## **Colonel Slater Homes Financial Statements Year Ended 31[st ] March 2025** Regulator of Social Housing registration number: A5168 Charity registration number: 1189922 1 ## **Colonel Slater Homes** ## **Financial Statements** ## **Year Ended 31[st] March 2025** |**Contents**|| |---|---| ||**Page**| |Registered Social Housing Provider Information|3| |Trustees Report|4 - 6| |Independent Accountant’s Report to the Trustees|7| |Statement of Comprehensive Income|8| |Balance Sheet|9| |Statement of Changes in Reserves|10| |Statement of Cash Flows|11| |Notes to the Financial Statements|12 - 19| 2 **Colonel Slater Homes** ## **Registered Social Housing Provider Information** **Year Ended 31[st] March 2025** **Charity registration number** 1189922 **Regulator of Social Housing registration** A5168 **number Trustees** Mr Roger Frost Mrs Anne Kelly (resigned 22[nd] May 2025) Ms Michelle Naylor (resigned 29[th] May 2025) Mr Ian Holt Mrs Marie Kinnear Mr Mark Heaton (appointed 8[th] May 2025) **Secretary/Clerk to the Trustees** Mr Mark Heaton **Registered office** 1[st] Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 2AZ **Reporting Accountant** Azets Holdings Limited Crown House Bridgewater Close Network 65 Business Park Burnley Lancashire BB11 5TE **Solicitor** Smith Sutcliffe 50 Manchester Rd Burnley Lancashire BB11 1HJ ## **Bankers** HSBC 12 Manchester Road Burnley Lancashire BB11 1JH Unity Trust Bank plc 4 Brindley Place Birmingham B1 2JB 3 ## **THE COLONEL SLATER HOMES** ## **THE REPORT OF THE TRUSTEES** ## **YEAR ENDED 31ST MARCH 2025** The Trustees of Colonel Slater Homes present their report, and the unaudited financial statements of the Registered Social Housing Provider for the year ended 31[st] March 2025. ## **Trustees of the charity** The Trustees of the Charity who have served during the year are listed on the Registered Social Housing Provider information page. ## **Charity objective and Public Benefit Statement** The principal activity of the charity is the provision of residences for persons in need from the Burnley area. The Trustees of the Charity have continued to pursue these aims in the year. The Trustees have had due regard to the Charity Commission guidance on public benefit reporting in deciding what activities the charity should undertake. The charity fulfils its public benefit obligations in selecting residents who fulfil 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. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The Charity is governed by its constitution dated 12[th] June 2020 and amended 20[th] July 2022. This replaced the former unincorporated charity (221803) of the same name, now deregistered. Trustees are appointed as needed from the local community and meet regularly. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Repairs to Properties** Repairs of a minor nature to the properties have been ongoing throughout the year and continue to be made. Ongoing work on the properties will be continued to ensure that they remain of a high standard. The roofs of 6 properties will be completely refurbished in the year to 31 March 2026 at an estimated total cost of £93,000. 4 **Colonel Slater Homes** ## **Board Report** ## **Year Ended 31[st] March 2025** ## **FINANCIAL CONTROL** The Trustees and Secretary continue to refine and improve the Financial Reporting and Controls, including regular reporting, investment monitoring and similar tasks, all appropriate to the organisation. ## **RISK MANAGEMENT** The Trustees have undertaken a policy of risk management and have endeavoured to ascertain the likely risks that they are subject to and have considered appropriate policies to deal with the risks which are foreseeable in relation to the operation of Colonel Slater Homes. ## **VALUE FOR MONEY** The RSH has issued a Value for Money Standard (‘VFM’) and a supporting Code of Practice that applies to all private registered providers of social housing (‘RPs’). RPs must include evidence in these financial statements to enable stakeholders to understand: Performance against its own VFM targets and any metrics set out by the regulator and how that performance compares to its peers. Measurable plans to address any areas of underperformance. The last 3 years’ metrics are set out below with explanations. We aim in this coming year to set out our own targets and to seek out comparisons with other similar RPs. |VFM Metric|2024/25|2023/24|2022/23| |---|---|---|---| |Reinvestment %|-|-|-| |New Supply Delivered %|-|-|-| |Gearing %|N/A|N/A|N/A| |Interest Cover-EBIDA MRI %|N/A|N/A|N/A| |Headline Social Housing Cost per unit £|£4,455|£2,602|£4,033| |Operating Margin %|-32|17|-26| |Return on Capital Employed %|-2|1|-1| Reinvestment % - this relates to new development and work to existing properties as a percentage of the value of total properties held. This fluctuates due to amounts spent on major repairs. New Supply delivered – there has been no new supply delivered. Gearing % is a ratio of net debt against housing net book value. This is not applicable as the charity does not have any debt. Interest cover (earnings before interest, depreciation and amortisation) is not applicable as the charity does not have any debt. Headline Social Housing cost per unit and operating margin percentage fluctuate due to the amounts spent on major repairs which is cyclical. Return on capital employed measures the efficiency of capital resources (operating surplus as a percentage of Total assets less current liabilities) and again is affected by major repairs. ## **HOUSING PROPERTIES** In the opinion of the Trustees, the market value of the housing properties of the trust are in excess of the net book value shown in the financial statements. However, as there is no intention to dispose of the properties, no professional valuation has been obtained. The title to the Charity's properties has been registered in the year under reference number LAN46297. 5 **Colonel Slater Homes** ## **Board Report** ## **Year Ended 31[st] March 2025** ## **RESERVES** Unrestricted revenue reserves amounting to £121,300 (2024 - £120,831) are held to cover budgeted expenses in a year and to assist in the financing of the future operations of the charity as detailed above. Designated reserves are held for the purposes specified in the accounting policies. ## **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; - make judgements and estimates that are reasonable and prudent; - 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. 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. On behalf of the trustees Mr M Heaton Trustee 7[th] August 2025 6 Colonel Slater Homes Aecountant's report to the Trustees on the unauditèd accounts of Colonel Slater Homes Year Ended 315t March 2025 We report on the accounts for the year ended 31 El March 2025, sel out on pages 8 10 19. Respectivo r8sponsibilitios of the Board and reporting accountsnts Th8 Trustees of the Registered Social Housing Provider are responsible for the preparation of the a¢¢ounls, and they consider th21 the Registered Social Housing Provider is exempl from an audil.11 is our responsibility to carry out procedures designed lo enable us lo report oui opinion. Basis of opinion Our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion. Opinion In our opinion- the accounts for year ended 31 St March 2025 are in accordance with the accounting records kept by the Registered Social Housing Provider under paragraph 13512llal of the Housing and Regeneration Act 2008., having regard only lo. and on the basis of the information contained in the accounting records.. the accounts comply with the requirements of the charit￿ Act 2011.. the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31 St March 2025 specrfied in section 136131 of the Housing and Regeneralth Act 2008", the accounts comply with the requirements of the Housing and Regeneration Act 2008 and the Accounting Direction for prlvate registered providers of social housing in England 2022. Azets Holdings Limited Reporting Accountant Crown House Bridgewaler Close Ne￿ork 65 Business Park Burnley Lancashire B8115TE 101h September 2025 **Colonel Slater Homes** ## **Statement of Comprehensive Income (Including Income and Expenditure Account)** ## **Year Ended 31[st] March 2025** |Note
**Turnover**
2
**Gross surplus**
Administrative expenditure
2
Void losses
2
Other operating income
**Operating (Deficit) / Surplus**
Income from fixed asset investments
Interest receivable and similar income
5
**(Deficit) / Surplus on ordinary activities for**
**the year before tax**
Taxation
9
**(Deficit) / Surplus for the year after tax**
**Total comprehensive income for the year**|Continuing
operations
2025
Total
£
£
40,711
40,711
53,577
53,577
-
-
-
-
(12,866)
(12,866)
10,637
10,637
2,144
2,144
(85)
(85)
-
-
(85)
(85)
(85)
(85)|Continuing
operations
2024
Total
£
£
39,997
39,997| |---|---|---| |||39,997
39,997
(33,206)
(33,206)
-
-
-
-| |||6,791
6,791
10,324
10,324
1,626
1,626| |||18,741
18,741| |||-
-| |||18,741
18,741| |||18,741
18,741| On behalf of the Trustees Mr M Heaton Mrs M Kinnear Trustee Trustee 7[th] August 2025 8 **Colonel Slater Homes** ## **Balance sheet** ## **Year Ended 31[st] March 2025** |Note
**Fixed assets**
Tangible fixed assets
10
Investments
11
**Current assets**
Debtors
12
Investments
13
Cash at bank and in hand
**Creditors: amounts falling due within one year**
14
**Total assets less current liabilities**
**Creditors: amounts falling due after one year**
15
**Total net assets**
**Reserves**
Income and expenditure reserve
16
Investment revaluation reserve
16
Designated reserve
16
Endowment reserve
16
**Total Reserves**|2025
£
91,280
121,956
213,236
725
417,679
131,479
549,883
(4,912)
758,207
(74,810)
683,397
121,300
327,025
112,908
122,164
683,397|2024
£
95,396
115,454| |---|---|---| |||210,850
315
430,765
131,420| |||562,500
(4,912)| |||768,438
(78,372)| |||690,066| |||120,831
340,111
113,462
115,662| |||690,066| The financial statements were approved and authorised for issue by the trustees on 7[th] August 2025. Signed on behalf of the trustees Mr M Heaton Trustee The notes on pages 12 to 19 form part of these accounts. 9 ## **Colonel Slater Homes** ## **Statement of Changes in Reserves** ## **Year Ended 31[st] March 2025** |
**At 1st April 2023**
Surplus for the year
**Total comprehensive**
**income**
Unrealised surplus on
investments
At 31stMarch 2024**and 1st**
**April 2024**
(Deficit) for the year
**Total comprehensive**
**income**
Unrealised surplus/(deficit)
on investments
At**31st March 2025**|Income and
expenditure
reserve

£
101,536
19,295
19,295
-
120,831
469
469
-
121,300|Investment
revaluation
reserve
£
307,132
-
-
32,979
340,111
-
-
(13,086)
327,025|Designated
reserves
£
114,016
(554)
(554)
-
113,462
(554)
(554)
-
112,908|Endowment
reserve
£
98,170
-
-
17,492
115,662
-
-
6,502
122,164|Total
£
620,854
18,741| |---|---|---|---|---|---| ||||||18,741| ||||||50,471| ||||||690,066
(85)| ||||||(85)
(6,584)| ||||||683,397| 10 **Colonel Slater Homes** ## **Statement of Cash Flows** |**Year Ended 31st March 2025**
Note
**Cash flow from operating activities**
17
Interest paid
Taxation paid
**Net cash flow from operating activities**
**Cash flow from investing activities**
Interest received
Dividends received
**Net cash flow from investing activities**
**Cash flow from financing activities**
**Net cash flow from financing activities**
**Net (decrease) / increase in cash and cash equivalents**
**Cash and cash equivalents at 1st April 2024**
**Cash and cash equivalents at 31st March 2025**
**Cash and cash equivalents consists of:**
Cash at bank and in hand
**Cash and cash equivalents at 31st March 2025**|2025
£
(12,722)
-
-
(12,722)
2,144
10,637
12,781
-
-
59
131,420
131,479
131,479
131,479|2024
£
6,357
-
-| |---|---|---| |||6,357| |||1,626
10,324| |||11,950| |||-| |||-| |||18,307
113,113| |||131,420| |||131,420| |||131,420| 11 **Colonel Slater Homes** ## **Notes to the Financial Statements** ## **Year Ended 31[st] March 2025** ## **1 Summary of significant accounting policies** ## **(a) General information and basis of preparation** Colonel Slater Homes 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 provision of residences for persons in need from the Burnley area. 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 2008 The financial statements have been prepared on a going concern basis under the historial 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. ## **(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, developments 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: Freehold buildings 2% 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. ## **(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. 12 **Colonel Slater Homes** ## **Notes to the Financial Statements** ## **Year Ended 31[st] March 2025** ## **(e) 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. ## **(f) 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. ## **(g) Tax** The Charity is exempt from liability to taxation on its income and capital gains. ## **(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 rental and service charges income receivable in the year. ## _Interest and dividends receivable_ Interest and dividend income is recognised as the Registered Social Housing Provider’s right to receive payment is established. ## **(i) 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. ## **(j) Government grants** Government grants are received in respect of Social Housing. These grants are recognised at the fair value of the asset received or receivable. Where the assets are accounted for using the cost model then the government grant is accounted for using the accruals model. The difference between the fair value of the asset and the consideration is recognised as a liability and amortised over the useful economic life of the asset. 13 **Colonel Slater Homes** ## **Notes to the Financial Statements** ## **Year Ended 31[st] March 2025** ## **2 Turnover, cost of sales, administrative expenditure and operating surplus / (deficit)** |Social housing lettings
Void losses
Total|Turnover
£
40,711
-
40,711|2025
Administrative
Expenditure
£
(53,577)
-
(53,577)|Operating
surplus /
(deficit)
£
(12,866)
-
(12,866)|2024| |---|---|---|---|---| |||||Operating
surplus /
(deficit)| |||||£
6,791
-| |||||6,791| ## **3 Particulars of turnover and administrative expenditure from social housing lettings** |**Turnover**
Rent receivable
**Turnover from social housing lettings**
**Administrative expenditure**
Management
Service charge costs
Routine maintenance
Legal fees
Depreciation of housing properties
Amortisation of social housing grant
**Administrative expenditure on social housing**
**lettings**
Void losses
**Operating (deficit) / surplus on social housing**
**lettings**|General
needs
housing
£
40,711
40,711
18,046
4,015
30,962
-
4,116
(3,562)
(53,577)
-
(12,866)|2025
Total
£
40,711
40,711
18,046
4,015
30,962
-
4,116
(3,562)
(53,577)
-
(12,866)|2024
Total
£
39,997| |---|---|---|---| ||||39,997
12,523
3,666
16,103
360
4,116
(3,562)| ||||(33,206)| ||||-| ||||6,791| 14 **Colonel Slater Homes** ## **Notes to the Financial Statements** ## **Year Ended 31[st] March 2025** **4 Accommodation owned and in management** |Completed units:
Housing for older people
**5**
**Interest and other finance income and charges**
a) Interest receivable and similar income
Bank interest receivable
**6**
**Surplus on ordinary activities**
Surplus on ordinary activities is stated after charging / (crediting):
Depreciation of tangible fixed assets
Gain / (loss) on fair value movement of investments|**Number of**
**units** **at**
**31st March**
**2025**

11
11
2025
£
2,144
2,144
2025
£
4,116
(6,584)|**Number of**
**units** **at**
**31st March**
**2024**
11
11
2024
£
1,626
1,626
2024
£
4,116
50,471|**Number of**
**units** **at**
**31st March**
**2024**
11
11
2024
£
1,626
1,626
2024
£
4,116
50,471| |---|---|---|---| ||||| ||||| ||||1,626| ||||2024
£
4,116
50,471| ## **7 Trustee and key management personnel remuneration** Trustee and key management personnel neither received nor waived any remuneration during the year (2024: Nil). ## **8 Staff costs** There are no employees. ## **9 Tax** Colonel Slater Homes is a Registered Charity and is therefore exempt from liability to taxation on its income and capital gains. 15 **Colonel Slater Homes** ## **Notes to the Financial Statements** ## **Year Ended 31[st] March 2025** ## **10 Tangible fixed assets – housing properties** |The net book value of land and buildings comprised:
Land and buildings:
Freehold
Cost:
At 1stApril 2024 and 31stMarch 2025
Depreciation:
At 1stApril 2024
Charge for year
At 31stMarch 2025
Net book value:
At 31stMarch 2025
At 31stMarch 2024|Housing
properties
for letting
£
205,812|Housing
properties
for letting
£
205,812|2024
£
95,396
Total
£
205,812
110,416
4,116
114,532
91,280
95,396| |---|---|---|---| |||110,416
4,116|| |||114,532|| |||91,280|| |||95,396|| ||||| |||2025
£
91,280
91,280|| ||||95,396| 16 **Colonel Slater Homes** ## **Notes to the Financial Statements** ## **Year Ended 31[st] March 2025** ## **11 Fixed asset investments** |Valuation
At 1stApril 2024
Increase in valuation
Disposals
Revaluation
At 31stMarch 2025
Impairment
At 1stApril 2024
Written off
Written back
Eliminated on disposals
At 31stMarch 2025
Carrying amount:
At 31stMarch 2025
At 31stMarch 2024|Listed
investments
115,454
6,502
-
-
121,956
-
-
-
-
-
121,956
115,454|Total
£
115,454
6,502
-
-| |---|---|---| |||121,956| |||-
-
-
-| |||-| |||121,956| |||115,454| The fair value of listed investments is determined by reference to the quoted price at the year end. ## **12 Debtors** |Trade debtors (gross social housing rent arrears)
Prepayments and accrued income
**13**
**Current asset investments**
Listed investments
Increase / (decrease) in valuation|2025
£
-
725
725
2025
£
430,765
(13,086)
417,679|2024
£
-
315| |---|---|---| |||315| |||2024
£
397,786
32,979| |||430,765| The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. 17 **Colonel Slater Homes** ## **Notes to the Financial Statements** ## **Year Ended 31[st] March 2025** |**14**
**Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income
**15**
**Creditors: amounts falling due after one year**
Accruals and deferred income
**16**
**Reserves**
**a) Designated reserves**
**Cyclical repairs & maintenance reserve:**
Balance at 31stMarch 2024 & 2025
**Property reserve:**
Balance brought forward
Transfer to the income and expenditure account
Balance at 31stMarch 2025
Total designated reserves|2025
£
-
4,912
4,912
2025
£
74,810
74,810
2025
£
100,000
2025
£
13,462
(554)
12,908
112,908|2024
£
-
4,912| |---|---|---| |||4,912
-| |||2024
£
78,372| |||78,372| |||2024
£
100,000| |||2024
£
14,016
(554)| |||13,462| |||113,462| 18 **Colonel Slater Homes** ## **Notes to the Financial Statements** ## **Year Ended 31[st] March 2025** |**b) Investment revaluation reserve**
2025
£
Balance brought forward
340,111
Change in market value of investments
(13,086)
Balance at 31stMarch 2025
327,025
**c) Permanent endowment reserve**
2025
£
Balance brought forward
115,662
Change in market value of investments
6,502
Balance at 31stMarch 2025
122,164
**d) Revenue reserve**
2025
£
Balance brought forward
120,831
(Deficit) / Surplus for the year
(85)
Net transfers from:
Property reserve
554
Balance at 31stMarch 2025
121,300
**17 Reconciliation of operating surplus to cash flow from operating activities**
2025
£
**(Deficit) / surplus for the year**
(85)
Interest received
(2,144)
Depreciation and impairment of tangible fixed assets
4,116
Amortisation of social housing grant
(3,562)
(Gains) / losses on investments
(10,637)
(Increase) / decrease in debtors
(410)
Increase / (decrease) in creditors
-
**Net cash flow from operating activities**
(12,722)|2024
£
307,132
32,979| |---|---| ||340,111| ||2024
£
98,170
17,492| ||115,662| ||2024
£
101,536
18,741
554| ||120,831| ||2024
£
18,741
(1,626)
4,116
(3,562)
(10,324)
(12)
(976)| ||6,357| 19