Company Registratlon Number 05972159 Charity Registration Number 1120475 Almshouse Association Reglstratlon Number M1922 Regulator for Soclal Houslng Registration Number L1551 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) FINANCIAL STATEMENTS 31 MARCH 2024 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) CONTENTS YEAR ENDED 31 MARCH 2024 Pages Referen￿ and administrative details of the charity, its trustees and advisors Chair's report Trustees, report Statement by the board in respect of internal financial control 13 Independent auditor's report Statement of Comprehensive Income 18 Statement of Financial Position 19 Statement of Change in Reserves 20 Statement of Cash Flows 21 Notes to the financial statements 22-36 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS YEAR ENDED 31 MARCH 2024 Charity Registration Number 1120475 Company Registration Number 05972159 Almshouse Assoclatlon Reglstratlon Number M1922 Regulator for Soclal Houslng Reglstration Number L1551 Board of Dlrectorsrrrustees The Trustees who served on the Board of Trustees from 1 April 2023 to the date of approval of these financial statements are.. M Gallagher FRICS (resigned 11 September 2023) J M Toffel BA (Hons) PGCE J Wheeldon Bsc FCIH J Williams FCA N Cornmell RPery F Shaughnessy Prnsldont M McLeod BA (Hons) PGCE ADVDIP (Law) ADVDIP {Education} Chalr J M Toffel BA {Hons) PGCE Vlce Chalnnen M Gallagher FRICS (resigned 11 September 2023) N Commell (appointed 11 September 2023) Company Secretary J M Toffel BA (Hons) PGCE Senlor Officers Mrs T Nash Mr R Keeble Mrs C Cope Facilities Manager Supported Housing Manager Finance Manager MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS YEAR ENDED 31 MARCH 2024 (continued) Registered Offlce Fairfield House 33 Fambridge Road Maldon Essex CM9 6AD Bankers and Similar Instltutlons Nab'onal Westminster Bank plc 4-5 High Street Chelmsford Essex CM11FZ Santander PIC BBAM Bridle Road Bootle Merseyside GIR OAA Nationwide Building Society Housing Department Kings Park Road Moulton Park Northampton NN3 6NW Orchardbrook Crown House Crown Street Ipswich Suffolk IP13HS Aldermore Bank plc 1Jt Floor, Block B Western House Lynch Wood Peterborough PE2 6FZ Unrted Trust Bank 1 Ropemaker Street London EC2Y 9AW MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS YEAR ENDED 31 MARCH 2024 (continued) Bankers and Slmllar Instltutlons (Contlnued) Redwood Bank The Nexus Building Broadway Letchworth Garden City SG6 3TA Hampshire Trust Bank 6 E Parade Leeds LS12AD Cambridge and Counties Bank Charnwood Court 5B New Walk Leicester LE16TE Sollcltors MPP Solicitors 22 High Street Maldon Essex CM9 5PJ External Audftor Beever and Struthers Chartered Accountants and Statutory Auditors Suite 9b The Beehive Lions Drive Shadsworth Business Park Blackbum BB12QS MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) CHAIR'S REPORT YEAR ENDED 31 MARCH 2024 Durin9 the financial year 2023 24, the Board of Trustees continued to focus on maintaining the sustainability and security of Maldon Housing Association Limited IMHA) whilst seeking to improve the homes of our residents. To this end thorough investigation into the possibility of applying for a loan offered by the Almshouse Association to organisations under their aegis was undertaken. It is hoped that an application may be submitted during 2024- 25, with a view to replacing remaining windows at Deed House and all windows in Fairfield House before internal decorats'on of communal areas in the latter residence to bring this to the highest standard for our residents. On behalf of the trustees I thank Rob Keeble, the Supported Housing Manager, Tina Nash, the Facilities Manager, and Christs'ne Cope, the Finance Manager, for their full comrnilment to the residents of Maldon Housing Association Limited as they have continued to give to individuals all support required, to maintain a safe environment and to ensure prudent financial operations. The managers, assisted by the Office Manager and their own teams, have continued to collaborate in creating a calm, secure, effi'cient operation that has precluded any need to employ a CEO to oversee daily matters. Following the transfer of Suzanne Chisholm to the support team, Philippa Harrington took on the role of Office Manager, assimilating administrative processes in all areas to ensure accuracy of records and assistance in the areas of work of each manager as required. She fully embraced the ethos of Maldon Housing Association Limited and took the initiative in running a very successful raffle in conjunction with the residents, Christmas celebrations, securing the donation of valuable prizes by several local businesses in Maldon. This was much appreciated by all concerned and hopefully may be continued in future years. The Board has employed Damian Roche, a consultant from HQN Consultancy, to advise on strategic matters including changes in Health and Safety legislation, the regulatory changes in social housing and MHA'S requirements in IT provision. This has been a most successful arrangement enabling trustees to feel confident that all requirements in governance and the organisation's compliance are addressed in a timely fashion. At the end of the financial year, the employment tribunal hearing instigated by the former CEO years previously, citing grounds of disability discrimination and unfair dismissal, was conducted. Despite Maldon Housing Association's firm rebuttal of both accusations, the case was settled before judgement in order to minimize financial outlay, preventing escalation of costs in addition to a substantFal claim. A strong sense of community lies at the core of Maldon Housing Association Limited. During 2023 - 24, staff and trustees continued to work together to ensure provision of the best homes possible in a well maintained, supported environment. As my tenure as Chair of the Board of Trustees draws to a close, I would like to express my thanks and appreciation to every member of staff and each of my fellow trustees for their commitment, their time and their strong sense of responsibility towards all the residents. MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 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. Trustses, res onsibilities for financial re 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 Limited for the year ending 31 March 2024. The financial statements have been prepared in accordan￿ with Financial Reporting Standard 102, effective January 2015, as required in the UK and Republic of Ireland. The fi'nancial statements comply with the current statutory requirements and the Memorandum and Articles of Association under which Maldon Housing Association Limited was established. ortin 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 fesources and application of resources, including income and expenditure. for the specified financial year. In preparing the requisite financial ststements, the trustees must undertake the following." Select suitable accounting policies, applying these consistently., Observe the methods and principles set in Ihe Housing SORP., Make judgements and estimates that are reasonable and prudent., State whether UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. Prepare the financial statements on the basis of the Ass(Kiation being a going concern unless it is inappropriate to presume that the Association will continue in operation. 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, the Housing and Regeneration Act 2008, the Accounts'ng Direction 2022 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 hen￿ for taking reasonable steps to prevent and detect fraud and other irregularities. Furthermore, the trustees are responsible for the maintenance and integrty of the Association, including any financial information given on the Association's website, if applicable. MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) TRUSTEES. REPORT YEAR ENDED 31 MARCH 2024 (continued) Structure Govemance and Mana 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. Recwitment 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. ement New trustees are nominated by existing trustees or are sought through open advertisement. After meeting the Chair to discuss the work of the Association, a prospective trustee is invited to obseNe a Board meeting before signing a declaration of eligibilty and formally joining the organisation. 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 responsibilits'es, 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 as appropriate opportunities arise. 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 se￿e th￿e 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 adopted the National Housing Federation Code of Governan￿ issued in 2020. The Board recognises that there is non 24,191 148 (10,548) Adjustmonts for investing or financlng activities: Government grants amortised in the year Interest payable Interest receivable 121,255 7,100 (4.007) (21,255) 6,995 (4,309) Net cash generated from operating activitres 31,526 (4,726) The notes on pages 22 to 36 form an integral part of these financial statements. 21 MALDON HOUSING ASSOCIATION LIMITED (Company Limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Legal Status The Association is registered in England and Wales under the Companies Act 2006, regISte￿d 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 Associats'on registered with the Charity Commission on 7 August 2007.lts registered office is Fairfield House, 33 Fambridge Road, Maldon, Essex, CM9 6AD. 1 Prlnclpal Accountlng Pollcles (a) Bas18 of accountlng 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 GAAPI, 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 2022. The financial statements 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 ststements have been prepa￿d 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 Assoclation Limited has applied the public benefit entity 'PBE' prefixed paragraphs of FRS 102. (bj Going Concem After reviewing the entity's forecasts and projections the Trustees have a reasonable expectation that the entity has adequate resources to continue in operational existen￿ for the foreseeable future. The entity therefore continues to adopt the going con￿rn basis in preparing its financial statements. 22 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) I Prlncipal Accounting Pollcle8 (contlnued> (c) Judgements and key sources of uncertainty The preparation of the financial statements ￿qUireS management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Ststement of Financial Position date and the amounts ￿ported 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. a) Categorisats'on of housing properties. The Association has undertaken a detailed review of the intended use of all housing properties. In determining the intended use, the Association has consKlered if the asset is held for social benefit or to earn commercial rentsls. b) Impairment. The Association has identified a cash generating unit for impairment assessment purposes at a propety scheme level. Other key sources of estlmatlon and assumptions.. a) Tangible fixed assets. Tangible fixed assets are depreciated over their useful lives tsking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. b) Fair value of Financial Instruments. Changes in the fair value of financial instruments are recognised in profit or loss for the period. (d) Turnover As the Association is registered as an Almshouse, it does not receive rent, but WMC (weekly maintenan contributions). Turnover represents weekly maintenance contributs'ons, service charges and support services and income receivable net of voids. It also includes the release of deferred Social Housing Grant income Isee 1 (e)J. Maintenance contribution income is recognised when the property is available for let, net of voids. 23 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) 1 Principal Accountlng Pollcles {contSnued) le) Soclal Housing and other Govemment grants lthere developments have been financed wholly or partly by social housing and other grants, the amount of the grant re￿iVed 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 rnodel. 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 levant event takes pla￿. 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 ba 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. lfj Flnance Costs Loan interest Costs are calculated using the effective interest method of the difference betsveen the loan amount at initial recognFtion and arnount of maturity of the related loan. (g) faxatlon 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 taxats'on 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 Inco￿ or gains are applied exclusively to Its charitable purposes. (h) VAT The Association is not registered for VAT. All amounts disclosed in the financial statements are inclusive of VAT. (l) Tanglble flxed assets and deprnciation Housing Pmpertlos Tangible fixed assets are stated at cost, less accumulated depreciation. Freehold housing properties are stated at cost together with incidental costs of acquisikn'on, administration costs and interest up to the date of completion. 24 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) 1 Princlpal Accounting Policles IcontSnued) Houslng Properties (continu￿) F￿ehOld 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 Roof Windows Bathroom Kitchen Boiler Electrical 100 years 70 years 30 years 15 years 10 years 15 years 40 yea Amunts 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 Statsment of Financial Activities. Historically, component additions purchased by the Association have been offset against grants received for these purposes. Oth•r fixed assets offi￿ furniture, fittings and equipment are stated at cost and depreciated over their expected economic useful lives at the following annual rates: Fumiture, fittings and equipment Computer equipment 20% straight line 25% straight line Equipment with a short life such as washing machines, televisions, fridges and cookers are accounted for on a replacement basis. U) Current asset Investments Current asset investments include cash and cash equivalents invested for periods of more than 3 months. 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. Ik) Short-tem? 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. 25 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 20241continued) 1 Principal Accountlng Policies (contlnued) (l) Flnancial 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: a. Cash is held at cost. b. Financial assets such as current asset investments and receivables are classifi'ed as loans and receivables and held at amortised cost using the effective interest method c. Financial liabilities such as creditors and loans are held at amortised cost using the effective interest method. (m) Reservos The Association transitioned from preparing financial statements in accordance with the Charities 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 inlernal matter and do not require disclosure in the primary statements. The fi'nancial statements 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 in¢￿aseS to account for any subsequent amounts amortised. (o) Apportlonment of management expenses Direct ernployee, administration and operating costs have been apportioned within the Statement of Comprehensive Income on the basis of the costs of the stsff directly engaged on the operations dealt with in these financial statements. 26 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) 1 Prlncipal Accountlng Pollcies (continued) (pj 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 aqulvalents 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) Impalm?ent of flnanclal as80ts 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. 27 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) TURNOVER, OPERATING EXPENDITURE AND OPERATING SURPLUS 2024 Operating Operating expenditure surplus Turnover Soclal houslng Income (Note 3) 588,506 575,080 13A26 Activities other than 8oclal houslng Other Income 6,601 6.501 Total 595,007 575.080 19,927 2023 Operating Operating expenditure surplus Turnover Soclal housing income (Note 3) 542,614 539,876 2,738 Actlvlties other than 8oclal housing Other Income Total 542,614 539,876 2,738 28 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) 3 TURNOVER AND OPERATING EXPENDITURE FROM SOCIAL HOUSING LETTINGS 2024 2023 Income from soclal housing lettings Maintenance contributions Service charge income Amortised government grant 306,919 260,332 21,255 275,203 246,156 21,255 Total Income from lettings 588,506 542,614 Expendlturo on houslng SeNice costs Management costs Routine maintenance costs Planned maintenance costs Property depreciation 244.844 170,472 52,568 81,239 25,957 224,535 114,382 45,973 134,500 20,486 Total 8xpendlture on lettlngs 575,080 539,876 Oporatlng surplus 13,426 2,738 Void losses 8,481 19,703 29 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee> NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) 4 OTHER INTEREST RECEIVABLE AND SIMILAR INCOME 2024 2023 Interest on deposits 9,274 4,309 5 INTEREST PAYABLE AND SIMILAR CHARGES 2024 2023 Nationwide Building Society loan Orchardbrook loan 1,461 5,639 1,311 5,684 7,100 6.995 6 SURPLUS ON ORDINARY ACTIVITIES 2024 2023 The operating surplus is ststed after chargingl{crediting)-. Auditors remuneration (excluding VATI In their capacity as auditors In respect of other services Dep￿ClatIon of Housing Properties Depreciation of Other Fixed Assets Legal dispute- exceptional costs 7,170 1,275 25,957 2,617 47,294 6,720 1,195 20,486 3,705 3,944 30 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) 7 HOUSING PROPERTIES Total Completed Properties Cost At 1 April 2023 Additions Disposals 2,064,054 75,948 (25,565) At 31 March 2024 2,114,437 Doprttlatlon At 1 April 2023 Charge for the year Released on disposals 567,969 25,957 (24,279) At 31 March 2024 569,647 N•t Book valuo At 31 March 2024 1,544,790 At 31 March 2023 1,496,085 Works to exlsting propertles In the year Improvement works capitalised Components capitalised Amounts charged to expendrture 75,948 81,239 The carrying amount of housing properties pledged as securities is £1,075,726 {2023: £1,048.043). 31 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) 8 OTHER FIXED ASSETS Furniture, fittings Computor and equlpment equlpmont Total Cost At 1 April 2023 Addits'ons 55.746 7,602 1,305 63,348 1,305 At 31 March 2024 55.746 8,907 64,653 Depreciatlon At 1 April 2023 Charge for the year 52,848 1,567 5,162 1,050 58,010 2,617 At 31 March 2024 54,416 6,212 60,627 Net Book Value At 31 March 2024 1,331 2,695 4.026 At 31 March 2023 2,898 2,440 5,338 9 CURRENT ASSET INVESTMENTS 2024 2023 Current Asset Investments 302,917 342,274 10 DEBTORS 2024 2023 Maintenance charge arrears Other debtors and prepayments 337 20,973 2,952 20,743 21,310 23,695 All debtors are due within one year. No loans have been made or are outstanding to Board members, officials or employees. 32 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) 11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Loans (note 12) Trade creditors Other creditors and accruals Taxation and social security Deferred capital grant (note 13) Prepaid maintenance contribution charge 4,029 3,793 27,437 7,810 21,255 90 3,931 10,154 30,736 2,182 21,255 716 64,414 68,974 12 CREDITORS: ANFOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Deferre(I capital grant (note 13) Loans 531,363 64,268 552,618 68,038 595,631 620,656 Total loan8 Orchardbrook Nats"onwide Building Society 51,405 16,892 52,002 19,967 68.297 71,969 Loan payments due within one year Loan payments due after more than one year '. Repayable in one to two years Repayable in fvio to five years Repayable after five years (all repayable by instslmentsl 4,029 3,931 4,103 12,909 47,256 3,995 12,438 51,605 68,297 71,969 The loan advanced by Orchardbrook to finan￿ the develOpn￿￿t 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 Buil(Jing Society loan was initially taken out in September 1993 in order to redeem the loans with the Housing Corporation (effectivety 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. 33 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 {continued) 13 DEFERRED CAPITAL GRANT 2024 2023 At 1 April 573,873 595,128 Released to income in the year (21,255) (21,255) At 31 March 552,618 573,873 Amount due to be released < 1 year Amount due to be released > 1 year 21,255 531,363 21,255 552,618 The total accumulated government grant 552,618 573,873 The total accumulated government grant and financial assistance received or receivable at 31 March.. 1,062,733 1,062,733 14 COMPANY LIMITED BY GUARANTEE The company does not have share capital and is limited by the guarantee of its members. If the company is dissolved while each person remains a member, orwithin ￿e1Ve months aftemards, 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. 34 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) 15a. WAGES AND SALARIES 2024 2023 Staff costs during the year Wages and salaries Social security costs Pension contributions 181.830 12,008 1,905 174,744 11,213 1.937 195,743 187,894 The average number of persons employed by the Association during the year was 12 12 The average number of persons employed by the Associab'on on a full time equivalent basis (based on 35 hour week), during the year was There were no full time equivalent staff whose remuneration exceeded £60,000 in the year {2023'. none) 15b. KEY MANAGEMENT PERSONNEL REMUNERATION 2024 2023 The aggregate emoluments paid to or receivable by non-executive Directors and former non*xecutive Directors The aggregate emoluments paid to or receivable by Key Management Personnel The aggregate compensation paid to or receivable by Key Management Personnel The emoluments paid to the highest paid Key Management Personnel excluding pension contributions The aggregate amount of Key ltslanagement 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 ser11￿$ of a Director or Key hnanagement Personnel The aggregate amount of any consideration payable to Directors or Key Management Personnel for loss of office There was no Chief Executs've officer employed during the year {2023.' none) None of the Board of DirectOrs￿rUStees received remuneration in the year (2023: £nil). DIrectors￿rUsteeS had £13 expenses reimbursed during the year (2023.. £117). 35 MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (continued) 16 ACCOMMODATION IN MANAGEMENT 2024 2023 Number of units of housing accommodation Supported housing and housing for older people 57 57 17 CONTROL The Association is controlled by the Board of Twstees. No one individual has overall control. 18 OPERATING LEASE COMMITMENTS At 31 March 2024, the company had no commitments held under operating leases (2023: none). 19 CAPITAL AND OTHER COMMITMENTS 2024 2023 Capital expenditure that has been contracted for but has not been provided for in the financial statements Capitsl expenditure that has been authorised by the Board but has not yet been contracted for 16N69 44,501 209,122 75,141 225,591 119,642 The Association expects these commitments to be contracted w￿h1n one year and will be financed with available cash funds. 20 RELATED PARTIES There were no related party transactions that required disclosure in the year to 31 March 2024 (2023: none). 21 ANALYSIS OF CHANGES IN NET DEBTI(FUNDS) 2023 Cashflows 2024 Loan borrowings 71,969 (3,672) 68,297 Total liabllities 71,969 (3,672) 68,297 Cash and cash equivalents (181,997) 13.135 (168.862) Total net debU(funds) (110.028) 9,463 1100,565) 36