Apex Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 The Board present their slrale8ic report logether with Ihe audiied financial staiemenls for the year ended 31 March 2024 of Apex Housing Association Limiied (the"AssociatioN") and its subsidiarics (Ihc"Group"}. This report includes required disc105ures of Ihc Trustees Report for charity law puOSeS. Prlnclpal Activity Apex Housing Association Limited {"Apex") is a rnajor housing a5so¢ialion managing a slock of some 6,975 homes which will grow lo over 8,500 when our currcnl planned programmes are eompleled. Our business is housing and associated care and support services. and from tiny beginnings in 1965 in Derry-Londonderry* we have grown into a substantial not-for-profit housing association, led by volunteers working lo social cnterprisc principles. We employ some 648 staff ihroughoul the organisation and provide: General needs housing for families and single peoplc PuTpose-buili accommodation for older people and families with complex needs Supported housing for people wilh mental healih difficulties. learning disabilities. alcoholidwg addictions, Ihose who are phy5i¢ally disabled and young people in need of support Housing support for vulnerable groups under the Supporting People prograrnmc Support services for tenants and the wider community through our community investmenl programme Communily buildings under the management of local communities Apex works across Northern Ireland in delivering social and affordable housing through the Apex Volunlary Housin8 Group stfuclure. Our not-for-profit subsidiary company, Fairbuild Homes 1) Ltd, provides affordable housing for sale bul remains donnanl at this lime. Newin8lon Housing Association (1975) Limited ("Newington") is also a member of the Apex Group. Newington has ils own board of managemenl and manages a housing Stock of around 720 units in North Belfast. Support and cooperaiion is fostered through Ihe Group structure, allowing Apex and Newingion lo use their resources efficiently for mutual bcnefil. What Guldes us. Our Corporate Slralcgy 2023 2026 provides us with slrate8iC themes and objectives which sei ihe direction of travel for cvcryihing wc will do over Ihe 3-year period. We need this lo give us a focus and 10 make sure we Are working iowards common goals. To ensure we achieve these 8oa15, Ihc Business Plan section sels spe¢ifie tasks annually for each of the 3 yeaTS. These are rneasurable and the oulcomes arc reported 10 the Board of Mana8emenl and lo shareholders at the Annual General Meeling. The Strategy has been shaped by feedback from cmployKs, tenanls, and board members. Li sets oul our priorilies io build on the success of the previous plan and inlroduces new initiatives to help delivcr our aims. The Ihemei of Ihc Corporate Strategy feed into slaff appraisals, Iraining and developmenl initiatives, tcarn action plans and key perfom)an¢e indicators. Apex does noi operate in isolation, but instead is influenced by and musl reaci effectively lo changing contexts, nol only within the housing and care sectors bul also within the so¢ielal and community fabric. In the same way we must l¢aTn from our own recent past, using our expcrienccs boih good and bad, to help us plan ahead. Due to the hard WOTk and commitment of our staff over thc lifelitne of the previous Corporate Strategy 2020-2023, ApeA has perfomed well and remains in a strong posilion despite Challenging limes. By pulling logeiher in the same direction we can conlinue our succe55 and make a real diffenCe lo people's lives.
Apex Housing Association Limited Strategie report of the Board for the year ended 31 March 2024 (continued) What we value Our Corporate Strategy giv¢5 U5 di¢1100 for the ¢urrenl 3-year period from 2023 - 2026, however our vision. mission and values will run beyond thai period and underpin everything we do as an organisaiion. boih collectively and individually. Our Vlsfion For cvery person lo enjoy great quality homes and support, in vibrdnt and caring communiiies. Our Mlsslon To lead the way in building Sustainable communitics through the delivery of quality, affordable homes including tailored support and care services. Our Values We care We want 10 make a positive difference lo people's lives. We lake owiier5hip We are all responsible for ensuring we deliver our mission. We do ¢hlii8s well We lead the way; we aim lo gct it right and lo continuously improve. We work logelher We Collaborate 10 get the best result. We show respect We are respectful and courteous lo everyone we come in conla¢t with. F*¢torg influenelng our plfi Apex rccogni5cs Ihal as we continue on our journey there are faclors thal will influence implementation of our plan. We will ¢onlinu¢ to identify, assess and manage the risks, Challenges and opw)rtunities arising, in pursuit of delivering our vision. These includc: Ensuring effective governance Ensuring compliance Ensuring tenancy suslainmenl lrnplemenling Wclfarc Rcfom Managing our finances Responding to the increase in housin8 stress Reducing our carbon footprint
Apex Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (continued) Future plans We have consistently invesled significant time and effort in governance and our robustness here is demonslraled by many positive audits and inspections and SlronE performance against core Dfc standards. We have commillcd and effective slaff in place, ¢onlinually working to improve our systcrnsy processe& and procedures. We have lop qualily office accommodation and havc been successful in attractin8 high calibre voluniary board membcrs. When we are al OUT besl we are up Iherc with olhcr top perfonninB organisations. Our customer5 are looking for somethin8 slraighiforward; a responsive, reliable, and iimely 5ervi¢e offerin8 value for money. While th¢ majority get that service. we musl strive lo idenlify any weaknesses Ihal adversely impact upon our performance. Using our strong work ethic, we will continue lo direct our energies 10 improvin8 our weaker areas and tackling issues before they become problems. Implementation of the 'Tenant and Resident En8a8cment Strdiegy 2023-2026. will help us ensure a strong cuslomer focus and bcltcr service delivery which underpin our overall direction of travel. Strategic priorities Our analysis of ihe issues has detemined that our objectives and tasks fall under five stralc8ic priorities. By finnly committing to priority 1.0 - Sustainable communities. wc will maxirnise our hopes of achieving all our objectives a¢ros$ priorities 2.0 to 5.0. 1.0 Suslainable communilies 2.0 High quality. ener8y efficient homes 3.0 Quality Supported Living 4.0 An effective and efficicnl organisation 5.0 Skilled people and learns The board ha5 refreshed our medium-terni corporate strategy for 2023-2026, in response lo the ¢urrenl and expe¢led operating environment 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. Delivered over 700 brand new homes for new lenanls, Engaged wilh over I 1,000 people Ihrou8h events and activilies, Completed 450 disabled adaplalion5 for lenanls. Completed 80,000 repairs and spent over £1 Om on planned and cyclical upgrades, Accessed £0.85m of additional benefits for ienanls through our welfare advice service. Aw8rded the highest Dfc regulatory Taling. Relaincd our investment grade credit rating. Secured £IOOm in bond finance. Received a CIH awaTd for 8rttner environment and stronger cornmunily initialivc. What w¢ -26 Prlorlty l- Susfaiiiable coiNiiiuNirfes Deliver reliable, high quality. effective and eIcient serviees to tenants and service users. Promote tenancy sustainment and respond appropriately to the changing needs of tenants. Work in partnership with others to provide wider communily support. Promote lenanl engagement and communily investment. Priority 2- Hlgh quollty. eiier&v ejficieiithoiiies Deliver an ambitious growth programme. Consider new housing models. Provide wcll rnainiained homes. Deliver energy ¢1¢1¢nI homes.
Apex Housing Association Limited Strategie report of the Board for the year ended 31 March 2024 (continued) Priority 3- Qualityyupported livlAg Deliver high-qualily, cost-effeclive support and care services. Review service delivery, ensuTing il remains siraiegically relevani and meets service user nttds. Priority 4-An eJTicie•il aiideffec(Ive orgonisAfioii Ensure effective governance and compliance. Grow the balancc sheet, whil¢ mccling key financial largels. Work to meet governmcnl's social and affordable housing agenda. Deliver cost effective services. Ensure sustainability. Implernent effective and efficicnl ICT solutions. Communicate effeclively to drive service improvemenl. Prlorl¢Jl 5- Skllledpeople aiid ieanis Improvc workforce stability, Implement an effective and efficient organisational stNclure. Equip siaff wilh the appropriaie skills and knowledge to deliver high qualiiy services. Community Investment Ap¢x works across a range of vibrant and diverse communities ihroughoul Northern Ireland and incrcasingly see5 thc nccd to lar8el this work beyond ourcor¢ business aciiviiies, This is ne¢essilaled by the considerable PTcssurcs so¢ieiy in general continues lo face in a challenging economic climate. As a social landlord, we see every day the impact of a range of factors on our communilies. Apcx Ihereforc seeks to dcliver a Tange of programmes and services that insligale posilive change and rnake a fundarnenlal difference lo people's lives, Ihereby making our Communities better places to live. Through investing in peopl4 properly, and the environment, we aim lo make a positive differcnce. To help a¢hieve our aim, we work with several community partncrs to cnable tenanls and residents to accc8s a rangc of iniliativ¢s including sclf-devcloprnenl programmea, advice on health and well-being, budgeting and employmenl opportunities, By enhancing our cngagcmenl in communiiy investment aclivilies, we have established Apex as one of the leadin8 socially responsible organisaiions in Northem Ireland. We want 10 continue with this important work to ensure Ihal we continuc to build thriving communities where people want lo live and work. Key Areas The "Communiry Inveslmenl Strategy 2023-2026" has Ixen developed with the aim of supporting our communities beyond our core landlord purpose and provides a focus to ensure we are working towards our comrnon goals which in turn have been shaped by feedback from stakeholders including tenants, community groups and employees. They larget the following fiv¢ pillars of activity.. Community Empowcrmenl & Engagement Health & Wcll-Being Financial Well-Being Work & Leaming Volunteerin8 Wc will conlinu¢ lo use our inlluence and knowledge, work in partnership and source addilional funding lo deliver a range of ollaboraliv¢ servi¢es. These services will aim lo insli8Ale positive change and n)ake a fundamenial difference lo people. lives. also conlribuling 10 wider ¢ommunily benefits.
Apex Housillg Association Limited Strategic report of the Board for the year ended 31 March 2024 (continued) What we 2020-23 Supported more than 100 allotment users with an on-site horticulwra]ist. Helped MO than 1.200 tenants through our Welfare Advice Service. Delivered more than 200 comrnunity cvcnt5 through the Housing for All initiative. Provided more than 70 meals per week through our Luncheon Club service. Delivered almost 65.OOOkg of food to local communities. Supported almost 200 households though our Community Supemarket. Rai5cd more than £60k to support community projecls in Tanzania. What uldes v The 'Communily Investment Strale8y 2023-2026, has a range of programrnes aimed at the individual, Ihe wider community and the environment. Within the slTalegy we hav¢ considered the following ihemes.. Themes Theme l- Enablepeople tofulfil their tTspiraftons Support people lo make infomied decisions about their lives and increase Ih¢ir independencc. Support people lo recognisc their polenlial by increasing iheir motivation, confid¢nc¢, skills, and knowledge. Theme 2- Eiiable successful comiiiiuiilrfes Provide opportunities for people lo participate in making decisions aboul their communilics. Support pcople lo fulfil Iheir vision and aspiralions for their communily and between Communities. Promote and encourage diversily and good Telalions in all housing developrnenls and particu18rly wiihin areas where Ih¢re is 'shared hoiising,. Develop biodiversiiy and sustainability inilialives within our communilies. Theime 3- ProNio¢eposl¢lveparfviershws within colliniuiililes Support charities, social enlerprises, and SMES wiihin our communities. Support the development of economic activity within the areas that we work. Maximise the social value impaci for our communilics within Apcx dcv¢lopmenl ¢ontracts. Sustainability Housing associaiions play an inte8ral role in the provision of affordable and safe homes, as well &5 responding 10 wider issues of social inequalily and climaie change. Therefore, Apex have developed our ' Sustainability Sirdlegy 2023-2026, The strate8y sets out OUT plan5 for Ihc nexl the-year period,. focusing on key aclions lo make a real, measurable impact within our association and communilie4 as well as conlribuling lo the achievemenl of governrnenl sustainability targcl5. Our vision for this suslainability slrale8y has been developed io help us inlegrale suslainabilily into all aspects of our work. from the homes we build. to the way we run OUT association and how we support our communities. Sirategy In order lo achieve our vision, we have developed six dTivcf5 Of our strategyi with the overarching aim of coniribuling io the irN Susiainable Developmenl Goals (UN SDG5). Supporting rc5id¢nls and communities 2. Climate aclion Environmental proleclion 4. Affordability 5. Supporting our people Sirong govemance
Apex Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (continued) In lum, these six drivers will infom three key areas for larget and aclion. Target l- Sustainable hoL4ies Reduced fuel poverty Reduced carbon emissions Good quality, affordable homes Improved biodiversity Reduced resource use Targei 2- Sus¢aliiable a5SO¢iÉYtio Reduced carbon emissions from SOCiation Reduced resource use Supporled and molivaled staff Incre&sed transparency and accountability Target3-Susfaliiable COViiiiMnities Community pride and ownership Increased communily support Improved health and wellbcing Nei biodiveTSity gain in local areas Reduced carbon emissions across communilies Throughout 2023-2026 we will coniinuously monilor and periodillY ¢valuAte the success of the Sustainability Stral¢gy. OperA¢ln8 Performance Apex measures performance through a range of key indicators which are reviewed quarterly. Indieator Average no. of 51aff employed during the ear Working time lo Staff turnover Unit8 sl&rt¢d /0 of iotal Nl starts Voids of total stock Total arrears /0 Rcpair5 com leted within res onse lirnc Operalin ma in (Grou Retained surplutd(deficit) ror the year (after pension changes) Grou 23124 result 636 22123 rtsult 645 7,57•jy 20.540/0 553 28.2V/tr J4J2•/0 27 1.790/. 0.640/0 88.64°/o 14.80/ (£10,28m) 14.40/0 £11.6m Our People Our staff are one of our most valuable assets. Apex provide5 a cornprehcnsive employment package including access 10 pension schemes, on £oing Iraining and development, and access to a range of employee well-being initiatives. BoArd of Management The Board is a volunlary commiiiee who h•ve responsibility for the sirdlegic direction, gencral policy and management of the Group. The day.to4lay management of operations is delegaled to the Chief Executive and Senior Management Teams of each group company. Gender analysls 7 members of the Board are malc and 5 are fernale. The Senior Managerneni Team is comprised of 3 males and 4 females. The association has 648 employees of which 21Y are male and 79°/0 are female.
Apex Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (continued) Evtnts after the balanee she¢¢ da¢e There are no si8nificanl evcnls ihai have occurred after the balance sheet dalc that would affect Ihe financial 51atcmentS. Value for Money (VFM) Apex is fully committed lo achieving value for money (VFM), We recosnise that we need lo continue lo push our performance and ¢apacily up lo higher levels if we arc to meet the goals and targets sei by our board. During 2024125 we will continue lo publish 8 VFM statement and coniinually monitor and repon performance againsl that 51atcmenl. Return on soclal investment Ap¢K ¢onlinues lo deliver ils community invesimenl programme as set out in the note above. During the course of 202£V25. Apex will work towards the delivery of this programme and measure its oulcomes for reporting to ihc board and stakeholders during the year. Apex Housing Association Limited is rcgislercd under the Co-operative and Community Benefit Societies A¢1 (Northern Ireland) 1969 INO. IP125) and is a Regislcrcd Housing Ass()cialion with the Departmeni for Communilies (NI) - No. R23. The Association 15 a rc¥1btCr iharily (Re8lStration no. NIC106107). Newingion Housing Association (1975) Limiied is regi%lcred under the Co-operalivc and Communily Benefit Societies Acl (Northern Ireland) 1969 (IPOOOI 58) and is a Rc8i%lered Housing Associaiion with the Departmenl for Communilies (Nl)- No. R13. The Associaiion is a regislcred charity (R¢gislraiion No. NIC102477). R15k Management Intemal and external risk evaluation remains integral to the forniulalion of our business slralegy. Our Board and Senior Mana8ement 1.eam has mainlaincd lis ongoing programmc of risk review throughout the year, and our most significant risks currenily facing the organisation are shown below. These, along with Ihe oiher main business risks caplurcd on the slTategi¢ and key risk register, are reviewed by the Board on al least a quarterly basis. Failure lo delivcr on the Social Housing Development Plan. Failure lo secure adequate rcvenue funding for the proper management of Supported LivinB accommodation resultin8 in increasing rcvcnuc deficits. Nl Walcr nctwork capacity which could impact on development plans. Financial impacl of increased nursin8 care costs resuliing in growing deficils in nursins schemes. Financial impact of the NILGOSC defjned bcncf)I pension scheme affe¢lin8 annual accounts, Rcquir¢tncnl under PPN 02Q2 on the use of NEC4 engineering and construction conlrncls which musl use X clauses for inflation and changes in Ihe law $IlIng in cost incr¢ascs. Failure to have a robust and transparent procurement process in place resulting in challenges from unsu¢c¢ssful contractors and wider public criticism. Failure lo rccruil and relain skilled and experienced staff. Financial impact of poienlial future delivery of affordable homes and mixed tenure developments. Failure of subsidiary and associated companies lo mttl their performance targeis leading lo tncreasing inlercompany financial support. Failure lo ensure effective Adult safeguarding leading lo breach ofregulalory requirements and poor l¢v¢ls of Care. Failu 10 manage ihe risk ol fraud resulting in considerable financial lossLs and scrious rcpulalional damage. Levels of voids in supported living accommodaiion leading lo increasing deficits. Failure lo implemenl good governance r¢5ulling in brcach of r¢gulalory requirements, repulalional damage and impacting on future viability. Failure to comply wilh General Data Proleclion Regulalions. Healih and Safety risks relating to fire safety in apartmenls. Risk of cyber-allack re.4uliing in theft or loss ofdata and access lo IT systems.
Apex Housing Association Limited Strategic report of the Board for the year ended 31 March 2024 (continued) Performance In the year ended 31 Mareh 2024 Durin8 the year the Dumber of homes in management in Apex Housing Association increased by 250 unils (3.71010) 10 6,975. There were 280 completions, 24 house sales lo Icnant5, and 6 thared ownership buy-ouls. There were 1,373 unils under dev¢lopm¢nt al 31 March 2024. Home5 undcr management within the Apex Housing Group increLged by 254 units (3.41 0/0) to 7,695 (nel of sales and shared ownership completions). £57.8rn was 5pcnt on developin8 housing propertics during the year, partly funded by £8.4m of Housing Association Grani. Association lurnover increased lo £63.8m (11.68è/g) from £57.1 m in 2023. Turnover from shared ownership sales (first Iranchel was £Nil in 2024, whereas this was £0.6m 2023. Operdling cosis increased from £53.Im in 2023 10 £55.2m in 2024. Nel rinancing costs increased by £0.2m lo £7.5m. Deficit for the year wa5 £10.6m (including actuarial loss of £12.2m on the NILGOSC defined bcnefil scheme) compared with a surplus of £9.5m in 2023 (including actuarial gain of £12.4m). Following discussions with extcmal ihird-party advisors, Apex has not recognised any surplus on the NILGSOC defined pcnsion 5chem¢ this year. Last year Ihcre was a recognised asset of £10.5rn however IheTe has been a recommendation to change the default position going forward, as it is uncenain as 10 whether this surplus (Calculated for Financial Reporting purposes) will be recoverable via reduced future contributions (calculated for pension funding purposes). The impact of this change created a large loss of £12.2m on the accounting Ir¢atment of lh¢ NILGOSC d¢fined benefit scheme during Ihc year. Excluding ihis, the association incurred a surplus of £1.58rn on ordinary aclivilies. This was a Considerable improvcmenl on the corresponding loss of £2.87m reported in 2023 and is atlribulable 10 ihe Associaiion increasing rents by 90/0 for general needs pTopenies 10 miligale against the impact of inflation as well as an increase of £2.3m in supported living rents arising from a revicw of c05ls and charges. The association also leased a loss-rnakin8 nursing home to anoiher operator in February 2023 with the full year impact of this bcncfitling performance in 2023124. Work is continuing lo secure further increases in income for supported living schemes via discussions with the local health trusts and NIHE Supporting Pcoplc tcam. Group turnover increased lo £69m (I1,47Q/*) from £61.9m in 2023. Group operating costs increased from £56.8m in 2023 to £59.3m in 2024. Group operating surplus for 2023 of £8.9m increased to a group surplus of £l1.2m in 2024 as a rcsult of th¢ irnpacl on the parcnl set oul above. There was a total rctained dcficil for the year of £1 0.3m compared lo a surplus of £11.6m for 2023, however this was due to an decrease in the accounling value of ihe dcfined benefit pcnsion scheme accountin8 for a recognised loss of £12.2rn in 2024 compared to a gain of £13.9m in 2023. Expeeled p¢rform•n¢e In the yeAr ended 31 Mareh 2025 11 is planned Ihat 361 addiiional units will be completed during the year increasing stock owned or managed by Ihc 8roup to over 8,050. By Order of the Board Mccallion HonorrY Seere¢Ary 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 audited financial slalemenls for the year ended 31 March 2024 of Apex Housing Associalion Lirnited (the 'Asso¢iation") and its siib5idiaries (Ihe 'Group"). This report includes required disclosures of th¢ Trustees Report for charity law purposes. Board of Management The Board 18 a voluntary committee who have Tesponsibility foT the sirategic direction, general policy and management of the group. The day lo day managernent of operations is delegated to the Chief Lxeculive and the Senior Management Team. Performance In the year ended 31 March 2024 and expected performance In the year ended 31 March 202S The sections on perfoTrnancc in the year ended 31 March 2024 and expecied perfomiancc in the year ¢nded 31 Mar¢h 2025, which are in the strategic report, are included in this report by cross reference. Average staff nurnbers decreased from 645 in 2023 to 636 in 2024. There are limited plans for additional oulreach schemes due to funding constraints and therefore staff numbers are noi anlicipaled lo increase significantly in the coming financial year. Staff turnover was 14.3211/0 (2023: 20,540/0) and the average abscnce percenta8e was 8.72•/o, up from 7.570/0, in the previous financial year. Prin¢ipal rl8ks and uneertalntleg PerfoanCe in the voluntary housing 5cclor is affected 8reatly by central government decisions on matters of social and care provision in Ihe community, housing policy, planning issues, land and construction costs, shortagc of qualified nursin8 staff, demographic trends, energy prices, pension cosls and budgeiary constraints in the Northern Ireland budget. The board and senior management carry out quarterly reviews of risks and idenlify conlrol measures 10 manage thcm. Sorne of the lop key risks identified by the Associalion during 2024 were; funding levcls in supported living scheme5. voids in supported living a¢commodalion; difficultiC5 in recruiting nursin8 and other slaff. financial impact of the NILGOSC defined benefii pension scheme on ihe accounts. cyber security. failure of subsidiaries 10 meet perfomian¢e largels. financial impact of poienlial future delivery of affordable homes and mixed tenure developments- failure to ensure cffeclivc aduli safeguarding,, Nl Water insufficient network capacity impacting on development plans. fraud; failure to ensure good governance and eompliance,, failure lo comply with Gcneral Daia Proiection Regulations. fire safety in apartmenls. and polential ¢hallenge5 from unsuccessful Conlraclors if proper procuremcnl procc55cs are not robust. Key performance Indicatori Dfflelopnieiii New 5ilcs starts achi¢ved: 27 {1.7/• of Dfc programme) Hoiisiiig Managenieiil 2024 2023 Allocations Rent Colle¢lion Total Arrears Non-technical Arrears as /0 of NT turnover Voids as of rent reccivable Voids as P/0 of housing stock Response maintenance within lime 945 798 7.39Yo l4.041/b • 1x980/0 0.610/0 88.64°/o 0.93/0 88.980/0
Apex Housing Association Limited Report of the BoY4rd for the year ended 31 March 2024 (continued) Environment The Association recognises its corporaie responsibility lo carry out its operations and dcvclopment programme whilst minimising environmental impacts. The Board's continued aim is to comply with all applicable environrnenial legislation. prevent pollution and reduce wasle wherever possible. Health And fety The Association has a dedicaled h¢alih and safety officer who 15 dcdicatcd to achieving the highest practical standards in health and safely managemenl. The developrncnt and propcrty services teams also ensure all sites and offices are safe environments for employees and ienants alike. Human resour¢es The Association's most important resource is ils people. their knowledge and experience are cruci81 in meeting ienants, requircrnents. Retention of key slaff is critical and the a5sociaiion has various slralegics and plans in place io develop capacity in our leams. Flnancial rlsk management The Associotioii's opera¢ions expose it to a variety of financial risks tha¢ includ¢ the effects of changes in interest rate risk. liquidity risk and currency risk. Rc5ponsibilily for the management of risk is delegated to the Finance Commillee. Interest rate rlsk Exposure lo fluclualing inlerest rates is managed by the compo$ilion of a balanced portfolio belween fixed rate and variable rale loans. Llquldlty risk The Associalion Maintains a mixture ol long Icmi and short tcnn loan finance that is designed to ensure there is sufficient funds lo achievc business objeciives and lo facililale planned growlh. Currency rlsk The Associalion does not engage in foreign eurrency Iransaclions and so is nol exw)sed lo foTeign exchange risk. Donations The Association made charilablc donations amounting lo £12,000 durin8 the financial year (2023.. £5,790). No donations for polilical purposes were made during the financial year {2023: £Nil). Employees Applicaiions for employmenl by disabled persons are always fully considered. bearing in rnind ihe respective aptitudvi and abililies of the applicanl concerned. In lh¢ event of members of Staff becoming di5ablcd every effort is made lo ensure Ihal their employment wilh Ihe company continues and that appropriate Iraining is arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be idcnlical to that of a person who does not suffer from a disability. Consuliation with employtts or their Tepresentatives has conlinucd at all levels, wilh thc aim of ¢nsuring that their views are taken into account when decisions are made that are likely lo affect their interests and that all employees are aware of the financial and economic perfoanCe of Ihe ¢ompany.
Apex Housing Association Limited 12 Report of the Board for the year ended 31 Mg4rch 2024 (continued) Going concern The Board has a reasonable expectation thai Ihe Assoei8lion has adequate resources lo continue in operational existence for the foreseeable future. Th¢ Board considered the new financial plan for 2024125 and beyond at their meeling held on 29th May 2024. Thi5 plan included various assumption5 and slres5-tesliDg around a range of scenarios and considered any miligalions Ihal may nccd to be pul in place depending on the outputs of each scenario. For this Teason, they continue lo adopt the going concern basis in preparing the financial slatemenlè& and are confident that the Group will be a going concem for al least 12 months from the dale of thi5 report. Status The Association is registered undcr Ihc CoThopcrative and Community Benefit Societies Act (Northern Ireland) 1969 (Registered number IPI 25) and is a Registered Housing As50¢iaiion (R23). The Association is a rccognised ¢harily for InlAnd Revenue purposes {Charity number: XN48080). The Association is also registered with Nl Charities Commission (Charity number- NIC106107). Board of Management The members of ihe Board of Ihc A550cialion are listed on page l. Each member of Ihe Board holds onc fully paid share of £ l in Ihe Associalion. In accordancc with ihc Rules of the Association, Mr Philip O'Flaherty, Ms Linda Walson and Ms Alison Wallace are due 10 retire by roiaiion And being eligible, offer themselves for re-eleclion. Mr John Meehan, Mr Sean M¢Kenna and Ms Rachel Naylor are also due to retire, however are nol seeking re-election, Statement of the responslbSlltles of the Board The Board is responsible for preparing Ihe financial slalernenls in accordance with applicable laws and re8ulalions, The Co-opeTative and Community Benefil Societies Act (Northern Ireland) 1969 and registered social housin8 1c8islalion requirc the Board io prepare financial qtalements for each financial ycaT whieh give a true and fair view of Ihe stale of the Group and As50ciation's affairs and of ils surplus or deficit for that period. In preparing those financial statements the Board ts required to: select suitable accounling policies and then apply them consistently; make judgemcn15 and cslimales thai are reasonable and prudenl; slate wheiher applicable accounting standards have been followed, subjecl to any malcrial departures disclosed and explained in Ihe financial 51aiem¢nts' and pr¢p8rc Ihe finan¢ial stalements on the going concern basis unless it is inappropriate lo presume Ihai the Association will continue in business. The Mcmbcrs of thc Board are responsible for keeping proper accounling records which disclose with Teasonable accuracy Ai any lime the financial position of the Association and to enable them lo ensure that Ihc finanrial stalem¢nls comply with the Co- operative and Communily Bcnefil Soci¢tiC5 Acl (Northern Ireland) 1969 and the Regisiered Housing Associations (Accounting Rcquiremenls) Order (Northern Ireland)1993. It has general responsibility for taking reasonable steps 10 feguard the a&scl% of Ihe Association and delecl fraud and other irregularilies. They are also responsible for safeguarding the assets of thc As50cialion and hence for taking reasonabl¢ steps for Ihe prevenlion and detection of fraud and other irregularilies. Statement of disclosure of information to auditors So far as each of the members of lh¢ Board at the dale of approval of these f5nancsal statemen15 is awarc- There is no relevant audit infotmation of which the Group and Association's audiiors are unaware. and They have laken 811 the steps that ihey ought to have taken as members of the Board in order lo make themselves aware of any r¢l¢vanl audit infornlalion and to eslablish that the Group and Association's audilors are awar¢ of Ihat inforrtialion.
Apex Housing Association Limited Report of the Board for the year ended 31 March 2024 (continued) Statement on internal ntrol 13 The Board acknowledges its ullimate responsibility for ensuring that Apex Housing A550cialion Limiled has in place a robust syslem of internal controls which is appropriale for the various business envinmentS in which il operates and supports the achievement of the GTOUP and Association's policies. aims and objeclivcs whilst safeguarding ils fund5 arid a55¢tS. Apex Housing Association Limited was e51ablished in October 1965 and has in place a range of internal conlrols which are and will continue to be reviewed on an annual basis. The syslem of internal control is designed to manage risk to an acceptable level rather than 10 eliminate all risk of failure lo achieve policies. aims and objectives. it can therefore only provide reasonable and not absolule assuTance of effectiveness. The 5yslcm of internal control is based on an ongoing process designed to identify and prioritise the risks 10 achieving Ihe Associations. policies, aims and objectives, lo evalug4le the likclihood of those Tisks being rcalised and the impact should they bc realised, and to manage them efficiently, effectively and economically. The system of inlemal control has been in pl8¢e Ihroughout Ihe financial year ended 31 Mah 2024 and up lo the dale of approval of the annual report and financial statements and this accords wilh rrtommended Treasury guidance. The %etting of risk appelite by the Board, and identification and asses5mcnl of the impacl of risk, is incorporalcd into the corporaie planning and decision-making processes of the Association. Consequently, Ihe Associalion ensures that there are procedures in placc for verifying Ihal internal controls and aspects of risk management are regularly reviewed and reported on. During 2023124 a number of mc3sures were irnplemenld lo ¢nhan¢¢ th¢ sy51¢ms of inlemal control in place. These included; Lmplcmenlation of thc Risk Managemeni Framework. Rc8ular rq)orting to Ihe Audil and Risk Committee and other Commiiiees and the Board. Annual review ofthe Risk Management Framework and selling of Ihc risk appelile for 2024-25. Implernenlalion of the Decision Time Goals IT module lo mana8c and report on key perfomance. Delivery of training. Further dcvelopmcnt of the risk and govemance arrangements through review and implernentaiion of a revised systern of KPI monitoring and reporting, effcclivc fTOrn I sl April 2024. Commen¢¢d development of an overar¢hin8 policy for 'notifiable events, reporting lo ensure compliance with external reporting requirements. Revicwcd the current policy mana8emenl and review procedures and agreed a new IT system for poli¢y management, 10 be introduced during 2024-2025. n addition to ihe actions outlined above, in the coming financial year the Associalion plans lo: Conlinue lo operate the Risk Managemcnt Framcwork, Ensure that the Association's Audit and Risk Assurance Committee conlinu¢s to r¢view the risk framework at its meclings. Implemenl the systems for managing and reporting on key performance Ihrough ihe Decision Time IT soflware and embed the revised KPI reportin8 system. 4. Continue lo deliver approprialc Iraining fDr slaff, Audit and Risk Commillee mernbers and Board members. 5. Strengthen Ihc syslcms for ensuring compliance wilh external reportins requiremenls through implementation of an overarching policy for 'nolifiable events. reportin8. Implement the revised system for w)licy management and review As an integral parl of ils corporate planning process. (he Board sets the risk appdile and the inherenl risks for each corporate objective are identified and assessed for impact and likelihood using a risk matrix. The A550¢i9lion updates its risk regis¢er5, identifying Ihe contro15 necessary lo Tnitigat¢ against each risk. a55essing th¢ residual risk, identifying further action5 to be taken and assigning risk ownership lo relevant slatr. These risks are reported lo and managed by the Televant Committee of the Board and by ihe Audii and Risk Assurance Committtt, who review and report lo the Board on risk managcment issues. Risk is reviewed on a quarterly basis and Ihe Board is informed of any emerging issues. The Commillee receives regular reports on the implementation ofinternal and exlernal audit report5 and meeis wilh th¢ auditors on a regular basis. The Comrnittee will commission further reports on specific issues where Ihey fttl this is nece55ary.
Apex Housing Association Limited 14 The Board has responsibility for reviewing the effectiveness of Ihe system of internal control. Ils review of the effeclivenc55 or the system of internal control is informed by the work of the inlcrnal audiiors and those within the company who have responsibility foT Ihe development and maintenance of the Association's intemal control framcwork and comments made by thc external auditors in their reporting. A plan lo addres5 weaknesses and ensu ¢oniinuous improvement of the system is ongoing. The Board h&$ been infonned by internal and exicrnal 8udil on the adequacy and cffcclivcncb5 of inlemal controls operating within the Associ31ion. In ihe intemal auditors report they have sialed that in their opinion Ihe Association's internal control systems were adequ3te and operated effectively thereby providing saiisfaclory assurance regarding the effective and efficient achievemenl of the Associalion's obj¢cliv¢s; however a number of recomrncndalions were made and an implementation plan is in place io address thcse. Progress on issues raised by internal and external audit continues lo be formally monitored through the Audit and Risk A5suran¢e Committee. Taking all of these matters into account the Board is 5uiiabSy content that the internal control framcwork in operation within Ihe Association. Statutory auditors The auditors, Sumcr Audilco Nl Lid, have indicaled their willingness 10 continue in office, and a resolulion con¢erning their reappointment will be proposed at Ihc Annual G¢n¢ral Meeling. By Order of Ihe Board Ms S Mccallion Honoriry Secretary 18 Scpiemb¢r 2024