Page 50 - NEHA Annual Report 2023

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
19. SECURITY AND CHARGES RELATING TO BANK BORROWINGS
AIB bank loans of €801,532 are secured by a series of charges over various assignments and first legal mortgage charges over 17 residential units at Moneymore, Drogheda, Co. Louth, 1 residential unit at Lismore, Haggardstown, Blackrock, Co. Louth and 1 residential unit at Cedarvale, Althumney Woods, Navan, Co. Meath.
Bank of Ireland loans of €488,597 are secured by a first legal mortgage and charge over 17 units at Stamanaran, Blackrock, Co. Louth.
20. DEFERRED INCOME
Deferred income represents government grants. These grants represent loans made to the company from Capital and Subsidy Scheme (CLSS) and Capital Assistance Scheme (CAS). No capital or interest repayments are required to be made on these loans provided the company complies with certain specific requirements set out by the local authorities over the properties for which housing loans have been provided for. In accordance with the accounting policy, government grants are recognised based on the accruals model. These grants, which are for the purchase of the freehold property, are recognised over the useful life of the freehold property, which is fifty years. There are no unfulfilled conditions of contingencies attaching to these grants.
21. CONTROLLING PARTY
The Members of North and East Housing Association Company Limited by Guarantee are considered to be the ultimate controlling party.
22. APPROVAL OF FINANCIAL STATEMENTS
The board of directors approved these financial statements for issue on 21st June 2024.
48 Annual Report 2023