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
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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.
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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
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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

5. Make Sure there 18 a 8trong voluntary and community sector.
6. Support young people to have a voice and be involved in their communty.
7. 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..
1. Improve the health and wellbeing of people through communtty-based
programmes, inspired by our founder's commitment lo peor4e.
2. Understand and tackle the root causes of povety and promote access to
services and support that is responsible and 8UStainable.
3. Seek funding and work in partnership with others to deliver programmes that
champion people.
4. Understand and deliver services that improve the health and wellbeing of
older people.
Page 111

5. Take an evidence-based approach lo our work to engure we understand our
impact and achieve value for money.
6. 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
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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

6. 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,
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Pagè122

17
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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.
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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 00c*m￿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 unre*lrid•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 exr*ed 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 rnulli*mployer 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 f*arges.
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
IDofir*tl
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 $h•re arrangement
Community actiwtla8
233
579
223
56
119SI
15461
1251
IS531
37
33
198
14971
487
16801
1251
17271
12031
219
16x1
Non Soc141 Howlng ActlT*ltl
Msrk81 renting
Agrlculturol letllnG8
Eslale man8gement
Cemrnarc+BI letting11
Bu•iMi8 D•¥elopm•nl
Selty Manor mu58um
Lané tron8action5
Penslon fund cogt8
Soryices to third parti•$
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
RwtrncÉiv*k)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 HOUS*4G 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
OPERAT*40 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•xP9ndl1Ur*trVM ￿¢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 L*iigq•
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¢u*rèof 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 SOCI*L 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•p*allMd
Components capilalised
Amoun*s 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•lm*nli 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

vIknWkwTnMtOroup

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 Ir*coverièslAos88s 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￿LsTATE*lE￿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$•v¢r I¢￿Me, *thi¢h l• 8 defir*d
Inbution scheme 8a1 up I￿OUgh Leual & Ge￿r￿.
In ApiS1 2018, the Cadbury PenBlon Fund merged ￿lIh Ihe MondElez UK Rellrernnt Beneffl Plgn to TLVM the Cadbury
Mcffidelez Penslon Fund. The 18le81 foim81 valu8llon ¢f ￿ fund undenaken •1 S Aprw 2019 by a profey6ion81 quallfied
adu￿ry. It was idenirfied Ihal the 8cheme had J ￿61$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 sc*eme 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 $hare out ol lot& 324 sh•re5 In is¥uE of 8ourn￿lIe Worku Housing SocSety Ltd 18WHSI, •
charll8ble Registered Prowder of sodal h￿JaIn9. re*sleied urKler ihe CoopÈr81i¥e and Communlty Beneffll Sodetle8 Aci 2014.
BWHS be￿rne a iub81tt15ry 018VT In 2011 8TrJ in 2018 pul In place D cotermlnow board arrangemenl *fiereby the Tru8teeB
of BVT IoDk over Ihe aWHS M8nJgernent Crfflrniltee.
Exemwon ha8 bo8n18k8n under FRS102 from the requ5remenl lo dl8ckJee tr8n$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