Woodvale and Shankill Community Housing Association is based in Belfast and provides for, upgrades and maintains general family housing needs, sheltered accommodation for the elderly and disabled and special needs accommodation. The organisation has 450 properties, which under SORP regulations are required to be split into separate components on the asset register. This aspect of component accounting is a specialist area for RAM and we spoke with Michael McDowell, on behalf of Harmony Homes, about exactly why the company chose RAM to help with this financial reporting.
We identified that the processes that Woodvale and Shankill Community Housing Association had in place were outdated and not as controlled as we would have liked. We knew that we needed something that could not only accommodate the large volumes of data we had from our separate components but a system that would also provide us with a controlled environment in which to house the data. It was this, and a recommendation from another housing association, that led us to approaching RAM.
The solution helps us to adhere to a variety of guidelines, including the demanding requirements of IFRS and assists in accurately recording and calculating asset depreciation, as well as managing the disposal of our assets. This aspect of the product is something that will save us time and money, through eradicating the manual processes currently in place.
It is hugely refreshing to be able to project and plan our component replacements over a longer period of time. For example, through the use of RAM’s solution we know how many kitchens across the portfolio of properties need replacing in the next five years.
Another key driver for us was the increased efficiency that the solution provides by running effectively alongside our existing housing system, SDM. The solution reports and collates information in a format that can be easily input into SDM, providing our team with more visibility and control.