CHhRTBR£D ACCOUNTANTS We have audited rhe financial statements ofArk Housing Association Northern Ireland Limited (the 'Association') for the year ended 31 March 2024 which comprise of the Statement of Comprehensive Income, the Statement of Changes in Reserves, the Statement of Financial Position. the Statement of Cash Flows and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The binancial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give 3 true and fair view of the stare of the Association's alfairs as at 31 March 2024 and of its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with requirements of the Co-operative and Community Benefit Societies Act (Northem Ireland) 1969 and the Registered Housing Associations (Accounting Requiremenls) Order (Northern Irelandj 1993. Basls for oplnfion We conducted our audit in accordance with International Standard5 on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are furtherdescribed in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Association in accordance with the ethical requirements that are relevant to oui audit of the financial stafemenfs in rhe UK. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our orher ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide 2 basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Board's use of the going concern basis of accountiT]g in the preparation of the fiTJancial statements is appropriate. Based on the work we have performed. we have not identified any material uncertairbties relating to events or condition5 that, individually or collectively. may cast significant doubt on the association's ability to continue as a going concern fora period of at leasttwelve months from when the financial statements are authorised for issue. Our responsibilities and the re5ponsibtlities of the Board wirh respect to going concern are described in the relevant sections of this report. A]fred House A9 Alfred Street BELFAsf BT2 8EQ DX3910 NR Belfast so Celllurv Ilouse 4rTr Creseenl Business Park LISLILlk BT28 2GIST 17.112ndeiqlle Sireel PORTADOWN. CraÈga¥DEJ BT62.8PB Tel: +44 (0)28 9031 IlJ3 Fax: +44 (0)28 9031 07T7 Tel: +44 (0)28 920D T455 Fax.. +44 (0128 921)0 16j6 Tcl.. +44 (()128 383.3 2801 rdi- 44410128 3835 029J GMtG trnthn$n8MtrfGkltGGtwlilllitè￿Rry1￿ 17 www.gmegea.com Other Information The other information comprises the information included in the annual reporL other than the financial statements and our auditor's reporr thereon. The Board 15 responsible for the other information contained within the annual report. Our opinion on the financial Statements does noi cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doingso. consider whether the other infortnation is maferially inconsistent with rhe financial staternents or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent rnaterial misstatements. we are required to determine whether this gives rise to a material rni5Statement in the financial statemenis themselves. If. based on the work we have performed. we conclude that there is 3 material rnisstateTnent olthi5 Other information. we are required to report that facL We have nothing to report in this regard. Matters on whlch we are required to reportby exceptioll In the light of our knowledge and understanding of the Association and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Board. We have nothing 10 report in respect of the following matters where the Co-opeiative and Community Benefit Societies Act (Northern Ireland] 1969 requires us to report to you, if in our opinion- the Association has not kept proper books of account- or a satisfactory System of control over transactions has not been mainrained.. or the financial statements are not in agreement with the Association's books of account- or we have not obtained all the inforniation and explanations necessary for the purpose ofour audit. Responsibilities of the Board As explained more fully in the statement of board members, responsibilities Set out on page 3, the Board is responsible lor the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Board defermiTJe 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or erTQr. In preparing the financial statement5. the Board 15 responsible for assessing the Association's ability to continue as a going concern, disclosing as applicable. matters related to going concern and using the going concern basi5 of accounting unless the Board either intends to liquidate the association orto cease Dperafions, or to have no realistic alternative but to do so. 18 Auditors. responsibilitie￿Or the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of 35surance. but it 15 not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material rni55tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expecled to influence the economic decisions of users taken on the basis olthese financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We deSlEn procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, 15 detailed below. Extent to which the audit was considered capable of detectlng Irregularities. including fraud We identify and assess the risks of material Tllisstatementof the financial statements, whether due to fraud or error. and then design and perfortn audit procedures responsive to those risks, including obtainin8 audit evidence tha¢ is sufficient and appropriate to provide a basis for our opinion. In identifyin8 and a55essing potential risks of material misstatement in respectof irregularities, including fraud and non-compliances with laws and regulations. we considered the following-. The nature ol Ihe industry and sector, control environment and business performance. including the Association's remuneration policies for directors. bonus levels and performance targets, if any,. Results of our enquiries of manageTDent about their own identification and assessment of the risks of irregularities- Any matters we identified having obtained and reviewed the Association's documentatlon of rheir policies and procedures relating to- IdentI￿-ng evaluating and complying with laws and regulations and whether they were aware of any insfance of non-cornpliance.. Detecting and responding to the risks of fraud and whether they have and knowledge of any actual, 5U5pected or alleged fraud.. and The internal controls established to mitigate risks olfraud or non-compliance with law5 and regulations- The matters discussed among the audit engagement team regarding how and where fraud Tnight occur in the financial statements and potential indicators of fraud. As a result of these procedures. we considered the opportunities and incentives that may exis¢ within rhe Association for fraud and identified the greatest potential (or fraud in revenue recognition. In common with all audits under ISAS (UK), we also perform specific procedures to respond to the risk ofmanagement override. We also obtained an understanding of the legal and regulatory frameworks that Ihe Association operates in. focusing on provision5 of those laws and regulations that had 3 direct effect on the deterJnination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in thi5 context included the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969. the Re8lStered Housing Associations (Accounting Requirements) Order {Northern Ireland) 1993 and the Statement of Recommended Practice for Social Housing Provider5 2018. 19 Extent to whlch the audit was considered capable of detecting irregularities. including fraud (conydj In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Assoiiation's ability to operate or to avoid a material penalty. Audlt response to risks identified Our procedures to respond to the risks identified included the following: Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations desiribed as having a direct effect on the financial statements: Enquiring of management concerning achjal and potential litlEation and claims.. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud- Reading rninutes of meetings olthose charged with governance and reviewing correspolldence with tax authorities.. and In addressing the risk of fraud through man3gernent override of controls, testing the appropriateness of journal entries and other adjustments- assessing whether the judgements made in making accounting estimates are indicative of 2 Potential bias- and evaluating the business rationale ol any Significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified law5 and regulatlQDS and potential fraud risks to all eng3geTnent team members and remained alert to any indiiations of fraud or non-compliance with laws and regulations throughout the audit. Owing to thè inherent limitations of an audit. there is an unavoidable risk that we may not have detected Some material mi55tatemen15 in the financial statements. even though we have properly planned and perforTned our audit in accordance with auditing standards. In addition. a5 wiih any audit. there reTnains a higher i-isk of non- deteciion of irregularities. as they may involve collusion. forgery. intentional omi55ions, misrepresentations. or the override of internal controls. We are not responsible (or preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulatlODS. A further description of our responsibilities for the audit or the financial statements is located on the liinaiicial Reporting Council's website at www. au res ons This description forms part of our auditors report. Use of our report This report is made solely to the Association's members, as a body. in accordance with Section 43 of the Co- operative and Community Benefit Societies Act {Northern Ireland) 1969 and article 19 of The Housing (Northern Ireland) Order 1992. Our audit work has been undertaken so that we Tnight state to the Association's members those matters we are required to state to them in an auditor's reportand forno other purpose. To the fullestextent permitred by law. we do not accept or assume responsibility to anyone orher than the Association and the Association's members as a body, for ouraudit work. for this reporL or for the opinions we have lormed. Mr Nigel Moore FCA Senior Statutory Auditor GMCG BELFAST Chartered Accountants & Statutory Auditor Alfred House 19 Alfred Street Belfast BT2 8EQ Date.. 241une 2024 21