at reasonable
C05t. In 2023-24 the annual rent increase was 7010. 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 artivities that contribute to Vfm include.,
Key performance indicators which encourage efficient and effective services and
behaviours;

Grove Community Housing Association Limited
Year Ended 31 March 2024
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 minimising 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 Housing
Associations to provide very competitive maintenance costs.
Tenant satisfaction surveys and engagement to assess quality of Services provided from
an end user perspective, 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 2024-25, 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, RHA5 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 fol lowing
submission of the annual regulatory return at the end of September 2024. 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 reasor>able, 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 strategyi 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 CommunÈty Housing Association Limited
Year Ended 31 March 2024
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 identified 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 is 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 detettion
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
In July 2024, our previous external auditors, ASM (B) Ltd, transferred all their external audit
contracts to Sumer Auditco NI ￿mIted. The Board has agreed to a new external audit contract
with Sumer Auditco NI Limited. A resolution to reappoint Sumer Auditco NI Limited will be
proposed at the Annual General Meeting.
On behalf of the Board of Management
Mr B Dunn (Chair)
Mr J Peel (Treasurer)
th
Date.. 24 September 2024

Grove Community Housing Association Limited
Year Ended 31 March 2024
Independent Auditor's Report
Opinion
We have audited the financial statements of Grove Community Housing Association Limited
for the year ended 31 March 2024 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 2024
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 condutted 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 provide
a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors, use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt
on the Association's ability to continue as a going concern for a period of at least twelve
months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Board of Management with respect to
going concern are described in the relevant sections of this report.

Grove Community Housing Association Limited
Year Ended 31 March 2024
Independent Auditor's Report (cont'd)
Other information
The other information comprises the information 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,
Our responsibility is to read the other information and, In so doing, consider whether the
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.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In light of our knowledge and understanding of the Association 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 where the Charities (Northern
Ireland) Act 2008 and Regulation 9 of the Charities (Accounts and Reports) Regulations
(Northern Ireland) 2015 require us to report to you if, in our opinion:
the information given in the Report of the Board of Management is inconsistent in any
material respect.
sufficient accounting records have not been kept.
the financial statements are not in agreement with the accounting records. or
we have not received all the information and explanations required to complete our
audit,
We have nothing to report in thi5 regard.
Under the Co-operative and Community Benefit Societies Act (Northern Ireland) 2016
(formerly the Industrial and Provident Societies Act (Northern Ireland) 1969) are required
to report to you if, in our opinion..
a satisfactory system of control over transactions has not been maintained; or
we have not received all the information and explanations we require for our audit. or
proper accounting records have not been kept by the Association,. or
the Association's financial statements are not in agreement with the accounting
records.
We have nothing to report in this regard.

Grove Community Housing Association Limited
Year Ended 31 March 2024
Responsibilities of the Board of Management
As explained more fully in the Board of Management's Statement of Responsibilities on page
4, 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 misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Management is responsible for assessing
the Association's ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using 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.
Auditors. responsibilities for the audit of the financial statements
Our objectives 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 i rregularities, i nclud ing fraud is detailed below,.
We considered the opportunities and incentives that may exist within the
organisation for fraud and identified the g reatest potential for fraud in the fol lowi ng
area,. posting of unusual journals along with complex transactions, We discussed
this risk with client mar)agement, 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
.uk
auditorsre
ies. 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 Act (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 2024
Amanda Mcmaw (Senior Statutory Auditor)
for and on behalf of Sumer Auditco NI Limited
statutory Auditors
Glendinning House
6 Murray Street
Belfast
BTI 6DN
th
24 September 2024

Grove Community Housing Association Limited
Year Ended 31 March 2024
statement of Comprehensive Income
For the year ended 31 March 2024
Notes
2024
2023
Turnover
1,427,345
1,367,343
Operating costs
{ 1,129,380)
(1,071,374)
Operating surplus
297,965
295,969
Gain / (loss) on disposal of fixed assets
(6,869)
226,769
Transfer from / (to) disposal proceeds fund
15
5,017
(250,976)
Interest and financing income
15,932
6,683
Interest and financing costs
(52,655)
(70,290)
Surplus for the year
259,390
208, 155
other comprehensive income
Remeasurement of net defined benefit plan
18
105,000
278,000
Restriction on pension asset recognition
18
(111,000)
Total comprehensive income for the year
253,390
486,155
The resu Its relate wholly to continui ng activities.
The notes on pages 13 to 26 form part of these financial statements.

Grove Communlty Houslng As50Clation Limited
Year Ended 31 March 2024
Statement of Changes in Equity
For the year ended 31 March 2024
2024
Share
Capltal
2024
Capital
reserve
2024
2024
2023
Revenue
reserve
Total
Total
Balance at l April
Surplus for the year
Remeasuremellt of the net define(J beneflt plan
Restriction on penslon asset recognition
Movement In share capital
Balance at 31 March
130
4,168,442
259,390
259,390
105,000
105,000
{1 i 1,0001 (i 11,000)
4,168,580
3,682,425
208,155
278.000
14
130
4,421,832
4,421,976
4,168,580
The notes on page5 13 to 26 form part of these financial staternents.
io

Grove Community Housing Association Limited
Year Ended 31 March 2024
Statement of Financial Position
As at 31 March 2024
Notes
2024
2023
Fixed assets
Housing properties
other tangible fixed assets
12,237,630
539,858
12,777,488
11,911,346
557,442
12,468,788
Current assets
Trade and other debtors
Cash and cash equivalents
12
88,342
943,031
1,031,373
109,174
1,321,853
1,431,027
Less.. Creditors.. amounts falling due within
one year
Net current assets
Total assets less current liabilities
13
850,277
543,774
181,096
12,958,584
887,253
13,356,041
Creditors.. amounts falling due after more
than one year
13
8,536,608
9,201,461
Pension fund asset
Total net assets
18
(14,000)
4,168,580
4,421,976
Reserves
Share capital
Revenue reserve
Capital reserve
Total reserves
19
20
21
14
4,421,832
130
4,421,976
4,168,442
130
4,168,580
These financial statements were approved by the Board of Management and authorised
for issue on 24 September 2024 and are signed on its behalf by,.
Mr B Dunn
Director (Chair)
Mr J Peel
Director (Treasurer)
Ms A Crawford
Secretary
The notes on pages 13 to 26 form part of these financial statements.
Registered No., IP000173

Grove Community Housing Association Limited
Year Ended 31 March 2024
Statement of Cash Flows
For the year ended 31 March 2024
2024
2023
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 debtors
Increase l (decrease) in trade a nd other cred itors
Pension costs less contributions paya ble
Pension interest payments
(Gain) / Loss on fixed asset disposals
Transfer to disposal proceeds fund
Adjustments for investing or financing activities:
Interest payable
Interest received
Net cash generated from operating activities
259,390
208,155
9,11
14
12
13
18
18
243,268
(217,309)
20,832
(18,536)
9,000
(1,000)
6,869
(5,017)
233,081
(244,369)
(6,971)
(45,165)
51,000
5,000
(226,769)
250,976
15
53,655
(15,932)
335,220
65,290
(6,683)
283,545
Cash flow from investing activities
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed assets
Grants received
Interest received
Net cash generated from / (used in) investing activities
9,11
(569,890)
(325,186)
360,000
89,651
6,683
131,148
14
5,017
15,932
(548,941)
Cash flow from financing activities
Interest paid
Repayments of borrowings
Sha re capital issued
Net cash used in financing activities
(53,655)
(111,452)
(65,290)
(433,192)
13
19
(165,101)
(498,482)
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
(378,822)
1,321,853
943,031
(83,789)
1,405,642
1,321,853
The notes on pages 13 to 26 form part of these financial statements.

Grove Community Housing Association Limited
Year Ended 31 March 2024
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 Act (Northern Ireland) 1969), The registered office 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 Position 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 2024
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 expetted 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 resulting
14

Grove Community Housing Association Limited
Year Ended 31 March 2024
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 scheme 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 settlements 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 instru ments.
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 concerning
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 2024
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
2024
2023
Operating
Surplus/
(deficit)
Operating
Surplus/
(deficrt)
Turnover
Operating
Costs
Social Housing Activities (Note 4)
1,427,345
1,427,345
1,129,380
1,129,380
297,965
297,965
295,969
295,969
16

Grove Community Housing Association Limited
Year Ended 31 March 2024
Turnover, operating costs and operating surplus from social housing
activities
2024
Total
2023
Total
Income
Rent Receivable
Service Charges Receivable
Rates Receivable
Income from HAG
Less: Voids
Total Social Housing Income
1,095,170
9,942
116,710
217,309
1,021,207
8,993
108,591
244,369
1,427,345
1,367,343
Operating Costs
Service Costs
Management costs
Rates Payable
Maintenance Administration costs
Cyclical Maintenance
Reactive Maintenance
Clerk of works
Change of tenancy repairs
Bad debts written off
Depreciation of Housing Properties
other Depreciation
Total Social Housing Expenditure
13,468
430,091
116,474
208,883
14,580
73,282
9,799
404,054
110,691
197,620
22,600
63,542
987
29,191
(191)
215,824
17,257
1,071 374
27,319
2,015
223,685
19,583
1 129 380
Operating surplus on social housing
297,965
295,969
Dfc Allowances
2024
2023
Management allowances
Management costs
Deficit
85,140
(430,091)
(344,951)
85,503
(404,054)
(318,551)
Maintenance allowances
Planned and cyclical maintenance
Reactive maintenance
Surplus
118,515
(14,580)
(73,282)
30,653
118,940
(22,600)
(63,542)
32,798
Technical & Non-Technical Income
2024
2023
Technical
Non-Technical
Total
795,220
426,602
1,221,822
713,105
425,686
1,138,791
17

Grove Community Housing Association Limited
Year Ended 31 March 2024
Surplus on ordinary activities
Surplus on ordinary activities is stated after charging/(crediting):
2024
2023
Depreciation
owned tangible fixed assets
Amortisation of grant
Auditor's remuneration
External audit of these financial statements
Internal audit
243,268
217,309
233,081
244,369
11,400
8,072
10,800
12,920
Interest payable
2024
2023
Bank charges
Loan Interest
Pension Interest charges
989
52,666
932
64,358
52,655
70,290
Employee information
Average weekly number of employees during the financial year expressed as full-time
equivalents is as follows:
2024
No.
2023
No.
Office
Staff costs
2024
2023
Wages and salaries
Social security costs
Pension costs
Pension service non-cash cost
318,424
27,953
50,651
9,000
406,028
266,344
22,575
43,314
51,000
383,233
18

Grove Community Housing Association Limited
Year Ended 31 March 2024
The aggregate remuneration, including benefits in kind and pension contributions, of key
management personnel of the Association during the year was:
2024
2023
Salary
Pension contributions
Aggregate remuneration
68,068
12,851
80,919
65,339
12,680
78,019
The number of management personnel to whom emoluments (excluding employer
pension contributions) were paid during the year falls within each of the following bands..
2024
2023
65,000 - 70,000
Board of Management remuneration
There was no remuneration paid to the board members of the Association (2023: £nil).
Board members were paid out of pocket expenses totalling £1,792 (2023.. £559).
Tangible fixed assets
Housing properties
Cost or valuation
At l April 2023
Additions
Disposals
At 31 March 2024
16,454,263
567,891
147 982
16 874 172
Depreciation
At l April 2023
Charge for the year
Eliminated on disposal
At 3 1 March 2024
4,542,917
223,685
130 060
4 636 542
Net book value
At 31 March 2024
At 31 March 2023
12,237,630
11,911,346
2024
2023
Net book value comprises
Completed schemes
Properties under construction
11,482,622
755,008
12,237,630
11,284,902
626,444
11,911,346
19

Grove Community Housing Association Limited
Year Ended 31 March 2024
10. Housing Stock
Number of units owned and managed at year end
Self-contained
2024
Properties
215
215
2023
Properties
215
215
General Needs Housing
Total Units Owned and Managed at year end
215
215
I i. other tangible fixed assets
Office
premises
Office
equipment
Garden
Total
Cost or valuation
At l April 2023
Additions
Disposals
At 31 March 2024
755,618
120,154
1,999
65,380
941,152
1,999
755,618
122,153
65,380
943,151
Depreciation
At l April 2023
Charge for the year
Eliminated on disposal
At 31 March 2024
278,658
15,112
105,052
4,471
383,710
19,583
293,770
109,523
403,293
Net book value
At 31 March 2024
At 31 March 2023
461,848
476,960
12,630
15,102
65,380
65,380
539,858
557,442
12. Debtors
Restated
2024
2023
Gross rental debtors Technical *
Gross rental debtors
Non-Technical *
Provision for bad debt
Net rental debtors
Prepayments and accrued income
Other debtors
39,538
17,818
(3,431)
53,925
28,879
5,538
88,342
28,007
20,776
(3,856)
44,927
42,540
21,707
109,174
* Gross rental debtors 2023 split between technical and non-technical has been restated.
20

Grove Community Housing Association Limited
Year Ended 31 March 2024
13. Creditors
Amounts fallin
due within I
ear
2024
2023
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
114,641
206,571
344,580
149,345
12,615
12,319
7,234
2,972
850,277
111,626
222,254
11,890
71,487
12,912
99,268
8,722
5,615
543,774
Amounts fallin
due after more than I
ear
2024
2023
Loans (see analysis below)
Deferred Housing Association Grant (note 14)
Disposal Proceeds Fund (note 15)
802,639
7,733,969
917,106
7,946,648
337,707
9,201,461
8,536,608
Loans
Loans are secured on individual assets of the Association and are repayable in
instalments as follows:
2024
2023
Within one year
Between one and two years
Between two and five years
In five years or more
114,641
114,324
342,972
345,343
917,280
111,626
111,309
333,927
471,870
1,028,732
21

Grove Community Housing Association Limited
Year Ended 31 March 2024
14. Deferred grant
2024
At l April
Grant received in the year
Released to income in the year
Eliminated on component disposals
At 31 March
8,168,902
5,017
(217,309)
(16,070)
7,940,540
** Transferred from the Disposal Proceeds Fund (note 15).
Deferred grant is Housing Association Grant (HAG) originally received less accumulated
amortisation,
15. Disposal Proceeds Fund
2024
At l April
House sales
Expenditure
At 31 March
349,597
(5,017)
344,580
The surplus on the disposal proceeds fund must be used within two years of the sale of
the property.
16. Capital commitments
2024
2023
Capital expenditure
Contracted for but not provided in the Financial Statements
61,341
17. Contingent Liabilities
The Association released Housing Association Grant during the year in relation to building
components replaced. The possibility of reimbursement to the Department for
Communities 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 2024
18. Pension commitments
The Association contributes to the Northern Ireland Local Government Officers
Superannuation Scheme (NILGOSC). This is a funded defined benefit plan with benefits
earned up to 31 March 2015 being linked to final salary. Benefits after 31 March 2015 are
based on a Career Average Revalued Earning scheme. Details of the benefits earned over
the period covered by this disclosure are set out in 'The Local Government Pension Scheme
Regulations (Northern Ireland) 2014, (as amended) and The Local Government Pension
Scheme (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2014,
(as amended).
The funded nature of the scheme requires participating employers and their employees to
pay contributions into the Fund, calculated at a level intended to balance the pension
liabilities with investment assets. Information on the framework for calculating
contributions to be paid is set out in 'The Local Government Pension Scheme Regulations
(Northern Ireland) 2014, and the Fund's Funding Strategy Statement. The last actuarial
valuation was at 31 March 2022 and the contributions to be paid until 31 March 2026
resulting from the valuation are set out in the Fund's Rates and Adjustments Certificate.
The Committee is responsible for the governance of the Fund.
Assets
The assets allocated to the Employer in the Fund are notional and are assumed to be
invested in line with the investments of the Fund for the purposes of calculating the return
over the accounting period. The Fund holds a significant proportion of its assets in liquid
investments. As a consequence there will be no significant restriction on realising assets if
a large payment is required to be paid from the Fund in relation to an employer's liabilities.
The assets are invested in a diversified spread off investments and the approximate split
of assets for the Fund as a whole is shown in the disclosures. The Committee may invest
a small proportion of the Fund's investments in the assets of some of the employers
participating in the Fund if it forms part of their balanced investment strategy.
Risks associated with the Fund in relation to accounting
l. Asset volatility
The liabilities used for accounting purposes are calculated using a discount rate set
with reference to corporate bond yields at the accounting date. If assets underperform
this yield will create a deficit in the accounts. The Fund holds a significant proportion
of growth assets which, while expected to outperform corporate bonds in the long term,
creates volatility and risk in the short term in relation to the accounting figures.
2. Changes in Bond Yield
A decrease in corporate bond yields will increase the value placed on the liabilities for
accounting purposes although this will be marginally offset by the increase in the assets
as a result (to the extent the Fund invests in corporate bonds).
3. Inflation Risk
The majority of the pension liabilities are linked to either pay or price inflation. Higher
inflation expectations will lead to a higher liability value, The assets are not perfectly
correlated with inflation meaning that an increase in inflation will increase the deficit.
23

Grove Community Housing Association Limited
Year Ended 31 March 2024
4. Life expectancy
The majority of the Fund's obligations are to provide benefits for the life of the member
following retirement, so increases in life expectancy will result in an increase in the
liabilities.
5. Existing employers
Employers which leave the Fund (or their guarantor) may have to make an exit
payment to meet any shortfall in assets against their pension liabilities. If the Employer
(or guarantor) is not able to meet this exit payment the liability may in certain
circumstances fall on other employers in the Fund. Further, the assets at exit in respect
of 'orphan liabilities, may, in retrospect, not be sufficient to meet the liabilities. This
risk may fall on other employers. 'Orphan liabilities, are currently a small proportion of
the overall liabilities in the Fund.
Professional Qualifications
The pension valuation was prepared by an independent qualified actuary.
Results under FRS 102
At 31, March 2024 there is a net pension asset before consideration of a surplus restriction
under paragraph 28 of FRS 102. The maximum economic benefit which can be recognised
in the accounts, referred to as the asset ceiling, has been calculated in accordance with
IFRIC 14. As the asset ceiling is less than the net pension asset, the net pension asset has
been restricted to the asset ceiling.
Reconciliation of funded status to balance sheet
2024
2023
Fair value of assets
Present value of funded defined benefit obligation
Funded status
Unrecognised asset
Asset recognised on the balance sheet
1,349,000
1,238,000
i 11,000
iii 000
1,208,000
1 194 000
14,000
14,000
Changes to the fair value of assets
2024
2023
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
1,208,000
57,000
60,000
50,000
19,000
1,430,000
39,000
(279,000)
44,000
15,000
1,349,000
1,208,000
24

Grove Community Housing Association Limited
Year Ended 31 March 2024
Changes to the present value of defined benefits obligations
2024
2023
At l April
Current service cost
Interest expense on defined benefit obligation
Contributions by participants
Actuarial (gains) / losses on liabilities
Net benefits paid out
At 31 March
1,194,000
59,000
56,000
19,000
(45,000)
1,638,000
95,000
44,000
15,000
(557,000)
1,238,000
1,194,000
Amounts recognised in the income statement
2024
2023
Operating costs..
current service cost
Financing cost.. Interest income on assets
Interest expense on net defined benefit obligation
Total expense recognised in income statement
59,000
(1,000)
95,000
(39,000)
58,000
loo,000
Amounts recognised in other comprehensive income
2024
2023
Asset gains / (losses) arising during the period
Actuarial gains / (losses) due to changes in financial assumptions
Actuarial gains l (losses) due to changes in demographic assumptions
Actuarial gains / (losses) due to liability experience
Adjustment gain l (loss) due to restriction of surplus
Total amount recognised in other comprehensive income
60,000
39,000
20,000
(14,000)
iii 000
(6,000)
(279,000)
552,000
(10,000)
15,000
278,000
The principal actuarlal assumptions used by the actuary at the year-end were a5 follows:
Key assumptions
2024
2023
0/0 p.a.
4,700/0
Discount rate
CPI inflation
Pension increases
Pension accounts revaluation rate
Sala
increases
2.600/0
2.600/0
2,600/0
4.100/0
2.700/0
The main assumptions relating to member longevity at the balance sheet date are as follows:
Mortality assumptions
2024
Years
21.7
22.7
24,6
25,6
2023
Years
22.2
23.2
25.0
26.0
Male pensioner member a
ed 65 at accountin
date
Male active member a
ed 45 at accountin
date
Female
ensioner member a
ed 65 at accounting date
Female active member aged 45 at accounting date
25

Grove Community Housing Association Limited
Year Ended 31 March 2024
Asset Allocation
Value at 31 March 2024
£M
0.537
0.125
0.202
0.062
0.175
0.167
0.081
1.349
Value at 31 March 2023
0/0
£M
41.30/0
0.499
10,50/0
0.127
0.248
0.033
0.158
0.071
0.072
1.208
uities
Pro
Government bonds
Cor
orate bonds
Multi Asset Credit
Cash
Other
Total
39.70/0
9,30/0
15.00/0
4.60/0
2.70/0
12.40/0
6.00/0
100.OO/o
5.90/0
6.00/0
100.OO/o
19. Share capital
Ordinary shares of £1 each fully paid..
2024
2023
At l April
Issued in the year
Transferred to capital reserves
31 March
16
(8)
14
20. Revenue reserves
2024
2023
At l April
Surplus for the year
Remeasurement of net defined benefit plan
Restriction on pension asset recognition
At 31 March
4, 168,442
259,390
105,000
(iii,000)
4,421,832
3,682,287
208,155
278,000
4,168,442
21. Capital reserves
2024
2023
At l April
Transferred from share capital
At 31 March
130
122
130
130
22. Related party transactions
No transactions with related parties were undertaken such as are required to be
disclosed under FRS 8.
26