Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Independent Auditor's Report to the Members of Connswater Homes Limited
Opinion
We have audited the financial statements of Connswater Homes Limited for the year ended 31 March
2024, which comprise Ihe Statement of Comprehensive Income, Statement of Financial Position,
Statement of Changes in Resources, Statement of Cashflows 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 FRS 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,
(United Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended
Practice for Social Housing Providers issued by the National Housing Federation.
In our opinion the financial statements..
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its
surplus 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 requirements of the Co-operative
and Community Benefits Societies Act (Northern Ireland) 1969 (formerly the Industrial and
Provident Socielies Act {Northern Ireland) 1969). the Charities Act (Northern Ireland) 2008, The
Charities {Accounts and Reports) Regulations (Northem Ireland) 2015 and the Registered Housing
Associations (Accounting Requirements) Order (Northern Ireland) 1993.
Basis of Opinion
We conducted our audit in accordance wth 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 company 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 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 ¢on¢ern
We have nothing lo report in respect of the following matters in relation to which the ISAS (UK) require
us to report to you where:
the Board of Management's use of the going concem basis of accounting in the preparation of the
financial statements is not appropriate., or
the Board of Management have not disclosed in the financial statements any identified material
uncertainties that may cast significant doubt about the Associalion'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.
Other information
The other information comprises the information included in the annual report, other than the financial
statements and our auditorfs report thereon. Our opinion on the financial statements does not 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.
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Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Independent Auditor's Report to the Members of Connswater Homes Limited
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 oblained in the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements. we are
required lo delermine 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 Ihis other information. we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of the Board of Management
As explained more fully in the Board of Management responsibilities statement the Board of
Management are 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 the Board of Management
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 of Management is 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 basis of accounting, unless the Board of Management either
intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assuran￿ about whether the financial statements as 8 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 a￿ayS deted 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed
below:
We identified areas of laws and regulations that could reasonably be expected have a material
effect on the financial statements from our sector experiences through discussion the Board of
Management and other management (as required by auditing standards).
We had regard to laws and regulations in areas that directly affect the financial statements
including financial reporting and taxation legislation. We considered the extent of compliance with
those laws and regulations as apart of our procedures on the related financial statement items.
wrth the exception of any known or possible non-compliance, and as required by auditing
standards. our work in respect was limited to enquiry of the Board of Management.
We communicated applicable laws and regulations throughout our audit team and remained alert
to any indications of nonkncompliance throughout the audit.
We addressed the risk of fraud through management override of controls, by testing the
appropriateness of journal entries and other adjustments,. assessing whether the judgements
made in making accounting estimates are indicative of a potential bias,. and evaluating the
business rationale of any signtficant transactions that are unusual or outside the normal course of
business.
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Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Independent Auditor's Report to the Members of Connswater Homes Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial
statements, recognising that the risk of not detecting a material misstatement due to fraud is higher
than the risk of nol detecting one resulting from error, as fraud may involve deliberate concealment
by, for example. forgery, misrepresentations or through collusion. There are inherent limitations in
the audit procedures performed and the further removed non-compliance with laws and regulations
is from the events and transactions reflected in the financial statements, the less likely we are to
become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website
at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
Other required reporting
Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 exception reporting
Under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, we are
required to report to you if, in our opinion:
A satisfactory system of control over transactions has not been maintained., or
We have not received all the information and explanations require for our audit., or
Proper accounting records have not been kept by the association- or
The financial statements are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility.
Charities (Accounts and Reports) Regulations (Northern Ireland} 2015 exception reporting
Under the Charities (Accounts and Reports) Regulations {Northern Ireland) 2015 we are required to
report lo you if, in our opinion..
Sufficient accounting records have not been kept- or
The financial statements are not in agreement with the accounting records-, or
We have not received all the information and explanations we require for our audit.
We have no exceptions to report arising from this responsibility.
Use of our report
This report is made solety to the Board of Management, in accordance with Article 38 of the
Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 (formerly the Industrial
and Providenl Socielies Acl (Northern Ireland) 1969). Our audit work has been undertaken so that we
might stale to the Board of Management 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 Board of Management and the Association as a body, for our
audit work, for this report, or for the opinions we have formed.
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Connswater Homes Limited
Annual report and Financial statements for the year ended 31 March 2024
Independent Auditorfs Report to the Members of Connswater Homes Limited
Ross Boyd {Senior Statutory Auditor)
For and on behalf of RBCA Limited,
Linenhall Exchange
26 Linenhall Street
Belfast
BT2 8BG
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