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2021-03-31-accounts

Company Registration Number 05972159 Charity Registration Number 1120475 Almshouse Association Registration Number M1922 Regulator for Social Housing Registration Number L1551

MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

FINANCIAL STATEMENTS

31 MARCH 2021

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

CONTENTS

Pages
Reference and administrative details of the charity, its
trustees and advisors 1 - 3
Chair’s report 4
Trustees’ report 5 - 13
Statement by the board in respect of internal financial control 14
Independent auditor’s report 15 - 18
Statement of Comprehensive Income 19
Statement of Financial Position 20
Statement of Change in Reserves 21
Statement of Cash Flows 22
Notes to the financial statements 23 - 38

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS

Charity Registration Number 1120475 Company Registration Number 05972159 Almshouse Association Registration Number M1922

Regulator for Social Housing Registration Number L1 551

Board of Directors/Trustees

The Trustees who served on the Board of Trustees from 1 April 2020 to the date of approval of these Accounts are:

M Gallagher FRICS C N Patten Dip Arch RIBA (resigned December 2020) J M Toffel BA (Hons) PGCE C J Tibballs J Wheeldon BSc FCIH J Williams FCA J Stilts (retired September 2020)

President M McLeod BA (Hons) PGCE ADVDIP (Law) ADVDIP (Education) Chair J M Toffel BA (Hons) PGCE Vice Chairmen M Gallagher FRICS Company Secretary Mrs A Shields ADVDIP (Business) Senior Officers Mrs A Shields - Chief Executive Mrs T Nash - Facilities Manager Mr R Keeble - Supported Housing Manager

1

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS

Registered Office Fairfield House 33 Fambridge Road Maldon Essex CM9 6AD Bankers and National Westminster Bank plc Similar Institutions 4-5 High Street Chelmsford Essex CM1 1FZ Santander Plc BBAM Bridle Road Bootle Merseyside GIR 0AA

Nationwide Building Society Housing Department Kings Park Road Moulton Park Northampton NN3 6NW

Orchardbrook Crown House Crown Street Ipswich Suffolk IP1 3HS

Aldermore Bank plc 1[st] Floor, Block B Western House Lynch Wood Peterborough PE2 6FZ

Shawbrook Lutea House Warley Hill Business Park The Drive Great Warley Brentwood CM13 3BE

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MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS

Bankers and Redwood Bank
Similar Institutions The Nexus Building
(Continued) Broadway
Letchworth Garden City
SG6 3TA
Hampshire Trust Bank
6 E Parade
Leeds
LS1 2AD
United Trust Bank
1 Ropemaker Street
London
EC2Y 9AW
Solicitors MPP Solicitors
22 High Street
Maldon
Essex
CM9 5PJ
Statutory Auditor Beever and Struthers
Chartered Accountants & Statutory Auditors
15 Bunhill Row
London
EC1Y 8LP

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MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

CHAIR’S REPORT

The financial year 2020 – 2021 was, for Maldon Housing Association Ltd, dominated by the challenges of safeguarding both residents and staff as the coronavirus pandemic moved towards its peak in the UK. In accordance with changing government guidelines the Chief Executive and Supported Housing Manager ensured complete compliance with lockdown requirements and adherence to the Association’s pandemic policy, initiating and maintaining the measures necessary to prevent Covid-19 from becoming rife in Berridge, Deed or Fairfield House.

The management team primarily worked from home, as the government advised, successfully sustaining the smooth running of the organization. At this time the Supported Housing Manager undertook full responsibility for the welfare of residents, conducting daily calls, liaising with medical services, care agencies and all external organisations to ensure that every resident was supported and received assistance appropriate to need. The Chief Executive regularly published information enabling each resident to communicate directly with her at all times. Thus, Maldon Housing Association Ltd, as provider of Supported Housing, maintained its absolute commitment to residents.

During the months of severe lockdown, the Chief Executive was able to access the government’s furlough scheme to safeguard staff in terms of both health and financial circumstance. I appreciate the way in which the cleaning staff undertook extra duties and maintained an exemplary level of cleanliness in all our houses, taking on significant responsibility in safeguarding our residents. When appropriate, support staff returned to work in a controlled manner as each member of the team was assigned to a specific house. This reinforced provision of support as the particular member of staff allocated to the house was fully cognizant of the needs of each resident therein. Despite shielding, a relationship between staff and each individual resident was maintained, alleviating potentially serious, practical and emotional consequences of isolation.

The pandemic had the potential to affect all aspects of Maldon Housing Association Ltd. The safeguarding of residents and staff was the priority for the Board of Trustees during 2020-2021. It is pleasing that the secure financial position of the Association has been maintained. During the year under consideration, voids continued to be filled swiftly, the Supported Housing Manager prioritizing applicants whose various necessitous circumstances would be alleviated by moving into accommodation offered by the Association and supervising their safe transfer to the property.

During 2020 - 2021 the Facilities Manager ensured that day-to-day maintenance was undertaken, much of it completed by the Association’s own Maintenance Operator. When approved contractors were called onto Maldon Housing Association’s premises, procedures were overseen by the Facilities Manager to ensure the safety of residents and compliance with the constraints of lockdown as well as to maintain excellent standards of work. Essential repairs took precedence during the extraordinary circumstance of the pandemic. However, major planned improvement work will be resumed as soon as the situation allows.

I thank every member of staff for their dedication to Maldon Housing Association Ltd and for their professional response during a prolonged, difficult time. As 2021 – 2022 begins, we shall look forward with optimism, evaluating procedures and positive changes in working practice upon which the Association may build in continuing to provide and develop Supported Housing for those in the Maldon area.

Jane Toffel – Chair

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MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2021

References and administrative details

Reference and administrative details of the charity, its trustees and advisors are set out on pages 1 – 3 as part of this report.

Trustees’ responsibilities for financial reporting

The trustees, being the Executive Committee and the directors as required by s417 of the Companies Act 2006, are pleased to present their report and the audited financial statements of Maldon Housing Association for the year ending 31 March 2021. The financial statements have been prepared in accordance with Financial Reporting Standard 102, effective January 2015, as required in the UK and Republic of Ireland. The financial statements comply with the current statutory requirements and the Memorandum and Articles of Association under which Maldon Housing Association Ltd was established.

In accordance with Company Law, the trustees are responsible for the annual preparation of financial statements, complying with applicable law and United Kingdom Generally Accepted Accounting Standards, to give a true and fair view of the affairs of the Association, showing the incoming resources and application of resources, including income and expenditure, for the specified financial year.

In preparing the requisite financial statements, the trustees must undertake the following:

The trustees are responsible for maintaining proper accounting records that disclose with reasonable accuracy the financial position of the Association and that enable the trustees to ensure that the financial statements comply with the Companies Act 2006, Schedule 1 to the Housing and Regeneration Act 2008, the Accounting Direction 2019 for Private Registered Providers of Social Housing and the provisions of the trust deed.

The trustees are responsible for safeguarding the financial assets of the Association and hence for taking reasonable steps to prevent and detect fraud and other irregularities. Furthermore, the trustees are responsible for the maintenance and integrity of the Association, including any financial information given on the Association’s website, if applicable.

Information for Auditors

The Trustee members who held office at the date of approval of this Trustees’ Report confirm that, so far as they are each aware, there is no relevant audit information of which the Association’s auditors are unaware; and each Trustee member has taken all the steps that they ought to have taken as a Trustee member to make themselves aware of any relevant audit information and to establish that the Association’s auditors are aware of that information.

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MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2021

Structure, Governance and Management

The Board of Trustees comprises volunteers, encompassing a variety of skills, expertise and experience, ensuring wide-ranging perspectives. The composition of the Board of Trustees is reviewed regularly to ensure that a balance of essential skills is maintained. Recruitment of new trustees is undertaken in the light of identification of further skills or areas of expertise that would be an asset to the Board and the Association.

New trustees are nominated by existing trustees or are sought through open advertisement. Nominees or applicants are considered by the Board, on recommendation then being interviewed by the Chair and CEO. A prospective trustee is invited to observe a Board meeting before formally joining the organisation. With the agreement of the Board of Trustees and subject to references, formal vetting and the signing of a declaration of eligibility, a new trustee is appointed.

Information given to a new trustee includes a document explaining the responsibilities of the role and the Association’s expectations of its trustees. The induction process comprises a briefing on the finances of the organisation and on the Memorandum and Articles of Association together with the statutory and legal responsibilities, including the requirements of the Charity Commission and the Regulator of Social Housing, as well as a tour of the Association’s properties.

All trustees have access to training courses, being informed of opportunities as appropriate.

At the AGM the Board of Trustees elects a chair and vice chair as well as accepting the retirement of any trustee who so wishes or has completed the requisite terms of office. A trustee may serve three consecutive terms of office. However, the Board has the discretion to re-appoint a trustee for a further period not exceeding one term. The chair and vice chair should hold office for a period not exceeding six years.

The Association adheres to the National Housing Federation Code of Governance, issued in 2015. The Board recognises that there is non-compliance for the year ended 31 March 2021 in respect of two issues only:

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MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2021

The Board of Trustees meets four times a year and holds further meetings should that be deemed beneficial in order to conduct the affairs of the Association effectively. Certain functions are delegated to specific committees that comprise two or more trustees appointed to carry out those particular functions. Each committee has agreed terms of reference which indicate clearly the extent of delegated powers; all proceedings in committee meetings are minuted and recommendations are set before the Board for consideration and ratification. Committee chairs are elected annually immediately following the AGM, no trustee serving as chair of any one committee beyond a period of six years consecutively. A meeting of residents, chaired by and attended by trustees, is held regularly in each house in turn, enabling residents to discuss any matters that concern them; such meetings have been suspended for 2020-2021 in accordance with the restrictions governing conduct during the Covid-19 pandemic.

In order to carry out its prime responsibility of safeguarding the Association, a process of risk management is followed to identify, control and monitor strategic and operational risks. Key areas of risk, as set out in the current Risk Register, are specified under the headings of ‘governance and management,’ ‘operational,’ ‘financial,’ ‘environmental and external,’ and ‘compliance with law and regulation.’ The Finance Committee delegates to specific individuals responsibility for internal audit controls, ensuring that procedures are rigorously applied.

The Board of Trustees has overall control of the charity, its property and funds. It has the authority to employ paid staff, the CEO having responsibility for the daily operation of the Association.

All trustees are volunteers; if applicable, any expenses reclaimed from the charity and any related party transactions requiring disclosure are set out in note 21 to the accounts.

Objectives and Activities

Maldon Housing Association Ltd joined the Almshouse Association on 1 April 2008. The Association has charitable objects and is registered with the Charity Commission.

The Objects of the charity are “ To provide and maintain Almshouses and associated services and amenities for persons who are in need of accommodation through old age, chronic sickness, disability (whether physical or mental) or necessitous circumstance. ”

Maldon Housing Association Ltd has three properties in Maldon, comprising 57 flats, providing high quality supported housing accommodation for people aged 60 or over who have connections with Maldon and are able to live independently. The Association shares with Maldon District Council a 50/50 right to nominate residents for a vacant flat; the Royal British Legion has nomination rights on those flats for which that organisation has funded bathroom adaptations. A list of applicants seeking flat is maintained by the Association and updated regularly.

Accommodation is offered according to the criteria specified in the Objects, “ necessitous circumstances ” being assessed in terms of age and health needs, isolated circumstances or current unsuitable accommodation. Where housing need is deemed to be equal between two or more applicants, preference is given to those who are local, then by reference to length of time on the waiting list. The Association adheres to a policy of equal opportunity; equal access to accommodation by gender, race or disability is monitored regularly.

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MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2021

Maldon Housing Association Ltd is committed to promoting independent living and empowering residents to maintain control of their own lives. The aim is to offer a ‘home for life.’ Support staff are on duty between 08.00 and 15.00 Monday to Friday; a welfare check is made at weekends. Outside these hours an emergency alarm system is activated. The Association works with a range of professional bodies, such as Social Services and care agencies, to ensure that care is provided, according to individual needs, enabling residents to maintain independence for as long as possible.

Regular staff meetings are held to ensure a cohesive approach and that best practice is followed as the Association constantly seeks to evaluate and improve the quality of both the accommodation offered and service provided. To this end, residents are encouraged to participate in discussion. Under normal circumstances, weekly coffee mornings in the communal lounge of each house afford an opportunity for residents to meet together, considering any matters pertaining to their well-being or way of life within the organisation. Such meetings have been suspended during restrictions necessitated by the Covid-19 pandemic; however, the Chief Executive has ensured that all residents have her contact details and has continued to respond swiftly to any communication from an individual. Likewise trustees have been unable to meet with residents as would usually happen but the Chair of the Board of Trustees has remained accessible to all residents either by telephone or email.

In accordance with the Objects and with the status of Maldon Housing Association under both the Almshouse Association and the Charity Commission, the trustees have continued to ensure that all activities are undertaken with focus on the welfare of current residents and with a view to further the charity’s purpose. The trustees have had regard to the Charity Commission’s guidance on public benefit in reviewing the aims and objectives of the Association and in planning future activities; they have complied with their duties as set out in Section 17 of the Charities Act 2011.

The Board is mindful of the need to plan for providing accommodation for future residents in accordance with the Decent Homes Standard. During 2020-21, work continued to improve the Association’s IT provision, trustees being aware that future residents will have expectations of reliable access to advances in technology.

On 31 March 2021, 47% of the residents of Maldon Housing Association were aged 80 or over. Clearly there is a benefit to the wider community as the supported housing service that the Association has continued to provide has enabled residents in their later years to live in a ‘home for life’ rather than having recourse to increasingly pressurised NHS facilities.

Achievements and Performance

During 2020-21, as the Covid-19 pandemic escalated and the government held the country in lockdown for the majority of the time, trustees recognised the firm foundations of stability in staffing structures and prudent financial management that had been established and consolidated by the CEO during her tenure. This enabled protocols to safeguard both residents and staff to be implemented immediately and adjusted as the situation developed.

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MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2021

Trustees sustained close contact with senior staff, giving support according to their expertise on matters of finance and property maintenance. Meetings of the Finance Committee, the Property Committee and the Board of Trustees took place, according to the meetings schedule, by Zoom. The advantages of improvements made to the Association’s IT and telephone systems during the previous year were clear as efficient communication and access to all key documentation via the Cloud enabled effective remote working and the continuing smooth operation of the organisation.

In recognition and appreciation of the professional, conscientious work of all staff during the year that required all to be adaptable and flexible while maintaining excellent working practices, trustees were pleased to be able to authorise bonus payments to be made to all. This is a testament to the sound financial position of the organisation that has been sustained through such an extraordinarily demanding time.

Whilst routine repairs at each of the Association’s properties continued to be carried out as necessary, mainly by the Maintenance Operator, the Property Committee sought to resolve the issues concerning the replacement of windows at Deed House, a matter of urgency attested by the deteriorating condition of the windows in question. The Trustees had remained mindful of the environmental impact in a conservation area in applying to Maldon District Council for planning permission to install UPVC heritage style windows that fully replicated the aesthetics of a period timber window while offering the benefits of modern materials and manufacturing techniques. As a charity Maldon Housing Association’s trustees have to work within financial constraints and recognise that many residents are infirm, making ease of operating mechanisms a priority in deciding upon new installations in flats. It was most disappointing that Maldon District Council did not grant planning permission for these windows notwithstanding that they have been accepted in conservation areas in other parts of the country.

Thus, during 2020-2021 under guidance of the members of the Property Committee, trustees took advice and undertook considerable research, focused upon affordable alternative windows that would fulfil the requirements specified by the Council while being appropriate for operation by elderly residents. Subsequently planning permission has been secured for more expensive, double glazed, timber windows which will be installed during 2021.

Trustees thank all staff for their work in safeguarding residents throughout the challenges of dealing with changing regulations to keep the Covid virus at bay. The priority for Maldon Housing Association Ltd is always the well-being of residents. Trustees continue to work in support of senior staff in sustaining the long-term financial security of the organisation and in maintaining and improving the three properties.

Financial review

Maldon Housing Association Ltd, as part of its prudent financial planning, maintains cash reserves primarily to ensure that the organisation can continue to provide services to residents for a period of six months in the unlikely event that income is not received. In addition, the Association holds a number of financial bequests that are used to fund specific matters detailed in each individual bequest.

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MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2021

The Board of Trustees has agreed the following allocation of ring-fenced reserves:

The Board of Trustees has agreed the following allocation of ring-fenced reserves:
Designated reserves
6 month operational reserve £210,000
Miss B. J. Abberley bequest to be used in respect of residents’ welfare £27,712
Mrs E. Mott bequest to be used for the welfare of residents in Fairfield House £2,802
Miss J. Barwell bequest to be used for the welfare of residents in Fairfield House £1,505
Miss B. Weaver bequest to be used for the welfare of residents in Fairfield House
Miss J. Jelbart donation to be used for personal items required by £2,178
a resident on emergence admission to hospital
£60

The cash reserves have increased during the year due to the inability to carry out scheduled works due to Covid restrictions. The Trustees recognise the desirability of having strong cash reserves as they anticipate the need to carry out major replacements and renovations in the next few years.

Cash reserves, together with day-to-day income, are invested with a number of financial institutions under the following criteria:

While the Board of Trustees reviews the investment policy annually, investment performance is reviewed at both Board and Finance Committee meetings.

The surplus for the financial year ending 31 March 2021 was £126,311.

The income for the year 2020-21, totalling £538,223, primarily comprises rents/weekly maintenance contributions, service charges and the release of social housing grants. The percentage increase in income (excluding grant income) compared to the previous year is 3.7%.

The increase in trading income is consistent with the Regulator of Social Housing requirements for weekly maintenance contribution increases and the Association’s calculation of service charge costs.

The expenditure during 2020-21 mainly comprises costs associated with provision of the support and alarm service, maintenance costs associated with the upkeep of the Association’s properties and administrative costs. The percentage decrease in these costs of 3.5% is mainly as a result of an planned works not being undertaken due to planning permission delay and the unprecedented circumstances created by the pandemic during quarter 4.

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MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2021

Value for money (continued)

The Association paid £1,316 to the National Housing Federation in respect of an Indemnity Policy protecting all trustees, committee or staff members from claims made against them in their capacity as representatives of the organisation.

The trustees confirm that, as far as they are aware, there is no relevant audit information of which the Association’s auditor is unaware. They have taken all steps that they should have taken, as trustees, in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Value for money

The trustees recognise the importance of providing value for money and are committed to ensuring that this is achieved on behalf of both residents and the Charity. They are vigilant in regular review of processes to identify and implement improvement in services.

In April 2018, the Regulator of Social Housing introduced seven metrics against which providers may be measured.

Metric 2020-21
peer group
median*		 2020-21
Actual		 2019-20
Actual		 2020-21
Target
1. Reinvestment % 8.6% 0.8% 3.1% 5.2%
2a. New supply social housing
untis %		 0.8% 0.0% 0.0% 0.0%
2b. New supply non social
housing units %
0.0%		 0.0% 0.0% 0.0%
3. Gearing % 38.7% -14.1% -11.0% -11.0%
4. EBITDA MRI interest cover
%		 162% 1664.42% 2264.1% -4.4%
5. Headline social housing
cost per unit		 £6,444 £6,985 £6,655 £7,866
6a. Operating margin per unit
% (social housing lettings
only)		 19.8% 23.9% 24.2% 18.9%
6b. Operating
margin
%
(overall)		 16.8% 23.9% 24.3% 18.9%
7. ROCE 4.2% 6.7% 6.9% -1.6%

* from ‘Value for money metrics and reporting 2020: Annex to 2020 Global Accounts’ published May 2021

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MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2021

Value for money (continued)

Commentary on metrics

  1. Reinvestment %: This looks at the investment in properties, both existing stock and new supply, as a percentage of the value of total properties held. In 2020-21 Maldon Housing Association Ltd has not invested in new stock and has received no grants for development of existing properties.

2. New supply: This records the number of new social housing units that have been acquired during the year as a proportion of total social housing units owned at the end of the period. Maldon Housing Association Ltd has not acquired any new social housing units during 2020-21.

  1. Gearing: This assesses how much of the adjusted assets comprise debt and the degree of dependence on debt finance.

  2. The gearing for Maldon Housing Association is low, illustrating low dependency on debt finance.

  3. Earnings before ITDA MRI interest cover: This measures the level of surplus that is generated by a registered social provider compared to interest payable, avoiding distortions arising from depreciation.

  4. Maldon Housing Association, as supported housing, has higher costs than most housing associations but this is covered by increased turnover. The Association generates high surpluses against interest payable, thus generating a high cover.

5. Headline social housing cost per unit: This assesses the headline social housing cost per unit as defined by the Regulator. The medium for all housing associations in 2020-21 is £4,990; for London £6,200 and for those with fewer than 2,500 units £4,600’ The social housing cost per unit for Maldon Housing Association is higher due to the supported element.

  1. Operating margin: This demonstrates the profitability of operating assets before exceptional expenses are taken into account.

  2. As a specialist provider, Maldon Housing Association tends to have lower margins than other housing associations. All surpluses are reinvested in maintaining the Association’s property assets, fluctuating from one year to another depending upon timing of repairs and maintenance work.

7. Return on Capital Employed: This compares the operating surplus to total assets less current liabilities, thus assessing the efficient investment of capital resources. The higher return on Maldon Housing Association’s properties has resulted in a higher than average return on assets.

The trustees confirm that, as far as they are aware, there is no relevant audit information of which the Association’s auditor is unaware. They have taken all steps required of them as trustees in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Governance and Financial Viability

The trustees confirm that Maldon Housing Association has met the Regulator of Social Housing’s regulatory expectations in the governance and financial viability standard.

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MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2021 Auditors Beever and Struthers were appointed as auditors during the period under review. A resolution proposing auditor appointment is put to the AGM. Registered office: Signed by order of the trustees. Fairfield House 33 Fambridge Road Maldon Essex CM9 6AD Mrs A Shields Chief Executive Approved by the trustees on: 13

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

STATEMENT BY THE BOARD IN RESPECT OF INTERNAL FINANCIAL CONTROL

The Board of Trustees is responsible for maintaining a system of internal financial control, for safeguarding the financial assets of the Association, for taking reasonable steps for the detection of fraud and other irregularities and for ensuring the Association’s efficient operation. It is acknowledged that the system in place can provide only reasonable and not absolute assurance against material misstatement or loss. This system is reviewed regularly by the Board.

The Association applies a risk management cycle to identify, analyse, control and monitor strategic and operational risks, including fraud. A Risk Register sets out how this will be done.

Key areas of risk are

Internal control audits ensure that the risk management cycle is applied. Such audits are carried out regularly, normally by two trustees or appropriate ex-trustees, a report then being submitted to the Board, aiming to ensure adequate and effective implementation of

The Board of Trustees is pleased to report that no significant failings or weaknesses have been found during the year under review which have resulted, or are considered likely to result, in any material loss, contingency or uncertainty. Any minor suggestions for improvement have been absorbed as part of the Association’s procedures.

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MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

Independent Auditor’s Report to the Members of Maldon Housing Association Limited

YEAR ENDED 31 MARCH 2021

Opinion

We have audited the financial statements of Maldon Housing Association Limited (the ‘company’) for the year ended 31 March 2021 which comprise the Statement of Comprehensive Income (including income and expenditure account), the Statement of Financial Position, the Statement of Changes in Reserves, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies in note 1. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 are independent of the Company 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 the Provisions Available for Audits of Small Entities, in the circumstances set out in note 6 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these 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

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.

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 Company’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.

Our responsibilities and the responsibilities of the Board with respect to going concern are described in the relevant sections of this report.

15

MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

Independent Auditor’s Report to the Trustees of Maldon Housing Association Limited (continued)

YEAR ENDED 31 MARCH 2021

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Board is responsible for the other information contained within the annual report. 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.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we hav

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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:

In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion:

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MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

Independent Auditor’s Report to the Trustees of Maldon Housing Association Limited (continued)

YEAR ENDED 31 MARCH 2021

Responsibilities of directors

As explained more fully in the Statement of Directors’ Responsibilities set out on page 5, the Board 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 determines 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 is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board either intends to liquidate the Company or to cease operations, or has 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s web-site at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

17

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) Independent Auditor's Report to the Trustees of Maldon Housing Association Limited (continued) YEAR ENDED 31 MARCH 2021 Extent to which the audit was considered capable of detectlng Irregularitles, Including fraud (continued) The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks We Identified the potential fo fraud in the following areas. laws related to the construction and provision of social recognising the regulated nature of the Company's activities We reviewed financial statements disclosures and supporting documentation to assess with relevant laws and regulations discussed above. We enquired of the Board about actual and potential litigation and claims We performed analytical procedures to Identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. In addressing the risk of fraud due to management override of Internal controls we tested the appropriateness of Journal entries and assessed whether the Judgements made In making accounting estimates were Indicative of a potential bias. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may Involve collusion, forgery. Intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non- compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. Use of our report mpliance This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's 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 Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. lizabeth Hatchman (Senior Statutory Auditor) For and on behalf of Beever and Struthers Statutory Auditor 15 Bunhill Row London EC1Y 8LP '2fi g I,-kn gozi 18

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNTI YEAR ENDED 31 MARCH 2021 Notes Year ended 31 March 2021 Year ended 31 March 2020 Turnover 538.223 518,966 Operating expenditure 1409.6081 1393,0411 Gainlllossl from sale of fixed assets Operating Surplus l {D&fi¢itl 128,615 125,925 Other interest receivable and similar income 4,748 4.088 Interest payable and similar charges 17.0521 17,2871 Surplus I (Deficitl for the year and total comprehensive income 126,311 122,726 The financial slalements on pages 19 to 38 were approved by the Board on 2nd August 2021 and weie signed on its behalf by.. -fFJ Mrs J Toffel Mr J Williams Chair Chair of Finance Committee The Statement of Comprehensive Income relates wholly to continuing aclivities and the notes on pages 23 10 38 form an integral part of these financial statements. 19

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) Company Registration Number". 05972159 STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2021 Notes Year ended 31 March 2021 Year ended 31 March 2020 Fixed assets Housing properties Other fixed assets 1.370A93 7,617 1,375,591 8,790 1,378,110 1,384,381 Current assets Investments Debtors Cash and cash equivalents 10 338,580 14,594 272,457 252,384 15,042 234.234 625,631 501,660 Creditors- amounts falling due w(thin one year 12 175,3811 159,1881 Net current assets 550,250 442,472 Creditors- amounts falling due after more than one year 13 1672,1871 1696,9911 Net assets 1.256,173 1,129.862 Capital and reserves Income and expenditure account 1,256,173 1,129.862 Total Reserves 1.256.173 1,129,862 For the year ending 31 March 2021 the company was entitled to exemption trom audit under section 477 of the Companies Act 2006 relating to small companies. Direelors. responsibilities.. The members have not required the company to obtain an audit of its accounts for the year in question In accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with spect to accounting records and the preparation of accounts. The charitable company however has been audited under the Charities Act 2011. The financial statements on pages 19 10 38 were approved by the Board on 2hd August 2021 and wère signed on ils behalf by.. J.n.T Mrs J Toffel- Chair Mr J Wllli•ms Chair of Finance Committee The notes on pages 23 to 38 form an integral part of these financial statements. 20

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

STATEMENT OF CHANGES IN RESERVES YEAR ENDED 31 MARCH 2021

Income and
Expenditure
Reserve Total
£ £
Balance as at 1 April 2019 1,007,136 1,007,136
Surplus / (deficit) from Statement of Comprehensive Income 122,726 122,726
--------------------------- ----------------------------
Balance as at 31 March 2020 1,129,862 1,129,862
Surplus / (deficit) from Statement of Comprehensive Income
126,311 126,311
--------------------------- ----------------------------
Balance as at 31 March 2021 1,256,173 1,256,173
================ ================

The notes on pages 23 to 38 form an integral part of these financial statements.

21

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Company Limited by Guarantee)
TATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
Year ended Year ended
Notes 31 March 2021 31 March 2020
£ £
Net cash generated from operating activities (see i
Note i) 134,339 124,516
Cash flow from investing activities
Payments to acquire investments (83,000) (95,000)
Payments to acquire tangible fixed assets (7,381) (51,265)
Proceeds from sale of tangible fixed assets - -
Interest received 4,748
 4,088
(85,633) (142,177)
Cash flow from financing activities
Interest paid - (7,287)
Repayment of borrowings (3,431)
 (2,267)
(3,431) (9,554)
Net change in cash and cash equivalents 38,223 (27,215)
Cash and cash equivalents at beginning of 234,234 261,449
the year
Cash and cash equivalents at end of the year 272,457
 234,234
Components of cash:
Cash at bank and at hand 272,457 234,234
Year ended Year ended
31 March 2021 31 March 2020
Note i: £ £
Cash flow from operating activities
Surplus / (deficit) for the year 126,312 122,726
Adjustments for non-cash items:
Depreciation of tangible fixed assets 13,652 13,708
Decrease / (increase) in trade and other debtors 448 3,018
Increase / (decrease) in trade and other creditors 12,878 3,120
Carrying amount of tangible fixed asset disposals - -
Adjustments for investing or financing activities:
Government grants amortised in the year (21,255) (21,255)
Interest payable 7,052 7,287
Interest receivable (4,748)
 (4,088)
Net cash generated from operating activities 134,339
 124,516

The notes on pages 23 to 38 form an integral part of these financial statements.

22

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

Legal Status

The Association is registered in England and Wales under the Companies Act 2006, registered number 05972159 as a company limited by guarantee and was incorporated in England on 19 October 2006. It is also registered as a Registered Provider of Social Housing under Section 13 of the Housing Act 1974 for the purpose of receiving grants and other forms of assistance. The Association registered with the Charity Commission on 7 August 2007. Its registered office is Fairfield House, 33 Fambridge Road, Maldon, Essex, CM9 6AD.

1 Principal Accounting Policies

(a) Basis of accounting

The principal accounting policies of the Association are set out in the following paragraphs. These financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting Generally Accepted Accounting Practice (UK GAAP), FRS 102 and the Statement of Recommended Practice for registered housing providers: Housing SORP 2018.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019. The accounts are prepared on the historical cost basis of accounting except for investments which are held at fair value, and are presented in sterling £.

The Association’s financial statements have been prepared in compliance with FRS 102. The Association transitioned from previous UK GAAP to FRS 102 as at 1 January 2014 and subsequently adopted the Housing SORP: 2018 update – Statement of Recommended Practice for registered social housing providers as at 1 January 2019.

As a public benefit entity, Maldon Housing Association Limited has applied the public benefit entity ‘PBE’ prefixed paragraphs of FRS 102.

(b) Going Concern

After reviewing the entity’s forecasts, projections and COVID-19, the Trustees have a reasonable expectation that the entity has adequate resources to continue in operational existence for the foreseeable future. The entity therefore continues to adopt the going concern basis in preparing its financial statements.

23

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

1 Principal Accounting Policies (continued)

(c) Judgements and key sources of uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Other key sources of estimation and assumptions:

(d) Turnover

As the Association is registered as an Almshouse, it does not receive rent, but WMC (weekly maintenance contributions). Turnover represents weekly maintenance contribtions, service charges and support services and income receivable net of voids. It also includes the release of deferred Social Housing Grant income [see 1(e)]. Maintenance contribtuion income is recognised when the property is available for let, net of voids.

24

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

1 Principal Accounting Policies (continued)

(e) Social Housing and other Government grants

Where developments have been financed wholly or partly by social housing and other grants, the amount of the grant received has been included as deferred income and recognised in turnover over the estimated useful life of the associated asset structure (not land), under the accruals model. SHG received for items of cost written off in the Statement of Comprehensive Income Account is included as part of turnover.

SHG must be recycled by the Association under certain conditions, if a property is sold, or if another relevant event takes place. In these cases, the SHG can be used for projects approved by Homes England and Greater London Authority. However, SHG may have to be repaid if certain conditions are not met. If grant is not required to be recycled or repaid, any unamortised grant is recognised as Turnover. In certain circumstances, SHG may be repayable, and, in that event, is a subordinated unsecured repayable debt.

(f) Finance costs

Loan interest costs are calculated using the effective interest method of the difference between the loan amount at initial recognition and amount of maturity of the related loan.

(g) Taxation

Maldon Housing Association Limited is a charity within the meaning of the Charities Act 2011 and as such is a charity within the meaning of Part 11, Corporation Tax Act 2010. Accordingly Maldon Housing Association Limited is potentially exempt from taxation in respect of income or gains received within categories covered by Part 11, s.478 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to its charitable purposes.

(h) VAT

The Association is not registered for VAT. All amounts disclosed in the accounts are inclusive of VAT.

(i) Tangible fixed assets and depreciation

Housing Properties

Tangible fixed assets are stated at cost, less accumulated depreciation. Freehold housing properties are stated at cost together with incidental costs of acquisition, administration costs and interest up to the date of completion.

25

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

1 Principal Accounting Policies (continued)

Housing Properties (continued)

Freehold land is not depreciated. Depreciation is charged so as to write down the cost of freehold housing properties other than freehold land to their estimated residual value on a straight line basis over their expected useful economic lives as below:

Structure 100 years
Roof 70 years
Windows 30 years
Bathroom 15 years
Kitchen 10 years
Boiler 15 years
Electrical 40 years

Amounts are capitalised where required by the Statement of Recommended Practice. In doing so their useful economic lives are considered for the purposes of depreciation. Amounts capitalised are included within the fixed asset note whilst items of a revenue nature are charged to the Statement of Financial Activities. Historically, component additions purchased by the Association have been offset against grants received for these purposes.

Other fixed assets

Office furniture, fittings and equipment are stated at cost and depreciated over their expected economic useful lives at the following annual rates:

Furniture, fittings and equipment - 10% - 20% straight line or reducing balance
Computer equipment - 25% straight line

Equipment with a short life such as washing machines, televisions, fridges and cookers are accounted for on a replacement basis.

(j) Current asset investments

Current asset investments include cash and cash equivalents invested for periods of more than 24 hours. They are recognised initially at cost and subsequently remeasured to market value at the reporting date. Any change in valuation between reporting dates is recognised in the statement of comprehensive income.

(k) Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

26

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

(l) Financial instruments

Financial instruments such as loans, accounts payables, accounts receivables and cash are classified either as basic or complex. All financial instruments are initially measured at their fair values at the time the transactions occur. Subsequently all basic instruments are measured at amortised cost and all complex financial instruments are measured at a fair value through the comprehensive income.

Financial instruments held by the Association are classified as follows:

(m) Reserves

The Association transitioned from preparing accounts in accordance with the Charity SORP, to the SORP for social housing providers 2014, as at 1 April 2017. The Housing SORP 2018 has subsequently been adopted. The Housing SORP 2018 does not permit the use of designated funds, for the purpose of this SORP such designations are considered to be an internal matter and do not require disclosure in the primary statements. The accounts ongoing will show one income and expenditure reserve for all activities of the Association.

(n) Loans

Loans are stated in the Statement of Financial Position at the amount of the net proceeds after issue, plus increases to account for any subsequent amounts amortised.

(o) Apportionment of management expenses

Direct employee, administration and operating costs have been apportioned within the Statement of Comprehensive Income on the basis of the costs of the staff directly engaged on the operations dealt with in these financial statements.

27

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

1 Principal Accounting Policies (continued)

(p) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

(q) Cash and cash equivalents

Cash equivalents are recognised as such and included with other cash balances where they represent short term, highly liquid investments that are readily convertible to known amounts of cash without being subject to a significant change in value.

(r) Impairment of financial assets

Financial assets are assessed at each reporting date to determine whether there is any objective evidence that a financial asset or group of financial assets is impaired. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

28

MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

2 TURNOVER, OPERATING EXPENDITURE AND OPERATING SURPLUS

Social housing income (Note 3)
Activities other than social housing
Other Income
Total
Social housing income (Note 3)
Activities other than social housing
Other Income
Total		 2021
Turnover
£
Operating
expenditure
£
Operating
surplus
£
538,223
409,608
(128,615)
-
-
-
______
______
______
538,223
409,608
(128,615)
2020
Turnover
£
Operating
expenditure
£
Operating
surplus
£
518,781
393,041
125,740
185
-
185
__
_
___
518,966
393,041
125,925

29

MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

3 TURNOVER AND OPERATING EXPENDITURE FROM SOCIAL HOUSING LETTINGS

2021 2020
£ £
Income from social housing lettings
Maintenance contributions 267,159 257,090
Service charge income 245,336 240,436
Amortised government grant 21,255 21,225
CJRS grant 4,474 -
-------------------------------------------------- --------------------------------------------------
Total income from lettings 538,224 518,781
================ ================
Expenditure on housing
Service costs 198,724 176,404
Management costs 122,587 111,537
Routine maintenance costs 48,022 57,401
Planned maintenance costs 28,791 33,991
Major repairs - -
Property depreciation 11,484 13,708
-------------------------------------------------- --------------------------------------------------
Total expenditure on lettings 409,608 393,041
================= =================
Operating surplus 128,615 125,740
================= =================
Void losses 9,222 11,006

30

MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

4 OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

2021 2020
£ £
Interest on deposits 4,748 4,088
================= =================
5 INTEREST PAYABLE AND SIMILAR CHARGES
2021 2020
£ £
Nationwide Building Society loan 1,250 1,432
Orchardbrook loan 5,802 5,855
-------------------------------------------------- --------------------------------------------------
7,052 7,287
================= ================
6 SURPLUS / (DEFICIT) ON ORDINARY ACTIVITIES
2021 2020
£ £
The operating surplus is stated after charging/(crediting):-
Auditors remuneration (excluding VAT)
In their capacity as auditors 5,820 5,755
In respect of other services 1,035 1,025
Depreciation of Housing Properties 11,484 10,789
Depreciation of Other Fixed Assets 2,168 2,919

In common with many organisations of our size and nature we use our auditors to assist with the preparation of the financial statements.

7 GAIN/ (LOSS) ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT

2021 2020
£ £
Proceeds of sales - -
Less: Carrying value at disposal - -
-------------------------------------------------- --------------------------------------------------
Gain/(loss) on disposal - -
================= =================

31

MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

8 HOUSING PROPERTIES

Total
Completed Properties
£
Cost
At 1 April 2020 1,950,733
Additions 6,387
Disposals (5,089)
-------------------------------------------------
At 31 March 2021 1,952,031
-------------------------------------------------
Depreciation
At 1 April 2020 575,142
Charge for the year 11,484
Released on disposals (5,089)
-------------------------------------------------
At 31 March 2021 581,537
-------------------------------------------------
Net Book value
At 31 March 2021 1,370,494
================
At 31 March 2020 1,375,591
================
Works to existing properties in the year
Improvement works capitalised -
Components capitalised 6,387
Amounts charged to expenditure 28,791
-------------------------------------------------

Although fixed assets are not revalued, the Trustees are satisfied that the aggregate value of assets is in excess of the value included in the financial statements.

The carrying amount of housing properties pledged as securities is £996,237 (2020:£999,376).

32

MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

9 OTHER FIXED ASSETS

Furniture, fittings Computer Total
and equipment equipment
£ £ £
Cost
At 1 April 2020 54,107 3,728 57,835
Additions - 994 994
Disposals - - -
------------------------------------------------ ------------------------------------------------ -----------------------------------------------
At 31 March 2021 54,107 4,722 58,829
------------------------------------------------ ------------------------------------------------ -----------------------------------------------
Depreciation
At 1 April 2020 48,113 932 49,045
Charge for the year 1,112 1,056 2,168
Released on disposals - - -
------------------------------------------------ ------------------------------------------------ -----------------------------------------------
At 31 March 2021 49,225 1,988 51,213
------------------------------------------------ ------------------------------------------------- -----------------------------------------------
Net Book Value
At 31 March 2021 4,882 2,735 7,617
=============== ================ ================
At 31 March 2020 5,994 2,796 8,790
=============== ================ ================
10 CURRENT ASSET INVESTMENTS
2021 2020
£ £
Current Asset Investments 338,580 252,384
================ ================
11 DEBTORS
2021 2020
£ £
Maintenance charge arrears 882 1,113
Other debtors and prepayments 13,712 13,929
---------------------------------------------- ----------------------------------------------
14,594 15,042
================ ================

All debtors are due within one year. No loans have been made or are outstanding to Board members, officials or employees.

33

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Loans (note 13) 2,385 2,267
Trade creditors 21,092 6,407
Other creditors and accruals 27,351 29,428
Taxation and social security (448) (448)
Deferred grant income (note 14) 21,255 21,255
Prepaid maintenance contribution charge 3,746 279
---------------------------------------------- ----------------------------------------------
75,381 59,188
================ ================
3 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Loans on mortgage secured by a charge on the Association’s housing land and buildings:
2021 2020
£ £
Deferred grant income (note 14) 595,128 616,383
Loans 77,059 80,608
---------------------------------------------- ----------------------------------------------
672,187 696,991
================ ================
Total loans
Orchardbrook 53,039 53,457
Nationwide Building Society 26,405 29,418
--------------------------------------------- ---------------------------------------------
79,444 82,875
================ ================
Loan payments due within one year 2,385 2,267
Loan payments due after more than one year :
- Repayable in one to two years 2,442 2,267
- Repayable in two to five years 7,736 6,801
- Repayable after five years (all repayable by instalments) 66,881 71,540
-------------------------------------------- --------------------------------------------
79,444 82,875
================ ================

13 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The loan advanced by Orchardbrook to finance the development of housing land and buildings will be repayable by equal annual instalments over 60 years, the last instalment of which falls to be repaid on 31 August 2045. Interest is charged at a rate of 10.875% per annum.

The Nationwide Building Society loan was initially taken out in September 1993 in order to redeem the loans with the Housing Corporation (effectively now Homes England) and the local authority and to finance the cost of new windows for Berridge House. The loan is for 35 years, the last instalment of which falls to be repaid on 31 August 2028. The interest rate is variable.

34

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

14 DEFERRED CAPITAL GRANT
2021 2020
£ £
At 1 April 2020 637,638 658,893
Released to Income in the year (21,255) (21,255)
______ ______
At 31 March 2021 616,383 637,638
Amount due to be released < 1 year 21,255 21,255
Amount due to be released > 1 year 595,128 616,383
______ ______
The total accumulated government grant 616,383 637,638
The total accumulated government grant and financial 1,062,733 1,062,733
assistance received or receivable at 31 March:

15 COMPANY LIMITED BY GUARANTEE

The company does not have share capital and is limited by the guarantee of its nine members. If the company is dissolved while each person remains a member, or within twelve months afterwards, each member promises to pay up to £10 towards the costs of dissolution and the liabilities incurred by the company while he or she was a member.

35

MALDON HOUSING ASSOCIATION LIMITED

(Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

16a. WAGES AND SALARIES


WAGES AND SALARIES
2021 2020
£ £
Staff costs during the year
Wages and salaries 194,370 168,272
Social security costs 9,141 8,722
Pension contributions 1,717 1,726
**---------------------------------------------------- ** ----------------------------------------------------
205,228 178,720
================ ================
The average number of persons employed by the
Association during the year was 12 11
================ ================
The average number of persons employed by the Association on a
full time equivalent basis (based on 35 hour week), during the year 6 7
was
================ ================

There were no full time equivalent staff whose remuneration exceeded £60,000 in the year (2020: None)

16b. KEY MANAGEMENT PERSONNEL REMUNERATION

2021 2020
£ £
The aggregate emoluments paid to or receivable by non-executive Directors - -
and former non-executive Directors
The aggregate emoluments paid to or receivable by Key Management 46,018 43,496
Personnel
The aggregate compensation paid to or receivable by Key Management 46,018 43,496
Personnel
The emoluments paid to the highest paid Key Management Personnel 46,018 43,496
excluding pension contributions
The aggregate amount of Key Management Personnel or past Key - -
Management Personnel pensions, excluding amounts payable under a
properly funded pension scheme
The aggregate amount of any consideration payable to or receivable by third - -
parties for making available the services of a Director or Key Management
Personnel
The aggregate amount of any consideration payable to Directors or Key - -
Management Personnel for loss of office

The Chief Executive is not a current or past member of the pension scheme.

None of the Board of Directors/Trustees received remuneration in the year (2020: £nil). Directors/Trustees had £0 expenses reimbursed during the year (2020: £nil).

36

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

17 ACCOMMODATION IN MANAGEMENT

2021 2020
Number of units of housing accommodation
Supported housing and housing for older people 57 57
================ ================

18 CONTROL

The Association is controlled by the Board of Trustees. No one individual has overall control.

19 OPERATING LEASE COMMITMENTS

At 31 March the company had total commitments under non-cancellable operating leases as follows:

2021 2020
Expiry date: £ £
Within one year - -
In one year or more but less than two years - -
In two years or more and less than five years - -
------------------------------------------------- ----------------------------------------------------
- -
================ ================

During the year the Association paid a total of £Nil (2020: £660) in relation to commitments under non-cancellable operating leases relating to printers.

20 CAPITAL AND OTHER COMMITMENTS

PITAL AND OTHER COMMITMENTS
2021 2020
£ £
Capital expenditure that has been contracted for 56,000 30,000
but has not been provided for in the financial
statements
Capital expenditure that has been authorised by 5,000 -
the Board but has not yet been contracted for
______ ______

The Association expects these commitments to be contracted within one year and will be financed with available cash funds.

21 RELATED PARTIES

There were no related party transactions that required disclosure in the year to 31 March 2021 (2020: none).

37

MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

22 FINANCIAL INSTRUMENTS

The Association’s financial instruments may be analysed as follows
2021 2020
£ £
Financial Assets
Financial Assets Measured at Cost
Cash and Cash Equivalents 272,457 234,234
Financial Assets Measured at Amortised Cost
Maintenance charge arrears 882 1,113
Other Debtors 914 914
Investments 338,580 252,384
______ ______
Total Financial Assets 612,883 488,645
Financial Liabilities
Financial Liabilities Measured at Amortised Cost
Trade Creditors 3,746 279
Other Creditors 48,478 8,919
Housing Loans Payable 79,444 84,075
______ ______
Total Financial Liabilities 131,668 93,273
23 ANALYSIS OF CHANGES IN NET DEBT
2020 Cashflows 2021
£ £ £
Loan borrowings 82,875 (3,431) 79,444
Total liabilities 82,875 (3,431) 79,444
Cash and cash equivalents (234,234) (38,223) (272,457)
Total net debt (151,359) (41,654) (193,013)

38