Registration number.. IP000166
Connswater Homes Limited
Annual Report and Financial Statements
for the Year Ended 31 March 2024

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Contents
Board of Management and Advisers
Report of the Board of Management
2to10
Independent Auditor's Report to the members of Connswater Homes Limited
111014
Statement of Comprehensive Income
Statement of Financial Position
16to17
Statement of Changes in Reserves
18
Statement of Cash Flows
19
Notes to Statemenl of Cash Flows
20to22
Notes to the Financial Statements
23to47

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Board of Management and Advisers
Management Board Mr Robbie Davis (Chairman)
Professor Paddy Gray
Mr Alan Hill (Honorary Secretary)
Mr Michael Graham
Mr John Beattie
Dr Sara Templar (Vice Chairman)
Mr Alex Ward
Mrs Kelly Andrews (Honorary Treasurer)
Gerard McGarry
Martin Leahy
Jacqueline Locke
Chief executive
Company secretary Mr Alan Hill (Honorary Secrelary)
Registered office
Unit 5 Citylink Business Park
Albert streel
Belfasl
BT12 4HQ
Solicitors
Elliot Duffy Garrett
40 Linenhall Street
Belfasl
BT2 8BA
Auditors
RBCA Limited
Linenhall Exchange
26 Linenhall Street
Belfast
BT2 8BG
Company number IP000166
Status
Registered under the Co-operative and Community Benefit Societies Act
(Northern Ireland) 1969 - No. IP 166
Registered Charity with the Charity Commission for Northern Ireland - Charity
Registration No.: NIC106095-0
Registered with the Dfc {Nll - Number 8
Registered with HMRC- Number XN 41599
Page 1

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Report of the Board of Management for the Year Ended 31 March 2024
The Board of Management present their report and the audited financial statements for the year
ended 31 March 2024 of Connswater Homes Limited (the "Association ). This report is also known as
the Trustees, report for Charity law purposes.
Principal activities
The Association is an Industrial and Provident Society and is registered with the Department for
Communities ("DfC") providing housing accommodation for those in need. It has charitable status with
HM Revenue and Customs and is a registered charity with the Charity Commission for Northern
Ireland.
Board of Management
The Board of Management meets regularly throughout the year. There are also various committees
who meet regularly throughout the year. The Committees have responsibilily for development,
housing management, maintenance and audit. Financial matters are reported directly lo the Board.
The Board carries out an annual appraisal of its own performance and an annual appraisal of
individual of individual Board Members. The Board of Management are the directors of the company
and are the trustees of the charity.
The Board of Management, who seNed the Association during the year, and up to the date of signing
the financial slatements, were..
Mr Robbie Davis {Chairman)
Dr Sara Templar (Vice Chairman)
Mr Alan Hill (Honorary Secretary)
Mrs Kelly Andrews (Honorary Treasurer)
Mr John Bealtie
Mr Michael Graham
Professor Paddy Gray
Mr Martin Leahy
Mr Gerard McGarry
Mr Alex Ward
Mrs Nicola Barber (resigned 15106123)
Mr Trevor Hampton (resigned 14102124)
Page 2

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Report of the Board of Management for the Year Ended 31 March 2024
Performance for the year ended 31 March 2024
During the year Ihe number of homes in ownership increased to 1,262 from 1,205 at the end of the
prior year representing 8 4.7 /0 increase in stock size for the Association. Turnover increased by 9.50/0
from £8,555,856 in 2022123 to £9,372,108 in 2023124. This increase is as a result of new homes
added to the Association's stOGk during the year. An average annual inflationary rent increase of 5.90/0
on much of our existing stock also helped to boost turnover.
Operating costs of £6,449,286 represent 690/0 of lurnover (2023.. 720A). The Association generated a
surplus for the year of £1,523,018 giving a net margin of 16 /0 (2023.. 14'/0), which is better than sector
average and broadly in line with the performance of the Association over the past fjmo years.
The Association continuously invests in Ihe maintenance of OLSr existing stock of properties, ensuring
our homes remain in great condition. To this end £1,059,280 was spent on planned maintenance
(including capital) during the year. These works included 44 window and door replacements, 17
kitchen replacements and 2 complete property refurbishments as well as improvement works to the
hall at Mersey Street Primary School.
A programme of health and safety inspections was also completed including boiler servicing, smoke
and carbon monoxide alarms testing, asbestos monitoring, legionella testing, periodic fixed wire
testing and fire risk assessments.
The Board has a set number of key performance indicators monitoring the operations of the
Association on regular basis.
Performance Indicator
Actual 23124
Target 23124
>85'/0
Emergency repairs carried out within 24 hours
Urgent repairs carried out within 4 days
Routine repairs carried out within 28 days
Operating margin
Net margin
Gearing ratio
Interest cover ratio
97%
>800/0
93%
>800/0
31°
>300/0
>104/0
<600/0
1.98
Nel debt per unit
Voids as a 0/0 of Stock
£30,491
<£38,000
<4°/0
Board members attendance at Board meetings
>750/0
Housing management staff assisted tenants struggling on low incomes by offering welfare and
general money management advice, including assistance with universal credit applications.
Page 3

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Report of the Board of Management for the Year Ended 31 March 2024
Expected performance in the year ending 31 March 2025
The Association expects to maintain its level of operations and performance in 2024125.
It is planned that 70 homes will be added to the development programme during the year made up of
a number of schemes. We expect there will be approximately 68 properties completed from existing
schemes on site and added lo management during the year with the remainder completing in the
years ending 31 March 2026 and 2027.
A cyclical and planned maintenance programme of approximately £1.6m of investment has been
approved. This includes 10 heating upgrades, 50 bathroom upgrades, 55 window and door
replacements, 30 new kitchens, 6 complete property refurbishments, external redecoration of 94
properties, internal decoration at one apartment scheme and all health and safety inspections.
Corporate Governance
In the opinion of Ihe Board of Management, the Association is in compliance with the Best Practice
issued by the NHF Code of Governance and with the Dfc Regulatory Standards.
Corporate Strategy
The Association launched a new strategic plan in April 2022 covering the five year period 2022 to
2027. Our business goals over this period focus on working together and recognising diversity.,
striving to be more environmentally aware throughout our business and activities., promoting kindness,
resilience and community cohesion,. being open and clear in our actions, rectifying mistakes and doing
what we say we will do,. connecting with tenants, engaging with stakeholders and buddying up with
others to improve our seNices. We will be working on these goals in a tough financial environment
under the burden of welfare reform, political uncertainly and economic recovery following a global
pandemic. It has never been more important to make sure value for money is embedded in our
business,. to offer seNices that our tenants actually need and to look at the wider picture of
challenging poverty, improving health and wellbeing and promoting inclusivity.
Our strategy lo achieve this is to help our tenants to live in warm, safe, affordable homes. to provide
added value through community initiatives, customer led service provision and reducing OLFr negative
impact on the environment and by being a viable, forward thinking, environmentally aware business.
We want to see houses become homes,. safe and well-maintained homes that complement their
environment. We want to help our tenants to live comfortably in these homes, so making them more
energy efficient and affordable is very important. We also aim to deliver excellence across our core
housing service activities such as routine repairs, investing in planned maintenance, rent collection
and peaceful living.
Whilst striving for continuous improvemenl and service development we will be inclusive and mindful
of the needs of our tenants.
Our development priorities will be to nol only provide new affordable homes in thoughtfully designed
developments that will stand the test of time, but also lo consider alternative models for their delivery
and tenure. We will have an active asset management and investment strategy to maintain our
homes.
We will continue to enhance our customer engagement opportunities through collaboralive
partnership with tenanls and key slakeholders as we work to innovate in delivery of services.
Page 4

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Report of the Board of Management for the Year Ended 31 March 2024
Through information and practice we want to get involved in the sustainability agenda as we provide
homes, enhance neighbourhoods and operate our business. Our tenants and employees will be
encouraged to get involved in our efforts to reduce our carbon footprint.
We will signpost our tenants to fuel poverty initiatives and offer welfare benefit advice.
We want to be a great employer and an employer of choice. 11 is our people who make us great, they
determine how we perform as an organisation and we want to empower them to be the best they can.
We want to develop a staff team with skills, knowledge and motivation to deliver our goals. We want
our team to feel valued and listened to,. to provide them with a working environment that is agile and
safe and to ensure they have resources to perform at their best.
As an organisation, we will meet, or exceed statutory and legal requirements, apply appropriate risk
controls, develop and comply with internal policies and apply innovalive thinking to develop service
efficiencies and deliver excellent customer focused services.
Our business aclivities are underpinned by sustainability, regulation and collaborative working. We will
assess a range of factors to ensure positive outcomes for all parts of our business including financial
viability, value for money and environmental sustainability. We will raise staff awareness of energy
efficiency and how to pass benefits on lo tenants.
Digital transformation has never been more important and Connswater recognises that it is business
Critical. We will ensure that the appropriate infrastructure, applications and systems are available in
order for staff to deliver services in an efficient, consistent and cost-effective manner whilst ensuring
clear and transparent governance. We will focus on improving customer access to services and data.
This will be driven further by developing our tenant portal and improving access to equipment for
tenants through our tablet loan scheme.
Going Concern
After making enquiries, the Board of Management 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.
Page 5

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Report of the Board of Management for the Year Ended 31 March 2024
Value for Money
Our strategy al Connswater Homes Limited is to operate our core aclivities as efficiently and
effectively as possible.
We strive lo improve the quality of our services to our tenants, continue building high quality homes
and generate social value whenever we see the opportunity.
VFM Framework - 3 E's
The Association strives to achieve Value {i.e. be as effective as possible) for the money that is
invested in the activities that we carry out.
We measure our VFM using a framework which examines our performance in terms of Economy,
Efficiency and Effectiveness.
Treasury Management Policy
The Associalion's aim is to maintain loan balances at a level to support development while keeping
loan interest charges to a minimum. This is achieved without comprising the Association's ability to
meet its financial obligalions al they fall due.
Page 6

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Report of the Board of Management for the Year Ended 31 March 2024
Financial Risk Management
The Association's operations expose it to a variety of financial risks that include the effects of changes
in credit risk, price risk and interest rate risk. The Association has in place a risk management
programme that seeks to limit the adverse effects on the financial performance of the Association by
regular review of activity levels against changing market conditions and adjustment to Gashflow
projections accordingly. The Association liaises with lenders on an ongoing basis to keep up to dale
with other products in the marketplace.
Interest rate risk
Exposure to fluctuating interest rates is managed by the composition of a balanced portfolio between
fixed rate and variable rate loans. The Association's effective interest rate in 2023124 was 3.6 %. For
the past number of years the Association's effective interesl rate has been falling year on year as the
Association agreed competitive terms on new loans. We recognise that we now find ourselves in a
changed economic environment and Ihat any new loans drawn down in future years are likely to be at
considerably higher Interest rates. This will Gause our effective interest rate to increase in future
years. Higher interest rates will pul a squeeze on Net Margins in years to come and our development
plans will need to take accounl of this higher interest rate environment to ensure bank covenants are
met. The Association runs stress testing scenarios each year to ensure our future plans are viable
and we amend our plans where necessary.
Liquidity risk
The Association maintains a mixture of long-term and short-term loan finance that is designed to
ensure there is sufficient funds to achieve business objectives and to facilitate planned growth.
Currency risk
The Association does not engage in foreign currency transactions and so is not exposed to exchange
risk
Regulation
The Association's principal regulator is the Department for Communities {DfC). Their regulatory
judgement for the year 2021122 gave the Association the highest rating of Level 1 assessing the three
standards.. Governance, Finance and Consumer., the rating for 2022123 has not yet been received. As
a registered charity the Association is also subject to regulation by the Charity Commission for
Northern Ireland.
Environmental matters
The Association recognises its corporate responsibility to carry out its operations and development
programme whilst minimising environmental impacts. The Board's conlinued aim is to comply with all
applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Page 7

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Report of the Board of Management for the Year Ended 31 March 2024
Internal Financial Control
The Board of Management is responsible for establishing and overseeing a risk management
framework in order to safeguard the assets of Ihe Association and for the Association's systems of
internal financial control and along with senior managemenl is responsible for establishing and
operating detailed control and report procedures. The systems of internal financial control can provide
over reasonable, and not absolute, assurance against material misstatement and loss.
The Board of Management have reviewed the effectiveness of the Association's system of internal
financial control. The review included consideration of Ihe business risks facing Ihe Association and of
the existing internal financial control procedures.
The key elements of the Gontrol system in operation are..
The Board has adopted 2 formal schedule of matters reserved for its approval ensuring it
maintains responsibility for overall strategy, approval of all property transactions and other major
capital expenditure projects.
There is an organisation structure with clearly defined lines of responsibility and delegation of
aulhorily.
Detailed budgets are prepared covering the Association's businesses which are reviewed and
approved by the Board. Actual results are Compared againsl budget and appropriate action
identified and initiated.
The Audit Committee review matters relating to internal control and receives reports on a regular
basis from the external and internal auditors and from senior management.
Page 8

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Report of the Board of Management for the Year Ended 31 March 2024
Statement of the Board's responsibilities in respect of the financial statements
The Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and Registered
Housing Association legislation require the members of the Board of Management to prepare the
financial statements for each financial year which give a true and fair view of the state of the
Association's affairs and of its surplus or deficit for Ihat period. In preparing these statements the
Board is required to..
select suitable accounting policies and apply them consistently.,
make judgements and 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; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the Association will continue to operate.
The members of the Board of Management are responsible for keeping proper accounting records
which disclose wilh reasonable accuracy at any time the financial position of the Association and to
enable them to ensure that the financial statements Gomply with the Co-operative and Community
Benefit Societies Act (Northern Ireland) 1969 and the Registered Housing Associations (Accounting
Requiremenlsl Order (Northern Ireland) 1993. They have general responsibility for the taking of
reasonable steps to safeguard the assets of the Association and to prevent and detect fraud and other
irregularities.
Events after the Balance Sheet date
The Association has no post balance sheet date events to disclose.
Charitable donations
Donations totalling £2,385 (2023.. £3,555) were made by the Association during the year. No
donations for political purposes were made during the year (2023.. £nil).
Financial sustainability
The Association has a robusl framework of longer term financial planning in place. The Board
regularly considers the longer term financial plan which covers a 30 year period. The financial plan is
prepared in accordance with FRS102 using Brixx planning software. The Association remains
profitable for each of the 30 years in the plan and while gross margin remains strong, net margin is
projected to fall to 4% in 2031 before rising again. Sensitivity analysis is carried out to see how the
Association would cope financially under the following four stress factors.. voids increase by 1 % , bad
debts increase by 10/0, CPI increases by 10/0 and interest rates increase by 10/0. This allows the board
to consider whether the Association may need to amend or postpone future development plans
should any of the above scenarios materialise.
Page 9

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Report of the Board of Management for the Year Ended 31 March 2024
Statement of disclosure of information to auditors
So far as each of Ihe members of the Board of Management at the date of approval of these financial
statements is aware:
there is no relevant audit information of which the Association's auditors are unaware, and
that each Board member has taken all the steps that oughl to have have been taken as a Board
member in order to be aware of any relevant audit information and to establish that the
Association's auditors are aware of that information.
Independent Auditors
The auditors, RBCA Limited, have indicated their willingness to continue in office, and a resolution
proposing their reappointment will be proposed at the Annual General Meeting.
Approved and authorised by the Board on
Mr Robbi
avis (Chairman)
Mr Alan Hill (Honorary Secretary)
Mrs Kelly Andrews (Honorary Treasurer)
Page 10

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Independent Auditor's Report to the Members of Connswater Homes Limited
Opinion
We have audited the financial statements of Connswater Homes Limited for the year ended 31 March
2024, which comprise the Statement of Comprehensive Income, Statement of Financial Position.
Statemenl of Changes in Resources, Statement of Cashflows and Notes to the Financial Statements
including a summary of significant accounling policies. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounling Slandards,
including FRS 102 - 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland,
(United Kingdom Generally Accepted Accounting Practice) and the 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 company'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 prepared in accordance with the requirements of the requirements of the Co-operative
and Community Benefits Societies Act (Northern Ireland) 1969 (formerly the Industrial and
Provident Societies Act (Northern Ireland) 1969), the Charities Act (Northern Ireland) 2008, The
Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the Registered Housing
Associations (Accounting Requirements) Order (Northern Ireland) 1993.
Basis of Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibililies for the audit of the financial statements section of our report. We are independent of
the company 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 these 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
We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require
us to report to you where..
the Board of Management's use of the going concern basis of accounting in the preparation of the
financial statements is not appropriate. or
the Board of Management have not disclosed in the financial stalements any idenlified material
uncertainties that may cast significant doubt about the Associalion's ability lo continue to adopt the
going concern basis of accounting for a period of at least twelve months from the dale when the
financial statements are authorised for issue.
Other information
The other informalion comprises the information included in the annual report, other than the financial
statements and our auditor's report thereon. Our opinion on the financial statements does not cover
the other information and, except to the extent othenmise explicitly stated in our report, we do not
express any form of assurance conclusion thereon.
Page11

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Independent Auditor's Report to the Members of Connswater Homes Limited
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otheNise 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 malerial misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of the Board of Management
As explained more fully in the Board of Management responsibilities statement the Board of
Management are 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
determines is necessary to enable the preparation of financial statements that are free from material
misslatement, 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.
Auditor's responsibilities for the audit of the financial statements
Our objeclives 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
Ihat 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 the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed
below".
We identified areas of laws and regulations that could reasonably be expected have a material
effect on the financial statements from our sector experiences Ihrough discussion the Board of
Management and other management (as required by auditing standards).
We had regard to laws and regulations in areas that directly affect the financial statements
including financial reporting and taxation legislation. We considered the extent of compliance with
those laws and regulations as apart of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance, and as required by auditing
standards, our work in respect was limited to enquiry of the Board of Management.
We communicaled applicable laws and regulations throughout our audit team and remained alert
to any indications of non-compliance throughout the audit.
We addressed the risk of fraud Ihrough management override of controls, by testing the
appropriateness of journal entries and other adjustments,. assessing whether the judgements
made in making accounting estimales are indicative of a potential bias,. and evaluating the
business rationale of any significant transaclions that are unusual or outside the normal course of
business.
Page 12

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Independent Auditor's Report to the Members of Connswater Homes Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial
statements, recognising that the risk of not detecting a material misstatement due to fraud is higher
than the risk of not detecling one resulting from error, as fraud may involve deliberate concealment
by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in
the audit procedures performed and the further removed non-compliance with laws and regulations
is from the events and transactions reflected in the financial statements, the less likely we are to
become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website
at.. www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report.
Other required reporting
Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 exception reporting
Under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, we are
required to report to you if, in our opinion:
A satisfactory system of control over transactions has not been mainlained., or
We have not received all the information and explanations we require for our audil., or
Proper accounting records have not been kept by the association., or
The financial statements are not in agreement with the accounting records.
We have no exceptions lo report arising from this responsibility.
Charities (Accounts and Reports) Regulations (Northern Ireland} 2015 exception reporting
Under the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 we are required to
report to you if, in our opinion:
Sufficient accounting records have not been kept., or
The financial statements are not in agreement with the accounting records., or
We have not received all the information and explanations we require for our audit.
We have no exceptions to report arising from this responsibility.
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) 1969 (formerly the Industrial
and Provident Societies Act (Northern Ireland) 19691. Our audit work has been undertaken so that we
might slate lo the Board of Management those matters we are required to state to them in an audilor's
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility lo anyone other than the Board of Management and the Association as a body, for our
audit work, for this report, or for the opinions we have formed.
Page 13

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Independent Auditor's Report to the Members of Connswater Homes Limited
Ross Boyd (Senior Statutory Auditor)
For and on behalf of RBCA Limited,
Linenhall Exchange
26 Linenhall Street
Belfast
BT2 8BG
Date..
Page 14

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Statement of Comprehensive Income for the Year Ended 31 March 2024
(As restated)
2024
2023
Turnover
Operating costs
9,372,108
6,449,286)
8,555,856
6,188,080)
Operating surplus for the year
Surplus arising from disposals of housing property
Miscellaneous income
Transfer to disposal proceeds fund
Interest received
Interest payable and similar expenses
Other finance costs
2,922,822
(980,381)
12,522
980,381
59,505
(1,485,831)
14,000
2,367,776
110,427
36,595
(110,427)
16,279
{1,183,248)
{25,000)
1,212,402
1,284,000
Surplus for the financial year
Remeasurement gain on defined benefit pension schemes
Total comprehensive income for the year
1,523,018
1,523,018
2,496,402
The notes on pages 23 to 47 form an integral part of these financial statements.
Page15

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
(Registration number: IP000166)
Statement of Financial Position as at 31 March 2024
(As restated)
2024
2023
Note
Fixed assets
Housing properties
other tangible fixed assets
Investments
13
16
17
150,140,070
436,483
141,660,372
367,189
150,576,555
142,027,563
Current assets
Stocks
Debtors
Cash at bank and in hand
15
18
183,000
677,520
3,460,345
3,632,275
4,704,459
8,336,734
4,320,865
Creditors.. Amounts falling due wilhin one year
Net current (liabilitiesllassets
Total assets less current liabilities
19
{13,616,657
(4,190,322)
{5,279,9231
130,543
145,296,632
142,158,106
(122,593,344) {120,977,836
22,703,288
21,180,270
Creditors.- Amounts falling due after more than one year
Net assets
20
Capital and reserves
Called up share capital
Capital reserve
Revenue reserve
12
80
22,703,196
12
80
21,180,178
Total funds
22,703,288
21,180,270
Approved and authorised by the Board on
A)l.b ul Y*nd signed on its behalf by..
The notes on pages 23 to 47 form an integral part of these financial statements.
Page 16

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
(Registration number: IP000166)
statement of Financial Position as at 31 March 2024
Mr Robbie
is (Chairman)
Mr Alan Hill (Honorary Secretary)
Mrs Kelly Andrews (Honorary Treasurer)
The noles on pages 23 to 47 form an integral part of these financial statements.
Page 17

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Statement of Changes in Reserves for the year ended 31 March 2024
2024
2023
(As
restated)
Note
Total comprehensive income for the year
1,523,018
2,496,402
Nel addition to revenue reserves
1,523,018
21,180,178
2,496,402
18,683,776
Opening total revenue reserves
Closing total revenue reserves
22,703,288
21,180,178
The notes on pages 23 to 47 form an integral part of these financial statements.
Page 18

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Statement of Cash Flows for the Year Ended 31 March 2024
2024
2023
Note
Net cash inflowloutflow from operating activities
Returns on investments and servicing of finance
Capilal expenditure and financial investment
6,346,272
{1,426,3261
{4,317,420)
2,491,523
(1,166,969)
(3,092,485)
Cash inflowloulflow before use of liquid resources and
financing
602,526
(1,767,931)
Financing
641,588
649,326
Inceasel{decrease) in cash in period
1,244,114
(1,118,605)
2024
2023
Reconciliation of net cash flow
Increasel(decrease) in cash in period
Net cash at 1 April
1,244,114
3,460,345
(1,118,605)
4,578,950
Net cash at 31 March
4,704,459
3,460,345
The notes on pages 23 to 47 form an inlegral part of these financial statements.
Page 19

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to Statement of Cash Flows for the Year Ended 31 March 2024
2024
2023
Note A Reconciliation of surplus for the year to
operating cashflows
Surplus for the year
Deprecialion
Amortisation of grant
Movements..
1,523,018
2,215,259
(1,577,459)
1,212,402
2,067,384
{1,560,170)
Stock
183,000
(2,954,755)
4,074,502
980,381
490,000
(14,000)
(59,505)
1.485,831
39,500
50,171
2,334,694
{110,4271
12,734,000)
25,000
(16,279)
1,183,248
Debtors
Creditors
(Surplus)Jdeficit arising from disposals of housing property
Difference in pension charge and cash contributions
Other finance costs
Interest received
Interest payable
6,346,272
2,491,523
The notes on pages 23 to 47 form an integral part of these financial statemenls.
Page 20

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to Statement of Cash Flows for the Year Ended 31 March 2024
2024
2023
Note B - Analysis of cash flows for headings netted in
the cash flow statement
Returns on investment and servicing of finance
Interest received
59,505
11,485,831)
16,279
{1,183,248)
Interest payable
Net cash inflowl (outflow) for returns on investment and
seNicing of finance
{1,426,326)
(1,166,969)
2024
2023
Capital expenditure and financial investment
Other fixed assets
(128,489)
(10,334,819)
5,314,968
830,920
(230,999)
{10,916,389)
7,224,983
829,920
Housing, land and buildings
Capital grant received
Sales proceeds
Net cash inflowl (outflow) for capital expenditure and
financial inveslment
{4,317,4201
13,092,485)
2024
2023
Financing
Loan principal payments
Loan redemptions
Draw-downs
{1,358,412)
{1,350,674)
2,000,000
2,000,000
Net cash inflowl (outflow) for capital expenditure and
financial investment
641,588
649,326
The notes on pages 23 to 47 form an integral part of these financial statements.
Page 21

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to Statement of Cash Flows for the Year Ended 31 March 2024
At 1 April
2023
Other At 31 March
Changes
2024
Cashflows
Note C - Analysis of changes in net funds
Cash in hand and at bank
3,460,345 1,244,114
(1,364,755) (5,181,843)
(38,034,401) 1,540,254
4,704,459
(6,546,598)
(36,494,147)
Debt due within one year
Debt due after more than one year
(35,938,811) {2,397,4751
{38,336,286)
The notes on pages 23 to 47 form an integral part of Ihese financial statements.
Page 22

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
l General information
The associalion's principal activity during the financial year was providing high quality, affordable
homes for rent throughout Northern Ireland. The association is registered under the Co-operative and
Community Benefit Societies Act (Northern Ireland) 1969 and domiciled in the UK.
The address of ils registered office is..
Unit 5 Citylink Business Park
Albert Street
Belfast
BT12 4HQ
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the years presented, unless othe￿iSe
stated.
Statement of compliance
These financial statements of Connswater Homes Limited have been prepared on the going concern
basis in compliance with United Kingdom Accounting Standards, including Financial Reporting
standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic
of Ireland ("FRS 102") under the historical cost convention, and in accordance with the applicable
accounting slandards in the United Kingdom and Statement of Recommended Practice for Accounting
by Registered Social Landlords. The principal accounting policies, which have been applied
consistently throughout the year, are set out below. The presentation of the financial statements
complies with the Registered Housing Associations (Accounting Requirements) Order (Northern
Ireland) 1993.
Basis of preparation
These financial statements are prepared on a going concern basis, under the historical cost
convention. The preparalion of financial statements requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the process of applying the
association accounting policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the financial statements, are disclosed in
note 3.
Foreign currency transactions and balances
Transactions and non-monetary assets, denominaled in foreign currencies, are translated at the
exchange rale at the date of the Iransaction. Monetary assets and liabilities are denominated in
foreign currencies are retranslated at the rate of exchange ruling at the statement of the financial
position date or the exchange rate of a related foreign exchange contract where relevant. The
resulting exchange gains or losses are dealt with in the income and expenditure account.
Page 23

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the
amount receivable for goods supplied or services rendered, nel of returns, discounts and rebates
allowed by the association and value added taxes. The association bases its estimate of returns on
historical results, taking into consideration the type of customer, the type of transaction and the
specifics of each arrangement.
Where the consideration receivable in cash and cash equivalents is deferred and the arrangement
constitutes a financing transaction, the fair value of the consideration is measured al the the present
value of all future receipts using the imputed rate of interest. The association recognises revenue
when (a) the significant risks and rewards of ownership have been transferred to the buyer., (bl the
association retains no continuing involvement or control over the goods., {cl the amount of revenue
can be measured reliably., (d) it is probable that future economic benefits will flow through the
association and (e) when the specific criteria relating to each of the associations, sales channels have
been met, as described below and in note 4.
Net rental income
Income includes rent and service charge income arising from the provision of housing accommodation
and the amortisation of Housing Association Grant. Income is recognised in the period to which it
relates.
Employee benefits
The association provides a range of benefits to employees, including paid holiday arrangements and
defined benefit pension plans.
i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as
an expense in the period in which the service is received.
ii) Mulli-employer pension plan
Retirement benefits to employees of the Association are provided by the Northern Ireland Local
Government Officers Superannuation Committee (NILGOSC) defined benefit scheme which is
externally funded.
The assets of the NILGOSC scheme are held separalely from those of the Association. The
Associalion has implemented a change in accounting policy as regards the recognition of defined
benefit pension assets in the financial statements. This is in line with increasing industry practice of
applying the principles of IFRIC 14 to FRS reporting.
IFRIC 14 requires allowance to be made for a minimum funding requirement, which has the effect of
limiting the amount of economic benefit available lo the excess of the value of prospective current
service costs above Ihe current funding requirement.
Stock
Housing properties held for sale are measured at the lower of cost and estimated selling price less
costs to complete and sell.
Page 24

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets
Housing properties
The association operates a full component accounling policy in relation to the capitalisation and
depreciation of its compleled housing stock.
Housing Assoclation Grant and other grants
Housing Association Grant and other grants received as a contribution towards the capital costs of
housing properties of the Association were set against the capital cost of these properties in the prior
years. Housing Association Grant is disclosed as "Creditors.. amounts falling due after more than one
yearf, rather than set against the capilal Gost and are amortised to the Statement of Comprehensive
Income as per the turnover policy. Housing Association Grant received against revenue expenditure is
credited lo revenue in the period in which the related expenditure is charged.
Such grants, although treated as a grant for accounting purposes, may be repayable under certain
ircumstances, primarily following the sale of housing property, bul any amount repayable would be
restricted to the net proceeds of the sale.
Depreciation and impairment
Housing properties
Housing properties are split belween land, structure and major Components which require periodic
replacement. Replacement or refurbishment of such major components is capitalised and depreciated
over the estimated useful life which has been set taking into accounl professional guidance and Ihe
association's asset management strategy. In determining the remaining useful lives for the housing
stock, the association has taken accounl of views provided by both internal and external professional
sources.
Freehold land is not subject to depreciation. Depreciation is charged so as to write down the cost or
valuation of the freehold housing properties and major components on a straight-line basis over their
expected useful economic lives.
Major components are treated as separable assets and depreciated over their expected useful
economic lives or the lives of the structure to which they relate, if shorter, over the following periods..
Asset class
Depreciation method and rate
Land
Not depreciated
Structure (including roofj
100 years
Kitchen
20 years
Bathroom
25 years
Heating system
15 years
Windows and doors
35 years
Electrics
30 years
Page 25

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
Housing assets are depreciated in the month of acquisition, or in the case of a larger project, from the
monlh of completion. Where there is evidence of impairment, the fixed assets are written down to the
recoverable amount and any write down would be charged lo the operating surplus.
Other fixed assets
Ground rents are depreciated. Depreciation of other fixed assets is charged on a slraight-line basis
over the eslimated useful economic lives of the assets at the following annual rates..
Office premises 20/0
Office furniture and equipment 250/0
Motor vehicles 1401,
Subsequent additions and major components
Subsequent costs, including major inspections, are included in the assets carrying amount or
re¢ognised as a separate asset, as appropriate, only when il is probable that economic benefits
associated with the item will flow to the associalion and the cost can be measured reliably. The
Garrying amount of any replaced component is de-recognised.
Repairs, maintenance and minor inspection costs are expensed as incurred.
Derecognition
Tangible assets are de-recognised on disposal or when no future economic benefits are expected. On
disposal the difference between the net disposal proceeds and the carrying amount is recognised in
the Statement of Comprehensive Income.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to Slatement of
Comprehensive Income on a straight-line basis over the period of the lease.
Page 26

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, deposits held al call with banks, other short-term
highly liquid investments wilh original maturities of one month or less and bank overdrafts. Bank
overdrafts are shown wilhin borrowings in current liabilities.
Impairment of non-financial assets
At each Statement of financial position date non-financial assets are nol carried at fair value are
assessed to determine whether there is an indication Ihat the asset {or asset's cash generating uniti
may be impaired. If there is such an indication the recoverable amount of Ihe asset (or asset's cash
generating unit) is compared to the carrying amount of the asset (or asset's Gash generating unit).
The recoverable amount of Ihe asset (or asset's cash generating unit) is the higher of the fair value
less costs to sell and value in use. Value in use is defined as the present value of the future cash
flows before interest and tax obtainable as a result of the asset's (or assel's cash generating unit)
Gontinued use. These cash flows discontinued using a pre-tax discount rale that represents the
current markel risk-free rate and the risks inherent in the assets.
If the recoverable amounl of the asset {or asset's cash generating unit) is estimated to be lower than
the carrying amount, the carrying amount is reduced to its recoverable amount. An impainnent loss is
recognised in the Statement of Comprehensive Income and Retained Earnings, unless the asset has
been revalued when the amount is recognised in olher comprehensive income to the extent of any
previously recognised revaluation. Thereafter any excess is recognised in the Statement of
Comprehensive Income and Retained Earnings.
If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash
generating unit) is increased lo the revised estimate of its recoverable amount, but only to the extent
that the revised carrying amount does not exceed the carrying amount that would have been
determined {net of depreciation or amortisationl had no impairment loss been recognised in prior
periods. A reversal of an impairment loss is recognised in the Statement of Comprehensive Income
and Retained Earnings.
i) Provisions
Provisions are recognised when the Association has a present legal or construction obligation as a
result of past events,. it is probable that an outflow of resources will be required to settle the obligation.,
and the amount of the obligations can be estimated reliably. Where there are a number of similar
obligations, the likelihood that an outflow will be required in settlement is determined by considering
the class of obligalions as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected lo be required to settle the
obligation using a pre-tax rate that reflects current market assessments of Ihe lime value of money
and the risks specific lo the obligation. The increase in the provision due to passage of time is
recognised as a finance costs.
11> Contingencies
Conlingenl liabililies, arising as a result of past events, are not recognised when (i) it is not probable
that there will be an outffow of resources or that the amount cannot be reliably measured at the
reporting date or (ill when the existence will be confirmed by the occurrence of uncertain future events
not wholly within the Association's control. Contingent liabilities are disclosed in the financial
statements unless the probability of an outflow of resources is remote.
Page 27

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
Financial instruments
The association has chosen to adopt Sections 11 and 12 of FRS 102 in respecl of financial
instruments.
i) Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances initially
recognised al transaction price, unless the arrangement constitutes a financing transaction, where the
transaction is measured at the present value of the future receipts discounted at a market rate of
interest. Such assets are subsequently carried at amortised cost using the effeGlive interest method.
At the end of each reporting period financial assets at amortised cost are assessed for objective
evidence of impairment. If an asset is impaired the impairment loss is the difference between the
carrying amount and the present value of the estimated cash flows discounted at the asset's original
effective interest rate. The impairment loss is recognised in Statement of Comprehensive Income and
Retained Earnings.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was
recognised, the impairment is reversed. The reversal is such that the current carrying amount does
not exceed what the carrying amount would have been had the impairment not previously been
recognised. The impairment reversal is recognised in Slatement of Comprehensive Income and
Retained Earnings.
Financial assets are de-recognised when {al the contractual rights to Ihe cash flows from the asset to
expire or are settled, (b) substantially all the risks and rewards of the ownership of the asset are
transferred to another party or, {c) despite having retained some significant risks and rewards of
ownership, control of the asset has been transferred to another party who has the practical ability to
unilaterally sell the asset lo an unrelated third party without imposing additional restrictions. Other
financial assets, including investments in equity instruments which are not subsidiaries, associates or
joint ventures, are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in the
Statement of Comprehensive Income and Retained Earnings, except that investments in equity
instruments that are not publicly traded and whose fair values cannot be measured reliably are
measured at cost less impairment.
Page 28

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow
association companies, are inilially recognised at transaction price, unless the arrangement
constitutes a financing transaction, where the debt instrument is measured at the present value of the
future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at
amortised cost, using the effective interest rate of method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the
extent that it is probable that some or all of the facility will be drawn down. In this Gase, the fee is
deferred until the draw-down occur. The extent there is no evidence that it is probable that some or all
of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and
amortised over the period of the facility to which it relates.
Trade payables are obligations to P8y for goods or services that have been acquired in Ihe ordinary
course of business from suppliers. Accounts payable are classified as current liabilities if payment is
due within one year or less. If not, they are presented as non-current liabilities. Trade payables are
recognised initially at transaction price and subsequently measured at amortised cost using the
effective interest method.
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 used by
the Association to fund works on property that would not be eligible for housing association grant or in
certain circumstances, attract loan finance.
If the surpluses are not used within two years of their receipt they may be payable in part or in full to
the Department of Communities.
Revenue reserves
The Association's policy is to retain a level of revenue reserves which reflects its needs at the current
time and in the foreseeable future. The reserves required are sufficient to meet committed running
costs for a period equivalent to nine months budgeted future expenditure. The Board of Management
reviews the adequacy of the revenue reserves level on an annual basis.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash
or other resources received or receivable, net of the direct costs of issuing the equity instruments. If
payment is deferred and the time value of money is material, the initial measurement is on a present
value basis.
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.
Page 29

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
3 Critical accounting judgements and estimation uncertainty
Estimates and judgements made in the process of preparing the association financial statements are
continually evaluated and are based on historical expenses and other factors, including expectations
of future events that believed to be reasonable under the circumstances.
(a) Critical judgement in applying the entity's accounting policies
There are no critical judgements in applying the entity's accounting policies.
{b) Critical accounting estimates and assumptions
The Board of Management makes estimates and assumptions concerning the future in the process of
preparing the association financial statements. The estimates and assumptions that have a significant
risk of causing a material adjuslment lo the carrying amounts of assels and liabilities within the next
financial year are addressed below.
(i) Useful economic lives of housing properties
The annual depreciation on housing properties is sensitive to changes in the estimated useful
economic lives and residual values of the assets. The useful economic lives and residual values are
reviewed annually. They are amended when necessary to reflect current estimates, based on future
investments, economic utilisation and the physical condition of Ihe assets.
(li) Defined benefit pension scheme
The Association has an obligation to pay pension benefits to certain employees. The cost of these
benefits and the present value of the obligation depend on a number of factors, including,. life
expectancy, salary increases, asset valuations and the discount rate on corporate bonds.
Managemenl estimates these factors in determining the net pension obligation in the balance sheet.
The assumptions reflect historical experience and current trends.
There are no other critical accounting estimates and assumptions.
Page 30

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
4 Analysis of turnover
Turnover and results relate to the association's main activities which are carried out in the United
Kingdom. Turnover represents rental and service charge income and residential charges for housing
with care, net of voids. It also includes amortisation of grants received from the Northern Ireland
Housing Executive.
5 Operating costs
2024
2023
Direct costs
4,376,280
2,073,006
4,283,608
1,904,472
Administrative expenses
6,449,286
6,188,080
6 Operating surplus
2024
2023
This is stated after chargingl(creditingl:
Staff costs {Note 7)
Wages and salaries
Depreciation
Housing properties
Other tangible fixed assets
Amortisation of grants
Auditors, remuneration
2,010,600
1,747,479
2,162,863
52,396
<1,690,092)
2,014,989
52,395
(1,560,170)
Audit services
8,100
8,100
Page 31

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
7 Employee information
2024
2023
Staff costs
Wages and salaries
Social security costs
Other pension costs
1,561,139
165,642
283,819
1,354,206
146,121
247,152
2,010,600
1,747,479
2024
2023
Number
Number
Average monthly number of persons employed during
the year by activity:
Administration
34
33
8 Directors, emoluments
The aggregale remuneration of key management personnel of the Association during the year was..
2024
2023
Aggregate emoluments {including pension contributions)
Emoluments payable to the highest paid director (excluding
pension contributions)
377,833
356,599
130,902
123,028
The number of directors lo whom emoluments were paid during the year falls wilhin each of the
following bands..
Page 32

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
2024
2023
Salary Band
£130,000 - £140,000
£120,000 - £130,000
£110,000 - £120,000
£100,000 - £110,000
£90,000 - £100,000
£80,000 - £90,000
£70,000 - £80,000
Members of the Board of Managemenl serve in a voluntary capacity and none (2023.. none) were in
receipt of emoluments during the year.
The Board and Committee members were reimbursed for expenses totalling £Nil (2023.. £Nil) during
the year.
9 Transfer of disposal proceeds fund
2024
2023
Proceeds of disposal
Asset original costsllegal fees
Voluntary grant payable
135,000
{55,7851
44,160
830,920
{305,7731
164,281
Transfer lo disposal proceeds fund (note 19>
123,375
689,428
10 Interest receivable and similar income
2024
2023
Interest receivable
59,505
16,279
59,505
16,279
Page 33

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
11 Interest payable and similar expenses
2024
2023
Housing property loans
Bank interest and charges
1,481,189
4,642
1,179,138
4,110
1,485,831
1,183,248
12 Other finance costs
2024
2023
Defined benefil pension scheme net interest cost
{14,000)
25,000
(14,000)
25,000
Page 34

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
13 Tangible fixed assets - housing properties and housing association grants
2024
2023
Housing Properties
Cost
At 1 April 2023
Additions
159,677,552
10,794,814
{459,995)
149,545,851
11,453,944
(1,322,243)
Disposals
Transfers
At 31 March 2024
170,012,371
159,677,552
Accumulated depreciation
At 1 April 2023
Charge for the year
Disposals
Transfers
18,017,181
2,162,863
(307,743)
16,362,417
2,014,989
(360,225)
At 31 March 2024
19,872,301
18,017,181
Net book value
At 31 March 2024
150,140,070
141,660,372
Net book amount comprises:
Freehold property
150,140,070
141,660,372
Net book amount comprises".
Completed scheme
Properties under construction
137,253,470
12,886,600
127,508,388
14,151,984
At 31 March 2024
150,140,070
141,660,372
Included in the above is a figure of £547,072 for Gapitalised component replacements (2023:
£393,425).
Page 35

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
14 Housing Association Grants
2024
2023
Housing Association Grants
Cost
At 1 April 2023
Additions
99,052,850
5,649,836
{334,868)
91,492,175
8,542,674
(981,998)
Disposals
At 31 March 2024
104,367,818
99,052,850
Accumulated amortisation
Al 1 April 2023
Charge for the year
Disposals
15,194,212
1,577,459
(262,734)
14,279,783
1,462,482
1547,999)
At 31 March 2024
16,508,936
15,194,212
Net book value
At 31 March 2024
87,858,882
83,858,638
Page 36

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
15 Stock
2024
2023
Houses held for sale
183,000
183,000
16 Other tangible assets
Ground
Rents
Office
Building
Office
Equipment
Motor
Vehicles
Total
Cost
At 1 April 2023
Additions
839
398,944
117,328
430,371
11,161
58,223
888,377
128,489
At 31 March 2024
839
516,272
441,532
58,223 1,016,866
Accumulated amortisation
At 1 April 2023
Charge for the year
133,747
26,053
379,123
24,825
8,318
8,318
521,188
59,196
At 31 Mar¢h 2024
159,800
403,948
16,636
580,384
Net book value
At 31 March 2024
839
356,472
37,584
41,587
436,483
At 31 March 2023
839
265,180
51,248
49,905
367,189
Page 37

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
17 Investments
Investments
Cost and net book value
At 1 April 2023 and 31 March 2024
Investments Detailed
Name
EPIC Clean Limited
Principal Activity
Country of Incorporation
Dormant Company
Northern Ireland
Registered Address
Unit 5 Citylink, Business Park, Albert Street, Belfast
BT12 4HQ
Holding
Class of Share
Ordinary
18 Debtors
2024
2023
Rental Debtors Gross - Technical
261,778
243,293
{140,808)
200,389
207,307
(140,808)
Rental Debtors Gross - Non Technical
Provision for Bad Debts
Net rental {including rates, service charges) debtors
364,263
266,888
Other Debtors
3,131,408
136,604
276,018
84,856
49,758
Prepayments and accrued income
Housing Association Grant receivable
3,632,275
677,520
Page 38

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
19 Creditors: amounts falling due within one year
2024
2023
{As
restated)
Bank loans
6,530,882
15,716
1,811,748
28,082
1,349,039
15,716
1,738,961
30.747
321,322
123,101
278,580
332,856
THFC premium
Housing Association grants
Rent, rates and seNice charges received in advance
Disposal proceeds fund
Other creditors
288,669
4,510,233
431,327
HAG received in advance
Accruals and deferred income
13,616,657
4,190,322
20 Creditors: amounts falling due after more than one year
2024
2023
{As
restated)
Bank loans
32,261,224
4,232,923
33,785,131
4.249,271
659,059
82,119,677
164,698
THFC premium
Disposal proceeds fund
Housing Association grants
Other grants
86,047,135
52,062
122,593,344
120,977,836
The surplus on the disposal proceeds fund must be used within two years of the sale of the property.
In the prior year, housing associated grants falling due after more than one year were overstated by
£1,738,961 and housing associated grants falling due within one year were understated by
£1,738,961. Adjuslments to correct the above misstatement have been made to the comparative
financial information.
Page 39

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
21 Loans
2024
2023
Bank loans - Housing property and other loans
Less than one year, or on demand (Note 18)
Behmeen one and two years
Between two and five years
After more than five years
6,546,598
776,826
11,329,747
24,387,574
1,364,755
6,543,719
11,475,575
20,015,107
43,040,745
39,399,157
Security
Loans are secured by way of mortgages upon Ihe deeds of the related housing properties.
22 Other grants
As at 1 April 2023
Grant amortisation
164,698
112,636
As at 31 March 2024
52,062
23 Called up share capital
Ordinary shares of £1 each, fully paid
As at 1 April 2023
12
As at 31 March 2024
12
Page 40

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
24 Turnover, operating costs and operating surplus
2024
2023
Operating Operating Operating Operating
Turnover
Costs
Surplus
Surplus
Social Housing Activities
Non-social Housing Activities
9,372,108 6,447,453 2,924,655 2,373,950
1,833
(1,833)
{6,174)
9,372,108 6,449,286 2,922,822 2,367,776
25 Housing stock
Number of units owned on 31 March
2024
2023
Number
Number
Self-contained
General needs housing
1,262
1,205
1,262
1,205
26
Turnover, operating costs and operating surplus or deficit from social and non-social
housing activities - Association
2024
2023
Social Housing Activities
Operating income
Renl and rates receivable
7,615,195
103,621
1,690,092
(36,800)
6,948,461
90,425
1,557,079
{40,108)
Service charges receivable
Income from Housing Associalion grant
Voids
Total social housing income
9,372,108
8,555,856
Operating costs
SeNices
255,031
1,082,298
881,083
990,708
110,135
1,279,554
813,987
903,403
Management costs
Rates
Maintenance and administration costs
Page 41

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
Planned and cyclical maintenance
Reactive maintenance
512,208
541.541
2,170,114
14,470
518,585
528,136
2,014,989
13,117
Depreciation of social housing
Bad debts (rent and seNice charges)
Total social housing expenditure
6,447,453
6,181,906
Operating surplus on social housing
2,924,655
2,373,950
2024
2023
Dfc Allowances
Management allowances
Management costs
488,466
{1,200,046)
471,240
(1,097,821)
Deficit
(711,580)
(626,581)
Maintenance Allowances
Maintenance Allowances
569,531
(512,2081
(541,541)
543,083
(518,5851
<528,1361
Planned and cyclical maintenance
Reactive maintenance
Deficit
(484,218)
(503,638)
Technl¢al and Non - Technical Income
Technical
5,762,095
1,956,721
5,254,526
1,784,357
Non-Technical
Total
7,718,816
7,038,884
2024
2023
Non-social Housing Activities
Operating costs
Development costs written off
1,833
6,174
Total non-social housing expenditure
1,833
6,174
Operating loss on non-social housing
1,833
{6,174)
Page 42

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
27 Pension commitments
The Association operates a defined benefit pension plan for qualifying employees providing benefits
based upon final pensionable pay. The pension plan is funded by the payment of conlributions and
assets of the plan are held in a separately administered fund. The most recent comprehensive
actuarial valuation of pension plan assets and the present value of the defined benefit obligation was
carried out at 31 March 2024 by a qualified actuary for the purpose of the disclosures below.
2024
2023
2022
2021
Rate of increase in salaries
4.10,
4.10%
4.180/0
Rate of increase in pensions in payment
Pension accounts revaluation date
2.60°/0
2.60°/0
2.280/0
2.60%
2.280/0
2.0%
Discount rate
4.700/0
2.70 %
2.25 %
Inflation assumption
2.60 /0
2.0%
The mortality assumptions used were as follows..
2024
2023
2022
2021
Years
Years
Years
Years
Longevity at age 65 for current pensioners:
-men
21.7
22.2
21.8
21.9
- Women
24.6
25.0
25.0
25.1
Longevity at age 65 for future pensioners:
-men
22.7
23.2
23.2
23.3
- Women
25.6
26.0
26.4
26.5
Page 43

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
Pension Commitments {continued)
Value
at
31
March
2024
Value
at
31
March
2023
The assets in the scheme and the expected rate of return were..
Equities
Propety
Bonds
43.70
40.00/0
9.70
11.20/0
21.6%
23.60/0
Gilts
25/0
25.2°/o
100/.
2024
2023
Reconciliation of present value of scheme liabilities
At 1 April
Current service cost
5,447,000
288,000
252,000
109,000
(125,0001
(34,000)
7,117,000
440,000
193,000
95,000
{2,369,000)
(29,0001
Interest cost
Member contributions
Actuarial lossesl(gains)
Benefits paid
At 31 March
5,937,000
5,447,000
Page 44

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
2024
2023
Reconciliation of fair value of scheme assets
At 1 April
Interest income on assets
5,595,000
266,000
337,000
284,000
109,000
(34,000)
6,049,000
168,000
{93,700)
249,000
95,000
(29,000)
Remeasurement gains on assets
Contributions by the employer
Contributions by participants
Net benefits paid out
At 31 March
6,557,000
5,595,000
2024
2023
£'ooo
£'ooo
Analysis of amount charged to income or expenditure are as follows:
Currenl service costs
288,000
(14,000)
440,000
25,000
Interest on pension scheme liabilities
Lossl(gain) on plan introductions, changes, curtailments and settlements
274,000
465,000
2024
2023
£'ooo
£'ooo
Amounts recognised in other comprehensive income
Return on plan assets excluding interest income
Actuarial lossesl{gains)
337,000
{495,000)
937,000
(2,369,000)
(158,000)
(1,432,000)
Page 45

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
Amounts for current and previous three years:
2024
2023
2022
2021
(As
restated)
Fair value of employer assets
Present value of defined benefit obligation
Unrecognised asset
6,557,000 5,595,000 6,049,000 5,446,000
{5,937,000) (5,447,000) {7,117,000)16,769,000)
(620,000) (148,000)
Surplusl{deficit}
{1,068,000) {1,323,000)
28 Prior Period Adjustment
During the year the Association has implemented a change in accounting policy as regards the
recognition of defined benefit pension assets in the financial statements. This is in line with increasing
industry practice of applying the principles of IFRIC 14 to FRS reporting.
IFRIC 14 requires allowance to be made for a minimum funding requiremenl, which has the effect of
limiting the amount of economic benefit available to the excess of the value of prospective current
service costs above the currenl funding requirement.
The effect of this change has been to restrict the amount of the Association's pension surplus to nil as
at 31 March 2024. Given there has been a change in accounting policy, a prior year adjustment has
been made to amend the comparative figures in the 2024 financial statements as follows..
As reported 2023
Adjustment
Restated 2023
Pension Surplus
148,000
(148,0001
As reported 2023
Adjustment
Restated 2023
Surplus for the financial year
1,212,402
1,212,402
Remeasurement gain on defined
benefit pension schemes
1,432,000
(148,0001
1,284,000
Total comprehensive income
for the year
2,644,402
2,496,402
Page 46

Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Notes to the Financial Statements for the Year Ended 31 March 2024
29 Capital Commitments
2024
2023
Capital expenditure
Contracted for but not provided for in the financial
statements
21,605,690
6,921,882
The Association anticipates that this expenditure will be funded by Housing Association Grant from
the Department for Communities, by private finance, both external and internal and the association's
reserves.
30 Contingent liabilities
There exists a contingent liability on the Association of the possibility of having to repay grants
received on properties if any properties are sold. This also includes any grants written off through the
implementation of component accounting.
31 Related party disclosures
Connswater Homes Limited is an admitted body to the Northern Ireland Local Government Officers.
Superannuation Committee {NILGOSC) and make contributions on behalf of those of its employees
whom are in the scheme.
32 Ultimate controlling party
The ultimate controlling party is the Board of Management.
Page 47