Apex Housing Association Limited
18
Consolidated statement of comprehensive income for the year ended 31 March 2025
2025
2024
Note
Turnover
77,447,422
(64,702,790)
(124,108)
12,620,$24
93,$01
267,472
(9,675,870)
(166,917>
so,000
3,188,710
{l8,000)
7,448,000
(8,688,01)0)
1,930,710
69,045.231
{59,274,854)
1,466,722
11,237,099
104,799
482,981
(8,890,469)
(1,478,109)
545,(K)O
2.001.301
(12.C(10)
4.163,0
(16,429,000)
(10,276,699)
Operating costs
Ga1￿(lO$S) on disposal of housing properties
Operatlng surplus
sUrplu￿(dericil) arising from disposals of fixed &￿etS
Interest receivable and similar income
Interesi payable and similar expenses
Transfer to disposal proceeds fund
Other finance costs
io
20
Surplusl(Deflelt) for the flnanclal year
Transfer to designated reser4es
Actuarial (loss)Igain in respect of pension s¢hemes
Unrecognised Assel in respect of pension schemes
Total comprehenslve Income for Ihe year
24
24
All amounts above relBle to continuing operations of the Group.
Consolidated statement of changes in reserves for the year ended 31 March 2025
2025
2024
Surplusl{Deficit) for the flnancial year
Movement in designaled reserve
Movement in called up share capital
Acluarial (loss)18ain in respec( of pension schemes
Unrecognised Asset in res￿¢1 of pension schemes
Nel addition lo capital and reserves
Opening lolal capital and reserves
Closlng total capital and reserves
3,188.710
(18,000)
10
2,001,301
(12,000)
24
7,448,000
(8,688,000)
1,930,720
35,795,9S7
37,726,677
4,163,000
{16,429,000)
(10,276,698)
46,072,655
35,795,957
24
The notes on pages 23 to 53 fonn an inteBral part ofihese financial Sthiements.

Apex Housing Association Limited
19
Association statement of comprehenslve income for the year ended 31 March 2025
2025
2024
Note
Turnover
7J,889,358
{60,098,604)
(124,108)
11,666,640
93,501
233,158
(8,914J09)
(166,9J7)
50,000
2,961,879
{18,000)
6,619,000
(7,859,000)
1,703.879
63,810,056
(55.187.883)
1.402.290
10,024,463
104,799
468,360
(8,083,006)
(1,478,109)
545,000
.581.507
(12,000)
3,917,000
(16,124,IX())
(10,637,493)
Operating Costs
Gain/(loss) on disposal of housing plopenies
Operatlng surplus
Surplus arising from disposals of fixed assets
Interest receivable and similar income
Interest payable and similar Charges
Transfer lo disposal proceeds fund
Other finance costs
20
Surplusl{defi¢it) for the flnanclal year
Transfer lo designated reserves
Actuarial (loss)18ain in respect of pension schernes
Unrecognised Asset in respecl of pension schemes
Total eomprehen$lve In¢omel(defi¢ll) for the year
24
All amounts above relate lo continuing operations of the Asswialion,
Association statement of changes In reserves for the year ended 31 March 2025
2025
2024
Surplus for the financial year
Movement in called up share capital
Actuarial (loss)/gain in respecl of pension schemes
Unrecognised Asset in respec( of pension schemes
Net addition to capital and reserves
Movement in designaled reserve
Opening lolal capital and reserves
Closlng total capllal and reserves
2,961,879
1,581,507
24
6,619,000
(7,859,000)
1.721083
(l8,000)
19,491 J94
21,195277
3,917,0(K)
(16,124,(X())
{10,625,493}
(12.000)
30,128,887
19,491,394
The notes on pages 23 to 53 form an integral parl of Ihese financial slatements.

Apex Housing Association Limited
20
Consolidated statement of financial position as at 31 March 2025
2025
2024
Note
Flxed assets
Housing properties- depreciated cost
Other tangible fixed assets
12
896,791,290
11,181,579
907,972,869
853,120,086
10,099,132
863,219.218
13
Current Assety
Stock
15
195,360
17,200,168
3,719,534
976,002
22,091,064
(71,917,481)
(49,826,417)
858,146,452
(820,419,77S>
243.946
16,106,122
23,577,481
1,502.944
41,430,493
(97,425,999)
(55,995,506)
807,223,712
(771,427,755)
Debtors
16
Investments
17
Cash at bank and in hand
Creditors: amount$ falling due within one year
Net eurrent asJetsl(IiAbllStles)
Total assets less current liabilities
18
Credllors: Amount$ falling dllt after more than one year
Penslon asset l Olabhllty)
Net a95etS
19
24
37,726,677
35,795,957
Capltal and reserves
Called up share capital
Capital reserve
Supporting People reserves
Common fund
25
39
29
103
103
27
28
22,000
37,704J35
37,726,677
20,000
35,775,825
35,795,957
Revenue reserve
Total fund6
The noles on pages 23 10 53 form an integral part of ihese financial statemen18.
The financial staiemenis on pages 18 10 53 were approved by ihc Board of Management on 24th September 2025 and were
signed on ils bchalf by:
D Mc Kenna
Treasurer
P Caldwell
Chairperson
S Mccallion
Secretary
Registered number: IP 125

Apex Housing Association Limited
21
Association statement of finanelal position as at 31 March 2025
2025
2024
Note
Flxed assets
Housing properties- depreciated cost
Other tangible r￿ed assets
Inveslmenls
12
830,929,400
9,233503
787,521,728
8,097,257
13
14
840,162,905
795,618,987
Current assets
Stock
15
195J60
16,927,490
3,719,S34
221,933
21,064,317
(65,583,764)
(44,Sl9,447)
79S643,458
(774,448,181)
243,946
15,844,046
23,577,481
199,353
39,864,826
(94,457,635)
(54,592,809)
741,026,178
(721,534,784)
Debiors
16
Invcstmenls
17
Cash at bank and in hand
Credltors: amounts f*lling due within one yexr
Net eurrent assetsl(liablliiles)
Total assets less curren¢ lfjabllltles
18
Credltors: amounts falling due after more than one year
Pen$lon asset l (Ilability)
Net assets
19
24
21,195,277
19,491,394
CapltAI and reserves
Called up Shar¢ Capital
Capital reser4e
Supporting People res¢￿e$
Common fund
25
33
29
26
27
28
22,000
21,173,237
21,195,277
20,0(KI
19,471,358
19,491,394
Revenue reserve
Total funds
The notes on pages 23 10 53 fomi an inlegral part of these financial slalemenls.
The financial stalemcnls on pa8cs 18 to 53 were approved by the Board of Management on 241h September 2025 and were
signed on ils behalf by:
D Mc Kenna
Treasurer
P Caldwcll
Chalrperson
S Mccallion
Secrelary
Registered number: IP 125

Apex Housing Association Limited
22
Consolidated statement of cash flows for the year ended 31 March 2025
2025
2024
Nole
Net cash from operatlng actlvltles
Cash flow from invesling activiti
Payments lo purchase and develop housing propertlC5
Receipls ofHousing Association Grant
Receipts of oiher grants
Purchases of other tangible fixed assets
Receipts from disposal of housing properties
Inieresi received
31
18 J02,01)0
13,828,545
{$8,979,746)
5.05S,042
(23,400)
(1,471269)
201,053
267,472
(S4,951048)
{68,299,248)
51,980,453
431,400
(4,649)
(1,713,491)
482,980
(17.122.555)
Net cash generated froml(used in) invesling aetlvltles
Ca$h flows from financlng activhlles
Repaymcnl of bank loans
Loan advances
(34,159JIO)
60,050,139
(9,625,870)
16,264,959
(20,384,889)
25,080,42S
4,695,536
(24,118,506)
36,410,754
(10,008,468)
2,283,780
(1.010,230)
26,090,655
25,080,425
Inleresi paid
Net cash generated from financlng activities
Net Inerease In eash and cash equlvalent8
Cash and cash equivalents ttt the beginnin8 of ihe year
Cash and c4$h equlvalents at the end of the year
31

Apex Housing Association Limited
23
Notes to the flnaneial statements for the year ended 31 Mareh 2025
General information
The group and association's principal activity during the financial year was providing high quality, affordable homes for
rent throughout Northern Ireland and to help facililaie home ownership for people who cannot afford io purchase a home
outright. The group is registered under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and
domiciled in ihe UK. The address of the registered office is 10 Butcher Street, Londonderry, BT48 6HL.
Statement of compliance
These financial statements of Apex Housing Association Limiled have been prepared on the going concem basis in
compliance wilh Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102, 'The Financial
Reporting Standard applicable in the United Kingdom and the Republic of Ireland. ( FRS 102") under the hisiorical cost
convention. and in accordance with applicable accounttng standards in the Unlted Kingdom and Sthtemeni of Kecommended
Practice for Accounting by Re8Astered Social Landlords. The principal accounling policies, which have been applied
consistenily throughout the year, are sel out below. The presentation of the financial statements complies wilh the Registered
Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993, the Charities Act (Northem Ireland) 2008
and ihe Charities (Accounls and Reports) Regulations (Northern Ireland) 2015.
Summary of significant accountlng policles
The principal accounling policies applied in ihe preparation of these financial 81alements are sel out below. These policies
have been consislenily applied lo all the yeaT¥ presented, unless otherwise stated.
The significant Dccounling policies adopted by the group and associalion are as follows:
Basls of preparatlon of flnanclal statements
Thcse consolidated and scparatc financial slatemenls are prcpared on a going concern basis, under Ihe historical cost
convention. The preparation of financial sialemenls requires Ihe use ofcertain crilical accounting estimales. Ii also requires
management to exercise its judgement in ihe process of applying Ihe group and association accounling policies. The areas
involving a higher degree ofjudgemenl or complexity, or 8reas where assumptions and eslimaies are significant to thc financial
statements, are disclosed in note 4.
Basls of consolldAtlon
The group .81alement of comprehen.4ive income and group statement of financial position included within the financial
statcmenis of Ihe group and ils subsidiary undertakings are made up lo 31 March 2025. Intra group Iransaclions, any unreali¥ed
profilsllosses arising. and inlerL'ompany balanccs are ttliminaied fully on conyolidation.
Forelgn eurren¢le$
Transactions and non-monetary assets. denominated in foreign currencies, are translaled at the exchange rale ai ihe date of
the transaction. Monetary assets and liabilities denominated in foreign cutTeneies are retranslated at the rate of exchange
rnling ai the stalemeni of financial position date or ihe exchange rale of a related foreign exchange contract where relevant.
The resulting exchange gains or losses are dealt with in ihe income and expenditure account.
Golng eoneern
The Board has a reasonable expeclalion Ihat the Association has adequate resources to continue in operational existence for
the foreseeable future. The Board considL'rcd (he new financial plan for 2025126 and beyond at th¢ir meeting held on 8th
Sept¢mber 2025. This plan included various assumptions and slress-lesling around a range of scenarios and considered any
miligalions that may need io be put in place depending on the ouipuls of each scenario. For this reason, Ihey continue lo adopt
Ihe going concern basis in preparing the financial statemenls and are confident ihat the Group will be a going concem for at
least 12 months from ihe dale of this report.

Apex Housing Association Limited
24
Notes to the financial statements for the year ended 31 March 2025 (continued)
Summary of significant accounting policles (contlnued)
Revenue recognltlon
Revenue is measured at the fair value of the consideration received or receivable and represents ihe amount receivable for
goods supplied or services rendered, nei of relurns, discounts and rebalcs allowed by the group and association and value
added taxes.
The group and association base its estimate of returns on historical results, taking inlo consideration the type of customer, the
type of transaction and the specifics of each arrangement.
Where Ihe consideration receivable in ca8h and ca8h equivalenls is deferred and the arrangement eoThslitutes a financing
transaction, the fair valuc of Ihc conyidcralion 1% mcaNured at the present value of all future receipts using the imputed rate of
interest. The group and association recognises revenue when (a) Ihc significanl risks and Tewards of ownership have been
transferred to Ihe buyer. (b) the group and association relains no continuing involvement or control ovcr ihe goods. (c) the
amouThl of revenue can be measured reliably> (d) il is probable that fu￿re cconomic benefits will tlow ihrough the group and
association and (e) when the specific Criteria relating to each of the group and association's sales channels have been mel, as
described below and in nole 5.
Net renlal Income
Income includes rent and service charge income arising from the provision of housing accommodation and the amortisa¢ion
of Housing Associaiion Grant, Income is r¢¢ognised in ihe period to which it relates.
11)
Flr$t Ir8n¢he equlty sale$
ProcLYd¥ from thc fir¥1 Iranche disposals are accounted for as turnover in Ihe Slaiement of comprehensive income in the pericrfj
in which ihc disposal occurs.
111) Other Ineome
Other income is recognised in the Statement of comprehensive incotne when the lernis of revenue recognition have been meL
Employee benerat$
The Group provides a range of benefits to employees, includin8 paid holiday affangemenls and defined conlribulion pension
plans.
Short lerni benefits
Short tern) benefits, including holiday pay and olher similar non-monctary benefits, are recognised as an expense in the period
in which the service is received.
Mulii-employer pension plan
The Asso¢iNtion operaies a defined benefit scheme through the Northern Ireland Local Government Officers, Superannuation
Scheme (NILGOSC). The assets of NILGOSC are held separately from ihose of the Asso¢ialion. The Asso¢ialion has adopted
section 28 of FRS 102 in these financial stalemenls. Pension schetne assets are measured using market value. Pension scheme
liabililies are measured using the projecied unil method and discounlcd at the current rale of return on a high quality corporate
bond of equivaleni tem) to the liability. The increase in ihe present value of the liabililies of the Association's defined benefit
pension scheme arising from employee service in (he year is charged to operaling surplus. The expected return on the scheme's
assets and Iheincrease during the year in the presenl value of thescheme's liabilities arising from Ihepassage oftime are included
in other finance costs. Actuarial gains and losses are Tecognised in the slalement of total recognised surpluses and defi¢ils.
Defined contrlbution pension plans
The group operates a defined contribution scheme for certain employees. A defined contribution plan is a pension plan under
which the group pays fixed conlribulions into a separate entity. Once the contributions have been paid the group has no further
paymenl obligalions. Thecontributionsare recognised as an expense when they are due. Amounlsnotpaid are shown in accruals
in the slalement of financial position. The assets of the plan are held separately from the group in independently athninisiered
funds.

Apex Housing Association Limited
25
Notes to the financial statements for the year ended 31 March 2025 (continued)
Summary of significant accountlng polleles {contlnued)
All new employees joining Apex Housing Associalion Limited are not eligible to join the NILGOSC scheme except in the
case where they are already active members al ihe time of becoming an Apex employee. All other new employees join the
Social Housing Pension Scheme Defined Contribution (SHPS DC).
SHPS DC is a defined conlribution workplace pension scheme administered by The Pensions Trust and is the pension vehicle
provided by the Association under auto-enrolment legislation. Each employee holds a separate pension plan with The Pensiotts
Trust to which the Association contributes 6 % of pensionable pay with the employee contributing a minimum of 4Yo. The
employee is responsible for any investment decisions from the various inveslment Oplions provided by The Pensions Trnst.
The Association's liability is limited to the above employer contribuiion.
Tanglble fixed assets
Housln8 propertles
The group operales a fvll component accounting policy in relation lo ihe capilalisation and depreciation of its completed
housing stock.
Other houslng propertles- acqulred by the A8soelat£on
Other housin8 properties are stated as cost which is purchase price together with any incidental costs of acquisition. These
properties are effectively purchased concurrently by the Association and participants and so are disclosed in fixed assets at
the ¢osi ¢0 the Association wilh the participants, nei invesimenl also disclosed in th¢ housing properties noie ¢0 the ac¢ounl$.
The initial cost of the houses is nol split between ¢urrent and fixed assets since the Associalion and the participant effectively
purchase their respe¢¢ive shares simultaneously. The cir¢umslan¢es of Ihis iype of transaction means ihal no gain nor los$
will ever be made by the Association on first tran¢he sales and $0 Ihe proceeds and costs are not 8hown in tumover or c08t of
sales. This allows th¢ Associalion lo present a true and fair view of the comrnercial reality bchind such a COryowner¥hip
scenario.
Other houslng properties- developed by the Association
For housin8 developed by the As$o¢iaiion 10 provide a supply of affordable homes sale8 proceed$ are a¢¢ounled for in the
Statement of comprehensive income with proceeds recorded in turnover and costs in ¢o$i of sales in a¢¢ordan¢e wilh SORP.
Unsold properties at the year-end are included in sI￿k and are valued at the lower of cost (cost of land together wilh associated
costs of development) and nel realisable value, Forhousing developed for outright sale Ihe proceeds less the ¢0sls of developing
the property are a¢¢oun¢ed for in the statement of comprehensive income and disclosed wiihin the surplus or deficit arising
from disposals of housing propety.
Other tlxed assets
Other fixed assels are slaled at cosl.
Hou51ng Asso¢latlon Grant Ydnd other grants
Housing Associalion Grant and oiher grants received as a conlribulion lowards Ihe ¢apilal costs of housing properties of the
Association are recognised in income over the useful life of the housing property struclure and ils individual components.
Housing Association Grant received against revenue expenditure is credited to revenue in ihe period in which the related
expendilure is charged.
Such granls, although treated as a grani lor accouniing purposes, may be repayable under certain circumstances, primarily
following the sale of housing property, bul any amount repayable would be restricted io the net proceeds ol Ihe sale.

Apex Housing Association Limited
26
Notes to the financial statements for the year ended 31 March 2025 (continued)
Summary of slgnlflcant aecountlThg pollcles (continued)
Depreelatlon And Impalrment
Houslng properties
Housing properties are split between land, strucrnre and major components which require periodic replacemenl. Replacement
or refvrbishment of such major components is capitalised and deprecialcd over the estimated useful life which has been sel
taking into account professional guidance and the group's asset managemenl slralegy. In delerniining ihe remaining useful
lives for the housing slock, the group has taken account of views provided by boih inteTnal and exlemal professional Sou￿¢3.
Freehold land is not subjecl to deprecialion. Depreciation is Charged so as to wrile down the cosl or valuation of ihe freehold
housing properties and major components on a siraight line basis over their expected use economic lives.
Major components are treaied as separable assets and depreciated over thcir expecied useful economic lives or the lives of
the struclure lo which they relate, if shorter, over the following periods:
Main fabric
Roof structure and coverings
Windows And exlernal doors
Heating system boilers
Kitchens
Bathrooms
Mechanical $yslems (heating, ventilation, plumbing)
Electrics
Lift
100 years
40- 80 years
30 years
15 years
20 years
30 years
40 yEas
40 years
30 years
Elousing a8sets are deprecialed in ihe year of acqui8ltioTh, or in the case of a larger project, from the year of complelion, Whe
there 15 evidenLe of impairmenl, the fixed assets are writlen down lo the recoverable amount and any wrile down would be
charged to operaling surplus.
Other flxed asstls
Depreciation of oiher fixed assets is Charged on a slraighi-line basis over ihe estimated usefvl economic lives of the assets at the
following annual rates:
Freehold buildings
Motor vehicles
Plant and machinery
O￿lce ￿MIture and equipment
Computer equipment
250
Subsequent additions And major components
Subsequenl costs. including major inspections. are included in the assets carying amount or recognised as & separate asset,
as appropriate. only when il 15 probable that economic benefits associaled with the iiem will flow lo Ihe group and the cosi
can be measured reliably. The carrying amount of any replaced component is dereco8nised.
Repairs, maintenance and minor inspection costs are expensed as incutTed.
Derecognltion
Tangible assets are derecognised on disposal or when no future economic benefit8 are expected. On disposal the difference
belween the nel disposal proceeds and the carrying amount is recogni8ed in the Sialcmenl of comprehenqive income.
Leased asgets
Ai incepiion the group assesses agreements ihat transfer the right to use assets. The assessment considers wheiher the
arrangemenl is, or eonlains, a lease based on Ihe substance of the a￿angeMent.

Apex Housing Association Limited
27
Notes to the financial statements for the year ended 31 March 2025 (continued)
Summary of significant accounting policies (Continued)
Operatlng leAsed Assets
Leases that do not transfer all the risks and rewards of ownership are classified as operaiing leases. Payments under
operating leases are charged lo the Statement of comprehensive income on a straight-line basis over the period of the lease.
Cash and eash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tern] highly liquid investments
with original maturities of one month or less and bank overdrafts. Bank overdrafts are shown within boTrowings in Qu￿ent
liabilities.
Current f49sel Investments
Cu￿ent asset investments are investments in short-lerni deposits with an original maturity between one and twelve months.
Impairmenl of non-financlal assets
At each statement of financial posilion date non-financial assets not carried at fair value are assessed to delerniine whether
there is an indication Ihat the asset (or assel's cash generating unit) may be impaired. Il there is such an indicolion the
recoverable amount of the asset (or asset's cash generating unit) is compared lo the carying amount of the asset (or asset's
Cash generating unit).
The recoverable alnount of the asset (or assel's cash generating unil) is the higher of the fair value less cosls to sell and value
in use. Value in use is defined as the present value of the future cash flows before interest and lax obtainable as a result of the
asset's (or asset's cash generating unit) continued use, These cash flows discounted using a pre-tax discounl rate ihat represents
the current market risk-free rale and the risks inherent in the assets.
If the recoverable amount of the as5el (or assel's cash gcneratin8 unil) Is eslimaled lo be lower than the c8ryin8 amount, the
arryin8 amount is reduced to ils recoverable amount. An impairn]ent loss is reco8nised in the Statement of comprchcnsive
incomc unles¥ the a%set has been rcvalucd when the amounl is rccouni.¥cd in oihcr comprchcn¥ivc income to the txtent of any
prcviously recO￿lS¢d rcvaluation. Th¢r¢aft¢r any ¢x¢css is rcco8nits¢d in thc Slatcmcnt of compr¢h¢nsive income.
If an impairn]ent1088 is 8ub$equenily reversed, the carrying amount of the asset (or awt'8 cash generating unit) 1$ iner¢ased
to the revised cstimaie of its recoverable amount, bui only to the extent that the revised carying amount does noi exceed the
carying amount Ihal would have been detern]ined (nei of depreciation or amortisati(m) had no impairnient 1053 been
recognised in prior periods. A reversal of an impainnent loss is recognised in the Statement of comprehensive income.
Provlslon$ and contlngent Ilabllltiej
Provisions
Provisions are recognised when the group has a present legal or conslwctive obligation as a result of past evcnt5' il is probable
that an outflow of resourc￿ will be required to seiile ihe obligation. and ihe amounl of the obligations canbe eslimaled reliably.
Where there are A number of similar obligalion5, the likelihood that an outflow will be required in settlement is delerniined
by considering Ihe class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect
to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected lo be required lo seiile the obligation usin8 a pre-
lax rate Ihat reflects currenl market assessments of the time value of money and the risks specific to ihe obligation. The
increase in Ihe provision due ¢0 passage of ¢ime is recognised as a finance cost.
Coniingencies
Conlingent liabilities, arising as a result of pasievents, are not recognised when {1) il is noi probable thai there will be an outflow
of resources or that the amount cannoi be reliably measured ai ihe reporting dale or (li) when the existence will be confirnied
by the occurrence or non-occurrence of uncertain ￿tUre evenis nol wholly within the group's control. Contingent liabilities
are disclosed in the financial staiements unless the probability of an ouiflow olresources is remote.

Apex Housing Association Limited
28
Notes to the financiydl statements for the year ended 31 March 2025 (continued)
Summary of sfignlficant aeeounting policies (continued)
FlnAnelal Instruments
The group has chosen lo adopt Sections I l and 12 of FRS 102 in respect of financial inslrnments.
Financial assets
Basic financial assets, includbng trade and other receivables and cash and bank balances are iniii8lly recognised at transaction
price. unless the arrangement constimtes a financing transaetion, where the transaction is measured ai the present value of the
ture receipts discounted at a market rate of interest. Such assets are subsequently carried al amortised cosl using the effective
interest tnethod.
Ai the end of each reporting period financial assets measured al amortised cost are assessed for objective evidence of
impaimient. If an asset is impaired the impairn)enl loss is the difference between the carrying amount and the present value
of the estimaled cash flows discounted al ihe asset's original effective interesl rale. The impaimienl loss is recognised in
Statement of comprehensive income.
If ihere is a decrease in the impairn)ent loss arising from an event occurrin8 after the impairment was recognised, the impairn]ent
is reversed. The reversal is such that the current carying amounl does not exceed what the carrying amount would have been
had the impairnient not previously been recognised. The impairnient reversal is recogniscd in Statement of comprehensive
income.
Financial a&set$ are derccogni%cd whcn (a) the contractual right.% to the cash flows from thc a%¥ct cxpirc OT are settled, (b)
substantially all the risks and rewards of the ownership of the assel are ITansf¢rred to another party or, (¢) despite having reiained
some significanl risks and rewards of ownership, conlrol of the a$set has been transferred to anoiherparty who has the praclical
ability to unilaterally sell the asset to an unrelated third party without imposing addilional restriclions.
Other financial assets, including investments in equity ins(rumenls which are not subsidiaries, as80ciales or joint ventures, are
initially measured at fair value, which is nomially the transaction price,
Such L4%cts arc 4ub4rqucntly carried at fair value and the changes in fair value are rccoBni.4cd in Statcmcnt of comprchen¥ive
incomc, exccpl that invc%tmcnts in cquily inxtrumcnts that are not publicly Iradcd and whosc fair valu¢s Cannot bc mcasured
rcliably arc mcasurcd at coyt le¥x impairnicnl.
li)
Financial liabilities
Basic financial liabilities, in¢luding irade and other payables, bank loans and loans from fellow group companies, are initially
recognised al transaclion price, unless the arrangement conslitules a financing ¢ransA¢tion, where the debi inslrumenl is
measured at Ihe present value of the futyre receipts discounted at a market rale of interesl, Debt inslrumenls are subsequenily
carried at amortised cosl, using the effective interesl rate method.
Fees paid on the establishment of loan facilities are recognised as Iransaction cosls of Ihe loan to the exlent ihat it is probable
that some or all of the facility will be drawn down. In ihis case, Ihe fee is deferred until Ihe draw-down occurs. To the extent
there is no evidence that it is probable that some or all of the facilily will be drawn down, the fee is capilalised as a pre-payment
ror liquidiiy services and amortised over the period of the fa¢iliiy lo which it relates.
Trade payables are obligations lo pay for goods or services that have been acquired in the ordinary course of business from
suppliers. Account5 payable are classified as curreni liabilities if payment is duewithin one year or les5. If not, Iheyare presented
as non-Cu￿enl liabililies. Trade payables are Tecognised initially at Iransaclion price and 5ubsequenily measured ai amortised
051 using ihe effcclivc interest meihod.
Disposal proeeeds fund
The nel su￿luses, afier loan repaymenis, thal arise from the sale of property to lenants under the voluntary purchase granl
arrangements instituted by the Departrnenl for Communities can be used by the Association to purchase or develop addilional
properties for leiiin8 rathcr Ihan claiming housing association grant on same. On acquisilion of a PToperty an amoulll equal
lo the acquisition cosl (Total Cost Indicalor from l June 2008) is removed from the fund and reclassified as recycled housing
association grant. With effect from l October 2006 notional interest on the balance is included in ihe fund.

Apex Housing Association Limited
29
Notes to the financial statements for the year ended 31 March 2025 (eontlnued)
3 Summary of significant accounting pollcles (contlnued)
If the surpluses are nol used within two years of their receipt they may be payable in part or in full to the Department for
Communities.
Revenue reserves
The group and association's policy 18 to retatn a level of revenue reserves, which matches its needs at the current lime and in
the foreseeable future. Thc ￿￿cTV¢s required are sulricienl to meeling committed running costs for a perAcKI equivalent to three
months budgeted future expenditure. Annually the Board of Management review ihe adequacy of this period amending it,
where necessary) ¢0 refle¢l changing needs.
4 Critlcal aceountlng Judgements and estimation uncertainty
Estimates and judgements are continually evalualed and are based on historical experience and other factors, including
expectations of future events thal are believed to be reasonable under the c1￿￿m5¢8nce5,
(a)
Crilicaljudgements In applying ihe enlity's accoun(in8policies
There are no crilical judgements in applying the entity's accounting policies.
(b) Key accounling eslimales and assumplions
The dircclors make cslimales and assurnptions ¢onc¢rning Ihe future in the process of preparing the group financial slatements.
Key eslimales and assumptions that have been made in the preparation of Ihese financial slalemenls as follow8:
Useful economic lives ofhousingpmperlies
The annual depreciation on housing propertie8 is sent>ilive lo changes in Ihc cslimated useful economic lives and residual values
of the assets. The useful econfjmic lives and residual values arc revicwcd annually. They are amended when necessary 10 reflect
currenl estimates. based on future inveslments, economic utilisation and the physical condilion of ihe assets. See note 12 for
the carrying amount of housing properties, and note 3 for the useful economic lives for each component of housin8 property.
There are no other crilical accounting estimates and assumptions.
Turnover
Turnover relates io the Group and As8ociatton'8 rnain aclivily which is Carried out in the United Kingdorn. Turnover represenls
renlal and service charge income and rcsidential charges for special needs scheme8, nei of voids. It also includes income arising
from other rent&l subsidies. services provided to other Housing Associations, supporliThg people Icgacy funding received for
Ihe provision of learning disability Care, income from other sundry ancillary services and the amortisaiion of Housing
Asso¢ialion Granl.

Apex Housing Association Limited
Notes to the financial statements for the year ended 31 March 2025 (continued)
Operating costs
2025
2024
Group
Direct property management costs
Athninistrative expenses
51,748264
12,954J26
64,702,790
47,247,037
12.027,817
59,274,854
Operating surplus
2025
2024
Group
Opervdting surplus ts stated after charg5nW(crediting):
Sthff ¢osl$ (note 8)
Dcprccialion of tangible fixed assets - owned assets
Release ofcapital grant
Operating lease charges
Fees payable to the group's auditors for the audit of the financial staiemenls
Fees payable lo the group'$ auditors for tax Se￿1¢t$
24,123,695
11,822,172
(7.629,990)
47,335
49,200
1,500
22,080,980
1,585,719
(7,024,119)
63,712
38.493
1.500
Employee informatlon
Group
Assoclatlon
2023
2024
2025
2024
Average staff numbers
Administration
Number
Numbcr
Number
Number
222
203
197
Sheltered schemes
18
18
18
18
Supported living schemes
Gardeners and bu8 drivers
431
422
431
422
10
15
io
15
658
636
636
2025
2024
2025
2024
Staff costs
Wages and salaries
Social security costs
Other pcnsion costs
20,289,920
1,953,400
1,880,369
24,123,695
18,532,748
1.764.158
1,784,074
22,080,980
19J43,167
lo50￿30
1,690J55
22,890,052
17,707.944
.682.126
1,608,978
20,999,048
Directors, emoluments Are disrlosed in note 30. There were no redundancy paymenls in either 2025 or 2024.
Interest recelvable and slmllar Income
2025
2024
Group
Bank inieresi receivable
267,472
482,981

Apex Housing Association Limited
31
Notes to the financial statements for the year ended 31 March 2025 (continued)
10 Interest payable and slmllar expenses
2025
2024
Group
Inlerest charge before capitalisation
Developmenl interest capitalised
Interest charge alter capitallsgtion
12,296,669
(2,620,799)
9,675,870
10,223,134
(1,332,665)
8,890,469
Development interest is capiialised ai a weighted average cost of bornwing of 3.469/0 (2024: 3.3 Ivo).
I l Other finance costs
2025
2024
Group
Other finance losses
(50,000)
(545,000)
12 Housing propertles - depreelated Cost
2025
2024
Group
C05t
At l April
Additions
981,189,653
63,001,833
(9,642,925)
1,034,548,561
916,240,623
70,439,474
(5,490,444)
981,189,653
Di4)osals
Al 31 March
A¢cumulated depreciation
Al l April
Charge for year
DisposY41s
At 31 March
128,069A67
IIA29,845
(1,742,141)
137,757,271
896,791,290
118,918,843
11,267,351
(2,116,627)
128,069,567
853,120,086
Net book amount
Net book amount compr1%￿.
Compleled schem
Land held for development
Properties under construction
At 31 March
803,776,994
40,955,733
52,058,563
896,791,290
693.805.799
31,131,401
128,182.886
853,120,086
Net book amount comprises:
Freehold properties
Long leasehold properties
At 31 Mareh
894,473,764
2,317,526
896,791,290
850,859,858
2,260.228
853,120,086

Apex Housing Association Limited
32
Notes to the financial statements for the year ended 31 March 2025 (continued)
12 Housing propertles - depreclated cost (eontlnued)
202S
2024
Group
Houslng Assocl8tlon And other grants
Ai l April
Additions
571,737,061
18,199,484
(4ffj20,060)
585J16,485
553,577,384
21,401,619
(3,241,942)
571,737.061
Disposals
At 31 Mareh
Accumulated amortlsallon
At l April
Charge for year
Disposals
At 31 March
84,955,593
7,035JO2
(1296J40)
90,094￿55
79,570,925
7,024,119
(1,639,451)
84,955,593
Net book amount
At 31 March
494,621,930
486,781,468

Apex Housing Association Limited
33
Notes to the fjnancial statements for the year ended 31 March 2025 (continued)
12 Houslng propertles - depreclated cost (contlnued)
2025
2024
As8oclatlon
Cost
Ai l April
Additions
901,305,922
61,611,005
(9,504,265)
953,412,662
836.991.621
69,590,949
(5,276,648)
901,305,922
Disposals
At 31 March
Ae¢umu12ted depreciation
At l April
Charge for year
Disposals
At 31 March
113,784,194
10,327,276
{1,628,208)
122,483,262
830,929,400
105.511.838
10,199,761
(1.927.405)
113,784,194
787,521,728
Net book amount
Net book amount comprises:
Compleled schemes
Land held for development
Properties under ¢onstrv¢tion
At 31 March
737,915,I04
40,955,733
SZ,058,$63
830.929,400
628,207,441
31,131,401
128,182,886
787,521,728
Net book amount comprlses:
Freehold properties
Long leasehold properties
At 31 Ma￿h
828,611,874
2J17,520
830,929,400
785,261,500
2,260,228
787.521,728

Apex Housing Association Limited
Notes to the financlal statements for the year ended 31 March 2025 (continued)
34
12 Housing properties - depreciated cost (continued)
2025
2024
As$OCiation
Houslng Assoe12tlon and other grants
At l April
Additions
527,S6S,124
17.992,670
(4,503,187)
541,054,607
509,376,908
21,250,437
(3,062,221)
527,565,124
Disposals
At 31 March
Aceumulaled gmorttspdtion
Al l April
Charge for year
Disposals
At 31 March
74,444,702
6J74085
(1,193,910)
79,625,677
69.542.973
6.369.673
(1,467,944)
74.444.702
Iyet book amount
At 31 March
461,428,930
453,120.422
13
Other tangible fixed Assets
Other land
and
bulldlngi
Offlce
furnlture and
equlpment
Plant and
machinery
Motor
vehi¢le$
Computer
equlpment
Total
Group
Cost
At l April 2024
Additions
12,939,012
,160,609
(661)
14,098,960
168,476
24,000
246,408
420,647
46,615
1,599,026
21,700
15,151,161
1,475,332
{661)
10,625,832
Disposals
At 31 Mareh 2025
168,476
270,408
467362
1,620,726
Accumulated deprecIa￿oll
At l April 2024
Charge for year
Disposals
At 31 Mareh 2025
2,940,063
284,729
(105)
3,224,687
163,662
2.401
24,(KiO
61,602
329,559
35,566
1,594,745
8,031
5,052,029
392,329
(105)
5,444,253
166,063
85,602
365,125
1,602,776
Net book amount
Al 31 March 2025
10,874,273
9,998,949
2,413
4,814
184,806
102,137
91,088
17,950
4.281
11,181,579
10,099,132
Ai 31 March 2024

Apex Housing Association Limited
35
Notes to the financial statements for the year ended 31 March 2025 (continued)
13 Other tangible fixed assets (continued)
Other
land
and
bulldings
Office
furnilure and
equipment
Plant and
machinery
Motor
vehleles
Computer
equlpment
Tolal
Assoei&tion
Cost
At l April 2024
Additions
10,797,026
1,160.609
(662)
11,956,973
168,476
24,000
246,408
253,067
36,861
1,599,026
21,700
12.841,595
1,465.578
(662)
14,306,SI I
Disposals
At 31 March 2025
168,476
270,408
289,928
1,620,726
Aeeumulated depreelAtlon
Al l April 2024
Charge for ye
Diswsals
At 31 March 2025
2,715,842
241,903
(106)
2,957,639
163,662
2,401
24,000
61,602
246,089
14,839
1,594,745
8,031
4.744,338
328,776
(106)
5,073,008
166,063
85,602
260,928
1,602,776
Net book amount
At 31 March 2025
8,999334
8,081,184
2,413
4,814
184,806
29,000
6,978
17,950
4,281
9,233,503
8,097,257
At 31 March 2024
14 Investments
2025
2024
Subjldlary
undertaklng
Subsldliry
undertaklng
A$so¢iition
Cost
27
27
Details of the Association's subsidiaries are as follows:
Name
Country of IneorporAtion
Fairbuild Homes (Nl) Lid Northern Ireland
Prlnelpal aetlvlty
Construction Company
1/1 • Share ownership eknss
l(M) Ordinary shares of £1
each- £2
Newingion Housing
Associalion (l975) Limited Northern Ireland
Housing Associaiion
100 Ordinaryshares of£1
cach- £25
Thc Board believe that ihe Ca￿ing value of ihe investment is supported by the underlying net assets.

Apex Housing Association Limited
36
Notes to the financial statements for the year ended 31 March 2025 (continued)
15 Stock
Group
2025
Assoeiation
2024
2025
2024
Oil stocks
iojso
184,810
195,360
16,710
227,236
243,946
10,550
184,810
195360
16,710
227236
243,946
Consumables
16 Debtors
Group
2025
Assoeiatlon
2024
2025
2024
Rental Debtors Gross- Technical
3,989I50
1,032,705
(281,020)
4,74l,535
2,802,704
1,436,536
(254,876)
3,984,364
3,711636
918,415
(104,872)
4,526,179
46,641
4,979,060
1,112,949
2J90,787
3,671074
16,927,490
2,581,007
1,374,006
(114,005)
3,841,008
49,010
4,922,426
2,118,909
2,554,205
2,358,488
15,844,046
Rent81 Debiors Gross- Non-technical
Provision for bad debts
Net rental (including rates, service charges) debtors
Amounls owed by subsidiary undertakings (note 37)
Amounts owed by related undertakings (note 37)
HAG Receivable
4,979,060
,112,949
2,620,625
3,745,999
17,200,168
4,922,426
2,118,909
2,633,150
2,447,273
16,106,122
Oihcr debiors
Prepaymenls and accrued income
17 Current asset investments
Group
2025
Assoclallon
2024
2025
2024
Short tern] deposits
3,719,534
23,577.481
3.7J9J34
23,577,481

Apex Housing Association Limited
Notes to the financial statements for the year ended 31 March 2025 (continued)
37
18 Creditors: amounts falllng due wlthln one year
Group
Assodallon
2025
2024
2025
2024
Department for Communities loans (nole 21)
Bank loans (note 22)
Bank ovcrdraft
8,5l4
35,608,317
3.049,866
250,022
826,614
753,975
42,818
6,090,370
37,679,822
2,198,341
4,000,tKI2
6,917,338
97,425,999
8,514
34,822,731
3,049,866
196,101
826,614
753,975
42,818
5,455,163
37,679,822
2,198,341
3,160,171
6,263,519
94,457,635
18J13,417
3,067,725
478,602
492,162
733,559
403
14,838,741
3,667,725
211,946
492,162
733J59
463
Other creditors
PAYE and other t&xes
Rental 8nd service charges received in advance
Trade creditors
AccNals and deferred income
10,148J02
28,139,509
2,244,839
802,491
6,896,412
71.917,481
9,028,641
28,139J09
2344,839
{37J40)
6,263,S19
65,583,764
Housing Association Grant in advance
TBUC grant
Disposal proceed8 fund (note 20)
Deferred Housing Association Granl
19 Credltors: amounts falling due after more than one year
Group
2025
Association
2024
2025
2024
Departrneni for Communities loans (note 21)
Bank loans and overdrafts (note 22)
Other loan5 (note 22)
Disposal proceeds fund (note 20)
Other creditors
167,141,on
164,000,003
158,522,127
130.000.000
1,472,600
976,510
479,864.130
592,388
771,427,755
153,729,583 141,636J82
164,000,003 130,000,000
1,472,6(Kl
974,224
976,510
455,165,412 446,856,903
578,959
592,389
774,448,181 721,534,784
974,224
487,725J17
578,959
820,419,775
Deferred Housin8 Assoeialion Grant
Deferred income

Apex Housing Association Limited
Notes to the financial statements for the year ended 31 March 2025 (continued)
38
20 Transfer to dlsposal proceeds fund
Group
2025
Assoclatlon
2024
2025
2024
At l April
DPF Expenditure
Proceeds from house sales
5,472,602
(4J37,028)
166,917
802,491
8,996,520
(5,002,027)
1,478,109
5.472.602
4,632,771
8,154,661
(4037,028) (5,000,000)
166,917
1.478,109
(37,340)
4,632,771
At 31 Mareh
The association is required io spend amounts allocaled to the DPF wiihin 24 monihs and plans are in place to ensure Ihis
requirement is met.
21 Department for Communities - housing property loans
Group
Assoeiation
2025
2024
2025
2024
Due in under on¢ year (note 18)
Due within one to two years
Duc within two io five years
8,514
8,514
8,514
8.514
Interest rdtes varied between 8.750A and 12,3751J
22 Bank loans and overdrafts
Croup
2025
Assoel&tlon
2024
2025
2024
Duc in under one year
Due within one to Iwo yeats
Due wiihin two to five years
Due after five years
21,981,142
8,410,118
33J76J12
125J54,442
189,122,214
38.658,183
11,812,010
27,721,551
118.988,566
197,180,310
18,506,466
7,621,103
20,754,042
125?54N38
172,236,049
37,872,597
8,337,337
23,191,365
110.107,680
179,508,979
All loans bear interest al varying inieresi raies of between 1.240/0 and 6.38Qh. A rolling working capital facility is also
currently in place. Maturity dates for all oiher loans range from September 2025 10 December 2055.
Security
Bank debt from AIB. Barclay's Bank. Ulsier Bank and European Inveslment Bank are 5￿ured by way of mortgages upon
the deed8 of the relaled properties financed by ihe loans and bear interest al fixed and variable rates.
Croup Ind association
Other loans (THFC and PIC)
202S
2024
Due af(er five years (note 19)
164,000,003
130,(KJO,000

Apex Housing Association Limited
39
Notes to the financial statements for the year ended 31 March 2025 (continued)
22 Bank loans (continued)
Securlty
The THFC loan bears interest at a fixed rate of 6.350/0 on the capital sum borrowed (£1 O million) payable at 6 monthly
intervals for 30 years to 8 June 2039 after which it is repayable in full. The loan is secured by a fixed charge over various
housing assets,
The THFC loan {2012) bears interest al a fixed rate of 5.20 /• on the Capital sum borrowed (£20 million) payable at 6 monthly
intervals for 30 years to 28 September 2042 after which it is repayable in full. The loan is secured by a fixed Charge over various
housing assets.
The PIC Senior Notes {£130 million) are secured by a fixed charge over various housin8 assets and this has an effective interest
rate of 3.37 %.
A facility of £30 million from Phoenix was agreed but undrnwn al the balance sheet dale. The Senior Notes will be se¢ured
by a r￿ed charge over various housing a&sels and will have an effective interest rate of 6.34 %.
23 Flnanelal Instruments
The group h8S the following financial instrnmenls,.
2025
2024
Group
Finlncial assets thvdt are debt Instruments meAsured At amortlsed cost
Ren¢al debtor (note 16)
oiher debtors (note 16)
Amounts owed from related undertakings
3,989,850
2,620,625
4,979,060
2,802,704
2,633,150
4,922,426
Fln8Dclwl Ilabllltle5 measured at amortlwl cost
Dfc loans (note 21)
Bank loans and overthxfts (note 22)
Other loans {nole 22)
Trade creditors (nole 18)
Other creditors (nole 18 and 19)
Accruals (note 18)
8,514
197,180,310
130,000,000
42,818
5,991,280
6,090,370
189,122,214
104.000,003
463
4,500,156
10,148,302

Apex Housing Association Limited
Notes to the financial statements for the year ended 31 March 2025 (continued)
24 Pension commitments
The amount shown below is calculated to comply with the Financial Reporting Siandarl the specific requiremenls of whi¢h
differ from the basis on which pension liabtlities are acluarially calculated for the purpose of the ongoing funding of the
scheme. The Financial Reporting Standard requires..
(i)
acNarial deficiencies to be recognised immediately as a "liability" in the financial slalemenls rather than being
spread ft)rward over employees, remaining service lives.
(li)
the actuary, in valuing the scheme's liabilities, is required to use a bond yield as the discoun( rate for valuing
ture liabilities, rather than a rate that reflects the expected return on the scheme's particular asset portfolio.
wilh the result of an apparent increase in the present value of future longer tern] liabilities.
Paragraph 28 of FRS102 also slales that, "An entity shall recognise a plan surplus as a defined benefit plan asset only to the
extent that it is able to recover ihc sutplus ciiher lI￿oUgh reduced conlributions in th¢ fu￿re or through refunds from the
plan" Following di¥cus¥ion¥ with third party advisors, and given il is uncertain as to whether this SUTplus (calculaled for
Financial Reporting PUTpo¥es) will be r¢covcrablc via rcduced future conlribulions (calculated for pension funding PUTposes),
Apex and Newington have not recognised any of ihib surplus in this years accounts.
The below is in relalion to employces and ex-employees who are members of the NILGOSC pension
scheme.
An Actuariol Valuation ofthe scheme was carried ou(88 al 31 March 2022. The actuarial valuation for 31 March 2025
is now beinB carried out and will be reflected in the 2026 financial statements.
Included within the Group are 2 8¢hemes, APEX Housing Asso¢iali¢)n Limiied ("Apex") and Newin8ton Housin8
Association (1975) Limited ("Newingion"). The ¢losing surplus of each scheme has been shown below..
Apex
2025
£'ooo
Neivlngton
2025
£'ooo
Group
202S
£'ooo
2024
£'ooo
2024
£'ooo
2024
£'(x)o
Total market value of
assets
Unrecognised asset
Present value of scheme
liabilities
55,122
(26,039
51,054
(17,347)
(33,707)
4,055
(1,134)
3,733
(305)
(3,428)
59.177
(27.173)
54,787
(17,652)
(37.135)
(29,083)
(2,921)
(32,004)
Net pen51on 855el / (Ilablllty)
x Housin
Assoeiation Limited
The major assumptions used by the actuary were:
202S
2024
Rate of increase in salaries
3.000/.
3.250/.
Rate of increase in pensions in payment
Discount rale
2.600/0
4.80LI/o
Inflation a&8umpiion
2.500/.
2.60fy/0
The mortality assumptions used were as follows:
2025
2024
Years
Years
Average expecled future life at age 65 for - male currently aged 65
female currently aged 65
- male currently aged 45
- remale cU￿entlY aged 45
21.6
21.7
24.5
22.2
22.7
25.2
25.6

Apex Housing Association Limited
41
Notes to the financial statements for the year ended 31 March 2025 (continued)
24 Pension commitments (continued)
The fair value of ihe assets in the scheme were.,
2025
2024
£'ooo
Equities
PropeTty
Bonds
Mulli Assel Credit
Cash & Other
22,160
5,512
10,473
7386
9,591
55,122
(26,039)
(29,083)
20,269
4,748
10,LK16
6,637
9,394
51,054
(17,347)
(33,707)
Total market value of assets
Unre¢o8nised &sset
Present value of scheme liabilities
Net penslon f4sgeVOlablllty)
Reconciliation of presenl value of 8¢heme liabilities
202S
2024
£?000
£'ooo
At l April
Service cost
33,707
964
33,123
1,029
Past Bcrviee cosl
Member contributions
298
309
nlerest on scheme liabilities
1,610
(6,828)
(068)
29,083
.550
(1,676)
(628)
33,707
Actuarial lossl(gain)
Benefits paid
At 3l March
Reconciliation of fair value of scheme assets
2025
2024
£?000
£,￿0
Al l April
Expected return on scheme assels
Actuarial gainl(1058)
Employer conlribulions
Member contribuiions
51,054
2,493
(209)
2,154
298
44,835
2,150
2,241
2,147
309
Benefits paid
At 31 March
(068)
5S,122
(628)
51,054
Analysls of amounts charged lo Income and expendlture:
2025
2024
£'ooo
£'ooo
Current service cost
964
1,029
(600)
55
Net interest on pension deficil
Interest on unrecognised assei
(883)
833
914
484

Apex Housing Association Limited
42
Notes to the financial statements for the year ended 31 March 2025 (continued)
24 Pension commitments (continued)
Amounts for current and previous flve years:
2025
2024
2023
2022
2021
£'ooo
£'ooo
£'ooo
£'o(Ki
£'ooo
Fair value of employer assets
Unrecognised assei
Prescnl value of defined benefit
obligation
Asset i (liability)
55,122
(26,039)
51,054
(17,347)
44,835
(1.168)
(33,123)
46,713
42,970
(29,083)
{33,707)
(48,633)
(48,101)
10,544
(1,920)
(5,131)
Neivln
ton Housln Assoclallon
197
LITnlted
The Major assumption5 used by the actuary were:
2025
2024
Rate of increase in salaries
4.IY¢
Rate of increase in pensions in payment
Di8coun¢ rnte
2.5•/0
2.60/.
SA•/0
4.P/o
Inflalion assumption
2.so/o
2.60A
The mortality assumptions used were as follow8:
2025
2024
Years
Years
21.7
Average expected future life al age 65 for - male currently aged 65
- female currently aged 65
- male ¢uffenily aged 45
- female currently aged 45
21.6
24.6
22.2
22.7
25.2
2S.6
The assets in the scheme and ihe expecled rate5 of return were..
2025
£'ooo
1,675
385
lJ22
434
239
2024
£'CK)O
1,482
347
1,217
463
224
3,733
(3.428)
305
Equilies
Property
Bonds
Cash
Other
Total mllrket vAllle of asset5
Presenl value of scheme liabililies
Net pension asset
4,055
{2,921)
I,J34

Apex Housing Association Limited
43
Notes to the financial statements for the year ended 31 March 2025 (continued)
24 Pension commitments (contillued)
Reconclllallon of present value of seheme liabilities
202S
£*ooo
3,428
190
2024
£'ooo
At l April
Service cost
Member contributions
Interest on scheme liabili(ies
Actuarial lossl(gain)
Benefits paid
At 31 March
175
48
147
(79)
(55)
3,428
161
(858>
{59)
2,921
ReconclllAllon of falr value of scheme xssets
2025
£'ooo
3,733
2024
£'ooo
3.264
154
168
l54
48
(55)
3,733
At l April
Expected return on scheme asse
Actuarial gain
Employer contributions
Member ¢ontyibulions
Benefits paid
At 31 Mareh
(36)
178
59
{59)
4,055
Analysls of amounts chargedl (credited) to ineome 2nd expenditure:
2025
2024
£'ooo
£'ooo
Current service cost
190
175
Past servi¢e cost
Expected return on pension scheme assets
Interest on pension scheme liabililies
(19)
14
(154)
147
185
168
Amounts for eurrent and prevlous llve ye8r8',
2025
2024
2023
2022
2021
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Fair value of employer assels
Present value of defined benefjt
obligalion
Unrecognised Assel
Deficit
4,05S
3.733
3.264
3,154
2,926
{2,921)
(3,428)
{305)
(3,192)
(4,371)
(4,255)
(1,134)
72
(1,217)
{1,329)

Apex Housing Association Limited
Notes to the financial statements for the year ended 31 March 2025 (continued)
25 Called up share capital
2025
2024
Association
Ordlnary shares of £1 ev4ch, allotted and fully pald
At 31 March
33
29
26 Capitsl reserve
2025
2024
Association
At 31 March
27 Supporting people reserves
2025
2024
Assoclailon
At l April
Income
4,466J58
(7,574,996)
3,I08,638
4.644,289
(7,818,757)
3,174,468
Expenses
Transfer from general reserves
At 31 March
This funding is restricted for use in providinK housing ielated support services only.
28 Common fund
2025
2024
Assoclatlon
At l April 2024 and 31 March 202S
22,1)00
20,000
29 Capltal eommltments
2025
2024
Assoclatlon
Capital commilmenls contr8oled for al the balance sheet dale amounted lo
123,932,179
162,191,956
30 Dlrector emoluments
The remuneralion of direclors (defined as the Board and Ihe Management Team of the Association) during ihe year was:
2025
2024
Aggregate cmolumenls including benefits in kind
Pension contributions to money purchase schemes
766,351
202,740
969,091
749.911
197,801
947,712

Apex Housing Association Limited
Notes to the financial statements for the year ended 31 March 2025 (continued)
30 Director emoluments (eontlnued)
The emoluments to the highest paid Director (currently included within the above table) are as follows:
2025
2024
Aggregate efftolumenls including benefils in kind
Pension contributions to money purchase schemes
139,105
57,096
135,654
55,704
The number of directors to whom emoluments were paid during the year fall within each of (he following bands:
2025
Number
2024
Number
Salary Band:
£135,001- £140,000
£I10,000- £115.000
£105,001 £110,000
£100,001 £105,000
£95,IX)I - £IOO,000
Members of Ihe Board serve in a voluntary capacity and none were in receipt of emoluments during the year.
Expenses paid to board meinbers during the year amounled lo £2,020 (2024.. £622),
31
Notes to cash flow statement
(a) Reconeiliation of operatlng surplus to net cash Inflow from operallng a¢tlvltle5
2025
2024
Surplus for the financial year
Deficit arising from disposals of fixed assets
Interest receivable and similar income
3,l88,710
73,417
(267,472)
9,575,870
S0,OtK)
12.620,525
11,822,174
(7,035,302)
(548,742)
(2,145,425)
3,540,184
48,586
2,00 1,301
1,373,310
(482,981)
7,800,469
545,000
11,237,099
11,585,721
(7,024,117)
(658,548)
(86,201)
( l44,279)
58,868
{1,140,0(X))
l3,828,543
Interesi payable and similar expenses
Other finance costs
Operaling surplus
Depr￿latIOn of iangible assets
Amortisalion of housing association grant
Profit on disposal of tangible assets
Movement in debtors
Movement in creditors
Movement in inventories
Pension movemeni
Net cash inflow from operaling aolivilies
18,302,000

Apex Housing Association Limited
Notes to the financial statements for the year ended 31 March 2025 (continued)
31
Notes to cash flow statement (continued)
(b) Analysi5 of net debt
l April
2024
Cash
Flows
31 Mareh
2025
Cash at bank and in hand (including Cash investments)
D¢bt falling due wilhin l year
Debt due after more than l year
25,080,425
(35,616,830)
(288,522,130)
{324.138,960)
(299,058,535)
(20,384,891)
13,635,688
(42,618,946)
(28,983,258)
(49,368,150)
4,695,534
(21,981,142)
(331,141,076)
(353,122,218)
{348,426,685)
Net debt
32
Operating lease commitments
At the balance sheet date, the Association and group had a commilrnent to vehicles of £47,335 {2024.. £88,423>.
2025
2024
Wiihin one year
Bctwccn two lo five years
Total
24,602
22,733
47,335
47,799
40,624
88,423

Apex Housing Association Limited
Notes to the financiydl statements for the year ended 31 March 2025 (continued)
47
33 Housing Stock- assoeiation
Number of unlts owned on 31 March
2025
2024
General needs housing
Independent livin8J housing for older people (including resident ￿heme co-ordinaior)
Supported housing (includtng housin8 wilh care and nursing)
Total owned
6,278
350
6,046
350
559
559
7,187
6,955
Number of Mnlts managed by (but not owned) on 31 March
General needs housing
Total unlts managed at 31 Mareh
Total units oivned and managed At 3] March
20
20
20
20
7307
6.975
34
Contingent liabllltles
The Asso¢ialion released Housing A*8oci&lion Grant (ncl of amorti%utiun) of £2,969,966 (2024,. £440,414) during Ihe year in
relation lo building componcnts rcplaccd arising frotTh planned mainienance works, The accumulated position of total Housing
Association Grant released at 31 March 2025 is £6,260,128 (2024.. £3,290,162). The a¢¢umula¢ed amounl of Housing
Association Grant amortised and recogni5cd as incorne as ai 31 March 2025 is £79,625,677 (2024: £74.444,702) (nole 12).
The possibility of any reimbursemenl lo Ihe Dcpartmeni forcommunities is considered to be unlikely as (he housing properties
are expected 10 continue lo be made available lor social housing for the foreseeable futur¢.
35
Turnover, operatlng eosts and operatlng surplus
Assoeladon
2025
2024
Operatlng
lurnover
Operatlng
costs
Operaling
rnover
Operating
costs
Operating
surplus
Operatlng
surplus
Social Housing Activities
Non-social Housing Aclivilies
TotAI
68J03JS7 ($4,2S3,913)
14,049,444 60,686,415
(49,611,497)
3J86,001
(5,844,691) (2,258,690)
3,123.641 (5.576.386)
7181J9,358
60 098 604
11790 754 63,810.056
55,187.883
11,074,918
(2.452,745)
8,622.173

11-
iii"

vs
omr
r-4
¢ ]1"
iii-

iii"

Apex Housing Association Limited
52
Notes to the financial statements for the year ended 31 March 2025 (continued)
35 Turnover, operating costs and operating surplus (continued)
2025
2024
Total
Total
Dfc Man2gement Allowanees- General Needs
Management Allowances
Management costs
Surplusl(Deficit)
2J84,712
(8,930,050)
(6,545,338)
2,289,672
(7,744,030)
(5,454,358)
Dfc M2lntenanee Allowxncej - General Needs
Maintenance Allowan
2,974,938
(1,460,470)
(2003,24I)
(3J55,991)
2,865,624
(1,256.628)
(1,781,485)
(3,444,720)
Maintenance adminisiTation costs
Planned and cyclical maintenance
Rea¢tive maint¢nan¢e
Surplusl(Deflclt)
(4,644,764)
{3,617,209)
Gross Incoffle from Rents And service eharges
Technical
53,121,701
I I,S04,047
64,625,748
44,482,533
12,101,566
56,584,099
Non-Technical
Total
36 Particulars of lettings
20ZS
2024
Assoelatlon
Rent and service charges
Less., renl losses from bad debis and voids
60,260,701
(588,957)
4,954,004
64,625,748
52,245,472
(531,128)
4,869.755
56,584,099
Supportin8 pcople and oihcr subsidies
37 Related party disclosures
Apex Housin8 A&8ocialion (Ireland) Limited. Fairbuild Homcs (Nl) Lid and Newington Hou4ing A¥sociation (1975) Limited
are regarded a¥ a relalcd party as dcfincd by 4cclion 33 FRS 102 duc to th¢ fact that a numbcr of board mcmbcrs of Apcx Housin8
As8ociation l.imited are Rl¥o directors of thc.%c companics.
The transactions and balances due fromlto these related parties during the financial year were as follows;

Apex Housing Association Limited
53
Notes to the financial statements for the year ended 31 March 2025 (continued)
37 Related party disclosures (continued)
2025
2024
Apex Housing (Ireland) Limited
Fairbuild Homes (Nl) Ltd
Newington Hou5in8 A5socialion (1975) Liniited
Amount owed from re12ted party at 31 March
4,979,060
4,922,426
1216
47,793
4,971,435
46,641
5,025,701
202S
2024
Apex Houslng Assoclatlon (Ireland) Llmlted
Amount owed from related party at l April
Management and administration ¢hArge lo Apex Housing Association (Ireland)
Limited
Expendilure paid on behalf of Apex Housing Association (Ireland) Limited
Amounts written off
(Receipts from)Ipaymenls io Apex Housing Associhtion (Ireland) Limited
Amount owed from related party 1131 March
4,922,426
4,570,820
89,750
67,747
540,430
(550,000)
(23J46)
4,979,060
802,507
(51XI,IYJ))
(18,618)
4,922.426
F81rbulld Homes (Nl) Ltd {"Fairbuild Homes")
Amount owed from related party at l April
Management and administration charge 10 Fairbuild Homes
Amounts wnllen off
Expenditure paid on behalf of Fairbuild Homes
Receipts from Fairbuild Homes
Amount owed from related party at 31 March
1,216
78
325
(5,5(N))
6,391
2,405
(3W9)
1,216
Lyewlngton Houslng Association (197S) Llmlted
Amount owed from related party al l April
Expendilure paid on behalf of Newing¢on Housing Assooialion
Receipls from Newingion Housing Associalion
Amount owed from related party at 31 M8reh
47,793
(1,152)
45,170
2,623
46,641
47,793
38 Related Party Iovdn - Uncertalnty Regarding Recoverability
As ai 31 March 2025, the aSS￿latIOn has an outstsnding loan receivable of £4,979,060 {2024. £4,922,426 due from Apex Housing
Association (Ireland) Limited, a ielated party as defined under IAS 24 Related Party Disclosures. The loan has been advanced
under Icrnts approved by (he board under a Facilities Agreement dated 22•d June 201 l on a 5-year terni with the most recenl renewal
being 8, Augusi 2024. The agreement is reviewed annually by the board. During the reporting period the borrower reviewed ils
options for development of sites in iLq ownership, the proceeds of which will be used to repay part of the loan. The board of Apex
Housing Association (Ireland) Limiied are also reviewing the future strategic direclion of the entity with discussions taking place
with oiher interested parties in relation to Ihe possible takeover ol the entity and ils remaining stock of housing assets. This has
reated uncertainty regarding the recoverabilily of the loan in full. Management has assessed the recoverability of the loan but, due
lo the lack of sufficient reliable infornlalion and the ongoing nalure of ihe discussions Wlth ihe borrower, il is nol currenily possible
to make a reasonable estimaie of any poiential impaimieni. Accordingly, no provision for impairnienl has been recognized as al
31 March 2025. The board are continuing to monitor the position closely and will reasse&s the need for impairnient as further
infonnation becomes available.