ST MATTHEWS HOUSING ASSOCIATION LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025
St Matthews Housin Association Limited Board of Management Mr P Devlin (Chairperson) Mr F Woods (Trea5urcr) Mr P O'Riianai Mr K Craig Ms L Fegan Mr J O'Doiinell Ms M O'Donnell Secretary Mr J Black Registered Office 58 Hatper Street Belfast BT5 4EN Registered under thc Co-operative and Community Benefit Societies Act (Nortlieii) Ireland) 1969 No IP 177 Registered with the Dfc (Nl) Nuinber 18 Auditors TMCD Ac¢ounlancy Practice 35 Ballylough Road Donaghcloncy BT66 7PQ Bankers Ulster Bank Limited 11-16 Donegal Square East Belfast BTI SUB Solicitors Philip Armstrong Solicitors Oceanic House 298 Antrini Road Glengorinley BT36 SEG Contents Report of the board of manageinent Rcporl of the auditors Staleinent of Incoine - Income and expenditure account Sialemenl of Compi'ehensive Inconie Sialeinenl of Financial Position- Balancc shcet Cashflow slalemenl Notcs to tlic casliflow slaleinenl Notes to the fincincial statements 10 12-23
st Matthews Housin Association Limited Re ort of the Board of Mana ement The Board present their report togethcr witl) Ihc financial statements for the year ei)ded 31 March 2025. Principal activities The Association is a registered non-profit ffiaking housing association providing housing accominodation for those in need. Results The surplus reported in tl)e Iiicome & Expenditure Account for the period was £316,452 Coinpared with a SUTplus of £330,095 for the previous period. Board of Management The Board of Management meets regularly throughout the year. There are two committees who meet regularly t)ough0ut the year with specific responsibilities for finance and persot)nel and audit. Going Concern Aftcr making enquiries, the Board of Management liave a reasonable expectation that the Association had adequate resources to continue in operational existence for the foreseeable future. For this reason thcy continue lo adopt the going concci'n basis in preparing the financial statemcnls. Internal Financlal Control The Board of Management is responsible for the Association's systems of internal financial control and along with senior management is rcsponsible for es'tablishing and operating detailed control and report procedures. The systems of internal financial conti'ol can provide only reasonable, and not absolute, assurance agaiiist tnalerial rnisslalemenl and loss. The Board of Management have revicwed the cffecliveness of the Association's system of internal rinancial control. The review included consideratioii of the business risks facing the Association and of the existing internal fiiiaiicial control procedures. The key elements of the control system in operation are: The Board lia5 adopted a fom)al schedule of mattci's reserved for its approval ensuring it maintaii)5 responsibility for ovcrall strategy, approval of all property transactions and other major capital expenditure pi'ojects. Thci'e is an oiganisational structure with clearly defiiied lines of responsibility and dclegation of auiliority. Detailed budgets are prcpared covering the Association's busiiiesses which are reviewed and approved by the Board. Actual results are coinpared against budget and appi'opi'iale action identified and initiatcd. The Audit Committee revicw matters relating to internal control and rcccivcs reports on a regular basis from the exteriial and inlei'nal auditors and froin senioi. manageniciil.
St Matthews Housin Association Limited Re ort of the Board of Mana ement (Conllnued) Statement of the Board of Management The Board of Management is required lo prepare accounts for each financial pei'iod which give a true and fair view of the slate of the Associatioii's affairs and of its surplus oi. deficii for that period. In prepai'ing tliose accoiints the Boai'd of Managcnicnt is i'equii'ed io'.- 5clecl suitable accounting policies and then apply Ihcm eonsislenily make judgciiienls and estimates that are reasonable and prudent state whethei. applicable accounting staiidards have been followed subject to any material departures disclosed and explained in the accounts prepare the accounts on the going concern basis unless il is inappropriate to presu]iie Iliat the Association will continue to operate The Board of Managen)ent is responsible for keepiiig pioper accounting records wliich disclose with reasonable accuracy at any lime thc finan¢ial position of the Association. It is also responsiblc for safeguarding the assets of the Association and lien¢e for takins reasonable slcps for the prevention of fraud and other irregularitics. Auditors A resolution to reappoint TMCD Accountancy Practice ivill be proposed at the Annual General Meeting. By order of the Board Chairperson Belfast Date: 29, July 2025
St Matthews Housin Association Limited Independent Auditors, Report to the Members Year Ended 31 March 2025 Opinion In oiir opinion, St Matthew'5 14ousinE Assoeiation Limited's financial slateiiient5.. Eive a true and fair view of the state of the association's affairs a5 at 31 Mai'ch 2025 and of the associatioi)'s surplus, and of the association's cash flows. for the year thcii endcd. have becii properly prepared in accordance with Uiiited Kingdoni Generally Accepted Accoiintiiig Pi'aelice (United Kingdoin Accounting Standai'ds, comprising FRS 102 "The Financial Repoi'ting Standard applicable in the UK and Republic of li'elaiid" and applicable law} ' have been properly prepared in accordan¢c with the Co-operative and Cominunity Benefit Societies A¢l (Northern Ireland) 1969 and the Registered Housing Associations (Accounting Requirements) Order (Nortl)em Ireland) 1993. We have audited the financial slaletnenls, included withij) the Annual Statement of Accounts (the 'Annual Report"), which compri.8e: the association's Sialemcnt of Income- Income & Expenditure Aceount- the association's Slalenient of Comprehensive Incomc aiid Retained Earnings- the association's Statement of Financial Position as at 31st M8J'ch 2022. tl)e association's Sialcment of Casl)flows for the year ended 31 st Marcli 2022. and the notes lo the financial statements, wliich include a description of the signifi¢ant accounting policies. Basis for Opinion Wc conducted our audit in accordance with Intcnialional Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAS (UK) arc furtlier described in the Auditors, i'esponsibilities for the audit of the financial slalemenls section of our i'epoit. Wc believc that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinioi). Independence We remained independent of the dssociation in accordance wilh the ethical requireinei)Is that are rclcvant to our audit of the finai)cial slatcnients in the UK, which includes the FRC'S Ethical Standard aiid we have fulfilled our other ethical respoiisibilities in dccordance with these requirements. Going Concern We havc nothing to report in respect of the following mallers in i'elation to which ISAS (UK) i'equire us to rcport to you when.. Ilie board'5 use of the going concern basis of accounting in Ihe preparation of the financial stalemcnts 15 not appropriate. or the board has not disclosed in tlie financial slalements any identified material uncertainties diat may cast si]fIcant doubt abolit the associatioii's ability to continue to adopt the going concern basis of accounting for a period of al least twelve Inoi)ths from the dale when the financial slalements are authoriscd for issuc. Reporting on other Information The other information comprises all of the inforinalion in the Annual Report othcr than thc financial slatcments aiid our auditors, report thcreon. The board is responsible for the otlier infoi'malion. Our opinion on the financial stlc teincnts does not cover the other ii)formation and. accordingly, wc do not express an audit opinion oi. any form of assurance thcreon.
St Matthews Housin Association Limited Independent Auditors, Report to the Members Icontlnuedl Year Ended 31 March 2025 Reporting on other Information Icontinuedl In connection with our audit of Ihc financial slatcnicnts, our respoiisibility is lo read the other information and, in doing so, consider whetlier the other infoi'ination is materially inconsistent with the financial slateiiien15 or our knowledge obtained in tlie audit, or othei'wise appeal's to be Inalci'ially misstated. If we identify an apparcnt material inconsistency or Inaterial misslalement, we are required lo pcrfom] procedures to conclude whetlier there is a material Inisstatcineiit of the financial statements or a material misslateinent of the other inforniation. If, based on the woi'k we have perfoi'med, we conclude that tliei'e is a tnalerial misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. Responsibilities for the Financial Statements and the Audit Board Responsibility for the FinanGial Stat8ments As explained more fully in the Stateineiit of Board's Responsibilities sel out on page 3, the board is respoJ)sible for the preparation of the financial 51aletnciits in accordance with tl)e applicable fi'amewoi'k and for being satisfied that they give a true and fair view. Thc board is also responsible for such inlemal control as it determines is necessary to enable the preparation of financial statements that are free from material misslaleinenl. whether due to fi'aud or error. Jn preparing the financial statements, the board is responsible for assessing the association's ability lo continiie as a going concern, disclosing as applicable, matters related to going concern aiid using the going ¢oncem basis of accounttng unless the board either intends to liquidate the associ3tion or to ce85e operations, or has no realistic alternative but to do so. Auditors, Responsibilily for the Audit of the Financial Slatements Our objectives are to obtain i'easonable assurance about wheihcr thc financial statements as a whole are free from Inaleiial misslateinenl, whether due to fi'aud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordancc with ISAS (UK) will always delect a material misstatement wlien it exists. Misstatements cali arise from fraud or crror and are considered material if, individually or in the aggregate, tliey could reasonably be expected lo influence the economic decisions of useis taken on Ihc basis of these financial slatetnent5. A fuither description of our responsibilities for the audit of the financial statements is located on the Financial Rcporling Couiicil's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors, report. Use of this Report This report, including the opinions, has been prepared for and only for the private registered provider's members as a body in accordance witli section 43 of tlie Co-operative and Community Benefit Societies Act (Noi'il)em Ireland) 1969 and article 19 of Tlie Housing (Norilicrn Ircland) Order 1992 and for no other puoSe. We do not, in giving these opinions, accept or assuine res'ponsibility for aiiy other purpose or lo aiiy other person to whom this report is shown or into whose hai)ds it may come save where expressly agreed by our prior consent in writing.
st Matthews Housin Association Limited Independent Auditors, Report to the Members Icontlnuedl Year Ended 31 March 2025 Matters on which we are required to report on by exception We have nothing to report in i'especl of the following Inatterg, wliei'e the Co-operative and Community Benefit Societies Act (Norihem Ireland) 1969 requires us lo report lo you if, in our opinion.. a satisfactory system of control over transaction5 has not been maintained. or the association has not kept proper accounting records. or the financial statements are not in agreement with the books of account. or we have not received all the infonnation and explanations we need for our audit. .41 M McDowell (Sei)ior Statutory Auditor) For and on behalf of TMCD Accountancy Practice Cliartered Accounlanls & Statutory Auditors 35 Ballylough Road Donaghcloney BT66 7PQ Date= 29, July 2025
St Matthew's Housin Association Limited statement of In¢ome - Income & Expenditure Account Year ended 31 March 2025 2025 2024 Notes Turnover 1.643,539 1.446.852 Operaling costs (1,241,811) (1,109,939) Operating Surplus 401,728 336.913 Interest receivable Intei'est payable Otlicr interest (¢harge)/in¢om¢ Pension additional scrvi¢e cost 22,670 (110,946) i 0,000 (7,000) 58,703 (59,521) 2,000 18,000) 17 17 Surplus on Ordinary Activities Before Taxation 316,452 330,095 Tax on surplus on ordinary activities Surplus for the Year 15 316,452 330,095 The turnover and expenses all relate lo conlinuiiig opci'alions. The notes on Pc?ges I I to 23 fonn part of these financial 51atenieT)Is
st Matthew's Housin Association Limited statement of Comprehensive Income and Retained Earnings Year ended 31 March 2025 2025 2024 Notes Surplus I'eported 316,452 330,095 Actuarial gain (loss) on pension s¢hctnc 17 (3,000) 6,000 Total recoEnised gains since last annual report 313,452 336,095 Rclained surplus at l April 2024 6,639,494 6,303,399 Retained surplus at 31 March 2025 6.952,946 6.639,494 Statement of Changes in Reserves Year ended 31 March 2025 2025 2024 Notey Total recoEniscd gains since last annual report 313,452 336,095 Opening total capital and reserves 6,639,852 6,303,757 Closing total capital and reserves 6,953,304 6,639,852 The notes on pages I I to 23 forni part of these financial statements
St Matthew's Housin Association Limited Statement of Financial Position (SOFP) . Balance Sheet As at 31 March 2025 2025 2024 Notes Tangible Fixed Assets Housiiig land 2nd buildings- Cost Les5.' Deprecialioi) 27,585,262 20,929,420 (5,613,291) (5,244,541) 21,971,971 548,264 15,684,879 238,369 Other fixed assets 10 22,520,235 15,923,248 Current Assets Debtors Cash and bank balan¢es 11 73,794 843,786 91,941 1,891.979 917,580 1,983,920 Creditors: Amounts Falling Due Withln One Year Creditors 12 (699,060) 218,520 (395,348) 1,588,572 Net Current Assets Total Assets Less Current Liabllities 22,738,755 l7.511,820 Creditors: Amounts Falling Due After More Than One Year Deferred grant Long term liabilities Pension fund liability 12,218,110 3,567,341 9.967,730 904,238 12 17 15,785,451 10,871,968 Total Net Assets 6,953,304 6,639,852 Reserves Share Capital Capital Reserves Revenue Reserve5 13 14 1S 57 301 6,952,946 57 301 6,639,494 6,953,304 6,639,852 The financial slalements were approved by the BoaTd and are signed on their behalf by: Chair -. 3 2P-J.- Date.. 29th July 2025 Board Membei. The notes on pages I 110 23 fom) part of these financial 51alemenls
st Matthew's Housin Association Limited Cashflow Statement Year ended 31 March 2025 2025 2024 Net Cash Flows from Operating Activities {note 1) 835,768 548,877 Returns on Investments and Servicing of Finance {note 21 (88,276) (818) Capital Expenditure and Investment (note 2) (4.495,685) (206,455) {3,748,193) 341,604 Financing (note 2) 2,700,000 (27,260) Increasel(Decrea5e) in Bank and Cash (1,048,193) 314.344 Reconclllatlon of Net Cashflow to Movement in Net Debt (note 31 lllcrcase in cash in period (1,048,193) Cash inflow from increase in debi (2,700,000) Movement in net debt in the period (3.748.193) Ncl fund5 al l April 2024 1,155,968 Net fuiids at 31 March 2025 (2,592,225) Tlie notes on pages I 110 23 form part of these fi1)ancial stateinents 10
st Matthew's Housin Association Limited Notes to the Cashflow Statement Year ended 31 March 2025 1. Reconciliation of Operating Surplus to Operating Cashflows 2025 2024 Operating surplus Surplus on propety disposal Depreciation Ainorlisation of nt Movements in.. Rental debtors Other debtors Crcditors Icss than one year 401,728 336,913 {15,265) 315,428 (199,780) 378,698 (222.517) (13.145) 31,292 259,712 18,170 (10,463) 103,874 835,768 548,877 2. Analysls of Cashflows in the Cashflow Statement 2025 2024 Returns on Investments and Servicing of Finance Investment income received tnterest paid 22,670 (110,946) 58,703 (59,521) (88.276) (818) Capital Expenditure and Investment Capital expenditure Capiial grants received Other fixed assets Sale of fixed assets (6,655,842) (1,039,244) 2.480,000 967,821 (319,843) (215,934) 80,902 (4.495,685) (206,455) Financing Sharc capital New loans Loan principal i'¢paynienls 2,700,000 736,011 (763,271) 2,700,000 (27,260) 3. Analysis of Changes In Net Debt At 31103124 Cashflows At 31103125 Bank nd cash balances LoBns 1.891,979 (736,011) (1,048,193) 843,786 (2,700,000) (3,436,011) 1.155,968 (3,748,193) (2,592,225)
St Matthews Housin Association Limited Notes to the Financial Statements Year Ended 31 March 2025 1. Accounting Policies 1.1 Basis ofAecouNling The financial slalemenls have been prcpared on the historical cost basis and in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Housing SORP 2014'.Statement of Rccoinmended Pra¢lice for Social Housing Providers. The financial statements are prepared in sterling. which is the functional ciirrency of thc entity. 1.2 Fiii'novei. Turiiover represents rental iiicome, serviee charge income receivable iiet of voids and release of capital grant and is i'ecognised iii the period to which it relates. 1.3 Oihei. FiYedAssels andDepi'eciofio Tangible fixed assets, except housing properties, are stated at cost less accumulated depreciation. Depreciation is chargcd on a 51raight-line basis over the cxpccted uscful econoinic lives of the assets at the following annual rates.. Office furniture and equipment.. 10.00% Computer equipinent.. Officc premises.. 2.50% 1.4 Hoiisiiig Propei'fies Housing properties are stated al Cost. Cost includes the cost of acquiring land and buildings, development costs and expenditure incun'cd in respe¢t of improveinenls. All dcvclopmenl costs directly attributable to bringing properties into Inanagement ai'e identified and capilalised to schemes in construction dui'ing the year. Expenditure on improveinents to existing properties, which enhances the econoiiiic benefits of tlie property or extends its useft]I life, is capilalised as parl of the cost of the property. Other maintenance expenditurc is written off lo the Jncoine and Expcnditure Account as it is incutted. Depreciation is cliarged on a 5traight-line basis over varying timescales, depending on the eslimaled useful life of the individual components. The major components and their estimated useful lives are listed below. Depreciation charged iii the accounts is based on properties in Inanageinent on the I" April each year. Land Structure (including roofj Kitchen Bathroom Windows Not deprccialed 100 years 20 years 25 years 30 yeai's Heating systems Doors Electrics 25 years 30 years 30 years linpaii'iiienl offiredAssels Al each reporting period eiid date, the coii)pany reviews the carrying amoiints of 115 tangible assets to detei'minc whether there is any indication that those assets have suffered ai) impairment loss. If any such indication exists, tlie recovei'ablc aiiiount of t]ie asset is estimated in order lo delemine the extent of the impainnent loss (if any). Wliere il is not possible to estimalc the recoverable ainoiint of an iiidividual asset, the company estimates Ilie rccoverable amouiil of tlie eash-generating unit lo which the asset belongs. Recoverable amount is the higher of fair value Icss costs to sell aiid valiie in use. In asses'sing value in iise, the estimated future cash flows are discounted to their present value usiiig a pre-tax discount rale that reflects current market assessmenls of the lime value of n)oI)ey aiid the risks specific lo the asset for which the eslimales of future cash flows have not been adjusted. 12
St Matthews Housin Association Limited Notes to the Financial Statements Year Ended 31 March 2025 1. Accounting Policies l¢ontlnu8dl 1.5 Ilousing Associalioi? Gianl Grant received for properly has been included under long lemi liabilities and is amortised over the estimaled useful life of the component lo which it relates on the same basis as the depreGiatioii charge listed above. Sucli grants inay be repayable un(ler certain circuiiistances, primarily following tlie sale of housing property. bul any amount repayable would be i'eslricted to the net proceeds of the sale. 1.6 Casli and Cash Eqiiivalenls Cash and cash equivalents incliide cash in hand, deposits held at call with baJ&s, other short- tern) liquid ii)vestments with oi'iginal maturities of three nionths or less, and bank overdrafts. Bank overdrafts are shown within boirowi]igs in current liabilities. 1. 7 Relii'eipieni benefifs Thc Association partiLipates in an industty widc dercd bcncfit filial salary pension schcmc. The uiiderlying assets and liabilities of the scheiiie attributable to St Mattlicws Housing Association have bccn ideiilificd by actuarics. As a rcsult the Association rccognises the scheme defi¢il on tl)e balance sl)eel al the year end. Actuarial gains and losses are included in the statement of recognised gains and losses. Current and past service costs, curlailmenls and settleinenls cire recognised within operating sw'plus. Retui'ns on scheme assets and interest on obligations are i'ecognised as otlier finance costs. 1.8 Disposal Pioceeds Fiind SuTpIu5es from disposal of housing properties, including the Voluiilary Purchase Gi'ant, are transferred to the Disposal Pi'occeds Fund. The Association is required to apply these surpluses witl)in a specified period to housing projects as Recycled Housing Association Grant. 1.9 [IpiRployee Benefils The costs of short-tenn employee benefits are i'ecognised as a liability and an expense, unless those costs are reqiiired to be recognised as part of the cost of stock or fixed assets. The cost of aiiy unused lioliday eiitiileinei)l is recognised in Ilie period in whicli thc cinployee's sei'vices are received. Tenninalioii bcncfils arc rccognised iininediately as an expense when the ¢ompany is deinonstr3bly cominitted to lerminale the employment of an employee or lo provide lemiinalion benefits. 1.10 Jiidgeiiienl andKey Soiii'ces oflfsliiliafion Up7ceF'lainty In the application of Ilie company's accounting policies, the directors are required to make judgements, eslimates and 2ssuniptions about the carrying amount of assets and liabilities that are not readily apparent Irom other sources. The estimates and associated as81]ptIonS are based on historical experience and other factors that are considered to be relevant. Actual results may differ froin Iliese estin)ates. The estiinates and underlyiiig assumptions are reviewed on an ongoing basis. Revisions to 3ccoiinting estimates are recognised in the period in which Ilie estimate is revised where the i'evisioii affects only that period, or in tlie pei'iod of the revision ai)d future periods whcrc the revision affects botl) current and future periods. The association has recognised a defiIied benefit pension scheii)e liability in the balance sheet, the value of which has been prepared by an independent qualified actt]ary. Tlie actuarial valuation involves making assuinptions about discount rates, future salaiy iii¢rease5, mortslity rates and future pension increases. Due to the complexity of tlie valuation, Il)e undcrlying assiiinplions and tlie long-tertn nature of tliese plans. such estimates are siibject lo significant uneeitainty. 13
St Matthews Housin Association Limited Notes to the Financial Statements Year Ended 31 March 2025 1. Accounting Policies Icontinuedl 1.11 Financial Insli'iiipie171s Financial instruments are recognised in the cotnpany's slateiiient of financial position when the company becomes party lo the contt'acttial provisions of Ilie in5tiuiiieiit. Financial assets and liabilities are offset , with the net 3mollnts presented in the financial statcments wlicn there is a legally enfoi'ceable riglil to set off the reeognised atnounls and the is an intention to settle on a Iiet basis or lo realise the asset and settle the liability simultaneously. Basicfiiiancial as3el3 Basic financial asscls, whicli includc trade and other receivables and cash and bank b313nces, are initially measiired at transaction price including transaction Costs and al'e subsequently carried al amortised cost using the effective interest met]iod unless the arrangement constitutes a fin8iicing transaction, whcre the transaction is measured at the present value ol the future receipts discounted al a Inarket i'atc of intcrest. Inap7cial asJeis Finaiicial assets, other than those held al fair value through pi'ofit and loss . are assessed for indicators of impairnient al each reporting end date. Financial assets are impaired where there is obje¢tive evidence that, as a result of one or more events that occiiri'ed after the iiiitial i'ecognition of the financial asset, the estimated fiiture cash flows have been affected. If an asset is impaired, tlic impall'ment loss is the difference between the carrying amount and the present value of the estiinated cash flows discountcd at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a dccrcase in tlie impaimenl loss arising from an event occurring after the impaimient iyas recognised, the impairnient is reversed. Tlie reversal is such Iliat the cutrenl carrying amoiint does not exceed what the carrying amount would have bcen, had thc impairment not previously been recogmised. The impaimient reversal is recognised in profit or loss. Derecog17ilion o Inancial assels Financial assets are derecognised only when the contraclual rights lo the casl) flows from the asset expire or are settled, oi. when the company transfers thc financial assct and substantially all the risks and rewards of ownership to 2nothei' entity. or if some sigiiificant risks and rewai'ds of ownci'sliip are retained bul control of the asset has Iransferi'ed to another party that 15 able to sell the asset in its enlii'cty lo an unrelated third party. clas3ificalEoi? o IiiUllCiL7I litsbililies Finaiicial liabilities and equity inslrutnenls are classified according lo tl)e substance of the contractual ari'angcinenls entei'ed into. An equity instrument is any conli'2Ct that evidence5 a residual interest in the assets of the company after deducting all of ils liabilities. Basicfii?ancial liabililies Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and prefcrciice shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing li'ansaction, Ivhei'e Ihc debt instruiiienl ts measured al the pi'esent value of tlie fiiliire i'eceipls discouiiled at a Iiiarkct ratc of interest. Dcbi instruments are subsequently carried at amorlised cost, using the effective interest rate Iiiethod. Tradc payablcs al'e obligations lo pay for goods or services that have been acquired in the oi'diiiary course of business from suppliers. Aceouiits payable are classified as Current liabilities if paymeiit is due within onc year or less. If iiot, they are presenled as non-currenl liabilities. Trade payables are recognised iiiitially at transaction price and siibscqucntly measured at amorlised cost using the effective interest meiliod. De1'ecoglIiopI offi11acial liabililies Financial liabilities are derecognised wliei) tlie company's conli'aelual obligations expire or are discharged or cancelled. 14
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2025 2. Turnover, operating costs and operating surplus 2025 2024 Operating Operating Operating costs surplus surplus Turnover Social Housing Aetivilies Non-social Housii)g Activities 1,530,232 113,307 .114,254 127,557 415,978 (14,250) 335,012 1,901 Totals 1,643,539 1,241,811 401,728 336,913 Turnover, operating costs and operating surplus from social housing activities 2025 2024 General Needs Total Total Incomg from Soelal Houslng Rent receivable nel of rates Service chargcs ieceivabl¢ Grant released 1,306,402 17,585 222,517 1,306,402 17,585 222,517 1,130,140 15,911 199,780 Gross income Voids 1,546,504 (16,272) 1.546,504 (16,272) 1,345,831 (13,068) Net income 1,530,232 1,530,232 1,332,763 Operating costs Services Rates MaT)agemenl Maintenance admin Planned alld cyclical Inaiiitenaiice Reactivc Inainlenance Bad debts Depreciation of properties 19,035 175,746 193,529 169,960 42,275 144,959 19,035 175,746 193,529 169,960 42,275 144,959 19,334 154,313 171,560 148,235 68,572 105,086 6,000 309,729 368,750 368,750 Total costs 1,114,254 1,114.254 997,751 Operating surpliis 415,978 415,978 335,012
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2025 2. Turnover, operating costs and operating surplus (continued) General Needs 2025 2024 Dfc Allowances Maiiageinent allowai)ces Manag¢Jn¢nt ¢osls 90,684 193,529 81,972 171,560 Costs in excess of notional allowances (102,845) (89,588) Maintenance allowances Plannedlcyclical Inainlenancc Reactive maintenai)cc 106,256 42,275 144,959 96,048 68,572 105,086 Costs in excess of iiotional allowances (80,978} (77,610) Gross income from rents and servlce charges Technical Non-tecluiical 844,320 463,395 731,865 401.118 Total 1,307,715 1,132,983 Turnover, operating costs and operating surplus from non-social housing activlties 2025 Total 2024 Total Income Devclopiiient Surplus on property disposal 113,307 98,824 15,265 Total 113,307 114,089 Operating costs Developiiienl other 113,307 14,250 98,824 13,364 Total 127,557 112,188 Operating surplus (14,250) ,901 16
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2025 2. Turnover, operating costs and operating surplus (continued) Houslng stock 2025 2024 No. Nuinber of ui)its oivned at 31 March.. General needs lioiising Slieltcred housing Supported housing 229 207 Total owned 229 207 Number ofunits managed but not owned at 31 Marcli.. General i)eeds housing Sheltered Iiousii)g Supported housing Total managed Total units owned and managed at 31 March 229 207 3. Board Members, Emoluments Board Members a¢1 in a voluntary capacity and none were in receipt of emoluments during the year, 4, Employee Informatlon 2025 2024 The average iveekly number of persons employed during tlie year was.. Office No. No. Staff c051s Salaries Social sccurity costs Otlier pension costs 271.996 29,465 51,221 232,291 23,332 41,514 352,682 297.138 Director's Emoluments Ag.egate emolumen15 Pension conttibulions 70,097 13,023 66,952 12,364 Total emoluments 83,120 79,316 The association has one director whose einolinents (excludii)g pension contribuluons) fall into tl)e following range.. More Ilian £60,00 I but not more tliaii £65,000 More than £65,00 I bul iiot iiiore tlian £75,000
st Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2025 2025 2024 5. Interest Receivable Interest receivablc froni unlisted investments 22,670 58,703 6. Interest Payable On bank loans, overdrafts and other loans: Bank Loans 1,710 109,236 1,463 58,058 110,946 59,521 7. Surplus on ordinary activities before tsxation Sui'plus on ordinary activities before laxalion is slated aftei. charging: Depieciation own¢d tangible fixed assets Amortisation of 47]1 Auditors, ieinuT)¢fdlion - audit work Auditors, remuneration - non-audit work Internal auditors, rcinuneration 378,698 (222,517) 8,000 I,500 9,600 314.058 (199,780) 8,000 1,500 9.600 8. Taxation No provision for curreiil or deferred taxation is necessary duc lo the charitable status of tlie association. 18
St Matthew's Housin Association Limited Notes to the Financtal Statements Year ended 31 March 2025 9. Tangible Fixed Assets - Housing Land and Buildings 202S 2024 Cost At beginning of year Additions Eliminated on disposal 20,929,420 6,655,842 20,055,911 5,039,244 (165,735) At end of year 27,585,262 20,929,420 Depreciation At b¢8ini)ing of year Cl)arge foT year Eliminated on disposal 5.244,541 368,7SO 5.048,080 308,358 (111,897) At end of year 5,613,291 5,244,541 Net Book Value Ai end of year 21.971.971 15.684,879 Net Book Value Comprises Completed scl)emcs Schemes in progress 19,623,826 2,348,145 13,821,080 1,863,799 21,971,971 l5,684,879 HAG and Other Grants At beginning of year Additions Re-cycled from DPF account Bliminated on disposal 13,574.791 2,480,000 36.897 12,566,698 967,821 158,958 (118,686) At end of year 16.091,688 13,574.791 Amortisation Al beginning of year Released in year Disposals 3.416,061 222,517 3,298,287 190,822 (73,048) At end of year 3.638,578 3,416.061 Net Book Value At 31 March 12,453,110 10,158.730 Released within one year Released after one year 235,000 12,218,110 191,000 9.967,730 12,453,110 10,158,730 19
st Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2025 10. Other Tanglble Flxed Assets Office premises Offlce equipment Total Cost At beginning of year Additions 255,388 318,537 108,626 1,306 364,014 319,843 At end of year 573,925 109,932 683,857 Depreciation At bcginning of year Charge for year 32,512 5,232 93,133 4,716 125,645 9,948 At end of year 37.744 97,849 135,593 Net Book Value At end of year 536,181 12,083 548,264 At begitujing of year 222,876 15,493 238,369 2025 2024 11. Debtors Arrears of rcnt- Icchnical Arrears of rent- non-technical Less: pi'ovision for bad and doubtful debts 52,947 52.394 (69,540) 33,504 60,214 (71,062) 35,801 22,656 HAG receivable Prepa)qnen15 and accrued income Other debtors 20,662 17,331 54,397 14,888 73,794 91.941 12. Creditors Amounts falling due within one year.. Acci'uals ai)d deferi'ed in¢oine Rents received in advance Deferred grant (nolc 9) Lo8n 449,743 14,317 235,000 190,741 13,607 191,000 699,060 395,348 20
st Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2025 2025 2024 12. CredStors (con(inuedJ Amounts falling due after more than one year.. Loans Disposal proceeds fund 3,436,011 131,330 736,011 168,227 3,567,341 904,238 Loans Loans are secured on individual assets of the Association ai)d are repayable in inslalments as follows-. In one ycar or less Between one and two years Between two and fiv¢ years In five years or more 50,000 3,386,011 736,011 Housing loans 3,436,011 736,011 Bank debi 15 Secured by way of mortgages upon the deeds of the related properties financed by loans and bear inlercst at a variable rate in the range 5.500/0 10 6.50/.. 13. Share Capltal Ordinary shares of £1 ea¢h fully paid- Balaiice broiiglit forward 57 Balai)ce carried forward 57 14. Capital Reserves Balancc brought forward 301 Balance carried forward 301 15. Revenue Reserves 2025 2024 Balance brouglit fonvard Surplus for year Acluai'ial gain(loss) for the year 6.639,494 316,452 (3,000) 6,303,399 330,095 6,000 Balance carried forward 6,952,946 6.639,494 21
St Matthew's Housin Association Limited Notes to the Financial Statements Year ended 31 March 2025 16. Related Party Transactions The following balances in debtors exist witl) related parties: 2025 2024 Te¢liiii¢al rent arrears Car loa 7.778 6,110 Inleiest is cliaTged on loans. 17. Retirement Benefits T])e Association's pension scheme form5 part of the total fund administeied by NILGOSC. St Matthew's has contributed at a rale of 190/0 of pensionablc salaries. M¢inb¢r5 havc paid contributions at Ihc ralcs up to 8.50/0. Forinal valuati0115 arc carried out at rcgular intcrva15 by independent professionally qualified actuaries. The last foi'nial valuation was carried out as at 31 March 2022. 2025 2024 Assumptions Rale of salaiy increas¢ Pensioi) ii)creases in paymcnt Discount rale Rate of inflation 2.85/0 2.85% 2.90 /D 2.90/0 Assets and Llabllltles Total value of assets Present Vdlue of funded liabilities 1,754,000 1,340,000 1,633,000 1,420,000 Assetl(deficit} Asset not recognised 414,000 (414,000) 213.000 (213,000) Nel pension asset (liability) Average expected futtire life at age 65 for.. Male currently aged 65 Feinale currently aged 65 Male currently aged 45 Female currently aged 45 20.8 years 23.9 years 21.4 years 24.9 years 20.8 years 23.8 years 21.7 years 24.8 years 22
St Matthew's Housin Association Limited Notes to the Finan¢lal Statements Year ended 31 March 2025 17. Retirement Benefits (¢onlinued) The following amounts have been recognised in tl)e performance statements for the period to 31 March 2025. 2025 2024 Analysis of the amount charged to operating profit Service cost Past s¢rvice cost Settlemcnls and curtailments 58,000 50,000 Total opcrating charge Analysis of thp amount credlted to flnanclng of provisions Expected return 1iltei.est on pension liabilities 58,000 50,000 81.000 (71,000) 69,000 (67,000) 2,000 Net finance charge Amount recognised in the statement of total recognised gains and losses ISTRGLI Acttiarial (loss) gain in STRGL Movement In surplus during the year Deficit at l April Total operatiiig charge Contributions by employer Net finance cliarge Actuarial (loss) gain in STRGL 10,000 (3.000) 6,000 (58,000} 51,000 i 0,000 (3,000) (50,000) 42,000 2,000 6,000 Deficit at 31 March 18. Capital Commitments There are ¢apilal conimitments totalling £500,000 that liave bcen contracted for. 19. Contingent Liability There exists a coi)tiiigent liability on tl)e Association of the possibility of haviiig lo repay grants r¢¢eived on properties if any properties are sold. This also includcs any grants written off Ihroug]i ¢ompotient rcplacemenls. 23