Reg No. IP244000
Abbeyfield & Wesley Housing Association Ltd
Report and Financial Statements
For the Year Ended 31 March 2023

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Contents page
Page
Board of Management and Advisers
Report of the Board of Management
Independent Auditor's Report
9-12
Statement of Comprehensive Income
13
Statement of Changes in Equity
14
Statement of Financial Position
15
Statement of cash flows
16
Notes to the Statement of cash flows
17-18
Notes to the financial statements
19-31

Abbeyfield & Wesley Mousing Association Ltd
Year Ended 31 March 2023
Board of Management and Advisers
Ms E Stewart
Chair
Mrs C Worthington
Mr M Beattie
Appointed 12th September 2022
Dr D Capper
Mr K Gordon
Mr G Montgomery
Mr A Shott
Resigned 12th September 2022
Mr W Graham
Mrs P Sands
Mr K McParland
Appointed 13th March 2023
Mrs H Taylor
Appointed 13th March 2023
Mrs M Bunting
Appointed 13th March 2023
Dr G Turner
Appointed 13th March 2023
Chief Executive and
Secretary
Mrs G Gilpin
Registered office
2 Wesley Court
Carrickfergus
BT38 8HS
Registered under the Co-operative and Community Benefit Societies Act (Northern
Ireland) 1969, (formerly the Industrial and Provident Societies Att (Northern Ireland)
1969)
Registered number
IP 244000
Registered with the Charity Commission for Northern Ireland - NIC 106288
Statutory Auditors
ASM (B) Ltd, Chartered Accountants
4th Floor Glendinning House
6 Murray Street
Belfast
BTI 6DN

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Board of Management and Advisers (cont'd)
Bankers
Danske Bank Ltd
77 Main Street
Bangor
BT20 SAP
Solicitors
DWF (Northern Ireland) LLP
42 Queen Street
Belfast
BTI 6HL

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Report of the Board of Management for the year ended 31 March 2023
strategic Report
The Board present their report together with the financial statements for the year ended
31 March 2023.
Principal activities
The Association is a registered non-profit making Housing Association and is recognised
by CCNI and HMRC as having charitable status.
The Association's principal actlvity is the provision of a range of housing and support
options for older people acmss Northern Ireland such as supported sheltered houses,
sheltered accommodation and a care home.
Business Performance Review
The recovery for the Association from the Coronavirus pandemic was slower than
anticipated during the financial year. Void levels remained significantly higher than
budgeted and increased staff pressures resulted in agency costs being higher than
budgeted. However, improvements in occupancy were noted in the last quarter and
houses were beginning to return to pre-covid style.
The Association returned an overall surplus of £73,696 this year, a decrease of £43,256
on the surplus in 2021/22 of £116,952. The operating surplus on social housing activities
was £57,400 compared to a deficit of £418,095 in 2021/22.
The Board aims to keep rents and charges affordable for all, however, with the annual
increases in minimum wage payments (and resulting implications for differential payment
levels), as well as pension contributions, increases in costs, particularly in relation to food,
utilities and maintenance, combined with a lack of a meaningful increase in Supporting
People funding and Residential Care Home tariff, this continues to be increasingly
challenging. At the start of the year, charges for housing were increased by 5.8010 for
Supported Sheltered and 4 % for Sheltered, charges for support were increased by 5.8010.
The Financial Position remains strong with net current assets of £1,572,838 and total
reserves of £6,766,551.
COVID-19 and Ukraine Crisis Impact
The Association reviewed its working practices over the year balancing the safety for staff
and residents as well as ensuring that core services to residents were maintained.
The key areas of focus are support for our staff, residents and suppliers through this
challenging time. The Association have reviewed their budgets and cash flows to provide
financial assurance and will ensure to keep under close review.
Although not directly impacted by the crisis in Ukraine, this has had a significant impact
on our suppliers. We continue to focus on providing support through this challenging time.

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Report of the Board of Management for the year ended 31 March 2023
(Cont.)
Value for Money
Abbeyfield and Wesley aims to provide more than simply somewhere for older people to
live. In our accommodation we aim to create a sense of family and close links with the
local community, enabling our residents to maintain social connections which are so vital
to health and well-being.
In order to provide this added social value, as well as providing quality services and
maintaining properties to a high standard, resources have to be managed as efficiently
and effectively as possible. Everyone in the association is involved in this endeavour, and
we also actively encourage input from external resources.
The key themes in the Strategic Plan for 2023-24 reflect the aims of enhancing the lives
of older people and providing social impact and value for money.
Risks
The Board have reviewed the strategic and key risk register quarterly throughout the year.
This covers inherent and residual risks for the key strategic areas within the organisation
as well as further artions that the Association has put in place to minimise any potential
impact. This will continue to be reviewed and amended by the Association.
Strategic changes in the coming year
The Association will continue to implement the post-covid recovery plan, concentrating on
returning occupancy levels to pre-pandemic levels and restructuring the planned
maintenance programme which had been delayed.
The cash flow provides reassurance that the Association can operate for the foreseeable
future.
Corporate Governance
In the opinion of the Board, the Association is in compliance with the Best Practice Code
of Governance issued by the NHF and has complied with all Dfc Regulatory Standards
during the year.

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Report of the Board of Management for the year ended 31 March 2023
(Cont.)
Treasury Management Policy
Abbeyfield & Wesley considers that effective treasury management will support the
achievement of its business and service objectives and is committed to..
The security of financial assets and the minimisation of risk.
The preservation of asset value and liquidity levels.
The minimisation of costs within those parameters.
Achieving an appropriate rate of return.
The Association maintains a risk averse stance to investment of cash balances and aims
to have sufficient liquid funds available to meet operational costs and borrowing to a
minimum. The Association does not currently have any loans.
Board of Management
The Board meets at least four times throughout the year and in 2022/23 met on five
occasions. The Finance Sub-committee met on five occasions, the Governance & Audit
sub-committee twice, and the Property & Development on four occasions.
Members, attendance at board meetings during the course of the year was as follows:
Board Members
Meetings Attended
Possible Attendance
Ms Eileen Stewart
Dr David Capper
Mr Ken Gordon
Mrs Celia Worthington
Mr Glenn Montgomery
Mr Andrew Shott
Mr William Graham
Mr Malcolm Beattie
Mrs Paula Sands
Mrs Margaret Bunting
Mr Kevin McParland
Mrs Heather Taylor
Dr Gillian Turner

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Report of the Board of Management for the year ended 31 March 2023
(Cont.)
Going Concern
After making enquiries, the Board has a reasonable expectation that the Association had
adequate resources to continue in operational existence for the foreseeable future. For this
reason they continue to adopt the going concern basis in preparing the financial statements.
Internal controls
The Board confirms that no issues were raised by the Department for Communities in relation
to their Regulatory Standards during the year ended 31 March 2023.
The Board is responsible for the Association's systems of internal financial control and along
with senior management, is responsible for establishing and operating detailed control and
report procedures. The systems of internal financial control can provide only reasonable, and
not absolute, assurance against material misstatement and loss.
The Board has reviewed the effectiveness of the Association's system of internal financial
control. The review included consideration of the business risks facing the association and of
the existing internal financial control procedures. The key elements of the control system in
operation are:
Adoption by the Board of a formal schedule of matters reserved for its approval,
ensuring it maintains responsibility for overall strategy, approval of all property
transactions and other major capital expenditure projects.
An organisational structure with clearly defined lines of responsibility and delegation
of authority.
Preparation of detailed budgets covering the business of the Association which are
approved and regularly reviewed by the Board. Actual results are compared against
budget and, where necessary, appropriate action identified and initiated.
Compliance with Code of Best Practice
The auditors have confirmed that in their opinion, with respect to the Board's statements on
internal financial control and going concern above, the members have provided the
disclosures required by the Code and such statements are not inconsistent with the
information of which they are aware from their audit work on the financial statements, and
that the Board's statement on pages 3 to 8 appropriately reflects the Association's compliance
with the other paragraphs of the Code. They have carried out their review in accordance with
the relevant Bulletin issued by the Auditing Practices Board, which does not require them to
perform any additional work necessary to express a separate opinion on the effectiveness of
either the Association's system of internal financial control or corporate governance
procedures, or on the ability of the Association to continue in operational existence.

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Report of the Board of Management for the year ended 31 March 2023
(Cont.)
Statement of the responsibilities of the Board of Management
The Board is required to prepare accounts for each financial period which give a true and fair
view of the state of the Association's affairs and of its surplus or deficit for that period. In
preparing those accounts the Board is required to:_
select suitable accounting policies and then apply them consistentlyi
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed subject to any
material departures disclosed and explained in the accounts. and
prepare the accounts on the going concern basis unless it is inappropriate to
presume that the Association will continue to operate.
The Board is responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Association. It is also responsible for
safegL5arding the assets of the Association and hence for taking reasonable steps for the
prevention of fraud and other irregularities.
Events after the Balance Sheet date
Mrs Geraldine Gilpin, Chief Executive Officer (CEO) of the Abbeyfield & Wesley Housing
Association for over 25 years, will be retiring later in 2023. Under her leadership, the
Association has grown through the mergers of Abbeyfield societies in 2003 and with Wesley
Housing Association in 2013. The Association is recognised for the high standard of support
and care provided for its residents, with an underlying ethos to provide a sense of community
and alleviate loneliness.
In preparation for the forthcoming retirement of Mrs Geraldine Gilpin, the Management Board
of Abbeyfield & Wesley undertook a recruitment exercise and Mr Patrick Thompson will be
taking over as CEO following a period of handover.
statement of disclosure to auditors
So far as each of the members of the Board of Management is aware at the date of approval
of these financial statements..
there is no relevant audit information of which the Association's auditors are unaware;
and
they have taken all the steps that they ought to have taken in order to make themselves
aware of any relevant audit information and to establish that the Association's auditors
are aware of that information.

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Report of the Board of Management for the year ended 31 March 2023
(Cont.)
Auditors
Following a formal re-tendering for External Audit Services in 2018-19, a resolution to
reappoint ASM (B) Ltd was proposed and accepted at the Annual General Meeting.
Signed on behalf of the Board of Management:
Ms E Stewart
Chair
Mr M Be3ttie
Board Member
Date: 24 August 2023

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Independent Auditor's Report
Opinion
We have audited the financial statements of Abbeyfield and Wesley Housing Association
Limited for the year ended 31 March 2023 which comprise the statement of comprehensive
income, the statement of changes in reserves, the statement of financial position, the
statement of cash flows and the related notes to the financial statements, including a
summary of significant accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted
Accounting Practice) and the Housing SORP - Statement of Recommended Practice for
social housing providers issued by the National Housing Federation.
In our opinion the financial statements:
give a true and fair view of the state of the Association's affairs as at 31 March 2023
and of its surplus for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
have been properly prepared in accordance with the requirements of the Co-operative
and Community Benefit Societies Act (Northern Ireland) 1969 (formerly the Industrial
and Provident Societies Act (Northern Ireland) 1969), with the requirements of Article
19 of the Housing (Northern Ireland) Order 1992, Registered Housing Associations
(Accounting Requirements) Order (Northern Ireland) 1993, the Charities Act (Northern
Ireland) 2008 and Regulation 9 of the Charities (Accounts and Reports) Regulations
(Northern Ireland) 2015.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS
UK) and applicable law. Our responsibilities under those standards are further described
in the Auditor's responsibilities for the audit of the financial statements section of our
report.
We are independent of the Association in accordance with the ethical requirements that
are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with those
requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAS
(UK) require us to report to you where:
the Board of Management's use of the going concern basis of accounting in the
preparation of the financial statements is not appropriate; or

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Independent Auditor's Report (cont'd)
the Board of Management have not disclosed in the financial statements any
identified material uncertainties that may cast significant doubt about the
Association's ability to continue to adopt the going concern basis of accounting for
a period of at least twelve months from the date when the financial statements are
authorised for issue.
Other information
The other information comprises the information included in the Report of the Board of
Management other than the financial statements and our auditor's report thereon. The
Board of Management is responsible for the other information. Our opinion on the financial
statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the
other information and, in so doing, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required to determine whether there is a
material misstatement in the financial statements or a material misstatement of the other
information. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
Opinion on other matters prescribed by the Companies Act
In our opinion, based on the work undertaken in the course of the audit;
the information given in the Report of the Board of Management for the financial
year for which the financial statements are prepared is consistent with the financial
statements; and
the Report of the Board of Management has been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Association and its environment
obtained in the course of the audit, we have not identified material misstatements in the
Report of the Board of Management.
We have nothing to report in respect of the following matters in relation to which the
Companies Act 2006 requi￿5 us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit
have not been received from branches not visited by us. or
the financial statements are not in agreement with the accounting records and
returns. or
we have not received all the information and explanations we require for our audit.
io

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Independent Auditor's Report (cont'd)
Responsibilities of the Board of Management
As explained more fully in the Board of Management responsibilities statement the Board
of Management is responsible for the preparation of the financial statements and for being
satisfied that they give a true and fair view, and for such internal control as the Board of
Management determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Management is responsible for
assessing the Association's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting, unless
the Board of Management either intend to cease operations, or have no realistic alternative
but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK)
will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or
in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
We design procedures in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the
Association and the industry in which they operate, and considered the risk of acts by the
Association that were contrary to applicable laws and regulations, including fraud. We
considered the opportunities and incentives that may exist within the Association for fraud
and identified the greatest potential for fraud in the following areas: management override
of controls and fraud risk relating to revenue.
We designed audit procedures to respond to these risks, recognising that the risk of not
detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by, for example, forgery
or intentional misrepresentations, or through collusion. Our audit procedures included:
enquiries of management about their own identification and assessment of risks of
irregularities, testing the design and implementation of controls relating to the risks,
sample testing of journals Posted during the year and agreeing a sample of revenue items
to underlying documentation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all
irregularities, including those leading to a material misstatement in the financial
statements or non-compliance with regulation.
li

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Independent Auditor's Report (cont'd)
This risk increases the more that compliance with a law or regulation is removed from
the events and transactions reflected in the financial statements, as we will be less likely
to become aware of instances of non-compliance. The risk is also greater regarding
irregularities occurring due to fraud rather than error, as fraud involves intentional
concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is
located
on
the
Financial
Reporting
Council's
website
at
www.frc.or
auditorsres
onsibilities. This description forms part of our auditors, report.
Other required reporting
Co-o
erative and Communit Benefit Societies Act
ortin
Northern Ireland
1969 exce
tion
re
Under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 we
are required to report to you if, in our opinion:
a satisfactory system of control over transactions has not been maintained; or
we have not received all the information and explanations we require for our audit;
or
proper accounting records have not been kept by the association. or
the financial statements are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility.
Use of our report
This report is made solely to the Board of Management, in accordance with Article 38 of
the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 (formerly
the Industrial and Provident Societies Act (Northern Ireland) 1969). Our audit work has
been undertaken so that we might state to the Board of Management those matters that
we are required to state to them in an auditors, report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Society and the Board of Management, for our audit work, for this report,
or for the opinion we have formed.
fy. QThL
B Clerkin (Senior Statutory Auditor)
for and on behalf of ASM (B) Ltd
statutory Auditor
4th Floor Glendinning House
6 Murray Street
Belfast
BTI 6DN
Date: 24 August 2023
12

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Statement of Comprehensive Income
For the year ended 31 March 2023
Notes
2023
2022
Turnover
4,398,307
4,548,839
Operating costs
3 {4,296,487)
(4,465,167)
Operating surplus
Gain / (loss) on disposal of properties held for
resale
101,820
83,672
40,387
Fair value adjustment on investments
Unrealised deficit on revaluation of properties
held for resale
13
(22,020)
19,401
(65,000)
Interest and investment income / (costs)
18.509
13,879
Surplus before tax
73.696
116,952
Taxation
Surplus after tax
73,696
116,952
other comprehensive income
Unrealised surplus / (deficit) on revaluation of
housing properties
Total comprehensive income for the year
73.696
116,952
There are no other recognised gains and losses for 2023 or 2022 other than those
included in the statement of comprehensive income.
The notes on pages 19 to 31 form part of these financial statements.
13

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
statement of Financial Position
As at 31 March 2023
Notes
2023
2022
Fixed assets
Housing properties
Other tangible fixed assets
Investments
io
15,186,046
140,328
286,155
15,366,143
130,636
12
13
308,175
15,612,529
15,804,954
Current assets
Properties held for sale
Trade and other debtors
14
435,000
373,409
852,975
415,469
106,856
709,875
850,190
433,313
15
Investments
Cash and cash equivalents
2,076,853
2,100,234
Less: Creditors: amounts falling due within
one year
Net current assets
16
(504,015)
(590,696)
1,572,838
1,509,538
Total assets less current liabilities
17,185,367
17,314,492
Creditors: amounts falling due after more than
one year
16
(10,418,816)
(10,621,637)
Total net assets
6,766,551
6,692,855
Reserves
Share capital
Revenue reserve5
21
6,766,501
6,692,805
Capital reserves
Designated reserves
22
42
42
Total reserves
6,766,551
6,692,855
These financial statements were approved by the Board of Management and authorised for issue
on 24 August 2023 and signed on its behalf by..
Ms E Stewart, Chair
Mr M Beattie, Board Member
s G Gllpin, Secretary
The notes on pages 19 to 31 form part of these financlal statements.
15

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
statement of Cash Flows
For the year ended 31 March 2023
Notes
2023
2022
Net cash inflow / ouffiow from operating
activities
Returns on investments and servicing of
finance
Capital expenditure and financial investment
5,679
(125,494)
18,509
(39,247)
13,879
(94,917)
Cash inflow / outflow before use of liquid
resources and financing
(15,059)
(206,532)
Financing
(15,059)
(206,532)
Reconciliation of net cash flow to movements in net debts (Note C)
Increase / decrease in cash in period
Net funds at l April 2022
(15,059)
1,283,503
Net funds at 31 March 2023
1,268,444
The notes on pages 17 to 18 form part of this financial statement.
16

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Notes to Statement of Cash Flows
For the year ended 31 March 2023
A. Reconciliation of operating surplus / (deficit) to operating cashflows
2023
2022
Operating surplus
Depreciation
Amortisation of grant
Profit/(loss) on disposal of properties held for resale
Movements in:
101,820
317,595
(205,871)
40,387
83,672
321,882
(207,834)
Rental debtors
11,776
(175,310)
(84,718)
5,679
63,802
(563,285)
176,269
Other debtors
Creditors less than one year
(125,494)
B. Analysis of cash flows for headings netted in the cash flow statement
Returns on Investment and servicing of finance
2023
Interest and investment income received
Bank charges
Net cash inflow / (outflow) for returns on
investment and servicing of finance
19,644
(1,135)
18,509
Capital expenditure and financial investment
Other fixed assets
(14,952)
(132,238)
1,087
106,856
Housing, land and buildings
Capital grant received
Properties held for resale
Major repairs spend
Net cash inflow / (outflow) for capital expenditure
and financial investment
(39,247)
Financing
Loan principal repayments
Share capital issued
Net cash inflow / (oufflow) from financing
17

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Notes to Statement of Cash Flows (cont'd)
For the year ended 31 March 2023
C. Analysis of changes in net funds
At
01/04/22
Other
Changes
At
31103/23
Cashflows
Cash in hand and at bank
Investments
Debt due within one year
Debt due after more than
one year
433,313
850,190
(17,844)
2,785
415,469
852,975
1 283 503
1 268 444
18

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Notes to the financial statements
l. Legal status
Abbeyfield & Wesley Housing Association is a housing association registered in Northern
Ireland in the United Kingdom under the Co-operative and Community Benefit Societies
(Northern Ireland) Act 2016 (formerly known as the Industrial and Provident Societies Act
(Northern Ireland) 1969). The registered office of the Association is 2 Wesley Court,
Carrickfergus, BT38 8HS.
2. Accounting Policies
2.1 Basis of accounting
These financial statements have been prepared in accordance with Financial Reporting
standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of
Ireland, and the Statement of Recommended Practice ("SORP") for Registered Social
Housing Providers.
The financial statements are presented in Sterling (£), which is the functional currency of
the Association.
2.2 Revenue recognition
Revenue is recognised when the Association has entitlement to the funds and it is probable
that the income will be received and the amount is reliably measured.
Tumover includes rent and service charge income arising from the provision of housing
accommodation and the amortisation of Housing Association Grant.
2.3 Government and other grants
Social housing grant (SHG) or Housing Association Grant (HAG) is receivable from the
Northern Ireland Housing Executive (NIHE) and is recognised in income over the useful
life of the housing property structure under the accruals model. SHG/HAG due is included
as a current asset. SHG/HAG received in advance is included as a liability.
SHG/HAG received in respect of revenue expenditu￿ is credited to the income and
expenditure account in the same period as the expenditure to which it relates.
SHG/HAG released on sale of a property may be repayable but is normally available to be
recycled and is credited to the Disposal Proceeds Fund and included in the Statement of
Financial Position within Creditors.
19

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Notes to the financial statements (cont.)
2.4 Tangible fixed assets
Housing properties
Housing stock are properties held for the provision of social housing or to otherwise provide
social benefit and are accounted for within tangible fixed assets. Housing properties are
principally available for rent and are stated at cost less accumulated depreciation and any
accumulated impairment losses. Cost includes the cost of acquiring land and buildings,
development costs, interest charges incurred during the development period.
Works to existing properties which replace a component that has been treated separately
for depreciation purposes, along with those works that result in an increase in net rental
income over the lives of the properties, thereby enhancing the economic benefits of the
assets, are capitalised as improvements.
Depreciation of housing properties
The Association separately identifies the major components which comprise its housing
properties, and charges depreciation, so as to write-down the cost of each component to
its estimated residual value, on a straight-line basis, over its estimated useful life.
The Association depreciates the major components of its housing properties over the
following estimate useful lives:
Land
Structure/main fabric
Roof
Windows and doors
Primary heating unit
Kitchen
Bathroom
Mechanical systems
Electrics
Lifts
Furniture and equipment
Not depreciated
Over 100 years
Over 70 years
Over 25 - 30 years
Over 15 years
Over 17 - 20 years
Over 20 - 25 years
Over 35 years
Over 30 35 years
Over 30 - 35 years
Over 10 years
Depreciation of other tangible fixed assets
For other tangible fixed assets, depreciation is charged on a straight-line basis over the
expected useful lives of the assets to write off the cost, less estimated residual values
using the following rates..
Leasehold building
20/0
Offfice furniture and equipment
20%
20

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Notes to the financial statements (cont.)
2.5 Impairment
Housing properties are assessed annually for impairment indicators. Where indicators are
identified an assessment for impairment is undertaken comparing the asset's carrying
amount to its recoverable amount. Where the carrying amount of an asset is deemed to
exceed its recoverable amount, the asset is written down to its recoverable amount, this
is likely to be the fair value in use of the asset based on its service potential. The resulting
impairment loss is recognised as expenditure in income and expenditure. Where an asset
is currently deemed not to be providing service potential to the association, its recoverable
amount is its fair value less costs to sell.
Other assets are reviewed for impairment if there is an indication that impairment may
have occurred.
2.6 Properties held for sale
Properties held for sale are valued at the lower of depreciated cost and net realisable
value.
2.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand and in bank with maturities of one
month or less.
2.8 Current asset investments
Current asset investments are investments in short-term deposits with an original
maturity between one and twelve months.
2.9 Employee benefits - Defined Contribution Pension
The Association operates a defined contribution scheme for eligible employees. A defined
contribution plan is a pension plan under which the Association pays fixed contributions
into a separate entity. Once the contributions have been paid the Association has no
further payment obligations.
The contributions are recognised as an expense when they are due. Amounts not paid are
included as accruals in the Statement of Financial Position. The assets of the plan are held
separately from the Association in independently administered funds.
2.10 Tenants, Services Fund
For certain schemes the Association is required to charge to the tenants an additional
amount to fund the cost of common facilities. Annual surpluses or deficits are transferred
to the Tenants, Services Fund to equalise the financial position over the lifetime of the
scheme.
2.11 Disposal Proceeds Fund
The net surpluses, after loan repayments, that arise from the sale of property to tenants
under the voluntary purchase grant arrangements, instituted by the Department for
Communities, can be utilised by the Association. If the surpluses are not used within two
years of their receipt they may be payable in part or in full to the Department for
Communities.
21

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Notes to the financial statements (cont.)
2.12 Income tax
The Association is accepted as a charity by the HMRC. Income and capital gains of the
Association are generally exempt from tax if applied for charitable purposes.
2.13 Value Added Tax
The Association is not registered for VAT. All of its income, including rental receipts, is
exempt for VAT purposes.
2.14 Financial instruments
The Association only has financial assets and financial liabilities of a kind that qualify as
basic financial instru ments. Basic financial instruments are initially recognised at
transaction value and subsequently measured at their settlement value.
2.15 Judgements in applying accounting policies and key sources of
estimation uncertainty
No judgments have been made in the process of applying the above accounting policies
(apart from those involving estimates). There were no key assumptions made concerning
the future and other key sources of estimation uncertainty at the reporting date that have
a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial yea r.
2.16 Going concern
After making appropriate enquiries, the Board of Management has a reasonable
expectation that the Association has adequate resources to continue in operational
existence for the foreseeable future. For this reason, it continues to adopt the going
concern basis in the financial statements.
3. Turnover, Operating costs and operating surplus
2023
2022
Operating
Surplus/
(deficit)
Operatlng
Surplus/
(deficit)
Operating
Turnover
Operating
Costs
Social Housing Attivities
(Note 4)
4,340,518
(4,283,118)
57,400
(418,095)
Non-social Housing Activltles
(Note 5)
57,789
(13,369)
44,420
501,767
4,398,307
(4,296,487)
101,820
83,672
22

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Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
4. Turnover, operating costs and operating surplus/(deficit) from social
housing activities (cont'd)
Dfc Allowances
2023
2022
Management allowances
Management costs
Surplus/ (deficit)
3,564
(9,787)
(6,223)
3,564
(2,493)
1,071
Maintenance allowances
Planned and cyclical maintenance
Reactive maintenance
Surplus/ (deficit)
4,176
{6,339)
(2,618)
(4,781)
4,176
(3,897)
(3,167)
(2,888)
Technical & Non Technical Income
2023
2022
Technical
Non-Technical
Total
2,024,321
2,076,844
4,101,165
1,811,569
1,850,595
3,662,164
Turnover, operating costs and operating surplus/(deficit) from non-social
housing activities
2023
2022
Operating Income
Development
Management Services
Other income
Legacy donation received
Total Non-social Housing Income
6,598
6,497
36,758
95,717
503 669
&05,883
57,789
Operating Costs
Development Cost5
Management Services Costs
Other Costs
Total Non-social Housing Expenditure
6,598
6,497
13,369
104,116
Operating surplus on non-social housing
501 767
24

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Surplus on ordinary activities
Surplus on ordinary activities is stated after charging/(crediting):
2023
2022
Depreciation
owned tangible fixed assets
Amortisation of grant / Release of capital grant
Auditor's remuneration
External audit of these financial statements
Internal audit
Non-audit services
317,595
(205,871)
321,882
(207,834)
8,950
3,400
10,950
2,550
Interest payable
2023
2022
Bank overdrafts
Bank loans
On housing property loans
Bank interest and charges
25

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Employee information
Average monthly number of employees during the financial year expressed as full-time
equivalents is as follows:
2023
No.
2022
Administration
Housing & Support
Care
13
77
44
134
12
70
41
123
staff costs
2023
2022
Wages and salaries
Social security costs
Pension costs
Agency costs
1,981,916
147,203
57,589
449,855
2,636,563
2,040,216
143,085
59,906
529,674
2,772,881
The aggregate remuneration, including benefits in kind and pension contributions, of key
management personnel of the Association, as defined under FRS 102, during the year
was:
2023
2022
Aggregate remuneration
306,946
306,946
302,818
302,818
Emoluments payable to the highest paid employee (excluding
pension contributions but including benefits in kind)
67,452
66,223
The number of management personnel to whom emoluments (including salary and
benefits in kind) were paid during the year falls within each of the following bands:
2023
2022
Salary band:
60,000 65,000
65,000 - 70,000
26

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Board of Management remuneration
There was no remuneration paid to the Board members of the Association (2022: £Nil).
No board members were paid out of pocket expenses (2022: £Nil).
10. Tangible fixed assets - Housing properties
Housing
properties
held for
letting
Cost or valuation
At l April 2022
Additions
Disposals
At 31 March 2023
21,512,643
132,238
(6,297)
21,638,584
Depreciation and impairment
At l April 2022
Charge for the year
Eliminated on disposal
At 31 March 2023
6,146,500
312,335
(6,297)
6,452,538
Net book value
At 31 March 2023
15,186,046
At 31 March 2022
15,366,143
11. Housing Stock
Number of units owned and mana
edat
ear end
Self-contained
2023
Properties
2022
Properties
General Needs Housing
Supported Housing
Sheltered Housing
Shared Ownership/ Affordable Housing
96
96
105
105
Non Self-contained
2023
Bedspaces
39
156
2022
Bedspaces
39
156
Care Home
Supported Sheltered Housing
Sheltered Housing
195
195
Total Units Owned and Managed at year end
300
300
27

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Numb
f units mana
ed
b t not owned
at
ear end
Self-contained
2023
Properties
2022
Properties
General Needs Housing
Supported Housing
Sheltered Housing
Non Self-contained
2023
Bedspaces
2022
Bedspaces
General Needs Housing
Supported Sheltered Housing
Sheltered Housing
Total Units Managed at year end
12. Other tangible fixed assets
Office
premises
Furniture
and
fittings
Office
equipment
Total
Cost or valuation
At l April 2022
Additions
Disposals
At 31 March 2023
248,352
291,026
174,657
14,952
714,035
14,952
248,352
291,026
189,609
728,987
Depreciation
At l April 2022
Charge for the year
Eliminated on disposal
At 31 March 2023
119,229
4,880
291,026
173,144
380
583,399
5,260
124,109
291,026
173,524
588,659
Net book value
At 31 March 2023
At 31 March 2022
124,243
129,123
16,085
1,513
140,328
130,636
28

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
13. Investments
2023
2022
Valuation
At l April 2022
Additions
-Disposals
-Fair value adjustment
At 31 March 2023
308,175
288,774
(22,020)
286,155
19,401
308,175
Net book value
At beginning of year
At end of year
308,175
286,155
288,774
308,175
14. Propertied held for resale
2023
2022
Properties held for resale
435,000
435,000
106,856
106,856
Properties held for resale is valued at lower of cost and net realisable value.
15. Debtors
2023
2022
Gross rental debtors Technlcal
Gross rental debtors - Non-Technical
Provision for bad debt
Net rental debtors
Housing A550ciation Grant receivable
Prepayments and accrued income
Other debtors
23,175
4,358
(16,197)
11,336
37,103
2,206
(16,197)
23,112
47,482
314,591
373,409
47,444
639,319
709,875
29

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
16. Creditors
Amounts fallin
within I
ear
2023
2022
Housing Association Grant
Accruals and deferred income
Rent and service charges received in advance
Tenants, Services Fund (schemes undercharged and payable)
Other taxes and social security
Other creditors
205,871
139,378
10,519
42,561
207,834
181,832
29,361
28,064
105,686
504,015
143,605
590,696
Amount fallin
due after more than I
ear
2023
2022
Housing Association Grant
10,418,816
10,418,816
10,621,637
10,621,637
17. Deferred grant
2023
2022
At l April 2022
Grant received in the year
Released to income in the year
Eliminated on component disposals
Eliminated on housing unit disposals
At 31 March 2023
10,829,471
1,087
(205,871)
11,033,460
3,845
(207,834)
10,624,687
10,829,471
Deferred grant is Housing Association Grant (HAG) originally received less accumulated
amortisation. This was received to fund all Schemes the Association own.
18. Capital commitments
At 31 March 2023 the Association had capital commitments as follows:
2023
2022
Contracted for but not provided in the financial statements
30

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
19. Contingent Liabilities
The Association released Housing Association Grant during the year in relation to building
components replaced. The possibility of reimbursement to the Department for
Communities is considered to be unlikely as the housing properties are expected to
continue to be made available for social housing for the foreseeable future.
20. Pension commitments - Defined Contribution Pension
The Association operates a defined contribution pension scheme. The assets of the scheme
are held separately from the Association in an independently administered fund. The
Association paid contributions during the year amounting to £57,589 (2022: £59,906).
Contributions outstanding at 31 March 2023 amounted to £10,660 (2022: £10,332).
21. Share capital
Ordinary shares of £1 each fully paid:
2023
2022
At l April 2022
Issued in the year
Transferred to capital reserve
At 31 March 2023
16
{9)
22. Capital reserves
2023
2022
At l April 2022
Transferred to / from revenue reserves
At 31 March 2023
42
33
42
42
23. Related Parties
Worthingtons Solicitors is deemed to be a related party of the Association. During the
year there were no direct transactions, and as a result no outstanding balances at the year
end, with the firm however from time to time they are appointed to att on the Association's
behalf by the Association's insurance company.
31