iveagh trust 2010 report:layout 1 › wp-content › uploads › 2015 › 05 › ...trust’s annual...

The Iveagh Trust

Annual Report

2010

Elveden House, Cork Street

Iveagh Trust 2010 Report:Layout 1 19/08/2011 14:03

It gives me great pleasure to present the IveaghTrust’s Annual Report for 2010 which marks the120th anniversary of the foundation of the Trust

in 1890.

As we are all too aware, 2010 saw the continuingdecline of Ireland’s fortunes and that of its citizens.Every sector of Irish society felt the impact ofdiminishing resources and the social housing sectorwas no exception. The complete withdrawal ofgovernment capital funding which up to now hadfunded the provision of social rented housing forfamilies, and the huge cuts in the budget to providespecial needs housing, marks a profound change tothe way in which social housing providers will have tooperate.

Many of our tenants have also had to deal withdifficult financial circumstances, whether through joblosses or by cuts to the rate of social welfare that theyreceive. As a result of the increasing number of ourtenancies which fall under the differential rentsystem, this has led to a decline in the income thatthe Trust receives from these tenancies. Whilst notunderestimating the difficulties that this will present,Trustees and staff will continue to focus on providingthe highest standard of service to tenants, havinggained some experience of managing in adversityover the years.

Throughout its long history theTrust has faced many difficultand varied challenges. Forexample, during the 1970s acombination of high inflationand statutory rent controlsplaced the Trust in very difficult

financial circumstances when rental income was notsufficient to cover costs. Thankfully, as can be seenfrom the solid financial results for 2010 contained inthe extract from our audited accounts, we are not inthat position today, but the experience gained indealing with such issues can be brought to bear infacing the current challenges. This prudent approachhas enabled Trustees for the second successive yearto forego any increase to tenants rent. It also meansthat all areas of the Trust’s expenditure and mostespecially repairs and maintenance is closelymonitored in order to ensure that best value isextracted from increasingly diminishing resources.

However the past year was not entirely about dealingwith difficult situations. The completion ofconstruction and subsequent opening of the CorkStreet scheme at Elveden House provided an occasionfor a range of different people to come together incelebration. This landmark corner site developmentdesigned by the Trust’s long time architect EdwardBrady & Associates with funding provided by theDepartment of the Environment, Heritage and LocalGovernment under the Capital Loan and SubsidyScheme provides 50 homes for people nominatedfrom Dublin City Council’s housing waiting list and isfurther proof of the ongoing fruitful partnershipbetween ourselves, the City Council and CentralGovernment. The combination of new build andimprovement works that has characterised the Trust’sbalanced approach to development over recent yearscan be seen elsewhere in this report. It was again

gratifying that the Trustwas able to borrow anadditional €1.3m fromBank of Ireland using aPayment & AvailabilityAgreement, a financing

The Iveagh Trust Annual Report 2010

2

CHAIRMAN’S REPORT

‘‘TRUSTEES AND STAFF WILL

CONTINUE TO FOCUS ON

PROVIDING THE HIGHEST

STANDARD OF SERVICE TO

TENANTS ’’


model which the Iveagh Trust has pioneered, to fullyrefurbish another 20 apartments on the Bull Alleyestate. This will bring the total of fully modernisedapartments on Bull Alley to 135 when theprogramme is completed in late summer 2011.

In the meantime, it is the work carried out by ourestate and hostel staff which makes the difference totenants on a day to day basis. It is our belief that it isthe site specific housing management serviceuniquely provided by the Iveagh Trust since itsfoundation in the late nineteenth century that makesthis difference. The fact that estate staff live on thesame estate as tenants helps to form effectiverelationships and forms the basis for building the sortof communities that every city needs if it is to thrive.Another example of this effective workingrelationship is that between the various ResidentsCommittees who represent the views of tenants andsenior staff of the Trust, who meet on a regular basis.I am pleased to see that this year we have a numberof reports from Residents Committees which reflectsthe issues that they havedealt with over the year.

The past year has, ofnecessity, seen thestrengthening of ourworking relationshipwith local and central

government, Trustees are grateful for the supportthat they provide. The financial crisis in Ireland andfurther afield has meant that new and creativesolutions needed to be found if much needed socialrented housing is to continue to be provided. It is atribute to all concerned that new fundingmechanisms are being discovered and we lookforward to finding further solutions. I would also likerecognise the role that the Irish Council for SocialHousing has played in helping to steer the sectorthrough a new and difficult operating environmentfor housing associations in Ireland.

Finally, and as always, I am very grateful for thesupport and commitment displayed unfailingly by myfellow Trustees and staff at every level who continueto apply the founding ethos of the Iveagh Trust inmeeting housing need.

Our year however was to end on an extremely sadnote when we received the distressing news that ourfellow trustee and supporter of the Iveagh TrustMiranda Countess of Iveagh had died. Miranda hadbeen a trustee for forty years - anastonishing record - and herdedication to the Trust was amplyshown when despite her illnessshe came to the opening ofElveden House in October. It hasleft us with an endearingmemory which we will cherish forever. We pay further tribute toMiranda elsewhere in this report

Harry Byrne


‘‘ IT IS THE WORK CARRIED OUT

BY OUR ESTATE AND HOSTEL STAFF

WHICH MAKES THE DIFFERENCE

TO TENANTS ON A DAY TO DAY

BASIS ’’

3


CHIEF EXECUTIVE’S REPORT

Although by no means immune from theongoing effects of the economic downturn,the Iveagh Trust continued throughout 2010,

much the same as in other years, to focus onproviding the best possible service to our tenants andhostel residents.

This focus on service is not only about resolving theday to day tenant issues dealt with by estate andhostel staff but is also about the ongoingimplementation of the development strategy agreedby Trustees which provides new homes but alsodelivers significant improvements to the livingconditions of our existing tenants. You will seeelsewhere in this report some of the detail of ourdevelopment programme but it is worth mentioningspecifically the beneficial effects that the Bull Alleyrefurbishment programme is delivering.

Through a mixture of good fortune, innovativethinking and prudence, the Trust ensured that someof the resources being provided by the state duringthe boom were put to good use. Just one example isthe ongoing work, now in its fifth year which isimproving and restoring the protected structureswhich make up the Bull Alley estate. This projectstarted out with the need to replace/renew the roofson the 8 blocks which make up the estate. Thesewere the original roofs which were more than 100

years old and due to acontinuing lack of funding overthat time had been patchedand mended in a piecemealway. It quickly became apparenthowever that we could notsimply deal with the roofs, andso began a lengthy process of

identifying funding streams and accessing newsources of private finance in order to bring a morecomprehensive solution to the needs of tenants whowant and deserve the amenities and comforts of 21stcentury living but who live in 19th century buildings.

Creative thinking and identifying previously unknownways to provide finance for social housing is a featureof the Bull Alley refurbishment. In addition to the€7.4 million Capital Assistance Scheme funding,€5.5 million came from the Rental AccommodationScheme. The use of the Payment & AvailabilityAgreement to access bank finance, which waspioneered by the Trust on our Mount Anthonydevelopment, provided an additional €1.3 millionand was used to fully refurbish a further 20apartments. This brings the number of fullymodernised units on the estate up to 135, well overhalf the total number of apartments on the estate. Inorder to ensure that all tenants and not just those inthe refurbished apartments had some benefit fromthe work, Trustees used the Trust’s own resources tofund the refurbishment and upgrading of every oneof the hundreds of original sash windows on theestate at a cost of €600,000. At a total cost of €14.8million the essential structural work which has beencarried out to every element of the buildings will helpto restore some of the former glory of their originalarchitectural features, will extend the life of these finebuildings for many years to come and help tomaintain the cultural fabric of Dublin city.

This is in stark contrast tothe problem that thecountry is left with as alegacy of the propertyboom in the form of themany unfinished housingestates. Along with arange of colleagues from


4

‘‘ THE NUMBER OF FULLY

MODERNISED UNITS ON THE

ESTATE IS 135, WELL OVER HALF

THE TOTAL NUMBER OF

APARTMENTS ’’


the construction professions, local government andplanning, and as a representative of the membershipof the Irish Council for Social Housing, I was part ofthe Advisory Group to Government on the future ofUnfinished Housing Estates which met over the lastthree months of the year. It is apparent that as aresult of the scale and complexities of the problemsinvolved that there will be no quick fixes. It will notonly take time to resolve these problems but also alevel of co-operation and partnership between actorsand agencies which was conspicuously absent duringthe boom. For some of these actors and agencies therole that they play in the delivery of housing haschanged. For local authorities in particular the suddenand chronic lack of resources means a shift frombeing a supplier of housing to a more strategic,enabling role in the future. The role that housingassociations play is also changing. The social housingsector is still coming to terms with the disappearanceof 100% capital funding for family type housing andthe drastic new cuts to special needs housing, buthousing associations, both large and small, havealready shown their willingness to engage with thenew and evolving reality. Solutions will continue to besought and hopefully lessons learned from themistakes of the past. In the meantime, for its part,the Iveagh Trust continues with its daily work of

striving to provide comfortable, affordable, wellmanaged accommodation, not only to currenttenants, but also to the increasing number of peoplewho find themselves in need of social housing.

Of course none of this would be possible without thehard work and dedication of the staff at all levels inthe Trust. It seems to be a feature of involvement inthe Iveagh Trust that for most people when they jointhe Trust, they stay. This is true for Trustees as well asstaff. There are some Trustees who have been servingon the Board and a number of staff who haveworked for the Trust for many years and it is a tributeto them that they sustain such a high level of effortand commitment over that time. This then becomesthe culture and sets the standard for all to aspire to.

Finally, I would like to acknowledge the enhancedlevel of support and co-operation from officials in theDepartment of the Environment and all of our localauthority partners, especially Dublin City Council, inhelping to find solutions in difficult times.

I am as ever, grateful for the support and wisecounsel of the Trustees of the Iveagh Trust, withparticular thanks to the Chairman of the Board, HarryByrne and the Chairman of the General PurposesCommittee, Tom Glancy for their constant and goodhumoured availability.

Gene Clayton


5

‘‘ IT SEEMS TO BE A FEATURE OF

INVOLVEMENT IN THE IVEAGH

TRUST THAT FOR MOST PEOPLE

WHEN THEY JOIN THE TRUST,

THEY STAY ’’


DEVELOPMENT REPORT

2010 saw many changes in housing development,but through these difficult times The Trust continuedwith its development programme of refurbishingexisting and building new developments.

Bull Alley Estate (Refurbishment)

Refurbishment works continuedinto 2010 to Bride Street side ofthe estate where a further 27apartments were refurbished.Ground works are continuing,included in these works is theinstallation of new water mainand boosterpumps.

Elveden House, Cork Street (New Build)

May 2010 saw the handover of a 50 unitdevelopment comprising 1, 2, 3 bed apartments, 3 x3 bed houses, communal facilities including laundry,community room, children’s play area and 2 x retailunits.

Working in partnership with Dublin City Councilnominations were taken fromtheir housing waiting list,including some from the localarea, bringing a mix of families,individuals, single parents andindividuals with disabilities to themake up of the scheme.

ElvedenHouse wasofficiallyopened bythe LordMayor ofDublin andThe Ministerfor Housingin October2010.


6


Mount Anthony, Cosy Lodge & West Block (Refurbishment & New Build)

Works progressed well during the first three quartersof 2010, to this part re-furbishment/part new builddevelopment. The completed development willprovide 61 x 1 bedroomapartments including 2 adaptedapartments for wheelchair usersand is due for handover inJanuary 2011.

Mount Anthony is a shelteredhousing scheme for older peoplethat supports independent living.When fully completed it willcontain 141 x 1 bedroom apartments,communal facilities,laundry and a nurse‘sstation.

The Iveagh Trust Head OfficesFollowing the completion of the Iveagh Trust HeadOffice Building in April 2010, staff moved back to amodern, light and contemporary designed office. Thenew office now offers ground floorreception/interview area, which isfully accessible for all tenantsincluding visitors with disabilities,as well as suitable work areas forfuture growth. It also includes anew board room and 3 additional1 x bedroom apartments forolder people.


7


ESTATE MANAGEMENT

The foundation of the relationship with tenantswhich was put in place over recent yearscontinues to strengthen with monthly

meetings held on the various estates throughout theyear. The Trustees see great value in these meetingsas it allows the elected Tenant Representatives toraise issues of concern on their estate and discussnew ideas in a structured setting in the knowledgethat issues of particular importance will be reportedback to them.

Applewood EstateMeetings were held on a monthly basis with the mainachievements being the upgrading of the CCTVmonitoring system on the estate including theinstallation of a camera in Thornleigh Court whichhad suffered vandalism in the past .

The Committee wrote to local councillors expressingtheir concern about the derelict land located near toBramley Row/Terrace which resulted in the area beingcleaned up by Fingal County Council.

A Newsletter was produced in the spring/summer of2010 and a Christmas party was held for the childrenliving on the estate.

Work to establish and maintain effective links withthe local Gardai continued throughout the year.

Initially, Gardai attended anumber of ResidentsCommittee meetings butfollowing the establishment ofa local policing forum theCommittee now attend thismeeting.

Due to the lack of three bed apartments on theestate, two apartments were upgraded from two bedunits to three bed units. This lack of three bedroomapartments had been a major reason for a number oftenants having to move off the estate to acquirelarger accommodation.

The one negative issue to come out of 2010 was theloss of the estate Fun Day which had proved popularwith both children and parents in the past. This wasdue to the inability of Fingal County Council tocontinue with funding.

Bull Alley EstateThe major area of work in 2010 continued to be theestate improvement programme and the effect thishad on tenant’s day to day living.

Gardai attended meetings on a regular monthly basisto discuss local policing issues and any other issuesaffecting the estate and the surrounding locality.

The CCTV system was upgraded in 2010 to increasethe number of cameras covering the estate andprovide additional security which was welcomed bytenants.

Other issues discussed with the Residents Committeerelated to incidents of anti-social behaviour andparking issues.

Clongriffin EstateIn addition to the 75 apartments owned by the Trust,55 units were acquired under a leasing scheme fromDublin City Council and we now act as managingagent for them. Responsibility for the upkeep of thecommunal areas is being dealt with by a separateManagement Company. This is a new area of workfor the Trust and it initially proved difficult with anumber of repairs issues to communal areas notbeing attended to promptly enough. However the

presence of our on-siteCaretaker and the moreintensive housingmanagement that thisbrings is beginning tomake a positivedifference.


8


The new Clongriffin DART/commuter railway stationfinally opened in 2010 and it is hoped that this willencourage more people to move into the area.

Kevin Street EstateMeetings were held with the Residents Committee ona monthly basis when the main topic of discussionrelated to the improvement works to blocks OPQRand the completion of the remaining outstandingwork.

A new Youth Committee was established in 2010and whilst it took some time for them to develop arelationship with the main Residents Committee thereis agreement that such a club is needed on the estateas play facilities are limited due to the constraints ofthe site in the middle of Dublin city centre. The groupis affiliated to “Catholic Youth Care” and it is felt thatthe guidance and assistance that they provide on bestpractice has been very helpful. However, the numberof parents helping with the club needs to beincreased given the number of children attending theclub and the large number living on the estate.

Other issues discussed at the meeting concernedparking, repairs and policing matters.

Following elections in 2010 a new ResidentsCommittee was elected and high on their agenda forthe future is the upgrading of the football kick aboutpitch and a programme of works to upgrade thewindows in blocks A-N which are listed as protectedstructures..

Mount Anthony EstateThe main topic discussed by the Mount AnthonyResidents Committee was the redevelopment of CosyLodge and the West Block which will provide 61 onebedroom apartments.

The estate has a book club and a film club which arewell attended andenjoyed by residents onthe estate.

The annual day trip for pensioners went toNewbridge and was enjoyed by all who went. Thesetrips have been a feature of every summer going backmany decades and they give elderly tenants theopportunity to visit places of interest to them andenjoy a good dinner in pleasant surroundings.

The hard work put in by estate staff and residentswas again recognised when the estate won first prizein the Best Kept Apartment Complex run by DublinCity Council for the Dublin South East Area andreceived a merit award in the overall city widecompetition.

A new Residents Committee was elected in May2010 and will serve for two years.

A member of the Committee attended the localNeighbourhood Watch scheme which highlightedlocal policing issues. This had become relevant due tothe incidents of bogus callers attempting to gainaccess to flats becoming prevalent during the year.

A new sports complex and swimming pool which isadjacent to Mount Anthony and run by Dublin CityCouncil opened in September 2010 and some of theresidents are using the new facilities.

The Residents Committee Secretary issues a regularNewsletter to all the residents keeping them informedof issues affecting the estate.


9


ESTATE MANAGEMENT – CONTD.


10

Total StockKEVIN STREET

1 bedroomed 2092 bedroomed 2203 bedroomed 45

474BULL ALLEY

Transitional Units 81 bedroomed 1122 bedroomed 443 bedroomed 10

174RAS Capital

1 bedroomed 292 bedroomed 11

40 214MOUNT ANTHONY

Bedsit 11 bedroomed 81

82MOYNE HOUSE

Bedsits 91 bedroomed 19

28APPLEWOOD

1 bedroomed 372 bedroomed 653 bedroomed 8

110CLONGRIFFINOwned 1 bedroomed 21

2 bedroomed 403 bedroomed 14

75Leased 1 bedroomed 20

2 bedroomed 3555

ELVEDEN HOUSE 1301 bedroomed 252 bedroomed 173 bedroomed 8

501088


LettingsThe Trust continues to fulfil its founding aim byensuring that vacancies in its properties are let topeople in housing need with the majority nominatedby the local authorities with whom we work.

During the year we re-let:

• 53 general need properties

• 10 sheltered properties

• Of the 63 re-let:

– 38 properties were let to persons on DublinCity Council’s housing list

– 7 properties were let to persons on FingalCounty Council’s housing list

– 1 property was let to a person on the SafeHome Programme

– 2 residents from our hostel moved ontotransitional or permanent accommodation

– 1 tenant in transitional housing moved intopermanent accommodation.

• We let 50 new properties were let in Cork Street.

• 38 new properties were let under a 5 year lease inMarrsfield, Clongriffin in 2010

In total 151 properties were let in 2010

Arrears• Arrears figure is 0.4%

Voids• 50 casual vacancies

• Average turn-a-round time = 10 weeks

Maintenance and Repairs


11

No ofvalidrepairrequests

No ofcompletedwithintargettimescale

% ofrepairscompletedon time

Emergency 259 256 98.84%

Urgent 641 625 97.50%

Routine 112 105 93.75%


CHANGING TIMES HOSTEL

The Iveagh Hostel first opened its doors to menin need of housing in 1905. Since then it hasseen many changes. “Iveagh House” as it was

then called was a “working man’s hotel” and wasbased on an idea first put forward by Lord Rowtonwho had opened and operated a number of similarbuildings in England. Lord Rowton was a close friendof Lord Iveagh, the founder of the Trust and was oneof the original Trustees of the Iveagh Trust and thefirst Chairman of the Guinness Trust.

When first completed the Hostel was one of thelargest residential buildings in Dublin containing 508cubicle rooms, modern sanitary facilities, dining,smoking and reading rooms, a wash house and evena barbers shop. This was in stark contrast to the trulyappalling housing conditions which were available tothe majority of poorer people in Dublin at that time.Despite the poverty of its residents, a principle of theHostel was the individuals’ right to privacy and apartfrom the basic rules necessary to keep order in such alarge building, independence was encouraged andinterference in people’s lives kept to a minimum,something which continues to the present day.

Over the years the number of residents has fluctuatedconsiderably, reflecting a variety of factors. There wasa sharp fall in demand during the Great War 1914 –1918 due to recruitment into the British armedforces. At the end of the war demand grew due todemobilisation and an acute housing shortage in thecountry. From 1918 to 1926 the demand grewsignificantly with an average of 500 residents pernight using the Hostel. The level of demand startedto reduce during the late 1920’s and began tostabilise during the 1930’s. A slow decline in numbersfollowed over following decades, in the 1960’s, 70’sand 80’s the number of residents steadily fell, from438 in 1970 to as low as 109 in 1987.

Today the Hostel offers accommodation in195 singlerooms with communal bathing facilities, TV rooms,games room, gymnasium, computer room, libraryand a board game area, it even has a full sizedsnooker table. The Chef and his staff offer a selectionof cooked meals, as well asresidents having the option ofcooking for themselves by usingthe recently modernised kitchens


12



13

on each landing, The Hostel is still run with the sameethics and ethos as when it was founded in 1905.Staff are on hand 24 hours a day to give support andguidance, but also allow residents to live their ownlives. Many of the Hostel residents today are longstayers, they came for the night and, through theirown choice, 25 or 30 years later they are still with us.The Iveagh Hostel is their home for as long as theychoose and for many of our longer term residents thestaff and their fellow residents are the nearest thingto family that they have.


DUBLIN CALL AND CARE

The topic of caring for the elderly seems to beincreasingly in the news. The availability, costand quality of care is a major issue for a large

number of people, whether they are elderlythemselves, caring for someone elderly or thosebeginning to plan for their future needs. It is oftencheaper and more beneficial for the individual if theirability to live independently at home is prolonged foras long as is practical and safe. We also know fromour experience with tenants over the years thatpeople are usually happier living for as long as theycan in their own home, with friends and neighboursaround, rather than in a hospital or a care home.

This was recognised by the Iveagh Trust as far back as1978 when the Trust, along with a number of othersimilar organisations, set up Dublin Call & Care as aseparate company. As the name suggests, this serviceprovides a level of care and support to elderly peoplein their own homes through regular visits by qualifiednurses employed by Dublin Call & Care (DC&C). Themembership of the company has fluctuated over theyears and currently there are three organisationswhose tenants benefit from the services delivered bythe nurses and who contribute towards the costs ofproviding them. The Board of Directors of thecompany is made up from the three memberorganisations, with the Chief Executive of the IveaghTrust acting as Chairman. There are two nurses

currently employed by DC&C and they provide avisiting nursing service to elderly tenants of themember organisations and also ensure that all of therelevant statutory health services are aware of andmeeting individual people’s changing needs.

Perhaps the best way of illustrating what Dublin Call& Care means to Iveagh Trust residents is to let thenurses, Nora Donoghue RGN and Pauline DooleyRGN and some of the service users tell us.

Nursing care is provided for Iveagh Trustresidents living in Mount AnthonyEstate, Rathmines and also MoyneHouse residents in Bull Alley Street. Bothof these estates provide shelteredaccommodation for older people. Theage range of residents is from sixty yearsof age up to those in their nineties.Residents on these estates liveindependently in modern one bedroomapartments and one of the aims of thenursing service is to help them tomaintain their independence for as longas possible.

The majority of those who use thenursing service have diverse andsometimes complex needs. It is thenurses’ role to provide nursing care in adignified and respectful manner whilstensuring best practice in delivery ofservices. On any given day we may seebetween five and twelve residents each,depending on demand, priority andtime constraints. Reasons for visitingparticular residents are varied butusually it is because they have requesteda visit or we will be attending to aparticular need such as assisting withpersonal care, wound care, checkingblood pressure/ blood sugar or weightor perhaps a welfare/social visit.

As well as visiting we will also spend


14

‘‘


some of our day liaising with otherhealthcare professionals such as G.P.s,occupational therapists, communitynurses, public health nurses, communitydieticians, physiotherapists andpharmacists. We also liaise with IveaghTrust estate staff, families of residentsand heads of community services suchas home help and meals on wheelsservices.

The well being of residents is ournumber one priority and we regularlyadvise residents on the importance of

the following; physical activity, goodcardiovascular health, maintaining skinintegrity and adequate nutrition andhydration.

When the construction of the new CosyLodge and West Block at MountAnthony, Rathmines is completed ourdaily nursing routine will increase asnew residents will require our services.We look forward to this as we find thework that we do varied and interestingas well as very rewarding.


15

’’

Hugh Hearty Mount Anthony

“The two nurses are great tome. They will come and dressmy wounds twice a weeksaving me a trip to theHealth Centre”

Chris O’Brien Mount Anthony

“I feel the nurses are veryhandy to have aroundbecause I have dry skin on mylegs and they would dressthem twice a week. It givesme peace of mind havingthem available. They are veryefficient.

Margaret Byrne Mount Anthony

“The nurses are very good tome. They go above andbeyond their duties. I am notvery mobile and they comeand see me everyday andhelp me to get dressed. Theysometimes will trim my hairfor me when I ask them.

Cathy Houlihan Mount Anthony

“I am on my own and thenurses come everyday to seeme and say hello eventhough I only need them todress my wounds three timesa week. I am very thankfulfor them”

Annie Geraghty Moyne House

“The nurses come every weekto check that I am ok. It’sgreat having someone youcan rely on coming to seeonce a week and to have achat with”

Residents comments on the nurses


FINANCE

The Trustees are delighted to report a goodperformance for the year 2010. The surplusbefore investment income increased to

€474,000 from €417,000 the previous year. Thisallowed for a further sum of €250,000 to betransferred to a sinking fund (Designated Reserves)for use in the future to insure that the stock ofbuildings is maintained to the highest standard.Reflecting the demands for cash to complete currentprojects the investment income fell to €28,000(€55,000) during the year.

Our total income for the year showed an increase of7% to €4.8 million. In the light of the economicsituation the Trustees agreed once again that no rentincreases would be sought for 2010. The control ofcosts, the introduction of new and refurbishedapartments and the low level of rent arrears (0.4%)contributed to this outturn for the year.

The Trust spent €9 million on capital projects for theyear. These included the final phase of the MountAnthony Sheltered Elderly scheme, Kevin StreetBlocks OPQR, Elveden House Cork Street and thedevelopment of the Head Office Site andrefurbishment of 20 apartments in Bull Alley. Due tothe current economic situation funds for these had tobe raised through our own resources and bankborrowing funded by the Payment and Availability

Scheme. We had accessed a total of €8 million fromthe Bank of Ireland of which €3. million was drawndown during 2010.

The outlook for the coming year is uncertain and theTrust is conscious of the demands that this puts onour tenants. During the year various resources wereput in place to deal with these challenges and thiswill continue for 2011.

The environment that the Social Housing Sectoroperates in continues to be difficult and the approachthat the Trust has taken to developmentopportunities is one of caution. We wish to ensurethat we can meet at all times our obligations underthe Charter and the needs of our tenants. Wecontinue to examine opportunities but while we arevery aware of the risks these may pose in the currentclimate, we are committed to working with ourpartners in Central and Local Government tomaximise our social housing objectives.

The accounts have been audited by an outsideindependent auditor.


16


Revenue Account for the year ended 31st December 2010 2010 2009€ €

Income 4,768,799 4,448,671Operating Expenses (4,295,032) (4,031,552)_______________ _______________

Operating Surplus 473,767 417,119Investment Income 28,718 55,612_______________ _______________

502,485 472,731

Transfer to Designated Reserves (250,000) (200,000)_______________ _______________

Retained Surplus for year 252,485 272,731Revenue Reserves at end of year 5,276,185 5,003,454_______________ _______________

5,528,670 5,276,185_______________ ______________________________ _______________

Balance Sheet as at 31st December 2010

Fixed AssetsTangible 82,915,592 75,917,296 Financial Fixed Asset 352,451 127,264 _______________ _______________

83,268,043 76,044,560

Current AssetsDebtors and Stock 22,879 83,613 Cash At Bank 693,940 1,966,523 _______________ _______________

716,819 2,050,136

Creditors (2,116,902) (1,841,786)_______________ _______________

Net Current liabilities (1,400,083) 208,350 _______________ _______________

Total Assets less current liabilities 81,867,960 76,252,910 Long Term Loan (3,861,955) - Grants and subsidised loans (69,588,524) (68,300,914)Provision in respect of ex gratia pension payments (1,600,000) (1,637,000)_______________ _______________

Net Assets 6,817,481 6,314,996 _______________ ______________________________ _______________

Reserves

Revenue Reserves 5,528,670 5,276,185 Designated Reserves 1,288,811 1,038,811 _______________ _______________

6,817,481 6,314,996 _______________ ______________________________ _______________


17


GOVERNANCE

The Iveagh Trust is the only social housingprovider in Ireland whose governance structureis based in legislative Acts of the British and

Irish parliaments. The founding Act of 1890 and thenumerous subsequent Acts under the Britishparliament and later Irish Dail form the basis for theway that the Iveagh Trust has operated over theyears.

In order to ensure that current standards of bestpractice in corporate governance are adhered to, theBoard conducts periodic reviews and implementschanges where necessary whilst continuing to adhereto the principals contained in the founding Acts.

The Board of Trustees meet a minimum of three timesper year and the ongoing oversight of theimplementation of strategy is carried out throughdelegated authority from the Board to the fourmembers of the General Purposes Committee (GPC)who meet between 8 and 12 times per year asnecessary. Recommendations from the GPC arediscussed at each Board meeting and decisions arethen taken based on them.

Particular attention is paid to the make- up of theBoard so as to ensure that the right mix of experienceand skills is achieved. This task is taken on by theNominations sub- committee who meet whenevernecessary. It is also felt important that the links withthe founder is maintained and consequently there arefour members of the Guinness family currentlyserving as Trustees, continuing the tradition firstestablished more than 100 years ago.


18


Trustees of The Iveagh TrustMr Harry Byrne, Chairman

Miranda, Countess of Iveagh

Hon. Kieran Guinness

Mr Paddy Gallagher

Mr Tom Glancy, Chairman, General Purposes Committee

Hon. Rory Guinness

Mr Alan Bradley

Mr Clive Brownlee

Mr Patrick Guinness

Dr. Mary Redmond

Affiliation / MembershipsThe Irish Council for Social Housing50 Merrion Square East, Dublin 2.

The Wheel 10 Grattan Crescent, Inchicore, Dublin 8.

SolicitorsMcCann Fitzgerald SolicitorsRiverside One, Sir John Rogersons Quay. Dublin 2.

BankersBank of IrelandCollege Green, Dublin 2.

AuditorsKPMG1 Stokes Place, St. Stephen's Green, Dublin 2.

Photography Claire Byrne & Garvan Gallagher

Design & PrintGrafton Litho Limited


19


The Iveagh Trust Bull Alley Street, Dublin 8

Tel: +353 (0)1 454 2312 • +353 (0)1 454 1083

Fax: +353 (0)1 453 6316

Registered Charity Number: CHY 1220


iveagh trust 2010 report:layout 1 › wp-content › uploads › 2015 › 05 › ...trust’s annual...

Documents