Apex Housing Association Limited 16 Independent auditors, report to Apex Housing Association Limited Report on the audit of the financial statements Opinion We have audited the financial statements of Apex Housing Association Limited ("the Association") and ils Consolidated undertakings ("Ihe Group") for the year ended 31 March 2023 which comprise.. the Consolidated and Association Statements of Cornprehensive Income, the Con501idated and Association Statements of Changes in Reserve5. the Consolidated and Association Statements of Financial Position and the Consolidated Cash Flow Statement and the related notes, which include a description of the significant accounting policies. The financial reporting framework ihat ha5 been applied in their preparation 15 applicable law and United Kingdom Standards including Financial Reporting Standard 102 'The Financial Reporting Siandard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice) and the Housing SORP- Statement of Recommended Practice for Social Housing Provider5. In our opinion, the Consolidated and Association financial 5tatements'. give a true and fair view of the state of the affairs of the Group and of the Association as at 31 March 2023 and of the income and expenditure of the Group and of the A550ciation for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been properly prepared in accordance with the Co-operative and Community Benefii Socielies Act (Northern Ireland) 2016 (fomierly the Industrial and Provident Socielies Act (Northern Ireland) 1969). the Housing (Northern Ireland) Order 1992. the Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993. the Charities Act (Northern Ireland) 2008 and Regulaiion 9 of the CharitTes (Accounts and Reports) Regulations (Northem Ireland) 2015. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAS (UK) are further described in the auditors, responsibility for the audit of the financial statements section of our report. We are independent of the Group and the Association in accordance with the ethical requirements that are relevant to OUT audit of the financial statements in the United Kingdom. including the Financial Reporting 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. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Board's use of the going concern basis of accounting in the preparation of the flnancial 5tatemenls is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relaling to events or conditions that, individually or collectively, may cast significant doubl on the Group or the Association's ability to conlinue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Board with respect to going concern are described in the relevant section5 of this report.
Apex Housing Association Limited 17 Other information The other information cornprises the information included in the Annual Report other than the financial statements and our auditors, 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 inforniation and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. Our responsibility is to read the other infonnation and, in doing 50, consider whether the other information is materially inconsistent with the financial statements. 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 material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial stalem¢nls themselves. If. based on the work we have perfornied, we conclude that there is a material misstatement of this other infonnation, 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 In light of our knowledge and understanding of the Group and the Association obtained in the course of the audit, we have not identified Inaterial misstatements in the Report of tlie Board and the Strategic Report. We have nothing to report in respect of the following matters where the Charities (Northern Ireland) Act 2008 and Regulation 9 of tlie Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 require us to report to you if, in our opinion.. the inforniation given in the Report of the Board and the Strategic Report is inconsistent in any material respect. sufficient accounting records have not been kept. the financial stateinents are not in agreement with the accounting records. or we have not received all the information and explanations required to complete our audit. We have nothing to report in this regard. Under the Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (fonnerly the Industrial and Provident Societies Act (Northern Ireland) 1969) 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 we require for our audit- or proper accounting records have not been kept by the Association. or the Association's financial statements are not in agreement with the accounting records. We have nothing to report in this regard. Responsibilities of the Board As explained more fully in the Board's Statement of Responsibilities on page 15, the Board of Management is responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Board of Management is also responsible for such intemal control as it deterniines is necessary to enable the preparation of financial 5taternents that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board is responsible for assessing the Group's and the Association's ability to continue as a going concern, di5c105ing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Group and the Association or to cease operations. or have no realistic alternative but to do so. Auditors, responsibility 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 eOr, and to Issue an auditors, report that includes our opinion. Reasonable assurdnce is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a Tnaterial misstatement when it exists. Misstatements can arise frorn fraud or'error and are considered material if, individually or
Apex Housing Association Limited 18 in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financi31 statements. [egular1t1eS, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. ouilined above. lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularitie5. including frdud is detailed below: We considered the opportunitie5 and incentives that may exist within the Group and the Association for fraud and identified the greatest potential for fraud in the following areas: management oveide of controls relating to posting of journals. To address this risk we discussed the risks with client management and designed audit procedures to test sample of journals to confinn they were appropriate. A further description of our responsibiliti¢s for the audit of the financial Statements is located on the Financial Reporting Council's website at., www.frc.org.uklauditorsre5ponsibilities. This description fomis part of our auditors, report. Use of our report This report is made solely to the Board in accordance with section 43 of the Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (fonnerly the Industrial and Provident Societies Act (Northern Ireland) 1969) and article 19 of The HousiiiE (Northern Ireland) Order 1992. Our audit work has been undertakei) so that we might stale to Ihe Board those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pern)itt¢d by law, we do not accept or assume responsibility to anyone other than the Association and the Board, for our audit work, for this report, or for the opinions we have fornied. Brian Clerkln Senior Stntutory Auditor for and on bclialf ofASM (B) Ltd Chartered AecountRnt5 and Statutory Auditors Glendinning House 6 MurrRy Street Belfast BTI 6DN 20 September 2023