Question: Circular 03/04 introduces new definitions for supported housing and housing for older people. The circular reads:
'Housing associations are required to report to the Corporation consistently on supported housing stock and housing for older people throughout their accounts, financial reports and plans (FV5 and FV3), Regulatory and Statistical Return and the CORE system'.

When do associations need to adopt the new definitions in their financial returns and accounts?

Answer: For financial returns and accounts with an actual balance sheet date ending on or after 31 March 2005 associations should adopt the new definitions, but housing for older people and supported housing should be combined in the returns/accounts. If associations are unable to classify income and expenditure according to the new definitions they should note this in the accounts and in the comments boxes at the end of financial returns.

For financial returns and accounts with an actual balance sheet date ending before 31 March 2005 associations would normally use the old definitions making reference to guidance issued with financial regulation software as appropriate, however earlier adoption of the new definitions is permitted.