MANORI
TATES
Housing Association
MANOR ESTATES HOUSING ASSOCIATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Scottish Charity Number SC023106
Registered with the Financial Conduct Authority No. 2484RS
Registered Housing Association No. HEP 284

MANOR ESTATES HOUSING ASSOCIATION LIMITED
BOARD, EXECUTIVES AND ADVISERS
Board
lan Crawford (Chair}
Phil Rowsby (Vice Chairl
Andrew Clark
Geoff Kitchener
Ilie Raebum
Roddy Elliott
Laijra Fordyce
Jo McFadyen
Ainan Groat
Shirelle White
Zoe Purdie IC-OPted 27 May 20261
Erin Mullen (C￿Opted 27 May 20261
Chief Executive
CLqire Ironside
Secretary
Claire Ironside
Registered office
Suite 4, 5 New Mart Place
Edinburgh
EH14 1RW
Independent auditor
CT Audit Limited
61 Dublin Street
Edinburgh
EH3 6NL
8ankeTS
Royal Bank of Scoland p
36 Sl Andrew Square
Edinburgh
EH2 24D
Solicitors
TC Young
Melrose House
69 George Street
Edinburgh
EH2 2JG
Financial Conduct Authority No.
2484R{SI
Registered with the Scottish
Housing Regulator:
HEP 284
Scottish Charity Number:
SC 0231C6

MANOR ESTATES HOUSING ASSOCIATION LIMITED
CONTENTS
Page
Report of the Board
Statement of the Board's responsibilities in respect of internal financial control
Independent Auditorfs Report
10-12
Report by the Independent Auditor on Corporate Govemance
13
ststement of Comprehensive Ineome
14
ststement of Changes in Capital & ReseNes
15
Staternent of Financial Position
16
Statement of Cash Flows
17
Notes to the Financial Statements
18-37

MANOR ESTATES HOUSING ASSOCIATION LIMITED
REPORT OF THE BOARD
FOR THE YEAR ENDED 31 MARCH 2026
The members of the Board have pleasure in presenting their report on the Association for the year ended 31
March 2026.
Principal Activities
The principal activity of Manor Estates Housing As￿)CIation is the development, management and
maintenance of housing for people in housing need.
Membership of Board
Members of the Board during the year {lo the dale of thts report) and their attendance at meetings that they
could have attended in the year were.. -
Board Attendanee
880
100%
100Y.
1000
880/0
880
100Vo
88°
1000
880
100%
Audit Committee Attendance
lan Crawford
Phil Rowsb
Rachel Hutton
Andrew Clark
Geoff Kitchener
Willie Raeburn
Rodd Elliott
Laura Ford
Jo McFad en
Ainan Groat
Martin Sloan {co-OPted in June. appointed
September 2025. resigned on 29 September
2025
Shirelle Wnite Ic(Fopted in June, appointed 3rd
tember 2025
Chair
ice ChaiF
resi
ned Se
tember 2025
100%
100/
l00V.
80%
33%
83%
Business review
Introduction:
Based on our review of the current position and future forecasts the Board believe il is appropriate lo prepare
the financial statements for Manor Estates Housing Association Ltd Ilhe Association or MEHAI on a going
concem basis. No foreseeable rnalerial uncertainties Ihal cast significant doubl about the ability ol the
Association lo continue as a going concem have been identsfied by the governing body. the Board.
The Board is confident that we have sufficient reserves and income to cover the costs of the Association's
business over future years and to carry out our long temi planned rnainlenance programme.
The Association's main sOu￿e of income is the rent paid by lenanls. In the current economic climate and
because of both restrictions lo welfare benefit entitlements and austerity, there Is an increased risk that the
Association's success in collecting rents may reduce. The ASS￿latIon continues lo maximise its rental
income by m8inlaining good performance in managing the level ol Tent arrears and rent lost as a result of
properties being void and unlet. This combined with a proaclive approach and a5SiStance provided lo tenants
seeking assistance in claiming welfare benefils wll continue lo mib.gale the impacts of reduced income
available to tenants as well as the cosl-of-living crisis.
The Board receives and reviews a range of key performance indicators and risks al regular intervals. In
addition, a mid-year budget review is undertaken. These reviews allow the Board to ensure effective oversight
of the Association's operations and financial affairs and lo quickly introduce appropriate or mitigating action
should il be necessary.
Business Activities
During 2025126 thè Association conts.nued Ils major programme of expenditure on managing and maintaining
ils properbes. The Association's subsidiary company. Manor Estate5 Associates Limited IMEA Limited)

MANOR ESTATES HOUSING ASSOCIATION LIMrtED
REPORT OF THE BOARD (continued)
FOR THE YEAR ENDED 31 MARCH 2026
Business Activtties (continued)
continued trading, undertaking a ￿nge of coMple￿Entary activities.
The Association has continued to work through a programme of energy efficiency measures, lo assist in
meeting the Energy Efficiency Standard for Social Housing IEESSH11 with minimal exemptions. The
Association has included an initial sum for cofflponenl spend profile in ihe 30-year Financial Plan for meeting
the Scottish Social Housing Net Zero Standard {SHNZSI across our stock base. No allernalive funding
streams have yel been identified that are available to the Associats"on to assisl in meeting the SHNZS largel
al the present lime. The Association is still wailing for clarification from Scottish Govemmenl as to all the
aspects of the revised SHNZS compliance criteria and bmescale.
MEHA shares a Welfare Advice Officer with Muirhouse Housing as%)ciats"on from Community Help and
Advice Initiative ICHAII. During 2025126 a total of £363,796 of addilK)nal income was attained for 151 of
our lenanls. MEHA has a150 been working in partnership with ARCHIE (Alliance of Registered Co-operatives
and Housing Associations, Independent in Edinburgh) members to ptovide an Energy Advice Service. The
project supported 87 tenants with energy related issues and achieved £24,790 of financial benefits.
The Association became the first landlord in Scouand lo become ac¢xedited by the Dogs Trust for its pel
friendly policies and practices.
MEHA also provided support to tenants using £22,062 from tts Tenancy Sustainment Fund lo assist 51
tenants with money for essential household items e.g. carpets, flooring, beds and while goods. This included
£1,000 loaded lo Charis Shop for new home items and £4,000 added to Gateway Plus Fund for supporting
new tenants moving into our homes. Through Ihe fund we were able lo support tenants with access lo
Tenants Rewards Scherne, Anti-social behaviour reporting App and assisted tenants wtth downsizing
through an incentive scheme payment of £500 each.
In addition, we received fijnding for £21,342 through the Scottish Govemment 'Get Settled. Fund. A pilot
project to support applicants as part of the 'Ask & Acr proa¢lNe homeless prevention duty that was
introduced as part of the Housing (Scollandl Act 2025. Using these funds, we provided £9,000 to Gateway
Plus for new home items including furniture such as beds and sofas along with the while goods. The
remaining fijnd was used to provide carpets to support tenants lo rnove quickly from temporary
accomrnodab"on.
The Association completed its second phase of ils development in South Queensferry in December 2025 for
10 terra￿d family homes and at the end of March 2026 a further 15-. one- and ￿0-t)edrOOM flats.
The Associat'on continues to spend significant sums of money each year maintaining and irnproving its
properties, work identified in our regularfy reviewed asset management plan. A programme is in place lo
address minor issues in meeting the SHQS and we continue lo seek cooperation to undèrtake works in our
rnixed tenure stock.
The Association continues to provide factoring services to around 1700 homeowners, principally in estates
where we have an interest as a landlord. Administering factoring arrangements while recovering the costs of
the factoring service remains a signifieanl area of work for the Association, and we take all practical steps lo
ensure the effective management ofdebt. including taking legal action where ne￿Ssary. We are a Registered
Factor and comply fully with the requiiements of the Property Factors IScolland} Act 2011.
Manor Eslales is a member of ARCHIE with a view lo sharing experience, services and knowledge lo
enhance services to tenants and the communities wilhin which the organisalion operates.
The Association remains committed lo providing high quality services lo all our tenants.

MANOR ESTATES HOUSING ASSOCIATION LIMITED
REPORT OF THE BOARD Icontinuedl
FOR THE YEAR ENDED 31 MARCH 2026
Board:
The Association presently has len Board members. including one lenanl. The Board continues lo set the
strategic direction of the Association and is committed lo ensunng that the organisalion adheres lo the highest
standards of governance and probity.
The Association's Chair and Vice- Chair conb.nue to conduct individual and collective assessments of Board
performance as well as holding annual review meetings with any new Board members, where their skills and
knowledge are appraised and where both collective and individual training needs are identified.
Principal Risks & Uncertainties
The Association recognises the irnportan￿ of identifying. evaluating and managing strategic and operational
risks, and remains focussed on ensuring events and challenges wh￿h could compromise the Association's
ability to deliver SeNi￿S are minimised.
Risk Management addresses a wide spectsum of risks. not just those associated with ftnance, health and
safety, business continuity and insurance. It also incorporates those risk5 associated with se￿1￿ provision,
effectiveness and continuity. public image {reputalion}, compliance with legislal¥)n, regulation and
environment.
The principal risks frdcing the Association are..
Operatrng environnEnl uncertainty
Service failure of a principal contractor
Cyber security breach
Health & safety Complian￿ failure
Repulalional damage
Major damage to a propety and lor office
Deterioration of the condilK)n of our Estates
Stock Condition and
Fire Safety Regulations
The Association's Risk Management Strategy identtfies tx)th major and minor risks. The Audit Committee,
as well as the Board, is responsible for monitoring the management of major risks while management of
lower-level risks is delegated lo the Senior Managemenl Team_
Staff
The Association keeps rts staff resources under review to ensure that rt continues to be appropriate lo the
scale and scope of the organisation's activities and enables us to operate effectively and efficiently in rneeling
the strategic objectives set by the Board.
The Association continues to engage with Investors in People IIIPI and has Gold accredilalion (March 20251.
It remains the objective of the Association to ensure all of ils employees are engaged, developed and
resourced lo meet the challenges of providing qual-ty services to our tenants and customers.
The Association remain Tnembers of Employers in Voluntary Housing IEVHI and through this engagement
ensures that staff terms and conditions are in line with the sector generally and that all aspects of Human
Resources and Health and Safety managemenl are effectively operated. The Association remains an
accredited employer with Disability ConfidenL an inilialive promoted by Jobcenlre Plus.
The Board and senior staff, including the Chief Executive, the Depute Chief Execulivelcorporale Services
Director, Housing Management Director and Propety Services Director are defined as the key management
personnel within the Asso¢iab"on. Remuneration for all staff including the key management personnel is
based on EVH salary scales (further information is ¢x>nlained within note 81. The Board are all voluntary
members and receive no remuneration.

MANOR ESTATES HOUSING ASSOCIATION LIMtrED
REPORT OF THE BOARD {continued)
FOR THE YEAR ENOED 31 MARCH 2026
Financial Review
Income and Expenditure Reserve
Details of movements in the year are below. under the surplus for the year and transfers to reserves.
Surplus for the year
The results for the Association are shown in the Statement of Cotnpiehenswe Income on page 13. The
surplus for the Association is £1.349.23912025- £1,139.977). The surplus reSu￿ed in an increase in reserves
to £25,249.647 (2025- £23.807.426)
Statement of the Board's Responsibilities
The Board is responsible for preparing the report and financial statements in accordan￿ with applicable law
and regulations. Slalute requires the Board lo prepare financial statements for each financial year which give
a true and fair view of the slate of affairs of the Associab"on. and of irbcome and expenditure for the year
ended on that dale. In preparing these financial statements. the Board is required to..
select suitable accounting poI￿leS and then apply them consistently.,
make judgements and estsmales that are reasonable and prudent.,
stste whether applicable UK Accounb"ng Standards and the Ststemenl of Recommended Practrce have
been followed, subject to any material departures disclosed and explained in the financial statements,"
p￿pare the financial statements on the going cOn￿M basis unless il is inappropriate lo presume that the
Associats'on will continue in business." and
prepare a statement on intemal financial control.
The Board is responsible for keeping proper accounting records wh￿h disclose with reasonable accuracy at
any lime, the financial position of the Association and to enable rt to ensure that the financial statements
comply with the Co-operative and Community Benefit Societies Act 2014, the Housing (Scotlandl Act 2010
and the Determination of Accounting Requirements- 2024. The Board is also responsible for safegu2rding
the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
Information for the Auditor
The Board members have confirmed. as far as they are aware, that there is no relevant audit information of
which the auditor is unaware. Each of the Board members has conlirnEd that they have taken all the steps
they ought lo lake as Board Members in order lo make themselves aware of any relevant audit information
and to establish that il has been communicated to the auditor.
Treasury Management Policy
11 is the policy of the Associabon that any surplus funds {thal is. cash not ne&ed lo meet immediate short-
term needs) are invested lo maximise interest income without the Associalion becoming open to unnecessary
risk.
Rent Policy
The Rent Policy is designed lo set rents that are Iransparenl, consistent and affordable lo current and
prospective tenants. Rents and service Charges musl howevef cover the Associab'on's cos15 and promote
confidence in the Association's ability to fulfil its obligations.
Internal Financial Control
The Board is responsible for ensuring that the Assctiation has an appropriate system of internal financial

MANOR ESTATES HOUSING ASSOCIATION LIMITED
REPORT OF THE BOARD Icontinuedl
FOR THE YEAR ENDED 31 MARCH 2026
control. INhilsl no system of intemal financial control can provide absolute assuranTr against material loss
or misstatement, the Association's systems and procedures are designed to provide reasonable assurance
that the controls in place are operaling effeclivety. These controls are regulaty reviewed.
Audit Committee
In line with good practice. the Association has an Audrt Committee. This committee rrEet quarterly and
r￿UlarlY re￿1ve reports. review risks and obtain independenl comrrenl as well as appropriate reassurances
from our Internal and external auditors.
Internal Audlt
The Association operates an independent intemal audit function, which reports directly lo the Audit
Committee. A programme of work has been agreed based on an AL¢dil Needs Assessment by the internal
auditors ITIAAI, which assess those areas of the Association's activity where potential risks have been
idenlilied. Overall the reviews carried out by TIA4 indicate that the A$s￿latIOn has in place systems that are
designed and operated tr) provide effective control and minimise risk.
Consolidation exemption
On 27 October 2024 the Association was granted FCA approval not to prepare consolidated financial
slalements which included the trading subsidiary Manor Estates Ass(￿13teS Limited. The exemption was
granted on the basis that the results of the subsidiary were immaterial to the overall group position.
Auditor
A resolution to appoint the auditor will be presenled at the Annual General Meeting.
By order of tDe Board
Claire Ironside
Secretsry
Date." 24 June 2026

MANOR ESTATES HOUSING ASSOCIATION LIMITED
Statement of the Board's Responsibilities in respect of Internal Financial Control
The Board acknowledges its ulty.mate responsibility for ensuring that Ihe Associab"on has in pla￿ a system of
controls that i% appropriate for the business environment in wh￿h il operates. These controls are designed to
give reasonab￿ assuran￿ with respect to..
the reliability of financial infomiab.on used wthin the Ass(cialK)n, or for publThtion",
the Maintenan￿ of proper accounting records.,
the safeguarding ofassets against unauthonsed use ord￿poSIti13n.
11 is the Board's resp)nsibilty lo eslabli8h and maintain the systerns of internal finanryal control. Such systems
can only provide reasonable and not absolute assuran￿ against material financial misstatement or loss. Key
elements ofthe ￿$S￿lab"0n's syslems iThJude ensuring that".
fomial poI￿leS and prctedures are in pLace, including the on-going dwunEntation ol key systems and
rules in relation to the delegation of authority. whth allow the Mon[t￿ng of controls and restrict the
unaulhorised use of the AsstKiab"on's assets..
experienced and suitabty qualified staff take responsibility for inwrtant business fune￿nS and annual
appraisal prwedures have been established to maintain standards ol performan￿",
forecasts and budgets are prepared which allow the management team and the governing body to rnonitor
the key business risks. financial objectnies and progress teing made towards achieving the financial plans
set for the year and for the n￿dIUM term".
quarterly financial management reports are prepared promptty. ptowding relevant, reliable and up lo date
financial and other infomiation, wth sonificant variances from budget being invests"galed as appropriate.,
R￿ulatOry returns are prepared. aulhorised and submitted prompuy lo the relevant regulatory bodies..
all srgnificanl new initiatives. major ￿MmItmentS and investment projects are subject to formal
authorisab'on procedufes, through the PKHd(rfManagemenl.'
the Audit CommitteelBoard received reports from management and from external and internal auditors,
to provide reasonable assurance that control ￿￿￿edureS are in pLice and are teing followed and that
geneol review of the Major risks ￿Ing the Assoa"alion is undertaken."
formal Pro￿dureS have been established for instituting appropriae acti(x) to correct any weaknesses
enlified through internal or external audit reFK)rts.
The Board has reviewed the effectiveness of the system of inlemal financial control in existence in the
Association for the year ended 31 March 2026. No weaknesses were found in internal ffinancial controls
which resulted in Material losses. contingencies or un¢ertainb"es %thich require disck)sure in the financial
slalements or in the auditor's report orb the financial State￿￿nts.
By order of the Board
Claire Ironside
Secretary
Dated:
24 June 2026

MANOR ESTATES HOUSING ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MANOR ESTATES HOLISING
ASSOCIATION LIMITED
FOR THE YEAR ENDED 31 MARCH 2026
Opinion
We have audited the financial statements of Manor Estates Housing Association {Ihe 'Associalion'l for the
year ended 31 March 2026 which cornprise the statement of comprehensive income. statement of financial
position, slaternent of changes in reserves, statement of cash flows and notes to the financial slatemenls,
including significant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Stsndards including FRS 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland" {Uniled Kj'ngdom Generally Accepted
Accounting Practice).
In our opinion the financial stateNEnts".
give a true and fair view of the stale of the Associab"on's affairs as at 31 March 2026 and of rts income
and expen(lilure for the year then ended",
have been properly prepared in accordance with United ￿'ngdoM Generally Accepted Accounting
PraCts￿.,
have been prepared in accordance with the requirements of the Co-operatrve and Community Benefit
Societies Act 2014. the Housing (Scollandl Act 2010 and the Detemiination of Accounting Requirements
2024.
Basis for opinion
We conducteiS our audit in accordan￿ with Intemalional Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are fvrther 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 lo our audit of the financial
statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
sponsibilities in accordance with these requirements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Board's use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identsfied any material uncertainties relating to events
or conditions that, individually or colleclively. may cast significant doubt about the Association's ability lo
continue as a going concern for a period of at least ￿e1ve months from when the fin3ncial statements are
aulhorised for issue.
Our responsibililies and the responsibilities of the Board with respEct of going concern are described in the
relevant sections of this reporL
Other information
The other information comprises the informab'on included in the annual report, other than the financial
slalemenls and our auditor's report Ihereon. The Board is responsible for the other information contained
within Ihe annual report. Our opinion on the financial statements does not cover the other information and,
we do not express any form of assuran￿ conclusion thereon.
Our responsibility is lo read the other information and. in doing so. consider whether the other infom)alion is
materially inconsislenl with the financial 51atemenls or our knowledge obtained in the course of the audit or
otherwise appears lo be materially mi55taled. Ifwe idenljfy such material inconsistencies or appaonl material
misstalemenls, we are required lo determine whether this gives rise to a material misstatemènt in the
financial statements themselves. If, based on the work we have performed. we conclude that there is a
material misstalemenl of this other information. we are required to report that fact.
We have nothing lo report in this regard.
10

MANOR ESTATES HOUSING ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MANOR ESTATES HOUSING
ASSOCIATION LIMITED
FOR THE Y&4R ENDED 31 MARCH 2026
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Cooperab"ve and Community Benefit
Societie5 Act 2014 requires us to report to you rf. in our opinion..
proper books of account have not been kept by the Association in accordance with the requirements
of the legislation",
a salisfaclory system of control over transactions has not been maintained by the Association in
accordance with the requirements of the legislation".
the financial slalements are not in agreement with the books of account of the Association," or
we have not received all the infomialion and explanab.ons we require for our audit_
Responsibilities of the Board
As explained more fully in the Board's reswnsibililies stalemenl set out on page 7, the Board is responsible
for the preparation of the financial stslements ar7d for being satisfied that they give a true and fair view, and
for such internal control as the Board determines is necessary to enable the preparation of financial
statements that are free from material misstalernenL whether due to fraud or error.
In preparing the financial statements, the Board is responsible for assessing the Association's ability lo
conb.nue as a going concern. disclosing, as applicable. matters retaled to going concern and using the going
concern basis of accounting unless the Board erther intends to liquidate the Association or lo cease
operab"ons. or have no realistic alternative bul to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement. whelher due to fraud or error. and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level ofassurance bul is not a guarantee that an audit conducted
in accordance with ISAS IUKI will a￿vaYS delecl a material misstatement when it exists. Misstslemenls can
arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-complian￿ with laws and regulab"ons. We design
procedures in line with our responsibilities, outlined above. to delect material misstatements in respect of
irregularities, including fraud. The extent lo which our proTrdures are capable of detecting i￿egUlarl11eS,
including fraLJd is detsiled below.
In relation to fraud, the objecb'ves of our audit are lo identify and assess the risk of material misstatement of
the financial statements due to fraud. to obtain sufficient appropriate audit evidence regarding the assessed
risks of material misstatement due to fraud through designing and implementing appropriate responses and
to respond approprialely to fraud or suspected fraud idenb.fied during the audit.
However. it is the primary responsibilrty of managemenL with oversight of those chatged with governance,
lo ensure that the entity's operab'ons are Conducted in accordan￿ with the provisions of laws and regulations
and for the prevention and detection of fraud.
In identifying and assessing risks of material misststernent in respect of irregularities, including fraud. the
audit engagement team..
obtained an understanding of the nature of the sector. including the legal and regulatory frameworks
that the Associab'on operates in and how the Association is Complying with the legal and regulatory
frameworks,
inquired of management and those charged with govemance, about their own idenlificalion and
assessment of the risks of irregularities. including any known actual, suspected or alleged instances
offraud,. and
discussed matters atx)ul non-compliance with laws and regulations and how fraud might (Kcur
Including assessment of how and where Ihe financial statements may be susceptible to fraud.

MANOR ESTATES HOUSING ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MANOR ESTATES HOUSING
ASSOCIATION LIMITED
FOR THE YEAR ENDED 31 MARCH 2026
As a result of these procedures, we consider that the mosl significant laws and regulations that have a direct
impact on the financial statements were, but not limited to, FRS 102, Housing SORP 2018, the Scottish
Housing Regulator's Determination of Accounting Requirements 2024. the Co-operative and Community
Benefit Societies Act 2014 and the Housing IS¢otland Acll 2010. We performed audit procedures to detect
non-compliances which may have a material impact on the financial statements which included reviewing
financial statement disclosures against the requirements of Ihe relevant financial reporting standards.
We also performed audit procedures lo inquire of management. and those charged with govemance whether
the Association is in compliance with these laws and regulations. inspected correspondence with ￿gUlatOry
authorities including mandatory submissions to the Regulator, reviewed minutes of meetings of the Board of
Management and relevant sub-committees, and reviewed available online inforrnation.
A further description of our resp)nsibilrties for the audit of the finanryal statements is located on the Financial
Reporting Council's website at wM.frc_org.uklaudttorsresponsibilth"es. This description forms part of our
audilorfs reporL
Use ofour report
This report is made solely lo the Association's members as a body, in accordance with Part 7 of the Co-
operative and Community Benefit Societies Acl 2014. Our audit work has been undertaken so that we might
stste to the Association's members those matters we are required lo slate lo them in an auditor's report and
for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo
anyone other than the Association and the Association's mernbers as a body, for our audit work, for this
report. or for the opinions we have formed.
CT Audit Limited
Chartered Accounlanls and Statutory Audilor
61 Dublin Street
Edinburgh
EH3 6NL
Date
2026
12

MANOR ESTATES HOUSING ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORTON CORPORATE GOVERNANCE mA￿ERs TOTHE MEMBERS
OF MANOR ESTATES HOUSING ASSOCIATION LIMITED
FOR THE YEAR ENDED 31 MARCH 2026
In addition lo our audit of the Financial Stsiements, we have reviewed your slalemenl on Page 9 concerning
the Association's compliance with the inlomialion required by the Regulatory Standards in respect of inlefflal
financial controls contained within the publication "Our Regulatory Framework" and associated Regulatory
Advisory Notes which are issued by the Scottish Housing Regulator.
Basls of Opinion
We carried out our review having regard lo the requirements to ￿rpOrate governance matters within Bullets"n
200615 issued by the Financial Reporting Council through enquiry of certain members of the Management
Committee and Officers of the Association and examination of relevant documents. The Bulletin does not
require us to review the effecbveness of the Association's procedures for ensuring compliance with the
guidanTr notes, nor to investigate the appropriateness of the reason gwen for non-complian￿.
Opinion
In our opinion the Ststemenl on Internal Financial Control on page 9 has provided the disclosures required
by the relevant Regulatory Standards within the pUblicat￿n "Our Regulatory Framework" and associated
Regulatory Advisory Notes issued by the Scottish Housing Regulator in respect of inlemal financial controls
and is consistent with the information which came to ourattenb.on as a result ofour auditwork on the Financial
Statements.
CT Audit Limited
Chartered Accountsnts and Statutory Audilor
61 Dublin Street
Edinburgh
EH3 6NL
Date g
2026
13

MANOR ESTATES HOUSING ASSOCIATION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
Notes
2026
2025
Tumover
8.221.221
7,804,557
Operating exFÉndilure
16,316.4191 (5.913, 117)
Operating surplus
1,904.802
1. 897.440
Interest receivable
Interest and financing cosls
Gift aid from subsidiary
10
10
23
13.631
1593.3111
24,117
33,630
(185,093)
Surplus before tax
1,349,239
1, 139,977
Tax
Surplus for the year
1,349.239
1. 139.9T7
Other comprehensive incorne
Actuarial gain in respect of pension schen
22
93.000
98,000
Totsl comprehensive income foryear
1,442.239
1,237,977
All ￿t￿ltieS relate to continuing operations.
Ql-(al__
lan Crawford
Chair
Rowsby
WI￿ Chair
Claire Ironside
Secretary
The notes on pages 18 to 37 fomi part of these financial statements.
14

MANOR ESTATES HOUSING ASSOCIATION LIMITED
STATEMENT OF CHANGES IN CAPITAL AND RESERVES
FOR THE YEAR ENDED 31 MARCH 2026
Ineome &
Total
Share Expenditure Unrestricted
Capital
Reserve
Funds
Balance at 1 April 2025
Total comprehensive income
New shares issued
Shares canGelled
91
23.807.335
1,442,239
23,807,426
1.442,239
1201
120)
Balance at 31 March 2026
73
25,249,S74
25.249,647
Income &
Total
Share Expendtture Unrestricted
Capital
Reserve
Funds
Balance at 1 April 2024
Total comprehensive income
New shares issued
Shares cancelled
89
22,569.358
1,237.977
22.569,447
1.237.977
Balance at 31 March 2025
91
23,807,335
23.807.426
The notes on pages 18 10 37 form part of these financial statements.
15

MANOR ESTATES HOUSING ASSOCIATION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
Notes
2026
2025
Fixed assets
Tangible fixed assets".
Housing properties
Other fixed assets
Investments
12a
12b
13
47.669,950
1.118,099
100
44.939. 178
1.144.610
loo
48.788,149
46,083, 888
Current assets
Debtors
Cash and cash equwalents
14
15a
458,242
1,165,770
965.090
651.820
1.624.012
1.616.910
Creditors.. amounts falling due within one year
16
{1.982.5341 {2.032,263)
Net current liabilities
1358,5221
(415,353)
Totsl assets less current Ilabilities
48,429,627
45,668,535
Creditors.. amounts falling due after more than one year
Pension - defined benefit liability
17
22
122,629,980) {21,254, 109)
1550,000)
(60T,000)
Total net assets
25,249,647
23,80T,426
Reserves
Share capital
Inwme and expenditure reserve
18
73
25,249.574
91
23, 80T,335
Totsl reserves
25,249.647
23,807,426
The financial statements were approved by the Board on 24 June 2026 and were signed on ils behalf by..
lan
air
ows
Chair
Claire Ironside
Secretary
The notes on pages 18 to 37 form part of these financial slalem
nl5.
16

MANOR ESTATES HOUSING ASSOCIATION LIMITED
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 MARCH 2026
Note
2026
2025
Net cash generated from operating activities
19
3,252,367
1.023.312
Cash flow from investing activities
Purchase of tangible fixed assets
Grants received
Grants repaid
Gift aid
Interest received
Share capital Can￿lled
{4,024.2081 (2,414,345)
1.217.975
1,311,264
24.117
13,631
(20)
33, 630
483,862
(46, 139)
Cash flow from financing activities
Interest paid
New secured loans
Repayment of botrowings
RCF drawdowns
Share capital issued
{593.3111
(785,093)
9,000,000
1626.603) (10,303,203J
1.250.000
30.088 (2,088,294)
Net change in cash and cash equivalents
513.950 (2, 134,433)
Cash and cash equivalents at beginning ofyear
651.820
2, 786,253
Cash and cash equivalents at end of year
1.165.770
651,829
The notes on pages 17 to 39 fom part of these finar)cial statements.
Anatysis of changes in nel debt
Other non-
cash At 31 March
changes
2026
At 1 April
2025
Cash flows
Cash and cash equivalents
Cash
Cash equivalents
651,820
513.950
1.165.770
651,820
513.950
1,165.770
Borrowings
Debt due within one year
Debt due after one year
626.603
8,278,819
1626.6031
623,398
626.603
626.603
8.902.217
Totsl
8,905,422
3.205
626.603
9.528,820

MANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
General inforniation
The financial slalements have been prepared in accordan￿ wrth applicable law and United Kingdom
Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland. Iuniled Kingdom Generally Accepted
Accounting Prathel and compty with the requirements of the Determination of Housing Requirements
2024 as issued by the Sco￿"5h Housing Regulalorand the Slalement ofRecommended Practice for Social
Housing Provhlers issued in 2018. The principal &counting poI￿leS are sel out below_
The preparation of these financial statements in ¢xJmpljan￿ with FRS 102 requires the use of certain
aecounbng esb'mates. It also requires managen*nt to exercise judgement in apptying the Associ8tion's
accounts'ng policies Isee note 31.
The presentation currenry is pounds slerfing. and the financial statements are rounded to the nearest
whole number.
The Association is a CIFoperabve and Community Benefit &xiety limited by shares and is incorporated
in the United Kingdom. The Association is a registered sooal ￿ndlOrd in Scotland, and its registered
number is HEP 284. The regtstered address is available on the first page of the financial statements.
The Associab'on is defined as a public benefft entity and thus the Asswalion complies wth all disclosure
requirements relatirKJ lo public benefft enlities.
Principal accounting policies
Basis of accounting
The financial statements are prepared under the historical cost basis of accounting.
Going concern
The financial statements have been prepared on a going concern basis_ The Board have assessed the
Ass(￿lation'S ability to continue as a going concern and have reasonable expectation that the
Association have adequate resources lo continue in operational existen￿ for the foreseeable future.
Thus, they continue to adopt the going concem basis of accounting in preparing these financial
slalemenls.
Tumover
Tumover represents rental and service income r￿1vable and fees and grants from local authorities
and the Scottish Government. Also included is any income from management fees for the factoring of
properties for private owners as the provision of factoring ser¥￿eS is aecounled for on an agency basis.
Income from rental and service charges and factoring actwilies is recognised when the Association is
entitled to it, il is probable il will be received. and rt can be measured reliably.
Income from revenue grants receivable have been covered in a separate accounb'ng policy below.
18

MANOR ESTATES HOUSING ASSOCIA TION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Principal accounting policies leontinuedl
Leasing
Rentals payable under operating lease are charged lo the Ststeff￿nt of Income and Retained Earnings
on a straight line basis over the period of the lease.
Grant income
here a grant is paid as a contribution towards revenue expendrture. it is included in turnover. Where
a grant 15 received from government and other bodies as a contribub.on towards the capital cost of
housing schemes, the granl is recognised as income using the accrual model in accordance with
SORP 2018. unamotb.sed capilal giant is held as deferred incoNE on the statement of financial
position.
Bad and doubtful debts
Provision is made against rent arrears of current and former lenanls, as well as other miscellaneous
debts due lo. the extent that Ihey are considered potentially irrecoverable. Debts are classed as
uncollectable after an assessment of the legislative opb.ons available lo recover and consideration of
specific circurrtstan￿s.
Interest r￿e1Vable
Interest receivable is recognised in the Statement of Comprehensive Income using the effective
interest rate method.
Interest payable
Finance costs are charged lo Ihe Statement of Comprehen5Ne Income over the term of the debt using
the effective interest method so that the amount charged is al a wnstanl rale on the carrying amount.
Issue Costs are initially recognised as a reduction in the proceeds of the associated capital inslrumenl.
Tangible fixed assets - Housing properties
Housing Properties are slated al cost less accumulated deprecialK)n. Works to existing properties will
generally capilalised under the following cirCumstan￿S-.
lil ￿ere a component of the housing property that has been treated separately for depreciation
purposes and depreciated over its useful econom￿ life is replaced or restored., or
lil) ￿ere the subsequent expenditure provides an enhan￿rrent of the economic benefits of the
tangible fixed assets in excess of the previously assessed standard of performance. Such
enhan￿ment can occur rf the improvements result in an increase in rental income, a material
reduction in future maintenance costs or a significant extension of the life of the propety.
rks lo existing properties which fail to meet the above criteria are charged lo the Statement of
Comprehensive Income.
19

MANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Principal accounting policies {continued)
Depreciation
Depreciation is charged on a straight line basis over the expect￿ economic useful lives of each major
component that makes up the housing propety as follows..
Land
Roof
Walls
Bathroom
Kitchen
ndows
Boilers
External Doors
not depreciated
65 years
65 years
30 years
15-18 years
30 years
20 years
40 years
{Depreciated al 1 540kn per annuml
(Depreciated al 1.54°1o per annuml
{Deprecialed al 3.33Yo per annuml
(Depreciated al 5.56Q/o per annurnl
{Deprecialed al 3.330/0 per annuml
{Depre¢ialed at 50A per annuml
(Depreciated at 2.50A per annuml
Other fixed assets
Other tangible fixed assets are staled al cost less accumulated depreciation. Depreciation is Charged
on a slraighl-line basis over the expected economic useful lives of the assets al the following annual
rates".
offi￿ Propety
Leasehold improvements
Office furniture and equipment
Computer equipment
4% 125 years}
20% 15 years)
10% 110 years)
250h 14 years)
Mid-market Rent properties-
Fl(h)r Coverings
Appliances
10 /0 110 years)
20Yo 15 years)
Social Rent properties-
Floor Coverings
Appliances
10% 110 years)
20% 15 year5)
Impairnient
Reviews for impairment of housing propertses are carried out al scheme level when a possible
impairment is highlighted by a change in circumstan￿$ {su¢h as high repair costs or difficulties in
letb"ngsl. Any impairment in an income generating unil is recognised by a charge in the Slalemenl of
Comprehensive Incorne and is recognised when the carrying value Df the unil exceeds the higher of
ils nel realisable value or value in use. The nel fealisable value is determined by an external valuation
by a RICS approV￿j valuer.
Housing Association Grant and other capitsl grants
Housing Association Grant and other capital grants certain developments have been financed wholly
or partly by Housing Association Grant IHAGI or other capital grants. HAG 15 repayable under certain
circumstances. primarily following sale of the related propety but will normally be restricted to nel
proceeds of sale.
Capital grants are accounted for using the accrual model and are recognised in incorne on a systematic
basis over the useful life of the related housing asset. The Association uses the useful lives of all
housing components on a pro-rata basis to calculate the annual arnortlsation.
Financial instruments
(Debtors and creditors receivable/payable within one year)
Debtors and creditors Wlth no slated interest rale and r￿e1vable or payable within one year are
recorded al the transaction price. Any losses arising from impairment are recognised in the slalemenl
of comprehensive income in other adminislraltve expenses.
20

MANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STA TEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Principal accounting policies {continued)
Financial instruments (continued)
(Loans and bO￿O￿l￿gS)
Bank loans provided by Private Lenders are classed as basic under the requirements of FRS 102 and
are therefore measured al arrKTrrtised cost.
(Payment aryangements with tenants)
In the case of payment arrangements that exist wtth tenants, these are deemed lo constitute financing
transactions and, where material. are measured al the preseF)t value of futu￿ payments discounted at
a market rate of interest applicable to similar debt instruments.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with ffinancial institutions repayable wilhoul penalty
on notice of not more than 24 hours. Cash equivalents a￿ hKJhty liquid investments that mature in no
more than three months from the dale of acquisttion and that are readily convertible lo known amounts
of cash with insignificant risk of change in value.
Debtors
Short term debtors are measured 21 transacb.on wice, less any impaimEnt
Creditors
Short term creditors are measured at the transaction price. Olher financial liabilities, including bank
loans. are measured initially at fair value, net of trallsaclion costs, and are measured subsequently at
amortj.sed cost using the effective interest method.
Pension costs
The Association participates in The Scottish Housing Associations. Defined Benefits Pension Scheme
ISHAPSI and retirement benefits to employees of the As50cialion are funded by the contributions from
all participating employers and employees in the scheme. Payments are made in accordance with
periodic calculations by consulting actuaries and are based on pension costs applicable across the
various parbcipating Associations taken as a whole.
The SHAPS is accounled for as a defined t*nefft scheme and as such the amount charged lo the
Statement of Comprehensive Income in respect of pension costs and other w)St-reb"remenl benefits is
the estimated regular cost of providing the benefits accrued in the year, adjusted to reflect variations from
that cost. The interest cost is included within other finance th)51￿1ncoMe. Actuarial gains and losses
arising from new valuations and from UFMlating valuations lo the reporb.ng date are recognised in Other
Comprehensive InconE.
Defined benefit schemes are funded. with the assets held separately from the Association in separate
trustee administered fvnds. Full actuarral valuatsons. by a professionally qualrfied actuary, are obtsined
al least every three years, and updated to reflect current conditions at each repotting dale.
The pension scheme assets are measured at fair value. The pension scheme liabilib.es are measured
using the projected unit method and discounted al the current rale of return on a h1gh quality corporate
bond of equivalent lem and currency. A pension scheme asset is recognised on the Stslement of
Financial Position only lo the extent that the surplus may be recovered by reduced future contributions
or lo the exlenl that the Iruslees have agreed a refvnd from the sctreme al the reporting dale. A pension
scheme liability is recognised to the extent that the Association has a legal or conslru¢live obligation
to settle the liability.
Value Added Tax
The Association is not registered for VAT and operaling expenditure therefore includes Input VAT.
21

MANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
3. Judgement in applying policies and key sources of uncertainty
In preparing the financial statements. management are required to make estimates and assumptions which
affect reported income, expenses. assets, and liabilities. Use of available informab.on and application of
judgement are inherent In the fomation of eslimales, together with past experience and expectations of
future events that are believ￿￿ to be reasonable under the circumstances. Actual results in the future could
drffer from such eslimales.
The memt*rs of the Board consider the following to be criti"c21 judgements in preparing the financial
ststements..
The calegorisation of housing properties as propety, plant and equipment in line with the requirements
ofthe SORP".
The amount disclosed as 'operaling profit. is repre5entsiive of activrties that would normally be
regarded as 'operating'" and
The identification of a cash-generating Unit for impaim)ent purposes.
The members of the Board are satisfied that the accounty.ng wliaes are appropriate and applied
consistently. Key SoUr￿S of estsmab.on have been applied as follows".
Estimate
Basis of estimation
Valuation of housing properties
Housing Properties are held at deemed cost which is
based on exists.ng use valuations at the date of
transition lo FRS 102 of 1 April 2014.
Useful lives of property. plant and equipment
The useful lives of propety. plant and equipment are
based on the knowledge of Senior managerrEnt, with
reference lo expected asset life cycles.
The main components of housing properties and
their Ljseful lives
The cost of housing properties is split into separately
idenb"fiable components. These components were
identtfied by knowledgeable and experienced staff
members and based on expected asset life cycles.
Recoverable amount of rental and other trade
receivables
Rental arrears and other trade receivables are
teviewed by appropriatety experIen￿d
senior
management team members on a case by case basis
th the balan￿ outstanding together with the
payment history of the individual lenanl being taken
into account.
The obligations under the SHAPS pension scheme This has relied on the actuarial assumptions of a
qualified acttjary which have been reviewed and are
considered reasonable and appropriate. Additionally.
the impact of Guaranteed Minimum Pension IGMPI
equalisalion has been included in the SHAPS defined
nefil liability.
Impairment of debtors
The Asswalion makes an estimate of the recoverable
value of trade and other debtors. When assessing
impairment of trade and other debtors, managernenl
considered factors including the ageing profile of
debtors and historical experience. See note 14 for
carrying amount of debtors.
22

MANOR ESTATES HOUSING ASSOCIA TION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Particulars of turnover. operating costs and operating surplus
Operating
Surplus
2026
Qperatin
Surplu
202
Operating
Costs
Notes
Tumover
Affordable letting actrvities
Other activities
Pension re-measuremenl debit
6,928,487
1,292,734
5,627.083
689.336
1,301.404 1,333.058
603,398
560, 781
(2,399)
Total
8.221,221
6.316,419
1.904.802 1.891,44Q
2025
7.804.557
5,913.117
1,891.440
5. Particulars of tumover. operating costs & operating surplus from affordable letting activities
Ger*ral
Retyrernent
Need5 Social
Housing
Houslng AccomrnodatioTr
Total
2026
Total
2025
Income from rent and ser¥iee charges
Rent receivable net of service charges
Service charges
5.573,264
49,069
808,879
210,973
6,382,143
260,042
6. 124.294
249, 420
Gross income from rents & service charye
Less.. Voids
5.622.333
132.7541
1,019,852
{16,0421
6.642,185
148,7961
6,373.714
135.045)
Net income from rents & service charge
Grants released from deferred income
5.589,579
335,098
1.003,810
6,593,389
335,098
6.338, 669
272. 198
Total turnover from affordable letting activities
5,924,677
1,003,810
6.928,487
6,610.867
23

MANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
5. Particulars of turnover. operating costs & operating surplu$ from affordable letting activilies
Icontinuedl
Gtnernl
Retiremènt
Need5 Sock?1
Housing
HO￿Ing Acc¢)mmodats"on
Total
2026
rotal
2025
Expenditure
Management & maintenance administralion cost5
servi￿ costs
Planned & cyclical maintenance including major
repair costs
Reactive maintenance costs
Bad debts (Tents and seivice charges)
Depreciation of affordable let properb.es
1.966,018
45,588
595.126
286.432
142.607
157.523
2,252,450
188,195
752.649
2.084,604
180,473
709,465
1,187,890
17.647
956.907
171,066
2,542
97.737
1.358,956
20,189
1.054,644
1,207,777
22,444
t,073,046
Operating expenditure for affordable letting
properties
4.769.176
857.907
5,627.083
5.277,809
Operating surplus for affordable letting
properties. 2026
1.149.270
145.906
1,301.404
1.333,058
2025
1,141.969
191,089
1,333,058
24

oocbo)
0￿0)
otov
(bl
E£

P4lANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Surplus for the year
2026
2025
Surplus for the year is slated after
Auditor's remuneration linduding Value Added Tax)".
for external audit services
for taxation services
22,800
1,950
21.120
1.212
Emoluments and intsrests of key management personnel
The Board and senior staff, including the Chief Executive, tkpute Chief Executivelcorporate ServI￿s
Director, Property servI￿s Director, and Housing Management servI￿s Director, are defined as the
key management personnel within the AsscNialion. No emoluments were paid to any member of the
Board during the year.
2026
2025
The emoluments of key managemerbt personnel were as follows..
Salary
Pension eonlribulions
Swial security costs
284.303
29.612
36.802
249,537
32,808
29,311
350.717
311,656
The emoluments of the Chief Executive were as follows..
2026
2925
Salary
Pension contnbulions
64,004
44,311
63,959
40,239
108.315
104, 198
The Chief Executive is an ordinary member of the Association's pension scheme as described in note
22. No enhanced or special lemis apply to their membership_
The number of key rnanagemenl personnel whose emoluments, excluding tension contributions,
were above £60.000 for the year were".
2026
2025
£60,00110 £70.000
£80.00110 £90,000
Expenses payable to the Board amounted to £2.107 (2025- £1,666J.
26

MANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Employee infomiation
2026
2025
Staff costs during the year were as follows
Salaries
Social Security costs
Pension costs (note 221- current contributions
expenses
1.268.085
137,993
307,959
10.633
15.585
1. 127, 217
114. 581
296.833
10,024
2,460
Costs of recrurtmenl
1,740,255
7,551,115
2026
2025
The average number of persons {full time equivalenlsl employed by
the Associatron during the year was as follows".
Housing management
Administration
21
22
29
3Q
10.
Interest
2026
2025
Interest receivable
13,631
33, 630
Ir¢leresl payable on bank loans
Finance cost of setting up loans
Defined benefit pension liability - interest charge {Note 22)
TPT Growth Plan- interest charge {note 22}
538,023
19,200
36,000
88
734,234
17,859
33,000
593.311
785.093
11. Tax on surplus on ordinary activities
The Association has eharilable status, and no Corporation Tax charge arises on activities in the year.
The subsidiary company. Manor Estates A550ciales Limited is liable to corporats.on Tax, however no
CorF)oralion Tax charge has arI￿n in the year.
27

MANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
12. Tangible fixed assets
Housing
Properties
under
development
Housing
properties
held for
letting
Mid-market
rent
properties
lal Housing properties:
Total
Cost
Al 1 April 2025
Addilionsrtransfers during year
Propety
Components
Transfers
Disposals during year
Components
1.391.049
44.673,629
11,516,853
57.581,531
2,988.781
2,988.781
942.864
942,864
4,379,830
14.379.830)
{17S,6411
1175.6411
Al 31 March 2026
49.820,682
11.516.853
61.337,535
Depreclation
Al 1 April 2025
Charge for the year
Disposals during year-.
11.434.193
1.054,644
1.208,160
146,229
12,642,353
1,200.873
Property
Components
1175,6411
1175.6411
Al 31 March 2026
12,313.196
1.354,389
13,667,585
Net book value
Al 31 March 2026
37,507A86
10.162,464
47,669.950
At 31 March 2025
1,391.049
33.239,436
10,308.693
44,939, 178
Housing units:
MMR Mainstream Retirement
No
No
Total
No
At 1 April 2025
At 31 March 2026
95
95
873
898
143
143
1,111
1,136
Additions lo Housing Properb"es during the year include no capitalised interest (2025 - £nil) and no
capitalised administration costs (2025 - £nilJ Comw)nents with a cost of £175.641 (2025 - £182,367)
and accumulated depreciation of £175,641 (2025- £182.367) have been disposed of in the year for net
proceeds of £nil12025- £ nifj.
Ineluded in freehold housing properbes is land with a historic cost allocation of £19,866,435 12025."
£18.082,2091.
28

MANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 2026
12. Tangible fixed assets
continued
Office & IT
Equipment
MMR and
social
fumishings
Office
Property
Total
Ib}Other fixed assets:
Cost
Al 1 April 2025
Addib"ons
Disposa15
1.090.418
489,850
33,889
(8,166}
286,120
58,674
117,3831
1,866,388
92,563
125.5491
At 31 March 2026
1,090,418
515,573
327,411
1,933,402
Depreciation
Al 1 April 2025
Provided in year
Disposals
130,673
43,617
382,047
50,929
18.1661
209,058
24,528
117.3831
721,778
119,074
125,5491
At 31 March 2026
174.290
424.810
216,203
815,303
Net book value 31
March 2026
916,128
90,763
111.208
1,118.099
Nel book value 31
March 2025
959. 745
107,803
77,062
1, 144, 610
13. Investments
Manor Estates Housing Associabon has invested in its wholty owned subsidiary, Manor Estates
Associates Limrted IMEALI.
2026
2025
Al 1 April 2025 and 31 March 2026 100 ordinary shares of £1 each
100
100
The subsidiary has net assets, eapitsl and reserves of £100 al 31 March 2026.
29

MANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
14. Debtors
2026
2025
Rent arrears
Doubtful debt provision
168.963
{99,9281
178,836
(110,900)
69.035
67,936
Other debtors
Prepayments
Finan￿ costs Inote 171
217,092
36,415
135,700
640,240
102.014
154.900
458.242
965.090
15 Cash and cash equivalents
2026
2025
Balances held in current account
1.165,770
651,820
16. Creditors- amounts falling due within one year
2026
2025
Trade creditors
Other creditors
Social Security and other taxes
Prepayments of rent & service charges
Accruals and deferred income
Loan Inte￿51 currently due
Subsidiary Company Inole 231
Bank loan repayable within one year {nole 171
SHAPS deficit repayment plan Inole 221
Deferred capital grant (note 21)
203,266
41,144
28,497
198.323
468.755
2.302
41.290
626.603
815
371.539
388,248
31.715
26.428
783, 774
425.906
24,907
626, 603
815
323,867
1.982.534
2,032,263
Pension amounts oulstanding at the yearond were £88412025.. £ni4-
30

MANOR ESTATES HOUSING ASSOCIATION LIM￿ED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
17. Creditors: amounts falling due afterone year
2026
2025
Bank loan
Deferred Housing A$s(￿latIOn Grant (note 21)
SHAPS delicil repayment plan
8,902,217
13,727,020
743
8,278,819
12,973,820
1,470
22.629.980
21.254, 109
During 2024125 the Santander loan was repaid and replaced with a loan facility from the Royal Bank of
Scotland. The facility consists of a loan of £gm and a rolling credit facility IRCF) of £4m. Shortly after the
refinancing, 610/0 of the loan1£5.49m} was fixed at 5.6260/0 and is repayable over the next len years. The
balance of £3.51 m is variable and repayable over 15 years_
The average rale of interest paid in the year is 5.78%12025-6.71 %)-
The net Ix)ok value of housing properties secured al the yeai-end was £3,691,969 {2025- £3,733,278).
We are conb"nuing lo pay off the loan of £266.030 from the Energy Savings Trust. This is repayable over
10 years al interest rale from May 2017_
Loans are repayable as follows..
2026
2025
Within one year
Be￿een one and two years
Between two and five years
After five years
626,603
602,217
1.800,000
6,500.000
626.603
626. 603
1,802.216
5, 850.000
9.528,820
1626.6031
8, 905.422
(626, 603)
Less.. amount shown in current liabilrties
8.902,217
8,278.819
31

MANOR ESTATES HOUSING ASSOCIATION LIM￿ED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
18. Share capitsl
Ownership of a share does not enliue the holder to participate in the Association's assets. Each member of
the Board holds one share of £1 in the Association.
19. Reeonclllation of operating surplus to net cash inflow from operdting aclivities
2026
2025
Surplus for the year
Depreciation charges
Decrease l {increasel in debtors
Increase in creditors
Adjustments for investing or financing activities..
Housing Association Grant used in year
Interest and financing costs
Interest receivable
Gift Aid
1,349.239
1, 139,977
1,319,947
1,325,956
506,848
{627,516)
{62.1271 (1.212,365)
1417,1031
593.311
{13,6311
{24,1171
(354,203)
785,093
(33, 630)
Net cash flow from operating activity.es
3,252.367
1,023,312
20. Capital commitments
2026
2025
Capital expenditure that has been contracted for but not been provKJed for
in the financial statements
457.248
2, 990,357
32

MANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
21. Deferred capitsl grants
2026
2025
Summary of HAG movement in the year".-
Deferred caprtal grants al 1 April
Grants received in the year
Grants released in the year
13.297,687
1.217,975
1417,103)
12.340.626
1,311,264
(354.203)
14.098.559
13.291.687
Due lo be released < 1 year
Due lo be released > 1 Year
371,539
13,727,020
323.867
12,973,820
14.098,559
13,297,687
22. Pension scheme
li}The Pensions Trust- Scottish Housing Associations. Pension Scheme (SHAPS)
Manor Estates Housing AssiKiabon participates in a mulli-ernployer scheme which provides benefits lo
some 150 non-associaled ernployers. The scherne is a defined benefit gheme in the UK.
The scherne is subject to the funding legislation outlined in the Pensions Act 2004 which came into force
on 30 December 2005. This. together with documents issued by the Pension5 Regulator and Technical
Actuarial Standards issued by the Financial Reporting Council. set out the framework for funding defined
benefit occupab.onal pension schemes in the UK.
The last published triennial valuab.on of the Scheme for funding purposes was carried out as at 30
September 2021. This valuation revealed a deficit of £27m.A recovery plan wa5 put in place to eliminate
this debt by September 2022.The results of the rnosl recent triennial valuation carried out as at 30
September 2024 have yet to be published.
The Scheme is classified as a 'last-man Standing arrangemenv. Therefore, the company is potentially
liable for other participating employers. obligations if those employers are unable lo meet their share of
the scheme deficit following withdrawal from the Scheme. Participating employers are legally required to
meet their Sha￿ of the Scheme deficit on an arinuity purchase basis on withdrawal from the Scheme.
For financial yeats ending on or kfore 28 February 2019, il was rx)t possible for the company lo obtain
sufficient information lo enable il lo account for the Scheme as a defined benefit scheme. therefore the
company has accounted for Ihe Scheme a5 a defined contribub.on scheme.
For financial years ending on or after 31 March 2019, it is px)ssible lo obtain sufficient Information lo
enable the company to account for the Scheme as a defined benefit scheme.
For accounting purposes, a valuation of the scheme was carried out with an effective dale of 30
September each year.
33

MANOR ESTATES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
22. Pension scheme {¢ontinued)
Full judgement in the Verity Trustees v Wood court case is still awaited_ Should the Court decide that
historic benefit changes need to be applied differently. then some member benefits would need to be
increased, which would increase the value placed on Scheme liabilities. No allowance has been made for
potential additional liabilities wrthin the estimate made. although this will be addressed if required by the
potential extension of the Recovery Plan referen￿d above.
Present values of defined benefit obligation. falr value of assets and defined benefit liabillty
31 March 2026
£'ooo
31 March 2025
£'ooo
Fair value of plan assets
Present value of defined benefit obligation
4,424
14,9741
4.360
(4.967)
Defined benefit liability to be recognised
(5501
f697)
Reconciliation of opening and closing balanees of the defined benefit obligation
Year ended
31 March 2026
£'ooo
Year ended
31 March 2025
£'ooo
Defined benefit obligation al start of period
Current service cost
Expenses
Interest expense
Actuarial Ilossesl due to scheme experien
Actuarial gainslllossesl due lo changes in demographic
assumptions
Actuarial gains due to changes in financial
assumpb.ons
Benefits paid and expenses
{4.967
(5.497)
19)
1285)
73
(265)
{58J
1511
66
199
666
196
Defined benefit liability at the end of the period
(4.9741
f4.967)
34

MANOR ESTATES HOUSING ASSOCIATION LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
22. Pension scheme (continued)
Reconciliation of opening and closing balances of the fair value of plan assets
Year ended
31 March 2026
£'ooo
Year ended
31 March 2025
£'ooo
Fair value of plan assets al start of the period
Interest income
Experience on plan assets (excluding amunts included in interi
income) - gain
Contributions by the employer
Benefits paid and expenses
4.360
249
4.825
232
(510)
11991
ff 96)
Fair value of plan assets at end of period
4.424
4,360
Defined benefrt costs recognised in the Statement of Comprehensive Income
Year ended 31
March 2026
£'ooo
Year ended 31
March 2025
£'ooo
Current service cost
Admin expenses
Net interest expense
33
Defined benefit costs recognised in Slatement of
Comprehensive In¢orne
42
Defined benefit costs recognised in Other Comprehensive
Income
Year ended 31
March 2026
£'ooo
Year ended 31
March 2025
£'ooo
Experience on plan assets lexclLtding amounts included in
net interest cost- Ilossl
Experience gains and losses arising on the plan
(510)
73
(58)
Effects of changes in the demographic assumptions underlying
the present value of the defined benefit obligation- gainl
Effects of changes in the financial assumptions
underlying the present value of the defined benefft
obligation- gain
{51)
66
666
Total amount recognised in other eornprehensive
incorne -gainlllossl
93
98
35

MANOR ESTATES HOUSING ASSOCIATION LIMrtED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
22. Pension scheme Icontinuedl
lill Pension Trust's Growth Plan
The company participates in the scheuE. a murti*mployer scheme which provides benefits lo some
521 non-associaled participating ernployers. The scheme is a defined benefit scheme in the UK. 11
is not possible for the company lo obtain sufficient information to enable it lo account for the scheme
as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.
The scheme is subject to the fvnding legislation ouuined in the Pensions Act 2004 which came into
force on 30 December 2005. This, together with documents issued by the Pensions Regulator and
Technical Actuarial Standards issued by the Financial Reporting Council, sel out the framework for
fijnding defined benefit occupatK)nal pensi)n schemes in the UK.
The scheme is classified as a'last man standing arrangemenl'_ Therefore, the company is potentially
liable for other participating employers, obligations if those employers a￿ unable to meet their share
of the scheme delicil following withdrawal from the scheme. Parb'cipaling employers are legally
required to meet their share of the scheme deficrt on an annuty purchase basis on withdrawal from
the scheme.
A ftjll actuarial valuation for the scheme was carTted out at 30 September 2023. This valuation
showed assets 01 £514.9m, liabilities of £631.Om and a deficit of £16.1 m. To eliminate this funding
shortfall. the Trustee has asked the participating employers to pay additional contributions to the
scheme as follows".
Deficit contrrbutions
From 1 April 2025 to 31 March 2028..
£2,100.000 per annum Ipayable n￿nthly)
The recovery plan contributions are allocated to each partiapaling employer in line with their
estimated share of the Series 1 and Series 2 Itabilities.
As the Growth Plan is in deficit and the Association has agreed lo a deficrt funding arrangement the
Associab'on recognises a liability for this obligation in the amc>unl of the net present value of the deficit
reduction contributions payable under the agreement. The present value is calculated using the
discount rate detailed below_ The unwinding of the discount rale is recognised as a finance cost.
2026
2025
Current service cost
Rate of discount 0/0 per annum
4.92
4.84
The discount rates shown above are the equivalent Sing￿ dis(x)unl rates which, when used to
discount the future recovery plan contn'bulions due, would give the sarne resu115 as using a full A4
corporate bond yield curve lo discount the same recovery plan contributions.
36

MANOR ESTATES HOUSING ASSOCIATION LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
22. Pension scheme (continued)
liiil Employer Debt on Withdravrnl
Following a change in legislath.on in September 2005 there is a potential debt on the employer that
could be levied by the Trustee of the Scheme. The debt is due in the event of the employer ￿a$arng lo
participate in the Scheme or the Scheffle winding up. The debt for the Scheme as a whole is calculated
by comparing the liabilities for the Scheme Icalculaled on a buyout basis i.e., the cost of securing
benefits by purchasing annuity poI￿leS from an insurer. plus an allowance for expensesl with the
assets of the Scheme. If the liabilities exceed assets there is a buy-out debl.
The leaving employerfs share of the buy-out debt is Ihe pro[ort￿n of the Scheme's liability attributable
lo employment with the leaving employer compared lo the total amount of the Scheme's liabilities
Irelaling lo employmentwith all the employers). The leaving employeffs debt therefore includes a share
of any 'orphan' liabilities in respect of previotjsly participating employers. The amount of the debt
therefore depends on many factors including total Scheme liabilities, Scheme investment performan￿,
the liabilities In respect of current and former employees ol the employer, financial conditions at the
time of the cessation event and the insurance buy-out markel. The amounts of debt can therefore be
Volati￿ over time.
The Association has been notified by the Pensions Trust of the eslimaled employer debt on the
withdrawal from the relevant schemes based on the financtal position of the schemes as at 30
September 2025. As of this dale the lotsl estimated employer debt ft)r the Association is £1.2m for
both schemes.
23. Related Party Transactions
Management and adminislrab.on services are provided to Manor Estates Associates Limited (the
subsidiary company). These costs amounted lo £16,076 in the year (2025 - £17,901). In addition,
managemenlcharges of£60.000 (2025- £65,291) and lease costs of£580.895 (2025-£574,767J have
been incurred by Manor Estates Associates Limited in relation lo the MMR properties.
Manor Estates Associates Limited agreed a gift aid distsibutKTrn of £24,117 (2025 - £ nilj to the
Association. The balance owed by Manor Estales Housing Association to Manor Estates Associations
Limited at 31 March 2026 is". £41,290
Subsidiary Company Icredilorl
The balance owed to Manor Estates Associates Limited as at 31 March 2025 was". £24.907
There is a proposal lo re￿1ve a distribution in the form of a gift aky payment £48,78312025- £24, 117)
next year from Manor Estates Associates Limited.
24. Tenant Board Members
During the year, one tenant eontsnued their membership of the Board12025 - one). The Board member
has a standard tenancy agreement and was awarded their tenancy in line with best practice allocations
policy. Rent charged lo the tenant Board Member dunng the year was £6,12012025- £5,904) and the nel
balance outstanding from the tenant Board Member as al 31 March 2Q26 was £nil 2025- £nill.
37