Page 48 - NEHA Annual Report 2023

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Included in other loans is amounts owing to the HFA of €39,727,866 (2022: €34,939,511) and CALF of €19,730,336 (2022: €16,445,20). Of the CALF loans, €549,603 relates to CALF claims raised during the year from different County Councils which have been reclassified from Assets under Construction.
Housing loans provided by the Housing Finance Agency (HFA) are for various terns of
30 year loans with 10 year fixed rates and 25 year fixed rates. The interest rate payable on these loans ranges from 1.75% to 3.7% per annum. These loans are subject to capital and interest repayments.
Concessionary CALF loans are for terms between 20 – 30 years and these are repayable at the end of the term of the loans. The CALF loans are subject to interest at 2% per annum calculated by way of simple interest. Thus the interest is calculated and payable on the CALF loans principal alone. Interest on the CALF loans accrues on an ongoing basis but is only due for payment at the end of the term of the loan.
13. FINANCIAL INSTRUMENTS
Financial assets
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised cost
2023 2022 €€
4,226,494 4,201,617 53,680,182
Financial assets that are debt instruments measured at amortised cost comprise of cash and cash equivalents, trade and other debtors.
Financial liabilities measured at amortised cost comprise of loans owed to credit institutions, other loans, trade creditors, accruals and other creditors.
14. RESERVES
The Income and Expenditure reserve represents cumulative surpluses and deficits recognised in the Income Statement. All approved Housing Bodies are required to designate elements of their income and expenditure reserve for the long term systemic repair and refurbishment of housing stock which is known as a sinking fund. For the purpose of SORP Accounting by registered social housing providers, such designations are considered to be an internal matter and therefore are not to be disclosable in the primary statements.
46 Annual Report 2023
61,930,837