Financial Statements 2020 | 31
n Focus on the needs of each individual in providing employment , homes and services ;
n Listen to and understand our customers , asking people what help , support and / or guidance they feel they need to access our services ;
n Ensure staff treat each other and customers with respect to build the trust , care and commitment necessary to deliver an excellent service to all ;
n Monitor and demonstrate how successful the association is in acting fairly , making a difference and in meeting the needs of our local communities ;
n Always aim to exceed the requirements of the law and our regulators , as well as adopting a person centred approach ;
n Be an excellent organisation , demonstrating accountability and promoting fairness for all .
Modern Slavery and Human Trafficking
Slavery and forced labour can take many forms , including human trafficking and child labour . Accord Housing Association will not tolerate forced labour or child labour in any aspect of our business . We hold ourselves and our supply chains accountable with respect to compliance with the provisions of the Modern Slavery Act 2015 in our work .
Health and Safety
The Board acknowledges its duty of care to employees , customers and residents in respect of all matters relating to health , safety and the environment . A dedicated team , operating under the supervision of the Executive Director of Resources , regularly reviews and updates relevant policies and procedures , supervises risk assessments and provides staff with training and support on health and safety issues . During 2019 / 20 a number of health and safety audits and inspections have been undertaken to ensure compliance with the required standards and legislation is maintained – no high risk issues were identified in the audit process for 2019 / 20 . Health and Safety updates , including the results of health and safety audits and compliance with Fire and Gas Safety measures are reported through to the Board of Management and the Finance , Risk and Audit Committee .
Accounting Policies
The principal accounting policies are set out in note 1 to the Financial Statements . The most critical accounting policies in terms of impact on the financial statements are the treatment of fixed asset component replacements , depreciation , capital grants , capitalisation of interest and development staff costs within housing properties and the treatment of the SHPS pension scheme which is now accounted for as a defined benefit scheme . Where necessary and appropriate accounting policies have been updated to ensure the requirements of the Financial Reporting Standards under FRS 102 are met .
Principal accounting policies have been updated to include significant accounting judgements and estimates that management have made which have the most significant effect on the amounts recognised in the financial statements . Significant judgements relate to the impairment of tangible fixed assets , and the impairment of investments , goodwill and defined benefit pension liability . Accounting estimates relate to the useful lives of depreciable assets where management reviews its estimate at each reporting date based on the expected utility of the assets , recoverable amounts of rental debtors where provision is made for potential non recovery based on the total amount of former tenant arrears , obligations under defined benefit pension schemes which is provided by the scheme administrator has been formulated based on a series of assumptions as set out in Note 28 to the financial statements and the allocation of costs for mixed tenure developments and shared ownership sales on a basis which management deems appropriate .
Charitable Donations
Accord made donations to charitable organisations of £ 6,767 during the year ( 2019 : £ 6,176 ).
Statement of Responsibilities of the Board
The Board is responsible for preparing the report and financial statements in accordance with applicable law and regulations .
Co-operative and Community Benefit Society legislation requires the Board to prepare financial statements for each financial year . Under that law the Board has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice ( United Kingdom Accounting Standards and applicable laws ), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland . Under the Co-operative and Community Benefit Society legislation the Board must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and surplus or deficit of the association and group for that period . In preparing these financial statements , the Board is required to :
n Select suitable accounting policies and apply them consistently ;
n Make judgements and estimates that are reasonable and prudent ;
n State whether applicable UK Accounting Standards and the Statement of Recommended Practice ( SORP ) Accounting by Registered Housing Providers 2014 , have been followed , subject to any material departures disclosed and explained in the financial statements , and
n Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the association will continue in business .