Bournvllle Village Trust Group COfrISOLIDATED FINANCIAL STATEMENTS for the year ended 31 December 2023 Re815tered Charlty No.. 219260 Regulator of Social Housing No: L0702 INDEX Pagels Infomiation 24 Report of the Board of Trustee8 Operating and Financial Review Independent Auditoes Report to the Trustees Consolidated and Trusl Statements of Comprehensfve Income Consolldated and Trust Statement8 of FinanGial Position 4144 45 Statement of Ch8np8 In Reserves 47 Consolidated and Trust Statemen18 of Cash Fk>w8 48 Accounting Pollcies 49-56 Notes to the Financial Statement8 57-81 Pagel I Bournville Village Trust Board Member•, Exècutive Directors, Advl8or8 and 8ankern Bvf Trustees Chair Vice Chair Carolin8 Cadbury MA Prof. Philip Lumley BDS, FDSRCPS, MDentSc, PhD, DSRCS Nigel Cadbury BA, Barrister at Law Claire Bowman Alison McKittrick BA (Honsl, MPhil Matthew Cadbury MA, MSC, MBA, PhD Claudia Coulson BA (Honsl Alison Fisher De￿k Douglas William Cadbury MAIOxonl, CGMA Other Trustees Bournvllle Works Houslng 8ocl•ty Trusteei Chair Vice Chair Caroline Cadbury MA Prof. Philip Lumley BDS, FDSRCPS, MDentSc, PhD, DSRCS Nigel Cadbury BA, Barrister at Law Claire 8owm8n Alison McKittrick BA (Honsl, MPhil Matthew Cadbury MA, MSC, MBA, PhD Claudia Coulson BA (Honsl Alison Fisher Derek Douglas WlllS8m Cadbury MAIOxonl, CGMA Other Trustee8 Co-optee Bournvllle Vlllage Developrnents Director & Chair Director Caroline Cadbury MA {Resigned 8th June 20231 Alison McKittrick BA {Honsl, MPhil {Resigned 8 June 20231 Peter Richmond (Appointed 9th June 20231 Oavid Robin80n BA (Honsl, ACMA, CGMA, FRSA (Appointed 91h June 20231 Greg Lakin- MRICS, MCIOB, PG DMS (Appointed 9" June 20231 Director & Chair Director Director Page12 Director Arthur Tsang (Appointed 9th June 20231 Director & Company Secretary Helen Harvey. Bsc (Hons), M8A, FCIH, MCIPD (Appointed 9" June 20231 Neil A8hford - MRICS (Appointed 9th June 2023) Director Bournville Willag• Entsrprises Director & Chair Director Caroline Cadbury MA (Resigned 8th June 20231 Alison McKittnck BA (Honsl, MPhS1 (Resigned 81 June 2023) Peter Richmond (Appointed 91h June 20231 David Robinson BA (Honsl, ACMA, CGMA, FRSA (Appointed 9th June 20231 Greg Lakin- MRICS, MCIOB, PG DMS (Appointed 9th June 20231 Director Arthur Tsang IAppolnted 91h June 20231 Director & Comp8ny Secretary Helen Harvey, Bsc (Honsl, MBA, FCIH, MCIPD (Appointed 9th June 20231 Neil Ashford - MRICS (Appointed 9Lh June 2023) Director & Chair Director Director Director ExKutlv• Dlvector8 Peter Richmond - Chief Executive David Robinson BA (Hons). ACMA, CGMA. FRSA- Director of Finance & IT Greg Lakin- MRICS, MCIOB, PG DMS- Director of Assets Arthur T8ang - Director of Communities Helen Harvey, Bsc (Honsl, MBA, FCIH, MCIP[￿ Director of People and Perfomiance, and Company Secretary Neil Ashford - MRICS - Director of Maintenance Services Reglslerod Offlco 350 Boumville Lane Boumville Birmingham B30 1QY Reglstsred Nurnb•r Registered Ch8rty Number- 219260 Registered with the Regulator for Social Housing - L0702 Page13 Auditor Beever and Struthers LLP The Colmore Building 20 Colmore Circus Queensway 8irmingham 84 6AT Bankern Lloyds Bank PIC 798 Bristol Road Soulh Blmingham B312NP 8ollcltor• Eversheds LLP 115 Colmore Row Bimilngham 83 3AL Page14 Report of the Board The Board presents its report and audited Financial Statements for the year ending 3151 08cember 2023. This ￿port is about 2023, a year in which our customers, colleagues and partners were Ilving through and operating wrthin the cosl-of-living crisis, high inflation and constanlly rising interest rates. ￿1131 2023 wa$ 8 challenging economic year. much was 8chieved with positive performance and progress in many areas. We continued to work hard to build financial and organis8tK)nal str8ngth and were pleased to again be awarded the highest grading for governance IG11. In November 2023 the Regulator of Social Housing regraded to the compliant V2 viability rating. The Board accepl Ihat this regrading reflects the challenging econornic environment in which Bvf is operating and the level of investment the Board 16 making and will conlinue to rnake inlo our homes. Whilst Bvf will continue to operate wrth less financial headroom than we have had in the past, the Board are committed to acting on our customers voice and doing the right thing. This means continuing to invesl in our homes and communilies lo create and sustain communities where people can thrive. The information contained in thls report together w4th the Opef81ing 8nd Financial Review complies with the Tequirement8 of the Housing Statement of Recommended Practice {Hou8ing SORP 20181. The Directors of Boumville Village Trust 8re defined as the Board of Trustees. The 808rd's responsibilities are set out in Ihese Financial Statsments. The slalements should be read in conjunclion with the audrt report on pages 4245. Boumville Village Trusl {'Ihe Trust") 15 8 charity Tegistered wrth the Charity Commission and a registered social housing provider regu18ted by the Regulator of Social Housing. IRegislered Charity No.. 219280, Regulator of Soci81 Housing Registered No.. L07021 About BVT is a v8lues-led chantable ITUSt, established by George Cadbury in 1900, working to create and sustsin communities where people can thrive. We holisticalty manage estates, provide great homes and deliver community-support ¥eNices that help people live successfvl lives. We also seek lo make surpluses from some of our activities, ploughing this money back into OUT communities in Central and South Bimiingham, and Telford. Our Stnjcture The Boumville Village Twsl GTOUP comprSses', Bournville Village Trust (B￿) - Boumville Village Trust is the parent body. based in BouTnville, Birmingham. BW provides a range of social housing in Pagels South Blmlngham, Central Bimiingham and Telford. We provide estate management in Bournville, Lawley and Lightsnoor. to over 7,000 families. We run a number of offices, shops, and health care facilities in our neighbourhoods lo ensure our communities have the amenities they need. also runs a small number of commercial premises outside our communitie8 to provide a profit ￿leh we reinvest in our neighbourhoods. We manage around 3,000 acres of agricultural land Ihal was gifted to BW and that we use in line wrth the charitable aims of the original donation. We invest in, and work with, our communities to provide seNices and facilities which assist people to thTIVe. BW also provides management and maSntenance sep4ices to other registered provider8 and organisations. Bournville Almshouse Trust IBATI A linked charity. BAT 18 a charitable provider of social housing based in Boumville, Binningham. BAT rnanages 97 properties in total, 33 of which are Almshouses. Preferential status is given to retired employees of Cadbury Brother8 Limited (now known as Mondelez UK Limiledl, seeking affordable accommodation. The remaining 64 properties are Endowment Houses, surpluses from which help to 8UPPOrt the contributsons made by the ￿SidentS of the Almshouges. BAT 1$ accounted for as a restricted rosep￿ within the BVT financial statements. 8oumville Works Houslng Society Ltd {BWHSI - BINHS 18 a Registered Provider owning 313 properties in Boumville. The Trustees of are also the Trustee8 of 8WHS. 8WHS was founded in the same period 8s and shaTes the values that BVT aspires to. The main difference betsveen Bvf and BWHS on founding wag that the 8WHS properties were specifically aimed 81 v￿rkerS of Cadbury Brothers Limited (now known as Mondelez UK Limited). This remains the case today with WiOTty given lo current employees ofthe company and their families. Boumville Village Developments Ltd IBVDI A wholty owned subsidlary of BW. Bournville Village Developments Lld is a company that is used to co- ordinate the developmenl of a modem urban village at Lightmoor in Telford. Bournville Village Enterprises Ltd IBVE) - A wholly owned subsidiary of BVT. A commercial trading subsidiary sel up to undertake market rent activities. BVE leases Properties from BW, lels the homes at a market rent and then retums the profits lo BW as a ye8fryend donation to invest in our socialty rented homes and wider charitable purposes. ratin and Financial Review The operating and financial Teview has been prepared in accordance with the 8pplicable Accounting Standards in the United Kingdom and the Hou8ing statement of Recommended Practice {SORP 2018). Pa8e16 ratin Review Our mission Creating and sustaining communitses where people can thrive. Innovatlon Our values egrlty" As one of the Midlands, longest serving independent chantable Irusts, we work to deliver six aims Isee our Corporate Plan 2023 -32 for more detail).. Page17 Our aims All our work is focused onachioving slx cornalms. Place-41)apin% Cvmiiiiiniiy biiildin% (Ji)f*JLiii',g dlKI gniirtiilitsis IOL¥)IINaf t iLThCQ% oiid wnFki(ici In Providing gre•t homes Buildin% organi%aiic)nal 4trt'ngth nwJiJiaUThiUSF)Ir¢)l￿rIsntr IIIivRI) by cKIl More infomialion about our aims and value8 18 included wilhln our corporate plan Our Key Strategic Obj8cllv•• 1. Place Shaping To achieve our aim of creating and sustaining thriving, welkdesigned and connected neighbourhoods thal are well-managed and sustainable, we will.. Deliver estate and slewaTdship services thal continue to be Shaped by cuslomers and meet the needs and expectaliong of Iheir neighbourhoods. Maintain the quality and design of neighbourhoods u8ing modem and responsive design guides that reflect best practice and are developed with cuslorners and communities. Page18 Ensure our parks and open spaces are welcoming and accessible, support people's health and wellbeing, and boost biodNersity. Invest and protect the unique heritage found in the buildings and spaces in Boumville Village, ensunng they meet the needs of communities today and in the fijture. Work in partnership with key place-shaping organisations to proactive influence regional and nalional agendas. Realise the potential of parts of our agricultural eslate lo create great homes and new neighbourhoods. Complete the development of Lightmoor Village in Tellord. How dld ￿ do In 20237 Oesign Gulde - Innovative work was undertaken to include opportunitie8 for Solar panel8 in the design guide. The service to residents seeking to get alt8rations approved w88 also improved, although fees had to rise to better retlect the amount of time and costs invofved in BVT processing such applications.. A ￿sIdent led design guide review was undertaken at Lawley and Lightmoor making sure the guides reflect resident's needs. Environmental Su8lainabilrty Strategy - further work w88 undertaken on the new strategy, and il will be finalised in earty 2024. We maintained all our parks in 2023 and ensured access lo the public. Estates and Stewardship Service- In Lawley we have procured a new grounds maintenance service, led by and Lawley residents through the wholty resident led Lawley Management Committee. In 8imingham we contlnue lo work with the Boumville Freehold and Le8sehold A$80ciation following the completion of the forensic review of the seNice there. A number of 8maller projects have also been delivered including the work to secure some of our parkland from unlawful incursion8 through the use of more bio-diverse inte￿entionS that ensure they remain s8fe and accessible for residents. Heritage - we invested £80k into the Carillion to maintain a key heritage asset in Bournville. We worked in alliance with Mondelez on the Bournville Heritage Programme. We WOTk8d with the Tnjstees of Vvoodbrooke to bring a historic asset back into the control of BW and to allow us to work to ensuring the site has an appropriate future that benefits Bournville and the wider community- We continued losupportAvoncroft Museum and logrowthe impact ofourown Selly Manor Museum lo ensure heritage leaming and enjoyment is available to a8 wide a range of people as possible. Further extemal funding was achieved to support the Heritage Engagement OfficeT role which delivers across our Boumville Education Programme alongside a number of innovative partnership programmes. A further private donation was secured to deliver a travel subsidy Page19 grant programme to increase the number of schools able to engage with our heritage services at Selly Manor. Partnerships we hosted the 125th Town and Country Planning Association Conference, welcoming the TCPA back to Boumville where their first conference was held and continuing our work with them since their foundation. We also worked with the National Trust on the potential Eight Hills Regional Park. We saw the development of Lightmoor continue and more homes were made available to buy and lo let as social homes, through both BVT and others. 2. Community Building To achieve our aim of connectlng people and organlsation8 together to develop diverse, strong and eroaged communities, we will: Understand the strengths, needs and aspirations of all the communities we work with through the production of bespoke neighbourhood plans. Act as a neighbourhood facilitator by connecting and bullding strong partnerships to deliver a wide range of services and activities. Establish local hubs where people from all backgrounds and partners can work together, build capacity and deliver or use services. Provide a diverse range of opportunities for customers to be involved, Influence and shape the serlices we provide. Make sure there is a strong voluntary and community sector. Support and develop capacity to community build across the whole organisation, nurturing new groups and accessing grant funding. Ensure we have the skills within Bwf to enable customers to shape our seniices. How dld we do In 20237 Community Building Strategy & Neighbourhood Profiles and Plans The Community Building Strategy has been delivered across 2023. resulting in activities across our neighbourhoods and in our Community Pla￿S that are important to our communities including an Eid event and our annual Christmas celebrations in Birmingham and Telford. We produced Neighbourhood Profiles and associated plans for each of our distinct neighbourhoods, using data alongside feedback from stakeholders and residents. Page | io Neighbourhood Forums - Work has now started on developing Neighbourhood Fowms across Shenley and Boumville, with a youth partnership in 8oumville already established. Resident Involvement Strategy - ￿SpOnding to the white paper proposals we have developed a new strategy to set out BW'S approach to listening to the customer voice, ensuring residents have access to redress and influence how community members can shape services and where we can devolve decision making - such as stewardship gervices. Convening and Networking - Bwfworked as an enablerto assist the Boumville Network, Nechells EG Litter Pick and other community groups. Partnership - we supported the Boumville Hub into a new phase of operation, supported our staff to volunteer for festivals and other events, opened part of our head office as a community hub arKI vrforked with the SEND Group at Shenley. Social Value through 2023 we worked wrth HACT to develop a model to measure Bltr social value in many of our activities and this project will be complete in 2024. 3. Championing People To achieve our aim of delivering support services and w￿rkIng In partnership with others to help all people thrive, we will.. Take an evidence-based approach to the VA)rk we do to champion people, using our bespoke neighbourhood plans. Deliverservices and programmes that supportfinancial wellbeing to help reduce the impact of poverty. Work in partnership with other agencies to deliver and develop seniices for families and young people. Develop a range of youth seniices across our neighbourhoods in Birmingham and Telford. Expand our work with older people beyond our sheltered schemes to support wider communities. Page | 11 How did w• do in 2023? Championing People Strategy - we rolled out the new strategy wijfking to the Neighbourhood Profiles and Plans across each of our neigh￿urhOOd5. Working with partners we have identified and secured additional funding to deliver some of our activities including funding to support our Money Matters tearn to address cost of living challenges. In Telford we have launched a number of activities responding to issues of youth diversion, loneliness and physical wellbeing with a new gym established in Boumville House which has improved physical wellbeing for our residents Programme8 - Bvf delivered the NNS (Neighbourhood N&twork Schemes - for young adults) funded programme in 2023, supporting people in Selly Oak and surrounding area5. Staff - during 2023 BVT offered a raft a health and wellbeing support lo staff, such as breast cancer awareness, men's ment81 health and menopause awarene55, continuing to recognise that they are our greatest resource. 4. Provldlng Great Homes To achieve our aim of providing safe and sustainable home8 that meet people's need8 and aspirations now and in the future, we will.. Ensure our homes aré gre81 places to live by listening to CU8tomers 8nd Investing the right resource8 Into improving and maintaining our homes. Manage our asse18 well including developinglredeveloping and disposing of properties to en8ure we are offering the right types of home8 to meet people'8 needs. Develop our understanding of the best route to carbon nautrality for Bvr and increase tha speed of our joumey towards a lower carbon future. Work with customers to understand how they want us to delNer housing management and ensure we offer quality, value-for-money seNices, Develop pathways to housing for groups who may find acce55 to quality homes challenging, including innovative models such as community-led housing. Page112 Howdid w• do In 2023? Review of Customer Servlces & development of a Customer Experience Strategy- we have implemented the first full year of the Customer Experien Strategy which incltsded a rollout of corporate customer service training programme. updated complaints procedure and development of a complaints learning workshop. The Customer Service team has also rolled out a number ol se￿Ice improvements including overfkow systems lo improve Call answering and satisfaction measures. Bvf have invested over £6.6m on improvements lo customers, homes and bullding safety this year, mobilising a variety of complex conlrects that will ontinue to run for over five years. These include replacing boilers, fitting new krtch8ns, installing new front doors, upgrading homes with new wlndows & doors 8nd 130 n8w fire door8. Throughout 2023 BW have responded to changes in Building Safety Fire legislation by upgrading fire Doors and fire compartmenlation measures al Chrislpher Taylor Court, Rowheath House and Ro$efields. This work will continue to many of 8￿,5 buildings into 2024. Making sure our homes are Secure and s8fe. have listened to CU8tomer8 by working with them to improve the cu8tomers journey regarding 8ny major inst8llalions within their home. Resident groups have been especially active regarding the mobili5alion of the window and door replacemenl project within Bournville's conservation area and influencing choice5 for new fire doors within BVT'S low rise communal flats. wherever possible airn lo utillse their bulldingg for our core purpose of supporting people and the wider community, during this year we have succeeded in doing just Ihat by partnefing wrth Spring Housing lo make use of building that was no longer in use. The old Beeches conference centre will be used to support homeless families for the next 5 years. Making a real difference to people's lives. 2023 has seen the development of Lightrnoor continue vith 21 new homes being bought by BW lo make available as socially rented family homes. Maintenance Services - we grew our in-house mainlenance team to deliver much of our home imwovement programme, ensuring thal we had full conlrol of the delivery and that Tenants could influence the service they received. Our Team delivered new kitchens. bathrooms, boilers, as well as routine maintenance, and gas & electrical safely tests and repairs. During 2023 we also responded to a rise in the number of reported cases ofdamp, condensation Page113 and mould, creating a new Team to focus on reacting rapidly and effectively in this area. Cornfield Stock Iransfer- following the vole by Cornfield tenants to transfer to B￿, we took over their 50 homes in earty 2023 and have secured their long term housing security. 5. Inspiring Learning and Sharing To achieve our alm of building a strong organisation driven by our values, we will.. Build financi81 slrenglh and discipline and have a clearapproach to value for money in everything we do. Be an employer of choice, developing and investing in our staff. Make sure our cuKure, approach and behaviour reflect our values. Invest in technology lo increase efficiency and effectivena88 In everything that we do. Deliver good governance, meeting leg818nd regulatory and health and safety compliance. Bulld profit frjr purpose by 8trengthening our commerclal offer to incre8se financial capaclty lo invest in our charitable activities. Howdld we do In 20237 Herilage Service Review- we produced 8 nfféi Heritage Forward Pl8n 2024-26 which was approved by Committee in September 2023. The new plan identified the future priorities and growth for our Heritage offer. We have generated signific8nl extemal investment to deliver new activities and grow our education offer which has seen school children attending Selty Manor exceed targets for 2023 Working with Partners We have engaged with the TCPA to deliver the Bournville 125 conference which has rtrslarted the conversation on the future of the garden city movement. We have 8150 hosted a number of visits lo our Birmingham estate to promote the work we do, including filming opportunities with Channel 5 and Songs of Praise and our Director of Communities has been asked to speak al a number of events on the topic of stewardship and design. University of Blrmingh8m partnership We have worked wth the UOB {Universty of Birmingham) on a programme of undergraduate and postgraduate studies under the title of UtOPl8s in Crisis. The project looks back Page114 to Bvf's founding. to George Cadbury's W51￿ for good, well-built housing, affordable to Working people, and how this shapes OUT future work and changing mission and involves study visit$, seminars. specialist projects and will culminate in a series of policy papers. 6. Building Organisational and Financial Strength To achieve our aim of building 8 Strong, focused and resilient organisation drwen by our values, V￿ will.. Be an ernployer of choice, ensuring our recruitment, support. leaming and development, and cumure allow us to attracl and ke8P the best. Embed 8nd clearty evidence our values in our colleagues, perfomance. Provide Staff witti the lechnology and skills that enable us to deliver improved services. Embed our continuous improvement model across 8VT and clear evidence value for money. Implement our formal governance review and ensure the voice ol customers is heard 8nd influences decision-making. Review and restate our ri8k appetite and continue to build our financial resilience. Continue to operate and grow commercial activities in line with our V8lue8 to generate a surplus that can be ploughed back into our communities. How dld ￿ do In 20237 Be an employer of choice- We continue to attract and retain slaff, filling most of our vacancies. Some specialist and technical roles have been rn0￿ difficult to fill and we are booking at ways lo provide in-house support and leaming to help grow and develop less experienced candidates into these roles. The percentage of staff leaving voluntarily in 2023 reduced to 13.20k from 15.7% in 2022. The 2023 staff satigfaclion survey again produced positive results for BW, 990A of staff said they understood BVTS corporate aims, with 97Yo inspired by them. More staff felt valued for the work they do, with 90% $8ying this, up from 81 % in 2022. Overall 98% of staff said they were satlsfied with BVT as an employer. Page 115 Embed and clearly evidence our values in in our colleague's perfoTmance- Our annual Persongl & Professlonal Development IPPO) reviews are based on our values and provide an opportunity for all employees to evidence how they have demonstrated our values in their work. Embed our conlinuous improvement model across BVT and clearty evidence value for money - Work has started to achieve this. The model ha5 b88n used lo carry out a damp and mould service Teview and will be used in 2024 for the resFh)nsive repairs and customer offer service reviews. The concepl of a continuous improvement board was developed in 2023 and wlll begin to operate in 2024. lrnplement our fom)al govemanco review and ensure the voice of customers is heard and influences decision making - The governance review carried out in 2022 has been implemented. The main change has been a revised committee structure that h88 operated throughout 2023. Both the Board of Trustees 8nd the Customer & Neighbourhoods Commrttee have heard the customer voice via lenanl $ats'sfactiM data and thi8 data has influenced service review priorities for 2024. Review and restate our risk appelile and continue to build our financial resilience - Our risk appetite has been reviewed and rewslaled in our Risk & A8sur8nce Strategy. We now have a clearer understsnding of our iisk appelile across a range of themes, which, 88 well as our strengthening our rfsk management, will dso help infomi our strategic decision making, Flnanclal Revl The Slalemenl of Comprehensive Income for the year ended 31 st December 2023, shows a group surplus of £3.8m compared to a group surplus of £23.3m for 2022. The main changes lo note are.. - In line with the requirements of the Housing SORP and in recognition that Bvr has, through it8 subsidiary BVE, continued letting some properties on a Market Rented Ba816. we have reviewed all of our propertle8 to confirm that the category they sil under in our accounts is a fair representation of their purpose. Through Ihis exercise we confirmed that all the homes we are letting on a market rented basis should b8 categorised a¥ Investment Properties. Alongside this, in reviewing our commercial and agricultural assets, we have identified 4 shops which we continue holding for profit gener81ion purposes, rather than lo ensure our communities have access to important amenities in their neighbourhood. This means we have continued lo ¢aleg0ri5e these 4 shops as Investment Properties loo. All our other shops, offices and agricultural holdings remain in line with their original social Purpose, but this review will be Page116 undertaken e8ch year to ensure that remains the case. This review means that folk)wing an extemal Tevaluation exercise, we are now recognising £7m of a6sets as Inveslment Properties, up from £4.2m in 2022. Under accounts'ng reqU1￿MentS, the Group has to account for the fair value of its portfolio of interesl rate hedglng instruments. Oetsils of these hedging instruments are set out in note 17. The movemenl in the fair value of these hedging instruments over the c￿r$e of the year is refiected in the Statement of Comprehensive Income. The movemenl for 2023 was a negative value of £1.3m compared to a positive movement of £17.7m for 2022. Such rrK>vements reflect the changing market expeclalions regarding futUT& interest rates. This swing in the valuation of our hedging instruments C8U6es a Signifi￿nt decrease in our surplus for 2023. In 2023 Bwr sold fewer a$5et$ Ihousing properties, land and other assel8), £420k cornpared lo 2022 £754k. BW does not in the standard course of business gell assets, but we do undertake Strategic disposals where assets no long8r deliver against our strategic aims. Isee Note 581 lthi181 the above accounting action negatively impacled our surplus position for 2023, we are happy that our operational performance was strong and in line with expectations and not Signilicanlty altered from previous yeaT5. In 20231£29.86ml our turnover was up on 20221£27.387m), mainty due to rent increases in a year ol high inflation, and our Group Operating surplus was up from £4.962m in 2022 to £6.661m in 2023 {8ee Note 1). In line with our strategic plan, we saw the Surplus from Market Rented homes rise from £283k in 2022 to £597k in 2023. Due to Significant financial PTe8sures driven by the costwof-living crisis and a below inflation rent increase, we had lo cut our charitable community Spend from £800k in 2022 to £630k in 2023 {see Note l) and we cut of corporate costs, by removing the Busine8s Development Team from our structure, 58ving £281k in expenditure {see Note 1}. These actions helped incre88e our operating 8urplus from continuing activities, despite the challenging environment {see Note 11 Treasury Monagernent Trustees have apprcved a Treasury Policy which sels out the key treasury management policies and Practices for the Group. This policy was renewed in 2023. It sets out clear guidelines for on all Ireasury matter5. Th6 Group had total housing loans of £86.3m at the end 012023, compared to £82.9m at the end of 2022 (see Note 18). BVT also has further undrawn avgilable facilitie8 in place of£10m. Page117 The BW Group held a cash balance of £4.6m at the end of 2023. compared lo £3.32m at the end of 2022. uses stand-alone inlerest rate derivatives to manage Ihe interest risk on the loan portfolio, having secured the required wider-range powers from our Regulator. All interest rate derivatives are authori8ed by the Finance and Investment Committee, in line with the overall slrategy which is lo hedge or fix at least 65% of the portfolio, with the overall level of hedging to be at a level that best SUPPOrts the delwery of the B busines8 plan. As at 31 December 2022 the balance oflh8 k)an portfolio was 84% hedgedlfixed and 16% variable. Our Treasury Policy requires that adequate access lo lunds Is available to enable B to meet ils business and service objectives for al least the following 24 months. BVT ulili8e exlemal treasury management support and advice to ensure we offer the best Value for money possible in our Treasury Management. Having secured a new Rolling Credit Facility from Danske Bank in 2021, 8W has sufficient loan facilities in place to cover our busine8s plan requirements until 2027, with a £5m contingency lo cover unexpected evènts OT unforeseen opportunities. Cash Flow Monagemont Cash Ilows for the period are set out in the Statement of Cash Flows in the Ilnanci81 st81emenls. The Group has a strong cash inflow from operating activities. This is used to service the inleresl payments on the loans that h8ve been taken out and also to partly fund the capital irnPTovement programme. The balance of the capital improvement programme a¥ well as the development programm8 are funded fr￿17 capital receipts and loans. Covenants All loan covenants were met and our 30-year financial forecasl demonstrates that 8 can m881811 future covenant requirements. O Interest Cover on our tightest measure was 230% which eX￿ed$ the 110% requirement. O Gearing was 49.72¥0 against a maximum level of 66% (please note this calculation is diffeient to the Gearing calculatlon required by the sector score ard shown later in these accounlsl- O Debl per unit was £26,293 per untt against a maximum of £35,426. Page118 Prlncl al Rl$ks and Uncortainties BVT has a mature risk management framework in action with the Board constantly horizon scanning and managing risk through a risk register. Risks are identified, quantified and managed through 1S1 line management actions, 2￿ line intemal oversight and 3rd line extemal assurance. This includes an extensive and robust internal audit programme delivered by Mazars. The Board of have agreed the following levels of risk appetrte. VOV•• Avoidance of any risk exposures Mlnlmal Ullr&safe, leading to only minimum risk exposure as far as pr8CtiC8bly possible", a negligiblellow likelihood of occurrence of the risk after a lication of controls Preference for Safe, though accept there will be some risk exposure.. a lowlmedium likelihood of occurrence of the risk after a licalion of controls Willing to consider all potential options. subject to continued application andlor eslablishmenl of conlro15'. recognising there could be 8 hi hriskofex osure E8ger lo be innovative and lake on a very high lev81 of risk, but onl in the ri ht circumstance¥. C•utlou• Op•n All decigion-making risks are considered in the context of the 8VT's risk appelile. To assist this further the Board has identified a number of risk appetite themes, driven by Ihe organisalion values, mission and corporate aims, against which they have assigned a risk appelite level. With this knO￿edge the Board is more easily able to determine how il responds to risks associated with a decision and so make best use of mitigation r8sources. 8VT's risk appetite themes and descriptions were delemiined by the Board after considenng key negative and positive events that might affect the achievement of the corporate aims. These are presented, in no particular order of priority. in the following ststements. We have a minlmal appelile for legal and regulatory risk and will tske a comply or explain approach as appropriale as we consider the impact ol legislation andlor regulation in decision making around all of our activities. We have a cautlous appetite for customer expèrlence and servlce quallty risk. We want to innovate to drive improvements but will lake a balanced approach to reduce any potential risk of damage to our exists'ng Customer seivices. We have a minimal appetite for business transformation & change risk and will focu5 on embedding our continuous improvement model to improve and transfomi what we do now. We have 8 cautlOUS appetite for a83èt management risk and will focus our Page119 resource8 on investment in our exlsting stock wlth appropriate appraisal ol disposal or replacement options. We will not seek devekyment opportunities that could undermine this investment. We have a cautious appetite for ICTldigital transfomiatlon risk and will invest to protect data and systems. Where possible we will enhance service delivery through mode81 investment and smaller scale projects. We will be a follower rather than a leader in digital transformation. We have an open appetite for profit for purpose risk and are open to this where it could improve our financial position and where the opportunty aligns to our mission and aims values. We have a cautlou$ appelite for development & growth risk whilst we focus our resources on existing asset investment and will only respond to nurturing future pipellne opportunities. We have a cautlous appetite for envlronmental sustalnablllty risk and will take incremental steps towards improving sustainability and reducing our Carbon footprint. We will do thi8 primarily through component ￿n￿als, low- C8rbon technology 8nd bir￿dIversity projects. We will be a follower rather than a leader in this field. We have a cautiOU8 appetite for flnanclal ro8111onc• r15k and want to ensure our long-term future. We will consider investment e.g. in projects or exi8ting ag$els where these deliver our mission and aims but will use our Financial Golden Rules to control risk exposure. We have a cautlouj appetite for reputstlon risk and will focus on delivering good quality services and achieving high levels of customer satisfaction. Our reputation includes being innovalive and we will not be afraid to innovate to push forward lo further our mi88ion and aims. We have an open appetite for ￿Ople (employee) risk and will innovate to remain an employer of choice, driven by our values and with a competitive offer but won't afraid to make tough decision8 in service of our mission and aims. All decision5 made by BVT are in line with the Board'8 stated risk appelile. The Board ol consider the following to be significanl risks facèd by the Organisalion, with significant control and mitigation actions having been brought to bear in these areas. Not all of these risks have been miligaled, avoided or transferred to the levels the Board believes is appropriate, so they Temain live on our risk regisler, with on%oing work monitored. Access to Labour and Skills- Bvf has identified that access to labour and skills is a key risk. 8VT has many strategies lo recwil and relain the right staff, including competitive benchmarked pay and rewards, innovative recruitment and training. flexible employment options and atprenliceships. Data Security - BW has a range of measu￿$ in place lo keep data secure. This includes being Cyber Securty Plus accredtted, staff training, third party Page | 20 monitoring and support, quality and up to date firewall and authentication systems and cyber insurance. Data Inlegrty - Birr has developed a data governance framework. KPI data integrity checks and deployed restrictions on who can access and amend data. Landlord Health and Safety - 8VT has a range of measures to ensure compliance with the highest standards of landlord health and safety. These include a suite of KPI'S, clear organisational responsibility and accountabil￿ for H&S, dedicated staff for building compliance, 8 separate category for damp and mould cases with correlation undertaken to match polential causation within our housing stock. Bvf ensures regular independent Internal Audits are run against all aspects of landlord health and safely and tskes learning from such audils with the utmost seriousness. Exisling Slock Qualty- has many systems in place to ensure stock quality, induding customer salisfaction feedback, Tegu18r monitoring, systematic stock condition suNeys and Tegular feedback from BVT staff who cross the tttreshold ofone of our Group's Homes. Delivering services lo customers and rneeting expectations- the Group gathers customer insight data regularly (including STAR suryeysl. A customer Scrutiny Panel operates across the Group and there are many opportuniti88 offered to engage with BVT in 8haping services. Counterparty Ri8k - directty d81ivers all housing management, a8set management and repairs services so qualty can be more easity assurefj and counter paty risk is reduced. also considers counler party risk in all financial arrangements, with detailed requirements set out in the Treg8Ury Management Policy. Alongside this BW seeks to reduce counter paty risk in supply ch8in8 and support providers through quality procurement praclices and business continuity planning. Differential costs and Inflation- BW has a Byslem of 30 year financial planning, early waming systems. trigger points for aclion and mitigation plans, along with clear procedures lo ensure this plans are followed by Officers, Committee8 and the Board. Budget compliance is monrtored monthty, with the Board supported by a dedicated Finance and Investment Committee ensuring financial plans remain on track. Failure to comply wllh legal and regulatory requirements - Bvf runs a compliance calendar, a legislation compliance list, has gtanding orders In place and seeks legal advice where necessary. Page121 Health and Safe Com Ilonce has minimal appelile to take any level of risk with general health and safety cornpliance. In relation lo landlord health safety risks 8vr will ensure all possible acti￿ is taken to minimise risk and ensure 8vr is fulty compliant with all health and safety requirement5 placed on landlords. Envlronment Statement 8￿1¥ committed to doing what we can to ensure our homes reach a minimum EPC rating of C by 2030 and we have financial plans Sn place to achieve this. The Board see this as 8 minimum 8tandard and we are worklng to fully d8t8il our journey towards carbon neutrality, with estimated costs already included in our 30 year financial plan. Clearly the historic nalure of large elements of BVTS housing stock and the strict conservation area rules we must adhere lo add a level of complexity to this joumey, bul the Board of Bvf are committed to making thi8 a reality. Value for Mone Statement As a ch8rltable trusl with competing demands on our finite resources, we recogni8e the importance of achieving Value for Money IVIM). Our VIM strategy gets out our definition.. 'To B VT, Value for Money me8ns achieving our co￿or&I8 P18n, by using our resour￿$ in the most effective, efficient, 8nd economK way, whilst ensuring we live our v81ues in all th8t we deliver. In 2023, we worked in line with our updated 10-year Corporate Plan 12023 - 321. Developing and updating this plan w88 a vital component of our value for money approach as it enabled Ihe Trustee B08rd lo debate and reach agreement on the dlfficull Irade-off8 that need lo be made belween business health, asset inve$lment, future grow1h & development and the delivery of operational services. is also embedded into our operational services as part of our approach to continuou5 improvement. Over the past four years we have developed a Suite of perfomiance measures for each service area that enables us to measure the effectiveness and efficiency of their operation. We are continuing lo develop and enhance our economy measures al a se￿ice level. All KPIS and economy measures are captured in our planning and performance framework with front line staff actively involved in seth'ng targets for their Service area. Page122 VIM Metrics To help drive Vfm in BVT we use the nine metrics set by the Regulator for Social Housing together wrth additional metrics. These complement a range of performance measurement tools in operation across BVT. The table on the following 2 pages sets out our trends on past performance, our performance against targels in 2023 and our targets for 2024. We reviewed our Peer Group in 2022 and are using the same Peer Group in 2023 to ensure consistence and we are confldent they remain 8 fair and balanced group to judge oursefves against. We have opted to choose associations based on the following characleristics. At least 50% of Iheir homes are in the West Midlands. They are a traditional housing as8OCl8l￿n, or any local authonty stock Iransfer occurred at lea8112 years ago. They have between 1,500 and 15,000 home5. No more than 5% of their stock is 5UPPOrted housing. No more than 15% of their stock is housing for older people. This gave us a group of nine local Housing Associations who are known to us and against who we believe we can fairly benchmark OUT Perfomiance. These Assoclations are. Aspire Housing Limited Black Country Housing Group Llmlled Connexus Homes Limited Honeycomb Group Limited Rooftop Housing GTOUP Limrted The Pioneer Housing and Community Group Limited The Wrekin Housing Group Limited TTenl & Dove Housing Limited WATMOS Community Homes When reviewing the sector Score card. il is important to nole that BVT is comparing our December 2023 year end to Ihe March 2023 year end of our Peer Group and the Sector as a whole. This is the most up lo date information available for Bvf to benchmark against, but the lime difference is an important consider8tion. especialty in a period of rapidly rising costs and increasing investment in existin9 stock levels king seen across the sector. In our comparison5we use the median value of our Peers and the Sector as a whole. The onty exception lo this is Investment in Community Development. In this area many ofour Peers and many in the sector as 8 whole make no investment. This would glve us zero as a comparator. We, therefore, use the mean number as a comparator in this area. Page123 111111 ijjiiii iJiiJJJ llllllllllDBlllllBlllUBlllllllllll Bjlll *X Jiiii illp iJJiJii BlllBllllllllllllllll IBllllllllllllllBIBllllll llJJJJJ IIJJJJ lllBBll Revlèw of Perforniance in 2023 and riorities for 2024 Overvlew of 2023 2023 was a challenging year for most organisations and Bwf was no exception. We had hoped for a more settled period following the pandemic, which would have been more conducive with our aim of settlin9 into delivedng the priorrties in the Corporate Plan. However, we quickty carne to understand that the tight labour market. challenging suppty chains, slowty falling inllalion, high energy costs and interest rate hikes would again make this a difficult year. Wa Saw rel8tivety high levels of Stafflumover and there remained some difficulty in recruiting slaff, particulatly in technical roles and skilled maintenance roles. We therefore had to enhance salaries, improve the flexibility of our employment offer, seek new and innovative ways of recruiting, and ensure that BVT remained an 8mployer of choice lo compete in 8 difficull market. Our drive lo remain an employer of choice was rewarded with our slaff survey results showing that980￿ of our staff were satlsfied with as an employer, 990A understood and 97019 were inspired by our corporate aims. Demand for seThices from customers continued lo incTea88, with the cost-of-livSng Crisis and newty identlfied damp. mould and condensalion Issues, driving higher levels of responsive repairs and general increaged demand levels on our customer services. The increase in reports of damp, mould and condensation required additional investmenl and the developmenl of a specialist team to deal with th58 issue occur during 2023 and beyond. Our customers continued lo be impacted by the cosl-of-living crisls end 80ughl increasing levels of support from B￿, especially for the services we provide around financial advice, eneryy efficiency adv¢ce and emergency financial crisis fund5. The action we needed to undertake to ensure we met our customers, n88ds did impact on our costs. Our headline Social housing cost per unit was £5,131 per unit against OUT target of £5,043, with additional repairs spending, especi81ty on damp and mould action being the main driver of the increase. lan In line with our Corporate Plan 2023-2032 we will spend 2024 and 2025 focusing on ensuring all of our services are great quality and improving our customer's experience. This means our Vfm actions are generally focused on service improvements, not financial savings. This is not lo say we will not continue to ensure all the services we offer and the goods and seThices we buy are the best value we can achieve, but lo Pa8e126 highlight that we are nol seeking to cut costs and reduce services, where doing so, would lower our service quality or lessen our ability to identify, develop and deliver improvements. Along with mosl other social housing providers and charitable trusts the Board of BW have had lo make some hard decisions and reach trade- offs be￿een competing priorrties. Overall, the Board decided Ihal we must m8inlain our ambtlious investment programme in our existing homes, make rnore money 8vailable for readive repairs and customer services, as this was the clear message, we received from listening to our tenant's voice. We have also had lo invesl in a specialist Team lo identify and deal with any issues related to damp, mould, and condensation. Alongside this we are continuing our drive to improve our environmental standing and planning our joumey to carbon neutrality. To do this we had lo keep costs low in other areas and maintain our corporale overhegd at a very low level. The Board have also decided lo strategically dispose of some POQTty performing assets as they bec0rn6 vacanl. This wim be around £2.25m worth of propertl8S in 2024, which may equate to around 7 homes. This is fewer homes than BW will add to ils social housing numbers in 2024. We will choose Ihe small number of homes we will dispose of after considering how well they can meet our future environmental expectations. How Ihey sil in our geographic spread of homes, with our focus remaining on pepFer potting tenure types to ensure social housing tenants are seen as equal members ofourwider community. Wewill also consider the likely future use of any homes we sell, and whi181 we cannot guarantee future use, we will seek to sell homes that are m08t likely to be attractive lo owner occupiers and less likely lo attract investors who may nol be completed in 8ync with the wi¢Jer community. Alongside this the Board will continue to convert a small number of vacant propertie8 to market rent, further their drive for increa8ed returns from our commercial assets and maintain new development spending at a lower level. Bu81ness Health Performance in 2023 Our operating margin for social housing improved in 2023. wilh it being better than oui targel and beller than our Peers and the Sector median. Our EBITDA MRI Inte￿$t cover has fallen below our Peers, but this is in line with our strategic plan, as we continue our he8vy investment in our hornes. In 2023 we produced and EBITDA MRI percentage above our largel, as we perfomied better than budget in operational activities and were unable lo fulw deliver our capital improvernents programme due lo supply line issues. We anticipate E8ITDA MRI Page127 falling in 2024 and we expect our PeeTS to also show falls as inveslment and costs rise. This all indicates Ihat BW is In a positlve business health posltlon, despite the challenging year that 2023 turned out lo be. Although we accept we have less headroom to absorb new finanual shocks that we have had in the past. Prloriti•• for 2024 In Settino our 2024 budget the Board of accepted that our costs for repairs, investment in our homes and customer services would all se, as we are detemiined to deliverwhal OUT customers want despite rising costs. This means we expect a slight ￿uctIon in our business health measures, but to stay well within parameters that are acceptable to our Board. As we have an extensive programme of investing in our homes for 2023 and beyond. we expect lo see further reduction in Interest Cover IEBITDA MRI) but have ensured this is well within our Bank Covenants and Golden Rules. Develo ment Ca acl Porformance In 2023 &Su Our new development is cenlred on the completion of our Lightmoor urban village. In 2023 eighty-two homes were compl8ted, of which twenty-one were transferred to Bltr for social rent. These Iwenty -￿8 hones were below Ihe level we anticipated purchasing as the Developers building Lightmcor Village did not complete as many homes as planned due to concems 8bout the housing market and the sales they a￿ Tequired to make. There will be future catch up in development and Ihe overall nUrn￿r of hom86 B VT finishes the developm8nt with will be the same. As Bvf purchased le88 homas at Lighlmoor than planned we borrowed less in 2023 than expected, Jo we saw our Gearing ratio fall below the rise in our original plan5. Prlorltlo• for 2024 We expecl to see twenly-six completions in Lightmts)r in 2024, of which eighteen will be for 8W Social rent. Effective Asset Mana Performance in 2023 ement 89ain demonstrated a solid return on capital employed and maintained a very high occupancy level. The ratio of responsive repairs lo planned maintenance changeé, as expected. as we saw our investment in our existing homes increase as planned. Due lo Page128 inflation and increased demand, we did, however. See reSpons￿e repairs cost more than planned. Prlorftles for 2024 In 2024 we will be driving hard to keep the number of days properties are empty at or below our target of 32 days. Whilst this has limrted rinancial impact on BVT due to our low social rents, it has a huge impact on families in housing need who want to move into new homes 8s soon 8s possible. We will also ramp up our planned maintenance spend again in 2024, in line with our 30-year plan and in response to our t8nant8' voice. Outcome• ddlvered Performance In 2023 We were pleased that in 2023, despite supply chain and recruitrnent ch811enges. we delivered on the v8sI majority of our reinveslmenl programme, ensuring we delivered promised improvements to our tenants, homes. In common with most of the sector we find our overall satisfaction rating falling. with a reduction from 80Vo in 2022 10 77% in 2023. With our focus on service improvement and the cu81omer experience wè p18n to See th18 rise back to 80% in 2024. We regularly su￿eY our tenants and one question we ask, 18 "how 881isfied were you with your most recent repairf,. The answer lo this question leave8 us just sligttlly short of our target, although we are above the median ofour Peers and the sector as a vthole. We believe we can improve further if we get Tepairs done right first time and we plan a "complete seNice revie￿. of our repairs service in 2024. Priorities lor 2024 We will be looking to invest more than ever in improving our exisling homes and we will overcome the challenges we have with recruiting and retaining specialist assel management staff lo ensure this is achieved. We will focus on getting more repairs comFAeted first time and will leam from oui tenants lo ensure we achieve a hlgher satisfaction rating wth each repair undertaken. Pa8e129 eratin Efficlencies Performance in 2023 Our headline social housing cosl per unit Tose in 2023 and we were marginally {£88 per property) above our largel. However, we believed we must deliver the services our tenanls required despite high inflation causing rising costs. We ended 2023 with a cost £466 per property above OUT Peers and £457 above the sector median, bul we do believe all similar organisalions will see rising prices push up their cost per unil, so 8 like-for-like measure at 2023 calendar year-end 18 likely to show we are closer lo the sector average that we appear to be from these figures. Our service charge costs are lower Ihan average, but here wé recognlse that we are nol ch8rging lor some 5eTvices we deliver and that there are some service level improvemen18 our tenants may find beneficial if we were to charge for and delNerthem, such as addrtional communal cleaning and gardening. We did see our expenditure on service charges go above target in 2023, bul thi8 is reflective of our drive to offer an improved service. Our maintenance cost per unit 15 high 8gainsl our peers and the sector median, although we accept that our historic housing stock and the dated nature of our Peer comparison both contribut8 to this. In 2023 we worked hard to encourage tenants to highlight any concerns around damp, mould, and condensation lo us, as we accepted this hag been a hidden issue across the sector. Reacting lo these report8 drove up our costs in 2023 and will add even more expenditu￿ in 2024 bul we 8re determinecl lo get this right and ensure our tenanls have their is8ues Identified and dealt wlth. In 2023 our major repalrs Cost per unit was £1,899 8gain8t a target of £1,853. This underspend was partly due lo our challenges in recrurling qualified technical staff to run delivery programme5 and also partly due to supply chain challenges. All work not deliVe￿d in 2023 will be caught up in our ￿ViSed plan for fvture year8. Overheads as a percentage of tumover in 2023 was higher than largel, although broadly in line with 2022. In thi5 area inflationary co81 rises for goods and seNices meant we could not find cost reduclions as planned. Prlorltlos for 2024 We will allow our headline social housing cost per unit and rnanagemenl cost per unil to rise as we seek to offer the enhanced service levels our communlties need during this economic crisi5. Page130 We will seek to implement service charges for new tenant5 where we have identified th8t services and satisfaction could be improved by moving nearer to the sector average for seNice charge costs. Our management cost per unrtwas slightly above our Peers bul below Ihe sector median. We expecl to see this rtse onty slightty in line wlth general cost increases in 2024. In 2024 we continue have investment in our existing homes as a major priority so we will see our major repairs cost per unit rise from £1,699 in 2023 to £2,691 in 2024. With cost pressu￿9 on BW at very high levels and to 8n5ure we have sufficient funds to deliver our priorities we will again keep our overheads ag a percentage of lurnover very low. Our Target for 2024 is well below our Peers and below the gector medians. Whi18t financial pressure on our tenants is extremeby high, we still expect lo maintain rent collection levels in 2024 and lo keep void108S low. ion and vernanc Bvf is govemed by its Deed of Foundation whlch was amended in June 2021 to enable access to 8 wider pool of potential trustee candidates by reducing the number of famity trustees from 9 to 8, removing the nominaled p0811ion8 from The Universrty of Birmingham, The Society of Friends and Bimiingham City Council and creating posilions for up to 6 independent Irustees {2 CO•OPted) to help to increas8 the diversity of BW'S trustees and to bring In the skills reqUI￿d by the board. The Board meels al least 4 tlmes each year and is supported by 8 r8nge of committees with delegations clearty set out in a suite of Temis of Reference approved by the board. There are a number of governance policies and documents in place to support effective govemance across the Group. Bvf adopted Ihe National Housing Federation Code of Govemance 2020 in March 2021 and completed an annual self-assessmenl of compliance with the new Code in earty 2023. There is one key area of non-compliance with the Code relating to the terms of office of family trustees, The Oeed of Foundation does not appty set terms of office for family trustee5. Family tru51ees are subjecl to annual re-appointment after serving 9 years on the board which lakes into consideration individual Iru5tee's perf0m￿nCe and the skllls requirements of the board and committees. Bvf asse5$es its group compliance with the Regulator of Soci81 Housing. Governance and Financial Viability Standard on an annual basis and certifies Ihal it is compliant with this standard. Page | 31 Employee Involvafflent To provide for consultation betsyeen managerrEnt and employees on matteT8 of concern to employees, a Joint Consultstive Committee IJCCI, comprising staff members and managers, including the Chief Executive, meets al least 3 time5 per year. In 2023 the JCC discussed areas Such as employee wellbeing, hybrid working, cost of living crisis, personal and professional development and health and safety. Publlc Beneflt The Trustees confirm that they have referred to the guid8n¢e contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objective8 of and in planning future activities. Th8 Trustees have concluded that the B￿,3 aims and objectives contribute benefits in many ways, induding the following.. provislon ol renled housing accommodation to those in housing need provision of community facilities and sep4ice8 provision of advice and support to residents. Statement of Board'8 Ro8 flnan 1 13tatemen on8lbilitl08 In re8 ec of the Board's re ort and the Registered Provider legislation requires the Trustee8 to prepare financial stalements for each financial yearwhich give a true and fair view of the slate of affairs ofthe Group and as at the end of the financial year and of the income and expenditure ol the Group and 8VT for that period. In preparing those financial statemen18, 8Ult8ble accounting policies have been used, framed lo the best of the Trustees, knowledge and belief, by reference to reasonable and prudent judgements and estimales and applied consistently. The Trustees prepare the financial 8tatemenls in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and appI￿able lawl. Applicable accounting standards have been followed. The Trustees a￿ also required to indicate where the financial statements are prepared other than on the basis that the Group and are going concem8. The Trustees are responsible for ensuring that arrangements are made for keeping proper accounting records with respect to the Group's and B￿,5 transactions and assets and liabilities, and for maintaining 8 8atisfaclory system of control over the Group's and BW'S books of account and transactions. The financial slalements have been prepared in accordance with the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008 and the Ac¢ounling Direction for Private Registered Providers of Social Housing 2022. The Trustees are also responsible for ensuring that afrangements are made to safeguard the assets of the Group and BVT Page132 and hence for tsking reasonable 61eps for the prevention and detection of fraud and olher irregularities. The Trustees are responsible for the rnaintenance and integrity of the Group and financial infomation included on the Bournville Village Trust website. Legislation in the United Kingdom governing the preparation and di55emination of financial 8talemenls may differ from legislation in otherjurisdiction5. Polltical and Charftsble Donatlon• is a charitable organisats'on and as such we made no contributions lo political organisations. To further the charitsble aims of Bvf we made charitable donations to other Charitable Organisations who have a connection lo the Group, of £34.43012022.' £29,482). Alongslde this BW offered Partn8r Organi8ations, who furthered our charitable aims, accomm¢)dation that equals a benefit in kind donalion valued al £7,80012022'. £7,800). DISCI￿￿re of Infomiallon to th• Audltor Trustees who were in office on the date of approval ol these financial stgtements have confimied, as far as they are aware, that there is no relevant 8udit information ofwhich the aud￿Or is unaware. Each of the Trustees have confirm8d that they have taken all the steps that they ought lo have taken as Trustees in orderto make themselves aware ol any relevant audit inforMat￿n and lo establish that it h88 been communicated to the auditor. Audltor The Trustees resolved Ihal Beever & Struthers LLP be regppoinled as auditor for the Group for Ihe 2024 accounling year. nnual Contro18 Assurance Sta ement 202 Introductlon This statement $el$ out the evidence officers have collaled on the effectiveness of BVT'S system of internal controls. These controls encompass a number of elements Ihal together facilitsle an effeclive and efficient business, enabling B lo respond lo a variety of operational, financial, and comrnercial risks. These elements are: Policies and Procedures Data Breaches Business Planning, Budgeting end Performance Managemenu Regular Reporting Corporate Risk & Assurance Register Page | 33 Operational Risk & Assurance Audit & Assurance Committee Inlemal Audit PTogramme Extemal Audit ProgTamme Third Paty Reports Compliance with key law8 and regulation Policies and Procedure• A series of policies and other documents und8Tpin the inlemal control prO￿s$ and written procedures support these policies and documenls where appropnate. These include rules, group standing orders and financial regulalions that are regularty reviewed and approved by the 8oard. They are supported by other major documents and practice5 such as the Corporate Plan, code of conduct, performance management frarnewo￿, management delegation systems, employment contracts, appraisals and monitoring processes and one-lo-one reviews. During 2023 we continued to a review 8 significant number of policles, with a particular focus on health and safety policies which were all up lo dale at ye8r- end. Audit and Assurance Commillee and 808rd reviewed the approval delegations in place for policie8 in quarter 4 2023 to align delegations to the new governance Structure following the governance review. We continue to carry out process mapping to identify where efficiency and effectiveness could be increa8ed. fhis was partrcularly applied lo damp, mould and condensation processes during 2023. Dats Breache• Bvf'8 D8ta Protection Officèr manage8 and record8 all data breaches, both inlemal and 8Xtemal, thal occur. On average, since we began recording, we have 8 dats breaches each year and over the last 2 years we have seen a reduction. The process for reporting dala breaches 16 set out in the Data Breach Notificats'on Procedure. There were no data breach incldents in 2023 that required inloming the Information Commissioner's Office {ICOI. Spam emails are ever-presenl and do continue to pose a nsk. We have now achieved Cyber Essenti81g Plus accreditation and online training has been delivered to 8115taff to increase awareness of the issues th8t spam emails can cause. We are continually leaming from data breaches. There Is no blame associated with breaches and we activety encourage staff to report all instances they are Page134 involved in, with a key focu5 on learning from breaches to reduce the likelihood of further breaches occurring. All stsff continue to receive online Data Protection and IT Securty Iraining which has given them a good understanding of our Data Protection policie5 and PToce8S and also their reswnsibilities vthen managing personal data, as well as u¥eful Information on IT Security. This training is valid for two years and is automalicalty sent to staff when It is due. New staff undergo the training during their induction. Buglness Plannlng* Budgetlng and Performanc• M•nagem•ntlReporting The annual business planning and budgeting process for 2023 was based on achieving the strategic objectives in the Corporate Plan and managing the key risks Ihal might impact on achieving th15. There was regular reporting of both risk and perfom?ance acro35 Birr throughout the year. The Standardised report templates were updated in 2023 and are in place lo ensure that infomiation ig presented ciearfy 8nd con818tenlly 8Gr088 key i98ue8. A robu81, busine8S-led approach to a quarterly performanc8 reporting cycle and reporting from a suite of KPI measures is firnily e8t8bli8hed and include8 8pecific Suites of KPIS for employer and landlord he8llh and safely compliance. In 2023 BW again enhanced financlal planning. with a complete ￿bUIld of the 30 y8ar financial plan. Thls included new a8sumplions lo better reflect the likely long term impact of the economic crisis, inflation, Wars In Europe and Ihe Middle East and inGreasing requirements around energy efficiency 8nd continued significant investrnent in hom85. The adv8nced 8tres8 testing we have been running for 80me years was updated in line with our annual cycle. The detailed stre$8 testing completed has enabled IrusleeB to understand Bvf's financl81 position cleady and also understand the impact of various financial scenarios on its financial viability and has resulted in very clear indicators for ensuring.. there is 8cce$s lo sufficient liquidity at all time8 b. financial forecasts are based on appropriate and reasonable assumption8 . effeclNe systems are in place lo monitor and accurately report on the delivery of our plans d. the financial and other implica￿on8 ol risks to the delivery of plans are considered e. we monitor, report on and Comp￿ v•ith our funders, covenants. Risk & Assurance The Risk and Assurance Strategy was refreshed in 2023 and new risk appelite Btatements were developed jointly by the Executive team and the Board. Page135 A Risk & Assurance Register is compiled and updated by the Executive Team to help to facilitate the identification, assessment and ongoing monitoring of risks significanl to Ihe organisation, also considering the need for further mitigation. The Register was presented lo the Audit and Assurance Committee and to the Board of Trustees each quarter in 2023. Audlt & Assurance Committee The Audit and Assurance Committee alerts trustees to any emerging issues or concerns it has. In addition, the committee oversees intemal audit, external audit and management responses as required in its review of intern81 controls. The committee is therefore well-placed to provide advice and assurance lo Trustees on the effectiveness of the inlemal control system, including Ihe organisalion's system for the management of risk including the scope and effectiveness of the strategy, policies and procedures. Since the original Audit and Risk Committee was 8et up in 2017. it ha8 developed ils role and has become an established part of the oversight of Internal controls, most recently in 2023 following the 2022 govemance ￿VIeW where Ihe committee became the Audlt and A89urance Committee ané refocu8ed its role. Recnjitment took placa In 2023 and a naw Independent committee member was recnJited who bring5 valuable skills and experience lo the committee. The Committee met 4 times during 2023 and also held a jolnl rneeting with the Finance and Investment Committe8 to review the annual financial slalemenls 8nd exlernal audit ￿pOrt. The minules of all these meeling8 weR presented to the Board of Trustee$. As part of good governance, the Chair and members of the Audit and Assurance Committee have r&gularfy met with both our Extemal and Intemal Auditors without officers present lo gain independent assur8nce on B￿,5 controls over its busines8. Intèmal Audit Programme Inlemal 8udit is an important element of the intemal control Process. Apart from it8 norn￿1 risk driven programme of work. induding recommending improvements to Service areas. internal audit is responsible for aspects of the annual review of the effectiveness of Ihe intemal control system within the organisation, giving an independent objective asse55rnent of the effectiveness of the risk management and control proce55e5 operating at 8W. The internal audit programme for 2023 was fully delivered and an Annu81 Internal Audrf( Assurance Report will be presented to the Audit and Assurance Committee and lo the Board of Trustees in March 2024. The Internal Audit opinion rating for BVT in 2023 was 'moderale' in tems of the overall adequacy and effectiveness of Page136 its framework of govemance, risk management and control. This rating is on scale of unsatisfactory. limited, moderate and substantial. The Audit and Assurance Committee look a robust role in term5 of ensuring scrutiny and oversight of both the tracking and implementation of internal audit recommendations through regular and rn0￿ detailed reporting of any outstanding fundamental recommendations as part of the qu8rteTty Risk and Assurance reports. Extsrnal Audlt External albdit provides feedback lo Ihe Board of Trustees on the operation of the internal financial controls reviewed as part of the annual audit. In May 2023, RSM UK issued their last Audrt Findings Report based on Bvf's 2022 financial slatemenls. RSM made one significanl control recommendation and three other control recommendations ￿lch are being actively tracked by the Audit and Assurance Committee. BVT, BVD, 8VE and BWHS all received a clean audit opinion and there have been no disagreements with management regarding financial reporting for the purpo8e of i55uing the audit report. Beever and Strulh8rs were appointed as Bwf'8 External Auditors in 2023 followlng a prccurement exercise and will complete their first Audit Findings Report based on BW'8 2023 financial statement8. Thlrd Party Reports Extemal assessmenls and advice provide additlOll81 and useful a85urance. Major 80urces include regulatory judgements and independent advice around govemance, treasury management and health and safety. Exiern81 experti8e and impartialty play an import8nl role in in 8UPPOrting BVT to review and provide support to aspects of its work. During 2023 BVT used &xternal parties to support the following.. Delivery of Trustee e88enlials Ir8ining (David Tolson Partnership) Delivery of Chairfs training IDavid Tol¥on Partnership) Delivery of Teport writing training and developmenl of guidance (David Tolson Partnership} Consultants lo support with agricultural e51ate opportunitie$, p8rticularly the development of Groveley and Weatheroak (Comberton M8nagement & Consultancy Limrtedl Bournville Future Herilage project and master planning {Consultanls Ilor Jones, Rulh Miller, Donald Insall Associates and B￿￿ell Foley Fi5cherl Development relaled support (Aecom, Thornton & Firkin, Gowlings Solicitors and BG Projects) Cyber Essential Accreditation support ID2NAI Page137 Industry expertise for the housing management system options apprais81, doud infrastructure procurement and strategic IT Review {Shaw Consullingl Support wlh the ￿nt Increase syslem (Aareonl Advice on markel rent tenancies {Capslicks solicilorsl Supwrt with Scheme of Management review (Wlliams Solicitor8) Advice on Design Guide ch8nges IBDPI Treasury Advice ICh8lhamsl Organisats'onal Oevelopment support, senior leadership development and managernenl development Ir8inlng delivery Customer Service training delivery (Big Picture Training) Slruclur81 Surveys and Assessments induding Reinforced Autoclaved Aerated Concrete IRAACI inspections Environmental Sust8inability Consullanls Environmentall Fire Risk A53e8sments EPC inspection8 Stock Condition Consultants Extemal Auditors IRSMI Intemal Auditors IMaz8rsl Ret8ined Independent Health and Safety Consultant {PEMCOI Commercial valuations Commercial sales & markeling advice Commercial rents, lease terms and lellings Commercial dilapidations valuations and negotiations Commercial estale rein81atement valuations and a stock condltion 8urvey Market rent valuation and marketing Ihrough Estate Agents. (Savills and SHIFT Bvf built on achieving Cyber Essentia15 Accreditation In December 2021, by achieving Cyber Essentia18 Plu8 in 2022 and maintained this accreditation in 2023.This is an externally verified accredi18tion that Bvf's ICT security arrangements mèt the s18ndards expected ofthe highest performing organisalions In our industry sector. Bvf's last In Depth Assessment IIDA) by the Regulator of Social Housing was completed In quarter 4 2021 and published in March 2022. Compllance wlth key l•wg and regulation We conltnn our compliance with relevanl legi51alion in a number ol ways.. Monthly KPI monitoring (a number of KPI targetg are sel to achieve legal compli8ncel Regular review of policies lo ensure they reflect currenl legislation Constanl scanning of trade press for upd8les and attendance al major conferences Horizon scanning as part of monthty Executive leam risk discussions to identify any new legislation Intemal and external audits Pa8e138 Relevant employees are required to maintain professional accredltation, which includes remaining up to date with relevant statutory requirements Use of legal advisors for more complex legal issues that are either beyond the professional capacity of BW employees, or to seek an opinion on our interpretation of legislation and attendance at legal briefings External competent advisor for health and safety Lists of relevant legislation provided annually to support this statement are provided to BW'S Audit & Assurance Committee and Board. There is a section for compliance wtlh relev8nt legislation in Bvf's standard report template so that any issues or concerns are clearty highlighted to Ihe Board and Committees. In November 2022. BW submitted a $eW-referral to the Regulator of Social Housing of non-compliance with the Smoke and Carbon Monoxide Alami Regulations 2022. A detailed action plan was also provided to the Regulator who confirmed that taking into account the information provided, BW had not breached any of the regulatory standards. In 2023, BW met the compliance Tequirements by the 30th September 2023 internal deadline. A self-8sses8m8nt of compliance V￿th the Regulatory Standards was completed In quarter 1 2023. There was one area of non-compliance with the standards wh￿h is within the Governance and Financial Viabilty Standard. BW does not fully compty with 118 adopted Code of Govemance as there are no set terms of office for family trustees, bul this does comply with Bvf's Deed of Foundation. The self-as5essment was approved by the 8oard of Trustees in March 2023. The Regulator of Soclal Housing completed a financial stability check in quarter 4 2023 and subsequently regraded BW from a V1 to a V2 rating. The regulator advised that the continued high levels of investment in BW'S existing stock had reduced the EBITOA MRI interest cover melric significantly and as set out in OUT 30 year plan, would continue to keep at a reduced level for several years lo Gome. The Regulator explained Ihal their internal working group recognised that had pul in place a treasury rM)Sition that supported the business plan and th81 this was a clear indication of good govemance and strong financial managemenl. The Regulator made clear that they hold no concerns aboul BVT'S ability to manage debt or maintain the investment levels we have set out, BW 18 one of a number of registered providers who have been regraded to a V2 rating, which is still deemed as Compliant by the regulator. Learning from regulatory downgrades in the Sector is included in the quarterly risk reports at Audit and As8uranc8 Committee. Preparations for the new Regulator of Social Housing consumer regulation regirne comin9 into elfect in April 2024 a￿ well under way, with a December 2023 workshop facilitated by the Head of Goveinance and attended by the Executr've team reviewing progress and further plans. Further preparations will continue in quarter 12024. All regulalory returns were submitted lo the Regulator of Social Housing in compliance with the set deadlines, including new ￿tUrnS regarding damp and mould and buildings above 11 m in height. All regulatory Teturns were subfnitted Page | 39 to the Charlty Commlssion and Financial Conduct ALrthority IFCAI within the required deadlines. Ofsted compliance was confirmed for both The Holdings and the Shenley Out of School Club. There is ongoing monitoring of BW'S aclivtties to ensure compliance wth Charity Commission charitable activity rules. Effecliveness of Controls Our risk and conlrol mechanisms are generally effective. This annual internal controls certification process has highlighted no issues that were not previousty identified through normal management processes. The Executive team has ftviewed the effectiveness of the system of inlemal controls, including the sources of assurance agreed by the Board. There is sufficient evidence to confirm Ihat adequate systems of intemal control are in place and operated throughout the year. Reserve• I SUTpluse8 generated are reinvested lo m88t the Group's principal objective8, therefore, the reserves that the Group has accumulated have been largety invested in 11$ housing 8nd cther propertieg and are nol represented by cash balances. The rationale for certain restricted reserve6 is explained within the Accounting Policies seclion. Flxed AMei• Details of the changes in fixed assets are Set out In Nota8 7A and 7B to the financial ￿atementS. By order of the TTUSt8es Helen Harvey Secretary 131h June 2024 Page | 40 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOURNVILLE VILLAGE TRUST Oplnlon We have audited the financial statements ol Bouinville Village Trust I'the Trust") and its subsidiaries l-the Group") for the year ended 31 December 2023 which comprise the tonsolidated and trust statement of comprehensive income, the consolidated and trust statement of f5nancSal position, the con501idated and trust statement of chan£ex in reseNes, the collsolldated 5taternent of cash flows and notes to the financial starements, includin8 a summary ol significant accounting policies. The financlal reporting framework that has been applied In thelr preparatlon Is applicable law and Unlted Kln8dom Accountin8 Standard5. intluding Financlal Reporting Standard 102 The Flnonclul Reportlng Stondordt7ppltcoble In the UKondRepubllc of Irelondlunlted Kln8dom Generally Accepted A(countinA Practice). In our opinion. the finan¢lal statements.. Ive atrue and faSrvlew of the 5toteol the Group's and of the Trust's affairs a5 at 31 December 2023 and of the Group's and the Trust's income and expenditure lor the year then ended,. have been properly prepared In accordance wlth Unlted Kln8dom Generally Attèpted Accountln8 Practice,. and have been properly prepared In accordance wSth the requlrements of the Charitles Act 2011, the Housln8 and Regeneration Act 2008 and the Accountin8 DiTe(tlon for Prlvate Re8lStered Prov5ders of Soclal Housing 2022. 4$1s for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Auéltln8 IUKI I"1SA5 IUKI") and applicable law. Our responsibilities under those standards are further described in the Audltor's responslblllries for the audlt ol the Ilnantia1 statements sectlon ol our report. We are independent of the Group and Trust In accordantÈ wlth the ethical requlrements that are relevont to our audlt of the financial statements in the UK, Iniludln8 the FRC'S Ethical Standard, and we have lulfllled our other ethical responsibilities in accordance with these requiremenis. We believe that ihe audit evidence we have obtalned Is sufficlent and approprlate to provlde a basls for our oplnlon. Conclu￿0￿$ rel•tlni to plni conc•rn In auditing ihe flnancial statements, we have concluded that the 8oard's use ol the golng concern basls ol accountln8 in the preparation of the linanclal statementsls appropriate. Based on the work we have performed, we have not Sdentlfled any materlal uncErtalnties relatin8 to events or conéitlon5 that, individually or collettively, may cast significant doubt on the Group'5 or Trust's ablllty to continue as a going concern for a perlod ol at least twelve months from when the Ilnancial statement5 are authorlsed for Issue. Our responsibilities and the responslbilltles of the 8oard wlth respErt to 8olng concern are desirlbed In the relevant section5 01 thls report. Page141 Other Information The Board are responsible for the other information. Other inforrnation comprises the information included in the annual report. othEr than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information we do not express anv form ol assurance conclusion thereon. In connectlon wlth our audit of the financial statements. our re5FK)n5ibility is to read the other information includin8 the Report or the B03rd, including the operatin8 and financial review and, in doing so. consider whether the other information is Tnaterially inconslstent with the linantial staternents or our knowledge obtained in the audit or othenyise appears to be materially misstated. If we identify such material inconsistencies or apparent material mls5tatements, we are requlred to determine whether ihere is a material misstatement in the flnancSal 5tatement5 or a rnaterial rn153tatement of the other information. 11, based on the work we have performed, we tonclude that thEre is a materi31 mlsstatemeni of this cther information we are requlred ro report that fact. We have nothlng to report In thls regard. M•tters on whlch we ar• r•qulred to report by exceptlon In the Ilght of the knowledge and understandln8 of the Group and its environment obtalned durfng the course olthe audit, we have not Identifled any material misstatements in the Aeport or the Board, includin8 the operating and flnanclal revlew. We have nothin8 to res)ori In iespett ol the lollowlng matters In relatlon to whSch the Charltles Act 2011 requlres us to report to you if, In our opinion.. adequate accountin8 rEcords have not been kept by th? Trust. or returns adequate for our audit have not been received from branches noi visited by us,, or the Trust'5 flnanclal statemenis are noi In agreementwith the accountln8 records and retufns,. or certaln dlsclosures ol Board members remuneratSon specif+ed by law are Th)t madè,. ar we have not recelved all the Infarmation and explanatlons we require for our aud5t. Respomlbllttles otthe 8o•rd As explalned more lully In the statement of responsibilities of the Board Set out on page 33, the Board is responsible lor the preparation ol the finaniial statements and for belng satlsfied that they 6lve true and fair vlew. and for such Internal control as the Board mernbers deterrnlne Is necessary to enable the preparation of flnancial statementsthat arefree from materlal misstatement, whether due io fraud or error. In preparing the flnanclal statements, the 8oard are responslble for assesslng the Group and the Trusys ablllty to contlnue 35 a goin8 concern, dlsclosln& a5 applicable, Matters related to 80in8 concern and using the going concern basis of accounting unless the board either intend to liquldète the Group or the Trust or to cease operations, or have no reallstlc alternative but to do 50. Audlior's responslbll+t•Ès ftsr the audlt of the flnanclal statements Our Objectives are to obtaln reèsonable assurance about whether the flnancial statements 35 3 whole are free from material misstatement, whether due to fraud or error, and to isstse an auditorf5 report that includes our opinlon. Reasonable assurance 15 a high level of assurance but Is not a guarantee Page142 that an audit conducted in accordance with ISAS IUKlwill always detect a materSal mlsstatement when Mlsstatements can arise from fraud or error and are considered materlal if, individually Of in the a88re83te, they could reasonably be expected tts influence the economic deci5ion5 of users tsken on the basis of these fSnancSal statements. A further dexription of our responsibilitSes for the audlt of the flnarKial statements is located on the Financlal Reportin8 Council's web51tE at.. www.Ifl.Ilik.uklnbid•rn •ach commercl81 and 8grlcJJltural prep•rty •nd aimt IndivKlually and applioi the rnoll appropriate d•preaati¢n r8t• te the 888et, ba￿d on ¥ f¥ir #18eiim•nl ol its useful •conomic lrfo, In 2020 the GrDUP r•vlowod it8 d•pr8cKqtion Oicy and changed the u￿rUI aconomic lives of kitchens. wndows, cantral Bbng boilern. Thi$ w89 port ef o complete revi•w of our 88wI m8n8gement stralogy •ncompa6•ing btBI practiu and ￿V￿wIng Ille cydt8 of components b•¥ed on changes in technology and proauct qU811ty. We allo li8len8d to the ol our tananli which led lo a dec48ion lo replac¢ components on a mor8 fr•qu•nt b••is. This mean8 that d￿rethal0n on these uJmponent8 replBced pnor ta 2020 1• ￿lCUlated on not book valu• •t 31•t D•c•rnb8r 2019 on i ilralght line ba¥41 over tha remaining uselul economic Irf•. IMPAIRMENT OF FIXED ASSETS An a$￿6$m•￿t is rnade at •ach mpo￿n9 dot• of %th•th8r thor• ir• lndie8tiong that • fixed ¥3set lindudlng heuging F¢opertiesl may be impaired or Ih•t an irnp8irmanl 1088 pr•wou$ty recogni8ed haj lulty or partSally re%*rnod. If 6uch indi￿110￿8 exi81, Ihe group e&b"m¥tes the recoverats￿ arnounl ol the 888el. Shortlalls b8fvM•r* the fArryina ¥8lu8 of fixed BsJetJ and IhEir re¢over•ble ¥mountJ, ￿Ing tho h4h•r ol f•ir v•lua 1818 C08ts 10 8ell and value-in-use ol ihe asset baaéd on ils sèrwce potentlAI. recogniBed as impaimient108WB In th• income Ind •xp6ndilure account. Recogniud impairment losMs ir• r•￿r￿d ￿, Ind only if, the reasons for the Impaimienl lou h8¥8 c848•d io Apply. REver$8ls ol Impairment 105888 Bre recogn18ed In income and axpendiiure. On revernal of èn impaim•nt loss. the depr8uation or amortination 18 4dju8t•d lo ¥lloc•le th• asul's revi6ed carrylng amount (léss any re8wJual value) over il• rem8ining u￿1￿1 life. P8ge 51 Bournvllle Vlllage Trust Group AC¢OUNnNG POUCIES l¢ontinu•dl OTHER TMGIBLE FIXED ASSETS Tangible fi¥ed assets are inib.ally measured at cost, net of depreuation and any impairmant bsses. Dapraciation li pro¥Aded on all tanglble fixed assets, other than freehold land 8nd inv85tment prDpertK85, at rat88 calculBtad to write off the cost of each asset lo its estim8ted ￿SidUal value en a straight line b8$15 over its expected useful life as folbws.. Computer Equ¥ment 4 years Fixtures and Fittings 4 years Re8iéual value 1$ ealculated on pric•s pr•valllng at th• r•portlng dalè, after eE*'mat8d co516 of disposal, lor the 8$Bet a& if were 81 the age and In the condits.on ewecled at the end of rt8 useful lrfe. Properties dttssed wthin agncullur81 estates, commeraal buildings, community buildin91 8nd office$ ore split befv4Een1ond. 8truelure and olh•r major eomponents thAt require replacement ov?r time. The land elam8nt of th880 prop81ties 18 not depreciated. The group separately idents"fi6$ the major compcffjtnls of these propDrtie5 and chargos depreciation on th880 in line ￿1th the depreciation of housing Pro￿1￿&1. The 2020 review of depreciation policy and chonge in useful economlc lives of kitchens, wndLW5. central heating 4nd boilerj 0180 apF4ied lo these 8•Jets, Thij mean$ Ihot depreciation Dn these cornponenth replaced pncr to 2020 18 cakulaled on nél book v4lue gt 31¥t Decornber 2019 on 4 8traighl Ilne b801$ over the rem•lning useful economic Irf•. PROPERTIES UNDER CONSTRUCTION Propertl•8 In th• ￿urse DI con81ructlon are cBrri8d at coet, 1•85 any 5dantthBble Impo+rm8nl 1051. C￿t indud¢• yofe81i0n81 feel and oth•r dir•cUy allribulablé toili thai qre necessary lo bring the property to 118 oparats'ng condition. Dep￿cIal0n comM•n￿l wtt•n th• prep•thts ar• r8Bdy lor I￿1r Intended u￿. BORROWING COSTS Borrowing costs ar• expen8ed 01 inoJrred unle81 th•y ar• cipltallied 11 dlrody attrlbulabl• io a devdoprnont 5chorn•. Borrowing c08ts ore caprt8li$e(l from the $tsrt of conslruction through lo Ihe time the develDpmenl 18 CDmplEted and handed ovei a* BvBilabl8 lor occupation. Costs diredty connected wlh Ihe raising ol finance are deducled Irom108n8 and wrltten off •vonty over the ol th• loon In lh• income gnd e¥•ndilur8 account. INVESTMENT PROPERTIES Inv88trn8nt propertie$ con816t of comrnero81 properties and market rented prope￿86 not hek1 for 8od•l benefli or fer u60 In the busine35. In¥e¥lment propertie$ are me¥gured 81 cogt on in1￿.￿1 recognition and iub8e4uBnly cariieé bt lair vilue delerrnined annually by qualified valuerj ond derived from the current markel rents and Inv08tmenl property yleld8 lor eomp8rable leal estala, adjusted if n8ceJiBry for any difference in the nature, lO￿lI0n or condiljan of the ipecific a$s¢t. No deprecl•llon18 yovhlvd. Changes in fair value are r•cogniBod In income or èxpendityw. FIXED ASSET INVESTMENTS There are h¥0 elements to flxed 8888t inv88trnon15. Investment ol Sub5idi8ry represent& the f8ir v8lu8 of the proceeds for Ihe a¢qui8ibon of BWHS 88 At 4 January 2011 wh•n th• organisaii¢)fi bècame a &ubBidiary of BW. ThiB became deemed coal goin9 lurward. The THFC Interest SeFvic8 Reservv equates lo an investment required under the terms of our THFC loan and lh8 funds are currenly inve6ted In bank d•poll a¢counl8. Th• in¢ofv81 reBerye IB Btated at COBI wilh any accrued interest beir*J crediled lo Ihe ¥l¥temenl of ￿MpreheNsiVe incomfr. STOCKS AND WORK IN PR(￿REss stock8 and work in progre8J ar¢ tytstgd ot th* lowyi of cost and nel regli8Jble v•lue. Long-terrn projects, notably Ihe Liahtmoor projact undartakan through Boumville Villgge Developments 8￿ 8S6essed on conlr8cI-by-conlracl b85is and rellecled in the Income ¥nd Expenditu￿ A¢tount by r•cording turn0￿[ and r•lal•d tosts a$ eonlract Bclivity progress88. Turnover is aBcertained in 8 menner gppropn8te to Ihe s18ge of cOMp￿tsOn of the contract. and credit taken fcr Burplu6 eam8d to date when the outcome of the contract be assessed w4th reasonable Certainty. The Brnount by which turnover 8XC88ds payment8 on 8c¢ount Is c4a$sffied 8$ "8mounl$ recoverable on cDntrac19" and included in deblor5, to the extent that payment8 on awounl exceed relgvant turnover, the ¢xe$$ 1$ Included a5 a creditor. The amount of long terrn contr8Ct5, at cost nel of amounts transferred lo ccst of Sa￿s, less provision for foreseeable losse$ and payments on account not motthed with lumovor, ig indud•d within 8t)d¢8. Page 52 Bournville Willage Trust Group ACCOUNTING POUCIES Icontinu•dl VALUE ADDED TAX Bournthlle Villag8 Trust and 8ournvill8 Wllag• Dvwlopments Ltd ar• both rwai$tered forVAT puryJose8. BWHS and 8VE 8rÈ notVAT Registered. BournvS11• Mllage Trust is onty able to r8COV8r 8 r81ati¥8ly srnall per￿￿tage of VAT on its expendilur8. as the fnajority of its income is exempt for VAT purposes, Therefore, exp¢nditura is Sho￿ indusive ol VAT with the input VAT recowrod dedvcled from relevant e>penditure. 8oumwlle Village 08velopmeTh16 Limited Is abl8 to rocover 011 VAT en its expvnditure. A8 a result. expenditure is shown net of VAT 8nLI VAT recov8r8bl8 shown as B deblor. BoUrn￿lI1e wts￿ Hou8ina Society 1$ not regiot8t8d for VAT purpo885 aTrJ IB th8reloM unabla to r•cover any VAT it4 •xp•nditure. Therefore, expenditure 18 shown indu•￿Ve olVAT. 8ournville Village Ente￿￿0¢￿ i¥ not regist•r8d for VAT purpoBe5 and li therefore unabh to recwr any VAT on IIB eyp8ndilu￿. Thorgforg, gxpenditure is ohthvn Indulive OIVAT. LEASES OPERATING LEASES Annual rantal8 are charged to Ineom• and •xpendilure on 4 •lrnight Iln• b4•11 over kos• tern. EMPLOYEE BENEFITS The coili of jhort-tann emF4oyoo bonefil8 ar• rneognlaéd 88 a Ilabillty and An expenie. Th• b•81 ••lima¢a of the eXp￿d￿lure reqUI￿d lo Bgllle an oblig4tlon for t•milnalion b&nefitl l• f•eOgnl8ed Immedi•lely gn evense %4then the group IB d•monilr•bly ¢ommilt•d te lomiln8t• th• employment DI an ernployee or lo prO￿ld8 temiin8lion b8nefit•. RETIREMENT BENEFIT5 Oelined contribubon pl¥n• For defined conlrlbulion 8ch8mos the amount eharg•d lo Intom• and •xp•ndilure 1$ the contributlon8 payable in th• yoar. Olfferen￿$ beknn conlribulion8 payable in the year Bnd contribution8 actualty paid ore •hLwn as •ilher accrual# or prep8yments. Oefinéd ben•fil plans The group doej not partic•Jts in any acllve dofimd b•n•fit ￿•￿&. BW li A member of the clo•ed Cadbury Mond818z Pension Fund, Ihore are no scti¥e memb•r8 and no contributlans ar• paid . A liabilrtw is recognised lor poyments arising frcrn an agroemenl wlh the rnulll-amployer plan Ih¥t determines how the qroup wll fund o delicit, Conldbutions are diBcounled when they are not eMP8Cted lo be s•tOed wholly ￿thin 12 menthi of Ihe period end. The rale UBed to discount th• contribulionz to thBif pre8Dnt value is bajed on m•rket yields for high quality corporate bonds with l?mis and currenaes cen5151ent with thcsE at Ihe end benefit obli9alionB. FINANCNL INSTRUMENTS ha8 elected to apply the provi8iona of 11 'Baiic Fin8ntsal InJtNmenli' and Sects'en 12 '0ther Fin8n¢i41 Inslrumenl8188ues' of FRS 102. in full, to all of its fi'nancial instruments. Financial o$$els and financial liabilitles are recognised whèn ¢h8 Group becomes a party to the contractu81 pro¥ision8 ol thè instrument, 8nd are offset only %then the Group currenlty h45 a le9•lly enforceable nghl to Bet off the recogni8ed amoun18 and intends to Jgtue on o n8t baaii, or lo r•ili8è the 8s6et and s•tUe the liabilty 8imullaneou¥ly. Page 53 Bournvllle Willage Trust Group ACCOUNTING POLICIES l¢ontlnuedl FINANc￿L ASSETS Debtors Rental 8nd trade d•blors which are fèceivable wlhin one yegr and whith do not constitute a financing Iran$action 8re Initially mea8ured at the trBn88cbon price. Rentsl debtors are subsequently measurtrd at 8mortised cost, being the transaction p￿e L888 any amoun15 settled and any irnpairmenl10s8e8. Where the 8rrangern•nl with rental or trade d8btors conslilutes a financing transaction, the debtor 5$ initialty and 5ubs8quenUy m•a5ured at the present v8lue of future p&ymen15 discounted gt a market ¥al8 of interest for a simll8r debt inJlrument. A provision for imp8i17renl of debtor5 is e$labli$hed when there is obiecU¥e 8wdenc8 that tho amounts due will not be ollect8d accorflng lo the on9in81 tarms of the contract. Impai￿Qntl08s88 are recognised in profit or14ss for the axcess ol the ¢•rrying value of tha rent81 or trade debtor over thB present value ef the future cash fl0%5% discounted u81ng the original •ffeclive Interest rate. Subsgquent rever8818 of an impairrnent loss th81 objectsv•ly relate lo an evenl occurfing after th? Impairment1088 wai Mcogni5ed. are recogTrised irnrnediat8ty In profit or1088. FINANCIAL LIABILITIES Trad• cseditor8 Trade creilitorn payable Mthin one year that do not ¢on8tSlute a fi'nancing Iranbaclion ar? inili8lly me88umd at th• tran8qclion price and subgequenuy megiur•d at smortl$ed cost, being the IrgnBaction price any amount8 Mllled. Where th• arrangarnenl wlth a trad• creditor conststut•8 a financ4ng Irans4Gllon, the ￿editOr i& initially and subJ8quenfjy m0aau￿d •1 the pr818nt vilu? offutur• paymont8 discounl•d Dt a rnarkgt r•t• ol Inter•il for o similar initrum•nL Borr(Ming• Borrowngi gre inili•lly recognised Bt the Ir•n5a¢tloTr pdee. includlnq tranmets'on coils, •nd iubiwuontly m?a6ured •t amorti•ed using Iha effecliv• interest method. Interest •XP8n8• IJ fecogni8•d on the ts•$w of thv eff•ctive inlerv•l molhod ¥n4 Is Induded in interest payable and other $imilar ch#rgeJ. Derecognllion of fin•naal a888ts •nd liabilttr•i A finincl81 sJiet i¥ derecognimd only when the eontraclual rights te ca¥h flow8 expire or ere Bett*d. or &Ubslan￿lIIY Ill the risks ond rewards of ownership ir• tr8n&ferred lo another p8rty, or if some significant ri*s and r&ward8 of ownership orn retained but the control of the 818•t ha8 Ir8n8fèrred lo anolhar paty that is able lo ￿11 th• 8$8et In 115 entirety lo •n unr8lale¢J third party. A financial 1I8billly lor part Ihereon 18 d•r•cogniJ•O wh•n th• obligats'on Bpecifi•d in th• contrad dischsryed, cancellad or expir•B. D•rl¥aliv•B Den'v4ti¥e8 ara initillly recogni8•d at fair va￿8 on th• dale 8 derivative contract li gntsred into and are aubsèquenly r•- mea8ured to loir value. •t each worting d•te. Falr value g¥inJ and loss•i a￿ r•cognised through income ond expenditure. PROVISIONS ProviBlon8 aro recogn18ad when the group hs& an obligatron al Ihe reporbn9 dale a8 g msult of a p8$1 event %thich it 18 probabla will result In lh• tran¥far of economlc beneflt8 and that obligats'on can be e8tlm8tad rolisbty. Pro¥ri4ions are measured al the be518sb.male of the amounts re9uirèd lo 8ettl8 the obligaliory. Where the effect of th• th.me value of rnon8y ig material. the provision is b¥5ed on Ihe present value of Ihose amounts, dis¢ounl•d at the pre-tax discount r¥te that refl8c18 the ri6k6 speclfic to th8 liability. The unwinding of Ihe di5CCUFIt is recognwed ￿llIn interest payable and 8imi18r charges. Pag8 54 Bournville Village Trust Group ACCOUNMNG POLICIES Icontlnu•dl RESERVES The group o$tsblishea reslricled fundi for thé spe(#fic purposes ther6 their u88 is 6ubl•d to r8%trictions imposed by thwd P4tkn"es, RESTRICTED RESERVES (NOTE 201 SUPPORTED HOUSING FUND Thi8 restrict•d res8rve represent¥ fund& to cover the rep18cement of fvrnlture ond •quipm•nt Brvj any major r8paSr8 needed in any of Ihe Trust'8 Supported housing ¥chem•8. FUTURE ￿NTENANCE RESERVE Thi5 re5eN8 repmaenls the combined total of 811 the Binkinll funds thgt Bvf hold8 to lund our fvtur8 rnainl•n•nfA• cornmrtMent8 in ar•a8 In *thich ￿ work. BAT RESERVE ThiB reserve representi the net 18sel8 of Bournvllle th8hou8e TruBt. which under a Unlling Dlf•cts"on from th• Charity Commi8Jion, 18 now accounted through thi5 restricted re6grv•. ELIZABEECH FUND This ￿8erVe repr8s•fit• lunds to provlde re•ld•nli of BAT wth •xcur•ion• and olh•r •nlert•lnm•nL SHROPSHIRE PROJECT RESERVE Som• Community g•n•r&te income lo fund 8pefAfic proj•¢ts or •v•nl8 th•t oth8rw8e wouldn't h¥pwn. COMMUNITY INFRASTRUCTURE RESERVE This is a fund holding funds that may Only bo uied lof the •dv4ncemonl of L*•A•y Vill•98. EILEEN HEWER RESERVE Th18 fund i• ujod to pay for 8ct.vhl￿1 the r•8ideThl r•pr•i9n1a￿WI ol La￿0Y Belpct lor communily •dvancam•nt. LVCA RESERVE Th• La￿eY Vlllage Community Al$oda￿D￿ ffjay call on this fund to iupport community ac11￿ty. LIGHTMOOR VAN RESERVE Lightmoor VillBg• gffj lunding a vpn purch&i•d by M. BOURNVILLE HOUSE RESERVE This fund holdi * don•tsoTr gI￿n lo Bourn￿11¢ House to provk1• qym equipmgnl The project *lll t• und•rtaken during 2023. BIO-OIVERSITY RESERVE This lund holdB a donation fur Iho oO¥anc8rnwt of bl￿d1¥9￿1ty in Bournvl LIBRARY FUNO RESERVE Thi• lund holds a don•lion r¢e•ived to •upport Ihe Bvr Llbr•ry ond Archive. il ENDOWMENT RESERVES Thi8 reserve repreJent8 the p•mianent endrAwi•nt of the charity a8 bequ•ath•d by the Foundar. CRITICAL ACCOUNTING ESnMATES AND AREAS OF JUDGEMENT Eiknmate& ond judgements a￿ conkn'nually evalu¥led and are b85Ed on historical experlence and other factors, Induding •xpectations of future events that are believed to be r8a8onabl• under Ihe ¢ircurnBtance5. Critical gccountAng 851imaleJ 8nd aswmptions The qroup makes e$lim8t88 8nd Rssumph"ons ￿nc¥M1ng the future. The resulting accounting e8kn'mat8s Bnd assumptions 11. by definition. $8ldorn equal the related actu81 re5uIIs. The esb'mates and assumptions Ihat have 61gnificanl risk of causing a material adju8tmEnl to the carying amounts of aGs8tK and liabilities Within the next finznial year are discussed b810w. P•Je 55 Bournville Village Trust Group ACCOUNTING POLicie81¢ontfjnwdl Tongible fixed gssels Tangible fixed a88ets are dopreriated over their useful lives as per the aecounting policy note. The usaful ttonomic lives or woperty components ar8 in line wlh the current maintenanc% p￿graMMe and 4re r9-a8se￿ed 8nnu81ty to tske into Account tethnelogical Innovation and product life ¢y¢le$. Imoaimjenl olnon-fvnanc￿l 8ss8ts Revw for impeirmenl of houaino properhe$ are corned out whon 8 triggor has 0￿rr8d and 8ny imp8irmenl los$ in cash generating unil 18 recognised by o charge to the Staielnenl of Cemprehen51¥e Income. Impairment 18 r8cogni$ed where Ihe carrying value ol a c88h generating unit ex¢eed¥ the hwJher of Its net reali5ablo value or itB valua in uso. A ¢o$h g•n8ratlng unit is normally a group of prop¢rtie• al scheme level c88h income be separately identified. Dev•ntexpendilu Development a>pandbtur¢ i¥ capitaliJed in lii)e wth the 6CCDunling pvlicy. In1￿11 capitalisatlon of costs li based on managelnenfs judg•menl that a development stheme Is likely lo proceed. Coil8 CaPlt•li8ed Sn thls WAY ar• r•gul#dy reviewed an¢J any cost thnknfied as gboitive are ch8rged In the Slat8m8Th1 of CL￿prahan8I%* Income. D•bltVS Debteth arè bai8d on the 8rnountB outslanding in our ledger8 •t tho and of the flnancl•l year, kryos any provision fer bad d•bl8. Th• proviiion for rent srroars 18 ba￿d on 011 fonner tenqnts arre8r8 plu8 75% 01 ill current tenant arrearn thwt remain oulfjl8nLling fer m¢r• thAn 8 Bal4nc¥B from group und•rtiking• llre Al the and of ep¢h ￿Hr to that the debt 13 recovgrablo in full. 11 Iher• is any doubl Ih•t the debt wll be fully fecovered. a proW￿0Th knfjuld t• mad•. to Mdu¢8 the dtbt lo the •nticy¥t8d covor8bl• amount. V•lu8lion DfSt8nd Al￿ Finonciel Derive11￿$ 8vr hold8 Sland ￿one Fin8n&al Dèrivativèi ISwap&l for Ihe pu￿06•8 ol hedging int•r•81 r•te$ on our I￿n$. SwgpB are required lo be Induded In the8• attounll at their "F8ir va￿8, To colculat• this "Fair Valu• wo u•e our ind8pend•nt Tr•aBury AAvi6or6 Ch8lh8m Flnandal. •r• indultry in thoir field. It IB IhlB Falr Valu8 colculaled by Chath8rn Fin8nciBI that Induded In these •CCDunli. Tr881rnenl ofAgriculfur81 E8t8f88. Proo8rties let to Commoru81 Or0￿188110￿S ènd M8rt¢81 R8nt8d HDmgS 3Vf w•8 glftld. by Cadbury Family members, o¥er many ye•rs wb"on$ of l•nd and prop•rt'•i that now mak• up our Agricultural E81ales. Vvhihl Ih•re Bre no detailed records of the eKpeclalions of the donors In rel8lion lo M'i use of much of Iheja holding8. we believa that M undorsland threugh our continued relatienship with membe1$ of the Codbury Family that tha purpose behind the donition was Ihst would hold and use Iha land not f?r Simple commerci¥l 98in, bul to prevent Ihe inAppiopri•te use of Ihe land ènd the un5yrnpalhetic dewjlopmenl DI grean bell. AS •imple commerci￿ g•in i• not our primary PU￿08& lor h¢￿ing this land. we do not treat Ihio lund B4 Invvslmvnt Holdinga. 8vr Allo owns property we 1888e to Ten8nl$ %tho u6e these $ite8 to provk40'commerfJal" sorwcos, such 48 shopi, health care cenlrei, offices. The rea¥on 8W owni theje propertie$ ij to en$ur& our EDmmunitipb have acce85 to important amenities In their neighbourhood. ThiB meanj M do not Simply seek the m•¥lmum incorne from these holdings, but instead priodtlses the benefit any prospective T8n8nt¥' busin?$$ can bn'ng to ovr ¢ornmuTrilies. A8 this is the case. TrAe do not Ire8t these propertK•ts as Inveulmenl Propertie5 in the88 8ccoun*s. Following 8 review of all rxjmmercial ouets in 2022. il was decKlel th814 shops ownod by were no long8r h8hl for dir8Ct 8orAal benefit reasons. 88 vje no longer owned homes in the roTnmunity bvhith forns the Shops local catchrnent area. We have, therefore, revalued this shops and moved them lo Inv8Stmenl Properties In th&88 accounts. BW aLqo own$ a sm811 number1581 11a￿et Rented homes, which it operates di¥ectly and not through BVE. The$? home• ore let to Tenonls at 8 v￿eklY r•nt that is above our #tBndard Social Rent. but W811 below the true m8rket ￿nt for the area. As we are not (weroling these hernes on a luliv comrnercial basis, bul Instead le gNe people acce85 to affordable high quslity home8 and lo incre88e the lenure types In our communitie5, and given that ihe number 15 not material in rel8tK)n to aur overall rented hornes numbers, we do not Ireal IheM a6 Invesknenl Propertie5 in our account8. It relation to th069 hornes BW dogs let at a full market renl, these are le•sEd to BVE 8nd accounted for a8 Inve8tm8nl Properbe5 in Ihese acGount5. P8ge 56 Bournville Village Tru•t Group PIOTES TO THEFIW4¢14LSTATEAIEFifs forih•y••r ofided 31 D#erntyer 2013 nJRNOVER, COST OF SALES. OPERAnNG COSTS AND OPEPAMNG SURPLUS CurtlNdng •cUvN4•.Group 2023 2Q22 OFw•trn9 5uFrlusl TurT￿v IDefK?l) Opernttng Oper41kn0 SU￿1￿ (Del￿1) TUMDVW rwo £'wo £'ooo £'rpJO to IrKoTllO ahd •xpendliuFe frErn loc￿1 hwslng Wlno• 23.018 8,805 21.SH2 115.7121 Oth•r Sod•l Hou8lng A¢tl¥ith• SeNcei lo part￿4 Df￿ 8rrnngern•nt 16441 J38 4BU 3DI 012 IOB21 os 297 4a1 iaooi 19271 160 Non SoE￿I Ilouilng Aetl¥lU# M•Fk•t rgnUn9 AgrfculiUFAI E•t8le m•nag•mMI Cr￿n￿rCI¥ l¢ttlngs Bu¥ln••8 Dovdopm•rrt Selly M•nr¥ rnumum L•nd tron￿￿oni Penilfm fund C￿11 S•ry*•¥ lo ihlrd 794 1197) 15841 13,15 11,0721 97 13 11,WOI $9 tJl61 150BI 283 98 11.1701 798 12111 14$1 103 ijai 1,961 1,$41 1,620 1,4QB a61 IBOI 117 103 12021 71 1771 TOTfvL 29.460 27,307 IZ2.4051 4.982 Page67 Boumvllle Vlllage Twst Group NOTES TO FINANCJAL STATEMENT¥ larthfry•Ar•nd•d J1 OK•mb•r202J TURNOVER. cosr OF S4LES. CIJERAllNG COSTS ANO OPER4mNG SURPLUS Corfirniln9 •¢U¥It￿. Trwi 2023 2022 Opwallng Opw4Ur CoEt SJrpluEI t) OF4raUrvJ TumovAr &JTF4uJl £Tho É'ooo £'o £wo SKIII Actlvlt InEome and exp•nL¥ttsr¢ from I￿11 hou￿￿9 ltrtllw# 6,957 20,070 11$.2681 4.802 rxhw So¢lil NO￿91n9 Act1￿¥•• 5er¥lcoA lo Ihlrd Pa￿ Profil *h&re arrang￿*1 Community ac￿¥1￿1* 1.821 506 2PT 18821 1261 196DI 318 461 (P96} 4JQ 4B6 Non.80¢141 HOU￿n9 A¢¢l¥ltJ 6aLI S91 29$ 9B JlluT¥l lelUnOI 5•7 2.W2 16041 11.1581 27e 1,851 1.408 12.7901 Comrnwty•l develo￿ent Selly M•n¢y museum 1i,a7Z) 791 12811 PB11 021 ieoi 103 peni1￿ lund cosiB Sefvicei ts tNrd pgrU•• 1331 1331 71 05 1771 TOT* 2&,OB1 192.8861 6,396 26,489 121,9541 4,615 Bournvill? Vlllo9• Trust Group NOIES TOTHe FINANC￿ ttATeMENTS 31 Voctmbbr2013 TUHNOIER, COST OF SALES. OPERAnNQ COSTG AND C*ERATP4G SURPLUS l¢ynlinuEdJ 2023 arod hOL￿nI hDu￿nB 4c£ornmoJavwJn rrJ)o for TuRN0￿R FROK4 SOCk4L H￿JSING LETTINQS nvl ulVC4di SwvthchaiglSl•C*Vat4• 19.A34 zn 426 1,246 197 NETRENTPL IP4GOh 1•012 ID7 1.170 12.716 rl 183 ¥0 TURNOVER FHOM SOCL4L HOUSING LErriNGS 19.190 197 2,306 2J.016 BXPeNoifuRE ON 80CktsL HOU8INGLEThINGS 418 013 Cw•4nU WPPM CW Rouith Pllnnod 174 3.810 d¥bll 1271 3,•27 4.347 Ddw•dqVon offmuru •Dd IVJn¥• QPÉRAnNGCO8T$ ON $OCL4L HOUSING LETnNGS 13.289 Z4 Z.4ZZ OPERATrNG SURPLU8IPEF￿rrioN sC￿￿L HOUSING LE￿IN0& 1.700 RwllDU du• Izo 148 Pqp 59 8oumvlll• Vlllay¢ TruJt Group r40TES TO THE FINANCIALSTATE41ENTS larlh•y•w•ThJ•d 31 D#e•Mbtrf102a I TURWVER, GQSTOF WES, OPERATNG COSTS AND OPERATINGSL¥tPLUS (L￿1￿￿•d) 20 Gworql Shwed H¢ullng for Tr rooo e'wo £'o TURNOVER FRWSOCWL HOUSING LErriNGS R•nt rece￿&4&￿tof￿￿d1 I￿7 ¥0 4D7 20,120 Z4D ¥nd$urwnthwqeB 91 NFT RENT￿ I￿oME 18.746 2,047 Zl.2gs 297 TURNOVER Fri￿ 8OCWL HOUSING LErriNGS 2.IS7 EXPENDITURE ON SOCIAL HOUSING LET￿￿￿8 J,17Q 3.470 2.on 470 mdnier 470 J.5gJ 3B7 DwMcWon olfl>JufiiAno ivJng1 33 CPERATING COSTS ON SOCIII HOU8ING LETTING8 OPERATING SURPLUS IIDEFicrri ON SOCL4L HOUSING LErriNGS 180 6,880 130 238 Pjgo fjo Bournvlli• Vlll•g• Tru•t Gn>up NOTES TO THE FVIANC￿ STATEMENTS Iwth•yurind•d 31 0•e•mb•r2023 1 1LWNOVER, COSTOFWE8,QPERATNG COSTS ANDOPEK4TNQ SLIRPLUS P•thulir¥of ind•Xp•Trdll￿r1 from iQElil knldfill•.Truit Z023 SLypon•d nE4d• rrtJ4inQ h(￿n9 axomrnOd&t￿Jn oo $￿T Houslngfty dderpgorlè thte4mmodq￿ £'QOD EIXO TUANOVER FR(A4 SOc￿L HOUSNG LETnNGS 17,WP 278 420 19.618 CwE4Thd ¢haTggb 197 NETRBNTAL NCOME 1W7 1.376 21m1 IuANOVERFF1￿ 60GLIL FK)UWNQ LETTNGS 18,382 2,38e 436 EXPFt4nTTURE ON 8QCI*L HOU8WG LETtNG8 3,210 411 3.gB4 943 ￿Pport rth Rpul** m•lniqnwKe Pllnnvd m*nion•Dc• 174 3,670 2.1 dpbli 122} 3.99• 3,17• OPERATINGC08T8 ON 8OCL4L HOUSING LETTINGS 11,8D4 249 2.411 15.426 OPERAfiNG SU￿LuBl If£FI¢ryIQN SOC HOUSINQ LErriNGS 0,967 du• Py81 Boumvlllg Vlllage Tru•t Group NOTES TO ThE FI14￿CIAL STATEMeTrJT8 lorth• yow•ftll•d Ji D•c•rn*lO?> I TUA￿VER. COST OF WES. OPERATNG C05T8NAD OPEftATNG8kMPLUSlr*)nOnued) ZD22 Qknqr41 SyDthd Hcu•lngl Td e'o £DJD TURNOVER FROiI 80CL4L H￿j&14Q LETTINGS Rent nqtof%rld Iq,gD2 Z4D l.W7 14, G￿l￿d NET RENT￿ NCOPAE 2,017 Bodd h￿￿r￿j 175 TURWN FRCdl80¢14L HOU6WGLErnNG$ 17,407 41S 30,070 E¥PEN￿TuRE ON SOCLII HOU81NQ LETfwG8 #,J32 Rr*Jlln• rnrAnwnvK• Flam•d mIlnt￿lnC4 3.302 1.989 lJJ 2.031 OqmAUon ),#7 OPERATINOCO8T8 ON 80CW HOU￿GLEThNG8 205 18,280 OPERATING 8URPLUS IIDEFICn ON s￿￿4L HOU81NO LErriNfj5 la 4.JD2 th•du•tObddi OZ Boumvllle Village Trust Group NOTES TO THE FINANCIAL STATEMENT5 lorth•y••r •nd•d J1 D•c•mb•r 202J 2 ACCOMPIOOATION IN MANAGEMENT AND DEVELOPMENT Group 2023 Number Tru 2023 Numb•r 2022 2022 Numb UNITS OWNEO AT YEAR END.. General needs housing Shar8d owwshlp SuppDrted Hou8Ing Housinu lor vldgr peotl Maikel renlod 3.387 137 3,310 199 3,054 137 2,997 139 262 262 262 262 58 UNITS IN MANAGEIAENT AT YEAR ENO.. General nebdi housing Shwred 0¥5￿￿$h￿p SuppDrted Housino for older PBO Mathet rented 3.462 137 3,4Sfj 3,485 137 3,456 139 282 282 58 2flZ 262 SB ThB Ibm thumb•r• Include 4412022.'441 w•d by bui mana9ed ty olhera550u•lbn¥. 3 INTEREST RECEIVA8LE AND SWILAR INCC*IE Group 2023 EYOO Truit 2D23 £'ooo 2022 £'orx) 2022 £'ooo Interttt ￿ bank d•pO￿ Int•r••¢ tsn Intorcompwy k)onB 184 47 173 194 47 la4 47 387 218 4 INTEREST PAYABLE AND SIMILAR CHARGES Group 2￿3 EDOO Trull 202? eooo 202) E'OOO 2022 £Y)00 Inl•resl arlslnq ￿.. Bank knanB ènd 0￿rOr￿ftj Ini•r••i & Financlno Costs- Pon￿¢nI 4,537 3.913 14 4,720 3.964 14 4.544 3,927 4,727 2,978 Page 63 8oumvllle Vlllage Trust Group NOTES TOTHE FINAIICIAL STATEMENTS forth•y•ir •nd•d 31 D•cémb•r202J S OPEfiATING SURPLUS Truii 2023 £'ooo 2025 eoDO 3022 £'fA)O 2D22 E'MO Oper81kn9 Surplus 15 stsl•Y 8ftercharglng Ucredlungl Doyeck8lion of olhaf t8nolt4& fix8d assets own8d D8Pf8Ct8llon of houslny wopert￿8 N81 book value ofc(xnwn8ni d*o&als of propBtle* Depreallllon of nDn-hou&lng properVe• Opryrollnu lejse renlals AmorbsBIK)n olrwitol gr•nl 134 4.139 208 452 191 13051 129 4,004 129 3,645 85 459 198 3,793 459 452 12091 Fee• payable lo B8w•rs and Struthers and Ill a8aoclales kn respect ofboth audll and non-aud￿ 88 ljll0¥￿.' AudI18*￿¢•I- itslulory *udll ofth• comwty 4e 43 Olher ieNlcai'. olher non4udltl￿CeI 5a SVRPLVS ON SALE Cf FIXEO ASSETS Grwp & Tm•¢ 2023 l* of Sde of S810 01 of Houslna LI￿ other Fixed HouBln9 Prwrtl83 A8sets PrwrtlEI £'ooo 2022 Sakg of S￿9 01 Lond Other Flxod AJ8ets t'ODO £'ooo £'DOO £'ooo £'ooo DIsPO8al pioc•8d¥ Carrylno valu• ofknd Coit of i•lei 236 1801 248 19 488 398 SurpluWldefidll 158 24B 18 360 P¥ge 64 Boumvllle Vlllage Trust Group NOTE¥ YO THE FIIIANCIAL STATEMENTS lorth• y••r•nd•d 31 DAc•rnb•r202J EMPLOYEES The average monthty nurnber ofpernons Ilncludlna dliodNsl empknyed by the Trustand Group exwesoeo in fvll tlme equhf4lBnlidurlnB th8 ythfwas. Group 2023 No. 154 TN8t 2023 No. 154 2022 2022 No. 137 Offlcé and manao8ment Hou%lng iupporf and c4we Maintenanc• 137 79 73 79 73 233 212 233 212 The above figures aro c•kulaled on th• numbEr of ii&ll amploy•J In the Group oné TnJ81. wc¢Klno g Bland8￿ 37 hour*thina woek for the m•lorlty ofit8ff and a itsndard 39 hourvA8k for moinlenanco aleff . The ¢￿￿￿9th0n hoB bwn done on a rnwth by monlh b#*li then w•rn9ed oulover the ollho year. Sl•ff for Ihe •bove p•rnon•". Group 2023 £'ooo Trust 2023 Eooo 2022 £'ooo 2022 £wo W8908 and Rgdundan¢y Payrnenl SociAI lepj￿lY rAXIi Dolnoo bewflt pon8ion COBI Deflned contribulion pensbn c451 othar pet￿￿ coils .641 7.884 230 815 314 489 32 B.841 7,984 230 815 314 489 33 72 672 800 33 800 J3 10.564 9,865 10.5fj4 9,865 Th• full Ikm• equ￿￿￿￿1￿umbarQfOtatt who rKdv•d rowwnernuon ovvr £60,¢M)O Iln¢ludlNJ dlr•¢tml.' Group &Trust ZD23 20Z2 No. t80,000- £70,000 £70,001 £BD,000 £80.OQ1 - £90,OOa £90.001 - £100.000 E100.Q01 £110.ODO £110.001- E120,DOO £12D,D01 - £120,000 £130,OD1 £140,000 £140.001 £150,000 £150,001 £160,000 The b&ndlnoB above Indude redundancy pwyrnent6 85 dolalled In it8ff ¢051B abo¥B. Page 65 Bournvllle Vlllage Trust Group NOTE8 TO ThE FINANCIAL STATEMENTS lor the year•nd•d 31 D•c•mbtri 202J EXecut￿e Mwnbe In respact of the diretlors IMeK8cuiIv8 téaml who are oxwderod lo bB the kay Pagnag￿ent Poraonnel of Bournwna WILgge Trust. Execulivo Tafim Mem￿r$ Group 2022 £'ooo TTU 2023 £￿00 2022 t￿00 2D22 f'DDO Ren￿e￿I￿on •nd fv•i Company contslbullons lo F4n%lun ornwn8@Ikin for1088 oluffic• Money value of benefi1$ In ￿rtd 820 83 676 82 38 55 629 83 676 62 52 55 744 831 744 31 Growj ZDZ3 Truol 2023 2022 2022 No. The numbarol E￿￿￿¥t Te4m Membern to wh retirement ￿nefitS ire •G¢￿Ill9 under.. Definqd ccffllFlbvl*ll 8chome8 Hlghesi pald émpl¢¥ 2Q23 2022 £'oaD £'ooo R•muneralon Company ¢£￿Ir*)utloThI lo pwilDn 138 156 160 The hlghe81 pald Exopthe Team Momber In 2023 IhD Chlef Execut*4•. Tho Chlef EX8Gul￿e 1$ 8 member ollhe Pen•bn8a¥8r 8c*•m# m•th F￿jn￿c￿ con1r￿Ul￿n$ of£13,439 in 202312022- £12,367). ND o¢hor p8yment$ are m•di loTru8tqe8 othar thAn ewuoo Ilra¥el w¢J sub&la1v￿￿1 del81￿d téknw." 2023 2022 Tru8teE ￿￿The￿I¥ ol.. Tru&lee e￿￿% 4,908 6.146 Pfioe 66 Bournvllle Vlll•g• Trust Group NOTEB TOTHÉ FINANCVL3TAIEMENfd lorlh•yHr•rtded 31 O•c•mb•rlQ2J 7A TANGIBiE FIXED ASSETS. HOUWNG PR(>ERnES IPr•JomlnthlyfroBWI. GRCAJP NOU￿n9 propvibÈ* hdd for lelbrffj £'ooo Shllred •rthlp in tho courne DI ruthlln £'QDO 2023 TDt E'wo At 1 Jjnuory Additic*lb COmpu￿￿t Imprnwrn￿ icquired Componthildlipoiili PrroBtty JIApoi41 T14nilerto Inw4lpnDnl 7.￿8 101 IJB.9J2 q.J86 2.402 2,482 11.359) At 31 ts•E4mber 7.7a• 220 1BS,882 ind Imp*ment Al 1 Ch•tg•f¢ryMr CtyTplln•nt dliwdl PropthtydiwoMI• Tr•nifqrt4 In￿4￿￿1n1 wop•rtki• 1.OJ2 1,032 73 At J1 DK•mMr 11.OB91 142,9V41 NET gOOKVALUE Al 31 O•Evmbw 202) 148,123 At JI Dx•thr2022 142,041 P*• 67 BovmvSlle Vlllage Tru¥t Group IIOTE$ TQTHE FIl•￿•¢IAL $TATE¥EIIT8 lorth• y••rNO•d 31 0•¢w￿•r 1023 7A TANGIBLE FLXED ASSETS- H￿￿NG PROPERTIES IPthlnan*lrwWdl. TRUST Shllr•J PTopthIth In Ihe Guurte WOPBnle• cwbfvction fDLbJ £'D hEI&I 2023 Tothl £'ouo EWQU C￿1 At 1 J•nwry Addloon rnpDn•nt r•plwArn•ni• Acquir C4rnponentd1•p￿I1i PryBrty Tf*n•lw io InwsbThDt pw•rd 169,J14 7,126 106 177.246 6,183 3,402 e.1¥3 2,412 At 31 Dec•mb 178,2 7,739 225 184,170 O•pr*Btbun4nd I(ry•l￿￿t Al l J•nuAry ChwG• loi Comppn•nldl•p0￿l PfopaFtydiipoul• IJS.041} lJ6.0661 I3.7￿) 73 73 1.•1Jl NET BOOK VALUE AI 31 OKqfflbvr2023 138.482 o.e40 226 14S.357 At 31 D￿arnb￿r20a2 iJ4.273 io• P4qt68 oumvllh Villag• Trust Group IIOTE8 TO THE m*Jl¢LIL STATEMENTS l•rth• y••r•fid•d Jl DI￿rnbu￿ 2023 7A EXPENDrruRE ¥ThKS TO EXISTING PROPERTIES roup TN 2023 É'OOD 2023 t￿00 2022 t'ollo 22 knprowmenlth upit•ll￿d ponunl¥ ch4ry•d to Incorne Ind •xpendiknrn 19D 0,196 6,242 es 3.953 6.281 44 3.689 0.062 0,010 5,975 12,e2• 10,3OB TOTAL GRANTS flec￿ED Gr￿p 20Z3 £'o 7N¥l 2QZ3 £￿00 ZD12 £'ooo Z022 £'ooo TO￿ ¢￿￿￿•1￿* •mwt• T•¢￿￿•4 ty M¢4v4t4• a131 D0￿mber. C•pW gil 36,•4• 36.•64 34.D95 35,OID FIIUNCE CQSTS Group 2023 £'tr)o 2022 £'ooo ac22 E'OOO £'ooo Z,UQD Z.IQD 2,100 d &r•A8 In nata 7b 2.¢QO 2,100 2,4QO 2.600 PUHE 69 lit !. IIE I: Bournvllle Village Trust Group NOTE3 foTFE FIIIAPXIIL STATE*NT8 f0vth0y••r•nd￿ 31 D•c•rnb•r 2023 INVESTMENT PROPERTIES GroLP & Trujt Ctsxmerdol Rented PrwÉrbe8 Prcpthes £'OUD £'ooo toDJ At 1 J4nwry2023 440 3.724 417 4.1ts4 417 apltal Improvern•rl• 2,405 2,395 At31 D•ceffknr 2023 430 8,994 Tho Gffjup'• ct4ivrwJd Invabtrmnt w￿)•¢ on 31 DK•rntW al f•lr ¥￿¥* ty SI￿11￿. In Ind•pandeni. wofqs￿￿l1lY ylifl•d v41Lor. Th• y￿Ul￿onIwarfj tho•rtAk•n In ocoJFdanc•wth rurr•nt ftlcs v￿ual￿-Glll￿ Sta￿￿￿1￿, IncupN•tlng th• IVS, ond th• RICS V￿￿•t￿- St•ndafds- UK N&iioMI SuprA•mMI Pj￿11￿00 b4 th• Rw*l In￿lub211 ol Chwt•r•d surv•￿¥1 41 th•'Red Eoofl. I V￿ul￿ a dlKountqd c41h llLVI rrWhvd(•¥y ￿ptsd wilh toiith%4ng DIKounit E￿l￿dd 7% The Graup'i rMFk•t rwtad Irwilmqnt prwl•• Ar• ¥•lL￿ on 31 Decem￿ 4lf•lr by Savlli. IrA•p•nd2rn. wrA•Jblon*ly ￿L￿111￿ v•luar. Tho vdu4tson• warn Und•￿￿ in Kcord*nc• Ih•w. lo houlng 12,747 82.747 U2.747 79.2a4 82.747 79,284 Tc U2,B84 06,263 82,864 HL¥JtsIty ire ierydred chal9￿ tho Orwp'¥ h￿Idna 4nd vo raFayth •t r4lM { Intwut 0 383% •nd 12.gB%. Th?￿baC￿(W￿lUQof￿￿Qti •WJredts lthjernli cj5,7￿.WQ DT Ll• amaurl• dL4 in rnty• w•ri ry rnwq. CZO,QOO,WO 12022 UO,000.OflJl l• by 19 PROWSIONS FOR LIABIUTIES 9r￿￿pand Tru 20YJ 20>2 £￿00 roLb) A14l l JAnuwy UIIW In UwlndhY9 of Ll•wunt #r4 13291 Jg A••1 31 D•¢•Mtyw J22 In 2UI9 ovr 4gt•ed the Cadbury Mand* P￿10￿ Fund th m•k• p&yrnBtrtI, •win•i •dLle èndlrvJ In 2023, to U•i•t In dtrrt•kinu ¥chTh. A • VJMrAwlifflounl to ¢ty•pth••••llr•￿ r•WnllddLYlnq Paqe7e lig IIE Iiié Bournvill• Vlllog• Tnmt Group NOTE5 TO THE FII&ANCIAL STATEFIENT5 forth•￿Irl￿thd JI £)IC￿*•I 2023 RECONCILWTION OF SURPLUSI (OEFICIT)TO NET CASH GENERATED FROM OPERAllONS Gmup Tnmi ZU23 2022 E'NO 2D22 rpthfoltho Adlu&mnt6lor 1771 23,330 23.012 4,715 Dfr*W g￿1 12911 17511 (2181 3.&7a It7,09Jl (j.e￿I 1420) 13en 4,727 I pecei¥#bl IWI nnandng 11841 3,927 MDhYmvnllntsYvolM prwortlq8 {J.8oei Opor•Nng r4thflw4 bofN• mo¥•rn•niiln 9.47 10.799 QVTPnOniin i￿• (39?) 759 1.249 379 C•¥h B4nvthd lumcsw*Jtsn* P.67 ,247 CABH AND CASH EQUIVALENTS Ilrvjp 2023 ru 2022 3025 2022 ruuD Ciitr 41bwlrt 4.8c6 4,27J 2.956 In onq ywlnlll• ljl (2611 {1,38gi 4.J44 {1,4041 D￿m￿dd•po￿TI hl W4g•d •Mcd•UonilOrwwd TwM)•Dd wwumpinl•ilThJW. Paue 78 Bournvllle Willage TruBt Group NOIÉS TOTHÉ FMANCLALSTATENENIS forth*￿¥T￿n&•d 31 tsicirnbKIOI3 22 4MYSIS OF CWE8*4 NET DEBT (knp 1 J*n 2023 C•sh fl¢y Othol non thin9 A131 ZQ28 CA•h ané¢Ath equi&*ts'. CH¥h Al Oimllnd f**dlt4rdf1llln9d￿ kn1• Ihkn ona Inotè T31 3,320 12811 2M46 1.4Bg 4.344 Dqbl due Dnr duq y• 13.gllO) 17.0001 1517 182.74n 182,8841 IJAOOI IB8.2831 I￿￿ 2023 £4Joo C4th 1LW4 Othorfi•n cq•h chwg• £uo 310• 2023 ro 4,27J lh￿ 131 11.4041 (J.6161 3,517 17V.2841 182.8841 13.400) iee,2831 ID4.2ell IZ.637) ¢fvPITAL cc*dMrrMENTS lknjp TnJ•i 3023 £wo 2022 rwo 3013 £woo 2D22 Cir4ts1 eyndrtLYe but pFoblded foi E￿p￿drtUr• iuthTh1wdtyTru*•N bul conkaded P4u•79 Bournville Willage Tru•t Group NOTE$ TO THE FINANethL STATENENT8 forth• ￿thrOn￿o0 31 Dtt*hbbr2023 OTHER FWthCL4L cothirrK4ENTS-QROUPMDTRU8T TIL othor 2QZ3 qr 2022 Amouniskn.. MLYq 2e7 26 REnREMFNT BENEFITS 2D10, %l¥tr ￿lE1b￿ th ioln th• Bvf P￿￿OnI3¥•r •th•mo, ¥¥hi¢h li A dollnbJ ¢￿tr￿ul10￿ srtheme & 0￿•r￿1 In W 1021 ￿1 olthb C•)bJryMondèkl1 PbThAion knd rJx•d. •iqff m•mb•Th to 10 dDfin•d contr*uuon xh•mè wllh L•B•l and ¢3thBid. 8Vt p•y 4Dy oJnirfbutson• 10 th• Cth kndolDz Pers￿￿ on of *tl. A I￿en￿al ofthe *Ch￿ll w conduthd •1 115h Aprtl 2022 ￿ 1 ¥Th)wn•w•il0u￿d W bl ID wr#n1£143rn1 In 2019 41 icmmo meMbw$ 14Wry•d lo llllluw Pthcipd Ern￿￿￿￿rIn mll￿￿9 oddlvonl pwnonio hlD the Itherne 10 • Truslygi 10 th-dsk lh* ich•ffl• ￿ Inè p￿id￿0n Df all qfid mDrnb￿. Bvf rn•oV 4dthlkn•l ni￿￿0￿1 rf £121.(QQ In 2021, t320,Qfy) Jn zuii •Dd E330.000 h ￿23. Bwf nul aik4d lo rn￿k* For lh• BW P•ilon•wor iohomt, th• Group Pl￿ con1￿bUll0￿l li thv r*t• d 10% uf p•y fur th• y. rnqrnbqrncon￿￿Ilry M rnLth ag Ihqyllk•d I￿￿*it0 A ffllnimum cts7lffl￿lQn ot4% olp•n￿OnIbh Pty. Thv b*ll d*lmt•of bèy¥Jtts Ihe ￿￿1￿•￿10r 202411£1.004rn. tkn k tho MtL¥• ol lh• Kh•m•i. lh• Incom• Ind ￿P*h￿lu1￿ chvy fDi thid•i FR8101 rWrv4•D￿ th• Bournvlll? Vlllage Trust Group 4QTE5 TQThE F*4ANCL4L STATEIAENTS rth4 S*ii•nd•d 31 C•c•mb*r2023 26 CthTINOENTLIABILifiE6 Th•r• ir• w MnbnqenlliabikklKknM ￿the b￿1n¢0 shool d&e.12022.' nlj 17 RELATED PARfiTRAN8ACTIONS BvfrA¥ns 1rth of IhE ￿llued eapttd •Mo￿nting to£lfy), of Bourn%ill¢ I￿l•lle De¥￿￿￿￿￿ti Llmffttd IBVDI. bcthTrpoDy Irwwaiqd In En¥*)d And Wdes. 8VO18 Ir￿0￿ In conltsucts￿n th11og¢ Bi Liqfvtfr￿T In T￿arf. 8VT hdpSWlund B¢ry orth•Wo￿￿￿ rApW ￿ul￿d￿qntI afBVD a Iw loi thli PU￿0￿ Ai *t31112123, th• lo￿ ktoDJ Al£l.7Jm12U22 È2.14rn1. Elch Bvr 01 thè 1(th 284 thar•¥ In ol 8oumville WthB Hou4hiy Ltd lo￿81, l• Fl*iy1￿w& hLwJwng. regityod und•rtho cavra￿v￿ communty6￿•￿t soc￿￿•5 Aci 2014. 8V4HS bqGHM• A iUWdlAry cl Bvfth 2011 ind In %18 pul ar£4qlMkn￿* b)AFd Affvojomthni ¥th•r•ty lh• tsf BVT lQQk O¥Kfrom Ih•BWH8 M•n•qfjrn•nl CommR*ry. BVT LTh¥ni ol tho IMu•O 4mriJntlr4 lu Elrpj, at Mii*g• Ert•Wles iBVEI, I 1ncthTro￿•d In Enw•nd•ndw￿II. BVE lityiy•pd In th• matk•tr•niinll oipvwoeile•J•d frorn Hvr. Eximpl(rf bo•n l*•D undorFRB102 thÈ M4ulréMini 8Vt r•Bul* 1ftnu￿ grnnii to Mjwurn, i Rogliiv•d ch1￿￿. ¥urOv4t¥ hcom• from VL￿￿Oi(f￿nied 10 Bvf ty tho Crtyl TN¥l, thlcb prww¥ly DwnRd A¥Or￿yo￿ Mumum. Thli unli￿¢4 2023 al EIS.000 In ￿2D foT urgqfflt iuwort Ai th• 8o•rd l•wl rn•d• by Awncrtyl to Bvf, P•t•r RK*ffland ICN•r Ex4oJl¥YI r￿j IFin•nc• DIi•L¥4rl TnJ•*• Bo4rdofAwffiuaftln pciiutsni. Pey 81 Boumville Villago Trust Group INCryIE AND EXPENOMJRE ACCOUNT FOR BAT RESERVE forth8 y•ar ondod 31 D•Gwnb•r 2023 INCOME 2023 rLYJO 2022 £'oDJ InGom• fr(Yn18ttln Rant￿ Incryne S8rYlc8 charge incom 47 24 581 526 Morkel rent Intere81 receivable Other income GrartAmorU8alon SS3 135 29 503 38 23 728 673 EXPENDITURE Sendces 267 Roullne malnlenance Planned malntenBn(* Rent Irecoverte8ino8se8 from b•d debt• oepreda11c￿ of hwsing protErtle$ Dupred01l￿ of other o•••t• 93 549 397 S￿￿Ul fwthe ye•r 177 176 Thls paue 14 the iTrfCffimt￿n of the ¢ommittee onty doe8 Dol fDrn Part ol the st¥luiory gccwThl8. Pago 82