Page 12 - BusinessPlan2016
P. 12
Current and Proposed Activities
Financial Profile
Risk management
Corporate Improvement Objectives and monitoring
Summary of Key Targets








7 Financial Profile







The Association continues to be registered The Association has revenue reserves of £2.7
as a Charity with the HMRC for tax purposes million and its assets are £13.5 million (net
and in 2015 registered with the New Charity of HAG and depreciation) as shown in the
Commissioner for Northern Ireland as a Charity. Accounts for the year ended 31st March 2016.
Sound financial management will remain crucial
across all the operations of RHA. In this respect The forecast surplus for 2016/17 is £451,000 as
the plan demonstrates how the Association’s shown on this year’s Budget Statement.
viability will be maintained by the creation of
a surplus, and the achievement of key financial The Association currently has an overdraft
ratios and covenants, through the plan period. facility with First Trust Bank for £100,000.
The Association is also currently in negotiations
The Association has several main sources of with its funders for the provision of loans to
funding: cover development of schemes over the next
• Rental and other Income two years which is forecast to amount to
nearly £4 million of private finance, which will
• Housing Association Grant for development be a huge boost to the construction industry
of any new schemes and jobs throughout Northern Ireland.
• Private loans to top up Housing Association
Grant for development of new schemes.
• Interest received from deposits








The table below shows our projected expenditure and income for the next two financial years.


Forecast Income and Expenditure Account March 2017 March 2018
£'000 £'000
Turnover 2,657 2,920

Other Income 24 145
2,681 3,065
Less: Operating Costs (1,667) (1,701)

Operating Surplus 1,014 1,364
Less: Interest Charge (563) (685)
Net Surplus 451 679











11 : Business plan 2016/17 : rural housing association
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