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 re￿lIationS 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 gra￿t (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 reco￿lSed
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