Page 5 - AnnualReport_2016
P. 5
Chairperson’s Report
Honorary Treasurer’s Report
Property Management Update
Housing Management Update
Tenant Engagement and Communication








2 Honorary Treasurer’s Report







As Honorary Treasurer of the Association I am The 8% increase in turnover now means that I would like to thank our private inancing
very pleased to report on another successful the Association has a gross receivable rent partners at First Trust Bank and Danske
year in terms of our inancial performance. of £2.4 million. It is expected that the gross Bank along with the Department for Social
This year has seen a modest expansion of receivable rent will rise to over £2.7 million by Development (now the Department for
the Association with modest growth of the the end of the incoming year. Welfare Reform Communities) and the Northern Ireland
development programme accompanied by and new rules on the local housing allowance Housing Executive who provide the public
consolidation of all aspects of the company’s will mean the control and management of funding aspect of our business. These and
business. The Association added 7 new voids and tenant debt will remain a high our professional advisers have contributed
dwellings to its stock, resulting in a total of 437 priority for Staff and the Board of Management. along with our Board of Management, the
properties for letting at the end of March 2016. vital elements which make the Association
Under the Statutory House Sales Scheme for the vibrant and unique organisation it is
The Association’s Income and Expenditure Housing Association tenants within Northern today. We are very grateful also to our other
Account conirmed a 8% increase in turnover, Ireland, the Association sold one property. As inancial advisers and, in particular, the External
arising from rental income from the increased can be seen from our turnover, this has not had Auditor R T J Ross, who, while continuing to
housing stock and the annual rent increase. a marked effect on our main revenue stream provide a statutory service, also demonstrate a
Although this was below budget, by £93k, after and I anticipate that the incoming year will not commitment to the voluntary housing sector
operating costs decreased from last year and see any further signiicant inroads into that through invaluable advice to us on accounting,
interest charges, a surplus of £424,085 has revenue stream. With projected development taxation, systems and other inancial matters.
been generated, bringing our accumulated of 30 units in 2016/17 our overall stock Our Internal Auditors, Toner and McDowell
revenue reserves to £2,862,740. As in the last numbers will rise once again. have been central in the Association quest
couple of years the Association has beneited for continued improvement in our controls
not only from modest and stable interest Governance of the Association remains a top and systems and have provided a robust
rates but also the deferral of borrowing on its priority for the Board. Our internal auditor’s and challenging audit process to aid that
capital development expenditure until as late report provided satisfactory assurance in improvement which has been relected in our
as possible. At year end the Association was Financial Controls, Property Management, recent Departmental Inspection.
inalising details for a inancing loan of £4.5 Property Development and Governance. The
million. These funds will ensure the Association Department for Social Development also Overall this year has been a successful inancial
will be able to conirm its commitment to its carried out their Round 3 Inspection of the year for the Association and, with consistent
planned growth over the next 2 years. Association. Although at the time of writing growth within the development programme
a Final Report has not been published, I am planned for the next few years, the Association
conident that a very positive report can be is well placed to continue its unique role of not
anticipated. only meeting housing demand and providing
high quality accommodation in rural areas, but
continuing to improve its existing stock and
provide a high quality service to all our tenants.







Michael Herron
Treasurer














Rural housing association : annual report & accounts 2015-16 : 4
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