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← Broadening Choices For Older People

2025-03-31-accounts

Registered number: 03685650

Broadening Choices for Older People

(A company limited by guarantee)

Trustees' Report and Financial Statements For the Year Ended 31 March 2025

Broadening Choices for Older People

(A company limited by guarantee)

Charity Information

Trustees D Sizer (Chair of Board)
H Gore (Chief Executive)
J Bennett
N Bradbury
L Willetts (appointed 18 December 2024)
N Wilson (appointed 18 December 2024)
Z Bhatti (appointed 18 June 2025)
E Davies (resigned 16 December 2024)
J Lindon-Lewis (resigned 25 July 2024)
P Mandleberg
G Hall
T Pattni
Registered number 03685650
Registered office Waterside House
Unit 3 Waterside Business Park
1649 Pershore Road
Stirchley
Birmingham
B30 3DR
Independent auditor Dains Audit Limited
2 Chamberlain Square
Paradise
Birmingham
B3 3AX
Bankers and
investment managers Barclays Bank plc
6th Floor
1 Snowhill
Birmingham
B4 6GH
Royal Bank of Scotland plc
57 Calthorpe Road
Edgbaston
Birmingham
B15 1TT

Broadening Choices for Older People

(A company limited by guarantee)

Charity Information (continued)

Quilter Cheviot Limited
Senator House
85 Queen Victoria Street
London
EC4V 4AB
Website www.bcop.org.uk
Charity number 1074954
Regulator of social housing
registration number L4218

Broadening Choices for Older People

(A company limited by guarantee)

Contents

Page
Group strategic report 1 - 27
Trustees' report 28 - 30
Independent auditor's report 31 - 34
Consolidated statement of comprehensive income 35
Consolidated balance sheet 36
Charity balance sheet 37
Consolidated statement of changes in reserves 38
Charity statement of changes in reserves 39
Consolidated statement of cash flows 40 - 41
Consolidated analysis of net debt 42
Notes to the financial statements 43 - 76

Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report For the Year Ended 31 March 2025

Company status and principal activity

Broadening Choices for Older People (BCOP) is a company limited by guarantee, a Registered Provider of Social Housing and a registered charity. BCOP was founded in 1946 to meet the needs of older people in the immediate postwar period.

The charity is administered in accordance with the Memorandum and Articles of Association dated 28th November 2019. The main objects of the charitable company are to provide and manage accommodation, care and support services for older people in necessitous circumstances, and to make donations in line with our charitable objectives. We operate nursing homes and we own and manage accommodation for older people, including supported/sheltered housing and properties for independent living.

BCOP is a corporate trustee of The Rhodes Almshouses which is a grant-giving, linked registered charity (1074954). As it is a special trust, the results and assets and liabilities of The Rhodes Almshouses are incorporated within BCOP’s own accounts.

The Group comprises two other smaller charities and BCOP Services Limited - a company incorporated in England and Wales which has been dormant since incorporation.

The charities are:

1) Emma Ball and Rolason Almshouses registered charity (246857), an alms house charity providing six alms house residences; and

2) The Pargeter and Wand Trust, a grant - giving registered charity (No 210725), which pays annuities for qualifying applicants within the Trust’s objectives.

BCOP also acts as Managing Agent to two other Charities and also held a management agreement with a Housing Association. Under these arrangements, BCOP administers the day to day management of the services and reports to the respective organisations’ boards of trustees. Although live for the period of these accounts (the financial year 2024/25), the management agreement with the Housing Association BJHA came to an end on 27th June 2025.

These are:

1) Wiggin Cottage Homes (registered charity no 219916) which provides 6 units of almshouse accommodation to elderly people.

Purpose

BCOP provides housing and nursing homes for older people, including those living with dementia or requiring End of Life care, to ensure that individuals have choices in later life. Its range of services engage with those aged over 60 (or 55 at specific housing schemes, or individuals with a form of disability). BCOP provides a home to those who are fully independent through to residents with complex healthcare needs who require the support of fully trained nursing and care teams.

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

The care and support delivered is focussed on strengths, abilities, and aspirations rather than ailments disabilities, so that it is tailored to meet the needs of individuals, enabling them to make positive choices on an everyday basis. The organisation believes that feeling safe, happy, and well cared for can make the difference not just to the older person but also to their families and friends.

The Board has taken into account the Charity Commission’s guidance on public benefit when reviewing BCOP’s aims, objectives and activities.

Legal and policy context

BCOP is governed by the Regulator of Social Housing’s regulation and standards, Charity Commission rules, the Companies Act, the Care Quality Commission, and the regulatory frameworks for service commissioners.

In December 2024 the board of trustees and senior executive team held a strategy day to set the direction of the organisation for 2025 to 2030. As we prepare to enter our 80th year, we have renewed our Vision and Mission Statement, and aligned our strategic objectives.

Our vision, mission, values and strategic objectives

Our Vision:

Enriching Lives for Older People in Birmingham.

Our Mission:

Providing safe homes with care that comes from the heart.

Our Values:

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

Our Strategic Priorities:

During 2024-2025, BCOP continued to focus on its key objectives of Strong Social Purpose, Strong Social Business and Strong Performance, and reframed them into the following four key aims or priorities:

During the lifetime of this strategy (2025 – 2030) we will develop individual departmental strategies so our teams can demonstrate how they contribute to the organisation’s overarching objectives. As a small organisation, our objectives overlap across departments, as we work together to provide the best support (one of our values).

Continuing on the robust budgeting process we initiated towards the end of 2022, we directed our spending towards ensuring our properties are safe and compliant, that we have appropriate staffing structures in our homes and support services, and that colleagues have the appropriate resources to deliver their roles. We have continued to bring long term empty properties back into use, and completed the second tranche of fire-stopping works at one of our nursing homes. We have completed remedial works required from our asbestos surveys across all properties, and continued with our kitchen and bathroom replacements in our older housing stock.

We have invested in replacing old IT servers with a hosted solution, meaning our data is more secure and customers information is safe. We have replaced almost 50% of our computer hardware and upgraded wifi in our nursing homes so teams can access customer information more reliably. We have also procured and implemented new software to make our financial processes more efficient, as well as enabling us to better report on performance.

Recognising that our operational services are always seeking efficiencies, we turned our attention to our Head Office functions. We restructured our finance team to deliver a more resilient and consistent service, and we moved offices to ensure that we had appropriate spaces to work at a lower cost. We also brought our archive facilities into head office, meaning we could save on storage costs which we’d previously leased.

BCOP’s core business is in providing care: this accounts for around 82% of our turnover and is our key strength in an increasingly challenging and competitive marketplace. This year has seen significant improvements in our occupancy, with two of our three homes achieving 100% for several weeks at a time. Our smallest home – Anita Stone Court – had struggled to achieve target occupancy since opening, has also been hitting target and delivered a surplus for the first time. We are confident that our efforts over the last two years have now brought in a new era of stability that will ensure we can continue to plan and deliver excellent services and a solid financial footing.

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

BCOP’s principal objectives to help improve later life include:

In 2024-25, BCOP provided a home to 364 people across our schemes. These consisted of:

No of units No ofpeople duringtheyear
NursingHomes 129 221
Housing (includingmanaged) 160* 143

*including 2 shared ownership properties

Registered Care Services In 2024-25

BCOP provides three nursing homes for those requiring nursing care, often with complex needs or dementia. Robert Harvey House in Handsworth Wood has 46 rooms but holds registration for up to 52 residents. Some of its rooms allow for double occupancy, which means we can extend our service to couples who wish to stay together. Anita Stone Court, based in Moseley, provides 33 beds and Neville Williams House in Selly Park is registered for 50 beds. All of our nursing homes offer end of life care, and support to people with complex needs following hospital discharge. We also provide respite services, with a minimum stay of one week. This enables people to have short term stays and build their confidence in the setting, enabling a smoother transition should they later require a permanent placement.

Quality – BCOP’s objective is to provide Outstanding care in our nursing homes with accredited specialist care provision. To achieve this we will :

The key principles that underpin auditing in the nursing homes are:

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

All our homes have a minimum of ‘good’ ratings from the Care Quality Commission (CQC), with some areas identified as ‘outstanding’. Our Local Authority inspections have all received a silver rating, and we are hoping to increase these to gold. We have been commended on our infection control measures by the local health teams, and regularly receive excellent feedback from partner agencies and other health professionals.

Systems and processes are in place for quality assurance. We follow good practice in reporting and gathering of information and continue to work with the new commissioning arrangements to expand provision and provide beds for palliative care. Staff also rose to the challenge by undertaking additional training in providing end-of- life care working with the local hospice. We have begun our journey to achieve accreditation from the Gold Standards Framework (GSF) this year and are half way through our training. We expect the training to be complete in the next financial year (25/26) when we can commence measuring the key matrix data prior to being audited for accreditation.

We have continued to develop our Service Improvement Plans, with the board helping to shape the information/reported data. This enables trustees to understand the KPIs and identify any emerging risks.

Regular management support meetings take place to share and disseminate information, ensuring governance is being adhered to, and that lessons learned are shared across services.

Funding

The nursing homes continue to maintain a mixed portfolio of income from local authority, NHS Continuing Health Care (CHC) and Funded Nursing Care (FNC), and private funding. Overall income collected increased by 1.43% from the previous year. Nursing homes’ income (excluding government grants) represented 87% of our turnover in the current year; social housing and other income accounted for 13% of the total income. In relation to the nursing homes, 47.47% of the income related to nursing home fees paid for in part or whole by individuals and/or their families, compared to 65% in the previous year. Just over under 15% of our income came from Birmingham Social Services who fund nursing home residents. Around 16% of our income during the year was based on Continuing Healthcare (CHC) funding. CHC provides residents who have long-term complex health needs or who may be nearing the end of their lives with free health care which is assessed and funded solely by the NHS through the local Clinical Commissioning Group (CCG). Funded Nursing Care (FNC) is paid by the NHS as a flat rate contribution directly to the nursing homes towards the cost of registered nursing care, accounting for just under 10% of our total income. We also retain contracts with Birmingham and Solihull Mental Health NHS Foundation Trust, Solihull Social Services and others, comprising under 1% of income. The reduction in private funders (by more than 15%) is partially responsible for why our overall increase in collected income is so low – Local Authorities and Health bodies are notoriously slow in paying fees whereas private funders are obligated to pay in advance. Therefore there are currently a higher level of uncollected fees than in previous years – still expected to be paid by the local authority and health commissioners.

Our average nursing home occupancy was above target; reflecting an ongoing drive to improve brand awareness, commissioner relationships and quality/feedback scores. Occupancy across all homes was 92% compared to our budget target of 88%.

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

Staffing

Staffing represents our most significant cost (68%) as a proportion of total expenditure – an increase of 6% of overall expenditure from the previous year. Nursing home employees account for circa 90% of BCOP’s total workforce based on the average monthly number of staff. Our payroll costs increased by 18% in the 2024-25 financial year following a general uplift across all pay grades ensuring we kept our commitment to pay the Real Living Wage (which rose by 5%) and maintaining pay grade differentials. We revised salaries for skilled positions to ensure we can continue to recruit effectively and there was a general uplift of 3% for others. BCOP’s National Insurance contributions rose by 26% and overall the staffing costs in monetary terms increased by £854,221. Whilst this represented a significant challenge to BCOP, we maintained our commitment to the real living wage as well as spending on staff development – with an increase of 56% in training costs from the previous year as we encouraged more colleagues to undertake formal qualifications in care and other subjects relevant to their roles.

Housing

BCOP’s aim across our housing services is to provide modern, warm, safe, sustainable homes. We are progressing works to ensure our properties are compliant with all health and safety legislation, ready for the digital switchover and have high occupancy to help create vibrant communities. We liaise closely with Birmingham City Council from whom the majority of our tenants receive financial support in the form of Housing Benefit, as well as with Social Services and allied organisations in relation to supporting, safeguarding or sign-posting those who are the most frail or vulnerable to appropriate services. 2024-25 saw BCOP joining the Birmingham Social Housing Partnership (BSHP), showing our commitment to improving housing services in Birmingham.

Our occupancy in 2024-25 was lower than we’d budgeted, with an average of 82% against a target of 88%. We relet 11 properties to new residents and due to previous several years’ lack of spending on property upgrades, these all needed a full refurbishment including new kitchens and bathrooms, requiring an investment of over £100,000. This represents 7% of our housing stock receiving a full modernisation in 24-25. There continues to be a backlog of work needed to make our properties attractive, desirable and to the standard we are proud of, but we remain committed to sticking to this standard so that newly let properties will not require additional works for some years, reducing any disruption for residents. Despite renovating and reletting units, our voids grew due to the natural turnover of lettings, which is expected with an older person’s client group, as residents move into care facilities should they become too frail or unwell to maintain their independence, or sadly pass away.

Due to the requirements for all social lettings to have an EPC (Energy Performance Certificate) of at least a grade C by 2030, we have started the process of planning for this works. We have all properties assessed on a regular basis, and currently only 2 housing schemes have 100% of properties meeting this requirement, with 48% of all our properties requiring works to achieve a minimum of level C. In 2025-26 we will have had homes individually assessed so that works can be planned.

We have also progressed our preparations for the digitalisation of telephone lines, with a greater number of options being explored. We have clarified the types of solutions that will work in our different schemes, as some will be better served by SIM based systems and others which don’t have reliable signals will remain on wired/broadband. There were no Tenant Satisfaction measures undertaken this year as a small provider (with less than 1000 units of accommodation) we are only required to survey our residents every two years.

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

Support Services

During the year, BCOP has continued to ensure that the Support Office has the right capacity and skills mix of senior operational and support staff. As we are always seeking to ensure best value for money we moved offices to Waterside House, which offered an improved space at lower cost. Our IT functions became more stable as we decommissioned our servers and moved to a hosted environment so data is more secure. We also completed our procurement of new software that combines financial accounting, property/asset information and client/resident information. This was implemented in November 2024 which due to being half way through the financial year has caused difficulties in combining figures but in future will give greater effectiveness and efficient methods of reporting.

Our rebranding work continued with all sites having new signage as well as our key documents being updated. Going into 2025/26 we will focus attention onto the website as it is no longer supported and requires full modernisation. Progress in achieving performance objectives in 2024-2025.

Quarterly reporting to Board provides an account of current performance against plan. The KPIs include EBITDA (earnings before interest, taxes, depreciation, and amortization), occupancy rates, average weekly charge, staff costs per turnover and agency as a percentage of staff costs.

The measures and actions taken for the achievement of KPIs consist of:

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

Specifically, we have been able to make progress in the following areas:

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Broadening Choices for Older People (A company limited by guarantee) Group Strategic Report (continued) For the Year Ended 31 March 2025

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

Financial results

The consolidated income and expenditure account has recorded an overall operating surplus on ordinary activities for the year of £173,317 (2023-24: surplus £315,339). This encompassed:

The drop in financial performance between 2023-24 and 2024-25 is mainly a result of the identification of a significant sum needing to be repaid to Birmingham City Council, due to an historic miscalculation of rents. This requires a repayment dating back to 2019, and so a one off payment will rectify all accounts. The identification of this error is welcomed as part of our scrutiny of internal processes, and gives the Board of Trustees assurance that we are identifying and rectifying past errors. A sum of £250,000 has been accrued into 2024-25 so the repayment can be made when calculations are verified and audited by a rent specialist. We are able to absorb this repayment from the 2024-25 end of year balance due to the strong performance of services.

During the year, the total amount of capital expenditure was £378,044 which included the second year of a planned programme of improvements identified as being needed to maintain the safety and comfort of our residents as well as meeting regulatory requirements. We upgraded 11 properties with full refurbishments to kitchens and bathrooms and continued with our programme of window replacements in Bourneville.

Reserves

In 2024-25, the Charity's total reserves were increased by £95,352 to a total of £15,898,288, of which restricted reserves were £15,092,818.

The financial results have been recognised as a continuation of successful operational performance and occupancy management and represents hard work and dedication from the whole team. As a consequence of the improved performance against budget, we were able to repay an additional £200,000 off our CBILS loan, which will mean we have lower monthly repayments. Continued strong performance will see more capital repayments so that we can be sure any surpluses are reinvested into our services and future developments, rather than servicing expensive loans. Whilst the discovery of incorrectly calculated rents means a large sum to repay to BCC, the BCOP board remains happy with overall annual performance and acknowledges the experience of executive colleagues resulting in these historic discrepancies being identified.

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

Risks and uncertainties

The Board recognises its responsibility in relation to the risks associated with the charity and its subsidiaries. Services for older people continue to face a period of uncertainty, especially in relation to Adult Social Care, there are ongoing delays to proposed policy reforms, significant funding gaps and increasing regulatory requirements. New statutory requirements from the Regulator of Social Housing place greater demands on landlords whilst we continue to have limited income due to high voids in some services. Additional requirements are on the horizon from the Supported Housing (Regulatory Oversight) Act being brought in to regulate quality in supported housing.

Risks are identified and continuously monitored by the Service Managers and Executive Team at both strategic and operational level and updated in the Service Improvement Plans which are reviewed by the Executive Team and Board on a monthly basis, having been considered and scrutinised by the Audit Committee and Operations Committee in advance of Board meetings. Risks are identified as financial, statutory/regulatory breaches, or risks to quality – the latter two also bearing risks to reputation.

The Board considers whether the risk framework is appropriate and effective, ensuring that all risks are identified, and that appropriate action is being taken. Individual risks are assigned a risk score of Low, Medium or High, based on an assessment of the likelihood and impact of the identified risk. Consideration is also given to consequences if the risk were to occur, as well as reviewing existing controls and potential mitigating actions to minimise the risk. Additional steps, controls or measures which are being put in place are referenced under Actions for the incoming period. In this way, the Board receives assurance that the risks are being effectively identified, monitored, appraised and resolved by the Executive and operational teams. With each Nursing Home and the Housing service each having their own SIP, managers are able to have a single place to review concerns and plan actions, reducing the burden of paperwork and allowing a continuous dialogue with Trustees about progress made to manage situations.

The principal risks to delivering objectives in 2024-2025 included:

(risk being calculated by severity multiplied by likelihood – each scored out of 5)

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

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Broadening Choices for Older People

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Group Strategic Report (continued) For the Year Ended 31 March 2025

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Broadening Choices for Older People

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Group Strategic Report (continued) For the Year Ended 31 March 2025

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Broadening Choices for Older People

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Broadening Choices for Older People

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Group Strategic Report (continued) For the Year Ended 31 March 2025

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Group Strategic Report (continued) For the Year Ended 31 March 2025

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Broadening Choices for Older People

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Group Strategic Report (continued) For the Year Ended 31 March 2025

The risks listed above represent key risks for any provider in the increasingly competitive social care and housing sectors. We seek to limit instances by deploying the necessary resources and controls in our day-to-day operations, including service improvement plans. We have focused on developing stronger relationships with commissioners in order to anticipate changes in a more proactive manner.

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Broadening Choices for Older People

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Group Strategic Report (continued) For the Year Ended 31 March 2025

Governance and Reporting Structures

The charity reviews its governance arrangements and changes its governance procedures to meet best practice principles in the charitable sector.

Following two resignations and two appointments during 2024-25, the Board comprised nine trustees including the Chair at financial year end. Our Articles of Association state that we must have a minimum of five trustees. The Board meets at least four times a year to monitor performance against strategy. Senior Executives also attend the relevant Board and Committee meetings. The Board has the expertise and experience to satisfy its legal obligations, safeguard the assets of the Charity and provide leadership and strategic direction whilst fostering a culture of constructive challenge and debate with the Executive who manage the charity on a day-to-day basis.

A trustee skills matrix is maintained by the Chair and reviewed on a regular basis (when a notice of retirement or resignation is received) to ensure the Board continues to meet the changing needs and demands of the charity. Board members are recruited by advertising through various websites and associated channels. Applicants are shortlisted by the Chair and Chief Executive, leading to formal interviews at one of our services and, if mutually agreeable, to an invitation for the applicant to observe a Board meeting, to meet with trustees and to visit more of our schemes, prior to a final appointment being recommended to, and if agreed, approved by Board. A description of the requirements of the role is provided to all trustees. Trustees serve a three year term before facing retirement or re-election up to a maximum of 9 years in office.

Following appointment, each new trustee receives a programme of induction which includes key documents as part of the Trustees’ Handbook; support from a Board ‘buddy’ drawn from among existing Members; service site visits with the Director of Operations and dedicated sessions with other members of the Executive Team dependent on the Trustees role. The Chief Executive provides a half day induction to BCOP to inform of current operating position and challenges as well as our position with the organisational strategy.

Training is carried out both with external agencies and via in-house training when identified as being needed, and drawn up on the outcomes of the Board appraisal process. The findings feed into the training/ development programme for new and existing members.

The Trustees are not remunerated but may receive reasonable out-of-pocket expenses for attending Board meetings in accordance with the expenses policy.

Whilst the Board retains individual and collective responsibility for ensuring compliance and Board effectiveness, it delegates elements of risk management and gains additional assurance and recommendations through a scheme of delegation to two Committees. Work continues to ensure compliance with the NHF Code of Governance, as well as meeting the requirements of the Social Housing (Regulation) Bill.

Scheme of delegation

Committees

Each Committee has written terms of reference which are reviewed and approved by the Board on a biennial basis; Audit Committee Terms of Reference were last reviewed and approved in February 2025. Operations Committee Terms of Reference were last reviewed and approved in July 2025. The work of the Committees provides trustees with more detailed understanding and assurance on specific areas of delegated risk, compliance and development.

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Broadening Choices for Older People

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Group Strategic Report (continued) For the Year Ended 31 March 2025

Responsibilities

Audit Committee: Oversees finance, risk and audit with authority to appoint external auditors. Operations Committee: Oversees and reports on quality assurance of services, including clinical governance of the nursing homes, and compliance with the Social Housing Regulations Act, monitoring the operations plan and assessing performance against KPIs.

Compliance with code of governance

The charity has adopted the National Housing Federation’s Code of Governance (2020). As a small Registered Provider (less than 1000 units), we seek to adhere to the spirit of the Code, whilst prioritising our business needs.

Trustees recognise that there should be a balanced, diverse, and effective Board which leads and controls the organisation, complies with its legal requirements and reflects the increasingly diverse service user community whom we serve.

We have undertaken an assessment against the provisions of the code under its 4 principles and comply, with the following exceptions:

(i) Mission and Values

(iii) Board effectiveness

The CEO and Director of Operations continued to embed the reporting and audit process in 2024-25 to ensure services are using it effectively and communication of risks is clear and direct to the executive and Board. To ensure that our policy revisions are a reflection of best practice, we continued membership with QCS (Quality Compliance Systems) so we have consistent access to relevant, industry leading policies and procedures for working in care and related environments. We are committed to having a comprehensive range of tools to ensure concerns or poor practice cannot remain hidden or unreported. The SIP remains organic, and we are constantly reviewing content to ensure we do not lose any learnings.

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Broadening Choices for Older People

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Group Strategic Report (continued)

For the Year Ended 31 March 2025

Internal Financial Control and Financial Reporting

The Board is ultimately responsible for the group’s system of internal financial control, which is designed to provide reasonable, but not absolute, assurance regarding the safeguarding of assets, the maintenance of proper accounting records and the reliability of financial information.

The Board regularly reviews the effectiveness of the group’s internal financial control system for the period and up to the date of the approval of the report and financial statements. No weaknesses were found to date in the internal financial controls which resulted in material losses, contingencies or uncertainties which require disclosure in the financial statements however a full review will start in 2025/26 between the chair of the audit committee and the head of finance, to ensure our financial controls and associated policies are robust and fit for purpose.

The main features of the internal control system are:

The board acknowledges that greater emphasis must be placed on loan covenants during budget setting and approval, and monitored quarterly.

Meeting Public Benefit

In considering ‘Public Benefit’ the trustees recognise their responsibilities as guided by the Charities Act 2011 which defines a charitable purpose, explicitly, as one that falls within 13 descriptions of purposes and is for the public benefit. One of those 13 descriptions is ‘The relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage’.

BCOP’s objectives are to provide good quality support and care to persons over 60 years of age, or 55 if living with a disability. BCOP provides accommodation, care and support to individuals within our nursing homes or housing services. The trustees are therefore confident that BCOP meets public benefit requirements with a clear charitable purpose.

Access to all of our care services can be achieved either through self-referral or a government-funded statutory organisation. We promote the nursing homes to ensure equity of access across the community, based on the individual’s care needs assessment, required outcomes and our ability to deliver.

We publicly advertise rental tenancy and Alms house vacancies in our social housing provision and operate a criteria assessment for prioritising needs. Over 75% of our housing tenants are in receipt of Housing Benefit or other forms of state funding.

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Broadening Choices for Older People

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Group Strategic Report (continued) For the Year Ended 31 March 2025

BCOP believes that everyone should benefit from the same standard of good quality care. Fees charged to tenants and residents are set to achieve – as much as possible – full cost recovery, without the need for any profit, therefore maintaining the financial viability of the charity. Funding for residents in our nursing homes is provided through either state assistance via Local Authority, NHS or Clinical Commissioning Groups, and/ or with self-funding or through the support of charitable organisations. We aim to ensure equity of access to our services and to provide the highest quality of care to residents. We also offer day care placements at our nursing homes to enable people to receive daily respite or care and supervision whilst still living independently.

The grants received last year enabled us to deliver a programme of activities at in our supported housing services, including craft activities and art. The events have all been well attended and ensure that our tenants and local neighbours do not experience social isolation or loneliness.

BCOP extends its services to the wider community of older people beyond those who are resident in our schemes. 202425 saw our nursing homes all open up ‘Memory Cafés, jointly facilitated with Age UK, to support people living with dementia and their carers in our neighbourhoods. We administer charitable grants to fund housing costs, often this can support residents of our nursing homes to pay their accommodation related fees, or people moving elsewhere to fund an essential item for their tenancy.

Marketing, Fundraising and Grant Applications

Our approach to fundraising is linked mainly to the work of the nursing homes. While BCOP does not have a dedicated fundraising team, we were able to secure some financial grants towards our running costs, and donations to the welfare funds operated by each home through generous donations from family members.

The main sources of donation are:

  1. Trusts and Foundations

  2. Occasional donations from families, friends or the general public

  3. Legacy donations

  4. Free-to-attend fundraising events run in the nursing homes e.g. summer fetes, garden parties

  5. Volunteers/staff who fundraise on our behalf

We are not registered with the Fundraising Regulator given the currently limited nature of our fundraising activities. We are compliant with the Regulator’s Code of Fundraising Practice (V1.10) and the Institute of Fundraising in respect of the fundraising areas outlined above.

We received no complaints about fundraising in 2024-2025. We ensure that our fundraising is respectful, open, honest, and accountable to those supporting us. Our approach relies upon an individual’s personal preference to be involved. We do not currently maintain a scheme for regular donors, nor contact individual families or previous donors to ask for money directly. We always acknowledge and thank individuals if they have contributed to our work, but any campaigns or activities involve general promotion and are not targeted at individuals.

Value for money statement

BCOP recognises that in achieving Value for Money (VfM), the responsibility for robust financial management by the Board and management team is essential. Our working definition for VfM is to use our resources economically, efficiently, and effectively as befits an organisation of our size and complexity, in order to provide quality services and homes for our service users.

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Broadening Choices for Older People

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Group Strategic Report (continued) For the Year Ended 31 March 2025

Our strategic approach to Value for Money includes the following steps:

1. Embedding Value for Money objectives into our Strategic Objectives

One of our key strategic objectives is to be ‘a resilient business, with resources to deliver its promise’s. As such, we are focused on achieving sustainable financial performance and doing this within a VfM framework. BCOP believes that VfM is integral to how we work, and we encourage all staff, particularly budget holders, to consider VfM within the context of their roles, welcoming suggestions for process and service delivery improvements in order to achieve a more equitable balance between quality and cost of provision. In 2024-25 we reviewed services from staffing agencies, catering and cleaning suppliers, as well as care equipment suppliers. We also moved to a new Head Office base, which reduced our ongoing rent costs.

  1. Reporting on Regulatory Metrics

As a small provider with less than 1,000 units, an element of BCOP’s remit is to provide affordable and safe housing for older people in its existing units. The core purpose of BCOP is predominantly as a care provider and not a developer of housing. In the short - medium term, the organisation intends to refurbish its housing stock as and when the opportunity arises, to ensure the stock is in sufficient demand and appropriate condition to remain viable. We are not currently aiming to invest in building or acquiring new stock. In 2024-25 we fully refurbished 11 units of accommodation, and have begun the process of changing our emergency pull cord systems, so that they will still be functional after BT digitalises all telephone lines in 2027.

In line with the principles of the metrics introduced by the Regulator of Social Housing, providers are expected to report their performance against seven key metrics in the annual accounts. The Regulator acknowledges that reporting on a particular metric may be inappropriate given the nature of the organisation, but it provides us with an opportunity to compare ourselves to the wider housing for older people sector.

The key metrics are as follows:

Performance is benchmarked where data is available and appropriate, against a peer group of 7 West Midlands-based smaller housing associations (between 100-200 units) providing housing for older people or with over 50% of their stock addressing this need. An element of general needs property within a portfolio will lower the headline costs compared to a specialist provider for older people [Sourced from SPBM Small Providers’ Benchmarking – West Midlands].

Reinvestment: We undertook minor capital works on Housing properties in the year, reflecting our commitment to provide safe and affordable accommodation to our tenants. The programme of maintenance and, where appropriate, modernisation of existing stock incorporated changes arising from changes to fire safety regulations. Full refurbishments were undertaken on 11 properties and large commercial boilers replaced in housing schemes where needed. We upgraded windows in one scheme and this will continue into 2025-26. We also began works to digitalise our emergency pull cord systems in our housing schemes, this will continue into 2025-26 and 2026-27.

New supply delivered: BCOP is not currently developing new housing capacity. However, due to a live-in scheme manager retiring, we were able to make available one two-bedroomed property previously used as staff accommodation, for social let.

Gearing: This metric looks at the percentage of assets supported by debt and the degree of dependence on Debt Finance. BCOP primarily operates as a care provider and any loans are only secured against the Nursing Homes. We repaid a £200,000 lump-sum from our CBIL loan and plan to have it fully repaid in 2025-26.

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Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

EBITDA (Group): This relates to the whole group and has reduced slightly from the previous year. This is because of some one-off spends such as costs of moving office and the need to pay rent on two premises for a period of time whilst the new offices were being prepared. Other costs such as food and the lease of our DLO fleet (vans) rose significantly higher than inflation and also we overspent on care staff costs. Recruitment difficulties led to us using agencies to secure candidates for specific roles, which commands a high fee that we had not planned.

MRI Interest Cover: Performance has improved due to the impact on occupancy and income levels of our operating surplus.

Headline Social Costing per unit: ongoing commitment to improving stock saw another increase to capital investment. Operating Margin: Operating margin on housing reduced, due to the continued high voids and increased spending to improve stock. The voids did not represent stagnations – we had multiple new lettings but sadly several deaths and/or departures so the overall picture remained similar.

Return on Capital Employed (ROCE) % (Group): This measure indicates the efficient use of resources. The assets and liabilities of the organisation are grouped together i.e. the Nursing Homes and Social Housing provision. As a group, income improved with a small decrease versus budget, however we did see savings in many areas resulting in an overall surplus.

Page 25

Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

3.VfM and BCOP metrics

*Sector Median taken from the West Midlands Smaller Housing benchmarking group figures for 2024/25.

Our nursing homes come under the regulation of the Care Quality Commission, though the overheads of the organisation are apportioned across both parts of the organisation. In the following table, we outline key metrics used to measure performance.

Page 26

Broadening Choices for Older People

(A company limited by guarantee)

Group Strategic Report (continued) For the Year Ended 31 March 2025

Future Plans

The strategic plan commits us to:

This report was approved by the board and signed on its behalf.

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_________
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D Sizer Chair

Date: 23 December 2025

Page 27

Broadening Choices for Older People

(A company limited by guarantee)

Trustees' Report For the Year Ended 31 March 2025

The Trustees present their report and the financial statements for the year ended 31 March 2025.

Introduction

The Trustees submit their report, including the audited consolidated financial statements of Broadening Choices for Older People for the year ended 31 March 2025. This report forms the Directors’ report for the purposes of the Companies Act 2006.

Results

The surplus for the year amounted to £78,215 (2024 - £322,293).

Trustees

The Trustees who served during the year were:

D Sizer (Chair of Board) H Gore (Chief Executive) J Bennett N Bradbury L Willetts (appointed 18 December 2024) N Wilson (appointed 18 December 2024) E Davies (resigned 16 December 2024) J Lindon-Lewis (resigned 25 July 2024)

P Mandleberg G Hall T Pattni

Under the terms of the statutory guarantee, the Trustees are deemed to be the statutory members and as such have given an undertaking to contribute up to £1 each if called upon to do so.

Going concern

At 31 March 2025 the group has cash at bank of £1.4m. The Board has reviewed the group’s budgets and funding requirements and is satisfied that the group is a going concern, and it has therefore continued to adopt the going concern basis in preparing the consolidated financial statements.

The Board will continue to manage the financial stability of the organisation by monitoring its operational activities and looking at ways of reducing expenditure and increasing cost effectiveness and value for money.

Qualifying third-party indemnity provisions

Professional indemnity insurance is in place for the Trustees.

Page 28

Broadening Choices for Older People

(A company limited by guarantee)

Trustees' Report (continued)

For the Year Ended 31 March 2025

Matters covered in the Group Strategic Report

The Company has chosen in accordance with section 414C(11) of the Companies Act 2006, to set out in the company’s Strategic Report information required by this Schedule to be contained in the Trustees' Report in respect of future developments and financial risk management.

Trustees' responsibilities statement

The Trustees are responsible for preparing the Group strategic report, the Trustees' Report and the financial statements financial statements in accordance with applicable law and regulations.

Company law and Housing association legislation requires the Trustees to prepare for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Board of Trustees must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the surplus or deficit of the group and the company for that period.

In preparing these financial statements, the Board of Trustees is required to:

The Board is responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s and the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable it to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008, the Charities Act 2011 and the Accounting Direction for Private Registered Providers of Social Housing 2015. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Broadening Choices for Older People website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

The Trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Trustees have confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

Page 29

Broadening Choices for Older People

(A company limited by guarantee)

Trustees' Report (continued)

For the Year Ended 31 March 2025

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

Dains Audit Limited has indicated its willingness to continue in office as auditors and will be proposed for reappointment as auditors of the Charity at the forthcoming Annual General Meeting.

This report was approved by the board and signed on its behalf.

D Sizer Chair

Date: 23 December 2025

Page 30

Broadening Choices for Older People

(A company limited by guarantee)

Independent Auditor's Report to the Members of Broadening Choices for Older People

Opinion

We have audited the financial statements of Broadening Choices for Older People (the 'Parent Charity') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Group Statement of Comprehensive Income, the Group and company Balance Sheet, the Group Statement of Cash Flows, the Group and company Statement of Changes in Reserves and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standardand we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 31

Broadening Choices for Older People

(A company limited by guarantee)

Independent Auditor's Report to the Members of Broadening Choices for Older People (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion:

Page 32

Broadening Choices for Older People

(A company limited by guarantee)

Independent Auditor's Report to the Members of Broadening Choices for Older People (continued)

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement set out on page 29, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the Parent Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 33

Broadening Choices for Older People

(A company limited by guarantee)

Independent Auditor's Report to the Members of Broadening Choices for Older People (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's 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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Morris FCA (Senior Statutory Auditor)

for and on behalf of Dains Audit Limited

Statutory Auditor Chartered Accountants

Birmingham

23 December 2025

Page 34

Broadening Choices for Older People

(A company limited by guarantee)

Consolidated Statement of Comprehensive Income For the Year Ended 31 March 2025

2025 2024
Note £ £
Turnover 9,944,137 8,893,484
Operating expenditure (9,770,820) (8,578,145)
Operating surplus 9 173,317 315,339
Fair value movements on investments 18 (19,097) 133,048
Income from listed investments 6 77,914 58,258
Interest receivable and similar income 7 26,629 25,738
Interest payable and similar expenses 8 (180,548) (210,090)
Surplus for the financial year 78,215 322,293
Actuarial gains/(losses) on defined benefit pension scheme 28 43,000 (128,000)
Total comprehensive income for the year 121,215 194,293

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025

___ _____ D Sizer H Gore Chair CEO

The notes on pages 43 to 76 form part of these financial statements.

Page 35

Broadening Choices for Older People

(A company limited by guarantee) Registered number:03685650

Consolidated Balance Sheet

As at 31 March 2025

2025 2024
Note £ £
Fixed assets
Housing properties 14 9,893,509 9,876,311
Other tangible assets 17 10,967,437 10,859,658
Investments 18 1,946,697 1,969,277
22,807,643 22,705,246
Current assets
Debtors 20 671,935 540,123
Cash at bank and in hand 21 1,449,071 1,670,295
2,121,006 2,210,418
Creditors: amounts falling due within one year 22 (2,050,219) (1,710,742)
Net current assets 70,787 499,676
Total assets less current liabilities 22,878,430 23,204,922
Creditors: amounts falling due after more than
one year 23 (5,526,997) (5,827,704)
Net assets excluding pension liability 17,351,433 17,377,218
Defined benefit pension scheme liability 28 (445,000) (592,000)
Net assets 16,906,433 16,785,218
Capital and reserves
Endowment Fund 27 34,329 34,329
Restricted Funds 27 1,917,825 1,873,939
Revenue Reserve 14,954,279 14,876,950
16,906,433 16,785,218

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025.

_____ _______ D Sizer H Gore Chair CEO

Page 36

Broadening Choices for Older People

(A company limited by guarantee) Registered number:03685650

Charity Balance Sheet As at 31 March 2025

2025 2024
Note £ £
Fixed assets
Housing properties 14 9,718,000 9,699,239
Other tangible assets 17 10,967,437 10,859,658
Investments 18 1,946,697 1,969,277
22,632,134 22,528,174
Current assets
Debtors 20 671,080 539,589
Cash at bank and in hand 21 1,445,861 1,666,989
2,116,941 2,206,578
Creditors: amounts falling due within one year 22 (2,988,985) (2,623,522)
Net current liabilities (872,044) (416,944)
Total assets less current liabilities 21,760,090 22,111,230
Creditors: amounts falling due after more than
one year 23 (5,416,802) (5,716,294)
Net assets excluding pension liability 16,343,288 16,394,936
Defined benefit pension scheme liability 28 (445,000) (592,000)
Net assets 15,898,288 15,802,936
Capital and reserves
Restricted Funds 27 805,470 787,446
Revenue Reserve 15,092,818 15,015,490
15,898,288 15,802,936

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025.

_____ _______ D Sizer H Gore Chair CEO

Page 37

Broadening Choices for Older People

(A company limited by guarantee)

Consolidated Statement of Changes in Equity For the Year Ended 31 March 2025

At 1 April 2023
Comprehensive income for the year
Surplus for the year
Actuarial loss on defined benefit pension scheme
Transfers (Note 27)
At 1 April 2024
Comprehensive income for the year
Surplus for the year
Actuarial gain on defined benefit pension scheme
Transfers (Note 27)
At 31 March 2025		 Endowment
Fund
£
34,329
-
-
-
34,329
-
-
-
34,329		 Restricted
Funds
£
1,836,091
-
-
37,848
1,873,939
-
-
43,886
1,917,825		 Revenue
Reserve
£
14,720,505
322,293
(128,000)
(37,848)
14,876,950
78,215
43,000
(43,886)
14,954,279		 Total equity
£
16,590,925
322,293
(128,000)
-
16,785,218
78,215
43,000
-
16,906,433

The notes on pages 43 to 76 form part of these financial statements.

Page 38

Broadening Choices for Older People

(A company limited by guarantee)

Charity Statement of Changes in Equity For the Year Ended 31 March 2025

At 1 April 2023
Comprehensive income for the year
Surplus for the year
Actuarial loss on defined benefit pension scheme
Transfers (Note 27)
At 1 April 2024
Comprehensive income for the year
Surplus for the year
Actuarial loss on defined benefit pension scheme
Transfers (Note 27)
At 31 March 2025		 Restricted
Funds
£
762,166
-
-
25,280
787,446
-
-
18,024
805,470		 Revenue
Reserve
£
14,859,045
309,725
(128,000)
(25,280)
15,015,490
52,352
43,000
(18,024)
15,092,818		 Total equity
£
15,621,211
309,725
(128,000)
-
15,802,936
52,352
43,000
-
15,898,288

The notes on pages 43 to 76 form part of these financial statements.

Page 39

Broadening Choices for Older People

(A company limited by guarantee)

Consolidated Statement of Cash Flows For the Year Ended 31 March 2025

Cash flows from operating activities
Surplus for the financial year
Adjustments for:
Amortisation of deferred capital grant
Depreciation of tangible assets
Interest payable
Investment income and interest receivable
(Increase) in debtors
Increase in creditors
Fair value movement on investments
Pension contributions paid
Pension scheme costs
Net cash generated from operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of listed investments
Sale of listed investments
Interest received
Income from listed investments
Net cash from investing activities
Cash flows from financing activities
Net movement on borrowings
Interest paid
Net cash used in financing activities
Net (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at the end of year		 2025
£
78,215
(35,889)
253,067
180,548
(104,543)
(131,812)
430,776
19,097
(136,000)
41,440
594,899
(378,044)
(183,391)
206,830
26,629
77,914
(250,062)
(392,007)
(154,548)
(546,555)
(201,718)
1,728,041
1,526,323		 2024
£
322,293
(35,892)
292,332
210,090
(83,996)
(146,362)
94,746
(133,048)
(146,000)
45,559
419,722
(188,880)
(495,251)
474,533
25,738
58,258
(125,602)
(423,675)
(185,090)
(608,765)
(314,645)
2,042,686
1,728,041

Page 40

Broadening Choices for Older People

(A company limited by guarantee)

Consolidated Statement of Cash Flows (continued)

For the Year Ended 31 March 2025

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand
Cash on deposit awaiting investment		 2025
£
1,449,071
77,252
1,526,323		 2024
£
1,670,295
57,746
1,728,041

The notes on pages 43 to 76 form part of these financial statements.

Page 41

Broadening Choices for Older People

(A company limited by guarantee)

Consolidated Analysis of Net Debt

For the Year Ended 31 March 2025

Cash at bank and in hand
Debt due after 1 year
Debt due within 1 year		 At 1 April
2024
£
1,670,295
(3,143,195)
(276,996)
(1,749,896)		 Cash flows
£
(221,224)
264,818
127,189
170,783		 At 31 March
2025
£
1,449,071
(2,878,377)
(149,807)
(1,579,113)

The notes on pages 43 to 76 form part of these financial statements.

Page 42

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

1. General information

Broadening Choices for Older People is a private company, limited by guarantee and domiciled and incorporated in England and Wales. It is a Registered Provider of social housing with the Regulator of Social Housing (formerly the Homes & Communities Agency) and a Registered Charity.

The Charity's registered office address and registered numbers are set out in the Charity Information page.

The Charity's and the Group's principal activities are the provision of nursing care and the management of accommodation for older people.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP), including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS102"), the Housing SORP 2018 "Statement of Recommended Practice for Registered Housing Providers" and they comply with the Accounting Direction for Private Registered Providers of Social Housing 2022. They have been prepared under the historical cost convention modified to include investments at fair value and on the Going Concern basis as set out in the Strategic Report and the Trustees' Report.

The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Charity and the Group, and rounded to the nearest £1.

Broadening Choices for Older People meets the definition of a public benefit entity under FRS102.

The following principal accounting policies have been applied:

Page 43

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.2 Basis of consolidation

The consolidated financial statements present the results of the Charity and its own subsidiaries ("the Group") as if they form a single entity.

The purchase method of accounting is used to account for the acquisition of subsidiaries by the group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, contingent consideration and liabilities incurred or assumed at the date of exchange. Costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are initially measured at fair value at the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

Where acquisitions are in substance a gift of one business or another, the fair value of the gifted asset is accounted for as a donation in the year of acquisition within the Consolidated Statement of Comprehensive Income.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. All financial statements are made up to 31 March. All Group entities adopt consistent accounting policies.

2.3 Going concern

The Board confirms that these financial statements are prepared on the basis that the Group is a going concern. The Trustees have made this assessment after consideration of BCOP's cash flows and related assumptions and in accordance with the Guidance published by the UK Financial Reporting Council.

The Budget for 2025-26 has been based on up-to-date and prudent assumptions on occupancy and income levels. The forecast for 2025-26 demonstrates that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of the consolidated financial statements.

2.4 Turnover

Turnover comprises rental income, service charges, and fees receivable from housing activities and nursing homes, income receivable from day centres, catering activities, and management of schemes, and legacies and donations receivable.

Page 44

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.5 Government grants

Government grants include grants receivable from Homes England (formerly the Homes & Communities Agency), Local Authorities and other government bodies.

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

Government grants received for housing properties are recognised in the Consolidated Statement of Comprehensive Income over the useful economic life of the structure of the housing asset under the accruals model. The deferred element of grants is included in creditors as deferred income.

2.6 Income from listed investments

Income from listed investments is included in the Consolidated Statement of Comprehensive Income when it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured.

2.7 Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

2.8 Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9 Apportionment of management expenses

Direct employee, administration, and operating costs are apportioned between the operations which generate income, on the basis of the costs of the staff to the extent that they are directly engaged in each of the operations dealt with in these financial statements.

2.10 VAT

The Charity was deregistered for VAT with effect from 1 October 2014. Therefore all expenditure is shown inclusive of VAT.

Page 45

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

Housing properties and Nursing home properties are stated at historical cost less accumulated depreciation and impairment losses where applicable. Historical cost includes the cost of acquiring land and buildings and expenditure that is directly attributable to the initial equipping of the Group's properties necessary for them to be capable of operating in the manner intended by management, including interest costs on related loans and freehold and leasehold costs.

The Group separately identifies the major components to its housing properties and nursing home properties and charges depreciation so as to write-down the cost of each component to its estimated residual value, on a straight line basis over the following years:

Freehold – Land
Nil
Freehold – Structure
60-100
Leasehold – Land & Structure
Over remaining lease term
Assets under construction
Nil
Windows 30
Kitchens 15
Bathrooms 15
Roofs 35 to 75

Works to existing properties which replace a component that has been treated separately for depreciation purposes, along with those works that enhance the economic benefits of the assets, are capitalised as improvements. Such enhancements can occur if improvements result in either:

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Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.12 Other tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Individual fixed assets costing £2,000 or greater are normally capitalised.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance methods.

Depreciation is provided on the following bases:

Leasehold improvements & office - 20% straight line or period of lease if shorter
equipment
Motor vehicles - 33% reducing balance
Fixtures and fittings - 10% - 50% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gain and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period.

2.14 Debtors

Short term debtors are measured at transaction price, less any impairment.

2.15 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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Broadening Choices for Older People

Notes to the Financial Statements For the Year Ended 31 March 2025

(A company limited by guarantee)

2. Accounting policies (continued)

2.16 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17 Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 48

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.18 Reserves

Revenue reserves represent those resources which may be used towards meeting any of the charitable objects of the Group at the discretion of the Board.

Restricted funds comprise all funds received with restrictions imposed by the funder/donor.

The endowment fund comprises property of the Group which the Board may not spend as if it were income. It must be held permanently, but can be used in furthering the Group's purposes or to produce an income for the Group.

2.19 Taxation

The Charity is considered to pass the tests set out in Paragraph 1, Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Accordingly, the Charity is exempt from taxation in respect of income or capital gains received within categories covered by Part 11, Chapter 2 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.20 Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

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Broadening Choices for Older People

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Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.21 Employee benefits and pensions

The costs of short term employee benefits are recognised as a liability and an expense.

The Charity participates in one defined contribution and two defined benefit schemes under the Social Housing Pension Scheme (“SHPS”) that are managed by The Pensions Trust. The Social Housing Pension Scheme (SHPS) scheme is a multi-employer scheme which provides benefits to some 500 non-associated employers. The Pension Trust Growth Plan is also a multi-employer scheme which provides benefits to some 1,300 non-associated participating employers.

Defined Benefit Scheme

These schemes were open to any employees who wished to join them. However no new members have joined the schemes since 2016. The deficit on the schemes is reported as a Net Defined Benefit Pension Scheme Obligation in the Statement of Financial Position (Balance Sheet).

The net defined benefit obligation represents the present value of the defined benefit obligation minus the fair value of scheme assets out of which obligations are to be settled. The rate used to discount the benefit obligations to their present value is based on market yields for high quality corporate bonds with terms consistent with those of the benefit obligations. The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost (Note 11). Net interest on the net defined benefit liability comprises the interest cost on the defined benefit obligations and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligation. These amounts are recognised within net income/expenses (Note 8). Actuarial gains and losses and the difference between the interest income on scheme assets and the actual return on scheme assets are recognised as actuarial gains/losses within Other Comprehensive Income or Expense.

Defined Contribution Scheme

The amounts charged as expenditure represent the contributions payable by the Group in the year.

2.22 Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the lease term.

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Broadening Choices for Older People

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Notes to the Financial Statements For the Year Ended 31 March 2025

3. Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Defined Benefit Pension Scheme liabilities

The Group, through the use of a scheme actuary as a management expert, assesses the assets and liabilities of the scheme, and hence the net liability at each year end using a number of key assumptions including mortality rates, discount rates, inflation and salary growth in order to establish the fair value of the assets and liabilities at the balance sheet date. Further information in relation to the assumptions used to evaluate the deficit as at 31 March 2025 is set out in Note 28 to the financial statements.

Economic Life of Assets

An estimation of the useful economic life of the Group’s assets is made by management and disclosed within the Accounting Policies. This impacts the annual charge for the depreciation of these assets. The relevant assets and depreciation are set out in Notes 14 and 17 to the financial statements.

Bad and Doubtful Debts

Provision is made against rent and service charge arrears for any current and former tenants and against any sundry debts to the extent that they are considered by management not to be recoverable at their full value. The level of any provision is based on historical experience and future expectations. The amounts involved are disclosed in Note 20 to the financial statements.

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Broadening Choices for Older People

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Notes to the Financial Statements

For the Year Ended 31 March 2025

4. Particulars of turnover, operating expenditure and operating surplus/(deficit)

Social housing
lettings (see
Note 5)
Non-social
housing:
Nursing homes
Donations and
legacies
Other activities
Government
grants		 Turnover
2025
£
1,106,550
8,705,911
29,298
88,739
9,930,498
13,639
9,944,137		 Operating
expenditure
2025
£
(878,798)
(8,795,673)
(42,202)
(40,508)
(9,757,181)
(13,639)
(9,770,820)		 Operating
surplus /
(deficit)
2025
£
227,752
(89,762)
(12,904)
48,231
173,317
-
173,317		 Turnover
2024
£
1,540,969
7,199,045
34,283
78,051
8,852,348
41,136
8,893,484		 Operating
expenditure
2024
£
(1,234,476)
(7,228,547)
(25,590)
(48,396)
(8,537,009)
(41,136)
(8,578,145)		 Operating
surplus /
(deficit)
2024
£
306,493
(29,502)
8,693
29,655
315,339
-
315,339

Page 52

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements

For the Year Ended 31 March 2025

5. Particulars of income and expenditure from social housing lettings

Group
Rent receivable net of identifiable service charges
Service charge income
Net Rental Income and Turnover from Social Housing Lettings
Amortisation of Government grants
Net Income and Turnover from Social Housing Lettings
Management
Services
Routine Maintenance
Depreciation of housing properties
Operating expenditure on social housing lettings
Operating surplus on social housing lettings
The void costs for the year were £126,191 (2024 - £336,785).
6.
Income from listed investments
Income from listed investments		 2025
£
574,344
532,206
1,106,550
35,889
1,142,439
(225,152)
(356,101)
(195,338)
(138,096)
(914,687)
227,752
2025
£
77,914		 2024
£
776,934
764,035
1,540,969
35,892
1,576,861
(430,365)
(359,580)
(341,095)
(139,328)
(1,270,368)
306,493
2024
£
58,258

Page 53

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements

For the Year Ended 31 March 2025

7. Interest receivable and similar income

Deposit account interest receivable
8.
Interest payable and similar expenses
Loan interest payable
Amortisation of financing costs
Net interest expense in respect of defined benefit pension scheme		 2025
£
26,629
2025
£
150,388
4,160
26,000
180,548		 2024
£
25,738
2024
£
180,930
4,160
25,000
210,090

9. Operating surplus/(deficit)

The operating surplus/(deficit) is stated after charging/(crediting) the following:

2025 2024
£ £
Depreciation of properties 229,669 260,122
Depreciation of other tangible assets 23,398 32,213
Amortisation of government grants (35,891) (35,894)
Operating lease charges - other 58,801 22,472
Operating lease charges - land and buildings 59,468 61,133

Page 54

Broadening Choices for Older People

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Notes to the Financial Statements For the Year Ended 31 March 2025

10. Auditor's remuneration

During the year, the Group obtained the following services from the Charity's auditor:

2025 2024
£ £
Fees payable to the Charity's auditor for the audit of the consolidated and
parent Charity's financial statements 25,625 24,660

11. Employees

Staff costs, including Trustees' remuneration, were as follows:

Wages and salaries
Social security costs
Defined contribution pension scheme costs
Defined benefit pension scheme - current service cost		 Group
2025
£
5,376,119
508,787
141,211
1,000
6,027,117		 Group
2024
£
4,786,831
401,432
113,948
5,000
5,307,211

The average monthly number of employees, including the Trustees, during the year was as follows:

Support Office
Nursing Homes
Repairs and Maintenance		 2025
No.
21
214
3
238		 2024
No.
15
207
2
224

Page 55

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

Employees (continued)

The average number of employees in the year expressed as full-time equivalents was as follows:

Support Office
Nursing Homes
Repairs and Maintenance		 2025
No.
15
84
3
102		 2024
No.
15
79
2
96

12. Key management personnel

Key management personnel includes the Board, the Chief Executive and senior management.

Their emoluments consist of salary and the value attributed to benefits in kind.

Key management remuneration
Aggregate of emoluments
Aggregate of pension contributions		 2025
£
205,564
6,033
211,597		 2024
£
188,492
5,626
194,118

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Broadening Choices for Older People

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Notes to the Financial Statements For the Year Ended 31 March 2025

Highest paid Trustee - Chief Executive
Aggregate of emoluments
Aggregate of pension contributions		 2025
£
83,206
2,472
85,678		 2024
£
80,135
2,400
82,535

One employee, other than the Chief Executive, received emoluments above £60,000 and is in the banding £60,000 - £70,000 (2024 - One).

No fees or remuneration were payable to the Board in the period (2024 - None).

Expenses for members of the Board which were not subject to income tax were £289 (2024 - £386).

No member of the Board is a member of the Social Housing Pension Scheme (2024 - None).

13. Parent charity surplus/(deficit) for the year

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The surplus of the parent Charity for the year was £52,352 (2024 - £309,725).

Page 57

Broadening Choices for Older People

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Notes to the Financial Statements For the Year Ended 31 March 2025

14. Tangible fixed assets - Housing Properties

Group

Cost
At 1 April 2024
Additions
At 31 March 2025
Amortisation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Leasehold
Properties
£
1,266,335
69,457
1,335,792
894,998
22,337
917,335
418,457
371,337		 Freehold
Properties
£
12,028,102
81,763
12,109,865
2,523,128
111,685
2,634,813
9,475,052
9,504,974		 Total
£
13,294,437
151,220
13,445,657
3,418,126
134,022
3,552,148
9,893,509
9,876,311

Included in Freehold Properties above is freehold land of £2,233,360 (2024 - £2,233,360) which is not depreciated.

The total capitalised interest in cost of freehold properties is £46,720 (2024 - £46,720). Included within freehold properties are costs incurred of £32,219 (2024 - £32,219) relating to shared ownership properties.

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Broadening Choices for Older People

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Notes to the Financial Statements For the Year Ended 31 March 2025

14. Tangible fixed assets - Housing Properties (continued)

Charity

Cost
At 1 April 2024
Additions
At 31 March 2025
Amortisation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Leasehold
Properties
£
1,266,335
69,457
1,335,792
894,998
22,337
917,335
418,457
371,337		 Freehold
Properties
£
11,835,799
81,763
11,917,562
2,507,897
110,122
2,618,019
9,299,543
9,327,902		 Total
£
13,102,134
151,220
13,253,354
3,402,895
132,459
3,535,354
9,718,000
9,699,239

Included in Freehold Properties above is freehold land of £2,113,360 (2024 - £2,113,360) which is not depreciated.

The total capitalised interest in cost of freehold properties is £46,720 (2024 - £46,720). Included within freehold properties are costs incurred of £32,219 (2024 - £32,219) relating to shared ownership properties.

Page 59

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements

For the Year Ended 31 March 2025

15. Accommodation owned, managed and in development

Number of units owned and managed
Nursing and residential home bed spaces
Housing accommodation
Shared ownership
Managed on behalf of others		 Group
2025
129
144
4
59
336		 Group
2024
129
144
4
59
336		 Charity
2025
129
138
4
53
324		 Charity
2024
129
138
4
53
324

16a. Expenditure on works to existing housing properties

Expenditure on works to existing housing properties include the following:

Improvement work capitalised
Amounts charged to Statement of
Comprehensive Income
16b.
Social Housing Assistance
Capital grants received for social housing
assistance		 Group
2025
£
69,457
192,981
262,438
Group
2025
£
3,432,749		 Group
2024
£
64,316
228,191
292,507
Group
2024
£
3,432,749		 Charity
2025
£
69,457
192,981
262,438
Charity
2025
£
3,294,548		 Charity
2024
£
64,316
225,557
289,873
Charity
2024
£
3,294,548

Page 60

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements

For the Year Ended 31 March 2025

17. Other tangible assets

Group

Cost or valuation
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Nursing home
properties
£
12,909,892
77,199
12,987,091
2,199,072
95,647
2,294,719
10,692,372
10,710,820		 Leasehold
improvements
and office
equipment
£
407,258
49,629
456,887
395,789
8,254
404,043
52,844
11,469		 Motor
vehicles
£
93,164
15,623
108,787
93,164
2,579
95,743
13,044
-		 Nursing and
sheltered
housing
fixtures and
equipment
£
244,826
84,373
329,199
107,457
12,565
120,022
209,177
137,369		 Total
£
13,655,140
226,824
13,881,964
2,795,482
119,045
2,914,527
10,967,437
10,859,658

Included in Nursing home properties above is freehold land of £2,286,640 (2024 - £2,286,640) which is not depreciated.

Page 61

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements

For the Year Ended 31 March 2025

17. Other tangible assets (continued)

Charity

Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Nursing home
properties
£
12,909,892
77,199
12,987,091
2,199,072
95,647
2,294,719
10,692,372
10,710,820		 Leasehold
improvements
and office
equipment
£
407,258
49,629
456,887
395,789
8,254
404,043
52,844
11,469		 Motor
vehicles
£
93,164
15,623
108,787
93,164
2,579
95,743
13,044
-		 Nursing and
Sheltered
Housing
fixtures and
equipment
£
244,826
84,373
329,199
107,457
12,565
120,022
209,177
137,369		 Total
£
13,655,140
226,824
13,881,964
2,795,482
119,045
2,914,527
10,967,437
10,859,658

Included in Nursing home properties above is freehold land of £2,286,640 (2024 - £2,286,640) which is not depreciated.

Page 62

Broadening Choices for Older People

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Notes to the Financial Statements For the Year Ended 31 March 2025

18. Investments - Group and Charity

Listed investments - valuation
At 1 April
Additions
Disposals
Movement in fair value
At 31 March
Listed investments comprise:
Fixed interest securities
Equities and Alternative Investments
Total
Other investments
Cash on deposit awaiting investment
Total Investments		 2025
£
1,911,531
183,391
(206,380)
(19,097)
1,869,445
2025
£
580,241
1,289,204
1,869,445
2025
£
77,252
1,946,697		 2024
£
1,757,765
495,251
(474,533)
133,048
1,911,531
2024
£
508,333
1,403,198
1,911,531
2024
£
57,746
1,969,277

The fair value of the listed equity investments is based on quoted market prices for the equity shares using the bid price at year end.

2025 2024
£ £
Investments - historical cost 1,696,544 1,662,982

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Broadening Choices for Older People

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Notes to the Financial Statements

For the Year Ended 31 March 2025

19. Investments - Charity

Investments in audit exempt subsidiaries comprise:
BCOP Services Limited - Company No. 06956792
Emma Ball and Rolason Almshouses - Charity No. 246857
Pargeter and Wand Trust - Charity No. 210725		 2025
£
1
-
-
1		 2024
£
1
-
-
1

The registered offices of the subsidiaries are as stated in the Charity Information page. Other than BCOP Services Limited, they are audit exempt, unincorporated charitable trusts.

BCOP Services Limited is a dormant company.

In 2012/13, the Charity became sole Trustee and thereby assumed control of the Emma Ball and Rolason Almshouses, an almshouse charity. The charity provides 6 almshouse residences.

On 1 March 2015, the Charity became sole Trustee and thereby assumed control of The Pargeter and Wand Trust for £Nil consideration. Pargeter and Wand Trust is a grant giving registered Charity (No 210725), which pays annuities for qualifying applicants within the Trust's objectives.

20. Debtors

Rent and service charge debtors
Less: bad debt provision
Other debtors
Prepayments and accrued income		 Group
2025
£
532,040
(21,306)
510,734
7,871
153,330
671,935		 Group
2024
£
308,161
(11,024)
297,137
9,600
233,386
540,123		 Charity
2025
£
531,185
(21,306)
509,879
7,871
153,330
671,080		 Charity
2024
£
307,906
(11,024)
296,882
9,600
233,107
539,589

Page 64

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements

For the Year Ended 31 March 2025

21. Cash and cash equivalents

Cash at bank and in hand
22.
Creditors: Amounts falling due within one year		 Group
2025
£
1,449,071		 Group
2024
£
1,670,295		 Charity
2025
£
1,445,861		 Charity
2024
£
1,666,989
Bank loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals
Deferred capital grants (Note 25)		 Group
2025
£
149,807
919,039
-
91,371
51,795
802,318
35,889
2,050,219		 Group
2024
£
276,996
536,870
-
718
922
859,345
35,891
1,710,742		 Charity
2025
£
149,807
919,039
946,369
91,371
51,795
795,930
34,674
2,988,985		 Charity
2024
£
276,996
536,870
919,168
718
922
854,174
34,674
2,623,522

Details of security for the bank loans are given in Note 23.

Page 65

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements

For the Year Ended 31 March 2025

23. Creditors: Amounts falling due after more than one year

Bank loans
Deferred capital grants (Note 25)		 Group
2025
£
2,878,377
2,648,620
5,526,997		 Group
2024
£
3,143,195
2,684,509
5,827,704		 Charity
2025
£
2,878,377
2,538,425
5,416,802		 Charity
2024
£
3,143,195
2,573,099
5,716,294

Included within bank loans is a balance of £74,861 (2024 - £370,000) obtained via the Coronavirus Business Interruption Loan Scheme. Interest accrues on a floating rate basis at a margin of 3.02 per cent per annum above Base Rate.

The other bank loan is secured through fixed and floating charges given by Broadening Choices for Older People. The fixed charges are against properties at Robert Harvey House and Anita Stone Court. This fixed rate basis term loan accrues interest at 4.89%.

24. Loans

Analysis of the maturity of loans is given below:

Amounts falling due within one year
Bank loans
Amounts falling due 1-2 years
Bank loans
Amounts falling due 2-5 years
Bank loans		 Group
2025
£
149,807
145,686
2,732,691
3,028,184		 Group
2024
£
276,996
294,509
2,848,686
3,420,191		 Charity
2025
£
149,807
145,686
2,732,691
3,028,184		 Charity
2024
£
276,996
294,509
2,848,686
3,420,191

Page 66

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements

For the Year Ended 31 March 2025

25. Deferred capital grant

Group
2025
£
As at 1 April
2,720,400
Released in the year
(35,891)
At 31 March
2,684,509
The deferred capital grant estimated release is phased as follows:
Group
2025
£
For release in less than one year
35,889
For release in more than one year
2,648,620
2,684,509		 Group
2024
£
2,756,294
(35,894)
2,720,400
Group
2024
£
35,891
2,684,509
2,720,400		 Charity
2025
£
2,607,773
(34,674)
2,573,099
Charity
2025
£
34,674
2,538,425
2,573,099		 Charity
2024
£
2,642,448
(34,675)
2,607,773
Charity
2024
£
34,674
2,573,099
2,607,773

26. Company status

The company is limited by guarantee and as such does not have share capital. Under the terms of the statutory guarantee, the Board are deemed to be statutory Members and as such have given an undertaking to contribute up to £1 each if called upon to do so. There are 9 such members at 31 March 2025 (9 at 31 March 2024).

Page 67

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements

For the Year Ended 31 March 2025

27.
Restricted Reserves
Group 2025
Endowment Fund
Other Restricted
Total
Group 2024
Endowment Fund
Other Restricted
Total
Charity 2025
Other Restricted
Total
Charity 2024
Other Restricted
Total		 Opening
balance
£
34,329
1,873,939
1,908,268
Opening
balance
£
34,329
1,836,091
1,870,420
Opening
balance
£
787,446
787,446
Opening
balance
£
762,166
762,166		 Net
movement
£
-
43,886
43,886
Net
movement
£
-
37,848
37,848
Net
movement
£
18,024
18,024
Net
movement
£
25,280
25,280		 Closing
balance
£
34,329
1,917,825
1,952,154
Closing
balance
£
34,329
1,873,939
1,908,268
Closing
balance
£
805,470
805,470
Closing
balance
£
787,446
787,446

Page 68

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

Restricted Reserves (continued)

Other restricted reserves - 2025 are analysed as follows:

Robert Harvey Sensory Street
Anita Stone Court
Rhodes Trust
Belsize
Mrs Jolly's
Charity
Pargeter and Wand Trust
Emma Ball and Rolason Almshouses
Group		 Opening
balance
£
1,100
7,708
743,869
32,902
1,867
787,446
307,514
778,979
1,873,939		 Income
£
-
-
18,024
-
-
18,024
7,537
38,047
63,608		 Expenditure
£
-
-
-
-
-
-
(5,000)
(14,722)
(19,722)		 Closing
balance
£
1,100
7,708
761,893
32,902
1,867
805,470
310,051
802,304
1,917,825

Restricted reserves comprise:

Page 69

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

Restricted Reserves (continued)

Other restricted reserves - 2024 are analysed as follows:

Robert Harvey Sensory Street
Anita Stone Court
Rhodes Trust
Belsize
Mrs Jolly's
Charity
Pargeter and Wand Trust
Emma Ball and Rolason Almshouses
Group		 Opening
balance
£
1,100
7,708
718,589
32,902
1,867
762,166
310,216
763,709
1,836,091		 Income
£
-
-
26,517
-
-
26,517
2,432
30,297
59,246		 Expenditure
£
-
-
(1,237)
-
-
(1,237)
(5,134)
(15,027)
(21,398)		 Closing
reserves
£
1,100
7,708
743,869
32,902
1,867
787,446
307,514
778,979
1,873,939

Page 70

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

28. Pension commitments

The Charity participates in one defined contribution and two defined benefit schemes under the Social Housing Pension Scheme ("SHPS") that are managed by The Pensions Trust.

Defined Contribution Scheme

The assets of this scheme are held separately from those of the Group and are administered separately from the assets of the Defined Benefit Schemes.

The pension charge represents contributions payable by the Group to the funds during the year and amounted to £141,000 (2024 - £119,000).

Pension contributions totalling £51,795 were due to the fund as at 31 March 2025 (2024 - £458).

Defined Benefit Schemes

The Charity participates in the Social Housing Pension Scheme (the Scheme), a multi-employer scheme which provides benefits to some 521 non-associated employers. The Scheme is a defined benefit scheme in the UK.

The Scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme.

The liabilities are compared, at the relevant accounting date, with the Charity’s fair share of the Scheme’s total assets to calculate the Charity’s net deficit or surplus.

The assets of both Defined Benefit Schemes are held separately from those of the Group and are administered separately from each other and the assets of the Defined Contribution Scheme.

Pension contributions totalling £Nil were due to the fund as at 31 March 2025 (2024 - £Nil).

Reconciliation of present value of plan liabilities:

2025 2024
£000 £000

Page 71

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

28. Pension commitments (continued)

At the beginning of the year
Current service cost
Administrative expenses
Interest cost
Member contributions
Benefits paid
Actuarial (gains)/losses due to scheme experience
Actuarial gains due to changes in demographic assumptions
Actuarial (gains)/losses due to changes in financial assumptions
At the end of the year
Reconciliation of present value of plan assets:
At the beginning of the year
Interest income
Experience loss on plan assets (excluding amounts included in interest income)
Employer contributions
Member contributions
Benefits paid
At the end of the year		 3,208
1
5
153
10
(159)
(82)
-
(276)
2,860
2025
£000
2,616
127
(315)
136
10
(159)
2,415		 3,140
5
5
151
6
(147)
76
(44)
16
3,208
2024
£000
2,565
126
(80)
146
6
(147)
2,616

Page 72

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

28. Pension commitments (continued)

Composition of plan assets:
Global Equity
Absolute Return
Distressed Opportunities
Credit Relative Value
Alternative Risk Premia
Liquid Alternatives
Emerging Markets Debt
Risk Sharing
Insurance-Linked Securities
Property
Infrastructure
Private Equity
Real Assets
Private Debt
Opportunistic Illiquid Credit
Private Credit
Credit
Investment Grade Credit
Cash
Long Lease Property
Secured Income
Liability Driven Investment
Currency Hedging
Net Current Assets
Total plan assets		 2025
£000
271
-
-
-
-
448
-
-
7
121
-
2
289
-
-
296
92
74
33
1
40
732
4
5
2,415		 2024
£000
261
102
92
86
83
-
34
153
14
105
264
2
-
103
102
-
-
-
52
17
78
1,065
(1)
4
2,616

Page 73

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

28. Pension commitments (continued)

Fair value of plan assets
Present value of plan liabilities
Net pension scheme liability		 2025
£000
2,415
(2,860)
(445)		 2024
£000
2,616
(3,208)
(592)

The amounts recognised in the Consolidated Statement of Comprehensive Income (SOCI) were as follows:

Current service cost
Net interest expense
Administrative expenses
Total		 2025
£000
1
26
5
32		 2024
£000
5
25
5
35

The amounts recognised in Other Comprehensive Income (OCI) were as follows:

Experience loss on plan assets (excluding amounts included in interest income)
Actuarial gains/(losses) due to scheme experience
Actuarial gains due to changes in demographic assumptions
Actuarial gains due to changes in financial assumptions
Closing defined benefit obligation		 2025
£000
(315)
82
-
276
43		 2024
£000
(80)
(76)
44
(16)
(128)

Page 74

Broadening Choices for Older People

(A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

28. Pension commitments (continued)

Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2025 2024
% %
Discount rate 5.73 4.87
Future salary increases 3.76 3.76
Inflation (RPI) 3.13 3.19
Inflation (CPI) 2.76 2.76
Mortality rates
- for a male aged 65 now 20.5 years 20.5 years
- at 65 for a male aged 45 now 21.7 years 21.8 years
- for a female aged 65 now 23.0 years 23.0 years
- at 65 for a female member aged 45 now 24.5 years 24.4 years

29. Commitments under operating leases

At 31 March 2025 the Group and the Charity had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2025
£
86,868
195,000
281,868		 Group
2024
£
70,438
54,945
125,383		 Charity
2025
£
86,868
195,000
281,868		 Charity
2024
£
70,438
54,945
125,383

Page 75

Broadening Choices for Older People

Notes to the Financial Statements For the Year Ended 31 March 2025

(A company limited by guarantee)

30. Capital funding and commitments

At 31 March 2025 the Group and Charity had no capital commitments (2024 - £202,870).

At 31 March 2025 the board has authorised capital expenditure of £852,317 (2024 - £780,766) for the Group and Charity which has not yet been contracted for and so is not provided for in these financial statements.

31. Related party transactions

The Charity had one (2024 - one) Board membes who acted as a Trustee to the charity Wiggin Cottage Homes for which the Charity acts as the managing agent. The management fee charged in the year was £6,391 (2024 - £6,086). At the year end £200,233 (2024 - £209,081) was owed to Wiggin Cottage Homes. During the year, interest of £4,870 (2024 - £1,652) was paid on this loan.

The Charity pools surplus funds with its subsidiaries to easily manage the Group's investment portfolio. Interest is charged on the loans at the Group's deposit rate. At the year end the Charity has balances due to subsidiaries of £946,369 (2024 - £919,168).

Page 76