ST MATTHEWS HOUSING ASSOCIATION LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024
St Matthews Housin Association Limited Board of Management Mr P Devlin (Chairperson) Mi. F Woods (Ti'easiii'ei.) Mi. P O'Ruanai Mi. K Ci'aig Mi. P Doiinelly Mi's P Bi'ennan {Resigiied June 2023) Ms L Fegaii Mi. D Bi-eiinan (Resigned Julie 202J) Mr J O'Donnell Mr C Devenny Secretary MrJ Black Registered Office 58 Harpei. Street Belfast BT5 4EN Registei'ed under tlie Co-operative aiid Comillunity Benefit Societies Act {Noi'thei'n Ii'elaiid) 1969 No IP 177 Registei'ed witli the Dfc (NJ) Nuiiibei. 18 Auditors TMCD Accountancy Pi'actice 35 Ballyloiigh Road Donaghcloney BT66 7PQ Bankers Ulslei. Bank Liinited 11-16 Donegal Sqiiai'e East Belfast BTI SUB SolTCitors Philip Ai'insti'ong Solicitors Oceanic House 298 Anti'im Road Gleiigorn)ley BT36 SEG Contents Repoi't of the boai'd of Inanagenie21t Repoi't of the aiiditoi's Stateiiienl of Iiicoine - Iiicoine and expenditiii'e account Statenient of Conipi'el)ei)sive Iiicoine Statenieiit of Fii)ancial Positioii - Balance sheet Casliflow statement Notes to the cashflow stateiiient Notes lo the fii)ancial stateinents 12-23
st Matthews Housin Association Limited ort of the Board of Mana ement The Boai'd piesent tlieii. I'epoit togethei. wilh Ihe financial statements foi. tlie yeai. ended 31 Mai'ch 2024. Principal activities The Association is a IEgistei'ed non-i)I'ofit iiiakiiig hoiising associatioi) pi'oviding housing accoininodation foi. those in need. Results The sui'plus I'epoi'ted iii tlie Incoiiie & Expei)ditui'e Aecouiit for the pei'iod was £330,095 compai'ed with a siirplus of £258,396 foi. tlie pi-evious pei'iod. Board of Management The Boai'd of Manageinent ineets regulai'ly Ihi'ougliout Ilie year. Tliei'e are two committees who meet I'egulai'ly thi'ougliout the year with specific i'esponsibilities foi. finance and pei'soniiel and audit. Going Concern After Inaking enqiiii'ies, the Boai'd of Manageinei)t have a I'easonable expectatioI) that the Association had adeqiiate I'esoiirces lo continiie in opei'ational existence foi. the foi'eseeable future. Foi. this reason tliey continue to adopt ihe going coi)cei'i) basis in prepai'ing the finaiicial statements. Internal Financial Control The Board of Management is responsible foi. the Association's systems of internal financial control and along with senior Inanagement is iespon5ible foi. establishing and opei'aling detailed conti'ol and repoi pi'ocedures. The systeiiis of intei'nal financial conti'ol can provide only I'ea5011able, and not ab501ute, assui'ance against Inatei'ial misstateinent and loss. The Board of Management have reviewed the effectiveness of the Associatioii's system of internal financial coiiti-ol. Tlie review iiicluded considei'ation of the business i'isks facing the Association and of the existi13g intei'nal fiiiancial conti'ol piocediii'es. The key eleiiienls of the coi)ti'ol systein in opei'ation are.. The Boai'd has adopted a foi'inal schediile of illattei's I'e5ei'ved for its approval ensui'ing il Inaintains I'esponsibility foi. overall strategy, appi'oval of all pi'opei'ty ti'ansactioiis aiid othei- Inajoi. capital expenditui-e pi-ojects. There is an oi'gaiiisalional striiclui'e witli cleai'ly defined lines of I'espon5ibility and delegation of allthoi'ity. Detailed budgets are prepared covering the Association's businesses which are reviewed and appi'oved by the Boai'd. Actual i-esults al'e compared against budget and appi'opi'iate action identified and initiated. The Audit CoiiiiT]ittee I'eview Inatters relating to intei'nal conti-ol and IEceives I'epoi'ts on a I'egular basis fi'oin the extei'nal and iiitei-iial auditoi's and fi'oiii senioi. nianageinent.
St Matthews Housin Association Limited Re ort of the Board of Mana ement fContinu•dJ Statement of the Board of Management The Boai'd OF Managemeiit is I'equii'ed to pi'epare accoiints foi. eacli fiiiaiicial pei'iod which give a Ii'Lie and fair view of the state of the Association's affairs and of its SULplus oi. deficit for that period. In prepai-ing tliose accounls Ihe Boai'd of Manageinent is I'equii'ed to:_ select suitable accoLintiiig pol icies and then apply tliein consistently iiiake jlidgeiiieiits and estiniates that at'e I'easonable and pi'udent slate whetliei. applicable accoiinting Standai'ds have been followed subject to any Imatei'ial depai'liii'es disclosed aiid explained iii the accounts pi-epai'e the accounts on the goiiig concei'n basis uiile5s Il is ii)appi'opi'iate lo pi'esiime tliat the Association will contiiiue to opei'ate The Boai'd of Manageinent is I'esponsible foi. keeping pi'opei- accounling I'ecords which disclose with reasonable accLlI'acy at any tiine the fiiiaiicial position of the Associatioii. It is also I'esponsible foi. safeguai'ding the assets of Ihe Association and hence foi- taking I'easoi)able steps foi. the pi'evention of fi-aud and otliei. ii'i'egLilai'ities. Auditors A resolutioi) to reappoint TMCD Accouiitancy Pi'actice will be pi'oposed at the Annual Genei'al Meeting. By order of the Boai'd Cliaii'pei'son Belfasl Date.. 30th July 2024
St Matthews Housin Association Limited Independent Auditors, Report to the Members for the Year Ended 31 March 2024 We Iiave audited the financial stateinents of si Matthews Housing Association Ltd foi. the yeai. ended 31 Mai'ch 2024 which coinpi'ise the statement of eoiiiprehensive incoine, the stateinent of changes in I'esei'ves, the slaleinent of financial position, the statement of cashflows aiid Il)e related notes, which include a desci'iption of the sigiiificant accoiinting policies. In oui. opinioii, the financial stateinents.. give a tl'lle and fail. view of the state of the association's affaii's as at J l Marcli 2024 and of the association's surplus, aiid of the associatioii's casliflows foi. the yeai. then ended. liave been pi'oi)ei'ly pi'epared in accoi'dance witl) United Icingdoin Geiiei?Ily Accepted Accounting Pi'actice (United Kingdom Accountiiig Standai'ds, coiiipi'ising fRS 102 "The Financial Reporting Standai'd applicable 121 Ilie Ull and Republic of Ii-elaiid aiid applicable law) have been propei'ly pi-epai'ed in accoi'daiice with the Co-opei'ative and Coininunity Benefit Societies Act (Northei'n li'eland) 1969 and the Registei'ed Hou5iiig Associations (Accounting Requii'ements) Ol'der (Norihei'n li'eland) 1993. Basis for Opinion We condiicted oiii. audit in accordance with Intei'national Staiidai'ds on Auditing (UK) ("ISAs (UIC) ) and applicable law. Our I'espoiisibilities ui)der ISAS (UK) aiE fuithei- desci'ibed in the Aiidiloi's, I'espoiisibi litie5 for the audit of the financial stateinents section of our I'eport. We believe tliat tlie audit evidence we have obtaiiied is sufficient and appi'opi'iate to provide 2 basis foi. oiii. opinioii. Independence We i'emained independent of the association in accordance with Ihe etliical i'equii'en)enls Ihal al'e I'elevant to our aiidit of the fii)ancial staten)ents in the UK, whicli includes the FRC'S Eihical Standard aiid we have fulfilled our olhei. ethical I'esponsibilities in accoi'dance with ihese requii'enients. Conclusions relating to going concern In auditing the financial staleinents, we liave concluded that tl)e Bo2ll-d of Manageinent's use of the going coiicei-ii basis of accounting in the pi-epai'atioii of the financial slateinei)t5 is appropi'iate. Based on the woi'k we have pei'forined, we have not identified aiiy Inatei'ial uiicei'laii)ties relating lo evenls oi. coiiditioiis that, individiially or collectively, Inay cast significant doubt 011 tlie Association's ability to continue as a going concern foi. a pei'iod of at least twelve months fi'om the date wheii the financial stateinei)ts are aiithorised foi. issue. Oui. I'esponsibilities and the iesponsibilities of the diiectoi's witli iespect lo going coiicei'n al'e desci'ibed in the relevant sections of tliis I'eporl. Other information The othei. iiifoi'i)iation coinpi'ises the infoi-lnation ii)cluded in the aiinlial I'epoit, otliei. tl)aii the accoiints and oui. auditoi s I'epoit theiron. The ti'iislees al'e I'esponsible foi. tlie other infoi'niation. Oui. opinion on the accouiits does iiot covei. the other infoi'iiiation ai)d we do not express any foi'in of assurance concliision tliei'eon. In connection with oui. audit of the accounts, oui. I'esponsibility is lo lead the othei. infoi'mation and, in doing so, considei. whethei. Ilie othei. information is Inaterial ly incoi)sistenl with the acco Liiils oi. oui. ki)owledge obtained in the audit oi. othei'wise appeal's to be Inatei'ially Inisstated. If we identify such nialei'ial ii)coiisistencies oi. appai'ent Inatei-ial Inisstaten)ents. we ale I'equii-ed to determiiie wliether there is a Inatei-ial Iiiisstalement in Ilie accounts or a matei'ial misstateinent of the oihei. infoi'mation. If, based on the work we have perfoi'ined, we conclude tliat tliei'e is a Inatei'ial Inisstateinent of this othei. infoi'ination, we al'e i-equii-ed to ieport tliat fact. We have nolhing to I'epoi'l iii tliis I'egard.
st Matthews Housin Association Limited Independent Auditors, Report to the Members for the Year Ended 31 March 2024 (continued) Matters on which we are required to report by exception We have nothing to I'epoit in respect of the following Inattei's in IElalioi) to which the Co-operative and Coiniiiunity Benefil Societies Act (Noi'thei'ii Ii'elaiid) 1969 l'eqiiii'e lis to i'eporl to YOLI if, iii oiii. opinioii.. the iiifoi'matioii given in th¢ financial stateinenls is incoiisistent ii) any niatei'ial I'espect with tlie boai'd i'eport; oi. sufficieiit accouiiting I'ecoi'ds have Iiot been kept. or the financial slateinents al'e not in agi'eeinenl with the aeeoiinting I'ecoi'ds; oi. we have not i-eceived all Ilie inforination and explanations we I'equiie foi. oiii. aiidit. Undei. the Chai-ities Act (Noithern Ireland) 2008 and Regulation 9 of the Chai'ilies (Accounts and Repoi'ls) Regiilatioiis (Northei'n Iieland) 2015, we ait requiiEd lo repoit lo you if, in oui. opiiiion- sufficient accountii)g records have not been kept- Ihe financial stateineiits aiE Ilot in agi'eeii)enl with the aceoiinting iecoi'ds. oi. we have not i'eceived all the iiifoi'mation and explanations we i'eqiiii'e foi. out- aiidil. oi. t5ie infoi'ination giveii in the Report of the Boai'd of Manageinent and tl)e £ii'ategic Repoit is incoiisisteIit in aiiy Inaterial iespect We have Iiotliiiig to i'epoi't in this regard. Responsibilities of board As explaiiied Inoi'e fully iii Ilie boai'd's I'espoiisibilities stateilleiit, the boai'd ii)embers (who are also Ihe Ii'ustees of the association for the pui'poses of chai'ity law) al'e responsible for the pi'epai'ation of tlie finaiicial slateinents and foi. being satisfied tliat tliey give a true and fail. view, and for Such intei'iial conti'ol as the boai'd detei'inine is necessai'y to enable tlie pi'epai'ation of financial statements that al'e fi'ee froin inalei'ial misstateinent, whelliei. due to fi'aud or ei'roi.. In prepai'ing the financial stateiiients, the boai'd is I'espoiisible foi. assessing the associatioii's ability to continiie as a going concei'n, dis¢losii)g, as applicable, Inattei's I'elated to going coiieei'n and using the going coiicei'n basis ofaccounting uiiless tlie boai-d eithei. intends lo liquidate the association oi. to cease opei'ations, oi. has no realistic altei'native but to do so. Auditor's responsibilities for the audit of the financial statements Oui. objectives al'e to obtain reasonable assui'aiice about whethei. the accounts as a whole al'e fl'ee fi'oin Inatei'ial iiiisslaten)enl, whelhei. due to fi'aud oi. ei'i'oi., ai)d to issue an auditor's I'epoit tliat includes our opinioii. Reasonable assiii'ance is a higli level of assiii'aiice, bul is not a guai'ai)tee that ali audit condiicted iii aceoi'dance witli ISAS (UK) will always detect a iiiatei'ial Inisstateiiient wheii it exists. Misstateinents can ai'ise fioin fi'aud oi. ei'i'oi. and al'e consideied Inatei'ial if, individually oi. iii tl)e aggregate, they could I'easonably be expected to iiiflueiice the econoinic decisions of usei-s taken on tlie basis of tliese accounts. Extent to which the audit was capable of detecting irregularities, including fraud Ii-regulai'ities, including fi'aud, al'e iiistances of i)01)-conipliaiice with laws aiid I'egLilatioiis. We desigii procediii'es in line with OLlI- I'esponsibilities, OLiilined above, to detect Inalei'ial Inisstateiiients iii respect of iriegulai-ities, iii¢liiding fi'aLid. Tlie extei)t to whicli oui. pi-ocedui'es al'e capable of detecting irregiilai'ilies,- including fi'aud is detailed below: We gained ali undei'stating of the legal and the regulatory fraiiiework applicable to the association and the industi'y in which it opeiale5 and considered the I'isk of acts by tlie associatioii whicli wei'e conli'aiy to applicable laws aiid I'egiilalions, incliiding fi'aiid. Tliese included bLII were iiol liiniled to coiiipliaiice witli United Kii)gdoin Genei'ally Accepted Accouijtiiig Practice (United Kiiigdoin Accoiinting Stai)dards, coniprising FRS 102 "Tl)e Financial Repoi'ling Slandai'd applicable in the UIC and Repiiblic of Ii'elaiid" aiid applicable law)"
St Matthews Housin Association Limited Independent Auditors, Report to the Members for the Year Ended 31 March 2024 (continued) We fociised 01) 12ws aiid regilaiions tliat could give rise to material Inisstateineiil in the financial slateiments. Oui. tests included biit wei'e iiol liniiled to.. agreeinenl of the fiiiaiicial statement disclosure5 to underlyiiiE supporting dociiinenlation. enqiiirics of Inaiiagement,. I'eview of ininules of board Ineelings Iliioughoiit Ilie period,. and considering Ilie effectiveness of tlie control eiivironmenl and monitoring coinpliance with laws aiid I'egulations. We also ¢oiiimiiiiicated relevant identified laws aiid regulatioiis and poleiilial fraud risk lo all ei)gagemeiit teain Ineinbers aiid remaiiied alert to any indications of f17ud or noii-coinpliance with laws aiid regulations throughout the audit. There are inliei'eiit limilalions in tlie audit procedures described above and th¢ further removed ijon-compliance willi laws and regulalioiis is from events and Iransaclioii I'eflecled in the fiiiancial slaleiiienls, the less likely we would becoine aware of it. As in all of our audits ive addi'essed the risk of Inanageinent oveiTide of iiilei-nal coiitrols, iiicliiding lesliiig journals and eva]iiating wheilier Il)ere was evideiice of bias by the direclors Ilial Tepreseiiled a risk of material Inisslateineiit due lo fi'aud. Our audit procedure5 were desigiied to I'espoiid lo risks of Inalerial misslalemenl in the fiiiaiicial slatementg, recognisiiig tliat the I'isk of not detecliiig a material misslaleinenl due to fraud is higlier thali tlie risk of iiot delectii)g one resulting from ei'ror, as fi'aud Inay involve deliberate concealinent by, lor exainple, foi'geiy, misrepresentations or Ilirough collusion. Tl)ere are inherent limitations in Ilie audit procedures performed and the furtlier I'enioved non-coinpliaiice with laws and relIationS is from the events aiid transactions reflected in the financial staten]ent5, the less likely we are lo become awai'e of il. A fiiitliei. des¢riptioi) of our i'esponsibilities foi. the audit of the accouiits is located oil tlie Financial Reportiiig Coiincil's website at-. http'.l/wwiv.frc.org.uk/auditorsi'espoi?sibilities. Thi5 description forins part of oiir auditor's Teport. Use of this report Tliis I'eporl is tnade solely lo Ilie associatiOll'5 boai'd, a5 a body, in aecoi'dance with Ilie Co-operative and Comm1111ity Beiiefit Societies Act (Northern Ireland) 1969 and th¥ Registered Housing Associations (Accountiiig Requii'emeiils) Order (Northern li'elaiid) 1993.OLlI' aiidil woi'k has been iindertaken so Iliat we miglit slate to the association's boai'd t1105e mattei"s we are required to state to theni in an auditor's report aiid for no otlier purpose. To Ilie Iiillest exleiit pern)ilted by laiv, we do i)ot accept or assuine I'espoiisibility to anyoiie otliei. tl)an tlie associalioii aiid tlie assooiatioii's boai'd as a body, for oiir aiidit work, for Iliis report, or for tlie opiiiioiis we have fomied. Mr Micl)ael McDowell FCA Seiiior Statutory Auditor For and on belialf of.. TMCD Accounlaiicy Practice, Chartered Accountaiits 35 Ballylough Road D021aghcloney BT66 7PQ Dale.. 30th July 2024
St Matthew's Housin Association Limited statement of Income - Income & Expenditure Account Year ended 31 March 2024 2024 2023 Notes Turnover 1,446,852 1,332,005 Operating costs (1,109,939) (1,014,403) Operating Surplus 336.913 3 17,602 Inlcresl receivable Interest payable Oihcr interest {charge}lincome Pension additional service cost 58,703 {59,521) 2,000 (8,000) 22,712 (31.918) (6,000) (44,000) 17 17 Surplus on Ordinary Activities Before Taxation 330,095 258.396 Tax on surplus on ordinary activities Surplus for the Year 15 330,095 258,396 Thc turnover and expenses all relate to continuing operations.
St Matthew's Housin Association Limited statement of Comprehensive Income and Retained Earnings Year ended 31 March 2024 2024 2023 Notes Siwplu5 TCPOrted 330,095 258.396 A¢tuari81 gain on pension scheme 17 6.000 246,000 Total recognised gains since last annual report 336,095 504.396 Rctained surplus at l April 2023 6.303.399 5,799,003 Retained surplus at 31 March 2024 6,639,494 6,303,399 Statement of Changes in Reserves Year ended 31 March 2024 2024 2023 Notes Total recogniscd gains since last a[Ual report 336.095 504.396 Opcning total capital and reserves 6.303,757 5.799,361 Closing lolal capital and reserves 6.639,852 6,303,757
St Matthew's Housin Association Limited statement of Financial Position (SOFP) - Balance Sheet As at 31 March 2024 2024 2023 Notes Tanglble Fixed Assets Housing lai)d and buildings: Cost Less.. Depreciation 20,929,420 20,055,911 (5.244.541} (5,048,080) 15,684,879 238,369 15,007,831 28,135 Other fixed asse15 10 15,923,248 15,035,966 Current Assets Debtors Cash and bank balances 11 91,941 1.891.979 99,648 1.577,635 1.983,920 1,677.283 Creditors: Amounts Falling Due Within One Year Creditors 12 (395,348) (301,822) Net Current Assets 1.588,572 1,375,461 Totsl Assets Less Current Liabilities 17.511,820 16,411,427 Creditors: Amounts Falling Due After More Than One Year Deferred grant Long lein) liabilities Pension fund liability 9.967,730 904.238 9,103,411 1.004,259 12 17 10,871,968 10,107.670 Total Net Assets 6,639,852 6,303,757 Reserves Shale Capital Capital Reserves Revenuc Reserves 13 14 15 57 301 6,639,494 57 301 6.303.399 6,639,852 6,303.757 Thc financial statements were approved by the Board and are signed on their behalf by: Chair Secretary Dale.. 30th July 2024 Board Member
St Matthew's Housin Association Limited Cashflow Statement Year ended 31 March 2024 2024 2023 Net Cash Flows from Operating Activities {note 1) 548,877 426,716 Returns on Investments and Serviclng of Flnance (note 2) (818) (9,206) Capital Expenditure and Investment (note 21 (206,455) (847,775) 341,604 (430,265) Flnancing (note 2) (27,260) (149.146) IncreasellDecrease) In Bank and Cash 314,344 (579,411) Reconclliation of Net Cashflow to Movement in Net Debt (note 31 Increase in cash in period 314,344 Cash outflow from decrease in debt 27,260 Movement in net debt in the period 341,604 Net funds at l April 2023 814,364 Net funds at 31 March 2024 1,155,968
St Matthew's Housin Association Limited Notes to the Cashflow Statement Year ended 31 March 2024 1. Reconciliation of Operating Surplus to Operating Cashflows 2024 2023 Operating suiplus Surplus on propety disposal Depreciation Aniortisalion of grant Movements in.. Rental debtors Other debtors Creditors less than one year 336,913 (15,265) 315,428 (199,780) 317,602 (9,691) 329,646 {178,359) 18,170 (10,463) 103,874 9,322 (1,265) (40,539) 548,877 426,716 2. Analysis of Cashflows in the Cashflow Statement 2024 2023 Returns on Investments and Servicing of Finance Investmcnl in¢ome received Interest paid 58,703 (59,521) 22,712 (31.918) (818) (9,206) Capital Expenditure and Investment Capital expenditure Capital grants received Other fixed assets Sale of fixed assets (1,039,244} 967,821 (215,934) 80,902 (949,383) 7,980 (7,459) 101,087 (206,455) {847,775) Financing Shar¢ capital New loans Loan prin¢ipal repayments 736,011 (763,27l) (149,146) (27.260) (149,146) 3. Analysls of Changes in Net Debt At 31103123 Cashflows At 31103124 Bat& and cash balances Loan5 1,577.635 (763,271) 314.344 27,260 1.891,979 (736,011) 814,364 341,604 1,155,968
St Matthews Housin Association Limited Notes to the Financial Statements Year Ended 31 March 2024 1. Accounting Policies l. l BaJ i.s. ofAeeoiiJiling The financial slateii)enls have been pi'epai'ed 011 the liistoi'ical cost basis and in compliance witlI FRS 102,'fhe Financial Repoitiiig Slandai'd applicable in the UK and the Housing SORP 2014:Stateinent of Reconiinended Pi'actice foi- Social Housing Providei's. The financial statemei)ts al'e prepai'ed in stei'ling, whicli is tlie functional cui'i'ency of tl)e eiility. 1.2 Tiii-17011ei' Turiiovei- repi'esenls reiital incoine, setvice charge income I'eceivable net of voids aiid I'elease of capital gi'ant and is i-ecognised iii the i)ei'iod lo which it relates. 1.3 Ot17ep' Filed Assels and Depi-eeialioj? Tai)gible fixed assets, except housing pi-opeities, are stated at cost less acciiii)Iilated depreciatioii. Depi'eciation is charged oli a straight-line basis ovei. the expected useful economic lives of the assets at the following ai)Iiiial rates.. Office fui-nitLiie and equipinent.. Computei. equipineiit: Office pi'einises: 1.4 Hoiisi17g Pi-opei-fies Housing properties ale slated at cost. Cost includes tl)e cost of acquiring land and buildings, developinent costs and expenditui'e iiicui'i'ed in I'espect of iinpi'ovemenls. All development costs dii'ectly atti-ibutable to bi'inging pi'opeities into Inanagemeiit are identified and capitalised to schemes in consti'uction dui'iiig tlie year. Expenditui'e oil improveinents lo existing propeities, which enhances the ecoiioinic benefits of the property oi. extends its Useful life, is capitalised as parl of the cost of the property. Othei. Iiiaintenaiice expenditure is written off to the Incoille and Expenditure Account as il is incui-red. Depi'eciation is charged on a straight-line basis ovei. varying tiimescales, depending on the estiinated useful life of the individual coinpoiienls. The Inajoi. componeiits and tlieii. estiii)aled useful lives al'e listed below. Depi'eciation ¢hai'ged in the accoiints is based on pi'opei'lies in manageniei)t on the I, April each yeai.. Land Structure (including l'oot) Kitcheii Bathi'ooni Windows Not depi'eeiated 100 yeai's 20 yeai's 25 yeai's 30 yeai's Heating systems Doois Electrics 25 years )0 years 30 yeai's 1171puiI'n?e171 c)fFixed Jlssets At eacli iepoi'lii)g pei'iod end date, the coinpaiiy I'eviews tlie cai'i'ying anioui)ts of its tangible assets lo detei'ii)ine whethei. thei'e is any iiidication tliat Iliose assets liave suffei'ed an iinpaii'ineiit loss. If any sucli iiidication exists, Il)e reeoverable ainount of tl)e asset is estiinated in ol'der to detei-jnine the extent of the impairinei)t loss (if any). Wliei'e it is not possible to estiinate the I'ecoverable aniount of an individual asset, the coinpai)y estiinates the I'ecovei'able ainouiit of the casli-geiierating unit to wliieh the asset belongs. Recovei?ble ainount is the higher of fair valiie less cos15 to sell and value in use. In assessing value in use, the esliinated futui'e cash flows al'e discoiinted to theii- piesent value usiiig a pi'e-tax discount l'ate that I'eflects CLlI'I'ent mai'ket assessii)enls of the linie value of Inoney and the I'isks specific to the asset foi. which the estiinates of futui'e casl) flows have not been adjiisted. 12
St Matthews Housin Association Limited Notes to the Financial Statements Year Ended 31 March 2024 1. Accounting Policies Icontinuedl J.5 Hoii.fll?g Associali017 GF'a171 Gi'ant i-eceived foi. pi'oi)ei'ty has been included undei. long tei'm liabilities and is ainoi-lised ovei. the estiinated useful life of tl)e component lo which it I'elates oil the saine basis as the depreciation chai'ge listed above. Sucli gi'ants Inay be I'epayable Liiidei. ¢ei'lain cii'cumstai)ces, pi'iinai'ily following the sale of housing pi'opei'ty, but aiiy ainount i-epayable would be restricted to Ihe net pi'oceeds of the sale. 1.6 Cash and Ccish Eqtii))alenls Casli and cash eqliivalents include cash in liaiid, deposits held at call with banks, other sl)01l- tei'in liquid iiivestineiits with oi'iginal Inatui'ities of thi-ee Inonths oi. less, and bank ovei'di'afts. Bank ovei'diafts al'e shown within boi'i'owings in cui'ient liabilities. 1. 7 Relii'eme171 be17efits The Association paiticipates iii an iiidustry wide defined benefit final salai'y pension scheine. The ui)dei'lying assets and liabilities of tlie scheme atti'ibutable to St Mattl)ews Housing Association have been identified by actuai'ies. As a I'esult the Associatioii I'ecognises the sehetne deficit on the balaiice sheet at the yeai. end. Actiiai'ial gains and losses are included in the stateinent of i'ecognised gains aiid losses. Curi'eiit and pasl service costs, cui'lailinenls and settleinents are i-ecogiiised withiii operating surpliis. Retui'ns on scheine assets and intei'est oil obligations are I'ecognised a5 Otliei- finaiice costs. 1.8 Disposiil Pi'oceed3 Fiind Sui'pluses from disposal of housiiig propeities, including the Voluntary Piii'chase Gi'ant, are ti'ansfei'i'ed to the Disposal Pi'oceeds Fund. Tlie Association 15 required to apply tliese siii-pluses withiii a specified period lo housing pi'ojects as Recycled Housing Association Gi'ai)l. 1. 9 Ei)Iployee BeFiefils The costs of shoi't-tet-ln einployee beiiefits al'e iecognised as a liability and an expense, unless those costs a]'e I'equired to be i-ecogiiised as pait of the cost of stock oi. fixed assets. The cost of any unused holiday entitleillent is recognised in the period in which the employee's services are reeeived. Tei-lnination beiiefits al'e I'ecogiiised iimmedialely as an expense wheii the coinpany is deinonstrably coii)n)itted to terniiiiate the employineiit of ali einployee oi. to provide tei-jniiiation benefits. I. 10 Jiidgeiiienl a17d Keji Soiii-ces ofEgiiipialiopi Uncei'tainty In the application of the company's accounting policies, the directors are required to niake judgenienls, esliinates and assuinptioiis about tlie cai'i'ying ainount of assets and liabilities that ale not i-eadily appai'ent fi'oiii other sources. The estiinates and associated assuiiiptions ale based on historical expei'ieiice and ollier factoi's that are considered lo be I'elevant. Actual re5uIIs Inay differ fi'om these estiinates. The estiinates aiid undei'lying assuniplions al'e I'eviewed on an ongoing basis. Revisioiis to aecoiinting estiii)ates al'e I'ecognised in tlie pei'iod in which the estiinate 15 I'evised where Il)e revision affeets only that pei'iod, oi. in the pei'iod of the I'evision and futui'e pei'iods whei'e tlie I'evisioii affects both ciiri'enl and fuliire pei'iods. The associatioii lias I'ecognised a defined benefit peiision scheine liabil ity in tlie balance sheet, the valiie of which lias been prepai'ed by ai) ii)dependent qualified actuary. The actuai'ial valuation involves making assuinplions about di5COUlIt I'ates, futui'e salai'y increases, Inortality rates aiid futui'e pensioii iiicreases. Due to tlie coinplexity of the valuation, tlie undei'lyiiig assiimplions and the long-terni Iialuie of tliese plans, sucl) estiinales are subject to significant uncei'laii)ty. 13
st Matthews Housin Association Limited Notes to the Financial Statements Year Ended 31 March 2024 1. Accounting Policies (continued l. 11 FiiiaFicial Ip7slI'Einie171s Finaiicial insti'iinients at-e i-ecognised in the coiiipany's stateinent of fii)ancial position when the coinpany beconies paity to the conti'actual pi'ovisions of tlie inslruinent. Finaiicial assets and liabil ities al'e offset , with the nel ainoiints presented in the financial statements wheii Ihei'e is a legally enfoi'ceable right to set off the I'ecogyi)ised a111011nls and thei'e is an intenlion to settle on a iiet basis oi. to I'ealise the asset and settle the liability simultaiieously. Busicf117a17cial assels Basic financial assets, which include Ii'ade and othei. receivables and cash and bank balances, al-e initially Ineasui'ed at transaction pi'ice including ti'ansaction costs aiid al'e subsequeiitly cai'i'ied at ainorlised cost using tl)e effective inteie5t metliod unless the ari'angeinent constitutes a financing Iransaelion, whei'e the ti'ansactioii is iiieasui'ed at the present value of the fiitui'e I'eceipts discounted at a Inarkel l'ate of inlei'est. lJ)Ipaii'iiiep?l off117a17cial Iissels Fiiiancial assets, othei. Ihan those held al fail. value Ihi'ough pi'ofit and loss al'e assessed for indicators of iinpaii'ineiit at each repoi'ting end date. Financial assets al'e iillpaired whei'e tliei-e is objective evidence that, a5 a i'e5uIt of one oi. Inore evenls that occui'i'ed after the initial I'ecogiiition of the financial asset, the estiinated future cash flows have been affected. If ai) asset is iinpaii'ed, the iinpaii'inent loss is the diffei'ence between the cai'i'yiiig amount and the presenl valiie of the estimated cash flows discounted at the asset's original effectiv¢ interest rate. The iinpaiiinent loss is I'ecognised in pi'ofit oi. loss. If thei'e is a deci'ease iii the impaii'inent loss ai'ising fi'oin an event OCCLlI'i'ing aftei. tlie iinpairment was I'ecognised, the impairinent is reversed. The revei'sal is siich that tlie CLlI'I-ent cariying amoLlllt does not exceed what the cai'i'yiiig ainount would have been, had the iinpaii'meiit not pi'eviously beei) recognised. The iinpairinent I'evei'sal is I'ecognised in profit or loss. Dei'ecognilioi? off117a17cial assets Fiiiaiicial assets al'e derecognised only when the contiactual l'ights to tlie cash flows fi'oix tlie asset ekpiie oi- are settled, oi. wlien the conipany ti'ansfei's the fsnancial asset aiid substantially all Il)e I'isks and rewai-ds of owiiei'sliip to anotliei. elitity, oi. if soine signifieant I'isks and I'ewai'ds of ownership are retained but conti'ol of the asset has ti'ansfei'ied to anothei. pai'ty that is able to sell the (Isset in its enlii'ety lo an Lini'elated thii'd pai'ty. Cla.¥sifiealioi? offii7a17cial liabilifies Financial liabilities and equity instruments are classified accoi'diiig to Ilie substance of Ilie conti'actual ai-rangeinenls ei)tered into. An equity instrument is any coiiti'act that evidences a residiial intei'est in the assets of tlie coinpany after deducting all of its liabilities. Ilasicf117ancial licibililies Basic financial liabilities, including li'ade and olhei. payables, baiik loans, loaiis fi-oin fellow gi'oup coinpanies aiid pi'efei'eiice sliai'es tlial al'e olassifsed as debt, al'e initially i'ecognised at Iransactioii price unless the ai'i'angeinent constitutes a fiiianoilig Iiansaction, whei'e the debi iiisli'uinent is Ineasured at the present value of tl)e futLlI'e i'eceipts discounted at a Inarkel rate of intei'est. Debt insti'uinei)ts are siibsequenily cai'i'ied at ainoi'tised cost, using the effective intei'est rale Inethod. Trade payables are obligations lo pay for goods oi. sei'vices that have been acquired in the oi'dinai'y coui-se of business fi'om suppliei's. Accounts payable are classified as cui-l'ent liabilities if payineiit is due within one yeai. or less. If iiot, they are pi'esented as noii-cui'i'ent liabilities. Trade payables al'e I'ecognised initially at ti'ansaction pi'ice and subseqiiently measui'ed at ainoitised cost usiiig the effective iiilei'esl Ineihod. Dei'ecog17iliop7 offip7a17cial liubililie.s Finaiicial liabilities are dei'ecognised when the company's contractual obligations expire or al'e discliai'ged or cancelled. 14
st Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2024 2. Turnover, operating costs and operating surplu5 2024 2023 Operating Operating Operating costs surplus surplus Turnover Social Housing Activitics Non-social Housing Activities 1,332,763 114.089 997,751 112,188 335,012 1,901 318,011 32,080 Totals 1,446,852 1,109,939 336,913 350,091 Turnover, operating costs and operating surplu5 frorn social housing activStles 2024 2023 General Needs Total Total Income from Social Housing Rent receivable net of i'ales Seri'ice chargcs i'cccivable Grant released 1,130,140 1.130,140 15,911 15,911 199,780 [99,780 1,052,914 14,827 178,359 Gross income Voids 1,345,831 (13,068) 1,345,831 (13,068) 1,246,100 (10,158) Net income 1,332,763 1,332,763 1,235,942 Operating costs Services Rates Managen)ent Maintenaiice admin Planiied and cyclical maintcnunce Rea¢live maintenance Bad debts Depreciation of propeities 19,334 154,313 171,560 148,235 68.572 105,086 6,000 309,729 19,334 154,313 171,560 148,235 68,572 I05,086 6,000 309,729 24,500 143,138 150,365 129,558 56,172 84,798 6,000 323,400 Total costs 997,751 997,751 917,931 Operating SUTpIus 335,012 335,012 318,011
St Matthew's Housin Association Limited Notes to the Financlal Statements Year ended 31 March 2024 2. Turnover, operating costs and operating surplus (continued) General Needs 2024 2023 Dfc Allowances Management allowance5 Management costs 81,972 171,560 81,576 150,365 SuTplusl(deficit) (89,588) (68,789) Mainlenancc allowances Plannedlcyclical maintenance Reactive maintenance 96,048 68,572 105,086 95,584 56,172 84,798 Surplusl(dcficil) (77,610) (45,386) Gross income from rents and service charges Technical Non-teohnical 731,865 401.118 683,874 373,709 Total 1,132,983 1.057,583 Turnover. operating costs and operating surplus from nonpsoclal houslng activities 2024 Total 2023 Total Income Development Surpliis on property disposal 98,824 15,265 86,372 9,691 Total 114.089 96,063 Operating costs Development Other 98,824 13,364 86,372 10,100 Tolal 112,188 96,472 Operating surplus 1.901 (409)
St Matthew's Housin Association Limited Notes to the Financial Ststements Year ended 31 March 2024 2. Turnover, operating costs and operating surplu5 {continued) Housing stock 2024 2023 No. Number of units owned at 31 March: General need5 housing Sheltered housing Supported housing 207 206 Total owned 207 206 Number of uiiits managed but not owned at 31 March.. General nccds housing Shcltercd housing Supported housing Total managed Total units owned and managed al 31 MarLh 207 206 3. Board Members. Emoluments Board Members act in a voluntary capacity and none were in receipt of emoluments during the year. 4. Employee Information 2024 No. 2023 No. The average weekly number of persons employed durllig the year was- Office Staff costs Salaries So¢ial security costs Oihcr pcnsion ¢osls 232.291 23,332 41,514 204,305 21,767 37,422 297,138 263,494 Director's Emoluments Aggregate einolumenls Pension contribiitions 66,952 12,364 63,877 12,150 Total emoluments 79,316 76,027 Tl)¢ association has one director whose emolments (excluding pension contributuons) fall into the following ra])ge'. More than £60,00 I biit not more than £05,000 More than £65,001 but not morc than £75,000
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2024 2024 2023 5. Interest Receivable Inlercst rcccivable from uiilisted investments 58,703 22,712 6. Interest Payable On bai)k loans, overdrafts and other loans: Bank Loans 1.463 58,058 1,429 30,489 59,521 31,918 7. Surplus on ordinary activitles before taxation Surplus on ordinary activities before taxation is stated after charging- Depreciation - owned tangible fixed assets Amorti5ation of grant Auditors, remuneration- audit work Auditors, reilluneration- non-audit woik Intcrnal auditors. remuneration 314,058 (199,780) 8,000 1,500 9,600 318,226 (178.359) 8,000 1.000 8.500 8. Taxation No provision for current or deferred taxation is necessary due to the charitable status of the association.
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2024 9. Tangible Fixed Assets - Housing Land and Buildings 2024 2023 Cost At begillning of year Addilions Eliminated on disposal 20,055,911 1,039,244 (165,735) 19,188,477 949,383 (81,949) At end of ycar 20,929,420 20,055,911 Depreciation At beginning of year Charge for year Eliminated on disposal 5,048,080 308,358 (111,897) 4,788,783 311,980 (42,683) At end of year 5,244,541 5,048,080 Net Book Value At end of year 15,684,879 15,007,831 Net Book Value Comprises Complcl¢d schemes Schetncs in progress 13.821,080 1.863.799 13,789,867 1,217,964 15,684,879 15,007,83 I HAG and Other Grants At beginniiig of year Additions Re-cycled from DPF account Eliminated on disposal 12,566,698 967,821 158,958 (118,6861 12.390.793 7,980 221,473 (53,548) At end of year 13,574,791 12,566,698 Amortisation At beginning of year Released in year Disposals 3,298,287 190,822 (73,048) 3,155,287 168,691 (25,691) At end of year 3,416.061 3,298,287 Net Book Value At 31 March 10,158,730 9,268.411 Released within one year Released after one year 191,000 9,967,730 65,000 9,503,411 10,158,730 9.268.411 19
St Matthew's Housin Association Limited Notes to the Financial Statement5 Year ended 31 March 2024 10. Other Tanglble Fixed Assets Office premises Offlce equipment Total Cost At beginning of year Additions 39,454 215,934 108.626 148,080 21 S,934 At end of year 255,388 108,626 364,014 Depreciation At bcginnillg of year Charge for ycar 31,528 984 88.417 4,716 119,945 5,700 At end of year 32,512 93,133 125,645 Net Book Value At end of year 222,876 15,493 238,369 At beginnillg of year 7,926 20,209 28,135 2024 2023 11. Debtors Arrears of rent- t¢chni¢al Arrears of rent- non-technical Less.. provision for bad and doubtful debts 33,504 60,214 (71.062) 30,605 75,283 (65,062) 22.656 40,826 HAG receivable Prepayments and accrucd in¢ome Other debtors 54,397 14,888 23,211 35,611 91,941 99,648 12. Creditors Amounts falllng due within one year: Accnials and deferred incoine Rents received in advai)¢e Deferred grat (note 9) Loan 190,741 13,607 191,000 84,473 16,001 165,000 36,348 395,348 301,822 20
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2024 2024 2023 12. Creditors (¢ontinued) Amounts falllng due after more than one year: Loans Disposal proceeds fund 736,011 168,227 726,923 277.336 904,238 1,004,259 Loans Loans are secured on individual assets of the Association and are repayable in inslalments as follows: In one year or less Between one and two ye8 Between two and five y¢8rs Jn five years or more 36,348 36,348 109.044 581,531 736,011 Housing loans 736,011 763,271 Bank debt IS 5c¢ured by way of mortgages upon the deeds of the related propcrties financed by loans and bear interest at a variable rate in the rang¢ 5.50 /D lo 6.500/.. 13. Share Capital Ordinary shai'¢s of £1 each fully paid,. Bala])ce brought forward 57 Balance carried fonvard 57 14. Capltal Reserves Balance brought forward 301 Balance carried forward 301 15. Revenue Reserves 2024 2023 Balance broug])t forward Surplus for year Actuarial gaiii for the year 6,303,399 330.095 6,000 5.799,003 258,396 246,000 Balance carried forward 6,639,494 6,303,399 21
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2024 16. Related Party Transactions The following balances ill debtors exist with related partlCS: 2024 2023 Tcchnical rent arrears Car loan 290 6,110 2.777 Interest is charged on loans. 17. Retirement Benefits The Association's pension scheme fomis part of the total fund administered by NILGOSC. St Matthew's has contributed at 8 rate of19 /0 of pcnsionabl¢ salaries. Members Iiave paid coiitributions at the rates up to 8.50/0. Formal valuations are carried out at regular intervals by iiidependcnt profc5sionally qualified actuarics. Thc last forn)al valuation was carried out as at 31 March 2022, 2024 2023 Assumptions Rale of salary increase Pension incre8ses in pa)Trnent Discount rale Rate of inflation 2.90/D 2.90/ 4.90/. 2.90/ 2.90/ Assets and Liabilities Total value of assets Present value of funded liabilities 1.633,000 1,420,000 1,456,000 1.398,000 Asset/(deficit) Asset not recolSed 213,000 {213,000) 58,000 (58,000) Nel pension asset (liability) Average expccled future life at age 65 for: Male currently aged 65 Female currently aged 65 Male ¢urr¢nily aged 45 Fciiyale currently aged 45 21.1 years 24.0 years 21.7 years 24.7 years 21.8 years 24.6 y¢ars 22.5 years 25.4 ycars 22
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2024 17. Retirement Benefits (conllnu8 Thc following amounts have beeii recognised in the perfomiance statements for tlie period to 31 March 2023. 2024 2023 Analysi5 of the amount charged to operating profit Service ¢051 Pas15erYi¢e cost Settlenicllls and curtailments 50,000 81,000 Total operating charge Analysis of the amount credlted to financing of provisions Expected return Interest on pension liabilities Net finance chargc Amount recognised in the statement of total recognlsed gains and losses ISTRGLI Actuarial (loss) gain ii) STRGL 50,000 81,000 69,000 (67,000) 43,000 (49,000) 2.000 (6,000) 6.000 246,000 Movement In surplus during the year Deficit at l April Total operating charge Contribiitions by einployer Nel finance charge Actuarial (loss) gain in STRGL (196,000) (81,000) 37,000 (6,000) 246,000 (50,000) 42,000 2,000 6,000 Deficit al 31 March 18. Capital Commitments Thcre are Capital coinmitments totalling £3,777,338 that have been contracted for. 19. Contingent Liability There exists 8 contingent liability on the Association of the possibility of havii)g to repay grants rcceived on properties if any property is sold. 23