ST MATTHEWS HOUSING ASSOCIATION LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 TMCD Accountancy Practice Chartered Accountants & Registered Auditors 35 Ballylough Road Donaghcloney BT66 7PQ
St Matthews Housin Association Limited Board of Management Mr P Devlin (Chaii-pei'son) Mi. F Woods (Treasiii'er) . P O'Ruanai Mi. P Donnelly Mi's P Bi'ennai) Ms L Fegan Mi" D Bi"ennan Mr J O'Donnell Mi" C Devenny Secretary Mi- J Black Registered Office 58 Hai'pei- Sti'eet Belfast BT5 4EN Registei'ed undei. the Co-opei'ative and Coininuiiity Beiiefit Societies Act {Noi'il)eim Ii'eland) 1969 No IP 177 Registered with Ilie Dfc (Nl) Niiinber 18 Auditors TMCD Accountancy Practice 35 Ballylougli Road Donaghcloiiey BT66 7PQ Bankers U Istei. Bank Liinited 11-16 Donegal Sqiiai'e East Belfast BTI SUB Solicitors Philip Ai'insti'ong Solicitors Oceanic House 298 A11trim Road G leiigoi'iiiley BT36 SEG Contents Pa Repoit of the boai'd of ii)aiiageinent Repoil of the Etiiditoi's Stateincnl of Iiicoine - Incoine ai)d expeiiditui'e accouiil Stateiiient of Coiiiprelieiisive Iiicoine Stateiiient of Fiiiaiicial Posilioi) Balaiice slieet Cashflow stateineiit Notes to tlie cashflomi slateinent Notes to the fiiiaiicial stateiiients 10
St Matthews Housin Association Limited Re ort of the Board of Mana ement The Boai'd pi-eseiit theii. i-epoi't togetliei. witli the finaiicial stateiiiei)ts foi. the year ended 31 Mai'ch 2023. Principal activities The Association 15 a I'egistei'ed non-pi-ofit iiiakiiig housiiig associatioii providiiig housing accoiniiiodation foi. tliose in need. Results The sui-plus repoited in tlie Incoine & Expeiiditiire Account foi. the pei'iod was £258,396 coinpai'ed willi a sui'plus of £245,898 for the pi'evious pei'iod. Board of Management The Board of Manageiiieiit iiieets regLilarly thi'oughoiit the yeai.. Thei-e al'e tivo coiniiiittees who illeet I'egLilai-ly thi'ougliout the yeai. witli specific I'espoiisibilities foi. finance and pei'soiiiiel and audit. Going Concern Aftei- iiiaking eiiquii'ies, the Board of Manageinent liave a I'easoi)able expectation that the Association had adequate I'esoui'ces to contii)ue in opei'ational existence foi. the foi-eseeable futui'e. Foi. this reason Iliey coiitiniie to adopt tlie going concei'n ba515 iii preparing tlie financial slaleinents. Internal Financial Control The Board of Manageinent is responsible for the Association's systenis of internal financial control and along with senioi- Inanageinent is iesponsible foi. establisliing and opei'ating detailed control and I'epoi't pi'ocedui'es. The systeiiis of iiilei'i)al fii)ancial control can provide only I'easoiiable, and not absolute, assui'ance against Inatei'ial Inisstateinent and1055. The Boai'd of Management have reviewed the effectiveness of the Association's system of internal fiiiancial coiiti-ol. The I'eview included c0115idei.atioii of11)e business risks faciiig the Association and of the existiiig internal fiiiancial conti'ol procedui'es. Tl)e key eleinenls of the conti'ol systein iii opei'atioii al'e.. The Board has adopted a forinal scliedule of iiiattei's resei'ved foi- its appi'oval e115u1-iiig il Inaiiilains responsibi lity foi- ovei'al I sti'alegy, appi-oval of all pi-operty ti'ansactions and othei. Inajoi. capital expeiiditui'e projects. There is an oi'ganisational sti'ucture with clearly defiiied lines of i-esponsibility and delegatioii of aulliority. Detailed budgets are pi'epared covering the Association's businesses which are reviewed and appi'oved by the Boai'd. Actual I'esulis al'e coinpc11.ed against budget aiid appi'opi-iate action idei)lified and initiated. Tlie Audit Coiiiii)ittee I'eview Inatlei's I'elatiiig lo intei-nal conti-ol aiid i-eceives I'epoi'ls on a i-egulai- basis fi'oiii the extei'i)al ai)d intei-nal aliditoi's aiid fi'oiii 5eiiioi- Inaiiageinent.
St Matthews Housin Association Limited ort of the Board of Mana ement (Contsnuedj Statement of the Board of Management Tl)e Boai'd of Manageinent is I'equii'ed to pi-epai'e accouiits foi- eacli financial pei'iod wliich give a ti'ue and fair view of the state of the Association's affairs and of its surplus or deficit for that period. In pi'eparing those accounts tlie Boai'd of Maiiageiiient is I'equii-ed to:_ select suitable accouiiting i)olicies and then apply thein coi)sistently Inake judgeii)ents and estiinates that al'e i-easoiiable aiid pi'udeiit State wlietliei. applicable accounting standards have been followed subject to any Inalei-ial depai'tui'es disclosed aiid explained in tl)e accounts pi'epai'e the accounts on the going concei'n basis unless it is inappi-opi'iate to presuine that the Association will coiiliniie to opei'ale The Boai'd of Manageiment is i-esponsible foi. keeping pi-oper accouiiting i'ecoi'ds which disclose with I'easonable accui'acy at aiiy liine the fiiiancial position of the Association. It is also i-espoiisible foi. safeguai-ding tlie assets of the Association aiid lience foi- lakiiig I'easonable steps foi. the i)i'eveiition of fi'aud and otl)ei' irregiilarities. Covid-19 Impact Tl)e Boai'd have considei'ed tlie iinpact of Ilie Covid-19 pandeinic 01) both opei'alional pei'f011)iance in tl)e cui'i'enl yeai. and on tU1'e activity. 'fhei'e lias been Ininiimal iinpact on incoine i-ecoveiy levels aiid during 2023 plaiined Iiiaintenance expeiidilure centred oil exlei'nal Inainteiiance woi'k of a reveniie natui'e I'athei- than intei'nal coinponent capital replacen)ent woi'k. The financial iinpact on pi'ojectioiis foi- 2023 are considei'ed lo be negligible. The Boai-d al-e also optiiiiistic developinent and planned Iiiaintenaiice plans will still bc delivered within the yeai.. On this basis the Boai'd believe thei'e is no iIMpacl' on tlie going concei'n assuinption. Auditors i-esolution to i'eappoint TMCD Accoiintaiicy Practice will be proposed at the AnnLial General Meeting. By ordei. of the Board Cliaii'person Bella5t Date.. L*. E, LS
st Matthews Housin Association Limited Independent Auditors, Report to the Members Year Ended 31 March 2023 Opinion We liave aiidiled the fiiiancicil slalciiicn15 of Si Maltheivs l.lousiiig Associalion Liniiled (the 'Associ<ilioi)"}, Iwliicli conii)I'ise'. tlie Stdtcinciil of Coinpi'eheiisive Ii)coiiie, the Sialcinenl of Cl)anges ii) Resei'ves; Ihe Sialemenl or rinancial Posilioii, the Sialeineiit of Cil shfloivs and tlie iiotes to ilie finaiicial slateiiienls, iiicludiiig a SLimmary of significaiil accoui)liiig policies. The financial I'epoi'liiig f1'aMeoi.L that has been applied iii tlieil. pi'ei)<2ratioi) is ai)plicable law (Iiid Uiiitcd Kiiigdom Accouiiliiig Siai)dards, including Financial Repoi'tiiig Si¢111dai'd 102 Tlie Fiiiaiicial Repoi'lii)g Standai'd ai)Iilicablc ii) tlie UK and Republic of Ii'elaiid (United Kiiigdom Generally Accepted Accounliiig Pi'aclicel. In oui. opinion, the financial slatenienls.. ivc a IrLie aiid laii. vieiw of Ilie slate of the Associatioii's alfaii's as at 31 Mai'ch 2023 and or Ilie Associ<ltion's suI'pIIis, <iiid of Elie AssoLiulioi)'s casl) tlows, foi. the yeai. Iliei) elided., liave been properl), Iii'epdl'Ld in accoi'dance with United Kiiigdom Geiiei'ally Accepted Accounting Pi'actice (Ui)ited Kiiigdom Accoui)liiig Siaiidai'ds, con)pi'isii)g I,'IIS 102 'The l-,ii)ancial Repoi'lii)g Stai)dai'd applicable in tlie UK aiid Republic of Ii-eland" and il ppIILdble law) liavc been propei'ly prepai'ed in accoi'daiice willi Ihe Co-opei'ative and Comniuiiily Benefit Societies ALt (Northern Ire181)d) 1969 aiid Ihe Registei'ed Hoiising Associations (Accouiiling Reqiiii'eiiiei)ts) Oi'dei. (Noi'therii Ii'eland) 1993. Basis for opinion We condiicted oui. aiidit li) accordaiiLC with Ii)lei'nalioi)al Siandai'ds on Auditing (UK) ("ISAs (UK)") aiid applicable laiy. Oui. responsibilities iindei. ISAS (UK) al'e ftii'tliei. desci'ibed iii Il)e Aiidilois, I'esp0115ibililics l()I' Il)e <?Iidil of Il)e fiiiancial staleiiieiits sectioii ot oui. I'epoi'l. We I'eniaiiied iiidepeiidenl of tlie Associ2( tioii ii) accordai)ce kviili Il)e eihiLal I'equii'einenls Il)al al'e I'elevant lo oui. audil ofihe finaiivial slaleinenls in the UK, Ivhicl) iiicludes 11)c FRC'S Etliical Stai)dai'd aiid we hdvc fiilfilled Olir oiliei. ethical I'esponsibililies ii) accoi'danve iviili tliese I'equii'ei))eiils. We l)elieve that tl)e ,iiidit evidei)ce ivc liave ubiaiiied is siifficienl and appiopi'iale lo pi-ovide a basis foi. oiii. ()pinion. Conclusions relating to going concern Iii auditing Ihc liiiaiiLial staleii)enls, Ive have coi)cliided that Ilie Boai-d's use of the goiiig concei'n basis of accoiinling iii tlie pi'epai'atioii of Ilie fii)aiiLial slalenienls is appiopi'iale. Based on tl)e woi'k Nve liaiie pei'toi'ined, we have Ilot identified any Inatei'ial uncei-ltiinties IElatiiig lo events oi. coiiditioiis that, individually oi. colle¢lively, may vast sigi)ifi¢ai)I doiibi on the Associalion's ability lo Lonliiiiie a8 a going coiicei'ii foi. Él l)eriod of al Icasl twelve ii)01)Il)s from ivhen Ilie fiiiancial 51dtciiienls al'e auil)oi'ised foi. issue. Oiii. I'esponsibilities aiid Ilie I'esponsibililies ot. the Boai'd iyiih I'especl lo goiiig coiicei'n al'e de5c1.ibed li) the I'elevai)t 8ecti0iis of iliis I'eporl. Reporting on other Information Tlie oihei. inloriiiatioii coinpi'ises all of the inloi'inalioi) in Ihe Annual Repoi'l oil)ei' Ihaii Ilie Fiiiaiicial slalements aiid oiii- audiloi's, I'epoi'l tliei'coii. The Bu¢ll'd is I'espoiisible foi. Ihe oihei. infoi'i)Il< lion. Oui. opiiiion oli the fiiiai)cial slaleineiits does iiot covei- the otliei. iiiforiiicltioii aiid, aLCOI-diiigly, I41c do not expi'e.qs clll Éiudil opiiiion oi. ai))I foi'm of assui'aiice Il)ei'eoii.
St Matthews Housin Association Limited Independent Auditors, Report to the Members Icontlnuedl Year Ended 31 March 2023 Reporting on other Information Iconlinuedl Ii) voniiection iviih oui. audit of Ilie IiiiÉincial stit lements, Olll. IEspoiisibilil}' is lo I'cad Ilie oilici. iiifoi'ination and, in doiiig so, considei. ¥i,heiliei' the oihei. infoi'inalioi) is malei'ially iiiconsislenl wilh the fii)ancial $11< teiiieiils oi. oui. kiiowledgje obiaiiied in Ilie audit, or oihei'ivise api)eai's lo be malei'ially Inisslaled. If iwe ideiilily ali appai'ent Inalcrial IllLOIISiStenLy oi. illalei'ial Iniss'ialcii)enl, Ive al'e I'eouii'ed lo pci'torin i)i'oLediii'es lo coiiclude wheihei. Ihei'e is a malei'ial niisslalen)ei)l of Ilie fiiii< Iicial stc11einenls oi. a material 11)isslalenici)t of the oilier infonnalion. If, based on the ivork we liaiie pei'toi'iiied, Ive conclude Il)al Iliei'e is a Inatei'ial Inis51alcinent of tl)is othei- iiifoi'iiiation, Hic al'e I'cqiiii'ed lo report Ilial fact. We have i)oiliiiig lo I'epoi't based oli these I'espoiisibilities. Opinion on Other Matters In OLII. opinioii, based on the woi'k iindei'lÉiken in the coui'se of tlie audit- The iiifoi'malion given in Ilie repoi't of the boai'd of mit nagenieiit foi. the fiiiancial year for whicli thc finaiiLial stalei))enls al'e pi'epai'ed is consislenl iviil) Ilie financial slateinei)Is' and Tl)e I'epoi'l of the boai'd of nianageniei)t has been pi'epared iii accordance with <ipplicable legal I'eqiiii'eiiients. Matters on which we are required to report on by exception In light of oiii. kiiowledge aiid uiidei'slanding of Il)e Associalioii ai)d ils enviioiiment obtained in the coiiise of the audit, we have not identified malei'ial misslaleinei)Is ii) the Reporl of the Boai'd. We liave nothiiig lo I'epoi'l in I'espcLt of the lollowing maltei's ivhere the Co-operalive ai)d Coinmiiiiils, Beiiefit Societies Act (Noriliei'n Ii'elaiid) 1969 l'eqiiircs us lo I'epoi'l lo yoii if, in oui. opii)ion'. a salisfacloi'y sysleni ol'coiiti'ol ovei. transaclioiis lia5 Ilot been iiiainlaiiied,. oi. the association has not kept I)lpe1. acLouniing recoi'd5' or the fiiiaiicidl slateineiits al'e iiot iii agreen)enl iyith Ihc bouks of account. oi. we have not received all the inforinalioii aiid explanations we need foi. our aiidil. Responsibilities for the Financial Statements and the Audit Board Responsibilily for th8 Financial Statements As explaiiicd Iiiui'e lully in the Sialen)enl of Boai'd's Responsil)ililies set oiil 01) page 3, the ix)ai'd is I'esi)oiisible toi. the pi-ei)aratioii of Il)e finanbial sialemenls in 2¢CLOI'daii¢e l41iih the appliLable Ir<imeNvoi'k and f()r l)eing salisfied th£lt tlie), give <7 Ii'ue aiid f¢lll' IwieI4 The boai'd is also I'LspoiisiblL foi. -511ch iiilei'iial Loiilrol as il delei'niiiies is iiecessai'y lo ei)al)le the pi'epii I'alion o1.11112c l)cial slalenients ilial ,Ire fi'eL Ii'oni Iiialerial ii)isslaleinei)I, Ivlietliei. diie lo licliid oi. ei'i'oi.. In PlEpai'ing tl)e Iiiiaiicial slalenieiils, Ilie board is I'esponsible foi. assessing the asso¢ialion's ability lo coiiliiiue as a going Loncei'ii, disclosii)g <lS applicable, InatlLI's I'clÈiled lo goiiig LOI)Lei'i) and LlSiI)g Il)e goiiig Loiiceim basis of accoiii)tiiig iiiiless Ilie bo<l1'd eitliei. ii)lends lo Iiqliidate the a550Citilion 01- lo cease opei'atioiis, oi. has no I'ealislic aliei'nalive bul lo do so.
st Matthews Housin Association Limited Independent Auditors, Report to the Members l¢orttlnveill Year Ended 31 March 2023 Responsibilities for the Financial Statements and the Audit IGonlinupdl Auditors, Responsibility for fhe Audit of the Financial Statements Our objectives al'e to obtain I'easonable assurance about wheil)er the fiiiancial staleineiits as a wliole are free fi'om matei'ial misstateinenl, wheihei. due to fraud or error, and lo issue ali auditors, report that includes OUT opinion. Reasonable assurance is a Iiigh level of assiirance, bul is not a guarantee tl)al an audit conducted in accoi'da]Ice willi ISAS (UK) will always delect a Inalerial misslatemeiit when it exists. Misslatenients can ai'ise from fraud or eOr and are considered Iaterial if, individiially or in the aggregate, they coiild i'easonably be expected to iiifluence tlie econoinic decisions of usei's takei) on the basis of tliese financial statements. IITegulai'ilie5, including fraud, al'e instances of non- coi)Ipliance witli laws and i'egulations. We design pi'ocedui'es iii liiie with our resi)onsibilities. outlined above, to detect Inaterial misslalenienls in I"especl of ii'regulai'ities, incliidiiig fi'aiid. The specific procedures for Ihis engageinent and the extent lo whi¢l) these are Capable of detecting iri'egiilarities, ii)cluding fraud, is detailed below. We considered Ilie opportunities and incenlives that may exist within Ilie association for fi'aud and identified tl)e greatest potential for fraud in the following areas.. recognition of income and Inanagemenl override throiigh the posting of unusual jouma15. We discussed tliese risks willi Inanagemenl, designed audit pi'ocedures to test Ihe recognitioii of incoine and tested a sample of jouri)als to coiifii'in they were appropriate and reviewed areas of judgement for indicators of manageineni bias to addres5 these rislis. A fuitl)er des¢ription of our IEsponsibililies foi. the audit of the fknanciRI slateinents is located 011 Ilie Financial Reporting Couiicil's website at.. www.frc.oi'g.Iiklauditorsresponsibililies. This description forms part of our auditors, I'eport. Use of this Report This report is iiiade solely to tlie As50¢iatioii's members, as a body, in accordance with seclioii 43 of tl)e Co-operative and Cotninunity Benefit Societies Act (Noi11iern Ireland) 1969 and ai"licle 19 of Tlie Housing (Northern Ii'elaiid) Oi'dei. 1992. Our audit woi'k lias been undertaken so that we might stale lo the Association's Ineinbei's those Inatters we are required to state to thein in an &uditOls' repoi'l aiid for no other purpose. To the fiillest extent perniilted by law, we do not accept or assiiine responsibility to anyoiie other than the Association and the Association's meinbers 85 a body, for our audit work, for tliis repoi'l, or for the opinions we have fonned. M McDowell (Senioi. Statutory A ilor) Foi. and oli behalf of TMCD Accountancy Practice Cliartered Accoiintants & Statutory Auditors J5 Ballylough Road Donaghclon¢y BT66 7PQ
St Matthew's Housin Association Limited Statement of Income - Income & Expenditure Account Year ended 31 March 2023 2023 2022 Notes Turnover 1,332.OU5 ,381,813 Operaling costs 11,014,403) 11.040.428) Operating Surplus 317,602 341,385 Iiilei'est rcceiiiable Intciesl i)Ic yable Oihei. iiilcrest Icliarge)/iiicoiiie Pension a(IditlOlli?I service cosl 22,712 (31,9181 {6.0001 (44,0001 1,919 132,406) 114,000) 151,0001 17 17 Surplus on Ordinary Activities Before Taxation 258,396 245,898 Tax on sui'plus 011 oi'dii)ary aclivilic5 Surplus for the Year 15 258,396 245.898 The liii'novei. and expcnsc5 all relate to coiitiiiiiiiig opcialioiis.
St Matthew's Housin Association Limited Statement of Comprehensive Income and Retained Earnings Year ended 31 March 2023 2023 2022 Notes Surplus repoi'led 258,396 245,898 Actuaric21 gain on pension scheme 17 246,000 527,000 Total recognised gains since lasl aniiu£i1 I'cpoi'l 504.396 772,898 Retaiiied sui'i)liis at l Api'il 2022 5.799,003 5,026,105 Relaincd surplu5 at 31 Mai'eh 2023 6.303,399 5,799,003 Statement of Changes in Reserves Year ended 31 March 2023 2023 2022 Notes Tol&l Tecogi)ised gains sii)ce last annual report 504,396 772,898 Opeiiing lolal Cclpital and I'esei'ves 5,799,361 5,026,463 Closiiig total capital ai)d rcsci'ves 6.303,757 5,799.361
st Matthew's Housin Association Limited Statement of Financial Position ISOFPI Balance Sheet As at 31 March 2023 2023 2022 Notes Tangible Fixed Assets Cost Lcs5.- Deprecialioii 20,055,911 19,188,477 (5,048,080} 14,778,783) 15,007,831 28,135 14.40().694 26,922 Other fixed a55cIs 10 15,035,966 14,436,616 Current Assets Del)loi's Cash c211d bank balaiiccs 11 99,648 1,577.635 91.704 2.157,046 1,()77,283 2,248.750 Creditors.. Amounts Falling Due Within One Year Ci'cdilors 12 1301,822) 1,375,461 1347,916) 1,900,834 Net Current Assets Total Assets Less Current Liabilities 16,411,427 16.337.450 Creditors: Amounts Falling Due After More Than One Year Defei'ied grai)I 9,103,411 1,004,259 9,070,506 1,271,583 196,000 12 17 Pensioii fund liabilily 10,107.670 10,538,a89 Total Net Assets 6,303,757 5,799,361 Reserves Shal'e Capilal Capital Rcscrvcs Rcveniie Reserves 13 14 15 57 301 6,303,399 57 301 5,799,003 6,303.757 5.799,361 Tl)e fiiiancial slateinenls were approved by Ilie B01{ I'd ciiid aiE sigiied oli Ilicii. bchaif b),. Sccirtai'y Date= Boai'd Meimbei.
st Matthew's Housin Association Limited Cashflow Statement Year ended 31 March 2023 2023 2022 Net Cash Flows from Operating Activities Inote 11 426,716 431,053 Returns on Investments and Servicing of Finance (note 21 {9.206) (30,4871 Capital Expenditure and Investment {note 21 {847,7751 (198,647) (430,265) 201,919 Financing Inote 21 1149,1461 174,387) IDecrease}Ilncrease in Bank and Cash (579,411) 127,532 Reconciliation of Net Cashflow to Movement in Net Debt (note 3) Decrease in cash in period (579,411) Casl) oiiiflow froiii deci'case in debi 149,146 Movemeiil iii Iiel debt 11) the pei'iod 1430,2651 Nel fiiiids ai l Api'il 2022 1,247,658 Net fliiids al 31 Mai'vh 2023 817.393 10
St Matthew's Housin Association Limited Notes to the Cashflow Statement Year ended 31 March 2023 1. Reconciliation of Operating Surplus to Operating Cashflows 2023 2022 Oi)ei'alii)g sui'i)lus Sui'pliis on pi'oi)ei'ty disposal Depi'ecidlion Aiiioi'lisalioi) of gi'ant Moveiiieiils in: Rcnlal dcbtors Oil)ei' debioi's Ci'editoi's Icss tliaii oiie year 317,602 19,6911 329,646 {178,3591 341,385 141,1601 303,491 1219,363) 9,322 11,265) (40,5391 8,776 (23,526) 61.450 426,716 431,053 2. Analysis of Cashflows in the Cashflow Statement 2023 2022 Returns on Investments and Servicing of Finance Inveslii)ent income received Intcresl paid 22,712 (.31,918) 1,919 (32,406) (9,206) (30,487) Capital Expenditure and Investment Capital expeiidilui-e Capil¢il grai)Is I'eceived Oiliei. fixed assets Sale of fixed 2t ssets 1949,383) 7,980 (7,459) 101,087 (634,226) 2,875 432,704 1847.775) (198,647) Financing Share capital New loaiis Loan pi'in¢iiial I'ei)ayinents 1149,146) (74,387) 1149,146) 174.387) 3. Analysis of Changes in Net Debt At 31103122 Cashflows At 31103123 Bai)k aiid ca51i bi¢ lai)ees Loaiis 2.157,046 (909,388) 1579,411) 149,146 1,577,635 (760,242) 1,247,658 1430,265) 817,393
St Matthews Housin Association Limited Notes to the Financial Statements Year Ended 31 March 2023 1. Accounting Policies J. l Bu.s'i.s ofAccoiiJ71iF?g The finaiicial stateinents have beeii pi'epai'ed oil a going coiicei'n basis, undei. the histoi'ical cost conveiition aiid iii coimpliance with FRS 102, 1'lie Fiiiancial Repoi'ting Standard applicable in the UK and Ilie Hou5ii)g SORP: Siateii)ent of Recoiniiiended Pi'actice by Registei'ed Social Landloi'ds (updated 2018). The financial slaleni¢nts al'e prepai'ed li) sterling, which is the fijiictional cui'i'eiicy of the eiitity. 1.2 Reveniie Recog17ili017 Revenue is i-ecognised wlien tlie Association has entitleinent to tlie fuiids and il is pi-obable that the iiicoine wi I I be received and the aiiiouiit is i-eliably Ineasui'ed. Tui'iiover I'epi'esents i-ental incoine, service chai'ge incoine I'eceivable net of voids, release of capital gi'ant aiid developiiient allowaiices and is I'ecognised in the pei-iod to whicli it I'elates. 1.3 0117ei' Fi.ied Assels 1117d Depi'ecialion Tangible fixed asse15, exeepi hoiisiiig pi'opei'ties. al'e stated at cost less accuniiilated depi'eciation. Depi'eciatioii is chai'ged on a slraight-line basis ovei. the expected useful econoiiiic lives of Ilie assets at the followiiig aiinual I'ates: Office fuiiiitiire and eqLiipinent- Coinputei. equipiiieiit: Olee pi'einises.. 2.50% 1.4 Hoiits'ing Pi'oi)ei'lies Housing pi'operlies al'e slated at cost. Cost iiicludes tlie cost of acqiiii'ing land and buildings, developinent costs and expeiiditurc incui-l'ed in i-espect of iinpi'oveineiits. All developinei)I costs directly atti-ibutable to bi'iiiging pi'operlies into Inaiiageiiieiit al-e ideiitified and capitalised to scl)eines in consti-uction duriiig tlie yeai.. Expenditiire on iimpi-oveineiits to existing pi'opei'lies, which enhances tlie ecoiioiiiic beiiefils of tlie pi'oi)erty oi. extends its useful life, is capilalised as pai'l of the cost of the pi'opeity. Olhei. Inaiiitenaiice expendilui'e is written off to the Incoiiie and Expeiiditui'e Accoiiiit as it is ii)cui'i'ed. Depi'eciatioii is cliai'ged on a slraight-line basis ovei- vai'ying liiiie5eales, depei)ding on Il)e eslimaled iiseful life of tlie individual coi)Iponents. The Inajoi. coinpoiients and Ilieii. estiinated useful lives al'e listed below. Depi'eciatioii cliarged iii the accounts is based on pi'opei'lies in Inanageinent on the I, Api'il each yeai.. Land Not depi-eciated Sti'iictuie (includiiig I'oofj 100 yeai's Kitclien 20 yeai's Bathi'ooi)I 25 yeai's Windows 30 yeai-s Heatiiig 5y51eins Dooi's Electi'ies 25 yeais 30 yeai-s 30 yeai's liiipaii'iiieigl of fi.red Assels At each I'epoi'ting pei'iod ei)d dale, tlie coiiipany I'eviews the caii'ying ainoui)Is of ils taiigible assets to detei'iiiine wliether there is any iiidicatioii tliat tliose assets have suffered ali iillpaii'inei)t loss. If any such indication exists, the I'ecovei'able ainouiit of tlie asset is esliinated iii oi'dei. to delei'imine the extent of tlie iinpaiiinent loss (if any). Wliere it is not possible to estiiiiate the I'ecovei'able ainouiit of an individiial as5el, tlie coinpaiiy estiii)ales the I'ecovei'able ainoiint of tlie casli-geiiei'ating iinit to which the asset beloiigs. Recovei-able aiiiouiit is the higher of fail. valiie less costs to Sell aiid value iii Llse. 12
St Matthews Housin Association Limited Notes to the Financial Statements Year Ended 31 March 2023 1. Accounting Policies Icontinuedl I.S Hoiisi17g As30ciali017 Gi'anl Gi'aiit I'eceived for property has been included undei. loiig tei'in liabilities aiid is ainoi-tised ovei- tlie estiiiiated useful life of tlie coniponent lo wliich it I'elales on the saime basis as Ilie depi-eciation chai'ge listed above. Such gi-ants Iiiay be I'epayable uiidei. cei'lain cir¢iiii)slaiices, pi'iinai'ily follomiing the sale of housiiig pi'opei'ty, biit aiiy aiiiount i-epayable ivould be I'esli'icted to the net pi'oceed5 of the sale. 1. 6 Cash u17d Cas17 Eqiiivulenls Cash and cash equivaleiit5 Iiiclude cash iii hand, deposits Iield at call with banks, othei- shoi't- tei'i)i liqiiid ii)vestiiients with oi'iginal Inatui'ities of thire iiioiiths oi- less, and baiik overdi'afts. Bank ovei'di-afts al'e shown witliin boi-rowings in ciii'i'ent liabilities. 1. 7 Relii-e117eiii béiiefils The Association pai'licipates in an industry wide defined benefit final salaiy pension scheine. The uiidei'lying assets and liabilities of the sclieiiie attributable to si Maiihews Housing Associatioi) have been identified by actuai-ies. As a i-esult the Association I'eeognises the seheine deficit on tlie balance sheet at the yeai- end. Actuarial gaiiis and losses are iiiclLided in the stateineiit of i-ecogiiised gains and losses. Cui'i'ent and past sei'vice costs, cui'lailineiits and settleinei)Is at'e I'ecognised within opei'ating sui'plus. Retui'iis on scheiiie assets ai)d intei'est on obl igalions al'e recognised as oil)ei' finance costs. 1. 8 Disposal Pi'oceeds Fiind Surpliises froin disposal of housing pi'operties, iiicluding tlie Voluntary Pui'chase Gi'ai)I, al'e Ii'aiisferred lo the Disposal Pi-oceed5 Fund. Tlie Associatioii is I'equii'ed to apply tljese sui'pluses within a specified pei'iod lo housing pi'ojecls as Recycled Housing Association Gi'ant. 1.9 Eiiiployee Be17efil.s The costs of shoi't-tei-IT] einployee beiiefits are i-ecogiiised as a liability and an expense, Iinless tliose costs al-e i-eouii'ed to be i'ecogiiised as pait of tlie cost of stock oi. fixed assets. The cost of any iii)Lised holiday enlitleiiient is I'ecogiiised li) tlie pei-iod in wliich the employee's services are received. Tetinination benefits al'e I'ecognised iinniediately as an expeiise wlieii the eoinpany is deinoiisCI'ably coiniiiitted to tei'ininate tlie eiiiployineiit of ali einployee oi. to pi'ovide teriniiiation benefits. 1.10 Jiidge177e171 a17d Key So£ii ces of Eslijiialion Uncei'lainlj, In the applicatioii of the company's accounting policies, the directors are required to make jiidgeinents, estilT]ates aiid assuinptions about tlie Caii'ying ainolinl of assets and liabilities that al-e iiot I'eadily apparent fi'oim othei. soui'ces. Tlie estiiiiates and associated assuiiiptioiis al-e based oli histoi-ical expei'iei)ce aiid othei. faeloi's that al'e considered lo be I'elevaiit. Actual resiilis iiiay diffei. fi'oin these e5tiinates. The e5tiinales and iiiiderlyiiig assuimptions al-e I'eviewed on an ongoing basis. Revisioiis to accoiintiiig estiinates al-e I'ecogiiised in tlie pei'iod iii wliich Ilie estiiiiate is revised where tlie I'evisioii affects oiily tlial pei'iod, oi. in the period of the I'evision and futui-e pei'iods wliei'e the I'evision affects both cui'i'ei)l and futtji-e pei'iods. The association ha5 I'ecognised a defiiied benefit pension scheine liability iii the balaiice sheet, the value of which lias been pi'epai'ed by ali ii)dependenl qualified aclLiary. The actuai-ial valiiation involves Inaking assuinplions about discount i-ates, futui-e salai'y increases, moi'tality rates and future pensioi) increases. Due to the coiiiplexit51 of tlie valiiation, tlie uiidei-lyiiig a5suinpIi0115 and the loi)g-terni natui'e of these plans, such estiinates al'e siibject to sigiiificant iincei'tainty. 13
St Matthews Housin Association Limited Notes to the Financial Statements Year Ended 31 March 2023 l. Accounting PolTcies Icontlnuedl i. Ji ri17ancial 117.$1i'iiiiie171s Financial insli-liinenls al'e I'ecognised iii the eoiiipany's stateiiieiit of fiiiancial po%ilion wlien tlie coinpany becoines paity to tlie coiiti-actual pi'ovisions of the insti-uiiient. Financial assets aiid liabilities al-e offset , with tl)e i)et ainoiints pi'esented iii tl)e finaiicial stateineiils wlien Ihei'e is a legally enfoi-ceable i-iglit to set off tlie I'eco8nised ainounts and tliei'e is ai) intention to settle on a Iiet basis or to realise the asset alid settle Ihe liability siimullaiieously. Basicfiniip7cial assels Basie financial assets, which include ti'ade and othei- I'eceivables and cash and bank balance5, are initially Ineasui'ed at ti'ansaction pi'ice including ti'ansactioii costs and al'e subsequently cai'i'ied at ainoi'tised cost using the effective iiitei'est method unless the ai'raT)gemeiit constitutes a financing Ii'ansaction, whei'e the ti'aiisaction is Ineasured al the pi'esent value of tlie future I'eceipts discoLinted at a iiiai'ket l'ate of intei'est. IIF7paiJ'iiieiil off117U17cial assels Financial assets, other than tliose held at fail. value Ihi'oiigli profit and loss al'e assessed foi. indicatoi's of iinpaii'inent at each I'epoi'ting eiid dale. Finai)cial assets are iiiipaii'ed where tliei'e is objective evidence that, as a resiilt of one or Inoi'e even15 that occiii'red aftei. the initial I'ecognition of the finai)cial asset, the esliniated futiire cash flows have been affected. If an asset is iinpaii'ed, the impairinent Ioss 15 the diffei'ence between the cai'i'ying ainount and the present value of the est11nated cash flows discounted at the asset's original effective intei'e5t rate. Tlie iinpairinent loss is i-ecogi)ised in pi'ofit oi. loss. If there is a deci'ease iii the impairiiient loss ai'ising fi-oiii an event occui'i-ing aftei- tlie iinpaiiineiit was i'ecognised, the ii)Ipairii)ent is I'evei'sed. The I'evei'sal is such that the curreiit cai'iying ainoiiiit does not exceed what the cai'i'ying aiiiouiit would have l)een, had the iinpaii'ineiit not pi'eviously been i'ecognised. Tlie iinpaii'inent reversal is I'ecognised in pi'ofit oi. loss. Dei'ecognilion o Inancial assels Fiiiaiicial assets are dei'ecognised only when tlie conti'actual l-ights to the cash flows fi'oin the asset expii'e oi. al'e settled, or when tlie coiiipany transfei's the financial asset aiid substai)lially all the risks and i'ewai'ds of ownei-ship to aiiotliei- eiitity, oi. if soine sigiiificant risks and I'ewai'ds of ownei'ship al'e I'etaiiied biit conti'ol of the asset has ti'aiisfei'i'ed to aiiothei. pai'ty that is able to sell the asset in its entii'ety to ali iiiirelaled tliii-d paity. Classificali017 offina17cial licibililie.%' Financial liabilities and equity i11sti-uineiits al'e classified accoi'ding to tlie siibsta11ce of the conti-actual ai-i-angeiiienls eiitei'ed iiilo. An equity iiistrliiiieiit is any eonti'act that evidences a I'esidiial intei-est iii the assets of the coinpany aftei. deducting all of its liabi lilies. Basicfinancinl liabililies Basic financial liabilities, iiicliidiiig ti'ade aiid othei. payables, bank loans, loans froin fellow gi'oup coinpanies and pi-efei'ence shal'es that al-e classified a5 debt, al'e ii)ilially i-ecognised at Ii'ansaclion pi'ice unless the ai'raiigeii)eiit coi)stitutes a fiiiaiicing Iransaclioii, wliei'e the debt iiisti'iiiiieiil is Imeasiii'ed al tlie pi'eseiit value of the fiitiii'e i'eceipts discounted at a Inai'kel l'ate of intei'est. Debt 111Sti'uiiients al'e siibsequeiitly cai-ried at ai)ioi'lised cost, using tlie effective intei'esl rale inethod. Ti'ade payables at'e obligations to pay for goods or sei'vices tl)at have been acqiiii'ed in the oi'dinaiy course of business fi'oiT] SLippliei-s. Accouiits payable are classified as ciii-l'eiit liabilities if payimeiit is diie withii) oi)e yeai- 01- less. If not, they al'e presented as noii-cui'i'eiit liabilities. Ti'ade payables al'e I'ecognised initially at ti'ansactioii pi-ice and subseqLiently Ineasiii-ed at ainortised cost iising the effective iiitei'est Ineihod. Dei'ecogJ7ifion o 117a17cial liabililies Financial liabilities al'e dei'ecognised when the company's contractual obligations expire or ale discliarged or caiicelled. 14
st Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2023 2. Turnover, operating costs and operating surplus 2023 2022 Operating Operating Operating costs surplus surplus Turnover Social Housing Aclivilics Non-social l-loiising Activities 1,235,942 96.063 917,931 96,472 318,011 (4091 309,-3a5 32,080 I'otals 1,332,005 1.014,403 317,602 341,385 Turnover, operating costs and operating surplu5 from social housing activities 2023 2022 General Needs Total Total Income from Social Housing Reiil I'eccivable i)el of I'ales Sei'vice cliargcs I'eccivable Graiit I'¢leased 1.052,914 14,827 178,3 59 1,052,914 14,827 178,359 1,036,070 14,385 219,363 Gross income Voids 1,246,100 {10,158) 1,246,100 110,1581 1,269,818 (7.1571 Nct incoine 1,235,942 1,235,942 1,262,661 Operating costs Sei'vice R<ltes Mai)ageineiil Maintcnancc adinin Planned and cyclicc21 Inaiiiteiiance Reactive Inaii)IciiaiiLe Bad debis Deprcciatioi) of pi'opei'lies 24,500 143,138 150,365 129,558 56,172 84,798 6,000 323,400 24,500 143,138 150,365 129,558 56,172 84,798 6,000 323,400 16,324 137,974 139,597 116.988 153,282 76,220 6,000 306,971 Total costs 917,931 917.931 953,356 Operating surplLIS 318,011 318,Ql I 309.305
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2023 2. Turnover, operating costs and operating surplus lcontinuedl General Needs 2023 2022 Dfc Allowances Manageiiient alloK¥ances Maiiagenieiit costs 81,576 150,365 81,972 139,597 Surplusl(deficit) (68.789) 157.625) Maintciiaiicc alloivaiices Plannedlcy¢lical Inaii)teiiaiice Reaclive Inaiiileiiance 95,584 56,172 84.798 96,048 153,282 76,220 Siirpllislldeficiil {45,3861 {133,454) Gross income from rents and service charges Tecliiiical Non-lechi)l¢¢il 683,874 373,709 675,639 367,659 'rolal 1,057,583 1,043,298 Turnover, operating Costs and operating surplus from non-social housing activities 2023 Total 2022 Total Income Devcloi)Ineiil Sui'plus 01) pi'opei1y disp05a 86,.372 9,691 77,992 41,160 Total 96,063 119,152 Operating costs Dcvclopin¢iil Otl)er 86,372 10,100 77,992 9,080 Total 96,472 87,072 Operating surplus (409) 32,080 16
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2023 2. Turnover. operating costs and operating surplus {continued Housing stock 2023 2022 Nuinber of iinils owiicd al 31 Mai"¢li'. Geiici'al i)eeds liousing Sheltei'ed l)oiisiiig Suppoi'l¢d hoiising 206 207 Total owned 206 207 Nuinber of iinit5 iiiai)aged bill not oivned al 31 Mai'¢h: Geiiei'al nceds110115ii)g Sheliei'ed hoiisiiig Suppoi'ted lioiising Total Inanaged Total ui)ils oivncd aiid Inanaged al 31 Maich 206 207 3. Board Members, Emoluments Boai'd Members act in a voluiilai'y capacity and nonc ivei'e ii) receipl of einoluinenls during the year. 4. Employee Information 2023 2022 I'he average iveekly niiinbei. of pei'soiis eiiiploycd dui'ii)g the yeai. Ivas.. Office No. No. Siaft Costs Salai'ies Social secui'ity C051s Otl)ci' peiisioii costs 204,305 21,767 37.422 194,562 19,112 35,887 263,494 249,561 Director's Emoluments Aggregc11e eiiioluinciits Pcnsion coiilribulioiis 63,877 12,150 59,386 11,294 Tolal einoluinents 76,027 70,680 'riie association l)as 01)e dii'ectoi. wliose einolinei)ts (cxcluding pe115ioI) conli'ibiiluoiis) fall into Il)e followiiiL iangc= More thai) £55,000 bLIt not iiioi'e Il)an £60,000 More Iliai) £60,00 I bLII not iiioi'e tl)an £65,000
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2023 2023 2022 5. Interest Receivable 1iltei.esl I'eceivable fi'oiii unl isled invesli))enls 22,712 1,919 6. Interest Payable Oil b<iiik loaiis, ovei'drafis and otlier10i¢ nq.. Bank Loans 1,429 30,489 1,238 31,168 31,918 32,406 7. Surplus on ordinary activities before taxation Siii-plus un oi'diiiit I'y activities beforc taxatloll 15 51aled aftei. chargin¥: Depreciation - owned laiigible fixed assets Amoi'lisation ot grant Auditors, reinuiieratian - audit work Audiloi's, I'einunei'alioii - non-iiudit work 318,226 {178,3591 8,000 1,000 8,500 303,491 (219,3631 8,000 1,000 8,500 Inlci'iial auditors, reinuncralion 8. Taxation No pi'ovision foi. current or detei'red laxalion is necessary (luc to the chai'ilablc status of the as50cialion.
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2023 9. Tangible Fixed Assets - Housing Land and Buildings 2023 2022 Cost Al bcgiiiiiing of yeai. Addiliuns Fliniinated on disposal 19.188,477 94(),383 181,949) 18,972,314 634,226 1418,063) Al end ofyear 20,055.911 19,188,477 Depreciation Al beginning of yeai. Cl)arge for year Fliii)inaled on disposal 4,778,783 311.980 {42,683} 4,599,080 300,635 {120,932} Al end ofyear 5.048,080 4,778,783 Net Book Value Al eiid of year 15,007,831 14,409,694 Net Book Value Comprises Coiiiplcled schcincs S¢heines in progress 13.789,867 1,217,964 13,793,181 616,513 15,007,831 14,409,694 HAG and Other Grants Al begiiining of ycai. Addilions Re-¢yL'led fi'oiii Dpf accoiinl F.liinii)aled on disposul 12.390,793 7,980 221,473 (53,548) 12,508,642 2,875 132,414 1253,1381 At end of ycai. 12.566,698 12,390,793 Amortisation Al beginning ofyear Released in year Disposals 3,155,287 168,691 {25.6911 3,014,447 214,141 173,3051 Ai end of year 3.298,287 3,155,287 Net Book Value At 31 Mai'ch 9,268,411 9,235,506 Released within one year Released after one year 165,000 9,103,411 165.000 9,070,506 9,268,411 9,235,506 19
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2023 10. Other Tangible Fixed Assets Oflice premises Office equipment Total Cost Ai begiiinii)g ofyear Addilions 39,45el 101,167 7,459 140,621 7,459 At end of ycar 39,454 108,626 148,080 Depreciation Ai begiiiiiiiig of year Chai'ge foi. yeai. 30,542 986 83,157 5,260 113,699 6,246 Ai eiid of year 31,528 88,417 119,945 Net Book Value Al ei)d of year 7.926.00 20,209 28,135 Al beginning of year 8,912 18.010 26,922 2023 2022 11. Debtors Ai'i'cai's of I'enl- technical Ari"eai's of I'enl- non-le¢hni¢al l.ess.' pi'ovision for bad aiid doubtful debi. 30,605 75.283 165,U621 29,342 64,259 (59,4541 40,82C) 34,147 HAG I'cceivablc Prcpayin¢iils aiid accTued iiieoine Oihei. debiors 23,211 35,61 20,780 36,777 99,648 91,704 12. Creditors Amounts falling due within one year: Accriials and defcried incoille Reiils ieceived iii ddvdnce Defcri'ed grant (note 91 Loaii 84,473 16,001 165,000 36.348 112,767 12,245 165,000 57,904 301,822 347,916 20
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2023 2023 2022 12. Creditors {¢Ollllnuedl Amounts falling due after more than one year.. Loans Disposal piocceds fund 726,923 277,336 851,484 420,099 1.004,259 1,271,583 Loans Loans are secui'ed on individual assels of ihe Association and are I'epayable in inslalmenls as fullow5'. In one year oi. less Betweei) oiie and iiiio ycars 13elween Ikvo and five years Iii five )wcais oi. Inore 36,348 36,348 109,044 581,531 57,904 63,694 210,190 577,600 Housing loa115 763,271 909,388 Bai)k debi is secured by way of Inortgage8 upon the deeds of tl)e related propei'lies financed by loaiis nd beai. intei'esl at filed aiid vai'iable rates iii the I'aiige 40/0 10 5.500/0. 13. Share Capital Ordiiiai'y shares of £1 each fiilly paid.. Balance brought foi'wai'd 57 Balaiice carricd forivard 57 14. Capital Reserves Balance broiighi forwai'd 301 Balance carried forivard 301 15. Revenue Reserves 2023 2022 Balance broiighi foi'ivai'd Sui"p1115 for year Acliiai'icll gain foi. Ihc year 5,799,003 258,396 246,000 5,026,105 245,898 527,000 Balance cari'ied fnrwai'd 6,303,399 5,799,003
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2023 16. Related Party Transactions "rhe folloivii)g balances in debtors exist iviih relaltyd pai'ties.. 2023 2022 Tcchiiical rciil anEars Car loai) 290 6.110 282 9.444 Rent ch¢ll'ged lo lenanl boai'd Inembei's is 01) tIIc 5aiiic basi5 as other tenaiils. Inlei'est is Charged 011 loans. 17. Retirement Benefits The Association's pension 5chcin¢ form5 part of ilie total fiiiid adininislered by NILGOSC. Si Maiil)ew's has conli'ibuled al a rate of19Q/o of peiisioiiablc salaries. Mcinbci's l)ave paid coiili'ibiitioiis at the rates up lo 8.5 %. roi'iiial i(alua110115 ai'c CEJrried oiit at I'egulai. intci'vals by indepeiideiit pi'afessionally Qualified acluai'ies. The last foi'iiial valudlioii ivas Lai'ricd oul as al 31 Mai'ch 2020. 2023 2022 Assumptions Rate of salary iiicrcasc Pension inLI"e¢lSCS in payinenl Diseouiil Yale Rale of inflation 2.900/0 2.900/0 4.70Yo 2.85YD 3.500/0 Assets and Liabilities Total valiie of assets Pi'e5cnl valuc of tiindcd liabilitlC5 1,456,000 1,398,000 1,489,000 ,685,000 Asseil(defi¢il) Asset i)ol recogiiised 58,000 158,000) (19C),000) 1196,000) A veiagc cipected liilui'c lifc at age 65 for.. Malc cui'icnil)i aged 65 Feinale ¢ui-I'ei)Ily ogcd 65 Male ¢ui'renil)i aged 45 Fein¢21e currently aged 45 21.8 years 24.6 yeic rs 22.5 ycars 25.4 years 21.8 yeai's 25.1 yeai'8 26.5 yLai's 22
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2023 17. Retirement Benefits foontlnued) 'rhe AssociatiOll'5 peiision .SLheme foi'm5 pai't of the total fuiid adminisleied by NIL(yOSC. St Maltheiy's ha5 conli'ibiiled at a l'ate of19% of peiisioiiable salai'ies. meinbeis1)ave P¢2id coi)Ii-ibulioi)s al Ihc rates up lo 8.5Q/o. Forinal valualioiis ai'c cai'ried out at iegiilai. intci'vals b}( iiidcpcndeiit professionally qualified a¢luaries. 'fhe last foi'mal valualioi) ivas cai'i'ied out as al 31 Mai'cl) 2020. 2023 2022 Assumptions Rale of salai'y ii)creasc Pension ii)ereases in pAymenl Discouiit iale Rate Dr iiiflalion 2.000/0 Assets and Liabilities Tolal valiie of assets Prc5enl Viiliic of funded liabilities 1,456,000 1,398,000 1,489,000 1,685,000 Asseil(deficil) Asset not recogni8ed 58,000 (58,0001 1196,000) Net i)cnsion liabilily 1196,000) Avei'ic ge expected future life at age C)5 f()r'. lalc cui'i'ei)IIy Iiged 65 Treii)hle curi'enily agcd 65 M?( lty ¢iii-I'enily aged 45 l eii)#le ciiri'enily aged 45 21.8 ycai's 24.6 ycic I'S 22.5 yeai's 25.4 yeai's 21.8 )Jears 25.1)wears 23.1 }i¢ars 22
st Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2023 17. Retirement Benefits {COnlinueLII Tlie fulloiviiig ainouiils liavc becn reL'ogni5ed in Ihc perforinancc slatciiient5 far tl)c pei'iod to 31 March 2023. 2023 2022 Analysis of the amount charged to operating profit Service cosl Pasl service cost Settleiiients aiid cui'lailinei)ts 81,000 85,QOO Total opei'aliiig chai'ge Analysis of the amount credited to financing of provisions Expected I'eliini Intei'csl on peiisioii liabilitie5 81,000 85.000 43,000 149,0001 32,000 (46,000) Nel fiiidnLe Ll)arge Amount recognised in the statement of total recognised gains and losses ISTRGLI Acliiarial (Ios51 gain iii STRGL Movement in surplus during the year Deficit at l April Total opei'atii)g chaige Coiiti'ibulioi)s by cinploycr Nel fiiiaiicc chaigc Actuarial {lossl gain in S'IRGI, (6,0001 114,000) 246,000 527,000 1196,0001 181,0001 37.000 (6.0001 246,000 (658,000) (85,0001 34,000 (14.0001 527,000 Deficit al 31 Maich {196,000) 18. Capital Commitments 'I'l)ere are capital ¢oniiiiitinei)Is totalliiig £Nil tliat have been contracted for. 19. Contingent Liability Thei'e exists a coiitingeiit liability 01) Il)e Associiilioii of the possibility of Iiaviiig to I'epay gi'aiils I'eceived 011 pIDpeilies if aiiy piY)perlies arc sold. 'I'l)is also includes aiiy gi'aiils ivrillcn orr tliiK)iigli compoiiei)1 rei)laccinci)Is. 23