2023-03-31-accounts - Maldon Housing Association Ltd

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								Pages
Reference and administrative trustees and advisors				details ofthe	charity,	its		1-3
Chair's report
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

Bankers and	Redwood	Bank	Bank	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
External Auditor	Beever and		Struthers
	Chartered	Accountants				and Statutory	Auditors
	Suite 9b
	The Beehive			Lions Drive
	Shadsworth			Business Park
	Blackb urn
	BB12QS

Desi nated reserves
6 month operational	reserve								F210,000
Miss B.J.Abberley	bequest		to be used		in respect of residents'			welfare	f13,325
Mrs E. Mott bequest	to be used for			the	welfare	of residents	in	Fairfield	F2,802
House
Miss J. Barwell bequest		to be used		for	the welfare of residents			in	F1,505
Fairfield House
Miss B.Weaver bequest		to	be used for		the welfare of residents			in	F2,178
Fairfield House
Miss J.Jelbart donation		to be used		for	personal	items required		by	f60
a resident on emergence		admission		to	hospital

		Year ended	Year ended
		31 March 2023	31 March 2022
Turnover		542,614	547,505
Operating	expenditure	(539,876)	(439,327)
Operating	Surplus l (Deficit)	2,738	108,178
Other interest receivable and similar income		4,309	2,167
Interest payable and similar charges		(6,995)	(6,811)
Surplus I	(Deficit) for the year and total	52	103,534
comprehensive income

				Notes	Year ended	Year ended
					31 March	31 March
					2023	2022
						E
Fixed assets
Housing properties					1,496,085	1,444,009
Other fixed	assets				5,338	7,497
					1,501,423	1,451,506
Current assets
Investments				9	342,274	339,804
Debtors				10	23,695	23,843
Cash and cash equivalents					181,997	269,774
					547,966	633,421
Creditors:	amounts	falling due within one year			(68,974)	(79,493)
Net current	assets				478,992	553,928
Creditors:	amounts	falling due after more than one year		12	(620,656)	(645,727)
Net assets					1,359,759	1,359,707
Capital and	reserves
Income and	expenditure		account		1,359,759	1,359,707
Total Reserves					1,359,759	1,359,707

					Income and
					Expenditure
					Reserve	Total
						F
Balance		as at 1 April 2021			1,256,173	1,256,173
Surplus	/	(deficit) from Statement	of Comprehensive	Income	103,534	103,534
Balance		as at 31 March 2022			1,359,707	1,359,707
Surplus	/	(deficit) from Statement	of Comprehensive	Income	52	52
Balance		as at 31 March 2023			1,359,759	1,359,759

							Year ended	Year ended
						Notes	31 March 2023	31 March 2022
Net cash generated from	operating		activities			(see
Note i)							(4,726)	100,216
Cash flow from investing	activities
Payments to acquire investments
Payments to acquire tangible		fixed assets					(74,108)	(94,567)
Proceeds from sale oftangible		fixed assets
Interest received							1,839	2,167
							(72,269)	(92,400)
Cash flow from financing	activities
Interest paid							(6,995)	(6,811)
Repayment of borrowings							(3,787)	(3,688)
							(10,782)	(10,499)
Net change in cash and cash equivalents							(87,777)	(2,683)
Cash and cash equivalents		at beginning			of		269,774	272,457
the year
Cash and cash equivalents		at end ofthe			year		181,997	269,774
Components ofcash:
Cash at bank and at hand							181,997	269,774
							Year ended	Year ended
							31 March 2023	31 March 2022
Note i:							E
Cash flow from operating	activities
Surplus / (deficit) for the year							52	103,534
Adjustments for non-cash	items:
Depreciation oftangible fixed		assets					24,191	20,639
Decrease / (increase) in trade		and other debtors					148	(9,249)
Increase / (decrease) in trade		and other creditors					(10,548)	1,903
Adjustments for investing	or financing			activities:
Government grants amortised		in the year					(21,255)	(21,255)
Interest payable							6,995	6,811
Interest receivable							(4,309)	(2,167)
Net cash generated from operating			activities				(4,726)	100,216
The notes on pages 23 to 38		form an	integral			part ofthese financial	statements.

			2023
			Operating	Operating
		Turnover E	expenditure E	surplus f
Social housing	income (Note 3)	542,614	539,876	2,738
Activities other	than social housing
Other Income
Total		542,614	539,876	2,738
			2022
			Operating	Operating
		Turnover	expenditure	surplus
Social housing	income (Note 3)	547,380	439,327	108,053
Activities other	than social housing
Other Income		125		125
Total		547,505	439,327	108,178

			2023	2022
				F
Income from social housing		lettings
Maintenance contributions			275,203	279,070
Service charge income			246,156	246,838
Amortised government	grant		21,255	21,255
CJRS grant				217
Total income from lettings			542,614	547,380
Expenditure on housing
Service costs			224,535	191,546
Management costs			114,382	141,526
Routine maintenance costs			45,973	42,374
Planned maintenance	costs		134,500	46,335
Major repairs
Property depreciation			20,486	17,546
Total expenditure on	lettings		539,876	439,327
Operating surplus			2,738	108,053
Void losses			19,703	4,753

4	OTHER INTEREST RECEIVABLE AND SIMILAR INCOME	OTHER INTEREST RECEIVABLE AND SIMILAR INCOME	OTHER INTEREST RECEIVABLE AND SIMILAR INCOME
				2023	2022
	Interest on deposits			4,309	2,167
5	INTEREST PAYABLE AND SIMILAR CHARGES
				2023	2022
					E
	Nationwide Building Society loan			1,311	1,058
	Orchardbrook	loan		5,684	5,753
				6,995	6,811
6	SURPLUS /	(DEFICIT) ON ORDINARY ACTIVITIES
				2023	2022
				E	E
	The operating	surplus is stated after charging/(crediting):-
	Auditors remuneration (excluding		VAT)
	In their	capacity as auditors		6,720	6,105
	In respect ofother services			1,195	1,085
	Depreciation	of Housing Properties		20,486	17,546
	Depreciation	of Other Fixed Assets		3,705	3,093

						Total
				Completed		Properties
						E
Cost
At 1 April 2022						2,020,778
Additions						72,562
Disposals						(29,286)
At 31 March	2023					2,064,054
Depreciation
At 1 April 2022						576,769
Charge for the year						20,486
Released on	disposals					(29,286)
At 31 March	2023					567,969
Net Book value
At 31 March	2023					1,496,085
At 31 March	2022					1,444,009
Works to existing properties		in the year
Improvement	works capitalised
Components capitalised						72,562
Amounts charged to expenditure						134,500
Although fixed	assets are not revalued,		the Trustees are satisfied	that the aggregate	value ofassets
is in excess of	the value included	in the	financial statements.

8	OTHER FIXE	DASSETS
			Furniture,	fittings	Computer	Total
			and equipment		equipment
				E
	Cost
	At 1 April	2022		55,206	6,596	61,802
	Additions			540	1,006	1,546
	Disposals
	At 31 March 2023			55,746	7,602	63,348
	Depreciation
	At 1 April	2022		50,960	3,345	54,305
	Charge for the year			1,888	1,817	3,705
	Released	on disposals
	At 31 March 2023			52,848	5,162	58,010
	Net Book Value
	At 31 March 2023			2,898	2,440	5,338
	At 31 March 2022			4,246	3,251	7,497
9	CURRENT ASSET INVESTMENTS
					2023	2022
						E
	Current Asset Investments				342,274	339,804
10	DEBTORS
					2023	2022
					F	E
	Maintenance	charge arrears			2,952	1,031
	Other debtors	and prepayments			20,743	22,812
					23,695	23,843

						2023	2022
						f.	F
	Loans (note 12)					3.931	3,902
	Trade creditors					10,154	20,856
	Other creditors	and accruals				30,736	20,301
	Taxation and social security					2,182	11,932
	Deferred capital	grant (note	13)			21,255	21,255
	Prepaid maintenance contribution			charge		716	1,247
						68,974	79,493
12	CREDITORS:	AMOUNTS	FALLING DUE AFTER MORE THAN ONE YEAR
						2023	2022
	Deferred capital	grant (note	13)			552,618	573,873
	Loans					68,038	71,854
						620,656	645,727
	Total loans
	Orchardbrook					52,002	52,539
	Nationwide Building Society					19,967	23,217
						71,969	75,756
	Loan payments	due within one year				3,931	3,902
	Loan payments	due after more than one year:
	- Repayable	in one to two years				3,995	3,962
	- Repayable	in two to five years				12,438	11,994
	- Repayable	after five years (all repayable			by instalments)	51,605	55,898
						71,969	75,756

					2023	2022
						E
At 1 April					595,128	616,383
Released to income		in the	year		(21,255)	(21,255)
At 31 March					573,873	595,128
Amount	due to be released		& 1 year		21,255	21,255
Amount	due to be released		& 1 year		552,618	573,873
The total	accumulated	government		grant	573,873	595,128
The total	accumulated	government		grant and financial	1,062,733	1,062,733
assistance received or receivable				at 31 March:

YEA	R ENDED 31 MARCH 2023 (continue	R ENDED 31 MARCH 2023 (continue	d)
15a.	WAGES AND SALARIES
						2023	2022
						E
	Staff costs during the year
	Wages and salaries					174,744	193,527
	Agency costs						11,185
	Social security costs					11,213	9,978
	Pension contributions					1,937	1,560
						187,894	216,250
	The average number	of persons employed	by the Association		during
	the year was					12	12
	The average number	of persons employed	by the Association		on a
	full time equivalent basis (based on 35 hour		week), during	the	year
	was

										2022
										F
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				53,921
Personnel
The aggregate	compensation paid		to or receivable		by Key					53,921
Management	Personnel
The emoluments paid to the highest			paid Key Management				Personnel			53,921
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 ofa			Director		or Key
Management	Personnel
The aggregate	amount of	any consideration		payable		to Directors			or
Key Management Personnel for loss of office

ACCOM	MODATI	ON IN	M	ANAGEME	NT
						2023	2022
Number	of units	of housing		accommodation
Supported		housing	and housing		for older people	57	57

CAPITA	L AND OT	HER	CO	MMITMENTS
						2023	2022
						E
Capital	expenditure	that	has	been contracted	for but has not been	44,501	75,006
provided	for in the	financial		statements
Capital	expenditure	that	has	been authorised	by the Board but has	75,141	80,000
not yet	been contracted		for

ALYS	IS OF CHANGES IN NET DEBT/(F	UNDS)
		2022	Cashflows	2023
		F	E
Loan	borrowings	75,756	(3,787)	71,969
Total	liabilities	75,756	(3,787)	71,969
Cash	and cash equivalents	(269,774)	87,777	(181,997)
Total	net debt/(funds)	(194,018)	83,990	(110,028)

FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS
The Association's financial	instruments			may	be	analysed	as follows:
								2023	2022
								E	E
Financial Assets:
Financial Assets Measured		at	Cost
Cash and cash equivalents								181,997	269,774
Financial Assets Measured		at	Amortised		Cost
Maintenance charge arrears								2,952	1,031
Other debtors								914	914
Current asset investments								342,274	339,804
Total Financial Assets								528,137	611,523
Financial Liabilities:
Financial Liabilities Measured			at Amortised			Cost
Maintenance charge creditors								716	1,247
Trade and other creditors								38,981	41,859
Housing loans payable								71,969	75,756
Total Financial Liabilities								111,666	118,862