This year has been highly successful one in terms of financial growth with the Association continuing to build its sound financial base. Having completed 41 new dwellings during the financial year we have maintained our performance well within the targets set at our last 5 year strategy review.

Our Income and Expenditure outturn or the financial year has increased by 10% from the last financial year, showing that our limited resources have been well targeted and that we have much to show for our investment while still managing to increase our surplus for the year.

With our stock increasing to 323 it was clear at the beginning of the financial year that we would have to invest new staff if our high level of service to tenants was to be maintained. In particular, with the annoucement of a Statutory House Sales Policy for Housing Association tenants and increasing administration in maintaining our properties, a Housing Administrator was employed to service the Housing Department and provide much support.

Our rental income for the year increased by over £100,000, but even with budgeted increases in maintenance and staffing, a higher depreication charge for the year and a rise in interest paid due to increased borrowing for our capital developments, the Association was still able to increase its surplus on lettings by over 7%.

During the financial year the Association's Balance Sheet has again strengthened and while its fixed assets, comprised mainly of its housing property net of Housing Association Grant, increased by 6%, it was accompanied by a modest decrease in the Association's net current liabilities. Most of this is attributable to the payment of Housing Association Grant by our Sponsors, the Department of Social Development, in advance of the relevant capital work being completed. While this advance was technically repayable to the DSD at 31 March, should no further site work be completed beyond the Balance Sheet date, the risk of such was negligible: the related work has now been largely completed at mid-June and the Grant credited to the housing property account. The advance payement of HAG was estimated at £278,295 at the balance Sheet date.

As always, the Association, while financing its capital development programme from 'mixed funding' sources, has sought to defer its private sector borrowing as late as possible, in order to minimise loan interest charges. related development has been financed internally, in the short term from working capital sources. However, it has become clear during the year that as land and building costs continue to increase the Association will have to draw down its loan earlier to ensure its cash flow does not suffer.

Our Board of management continues with its commitment to uphold the values, objectives and key policies of the Association. The board met regularly during the financial year. There were no new members elected to the board and no members retired.

The Board has now been augmented by the formation of its Audit Sub Committee which met three times during the financial year. This Committee concentrates entirely on all financial aspects and internal controls within the Association, and reports back to the main Board of Management, giving an even higher level of Coporate Governance within the Association. The Association continues a gradual increase in its business capacity while ensuring that all the rigorous controls laid down by the Department are adhered to.

As mentioned earlier, the Department of Social Development has now introduced a statutory house sales scheme for Housing Association tenants. This gives secure tenants of 5 years the opportunity to buy their homes at discounted prices. During the financial year the Association did not sell any property, but we do expect some to be sold in the coming year. However, we do not expect the projected sales to have a large impact on our projected revenue stream for the 2005/2006 year.

The financial performance for the year cannot be commented on in isolation from the people who have made these results possible. We have a committed team of Association staff who provide the day to day expertise and ensure the highest quality of service to our tenants. We also rely heavily on our main sponsor, the Department of Social Development, who provides critical funds, and our two banks, Bank of Ireland and First Trust, who provide both monetary resources and sound financial advice throughout the year. The Associaiton is very grateful to them all and in particular to our auditors, RTJ Ross.

This year's accounts show that the Association remains in a financially sound position to sustain and build upon its achievements to date and to take up the challenges of the years to come.


Sean Gallagher
Honorary Treasurer


:: Financial Performance 2005/2006
:: Financial Performance 2004/2005
:: Financial Performance 2003/2004