2021-12-31-accounts

Bournville Village Trust Group CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 Oecember 2021 RegisterEd Charity No., 21926D Homes En8land Registered Number.. L0702

INDEX Pagels Operating and Financial Review 2-33 Report of the Board of TTUStees 33-42 InfcKmation 43 Independent Audrtorfs Report to the Trustees 44-47 Consolidated and Trust Statements of Comprehensive Income 48 Con801id8led and Trust statements of Financi81 Position 49 Slalement of Changes in Reserves 50 Consolidated and Trust Slatements of Cash Flows 51 Accounting Pollcies 52-59 Not85 to the Financial Statements 60-85 Pagel I

Operating and Financial Review The Trustees of the Bournville Village Trust Group have pleasure in submitting their annual report and financial statemenlg for the year ended 31 December 2021. This report is about 2021, 60 11 has again been 8 challenging year for our communities and Ihe world in general. Throughout 2021 we all suffered as the pandemic affected our lives and work. Through the year BW drove on with our mission lo create and 5LlStain communities where people can thrive and we remain gra18ful lo all those who overcame challenge aft8r challenge lo help us do so. About BVT was established by George Cadbury In 1900 to provide quallty housing accommodation on affordable terms to those in housing need. Those Tesidenls who could afford to buy their own homes were able lo do so, but others were let on rents that were within the means of the average family. This philosophy still applies today and we have over the year8 expanded our services into Shropshire and central BiTmingh8m. Al the end of 2021, the Group ownèd 3,809 unrts of 8ccommod8tion. We let 3,327 on social housing rents lo those in hoLJsing need. Rent levels are sel by 8 goveMn￿nt formula, bul wll lend to be around 250k lo 50% lower than market rents for similar properties. We also help 142 families access home ownership by offenng shared ownership homes, we offered 20 units of supported housing and 58 market rented homes. We also offered 262 units of housing fcr older people, who are a vital part of our communities. Bournville was one of the first examples of a mixed tenure community and the Trustees firmly believe that this approach ha5 slood the lesl of lime, avoiding unfalr stigma that Ihe uninformed often apply lo social housing. is keen lo promote the mixed tenure model as a sustainable way for housing development in the future. Where ￿SsIble we have recreated this mixed tenure in our other communities. The Bournville Village Trust Group comprise8'. - Bournville Village Trust IB￿> Boumville Almshouse Trust IBATI Bournville Works Housing Society Ltd IBWHSI Bournville Village Development5 Ltd IBVDI Bournville Village Enterprises Ltd IBVEI Page12

Bournville Village Trust is the parent body, based in Bournville, Birmingham. is a charity and a Registered Provider IRP}- Its principal activities are.. The Provision of social housing within the Bournvilie estate and over 700 homeg in Telford and central 8imiingham Management of thé Boumville Estate, comprising over 7.000 properties together with stewardship se￿iceS in Lightmoor and Lawley villages in Telford. Management of a number offices, shops and health facilities in Bimiingham and Telford. BVT Tun5 these as part of our whole community offer, wilh ensuring access to appropriate facilities within our communities being the primary PUTP05e. iv) Community Investment through Ihe provision of communlty halls, sports and recreation facilities. the delivery of sepiices around financial inclusion, health and wellbeing and digit81 inclusion. Provldlng management and malntenance servlces to 8 number of registered providers and other organi98tions. Management of around 3,000 acre8 of agricultural land around the South- West outskirts of Bimiingham. This land was gifted to and is held to ensure its use remains true to our charitable aims. Bournville Almshouse Trust, 8 linked charity, is also a charitable provider of Social housing based in Bournville, Birmingham. BAT manages 97 properties in lolal, 33 of which are Almshouses. preferential status 13 given to retired employees of C8dbury, seeking affordable accommodation. The remaining 64 properties are Endowment Houseg, surpluse8 from which help lo support the contribution5 made by the residents of the Almshouses. BAT is accounted for as a restricted reserve within the Bwf financial slalements. BWHS is a Registered Provider owning 313 properties In Boumvllle, The Trustees of BVT are also the Trustee5 of BWHS. BWHS was founded in the same period as Bvt and shares the values that Bvf aspire8 to. The maln difference between Bvr and BWHS on founding was that the BWHS properties were Specifically aimed al workers of Cadbury Brothers Limited In(w known as Mondelez UK Limited}. This remains the case today with Priority given to current employees of the company and their families. Boumville Village Developments Ltd is a company thal is C￿ordinatIng the development of a Modem urban village al Lighlmoor in Telford. This village is being jointly developed and funded with Homes England. When the village is completed, it Page13

is expected to comprise around 1,000 properties125% of which are to be let on an affordable basis), a primary school with community h811, shops and areas of open space. The first f¢￿r phases are now complete, frorn a six phase total project, with BVT currently owning 214 properties. A new school was completed in 2010 and is run by the BoTough of Telford & Wrekin whilst BVT is responsible for running the community facilities which are an integral part of the school. The Village Centre also includes an office utili8ed by BW and 4 commercial units. Bournville Village Enterprises Ltd is a commercial trading subsidiary set up to undertake market rent activities. BVE leases properties from BW, let5 the homes at market rent and then returns the Profits to Bwf as 8 year-end donallon lo invest in its charitable purposes. The Im act of Coro avlru8 on BVT This report 18 wrltten in June 2022 and whilst we have now thankfully emerged from the worst stages of the pandemic and most reslriclions on normal life activities have been unwound, we are still seeing high levels ol infection amongst our staff and our communities. Alongside this we are working in a period of economic uncertainty, with high inflalion rales, rapidly changing interest rates and our communities and staff are facing a cost of living crisis. Bvf already had in place a detailed 30 year busin888 plan, which we Tegularly update and use for stress testing to ensure we can weather shocks from a variely of potential scenarios. In our stress testing we have lookefj at our ability to sustain our financial balance whilsl lacing diffeTen1181 inflation, rising interest rates, rBpidly nsing malenal and wage costs, as well 88 the impact the cost of living crisis may have on our tenants ability to pay their rent. Our Board of Trustees have In place plans for mitigation aclion to take if w8 cannot 31ay in line with our plans and early waming systems to ensure we act prior to any situation becoming an emergency. This is all designed to engure we keep the home8 of our Tenants safe and the services our communities need Tunning. This careful planning and the resilience shown by our communities and stsff have seen US Safely through the worst of the pandemic and wll guide us through Ihese financially challenging limes. Calh Flow- we along Vdith many organisation8 expect our cash flow to be reduced due to cost rises and interest rate increases. BVT has a standard working capital requirement of £1.5m. This is the amount of readily available cash we feel we need to manage our planned spend of £29rn per year. To ensure we do not face any liquidity issues our Board have in place sufficient funding facilities for the next 5 years, with a multi-million pound contingency, in the Pa8e 14

fomi of a rolling credit facility, available should circurnslances requi￿ us to fall back on additional borrowng. Bwf has in recent years reduced our overall levels of debt and we hav8 high levels of securty to offer should new debt be required, so the Board are Confident we have rin8n¢ial risks well managed. This is reflected in the Regulator of Social Housing awarding 8VT the highest rating for Financial Managernent in our"In Depth Assessment. undertaken in tkcember 2021 through March 2022. Social Housing Rental In¢om&- in 2021 Bvf as a group brought in £22.9m in income from social housing and a similar level is expected in 2022. It is clear that many families will find themselves in financial difficulties due to global events and the cost of living crisis. This will make paying rent a Ghallenge for many. However, BVT charge only social rents and this means our average rent charge is just £104 per week, which is often 50% lower than a market rent and 20¢￿ lower than the affordable ￿ntS cherged by m8ny Housing Associations. As 8 consequence our rent will be 1 OOO/o covered by Universal Credit if any lenanl has lo make a claim for 8UPPOrt. Whilst we expect lo see a temporary nse in arrears, amongst lenels Tenting our social rent homes, as new Univers81 Crgdit claims are processed, we do expect to receive most rent due within 2022. We have 8180 provided welfare benefit and debt advice to CUslomer8 not in receipt of Universal Credit. Indications from the first quarter of 2022 support our forecast that we will not see a significant increase in bad debts in 2022. Vold8- durlng the periods of the pandemic wè paused some rep8ir wort( on vold properties and so saw an increase in void length. We were able lo retum to Yepair work and lo assist those in housing need by returning to remote lettings, as the reslricb'ons and Government advice changed. This has allowed us to keep the increase in void losses lo a reasonably low level in 2021 and we do not foresee voids having a significant impact on BVTS financial performance during 2022. Rent frorn CommercSal Tenants - BVT own8 shops, health facilities and some olher assets to ensure our communities can access 8 full range of necessary amenities. This sees us receiving a significant amount of rent from these commercial lenanls, many of whom experienced some level of hardship due to the Pandemic. We supported our commercial tenants Wlth infomation and advice and facilitating access to Governmental support. We also offered flexibility by negotiating changed payrnent schedules and the use of rent deposit5 to cover some rent periods. This along with the skill and dedicalion of our commercial tenants has allowed the vast majority to survive the pandemic as vibrant busine55 enlilies. We still acknowledge that a Small number of our commercial community may be unable to weather the longer lerrn financi81 impact. so we have expected increased bad debts in our planning and this shows us Ihat it does not have a significant impact on our overall financial viabilty. Pa8e15

Agricultural E•tat•$ In¢omo- BVT operate an agricultural estale, which was gifted to BVT and we which we use in line with our charitable purpose and the understood original intention of the donors. We have been working closely with our tenants to understand the impact of the pandemic and cost of living crisis on their businesses. Working with our Agncullural Estates Managing Agent, Savills, we are confident we will not have any significanl issues wrth our Agricultural income in 2022. Herit•go- 8VT run Selly Manor Museum and the impact of the pandemic saw the Museum have lo develop new and innovative ways to interact with our Communitses and their national audience, as travel was restricted. This new way of working will continue and be built on in 2022 and this me8ns the financial support which BVT offers, through our commercial profit for purpose activities, to allow the continued operalion of Selly Manor, will be smaller in 2022 than it has been in Ihe recent past, whilst our reach will remain extenswe. Care Home8 - The Board of recognised some years 8go thal our small Care Home portfolio was no longer the best method lo ensure quality care delivery in our communities. Since then we have been divesting our care activities and in November 2021 BW tTansferr8d the operation of our last care facility, Selly Wood Nursing Home lo a specialist care provider. Our dedicated staff ensured a smooth handover and transferred with our residents to the new provider. The $81e of Selly Wood House brought surplus of £613k in 2021 and as Ihe scheme w88 loss making it will improve our surplus in 2022 and beyond by approximately £250k per annum. Thi8 means that Bvf is no longer aclNe in the residential care market. Intorest Rat08 - Bvf h8ve a pnjdent approach to managing interest rate risk and at the end of 2021 we had 87% of QUT debt either al a fixed rate or matched with Sland Alone Financi81 derivatives (Interest Rate Swaps). This significanlly reduces our exposure to the risk of unbudgeled for increases in interest rates, bul we have stress tested our ability to manage further significant and sudden interest rale rises and the Board are confident we have appropriate plans in place to accommodate all likety Scenarios. Repalr8- we were for a while unable to carry our all repair8 due to Government guidelines on controlling Ihe pandemic and the need lo keep our tenanls and slaff safe. We are now back undertaking the full r8nge of repairs and fulty caught up on the backlog that built up, by the end of 2021. A5 Covid infections remain high, we expect to find keeping full capacty running a challenge during 2022, but we saw the main costs of the repairs catch up covered in 2021, so we do not anlirjpale material financial impact from challenges to our repairs service in 2022. Planned Malntonance - we had an extensive programme of planned maintenance scheduled for 2021. bul the pandemic related reslnclions meant some of this could not be delivered and supply chain issues affected as they did most UK businesses. We have rescheduled our plans to ensure all work missed 15 picked up in a tirnely fashion and we have a very extensive programme ready to run in 2022. Page16

Overall - BVT Trustees set an internal target for surplus generation as part of the 2022 budget setting. As of June 2022, we have teen able to show that with all known and anticipated financial irnpacts factored in. we are still able lo forecast finishing 2022 within close proximity of this target. This allows us to be confident that we remain a very viable enlity and our stress testing as further assured u5 that we have capacity to manage further shocks to our operation, should the pandemic produce further waves of infection and should world events pr￿juCe further financial shocks. Corporate Plan Introductlon In 2020 we commenced our new corporate plan, guided by our founder George Cadbury's vision. our corporate plan sets out our aims, values and plans for the 10 ye8rs12020-20291. In 2021 we continued vith this plan. A foresighted social reformer, George Cadbury valued faimess and integrity. He wa8 brave and innovative and worked, not in isolation, but in partnership with others to help people thrlve. Our Corporate Plan is inspired by his values yet inlluenced from what we have learnt from listening to residents, staff. partners and civic leaders and by understanding the changes Ihal we see around us regionally and nalionalty. Our Misslon Creating and sustaining communities where people can thrive We want people to thrive 8nd reach their full polenli81 and we are deternined to bulld a strong organi8ation, driven by our values, to achi8ve this. We will build on OUT 501id foundation and be inspired by our legacy, but we won't be afraid to be bold 8nd innovative and try new things to meet the needs of people today and into the future. We will achieve our mission through 8 number of distinct aim8, which will be well planned and focused. We are in year two of the initial three year explore and refresh stage, with our progress detailed in the following sections. Years four to six will be a delivering phase and year's Seven to ten achieving and excelling. Page17

Our Strategic Aims Place4haping: Creating and maintaining distinctive, environmentally sustainable places. Community buildlng.. Buikling 51rong and inclusive cornmunilies. Charnplonlng Peoplg: Removing barriers and helping people to achieve Iheir Irue potential, Provldlng great home•: Providing homes and delivering great sep4ices. Bulldlng organlsatlonal and Ilnanclal gtrongth: Building a strong organisalion driven by clear values. Sharlng our èxperlence: Le8rning, sharing and influencing olhers. Our Value8 Partnershlp- we work with others lo achieve great things Falmess- we treat people as individuals by exercising the right approach 81 the right time Quality- we are clear about what we do and we do it well Intsgrlty- we do the right thing Innovation - we look for new and better ways of doing things. Pa8e18

Our Ke Strat Ic Ob-ectives 1 Place-shaping To achieve our aim of creating and maintaining distinclive, environmentally sustainable places, we will.. 1. Refresh and publish our vision for the design and development of di51inctive and environmentally sustainable places. 2. Review the design, character 8nd future environment81 sustainability of each of our communities in partnership with residents; capturing and delivering outcomes through foward-looking design guides and neighbourhood plans. 3. Oeliver sleward$hip Se￿ICe5 that are shap8d by re5idenl$, valued by all customers and create clean and green neighbourhoods. 4. Ensure our communily buildings are modem, well-maintained, efficiently operated and meet the needs of the community. 5. Make our part(8 and open 8pace8 welcoming and 8cce99iblc for thc community to improve people's heatth and wellbelng. They will be environmentally-friendly and promole biodiversity- 6. Deliver our vision for places by successfully completing Lightmoor Village and College Green health village. 7. Create a long-lerm strategy for the use of our agricultural estate, making sure Ihere is a strong financial and social return. How did we do In 20217 In 2020 we commenced an extensive consultation on the Boumville Village Design Guide, which sets out the expectations for all development and alterations to properties in Bournville. Despite the restrictions caused by the pandemic, this consullalion went extremely well and we were 50 pleased with the tremendous level of community engagement we had. This allowed us to launch a new Bournville Design Guide in 2021 and the p05ilive feedback we have received has been most welcome. We IcKJk forward to working with the community to continue lo deliver against this design guide in the years to come. We listened to our residents in Lawley and Lighlmoor who guided us Ihrough review and restructure. We now have Estates Officers, Community Development Officers and Partnership & Communication Officers dedicated lo each area, which is driving up the quaif(y of our se￿iCe. We also offered extensive training lo our staff and to the Management Committee Members, to help ensure we see continuous irnprovemenl. In collaboration with the Telford Page19

and Wrekin Council we have established the Las￿eY Partnership Board, which brings key stakeholders togelheT to help guide the delivery of the rest of the development in Lawley. This Partnership Board wll focus ensuring the delivery of great outcomes in key prioritie5 for the Community such as green spaces, clean spaces and youth activities. During 2021 we continued our comprehensive Teview of our approach to placev shaping through the development of a new Design Charter that wll set out our vision for the design, development and management of distinctive, environmentally sustainable places. We expect this Design Charter to be ready for publication by the end of 2022. We have learned so rnuch through the stay local requirements that were in operation through much of the pandemic. Knowing how much our parks and open spaces mean lo the communilie8 in which we work, we kept all our spaces open during 2021. The development of LlghlmooT Village continued apace in 2021, following pause in 2020 due to the pandemic. We were pleased lo take into our ownership 10 new properties on Lighlmoor in 2021 and all have been let as socKI rented homes. In 2021 we undertook a tender exercise to estsblish the best partner to act as our Agricultural Managing Agent and oversee all the work we do with our Agricultural Tenants. We were pleased lo apwnl Savills as our Agent and we are already seeing great support being provided to our Tenanls and our ability lo develop the Agricultural Estate to deliver a strong financial and social relum Is improvlng. 2 Community building To achieve our aim of building strong and inclusive communrties, we will.. 1. Support and champion opportunities for people lo be involved in leading things that are important in their local community and delNer them. 2. Make sure people can. and are 8ble to, be fully involved in shaping our services and projects. 3. Develop our role as a community anchor lo facilitate partnerships that see people and agencies work together on issues that matter lo the community. 4, Support and build capacity through volunteering lo delNer programmes and activities that are important to the communty, especially those thal promote cohesion, community spirit and wellbeing. Page I IQ

1. Make Sure there 18 a 8trong voluntary and community sector.
2. Support young people to have a voice and be involved in their communty.
3. Make Sure our community buildings are well run and provide opportunilbes for community aCtiv￿.es. How did we do in 20217 We were pleased to see our Community H811s b8ck in operation in 2021, despite the need lo maintain Govid security. We estim81e that there were over 20,000 visits to access Ihe $eNices and support offered by our Halls. We delivered a small granls programme and supported over 15 I￿81 charities and community groups. Our other grants programme supported Ihe delivery of service8 and programme8 through our local partners. We provided 128 capacty building opportunitie8 to local organisat￿)n￿ including funding support, partnership working and direct support from our team on matters such as governance, building management and maximising resources. After the dissolution of a Ioc81 charity that managed our Shenley Court H811 facility we stepped in, transferring the service to our management protecting 12 jobs and important local services for older people, children and families. We continued to generate 818rge number of volunleenng opportunities to support the delivery of evenls and activities across our Community Places portfolio. 3 Championing people To xhieve our aim of removing barriers and helping people to achieve theirlull polenlial. we will..
4. Improve the health and wellbeing of people through communtty-based programmes, inspired by our founder's commitment lo peor4e.
5. Understand and tackle the root causes of povety and promote access to services and support that is responsible and 8UStainable.
6. Seek funding and work in partnership with others to deliver programmes that champion people.

7. Understand and deliver services that improve the health and wellbeing of older people. Page 111

8. Take an evidence-based approach lo our work to engure we understand our impact and achieve value for money.

9. Understand and deliver services lo enable young people lo achieve their true potential. through education and exploration. How did w8 do in 20217 This Is an area of development for BVT in the Corporate Plan. Whilst we are yet lo sel out our long-term strategy, we both delivered directly and partnered with olher OTganisalions, to deliver support seNices to local communities. We supported 1,668 families seeking to improve their financial position, during 2021, through our Financial Inclusion Team and Well Winter Support Campaign. We are also one of seven partners in Bimiingham's Community Anchor Network and have worked with partners around employment, training and use of procurement to 5UPPOrt local businesses. As part of this 8cheme BVTS Procurement Manager offered his expert15e in tendering for public sector contracts by training SME Leaders who are from financially excluded groups. We led a successful partnership bid that secured £378K to help households across Birmingham and Telford find practical solutions an¢J support 10 8ddress fuel povety issues. In 2021 our partnership helped 113 households wilh energy advice and support. We are pleased that our Well Winter Campaign has ￿en ghortlisled in the Chartered In51ilule of Housing Hero's Award8 2022. Our Well Wlnter programme distributed over £18k of funds to 402 vulnerable households. We provided over 85 young people aged 5-11 with free holiday play opportunities during the summer, half term and Christmas school breaks. We provided 39 weeks of subsidised after school childcare for working and sludenl parents. Our Ofsled accredrted service can accommodate up lo 60 children a day and provides a low cost, safe care option for a diversity of families including students, single parented and low-income households Page112

4 Providing great homes To achieve our aim of providing home8 and delivering great 8ervice5, we will.. 1. Provide new homes that meel the needs and aspirations of people and communities. 2. Make sure there is a supported housing offer in the communities that we work. through direct delivery and p8rtnerships wrth specialist experts. 3. Deliver good quality and value for money housing and maintenance 8ervices, shaped by customers. 4. Actively manage our housing assets, making 8ure they continue lo meet customer need, are well maintained and affordable to live in. 5. Renew our housing offer to meet the changing needs of okler people. 6. Develop a pathway into housing that helps younger people get access to their first home. 7. Prevent homelessness by supportlng customers lo be financially resilient and Sustain their tenancy. How dld we do In 20217 We continued vthh our development ol Lightmoor Village in 2021 and saw 10 new home8 made available for families al a social rent and assisted in ensuring many mor8 homes c8me to market, offering families in Telford a good supply of new homes. We continued with our Supporied Housing offer in Birmingham and Telford and our schemeg continue to offer a good choice for those seeking additional support in their homes. A3 in Ihe previous year, we again saw some major disruption to our delivery of day to day and planned maintenance in 2021, due both to the pandemic and some supply chain ￿SUes. However. we worked hard lo catch up on the backlog of day to day repaiT8 that had built up during Ihe height of the pandemic and have complelety cleared the wailing list. Understandably with increased wailing times. customer sat15faction wrth their last responsive repair was below our 90.10 target through much of Ihe year and we were disappointed to only have three months al target level or Page113

above. However, as the waiting time for the average responsive repair fell to 15 day5 by December 2021 114 days is our target) we saw satisfaction levels rise and we are ple8sed th8t our last collection of satisfaction data in February of 2022 saw us al 95'/0, 50 we are satisfied that we are moving in the righl direction at a rapid pace. Despite the difficultie5 brought by 2021, we still completed 99% of emergency pairs on the day they were reported. We also kept 94% of the appointments we made wlh Customers for repairs, although achieving this with Covid absence5 did of course drive up our costs. However, we recognise that value for money is not cost alone and meeting customer expectations is important to Bvr. Despite Covid and materi81 Supply challenges BVT delivered over £1.8m of planned maintenance investment to our homes during 2021, with 282 Boilers installed, 101 homes filled wlh new UPVC Windows. 153 Front and Rear Dcors installed, 27 Kitchens and 14 new bathrooms. Customer feedback salisfaclion with the qualty of replacements and installations were con8lStently at 100% throughout the year. We ￿111 deliver far more in 2022 and beyond. Building saf8ly is of cour8e a key Concem lor and Ihroughoul 2021 we introduced and ulilised technology to ensure our tenants remain safe in their homes. Key building safely inspections such as Fire Risk Assessments, Legionella Risk Assessment, Gas and Electrical Safety Conditions Reports are all monitored via a new compliance Dashboard that is automatically updated every 24 hrs to ensure the right thing 18 done al the right lime in the right place. BW are utilising QR tracking technology for inspection of fire doors lo manage and prioritise future work programmes. S Building organisational and financial strength To achieve our aim of building a strong organisation driven by our values, we will= 1. Build financial strength and discipllne and have a clear approach lo value for money in everything we do. 2. Be 8n employer of choice. developing and investing in our slaff. 3. Make sure our culture, approach and behaviour reflecls our values. 4. Invest in technology lo incTea8e efficiency and effectiveness in everything that we do. 5. Deliver good govemance. meeting legal and regulatory and health and safety compliance. Page114

1. Build profrt for purpose by strengthening our commercial offer to increase financial capacity to invest in our charitable activities. How did w8 do in 20217 During 2021 we carried on with our Work in building a strong performance management and continuous improvement programme that supports our value for money strategy. We had an ambitious value for money action plan in 2021 and the Board monitored closely our prc*3ress against largels. We also had Mazars LLP, an independent fimi, who act as Internal Auditors for Bvf, review our value for money plans and processes and we were pleased th81 Ihey found our systems to be robust and had no recommendations lo make for further irnprovernents. The value for money section of this report and the sector score card will help YOU See how we currentty compare to our peers. Having had to Suddenly move from an office based to a home based work force in 2020. we moved lo a hybrid organisation in 2021. The majority of our s18ff, whose roles allow it, can now opt lo work 40DA of their time remotely. This ha8 helped u8 offer more flexibility and to continue to attract high calibre staff in a challengino market place. We have ensured we a have sufficiently high quality ICT systems in place to make hybrid working highly productive and cost effective. In 2021 we agaln reviewed our gender pay gap and conllnue to consider new ways to a89lSt women into areas of work where they are underrepresented, such as our in house mainlenance team. In 2021 we contsnued lo develop our org8nisational development strategy and this has now been launched in 2022, bmth all staff lo benefit from our Personal & Professional Development Plans. In December 2021 the Regulator for Social Housing commenced their four y8arly in-depth assessment of B￿, looking at all aspects of our Governance end Financial Management. We are pleased lo report that in March 2022 the Regulator announced that BITh had been again awarded G1 Ihe highest rating for Governance and V1 the highest rating for Financi81 Viability. Our Board remain deleTmine(I to find constant improvements and see thig recognrtion as further encouragement to continue on ourjoumey towards excellence. Page 115

6 Sharing our experience To achieve our aim of learning, sharing and influencing others. we will.. 1. ReccrfJnise our strong heritage and solid socially guided foundations that have led to our success. 2. Promote Ihe importance of garden villages and good urban design. 3. Promote study visits and take opportunities to share our unique slory. 4. Revisit George Cadbury's inspiring Rules of Health document to influence a modem approach to the promotion of health and wellbeing. 5. Share what we learn from the work that we do to help paople to thrive with others. 6. Deliver a heritage service through Selly Manor Museum, the Carillon, our archive library and visits. How dld we do In 20217 Sadly the pandernic and the nature of our heritage siles meanl there remained limits to physical visits in 2021. However, we did see 10,855 people able to Vi8rt Selly Manor Museum and 3,831 children were able to benefit from educational visits. We are pleased to Say that Selly Manor Museum won the Central Region Henlage Museum of the year award in 2022. We built on the digital engagement with our heritage services in 2021 and saw 115,998 people engage wlth us. We are still at the exploring phase of our corporatè plan in most of the other areas in sharing our experience, bul sUPPOrting other local agencie5 during the P8ndemic, has certainly shown us how much we can learn from other8. Page116

Summa of Financial Performance The Statement of Comprehensive Income for the year ended 31 st December 2021, shows a group surplus of £10.Sm compared lo a group loss of £1.75m for 2020. The main issues to note are.. - Under the accounting requirements, the Group has to account for the fair value of its portlolio of interest rale hedging instruments. Details of these hedging instruments are set out in note 16. The movement in the fair value of these hedging instnjmenls over Ihe course of the year is reflected in the Statement of Comprehensive Income. The movement for 2021 was a positive value of £7.67m compared to a neg8tive movement of £3.75m for 2020. Such movements rellect the changing market expectations regarding futu￿ interest rales. This swing in the valuation of our hedging Instruments causes a significant increase in our surplus for 2021. BVT also sold Selly Wood House Nursing Home in 2021. to a specialist provider, this along wrth some other less signrficanl sales saw our surplus on sales of housing and other propertie8 rise by £870k against 2020. This again adds lo the size of our 2021 SUTpIus. Whilsl the above 8c¢ounting actions have po8btiV8ly Smpacted our surplus p09ition for 2021, we are happy that our operational performance was strong. In 2020 BVT generated a surplus of £453k on land transactions compa￿0 to £103k in 2021. alongside this we saw the net cost of our Eslales functions rise lo £850k in 2021, compared to £696k in 2020. These changes accounted for £504k ol the overall negative £709k swing in operating surplus between 2020 and 2021. with the remainder being immatenal change5. Treasu Mana eme Trustees have approved a Treasury Policy which sets out the key treasury managernent policies and practices for the Group. This policy was renewed In 2021. 11 sets out clear guidelines for BVT on all treasury mallers. The Group had total housing Icans of £85.5 million al the end of 2021, compared to £99m at Ihe end of 2020. BVT also has further undrawn available facilities in place of £18m. During 2020 the Board decided to hold higher levds of cash than nomal as a hedge against any unforeseen impacts of the pandemic. especially any issues with accessing drawdowns from facilrties in place. In 2021 as the Board were able to Page | 17

establish the impact the pandemic was having 8nd how this fitted y￿th their risk appetite the decision was made lo repay a £1 Om rolling credit facilty with Santander, so the Group cash balance al the end of 2021 was £5.6m, down from £13.9 in 2020. uses stand-alone interest rate derivatives lo manage the interest risk on the loan portfolio, having secured the required wider-fange powers from our Regulator. All interest rate derivatives are authorised by the Finance Committee, in line with the overall strategy which is to hedge at least 112 01 the portfolio, with the overall level of hedging to be 81 a level that best supports the delivery of the Bvf business plan. As al 31 December 2021 the balance of the loan portfolio was 85% hedgedlfixed and 15% unhedged. Our Tr8asury Policy requires that adequate funds are available at all times to enable lo meet its business and service objectives for at least the following 24 months. ulilise extemal treasury management support and advice lo ensure we offer the best V81ue for money possible in our Treasury Management. Having secured a new Rolling Credil Facility from Danske Bank in 2021, BVT has sufficient loan facilities in place to cover our business p18n requirement5 until 2027, with a £5m contingency to cover unexpected events or unforeseen opportunities. Cash Flow Management Cash flows for the period are sel out in the Stalemenl of Cash Flows in the financial Statements. The Group has a strong cash inflow from operating activities. This is used lo service the interest payrnents on the loan$ that have been taken out and also lo partly fund the capital improvement programme. The balance of the capital improvement programme 88 well as the development programme are funded from C8Pltal receipts and loans. Covenants All loan covenants were mel and our 30 year financial forecast demonstrates that BVT can meet all future covenant requirements. 4 Interest Cover on our tighlest measure was 195% which exceeds the 110% requirement. O Gearing was 52.17% against a maxifflurn level of 66% Iplease note this calculation is different lo the Gearing calculation TequiTeé by the sector score card shown later in these accounlsl O Debt per unit was £24,952 per unit against 2 maximum of£35,426. Page 118

Our Value for Mone Strate BW recognises its responsibility to achieve Value for Money (Vfm) from all its activities, in order to provide all our customers with the highest possible level of service at the most cost-effective price. This means BVT seeks lo keep value for money at the forefront of our thwghls and activities in 811 we do and it remains standard agenda item for all tearn meeting5. We recognise that Vfm is not just about cutting costs, but is about the balance between economy, efficiency and effecliveness. It's about.. - Procuring goods and seNices as economically as possible, whilst ensuring that the quality of those goods and seNices meets our expectations and ensures our tenant's safety is maintained. Also, allowing managers to consider factors such a8 preference to local suppliers in delelrnining their procurement choices. Examining how we work and whether that can be done more efflcSentty either through simplifying our working practices or making better use of new technology. Delivering cornmunity servlces through our partners, recognising that not all services need to be delivered directly by BW, but enabling and signposting to exi81ing services or helping gUPPOrt new 8ervices get off the ground. Reviewing the feedback from our customers to see how effective our servlc8s are in meeting their needs and constantly looking al how we can do more lo improve or expand those servlces. The main methods that Trustees used lo assess Vfm aGross Bwf are as follows'.- Scwtini6ing the draft budgets and business plans, ensuring that such budgets and business plans meet key financial targets as well as deliver a reasonable level of headroom against funding covenants. Seth'ng the relevant key financial largels and updating these as necessary lo reflecl changing market and economic ¢ondilions, by a process of regular view by the Board and Finance Committee. Reviewing all major capital investment decisions and considering the subsequent benefils realisation reports to check that the anticipated benefits have been delivered. Ptge119

Reviewing benchmarking data. This benchmarkn'ng data now includes the Sector Score Card Icovered in detail later in this report), which the Trustees of BITh find very useful in addressing all aspects of our core business 8nd in challenging ourselves lo demonstrate Vfm. Considering organisational change. The Truslees regularly consider organisational change and ￿1151 there is currently no appelrte for a merger, as Trustees have not identified how doing so would further our aims and objectives, this will remain an open topic of discussion. BW will always consider any app108ch for merger where synergy can be found and where a clear value match is in place. In 811 aspects of service delivery Trustees consider how and who is best placed to deliver, and this is Teflected in our new Corporate Plan with Partnership working being one of our key values. Trustees have previously consldered and continue to consider Ihrough the various Commillees the value and risk of those 8Ctivilies outside our social housing core. During 20218VT sold its la6t care facility, Selly Wood Nursing Home, to 8 speciali51 provider. This finished the joumey the Board had Set to exrt the care market, which reduced the risk faced by Bvf and allowed Clearer focus on our core housing activities. Bwf remain active in other areas with our Agricultural Estates and Cornmercial Holdings, as these are necessary lo ensure our communrtEs have access tc important amenrties and honour the understood purpose of past philanthropic gifts. Both these activities are low risk, further our charitable aims, offer acceptable retum8 and may offer long term opportunltles. Value lor Money Overvlew In late 2018 we started a strategic review of our Organlsation and our 8ervices, guided by our founder George C8dbury's vision. Lead by our Trustees, thi5 review allowed us to work closely with our Tenants and other stakeholders in producing our Corporate Plan 2020-2029. Clearty our Corporate Plan which started in 2020, has been impacted by the pandemic that prev8nted 80me elements of Ihe plan, such as the roll out of our much enhanced planned mainlenance programme occurring fully in 2021. However. we were slill able lo do a lol of woik and have in our financial plans for 2022 and beyond made sure we have accommod8led the catch up on all delivery that was delayed. The first three years ol our corporate plan a￿ to explore and Tefresh what we do and there has been much work delivered on this in 2021. We have been engaging with our communities extensively on a range of matters. We have a150 been building a better shared understanding of how the varicus components of Bvf fit together. As a complex Organis81ion which has grown organicalty for over a cerrtury. we need lo Page120

refine how all our parts fit together and how each can best contribute to delivering our Corporate Plan. We have been developing our organisalional structure to enhance clarity, accountability and transparency. We now have one Department who focus on 811 mallers around our people, one Department who have oversight of our all of our property assets, and we have centrali5ed some functions and rolled out a service improvement rnelhodology that has seen many Teams r8viewed and which will eventually see every Team scrutinised and improved. Having a single Asse18 M8nagement Department allowed us lo launch a new A$6et Management Strategy in 2021 and this gives us challenging targets to Tespond to our Tenants Voice and deliver improvements lo our homes IhroughoLrt our currenl Corporate Plan period and beyond. Having refreshed our values in 2020 as the Corporate Plan was developed. we have been driving fotward with ensuring we see our values in action in all we do. After working IhToughoul 2021 to embed our values our staff Survey in eady 2022 showed that 970/0 of our 81aff fett they understood our values and ￿rpOrate aims and Ihat 94°A were inspired by our corporate aim8. Sector Scorecard The table below Is known as the 'Seclor Scorecard., an initiative way to benchmark Housing AssOCi81ions perfomiance using 15 meagUTes that are specifically required to be published annually, using calculation methods set by the Regulator for Socail Housing to ensure consistency. Bvf welcomes this initiative and in this our third year using these measures the Trustees have found the exercise insightlul and are commrtled lo using these and other measures to 8SSlSt in improving our future performance. In 2019 we Started benchmarking ourselves against the Placeshapers Group of Housing associations. This gave ug over 100 Peers who are also commrtted lo building communiti'es and not simply houses. We believe that this wide group offers a good challenge which drives OUT value for money activities, as it contains many Associations who are larger than BW and who do not have the period housing stock, which may at times drive up our costs. We have continued with this group in 2021, 8$ we want to maintain consistency so our progress overtime can be seen and we can be judged against the same large group for al least 3 consecutive years. In 2022 we will review if BVT should move away frorn thi5 large peer group and instead select a smaller group wrth more direclty in common with BVT in terms size, range of activity, in house repairs service, older persons schemes and so on. It should be noted that whilst the 5eclor averages stated in the Sector Scorecard come from the financaill year 2020121, some the peer and sector benchmark figures Page121

provided are for the period April 2019 to March 2020. These are the most up to date rigures available to us. BVT Trustees understand that the unique nature of 8nd the wide range of activities we do, from housing, to agricultural estates, lo museum 8clivities and historic buildings, does make some simple benchrnarks h8rder lo interpret, but we are commrtted to ensuring they help us drive our value for money agenda. fvleidc C&kuh1￿￿ Methodc4olly, I - EBrroA MRI % Interejll lfftl rnatrc- IOFWatlng •urplug I {￿k¥￿- {a¥w￿l) . Gnllknbil on diiku•l of Sing propeffjeil- Ar￿9￿Se￿ ￿0ve￿￿￿ent gi￿l- Grant tak￿ io hcorna + IntÈr•At roc&￿A￿l• 8thJ oth•rincthre. CapiLill¥ed rn4oF waiiÉ exwndrturé IrrfpÉn(l + Toi81 dupieciallon rar9&1 Dwhledby Int•r•81 In w61ng prop8rt + IntergBI yablo Ind fin8nclng eost6 2- GeHrtng- (Nal debt- Caryingv•lue ofhwng x 1DO. kn Net Debt • Ishtyt-lerffl b•n• + Low terrn low•- Cllihandcaoh equ1va￿nt# AmtsJnls0%￿tOgrDUpu￿dthttklnll1 FIDDrLelebwotrAigJllanil. wfiarfrc•rryingv•ltseof houlnB prryertju ¥ ITawible flxad aiy•ls' Housing p[DwI￿3 41 coll (Pertod endl l T•n9ible Thxed •sseli Hwjlng LY¢pertsts ¥•1￿￿0￿ (Peilod endll S- RBInYul￿- [Pro￿l•l Acquirnd 001￿ prtytl••l + Davdcymwi ￿ now Ocl•l hMln4 + tfrt8 toEiliiing (tO￿l￿O￿lIng propertie•l * CaprtAllg•d Inlewtst yotal houiing propErtl￿) + srhern￿ Cornp￿ (tot41 hou￿ kwrti•sll f￿VIded by IHouBlng wopert￿l al rAsJl IPeil( endl+ Propert￿81 va￿￿110￿ (Penod Ind 4- Relurn rm C•prto1 W. BIN 100. WnereA= R4tuin Ioperwing swplusl Idéfioii I￿8141￿ lThSLKllno on dy1po￿l of nxed 8•¥ei4 (hN*ing pioptrrtlqil + Shire of •urrluSlld•fi￿l) In iolnl ￿nt￿lIa or a810d•t￿l •nd 8 emwoyed ￿¢181 fix￿ •bMrA * Toi41 Eurnnl currenl114bllllle•l •thoad8 41 1 % L4 turnLwaf l¢eniiThed tho1 the 11gUTe l&led In the 20lU Mctcr iEorer4rd Thli Pagè122

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What does the Sector Scorecard tell us? 8u8ines8 Health Cleady any organisation must balance athieving their aims vmh the risk that pushing their financial boundaries brings, BITh is no dIffe￿nI. The Trustee Board of B have Sel out a clear p051tion in relation to risk and have golden Tules, which define how close lo our financial boundanes we may go before we have to pull back and reassess our plans. In 2017 BW came as close to our maximum debt level and minimum income level as Trustees were prepared to go, so you will see reflected throughout our Vfm metrics the changes that Board required lo adjust our position. In 2018 and 2019, we paused some aspects of our planned maintenance programrne as we worked on our Corporate Plan, and as we discussed new standards around voids and repairs with Tenant Representalives. This was also necessary as we adjusted lo man8ging the impact of the rent reduction regime. Thls helped boosl our Interest Cover la levels that gave sufficient headroom over Bank Covenant requirements, bul it was alway8 a short lenn reduction wrth a clear plan to ramp up planned mainlensnce, which includes items such as new bathrooms. kilchens, boilers, windows and door8. This Tamping up of planned maintenance started in 2020, but was somewhat delayed in bolh 2020 and 2021 due lo access issues caused by the pandemic, 80 you see its impact more clearty in our 2022 and 2023 targets. Bvf are committed lo delivering Vfm and we have been working on all of our areas of activity lo seek continuous improvements. Our investment in cenlralised prccuremenl management has paid dividends and we have seen significant improvemenls in services standard5, whilst lowering costs. An example of this Vfm in Procurement is external decorating where we saved £22,897113¥01 through tender in 2021. We saved £19,000114Dhl by relendering for our Agncultural Agency support in 2021, a5 well a5 improving the service we and our tenants receive. There are literally dozens of such example8 across BW. In 2021 we suffered very significant losses on Selly Wood House as we sought lo keep our residents safe during the pandemic. BVT see such losses as Inevitable in the circumstances and in line with our values. However il highlights our lack of scale and expertise in care provision and the logic behind our move away from Nursing and Care provision. with this aim having been fully achieved by the end of 2021. This reduction in loss making services is a continuation of our efficiency drive in Non- Social Housing activities is reflected in our targets lor 2022 and beyond. Our largels for Inlere5t Cover in 2022 and 2023 is dramatically impacted by OUT ramping up of our planned maintenance programme. In 2021 we were only able to deliver a spend of £2rn on new components for our homes across the Group, but in 2022 we will spend £3.2m and in 2023 £4.5m. This annual spend will remain very significant for many years wilh our plan to spend £5.3m in 2024 and £5m in 2025. We are able lo increase and maintain spend at these levels, as we have improved our business health and reduced our debt levels. Page124

Development Capaclty and Supply Bvf invested very heavily for an OTganisation of our size prior lo 2017, with the development of our new garden village in Lighlmoor and our investment in the Lawley community being at the forefront of this. The Trustee5 of Bwf were clear that as the Lightmoor project neared ils end there would always be a fallow period for as we took stock and soughl lo reduce debl levels and increase surpluses, following two decades of investment. This decision is clearty reflected in our development metrics. We have seen gearing fall from 63.10 in 2019, 10 52% in 2021, with a target of 49% by 2023. This will still leave Bwf above the sector average, go our Trustees have sel a long term financial plan that will continue lo see debt levels fall and developrnenl kept at low levels for the near future. Trustees will continue to monitor this position and are ready to recommence development as soon as our debt level. financial health and the right opportunity come together. The BVT 808rd are 8150 driving hard with further developing our plans for Carbon Neutrality, with a new Environmental Sustainability Strategy due for completion in 2022. This means the Board are conscious of the need lo maintain capacity for extensive investment in this area and until plans are finalised are unwilling to commit lo development expendrture that could bring a risk to our ability to retain all our homes. 2021 did see BVT continue to work towards the completion of Lighlmoor Village and 9 new hornes for Social rent were made available to families. This was 8 0.27% growth of our Stock. Effectlve A••et Invo•tment In 2021 wè launched our nwi Asset Management Strategy, 8etting out in detail how we will invest in all of our asset classes over the next 10 years. As part of our strategic ffjview committed lo a stock condition review of our general needs housing stock, using external experts lo support us. This has allowed us lo develop a new 30 year stcÉk investment programme, vthich we have costed, and included in OUT plans and commenced delivery of. We are using our Asset Grading model, which was developed in 2019 with the support of external consultsnls, this allows us to Trview each property and as8ess if committing to refurbishment is the Correct approach. 18 committed to our holistic whole village approach lo asset management, so unlike m8ny Landlords we do not feel our communilies would benefit from B simply selling underperfomiing homes. However, our Board do recognise that we have a duty to ensure a good financial retum from oui housing services $0 we can invest in building new homes 8nd have funds to maintain our existing homes, including improving environmental sustainability. To overcome thig potential issue have created a new Subsidiary, BoLJrnville Village Enlerprises IBVEI which will commence operation in 2022. 8VE will lease around 20 homes from BVT, when they become vacant, and make them available lo those wishing io join our communities as market renters. This will significantly improve the income we Teceive from these homes and will allow us to cover the costs of refurbishing homes when at Pa8e | 25

social rents such experKliture would be uneconomic. We will ensure a minimum 80% of the surplus we make is directed back into maintaining our existing homes and longer lerm we will be able lo enhance our development prograrnme and make more homes available for social Tenting. The first 2 of our homes were leased by BVE in early 2022. We have in 2021 continued lo grow our in house Maintenance Team, who deliver our repairs and an increasing amount of our cornponent replacements. This has advanced the Process of scaling them up to deliver more of our planned maintenance programme, but by delivering some in house and some via external tendered contractors we are able lo assure ourselves that both sides are delivering real value IOT money. Due to the pandemic and access issues we did develop a backlog of day lo day repair8 in 2021, which we have now sucoessfully cleared. This of course understandably impacted cuslomeT salisfaclion, but whilst in 2020 we were unable to collect satisfaction dat8, we were at lea8t able in 2021 to go back to surveys and th15 will establish a base line for future years. To this end we wish to put foThvard one important measure as a baseline and update two ongoing measures- Percentage of Customers satisfied wrth Iheir last re5pon8ive repair - T8rget 90% - 2021 Achievement 85./0 Percentage of Tenants satisfied with the standard of Iheir new home on letting Target 900h_ 2019 800k_ 2020 100% . 2021970 3. Gas services cost- Target £175_ 2019 £224 . 2020 £140_ 2021 £154 The main aim throughout Ihe pandemic has of cours8 been to keep our communrties safe, and we are pleased lo report that we kept our landlord compliance standards high and are grateful to all our Tenanlg who worked with us to arrange 8afe acce88. In 2020 we detailed that in Telford we had cornrnissioned a review of the sinking funds linked to the Lawley and Lightmoor Estates, so we could continue lo work with Residents to improve our value for money in stewardship delivery. That work was finished in 2021 and w8 ar8 now working lo deliver continuous improvement. Outcomes As a communty based organisation the pandemic saw us invest more than ever in supporting our communities during 20218nd ag we stepped in lo t8ke over the running for Shenley Court Hall, following the dissolution of the Charity that previous operated the community services. we saw our community spend rise. Charitable community involvement is a key part of BVT'S mission and we will conlinue to spend in this area, but in 2022 we have set an annual plan largel lo develop effective measures of social value delivered by our projects, so that we can demonstrate the Vfm of these vital activities. Reinvestment VRS up on 2020, at 2.28%, as we bought 10 new homes in Lightmoor Village, which have been let to farnilies and invested in improving our existing stLKk. Page126

As the pandemic continues lo recede we will see our planned maintenance programme hitting planned targets in 2022 and we will see reinve51ment Isee explanation along with sector scorecard) jump to 2.81 % in 2022 and 5% in 2023. Operating Efficiencles In 2021 our headline social housing c091 per unit rose which was expected in our plans and reflected in the target set. However, we did go above our target and there were many reasons behind this. with the main areas as follows,. Management cost8 per unit rose from £918 to £987, partly due lo increased investment in staff numbers to assist in vital areas such as flnancial Inclusion, bLbt also due to a restructure and staff lurnover. We will See this slabilise in 2022 with our torgel being lo reduce back to simi18r levels of expenditure we saw in 2019. Maintenance costs per unit were expected lo rise as we invested in our Asset Management Team to oversee the enhanced planned maintenance programme and as we cut surplus generating external repair5 contracts lo focu5 on delivering planned maintenance in hou8e. However we are above our target mainly due to significant C051s incurred In late 2021 as we did all we could to cle8r our repairs backlog caused by the various lockdowns. Whilst this has significantly driven up costs, we believe that delivering for our Tenants in such circumstances was the best option desplle the costs. Major repair costs were up on 2020, bul still fell short ol our largel spend as we could not deliver as full a planned maintenance programme as we had hoped due lo the pandemic. We have rescheduled our delivery and the targets lor spending in 2022 and 2023 reflect this rescheduling. We did achieve some positsve operating eff￿lenCieS in 2021 despile the pandemic. Our services charge per unil will fall in 2023 due lo the Sale of Selly Wood House, which drove up Ihe overall level of Bvf's service charge per property. In 2023 our target for service charge5 is well below our Peers and Sector average, bul we do have an ongoing project looking at ensuring all our charges are delivering the best outcome and we recognise that some of our tenants may receive a beller service if BW enhanced our offer by selling up a service charge for their area or scheme. We wll be wort(ing with our tenants to get their views and wishes on service charges over the next few years. Overhe8ds as a percentage of turnover fell further in 2021. This places BVT well below our Peers 8nd the Sector average. We are plea8ed Ihal corporate costs are well managed in BVT, but as part of reviewing our organisalional development offer we will see some minoT increases in spending in the future. Rent collected was above 1000/0 as we reduced our arrears carried fO￿ard from 2020 during 2021. We have once again been so thankful lo our ama2ing lenanls who despite all the pressures Ihal have faced have continued to support LJS by prioritising their rent payments. Page127

Vfm Actions for 2022 Overview Followlng on from the p￿VIouS year's disruption, 2021 was not a normal year and whilst we did what we could to drive efficienry, economy and effectiveness, there were limits imposed by the pandemic conditions we worked under. 2022 is already proving lo be a challenging year but we wll continue to seek lo deliver Vfm and our corporate plan in innovative ways. The sector scorecard offers our main financial targets for 2022 and 2023, with each having been sel lo allow the delivery of our corporate plan. Business Haafth We will ensure that our operats'ng margins remain positive and our intere8t cover offers good headroom above banking covenants, whilgt we deliver our nomial activity and our n•v planned malnlenance programme. The BVT Board will be reviewing their risk appetite in 2022. building on the work the 8oard did on the "trade offs. belween what W8 would like to achieve and what we have cap8Clty lo achieve, in 2021. We will continue our review on non4ocial housing activities and In 2022 Ihere will be an in-depth review of the Estates Management service we offer in Bournville. This seNice is not an additional activity undertaken by BW, il is a key activtty for us and W88 part of our actNlties on foundation. Teceived the incredible donation of homes that remain the core of Bvf 88 part of a pack8ge that saw us take responsibility for a great deal of land and community in Bournville. So this review will be lo ensure we 8re delivering the best possible value for money service to our community and lo make sure what we deliver is what our community needs. Having launched a new asset management strategy in 2021 we wll be building on this in 2022 with more planning for reducing our carbon footprint and for improving the energy efficiency of our hom88. We will push on with our market rent project, lo increase the divergity of our housing offer and lo bring in additional income lo invest in our homes and to help meet the carbon neutral challenge. The Truslee Board are well aw8re that not disposing of assets Ihat are not ful￿ economic for strategic reasons, does require BW to be innovative and we will continue to look for new opportunities. Dovelopment In 2022 we will continue wlh the final stages of Liohtmoor, but have no further development planned, whilst we continue lo reduce our gearing level We will in 2022 continue lo maintain our agricultural estate as we know this has potential for long temi developmenl and does meet our charitable objectives and offer an appropriate financial return. We will, however, explore areas that do not srt in our strategically important geographic areas, to see if better economy could be Page128

achieved for BITh through sales ￿ small scale development, where this sits wthin our charitable remit. Al all stages our Board will assure itself we are making the right decisions by looking at all options carefully planned and 51otted into our 30 ye8r financial plan, so Ihe financial impact can be cleady seen. Effective Asset Investment Following considerable work during 2021, will see in 2022 BW publish our Environmental and Sustainability Strategy, as we seek lo sel out how we can ensure our housing slock, much of which is historic and in conservation areas, meets the environmental expectations of the future. This will eventually go on to form a core of our future asset investment 51rategy and 30 financSal planning, but for now we are at the exploratory stages. We will also be refreshing our asset appraisal data that we developed in 2019 and 2020 to bring it up lo date and to $18rt looking al non-housing assets, such as garage sites. We will be uslng our refreshed risk appetite and development fevlew lo consider how end where we invest in our commercial portfolio and how Bvf can best judge the return8 and risks that would generate against our altemalive options. Future Activlty Plans We will continue our review on non-social hou8ing activities and in 2022 there will be an in4eplh review of the Stewardship seNice we offer in Bournville. This service is not an addition81 activity undertaken by BW il is a core aclivily for u8 and was part of our objective8 on foundation. BVT recaved the incredible donation of homes that remain the core of as part of 8 package that saw us take responsibility for great deal of land and community building in Boumville. So this review will be to ensure we are delivering the best possible v81ue for money service to our community and lo make Sure what we deliver is whal our ￿MMUnitY wants. We will continue to increase our investment in our communities in 2022, with 8 number of projects set to develop. We will again, however, be looking lo start reviews into social value being delivered, so as we emerge from the pandemic we can look lo demonstrate that we are delivering the biggest social return for our inve8tmenl. Other Value for Mone Metrics BVT uses over 130 rnonlhly key perfomance indicators IKPlsl which are reviewed by the Executive Team to monitor p8rfoTrnance and to drive Vfm. We believe all of Ihe5e indicators are important metrics, and we are especially keen lo use metncs to monitor and drive our strategic plan, so we regularly produce and ukn'lise KPI in areas key to our plan. Page129

Championing People This is a developing area for BW and in our Corporate Plan it is made clear that we are at the exploring phase. We have just completed our first Neighbourhood Plans for Shenley and Weoley and more will be developed in 2022. We will, as we enhance our information 8nd knowledge of our communitie8, Start to develop, deliver 8nd monitor prTrJrammes around, health, access lo education and ernployment. These will add lo work we are already delivering in assisting families improve their financial position and to move away from fuel povety. Plac& Shaplng During 2021 we Worked on developing new KPI'S for our placeshaping wod( and in 2022 we will start to produce regular information on 8 wide range of activities, such as delivering alleralion reviews lo agreed timescales, estates inspection completed to target, the delivery of the landscaping programme by area. Community Bulldlng We are continuing to develop a range of KPIS to help drive us towards our strategic go818 in respect lo Community Building. One example of our use of Vfm measures In this area relates lo resident involvement, either form811y or informally in consultation groups across BVT'5 activit185. 2021 saw 7,229 occurrences of resident involvement and over 1000 more occurred in January and February of 2022. This measure helps us ensure we are really listening to our communitie8. Providlng Great Homes This area of KPIS is understandably our most extensive and would be the most f8rniliar to people involved In soci81 housing. as it covers our customer services, repair8, lellings and voids. In 2022 we will return to collecting a full range of satisfaction data from our tenants and this will include Ihe percentage of tenants who are satisfied with BVT as a Landlord. This will allow u5 lo ensure our sector scorecard is complete from next year. Despite the impact of the pandemic we did m8ke sure we kept our tenantg safe and we ensured 99.90A of emergency ￿paIrS were delivered on the day they we reported, right through the year, which wa5 well ahead of our 85Vo target. Vve ensured gas servicing continued and delivered 3. gas servicing and repairs for an average cost of £154 throughout the year, which was below our £175 target. We also achieved same day gas repairs on emergency gas i55ue$ in 99.3'/0 of cases, throughout the year. Page130

Elsewhere in our g￿al homes delivery we also maintained the quality standards we set in 2020. Throughout 2021 1 OOQh of Tenants were satisfied with the cornponent replacement project deliVe￿d on their home. 2021 also saw 96.5Yo of tenants satisfied with the slandard of the new home they were offered. We also found 100% of our tenants were happy wf(h our alloc8tion8 process. Bulldlng Organlsatlonal Strength In this area we look at KPIS for HR, Finance, Health and Safety, ICT, Complaint Handling and other matters key lo our core operational ability. Areas for Im rovement The Board of BVT have listened to our Tenants and committed to an enhanced programme of improvements to our homes. We take the decent home5 Standard as a minimum level end will continue lo look to deliver in advance of il. We planned to deliver new balhr(K)ms, kitchens, boilers and windows in 2021, and did what we could, but once again the pandemic reduced our ability to reach the pace we wanted. We have budgeted lo increase our delivery for the next few years and are committed to meeting our Tenants expect81ions. WhS1sl did on the whole mainlain standards through the pandemlc, we dld fa15 Short of our expectations in delivering a quality cuslomer experience at lirnes. We will leam from this and in 2022 we will be developing a new customer experience strategy, which we will look to implement in 2022 and 2023. Constitution and Governanc• is governed by its Deed of Foundation which was amended in June 202110 enable access to a wider pool of potential trustee candidates by reducing the number of famity Iruslees from 9 10 6, removing the nominated positions from The Universrty of Birmingham, The Society of Friends and Birmingham City Council and creating posrtions for up lo 6 independent Irustees12 co-opted) to help lo increase the diveTSlty of 8￿,5 trustees and to bring in the skills required by the board. The board mee18 at least 4 limes each year and is supp)rted by 8 range of ccmmiltees wth delegations clearly sel out in a suite of Terms of Reference approved by the board. There are a number of governance policies and documents in place to support effectNe governance across th8 group. 8VT adopted the National Housing Federation Code of Governance 2020 in March 20218nd compleled an annual self-asse5sment of compliance with the new Code in earfy 2022. There is one key area of non-compliance wth the Code relating lo the terms of office of famity trustees. The Deed of Foundation does not apply set terms Page131

of office for family trustees but the 6 year rule is applied to independent trustees in compliance with the Code of Governance. Family Iruslees are subject to annual r appointment after serving 9 years on the board which lakes into consideration individual trustees, performance and the skills requirements of the board and committee8. Areas of the new Code where compliance needs to be 51renglhened have been identified and actions are scheduled to be implemented in 2022. A formal governance review is scheduled to take place in 2022 in compliance with the Code of Governance which will include a lull review of governance arrangements across the group. 8vr asses8es its group compliance with the Regulator for Social Housing's Govemance and Financial Viability Standard on an annual basi8 and certifies that it is compliant ￿th this st8ndard. Trustees (who held offlc• durfng thlj perlod were) Adrian Allen FCA Chair Duncan Cadbury MSC, DSW, CQSW (Retired 7th October 20211 Roger Cadbury CBE, MA IRelired 9th December 20211 Nigel Cadbury BA, Barnsler at Law Claire Bowman Alison McKittrick BA (Honsl Prof. Philip Lumley BDS, FDSRCPS, MDenlSc, PhD, DSRCS Caroline Cadbury MA - Vice Chair Matthew Cadbury MA. MSC. MBA, PhD Prof. John Nolan Bsc. MSC, DEnglHonl, C.Eng, F.I.SITUCt.E, F.I.C.E. (Retired 10th June 20211 Claudia Coulson BA IHons) Alison Fisher (Appointed 7th October 2021) Oerek Douglas {Appointed 24th November 20211 Executive Toam Peter Richmond - Chief Executive David Robinson BA (Hons), ACMA, CGMA. FRSA- Director of Finance & IT Annette Homer FCIH, FCMI - Director of Business Development Greg Lakin- MRICS, MCIOB, PG DMS- Director of Assets Arthur Tsang - Director of Communities Helen Harvey. Bsc (Honsl, MBA, FCIH, MCIPD- Director of People and Performance, and Company Secretary Neil Ashford - MRICS - Director of Mainlenance Services Page132

Employee Involvement In order to provide for consultation between management and employees on matters of concern to employees, the Joint Consultative Committee IJCC) was established many years ago. The Committee comprises slaff members and managers, including the Chief Executive. JCC meetings are generally held at least three limes per year and in 2021 the JCC discussed areas such as employee wellbeing, hybrid working, dress policy, staff conference, pensions and health and safety. Publlc Benefit The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of Bvf and in planning fulure aclivilies. The Trustees have conduded that the Bw's aims and objeclives contribute benefits in many way5, including the following.. provlsion of rented housing accommodation lo those In housing need provision of community facilities and services provision of advice and support to residents Statement of 8oard's Res on8ibilitie8 in res ort and the financial statements ct of the Board's Registered Provider legi81ation requires the TTuslees to prepare financial Btatements for each financial year which give a true and fair view of the state of the Group 8nd as 81 the end of the financial year and of the income and expenditure of the Group and BVT for the year ended on that date. In preparing those financial statements, suilable accounting policieg have been used, framed to the best of the Trustees, knowledge and belief, by reference to reasonable and prudent judgement8 and egtimales and applied congislenlly. The Trustees prepare the flnancial st81ements in accordance wf(h United Kingdom Generally Accepled Accounling Practice IUnite(l Kingdom Accounting Standards and applicable lawl. Applicable accounting standards have been followed. The Trustees are also required lo indicate where the financial statements are prepa￿d other than on the basis that the Group and are going concerns. The Trustees a￿ Tesponsible for ensuring that arrangements are made for keeping proper books of account with respect to the Group's and BW'S transactions and assets and liabilities, and for maintaining a salisfaclory system of control over the Group's and BVT'S books of account and ITansactions. The financial slalemenls have been prepared in accordance wth the requirements of the Charities Act 2011, the Housing and Regeneration Acl 2008 and the Accounting Direction for Private Regislered Providers of Social Housing 2019. The Trustees are 81so Tespon5ible for Pa8e133

ensuring that aTrangements are made to safeguard the assets of the Group and BVT and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Tru8tee8 are ￿SponSIble for the maintenance and integrity of the group and financial infoimation included on the Bournville Village Trust website. Legislation in the Uniled Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Politlcal and Charitsbl• Donatlon8 is a charitable organisalion and as such we made no contributions lo polits'cal organis8tions. To further the charitable aims of we made charitable donation5 lo other Charitable Organisations who have 8 connection to the Group, of £36,800 (2020. £42,197) Alongside this BW offered Partner Organi58lion$, who furthered our charitable aims. accommodation that equ81s 8 benefit in kind donation valued al £15,80012020 £19.8001. Disclosur? of Infom)atlon to the Audltor Trustees who were in office on the date of approval of Ihese financial statements have confirmed, as far as they are aware, that there is no relevant gudil information of thich the auditor is unawarè. Each of the Trustees have confimied that they have taken all the steps that they ought lo have taken as Trustees in order lo make themselves aware of any relevant audit information and lo establish that il has been communicated to the auditor. Audltor The Tnjslees resolved that RSM UK Audit LLP be reappointe¢J as auditor. RSM UK Audit LLP has indicated ils willingnes8 to continue in office. Annual Controls A••urance Statement 2022 Introductlon This slalemenl sets out the evidence officers have collated on the effectivene58 of B￿'S system of inlemal conlrols encompasses a number of elements that together facilitate an effective and efficient business, enabling BVT to respond lo a variety of operational, financial, and Commercial risks. These elements are.. Policies and Procedures Data Breaches Pa8e134

Business Planning, Budgeting and Perfomiance Managemenv Regular Reporting Strategic Risk & Assurance Register Operational Risk & A55urance Registers Audit & Risk Comrnittee Internal Audit Programme Extemal Audit Programme Third Party Reports Compliance with relevant legis18tion Poll¢le$ •nd Procedures A series of policieg and other documents underpin the internal control process and written procedures support these policies and documents where appropriate. These include rules, standing orders and financial regulations that are regularly reviewed and approved by the Board. They are supported by other major documents and practices such a5 the Corporale Plan, codes of conduct, performance management framework, management delegation sy51ems, employment contracts, appraisals and moniloring proce8se$ and one-t(Fone reviews Ouring 2021 we continued to a review a significant number of policie6, wfth a particular focus on health and safely policie8 and these policles are all up to date at year-end. We continue to carry out process mapping to identify where efficiency and effectiveness could be increased. This wa8 particularly applied to a8pect8 of B￿,8 asset management and HR activities during 2021. Data 8reache• B￿.9 Data Protection Officer manages 8nd records all data breaches, both internal and external, that occur. On average, since we began recording, we have 617 data breaches exh year, The process for reporting data breaches is set oul in the Dala Breach Notification Procedure. We recorded 5 data breach incidents in 2021, 4 of these were minor errors in which no personal data was shared. The remaining 1 did see us share, in error, the name and address of an individual with Birmingham City Council. We onlacted the individual to inform them of our error and to ensure no further issues occurred. We are conlinually learning from data breaches. There is no blame associated with breaches and we actively encourage staff to report all instances they are involved in. Page135

All staff have receive annual GDPR and IT Security training which has given them a good underst8nding of our GDPR Framework and their responsibilities when managing personal data, as well as useful information on IT Security. This training is valid for two yeaTS. New staff wll undergo the training during their induction. Buslne88 Plannlng, Budgetlng and Perforniance Managemenu Regular Réportlng The annual business planning and budgeting process for 2021 was based on achieving the strategic objectives in the Corporate Plan and man8ging the key rlsks that might imp8Ct on achieving Ihls. There was regular reporting of both risk 8nd performance acros8 BVT throughout the year. Standardised report templates are in place to ensure thal infomation 18 presented clearly and consistently across key issues. A robust, business-led appro8ch to a quarterly performance reporting cycle and porting from a suite of KPI measures is firmly established and includes a specilic suite of KPIS for landlord health and safely compliance. In 20218VT again enhanced financial planning, with a complete rebuild of the 30 year financial plan. This included new assumptions lo beller reflect the likely long term impact of the pandemic. The automatic generation of Bank Covenant Compliance metrics allowed the 30 year plan lo be used by Trustees at their Strategy Days to review a range of financial outcomes. drawn from different delivery options. This comparison tool helped the Board ch005e belween competing options for 8VT's finite financial resources, thereby assisting them In selling the business plan for Bvf's medium term future. The advanced stress testing we have been running for some year5 was updated. in line with our annual cycle. The detailed stress lesling run has enabled Trustees lo understand BVT'S financial position clearly and also understand the irnpacl of various financial scenarios on its financial viability and has resulted in very clear indicators for ensuring.. a. there is access lo sufficient liquidity 8t all times b. financial forecasts are based on appropriale and reasonable assumptions c. effective systems are in place to monitor and accurately report on the delivery of our plans d. the financi818nd olher implications of Tisks to the delivery of plan5 are considered e. we monitor, report on and Gomply with our funders, covenants Page | 36

Strateglc Rlsk & Assurance Reglster A Strategic Risk & Assurance Register is compiled and updated ty Ihe Executive Team to help to facilitate the identification, assessment and ongoing moniloring of risks significant to the organisation, also considering the need for further mitigation. The Register idenb'fied the following as BVT'S key strategic risks.. Poor Financial Performance- loss of income and loan covenant headroom Environmenvclimate Change- responding and affordability Brand Damage- modernising effectively, poor review and roll-out of design guides, lack of asset investment, pwr delivery of stewardship Community & People- not hearing lenant and community voice8 Busine$$ Disruption - poor planning and resilience and cyber threats Organisalional Capacity & Culture- leadership and board diversity Data Accur8¢yIM8nagement- rent setting error8 gnd poor data control Strategic Asset Management- lack ol eflective asset management of development strategies. care home viability, commercial property viability Fraud - lack of controls and compliance Health & Safely- landlord and employer All of these risks had controls in place to mitigate them and actions to develop further contro15 where needed, and all ri8ks Scores reduced as a re8uIt of these controls. The Register has been presented each quarter In 2021 to the Audit & Risk Committee and to Trustees. An annu81 self-8sses5menl carried out during the year against the Chartered Institute of Internal Audrtors {11A1 Risk Malurily Framework to establish BVT'S risk maluTity on a scal8 ffom nsk naive lo nsk enabled ¥howed th81 that BVT has retained its 'risk man8ged' rating and has moved slightly more towards a 'ri8k mature, rating. Operatlonal Rl8k & Asjurance Registers Operational Risk & Assurance Registers are in place and are updated quarterfy by the relevant director to help to facililale the identification, assessment and ongoing monitoring of risks significant lo the seryice, also considering Ihe need f further miligalion. The registers are reviewed by the relevant committees and presented to Audit & Risk Committee for infomiation and as6urance, in accord8n¢e wrth our Risk & Assurance Strategy in Apnl 2021. Page137

Audit & Risk Committee The Audit & Risk Committee alerts Tnjstees to any emerging issues or concerns it has. In addition, the committee oversees int8rnal audit, external audit and management responses as required in its review of internal conlrols. The committee is therefore well-placed to provide advice and a55urance to Tnjslees on the effectiveness of the internal control system, including the organisation's system for the management of risk including the scope and effectiveness of the strategy, policies and procedu￿8. Since the Comrnitlee was sel up in 2017 rt has developed its role and has become an established p8rt of the oversight of internal controls.11 met 4 times during 2021 and also held a joint meeting with the Finance Committee. The minutes of all these meetings have been presented to the Board of Trustees. As part of good governance the Chair of this committee has met wrth both our External and Internal Auditors outside ol the committee meetings lo gain independent assurance on BW'S controls ov8r ils business. Int•rnal Audlt Programme Internal audit 15 an important element of the internal control process. Apart from ils normal risk driven programme of work, including Tecommending improvements to 8eNice areas, internal audit 18 responsible for aspects of the annual review of the effeclivene88 of the intem81 control system within the organi¥alion, giving an independent objective assessment of the effectsveness of the risk management and control processes operating at 8VT. The internal audit progr8mme for 2021 was fully delNered and an Annu81 Intemal Audit Assurance Report was presented to the Audit & Risk Committee in January 2022 and to the Board ol Tru51ee8 in March 2022. Mazars audit opinion was as follows., . In our opinion, Boumville Vi118g6 Trusl ('8VT) has in plac8 an 8ppropri8te framework for identifying, evaluating 8nd managing the significant risks f8ced by the organisation. In the ye8r, we raised two highly in7POrt8nl recommendations in re18tion lo the Data Govem8nce and Compliance #l audits conceming the d818 govem8nce framework and monthly water checks. The D8la Governance audit received 8 'Needs Improvemenl'8ssurance level with management accepting 811 three recommendations as part of this audit. It was also noted there was no reports in 2027 wilh 'Limited' assurance and no Crit￿81 recommendations were raised. In respect of the 8reas of activity which we reviewed. and subject to the weakn8sses identified 8nd reported in our internal audit reports Boumville Village Trust h8s an adequate, effective and reliable framework ofintem81 control Page138

and effective risk m8ll49gement and govemance processes wh￿h provides reasonable assurance regarding the effective and effKAent 8¢h￿vement of the organisation's objectives. No instances ofactU81 or susp8cled fraud hav8 been encount8r8d during our audit work. Audit & Risk Cornrnittee took a robust role in terms of ensuring scrutiny and oversight of both the tracking and implementation of internal audit recommendations through regular and more detailed reporting of any outstanding fundamental recommendations as part of the quarterly Risk & Assurance reports. External Audlt External audit provides feedback to the Trustees on the operation of the internal financial controls Teviewed as part of the annual audit. In May 2022, RSM UK issued their latest Audit Findings Report, based on Bvf's 2021 financial statements. RSM reported that there were no internal control weaknesses that they needed to highlight lo Trustees. BW, BVD and BWHS all received a clean audit opinion and there have been no disagreements with managemenl regarding financial reporting for the purpose of 168uing the audit report. Third Party Report8 Extern818ssessmenls and advice provide additional and useful a55UTance. Major sources include regulatory judgements; Care Quality Standards ICQCI., and independent advice around govemance, treasury management, health and safety and supported housing. Maintenance Services are audited yearly by both the NIC-EIC and Gassafe. NIC-EIC for our eleclrical compliance and registration and Gassafe for gas compliance and registration External expertise and impartiality plays an important role in sUPPOrting 8wr to review aspects of ils work. During 2021 Bvf used external parties to 5UPPOrt the following.. Preparation for Bw's regulatory In-Depth Asse55ment Review of the HR structure Advice on delivery of leadership and management development structural Surveys and Assessments Expert Witnesses to defend Legislative Claims (Section 11 and 82 EPA) Agricultural Valuations Architects- Planning Applications and Advice {Conservation Areas) Page139

Planning and Sustainability experts (Design Charter) External Auditors Retained Independent Health and Safety Consultant {PEMCOI EPC inspections Review of an older persons scheme Treasury- ATFS Legal Advice for Rent Setting & Regulatory Compliance Legal Advice for Treasury & Land Registry Technical Financial Accounting Advice (Tax, VAT, SDLT, Investment Recording) Cyber Secunly ICT Infr8slrtJcture Regulatory Compli8nc6 Commercial valuations Commercial sales & marketing advice Commercial rents, lease terms and leltings Comme￿181 dilapidations valuations and negotiation8 Commercial eslale reinstalement valuations and a stock condltlon survey Market rent valuation and marketing In terms of Care & Supported Housing, Selty Wood House was last insFecled by the Care Quality Commissiofi ICQCI in November 2019. The overall rating for the service was Good across all assessment areas. The Selly Wood House report was received by the Housing & Community Services Committee. There were no inspections in 2020 or 2021 due to the coronavirus pandemic. Selly Wood House was sold to a specialist care setvices provider al the end of 2021. 8VT attained Cyber Essentials Accreditation in De￿mber 2021, this is exiernally veiified 8ccredit8lion that BVT'S ICT security arrangements mel the standards expected of the highest performing organisalions in our industry sector. To further protect ourselves and more importantly our customers, BVT has engaged an industry leading expert security partner who will be providing on-going Cyber Security support services for the organisalion. In March 2020 the Regulator for Social Housing (RSHI regraded Bvf's governance rating Irom G2 to G1. BVT's G1IV1 ratings were both reconfirmed in December 2020 follwing the RSH'S stability checks. A regulatory In-Depth Assessment began in December 2021 which resulted in a G1N1 rating being awarded in Maich 2022. Compliance with rolgvant Iggi51atlon We confirm our compliance with relevanl legislation in a number of ways.. monthly KPI monitoring l a number of KPI targets are set lo achieve legal compliance) regular review of policies lo ensure they reflect current legislation constant scanning of trade press for updates and attendance at major Page140

conferences horizon Scanning as part of monthly risk discussions lo identify any new legislalion internal and exierna5 audits relevant employees are required to maintain professional accreditation, which inGludes remaining up to dale with relevant statutory requiTements use of legal advisors for more complex legal issues that are ertheT beyond the professional capacity of BW employees, or to seek an opinlon on our interpretation of legislation and attendance at legal briefings 8XteTnal cornpelenl advi50r for health and Safety lists of relevant legislation provided annually lo support this statement are provided to Bvf'$ Audit & Risk Committee and Board. There is a section for compliance with relevant legislation in B￿,$ standard report template so that any issues or concerns are clearly highlighted to Tru8tees and Committetss. Coronavlru8 Pandemlc During 2021 Bvf was managing ils activit185 alongside responding to the C.ornnAvini% PAnde.mir.. Throiighniit Ihis pp.riod TriigtPP.8 we.rp. kppt fiilly brielp.d by Setting out the key risks and how these were being managed. Our recovery from this impact has been positive, with services al near normal levels throughout the ye8T and 8 locus on catching up on any repairs and voids backlogs. Effoctlven•s8 of Control• Our risk and control mechanisms are generally effective. This annual internal controls certification process has not highlighted any issues thal were not previougty identified through norm81 management processes. The Executive team has reviewed Ihe effecliveness of the system of inlernal controls, including the sources of assurance agreed by the Board. There 18 sufficient evidence lo confimi that adequate systems of intern81 control are in place and operated throughout the year. Page141

Reservo8 All surpluses generated are reinvested to meet the Group's principal objectives, therefore. the reserves that the Group has accumulated have been largely invested in its housing and other properties and are not represented by cash balances. The rationale for certain restncted reserves is explained Y￿thin the Accounting Policies section. Flxed A•s&ts Details of the ch8nge8 in fixed 88selg are sel out in note 7 to the fin8nci81 8talemenl$. Pa8e142

Information Reglstered Office 350 Boumville Lane Bournville Bimingham 830 1QY Homm England Roglstratlon Numb•r L0702 Registfrred Charity Number 219260 Audltor RSM UK Audit LLP Chartered Accountsnts Sl Philips Point Temple Row Birmingham B2 SAF B•nk•r• Lloyds Bank PIC 142 Edgbaston Park Road Bimiingham B15 2TY Sollcltor• Eversheds LLP 115 Colmore Row Birmingham B3 3AL By order of the Trust Helen Harv Secretary 91h June 2022 Page143

INDEPENDENT AUDITOR'5 REPORT TO THE TRUSTEES OF 801JRNVILLE VILLAGE TRVST Oplnlon We have audited Ihe financial slalemenls of 8ourn4iille Village TfilSt Ilhe 'Associaiion'l for the year ended 31 December 2Q21 whith coMpr15e the Consolidated and As8oc181ion Slatemenl of Fin2ncial Aclivities the Consolidaied and Association Statements of Financial Position, the Consolid3teo an Association Slalemenls of Changes In Reserves, the LDnsolidaled and Associalion Sialernen15 01 Casli Flows and notes lo the financial slalemenls. iricliiding $ignili¢ani 3ccouniing poliries. The financial reporting framework Ihat has OeÈn applied In Iheii preparaiion Is applicable law and United Kingdom Accounlillg Standards Including FRS 102 'The F.DanGial Reporting Slaiidard applic8ble In the UK and Republic of Irelaiid" Iunii8d Kingdoin Geiierally Accepted A¢cDunling Piacticel In our opinion the financial s13iemenlS gIV& 2 Irtse and f¢11r View of Ihe Stale ol the Group s As50cialion'5 affairs as al 31 December 2021 and of tlieir Inrome and expenditu￿. for Ihe year then endèd liave bean properly prepafed in accordance with United Kingdom Generally Accepieo Accouniing Praclits. have been PTepared In ￿C￿[danCe with the requirerneiils of the Charities Aci 2011, the HuLisiiig and Regeneration Act 2008 and the Accounting DireLlion lor Priv(41e Regislered Prowiders of Social HDU51ng 2019. 8a•l¥ for oplnlon accordance with regiilalions mxde under secliDn 154 of thai Act. lfve conducted our 8u¢Jil 'n accordance With International Slondaros on Aiidiling IUKI IISAs I UKII 8nd aFplicable law Our responsibilities utider IliGse sianijards dre further desciibgd Iii the Auditor's re8pnnsibililie¥ for the audit 91 the financial 51aleinenls spclion ol OLir repnrt. We are Independeni of the Association In 3cLordaiice with Ilie elhical reqLiremenis Ill￿¢ relevant ID our audit of Ihp financi31 Slalenienis In the UK Including the FRC s Etliic81 StancJarQ. 8no we nave fiillilled our other •lhical r4$poiisibiliiie$ i￿7 acr.ordaii¢ft willi these requireryienls We believe Ihal Ihp. 3udil evideiice we have obtained is sullicienl and appropriate lo provide a basis lor our opinion. Conelu•lons wlatlng to golng cgnc?rn 111 auditing the financial sialomenls. we have concluded Ihai the Trustees ￿se ol the going concern basis of accounting In Ihe prep31dlion ol tne financial $lalemenl$ is appropriate L43sed on the work we have perfornied. we have not Ideniified any nTralerial unceriainlies relating lo evenls or e.ondiiions that. Indivioually Dr collectively may ca81 5￿gnIfIcant doiib; on the Associaiion's ability lo conliiiiie as a going ¢oiitein loi a period ol al IEas1 Iwelvtr mnnlh5 Irom when Ihe Iiiiaiicial 8iaieinenis are authonsed tor Issiie Our iegpoiisibiliiies and the respoiisibililie5 Of the TIu5tees with respect lo going coricerii are described In the relev8Dt sec110113 01 th15 report Other Infomiatlon stslements and our audilor's ￿pO[l Ihereoii The Irbsiees arp responsible lor the other Inlormalion Infonnaiion and, we do not express any Iofm of assurance condusion thereon. Page144

Odr responsibility Is lo iesd ifje 01￿.e[ Inloimalion aTrd Iri doinil so cunsider wliethpr the ollier lo report Ih,Il foct ITdve nvlhiiig Io T-. Matt?Y• on whffich we are requlred to report by exceptlon Re8pon•lbllltleB of Trustees Trusleffs Ip%i)011811)Ililipb $tat•manl $el oul ¢n p•g• 331042, th* Tru9t¢•$ Audltor's re¥pon$Sbllltl?s fgr th? oudlt of thg Ilnanclal 8la¢em?nts Our obje¢live8 are to obtain reaBonable asBurance about whether the financial statements as a whole are tree frorn m8terial mi88talemenl, whether due lo fraud or error. and 10 Is$u• an auditjr's report that includej our opinion. Reasonable assurance 18 a high level ol 8s8Uran￿. bul i& nol a guarantee th81 an audit conducted In arxordance w4th ISA8 IUKI wil always detect a material misstaterrent when il exists. MISSIat￿entS Can arise from froud or error and a￿ conSide￿d malenal if. indivldually or in the aggregate. they could re380nably be expected to influence the econornic deci$ion8 of Lbser8 taken on the bosis ol these financial ststemenlg IrregulBrrties are instBnce$ ol ncn<crnpli8nce with law# and regulations. The objectives of our audit are lo obtain ¥ufficient appropriate 8udit evidence regarding compliance with law9 and regulations that have a direct effect on the determination of material amounts and disdosu￿s In the financial slalements, to perfom audit procedures to help identify instances of non-compliance wth other laws and regulation8 that may have a malenal effecl on the financial 8t8temenl8, and to re8pond appropriately to identsfied or suspected non-compliance wth laws and regulations Identlfied during the audbt. In relation to fraud, the objedives ofouraudit are to identify and assess the risk ofrnalerial mi¥¥tatement of the financial slaternents due to fraud, to obl8in sufficient 8ppropriate audit evidence regarding the Page145

a8sesseé risks ol rnaterial rni8statement due to fra￿d through designing and Implementing appropriate respon58s and to respond appropriately lo fraud BUSP8Cted fraud identified during the audit. However, rt IS the primary responsibilrty of management, with the oversight ol those eh8rged wth govemance, lo ensure that the entitvs operaliDll5 are conducted in accordance vmth the provision8 01 laws 8nd regulations and for the prevention and detection of fraud. In identi￿.rng and a58e53ing nsk5 of rnaterial M￿$￿ternent In respect ol Irregularitl•8, induding fraud. the audit engagement team. obtsined an underslanding Df the nature of the 8ector. Including the legal and ￿gUlatOry framework that the Group and ABSOCAalion r¥Jerate6 in and hovrf the Group and Association are complying with the legal and regulatory lrarnev￿rk", inquired ol management. and Ihoge charged with governance. about ththr own identific8tlDn and a88essm•nt of the riBk8 of irregularibe8. including any known actual. 8u¥pect¢d or alleged ln318nr￿s of fraud., dlscussed matter8 about non-complianee with IBW5 and regulation? ¥nd how fraud rnight 0￿1 Includlng ¥¥8e88menl ol how ané where the Iinancial 5talemv&nt& rnay be Bu$rAplibb lo fraud. AÈ a r88utt of these procedu￿9 we consider the moat #ignificBnl Ipw5 and regulations that h•ve 8 direct impact on the financlal $laternenl& are FRS 102, Charities Aci 2011, the Housing and Fl?generation Act 2008. the Accounting Direction for Pnvate Registered Prowder8 of Social Hou8ing 2019 and 1aM compllance legislation. We performed audll proc•dures to dèlect ncn-cornpliance8 hthich may have malarial irnpad Dn the financial Blalements whlch included, mvi•wlng fln8ncial 8talement dl8do$urei, In￿•¢ting corre¥ondence with local lax aulhorits"e8 and evaluating advice recilv•d Irorn internall•xiamBI IBX advisor8. The rno•t Sl9nificant law8 and regulatlon8 that h8￿ ¥n indi￿￿ irnpaca on the f nantyal $lal•m•nti are Heatth and Safely al Wort Act 1974, th• Regulator of Social Housing Regulatory Si8ndords (both Economic and Consumer 51andard81 and the General Oata Protection Regulations ag ¥•t out in the Dsta Protection Act 2016, We performed audit procèdures to inquire of management and tho8• chargad with governance whether tITe company Is in cornpliBnce with these Igw and regulationb and inspected C￿)rrespOndence with Ilcensin9 or regulatory aulhorities. The audll engagement team identified the risk ol management ov•rrid• ol controL4 and other rigk8 •S the areas where the financial statèments were most susceptible to material ml&8talement due to Yraud. Audit procedures perfofmed Included bul were not limited lo lesling manual joumal entrie8 And othèr diu¥tmenls, evaluating the business rationale In relation to significant. unusual transactions and transactions entered into outside the normal course ol bu81ne88. c*allenging iudgmenls ond eslim8le Bnd include key procedure8 to addre88 Othar d$k$. Use of our report report lor iio olr.or p￿rpOS0 -lo the li IllE5. eKleni the A559cialion'8 IrLlglees -3$ a body for Dilf riiidit work for Phis rpD(Jrt or for the oJinioii.% ive 114ve foimèd. Page146

Rslvl IJK AuiliF LLP harterLd AcGoiJiilrllll8 St Philip5 Point Temple Row 8irmingharn 82 SAF dl 12.08.22 Ctsnii)2niGib ilci ?(JDG. Page | 47

Bournville Village Trust Group CONSOLIDATED AND fRUST STATEMENTS OF COMPREHENSIVE INCOME forth• year •nd•d 31 Decembor 2021 Notes Group ?021 £'ooo Trust 2021 £'ooo 2020 £'ooo 2020 £'ooo TURNOVER 27,619 28,042 26.726 27,180 Operating expenditur• Normal 122.9021 122,6161 122.3101 122,0961 OPERATING SLIRPLUS 4,717 5,428 4.416 5,084 Surplus on sale of hou¥lTr9 and other properties Surplus on thè salè ol IBnd Surplu8 on sale ol other fixed 558ets Interest rèceivab Interest and finanony COBti Movement in lair v8lue of nnandil Instwments 141 560 66 25 14.0751 13.7451 5a 537 680 527 560 198 14,0801 13,7451 13,9601 7,670 13,9631 7,670 16 SURPLUS ON OROINARY ACTIVITIES 20 10,517 11,7471 10,367 11,9211 Page 48

Bournville Village Trust Group CON50UDATED AND TRUST STATEMENTS OF FINANCIAL POSITION as at 31 Oec•mber 2021 Group 2021 Trust 2021 Notes 2020 2020 £'ooo rooo £'ooo FIXEO ASSETS T•ngible as8els Housin9 propert￿8 - Cost - Depreciats'c 7A 7A 189,458 137,5411 188,929 135.055 177,990 133,9011 177,517 131,7291 151,918 153,874 144.089 145,788 Other fixed a58ets Fix•d atset Inv•ilm•nts 7B 18,844 1.Q41 18,806 1,053 1B.844 9,441 16,608 9,453 171,803 173,535 172.374 173,849 CURRENT ASSETS Propertie4 held for 8ale Stock Debtors C*Rxh HI hank ￿nd In hnnd 169 1,337 1,931 169 10 631 1.s68 24 3,477 4,132 7,981 17,354 8,832 17,966 CREOITORS.. Amounts falling due wrthin one year 12 19.5981 19,3381 112.1481 111,2501 NET CURRENT ASSETS 11,6171 8.016 13,3161 6.716 TOTAL ASSETS LESS CURRENT LIA8ILITIES 170,186 181,551 16g.058 180,565 CREDITORS. Amoun13 lalllng due after more than yéar Previsions lof Ilabllitlei ￿nI10n8 Financial in8trurnen18 al lair value 13 18 16 111,6ee 125.774 742 29,436 110,894 638 21,768 124,994 742 29,436 21,788 CAPITAL ANO RESERVES Restricted re&erve8 Endowments Ineome an(J expenditure regerve 19 7,218 8,835 696 18,068 7,218 6,835 696 17,862 20 28,202 27,846 170.186 181,551 169,0$8 180.565 481085 The finanei81 statements en pages 474944 were approved by th• Tru$téèi and authorisèd for i$8u• on 9 June 2022 and We￿ svJned on rts behalf by, A Allen Chair C Cabury - Trustee P Richmond Chlel Exeojtlve Page 49

Bournvllle Village Trust Group STATEMENT OF CHANGES IN RESERVES •• ¥t 310•¢ember 2021 Group Incom8 and Resliicted expenditure reserve r￿eNe Endowm•nt8 Tot £'ooo £'ooo £'ooo 84lance at 1 J8nuAry 2020 20,880 5,770 27,346 Deficit lorthe year 11,7471 11,7471 Transfer of restrieted expenditure from unrestricted reserve 1,065 Balan￿ at 31 00cm￿r 2020 18,C6B 6.835 25.599 Surplu6 for the year 10,517 1Q,517 Tran8fer of reitrlcted exp?ndlture from unreltricted res8 383 88lane• 88 31 Dec•rnber 2021 28,202 7,216 696 36,116 Trust Income and Reitricted expendilure re8erv8 re8erv Endowment8 Totol £'ooo £'o EOOO Balance &t l January 2020 20,848 5,770 696 27,314 Oeficil for tht year 11,9211 Transf•r ol re&tn'cted e¥penditum Imrn unrelrid•d r*D?rve 1,065 B8lanc¢ a¢ 31 December 2020 17,862 6.835 25,393 SurpluB for the year 10,367 10,367 Transfer ol regtnct•d •XPendrtu￿ from Un￿striCted reserve 383 383 Balance as 31 D￿ember 2021 27,846 7.218 696 35,760 Pago 50

Bournville Village Trust Group CONSOLIOATED AND TRUST STATEMeNT OF CASH FLOW5 forthe year ended 31 D•c•mber 2021 Group 2021 £'oc Trust 2021 £'o Notes 2020 £'ooo 2020 £'ooo OPERATING ACTIVITIES N•t cash gtsnerated from operat￿n& 21 10,315 9,685 9.296 8.e62 Interebt paid 14,0531 14,1261 13,977 NET CASH FRCthI OPERATING ACTIVITIES 6.262 5,559 5,319 4.731 CASH FLOW FROM INVESllNG ACTIVITIES Proceedè or inve9tment di8pogaL Acquisition and conslruction of tangible fixed as8et8 Nel prorAed8 on di8po&al ol tangible fixed asoet• f.JprtHI granls repaid Interest received 14,0911 3,057 11021 19 12,5781 B08 13,9781 3,148 1991 183 12,4801 18 191 NET GISH USED IN INVESTING ACTIVITIES 11.7501 17461 11,4811 CASH FLOW FROIA FINANCING ACTIVITIES Lo•n$ r•¢•iv•d Loin princlp•l ￿￿YMentS 10,000 13.5861 10.000 13,5861 113,SQOI 113.5001 NET CASH IUSED INI I FROM FINANCING ACTIVITIES 113,SOOI 6,414 113,5001 6,414 NET DECREASE IN CASH AND CASH EQUIVALENTS 18,3551 13,233 10.223 16,9271 10,4C CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 3,010 742 CASH AND CASH EQUIVALENTS AT END OF YEAR 21 4,878 13,233 1,479 10,406 PAge 51

Bournville Village Trust Group ACCOUNTING POLICIES LEGAL STATUS Bournville Village Trust is a charity and 15 an English re91ste￿d Social housing provld•r, and Is a public benefit entity. The prinupal gclivits'e$ and operations are di5dcsed In the Report of the 808rd of Tru8tee8. The address of the SocEtls regist¢red office )nd prinrip81 place of bu5ines5 is Birminghgm BASIS OF ACCOUNTING These fin8nfiBI 51alements have been p￿Pared in ieeordance wth UK Generally Accepted Accounting Practice ILIK GAAPI InchJdin9 FRS 102 "The Financial Reporting Standard applicable In the UK Republic of Ireland l FRS102"1. the Housing SORP 2018 'Stalernenl of Recommended Praclico for Reg18lered Housing Provider6. and they comply with Ihe ArLounlino Direction for Private Regi81ered Providers ol Social H¢u$ing 2019. They are prepared under the historiral cost convenbon, modified lo Indud• cert8in financial In?IrJmen18 at fair value. Mtsnetjry amount8 in these fin8noal 8t8t•m•nt8 aw rounded to th¢ nea￿81 whob £1,or￿, except where otherwi•e indicat•d. 8ASIS OF CONSOLIDATION The con8olldated finana41 it8temonts In￿rpOrate those of the Trust ané 811 of it9 8ub91dI8￿es1l.•. antitles thBt th8 Group ¢onlrolJ through power lo aovem the financial and operating policies sc as to obtsin economic benefit81. Subsidlarle acquired dunng the year sre con¥olidaled uoing the purch8se method. Their resutti aro incorporated Imrn the date that control p889e•. All financial gt8temen18 arn mad8 UP to 31 December 2021, All intra gmup tran8action8, ba18nce8 and unreglii•d g8ln5 On trBn80¢1ion8 betsveen group companie8 a￿ eliminated on con8olldatlon. Unreall￿d 1026e8 are al80 diminaled unle•8 the tran8action provldé8 •vid•n¢• of Ihe imp8irrnenl of the •B3el Irjnsferred. GOING CONCERN Under the governance requiraments, th? TrusteeB ¢onfirn that after making enquiries they have reasonable expedollcn Ih8t the Group and Trust have adequate resources to continue in operotion81 existence for the forese8able fulure. Accordingly they centinue to adopt the going concern ba819 in prepanng the linanaal sl8temants. TURNOVER AND REVENUE RECOGNITION Tumov•r rent$ albd seryice charges receivabl• In r8Bpect of tenanted le8B?hold and freehdd propertie8. and amounts invoiced In respect of the p￿viSiOn of service3 to third partie5 Inet ol VATI. It also Includes turnover Irom sha￿d t)wner5hip fir31 Ir8nche sales, SUPPOrted people Incorne. donations. p¥oceecls from land s8les, ov•rage and Incorne lor rel•ase Df covenant re81ri¢¢ions and ￿venUe grants receivable in the pencd. Rental Income 15 re¢ogniyed from the point when properties undar d•v81oprnenl reach practi￿1 completion or othe￿1$e become ovailablts for lettlng, net of any voids. Incorne from first Iranche sales land sales 1$ recDgni5ed al the winl of legal complelion of the transaction. Services le third pBrti•$ recogni3ed al the point of Servi￿ ddivery. OTHER INCOME Interest Income Int•r•st incorne is accrued on a time-appc41ioned basis. by refefence te th¢ prinrypal outstanding at the effective Interest rate. Page 52

Bournville Village Trust Group ACCOUNTING POLICIES Icontlnuedl TANGIBLE FIXED ASSETS- HOUSING PROPERTIES Housing pioperties are propertses for the provisiDll of soa81 housing and are principally properbe5 available for rent and Shared Dwnership, Completed housing and shared ownership properlies are stated at cogt ￿$5 accumulated depreciation and irnpaimlent losses. Agneulture, cwmercial, communily. comrnunal. and offirA buildings ar¢ stated at Cost le8B a￿uMulate¢j deprec4ation and Impairment IoBses. C05t includès the eost of acquinng land and buibJing8, and expendiiure incurred during the devoloprnent penod. Works lo existing propertie¥ whith replace a cornponanl that has been tmated separately for depreciation purpo&eB, along wth those works that enhance the economic benefits ol the assets, are capitaliged as improvements. Suth enhancements can OCLur il Improvements result in either. An incre88e In rental income., A rnalen81 reduction In future maintenance costs., A 8ignincant extension to the life of tho property. Shared ownership propertie¥ are split PTCPQrtionally beNYeen fixed a98e13 and current assets based cn th8 element felaiing to expected flr61 tranche sal88. The first tranche proportson Is classed as a current assei and ￿Lated sales proceed8 are included in turnover. The remaining e￿rnent is classed as a fixed 886el and induded In housing propertie• ot cost, le8Y any prjvisions needed lor depreciation or irnpairment. whe￿ th¢ first tranche h85 been sold pnor to the 8CqUi8IIIDn ol propertie8. the•e Bre induded in fixed 88i•t8 only. SOCIAL HOUSING ANO OTHER GOVERNMENTGRANTS Where development8 have been financed wholly or partly by Bocial houslng •nd other gran18, the amount of the grant rAived has been included deferred incolne and recogni8ed in Turnoyer over the egtimaled useful life of the aisociBtèd 88&et biruCtU￿ Inot landl. under the 8CW818 Model Soaal Hou81ng Gr8nt ISHGI re￿ived for Items ol colt written off in the SIBlement of CcmprehtThBlve Income Account Is Includod as part ol Tumover. When SHG in Te•Fe* ol housing prDpert¢•ts in the ￿urse of construction exceeds the tot•1 co3¢ lo dalè af Ihose housing pr¢p•rtl•8, the exces8 18 ghown as a current liability. SHG must be recydod by the Asaooalion undèr certain eondiknona. Il a property Is $okJ, or if another relev8nt event Ipkej plo¢e. In these cases, the SHG Can be uged for projects approved by Home8 Engl8Thd. However. SHG may hav• lo be repaid Il certain conditions are not rnel, 11 arant Is not required to be recycled or repBid, any unarnort16ed grant is recogni5ed as Turnov?r. In certain cIr￿M81•neI1, SHG may be repayqble, and, In that event. i¥ recorde¢J 4¥ • iubordinated unsecured repayable debt. DEPRECIATION OF HOUSING PROPERTIES Freeho￿ land or a88eti under conslruclion are nol daprerJ8ted. The group geparalely identifi85 the major ccrnponenls ol rts housing propertles and ch4ryeJ depreciation so a¥ lo write- down Ihe cosi ef each component lo Ils estimated residual value, on a slraighl line basis over thè lolk)wino years.. Yoars 100 -150 20 30 30 30 15 30 30 60 15 20 Stwclure Kitchan Bathroom Windows Central Heating 8Dilers Rewirin9 Front Doors Roofs Door Entry Systems Sewerage considern each commercial and agricultural property and asset IndivKlually and aFplies the most appropri8le depreciation r8te to the a$8et, b45ed on a fair assessment ol rts useful eojnomic tsre. Page 53

Bournville Vlllage Trust Group ACCOUNTING POLICIES Icontlnu•dl IMPAIRMENT OF FIXEOASSETS An a9sessment Is made al each reporting date of whether there are Indutions that z fixed asset linduding hausing properties) m8y be impaired or that an impalrment loss p￿vioUSlY re¢ogni3ed has fully or partially reversed. If such indications exist, the group e5tim8tes the recoverBble amount ofthe asset. Shortfalls between the carying value ol fixed assets and their r¢￿ver￿ble amounts, being the higher of lair value less costs lo sell and value-in-use of the asset ba58d on its Service potential, a￿ recognlsod as irnpaimient lasse8 in Ihe Incem¢ and expendrture a￿ount. Recogni8ed impairment losse5 ar8 reversed if, and only if. the reasons lor the Impairm8nt 1058 have ce88¢d to apply. Reversals of Thpainnenl loises are recognised In income and expenditure. On revernal of an Irnpairrnent 1055, the depreciation of smorti8ation l¥ adiu61ed to 811ocate the as8et'S ￿VIsed carrying amount Ile88 any residual value) over rt8 rem8ining u¥elul life. OTHER TANGIBLE FIXEDASSETS Tangibl6 fixed a55els are initially me88ured al cost, nBt of depreciation and any impairrnenl 1088e8. oepreci8l.on 18 provided on 81118ngible fixed B$s•ls, other than treehold land and Inveslmenl properties, at rates calculated to wnte off Iht Bt ol •ach asset lo ill esllmated ￿sIdual value on a straighl line over ito expected uBelul life 88 follows. Computer Equiprnènt Flxtures and Fitting8 4 year8 4 years Residual value 18 calculated on prices prevailing at Ihe r¢porting date, after eslimaled costs of di8PO881, lor the a988t 8811 rt were at the age and ITh the condition expeded at the end of ils usalul life. PROPERTIES UNDER CONSTRUCTION Properties in the courne of construction arn ￿rr￿d ¥t cost, lem any idenlifiabfe Impaimient lo•$. Coil indudel profesBional fgeo and Dther directly 8tlribuloble ce818 that arè nec8588ry to bring the propety lo rtg operating condition. Deprecjation comrn•ncaJ when the prop¢rtie¥ ready lor their intended uoe. BORROWING COSTS Borrowng cost8 are expen8•d 81 incurred unle8& they are capitalised if directly attrlbulabl• to g development stherne. Borrowing costs a￿ capilalised from tho $18rt of con8tNclion through to the lime the development Is completed and h8nded over as avail8bl¢ lor occupaticn. CoBls directly connected with thé raiging of fin¥nce 8re deducted from loans and written ofl evenly over the life ol thè loan in the incorne and expenditure account. FIXED ASSET INVESTMENTS There are two elements to fix•d ayset inveslrnent5. Investment ol Subsidiary represents the 18ir value ol the pro¢e¢d¥ for the acquisition of BWHS ag at 4 January 2011 Ythen the organi5alion beC￿me 8 subsidiary of 8VT This became deem•d cost gDing IoTwsrd. The THFC Interest SeNice Reserve equaies le an invèsknenl required under the temis of our THFC loan and the funds are eurrently Invested In bank deposit ￿cOunt5. The Interest reserve ig 8t8ted at C•)81 wrth any a¢¢rued IntereBI bein9 credited to the statement of comwehen51ve Incorne. Page 54

Bournville Village Trust Group ACCOUNTING POLICIES IcDntlnu•dl STOCKSANOWORK IN PROGRESS stocks and work In progress are stated ai the lower ol co8t and Thet realIsab￿ value. Long-temi projects. nOt8￿Y the Lighlmoor project undertaken through Bournvi11g Village Develo1￿ent8 are a58e5sed en a contr8rl.by.contracl bB8IS 8nd r8fiected in the Incorne and Expenditure Account by recording tumcver and related ￿sts as contract activity progretses. Turnover Is ascertained In a manner appropriate lo the stage of completion Df the contract, and credit taken for 8urplu8 e8med to date when the outwre of the conlr8Ct c8n be a8se88ed wth re850nabla certainly. The amount by which lumover exc88ds payments Dn account 15 classified a5 "arnounts reGoverable an contrads Ind induded In debtors," to the exlenl that payrnenlg on account exred relevant tumover. the excess 18 Induded as a credrtor. The arnount of long tenn ￿￿tract￿, at co8t net of amoun1¥ tran¥1¢r￿d to ¢08t ol 3ales, ￿$3 prov181on for fore8eg¥ble105885 8nd p8ym8nt8 on account not mgtch•d wth turnover, 18 induded wrthin stocks. VALUE ADDED TAX Bournvile Village Trust and Bournvllle Village Developments Ltd are both regi8t?red for VAT purpo￿•. Bournvillt Vill8ge Trust Is only able to ffjcover a relatively small percentage of VAT on ils expenditure. as the majority of ilB income is exempl for VAT purpos￿. Therefo￿. expenditure 18 #hown incluaNe of VAT wlth thè Input VAT reCoVe￿d deduct?d frorn rel￿an1 exp?nditure. Boumville Vill8ge Developments Limited 18 able to rec￿eT 811 VAT on 118 expgn¢Jiture. A8 8 r•$ult, •xpendlluro li ihown nel of VAT and VAT recoverable Bhown a debtor. Bournville Works HDu$lng Soriety 18 not regi&lefed for VAT purposes end IB therefore unabl• to recovor any VAT on Iti expendilure. Therefore, expenditure IB 8hown inclu&ve ol VAT. LEASES OPERATING LEASES Annual r•nt8ls ar• ch8rged to income •nd expenditure on q 8trnighl Ilne baJl• over the lea￿ term. EMPLOYEE BENEFITS The c051$ of $hort-lerm employee benefits are Mcognl8•d 88 8 liobility ané an expense. The b88185tirn8te ol tho ¢xpendrture required to aetile an obllgalion for terminatlon benefitB 18 re¢ogni8ed immediately a an expen8e when the group 1$ demonstrably committed Ic terminate the •mployThent of sn employee or to provide temiinalion benefits, RETIREMENT BENEFITS Definèd contrtbutien plans FDr defined contribution schernes Ihe amount charged to income and expendilure 18 the contribution# payabl8 in the year. Differenceg befvRen ￿ntrIbutIon￿ payabkn in th¢ y¢3r and contribution¥ Bctualty paid are shown #s erther accru•ls or prep8ymentJ. Defined benefrt ￿an5 The group participaleg in a rnullimployer defined benefit scherne, the Cadbury Mondelez Pension Fund. For the Cadbury Mondelez Pen￿On Fund, contributions are recognised income and expendrture In the period to which they ￿late as the￿ Is insuffKient Infomi8tion available lo use defined benefit accounting. A liability 18 recogni88d for contributions arising frrffn an agreem8nt with Ihe multi-ernployer plan that deternines how the grDUP will fund a deficit. Contributions are discounted when they are not expeded to be Sett￿d wholly within 12 rnonlh8 DI the period end. The rate used to disCOUTIt the contributions to their p￿sent value is based on market welds for high quality corporate bonds th terms and currencieB con8iStent with th088 bt the end ten8fil obligationB. Page 55

Bournville Village Trust Group ACCOUNTIMG POLICIES Icontlnu•dl FINANCIAL INSTRUMENTS Bvf has elected to apply the provi8ionB of sections 11 '88¥ic Financial Instruments. and Section 12 '0ther Financial In8trumenls Issues, ol FRS 102, in full, to all of it8 financial instruments. Financial 858ets and fi'nancial liabilities are recogniged v4hen the Group becomes 8 party lo the contractual provi3ions of the instrument, and are off8et only when the Group ￿rren￿Y has a leg8lly enfarce8ble right to set off the r8cogni8ed amounts and intends lo Bellle on a net basis. or to realise the asset and sellle the Iiabilrty simultaneously. Financial as6et6 Debtors Rental and trade deblern which a￿ receivable wthln one year and which do not constitute a finanLyng transaction are initially rnea5ured 8t the trans8clian price. Rental debtors are Bubsequenlly measured al omorti&ed cojl, belng the transaction pnce less any amounts settled and any irnpairrnent losse5. Where the arrangement wrth rental or tra(J6 debtors constilules a financing transaction, the debtor 19 initlally and

ubs•qu•ntly measured 8t the pre8ent value of futur• payments discounted al 8 rnarkel rate of interest for a similar debt

inBlrument, A provision for impainnenl of deblor• is estsbli8hed when there i• objective evidence thal the amounts due wll not be collected accordlng lo the origin81 terms of Ihe contract. lrnpairrnent1085es are recognised In prolil or la59 for the excegs ol the carrwng v81ue ol the rental or trade debior over the present value ol the future cash flows discounted using the original effective Intere51 rate. Subsequent reversBIB of an impainnenl loss that abjaclively rel8te to an event occurring after the irnpairm•nt loss was recognised. aro recognised irnrnedigtoly In prolit or loss. Trade creditors Trade creditors pay?ty¢ within one yeaf that do not con8titute a financing transaction are initi3lly megsured at the transaction Pri￿ and 8ubs•quenlly measured al amcrtiS8d eosl, bèing the transadon priee l•Js any ameunls seiil•d. Where the arrangement wilh a trade creditor con8tiluteB a finanLyng trzn&8ction, the creditor is Initially and subsequently meegured al the present value of luturt payment5 disrounled ai a mathet rate of inlere5t for a 51milar Inslrumeni. Borrownngg Borrowings are initlally recogni9ed at the tran8aclion pnr£. induding tr8nsaction ￿8t9. 8nd 8ubsequently measured at amortised c05t using the effective Interest rnelhod. Interest expen8e IB recognised Dn the basi5 of the effective interest method and Is Induded in interest payable and other similar charges. Derecegnltion ol financial 88$eiS and liabil1￿.e￿ A financial a8set Is derecognised Only when (he eontraetual dghls to c8sh flows •xpir• or are gettled, or 8ubsiantially all the risk3 and rewards of ownership are transferred lo another party. or il some significant nsks and ￿wardS of ownership gre retained bul the control of the 8sset hgs tr8nsferred to another party that Is able to sell the asyet In it9 entirety lo an unrelated third party. A finanaal Ilgbility lor p8rt th8recf) Is der8cognlsed when the obligation spee1fi￿ in th• CDniraet 18 discharged, cancelled or expl￿$. Derivatives Oerivalives a￿ Inrtially recognlsed al fair value on thè dato a derivative contract 18 entered Into and are subsequently re. measured to fair value. al each reporting date. Fair value gains and losses are recognised through income and expenditure. Page 56

Bournville Village Trust Group ACCOUNTINQ POLICIES Icontinuodl PROVISIONS Prowsions are recogni8ed when Ihe group has an 01￿1gatiOn at the reporting date as a result ol a past event which It is prnbable will result in the tr8nsfer of econc4ni¢ benefits 8nd that oblvjats'on can be estim8ted reli8bly. Provl8ion8 are rneasU￿d at the best ests.mate of the amount8 required to settle the cèlwJalb)n. Wh¢r¢ the eflect or th8 tim8 value Df money is m818rial, the provision is based on the present value ol those amounts, discounted al the prtrlax diieount rate that refleds the nsks specific to the IiBbility. The unwirsdin9 of the discount is recoJni8ed wsthin inte￿t payable ond simllar farges. RESERVES The group establishes r•strict•d funds lor the speafic pulpoirt whern thoir use Is $ubj¢ct to w¥lridion8 Impoud by third partles. SUPPORTED HOUSING FUND This restricted reserve repre8enl8 fund8 lo cover the replacernent ol fumlture and equlprnent and any major pairs no•d•d In any oltho Tru8t'S 8UPPOrted housiry Scheme8. FUTURE MAINTENANCE RESERVE Thii r8Jerve repre8ent8 the cornbined total ol Jll the sinking that BW holds to fund our luture rraintenan commitmentg In the gr¢as in whith we wo￿. BAT RESERVE This reserve repreaenls the nal avaels of Boumvllle Almshouse Trujl, which under R Ilnitinq Oire¢tion Irnm the Charity Commission, 18 now acxounted through th18 restric￿ re8erve. ELIZA BEECH FUND This re8erv• r•pr•s•n18 lunds to provide r•sld•nts ol BAT vAth excurnioni and other enlertBinm8nt. SHROPSHIRE PROJECT RESERVE Som• cemmunrty •vents generat• incom• to fund lpeafic prciect• or ev•nl8 that olherwi•e WDuldn'l hBppen. COPAMUNITY INFRASTRUCTURE RESERVE Thi8 18 a lund holding funds that may only b& u8•d lor th• advane•mèni of Law18y Village. EILEEN HEWER RESERVE This fund Is u6ed lo pay lor acts'vities the re81dent repre8entallvas ol Lkn￿ey aeleet for community advaneèmenl. LVCA RESERVE The L8vAey Village Ccmmunity Assocaition may c811 on this fund to support cornmunily actNity. LAWLEY VAN RESERVE The LavAey Village Community As60caitson are funding & van purc&8ed by BW. BIO-DIVERSITY RESERVE Thig fund holJ8 a donation lor the a(Jvancement of bio4iver8rty In Boumyil LIBRARY FUND RESERVE This lund holds a donation ￿ceIVed to Support the Bvf Library and Archive. Page 57

Bournville Village Trust Group ACCOUNTING POLICIES Icontinu•dl ENEQWUENT RESERVES Th18 re8¢rve repre8ents the pemianent endovmient olthe charity 98 bequ¢ath•d by the Founder. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT EBlimate9 and judgernen18 a￿ o)ntlnU8lly evaluated And tyrts bp¥•d on hi$t¢rical ¥xperien¢¢ and other fa(*ors, induding Cnlic818co7unting esttmates end assump1￿n8 The group mak98 •JlirnJte3 and B?surnpb'ons Con￿mIng the future. The resutting aecounting egtimates and assumptions ran9lbb fixad ass&tB Tangible fixed assetg a￿ depreaotlé ov•r thoir uselul lives as per the accounting policy note. The u•eful economic li￿¥ Impairment 01n0n￿n8￿CI￿l assels Revie￿ for impaimènt of houoing propertie8 ore carried out when a trKJger hai ecojrred and any Impairmenl108• In Develwenl exponditum Oovdopment expenditure 1$ capitalised in line wth the accounting polley. In1￿11 c4pltall8atlon ol co•ti Is baG•d on Pen8ion DiJcounÈ Factor The di$¢ounl l•¢tor uBed in the Cal￿18110￿ of the pen8lon fund liability ig b88ed on th6 yield for a bond taken eut by THFC Deblo Debtors are b88•d on the amounlB out8landing in our ledgers at the end of the flnaDclal year, le88 any provi810n for bad debts. The provision for mnt arrears Is tased on all Icmer tenants arre8r¥ plug 75% of all current lenont arrears that rernain outjtanding for more than 8 weeks. Bal•nee8 clue from group und•rtAkings are 5sse988d al the end of e4¢h yeor to eniure Ihot the debt is recoverJble in full. Valuttt￿￿ ol Slanfl Alon• Fin8nc8il DerivalN8s 8vr holds Stand Alone FInan￿al Denvatsve8 (Swap81 for the purp06e9 of hedging Illtere6t rates on our loan8. These Swaps are required to indude in these accounts 8t their"Fair Valuè" to calculats this Fair Valuè" WÈ use our independenl Treasury Advisors ATFS, who are industry experts in Iheir field. It 18 this the 'Fair Value. calculated by ATFS that In included In the￿ accounts. Poge 58

Bournvllle Village Trust Group ACCOUNTING POLICIES l¢ontlnuedl Treatmenl olAgncullural Eslales, Prop&rties 181 to Commeru81 or9anis&l￿nS anLI Markel Renl6d Hom&s was gifted, by Cadbury Family members, over many years sÈctiDnS of land and prop2rties that now make up our Agricultural E9tales. Whilst there are no detailed recards of the expectallons of Ihe donor8 in relation to Bvfs use of muth Df these holdings, we beI￿ve that we understand through our continued relationship wrth members ol the Cadbury Family that th8 pU￿08e behind the donBtion was that would hold and use the land not for Simple commercial gain, but to prevent the Inappropriate u8e of the land and the unsympathetic devdopment ef green bell. Al simF4e eommereial gain i& not our primary purpose lor holding thig18nd. we do not I￿at thk8 land a8 Inve8tment Holding8. Bvf also own8 property we lease to Tenants who uee the8e srtes to provide'commercial" 8ervice5, Buch as 9hop8. health CBT& C8ntre5, oMc88. The re88Dn owns th85e prop8rtie5 18 to 8nsur8 our communit188 hav8 aCCè98 to Important arnenilies In their neighbouthoad. This means do not 8imply seek the maximum incorne from Ihese holdings, bul instead pnorili8es the benefit any prospective Tenan¢B business can bring to our cornmunits'es. Ao thi3 18 the ¢88e, we do not treat these propertie# 85 Investment Propert￿5 in these account8. al80 owns a small number1581 Market Rented home$. These home$ are let to Tenant& at o weekly rent that 1$ above our standard Social Rent, but well below the true rnathet rent for the area. As we are not operating th•sè home• on a lully comrnercAal ba8is, but Instead io give people acee85 to alfordable high quality homes and to increase the tenure type8 in our comrnuniti8s, and given that the number is not materiol in ￿lation to our over011 rented home¥ numberi, we da not tr•al th85• ai Inve•trn8nl Propert￿5 in our iccounts. Profit Sh8rn EIV I worked wth the Èxtra ￿re Lh8rilAble I ru8t lo dev•lop an extr8 earn 8ch•m• tor okJ8r paople on land owned by tsv I In 8ournville. The 8cherne 18 managed and run by the Extra Care Chgrit8ble Tru8t. but B8 Part cl the development arrangernent Bvr li entitled Io B 8har8 of th# profit8 on cBre prO￿li0n within the icheme and of th• Burplua on propèrty buy back and sal￿. Page 59

Bournvllle Vlllage Tru9t Group NOTES TO THE FINANCIAL STATEMENTS forth? year ended 31 Decembor 1021 TURNOVER. COST OF SALES. OPERATING COSTS AND OPERATING SURPLUS Conunulng actlvltl￿- aroup 2021 2020 Operakn'ng Owraling Cost8 Surplu81 IDofirtl Op•r4ting Operating Costs Suwlu61 (Defiatl Tumover Turnover £'ooo £'ooo £'LbJo £'coo rojo Socl•l Ho￿1￿9 Actlvltlol In￿me and expendlture from so￿￿1 houling letting8 22,963 117,3601 22,805 117.2391 5.566 0th8r Soclal Houslng A¢llvltl First trancha shared owner$hip $olei SIN￿￿ lo thlrd parbes Profil $h•re arrangement Community actiwtla8 233 579 223 56 119SI 15461 1251 IS531 37 33 198 14971 487 16801 1251 17271 12031 219 16x1 Non Soc141 Howlng ActlTltl Msrk81 renting Agrlculturol letllnG8 Eslale man8gement Cemrnarc+BI letting11 Bu•iMi8 D•¥elopm•nl Selty Manor mu58um Lané tron8action5 Penslon fund cogt8 Soryices to third parti•$ 11831 14591 12.3311 310 86 18501 447 12431 1931 103 1331 475 607 1,431 970 11421 18851 12.1271 14861 12591 11981 333 1781 16961 545 1,481 958 12431 11071 12591 85 453 103 453 1301 1331 11431 1301 11301 143 12$ TOTAL 27,619 122,9021 4,717 28,042 122,6161 5,426 Pogg 60

Bournville Village Trust Group NOTES TO THE FINANCIAL STATEMENTS for th• yoor gndgd 31 Dxgmbv 2021 TURNOVER. COST OF SALES, OPEFiATING COSTS AND CfEPATING SURPLUS Co￿nUIng actMtl•*. Tru•t 2021 2020 OperaliThJ Oper8kng Costs Surplusl 108ficlti Oper4ting Op8raliTrJ Cost8 Surplu81 (Deficill Tumover Turnover £'OOD tcKJo £,￿0 £￿00 £'ooo Socw Houllng Actlvltl•i Income Bnd expendilure Irom locl•l houiing btting1 21,52S 116,7681 4.7S7 21,383 116,7181 4,664 Othv Swl•l HOu￿ng Adlvltl Fir$1 Iranche shared ownership $81 SeMce$ lo thifts p¥rtigJ Profit share a￿angement Cemmunty a￿1VIlle• 233 11961 15481 1251 15531 37 1,002 244 98 16901 1251 17271 312 219 16291 223 14971 No￿$0¢1•1 Howlnq A¢t1￿tI Market renting A9ri(>Jlur81 lellingi Eslale management Ccffjm8wJal leiiing8 8u•ine$& devdopment Selly Manor Museum Land Ifons8ciiw• Pen•ion fund co$¢$ Ser¥ic•4 to Ihird p8th1 493 $45 310 86 18201 447 12431 1931 103 1331 475 11421 18851 12,1271 14881 12sgi 11981 333 1781 16681 484 12591 14591 12.3311 1.459 970 958 12431 11971 85 453 453 1301 1331 11431 1301 11301 143 125 TOTAL 26,726 122,3101 4,418 27,180 122,0981 Pgge 61

Bourllvlll• Vlllag• Trust Group NIJIES TOIHE FINANCL•LSTATEMENTS rth• y41fthdvd 31 tkn•mb•r2•21 I TURNOVER, COST OF S￿Es. OPERATINQ COSTSAND (ERATNG SURPLUS IcmWnu•dl of IncrAn•ind•¥p•ndiwr•lf¢m houiing kntUTryi- Grnup 2021 G￿￿1 Suppcrfod Shared HU¥j￿￿k i•Sqi pocO• aC0)Mod￿¢ To roDO ro TURNOVEA FROK450CNL HrtSlPlG LFrnNos RwtrncÉivk)notof ¥Qk11 17.427 19,367 028 C•r• ind iworteh¥g NEfRFNTAL INCOME IE,rp>J 2,19B 1,969 zz.ouo IB4 TURNQVER FROM SOCL4L HOUSING LEThINGB 11,274 2.1B8 2,079 412 EVENDITURE ON SOCNL HOUS4G LETnNGS 2,121 2e8 co CM•￿d 41eo I,e MP•Irn•WJI Bad dBbii 3,310 402 (PERATNO COSTS ON SOCI￿ HOUSINQ LETTr4Q8 2&7 17.3eD OPERAT40 suR￿u$ IIDEFICITION BOCL4L HOUSINGLEITINGS 5.641 227 R•nt io 259 Pqg•62

Boumvllle Vlllage Tru•t Group NOTESTOIHEFINAPKWL STATEMENTS TURNOVER. COSTOF 5ALE5. OPEAATINGCOSTSANO OPERATING SURPLUS (rKrtfflu￿l Pl￿£￿1￿￿￿11￿£llrn• ￿d•xP9ndl1UrtrVM ￿¢111 ￿￿11￿911￿￿￿5-GrQuP ID G￿tr nqedl hou&na rwD Supp houwg Shirad L4dDrperf4tr acwmrTwJdaiion rooo roc TURNOVER FRofvISOCl￿ HOUSING LETTING8 Rwi recrA¥arie ofvOla6 rI￿vItA0 lupport Liigq• 17.455 1.089 2.3B7 NETRENTII 17,70B 1,397 4UQ TURNQVER FAQM$O¢L41 HOUSIIG LETTING8 17,JB3 2,418 2,055 ExpeNoifuRE ON 50CL4L LETTNGS 3.519 222 CHr iupport ¢61 2.3e4 3,287 1.528 91 47 3,4J7 Plonn•d ffl1hit￿l￿c• alorfèp￿NaXpbThO1IU10 3.B73 10 4.690 35 zs OPERATING COSTS CW SOCWL HOUSING LETTINGS 2,830 1.821 273 17.23 OPEPATINOSURPLU81 IOEFICITI ON S¢XIfvL HOUSIIG LETTINQS 5,37 461 19P Palle 83

Bournvllle Wllagè Trust Group NOIESTOTHE FINANCL4LSIATEPAENTS TUANOVER. COSTOFWES. OPERATIYG COSTSANDOPEHATr4G SURPLUG l<onUnuedl 3021 Suppon•d ng H￿￿￿oI0T rwc¢4q £'wo To £DJD rooo TuRNO￿EFlFAOk4sDCL4l HOUSING LE￿I￿s Ftoni [EGB￿￿￿net0fyDld 16,397 263 17.937 820 2,IBB 2.1B8 NET RENfAL INCOKIE IE,eeo 11230 S•ty•l 2P0 TURNOVER FAQM HOUSING LETllNG8 2.198 2,On 412 21.S2 EXPENOITURE ON SOCIAL H0U8WGLETTrN￿S Ktsn#o•m•ni tt• CAf•4nd 2.793

,727

2,005 J.492 I,nT 196 3,￿7 1.77J n•d rnvADien4nC4 4J J,14B Depre￿110￿ olr¢uper¥e¥ 3.ees OPERATINOCOSISON SOClhL HOUS*4GLETnNOS 1,052 257 ID.76B OPERATINGSURPLUS I(DEF￿h1} ON SOCL4L H￿SING LETTINQS 277 4.787 fl•ni b￿d￿+t0￿ 17) 245

Boumvllle Wllag• Trust Group IIOTEsioniE FINANaAL STATEIIENTS fvth•wrpndEd 51 DecembEr1021 TURNOVER. COST OF 5ALE5. OPERATINGCOSTSAND OPERATNG sURPLUs{tanlr￿Eaj P•rtb¢urèof In¢om• Ind •xp•ndtyr• fr•rn io£iil houling l•tttnqB-TruBt ppc¥tèJ neeos iu¥ng tor Afflersnip L￿rpqo￿ll HLummothti £'wo rooo rooo TURNOVER FROM SOCNL HOUSNG LErtWGS R￿trIC•￿￿tIO notof wid 16.Q3 256 1,166 Cw• and ￿PpOrt th•Tgtb 2.397 ?.J•7 NET RENTAL INCOME le,295 2.397 1,975 400 21.C417 316 TUPtr40VER FROM SOCIAL HOUSING LErriNGS 2.085 4Q9 21,J53 EXPENDITURE ON SOCW HOU51NQLETTINQ8 2.840 zz? 439 0411 160 r• 1upwic0￿￿ z,J 3.341 1.47S 54 rl ).J67 4,184 OPEPATINQCOSTS ON SOCIL HOU8INGLEfTNGS 11.99J 2.130 275 OPERATINGSUFtPLUS IIDEFICITI ON SOCL4L OUSWG LETTINGS R￿lI0•&￿tt0 ¥oldq 43 P•gt65

Bournvllle Vlllaga Trust Group NOTES TO THE FINANCIAL STATEMENTS for tho yoar end•d 31 Docofflb?r IDZ1 ACCOMMODATION IN MANAGEMENT ANO OEVELOPMENT Group 2021 Numb•r Tru$t 2021 Nurnbor 2020 Number 2020 Number UNITS OWNED AT YEAR END.. G8neral n8ed8 hou$inq Shared ownership Supported Housing Housing for older peopl? Mart(8t rent8d 3,327 142 20 282 3,318 144 22 262 58 3,014 142 20 282 58 3,005 144 262 3.809 UNITS IN IJANAGEMENT AT YEAR END.. Ggneral needs houjing Shared ownership Supportèd Heuilng ousing for older paopkry Mark•l rentad 3,478 142 20 262 58 3.960 3,469 144 22 262 58 3,955 3,478 142 20 262 58 3,469 144 22 262 3.955 The 81)ove number8 include 12712020.1271 uniti own•d by but managed by other associations. 3 INTEREST RECEWA8LE ANO SIMILAR INCOME Group 2021 £'ooo Truit 2021 £'ooo 2020 £'ooo 2020 t'ooo Int•r•it on bank dep05itB Intereot on intercomp8ny loan Other inter88t rgceivoblg 19 18 19 18 173 25 198 INTEREST PAYA8LE AND SIMILAR CHARGES Group 2021 £'ooo Tru•1 2021 £'ooo 2020 £'C2)0 2020 £000 Interest arising on. 8Ank loans and overdraltS other Loans Int?rgBt & Finanong C￿¢8- Penoloni 2,737 1.2CK8 17 2,838 1,208 29 2,737 1.209 17 2,838 1.213 29 3.980 4,075 3.983 4,080 Page 66

Bournville Village Trust Group NOTE3 TO THE FINANCIAL STATEMENTS lor the year ended 31 Oeeember 2021 S OPERATING SURPLUS Group 2021 £'ooo Trust 2021 £'o 2020 Eooo 2020 £'ooo Operating suwus 18 5thtqd aftar chargin9 1 Icr8dibngl'. Depreciation of other tangible fix8d as&818 ownad Depreuolion of housifig properties D8prauallon of non-houilng propertl88 Op•rating loaso rentals AmoFti8ation of capital gran¢ 148 4,179 400 170 4,727 424 141 13261 170 4,322 424 141 13181 3,810 400 156 12981 13061 Fe88 payBble to RSM UK Audit LLP and aJsoaat•• in re8P8Ct of both a￿11 and non-gudit 8•rviGe$ are a• f¢llowB,' Audit se￿Ical- ¥t8tutory oudlt of th• company S7 47 38 38 Dther Bervices. All Dth•r non-audit 88r¥ice$ Sa SURPLUS ON SALE OF FIXED ASSETS Group 2021 Sole of Sale ol S8le ol Sale ¢1 Hou8inq L8nd Other Fixed Hou8lng Properties Asaels Properties £'ooo 2020 Sale of S81e of LAnd Olh•r Flx•d Asset# £'ooo £000 £'ooo £'orJO £'ooo '8po8al proceeéa C8rryin9 value of iixed a8Be16 Colt ol •ale8 1,908 11,0341 537 750 1381 1321 105 Ifaoi 660 82 537 141 580 Trust 2021 Sale ol Sale of Sale of Sal• ol Housing Land Other Fi¥•d Housing Properties Astsets Prcp8rts•s £'ooo £'ooo £'ooo 2020 Sale ol Sal8 of Land Othor Fixed AsB8t8 £'ac¥) £'oJo £'ooo Di8p0881 proce8d8 C•rryin9 value ol fixed ass•ts Cost of SBle8 1.908 11.0341 527 7SO 1381 1321 105 11001 Igi 82 1161 866 527 680 141 560 Page 67

Bournvllle Vlllage Trust Group NOTES TO THE FINANCIAL STATEMENTS for tho yoar anded 31 D•cembor 2021 EMPLOYEES The 8verage rnonthly nurntser of persons (including directors) 8mployed by th• Tru8t and Group axprns￿d in full lirne 8qUl¥818nts during the y8arwas'. Group 2021 No. 124 52 Tru•t 2021 2020 No. 120 71 66 2020 No. 120 71 66 Office and rnanBgement HouBing 8UPPDrt and care MBintenance 124 s? 65 241 257 241 257 The abovo figure$ arv calculated on tho number cf stBff ernployed in the Group and Trust, wothing a slandard 37 hour working week for the rn8lority of Staff and 8 Jlandard 39 hour week for rnoinlen8n¢e jlaff. The c91￿lation has been done on a rnon¢h by month b8$i8 8nd then Bverg98d out over the course of the year. st￿ costs for the above p•rnen8". Group 2021 £'ooo Trubt 2021 £'oc 2020 £'ooo 2020 £'ooo Wogei and islari•i Radundoncy Paym8nt• Social securty costs Defined benelit pension eo8t Deflned contribLrtien p•n8lon cost Other pension coots 8,287 158 783 604 382 33 8,176 63 750 628 343 33 8,287 8,176 63 750 628 343 33 783 804 382 33 10.245 9,993 10,245 9,993 The full tlrne equlvalent number of staff who received rernunerjts'on over £60,QC4) (including dire¢tor81'. Group 2021 No, TNII 2021 No. 2020 No. 2020 No, £60,000- £70,000 £70,001 - £80,000 £80,001 . £90,000 £90,001 £100,000 £100,001- £110.OC £110,(X)1- £120.or £140,Crf)1 . £150.00 12 12 The banding8 above Indude redundancy paymonts &9 d•laiKfjd in 8taff eoit8 ab¢v•. P8g8 68

Bournville Village Trust Group NOTES TO THE FINANCIAL STATEMENTS for tho yoar ended 31 Decembor 2021 DIRECTORS In respeet Of the diredern (Bvf executive te8ml who arn considered to be the key Management Personnel of Bcurnvi118 Village Tru8t'. Group 2021 £'ooo Trust 2021 £'o 2020 £'ooo 2020 £'ooo R8muner4tion and fee5 Company ccntributions to pension 8¢hem98 Ccmpen88tion for loss of office Money value of benefits In kincl 648 52 850 49 10 51 650 49 10 51 52 754 760 754 No. No. No. No. The numbqr of directors tD whorn r•tirernent b•n•fits are accruing under.. Defi'n8d contribution 8chern•8 Highelt paid dire¢lor 2021 2020 £'ooo t'ooo R8mun8rqtion Company contn'butionl to penoion $¢herne$ 134 10 132 10 144 142 The high••t paid dir•c¢or in 2021 •nd 2020 w•$ lh• Chief ExeuJti¥e. The Chief E￿cutIVe Is a rn•mb8r of the Penjionsaver Scheme 8nd 8W Made penjion ¢onlntsut￿n$ 01 £10,083 in 2021.12020.. £9,848) No other payments are m•de to Tru•tee8 Othor Ih8n exponses as detailed below 2021 2020 Tru8te8 pBymeni8 comprise of.. Trustee expenses 4,322 1.541 Page 69

Bournville Village Trust Group NOTES TO THE FINANCIAL STATEMENTS lor tho yo•r end•d 31 Doc•mber 2011 7A TANGIBLE FIXED ASSETS- HOUSING PROPERTIES IPwdoftMnanlty Ireettoldl- GROUP Housing properties held for letting £'ooo Shared ownership properthlj £'ooo Proportiea in the ¢oursÈ of construction £'ooo 2021 Tolol £'ooo Cost At l January Add￿0￿$ Component Feplacewnts and improvement• Properties aequired Component disposals Property dlspo¥alB Transfer to other fixed aaBets 180,825 8,115 189 555 l B8,929 555 2,013 901 19841 11,7281 12271 2.013 19841 11.5841 12271 11441 At 31 D￿mber 180.744 7.971 744 189,459 Deprfci8lion and lrnpaSrrnent At 1 January Charge f¢r ye•r Coryon•nl dlsposal8 Pl0￿rtY di$po$8ls TMnBfei to otherfixed aoset8 134.2021 13,9231 824 871 27 18531 1971 135,0551 14,0201 824 083 27 12 Al 31 December 138.8031 19381 137,$411 NÉT BOOK VALUE At 31 Oecamber 2021 144,141 7,033 744 151,918 Al 31 D&e•rrl)•r 2020 146,423 7,2S2 189 153,874 Page 70

Boumville Village Trust Group NOTES TO THE FINANCIAL STATEIIENTS forth• yoar end•d 31 Dec•mbor 2021 7A TANGIBLE FIXED ASSETS- HOUSING PROPERnES IPredomininUy freBhokll- TRUST Hou*ng properties held for letbng t'rx)o Shar•d ownerahip prowrtltss £'ooo Pioporties in the Cour￿ of conglruction 2021 Total £'ooo £'ooo Cost At 1 January Additions Corrwnonl replae•ment8 Bnd Improvemen1• Properti¢J wGquire Corrwnenl di5po¥als Proyrty di$pos•ls Trnnsfer lo otherfixod aBiets 169,213 8,115 18 555 177.517 555 1.900 1,900 9281 11,5841 12271 19281 11,7281 12271 At 31 D￿ember 169,27S 7,971 744 177,990 DepreGI@Jon Iné lry•lrment Al 1 J8nu8ry Charg• for ymr Component dispos411 Property dl8po$•Is Tr•n•ler to othor fixed •ii•ts 130.8761 13,5591 774 871 27 18531 1971 131,7291 13,6561 774 683 27 12 At 31 December 132.8631 19381 133,9011 NET BOOK VALUE Al 31 Oecembor 2021 136.312 7.033 744 144,089 Al 31 December 2020 138,337 7,262 189 145,788 Page 71

Bournvllle Vlllage Trust Group NOTES TO THE FINANCIAL STATEMENTS lor theyaar end8d 31 D4e8mb•f 2021 7A EXPENDITURE ON WORKS TO EXISTING PROPERTIES Group 2021 £'ooo Trust 2021 £'ooo 2030 £'ooo 2020 £'DOO Improvement Work c•pallMd Components capilalised Amouns chargèd to Intom& and eXpand￿ure 135 1.878 6,489 123 1.777 6,211 87 1,267 5,58e 1,360 5.788 8.502 7,238 8,111 6.940 TOTAL GRANTS RECEIVED Group 2021 £'ooo Tru•t 2021 £'c4)0 2020 £'ooo 2020 £'ooo T￿•1 Cumulative amunll r•celved or recewabl• 1131 D•cember'. CipK•l grnnl 36.002 36,027 35,048 35.073 FINANCE COSTS Group 2021 £'ooo Tru8t 2021 2020 £'ooo 2020 £'ooo Aggrag418 amount dfinanca c4AtI Induded in the eoil of hou•lno prowrtlei •nd conynunal areal In note 7b 2,800 2,800 2.800 2,800 2,800 2,800 2.800 Page 72

Bourn¥¢llBMkny•TrnstGrnup TAP4UBLE Fiye0A8BETS-¢T￿R Vjkni Tlll follD iJ* 167 t27 i.D74 X.JDi At1J 621 AIJ1 ?.1 Ih.IA4 Alll 14D 9,1 ias

Bournville Village Trust Group NOTES TO ThE FINANCIAL STATEMENTS lor the year ènd•d 31 O•c•mb•r 2021 FIXED ASSET INVESTMENTS Group- Co¥t Inter¢$t SeNice ReseNe Investment in Subsidiary £'OC4) Total £'ooo t'ooo At 1 January 2021 Interest tteéiled 1,053 12 1,053 At 31 D•e8mbar 2021 1,041 1,041 Trust- Cost Interest Service Investment in Subbidlary £'oc(J Total £'ooo £'ooo At 1 January 2021 Inttresl credited 1,053 12 8,4 9,453 12 At 310ecember 2021 1,041 8,4Q) 9,441 PROPERTIES FOR SALE 2021 2020 t'ooo Group & TnJ•t Propertl•• expected to be 801d in the current year 169 169 10 STOCK 2021 2020 £'ooo GrDUP Materials and congumables Work in progre88 24 807 1,333 831 1,337 Truit Matena15 and consumables 24 Page 74

Bournville Village Trust Group NOTES TO THE FINANCIAL STATEMENTS for the y•ar ondod 31 Decernber 2021 Group Trust 11 DEBTORS 2021 £'ooo 2020 2021 £'ooo 2020 £'ooo Amount• f•lllng du• wlthln on• y•ar'. Gro8s Rental Arrears Housin9 Non-houslnQ arkel rented Supported housing Shared ownershlp 967 1,CA)1 527 14 71 12 913 527 14 71 12 12 44 10 12 10 L•¥8.' ProvlBion for bad and doubtful debts 16361 16331 1630 18291 791 992 743 941 8alanc• du• from managed asgociatkns 88lance due from group undertaking• Pwpiymèni* and accrued Income Other debtorn 1,957 14S 632 2,254 453 477 453 479 832 1,568 1,931 3,477 4,132 12 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Group Tw8t 2021 £'ooo 2020 £'aoo 2021 £'ooo 2020 £'ooo Bank loans (note 171 ReThl and 8ervice charges received in advance Recyc￿ Cap￿11 grant funds (note 141 Delorred capilal grants Inob Trade uedilor8 Balances due lo man8yed 95socialiM8 B818nce due to group undertaklngs Other t8X¥tion and 60¢ial Becur￿Y co8ts VAT Other credrtor8 Acuuals and d?ferred Incr￿e 3,595 8S5 59 3,500 3,595 830 59 298 159 3.500 807 117 326 80 318 73 162 Jjjj 704 704 3,15a 172 133 354 2.694 684 2,571 182 108 426 2,667 172 136 354 3.255 182 108 428 3,272 9,598 9.339 12,148 11,250 P8ge 75

Bournville Village Trust Group NOTES TO ThE FINANCIAL STATEMENTS lorlhe year ended 31 December 2021 13 CREDITORS." AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group Trust 2021 £'ooo 2020 £'ooo 2021 £'CK)O 2020 D8bt Inote 171 Loan arrangement feel Deferred Income Recycled Capital Grant Fund (not8 141 Defer￿d capital grant (note 151 81,884 16461 308 36 30.104 95,460 17441 409 55 30,593 81,864 18461 95,460 17441 409 55 29,814 29,332 111.886 125,773 110,894 124,994 Inc4ud•d Sn > 1 ye•r creditor8 Ore,. Group Trust 2021 £'ooo 2020 2021 eooo 2020 Arnounlj repayabl¢ by Inatalmenl8 falling due in le￿ than five years 17.943 27.825 17,943 27,825 Arnounl• rep8yable by inst•lmnli l•lling du¢ after more than live years 47.518 51,135 47,516 51,135 Amount• ￿paYable othor by Inst8lment8 fJllin9 due arter more than fwe ye8rg 20,QOO 20.0 20,aoo 20,0 L￿8 omount• r•poy4Di• In li•$ mon on y••r iJ.JyJi iJ.)uui 81,864 95,480 81,884 95,480 14 RECYCLED CAPITAL GRANT FUNO Funds pertaining to ita activitie8 wrthln areas cOVe￿d by. Group Trubt HCA 2021 £'ODO HCA 2020 £'ooo HCA 2021 £'ooo HCA 2020 £'ooo Optnlng b•l•nc• Inputu to RCGF- As at 1 J4nuary Grants recycled Interest Grants repaid 172 25 169 25 157 12 1? 11021 Closlng balanc• 9S 172 95 189 Arnounls 3 years old or older where repayment may be required. 15 102 15 99 P4g* 76

Bournville Village Trust Group NOTES TO THE FINANCIAL STATEMENTS lor the year endeLI 31 December 2021 15 DEFERRED CAPITAL GRANTS Group 2021 £'coo Trust 2021 £'ooo 2020 £'ooo 2020 t'coo As at 1 January Grant transler￿ on sale ol preperty knortisalion in year Transfer to recyclèd caprtal grant fund Write bath of amorts8alion an property disposal 30,919 31.255 30,132 30,460 13061 12S1 13281 12981 1251 13181 AS at 31 Oecernber 30,411 30.919 29.632 30,132 16 FINANCIAL INSTRUMENTS Group and Tru•t 2021 £'ooo 2020 £'o Fln•n¢lal Ilabllttl••: M?aBured at fair value Ihrcugh profit or1088 At 1 January Movem•nl during ￿#r 29,436 25,691 17,6701 3,74S Al 31 D•¢grnhr 21,766 29,436 Int•M•t rnts •wap• The Group has laken out a number of Interest rate hedging arrangements a8 part of th• Tr•o$ury M8nag•m•nl Slrat•9y which i••kJ to achieve a mix of fixed and variable rale loanB within the overall portfolio. All of the hedglng instruments are stand alone interest ratè swaps which have been taken out over Ihe las11 S year3 ond which have fixed rate¥ of interest varying be￿¢en 4.14% and 5.81%. At 31 December 2021, the total nominal value of Intereit rate hed9ing Instrum•nls was t51.5m12020 £51.5ml. Th• fglr valu• ol thèsè hedging initrumenti h8x been cpkuljted by 8vfs Treasury Management advisors, ATFS, U81ng propnelary pneing Inlormatlon and analytKal software u￿￿ under li￿nCe from Bloornbery Finance LP. The lair value 18 b85ed On the difterence l)etween the fixed rate of the swap a8 Againil thè exwct•d rgt• o13m LIBOR 01 egch quarterfy paymènt date through to tho maluthy of each swap. 164 Financial a88els Group Trugt 2D21 £'rM)o 2020 £'ooo 2021 £'ooo 2020 £'oLK) Dtbt inJtrum•nl8 measured at 8morti8ed cost., Rent debtor8 Other debtors Cash 1,432 1.662 791 13.917 1.374 611 5,331 1,604 794 13.661 5,582 7.822 16,370 7,318 16,059 Measured at amorti8ed cost." Bank loans Trade Credrtor8 8alances Due to Managed A8sodallens alances Due tD Group Cornpanies Other Cr8ditor8 85,4S9 182 704 8,960 90 85,459 159 704 3,150 2,048 96,%0 73 2,571 2,136 2,608 2,732 88,933 102,468 91,520 104,424 Page 77

Bournville Village Trust Group NOTES TO ThE FINANCIAL STATEMENTS for the year ended 31 December 2021 17 BORROWINGS Group Trus1 2021 £'wo 2020 £'ooo 2021 £'ooo 2020 £'ooo Creditors. amounts falling due within on8 year. Bank loans 3,595 3.500 3.595 3,500 3,595 3,500 3.595 3,500 Creditor8'. amount5 falling after more than one year. Bank loans B1.864 95.460 61.864 95,460 81,864 95.460 81,864 95,460 Totsl 85,459 98,980 85,459 98.￿0 Housing loan8 are 9ect*red by 8pecific charges on tha Group'8 housing prcyerties and Bre ￿paYabl¢ at rate8 of intere8t betwe•n 1,04% and 12.86%. Th? net baok value sécured lo ￿nderS is £88,670,000. Of the amounts due in more than five year8 or more. £20.000,0(A12D20'. £20,Q)O,LX)01 18 whomy r•paya￿e by lump suffl in more than five yearn. The remainder 15 repayable by In8tathent 18 PROVISIONS FOR LIABILITIES Group and Tru•t 2021 Pin8lon £'oc 2020 Pengion £'ooo A¥ Jt 1 JJnu¥ry utilised In year Unwinding of discount Increa¥e in psyrnent 0￿19￿tIon 742 1,252 15391 29 As at 31 O•eember 638 742 The p?n&ion8 deficit payments provision w89 in pl8ce to represent the nel prejent value of the cornrnilrnent Ic the mUlti-em￿oYer Cadbury Mondelez Pension Fund in r••p•ct of psst defiats. In 2019 the tnennial aGtuarial valuation of the scheme Showed that thè hlsloric defeet had fallen 10 a non-material amount. Thi8 ends the requirement on lo make payment8 towards redu¢Ang this historic defect. However, BW a￿ required to support the Pension Tru81ees in their efforts to de-risk the scherne and we have agreed 8 8d)edule ol payrnent8 tD occur in 2020,2021 and 2022. We have retained a pro¥l$ion ol • suificient amount to CL)ver thege agreed payments. h8¥ used dlscounl rate of 2.25'h12U20' ?.25%1 whith approxirnate8 rnarkel yie￿8 for high quality corporat• bonés (See note 251. Page 78

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Bournvllle Vlllage Trust Group INCOME AND EXPENDITURE ACCOUNT FOR BAT RESERVE for the yearended 31 December 2021 INCOME 2021 £'oc 2020 £'ooo Incom• from l•tting8 Renial income Sermce charge income 472 460 22 482 Interest receivable Granl Amortisalion 496 EXPENDITURE SgrvSces Managemanl Routine rnaintenance Planned mainlenanee Rant IrcoverièslAos88s from bad Jebls Depreciatson of housing properties 28 27 81 42 70 79 93 310 297 Surplus for the y•ar 190 199 Thi5 page is for the inlorm¥lion of the comrnittee only gnd dijes not forni pArt of th• slalutory accounts. Page 80

Bournville village Trust Group NOTES TO THE FINANCIAL STATEIIENTS forth• wr•ndwl 31 O¢E•mbv 2021 20 INCOME AND EXPENDITURE RESERVE Group Trust 2021 £￿0 2021 £'ooo 2020 ro Al 1 January Surplu5 for Ihe year Tran¥fef to restricted rese￿1 18.058 10,517 13831 20,880 17,862 10.367 (3831 20,B48 11,0651 Al 31 Dèt*mbèr 28,202 t8.￿8 27.846 17.862 21 RECONCILIATION OF SURPLUSI IDEFICITI TO NET CASkl GENERATED FROM OPERAMON8 Group 2021 £'OOD Tfu•l 2021 £'ooo 2020 E'O 2020 £,￿0 SurF4uA I Ideficlll for Ihe year AdlL4trnenl8 for.. Impalmenl D¢prcdobon oftofiglblo fimod o¥?ots ATh￿118￿11￿n of C)￿141 grwni Swplus on saKg ofiangiNe fixed assell Inierc¥l rcceivjblc Intere¥l flnonGlng cooli M(wemenl In v81fft of finan¢l•l In•trumEftts PonbiDn defic￿1 rdeaae 10,517 11,7471 10,367 4,720 13061 12.0831 4.aoo 12981 12,0731 4,01 Jr 1328 16221 12GI 4,076 3,745 16221 11901 4.080 3,745 3,960 17.6701 3,963 17,8701 OperaJr¢ fl¢M bofrrt m0￿ments h worknry capbtal 9,139 10,422 8.476 9,681 MLSvernenl In stoths Movqmenl In deblo Movement in credilorn 807 358 213 78 1201 856 185 17741 U751 Cash gernratad frcm oporthio 10,315 9,685 9,296 CASH ANO CASH EQUIVALENTS Group 2021 £'cbJo 2020 2021 2020 Cash and cash equi¥alenls represent.. C￿h ai bar Demand deposits Inrjuded cfadltorn fftlllnq due ITr leu¥ thwn one ￿r Incle 131 5,SB2 13,917 5,331 13.881 (7041 18841 13,8541 13.2551 4,878 13,233 1.477 10.4C D￿and deposll8 reweBenl amwnts (￿d lo manag&J a$60daiions 8nd group coffjpanies. P4e 81

Bournvllle Vlllage Trust Group NOTE8 TO THE FINANCIAL STATEMENTS lorthe y•ar•ndod 31 Docember 2021 22 ANALYSIS OF CHANGES IN NET DE8T ¢>oup At1Jan 2021 £'OLKJ Caxh othernc C88h changes At 31 Dec 2021 £'OLK) cooo C88h and ￿&h equlvalents.. Cash al b8Th Demand dBposlts included %￿lhI￿ credilorn falling due in IB55 th8n one ￿&r Inote 131 13,917 IB.3351 S.$82 16841 1201 17041 13.233 18,3651 4,878 nlebl due wlhin one Debt due aller one year 13,5001 195,45gi 13,6thJ 113.5961 13,595 13.6961 IB1.8641 198,9591 13,500 185,459) Tot41 185,7261 5,145 180,5811 TNSI Al l Jan 2021 £orKJ Cash fl Other non A¢ 311)e 2021 £'DJo C88h and ￿4h equlvalenl8'. Cwsh al bank Demand dep08111 It￿uded ￿thIn uoJiorg f•lllng In le•• th8n one year Inote 131 13,881 Ib,3301 5,331 13,25SI 1699) 13.8541 10,408 18,9291 1,477 8orfNthngJ. Debt due wlhin one year Oebt due Blterone year 13,SOOI 19S,4591 13,SOO 113.5951 13,595 13.5951 181.8641 198,959) 13,500 185.4591 Tot41 188,5531 4,571 183,9821 22 CAPITAL COMMITMENTS Grthjp Tn 2021 roTr) 2020 rLNJD 2021 rwo 2020 £￿00 CaF41al expendllure ccnlractod for not kyovlded foi In lh• financi￿ slDtements 6.328 570 570 Eipendiiure iuthorf$ed by Tw8lees bui not cortr8ded 4.318 The tybo¥e u*nmitments will be funded thrL4Jgh surpluses and capftal recelpts. Page 82

Bournvllle Vlllage Trust Group NOTES TO THE FINANc￿LsTATElE￿TS lorth•yw •ndAd JI D•c•rnbgF 2021 23 OTHER FINANCI￿ COMUITMENTS- GROUP AND TRUST The tot•1 fuiure mlnimum leD5e pa￿entS ￿dernon-¢QnceMab1e waliThJ lea8e8 f￿riXed 88get8 are as follo￿." Grw and TN&¢ 2021 £'o(MJ 2020 rcoo knountg due.. Wilhin one ￿ar Betreen we and five ￿ar￿ Mwe ihan five ￿ar$ 43 183 119 167 208 24 RETIREMENT BENEFITS Up urfl 31 Marth 2010, All Ai&ff ithln the Group digible to join the Cadbjry Pen8lon FuTrJ. Until July 2001. alaff ￿re iglbk lo ltyn the fin818818ry 8cheme ￿1c￿ wal i mtslll employer stheme. bul w8s Ihen d05ed lo new entr8Dts. From Juty 2001, new staff eligible lo jtyn the CHOICES penslon 8chome vthich 18 alBo 8 mulll ernployer stheme bJ5ed on rareer 8￿rage eJming•. From 1 Aprll 2010, èlaff are ellgible lo joln the 8VT Pen&lon$•v¢r I¢￿Me, thi¢h l• 8 defird Inbution scheme 8a1 up I￿OUgh Leual & Ge￿r￿. In ApiS1 2018, the Cadbury PenBlon Fund merged ￿lIh Ihe MondElez UK Rellrernnt Beneffl Plgn to TLVM the Cadbury Mcffidelez Penslon Fund. The 18le81 foim81 valu8llon ¢f ￿ fund undenaken •1 S Aprw 2019 by a profey6ion81 quallfied adu￿ry. It was idenirfied Ihal the 8cheme had J ￿61$erVICe deficit of £5m al thig d8le. but Biven ihe caniinvalion of •greed deflcil reduction contribull￿$1118 èxptrciÈd Ih&i Ihls thficll w88 ￿vId have been removed In June 2019. 8cherne rnembers have agreed lo lollow lh8 Prlndpal Employer In mgklng contin￿￿ adolllonal p4wnen15 Inl0 the stheme lo all the TIu8te88 to further Oe-risk the scheme lor I￿ protection of 81 Employern and Membeis. BVT madE •ddibon•l eonirlbuloni rfE121.000 In 2020, £330,000 In 2021 and Mlll mBke a furthei cvntrlbullon 01É330,000 In 2022. F￿ Ihoie emWoyee¥ ¥tho remjin in the final salary scheme. Ihe Grwp paitt conlrfbjloni al the ratE of 47.8% above the Nl lowr e8inlngs Ilrnil ILELI 10 3181 M8rch 2021, from ￿)rf12021 th15 rale r08e to 58.3% 4nd iemalned al Iris rale throughout 1021. Ern￿Oyee contnixJlbTr8 rernalned a15% I￿ough0UI 2021 &rKI 2022. For Ih05e emplo￿te5 In the Cadbury Earnlngs Plan, the Group pald conldbuiiona Bt Ihe rate of 45.2% ￿bD￿ Ihv Nl I￿r e•mngs Ilmil lo 31st March 2021, Irom Aprtl 2021 this rale rose 10 53.6% and rernalned 8t thli r8te thr￿ahO￿rt 2021 ind 2022. Empltyee conthbuiionj r2mwned It 9% fvoughoul both 2021 und 2D22. Th2re Bre three differ?nt seclions Of the CHOICES scheme. The Group paid conlrfbulloTh$ up Iv a mlxlmum 0148,1% of penslon8Ne pay1￿￿qhouI the ye•r. Emplo￿ eoninbullon¥ ranged trom 2% 10 6% throughout the year. In 2021 the Prthclpal Employvr Df the CBdbury Mondolez Ponslon Fund Infumed BVT of th8lr d8slra to dose the s¢kneme. FolNlrvJ cons￿l￿110M Wlh BVT Sl8ff y￿re 8ctive scheme rnernber¥. Bvr agreed lo the schtrme clos￿? on the 31st March 2022. All I0￿er sceme rnemters who are 81511 aciive 8vr ¢￿￿OYeeS h•¥e boen tsffe￿d 8¢c•$s lo the Bvr defjned ¢yJrtrtbulion penwon Saver sthErn8. admlrA&lered by Legal and Gen8ral, ￿￿¢h 5 y88rn ofetth8n￿d conlrlbubws by wr. For the BVT Pen*un58¥er $the￿￿. Itr￿ Gr¢yJp paid contr1b￿lon8 Bt the rale of 8% ot Pen￿on0b1& pay for the yEor. mtrmbwg ¢LYrtrtbullng as much as they liked xubjecl lo a rninirnurn contri￿￿'D￿ of4% of pengknna￿Q pay. ThE bEs1 eslirnBle of cllnlribulion5 to be p8id lo the ¥cherne¥ for 2022 15 £1,140,000 the £330,oriJ defidl wtilbution$ detailed 4bove. 1118 nol posslble lo [den￿ty Ihe share of &￿et$ arrfj l•blrtlBs of the Cadbjry mond8￿ Pen81on Fund bdonglng lo Indi¥idu&l paibdpoling employers. Due lo the nature OT the 8therne8, the and ExpendNure &cMunl for Ihe >tar undev FRS102 repre5en15 the ern￿1)yer contrilyjlivn paygNe. P￿e83

Bournvllle Vlllage Trust Group From J8nu&ry 2014, 8VT bEgan lo aulfyeryd 115 5¢aft into a new Bectlon of ltte Pe￿Ic•s8¥￿ scheme. Conlrfbutlons to th18 Scheme are 5% ernpl￿e contAbJOons and 3% emplvyerronkniKJbon. Pag8 84

Bournville Village Trust Group NOTES TO THE FINANCIAL STATEMENTS forth•yurgndgd 31 D•cgmbgr ZO21 FINANCIAL ASSUMPTIONS The finanuDI 815umplions uTrYertying the ¥dualion of the Cadt¥Jry Mondelei Pension Fun¢J were as fc41owB:_ 2021 2020 % p.a. Discount Rate e retirEment Post rtitirarnerrt 3.05 3.95 3.05 3.95 R8te ofs818ry inueg888 CPI Inflali RPI infi8bon 26 CONTINGENT LIABILITIES VT 1UO% ol 1he18iued Jtt8re C8k4lbl 8mounllng TO £1W, of Bourn¥11￿ Vlllage D￿elOpMents Limited IBVOI, o cornpany In¢orp(Koled In ErvJl8nd W4les. 6VO 15 engaged in Ihe GtrordinBIion 4nd conolrucilon of 4n urbgn ￿lI9ge 81 Lighlmooi In T81foid. fund8 some of Ihe wrrklng capll81 requirements Dr BVD 8nd agre¢d a lojn IJGllity Ipr wrpo$e, A¥ al 31112121. the oulslondlw balance on ihe loan 8lood 91 £1.96m 12030 £2.25ml. The Board ol BVT have conflfmed thoir intenlicffj to continue to fund8VO aJ necessary io allow ihe corntdelon of Lightrroor Eslale E¥th BVT Tiuslee owns 1 $hare out ol lot& 324 sh•re5 In is¥uE of 8ourn￿lIe Worku Housing SocSety Ltd 18WHSI, • charll8ble Registered Prowder of sodal h￿JaIn9. resleied urKler ihe CoopÈr81i¥e and Communlty Beneffll Sodetle8 Aci 2014. BWHS be￿rne a iub81tt15ry 018VT In 2011 8TrJ in 2018 pul In place D cotermlnow board arrangemenl fiereby the Tru8teeB of BVT IoDk over Ihe aWHS M8nJgernent Crfflrniltee. Exemwon ha8 bo8n18k8n under FRS102 from the requ5remenl lo dl8ckJee tr8n$a¢tlonJ *llh 1ub8ldl8￿eS, BVT give3 regular 8nnuJl gian15 lo Avwffoft Museum, 8 Regi8leTe(I Chwity. from surplu3eJJ mjde reni•l Ine¢me frcffj commerdal piopertle8 granted 10 by the Croft Tru81. pre￿oU$1Y 0￿ed Avoncroft Muleum. TN8 IUkWOrt has continued In 2021 and18 £15.000 per annun. ￿60 In 2020 folloKlng a request for wgenl Ilnand4 8UPPOrt •nd support 81 th 808rd level m•de by Avoncroft Museurn to BW. Pete Richmond (Chief Execullvel and Davld RolAn8on (Flnonce Dlrectorl I￿ne0 Ihe Tw•lee 80ord of Avoncroftln po•lVon•. P&ge 85