IP000107
## **THE IRISH METHODIST MINISTERS HOUSING SOCIETY LIMITED**
# **BOARD REPORT**
## **AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30TH SEPTEMBER 2025**
## **The Irish Methodist Ministers Housing Society Limited**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 SEPTEMBER 2025**
|**Contents**|**page**|
|---|---|
|Members of the Board and professional advisors|**1**|
|Members of the Board annual report|**2**|
|Statement of the Board's responsibilities|**3**|
|Independent auditor's report|**4**|
|Revenue Account|**7**|
|Balance sheet|**8**|
|Notes to the financial statements|**9**|
## **The Irish Methodist Ministers Housing Society Limited**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDING 30TH SEPTEMBER 2025**
**Members of the Board** Mr Thomas H Millar M(Chairman) Mr David E Ferguson Mr David Smyth Mrs Margaret D Copeland Mr Ivor Moffitt Mr Thomas G Fitzpatrick Mrs Jennifer P Stutt Mr John A F Hutchinson Rev John M Sweeney (Resigned 3 June 2025) **Treasurer** Mr G Lester Wood **Secretary** Mr Ivor Moffitt **Company number** IP000107 **Registered office** 3 Hillcrest Pond Park Road Lisburn BT28 3LJ **Auditors** Rogan Accountancy Limited Sketrick House Jubilee Road Newtownards BT23 4YH **Bankers** Danske Bank Donegall Square West Belfast BT1 6JS
**1**
## **The Irish Methodist Ministers Housing Society Limited**
## **BOARD ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2025**
The members of the Board present their report and financial statements of the company for the year ended 30 September 2025.
## **Legal Status & Governance Arrangements**
The Irish Methodist Ministers Housing Society Limited is a company limited by guarantee and is registered as a charity with the Her Majesty's Revenue and Customs (Reference Number XN45794).
The society is governed by its Memorandum and Articles of Association and it a registered charity, regulated by The Charity Commission for Northern Ireland (Registered Charity number NIC105727), and the Financial Conduct Authority. It is not for profit and is limited by guarantee.
The Board of Directors meet twice a year with ongoing, less formal, communications throughout the year. The Board is further supported by sub-committees including the Executive Committee and the Applications Committee which meet as and when required. The Executive Committee is responsible for reviewing all policies and procedures and making reports and recommendations to the Board of Directors.
Directors are drawn from a wide range of backgrounds and skill sets, and are reappointed on a three-year rotation basis
## **Objectives of The Irish Methodist Ministers Housing Society Limited**
The company was established in order to provide housing for retired Methodist ministers and their widows, of limited means. Our portfolio currently consists of 32 properties, 29 of which are occupied by ministers and their families, three properties are let to others in the general public population. Private tenants are thoroughly assessed for reliability and affordability.
## **Activities During 2024/25**
The company continued to provide housing for retired Methodist ministers and their widows. During the year two properties were acquired and one property was sold.
Normal repairs on the property portfolio and routine inspections continued, with reports prepared for each property.
Most Board meetings were held via Zoom this year and we are delighted that our members embraced new technologies to ensure the continued effective governance and safeguarding of the Society and its activites. One Board meeting was held in person.
## **Financial Controls**
The members of the Board feel that there are sufficient financial controls in the company to allow it to operate effectively. The reporting requirements for each funder are maintained and controlled effectively. Financial performance is scrutinised by the Board and the external auditors. Internal controls include expenditure authorisation by two signatories. Capital is safeguarded by our Investment Policy which was approved in December 2021 and is reviewed annually, most recently in December 2025.
## **Reserves Policy & Going Concern**
All of the Society's funds are considered to be unrestricted within the purposes of providing housing for retired Methodist ministers and their widows as laid out in the Memorandum and Articles. Surplus' generated are taken to reserves. Based on our robust reserves policy and understanding of current market conditions and external factors, the Board has a resonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Therefore, the financial statements have been prepared on the going concern basis.
## **Risk Review**
The Board of Directors have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the company and are satisfied that systems are in place to mitigate our exposure to the major risks. Meetings of the Board have recurrent agenda items which include review of the Risk Register.
## **Financial Performance**
The surplus for the year was £257,386. Capital value at the year end totalled £4,195,215 consisting of £14 share capital and £4,195,201 in revenue which is invested in a combination of properties and longer term investments.
## **The members of the Board**
The members of the Board of the company are noted on page 1.
**2**
**The Irish Methodist Ministers Housing Society Limited**
**BOARD ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2025**
## **Responsibilities of the Board**
Industrial and Provident Society law requires the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity at the end of the year of the incoming and outgoing resources for the year then ended.
In preparing those financial statements, the Board is required to select suitable accounting policies and then apply them consistently, making judgements and estimates that are reasonable and prudent. The Board must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Co-operative and Community Benefit Societies Act (Northern Ireland ) 1969.
The Board is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Auditors**
A resolution to reappoint Rogan Accountancy Limited as auditors of the Society will be proposed at the Annual General Meeting
Approved by the Board on: 9 December 2025
T H Millar MBE Chairman
**3**
**Independent auditor's report to the members of The Irish Methodist Ministers Housing Society Limited for the year ended 30 September 2025**
## **OPINION**
We have audited the financial statements of The Irish Methodist Ministers Housing Society Limited (“the Society”) for the year ended 30[th] September 2025 which comprise the Revenue Account, Balance Sheet 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 Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Society’s members, as a body. Our audit work has been undertaken so that we might state to the Society’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Society and the Society’s members as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion the financial statements:
- give a true and fair view of the state of the Society’s affairs as at 30[th] September 2025 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 the requirements of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 (previously the Industrial and Provident Societies Act (Northern Ireland) 1969).
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and the provisions available for small entities and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the Board’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the Board has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Society’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
**4**
**Independent auditor's report to the members of The Irish Methodist Ministers Housing Society Limited for the year ended 30 September 2025**
The Board is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 (previously the Industrial and Provident Societies Act (Northern Ireland) 1969) requires us to report to you if, in our opinion:
- the Society has not kept proper books of account, and not maintained a satisfactory system of control over its transactions, in accordance with the requirements of the legislation; or
- the revenue account, any other accounts to which our report relates, and the balance sheet are not in agreement with the Society’s books of account; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the Board**
As explained more fully in the Board’s responsibilities statement set out on page 3, the Board is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board responsible for assessing the Society’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board either intends to liquidate the Society or to cease operations, or has no realistic alternative but to do so.
## **Auditor’s responsibilities for 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement 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 decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
**5**
## **Independent auditor's report to the members of The Irish Methodist Ministers Housing Society Limited for the year ended 30 September 2025**
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but, except to the extent otherwise explicitly stated in our report, not for the purpose of expressing an opinion on the effectiveness of the Society’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board.
- Conclude on the appropriateness of the Board’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Society’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Society to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Imelda Rogan FCA
Senior Statutory Auditor for and on behalf of Rogan Accountancy Chartered Accountants Newtownards
9 December 2025
**6**
**The Irish Methodist Ministers Housing Society Limited**
## **STATEMENT OF COMPREHENSIVE INCOME (SoCI) - INCOME AND EXPENDITURE ACCOUNT**
|**Year ended 30 September 2025**
**Notes**
Turnover
**2**
Operating Costs
**2**
**Operating surplus/(deficit)**
**2**
Interest and dividends receivable
**3**
Profit on disposal of fixed assets
Other income
**2**
**Surplus on ordinary activities before taxation**
Tax on surplus on ordinary activities
**5**
**Surplus on ordinary activities after taxation**
**10**
**Opening reserves**
**10**
**Closing reserves**
**10**
**STATEMENT OF CHANGES IN EQUITY**
Year ended 30 September 2025
**Revenue Reserves**
Opening Reserves
Surplus for the year
Closing reserves
**Share Capital**
Opening Share Capital
Change in Share Capital
Closing Share Capital
Total Equity
**Surplus for the year transferred to reserves**|**2025**
**£**
**84,009**
**56,781**
**27,227**
**40,385**
**189,474**
**300**
**257,386**
**-**
**257,386**
**257,386**
**3,937,815**
**4,195,201**
**2025**
**£**
**3,937,815**
**257,386**
**4,195,201**
**14**
**-**
**14**
**4,195,215**|2024
£
85,939
61,481
24,458
43,989
214,100
300|
|---|---|---|
|||282,847|
|||-|
|||282,847|
||||
|||282,847|
|||3,654,968
3,937,815
2024
£
3,654,968
282,847
3,937,815
14
-
14|
|||3,937,829|
**7**
## **The Irish Methodist Ministers Housing Society Limited**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDING 30TH SEPTEMBER 2025**
## **STATEMENT OF FINANCIAL POSITION (SoFP) - BALANCE SHEET**
|**Notes**
**Fixed assets**
Tangible fixed assets
**6**
Investments
**7**
**Current assets**
Bank
**8**
Debtors & Prepayments
**Current liabilities**
Creditors and provisions
**9**
Loans
**9**
**Net current assets/(liabilities)**
Long term liabilities
Loans
**9**
**Net assets**
Represented by
Share capital
**11**
Reserves
**10**|**2025**
**£**
**2,898,285**
**436,056**
**3,334,341**
**879,442**
**-**
**879,442**
**18,568**
**-**
**18,568**
**860,874**
**-**
**-**
**4,195,215**
**14**
**4,195,201**
**4,195,215**|2024
£
2,498,535
436,056|
|---|---|---|
|||2,934,591|
|||1,021,806
-|
|||1,021,806|
|||18,568
-|
|||18,568|
||||
|||1,003,238|
|||-
-|
|||3,937,829|
|||14
3,937,815|
|||3,937,829|
_______________________Chairperson Mr T H Millar MBE _______________________Secretary Mr I Moffitt _______________________Board Member Mr L Wood Date: 9 December 2025
**8**
## **The Irish Methodist Ministers Housing Society Limited**
## **ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Notes to the accounts**
## **Note 1Accounting Policies**
The financial statements have been prepared in accordance with the provisions of the Industrial and Provident Society legislation.
## **Incoming resources**
Income has been recorded on a cash receipts basis. All income is considered to be unrestricted in nature to be used for the purposes of the company's overall objectives as disclosed in the Board annual report on page 2.
## **Expenditure**
Expenditure has been recorded on a cash basis.
## **Tangible Fixed assets**
Tangible fixed assets are recorded at their historic cost. Properties have not been depreciated since they are considered to have a long useful economic life and any depreciation charged would be immaterial. The properties are held on long leasehold. The Board undertakes an annual impairment review.
## **Investments**
Investments have been recorded at their historic cost which is exceeded by their market value. The Board considers this treatment to be appropriate because
the investments are held as long term fixed assets with no intention to sell in the foreseeable future.
## **Provisions**
Over the years a provision for repairs and maintenance has gradually been established to deal with any unforeseen material levels of damage to the property portfolio. No increase to the provision was deemed necessary in the current year.
**9**
**The Irish Methodist Ministers Housing Society Limited**
## **ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Note 2 Turnover, operating surplus and surplus before taxation**
## **Income and expenditure from lettings**
||||||||Surplus|
|---|---|---|---|---|---|---|---|
|||Operating|Operating|Other|||before|
||Turnover|costs|surplus|income|Interest|Dividend|taxation|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|Housing Accommodation|84,009|56,781|27,227||||27,227|
|Other income||||||||
|Donations and Bequests||||300|||300|
|Interest receivable|||||37,313||37,313|
|Dividend||||||3,072|3,072|
|Profit on sale of assets||||189,474|||189,474|
|**Surplus/(deficit) for the year**|**before taxation**||**27,227 **|**189,774**|**37,313**|**3,072**|**257,386**|
|||**2025**||||**2024**||
||||Operating||||Operatin|
|||Turnover|costs|||Turnover|g costs|
|||**£**|**£**|||**£**|**£**|
|Turnover from lettings||**84,009**||||85,939||
|||**84,009**||||85,939||
|**Operating costs**||||||||
|Ground Rent and Rates|||7,367||||3,114|
|Repairs and maintenance|||27,743||||29,699|
|Agent management expenses|||8,653||||9,122|
|Audit fee|||1,020||||1,020|
|Insurance|||6,746||||9,866|
|Bank charge|||10||||9|
|IT costs|||534||||1,642|
|Printing, postage & stationery|||||||-|
|Legal and professional fees|||3,310||||4,448|
|Sundries|||1,399||||2,560|
||||**56,781**||||**61,481**|
**10**
## **The Irish Methodist Ministers Housing Society Limited ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Note 3 Interest Receivable**
|Interest from investments
Danske Bank current account interest
Methodist Trustees Investment Fund interest
Epworth Affirmative deposit fund interest|**2025**
2024
**£**
£
**15,004**
13,068
**157**
182
**3,072**
11,130
**22,152**
19,609
**40,385**
43,989|
|---|---|
## **Note 4 Management emoluments and employees**
Board members are not remunerated for time spent carrying out their statutory duties. The Society does not have paid employees. All work for the Society performed by Board members in their personal capacity is performed on a voluntary basis.
## **Note 5 Taxation**
No provision for current or deferred taxation is necessary due to the charitable status of the Society.
**11**
## **The Irish Methodist Ministers Housing Society Limited ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Notes to the accounts continued**
## **Note 6 Tangible Fixed Assets**
## **Land and Buildings**
|**Land and Buildings**||
|---|---|
||**£**|
|Cost as at 1 October 2024|2,842,584|
|Additions|445,000|
|Disposals|33,750|
|Cost as at 30 September 2025|3,253,834|
|Equity shares as at 1 October 2024|344,049|
|Equity shares taken in year|11,500|
|Equity shares returned in year|-|
|Equity shares as at 30 September 2025|355,549|
|**Cost of shares owned by company at 30 September 2025**|**2,898,285**|
## **Note 7 Investments**
Investments have been carried at cost in the balance sheet as they are considered to be fixed asset investments. The investments are held primarily to provide an investment return for the charity. There were no additions or disposals during the year. Market value at the year end was £481,946.
|Units held at 30 September 2024
Additions
Disposals
Units held at 30 September 2025
Amount Invested and Uncleared at Year End
Total Cost of Investment at 30 September 2025
**Note 8 Bank**
Danske Bank Current Account
Epworth Affirmative Deposit Funds
Deposit Accounts
Investment Accounts|No. Units
406,980
-
-
406,980
**2025**
**273,945**
**518,711**
**-**
**86,786**
**879,442**|Cost (£)
436,056
-
-
436,056|
|---|---|---|
|||436,056|
|||2024
99,393
536,561
294,178
91,674|
|||1,021,806|
**12**
## **The Irish Methodist Ministers Housing Society Limited**
## **ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Notes to the accounts continued**
## **Note 9 Creditors**
|**Provision for repairs**
Balance at 1 October 2024
Increase in provision
**Balance at 30 September 2025**
**Note 10 Reserves**
Opening reserves
Surplus for year
**Closing reserves**
**Note 11 Share Capital**
Opening share capital
**Closing share capital**|**£**
**18,568**
**-**|
|---|---|
||**18,568**|
||3,937,815
257,386|
||**4,195,201**|
||14|
||**14**|
## **Note 12 Related Party Transactions**
David Smyth, a member of the Board, is a partner in MacFarlane & Smyth Estate Agents, a firm which provides property management services to the Society. Services are provided on normal commercial terms. During the year the Society paid property management fees totalling £8,653 to MacFarlane & Smyth Estate Agents. At the year end £nil was owed.
**13**
**The Irish Methodist Ministers Housing Society Limited ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Revenue Account**
## **Income**
|Rent
Methodist Trustees Investment Fund interest
Epworth Affirmative deposit fund interest
Danske Bank current account interest
Donations
Interest on deposit accounts
Profit on disposal of fixed assets
**Expenditure**
Ground Rent and Rates
Repairs and maintenance
Agent management expenses
Audit fee
Insurance
Bank charge
Legal and professional fees
Stationery and computer costs
Hospitality and gifts
Sundries
Surplus for year transferred to reserves|**2025**
**£**
**84,009**
**3,072**
**22,152**
**157**
**300**
**15,004**
**189,474**
**314,168**
**2025**
**£**
**7,367**
**27,743**
**8,653**
**1,020**
**6,746**
**10**
**3,310**
**534**
**50**
**1,348**
**56,781**
**257,387**|2024
£
85,939
11,130
19,609
182
300
13,068
214,100|
|---|---|---|
|||344,328|
|||2024
£
3,115
29,699
9,122
1,020
9,866
9
4,448
1,642
-
2,560|
|||61,481|
||||
|||282,847|
**14**