Cliarity iegistralion numbei.: 225965 RegLilatoi of Social 14ousiiig Irgistration numbei.: A3623 Alinshouse Association mem6eisliip nuttlber.. 1354 Butterfield Homes, Wilsden Annual Report and Finaijeial Statenienls for the Yeai. Ended 31 March 2023 Butterfield Hon)es, Wilsdell Contents (continued) Board Report I to3 Iiidependent Auditors. Report 4106 Statemetjt of Compreli¢nsive Incoine Balan¢e Slieet Stdtemeiit of Clian8es iti Reserves Casli Flow Siateinent 10 Notes to the Financial Statement5 Butterfield Home8, Wilsden Board Repoi't nie trustees present tlie annual report together with the flnancial statenienis of the 8ssociation foi. the year ended 31 Marcli 202.3. Structure? govei'nance and man*gement Tlie ehariiy is i'egulated by a tkclaraiion of Trust dated 7 Octob¢i' 1935 and a Scheiiie dated I l May 1995. Tlie trustees lield four iiieelings during tlie yeai. aiid remaiii Ilie owners of stx dwelliiigs at Harden Road, Wilsden, Biadfoi"d BD15 OEU. Mark Silvei. w3$ again IE-clcctcd foi. tlie year as Cliaii. in February 2022. Atny Bootli and Siino Watts resI￿ed as trustees diiring the year but Revcret]d Mike Gieen was appointcd reducing the nuoiber of (ruslees lo All new trustees are given ali iniroduclion to ilie work of the trust by existing trustees and al'e also provided with Charity Cothimission publi¢3tioii CC3 'Tlie Essential Ti'u5tee' Ivhat you tieed to kn(Jw' and the Charity Governance Code. A new clerk, Sandra Haigh, Ivas appointed in June 2022 but LEsigned at the end of June 2023. Aiiothei. cleik is cui'iefttly beinx sougwhi. The trustees continued with their programme of li￿pIl)ve￿ent and modernisation of tlie Almshouses attendirtg to cyclical repaii's atid niaiiilenance to the properties. There were no majo¥ repaiY% durii)g tlie year. Ti'u$tee$ and offi¢ei'$ Tlig tiwstees and otTicers serving during tlie year and sin¢e tlie year end were as follows.. Ti￿Ste¢s.. Mr Maik Silver (Cliairl MYS Aniy Bootli Iresigiied 6 September 20221 Mr Albert Pyatt Mr Simon Watts (resigrted 6 Januaiy 2023} Mi. Alistair Do¢herty r Peter Eaip ReveiEd Mi¢liael GIEen (appointed 9 February 90231 Objectives *nil aetlvlties Tlie tii]Stees ieniain coiiiinitted to tlietr atni of pl￿vEding a hÈgli standard of accominodatioii and conifot1 at at) affoi'dable weekly conti'ibution (£91 per week froin Api'il 20191 at)d to coiiip¢te wilh other social housing provideis in supplying coii)paiable Jiiodei'ji faciliti¢% for ilieir residetjts at a lower weekly cost. Decistoiis are ii)ade by tlTre Ii-ustees on a Inajui'ity basis with the Cliair having a castiiig vote iii tli¢ eveni of a tied vote. For tlieit to be a quoruiii the nuiiiber of tr115tees preseiit should be foul. 2nd all Jneelin8S 111 the year weiE quorale. Tlie Iru5tees continue to lÉaise ivith tl)e Lo¢81 Audiority seiwice deparinieiits, tlie AIms1￿lISt Asso¢iaii0i1, Ilie Honie aiid Coiiiniuiiities Agency aiid tlie VOA wlio Iiave I'eplaced tlie Rejil Sejvice foi. tlie purpose of as5essiiig (lie weekly maiijtenaiice conlribulioii. Tlie VOA I'eassessed tlie WMC al £108 pej. week iii Febiiiaiy 2019. Tlie Iru5tee5 air keeiily awaiE of tlie iieed to ensure a wai'iii. sale, and coii3foi1abl¢ cnviroJJii¢nt foj. the I'esidcnts iindei. tlie Decent Honie5 Standards and will coi)linu¢ to make iiiiprovejiients wliicli enliance eJiei'8y saving and help to Yeduc¢ residents, heating tosts. Page I Butterfield Home%, Wilsden Board Report (eontillued) Public benefit The 'Frustees pay due regard lo the cliai'ity coiiiniissioii 8uidattLe oli Public Benefit and belteve tl)at the provisioi) to SOC181 liousing witliin tlie local coniinunity coiifonms with tlieii. uuidance. v￿lUe for money Th¢ tiustees are niindful of tlie Jieed to obtain value foi Inoiiey ili all ii?iisaetions entered into on behalf of (lie ch￿ity- Wliell major woiks ale undcilaken a conipetitive tender is carrEed out. tlie ehariiy Tegularly reviews ils inveslniejils to ensure they still achiev¢ a good rate of Yeturn. riin8neig1 ievitw Mie tiustees are pleased to Irpojt a surplus for tlie year of £6,661 12022 £24,970). Tliis years fjgures were materially affected by increased adjninistraiive expenses, mainly clerks fees, propeyty repaiys and a fall in the valiie of ilie investinertts. PolECy nii re.feivé The Ti'ustees have reviewed the Charity's needs for the reseives iii line with tlie guidance issued by the Charity Comniission and ¢oJisider li piwdent that reserves should be sufficieiii to avoid the necessity to realised fixed assets. The Trustees ale confideiit tliat futuie incoii)e will enable Ihe Cliarity lo ijieet its foiEseeable needs on tlie basis of planned expenditure. The level of resollr¢es at 31 March 2023 was £227,6501?022 - £220,989). Aftcr taking into considei'ation the ainount tjie ainouiit tied up in fixed assets and tlie associated grat)i which is being amorttsed over the life of the assets tlie ainouiil available iii free r¢seJwes al ihe year end was £104,042. The Tnteriial colltro15 of the cliai'ity are reviewed and iiiot)itored aiinually. A new Jiiajoi. i'isk lias been eiicouiitered by tlie eliarity iii the forni i)f tlie Coronavirus paiideiiiic. 'fo date tliis l)as liad liniited signTficanl effect oil Ilie itJcoiM¢ of tlie cliarity as all tlie pyoperties reinain occupied and tlie rents Iiave been Collected by standing order. Tl)e investnient it)coJne lias iioi been iiiaieiially I'edueed and li lias become easiei. ovei. tlie pet'iod to oyganise repai¥s io tlie PlDpeities. Page 2 Butterfield Homes, Wilsden Board Repor¢ (continued) St8temeiJt of Boavd5 Re5pon5ibiliti¢$ Tlie Board is I'espoiisible foi. prepariiig tlie Repoll aiid Ilie fiiiancial slateinent5 in accordan¢¢ wi¢h ilie applicable law and i'egulations. I'he registered so¢ial liousing legislation iequire the Board to prepare financial statement5 for eacli fii)aiicial ye8r which give a true and fail. vieiv of the state of affaii's of the associatiot) and of its incojne aiid expenditure foi. Il)at peitod. In prepariiig diese finan¢ial s(atetiieiits, tl)e Board is i'equired to.. 5ele¢t suitable accoiinting policies and then apply ilieni consistently; Inake judgeijienls and estiiiiales tliat are I'easoDable aiid prudent., state whethcr applicable accouiiting standards have been followed, subjecr to any Inat¢rial departures disclosed aiid explained in the financial staternents. and prepai'e tlie fiiiaiicial statel￿entS oil the going concern ba515 unless it is inappropriate to presume that the asso¢iation will eontinue in busijiess. The Boai'd is I'esponsible for keeping proper accouii¢LEig re¢oi'ds that disclose willi reasoiiable accuracy at any tiine the financial position of tlie associatioii and enable tlTreJii to ensure tliat the fiiiaiicial glatenienls coii)ply witli the Housing and Regejiei'atioii Act 2008 and tlie Ac¢ouiitiiig Dii'ection for private lrgi5tei.ed providers of social liousiii(t in Lnuland 2022. It lias geiiti'al ¥esponsibility foi. taking Tea50nable steps to safeguard rtie assets of tl)e associaiion and to prevent aiid detect fiaud aiid other tn'egulai'ities. The ti'ustees are responsible foi. the imaiiiienance and integrity of tlie corpoiate and financial irtfoi'mation included on the diarilable coiiip21)y's web511e. Legi51atioii goveming the pi¢paration and disseniitiation of fihaiicial statements may differ fi'oiiJ legislation in other jurisdictioiis. Tlie anjiual report was approved by the ti'usteesti'ustee of the a5so¢iation on 8 Jaiiuaiy 2024 and signcd 011 its behalf by: Mr Alistai Tnistee ierty Page 3 Butterfield Homes, Wilsden Independent Auditor's Report to the Members of Butterfjeld Homes, Wiisden Opinio W¢ Iiave audited the financial stateiiien19 of Buttei'field Hoines, Wilsden (the 'as50ciation'l for the yeai. ended 31 March 2023, wliicli coniprise tlie Stateineni ofcumprelietisiv¢ Income, Balance Shect, and Notes to the Fiiiancial Siatements, including a suiiiinary of%igntficaiit accuuntitig poli¢ies. The fjnancial IEPOrtiiig framewoi'k that lias been applied in theii. PIEparation is applicable law aiid United Kingdoiii Accouiiling Standards, ii)cluding Finaiicial Rep(krtiiig Staiidard 102 The Financial Reporliiig Staiidard applicable iii Ilie UK and Repu61i¢ of Irelaiid Iuiiiled Kingdoni Geiieiilly Accepted Aceouniiiiu Practice). In oui. opinion the financial statenients.. ive a tiuc and fair view of the 5tatc of the association's affairs as at 31 March 2023 and of its incomi118 i'esources aiid application of resources, iiicluding its income and expendituiE, for tlie year tlien eiidcd; have been pl￿PerlY prepared in accordance with United Ktngdom Generally Ac¢¢pted Accounting Pi?ctice.' and have beeti pr¢pared in a¢coi'd&iicc with lh¢ Irquirements of the Charities Act 201 l. the Hoiising and RegeneTation Act 2008 ar)d Ilie Accountijig Direclioi) (oy pi'ivate registered providers of social housiiig iii England 2019. Basis for opinion We conducted our audit in accordance ivith International Siandai'ds on AUdIt￿n8 IUKI IISAs IUKII and applicable law. Our responsibilities under tllose standai'ds are furtli¢i' desci'ibed iii the auditoi. re%ponsibilitie5 for tlie audit of the rinaiicial slalejiienls section of OLFr Irport. We are indepeiideiit of the asso¢iation in accordance witli the ethical Irquireinents that are i'elevaiil to our audit of Ilie financial slatejnents in the UK, iiicluding tlie FRC'S Ethi¢al Standard, and we have fulfilled oui. othei. eihical Itspoiisibililies iii accordaiice witll diese requiTemenis. We believe that tlie audit evidence we liave obtaincd is sufficient and approyria(e to provide a basis for our qualified opitiioi). Coiiclu5iOtis relating to going concern In auditing tlie finaiicial stateii)eiils, we liave concluded tliat tlie liuslees use of the 8oiiTrg ¢on¢ern basis of accounting iii tlie prepai'ation of tlie fiiiancial stateiments is appix)priate. Based on Ilie woi'k we liav¢ pei'forjned, we have not identified any niaterial uncertainties IElating to events oi. conditions that, irtdividually or collectively, may cast 5iwiificaiit doubt on tlie associaiioii's ability to ¢ontiiiue as a going concern for a pci'iod of at least twelve Iiiontlis froiii ivhen tlie oi'iginal finaiicial sta(enieJils were authorised for issue. Olli. responsibilities and tlie iEsponsibilities of the trustees with JEspect to going conccin al'e described in tlie Irlevatit se¢lions of thi5 J'eport. Othei. iiifoiingtion The trustees are responsible for ihe otlier infonnation. The otlier infoi'ii)4tion coniprises tlie Iiifoi'mation included in the anjiual Irpoi'l, otjiei. than ilie financial statenienls aiid oui. auditor's report tliereon. OUT opinioii oli Ilie fjnancial stateniejils does Jioi cover Ilie othei. itiforiiiation aiid. except lo tlie extent otlienvise explicitly stated iii our report. we do not express aiiy foi'tii of assuiaiice conclusioji Iliei'eort. In connecttoii with our audii of the financial statejneiits, our responsibility is to Irad the otliei. infoiimatioii and, in do￿ng so, consider wl)ether ihe oihei. inforn)alioti is niatei'ially itTrCOllSlStent with tlie financial statenieiils or oui. kiiowlcdge obiaijied in Ilie audit or oiherwise appears 10 be iiiaierially ii)isstated. If ive identify sucli iiiatei'ial ii)consi8teiicies oi. apparciit niaterial nii&statEmeiits, we are I'equii'ed to deteriiiiiie wlieilier tlieie is a Inalei'ial Inisstateiiient in tlie financial stat¢ni¢iits or a matei'ial niisstateiiieiit tsf Ili¢ otl)ei' iiifoi'iiiatioii. If, b2sed oil ilie work we I￿ve peiforii)ed, Ive conclude that tliere is a niateri81 Inissiaictneiit of tliis OtheL' iiiforiiialion, we ajr r¢quii'¢d to iew>i1 tllai fact. We liave notliiiig to repoi1 in tliis regai'd. Page 4 Butterfield Homes, Wilsden Independent Auditor's Report to the Members of Butterfield Homes, Wilsden (continued) M*ttetY on which we Are required to i'eport by exceptioii We have nothing to repoi1 in I'espe¢t of tlie following> mattels in relation to wliich tl)e Chai'ities (Accounts and Repoitsl Rcgiilatioiis 2008 requiiE us to itPOEt io you if, iji our opiiiioii.. tlie infoi'niation giveii in Ilie financial stateinents IS i11¢01lSlStent in any niaterial respect ivi(li the board r¢poil,' or sufficieiif accounting records have noi been kept., or the fiiiancial 51ateiiients aye in agi'eemertt with tlie attouiitiiTrg recoils. or w¢ liave not Jreeived all the infoi'matioll and explanations we requiie for olli. audit. In addition, we liave iiotliiiig to I'cpoil iii iespect of thc following matter where the Housing and Regeneration Act 2008 requires us to iepoil to you if, in our opinion.. a salisfactoiy systejii of conliDI over ttxnsactions has not been niaintained. Responsibilities of trustee5 As explained iiioiE fully in tlie Stalemen¢ of Respoiisibilities (set out oti page 3), tlie Irusi¢es menibers {wlio are also the trustees ofilie aswciation for the purposes of ¢liarily lawl al'e Ir5ponsible for ¢l)e preparatioii of the financial statements and for being saltsfjed tliat tl)ey give a true and fair view, and for such inteimal eantiM)l as the triis¢ees deterJi)ine is necessaiy to enable the Preparation of financial statenients that are free froit) nialerial illiss(ateinet)I, wheilier due to fraud ov eri'or. In preparing the financial stateinents, tlie IrLTSt¢cs are respoiisible for assessing il)e association's ability to Continue as a goiiig cojiceim, disclosiiig. as applicable. iiiatteis related to going coneem and using tlie goÈng eoncei'n basis of accollntirtg unless the trustces eitlier intend to liquidate the asso¢iatiot] oi. to cease operatthons, oj. have no reallslic altei'iiative but to do so. Audltor Responsibilitie5 foi. the audit ofthe finiiiclal 8tAtenients Oui. objeclive5 10 obtain reasoiiable assllraiice about wlietlieT th¢ financial statenients as a wliole are free from Inateri81 L11155tateiiieiit. wlietlier due to fraud or error, and to issue auditor's repoit Il)at in¢lude5 Oljl. OPiIILOII. Reasot)able assui?iice Fs a liigli level of assuiaiiee. but is not a guarantee tl)at an audit conducted in a¢cordaiice with ISAS {Utcedures to identify aiiy unusual oi. unexpected relationships that niay indicate risks of material niisslaienieIit diie to fraud. reviewtnx corirsponden¢e with tlie chw'ity's legal advisors; readiiig Initiutes of meetings of ihose charged witli governance: and in addJEssillL> Ihe i'i5k of fJ?lld tliiDugli manageiiient ov¢rride of controls, tesiitjg tlie appropriateness of jouinal enuies atid olhei. adjustii)ent5, assessing whether the judgemenis made in tnaking accoiinting estiinales are indicative of a wteiitial bias., aiid evaluatiiig Ilie busiiiess ratioiiale of sigiiifieant transactions that al'e ￿ni￿lIa1 or oiit5ide Ihe IlOTmal couise of busiiiess. All engagement team ijienibei's were it)fO1￿led of tjie relevant laivs and regulations aiid potential fraud risks &t the planiiing stage and Jeiiitnded 10 reiiiain alert to any indi¢aiion5 of fraud or non-coinpliance willi laws and regEilations througliout tlie audit. The engagement partner ensLir¢d Ilia( Ihe engagement teatn eolle¢tively Iiad tlie appropriate competence, capabilitie5 and skills to identify su¢li items. Thei'e are inherent limitations in our audit procedures described above. Th¢ moir rei)ioved that laws aiid iegulations are froin financial tsxnsaclions, tlie less likely it is Iliai we would become aware of rton-coniplianee. Audiiiiig Standards also liinit tlie audit P1￿CedU1.¢5 required to tdentify non.¢ompliance witli laws and regulation5 to enquiry of tlie tiustees aiid otliei. Inaiiagenieiit and the Enspeclion of iegllla¢oiy aiid legal coi'reswndence, if any. Maierial misstatements that arise due to frAud can b¢ haider to detect ilian tliose that arise from ¢YiDr ds tjiey tnay involve delibeizle Concealment or collusion. A furtlier descTlPtion of oui. responsibilities is availabl¢ 011 tlie Financial Reportiiig Council's website at= wHw.frc.org.uklauditoisresponsibiliiie%. Tlii5 desci'iptioti loyiiis part of our auditor's report. Use of report TIIIS IErx)rt is niade solely to tlie association ti'ustees, 2$ a body, in 2ccordance witli Pal't 4 of tlie Cliarities (Accounts and Repoiis) Regulations 2008 and section l 37 of Ilie Hoiising aiid Re8eneratioii Act 2008. OUJ. audit ivork lias been und¢JlakeJi so Iliat we niiglit state to tlie trustees tho%e Inatters we al'e required to slate (o Iliem in an auditors, JEPOIt and for no otliei. piirpuse. To the fullest extent pemiitt¢d by law. we do not accept oi. assunic ieswnsibility to anyone othet. tliaii Ilie associatioii ajid its trustees as a body. for our audit work, foi. tliis reJx)rl, oi. for Ilie opinions we liave foini¢d. CLk/)..,a.r).... QLLcL￿ d Watson Buckle Limited Statutory Audiioi. Bradford 8 Januaiy 2024 Page O Butterfield Homes, Wilsden Statement of Comprehensive Intome for the Year Ended 31 March 2023 (Including lllcome Expenditure Aeeount) 2023 2012 Note Turnover 30,281 30,281 24,5471 14,9091 Operating 5uI'pIu51(defLClt) Incoine fi'oni fixed asset investineiits Tntere8t rcceivable aiid similar incoiiie Moveinenis in fair value of financial instiimienis 5,734 2,461 175 (1,7091 15,372 2,785 (6,8181 Net incoiiiitig i'esouires before other recognised gains aiid losses Reolisedgaliis oil liivesiiiieiil osseis 6,661 11,346 13,624 Sui'plys loi. the ye•i' 6,661 24,970 Totgl conipreliensive income for the ye8r 6,661 24,970 All of tlie registered so¢ial housing provider's a¢tiviti¢s derive fron) continuit)g operations during the above two periods. Tlie financial stateiments were approved by the board aiid authorised foi. issue Ort 8 Jartuaiy 2024 ind signed oil tl)eiL' behalf by.. Ti'us(ee Trustee ie notes on paDes I I to 16 fom an integral part of tliese fitjaiicial statenienls. Page 7 Butterfield Homes, Wilsden Balance Sheet as at 31 March 2023 2023 2022 Note Fixed assets Tangible assets Invesiineiiis 20? 704 68.155 210.029 67.610 270,859 277,639 Curient assets Debtors Casli at bank and in halld 1,146 20,185 38,566 39,676 27,331 Ciyditors.. Amounts falling due within orje year 5,672 4,8851 Net current assets 34,004 22,446 Total assets less curi'ent liabilities 304,863 300,085 Creditors: Amounts fAlling due after more thstn one year 10 77.2131 {79.0961 Net gsset$ 227,650 220,989 Re5ei'ves Incoiiie and expeiiditure reseive Unrestricted iEv8luaiion IEserve 209.030 18,620 200.660 20,129 TotAI reserves 227,650 220 989 Tli¢ fJnan¢ial slaiem¢nts were approved by tlie board and auiljorised for issue ot) 8 January 2024 and signed on their belialf by.. Trustee TIu5tee ie notes on pages I 110 16 foi'iii an itjlegral part of tliese fiiiaiicial 5tateiMents. Page 8 Butterfield Hon)es, Wilsden Statement of Changes in Reserves as at 31 March 2023 Incon]e and expenditui resevve RevaluAtion r¢s¢rve Total At l Api'il 2022 Sulylu￿IderIell) for tlje year Revaluation of investinents 200,600 .370 20,329 220,989 8,370 {1,7091 6,661 227.650 {1,709) {1,709) 18,620 Total eomprehcnslv¢ income At 31 March 2023 8.370 209,030 Tlie noles on pa8es I I to 16 foriii ali iiitegral i)art of tlie5e fiiiaiicial slaiciiients. Page 9 Butterfield Homes, Wilsde Cash Flow Statement for the Year Ended 31 Mareh 2023 Re¢ortciliatioN of Net movement in funds to net tgsh t]ow from operating activities 2023 2022 Net it)coJiie Inveslinent in¢oille Depreciatioii (Profit) 11055 on revaluatiotj of fixed asset Invesiinents Decreasel(increase} in debtors De¢re8se in creditors 6,601 {2,636) 8,060 1,709 36 11,0961 11,346 12.7921 8,033 6,818 159} 1,703 Net cash inflow 12,734 21.643 Cash flow stAtenient 2023 2022 Net cash inflow froiii op¢i?ting a¢tiviiies 12,734 21,643 Returns on investmeiits sei'wicing of fin8nce liiieiESt receivable and similar inconie Otlier incoiile froni rtxed asset investments 175 2,461 2,785 2.636 2,792 CApitg1 expenditure finAncial investment Purcliase of langible fixed assets Puythase of inve5tiiient5 Sale of investments 1735} {2.254) (81,096) (2,59Ql 45,000 {2,9891 138,6861 Increa5elldecrease) in c8$lJ in the year 12,381 114,2511 Reconciliation of net tash llow to movement in net funds Increase/ldecitase) in cash 12,381 {14,2511 Net funds at l Api'il 2022 26,185 40,436 Net funds at 31 Mai¢h 2023 38,566 26,185 All of tlie ¢asli flow5 are derived from eontinuillg operations during the above two periods. Mie tjotes otj pages I I 10 16 forin integral part of tliese fiiiaiicial siateiiienls. Page 10 Butterfield Homes, Wilsden Notes to the Finaneial Statements for the Year Ended 31 Mar¢h 2023 l Aecountlng policies Geii¢val informfttion The ch3vi¢y is a registered social housing providei., registered in Englaiid and Wales Cliai'ity reoistration nuinber.. 225965 Regulator of Social Housing regi5lraiion nuiiiber.. A3623 Almsliovse Association inembersliip iiumber.. 1354 llie address of the regi5teird office is.. 17 Farndale Road Wilsden Bradford BD15 OLW Basis of preparation And stAtemenl of ¢omplianc¢ Tlie financial stateinent5 have been prepaiEd in accordance willi applieable accouiitin¥ standards in¢ludins Financial Rewrting Staiidai'd 102, the Statemeni of Recoinillejided PJacti¢e foi. So¢ial Housing Provideis 2018, and witli tlie Attounting Direcfion for private registered providers of social liousing in Eiigland 2019. '1'lie finaiicial staleinent5 are a150 pIEpaYed undei. ttie requiyenieiils of the Housing aiid Regeiieralion Act 2008. The financial stateineTIt5 liave been prepared on a going conceTn basis utider the Iiistoi'ical cost conventioii, modified to in¢lud¢ ¢ert2111 iienis at fail. value. The registered so¢sal housing provider coM5titutes a public benefit ejitity as defined by FRS102. Tlie si8nificant accounliiig polici¢g applied in tlie pi'eparatioii of tl)ese financial statetiients are set out below. Tliese K)licies liave been consistently applied 10 all years presented unless Otl)erwise staicd. Tlie cliai'ity's fiiiictional and piesentation eurirticy is pouiids sierling. Signifieant judgements gnd es1iiJiAtes Preparalioii of tli¢ finaticial stateiiients Irquii'es managcment to 1118ke sÉ8iiifica11t judgetneiits and estimates. The items in Ilie finaiicial stateii)enls where these judgcnients and estiniates have been niade ineSude.' Dep?-eeiatlo MaiiagTement review its esliinates of tlie useful lives of ihe depreciable ass¢t5 at eacli reportin8 date. Howevei.. by tlieir nalui'e componeni life cannot be deteiniiiied with absolute ¢ertainty. Turnover IEpresents weekly Inaiiitenaiice charge receivable, including wa(ei' t7tes in ilie year iiet of losses froji) voids, and 8niortisation of goveTnnient grants. Sociwl Housing CrAnt Social Hou5iiig GIEiit ISHG} is receivable froiii tlie Hoi))es atid Coiiiiiiuiiili¢s Ageii¢y aiid is uliliscd (o IEduce tlie Capital costs of liousing properlies. Tlje SHG is recogiii5ed iii iiicome oil a systeinatic basis over the expected useful econonjic life ofdie propeity. Page I I Butterfield Homes, Wilsden Notes to the Financial Statements for the Year Ended 31 March 2023 (eontinued) Investment tncome Iiiwnie is eariied froiii liolding fixed as5elS foi. itiv¢sinient purw)ses and is recognised when Itccivable and Ilie amouiit can be nieasuied by tlie cliai'ity. Ititerest on fui)d5 lield on depostt is included when ieceivable and amouiit can be iiieasuiEd by the cliarÈty. IrrecoverAble VAT li'r¢covei?ble VAT is charged against the tategory of resoyrces expended for wliidi li was iiicurred. TAxgtion The I'egistcred social housing providei. is coiisidered to pa5$ tlie tests set out iji Pa12graiili I Scliedule 6 of Ilje Finance Aet 2010 and ihei'efoi'e it meets Ilie definition of a Charilablc company for UK coipoi7tlOTi t&x piirposes. A¢¢oTdiiigly, Ilie Chai'ity is poteiitially exejiipt froiii laxatioll in Irspect of inconie 01- capital gain5 ieceived witliin ¢ategoi'ie5 covered by Cliapt¢r 3 Pail I l of Ilie Lorporatioii Tax Act 2Q10 oi Secrion 256 of tlie Taxatioii of Chai'geAble Gains Act 1992, to the extent that such inc017Je or gain5 aT¢ applied exclusively to cliarilable pujposes. Tangible fixed Assets Tangible fixed assets {in¢luding social housiiig properties) ale slated a( Cost or deemed eosr less 2ccuniulated depieciatioii and a¢cuniul#ted iii)pairment losses. Cost includes costs dii'ecily attributable Éo making tlie asset capable of operating as intended sucli as tlie cost of acqiiiring land and buildings, developii)ents costs, interest charges on loans during tlie developiiienl pei'iod and expenditure on iiiiprovejiienls. Expenditure oi) imyrovejiienis of more than £500 will only be capitalised when it results in inciEineiital fiitui'e beii¢fitS 5ucli as inci'easijig i-ciilal iiicoille, redu¢ing Inaintenance costs or resuliing in a significaiit extenston of tl)e uscful eeonointc life of Ilie piY)peity. Depreciation is provided on tangible fixed assets so as io write ofy the cost or valuation, less any estijnated residual value, over tlieir ¢xpe¢ted useful eeortoniic life as follows.. Asset elgss Depi'eciation metliod and rate Plant and cquipineiil IOO/o sii3iglii liiie basis Pix>peJties 50 yec11 Doors artd wiiidow5 30 yeais Ki(¢heiis 20 yea1% Bathi'ootn 25 yeays Boilers 15 years Blectrical and heating installations 25 yeais Major eoinponeiits of liousing PlDpeities have been accouiited for and depTeciated separately from tlie coiine¢ted housrnu pi'opeity, over tlieiy expected usefi]l economi¢ lives. Tl)e c05t5 of Irplaeiiig tliese ¢oiiiponenls are capttalised in rull. Tlie costs of partially replacing or repairing tllese ¢onipoiiet)t5 are cliarged to t1￿ con)pi'eliensive incoJiJt. Investments Iiivestmetits ale recognised iiiilially at fair valLie whiel) Js noiinally Ilie transactioii pi'i¢e excluding (JIU￿a¢t1on cosis. Subsequently, they are IneasuiEd at fair value tliiDugli the stateii)eiit of coinpi'elietisive iticoine if ilie sliares aiE publicly tiaded oi. their fail. value can otlierwise be Ineasured reliably. Other iiiveshiicnts are iiieasiired at cost less iiiipairnieiit. Tl)e i'egistered social hou.8ing providei. only has fitjancial lial)ilities of a kind Iliat qualify as basic fEnancial insiruinents. Basic financial instruJnent8 are initially ieeogiiised at traiisaction value aiid subseqiieiilly nieasiii'ed at tljeir settleiiient vttlue. Page 12 Butterfield Hon)es, Wilsden Note5 tih the Financial Statements for tlie Year Ended 31 March 2023 (continued) Debtors Debiot's are Irco8Jiised ii15tially when Iliey becoiiie due at the trai)sa¢lioii price. Tliey subsequently measured at amortised cosl using the effective interest rate Imetliod, less provisiort for impairineiit. A prov15ion for impainnent of dcbior5 is established when theie is objective evidence that the cliaiity will not be able to collect all aniounis due according 10 the original terms of the debtors. Cash t&sh equivAleiit5 Casl) atid caslj equivalents conipi'ise casl) on hand and call deposits, and other slioil-term liÈghly liqiiid investinents that are it2dily convertible to a known amount of casli and are subject to an insignificant risk of Cl￿nge value. Ci'editors Creditors ale obligalioiis to pay for go()d8 aiid seivices tliat liavc been acquired by tlie charity. Creditors are initially IEcognised al tli¢ transaction price and subscquently measui'ed at ainoiliscd cost using the effecfive intercst method. 2 Socifil housing turnovei. and eosts 2023 2022 Turnover Rent5 receivable 28,398 1,883 28 J98 Amortised soci81 housiiig grant 1,883 Turnovev fiwin soci81 bouSLng letting$ 30,281 3Q,281 Admiiiistratave expenditure Management Seivice charge costs Routine main¢enaii¢e Depreciation of Iiousiiig properties Cl￿tS to individuals (3,096) (595} (.h,1851 (8,0331 (5,753} (8,060} (1,500) (24,547) 14,9091 OperAting sui'plus oil social hou$lng lettings 5.734 15,372 3 AccommodAtioM owned And in mhnagement NuNiber of unlts Nuinbei. of unil5 at Api'll 2022 31 MArch 2023 Housing accornimodation Pa8e 13 Butterfield Homes, Wilsden Notes to the Financial Statements for the Year Ended 31 March 2023 (eontinue(l) 4 Surplus on ordlnAI'y activities is st&ted After chargingl(cieditingl: 2023 2022 Audii fees Audit of tl)e fjnancial slateinents excluding VAT Depreciation of freehold piDpei'ty Deyreciation of fixlut'es and fittiiigs Amortisatioji of governiiient ￿an¢S 655 6.744 525 6,744 1.289 11,8831 ,8831 5 Board and key mRn&gement peE%onnel I'emuneration expenses No board iiiember or key Inat)agenient personnel eitlier received or waived any retIiune￿tlOth during tl)e year. 6 Tangible fixed #ssets ¥nd buildings Fixtures & ritting$ Total Cost At l April 2022 Additions 250,899 Sl,389 735 302.288 735 At 31 March 2023 250,899 52,124 303,023 Depreciation Ai l Api'il 2022 Chai'8e for the year 46,404 6,744 45.855 1,316 92,259 8,060 At 31 Marcli 2023 53,148 47,171 100,319 Net book value At 31 Marcli 2023 197,751 4,953 202 704 At 31 Marcli 2022 204,495 5,534 210,029 7 Fixed ass¢t Investinents 2023 2022 Listed iiivesttnetjts 68,155 67,610 Pag?e 14 Butterfield Homes, Wilsden Notes to the Finvdncial Statements for the Year Ended 31 March 2023 {continued} Ltsted investments Listed investments Totsl VAluAtion At l Api'il 2022 Revaluation Additions 67,610 (1,7091 2,254 67,610 11,709) 2,254 At 31 Marcl) 2023 68,155 68,155 C81'rying gmount At 31 Maicli 2023 68,155 68,155 At 31 Maicli 2022 67,610 67,610 Tlie fail- value of listed investiiients is deienniiied by reference to tiie quoted pi'ice for tdentieal assets in an active mai'kel at the balance slieet date. Historical costs of inveslnietils are £49,535 {2022- £47,280). 8 Debtoi 2023 2022 Prepayments 1.146 9 Creditors.. aniounts fAlliiig due witliin one yeai. 2023 2022 Grants Otlier cJEditors Acci'uals 1.883 2,073 1,716 1,883 1,562 1,440 4,88S 5.672 10 Ci'editort: Amounts fAlling due aftei. one yeai- 2023 2Q22 Grant 77.213 79.096 Tlie gi'ants ale iepayable if tl)e pi'opeities wt sold. Social Housing Grant totalling £94.160 lias been re¢eived. Tliis w411 be Jtpaid if the properties air 501d. The Social Housitig (tl71)t is beiiig J'ecognised iii ijicoiiie oli a sysleinatic basis over Ilie expected usefijl life of Ilie sti'llcture 150 yeais). Page 15 Butterfield Homes, Wilsden Notes to the Financial Statements for the Year Ended 31 March 2023 (contiiiued) I l Rese￿e$ a) Income and expenditure reserve The iiicoine aiid expenditure re5ei.ve represeiits the eumula(ive surplus aiid deficits net of other adjuslnients. b) RevAlu*tion reserve Thc revaluation I'eserve repyesents the ¢vn)ulate effect of revaluations of tlie fixed assets investinents. 11 Related party transaetiorts Buttei'field Homes, Crosshllls Icoii)tiion trusieesl Al tlie balance slieet date ilie ait)ouni due its Butterfield Hojiies, CJDsshills w&$ £1,762 {2022- £1,251). Bllltei'field Homes. Cottingley Icoiijnion trustees) At tlie balaiice slieel date ilie ainount due 10 Butierfield Honi¢s. Cottingley iv&s £311 {2022- £311). The above amouiils are interest free. Page 16