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2024-03-31-annual-return

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

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, 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.

Auditor’s 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 irregularities, including fraud is detailed below:

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.org.uk/auditorsresponsibilities. 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 Article 38 of 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 Society and the Board of Management, for our audit work, for this report, or for the opinion we have formed.

14

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

Amanda McMaw (Senior Statutory Auditor) For and on behalf of Sumer AuditCo NI Ltd Statutory Auditors Glendinning House 6 Murray Street Belfast BT1 6DN

26 September 2024

15

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

Statement of Comprehensive Income

For the year ended 31 March 2024

Notes
Turnover
3
Operating costs
3
Operating surplus / (deficit)
Gain / (loss) on disposal of fixed
assets
Interest payable
7
Interest receivable
Finance costs
Surplus / (deficit) before tax
Taxation
Surplus / (deficit) after tax
Other comprehensive income
Unrealised surplus / (deficit) on
revaluation of housing properties
Total comprehensive income for
the year		 2024
£
7,246,763
6,268,518
978,245
(32,902)
(8,216)
17,806
(48,922)
906,011
-
906,011
-
-
906,011		 2023
£
6,600,858
6,072,461
528,397
-
(2,612)
20,476
(49,905)
496,356
-
496,356
-
-
496,356

The notes on pages 20 to 33 form part of these financial statements.

16

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

Statement of Changes in Equity

For the year ended 31 March 2024

Balance at 1 April 2023
Surplus / (deficit) for the year
Other comprehensive income
Transfers between reserves
Issue of share capital
Balance at 31 March 2024		 Share Capital
Capital reserve
Revenue
reserve
Total
£
£
£
£
22
67
13,976,622
13,976,711
906,011
906,011
(6)
6
-
1
-
1
17
73
14,882,633
14,882,723

The notes on pages 20 to 33 form part of these financial statements.

17

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

Statement of Financial Position

As at 31 March 2024

Notes
Fixed assets
Housing properties
11
Other tangible fixed assets
13
Current assets
Trade and other debtors
14
Cash and cash equivalents
Less: Creditors: amounts falling due
within one year
15
Net current assets / liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Total net assets
Reserves
Share capital
19
Revenue reserve
Capital reserve
20
Total reserves		 2024
£
36,030,293
665,076
36,695,369
8,152,332
1,776,251
9,928,583
(11,138,338)
(1,209,755)
35,485,614
(20,602,891)
14,882,723
17
14,882,633
73
14,882,723		 2023
£
31,937,841
571,541
32,509,382
1,463,252
1,852,649
3,315,901
(2,573,924)
741,977
33,251,359
(19,274,648)
13,976,711
22
13,976,622
67
13,976,711

These financial statements were approved by the Board of Management and authorised for issue on 26[th] September 2024 and signed on its behalf by:

Mr John Glass Chairman

Ms Irene Kingston Secretary

Mr Kieran Dempsey Vice Chair

The notes on pages 20 to 33 form part of these financial statements.

18

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

Statement of Cash Flows

For the year ended 31 March 2024

Notes
Net cash inflow / outflow from operating
activities
A
Returns on investments and servicing of
finance
B
Capital expenditure and financial investment
B
Cash inflow / outflow before use of liquid
resources and financing
Financing
B
Reconciliation of net cash flow
Cash at 1 April
Increase / decrease in cash in period
Cash at 31 March		 2024
£
1,492,912
(39,332)
(4,013,233)
(2,559,653)
2,483,255
(76,398)
1,852,649
(76,398)
1,776,251		 2023
£
469,949
(32,041)
(2,163,514)
(1,725,606)
(30,843)
(1,756,449)
3,609,098
(1,756,449)
1,852,649

The notes on pages 20 to 33 form part of these financial statements.

19

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

Notes to Statement of Cash Flows

For the year ended 31 March 2024

A. Reconciliation of operating surplus / (deficit) to operating cashflows

Operating surplus / deficit
Depreciation
Amortisation of grant
Movements in:
Rent arrears
Other debtors
Creditors
Net cash inflow / outflow from operating
activities
B. Analysis of cash flows for headings netted in the
Returns on investment and servicing of
finance
Interest received
Interest paid
Bank charges
Net cash inflow / (outflow) for returns on
investment and servicing of finance
Capital expenditure and financial investment
Other fixed assets
Housing, land and buildings
Capital grant received
Proceeds from sale of tangible fixed assets
Net cash inflow / (outflow) for capital
expenditure and financial investment
Financing
Loan principal drawdown
Loan principal repayments
Net cash inflow / (outflow) from financing		 Operating surplus / deficit
Depreciation
Amortisation of grant
Movements in:
Rent arrears
Other debtors
Creditors
Net cash inflow / outflow from operating
activities
B. Analysis of cash flows for headings netted in the
Returns on investment and servicing of
finance
Interest received
Interest paid
Bank charges
Net cash inflow / (outflow) for returns on
investment and servicing of finance
Capital expenditure and financial investment
Other fixed assets
Housing, land and buildings
Capital grant received
Proceeds from sale of tangible fixed assets
Net cash inflow / (outflow) for capital
expenditure and financial investment
Financing
Loan principal drawdown
Loan principal repayments
Net cash inflow / (outflow) from financing		 2024
£
2023
£
978,245
528,397
1,826,565
1,617,738
(866,633)
(843,533)
(27,383)
(7,388)
(41,979)
(760,995)
(375,903)
(64,270)
1,492,912
469,949
cash flow statement
2024
£
2023
£
17,806
20,476
(8,216)
(2,612)
(48,922)
(49,905)
(39,332)
(32,041)
(177,037)
(118,456)
(5,728,683)
(2,718,983)
1,892,487
673,925
-
-
(4,013,233)
(2,163,514)
3,000,000
-
(516,745)
30,843
2,483,255
30,843		 2024
£
2023
£
978,245
528,397
1,826,565
1,617,738
(866,633)
(843,533)
(27,383)
(7,388)
(41,979)
(760,995)
(375,903)
(64,270)
1,492,912
469,949
cash flow statement
2024
£
2023
£
17,806
20,476
(8,216)
(2,612)
(48,922)
(49,905)
(39,332)
(32,041)
(177,037)
(118,456)
(5,728,683)
(2,718,983)
1,892,487
673,925
-
-
(4,013,233)
(2,163,514)
3,000,000
-
(516,745)
30,843
2,483,255
30,843		 2024
£
2023
£
978,245
528,397
1,826,565
1,617,738
(866,633)
(843,533)
(27,383)
(7,388)
(41,979)
(760,995)
(375,903)
(64,270)
1,492,912
469,949
cash flow statement
2024
£
2023
£
17,806
20,476
(8,216)
(2,612)
(48,922)
(49,905)
(39,332)
(32,041)
(177,037)
(118,456)
(5,728,683)
(2,718,983)
1,892,487
673,925
-
-
(4,013,233)
(2,163,514)
3,000,000
-
(516,745)
30,843
2,483,255
30,843
30,843

20

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

Notes to Statement of Cash Flows (cont’d)

For the year ended 31 March 2024

C. Analysis of changes in net funds

Cash in hand and at bank
Bank Loans		 At
01/04/23
£
1,852,649
(22,300)
1,830,349		 Cashflows
£
(76,398)
(2,483,255)
(2,559,653)		 Other
Changes
£
-
-
-		 At 31/03/24
£
1,776,251
(2,505,555)
(729,304)

21

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

Notes to the financial statements

1. Legal status

Alpha Housing (Northern Ireland) Ltd is a housing association registered in Northern Ireland in the United Kingdom under the Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (formerly known as the Industrial and Provident Societies Act (Northern Ireland) 1969). The registered office of the Association is Alpha House, 6 Edgewater Road, Belfast, BT3 9JQ.

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 (“SORP”) 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 and service charge income, rates receivable and residential charges, net of voids, and release of Social Housing Grants.

Rental income for each rental period (rent week) is recognised in full on the first day of the rent week i.e. when the rent falls due.

2.3 Government and other grants

Social housing grant (SHG) or Housing Association Grant (HAG) is receivable from the Northern Ireland Housing Executive (NIHE) and is recognised in income over the useful life of the housing property structure under the accruals model. SHG or HAG due is included as a current asset. SHG or HAG received in advance is included as a liability.

SHG or 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.

SHG or 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 Financial Position within Creditors.

22

Alpha Housing (Northern Ireland) Ltd 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, interest charges incurred during the development period.

Works to existing properties which replace a component that has been treated separately for depreciation purposes, along with those works that result in an increase in net rental income over the lives of the properties, thereby enhancing the economic benefits of the assets, are capitalised as improvements.

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 using the following useful lives:

Land - Not depreciated
Structure/main fabric - 60 years
Roof - 45 years
Bathroom - 30 years
Mechanical systems - 30 years
Electrics - 30 years
Windows and doors - 25 years
Kitchen - 20 years
Lifts - 20 years
Primary heating unit - 15 years
Fire alarm system - 15 years
Warden call system - 10 years
Adaptations - 10 years

Depreciation of other tangible fixed assets

For other tangible fixed assets, depreciation is charged on a straight-line basis over the expected useful lives of the assets to write off the cost, less estimated residual values over the following expected lives:

Leasehold building - 60 years Furniture and equipment - Between 3 and 10 years Motor vehicles - 4 years

23

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

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 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 Employee benefits

Defined Contribution Pension

The Association operates a defined contribution scheme for certain employees. A defined contribution plan is a pension plan under which the Association pays fixed contributions into a separate entity. Once the contributions have been paid the Association has no further payment obligations.

The contributions are recognised as an expense when they are due. Amounts not paid are included as accruals in the Statement of Financial Position. The assets of the plan are held separately from the Association in independently administered funds.

2.7 Tenants’ Services Fund

For certain schemes the Association is required to charge to the tenants an additional amount to fund the cost of common facilities. Annual surpluses or deficits are transferred to the Tenants’ Services Fund to equalise the financial position over the lifetime of the scheme.

2.8 Disposal Proceeds Fund

The net surpluses, after loan repayments, that arise from the sale of property to tenants under the voluntary purchase grant arrangements, instituted by the Department for Communities, can be utilised by the Association. If the surpluses are not used within two years of their receipt they may be payable in part or in full to the Department for Communities.

2.9 Income tax

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.

2.10 Value Added Tax

The Association is not registered for VAT. All of its income, including rental receipts, is exempt for VAT purposes.

24

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

2.11 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.

2.12 Judgements in applying accounting policies and key sources of estimation uncertainty

No judgements 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 a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

2.13 Going concern

After making appropriate enquiries, 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.

3. Turnover, Operating costs and operating surplus

Social Housing Activities
(Note 4)
Non-Social Housing
Activities (Note 5)		 Operating
Turnover
7,092,239
154,524
7,246,763		 2024 £
Operating
Costs
6,113,994
154,524
6,268,518		 Operating
Surplus/
(deficit)
978,245
-
978,245		 2023 £
Operating
Surplus/
(deficit)
589,338
(60,941)
528,397

25

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

4. Turnover, operating costs and operating surplus/(deficit) from social housing activities

Operating Income
Rent Receivable
Service Charges Receivable
Rates Receivable
Support Charges Receivable - Supporting People
Support Charges Receivable - Tenants
Direct Emergency Funding – Covid 19
Income from SHG/HAG
Income from Other Grants
Less: Voids
Total Social Housing Income
Operating Costs
Service Costs
Support Costs
Support Costs – Covid 19
Tenants Support
Management Costs
Rates Payable
Maintenance Administration costs
Planned & Cyclical Maintenance
Reactive Maintenance
Major Repairs (not capitalised)
Depreciation of Housing Properties
Other Depreciation
Transfer to/(from) Tenants’ Services Fund
Total Social Housing Expenditure
Operating surplus/(deficit) on social housing		 2024 £
General
Sheltered
Total
457,277
3,732,292
4,189,569
20,117
1,020,431
1,040,548
59,204
481,691
540,895
-
315,806
315,806
-
150,603
150,603
-
-
-
66,872
760,058
826,930
1,669
133,909
135,578
(1,296)
(106,394)
(107,690)
603,843
6,488,396
7,092,239
21,963
1,155,285
1,177,248
-
531,671
531,671
-
-
-
91
24,423
24,514
88,234
866,968
955,202
59,204
479,900
539,104
13,928
179,217
193,145
5,486
237,376
242,862
65,802
729,919
795,721
5,124
49,762
54,886
153,674
1,589,389
1,743,063
56
13,172
13,228
2,028
(158,678)
(156,650)
415,590
5,698,404
6,113,994
188,253
789,992
978,245		 2023 £
Total
3,768,130
951,096
502,115
298,508
148,031
2,289
801,913
99,350
(147,047)
6,424,385
1,031,798
508,794
7,227
16,103
1,017,637
505,554
188,715
350,035
698,551
77,078
1,527,357
13,765
(107,567)
5,835,047
589,338

26

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

4. Turnover, operating costs and operating surplus / (deficit) from social housing activities (cont’d)

DfC Allowances 2024 2023
£ £
Management allowances 34,056 34,056
Management costs (88,234) (91,063)
Surplus/ (deficit) (54,178) (57,007)
Maintenance allowances
39,904		 39,904
Planned and cyclical maintenance (5,486) (8,515)
Reactive maintenance (65,802) (54,142)
Maintenance administration (13,928) (12,021)
Surplus/ (deficit) (45,312) (34,774)
Technical & Non-Technical Income
2024 2023
£ £
Technical 3,810,686 3,498,295
Non-Technical 2,319,045 2,024,828
Total 6,129,731 5,523,123
5. Turnover, operating costs and operating surplus/(deficit) from non-social
housing activities
2024 2023
£ £
Operating Income
Development 154,524 176,473
Total Non-Social Housing Income 154,524 176,473
Operating Costs
Development Costs 154,524 237,414
Total Non-Social Housing Expenditure 154,524 237,414
Operating surplus/(deficit) on non-social housing 0 (60,941)

27

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

6. Surplus on ordinary activities

Surplus on ordinary activities is stated after charging / (crediting):

Depreciation – owned tangible fixed assets
Amortisation of grant / Release of capital grant
Auditor’s remuneration
-
External audit of these financial statements
-
Internal audit
nterest payable
Bank loans
Other Loans
Total		 2024
£
1,826,565
(866,633)
14,400
12,492
2024
£
7,390
826
8,216		 2023
£
1,617,738
(843,533)
14,400
10,710
2023
£
-
2,612
2,612

7. Interest payable

8. Employee information

Average monthly number of employees during the financial year expressed as full-time equivalents is as follows:

Administration
Housing, support and care
Total
Staff costs
Wages and salaries
Social security costs
Pension costs
Total		 2024
No.
18
25
43
2024
£
1,551,898
119,641
134,739
1,806,278		 2023
No.
19
26
45
2023
£
1,451,635
108,684
121,136
1,681,455

The remuneration, including benefits in kind, of the management team of the Association during the year was:

Aggregate emoluments
Pension Contributions
Total		 2024
£
380,182
45,384
425,566		 2023
£
369,152
39,952
409,104

28

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

8. Employee information (cont’d)

The emoluments payable to the highest paid management team member (currently included within the above table) are as follows:

Aggregate emoluments
Pension Contributions		 2024
£
96,251
16,830
113,081		 2023
£
90,151
15,802
105,953

The number of management team members to whom emoluments were paid during the year falls within each of the following bands:

110,000-115,000
100,000-105,000
80,000- 85,000
75,000 – 80,000
60,000 – 65,000
55,000 – 60,000
50-000 – 55,000
45,000 – 50,000
35,000 – 40,000
5,000 – 10,000
0-5,000
Total		 2024
2023
No.
No.
1
1
1
1
1
1
1
1
1
1
1
1
1
6
7

9. Board of Management remuneration

There was no remuneration paid to the Board of Management of the Association (2023: £nil). The Board of Management members were paid out of pocket expenses totalling £nil (2023: £nil).

10. Finance costs

Finance costs 2024
2023
£
£
48,922
49,905
48,922
49,905

29

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

11. Tangible fixed assets – Housing properties

General
Needs
Sheltered
Schemes
£
£
Cost or valuation
At 1 April 2023
8,754,174
50,917,399
Additions
4,415,121
1,453,296
Disposals
(17,657)
(484,614)
At 31 March 2024
13,151,638
51,886,081
Depreciation
At 1 April 2023
2,033,031
25,700,701
Charge for the year
225,295
1,517,768
Eliminated on disposal
(17,006)
(452,363)
At 31 March 2024
2,241,320
26,766,106
Net book value
At 31 March 2024
10,910,318
25,119,975
Net book amount
comprises:
Completed schemes
6,261,921
25,119,975
Properties under
construction
4,648,397
-
10,910,318
25,119,975
12. Housing Stock
Number of units owned and managed at year end
Self-Contained
General Needs Housing
Sheltered Housing
Total Units Owned and Managed at year end		 General
Needs
Sheltered
Schemes
£
£
8,754,174
50,917,399
4,415,121
1,453,296
(17,657)
(484,614)		 2024
Total
£
59,671,573
5,868,417
(502,271)
65,037,719
27,733,732
1,743,063
(469,369)
29,007,426
36,030,293
31,381,896
4,648,397
36,030,293
2024
Properties
86
896
982		 2023
Total
£
57,112,017
2,949,438
(389,882)
13,151,638
51,886,081		 59,671,573
2,033,031
25,700,701
225,295
1,517,768
(17,006)
(452,363)		 26,596,257
1,527,357
(389,882)
2,241,320
26,766,106		 27,733,732
10,910,318
25,119,975		 31,937,841
6,261,921
25,119,975
4,648,397
-
10,910,318
25,119,975		 31,605,732
332,109
31,937,841
2023
Properties
86
896
982

30

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

13. Other tangible fixed assets

Leasehold
building
£
Cost or valuation
At 1 April 2023
665,988
Additions
-
Disposals
-
At 31 March 2024
665,988
Depreciation
At 1 April 2023
230,342
Charge for the year
18,568
Eliminated on disposal
-
At 31 March 2024
248,910
Net book value
At 31 March 2024
417,078
At 31 March 2023
435,646
ebtors
Gross rental debtors – Technical
Gross rental debtors – Non-Technical
Provision for bad debt
Net rental debtors
Housing Association Grant receivable
Prepayments and accrued income
Tenants’ Services Fund
Other debtors		 Furniture
and
equipment
Motor
vehicles
£
£
508,166
78,784
177,037
-
-
-
685,203
78,784
420,309
30,746
45,146
19,788
-
-
465,455
50,534
219,748
28,250
87,857
48,038
2024
£
108,558
21,338
(7,654)
122,242
7,566,191
267,777
99,902
96,220
8,152,332		 Total
£
1,252,938
177,037
-
1,429,975
681,397
83,502
-
764,899
665,076
571,541
2023
£
91,019
14,038
(10,197)
94,860
1,085,977
212,876
-
69,539
1,463,252

14. Debtors

31

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

15. Creditors

Amounts falling due within 1 year

Loans
Housing Association Grant in advance
Deferred Housing Association Grant
Accruals and deferred income
Rent and service charges received in advance
Tenants’ Services Fund
Trade Creditors
Other creditors
Total		 2024
£
2,505,554
6,452,219
1,311,141
450,448
42,919
-
301,293
74,764
11,138,338		 2023
£
22,300
780,604
858,768
372,294
45,105
56,747
381,980
56,126
2,573,924

Amounts falling due after more than 1 year

Loans (see analysis below)
Deferred Housing Association Grant
Loans
Within one year
Between one and two years
Between two and five years
In five years or more		 2024
£
-
20,602,891
20,602,891
2024
£
2,505,554
-
-
-
2,505,554		 2023
£
-
19,274,648
19,274,648
2023
£
22,300
-
-
-
22,300

Loans are secured by specific charges on the Association’s properties and are repayable at varying rates of interest in instalments due as above.

16. Deferred grant

At 1 April 2023
Grant recognised in the year
Released to income in the year
At 31 March 2024		 2024
£
20,133,400
2,647,238
(866,633)
21,914,005		 2023
£
20,023,304
953,649
(843,553)
20,133,400

32

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2024

17. Capital commitments

At 31 March 2024 the Association had capital commitments as follows:

Contracted for but not provided in the financial
statements		 2024
£
12,399,914
12,399,914		 2023
£
1,827,500
1,827,500

18. Contingent Liabilities

The Association released Housing Association Grant to income during the year in accordance with the Housing SORP. 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.

The Association has a potential liability that at the date of approval of the financial statements is considered unlikely to be realised. In the unlikely event that a liability is realised it is expected that any costs associated with this matter will be reimbursed by the insurers. While it is not possible to estimate the remaining liability to the Association, it will not be material.

19. Share capital

Ordinary shares of £1 each fully paid:

At 1 April 2023
Issued in the year
Shares Issued
Transferred to capital reserve
At 31 March 2024
20. Capital reserves
At 1 April 2023
Shares Issued
Transferred from share capital
At 31 March 2024		 2024
£
22
1
(6)
17
2024
£
67
-
6
73		 2023
£
20
4
(2)
22
2023
£
69
(4)
2
67

21. Related party transactions

There were no related party transactions during the year.

33