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'aMe￿￿oi.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)l￿pe1. 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 e￿Or and are considered I￿aterial 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:
O￿lee 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