Charity registration nuinber.. 225965 Regulator of Social 14ousing registi'ation nuinber.. A3623 Alinshoiise Association Inembership nuinber.. 1354 Butterfield Homes, Wilsden Annual Report and Financial Statements for the Yeai. Ended 31 March 2024
Butterlield Homes, Wilsden Cont¢nts Board Report I to4 Independent Auditors, Report 5t07 Stateinent of Comprehensive Income Balance Slieet Statement of Chttnges in Reserves 10 Cash Flow Statement Note9 to the Financial Stateinents 12to 17
Butterficld Homes, Wi15den Jloard Report I'he trustees present the annual report togethei. with the financial 5tateinents of the association foi. the year ended 31 March 2024. Structure. governance and management The Charity is regulated by a Declaration of Trust dated 7 Ociober 5935 and a Scheme dated I l May 1995. I'he Charity is Inanaged by a board of TTU5tees providing legal, financial. pi'operty Inanageineiit and pastoral skills. 'rhe Ti'ustees employ a ¢lerk to Inanage th¢ properties and siippori the Ti'ust¢es aiid Residenls. 'I'he cleA<, SandTa H8igh, resigned in June 202] and anoiher clei'k is currently being svught. Since Jiine 2023 tl)e Trustee5 have been the first point of Contact witli th¢ re5idenis and hav¢ deali with geneial adininistralion. The I rLlStees held five Ineetingg during the year and remain the owners of Six dwellings at Cottingley Moor Road, Cottingley, Bingley BD16 18D. Mark Silver was again IE-ele¢ted For the year as Chair in Febriiary 2024. Reeriilliiieiil nii¢l llpijiiiiiiiiieiil ofiriislees Susan Sed&)wick and Siinon Callaghan weTe appointed Tn15tees during the year, inereasing the nuinber of Truste¢s to 7. liidiieiloii aiid iraiiiiiig oflriislees All new Trustees are given an introduction to the work of the Trust by existing Ti'ustees aiid are also provided with Charity Coininission publication CC3 'The Essential Trustee,. what you need to know, and the Charity Governance Code. The Trustees are kept up lo date of rheir responsibilities by tlle Chair and oihei. PTofessional advisers, as appropriate. The Charity is a meinbei. of The Alinshou5e Association. This organisation holds events and provides newsletter8 to update its meinber5. Arruiigeiiieiitsft)rsellliig key iiiqiiugeiiieiilpersoiiiiel reiiiuiiei'ulroii The Trustees act in a voluniary capacity and are uniEmunerated. The Trustees are also Trusiees of Butterfield Homes, Crosshills aiid Bulterfield Hoines, Cottingley. Trusl¢es and officers The trustees and officeTS serving during th¢ year and sin¢¢ the year end weir as follows: Trustees.. Mr Mark Silvei. (Chair) Mr Albert Pratt Mr Alistaii. Docherty MJ. Peter Earp Mr H¢len Philips Ire%igned 16 Febniary 2024) Reveied Mithael Gieen Mrs Susan SedLTwick (appointed 16 February 2024) Mr Siinot) Callaglian (appointed 16 february 2024) Page I
Butterfield Homes, WilsdeD Board Report (contlDued) Obje¢live5 and aetivities The Charity provides six i'esidential units in Wilsdcn. Qualifying residents must be inhabitatJ15 of Wilsden or an area wiihin a five Inile radiiis of Wilsden aiid who are either aged 60 or ovei. oi. are infirm. The Trusiees provid¢ piK)perty maintenance and repairs. The Trustees lake an active interest in the health and wellbeing of the residents by underlakiiig regular visits to Irsidents. No care is provided by th¢ chai'ity. The Trusteeg have continued a prograinine of improvement and inodernisation of the Alin5hou5es by upgrading when appTOPI'iat¢, particularly when a pi'operty becoimes vacani. The Ti'uslee's aim 15 10 provide and In(iinlain a level of accommodation at a high standard. Public beneflt The I'ru5tees pay due regard to the charity coininission guidance on Public Elenefit and believe that the provision to social hoLising within the local community confonns with their giiidance. Value foi. money The TTllStees aiin to deliver its objectives in tlie Inosl Cost-effective way possible but ensui'ing that it provides quality hoines and services tl)at help its residents reinaiii independent. The weekly contribulion reinained at £91 per week during the year. However, due to inflatiollry piessure5 the Tiustees reluctantly increa5¢d this to £93 per week fi'oin l Api'il 2024. These amounts are below the levels recoinjnended by the VOA. The trustees continue to liaise with the Local Aiiihority service d¢partments, the Almshouse Association, the Hoine and Coirmunities Agency and the VOA who liave replaced the Rent Service for the purpose of assessing? the weekly maintenance contribution. The VOA I'eassessed tlie WMC at £108 per week in February 2019. The Ti'ustees are ktenly aware of the need to ensure a warjn, safe, and coinfortable environment for the resident5 under the Decetjt Homes Stand8Tds and will coThtinue to make iinprovements which enhance energy savsng and help to reduce resid¢nL5' heating cost5. Achievements and performance It is the fru5tees' policy to Indinlain aiid pieserve the piDpertie5 to a high standard. Cornpliance inspection and planned maintenan¢e checks were maintained throushout the yeai.. The Charity prides itself on nieeting the needs of its iesidents wherever possible. This ii)cludes installing disabled adaptions. During ihe year a new shower was installed foT one disabled resident. Mindful of th¢ need to provide a healthy environinent, Tepairs have been cai'ried out to I'ectify dainp issues iii the properties. A new peonal alarm system for residents was installed during th¢ year. One vacancy occurred dui'ing ihe yeai., number 3 was vacant in the period FebTiiary to April but has now been relEt. Page 2
Butterfield Homes, Wilsden Board Report {continued) Financial rev5ew Policy oil reserves Tlie'fTllStees arc pl¢ased to report a surplus for the yeyr of £14.J99 (2023 £6,661). The Trustees are pleased with the surplus. Th¢ 'l'rustees have reviewed the Charity's needs fur resei'ves in line with the guidance issued by the Charity Coininissitsn and consider it prudent that reserves be sufficienl lo avoid the necessily to r¢alise fixed assets. The Trustee5 are eonfid¢t)t that the future in¢ome will enable ihe Chai'ity to iTJeet its foi'eseeable needs on the basis of planned expenditure. The level of reserves at 31 st March 2024 was £242.049 (2023 £227,650). After takiiig into consideration the amount tied up in fsxed assets and the Associated giant, which is Lying ainortised over the life of th¢ asse15, the amount available in fiEe reserves at the yegr end was £124.616. The internal controls of and the major risks and uncertainly to the charity are JEviewed and mos)itored annually. The Trustees are confident that the procedures in pla¢¢ are sutTicient to Initigate the financial, Inanagement and coinpliance risks identified. liivesliiieiiipolley aiidobJeL¢ives The Trustees set asid¢ funds in order to finance future plant)ed expenditure and to provide a ¢ontingency against future unforeseen expenditure. T]iese funds ai'¢ in investinents which are easily capable of conversion to liquid funds and provide the best possible rern foi. Ilie low risk assumcd. The perforinance of these investments is reviewed by the Trustees at each ineeting. Page 3
Butterfi¢ld Homes, Wilsden Board Report (continued) Stxttment of Boards Respoiisibllities The Board is responsible for preparing the Report and the financial stateinents in accordance with the applicable law and regulations. The IrkJist¢red social housing legislation require the Board to prepare financial stateiM¢nts for each financial year which give a true Jnd fair view of the slat¢ of affiiirs of the a%sociation and of its incoine and expenditiire for that period. In preparing these financial slateinents, the Board is rcquired to.. select suitable accoiintsng policies and then apply them consistently. Inake judgem¢nts and estimates that #re reasonable and prudent. State whether applicable accout]ling standards have been followed, subject to any material departures disclosed and explained in the financial 5tateiiients', and PIEpare the financial stateinents on the going ¢oncern basis unless it is inappropriate to presume that the association wi15 continue in business. The Board is responsible foi. keeping PlDpcr accouniing records that disclose with reasonable acciiizcy at any tsine the financial position of th¢ a%sociation and enable thein 10 ensure that the financial slateinenls ¢oinply with the Hoiising and Regeneration Act 2008 and the AccountinL Direction for private registered pi"oviders of social h0115ing iii F,ngland 2022. It has general iesponsibility foi. taking IEa5onable steps to safeguard the assets of the asso¢iation and to prevent 2nd detect fraud and oth¢r iegUlarItIeS. The Irustees are responsible for the Inaintenance and integrity of the corpoi'ate and financial illfomiation included on th¢ charitable company's websiie. Legislation governing the preparation and disseinination of financial statements may dktfer froin legislatioii in othei. jurisdictions. Th¢ atjnual report was appi'oved by the trusteestrustee of the association on nd signed on its behalf by.. Mr Trustee ir Dochei Page 4
Butterfield Homes, Wilsdcn Independent Auditor's Report to the Members of Butterfield Homes, Wilsden Opinio We have audit¢d the financial statements of Butterfield Homes, Wil%den (the 'as50elation') for the year ended 31 March 2024, which comprise the Statejnent of Comprehensive In¢omc, Ralanee Sheet, and Notes to the Financial Staleinenls, including a suinindTy of significant accouiiting policies. The financial reporting frarnewoTk that has been applied in theEr prcparaiion is appliL2ble law and United Kingdom Accounting Standards, including Financial Repoiting Siandai'd 102 Thc Finiincial Reporting Standard applicable in the UK and Republi¢ of Ireland (United Kingdom Generally Accepted Accouiiting Pi'actice). In our opinioll the financial stateinents.. give a true and fair view of the state of the association's affairs as at 31 March 2024 and of its incoining resoyrees and application of re50uices, including it5 income and expenditure, foi. the year then ended,. have b¢en propei'ly prepared in accordance with United Kingdom G¢neTally Accepted Accounting Practice,. and have been prepared in accordance with the requiiEnitnts of the Charities Act 2011, the Housing and Regenei'ation ALt 2008 and the Accounting Direction for private regi%tered providers of social housing in Engiland 2019. Basls for opitkion We condllcied our audit ii) accordaiice with International Standards on Auditing (UK) (ISA% IUK)) and applEcable law. Our responsibilities undei. those slandaYd5 are fiiiiher described in the auditor responsibilities for the audit of the financial siaieinents section of our report. We are independent of tli¢ association in ac¢ordance with Ihe ethical requirelentS that are relevant to oui. audit of the financial stateinents in the UK, including the FRC'S Ethical Siandai'd, and we have fulfilled our o(lier ethical respotlsibilities in accordk)nce with these I'equireinents, We believe that the audit evideiice we have obtained is sufficietit and appropriate to provide a basis for our qualified opinion. Conclusions relating to going concer In auditing the fillancial stateincnts, we have concliided that the trustees use of the going concem ba515 of accounting in tlie pi'eparation of the financial 5tateinenls is appropriate. Based on the work we hav¢ pei'formed, we have not identified any material uncertainties relatillg to events oi. conditions that, individually or collectively. Indy cast significant doubt on the association's ability to continu¢ as a going ¢on¢ern for a period of at least twelv¢ Inonths froin whei) the original financial stat¢inents were aurhoi'ised for issue. Our IEsponsibilitie5 atkd the responsibilitie5 ofthe trustees with respect to going concern described in the relevant section5 of rhis report. Ollier iiiformgtion The trustees are responsible f(>r the oth¢r information. The other information con)prises the infonnation included in the annual repoTt, oiher than the financial stateinents and our 2tiditor's report ihereon. Oui. opinion 011 the financial Statemenls does not cover the other inforination and, except to tlie extent oih¢rwise explicitly stated in our report, we do not expTess any form of assufdnce Conclusion thereon. In connection with our audit of the finaiicial stAieinents, our responsibility is to read the vtliei. infoliatIon and, in doing so, consider wliether the otlier informatiot) is materially ii)consistent with the financiol stateimenls or our knowledge Obtaied in the audit or otherwisc 8ppear8 to be materially Inisstated. If we idenlify such Inaterial iiicoiisisteiicies or appaiEnt ii)atei'ial misstatements, wc are required to detennine whethei. Ihere is a InateTial Inisslateinent in the financial stalejnenls or a Inatei'ial Inisstatcinent of the othei. infonnaiion. If, based on the woi'k we liav¢ pei'foi'ined, we conclude that there is a inaterial IMisstatcinent of this oiher infoi'inaiion. we ar¢ required to I'eport that fact. We liave nothing to report in this regai'd. P<ige S
Butterfield Homes, Wi15den Independent Auditor's Reporl to the Members of Ilutterfield Homes, Wil$d¢n (continued) Mallers which ive are required to report by exception We have nothii)g to report in J'espect of the following Iatte in relation to which the Charities (Accounts and Report5) R¢gulations 2008 require us to report to you if, in our opinion: the infonnation given in the financial statemenis is incon5islent in any material irspect with the board report,. or suITicient acConting recoi'ds have not been kept; OT the financial slotein¢nts al'e nol in agreeinent with the accounting records: or we have not rcceived all the inforination and explanations we require for oui. audit. lil addition. we liave nothing to rcport in re5PC¢t of ihe folluwin&J Inatter whei'e the Housing and Rcgeneration Act 2008 require5 us lo repoil to you if, our opinion: a sat15factory system of control over transaciions has iiot been inaintained. Responsibilities of truste¢5 As explained InoiE ftilly in the %iatement of Responsibilities (set out on page 4), the trustees meimbers (who are also the truste¢5 of tlie assocÈation foi. the purposes of Charity law) are r¢sponsible foT the piepaiation of tlie financial statements and for being satisfied thal they give a true and foir view, and f(Ir such intei'nal control as the trustees deterniine is nec¢ssai'y to enable the preparation of financial staieinents thdt are free from Inaterial misstateinent, whetliei. due to Iraud OF errol.. In preparing the financial statements, the trust¢¢5 aiE responsible for assessiiig the association's ability to coniinue as a going concern, disclosing, as applicable, InatteTS I'elated to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the association or to cease operations. or have no realistic Iternative but to do so. Auditor Re.sptsnslbilitie5 for the audit uf the finan¢i31 statements Our objectives ar¢ to obtain reasonable assurance about whether the finat]cial statements as a whole are free from Imaterial Inisstateinent, whether due to fraud QT eri'or, and to issue an aiiditor's report that includes our opinion. Reasonable assuian¢e is a high level of assurance, but is not a guaraiitee that an audit CoduCted in accordance with ISAS (UK) will always detect a material misstateinent when it exists. Misstaten)enls can 8TiSC from fraud or ei'ror and are considei'ed m8lerial if, individually or in the 3ggregate, tliey could reasonably be expected to influence the econoini¢ decisions of useis taken on the basis of these finan¢ial stdteinent5. IrKgularities, including fixud, are instaiiees of non-compliance with laws and regulations. We design PTocedures in line with oiir respoiissbili(ies. outlined above, to detect matcrial iMisstatem¢nts in respect of iTregularities, including fraud. Th¢ exient to which our proceduTes al'e capable of deiecting ii'iEgiilarities, incliiding fraud i5 detailed b¢low'. In planning and designing our audit lests, we identify and assess the risks of Inaterial inisslateinent within the financial statcments, whether due to fraud or error. Our assessinent of these I']sk. includes consideration of the natur¢ of tlie industry and sector. the conli'ol environinent and the business performance along wilh the iesults of our enquiTies of manageinent, About theii. own idenlifi¢ation and assessment of the i'isks of irregularities. We are also requiiEd to pei'foi"iii Sp1[1¢ procedures to respond to the risk of manatseinent override. Following this assessinent W¢ C0115idered the opportunities 8nd inceiitive$ that may exsst within the entity tor fraud and identified the gi'eatest potential for fraud in evaluating the tangible a¢t5. We also obtained an understanding of the legal and regulatory fraineworks that Ihe entity operate5 in, through discussions wilh diiectors and other inanageinent, aiid from our coininereial knowledge and expei'ience of the sector in which the entity operates, lo enable li% to identify the key laws and rcgulaiions applicable to the entity. We focused on speLific law5 and regulations which wc considered Ingy have a direct matei'ial effeci on the finaiicial stateinents or the operaiioDS Ot tl)e entity, incliiding the Housing and Regenei7tion Act 2008, taxation legislation, dats protection, anti-bribery, environinen(al and healtli and safety legislation. Page 6
Butterfield Homes, WilsdLn Independent Auditor's Report to the Members of Bu¢¢erfield Homes, Wilsden (eonlinued) We then perforined audit procedures after consideration of the above risks which included the following.. evaluating the existence and v8luaiion of the fixed assets, and evaluating the appropriatet)ess and consistency of the depi'eciation policies applied. enquiring of Inanageinent concei'ning actual and potential litigatiort and claiins; perforininL> analyti¢al procedures to identify any unusual or unexpected Irlationships that may indicate risks of iiiatei'ial Inisstateinent due to fraud., i'eviewing coire5pondence wilh the charity's legal advisors; reading minutes of Ineetings of those charged with bjovernance; and in addressing ihe I'isk of fraud through Inanagement ov¢ri'ide of Controls, te%ting the appropriateness of journal entrie% and othei. adjustinenls, assegsing wliether tlie judgem¢nts madc in Inaking accouniing estimates aye indicalive of a puteniial bias,. and evaluating ihe business rationale of any significant transactions that are unusual or outside the noiinal couise of busin¢s5. All engagejnent teain ineinber5 were inforined of the relevant laws and regulations and poteiitial fraud risks at ilie planning stage and Teiniiided to reinain gleit io any indication$ of fraud or non-coinpliance with laws and regi118tOn5 throughout the audit. The etjgageinent pailneT ensured tliat the engageinent t¢ait) collectively had the appiDpriate coinpet¢nce, capabilities and skills to identify sueh items. Thei'e aT¢ inherent liinitations in oiir audit procedures described abov¢. The more reinoved that laws and Tegulations al'e froin financial ITansa¢tions, Ilie le55 likely it is that we would become aware of noll-¢oiMpliance. AudKting standards also liinit the audit pi'ocedures i'equired to identify non-coinpliance with laws and regulations to enquiiy of the ¢ruslees and Other manageinent and the inspection of regulatory and legal Correspondence. if any. Material Ini5StaieiMents that arise due to fralld ¢an be harder to detect than thos¢ that arise froin eri'or as they Inay involve deliberate concealinent or collusion. A fuiiher description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities, This description forins pai* of our auditOT'5 1"epoi1. Use of report This report 15 made solely lo the 3s50ciation trustee5, as a body. in accoi'dance with Pait 4 of the Charities (Accounts and Reports) Re&iulations 2008 ai)d 5eLtioii 137 of the Housing and Regeneration Act 2008. Oui. audit work has been ulldertaken so that we mi&>h¢ slate to ihe trustees Iliose matters we are I'eqiiired to state to them in an auditQl'5' report and for no oth¢T purpose. To the fullest extent permitted by law. we do not accepi or assume responsibility to anyone other than the asso¢iation and its trust¢¢s a5 a body, for OUT audit work, for this Itpon, or foT the opinions we have lorined. Watsoii Buckle Liit)ited Statutory Aiiditor & chartered Accoiintants Bi'adfoi'd Date.. Page 7
Butterfield Homes, Wilsden Statement of Compr¢hensive Incom¢ for the Year Ended 31 Mareh 2024 (Including Ineome and xpenditurc Account) 2024 2023 Note Turnover 29,493 30,281 AdiMini5trptive expenditure Operating surplutr41(dcficit) Income froin fixed asset inveslinents Interest receivable and 5itnilar income Moveillents in lair value of financial instruments (20.252 24,547) 9,241 2,822 780 5.734 2,461 175 (1,709) 6,661 1,556 Surplus for the year 14,399 Totwl cornprehenslve income for the year 14,399 6,661 All of the registered social housing providels activities derive froin coniinuing opei?tIOn5 during the above Iwo periods. The financial stateinents wei'e approved by the board and authorised for issue on by.. .4and signed on th¢iY behalf Trustee The notes on pageb 12 10 17 foi'iii an integi'al part of these fiiiancial statements. Pag¢ 8
Butlcrfield Homes, Wilsden Balance Sheet as at 31 Mareh 2024 2024 2023 Nott Fixed assets Tangible assets Investments 194,646 72,303 202,704 68,155 266,949 270,859 Current assets Debtoi's Cash at bank and in hand 1,952 54,553 38.566 56,505 6,075) 39,676 Creditors., Amounts falling due within one year 15,672 Net current #ssets 50,430 34.004 Totxl assets less eurrent li8bSllties 317,379 304.863 Creditors". Amollllts fallillg due after more tli#n one year 10 (75,330) 242,049 77,213) Ntt assets 227,650 Re5¢rves ly¢ome aiid expenditure Te%erY¢ Ur¢strE¢ted revaluation resei've 221,873 20,176 209,030 18.620 Tolal reserves 242,049 227,650 The finan¢ial statements were approved by the board and authoi'ised for issue on by.. and 5igfted on their behalf Stee The notes on pagTes 12 to 17 form an integral part of these financial stateinents. Page 9
Butterfield Homes, Wilsd¢n StaÉement of Changes in Reserves as at 31 March 2024 Ineome and expenditure reserve Revaluolion reselve Total At l April 2023 Surplusl{deficit} for ihe year Ilevaluation of investhnents 209,030 12,843 18.620 227,650 12,843 1,556 14.399 1.556 1,556 20.176 Total eomprehertslve income At 31 March 2024 12,843 221.873 242,049 The notes on page5 12 to 17 foi'in an inlegral paiq of these financial statements. Page 10
Butterfield Homes, Wi18den Cash Flow Statement for the Year Ended 31 Mar¢h 2024 Reconciliation of net movement in fund5 to net cash flow from operMtlnE activities 2024 2023 Net incoine Investinent income Depirciation (Profit) Ilos% on revaluation of fixed asset investments {In¢rease)Idecrease in deblors DeclEe iii ClEditors 14,399 {3,602} 8,058 (1,556) {842) (1,4801 6,661 (2,636) 8,060 1,709 36 1,096 Net cash inflow 14,977 12,734 Cash now statement 2024 2023 Net cash inflow from opeixting activities Returns on investments and 5ervieing of finanee InteiESt ieceivable and siinilar incoine Other income from fixed asset invesiments 14,977 12,734 780 2,822 175 2,461 3,602 2,636 Capital expenditure fiii#nelal investment Purchase of tangible fixed assets Puirhase of investmenis (735) (2.254 2,592) (2.592) (2,989) Increast In cash in thc year 15,987 12,381 Reeoncillation of D¥t cash flow to movement iii net funds Increase in cash 15.987 12,381 Net fuiids at l Api'il 2023 Net funds at 31 Marcli 2024 38,566 26,185 54,553 38,566 All of the cash flows are derived from continuing operations during th¢ above two p¢i'iods. Tht notes 011 page5 12 to 17 forrn an integral part of these financial siateineiits. Page I
Butterfield Hrf)mes, Wilsden Notes to the Financial Statements for the Year Ended 31 March 2024 l Accounting policie5 General Informatio The charity is a registeied social housing provid¢r, registered in England and Wales Charity registration number.. 225965 Rek?ulaior of Social l.lousing registration number.. A3623 Alinshouse Association n)einbership number.. 1354 Tlie address ofthe registered officE 15.. 17 FariJdale Road Wilsd¢n Bradfoi'd BD150LW Ba515 of preparation and statement of eomplianee The financial staleineiits have been prepared in accoi'dance with applicable atcountinbj standards including Financial Reportiiig Siandard 102, tlie Stalement of Recoininend¢d Practice for Social Housing Providers 2018, and wiih the Accountit)g Direction for private registered providers of 50¢ial housing in Engjland 2019. The financial stateinents are also prepar¢d undei. Ihe r¢quireinen15 of th¢ l.lousing and Regeneration Act 2008. The financial 5taleilletits have been prepared ort a going coneern basi5 und¢r the historical eost convention, Inodified to include certain iteins at fair value. The registered social housing provider constittites a public benefit entity as defined by FRSIO2. The significant accounliiig policies appli¢d in the prepa12tion of tliese financial stateinents are set out below. These policies have been consisteiitly applied to all years presented unless otherwise ¥tated. The charity's nCtional and pi'esentation cyrr¢t)cy is poundg sterling. SignificRlJt judgements and estimate5 Preparation of tlie financial gtateinents requires manageinent to Inake significant judgements and estimat¢s. The iÈeins ill the financial statements where these judgeinents and estima(es have be¢n inade include: D¢preeiation Manageiii¢nt itview its estimates of the useful lives of the depreciable assets at each reporting date. How¢ver, by their ature cojnponent lif¢ cannot be detemiincd with absOlte certainty. Turnover Turnover iepresents weckly IaintenanCe cliarge receivable, including watei. Tates in the yeai. net of10sse5 from voids, and amoi'tisation of govci'ninei)t grants. Social Hnuslng Grant Social Housing Grani {SHG) is receivable fro7 the Homes and Coininunities Agency and is utilised to reduce the capital cosls of housing properties. The SHG is recognised in income on a systeinatic basis over ihe expected useful economic life of th¢ property. Page 12
Butlerfield Homes, Wilsden Notes to the Financial Statements for the Year Ended 31 March 2024 (continu¢d) Investment iDcome Incoine is eai'iied fix)m holding fixed assets for investment purposes and 15 i'ecognised when Teceivable and the hmount ¢an be Ineasured by the chai'ity. InreSt on funds held on deposit is iliclded when re1Vable and the amount Can be measuied by the charity. Ii'recnverable VAT Iri'ecoverable VAT is charged against tlie category of resour¢es expended for which it was incuriEd. Taxation The r¢gisieiEd social housing providei. is considered lo pass th¢ tests set out in ParagTaph I Schedule 6 of the Finance Act 2010 and thei'efoi'e it Inee15 the definition of a charitable ¢ornpany for UK corporation lax purpose5. Accordingly, the Charity is Poteiitially exeinpt froin taxation in respec¢ of iiicome or capiral gains Tcceived within calegoi'ies covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Sectioii 256 of the Taxation of Chargeable Gains Act 1992, to tlie extent that such iiicoine oi. gains are applied exclusively to chai'itable purposes. Tgngible fixed assets Tanglible fixed assets {including social housing properties) are Stated at cost or deeined cost less accuinulated depreciation and accuinulated iinpaErment losses. Cost includes costs dsrectly attributable to Imaking the asset capable of operating as iniended such as the cost of acquiring land and buildings, developinent5 Costs, interest charg¢s on loans during the d¢velopmenl p¢riod and expenditure on ii*proveinents. Expenditure on improveinents of Inor¢ than £500 will only be capitalised when it results in incTeiMental futtire benefits such increasing rental incoine, reducing Inaintenanc¢ ¢osts or resulting in a significant ext¢nsion of the useful economic life of the PToperty. Depreciation is provided on lanLJibl¢ fixed assets so a5 to write off th¢ ¢ost or valuation, le55 any estimated Irsidual value. over their ¢xpected useful e¢ottoinic life as follows= Asset class Depreciation method and rale Plant and equipinent IOO/o StraÈght line basis Propertie5 50 years Dooi's and windows 30 years Kitchens 20 years Bathroom 25 year5 Boiler5 15 years Electrical and heating installations 25 years Major coinponents of housing propertie8 have been ac¢ounted for and depreciated separately froill the connccted housijig property, ovei. theii. expected usefvl economic lives. The coslg of replacijig tlie5e components are capiEalis¢d iTk full. The costs of partially irplacing or repaii'ing these cojnponenis are chai'ged to the ¢oinpirh¢n5ive incoine. Investment5 Investinents are recogniscd instially at fatT value which is normally the ti'ansaction pi'ice excluding transaction costs. Subsequently. they are Ineasured at fail. value Ihrough the stateinenl of coinpielien5ive iiicoiiie if the sl)ai'es are publicly traded or their fair value can otherwise be measured reliably. Other investsneiits &Te measured ot cost less iinpainnent. riinan¢i21 InstrumeNt5 The regisiei'ed social housing piDvid¢i' only has financial liabilities of a kind that qualify as basie financial in5truinents. Basic financial instruments are initia51y i'ecognised at transaction value ai)d Subsequently illeasured at their settlement value. Page 13
Butterfield Homes, Wilsden Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Debloi's Debtors are recognised initI8lly when they becoine due at the transaction PTiee. They are subsequently ineasuiyd at ainortised c05t iising the offective interest rate method, le55 provision for impairinent. A provision foi. iiMp&ii'Jnent of debtOT5 is established wh¢n there is objective evidence that the charity will not be able to collect all aTnounis due accoi'ding to the original terins of the debtors. Cash and eash equivalents Cash and cash equivlilenls coinpi'sse cash on hand and call deposits, and other short-term highly liquid investsnents that al'¢ readily coiivertible to a known amoiiiit of cash and are subject to an insignificant I'isk of change in valiie. Creditor5 Creditols are obligations to pay far goods and services that have been acquired by the charity. Creditor5 are initially Tecogni5ed at the transaction pri¢¢ and siibsequently Ineasured at amortised cost using the effective in¢eiest Jnethod. 2 Social housing lurnovtr and costs 2024 2023 Turnover Rents receivable 27,610 28.398 Amortised social houssng grant Turnover from social housing Itttings 29,493 30,281 Admithi5tratlve expenditure Manageinent SeTvice charge costs Routine mainteiiance Depreciation of housing properties Grants to individuals {4,184) 11,608) (6.402) (8,058) (7,117) (2.117) (5,753) (8,060) (1.500 24,547 20,252 Operating surplu5 on $oelal housiiig leltitLg5 9,241 5,734 Void losses 789 3 Accommodation owned and In management Number of units at Number of units al April 2023 31 March 2024 Housing accoinmodation Page 14
Butterfield Homes, Wilsden Notes to the Financial Statements for the Year Ended 31 MarLh 2024 (e4)nÉinued) 4 Surplus on ordin#ry activitles is stated after chai'gingllcreditlngl: 2024 2023 Audit fees Audit of the financial stateinent5 DepreciatEon of freehold pi'opei'ty Depreciatioii of fixtures und fiiting>s Ainortisation of governjnent gJants 775 6.744 1.314 (1.883) 655 6,744 1,316 1,883 S B04rd 2nd Icey managemeijt personnel remuneration and expense5 No board member or key inanagement personnel either received or waived any reinuneratioi) during the year. 6 Tangible fixed Assets Land and buildings Vixtures & riltings Total Cost At l April 2023 250,899 52,124 303,023 At 31 Mah 2024 250,899 52,124 303,023 Depreeialio At l April 2023 Charge for the year At 31 Mai'ch 2024 53,148 6.744 47,171 1,314 100.319 8,058 59.892 48,485 108,377 Net book vAlue Al 31 March 2024 191,007 3,639 194.646 At 31 March 2023 197,751 4,953 202,704 7 Vixtd Asset investments 2023 2023 Listed investments 72,303 68,155 Page 15
Butlerfield Homes, Wilsden Not¢s to the Financial Statements for the Year Ended 31 Mareh 2024 (continued) Listed iMv¥tments Listed investment5 Tot81 Valuation Ai l April 2023 Revaluation Addilions 68.155 1,556 2,592 68,155 ,556 2,592 At 31 March 2024 72,303 72,303 Carrying amount At 31 March 2024 72,303 72,303 At 31 March 2023 68,155 08.155 'Ihe fail. Yaliie of listed investments 15 determined by refeiEn¢e to th¢ quoted price for identical 3s5¢t5 in an active market at the balance Sheet date. Histori¢al costs of investments are £52,127 {2023 £49,535). 8 Debtors 2024 2023 Prepayinents Oiher debtOlS 1,163 789 1,952 9 Creditors: amouiits falling due within orte year 2024 2023 Grants Other treditOTS AccTllals 1,883 1,972 2,220 1,883 2,073 ,716 6.075 5,672 10 Creditor5: amounts falllng due after one year 2024 2023 Grant 75,330 77,213 The grants are repayable if the propeities air sold. Social Housing Grant totalling £94,160 has been received. This will be repaid if the pi'opeilies are sold. The Social Housing Grant is being recognised in incoine on a sysleinalic basis ovei. the expected useful life of the structure 150 years). Page 16
Butterfield Homes, Wilsden Notes to the Finaneial Statemvnts for the Year Ended 31 March 2024 (continued) I l Reserves al Income and expenditure reserve The in¢oine and expei)dilui'e reserve represents the cuinulative surplus and deficits nei of othei. adjustments. b) Revaluation reserve The I'evaliiation resei've represents the cuinulate effect of revaluations of th¢ fjxed assets inveshments. 12 Related party transactions Bulterfield Home8, Crosshills (Coillihoii tnjstces) At the balante sheet date the amount due to Butterfield Homes, CT055hills wag £1,695 {2023 £1,762). Bufterfitld Homes, Cottingley (Cornmoii trustees) At the balance sheet date the amount due to Butterfield Hoines, Cottingley was £27712023 - £311). The above amounts are inter¢st free. P¢ig¢ 17