Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Independent Auditor's Report
Opinion
We have audited the financial statements of Abbeyfield and Wesley Housing Association
Limited for the year ended 31 March 2023 which comprise the statement of comprehensive
income, the statement of changes in reserves, the statement of financial position, the
statement of cash flows and the related 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) and the Housing SORP - 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 Association's affairs as at 31 March 2023
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 properly prepared in accordance with the requirements of the Co-operative
and Community Benefit Societies Act (Northern Ireland) 1969 (formerly the Industrial
and Provident Societies Act (Northern Ireland) 1969), with the requirements of Article
19 of the Housing (Northern Ireland) Order 1992, Registered Housing Associations
(Accounting Requirements) Order (Northern Ireland) 1993, the Charities Act (Northern
Ireland) 2008 and Regulation 9 of the Charities (Accounts and Reports) Regulations
(Northern Ireland) 2015.
Basis of 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 Associatlon 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 those
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 of Management's use of the going concern basis of accounting in the
preparation of the financial statements is not appropriate; or

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Independent Auditor's Report (cont'd)
the Board of Management have not disclosed in the financial statements any
identified material uncertainties that may cast significant doubt about the
Association'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 Report of the Board of
Management other than the financial statements and our auditor's report thereon. The
Board of Management is responsible for the other information. 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.
In connection with our audit of the financial statements, our responsibility is to read the
other information and, in so doing, 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.
Opinion on other matters prescribed by the Companies Act
In our opinion, based on the work undertaken in the course of the audit;
the information given in the Report of the Board of Management for the financial
year for which the financial statements are prepared is consistent with the financial
statements. and
the Report of the Board of Management has been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Association and its environment
obtained in the course of the audit, we have not identified material misstatements in the
Report of the Board of Management.
We have nothing to report in respect of the following matters in relation to which the
Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit
have not been received from branches not visited by us. or
the financial statements are not in agreement with the accounting records and
returns. or
we have not received all the information and explanations we require for our audit.
io

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Independent Auditor's Report (cont'd)
Responsibilities of the Board of Management
As explained more fully in the Board of Management responsibilities statement the Board
of Management 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 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 financial statements, the Board of Management is responsible for
assessing the Association's ability to continue as a going concern, disclosing, as applicable,
matters ￿lated 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 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 aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
Irregularities, 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 irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below..
We gained an understanding of the legal and regulatory framework applicable to the
Association and the industry in which they operate, and considered the risk of acts by the
Association that were contrary to applicable laws and regulations, including fraud. We
considered the opportunities and incentives that may exist within the Association for fraud
and identified the greatest potential for fraud in the following areas: management override
of controls and fraud risk relating to revenue.
We designed audit procedures to respond to these risks, recognising that the risk of not
detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment byi for example, forgery
or intentional misrepresentations, or through collusion. Our audit procedures included..
enquiries of management about their own identification and assessment of risks of
irregularities, testing the design and implementation of controls relating to the risks,
sample testing of journals posted during the year and agreeing a sample of revenue items
to underlying documentation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all
irregularities, including those leading to a material misstatement in the financial
statements or non-compliance with regulation.
li

Abbeyfield & Wesley Housing Association Ltd
Year Ended 31 March 2023
Independent Auditor's Report (cont'd)
This risk increases the more that compliance with a law or regulation is removed from
the events and transactions reflected in the financial statements, as we will be less likely
to become aware of instances of non-compliance. The risk is also greater regarding
irregularities occurring due to fraud rather than error, as fraud involves intentional
concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is
located
on
the
Financial
Reporting
Council's
website
at
www.frc or
auditorsres
onsibilities. This description forms part of our auditors, report.
.uk
Other required reporting
Co-o
erative and Communi
rtin
Benefit Socie
ies Act
Northern Irel nd
1969 exce
tion
re
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 we 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.
Use of our report
This report is made solely 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 Provident Societies Act (Northern Ireland) 1969). Our audit work has
been undertaken so that we might state to the Board of Management those matters that
we are required to state to them in an auditors, 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 Board of Management, for our audit work, for this report,
or for the opinion we have formed.
B Clerkin (Senior Statutory Auditor)
for and on behalf of ASM (B) Ltd
Statutory Auditor
4th Floor Glendinning House
6 Murray Street
Belfast
BTI 6DN
Date: 24 August 2023
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