Registered Dumber IP125 Apex Housing Association Limited Annual report and financial statements for the year ended 31 March 2024
Apex Housing Association Limited Annual report and financial statements for the year ended 31 March 2024 Contents Pages Board and advisers Strategic report of the Board Report of the Board 10- 14 Statutory auditors, report to Apex Housing Association Limited 15- 17 Consolidated statement of comprehensive income 18 Consolidated statement of changes in reserves 18 Association statement of comprehensive income 19 Association statement of changes in reserves 19 Consolidaled statement of financial position 20 Association statement of financial position 21 Consolidated statement of cash flows 22 Notes to the financial stat¢m¢nts 23-53
Apex Housing Association Limited Board and advisers Board Mr P Caldwell (Chairp¢rson) Mr J Meehan (Treasurer) Mr D M¢Kcnna- Joined 20thQ023 Mr M Doherty BSC Hons, MSC - Resigned 20J09ll023 Dr R Naylor Mrs McKenna Ms C Cooke Ms L Walson M5 A Wallace Mr P O'Flaherty Mr L Hannaway Ms M Nicho150n Mr C M¢Quillan Chief exeeutlve and honorary secretsry Ms S Mccallion Registered Office l O Butcher Sireet Londonde BT48 6HL Rcgisiered under the Co-operntive and Community Benefit Societies Act (Northern Ireland) 1969 - Registered number IPI 25 Regislered under the Housing (NI) Order 1992 - No R23 Regislcrcd wilh the Charily Commission Northern Ireland- No NIC106107 Re8islcrcd with the Fair Employmeni Commission Registered under Daia Protection Aci - No X3488333 Banker$ Meadowbank Strand Road Londondetry BT48 7TN Sollcltors Arthur Cox Capiial House 3 Upper Queen Street Belfast BTI 6PU Statutory Aud5tors Sumer Auditco Nl Ltd Glendinning House 6 Murray Street Belfasl BTI 6DN
Apex Housing Association Limited Strategic report of the Board for the year ended 31 Mareh 2024 The Board present their strategi¢ report iogeiher with the audited financial statements for the year ended 31 March 2024 of Apex Housing Ass(Kiaiion Limited (the-Associalion") and its subsidiaries (Ihe-Group"). This report includes required disclosures of the Trustees Report for charity law purp05CS, Prlnclpal activity Apex Housing Association Limited ("Apex") is a major housing association managing a siock of some 6.975 homes, which will grow to over 8,500 when our current planned programmes are completed. Ourbusiness is housing and wocialed care and support services. and from tiny beginnings in 1965 in Dry-LOrtdondery. we have grown inlo a subslanlial nol-foT-profil housing association, led by voluntecrs working io social enterprise principles. W¢ ¢mploy some 648 staff throughout Ihe organisalion and provide: General needs housing for farnilies and single people Purpose-built accommodalion for older people and families with complex needs Supported housing for people with mcntal health difficulties, learning disabilities. alcoholldTug addi¢lion4 Ihosc who are physically disabled and young people in need of support Housing SUPPOrt for vulnerable groups under ihc Supporting People pro8rammc Support services for tenants and the widcr comrnunily through our community inveslment programme Community buildings under the management of local communilies Apex works across Northern Ireland in delivering social and affordable housin8 through Ihc Apex Volunl&ry Housin8 Group strueture. Our not-for-PTofit subsidiary company, Fairbuild Homes (Nl) Ltd, provides affordable housing for sale bul remains donnant at Ihis time. Newin8lon Housing Association (19751 Limited {"Newingion") is also a member of lh¢ Ap¢x Group. Newington ha5 115 own board of management and manages a housing slock of around 720 units in North Belfasl. Support and cooperalion is fostered through Ihe Group 5tructur¢, allowing Apex ond Newingion to use their resources efficiently for mutual b¢n¢fit. What Guldes us. Our Corporate Strategy 2023 2026 provides us with strategic themes and objectives which set the direclion of travcl for everything we will do over the 3-ycar period. We need thig lo givc us a focus and to make sure we are working lowards ¢ommon goal8. To ensurc we achievc these goals, the Business Plan section sets specific tasks annually for ca¢h of the 3 years. 'fhese arc measurable and the outcomes are reported lo Ihc Board of Management and to shareholders at the Annual General Meeting. The Strategy has been shaped by feedback from employees, tenan15, and board members. Il se15 out our priorilies to build on the succes5 of the previous plan and introduces new inilialives to help deliver our aims. The themes of the Corporale Strategy feed inlo staff appraisal4 trainin8 and development initiaiives, ieam aclioft plans and key perfoanCe indicaloTS. Apex does not operate in isolation. but instead is influenced by and must reaci effectively to changing contexts, not only within the housing and carc sectors but also within the societal and community fabric. In Ihe same way we musl leam from our own recent pasl, using our experiences both good and bad, lo help us plan ahead. Due to Ihe hard work and commilmenl of our staff over the lifetime of ihe previous Corporate Stratcgy 2020-2023, Apex has performed well and T¢rnains in a strong position despilc challenging times. By pulling together in the same direction we can continue our succes5 and make a rcal difference lo people's live5.
Apex Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (continued) What we value Our Corporate Sirdtegy gives us direclion for the current 3-y¢ar period from 2023 - 2026, however our vision. mission and valucs will run beyond that period and underpin everything we do an organisation, boih collectively and individually. Our Vfislon For every peTson to enjoy grcal quality homes and support, in vibrant and caring communities. Our Mission To lead the way in building sustainable communilics Ihrough thc dclivery of quality, affordable homes including tailored support and care services. Our Values We care We want lo make a p0511ive difference to people's lives. We lake owier.fhlp Wc are all responsible for ensuring we deliver OUT mission. Ive do thlii8S MtII We lead the way. we airn to gel it right and lo continuously improve. We work iogether We collaborate lo gei the best result. We show respecl We are respeciful and ¢ourteous to everyone we come in conlact with. Factors Influencing our plan Apex recognisC5 that as we conlinue on our journey there are faclors tha( will influence implementation of QUT plan. We will conlinue lo identify, assess and manage the risks, challenges and opportunities arising, in pursuit of delivering ourvision. These include: Ensuring effective governance Ensurin8 compliance Ensuring lenancy su51ainmcnl Implementing Welfare Refomi Managing our finances Responding to the increase in housing stress Reducing our carbon foolprinl
Apex Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (continued) Future plans W¢ have consistently inve51ed Significant time and effort in govemartce and our robustness herc is demonstrated by many positive audits and inspections and strong perfomance against core Dfc standard5. W¢ have ¢ommitled and effeclive staff in place. continually working to improve OUT Sy51¢msi proeesses, and proccdures. We have top quality office accommodation and have been successful in attractin8 high calibre voluniary FA)ard members. When we are at our best w¢ are up ihcre with other lop perforniing organisations. Our customers are looking for sornelhing straightforward., a responsive, reliable, and timely servi¢e offerin8 value for rnoney. While the majority get thai service, we mubl slrive to identify any weaknc55es ihal adversely impact upon our performance. Using our strong WOTk dhic, we will continue lo direct our cncrgies to improvin8 our weaker areas and tackling issues before they become problems, Implementation of the 'Tcnant and Resident En8a8cment Strategy 2023-2026. will help us ensure a strong cuslomcr focus and belter service delivery which Undein our overall diTeciion of travel. Strategfic priorities Our 8nAlysis of the issues h&s delermincd Ihat our objeclives and tasks fall under five strategic priorities. By firnily committing to priority l.O- Sustainable communitics. we will maximise our hopes of a¢hi¢ving all our objcctives across priorities 2.0 to 5.0. 1.0 Sustainable communilies 2.0 High quolity. energy efficient homes 3.0 Quality Supported Living 4.0 An effective and efficient organisalion 5.0 Skilled people and learns The board has refreshed our medium-lcrni corporatc strategy for 2023-2026, in response lo Ihe current a(Ld cxpcctd oper81ing environmenl and building on what we have achieved to dale. This sets out a number of initiatives and activities lo be undertaken or commcnccd in the current 3 years. atw 20-23 Delivered ovcr 700 brand new homes for new ienants. Engaged with over I 1,000 people ihrough cvcnls and activilies. Completed 450 disabled adaptalions for ienanls. Completed 80,iK)O repairs and spenl over £IOm on planned and cyclical upgrades. Accessed £0.85m of addilional benefits for tenants through our welfare advice service. Awarded the highest DIE regulatory Tating. Rclaincd our investmenl grade Credit rating. Secured £IOOm in bond finance. Received a CIH award for grecner environment and stronger community inilialive. What w o do 2023-26 Prlorlty l- Susfaiiiable coimiiiuiilrfes Deliver reliable, high quality, effective and efficienl services lo tenants and service user5. Promote tenancy sustainment and respond appropriately lo the changing needs of tenanls. Work in partnership with oihers lo provide wider community SUPPOrt. Promote tenant engagemenl and comrnunity investrnent. Prlorlty 2- Hlgh quality, eiier&v efflcleii¢homes Deliver an ambitious growth programme. Consider new housing models. Provide well maintained homes. Deliver ¢nergy ¢Ielent homes.
Apex Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (continued) PAority 3- Quality supported Ilvliig Deliver high-quality. cost-effeetive support and care services. Review service delivery, ensuring il remains slralegically relevant and meds servic¢ uscy needs. Prlorlty 4-Aii effi¢ieiitand effective organisatioii Ensure effective governancc and compliance. Grow the balance sheet, while meeling key financial targcls. Work ID meet government's 8oeial and affordable housing agenda. Deliver cost effeclive servi¢cs. Ensure sustainability. Implement effective and eIcient ICT solutions. Comrnunicate effectively to drive servicc improvement. Prlorlty 5- Skilledpeople and teams Improve workforce slability. Implement an effcclivc and cfficienl organisalional slNclure. Equip staff with the appropriale skills and knowledge lo deliver high quality services. Communlty Investment Apex works across a range of vibrant and diverse communitics throughout Nurthern Ireland and increasingly sees the need lo target this work beyond our core business aclivilies. This is necessilaied by the considerable pressures society in general conlinu¢s lo face in a challenging economic climate. As a social landlord, we see every day the impact of a rangc of facloTS on our communiti. Apex Ihereforc secks lo deliver a ran8e of programmes and s¢rvices thal instigate positive ctrlange and make a fundament81 difference lo peopl¢'s lives. Ihereby making our wmmunilies better pla¢es lo live. Through invcsling in people, property, and the environment, we aim to make a posilive differentt. To help achieve our aim, we work with several community partners lo enable tcnanis and residents lo cesS a ranze of initiatives including self-development programmes, advice on heallh and well-being, budgeting and employmenl opportunities. By enhancing our engagemenl in cornmunity invcstrnent activities, we have eslabli5hed Apex as one of the leading socially responsible organisalions in Northcrn Ireland. We want lo continue with this important work lo ensure that we continue lo build thriving ¢ornmunities where people wanl lo live and work. Key Ar¢is The'communiry Inveslmenl Strategy 2023-2026" has been develop¢d with the aim of sUPPOrting our communities beyond our corc landlord purpose and provide5 a focus to ensure we are working towards our common goals which in turn have been shaped by feedback from slakeholdcrs including ienanls, community groups and employees. Thcy largcl the following five pillars of aciivily.. Community Ernpowernienl & En8a8ement Health & Well-Being Financial Well-Bcing Work & Learnin8 Volunieering We will continue to use our influence and knowledg< work in partnership and 50ur¢e additional funding to deliver a range of ¢ollalN)raliv¢ services. These serviccs will aim to instigate positive change and niake a fundamental difference io people's lives. also conlribuling lo wider communily benefits.
Apex Housing Association Limited Strategic report of the BoArd for the year ended 31 March 2024 (continued) What we achiev Supported more than 100 alloiment users with an on-site honiculiuralist. Helped more than 1,200 lenants Ihrough our Welfare Advice Service. Delivered more than 200 comrnunily events Ihrough the Housing for All initialive. Provided more than 70 meals per week through our Luncheon Club service. Delivered almost 65,OOOkg of food lo local communilics. Supported almost 200 households though our Community Supemarket. Rai5cd morc than £60k lo support community projects in Tanzania. WhAt uldes us 2023- The 'Community Invesimeni Siralegy 2023-2026, has a range of programmes aimed at the individual, the wider community and the environment. Within the strategy we have considered th¢ following themes: Themes Thenie l - Enablepeople lofulfll ihelr asplraftoiis Support people lo make infonned decisions about their lives and increase their independence. Support people lo recognise their polenlial by increasing Iheir motivation, confidencc, skills, and knowledge. Tlieme 2- Enable sH¢¢essful Ml111e5 Provide opportunities for people lo participate in rnaking dcci5ions about their communilic& Suppon people to fulfil their vision and aspiralions for their community and between communitics. Promoie and encourage diversity and g¢)od relation$ in all housing developments and particularly within areas where Ihere is '$hared hoiising,. Develop biodiversity and Suslainabilily initiatives within our communilies. Theiiie 3- Pro#ioleposltlveparhier3hips wiihiii coiiiniuiillies Support chariiies, social enterprises, and Smls within our communities, Support the development of economic activity within the areas that we work. Maxirnisc the social value impact for our communities within Apex dcvelopmenl conlrncts. Sustainability Housing associalions play an inle8ral role in the provision of affordable and sale homes, as well as responding lo wider issues of social inequality and climate change. Therefore, Apex hav¢ d¢veloped our 'Suslainabilily Strategy 2023-2026,. The slratcgy sets out our plan5 for the next Ihree-year period. focusin8 on key actions to make a real, measurable impact within our association and communitie& as well as conlribuling lo Ihc achievement of government sustainability targets. Our vision for this sustainability slralegy has bccn developed to help us inlegratc suslainabiliiy inio all aspects of our work. from Ihe homes we build. lo the way we run our association and how wc support our communities. Strategy In order to achieve our vision, we have developed six drivers of our strategy, with the overarching aim of contribuling lo ihc UN Sustainable Development Goals (UN SDGS). Supporting rcsidcnis and eommunilies 2. Climale aclion 3. Environmental proleclion 4. Affordability 5. Supportinsour people 6. Strong governance
Apex Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (continued) In turn, these six drivers will infonn three key areas for target and action. Tdrgei l- Sustaliiqble homes Reduced fuel povcrty Reduced carbon emissions Good qualily, affordable homes Improved biodiversity Reduced resource use Targel 2-Susl4inable ossoclarfon Rduced carbon emissions from a550¢iation Rcduccd rc%ource Ube Supported and motivated staff Increascd Iransparency and accounlability Targel 3-SMst4iiiable coftiniuiiltles Community pride and ownership Increased community support Improved health and wellbeing Ncl biodiversily gain in local areas R¢du¢ed carbon emissions acrrjss communities Throughoui 2023-2026 we will continuously monitor and periodically evaluate Ihe success of ihc Sustainabilily Strategy. Operatlng Performance Apex measures perfomiancc through a rang¢ of key indicators which are reviewed quartcrly. Indl¢Ator Average no, of staff employed during the ear Workin lime lost Staff turnover Units started •A of total Nl starts Voids 0/0 of ioial siock Total arrears /0 irscom eled wiihin res nse time Operating margin (Grou ) Relained surplu51(deficil) for ihc year (after pension changes) 23124 result 636 22123 result 645 7.SPh 27 553 28.27Yo 0.93Y 7,3Y/o 88.98•/0 14.4Yo £11.6m 0.64•/• 7.29•1. 88.64•A (£AO.28m) Our People Our staff arc one of our most valuable asKls. Apex provides a comprehensive employmenl packag¢ including acce55 to pension schemcs, on-going training and developmenl, and acce&s to a range of employ¢¢ well-being initiatives. Board of Management Thc Board is a voluntary comrnitlee who have respon5ibilily for the slralegic direction. general policy and managemeni of the Group. The day-to4ay tnanagemenl of operations is delegaied to the Chief Execulive and Senior Managem¢nl T¢ams of each group company. Gender analysls 7 members of the Board are male and 5 are female. The Senior Managernenl Tearn is comprised of 3 males and 4 females. The assLKialion ha5 648 ¢mploy¢es of which 21 are male and 79°h are female.
Apex Housing Association Limited Strategie report of the Board for the year ended 31 March 2024 (continued) Events after the balance sh¢¢t date There are no si8nificanl cvcnts that have occurred afier Ihe balance sheet dale Ihat would alTe¢l the financial statemcnls. V8lue for Money (VFM) Apex is fully commilled to achieving value for money (VFM). We recognise thai we need to continue to push our performance and capacity up lo higher levels if we are to meet the goals and targets set by OUT board. During 2024125 wc will conlinue lo publish a VFM slalement and continually monitor and report performance againsi that stalemcnt. Return on soelal Investment Apex conlinues lo deliver its communily investment programme as set out in ihe note above, During the course of 2024125, Apex will work towards the delivery of thi8 programm¢ and measure its oulcomc5 for reporting to the board and 51akeholders during the year. StAtui Apex Housing Association Limited is regislered under the Co-operative and Comrnunily Benefit Socielies Act Orthern Ireland) 1969 (No. IP125) and is a R¢bViStered Housing Association with the Department for Communilics (Nl) No. R23. The Associalion is a rcgislcrcd charity (Registration no. NICI 06107). Newingion Houling AssLxialion (1975) Limited 15 registered under the Co-operalivc and Community Benefit So¢ielie8 Act (Northern Ireland) 1969 (IPOOOI 58) and is a Registered Housing Association with the Departmeni for Communities (Nl) .. No. Rl 3, Th¢ Association is a registered charity {Re8iStralion No. NICI 02477). Rlsk Management Inl¢rnal and external risk evaluation remains inte8ral lo lh¢ forniulation of our business strategy. Our Board and Senior ManAgemenl Team has maintained its ongoing programme of risk review throughout the year, and our mosi significant risks Currently facing the organisalion are shown below. These, along with Ihc other main business risks ¢aptured on the slralegic and kcy risk register, are reviewed by Ihe Board on al leasl a quarterly basis. Failure lo deliver on ihe Social Housing Dcvclopmenl Plan. Failure io securc adequalc revenue funding foT the proper management of Supported Living accommodation Tesultin8 in increasing revenue deficils. Nl Waier . network ¢ap8¢1ty which could irnpacl on development plans. Financial impo¢1 of incrrdsed nursing carc cosls resultin8 in growing defJ¢its in nursing schemc5. Financial impact of Ihe NILGOSC defin¢d benefil pension schcme affectin8 annual accounis. Rcquiremeni under PPN 02122 on the use of NEC4 engineering and Conslruclion conlrdcls which must usc X clauses for inflation and changes in ihe law resuliing in cosi increases. Failure lo have a robusl and tran5parenl procurement process in place resuliin8 in challenges from unsuccessful contractors and wider public crilici5rn. Failure to rccruil and retain skilled and experienced siaff. Finan¢ial impact of potential futurc delivery of affordable homes and mixed tenure developmenis. Failurc of subsidiary and associaled companies lo meel their PeTfornan¢e lar8els leading lo increasing inlercompany financial support. Failure to cnsure effective adult safeguarding leadin8 to breach of rcgulatory requirements And poor levels of care. Failure to rnanage the risk of fraud resulting in considerdble financial losses and serious repuialional damage. Levels of voids in supported living accommodation l¢ading to increasing deficits. Failure lo implement good governance resulting in breach of regulatory requircmenls, rq)ulational damage and impacting on fulurc viability. Failure to comply wilh General Dala Proteclion Regulations. Healih and Safety risks rclaling 10 fire safely in apartmenls, Risk of cyber-atiack resulting in theft OT loss of dala and access lo IT systems.
Apex Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (continued) Perform4n¢e In the year ended 31 MArch 2024 During the year the number of homes in management in Apex Housing Association increased by 250 units (3.71 Y•) 10 6,975. There were 280 compleiions. 24 house sales lo tenants and 6 shared ownership buy-outs. There were 1.373 unils under development al 31 March 2024. Homes under management wiihin the Apex Housing GTOUP increased by 254 units (3.41 Y.) to 7,695 (nel of sales and shared ownership complelions). £57.8m was spent on developing housing properties during the year. partly fundcd by £8.4m of Housing A550Ciation Grant. Association turnover increa5cd to £63.8m (11,680/0) from £57.Im in 2023. Turnover from shared owneTship sales (first Iranohe) was £Nil in 2024, whereas this was £0.6m 2023. Operating costs increased from £53.Im in 2023 10 £55.2m in 2024. Net financing costs incrcased by £0.2m lo £7.5m. Deficit for ihe year wa5 £10.6m (including acluarial loss of £12.2m on the NILGOSC defined benefjt 5chemc) cOMpad with a surplus of £9.Sm in 2023 (including actuarial gain of £12.4m). Following discussions with extcrnal Ihird-party advisors, Apex has not recognised any surplus on the NILGSOC defined pension schcmc Ihis year. Last year there was a recognised asset of £1 0.5m however there h&8 been a recommendation to change Ihc default position goin8 forward, as il is uncertain as to whether this surplus (calculated for Financial Reporting purposes) will be recoverable via reduced future contributions {cal¢ulated for pension funding purposes). The impact of Ihi8 change created a large loss of £12.2m on the accounting Ireaiment of the NILGOSC defined bcnefit scheme during Ihe year. Excluding this, the association incurred a surplus of £l.58m on OTdinary activities, This was a considerable improvement on the corresponding loss of £2.87m rcportcd in 2023 and is allributable lo the Association increasing rents by 9 /0 for general needs properties to miligatc against Ihc impa¢l of inflation as well as an inerehse of £2.3m in supported living rent5 arising from a review of cosls and charges. The association also leased a loss-making nursing home to anoiher operator in February 2023 wilh Ihe full y¢aT impact of this bencfitling performance in 2023124. Work is continuing to secure further increases in income for supported livin8 5chcmcs via discussions wilh the local health Irusis and NIHF 8upporting People tvam, Group turnover increosed to £69m (11.47ty/ts) from £61.9m in 2023. Group operating coslg increased from £56.8m in 2023 to £59.3m in 2024. Group operaling surplus for 2023 of £8.9m increa5cd to a group surplus of £l1.2m in 2024 as a result of th¢ impacl on Ihe parent sct oul above, There was a lolal relained dcficit for Ihe year of £lQ.3m ¢ompared to a surplus of £1 1.6m for 2023, however this was due to an decrease in the accounting value of the defined benefit pension scherne a¢¢ounlin8 for recognised loss of £12.2m in 2024 compared to a gain of £13.9m in 2023. Expected performance in the yeAr ended 31 MAreh 2025 It is planned ihai 361 additional units will be complded durinE the year increasing slock owned or managed by the group to ovcr 8,050. By Order of the Board Mccallion Honorary Secretwry 18 September 2024
Apex Housing Association Limited 10 Report of the Board for the year ended 31 March 2024 The Board present their report and the audit¢d financial #alements for the year ended JI March 2024 of Apex Housing Association Limited (th¢ 'Association") and it5 subsidiaries {Ihe "Group"). This report includes required disclosures of the Trustees Report for ¢harily law purposes. Bogrd of Management The Board is a voluntary commi¢le¢ who have responsibility for the strategic dir¢¢iion. general policy and management of the group. The day to day management of operations is delegated to the Chief Execulive and the Senior Managemcnt Tcam. Performance In the year ended 31 March 2024 and expected performance ID the year ended 31 March 2025 The sections on performance in the year ended 31 March 2024 and expected perforniance in the year ended 31 March 2025, which are in the strategic report, are included in this report by cross reference. Average staff numbers decreased frorn 645 in 2023 10 636 in 2024. There are limited plans for additional outrcach Schemes due to funding conslrainls and IhcTefore siaff numbers are not anticipaied to incrr45C Significantly in ihc corning financial year. Staff turnover w&$ 14.32010 (2023: 20.54 /.) and the av¢rage absence percentage was 8.72020, up from 7.57 /0, in the previous finan¢ial ycar. Prln¢ipo1 rliks and uneertalntles PeTforn)ance in (he voluntary housing sector is affected greatly by cenlral govemmenl d¢¢isions on mallers of social and care provision in the community, housing policy. planning i&sues, land and construction cosls, shortage of quolified nursing staff, demographic trends, energy pricc5. pcn5ion cosls and budgetary constraints in the Northern Ireland budgel. The board and senior managcrnenl carry out quarterly rcviews of risks and identify control measures lo manage Ihcm. Sorne of the lop key risks identified by the Associaiion during 2024 were. fundin8 levels in supported living schemes; voids in supported living a¢eommodation; difficullies in recruiling nursing and oiher slaff. financial impact of thc NILGOSC defined benefit pension scheme on the accounts. cyber security, failure of subsidiarie$ 10 meei perfomiance largels. financial impact of polenlial future delivery of affordable homes and mixed tenure developments. failure lo ensure effective adult safeguarding. Nl Water insufficient network capacity impactin8 on dcvelopmeni plans. fraud. failure to ensure good govemance and compliancc- failure to comply wilh Gerteral Data Protection Regulations: fire safety in apartments- and potential challenges from unsuccessful ontractors if proper procurement processes are not robusl. Key performance indlealori Developnieiil New siles 518rts achieved.. 27 (1.790/• of Dfc programme) Hoitsliig Maiiogettieiil 2024 2023 Allocations Renl Collection Total Arrears Non-technical ArreaTS as 0/0 of NT turnover Voids a5 0/0 of rent receivable Voids as D/0 of housing slock Response rnaintenance within lime 945 798 99.660/0 7.3W. 14.35°1 7.29°/0 14.04f•/• 0.98•/• 0.649/• 0,93Q/. 88.989.
Apex Housing Association Limited 11 Report of the Board for the year ended 31 March 2024 (continued) Envlronm¢DI The A550¢iation recognises 115 corporaie responsibility lo carry out its operaiions and development programmc whi15t minimisin8 cnvironrncnlal impacts. The Board's Continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste whcrever possible. Health ind $*fety The Association has a dedicated health and safety officer who is dedicated to achieving ihe highest practical standaTds in health and safely management. The developmcnt and pioperty services teams also ensure all siies and offices are safe environmcnls for employtts and ienants alike. Human resourees The A$socialion's mosi important resource is its people; their knowled8e and experience are crucial in meeting tenants. requircrncn15. Rctention of key staff is crilical and Ihe association has various strategies and plans in place to develop capacity in OUT teams. Flnanclal risk manAgement The Association's operaiiot)s expose it to a variety of financial risks tlial include the effects of changes in interest rale risk, liquidity risk and eurreftcy risk. Responsibilily for the management of risk is delegated to thc Finance Commillee. Interest rate rlsk Exposure to fluclualing interest rates 15 managed by Ihe comp05ilion of a balanced portfolio between fixed raie and variable rate loans. Llquldlty risk Thc Association maintains a mixlure of long ierni and short tenn loan finance that is designed to ensure there is sufficient funds to achieve business objeetives and lo faciliiaie planned growlh. Currency risk The Association does not engage in foreign currency transaclions and so is not exposed lo forei8n exchange risk, Donations The Associalion made charitable donations amounting to £12,000 durin8 the financial ycar (2023: £5,790). No donations for polili¢al PUryKJses were made during the financial year (2023: £Nil). Employees Applications for employmenl by disabled persons are always fully considered, bearing in mind Ihc rc5peclive aptitude5 and abilities of the applicant concemed. In the evenl of mernbcr5 of staff becoming disabled every effort is madc lo ensure that their employmcnl wilh Ihe company conlinue5 and that appropriate training is arranged. It is the policy of the company Ihal the training, career developmenl and promotion of a disabled person should, as far as p055ible, be identical lo ihat of a person who does not suffer from a disability. Consultation with employees or Iheir represenlalives has continued at all levels, with ih¢ aim of ensuring that Iheir views are taken inlo account when deeisions are made ihat are likely to affect their intere515 and ihat all employees are aware of the financial and economic perforniance of the company.
Apex Housing Association Limited Report of the Board for the year ended 31 March 2024 (continued) 12 Going Concern The Board has a reasonable expeciation that the Association has adequate resources to conlinue IT) OPCTalional exislence for the roreseeable future. The Board considered the new financial plan for 2024125 and beyond at iheir meelin8 held on 29th May 2024. This plan included various UmptIonS and stress-te51ing around a range of scenarios and eonsidered any mitigations that may need to be pul in placc dcpcnding on the oulputs of each scenario. For this reason, they continue lo adopt Ihc going concern basis in preparing the financial slatemenls and are confidenl that the Group will bc a goin8 concern for ai least 12 months Irom the date of this report. Status The Associalion is registered undcr the Co-operative and Communily Benefit Sociclics Act (Northern Irelalld) 1969 (Registered number IPI25) and is a Registered Housing A550cialion (R23). The Association is a recognised charity for Inland Revenue purposes (Charity number- XN48080). The Association is also registered with Nl Charilies Commission (Charily number.. NIC106107). Board of Management The members of the Board of the Association are lislcd on page l. Each mernber of Ihe Board holds one fully paid share of £1 in the A&cIalI0n. In accordance with the Rules of the Associalion, Mr Philip O'Flaherty, Ms Linda Walson and Ms Alison Wallace are due 10 retire by rolalion and being eligible, offer themselves for re-cleclioft. Mr John Meehan, Mr Scan McKenna and Ms Rachel Naylor are also due lo rctire, however are nol seeking re-election. Statement of the responsibilities of the Board The Board is responsible for preparing the financial sthtemenls in accordance wilh applicablc law5 and gulationS. The Co-operative and Community Benefil Societies A¢1 (Northem Ireland) 1969 and re8lStered Social housing le8islalion require the Board to preparc financial slalements for each financial year which give a trutt and fair view of the slate of the Group and Association's affairs and of its surplus or d¢fJ¢il for that period. In preparing those financial statements th¢ Board is required 10: select suiiable accounting policies and then apply them consislcnilytr m3kc judgements and estimates Ihat are reasonable and prudent.. slate whciher applicable accounling standards have been followed, subje¢l to any material departures disclosed and cxplaincd in Ihe financial sia(ements' and prepare the financial si8iements on the going concern basis unless it 15 inappropriate lo presume Ihai Ihe Association will continue in business. The Members of the Board ale responsible for keeping proper accounlin8 records which disclose with reasonable accuracy at any time Ihc financial posilion of the Association and to enable ihem lo ensure thai Ihe financial stat¢m¢Dls comply with thc Co- operative and Community Benefit Societies Acl (Northern Ir¢land) 1969 and the Regislercd Housing Associations (Accounling Requiremenls) Order (Northern Ireland) 1993, It has geneTal respon5ibilily for takin8 reasonable steps 10 safeguard the assels of Ihe Associalion and d¢lect fTaud and other iTregularilies. They are a150 responsible for safeguarding ihe assets of the Association and hence for taking reasonable slcps for the prevention and detection of fTaud and other I¢gularItIcs. Statement of disclosure of informatlon to auditors So far a% each of ihe members of the Board al the date of approval of these financial statements is aware: There is no relevant audit infonnation of which the Group and Asso¢i4lion's auditOT5 are unaware. and They have laken all Ihe steps ihal they ought to have taken as members of the Board in order lo make ihemselves aware of any relevant audit inforn)8tion and to establish that the Group and A5SO¢lltion's audilors are aware of ihal infornialion.
Apex Housing Association Limited Report of the Board for the year ended 31 March 2024 (continued) Statement on InternAI control 13 The Board acknowledges its ullirnatc responsibility for ensuring that Apex Housing Association Limited has in place a robust 5ys¢em of internal controls which is appropriale for Ihe various business environments in which it operates and supports the achievement of the Group and Association's policies, aims and objectives whi151 safeguardin8 Ils funds and assct5. Apex Housing Association Limited was established in Ociober 1965 and has in plaee a range of internal controls which are and will continue to be reviewed on an annual basis. The system of intemal control is designed to manage risk lo an acceptabl¢ level ralher than to climinate all risk of failure 10 achieve policies, aims and objeclives" il can therefore only provide Teasonable and nol absolute assurance of effectiveness. The syslem of internal control is based on an ongoing process designed to identify and prioritise Ihc risks lo achieving the Associalioths, Frf)licies. aims and obje¢liv¢s, lo evaluate the likelihood of those risks being reali5ed and the impact should th¢y be realised, and to rnanage Ihern Cl¢l¢nI)Y* effectively and cconomically. The syslem of internal conlrol has been in place throughout the financial year ended 31 March 2024 and up lo the date of approval of the annual report and financial slatemenls and this a¢¢ords with recommended TTe4sury guidance. The setling of risk appetite by the Board, 8nd idenlificalion and assessment of the impact of risk, is incorporated into the corporate plannin8 and decision-making proc¢eS of the Association. Conscquently, the Association ensures (hat there a procedures in place for verifying that internal conlro15 and aspects of risk management are regularly r¢viewcd and reported on. During 2023124 a number of measures were implemenied lo enhance the syslems of internal conlrol in place. These included: Implementation of the Risk Management Frdmework. Regular reporting lo the Audil and Risk Comrnittee and other Comrniltee5 and the Board. Annual review of the Risk Managcmeni Framework and setting of the risk appelile for 2024-25. Implementation of the Decision Time Goals IT module lo manage and report on kcy perforniance. Delivery of trainin8. Funher development of the risk and governance arrangements through review and implernenlalion of a revised Syern of KPT monitoring and reporting, cffcclive from I st April 2024. Commcnccd development of an overarching policy for 'notifiable events, reporting to ensure compliance with external reporting rcquiremenls. Reviewed the current policy managemenl and review proccdurcs and agreed a new IT system for policy managemenl, lo be introduced during 2024.2025. In addition to the aetions outlined above, in the ¢ornin8 financial year the Associalion plans lo: Conlinue lo opcrale Ihc Risk Management Framework, Ensure that the Asso¢ialion's Audit and Risk Assurance Commiltec conlinue5 to review the risk framework al lis meclings. Implement the systems for managing and reporting on key performance through Ihe Decision Time software and embed the revised KPI reporting system. 4. Continue lo deliver appropriate training for staff, Audit and Risk Committee rnembers and Board rnembcrs. Strengthen Ihe system5 for ensuring cotnpliance with exlemal reporting requirements Ihrough implementation of an overarching policy for 'nolifiable even¢s' weporting. 6. Implement the revised system for policy managemenl and review As an intcgral parl of its corporate planning procc55. the Board sets the risk appeliie and the inherent risks for each corporate objective are identified and assessed for impacl and likelihood using a risk matrix. The Association update5 its risk resislers, identifying ihe controls necessary 10 miiigalc againsl each risk, assessing the residual risk, identifying further a¢tions to be taken and assigning risk ownership 10 l¢Vartt staff. These risks are reported to and managed by the relevant Committee of the Board and by the Audit and Risk Assurance Commilttt. who review and report lo Ihe Board on risk managemenl issues. Risk is revicwed on a quarterly basis and Ihc Board is informed of any emcrging issues. The Commillee receives regular reports on the implemenlatlDn of internal and cxtcrnal audit reports and meets wilh the audilors on a regular basis. The Commitlee will Commission further reports on specific issues where they feel this is ne¢¢ssary.
Apex Housing Association Limited 14 The Board has Tespongibility for reviewing the effectivcness of thc systetn of internal control. Ils review of the effectiveness of lh¢ system of inlernal control is infornied by Ihc work of the internal auditors and those wiihin the company who have responsibilily for the development and maintenance of the Association's internal control framework and comments made by the external auditors in their reporting. A plan to address weaknesses and ensure coniinuous improvement of the system is ongoing. The Board has been infornied by internal and external audit on ihe adequacy and effccliveness of inlernal controls operaling within the AoCIatIOn. In the internal auditors report they have staled that in their opinion the Association's inlernY41 control syst¢ms were adequale and operated effectively thereby providing satisfactory assurance rcgarding the effeclive and efficienl achievement of the Association's objccliv¢s' however a nurnber of recommendaiions were made and an implcmenlation plan is in place to address thc. Progress on issues Taised by internal and external audii continues to be formally monitored through the Audit and Risk Assurance Commillee. Taking all of these m8llers into accounl the BoaTd is suitsbly content Ihat the internal Conlrol framework in operation within the As.socialion. Statutory auditors The audiiors. Sumer Auditco Nl Lid, have indicated their willingness to continue in office, ond a resolution concerning their reappointment will be proposed al the Annual General Meeling. By Order of Ihe Board S Mccallion Honorary Secretary 18 Seplcmber 2024
Apex Housing Association Limited Statutory auditors, report to Apex Housing Association Limited 15 Report on the audit of the financial statements Opinion We have audiled Ihc financial statements of Apex Housing Assoeiation Limited {"the Association") and i¢s ¢onsolidated undertakings ("Ihe Group") for ihe year ended 31 March 2024 which compTibe: the Consolidated and Assoeialion Sialemenls of Comprehensive Incomc, Ihc Consolidated and Associalion Siatcmenls of Changes in Reserves, the Consolidated and Association Slalcfflenls of Financial Position and the Consolidated Cash Flow Statement and the related notes, which include a description of Ihe significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Standards includin8 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland. (Unilcd Kingdom Generally Acccptcd Accounling Practice) and the Housing SORP - Slatem¢ni of Recommended Practice for Social Housing Providcrs. In our opinion, the Consolidated and Association financial statements: give a INe and fair view of the State of the affairs of ihe Group and of the Asgocialion as at 31 March 2024 and of the income and expenditure of the Group and of the Association for the year then ended,. have been properly prepared in accordance with United Kingdom Gencrally Aecepted A¢¢oun¢ing Practice; and have been properly prepared in accordance with the Co-opcralive and Community Benefit Societies Acl (Northern Ireland) 2016 (formeTly the Industrial and Providcnl Socielies Act (Northern Ircland) 1969). the Housing (Northern Ireland) Order 1992, the Registered Housing Asso¢iaiions (Accounting Requiremenls) Order (Northcm Ireland) 1993, the Charities Act (Northcm Ireland) 2008 and Regulation 9 of the Charities (Accounts and Reports) Regulations IT4orth¢rn Ireland) 2015. Basis for oplnlon We ¢onducted our audit in accordance wilh Inlernational Standards on Auditin8 (UK) ("ISAs (UK)") and appli¢able law. Our responsibilities under ISAS {UK) are furthcr described in Ihe auditors, responsibility for the audil of ihe financial stalemcnts seclion of our report. We are indcpendent of the Group and the As%Jcialion in accordance with the ethical requircmen15 thal a relevant lo our audil of the financial statements ift the United Kingdom, in¢luding the Financial Reporting Council's Ethical Standard and we hav¢ fulfilled our other ethical responsibilities in accordance with ihese requirements. We believe ihai the audit evidence we have obiained is sufficicnl and appropriate lo provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial slal¢m¢nts, we have concluded thal the Board's use of the going concem basis of accouniing in the preparalion of the financial slalcmcn15 is appropriate. Based on ihe work we have performed, wc havc not identified any material un¢ertainlies rclating 10 events or conditions Ihal, individually or collectively, may cast significant doubt on the Group or the Associaiion's ability lo continu¢ as a going conccm for a period of ai least twelve months from when the financial statcments are authorised for i55Ue, Our responsibilities and ihe responsibilities of the Board wilh respect lo going concem are dc5¢ribed in Ihe relevant sections of this report.
Apex Housing Association Limited Other information 16 The other infonnalion comprises the information included in the Annual Rcporl Other than the financial staiementg and OUT audilors. report th¢reon. The Board is respon5ibl¢ for the other infomiation contained within the Annual Report. Our opinion on the financial staiements does not cover Ihe other infornialion and, excepl to the cxtcnt otherwise explicitly staled in our report, we do not express any fom) of sUrance conclusion Ihereon. Our responsibility is lo read the other inforn12tion and, in doing so, con5idcT whether Ihe other infomiation 15 materially inconsistent wilh the financial slatemenls, OT our knowledge obtained in ihe course of the audit, or otherwise appears lo be materially missialed. If we identify such maierial inconsistencies or apparent material misslatem¢nt4 we are required to delemine whether this gives rise to a material mi&slalement in the financial statemen15 Ihemselves. If, based on the work we have perfoTrned, we conclude that Ih¢re is a material rni551atement of this other inforniaiion. we are required to rq)ort ihai fact. We have nothing to report in this regard. Matters on which we are required to report by exception n light of our knowledge and undersianding of the Group and the Association obtained in Ihe course of the audit, we have not identified material misslalemenls in the Report of the Board and the Siratcgic Report, We have nothing to report in respeci of the following matters where the Charities (Northem Ireland) Act 2008 and Regulation 9 of the Charities (Accounts and Reports) Rcgulalions (Northern Ireland) 2015 require us lo report lo you if, in our opinion.. the information given in the Report of the Board and the Slrategi¢ Report is inconsislenl in any material respect. sU1¢icnI accountins records have noi been kepl; the financial slalemenls are not in agreement wilh thc a¢counlin8 records: or we have nol received all the inforniation and explanations required to complete our audit, We trlave nothing to report in this regard. Under the Co-operativ¢ and Community Bencfit Socielies Act (Trlorthem Ircland) 2016 (forrnerly the Industrial and Provident Sociclic5 Acl (Northem Ireland) 1969) are required to report lo you if, in our opinion: a satisfactory system of control ovei Iransactions has not been maintained. or we have not received all the infonnation gnd explanalions we require for our audil; or proper accounting rexords have noi been kepi by Ihe Association. or Ihe Asso¢ialion'$ financial slalcments are noi in a8reemenl wilh the aecounting records. We have nothing to Teport in this regard. Responsibilities of the Board As ¢xplain¢d more fully in tlie Board'5 Stat¢menl of Respon5ibililie5 on pa8e 15. the Board of Managcment is responsible for the preparation of the financial slalements in accordance wilh the applicable framework and for bcing satisfied that ihey give a Irue and fair view. The Board of Management is also responsible for Such internal control as it delerniine5 is necessary to enable the preparalion of financial slalemenls that arc fr¢¢ from material misslatcmeni, whether due to fraud or error. In preparing the financial siaiemenls, the Board is responsible for assessing the Group's and the Associalion's ability to continue as a going concern, disc105ing? as applicable, matter5 relaled 10 going concem and using the going concern basis of accounling unless they either inlend to liquidate the Group and the Association or to cease operations, or have no realistic alternative but lo do so. Auditors, responslbility for the audit of the financial statements Our objectives arc to obiain reasonable assurance about whether the finan¢ial statement5 a5 a whole are free from malerial misstatement, whdher due lo fraiid or error. and lo issu¢ Jn Nuditors. report Ihal incliides our opinion. Reasonable assurance is a high level of a55urdn¢¢ bul is not a guarantee ihat an audii ¢onducled in accordance with ISAS (UK) will always delecl a material misslatemenl when il exists. Misslatemcn15 can arise from fraud or error and are considered matcrial if, individually or
Apex Housing Association Limited 17 in the aggregate, they could reasonably be expected to influ¢n¢e the economic d15105 of users taken on the basis of these financial slat¢m¢nls. Irregularities, including fraud, are instances of non-compliance with laws and rcgulalions. We design procedures in line with our respon5ibilitics, outlined above, to delect malerial misstatements in respect of irrcgularilies, includin8 fraud. The ¢xtenl to which our procedures are capable of delecling irregularilics, including fraud is d¢lail¢d below: We con5idcred the opportunities and incentives Ihat may exist within the Group and ihe A&8ociation for fraud and identified the greatest Potential for fraud in the following areas: managcfflent overrid¢ of Controls relaling to posting of journals. To address this risk we discu55cd thc risks with client managemenl and designed audit procedures lo test mple ofjournals to confinn they werc appropriate. A further description of our responsibilitie5 for ihc audii of the financial slatcmcnts is located on the Financial Reporting Council's website at: www.Irc.org.uklauditorsresponsibilities. This description forms part of our auditors, report. Use of our report This report is made solely lo the Board in aecordaftce with seclion 43 of Ihe Co-operative and Community Benefit Societies Aci (Northern Ireland) 2016 {fomi¢rly the Induslrial and Providenl Societies Act (Northern ITeland) 1969) and article 19 of The Housing (Northern Ireland) Order 1992. Our audit work has been undertaken so that wc might slate to Ihe Board those matters wc are rcquircd to state to them in an audilors, report and for no oihcr PUTP05e. To the fullest exlenl pennilled by law, we do not accept or assume rcsponsibilily lo anyone other than Ihc Association and Ihe Board. for our audit work, for this report, or for Ihe opinions we have fonned. Brlan Clerldn Senlor StAtutory Audltor for and on behalf of Sumer Auditco Nl Ltd SIAtutory Audltorg Glendlnnln8 House 6 Murray Street Belfast BTI 6DN 18 September 2024
Apex Housing Association Limited Consolidated statement of comprehensive income for the year ended 31 March 2024 18 2024 202J Ne Turnover 69,045231 (59,274054) 1,466,722 11,237,099 104,799 482,98l (8,890,469) {1,478,109) S45,0 2,(KJlJOI (12,(MJ)) 4,163,IKIO (16,429,(MJ)) (10276,699) 61,938,818 (56,783,934) 3,744,800 8,899,684 585.126 121,408 {7,844,758) (4,030.880) (54,000) (2,323,420) (5,790) 15,087,0(K) (1,168,494) 11,589,295 Operating costs Gainlloss) on disposal olhousing properties Operatlng surplus Surplusqdeficil) arising from disposals of fixed etS Inlcrest rcceivable and similar income Interest payable and similar expenses Transfer to disposal proceeds fund Other finance costs 10 sUrplu(Defie1t) for the finantiil yeAr Transfer to designated rc5erve5 Actuarial (loss)/gain in respeci of pension schemes Unrecognised Asset in respect of pcn5ion 5¢hemes Total eomprehenslve Income for the year 24 All amounts above relate10 continuing operations of the Group, Consolidated statement of changes in reserves for the year ended 31 March 2024 2024 2023 Surplusl(Deficit) for Ihe financial year Movemenl in designated reserve Movement in called up share capital Actuarial (lossygain in respecl of pension schem¢s Unrecogniscd Asset in respect of pension schemes Nel addition lo capital and reserves Opening total capital and reserves Closlng tolrdl eapll814nd r¢s¢rv¢s ooijoi (12,000) (2,323,420) (S,790) 24 4,103,000 (16,429,0(Kl) (10,276,098) 46,l26,185 35149,487 15,087,000 {1,168,494) 11,589,295 34,536.890 46,126.185 24 The nolcs on pages 23 to 53 forni an integral part of Ihcse financial staiements.
Apex Housing Association Limited Association statement of comprehensive income for the year ended 31 March 2024 19 2024 2023 Note Turnover 63010,050 (SS,187,883) 1,402,290 10,024,463 104,799 468J60 (8,083.006) (1,478,109> 545,000 1,581,$07 (J2,INJO) 3.917,000 (16,124,000) (10,637A93) 57,135,381 {53.086,201) 3,744,8Tr3 7.793,980 187,513 118,962 (7,317,893) (3.6J3,267) {23,000) (2,873,705) (5,790) 13,576.000 (1.168.494) 9,528,011 Operating costs Gainl(1055) on disposal of housing properties Operallng surplui Surplus arising from disposals of fixed assets Interest receivable and similar income Interesl payable and similar charges Transfer lo disposal proceeds fund other finan¢¢ costs 20 Surplusl(defici¢) for the flnAncll year Transfer lo designated reserves Actuarial {loss)Igain in respect of pension schemes Unrecognised Asset in respect of pension schemes Total comprehenslye Ineomel(deflelt) for th¢ year All amounts above relate to conlinuing operations of the Association. Association statement of changes in reserves for the year ended 31 March 2024 2024 2023 Surplus for the financial year Acluarial (lossygain in rcspecl of pension schemes Unrecognised Assel in r¢spect of pension 5chemcs Nel addition lo capilal and reserves Movement in designaled rescrvc Opening total capital and reserves Closing total ¢apitl gnd reserves IJ81,507 3,917,1M)o {16,124,0(M)) {10,62S,493) {12,000) 30,128,887 19,491 J94 (2,873,705) 13,S76,OCK) (1,168,494) 9,533.801 (5,790) 20,600,877 30,128,888 24 The notes on pages 23 10 53 form an inlegral part of ih¢se financial statemenls.
Apex Housing Association Limited Consolidated statement of financial position as At 31 March 2024 2024 2023 Note Flxed assets Housing properties- depreciated cost Other langible fixed assels 12 853,120,086 10,099,132 863,219,2J8 797,321,780 10,402,953 807.724,733 13 Current assets Stock Debtors 15 243,946 16,106,122 23J77,481 I J02,944 41,430,493 (97,372,471) (55,941,978) 807,277,240 {771,427.755) 302,814 63.107.650 24,496,285 1,594,370 89,501,119 (110,650,118) (21,148,999) 786,575,734 (751,065.549) 10,616,IXKI 46,126,185 16 Investments 17 Cash at bank and in hd Credltors: amounts falllng due wlthin on¢ year Ne¢ current wssct5dll4bilitie$) Tolal assets less current liabllltleg 18 Credltors: Amounts falllng du¢ ifter more Ihin one year Penslon assd l(I4bility) Net A55et$ 19 24 35,849,485 Capital 4nd reserves Callcd up share ¢apila] Capital reserve Supporting Pcoplc rcscrves Common fund 25 29 28 103 103 27 28 20,000 35029?53 35049,485 20,(X)) 46,106,054 46,126,185 Revenue reserv¢ Total fund5 The noles on pages 23 10 53 fomi an inlegral part of ihese financial statemenis. The financial slalements on pages 18 to 53 were approved by the Board of Management on 18th September 2024 and were signed on ils behalf by: P/6Itid P Caldw¢ll Chilrpenon TreAsurer S Mccallion Secretary Reglstered number: IP 125
Apex Housing Association Limited Association statement of financial position as at 31 March 2024 21 2024 2023 Note Flxed assets Housing properties- depreciated cost Oiher tangible fjxed a&sels Inv&slments 12 787.521,728 8,097,257 731,479,783 .344,133 13 14 795,018,987 739,823,919 Current assets Stock 15 243,946 15,844,046 23,577,481 199J53 39,864026 (94,457,635> (54,592,809) 741,026,177 (721,S34,783) 302,814 62,524,826 24,496,284 249,985 87,573,909 (108,766,079) (21,192,170) 718,631,747 (699,046.859) lo,544,0 30,128,888 Debtors 16 Investments 17 Cash at bank and in hand Cr¢dl¢ors: amount• falllng due Ivlthln one year et current a55et51(liabili¢l¢s) Total a$$ets less eurreni Ilabilities Creditors: amounts falllng due after more than one yeAr Penslon asset l (liability) Net a55ets 18 19 24 19,491 J94 CAPlt&l #nd reserves Called up share capital Capital reserve Supporting People reserves Common fvnd 25 29 28 26 27 28 20,000 19,471J58 19891 J94 20,Q)O 30,108,853 30,128,8811 Revenue reserve Total fund$ The notes on pages 23 to 53 fom) an inlegral part of ihese financial slalernents. The financsal slalemenis on pages18 to 53 were approved by the Board of Management on 181h Scptember 2024 and were signed on ils behalf by: P Caldwell Chairperson Treasurer S Mccallion Secretary Registered number: IP 125
Apex Housing Association Limited Consolidated statement of cash flows for the year ended 31 March 2024 22 2024 2023 Note Net ¢4sh from op¢ra¢ing YdCtSvltles CAsh flow from Investing Activitles Payments lo purchase and develop housing properties Re¢eipls of Housing Association Grant Receipts oloiher grants Purchases of other tangible fixed assels Receipts from disposal of housing properties Interesl received 31 13,828J45 17.174.051 (08,299,248) 51,980,453 431,400 (4,649) (1,713,491> 482,980 (17.122ASS) (53,551,430) 18.908,984 717,800 (28,726) 5,178,550 121,408 (28,653,414) Net e#$h generaled froml(used In) Inve$tln8 actlvldeg Cash flow$ from Iln8ncln8 Actlvltles Repayment of bank loans Loan advances Interest paid Net cash generated from flnanclng ActItIeS N¢t increase In cash and cash equlvalents Cash and cash equivalents al ihe beginning of Ihe year Cash and ¢o$h equivalents at the end of the year (24,118A06) 36,410,754 (10,008,468) 2,283,780 (1,010,230) 26.090,655 2S,080,425 (8,659.875) 47,939,115 (7,867,758) 31,411,482 19,932,119 6,158,536 26,090.655 31
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 General informallon The group and assla110n'S princip31 activity during the financial year was providing high quality, affordable homes for r¢nl throughout Northern Ireland and lo help facililatc homc ownership for p¢opl¢ who cannot afford to purchase a home outright. The group is registered under the Co-operalive and Community Benefii Societies Act (Northern Ircland) 1969 and domiciled in the UK. The address of the registered office is 10 Buicher Street, Londonderry. BT48 6HL. Statement of eompllance The8e financial statements of Apex Housing Association Limited have been prepared on ihc going concern basis in ¢ompliance with Uniied Kingdom A¢¢ountin8 Standards. including Financial Reporting Standard 102, 'The Financi21 Reporting Standard applicable in the United Kingdom and the R¢publi¢ of Ireland" ("FRS 102") under the historical cost convention, and in accordancc wilh applicable accounting 51andards in the Uniled Kingdorn and Statement of Recommended Praclice for Accounting by Registered Social Landlords. The principal accounting policies, which have been applied consistently throughout the year, are set out below. The preseniation of the financial slalements ¢omplies with the RegisleTcd Housing Associations (Accounting Requircmenls) Order INorthem Ireland) 1993, the Charities Act (Northern Ireland) 2008 and the Charities (Accoun15 and Reports) Regulations (Northern Ir¢land) 2015. Summary of signltlcant aecountlng policies The principal accounting policies applied in the prcparalion of Ihese financial stalcmenls are sel out below. These policies have been consisienily applied lo all the years presented, unless otherwise slated, The significant accounting policies adopted by the group and association are as follows.. B•$l$ of prepiratlon of fln*nelal statements Thcse consolidalcd and separate financial slatemenls are prepared on a going concern basis, under the historical cost convention. The preparation of financial statements requires the use of certain crilical accounting eslimalcs. It also requires manaby¢ment to cxercise ils judgemenl in the process of applying the group and assoLiation accounting policies. The areas involving a higher degree of judgement or complexity, or area5 where assumptions and estimates are significant lo the financial statements, are disclosed in note 4. BASIS of ¢onsolidAtioD The group statement of comprehensivc income and group slalemenl of financial position included within ihc rjnancial sialements of Ihe group and its subsidiary undertakings are made up lo 31 March 2024. Intra group transactions. any unreali5ed profit105$¢$ arising, and inlercompany balancc5 arc eliminaid fully on consolidgtion. Forel8n currencle5 Transactions and non-monelary assels, dcnominaled in foreign CUTren¢ies, are Iranslaled al the exchange rale al the date of the transaction. Monetary assets and liabilities denominated in foreign currertcics arc relran%laled at the rale of exchange ruling at the blatcmenl of financial posilion date or ihe exchange Tale of a related forcign exchange conlracl where relevant. The resulting exchange gain5 or1055es arc d¢ali wilh in Ihe income and expenditure account. Going eoneern The Board has a Teasonable expeciaiion Ihat ihe Association has adequate resources lo continue in operational exislence for the foreseeable future. The Board considered the new financial plan for 2024125 and beyond al Iheir meeting held on 291h May 2024. This plan included various assumplion5 and 51ress-tesiing around a range of scenarios and considered any mitigations thai may need lo be put in place depending on the outpuls of each scenario. For this reason, they conlinue lo adopt the going concern basi5 in preparing the financial slatemenls and are ¢onfident Ihal the Group will be a going concern for at leas1 12 months from the date of this report.
Apex Housing Association Limited Notes to the financial statements for the year erdded 31 March 2024 (continued) Summary of significant accounting policies (continued) Revenue recognition Revenue is measured at the fair value of the considcralion received or receivable and represents the amount receivable for goods supplied or s¢rvices rendered, net of return4 discounts and rebates allowcd by the group and association and value added iaxes. The gTOUP and associaiion base its estimate of returns on historical resulls, laking into consideration the type of customer, Ihe type of Iransaclion and the specifics of each aTrangemenl. Where the considcralion receivable in cash and cash equivalents is deferred and the arrangemenl constitutes a financing Iransaciion, Ihe fair value of the consideration is measured al the presenl value of all futurc reccipls using the imputed rate of interest. The group and association recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer. {b} the group and a&wcialion retains no continuing involvcmcnt or control over Ihe goods; (c) the amount of rcvcnue can bc tneasured reliablyi {d} il is probable that future economic benefits will flow Ihrough the group and association and {e) when ihe specific criteria relatin8 to each of Ihe 8roup and association's sales channels have been mel. as described below and in note 5. Ne¢ renlal Income Income includes reni and service charge income arising from the provision of housing accommodation and the amorlisation of Housing Associaiion Grant. Incom¢ is recognised in th¢ p¢riod to which it r¢lales. ii) Flrst tranche equity leS Pr(Kecds from thc first tranche disposals are accounted for &s turnover in the Statement of comprehensive income in the period in which Ihe disposal occurs. 111) Other kncome Other income is recognised in Ihe Stalement of comprehensive income when the tenns of revenue recognition have been met. Employee benellls The Group provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. Short ierni benefits Short term bcnefils, including holiday pay and other similar non-monetary benefits, are recogniscd as an expense in the period in which the service is rec¢ived. Multi-ernployer pension plan The Associaiion operates a defiiied beiiefit scheme Ihrou8h the Northern Irelaiid Loc&1 Government Officers, Superannualion Scheme (NILGOSC). The assets of NILGOSC are held separately from those of the Association. The Associalion ha5 adopted seclion 28 of FRS 102 in these financial 5talemenls. Pcnsion scheme as5¢ts are measured using markel value. Pension scheme liabililic5 arc measured using the projected unil meihod and dis¢ounled al the currenl ratc of retum on a high quality corporate bond of equivalenl lerni lo the lipbility. Tlie iiicrease in the pre5ei)I value of the liabilities of Ihe Associalion's defined benefit pension scheme arising fTom employee servicc in the year is chargcd lo operaiing surplus. The expected return on Ihc sclieme's assets and the increase during the year in ihe presenl value of the scheme's liabilities arising from the passage of lime are included in other finance cosls. Actuarial gains and losses ar¢ recognised in lh¢ slat¢m¢nl of lolal recogniscd surplusc5 and d¢ficits. iii) Defined conlribuiion pension plans The group operates a defined conlribution schcmc for cerlain cmploycc5. A defined contribulion plan is a pension plan under which the group pays fixed contribulions inlo a 5eparale entity. Once Ihe Conlributions have been paid the group has no further paymenl obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the 51atcrnenl of financial posilion. The assets of lh¢ plan are held separately from Ihe group in independently adminislered funds.
Apex Housing Association Limited Notes to the financlal statements for the year ended 31 March 2024 (continued) Summary of significant accounting policies (eontlnued) All new employees joining Apex Housing Association Limited are not eligible lo join thc NILGOSC 5¢heme except in the case where they are already active members at ihc time of bccoming an Apex employee. All other new employees join the Social Housing Pension Scheme Defined Conlribulion (SHPS DC). SHPS DC is a defined contribution workplace pension sch¢rne administered by The Pensions Trust and is the pension vehicle provided by the Associaiion under auto-enrolmenl legislation. Each employee holds a separate pension plan with The Pensions Trust lo which the Association conlribuies 6 /0 of pensionable pay with the employee contributing a minimum of 40/0. employee is responsible for any iT]veslment decisions from Ihe various investment options provided by The Pensions Trust. The Association's IiAbility is limited io the above employer Contribution. T*nglble Ilxed assets Houslng propertles The group operates a lull componcnl accouniing policy in relation lo the capitalisalion and depreciation of it5 completed housing stock. Other hou$ln8 proptrtles- acquired by the A8soelAtlon Other housing properties are slated as cost which is purchase price together wilh any incidental ¢osis of acqui8iiion. These properties are effe¢iively purchased concurrenily by Ih¢ Association and participanls and so are disclosed in fixed assets at ihe cost to the A550ciation with the participants, net inveslnient also disclosed in the hoiising properties nol¢ lo the a¢eoiinis. The initihl eost of the houses is nol split belween ¢UTT¢nl and fixed a85els sin¢e the Associalion and the participant effectively purchase Ihcir rcspeclive shares simultaneously. The circumstances of this type of Iransaclion means that no Eain nor loss will ever be made by the Associaiion on first tranche sales and so Ihe pro¢eeds and costs are not shown in lurnover or cost of Sales. This allows the Association lo pre5cnt a INC and fair vi¢w of the commercial reality bchind such a co-ownership scenario. Other houslng proper¢i¢$- developed by the As50clatlon For housing developed by Ihe Association lo providc a supply of affordable homes sales procccds are accounted for in the slatcmeni of comprehensive income with proceeds recorded in turnover and cosls in cost of sales in accordance with SORP. Unsold properties at the year•end are included in stock and are valued at Ihe lower of cost (cost of land tO8eiher with associated costs of developmcnl) and nel rcali5able value. For housing developed for oulrighi sale the procttds less the costs ofdeveloping the property are accounted for in the slalemenl of ¢omprehcnsiv¢ incom¢ and disclosed wilhin the surplus or deficit arising from disposals of housing property. Other tlxed assets Other fixed assets are 51aled al cost. Housln8 As31tIoN Grant And other grant$ Housing Associaiion Grant and other granls received as a contribulion lowards Ihe capital costs of housing propertie5 of the As%ocialion are recognised in income over the useful life of the housing property slructurc and its individual componenl5. Housing Association Grant received against revenue expenditure is credited to revenuc in thc period in whiLh the related expendilurc is charged. Such grants, although treated as a grani for accounting purpos¢% may be repayable under certain circumstances, primarily following Ihc sale of housin8 property. but any amount repayable would be restricted to the net proceeds of Ihe sale.
Apex Housing Association Limited 26 Plotes to tbe financial statements for the year ended 31 March 2024 (continued) Summary of significant accounting policies (continued) Depre¢lgtlon and Implrmenl Housing properties Housing properties are split bclween land, struclurc and major components which require periodic replacement. Replacement or refurbishment ofsuch majorcomponents iscapitalised and depreciated over Ihc cslimaled useful life which has been set taking into account professional guidanee and the group's assth management siralegy. In deiemiining the remaining useful lives for the housing stock. the group has laken account of view5 provided by both intcmal and cxlernal professional sources. Freehold land is not subject to depreciation. Depreciation is chaTged so as lo write down the cosl or valualion of the freehold housing properties and major components on a straighi linc basis over Ihcir expected use economi¢ lives. Major components are treated as separable assets and depreciated over their expecied useful cconomic lives or the lives of ihe s1ructu lo which they relate, if shorter, over the following periods: Main fabric Roof stNcturc and coverings Windows and extern81 doors Healing syslem boilers Kiichens Bathrooms Mechanical 5yStcms {heatlDg ventilalion, plumbing) Electrics Lift 100 years 40 - 80 years 30 years 15 years 20 years 30 years 40 years 40 years 30 years Housing assets are depreciated in the year of acquisition, or in Ihe case of a larger project, from the year of completion. Where there is cvidcncc of impa1¢nI, Ihc fixcd issets are wrillen down to Ihe recoverable amount and any wrilc down would be harged to operaiing surplus. Other fixtd assets Deprecialion of other fixed assets is charged on a straight-line basis over the eslimalcd useful economic lives of the assets al Ihe following annual rates: Freehold buildings Motor vehicles Planl and machinery Officc fumitu and equipment Computer equipment 25ts/0 25D/ty 25Tr 25/0 Subsequent gddltlons and major components Subsequent costs. includin8 major inspections are included in the assets carrying amount or recognised as a separale assel, as appropriate, only when it is probable that ¢conomi¢ b¢nefils associaled with the item will flow lo the group and the cost can be mea5UTed reliably. The carrying amounl of any rePlad componcnt 15 d¢re¢ognised. Repairs, maintenance and minor inspection Costs are expensed as incurred, Derecognltlon Tangibl¢ a55Cts aTC dcrccognised on disposal or when no future economic benefits are expected. On disposal the differen¢e between ihe nei disposal proceeds and ihe carrying amount is recognised in the Sialemenl of comprehensive income. Leased assets Ai inception Ihc group assesses agreements ihat Iransfer the right to use assets. The assessment Considers whether the arrangement is, or conlains, a Ise based on the subslance of th¢ arrangement.
Apex Housing Association Limited 27 Notes to the financial statements for the year ended 31 March 2024 (continued) Summary of significant accounting policies (continued) Operating leased as8et$ Leases that do not transfer all the risks and rewards of ownership are classified as operaling leases. Paymenls under operati ng leases are charged to the Siatemenl of comprehensive incorne on a slraight-line basi5 over the period of the lease. CAsh And Cash equivalents Cash and cash equivalents include cash in hand. deposits held al call with banks, other short-ierni highly liquid inveslmenls with original malurities of one month QT less and bank overdT8fts. Bank OV¢Tdrafts are shown within borrowing5 in current Current a$set Investment$ Current assei invcstmenls are investments in short.temi deposits with an original malurily between one and Iwelve months. Impalrnient of non-financial Aydets Al each 51atement of financial position dale non-financial asse15 not carried at fair value are assessed to delemiinc whether iherc is an indication that the asset (or asset's cash gener&tirtg unil) may be impaired. If there is such an indication the recoverable amount of the è$set (or assel's cash generalin8 iltiil) is conipared lo the carrying amoui)l of Ihe 8ss¢l (or assel's casli 8ei)erating unit). The recoverable amount of the asset (or asset's cash generating unit) is the hi8hcr of the fair value less costs io sell and value in use. Value in use is defined as the present value of Ihe fulure cash flows before inleresl and lax obtainablc as a resuli of the asset's (or asset's cash generating unit) continued use, These cash nows discounted using a prc-lax discounl ralc ihal rcpresenis the curreni markct risk-free rale and the risks inherent in the assets. If the recoverable amounl of the asset (or asset's Cash generating unil) is estimated lo be loiver than the carrying amount, Ihe carrying amount is reduced 10 ils recoverable amount. An impaimient loss is recognised in the Statement of comprehensive income unless the asset has been revalued when the arnounl is recogni5ed in other cornprehensive income lo the exlenl of any previously recognised revaluation. Thereafter any excess is recognised in the Statement olcomprehensive in¢om¢. If an impairnient loss is subsequently reversed, the carrying amount of the assel lor asset's cash 8eneraling unit) is increased lo the reviscd eslimalc of 115 recoverable amounl, bul only lo the exlenl that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisalion) had no irnpairmeni loss been reco8nised in prior periods. A reversal of an impairrncnl10sS 15 rccogni5cd in the Slaterncnl of comprehensive income. Provtslons and ¢on¢ln8¢nt Ilabilities Provisions Provisions are recognised when the group has a present Icgal or consiruclive obli8alion as a result of past evcnts; il is probable that an outflow of resources will be required lo seltle the obligation; and the amount of the obligations can be estimaled reliably. Where there are a number of similar obligations. the likelihood that an outflow will be required in .qetilemcnt is dctcrniined by eonsidcring the class of obligations as a whole. A provision is recognised even if the lik¢lihood of an outflow with respect to any one ilem included in the sarnc cla55 of obligalion5 rnay bc small. Provisions are m¢asured at the prc5ent value of the expenditures expected to be rcquird to sciile the obligalion usin8 a pre-tax raie that retlects current markel assessments of the lime value of money and Ihc risks specific lo the obligation. The increase in the provision due to passage of time is recognised as a finance cost. Contingencies Contingent liabilities, arising as a result of pasl events, arc nol recognised when (i) it is not probable that there will be an outl]ow of resources or that ihe amounl cannot be reliably measured al the reporting dale or (li) when the existence will be confirnied by Ihe occurrence or non-occiirrence of unccrtain fiiture evenls nol whully wiihin lh¢ group.s control. Contingent liabilitie5 are disclosed in the financial slalemcnls unless the probability of an ouiflow of resources is remote.
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) Summary of signifjcant accounting policies (contlnued) Finaneial instruments The 8roup has chosen lo adopt Seclions I l and 12 of FRS 102 in respect of financial insiruments. Financial assets Basi¢ financial assets, including trade and other rcccivables and cash and bank balances are inilially recognised at ITansaclion price, unless the arrangemcnl conslilulcs 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 al amortised cost using the effectivc interest method. At the end of each reporting period financial &ssels measurcd at amorti¥ed c05t are assessed for objective evidence of impaimenl. If an a%sct 15 impaird the impairment loss is the difference bctwecn the carrying amounl and the present value of the cstimated ¢ash flows dIOUnted at the asset's ori8inal effective interesl rnte. The impairmenl loss is recognised in Stat¢ment of comprehensive income. If there is a decrea in the impaim)enl loss arising from an eveni occurring after the impaimienl was recognised, the impairmcnl is reversed. The reversal is such thal the current ¢arryin8 amount does not excced what the ¢arryin8 amount would have been had thc impaimeni not previously been reco8nised. The impairmcnt reversal is reeo8nised in Slalement of comprehensive income. Financial assets are derecognised when (a) Ihc contractual rights to the ¢&8h flows from Ihc assel cxpirc or are sdiled, (b) subslanlially all the risks and rewards of the ownership of the asset are Iransferred lo another party or, (c) despite having retained some sisnificanl risks and rewards of ownership, control of the asset has bccn transferred lo another pariy who has the practical abilily to unilatcrally sell the asset lo an unrelated third party without imposing additional reslriclions. Other financial asse14 including investments in equity insirnments which are not subsidiaries, associates or joint ventures, arc initially measured al fair valuc, which is normally (he transaction price. Such assets are subsequently carried al fair value and the changes in fair value are recogniscd in Sialemenl of comprehensive income, cxccpl Ihai invesimen14 in equity inslrumcnls that arc not publicly traded and whose fair values cannot be measured reliably are measured at cosl less impairment. Financial liabililics Basic financial liabililies, including trade and other payables, bank103ns and loans from fellow group companies, are initially reco8nised al Iransaction price, unless the arrangemenl eonsiilutes a financing transaction, where lh¢ debi inslrumenl is measurcd at the present value of the future receipts discounted al a markel rate of inter¢sl. Debi instruments are subsequently Caled ai amort15ed cost, using Ihe effective interesl rale method. Fees paid on the cstabli5hrncnl of loan facilities are re¢o8nised as Iransaction ¢0515 of Ihe loan lo the extent that il is probable thal some or all of the facilily will be drawn down. In this case. thc fcc is deferred until the draw-down occurs. To the ¢xlent there is no evidence that il is probable that some or all of the facilily will be drawn down. the fcc 15 capilali5ed a5 a pre-payment for liquidity seTvices and amort15ed over the period of ihe facility lo which it relales. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from supplier5. Accounts payable a classified as current liabilities if payment is due within one year or less. If not. they are prcsenled as non-curr¢ni liabilities. Trade payables are recognised initially at Iransaeiion price and subsequenlly measured al arnortised cost using the effective interest method. Dispo$81 proceeds fund The ncl 5urplu5e5, after loan Icpayments, Ihat arise from the sale of property 10 tenanis under the voluntary purchase grant arrangements instiluled by the Department for Communities can be used by the Association lo puhase or d¢velop additional properties for letting rather than claiming housing association grant on same. On acquisition of a property an amount equal lo Ihe acquisilion cost (Tolal Cost Indicator from l June 2008) is removed from Ihe lund and reclassified as recycled housing association grant. With effect from l Ociobcr 2006 noiional interest on the balance is included in the fund.
Apex Housing Association Limited 29 Notes to the financial statements for the year ended 31 March 2024 (continued) 3 Summary of slgnlflcant accounting polici (continued) If ihe sury)luses are not used within two years of their relp1 th¢y may be payable in part or in full to the tkpartment for Communities. Revenue reserves The group and association's policy is to relain a level of revenue reserves, which maiches its needs ai Ihe CuTnI time and in the foreseeable future. The reserves required arc sufficient lo meeting Cornmilted running costs for a period equivalenl to thrcc months budgeted future expenditure. Annually the Board of Management review thc adequacy of this period amending it, where neccs5ary, to reflcct changin¥ nccds. 4 Critleal accountlng judgements and estimation uncertainty E51imales and judgemcnls are continually evaluated and are b&sed on hislorical experience and other factors, including expcclalions of fulur¢ cvcnts that are believed lo be rcasonablc under Ihc circumslanccs. (a) CrlAlcalJudgemenls In applyliig ihe enlity's accounftNgpolicies There are no critical judgements in applyin8 the entity's accounling policies. (b) Key a¢coMnllMg esti1114les ond wuniplions The directors make c5timatcs and assumptions conceming the fulure in the process of preparin8 the group financial statemenis. Key Cslimaies and assumpiions that have been made in the preparalion ofihese financial slalemenls as follows.. (i) Useful ecoNoniic lives ofhou3iiigproperties The annual depreciation on housing properties is sensitive to changes in the cslimaled uscful economic lives and residual valucs of the assets. The useful cconomie lives and residual values are reviewed annually. They are amended when ne$S9ry lo tleel currenl estimates, based on future inveslmenls, OnoMiC ulilisation and the physical condition of the a55e15. See note 12 for the carrying amount of housing properties, and note J for the useful cconomic lives for Cach componeni of housing property. There are no other critical accounting eslimates and assumptions. Turnover Turnover relgles lo Ihe Group and Association's main activity which is carried out in the United Kingdom. Turnover represents rental and service charge income and residential charges for special needs schernes. nel of void5. It also includes income arising from other rental subsidies, services provided lo oiher Housing Asso¢ialions, supporting people legacy funding rcceived for the provision of Icarning disability Care, income from other sundry ancillary services and the amortisation of Housing Association Grant.
Apex Housing Association Limited 30 Notes to the financial statements for the year ended 31 March 2024 (continued) Operatlng costs 2024 2023 Group Direct propeTty management costs Adminislralive expenses 47,247,037 12,027,817 59,274,854 45,592,107 11,191,827 56,783,934 Operatlng surplus 2024 2023 Group Opergtlng surplus li itRted after ehArglnW(creditlng): Staff Costs (note 8) Depreciation of tangible fixed assets - owned assets Release of capital grant Operating lease charges Fees payable lo the groiip's auditors for the audit of the financial statements Ftts payable lo the 8roup's audilors for lax services 22,080,980 11,585,719 (7,024,119) 63,712 38,493 1,500 22,055,965 11,400,990 (6,955,670) 39,622 49,200 1.500 Employee Information Group Asw¢i*tion 2024 2023 2024 2023 AverAge stAff numbers Administration Number Number Number Number 203 177 155 Sheltered schemes 18 15 18 15 Supported living schemes Gardener8 and buq drivers 422 458 422 458 15 17 A5 17 658 667 630 645 2024 2023 2024 2023 Staff cosls Wages and salari¢s Social security Costs Other pension costs 18W2,748 1,7(A,158 1,784,074 22,080,980 17,375,807 1,662,780 3,017.378 22,055,965 17,707,944 1,682,l26 1,608,978 20,999,048 16,605,807 1,580.272 2.680.778 20.866,857 Directors, emoluments are dis¢losed in note 30. Slaff c0515 in 2023 included r¢dundan¢y paymenls of £82,122, there We no redundancy payments in 2024. Interest receivable 2nd slmilar income 2024 2023 Group Bank interesi receivable 482,981 121,408
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 31 10 Interest payable and slmllar expenses 202A 2023 Croup Inleresi charge before capilalisation Lkveloplnent inleresl capilalised Jnterest ¢h*r8e after eapltaltsatlon 10223,134 (IJ32,665) 8,890,469 9,077,947 (1,233,189) 7,844,758 Dcveloprncnl intw¢st is capitalised at a weighted average cost of l)otrowing of 3.310/0 (2023.. 3.24Vo). I l Other flnAnce costs 2024 2023 Croup Other financc105ses {545,000) 54,000 12 Housing properties - depreclated cost 202A 2023 Group Cost Ai l April Addilions Disposals Ai 31 March 916,240,623 70.439,474 (5,490,444) 981,189,653 868,167,864 56,614.084 (8,541,325) 916,240,623 AccumulAted depreciation Al l April Charge for year Disposals At 31 M4r¢h 118,918,843 11,267JSI (1116,627) A28,069567 853,120,086 110,409,724 10,973,785 (2,464.666) 118.918.843 797,321,780 Nct book amount Net book 8mount comprhes: Completed schemes Land held for developmenl Properties under consiruclion At 31 March 693,805,799 31,131,401 128,182,880 853,120,086 673,500,746 14,186,744 109,634,290 797,321,780 Nct book amount comprlses: Freehold properties Long leasehold properties At 31 March 850,859,858 1200,228 853,120,086 795,006,849 2,314,931 797,321,780
Apex Housing Association Limited 32 Notes to the financial statements for the year ended 31 March 2024 (continued) 12 Housing properties - depre¢iated cost (Continued) 2024 2023 Group Houslng Assoclatlon and other granti At l April Additions 553,577J84 21,401ffi19 (3.241,942) 571,737,061 525,843,691 33,541,887 (5,808,195) 553.577,383 Disposals AI 31 MArch AceumulAted amortlsatlon Al l April Charge for year Disposals At 31 MAreh 79,570,925 7,024,119 (1,639851) 84,955,593 74.447,104 6,955,670 (1.831.849) 79,570.925 Net book Amount At 31 March 486,781,468 474.006.458
Apex Housing Association Limited 33 Notes to the financial statements for the year ended 31 March 2024 (continued) 12 Housing properties - depreciated cost (continued) 2024 2023 AssoelAtlon Cost At l April Additions s3991,621 69,$9949 (S,276,648) 901 JOS,922 788.927.097 56,119,040 (8.054.516) 836.991.621 Disposals At 31 M*r¢h Accumulated depreclatlon At l April Charge for year Disposals At 31 MAr¢h IOS,Sll038 10,199,76J (1,927,405) 113,784,194 787J21,728 97,911,084 9,909,197 (2.308.443) 105,511,838 731,479,783 Nei book amount Net book 4mount eomprisei: Completed schemes Land held for development Properties under construction Ai 31 March 628,207,441 31,131AOI 128,182,886 787,521,728 607,658,749 14.186,744 109,634,290 731,479,783 Net book amount comprlses: Freehold properties Long leasehold properties At 31 Mar¢h 785,261,$1)0 2,200,228 787,521,728 729,164,852 2,314,931 731,479,783
Apex Housing Association Limited Notes to the financial stAtements for the year ended 31 March 2024 (continued) 12 Housing propertles - depreciated cost (continued) 2024 2023 Association Housing Assoclatlon and other grants At l April Additions s09a7908 21350,437 (3,062,221) 527,565,124 481,373.034 32,638,443 (4.634.569) 509,376,908 Disposals At 31 March Aceumulated amortisation At l April Charge for year Disposals At 31 Mareh 69,542,973 6,369,073 (1,467,944) 74,444,702 64,942,441 6,292,991 (1,692,459) 69,542,973 Net book amount AI 31 March 453,120,422 439,833,935 IJ Other tangible fixed assets Other land Ofllce furnl¢ur¢ and equlpment PIAntAnd mi¢hinery Motor vehlcles Computer equlpment bulldlngs Tolil Group Cost Al l April 2023 Additions 12,937,457 1,555 178,376 24,000 411,003 9,644 1,595,677 3,349 15,146,513 14,548 (9,900) 15,151,161 Di5P05als At 31 MAr¢h 2024 (9,900) 16&476 A2,939,012 24,0(rf) 420,647 I,S99,026 Accumulated depreciation Ai l April 2023 Charge for year Disposals At 31 MArch 2024 2,681,390 258,673 171,162 2,400 (9,9(M)) 163,662 24,iJ)O 300.171 29,388 1,566.836 27,909 4,743,559 318,370 (9.9LKI) 5,052,029 1940,063 24,000 329J59 1,$94,745 Net book Amount At 31 March 2024 9,998,949 10,256,067 4,814 7,214 91,088 110,830 4281 28,841 10,1199,132 10.402.952 At 31 March 2023
Apex Housing Association Limited 35 Notes to the financial statements for the year ended 31 March 2024 (continued) 13 Other tangible fixed assets (continued) Other land nd bulldthgs Plant Ind mAehfinery Motor vehieles furnlture And equlpment Computer equipment TotAI Assoclatlon C05t At l April 2023 Additions 10,795,471 ,555 178,376 24,(M)O 253,067 1,595,677 3,349 12,846,591 4,904 (9,0) 12,841O95 Disposals At 31 Mydrch 2024 (9.900) 16&476 10,797026 24,000 Z53,067 1,599,026 A¢¢umuloted depreelallon At l April 2023 Charge for yegr Disposals At JI Mareh 2024 2,499,995 215,847 l71,162 2,400 (9,900) 163,662 24,OQO 240,465 5,624 1,566,836 27,909 4,502,458 251,780 (9,900) 4,744J38 2,715,842 24,000 246,089 1,594,745 Net book amount At 31 March 2024 8,081,184 8,295,476 4014 7,214 6,978 12.602 4,281 28.841 8,097,257 8.344.133 Ai J l March 2023 14 Investments 20 2023 Subsldlary undertaklng Subsldlary undertaklng Assocladon Cost 27 21 Details ofihe Associalioii's sub5idiarie5 are as follows.. NAme Country of incorpornlion Fairbuild Homes (Nl) Lid Northern Ireland Prlnclpal actlvlty Con*ru¢iion Company h Share ownership clYdSS 100 Ordinary shares of £1 each - £2 Ncwington Housing A&%ociation (1975) Limited Northern Ireland Housing Associalion 100 Ordinary sharesof£l ea¢h - £25 The Board believe thai the carrying value of Ihe invesimenl is supported by Ihe underlying net assels.
Apex Housing Association Limited 36 Notes to the financial statements for the year ended 31 March 2024 (continued) 15 Stock Group 2024 AssoclAtlon 2023 2024 2023 Oil slocks 16.7JO 227,236 243,940 19,974 282,840 302,814 16,710 Z27,236 243,946 19,974 282,840 302,814 Consumables 16 Debtors Group 2024 Asso¢lation 2023 2024 2023 Rental Debtors Gross - Technical 2,802,704 1,436,536 (254,876) 3,984J64 2,356,421 1,414,174 (172,348) 3,598,247 2,581,007 I J74,006 (114,OOS) 3,841,01)8 49,010 4,922,426 2,118,909 2,554,205 2,358,488 15,844,046 2.269.652 1,278,191 (82.520) 3.465,323 45.170 4,570,820 49,622,066 2,038,168 2,783,279 62,524,826 Rcnlal Debtors Gross- Non-te¢hnical Provision for bad debts Net rental (including rates, service charges) debtors Amounts owcd by subsidiary undertakings (nole 37) Amounts owed by rclalcd undertakings (notc 37) HAG Receivable 4,922,426 2,118,909 2,633,150 2,447273 16,106,122 4,570,820 49,622,066 2,459,941 2,856,576 63,107,650 Other dcbiors Prcpaymenls and accTued income 17 Current asset investments Group 2023 Assoclgtlon 2023 2024 2023 Short lern) deFwiIs 23,577,481 24,496,285 23,S77,481 24,496.284
Apex Housing Association Limited 37 Notes to the financial statements for the year ended 31 March 2024 (continued) 18 Creditors: amounts falling due within one year Group 2023 Association 2024 2024 2023 Department lor Communities loans (note 21) Bank loans (note 22) Bank overdraft 8,514 35,008J17 3,049066 196,494 826,6J4 753,975 42,818 6,090,370 37,079,822 2,198J41 4,000,002 6,917J38 97a71471 26,359 35,385,602 ,639,113 111,547 561,883 740,046 236,111 6,939,495 51,093,851 2,555228 4,429,355 6.931,526 110,650,116 514 26,359 34022,731 34,622,490 3,049,866 1.639.113 196,101 40,399 826,614 561.883 753,IYIS 740.046 42818 236,111 5,45S,103 6,557.725 37,679822 51,093,851 2,198J41 2,555,228 3,160,I71 4,429,355 263J19 6,263,519 94,457,635 108.766.079 Other creditors PA YE and other t¢$ Rental and service charges received in advance Trade creditors Accruals and deferred income Housing Association Granl in advance TBUC grant Disposal proceeds fund (note 20) Deferred Housing Association Grant 19 Creditors: amounts falllng due After more than one year Group 2024 Assoclallon 2023 2024 2023 Department for Communilies loans(note 21) Bank loans and overdT4fts (note 22) other loans (note 22) Disposal proceeds fund (nolc 20) Other credilors Deferred Housing Association Grant Deferred income 12,515 167,741,758 i lo,0,000 4,567,167 1,063,364 467,074,929 605,816 751,065,549 12,515 141,636J82 150,069,446 130,000,(M)O I I 0,000,000 1,472,600 3,725,308 976,510 1,063,358 446,856,903 433,570,416 592J88 605,816 721,534,783 699,046,859 158,522,127 130,000,000 1,472,600 976310 479864,J30 592J88 771,427,755
Apex Housing Association Limited 38 Notes to the financial statements for the year ended 31 March 2024 (continued) 20 Transfer to disposal proceeds fund Group 2024 Associatlon 2023 2024 2023 At l April DPF Expendilure Proceeds from house sales 8,996,520 (5,002,027) 1,478,109 5,472,(J02 5,564,854 {599,214} 4,030,880 8,996,520 8,154,662 (s,000,000) 1,478,109 4,632,771 5,120,609 (599.214) 3,633,267 8,154,662 At31 MAr¢h The &8socialion is required lo spend amounts allocated lo the DPF within 24 months and plans are in place lo ensure this requiremenl is met. 21 Department for Communltles- houslng property loans Group Assocli¢lon 2024 2023 2024 2023 Duc in under one year (note 18) Due within one to two years Due within Iwo lo five years 8,S14 26,359 12,515 8,514 26.359 12,515 8,514 38,874 8,SA4 38,874 All loans bear interest at varying interest rales of between 8.75Yo and 12,3750/•. and have a malurily date of 0110412024. 22 Bank loans and overdrafts Croup 2024 As50Ciation 2023 2024 2023 Due in under one year Due within one to two years Due within two 10 five years Due after fjve years 38,658,183 11012,010 27,721,551 118,988,566 197,180JIO 37,024,715 11,991,582 28,690,349 127,059,827 204,766,473 37,872&97 8,337J37 23,191 J65 110,107,680 179.508,979 36,261,603 8,524,092 24,136.523 117,408,831 186,331,049 All loan5 bear interest al varying interc5t rates of between 1.24Yo and 6.25O/.. A rolling working capital facility is a150 currenily in place. Malurily dales for all other loans ran8e from September 2025 to tkcember 2055. Security Bank debt fmm AIB. Barclay's Bank. Ulster Bank, Pension Insurance Corp and European Inveslmeni Bank are seciired by way of mortgages upon the decds of Ihe related properties financed by the loan5 and bear intere51 at fixed and variable tales. Group and associatlon Other IoAllS {THFC and PIQ 2024 2023 Due after five years (note 19) 130,000,000 I iO,(X)O.000
Apex Housing Association Limited 39 Notes to the financial statements for the year ended 31 March 39 (continued) 22 Bank loans (eontfjnued) Security The THFC loan bears interest al a fixed rate of 6.35 % on ihe capiial sum booWed (£10 million) payable al 6 monthly intervals for 30 y¢ars lo 8 June 2039 after which it is Tcpayable in full. Thc loan is secured by a fixed charge over various housing assets. The THFC loan (2012) bears interesl at a fixed rate of S.2/0 on the capilal sum borrowed (£20 million) payable al 6 monthly inlcrvals for 30 years lo 28 Seplembcr 2042 after which it is repayable in full. The loan 15 secured by a fixed charge ovcr various housing assets. The PIC Senior Notes (£1 00 million) are secured by a fixed charge over various housing assets and this has an effective interest rnte of 2.470/ts. 23 Flnanclal Instruments The group has the following financial instrnments: 2024 2023 Group Financlal Asset5 that ire debt Instruments measured rat amortlsed cost Rental debtor (nolc 16) Other debtors (note 16) Amounts owed from related undertakin8S 2,802,704 2,633,150 4,922,426 2,356,421 2,459,941 4,570,820 Financiil liAbiliti¢$ m¢45ured it •mortis¢d cost Dfc loans (note 21) Bank loans and overdrafls (note 22) Other loans (nole 22) Trade creditors (note 18) Other credilors {note 18 and 19) Accruals (note 18) 8,314 197,J80JIO 130,000,000 42,818 6,044,808 6,090J70 38,874 204,766,473 i i 0,000,000 236,111 4,912,827 6,939.495
Apex Housing Association Limited 40 Notes to the financial statements for the year ended 31 March 40 (continued) 24 Pension commitment$ The arnount shown below is calculated to comply wilh the Financial Reporting Standard, the specific requirements of which differ from the basis on which pension liabililies are actuarially calculaied for the purpose of the ongoin8 funding of the scheme. The Financial Reporting Standard requires: actuarial deficiencies to be recognised immediately as a "liability" il) the financial statements rather than being spread forward over employees. remaining service lives. the actuary, in valuing the scheme's liabilities, is requiTed to use a bond yield as the discount rate for valuing future labilities, rather than a rate that reflects the expccled return on ihe sclieme's particular asset portfolio, with the result of an apparent increase in the present value of fulure longer Icrrn liabilities. Paragraph 28 of FRSI 02 also stales that, 'An entity shall recogilise a plan surplus as a defined benefil plan assel only to th¢ extent Ihat il is able lo recover the surplus either through reduced conliibutions in the future or ihrough refund5 from the plan" Following discussions wilh Ihird party advisors, and given it is uncertain as lo whether this surplus (calculated for Financial Reporting purposes) will be recoverable via reduced fulure contributions (calculaled for pension funding purpose5), Apex and Ncwinglon have nol re¢ognised any of this surplus in this years accounts. The below is in relation lo employees and ex-employees who are members of the NILGOSC pcnsion schemc. An Actuarial Valuation ofthe scheme was carried out as at 31 March 2022. Included within the Groiip ore 2 schemes. APEX Housing Association Limited ("Apex") and Newinglon Housing Associalion (1975) Limited {"Newingion"). The closing surplus of each scheme hos been shown below; APEX 2024 £'ooo Newlngton 2024 £'ooo Group 2024 £'ooo 2023 £'ooo 20Z3 2023 £'ooo Total mgrket VAlue of Isseti Unrecognised asset Pregenl value of scheme liabilities 51,054 44,835 3,733 (305) (3,428) 3,264 54,787 (17,682) (37,135) 48,099 (1,168) (36,315) (17J47) (1,168) (33,707) (33,123) (3,192) Net penslon asset l (llabulty) 10,544 72 10,616 latlon LSmlted The major assumptions used by the actuary were: 2024 2023 Rate of increase in salaries 3.25Y. 2.60•/. 4.800/. 3.75Y. Rate of increase in pensions in payment Discounl ratc 2.70V• 4.70Y• Inflalion aumPI10n 2.600/. 2.70/• The mortality assumptions used were as follows: 2024 202J Years YeArs Average expected fulure life al age 65 for male currenily aged 65 female curn11Y Aged 65 - rnalc curr¢nily aged 45 female currently aged 45 21.7 22.2 25 22.7 25.6 26.0
Apex Housing Association Limited 41 Notes to the financial statements for the year ended 31 March 2024 (Continued) 24 Pension commitment5 (continued) The fair value of the se1$ in the scheme were.. 2024 2023 £'ooo £'oc Equities Property Bonds Mulli A55Ct Credit Cash & Oihet 20,269 4,748 10,006 637 18,517 4,708 10,402 5,873 5,335 44,835 (1,168) (33,123) 10,544 9J94 51,054 {17J47) (33,707) Total market value of assets Unrecognised &8s Prcsenl value of scheme liabililias Net pension assetloiabllity) Reconciliation of present value of scheme liabililies 2024 2023 £'ooo £'ooo At l April Service c051 33,123 A,029 48,633 2,081 Pasi service cost Member ¢ontribulions 309 301 Interest on scheme liabilities 1,550 (1,676) (628) 33,707 1,310 (18,629) (573) 33,123 Acluarial lossqgain) Benefits paid At 31 M&reh Reconcilialion of fair value of schcmc a55c15 2024 2023 £'ooo £'ooo Ai l April Expecled return on scheme assds Actuarial sair(lO$S) Ernployer conlribulions Member conlributions 44,835 2,ISO 2,241 2,147 46,713 1,287 (5,053) 2,160 Joi Bcr11S paid At 31 Marth (628) 51,054 (573) 44,835 Analy$l$ of amounts eharyed lo Income and expendlture: 2024 2023 £'ooo £'ooo Currenl service cost 1,029 (000) 2.081 23 Nd inleresl on pension deficit InlcTes1 on unrecognised asset 2.104
Apex Housing Association Limited 42 Notes to the financial statements for the year ended 31 March 2024 (continued) 24 Pension cornmitments (contlnued) Amounts for Current and prevlous Ilve years: 2024 2023 2022 2021 2020 £.0) £'ooo £'ooo £'ooo £'ooo Fair value of employer a&sels Unrecognised asset Present value ofdefined benefit obligalion Asset l (liability) 51,054 (l7J47) 44.835 (1,168) 46,713 42,970 32,697 (48,633) (48,101) (37.965) (33,707) {33,123) 10,544 (1,920) (5,131) (5,268) New. ton Hous A5soclatlon 1975 Llmlted The major a55urnplions U5cd by the actuary wete". 2023 Rale of increase in salaries Rale of increase in pensions in paymenl Discounl rale Inflalion assumption 2. 2.61/1 o 4.6Vo 4.71/1• 2/ 2.6Vo The mortality assumptions used were as follows: 2024 2023 Years Years 22.2 Average expected future life at age 65 for - male curr¢nily aged 65 female currently aged 65 male currently aged 45 female currently aged 45 21.7 25.0 22.7 The as5Cts in the scheme and the expected rates of return were: 2024 £'ooo 1,482 347 1,217 463 224 3,733 (3,428) 305 2023 £'ooo ,347 343 1,185 193 Equilie5 Property Bonds Cash Other Total market value ol assets Present value of scheme liabililies Nel penslon et 3,264 (3,192) 72
Apex Housing Association Limited 43 Notes to the financial statements for the year ended 31 March 2024 (continued) 24 Pension commitments (continued) ReeonclllAtlon of present value of scheme llabllttles 2024 £'ooo 3.192 175 2023 £'ooo 4,371 337 48 Ai l April Service cost Member ¢onlribulions Interest on scherne liabilities Actuarial lo{8aln) Benefils paid At 31 March 147 (79) (55) 3,428 {1,632) (50) 3,192 Reconciliation of fair vAlue of scheme get5 2024 £'ooo 3264 154 2023 £'ooo 3,154 87 (121) 146 48 (50) 3,264 Ai l April Expe¢led on scheme assels Actuarial gain Employer contributions Member contributions Benefits paid At 31 MArch 154 (ss) 3,733 Analy$l8 of imounts ch8rg¢dl (credited) to income and expenditure: 2024 2023 £'ooo Current service cost 175 337 Pasi service cost Expttied retum on pension scheme assets Interest on pension scheme liabilities (154) 147 (87) 168 368 Amounts for eurrenl ind prevlous five year$: 2024 2023 2022 2021 2020 £'ooo £'ooo £'ooo £'ooo £'ooo Fair value of cmployer a55els Present value of defined benefit obligalion Unrrtognised Asset D¢ficil 3,733 3,264 3.154 2.926 2,256 (3,428) (3,192) (4,371) (4,255) {3,169) (305) 72 (1,217) (1,329) (913)
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 25 Called up share eapital 2024 2023 AssoclAdon Ordlnary sharos of £1 eaeh. allotted 2nd fully pald At 31 March 29 28 26 Capital reserve 2024 2023 A8soelatlon At 31 Mareh 27 Supporting people reserves 2024 2023 Assoclallon At l April Income 4,644,289 (7,8J8,757) 3,17W8 4,152,144 (7,015,491) 2,863,347 Expenses Transfer from 8enerdl reserves A131 March This funding is rcslriclcd for usc in providing housing related support services only. 28 Common fund 2024 2023 Association Ai l April 2023 and 31 March 2024 20,000 20,000 29 Capltal commltments 2024 202 A550ciatlon Capital eommitmcnts contraclcd for at the balance shcei date amounted to 162,191,956 190,253,420 30 Dlrector emoluments The remuneration of directOT5 (defined as the Board and the Management Team of th¢ Association) during th¢ year w&s". 2024 2023 Aggregate emolumcnls including bcnefils in kind Pcnsion contribution5 to money purchase schemes 749,911 197,801 947,712 722.967 174,032 896,999
Apex Housing Association Limited 45 Notes to the financial statements for the year ended 31 March 45 (continued) 30 Director emoluments (continued) The emoluments lo the hi8hesl paid Direclor (currently included within the above table) are as follows. 2024 2023 Aggrcgale cmolumcnts including benefils in kind Pension contributions to money purchase schemes 135,654 55,704 130,572 48,604 The number of direthors to whom emoluments were paid during Ihc year fall within each of the following bands: 2023 Number 2022 Number Salary Band: £135,001- £140,000 £105,001 £110,000 £100,001- £105,000 £95,001- £100,(KKI Members of Ihc Board servc in a voluntary capacity and none were in rcccipl of cmolurnenls durin8 the year. Expenses paid lo board mcmbers during Ihc ycaT amounlcd to £622 (2023.. £829). 31 Notes to cash flow statement (a) Reconclllatlon of operAtln8 5urplu$ to net cash Inflow from operatln8 aetlvltles 2014 2023 Surplus for the financial year Deficit arising from disposals of fixed assets Interest receivable and similar income 2,001,301 1,373,310 (482,981) 7,800,469 545,IXK) 11,237,099 11,585,721 (7,024,117) (658.548) (86,201) (144,279) 58,868 (1,140,000) 13,828,543 (2,323,420) 3,445,754 {121,408) 7,813,758 S4,0 8,868,684 8,859,655 (5,123,821) 208.271 1,232,073 3,179,858 33,043 (iOI,OLK)) 17,156,763 Interest payable and similar expenses oiher finance costs Operating surplus Depreciation oftangible assets Amortisation of housing associalion grant Profil on disposal of tangible etS Movement in debtors Movem1 in ¢rcditors Movemenl in inventories Pension movemeni Nd cash inflow from operaiing a¢tivities
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 46 (eontinued) 31 Notes to cash flow statement (continued) (b) Analysts of net debt l April 2023 Cash Flows 31 March 2024 Cash at bank and in hand (including cash inv¢5tmenls) Debt falling du¢ within l year Debt duc after more than l year 26,090,655 (35,416,335) (277,754.276) (313.170,611) (287,079,956) (1,010,230) (200,495) {10.767.854) (10,968,349) {11,978,579) 25,080,425 (35,616,830) (288.521130) (324,IN960) (299,058,53S) Net debt 32 Operatlng lease commitments Ai Ihe balance shcct date, the Association and group had a commitment lo vehicles of £88,423 (2023: £38,051). 2024 Other 2023 Other Within one year Bctwccn two to fivc years Total 47,799 40,024 88,423 26,787 11,264 38,051
Apex Housing Association Limited 47 Notes to the finp4ncial statements for the year ended 31 March 2024 (continued) 33 Housing Stock- association Number of unlts owned on 31 March 2024 2023 Gcncral needs housing Independent livingl housing for old¢r pcople (including resident scheme ¢o-ordinator) Supported housing (including housing with care and nursing) Total owned 6,046 35 5.796 350 559 559 6,955 6.705 Number of unlts managed by (but not owned) on 31 Mareh General needs housing Total units managed Al 31 March Toial unlts owned and managed at 31 March 20 20 20 6.975 6,725 34 Contingent liabilities The Association released Housin8 Association Grant (nel of amortisation) of £440,414 (2023.. £355.231) during Ihc year in relation to building components replaced arisin8 from planned maintenance works. Thc accumulated position of lolal Housing Association Grant relca5cd al 31 March 2023 is £3,290,162 (2023.. £2,849,748). The accumulaled amounl of Housing Association Grani amortised and recognised as income as al 31 March 2024 is £74,444,702 (2023: £69,542,973) (note 12). The possibility of any reimbursernent lo the Department for Communities 15 considered to be unlikely as the housing properties are expe¢led 10 ¢onlinue lo be made available for social huu5ing for the foreseeable future. 35 Turnover, operating costs and operating surplus Aisoelallon 2024 2023 OperAtlng turnover Opergtlng eosts Operatin8 turnover Opcratin8 osls Operoling surplus Operatlng surplu5 Social Housing A¢tivilies Non-social Housing Activities Total 60,086,415 (49,611,497) I 1,074,918 53,001.247 3,123,641 (5&76?87) {2,452,745) 4,134,133 63,810,056 (55,187083) 8,622,173 57,135,380 (46,125,579) {6,960,622) (53,086,201) 6,875.668 (2,826,489) 4,049.179
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Apex Housing Association Limited 52 Notes to the financial statements for the year ended 31 March 2024 (continued) 35 Turnover, operatlng eost% and operating surplus (continued) 2024 2023 Total Total Dfc Management Allownce5- General Needs Management Allowances Managemeni cOS Surplusl(Deficlt) 2,289,672 (7,744,030) {5,454J58) 2.187,504 (7,799,745) (5,612,241) Dfc MglntenAnee Allown¢ei- General Needg Mainlenance Allowances Maintenance administration costs 2065,624 (1,256,628) (1,781,485) (3,444,720) 2.746,253 (1,201,679) {2,388,652) (2,177,843) Planned and cyclical maintenance Reactive maintenance SurplU(DerJ¢ltj (3,617,209) (3,021,921) Gros$ Income from Renti and servle¢ eharges Technical 44,482,533 A2,AOI,$66 S6,S84,099 37.294,501 12,232,475 49,526,976 Non-Te¢hnical To¢AI 36 Partlculars of lettings 2024 2023 A$soclAtlon Rent and service chaTgcs Less.. rent losses from bad debis and voids Supporting people and other subsidies 52,245,472 {531,128) 4,869,755 56,584,099 43,571,447 (474,472) 4,430,001 49,526,976 37 Related party disclosures One member of the Board is a leaseholder of Ihe Association. Rents and service charges are charged ai full rcnlal raics. This board mcmber retired on 2 September 2023 and plans are progressing to recruit a replacement. Apex Housing Association (Ireland) Limiled. Fairbuild Homes (NI) Ltd and Newingion Housing Association (1975) Limited are regarded as a related party as defined by section 33 FRS 102 due lo the facl that a number of directors of Ihesc Companies 8r¢ also members of lh¢ Board of Apex Housing Association Limited. The Iransaclions and balances due fromlto thes¢ rclalcd partic5 during the financial year were as follows".
Apex Housing Association Limited 53 Iyotes to the financial statements for the year ended 31 Mareh 2024 (continued) 37 Related party disclosures (continued) 2024 2023 Apcx Housing (Ireland) Limited Fairbuild Homes (Nl) Ltd Newingion Housing Association (1975) Limited Amount ow¢d from related party a131 March 4,922,426 1,216 47,793 4,971,435 4,570,820 45,170 4,615,990 2024 2023 Apex Houslng Assoelatlon (Ireland) Umlted Amount owed from rclatcd party at l April Management and adminislration charge lo Apex Housing Association (Ireland) Limited Expenditure paid on behalf of Apex Housing Associalion {Ir¢land) Limited Amounts wrillen off 4,570020 4,285,l57 67,747 73,894 802,507 (51N),000) (18,648) 4,922,426 211,769 (Receipls fromypayments to Apex Housing Associalion {Ireland) Limited Amount owed from related party at 31 March 4,570,820 FAirbuild Homes (Nl) Ltd (IIFairbuild Homes") Amount owed from related party at l April Managcmcnt and adrninislrdlion chargc lo Fairbuild Homes Amounts written off Expendilurc paid on behalf of Fairbuild Hsjmes Receipts from Fairbuild Homes Amount owed from related party gt 31 March 101,558 ,361 (114,380) 11,461 325 {5,StKb) 6J9J 1,216 Newlngton Houslng Assoelatlon (1975) Llmlled Amounl owed from related party ai l April Expcnditure paid on behalf of Ncwinglon Housing A550ciation Receipts from Newingion Housing As50cialion Amount owed from rel4¢ed party 4131 March 45,170 2,623 42,851 2,319 47,793 45,170