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|Board Members, Executive Officers, Advisors and Bankers|1|
|Report ofthe Directors|2|
|Independent Auditors’ Report to the Members of Chartford Housing Limited|12|
|Statement of Comprehensive Income|16|
|Statement of Financial Position|17|
|Statement of Changes in Reserves|18|
|Statement of Cash Flows|19|
|Notes to the Financial Statements|20|
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|Directors/Management Board|Mark Dowson (Chair)|Phillip Chariton|John Bell|
|---|---|---|---|
||Nicholas Warden|Catherine Kelly|Alan Goodrum|
||Sue Missin|Laura Varley|Danny Boardman|
||James Hogarth|Jamie Bradley||
|Senior ManagementTeam:|The executive comprise the senior management||team ofthe sole|
||member, Horton Housing Association.|||
|Registered Office:|Chartford House, 54 Little Horton Lane, Bradford, BD5 OBS|||
|Company Registration no:|8662400|||
|Charity Registration no:|1162562|||
|Registered Provider no:|4821|||
|Solicitors:|Schofield Sweeney|||
||Church Bank House|||
||Church Bank|||
||Bradford|||
||BD1 4DY|||
|Auditors:|Crowe U.K. LLP|||
||The Lexicon|||
||Mount Street|||
||Manchester|||
||M2 5NT|||
|Bankers:|Barclays Bank plc|||
||10 Market Street|||
||Bradford|||
||BD1 1NR|||
|Development consortium:|Unity Housing Development Consortium|||
||113-117 Chapeltown Road|||
||Leeds|||
||L57 3HY|||
|Development partner:|Greenoak Development Consultancy|||
||High Austby House|||
||llkIey|||
||L529 OBJ|||
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|||2023|2022|
|---|---|---|---|
||Note|£|£|
|Turnover|3|3,518,130|2,624,627|
|Operating expenditure||(2,794,976)|(1,720,281)|
|Operating surplus|5|723,154|904,346|
|Loss on disposal offixed assets|6|-|(17,612)|
|Interest and financing costs|7|(388,829)|(291,271)|
|Surplusforthe year|15|334,325|595,463|
|Revaluation surplus|15|120,293|294,650|
|Total comprehensive income for the year||454,618|890,113|
|||2023|2022|
|---|---|---|---|
||Note|||
|||£|£|
|Tangible fixed assets||||
|Housing properties|9|18,076,210|16,834,209|
|||18,076,210|16,834,209|
|Current assets||||
|Debtors|10|603,271|580,451|
|Cash and cash equivalents||39,617|206,380|
|||642,888|786,831|
|Creditors: amounts falling due within one year|11|(1,078,641)|(1,435,201)|
|Net current (liabilities)! assets||(435,753)|(648,370)|
|Total assets less current liabilities||17,640,457|16,185,839|
|Creditors: amounts falling due after more than one year|12|(11,700,000)|(10,700,000)|
|Total net assets||5,940,457|5,485,839|
|Capital and reserves||||
|Non-equity share capital||-|-|
|Revenue reserves|15|5,027,413|4,639,123|
|Revaluation reserve|15|913,044|846,716|
|Total reserves||5,940,457|5,485,839|
##
||Note|Share|Unrestricted||
|---|---|---|---|---|
|||capital|fund|Total|
|||£|£|£|
|Balance at 31 March 2021||-|4,595,726|4,595,726|
|Year ended 31 March 2022|||||
|Surplus from statement ofcomprehensive income||-|890,113|890,113|
|Balance at 31 March 2022||-|5,485,839|5,485,839|
|Year ended 31 March 2023|||||
|Surplus from statement of comprehensive income||-|454,618|454,618|
|Balance at 31 March 2023||-|5,940,457|5,940,457|
||Note|2023|2022|
|---|---|---|---|
|||£|£|
|Net cash inflow from operating activities|18|2,304,224|3,397,971|
|Cash flow from investing activities||||
|Purchase and construction of housing fixed assets|9|(3,082,158)|(3,508,461)|
|Sale of housing fixed assets|||166,699|
|Recycled grant|||(25,000)|
|||(3,082,158)|(3,366,762)|
|Cash flow from financing activities||||
|New Loans||1,000,000|300,000|
|Loan Repayments||||
|Interest paid|7|(388,829)|(291,271)|
|||611,171|8,729|
|Net change in cash and cash equivalents in the period||(166,763)|39,938|
|Cash and cash equivalents atthe beginning ofthe period||206,380|166,442|
|Cash and cash equivalents at the end of the period||39,617|206,380|
|MOVEMENTS IN NET DEBT||||
|1|April 2022|Cashflows|31 March|
||£||2023|
|||£|£|
|Loans due after more than one year|10,700,000|1 ,000,000|11,700,000|
|Cash|(206,380)|166,763|(39,617)|
|Net Debt|10,493,620|1,166,763|11,660,383|
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|Kitchen|15years|
|---|---|
|Bathroom|15years|
|Boiler|15years|
|Internal doors|20 years|
|Windows|30 years|
|External doors|30 years|
|Electrical|30years|
|Central heating rads and pipework|30years|
|Roof|40 years|
|Structure|40years|
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|||2023|||2022||
|---|---|---|---|---|---|---|
|||Operating|Operating||Operating|Operating|
||Turnover|costs|surplus|Turnover|costs|surplus|
||£|£|£|£|£|£|
|Social housing lettings|3,518,130|2,794,976|723,154|2,624,627|1,720,281|904,346|
|and management|||||||
|charges|||||||
||Supported|Total|Total|
|---|---|---|---|
||Housing|2023|2022|
||£|£|£|
|Rent receivable net of||||
|identifiable service charges|967,585|967,585|858,536|
|Management charges|224,814|224,814|216,729|
|Government Grants taken to income|2,289,481|2,289,481|1,508,169|
|Other Income|36,250|36,250|41,193|
|Turnover from social housing lettings|3,518,130|3,518,130|2,624,627|
|Expenditure on social housing lettings||||
|Management costs|834,526|834,526|930,420|
|Depreciation of housing properties & other assets|520,207|520,207|457,532|
|Impairment of housing properties|1,440,243|1,440,243|332,329|
|Operating expenditure on social housing lettings|2,794,976|2,794,976|1,720,281|
|Operatingsurplus on social housing lettings|723,154|723,154|904,346|
|Void losses|1,400|1,400|-|
##
|||||||2023|2022|
|---|---|---|---|---|---|---|---|
|||||||No.|No.|
|Managed|by|Agents|(supported|housing|accommodation):|218|186|
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|||2023|2022|
|---|---|---|---|
|||No.|No.|
||Supported housing accommodation:|||
||Self-contained flats|161|133|
||Houses|57|53|
|||218|186|
|5|OPERATING SURPLUS|||
||The operating surplus is arrived at after charging:|||
|||2023|2022|
|||£|£|
||Depreciation/ impairmentof housing properties|1,960,540|789,862|
||(Loss) on disposal of housing fixed assets|-|(17,612)|
||Auditors’ remuneration for audit services|7,550|7,400|
|6|LOSS ON DISPOSAL OF HOUSING FIXED ASSETS|||
|||2023|2022|
|||£|£|
||Disposal proceeds|-|166,699|
||Carryingvalue of housing fixed assets|-|(159,311)|
|||-|7,388|
||Capital grant recycled (Note 13)|-|(25,000)|
||Total loss on disposal of housing fixed assets|-|(17,612)|
##
|||||2023|2022|
|---|---|---|---|---|---|
|||||£|£|
|Interest|on|group|loans|388,829|291,271|
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||Housing|Housing||
|---|---|---|---|
||properties|properties||
||held for|under||
||letting|construction|Total|
||£|£|£|
|Cost/Valuation||||
|At 1 April 2022|15,562,819|1,876,030|17,438,849|
|Additions|121,333|2,960,825|3,082,158|
|Disposals|-|-|-|
|Transfers|3,613,970|(3,613,970)|-|
|Impairment|(1,440,243)|-|(1,440,243)|
|Revaluation|47,672||47,672|
|At 31 March 2023|17,905,551|1,222,885|19,128,436|
|Depreciation||||
|At 1 April 2022|604,640|-|604,640|
|Charged in year|520,207|-|520,207|
|Disposals|-|-|-|
|Revaluation|(72,621)|-|(72,621)|
|At 31 March 2023|1,052,226|-|1,052,226|
|Depreciated cost||||
|At 31 March 2023|16,853,325|1,222,885|18,076,210|
|At 31 March 2022|14,958,179|1,876,030|16,834,209|
|10|DEBTORS|||
|---|---|---|---|
|||2023|2022|
|||£|£|
||Government grants receivable|127,103|351,769|
||Other debtors|449|6,391|
||Prepayments and accrued income|-|-|
||Inter-companyaccount|475,719|222,291|
|||603,271|580,451|
|11|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|||
|---|---|---|---|
|||2023|2022|
|||£|£|
||Trade creditors|92,232|149,043|
||Accruals and deferred income|401,225|1,155,438|
||Inter-companyaccount|585,184|130,720|
|||1,078,641|1,435,201|
|||£|
|---|---|---|
|Balance|at 31 March 2022|1,036,350|
|Amount|received in the year|638,000|
|Amount|released to income in the year|(1,351,350)|
|Balance|at 31 March 2023|323,000|
##
|13|RECYCLED CAPITAL GRANT FUND|||
|---|---|---|---|
|||2023|2022|
|||£|£|
||Opening funds at 1 April 2022|-||
||Grants recycled|-|25,000|
||Recycling of grant: new property|-|(25,000)|
||Closing funds at 31 March 2023|-||
|14|DEBT ANALYSIS|||
|||2023|2022|
|||£|£|
||Due within one year|-|-|
||Due after morethan one year|11,700,000|10,700,000|
||Debt is repayable as follows:|||
||Debt within one year|-|-|
||Between one and two years|-|10,700,000|
||Between two and five years|11,700,000|-|
||After five years|-|-|
|||11,700,000|10,700,000|
||The full amount ofthe debt above is unsecured.|||
|15|RESERVES|||
||General Reserve|2023||
|||£||
||Opening funds at 1 April 2022|4,639,123||
||Surplus for the financial year|334,325||
||Transferfrom Revaluation Reserve|53,965||
||Closing funds at 31 March 2023|5,027,413||
||Revaluation Reserve|||
||Opening balance at 1 April 2022|846,716||
||Revaluation|120,293||
||Transferto General Reserve|(53,965)||
||Closing balance at 31 March 2023|913,044||
|16|FINANCIAL INSTRUMENTS|||
|---|---|---|---|
|||2023|2022|
|||£|£|
||Carrying amount of financial assets measured at amortised cost|602,822|574,060|
||Carrying amount of financial liabilities measured at amortised cost|12,455,641|11,098,850|
|17|FINANCIAL COMMITMENTS|||
||Expenditure commitments are as follows:|||
|||2023|2022|
|||£|£|
||Capital expenditure|||
||Expenditure contracted for but not provided in the accounts|145,807|1,319,078|
|18|CASH GENERATED FROM OPERATING ACTIVITIES|||
|||2023|2022|
|||£|£|
||Cash flow from operating activities|||
||Operating surplus|723,154|904,346|
||Capitalised costs written off|-|47,584|
||Depreciation and impairment of housing fixed assets|1,960,450|789,862|
||Decrease/(increase) in debtors|(22,820)|683,373|
||Increase/(decrease) in creditors|(356,560)|972,806|
||Net cash inflow from operating activities|2,304,224|3,397,971|
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|mpanies:|||
|---|---|---|
||2023|2022|
||£|£|
|Fees charged to HHA|||
|-
For acting as landlord for properties|49,652|57,503|
|-
For use offlats as offices|14,819|9,965|
|Fees charged to HHS|||
|-
For acting as landlord for properties|131,682|121,134|
|-
For use of properties as offices|28,660|28,127|
|Total related party fee income|224,813|216,729|
|Fees from HHA for management and housing support services|411,581|514,949|
|Fees from HHA for support services|130,000|130,000|
|Interest charged on loan received from HHA|388,828|291,271|
|Fees from HHS for management services|83,584|74,422|
|Total related party charges|1,013,993|1,010,642|
||2023|2022|
|---|---|---|
||£|£|
|Trading Accounts:|||
|Horton Housing Association|(585,184)|(130,720)|
|Horton Housing Support Ltd|475,719|222,291|
|Loans from Horton Housing Association|(11,700,000)|(10,700,000)|