Charlty registration number 1086183 IEngland and Wales) Company regi5tTatloft number 04089288 HALIFAX OPPORTUNITIES TRUST ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 HALIFAX OPPORTUNITIES TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees ZAAII H J Barber L Burrows R J Cravan A Hamid H L Hunter S Hussain T Malo G Rhodes J Bowers (Appointed 14 November 2024) Chalr Vice Chair Trea5urar H J Barber R J Craven L Btsmw5 Secretary A Haskins Senlor management A Haskins S Nazar A Hussaln C Parkinson M Clewlertnia A Beardsley Chief Executive Finance Lead Community Programmes Lead Childrgn and Families Lead People and Operational Execellence Lpad Commereial Lead {from 1511012024 to 1210612025) Chlef Executlve A Haskins Charity numbèr 1086183 Company numbof 04089288 Sarvic• address Elsie Whiteley Innovation Centre Hopwood Lane Halifax Wesl Yorkshire HX15ER Reglstered Offlce Hanson Lane Enterprise Cenlre Hanson Lane Hallfax Wesl Yorkshtre Unlled Kingdom HX15PG Audltor BK Plus Audlt Limil8d 52 St Johns Lane Halifax West Yorkshire England HX12BW HALIFAX OPPORTUNITIES TRUST LEGAL AND ADMINISTRATIVE INFORMATION Bankers Unlty Twst Bank 9 Brindley place Bimingham B12HB Sollcilors Finn Gledhill 14 Ha￿lson Rood Halilax Wesl Yorkshire HX12AG Ramsdens Oakley Hou56 1 Hungerford Road Edgerton Hudde￿rield HD3 3AL HALIFAX OPPORTUNITIES TRUST CONTENTS Pagè Truste8s' report Statemenl of Iruslees, responsibilities 22 Independent 8uditofs report 23-26 Consolidated Statement of financial activities 27 Group and Charity Balance sheet 28 Consolidaled Slalement of cash Ilows 29 Not8s lo the consolidated financial slalements 3049 HALIFAX OPPORTUNITIES TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Irostees who are also directors of the charity for Ihe purposes of the Companies Act 2006, Present the Trustees, Annual Report and Financial Statements for the year ended 31sl March 2025. The Trustees confirm that the Annual Report and Financial Slalements comply with tt)e current slalutory fequirements, the requirements ol the Company's goveming documents and the provisions of Ihe Statement of Recommended Practice ISORP) applicable lo charilies. Objèctives and aelivltles Hallfax Opportunllles Trust (HOT) has the following ob5ecls, which are registered and approved by the Charity Commission: To promote any charitable purpose lor the benefit of the inhabllanls of the metropolitan district of Calderdale in Ihe county of West Yorkshlre and surrounding areas within a radius of 30 miles from Halifax Town Hall, including but not axclusively the area known as Park Ward in the Metropolitan Borough of Caldefdale to ènsure Ihe regeneration of those areas for the public benefit of the community, by all or any of Ihe following means.. al the re11ef of poverty In such ways as may be thought fil: b) the reliel of unemployment,. ) tha advancement of education. tralning. or re-tralning, particularly arnong unemployed people and providing work experience for the unemployed.. dl the provision of financial assistance, technical assistanc8. business advice or consultancy in or(18r to provide Iraining and employment opportunities for unemployed people in cases of fjnancial or other ch8rilable need Ihrough help In settlng up their own business or to existing busin8sses', 81 the ¢realion of training and employment opportunilles by the provlsion of workspace, bulldings andl or land for use on favourable terms- Ihe provision of rgcreatlonal facilities for the public al large or those who by reason of Iheir youth, age, infirmity or dlsablement, poverty or social and economic cir¢umstances, have need of guch facllltles. g) the praleclion or conservation of Ihe environment. h) Ihe provlsion of chlldcare; i) the promotion of publlc safety and prevention of crime- and j) the provision of public health and well-bein9 aclivities., and k) such other means as may from lime to time be detemined subject lo the prior wnsenl of the Charity Commlssion. The trustees, in making decisions about plannlng and delivery of activities, have had due re9ard lo Ihe Charity CommSssioD's public benefil guidance when exefCi5ing any powers or d¢Jties to which the guidance is relevanl. The approach to public benefit is described In summary below and in more detail throughout this report. Hallfax Opportunity Trust's purpose as described in its Strategic Plan Is 'tO WOTk lo make a vibrant rnuMl (Appointed 14 November 20241 -20- HALIFAX OPPORTUNITIES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Auditor In accord8nc8 wllh Ihe company's articles. a resolution proposin9 that BK Plus Audit Llmited be reappolnled as auditor of the company will be pul al a General Meeting. D15closure of infomiatlon to auditor Each ol the trustees has confirmed thal there Is no information of which they are eware whlch is relevant lo the audit, but of which the auditor is unaware. They have further confimied th81 they have taken appropriate sleps to identify such relevant inlomalioft and to establish Ihal Ihè auditor is awarè of such information. The trustees, reporl was approved by the Board of Trustees. H J Barber Truslee 21 HALIFAX OPPORTUNITIES TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also the difectors of Halifax Opportunities Trust for the purpose of company law, are responslble for preparing the Trustees. Report and the financial ststements in accordance with applicable law and United Klngdom Accounting Stsndards (United Kingdom Generally Accepted AGcounting Praclice). Company law requires the trustees to prepare financial statements for each financial year which glve a true and fair view of the slatè ol affairs of the Charity and of the incoming resources and application of resour￿5. including Ihe income and expendlture, of the charilabl8 company for Ihat year. In preparing these financial ststemenls, the Iwstees are required to.. selèct suitable accountSng policies and Ihen apply thom consistenlly; observe the methods and prlnciples in the Charities SORP; make judgements and estimates that are re8son8ble and prudent; state whether applicable UK Accounllng Stsndards have been followed, subject to any material departures disclosed and explainèd in th& financial stalemer¢ts', and prepare Ihe financial statements on the going concem basis unless 11 1$ Inappropriate to presume that the Charity will conllnue In OPQfdtion. The truslees are responsible for keeping adequale accounting records Ihat disdose with reasonable accuracy at any tirne the financial position of the Charity and enable them lo ensure that the financial slatements cornply with Ihe Companies A¢1 2006. They are also responsible for safeguardlng the assets of the Charity and hence for laklng feasonab18 Steps for Ihe prevenlion and d8leclion ol fraud and other irregularities. -22- HALIFAX OPPORTUNITIES TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALIFAX OPPORTUNITIES TRUST Opinion We have auditad the financial stataments of Halilax Opportunilies Trust {the 'parent C£)mpany'l and it's subsidiaries Ilhe group) for the year ended 31 March 2025 which compri8e the consolidated statement of financial acllvities, the company and group balan￿ sheet, the group statement of cash tlows and notes to the tinancial statements, including significant accountin9 policles. The linanclal reportlng framework that has beén applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financ4al Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {Unlled Kingdom Generally Accepted Accounting Praclice). In our opinion, tho flnancial statements.. glve a Irue and fair vlew of the state of the group's and parent company's affair5 as at 31 March 2025 and of Ihe group's incoming f8SOUTce5 and application of resources, including ils income and éxpenditure, for the year then ended; have beèn properly prepared in accordance with Uniled Kingdom Generally Acceptsd AccountSng Practice; and have been prepared in accordance with Ihe requirements of the Companies Act 2006. Ba$1$ for oplnlon We conducted our audlt in accordancé with Intemallonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. OUT responsibilities under those standards are further described in the Auditor's responsibilities lor the audit ol the financi81 statements section of our report. We are independenl of the group in accordance with the elhlcal rpquirtrnénls that are relevant to our audit ol the financial statements in the UK, Including the FRC'S Ethical Slandard, and we have fulfilled our other elhical re8ponsibilities in accordance wlth these requirements. We believe that the audlt evtdence we have obtained is sufficient and approprfate to provlde a basis for our opinion, Conclusions rolatlng to going ¢oncern In audlling the financial statements, we have concluded Ihal the trustees, use of the golng concern basis tsf accounling In the preparation of Ihe financial statements is appropriate. Based on the WOTk we have perfom)ed, we have not identified any material uncertaintie5 relating lo events or ¢onditlons that, individually or collecllvely, may cast significant doubt on the group's ability to Ccsntlnug as a going concern for a period of at least twelve months from when the financial 5ts1ements are authorised for15sue. Our fesponslbilltles and Ihe fesponsibililies of Ihe Iruslees with respect to going concern are de$crlbed In Ihe relevant secllons of this report. Other infomotion The other infomatlon comprises the Information Included in the annual report other Ihan the financial slalemenls and our auditors report thereon. The trustees are responsible for the other infonmation contained wilhin the annual report. Our opinion on the financlal slatemenls does nol cover the other information and. except lo the extenl othemlse explicitly staled in our report, we do not express any forrn of assuranc& conclusion Ihereon. Our responsibility Is lo read the other informalion and. In doin9 so, consider whether the othèr information 15 materlally inconsistent with the financial statements or our knowledge obtained in the course of the audll, or otherwise appears to be materially mlsstsled. If we identify such material inconsistencies or apparent material mlsstatemenls, we are required to determine whether Ihi5 gives rise lo a material misslatement in Ihe financial statements themselves. If, based on the work we have performed, we conclud@ that there is a malerial misstalement of this other inlormalion. we are required lo report that fact. We have nothing lo report in thi5 regard, Opinlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the WOTk undertaken in the course of our audit- the informatlon given in the trustees, report for the financial yeai for whlch the firiancial slaternents are prepared, which Indudes Ihe diieclors. report prepared for the purposes of company law, is conslstent wilh th rinancial stalements., and Ihe directors. report induded within the Iruslees. repori has been prèpared in accordance with applicable legal requiremenls. -23- HALIFAX OPPORTUNITIES TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HALIFAX OPPORTUNITIES TRUST Matters on whlch we are required to reporl by ex¢eption In the light of the knowledge and underslanding of the group's and its environment oblained in the course ol the audit, we have nol id8ntified material misstatemenls in the directors. report included within the trustees, report. We have nothing to repori in respect of the following matters in relation lo which the Companies Act 2006 raguires us to report to you if, in our opinion.. adequate accounling records have not been kept, or Telums adequale for our audit have not been recèlved from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns. or certaln dlsclosures of Iruslees, remuneratlon speclfied by law are not made., 01 we have not received all the informaliorl 8nd &xplanations we requir8 for our audit; or the trustees were not entilled to prepare the financial $1atemenls In accordance with the small companies r6gim8 and lake advantage of the srnall ¢ompanie$' exemptions in preparing the Iruste&s' report and from tho requiremenl lo prepare a strategic report. Responsibilities of trustees As explained more lully in the stslemenl of truslees. responslbilltios, the Irustees. who are also the di￿¢10[$ of the Charity for the purpose of company law, are responsible for the preparation of the finandal slaternent5 and for belng satisfied that Ihey give a true and f8ir view. and for such interrbal conlrol as Ihe trustee5 detemiine is necessary to ènable the preparation of financial slatements that are free from material mi5stslernenl. wheth8r due to fraud or error. In preparing the financial slatemenls, the trustees are fesponsible lor assessing the Charlty's abllity lo contlnue as a golng concem, disclosing, as applicable. matters related lo golng concern and uslng the golng concem basls of accounting unless Ihe Iru51ees Èither Inlend lo liquidat8 the charitable grotsp or lo cease operations, or have no realistic alternatlve bul to do so. Audltor's rasponslblllties for the audit of the financlal slatements Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are fre6 Irom rnalerial mlssl8lement, whether due lo fraud or error, and lo issue an auditor's reporl thal includes our opinion. Reasonable assurance Is a high level of assurance bul Is nol a guaranlee thal an audit conducted in accordance wilh ISAS IUKI will always delect a malerlal mis5tat8ment when it exists. Misst81ements can arise frorrt fraud or error and are considered malerial if, individually or in the aggfegale, they cotsld reasonably be expecled to Influence the economic declsions of users taken on the basis of these financial slalem&nls. The extent to which our procedufes are capable of detecling Ir￿gUlaritieS. In¢ludlng fraud, is delalled balDW. A further description of our ￿spOnsIbIlitIeS is avallable on the Financial Reporting Council's website al: https,'Il www.frc.org.uklauditorsrgsponslbililies. Thls descrlption fomis part of our auditorfs report. -24- HALIFAX OPPORTUNITIES TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HALIFAX OPPORTUNITIES TRUST Our approach to Identifying and assessing the risks of material misstatement in respect of Irregulariligs, including fraud and non-cornpllan¢e with laws and regulations, was as follows= The engagement Partner ensured th81 Ihe engagement tèam colleclively had Ihe appropri3ta competence. capabilities and skllls to identify or recognisp non-compliance with applicabla laws and regulations,. We identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commefcial knowledge and experlence of the induslry sector.. We focused on specific laws and regulations which we considered may have a direct malefial effect on th8 fknancial statements or the operations of the group. including Ihe Companles Act 2006. taxation legi51alion and data protection. anli-bribery, employmenl. environmenlal and health and safely legislation,. We assessed the exlenl of compliance with the laws and regulations Identified above through making enquiries of management and inspecting legal correspondence., and Ensured laws and regulations were communicaled within the audll learn r8gularly and the team remalned alert to instances of non-compliance throughout the audit. We assessed Ihe susceptibility of the group's financlal slaleménts to material misstatement, includin9 obtaining an underslanding of how fraud might occur. by: Maklng enquiries of manag6menl as lo where they considered there was a sus¢eptibility to fraud, thelr knowledge of actual, suspected and 8lle9ed fraud., Conslderlng Ihe Internal controls in place to mltigale rlsks of fraud and non-compllan¢e wlth laws and regulatlons., and Understanding the design of the group's remuneration policles. To address the risk of fraud through management bias and override of controls. we: Performed analytical procedures lo identfy any unusugl or unexpected relatlonships: Te51ed journal enlries lo idenlify unusual transaGliong Assèssed whether judgemenls and assumptions made In delermining the accounting estimales set out in note 2 were indicative of potential bias., and Investlgaled the rationale behind slgnificanl or unusual transactions. In response to the risks ot irregulartlies and non-compliance wilh laws and regulalions, we desl9ned procedures which Included, but were not Ilmiled to.. Agreeing flnan¢ial slalement disGlosur8s lo underlyirvJ supporting dooumentatson., Reading the mlnules of meetsngs ol Ihose charged with governan￿., Enquiring of management as to actual and potenlial litigation and claims., and Reviewing coirespondence with HMRC. relevant re9ulator5 and the group's legal advisors. There are inherent limitations in our audit pmcedures descJibed above. The more removed that laws and ie9ulalions are from the financial transactions, the less likely il is that wo would become aware of non-compliance. Audrting standards also limit the audii procedures required to identify non-compliance wilh laws and regulations lo enquiry of the directois and olher managemenl and the inspection ol regulatory and legal correspondence, if any. Materlal misslatements that arise due lo fraud can be harder to detect than those thal arise from error as they may involve dellberale concealment or colluslon. -25- HALIFAX OPPORTUNITIES TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF HALIFAX OPPORTUNITIES TRUST Use of our report Thls report is made solely to the tharitable group's members, as a body, In accordance wlth Chapter 3 01 Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we might slate to the charitable group's members those matters we are required to s1ale to them in an auditor's report and for no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable group and the charitable group's members as a body, for our audit work. for Ihls report. or for the opinions we have formed. Viclorla Atklnson FCA (Senior Slatutory Audltorl For and on behalf of BK Plus Audil Limiled. Slatulory Auditor Chariered Certlfied Accountants 52 Sl Johns Lane Halifax Wesl Yorkshlre HX12BW England Date.. e Iflvl hithA li m,tcd HALIFAX OPPORTUNITIES TRUST STATEMENT OF FINANCIAL ACTIVITE5 INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 I1￿RCH 2025 Ti>tsi fvDds 2025 2tTr25 2024 2024 12B.B94 128.594 103239 103.289 6ervths 44.090 376.349 230,357 354.657 585.014 3221 37&1 166.289 4.542 378.177 3.216,B37 $44,468 165J.743 24.e42 442.138 IS6,042 3.09S.681 IJO.884 19.424 19.425 1,279 682.914 fA1914 7ri.oJo 727.6JQ 20,267 20267 19￿0 4.263.3$7 705.895 4.969.252 3.760.610 953.087 4.713.757 Exptnditiffe on.. ch S9.614 1742 103 188.82J 327.374 5.518 387.018 ?.747.671 54.093 169,875 2294.072 178.JTO 559.191 44O.Cty)4 S29,066 2,742.078 313,557 504.974 065.016 3.752 ,788 665.018 419.200 841,267 250 419.458 641.367 T•l•l ¢lt•rtal4• •xp•ndtsrn 4.180.S66 713.949 4.074.515 3.r02,89J 942,625 4.616.524 N•1 Inc4Yn• 101791 .055 94.7)S 5T.782 10.461 68243 -53.304 S.J30 .20.790 -20.790 87.oc 22ryJ.000 1letmoy0￿1tt 2.YJ8,121 2JQO. 70,628 134.4S3 Fund at 1 Aprl 2W43 U06y7 71J75 2j17￿22 223S.919 7.550 2243.469 4.614.658 63,321 4.$77.989 2.￿.54? Y1,375 2,877,922 HALIFAX OPPORTUNITIES TRUST GROUP AND CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025 GROUP CHARfr 2025 2025 2024 Notes Flxed assets Tangible assets Invesknents 14 3.682.228 1.574.389 3,5S3,863 101 1,424,411 101 15 3,682.228 1.S74,389 3.553,984 1,424.512 Curyent assets Debtofs Cash at bank and in hand 16 204,911 1,842,518 328,970 1.34S,122 329,838 1,520,746 420,660 1.019,952 2,047,430 1.674.092 1.850.584 1.440,612 Crpdilfffs . 4mounts falling *ithin one y•ar 17 (1.019.913> (833,474} 1892,468) 1868,504> N•t curyent assets 1,027,516 840.618 958.116 772.108 Total ass•ts ￿s6 curyetht liabli ities 4.709,744 2,415.007 4,512,080 2,1%,620 Ponslon s¢hem• l¢abllity 19 Provlsions for Ilabiliti 18 131.755) (37.0851 Net assets excluding pension liabillty 4.677.989 2.377,922 4,512,080 2.196.620 The luThds of the charity Restnded fvnds Unrestrt'cted fijnds 63.321 4.614.668 71.375 2.306,547 63,321 4,448.759 484,318 1,712.302 21 Fund tkalan¢e8 at 31 ma￿ 2025 4,677,989 2,377,922 4.512,080 2.196,620 lo. 11 Zs The financtal sfaternents ￿re approved by Ihe Iwslees on.................. (w HJBathr Trt￿tre Company ¢egistration number 04089288 {ErvJtand alld Walesl -28- HALIFAX OPPORTUNITIES TRUST CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng activltles Cash generated from operations Tax paid 27 482,901 5.330 155,244 20,790 488,231 134,454 Investlng a¢tlvltle8 Purchase of tangible fixed assets Investment income received 11,104 20.267 98,892 19,840 Net cash generated fromllused In) Investlng aclivlties 9,163 79,052 Net cash used In financing activitles Ngt Increase in cash and cash equivalents 497,394 55,402 Cash and cash equlvalents at beginning of yeaf 1,345.123 1,289,720 Gash and cash equlvalents at end of year 1,842,518 1,345,123 29- HALIFAX OPPORTUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policles Charity Informatlon Halifax Opportunities Trust is 8 private company limited by guarantee incorporated in England and Wales. The reglstered office is , Hanson Lane Enterprise Centre. Hanson Lane, Halifax. Wesl Yorkshire, HX15PG, United Kingdom. 1.1 Basls of preparation The financlal slalements have been prepared in accordance wlth the Charity's governing document, Ihe Companles Act 2006, FRS 102 "The Flnancial Reporting Stendard applicable in the UK and Republlc of Ir8land" and the Charities SORP "Accounllng and Reportlng by Charities.. Stalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 102)" The Charity is a Public Benefit Entity a5 defined by FRS 102. The financial slat8m8nts are prepared in slerling, which is the fun¢honal currency of the Charity. Monetary amounts in these financial slalemenls are rounded lo the nearest £. The financial statements hav8 been prepared under Ihe historical cosl convention, Imodified lo include the rev8lualion of freehold properties and to include inveslment properties and cèrtain financlal instruments at lair value]. The principal accounting pollcles adopted are set oul below. Group f5nancial statemenls The Statement ol Financial Aclivilies (SOFA) Bnd b81ance sheet consolidate th8 fin8nci81 statements Df Ihe Charity and ils subsidiary und8rtaking. The resulls of the subsidiary are consoli¢Yated on a line-by-llne basis. The Charity has availed itself of Paragraph 3 (3) of Schedule 4 of the Companies Act 2006 and adapted the Companies Act formals to Teflect the special nalure of the Charity's activities. No separate SOFA or Income and Expendllure Account have been presented for the Charity alone as permilt8d by sectlon 230 of the Companles Act 2006 and paragraph 327 oflhe SORP. 1.2 Going concern Al the Ilm8 of approvlng the financial slatemenls, the Iruslees hav8 a reasonable expectation that the Charity has adequate resources to continue In operalional exlslence for the foreseeable future. Thus the Iruslees continue to adopt Ihe going concern basis of accounting in preparing the financial slatements. 1.3 Charltable funds Unrestricted funds are available for use at Ihe discrelion of the trustees in furtherance of Ilieir charitable objectsves. Restricted funds are subjecl to Specific conditions by donors or grantots as to how Ihey may be used. The purposes end uses of the restricted funds are Set out the noles lo the financial slatemenls. Endowmgnl funds ar8 subject lo specific condllions by donors that the capital must be mainlained by the Charily. 1.4 In¢ome Income is recognised when the Charity is legally entitled lo il afler any performance conditions have been mel, the amounts can be measured reliably. and il is probable Ihat income will be received. Cash don81ions are recognised on receipl. Other donations are recognised once the ChaTity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations recelved under Glft Ald or deeds of covenanl is recognised at the lime of Ihe donalion. Legacies are recognised on receipi or otheNise if the Charity has been notified of an impending distribution, Ihe amount Is known, and receipt Is expected. If the amount is nol known, the leg8Cy IS treated as a conungent asset. -30- HALIFAX OPPORTUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcl•s (Continued) 1.5 Expendlture Expendilure is recognised once there Is a legal OT constructive obligation to Iransfer economic benefit to 8 third paty. it is probable that a transfer of economic benefits will be required in setUern8nt, and the amount of the obligalion can be measured reliably. Expenditure is classified by aclivity. The cost5 of each activity are made up of the lolal of direct costs and shared cosls, Including support costs involved in undertakSng each activity. Direct costs attribulable to a slngle actlvlty are allocated directty to that aclivity. Shared costs which ¢onlrlbute to more than one actlvity and support Costs whlch are nol attributable to a single acllvity are apportioned b¢￿een th05e actlvitles on a basis consistent wlth the use of resource5. Cenlral staff costs are allocated on the basls of time spent, and depreclatlon charges are allocaled on Ihe portion of the asset's vse. 1.6 Tanglble flxed assets Tangible fixed assets are Initially measured at cost and subsequenlly measured at C05t or valuatlon, nel of deprocSalion and any impalrment losses. Depreciation is recognised so as lo wrlte off Ihe cost or valuation of assets less thelr residual valups over Iheif useful lives on th¢ following bases.. Leasehold land and buildings Flxtures and fittings Cornpulers Molor vehicles Kitchen equipmenl Office Equipmènt Over the lemi of the lease 15% on cost 33?A on cost 330A on cost 15Yo on cost 15% on cost The gain or Ioss 8ris5ng on the disposal of an assel is delefmined as the dIffe￿nCe betwegn the sale proce8ds and the carrying value of the asset, and is recognised in the slalement of financial activllles. 1.7 Fixed asset Investrnents Flxed assel investments are iniliaEly measured al transadlon price excluding transaction costs. end are subsequently measured at fair value al each reportlng date. Changes in fair value are recognised in nel incomel(expendilurel for the year. Transaclion cosls are expensed as Incurred. A subsidiary Is an entity controlled by Ihe Charlly. Control is power to govem the financial and operaling policies of the entity 50 as to obtain benefits from its acllvities. 1.8 Impairrnent of flxed assets At oach reporting end dale. the Charity reviews the carrying amounts of Ils tangible assels lo delemiine whether the￿ is any indication that those assets have suffered an impaim)enl Ioss. If any such inditalion exists, the recov8rablè amount of the assel Is esb'mated In order lo detemine the extent of the Impaimient loss (if any). 1.9 Cash and cash equlvalents Cash and cash equivalenls include cash in hand, deposits held at call with banks, other short-term liquid investments with original malurities of three months or less, and bank overdrafls. Bank overdrafts are shown within borrowings in current Ilabilities. 31 HALIFAX OPPORTUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢countlng pollcies IContinu6d} 1.10 Financial instruménts The Charity has elecled lo apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Othér Financi81 Instfumenls Issues, of FRS 102 to all of its financial instruments. Financial instruments are recogni5ed In Ihe Charity's balance sheet when Ihe Charlty becomes party io the ontra¢tual provislons of the instrument. Flnanclal assets and Ilabililies are offset, with Ihe net amounts presented in the financial statements, when Ihere Is a legally enforceable righl to set ofl the recognised amounts and there is an intention lo settle on a net ba51s or to rBalise the asset and setlle the liability sirnullaneously. 8asiG flnan¢lal assets Besic financial assels, which include debtors and cash and bank balances, are initially rneasured 81 transaction price includin9 transaction costs and are subsequently carried al amortised cost using the effective interest melhod unless the arrangement constllutes a financing tran5aclion. where the Iransaction is measured al Ihe pfesent value of the futurè receipts discounted at a maTkel rate of interest. Financial assets classified a5 receivable within one year are nol amortised. Basic financial Ilabllitles 8a51c financial liabilities. including credilors and bank loans are inillally recognised al transaction price unless the arrangement constitutes a financing Iransacllcn, where the debl Instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabililies dassifièd as payobl8 within one year are not amortised. Debt Instruments are subsequently carried al amortised cost, uslng Ihe effective inleresl rale methtjd. Trade creditors are obligations lo pay for goods or serylces Ihal have been acquired In the ordlnary course of operaliens from Suppliers. Amounts payable are classified as current liabllilies if payment is due wilhin one year or less. If not, Ihey are Presented as non-current liabililles. Trade crediloTS arè recognised Initially at transaction price and subsequently measured at amortised cost uslng the effective inleresl method. Derecognition of Ilnancial Ilabllltles Financial liabiltties are derecognlsed when the Charity's contractual obligations expire or are dlscharged or cancelled. 1,11 Employ•e beneflt5 The cost of any unusod holiday entstlement is recognised in the period in which the employee's servlces are received. Tofmination benefits are recogni5ed immediately as an expense when the Charity is demonstrably committed to terminate Ihe employment of an employee or lo provide temlnation benefits, 1.12 Retirement benef(ts Payments lo defined conlribulion retirement benefil schemes are charged as an expense as they fall due. -32- HALIFAX OPPORTUNITIES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estlmalès and Judgemenls In Ihe appllcalion of the group's a¢counU"ng policies. the trustees are required to makejudgements, ¢51imates and assump￿ons about the carrylng amount of assets and fiabililies that are not readily app31enl from other sourc*s. The estimates and assoclated a$sumptions are based on historical experience and other factors thai are considered to be relevanl, Actual results may differ from thèse eslimales.IIThe esb"mates and underfylng assumptions ale reviewed on an ongoing basis. Revlsions lo accounting estlmat6S are recognised in Ihe period in which the esl¥nate is revised where thè revlsion affecis onty th81 pa￿0d. Dr In the perlod of the revislon 8nd Iuiure periods where Ihe revision affects bolh curienl and future pefiods. Incoffle from donatton$ andlggacles Unrestricted Restricted lund$ funds 2025 202S Total Unrestylded Re8trict&d funds funds 2024 2024 Totsl 2025 2024 DonaJons and k9#eles Grants rec&iv8d 1,938 127,057 1.938 127,057 74 103,313 74 103,313 Total In¢omo 128,994 128,994 103,239 103.239 Grants racolvabl• for core actlvltles Nation81 Mllk Grant Scheme Slaylng Well Piolecl 1.070 125.987 1,070 125,987 2,069 101.244 2,069 101,244 127,057 127.057 103.313 103,313 33- HALIFAX OPPORTUNITIES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Incomo from charitsble a¢tiviti•s Provlslon of employrnen( èducation and training seryic•$ Provision of childcare and fafflily $upport $eNices Promotin9 MAna9emont he31th and adminlstTation wellbeing and mèmb¢rnhlp 2025 2025 2025 2026 2025 Chèfitsble aclivilies income 376,349 3.216.837 544.466 19.425 4.157.076 376.349 3.216.837 19.425 4,157,076 Anllysls by fund Unrestrictgd funds Reslricled fund¥ 44,090 332.260 3.221.379 4,542 166.289 378,177 19,424 3,451,182 70S,895 376.349 3,216,837 544,466 19.425 4.157,076 Provlslon ol Provlslofft of Promotlng 2024 Managemont 2024 Total 2024 2024 2024 Charilable activities income Managemenl fees reeeived fiorr 585.014 3.095,881 180,884 1,279 3,883,058 585,014 3.095,881 180,884 1,279 3,863,058 Analysls by fund Unrestrided fvnds Restricled funds 230.357 354,657 2.653,743 442,138 24,842 156.042 I,Q29 250 2.909,971 953,087 585,014 3,095,881 180,884 1,279 3,863,058 HALIFAX OPPORTUNITIES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 OthÈr tradlng activFtios Unrestricted lunds 2025 Unre$tri¢tsd funds 2024 HOT Enterprise¥ Limited 662.914 727,630 862,914 727,630 Income from Snvestments Unre$tri¢ted fund$ Vnr*¥trioled fun41$ 2024 2025 Interest fecelvable 20,267 19,840 20,267 19,840 -35- 4> TJ qi O It* Lb ljjgilialil: Iii k Il Ill HALIFAX OPPORTUNITIES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Other trading Costs Unre5trieled fund5 un￿$tri¢l¢d funds 2024 2025 HOT Enterprises Limited 865.018 641,367 665,018 641.367 Supporl costs ollo¢atgd la a¢tlvltF•s 202S 2024 Goveman¢& costs 89,354 32.488 AnJly8¢d between.. Provlslon of employment, educallgn tralning s•ryi¢es Provlslon of chlldcar8 and famlty support $8Mces PrornotlDg heallh and wellbeSng Manggemenl adrnlnlstr8lion and mernbeTship 16,276 11,538 3.000 7,993 9,957 73.078 89.3S4 32,488 10 Net mov¢m¢nt In fund8 2025 2024 The nel movemersl In fijnds Is slaled after charglngl{cfad•ting Fees payable for the audil of the charitls financial $l•lerntrnts - Audit sérvlces 08preaalioTr ol owned tanglble flxed a5Stts 12,074 103.264 12,649 e7,532 11 Truste¢s None of th• trusl8es (Dr any p8rsons connected wlh Iheml rgcelved any rernuneralion or benefi15 from the charlty duilng th¢ yoèr. Trustees indemnily Insurance ¢over iaduded ¥￿thIn ihe chariws rnain Insurance policy, huwtsver Ihe pre￿￿￿rn pald Is nol sep8ral¢ly Identifiable from the lolal c051 Incur￿1. Twslee$ expenses No trustee5 expense5 were pakl during the rtn8nci81 year. -37- HALIFAX OPPORTUNITIES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Employoes The averag¢ monthly numbei of employe95 during the year was.. 2025 Number 125 25 2024 Number 145 16 12 harilable Activitie5 AdmlnSstralive Governance 157 173 Employm•nt ¢08ts 2025 2024 Wages and salaries Spclal secuirty Costs Other pènsion cost5 3,225,371 285,686 88,174 2,975,735 226,829 77,482 3,579,231 3,280,046 rhe rernuneration of key management personnel was as lollows.. 2025 2024 Aggregate compensation 297.669 332,855 13 Taxatlon The charitylg exempt Ifom taxation on its activities because all ils income is 8pplied lor chantable purposes Tax ¢harges 5h¢)wn rel818 lo defeffed tsx and corporation lax applied lo the IradiryJ subsldiary HOT Enterprises Limited -38- az8 HALIFAX OPPORTUNITIES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Fixed asset IDvestment5 GROUP CHARITY 2025 2024 2025 2024 Market Value Al 1 April 2024 bnd 31 hA8rch 2025 101 101 Net Book Valu# Al 31 March 2024 and 31 March 202S 101 101 There were no Investment assets (MJt$lde Ihe UK. The compen￿3 tnvesknÈn18 al Ihe balancè sheet dèle irbdude Ih¥1gllowing Hanson Lane Enter Lirnlled rls• Cèn OT Ente rises LSmlttd Clas5 of Share % Holdlng Nature of buslness.. Ordlr*ary 100% Dormènl company Ordlnary 1 OQYO FrO￿&10n of hIgh￿Valty modem iikspa¢4. mm 31103125 31103124 31103125 31103124 Turnover Total Expenditure Taxation 7S8.413 1779,1361 5.330 816,278 1774,83S) (20,7YO) 115,3931 20.653 Donation lo parenl charfty (Pald In Yearl 115,3931 20,653 mma olas el and liabilities.. Assets 528,507 1362,5051 648,689 1367,2941 166.002 181.395 16 Debtors GROUP 2025 CHARITY 2025 2024 2024 Tra(Jo deblors Amounts owed by group underlakings Oihar deblor5 Prèpaymènts aThJ acmiod incom 124.096 284,226 62,501 203,300 275 63.782 218,367 165.238 275 79.941 44,744 37.0 204.97 f 328.970 329,838 420.660 -41- HALIFAX OPPORTUNITIES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ¢CONTINUED> FOR THE YEAR ENDED 31 MARCH 2025 17 Creditors GROUP 2025 CHARITY 2025 2024 2024 Other lax81ion dnd social securlty Trade Cfedilofs Other creditors A¢¢ru818 and delerFed In¢ome 53.528 122,259 37.770 806.356 9),950 60,685 9,827 6S2.012 53.S28 96,148 25.078 717.715 55,781 51,175 9,827 551,741 1.019.913 833.474 892.488 668,504 18 Provl$lon for Ilablitl•g GROUP 2025 CHARirY 2025 2024 2024 Deferred tsx 31.755 37,085 19 P•nsi¢n 8cheme liability GROUP 2026 CHARITY 2026 2024 2024 Penslon scheme Movftments on provl$ion$: GROUP CHARirY 2026 2025 2024 2024 At 1 April 2024 Other movements 87.000 87.000 87.OOD 87,000 At 31 March 2025 Retlrernent benefft Fchemo$ 202S 2024 2024 2023 Dgfined contribution $ch•m•$ Ch8rge to prof￿ or loss in respect of défined conlribution schen 83.099 77,482 77,482 81,357 The charity operales a defined conlribulion pen¥ion stheme for all qualifyiNJ empws. The assets ol Ihe sehome are held separately from th95e ol the charity in an independently administered lund -42- HALIFAX OPPORTUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Retirement beneflt schemes (Contlnued) The charity is a member of a defined benefrt scheme with The Wesl Yorkshire Pension Fund. The West Yorkshire Pension Fund Scheme is funded and contracted out of the stale scheme. The last tri- anntsal valuation of the scheme look place at 31 March 2022 and was undertaken by professlonally qualified acluaTies, AON Hewitt, using the projeGled unil method. The Charity has pald for a valuatton of its scheme os al 31 March 2025 and the figures below are based on Ihat valuation. The notional value of the liabilities of Ihe charity's share of the scheme at 31 March 2025 was £3.972,000 the present value of Ihe assets was £3.141,000 leaving a net pension surplus of £25B.000 3131 March 2025, after deducting unrecognised asset of £573,000. Contributions The emp5ciyer contributions made lo the scheme during the year were £Nil12024-. £Nil). £NII was unpaid at the year end. The employers regular contribulions to the Fund for the accounting period ending 31 March 2025 are esllmaled lo be £Nil. ss tions The lalesl actuarial valuation of the Charity's liabilities look place as al 31 March 2022. Liabilities have been estima18d by the independent qualified actuary on an aduarial basls using the projected unll cr8dit method. Tlie princip81 assumptions used by the actuary in updating the lalest valuation of the Fund for FRS 102 purposes were: 31 March 2025 {'A) 5.80 2.50 2.50 2.50 3.75 31 Mar h 2024 l°/tr) 4.80 2.60 2.60 2.60 3.85 Discount rat8 Inflation CPI Pension Sncreases Pension accounts revaluation rale Salary increases ectÉd return on assets The approxlmale split of assets for Ihe Fund as a whole (based on data supplied by the Fund Admlnislerlng Aulhorityl is shown in Ihe table below. Also shown are the assumed rate5 Of r81urn adopted by the Employer for the purposes of FRS 102. The charity employs 8 building block approach in determining the rale of relurn on Fund assels. Historical markets are sludied and assets wllh hlgher volatility are assumed lo generate higher returns consistent with widely accepted capital markel principles. The assumed rale of return on each asset class is SÈI oul within this note. The overall rate of return on assets is then derived by aggregating the expected retum for each assel class over Ihe actual assel allocation for the Fund al 31 Marth 2022. Assel splil al 31 March 2025 (•h> 79.3 Asset split at 31 March 2024 {°/o) 79.0 Equities Property Government bonds Corporate bonds Cash Other Average Return ITotal 100.00 100.OD -43- HALIFAX OPPORTUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Retlrement benefit schemes (Continued) Reconciliation of funded status lo Balance Sheet Value 2s at 31 March 2025 ooo. 3.972 (3,141) 831 (573) 258 Value as al M8Tch 2 24 £00 4,252 (4,170) 82 Fair value of as5els Presenl value of fvnded liabilities Penslon assel l (liability) before consideration of paragraph 41 Unrecognised asset due to limit in paragraph 41 Net pension ass8tl{liability) 82 Anal sls o rofit and loss ch Period endin 1 March 2025 Operatlng cost: Currenl service cost Past service cost Intere81 Cost Curtailment cost Settlement cost Finanelng cost.. Interesl on net defined benefrt liabillty l (asset) Penslon expense recognlsed In SOFA 40 (51 35 lo Ihe resent val eof b nefil obli alion Period endin 1 March 2025 OOO'S 4,170 40 Opening defin8d benefll obligation Current seNi¢e cost Inleresl expense on defined benefit obligation Conlributlons by participants AclLtarial (gains) I losses due to changes In flnancial assumptlons Actuarial (gains) I losses due to changes in demographic assumptions Actuarial (gains) I losse5 due to liab￿lty experience Net benefi15 paid out Past seNice cost Net increase in liabilities from disposals l acquisitions Curtallment cost Settlements Closlng deflned bonefit obllgatlon 13 {77) {29) (2181 12591 3,141 Chan e fair valu8 of assets Period endin 31 March 2025 OOO'S 4,268 199 (2491 Opening falr value of assets Interest In¢oma on assets Re-measuremenl gains l (losses) on assets Contribulions by the employer Contributions by partlclpanls Net benefits paid out Net increase in assets from disposals and acquisitions Settlements Closing fair value of assets 13 {2561 3.972 HALIFAX OPPORTUNITIES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Restrlcted fund$ The reslricled funds of the Cha￿ty Gomprise Ihe unexpended balances of donations and granls held on Ift￿1 subjtsct lo specifi conditions by dunors as lo how they may be used At l April 2024 Incomlng Resources Resources Transfers expended At 31 March 2025 Act￿& Calderdale ArchileGlyral Heritage Fund - QRNC Arches (Ernploymenll Buildlng Beller Qpportunilies- Hopeful Families Calfund Celebr8ting Cvlluf81 HamTh)ny, Qawall UKSPF Community Support Offi¢er PINS UKSPF Famity Hubs Elsle Whileley Innovation Centre ESOL.. Syrl8n Famlllas Food Parcel Delivery. Covld 19 Greener Together Groundwork. Steps lo work Groundwork- Make 51 work In¢luslv¢ Ec¢nomy Individual Fund Innovatlon Fund Insplre 1s010150ft Fund 1.955 10,000 (1,9551 110,0001 920 920 4,724 1.312 1.000 12) 113,5431 4,112 12.340) 124,213) 16.870) 140,521) 1,312 1.¢YJO 24.213 6,870 40.519 113.543) 9.001 4,8891 412.943 1412.9431 83.733 183,7331 2.254 14,956 3.148 2.254 14,956 3,146 1.149 {1,1491 4D.000 13.202 224 55,599 140,0001 113,2021 12241 155,599> 586 8.862 8,862 141 713 712 (122) Moemllllan Maximus MicTo Grants SWYPFr Moving FoThv8rd Togelher Mulllply NHS Hospllal Recrullrnenl Event Place Based Soclal Arlion Post Cancer Supptsrt Projects- Conllgency Pol SocSal Action Hub Slaying Well Project stop Smokiro Campalgn T8ndrusll Project The Buzz Projtscl Tho Spacè Rastrlck The Workshop Income Thriving Communities Partnership Furtdlng Together Calderdale Project UKSPF- Maln Contract UKSPF- UKSPF Plot lo Platè UKSPF - Financial Resilience UKSPF- Funded Boolhlown Community Event UKSPF- Wèlking Roule UKSPF-Cullural and Enterprise Funds UKSPF Queens Road Neighbourhood Cenlre UKSPF Boothtown Heritage Trail VCS- ESOL Ya8dein Community Fund 129.898 7,826 (3,0531 (130,0201 17.8261 13,663 279 10,630 279 1.724 {1.724} 2.250 2,250 54,669 10,632 7,454 154.6691 {10,6321 {3971 7,057 10,507 10.507 5.000 21,442 976 (8751 (21,4421 (9761 4,125 3,584 3,584 829 829 993 {4121 62.555 (9931 412 (62,5551 295 295 137) 1371 18,158 10.000 6.n7 102,012 78,400 19,005 7.477 118,1581 (10,0001 (6.7371 (102,0121 {82,8601 (19.005) 17.477} 1657) (4,4601 16571 484.319 815,248 .823,302 412.943 63,321 Jii.. Charity Group 484,319 71.376 815,248 815,248 823,302 823,302 412,943 63,321 63,321 -45- HALIFAX OPPORTUNITIES TRUST NofES TO THE CONSOLIDATED FINIANCIAL STATEMENTS (CONTINUED) FQR THEYEAR ENDED 31 MARCH 2024 20 RestrS¢ted funds (Cont1n￿ed) At q Aprll 2023 In¢oming Resources Resources Transfers expendtd At 31 klaTch 2024 Acllve Calderdale ARCF4ES IEmploymentl Building 8ell6r Opportuniiles- Hopelul Farn￿leS The Buzz Proltcl CAL ESOL Caifund CÈlebrntSng CulluTal Harmony, Qawall Cofftmunlly Organisers Connecling Opportunilies EEF Conlres . Jubilee hJurFery EEF Cenlres . Siddal Nlursery EEF Cenlres - Sowerby New Road Nusery DEFF EEF Cenlres . Todmorden NuYs8ry E15ie Whileley Innovalion Cenlre ESOL.. Syrian Families Food Parcel Dellvery. Covid 19 From HOT lo COLD . R8du¢ing our Cawbon F¢)ulptht Greener Together Grounob40rk - Slaps lo work Inclusive EcLinomy Individtjal Fund Innovallon Fund Inspir& Kl¢kstsrt Lillle Gems Nursery M8cmSllan Micro Granls SW