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2024-12-31-accounts

Treoeer Bournville Village Trust Group ville Wiles Trwed: Oreaueys

CONSOLIDATED FINANCIAL STATEMENTS TASS ist LASSENSaas eres

for the year ended

31 December 2024

Registered Charity No: 219260 hogisterae! Goantty Wer Reap Segalenwy Regulator of Social Housing No: L0702 of Soeis! Housing fey elles

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Bournville Village Trust

Board Members, Executive Directors, Advisors and Bankers

BVT Trustees

Ghali Chair Caroline Cadbury - BSc (Hons), MA Garaline ilbury - S50 (era), Win ica Vice Chair Cuziir Red Prof. Philip Lumley BOS, FDSRCPS (Glas), MDentSci, PhD, Ehily Lusney HG, FOSRONE Peeed Beet TPH, FSSSC6 FDSRCS (Eng), FDSRCS (Edin) irg), SreSFO er} Stier Other Trustees finesse Alea Alison McKittrick - BA (Hons) BiinidifUbeh Claudia Coulson - BA (Hons) Ceyshe[Cuuese] ~[-] Sn[BA] (Henne)[ (Tons)] Claire Bowman Alison Fisher Derek Douglas William Cadbury - MA (OXON), CGMA erm Geli « WIN (GED K). OCR Nigel Cadbury - BA (Hons) Law (resigned 12th December 2024) Matthew Cadbury - MA, MSc, MBA, PhD (resigned 12th December 2024) George Woods - BA (Hons), PGDL (appointed 13th December Seore Wiese = BA (lines, POU! fassplrial Jah Geourhe 2024) Aidan Mark Cadbury - BSc (Hons) (appointed 13th December 2024) ts (Gencltivnnye = Exe (iionel Cepmciiiied a3 lotncqunipere HZ) Co-opted Kate Foley- BA (Hons), MA, MSc (appointed 10th October 2024) Gtetuibis late Fotay. BA (Rone), ii, Mie foppeingsd TON Oataber ws} Independent Adem Mahmoud - BA (Hons) (appointed 10th October 2024) Board Members

Bournville Works Housing Society Board Members Beier vile $¥onitu i busing Sonwly Sain) (gears

Guail Chair Carine Caroline Cadbury - BSc Crlbury ~ Bie (Hon (hiens), s), MA MA Vice Chair Prof. Philip Lumley BOS, FDSRCPS (Glas), MDentSci, PhD, FDSRCS (Eng), FDSRCS (Edin) Other Board Alison McKittrick - BA (Hons) Fran Newer Allese Lien FEN Hots] Members Claudia Coulson - BA (Hons) Claire Bowman Alison Fisher Rize =lste> Derek Douglas Witter William Cucttiany Cadbury - MA ~ TA (C0). (OXON), CAMA. CGMA Moe Nigel Cadbury - BA ( Candtiing = 84 (hones) Hons) La Laur w (resigned 12th December friignst eth ovenibar Stiz4) 2024) Ma Seiten tthew Cadbury - MA, Unite + MA SS MSc, MBA AHR , BOC PhD (resigned 12th federal Iee finegpseriinel) December 2024) PELE) Watt Mark Cadbur Gadiitiiy y ~ - BSc (Hons) Fete Cline) Gpmilivied (appointed 1 130) 3th December 2024) Gecetiper 21)

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Co-op tees Cagepstosate|

Kate Foley - BA (Hons), MA, MSc ( appointed 10th October 2024) (ahs Gobey + Mus (Howes), My, WBe CopwalnteetMth Caotiakien sth) dtier Adem Mahmoud - BA (Hons) (appointed 10th October 2024) Mahionaal SR (una) taupalivied, 128, Qetelian Bane) George Woods - BA (Hons), PGDL (appointed 13th December mxsg WES - SA fire), 2Gal (episersel tae ecg = 2024) waa;

Bournville Village Developments

Airaid Director & Chair Ghaip Meter Peter Richmond Misti ‘Biireatar Director Wee David Robinson BA (Hons), ACMA, CGMA, FRSA Reality ay) BAU Mene),AMA, COGRER, Betis Strece= Director Se6 Greg Lakin - MRICS, MCIOB, PG OMS Sank PSS_ PS 6s,Fs ee Director Arthur Tsang Dievio Director & Company Secretary & Company Gectien = Helen Harvey, BSc (Hons), Melsn Manny, SSe (Piven), BBA, MBA, Me, FCIH, MCIPD CLP Bhwsetan Director fleit Neil Ashford - MRICS Sehtinit — WANES Bournville Village Enterprises Bowrryille Miluge enterprise, Director & Chair Peter Richmond Director Besta idnan David Robinson BA (Hons), ACMA, CGMA, FRSA Pofliwest SA Lhora) ASA, OSHA FGA Cilrentor Director Greg Greg Lakin - MRICS, MCIOB, PG OMS bake «MRICS WIDE, Director Arthur Tsang Dilesetinye 7@ IMs Becky Director & Company Secretary & Campary *kinrsiiy {HaterAbie Helen Harvey, BSc (Hons), MBA, FCIH, MCIPD Hienany,Tew Bes (Perrne), RASA,. PES,Oo Pe Director Neil Ashford -- MRICS

assole Executive Directors ibzetute

Peter Richmond - Chief Executive Poste Pidticrdl - Ciel Executive Devi! David Robinson BA (Hons), ACMA, CGMA, FRSA- Director of Finance & IT tatin30 (hon e ),nnAGMA, CRRA, AA --ENractor of Gierest BT Greg Lakin - MRICS, MCIOB, PG OMS - Director of Assets Arthur Tsang - Director of Communities

Helen Harvey, BSc (Hons), MBA, FCIH, MCIPD- Director of People and Teich himwey, SSo (Ron) MEN PGR, ROIAS Sisto of Hage wat

Performance, and Company Secretary Peflolienns, et Compeiny Boe Neil Ashford - MRICS - Director of Maintenance Services Welt Autdiinit=thePr Elioca thetic Seti

Registered Office Tarehwes Sites

350 Bournville Lane euler Bournville Birmingham B30 1Q BaD Oi Y

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Registered Number

Pierce Registered Charity Number - 219260 yore) yay eterfhe iy ae) Feegi Registered with the Regulator of Social Housing - L0702 uti wilh ie Regul ot Gani Heeting - uy

Auditor ir! —

Seever and Struthers LLP The Colmore Building 2u 20 Colmore Circus Queensway Commo Gicre Qessiawiy Brey Birmingham bt B46AT GAN

Bankers Bry Mute

Lloyds Bank Pie * a) if & 5 798 Bristol Road South Birmingham Laat B31 2NP wali

a Solicitors elTrtte IS

Eversheds LLP ey alee Lie 1 1 5 Colmore Row Birmingham 83 3AL

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Report of the Board

The Board presents its report and audited Financial Statements for the year ending 51" 315 December 2024. This report is about 2024 Cucomter 201 Tite report i etry MES, , gs a year in which our customers, you in wiel nu ‘seston, colleagues and partners started to receive some minor respite from the economic antl crisis and very high levels of inflation we saw in 2023. However, for many in our anid wen HGl) heweld of tifintion we sew in ZOE. Hessian, file raenyA din: cops communities making ends meet remains a severe challenge and for BVT costs rising umrtien inctitne etiam alte) Ge Ceetmene eeSS APT ose leg Gilétes quicker than income remains the reality. Whilst 2024 was a challenging economic Yen Wnees: sezales wie reallly, Wiest 204) end 2 eeeleenyWe Sesnorile yaar, year, much was achieved with positive performance and progress in many areas. We mich was oollinverdwith pasliive perforin snd pmgeesjn many arse Wes octiiicodlSe to again be awarded the highest grading for governance (G 1 ) and to maintain our (V2) continued to work hard to build financial and organisational strength and were pleased cepelty Moe teewapetecxemeretics!feelfliesfie{heltbullé finaminkelspi atilee attiSop quuteermeros enepaniteestiyrail (fry)atiemstby eros vid avers ppluanvcowd weSity viability rating uilirg) . Ta The Board accepts that this viability regrading reflects the challenging Scavd-qcesiie Yer Nenthriteiey Gur M2] economic environment in which BVT is operating and the level of investment the Board sconoriic anvironnionlin whleh VT hetts openly Ste eet preasad Pio val re Isherof [overlordTEs Se fe is making and will continue to make into our homes misting ane wil continues Ge nyentey iribe can mines. . VUtilet Whilst BVT will continue to GV! wail cordinumthe Board)ti dqretato: operate with less financial headr vat fees. tinendial feeceaore m than we have had in the past, the Board is them ore teva liedl fre the qect. five ocd la committed to acting on our customers voice and doing the right thing. This means eevee Sal feet c= Sn: continuing to invest in our homes and communities to create and sustain communities conthulyy by tevest, ¢ oof beixeneesantl c e ensrinttes ea foley Ips Ee. Ts ee where people can thrive Witers: pane thitve, . Our long Slur Jongeven -term financial plans do make clear that in the fimvatialteplans erentiioaad make dinarsehen cammun|tie tea in. tke medium term BVT will return to a stronger financial position but for now we are clear that the levels of investment we are making are right for BVT and our communities.

Ths The information contained in this report together with the Operating and Financial laferinetion Guniines Je Lite naport qouellisn wl) thee Cipersttiyay Review complies with the requirements of the Housing Statement of Recommended aeehewPrection Practice (Housing SORP 2018). cmtaniics(liciaing BithnWil (re 20s).nequlrements of (ie Povaltg Sintentattol Mecoinrnmhtiedeel Flyquveail

The Directors of Bournville Village Trust are defined as the Board of Trustees The Clroclore offhurstile Mile Test are defined . The Geette Board's responsibilities are set out in these Financial Statements. The statements neapanialliiticn ane aut oct in tence PirimcetigteeStutentents. he Goeed offitie-steteoncnitlies, (he should be read in conjunction with the audit report on pages 48-51. ofS Foe a fi exe ftinttct Wl Wee UGH se tt pate ALES

Bournville Village Trust ("the Trust Zounuile Wilage Ts (fhe Ticet} ") i lp s a chari o chery ty registered with the most wit Be C Chuity harity

C Ceylon ommission and a registered social housing provider regulated by the Regulator of Sage! Social |tiieing. Housing. (Registered eal (Rogntora ielileic e d)d idio(Gha Charity t iyouslyMe: No: 44260, 21 prewider 9260, Regulator of Social Reqlatersiyiiteled By ot MieSonal)Reciibte Rousing Housing of Reateecad Registered Ita: No: L07 LOTT 02)

Peed About BVT AVE

(BST BVT bs is a values ot valet) -led charitable trust daft tant, , sseitslest established by George by Ceones C Geatiguey adbury in 1 In 1808, 900, working peut SS to create and sustain communities where people can thrive. acne ENS GSES CSrisSn Wilec= iS 2 Be Tha W Ves e holistically manage TERIA See estates, provide great homes and deliver community-support services that help people setaien, puovldsciceil Fomas atte Valier covununly-sujynal eaineteae Wal Fish puiegg: Hime-ettoremamrt live successful lives. We also seek to make surpluses Hoe, Ake chan etek fo reek munities from some of our activities, onlinoling ploughing this money back into our communities in (IS mgnoy ane inth cnn Sommunilies in Gentil Central and thinendgerm S carciti outh Birmingham, nf aurBiemitghioan, selves, and Telford.

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im Our Structure Sireeture

The Bournville Village Trust Group comprises; ­

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Operating and Financial Review

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As one of the Midlands' longest serving independent charitable trusts, we work to deliver six aims (see our Corporate Plan 2023 -32 for more detail):

Our aims

All our work is focused on achieving six core aims.

G

Place-shaping

Creoting and sustaining thriving, welt- designed and connected neighbourhoods that are well-managed and sustainable.

Providing great homes

Providing safe and sustainable homes that meet people's needs and aspirations now and in the future.

Community building

Connecting people and organisations together to develop diverse, strong and engaged communities

Inspiring learning and sharing

Sharing our heritage and experience to inspire others, and listening and learning from those around us.

o 0 o ii

Championing people

Delivering support services and working in partnership with others, to help a people thrive.

6 ('O' a Building organisational strength

Building a strong, focused and resilient organisation driven by our values.

More information about our aims and values is included within our corporate plan BVT-Corporate-Plan-2023-2032.pdf

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Our Key Strategic Objectives

2. 1 . Place Shaping Veaee Stag!

Thy To achieve our aim of creating and sustaining thriving, well-designed and sidltieww oir elny ut olentinng ard qiietalhing MWivitic, welldesigheut snl onriheated connected neighbourhoods that are well-managed and sustainable, we will: nelilbetieote tet sas aelhinerisged att evetelintite, ao till:

6 5. = ‘Whit Work in partnership with key place-shaping organisations to proactively Ih qarittetelily with (eer plncmeltsping oferitections fo qireecltvely: Pf-reee influence regional and national agendas. Mezera! ond oeforel eperdes:.

How did we do in 2024?

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Where there is more to do. Noblestree fe) VinavpWr Ml e ty

2. 2. Community Building Soutvnetige 2ralltifingmn

‘hes To achieve our aim of connecting people and organisations together to develop peohitonte caer atin of coerimciinag peop mint tr uans topsite ee erties diverse, strong and engaged communities, we will: (hres, strong and eequayesteacuyyrurittica, anwill)

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Lael How did we do in 2024? Pe res SS

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Su 3. Championing People CDeihnnpehenscthiys Pree lye

To achieve our aim of delivering support services and working in partnership wt ations Gur-2is, of Solhenng sumpert-cenilous eral scores:by ppettrmmedtiltt with others to help all people thrive, we will:

How did we do in 2024?

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4. Providing Great Homes 1, Preiles Gras Mommas:

To achieve our aim of providing safe and sustainable homes that meet people's needs Tomy?

and aspirations now and in the future, we will PAS mellectene-coutendSst Sateen of preaIn Ginoy hikesate usdwesteas : heres Hed mest people's als

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How did we do in 2024?

Where there is more to do.

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5. Inspiring Learning and Sharing la Tes eel ts

To achieve our aim of sharing our heritage and experience to inspire others, and haat listening and learning from those around us, we will: ee denenee a ee ieeeee oy 2oolee See 6, ede. eee ed

ee te oe i le

How did we do in 2024?

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Where there is more to do. aS 525 25 aaa Oh Sy

fi, 6. Building Organisational Strength Ieutltiny Ongeuleateesl Aveneghly

To achieve our aim of building a strong, focused and resilient organisation driven by ar our values, we will: Fiibies, SS wit:

“ENN Neid wir daneitinwaur Improiictiiett maviel!/aeratin MYT ate Ulbelly Sylttonce evidence value for money value for mensy. .

fag Page [ 16 | Ss

Sage Page | I 17 2?

Where there is more to do.

Financial Review

The Statement of Comprehensive Income for the year ended 31st December 2024, shows a group surplus of £9.3m compared to a group surplus of £3.8m for 2023. The main changes to note are: ­

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Whilst the above accounting action positively impacted our surplus position for 2024, Wisi lie shore acoquiting selion porllvely imparted ont abs poslion tay 2024, weary we are happy that our underlying operational performance was strong and in line with hianpyret oan uncieniying cyerationval jowrforrrepicn wase eerny cond in (leew wit expecitlons expectations and not significantly altered from previous years. In 2024 (£31.Bm) our 2nd tit dlarificaittty aitened tie pegdeus yorns. ele turnover was up on 2023 (£29.9m), mainly due to rent increases, and our Group {tr 20h (E542) any Spetalicy operating surplus was little altered from £6 Wessurplsuy varspe ES fits atur ese e ryfrompeley28.710 .7m in 2023 to £6 FueIn 2622. apf lo Diineseess, .6m in 2024 (see Note 1 ) Een Ih Sideefessoe:Blt Buu7) . fin In line with our business plan, we saw our income from Market Rent properties rise in freer with ure: Creat rose qufeerr, saan ean ry TraniTigger Ratnurinet YOBs 2024 to £913k from £768k in 2023. However, along with many of our peers we saw hse corey wart vticce Th te HO7TSR Shute SAREiy 2UeR, Hees, alors wily meniyet wih [sete wee aey

the costs of running our homes rise considerably in 2024 and this took up all of our ie cogil cf meee ley con Eeay les co casly fh S0erd.als Geel op

rental income increase and reduced our operating surplus. Routine maintenance Farts) income tecmin and fadicad sup mptaling supple. Reus meaintepuniosep ef er osete costs rose from £3.8m in 2023 to £4.6m as the number of repairs reported rose anne Maco fein i gee to SAG eos Me ute olfreapers rept! reine eioniiienitly significantly and as we strove to deal urgently with any issues around damp, mould <né ae we Shoveto eel erent Heth any lise saul daing, moult and condensation reported to us or identified in our condition surveys and condition

reviews. The costs of managing our homes rose from £4.2m to £4.6m and our planned views Tha tesitol mareging iy hones joe femes rn E481 qd baie Rane maintenance revenue costs increased from £2.2m to £2.5m, particularly driven by our jamin) painting programmes. Also our recent heavy investment in our homes contributed to preMeme Alec ouill(Metheey InneSTii

an increase in our depreciation charge from £4.3m to £4.7m. 6, bespumens sey Peqeseeee ier Sers 3sFA inir.Gir Rens conceited! fra

Treasury Management

Tiss Trustees have approved a Treasury Policy which sets out the key treasury taegre2 Tee) Se WE, ee o> management policies and practices for the Group. This policy was renewed in 2024. peearesewy Be Ey. come ced eo et et preciosfer the Siisop, THiS jmlloy eee cated fn 204 It sets out clear guidelines for BVT on all treasury matters. The Group had total housing loans of £89.?m at the end of 2024, compared to £86.3m atthe at the end of 2023 (see Note 18). BVT also has further undrawn available facilities in weet OF203 (oes Note de) BE eso lms detec iactheem:uw at's SMe I Glen place of £9m ol Sim. .

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‘The The BVT Group held a cash balance of £4.2m at the end of 2024, compared to £4.6m SV Group hella each tilansest 249i ab-the anil 012824) compared tet den tthe at the end of 2023 (see note 17a). Had sf 2023 tee ase 12s),

BVT uses stand-alone interest rate derivatives to manage the interest rate risk on the EAT ores wtenanin Micelle Seales te matuyye Os loft vate rial or ls lean loan portfolio, having secured the required wider-range powers from our Regulator. jiniitele, Daving sean)Te rsquinel wikersemme jawam hier sur Heeniietior. Al) All interest rate derivatives are authorised by the Finance and Investment Committee, Aisne! sete deniesenn misfioreed by les Finanige-ane lnweiiermrl Goarit=ligs, iO in line with the overall strategy which is to hedge or fix at least 65% of the portfolio, omk eh GS Sees weep Aiich IS Ee esate S Sa cast Se iS aeee, yt with the overall level of hedging to be at a level that best supports the delivery of the Dh owerst level oP[Tracing)][In][ Geet] a liwal Piet been eupyvorse Wie disivery “EVE BVT business plan. Ynraitiroes pin ir the

AS As at 31 December 2024 the balance of the loan portfolio was 81 % hedged/fixed and ES) Saaeese 36 Se less Se eh SesSf eter ies 10% 19% variable. wruilicbhe.

Our Treasury Policy requires that adequate access to funds is available to enable BVT 3Qur to meet its business and service objectives for at least the following 24 months. BVT peeTineaSe SosaFoley coquirsecet eertindceeodenomin worsesSe estto firey Seiteis weer lutiy mestognableSSSIVT Jitiies utilise external treasury management support and advice to ensure we offer the best cortenres] frewlanyy renenyemetle stipptn! elle SGvioM lieESuTe value for money possible in our Treasury Management. Having secured a new Rolling “Valtes thie nranvey bonis Ivo Ueesuny Mekvagentent, bhivitng Smemiusictwid offga a e w(ie!Mipllireg Liget Credit Facility from Danske Bank in 2021, BVT has sufficient loan facilities in place to cover our business plan requirements until 2028.

Cash Flow Management

Geals Cash flows for the year are set out in the Statement of Cash Flows in the financial Hiwesfan te piety ers rh out is The Vieteemart statetrisitie. statements. The Group has a strong cash inflow from operating activities. This is used of Dost Fires fry lise tienes Tihs Garinsgy Heme shrespng canis Uintleive Theater eiinenembiing aeectbittlents,.Tye to service the interest payments on the loans that have been taken out and also to $5[ean] ce Tie Interestpenniesqn Me Tous Bye Binwe bewiy teeny enest sprit tialias nerdie ‘seety improvement programme as well as the development programme are funded from partly fund the capital improvement programme. The The seniis! tesreeeramt femurs The balance of the capital ifs SS G He repli! Dprerenmusny rogues ae wl) 2p See dinozeesnt jinsarererme one Repaid liye capital receipts and loans.

Covenants

St All loan covenants were met, and our 30-year financial forecast demonstrates that lbeth srmeeirite ware met, end cur ye finenala) (sreceal dejwaretnstes thet BVT can meet all future covenant requirements.

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Principal Risks and Uncertainties

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 1° line management actions, 20° line internal oversight and 3° line external assurance. This includes an extensive and robust internal audit programme delivered by Mazars during 2024, with RSM taking over the role of BVTs internal auditors in 2025.

The Board of BVT has agreed the following levels of risk appetite.

Avoidance of any risk exposures

' Ultra-safe, leading to only minimum risk exposure as far as practicably possible; a negligible/low likelihood of occurrence of ae the risk after a lication of controls Cautious Preference for safe, though accept there will be some risk exposure: a low/medium likelihood of occurrence of the risk after a lication of controls eee Open Willing to consider all potential options, subject to continued | application and/or establishment of controls: recognising there could be a hi h risk of ex osure

Eager to be innovative and take on a very high level of risk, but onl in the ri ht circumstances. (]

All decision-making risks are considered in the context of the BVT's risk appetite. To assist this further the Board has identified a number of risk appetite themes, driven by the organisation values, mission and corporate aims, against which they have assigned a risk appetite level. With this knowledge the Board is more easily able to determine how it responds to risks associated with a decision and so make best use of mitigation resources.

BVT's risk appetite themes and descriptions were determined by the Board after considering 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 statements.

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mening monitoring and support, quality and up to date firewall and authentication ned supper, qUNlity end ajo te date tive anit muttenticetion systems and cyber insurance.

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Board. Budget compliance is monitored monthly, with the Board supported by a dedicated Finance and Investment Committee ensuring financial plans remain on track.

Environment Statement

As covered in our risk appetite, BVT has a cautious appetite for environmental sustainability risk. We are taking incremental steps and are currently focused on improving sustainability through component renewals.

BVT is committed to doing all we can to ensure as many as possible of our homes reach a minimum EPC rating of C by 2030 and we have financial plans in place to achieve this, although we will also need to seek additional funding support.

The Board sees this as a minimum standard and we are working to fully detail our journey towards carbon neutrality, with estimated costs already included in our 30year financial plan. Clearly the historic nature of large elements of BVTs housing stock and the strict conservation area rules we must adhere to add a level of complexity to this journey, but the Board of BVT is committed to making this a reality.

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CO Value for Money Statement ee

Approach to VfM

As a charitable trust with competing demands on our finite resources, we recognise the importance of achieving Value for Money (VfM). Our VfM strategy sets out our definition:

'To BVT, Value for Money means achieving our Corporate Plan, by using our resources in the most effective, efficient, and economic way, whilst ensuring we live our values in all that we deliver.

In 2024, we worked in line with our updated 10-year Corporate Plan (2023 - 32) Developing and updating this plan was a vital component of our value for money approach as it enabled the Trustee Board to debate and reach agreement on the difficult trade-offs that need to be made between business health, asset investment, future growth & development and the delivery of operational services.

VfM is also embedded into our operational services as part of our approach to continuous improvement. Over the past four years we have developed a suite of performance measures for each service area that enables us to measure the effectiveness and efficiency of their operation. We are continuing to develop and enhance our economy measures at a service level. All KPls and economy measures are captured in our planning and performance framework with front line staff actively involved in setting targets for their service area.

VfM Metrics

To help drive VfM in BVT we use the nine metrics set by the Regulator for Social Housing together with 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 targets in 2024 and our targets for 2025.

As we launched a new value for money framework in 2025 we have extended our table in these accounts, to cover some items that were not previously covered but which the Board wanted to set targets for in 2025. This does mean that for some new measures, we do not have comparable previous years data.

We reviewed our Peer Group in 2022 and are using the same Peer Group in 2024 to ensure consistency and we are confident it remains a fair and balanced group to judge ourselves against.

We have opted to choose associations based on the following characteristics.

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Whine This gave us a group of nine local housing associations who are known to us and qnve mee eteu et cline local Hoteligesvtations wie ane: known to oe ad: ‘oeinal against whom we believe we can fairly benchmark our performance. whorn we bufews we open tity feechomek owe paltoircinge: These Wiese Associations are.

apie Aspire Housing Limited Maesteg Uhiniived . Black Country Housing Group Limited Bsr Connexus Homes Limited reas Heme limites Honeycomb Group Limited (Paaeiiny) Rooftop Housing Group Limited Foweiny Bboy, Lies . TheThe The Wrekin Housing Group Limited The Pioneer Housing and Community Group Limited Wiekin Housley Mla near Feary Group col ou nialyirnyLireltyereuiy Weide Trent & Dove Housing Limited WS WATMOS Community Homes Say as cirWitter When reviewing the sector score card, it is important to note that BVT is comparing our December 2024 year end to the March 2024 year end of our Peer Group and the Corierosvierevliigs 2004 Wike-senes yeyior srl ictuslyUte cess, Mere) 208)Telivepcarerel yeny oy tre esisWP ourWet!AlnorVOC) QpdupBe eouuyypaurinng:elas ths Serer Sector as a whole. ara wiolk This is the most up to date information available for BVT to Fils 5 She et orl tte Wieser cum nis fr BUT ts Seer benchmark against, but the time difference is an important consideration, especially in met szele, bet0 Hise sieee elon ines congearsest, sere ic: @ a period of rising costs and increasing investment in existing stock levels being seen Parlin of Heing hows amet Ienomsias nvenner t h extiting tool hovels being cat across the sector.

We use the RSH Value for Money Benchmarking Tool, supported by the HON Fo yes ths RGM Woes Sy Ulekey Soieminees Deel eerie! by Sa ION Benchmarking Tool and Housemark Results to benchmark and cross check our veeulin.results.

We have in the past benchmarked using the median figures for our Peer Group and We favo ¢th= pon! Denehmnike<) using Paustian foviss for our Pees Group and fae the Sector as a whole, however, as the sector has continued to consolidate, reducing Sece62 S Beer os So ee bes Sones ee the number of Social Housing Providers and increasing the impact the very large b Es Se Farewictehls providers have on benchmarking within the sector, we have opted in 2024 to use the UY(reweseant SF BeilWeclcttinearrblityFeticting |PreettersMUTT The iu!Boekellnareesling ie cy or ite very linge SecioySSelie a better route to assess the financial performance of the sector as whole and is a figure Sector Weighted Average where possible and appropriate. We believe this now offers Waluhtatlines io eaeAvormgefs whanFrontdialfoesitle pavtoneres and epampitinto, otsWine Nevesundo:Wssebelleve WhigsHyHOEStile fo new visiersf offenfiguss(hye FO now provided as standard in the Regulator's and HON benchmarking tools US RSE Ss Emad 7 Sn Regie ia AR laser yg less . If this is 7 Mpls Wc not possible or appropriate we note this in the following table. atten PMs cor ey yg yep ies Inn (Wats Pallets Mail, | AaS30e Where we are benchmarking Tenant Satisfaction Measures (TSM), the benchmark will be the median of the sector or our Peers, as we are seeking to show our performance weenweave baooliarkingOf il ceceVenait Sailahinbon Measure (ESM), thsbexctinenht vall eZee! against other Landlords. cigar Leriige, OF cnr PSns_erwe2rs Sieting ba? or corrartenemce

Page I 26

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HoSAaw_eccw_q_i<wu“o—~-——Review of Performance in 2024 and Targets for 2025

Overview of 2024 —... -_ ——-

Page I 29

Plans for 2025

Business Health ee, Performance in 2024

Page I 30

Priorities for 2025

Page I 31 Poe! |e

Development Capacity & Supply Performance in 2024

Priorities for 2025

Page I 32

Effective Asset Management Performance in 2024

Priorities for 2025

Page I 33

investment programme. In our 30 year financial plan we have budgeted to spend an average of £5,500 per property, to raise our D rated homes to C or above. We have set aside £12,000 each for the current one hundred and seventeen E rated homes, £14,500 each for the two homes rated F and £18,000 each for the three homes rated G. These figures are based on the average costs being seen across the sector. BVT will also be seeking grant funding from various sources to support this programme. It may prove that we have been overly prudent in our budgeting, as we work on delivery plans, but the Board wish to have contingency available to accommodate any supply chain issues.

Outcomes delivered

Performance in 2024

Page I 34

Priorities for 2025

Operating Efficiencies

Performance in 2024

Page I 35

Mietithans that there are some service level improvements our tenants will find ane aonte gonvine feval Ieyrewamerts: ou temerrise wilt find: lwervetebel) beneficial, so we have a plan for change in 2025. We did see our be wwe Dever or plane fey: alinne expenditure on service charges go above target in 2024, but this is ayes Se cenlceetegee tty Do Whe iad senrmarenzy: reflective of our drive to offer an improved service. ralettive<4 ial Gries to alin En snpeuvedbo eeeeryic:ee OS, I ee

Priorities for 2025 Pokey hts Tey

Page Faye I | ob 36

during 2026 to take over some landlord compliance tasks, eventually delivering enhanced value for money by delivering a better service at lower cost.

Constitution and Governance

BVT is governed by its Deed of Foundation which was amended in June 2021 to enable access to a wider pool of potential trustee candidates by reducing the number of family trustees from 9 to 6, removing the nominated positions from The University of Birmingham, The Society of Friends and Birmingham City Council and creating positions for up to 6 independent trustees (2 co-opted) to help to increase the diversity of BVT's trustees and to bring in the skills required by the Board.

The Board meets at least 4 times each year and is supported by a range of committees with delegations clearly set out in a suite of Terms of Reference approved by the Board. There are a number of governance policies and documents in place to support effective governance across the Group.

BVT adopted the National Housing Federation Code of Governance 2020 in March 2021 and completed an annual self-assessment of compliance with the new Code in early 2024. There is one key area of non-compliance with the Code relating to the terms of office of family trustees. The BVT Deed of Foundation does not apply set terms of office for family trustees, so Family trustees may serve longer terms than

Page I 37

those set out in the NHF code of governance. Family trustees are subject to annual re-appointment after serving 9 years on the Board which takes into consideration individual trustee's performance and the skills requirements of the Board and committees.

BVT assesses its Group compliance with the Regulator of Social Housing's Governance and Financial Viability Standards on an annual basis and certifies that it is compliant with these standards.

Employee Involvement

To provide for consultation between management and employees on matters of concern to employees, a Joint Consultative Committee (JCC), comprising staff members and managers, including the Chief Executive, meets at least 3 times per year. In 2024 the JCC discussed areas such as maternity, adoption and paternity, sickness absence, work related social events, equality, equity, diversity and inclusion (EDDI), employee wellbeing, hybrid working, employee protective clothing, personal and professional development and health and safety.

Public Benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of BVT and in planning future activities. The Trustees have concluded that BVT's aims and objectives contribute benefits in many ways, including the following:

Statement of Board's Responsibilities in respect of the Board's report and the financial statements

Registered Provider legislation requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and BVT as at the end of the financial year and of the income and expenditure of the Group and BVT for that period. In preparing those financial statements, suitable accounting policies have been used, framed to the best of the Trustees' knowledge and belief, by reference to reasonable and prudent judgements and estimates and applied consistently. The Trustees prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Applicable accounting standards have been followed. The Trustees are also required to indicate where the financial

Page I 38

statements are prepared other than on the basis that the Group and BVT are going Ratemuis ae prepared eflwe fini on Be deve Treaties) Gircor end SVT co geng concerns.

Vie The Trustees are responsible for ensuring that arrangements are made for keeping Vielises ane RESISWKS (on ensuring ae Ae penaS ers rales fay (eat)AAV 1G) [Opes proper accounting records with respect to the Group's and BVT's transactions and TeaRMNERS FRC valilh cesappece tes thes Grow ead. BVT enact ati enerls assets and liabilities cui [etilles, , atid and for maintaining a satisfactory system of control over the far Wilh Bs Group's and BVT's books of account and transactions = setiohiutory . The financial statements have syste ot opine tive Wo on 2YTs oie ol aacwurtant yaneaction® Teta seater Hw Iuenir been prepared in accordance with the requirements of the Charities Act 2011, the papers’ ln ceo: wile squires of Dos Diese Ax! 201). tre Housing and Regeneration Act 2008 and the Accounting Direction for Private Roe) amt: Repeteiston wd Sh88-aqd fhe pdoniiriing Diresinn fin erate Registered Providers of Social Housing 2022. The Trustees are also responsible for SSS lis een a) cuts isis ay Tes Ts Seis Get spurp ll De =3 ensuring that arrangements are made to safeguard the assets of the Group and BVT Stet singe Sed Sab ecets 2 seeecses Heese iss Sas 208 and hence for taking reasonable steps for the prevention and detection of fraud and [lel Gy Sires reesoprallli alates ir Yes prevent ered iimesdon of maui! suit Gili other irregularities. titeelaritios.

The Trustees are responsible for the maintenance and integrity of the Group and Pouce financial information included on the Bournville Vi frlavoaein Iasidell or ie Bournville Village: age Trust website Tyuwh yebefte. . Legislation in Legitdatinn fy he the United Kingdom governing the preparation and dissemination of financial tivited sagen, Govartenn the prepamiloy ay deserninstion of fireintal statements may differ from legislation in other jurisdictions. Steteports ney Set Soa eselitinngs i nite: ferceliifers.

Hrni Political and Charitable Donations col mid Cicer (Serrikl [edo

(OWE BVT is a charitable organisation and as such we made no contributions to political Tess cn velenttaedgbes neenisalionne. organisations. To further the charitable aims of BVT we made charitable donations to Pofurtwncannerthiebsimat ahariiele ine canned engsites stemof BVTwees ours tseriedsaye contisitanie clterftelié dhapetious fo palitinenl other charitable organisations who have a connection to the Group, of £43,600 (2023 nithar charahie eganieniionswie lave as sonneition trie Simup, of[£45,200][ (ies:] ty : £4400) Alongside this BVT offered partner organisations, who furthered our charitable aims, £34,430). recreate) is: SU 7 s=sret patti niccnssto wn Si fierce ote sherinhs em. 2500 accommodation that equals a benefit in kind donation valued at £7,800 (2023: £7,800). Eg Sees iM rb Sometoe 27,500 (2vzo GT oy

Bimclenntjct Disclosure of Information to the Auditor tretamsation tretlia Asien

Disclosure of Information to the Auditor

Trustees who were in office on the date of approval of these financial statements have Thins who were In ofiiceon {hn dete iisppnoeel

confirmed, as far as they are aware contd oo fatesthon awnare. , that there is no relevant audit information of which het tiara ta ne miavanlauditintermalionet ita fiitehclel steterniiaytsaf which lien

the auditor is unaware. Each of the Trustees have confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware Dretiem ttre milithsatst prea,Hey peuahlEachte tevof iukerOyu rosie ce Prsesscehave conferForth nllto tedmee theyameshesnevestlio treeswll

of any relevant audit information and to establish that it has been communicated to the ota miwserntsudh are Sen ind be Sesh ee) Ff Pe tee enor reed is auditor.

Piha Auditor

Tie The Trustees resolved that Seever & Struthers LLP be reappointed as auditor for the Leuhiesss reesivedt thie) Fino & -Sihutiter CUD tye neepypesiivic e ls muttafehl) thie BVT Group for the 2025 accounting year. ART threup for tins S25 mest yes.

haye Page {20 I 39

AnnuaJ Controls Assurance Statement 2024

Introduction

This statement sets out the evidence officers have collated on the effectiveness BVT's system of internal controls, which encompasses a number of elements that together facilitate an effective and efficient business, enabling BVT to respond to a variety of operational, financial, and commercial risks. These elements are:

•

Policies and Procedures

A series of policies and other documents underpin the internal control process and written procedures support these policies and documents where appropriate. These include rules, group standing orders and financial regulations that are regularly reviewed and approved by the Board. They are supported by other major documents and practices such as the Corporate Plan, code of conduct, a performance management framework, management delegation systems employment contracts, appraisals and monitoring processes and one-to-one reviews.

The Audit & Assurance Committee approves the approval levels for all policies on an annual basis.

Data Breaches

BVT's Data Protection Officer manages and records all data breaches, both internal and external, that occur. On average, since we began recording, we have 6.5 data breaches each year. We have seen an increase during 2024, although it is not considered significant. 2 breaches related to documentation held on the Property Alterations Portal, so whilst counted separately both had the same r t cause and this has now been rectified. Similarly, we had 2 breaches relating to the use of EasyPost, our mailing company. Again, the breaches are counted separately however the r t cause was the same. This has now been resolved

Page I 40

with a written procedure for colleagues to follow. The process for reporting data wilt a wattten procadurs To colleagues ty follow. Wo proceem

breaches is set out in the Data Breach Notification Procedure. Chimmanif sere fe -shl settp the Cluby Green F offigetion Ireneaduna the rspantingy cert This There were no data breach incidents in 2024 that required informing the serene bey Gate Mania (recta: Ih SOeH [el eerellieldl Inserts thie Inforrretinn Information Commissioner's Office (ICO) Coniesionet') Cites (CO). . There There were four breaches where the wore tour tresses where tte Data Subject was informed.

Barmy Spam emails are always present and do continue to pose a risk. We have now Sell es Eheeye prevent Sr Me ossitime la pets 2 Sh. WeTere lice ae delivered to all staff to increase awareness of the issues that spam emails can achieved Cyber Essentials Plus accreditation and online training has been rare Siitto a nian Bestia)in inesMusoeaasaeiiediistenof thiseedevesenilise SLtetaligsys AMMfies teency cause. ne. We. We are continually learning from data breaches. There is no blame associated que ouusiitaaelly (Sseqriny Lom dae: |resetes “Tiare ye rit ee Ssece tig. with breaches, and we actively encourage staff to report all instances they are will besacties, und we actively enoatinege ZiT to lgpatt all,Inntanass further breaches occurring. lewolinee! involved in, with a key focus on learning from breaches to reduce the likelihood of hither heather1h, ail) osewsra Teeaekey ma ri Heap) tian Breechty peel Bre TkalthedMay que All staff continue to receive online Data Protection and ICT Security training Al) stett onnitinany (is resmeheo ui divs Disien yeu eer, (CT Zeomitytreining WHET: which has given them a good understanding of our Data Protection policies and Chee gion Weg ey gookiel(reliant theses process and also their responsibilities when managing personal data, as well as idly OF qui Wextur (ywntiowiltcyyy pallies nya bared ae ee feeojrulisiiiiion wilted: remain paescinel eeiss, sewersll useful information on ICT Security through our Cyber Essentials Plus training Coat an Teast nine oof SAF Seaterite Pirewoll cor Oaeee Eeennte videos. hoses, ee ttas bey The Data Protection training is valid for two years and is automatically sent to Slo staff when it is due. New staff undergo the training during their induction. whatTM te Whe, Mer etal!(rritergeUlin teinling Ueirlee reeuly Leeluunstean, eticlineacee Business Planning, Budgeting and Performance Management/Reporting Mlariiatrg, Fudigetitug artis (ertaremrter Nekectecagrannontlleappenthong The annual business planning and budgeting process for 2024 was based on The tree! huvrinceg precy send Scie Selects achieving the strategic objectives in the Corporate Plan and managing the key Ses cten's Cetiee rey Eros Siry BOSS ques Treerss| or: Pike risks that might impact on achieving this. Wiese ea linetors aatihewigs= OeWile. Beran Bases? tote ee SS Ee Thane There was regular reporting of both risk and performance across BVT throughout Wes Tegner rspariicg of both tink. ont] patiarnines samen SVT threnatiout the year. Standardised report templates are in place to ensure that information is Te year. Brancingsed rayon leprgleten ava in pec ly aeeure Tul eeenalion bs presented clearly and consistently across key issues. A A robust, business-led approach to a quarterly performance reporting cycle and (oliuet iidinterled apmeuuct ie & (etturly peliouivenas engines suites of KPls for employer and landlord health and safety compliance. Save reporting from a suite of KPI measures is firmly established and includes specific Mining27.fomNFis tinMeus aseof Ki iemessyena(islinestandadaolubtiuhedaafety cortacence:.andl lndhuedseeye aqadittic nit)

‘Vite The advanced stress testing we have been running for some years was updated exeevremrtitee) wvtbetees ties iya() ens Dsante Tree elaelic) Weal expernes yea ures (uieatend in line with our annual cycle. The detailed stress testing completed has enabled trldtecs trustees to understand BVT's financial position clearly and also understand the ta bruewievst SV Werte poviten singly auliaien urestand thn impact of various financial scenarios on its financial viability and has resulted in et ve Beers meas VORy very clear indicators for ensuring: Gisen ioimiers Br. ar Tess oS Ee iesere eshte isaeae ier fii

Waigee Page I | 41 ul

Sel Risk & Assurance & xs uyerin

A Risk & Assurance Register is compiled and updated by the Executive Team to A Ailek & Aissiyinnce Rewistay Ss keonnpilel nett pttntenl bythis Sxucathvs Teuiin to teal help to facilitate the identification te Teeitiiake , assessment and ongoing monitoring of risks shiniicant significant to the organisation, also considering the need for further mitigation. 3 the Heonrgariisati Whediiks Rion),isaseecmwineenedcmelioring a oe t n,capsranot! far eitater mtlge co t hintsion. Vion The Register has been presented to the Audit & Assurance Committee and to TiegelesPeat Deon preiles re the Board of Trustees each quarter in 2024. Wows] of Tales each «illitefo112098. fy Puc? Resumes Sorular snd Soe A small working group of officers and trustees have been working on how to nlleading Unie ofalfieats 2nd Guedesheave liners workling An Mow te embed risk appetite and identifying improvements to the risk register and repute. reporting. This work will complete in Q2, 2025. Thlp work we Coun isi iy G2 SUES.

Audit & Assurance Committee AULD 2 fesseuieptes echt

The The Audit & Assurance Committee alerts trustees to any emerging issues or hes® Roses Soren Tes 2'ee Syste Sep Stag Ss ee concerns it has. In addition, the committee oversees internal audit, external audit commana Ith 7 a8aiion, We aan fie overseas tome audaviertal wit: wx! and management responses as required in its review of internal controls. The mengeraNirssponeyeme PeyuinodIn ith rehome oufnrn committee is therefore well-placed to provide advice and assurance to trustees be tHiapef i iastieswel) loimeet tie [weruWies edu iter aina t Diszywleeteencontol,tons be trwfioets Tine nh on the effectiveness of the internal control system, including the organisation's ir eccrine a ites [taarmal gyetan system for the management of risk including the scope and effectiveness of the sgt ill ees, Ibe boring Ske wieeetention’: i the ereeacnent =! Weiss! ve te oo part clecwne-pess rs steilagy, strategy, policies and procedures. polities ene prewerl ieee: Sluce Since the original Audit and Risk Committee was set up in 2017, it has ilies arkuireesd Audit at (teh: Corrunli(es wae-sot np inRui? ites developed its role and has become an established part of the oversight of internal controls, most recently in 2023 following the 2022 governance review weetWie where the committee became the Audit and Assurance Committee and refocused its role. Ihe tevaniiitespelts: Seeanis tis Audia Aseurance Gorunlies andl Thy The committee has a mix of experienced and new trustees plus two very a Ses ASl Sis gal eS Sew DSsce Ds ed ey experienced independent committee members who bring valuable skills and coijollened ln topteier:| cour iiies geen bess who |Wi'o vecuster skills aid qareMinnee experience to the committee. ty the committee Tle GommiisePaget The Committee met 4 times during 2024 and also held a joint meeting with the Finance and Investment Committee to review the annual financial statements Baap matAe4 tresSotcuitngeS222836 4 ondSea SteeFs cise:trolil 9 Teakest mentingme[St571] eth the20 aled and external audit report. The minutes of all these meetings have been oxen sill rapevl, Tire minivise ui ul theese yeusiings Tove ten presented to the Board of Trustees. 24 As part of good governance, the Chair and members of the Audit and Assurance pa Ct egses qecmaneet Ne Cfeell eet poms et te Aaa et Aten Committee have regularly met with both our External and Internal Auditors without officers present to gain independent assurance on BVT's controls over WW Giiay prsksntfo Quin liMmepaniant Skene on BVT econo pyar ~ its business.

Foye Page | I We 42

Internal Audit Programme

(iva improvements to service areas, internal audit is responsible for aspects of the its normal risk driven programme of work, including recommending Internal audit is an important element of the internal control process. Apart from NisTeetercomma!ee ektshedriver)Tit a eves (Rel pregqreammre Ree Iniengof end,tesmar letuilling Krierle romancingneomibatShepnotasef= ipa ApeOF tisCini STIL annual review of the effectiveness of the internal control system within the Seem OF [UscGy OF mn Lane! Dolls, eyFaul keen tm encurriecifears, organisation, giving an independent objective assessment of the effectiveness of (Wik re (hitler ett eliecil ns esecteh yyy tit eat Hee effeel eesti: iat the risk management and control processes operating at BVT.

The internal audit programme for 2024 was fully delivered and an Annual Fis interme eel overrerre er 2924 ees ely Gewese & Are Hikers! Internal Audit Assurance Report was presented to the Audit and Assurance AVE Tearatoa Nic port Wes premmenced 9 MeAwallent Msaurence Committee and to the Board of Trustees in March 2025. The Internal Audit opinion rating for BVT in 2024 was 'moderate' in terms of the overall adequacy

and effectiveness of its framework of governance, risk management and control. ert tectseng of tts Wrenteueek of ynversnse, let reepensirert end cates, This rating is on a scale of unsatisfactory, limited, moderate and substantial. The The Audit and Assurance Committee took a robust role in terms of ensuring Aidit anc Aemurames Cannnitiiestira ar retienet note ti fammohaneing — ment scrutiny and oversight of both the tracking and implementation of internal audit et eversigtt recommendations through regular and more detailed reporting of any Ptah peeermtbeat comme: Merpof b a wenslleeatyteetr eet p e ntcdinw e raneles vee implli a lngetetion resinrttingvilef willyihe! mull outstanding recommendations as part of the quarterly Risk and Assurance reports.

A tender took place in 2024 resulting in RSM being appointed as BVT's auditors A bendy took place In 2H resulling lp RSM Seing opyolten eoBUTS euilitors Eas from 2025. This change of auditor will bring fresh perspectives and experience to BVT's internal audit programme. bowinten)2696: Witslit!eherer pregrzillina,ol mudiicswt) bine feet- rcesrectvesmel eepsrione=.

External Audit

Babess External audit provides feedback to the Board of Trustees on the operation of the S22 poy Ens toma lisicxfo Tr gest TetisseS39 The scaretoe al internal financial controls reviewed as part of the annual audit.

Ih In May 2024, Beevers & Struthers issued their first Audit Findings Report, based Miny 2024, ioavere & HGuihers ieeiiud their fmt Ault Fpaling)s Repent, aed on BVT's 2023 financial statements. Beevers & Struthers recommended that a on PTs 2028 tinea stabunenta. thowwers & Stiuthers eacairirensed that A Be formal impairment review should be prepared on an annual basis to support onal BVT's view that no impairment charge is required. BVT agreed with the wheser oeat yepeer (erieroeser MerittereSs pretTe Peuinad.68 Snes WV) apes beeen wills SetUtne “oiedriieetsrenetisys recommendation and will conduct a formal impairment review as part of the xnids Yell worst thvel eyyrnml Lergeeterewiid dural annual accounts process each year from 2024 onwards. This will be done post dines preveee monteer Tron BRE)oewely, Fhe willlGy done pil ricweenee gins omni iat On Weshond year-end providing the review to Seever and Struthers during the audit. prov iliay Ee teene fe Sree andShuewsdune ths euets Thee There were no further recommendations identified during the course of the audit wesrece Taviier reccininencetion: deriiiad Uuving tte course at tite aude work.

Pal, BVT, BVD, BVE and BWHS all received a clean audit opinion and there have SY SEE eye RE all cee ved « Goer aie) cee ete! there bee Dyes been no disagreements with management regarding financial reporting for the fs GiesgreentenS wilh maneqemers regertan ilkencel importsSp lim parse purpose of issuing the audit report oF esting insantdh repre . ;

| Paigus Page [aa I 43

lel Third Party Reports Fely Repos

Faflomal External assessments and advice provide additional and useful assurance. Major eeseurante sunt advices gamaile adiilienal pnd ueeul eseaninss. Major sours sources tndlude include regulatory judgements and negelstory fieoements ant independent independent advice around aches ater governenos. governance, treasury management and health and safety. [MMT Tenezocrmetand fauilttt-2ed yuethity. External expertise and impartiality play an important role in in supporting BVT to ‘Exartel expertise end Ingral Pally aisy ee rpereethroe Th lh supiititiing BVT te movie review and provide support to aspects of its work an peuvllle angoort La empsels of tei werk, . Quite During 2024 BVT used external partie parties to support the following: tie apport Ihe Tatiowlhin Wt WY ised anteerRey

BVT built on achieving Cyber Essentials Accreditation in December 2021, by paleme achieving Cyber Essentials Plus in 2022 and maintaining this. This is an ng Sytice Cees Iles lh SP did Pei tae ng Tile, | Pills esi’ sathsinally externally verified accreditation that BVT's ICT security arrangements met the verted AomrsdRation tre Sits IGT seskilly areamyenvyia mebilio standards expected of the highest performing organisations in our industry Sia.arti sector. eageottns oFne Hite ect meacttsrreltrnag cegemnltient irons bev okay thlussy;

Pear) Page I 44

BVT's last In-Depth Assessment (IDA) by the Regulator of Social Housing was completed in quarter 4 2021 and published in March 2022. conceteétin quntiay ASK and o> inhied i: Weih 2HSS

Georyeepilannreeas Compliance with key laws and regulation tw LEN dere Caveat mare)

Thorne There is a section for compliance with relevant legislation in BVT ies aecton tar commance 's standard report template so that any issues or concerns are clearly highlighted to the must seraelelo BDYast any QIURS Ofwit)OO gerrae enevant a gmintions these inHighSh)kytedestadoto ire Board and Committees.

‘ter In November 2024, BVT submitted a self-referral to the Regulator of Social Blower 024) EVE: salinities neel |cetterrall(ts tne Hegulanten Hidhe Housing (RSH) following a severe maladministration determination from the (REM) folewing 6 oerers moalniiniaatation determinationoof Senidat Housing Ombudsman Service (IHO) in relation to a tenant complaint. Following Enuting Sretenicman Servog (710) in mietss-to trieesnt conesfom Fellows the its investigation, the RSH concluded that there was no evidence to indicate that Dllmeaga, he SSE owidest Pel ars ves us eléeras_e frees lg there are serious failings in BVT's delivery of the outcomes of the RSH vite ahs Serlows Pslfliees |) Ps devine, standards. It advised that it was not proposing to take any further action in call iiip et Wie Guieenes OF theRSH Ut atlas Ue KC wee et extemal ted foes carpe Parle acai let calor relation to the referral. In reaching its conclusion RSH noted that BVT had fully complied with the HOS' orders within the prescribed timescales. It also noted Rorqciss$9 tho niferal, th iendlirgte condigsion RSHetedthat VT hed fully that members of BVT Mit menikes are «dlfiatBUTS MSS! 's senior leadership team have met to discuss the HOS' oritersSelor (Stes) neh ay Bentieeees fewet eecceee wetso Giga| gles tote findings and determine immediate actions and key learning for implementation TO ian aerset ecto ive Imus itis Sethe anid Poy lenyeillag er leryploirqistetiHs NOT and dissemination across the organisation to prevent reoccurrence.

A self-assessment of compliance with the Regulatory Standards was completed (Povtcegsss= a olceewasse ar te Reeveta, Setecy ces Sry ote whiequater€ which is within the Governance and Financial Viability Standard. BVT does not in quarter 1 2024. There was one area of non-compliance with the standards 902%, Tent wm one area of noraamyplimneswin Ihe sirens filly fully comply with its adopted Code of Governance as there are no set terms of Offer office for family trustees, but this does comply with BVT's Deed of Foundation. eainphyGeetywiiintecriywil Ne iwtetese,TeGevemangecrdticleal Codielle aineeofFinundielQinrayreiing mene gettMahility Usa hers Sesnéand, Decalare iroofWT Fexcrterllitseeltaidoes n etot The self-assessment was approved by the Board of Trustees in March 2024. The The Regulator of Social Housing completed a financial stability chec Masulator ofSadist Hemming samptited: « tremcial atehiltty ote k fr in qusiten quarter 4 2023 and subsequently regraded BVT from a V1 to a V2 rating and confirmed 4 this again in December ite qeels S075 enelavilineuuently|r Dame ber SMM, 20 = 24. The regulator advised that the continued high goes FHS feel SeFe'Sa) frome WT reta ¥eVeeaaacarl Ane) perssarin! Trege

eager Page jedeae I 45

teunts levels of investment in BVT's existing stock had reduced the EBITDA MRI ofinvextneniia SVT: cating stualt ted retuned te ESTA MR littenert interest cover metric significantly and as set out in our 30-year plan, would cmasy mctilae-ston|{geutly ag ae nent ont fe un Speer ston, vaaule continue to keep us at a reduced level for several years to come. The Regulator explained that their internal working group recognised that BVT had put in place a a treasury position that fully supported the business plan and that this was a frowauay position tial fullysupported the tiiness plarand tal ils essa cteeanPaaeiiletanmadh clear indication of good governance and strong financial management. The Regulator made clear that they hold no concerns about BVT's ability to manage Inidilicationt iesoof qevortstop igni aigimide cqnesmshent winang firantial rameginieittsars still, conmenaneHae See debt or maintain the investment levels we have set out. BVT is one of a number Ch mae Ore yestayes oe Favees; wes GA) work Of of registered providers who have been regraded to a V2 rating, which is still 2) nujimersd providers Wh laws Deer, neytntiodtS a Wilrating, wiilkh estl -oale deemed as compliant by the regulator. Beant Learning from regulatory downgrades in the sector is included in the quarterly fem wedatery Soorgredas-tn Herssefnr fe inetutied tm Hae cumrtert)? Esl risk reports at Audit and Assurance Committee eae eh4e8 1 atofoisSa ae. . Ladleectshies All regulatory returns were submitted to the Regulator of Social Housing in compliance with the set deadlines, including new returns regarding buildings above 1 1 m in height. if Fedral ioniota[Piers] Wy aiccia! fee ee[warmest] Alesree,facetTreelineCue feeseater pelvisot Stipepager)al Muieingwealbu tes, Propemmtions Preparations for the new Regulator of Social Housing consumer regulation regime tor tis naw MequintorstBodo Hawving consumer -roqniletionmeginin wabiicshh which came into effect in April 2024 began in December 2023. A compliance self­ cary Trees ofTencll et yg) ACA, teawtenrs Ty Dosowpreiiinsy SOS, A eounyeipll Secimerert assessment was completed and an improvement plan has been in place yew corte! end =r leeseent pizt hes Meer arya1 ployoul oe throughout 2024. et Se All regulatory returns were submitted to the Charity Commission and Financial AltATocanctnnes Conduct Authority (FCA) within the required deadlines. veraAaaatbc TeteityAA) were wolthitee autmited Shes reaogesfioodtta tie deserves. Shetty Geramiscianvand Flransiel,

In 2023, Ofsted compliance was confirmed for the Shenley Out of School Club. The Holdings met Ofsted compliance requirements in December 2024. thee Hoklings aed Olitet souiplence sajuliemmenta |) Cersmnler 2084.

Thane: There is ongoing monitoring of BVT's activities to ensure compliance with Charity fe crarolne cmvantistinny cfHAS octitiies tecetinas ceepllamoe yok Olhetity: Gar Commission charitable activity rules. renisesteseL Agu beStles ees miss.

FroliRy Probity Reports Rspevin

Resiler Regular probity reports are presented to detail any entries in the following piovhliy (epette are yresertted We detell eri, emits fy We (allenting Miles registers: Atitoese Anti-Money Somtaip,, Laundering, Fraud Meet & 2 Satag, Bribery, ERs Gifts & E Sacainy. Hospitality, WUT Whistleblowing (non-safeguarding), Declarations of Interest, Disposals of assets wiliectipayiys1 [ior apefeaguuMcing), Deiewertionss of wimest, Cigposas 6 enue b) or property over the value of £500 plogatty over Uke value of E500, .

Finan There have been no issues of concern reported S eins Peon ne laze eitconcer: eyes, .

Siiciversa Effectiveness of Controls of Oates

SOhw controls certification process did not highlight any issues that were not previously Our risk and control mechanisms are generally effective. The annual internal arteHaleSattleramid centergs vesA poetes ae bilewihiwesilyVigilGen leeeioeOfliiniivs,eeTiegeesteyanhvel et Greyysterrallgtonlte yee identified through normal management processes. pease Poona nat ars Pee.

Tin The Executive team reviewed the effectiveness of the system of internal controls, iecvites tomnnatawed theattedivercas gf tor aysternaf (itemeherntroty, fwaading including the sources of assurance agreed by the Board. There is sufficient Siw cannes of eamunencS equieed (py (un Neeuert, “Tiki fe euftictent:

Page Paap I | BE 46

evidence to confirm that adequate systems of internal control are in place and operated throughout the year.

Reserves

All surpluses generated are reinvested to meet the Group's principal objectives, therefore, the reserves that the Group has accumulated have been largely invested in its housing and other properties and are not represented by cash balances. The rationale for certain restricted reserves is explained within the Accounting Policies section.

Fixed Assets

Details of the changes in fixed assets are set out in Notes 7 A and 78 to the financial statements.

By order of the Trustees Secretary 12th June 2025

Page I 47

RECT INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOURNVILLE La VILLAGE TRUST Cere yeeEL AIT LTT GTR ANNES A! CATT

Opinion

‘Wei We have audited the financial statements of Bournville Village Trust ("the Trust") and its subsidiaries ("the Group") for the year ended 31 December 2024 which comprise Sean Hever|suctted=e Comthin, aS Srqendel eldenperis ofHormrrulleWiese Treat (Clie Test) arid the consolidated and trust statement of comprehensive income, the consolidated and Bie corinne eleiasl andl (rue! ssedomiia| Se) te pees = Deva nei 2028 Or eee ue TELWy trust statement of financial position, the consolidated and trust statement of changes in reserves, the consolidated statement of cash flows and notes to the financial neewves,RNTESLthe conmniidatedTania postin,sieternmartiteof c ormeieanadenitof czah aneistavuwaret nes, iretanid atabuninweninefesthecinsaliiniodto theofateernyatrnndilel)aye statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Spain) Tamawot Wal hes Goon apphad ii Peinpression is apyomale United Kingdom Accounting Standards, including Financial Reporting Standard 102 Uniied fey cyt The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Te FiainelelKinalenFeauiting AccountingDtealvrel Siavtlerts, Invhvlingwpnitorlit fn tine Flaidiol cere)( R eppinepstelicol treberdStandesw(Urilfod 102 Kingdom Generally Accepted Accounting Practice). Uti In our opinion, the financial statements: cogs, Sees Pees appellants

Baas Basis for opinion Jor nplulos

WePiste We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under those standards are eoniludlied(eI andcuredeepllortlsty sacuihcetee Gurwllreeremaltiieslwliermetorial Serialsietien earyysteptexisMeueiirve (UIE)ore further described in the Auditor's responsibilities for the audit of the financial isa (ez cet] in re AB: wept (ortiz oy a 261 wi he ZParain eeiarivels statements section of our report escion of mur repidil . We are independent of the Group and Trust in Ws are Wilpendsn al (tis Brolip and Teil lh mongers accordance with the ethical requirements that are relevant to our audit of the financial merci statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our InewithtesHidLNG lifesIncitingrequiemneniteive Se thet-ans Litem) Seepyieattrelent loaur ad ean),ye Hews of thetuples tiramolel, cur other ethical responsibilities in accordance with these requirements. We believe that he the audit evidence we have obtained is sufficient and appropriate to provide a basis andlievidisned wa Mave obtained & eaiert and.apymprlete-to pie6 bests for our opinion.

Eeereliehose Conclusions relating to going concern faba te gelity maior

In auditing the financial statements, we have concluded that the Board's use of the m sect Sa fineote Sehrers,

going concern basis of accounting in the preparation of the financial statements is going) concen Gegiaal aeepunting triteWe here properilon sonadenal Faithe heTania Sosisalsterrenta ze oc) Teie appropriate. Based on the work we have performed, we have not identified any material

uncertainties relating to events or conditions that, individually or collectively, may cast Uissi=llihek SeUny in evaceg comigere iat Paiieluil significant doubt on the Group's or Trust's ability to continue as a going concern for a Algnilel\LAsubtpy Un Group's 1) Tas ably te-eontinusy oF sel Udi wey, trey cml ‘fpattog period of at least twelve months of ah eet twinsarp: from when the financial statements are authorised for ae @going marcel il 2 issue. fSeus, tinier vetieery thie firme mda! fai texresecise aret eutiperlged 18

Page Pegged I 48

Our Our responsibilities and the responsibilities of the Board with respect to going concern meeiponettiities and the mtpansiniiiiieswt the Roan) with sespectto gelag coriasm, are described in the relevant sections of this report. ere doi bse “no ttn poem ste] gees We report

Other information attere interes

The The Board are responsible for the other information. Other information comprises the Bowed ene regpenelbts fier the otter friferetion, Cilinn intention eorpritinn: tie. infeimaten information included in the annual report, other than the financial statements and our Indlothod inthe anneal regent other isn the Timaygel shuts sol our auditor's report thereon. Our opinion on the financial statements does not cover the SUS lees espe Wheses Gee ielined ob We Mnsinele witerinbte Cee ned comm Ue Srer other information we do not express any form of assurance conclusion thereon. limerndian wets cot enitecs sty fine of sescr me sorcieson Recsen other information including the Report or the Board, including the operating and IconSher In connection with our audit of the financial statements, our responsibility is to read the (ilemedeywil onnaudttiedudiagaf WethotimendialAepotl orstatorrenta,iis Spent, cumlndludiryressperieltiiitytes omeredlinyite ta reeaetae)ee financial review and, in doing so, consider whether the other information is materially lecanmitar, inconsistent with the financial statements or our knowledge obtained in the audit or 24071 Mo tinenciel ietenverta on qur Ueoeitdge etal in HS eno ar iwi otherwise appears to be materially misstated. If we identify such material spare to ee Ieattally mitetet. Nowe lanlify glial) myietiel sensi whether there is a material misstatement in the financial statements or a material inneyullikersiss inconsistencies or apparent material misstatements, we are required to determine Fase fscirwn ayparentieee: moueersettaiteyie! mipstyfarrenta,i) ee Amita:we sitstennismeetin)op)te @dleiterynliremeitoris, misstatement of the other information. If, based on the work we have performed, we Sornilhiehs conclude that there is a material misstatement of this other information we are required that ete beenretintal jilestrosn wae. ot ths cir Inearatinny tes are reget to report that fact.

We We have nothing to report in this regard. fee pattie lneeboe> Ue seperd.

etre, Matters on which we are required to report by exception aus Sati? qaeaes Getllpod Gerenit os enoepehait.

In In the light of the knowledge and understanding of the Group and its environment the Nott of thekmowatipe ond ontemteniting of the Group ere) ihe avin: oMaina) obtained during the course of the audit, we have not identified any material dying We ceutes of Ihe aul wa Reve pol Wisc] led any: peeieyisl misstatements in the Report or the Board, including the operating and financial review.

Responsibilities of the Board

As explained more fully in the statement of responsibilities of the Board set out on Fe enlaired more Milyein the aldismant of sponstiiflitier sf thie earl sat cute ego page 38 and 39, the Board is responsible for the preparation of the financial statements 00 ps $8 ifn eerste ee Sie is Ty preeul Ade iees,Sse[Ss,] 2F0 and for being satisfied that they give a true and fair view, and for such internal control Bh lledne Sotieteas (Res Seep gies Fue onal Sit oe, enefr seed ldeetal Gaallns| 2 as the Board members determine is necessary to enable the preparation of financial the ine mamnhous demannive te necaanty we Smalls he paqpanmntioy statements that are free from material misstatement, whether due to fraud or error. pialowvicnthy Deel re The Tho: actioned syilnateynsnt, etter dus to Tullcioof finanedal

Magy Page I | a 49

In preparing the financial statements, the Board are responsible for assessing the Group and the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board either intend to liquidate the Group or the Trust or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Page I 50

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non­ detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

Use of our report

This report is made solely to the members of the Trust, as a body, in accordance with the Housing and Regeneration Act 2008 and the Charities Act 2 0 1 1 . Our audit work has been undertaken so that we might state to the Trust's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the members as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Cartwright (Senior Statutory Auditor)

For and on behalf of Seever and Struthers, statutory auditor 20 Colmore Circus Queensway Birmingham 846AT Date: 17.06.25

Page I 51

Bournville Village Trust Group

CONSOLIDATED AND TRUST STATEMENTS OF COMPREHENSIVE INCOME for the year ended 31 December 2024

Notes Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
TURNOVER 1 31,792 29,860 31,146 29,081
Operating expenditure 1 (25,216) (23,198) (24,728) (22,686)
OPERATING SURPLUS 1 6,576 6,662 6,418 6,395
Surplus on sale of housing and
other properties 5a 1,156 156 1,156 156
Surplus on the sale of land 5a 467 248 467 248
Surplus on sale of other fixed assets 5a 4 16 4 16
Interest receivable 3 48 184 174 367
Interest and financing costs 4 (4,658) (4,544) (4,879) (4,727)
Movement in fair value of financial instruments 17 3,811 (1,346) 3,811 (1,346)
Movement in fair value ofinvestment properties 8 1,947 2,395 1,947 2,395
SURPLUS ON ORDINARY ACTIVITIES 22 9,351 3,771 9,098 3,504

Page 52

Bournville Village Trust Group

CONSOLIDATED AND TRUST STATEMENTS OF FINANCIAL POSITION as at 31 December 2024

as at 31 December 2024
Group Group Trust
Notes 2024 2023 2024 2023
£'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets
Housing properties -Cost 7A 7A
204,150		 195,982 192,044 184,170
-Depreciation 7A 7A
(45,560)		 (42,994) (41,103) (38,813)
158,590 152,988 150,941 145,357
Other fixed assets 78 78
22,284		 22,358 22,284 22,358
Investment properties 8 8
9,349		 6,994 9,349 6,994
Fixed asset investments 9 9
0		 0 8,400 8,400
Restricted cash 10 10
1,040		 1,040 1,040 1,040
191,263 183,380 192,014 184,149
CURRENT ASSETS
Properties held for sale 338 0 338 0
Stock 11 11
635		 1,454 1,195 1,261
Debtors 12 12
2,933		 2,521 4,620 4,576
Cash at bank andin hand 4,158 4,605 3,719 4,273
_- -—- -—- CrrO—wmn—XKm\rvwmnWRR >
8,064 8,580 9,872 1 0 , 1 1 0
CREDITORS: Amounts falling due within
oneyear 13 13
(10,222)		 (11,430) (14,774) (15,446)
——NS
NET CURRENTASSETS (2,158) (2,850) (4,902) (5,336)
OO
eee
TOTALASSETSLESS CURRENTLIABILITIES 189,105 180,530 187,112 178,813
CREDITORS:Amountsfalling due after Cees
morethan oneyear 14 14
(114,880)		 (111,877) (114,132) ( 1 1 1 , 1 2 1 )
Provisionsforliabilities - pensions 19 19
0		 0 0 0
Financial instruments atfair value 17 17
(1,606)		 (5,417) (1,606) (5,417)
TOTALNET ASSETS 72,619 63,236 71,374 62,275
SSS
LS
CAPITALAND RESERVES
Restricted reserves 20 20
8,262		 8,379 8,262 8,380
Endowments 696 696 696 696
Incomeandexpenditure reserve 21 63,661 54,161 62,416 53,199
72,619 63,236 71,374 62,275

The financial statements on pages 39 to 75 were approved by the Trustees and authorised for issue on 1 2 June 2025 and were signed on its behalf by: C Cadbury - Chair P Richmond - Chief Executive l ll

Page 53

Bournville Village Trust Group

STATEMENT OF CHANGES IN RESERVES as at 31 December 2024

Group Income and Restricted Endowments Total
expenditure reserve
reserve
£ £ £ £
£'000 £'000 £'000 £'000
Balance at 1 January 2023 50,934 7,825 696 59,455
Surplus for the year 3,771 0 0 3,771
Transfer of restricted expenditure from unrestricted reserve (555) 555 0 0
Gift aid received 1 1 0 0 1 1
Balance at 31 December 2023 54,161 8,380 696 63,237
a
Surplus for the year 9,351 0 0 9,351
Transfer of restricted expenditure from unrestricted reserve 118 (118) 0 0
Gift aid received 31 0 0 31
Balance as 31 December 2024 63,661 8,262 696 72,619
SS
OOOO
OOS
eee
eee
Trust Income and Restricted Endowments Total
expenditure reserve
reserve
£ £ £ £
£'000 £'000 £'000 £'000
Balance at 1 January 2023 50,251 7,825 696 58,772
Surplus for the year 3,504 0 0 3,504
Transfer of restricted expenditure from unrestricted reserve (555)
555
0
0
i
Balance at 31 December 2023 53,200 8,380 696 62,276
Surplus for the year 9,098 0 0 9,098
Transfer of restricted expenditure from unrestricted reserve 1 1 8 (118) 0 0
Balance as 31 December 2024 62,416 8,262 696 71,374

Page 54

Bournville Village Trust Group

CONSOLIDATED AND TRUST STATEMENT OF CASH FLOWS for the year ended 31 December 2024

for the year ended 31 December 2024
Group Trust
Notes 2024 2023 2024 2023
Restated Restated
£'000 £'000 £'000 £'000
OPERATING ACTIVITIES
Net cash generated from operations 21 6,263 6,774 5,159 5,760
Interest paid (4,686) (4,475) (4,907) (4,658)
NET CASH FROM OPERATING ACTIVITIES 1,577 2,299 252 1,102
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition and construction of tangible fixed assets (12,10 ) (9,441) (11,715) (9,238)
Net proceeds on disposal of tangible fixed assets 1,988 503 1,988 503
Capital grants repaid 0 0 0 0
Interest received 48 184 174 367
NET CASH USED ININVESTING ACTIVITIES (10,064) (8,754) (9,553) (8,368)
CASH FLOW FROM FINANCING ACTIVITIES
Loans received 7,000 7,000 7,000 7,000
Loan principal repayments (3,516) (3,600) (3,516) (3,600)
Interest paid 4,658 4,544 4,879 4,727
NET CASH USEDINFINANCING ACTIVITIES 8,142 7,944 8,363 8,127
NET DECREASE IN CASH AND CASH EQUIVALENTS NET DECREASE IN CASH AND CASH EQUIVALENTS (345) 1,489 (938) 861
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 4,334 2,845 (541) (1,402)
CASH AND CASH EQUIVALENTS AT END OF YEAR 21 3,989 4,334 (1,479) (541)

Page 55

Bocmrite Bournville Village Trust Group Yinege Mest Grea

ACCOUNTING POLICIES

LEGAL STATUS

Baurevie Bournville Village Trust is an unincorporated charity and is an English registered social housing provider, and is a public Wigs Teor lr te uitinogeporesel ilgtEy end br im agit pghreesd goctel Inning prover, anil ib x cabs benefit entity.

The principal activities and operations are disclosed in the Report of the Board of Trustees. TWivm pactontp pret eee ryt cpperenthoans ie atoeael Le thm Reyer ot Ces Bere) rrusigesa

The The address of the Trust's registered office and principal place of business is p@hee of heSeats ysis he eli pepe pee of teats

38 350 Bournville Lane Socrmilis Lees Bournville ten Birmingham wey B30 10Y ey

BASIS OF ACCOUNTING

These financial statements have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of lreland" ("FRS102"), the Housing SORP 2018 "Statement of Recommended Practice for Registered Housing Providers" and they comply with the anViowaingap (LMA lpn205% “ S ietawrenleaMlatdi yrdsof Fuscanwpciraes Shenferd PrmcicnapatiteWie fp [nr thusNtomenizegre Protecail tonesaathay cxxnyateeGSeilt thie Accounting Direction for Private Registered Providers of Social Housing 2022. They are prepared under the historical cost western convention, modified to include certain financial instruments at fair value. ballet sliiilie perzple Caeenhe b-atemaaiie ul HS opbee Monetary amounts in these financial statements are rounded to the nearest whole £1,000, except where otherwise indicated. — 2 Dee fogs Sees SS Gerd oe peer: pes SS, eco wiles Soe

BASIS OF CONSOLIDATION

The consolidated financial statements incorporate those of the Trust and all of its subsidiaries (i.e. entities that the Group The seen iiatl Qveroe shebenerte remeiy thoes af The Trad ene at ul ts cutee) (ie. soften Wel he Grosp controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that ocd control passes parseot, . All All financial statements are made up Mnatsche tivities antielihe gyrto to 31 December 2024 at DairibanSed . 7

All intra group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. rag! Serre

GOING CONCERN

Under the governance requirements, the Trustees confirm that the 30 year financial plan they have in place, along with no refinancing concerns and positive robust stress testing and mitigation plans, means they have reasonable expectation that the Group and Trust have adequate resources to continue in operational existence for the foreseeable future. Accordingly thier Cersiep Hi) Cron Reem eatin eee i ecto the Sep y continue to ado sete & aio pt the goin te pec g conc senses ern basis in preparing the financ tee le segoai'rp ieHeoperationalSegoe! ial statements. s e ealnewer s -tor. the Meemmabis tinue: Accoingly TURNOVER AND REVENUE RECOGNITION Vittecwel Turnover represents rents and se lejuemiings neit sind sevice rvice charges receivable in respect o chiepts myaphertls Wi idpaset co f tenanted le ulded fegeliodd leasehold and aval fr pealialé eehold properties, and jniynides, See amounts invoiced in respect of the provision of se sk spumaetes rvices to third parties ev NIUE tlio (net of nat. a NE), VAT). It also includes turnover from shared and o porreecaliht wnership first tranche sales Mat deme mere , donations, proceeds from land sales, income for release of covenant restrictions, reven cies _ Wreoeds fom en! cess, nosy lie reeWe nieof eorertrt Stinhing, hurtinal che,revitGesnue etieenbtt ue grants receivable in the period, income from community activities and income from Selly Manor Museum. Rental income is recognised from the point when properties under development reach practical completion or otherwise become available for letting, net of any voids. Income from first tranche sales and land sales is recognised at the point of legal legal com corpictiiared pletion of the transaction. Services to third parties are recognised at the point of service delivery. OTHER INCOME GEHER jNOUE Se tninesetven, Sendann ties pantienmon regia ct Oy pet of moreeryy Gallyacy. - Interest income is accrued on a time eesti 's oc oe ob Sees -apportioned ba eet sis, b ip y Seles reference to the principal outstanding at the e te pice cig Se ff een ective interest See rate.

Profit Share

PAV BVT sented worked with the E NIP thes Seats xtra Care Charitable Trust to deve Cary Grrrmee Bill Tenthty eed lop an e atti eer xtra care scheme eee aecdterraPor for older people on land o alter positsbo leew red wned by BVT in Bournvi je Baaite lle. ‘the The scheme is managed and run by the E echiere 4 uanegateel ypeBy tte tomy xtra Care Charitable Trust, but as part of the development Paps Cte ty EMT cents arrangement B ie VT is entitled to a share of the profits on care provision within the scheme and of the surplus on propert eel 6 oeSo ee eeSt es pee gigti Pe geterwTroet,ertbill preop cect Bf tieal dippeiggreeetpepe y b hy uy back and sales.

Fege Page 5 tS 6

Bournville Village Trust Group Zounwiin Vilas Trost Group

ACCOUNTING POLICIES (continued)

TANGER TANGIBLE FIXED ASSETS - HOUSING PROPERTIES NP MaSETS~ OSS Ere TIES

Housing properties are properties for the provision of social housing and are principally properties available for rent and atecsd shared ownership cermmelilp . Completed housing and shared ownership properties are stated at cost less accumulated depreciation Geeepiete! Houiling enti we eretl omsarsély ancpetiesars vine’ and impairment losses willl rsgeebentitint. oman . Pn Agriculture, commercial, community Se Mates, een ES, ett) , communal, and office buildings are stated at cost less eater, | a RlaTaf peel bee coeumyeede egeatiziieteed Tee accumulated depreciation and impairment losses.

Cost includes the cost of acquiring land and buildings, and expenditure incurred during the development period.

Works to existing properties which replace a component that has been treated separately for depreciation purposes, along He with those works that enhance the economic benefits of the assets eve colt St satence P= svar heme of he aes , are capitalised as A geet St improvements. Such enhancements greet Dems eter can occur if improvements result in either:

• An increase in rental income; i) PA lesticammwe' te creepiest carve © • Aimvwiie A material reduction in future maintenance costs recwedanIh Gti meltoninescoe, ; * • Reeees A significant extension to the life of the property tere whe . tweed Shared ownership properties are split proportionally between fixed assets and current assets based on the element relating cece y properties. nin epi proportiey2 Scpesr.aly Deine. Qed meets ot eruteet Qeesty heel om he clueilaleting: to expected first tranche sales. The first tranche proportion is classed as a current asset and related sales proceeds are included in turnover. The remaining element is classed as a fixed asset and included in housing properties at cost, less any ineliaed (i Osteen, Tha vethyiwing eterno e cliente ee ize emeuit end MMU foatiefiny peeierties Wl Ualed, lien wiy’ pads provisions needed for depreciation or impairment. Where the first tranche has been sold prior to the acquisition of taeda tenes Me ipa neces properties, these are included in fixed assets only. Sew aye (petiteeedcHanEbcainar ewe cateerpeleUnsigodrldroeidet.ante Wilfoagbes: Mote Aleit Ggsrvshad) dem tem: gill pidiat! or tag eceptatian ef

SOCIAL HOUSING AND OTHER GOVERNMENT GRANTS

Wirecs Where developments have been financed wholly or partly by social housing and other grants ceevsalinjteterslés , the amount of the grant isda received has been included as deferred income and recognised in Turnover over the estimated useful life of the associated toni hen Hetlalenttrams wCe ee ngding’remarry Yugetnii iiilly ine pel t :Loy! seca! Premearigy janet thee grata, Phe emediim od ee pevitt asset structure (not land), under the accruals model. Social Housing Grant (SHG) received for items of cost written off in prunes aarti: fleet Berra), inline tit! tegen (bee! pice teeta ties iain ei earaeaaa the Statement of Comprehensive Income Account is included as part of Turnover. te Savane Goegeahamte lmooreoe imocreailleResetvenelaNE!ie eadRRS e KTse Trovean ort ofCSriealTore CMT: eoaaboneed Ake errs ef eet witty eeTh When SHG in respect of housing properties in the course of construction exceeds the total cost to date of those housing Wher GHGUi creejpaet pf Hahieriiiey precpeillerbi itt moureyga camer itiecttlpge icskliesiliin“Clem bepuil eilictt Jeenetitas, properties, the excess is shown as a current liability [ie comes eed a erent thealiiiiie, . ter thembae gil Qixeeet truantSHG must be recycled by the Association under certain conditions, if a property is sold, or if another relevant event takes BHNE must bayecemiedbr tn Qempntidocmap nenaty conditio n , fs ynopyy teeck, or Ir nner nefenett vent tel place. In these cases, the SHG can be used for projects approved by Homes England. However, SHG may have to be repaid if certain conditions are not met. If grant is not required to be recycled or repaid, any unamortised grant is es foes eis es ct eek) eet leek eee ieek recogn setogriaed ised as Turnover[we] Fiemivan . In certain circumstances, SHG may be repayable hi stieaip> clieiionnes, SG seuy Esremigulle, , and ast,Oe , eeLe in that event Wid) eyeve , aetadlp is recorded as a recudiedpart's ona subordinated unsecured repayable debt. DEPRECIATION OF HOUSING PROPERTIES WETRESTAO IGN OF HOUSE IEC tESs Tce Housing properties are split between land, structure and other major components that require replacement over time. The priest re sesi]) ieee Feed, gee Oe ey eetComesit pags eeeet ee oe. ber) land element of housing properties and housing under the course of construction are not depreciated. Fhe The group separately identifies the major components of its housing properties and charges deprec greay wojuersinh) eaten Ma rejor.pn 4 te jerelng proguitine iation so as to write­ down the cost of each component to its estimated residual value, on a straight line basis over the following years: ‘Gdain $n ol et boid cermenrert Re ealoted tarkbod wea. a8 Seah ihe outvalbnGiene chraguetnHnpmeWa l aa:utien ewic mo ue Sn mete Wiaiiee Years Structure Es 100 -150 4 — ek 2°) Kitchen 20 euinyn Bathroom 4 30 Wiiieep Windows ov 30 Cansvad Central Heating Hpotin Ei) 30 bedare Boilers 15 i = Rewiring 30 | Front/Rear Doors 30 Roofs 60 Door Entry Systems 15 Sewerage yt Shehovne ps 20

BVT considers each commercial and agricultural property and asset individually and applies the most appropriate depreciation rate to the asset, based on a fair assessment of its useful economic life.

Page 57

Bournville Village Trust Group

ACCOUNTING POLICIES (continued)

In 2020 the Group reviewed its depreciation policy and changed the useful economic lives of kitchens, windows, central heating and boilers. This was part of a complete review of our asset management strategy encompassing best practice and SSSel ie. Fle eee eS 8 Sn eit cot es acre | eoelsge snot aser ty tha) =r ate, reviewing life cycles of components based on changes in technology and product quality. We also listened to the views of our tenants which led to a decision to replace components on a more frequent basis. This means that depreciation on these components replaced prior to 2020 is calculated on net book value at 31st December 2019 on a straight line basis Wher corguion’ereplete prritk! te Rca) he wcallitiie ark vist Dunle sitlive We it Rheeial DOSS ore mr Sshindabl les idl | cova over the remaining useful economic life EP ecard etn) ‘oer aterm bes (a. .

IMPAIRMENT OF FIXED ASSETS ‘TPA TAL C4: AES ASSET

An assessment is made at each reporting date of whether there are indications that a fixed asset (including housing (An seeereriint beadst e ne tay tint A seDyeelbemseNiece are Mime ge Meme! ema [Irvellleeliagcy frumaslengs properties) may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such

indications exist, the group estimates the recoverable amount of the asset. But Niall] Use Qecicip epfirmates thet ssoeeumitti penpeeil ef fhe Sant Oe

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs Sociale Saleen Re ceeieg ew ve of ted eeeds gre etyaocvereen reels, Seley Ea tigtect e e yee pee oe to sell and value-in-use of the asset based on its service potential, are recognised as impairment losses in the income and poets expenditure account. ee Fieceigiidncel Recognised impairment losses are reversed if, and only if lnpalitntines loess skin emenaimedl Ul, titel etal BY, , tt the reasons for the impairment loss have ceased to apply. azststime IIe Ue Wenfsnlitipto, Hawes Reversals of impairment losses are recognised in income and expenditure OF ipmitrand ionees 21moopitied ihKtcenie . On reversal of an impairment loss, the Kasem Mas caumisinad tad efile Gipreatation depreciation or amortisation is adjusted to allocate the asset[or][ conyptientlon] te aerated to aitneattyro Geeeee 's revised carrying amount (less any residual value) over its endtet enpantiok.yetnaeuneteon On nesew emmyofxecrmelicrit Imminentveylives)fim, eyyw’ tie remaining useful life. (eereeiylhgey Aan, Moe OTHER TANGIBLE FIXED ASSETS OTR TANI RES ASRETE

Twig Tangible fixed assets are tin Ser! mae es initety initially measured at cost, present an col net of depreciation and any impairment losses cal SB atemetinn wow any inpeieett icseee . Depreciation is Degree ie ets provided on all tangible fixed assets, other than freehold land and investment properties, at rates calculated to write em ct teatsBees Senet, atte Bom bpehet 2n8 acd Svestmee sores st es CO > rl off oo the Se cost of each asset to its estimated residual value on a straight line basis over its expected useful life as follows: | Computer Equipment Cesrpunes Lrjnl tier 4 years é yous Fixtures and Fittings 4 years | Patinee anet tinge ayaa Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it (Reshtuet enive iecotoukicted. were at the age and in the condition expected at the end of its useful life. orem ooh nce fore fe three cxpreePon yim Then morsepemwsiling.ref atUReae ceetha. partf t eiona date,Ae, allen esionedut yates of apart, titty exist axe Wee Properties classed within agricultural estates, commercial buildings, community buildings and offices are split between land, structure and other major components that require replacement over time. The land element of these properties is not depreciated. The group sep Goreentiel My gdp saravetaly arately identifies the ma ittectihi Me noaiue jor components of these properties and ch coonpeeta of eee peediles wre sSerme arges depreciation on the Nayreendiitt tin tines se itr? in line with the depreciation of housing properties. PeeteSt ieee ee ae The 2020 review of depreciation policy and change in useful economic EAE) mee ef Sapptatp e ls el lve A ia Some li ee ves of kitchens A tg, , Wore, windows, central heating and Rafe boilers also app aim 2yhet lied to these assets. eS eeomia This means that depreciation on these components replaced prior to 2020 i I meen SatSeow 4) Teed compu CEpiCOsete!pape hevtey=e SSSactie s caheantaive! calculated on net book value at «or (rot Ryeakt ved et 3 ti 1st at Gareandinn December 2019 on io? one-ezsiglt a straight line basis over the remaining useful economic life. fine bes t e moon theo pemaiming: deed carmen:de, FRADE PROPERTIES U MES NDER CONSTR LYSTRTT UCTION Properties in the course of construction are carried at cost, less any identifiable impairment loss. Cost includes ‘Prapeniien professional fees and other direc Wy tay musot ceramtition tly attributable costs that are necessa pm wetiod of cont,ew amy ry to bring the property to its operatin Ghoaiitiulis Inport g condition. een Depreciation commences when the properties are ready medic irenthy pttiythuthilihy capzey ibe for their intended use. remem Hy: laity Wee ymca te bbe eporietlinybem tao omy,fetches B BSS ORROWIN ht G C ers OSTS Gercety Borrowing costs are expensed as incurred unless they are capitalised if direc cet es-ensessat tly attributable to a development scheme. Borrowing costs are capitalised from the start of construction through to the time the development is completed and handed Ete ey teeth og GeetGeras tromem|Se eteor dostwer Egy a0 @eSeast f dyeclly pitcoene} 2 teen sotgee over as available for occupation. Costs directly connected with the raising of finance are deducted from loans and written off ore ore te SoSiaiaciatte acrgielid wat “paec evenly over the life of the loan in the income and expenditure account. <r es eviormlllttete UyFey pbs oopead Le e e.Hs Gothste Tinea Gelieampedegies Whgaocmiieit seising of Dees are7 detereet- Sern mae eet eae- oF

rope Page 58 =.

Bournville Village Trust Group

ACCOUNTING POLICIES (continued)

INVESTMENT PROPERTIES

the business. Investment properties are measured at cost on initial recognition and subsequently carried at fair value Investment properties consist of commercial properties and market rented properties not held for social benefit or for use in (a erste eee pS aesa, maa iy bet co, Merl ws fe ee determined annually by qualified valuers and derived from the current market rents and investment property yields for ‘ayyinandrremtns comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No gadpaianovias) eae eat) nonubinthriewsadhebeI[dseutimmazry] sent nigh idl[Usa][ amet] dem Aeon Srigreouktion depreciation is provided. Changes in fair value are recognised in income or expenditure Vlr anenye eyes the raring, Lecanto cay . gape age qpewrnft mtatat Mid be pectibibedd. (then Tes Belt wale site resstgtiloed 1h inochem dt extionettionn,

PReR FIXED ASSET INVESTMENTS Asse) VESTS SATH

There are two elements to fixed asset investments. Investment of Subsidiary represents the fair value of the proceeds for Tham aye-try earnssS Morell yomel Urvewirunds Invewotenn af tsteiany soemTry, fraywaliea af Inve yyrycmenela the acquisition of BWHS as at 4 January 2011 when the organisation became a subsidiary of BVT. This became deemed[sow][rt][levinary][ DEE][when][tee][ expraileetion][(yeretiye][meh] oh 17 “coebiota cost going forward. The THFC Interest Service Reserve equates to an investment required under the terms of our THFC[SAH] Pity WestsPox hoa loan and the funds are currently invested in bank deposit accounts. The interest reserve is stated at cost with any accrued ret SoaMjjeniedlWe ection aeThececeVVUME Inteeeveeet Koreliw’be tertMercereBese ceptioneoeee te tio Thawep eyeleteared eeevelaytedin’ thse Setoye ef vnat TURES interest being credited to the statement of comprehensive income. Shy ete= oe ee= eeeor le rd of coe WAN my eo TRESS STOCKS AND WORK IN PROGRESS ARTS WISE TAPee - ‘Breed Stocks and work in progress are stated at the lower of cost and net realisable value. ort wot nes ersAndloo leorir eet ord tein woo Sek Long-term projects, notably the Lightmoor project undertaken through Bournville Village Developments are assessed on a eee, eg as a cote! Boe Sezer ‘hep Seywllnrars 28 eee che contract-by-contract basis and reflected in the Income and Expenditure Account by recording turnover and related costs as oSweninest contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract, srtivilySaversjayresres.Tha pe(Wirrrubr mystsrragheglem te) Ria12 seeeesenntictesmaitime agrypre toteenies(Ne aye 4)Weenies completo pfreaislei Satecoevirers pee? and credit taken for surplus earned to date when the outcome of the contract can be assessed with reasonable certainty expat Untiens Mie 2ihyiiteg aecenedt Ae athe erticn hes eylirari eal iti LIEREOER . The The amount by which turnover exceeds payments on account is classified as chee(iy ie Soren comps Qeythant on megoUNt cen "amounts recoverable on contracts" and Desepemuwnt welll cmasuenuslide eaftallnily, Nretidas included in debtors; to the extent that payments on account exceed relevant turnover, Ie chteetad a Sunnie the excess is included as a creditor. necenneliie qi cx ettmoter ated The amount of long term contracts, at cost net of amounts transferred to cost of sales, less provision for foreseeable losses ee.[224052] fn Geetaletp S co Hiscote, qa tet© coganmipe? g ihe quoeamenteee bee esoleet cetgret2 coe Agb e re.es, Serhe camerfees|e ckdedSears = 7 ames.Szese and payments on account not matched with turnover, is included within stocks. VALUE ADDED TAX Aesierrrle Bournville Village Trust and Bournville Village Developments Ltd are both registered for VAT purposes. BWHS and BVE (lbw Tipte sel hynny Sebel Leelee! | soma testy atesbetnareye se QALY” par) jem,PBUH)wut? Lew are not VAT Registered. aurterbie Bournville Village Trust is only able to recover a relatively small percentage of VAT on Villuse Thue ytlly silo een Uv unleen goued poe ol UT on its expenditure, Rpagmulliitome, as the majority of its eg By aieultty Taherra income is exempt for VAT purposes Ie doesn fir WAT pipe: . Tinie, Therefore, expenditure is shown inclusive of VAT with the input VAT recovered exenerOnN li ational Tedtinvhen it RY will es inpol MOR recoveredOF ie deducted from relevant expenditure.

eure Bournville Village Developments Limited is able to recover all VAT on its expenditure lea tomegler rete Unratby e e)d tc crooner el! YE om Recent. . As a result, expenditure is shown net rg ee eis ec of VAT and VAT recoverable shown as a debtor. Bournville Works Housing Society AthainenrthcaWAdnstldy Meany aewliahy is not registered for VAT purposes and is therefore unable to recover any VAT on its tre rvinylshenerael expenditure. Therefore, expenditure is shown inclusive of VAT. deeper, Talore, ampunThvre in alc hetinivnhgofABUWAS td Aen gmecad fg Uber diddy Rey emmys gli NAT ey Ih Bournville Village Enterprises is not registered for VAT purposes and is therefore unable to recover any VAT on its ‘Uovunilis expenditure. Therefore, expenditure is shown inclusive of VAT SependlgViliopees,Eetatisctomeaug 6eeict meaivtersstbasfor MAT SIyitifrsere . end ly theetis aiibbiy lrericaiy WAT! oF fe

LEASES

OPERATING LEASES

Annual rentals are charged to income and expenditure on a straight line basis over the lease term. PAC eat he nk Cree MccU eS pegsllt Oe eg githl lite [him Kogan Smee thom Entetnt

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense The teats of slain seyoyon Santis ae mengnited veo Thabiy and soreapsons. .

The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as “Wee ontheeget pt the. expr ragqulrant Or corte err cline tiny Fay Sanoneth oe Poses te risearrsi=ssinane nti She es an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 59 Fessa9

Serves Bournville Village Trust Group Sisge Trost Srecy

ACCOUNTING POLICIES (continued)

RETIREMENT BENEFITS RETIBEMH ZORESTTS

Defined contribution plans For defined contribution schemes the amount charged to income and expenditure is the contributions payable in the year. my rteryaaicy ope he emetie chetget @ intiape al te GS ceinrall yAfeee perp fr tes Differences between contributions payable in the year and contributions actually paid are shown as either accruals or vestitr prepayments. nigelmcrire Hi Wir gourd vuaetiSetianesjeoiipuitines sefrelbyihe acta wibieectyaa[=][elt)] Yaakaunt og Sevst Defined benefit plans ieee ces The group does not participate in any active defined benefit plans. Sasa SS Sos enige se tsty Se St «CBP BVT is a member of the closed Cadbury Mondelez Pension Fund, there are no active members and no contributions are Bee rmervedin’ot oe sted Cella ing Mire riche: Piegtedon. iNeed, Geyer tioeases rrareillielte tity rar ommniliithgpesares paid . A liability is recognised for payments arising from an agreement with the multi-employer plan that determines how the group will fund a deficit. Contributions are discounted when they are not expected to be settled wholly within 12 months of the period end af Spewtenl coe . The rate used to discount the contributions to their present value is based on market yields for high Whe oe eed ty SemenGe corres quality corporate bonds with terms and currencies consistent with those at the end benefit obligations. ass assSede oo eeeees ees a &SeBeh peewntee veloe e We Om e ! oee ee pds eygh

FINANCIAL INSTRUMENTS

BVT has elected to apply the provisions of sections 11 'Basic Financial Instruments' and Section 12 'Other Financial Ie[igre Instruments Issues' of FRS 102, in full, to all of its financial instruments haw stectodoom be)SF PHS BaeTHe provelensLe A Se ui!aliseterebe OsarsteyTt mthsseas Fivential . Iieuormente! owl Geely12 “Othine Flea Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the eI instrument, and are offset only when the Group currently has a legally enforceable right to set off the recognised amounts ane aes ted ant eta,See Gl cumembyhie o leeslip antnnecatthe vatth fre ont: ofl tienmcaagreteinnet seit and intends to settle on a net basis, or to realise the asset and settle the liability simultaneously. aanecnnile ex este, ors lin i eset fie te Rely strand FINANCIAL ASSETS

Debtors

Rorrad Rental and trade debtors which are receivable within one year and which do not constitute a financing transaction are and tide. Metin: wiih eratractivalw i ltbe dae peat ent aio i, net connie: initially measured at the transaction price. Rental debtors are subsequently measured at amortised cost, being the tnidialey a fending Wonmmcten aes temsuetlinh transaction price less any amounts settled and any impairment losses mereaingy Se rere Gaited cabs aye cobenetiewdly . pyesenruh fd, emaréesdcnet, Lging thie porte tere ty ytihrti pdt el atttg reperretiehase. Wiese Where the arrangement with rental or trade debtors constitutes a financing transaction, the debtor is initially and Py —geeanet subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt nspeeetlly meneserET wTseMi e s wrkpearl co:rif e elsof gabeA Sy pepeconnietespigsteeted¢ feyeteyLi 2 ofgrhelSateenteel @feitergel Pa Pes©& boilerSety cetCo: instrument. A provision for impairment of debtors is established when there is objective evidence that the amounts due will not be Aypratayenter hairiest of itetere teseston collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of acca mcunlhgtedeanlne enatd tanec initginlinyithemry be plabiectioes cnvhizerses vir Mis error. cies wll rest ties fs the car[SStariy] rying value of the rental or trade debtor over the present value of the future cash tergpOF Phe certs of bees Calteryyed Eee comet epgiremmeST Ihe weeRilieHeregislantl pags Fm flows discou fe perfilllpooetat oy teas nted using the or aleeSy lsthisweevenofgire iginal effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impaled impairment loss was recognised, are recognised immediately in profit or loss her mee acI_TTNO, ane necrgnteNd kerrentyin peut res. .

Page 60

Bournville Village Trust Group dstssice F2ege Yoed Frese

ACCOUNTING POLICIES (continued) (MATTRAL FINANCIAL LIABILITIES PUUMLITTES

Trade creditors as

Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the Tite grediilices campaby iillle Aeitm pe Mind tho eh ceili’ ge Pepe asp erecta alle Malley py

transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled ioneaetio jbies anil aubpoynerty magnured Whenofiogd wool bedag Die Buu ition price loan sige ermouniaiyyldiliegtd wei . iat! ey Wallets Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently Gee coiimeranrt wihi-e Thode coediior ocmneiReriane a Miveccdiingt Mhutinection, Mie erediiac: se Totally atl xelinoctearaly meee measured at the present value of future payments discounted at a market rate of interest for a similar instrument. ete east yc 2 VES enCag oe eeltest: = steep et hee

ibeencealllge Borrowings

hatreraiqe Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at remiss amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest coutiitie Tileymale thesereno hit atferestther doetteeiinpetind. |jSp e too,ract ninecapperdidi Oomeg, l MUSmernhy. maleated et. method and is included in interest payable and other similar charges measee be eatenie ee poy eee got or ee aS . te rece ited er tlie eee En Shem eet Derecognition of financial assets and liabilities Gamtegete of tore embeds ont Shiites

7A A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the Miveaeiart ateitca We (Mareeapridectany wetapn Aic-caeninciglinsd nigtevii dim comfy, rts elsapitagt amit atti, care etuanMenisvetiyy ietite risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are allt thay retained but the control of the asset has transferred to another party that is able to sell the asset in its entirety to an ond rawea ii et qari aire teinetanor! to emciliae parti, on If gateying MEV newer es cof comm peir lly re comps trol Win erzet of er mesmt Bes popelerre? Ss cicetow peare teat be so goll Ye’ exend (i fe cere = =x unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is es Fei ges See NED oe bel iss © Seka es See Deere spe |p he corte discharged, cancelled or expires. Hiscaryes,ciiimeledgr mrpitim : lb Deieagheer Derivatives (ane Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re­ fveiiiess nec (etfelly racy heed ee efit indie ore fee ater oe nt feee eoetece he ered lteter aed er aula eentty te measured to fair value, at each reporting date. ===owesct ee eee ee Fair value gains and losses are recognised through income and ele eet eee we eeteS crs et expenditure. [==

PROVISIONS

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event which it is Hrsdafera ape recente whine) Wie gress jamin probable will result in the transfer of economic benefits and that obligation can be estimated reliably. tiqe ar olllcatir ot ‘tie experi Vite i. axl of m peeact erent whithly M fa vel ymaallbs ine Seamer etmrmcP e matityeet bla cil peti, cs Nhs meitmest }ibite Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time Fooplatecs me umasiiey= try leet eet eds al 9 2s pred & sett We cht: «ee tie cic! te ins value of money is material eens otcen gua, , Lie the provision is based on the present value of those amounts, discounted at the pre-tax discount pereihnllciy ee rate that reflects the risks specific to the liability[PP][eeatirectts] fee eaepsattheree Eye apTaakirnige,.RNa . Anan The unwinding of the discount is recognised within Five: Tayarveetrabigoabehtdteesmtaten ef Biconeoe Aaven vant, Hy reaecripaNTlieeecebnadtearATANAT Masel aml interest payable and Feetge pithpoernpvet MMbesgn)ihe aca similar charges.

Megs Page 61

Bournville Village Trust Group

ACCOUNTING POLICIES (continued)

aaSaS RESERVES wed

THe The group establishes restricted funds for the specific purposes where their use is subject to restrictions imposed by third eromicartiliaein cettvemees seieles Se chee gece iva gee She) ee Le ee eee tepeetes npPTE parties.

RESTRICTED RESERVES (NOTE 20) AESTRIOTE) SSRN (NORE =e

i) FUTURE MAINTENANCE RESERVE This reserve represents the combined total of all the sinking funds that BVT holds to fund our future maintenance commitments in the areas in which we work.

il] ii) AT BAT RESERVE SSevE ; Thi This reserve represents the net assets of Bournville Almshouse Trust (rears resaeiy , which under a Uniting Direction from the Ohety Charity Commission, is now accounted through this restricted reserve. Saetleviee © (eecserTe Tet mentste! BasghOF BOUTVMsBle ecistMrasoueSamerTon whieh andi 9 UrStng Dhsation teao tha i iii) Elders ELIZA BEECH FUND Sel This reserve represents funds to provide residents of BAT with excursions and other entertainment. iv) SHROPSHIRE PROJECT RESERVE hh «=. GHANSMINE FRQunaT ReneRe Ses Some community events generate income to fund specific projects or events that otherwise wouldn't happen. yetSeareltyOrpen fs peccatete Scnmy fs S09 aqeedliig Heats ov pregy ts at ais epaldet finope. v) my COMM COMMUNITY INFRASTRUCTURE RESERVE LSS (PRA TRUSTe U1 es WE ‘The This is a fund holding funds that may only be used for the advancement of Lawley Village. tested. Rebting fends Cart ony only be. ated fist advanesmnn if bealey Wino. vi) EILEEN HEWER RESERVE - Tee This fund is used to pay for activities the resident representatives of Lawley select for community advancement. hed 6 yee to pop ite eeliettoe lie PERC tpi Dee ST Lemiey ee, Bt Aer weemppe Sy ether ineersrs, Wj vii) LVCA RESERVE DAS RESEeee - - “PHD The Lawley Village Community Association may call on this fund to support community activity pies llangves Chkarrnynueieage neal Weta realy cel ip) DAG aunts Coe we yugpaan xara paca, . viii) LIGHTMOOR VAN RESERVE Vit) | GH[Ton] Lightmoor Village are funding a van purchased by BVT. Ligier ibsgeMANom Pine:bectieg vm omcissedDy BL,ix) BIO-DIVERSITY RESERVE This fund holds a donation for the advancement of bio-diversity in Bournville

i x) LIBRARY FUND RESERVE DARARYSUD RENE This fund holds a donation received to support the BVT Library and Archive. ite fond Rekte w Geasaien seuphondte supe the V8 Siteeny ard feria. ENDOWMENT RESERVES miveres piss 0) Wiig’ This reserve represents the permanent endowment of the charity as bequeathed by the Founder teeaneen wee. nigh tappeen TES 12 vc ap were ap Eee a Loa Lae tg Pecan, .

rags Page 62

Bournville Village Trust Group

ACCOUNTING POLICIES (continued)

CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Petsehe Estimates and judgements are continually evaluated and are based on historical experience and other factors, including 200 [Figerseteem EE ay eee ane me Doses ed Neen agai expectations of future events that are believed to be reasonable under the circumstances mepettonnit toe searte Git mee Secewen! be he Teese 1 Cas theo wratimess. . cd ier leteox cing

Critical accounting estimates and assumptions

The group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions wi , by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of emuairg causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed wei egeley be oe sey ere oom orl Se 0th cpt beer pee de below.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives as per the accounting policy note. The useful economic lives of property components are in line with the current maintenance programme and are re-assessed annually to take into account technological innovation and product life cycles. eoepancttilSoi thir egyinadl [dmaevailierl ata Sereda lin ape,

Impairment of non-financial assets

Reviews for impairment of housing properties are carried out when a trigger has occurred and any impairment loss in a avis Sor dcutinmend-ef fresvelng. onccarties <9 cartied oct wher & Seger few comes cet sey Inyeseteet Tees In a cash generating unit is recognised by a charge to the Statement of Comprehensive Income. Impairment is recognised ee?wetece where the carrying value of a cash generating unit exceeds the higher of its net realisable value or its value in use seat[seepyery] We tSmee operod ¢ aemalt Gaeerettinybs eeewi SSteensPe Seesthe pepeFoeof 5 rod silemeySeeopt ——ae te optus pee“map: . A cash A ech ees generating unit is normally a group of properties at scheme level whose cash income can be separately identified. Development expenditure Development expenditure is capitalised in line with the accounting policy. Initial capitalisation of costs is based on management's judgement that a development scheme is likely to proceed. Costs capitalised in this way are regularly Maagetest Pees Se tees speer) eoees = ee & pools, Gee tegen! Bis wep me es reviewed and any cost identified as abortive are charged in the Statement of Comprehensive Income.

Eh Debtors

Debtors are based on the amounts outstanding in our ledgers at the end of the financial year, less any provision for bad Caters ae thavwent ony ‘Fas sormnirnte cursseamtiont Une cysrfasten et Sow set ot (Per fonrsetad vem, jee er peovian fo Bee debts Som . The provision for rent arrears is based on all former tenants arrears plus 75% of all current tenant arrears that remain Teg pee Etec ness feet WH Seg ies oes pe ES at cet beet ees Met es outstanding for more than 8 weeks. Balances due from group undertakings are assessed at the end of each year to ensure that the debt is recoverable in full Willietee) (Peers peter lellnMllracreeleh grey qa-mrenmmnd carl Pay uual¥ ah teed) wey Ley verve heed Wicd Anti Se jeeeeppeve . If there is any doubt that the debt will be fully recovered, a provision would be made, to reduce the debt to the anticipated t L aan Tp:ehend RE fant lee A aT PUL An brinentet ggrneenbenty agai When tetera ten Seg aga) Ulisd eatersie hal, I recoverable amount. Valuation of Stand Alone Financial Derivatives BVT holds Stand Alone Financial Derivatives (Swaps) for the purposes of hedging interest rates on our loans. These Qeeeepe Swaps are required to be in mere wepitbioeeltee ep baste cluded in these accounts at their Wey Dire centerssll Weil "Fair Value" TFinly Vetug® . To Ye aaltulgty calculate this Ulin " “Fei Fair V Velo“ alue" we use our me umes sur independent Treasury Advisors Chatham Financial, who are industry experts in their field. It is this "Fair Value" calculated (Pe by Chatham Financial that in tyes ifiemmemetiael Bgt rey cluded in these accounts weneel fps Manas:eres egny ita . *

Topi Treatment of Agricultural Estates, Properties Jet to Commercial Organisations and Market Rented Homes of Sete) Same, Sspaitioy bel Somaaeerts Oaqerieaticos antl tckat Recta) Ba=2 BVT was gifted, by Cadbury Family members, over many years sections of land and properties that now make up our degyv0 Agof these holdings, we believe that we understand through our continued relationship with members of the Cadbury Family Hess r bo icultural Mioural hoisting,[indeeiee, Estates wom . W Williealleres hilst t Whisre h Tet ere are no detailed reco etm(eh tiaUndersfint Getslloul peiardeProsghi.cun rds of the expecta ofthiecortinuwscagnnctelaiis ti raletonnbia ons of the donors in relation to B cit ihe deanswide menefin tevliitiarta? ie doeEM VT' Cut s use of much ime of Sentymich that the purpose behind the donation was that BVT would hold and use the land not for simple commercial gain, but to reves? prevent the inappropriate use of the land and the unsympathetic development of green belt. ts eee ete ns De ent tro Os regretted lereigared wf gee; tel A es s simple commercial gain is ech omen 2er WOOT not our prima min PIMs ity ry ghaarpecees purpose for holding this land Thue Piel lhegy Wee Myipadl, , we do not treat this land as Investment sont sie ced) egal1h (are Se oevadtiirrated H Helefiuaie: oldings.

P Kees age 63 =

Societe Bournville Village Trust Group ntas Trmst roa

ACCOUNTING POLICIES (continued)

WT BVT also owns property we lease to Tenants who use these sites to provide "commercial" services, such as shops, health 20 ewer sirpsty= lien S TacBite wills cee the eine te prowon "conrarme!” evens Furh 9 afispd, heath care centres, offices. The reason BVT owns these properties is to ensure our communities have access to important ete, ee. ee Se de ice Pe oS ee ee instead prioritises the benefit any prospective Tenants' business can bring to our communities. As this is the case, we do amenities in their neighbourhood. This means BVT do not simply seek the maximum income from these holdings, but meelnlerimatel pjeleaeataiomeih Gece Wee retgieniliccs. Weuesnlssuniys grracngeteslnienTat emereine! BUSceNslyjet astrophysary eekBorde Sefe Aid|magiapein,er AueisefieencheCeeSaesebe Wile ieee,©caidas, oeeee eeete not treat these properties as Investment Properties in these accounts. Following a review of all "commercial" assets in 2022, it was decided that 4 shops owned by BVT were no longer held for direct social benefit reasons, as we no longer REZ, Maren ects han W nigpo.cemadty TT mee ne hyip Eek? for Chel epowl Gori reson, OAID honey owned homes in the community which forms the shops local catchment area. We have, therefore, revalued this shops and Bovey moved them to Investment Properties in these accounts. tee tree rest feepten tte yer "PSE BVT also owns a small number (58) Market Rented homes, which it operates directly and not through BVE. These homes eee creepy schnell in abe CSRS VR ee |opines dheretll e es,Uk agenteetc: ane feria are let to Tenants at a weekly rent that is above our standard Social Rent, but well below the true market ereerie omensmitre natever Tire HVA. rent for the area Theos deere . As we are not operating these homes on a fully commercial basis, but instead to give people access to affordable high Fe =e aie nol opspding theay heeronn filly ceenmarcid lege, batt Toate) to ise paonid- piesa to afonhble.op[High] | quality homes and to increase the tenure types in our communities, and given that the number is not material in relation to our overall rented homes numbers, we do not treat these as Investment Properties in our accounts. It relation to those Ponty2 eStascwyeetaes bySeesecrsaeees,ime secre8 Soetreme lebasiFey Sere)Somer Seeeceseg, S78 pleseSete:Hel Gow ceemitbereog cet meade |© eter pee1 Seete beset homes BVT does let at a full market rent, these are leased to BVE and accounted for as Investment Properties in these FEAT tensa) lo wet at {hill evnilieeES thew gris imemed hi UE gideee (or ae lieuyrse Figen bytence accounts.

Pugs Page 64 38

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

TURNOVER, COST OF SALES, OPERATING COSTS AND OPERATING SURPLUS

Continuing activities - Group
2024 2023
Operating Operating Operating Operating
Turnover Costs Surplus/ Turnover Costs Surplus/
(Deficit) (Deficit)
£'000 £'000 £'000 £'000 £'000 £'000
Social Housing Activities
Income andexpenditure
from social housing lettings 24,815 (18,403) 6,412 23,016 (16,211) 6,805
Other Social Housing Activities
Servicesto third parties 654 (563) 91 980 (644) 336
Profit share arrangement 519 (25) 494 505 (25) 480
Community activities 276 (891) (615) 297 (927) (630)
Non Social Housing Activities
Market renting 991 (289) 702 794 (197) 597
Agricultural lettings 642 (539) 103 597 (584) 13
Estate management 2,166 (3,195) (1,029) 1,958 (3,158) (1,200)
Commercial lettings 1,338 (964) 374 1,348 (1,072) 276
Selly Manor museum 207 (271) (64) 186 (266) (80)
Land transactions 125 (22) 103 108 (5) 103
Pension fund costs 0 0 0 0 (33) (33)
Servicesto thirdparties 59 (54) 5 71 (76) (5)
TOTAL 31,792 (25,216) 6,576 29,860 (23,198) 6,662

Page 65

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

TURNOVER, COST OF SALES, OPERATING COSTS AND OPERATING SURPLUS

Continuing activities - Trust
2024 2023
Operating Operating Operating Operating
Turnover Costs Surplus/ Turnover Costs Surplus/
(Deficit) (Deficit)
£'000 £'000 £'000 £'000 £'000 £'000
Social Housing Activities
Income and expenditure
from socialhousing lettings 23,040 (17,426) 5,614 21,383 (15,426) 5,957
Other Social Housing Activities
Services to third parties 1,818 (1,152) 666 1,821 (937) 884
Profit share arrangement 519 (25) 494 505 (25) 480
Community activities 276 (891) (615) 297 (927) (630)
Non-Social Housing Activities
Marketrenting 913 (211) 702 768 (182) 586
Agricultural lettings 642 (539) 103 597 (584) 13
Estate management 2,231 (3,195) (964) 2,002 (3,158) (1,156)
Commerciallettings 1,338 (964) 374 1,348 (1,072) 276
Selly Manormuseum 207 (271) (64) 186 (266) (80)
Land transactions 103 0 103 103 0 103
Pension fundcosts 0 0 0 0 (33) (33)
Services to third parties 59 (54) 5 71 (76) (5)
TOTAL 31,146 (24,728) 6,418 29,081 (22,686) 6,395

Page 66

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

TURNOVER, COST OF SALES, OPERATING COSTS AND OPERATING SURPLUS (continued)

Particulars of income and expenditure from social housing lettings - Group

2024
General Supported Shared
needs housing Housing for ownership
housing accommodation older people accommodation Total
£'000 £'000 £'000 £'000 £'000
TURNOVER FROM SOCIAL HOUSING LETTINGS
Rent receivable net of voids 21,076 0 1,399 453 22,928
Service charges receivable 346 0 1,003 4 1,353
Care and support charges 0 231 0 0 231
NET RENTAL INCOME 21,422 231 2,402 457 24,512
Social housing grant amortisation 183 0 1 1 0 10 303
TURNOVER FROM SOCIAL HOUSINGLETTINGS 21,605 231 2,512 467 24,815
EXPENDITURE ON SOCIAL HOUSING LETTINGS
Management 4,004 88 513 40 4,645
Servicecharge costs 506 0 1,082 0 1,588
Careand support costs 0 144 0 0 144
Routine maintenance 4,403 24 218 0 4,645
Planned maintenance 2,314 0 187 D 2,501
Major repairs expenditure 139 0 D D 139
Bad debts 36 (4) 7 0 39
Depreciation of properties 4,056 10 536 90 4,692
Depreciation of fixtures and fittings 4 0 6 0 10
OPERATING COSTS ON SOCIAL HOUSING LETTINGS 15,462 262 2,549 130 18,403
OPERATING SURPLUS/ (DEFICIT)ON SOCIAL 6,143 (31) (37) 337 6,412
HOUSINGLETTINGS
Rentloss duetovoids 116 7 34 0 157

Page 67

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

TURNOVER, COST OF SALES, OPERATING COSTS AND OPERATING SURPLUS (continued)

Particulars of income and expenditure from social housing lettings - Group

2023 2023
General Supported Shared
needs housing Housing for ownership
housing accommodation older people accommodation Total
£'000 £'00O £'000 £'000 £'000
TURNOVER FROM SOCIALHOUSINGLETTINGS
Rent receivable netof voids 19,534 o 1,313 426 21,273
Service charges receivable 278 o 963 5 1,246
Care and support charges o 197 o o 197
NET RENTAL INCOME 19,812 197 2,276 431 22,716
Social housing grant amortisation 183 o 110 7 300
TURNOVER FROM SOCIAL HOUSING LETTINGS 19,995 197 2,386 438 23,016
EXPENDITURE ON SOCIAL HOUSING LETTINGS
Management 3,389 90 518 160 4,157
Service charge costs 418 o 943 0 1,361
Care and support costs o 114 o 0 114
Routine maintenance 3,646 30 174 0 3,850
Planned maintenance 1,829 o 366 0 2,195
Major repairs expenditure 196 0 0 o 196
Bad debts (27) 3 0 o (24)
Depreciation of properties 3,827 11 418 91 4,347
Depreciation of fixtures and fittings 11 1 3 0 15
OPERATING COSTS ON SOCIAL HOUSING LETTINGS 13,289 249 2,422 251 16,211
OPERATING SURPLUS/ (DEFICIT) ONSOCIAL 6,706 (52) (36) 187 6,805
HOUSING LETTINGS I ee EE
Rent loss due to voids 120 12 16 a 148

Page 68

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

TURNOVER, COST OF SALES, OPERATING COSTS AND OPERATING SURPLUS (continued)

Particulars of income and expenditure from social housing lettings - Trust

2024
General Supported Shared
needs housing Housing for ownership
housing accommodation olderpeople accommodation Total
£'000 £'000 £'000 £'000 £'000
TURNOVER FROM SOCIAL HOUSING LETTINGS
Rentreceivable net of voids 19,309 o 1,399 453 21,161
Service charges receivable 346 o 1,003 4 1,353
Care and support charges o 231 0 o 231
SS.
NET RENTAL INCOME 19,655 231 2,402 457 22,745
Social housing grant amortisation 175 0 110 10 295
Se eee
TURNOVER FROM SOCIAL HOUSING LETTINGS 19,830 231 2,512 467 23,040
ee
nn		 ee ee
EXPENDITURE ON SOCIAL HOUSING LETTINGS
Management 3,798 88 513 40 4,439
Service charge costs 506 0 1,082 o 1,588
Care and support costs o 144 o o 144
Routine maintenance 4,149 24 218 o 4,391
Planned maintenance 2,231 o 187 o 2,418
Major repairs expenditure 80 o o o 80
Bad debts 27 (4) 7 o 30
Depreciation of properties 3,690 10 536 90 4,326
Depreciation of fixtures andfittings 4 o 6 0 10
EO oe
OPERATING COSTS ON SOCIALHOUSING LETTINGS 14,485 262 2,549 130 17,426
i Oe
OPERATING SURPLUS/ (DEFICIT)ON SOCIAL 5,345 (31) (37) 337 5,614
HOUSING LETTINGS —S eee eee eee
Rent loss due to voids 1 1 2 7 34 0 153

Page 69

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

TURNOVER, COST OF SALES, OPERATING COSTS AND OPERATING SURPLUS (continued)

Particulars of income and expenditure from social housing lettings - Trust

2023
General Supported Shared
needs housing Housing for ownership
housing accommodation older people accommodation Total
£'000 £'000 £'000 £'000 £'000
TURNOVER FROM SOCIAL HOUSING LETTINGS
Rent receivable net of voids 17,909 0 1,313 426 19,648
Service charges receivable 278 0 963 5 1,246
Care and support charges 0 197 0 0 197
NET RENTAL INCOME 18,187 197 2,276 431 21,091
Social housing grant amortisation 175 0 1 1 0 7 292
TURNOVER FROM SOCIAL HOUSING LETTINGS 18,362 197 2,386 438 21,383
EXPENDITURE ON SOCIAL HOUSING LETTINGS
Management 3,216 90 518 160 3,984
Service charge costs 418 0 943 0 1,361
Care and support costs 0 114 0 0 114
Routine maintenance 3,471 30 174 0 3,675
Planned maintenance 1,757 0 366 0 2,123
Major repairs expenditure 177 0 0 0 177
Bad debts (25) 3 0 0 (22)
Depreciation of properties 3,479 11 418 91 3,999
Depreciation offixtures andfittings 11 1 3 0 15
OPERATING COSTSON SOCIAL HOUSING LETTINGS 12,504 249 2,422 251 15,426
OPERATING SURPLUS/ (DEFICIT)ON SOCIAL 5,858 (52) (36) 187 5,957
HOUSING LETTINGS — mm eee ee
Rent loss due tovoids 115 12 16 0 143

Page 70

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

Group Trust
2024 2023 2024 2023
Number Number Number Number
UNITS OWNED AT YEAR END:
General needs housing 3,365 3,367 3,052 3,054
Shared ownership 136 137 136 137
Supported Housing 9 9 9 9
Housing for older people 262 262 262 262
Market rented
UNITS IN MANAGEMENT AT YEAR END:		 95
84
95
84
3,867
3,859
3,554
3,546
ee
a in
————— o——EE
Oo
General needs housing 3,456 3,462 3,456 3,462
Shared ownership 136 137 136 137
Supported Housing 9 9 9 9
Housing for older people 262 262 262 262
Market rented 95 84 95 84
3,958
SSS		 3,954
SS		 TIS 3,958
=		 3,954
>a

The above numbers include 44 (2023:44) units owned by BVT but managed by other associations.

3 INTEREST RECEIVABLE AND SIMILAR INCOME Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Interest on bank deposits 48 184 48 184
Interest on intercompany loans 0 0 126 183
48 184 174 367
77 ss eee eee
4 INTEREST PAYABLE AND SIMILAR CHARGES Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Interest arising on:
Bank loans and overdrafts 4,658 4,537 4,879 4,720
Interest & Financing Costs - Pensions 0 7 0 7
4,658 4,544 4,879 4,727

Page 71

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

5 OPERATING SURPLUS Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Operating surplus is stated after charging /(crediting)
Depreciation of other tangible fixed assets owned 133 134 133 134
Depreciation of housing properties 4,272 4,139 3,912 3,793
Net book value of component disposals of housing properties 420 208 524 206
Depreciation of non-housing properties 457 452 457 452
Net book value of component disposals of non-housing properti 1 1 10 1 1 10
Operating lease rentals 204 191 204 191
Amortisation of capital grant (306) (305) (298) (297)

Fees payable to Beevers and Struthers and its associates in respect of both audit and non-audit services are as follows:

Audit services-statutory audit of the company 64 60 47 46
Other services:
All other non-audit services 0 0 0 0

5a SURPLUS ON SALE OF FIXED ASSETS

Group & Trust 2024 2023
Sale of Sale of Sale of Sale of Sale of Sale of
Housing Land Other Fixed Housing Land Other Fixed
Properties Assets Properties Assets
£'000 £'000 £'000 £'000 £'000 £'000
Disposal proceeds 1,525 467 21 236 248 19
Carrying value of fixed assets (344) 0 (17) (80) 0 (3)
Cost of sales (25) 0 0 0 0 0
Surplus/(deficit) 1,156 467 4 156 248 16

Page 72

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

6 EMPLOYEES

The average monthly number of persons (including directors) employed by the Trust and Group expressed in full time equivalents during the year was:

Group Group Trust
2024 2023 2024 2023
Restated Restated
No. No. No. No.
Office and management 149 144 149 144
Maintenance 83 79 83 79
Se Se Se Se
232 223 232 223

The above figures are calculated on the number of staff employed in the Group and Trust, working a standard 37 hour working w k for the majority of staff and a standard 39 hour w k for maintenance staff. The calculation has been done on a month by month basis and then averaged out over the course of the year.

Staff costs for the above persons:

Staff costs for the above persons:
Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Wages and salaries 9,567 8,841 9,567 8,841
Redundancy Payments 3 18 3 18
Social security costs 976 872 976 872
Defined benefit pension cost 0 0 0 0
Defined contribution pension cost 876 800 876 800
Other pension costs 0 33 0 33
11,422 10,564 11,422 10,564

The full time equivalent number of staff who received remuneration over £60,000 (including directors):

Group & Trust Group & Trust
2024 2023
No. No.
£60,000-£70,000 15 7
£70,001 - £80,000 8 7
£80,001 - £90,000 4 2
£90,001 - £100,000 1 f
£100,001 -£110,000 0 1
£110,001-£120,000 1 3
£120,001-£130,000 3 0
£130,001-£140,000 0 1
£140,001 - £150,000 1 0
£150,001- £160,000 0 1
£160,001 -£170,00 1 0

The bandings above include redundancy payments as detailed in staff costs above.

Page 73

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

Executive Team Members

In respect of the directors (BVT executive team) who are considered to be the key Management Personnel of Bournville Village Trust:

Executive Team Members
Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Remuneration and fees 667 629 667 629
Company contributions to pension schemes 66 63 66 63
Money value of benefits in kind 54 52 54 52
787 744 787 744
Group Trust
2024 2023 2024 2023
No. No. No. No.
The number of Executive Team Members to whom
retirement benefits are accruing under:
Restated Restated
Defined contribution schemes 6
S8SSS8SSSSsSsSsmomomonn eee		 6
o_O0000S		 6
6
0000S iL).
Group Trust
2024 2023 2024 2023
£ £ £ £
Directors Remuneration per unit owned/managed 223 208 223 208
SSS sss aa ee
Highest paid employee
2024 2023
£'000 £'000
Remuneration 150 143
Company contributions to pension schemes 14 13
164 156

The highest paid Executive Team Member in 2024 was the Chief Executive.

The Chief Executive is a member of the BVT Pensionsaver scheme and BVT made pension contributions of £14,071 in 2024 (2023: £13,439).

Group Trust
2024 2023 2024 2023
£ £ £ £
Remuneration of the highest paid Director per unit
owned/managed 38
——Eeeet		 38
eee		 Eee 38 38

No other payments are made to Trustees other than expenses (travel and subsistence) as detailed below:

2024 2023
Trustee payments comprise of: £ £
Trustee expenses 5,229 4,908

Page 74

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

(Predominantly freehold) - GROUP
Housing
properties Shared Properties in
held for ownership the course of 2024
letting properties construction Total
£'000 £'000 £'000 £'000
Cost
At 1 January 188,018 7,739 225 195,982
Additions 0 0 11 1f
Component replacements and improvements 9,260 o 0 9,260
Properties acquired 2,183 0 0 2,183
Component disposals (2,049) o o (2,049)
Property disposals (361) (76) o (437)
Transfer to current assets (443) 0 0 (443)
Transfer toinvestment properties (357) o 0 (357)
At 31 December 196,251 7,663 236 204,150
Depreciation and impairment
At 1 January (41,895) (1,099) o (42,994)
Charge for year (4,182) (90) o (4,272)
Component disposals 1,474 0 0 1,474
Property disposals 83 10 0 93
Transfer tocurrent assets 99 o o 99
Tran sfer to investment properties 40 0 0 40
At 31 December (44,381) (1,179) o (45,560)
NET BOOKVALUE
At 31 December2024 151,870 6,484 236 158,590
At31 December2023 146,123 6,640 225 152,988

Page 75

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

(Predominantly freehold) - TRUST
Housing
properties Shared Properties in
held for ownership the course of 2024
letting properties construction Total
£'000 £'000 £'000 £'000
Cost
At 1 January 176,206 7,739 225 184,170
Additions 0 0 11 11
Component replacements and improvements 8,875 0 D 8,875
Properties acquired 2,183 0 0 2,183
Component disposals (1,958) 0 0 (1,958)
Property disposals (361) (76) D (437)
Transfer to current assets (443) 0 0 (443)
Transfer to investment properties (357) 0 0 (357)
At 31 December 184,145 7,663 236 192,04
Depreciation and Impairment
At 1 January (37,714) (1,099} 0 (38,813)
Charge for year (3,822) (90) 0 (3,912)
Component disposals 1,390 0 0 1,390
Property disposals 83 10 0 93
Transfer to current assets 99 0 0 99
Transfer toinvestment properties 40 0 0 40
At 31 December (39,924) (1,179) 0 (41,103)
NETBOOK VALUE
At 31 December2024 144,221 6,484 236 150,941
At 31 December 2023 138,492 6,640 225 145,357

Page 76

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

7A EXPENDITURE ON WORKS TO EXISTING PROPERTIES

Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Improvement work capitalised 14 190 14 173
Components capitalised 8,872 6,196 8,861 6,010
Amounts charged ta income andexpenditure 7,264 6,242 6,889 5,975
16,150 12,628 15,764 12,158
TOTAL GRANTS RECEIVED
Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Total cumulative amounts received or receivable
at 31 December:
Capital grant 34,980 35,949 34,980 34,995
FINANCE COSTS
Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'00
Aggregate amount of financecasts
included in thecast of housing properties 2,800 2,800 2,800 2,800
andcommunal areas in note 7b
2,800 2,800 2,800 2,800

Page 77

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023

Group & Trust

Group & Trust& TrustTrust
Market
Commercial Rented
Properties Properties Total
£'000 £'000 £'000
At 1 January 2024 430 6,564 6,994
Transfer from housing properties 0 318 318
Component Disposal in year 0 (12) (12)
Capital Improvements 0 102 102
Revaluations 10 1,937 1,947
At 31 December 2024 440 8,909 9,349

The Group's commercial investment properties are valued annually on 31 December at fair value by Savills, an independent, professionally qualified valuer. The valuations were undertaken in accordance with the current RIGS Valuation --Global Standards, incorporating the IVS, and the RIGS Valuation -- Global Standards -- UK National Supplement published by the Royal Institution of Chartered Surveyors (commonly known as the "Red Book"). In valuing investment properties, a discounted cash flow methodology was adopted with the following key assumptions:

Discount rate 7% Exit yield 10%

The Group's market rented investment properties are valued annually on 31 December at fair value by JLL Limited, an independent, professionally qualified valuer. The valuations were undertaken in accordance with the current RIGS Valuation -Global Standards, incorporating the IVS, and the RIGS Valuation -- Global Standards ­ UK National Supplement published by the Royal Institution of Chartered Surveyors (commonly known as the "Red Book"). In valuing investment properties, a discounted cash flow methodology was adopted with the following key assumptions:

Discount rate 7% Exit yield 5% Level of long term annual rent increases 5.5% years 1 & 2 and 4% in subsequent years

If investment property had been accounted for under the historic cost accounting rules, the properties would have been measured as follows: Group & Trust- 2024

been measured asfollows:llows::
Group& Trust- 2024
Market
Commercial Rented
Properties Properties Total
£'000 £'000 £'000
Historic cost 160 1,284 1,444
Accumulated depreciation (62) (231) (293)
98 1,053 1,151
Group& Trust - 2023
Market
Commercial Rented
Properties Properties Total
£'000 £'000 £'000
Historic cost 160 825 985
Accumulated depreciation (60) (172) (232)
100 653 753

Page 79

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

9 FIXED ASSET INVESTMENTS 2024 2023
£'000 £'000
£'000
Group
ne ne
Investment in subsidiary 0 0
0
——
EEE		 EEE
Trust
Investment in subsidiary 8,400 8,400
8,400
mee
10 RESTRICTED CASH
Group&Trust
2024 2023
£'000 £'000
At 1 January 1,040 1,040
1,040
Interest credited 0 0
0
At 31 December 2024 1,040 1,040
1,040
—SSS—SOS OS
11 STOCK 2024 2023
£'000 £'000
Group
Materials and consumables 3 16
Work in progress 632 1,438
635 1,454
be
Trust
Materials and consumables 3 16
Work in progress 1,192 1,245
Materials and consumables 1,195 1,261

Page BO

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

Group Trust
12 DEBTORS 2024 2023 2024 2023
£'000 £'000 £'000 £'000
Amounts falling due within one year:
Gross Rental Arrears
Housing 920 830 859 780
Non-housing 503 518 503 518
Market rented 14 12 14 8
Supported housing 29 131 29 131
Shared ownership 23 22 23 22
Less:Provision for bad and doubtful debts {655) (596) {644) (594)
834 917 784 865
Balance due from managed associations 0 0 0 0
Balancedue from group undertakings 0 0 1,297 1,792
Prepayments andaccrued income 900 478 900 478
Other debtors 1,199 1,126 1,639 1,441
2,933 2,521 4,620 4,576
Sr
eeEEE
13 CREDITORS: AMOUNTS FALLING DUE Group Trust
WITHIN ONE YEAR 2024 2023 2024 2023
£'000 £'000 £'000 £'000
Housing loans (note 18) 3,612 3,516 3,612 3,516
Rent and service charges received in advance 835 919 799 869
Recycled capital grant funds (note 15) o 0 0 0
Deferred capital grants (note 16) 305 306 297 298
Trade creditors 421 215 417 215
Balances due to managed associations 169 261 169 261
Balance due to group undertakings o 0 5,029 4,553
other taxation and social securitycosts 218 203 218 203
VAT 226 226 223 212
Other creditors 299 408 299 408
Accruals and deferred income 4,137 5,376 3,711 4,911
——Ss
10,222 11,430 14,774 15,446

Page 81

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

14 CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR Group Group Trust Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Debi(note 18) 86,136 B2,747 86,136 B2,747
Loan arrangementfees (520) (541) (520) (541)
Deferred Income o 103 0 103
Recycled Capital Grant Fund (note 15) 16 15 16 15
Deferred capital grant (note 16) 29,248 29,553 28,500 28,797
114,880 111,877 114,132 111,121
Included in creditors are the following debt related items: Included in creditors are the following debt related items:
Group Group Trust Trust
2024 2023 2024 2023
£'O0 £'000 £'000 £'000
Amountsrepayable by instalments falling due in
less than five years 17,753 18,013 17,753 18,013
Amounts repayable by instalments falling due
after more than five years 36,994 40,250 36,994 40,250
Amounts repayable other thanby instalments
fallingdue after more thanfiveyears 35,000 28,000 35,000 2B,000
Less amounts repayable in less than one year (3,612) {3,516) (3,612) (3,516)
86,135 82,747 86,135 82,747
15 RECYCLEDCAPITALGRANT FUND RECYCLEDCAPITALGRANT FUND
Funds pertaining toits activitieswithin areas Group Trust
covered by: HCA HCA HCA HCA
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Opening balance
Inputs to RCGF: As at1January 15 103 15 103
Grants recycled 0 15 0 15
Interest accrued 1 0 1 o
Grants repaid 0 0 o o
GrantsWithdrawn 0 (103) o (103)
Closing balance 16 15 16 15
Amounts3 years old orolder where
repayment may be required: 0 0 0 o

Page 82

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

16 DEFERRED CAPITAL GRANTS

16 DEFERRED CAPITAL GRANTS
Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
As at 1 January 29,860 30,074 29,095 29,301
Amortisation in year (306) (305) (298) (297)
Transfer from/(to) recycled capital grant fund 0 91 0 91
As at 31 December 29,554 29,860 28,797 29,095
a= —>l—L—L = Eee
17 FINANCIAL INSTRUMENTS
Group and Trust
2024 2023
£'000 £'000
Financial liabilities:
Measured at fair value through profit or loss
At 1 January 5,417 4,071
Movement during year (3,811) 1,346
At 31 December 1,606 5,417

Interest rate swaps

The Group has taken out a number of interest rate hedging arrangements as part of the Treasury Management Strategy which seeks to achieve a mix of fixed and variable rate loans within the overall portfolio. All of the hedging instruments are stand alone interest rate swaps which have been taken out over the last 15 years and which have fixed rates of interest varying between 4.14% and 5.81%. At 31 December 2024, the total nominal value of interest rate hedging instruments was £51.5m (2023 £51.5m).

The fair value of these hedging instruments has been calculated by BVT's Treasury Management advisors, Chatham Financial.

Financial assetsinancial assetscial assetsal assets
Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Debiinstruments measured at amortised cost:
Rent debtors 1,493 1,512 1,429 1,459
Other debtors 1,412 1,446 1,416 1,449
Cash 4,158 4,605 3,719 4,273
eee eee eee
eee		 eee
7,063 7,563 6,564 7,181
Financial liabilities
Measured at amortised cost
Housing loans 89,747 86,263 89,747 86,263
Trade Creditors 421 215 417 215
Balances Due to Managed Associations 169 261 169 261
Balances Due to GroupCompanies 0 0 5,029 4,553
Other Creditors 3,787 4,861 2,949 4,059
94,124 91,600 98,311 95,351

Page 83

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

18 BORROWINGS
Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Creditors: amounts falling due within one year Creditors: amounts falling due within one year:
Relating to housing loans Relating to housing loans 3,612 3,516 3,612 3,516
3,612 3,516 3,612 3,516
Creditors:amounts falling after more amounts falling after morethan one year:
Relating to housing loans 86,136 82,747 86,136 82,747
86,136 82,747 86,136 82,747
Total 89,748 86,263 89,748 86,263

Housing loans are secured by specific charges on the Group's housing properties and are repayable at rates of interest between 5.25% and 12.86%. The net book value of assets secured to lenders is £85,667,000.

Of the amounts due in more than five years or more, £20,000,000 (2023: £20,000,000) is wholly repayable by lump sum in more than five years. The remainder is repayable by instalments.

19 PROVISIONS FOR LIABILITIES 2024 2023
Group and Trust Pension Pension
£'000 £'000
As at1January 0 322
Util sed in year 0 (329)
Unwinding of discount 0 7
Increase inpayment obligation 0 0
As at31December 0 0

In 2019 BVT agreed with the Trustees of the Cadbury Mondelez Pension Fund to make payments, against a schedule ending in 2023, to assist in de-risking the historic pension scheme. A provision of a sufficient amount to cover these agreed payments was retained during this period.

Page 84

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Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

GENERATED FROM OPERATIONS
Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Surplus for the year 9,351 3,771 9,098 3,504
Adjustments for:
Depreciation of tangible fixed assets 5,460 5,062 5,093 4,715
Amortisation of capital grant (306) (305) (298) (297)
Surplus on sale of tangible fixed assets (1,627) (420) {1,627) (420)
Interest receivable (48) (184) (174) (367)
Interest and financing costs 4,658 4,544 4,879 4,727
Movement in value of financial instruments (3,811) 1,346 (3,811) 1,346
Movement in fair value ofinvestmentproperties {1,948) (2,412) (1,948) {2,412)
EE a ee
Operating cash flows before movements in working capital 11,729 11,402 11,212 10,796
Movement in stocks 819 (575) 66 (1,197)
Movement in debtors (412) (397) (44) (361)
Movement increditors (1,257) 888 (1,196) 1,249
Cash generated from operations 10,879 11,318 10,038 10,487
Ve Ve
aa‘.
R=		 Ve
CASHANDCASH EQUIVALENTS
Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Cash and cash equivalents represent:
Cash at bank 4,158 4,605 3,719 4,273
Demanddeposits included within creditorsfallingdue in less
than oneyear(note 13) (169) (261) (5,198) {4,814)
3,989 4,344 (1,479) (541)

Demand deposits represent amounts owed to managed associations (Group and Trust) and group companies (Trust).

Page 86

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

23 ANALYSIS OF CHANGES IN NET DEBT

Group At1Jan Cash flows Other non At 31 Dec
2024 cashchanges 2024
£'00O £'000 £'000 £'000
Cash and cash equivalents:
Cash at bank 4,605 (447) o 4,158
Demand deposits included within creditors falling due in less
than one year (note 13) (261) 92 o (169)
4,344 (355) 0 3,989
Borrowings:
Debt due within one year (3,516) 3,516 (3,612) (3,612)
Debt due after one year (82,747) (11,658) 8,270 (86,136)
(86,263) (8,142) 4,658 (89,748)
Total (81,919) (8,497) 4,658 (85,759)
Trust At 1 Jan Cash flows Other non At 31 Dec
2024 cash changes 2024
£'000 £'000 £'000 £'000
Cash and cash equivalents:
Cash at bank 4,273 (554) 0 3,719
Demand deposits included within creditors falling due in less
than one year (note 13) (4,814) (384) 0 (5,198)
(541) (938) 0 (1,479)
Borrowings:
Debt duewithinone year (3,516) 3,516 (3,612) (3,612)
Debt dueafter one year (82,747) (11,879) 8,491 (86,136)
(86,263) (8,363) 4,879 (89,748)
Total (86,804) (9,301) 4,879 (91,227)
24 CAPITALCOMMITMENTS
Group Trust
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Capitalexpenditure contracted for but notprovidedforinthe
financial statements
2,304 3,600 2,304 3,600
Expenditure authorised by Trustees but not contracted
9.670 9,895 9,176 9,157

The above commitments will be funded through revenue surpluses and capital receipts.

Page 87

Bournville Village Trust Group

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

25 OTHER FINANCIAL COMMITMENTS - GROUP AND TRUST

The total future minimum lease payments under non-cancellable operating leases for fixed assets are as follows:

Group and Trust Other Other
2024 2023
£'000 £'000
Amounts due:
Within one year 99 99
Between one and five years 112 168
More than five years 0 0
211 267

26 RETIREMENT BENEFITS

Historically BVT staff were able to join the Cadbury Mondelez Pension Scheme, a multi employer defined benefit scheme. This offer of membership ended on April 2010, new staff are eligible to join the BVT Pensionsaver scheme, which is a defined contribution scheme set up through Legal & General.

In July 2021 all versions of the Cadbury Mondelez pension fund closed. BVT allowed current staff members to transfer to the defined contribution scheme with Legal and General. This means BVT no longer pay any contributions to the Cadbury Mondelez Pension Scheme on behalf of staff. A triennial valuation of the scheme was conducted as at 5th April 2022 and the scheme was found to be in surplus (£143m)

In 2019 all scheme members agreed to follow the Principal Employer in making additional payments into the scheme to allow the Trustees to further de-risk the scheme for the protection of all Employers and Members. BVT made additional contributions of £121,000 in 2021, £330,000 in 2022 and £330,000 in 2023. BVT has not been asked to make any further contributions.

For the BVT Pensionsaver scheme, the Group paid contributions at the rate of 10% of pensionable pay for the year, with members contributing as much as they liked subject to a minimum contribution of 4% of pensionable pay.

The best estimate of contributions to be paid to the schemes for 2025 is £1.09m

It is not possible to identify the share of underlying assets and liabilities of the Cadbury Mondelez Pension Fund belonging to individual participating employers.

Due to the nature of the schemes, the Income and Expenditure account charge for the year under FRS102 represents the employer contribution payable.

Page 88

Bournville Village Trust Group RouttalsVlge Trost S79

NOTES TO THE FINANCIAL ST A TEMENTS for the year ended 31 December 2024

» 27 = CONTINGENT LIABILITIES tiered FOR

There are no contingent liabilities known at the balance sheet date.

BVT owns 100% of the issued share capital amounting to £100, of Boumville Village Developments Limited (BVD), a company oe incorporated in England and Wales. BVD is engaged in the co-ordination and construction of an urban village at Lightmoor in aaa Vacah at ea Snes ones eapetee i Beceesmcaeiea eek enebeaieg erent lac ebegaertagtenee Telford. BVT helps to fund some of the working capital requirements of BVD and has agreed a loan facility for this purpose. As at 31/12/24, a the outstanding balance on the loan stood at £1.3m (2023 £1 ae .73m). oe ie tls, cee og tees ee eee =e rr) fen Each BVT Trustee owns 1 share out of the total 279 shares SNF Troeeae comers 1 etree O98 ofl Ree tiled EPP ghee in issue of Boumville Works Housin id betes 8 Becrenttie Wert Meare g Society Ltd (BWHS), a ereely Lbs - :fooler chaBWHS became a subsritable Re 4 g aga istere ablrmace d Pidiary of BVT in 2011 and rovider of s itt ocia Bal l ara, h (te ousing, registered in 2016 put in place a coterminous board arrangement whereby the Trustees MMO RREMAL u Mae nder t AH he Cooperative Cat Sard and C ‘Lila commtir coon ommunity Benefit So inne cieties A Ree ct 2014. of BVT took over from the BWHS Management Committee. BVT owns Pfs 100% of the iss al ued share ca ‘eel pital amounting to £100, of Bournville Village Enterprises Limited (BVE), a compan a y ’ incorporated in England and Wales. BVE is engaged in the market renting of properties leased from BVT. ee ate La eet Sayed rn ton ms Stee Exemption has been taken under FRS102 from the requirement to disclose transactions with subsidiaries. A007 BVT gives grew eopachue regular annua veel: l grants to Avoncro Javsset fl M Humes, useum, a Registered ¢ Heveees! C Chats, harity, f (ere rom surpluses made on renta anyon wae ae pated l income from bee ee commercial properties granted to BVT by the Croft Trust, which previously owned Avoncroft Museum. This support continued resin in 2024 at £1 pete 5,000 per annum. = Also LY in 2020 fo Or Tate owing a request for ur fey gent ee financial s noes uppo ae rt and support at the Board level ee made by Avoncro a SE fl M pee. useum to BVT, David ee a Robinson ( 5 F 5 cae inance Director Reet ) joined the Trustee Board of Avoncro eee wees eee 0 Oe fl in an unpaid er ae oeetla position Cy . Seceost des SE See eas fee eet beet eb Bows of deca he oes

Papa Page ty 89

Bournville Village Trust Group

INCOME AND EXPENDITURE ACCOUNT FOR BAT RESERVE for the year ended 31 December 2024

INCOME 2024 2023
£'000 £'000
Income from lettings
Rental income 568 534
Service charge income 65 47
633 581
Market rent 591 553
Interest receivable 0 135
Other income 42 29
Grant Amortisation 9 9
642 726
EXPENDITURE
Services 44 58
Management 247 257
Routine maintenance 192 92
Planned maintenance 141 44
Rent (recoveries)/losses from bad debts 1 0
Depreciation of housing properties 251 98
Depreciation of other fixed assets 0 0
ee
876 549
TE: TE:
-aT
Surplus for the year (234) 177

This page is for the information of the committee only and does not form part of the statutory accounts.

Page 90