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 AUd￿or5, 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 w￿h 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 addIt￿n81 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 a￿a5 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 f￿Ure 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 s*tlsf*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 Under￿Ing 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 I￿57.280 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$ 12,OiXI,000 28 Chartlord H￿sIn# 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 reSe￿e 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 serv1￿5 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