Radius Housing Association Limited
16
Independent auditors, report to the members of Radius Housing Association Limited
Report on the audit of the financial statements
Opinion
We have audlted ihe flnancial ststements of Radiu5 Housing Association Limited (the"As50ciation") and its subsidiaries (together the
"Group") for the year ended 31 March 2023, which comprise the Consolidated and Association's statement of comprehensive income.
the Consolidated and Association's statement of changes in reserve5, the Consolidated and Association's statemeni of fEnancial position
and the Consolidated statement of cash flows. and the reEated notes to the f￿ancial statements. including a summary of significant
accounting policies.
The financial reportin8 framework that has been applied in tILe preparation ofthe fJnan¢ial ststements is applicable law and ac¢ounting
standards issued by the Financial Reporting Council including FRS 102 "The Financial Reporting Standard applicable in the UK and
Republic of treland- (United Kingdom Generally A¢cepced Accounting Practice).
In our opinion. Radius Housing Association Limited'5 financial statements..
give a true and fair view in accordance with United Kingdom Generally Accepted Ac¢ounting Practice of the state of affairs
of the Group and the Association as at 31 March 2023 of the assets, liabilities and financial position of the Group and Association's
income and expenditure and the Group's cash flows for the year then ended" and
have been properly prepared in a¢cordance with the r¢quir¢m¢nts of Co-op¢rative and Cominunity Benefit Societies A¢¢
(Northern Ireland) 1969. the Housing (Notthem Ireland) Order 1992. Registered Housing Associations (Accounting Requirements)
Order (Northern Ireland) 1993 and the Charities A¢t (Northern Ireland) 2008.
Basis for opinion
We conducted our audit in &ccordallce with International Standards on Auditing {UK) ('ISAs (UK).) and applicabl¢ law. Our
responsibilities under those standards are fijrther described in the 'Responsibilities of the auditor for the audit of the financial
5tatementS' Section of our report. We are independent of the Group and Association in accordance with the ethical requirements that
are relevant to our audit of the finan¢ial statements in the United Kingdom. including the FRC'S Ethic&l Siand8rd and the ethical
pronouncements established by Chartered Accountants Irelan4 applied as deteTmined to be appropriate An the cvreumslances for th¢
entity. We have fulfilled our other ethical responsibilities in accordance with these requiremenls. We believe thai the audit evidence
we have obtained 15 sufficient and appropriate to provide a b&sis for our opinion.
Conclusions relating to going concern
In auditing the ffftanctal statements, we have eonoluded that the Board of Mana8ements' use of going ¢on¢em basis of accounting in
the preparation of the fmaneial statements is appropriate.
Based on the work we have perforn]ed. we have not identified any material uncertainties relating to events or coJ)dirions that
individually or collectively. may cast significant doubt on the Group and Association's ability to continue as a going concern for a
period of at least twelve months from the date when the financi81 statements are authorised for issue.
Our responsibilities and the responsibilities of the Boord of Management with respect to going concern are descTibed in the relevant
sections of this report.
Other information
Other infO￿ation Gomprises infonnatis)n included in the annual report, oth¢T than the fjnancial statements and our auditor'5 report
thereon. inrludin8 the Strat¢8i¢ R¢port of th¢ Board of MaiJag¢ment, and th¢ Report of th¢ Board of Mana8einent. The Board of
Management are responsible for the other inforn]ation. Our opinion on the fin￿¢la) statements doEs not cover Ihe other infoThation
and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance con¢lusion thercon.
In ¢ODne¢tion with our audit of the financial 5tal¢ments, our responsibility is to read the other infonnalion and, in doing so. consider
whether the other infomiation is materially in¢on51St¢nt with the F￿ancial siatements or our knowledge obtained in the audit, or
otherwise appears io be materially misststed. If we identify such material inconsistenoies in the fJnan¢ial ststements. we are required
to deterniine whether there is a mat¢rial misstatement in the f￿ancIal statements or a material misstatement of the other infornjation.
If. b￿ed on the work we have performed. we conclude that there is a meterial misstatement of this other infornialion. we are required
to report that fact.
We have nothing to report in this regard.

Radius Housing Association Limited
17
Independent auditors, report to the members of Radius Housxng Association Limited
(colltinued)
Report on the audit of the flnaneial statements (continued)
Matters on whi¢h we are reqllired to report by ¢xceptioD
Under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 we are required to report to you if, in our
opinion=
tELe Association have noi kept proper books of account. or
the Association have not maintsined a satisfactory system of control over transactions. or
the financial statements are not in agreement with the Association's book5 of accounL or
we have not received all the information and explanations we require for our audit.
We have nothing io report in this regard.
Under the Charities Act (Northern Ireland) 2008 and Regulation 9 of the Charities (Accounts and Reports) Regulations (Nonhem
Ireland) 2015, we are required to report to you if, in our opioion..
sufficient accounting records have not been kept.
the fjnancial staEements are not in agreement with the accounting records; or
we have not received all the infornation and explanations we requite for our audit. or
the information given in the Report of the Board of Management and the Strategic Report As inconsisknt in any material
re5PeCt.
We have nothing to report in this regard.
Responsibilities of managemenl and those charged with gov¢rn3nc¢ for th¢ fi￿anCIal statements
A5 ¢xplained more fully in the Board of Manaoements. responsibiltties statemen¢ managem¢nt IS Te5pon5ible for the preparation of
the fJnan¢ial statements which give a ttue and fair view in accordance with United Kingdom Generally Accepted Ac¢ounting Pra¢tic¢,
including FRS 102, and for such internal Control as director5 detennine necessary to enable the preparation of fmancial stalemenls are
free from material misstatement, whether du¢ to fraud or error.
In preparing the financial statements. management is responsible for assessing the Group and Association's ability to continue as a
going Concern. disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless
management either intends lo liquidate the Group and Association or to cease operations. or has no realistic alternative bul to do so.
Those charged with governance are responsible for overseeintr the Group and Asso¢iation's f￿ancial reportingproces5.
R¢sponsibilities of the auditor for the audit of the fin8ncial statements
The objectives of an auditor are to obtain reasonable assurance about wheth¢r the financial statements as a whole are free from material
tnisstatement, whether due to frdud or e￿Or, and to 155u¢ an auditor's report that includes their opinion. Reasonable assurance is a high
level of assurance. but is not a suarant¢e that an audit CQDducted in acroTdance wilh ISAS (UK) will alway5 detect a material
rnisstaremeni when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic d￿lSIonS of users taken on the basis of these financial statements.
A fijrther description of auditor's responsibilities for tb¢ audit of the finan¢ial statements is located on the Financid Reporting
Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forn)s part of our auditor's report.
%pluiiailoii as io wlial ￿le￿i ilie atldli coftslderedcapable of delecflng Irregularliles, Ineludlngfraud
Irregularities. including fraul are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, Olltlined above. to detsct material misstatements in respect of iffegul8rities, including fraud. Owing to the inherent
limitations of an audit, there 15 an unavoidable risk that material misstatement in the financial statements may not be d¢tected. even
though the audit is properly planned and perfornied in accordance with the ISAS (UK). The extent to which our procedure5 ar¢ capable
of detecting irre8ularities, including fraud i5 detailed below.

Radius Housing Association Limited
18
Independent auditors, report to the members of Radius Housing Association Limited
(continued)
Report on the audit of the financial statements (continued)
Expjkllation gs to what extent the audit wo$ considered tapable of detecting irregularities, including framd {Con£inued)
Based on our understanding of the Group and Association. we identified that the principal risks of non-¢ompliance with laws and
regulations related to compliance with Data Privacy law, Employrnent Law. Environmentsl Regulations, Pensions Legislation, Health
& Safety, and we considered the extent to which non-compliance might have a material effect on the fmancial statements. We also
on5idered those laws and regulations that have a direct impact on the preparation of the financial staternents. We evaluated
management's inceniives and opportunities for fraudulent manipulation of the financial statemenls (including the risk of override of
controls), and deterniined that the prineipal risks were related to P05ting inappropriate journal entries lo manipulate financial
perforniance and management bias through judgemenls and assumptions in significant accounting ¢stimates, in particular in relation to
sRgnifLcant one-off or unusual transactions.
Responsibilities of th¢ auditor lor the audit of the fJnanci815tatement$
We apply professional scepti¢ism through the audit to consider potential deliberate omission orconcealrnenl ofsignificant transaction5,
or incompletelinaccurate disclosures in the fijjancial statement.
In response to these principal ri5k& our audit procedures included but were not limited to."
¢nquiries of manag¢m¢nt board on the policies and procethjres in place regarding compliance with laws and regulations.
including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual,
5Uspe¢ted or alleged fraud.
inspection of the Group and the Association's regulatory and legal correspondence and review of minutes of board meetings
during the year to conoborate inquiries mad¢.
gaining an understanding of the internal controls ¢stablished to mitigate risk related to fraud.
discussion amongst the engagement team in relatÉon 10 the identified laws and reoulations and regarding the risk of frau¢ and
remaining alert to any indications of non-compliance OT Opportunities for fraudulent manipulation of financial statements
throughout the audi¢
identifying and testing journal entries to address the risk of inappropriate journals and management ove￿Ide of Controls;
designing audit procedures to incorporate unpredictability around the natwe, timing or extent of our testing"
Challenging assumptions and judgements made by management in their sigThifIcant accounting estimates, including useful
economic life of housing and non-hou5ing properties, and defined benefit assumptions- and
r¢vi¢w of the financial statement disclosures to underlying supporting documentation and inquiries of rnanagement.
The primary responsibility for the prevention and detection of irreryularities including fraud rests with those charged with governance
and managemettt. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusiory forgery,
intentional omissions, misrepresenlations or overrid¢ of internal ¢oiitrols.
The purpose of our audit work and to whotn ive oive our responsibiliti¢5
Our report is made solely to the Association in accordance with Section 43 of the Co-operative and Community Benefit Societies Act
(Nortliern Ireland) 1969. section 65 of the Charitie5 Act (Northern Ireland) 2008. regulations made under section 66 of that Act (Part
4 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and article 19 of The Housing (Northern Ireland) Order
1992. Our audit work has been undertaken so that we might state to the Association those matters we are required to state to them in
an auditor's report and for no other purpose. To the fullest extent pem]ilted by law, we do not accept or assume responsibility io anyone
other than the Association as a body. for our audit work. for this repo¢ or for the opinions we have fonned.
Louise Kelly (Senior Statutory Auditor)
For and on behalf of
Grant Thornton (Nl) LLP
Chartered Accountants & Statutory Auditors
Belfrdst
Northern Ireland
19

Radius Housing Association Limited
19
Consolidated statement of comprehensive income for the year ended 31 March 2023
2023
2022
Note
Turnover
97,067.730
(83,243J76)
13,824,354
(1,336,751)
406.645
127,659
(8,439,665)
1602,947
94.162.736
{78,882.355)
15,280,381
(330,592)
(41.59G)
&062
(8.542,691)
(511)
(25,000)
6,348,059
Operatiog costs
Operating surplus
Transfer to Disposal Proeeeds Fund
Transfer froml(to) Tenant Services Fund
Interest receivable and similar income
Interest payable and similar Charges
Net pension income
Exceptional wsts
Surplus before tax for the finaneiaR year
Taxallon
io
12
13
7,185,189
14
Surplus for the finan¢lal year
Other comprehensive bneomd(expense):
Fair value gain on fmancial instruments
Pension scheme deficit rcduclion payments
Actuarial (lossygain in respect of pension scheme5
Total other comprehensive (expenses)lincome
Total ¢omprebensive income for the year
7,185,189
6.348.059
199,878
(1,669,000)
(2,605,000)
(4,074,122)
3,111,067
177,273
(1,639,000)
10.754,000
9.292.273
I5.640,332
36
The notes on pages 24 to 49 are an integral part of these consolidated financial statements.
All amounts above relate Eo Continuing operations of the Group.
Consolidated statement of changes in reserves for the year ended 31 March 2023
2023
2022
Not
Sl￿pIUs for the financial year
Fair value gain on fmancial instruments
Pension scheme deficit reduction payments
A¢￿arIal (lossygain recognised in pension scheme
Issue of share Gapital
Net addition to capital and reserves
Opening total capital atid reserves
C105itt total ea
ital and reserves
7,185,189
199,878
(1,669,000)
(2,605,000)
6,348.059
177,273
(1,639,1)00)
10,754,000
36
28
3,111,068
159.515.893
162 626,961
15,640,334
143,875,559
159.515.893