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 pu￿oSe. 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 der￿cd 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 as8￿1]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'ecog￿lIiopI offi11a￿cial 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