DURHA AC'EI) MINEWC)IIKEIIS HOME A.%.8(IL'. IAI'IO R¥sle¥ed IIF P.0. Box 31 The Grove 168 FrontStLEet c.11￿ter it Street DuYh2m DH3 3YH Beever and Struthers Chartered Accountants Olle Express. l George Leigh Street Manchester M4 5DL Date.. Tel.. 101911388 IILI EmiJ.. ittto@d3tnh&or&uk www.d3rnha.ot8.uk Dear Sirs Tri5 representatlon letter is provided in connertion with your audit of the financial statemènts of Durham Aged Mineworker's Hcpmes Asso¢iatlon l-the Association") for the year ended 31 March 2025 for the purpose of expressing an opinion a5 to whether the financial statements give a true and falr view of the results and flnancial P051tion of the In accordance with United Kingdom Accounting Standards (Llnited Kingdom Generally Accepted Accounting Practice) and relevant social hou5in8 legislation. We confirm, to the best of our knowledge and belief the following representations.. We are responsible for the preparation of financial statements in accordance wilh United Kingdom Accountin8 standards (United Kingdom Generally Accèpted Accounting Practice) and relevant social housing legislation, which give a true and fair view of the financial position of the Association as of 31 March 2025 and of the results of its operations and its cash flows fortheyear then ended and for making accurate representations to you. 2. Significant assumptions used by us in making accounting estimates. including those measured at lair value, are reasonable. 3. We have no plans or Intention5 that may matÉrially alter the carrying value and where relevant the fair value measurements or dassification of a55ets and liabilitles reflected in the financial staiements. 4. We have disclosed all known actual or possible litigation and claim5 whose effects should be considered when preparing the financial Statements and ihese have been disclosed in accordance with the requlrèments of accounting standards. Related party relationships and transactions have been appropriately accounted for and di5¢1osed in accordance wlth the requirements of a¢¢ountln8 standards. 6. All events since the bHlan¢e sheet date which require disclosure or which would materlally affect the amounts In the financial statements have been adjusted or disclosed in the financial statements. 7. We confirm that the financial statements are free of material mi55tatemenis, includlng omlssions. All misStaternent5 identwFied during the audit were corretted We confirm that, having consldered our expectationsand inlentionsforthe nexttwelve month5, including thè availability of working capital, theAssociatlon is a going concern. We confirm thatthe disclosures in the accounting policles are an accurate reflèrtion of the reasons for our consideration that the[￿all£ statements should be drawn up on a going Con￿[￿ b85iS. panTLiDll*dby CoDVytirp5te￿￿ I2?￿]75. 9. All accountlng records and relevant informatlon have been made av3ilabletoypu forthe PU￿0$V￿rJd1knty No. 119lQ33. R￿4￿taH0llS￿￿PMNJ￿￿rmll.sI2 audit. We have providèd tOyOU 311 otherinformation requested and given unrestricled accesstopersons within the entity from whorn you have deemed it necessary to obtain audit evidence I request Information. All other record5 and Telated information including minutes of all management and board meetings have been made available to you. 10. All tran5acttons undertaken by the Association have been properly reflected in the accounting records and are reflected in the financial statements. 11. We acknowlèdge our responsibility for the design, implementatlon and maintenance of tontrols to prevent and detert fraud. We have disclosed to you thÈ rèsulis of our assessment of the risk that the financial statements moy be materlally misstated as a r￿Ult of fraud. 12. We have dlsclosedtoyou all information in relatlon to fraud orsuspectedfraud that we are awareof and that affert5 the entity and involves managernent or employees who have significant role5 in internal control, or others, where fraud could have a materlal effect on the financial statements. 13. We have disclosed to yo¢J all information in relation to allegations of fraud, or 5U5pected fraud affecting the entity5 financial statements commlsnicated by employees.former employees, analysts. regulators or others. 14. We ¢onfirm that we are nol aware of any posslble or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the Association conducts its business and which could affect the fln3ncial statement5.The Association has complied wlth all aspects of contractual agreements that could have a material effect on thefinancial statements in the event of non-compliance. 15. We confirm that we have disclosed to you the identity of the Association's related parties and all related party relationships and transactlons relevant to the Association that we are aware of. 16. The Associatlon has sat15factory title to èll assèts, and there are no liens or encumbrances on the assets except for those dlsclosed in the financial statemenls. 17. There are no liabilities, coniingent liablllties or guarantees to third partles oiherthan those disclosed in the financlal statements. We confirm to the best of our knowledge and belief that thÈ above representations are made on the b3SbS of enquiries of management and staff with relevant knowledge and experience and, wheie appropriate. of in5pettion of supporting documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you. We acknowledge our legal responsibilltles regarding disclosureof information toyou as auditors andconfirmthat 50 far as we are aware, there 15 no relevant audlt Snformatlon needed by you in connection wlth preparin8 your audit report of which you are unaware. Each BoaTd member has taken all the steps that ihey ought to have taken as a Board member in orderto makethemselves aware of any relevant audit information and toestsbli5hthatyou are aware of that information. Yours falthfully Signed on behalf of the Board by: .ISignaturÈl -IPositionl ltsLS -IDatel Durham Aged Mineworkers. Homes Association Trustees, report and accounts 31 March 2025 Durt7am Aged m1newothe￿. Homes Association Trustees, report and accounts Ygar ende(131st March 2025 Contents The Board Management Team and Advisors Report of The Board Stslemenl of Trustees, responsibiltties in respect of the Trustees, Report and the financial statements Independent Auditorfs Report lo the Trustees of Durham Ag￿ Mineworkers, Homes Association Statement of Comprehensive Income for the year ended 31st March 2024 Statement of Financial Position as at 31 st March 2024 14 15 19 20 Statement of Changes in Reserves for the year ended 31st March 2024 Statement of Cash Flows for the year ended 31 st March 2D24 Notes to the Financial Statements 21 22 23 Registered office.. The Grove 168 Front Street Chesler-le-street Co. Durham DH3 3YH Charity Number 1191033 Registered Provider Number.. 5125 Company no.. 12758375 Durtpam Aged mineworke￿, Homes Association Trust8es' report and accounts Year endod 31s1 March 2025 The Board Trustees Anne Rowlands Ichairl Gillian Bramfitt (Vice Chairl Kate Ab50n Catherine Louise Buckton Diane Camey Mark Reid Andrew Thompson Nicholas Malyan Pauline Boll INI {Nl (Nl IA) IA) {Al Al AI&IN} Resigned April 2024 Resigned October 2024 Al members setve on The Board. Those indlcated IA) Cover the Audit Committee, and {Nl cover the Nominations and Remuneration Committee. Dutham Aged Mineworkers, Homes Association Tmstees, report and accounts Year ended 31st March 2025 Management Team and Advisors Managoment Team Offlcers Paul Mullis FCA Nicola Local FCCA Michael Wright MCIOB Andre•V Thompson FCCA Chief Executive Finance Director Operations Director Finance Director Resigned June 2024 Appointed September 2024 External Auditor Beever and Slruther5 One Express, 1 George Leigh Street Ancoats Manchester M4 5DL Internal Auditor TIAA- Appointed April 2023 Artillery House Fort Fareham Newgate Lane Fareham P014 1AH Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ CtroFerative Bank PIC Norfolk House 90 Grey Street Newcastle upon Tyne NE16BZ Solicitors O'Neill Richmonds Law Firm Limiled 1-2 Lansdowne Terrace East Gosfoth Newcastle upon Tyne NE3 1HL Trowers & Hamlins LLP 55 Prin￿SS Street Manchester M2 4EW Dufftam Aged Minewothers, Homes Association Trustees, report and eccounts Year gnded 31st March 2025 Report of The Board This report has been prepared in accordance with relevant legislation including the Slatement of Recommended Practice for Registered Stscial Htsusing Providers. The members of the Executive Committee present their reP(￿t together with audited financial statements for the year ended 31 March 2025. status Durham Aged Mineworkers. Homes As5CtialDn was established in 1898. On midnight of 31st March 2021 the Charity became a Company Limrted by Guarantee (Number 127583751 and is administered by Articles of Associats'on, which were adopted at that dale. 11 is a Registered Charity (Number 1191033 - formerty Number 222673), Registered Housing Provider (Number 5125- foTmerty Number A3213) and a Member of the National Association of Almshouses. The Board The Governing Body of Durham Aged Mineworkers. Homes Associalion is known as 'the Board.. Memters of the Board have legal responsibility as Directors of the Company and Trustees of the registered charity. and their details are set out on page 1. All Trustees of the Association pay a £1 subscription, which carries no righl lo dividends or repayment of capital. The Chief Executive is not registered as a Trustee of the Charity and does not have the legal status of Director of the Company. but manages the day-104lay operations of the organisation under authority delegated by the Board. Investment Powers The Articles of Association empower the Association lo illvesl money not immediately reqUI￿d for purposes in accordance with the statutory powers of investment available lo charitable trusts from lime lo time. Oble¢ts The Articles defi'ne the objects as.. To provide and maintain services and facilitie5 for aged, infirm or disabled persons or those in financial need, with particu18r regard for the needs of the Original Benef￿larieS. For that purpose to provide and maintain., Social housing in the form of almshouses, which may be houses, bungalows, apartments or sheltered homes, for such persons who (except in the case of Original Beneficiaries or in other special cases to be approved by the Trusleesl are primarily over the age of 50 al the time of appointment Leasehold accommodation specially adapted for aged, infirm or disabled persons.. . Gardens. common rooms, workshops, garages and other ancilkry facilities for the benefit of resldenls. To manage or provide adV￿e or assistsnce in the eslabli5hThent of and management of housing schemes provided or lo be provided by other charrties. In this Clause the Original Benefficiaries" means needy, aged, infirm or disabled persons who were formerty employed in or about coal mines in the County of Durham as constituted on 31 sl March 1974 or are, or were, the dependents of persons $0 employed. Durham Aged Minewort(ers' Homes Association Tnjstees, report and accounts Year ended 31st March 2025 Roport of The Board {continuedl Results for the year The Association had an operating surplus for the year of £1,056k12024= £2.253kl and an overall surplus for the year of £716k12024.' £1,632kl. Revlew of actlvlties and achievements We are pleased lo be able to report Continulng strong ￿$￿Its for the Association, despite a year of hlgh inflation and ongoing cost pressures. We are working in a challenging business environment, with inflation lingering above expected levels, and many additional demands on our resources. De5Plte this, we continue to concentrate on providing the best service for our fesidenls whilst making the best use of those resources. We face many ongoing challenge5 in Ihe Durham Coalfield_ We work within deprived cornmunities with an increasingly aging population, ongoing reductions in local authority spending and services, and a private sector housing market that appears reluctant and unsuited lo provide appropriate and affordable housing in the types and quants'ties needed. With this as the background, we continue with a strong focus on delivering value for money within the ongoing housing crisis in our region, focusing on the priorities and ne￿$ of our residents, and those who would like to become residents Our Five-year Corporate Strategy set out in 2022 details a strategic vision that is ambiti￿S and facilitates a programme of long-term development of new homes, whilst addressing Ihe governrnent's carbon.reduction agenda. Overall, our maln Key Performance Indicators are those measurfng residents, satlsfacllon_ This is measured objectively in compliance with the Regulator of s(￿la1 Housing's Consumer Siandards. In keeping with previous surveys, the Association scored very highly. The survey undertaken in 2024125 noted a slwJht improvement in overall satisfaction, with 94.20/0 {2024- 94.00fi} of residents surveyed reporting they were either fairly, or very satisfied with the overall service provided by the Association. Satisfaction remained high across all main areas including 950/0 who were satisfied with a repair in the last 12 months, 93Q/¢J sab'5fied with the lime taken for their last repair, 920k that the Associatlon treated them fairly and with respect, and 880/0 that the Association kept them well informed. An area which continued to present challenges was the grass cutting and grounds maintenance service ere only 76Vo of respondents commented that the￿ were satisfied thal the Associalion kept Communal areas clean and well maintained. This is a known problemabc area and has been subject to relender since the year end - a de¢ision made in conjunction with the Ass¢¢ialion's Gardening Club" la committee of resKJents whKh assists staff in discussin9 grounds maintenance performance). Earty indications are that performance has begun to improve following the change. Durham Aged Minewort(ers' Homes ASS￿18110￿ Trustees, report and accounts Year ended 31st March 2025 Report of The Board {continuedl Revlew of a¢tlvlties and achlevements ¢ontlnued Most of the Association's 'Maintenance Charges" are calculated as "Social Rents" by definition and comply with government policy regarding rent setting. As part of the agreed funding mechanism for new homes built between 2011 and 2016, a proportion of stock let al Target Rent are converted to Affordable Rent on re-lel as calculated by the Rents Standard. We currentty have 239 {2024.' 237) properties where the Maintenance Charge is now set 81 Affordable Rent levels. Due to the prevailing conditions of the housing market in the Durham Coalfield area, most Affordable Rents have fallen back below Target Rents, which continued to rise with inflation. In this Case, our Maintenance Charges revert lo Social Rent levels on a property-by-propety basis on relet. Asset Management Strategy Our existing homes continue to be maintained to a high standard, consistent with the needs of our residents who are primarily elderly, retired, and many of whom have additional vulnerabilities. An annual planned rnaintenan￿ programme is undertaken to ensure thal all our properts'es continue to exceed the decent homes standard and meet the evolving expectats.ons of our resident5. However, having been in existence for 125 years rt is the case thal a number of our homes are now older and from lime to time may become unsuitable lo the needs and aspirations ol our residents or changing legislation or standards. We, therefore. operate an active Assel Management Strategy and continually review all our stock for condition and desirability. Homes that are considered to have become of low social value or require 8xce5sive expend(ture lo maintain to our high stsndards are deemed redundan( and after consultation with residents, will be sold lo third parties at market value in compliance with the Charities Act 2022 as and when vacancies arise in them. The financial capital released this way ig recycled into our development programme for new homes. The sale of 3 bungalows were completed in 2024125. Govornanc8 Regulatory Requlrements The Association's governance arrangements comply with governance good practi￿ and regulatory slandarés. The Association Complies with ltte Regulator of Social Housing's IRSHI Regulatory Framework and Stsndards and complies with the RSH'S Govemance and Financial Viability Code of Practice. Con$um¢r Stsndards The Board a5sert5 that the Association is compliant with the Consumer Standards which came into effect in April 2024. The Association has completed a self-assessmenl against the new Consumer Standards and believes this demonslrales full compliance. The Association has an action plan lo address areas where we believe further progress can be made, progress against which is routinely reported to the Board Dutham Ag8d Minework8rs' Homes Association Trusteès, report and acGounts Year 8nd8d 37st March 2025 Report of Ihe The Board Iconlinued) The Board The Association h&8 adopted the National Housing Federatk)n NHF Code of Governance 2020 Compliance with the Code is evidenced by an routine assessment carried out by the Board. The Board has a wealth of expervénce of the community it seNes, professional skills and a high degree of enthusiasm and commitment. Trustees are appointed on the basis of qualifications and skills deemed by Ihe Board to be needed by the Association, and are subject lo re-elecbon after terms of 3 years. with a maximum period of service of 6 years, th the possibility of further years of Servi￿ in the case of exceptional business need to a maximum of 9 years in totsl. Audtt and R15k Commlttee An Audit and R￿k Committee is in place and advises The Board on exlernal financial reporting, internal audit and rlsk Internal and external audit Matte￿ are reported to the committee and the auditors are Invlled lo attend ￿levant meetings where audit matters are discussed. Additionally, Committee members are given the opportunity to meet with internal and extemal auditors without paid stsff being present Identification and evaluation of key rfsks The Associatior) completes regular risk appTaisals. The risk appraisals are based on a matrix system to high1￿ht those areas where the Association is most al risk. This enables the Association to ensure that those risks are mitigated as far as possible. The appraisals and assessments of key strategic risks are reviewed periodically throughout the year. Management responsibilty has been clearty defined for the identifi'cation, evalualion and conlrol of significant risks. There is a formal and ongoing process of management review in each area of the Association's acb'vilies. This process is co-ordinated through a regular reporting framework by the Audit and Risk Committee. The Executs"ve Management Team regularly considers reports on significant risks facing the Association and the Chief Executive is responsible for reporting to The Board any significant changes affecting key risks as they are identified. Durham Aged Minew0H(e￿, Homes Association Trustees, report and accounts Year ended 31st March 2Q25 Report ol Tho Board Icontlnuedl Health and Safety at Work The Assockqtion takes its responsibilrties for Health and Safety towards employees, contractors and the public seriously and monitor5 performance and nsk accordingly. During the year ended 31st March 2025 there were no workplace injuries or losl-lime events12024'. nill. Sickness absence decreased in the year with 0.430A of working days being lost due to sickness absence per employee. The Association continues to offer flexible working arrangements, which ha5 been shown to reduce short-term abserKes. The Association aims to maintain this excellent record and continues to invest in Iraining and regular external review of policies, pr￿edures, and pracb'ces accordingly. Rlsk management The RSH has reported that the Association meets the requirements set out in the Govemance and Financial Viability Standard. The Board is responsible for identfying the rlsks faced by the Association and for determining the appropriate action to manage those risks. The Association has adopted a formal Risk Management Strategy, which involves carrying out an annual risk appraisal exercise based upon a process of control and risk self assessment. During the year, the Asscciation again considered its most serious risk to be cyber securty. Criminals are going to ever increasing lengths in their attempts to gain access to computer systems. The Association updated its computer servers in 2021122 10 improve the securty of its data. In April 2023 we obtsined the Cyber se￿rity Essentials Plus accreditation which is an independent Ihird-party verifi'calion that our computer systems are secure. This was retained in 2024 and 2025. We continue lo do all we can to reduce this risk going forward. The Association ¢onlinues to be exposed to unekrlainty and risk due lo the political instability in Europe. Using local contractors and not developing propety for sale helps lo manage our exposure to risk. However, there are still many unknowns around the longer term IMp￿tS, especially around inflation, c£)sts and availability of materials for our contractors. We continue to monitor this risk and work closely wilh our contractors to respond quickly to any changes in the external environment. We believe we are adequately mitigating against this risk. Other risks in the Association's matrix are relatively longstanding and have identified and long established mitigations in place. The main risks hjentified in the matrix have been used as the basis for significant stress testing of the Annual Financial Plan and the ongoing business model, which testing indicates that the model is very robust and proposed specific miligalions will provide for the ongoing financial viability of the Association under most foreseeable ￿1VerSe S￿narIos. Dutham Aged thneWothe￿, Homes Association Trustees, report and accounls Y8ar onded 31st March 2025 Report of The Board Icontinuedl Inteinal control The Board has overall responsibility for establishing and maintaining the whole system of intemal control and for reviewing its effecliveness. The 8oaid recognises that no system of internal cont￿1 can provide absolutè assurance or eliminate all risk. The system of inlemal control is designed to manage risk and to provide reasonable aSSurar)￿ that key business objectives and expected outcomes will be achieved. In meeting ils responsibilities, The Board has adopted a rlsk-based approach lo internal controls, wh￿h are embedded within the normal management and governance prwess. This approach includes the regular evaluation of the nature and extent of risks to which the Association is exposed to. The Board reviewed and uwlated the Association's internal Standing Orders and Financial Regulab"ons which document internal controls, during the year. The process adopted by The Board in reviewing the effectiveness of the system of intemal control, together with some of the key elements of the control framework includes.. Monitortng and correctlve action A process of control self-assessment and regular management reporting on control issues provides hierarchical assurance to successwe levels of management and to The Board. This includes a rigorous procedure for ensuring that corrective actson is taken in relation to any significant control issues, particularty those with a material impact on the financial statements. Contml envlronment and control pmcedures The Board retains responsibility for a defined range of issues covering strategic, operational, financial and compliance issues including I￿aS￿ry strategy and new investment projects. The Board has adopted the National Housing Federation's recommended Code of ConducL This sets out the Association's policies with regard to the quality, integrity and ethics of ils employees. It is supported by a framework of policies and procedures with which employees must compty. These cover issues such as delegated aulhority. segregation of duties, accounting, treasury management, heath and safety, data and assel protection. and fraud prevention and detection. Informatlon and financjal reports.ng systems Financial teporting pl￿edureS include detailed budgets for the year ahead and forecasts for subsequent years. These are reviewed and approved by The Board. The Board also regularty reviews key performan¢e indicators to assess progress towards the achievement of key business objectives, targets atmj outcomes. The internal control framework and the risk management prO￿S are subject to regular review by Internal Audit who are reswnsible for providing independent assuran￿ to The Board Vk4 the Audrt and Risk Committee. The Audit and Risk Committee considers internal control and risk al each of its meetings during the year. The Board, has conducted its annual ￿VIeW of the effectiveness of the system of intemal control and has taken account of any changes needed to maintain the effectiveness of the risk management and control pro￿sS. The Board c¢rnfirms thal there is an ongoing process for idenb'fying, evaluating and managing significant risks faced by the Association. This process has been in place throughout the year under review. up to the dale of the annual report, and is regulady reviewed by The Board. Dutham Aged MirJewotl(8rs' Homes Association Trustees, ￿pOrt and accounts Year ended 31st Ma￿h 2025 Report of The Board Icontinued) Subsldlary Charltles: The Association manages five subsidiary almshouse charities, which were linked with Dutham Aged Mineworkers Homes Association (No. 11910331 via a special fesolulion dated 8 October 2021. These charitie5 are accounted for as Restricted Reserves within the Association's overall ieserves, shale common Trustees, and whose details are set out on page 46. The acts"vilies of the subsKliary almshouse charfcie5 during the year have been as follows.. Brandon Colliery Aged Workers, Homes Association The Association was founded in 1930 and is a Registered Housing Association (No. 37681. Its object is to provide residence for aged persons in need in Brandon and own the property, being the land and buildings known as Brandon Aged Miners, Homes. acquired on 15 July 1930. The Imelve on&bedroom. siwle-storey terraced homes were all fijlly occupied Ihroughout thè year with average weekly maintenance contribution charges of £84.05 {2024= £75.40) . Cockfield Aged Miners, Homes The Charity Wds founded in 1900 to provide homes for rekn'red or infirm mir)eworker5 in the Parish of Cockfield. It is an unincorporaled almshouse charity. A stock condition survey was Carried out in 2001, which revealed a programme of works required to bathrooms and kitchens, roofs and electrics. Whilst the charity had sufficient fvnds to meet ongoing obligations for day-tO- day repairs. there was a shortfall of available reservès lo fund the longer term programming of the works identified In the survey. In May 2010 it was resolved to dispose of properties as they became vacant, armj statutory consultation look place in June 2010. At 31st March 2025, all 7 homes have been sold. The proceeds of sale have been ringfenced penéin9 a suitable development site being identified within Cockfiekl for the provision of new homes. Homes for Aged Mineworkèrs and other Workmen at Wingate Colliery The Charity was founded In 1913 and was formalised by a trust deed dated 31 July 1936 to provide homes for aged mineworkers and other Workmen formerly employed at Wingale Colliery. It is an unincorporated almshouse charity. The charity's sole remaining propety fell V￿nI in 2005 and following exlensive efforts. llo suitsble applicant5 were found from the benef￿lary class. The property was disposed of in March 2006 and the surplus generated on the sale will be ulili5ed to provide modern homes in the beneficiary area when an appropriate site is idenlrfied. William Russell Bequest The Association look over the managemenl of the Williaw Russell Bequest almshouse charity in 2017. bringing the bungalows inlo the Durham Aged Mineworkers, Homes Association group of linked charities. The 7 tsvo-bedroom, single-storey bungalows were all fully occupied throughout the year with average weekly maintenance conlribution charges of £94.6012024.' £85.55) . Vesper House Trust In April 2024, the previous Trus1885 of Vesper House Trust retired and the Association was appointed as Corporate Trustee, with Vesper House Trust becoming a Linked Charity of the Association, alongside those listed above. Vesper House Trust was founded in 1923 to provide affordable and safe housing for single women in the port of Sealon Carew. The 5 one-bedroom terra￿￿ homes were all fully occupied throughout the year with average weekly maintenance contribution charges of £70.0012024= £70.00) Dutham Aged mlnework8j￿, Homes Association Truslges, report and accounts Y&ar ended 31st March 2025 Report of The Board (continued) Going Concern The Association's business activities, together with the factors likely to affect its future development, performance and position are set out in the report of The Board On pages 3 to 13. The Association meets its day to day working capital requirements through the current account, which is cash positive at the year end. The Association meets it development programme requirements through a combination of grant and debt funding. Note 20 to the account5 highlights the current level of debt and repayment tems. The current economic conditions create a degree of Un￿rtaInty over the longer term availability of grant and bank finance. The Associats'on's forecasts and projections show that the Association should be able to continue lo operate within the level of its current facilities and no matters have been drawn lo ils attention lo suggest that future funding may not be forthcoming in acceptable terms. After making enquiries, The Board has a reasonable expectation that the Association has adequate resources to continue in operdlional existen￿ for the foreseeable future. Accordingly, they contsnue to adopl the going concem basis in preparing these financial stalemenls. Value for Money Ststement The AssoCialic￿, as a Registered Charity is committed to being an effective and efficient social business achieving high levels of Value for Money I'VfM"l in all its activities. A new Vfm Strat￿Y was approved in February 2023. The strategy r?￿gnISeS that Vfm has been a fundamental ethos of the Association for a long time. The Statement identified 4 objectives for Vfm for the Asso¢ialion over the following 3 years= Maintain and improve resident satisfaction within budgetary restraints . Review the efficiency of key processes . Maintain high performance in key, recognised Vfm Ind￿e$ Rationalising our stock This report will cover our progress in these areas, as well as givin9 a general picture of Vfm within Ihe Association. In pursuing its charitable objectives, the Association does nol fund any significant social activities other than mainlaining exislir)g homes, and building new ones. Consequently all expenditure is directed at one or other of these activities. The Association's Annual Financial Plan, which forms the basis of the Association's Corporate Plan. is updateil every year. This is the primary way in which Capital reSoUr￿S are allocated be￿een these competing priorities. The Board have operated the following underlying priorities within the business plan for many years.. Maintaining financial viability., Providing cosl*ffective services to residents,. Fund investment in existing stock to maintain a standard appropriate to the aspirations of the iesidents and in excess of the Decent Homes Standard., Providing an on-going development programme lo address the undersupply of affordable and appropriately designed homes for older people in the region. io Dutham Aged Minewod(&rs' Homes Association Trustees, report and accounts Year ended 31st MarGh 2024 Report of The Board Iconllnuedl Golng Concern Report of The Board {continued} Whilst there is competition betsveen these priorities, and there is often a need lo compromise, this does not apply to maintaining financial viability. The lalesl UFxlate to the AS￿elatIon'S Annual Financial Plan which looks at the potentt.al financial performance of the Association over the next 30 years, was approved by The Board in March 2025 and delivers koth an ongoing surplus and a sustainable development programme. This demonstrates a strong position and meets the expectalK*ns of external stakeholders and funders. Operating conditions have proved challenging over the last few years wth Covid, Brexit, high inflation and scarcity of resources 211 impacting on costs. As a result maintenance c¢)sts per unit and operating costs as a per￿ntage of ￿m0Ver have substantially increased. Repairs requested by residents continue lo be a priority, and the Association has soughl to maintain standards and seNi¢e levels despile the increases in unit costs exFerienced. This continues to be a challenge, however efficiencies have been identified across the organisalion, and it remains our expectation to continue to meet long term planned maintenance programmes such that largels for exceeding the decent homes standard and achieving EPC-C and long term der3rboni5ation goals will be achieved. Day-to-day maintenance costs again increased significantly in 2024125. The Association employs local contractors and, in line with society as a whole, has found ongoir)g shortages of materials leading to increased costs. This has also co-lncided with throughput of non-caprtal repairs connected lo planned maintenance programmes. The result is Ihal overall repairs cost increased by 290/012024.. 8%1. We continue to tender all significant contracts for services and look to achieve the best value for money possible in this challenging envlronmenl. li Dutham Aged M'newort(ers' Homes AssOci8t￿n Trustses'report and accounts Year ended 31st Ma￿h 2025 Report of The Board Iconlinuedl Repalrs requested by resldents contSnue to be an absolute priorlty however, and the Assoclation has sought to maintain standards and service levels despite the increases in unil costs experienced. This continues to be a challenge although very recently CPI data across the UK economy has 5tsrted lo return to historic nom)s and pressure has eased a little. Contractual efficienc￿S have been identified across the organisalion, and it remains our expectation that we will continue to meet our long term planned maintenance programme such that targets for exceeding the decent homes standard and achieving EPC-C and other long temi decarlMisalion goals will be achieved, The arrears of MaIntenar￿ charges continue lo be low compared to our peers and we continue to be proactive in working wrth our Tesidenls to keep our arreats at a level by working with them closely where problems are identified al an early stage. No new homes were built during the year due to ongoing planning delays to a pipeline scheme. however, the Association remains committed io the planne(J development which is sb'll expected to go ahead and to the devebpment of new homes over the medium to long term. The Association is also actively exploring alternative opb'ons for viable new development schemes in the short to medium temi. Looking forward to 2025126 we conts'nue lo face the challenge of inflation on our costs. We have allowed for expe¢lalions within our budget and anlicipate real term savings a¢ross other budget areas. The RSH requires us to report our performance against 7 specffic metrics which are as follows 2024125 2023124 2023124 2022123 2021122 Metri¢ Outtum Peer Quartile Outtum Outturn Outturn 1. Reinvestment°/ 2.42% 1.52% 1.570A 4680 2a. New Supply Delivered Social Housing% 0.00% O.OOOA 0.00% 1.27% 2b. New Supply Delivered Non Social Housing % 0.00% 0.00% 0.00% O.OIY/tr 3. Gearing Earning5 Before Interest, Tax, Depreciation, Amortisation, Major Repairs Included IEBITDA MRI) 5. Headline Social Housing Cost per Unit 10.19% 10.19V 12.16° 16.77% 175% 347% 262% 240 £4,899 £3,516 £3,287 £3,122 6a. Operating Margin - Social Housing % 10.CMY 22.31% 22.84Q 6b. Operating Margin- All % 9.95¢ 22.870 7. Retum on Capital Employed IROCE) '/0 1.189 2.56% 2.340 2.74% 12 Durham Aged Mineworkers, Homes Association Trustees, report and accounts Year end8d 31st March 2025 Report ol The Board {¢ontlnued) We have benchmarked our results against 20 near-peers in the North of England using the latest annualised data available from Housemark at the lime of preparing this report, the 2023124 financial year. We continued to perform well for most measurements with re-investment and new supply delivered MeIr￿S being impacted by us not developing any new properties in re￿nI years. However, this metric also includes works lo our existing properties and our ongoing, externally validated stock condition survey and low level of resKlent complaints, provide aSsUran￿S of the good condition in which our stock is maintained, despite the lower quartib positv)n on this metric. Looking at our 2024125 r￿ure, we have seen inveslmenl increase further in existing stock.. equating to £1.7m of capital repairs during 2024125, including some £1.15rn of improvements whl¢h beneflt our resldenls In terms of the energy efficiency and warmth of their home such as new ￿'lers, windows and doors. This has resumed in the reinveslmenl metric rising lo 2.420k in 2024125 based on works lo existing propertie5 alone. The VFM metrics of EBITDA-MRI, Operating Margin and Headline Social Housing Costs per Unit, have expenenced significant change during 2024125 compared to previous years. In conjunction with the planned maintenance programme of works on new energy efficient boilers, a range of associated works such as loft insulation and smoke alamis were undertaken al the same lime to minimise disruption for oui residents al additional costs in the year of alm051 £500k during 2024125. Addits'onally, OAMHA have invested in our sheltered schemes following fire safety surveys. Non capital works on fire safety accounted for an additional £320k during 2024125 compared to the previou5 year. Finally, an additional £245k of expènditure was required across properties which became vacant during the year or needed investigation for Damp and Mould cases raised by residents, to ensure that our homes were well maintained and in line with our lellable standards. These additional areas of exFenditure during 2024125 equate to £1.06m and explain the movement in our operating surplus and associated metrics be￿een 2023124 and 2024125. As well as the RSH metrics we Sub￿ribe to a Pulse reFQrt with Housemark. This report demonstrates ihat we perform well against our peers with high satisfaction levels with the overall service we provide. Looking forward to 2025126 and beyond, we expect metrics to make a gradual improvement towards 2030 and look to make savings on day to day costs, Our key focus remains, however. ensuring we continue to provide the high level of service that our residenls have come lo expect, Alongside all Registered Providers we are anticipating the requirement for significant investment in our stock in order lo comply with forthcoming regulatsons on EPC standards and the govemmenvs long term target of achieving net zero carbon emisions. We have established prKFrrties for investment and have begun work accordingly. The priority for the Association remains maximising the opportunity for affordable warmth for our residents within the changing energy environment ahead. 13 Durf7am Aged Athnewo￿erS, Hom8s Associ8tion Trust&es' report and aGcounts Ygar ended 31st March 2025 statement of Trustees. responsibilities in respect of the Trusl¢es' Report and thg financlal 8tatements Under charity law, the Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. The financial statements are required by law to give a true and fair view of the state of affairs of the Association and of the surplus or defi'cit for that period. In preparing these financial slatements. The Board is required to.. select suitable accounting policies and then apply them consistently,. make judgements and eslimales that are reasonable and prudent., state whether the recommendations of the Statement of Recommended Pract￿8 have been followed, subject to any material departures disc105ed arKI explained in the financial statements., slate whether the financial statements comply with the trust deed, subject to any material departures disclosed and explained in the financial statements,. and p￿pare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue in business. The Trustees are responsible for keeping proper ￿CountIng records, sufficient to disclose al any lime, with reasonable accuracy. the financial position of the Association al that lime and enable The Board to ensure that its financial statements comply with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. The Board has general responsibility for taking such steps as are reasonably open lo them to safeguard the asset$ of the Association and to prevent and detect fraud and other irregularrties. The Board is responsible for the Maintenan￿ and integrity of the corporate and ffinancial infomiation included on the Association's website. Legislation in the UK governing the preparakn'on and disseminalion of financial statements may differ from legislation in other jurisdictions. Disclosure of information to auditor The Trustees who held office at the dale of approval of this report confimi that, so far as they are each aware, there is no relevant audit inforrnation of which the Association's auditor is unaware., and each member has taken all the steps that helshe ought to have taken as a member to make himselflherself aware of any relevant audit infomation and to estsblish that the AsS￿latiOn,$ auditor is aware of that information. Audltor A resolution lo reappoint Beever and Struthers as auditor was propjsed at the Annual General Meeting. Signed on behalf of the Trustees.. Chair Anne Rowlands 14 Durham Aged Minew0rt8￿. Homes Association Trustees, r&port and accounts Year ended 31st March 2025 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DURHAM AGED MINEWORKERS, HOMES ASSOCIATION Opinion We have audited the financial statements of Durham Aged Mineworkers, Homes Association Ilhe 'Associats'on'l for the year ended 31 March 2025 which comprise the Slalement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Reserves, the Statement of Cash Flows and the notes to the financial slatemenls. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Rewrting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements., give a true and fair view of the stale of the Association's affairs, including ￿lated housing activities, as al 31 March 2025 and of its incoming resour￿5 and apF4ication of resources, for the year ended,. have been properly prepared in accordance wilh United Kingdom Generally A￿epted Accounting Practi￿.. and have been prepared in ac£ordance with the requirements of the Charities Act 2011, the Housing and Regenerakn'on Act 2008, the Accounting Direction for Private Regislered Providers of Social Housing 2022 and the Housing SORP 2018.. Slatement of Recommende(I Practice for Registered So¢ial Housing Providers. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditor's responsibilities for the audit of the financial statements seclh)n of our report. We are independent of the Association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fijlfi'lled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng lo golng concern In auditing the financial slatements, we have concluded that the trustees. use of the going concern basis of counting in the prepatatson of the financial slatements 15 appropriate. Based on the work we have performed, we have not Identified any material uncertainties relating to events or conditions that, individually or Co1￿ctIve1y, may cast Significant doubt on the Association's ability lo continue as 2 going concern for a periiyj of al least Iwelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with restect to going concern are described in the relevant sections of this report. 15 Dutham Aged Minewort(e￿, Hom8s A&soci8tt"on Trustees. report and accounts Year ended 31st March 2025 Other Infom)ation The other information comprises the information included in the trustees, report, other than the financial statements ar¢d our auditor's report thereon. The trustees are responsible for the other information contained within the trustees, report. Our opinion on the financial slatements does not Cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. If we idents'fy such material inconsislencies or apparent material misstatements, we are required to delemiine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mi5Statemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Matter8 on whlch we are requlred to report by exception We have nothing to report in respect of the folbwing matters In relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo report to you if, in our opinion.. in light of the knowledge and understanding of the A$50cialion and ils environment obtained in the course of the audit, we have nol identified material misslalemenls in the trustees, report.. or proper acwunting records have not been kept., or the financial statements are not in agreement with the accounting records- or we have not received all the information and explan8tions we r4uire for our audit. Under the Housing and Reger)erakn'on Act 2008, we are required lo report to you rf, in our opinion.. proper accounting ￿OrdS of ils transactions and its assels and liabilities in relation to its housing aclivilies have not been kept,. and a satisfactory system of control of those records, ils cash holdings and ils receipts and remittances in relation lo those activities has not been maintained. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities sel out on page 14, the tru51ees are responsible for the preparats'on of the financial stslements and for being satisfied that they give a true and fair view, and for such internal conlrol as the trustees determines is necessary to enable the preparation of financial statements Ih3t are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee$ are responsible for assessing the Association's ability to continue as a going concern, disclosing. as applicable, matters related to going concem and using the going ¢oncem basis of accounting unless the trustees either inlends to liquidate the Association to cease operations, or has no realistic alternative but lo do so. Audltor's responslbllltles for the audit of the financial siatoments We have been appointed as auditor under section 144 of Ihe Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. 16 Durtpam Aged Mineworters, Homes Association TnJst8es' report and accounts Year ended 31st March 2025 Our objectives are lo obtsin reasonable assurance about whether the financial ststements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will a￿ayS detect a material misslatemenl when it exists. Misstalements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo influence the economlc decisions of users taken on the basis of these financial slatements. Auditor's re8pon8ibilFtie8 for Ihe audlt ol the flnanclal 8talements A further description of our responsibilities for the audit of the financial statements 15 located on the Financial Reporting Council's web-site at www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Extent to whlch the audlt was consldered Capable of detectlng Irregularities. including fraud Irregularilies, including fraud, are instsnces of non-complian￿ with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below We obtained an understanding of laws, regulations and guidance that affect the Association, focusing on those that had a direct effect on the financial statements or that had a fundamenlal effecl on its operations. Key laws, regulations and guidance that we identifi'ed included the Charities Act 2011, the statement of Recommended PraCt￿e for registered housing providets." Housing SORP 2018, the Housing and Regeneration Act 2008, the Ac¢ounling Direclion for Private Registered Providers of Social Housing 2022, tax legislal'on, health and safety legislation. and employment legislation We enquired of the trustees, and reviewed correspondence and board meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the trustees, have in place, where necessary, lo ensure compliance. We gained an understanding of Ihe controls that the trustees, have in place to prevent and detect fraud. We enquired of the trustees about any incidences of fraud that had taken place during the accounting period. The risk of fraud and non_￿mpli3nCt with laws and regulatrons was discussed wilhin the audit team and lests were planned and performed lo address these risks. We identified the potential for fraud In the following areas.. laws related to the construction and provision of social housing recognising the regulated nature of the Association's aclivilies. We reviewed financial stalemenls disclosures and supporting documentation to assess compliance with relevant laws and regulations discussed atM)ve. We enqUI￿d of the trustees about aclual and wlential liligalion and claims. 17 DurtTram Aged MinevKJthers' Homes Association TTUStees'report and accounts Year ended 31st March 2025 We performed analytr-cal procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. In addressing the risk of fraud due to management override of internal contro15 we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. Use of our report This report is made solely lo the Association's trustees, as a body, in accordance with Part 4 of the CharEties (Accounts and Reports) Regulations 2008. Our audit work has trken undertaken so that we might stale to the trustees those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Association and the Association's tNstees as a body, for our audit work, for this report, or for the opinions we have formed. (Jja Richard GTaham ACA (Senior Statutory Auditor} For and on behalf of Beever and Struthers Statutory Auditor One Expre5S 1 St George Leigh Street Ancoals Manchester M4 5DL Date.. 25 September 2025 18 Dutham Aged Mineworters, Homes Association Trus18es' ￿port and acwunts Year ended 31st March 2025 Ststsment of Comprohon$lvo In¢om? for the year •nd•d 31gt M•r¢h 2025 2025 2024 Total £'o Total £'ooo Not• Turnover 10.1n Operating Expendltur9 Release of Disposal Proceeds Fund Profrt on Disposal of Fixed Assets 19.1611 {7.234) 47 Operatlng Sun>lus 1,056 2,253 Interest Receivable 260 Interest and Financing Costs 18301 18811 Surplus for the year 716 1.632 Actuarial (Lossl in Respect of Pension Schemes {400) Movement in Fair Value of Investrnents 14 {281 42 Totsl Comprehen$lvo Incom? for the Yoar 657 1,274 The financial statements were approved and authorised for issue by the Board on 19 September 2024 and signed on its behalf by.. Chair Anne Rowlands Chair of Audit Commltt¢• Mark Reid Tho Assoeiat4¢ns' rèsults rèlate wholly to Continuing actlvltlès and th• notÈ8 on pag•s 23 to 48 fonx an nt?gral part of theBe flnanclal statements. 19 Durham Aged Mineworkers, Homes Association Trustees, report and accounts Year ended 31st 2025 Statement of Financlal Posltlon a8 at 31st March 2025 31 March 2025 £'ooo 31 March 2024 £'ooo Nots Flxod Assets Tangible Fixed Assets Inveslments 12,13 14 77,843 1,723 79.566 78,07S 79.811 Current Assets Trade and Other Debtors Cash and Cash Equivalents 15 334 447 8,581 10.089 Crgditor5: Amounts Fallrng Dug Within One Year 12,846) 13,9871 Not Current Assgts Total Assets le88 Current Llabllltles 5.734 85.301 6.102 85,913 Crgdilorn: Amounts Falling due After More than one Year 17 (54,3951 155.311) Provisions for Liabilitigs Pension Liability 1900) {1,2531 Total Net Assets 30,006 29,349 R•ser¥os Income and Expenditure Reserve Other Reserves T¢)tal Reserves 26,343 3,664 30,006 25,239 4,110 29,349 25 The financial statements were approved and aLrthorised for issue by the Board on 18 September 202S and s￿ned on ils behalf by.. Chalr Anne Rowlands Chalr of Audlt Commltlee Mark Reld The notes on page¥ 23 to 48 fomi an Intsgral part of these financlal $tstements 20 Dutham Aged mlnewortg￿, Homes A&8ociat Tmstees, report and accounts Year ended 31st Ma￿h 2025 ststement of Changes In Reserves for the year ended 31st March 2025 Incom¢ and Expendlture ReseNe £'ooo Restrlcted Dosignatod Resgrve Reserwe rooo Note Total £'o(x) £'ooo Balances as at 1 April 2023 Surplus for the Year Release of Disposal Proceeds Fund Actuarial loss on pension liability Movement in Fair Value of Investments Transfer of Designated Expenditure from Designated Reserve Vesper Reserve added TransfeT of Restiicled Expenditure from Unrestricted Reserve Balance at 31 March 2024 23,406 1.632 1,467 2,644 27,517 1,632 22 14 14001 42 14001 42 11) 558 558 25,239 1,465 29,349 Surplus for the Year Release of Disposal Proceeds Fund Actuarial loss on penslon liability Movement in Fair Value of Investrments Transfer of Designated Expenditure from Designated Reserve Transfer of Restricted Expenditure from Unrestricted Reserve Balancg at 31 Ma￿h 2025 716 716 (31) (28) {311 {281 14 484 (484) 37 26,343 37 1.502 2,161 30,006 The notss on page$ 23 to 48 forni an intsgral part of the#e financlal ststements 21 Dutham Aged MInewo￿ers. Homes Association Trustees, report and accounts Year ended 31st March 2025 Statement of Cash Flow8 for the year ended 31st March 2025 2025 £'ooo 2024 £'ooo Net Cash Generated From Operating Actlvltles Isee note11 2,459 3,367 Cash Flow From lTrvg¥tlng Actlvltl8s Purchase of Tangible Fixed Assets Prweeds From Sale of Tangible Fixed Assets Grants Received Interest Received 12.1831 11,1991 53 173 238 17881 11.663) Cash Flow From Financing Activitle8 Inlerest Paid New Secured Loans Other net cashflow Repayments of Borrowings 17841 18161 (331 11441 11,3695 802 12,1861 (1,762 Net Change in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of the Year Cash aDd Cash Equivalents at End of theyear {1.3901 9.637 ,247 817 8,820 9,637 2025 £'ooo 2024 £'ooo Note I Surplus for the year Adjustments for non-cash items: Depreciation of tangible fixed assets Amortisation of grants Decreasellincrease) in trade and other debtors Increasel(decrease} in Irade and olher credilors Pension costs less contributions payable Profil (Lossl on disposal of tangible fixed assets Release of winter reserve Adjustments for Investlng or financing activitios: Interest payable Interest re￿iVed Net cash generated from operating activities 716 1,$32 2,020 14501 112 210 {444} 1451 2.003 14501 1721 45 13661 1471 830 1490 2.459 881 1260 3.367 Thè notes on pages 23 to 48 fomi an Integral part of the8e flnanclal 8tatements 22 Durham Aged Mineworkers, Homes Association Tmst88S' IEPOrt and accounts Year ended 31st March 2025 Notes to the Financial Statements 1. Legal status At the Balance Sheet dale Durham Aged Mineworkers, Homes Association was an Incorporated Registered Charity (No. 1191033), a Registered Social Housing Provider INO 51251 and a Member of the National Association of Alrnshouses. As set out in the Board Repor( Durham Aged Mineworkers. Homes Association became an Incorporated Registered Charity at midnight on 31st March 2021. Durham Aged Mineworkers, Homes Association's principal activity is to piovide social housing. 2. Prin¢lpal a¢¢ounting poll¢les Basls of accounling The financial statements of the Association are prepared in accordan￿ with UK Generally Accepted Accounts'ng Practi￿ (UK GAAPI, including Financial Reportiro Standard 102 IFRS1021 and the Statement of Recommended Practice ISORPI." accounting for Registered Housing Providers 2018 and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022. Accounting policie5 have been applied con5iStenlly throughout the year. The fi'nancial ststements are prepared on a going concern basis, under the historical cost convention. While the Association is an Incorporated Charity and a member of the National Association of Almshouses, the Associabon is also a Private Registered Provider of Social Housing. Therefore the financial slalemenls have en prepared in compliance with the Housing SORP 2018 to enable consistency, ease and transparency in our reporting to the hOu￿ng regulator. The accounts include the results and net assets of William Russell Bequest, Brandon Colliery Aged Workers, Homes Association. Coclrfield Aged Miners, Homes, Homes for Aged Mineworkers & Other Workmen al Wingate Colliery and Vesper House Trust, which are all entities c£)ntrolled by Durham Aged Mineworkers, Homes Association. These bodies are all linked to Durham Aged Mineworkers, Homes Assoaalior) via a linking direction from the Charity Commission. This means that the Association is only required lo prepare single entity accounts that consolidate the results of all the linked bodies, rather than preparing separate a¢counts for Durham Aged Mineworkers, Homes Association and separate consolidated financial statements. Golng Concern The Association's financial statements have been prepared on a going concem basis which assumes an ability to continue operating for the lorseeable future. No sonifi'cant concerns have been noted in the business ￿an updated for 2025126 and therefore we consider il appropriate to continue lo prepare the financial statements on a going cOr￿ern basis. The Associations, business a¢tivities, ils current financial position and the factors likely lo affect ils future development, performance and position are sel out in the Report of the Board. We cor¢tinue to include in our updated 30 year financial plan 2025126 plan, the costs of EPC works to bring our properties up to EPC level C in line with the UK Governments targets. The financial plan model has assLrmed that repair costs will rise above inflation by 0.500A in the years 2026127 to 2029130 followed by 0.50k for the folknving three year period. The Board have led on stress lesling of the financial plan in March 2025 and are ¢ontent that there is no detrimenl lo going Con￿rn principles. 23 Durh8m Aged Minewctrkers, Homes AsSocAal￿n Trnst8es' report and acwunls Year ended 3tst M3rch 2025 2. Principal accounting policies (continued) Slgnifjcant judgements and 8stimat8s The preparation of the financial slalements requires managemenl lo make judgements, estimates and assumptions that affect the amounts reported for assets and Iiabililies as al the statement of financial position dale and the amounts reported for revenues and expenses during the year. However, the nature of eslimation means that xtual outcomes could differ from those eslimales. The following judgements (apart from those involving eslimatesl have had the most significant effect on amounts ￿¢(￿J￿ISed in the financial statements. D8velopment expenditure The A$￿¢lation capilalises development expenditure in accordance wth the accounting policy des¢ribed on pages 2S and 27. Initsal capitalisats'on of costs is based on management's judgement that the development scheme is confirmed, usually when Board approval has taken place including access lo the appropnate funding. Useful lives of daproclable assets Management reviews ils estimate of the useful lives of depreciable assets al each reporting date based on the expected utility of the assets. Uncertainties in these ests'males relate lo technological obsolescence that may ohange the utility of certain So￿are and IT equipment and changes to decent homes standards which may require more frequent replacement of key components. Defined benefit obligation The cost of defined pension plan5 are delemiined using actuarial valuations. The actuarial valuation involves making assUMpt￿nS about discount rates. future salary increases, mortality rates and future pension increases. Due lo the complexity of the valuab"on, the underlying assumptions 2nd long term naturè of these plans, such eslimales are subject lo signifivant Un￿rtainty. Management utilise the SHPS pension actuary experts to help determine the appropriate assumptions and calculations lo apply. Impalrment The Association considers whether indicators of Impairment exist In relation lo tangible assets. Indicators considered include external sources of information such as market value, market interest rates and returns on investment, actual or proposed changes the technological, economic or ￿al environment, obsolescence or damage lo the asset, operational changes or inlemal reporting which indicates that the asset is performing worse than expected. The Association also considers expected future perforrnan￿ of the asset. Annualty housing properties are assessed for impairment indicators. Where indicators are identifi'ed an assessment for Impalm￿nt is Jnéertaken comparing the carrying amount of the asset to its recoverable amount. Where the carrying amount of an asset is deemed to exceed ils recoverable amount. the a55et is written down to its recoverable amount. The resulting impairment Ioss is recognised as operating expenditure. 24 Dutham Aged Mineworkers, Homes Association Trustees, ￿pOrt and accounts Year ended 31st March 2025 2. Princlpal accounting pollcle8 (contlnued) Turnover Turr￿Ver comprises rental and service charge income receivable for the year, and amortised ¢apilal grants. Rental Income is recognised from the point when properties under development reach practical complellon or otherwise become availaL4e for letting, nel of any voids. Taxation Durham Aged Mineworkers, Homes Association is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore meets the detinition of a charilable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from laxalion in respect of income or capital gains received within categories covered by chapter 3 part11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. Interest payable Interest is capitalised on borrowings to finance the development of quallfylng assets to the extent thal it accrues in resped of the perh)d of development if rt represents.. a} Interesl on borrowings specifically fIna￿ing the development after deduction of related granls ￿ceiVed in advance.. or bl A fair amount of interest on borrowings of the Association as a whole after the deducts'on of social housing grant received in advance to the extent that they can be deemed lo ￿ fin8ncing the development programme. All other interest Payable is charged lo the Statement of Comprehensive Income in the year. Flnanclal Inslmm6nts The Asswialion have assessed financial instruments held as basic in accordance with FRS 102, and as such are accounted for under the amortised historic cost model, except for the investments held which are measured at fair value. The carying value of financial instrumenls at 31 March 2025 was £8,247k. Cash and cash equlvalents Cash and cash equivalents comprise cash at bank and in hand as well as short term deposits with a maturity date of three months or less. Debtors Debtors with no staled intsrest rate and receivable or payable within one year are recorded at transaction price. less any impairment. Credltors Creditors with no stated interest rale and re￿Ivable or payable within one year are recorded at transaction price, less any impairment. 25 Dutham Aged Alinework8rs' Homes Association Trustees. r8POrt and accounts Year ended 3tst 2025 2. Prlncipal Accountlng poliGiOS Icontinuedl Loans Al loans held by the Association are classified as basic financial inslruments in accordance with FRS102. They are held at transaction pri￿ plus Iransaclrons costs initially, and subsequently al amortised cost using the effective interest rate rneth￿. Loan interest costs are calculated using the effective interest method of the difference be￿een the loan amount al initial recognition and amount at maturity of the related loan. Employeg Bgneflts Short-term employee benefrts and contributions to defined contribution plans are recognised as an expense in the period in which they a￿ incurred, nslons The Association participates in an industry-wide multivemployer pension scheme offering a number of defined nefil schemes as well as a defined contribution scheme,. the Social Housing Pension Scheme {SHPSI. The Scheme is Administrated by The Pensions Trust (TPTI who also act as the Scheme actuary who provlde an estimate of the Association's share of the scheme assets and liabilities. The estimate is based on a number of Critical underfying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increase5. Variation in these assumptions may significantly impact the liability and the annual defined benefit expenses. The assumptions used and the acwunting entnes underpinning the pension liability estimate can be viewed in note 22. Houslng propertles Housing properties are properties hehj for the provision of social housing or to otherwise provide social beneffit. Housing properties are principally properties availabie for rent and are stated at cost less accumulated depreciation and impairment losses. Cost includes the cost of acquiring land and building5, development costs and interest charges incurred during the development period. Works to existing properties which replace a component that has been trealed separately for depreciation purposes, along with those works that resull in an increase in nel rental income over the lives of the propèrties, thereby enhancing the economic benefits of the assets, are capitalised as improvements. Land that ha$ been donated to Ihe Association is added lo cost at the fair value of the land at the b'me of the donats'on. Land is not depreciated. The Association has adopted a de-minimis level of £5,000, which means that all expenditure relating lo Housing Properties below this value is expensed directly to the Statement of Comprehensive Income rather than being capitalised. In addition, the Associats'on has also adopted the policy of Irealing ail expenditure relating to Disabled Adaptations as revenue expenditure as they are deemed not to add any value to a property. Social Housing Grant Where developments have been firianced wholly or partly by social housing and other grants, the amount of the grant received has been included as deferred income and recognised in Turnover over the estimated useful life of the associated asset structure, under the auruals model. Grant received for items of cost written off in the Statement of ComprehensNe Income Account is included as part of tumover. Grant must be recycled by the Associab'on under certain condity'ons, if a propety is sold, or if another relevant event takes place. In these cases, the grant can be used for projects approved by Homes England. However, grant may have to be repaid if certain conditions are not met. 26 Durham Aged MInewo￿ers, Homes Associat rrustees, r8port arjd accounts Year ended 31st March 2025 2. Prlnclpal Accountlng poll¢lo$ l¢ontlnu8dl Recycllng of Capital Grant Where grant is recycled. as described above, the grant is credited to a fund which appears as a creditor unlil used to fund the acquisition of new properties or other eligable uses approved by Homes England. Where recycled grant is known to be repayable it is shown as a credFtor due within one year. Depreciation of housing properties Freehold properties, other than properties urKler construction, are depreciated so as lo write down the cost, less estimated residual value, on a straight line basis over 100 years. Individual components are depreciated over their expected useful life as follows.. Roof 40 years Heating systems 30 years Electrics 30 years Windows and external doors 25 years Lift 20 years BalhrocAr 20 years Kitchen 1 S year5 Gas Boiler 10 years Freehold land is not depreciated. Housing properties in the Course of construction are stated al cost and not depreciated. 27 Dufftam Aged Min&worf(ers' Homes Associatio TnJst88S' ￿Port and accounts Year ended 31st March 2025 2. Prlnclpal Accountlng pollcles Icontlnued) Other fixed assets and depre¢iation Other tangible fixed assets are depreciated over their useful Ilves tsking into account residual values. where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing a55et lives, factors such as technological innovation, product life cycles and maintenance prograrnwlles are tsken into account. The carrying value of tangible fixed assets al 31st March 2025 was £77,843k. Depreciakn"on is charged on a stra￿ht-1Ine basis over Ihe expected economic useful lives of the assets al the following annual rates". Freehold off 2°k per annum stralghl line method Equipment. furniture and fixtures 1 OQ/o per annum straight line method Computer equipment 33.34A per annum straight line method Lease8 The rental payable under operating leases is charged to the Statement of Comprehensive Income on a straight. line basis over the temi of the lease. ReseNes The Association establishes restricted reserves for specific purpos85 where their use is subject to external restrictions_ The Association has also created designated reserves as follows.. (i) Planned rna1ntenan￿ and improvements A designated reseNe has been created in order to meet future expenditure upon planned maintenance and improvements in accordance with the Association's rolling 5 year Planned Maintenance Programme, which is revised annually as part of the financial planning process. The reserve has been established to the extent that it is considered that ex￿ndituTe will need to be met from the Associab"on's own reserves. All other expenditure Up(￿ improvements and major repairs will be met by a combination of borrowng and Social Housing Grant. (li) Winterresewe A winter reserve has been created to meet excess costs incurred in the event of severe winter weather. The current ￿ serve is £60,000 and would be relèased in the event of Significant winter storms and any resulting repair works. Holiday Accruals A liability is recognised to Ihe extent of any usused holiday pay entitlement wh￿h has accrued at the reporting date and carried forward lo future periods. Thi5 15 measured al the undiscounted salary cost of the future holiday enbllement so aCcrl￿d at the reporting date. 28 Aged Min8workers' Homes Association TnJslees' report and accounts Y8ar ended 31st March 2025 3. Particulars of Turnover, Cost of Sales, Operating Costs and Operating Surplus 2025 Operatlng Turnover Expendlturo £'ooo rooo Operating Surplus £'ooo Soclal Housino Lettlngs Housing Accommodation (Continuing Operation) Total Social Housing lettings 10,122 9,110 9.110 Othèr Soclal Housino A¢llvities Garages and Allotments (Continuing Operation} Management servI￿s (Continuing Operation) Lease of Residential Home {Ccntsnuing Operation) 31 1511 120) 21 21 51 9,161 10,173 ProfiVILoss} on disposal of tixed assets Operating Sun>lug 45 1,056 2024 Operatlng Turnover Expendlture £'o Operatlng Surplu6 £'ooo £'ooo Soclal Housing Lettlngs Housing kncommodalion {Continuing Operation) Total Soclal Houslnglottings 9.383 7,189 7.189 other Soclal Housing Activities Garages and Allotments (Continuing Operation) Management Services (Continuing o￿latIOn) Lease of Residential Home {Continuing Operation) 1451 22 12 57 9,440 45 7,234 Release ot disposal proceeds fund ProfiVILoss) on disposal of fixed assets Operatlng Surplus 47 29 Durl>am Aged Min8woN(ers' Homes Associallon Trusl&es' report and accounts Year end8d 31st March 2025 4. Particulats of Income and Expenditure from Soclal Housing Lettlngs 2025 20Z4 Housing Accommodation £'o(M) Housing Accommodatlon £'ooo Rent Receivable Nel of Identifiable Service Charges and void losses Service Charge Income Amortised Government Grants Other Grants 9.290 382 437 14 8,612 321 436 14 Turnover From Soclal Houslng Lettlngs 10.122 9,383 SeNices Management Routine Maintenance Planned Maintenance Bad Debts Waler Rates Impairment of Housing Properbes Depreciation of Housing Properties Lease Costs Other Costs 1444 {1,243} (4,6511 14871 1101 13281 1276) 11,1671 13.4811 1191 1151 (293) 11,9421 151 11,930) 18) Opgrating Expendlture on Soclal Housing Lettings Qperatlng Surplus on Soclal Houslng Lettings Vokl Losses {9,110) (7.1891 1,013 1159) 2.194 1151 30 Duth8ffl Aged Mineworkers, Homes Association Truste8s' report and accounts Year &nded 31st Ma￿h 2025 S. A¢¢ommodation in Management and Development At the end of the year, accommodation in management for each cla$3 of accommodation was as follows: 2024 No. of Propertiès Addltlons 2025 No. of Properties Disposals Other Soclal Houwng General Housing.. Social Rent - Affordable Rent Shared Ownership Units Leasehold Sthemes for the Elderfy Totsl Ownod 1,546 237 {3) 121 1.541 239 16 1.802 16 1,799 13) Accommodation Managed for Olhers Totsl Managed 39 39 39 39 Tolal Ownèd and Managed 1.838 Accommodation In Developmènt at the Year End 6. Oporating Surplus The operating Surplus 1$ arrived at after charging.. 2025 £'ooo 2024 £'ooo Depreciation of Housing Properties {Note 12) Depreciation of Other Tangible Fixed Assets Note 13) 1,942 1,930 77 73 F8es Payable to the A5s0ciation'$ Auditors for th8 Audf( of the Financial Statements (excl VAT) 27 Fees Payable to the Association's Auditors for Other Services Fèes Payable for Internal Audit (excl. VAT) Totsl Audlt Servicès 16 31 Durham Aged Mineworkers, Homes Assoclation Tniste&s' report and accounts Yearended 31st Ma￿h 2025 7. Profit (Lossl on Dl$po8al of Fixed Assets - Housing Propertie5 2025 rooo 2024 £'ooo Housing properties Disposal Proceeds Carying Value of Fixed Assets Profil (Lossl on disposal 112 68 80 33 47 Capitsl Grant Recycled (Note 19) 65 30 All values above ￿late to Continuing Operations. 8. Inierest Recelvable 2025 2024 £'ooo Bank Interest Re￿Iv8b1& and Similar Income 490 260 260 All values above relate to Continuing Operations. 9. InleMt and Flnanelng Costs 2025 £'ooo 2024 £'ooo Defin&J Benefit Pension Charge Loans and Bank Overdrafts 1601 770 1830) {5e} 1825 18811 Interest Payable Capitalised on Housing Properties Under Construction 1830} {881 Al values above relate lo Continuing Operations. 32 Duth8m Aged Min8woth@rs' Homes Associat￿) Tmslees, report and accounts Year ended 31st March 2025 10. Employees 10 0. Employ￿ numbers The average monlhly numb8r of employees expressed as full lime equivalents Icalculated based on a standard working week of 35 hours) was.. 2025 2024 Office Based Staff Resident Managers and Care Staff 25 29 28 10 b. Employee ¢06ts 2025 £'O(M) 2024 rooo Wages and Salaries Social Security Costs Other Pension Costs 1,173 117 367 1,657 1,006 96 347 1.449 Annual payments to 26 Residents Representatives totslling £5.9k are included within wages and salaries. 10 c. Termination beneflts During the year, the Association terminated the employment of one rnember of staff {2023124'. Onel- The table bebw sets out the total costs of terminats.on benefits. Other agrggd departures 2025 2024 £'ooo £'ooo Termination Benefrts 22 All temination benefits agreed iri 2024125 {one.' £22k were paid in full during the year12023124'. £3k). 33 Durt7am Aged Min&workers' Homes Associ8tion Tmstegs, report and accounts Year ended 31st March 2025 11. Key Management Personnel 11 a. Key Management Per80nnel costs The aggregate remuneration for key management personnel charged in the year is". 2025 £'ooo 2024 £'ooo Basic Salary Benefits in Kind PensM)n Contribullons 244 240 80 327 89 333 11 b. Key Management Personnel salary bandlngs over £60,000 The full time 8quivak8nt number of staff who received 8moluments'. 2023 2024 £60,000 10 £70.000 £70,00110 £80,000 £80,001 to £90,000 £90.001 to £100,000 £100.001 to £110,000 The emoluments of the highest paid director, excluding pension contributions, were £101,23712023124'. £97.184). 11 c. Emoluments paid to Non Executlve Dlrectors Emoluments paid to non-executive directors of the A5swiation arnounled to NIL12023124." NIL) 11 d. Chlef Executlve's Pension The Chief Executive is an ordSnary member of the pension scheme. No enhanced or special terms appty to the Chief Execulive'5 pension and he has no individual pension arrangement to which the Association makes a contribution. 34 Durtjam Aged Minebv(wkers' Homes Association Trustees, ￿port and accounts Y￿rende￿ 31st March 2025 12. Flx•d assets- hou$lng propgrt10$ 12 a. Houslng prop•rtl•s Complttèd Shared own&rshlp hou$lng propertles fOtX) Hou8lng pro￿rtIeS for ttlng und&r construetlon Soclal IK•Uglng proportlK h•ld for lettrnp £'ooo Totsl houslng prop8rde5 Co*t At 1 April 2024 Additions ReGlassrfications Works kn existing prcyerhes Disposals At 31 Mareh 2025 103.942 180 104,301 158 1S8 1,717 Q671 1,717 967 105209 180 0opreclaUon At 1 April 2024 Depr￿lation charged in year Released on disposal At 31 March 2025 26.597 26,627 1.942 841 27.728 27.697 31 Net book value At 31 March 202S 76.995 338 77 At 31 March 2024 77,344 180 150 12 b. Expendlture on works to exl8tlng proportlei 2025 £￿00 2024 rooo Improvem8nt works capitslis8d Amounts ¢harged to in¢off* and e¥4)enditure 1.717 1,183 487 19 During the finan(ial year to 31st March 2C125, DAMHA spent £1,157k on improving the onergy wfonnanc• ol rts homes. DAMHA ho$ an EPC Ir￿r0￿ments.¢a￿ out, bwthin Ils EBITDA MRI banklng ¢oven8nis with Royal Bank of S¢otland. EBITDA MRI Interest cover lor the year was, therefore. 245% versus a covenant minimum required of 110%. 12 ¢. Stscial housing 488latan¢e 2026 rooo 2024 t'ooo Total accurnulat8d 5grial housing grant received or r&¢eivabltr at 31 March Ro¢ognised in the Ststem?nl gf Compr&h8nsivè Incom• Hfrld as defvrred Sncome 45.471 45,0( 9,051 36,420 8.617 36.388 35 DurhemAy￿ Minework&rs' H(wnes AssoC￿lI0n Trus￿S,ropOrt artdaceounts Ye8ien(*d3#st ltsrch 2025 12. FSxed a3$0ts- hou51ng propertles (cont1n￿dI 12 d. Flnance costs 2025 tODO 2024 £'o gregate amount of financ8 costs inclLwJ8d in the cost of housing proptrrlies 22 20 12 8. Hou51ng propertles book Y4lup net of depreclatlon 31 March 2025 31 March 2024 rooo 74.276 3.302 Fwehold land and buiklings Long kasehold land and buildings 74,312 12 f. Impdlmiènt Th8 A68OCi8tron has perfO￿8d an impaitm8nt r•vi8w, in lin• bvith Iho aexounting poly deta1￿ Thote 2. Follo%*ing the rwew no *npairment indicator8 have been Kjentff￿d {2ff24: NILI_ 13. Tanglbl• flx•(l a$sots- oth•r Comput8r8 anil office equlpment fOOO Furnlture, rixtures and I￿1￿95 £woo Freehold offices Total É'ooo rooo Cost At 1 April 2024 Addition8 Disposals At 31 March 2025 492 $32 20 123 19 1,147 SS2 142 Depw18￿on At 1 Awl 2024 Charged th the year Released on disposal At 31 March 2025 281 408 61 78 747 270 469 85 824 N•t b¢X*k valuè At 31 Mar¢h 202S 222 83 S6 362 At 31 March 2024 231 124 45 14. Fixod Assèt Invèstments 31 March 202S 31 March 2024 rooo rooo Valuatlon At 1 41ri1 Additions Movement ari8ing orb revahJatiDn At 31 March 1,736 15 28 1,723 1671 23 42 31 March 2025 rooo 31 March 2024 £'ooo Ust•d lThveslm8nts 36 Dutham Aged Minewoftlrers, Hornes Ass¢xiation Trtsst8es' ￿port and accounts Y8ar ended 31st March 2025 15. Debtorn 31 March 2025 £'ooo 31 March 2024 £'ooo Due wilhin one year Rent and service charges receivable Less provision for bad and doubtful debts Net rental debtors 83 188 76 Other debtors Prepayments and accrued income 16 318 334 14 321 447 Due after more than one year Prepayments and accrued income 16. Creditor8: amounts talling due wlthln one year 31 March 2025 £'ooo 31 March 2024 £'ooo Debt (Note 201 THFC bond premium creditor (Note 211 Trade creditors Rent and service charges received in advance Recycled capital grant fund (Note 191 Deferred grant income {Note 18) Other creditors AccDJals and deferred in¢ome 798 144 399 27 575 433 125 345 1,396 144 102 39 979 442 76 809 2.846 17. Credttors: amounts falllng due after more than one year 31 March 2025 É'ooo 31 March 2024 £'ooo Debt (Note 20) THFC bond premium creditor (Nole 211 Recycled Capital grant fund (Note 191 Unallocated capitsl grant" Defer￿ grant income {Nole 181 15,343 2,513 248 304 35,986 16,143 2,669 249 304 35,946 55,311 "There is an agreement in plxe with Homes England in respect of unallooaled grant in respect of previoulsy sold properties. The total value of this grant is currently £303.9k. 37 Dutham Aged M'newort(&rs' Homes Assoeialion Tmstees, report 8nd accounts Year ended 31st March 2025 18. Deferred grant income 31 March 31 March 2025 2024 £'ooo £'ooo At 1 April Grant re￿iVed in the year Disposals in the year Released to income in the year Al 31 March 36,388 532 {681 1433 36,419 36.788 74 (321 442 36,388 31 March 31 March 2025 2024 rooo £'ooo Amounts to be released within one year (Note 16} Amounls to be released in more than one year (Note 171 433 35,986 36,419 442 35,946 36.388 19. Recycled capltsl grant fund 31 March 31 Mar¢h 2025 2024 £'ooo £'ooo Al 1 April Adjustment to Balance as per Homes England Grants recycled Interest accrued Grant withdrawn At 31 March 1,229 1.214 65 62 15321 823 30 59 74 1,229 Amount of grant due for repayment 38 Durham Aged Mineworkers. Homes Associal￿n Truste8s' report and accounts Year ended 31st March 2025 20. Debt analysis 20 a. Borrowings 31 March 31 March 2025 2024 £'ooo £'ooo Due wlthln one year Banks loans {Note 16) 798 798 Due after more than one year Bank loans (Note 17) 15,343 16.143 Total loans 20 b. Securlty Loans are secured by fixed Charges on individual properties. 20 c. Temis of repayment and interest rates Housing Loans are secured by Specif￿ charges on the Association's housing properties. Approximately 8OVlo12023124 '. 81 %) of all loans are on a fixed term basi5 Wth rates of interest varying fiom 1.80A to 13.60A. All loans are repayable by in5talmenls. 31 Morch 31 March 2025 2024 £'ooo rooo 798 1,396 796 778 2.452 2.396 12,095 12,968 Within one year or on demand One year or more but less than Iwo years Two years or more but less than fNe years Five years or more 39 Dutham Aged ￿neW0￿er$, Homes Associat￿￿ Trustees, report and accounts Y8aT ended 31st March 2025 21 a Bond Premium During 2022123 bond funding was agreed with The Housing Finance Corporation. Additional cash receipts in excess of the £8m bond were received, representing the drfferencè between the nominal interest rate, 5.20Vo, and the effective rate of 2.836%. This is held on the SOFP and released as a credit lo loan interest over the tern of the loan. 31 March 31 March 2025 2024 2,813 2,956 Total Bond Premium Recognised in the Statement of Comprehensive Income Held as deferred interest 156 2.657 143) Due wlthln one year Due after more than one year 144 2,513 1657 144 2,669 2,813 21 b Bond Issue Costs The Association was subject to bond issue costs of £107.4k. This is held on the SOFP and released as a debit to bank charges over the term of the loan. 31 March 31 March 2025 2024 {991 11041 Total Bond Issue Costs Recognised in the Statement of Comprehensive Income Held as delerred interest 99 Duo within ong ygar Due after more than one year {51 89 {5} 99 40 Durham Aged Mineworkers, Homes Association Tmstees, report and accounts Year ended 31st March 2025 22. Ponslon5 The Association participates in the Social Housing Pension Scheme ISHPS}, which is a mulli-employer scheme that provides benefits to some SOO non-associated employers_ The ￿herne is a defined benefit scheme in the UK. In previous peri¢xis il was not possible for Ihe Association lo obtain sufficient informalion to enable il to account for the scheme as a defined benefit scheme and therefore il was accounted for as a defined Contribution scheme. However, from 2018119 the scheme now provides sufficient information to enable il to be accounted for as a defined benefit scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is Classif￿ as a 'lasl-man standing arrangement,. Therefore, the Association is potentially liable for other participating employers, oblrgations rf those employers are unable to meet their share of the scheme def￿1t following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. Where the scheme is in deficit and where the association has agreed lo a deficit funding arrangement, the association previously recognised a liability for this obligation. The amount recognised was the nel present value of the deficit reduction contn"butions payable under the ￿reernent that relates to the deficit. The present value was calculated using the discount rate detsiled in these disclosures. We have been notified by the Trustee of the Scheme that il has performed a review of the changes made to the Scheme's benefits over the years and the result 15 that there Is uncertainty surrounding some of these changes. The Trustee has been advised to seek clarrfication from the Court on these items. This process is ongoing and the matter is unlikely to be iesolved before the end of 2025 at the earliest. 11 is recognised that this could potentially impact the value of Scheme liabilities, but unlil Court directions are received, it is not F>ossible lo calculate the full impact of this issue, particularly on an indwidual employer basis, with any accuracy at this time. No adjustment has been made in these financial statements in respect of this potential issue. The Board has. however, considered our likely level of exposure and the legal costs involved in attempting to mitigate this risk and concluded that incurring legal costs lo mitigate this risk may not be proportionate to the likely level of exposure although this remains under review. The remaining disclosures in note 22 relate lo the Defined Benefit Pension estimates provided by the actuary for the period 2024125 41 Durham Aged mineworf(e￿, Hom8s AssoGiatAOn Tmste8s' report and accounts Year ended 31st March 2025 22. Pensions {contlnued) Present value8 of defined beneflt obllgatlon. falr value of assets and defined benefit liability 31 March 2025 31 March 2024 rooo £'ooo Fair value of plan assets Present value of defined benefrt obligat￿n Defined benefit Iliabilityl to be recognised 5,129 6.029 900 5.230 6483 1,253 Reconciliation of opening and closing balancos of the dèfined benefft obligation 31 March 2025 rooo 31 March 2024 £'ooo Defined benefit obligation at 1 April Current service cost EX￿nSeS Intsresl expense Contributions by plan participants Actuarial losses (gains) due to scheme experience Actuarial losses (gains) due to changes in demograFthic assumptions Actuarial losses Igainsl due lo Changes in financial assumptions Benefits paid and expenses Defined benefft obligation at 31 March 6,483 93 6,273 114 314 303 118 112 {75} 17401 2481 6,029 (111 1241 6,483 Reconclllatlon of openSng and closing balances of the fair value of plan assets 31 March 2025 £'ooo 5,230 263 31 March 2024 rooo 5,110 255 Fair value of plan asse15 at 1 April Interest income Experience on plan assets (excluding amounts included in interest income) - Ilossvgain Contributions by the employer Contributions by plan participants Benefits paid and expenses Falr value of plan a559ts at 31 March (653) 537 {3741 480 12481 5,129 241. The actual retum on the plan assets (including any changes in share of assets) over the peric* from 31 March 2024 to 31 Mwch 2025 was £390,00012023124.. £119,0(10)- 42 Dutham Aged Mineworkers, Homes Assc¢iation Tnjstees, Teport and accounts Yeer ended 31st March 2025 22. Pen$lon8 {conllnuedl Defined benefit costs in the Statement of Compreh8nsive Income ISOCI) 31 March 2025 31 March 2024 £'ooo £'ooo 93 114 Current serV￿e cost Expenses Nel interest expense Dgfined benefft costs recognised In Ihe SOCI 51 153 48 170 Defined benefit costs r￿ognISed In Other Comprehenslvo Income 31 March 2025 31 March 2024 £'ooo £'ooo Experience on plan assets (excluding amounts included in nel interest costl Ilossllgain 16531 {374) Experienc8 gains and losses arising on the plan liabilitEs- gainllloss} Effects of changes in the demographic assumptions underlying the present value of the defined benetit obligation - gainlllossl Effects of changes in the financial assumptic￿S Under￿[n9 the present value of the éefined benefrt obligatior¢ - gainlllossl Total amount recognised In other comprehenslve income - galnlllossl {1181 (112) 75 740 31 400 Assets 31 March 2025 31 March 2024 £'ooo £'o 574 521 204 184 171 Global Equity Absolute Retum Dislressèd OK¥)Ortunities Credit Relab"vÈ Valué Atternalive Risk Prèmia quid Alternativès Emerging Markets D•bl Risk Sharing InsuranTr-Linked Securilles Property Infrastructure Private Equty Real Assets Private Debt opportunist￿ Illiquid Credit Private Credit Credil Inves1n￿nI Grad8 Credit High Yièld ash Long Leasè Fro￿rtY Se¢ure Income Liability Driven Investment Currency Hed9ing Net Currenl Assets Total a88ets 951 68 16 257 27 210 529 614 206 204 628 158 70 103 86 156 2,129 12) 5,129 5.230 43 Duth8m Aged Minewort(e￿, Homes A&8ociat Trust8es' report and accDunts Ye8r ended 31st March 2025 22. Pènsions leonllnuod) None of the fair values of the assets shown on the previous page include any direct investments in the employer's awn financial instruments or any propety occupied by, or other assets used by, the employer. Kgy A68umptlon$ 31 March 2025 31 March 2024 °A perannum per annum Discount Rate Inflation IRPII Inflation ICPII Salary Growth 5.82VA 3.10° 3.15Yo 2.78Y. 3.78010 3.79¢A The m(tslty assumpt￿n5 adopted at 31 March 2025 imply the followng life expectancies.. 31 March 2025 31 March 2024 Life expect•ncy Life expectancy at age 65 at age 65 (Years) {Yearsl Male retiring at 31 March Female retiring at 31 March Male retiring in 20 years Female retiring in 20 years 20.5 23.0 21.7 24.5 20.5 23.0 21.8 24.9 23. Sharg Copital The Association is limiled by guarantee and therefore has no share capital. Each member agrees lo contribute £1 in the event of the Association winding up. Subscriptions carry no right to dividends or repayment of capital. Members are entiued to vote at Ihe Association's Annual General Meets'ng. 31 March 2024 No 31 March 2025 No Numberof members At 1 April 2024 Joining during the year Leaving éuring the year At 31 March 2025 Durtjam Aged Mineworf(ers' Homes Association Tnjslees, report and 8ccounts Year ended 31st Marvh 2025 Finan¢lal Commltments 24a. Capllal commltments 31 March 31 March 2025 2024 £'ooo Capftal expenditure Expenditure contracted for but not provided in the accounts 24b. Operating Leases The fulure minimum lease payments which Ihe Association is committed to make under operating leases in res￿1 of office equipment are as follows: 31 March 31 March 2025 2024 £'ooo £'ooo thin 1 year Two to five years Over 5 years 12 14 17 19 45 Dutham Agod MineLwrkers'Homgs AssoGi8tKW7 TN5tees'ffEpartand accounts Ye8renLled 31sl March 2025 25. Related partles The accoullts include the result5 net assets of William Russell Bequest, 8randon C￿llery Aged Wort(ers' Hom¢s Associati￿, Cockfield Aged Miners, Hornes, Homes for Aged Mineworkers & Othèr Worf(mèn at Wingatè c￿llery, entitses controlled by Durham Aged Mineworf¢ers' Homes Association. The income and eypenditure a￿ounts and balance sh8et for the AssO￿ation have not been separatèly wésèntèd, as thèy 8r• not matarially drffèrant from the consolKJa¢ed infom)ation presented Regtrlcted Reserves Willlam Brandon Coclrtjold Wlngat Ru88ell £'ooo Others Total rooo tooo £￿00 £'ooo At 31 March 2024 Surplus I Idefcitl for the year Revaluation of Investments At 31 March 2025 613 24 410 258 81 132 1,474 26 637 412 260 61 132 Restiithd Reserve8 reth to funds whose by the Assw4athon is ￿￿tr1d9d by charitable trust deed. The iestrtcted r•setves are alloeated between William Russell Bequest. who is a linked charity wth the A$S￿￿8t1￿ under 8 Uniting Dvectson gf Octtthr 2017 and three rnanag￿ Alm5hou$e Charitie5 linked with the Assooation under a Uniting Direction ol November 2005, being,. Brandon CollieryAged Workers. Hotnes Assoclati￿ I'Brandon"I Cockfield Aged Miners, H(xn8s I'CodKfield'l Homes for Aged Mireworkers and otherworkrnen * Win98te COll￿ry Iwiroate'l In addition the AssociatiDn tnanages funds transferred into rts possession by the following subsKliary charities.. PrO￿ed8 of Sale of Trust properly, comprised in a conveyallce of 9th April 1959,. Metnorial Cottage5, Scheme 0127 September 1955,. Prcceeds of sale of Nurses Home in connection with Wheatley Hill Nursing Association. (xnv8yance1953," dated 6 Decembw 1928 and rèsolution of subscribèrs dated 25 November General Endmnent Fund, Scherne 0114 AugUÈt 1982,. Parficular Endowment Fund. Scherne 0114 August 1962". Dr David Imilson Memorial Reading Room, DedaralK)n of Twst dated 1 August 1928., and John Arthurwalbank's Will Fxoved 26 Awil 1946 Scheme of 16 October 1968. Related Party Tran8actlon8 Andrew Thompson wa5 previously an employee of Karbon Homes and resoned as a Board Member of DAMHA in April 2024. He was appoinled as DAMFiA Finanrx Th'rec*or in September 2024 Durharn Aged Mineworkers Homes Associatron works wth Karbon Home$ On it'$ new hom¢¥ d¢v$l¢pff*nt programrne. Karbon Homes help to Klentify suitable developmenl xhemes. li•89 with Hornes England on tehalf and tnanage tho devtlopment programm*s once underway. In 202412S Duiham A9ed Mireworkers Homes As%)rAation paid Invol￿ tot811in9 £137,768 to Karbon for pieparatory WOTk on new schemes and retsnlions due on previousty completed SCA￿e$. Andrew Thompson was not involved in thè awarding ol contracts to Karfoon Home& 46 Dutham Aged Minewort8￿. Homes Associatlon Trustees, report and accounts Ygar ended 3tst March 2025 26. Flnancial assets and liabilities 26 a. Categories of financlal assets and flnancial Ilabllllles 31 March 2025 31 March 2024 £'ooo £'ooo Flnancial assets - loans and receivables: Investments Trade and other debtors Cash and cash equivalents 1.723 15 8,247 9,985 1,285 124 9.637 11,046 Flnancial Ilabllltlos - Amortlsed cost: Trade and other creditors Loans 524 16,141 16,665 181 17,539 17,719 26 b. Financlal assets Other than short-lerm debtors, financial assets held are equity instruments in other entities, cash deposits placed on money markets at call, seven-day and monthly rates and cash at bank. They are sterling denominated and the interest rate profile al 31 March was-. 31 March 2025 31 March 2024 £'ooo £'ooo 8,247 9,637 8,247 9,637 Floating rate on money market deposits The financial assets on wh￿h no interest is eamed comprise trade investments that have no fixed maturity. The remaining financial assets are floating rate attracting interest at rates that vary with bank rates. 26 ¢. Flnancial liabllltles excludlng trade creditorJ- Intsrest rate rfsk profile The Asscciation's financial l(abilities are steding denominated. The interest rale profile of the Association's nancial liabilities at 31 March 2025 was.. 31 March 2024 31 March 2024 £'ooo £'ooo 12,884 14,160 Fixed rate The fixed rate financial liabilities have a weighted average interest rate of 4.440kn {2024'. 4.58QAI. The debt maturity profile is shown in note 20. 47 Dutham Ag8d mineworke￿. Homes Assocotion Tmstees, rgport and a¢￿Unts Year ended 37st March 2025 27. Post balance sheet events The Association has no post balance sheet events to declare. 28. Uftlmate parent undert8king8 and tontrolling party Durham Aged Mineworkers, Homes Association is a registered charity and a registered provider of social housing in the UK. The following linked charities are included in the Durham Aged Mineworkers, Homes Associats'on financial statements.. Brandon Colliery Aged Workers, Homes Association I"Brandon'l Co¢kfield Aged Miners, Homes I'C(xkf*ld"} Homes for Aged Mineworkers and other Workmen at Wingate Colliery ("Wingate') William Russell Bequest Vesper House Trust 48 **----- Start of picture text -----**
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DURHAM AGED MINEWORKER’S HOMES ASSOCIATION DRAFT MANAGEMENT LETTER Draft Management Letter 2025 **Year ending 31 March 2025** ## CONTENTS |Introduction|1| |---|---| |Key Audit Issues|2 – 5| |Independence|6| |Qualitative Aspects of Accounting Practices and Financial Reporting|7| |Management Representation Letter|8| |Audit Opinion|8| |Audit Adjustments|9| |Accounting and Internal Control Systems|10| Draft Management Letter 2025 ## INTRODUCTION Our audit of the financial statements of Durham Aged Mineworker’s Homes Association (“the Association”), Brandon Colliery Aged Workers’ Homes Association and William Russell Bequest is complete. The purpose of this letter is to bring to your attention the findings from our audit. We appreciate that you will already be aware of the majority of the matters contained in this letter. In order to comply with the provisions of the International Standard on Auditing (ISA) 260 – ‘Communication of Audit Matters with those Charged with Governance’ by which we report to management on the findings of our audit, with particular reference to: - views about the qualitative aspects of the Association’s accounting policies and financial reporting; - adjusted and unadjusted misstatements, apart from those which fall below the threshold for reporting to the Audit and Risk Committee as they are clearly trivial; - matters specifically required by other International Auditing Standards to be communicated to those charged with governance (such as fraud and error); - expected modifications to the auditor’s report; - material weaknesses in the accounting and internal control systems; and - any other relevant and material matters relating to the audit. We also take this opportunity to comment on the Association’s performance for the year and to confirm our professional integrity, objectivity and independence. We see effective communication with the Audit and Risk Committee as being a key part of our audit, and it is important that there is effective two way communication. We welcome any feedback or questions regarding the conduct of the audit process. This report is not intended to cover every matter which came to our attention during the audit. We do not accept any responsibility for any reliance placed on it by third parties. Our procedures are designed to support our audit opinion and cannot be relied upon to identify any weakness in systems or controls which may exist. We would like to take this opportunity to formally record our appreciation for the assistance and co-operation provided to us by the Finance Team who assisted us during the course of our audit. ## **Beever and Struthers** **Date: 25 September 2025** 1 Draft Management Letter 2025 ## INTRODUCTION The following table summarises the key audit issues we identified as requiring specific consideration and the audit procedures we undertook in relation to them. |**Audit Issue per Audit Plan Overview**|**Audit Procedures and Results**| |---|---| |**Housing Properties and Development**
**(Elevated audit risk)**
The key audit risk for housing properties is that the carrying
value of new developments exceeds their recoverable
amount and are therefore impaired. No impairment has
been recognised in the year to date.
The 30 November 2024 management accounts reflect
£839k of costs capitalised to housing properties in the year
to date.
There is also a risk that development expenditure has been
recorded in the incorrect accounting period, particularly in
relation to invoices around the year-end.|Our testing confirmed that accruals were recorded as
necessary for all material development expenditure
incurred up to 31 March 2025. As part of our audit
procedures, we evaluated and the key controls over
development appraisal assumptions and reviewed both
forecast and actual development spend compared to
appraised costs to identify schemes where impairment
could arise.
We also assessed whether there was evidence of
impairment, including reviewing the Association’s own
impairment assessments where a trigger for review
existed. In addition, we tested the cut-off applied to capital
invoices,
ensuring
that
accruals
were
made
for
development expenditure incurred up to 31 March 2025
but not yet invoiced.| 2 Draft Management Letter 2025 ## SCOPE OF THE AUDIT WORK |**Audit Issue per Audit Plan Overview**|**Audit Procedures and Results**| |---|---| |**Housing Properties and Development**
**(Elevated audit risk)**
In line with the Housing Statement of Recommended
Practice (‘Housing SORP’), the Association accounts for its
properties on a component basis, with each major
component assigned an individual useful economic life.
Management exercise judgement in assessing where
major repairs and improvement works constitute a repair
or a replacement of a component, or a new component
category. This judgement dictates the accounting
treatment of the expenditure as either capital orrevenue.
Improvement works capitalised during 2024 were £1.18M.|The Association spent £158k on additions to housing
properties
and
£1,717k
on
the
replacement
of
components. The depreciation charge for the year was
£1,942k.
As part of the audit work we have:
•
Tested the approval and recording of development
expenditure,
including
the
capitalisation
of
development overheads and interest on loans;
•
Tested a sample of additions, including expenditure on
replaced components, to ensure they are recorded
correctly;
•
Reviewed the useful economic lives of components to
ensure they accord with best practice in the sector;
•
Agreed the movements in the housing properties note
and the closing balances to the housing properties
register;
•
Considered whether there is any evidence of
impairment;
•
Performed a proof in total test on the depreciation
charge in the year;
•
Tested a sample of properties from the property
database to land registry deeds;
•
Tested a sample of grant additions in the year to
ensure they are recorded correctly; and
•
Checked that accruals have been made for
development expenditure incurred up to 31 March
2025 but not invoiced.
No issues relating to housing properties and development
were identified during the audit.| 6 Audit Management Letter ## KEY AUDIT ISSUES ## **Audit Issue per Audit Plan Overview** ## **Audit Procedures and Results** ## **Pensions** The Association participates in the Social Housing Pension Scheme (SHPS). The assets of the scheme are held in separate trustee-administered funds. At 31 March 2024 the fair value of the employer assets was lower than the present value of the liabilities by £1.3m. The present value of the defined benefit obligation decreased from £6,483k at 31 March 2024 to £6,029k at 31 March 2025. The fair value of plan assets increased from £5,230k to £5,129k, resulting in an overall increase in the liability of £90k with the provision recognised in the Statement of Financial Position being £900k. As part of the audit work we: The actuary of the scheme will value the pension liability for Section 28 of FRS 102 purposes, and this will be included in the financial statements at 31 March 2025. - Review the central methodology, including key assumptions, of the calculation of the SHPS actuarial valuation; - Review the central assurance methodology regarding SHPS; - Review the information provided by the Association to TPT Retirement Solutions to ensure completeness and accuracy; - Agree the SHPS pension disclosures to information provided by TPT Retirement Solutions; and - Agree the SHPS adjustments to the financial statements. 4 Draft Management Letter 2025 ## INDEPENDENCE ## **Ethics and Independence** In the UK and Ireland, auditors are subject to the ethical requirements of the Financial Reporting Council’s 2019 Revised Ethical Standards for Auditors. International Standard on Auditing (UK and Ireland) 260 _Communication with those Charged with Governance_ and good practice require us to confirm the following to those charged with governance: - We confirm that we are independent. - We confirm that we are unaware of any relationships which may bear on our objectivity and independence. - We have provided details below of any non-audit services provided to Cobalt Housing and the fees charged in relation to non-audit services. - We confirm that we comply with the requirements of the Financial Reporting Council’s Ethical standards in relation to the supply of non-audit services by an audit firm. The Audit and Risk Committee should take an active role in considering whether the external auditor’s independence might be impaired by the provision of non-audit services. ## **Non-Audit Services** We have not provided any non-audit services to the Association during 2024/25. 5 Draft Management Letter 2025 ## QUALITATIVE ASPECTS OF ACCOUNTING PRACTICES AND FINANCIAL REPORTING ## **Accounting Policies** FRS102 requires that entities should review their accounting policies regularly to ensure that they are appropriate to its particular circumstances for the purposes of giving a true and fair view. The Audit and Risk Committee plays a key role in this process. We have reviewed the Association’s accounting policies and key judgement areas as stated in the financial statements in detail and confirm that we judge them to be appropriate to provide relevant, reliable, comparable and understandable information. ## **Accounting Estimates** The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at year-end and the amounts reported for revenues and expenses during the year. Given its nature, this area is a key audit focus. Key accounting estimates in the financial statements include: - capitalisation of property development costs; - categorisation of housing properties; - useful lives of depreciation assets (housing properties and other fixed assets); - valuation of the pension funds; - impairment provisions; and - level of bad debt provision against tenant arrears. We confirm that these estimates have been made appropriately in line with our knowledge of the Association and the industry and are disclosed satisfactorily in the financial statements. ## **Financial Statement Disclosures** We confirm that we judge the disclosures throughout the financial statements to be neutral, consistent and provide sufficient clarity to the user. ## **Significant Matters Arising from the Audit** There were no significant matters arising from the audit that were discussed, or subject to correspondence with management. ## **Significant Difficulties Encountered During the Audit** There were no significant difficulties encountered during the audit. ## **Timing of Transactions** Our audit work confirmed that material transactions were recorded in the correct accounting periods. Accruals and prepayments were made for material items. ## **Going Concern** The financial statements have been prepared on a going concern basis. We have evaluated your assessment of the Association’s ability to continue as a going concern and the disclosure made in the Board report and we confirm that this assumption is appropriate. ## **Strategic Report and Member Board Reports** We reviewed other information in the narrative reporting sections of the financial statements. We confirmed that there is no material inconsistency between it and the financial statements 6 Draft Management Letter 2025 ## MANAGEMENT REPRESENTATION LETTER AND AUDIT OPINION ## **Management Representation Letter** In accordance with ISA 580, we obtain written representation from management that they acknowledge their responsibility for preparing the accounts and have made all information available to us. We present our management representation letter to the Board, to be signed off at the same time as the financial statements. ## **Audit Opinion** We provided an unqualified audit opinion on the financial statements for the Association, Brandon Colliery Aged Workers’ Homes Association and William Russell Bequest for the year ended 31 March 2025. 7 Draft Management Letter 2025 ## AUDIT ADJUSTMENTS ## **Materiality** Our audit work is based upon an assessment of materiality to ensure there is no material misstatement contained in the financial statements. In assessing materiality we take into account both the materiality of the class to which the balance belongs and the overall impact of the balance on the income and expenditure account and balance sheet. ISA 260 requires us to report to management on all uncorrected misstatements identified during the audit, and to include in this report how we have calculated materiality, and any misstatements identified during the audit which have been corrected. Materiality may be revised throughout the course of the audit, where we become aware of information during the audit that would have resulted in a different determination of materiality at the outset. We are not required to report on corrected or uncorrected misstatements we believe are clearly trivial. Our assessment of materiality was based on the first draft accounts received prior to the audit and calculated using a benchmark at 2% of turnover. There were no adjustments identified during the audit which impacted our initial assessment of the benchmark. Triviality is the value above which we report errors to you. A summary of the final assessment of materiality is as follows: ||**Materiality**|**Triviality**| |---|---|---| ||**£’000**|**£’000**| |Durham Aged Mineworker’s Homes|**203**|**10**| |Association||| ## **Corrected Misstatements** There was a minor disclosure change relating to the split of the Recycled Capital Grant between short-term and long-term creditors in the financial statements. Other than this, no corrected misstatements of a non-trivial nature were identified as a result of our audit work on the Association’s financial statements. ## **Uncorrected Misstatements** There were no uncorrected misstatements identified as a result of our audit work in the financial statements that are not of a trivial nature to the results of the Association 8 Draft Management Letter 2025 ## ACCOUNTING AND INTERNAL CONTROL SYSTEMS ISA 265 requires that we report to those charged with governance any significant deficiencies in internal control that we identify in the course of our audit work. Significant deficiencies are those deficiencies that we have identified during the audit and concluded are of sufficient importance to merit being communicated to those charged with governance. ## **Audit Findings** The audit considered internal controls relevant to the preparation of the financial statements, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. ## **2025 Audit Findings Letter** There are no recommendations to make. **2024 Audit Findings Letter** There were no recommendations for 2024 audit. 9 Draft Management Letter 2025 **----- Start of picture text -----**
One Express,
1 George Leigh Street
Manchester M4 5DL
e: manchester@beeverstruthers.co.uk
www.beeverstruthers.co.uk
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