Re8lStered company number: 8662400 Reg15tered charity number.. 1162562 Re8lStered provlder number.. 4821 Chartford Housing Limited Report and Financial Statements Year ended 31 M•rch 2025
Ch•rtford H$1{ Umlted CONTENTS Pa Board Members, Executlve Offlcers, Advlsors and Bankers Report of the Dlrectors Independent AUdor5, Report to the Member5 of Chartford Housin8 Limited 13 Statement of Comprehenslve Income 17 Statement of Flnancial Posltlon 18 Statement of Changes In Reserves 19 Statement of Cash Flow5 20 Notes to the Flnancial Statements 21
Chartford Housing Limited BOARD MEMBERS, EXECWIVE OFFICERS, ADVISORS AND BANKERS DlrertwslManagem•nt Board Nlcholas Warden Ichairl Nabeel Alhas5an Catherlne Kelly Deputy Chairl Danny Ni¢klen Thomas Donnelly Mark Wilby Shrutl Vasudev Rosemary Keczkes Susan Missln Ito July 20251 Jarne5 Hogarth (to july 20251 Senlor Mana8ement Team: The executlve comprlse the senior management team of the sole member, Horton PIou51ng A5soclatbon. Re8lstered Offlce: Chartford House. 54 Llttle Horton Lane. Bradford, BD5 085 Company ReBlstrallon no: 866241X) Ch•rlty Reglstratlon no: 1162562 Reglstered Pro¥lder no: 4821 Sollcltors: Schofield Sweeney Church Bank HoL4se Church Bank Bradford 8DI 40Y Audltors: Crowe U.K. LLP 3, Floor, St George's House 56 Peter Street Manchester M2 3NQ B•nker5.' Barclays Bank plc 10 Market Street 8radford BDI INR Iyevelopment consortlum: Unity Hou51ng Development Con50rt1um 113-117 Chapeltown Road Leed5 LS7 3HY
Chartford Houslng Limlted REPORT OF THE DIREcfoRS The directors presentthelr report and audlted financial statements forthe year ended 31 March 2025. CONSTITUTION Chartford Hou5in8 Limited was incorporated lin the United Kingdom) on 23 August 2013 and is constituted a5 a company limited by guarantee and not having a share capital. As at 31 March 2025 the sole member, Horton Housing Association, had Buaranteed £1 in the event of a wlnding up of the company. The current Articles of A550ciation are a5 amended by special resolution5 dated 24 June 2015. The company re815tered wlth the Charlty Cofflmlssion a5 a chartty on 7 July 2015. The company reglstered wlth the Homes and Communitle5 Agency (now known as the Regulator ol Socbal Houslng s a registered provider on l October 2015 and started operations on that date. PRINCIPAL ACTIVITIES The charltable objects of the company are to carry on for the benefit of the communlty the buslness of provldln8 housln& Including the provislon of soclal housln& and any assoclated amenltles for persons ln necessltous clrcumstances upon terms approprlale to their means. In the year covered by these accounts the prlncipal actlvltles of the company were., 11 Actlng as a landlord for supported houslng provlders who are not gIstered provlders 21 Developlng resldentlal supported houslng propertles wlth the asslstance of Homes England grants The company does not undertake any fundralslng actlvltles. As a member of the Horton Housin8 Group the company works c105ely wlth the other8roup members.. Horton Housing Association, Horton Housing Support Lirnited and Bradford Base Social Enterprlse Company Lirnited. The company has paid due regard to the Charbty Commlssion guidance on publit benefbt. GOVERNANCE, BOARO MEMBERS AND EXEcufivE OFFICERS The Management Board has adopted the NHF 2020 Code of Governance. It has undertaken an annual a55es5ment of compllance usSng the NHF'S fecommended checkllst as a basls for thls assessment to confirm Compliance as at March 2025. The Management Board'5 a55e55ment is that it tomplle5 Wlth the Code, wlth two exceptlons. These are: 3.3 8oard composition- (41 There Is n dedlcated senlor boord member (normolly o vlce-cholr or senlor Independent dirertorl wlth dutles thqt Include qpprulsql of the cholr qnd osslstlnq the chulr to ensure the effertiveness ol the boord. Where we have appointed an external consultant to undertake thls on the Board's behalf 3.10 Member opproisal- (IJ The oppraist¥l of the bourfs choiris led by o senlor board member. Infvrmed by the vlews ol oll board members. Where appraisal of the Boards, chair is led by an independent consultant. It 15 informed by the views of all Board Members
Chartlord Housing Limited REPORT OF THE DIREcfoRS {CONTINUED) The Mana8ement 8oard Comprises all the Current directors of the company and must comprise of no less than five and no mole than 12 Member5. The followin8 are dirertors of the company that have held office during the year and until the date this ieport wa5 approved.. Nichola5 Warden Ichairl Susan Missin (resigned 17171251 Thomas Donnelty Shruti Vasudev lappointed 26161241 Mark Wllby lappolnted 26161241 John Bell Iresigned 14151241 Mark Dowson Ireslgned 14151241 Catherine Kellv james Hogarth Ireslgned 14171251 Rosemary Keczke5 (appointed 26161241 Danny Nicklen lappointed 26161241 Nabeel Alha55an (appointed 26161241 Daniel Boardman Iresi8ned 6191241 Alan Goodrum Iresl8ned 14151241 The Board formally met five tlmes durlng the 2024125 year, as well a5 holdlng an Awayday and a Jolnt Awayday with the paient company IHorton Hou51ng A550ciatlonl Board member5, to consider strategi¢ matters. The Awaydays were face to face meetings. All other meetSn85 were hybri(J wlth a mlxlure of attendees In person and vla video Ilnk. All staff resources and other resource5, Includlng the sk1115 of the senlor management team, are provlded under a Support SeNlces A8reement with the parent undertaking, Horton HouslnB A550¢1allon, and agreed c05t5 charged to Chartford Houslng Llmlted through an inter-cornpany management char8e. BUSINESS REVIEW AND FINANCIAL RESULTS At the beglnnln8 of the financlal year the cornpany owned 234 operatlonal unlt5 of supported accommodatlon In West and North Yorkshlre, wlth I further unflnished unlt undergolng refurbishment. During the year the company purchased 17 further units for refurbishment. With one unflnished unlt carrled forward at 31 March 2025, 17 addltlonal unlts were let a5 5UPPOrted accommodatlon by 31 March 2025 bfin8ing the total to 251 owned and In manaBement. The company also leased 324 unlts of supported accommodatlon as at the 31 March 2025, an Increase of 57 during the year, following a programme of a¢quisitlon of leased properties by the parent company* Horton Hou51ng AsSOCiatlon, whlch have subsequently been leased to the company to act as landlord for the properties. The rents from all the propertles are guaranteed under management agreements wlth managlng a8ent5. The Tent received for owned properties amounted to £1,299k in the year lo 31 March 2025 12024.. £1,288kl. The fee5 earned in respect of the lease arrangements wh Chartford acting as landlord amounted to £251k12024'. £236kl All property purchases and developments to date have been funde(I with the asslstance of Homes England Social Housing Grant and loans from Horton Housin8 Association. Social Housin8 Grants are recognlsed 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 forthe year amounted to £527k12024.' £320kl and reserve5 of £7,832k are carried forward at 31 March 2025,. The value of residential property held by the company as at 31 March 2025 was £21.1 mllllon12024.' £18.6 mllllonl.
Chardord Houslng Llmlted REPORT OFTHE DIRECTORS (CONTINUEDI FUTURE DEVELOPMENTS The corTTpany contlnue5 to work wlth Unity Housing las members of the Unity Housing Development Consortium) and Horton Housing Association to identify new opportunitles to develop new 511PPOrted houslng schemes. The company is also registered with Homes England In tts own rlght as a Development Partner. Current and future developments are belng progressed via these routes. The company is continuing its development programme, althoLtrgh at 31 March 2025 had onty one remaining property under development. No further developments have been approved, or obtained funding from Homes England, although a number of proposals are being pursued. The company continues to actively seek further opportunities to develop during 2025126 and beyond under the ContlllUOU5 Market Engagement part of the Homes England Affordable Home5 Programme and hopes to delNeT further addItn81 accommodation through other government initiatives. The company carefully assesses each development opportunity prior to commltment. POLICY, PROCEDURE AND INTERNAL CONTROL The company has adopted all of the pollcles, procedure5 and Internal controls of Its parent, Horton Houslng Assoclation, whlch are also adopted by other members of Horton Houslng Group. Some of those pollcies, procedures and Internal controls have been modified to take into account the partlcular actlvltles of the company. The company has also developed some of Its own specfflc pollcles and procedures where It has been felt necessary. The Group has It5 own Quallty Assurance Team IQAT) that provldes an Internal audlt functlon for all member5. The QAT develop an annual Group Rlsk-8ased Internal Audlt Plan that is then Implemented over the tourse of the financlal year. RESERVES POLICY The company has adopted the Reserves Policy of the Horton Housln8 Group and does not operate separate policy. The pollcy sets out thal sufflclent reserves should be malntalned'ln order to pmlde reliable service5 over the longer term and have the capoclty to absorb setback5 and to take advanta8e of change and opportunltv.. The company aims to steadily bulld up Its reserves and as at 31 March 2025 the company'5 unrestricted general reserve stood at £5,924k and the revaluatlon reserve at £1,908k. The level of reserves Is regularly monitored as part of lis financial reportln8 and budgeting processes. IDENTIFYING AND EVAIUATING KEY RISKS The Horton Housln8 Group operates comprehensNe rlsk management procedures In order to minimise the risk of sudden flnanclal10ss or the inability to continue operating. One of the Group's key strategic objectives is to grow the buslness, partlcularly Its property assets, and Chartford Houslng Limited is a primary deliverer of that objectlve. The company benefits from loan financing and operational sUPPOrt from the Group parent companyi Horton Houslng Association. These arrangements are set out in an IntraBroup &greernent and Support Services reeMent. Good risk management enables the company to Use its available funds as fvlly as posslble to achieve its charitable objectives and reduces the need for large reseNes to be held as cash. There Is an over-archbng Group Organlsatlonal Aisk Register IORRI whlch applies to all the group entitie5 and which identrfie5 key risks and the controls required to manage those risks. New risks can
Chartford Houglng Llmlted REPORT OF THE DIREcfoRS {CONTINUED) be added to the ORR at any time, it is reviewed quarterly, and there Is an annual revlew as part of the business planning process. A separate Rlsk Re815tef for Chartford Housing Llmited covers risks specificalty related to the Company. This is reviewed six-monthty by the Board, wrth the Bu5ine55 Plan, and quarterly by senior management. The prlnclpal identif*d risk5 for Chartford Housing Limited were conside to be those of.. compliance wkth contractual and regulatory requirements (including Health & Safety and Energy Improvement obligations): Ihe changing and challenging economic environment,. the recrultment, retention and capaclty of staff,. the good governance of the or8anisation 8iven the retirement of a number of longstanding member5 and replacement wbth new members,. and changlng Government Pollcy and priorities. These have been reviewed and updated by the Board for 2025126. In some aa5 the risks are belleved to have lessened, such that the economlc environment appears more stable. recruitment and retention of staff ha5 Improved. and new members have been added to the Board. However, the Board has added to its principal risks., the vlablllty of new capltal Pfolects. failure to compty with Homes England's requlrernent5 when undertaking new developments or acquisltlons- and Insufflcient investment in planned maintenance of its stock. Other risk areas are also idenlified. Contro15 are In place to minlmise the likelihood of risks crystallisin8 andlor mlnlmlse the effects of them if they do. A Group Audit & Risk Committee, to whlch a member of the Chartford Housln8 Llmlted Board Is appolnted, carrie5 Out a two-year cycle of vIewS to consider every rlsk on ihe ORR and Chartford Housing Limited's Risk Register and assess the effectlveness and adequacy of the contro15 to Ilmlt those risks. The reviews a55e55 whether any actlon5 are requSred to ensure each risk 15 odequatelv ¢ontrolled. INFORMATION AND PERFORMANCE REPORTING SYSTEMS The Board his identlfied Key Performance Indlcators and performance agaln5t these Indicators Is revlewed by the Board at Its regular meetlngs. Many of the indlcators used are those used by Housemark and/or Aculty smaller Provbders Bonchmarkbng ISPBMI so that the company can benchmark agalnst others In the sector. The indicators provide data on key areas such as,. Rent collected, rent arrears, rent lost through voids, rent lost through bad debts Average re-let tlmes, unoccupled day5 Emer8ency repalrs, urgent repalrs & routlne repair5 perForman¢e Gas Safety Certlflcatlon Tenant satisfactlon with repalrs and other servlce5 Complalnts, antl-soclal behavlour, Incldents and accidents VFM Standard IAprll 20181 metrks EFFICIENCY AND VALUE FOR MONEY The company's Value for Money IVFMI Strategy 5et5 Out that the 8o3rd's role Is to have,. An assessment of Its assets and resources A robust approach to decislon making A good overview of VFM across the whole buslness Ri8orous appraisal of option5 to improve VFM Tar8ets to improve perfomiance relatlng to VFM Regular reports and review5 in relation to cuirent arrangements for delivering the companls activities
Chartford Housing Limited REPORT OF THE DIRECTORS {CONTINUED) Confidence that its skllls and reporting systems are sufficient to be able to challenge executives An updated VFM Strategy was approved by the Board In June 2024 whlch has simpllfled monitoring and reporting processes within it. During 2024125 we reintroduced the formal monitorin8 and reporting of VFM to Board, which Is now being undertaken at 6-monthly Intervals. Value l M rne ont dre ortln The company is required to demonstratethat it meets the Regulator of Soclal Housing's VFM Standard IApril 20181. The Standard requires Registered Provlders to annually publlsh evldence In the statutory accounts to enable stakeholders to understand the provlderf5'. Performance aBalnst fts own value for moneytargets and any metrics set out by the regulator, and how that performance compares to peers Measurable plans to addre55 any areas of underperfoimance, Includlng Clear stallng any areas where Smprovements would not be approprlate and the ratlonale for this. The Re8ulator publlshed a Set of nlne rnetTIc5. under flve heddlngs, that must be reported upon and we set these below, Identlfied with an asterlsk, and wbth a brief commentary on each. We also show some of our own Internal metrks that we think add to an understanding of the companws performance. Where available we have used the Aculty SPBM Ismall Provlders Benchmarklngl Outcomes for 2024 a5 a benthmark comparison figure and comment upon variance5 from the benchmark. Buslness heolth *Operatlng mar8ln lo¥er•lll 31.2%12024: 26.4%) SPBM benchmark 2024: 15.52% The company continue5 to report healthy operatlng marglns. However, as we are relativelysmall, both the denomlnator Ilncomel and the numerator Isurplusl In thls calculatlon can be dlsproportionately affected by the amount of soclal housing grant we receSve In a year and impairment char8es. In the current year the company has benefrtted from a $18nlflcant wrlte back of Impalrment prevlously recognlsed, whlch Is distortln8 this fUre dramatically. •Operatln8 mar8ln Isoclal houslng lettlng51 31.2% {2024: 26A%I SPBM benchmark 2024: 18.52% Th15 flgure Is the same a5 OperatSng margln loveralll as all of the companWs Income is from soclal hou5in8 lettings. 'EBITDA MRI 93.1 %12024: 143.4%> SPBM benchmark 2024: 200% This figure shows interest cover, althou8h adjusted downwards for any capitalised major repairs costs. It is a key indicator for Ibquidlty and investment capacity. The flgures exclude the effects of capltal Erant recognition and any impairment. It measures the level of surplus generated after includin8 major repairs, compared to interest payable, The overall level is reflettive of bein8 a relatively new and strongly developing associatlon, taksng on a debt burden, and so is lower than most other small associations. It ha5 dropped below l(MM for the fiT5t time this year reflecting the fact that the company has incurred a significant amount of capitalised major repairs primarily due to its programrne to Improve enerEy efficiency, but also through some cornponent replacement as its older properties
Chartford Houslng Llmlted REPORT OF THE DIREcfoRS (CONTINUED) are startln8 to get to an age when component replacement is necessary. Most small provlders in the SPBM benchmark group are not (levelopinE to the same extent. Develo ment 'New supply Isotial} 17 12024: 161 SPBM benthmark 2024: 0 Unlts developed as a % of owned (sodall 3.0% 12024: 3.2%) SPBM benthmark 2024: 0 New supply {non-soclall We have no non-socl41 housln8 50 th15 ffletrlc doe5 nol Jpply to us. As a relatively small provider these statistics are d15proportlonately affected by small differences In the number of completlons in each year. The company contlnues to develop at a 5UStainable pace, Mosl small provlders In the SPBM benchmarking group are not developing at all, rendering sector comparators falrty meanlngless. •Gearln8 61.7% 12024.. 64.5%) SPBM benchmark 2024: 17.30% As a provlder that was set up prlmarily to develop new property, the gearing is high compared to the sector benchmark. Loan finance Is provlded by the parent of the Group, Horton Housing Assoclatlon, whlch Is committed to supportin8 the compan15 development plans. Gearin8 has dropped in the year, due to a significant proportion of the properties havin8 been revalued upwards durin8 the year. Cumulatlve Homes Eniland Soclal Housln8 Gr•nt I"SHG") l•wested £10,252,298 12024.. £9,062,298) Thls reflects the amount of development actlvlty thèt has occurred slnce the company started devek)plng. It has been increasln8 51gnificantly as the company has been actively developing utllislng number of SHG funding streams. utcomes dellvered Customer stlsf*ctlon 9S.O% 12024: 95.0%) SP8M benchmark 2024.. 83.2% Our survey to monltor thls data Is now On carrled out bl-annually la5 requlred by the Regulator) and thus the 2025 figure Is unchanged from 2024. We alternate this formally defined survey with our own survey of all our cllents In Intermedlate years and this measures dlfferent metrics. The figures relate to the tenants of propertles where Chartford Hou51n8 Is the landlord. The propertles are owned or leased by the company for use by people that Horton Housing Assoclatlon or Horton Housin8 Support Limited ire working wlth. It was carrled out towards the end of the 2023 calendar vear and there were 120 respondents. Only tenants were surveyed. The methodology and questbons asked were amended to reflecl the newly introduced Tenant Satisfaction Measures. •Relnvestment 12.1% 12024: 5.2%) SPBM benchmark 2024: 2.70% Thls metric looks at the investment In property as a percentage of the value of total propertles held. Unlike most small provider5. the company is actively developin8 and also investing in its properties through component replacement. Reinvestment spend was abnormalty low In 2023124. Lettable days avallable from owned property 86A38 12024: 77,260)
Chartford Housing Limlted REPORT OF THE DIRECTORS {CONTINUEO) Actual number of days let as a % of lettable days 92.6% 12024: 96.0%) These two internal measures show the effect5 of the company'5 activity on the suppty and avallablllty of social housing and ensures that the compan(s houslng that It Is dellverlng is in demand. These dernonstrate that the company is meeting its Business Plan objectives and delivering them effectivelv and efficiently. The sli8ht deterioratlon In the days let reflects some extended void periods as vold pairs have been undertaken prior to reassigning property, plus some delays in initial lettings of the new propertles that have been taken Into the portfolio during the year. na ement *Return on capltal employed 5.1% 12024: &3%1 SPBM benchmark 2024.. 2.53% Thls metrlc compares the operatin8 Surplus to total assets le55 current liabilities. Because the companv Is small and take5 Social Houslng Grant to Income when performance related condltions are met there are likely to be large variations dependent on how many development5 are completed in a partlcular flnancial year. Thls year ha5 also been signiflcantly affected positively by the wrlte back of prevSous Impalrments as properties hive been revalued upwards tln •Headllne 50clal housSn8 Cost per unlt £2,978 12024: £2,871> SPBM benchmark 2024: £6,447 Underlylng cost per unlt has h1storical been relatively low, mainly because all the developments and refurblshments are new 51nce operation5 began and there has therefore been relatlvely Ilttle malntenance c05t. In the current year we have continued to Invest In energy efflclency improvements whlch has Increased costs a5 expected, even though we have received some grant fundSn8 to partty offset thls. The management agreement5 wlth managlng a8eniS mean that day-to-day malntenance and servlce charge costs are the responsibility of the agent. Thus the metric remains relatlvety low. Man•gement fee5 pold per unlt ol stack It)wned and le•sedl £409 p• 12024: £449 pa) Whllst the UnderIng total fee has Sncreased by 4.4%, the number of stock owned and leased by the company Increased slgniflcantly durlng the year (particularly with a number of new leased properties being taken on In the last month of the year to fulfil the requirement5 of the new Homeless contrad from CBMDC to Chartford's slster company, Horton Housing Support Limltedl. Thus the cost per unit has fallen 51gnlftcant. Total cost of dellvery of each lettable dav £24.59 12024: £25.50) These two Internal measures demonstrate firstly 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 belng controlled. The company is able to take advantage of being a part of the Horton Housing Group. There has been a small decrease In cost of delivery a5 the level of expendlture on energy efficiencv improvement5 ha5 been compensated by the inCTea5e in lettable days. The company benefits from the resource5 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 Limtted.
Chartford Houslng Llmlted REPORT OF THE DIRECTORS ICONTINUED) An annually fixed inter-company management Charge with the Group which provide5 all the administrative resources required to operate the companv. Management agreements wlth managlng agents that are members of the Group that pass the responsibillty for day-to-day repairs and most houslng management functions to the managing agents. Management agreements with managing agent5 that are members of the Group, that passes the risk of rent volds and bad debt1055e5 to the mana8lng agents. VFM Improvement Plans Every year targets are set within the company's Busiftess Plan and also as specifie actions within thè VFM Strategy and It5 attached Action Plan. We seek to identify and improve in areas that we ihlnk can be Improved. Partlcular targets in the most recently revlsed VFM Actlon Plan include.. CompletSn8 the current programme of acquisition and refurblshment of properties; Assesslng and developing plans for assets that are currently underutilised or awaitin8 declsSons' Assess arrangements around the new Homeless contratt which Horton Housing Support was awarded, to Identlfy opportunltles for belter VFM golng forward re procurement and 50urclnB of support servlces- Creatlng a costed plan to work towards achievlng Net Zero by 2050; Some specific action5 in respect of a55esslng VFM of specific activities and the procurement of certain servlces. Revlew and refresh the Internal recordin8 of effkiency 8alns In the VFM Re8lSter. Evldence of Efflclency Galns In 2024125 VFM galns may be flnanclal or qualltatfve and we enter data on our VFM Reg15ter to tabulate and quantify the galns made. The VFM Register relates to the Horton Housing Group as a whole. If the Group a5 a whole makes galn5 then thls a5SlSt5 In keeping down the inter<ompany char8es made to Chartford Houslng Llmited. We have selected examples of some of the efflciencies that have been made including those thai have partlcular relevance to Chartford Houslng Limited:. We conllnued to Increase the fuel efflclency of our new developments, through use of enhanced insulatlon. LED lighting, and solar panels. We successfully bld for grant support from the Soclal Housing Decarbonisation Fund Wave 3, whlch will start in 2025126. During 2024125 we received grant support from Wave 2 to improve the energy efficiency rating of our propertie5 through improved insulation, 501ar panels and other measure5. Thbs grant 5UPPOrt ha5 amounled to some £86k In the year, on total spend of £321k, and improved the ener8y efficiency of some 21 properties. This worl and relaied grant fundlng, will coniinue In 2025126. We have outsourced our main ICT systems and seryers, which are now mostly hosted by third pariies. This has improved operational efficiencyi reliabilily and security whi15t a150 miking ongoin8 cost savings.
Chartrord Houslng Llmlted REPORT OF THE DIREcfoRS {CONTINUEDI We are renewing our phone and internet serylces at many of our sites, with increased use of internet servites and consequently decreased operating c05t5. Thls programme of renewal will continue to be rolled out over the coming years. We have re-provided our prlnters and photocopiers across the company, leading to improved operational 5tablllty and MO securlty. (Was Implemented In late 2023124 - savlngs shown in thi5 yearl. We have renewed our mobile phone provlsion, which has led to slgnrficant cost savings. (Was implemented in late 2023124- savings shown In thls yearl. We sourced addltlonal 5UPPOrt for our Asset Management team to dellver refurbishment work and energy improvement work from our partner organlsatlon, Unlty Housing. This led to more flexlbility In support available, and c05t 5avln85 compared with external recruitmènt. We appolnted two recrubtment aBencles a5 prelerred suppllers, wlth preferential rates. Thls ha5 led to cost savings and improved servlce for both temporary and permanent staff recruitment. We replaced our recrultment system in the year. Thls dld not lead to any financial savlngs, bLrt mproved service delivery. We revlewed and restructured several of our front-llne delivery teams In the year, leadlng to some financlal savln85 and improved efficiencies in worklng prartice. We have recruited both apprentlces and volunteers to SUPPOrt dellvery in a cost-effectlve manner, whllst SUPPOrtin8 such individuals to gain valuable work experience andlor trainin8 We retendered most of our electric 5upplie5 lover IIX) sltesl In October 2024 followlng the expiry of a long.term flxed rate contract. Thls led to a nearly 50% Increase in those Costs, but was a savin8 on the current open market lates at that tlme. We also retendered nlne other electrlc and gas contracts for renewal In October 2024, followlng the short-term renewal in October 2023 for just 12 months. Thls led to an approxlmate 20% savlng In cost on those contract5. COMPLIANCE WITH THE GOVERNANCE AND FINAMCIAI VIABILITY STANDARD In order to register as a Registered Provlder on l October 2015 the company had to demonstrate to the then HCA that it met the Governance and Flnancial Viability Standard. The Board assess their compliance with the Standard at least once a year and more often If there are any 5ignilicant events that might affect compliance. The Board seek assurance that they contlnue to cornp wlth the Standard viè management self-assessment. An updated 2024125 management self-assessment was completed in earty 2025. This identifled some mlnor controls that had slipped durlng the 2024125 year due to internal staff resource issues, but a short artlon plan was agreed with the Board and all core controls We assessed as 53t15fattorily in place and retrospectivety addressed by the date of thls report. Board is therefore satisfied that it meets all the requirements of the Standard at the dale of this report. In 2025126 it is planned that compllance wlll be reviewed by the internal Quality Assurance Team. 10
Chartford Houslng Llmlted REPORT OF THE DIREcfoRS ICONTINUEDI COMPLIANCE WITH OTHER RSH STANDARDS The company also completes a full VIeW of its compliance with RSH Standard5 every year using the same process as for the Governance and Flnanclal Vlability Standard. The Board is satisfied that it continues to meet all the requirements of the other RSH Standards at the date of this report. STATEME OF THE RESPONSIBILITIES OF THE DIRECTORS FOR THE FINANCIAL STATEMENTS The Directors (who are also the Trustees of the Charitable Company) are responsible for preparin8 the Director5, report and financlal statements In accordance wtth applicable law and United Kingdom Accountlng Standard5 Iunited Kingdom Generally Accepted Accounting Practicel. Company law requlres the Dlredors to Prepare financial statements for each flnanclal year that glve true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources iftcludlng the Income and expenditure of the company for that period. In preparlng these financlal statements the Directors are required to.. select suitable accounting policies and apply them consistentlv,. make ludgemenis and accountlng e5tirnates that are reasonable and prudent; observe the methods ènd principles In the Statement of Recommended Practice ISORPI Accounting by Re815tered Soclal Housing Provider5 2018, 5ublect to any material departures dlsclosed and explained in the financlal 5taternents,' state whether applicable accountlng standards have been followed sublecl to any materlal departures dlsclosed and explained in the flnanclal statement5; and prepare the flnancial statements on the 80SnB concern basis unless It is Inappropriate to presume that the company will contlnue In business The Direttors are responsible for keeping proper accountin8 record5 that disclose with reasonable accuracy at any tlme the financlal position of the Charitable Company and enable It to ensure that the financlal statements comply wlth paragraph 16 of Schedule I to the Houslng Act 1996 (to 31. Maich 20111 and The Housln8 and Regeneration Act 2008, Ifrom I. April 20111 and the Accounting Direction for Soclal HouslnB In England from Aprll 2015 and the Companles Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for takin reasonable steps fof the preventlon and detectlon of fraud and other Irregularities. At the date of maklng this report each of the company's Directors, a5 set out on page 2, conflrm the following: Sofar as each Dlrector Is aware. there Is no relevant audlt InformatSon of which the Charttable Company's auditor5 are unaware. and Each Director has taken all the steps that he ought to have taken In orderto make themselves aware of any relevant audit information and to establish that the auditoi is aware of that Informatlon.
Chartford Housing Limit•d REPORT OF THE DIRECTORS ICONTINUEDI Thls report has been prepared In accordance wlth the speclal provlslons relating to small companies wfthin Part 15 of the Companies Act 2006. The Report of the Dlrettors wa5 approved on 2 September 2025 and svdned on r(s behalf by: WAra&rt* Nlcholas Warden Chair 12
Chartlord Houslng Llmlted Indepondent Auditorfs Report to the Members of Chartford Housin8 Limited Oplnlon We have audited the financial statements of Chartford Housing Llmbted Ithe 'charitable company") for the year ended 31 March 2025 which Comprise the statement of comprehensive income, statement of financial position, statement of changes In reserves, 5taternent of cash flows and notes to the financial statements, including significant accountlng policies. The financial reporting framework that has been applied in their Pfeparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard pplicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our oplnlon the flnanclal 5tatements- Ive a true and falr vlew of the state of the charltable companrfs affalrs as at 31 March 2025 and of rts Incomln8 resource5 and appllcatlun of resources, Includin8 fts Income and expendlture for the year then ended,. have been properly prepared In accordance wlth Unlted Klngdom Generally Accepted Accountlng Practlce,. and have been prepared In accordance with the requirements of the Companie5 Act 2006, the Houslng and Re8eneratlon Act 2008 and the Accountln8 Dlrectlon for Private ReBlstered Provider5 of Social Housing 2022. Basls for oplnlon We conducted our audlt In accordance wlth International Standard5 on Audltin8 IUKI11SAs IUKII and applicable law. Our re5ponsibilitles under those standards are further described In the Auditor's re5ponslbllltles for the audlt of the financlal statements 5ectlon of our feport. We are Independent of the charitable company in accordance wlth the ethical requirements that are relevant to OUT audit of the financiil statements in the UK, includlng the FRC'S EthScal Standard, and we have fulfllled our other ethlcal responsibllltle5 In accordance whh these requirements. We believe that the audlt evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. ConclusSons relatln8 to 8oln8 concern In audltlng the flnancial statements, we have concluded thot the Board's use of the goln8 concern basls of accountSng In the preparation of the financial staternents Is appropriate. Based on the work we have performed. we have not Sdentlfled any materlal uncertalntles relatlng to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a 80in8 concern for a period of at least twelve months from when the financlal statements are authorised for155ue. Our responslbllltles and the responslbllltles of the Board wlth respect to golng concern are descrlbed in the relevant sertlons of this report. Other Informatlon The Board, is responsible for the other information contained within the annual report. The other Information comprises the information included in the annual report, other than the financial statements and our auditoi's report thereon. Our opinion on the financial statement5 does not cover 13
Chartford H¢)usin8 Limited the other information and, except to the extent otherwise explicitly stated in our reporL we do not express any form of assurance conclusion thereon. Our responsibility is to read the other informatlon and, In dolng 50, conslder whether the other information is materlally Inconslstent with the financlal Statements or our knowledge obtained in the audit or otherwlse appears to be materially misstated. If we identify such material Inconsistencles or apparent materlal m155tatement5, we are required to determine whether thi5 8lves rlse to a materlal 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 re requlred to pOrt that fact. We have nothlng to report In thls regard. Oplrtlons on othei matters prescrlbed by the Companles Act 2006 In our oplnlon based on the work undertaken In the course of our audlt the Informatlon glven In the Board's report, which Includes the director5, report prepared for the purposes of company law, for the flnanclal year for whlch the flnanclal staternent5 are prepared Is conslstent wlth the flnanclal statements: and the dlrertors, report Included withln the Board's report have been prepared in accordance wlth appllcable legal requlrements. Matters on whlch we are fequlr•d to rèport by éXCWlon In Ilght of the knowledge and understandlng of ihe charltable company and Its envlronment obtained In the course of the audit, we have not Identlfled material mi5Statements In the dlrectors, report Included wlthln the Board'5 report. We have nothlng to report In respect of the following matters in relation to which the Companles Act 2LK16 requlres us to report to you If, In our opinlon.. adequate accountlng records have not been kept; or the flnanclal statements are not In a8ieement wlth the accountlng records and tUrnS,. or certain disclosures of 8oard's remuneration speclfled by law are not made,, or we have not recelved all the Informatlon and explanatlons we requlre for our audlt. Responslbllltles of Board A5 explalned more fulty In the Board'5 respon51bllltles statement set out on page 11, the Board (who are also the dlrectors of the charitable company for the purposes of company lawl are responsible for the preparatlon of the flnancial statements and foi being satisfled that they give è true and fair view, and for such internal control a5 the Board determine is necessary to enable the preparation of financial siatements that are free from materlal misstatement, whether due to fraud or error. In preparing the flnancial statements, the Board Is responslble for assesslng the charltable company's ability to continue as a going concern, disclosing, as applicable, matters related to goln8 concern and using the going concern basis of accounting unless the Board either intend to liquldate the charltable company or to cease opefation5. or have no realistlc alternitlve but to do so. 14
Chartlord Housln8 Limited Audttorfs resp51b111tles for the audit ol the flnan¢lal statements Our objectives are to obtain reasonable assurance about whether the financial statements as whole are free from material misstatement, whether due to ffaud or error, and to issue an auditoes report that include5 our oplnion. Reasonable assurance Is a high level of a55urance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a materlal mls5tatement when It exlsts. Mlsstatements can arlse from fraud or error and are considered materlal ff, Indivldually or in the aggregate, they could reasonably be expected to influence the economlc decisions of users tiken on the basls of these financial statements. Irregularltles, Includin8 fraud, are instances of non-compllance wlth laws and regulations. We design ProduleS In Ilne with our responsbbilitles, outlined above, to detect material misstatements In respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularltles, Including fraud is detailed below.. We Identlfled and asse55ed the risks of materlal mlsst?tement of the financial statements from Irregularltles, whether due to fraud or error, and dlscussed these between our audlt team members. We then deSiBned and performed audlt procedures responslve to those risks, Includlng obtalnlng audlt evidence sufflclent and appropriate to provlde a ba515 for our opinion. We obtalned an understandln8 of the legal and re8Lblatory frameworks within whlch the charltable company operates, focuslng on those laws and regulatlons that have a dSrect effect on the determination of material amounts and dlsclosures in the financial Statements such as the Housln8 Regeneratlon Act 28 and other laws and regulatlons appllcatlon to a re8lStered soclal housin8 provider in England together wlth the Housln8 SORP. We assessed the required cornpliance wlth these laws and regulation5 as part of our audlt procedures on the related financial 5taternents Items, In addltlon, we con51dered provlslons of other laws and regulatlons that do not have a dlrect effect on the financial statement5 but compliance wilh whl¢h might be fundamental to the charltvs ablllty to operate or to the charity for fiaud. The laws and re8ulatSons we con51dered In this context for the UK operations were requirements Imposed by the Re8ulator of Soclal houslng, health and safety, taxation and employment legislation. Auiiitin8 Standards Ilmlt the required audit protedures to Identlfy non-compllance wlth these laws and regulatlons to enqulry of the Olrectors and other management and inspection of re8ulatory and legal correspondence, If any. We Identlfled the gre?test rlsk of materlal Impact on the flnanclal statements from Irre8ulafltles, Including Iraud, to be withln the tlmlng of reco8nitlon of income and the override of controls bv management. Our audlt procedure5 to respond to these rlsks included enqulrSes of management, iniernal audit and the Audlt and Risk Committee about their own identification and assessment of the rlsks of IrregularStSes, sample testlng on the postln8 of IouTTha15, reviewing accountin8 estimates for biases, reviewing regulatory correspondence, designing audlt procedure5 over the timlng of Income and reading minute5 of meetin8s of those charged whh governance. Owlng to the Inherent Ilmlt3tions of an audit, there 15 an unavoidable rlsk that we may not have detected some material misstatements In the flnancial statements, even though we have property planned and performed our oudit in accordance with auditing standards. In addltion, as with any audit, there remalned a higher rlsk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, MISpresentatIOns, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-complianre with all law5 and regulations. 15
Chartford Housln8 Umlted A further descrlptlon of our responslbllltles for the audlt of the financlal statements Is located on the Financlal Reporting Council's websrte at.. www.frc.or auditorsres onsibilities. This descrlption forms part of our auditorf5 report. Use ol our rewt This report is made 501ely to the charitable companrfs members. as a body. in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mi8ht state to the charitable companV5 member5 those matters we are required to state to them In an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companrf5 members a5 a body, for OUT audlt work, for this report, or for the oplnions we have formed. Vlcky Siullst 5enlor Statutory Audltor For and on behalf of Crowe U.K. LLP Statutory Audltor Manchester 19 September 2025 18
Chartlord Houslng Umlted srATEMENT OF COMPREHENSIVE INCOME for the year ended 31 March Z025 Z025 2024 Tumover Operatln8 expendlture 3,389,518 12,332,232) 3.059.564 12,251,144) Opevatlni ¥urplu> I57.280 Interest and flnanclng costs 1530.7481 488,1541 Surplus forthe year 13 526,538 320.266 Unrealised 8ain on housln8 properties t revaluatlon 13 715.401 317,974 Total ctxnpr•h•nih Incom• forthe 1241,939 638,240 The notes on pa8e5 21 to 32 form part of these flnanclal statements. All of the actfvltle5 of the company are classed as contlnulng. All fecognlsed galns and losses are Included in the statement of comprehensfve Income. 17
Chartford Houslng Llmlted STATEMENT OF FINANCIAL POSITION at 31 March 2025 2025 1024 Note Tanlble thed assets Housln8 properties 21.067,718 18,566,446 21.067,718 18.566,446 Curront assets Debtors Cash and tash equivalents 1.754,223 229,837 1.984,060 1.245,(XSS 124,986 1.370,051 Credltor5: arnount5 fa115nB due wlthln one yeBr io 2,219,6671 1,346 3251 Net current lllabintles110ssets Tot•1 aiseti les$<urreni Il•bllltles 1235,6071 20,832,111 23,726 18,59),172 Credltors.. amount5 fallln8 due after more than one Year li 13,000.C4)0 12.OCQ,QOO Totwl net 7032,111 6,590,171 P11 and r•strves Non-equity share capltal Revenue reseryes Revaluat5on reserve 13 13 5,923,654 1,908,457 5.378,338 1,211,834 Total r¢¥er¥p5 731,111 6J90,172 The notes on page5 21 to 32 form part of these flnanclal statements. These accounts have been prepared In accordance wlth the provlslons appllcable to companles sublert to the small companles, regime. The financial statements wefe approved by the Board of Directors and authorised for issue on 2 September 2025 and are si8ned on Its behalf by.. WAr8&rt/ Pllcholas Warden Director Catherlne Kellv Director 18
Chartford Houslng Llmlted STATEMENT OF CHANGES IN RESERVES for the ye•r ended 31 March 2025 Share pitBI Unrestrirted tund Totsl Balanc• ai 31 Marth 2023 5.951,932 5.951,932 Ytar ended 31 March 2024 Surplus from statement of comprehenslve Income 63B,240 638,240 8alan¢e •t 31 Mirth 2024 6,590,172 6.590.172 Year ended 31 March 2025 Surplu5 from statement of comprehen55ve Income 1,241,939 1,241,939 ellince •t 31 M•r¢h 2025 7,832,111 7,832.111 The notes on pages 21 to 32 form part of these financlal statements. 19
Chartford Housini Limited STATEMENT OF CASH FIOWS for the year ended 31 March 2025 2025 2024 Note 16 Net cash Inflow from operatknl act1vleS 2,IB7,098 1.247,201 C•sh fftow frt)m Invtstlni attltIeS Purchase and constructlon of housSng fixed asset5 12,551,499) 1973,6781 Cash tlow from flnancln8 xtlvltles New loaTh5 Interest paSd I,000,o 1530.7481 300.C¥)O 1488,1541 469.252 1188,1541 Net cnIt Sn cash and caih •qu•lents In th* p•rlod 104,851 85.369 C•th and Cash •qulv•l•nts It the beilnnlni olthe perlod 124,986 39.617 C•th Ind ush •qulv•l•nts 41 the end olthe perfod 229M37 124.986 MOVEMENTS IN DEBT l Aprll 2024 C•shflows 31 Mar<h 2025 Loans due after more than one year 12,000,¢ 1,000,000 13,11(X),000 Cash 1124,9861 1104,8511 1229,8371 Net Debt 11.875,014 895,149 12,770,163 The notes on page5 21 to 32 form part of these financlal statements
Chartford Housing Umlted NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Marth 2025 I LEGAL STATUS The company is registered with the Regulator of Social Housing IRSHI as a housin8 Provider, a registered Charity and registered under the Companles Act 2W6. 2 ACCOUNTING POUCIES Basls of a¢countln8 These financial statements have been prepared in accordance with the Slatement of Recommended Practice.. Accounting by Re8lStered Social Housing Providers 20181-Housin8 SORP"), the Financl31 Reporting Standard appllcable in the UK and Republlc of Ireland IFRS 102 section IA Small Entitie51 and comply with the Accounting Direction for Soclal Housing In England - 2022. Chartford Housing Llmlted meets the deflnltlon of a publlc benefit entity under FRS 102. Accountln8 Con¥entlon The flnanclal statements are prepared underthe hlstorical cost conventlon, modrfied bythe Tevaluation of land and buildlngs. The accountlng pollcie5 have been applled conslstently lexcept 35 Otherwise 5tatedl. The financlal statements are presented in sterling. Goln8 ¢oncern The financial statements have been prepared on a golng concern basls. The Company has slgnsfkant reserves and a satlsfactory level of future Income. The Company Is flnanced by a loan from its parent entity, Horton Housin8 Association. and there Is sufficlent further headroom in thls loan faclllty, and no requlrement for securlty to be provlded, Such that financing Is effeclively immediately available for drawdown from the parent should It be ncoded. Tumover and revenue recognltl Turnover comprises rental Income recelvable In the year, management charge5 for servlces supplled In the year and grants and donations received in the year. Rental income Is recognlsed from the point when propertles under development reach piactl¢al completion or otherwlse become avallable for lettlng. Interest payable Interest Is allocated at a constant rate on the carryln8 amount over the period of the borrowing. Interest payablels charged to the income and expenditure account In the year. Tax status The company has charllable status andls therefore not subject to taxatlon on surpluses arisingfrom 5 charitable activrtles. Housln8 propertles Housin8 properties are principalty properties avallable for rent and are 51ated at valuation. The Inltlal cost inclvdes the cost of acquiring land and buildin85, development costs, and expenditure incurred in respect of improvements. 21
Chartford Housing Limited NOTES TO THE FINANaAL STATEMENTS ft*r the year ended 31 March 2025 ACCOUNTING POUCIES {¢ontlrtuedl Works to exlstlng properties, whlch place a component that has been treated Separate for depreciation purposes, along with those works that result in an increase in net rental income over the lives of the properties, thereby enhonclng the economlc beneflts of the assets, are capltsllsed as improvements. Houslng propertles under construttlon are transferred to housing propertles held for lettlng on the date of piartlcal completion. Depretlatlon of houslry propertles Freehold land b not deprecéated. Depreciation is charged to write down the net book value of houslng propertles to thelr estlmated resldual value, on a stral8ht-Ilne basls, over thelr estlmated useful economic Ilves In the buslness. Major components a treated a5 separable assets and depreclated over the shorter of their expected useful enoMIC Ilves or the Ilves of the structure to whlch they relate, over the folbwing perlod5.' Land Kltchen Bathroom eoller Internal doors Windows External doors Electrlcal Central heatlng radlatofs Roof Structure Not Depreclated 15 years 15 years 15 years 20 years 30 years 30 years 30 years 30 years 40 years 40 years Revaluatlan Valuations are carried out by an Sndependent valuer on completknn of developments and at regular Intervals thereafter. Properties are valued on the basis of exL8tln8 use value in accordance wlth the RICS Appralsal and Valuatlon Manual. If the valuatlon Is less than the carrylng value of the property. an Impalrment charge wlll result. The Impairment 15 charged to operatin8 surplu5 for the year, unle55 rt 15 reversin8 a previou5 upward valuation of the property. In that case the impairment will be charged to revaluation reserve Ito the extent of prevUS upward revaluatbonsl wlth any balance beln8 charged to operating surplu5. Upward valuatlons are credlted to revaluatlon reserye, unlessthey are reVeIng a prevlously recoenised Impalrment when any reversal of the Prior impairment 15 Iredited to operatin8 surplu5. All valuation movements are only reflected in the land and structure elements of the relevant property. 22
Chartlord HouslnB Llmlted NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 ACCOUNTING POLICIES (continued) Impalrment AJI housing properties will be reviewed for impairment by the Board at each year end, to consider rf there ts an Indication that Impalrment may have occurred. Wherethere is evidence of Impairment, fixed assets are written down to the fecoverable amount. Any such wrlte down Is char8ed to the operatlng surplus for the year. Financlal In5trument$ The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at tran5artion value and subsequently measured at their settlernent value. Soclèl Houslnl Grant Social Housing Grznts ISHGI are receSvable from Homes England and are utlllsed to fvnd an elemenl of the capltal costs of housln8 propertles. SHG 15 recognlsed uslng the perforrnince model under the Houslng SQRP 2018 and fecognlsed a5 venue when performance-related condbtlons are met. Any grant5 that do not have specif performance-relaled condltions imposed are reco8nised as revenue when the Brant proceeds are recelved or recelvable. SHG due from Home5 England or recelved advance Is Included 35 3 current asset or Ilabillty. Where, followlng the Sale of a property, SHG becomes repayable, to the extent it is not subject to abatement, It is Included as a current Ilablllty untll St Is repald. SHG Is sub-ordlnated Sn respecl of loans by agreement with Homes En8land. Government grants released on Sale of a property may be repayable (to the extent that they are not subject to abatement) but are normally available lo be recycled and are credrf(ed to a Recycled Capltal Grant Fund and included In the statement of flnanclal posStSon In credhors. Other Brants Othergrants are recelvable from local authorllles and otheror8anlsatlons. Capltal8rants are reco8n15ed as revenue when any performance-related conditions are met, in attordance with the requirements of the performance model under the Houslng SORP 2018. Grants In respect of revenue expenditure are credlted to the Income and expenditure account in the same period as the expenditure to which thev relate. plann repalrs Imalor rep•lrs I qdlcal m•lntenonfel Malor repalrs and ryclbcal maintenance are charged In the Income and Expendlture Account, except to the extent that major repalrs result in an increase in net rental income. reduced future maintenance costs or a slqnrficant extension to the life of the property in which case the cost is capiialised. 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 balan sheet date and the work has actually started or liability incurred in respect thereof before that date. 23
Chartlord Houslng Llmlted NOTES TO THE FINANaAL STATEMENTS forthe year ended 31 March 2025 ACCOUNTING POUCIES Icontlnued) Debtor¥ Trade and other debtors are recognlsed at the settlement omount due. Prepayments are valued at the amount prepaid. Credltors and Provisions Creditors and provisions are reco8nlsed where the company has a PSent OblatIon Slting from a past event that wlll probably result In the tr?nsfer of funds to a thlrd party and the amount due to settle the obligation can be measured or estimated rellably. Credltors and provi51on5 are normally recognlsed at thelr settlement amount after allowing for any trade discounts due. Key Jud8ements and Estlm•tes The companvs key accountlng judgements and estlmates relate to the ¥3luatlon of the propertv portfollo and the depreciatlon rates applied to tangible flxed assets as explalned earller In the note. 24
Chartford Housifft8 Umlted NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Marth 2025 3 TURNOVER, OPERATING COSTS AND OPERATING SURPLUS 2025 2024 Opefatln8 Operatin8 surplus Operatin8 OperatiN8 C05t5 surplu5 Turnover Turnover Soclal housln8 lettlngs and mana8ement harges 3,389,518 2.332,232 1,057.286 3,059,564 2.251,144 808,420 Supported Hou$ln8 Totsl 2025 Totsl 2024 Incame Rent recelvable Management charges Government Grants taken to Income Other Income Turnty4er from soclal houslno lettlnis 1,298,829 251,274 1,839,090 325 3,389,518 1,29B,829 251,274 1,839,090 325 3,389,518 1,287,815 236,453 1,533.955 1,341 3,059,564 Oper•tln8 •xpendltur• Management costs Planned malntenance & efflclency works Depreciation of housing properties & other flxed ?5sets Derecognltion of components Wrlte back of prior Impairment Impalrment of houslng propertles Operatlng expendlture on soclal houslni lettln8S 1,229.192 337,412 624,456 59.470 1340,4611 422,163 2,332,232 1,229,192 337,412 624,456 59,470 1340,4611 422,163 2,332,232 1,135,218 303,035 604,593 1212,7141 421,012 2,251.144 Operatln8 surplus on soclal hOUnI lettln8S Vold1055•S 1,057,286 21,460 1.057,286 21,460 808,420 24,140 2S
Chartford Housing Llmlted NOTES TO THE FINANCIAL STATEMENT5 for the year ended 31 March 2025 ACCOMMOOATION 2025 No. 2024 No. Managed by Agents (supported housin8 accommodalionl.. 251 234 The supported houslng accommodatlon also Includes 4 flats12024: 41 for use by agents In furtherance of the performance of their duties. In addition to the above, the company acted as landlord for 30412024.. 2471 unlts of supported housing accommodation under short-term leases from Horton Housin8 Association, and 20 12024: 201 unlts of supported housing accommodatlon under a short-temi lease from another Registered Provlder. Unlts under development There was l unlt12024: 11 purchased, where constructlon or refurb15hment was not yel complete, at the year-end. At the end of the year, the classes of accommodatlon are anaSed as follows.. 2025 No. 2024 No. Supported housin8 accommodation: Self-contalned flats Houses Traveller Pltches 147 90 14 147 73 14 251 234 OPERATING SURPLUS The operatin8 surplus is arrlved at after charBln8'. 2025 2024 Depreclatlon I Impairment of housln8 propertles Derecognitlon of mponentS Write back of prior impaSrment Auditor's remunerallon for audlt servlces 1.046,619 59,470 1340,4611 8,321 1,025,605 1212,7141 7,928 INTEREST PAYABLE AND SIMILAR CHARGES 2025 2024 Interest on group loans 530,748 488,154 26
Chartford H¢)using Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 EMPLOYEES The company does not directly employ any staff 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 company, Horton Housing Association IHHAI, and the costs of these staff are included in the charges from HHA a5 disclosed in Note 20 to these accounts. TANGIBLE FIXED ASSETS- HOUSING PROPERTIES H*)usln8 propertles held for lettln8 Hou$ln8 propertles under construrtlon Totsl Cost I Valuatlon At l Aprll 2024 Addltions Propertles completed Derecognitlon of components Impairment Wrlte back of prlor Impalrment Revaluatlon At 31 March 2025 20,448,530 189,570 2,363,047 174,8771 1422,1631 340,461 481,962 23,326,530 134,761 2,361,929 12,363,047) 20,583,291 2,551,499 174,8771 1422,1631 340,461 481,962 23,460,173 133,643 Depreclatlon At l Aprll 2024 Charged in year Released on dereco8nltbDn Revaluatlon Al 31 March 2025 2,016,845 624,456 115,4071 233,439 2,392.455 2,016,845 624,456 115,4071 233,439 2,392,455 Depreclated cost Al 31 March 2025 20,934A)75 18,431.685 133,643 134,761 21,067.718 18,566,446 At 31 March 2024 The properties held for letting are subject to regular valuations at Existing Use Value by Carter Towler LLP. In the opinlon of the DSrertors there Is no material dffiFerence between the value of land and buildin85 at 31 March 2025 and the latest valuations on those properties carried out In September 2022, November 2023 and january 2025. Certain properties within the Companrfs Balance Sheet are used as securlty forthe parent company, Horton Housing Associatlon's, lending from Triodos bank. There is therefore a legal charge on these propertie5. The historic cost of properties held for letting is £22.395.19412024- £22,302,025). 27
Chartford HsIng Umlted NOTES TO THE FINAPICIAL sfATEMENTS lor the year ended 31 Mah 2025 DEBTORS 2025 2024 Government grants recelvable Other debtors Prepayment5 and accrued Incorne Amounts due frorn Group companles 229,345 248,459 24,270 1,500,608 1,754,223 3,9(N) 992,023 1.245,065 io CREDITORS: AMOU14TS FALLING DUE WITHI14 ONE YEAR 2025 2024 Trade credltors Accruals and deferred Income Amounts due to Group companles 345,259 142,198 1,732,210 2,219,667 165,2¢XI 95,787 1.085,338 1,346,325 Included above Is deferred Income of £0 relatlng to government 8rants12024.' £01 Balance at 31 March 2024 Amount receSved In the year Amount released to Income In the year Balance at 31 March 2025 1,190,000 1.190.LhJO li CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 Debt (note 121 13,OtVJ,> 12,OiXI,000 28
Chartlord HsIn# Umitsd NOTESTO THE FINANCIAL STATEMENTS lor the year ended 31 March 2025 12 DEBT ANALYSIS 2025 2024 Due within one year Due after more than one year I3,0,000 12,OCQ,CX)O Debt is repayable as follows: Debt wlthln one year Between one and two years Between two and flve years After fNe year5 13,OLX),000 12,OCM),000 I3,0,000 12,OC(J,(I)O The Inter-company loan Is from the parent company, Horton Housln8 Assoclatlon. The loan Is payable on 30 lune 2027. £IOm of the loan Is charged at a fixed Interest rate of 3.54% per annum, wlth amounts In excess of £IOm at an interest rate of BOE base rate plus a margin of 2.2%, subject to a mlnlmum of 2.3%. The loan Is unsecured. 13 ESERVES 2025 General ReseNe Openlng funds at l April 2024 Surplus foi the financial year Transfer from Revaluatlon fieseNe Closln8 funds at 31 March 2025 5,378,338 526,538 18,778 5,923,654 Rev•luatSon R•s¢rv• Opening balance at l Aprll 2024 Revaluation Transfer to Revaluatlon Reserve aosln8 balance at 31 March 2025 1,211.834 715.401 118,778 1,908,457 The transfer from waluatlon reserve to general reSee represents the depreclatlon charge associated with revaluations previously reco8ni5ed in the revaluation reserve. 29
Chartford Housing Llmited NOTES TO THE FINANCtAL sfATEMENTS for the year ended 31 Marth 2025 14 FINANCIAL INSTRUMENTS 2025 2024 Carrying amount ol financlal assets measured at amortlsed cost 1,754,133 1,241,165 Carryin8 amount of financial liabilities measured at amortlsed cost 15,219,667 13,346,325 15 FINANCIAL COMMITMENTS Expenditure commltments are a5 follows., 2025 2024 Capltal expendlture Expendlture contracted for but not provided In the accounts 16 CASH GENERATED FROM OPERATING AcfiviTIES 2025 2024 Cash Ilt>w from opr4tlni *ctlvltles Operatln8 surplus Depreclation and Impalrment of hou51ng flxed assets Write back of prior Impalrment Derecognltlon of components Ilncreasel In debtors Increase in creditors 1,057,286 808,420 1,046,619 1340,4611 59,470 1509,1581 873,342 1,025,605 1212,7141 1641,7941 267,684 Net Cash Inflow from operatlng Ktlvltlei 2,187,098 1,247,201 17 CONTINGENT ASSETSIUABILITIES The company had no contlngent asset5 or contlngent liabilitie5 at 31 March 202512024- £nill. 18 ULTIMATE PARENT UNDERTAKING AND CONTROL The company 15 limited by guaraniee anil is controlled by its sole member. Horton Housing Associatlon. The company is consolidaled into the financial statement5 of Horton Housin8 Assoclatlon. The consolidated flnancial statements can be obtalned from Chartford House, 54 Little Horton Lane, Bradford, BD5 OBS. Horton Housing AssociatK)n is re8lStered under the Co-operative and Community Benefit Societies Act 2014125057RI and provldes sUPPOrted housing and related 5UPPOrt to vulnerable people who are in need of such assistance.
Chartford Housin8 Limited NOTES TO THE FINANCtAL STATEMENTS for the year ended 31 March 2025 19 POST BALANCE SHEET EVENTS There were no post balance sheet events to report. RELATED PARTIES Ourlng the year expenses of £60612024- £1181 were paid to Dlrectors The company works closely with the other Horton Housing Group companies. It acts as landlord, by way of short-term leases, for Pfoperties owneil of leased by Horton HousingAssociation IHHAI and then appoints HHA or Horton Houslng Support Ltd IHHSI to manage them on a day-to-day basls. Lease5 and management a8reement5 are in place to regulate these transactlons and the company charges HHA and HHS a nei fee per week for ihls servlce. HHA supplles the staff and support seNlces to the company and receives a management fee for those 5eTvlces. Chartford Houslng also owns and leases property dlrectly. and It contracts the day-to-day housln8 management of these properties to HHA or HHS as appropriate. Chartford Housing also receives revenue 8rant fundln8 for houslng support servlces, whlch St contracts HHA to dellver on Ils behalf. HHA recefves a fee for these servlces. HHA also provldes loan fundlng to Chartford Housln8 to enable It to develop and own propertles. Interest Is ¢har8ed on these loans. The followlng Is a summary of the amounts recognlsed and recelved from the other 8roup companle5: 2025 2024 Fees charged to HHA For actin8 as landlord for propertle5 For use of flats as offlces 20,080 33,318 18,216 31,054 Fees charged to HHS For actin8 as landlord for properties For use of PTopertSe5 a5 offsces 159,870 45,050 138,278 42,5tXI Total related party fee Income 258,318 230,048 Fees from HHA for management and houslng support servlces Fees from HHA for support serv15 Interest charged on loan received from HHA 762,380 235,C 530,748 506,539 225,C 488.154 Fees from HHS for management services 76,460 89,049 Total related party charges 1,604,588 1,308,742 31
Chartford Housln8 Umlted NOTESTO THE FINANCIAL STATEMENTS for the year ended 31 Marth 2025 20 RELATED PARTIES Icontlnued) As at 31 March 2025, the following balances were due fromlltol the other Group companle5'. 2025 2024 Tradlng Accounts.. Horton Housin8 Association Horton Housing Support Ltd 11,732,210) 1,500,608 11.085,3381 992,023 Loan5 from Horton HousinB Association 113,LKKI,OLKII 112,000.0001 32