The Irish MethoJi5t Mini5tew5 Housin Limited COMMITfEE ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2023 Th8 m8mbers of the mmmitte8 presenl their rerKJrt and financi81 statements ofthe cornpanyforthe year ended 30 Septernber 2023. Legal Status & Go¥eman¢e Arrangements The Irish Methodist Mini5ter5 Housing Society Limited is a company lirnited by guarantee aThJ is registered as a charity ryth the Her Majestys Revenue and Customs (Reference NumberXN457941. The society is governe(J by its Memorandum and Artides ofAsswabon and It a registered charity regulated by The Charity Commission for Northern Ireland {Registerj Chty number NIC1057271. and the Fina1 Conduct Authonty. It is not for profit and Is lirntted by guarantee. Th8 Board of Directors meet twce a year wlh ongoing. less lornal. cxnrnuniGgb'ons throughout th8 year The Board is further suptM)rted by sutxommittees indu¢ing the Executive Committee and the Applications Committee which meet as and wvhen quire{l. The ExecLrtive Committee is $nSible f( rewwng all rdioes and pr£edu and making report5 and recomrnendations to the Board of DireLtor5. Directors are drawn frorn a wide range of backgrounds aw¥J Skill sets. and are reapwinted on a three-year rotation ba515 Objectives of The Irish Methodist Ministers Housing sO¢ty Limite(I The company was established in orderto provide housirmj for retired Methodist ministers and treir wi¢Jows, of lirnited mean5. Our porttolio currently con515ts of 31 propertie5 28 of are occupied by rninisters and th[ fatnilie5, three propertses are lel to others in the general public populatron. Private tenants are thoroughly assessed for rdiabilily and affordability. Activities During 2022123 The company continued to prowde housing for reb.red Mell15t tninisters and thelrv+1do. During the year three propertses were vacated and one purthased_ Property repairs 1¢h We due to undergo a rdling Maintenan arKJ upgrade togramrne re delayed to a certain extent, due to the Impact which the pandemic has had on ntraCtOrS. However, dunng the year, normal repaits on the property resutned. Our routine inspection ol all propetbes is undetwdy With reports prepared for each property. I committee meebngs were hdd via Zcom this year and are delighted that members ernbracd n8Wt8chnologies to ensure the continued eftective governance and sateguarding of the knety and its activites. Financial Controls The members of the mmmitte8 feel that there are suffiDent financial controls in the cornpany to allow it to operate effectively. The reporting requirements for each funder are rnaintsined and controlled effectively. Financial perfomiance is scrutinised by the Board and the extemal aUditS. Intemal contrds indude expenditu authorisation by two signatories. Capital Is safeguarded by our Investment Policy whith was approved in Dernber 2021 and are rew&%Ed regularfy. Reserves Policy & Going Concern l of the Society's funds are considere(I to be unrestrKXed •thin the pur)Se$ of prowding housing for tired Methodist ministers and their widows as laid out in the Memorandum and Artides. Sutplus, generated are taken to reserves. Based on our robust reserves FK)licy and undet5tanding of current rnatket conditions and extemal factors, the Board has a resonable expectabon thai the Siety has adequate resources to mntinu& in operational e$tenCe for the foeeable future. Therefe. the finanaal statements have been prepared on the going concern basis. Risk Review The Board of Directors have assessed the Major risks to whith Ihe tharty is ex. in partiular those related lo the operations and finanTrs of the company and are sabsfied that systems a in rAa to mitigate our exposure to the major nsks. Meetings of the Board have recurrent agenda items vhich indude eW ofthe Risk Register. Financial Performance The surplus for the year was £335.736. Capital value at the year end totslled £3.654,982 consisting of £14 Sha caprtal and £3,654,968 in venue which is invested in a combination of yoperties and longer temi investrnents. The members of the committee The members of the committee of Ihe company are noied on page 1.
The Irlsh Methodlst Mln68tsrs Hou81 Soc Llmlted COMMrrrEE ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2023 Re$w)nsibilities olthe Committee Industral and Provident Scoety law requires the cornrnritee to prepare finanual 5tstements foreach finanoal year which give a true and fairvthy of the state of arraits of the tharity atthe end of the yearof the incorning and outyoing reSOuS forthe yearthen ended. In preparing those finanaal stalemenls, the commrttee is requ¥ed to select sUitae accounts.ng and Ihen apY Ihetn consistenly. making judgernents and e5btnates that are reasonatAe and prudent. The commitee must also prepare the financ ststernents on the going concern basisunle55 it Is Inapproprkqte to presume that tt)e charity %tril eontinue its acbvibes. The committee is responsitle for keeping proper accounts.ng records which disdose with reaxfiable acLuracy at any time the finanaal pos0 of the charity and to enable them to ensure thatthefinanul staternents comF4y wth the Ctroperalive and Communty Benefft Sc¢ieties Act (Nothem Ireland 11969. The committee is also reS$1ble for safeguarding the assets of the tharity and hence for taking reaSonae Steps forth8 prtV8ntion and detection crffraud and othef Irre98[[he$. AudKor8 A res(Aution to reappDillt Rogan Accountary Limited as auditots of the SetyW11 be tSed atthe Annual Gener Meeting ApprovÉd by the committee on". 5 Decemi*r2023 T H Millar MBE Chairtnan