Peter Birtwistle Trust Financial Statements Year Ended 31 March 2025
Regulator of Social Housing registration number: 5086
Charity Commission registration number: 1183388
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Peter Birtwistle Trust
Financial Statements
Year Ended 31 March 2025
| Contents | |
|---|---|
| Page | |
| Registered Provider Information | 3 |
| Trustees’ Report | 4 - 9 |
| Independent Auditor’s Report | 10 - 12 |
| Statement of Comprehensive Income | 13 |
| Balance Sheet | 14 |
| Statement of Changes in Reserves | 15 |
| Statement of Cash Flows | 16 |
| Notes to the Financial Statements | 17 -24 |
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Peter Birtwistle Trust
Registered Provider Information
Year Ended 31 March 2025
| Charity Commission registration number | 1183388 |
|---|---|
| Regulator of Social Housing registration number | 5086 |
| Trustees of the board as at 31/03/25: | Mr A P Davies (retires 30/11/25) |
| Mr D Clegg (retires 30/11/25) | |
| Mr E R Dennison (retires 26/11/27) | |
| Mr H P Thomas (retires 30/09/28) | |
| Mrs M E C Thomas (retires 17/11/28) | |
| Mr M J Leedam (retires 30/11/25) | |
| Mr D Macro (retires 21/11/25) | |
| Mr D Fort (retires 26/11/27) | |
| Ms A Aldis (retires 04/04/26) | |
| Ms G L Gillett (retires 16/04/27) | |
| Mr P Mousdale (retires 28/01/28) | |
| Dr T A Pickles (retired 30/11/24) | |
| Executive Officer | Mrs A C Evans |
| Registered Office | 14 Keighley Road |
| Colne | |
| Lancashire | |
| BB8 0LJ | |
| Auditors | KM |
| Chartered Accountants | |
| 1stFloor, Block C | |
| The Wharf, | |
| Manchester Road | |
| Burnley | |
| Lancashire | |
| BB11 1JG |
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Peter Birtwistle Trust
Trustees’ Report
Year Ended 31 March 2025
The trustees of the Peter Birtwistle Trust present their report and the audited financial statements of the Registered Provider for the year ended 31 March 2025.
The Trust owns or leases 95 almshouse dwellings, a flat, offices and community centre, together with allotments in Colne, Lancashire.
The trustees of the board who have served during the year are listed on page 3. There was one change in the accounting period and no changes as of the date of signing these accounts.
The trustees met on five occasions in the year.
Charity objects
Peter Birtwistle Trust is a Foundation Charitable Incorporated Organisation (CIO). The charity (No 1183388) is governed by its constitution dated 13 May 2019 and as amended on 23 September 2020. The Peter Birtwistle Trust is a Registered Social Housing Provider (No 5086).
The objects of the Charity are:
The prevention or relief of poverty by the provision of social housing in the form of almshouse accommodation for poor persons who are aged 60 years or over and who (except in special cases to be approved by the Charity Commission) were either born in the area of benefit, or have resided in the said area for not less than ten years.
The area of benefit is the Town of Colne as constituted on 27 May 1918.
The trustees have continued to pursue these objects during the year.
Public benefit
The trustees have had due regard to the Charity Commission guidance on public benefit reporting in deciding what activities the charity should undertake.
The Trust fulfils its public benefit obligations in selecting residents who meet the following criteria:
Financial need Health needs State of existing accommodation External environment in which the person lives
Rents are maintained at an affordable level.
Housing Properties
Professional market valuations of the housing and other properties were undertaken during 2020 and 2021 which valued the 95 almshouses, community centre, office, flat and allotments at £7,965,000. However, as there is no intention to dispose of any of the properties, the net book value shown in the financial statements has been retained.
Reserves
Unrestricted revenue reserves amounting to £657,434 are held in the income and expenditure account as a working balance. The trustees consider £100,000 to be a minimum.
Designated reserves at 31[st] March 2025 are held as follows:
Fixed assets reserve, equivalent to the net investment in fixed assets by the Trust .
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Peter Birtwistle Trust
Trustees’ Report
Year Ended 31 March 2025
Major repairs reserve of £113,638 of which £100,000 has been designated to carry out repairs identified in the 2025 Quinquennial Survey and £13,638 to fund new monitoring equipment for the digital switchover.
Housing development reserve of £50,000 to carry out enquiries and investigations and begin work on new housing opportunities when they arise.
Site enhancement reserve of £27,937 to fund improvements to existing sites.
Risk Management
Risk assessment is carried out on an ongoing basis on all aspects of the charity’s activities and from this, systems and procedures are established to mitigate any risks that are identified. The properties are insured at replacement cost.
Investment Policy
The funds of the trust are invested in listed managed investment funds and cash reserves are held in building society and bank deposit accounts. The investment fund holdings provided income of £7,990 (2023/24 - £8,026) during the year and their market value between the balance sheet dates increased by £6,317 to £153,778. Interest received for the year was £21,155 (2023/24 - £14,376).
Governance
During the year, Dr Tony Pickles retired as a trustee. Tony’s commitment over his tenure as a trustee was much valued and his contributions at trustee and governance committee meetings will be missed.
There are four governance committees that report to the trustee body, each chaired by a trustee who has a particular interest and knowledge in the area covered and who is the primary contact for staff. All trustees sit on at least one governance committee. Terms of Reference are reviewed annually to ensure that all major areas of operation are covered.
Business Development Committee – investigate and evaluate new business opportunities. To oversee major repair and refurbishment projects including the Trust’s decarbonisation and sustainability strategies.
Finance Committee - oversee and monitor financial performance together with auditing the financial procedures and policies of the trust including statutory reporting requirements.
Appointments, Staffing and Complaints Committee - oversee the application and appointments process ensuring a fair system of property allocation. To regularly review membership of the board of trustees and the recruitment, training and wellbeing of Trust staff. The chair of this committee holds the position of Member Responsible for Complaints and supports the work of the Complaints Officer and the Appeals Officer.
Health and Safety Committee - review and monitor all areas of health and safety, insurance, cyber security, GDPR, DBS and safeguarding.
Regulator of Social Housing and Housing Ombudsman Reporting
The following documents can be found at www.peterbirtwistletrust.org.uk
2024/25 Tenant/Resident Satisfaction Measures 2024/25 Value for Money Metrics 2024/25 Complaint Handling Code Annual Self-Assessment Form 2024/25 Annual Complaints Performance and Service Improvement Report 2024/25 Trustee Statement
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Peter Birtwistle Trust
Trustees’ Report
Year Ended 31 March 2025
Review of the Year 2024/2025
Financial Performance
The Peter Birtwistle Trust reported a surplus on ordinary activities for the year ending 31[st] March 2025 of £74,040 (2024 - £153,381).
This figure reflects £113,250 spent from designated reserves during the year and an adjustment in the financial statements of £17,832 relating to the capital and interest payments made on the Pendle Borough Council loan between November 2020 and March 2024.
Income from social housing lettings increased by £44,227 to £476,708.
Expenditure on repairs and maintenance (including expenditure from designated reserves) increased by 105% to £191,185.
Cost of services (insurance, and alarms monitoring and callouts) to the almshouses increased by 10% to £21,537. Following a large rise in insurance costs in 2023/24, premiums held steady, but the large number of residents with complex medical and mobility needs resulted in an increase in expenditure on emergency home responders who are dispatched by the call centre at times when an ambulance is not necessary.
Staffing costs increased in line with wage and price increases set out in the approved budget for the year.
Borrowing costs remained constant with the Triodos mortgage and the Pendle Borough Council loan fixed at rates well below the current base rate.
Voids at £1,621 (0.35% of rent receivable) reflected a very quiet year and the efficient work of the senior housing officer and her team in carrying out safety checks and refurbishment necessary before letting vacant almshouses.
Repairs and Maintenance
Properties are refurbished as necessary when they become vacant. The Trust maintenance contractor oversees a small team of trusted local tradesmen who undertake gas, electric and joinery work. Designated reserves are held where major repairs/expenditure have been identified as itemised on pages 4 and 5. The 2025 Quinquennial Survey of the housing stock and grounds has been completed at Peter Birtwistle Close and Birtwistle Fold. The findings prompted the trustees to allocate £100,000 from reserves to fund improvements to the grounds, primarily comprising reflagging and a replacement programme of exterior doors to the bungalows.
Repairs to Boundary Walls and Associated Works at Peter Birtwistle Close
Work was completed satisfactorily during the year to the boundary walls at Peter Birtwistle Close. The trust gardeners have reinstated the grass area following work on the hard landscaping and drainage work undertaken as part of the contract. Expenditure during 2024/25 was £107,568 with total expenditure since the need for the work was first identified being £113,405.
Digital Switchover
Planned work to replace the trust’s stock of analogue careline alarms with digital models continued throughout the year. As reported last year, supply of new units remained a problem but happily the price of each new unit has fallen. At the time of writing 35 of the 67 units have been replaced.
Community Centre
Local groups continued to use the community centre. Income fell during the year by 21% to £2,506 (£3,034). A £500 Warm Space Grant from Lancashire County Council was used to cover cleaning, heating
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Peter Birtwistle Trust
Trustees’ Report
Year Ended 31 March 2025
and staffing costs associated with the fortnightly Warm Space (Winter) and Welcome Wednesday (Summer) sessions which are open to residents and the public. The Dab n Chat (bingo) run by trust staff remains very popular.
Business Development
As a relatively large almshouse charity, a Registered Provider of Social Housing and a member of the Housing Ombudsman Service, the Peter Birtwistle Trust is keen to support other almshouses and share good practice.
Trustees entered an agreement in November 2023 to provide clerking services to a fellow Colne based almshouse charity with 20 bungalows. The charity has a paid trust officer and caretaker, but the day to day administration is now undertaken by staff at the Peter Birtwistle Trust.
A further agreement was made in April 2025 to provide clerking services to a group of Yorkshire based almshouse charities which own and manage 18 bungalows. Given that the charities are run on a wholly voluntary basis, the Peter Birtwistle staff have been able to provide administration services as directed by the trustees and in particular establish a reliable communication channel between residents and trustees.
The Northwest Regional Almshouse Networking Day has now become an annual event which is viewed by both the Almshouse Association and the Peter Birtwistle Trust as a valuable networking event for trustees and staff. The 2024 meeting took place in November. Presentations on Health and Safety Essentials and Collaboration Opportunities were made.
The Peter Birtwistle Trust is currently pursuing one newbuild project.
Donations
The trust was grateful to Skipton Building Society for a donation of £400 which will be put towards a publicly accessible defibrillator at 14 Keighley Road.
Staffing
Following the appointment of an additional housing officer in April 2024, trustees decided to budget for a further administrative post in 2025/26. A new part time appointment was made in May 2025.
The senior housing officer has successfully obtained a Level 4 Chartered Institute of Housing qualification in Managing Housing Maintenance.
The trustees recognise the importance of regular training and refresher sessions. Delivery is via a variety of methods: on-site face-to-face training provided by specialist organisations including the trust’s health and safety consultants RADCaT Limited. remote learning via live webinars, toolbox talks by members of staff with specific responsibilities for health and safety.
Training undertaken by staff and trustees 2024/25
Health and Safety Essentials Introduction to Almshouses L8 Legionella Awareness Safeguarding Adults level 2 Social Media Awareness Age Friendly Homes and Connected Communities
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Peter Birtwistle Trust
Trustees’ Report
Year Ended 31 March 2025
Resident Engagement
During the year 5 properties became vacant and the Peter Birtwistle Trust welcomed a total of 5 new residents as beneficiaries of the trust. It is the policy of the trust to consider requests for transfers where existing residents’ mobility or personal circumstances have changed. This enables residents to continue to
live independently in the supportive environment provided by the trust. There was 1 internal transfer in 2024/25.
The results of the 2024/25 Tenant/Resident Satisfaction Measures and the Housing Ombudsman 2024/25 Submission have been posted on the trust website. Information regarding the reported documents was also included in the Summer Newsletter which is posted to all residents.
Customer satisfaction questionnaires are generated when non emergency responsive repairs are carried out by the trust’s regular contractors. During the year to 31/03/2025 a total of 21 questionnaires were returned, of which 100% rated the quality of work as good or very good. The questionnaires also encourage residents to comment on their experience of having a contractor in their home. Collection and analysis of this feedback enhances the RP01 and RP02 TSMs and allows the trust to identify any areas of underperformance or concern as well as the provision of good service.
A growing and important part of the trust’s work is to support new and existing residents with administrational tasks.This may include help with switching energy companies, applications for benefits or often a voice at the end of the phone to help with the practical problems of moving.
The trust newsletter is delivered in hard copy to all residents and is used to share information and advise on matters pertinent to residents such as updates to the Residents’ Handbook and Letter of Appointment. It is also a platform for residents to share creative writing.
The Peter Birtwistle Trust website went live in January 2025. The website provides regulatory and policy information and has opened up the trust to a wider audience including potential beneficiaries of the charity. The further development and augmentation of the website is an ongoing priority.
The trust will continue to provide paper copies of information to residents in parallel with the information contained on the website reflecting the number of residents who do not have regular access to online information.
Trustees’ responsibilities
The trustees are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
The Charities Act 2011 and registered social housing legislation require the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the provider and of its income and expenditure for that period.
In preparing these financial statements, the Board is required to:
-
select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the association will continue in business.
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Peter Birtwistle Trust
Trustees’ Report
Year Ended 31 March 2025
The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the association and enable it to ensure that the financial statements comply with Charities Act 2011 the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022. It has general responsibility for taking reasonable steps to safeguard the assets of the association and to prevent and detect fraud and other irregularities.
Approved by the trustees on 15 September 2025 and signed on their behalf by:
A P Davies Trustee
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Peter Birtwistle Trust
Independent Auditor’s Report to the Board of The Peter Birtwistle Trust
Year Ended 31 March 2025
Opinion
We have audited the financial statements of The Peter Birtwistle Trust (the ‘charity’) for the year ended 31[st] March 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Reserves and notes to the financial statements, 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:
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give a true and fair view of the state of the charity’s affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022.
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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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Peter Birtwistle Trust
Independent Auditor’s Report to the Board of The Peter Birtwistle Trust
Year Ended 31 March 2025
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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:
- a satisfactory system of control over transactions has not been maintained.
Responsibilities of the trustees
As explained more fully in the trustees’ responsibilities statement, 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 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 charity or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and section 136 of the Housing and Regeneration Act 2008 and report in accordance with regulations made under section 154 of the Charities Act 2011 and section 137 of the Housing and Regeneration Act 2008.
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 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the charity sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011;
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Peter Birtwistle Trust
Independent Auditor’s Report to the Board of The Peter Birtwistle Trust
Year Ended 31 March 2025
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• we identified laws and regulations which were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures on material balances for which robust, substantive analytical procedures have been undertaken to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and
• investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
KM Statutory Auditors & Chartered Accountants 1[st] Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG
15 September 2025
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Peter Birtwistle Trust
Statement of Comprehensive Income (Including Income and Expenditure Account)
Year Ended 31 March 2025
| Note Turnover 2 Administrative expenditure Other operating income 2 Operating surplus Income from fixed asset investments Interest receivable and similar income 4 Surplus on ordinary activities for the year before tax 5 Tax on surplus on ordinary activities 8 Surplus for the year after tax |
2025 Total £ 476,708 (450,202) 18,389 44,895 7,990 21,155 74,040 - 74,040 |
2024 Total £ 432,481 (316,988) 15,486 |
|---|---|---|
| 130,979 | ||
| 8,026 14,376 |
||
| 153,381 - 153,381 |
All of the activities of the charity are classed as continuing.
On behalf of the Trustees
A P Davies D Clegg Trustee Trustee
15 September 2025
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Peter Birtwistle Trust
Balance sheet
Year Ended 31 March 2025
| Note Fixed assets Tangible fixed assets 9,10 Current assets Investments 11 Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Total net assets Reserves Permanent endowment reserve 15 Investment revaluation reserve 15 Designated reserves 15 Income and expenditure reserve 15 Total Reserves |
2025 £ 3,509,666 153,778 18,967 795,105 967,850 (105,458) |
2024 £ 3,598,616 |
|---|---|---|
| 147,461 23,774 681,244 |
||
| 852,479 (107,833) |
||
| 862,392 | 744,646 | |
| 4,372,058 (1,780,615) 2,591,443 81,614 33,779 1,777,263 698,787 2,591,443 |
4,343,262 (1,832,176) |
|
| 2,511,086 | ||
| 81,614 27,462 1,818,615 583,395 2,511,086 |
The financial statements were approved and authorised for issue by the trustees on 15 September 2025.
Signed on behalf of the trustees by:
A P Davies D Clegg Trustee Trustee
The notes on pages 17 to 24 form part of these accounts.
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Peter Birtwistle Trust
Statement of Changes in Reserves
Year Ended 31 March 2025
At1 April 2023 Surplus for the year Revaluation of investments Total comprehensive income Transfers At31 March 2024 and 1 April 2024 Surplus for the year Revaluation of investments Total comprehensive income Transfers At31 March 2025 |
Income and expenditure reserve £ 414,214 153,381 - 153,381 15,800 583,395 74,040 - 74,040 42,400 699,835 |
Investment revaluation reserve £ 27,917 - (455) (455) - 27,462 - 6,317 6,317 - 33,779 |
Designated reserves £ 1,834,415 - - - (15,800) 1,818,615 - - - (42,400) 1,776,215 |
Endowment reserve £ 81,614 - - - - 81,614 - - - - 81,614 |
Total £ 2,358,160 153,381 (455) |
|---|---|---|---|---|---|
| 152,926 - |
|||||
| 2,511,086 74,040 6,317 |
|||||
| 80,357 - |
|||||
| 2,591,443 |
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Peter Birtwistle Trust
Statement of Cash Flows
Year Ended 31 March 2025
| Note Cash flow from operating activities 16 Net cash flow from operating activities Cash flow from investing activities Payments to acquire tangible fixed assets Grants received Interest received Dividends received Net cash flow from investing activities Cash flow from financing activities Receipt of new long-term loans Repayment of long term loans Interest paid Net cash flow from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 April 2024 Cash and cash equivalents at 31 March 2025 Cash and cash equivalents consists of: Cash at bank and in hand Cash and cash equivalents at 31 March 2025 |
2025 £ 106,169 106,168 - - 21,155 7,990 29,145 - (56,642) 35,189 (21,453) 113,861 681,244 795,105 795,105 795,105 |
2024 £ 188,296 |
|---|---|---|
| 188,296 | ||
| - - 14,376 8,026 |
||
| 22,402 | ||
| - (56,640) 13,606 |
||
| (43,034) | ||
| 167,664 513,580 681,244 681,244 681,244 |
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Peter Birtwistle Trust
Notes to the Financial Statements
Year Ended 31 March 2025
1 Summary of significant accounting policies
(a) General information and basis of preparation
The Peter Birtwistle Trust is a registered charity, a private registered provider of social housing in the United Kingdom. The address of the registered office is given in the Registered Social Housing Provider information on page 3 of these financial statements. The nature of the Registered Social Housing Provider’s operations and principal activities are the provision of almshouses for poor persons or married couples who are aged 60 years or over, and who (except in special cases to be approved by the Charity Commission) were either born in the area of benefit or have resided in the said area for not less than 10 years, and the provision of a community centre for use of the residents of the almshouses of the charity and other poor aged persons resident in the area of benefit.
The Registered Social Housing Provider constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2014, and with the Accounting Direction for private registered providers of social housing in England 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Tangible fixed assets
Tangible fixed assets (including social housing properties) are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, development costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capitalised when it results in incremental future benefits such as increasing rental income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
| Land | Nil |
|---|---|
| Housing properties | 2% per annum straight line |
| Properties for non-social housing lettings | 2% per annum straight line |
The useful economic lives of all tangible fixed assets are reviewed annually.
(c) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.
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Peter Birtwistle Trust
Notes to the Financial Statements
Year Ended 31 March 2025
(d) Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
(e) Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.
(f) Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date.
If such indication exists, the recoverable amount is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in expenditure through the statement of comprehensive income.
(g) Provisions
Provisions are recognised when the Registered Social Housing Provider has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Provisions for cyclical maintenance or major works to existing stock are not made unless they represent commitments or obligations at the Balance Sheet date where there is no discretion to avoid or delay the expenditure.
(h) Turnover and other income
Turnover is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of turnover are as follows:
Turnover represents contributions receivable net of losses from voids. Turnover arises entirely within the United Kingdom.
(j) Employee benefits
When employees have rendered service to the Registered Social Housing Provider, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
(k) Endowment Reserves
Endowment reserves are those reserves which are only expendable in accordance with the wishes of the funder. Endowment funds represent those assets which must be held permanently. Revenue and expenditure cannot be directly set against endowment reserves but is taken through the statement of comprehensive income and then a transfer to endowment reserves is made as appropriate.
Judgements and key sources of estimation uncertainty
Judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities
18
Peter Birtwistle Trust
Notes to the Financial Statements
Year Ended 31 March 2025
that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation
The depreciation expense is the recognition of the decline in the value of the asset and allocation of the cost of the asset over the periods in which the asset will be used. Judgements are made as to the estimated useful life of the assets; these are regularly reviewed to reflect the changing environment.
2 Turnover, cost of sales, administrative expenditure and operating surplus
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Administrative | Operating | Operating | |||
| Turnover | Expenditure | Surplus | Surplus | ||
| £ | £ | £ | £ | ||
| Social housing lettings | 476,708 | (450,203) | 26,505 | 115,493 | |
| Other operating income | 18,389 | - | 18,389 | 15,486 | |
| Total | 495,097 | (450,203) | 44,894 | 130,979 | |
| 3 | Accommodation owned and in management | ||||
| Number of | Number of | ||||
| units at | units at | ||||
| 31 March | 31 March | ||||
| 2025 | 2024 | ||||
| Completed units: | |||||
| General needs housing let at social rent | 95 | 95 | |||
| Units under development | |||||
| General needs housing let at social rent | - | - | |||
| 95 | 95 | ||||
| 4 | Interest and other finance income and | charges | |||
| a) Interest receivable and similar income | |||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Bank interest receivable | 21,155 | 14,376 |
19
Peter Birtwistle Trust
Notes to the Financial Statements
Year Ended 31 March 2025
b) Interest payable and similar charges
| Bank loan interest 5 Surplus on ordinary activities Surplus on ordinary activities is stated after charging / (crediting): Depreciation of tangible fixed assets Amortisation of Social Housing Grant Profit / (loss) on fair value movement of investments Auditors remuneration |
35,189 13,606 |
|---|---|
| 2025 2024 £ £ 88,950 88,950 (33,276) (33,276) 6,317 (455) 4,200 4,200 |
6 Key management personnel remuneration
Key management personnel is defined as the trustees of the charity. Key management personnel neither received nor waived any remuneration during the year (2024: £Nil).
7 Staff costs
Total number of employees during the year was 7 (2024 – 8). The average number of employees, calculated on a full time equivalent was 4 employees (2024 - 3). There are no employees who received more than £60,000 as their employee package.
8 Tax
The Peter Birtwistle Trust is a Registered Charity, and is, therefore, exempt from liability to taxation on its income and capital gains.
9 Tangible fixed assets – housing properties
| Cost: At 1 April 2024 Additions At 31 March 2025 Depreciation: At 1 April 2024 Charge for year At 31 March 2025 Net book value: At 31 March 2025 At 31 March 2024 |
Freehold Housing Properties For letting £ Housing Properties Under Construction £ Total £ 4,355,102 - 4,355,102 - - - |
|---|---|
| 4,355,102 - 4.355,102 |
|
| 828,293 - 828,293 87,103 - 87,103 |
|
| 915,396 - 915,396 |
|
| 3,439,706 - 3,439,706 |
|
| 3,526,809 - 3,526,809 |
20
Peter Birtwistle Trust
Notes to the Financial Statements
Year Ended 31 March 2025
10 Tangible fixed assets – other
| Cost or valuation: At 1 April 2024 and 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 |
Freehold land and buildings £ 92,350 |
|---|---|
| 20,543 1,847 |
|
| 22,390 | |
| 69,960 | |
| 71,807 |
11 Fixed asset investments
| At valuation At 1 April 2024 Additions Disposals Revaluation At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 |
Listed and unlisted investments Total £ £ 147,461 147,461 - - - - 6,317 6,317 |
|---|---|
| 153,778 153,778 |
|
| 153,778 153,778 |
|
| 147,461 147,461 |
The fair value of listed investments is determined by reference to the quoted price at the year end.
12 Debtors
| Rent arrears Social Housing Grants receivable Prepayments and accrued income |
2025 2024 £ £ 7,783 12,416 - - 11,184 11,358 |
|---|---|
| 18,967 23,774 |
21
Peter Birtwistle Trust
Notes to the Financial Statements
Year Ended 31 March 2025
13 Creditors: amounts falling due within one year
| Trade creditors Rents paid in advance Flat tenants deposit Service charge creditor Almshouses Association loan Triodos Bank loan Pendle Borough Council loan Wages HMRC Paye Nest pension Accruals and deferred income Deferred income – Social Housing Grants reditors: amounts falling due after more than one year Almshouses Association loan Triodos Bank loan Pendle Borough Council loan Deferred income: Social Housing Grants (original developments) Deferred income: Social Housing Grants (2018/19 developments) Deferred income: Social Housing Grants (Market Street) |
2025 2024 £ £ 12,376 11,996 1,578 1,198 300 300 5,569 6,510 10,000 10,000 7,312 7,044 22,815 26,250 6,206 6,654 1,462 88 365 317 4,200 4,200 33,276 33,276 |
|---|---|
| 105,459 107,833 |
|
| 2025 2024 £ £ 10,000 20,000 137,111 144,424 408,090 409,062 332,734 345,855 292,320 299,280 600,360 613,555 |
|
| 1,780,615 1,832,176 |
14 Creditors: amounts falling due after more than one year
The Triodos Bank and Pendle Borough Council loans are secured on the properties owned by the charity.
15 Reserves
a) Permanent endowment fund
| Balance brought forward Movement in the year Balance at 31 March 2025 b) Investment revaluation reserve Balance brought forward Revaluation of investments Balance at 31 March 2025 |
2025 2024 £ £ 81,614 81,614 - - |
|---|---|
| 81,614 81,614 |
|
| 2025 2024 £ £ 27,462 27,917 6,317 (455) |
|
| 33,779 27,462 |
22
Peter Birtwistle Trust
Notes to the Financial Statements
Year Ended 31 March 2025
| c) Designated reserves Housing development reserve: Balance brought forward Transfer from / (to) the Income and Expenditure Account Balance at 31 March 2025 Fixed assets reserve: Balance brought forward Transfer from the Income and Expenditure Account Transfer (to) / from the Income and Expenditure Account Balance at 31 March 2025 Major repair reserve: Balance brought forward Transfer (to) / from the Income and Expenditure Account Balance at 31 March 2025 Site enhancement reserve: Balance brought forward Transfer (to) / from the Income and Expenditure Account Balance at 31 March 2025 Total designated reserves |
2025 2024 £ £ 50,000 50,000 - - |
|---|---|
| 50,000 50,000 |
|
| 2025 2024 £ £ 1,618,063 1,628,855 - - (32,375) (10,792) |
|
| 1,585,688 1,618,063 |
|
| 2025 2024 £ £ 123,663 125,560 (10,025) (1,897) |
|
| 113,638 123,663 |
|
| 2025 2024 £ £ 26,889 30,000 1,048 (3,111) |
|
| 27,937 26,889 |
|
| 2025 2024 £ £ 1,777,263 1,818,615 |
23
Peter Birtwistle Trust
Notes to the Financial Statements
Year Ended 31 March 2025
d) Income and Expenditure reserve
| ) Income and Expenditure reserve | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Balance brought forward | 583,395 | 414,214 |
| Surplus for the year | 74,040 | 153,381 |
| Net transfer (to) / from: | ||
| Housing development reserve | - | - |
| Fixed assets reserve | 32,375 | 10,792 |
| Major repairs reserve | 10,025 | 1,897 |
| Site enhancement reserve | (1,048) | 3,111 |
| Balance at 31 March 2025 | 698,787 | 583,395 |
| conciliation of operating surplus to cash flow from operating activities | ||
| 2025 | 2024 | |
| £ | £ | |
| Surplus for the year | 74,040 | 153,381 |
| Interest received and investment income | (29,145) | (22,402) |
| Depreciation and impairment of tangible fixed assets | 88,950 | 88,950 |
| Amortisation of grants | (33,276) | (33,276) |
| Proceeds of sale of tangible fixed assets | - | - |
| Proceeds of sale of investments | - | - |
| Decrease / (Increase) in trade and other debtors | 4,807 | (3,687) |
| (Decrease) / Increase in trade and other creditors | 793 | 4,130 |
| Net cash flow from operating activities | 106,169 | 188,296 |
16 Reconciliation of operating surplus to cash flow from operating activities
17 Pensions and other post-retirement benefits
Defined contribution pension plans
The Registered Social Housing Provider operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £1,605 (2024 - £1,425).
18 Capital funding and commitments
| apital funding and commitments | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Capital expenditure that has been contracted for but has not been | ||
| provided for in the financial statements | - | - |
| Capital expenditure that has been authorised by the Board but | ||
| has not yet been contracted for | - | - |
24