As housing associations prepare their 2022/23 annual accounts in increasingly difficult economic circumstances, Debbie Watson helps guide you through the financial reporting season so you can get it right.

While it seems (for now) we are past the pressure and uncertainty of COVID-19, the sector faces new significant complexities arising from rocketing costs, staff retention and recruitment, and supply chain issues for development projects. This, within a period of intense scrutiny for housing providers, makes for another challenging period. Transparency, clarity and specificity of financial reporting remains essential.

There are no new accounting standards to apply this year - a welcome sense of consistency in an otherwise difficult and rapidly changing environment.

This year, we have not updated the model accounts. All features of the 2022 model accounts remain applicable for 2023 year ends and include all requirements of the current regulatory framework.

These model accounts are intended as a guide for social housing associations preparing financial statements in accordance with:

  • FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
  • the Statement of Recommended Practice (SORP) for social housing providers 2018
  • the Accounting Direction 2022.

While there are no reporting changes, housing providers are reminded to update their narrative reporting to explain the impact of the cost of living, staff pay rises and supply chain demand issues, as well as utility price increases and the impact of these costs on tenants’ ability to pay. Some disclosures around Covid-19 impacts may remain applicable but due consideration should be given to updating these explanations for the current year.

2022 model accounts for housing associations
Guiding thoughts for this year's reporting season
2022 model accounts for housing associations
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With the expected changes to FRS 102 arising from FRED 82, we anticipate a new housing SORP in 2024, for application from periods beginning on or after 1 January 2025. In preparation for this, we may see a new Accounting Direction for 2024 and we will produce suitable guidance for the sector in line with these changes

I hope you find these housing associations model accounts useful as you prepare for this year’s reporting.

If you have any feedback or suggestions for future additions to the housing associations model accounts, contact Debbie Watson.

Download the 2022 model accounts here [ 2054 kb ].