## 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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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|INDEX|Pagels|
|iptv|Information|edie|icity|2-4|24}|
|| Pagpuet|Report of the Board of Trustees|of|ie Bowen|ofDersetenin|BS|5-6|
|Operating and Financial Review|Chomiliig|aS Frandst Savion|7-47|r=|
|> frien|Independent Auditor's Report to the Trustees|Autti|splot tev thee|Thineteunit|48-81|48-51|
|Conselitstet|Consolidated and Trust Statements of Comprehensive Income|arZ|Start|Stes Shee|saute (ee|52|4|
|Consolidated and Trust Statements of Financial Position|53|
|Saris|Statement of Changes in Reserves|yal|af|Sree|yy Reee(eas|BE|54|
|Geran|Consolidated and Trust Statements of Cash Flows|Hated|arai|net|Seatemarts|af|Sash|Hone|55|so|
|Accounting Policies|Aocounting Pallutue|St|56-64|
|Notes to the Financial Statements|Reise|@|Ss Ass i|Stem|©|65-90|So-Su|

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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 

> Page rage 18 I 3 



## 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 

> | Page I 4 



## 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. 

> Page fag I | 5 = 



## im Our Structure Sireeture 

The Bournville Village Trust Group comprises; ­ 

- 3 • ours Bournville Village Trust (BVT) - Bournville Village Trust is the parent body, Vilage Trl (OT) ~ Bounpviiie Wileges Trust ine ties mere Dadhy,. based in Bournville, Birmingham. BVT provides a range of social housing in South Birmingham, Central Birmingham and Telford. Theah Grevnphes, Cente Biverpleme e00 Veto: We provide estate We provi tettete. 

- lmstae management in Bournville, Lawley and Lightmoor, to over 7,000 households. errr Skellie, Legere Wud emo ys owe TO acsaleede, We We run a number of offices, shops, and health care facilities in our om a nuinber of offices, eloys, ant fymlttt ode fiolitbes ly dur neighbourhoods to ensure our communities have the amenities they need. BVT also runs a small number of commercial premises outside our communities to niko sone AL mane) punter of cern secin! precrinen oatekio-emi uorequelite te: provide a profit which we reinvest in our neighbourhoods. We manage around 0G 3,000 acres of agricultural land that was gifted to BVT and that we use in line acre otaertoulisnnl land that was. gitar to WT end iets wee Inline wil with the charitable aims of the original donation. We invest in, and work with Ue chiriebe sine ed tee carpi Lintsticenl Vitus Lieven , our communities to provide services and facilities which assist people to thrive. cliSoraniithds Te, cect went with, te provide senvicns une Raelitiny witoh simniatpevgs 

- BVT also provides management and maintenance services to other registered ITY S30 (Stes PS ere eet tereieesfi Dike Tepstesthe v **e** Piodtes providers and organisations. 

- • Bournville Almshouse Trust (BAT) - A linked charity dull onpersetins , BAT is a charitable 4 Reuraville Ainetowae ost (BAT . A linked dieiity, EA! feo ctentable negultier provider of social housing based in Bournville, Birmingham. BAT manages 97 Diets heuseey Hesed bi Dnutryile, Sieitrghem, CNT repays57 properties in total, 33 of which are Almshouses. Preferential status is given to neti retired employees of Cadbury Brothers Limited (now known as Mondelez UK Smiplopees GF tellin GratinEnitet (nowkneawn is Mietwiahe WK Limited), seeking affordable accommodation. The remaining 64 properties are Endowment Houses, surpluses from which help to support the contributions Vegiiewrrar Soles, slips tres wich hely bs supper] the open cpt made by the residents of the Almshouses. BAT is accounted for as a restricted Tete25 is Seine=a SS Bs fecefeees. SAT Wiesssenies io ca resist (iene reserve within the BVT financial statements. wily Ihe VT (Weinelel Stetenventa,, 

- ‘ • Bournville Works Housing Society Ltd (BWHS) - A wholly owned subsidiary of Reverie Warts Houatiy Spalety 1th (SYR) « Awhelly owned subaidiiny of BVT, BWHS is a Registered Provider owning 313 properties in Bournville. The VE, BY ps Regisiess! AS, ordning 21 aesecartany |) BetteTa, hs Trustees of BVT are also the Board Members of BWHS. BWHS was founded neSESs GUT Sars ae Wis Beart Mamie af vir. iwis ees enndse Kins in the same period as BVT and shares the values that BVT aspires to. The thes Sastre) (esis ee TANT ere Ataris Ne veloc thet BVT aspives to. Tie main difference between BVT and BWHS on founding was that the BWHS (iin Oilers Seren BAT ad HWS neuseties properties were specifically aimed at workers of Cadbury Brothers Limited (now wiesspettics y esnsd al worketeofqf GadbupyTW walSrcthors MalLimhatltie BOS (now known as Mondelez UK Limited). This remains the case today with priority given (ie to current or retired employees of the company and their families. cucreneel vellne® <rn)ilojseseof IMiy ocitnpieny will Weir fernilles, 

- » • Towavils Bournville Village Developments Ltd (BVD) - A wholly owned subsidiary of Vilups Revaliyirsnte bic (EVD) A wiedlly owed wubericiny ef BVT. BVD is a company that is used to co-ordinate the development of a ms, MAY Sg ge cary et 1 ee) & cece he teiecsS al (esters modern urban village at Lightmoor in Telford. Uni MileSt fiahareeor itn Telisre. 

- ° • = A commercial trading subsidiary set up to undertake market rent activities. BVE Bournville Village Enterprises Ltd (BVE) - A wholly owned subsidiary of BVT. HiouaraivllieA cotatterte| Villiagebreding Grtetyiihees anteStisyBatect (EO)oii is—untstinbaceertal A wholly wna rersubsldiery oftaniisiies AVY.y=. mcs leases properties from BVT, lets the homes at a market rent and then returns pete) all ees Foo CTD, lee Se epee the profits to BVT as a year-end donation to invest in our socially rented homes fle petite to SVE 28 wiyear = 0 leet Len ured Yee ISlerS and wider charitable purposes amd wideratm teis sins, . dar yetloin Gs [runt fy curt salelly veered atria 

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## Operating and Financial Review 

- The operating and financial review has been prepared in accordance with the applicable Accounting Standards in the United Kingdom and the Housing Statement of Recommended Practice (SORP 2018). 

- Operating 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: 

- 1 . Deliver estate and stewardship services that continue to be shaped by ty Deblivin. aabete peu) elmwertigh|: wertinee thal continue We Be ehepell Wy customers and meet the needs and expectations of their rissheytiicaurtinmenctes. neighbourhoods. 

- 2. Maintain the quality and design of neighbourhoods using modern and Tespunsive responsive design guides that reflect best practice and are developed teen (pubes frat voit Dersl pewmtioe wih ewes careshoycul Matt with customers and communities. ccuntfesniteite calichcanncereaareltea. oO 

- Gy. 3. Ensure our parks and open spaces are welcoming and accessible, pews cirpeley eee shey ppeccd ae emlcosrieg unt) soseeclie, SLpaientt support people's health and wellbeing yeecmppbess Pjjema lly carted vest ltoeshragy, , and boost biodiversity suynel | frogad BHeeellurtivity, . 

4. Invest and protect the unique heritage found in the buildings and spaces Se erupettonend pall Uther ekg beulinges Guu! iit tite Melati ‘See in Bournville Village, ensuring they meet the needs of communities today and saint fad and in the future. ir Fe tatore:2 Vases, Seesang Pee ees s eee ei eeSas Say 

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:. 

- 6 9 . Feeeilicer Realise the potential of parts of our agricultural estate to create great the petarilial ofpave of Quy Spiculluml sett to erecta gion! fiero homes and new neighbourhoods. ane new polghiheurtiaace, 

7. Complete the development of Lightmoor Village in Telford. 

## How did we do in 2024? 

- > | Ehavepe Finalised our Environmental Sustainability Strategy. age Seqlerenist Boproiis) (ietasy, 

- im • In Lawley, embedded a new grounds maintenance service, led by BVT tn Leutey, cmbsddull & row ieapitia matrfenancs sorvicy, ed ty i107 and Lawley residents through the wholly resident led management iene committee. el iis, 

- et • inpigicwmentes Implemented the changes to the BVT Grounds Maintenance Service, “Pe cheeses ts We S/F Greuces Eegteeentioss Scales following the comprehensive service review the previous year that has seen improvements in the quality of the service. 

- & • BantedBSei] Carried out a comprehensive service review of the services to the Liywoveriegibson < comjiclensivelnths ypelilyvanes ofthe seyyianvevlow communal areas of our residential blocks and schemes, which has led to 

- ‘Gaminiine: eneds of ont teshlonttiy! Moats as! echermes,af te **w** ilenlieelttl tasete[utthetre approval to invest in a new Estate Caretaker Service for our Birmingham epscal is irvselemeae Sole Ceccse Weis neighbourhoods, based on the model established in Telford. BSeihbuni ipods, Beeetill pn Bs uta) Seal Oel I $60 won Braise 

- • Through a programmed approach, ensured that the grounds meeitoneintt, maintenance, estate services and block services reviews will be wseteie aeriges anit Blodle seimdoss weiviews ‘will tive 

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- implemented in a coordinated way to realise efficiencies and deliver better RSTaaTeedt |i 8 owiirested any to ten) ar cifidennes auto service for customers. Set DUstD0III sad del rete 

- • : Sarees Developed a Partnership Agreement for the Grounds Maintenance service eas peareescat that focuses on the quality of service and problem solving between teams, iat iSstaess oT Te (eiy ar sari 2)> | (etnSe adel:aReSeeen ryws,= 

- etter rather than the internal market approach previously adopted. ther hie intone nimiket qapneealt Juukiorelanenssy edyped. 

- Vier • Worked with partners to challenge initial plans by the Environment Agency eat sotil ped trienrts (orCleeture (HALA (yan to to install flood defences in parks on the Bournville Estate (nstell fined)Matar (py prettiesott fe (eainivilerite Eetete.Bev . alien aciiey 

- @ • Organised the Bournville heritage open day with over a dozen partners Digenissd the Gounwily Tyertigs open day wih-peyrs tomer malig 208 and over 13,000 visitors. oee7 13.000 viititote . 

- @ • Our heritage consultation engaged our communities to learn how we Ger befitco coretrision waaeet On miemrouriite. f Sea how should deliver our heritage service in the future. 

- Continued the development of Lightmoor Village with more homes being nets made available to buy on the open market or to rent at affordable rates Senet to finp on ihe enen marke) on fo peta -esoneehilit hiie 

- ‘CElbeoiets through BVT or other social landlords. RT apnonto sievertead Lexrtetlio 

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

- » Implement new operating systems for the Grounds Maintenance team to lilerment new oneustite spetess Tn te Greundls Welnisraices lien! be improve productivity of the team and provide clear performance reporting PgsowS pra iy ty od ts tents ent papyate ticar gefermenas ereraiin systems Siam . 

- Implement recommendations from the residential block services review, \neucline including the Estate Caretaker team, new cleaning contracts and bulk Hie bet Carelaher fan, ver cheating centres crt bow pll'e refuse service. Neies-sermine. 

- a) • [eerste Improve the information for customers to be able to scrutinise the service tie Preitlerrrdion) (ot: quested thi De qlee guise Th in residential blocks and estates/stewardship areas so BVT can be held to liois (ee ayy wines raehdariin) Shocks ont setatsarcteerarient: unreso S207 fear) tee Spcht 

- Benen account. 

- leeoes • with quickly and efficiently. wi Improve the customer journey to ensure all customer enquires are dealt ssist?tie custert thaandly, loins to sree coll weateirser Sretiires ayy Alltel 

## 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) 

- 1 . ‘i: «=» nderviar<tisestenpitc, Understand the strengths, needs and aspirations of all the communities needa ert ten? ifeme of oll fia cowrenriiee we work with through the production of bespoke neighbourhood plans. lomo = Bs esceipsts oi Is eis sseurbasd = 

- “ 2. ASias Act as a neighbourhood facilitator by connecting and building strong = neiititamined fetineion Ry conmeniing. acre Malling etreng patireselte partnerships to deliver a wide range of services and activities. fy cleilivorns wits rengys of servition ang sothltve, 

3. Se «= Establish local hubs where people from all backgrounds and partners Seteblint lore ahs where people Tom al tackgrmants at cline can work together, build capacity and deliver or use services. Gan work Logeifien, Mid) epesielty endl cle ier yep seine, 

Page I 10 



- é. 4. Picuite Provide a diverse range of opportunities for customers to be involved, = diye nunge oF appetites feu cnminemersdy (ke thyyalwad, influence and shape the services we provide. 

5. % Waikeepes Make sure there is a strong voluntary and community sector erg [1 along yohosesy ad) mumsty seer, . 

- 6 ih . Support and develop capacity to community build across the whole Suapettantodavaqy aapenty fo: sammminily Onli aqrose ‘is: wltale organisation, nurturing new groups and accessing grant funding. 

- % 7. — ineanre: Ensure we have the skills within BVT to enable customers to shape our ore Have ther okithe wfittiaBLT te-ernelilc encatrnmare te shiepen ena services. 

## Lael How did we do in 2024? Pe res SS 

- @ • fie The Community Building Strategy has been delivered across 2024, Bovnmepty Gi lee Breteey Bes bean dehepel ssazes: H04, resulting in activities across our neighbourhoods and in our Community resulting ih seiivites comes oun reighbourhonts andin ser Seamnunity Places that are important to our communities. 

- le • |Melehilatrtinnt Neighbourhood co-ordinators have now established regular drop-ins that Coen dlietonm teins teres essteslithi Meet empties rerpeslie fie ape are building relationships with both tenants and local community hubs. lairieing neletdonetilpas with nett Gorartte annt focal earmnmantiy Huta 

- oe • (RI Built and strengthened partnerships across the neighbourhoods through at siren pateatpesorcse Ue miiigiiseentients Wyyeuinitl partnership events, supporting community place holders grant fund - fishing pool was supported to secure funding to make the pond more Fete Pool wee myQEess to seceres Fanci] & metea Fond Wile secure and replenish fish (they were considering closing), grant funding to local groups to develop their services at Shenley Court Hall and ennui(neal ereEe replyyfp Tal)diewel)j}> it (eyWise wereservices. nope Tuliwl ySharilsy’Sining),Gewsl pemest SopHell]pilllyait iy Woodlands Park Hall. In Lightmoor and Lawley funding to support the Winelands Park hall in higher aid Lawiy tying te eigpyroit the youth partnership work, veterans support and baby loss groups. 

- (@ • YO We supported the South Birmingham Community Muslim Association to Perierahip works, vaRsnins: suppard ert ha ply fous gnengyie, | We suppotion dhe Shitty Birmiingiien Covlimniriliy Nivel, Asexletetii 1 ettalilsh establish its base in one of our neighbourhoods. i Kese in one af aun sesictibeuthinnte. 

- we • Woiked Worked in partnership with others to deliver the dementia-friendly memory fr pariunsti|) with others jn Geliver lntamente<erd)u emily caf~, providing reminiscence opportunities through heritage. 

- • More groups have used/accessed community hubs. For example, Shenley Court Hall utilisation increased. All rooms have been refurbished including CoutHel wilesfou wanpgsed. All eqnf **s** Ureeniardepee Ine) the new learning suite which has increased the potential of the hall. Also, Use racy stabi i der owl eily ese: Vroueeemeieiad) Vin palatial) Pie.OF Halll Mle, the work in the Oak Tree Community Centre, Lightmoor has seen it increase income almost in line with expenditure for the first time ever due Ineeteme Trrexarran atinricet fn fire with expennittine tear tite Tir tenis comm chic 

- fev to increased bookings. Tenesbisaeaseed Upc ltii (yee 

- ve • Wartnel Formal volunteering opportunities for BVT and partner events. For edjenteeing oppariuctiiss tr Evi nad pefiter events. |ot example, Lawley and Lightmoor summer festivals, Chinese new year, EeRle, bates enit_Ogitnicet:savase fethsts. Ctingses new ent pride on the green, Christmas events and less formal volunteering ers st ee creek Mess aut eal Se Se veel activities like litter picks. In Lightmoor we have the youth partnership with Shenley Youth Community Association which has also provided volunteer opportunities and resulted in qualifications for those taking part. Opporimiisa wed noaliitted in quaiVice **t** ieivne thos ting ogi 

- • 4 ON Contested elections were held for the first time for resident member places on the Estates & Stewardship Management Committees in Lawley and GortestedHie!RatetiesSleetine2 Siawanlihity woretralll Megaman!Mir dic Hist line Mirapyfanonaittises th Cacvelny Pineyaint ‘hight Lightmoor. — Legecesl| Local residents engaged in a ballot process to elect their noweittcnitse tanegexgese fea ee Moelle porte yr wleot Tell tefkited preferred candidates, who are all local residents, to strengthen the cdnildeii, whe ape ell leeel pendants, te erevgtlien Mee resident-led committees. 

> Page ae | I 11 5 



- Li) Where there is more to do. ampSeer:Ee el een, ap ly, @ • The Neighbourhood Plans for each area will be updated to reflect the most The teenpouetoellMass os ceyh cree wi) lle uptatedte eeeIte mom recent open-source data, and the views of the community gained from Pacem Spersouruy) Minky, ead the Vewve if Weococmmmnity seve Pou 

- SngSrat engagement events and the conversations with partners. This will make enmin and tieconestestions wilt pari, This-will make sure our resources are targeted to the greatest need. 

- • The Community Building Strategy will be reviewed, taking account of the 

- we ihe neighbourhood plan data, our learning from the social value model we are Cote Bulting Seay leo, ein tthe teteliheuithiond plitn cites, qanolente thomtlie sonal velive tinacal we vite Hsing using and consultation with partners. This will ensure our investment into ae eoistilistion wit patrere: Wily wil ans curiinestiont ite this area is meeting our aims. 

- » • Develop our approach to the management of our Community Places, Deeet ser esgaces’ a He naadgement if wer Seamren’y Meee increasing revenue, partnerships and the social return from the activities ereaalng fiero giinerarize mre ihe COD SSIES Te See SSD VT IFal that are delivered. sre allyared, 

## 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: 

- \, 1 . ake Take an evidence-based approach to the work we do to champion er euicuii=atinsad apgreesi to Cin wei we Be to chasse peoply, people, using our bespoke neighbourhood plans. using ooroepoke naighsaarhicon! plana. 

- 02%) 2. Dever Deliver services and programmes that support financial wellbeing to help geniloes cant) jneygrarnmmies tlted stip} aii!l fineerittal devslllovstingy tea tilt reeuar reduce the impact of poverty. ties impacto jroventy. 

3. Work in partnership with other agencies to deliver and develop services for families and young people. 

4. Develop a range of youth services across our neighbourhoods in & Sevsiy 6 fange of youth earsicas dione our nalghteuitoviie 1 Sirminghsvvanced Birmingham and Telford. alfa. 

- Se 5. award Expand our work with older people beyond our sheltered schemes to Gur Wek wilt alien Pepe buyer our atilisnet satiation to aH support wider communities. pCRS welder oqurmanilitess. 

## How did we do in 2024? 

- @ • Neighbourhood Co-ordinators are now working more closely with colleagues to Ratightourtesy Doconihadtos ard ness wenrkiny pen: chobaly and identifying support needs. develop and refine neighbourhood plans and are now accessing more tenants evolbyand) Wendling aia reflts expynnich moni,iWuriheodplane sii une now arsees|ppwR ceilisexieteymars tewurth to 

- • Well Winter targeted campaign to support older tenants with household costs. fe Wall Weise eagle ext piakae tx supine A ei wh Pe ae cet a • noliaarvios self-service by residents and focus on supporting residents who require Established a support first approach to income and money advice, encouraging PebihifapiettsEy eupmeetPeeldundh tint ainineendtaim Taetie inesrason Sayjoiling andl noneysditas,msicarte: aycouriyitigwlio nomi support. 

> Page bee I 12 ie 



- -& • Improved relations with external providers and local stakeholders for grant litereved raleiors welll yeteutie provisos 4 swe wlexsheltoe fur gees! funding, debt advice and welfare benefit support. Secured £1 Ok funding from Edward Cadbury Trust to establish a homeless prevention fund for Telford, ase Satsoy k= & Oteeed + fees pee BS Te ls, 

- wewitinltins continued work with The Project to provide targeted debt advice and started a yaa OT) The linlastie predée lengulie! del acuioe and etuital a new partnership with a Charity called 'LifeSKills' which works with Barclays to icrovite provide debt and financial advice. areceht crtafinancialyi advice. SAAS WHER7 We AT etn 

- • Created a learning hub at Shenley Court Hall around employment and learning, @ tiomtexd s beaming luis ct there Conant Hall annxwad ccootoyruant ont tenenicigs_ piloted a pre-employment course and delivered 2 job fairs (300 attendees) NU a presrpliqitiatGoures . 

- ® • Our Heritage Past-Future youth programme provided a rich learning Hor Keeteps Pastfutoro youthsindpmgrenmeGellveted 4 jit)providedTitre (ODO6 sterile)Tht sielng environment and a platform for young people to contribute to our communities. IMioneptend 2 paficun ile yours pecuie to worl iibuts $5 eecommu Tiy, 

- + • Welcomed thousands of school children to our award-winning museum Wiulowned ‘Giquecsmts «f eteei shler & be) sredieieg fea ‘oh education programme. anae 

- %® • lbnreed Increased school holiday activities, youth provision and intergenerational work. eeitecl falliey atieiiss, putt position eye Inuepgererciional emul, Witetin Where there is more to do. (icteric fode. 

- & • We wi ‘We will review the Championing People Strategy to set out our priorities for the pevlew The Chamolining Poools Stimleyybo sel uted piiartins fh) lie next two years rant vo yoo. . 

- • + Review the operating arrangements for our Sheltered housing and Extra Care Uetey Dis sacistes mtenemeeets Re oul Steel) hosingo25 Esha (lepe schemes to improve the service and improve costs. 

- Work with local authority commissioners to ensure we achieve the income Ment a meal eto comimissicesrs Sele we arise Fe nol. Ley target for our care-leavers scheme, The Holdings. get fh dur eareefeervniie: elas, The Folic, 

## 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 

- 1 ae . Eyes Ensure our homes are great places to live by listening to customers and iGeir Pore sane greet gelsioees A (fi fe Ulirternltng Se eevatormrh nesestiigy investing the right resources into improving and maintaining our homes. fhe right vessmcinosetenn inypncwinngy sarc wyakeeseenteg Gu, ticivezts,aired 

- 2. Manage our assets well including developing/redeveloping and disposing of properties to ensure we are offering the right types of homes tliepesing of cropitiiosty ansert wean oftarling the swhttyes of howies to meet people's needs. 

- 3 i. . DSeec Develop our understanding of the best route to carbon neutrality for BVT CatCSSF pe Sa: Po cetbos pewte ry *) Gay and increase the speed of our journey towards a lower carbon future. 

- 4. Work with customers to understand how they want us to deliver housing ay Vion teeth iouieborrccints fypissed bieuwe tive wees th ces Ge Geallwer fuenassliiny Fred management and ensure we offer quality, value-for-money services. NSETISHEAY Su) elt Masai ually, Weide Horserace stew ulitairs, 

5. Develop pathways to housing for groups who may find access to quality fh, Gevelop pathways fo Housing tr pps wil smesy fel eonena to quitiby Netrres homes challenging, including innovative models such as community-led She ayipilh'yy, cette diner Tricidld© Weert ss ceerridirsl hows housing. ty Lind 

> Page man I | 13 TS 



## How did we do in 2024? 

- Increasing customer engagement in the review and delivery of our services has been a key focus during the year. Examples include customer involvement in the comprehensive service review of our repairs service, for timber window and door replacements and sinking funds. 

- Invested over £11.7m (see Note 1 Continued and Note 7A) on improvements to customers' homes and building safety this year, mobilising a variety of complex contracts that will continue to run for over five years. These include replacing boilers, fitting new kitchens, installing new front doors, upgrading homes with new windows & doors and 130 new fire doors. 

- More effective use of customer insight and data to inform capital renewal programmes: BVT's teams have worked together gathering customer data and feedback into one local accessible data source. 

- Implemented the first full year of the Customer Experience Strategy which included rollout of a corporate customer service training programme, an updated complaints procedure and development of a complaints learning workshop. The Customer Service team has also rolled out a number of service improvements including overflow systems to improve call answering and satisfaction measures. 

- Stronger cross-team working to advocate on behalf of tenants. For example, at empty property stage, or for more complex maintenance issues/planned work. 

## Where there is more to do. 

- Implement the new Customer Service Offer and associated activities to ensure services are meeting the specific needs of customers, this will improve customer satisfaction around responding to enquires quickly and accurately. 

- The Responsive Repairs service continues to be a challenge, there is high customer satisfaction with the work delivered by our operatives but dissatisfaction with the time taken to get the repair started. The comprehensive service review has identified a range of improvements to the service to tackle this, which will be implemented in 2025. 

- In 2025 there will be a range of operational policy reviews undertaken, including income services, lettings and tenancy management. These are areas where we are performing well, so the reviews will seek to further improve the service. 

Page I 14 



## 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 

- te 1 . Share our learning and experience of being one of the Midlands longest serving independent charitable trusts to inspire others. ee eeee 

- 2 a . Interpret our heritage in the context of today to futurepr f our Heritage gee Service and develop a greater understanding of our past. el peg eee ee ee el pe 

3. Develop the breadth of Bournville's visitor experience in our heritage he spaces and places. —S Ee ee 

4. Be outward looking; seeking out best practice to learn, develop and 2. ————— improve what we do and how. ee! Ptoe ee 

- 5 é; . “ri Build better connections and partnerships to play a part in informing and ies geet ee egy influencing regional and national policy in our areas of expertise. es Geel eee ell esa fleets 

## ee te oe i le 

## How did we do in 2024? 

- We have hosted tours and been visited by a broad range of organisations including Incredible Edible CIC, Friends of Birmingham Museum Trust, National Trust, National Housing Federation, MHCLG and Danske Bank 

- 7 to name but a few. We have also hosted educational walks and talks oe:SSie ee oe Geekeedee aes et eee throughout our Heritage Service programme of events including the oe eee eee eee eee ee) Bournville Trail. 

- 7 • eee services. Selly Manor was awarded the Sandford Award for excellence in education ee es ee ee 

- 2 • pr 2024 in category of Tenant Led Decision Making. Estates and Stewardship Team nominated at the UK Housing Awards pl ls = • Chair of Trustees spoke at a range of events, including the - Women's a ee res cies History Symposium in March 2024, CIH visit in May 2024, formal opening L> Gian gar et fase!a; of the South Birmingham Muslim Community Association Hall and Masjid 

- 7 in September 2024. i 

- 5 • ee Involved with HACT research looking at importance of community assets ee — and the role they play in the community - BVT is one of the organisations ee Sa ee ee ene, ee ee eee working with HACT to develop a Community Spaces research project eg ee Te he lege Dee eles eee peel which resulted in a national best practice report and a set of performance ey ee Le ee Get ee ee Se) (eee measures that HACT will promote as best practice. le) ES 8 pee el hg pean. 

- ‘i • Shared our heritage with thousands of visitors, including welcoming oe ee ee ees ee, Ey ee academics, researchers and organisations. e **e** e ee,anne 

> Page =| I 15 = 



- o WS We hosted a CIH visit to look at history and share our values with frecbrtl o Cll) weit te leak @t leteny anil ahare our yalnee with colleagues who shape the agenda. 

- Sabetgatas the aeenily 

- Lead a Black Tudors heritage project to engage people from across our 

- SSO communities and tell untold stories. nissAne Teall WN Stores, - 

- a • Pict Hosted events with the University of Birmingham to learn lessons from our ectacoavies Hh Hing Lisathaemnaites SiS rpaeipnggtcaten Gy Decals faversesv pest past and inform development in the future. anit Sem tevolopamIn the tulire ies iyates cite 

- oo • Ree Hosted academics, BVT representatives and organisations from across eerie, Sey Sees el Slee 2 eee is the country who came together for a seminar on The Politics of Housing cotiniy eho anne loge lars sttllnonony The Puliicei Foualig and Community in Contemporary Britain: Bournville and Beyond then lajinehort launched the review document of the 'Utopias In Crisis He rete esa of rs "Oteli rinie’ ' project. pretest 

- @ Wieritell Worked with photographer Stuart Whipps whose outdoor exhibition When yell;pilatesStoel! Whoops pines eutten ualibor Wiliay We Build Again: Revisited was displayed on Bournville Village Green. 

- @ • Prd! Provided an accessible and affordable museum service that welcomed enacatenine ane effondalie mimeount eerden thet-weloomed over 24,000 visitors in 2024. coverS85, (GD wiitieyoby Zia, 

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

- Our heritage service will continue to increase grant income and manage the vod cost of the service and use the HACT social value tool to demonstrate good of the sonics ani! wen Te HAG socal wali te! fi ieroneineia pond: value for money. 

## 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: 

- 1 . 1, Ba Be an employer of choice, ensuring our recruitment, support, learning in employa of sbeles, enuvuing aie merlin, suppor lew and development, and culture allow us to attract and keep the best. are fhealesrent wrt sciterr liliesve to wittsiet and Nong the Sesh 

- Hy 2. ard Embed and clearly evidence our values in our colleagues' performance uni clesily eienne 01) vebses ih up eallneques’ jpertonuinthines . 

- 3 oy . Proll Provide staff with the technology and skills that enable us to deliver eee? sally te eakretgy ened ably thet Bee) oe Bo Weber inaenat improved services. cecree 

4. Embed our continuous improvement model across BVT and clearly 

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

- Te 5. «—_eeiptleniayt Implement our formal governance review and ensure the voice of oer Wal Gorciteame cevlen ars semi Rs olin = cantare customers is heard and influences decision-making. ts feel and Influnnoss dactakit-ncitig, 

6. -Feyth Review and restate our risk appetite and continue to build our financial es r **e** statess geet reek ep[ppaitte][ Ste] ettye te: RNIN) Gene Theme resilience. 

fag Page [ 16 | Ss 



   - Ta 7. Ganitinue: Continue to operate and grow commercial activities in line with our fa sperniic and grow: wionimnenciel sefivitics in (lina with -our wallte values to generate a surplus that can be ploughed back into our to generics mhaplee (Met can tile pluctsed Leck tte wanyp communities. 

   - sepaad How did we do in 2024? NED esa silo do SLE WWAEI? 

- a • We continue to attract and retain staff. Some specialist and technical roles have Peres iy Sree nett eS ene epee273 esa ce! wise been more difficult to fi , and we are looking at ways to provide in-house support ame and learning to help grow and develop less experienced candidates into these learning to. helpgrow oniel teeyhap dame seeprerisnesel cearecl lifer Leite themes oenTicsy, roles. Staff turnover has been stable. The 2024 staff satisfaction survey again SRgaegD TuoreycuneserTames: Diacieses seiclnlen, “U vis eaten settee tity ening yest produced positive results for BVT, 99% of staff said they understood BVTs corporate aims, with 97% inspired by them. More staff felt valued for the work Wnstais ain, hel Grol licetige they do, with 90% saying this, up from 81 % in 2023. Overall, 98% of staff said Ute iio, wit NOM aeving Wiis, wipTonySy Raat 81%Tyoes FOS)wienDesi, 198 wiliind U0 frof Stull the eork wail they were satisfied with BVT as an employer. 

- @ • lnwepted Invested in learning & development. For example, ICT staff achieving ty foaming & develop Her equmnpite, (67 ts? edhileuing qualifications in cyber-security & digital change, 4 staff completed Chartered Institute of Housing (CIH) training to strengthen and upski pnts oF hansing (DIM) teaming to atremmirvd **e** v)n iiparslll the team the team . 

- • Established robust data protection and cyber security processes and roplitalied maintained our Cyber Essentials Plus accreditation. qin Sylaw Besnnitiete Blue socrsditethute, 

- a. • Utilised best of breed technology and transitioned all services into the Cloud Tees Seel ol Gece (Microsoft Azure), all staff now using Azure Virtual Desktops which replaced (HosesFo wie), &)) etalGe noureyUalyy el SeeMeus Ulin] fhWediingsSaatcen eeetch espeDd Citrix. 

- • Issued ICT hardware that meets people's needs and supports hybrid working. fee and Neighbourhoods teams has started using the mobile working software For example, replaced over 120 Laptops and 100 mobile phones. The Housing Wel SremipleyMEgii=nNestsmaltese fooescyet 2SMes Conlopesatelamgiting 100Iwmestic ratashaneweneg“RS hoescours Neras), Versa. 8 tablets have been issued to staff in the field which allows them to 6 aljigbe Pye heey kau) ‘to sitetfyi tue Kell writs salle teeny! li access the information they need at the point of contact. 

- BD • hebievsd Achieved greater oversight of ICT running costs, allowing us to maximise VFM qraiteraversigif ohiGT mining Gogg, sliovlmg vein mextmise Wiiht - Following the transition of Services into Microsoft Azure we now have greater granularity of how much it costs BVT to provision ICT systems and access to orenuinttyot tow marct (pose BY} to pinsion IC)ayctersard see to each member of staff. 

- | • Mowdlopeet Developed a new ICT strategy with the ICT Strategy Group to ensure ar ree (CT sivctegs wifi the ICT fieiesy Grate & eneire engagement and ensure it delivered what staff need. 

- @ • Launched a Continuous Improvement Group to oversee the implementation of Lullwittad a Goctinumes |iprevericel Uroup 

- ANnGES: continuous improvement across BVT through a mix of policy and process to cumtcs tke Iei\p ormenkiie ol reviews and comprehensive service reviews. (VIE an tintovennsntCON RHenninememesSerineGWT loizas.trough i uite oF pollen anil pans 

- • Established a Complaints & Compliments Learning Group to support embedding complaints improvements and learning. Onistery carpets ii peasenenits ors Saray 

- 8 • Continued the implementation of a formal governance review resulting in a Gonlinvied We Unplenentillen 2-3 loomed soverianise gevlow pemulllnyy I more streamlined, effective and efficient governance structure. 

- ay • Peletitighed Established a small risk working group to work on embedding our risk appetite 1 amall late ventingerty Sp vertewu multsseli ear rigk crpedlies into our risk reporting. Pa sur ek mean . . 

Sage Page | I 17 2? 



## Where there is more to do. 

- Renew the Value for Money Strategy so that we further evolve our approach to embedding VfM in our operational services and key strategies, including Asset Management, Development, Community Building and our 30-year financial plan. 

- Embedding the continuous improvement approach to improve the quality of service for customers, increase efficiency and manage costs, which will demonstrate achieving value for money. 

- Increased customer engagement in the governance structure which will be further developed with recruitment to the Customer and Neighbourhoods Committee and through elections for a resident member of the Estate Management and Scheme Committee. 

## 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: ­ 

- In line with the requirements of the Housing SORP and in recognition that BVT has continued letting some properties on a Market Rented Basis, we have reviewed all of our properties to confirm that the category they sit under in our accounts is a fair representation of their purpose. Through this exercise we confirmed that all the homes we are letting on a market rented basis should be categorised as Investment Properties. Alongside this, in reviewing our commercial and agricultural assets, we have identified 4 shops which we continue holding for profit generation purposes, rather than to ensure our communities have access to important amenities in their neighbourhood. This means we have continued to categorise these 4 shops as Investment Properties too. All our other shops, offices and agricultural holdings remain in line with their original social purpose, but this review will be undertaken each year to ensure that remains the case. This review means that following an external revaluation exercise, we are now recognising £9.3m of assets as Investment Properties, up from £7m in 2023. 

- Under accounting requirements, the Group has to account for the fair value of its portfolio of interest rate hedging instruments. Details of these hedging instruments are set out in note 17. The movement in the fair value of these hedging instruments over the course of the year is reflected in the Statement of Comprehensive Income. The movement for 2024 was a positive value of £3.8m compared to a negative movement of £1.3m for 2023. Such movements reflect the changing market expectations regarding future interest rates. This swing in 

Page I 18 



- fhe the valuation of our hedging instruments causes a significant increase in our watastion-afaon Kenichi Matrunente mcd 1 afgntfieat nensases (ie cur suitilue surplus for 2024. Yar BON, 

- is • In 2024 BVT sold more assets (housing properties, land and other assets), S26 2Vi We meee MESS Seng oH, ns gril Csr czpiitl] £1.6m compared to 2023 £420k 2.3m coniparnd tp 2024 SAI, . |ncived In 2024 BVT commenced the first of seven BT Ganinienced Wie ted of envi 

- yrs: years in which a small number of our social housing stock will be sold as it fet wiietl a ame uoumntier of qunmaniat housing steof. wal tesoteau mh Keeomes becomes vacant. yeomt “Théer. These are strategic asset sales designed to bring in ans dteteilo eset eves Ceci fe Bea In additional income to support BVTs extensive investment programme in our ahiMicee: Inmees toigsgpet Sa uniansiye HEME peegeesis ik. ent existing housing stock and to divest stock that is uneconomic to return to social lating Ning tock ary! to Hivest dlack that te timeoonerile to mnliara te ential furcding housing use or that may prove uneconomic to move to improved environmental use ce iil Ine peer orengn omatefg remavestee trnipimewre? eurrutersrincicmiieat ainidense. standards. This small-scale sales programme is being carefully managed to “Wis amalhorale sales jundtatretnete beling cerelhiy nrataned minimise the effect on our communities but none the less the Board of BVT ir S=s S08 et or, cot SR 2st SS coy We ‘Ses Se See ST recognise it will impact those on our waiting list for homes and are working perognles <} wil Impact Unerean ouiwallingHet (0) Hearse weal are erason towards once again being able to develop new homes in our core communities 

- ‘ji in the medium term. (see Note Sa) ies aediuie farret, (seus) Mee Se} 

> 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. . 

= Page I 19 = 



‘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. 

- ✓ ~ Ulver Interest Cover on our tightest measure was 175% which exceeds the 100% Cavin on crn) Wuilgest Meanie) yet (NG Wels qmeeteSte 1 requirement. 

- of ✓ Gearing was 48% against a maximum level of 66% (please note this calculation Geauing emp TOY wetelirges| wryubeleryinne) pveoT NYG Cpe nol tly ceilenaliatliny is different to the Gearing calculation required by the sector score card shown * deiy this Seocry cetsleton reqeted Sy iis coo aes Set ction later in these accounts). 

- HOR ✓ Debt per unit was £27,513 per unit against a maximum of £36,116. prey anit eee SEF 61S por omit ageelinet & emanlinam ALA TT. 

(Pe Page I 20 



## 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. 

- We have a minimal appetite for legal and regulatory risk and will take a comply or explain approach as appropriate as we consider the impact of legislation and/or regulation in decision making around all of our activities. 

- We have a cautious appetite for customer experience and service quality risk. We want to innovate to drive improvements but will take a balanced approach to reduce any potential risk of damage to our existing customer services. 

- We have a minimal appetite for business transformation & change risk and will focus on embedding our continuous improvement model to improve and transform what we do now. 

Page I 21 



   - 9 • We have a We Haven cautious ouutipuesppeitte appetite for for asset management risk msset rameyninsd ait owl and will focus our will]Fennuy desoUsee resources on investment in our existing stock with appropriate appraisal of bt bysehcsed 1) ger estellperstonk disposal or replacement options. We will not seek development opportunities ences tp patsets esas, Fhe wal ot seal)wl! anpveccialyGencrtecent apiprseea! cosasaif Hesiexgnrird that could undermine this investment. urnidicgunretiees(1h iweeinrtenit 7 

   - » • We We have a Wives my saauiiin cautious appetite for angrriis for Vien ICT/digital transformation Sisltsetomenticivs ston risk and will mt it invest to protect data and systems. Where possible we will enhance service (oven te jinctoet seta meat syetenm. Where sorn'bia sp wil onbenes Serco delivery through modest investment and smaller scale projects. We will be a ‘ese Tt eae eee ee oe ees Fe Ws ~T thdiotest:cvell follower rather than a leader in digital transformation. ria: Gitewes = Neceaistar lieSted Sneventourrnaellite, — 

   - B • We We have an hawe an wpa open apgediiag appetite for far profit for purpose grail torwronpowes eiplt risk and are open to this and woe eyetes ihe where it could improve our financial position and where the opportunity aligns wilters Th could Tmpronte ater Apesrenin’ yuan evedl Winere tio oppestoeilty salle to our mission and aims values. er eas eh See atcs fesse 

   - a • We have a We Reve é nuove cautious spyele appetite for for Covelypwent development & icots growth rin) risk whilst we focus wilet Aidt: our resources on existing asset investment and will only respond to nurturing Pessonaninilty ih eelsiiiings <eeewest Hitivean vert and? willl ordi engined tsnegmoe Mite flue future pipeline opportunities. pipallns gpportanities. 

   - We have a cautious appetite for environmental sustainability risk and will take incremental steps towards improving sustainability and reducing our colle carbon f Teejnink tprint. We will do this primarily through component renewals, low­ Via will do this pritaly Pimegh pompenc! ronsaila, low carbon technology and bio-diversity projects. We will be a follower rather than a leader in this field. W ss8er ) Po fold. 

- = • We have a (sees cautious mu Dees ep appetite for Ry financial resilience Conese! cee ges Fee risk and want to ensure nl por! alin our long-term future. We will consider investment e.g. in projects or existing Keneaeue (ulure, We. wll carcslith InvESeION! ws. So Scuse fn (iefocts orexajie 

- assets where these deliver our mission and aims but will use our Financial Golden Rules to control risk exposure. Dulin Rute to -gomteul vin; epevetires 

- G • We have a We Rese cautious eens sents appetite for Sr reat reputation Se risk and will focus on delivering a oS Ss on Sree quad good quality services and achieving high levels of customer satisfaction. Our qialty vendess ami achheving fiigh tesele i custanns ifetecien: (on reputation includes being innovative and we will not be afraid to innovate to ees (eas ei pneu pe llyl) push forward to further our mission, aims and values. parsh kes er (renee ta fonwayil'ts further our milzalony, site and willie, 

- 9 • We have an Mio, koye-an open een appetite for sone bs ie. people (employee) Teme y farmoyns) ek risk and wi and wi) innovate to Inwoealn bs remain an employer of choice, driven by our values and with a competitive pier offer but won't be afraid to make tough decisions in service of our mission and lem won' li beset Qe tnetos fant. cectefenin Inesarsion nf cap nsisatGnr nine aims. a, 

- All decisions made by BVT are in line with the Board's stated risk appetite. 5) Gesetons cret= ty Ss see rhe art the Secs whste de y0% areas... 

- The Board of BVT considers the following to be significant risks faced by the This (und "of AVI Gonuiters: tlie Milango Fea alguna cine Be By Ine San Organisation, with significant control and mitigation actions having been brought to eaton, with sigaiicend onirtral env mitigetion actions having Gee: Drom t Sear) bear in these areas. These risks remain live on our risk register, with on-going work Cisse sie, There Uke pores Mes ef; SHA pink ecgerieter, 0D ogee eon: Sheps, monitored. H • Access to Surveying Labour and Skills -- BVT has identified that demand for Domesiy Shien Caley ead Chills — GH) tive ieritienhteed derncnitl surveyors and project managers is high. BVT has many strategies to recruit irae toy unt. preset minagse ‘Ss Sigh. SVT tus many stralegies to cucseilt 

- and retain the right staff, including competitive benchmarked pay and rewards, Witdoertiws innovative recruitment and training and flexible employment. ComeyLU iNeaet nell fears ere) Merde eyyyjyloyimene., 

   - ¢ • Obis Data Security -- BVT has a range of measures in place to keep data secure. Belly— S97 Pye mange ofypeusunes |r lave ta Koop tela aneure, This includes being Cyber Essentials Plus accredited, staff training, third party Uke Keeton lates Cytine Eecertes Kam serail ste7 beens, tpt pty Page rape | I ae 22 



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. 

- @ • Dew Data Governance - BVT understands the key role accurate data plays in Covamaypee = BV) urttpety niin running our organisation. BVT has developed a data governance framework, dn Ibs Rey ver apeuyale tele plays In 

- KT KPI data integrity checks and deployed restrictions on who can access and dur uemeniaeton. HINT bes tevcloped = cists gomscnatter inert, dete Intooity abenke amd deplaynd cexttedonm on whe om cecess ime 

- amend data. Asset data is managed by a key officer and all staff are trained in Basar Gey Beeet cece a eecensslip 2 key ete engoh Pe Seer le GDPR requirements. 

- Landlord Health and Safety - BVT has a range of measures to ensure lilo Howl 2nd Satay = GAY Wes 2 rene off prety ty atistice eryperilesce compliance with the highest standards of landlord health and safety. These ell) re biped cieere)) offear thestit ant exiety, thee include a suite of KP l's, clear organisational responsibility and accountability for niinsee gully of Relay Gam oper pelores respeeulioiiy esi macouMeiDry ior H&S, dedicated staff for building compliance | FS, Geclicatie) , a separate category for damp and mould cases with correlation undertaken to match potential causation within our mourt Geen Wilaincarmfetionfor Lulingnrimertakoreying) on f **e** s,matali= sep joc **i** fmrittal c **a** lbeyerycownzetierfir Samywitlitry einit uy! haualng housing stock. BVT ensures regular independent internal audits are run against ate, VT enaniom regulon Inchoperstetet Witianvragh S007 mares rears exaust all aspects of landlord health and safety and takes learning from such audits with the utmost seriousness. willis Litnan Saisttencm 

- @ • ‘Pafating Existing Stock Quality - BVT has many systems in place to ensure stock quality, Stock ually~ [SNe es eeveniye  yercetryse lay ylsecaar OREN including customer satisfaction feedback, regular monitoring, systematic stock coal ee eetrietion Post Teaicn Michi,tas epeareaiem **e t** ortea tc-aleck cially, condition surveys and regular feedback from BVT staff who cross the threshold curiion surwuys Stal pupa isaciees ore Bay Silt wos die Te pao of one of our Group ai ana alee Gaps 's Homes. We have an extensive programme of investment Homies, Wis havin eabanolve ofgran(nitot hivecinemt incur in our homes and our 30 year component replacement programme is fully hemos aid aan year cuponent veplancment proomsmmma isfully Dignies aligned with our business plan. ally eotie Surglesey ple. 

- • o Dalle Delivering our landlord services to customers and meeting expectations - the cur luntiige! gueviess to canlmese sil Wes exxuenterieagy ~The rill Group gathers customer insight data regularly (including STAR surveys). A Seien's eapstiortiion [Nellie dante: vealulsily {inchofing EA? surveys), A cmiomea customer Scrutiny Panel operates across the Group and there are many Sountt Fane oparies norcse the (nw and thir are nea opportunities offered to engage with BVT in shaping services. (MESS NSSt SL Ga we Ts ere eevee 6 les We have a tec = designated Customer Liaison Officer and all complaints are reviewed by our (mxgretss Gietnns; Lmlvte Sijces are<l| comp elivia are roviemsd by! cir Complaints Learning Group to ensure we continuously improve. We have Mosiggfaapea Neighbourhood Plans and Neighbourhood Co-ordinators in place and in Telford tq! Claeys yu) Meskehibuyuinb wens Camearelitunetinnss frypalanrant sic thy Yeolteant we have Resident led Management Committees. 

- @ • Counterparty Risk -. Countercerly BVT directly delivers all housing management, asset (iregernent management and repairs services so quality can be more easily assured and WR - 2 aliesotly alatlvsires ail) icuilingy mpirregteerrieil,. entail coninter counter party risk is reduced. patty any etNepalis setvicgs BVT also considers counter party risk in all co ninety cun le ram eusity seen anid financial arrangements, with detailed requirements set out in the Treasury fase) crrerpepacss.fe pelos:eellt GeetaEMT atc **es** edeecemlsqopiden= Set causcul Teelh Be ise Froesety) ell Management Policy. Alongside this BVT seeks to reduce counter party risk in Mittiegement ailing. Alovanitistis VT aeke ta nadine soeniter party rinkin sup supply chains and support providers through quality procurement practices and otualie a6 Suporl pivigers Minaugh quality promupenvcid: wrsetiioges cine 

- [eerie business continuity planning. eoinTMaley alunihliee ; . ee 

- o • Financial Viability - BVT has a system of 30 year financial planning, early Sinentiy Vialllt:— BY) iar = epuont of SD yoo Rreintial wlenplng, env warning systems, trigger points for action and mitigation plans, along with clear Hartley eprge, tiger pala ie wollen and rligeien procedure procedures to ensure these plans are followed by Officers, Committees and the lo nneund theo pene ave tillownedby Ollfiean,matt, Canmaittiesdaking with an okaie 

=r Page I 23 



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

- Compliance with legal and regulatory requirements - BVT runs a compliance calendar, a legislation compliance list, has standing orders in place and seeks legal advice where necessary. 

- Business Diversity - as a Charitable Trust BVT has a wide range of core services. Our Corporate Plan sets out the priorities and trade-offs between services, with our 30 year plan setting out our long term financial priorities. The Community Building Strategy, Championing People Strategy & Heritage Forward Plan set out parameters for these services. The Asset Management strategy covers all asset portfolios and the investment priorities in each. We have a Specialist Commercial Team to manage our commercial portfolio and heritage-based covenants, leases etc and our Agricultural Estate is managed by a third-party specialist agency. 

- Development -- BVT is in confidential discussions with various parties about future development opportunities and the Board has a number of strategies in place to identify and manage risk in this area as it emerges. 

## 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. 

Page I 24 



## 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. 

- At least 50% of their homes are in the West Midlands. 

- They are a traditional housing association, or any local authority stock transfer occurred at least 12 years ago. 

Page I 25 



- ® • They have between 2,000 and 15,000 homes. Thee hawe hotesen S000 aid 15,000 hese. Mo • No more than 5% of their stock is supported housing. verter ant BGG oe iy • Fle No more than 15% of their stock is housing for older people cbse Slane (S36TeenySee weecats le meneleegaa Penedlline& ele sey . 

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 —... -_ ——- 

- 2024 was a challenging year for most organisations and BVT was no exception. We had hoped for a more settled period following the period of economic turbulence, extremely high inflation and rising borrowing costs, which would have been more conducive with our aim of settling into delivering the priorities in the Corporate Plan. However, we along with the sector continued to be impacted by a tight labour market, challenging supply chains and slowly falling inflation, which again made 2024 a challenging year. 

- We saw relatively high levels of staff turnover in specific technical areas and there remained some difficulty in recruiting staff, particularly in technical roles and skilled maintenance roles. We continued to do all possible to improve the flexibility of our employment offer, seek new and innovative ways of recruiting, and ensure that BVT remained an employer of choice to compete in a difficult market. This clearly delivered for BVT as we were successful in filling all 59 vacancies that occurred during the year. Our drive to remain an employer of choice was rewarded with our staff survey results showing that 98% of our staff were satisfied with BVT as an employer, 97% were proud to tell people they work for BVT and 97% were inspired by our corporate aims. 

- We continued to see higher numbers of repairs being reported and further newly identified damp, mould and condensation issues. This drove up levels of responsive repairs and saw a general increased demand on our customer services. Our new specialist damp, mould and condensation team, which was formed in 2023, performed well but we continue to require the deployment of additional resources to ensure our tenants receive the service they have a right to expect. 

- Our customers continued to be impacted by the continuing cost-of­ living crisis and sought increasing levels of support from BVT, especially for the services we provide around financial advice, energy efficiency advice and emergency financial crisis funds. 

- The action we needed to undertake to ensure we met our customers' needs did impact on our costs. Our headline social housing cost per unit was £6,311 per unit against our target of £6,213, with additional repairs spending being the main driver of the increase. 

Page I 29 



## Plans for 2025 

- In line with our Corporate Plan 2023-2032 we will spend 2025 focusing on ensuring all of our services are of great quality and improving our customer's experience. This means our VfM actions are generally focused on service improvements, not financial savings. This is not to say we wi  not continue to ensure all the services we offer and the goods and services we buy are the best value we can achieve, but to highlight that we are not seeking to cut costs and reduce services, where doing so, would lower our service quality or lessen our ability to identify, develop and deliver improvements. 

- Along with most other social housing providers and charitable trusts the Board of BVT has had to make some hard decisions and reach trade­ offs between competing priorities. Overall, the Board decided that we must maintain our ambitious investment programme in our existing homes, make more money available for reactive repairs and customer services, as this was the clear message we received from listening to our tenant's voice. Alongside this we are continuing our drive to improve our environmental standing and planning our journey to carbon neutrality. To do this we had to keep costs low in other areas and maintain our corporate overhead at a very low level. The Board has also decided to strategically dispose of some poorly performing assets as they become vacant. This will be around £3m worth of properties in 2025, which may equate to around 1 0  homes. We will choose the small number of homes we will dispose of after considering how well they are performing financially, in terms of social value and their capacity to meet our future environmental expectations. How they sit in our geographic spread of homes, with our focus remaining on pepper potting tenure types to ensure our social housing blends seamlessly into our mixed tenure community. We will also consider the likely future use of any homes we sell, and whilst we cannot guarantee future use, we will seek to sell homes that are most likely to be attractive to owner occupiers and less likely to attract investors who may not be completely in tune with the wider community. Alongside this the Board will continue to convert a small number of vacant properties to market rent, further their drive for increased returns from our commercial assets and maintain new development spending at a lower level. 

## Business Health ee, Performance in 2024 

- Our operating margin for social housing reduced in 2024, as we saw costs necessarily rise for repairs but we remain ahead of the sector as a whole and our selected Peer Group. The Board of BVT is satisfied that the reasons for falling slightly short of target in this area are legitimate, match our corporate plan and indicate that we are delivering the value for money our tenants have a right to expect. 

Page I 30 



- O° • Our EBITDA MRI Interest cover was below target but the published Obie SETI PRY lee Horse warts ever tape Sot Ire wt shes target was set in error. We included strategic asset sales in calcultiing calculating our target, with strategic asset sales being new to BVT in vet tencat, wilh etngteale eset sates teltg rev loBVT rain. 2024. We recognised after publication that we should have excluded Ir sire such sales income from our calculation, and we apologise for any “Wieenlteilyines fenlagecur mirgehminlion,thatandl alinnldwi splapla have roiedadTor ery vertumeon confusion this may cause. We have not restated the 2024 target as lily rary cee, Os baw exA szeries Bin ZEEd lea)go we wish to be transparent but the target for 2025 has been correctly meiatistedl, calculated. As none of our Funders exclude strategic asset sales Js deine « ou! MilbKite etlils iitvistenle amiek wets income from their covenant calculations, this error had no impact on BVT BVT and our results were in line with our 30 year business plan. and our result woredn leant cur $0 yom Suelness plan. 

- ® • BBTV EBITDA MRI (excluding strategic asset sales) for 2024 and our target IU (eodeciis ausnecic any saies) fh SOSe Enis Guin fer (Gh for 2025 are below our Peers and the Sector. The Board is fully aware AA ee letall) | HOVEerie (hes Beast. of this and has chosen to prioritise investment in our existing homes Gi tis aid ties chomento poritien iywsslcto **r** se!. Tre Iiitny biped eelntiiyi)fe full Hewesovere over increased financial headroom. This decision was taken as a aver jnomenred frsines Keesi@on, Fhe danvion wes Wnheres © direct reaction to our Tenants voice, who have made clear to BVT that srecteseSon toutPees xies, athave ots S9er 5 WT 2! 

- ‘iprowernanis improvements to their homes are a priority. be chesh: Tawss ans pio To guarantee our Ms Euan qu fiievnekel financed, have Bank Covenants that allow such a level of EBITDA financial security the Board has ensured BVT is appropriately saoeaiy(tw Wie Meegeed Pies ‘cyiiluyie EV Pe ie a Nrmencetl, Petia Aigitie Cavers Meat wlleyy miliih) af Jeval of 192MRI and that our business plan shows we return to greater financial headr m in due course. 

- @ • Chie This all indicates that BVT is in a positive business health position, al tihcrios although we accept, that our heavy investment in our homes means eetvOUEIS wot incre,Taek tellYT Sou,fe eeervy ism pewter linvistnsintGauciWy ousfeelRon quien,mises we have less headroom to absorb new financial shocks that we have ted. had in the past and will have in the future.[tt][ Ore][ jee][ geet][will][deere] Gime yuu. 

## Priorities for 2025 

- In setting our 2025 budget the Board of BVT accepted that our costs 

- vilip for repairs, investment in our homes and caretaking services would all rise, as we are determined to deliver what our customers want time,reps,ae iniwesnnant Wwe ae detentelt dur Formefe. Golivererestenlinewitel on costarservice wauld west (ewolts despite rising costs righwy eeets. . This means we expect a slight reduction in some Tin masa weppset| wll pestumtion in pene of our business health measures, but to stay well within parameters that are acceptable to our Board. As we have an extensive 

- ipexrerrarrrie: programme of investing in our homes for 2025 and beyond, we expect 2 pry san ' Pihaamutisiiaedtien ot anes its to see a further reduction in Interest Cover (EBITDA MRI) but have of! revatio Ws citer (ieiavite (Gti Sezai eerie) eer, Wes expert ensured this is well within our Bank Covenants and Golden Rules. moe & utthioe vertaiotiws brftternt Wrest (CCGA, oor be tive oneuved tin inwell waitin our Baik Seesneete ml Gokton Mules. We have all the financing in place to fund our programmes for the ia Fevs all (te Saeeigs fe pecs Ds feng Gu ieegeriten by he inser near future and our 30-year business plan clearly shows that BVT will eons cur SO besiees plant Ged) willows Fell WPS eal] Hes see EBITDA MRI rise back above 100% in the medium term. TIGAFAL lies (iret eis Ee iy ies niitieney, len 

Page I 31 Poe! |e 



## Development Capacity & Supply Performance in 2024 

- Our new development is centred on the completion of our Lightmoor urban village. In 2024 41 homes were completed, of which 1 8  were transferred to BVT for social rent. 

- These 1 8  homes were slightly above the original BVT budget, as some were delayed from 2023. This pushed up our supply of new homes delivered to 0.48%, above our 0.29% target. However, this does not impact on the overall scheme size or the total number of units that will be handed to BVT by the scheme's completion. 

- As BVT achieved less strategic asset sales than planned in 2024, with a small number delayed into 2025 due to mainly simple conveyancing delays, we did borrow more in 2024 than planned, pushing our Gearing above our original target. However, this will correct in 2025, as we will receive more strategic sales income and reduce our borrowing accordingly. 

- BVT's Gearing ratio is higher than the sector weighted average but below our Peer Group. The Board is comfortable with our position. 

- The Board is happy that BVT is doing all we reasonably can to deliver new homes, whilst having to balance this against the need to invest heavily in our existing stock, plan to bring our homes to EPC C by 2030 and planning for further extensive spending on our longer-term journey to carbon neutrality. Whilst BVT does not currently have the financial strength to develop as many new homes as we and our communities would like, we continue to build a pipeline of developable land for the near future and will return to expanded development as soon as our financial strength allows. 

## Priorities for 2025 

- Whilst the Lightmoor development will continue in 2025, with developers delivering new homes to market, there will be no new stock received by BVT. In 2025 we will be focussing our efforts on completing the adoption of roads and drains and preparing for more new homes to come to BVT in 2026. 

Page I 32 



## Effective Asset Management Performance in 2024 

- BVT again demonstrated a solid return on capital employed with our year end surplus over budget ensuring that we beat our target. The Board recognises that our out-performance of the 2024 budget for BVT was achieved mainly through not spending contingencies, which is a demonstration of our good financial management, but also through good returns on our non-housing activities. Along with most of the social housing sector we have seen costs and demands in our social housing activities rise. 

- We were pleased that in 2024, despite supply chain and recruitment challenges, we delivered on the vast majority of our reinvestment programme, ensuring we delivered promised improvements to our tenants' homes. 

## Priorities for 2025 

- During 2025 we will reach our target of 100% of our homes with a current stock condition survey, to add to the information we gather on our homes through other methods, such as assessments undertaken during the annual gas servicing. 

- BVT is committed to bringing our homes to EPC C or above by 2030. Our extensive programme of investing in existing stock is helping us achieve this by providing secure and thermally efficient doors, high specification double glazed windows and energy efficient heating systems, which will move some of our homes that are just below an EPC C rating, to a C or above. As we have such an enhanced existing stock investment programme at present it was decided to prioritise this over a programme designed solely to drive more homes to EPC C status. Doing this also ensured our focus on our Tenants top priority and avoided the risk that we do not meet our tenants' expectations. This programme has also allowed us to employ a larger specialist Assets Team who are enhancing their knowledge of our homes and their expertise in working with contractors in our historic village and conservation areas. This main programme is well on the way to being completely delivered and in 2025 we will further develop our detailed delivery programme to bring as many of our homes as possible up to EPC 'C by 2030. This is in line with the Board's stated risk appetite in this area. Whilst only a little over half of BVT's homes currently have an EPC rating of C or better, over 90% of our homes with a below C rating are in the D category, with many requiring relatively minor remedial work. We are now developing a clear EPC improvement programme, which will be on top of our existing 

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 

- In common with most of the sector we find our overall satisfaction rating reducing, with a reduction from 77% in 2023 to 76% in 2024. With our focus on service improvement and the customer experience we plan to see this rise back to 80% in 2025. 

- As a Charitable Trust BVT has always sought to deliver a holistic service to our communities. We believe that supporting communities to thrive can only be achieved by working with them to establish what they require and how it can be delivered, and by working in partnership for the long term. This means BVT continues to invest more in community work than our Peers but our Board sees this a key part of our role and it is front and centre in our corporate plan. In setting the 2024 target we did not correctly include some non-direct expenditure, so the Board are clear that our 2024 spend was in line with target and no additional costs were in fact incurred, the target setting for 2025 has been corrected. 

- In 2024 we invested further in our in-house repairs team, growing our number of operatives. However, we saw the number of repairs reported outstrip even this additional investment, so we fell short of our target for completing non-emergency repairs in our set timeframe. This has led us to undertake a comprehensive service review of our repairs function, involving customers throughout the review to establish how we can deliver the repairs that matter to them, quicker and increase their satisfaction with the service, whilst making sure it remains affordable. This comprehensive service review will complete in 2025. 

- Ensuring our tenants safety is of course paramount to BVT, so we are pleased to have exceeded our target for completing Emergency repairs within 24 hours and to have outperformed the sector and our Peers in this important area. 

Page I 34 



- BVT does all possible to avoid any eviction occurring due to non­ payment of rent. We engage with any tenant who is struggling financially, and we can usually find a solution that allows them to maintain their tenancy. Sadly, there are rare occasions where we cannot engage effectively and as an absolute last resort, we must seek possession of a home where rent is not being paid. Whilst we performed better than the sector and our Peers in preventing such evictions, we see any such event as deeply concerning and we continue to strive to find new ways to offer support and reach resolutions. 

## Priorities for 2025 

- We will be looking to continue our historically high investment in improving our existing homes and we will continue to overcome the challenges we have with recruiting and retaining specialist asset management staff to ensure this is achieved. 

- The comprehensive service review of our repairs service will be completed in early 2025, with extensive support from our tenants. Once complete the implementation of the action plan derived from the review will be a priority for 2025. 

- In 2025 we will advance our work on social return measurements in relation to our investment in community activities. This wi  enhance our clarity on what delivers the best outcome for our communities. 

- In 2025 our investment in communities will be smaller as some externally funded activities have ended and no further funding has been identified. 

## Operating Efficiencies 

## Performance in 2024 

- Our headline social housing cost per unit rose in 2024 and we were marginally above our target. However, we believed we must deliver the services our tenants required despite higher levels of demand and continued high costs. We ended 2024 with a cost per property above our Peers and the sector weighted averages for March 2024, but we do believe all similar organisations will see rising prices push up their cost per unit, so a like-for-like measure at 2024 calendar year-end is likely to show we are closer to the sector average than we appear to be from these figures. We also know that our extensive Major Repairs Programme was the main driver for the variance (see below for more information). 

- Our service charge costs are lower than average, but here we recognise that we are not charging for some services we deliver and 

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 

- (tut Our maintenance cost per unit went above our target for 2024. meinen gust per ont wont alere cnn tanget lin Ae, Niwaey, However, as we identified the need to correct damp, mould and au woefeeritilind the ree? i gomeet cemus, eyulil aret condensation issues and as we saw higher than ever numbers of repairs reported, this overspend was planned and agreed during the Ings repidiet, This ennapend wus canted 4 agreed dh!lcg tie 

- (HeeM, year, with the Board fully aware of the needs of our tenants and fully SH ies sere! ull atone of UW) ceils om ekaterreiity aiext Aly aware that BVT could match higher spending here with better financial performance in other areas. Our December 2024 figures do evael peffenmensaln eMtsere: Give ape tee Ee tyests. sit above both our Peer Group's, and the Sectors weighted average gh edeys bu cur Fae Cucupls, 

- ‘Dynes figures for March 2024 but through our networking we know that most Foy ore) 2024) pines)pri diionenipisiigite Redites wergrsd ueuegs. Of of the sector saw the need to spend on repairs rise in 2024, so the[Te] sekywere Cys italy fo sppcti **c** ath nepealiss iterwe krefri Uyillmoat Mean? Board remains confident we continue to deliver value for money tetieltt ooetigent srs cantinine fo seliver) valleLOLA,fr honey. sim Thies. . ‘eonstce, However, in recognition of our increased spending on repairs and tr teccgriion of evs inoweees Soec=g Of cezaie art reflective of how important repairs are to our tenants, we did launch a mlestve uf ine ypeysaet epeiig Sim our ten Te ws ie) iess: comprehensive service review of our repairs service in 2024, Wvctbret including extensive tenant consultation and this will be completed in ly eeteerintvae betrayed anesthealent Maks wlll Wee eeerepyteetibll ty, 2025, with changes implemented as identified. 

- a: In 2024 our major repairs cost per unit was £2, i aRR8 ou weir Fepal i h0ed par urd wat PA42 2 against a target of oceinsda lyetot £2,691. This underspend was partly due to our challenges in Vemesntilttriay recruiting qualified technical staff to run delivery programmes and cylleettlesd Geeclivaleas) SeGett! Wl Heliy alatteagieye yyreuiiiereiiete altel: dies ceray also partly due to supply chain challenges, including the failure of a (ae fo gel Ssim efiullmepes, Gedilis Re eller? major supplier, which delayed one programme as our alternate rales[say,] or[eyes][one][(jePsise][2][Sy] See= onpaties supplier geared up to cover the shortfall. All work not delivered in (erent). 2p) 2 onwar thevstentfall. All anit not Gallymentl in ea 2024 will be caught up in our revised plan for future years. att!teemt ap toe arm mptendt tenTr tatu: peers. 

- = • We continued to keep our overheads low in 2024, focussing all the We geetese® S toss oe oxcrhectenet 6 Sta4 Geeeclyy Bs resources we have on our frontline delivery of the corporate plan. males ant Mewe Gh cen Mores Uishemny ef ihe acepomis par. 

- e • We continue to outperform our Peers and the sector in having a low Wiaynsetiveue:es cautery vee ayes nll te senitean fy ezeiriog al lave (ried level of void loss, through low levels of tenant turn over and quick SFgH! foes, Urokwill lnm fanjeie of Sextertl Wits omer aiid! Guilicle voids turn arounds =ae8. th FEEESTS, . 

- 9 • We again performed well in keeping rent arrears low and we are Wa apein, panes ei aa enexeslew aval we eRe pnemeril grateful to all our tenants for working with us and supporting us in fis all canes teeta itee ‘Peay y Wi Ue aiid snestit ne iy challenging financial times. 

- Priorities for 2025 hts Tey 4 • Wevalil We will not, in 2025, seek to reduce our headline social housing cost not ln 2825, seal te reduce mur heedline nactel fount ogee per unit and management cost per unit as we seek to embed our ep bss eal Seeger! Son Se So es FS ete SSeee cue enhanced service levels that match our tenants voice. earns eevce sree Utes mstch oni! Geass wo oe. 

## Priorities for 2025 Pokey hts Tey 

- oO • Wiessill We will implement a comprehensive team of community caretakers levplenrantcorpmlianetve tear of gotnrmtiniig: cantehene and associated services to better deliver our services to our blocks and eeeceliiad serifeey fal beter deliver our selose tou hiackes and communal areas. This will start in 2025 and will be enhanced mS Cage Bas eat) wel lp 26eS sell 2c) Se eres 

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. 

- Our management cost per unit was slightly above our Peers but below the sector median. We expect to see this rise only slightly in line with general cost increases in 2025. 

- We will deliver the recommendations derived from our comprehensive service review into our repairs service, ensuring our tenant consultation leads to change. 

- We will continue our investment programme in our existing stock, delivering what we have promised our tenants and bringing up the environmental quality of our homes and reducing fuel poverty. 

- With cost pressures on BVT at very high levels and to ensure we have sufficient funds to deliver our priorities we will again keep our overheads as a percentage of turnover very low. Our Target for 2025 is well below our Peers and below the sector weighted averages. 

- Whilst financial pressure on our tenants is extremely high, we still expect to maintain rent collection levels in 2025 and to keep void loss low. In 2024 our rent loss due to voids was above our ambitious target, but in line with previous years. The Board is satisfied all possible was done to achieve the target and the 2025 target has been set to better reflect the resources available to deliver void turn arounds. 

## 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: 

- provision of rented housing accommodation to those in housing need; 

- provision of community facilities and services; and 

- provision of advice and support to residents. 

## 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 

- Data Breaches 

- Business Planning, Budgeting and Performance Management/ Regular Reporting 

- Corporate Risk & Assurance Register 

- Operational Risk & Assurance 

- Audit & Assurance Committee 

- Internal Audit Programme 

- External Audit Programme 

- Third Party Reports 

- Compliance with key laws and regulation 

- Probity Reporting 

## • 

## 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 

- a. there is access to sufficient liquidity at all times a b. financial forecasts are based on appropriate and reasonable assumptions \\, TrevaSnence liewncessEvscesisto anemMeet teesd Ligyiiihtyor appropriateett ail) Heroes al reeedretly cesurryilace 

Waigee Page I | 41 ul 



- dhe: c. effective systems are in place to monitor and accurately report on the eeftRanctve sxeansieurrnan anne Te, putzfeo unsccn fiar gert apeectnnsabestyr ase peurin thon delivery of our plans 

- d. the financial and other implications of risks to the delivery of plans are considered 

- e. we monitor, report on and comply with our funders' covenants. 6 Mr Trail, TapoAANeame Bongaly with Giar tunilans! covsrnints, 

## 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 

- i Consultants to support with agricultural estate opportunities, particularly Coruel ll Seeupgrel ves seein hue! peels unprturlliim, gorSeelnty the development of Groveley and Weatheroak (Comberton Management ihe devoliqumantef Craunley acid) \Wrstiercsik (Gamlevton Alanegenart & Consultancy Limited) 

- &® • A Cafetratn Celebrate Bournville project planning (Consultants lfor Jones, Ruth Miller, GanauitesneyHenrie (inten)profeet dlenning. (Gettenlinntsa tor denen, eet| Millon. Donald lnsall Associates and Burrell Foley Fischer) Cone lendl Messe ené Coed Boley Hunt=] 

- • o Development related support (Aecom, Thornton & Firkin, Gowlings Ceeiceasrtact pain! uuper (Anwene, TReerihen 8 Pike, Govinges Solicitors and BG Projects) 

- » • Gitepoert Support with the rent increase system (Aareon) wit ie cant nctetescyation (Acecn) @ • Advice Advice on market rent tenancies (Capsticks solicitors) on marie: pur! lanendtes (Ganeizts wullattora) 

- Treasury Advice (Chathams) 

- 0 Organisational Development support, senior leadership development and Exgsnaattiiicd Doysopmantsupaw,anton andeatlp dielopmesst and management development training delivery 

- © • Stoctuel Structural Surveys and Assessments including Reinforced Autoclaved Sumeys end ASgeceniants [nwadiing Heeinfinnceand Sulscived Aerated Concrete (RAAC) inspections 

- Sew • Environmental Sustainability Consultants (Savills and SHIFT heorursortetlSusie rant! ly Sopenctarrty (Sawin ane GREY Environmental) Epevirominiiierriall). 

- 0 • fine Fire Risk Assessments Tish Asaesenunis 

- ¢ • | ERS EPC inspections eperntiione • Stock Condition Consultants 

- o External Auditors (Seever & Struthers) Sxterral Andie (Roemer& Spots) • Internal Auditors (Mazars) 

- Retained Independent Health and Safety Consultant (PEMCO) 

- G | Matgitedl [neteipedaln! Heehbt dial Mariety Cel tarteCee “ye • Commercial valuations Sonyeebryotiec Beet 6 • Commercial sales & marketing advice Geenruunis soles Drntketing aiwece 6 • Commercial rents, lease terms and lettings Cotnmniwel tents, loins teroy alld Lellinge - S • Goranmediiiia! Commercial dilapidations valuations and negotiations dllaphtationns valzie arid tregetesteane @ • Comma! Commercial estate reinstatement valuations and a stock condition survey eset: witstesorent wilessrt & Soe ccmdtet eunary • Market rent valuation and marketing through Estate Agents • Comprehensive Service Review - Repairs -- external consultant support illnteupport 

- be) • pisos Solicitors -- various across BVT. Bence Review ~ Sagal — cinnaal cq 

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) 

- We confirm our compliance with relevant legislation in a number of ways: Weocwifiem fn), eoaipiqneowith rsievont laakitallon lie numba Ofyaa 19; • Meetiiy Monthly KPI monitoring (a number of KPI targets are set to achieve legal KP mer toitg fe aun iirc! 2 tangas peso tn BONere ik! 

   - 1 • Coraline) compliance) ; 6 • Pectin Regular review of policies to ensure they reflect current legislation wis af pellifo **i** y ustes lie: fits (elicet diginert Wiaylsteticits • Constant scanning of trade press for updates and attendance at major temnfearsnase conferences 

   - iG. • Horizon scanning as part of monthly Executive team risk discussions to EeSeer meeting scento* eeeiigy Seco) cease Ue gees ere identify any new legislation 

   - Internal and external audits 

   - 1 • Relevant employees are required to maintain professional accreditation, Fislawunt anployees are requiretoumeininin pnafesadurat-sgerseiiation, wetter which includes remaining up to date with relevant statutory requirements Tenge Sek Sameete tetera) eh te Hottie 1gsemniae| eetoleny reap iremimals 

   - • Use of legal advisors for more complex legal issues that are either beyond Uist the professional capacity of BVT employees, or to seek an opinion on our profhesions! Galilct EV) Mnpkeyees,on te see ap opintan ory oup interpretation of legislation and attendance at legal briefings 

   - @ • Extsimal External competent advisor for health and safety competent ndeiser tho mucllh anilienivty We, • URS Lists of relevant legislation provided annually to support this statement are oF deapent meting Sella Sepcely lp supe? Wl siveere provided to BVT's Audit & Assurance Committee and Board. 

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 

- ghee • give a true and fair view of the state of the Group Mes arinl fair ype on the stabs qy'itie Sosy 's and of the Trust's affairs as = anit ov je Prii"e eiyeltS ae af at 31 December 2024 and of the Group 34 (hroatniien Qs att et die Cooomete 's and the Trust's income and Biel Me Teruel lneame and dessectlees expenditure for the year then ended; fr fs ese Pen stted, 

- > • Jit have been properly prepared in accordance with United Kingdom Generally Seen pipette opeysD 2 eeeemlianos WAN litte) Keullom: Berenilly Accepted Accounting Practice; and 

- Matus Acnounllng Preity ane) | . . — • have been properly prepared in accordance with the requirements of the 

- @ laO Charities Act 2 0 1 1 ,  the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. iaiesecs **v** eeiihes kelltyAnt O07stspe4, eeRepentA Hareningdladli exnélaSeren eee Miaaneetoe:emessSF Sstwiihfinsheedingthe2658Menuletienieanc tlheGameAasoontiongcf thee 

## 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. 

- We have nothing to report in respect of the following matters in relation to which the $95 Rove nothingty resonIc neapestofthe folesing rafter In felubon-to whtlntt te: GSariim: Charities Act Kes 2011 FST? requires us to report to you if, in our opinion: vee Lseset bn dases Sem 8, len peeks @ • adequate accounting records have not been kept by the Trust, or returns degucincncauntng imande ligwe itol ber iin by te Viet ap retlins adequate for our audit have not been received from branches not visited by us; or ow 

- i • the Trust's financial statements are not in agreement with the accounting Be Sear Deere aieense ee pat ote Sel ee ‘ecccire llee records and returns; or 

- • certain disclosures of Board members remuneration specified by law are not 

- © ocottetsrm made; or oFdiqsucse at Ronn mariicis manumaruilnt anestiot hy fw ane it wits • we have not received all the information and explanations we require for our Fawe-nel yeusised!all ihe bloenilonsod emylineeteees say yeuite he ear audit. 

## 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: 

- We obtained an understanding of laws and regulations that affect the Group and the Trust, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the Charities Act, the Statement of Recommended Practice for registered housing providers: Housing SORP 2018, the Housing and Regeneration Act 2008, the Accounting Direction for Private Registered Providers of Social Housing 2022, tax legislation, health and safety legislation, and employment legislation. 

- We enquired of the Board and reviewed correspondence and Board meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Board have in place, where necessary, to ensure compliance. 

- We gained an understanding of the controls that the Board have in place to prevent and detect fraud. 

- We enquired of the Board about any incidences of fraud that had taken place during the accounting period. 

Page I 50 



- The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: laws related to the construction and provision of social housing, recognising the nature of the Group's activities and the regulated nature of the Group's activities. 

- We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. 

- We enquired of the Board about actual and potential litigation and claims. 

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. 

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. 

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<br>204,150|195,982|192,044|184,170|
|-Depreciation|7A|7A<br>(45,560)|(42,994)|(41,103)|(38,813)|
|||158,590|152,988|150,941|145,357|
|Other fixed assets|78|78<br>22,284|22,358|22,284|22,358|
|Investment properties|8|8<br>9,349|6,994|9,349|6,994|
|Fixed asset investments|9|9<br>0|0|8,400|8,400|
|Restricted cash|10|10<br>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<br>635|1,454|1,195|1,261|
|Debtors|12|12<br>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<br>(10,222)|(11,430)|(14,774)|(15,446)|
|||——NS||||
|NET CURRENTASSETS||(2,158)|(2,850)|(4,902)|(5,336)|
|||OO<br>eee||||
|TOTALASSETSLESS CURRENTLIABILITIES||189,105|180,530|187,112|178,813|
|CREDITORS:Amountsfalling due after||Cees||||
|morethan oneyear|14|14<br>(114,880)|(111,877)|(114,132)|( 1 1 1 , 1 2 1 )|
|Provisionsforliabilities - pensions|19|19<br>0|0|0|0|
|Financial instruments atfair value|17|17<br>(1,606)|(5,417)|(1,606)|(5,417)|
|TOTALNET ASSETS||72,619|63,236|71,374|62,275|
|||SSS<br>LS||||
|CAPITALAND RESERVES||||||
|Restricted reserves|20|20<br>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<br>OOOO<br>OOS<br>eee<br>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)<br>555<br>0<br>0<br>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||(12,1**0** )|(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<br>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 

- 2 ACCOMMODATION IN MANAGEMENT AND DEVELOPMENT 

||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<br>UNITS IN MANAGEMENT AT YEAR END:|95<br>84<br>95<br>84<br>3,867<br>3,859<br>3,554<br>3,546<br>|<br>ee<br>a in<br>————— o——EE<br>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<br>SSS|3,954<br>SS|TIS|3,958<br>=|3,954<br>>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<br>S8SSS8SSSSsSsSsmomomonn eee||6<br>o_O0000S|6<br>6<br>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<br>——Eeeet|38<br>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 

- 7A TANGIBLE FIXED ASSETS - HOUSING PROPERTIES (Predominantly freehold) - GROUP 

|(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 

- 7A TANGIBLE FIXED ASSETS - HOUSING PROPERTIES (Predominantly freehold) - TRUST 

|(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|192,0**4**|
|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 

- 8 INVESTMENT PROPERTIES 

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::<br>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<br>£'000|
||Group|||
|||ne|ne|
||Investment in subsidiary|0|0<br>0|
|||——<br>EEE|EEE|
||Trust|||
||Investment in subsidiary|8,400|8,400<br>8,400|
|||mee||
|10|RESTRICTED CASH|||
||Group&Trust|||
|||2024|2023|
|||£'000|£'000|
||At 1 January|1,040|1,040<br>1,040|
||Interest credited|0|0<br>0|
||At 31 December 2024|1,040|1,040<br>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<br>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|OEE|
|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. 

- 17a Financial assets 

|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<br>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|
||Ut**i**l 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 



u0 co d 0 0 Q_ 

& = 8 ocv u  o o _—3A 892|§oeoo aed | ber|5rs 28 0co0 Raa] wo | B co) Raoaole E Ee c aSON) =o E: co o 0 o o co aces #4. & 4 cu 2@uUSacowu oad owoO d0 @ =>ar) g $ 8 "5 lO 0o e e 5 = @ c & & ggg 7 cac(s o > o2 Oa og oar £ £ a= 3 <28 mw roo[o a 2 8a +3 am i, = cs2g 8 saci[= Tk 85° ~ =ritaHu xr 2Se2e>eosSeosE2@a at ago10,s |E=zy om+ Ego or O¢ 1S £328op oa m2 oog(s°°8|/8 c oOR™ a 2a2 9 Pm a) c u 0 co <D O C 0 os 0 “se|e $ ( .N U im dy | 0 C o ± e  £ o0 Ff a u.,  al &= 868/¢. = N 0 oooo58eS 8 SF°|2= |s8 S592 wo a on = -. re gw Fo wa ea w g  z[_ ] AL = +LELuj«r•  ag 8  «tz "  -A.•o  '  u  Lu 4=—x d,:,s _«[2] eecvg  +E&  ±a a* EeLod 00-c  0w  %  w0u  0-cLIz £  uOo  r   zDG0< eaa<c2G E d £  5.% E3 8s = (:::, t%0°LL0- %?  00.,  0 z£efaaeZuBo3ueeeaoEogERa2seaaz 8«5cy8 If0 eo r = 0 = z  9 cu 



Bournville Village Trust Group 

## NOTES TO THE FINANCIAL STATEMENTS 

## for the year ended 31 December 2024 

- 21 RECONCILIATION OF SURPLUS/ (DEFICIT) TO NET CASH GENERATED FROM OPERATIONS 

|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||ke|
|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<br>aa‘.<br>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. 

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## 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. 

- 28 RELATED PARTY TRANSACTIONS 

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:<br>-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