Registered company number: 8662400 Registered charity number: 1162562 Registered provider number: 4821 

## Chartford Housing Limited 

## **Report and Financial Statements** 

**Year ended 31 March 2024** 



Chartford Hous1￿ Limited
CONTENTS
Pace
Board Members, Executive Offlcers. Advisors and Bankers
Report of the Dlrectors
Independent Audltors, Report to the Members of Chartford Hou51ng Llmlted
12
Statement of Comprehenslve Income
16
Statement of Financial Posltlon
17
Statement of Changes In Reserves
18
Statement of Cash Flows
19
Notes to the Flnanclal Statements
20

**Chartford Housing Limited** 

**BOARD MEMBERS, EXECUTIVE OFFICERS, ADVISORS AND BANKERS** 

|**Directors/Management Board**|Nicholas Warden (Chair) Catherine Kelly|Nicholas Warden (Chair) Catherine Kelly|Susan Missin|
|---|---|---|---|
||James Hogarth|Thomas Donnelly|Nabeel Alhassan|
||Shruti Vasudev|Rosemary Keczkes|Mark Wilby|
||Danny Nicklen|||
|**Senior Management Team:**|The executive comprise the senior management||team of the sole|
||member, Horton Housing Association.|||
|**Registered Ofice:**|Chartford House, 54 Little Horton Lane, Bradford, BDS OBS|||
|**Company Registration no:**|8662400|||
|**Charity Registration no:**|1162562|||
|**Registered Provider no:**|4821|||
|**Solicitors:**|Schofield Sweeney|||
||Church Bank House|||
||Church Bank|||
||Bradford|||
||BDl 4DY|||
|**Auditors:**|Crowe U.K. LLP|||
||The Lexicon|||
||Mount Street|||
||Manchester|||
||**M25NT**|||
|**Bankers:**|Barclays Bank pie|||
||10 Market Street|||
||Bradford|||
||BD1 1NR|||
|**Development consorium:**|Unity Housing Development Consortium|||
||113-117 Chapeltown Road|||
||Leeds|||
||LS7 3HY|||
|**Development parner:**|Greenoak Development Consultancy|||
||High Austby House|||
||llkley|||
||LS29 OBJ|||





Chartford Housing Limitod
REPORT OF THE DIREcfoRS
The directors present their report and audited flnancial statements forthe year ended 31 March 2024.
CONSTITUTION
Chartford Housing Limited was Incorporated lin the United Kingdom) on 23 August 2013 and is
constituted as a company lirnlted by guarantee and not having a share capital. As at 31 March 2024
the sole member, Horton Housing Association, had guaranteed £1 in the event of a winding up of the
company. The current Articles of Association are as amended by special resolutlons dated 24 June
2015.
The company regi51ered with the Charlty Commission as a charity on 7 July 2015. The company
registered with the Homes and Communities Agency Inow known as the Regulator of Social Housing)
as a registered provider on l October 2015 and started operations on that date.
PRINCIPAL AcfiviTIES
The charitable object5 Of the company are to carry on for the benefit of the community the busine55
of providing housin8, including the provision of social housin& and any a550clated amenitles for
persons in necessitous circumstance5 upon terms appropriate to their rneans.
In the year covered by these accounts the princlpal activities of the company were:
11 Acting as a landlord for supported houslng providers who are not reglstered providers
21 Developing resldential supported housing propertles with the assistance of Homes England
grants
The company does not undertake any fundraislng activities.
A5 a member of the Horton Hou51ng Group the company works closely with the other8roup members;
Horton Housing Association, Horton Hou51ng Support Limited and 8radford Base Social Enterprise
Company Llmited. The company has paid due regard to the Charity Commission 8uldance on publlc
benefit.
GOVERNANCE. BOARD MEMBERS AND EXECUTIVE OFFICERS
The Management Board has adopted the NHF 2020 Code of Governance. It has undertaken an annual
assessment of compliance using the NHF'5 recommended checkllst as a basi5 for this assessment to
confirm compliance as at March 2024. The Management Board's assessment is that it complie5 Wlth
the Code, with two exceptSons. These are..
3.3 Board compositlon - (4J
Therels a dedlcated senlor boonl member (norn?ally o vlce-chalr or
senlor Independent dlrertor) wlth duties that in¢lude appraisal of the choir 4vnd o55i5tinq the chalr
to ensure the effertlveness ol the l)oord. - Where we have appointed an external consultant to
undertake this on the Board's behalf
3.10 Member appra15al- (l) The appralsol ol the boarfs chalr Is led by o senior boord member,
infvrmed by the views OA all board meml)ers.
Where appraisal of the Board5, chair is led by an
independent consultant. It Is informed by the views of all Board Members

Chartford Housing Limitgd
REPORT OF THE DIRECTORS ICONTINUED)
The Management Board comprises all the current directors of the company and must comprise of no
less than five and no more than 12 members. The following are directors of the company that have
held office during the year and until the date thls report was approved..
Nicholas Warden Ichalrl
Susan Missin
James Hogarth
Shruti Vasudev lappolnted 26161241
Mark Wilby (appointed 26161241
Nabeel Alhassan (appointed 26161241
Mark Dowson Iresi8ned 12151241
Alan Goodrum Iresi8ned 12151241
Phi11Sp Charlton Iresigned 30111241
Catherine Kelly
Daniel 8oardman (resigned 619/241
Thomas Donnelly (appointed 12191231
Rosemary Keczkes (appointed 26161241
Danny Nicklen lappolnted 26161241
Mark Bell Iresi8ned 9151231
John Bell (resigned 12151241
Laura Varley (resigned 31111241
Jamle 8radley (resigned 25111241
The Board formally met five times during the 2023124 year, a5 well as holdlng an Awayday to
consider strategic matters. The Awayday wa5 a face to face meeting. All other meetings were hybrld
with a mixture of attendees in person and via vldeo link.
All staff resources and other resources, includlng the skills of the senior management team, are
provided under a Support Services Agreement with the parent undertaklng, Horton Houslng
AssociatSon, and agreed cost5 char8ed to Chartford Housing Limited through an inter-companv
management char8e.
BUSINESS REVIEW ANO FINANCIAL RESULTS
At the be8Snnlng of the financial year the company owned 218 operatlonal unlts of supported
accommodation in West and North Yorkshire, with 11 further unfinished unit5 under development or
refurblshment. Durlng the year the company purchased 6 further unlts for refurbishment. With one
unfinished unit carried forward at 31 March 2024, 16 additional units were let as supported
accommodation by 31 March 2024 bringin8 the total to 234 owned and in management.
The company a150 leased 267 units of supported accommodatlon as at the 31 March 2024, an Increase
of 10 durln8 the year. following a programme of acqui51tion of propertles by the parent companv,
Horton Housing A550ciation, which have subsequently been leased to the company to act as landlord
for the properties.
The rents from all the properties are guaranteed under management a8reements with manaBin8
agents. The rent received for owned properties amounted to £1.288k in the year to 31 March 2024
12023: £968kl. The fees earned in respect of the lease arrangements with Chartford actin8 as landlord
amounted to £236k12023: £225kl
All property purchases and developments to date have been funded with the assistance of Homes
England Social Housing Grant and loans from Horton Housing Associatlon. Social Housing Grants are
recognised in the accounts when grant condition5 are met, which for Homes England is on completion
of the development, in accordance with the Housing SORP 2018.
The overall surplus for the year amounted to £320k12023-. £342kl and reserves of £6,590k are carried
forward at 31 March 2024. The value of residential property held by the company a5 at 31 March 2024
wa5 £18.6 million12023.. £18.1 million).

**Chartford Housing Limited** 

## **REPORT OF THE DIRECTORS (CONTINUED}** 

Within the year the accounting treatment of land and buildings was revised and restated in accordance with the Financial Reporting Standard (FRS102) and the Statement of Recommended Practice: Accounting by Registered Social Housing Providers 2018 ("Housing SORP"). The total net impact on the reserves at 31 March 2023 is an increase of £11,475. This relates to land that had been incorrectly depreciated, for further details see note 21 to the Accounts. 

## **FUTURE DEVELOPMENTS** 

The company continues to work with Unity Housing (as members of the Unity Housing Development Consortium) and Horton Housing Association to identify new opportunities to develop new supported housing schemes. The company is also registered with Homes England in its own right as a Development Partner. Current and future developments are being progressed via these routes. 

The company is continuing its development programme and at 31 March 2024 had one property under development, as well as agreed funding for the acquisition and refurbishment of a further 17 properties under the Single Homeless Accommodation Programme. The company is actively seeking further opportunities to develop during 2024/25 under the Continuous Market Engagement part of the Homes England Affordable Homes Programme and hopes to deliver further additional accommodation through other government initiatives. 

Whilst costs of developments have increased markedly in recent years, this appears to have moderated more recently. The company carefully assesses each development opportunity prior to commitment. However the company plans to continue developing. 

## **POLICY, PROCEDURE AND INTERNAL CONTROL** 

The company has adopted all of the policies, procedures and internal controls of its parent, Horton Housing Association, which are also adopted by other members of Horton Housing Group. Some of those policies, procedures and internal controls have been modified to take into account the particular activities of the company. The company has also developed some of its own specific policies and procedures where it has been felt necessary. The Group has its own Quality Assurance Team (OAT) that provides an internal audit function for all members. The QAT develop an annual Group Risk-Based Internal Audit Plan that is then implemented over the course of the financial year. 

## **RESERVES POLICY** 

The company has adopted the Reserves Policy of the Horton Housing Group and does not operate a separate policy. The policy sets out that sufficient reserves should be maintained "in order to provide reliable services over the longer term and have the capacity to absorb setbacks and to take advantage of change and opportunity". 

The company aims to steadily build up its reserves and as at 31 March 2024 the company's unrestricted general reserve stood at £5,378k and the revaluation reserve at £1,212k. The level of reserves is regularly monitored as part of its financial reporting and budgeting processes. 

## **IDENTIFYING AND EVALUATING KEY RISKS** 

The Horton Housing Group operates comprehensive risk management procedures in order to minimise the risk of sudden financial loss or the inability to continue operating. One of the Group's key strategic objectives is to grow the business, particularly its property assets, and Chartford Housing Limited is a primary deliverer of that objective. The company benefits from loan financing and 

4 



Chartford Houslng Llmlled
REPORT OF THE DIRECTORS (CONTINUED)
operational support from the Group parent company, Horton Housing Association. These
arrangements are set out in an Intragroup Agreement and Support Services Agreement. Good rlsk
management enables the company to use its available funds a5 fully as possible to achieve its
charitable objectives and reduces the need for large reseNes to be held as cash.
There is an over-arching Group Organisational Risk Register IORRI whlch applies to all the group
entitie5 and which identifies key risks and the controls required to manage those risks. New risks can
be added to the ORR at any tlme, It Is reviewed quarterly, and there is an annual review as part of
the business plannin8 pmces5. A separate Risk Register for Chartford Housing Lirnlted covers risks
speclfically related to the company. This is reviewed slx-monthly by the Board, with the Business
Plan, and quarterly by senior management.
The principal Identlfied risks for Chartford Housing Limlted are considered to be those of..
compliance with contractual and regulatory requirement5 Ilncluding Health & Safety and Energy
improvement obligations),. the chan8in8 and challenging economic environment; the recrultment,
retentSon and capacity of staff,. the good governance of the organisation given the retirement of
number of lon85tanding members and replacement wlth new members; and changing Government
Policy and priorities. Other risk areas are also identified. Controls are in place to mlnlmlse the
likelihood of risks crystallising and/or minimise the effects of them If they do.
A Group Audit & Rlsk Commlttee. to which a member of the Chartford Housing Llmlted Board is
appolnted, carries out a two-year cycle of revlews to consider every risk on the ORR and Chartford
Housin8 Limited's Risk Re8lster and assess the effectivene55 and adequacy of the controls to limit
those rSsks. The review5 a55e55 whether any actions are required to ensure each risk is adequately
controlled.
114FORMATION AND PERFORMANCE REPORTING SYSTEMS
The Board has identified Key Performance Indicators and performance a8alnst these indicators Is
revlewed by the Board at its regular meetin8s. Many of the indicators used are those used by
Housemark and/or Acuity Smaller Providers Benchmarking ISPBMI so that the company can
benchmark agalnst others in the sector. The indicators provlde data on key areas such a5:
Rent collected, rent arrears, rent10st through voids, rent lost through bad debts
Average re.let times, unoccupied days
Emergency repairs, urgent repair5 & routine repalrs performance
Ga5 Safety Certification
Tenant satisfaction with repairs and other Services
Complaint5, anti-social behaviour, incidents and accidents
VFM Standard IApril 20181 metrics
EFFiaENCY AND VALUE FOR MONEY
The company'5 Value for Money IVFMI Strategy sets out that the Board's role is to have-
An assessment of its assets and resources
A robust approach to decision making
A good overview of VFM across the whole buslness
Rigorous appraisal of options to improve VFM
Targets to improve performance Telating to VFM

Chartford Housing Limited
REPORT OFTHE DIRECTORS ICONTINUED)
Regular reports and reviews in relation to current arrangements for deliverin8 the companvs
activities
Confidence that Its skllls and reporting Systems are sufficient to be able to challenge
executives
The company had adopted a Value for Money Strategy in June 2022. Whilst the Strate8Y Itself was
sufficient, the approach that wa5 included in it for measuring and monitorlng VFM was found to
duplicate other reporting, to be overly complex and not easily understood. In 2023, the Board
requested that the Strategy be reviewed again, with particular focus on these area5.
A revised VFM Strategy wa5 approved by the Board in June 2024 which has simplified monitoring and
reporting processe5 Wlthin it. During 2024125 we will be reintroducing the monitoring and reporting
of VFM to Board, which will commence in the second half of 2024125.
Value for Mone
measurements and r¢
rtin
The company Is required to demonstrate that it meets the Regulator of Social Housing's VFM
Standard (Aprll 20181. The Standard requlres Registered Provlders to annually publish evidence In
the statutory accounts to enable stakeholders to understand the provider's:
Performance a8ainst Its own value for money targets and any metrics set out by the
re8ulator, and how that performance compares to peers
Measurable plans to address any areas of underperformance, Including clearly stating any
a￿aS where improvements would not be appropriate and the rationale for this.
The Regulator published a set of nine metrics, under five headlngs, that must be reported upon and
we set these out below, identified with an asterisk, and with a brief commentary on each. We also
show some of our own internal metrics that we think add to an understanding of the company's
performance. Where ovailable we have used the Acuity SP8M (Small Providers Benchmarkin81
Outcome5 for 2023 a5 a benchmark comparison figure and comment upon variances from the
benchmark.
Buslness heotth
'Operatlng maryln {overall} 26.4% (2023: 21.9%) SPBM benchmark 2023: 13.22%
The company contSnues to report healthy operating margin5. However, as we are relatlvely small,
both the denominator lincomel and the numerator Isurplusl in this calculation can be
dlsproportionately affected by the arnount of social hou5in8 grant we receive in a year and any
assoclated Impairment recognised on completed projects, so it does vary significantly between
year5.
'Operatlng margln {soclal houslnz lettings) Z6.4% {2023: 21.9%) SPBM benchmark 2023: 13.50%
This figure is the same as Operatin8 margin loveralll as all of the companrfs income is from social
housing lettings.

Chartford Housing Limited
REPORT OF THE DIREcfoRS ICONTINUEDI
"EBITDA MRI
143A %12023: 192.1%)
SPBM benchmark 2023: 177%
This figure shows interest cover and is a key indicator for liquldity and Investment capacity. The
figures exclude thè effects of capital grant recognition and any impairment. It measures the level of
surplus generated compared to interest payable. The overall level 15 reflective of being a relatively
new and strongly developing association, takin8 on a debt burden. Most small providers in the SP8M
benchmark group are not developlng to the same extent.
Develo
'New supply (soclall
16
12023.. 32)
SPBM benchmark 2023: 0
Un115 developed as a % of owned Isoclal)
3.2% 12013.. 6.7%) SP8M benchmark 2023: 0
•New supply Inon-so¢i¥l}
We have no non4oclal housln8 $0 thls metr1¢ does not ipply to us.
As a relatively small provider these 5tat15tiC5 are disproportionately affected by small differences in
the number of completion5 in each year. The company continues to develop at a sustainable pace.
Most small providers In the SPBM benchmarking group are noi developin8 at all, rendering sector
comparators fairly meaningless.
*Gearln8
64.5% (2023: 64.9%)
SPBM benchmark 2023: 14.19%
As a provider that Was set up primarily to develop new property, the 8earin8 is high compared to the
sector benchmark. Loan flnance is provideé by the parent of the Group, Horton Housin8 Association,
which is committed to supporting the company's development plans.
Cumulatlve Homes England SHG Invesled
£9,061,298 {2023: £8,347,598)
This reflects the amount of development activity that has occurred since the company started
developing. It has been increo51ng Significantly as the company has been actively developing Utilising
a number of SHG funding Streams.
Outcomes dellvered
Customer satlsfjctlon
95.0% 12023: 97.0%)
SPBM benchmark 2023: 89.0%
These flgures relate to the tenants of propertles where Chartford Housing is the landlord. The
properties are owned or leased by the Company for use by people that Horton Housing Association
or Horton Housing Support Limited are working wlth. Our satisfaction Survey is carried out towards
the erbd of each calendar year and there were 120 respondents this year12023: 1691 and onlv
tenant5 were surveyed. The methodology and questions asked thi5 year were extended and
amended to reflect the newly introduced Tenant Satisfaction Measures. However the overall level of
satisfactlon measure is comparable to prior yearf5 data where the question asked in a survey to all
tenant5 and people supported by Horton was about satlsfaction with the performance 'as
landlord"

Chartford Houslng Llmlted
REPORT OF THE DIRECTORS (CONTINUED)
*Relnvestment
5.2% {2023: 17.0%}
SPBM benchmark 2023.. 3.80%
This metrlc looks at the investment in property as a percentage of the value of total properties held.
Unlike most small providers, the company is actively developing, althou8h actual spend in 2023/24
ha5 been much lower than prior years, with slightly less activity than prior years.
Lettable day5 available from owned property
77,260 {2023: 70,7541
Actual number of days let as a % of lett•ble days
96.0% 12023: 95.2%)
These two internal measures show the effects of the company's activity on the supply and availability
of social housin8, and also ensures that the company's housin8 that it is delivering is in demand. These
demonstrate that the company is meeting Its 8uslness Plan objectives, and deliverin8 them effectively
and efficiently.
rtlve Asset Mono
em
•Return on capltal employed 4.3% 12013: 4.4%)
SPBM benchrnark 2023: 2.00%
This metric compares the operating surplus to total assets le55 current Ilabllitles. Because the
company is small and takes Social Hou51ng Grant to income when performance related conditions
are met there are likely to be lar8e varlatlons dependent on how many developments are completed
In a particular financial year.
emtln
clencl
•Headllne soclal housln8 Cost per unlt £2,871 {2023: £1,757) SP8M benchmark 2023.. £5,495
Underlying cost per unit has h15torically been relatively low, mainly because all the developments
and refurbishment5 are new 51nce operations began and there has therefore been relatlvely Ilttle
maintenance cost. In the current year we have been investing in energy efliciency improvements
whlch has Significantly increased costs as expected, even though we have recelved some grant
funding to partly offset this. The management agreements with managlng agents mean that day-to.
day maintenance and Service charge costs are the responsibility of the agent. Thus the metric stlll
remains relattvely low.
Management fees pald per unlt of stock (owned •nd leased) £449 pa 12023: £274 pal
This fee has Increased si8nificantly following a re-evaluation of the 2023 charge between Horton
Housing Association and Chartford Hou51ng Llmlted. and a subsequent 73% Increase in 2024.
Total cost of dellvery of each lettable day
£Z5.50 12023: £19.66)
These two internal measures demonstrate flrstly the economies of scale benefits as the company
increases its Stock, and secondly that it's overall cost of delivery of every lettable day is being
controlled. The company is able to take advantage of being a part of the Horton Houslng Group. The
cost of delivery has increased Significantly in the year due to the feasses5ment of management fees
from withln the Group. the inclusion of management charges on the new Traveller Site near York,
and a significant spend on ener8y improvement works in the year, but are stlll relatively low.

Chartford Housing Llmlted
REPORT OF THE DIRECTORS (CONTINUEDI
The company beneflts from the resources of the Group as shown in the low costs noted above, and
in particular, it has benefitted from..
Low borrowing costs which have been passed on in the inter-company loan agreements to
Chartford Housing Limited.
An annually fixed inter-company management charge with the Group which provide5 all the
administrative resources required to operate the company.
Management agreements with managing agents that are members of the Group that pass
the responsibility for day-to-day repairs and most housing management functions to the
managlng agents.
Management agreements wlth managing agents that are members of the Group, that Pa55es
the risk of rent voids and bad debt losses to the mana8in8 agents.
VFM Improvement Plans
Every year targets are set within the company's Bu5ine55 Plan and also as specific actions wlthin the
VFM StroteBY and Its attached Action Plan. We seek to Identify and improve In areas that we think
can be Improved. Particular targets in the most recently revised VFM Action Plan include..
Continuing our proBramme of acquisition and refurbishment of properties;
Assesslng and developin8 plans for assets that are currently underutilised or awaltlng
decisions,.
Developlng the use and reF)orting of Tenant Satlsfactlon Measures:
Developing detaSled plans for brln8lng all our properties up to EPC C minlmum by 2030 and
to achieve Zero Carbon by 2050;
Some specific actions in respect of assessln8 VFM of certain activitles and the procurement
of certain services.
Evidence of Efflclency Galns In 2023124
VFM galns may be financlal or qualitatlve and we enter data on our VFM Re8lster to tabulate and
quontify the 8ains made. The VFM Re8i5ter relates to the Horton Housing Group as a whole. If the
Group as a whole makes gains then this assists in keepin8 down the inter-company charges made to
Chartford Housing Limited. We have selected examples of some of the effsciencie5 that have been
made includln8 those that have particular relevance to Chartford Housing Limited:.
We continue to increase the fuel efficiency of our new developments, through use of
enhanced insulation, LED lighting, solar panels and considering the use of heat pumps where
appropriate.
We successfully bid for grant support from the Social Housing Decarbonisation Fund Wave I
and Wave 2, as well as the West Yorkshire Mayorfs fund. to improve the energy efficiency
rating of our properties through improved insulation, 501ar panels and other measures. Thls
grant support has amounted to in excess of £250k in the year and improved the energv
efficiency of Some 27 properties. This work, and related grant fundin& will contlnue in
2024125.

Chartford Houslng Limited
REPORT OF THE DIREcfoRS (CONTINUED)
We have outsourced our main ICT systems and Se￿er$, which are now mostly hosted by third
parties. This has improved operational efficiency. reliability and security whilst also making
ongoing cost savings.
We are renewlng our phone and internet seNlces at many of our sites, with increased use of
internet services and consequently decreased operating costs. This programme of renewal
wlll continue to be rolled out over the Coming years.
We have re-provlded our printer5 and photocopiers across the company, leadin8 to improved
operational 5tabillty and more 5ecurlty.
We have renewed our mobile phone provlslon, which has led to slgnificant cost savlngs.
We have sourced additional support forour Asset Management team to deliver refufblshment
work and ener8y improvement work from our partner organlsation, Unity Housing. This has
led to more flexibility irs support available, and cost savin85 compared with external
recruitment.
We retendered 9 electric and gas contracts for renewol in October 2023. This led to an
approximate doubling of cost compared with the current contract whlch had been in place
since before the Ukraine war. However this was a considerable savln8 on open market variable
rates at the time.
COMPLIANCE WITH THE GOVERNANCE AND FINANCIAL VIABILITY STANDARD
In order to register as a Re8lStered Provider on l October 2015 the company had to demonstrate to
the then HCA that it met the Governance and Flnancial Viablllty Standard. The Board assess their
compliance with the Standard at least once a year and more often if there are any slgnificant events
that might affect compllance. The Board seek assurance that they continue to comply with the
Standard via management self-assessment. An updated 2023124 mana8ement self-assessment was
completed in eorly 2024. This identified some controls that had sllpped during the 2023124 year due
to internal staff re50urce155ues, but an actlon plan was agreed with the Board and all core controls
were asse55ed a5 satlsfactorily in place and retr05pecilvely addressed by the date of this report. Board
is therefore satisfled that it meets all the requirements of the Standard at the date of thls report.
COMPLIANCE WITH OTHER RSH STANDARDS
The company also complete5 a full review of Its compliance with RSH Standards every year using the
same proce55 as for the Governance and Flnancial Viability Standard.
The Board is satisfied that it continues to meet all the requirements of the other RSH Standard5 at the
date of this report, other than some aspects of the VFM Standard as noted earlier in this report.
STATEMENT OF THE RESPONSIBILITIE5 OF THE DIRECTORS FOR THE FINANCIAL STATEMENTS
The Directors Iwho are also the Trvstee5 of the Charltable Company) are responsible for preparing the
Directors. report and financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
10

**Chartford Housing Limited** 

## **REPORT OF THE DIRECTORS (CONTINUED)** 

Company law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources including the income and expenditure of the company for that period. 

In preparing these financial statements the Directors are required to: 

- select suitable accounting policies and apply them consistently; 

- make judgements and accounting estimates that are reasonable and prudent; 

- observe the methods and principles in the Statement of Recommended Practice (SORP) Accounting by Registered Social Housing Providers 2018, subject to any material departures disclosed and explained in the financial statements; 

- state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business 

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable it to ensure that the financial statements comply with paragraph 16 of Schedule 1 to the Housing Act 1996 (to 3i[5t ] March 2011) and The Housing and Regeneration Act 2008, (from p[t ] April 2011) and the Accounting Direction for Social Housing in England from April 2015 and the Companies Act 2006. 

They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

At the date of making this report each of the company's Directors, as set out on page 2, confirm the following: 

- So far as each Director is aware, there is no relevant audit information of which the Charitable Company's auditors are unaware; and 

- Each Director has taken all the steps that he ought to have taken in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. 

The Report of the Directors was approved on 13 September 2024 and signed on its behalf by: 


## **Nicholas Warden** 

Chair 

11 



Chartford Housing Limited
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHARTFORD HOUSING LIMITED
Opinion
We have audited the financial statements of Chartford Housing Limited (the 'charitable companv")
for the year ended 31 March 2024 which comprise the statement of COmp￿henslve income,
Statement of financial position, statement of changes in reserves, statement of cash flow5 and notes
to the financial statements, including signiflcant accounting pollcies. The financlol reporting
framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standard5, including Financial Reporting Standard 102 "The Financial Reporting Standard
applicable in the UK and Republic of Ireland" Iunited Kingdom Generally Accepted Accounting
Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitable companf s affairs as at 31 March 2024
and of the incomin8 re50urce5 and appllcation of resources for the year then ended,.
have been properly prepared in accordance with United KSn8dom Generally Accepted
Accounting Practice; and
have been prepared In accordance with the requirements of the Companies Act 21X)6 the
Housin8 and Regeneration Act 2008 and the Accountln8 Direction for Private Re81Stered
Providers of Social Housing 2022.
Oasls for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and
applScable law. Our responsibilities under those standards are further described in the Auditorfs
responsibilities for the audit of the financial Statements section of our report. We are Independent
of the group In accordance with the ethical requirements that are relevant to our audit of the
flnancial statement5 in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other
ethical responsibS1itles in accordance with these requirements. We believe that the audlt evidence
we have obtalned is sufficient and appropriate to provide a b0515 for our opinion.
Conclu51ons relat5n8 to 8oln8 concern
In auditing the flnancial statement5, we have concluded that the Board's use of the 80in8 concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doljbt on the charitable
company's ability to continue as a golng concern for a period of at least twelve months from when
the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Board with respect to going concern are described
in the relevant sections of this report.
Other information
The Board are responsible for the other Information contained within the annual report. The other
information comprises the information included in the annual report, other than the financlal
statements and our auditor's report thereon. Our opinion on the financial statement5 doe5 llot cover
12

Chartford Housing Limlted
INDEPENDENT AUDITO￿5 REPORT TO THE MEMBERS OF CHARTFORD HOUSING LIMITED
ICONTINUED)
the other informatlon and, except to the extent otherwise explicitly stated in our report, we do not
express any form of a55urance conclusion thereon.
Our responsibillty Is to read the other Information and, in doin8 so, consider whether the other
information is materially inconslstent with the financial statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated. If we identify such material
inconsistencles or apparent material misstatement5, we are required to determine whether this
gives rise to a material misstatement in the financial statements themselves. If, based on the work
we have performed, we conclude that there is a material misstatement of this Other information, we
are required to report that fact.
We have nothing to report In this regard.
OpSnlons on other matters prescrlbed by the Companles Act 2006
In our opinion based on the work undertaken In the course of our audlt
the informatlon glven In the Board's report, which includes the report of the dlrectors
prepared for the purposes of company law, for the financlal year for which the finantlal
statements are prepared is conslstent wlth the financlal statements; and
the report of the directors included within the Board's report have been prepared in
ccordance with appllcable legal requirements,
Matters on whlch we are requlred to report by exceptlon
In light of the knowledge and understandlng of the charitable company and their envlronment
obtained in the course of the audit. we have not Sdentified material misstatements In the report of
the directors included within the Board's report.
We have nothlng to report In respect of the followln8 matters In relation to which the Companles
Act 2006 or the Housing and Regeneration Act 2008 requires us to report to you If, In our opinion:
adequate accounting ￿COrdS have not been kept.. or
the financlal statements are not In agreement with the accounting record5 and returns; or
certain disclosures of Board's remuneration specified by law are not made,. or
we have noi received all the information and explanations we require for our audit.
Re5ponslbllltles of Board
A5 explained more fully in the Board's responsibilitie5 Statement set out on pages 10- 11, the Board
(who are also the directors of the charitable company for the purposes of company lawl are
responsible for the preparation of the financial statement5 and for being satisfied that they give a
true and fair view, and for such internal control as the Board determine is necessary to enable the
preparation of flnancial statements that are free from material mi55tatement, whether due lo fraud
or error.
In preparing the financial statement5, the Board are responsible for assessing the charitable
company's ability to continue a5 a going concern, disclosing, as applicable, matters related to going
13

Chartford Housln8 Limited
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CNARTFORD HOUSING LIMITED
{CONTINUEDI
concern and uslng the going concern basis of accounting unless the Board either intend to liquidate
the charitable company or to cease operations, or have no realistlc alternative but to do so.
Audltorfs responslbllltles for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial Statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs
report that includes our opinlon. Reasonable assurance is a high level of assurance, but Is not a
guarantee that an audit conducted in accordance wlth ISAS IUKI will always detect a materlal
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to Influellce the
economic decisions of users taken on the basis of these financial statement5.
Irregularlties, includinB fraud, are instances of non-compliance with laws and re8ulations. We des18n
procedures in line with our responsibilities, outlined above, to detect material mi55tatements in
respect of irregularities, including fraud. The extent to which our procedures are capable of
detectln8 irregularities, Includin8 fraud is detaSled below..
We Identified and assessed the rlsks of material misstatement of the financial statements from
irregularities, whether due to fraud or error, and discussed these between our audit team members.
We then designed and performed audit procedure5 responsive to those risks, Including obtalning
audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity
operates, focu51ng on those laws and regulations that have a direct effect on the determination of
material amounts and di5c105ures in the financlal statements such as the Housing and Regeneration
Act 2008 and other laws and regulations application to a registered Social housin8 provider In
England together wlth the Hovsln8 SORP. We assessed the requlred compliance with these laws and
regulations as part of our audlt procedure5 on the related financlal statements items. In addition, we
considered provisSons of other laws and regulations that do not have a direct effect on the financial
Statements but compliance with which might be fundamental to the charity's ability to operate or to
avoid a material penalty. We a150 considered the opportunities and incentives that may exist within
the charity for fraud. The laws and reBulations we considered in this context for the UK operations
were requirements imposed by the Regulator of Social Housing, health and safety, taxation and
employment legislation. AuditinB Standards limit the required audit procedures to identlfy non-
compliance with these laws and regulations to enquiry of the Directors and other management and
inspection of re8ulatory and le8al correspondence, if any.
We identified the greatest risk of material impact on the financial Statements from irregularitles,
including fraud, to be within the timing of recognition of income and the override of controls by
mana8ement. Our audit procedures to respond to these risks Included er)quiries of management,
nternal audit and the Audit and Risk Committee about their own identification and assessment of
the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates
for biases, reviewinB regulatory correspondence. designing audit procedures over the tlming of
income and readlng minutes of meetings of those char8ed with 8overnance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some material misstatements in the financial statements, even though we have properlv
planned and performed our audit in accordance with auditing standards. In addition, as with any
14

Ch•rtford Hous1￿ Umlted
INDEPENDENT AUDITOR'5 REPORT TO THE MEMBERS OF CHARTFORD HOUSING LIMITED
(CONTINUED)
audit, there remained a higher risk of non-detection of irregularities, as these may invofve colluslon,
forgery. intentional omissions, misrepresentation5. or the override of internal controls. We are not
responsible for preventing non-compliance and cannot be expeded to detect non-compliance with
all laws and re8ulation5.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reportin8 Council's website at.. www.frc.or
auditorsres
onsibilities. This description
forms part of our auditorfs report.
Use of our report
Thi5 report is made solely to the charitable companV5 rnembers, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we
mlght state to the charitable company's members those matters we are required to State to them in
an auditorfs report and for no other purpose, To the fullest extent permltted by law, we do not
accept or assume responsibility to anyone other than the charltable company and the charitable
company's members as a bodyi for our audit work, for th15 report. or for the oplnlons we have
formed.
Vicky Szulist
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
Manchester
16th September 2024
15

Chartford Houslng Umlted
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2024
2024
2023
Restated
3,518,130
12,786,785)
Turnover
Operating expenditure
3,059,564
12.251,1441
Operatlng surplus
808.420
731,345
Interest and financlng costs
1488,1541
{388,8291
Surplus for the year
13
320,266
342,516
Revaluation surplu5
13
317,974
96,632
Total compr¢hensl¥e Income for the year
638,240
439,148
The notes on paBe5 20 to 32 form part of these financlal statements.
All of the actlvltles of the company are classed as contlnulng.
All reco8nised gains and losses are Included In the Statement of comprehensive Income.
16

Chartford Housing Llmlted
srATEMENT OF FINANCIAL POSITION
at 31 March 2024
1024
2023
Reststed
Tangible flxed assets
Housing properties
18,S66,446
18.087,685
18,566,446
18,087,685
Current assets
Debtors
Cash and cash equlvalents
1,245,065
124,986
603,271
39,617
1.370,051
642,888
Credltors: amounts fallln8 due wlthln one year
io
11,346,325) 11,078,641)
Net current assetsl{Ilabllltlesl
23,726
1435,7531
Total 155ets less current11?bllltles
18,590,172
17,651,932
Credltors: amounts falllni due after morn thon one year
li
112,IXO,OXII 111.7¢X$,I￿0j
Total net assets
6,590,172
5,951,932
Capbtsl and reserves
Non-equity share capital
Revenue re5erve5
Revaluation reserve
13
13
5,378,338
1,211,834
5,037,163
914,769
Total reserves
6,590,172
5,951,932
The notes on pa8e5 20 to 32 form part of these flnancial statements.
These accounts have been prepared In accordance with the provisions applicable to companies
subject to the small companies, regime.
The financlal statements were approved by the Board of D1￿ctOrS and authorised for issue on 13
Septewber 2024 and are signed on Its behalf by..
Nicholas Warden
Director
James Ho8ar(h
Director
17

Chartlord Housing Umlted
STATEMENT OF CHANGES IN RESERVES
for the year ended 31 March 2024
Note
Share Unrestrlcted
apltsl
fund
Total
Restated
Restated
5,512.784 5,512,784
Balance at 31 March 2022
Year ended 31 Mar¢h 2023
Surplu5 from statement of comprehensive Income
439,148
439,148
8ilance at 31 March 2023
5,951,932 5,951,932
Year ended 31 March 2024
Surplus from statement of comprehensive income
638,240
638,240
Balance at 31 March 2024
6,590,172 6,590,172
The notes on pages 20 to 32 form part of these financlal statements,
18

Ch•rtford Houslng Llmlted
STATEMENT OF CASH FLOWS
forthe year ended 31 March 2024
Note
2024
2023
Net cash Inflow from oper•tln8 activities
16
1,247,201
2,304,224
Cash flow from investing actlvitles
Purchase and construction of housing fixed assets
1973,6781 13,082,158)
Cash flow from flnan¢ln8 •rtivlties
New Loans
Loan Repayments
Interest pald
3CI),CQO 1,000,000
1488,1541 1388,8291
1188,IS41
611,171
Net change In cash and Cash equlvJlents Sn the perlod
85,369
1166,7631
Cash and cash equlvalent$ at the beglnnlng of the perlod
39,617
206,380
Cash and cash equl¥alents at the end of the perlod
124,986
39,617
MOVEMENTS IN NET DEBT
l Aprll Z023
Cashflows
31 March
2024
Loans due after more than one year
11,71Ki,000
300,1￿ 12,000,CQO
Cash
139,6171
185.3691 1124,9861
Net Debt
11,660,383
214,631 11,875,014
The notes on pages 20 to 32 form part of these financial Statements
19

Chartford Housing Llmlted
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
LEGAL STATUS
The company is registered with the Regulator of Social Housing IRSHI as a housing provider, a regiSte￿d
Charity and registered under the Companies Act 2(Xl6.
2 ACCOUNTING POLICIES
Basls of accountlng
These financial Statements have been prepared in accordance with the Statement of Recommended
Practice.. Accounting by Registered Social Housin8 Providers 20181'Housin8 SORP"), the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 102 section IA Small Entities)
and comply with the Atcounting Direction for Social Housing in England 2022. Chartford Housing
Llmited meets the definition of a public benefit entity under FRS 102.
A¢countin8 Convention
The flnancial statement5 are prepared underthe historical cost convention, modified by the revaluation
of land and buildin8s. The accountin8 pollcie5 have been applled con515tently (except a5 Otherwise
statedl. The financial statements are presented in sterling.
Golng concern
The financial statements have been prepared on a 8oin8 concern basis. The Company has significant
reserves and a 5atlsfactory level of future income. The Company is flnanced by a loan from its parent
entity, Horton Houslng Assoclatlon, and there is sufficient further headroom In thi5 loan faclllty, and
no requirement for security to be provided, such that financin8 is effectively immediately available
for drawdown from the parent should it be needed.
Turnover and revenue recognition
Turnover comprises rental income recelvable In the year, management charges for seNices supplied
In the year and grants and donations received in the year.
Rental Income Is recognlsed from the poSnt when properties under development reach practical
completion or otherwise become available for letting.
Interest P￿able
Interest is allocated at a constant rate on the carrylng amount over the period of the borrowin8.
Interest payable 15 charged to the income and expenditure account in the year.
Tax ststus
The company has charitable status, and Is therefore not sub5ect to taxation on surpluses arising from
Its charitable activities.
Housing propertles
HoLfjSin8 properties are principally propertie5 available for rent and are stated at valuation. The initial
cost includes the cost of acquiring land and buildings, development costs. and expenditure incurred in
respect of improvements.
20

Chartford Houslng Umited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
ACCOUNTING POLICIES (continued)
Works to existing properties, which replace a component that has been treated separately for
depreciation purposes, along with those works that result in an increase in net rental income over the
lives of the properties, thereby enhancing the economic benefits of the assets, are capitalised as
improvements.
Housing properties under constructSon are transferred to houslng properties held for lettln8 on the
date of practical completion.
Depreclatlon of houslng propertles
Freehold land Is not depreciated.
Depreciation Is charged to write down the net book value of housin8 propertles to thelr estimated
residual value, on a straight-line basis, over their estimated useful economic lives in the bljsiness.
Major components are treated as separable 355et5 and depreciated over the shorter of thelr expected
useful economic live5 or the lives of the structure to which they relate, over the followlng period5:
Land
KStchen
Bathroom
Boiler
Internal doors
Windows
External doors
Electrlcal
Central heating radiators
Roof
Strurture
Not Depreciated
15 years
15 years
15 years
20 years
30 years
30 years
30 years
30 years
40 years
40 years
Revaluatlon
ValLsatlons are carried out by an independent valuer on completion of developments and at regular
interyals thereafter. Properties are valued on the basis of existing use value in accordance with the RICS
Appraisal and Valuation Manual.
If the valuatlon Is less than the carrying value of the property, an impaimient charge wlll result. The
impairment 15 charged to operating surplus for the year, unle55 It 15 reversing a previous upward
revaluatlon of the property. In that case the impairment will be char8ed to ￿ValuatiOn reserve (to the
extent of previous upward revaluations) wlth any balance being charged to operating surplus.
Upward valuations are credited to revaluotion reserve, unle55 they are reversing a previously reco8ni5ed
impalrment when any reversal of the prior impairment is credited to operating surplus.
All valuation movements are only reflected in the land and structure elements of the relevant property.
21

Chartford Hou51ng Llmlted
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
ACCOUNTING POLICIES Icontlnued}
Impalrment
All housing properties will be reviewed for impairment by the Board at each year end, to consider if
there is an indication that impairment may have occurred. Where there 15 evidence of impairment, fixed
assets are written down to the recoverable amount. Any such write down is charged to the operatin8
surplus for the year.
Flnanclal Instruments
The company only has financial a55ets and financial liabllities of a kind that qualify as basic financlal
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value.
Soclal Housin8 Grant
Soclal Housing Grants ISHGI are receivable from Home5 England, and are utillsed to fund an element of
the capital costs of housin8 properties.
SHG is recognised usin8 the performance model under the Housing SORP 2018, and reco8nlsed as
revenue when performanctrrelated conditions are met. Any 8rants that do not have specific
performance-related conditions Imposed are recognised as revenue when the grant proceeds are
received or receivable.
SHG due from Homes England or recelved In advance Is included as a current asset or Ilabllity.
Where, following the sale of a property, SHG become5 repayable, to the extent it is not subject to
abatement, it is included 05 a current liability until it is repald. SHG Is sub-ordlnated In respect of loans
by agreement with Homes En8land.
Government 8rants released on sale of a property may be repayable (to the extent that they are not
subject to abatement) but are normally available to be recycled and are credited to a Recycled Capital
Grant Fund and included in the Statement of financial position in creditors.
Other grants
Other grant5 are recelvable from local authorities and other organisalions. Capital 8rants are reco8nlsed
as revenue when any performance-related conditions are met, in accordance with the requlrements of
the performance model under the Housing SORP 2018. Grant5 in respect of revenue expenditure are
credited to the income and expenditure account In the same period as the expenditure to which they
relate.
Planned repalrs (major repalrs I cyclical maintenance)
Major repairs and cyclical maintenance are charged in the Income and Expenditure Account, except to
the extent that major repair5 result in an increase in net rental income, reduced future maintenance
costs or a significant e)(tension to the life of the property in which case the cost is capitali5ed.
Provision for the cost of major repairs and cyclical maintenance is only made where a legally binding
obligation to carry out the work exists at the balance Sheet date and the work has actually started or a
liability incurred in respect thereof before that date.
22

Chartford Houslng Llmlted
NOTES TO THE FINANCIAL sfATEMENTS
for the year ended 31 Marth 2024
ACCOUNTING POLICIES lcontinuedl
Debtors
Trade and other debtors are recognlsed at the settlement amount due. Prepayments are valued at the
amount prepaid.
Creditors and Provlslons
Creditors and provisions are recognised where the company has a present obllgatlon resulting from a
past event that will probably result in the transfer of funds to a third party and the amount due to settle
the obllgatlon can be measured or estimated rellably. Credltors and provisions are normally recogn15ed
at their settlement amount after allowing for any trade discounts due.
Key Jud8•rnents and Estlrnates
The compan￿5 key accounting judgements and estimates relate to the valuatlon of the property
portfolio and the depreclation rate5 applied to tangible flxed assets as explained earlier in the note.
23

Chartford HouslnE Llmlted
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
3 TURNOVER. OPERATING COSTS AND OPERATING SURPiUS
2024
2023
Operatln8 Operatlng
costs
surplu5
Operatlng Operatlng
costs
surplus
Turnover
Tumover
Restated
Restated
Socl•l hou51ng lettin85
and management
tharyes
3,059,564 2,251,144
808,420 3,518,130 2,786,785
731,345
Supported
Housln8
Total
2024
Totsl
2023
Restated
Rent recelvable net of
Identifiable service charges
Management charges
Government Grants taken to income
Other Income
1,287,815 1,287,815
967,585
236,453
236,453
224,814
1,533,955 1.533,955 2,289,481
1.341
1,341
36,250
Turnover from soclal houslng lettln8S
Expendlture on soclal houslni lettlngs
Manogement costs
Planned maintenance an(i energy efflclency works
Depreciation of housing properties & other asset5
Write back of prior impairment
Impairment of housing propertles
3.059,564 3.059,564 3,518,130
1,135,218 1,135,218
303,035
303,035
604,593
604,593
1212,7141 1212,7141
421,012
421,012 1,435,686
834,526
516,573
Operatlng expendlture on 50clal housln8 lettln8S
2,251,144 2,251,144 2,786,785
Operatlns surplu5 on soclal houslnz lettln
808,420
808,420
731,345
Vold losses
24.140
24,140
1,41X)
24

Chartford Housing Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
ACCOMMODATION
2024
No.
2023
No.
Managed by Agents1sUPPOrted housing accommodat5onl'.
234
218
The supported housing accommodation also includes 4 flat512023= 41 for use by agents in
furtherance of the performance of thelr dutles.
In addltlon to the above, the company acted as landlord for 24712023: 2371 units of sUPPOrted
housing accommodation under short-term leases from Horton Housing Association, and 20
12023.. 201 unlts of supported housing accommodation under a short-term lease from another
Re8lStered Provlder.
Unlts under development
There was l unit12023: 111 purchased, where construction or refurblshment was not yet
complete, at the year-end.
At the end of the year, the classes ol accommodatlon are analysed as follows..
2024
No.
2023
No,
Supported houslng accommodatlon:
Self-contained flats
Houses
Traveller Pitches
147
73
14
147
57
14
234
218
OPERATING SURPLV5
The operating surplus is arrlved at after charglng..
2024
2023
Restated
1,952,259
Dep￿cIatIOn l impairment of housing properties
Wrlle back of prior impalrment
AudStors' remuneration for audit servlces
1,025,605
1212,7141
7,928
7,550
INTEREST PAYABLE AND SIMILAR CHARGES
2024
Z023
Interest on group loan5
488,154
388,829
25

Chartford HousSn8 Llmlted
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
EMPLOYEES
The company doe5 not directly employ any stsff and no Directors. remuneration or key
management personnel remuneration Is included within these financial statements.
All staff resources utilised by the company are employed by the parent companyi Horton Housing
Association IHHAI, and the costs of these staff are Included in the charges from HHA a5 diKlosed
in Note 20 to these accounts.
TANG181E FIXED ASSETS- HOUSING PROPERTIES
ouslng
propertle5
held for
lettln8
Housln
properties
under
construrtlon
Total
Cost/Valuatlon
At l April 2023
Prior Year Adjustment
At l April 2023 Restated
Additions
Transfers
Impairment
Wrlte back of prlor impairment
Revaluatlon
17,905,551
466,343
18,371,894
39,728
2,022,074
1421,0121
212,714
223,132
1,222,885 19,128,436
466,343
1,222,885 19,594,779
933,950
973,678
12,022.0741
1421,0121
212,714
223,132
At 31 March 2024
20,448,530
134,761 20,583,291
Depre¢l•tlon
At l April 2023
Prlor Year Adjustment
1,052,226
454,868
1,052,226
454,868
At l Aprll 2023 Re5taled
Char8ed in year
Revaluatlon
At 31 March 2024
1,507,094
604,593
194,8421
2,016.845
1,507,094
604,593
194,8421
2,016,845
Depreclated cost
At 31 March 2024
18,431,685
16,864,800
134,761 18,566,446
1,222,885 18,087,685
At 31 March 2023
The properties held for letting are subject to regular valuations at Exlstlng Use Value by Carter
Towler LLP. In the opinion of the Directors there is no material difference between the value of
land and buildin85 at 31 March 2024 and the latest valuations on those properties carried out in
September 2021, September 2022 and November 2023. Certain properties within the
Companws Balance Sheet are used as security for the parent company, Horton Housing
Association'5, lending from Triodos bank. There is therefore a legal charge on these properties.
The historic cost of propertie5 held for letting is E22,302,02512023 £20,240,521).
26

Chartford Housing Limited
NOTES TO THE FINANCIAL STATEMENTS
tor the year ended 31 March 2024
DEBTORS
2024
202a
Government grants receivable
Other debtors
Prepayments and accrued income
Amounts due from Group companies
248,459
127,103
449
3,900
992,023
1,245,065
475,719
603.271
io
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Trade credltor5
Accruals and deferred income
Amounts due to Group companies
165,2Cil
92.232
95,787
401,225
1,085,338
585.184
1,346,325 1,078,641
Included above Is deferred Income of £0 relatlng to government Brants12023.' £323,OiYJl
Balance at 31 March 2023
Amount received in the year
Amount released to income In the year
Balance at 31 March 2024
323,000
527,000
li
CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR
2024
2023
Debt Inote 141
12
CIJ WO 11700 CX)O
12
DEBT ANALY515
2024
2023
Due within one year
Due after more than one year
12,CQ),000 11,700,(XJO
27

Chartlord Houslnz Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
Debt Is repayable as follows..
Debt within one year
Between one and two years
Between two and five years
After five years
I2,￿0,000 11,700,1)Xl
12,CQO,000 11,700,(XXI
The Inter-company loan is from the parent company, Horton Houslng Association. The loan is
repayable on 30 June 2027. EIOM of the loan Is charged at a fixed interest rate of 3.54% per annum,
with amounts in excess of £IOm at an Interest rate of BOE base rate plus a margin of 2.2%, subjert
to a minimum of 2.3%. The loan is unsecured.
13
RESERVES
General Re$erve
2023
Openlng funds at l Aprll 2023
Prlor Year Adjustment
At l Aprll 2023 Restated
Surplu5 for the financial year
Transfer from Revaluatlon Reserve
Closlng funds at 31 March 2024
5,027,413
9,750
5,037,163
320,266
20,909
5,378,338
Revaluatlon Reserve
Openlng balance at l April 2023
Prior Year Adjustment
At l April 2023 Restated
Revaluatlon
Transfer to General Reserve
Closing balance at 31 March 2024
913,1)44
1,725
914,769
317,974
120,9091
1,211,834
The transfer from revaluatlon reserve to general reserve represents the depreciation charge
associated with revaluations previously recognlsed in the revaluation reserve.
14
FINANCIAL INSTRUMENTS
2024
2023
Carrying amount of financial assets measured at amortised c05t
1,241,165
602,822
Carrying amount of financial liabilities measured at amortlsed cost
13,346,325 12,455,641
28

Chartford Housinz Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
15
FINANCIAL COMMITMENTS
Expenditure commitments are as follow5..
2024
2023
Capltal expendlture
Expenditure contracted for but not provided in the account5
145,807
16
CASH GENERATED FROM OPERATING AcfiviTIES
2024
2023
Restated
Cash flow from operatlng actlvltles
Operatin8 surplus
Depreclatlon and impairment of housing fixed assets
Write back of prlor impairment
Decreaselllncreasel In debtors
Increa5elldecrea5el in creditors
808,420
1,025,605
1212,7141
1641,7941
267,684
731,345
1,952,259
122,8201
1356,5601
Net cash Inflow from operatlnl actlvltles
1,247.201
2,304,224
17
CONTINGENT ASSETSILIABILITIES
The company had no contlngent assets or contingent liabilities at 31 March 202412023.. Enill.
18
ULTIMATE PARENT UNDERTAKING AND CONTROL
The company Is Ilmited by guarantee and is controlled by Its sole member, Horton Housing
Assoclatlon. The company is consolidated Into the financial statements of Horton Housing
A550ciation. The consolidated financlal statements can be obtained from Chartford House, 54
Llttle Horton Lane, Bradford, 8D5 OBS.
Horton Housing Association is regiSte￿d under the Co-operative and Community Benefit
Societie5 Act 2014125057RI and provides supported houslng and related support to vulnerable
people who are in need of such a55i5tance.
19
POST BALANCE SHEET EVENTS
There were no post balance sheet events to report.
20
RELATED PARTIES
During the year expenses of £11812023 - £541 were pald to Directors
The company works closely wlth the other Horton Housing Group companies. It acts as landlord,
by way of short-term leases, for properties owned or leased by Horton Housing Association IHHAI.
29

Ch•rtford Hou$ing Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
and then appoints HHA or Horton Housing Support Ltd IHHSI to manage them on a day-to-day
basis. Leases and management agreements are in place to regulate these transactions and the
company charges HHA Hnd HHS a net fee per week for this seThice.
HHA supplies the staff and support servlces to the company and receives a management fee for
those seryices.
Chartford Housing also owns and leases property directly* and It contracts the day-to-day housing
management of these properties to HHA or HHS as appropriate. Chartford Housing also receives
revenue grant fundin8 for housillg 5UPPQrt services. which it contracts HHA to dellver on its
behalf. HHA receives a fee for these services.
HHA also provides loan fundlng to Chartford Housing to enable it to develop and own properties,
Interest is char8ed on these loans.
The following is a summary of the amounts recognised and received from the other group
companies..
2024
2023
Fees char8ed to HHA
For acting a5 landlord for propertles
For use of flats as offlces
18,216
31,054
49,652
14,819
Fee5 charged to HHS
For acting as landlord for propeities
For use of propertles as offices
138,278
42,500
131,682
28,660
Total related party fee Income
230,048
224,813
Fees from HHA for management and housing support services
Fees from HHA for support seThices
Interest charged on loan received from HHA
506,539
225,000
488,154
411,581
130,CMJO
388,828
Fees from HHS for management Se￿ICe5
89,049
83,584
Total related party charges
1,308,742
1,013,993
As at 31 March 2024. the followin8 balances were due fromlltol the other Group companies:
2024
2023
Trading Account5..
Horton Housing Associatlon
Horton Hpusing Support Ltd
11,085,338)
992,023
1585,1841
475,719
Loans from Horton Housing Association
112.000,CKJOI 111,7C(J,OCKJI

Charttord Housing Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
21
PRIOR PERIOD ADJUSTMENT
In 2023124 Chartford Housing Limited revised the accounting treatment of land and buildings and
commenced accounting for land and properties in accordance with FRS102 and the Housin8
SORP. The prior year comparatives and openin8 balances have been restated.
Land and buildings held by Chartford Housing Limited had from acquisition been componentised
over their respective estimated life in accordance with the Accounting Policy. However land was
included in structure and hence was depreciated.
FR5102117.4- 17.81 states that land and buildings should be recognised as separate assets even
if they are acquired together. FRS102117.161 states that land has an unlimited useful life and
therefore Is not Usually depreclated
All properties have now been restated from their acquisition which has affÈcted the depreciation
charge. impairments and revaluations in prior periods. Properties were first acquired in Chartford
Hou5in8 Limited in 2015116.
The effects of these amendments on the primary flnanclal statements of Chartford Housin8
Limited are:
ststernent ot FSnanclal Posltlon
8alanc• sh••t
Reported In
M•rch 2025
Aestatement at
March 2023
Restated Balan¢e
sheet at Mar¢h
2025
Housin8 Properties
18,076,210
11,475
18,087,685
Current Assets
642,888
642,888
Credltors falling due
wlthln one year
11.078,6411
11,078,641)
Creditors falling due
after more than one
year
111.700,0(KII
111.7CK),IJOOI
Net A55ets
5,940,457
11,475
5,951,932
Revenue reseThes
5.027,413
9,750
5,037,163
Revaluation reserves
913,044
1,725
914,769
Total Reserves
5,940,457
11,475
5,951,932
Housing propertie5 are now stated in line with FRS102 and the Hou5in8 SORP. This has resulted
in a net effect on valuation and depreciation of £11,475.
31

Chartford Housiry Limited
NOTES TO THE FINANCIAL STATEMENTS
lor the year ended 31 March 2024
The cumulative impact of stating land wlthout depreciation Is an Increase in the revaluatlon
reseNe of £1,750.
The cumulative impact of restatin8 the land without depreciation is an increase in revenue
re5eNes of £9.750.
Statement of Cornprehenslve Income and Note 3 to the Accounts
Reported
2023
Rertatement
2023
Total 2023
Turnover From Sodal Hou51ng
3,518,130
3.518.130
Expendlture on soclal hou51n¥ lettlngs
Management C05tS
Planned maintenance and energy efficiency works
DeprecSallon of housin8 properties & other a55ets
Write back of prlor impairment
Impalrment of housing properties
834,526
834,526
520,207
13,6341
516,573
1,440,243
14,5571
1,43S,686
Oper•tln8 expendlture on soclal houslnz lettlnzs
2,794,976
18,1911
2,786.785
Operatlng surplus on soclal housln8 lettlngs
723,154
8,191
731,345
Interest and financlng costs
1388,8291
1388,8291
Surplus for year
Revaluation surplus
334,325
120,293
8,191
123,6611
342,516
96,632
Total comprehenslve Incorne for year
454,618
IIS,4701
439,148
Depreciation is now accounted for excluding land. As impairment is deemed to take place 31,
March and an asset coming Into use wlll attract depreciation up to 3151 March, the Impalrment
charge 15 als0 affected by this change.
32