Page 5 - Annua lReport 2014_2015
P. 5
Chairperson’s Report
Honorary Treasurer’s Report
Property Management Update
Housing Management Update
Tenant Engagement and Communication








2 Honorary Treasurer’s Report







It gives me great pleasure as Honorary Treasurer reform all have potentially serious implications I would like to thank our private inancing
of the Association to report on another for our inancial viability. It is for this reason partners at Bank of Ireland, First Trust Bank
successful inancial year for the Association. that we have collected baseline data to assess and Danske Bank along with The Department
Although the year has not been without its the inancial impact and have devoted more for Social Development and Northern
inancial challenges it is good to note that once resources to arrears management and money Ireland Housing Executive who provide the
again the Association has returned a healthy advice and support to our tenants in order to try public funding aspect of our business. These
surplus and continues to operate as a successful and secure income streams. organisations alongside our professional advisers
viable business with adequate inancial have contributed along with our Board of
resources to meet its current and future business Under the Statutory House Sales Scheme for Management, the vital elements which make the
commitments. Housing Association tenants within Northern Association the vibrant and unique organisation
Ireland, the Association sold three properties it is today. We are very grateful also to our other
This year has seen a modest expansion of the during the year and it is anticipated that the inancial advisers and, in particular, the External
Association’s assets with a new build programme incoming year will not see any signiicant inroads Auditor R T J Ross, who, while continuing to
providing another 14 homes which were handed into our current income stream. Indeed with provide a statutory service, also demonstrate a
over in October 2014. This now leaves the our new developments and ESP’s coming to commitment to the voluntary housing sector
Association’s total number of 431 units at the year fruition the Association will continue to see through invaluable advice to us on accounting,
end with another 6 existing satisfactory purchases income increasing year on year. The control taxation, systems and other inancial matters.
to inalise early in the new inancial year. These and management of voids and tenant debt to Our Internal Auditors, Deloitte LLP have been
extra units provide much needed homes, added prevent loss of income continues to be a priority central in the Association’s quest for continued
turnover and income to the Association and coupled with welfare reform however the improvement in our controls and systems and
ensures that it is able to provide funds to cover Association is fully aware of these risks and will have provided a robust and challenging Audit
its plans for planned and cyclical works to its continue to be proactive in this regard. process to aid that improvement.
homes in the years to come. This increase in
rental income now means the Association has a Challenges exist for the affordable housing Overall this year has been a successful inancial
gross potential receivable income of £2.23 million market and as an organisation we realise that year for the Association and, with consistent
which is forecast to rise to £2.5 million by the end these cannot be dealt with in isolation. We growth within the development programme
of the incoming inancial year. acknowledge therefore that we will have to planned for the next few years, the Association
be resilient and are conident that we have the is well placed to continue its unique role of
The Association’s Income and Expenditure resources to adapt to a pressured market whilst meeting housing demand and providing high
Account conirmed a 6% increase in income still holding true to our core values. quality accommodation in rural areas. We
and a net surplus for the year of £254,742 acknowledge that the future no doubt will
bringing its accumulated revenue reserves to The Association remains focused on its present considerable challenges thus we are
£2,356,655. Over £100k was spent on multi - regulation and control, thereby providing committed to managing these whilst remaining
element improvements works and over £180k assurance to its funders and regulators Our focused on our charitable core values.
was spent on external cyclical maintenance. Internal Audit report provided satisfactory
At a time when the affordable housing sector assurance on Financial Controls, Complaints,
is experiencing a period of rapid change as an IT Security, Business Continuity and inally
organisation we have shown our commitment to Development and Associated Procurement. The
our tenants and a continued desire to provide Department for Social Development also carried Michael Herron
good quality, affordable accommodation to out a follow-up inspection in 2014. Their inal Treasurer
people in housing need. satisfactory assurance was received in May 2014
conirming the Association’s entry back into the
Our Staff and Board of Management have Social Housing Development Programme.
worked hard to ensure that the processes and
governance of the Association remain ‘it for
purpose’. Our business model and borrowing
commitments rely on a steady low of income
and the key changes proposed under welfare






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