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2023-03-31-accounts

Company Registration Number: 12590273 (England and Wales) Homes England Number: 5132 Registered Charity Number: 1191575

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) CONTENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page
Trustees’ Report 1
Independent Examiner’s Report 9
Income and Expenditure Account 10
Balance Sheet 11
Statement of Changes in Reserves 13
Notes to the Financial Statements 14

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) TRUSTEES’ REPORT INCORPORATING THE OPERATIONAL AND FINANCIAL REVIEW

FOR THE YEAR ENDED 31 MARCH 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Company registration number: 12590273 (England and Wales) Charity registration number: 1191575 Homes England registration number: 5132

Members of the board:

Paul Hooper Stephen Jordan Stephen Rhodes Stephen Russell Thornton Ian Frank Whitley

Registered office:

4a Flower Mount Baildon Shipley BD17 6SB

Accountants:

BHP LLP New Chartford House Centurion Way Cleckheaton West Yorkshire BD19 3QB

Independent Examiners:

Sagars Accountants Ltd Gresham House 5-7 St Pauls Street Leeds West Yorkshire LS1 2JG

1

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) TRUSTEES’ REPORT INCORPORATING THE OPERATIONAL AND FINANCIAL REVIEW

FOR THE YEAR ENDED 31 MARCH 2023

CHAIRMAN’S STATEMENT

It has been a busy year for the Development Company with all efforts on progressing the King Drive, Wrose Project.

The Charity had a frustrating year in trying to purchase land at Kings Drive, Wrose to develop 12 onebedroom apartments. The vendor agreeing to sell one third of a plot for a total price of £212k. Due to complications with the drainage system, the planning application took over 12 months to achieve.

The delays and drainage complications caused the vendor to re-consider his sale process and from this it was agreed that Bradford Flower Homes Development Ltd would purchase the whole plot of land for £400k.

This now presents us with a very exciting project to purchase and develop 18 apartments and 8 bungalows on a 1.9 Acre plot and are delighted that at the April 2023 Board meeting, Bradford Flower Fund Homes Board agreed to back the development.

The site is located in a great location, with access to local shops, supermarkets, bus routes and health centre and we pleased to advise that Bradford Council have provided their support.

Going forward we have agreed to purchase the land at the earliest opportunity and detailed planning will be submitted following confirmation of the purchase. Paul Douglas (Michael Eyres Partnership) will project manage and will look to go to tender for the build and look to start on site at the earliest opportunity following successful planning. This will be done through the Design and Build method.

We have also been approached by Bradford Council to acquire a piece of land and bungalow at the Baildon War Memorial. We have submitted our proposal for the site to Bradford Council who have agreed that we would be a suitable charity to receive this donation. We are now awaiting Bradford Council to go through their legal process. Once this has been donated, we will look to further develop this from one unit to three units initially.

Financially the charity has a good year and I am delighted we have made a net surplus of £5,311 for 20222023. There were minimal general repair and refurbishment costs for the year.

Thank you to Ian Whitley, Stephen Rhodes, Stephen Jordan, Paul Hooper and trustees of Bradford Flower Fund Homes for your continued support.

…………………………………..

Stephen Russell Thornton CHAIRMAN

06-Oct-2023 Date ……………………..

2

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) TRUSTEES’ REPORT INCORPORATING THE OPERATIONAL AND FINANCIAL REVIEW

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of the Charity for the year 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

The charity is also a Registered Housing Provider and these accounts are prepared in accordance with the Housing Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022.

Objectives and activities

• Policies and objectives

Bradford Flower Homes Development Ltd exists to improve the lives of Bradford’s elderly through providing high quality homes at affordable rents, keeping you there and providing support and customer service along the way. Tenants can build their lives in our homes which they can call their home - equal parts attractive, safe and affordable. Our ambition covers our business and tenants by striving to increase our capacity to deliver positive contributions to our community through a resilient business model.

In providing affordable rented properties, the Board of Directors considers that the activities of the association provide a real public benefit and have regard for the Charity Commission guidance on public benefit.

The Association has a 5 point strategic objective:

  1. To invest in its existing housing stock to ensure that Bradford Flower Fund Homes provides a high standard of attractive and safe accommodation.

  2. To provide a caring and responsive service to tenants which delivers customer satisfaction.

  3. To increase the supply of quality affordable homes where financially viable.

  4. To ensure that Bradford Flower Fund Homes' work is underpinned by effective financial, administrative and management processes set within a framework of effective corporate governance.

  5. To support resident engagement in the management of their homes.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

• Activities undertaken to achieve objectives

The Association provides and maintains affordable rented housing for retired people and welcomes donations from the public to support this.

In order to offer a public benefit, The Association provides rental charges for the properties at least 20% below market value. The management carry out regular market comparison surveys to achieve this target.

The property maintenance contractors are monitored, and service levels are checked monthly to ensure maintenance issues and general repairs are dealt with to the tenant’s expectations.

3

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) TRUSTEES’ REPORT INCORPORATING THE OPERATIONAL AND FINANCIAL REVIEW

FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

• Activities undertaken to achieve objectives (continued)

An application for tenancy register is kept and maintained. In addition a scoring system is used to select potential tenants and ensure the Flower Fund criteria is followed.

A five year plan is in place to support the Boards strategy to improve and maintain the existing properties.

Re-investment in properties at refurbishment stage to ensure the properties are attractive and comfortable.

Continuous monitoring of properties through inspections to ensure properties are maintained to the high standards expected.

Funding is provided for the Bradford Council Safe and Sound service for those tenants who need extra care within their homes.

Regular meetings are held between tenants and management to provide feedback channels and improve the living environments.

Achievements and performance

• Key performance indicators

As at 31 March 2023, the total accumulated deficit of Bradford Flower Homes Development Limited amounts to £27,940.

The amount utilised in acquiring buildings and converting properties for the elderly is £995,809 with other fixed assets totalling £8,536. This leads to net current liabilities of £673,385.

The net current liabilities of £673,385 is represented by £1,024,226 net amounts owed by Bradford Flower Homes Development Limited after allowing for amounts owed to them and £359,096 cash at bank and in hand, including funds on deposit.

• Review of activities

The Charity undertook the following activities in the year under review:

• Fundraising activities

The Charity’s income is raised primarily through rental income. The charity does not use any professional fundraiser or commercial participator to carry out activities on the charity’s behalf.

Due to the low level of fundraising the Charity undertakes, the charity is not a participant of any voluntary scheme for regulating fundraising, or any voluntary standard of fundraising for the activities carried out on behalf of the charity. Should the Charity at some point in the future undertake a specific fundraising campaign or start to generate more income through fundraising, the Trustees will look to sign up to a voluntary fundraising code.

4

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) TRUSTEES’ REPORT INCORPORATING THE OPERATIONAL AND FINANCIAL REVIEW

FOR THE YEAR ENDED 31 MARCH 2023

Financial review

• Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

• Reserves policy

Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency repairs and other expenditure. The trustees consider that the ideal level of reserves as at 31 March 2023 for the group would be £250,000.

The group consists of Bradford Flower Fund Homes (Parent) and Bradford Flower Homes Development Limited (Subsidiary).

A number of factors have been identified and evaluated to reach this reserve level as listed below:

The Association's funding is derived from bequests, in memoriam donations in lieu of flowers and surpluses from rental income. The Association accumulates cash reserves for the purpose of modernisation and improvement of its existing estate, the purchase of land and the construction of additional properties to achieve its stated objective. The amount held in such reserves will vary over time, depending on the price and availability of land, construction costs and the Association's ongoing improvement and development activities. Cash reserves are accumulated from surpluses of revenue income over expenditure and from bequests and donations. The sums held and the reserves policy are subject to regular review by the Board of Directors. These resources are considered essential for the Association to achieve its aim of providing and maintaining small, individual retirement homes in fully maintained surroundings at rent levels that are within the means of elderly people living on limited incomes.

• Directors’ salaries

No remuneration is paid to the Trustees and as the company is limited by guarantee, none of the Trustees have any interest in the company reserves. The company currently has no employees.

• Investments

The company’s investment powers are set out in its Articles of Association and allow the company to invest funds not immediately required in securities and property, subject to such conditions as may be required by law. Those responsible for financial management remain mindful of the current economic climate and the need to invest to secure maximum income whilst managing associated risk.

5

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) TRUSTEES’ REPORT INCORPORATING THE OPERATIONAL AND FINANCIAL REVIEW

FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management

• Constitution

Bradford Flower Homes Development Limited is incorporated as a company limited by guarantee and a registered charity. It is governed under the terms of its Memorandum and Articles of Association dated 7 May 2020. Bradford Flower Homes Development Limited became a Registered Housing Provider in 2021.

• Methods of appointment or election of Trustees

The directors shall be elected by the membership at each Annual General Meeting (hereinafter called the Board of Directors). Unless otherwise determined by a General Meeting, the Board of Directors shall consist of ten members of the Association or such other number as the Board of Directors shall from time to time decide and to be confirmed at the next following Annual General Meeting. Directors are appointed on a 3- year term following which they may be re-elected at an Annual General Meeting.

• Organisational structure and decision-making policies

Overall management of the Association with regard to policy, strategy and finance is the responsibility of the Board of Directors, which meets on at least a quarterly basis with additional meetings as necessary. Operational management on a day-to-day basis is the responsibility of the Chairman and the Company Secretary/Manager working within the policy and financial framework agreed by the Board. All directors have access to the Chairman, and the Company Secretary/Manager at all times. BHP LLP undertake financial and accounting services.

• Policies adopted for the induction and training of Trustees

Potential new directors will be interviewed by the Appointment Committee and then invited to attend Board meetings as observers. Opportunities exist to visit Flower Fund sites, some of which are often known to the individual. New directors are provided with a copy of the Memorandum and Articles of Association and the previous year's Annual Report and Accounts, along with a welcome pack containing responsibilities for trustees.

• Financial risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied those systems and procedures are in place to mitigate our exposure to the major risks. Major Strategic, Business and Operational risks that the Association may face are discussed annually.

• Statement of compliance

The Homes and Communities Agency requires all registered providers to certify their compliance with the Governance and Financial Viability Standard.

The Board confirms that Bradford Flower Homes Development Ltd has assessed its compliance with the Governance and Financial Viability Standard. They certify that the charity complies with all the requirements.

• Compliance with 2015 NHF Code of Governance

The BFHD Board adopted the NHF 2015 Code of Governance in October 2020. It complies with the main principles. However, in compliance with the first requirement of the code a statement detailing areas of noncompliance is included below.

The BFHD Board do not currently have a separate internal audit committee. The Board oversee internal audit requirements and considers itself to be a small organisation with no staff. A review of the requirements will be reassessed at the January 2024 Board Meeting.

Despite the one area of non-compliance, BFHD strives to uphold the nine principles of good governance. These are defined by the NHF code of governance.

6

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) TRUSTEES’ REPORT INCORPORATING THE OPERATIONAL AND FINANCIAL REVIEW

FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods

The plans for future periods include:

Events since the Balance Sheet date

The site at Kings Drive, Wrose was purchased for £400k in June 2023 and detailed planning submitted in July 2023. The following appointments have been made to help on the project:

Michael Eyres Partnership (MEP) – Project Management Adept Consulting - Structural Engineers Halliday Clarke – Architects ZED – Energy Consultants

MEP have been asked to run the tender the process in line with detailed planning.

Value for Money

Bradford Flower Homes Development Ltd will continue to find opportunities to develop its property portfolio. During 2022-2023, the organisation has focused on delivering value for money through the following activity:

Value for money remains critical to the organisation and to the successful submission of tenders. Plans for 2023/24 include:

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

Stephen Russell Thornton Chairman

Date:[06-Oct-2023]

7

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

8

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) INDEPENDENT EXAMINER’S REPORT

FOR THE YEAR ENDED 31 MARCH 2023

Independent Examiner's Report to the Trustees of Bradford Flower Homes Development Limited ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 31 March 2023.

Responsibilities and basis of report

As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 10-Oct-2023

Helen Daniels LLB FCA CTA Sagars Accountants Ltd Gresham House 5-7 St Pauls Street Leeds

9

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Note
Turnover
2
Cost of sales
3
Operating surplus / (deficit)
Other income
Interest receivable and similar income
Interest payable
Surplus / (deficit) on ordinary activities before taxation
5
Tax on (deficit) on ordinary activities
Surplus / (deficit) for the year		 2023
£
50,795
(49,184)
1,611
3,700
-
-
5,311
-
5,311		 2022
£
51,284
(43,885)
7,399
3,700
-
-
11,099
-
11,099

CONTINUING OPERATIONS

The results relate to wholly continuing activities.

The notes on pages 14 to 21 form part of these accounts.

Company registration number: 12590273

On behalf of the Board

………………………………

Stephen Russell Thornton – Chairman

Date: 06-Oct-2023

10

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) BALANCE SHEET

FOR THE YEAR ENDED 31 MARCH 2023

Note
Fixed assets
Housing properties
Other tangible fixed assets
7
7
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within one year
9
Net current liabilities
Creditors: amounts falling due after more than one year
10
Total net liabilities
Reserves
Unrestricted reserves
11
Total Reserves		 2023
£
995,809
8,536
1,004,345
800
359,096
(1,033,281)
(673,385)
(358,900)
(27,940)
(27,940)
(27,940)		 2022
£
992,694
10,670
1,003,364
175
386,013
(1,060,203)
(674,015)
(362,600)
(33,251)
(33,251)
(33,251)

11

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) BALANCE SHEET

FOR THE YEAR ENDED 31 MARCH 2023

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Stephen Russell Thornton Chairman

Date: 06-Oct-2023

The notes on pages 14 to 21 form part of these financial statements.

Company registration number: 12590273

12

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) STATEMENT OF CHANGES IN RESERVES

FOR THE YEAR ENDED 31 MARCH 2023

Total comprehensive expenditure
at 1 April 2021
Surplus for the period to 31 March 2022
Total comprehensive expenditure
at 31 March 2022
Surplus for the year to 31 March 2023
Total comprehensive expenditure
at 31 March 2023		 General
Unrestricted
reserve
£
(44,350)
11,099
(33,251)
5,311
(27,940)

The accompanying notes form part of these financial statements.

13

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1 Summary of significant accounting policies

Status

The company is registered under the Companies Act 2006 and has been a registered charity since 1[st] October 2020. The charitable company registered with the Regulator of Social Housing as a housing provider on 7[th] May 2021.

General information and basis of preparation

Bradford Flower Homes Development Limited is a private registered provider of social housing in the United Kingdom. The address of the registered office is given in the company’s information on page 1 of these financial statements. The nature of the company’s operations and principal activities are the provision of social housing.

The company 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 2018, 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 and the Companies Act 2006. 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 financial statements are prepared in sterling, which is the functional currency of the association, and rounded to the nearest £.

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.

Going concern

Whilst the company made a surplus for the year of £5,311, it has net liabilities of £27,940 due to the incorporation costs in its first period.

The trustees have prepared financial forecasts of income, expenditure and cash flows which show that the company will generate future surpluses and has sufficient cash reserves to be able to continue its operations for the foreseeable future. Therefore, the Trustees believe it is appropriate for the financial statements to be prepared on the going concern basis.

Tangible fixed assets

Housing properties

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.

14

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1 Summary of significant accounting policies (continued)

Tangible fixed assets

Housing properties (continued)

Major components of housing properties are depreciated 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:

Structure

100 years

Freehold land is not depreciated. Housing properties under construction are not depreciated until they are in use and the useful economic lives of all tangible fixed assets are reviewed annually.

Other

Other tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

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:

Fixtures and equipment

20% reducing balance basis

Impairment

All properties are considered for impairment annually and detailed reviews of assets for impairment are carried out if there is an indication that impairment has occurred or if they are not being depreciated.

Impairments that are a result of a major reduction in the service potential of a property are recognised in the income and expenditure account. Impairments that reflect general changes in price are, where the property is shown at a valuation, recognised in the statement of total recognised surpluses and deficits until the value of the asset falls to depreciated historical cost.

Further impairments, or the full impairment if the property has not been revalued, are then recognised in the income and expenditure account.

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 income and expenditure in other administrative expenses.

Rights of social landlords to have improvement works carried out to properties by a third party (such as a local authority) are recognised as prepayments where payment has occurred in advance of the works being carried out and receipts in advance from the same third party recognised as liabilities. Assets and liabilities or income and expenditure are not offset.

Tax

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

15

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1 Summary of significant accounting policies (continued)

Turnover

Turnover represents rental and service charges income receivable in the year net of rent and service charge losses from voids, revenue grants from the government (local authorities) and the Homes England.

Grants

Grants receivable funding the general activities of the company are included in the year in which they are receivable.

Social Housing Grants

Social Housing Grants (SHG) are made by Homes England to assist with the acquisition or developments. SHG grants are included in deferred income and released in line with the depreciation of the assets.

Judgements and key sources of estimation uncertainty

There are no judgements (apart from those involving estimates) which have been made in the process of applying the above accounting policies that have had significant effect on amounts recognised in the financial statements.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

Property valuations – the carrying value of property and annual impairment reviews are subject to assessment involving estimates on future rental yield and state of repair of the properties.

16

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2 Turnover

2023
£
Rental income
50,795
Total
50,795

3
Operating costs
Governance costs include the following:
2023
£
Independent Examiner fees
1,404

_

4
Accommodation owned, managed and in development
Number
of units at
start date
2023
Social Housing
10
Non Social Housing
-
TOTAL Housing
10
Staff Costs
£
Other
£
Depreciation
£
Total
2023
£
Housing management
-
6,485
-
6,485
Housing maintenance
-
12,375
12,288
24,663
Administration
expenditure
-
16,632
-
16,632
Governance costs
-
1,404
-
1,404
36,896
12,288
49,184
2022
-
31,110
12,775		 2023
£
50,795
50,795

Staff Costs
£
Other
£
Depreciation
£
Total
2023
£
-
6,485
-
6,485
-
12,375
12,288
24,663
-
16,632
-
16,632
-
1,404
-
1,404		 2022
£
51,284
51,284
2022
£
1,230
______
Number
of units at
end date
2022
10
-
Total
2022
£
6,829
25,792
10,034
1,230
43,885
36,896
12,288
49,184
10

17

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

5 Surplus/(deficit)

Surplus/(deficit) is stated after charging:

2023 2022
£ £
Depreciation of housing properties and components 10,154 10,107
Depreciation of other tangible assets 2,134 2,668

6. Trustee remuneration and key management personnel

During the year no Trustees received any remuneration or other benefits (2022: £nil).

No Trustee expenses have been paid in either year.

There were no employees for either year and no key management personnel in either year.

18

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7 Tangible fixed assets – Housing properties for letting

Cost:
At 1 April 2022
Additions
At 31 March 2023
Depreciation:
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value:
At 31 March 2022
At 31 March 2023		 Land and
buildings
£
1,012,638
13,269
1,025,907
19,944
10,154
30,098
992,694
995,809

Of the £995,809 Land and buildings, £41,497 relates to assets under construction.

Tangible fixed assets – other

Cost:
At 1 April 2022
At 31 March 2023
Depreciation:
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value:
At 31 March 2022
At 31 March 2023		 Fixtures and
fittings
£
16,673
16,673
6,003
2,134
8,137
10,670
8,536

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BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

8 Debtors: amounts falling due within one year Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 800 175
800 175
9 Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors - 2,230
Amounts owed to group undertakings 1,024,226
1,051,882
Accruals and deferred income 9,055 6,091
1,033,281
1,060,203
10 Creditors: amounts falling due after more than one year
2023 2022
£ £
Accruals and deferred income 358,900 362,600
358,900 362,600
11 Reserves
Balance Balance
01.04.22 Income Expenditure 31.03.23
£ £ £ £
Unrestricted reserves
General reserves (33,251) 54,495 (49,184) (27,940)
Prior year reserves
Balance Balance
01.04.21 Income Expenditure 31.03.22
£ £ £ £
Unrestricted reserves
General reserves (44,350) 54,984 (43,885) (33,251)

20

BRADFORD FLOWER HOMES DEVELOPMENT LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

12 Analysis of net assets between funds

Housing properties
Other tangible fixed assets
Debtors
Cash at bank and in hand
Creditors – amounts falling due with one year
Creditors – amounts falling due after more than one year		 Unrestricted Funds
2023
2022
£
£
995,809
992,694
8,536
10,670
800
175
359,096
386,013
(1,033,281)
(1,060,203)
(358,900)
(362,600)
(27,940)
(33,251)		 Unrestricted Funds
2023
2022
£
£
995,809
992,694
8,536
10,670
800
175
359,096
386,013
(1,033,281)
(1,060,203)
(358,900)
(362,600)
(27,940)
(33,251)
(33,251)

13 Capital funding and commitments

Capital funding and commitments
2023 2022
£ £
Capital expenditure that has been contracted for but has not been
provided for in the financial statements - -

14 Related party transactions

Management charges totalling £9,967 (2022: £6,829) were paid to Bradford Flower Fund Homes in the period. At the balance sheet date the amount due to Bradford Flower Fund Homes was £1,024,226 (2022: £1,051,882).

15 Controlling party

The charitable company's immediate and ultimate parent undertaking is Bradford Flower Fund Homes, which is a charitable company registered in England and Wales, with company registered number 601785 and charity registered number 227170. The registered office is 4a Flower Mount, Baildon, Shipley, BD17 6SB.

16 Events since the balance sheet date

As outlined in the trustee report, The site at Kings Drive, Wrose was purchased for £400k in June 2023 and detailed planning submitted in July 2023. The following appointments have been made to help on the project:

Michael Eyres Partnership (MEP) – Project Management Adept Consulting - Structural Engineers Halliday Clarke – Architects ZED – Energy Consultants

MEP have been asked to run the tender the process in line with detailed planning.

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