Abbeyfield & Wesley Housing Association Ltd Year Ended 31 March 2024 Independent Auditor's Report Opinion We have audited the financial statements of Abbeyfield and Wesley Housing Association Limited for the year ended 31 March 2024 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 2024 and of its deficit 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 (Northem 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 Association in accordan 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 2024 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 doingi 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 qUired 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 a 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 2024 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 ffinancial 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, disclosingi 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 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. 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 and sample testing of journals posted during the year. 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 2024 Independent AudAtor'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 gater 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 onsibilitie This description forms part of our auditors, report. Other required reporting Co-o erative an ortin Communi Benefi Societies Act Northern Ireland 1969 xce 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 Sumer Auditco NI Limited Registered Auditor 4th Floor Glendinning House 6 Murray Street Belfast BTI 6DN Date: 9 September 2024 12