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
rneasu￿d 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-