Martlet Homes Limited - Hyde Housing Association

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MARTLET HOMES LIMITED STATEMENT OF THE BOARD’S RESPONSIBILITIES The Association falls under the wider corporate governance framework of The Hyde Group. The Group Board is ultimately responsible for corporate governance of all subsidiaries within the Group. The Association’s Board responsibilities, in conjunction with the Group Board, are set out below. The Industrial and Provident Societies Acts 1965 to 2002 and Registered Provider of Social Housing (RPSH) regulations require the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Association and of its surplus or deficit for that period. In preparing those financial statements, the Board is required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether applicable accounting standards have been followed; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue in business; • ensure that so far as each Board member is aware, there is no relevant audit information of which the Association's auditors are unaware; and • ensure that each Board member has taken all the steps that they ought to have taken as a Board member in order to make themselves aware of any relevant audit information and to establish that the Association's auditors are aware of that information. The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association and to enable it to ensure that the financial statements comply with the Industrial and Provident Societies Acts 1965 to 2002, the Industrial and Provident Societies Regulations 1969 and the Accounting Requirements for Registered Providers of Social Housing General Determination 2006. The Board is responsible for instituting adequate systems of internal control and safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Board relies on the systems provided by the Group and overseen by the Group Board and Group Audit Committee, in these respects. ______________ Bob Warner Chair 24 June 2010 13
MARTLET HOMES LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MARTLET HOMES LIMITED We have audited the financial statements of Martlet Homes Limited for the year ended 31 March 2010 which comprise the Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement, the Statement of Total Recognised Surpluses and Deficits and the related notes. These financial statements have been prepared under the accounting policies set out therein. Respective responsibilities of the board and auditors The Board’s responsibilities for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Board’s Responsibilities. Our responsibility is to audit the financial statements in accordance with applicable law and regulatory requirements and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. This report, including the opinion, has been prepared for and only for the Association’s members as a body in accordance with Section 9 (1) of the Friendly and Industrial and Provident Societies Act 1968 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Industrial and Provident Societies Acts 1965 to 2002, Schedule 1 to the Housing Act 1996 and The Accounting Requirements for Registered Social Landlords General Determination 2006. In addition we report to you if, in our opinion, a satisfactory system of control over transactions has not been maintained, if the association has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration and other transactions is not disclosed. We read the Report of the Board, the Operating and Financial Review, and Statement of Internal Controls. We are not required to consider whether the Board’s statement on internal control fairly represents the Association’s system of internal control, or to form an opinion on the effectiveness of the Association’s system of internal controls. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Board in the preparation of the financial statements, and of whether the accounting policies are appropriate to the association’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In our opinion the financial statements: • give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the state of the Association’s affairs as at 31 March 2010 and of its surplus and cash flows for the year then ended; and • have been properly prepared in accordance with the Industrial and Provident Societies Acts 1965 to 2002, Schedule 1 to the Housing Act 1996 and The Accounting Requirements for Registered Social Landlords General Determination 2006. PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors London 1 July 2010 14
Page 1 and 2: Martlet Homes Limited Report & Fina
Page 3 and 4: MARTLET HOMES LIMITED CONTENTS BOAR
Page 5 and 6: MARTLET HOMES LIMITED REPORT OF THE
Page 13: MARTLET HOMES LIMITED STATEMENT OF
Page 17 and 18: MARTLET HOMES LIMITED BALANCE SHEET
Page 19 and 20: MARTLET HOMES LIMITED NOTES TO THE
Page 41: MARTLET HOMES LIMITED NOTES TO THE

Martlet Homes Limited - Hyde Housing Association

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