Independent Auditor’s Report to the members of Anchor Hanover Group
Opinion on the financial statements In 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 financial statements is appropriate. Our evaluation of the Board’s assessment of the Group and the Parent Association’s ability to continue to adopt the going concern basis of accounting included: • Obtaining management’s assessment of the going concern status of the Group and the Association which included forecasts and stress-testing covering a period of at least 12 months from the date of sign off of the financial statements; • Obtaining details and assessing the availability of financing facilities, including the nature of facilities, repayment terms and financial covenants. We considered management’s financial covenant compliance calculations through to March 2026 and concluded on the consistency of such calculations with the ratios stated in the relevant lender agreements; • Considered the appropriateness of the Board’s forecasts by testing their mathematical accuracy, assessing historical forecasting accuracy and understanding the Board’s consideration of downside sensitivity analysis and reverse stress testing; • Re-performing sensitivities on the Board’s base case and stressed case scenarios, considered the likelihood of these occurring and understood and challenged the mitigating actions the Board would take under these scenarios. • Assessed the going concern disclosures against the requirements of the accounting standards and considered the consistency of the disclosures with the Board’s forecasts. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Association’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. In relation to the Association’s reporting on how it has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Board’s statement in the financial statements about whether the Board considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the Board with respect to going concern are described in the relevant sections of this report.
• the financial statements give a true and fair view of the state of the Group’s and of the Association’s affairs as at 31 March 2024 and of the Group’s and the Association’s surplus for the year then ended; • the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • the financial statements have been properly prepared in accordance with the requirements of the Co- operative and Community Benefit Societies Act 2014, the Co-operative and Community Benefit Societies (Group Accounts) Regulations 1969, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. We have audited the financial statements of Anchor Hanover Group (“the Association”) and its subsidiaries (“the Group”) for the year ended 31 March 2024 which comprise the consolidated and Association statement of comprehensive income, the consolidated and Association statement of changes in equity, the consolidated and Association statement of financial position, the consolidated statement of cash flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Basis for 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remain independent of the Group and the Parent Association 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 as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
58 Anchor Hanover Group Annual Report & Financial Statements 2024
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