Northern Ireland: audited accounts of largest 5 RSLs |
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2014/15 |
Type |
No. of units |
Income & Expenditure Account |
Balance Sheet |
Financial Ratios |
Average cost of funds |
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Total turnover £m |
Op. costs £m |
Op. surplus/ turnover |
Net interest £m |
Surplus on sales £m |
Net surplus £m |
Net surplus/ turnover |
Assets total £m |
Loans total £m |
Per unit £ |
Gearing ratio |
Interest cover ratio |
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| Apex | traditional | 4,605 |
34 |
(26) |
22% |
(6.2) |
0.18 |
0.9 |
3% |
466 |
135 |
29,300 |
41% |
1.59 |
4.6% |
| Choice | traditional | 8,911 |
34 |
(27) |
22% |
(4.4) |
0.29 |
3.4 |
10% |
646 |
108 |
12,100 |
22%* |
2.42* |
4.5% |
| Co-Ownership | traditional | 7,559 |
9 |
(3) |
64% |
(1.6) |
(1.72) |
(2.1) |
-23% |
356 |
44 |
5,800 |
14% |
3.77 |
3.7% |
| Fold | traditional | 6,073 |
39 |
(31) |
22% |
(3.3) |
0.35 |
5.5 |
14% |
450 |
71 |
11,600 |
16%* |
2.41* |
5.0% |
| Helm | traditional | 5,568 |
22 |
(16) |
30% |
(3.6) |
(0.17) |
2.9 |
13% |
422 |
75 |
13,400 |
21% |
2.44 |
4.8% |
Notes:
Total turnover = income from all activities.
Operating surplus/turnover = operating costs (including depreciation) as a percentage of turnover.
Net surplus/turnover = surplus for the year (including proceeds from asset sales) as a percentage of turnover.
Total assets = housing at gross cost or valuation, less current liabilities.
Gearing and interest cover are shown as marked with (*), or are unmarked.
Ratios marked (*) are as stated by an HA in its accounts, and reflect an organisation's own calculation which will usually be aligned
with lending covenants.
Unstarred ratios have been calculated by Social Housing as follows:
Housing 'at cost': gearing ratio = loans/ (reserves (excluding loans) + SHG) x 100.
Housing 'at valuation': gearing ratio = loans/ (reserves + SHG) x 100.
Gearing ratio marked '–' = not applicable to an organisation, which may have other measures for its lending covenants.
For LSVT HAs, gearing marked '–' is where loans are typically 90 per cent or more than (reserves (excluding loans) + SHG).
HAs with LSVT-type finance will usually have planned high levels of debt relative to assets, may also
include mixed-business groups which have a significant LSVT presence in their structure.
HAs with LSVT-related business plans will typically have high levels of debt relative to assets.
Interest cover ratio = gross interest paid/ (operating surplus + interest received, excluding depreciation and excluding surplus on sales) x 100.
Average cost of funds = as stated in accounts, or calculated as (gross interest paid including capitalised interest)/ loans x 100.
Source of data: audited accounts for year ended March 2015.
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