CRAIGOWEN HOUSING ASSOCIATION LIMITED STATEMENT OF COMPREHENSIVE INCOM For the ear ended 31 March 2023 Note 2023 2022 Turnover 20 1.002,730 973,850 Operating costs 20 1073 188) 1012 249) Operatlng Deflclt Interest raceivabla and slmllar income Profit or Ios5 on disposal 20 (70,458) 10,468 265 (38.399) 170 Deflclt on ordlnary actlvltle8 {59,725) (38,229) Net transfer (to)Ifrom designated reserves Doficit for the year All amounts above relate to continulng operatlons of the Assoclatlon. The notes on pages 16 to 25 form part of these financial statements. -12-
CRAIGOWEN HOUSING ASSOCIATION LIDAITED A at 31 March 2023 Nol• 2023 2022 HXED ASSETS Housing, land and buildlngs Other fixed assels 4.743.593 4.804,508 4,746,229 4,806,111 CURRENT ASSETS DÉblors Cash at bank 12 48,995 1461656 99,548 1 524 603 1 624 151 CURRENT LIABIUTIES Credilor8: amounts falling duo within one year 13 NET CURRENT ASSETS 916973 1082 956 TOTAL ASSETS LESS CURRENT LIABILITIES 5,663,202 5,889,067 CREDrroRS .. AIAOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Housing Association Grant Def9rred contributlon 10 11 (3,054,830) (3.205,681) 324 NEf ASSETS CAprrAL AND RESERVES Share Capltal Capilal R8seNe Designated Reserve Revenue R8S8rve 14 15 16 15 31 1,064,647 1 234 063 31 1,064.647 Tha financial statements were approv8d by the Board on .. A Hamilton Chairnian A Buchanan Board Member W Mccrelght Secrotary The notes on pages 16 to 25 form part ol thasa financial statements.
CRAIGOWEN HOUSING ASSOCIATION LIMITED STATEMENT OF CASH FLOWS For the ear ended 31 March 2023 2023 2022 Cash flows from operatlng actlvltles Deficlt for the year (59,725) (38,229) Adjustments for:. Depreciation of tangible assets Granl amortisation Interest received Decrease in debtors Incr8as81(decr8as8> in creditors 238,706 (166,140) (10,468) 50,553 228,303 1166,140) (170) 11,517 108 146) Net cash generated from operating activltles 72 865) Cash flows from inv•sting activiti•s Purchase of tsngible fixed assets Proceeds from disposal of tanglble fixed assets Interest received (181,224) 2.400 (257,129) Net cash from Investlng actlvltlos 256 959) Decrease In cash and cash equivalents Cash and cash equiva18nts at b8ginning of year (62,947) 152460 (329,824> 1 854 427 Cash and ush equlvalents at end of year 1461656 152460 Cash and cash equlvalents at the end of year comprlse: Cash at bank and in hand Analysls of changes In net debt other Non-cash changes Cash flows 2022 2023 Cash and cash equivalents Total net funds 1524 603 1461656 -14-
CRAIGOWEN HOUSING ASSOCIATION LIMITED STATEMENT OF CHANGES IN EQUITY For the ear ended 31 March 2023 Sharn Capital Capital Reserve Revenue Reserve Dasignated Reserve TOTAL At 1 April 2022 31 1,293,788 1.064,647 2.358.473 Comprehenslve Income for the year Deficit for the year 72 59 725) At 31 March 2023 STATEMENT OF CHANGES IN EQUITY For the ear ended 31 March 2022 Sharo Capltal Capltal Reserve Revenue Da8lgnated Reserva Reservo TOTAL At 1 April 2021 31 1,332,017 1,064,647 2,396,702 Comprehenslve Income for the year Deficit for the year 38 229) At 31 March 2022 The notes on pages 16 to 25 fomi part of these financlal statements, -15-
CRAIGOWEN HOUSING ASSOCIATION LIMrrED NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 March 2023 General Information The principal activities of the Association are to provide special needs accommodalion for adults who are mentally andlor physically handicapped. and to provide accommodation for staff, and their dependants. The Association Is a registered society under the Co-operative and Community Ben8fit Societ19s Act (Northern Iroland) 1969. The Association's principal place of busin8SS IS Its registered office at 150 Holywood Road, Belfast, BT4 1NY. Craigowen Housing Association Limit8d constitutes a public benefit entity as d8fined by FRS 102. Accounllng Pollcl8s Basls of Preparation The flnancial statements hav8 b8en prepared in accordance with Financial Reporting Standard 102, The Financial Reporting Standard applicable in tha UK and Republic of Ireland {FRS 102)- Tha financial statements comply with the Co-operative and Community Benefit Societ18s Act {Northem Ireland) 1969, the Registered Housing Associations (Accounting Requlrements) Order {Northem Ireland) 1993 and the Statement of Recommended Practice for Social Houslng Provlders 2018. The presentation currency of these financial statements is steding. All amounts In the flnancSal statements have been rounded to the nearest £1. The financlal statements have been prepared on a going concem basis under the historical cost conventlon unless otheNise spe¢ifi8d within these accounting policies. The preparation of financial statemenls in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the association's accounting policies. The following principal accounting policies have been 8pplled', Golng Concern The Board continu8S to adopt the going concern basis of accounting in preparing the financial statamgnts. During the year the Board has continued investigating the long-term strategic oplions for th8 futur8 direction of the A550cialion. After maklng enquiri8S, the Board has 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. Turnover Tumover represents income receivable from lettings, grants and other income. Rental income is recognised in the period to which it relates, and other income is recognised when the t&m)s of revenue recognition have been met.
CRAIGOWEN HOUSING ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 March 2023 Accountlng Pollcles (Cont'd) Houslng As50Glatlon Grant (HAG) HAG rec81v8d as a contribution towards revenue expendlture Is credited to revenue in the period in which the related expenditure occurs. HAG received as a contribution towards the capital costs of housing propertie5 is recognised in income over the useful life of the housing property structure and. where applicable, its individual components (excluding land} under the accruals rnodel. Such grants, although treated as a grant for accounting purposes may b8 repayable under certain circumslances, primarily following the sale of housing property, but any amount repayable would be restricted to the net proceeds of the sale. Contrlbutlon from Camphill Communitles Trust (Nl) Contributions recelved from Camphill Communitl8s Trust (Nl) towards the capital costs of housing propertias ar8 reflactad using grants received basis, in accordance with FRS 102 and r8cognised in income ovèr the us8ful life of the housing properties. Speclal Noeds Managomant Allowanco Special Needs Management Allowance (SNMA} is credited to revenue in the period to which the relevant clalm refers, Tanglble Flxed Assets Houslngi Land and Bulldlngs Social housing properties ar8 Stated at cost less accumulated depr8ciation and accumulated impaimient losses. Cost includes costs directly attributable to making the asset capable of operating as Intended such as the cost of acquiring land and buildings, developments costs and axpenditure on irnprov8ments. Expendlture on improvemènts will only be capitalised when it results in incremental future benefits such as increasing rental income, reducing maintenance costs or resulting in signlficant extension of the useful economic life of the property. Major components of houslng land and buildings ar8 d8preciated at rates calculated to write off th8 cost, less estimated residual value. of each asset on a systematic basis ovar its expected useful life as follows:. Land Structure Roofs Lifts Kitchens Bathrooms Doors Windows Electrics Heating and plumbing Fire alarm systems Fire escapes Not depreciated 50 years 50 years 30 years 20 years 25 years 20 years 25 years 25 years 15 years 15 years 33 years Fixtures, fittings and equlpment of schemes 10- 20 years Housing properties under Gonstruction are not depreciated until they are in use and the useful economic lives of all tangible fixed assets are reviewed annually. -17-
CRAIGOWEN HOUSING ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 March 2023 Accountlng Policies (Cont'd) Tangible Fix8d Assets (Cont'd) other other tangible fix8d assets are stated at cost less accumulated depreciation and accumulated irnpairment losses. Depreciation is provid8d on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each assel on a systematic basis over its expected useful life as follows- Office fixturas, fittings and equipment 25 % straight lin8 Impalrment Annually housing properties are assessed for impairm&nt indicator5. Wh8r8 Indicators ara idanlifiad an assessment for impairment is undertaken comparing the asset's carrying amount to its recoverable amount. Where the carrying amount of asset Is deemed to exceed its recoverable amount, the asset is written down to its r8coverabl8 amount. This is likely to be the fair value in use of th8 asset based on its seNlCe Potential, The resulting impairment loss is recognised as expenditure in th8 Statement of Comprehensive Income. Where an asset is currently deemed not to be providing servlce potential to the Associatlon, its recoverable amount is Its falr value less costs to sell, Other assets are reviewed for impairment If there is an indication that impairment may have occurred. Debtors Short term debtors ar8 measured at transaction price, less any impairment. Loans r8ceivable are rneasud initially at fair value, net of transaction costs, and are measured Subsequently at amortised cost using the effective interest method, less any impairmant. 2.10 Flnanclal Instruments The Association only has financlal assets and financlal Ilabilities of a kSnd that qualrfy 88 baslc financial instrum8nts. Basic financial instruments are initially recognised at transaction value and subsequently measured at thelr settlement value, 2.11 Creditors Short term creditors ar8 measured at the transaction price. Othar financial liabllities, including bank loans, are measured initially at fair valu&, n8t of transaction Costs, and are measur8d subsequ8ntly at amortised cost using the effective interest method. 2.12 Panslons The Company operates a defin&d contribution plan for its employees. A defined contribulion plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid th8 Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall dLJe. Amounts not paid ar8 shown In accruals as a liability in the Balance Sheet. The assets of the plan aro hold separately from the Company in independently administered funds. 2.13 Interest Income Interest income is recogni5ed in the Statement of Compreh8nsive Income using the effective interest method. -18-
CRAIGOWEN HOUSING ASSOCIATION LIMITED NOTES TO THE ACCOUNTS For the ear ended 31 March 2023 Accountlng Pollcles (Cont'd) 2.14 Taxatlon The Association is recognised as a charlty by HMRC and is therefore entitled to the exemptlon from tax afforded by Section 505 (1 } Income and Corporation Tax Act 1988. The Association is recognised as a charity by HMRC under reference number X01015. 2.15 Sinking Fund This reserve Is set aside from rental income and reflects the intention to replace the housing properties in the future. 2.16 Judgements In applylng accountlng pollclos and key sources of estlmatlon uncertalnty No judgam8nts 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 uncertalnty at the reporting date that have a significant risk of causing a material adjustm8nt to the carrylng amounts of assets and liabilltles wlthSn the next financl81 year. Op•ratlng Surplu81{Deflclt) 2023 2022 Operating surplus Is stated after charging: Depreciation of tangible assets Auditors, remuneration - external Internal 238,706 9,360 228,303 9.000 Donated Faclllti08 The Assoclation holds 1618as8hold properties for an annual rant of £1, if demanded. Th8 Assoclation generated rentsl income of £88,151.12022- £89,570) in relation to these properties during the year. Employee Informatlon 2023 Number 2022 Number Number of Employees The average monthly numbar of employees during ihe year was.. Adminlstration and maintenance staff 2023 2022 Staff costs Wages and Salaries Social security costs Other pension costs Temporary Staff 148,127 16,957 4,824 127,770 13,659 3,421 724 -19-
CRAIGOWEN HOUSING ASSOCIATION LIMITED NOTES TO THE ACCOUNTS For th ear ended 31 MarGh 2022 Employee Informatlon (cont'd) The number of employees whose annual muneratIOn was £60,000 or rnore were.. 2023 Number 2022 Number In the band £60,001- £70,000 Key Management Personn81 Remuneration payable to key management personnel during the year was'.- 2023 2022 Aggregat8 emoluments Pension contributions 63,869 61,444 The Board serve In a voluntary capacity and are unpaid. No board members were reimbursed expenses during the year (2022- £nll). Interest Receivable 2023 2022 Bank int8r8St racelvable -20-
CRAIGOWEN HOUSING ASSOCIATION LIMITED NOTES TO THE ACCOUNTS For the ear ended 31 March 2023 Tangible Fixed Assets- Housing Land and Bulldlngs Housing Land & Bulldlngs Total Cost At 1 April 2022 Additions Disposals At 31 March 2023 9,880.887 178,830 9,880.887 178,830 Depreciation At 1 April 2022 Charg8 for y8ar Eliminated on disposals At 31 March 2023 5,076,379 237,345 5,076,379 237,345 Net Book Value At 31 March 2023 At 31 March 2022 Housing includes a leasehold property at a cost of £694,102. It Is the Intention that freehold titl8 of the land will be transferred to the Association in due course. Tangible Fixed Assets - Other Offlce flxtur6s, flttings and equlpment Total Cost At 1 Aprll 2022 Additions At 31 March 2023 24,787 24,787 Depreciation At 1 April 2022 Charge for year At 31 March 2023 23,184 23,184 Net Book Value At 31 March 2023 At 31 March 2022 -21-
CRAIGOWEN HOUSING ASSOCIATION LIMITED NOTES TO THE ACCOUNTS For the ear ended 31 March 2023 10. Housing Association Grant 2023 2022 Houslng A880ciation Grant At 1 April 2022 and 31 March 2023 7 542 568 Amortlsatlon Al 1 April 2022 Charge for th8 year At 31 March 2023 4,186.036 150 851 4 336 887 4,035,185 150 851 4 186 036 Net Book Value At 31 March 2023 Released within one year Released after more than one year 150,851 054 830 150,851 3 205 681 11. Contrlbutlon from Camphlll Communltle8 Trust (Nl) 2023 2022 Contrlbutlon At 1 April 2022 and 31 March 2023 764 Amortlsatlon At 1 April 2022 Charge for the year At 31 March 2023 424,281 408.992 439 570 424 281 Net Book Value At 31 March 2023 Released within one year Released after more than one year 15.290 309 624 15.290 324 913 -22-
CRAIGOWEN HOUSING ASSOCIATION LIMITED NOTES TO THE ACCOUNTS For the ear ended 31 March 2023 12. Debtors 2023 2022 Other Debtors Prepayments Accrued Incom8 4,904 10,557 62.507 10.455 13. Credltors: amount8 falllng duo wlthln one year 2023 2022 Trade Creditors Accruals Other Creditors Housing Assoclatlon Grant (Note 10) Deferred Contribution (Note 11) 72,657 302.842 52,038 150,851 25,953 292,017 57,084 150,851 14. Share Capltal 2023 2022 Sharo3 classlfled as oqulty Allotted, called up and fully pald 7 Ordinary shares of £1 each 15. Reserves Deslgnated Re8ervos (Noto 16) Capital Reserve Revenuè Reserve Total At 1 April 2022 31 1,293,788 1,064,647 2,358.466 Deficit for the year 59 7251 59 725) At 31 March 2023 31 1234 063 1064 647 2 298 741 The reserves of the association as set out above are in line with the associations reserve policy. -2&
CRAIGOWEN HOUSING ASSOCIATION LIMITED NOTES TO THE ACCOUNTS For the ear ended 31 March 2023 16. Designated Reserves Sinking Fund Total At 1 Aprll 2022 Transferfrom Income & Expenditure 1.064,647 1,064,647 At 31 March 2023 This reserve is set aside from rental incorne and reflects the intention to plac8 th8 housing properties in the future. 17. Pen8lon commltmonts The company operates a defined contribution pension scheme in SpeCt of the staff. The scheme and its assets are held by Indapendent managers. The penslon cost charge represents contrlbutions Payable by the company to the fund and amounted to £4.824 (2022- £3,421). 18. Contlngent Liabiliti08 There exlsts a contlngent liabllity on th8 Assoclatlon of the possibility of havlng to repay Houslng Association Grant received on properties rf any propertie5 are sold. This also includes any grant written off through the implamantation of component accounting. 19. Relatad Party Transactlons No transactions with related parties, as deflned under FRS 102, were undertaken In the current or prior year. -2
CRAIGOWEN HOUSING ASSOCIATION LIMrrED NOTES TO THE ACCOUNTS For the ear ended 31 March 2023 20. Turnover, Operating Costs and Operating Surplus from Soclal Housing Actlvltl8s 2023 Total Social Housing 2022 Total Social Housing 2023 Supported Houslng Income from Soclal Housing Lettlngs Rent receivable net of servlce charges Special Needs Management Allowance 756.977 94.283 756,977 94,283 736,303 94,283 Gross Income from rnnt8 and servlce charyes Less voids Bad debts (rent and service charges) 851.260 (14,670) 851,260 830,586 (14,670) (22,876) Ngt Income from rents and sorvlce charges Amortlsation Total Soclal Houslng Income 836,590 836.590 166 140 166 140 02 730 1002 730 807,710 166 140 973 850 Operatlng costs Management seNic8S Special Needs Management Allowance Planned and cyclical maintenance R8actlV8 maintenance Management charges Depreciation of Social Housing 45,000 94,283 268,115 131,144 295,940 238 706 45,000 94,283 268,115 131.144 295,940 238 706 45,000 94,283 283,826 102,887 257,950 22 Total operatlng costs 1073 188 1073 188 1012249 Operatlng Deficlt 21. Houslng Stock 2023 2022 Number of units owned by the Association on 31 March 2023'.- Supported Housing 24 24 Number of units leased by the Association on 31 March 2023:. Supported Housing 16 16 Housing management services at 811 properties are carried out by the relevant Camphlll Communlty who are the Managing Agent. -25-