CRAIGOWEN HOUSING ASSOCIATION UMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CRAIGOWEN HOUSING ASSOCIATIO LIMITED FOR THE YEAR ENDED 31 MARCH 2023 We have audited the financial statements of Craigowen Housing Association Limited for the year ended 31 March 2023 which comprlse of the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporling 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 R8public of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the Association's affairs as at 31 March 2023 and of its income and expenditure for the year then ended. hav8 been properly prepared In accordance with Uniled Klngdom Generally Accepted Accounting Practice,. and have been prepared in accordance with requirements of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and th8 Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993. Basis for oplnlon We conducled our audit in accordancè with Int8rnational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilitl8s under Ihose 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 Association in accordance with the ethical requirements that are relevant to our audlt of the financial statements in the UK, including the Financial R8POrting Council's Ethical Standard, 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. Conclu$lons relatlng to golng concern In auditlng the flnanclBI statements, we hav8 concluded that the board's us8 of the going concern basls of accounting In the preparation of the financial statements is appropriate, Based on the work we have performed, we have not identified any material uncertalntles relating to ev8nts or conditions that, individually or co118CtiV81y, may cast significant doubl on th8 association's ability to continue as a going concem for a period of al least e1ve months from when the financial 5tatemenls are authorised for issue. Our responsibilit18s and the responsibilitie5 of the Board with respect to goin9 concern are described in the relevant sections of this report.
CRAIGOWEN HOUSING ASSOCIATION LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CRAIGOWEN HOUSING ASSOCIATION LIMITED FOR THE YEAR ENDED 31 MARCH 2023 Other Infomiation The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The Board is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, &xcept lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. 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 knowl8dge obtained in the cours8 of th8 audit, or otheiSe appears lo be materially misstated. If we identify such material inconsistenci8s or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there Is a material mlsstalement of thSs other information. we are requSred to report that fact. We have nothing to report in this regard. Matters on whlch wg ara requlred to report by exc8ptlon In the light of our knowledge and understanding of the Association and It5 environment obtained in the course of the audit, we have not identlfied material misstatements in the Report of th8 Board. We have nothing to report in respect of the following matters where the Co-operative 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 maintain8d', or the financial statements ar8 not in agreement with the Associatlon's books of account: or we have not obtained all the information and explanations necessary for the purpose of our audlt. Responslbllltles of the Board As explained more fully in the statement of board members, responsibilities set out on page 5, the Board is responsible for the preparation of the financial statements and for being satisfied that Ihey give a true and fair view. and for such internal control a5 the Board determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the t7nancial statemenls, the Board 18 responsible for assessing the Association's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using Ihe going concern basis of accountlng unless the Board either intends to liquidat8 the association or to cease operations, or to have no realistic alt8rnative but to do so.
CRAIGOWEN HOUSING ASSOCIATION LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CRAIGOWEN HOUSING ASSOCIATION LIMITED FOR THE YEAR ENDED 31 MARCH 2023 Audltors, responsibllltles for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi5Statement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatemant wh8n it exists. Misslatemenls 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. Irregularltles. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of rregularities, including fraud. The extent to whlch our procedures are capab18 of detectlng Irregularities, including fraud, is detailed below, Extent to whlch tho audlt was con8ld8red capable of detectlng irregularltles, Includlng fraud We identify and assess the risks of material misstatement of the flnancial statements. wh8ther due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing potential risks of material misstatement in SpeCt of irregularities, including fraud and non-Gompliances with laws and regulations, we considered the following.. The nature of the industry and sector, control environment and business performanc8, including the Association's remuneration policies for directors, bonus levels and performance targets, if any., Results of our enquiries of management about th8ir own identification and assessment of the risks of irregulari118S', Any matters we identified having obtained and reviewed the Association's documentation of their policies and procedures relating lo: Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance. Detecting and responding to the risks of fraud and whether they have and knowledge of any actual, suspected or alleged fraud., and The internal controls established to mitigate risks of fraud or non-compliance with laws and regulatlons. Th8 matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we consldered the opportunitles and incentlV8S that may exlst within the Association for fraud and identified the grealest potential for fraud in revenue recogn ition. In common with all audits under ISAS (UKI, we also perform specific procedure5 to respond to the risk of management override. We also obt3ined an understanding of the legal and regulatory frameworks that the Associalion operates in, focusing on provisions of those law5 and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulation5 we considered in this context includ8d th8 Co-op8rative and Community Benefit Societies AGt (Northern Ir81and) 1969, the Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993 and the Statement of Recommended Practice for Social Housing Providers 2018.
CRAIGOWEN HOUSING ASSOCIATION LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CRAIGOWEN HOUSING ASSOCIATION LIMITED FOR THE YEAR ENDED 31 MARCH 2023 Extent to whlch the audit was considered capable of detecting Irregularltles, including fraud {cont'd) In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but complianc8 wilh which may b8 fundamental to the Association's ability to operate or to avoid a mat8rial p8nalty. Audit rasponse to rlsks Identlfled Our procedures to respond to the risks identified included the following; Reviewing the financial stat8rn8nl disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements Enquiring of management conGerning actual and potential lits'gation and claims Performing analytical procedures lo identify any unusual or unexpected relationships that may indicate risks of material misstatement du8 to fraud Reading mlnutes of meetings of those charged with governance and r&viewlng correspondence with tax authorities,. and In addressing the risk of fraud through management overrlde of controls, testing the appropriateness of journal entries and other adjustmants; assessing whether the judgements made in making accounting estimates are indicative of a potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal cours8 of busine55. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and r8mained 810rt to any indications of fraud or non-cornpllance with laws and regulations throughout ihe audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslatements in the financlal statements, even though we have properly planned and performed our audit in accordance wilh auditing standards. In addition, as with any audit, there remains a higher risk of non- detection of irregularities, as they msy involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We ar8 not responsible for preventing non-compliance and cannot be expected to detect non-complianc8 Wlth all laws and regulations. A further description of our responsibilities for the audit of the financial statements Is located on the Financial R8POrting Council's webslte at www.frG.or .ukJauditorsres onsiblllti s. This descrlption forms part of our auditors, report. -10-
CAAIGOWEN HOUSI G ASSOCIATION LIMtrED INDEPENDEKf A DITORS, AEPORT TO THE MEMBERS OF CRAIGOWEN HOUSING ASSOCIAT LIMITED FOR THE YEA ENDED 31 MARCH 2023 ON Us• of our report This report is mad8 solely to Ihe Association's members, as a body, in accordance with Section 43 of the Co. operative and Community Benefil Societies Acl (North8m IrelarKI) 1969 and article 19 of The Housing (Northern Ireland) Order 1992. Our audit work has been undertaken so that W8 Might state 10 the Association's members those matters we are required lo state to them in an auditorfs report and for no olh8r purpose. To Ihe tullest extent permitted by law, we do not accept or assume responsibility to anyone olh8r than the Association and the Associalion's m8mbers as a body. (or our audit work, lor this report, or for the opinions we hav8 lormad. rNig re FCA Senior Slalulory Auditor GMCG BELFAST Chartered Accounlants & Statutory Audiior Allr8d House 19 Allred Street Belfasl BT2 8EG