Company Registration Number 05972159 Charity Registration Number 1120475 Almshouse Association Registration Number M1922 Regulator for Social Housing Registration Number L1551 MALDON HOUSING ASSOCIATION Your home in later life MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) FINANCIAL STATEMENTS 31 MARCH 2025
MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) CONTENTS YEAR ENDED 31 MARCH 2025 Pages Reference 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 auditorfs 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 2025 Charlty Raglstratlon Number 1120475 Company Reglstratlon Number 05972159 Almshouse Assoclatlon Raglstration Numbgr M1922 Regulator for Soclal Hou81ng Registration Number L1 551 Board of Dlr8ctor81Trustee8 The Truslees who seNed on the Board of Trustees from 1 April 2024 to the date of approval of these financial statements are.. J M Toffel BA {Hons} PGCE (reslgned 2 September 2024) J Wheeldon Bsc FCIH {reslgned 2 Septemb8r 2024} J.Williams FCA N Cornmell R Perry F Shaughnessy {resign8d 13 January 2025) J Ranfield (appointed 2 September 2024) A Sims (appointed 11 November 2024) A Wuyts (appointed 2 September 2024) President M McLeod BA (Hons) PGCE ADVDIP (Law) ADVDIP (Education) (resigned 2 September 2024) J M Toffel BA (Hons) PGCE (appointed 2 September 2024) Chalr J M Toffel BA (Hons} PGCE from 1 April 2024 to 2 S8Ptemb8r 2024 N Cornmell from 2 September 2024 Vlce Chalr J Williams FCA Company Secretary J M Toff81 BA (Hons) PGCE Senior Officers Mrs T Nash Facilities Manager Mr R Keeble SuppDrl8d Housing Manager Mr A Craig FCA Finance Manager
MALDON HOUSING ASSOCIATION LIMITED (Company Limitsd by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS YEAR ENDED 31 MARCH 2025 (continued) Reglstered Offico Fairfield House 33 Fambridge Road Maldon Essex Cmg 6AD External Auditor Beev&r and Struthers Chartered Accountants and Statutory Auditors The Beehive Lions Drive Shadsworth Business Park Blackburn BB1 2QS
MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) CHAIR'S REPORT YEAR ENDED 31 MARCH 2025 As Chair of Maldon Housing Association IMHA), l am pleased to present this report outlinlng our key achievem8nts. challenges, and future plans, It has been a year of change and growth, and l am proud of the resilience and commitment demonstrated by our siaff, trustees, volunteers, and supporters. In Memorlam Flrst, I would like to acknowledge the ungxpected passing of our dear colleague, Flo Shaughnessy. Flo's dedlcatlon to MHA, particularly her passion for the wellboing of our residents, wlll be deeply mlssed. Her contributions to the property commlttee were invaluable, and we are grateful for her hard work and compasslon. Toam Changes and Developments This year has also seen some key changes wlthln our team. We would lik8 to thank Christine Cope for her years of service at MHA as she makes the carger decision to take up a full-lime position elsewhere. Christine's contributions have been greatly appreciated, and we wish her the best in her new role. On a positiv& not8, we are delighted to welcome Andrew Craig as our new Finance Manager. Andrew brings a wealth of experience and knowledge to the role, and we look forward to worklng wlth hlm as we continLJe to strengthen our financial processes. Phlllppa Harrington, our Office Admlnlslrator, has now Completed Dne year with MHA and has prov8n to be an extremely committed and invaluable member of our team. In addition to her regular duties, Philippa initiated our SUGcessful Christmas raffle and has tak8n on an additional flve hours per week to work more closely with th8 Facilities Manager to support day-to-day operations. We appreciate Philipa's dedication and enthusiasm in ensuring the smooth running of our office, Kay Achievemenls and Improvements Over the p8St year, we have continued to make improvements to our properlies. As flats become vacant, we have priorltlsed Installing new kitchens and bathrooms to ensure that the staNdard of our accommodation remains high for both current and future residents. These improvements are part Df our ongoing commitment to maintaining the quality of our assets and providing the best Ilvlng environment for those who call MHA home. Speclal Celebration This year, we also celebrated a SIgnlcat milestone with the 1 Ooth birthday of Nancy Marsh, on8 of our beloved residents. It Was a joyous occasion, and we were thrilled to be part of Nancy's celebrations as sh@ markgd this wond&rful achievement. Her milestone reminds us of th8 strength and community spirit that defines MHA. In addition to this personal celebration. a report by Anglia Ruskin University highlights the broader impact of living in almshouses. It acknowledges that 'living in almshouses can reduce the negatlve impact on health and social wellbeing whlch Is commonly experienced by the older population and glves a longevlty boost due to both the strong sense of community and soclal belonging within almshouses, which lead to better physical and mental health. Enhanced wellbeing helps to mitigate loneliness, which is endemic in old8r agg group8.° This further reinforces the importance of the communlty spirit at MHA and the positive impact our environment has on residents, w8llb6ing.
LookSng Ahead In the coming year, one of our key initiatives will be to upgrade the windows in Fairfield House, as agreed by the board in November 2024. We applied for an Almshouse Loan to support this project 8nd are pleased to report that our application was successful. We are now in the process of appointing a project manager and plan to re-window one fl8t wlthln the next three months, allowing resldents to see first-hand how the project will Improve ihe quallty of their accommodation. The windows upgrade will significantly gnhance the energy efficiency of the building and positively impact the Energy Performance Certrficate (EPC) rating for residents. Our goal Is to ensure that all accommodation in Fairfield House exceeds the Government's 2030 target of a C rafing or above. Thls wlll not only Improve the comforl and wellbelng of our r8sld6nts but will also contribute to our l)roader ¢ommltm8nt to sustainability and reducing our 8nvironmental footprint. We remain focused on our mission to provide quality, affordable housing for those aged 60 and ov8r. We are committed to improving services. enhancing communicatlon with residents, and ensuring that our propertie8 continue to meet the high standards thatwe set. Concluslon I would Ilke to express my sincere thanks to all those who have supported MHA over the past year. To our staff, volunt8ers, trustees. and the Rotary ClUyour dedication, hard work, and generosity enable us to continue making a difference in the lives of our r8sidents. l am excited for what the future holds and look forward to another year of positlve change for Maldon Houslng Assoclatlon. Thank you. Neil Cornmell Chalr, Maldon Housing Association
MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarant88) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2025 Ref8r8nc8s and administrativè details Reference and administratlve detalls of the charity, ils trustees and advisors are sel out on pages 1 2 as part of thi8 report, onslbllltles for financial re Trustees, res ortln The trustees, being the Executlve Committee and the directors as required by s417 of the Compani&s Act 2006, are pleased to present th8ir r8port and the audited financial statements of Maldon Houslng AssoGiation Ltd for the year ending 31 March 2025. The financial statements have been prepared in accordance with Financial Reporting Stan¢Jard 102, effective January 2015. as required in the UK and Republic of Ireland. The financial stateTnents comply with the current statutory requirements and the Mernorandum and Articles of Association under which Maldon Housing Association Ltd was established, In accordance with Company Law. the trustees are responslble for the annual preparatlon of flnancial statements, complying with applicable law and Unlted Kingdom Generally AcGepted Accounting Standards, to give a true and fair view of the affairs of the Association, showing the incoming resources and appllcation of resources, including income and expendlture, for the specified financlal year. In preparing the requisite financial 8tat8menl8, the trustees must underlake the following.. Select suitable accounting policies, applying these consistently., Observe the methods and prfnciples set in the Housing SORP,, Mak8 judgements and esllm8tes that are reasonable and prudent. stat8 wheth8r UK accounting standards have been followed, subject to any material departures disclosed and explained In the financial statements., Prepare the flnanclal statements on the basls of the Association b8ing a going concern unless it is inappropriate to presume that the Associalioll will continue in operation. The trustees are responsible for malntalnlng proper accounting records that disclose with reasonabl8 accuracy the financial position of the Association and that enable the trustees to ensure that the financial statem8nts comply with Ihe Companies Act 2006, the Housing and Regenerallon Act 2008, the Accounting Direction 2022 for Private R&gistered Providers of Social Housing and the provisions of the trust deed. The trustees are responsible for safeguardlng the flnanoial assels of Éh8 Associalion and hence for taking reasonable steps to prevent and detect fraud and other irregularities. Furthermore, the trustees are responsible for the mainl8nance and integrty of the Association, including any flnanclal Information given on the Assoclatlon's website, if applicable.
MALDON HOUSING ASSOCIATION LIMITED {Company Limited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2025 (continued) Structure Governance and Mana ement The Board of Trustees comprlses volunteers, encompassing a variety of skills, expertlse and experience, ensuring wide-ranging perspectives, The composition of Ihe Board of Trustges is r8viewed regularly ID 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 trusteas are nomlnat6d by 6xlstlng trustees or are sought Ihrough open adv&rtls8m8nl. After me&ting the Chair to discuss the work of. theAssoGiation, a prospective trustee is invited to observe a Board me@ting before signlng a declaratlon of ellglblllty and formally joinlng the organisation. Information given to a new trustee includes a document expla5ning the responsibilities of the rcle and the Association's exp8Qtations 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 slatutory and18gal responslbllltles, In¢ludlno the requlrements of the Charlty Gommlsslon and the Regulator of Soclal Housing, as w811 as a tour of the Association'8 properties, All trustees have aGC88S to training Goufs88 as appropriate opportunlties arise, At the AGM the Board of Trustees elects a ohalr and vlce chalr as well as aCptIng the retirement of any trustee who so wish8s or has completed the r8quisil8 lerm8 of office. Atruste8 may serve three consecutive terms cf office. However, the Board has the discretion to re-appoint a trustee for a further perSod not exceeding one t8rm. The chair and ViGe chair should hold office for a p8riod not exGaeding six y8ars. The Association adopted the National Housing Federation Code of Governance issued in 2020. The Board recognises that there is non-compliance for the year ended 31 March 2025 in resp8ct of two specrficatiOll8". The National Housing Federation Code of Governance states: "Maximum tonure will normally b8 up to six consecutive years (tyPlC8lly comprising Èwo tenns of office), but where 8 member has served slx years, and the board agrees that If is In the organizatlon's b&st Interests, thelr tenure n78y be axtgnd8d up to a m8ximum of nine years." The trustees acknowledge the importance of Board renewal. Due to the size of the organisation and on-going develDpment of the business, the Board of Trustees wishes to retain the option to allow experienced truste@s to contlnu@ in office for a further term rf that is considered to be beneficial to the Association. Therefore Maldon Housing Association's Articl8s of Associatlon. establishod in 1966, state.. "A retiring trustee who remains qualified may normally be reappointed for a maximum of three consecutlV8 terms of offlce. However, the trustees havo th& dlscr&tion to reappolnt a trustee beyond three consecutive terms of office, for a period to be determined by the trustees. but not exceeding one furlher term. The Nalional Housing Federation Code of Governance states". "The Boanl has betwgen five and 12 members.... Maldon Housing Associalion's Articles of Association, established in 1966, state.. "The trustees when complete consist of at least 7 and no more than 15 Individuals.. The Board of Trustees meets four limes a year and holds further meetings should that be deemad bgneficial in order lo conduct the affairs of the Associatlon effectively. Cerlaln functlons are delegated to specific commlttees thal comprise two or more trustees appointed to carry out those particular functions.
MALDON HOUSING ASSOCIATION LIMITED {Company Lirnited by Guarantea) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2025 (continued) structure Gov6rnance and Mana ement continued Each committee has agreed terms of reference whl¢h Indlcate olearly Ihe extent of d&legated powers,. all proceedlngs In oommitleg m&&tlngs are mlnuted and recommendations are set before the Board for consideration and ratffioatlon. Committee chairs are elected annually Immediafely following Ihe AGM, no trust88 servlng as chair of any one commlttee beyond a period of six years consecutively. A meeting of residents, chaired by and attended by trustees, Is h8ld regularly in each house In turn, enabling residents to discuss any matters that concem them. In order to carry out its prime responsibility of s8feguardlng the Association. a process of rlsk management Is followed to identify, control and monltor strategic and operational risks. Key areas of risk, as s8t out in the current Risk Regisfer. are specifiéd under the headings Df 'govemance and management, operational, Yinancial. environmental and external,, and 'compliance wth law and regulalion., The Finance CommiÉte& delegale5 to specffic individuals responsibility for Internal audit controls, ensuring that procedures are rigorously applied. The Board of Trustees has overall control of the charity, its properly and funds. 11 has the authority to employ paid staff, who have responslbllity for Ihe daily operation of the Association. All trustees are volunteers., if applicable, any expenses reclalmed from the charity and any related party transactions requlrfng disclosure are set out In note 21 to the accounts. Ob"èctive8 and Activities Maldon Housing Association Ltd joined the Almshouse Association on 1 April 2D08. The Association has charltable objects and is registered wllh the Charity Commission. The Obj8ctS Df the charlty are °To provide and malntaln Almshouses and associated serviGes and am6nitlgS for persons who are in ne8cI of accommodation through old ag8, chronic siokness, dis8bility (whether physiGal or mental) or n8C&SSltous Circumstan., Maldon Housing Association Ltd has Ihree 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 50150 righl to nDminate residents for a vacant flat,. the Royal British Legion has nomlnation rights on those flats for which that organisation has funded bathroom adaptations. A list of appllcants seeking accommodation is maintained by the Associatlon and updated regularly. Accommodatlon is offered accordlng to the criteria specified in the Objects. necessitous circumstancgs" belng assessed in terms of age and health needs, isolated clrcumstances or current unsuitable accommodatlon. Wherè housing need Is deemed to be equal beiwe&n two or more appllcants, 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 8qual opportun5ty,' equal access to accommodation by gender, ethnicity or disability Is monltored regularly. Maldon Houslng Associatlon Ltd is commitled to promotlng independent living and empowering residents to maintain control of thelr 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 em8rg8ncy alarm system Is activated. The Association works with a range of professional bodies, such as Social Services and care agenci88, to ensure that care is provided. according to individual needs, en8bllng residents lo maintain indepandenc8 for as long as possible.
MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarant88) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2025 {continued) Ob'ectives and Activities continued Regular team meetings are held to ensure a cohesive approach and that best practlce is followed as the Associalion constantly seeks to evaluate and improve the quality of both the accommodation offered and service provided. To this end, residents are encouraged lo participate In discussion. Weekly coffee mornings in the communal loung& of each house afford an DPPOrtunity fDr residgnts to meat together, considering any matters pertaining to their well-being or way of life within the organisation. The President of the Association is accessible to all residents by telephone or email, all having these contact details. The President communicates matters of concern to the Chair and meets with an individual resident, on behalf of the Association, if a resident requests a meeting. The Chair responds to all communications and discusses any concerns with appropriate staff if ne$Sary. In accordance with the Objects and with th8 status of Maldon Housing Association under both the Almshouse Association and the Charity Commission, the trust'ees have continued to ensure that all activities are undertaken with focus on tho welfar8 of current residents and with a vi8W to further the oharitls purpose. The trustees have had regard to the Charity Commission's guidance on public benefit in revlewing the aims and objectives of the Assoclation and In plannlng future activitles; they have complled with their duti8s as set out in Section 17 of the Charitie8 Act 2011. Th8 Board is mindful of the need to plan for providing accommodation for future r8sidents in accordance with the Decent Homes Standard. Work has continued to Improve the Association's IT provision, trustees being aware that future residents will have expectatlons of reliable access to advances In lechnology, On 31 March 2025, 52Q/o 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 AssoGiation has conllnued to provlde has enabled resldents In thelr later years to Ilve In a 'home for Ilfe, rather than having recourse to increasingly pressurised NHS facilities. Ach'evem8nts and Performanc8 Durlng 2024-25, trustees focused upon the need to concentrate resources upon improvlng the envlronmenl within Fairfield House, much work having been undertaken in th6 last few years to raise standards in the Communal areas of Deed and Berridge Houses. Having received generDUS funding from the Rotary Club of Maldon. the laundry facility al Fairfield House was signrficantly renovated and duly opened at the beginning of the flnancial year 2024-25, Resident6 of Fairfield House expressed their appreciation of the much more pleasant environment created, and the installation of new, energy efficient equipment. During 2024- 25, the Board of Trusl@es continu8d to research possibilitles for fundlng in order to enable major improvement of the environment within Fairfield House to enhance thè quality of lffe of residents in that property. At th9 Board meeting held on 17 February 2025, formal approval was given to th8 Chair to submit an application. on behalf of the Board of Trustees. to the Almshouse Association for a major interest- free loan to contribute to funding the r8placement of the windows In Fairfield House, Trustees have been concerned to increase energy efficiency through replacement of the aged. ill-fitting windows, subsequently enabling fvll redecoration of the communal areas to create a warmer, more comfortable environment for residents.
MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2025 {contlnu8d) Achievements and PerfornianGe continued Wlth regard to administrativè systems used by Maldon Houslng Association Ltd, the HR and Health and Safety services offered by Croner and Bright HR were installed and kept und8r revl8w as stsff adopted and became familiar with the processes durlng 2024-25. The Board of Trustees has been very pleased to recognise the continuing hard work of the Housing Support and Fac115tles managers and their teams in maintaining the hlgh standard of support given to resldents and the prompt atlention to effecting repairs ne8ded in individual flats. In the Ilght of her decision to further her career by movlng to full-time employment, the Board thanked Christine Cope for meticulous stewardship of the finances of Maldon Housing Association and for effecling a smooth transition to Andrew Craig. tsking on th8 fDle of Financlal Manager In her place. Financial roVi8W Maldon Housing Association Ltd. as part of ils prud8ntfinanci81 planning. maintains cash resgrve8 primarily to ensure that the organisatlon can contlnue to prc)vide services to residents for a period of three months in the unllkely event that Income is not rgceived. In addition. the AssoGiation holds a number of financial bequasts that are used to fund speciflc matt6rs d8talled in each Individual bequest. The Board of Trustees has agreed the following allocation of ring-fenced r8serv8S'. Desi nated reserves 3 month operational reserve £145,000 Miss B. J. Abberley bequest to be used in respect of residents. welfare £5,563 Mrs E. Motl b8que8t lo be used for the welfare of residents in Fairfield £2,802 House Miss J. Barwell bequest to be used for the welfare of residents in Fairfield £1,506 House Mlss B. Weaver bequest to be used for the welfare of residents in Falrfield House £2,178 Miss J, Jelbart donation to be used for personal items required by a resident on emergence admission to hospital £60 Cash reserves, together with day-to-day income, are invested with a number of financial institutions under the following criteria: The investment level in any one Institutlon Is covered by the Financial Services Compensation Act, Cash is avallable to be drawn down to meet cash flow requlrements. The investment achieves the best flnancia1 return with a minimum level of risk. While the Board of Trustees reviews the investment policy annually, investment performance Is reviewed at both Board and Finance Committee meetings.
MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2025 {continued) Flnancial Review continued The surplus for the financial year ending 31 March 2025 was £68,452 (2024: £22,101), Reserves at 31 March 2025 are £1.450,312 (2024,. £1,381,860). The income for the year 2024-25, totalling £836,471 (2024: £595.007), primarily comprisos weekly maintenance contributions, service charges and Ihe release of soclal houslng grants. The percentage increase in income (excluding grant income) compared to the previous year Is 7,OQ/o, The increase in trading income is consistent with the Regulator of Soclal Houslng requlrements for weekly maintenance contribution increase8 and the Association's calculation of service charge costs, The expenditure during 2024-25 mainly comprises costs associ8led with provision of the supporl and alarm service, maintenance costs associated with the upkeep of the Association's properties and administralive costs, The trustees confirm that, as far as they are aware, there is no relevant audil information of whlch the Asscciation's auditor is unaware. Th8y have laken all steps that they should have taken, as trustees, In order to make themselves aware of any r81ev8nt audit information alld to establish that the auditor is aware of that informatlon. io
MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2025 (contlnued) Value for Mone The trustees recognlsa the importance of providlng value for money and are committed to ensuring that this is aGhieved on behalf of both residents and the charlty. They are vigilant in regular r&vi6w of processes to Identffy and implement improvement in services. In Aprll 2018, the Regulator of Soclal Housing iniroduced s6v&n metrics against which providers may be measured, Metric 2023-24 2024.25 Actual 2023-24 Actual 2024.25 Target Poor medlan, group Reinvestment % 2,7Q/o 4.9/0 12.10 2a. New supply social housing units ty 0.00 O.OQ/o O,O°/o 2b. New supply housing unltsQ/o Gearing °/0 EBITDA MRI interest cover non-social o,oy. O.OO/o O,OQ/o -6.50/D -6.OO/D -335.6Vo 1679.60 Headline social housing cost per unit £6,447 £10,663 £10.966 £12,059 6a. Operating margln per unit Q/0 (social housing letlings only) Operating margln (overall) ROCE 18.5% 6b. 15.5% 3.3°/0 2.50/0 3.0 /0 1.00 3.90 °From 'V8lue formon8y n7etriGS andreporting- Anngx to the GlobalAccounts 2023'publishedF8bruary 2024 (ReferenGe tables.. Cost Factor HOP Provider), Commenta on metrics 1. Reinvestment % . This looks at the Investmenl in properlies, both exlsting stock and new supply, as a percentage of the value of total properties held. In 2024-25 Maldon HousingAssociatlon Limited has invested in its current stOGk. It has not Invested in new stock and has r8c&ived no grants for development of existing prop8rti8s. 2. New supply., This records the numb6r of new social housing units that have been acqulred during the year as a proportion of total social housing units owned at the end of the perlod, M8ldon Housing Association Limited has not aGquif8d any new soGial or non-SOGial housing units during 202&k25. li
MALDON HOUSING ASSOCIATION LIMITED (Company Llmlted by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2025 (continued) Value for Mone continuod 3. Gearing.. This assesses how much of the adjusted assets comprise debt and the degree of dependence on debt finance. The gå for Maldon Housing Association is negative as tha cash balanc8 9xcegds the debt. 4. EBITDA MRI Interest Cover., This measures the level of surplus that is generated by a registered social provider compared to Inter8st payable. avoiding distortions arising from depreciation. Maldon Housing Associatlon, as supported/housing for olderpeople housing, hgs higher costs than most housing assoGlatlons but this is covered by increased turnover, The Association generates high surpluses against intergst payablg, thus generating a high Gover. 5. Headline social housing cost per unlt.. This assesses the headlin8 social housing cost per unit as defined by the Regulator. The social 17ousing cosl pgr unit for M8ldon Housing A8SOGiation is highgr du8 to the supported element. 6. Operating margin: This éemonstrates the profitabillty of operating assets before exceptional exp8ns8s are taken into account. As a speciallst provider, Maldon Housing Association tends to have lower margins than other housing assoGlations. All surpluses are relnvested In maintalnlng the Assoclatlon'spmperty assets, fiuctuating from one year to another deponding upon tlming of rgpairs and n7aintgnanG9 work. 7. Return on Capital Employed.. Thls compares the operatlng surplus to total assets less current liabilities, Ihus assessing the 8fficient investment of capital resources. This has increased from the previous year. Disclosure of informatlon to the audil'ors Th8 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 Ihem as trustees in order to make themselves aware of any relevant audit information and lo establish that Ihe auditor is aware of that informatlon. Governanc8 and Financial Viabili The trustees confirm that Maldon Housing Association Ltd has met the Regulator of So¢lal Housing's regulatory expectations in the governance and financial viability standard. Auditors Beever and Slruth8rs were appointed as audltors during the period under review. A resolution proposing auditor appointment is put to the AGM. Registered office.. Fairfield House. 33 Fambridge Road, Maldon, Essex. CM9 6AD Signed by order of the trustees.. Chair of the Board of Trustees Approved by the trustees on 8 September 2025 12
MALDON HOUSING ASSOCIATION LIMITED (Company Llmited by Guarantee) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2025 (contlnued) Statement b the Board of Trusteos in res act of Internal financial control The Board ofTrustees is responsible for maintaining a system of internal fin8nc5al control. for safeguarding the financial assets of th8 Association, for taking reasonable steps for the detection of fraud and oth&r irregularities and for ensurlng the Association's efficlent operation. It is acknowledged that the system in place can provide only reasonable and not absolute assurance agalnst material misstatement or loss, Thls syst8m is reviewed regularly by the Board. The Assoclation appliès a rlsk management cycle to identTfy, analyse, control and monitor strat6gic and operational rlsks, includlng fraud. A Risk Reglster sets out how this will b8 done. Key areas of risk are Governance and Management l Operational l Flnancial., Environmental and External I ComplianGe With Law and Regulation. Internal control audits ensure that the rlsk management cycle is appli8d. Such audits ar8 carri8d out regularly, normally by 0 trusle8s or appropriate ex-trustees, a report then belng submitted to the Board, aiming to ensur8 adequate and effeclive Implementation of The formal polici&s and procedures Put In place by the Board for settlng clear lines of responsibility and effective flnanclal conlrol ov8r the various areas of the Association's activities., The procedures for the identification, preparation and adoption of an int8rnal audit programme covering the Association's activities. The provision of acGurate management accounts, preparation of budgets includlng projected balance sheets, cash flow forecasts and regular comparison of management accounts against budgets and reports on variances and the need to consider budget changes,. (iv) The periodic review by the Board of the overall effectiveness of the system. The Board of Trustees is pleased to report that no slgnificant falllngs or weaknesses have been found during the year under review which have resulted, or are ¢onsldered likely to resull, In any materlal loss, contingency or uncertalnty, Any minor suggestions for improvement have been absorbed as part of the Association's procedures. The Trustees, FlepDrl and the Flnancial Statements were approved by the Board of Trustees on the 8 Septembgr 2025 and signed on its behalf by: N Cornmell 13
MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALDON HOUSING ASSOCIATION LIMITED YEAR ENDED 31 MARCH 2025 Oplnion We have audited the financlal statements of Maldon Housing Association Llmlted {th8 'company') for the year ended 31 March 2025 whlch comprise the Statemenl of Comprehensive Income (Including Income and expendlture a¢count), 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 slgnificsnt accounting pollcles In note 1, The flnanclal reporting framework that has been applied in their preparatlon is applicable law and Unlted Kingdom Accounting Standards, including FRS 102 °The Financial Reporting Standard applicable in the UK and Republlc of Ireland" (Unlted Klngdom Generally Accepted Accounting Practice), In our opinion, the financial statements: give a true and f8irview of the stale of the Company's affairs as at 31 March 2025 and of its income and expendlture for the year then ended,. hav8 b@en properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requlrements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Acwunling Dlrectlon for Prfvate Registered Providers of SDcial Housing 2022. Ba818 for opinion We Gonducted our audit in aGcordanGe with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilitles under those standards are further described In Ihe Auditor's responsibiliti8s for the audlt of the financial statements section of our report. We are independent of ttre Company in accordance with the ethical requirements that are relevant to our audil of the financial statements in the UK. inGluding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibiliti8s in aGcordanGe with thes8 requir8ments. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going conc8rn In auditing the financial statements, we have concluded that the Board's use of the going concern basis of accounting in the prepardtlon 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, indivldually or collectively, may cast significant doubt on the Company's ability lo continue as a going concern for a period Df at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Board wlth respect to going Concern are described in the relevant sectlons of this report. 14
MALDON HOUSING ASSOCIATION LIMITED (Company Llmlted Iw Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALDON HOUSING ASSOCIATION LIMITED YEAR ENDED 31 MARCH 2025 (contlnu8d) Other Informatlon The Board ia re8porTslble fcr the olher Informatlon. Tlp other Information ¢ompriB88 the H)formation Includgd Chalr's Reporl Tru81ees' R4)ort, oth8r than the flnanclal 8tatemnts and our audltor'8 report thgreon. The Board 18 rÈsponslble fcr the otr informatlon oontalneé wlthln the annual reparL Our oplnion on the flnan¢lal statemenfs does rLIt oover the ather Informgtion and, except b the extent olherw188 explbJ5tly 81ated h our rapcrt, wa do not oxye88 any form of a88ursrte ¢on¢kn81on thereon. In conneollon wlth our audlt of fhe flnanclal statements, our re8pon81biltty 19 b ragd tho other knformatlon 8nd, In doing 80, OOt181der whether the other Informatlon Is materfally Inconslstent wlth the financial 8tat8rnntg LY OLf krK)wdge obtanod n the ¢OLSa audll, or othèrwlse appear8 materl mlsstated. Ifw8 identrfy 8uch Materlal kncon8lstenole8 or apparent materlal Misstatem8nt8, £Ye requir1 b determlne whether th18 glves rfse to a mat£rial mi88tsternen( fln8noig1 slatemants them8elve8. Ir, ba8ed on ts wcth w have performed, Donolude that there18 s materla mi66tatennt of th18 Other informlon, we are requlred t) r8port Ihat faof. Wa Emve nothng t) report kn th18 reg Oplnions on otr mattors pr¢SGrfbod by thg Componl08 Act 2006 In our oplnlon, ba8ed on the work undortaken n the oour8e d the audlt., InformatD)n Ven In (P Chalr's RepKJrt and Tru8tee8' Rewrt for ts financial yew for whloh tha flnanclal statements ae prepared b ¢onsT8lenl wlth the flnancial 8tatement8-, and Ihe Chalr'B Report Trustees, Report has en prepared In aocordance WTth applioable legal requlrements. tters on whloh M ar¢ roqulrod fo report ty gXGOPtlon the light of th8 knowledga and understandlng rf the Company and Its envlronment obtakned fr) th8 rnurse of the 8udiL have Th)t Fjentlfled maleriel mls8tatemenls in tha ¢hair'8 Report and Tru8te88' Rep(Kt, We have nothing b report in re8pect of the followlng matters In relatlon to whloh the Comp8nl68 A¢t 2006 requke8 U8 b report to Y IF, kn our oplnlon: adequate aocouniing reoord8 have not been kepl relurns adequate for OLY audit have not been received fr(xn branGhe& rDt ViSTted ty us,. c flnanclal 8tatemants we rnt in agreement wlth the accounllng re0(d9 arKI return& certaln dlsobsures ct.dlreotor8' remuneration 8peGlfled ty LAW a not made. or we have not reoe5ved .dl the Information arKI explanatlons we require fff our audll. or rfirectors we mt entltled to prepare the flnancSal stslement8 kn a¢oordan¢8 wtth the 8m811 companies, regkne and take advlage of the 8mall oompanie8' exemption8 preparing thp Chalr's Rq)ort and TrU8te88' Report frtxf the requlronent t) prepara a strateyc report. Matters M whlch m are roqulred to roport by éxceptlon (Gontlnuod) In addltlon, we have nothing b report n reapect of the lollowlng matter where the Houslng and Regeneration Act 2008 requwes b rq)ort l) you rf, In tsur oplnlon: a satl8faotOry System of ¢ontrol over transaotlons has rDt b8on malntalned.
MALDON HOUSING ASSOCIATION LIMITED (Company Llmlted by Guarant80) INDEPENDENT AUDITOR'S REPORT TO TrIE MEMBERS OF MALDON HOUSING ASSOCIATION LIMITED YEAR ENDED 31 MARCH 2025 {contlnued) Re&ponslbJlltle8 rf dlraGtor$ As explalnecl more lully In the Trustee8' rg8ponslbllltle8 for f Inanclal reportlro Set on page 5, the Bogrd responslble fc¢ the preparauon of the flnanclal statemenls and fc¢ belng s&tlsfl8d ttwt they a true and talr view, and ts such Internal Gontrol a5 the Board determlne8 b n8¢essary b enable the preparath)n cl fln8ncial slatement8 that we fre8 frc*n materlal m18Staiemen( whether due b fraud or error. In preparlng the flnanclal statemt8, th8 Board b r88ponslbl8 for as8e$$lng the Company's ablllty b condnue Es a gohg conoern, dlsclo8lng, &4 appllcable, matters related b golng conoarn and uslng lh8 golng Gcncern basls rA aGcountlng unless the Board elther Intend& b Ilquldate Ihé Company or to oease oper8llon8, or ha8 m ro8lstlc alternativa but l) dD SO. Audtor's responslbilftles for the audlt of, the tlnanclal 8tat•montg Qur obWvg8 are b obtth rgasonable $85urance aboul whether thg llnanclal 8tatements as a whole are free materlal mlgstatement, wh8ttsr due b fr ry error, and b18sue an audltor's report that Includ88 our oplnlon. Reasonable assuranoe 18 a hlgh tevel OF as8uranca, bLrt a guarantee thal an audlt conducted In accordanc8 ISA8 (UK) wlll 81way8 detect a materlal mlsstatemenl when l exlst M188tatenEnts oan arlse frcm fud (r error £nd arfi consldered m&t8rl81 Ir, Indlvlduslly or kn Ihe aggregatq thoy coud rtrasonably be expected lo knfluence the economla declslons of users tak th Ihe bask OF these fknanclal statements. A furthtr derIp¢b)n cl our responslbllltles frr Ihe audlt cl the Ilnanolal statements located C the Financlal Reportlng Councll's webslta www,fro.org.uklaudltorsresponslbllltles. Thls d880rlptlcfi 'lorff part of our aud]tor's report. Extent to whlch the audlt Th conslderad capablo of detOCtiffj irrogularlllès, Including fraud We Identtry and assesg the rlsks of materlal mls$latem¢nt of the f Inanclal slatements, whether due b fraLxI (Y &rror, and Itn dÉ81gn and perfomi audit 0¢edUreS respon81ve lo those rlsk4 inoluding obtalnlng audll evldence tst h sufflclent and approprlale 6) provlde a ba$ls ft)r our oplnlon. In IdÈntlfying and addresslng rBks d material mls8tatemènl In respe¢l of irregLdarllles, Includlng fmd and non.oompllanc8 wlth kn and reoulatlon5, prooe¢kwes In¢luded Ihe followlng: We obtalned undarstandlng cl laws, reguktions and guldance thal afft the Company, fotsuslng cm IfrK>8e 1fr had a dlrect effect on the flnanolal 8tatements or that had a fundamenlal effetst on Its )eration8. Kty laws, rogLJatlons ancl guidance that we Identlf16d Included tlw Companl@s Act 2006, th• StateMt ol Recommended Practlce f¢x reostered houslng provlders: Houslng SORP 2018, lh8 Houslng and Regsnwatlon 200a, t Ac¢wnting Dlreotlon for Prlvate Re9lstered ovlderg of Soclal Houslng 2022, tay leglslatlon, health and &fety leglstatlon, empbyment loglslatlon.
MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALDON HOUSING ASSOCIATION LIMITED (continued) YEAR ENDED 31 MARCH 2025 Extont to whlch tho audlt consldor8d ¢apabl• al d8t•ctlng Irrogularftl•8, In¢ludlng fraud {contlnuftd) W6 enqutrèd ¢ thé Bowd and reW¢d oorrespondence and Board m6eiing mlnute8 for evldence of r•Jn.Gompllan¢e w5th rèlevant laws and regJlatlon8, W8 also ravlewed c(Sltrol$ the Bo£rd PHve In plac6, where nece88ary, to èn8ure compllanco, We galned und&fstandlng of ItW Oontrclg that thé Board hava In 08 6) prevent and deteot fraud. Wè 6nqulred cl the Board about any Inoldonoes of fraLKI that had tsken p08 durlng the acGounttng perbd. Th& risk of fraud and non-compllance wlth laws and rogulaflon8 was dbcua8ad wlthln the audll tsam and teBtS Were planned a1 perform to addr688 thes6 rf8k& Wè Idèntlfled thé potentl81 frx fraud In th6 followlng ¥088; laws r61ated b the constructltsn and provhlon of soclal hou8lng recognislng tl r8oukt6d rtUre of the Company's aGtfvItig& We rèvbw&l flnanclal statements dlsologurè3 and 8upportlng dotrum8ntation b aw98 compllano¢ wth rébvant Lqws and ragulatitin8 discujsad abOV6. Wa enqulréd of the BLYard aboLrt aGtsJal and pot6nttal Iltlgatlon olalm8. Pérformed 8nalytlGal procedure$ to Idexitlfy ty unusual tt unexpaGted ralation$Np8 thgt mlght Indlc8ta risks cl materfal mlBStat6mtht duè to fraud. h addrèsslng t rlsk of ftsud to manag6m6nt ov8rri¢k of Intern81 tsontrols wg tosted thg appropriatenes8 d ltsurnal entrié8 and a8S688ed whether Judgem?nts made h m&klno countlng esthnates 1@ knth4tlve d a potentlal blas, Due b th& inherent limltations of an audlt, thwe15 an unavoldable rlsk that nwy not ve detthd somo materlel nlsst8tements h tha financlal statement4 even though w Fmve properly planned and perform our audit kn aGG0rdGe wtlh 8udlting standgrds. For example, a6 wlEh any audll, there remalned a highgr rl8k of n¢.dètsotlon of trregularftl¢s, 88 these Involvè Colluslon, forgery, Intgntlonal om188lon8, ml8rèpr886nt£tlon4 th& ov*ride of Intsmal controls. We aré not r&sponslble for preven£lng fraud (Y non- oompllance wllh laws and regulatk)ns and cannot èxp6Cted b detect 8Jl tra and non-oomplanoe wlth taw8 and regulsllonb, Use of our r8port This repori madè Bolely ID tho Company's menl)efs, as a body, h accordanoa with aptsr 3 rf Part 16 of Iha Gompan1è5 Act 2006. Cr audit work tss been undertaken 80 that Mht stale k) the Company, mémbèrs those n7tter8 r8(pJlr6d b stste to than In an audltor'8 r4K)rt fcK rb other purp08e. To the fulest extent pernrrilt¢d ty L9w, we do not accept or Sssumé responslblllty to anyone other tsn tho Company and Company's m8mbats * a bodyi fty OLT audit Wk, lor thls repori, ly for th8 oplnlons W9 havè formed, Suzanno Lomax FCA <S?nltsr StatOry Audltor) For and on behalf of Beevtr and Struthèrs Statutory Auditor Th¢ Beehlve Llons Drfve Shadsworth Businas8 Parf( BlaGkbum BB12QS Dale., 22nd September 2025 17
MALDON HOUSING ASSOCIATION LIMITED (Company Llmltod by Grant68> STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2025 Yoar ondad 31 Maroh 2025 Ye8r ended 81 March 2024 Tumovor 636,471 595,007 Oparatlng qxpgndlture (578,890) (575,080) Oparatlng 8urplus 59,781 19,927 otP£r Intere$* recefvable and 81mlr In¢omg 15,509 9,274 Intgr98t payablp and simllar charg6s (6088) (7,100) 8urplu8 for tho yw and total ¢omprehon81vg Income 8N52 22,101 fir)anclal st&tsrn¢nt8 on paggs 18 to 36 oForr)vod ty Ilw Board cl Trutstg98 cn and wero Bned on ts bghalf by. Mr G0Mme11 Chalr Mr J Wllllam8 l¢e Chalr Date: 8th Septsmber 2025 The Statomont of Comprehen8lve Incom¢ rolal8J wholty to contlnulng a¢VIt5&S and the notes on pages 36 fonn an integral part of the89 fwianclal statement&
MALDON HOUSING ASSOCIATION LIMITED (Company Llmlted ty Guarant8a) Company ReglstrAflon Number: 05972159 STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2025 Not•8 Yoar &ndod 31 Alarch 2025 Yo8r ended 31 rch 1124 FjX assèt$ Houslng propgrtios Other fflxed assets q,579,085 6,858 1,544.790 4028 1584,943 1,548,818 Curront as8ets Inve8tsments Debtors C88h and cash Bqulvalents 221,607 20,039 20q,221 302,917 21,310 168,862 io 503,067 493,089 GredtOY$; 8moLmt8 f alkng ckne withkn orn y8ar (67,411) (64,414) Not curront 4880t8 43554 428P75 Cr¢dltors: amounts falllng dua after mr8 than on? yegr 12 {570,285) (595,631) knt a89rt8 1,450,312 1,381,860 Capltal and Ntserv¢s Income and expenclture 1,450,312 1,381,860 Total ResoNob 1,450,312 1,381,860 For year endlng Sl March W25 the coTrw8ny was entitled b gxemptloll frcm audit UndBr 89ctn 477 of Companies Aot 2tKJ6 reEatlng b sm911 companles. Dlractors, rgsponsibillt18s: Th& members hav? not r8qulrgd the oompany10 obtaln an audit of ts.flnancial 3tatement8 ts thg year question h accordance wrth $6ction 476", The drtorS acknowlodge their responEft)Ilities fcr oomptylng wlth the requlrement8 crf ts kt wlh respect to eccountlng records and tF* proparatlon cl flnanolal slatoment& The ¢hgritabl6 company fM)WOVor has beon audted under thp Charilles Act 2011. Th8 flnanclg18tstements on pages 18 to 38 wero apwoved y Board of Truste8s an ond woro gigned onits be Iqc rnmell - Ihalr r J Willlamg -Vioo Chair Daté.. 8th S8piÈmbar 2025 The noteB on pag85 22 to 38 form an Integr81 part cl thosa ffnanolal 8tstemonts.
MALDON HOUSING ASSOCIATION LIMITED (Company Lllnitod by Guarantee) STATEMENT OF CHANGES IN RESERVES YEAR ENDED 31 MARCH 2025 Income and Expendlturo ResorvA Total Balanco as at f Aprll 2023 1,8 J9,71J9 13fj9,759 Surplus frcffl Statomgnt cf Comprehenslve kntsome 22,101 22,qOI Balanc& 31 March 2024 1,38q,a60 1,381,860 Surplus fr( Statement of Comprehensive Income 81452 88052 BalanGo ag * 31 Marah 202J ,450,312 1,450,312 The notes on pages 22 to forni 8n Integral part cl these flnanGlal st8tement&
MALDON HOUSING ASSOCIATION LIMITED (Company Llmited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 Yoar •ndod Year ended 31 March 2025 31 MarGh 2024 No16S t Cash gerated from operattng aGtlvltlo• (wo Note l) 74,310 26,259 Cash fbw fr(xn Invutlng acthrttle$ Transfer {to) I from current asset w]vesknénfs Payments b acqulre tanglble ft&8d as80ts Interest recelved 39,357 {77,253) 9.274 (87,775) 15,509 28P44 {28,e22) Ca8h fk)w from flnanclng actlvltlo8 teTest paKI R8p8yment of borrowhgs (6,830) (8,96n (7,10a) {3,672) (10,796> (10,772> K£ (¥hang# In ouh and cash equlvalents (92,359) <13,135) Cash and ¢a$h gqulvalents at beglnnlng ol tha ybar 168,882 181,gg7 Ca8h artl cash 8qulva10ntg at and of the year 261,221 188,862 ¢omponont8 d ca* Cash at bank and at hand 261,221 168,862 Yéar onded Yéw endad 31 ch 2025 31 ltsroh 2024 Ca•h flow from operatlng atltIo• Surplus for the year AdJuBtmantg for nonncash Items: Depraolatlon of langfolè ffxed as$at8 Canylng valuè d hDu$ing propsrty dlsposals DèGrea$e h trade otr deblDrs Increa£el{Decrea8e> kn trade 8t other oredkors 68,452 22,101 31,648 28,574 1,286 2,385 {4,658) 1,2Tq 2,865 AdJus£ment8 for Investlng or financing aGtlvltlo8: Govornment gTrts amort18ed In the year Interest payabl8 Intare8t re¢6lvab]e (21,255) 6,838 {15,509) {21,255) 7,IOD {9,274) Net cash gotxrated from operatlng a¢flvltl•• 74,310 26,259 The notes on paggs 22 to 38 form an integral parl (rf Ihe8a finanolal Statements. 21
MALDON HOUSING ASSOCIATION LIMITED (Company Llmlted by Guarantee> NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Legal Status The A8goolatrn b regbtered In England and Wales under ts Cornpanles Act 2006, r 19ter8d number 05972159 as a company Ilmiled ty guaranlee was Incorporated In Engfand on 19 Octob8r 20M It also reg19ter8d as a Reglstered Provlder d Sockl Houslng undar SeolSon 13 of Iha Houslng Act 1974 for the purpose recelvrjg grants and other forms rf agslstance. Tre Asgoci8tton registered with the Charity Commission ffl 7 Au9USt 2007. Its registered Off k8 Fairfield Hou$9, 88 Fgmbridge Ro8& Mal don, E88e CM9 6AD, 1 PrlnGlpal Ac¢ountlng Pollclog (a) Ba515 of aG¢ountirtg Th8 princlpal accounting Ptsllcles the A880¢ktlOn ar8 8et out kn fhe following p8r8graph$. Th85é f Insn¢lal ststements are prepared under hlstorloal co8t convention and h 8c¢crd&nGe th appllcable Llnltgd Klngdom Accountlng Generally Accepted AcGcunling Pracllcè (UK C¥I4P}, FR8 102 and the Staf8Thnl of Rgcommgnded Praclic8 frr regislered housing provider8: Houging SORP 2018. Th8 financial gtat8m8nts comply with the clAlle9 Ant 2 D11, tho Companleg Acl 2006, the Housing and RegeratIon Act 2008 and the Aoaountlng DlrectkJn for Prlvatg Reglstered ProVere d Soolal Hou8lng 2022. The financial statements ere prepared ¢Th the kistorical Qost ba acoounting exoept fLY Investmants whlch are afi fair valu&, arKI ara pr88ent8d h slerllng£. Th8 A8soGkYon'9 financl81 Statemt8 havo bean prepared ltr) compllance wfth FRS 102, The A8$ociatlOn Iransltloned from prevlous UK GAAP lo FRS 102 &9 at 1 January 2014 and subgequently aLS)pled the Housing SORP- 2018 L4)dats -statement Recommended Prstttlce f£ r&tered 80clal housing provfdors gs at 1 January 2019, P8 a public bonefll entityi Maldon Housing A890ciation Limited ha8 appl1 thg publlc bfil enlity 'PYE' preflxed peragraphs tt FRS 102. (b) Golng Conc•m Aft ravlawlng t ent[1 foreoasts and wolecllons thg TnBtae$ havo a r¢a8cnabb eXptalknn that the enlily hag adequate resources b continue in DperatiJna1 existence for the fores8eable future, Tha entity therefoye coninuas to &lq)t golng concom ba$ prappring rt8 tlnanolal 8tstemant&
MALDON HOUSING ASSOCIATION LIMITED (Company Llmlted ty Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (contlnued) 1 Prlnclpal A¢c¢)untlDg Pollcle8 (Gontlnued) (o) Judgomgnts and key souooes of UnGertntY The preparatlon of flnanclal 8tatem8nts requlr88 management to make 5udgementa, 88tlmat88 an a88Ulry)tlons that affed arts)unl8 rapted fcf assets and Ilabllltles as a thè Staterrnnt ol Flnancial P081tlon dats and the amounts worted for rèvenues and èxpenses durlllg year. Howev?r, tha natLrrp d estlmatlon means that actual out¢om88 oould dlffer frcffl th069 e8tlmat8s, Th& fol))whg ludgem&nts (apart from those Involvlng 68llmate8) havé had thè most slgnlflcant effeot on amount5 recognlsed In the fln8nclal $talement& Catogorlsation rA hoLFslng propartl68. The A&soclatson has undertak6n a detaf6d revl?w ol the Intended use OF al houslng propertles. In dgtgrmlnlng the Intended use, tho A880clatlon has con81déred Y the as8et18 h61d for 8oclal beroflt or b earn ¢ommerclal rentals. b) Impalrm6nt, Tha Assoolatbn haB Idtsntlfféd a cash generatlng unlt for Impalrmont assegsment purpo888 a a prc4)orty Schemo lavèl. otheo key of estlmatlon and a8sumptlon$.' a) Tanglbla fixed assets Tanglble ftxèd assets are lepreclaled over tholr u59ful lfves taklng Inlo aoocunl re8lduo1 valu08, wherè approprlata. The &ctual IIv86 the assets and rgèldual Va8$ a8S6888d annually a1 may vary dep8ndlng on a number of fgtstcrs, In r?-assgsslng asset Ilves, faolors such as tochnologioal innovatiory product liré cydes and malntenanG8 programme8 ar6 taken Into accouni. Rgsldual vatu& a3sessment6 oonslder 188ues Such a8 future wRrkel conclttons, tho rgmalnlng Ilfe of the asset 8rd prola¢tad dlsposal values. b) Falr valLE of Flnanclal Instruments. Changes In the latr value d financlal Instruments ar6 re¢ognls6d In proflt ¢r10$8 for th& porlod. Id) Tur,nty Turnover represents wagkty malnt&nanco oontrlbutloni se1C* cFkrges and SUPPDrl Sarv0S and Inoom8 recelvabl8 cl volds, It also Includes thè rolease of deferred Social Houslng Grant Incom8 [seg 1(e)]. Malntenanoe conlributlon In¢om8 L8 recognis&d When th& property b avallable for1et, net cl vold&
MALDON HOUSING ASSOCIATION LIMITED (Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (contlnu•d) 1 Prlndpal A¢¢ountlng Pollttl•s (conflNod) (o) Scclil Houslng and oth¥ Govemment qrants Whorg d0vglopnnt$ FRvg bgen flnanred wPvJlty or partly by 8ocl81 hDu8lng and othèr grants, the amoLnl rl the grant recolved ha8 be Includèd 88 dgferred IncDme and rècogn188d h turnover over 9811mated U88ful Ilf8 of thg associated &8SOt 8tructuro (not land), under accrual8 model. SHG recalved f It6m9 of cost written cfi h statomont of ¢ompr6hen8tv6 Income Account b Includad a8 part cfj In0ver. SHG must rYcj ty ts A8soclatlon undor crtaIn conditlOn8, ff a prop9rty t8 Bold, or l amther relgvant event takes plac¥, In these case4 Iho SHG can used f prolocts approved Ly Home8 England snd Greater London Authorlty. Fbwever, SHG may ve to b& rep f certain conditions are not met, W grant ts not rawlr6d to h recyolgd or repald¥ ary unamDrtlsed grant Is reco9nl8èd as Turnover. h certaln circuM8t&nces, SHG may k rèpayable, and, wi ttrt 8v6nt, is a 8ubordlnat8d un8ecured repayabla dabt. F,Inan c08ts Loan rrterest 8t8 are cakLtl8t9d Uslng It èffecfve intèrest method OP the dlfference between thp IDan smount at irTitlal r8cognilion and amunt ot maturlly 'of the rol8t8d loar(. (q) Taxkn M8ldon Housing As8OCi8tion Limtted p3 8 eh8rity wiltin thè mean¥ of Ihe Ch@riti88 Act 20118rKI Sh a charity wilhin th8 meaning of Pat 11, Corporation Tax Act 2010, AGoordngly Maldttn Hou81ng h880cl&ffon LlmSled Is potentlally exèmpt from tsxatlon In r6sp8Ct of kncom? or gakn8 recalv6d wlthln categorfes Govar8d by Part 11, SA78 Corporation Tax Ad 2010 or Section 258 of thg T8x9tbn rl Chargeable Galns Act 1992 to the extonl that 8uch Incomè (X galn8 are appllèd exclu81vely to tt8 ¢harlt81 purposes. (h) V,AT The As8Dciation ts rDt regt8tered lor VAT, Al amounts dlBtt1068d In the flnanclal 8taten*nl8 are Incktslvè of VAT. Tangl8 fi1x1 and d•pr9clatlon Houslng Pro11e¥ Tanglbl6 ftKed assets 8r8 Stated d cos(1888 accumulatèd deprècialion. Fra6hoSS hou81ng propgrtlgs are stated a cost tOg8ther wlth inoldental co8t8 of acqul3ltlDn, sdmhlstratlon cost8 and Inter88t up to Iho dats of comp16tlon.
MALDON HOUSING ASSOCIATION LIMITED (Company Llmltad by Guarantee) NOTES TO THE FINANCIAL STATEMEwf8 YEAR ENDED 31 MARCH 2026 (continuèd) 1 Prln¢lpal Ac¢ountlng Poll¢l•• (CODtlnuad) H¢w$Jng Pmprtles fmntlnued) Freehold larKI b not depreol8tÈd. Depraclafion l¥ charged 80 as to wrtte down the eost of freehold houslng properttes otiior than fr6ehold land to e8timat6d resldual value a stralght lin baal8 over their expected Ligeful economlts Iw$8 as bolow, Structure Rt)Jf WIOw$ Bathroom Kltch8n Boller Electrfcal 100 years 70 years 30 year8 15 years 10 years 15 yea 40 years Amounts we 08pltalised wher6 raqulred by the ststnt of Re¢omm8nded Faodoe, In dolng Èo their usefLd economlc lfves are ¢on$ldered for tha purposes af d6praclatlon, Amounts Oafftllsed are Included wlthln the ftxed ag8et mte whllst Items of a revenuo nature ara cFkrg8d to the Statem6nt cl Finanolal Activltl Flstorlcallyi component additlon8 purchased lty tho A8guclatlon havo beèn offset agalngt gran18 recdved ftr thesè purpo86$. Ot,Iw flNI. assets OfTr furnltvre, flttlngs and equlpment are 8tatsd at ¢08t aTrJ depreclatad over thetr exp6Cted ettonomi¢ useful Ives * thè following annual r£tg9', FurntEure, ffttlnos and equlpmenÉ Compirter aqulpment 20Vo gtralght Ilne 25Yo Stralghl Ilne Equlpment with a short life such * wa$hlng machlnes, televlslon$, frldges and cookèr8 aro accounted a repla¢omènt ba818. U) Curr•rt assfjt 1migstrtw¥ Current asset InVntS Include cash and cfish equlvalents Invested for pérbds of ni)re than 3 month& They are recogri8èd inltlally at cost and subsewently rom&asured to market vakn& & tho repjrlhg date. Any ohangp In valuatb)n between reportlng dates l¥ reCognts h the sfatement of comprohonYAve Incomo. (k) $knrt4orm rJebtDng and GredAorS Debtors and cre(fftors wlth rr) Statad Interest rats and recavabb or paydbb wlthln onè year are recfxded at transacflon wloo. Ary losses arlsing from Impalrment we reoowlsed In the knoome stater(*ni In other opwatlng exp8nso& 25
MALDON HOUSING ASSOCIATION LIMITED (Company Llmltad by Guaranlae) NOTES TO TrE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (continued) Prfnclpal Ac¢ountlng Pollcle$ {¢ontlnuod) O F,Inala1 Instr.um¢rt$ Fhancial instrumenta luch as loans, accoLrts Payabl8 accounts rec8v99 s1 cash £re cl88srfiod 8lther as baslc ¢Y compl&x. All flnanclal Instruments Inltiaiiy m&asurod ai tholr fgjr v8bJ&s at Ihe tkn I'hè transactlons occur. Subs6quently £11 baslc Instruments are nEasured at ortIsed Gos£ and 811 complex flnanoial in3trLrnents are measurod 8t a falr value through ts compr&honslve Income. Flnanclal Instruments h&ll ty th& Assoclatlon ar& cl8sdfled as follows: Cash È held #t co&t. b. Financial 888QtS Such & current 8868t knvestmnts * rècelvables sre cla8ts1fled a$ 108n8 and recelvables and held a amort16ed cost using thè effeth? Intsresl methLKI a Finenclal llabilltie8 wch 85 cr8dtor8 *(d 108ns we helLI at 8mortised cost uslng the effective trrtere8t method. {m) ReseN95 Th@ A8SOCi8tion ifensitioned from preparing financial 8tatomen18 In &cordan¢e wlth th& Charltles SORP, tu the SQRP for 8oclal houslng provlders 2014, as 8t 1 Aprll 201T. The Hou$lng SORP 2018 has Bubsequently been adopted. The Houslng SORP 2018 doès not permlt th6 ule of d681gnated fund4 for the purpos& of thls SORP such de8ignation8 are considered to be gn intemal matter 8nd do mt requ@ dIsckisu In prfmary 6tatement8. The flnanGlal statemenl& ongolng Mlll Show ong Inc¢)me and oxpondlture r88ervp for al aGtivitlgs of the Asso¢iatlon, (n) Loans Loans ¥e ststed statement OF Flnandal Posltbjn a the amount ol tho net proceeds after18$U•i plus increa6?S to eccount for any Subsequent amount8 amortlsed. (o) Apportlonment of management oxpenses Direct employè6, ¥dministration and operatlng co8ty PAve been apportloned wltriln Ihe Ststement cl Ctsmprghen81ve Incom@ on the bas18 cl IPE costs of t1 staff dlrectly en9aggd on Ihe operatlonB dealt these flnancial statements.
MALDON HOUSING ASSOCIATION LIMITED (Company Limited by Guarant•o) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (continued) 1 Prlndpal Accountlng Polldes (¢ontlnu•d) (p) Op8r,atlng Jaa88 aurnonnts Rental8 applloable l) operathg laa8es wherg 8ubstantlally all of tha beneflts and r18k8 cl ownérahlp rerrBh wth th61o$sor aro Crg¢d agginst proflts on 8 3tralgtht ling ba818 ovw tha perlod of tho1ga88. (q) Cash and cash equjvalerrfs Cath oquiv8lent8 we .recoonlsed such and Included wlth other cash balanoes wlere they repre89llt short hlghly liquld Invg8tment8 that are roadty oonv8rtllyla b known amountB cl cash wlthout bdng ÈubJ8ot b a Slgnlflcant c}han In value, (r) Impalrment of fifnanolol assets Flnanclal ets assgs8ed a pach reportlng thlp b deternne wholhor fh8re1s aw obP¢Uve evldencg that a financlal assot or grou) OF flnanGlal a8sets lè Impalred. r the Is objecllve evldpnce of Impalrmgnt, an Impalrmgnt1088 b r8cognl8ed h profit loss ImmÈdlat81y,
MALDON HOUSING ASSOCIATION LIMITED (Company Llmlted kw Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (contlnugd) TURNOVER, OPERATING EXPENDITIRE AND OPERATING SURPLU¥ 2025 OpoTatlng Operatlng oxp?ndftur¢ surplu• Turnovèr 8polal hou8lng Incoma (Noto • 636,071 676.690 59,381 Activlthj othér than Social hou81ng Oth8r Incom6 400 Total 836,474 578,690 01781 2024 Qp•ratlng Oporating expandlture tsuyplus Turmvèr 8oolal hou8lng inoomo <Nolo 3) 588,508 575,Q8D 13,426 Aotlvltles othor than 3oolal hou$lng Ottrr Income 6,501 6,5DI Tolal 595,007 576,080 19,927
MALDON HOUSING ASSOCIATION LIMITED (Company Umitad by Guarantee) NOTES TO THE FINANCIAL STATEIVENTS YEAR ENDED 31 MARCH 2025 (continued> 3 TURNOVER AND OPERATING EXPENDITURE FROM SOCIAL HOUSING LETTNG8 2026 2024 In¢om• from 8oolal hou8lng lattlngs Maintenance contrfoutlons Sorvice charga1ncomo Amortlsed gov¢rnment gr*rt 336,412 278,404 21,20J 306.919 260P32 21,255 Totsl Income from lgttkn 836,071 588A06 Exp•ndltuie on hou$lng Servke olists Management Qosts Routlne malnten&nce co$t8 Planned molntenanoe c08ts Property depreclaflon 27lb47 114,570 61,341 97,083 31,649 244,844 170,472 52,568 81,239 25,957 Total oxpondlture on Iqtthg& 576,690 575,080 Oporatlng 8urplu8 59,881 13,428 VDld108808 473q 6,481
MALDON HOUSING ASSOCIATION LIMITED (Company Llmlt8d by G(wrante8) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 {Gontlnued) 4 OTHER INTEREST RECEIVABLE ANTI SIMILAR INCOME 2025 Interest on d6poslk$ 15,509 9,274 5 INfERE8T PAYABLE AKI SIMILAR CHARGE8 2025 2024 NatiDnwldÈ Building Sootaty ltran OrGhardbrook loan 1,265 5,073 1,461 6,839 0,838 7,100 6 8URPLU8 ON ORDINARY ACTIVITIES 202S 2024 The operatlng surplusls 8td ats oharglngl(credltlng):. AUdltOrS remungratiClI (excluding VAT) In th6lr capaGity as audltlX8 In r8gp6ct of othar 8ervlc98 Depreclaflon of Houslng Propertles Dopretrlation c Other Flxod A8$8ts L8galdlsPUte - 8XGePtlonal ¢osts 9P40 1,660 28,439 3.209 7,170 1,275 25,957 2,817 47,294
MALLION HOUSING ASSOCIATION LIMITED (Company Llmltad Iw GUant08) NOTES TO THE FINANCIAL STATEMENT8 YEAR ENDED 31 MARCH 2025 (continuad) 7 HOUSING PROPER TIES Total Comploted Propertles Cost At l Aprfl 2024 Addlllons DIsp08al8 2,114,437 62,734 (10,194) At &1 March 202g 2,181977 D¢preclatlon 1 Aprll 2024 Charga for the yaar Relea8ad on dl8pc>8818 b69,647 28,439 (10,194) At 31 March 2025 887,892 Net Book valu6 At 31 March 2025 1,579,085 At 31 March 2024 1,544,790 Works to exlstlng propgrtles In t yoay Improvement work8. capitalised Components capltallsed Amounts charged kn expenthture fj2,734 97,583 The carrylng amount of houslng propertles pledged * 8ecurltle8 b £1,082,316 (2024,. £1,QYS,726), 31
MALDON HOUSING ASSOCIATION LIMITED (Company Llmited by Guarantge> NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (continued) 8 OTHER FIXED ASSETS Furnlturo, Ilttlng8 Computor and equlpment equlpmont Total Cost At 1 April 2024 Addltlon8 Disposals 65,746 8,907 6,041 (1,728) 84@63 5,041 {1,728) At 81 March 2025 04146 12,220 67,966 Depreclatlon At 1 Aprll 2024 Charge for ttb yaar R?loased dlsposats 64,416 778 6,2q2 2,431 {1,728) 60,627 1209 (1,728) At 31 March 2020 55,193 0,915 92,108 Net Book Valuo At 31 Mar¢h 2025 SAOS 5,888 At 31 March 2024 1,331 2,896 4,028 g CURRENT ASSET INVESTMENTS 2025 2024 Current A$s?t Investm9nt8 221,807 802,917 O DEBTORS X125 2024 Malntenan¢e charge 8rrear8 other debtors propaymont8 19,986 20,978 20,039 21,3qO All debtors due thIn on& yaar. toans hav& been made or ar8 out8tandlng to 13oard m8mb8r8, offkla18 or 0Mpk)yS.
MALDON HOUSING ASSOCIATION LIMITED (Company Llmlted Iw Guarantee) NOTES TO THE FINANCIAL sTATEMErs YEAR ENDED 31 MARCH 2025 {contlnu¢d) 11 CREDITOR8, AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2024 L08n& (note 12) Tradg CrlIar3 Qlhgr crodltor8 a% accrualg Taxatlon and 8oclal seourfty Deferred oapStal grant {not8 13) Prepa rllalntenanoe oontrlbullon ohorgo 4,183 17,875 20,528 IT94 21,256 4,029 3,793 27A37 7,810 21,255 87,443 64,414 12 CRECXTOR8', AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 DgfeTred aapltal grant Inota 13) Loan IJIO,108 PO,177 531,3e3 570286 596,831 Totsj loaii$ Orohardbrook NationWe Bulldino 8001oty 50,741 13,599 61,405 18,892 88,297 Loan paym9n18 due within on¢ yepr Loan payments duo aftw more than ono ygar . Rgpayabb In ono tr) year Repayabk In b fl years Repayabb aftw t1 years (all repayabl& Iw Instalments) 4,163 4,029 4,186 1863 46,128 4,103 12,909 47,256 84340 88,297 Tho loan advan¢ed W Ctohardorook to fntt0 thg dovobpment of houslng land and bulldlngs 11 repayable ty equal annual Instalm¢nts over PAJ years, the last hglaknent of whi¢h falls b repald on 31 Augu&t 2045, Interest i8 ch8Tgod d a rato cl 1D,875¥0 p¢r annum. The Nallonwtda Building Soclety loan was initlally taken out In Sopt8mbgr 1993 h order to redeem the loans wtth the Houslng Corporgtlon (eff'eatSvoly now Home3 England) and thg loc81 aulfrItY and b Ilnance Ihe ¢ost of wkndowg for Borridgo House. The ban is fcr 85 years, tho hsl hstalmanl of whlch falls lo b? repald 31 August 2028. The tP8t rats Is variabl8. 33
MALDON HOUSING ASSOCIATION LIMITED (company Llmlted by Guaranto8) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 {contlnued) 13 DEFERRED CAprrAL GRANT 202S 2024 At 1 Aprll 651618 678,878 Re1ea8ed 10 Inct)m& h the y (21,285) (21,25S) At 31 Murch 531,363 652,818 Arnount due released < 1 ygar Amount dua to releas > 1 ya8r 21,255 510,108 21,265 831,383 The tcta accumulated government gront J31,363 S52,618 The total acBumulat8d government grant and flnatxlal asslstancè recelved or recelvsble Rt 31 Mar¢h.' 1,002,733 1,062,733 14 COMPANY UMITED BY GUARANTEE Tho Conwany dogs rtl havè share captlal and IlmSlÈd guaranleo of ts nkne membèrs. IF tha company [3 é188olved whlle e&h pèr&on remains 8 memb¢r, or withln Èwelye months sftewards, Èach member promises kn pay up to £10 towarts the oosls of diysolution and tl* IlabMltio8 kncurred ty the company whikn Ip or Shè was a member.
MALDON HOUSING ASSOCIATION LIMITED (Company Lknlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (contlnued) 1Sa. WAOES AND SALARIES 2025 2024 8taff costs durlng tho ygar Wag&s and 8alarle8 Soclal 8e¢urtty costs Penslon contrlbutlon 199,494 13,785 2,143 181,830 12,008 1,900 216,402 195,743 The average number of persons eloYed ty tho As8oclatbn durlnu the y8 was 13 12 Th8 average number c£ p&80n8 empljyed by th8 AsÈotslafk)n L full tlme equlvalent basls (t>aged cn 3fj hour weBk), durlng tlw year was Thwe Wgre rK) f ul tima aou218nt gtaff th086 remuneratloll exceeded £eopoo In the year <2024.. none) 15b. KEY mANAGEmEr PERSONNEL REMUNERA770N 2D24 The aggregate emoluments pakl kn cf r9c8lvabb ty non-8xecutlva Dkectors and former non.exe¢utlve Dlrectors Tlk aggregate emoluments pad t) tr ra¢dvable ty Key Management Personnel Th8 aggregat8 ¢onwens&flon pald b tt recelvabla by Key Msnag8m8nt Personnel emolum8nt8 paid b the hlghest pald Key Management Personnel excludhg penslon contrbutlons aggregale amount d Key Msnaoement Personnel ( past Key Mana9amerit Personnel penslons, excludtng amounts payab18 undor a proparty fund8d pension scheme aregate amount tA ary consldaratlon payable b or re¢eivabla by thtrd partl86 for maklno avallable the servlGg9 rf 8 Dlrector (Y Key Management Personnel Th8 aggregate amount of ary ¢onBlderation payable to DIrtty9 or Kty Management Fersonnel fLY1058 cf re was Chi8f ExeCuVe offfcer employed durlng the year (2024,, nona) Non8 of the Bosrd of D*ector8rrruste89 received rernneratlon h the year (2024: £nll). DtrectotsrUStees £354 expertBes relrt)ursed durlng the year (2024: E13). 35
MALDON HOUSING ASSOCIATION LIMITED (company LIted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 (contlnued) 16 ACCOMMODATION IN MANAGEMENT 2028 2024 Number of untt8 rf houslng accommo(Jatlon &Jpported houslng and houslng for okler people 17 coKfRQL Assoolatlon Is oontrolled by thé Bod of Trusteés. Trb one Indlyldual has over811 oonlrol. 18 OPERATNG LEA8E COMMITMENTS A 31 Marth 2025, tr6 oompany had no oommltm6nt8 held under op8ratlng a886 (2024: none). 19 CAprrAL AND OTrIER COMMITMENTS 202 2(Y24 Capital 8xponoltur6 that ha8 been contractsd for but ha8 nol tyeen provlded for h thè fInanol Statements Capital &xponditure that h88 been authorisod ty th8 Board but ha8 not yet baen ¢ontraoted fr 18,489 261,479 209,122 261,479 22591 The As$D¢latlon expa¢ts tkÉ8e commltments oontractsrt wtthln on8 year snd wlll flnanoed wlth avalLgble oaEh funds, 20 RELATED PARIIES Th6re were no ro none}. led party tr8n8actlon8 requlred dbolosuro h the y r fr) 81 March 2026 (2024,, 21 ANALYSIS OF CHANGES IN NET DE¥TI{FUNDS) 2024 Ca¥hflow8 2026 Lo£n borrowhgs 88,297 <3,957) 64340 Total Ilabllltles 88297 (3,957) 64A40 Cash nd ca8h 8qulv818nts (188,862) (52,399) (221,261) Total rnt d8btl(fund¥) (100,565) {56,856) (15b,92I)