Charity iegistration iiuniber.. 226852 Regulaitsr of So¢ial Hou5inu I'e(Tistraiion nuniber.. A3825 Aln151iouse Association nienibei%liip number: 1353 Butterfield Homes, Cottingley Annual Repo¥t and Filt]cIal Stateinents for tlie Year Ended 31 Marcli 2023
Butterfield Homes, Cottingley Coiltents (continued) Board Report 1103 Independ¢nL Auditors, Repoit 4106 Siatement of Compreliensivc Incoine Balance Slieet Sialetiieni of Clianges in Reserves Cash Flow Stateincnt 10 Notes to the Fiiiancial Slaienieiits
Butterfi¢ld Homes, Cottingley Board Report Tlie trustees present the annual iepoit together with tlie financial slatemenis of ¢lie association foi. tlie year ended 31 Maycli ?023. Structuyey govti'iiAiice aiid nianageniertt The cliarity 15 regulaitd by a Declar8tion of Trust dal¢d 7 October 1935 2nd a S¢lieiiie dated I l May 1990. 'rhe ti'iistees held foul. niceting5 diii'iiig the year and i'einain the owners of six dwellitLgFS at Cotlingley Mooi. Road, Cottirtgley. Bingley BD16 1 SD. Mark Silvei. was again re-ele¢ied foi. the yeai. as Cliair in f¢biwaiy 2022. Aiiiy Bootli id Siiiion Walis resigiied as truslees duriiig tlie year but Reveret)d Mik¢ 0¢11 was appointed reducing the iiuniber of trustees to 6. All iieiv tiusiees air giyeii ali iiitroduction to Ilie ivoi'k of the iyust by existiiig (I'uslees and are also provided iviili Cliai'ity Corntni5sion publica¢ioii CC3 '1'he Essential Ti'ystee.. what you need to know, and the Cliariiy Guvei'nance Code. A new cleil(, Sandra Haigli, was appointed iii June 2022 but re5igiied at the end of June 2023. Another clei'k is currently being souglii. The trustees continued with their progranirne of improvement and modeinisation of t]ie AllShou$eS by iipgrading units wlieth Appropi'iate. There were iio niajor repairs lo the pi'opei'iies dui'iiig tlie year. Trustee5 %Llld officer$ Tl)e Irustees and officei'5 seiwing during ilie year aiid since tlie year eiid weiE as follows.. Trustees.. Mr Mark Silver (ChaiTI Mrs Aiiiy Booth (i'esigned O Septeinber 20221 Mi. Albei't Pratt Mr Sinion Watt5 (resigned 6 January 20231 Mr Alisiair D(Kheity Mr Peiei. Farp Mrs Helet) Philips Reverend Michael Green {appoinied 9 Februaly 2023) ObJeetive$ Aiid Activities Tlie tswsteeg reniaii) committed lo tlieir aim of providing a Iiigti standard of aceoiminodaiion and comfort at ali affoi'dable ¢klY ¢onti'ibiilion (£91 per week from Api'il 2019) and to compete witli othci. social Iiousithu provideis in suI)plyiiig comparable It)odern facilities for their resideiits at a loivei. weekly cosi. Decisions al'e niade by il)e Iruslees on a majority basi5 Wlth the Chaii. Iiaving a casting vote in Ihe evetjt of a tied vote. Foi. there lo be a quoi'uin tlie iiuimbei. of Éi'ustees present should be four aiid #ll Iiieetings til the year were quoi?te. Tl)e ti'ustees conLiiiue lo liaise witli Ilie Local Autlioyity seivice d¢parlniciil8, tlie Alnisliouse Association. tlie Honie aiid Conii?iiintlCs Agency and Ilie VOA wlio liave Yeplaced tlie Rent Service for tlie piijpose of assessing ilie weekly Inaiiiieiiaiice eonlribution. Tlie VOA reas5e5sed the WMC. at £108 per week in Febivo¥y 1019. Tlie ti'ustees are keenly aware of tlie iieed to csisui'e a warin, 8afe. and coimfottsble eiivirojiinenl foi. Ilie residetsts utider Ilie Deceiil Hoines Standards aiid will coiiiiiiue to Inake iinpiDvemeJils wlJicS1 enliaiice eiiergy saviii(t aiid lielp to reduce resideiits, heating ¢ost5. Page I
Buttei'field Homes, Cottingley Board Report (continued) Public benefit The Ti'ustees pay due regard 10 tlic chaiiiy Commission guidaiice oil Public Benefit and belteve that tlie provision to social liousing wtthiii the local conimviiity coiifom15 Wlth tlieir guidance. VAlue for money The li'llstees are niiiidful of tlie t)eed to obtain value for iiioney itt all Iransa¢iions enteied iiiio on belialf of th¢ charity- Wlien major works ait uiideitakeii a competttive render is carried out. Tlie fi'ustee5 regularly ieview the investiiieiits to ensure tliey Still acliieve a good i?te of returii. Fiiiancisl i'evlew Tlie trustees al'e pleased to report a surplus for tlie year of £7,555 {2022 £20,995). Tlie surplu5 has been i'educed on aceounl of additioiial adJ]iiJiistrd¢ive expenses, mainly ¢lerks fees. property repairs and a f811 in the valve of tlie Policy oil reserves The Tiwsttes have reviewed the Cliai'ity's needs foi. the reseives in line with tlie guidance issued by the Cliarity Cominissioii aiid ¢onsidei' it prudent that Irsei'v¢5 sliould be sulyicient 10 avoid ihe iie¢essity io realised fjxed assets. The Trustees ale ¢oMfident that future income will enable the Chai'ity to Ine¢l its fore5ceable Jieeds ot) the basis of planiied expeiidiluir. Thc level of i'eserves at 31 March 2023 was £224,398 {2022 - £216,84J). After taking into ¢onsideJ7tion the aimount tied up in fixed assets and thc associated gi'ant which is beijig aii)oitised over the life of Ilie assets the amount available iti fre¢ reserves at tjie year end was £l13.795. Tlie internal coiitrols of the cliarity are IEview¢d and t)ionilOI'ed anÈiually. A new Inajor risk lias beeji tncountered by the cliai'ity in tlie foi'ni of th¢ CO111aviruS paiidenii¢. To date tl)is has liad 110 Ihalerial cffect oli ilie incoiiie of Ilie clia¥ily as all tlie propeities reniain occupied dod the rents Ive been ¢olle¢¢e(I by standing ordei.. Tlie invcstinent in1¢ has not been materifilly reduced on a¢¢oui)t of tlie paiideinic atjd ali additional £40,000 lias been ti'ansferiEd iiiio tlie investincnt portfolio out of t]ie cuirenl account. It has been diffi¢ult for mucli of Ilie yeay to oi'Baiii5e irpair work ai the piDperties. Page 2
Butterfield Homes, Cottingley Board Report (continued) StAtemeDt of Boards Responslbilities Tlie Board is responsible for preparing tlie R¢port and t]ie financial sthienieijis accoi'dan¢e i¥iih tlie applicable law and regulations. The iegistered social liousiiig lcgislation require tlie Board to prepaye financial staleinciits for eacli financial year wliicli give a ti'ue aiid fair view of (lie state of affaiT% of tlie association aiid of its inconie and expendituiE for tliat pei'iod. Iii prepai'inu tliese financial stateniciits. tlie Boayd is required to-. select suitable accouiiting policies aiid IlJ¢ii apply ihem coJisisteiitly n)ake jiidgeiiients and estiimates that are reasonable and prudenL stale wheiliei. appli¢8ble accounting standards liave been followed, subject to any Iiiaterial departures disclosed and explained in tlie financial sfateiment%- and prepare the financial staleii)eJils on th¢ goiiig ¢oiicein b1$ unless it is inappropriate to presunit tliat tlie association will ¢otilillue in business. Tlie Eloard is respon%ible foy keeping propey a¢¢ouiiting recoi'ds that disclose willi IEasonable accuiacy at any lime Il)e financial positloll of Ilie association and enable Ihein ensuie tliat tlie fillancial statenienls ¢oiiiply with tl)e Housing and Regeneratioii Act 2008 ai)d ilie A¢couiitit)8 Directioii for PTivale regislered provider5 of social lioiisiiig ii) Ciigland 2022. It has general IEsponsibility for taking reasonable steps to 5afegu#i'd the assets of the association aiid to prevent and de¢t fi'aud 2nd otlier irregularities. The irnstees aiE responsible hr ihe maintenance and integi'ity of the ¢orporaie aiid fjnancial inforit)ation itk¢luded on tlie charitable compan) s website. Legislalion goveYnin8 the pirparation and dis$emiJiation of finaiicial statements may ditTer fi'om legislaiioii in otlier juj'isdiclioi)s. Appix>ved by the Board on 8 January 2Q24 and signed on its b¢Jiaifby'. Mi. Alisia Trustee ocherty Page 3
Butterfield Homes, Cottingley Independent Auditor's Report to the Members of Butterfield Homes, Ctsttingley Opinlon We have audited the financial statements of Butteifield l-lomes, Cottingley Itlie 'associaiion'} for ilie yeai. ended 31 March 2023, which coniprise tlie Slateii)ciit of CoiMprelien8ive Income, Balante Sheet, and Notes to the Financial Siatenients, ii)cluding a sumiiia¥y of Significant ac¢ou11ting policies. The finai)¢ial I'cporling frainewoik that lias been applied Eli their preparation is applicabl¢ law and United Kingdoni Accounting Standards, in¢ludiiig Fiiiancial Reporting Staiidai'd 102 Tlie Fiii&iJcial Reportijig Standard applicable iii Ilie UK and Republic of Ireland (Uiiited Kijigdom Generally Accepted Accounting Practice). In our opit]ioJi the financial statemet]ts'. give a true aiid fail vitw of tlie state of Ilie association's affairs as at 31 March 2023 and of its incoming resourccs and application of I'esou¥¢e5, iiicluding ils inconie and expejidilure, for the yeat tli¢ ended,. have been properly preprd in Accordance with Uniied Kingdom Generally Accepted Accounting Practice. aiid have been pi'epared in accordance witli the iequii'eineiits of Ihe Cliai"ities Act 2011, tlie Housing alld Regeneration Act 2008 and the Accounting Dii'¢ciioii foi. pi'ivate rc8isic¥ed provid¢i's of social liousing in England 2019. Basi$ for OPTnioii We conducted our audit iii accordance ivitli Iiitei'iiatto&ial Siandgrds on Aud2tin£ IUKI (TSAS IUKII and applicable law. Our iesi)onsibilities under those *iaiidards are fui'ihei. des¢i'ibed in the audiloi. iespoiisibilities for ilie audit of tlie financial statements se¢tiLin of oiii. Irw>rt. We are iiidependetit of Ilje association ii) accordance with the ethical reqiiireinents that are ielevant to our audit of the financial statenicnts in the IIK. including the FRC'S Eiliical Standard, and we fulfilled oui. otlier ethical reswnsibilities in aecoi'dance with these requirements. We believe that ihe audit evidence we Iiave obtaiiied is sU1¢1¢1)l aiid appropriate to provide a basis for our qualified opinion. CoRclllsion$ r¢l4tiiig to going concern In auditing tlie fiIiaiicaI sialenieijts, we have coneluded tlydc tlie ti'ustees use of the goiiig conceiii basis of accounting in tlie prepaiatioii of tlie fjnancial staieiiieiils is appiupriaie. Based on tlie ivoi'k we have performed, we havc not identified aiiy 11)ateTial unceitainties relalijig to events or conditions (hau Iiidividually ur collectively, may cast significant doubt on the as50cÈatioJi's ability to contiiiiie as a going ¢onr¢rn for a pei'iod of &t least Iwelve montlis froni ivheii the oi'iginal financial staieiiieiits were euthorised for issje. Our responsibilities and the resw)nsibilities of the trustees witl) respect to going concern are described ill the relevant seciions of ihi5 repoit. Otlier infoi'mAtion Tlie Imstee5 air resyonsible for tlie otlicr infoi'iiialioji, Tlie oil)ei' infoTinatioJi cojiiprises tlie iiiformatioii included ii) the anniial report, other ilian the financial stateiM¢nt5 and oiir auditoj s i'¢poit iljei'eon. OUJ. opiiiion on the financial statemeiits does not covet tlie otlier infoilnation and. except to the extejit otlierwise explicitly siaied iii oui. repojt, we do nol expi'ess aiiy foi'm ofas5urancc coticluqioii tliereon. It) ¢oiiiieclioii willi oiir aiidil of Ilie fiiiaiicial statements, our Irsponsibility is to Yead the otlier infoiniatioii and. in doing so. considei. wliethei. Ilie otlier iiifoi'iiialion is iiialei'ially iiiconsislent wi¢li tlie financial staieiiienis oi. oui. knowledge obtained irt tlie lludit oi. otlieiwise ai)p¢ars to be iiiatei'ially Ils$tated. If w¢ idenÉtfy sll¢li Inatei'ial incoJisisteti¢ies oj. appaiEJit i)iateri&l Inisslatenienis. we are requiird to deterintiie wh¢iher there is a iiiateri21 mis51aieiiient iii Ilie fitiaii¢ial stateineiits OT a iiiaterial misslatenienl of the other inforiiiaiioi). If, based oil tlic work we liave pei'foi'iiied, we ¢oiicliid¢ We liave noiliiiig to Irport iii tliis regai'd. Page 4
Butterfield Homes, Cottingley Independent Auditor's Report to the Membtrs of Butterfield Homes, Cottillgley (tontinued) matte on which iwe ait requii'ed tu repoi't by exe¢ptÉoii We have notliing to Irport in respect ofthe following matters in relatioii to ivhi¢h the CliJr&ties {Accounts aiid Reports) Regulations 20Q8 Yequire us to report (o you if, in ou¢. opinion.. tlie ii)foi'inalioii given iii tlie financial slaiements is incoiisisteiit in any m8teYial respeci witli tlie board report. Oi. sufficieni ac¢ounting IE¢ords liave not been kept: or tl)e fijiancial statements ai'e not iii agreenient witli rlie occi)unting records.. oi. we liave not received all the inforination alld explanatioiis we iyouii'e for our audit, In addilioIi, we liave ni)(Iiing to rep)rl in Irspect of tlie folloivEng maitei. ibthere the Housing and Regeneration Act 2008 requires U5 to report to you if, in tsuy opiiiion.. A satisfactory systeni of eonlrol ov¢i' trallsa¢tions has not been Inaintained. Rtsponsibililies of ti'ustee5 As explained Iore (ully in the Staleinent olRestK)nsibilities (set out oti page 31, tlie ti'uste¢5 rneinb¢rs (wlio are also tlie tiwstees of the association foi. the purpoges of chai'ity lawl are iespojisible for the prcpaiatioii of tlie financial stateii)ciils aiid for beijig satisfied tliat tliey give a ¢i'ue and fail. vieiv, and for such internal Control as Ilie ti'ustccs deteTmine is necessary to eiiablc tlie preparation of finan¢ial $iatemeiits Iliat are Iree fitsin iknaterial Inisstateni¢nt, Ivlietlier due to fiaiid oi. ei-ror. In pieparing tlie finaiicial stateiiiet)ts, tlie tiwstees are responsible for as5es5iiig the association's 26ility to conÉinue as a goiiig ¢oneern, disclosijjg, as applic&ble, matters ielated to goiiig coiicern and usiiig tlic going concern basis of accounting uiiless tlit tiwstees eitlier intend ¢0 liquidaie the a8%0ciation or to cease operations, or liave Jio reali5(ic altcinative but to do so. Auditoi. Responsibiltties for the audit of the fin%nci&l stAtements Our objectives al'e to obiain r¢asoiiable assurance about whether ¢lie finan¢ial $lalements as 2 whole ale free from Inalerial iiiisstateinent, wlietlier due to fraud or error, and to issiie an aiiditor's report tl)at iiicludes our opinion. Rea%ona61e assuyaiice is a liigl) level of assuiaiice, but is not a guai'3ntee tliat an audit conducted in accoi'daiice witli ISAS {UK} will always detect a Inatci'ial mis5taienienl wlien li exists. Misstatejiients can arise froii) fi'dud or ei'roj. and ail considered iknatei'ial if. individually or iji Ilie aggjregjate, Iliey could ieasonably be expected lo iiifluenc¢ tlie e¢onoJiiic decisions of users taken un tlie basis of Ihese fitiaiicial stateinenls. Ii'i'egLElarities. including fraud, al'e instaDce5 of iiot)4omplian¢e wth laivs 211d rcgulatiotis. We desigii piD¢eduYes in liiie with our responsibilities, outlined above, to dctecl material rnissratemenis in respect of ii'j'egiilarilies, in¢liiding fralld. The exleiit to which our procedures aye Capable of detecting irregulai'ities, includiiig fraLid is detailed below.. In plaiiiiing aNd designiiig oui. alldit tests, we idciitify and assess tl)e risks of Inatei'ial niisstatement wiiliin Ilie fitiancial slatemeiits. wl)etlier due to fraud or eiyor. Our assessnient of these risks iiicludes considci'ation of tlie iiatuye of ilie industiy and sectoi., tlic cont¥ol enviiDninent and tlic bLi8iness pei'forinance along with tli¢ resLilts of our enquiries of manageinent, about theii. own identification and assessinent of tlie i'isks of ii'regularities. We aiE also requiird to perfoi-m specifi¢ piDceduies to respond to Ihe I'isk of iiiwiagemeiil override. Following Iliis assessiiieiil we ¢oiisidered tlie oppoituiiitics and iiiceiitives Iliat may exist witliin tlie entity for fraud and identified Ilie greatest potential for fraud In evaluatiiig tlic tangiblc asscts. We also obtained ah undei'standing of the legal and IEgulatory franieworks that tlie eniiiy operates in, through discussi0115 Wltli trusiees aiid otlier nianageiTrieiit. aii(l (rot)i oui. ¢oiiiiiiercial ktiowledge and experieii¢e of tlie sector tii wliicli the eiitily opetaies, to eiiable us to ideiilify tlie key law5 and r¢gulatlOllS applicable to tlie eiitity. We focused on specific laws aiid regulations wlii¢li we tonsideird iiiay liave a direct iiiaterial effect oli tl)e financial stateiiieiits or the operations of tlie cntity, iiicliiding tlie Housing and Regeneiation Act 2008. taxation legislation, data protection, anti-bribery, enviroiiin¢nlal and hcaltli aiid safety legislation. Page 5
Butterfield Homes, Cottingley Independent Auditor's Report to tlie Members of Butterfield Homes, Cottingley (eontinued) We tlien perforined audit proccdures after ¢orisid¢ratioii of tlie above Jisks wliicli included tlie followiiig-. evaluating tlie existence and valuation of tlie fixed assets. aiid evaluating ihe appropriateness and coiisistency of the depreciation policies applied- cnquiring of management concei'ning acliial aiid potential litigation and claiins; perforiiiing atJalyti¢al procedures to identify any unusu81 or iinexpected IElationships tliat niay ind¥cate risk5 of reviewing coriEspoiiden¢e ivitli the Charity's Icgal advisors., reading iiJinut¢s of11)eetings of tliose ehai'ged witli governaiice: and in addrcssiiig tlie I'isk of fi?ud IliiDiigh nianageiiieiit oveiyide of coiitrols, 1¢stiii8 tlie appropridleness of jourNal entries and otlier adjustnieiits. assessiiig wliether the judgemei115 rnade in iiiaking accounliiig estiii)ales are indicative ora potetitial bias. at)d evaluatiiig tlie busitiess i?tioiiale of any significant iiansactions that are unusual or outside tlie iiormal Coui'se olbusijiess. All cngagement teaikn Jnembei's weiE infi)tThed of ilie relevant laws atid iegulations and potential fraud risks at th¢ planning siage and r¢miiided to rcn)aii) alert 10 aiiy indicat1O115 of fraud or non-compliance with laws and regulations IlirougIioui tlie aud&l. The engagetiient paytner eiTrsuTed tliat th¢ eiigageiiient tean) collectively liad tlie appI1)rI#1e ¢ompetence. capabilities and skills to identify sucli itaiis. There are iiilierent lirnitatioiis fli our audit pltedleS desci'ibed above. Tlie moi'¢ reii)oved that laws aijd re8ulalions are froni financial transactiotis, the less likely it is that we would becomt aware of non-coinpliaiice. Audiling standards also Itjiiii Ihe au(lit procedures requiyed to identify non-compliaiice willi lai¥s and regulations to cnquiry of the Iiyslees and othei. niaiiageniet)t and the inspe¢iion of Tegulalory and legal ¢orrespottdence, if aiiy. Matei'ial misstatenients tliat ai'ise diie to Fraud Can be hardei. lo delecl t[n tliose ihai arise froin ei'ror as they Inay involve deliberate coiicealinent oy ¢ollusion. A fuitl)er descriprion of our respoiisibilities is available oil the Fiiiancial Repoiliiig CouncTI's website at.. Trv.fI.0yg.klaudit0rslCsponSibIlitIcs. Tliis desci'iptioii forins part of oui. auditor's report. Use of repovt This rew)Il is Inade solely lo tlie associalioii Iruslees in accordance witli Pait 4 of Ilie Cliarities (Accounts aiid Rep(Ji'isl Regulations 2008 and seciion 137 of tlie Hoiising and Re8eneiation Aci 2008. Oiir aildit work has been underiaken so thai we nii8lit statc to ihe triisiees th05¢ Inatters we air J'cquired to 51ate to theni iii ali auditors. i'eport aiid for nu otlier PUIP05e. To the fullesi exieni permitted by law, we da not a¢¢ei)t or assutne IE5poiisibility to any()oe other Ihaii the association and its trustees as a body, for our audit work, for tli?s report. oi. for the oiiinions we have foinied. .W.LWD..ri..... GLLcLLLo LLrnLtod Waisoii Buckle Limited Siatutoiy Auditoi. Bi'adford 8 Jaiiuaiy 2024 Page 6
Buttei'field Homes, Cottingley Statement of Comprehensive Income for the Year Eilded 31 March 2023 (Including Income and Expenditure Account) 2023 2022 Note Turnover 30,846 30,911 Administrative expenditure 24,302 {14,0671 Operating sui'plus1{defLChtl In¢oiiie frotii fixed asset invesinients Inieresi receivable and sijnilai. iiicome Mov¢ineiit5 in fair valiie of financial instruments 6.544 2,731 180 11.900 16,844 1.084 3,058 Surplus foi. the yeai. Total compi*hensive incoine for the year 7.555 20,995 7.5S5 20,995 All of the regi5teTed 50¢i0l housing providerfs activities derive from Cotitinuing operations during tlie above two periods. Tlie finaii¢ial statements weir approved by the board and allthorised for issue on 8 January 2024 and signed on tlieii. behalf by.. Trusiee Trustee The notes on pag¢s I I to 16 foyin ali it)te¥ral pan of tliese ftnaticial slatenients. Pag¢ 7
Butterfield Homes, Cottillgley Balance Sheet as at 31 March 2023 2023 2022 Note Fixed A88ets Taiigible assets Investnieiits 213,663 75.494 220,510 74,958 289,157 295,468 Current Assets Debtors Cash at bank aiid in hand 1,498 38,519 2,120 26.2Q9 40,017 28,329 CTeditors: Amounts fklling due ivithin one year Net eui'vent Asset5 14.170) 13,8941 35,847 24,435 Total #s$¢ts less current liabilities 325,004 319,903 Cieditors." Anioun(s filling due aftei. nioi* thali one yeai. Net Assets 10 1100,6061 1103,060) 224,398 216.843 Funds of the issociation: Reserves Inconie and expenditure reserve Unrestricted revaluation reserve 216.528 7,870 207,073 9,770 Total i'eserve$ 224,398 216,843 Tlie financial 5tatemeiits wei'e apptoved by tlie board and 8uiljoi.ised for issue on 8 Januaiy 2024 aiid signed oil tlieir behalf by.. Trustee Twstee Tlie iiote$ on pages I I to 16 foi'in an integral pait of these financial slatejnenls. Page 8
Buttei'field Homes, Cottingley Statement of Changes in ReseeS as at 31 March 2023 Income and ¢xpenditllie re5oi.ve RevAluAtion resei've At l April 2022 Surplus/{defieit) for tlie year RevalLiation of investnieEJts 207,073 9.455 9,770 216,843 9,455 11,900) 7,555 11.900} 11.900) 7,870 Total eomprchen5ive incom¢ At 31 MRrch 2023 9,455 216,528 224,398 The notes on pages I I to 16 forn) an inte&>ral part of Iliese fit)ancial sta(einents. Page 9
Butterfield Homes, Cottingley Cash Flow Statement for the Year Ended 31 March 2023 Reconciliation of net mov¢m¢nt in funds to net easb flow froin operAting 9Cttvitles 2023 2022 Net iiicome Investment income Depreciation {Profitl Iloss on revaluation of fixed as5Ct investinents Decrease in debtOlS De¢Tease in creditois 7,555 20,995 (1,0931 7,777 (3,058) 27 (2,2741 7,777 1,900 622 12,1781 12,765 Net cash inflow 22.374 Cgsb IIOW 5tatetRent 2023 21122 Net cash inflow fron) opcratillg activitEes Return$ utb invtstmenls and servieing of finance Interest rc¢eivable and similar irtcoine Ot]ier income froni fixed asset itiv¢stments 12,765 22,374 180 2,731 1,084 2,911 1.093 CAI)ital expeiiditure arid finaiJeiAI investment Purcliase of tangible fixed asseis Purcliase of itJv¢stin¢nts {930) 2.436) {40,8061 13.i66} (40,806 liicre&sel{deciea$e) ID ea$li in the yeHY 12.310 117,339 Reconoiliaiion of net ea$h tlow to moveintnt in net fuiids Increasel{decreasel iti cash 117.339) Net fi]nds at l April 2022 Net fuiids at 31 Marcli 2023 26,209 43,5411 38,519 26,209 All of tlie casli flows are derived fibm coiitinving opei'atioiis during the above li¥0 periods. The iiotes on pages I I to 16 foriii an intcgial pai1 of tliese financiAI slaleinents. Pag¢ 10
Butterfield Homes, Cottingley Notes to the Financial Statemellts for the Year Ended 31 March 2023 l Accountillg polleles Genernl informatlon I'he cliarity is a regsstered social housing provider, registered in England ANd Wales Cliarity regisiration nuinber.. 226852 Regulatoi. of Social HousiiJg registration nujnbei.: A3825 Alnishouse Association nieinbersliip numbev.. 1353 The addvess of tlie registered office is= 17 T ariidale Road Wilsdeii Bradford BD15 OLW BAsis of preparatlon #nd statenitnt of tornpliAnce Tlie financial staie11ients liave beeti prepared in aceordaiice Hrytli applicable accounting standards including Fiiian¢ial Reporting Stahdai-d 102, tlie st*elent of Reconitneiided PTa¢iice foi- Social Housiiiui Pi'ovideys 2018. and willi the Ac¢oiinting Directjoll for private Irgistered pi'oviders of soeial housingy in England 2019. The finan¢ial st2teinettts are also piepar¢d ut)der the requireiijetjts of Ilie Housiiig dnd Regeneration Act 2008. The financial stateniciits liavc beeii prepaiEd on a (roiiig concern basis under tlie histoi'ical cost coiiventiOlI. modified to include certaitt iteit)s at fail. value. The iegsstered social liousing provider constitutes a public benefit entity as defined by FRSIO2. The signifE¢arJt a¢covIitiiig polteies applied in Ilie preparation of these finan¢ial stateni¢nts are set out below. These policies liave beeii c011515tently applied lo all years presented uiilcs5 OtlieiTrvi5e Itated. The charity's funclianal and preseiitation cuiyency is wunds steyling. Slgnifi¢ant judgeinents estiillates Pieparation of Ilie fiiiancial staleinents requires Iiiaiiagenient io ni8ke siunificant juduements and estim8¢es. Tlie items in t13e fiiian¢ial slai¢iiicnts wlieie tliese judgeinents and estimaies liave been Inade include.. Depreciation Maiiageni¢nt review its estimates of the useful lives of the depi'eciable assets at eacli I'cporting dale. However, by tlieii. Iiature wtiiponent life caniiot be detei'iniiied witli absolute cerlatnty. Turnover Turnover I'epTesents weekly ni8inteii8nce charge receivable, including Wdtei. rates in tl)e yeai. nel of losses froim voids, and ainortisation of goveriiment grants. SotiAI Housing Gi'xiit Social Housing Graiit ISHGI is receivable fiDin Ilie Hoiiies and Comillullllies Ageiiey ld is utilised lo reduce the capital cost5 of liousing piopeiiies. The SHG is Ircogiiised in iiicoi))e oil a %ysteittatic basis ovei. the expected useful ecotiojnic life of tlie propertie5. Pagell
Butterfield Homes, Cottingley Notes to the Financial Statements for the Year Ended 31 March 2023 (coi)tinued) Investnient income liicojiie is earlled fix>iii liolding fixed assets foi. investment purposes gnd is Ircognised when receivable and tlie aMOUlIt Interest on funds lield on dep(Jsit is included ivhen Irceivable aiid the amouttt cali be measui'ed by Ilie cliai'ity. li'recoverable VAT Irrecoverable VAT is charged against the tegOrY uf resources expejided for ivhi¢h it was ineurred. Tayation rhe registered social Iiousing providci. is considei'ed lo pass ihe tests set oiit in Pai'agyapli I Scliedule 6 of tlie fiiiance Aci 2010 and Ilierefore it meets tlie definition of a chai'itable compny for UK cnrpoiatioii lax puiyoses. Accordingly. Ihe Cl)arity is poteiitially exenipÉ froni taxation in iespe¢i ofiiitviiie or capital gains received within categories covered by c.hapter 3 Part I l of Ilie Coi'poratton Tax Act 2010 or Sectioii 256 of tlie Tayalion of Cliai'geable Gaills Act 1992, to the cxtent tliat sucli income or gai115 are applied exclusively to cliai'itable purpose5. TAiigible fixed gssets Tangible fixed 8.8sets (including social liousing properties) ai'¢ slated at Cost ¢Ji' deemed cosi less accuniulated depirciation and accuillulated iinpaiimeni losses. Cosi includc5 Costs dii'ectly atti'ibutable lo Inaking tlie a5sel capable of upei7ting as intended such as ilie cost of acquii'ing laiid atid buildings, developnients C05t5, inleiEst chai'ges on I02ns during tlie developnienl period and expenditUlE Oti iiiiprovements. Expenditure on inipi'ovenients of nioi'e thali £50Q will only be eapiialised ivlieii it resiilts in inerenieti¢¥l fuiure benefits sucli as increasing rental income, reducitsg Inairtiertan¢e msts oi. resultiiig iii a significajii extejisioii ot Ihc useful ecoiiomic life of tli¢ property. Dcpreciation is i)rovid¢d on laTi8ible fixed assets so as lo write off tlie cost or valllatioii, less any estiniated residual value, over theii. expected Useful e¢onoini¢ life a5 follows.. Asset clAss Depreelxtion thethod And l'ate Plant aiid equipmeiit lo/0 Straight line basis Properties 50 yeai's Doors and windows 10 yeais Ki(eheiis 20 years B8tlii'(x)ni 25 years Boilers 15 years Electrical and heating iJiSlIatIOnS 25 years Major eon)ponenis of housing pJx)perties have been a¢¢ouiited for and depreciated sep8rgtely from the colliieeted l)ou%iiig pixJperty, ovei. tlieii. expected usefiil eeojiomic lives. Tl)e ¢OSls of replaciiig tliese coiiipoi)enls are eapitalised in full. Tlie cost5 of paTlially Irplacing or repairIng tliese ¢oiMponeiits air cliai'ged to ¢lie ¢on)preliensive ittcoiiie. lrtvestments Investiiients are recognised initially at fair value iyliicli is iiornially Ilie ti?IisactoI7 price excludinu tiai)saetion Costs. Subsequently, Iliey 2re Jiie&siired at fail. value tliroiigli Il)c slaleJi?eiil of ¢oiiipreliensive income if Ilie sliares are publi¢ly ti'aded or tlieii. fail. value can otlierwise be mcAsiiJrd reliably. Otlier inveslinents are Jneasui'ed al eost less impaiiYtLent. Basic linancial insirunients al'e iiitially L'ecogniscd at tixnsa¢tioii value at]d subsequently measur¢d ai tlieir 5ettl¢iiienl Page 12
Butterfield Hoines, Cottingley Notes to tlie Finailcial Statements for the Year Ended 31 March 2023 {con¢iJ)ued) Debtoi¥ Debiors ale recogiiised initially ivlien Iliey becoine due at Ilie tratisaction price. Tliey are subseqiiently IiieasLlI'ed ai ariiort15ed cost usit)g tlie effective interesl rate metliod, Icss pi'ovision foi. lipaI1'niel1l. A piY>¥ision for iiiipairrnent of debtor5 15 establislied when tlieir is objective evidence that the cliayity will not be able to colle¢t all ainounts due A¢¢ording to the origii)al ternis of the debtors. CRsli aMd cash equivilents Casli and ¢asli CqLiivalenis coinprisc casli on liand and call deposits, aiid oilier slioit-teriii higlily IiqLiid Investients that are readily convei1ible to a known ait)ourtt of casli aiid ale subje¢t lo an insignificaiit risk of ¢liange in value. Creditors Creditors arc obligations to pay foi. goods and servi¢es that have been acquired by the charity- Crcditois al'e initially recogiiised at tlie tiansaction price and subscquently measured at aimortised cost usiiig the effective interest method. 2 Socigl liollsing turnover Aiid costs 2023 2022 Tui'novei. Reiirs receivable Otl)er income 28,392 28,392 65 Amoilised social l)ousiiig gi'ant 2.454 2,454 Tui'novei. from soclal hou$St)g lettlng$ 30,846 30,911 Adminis¢rAtive expenditure Manageinertt SeivTce cliaiEe Costs Routine iiiaintenance Dep¥eciatioJi of liousing pi'opalies Gi'ants to individuals (7,083) 13,145) {7511 12,3941 17.777) (7.1291 (7.7771 (1.500) 24,3021 {14,0671 Operxilng surplms on social housiiig lettings 6,544 16,844 3 Aecominodation owned gild in mgnagement Number of units Nuinber of units at Api'il 2022 31 MAith 2023 Hou%ing accoiniiiodation Page 13
Butterfitld Home8, Cottingley Notes to the Financial Statements for the Year Ended 31 March 2023 (continued) 4 Suyplus on oYdinAfy Attivities is stated aftei. eliai'giNgl{ereditiiig): 2023 2022 Audi¢ fees Audit of¢he fjnancial statejneijts excluding VAT Deprcciatioii of fi'eeliold piY)peity DepiEciation of fixiures and fittings 6SS 7,138 639 525 7,138 639 2,454 2,454 5 Board and key man#geNient pei'soiinel i'emuneraltion and expenses No board or key n]aiiagement pe¥sonnel eiilier received or waived any retnuneration durin8 the year. 6 Tangible fixed assets Land artd buildings FixÉure5 & rittings Total C05t Ai l April 2022 Additions 273.656 930 49,317 322.973 930 A(31 Marcli 2023 274.586 49.317 323,903 Depi'eciation At l April 2022 Chai¥e for the year 55,282 7,138 47,181 639 102.463 7,777 At I l March 2023 62,420 47,820 110,240 Net book value At 31 Marcli 2023 212,166 ,497 213,663 At 31 Mar¢li 2022 218,374 2,136 220,510 7 Fixed asset inv¢stments 2020 2022 Listed investnients 75,494 74,958 Page 14
Buttej'field Homes, Cottlngley Notes to the Finaneial Statements for ¢he Year Ended 31 March 2023 (continued) Llsted investijients Li$ted inve5tinentS TotAI VAlu8tion At l April 2022 Revaluation Additions 74,958 11.900) 2,436 74,958 {1.900) 2,436 At 31 March 2023 75,494 75.494 Carrying amount At 31 Marcli 2023 75,494 75,494 At 31 March 2022 74,958 74,958 The fail. value of listed investments is determined by IEferen¢e to t1 quoted price foi. ideiitical assets iij an active market at the balance slieei dale. Hisioi'ical costs of iiivestments are £67,62412022- £65,188). 8 Debtoi's 2023 2022 Piepayimeiits Otliei. debtors 1,082 416 999 1,498 2,120 9 Creditors., amounts falling due within one year 2023 2021 Grant5 Accruals 2,454 2,454 1.440 4,170 3,894 10 CJrditoi'$: amounts fg11ing due after one yeAI' 2023 2022 Gianr 100.606 103.060 The grants ait repayable if tlie properties are sold. Social 14ousing (iraiit tolalliiig £122,692 lia$ beeii itteived. This will be repaid if Ihe pi'operlies air sold. Tlie Social Housing Cjraiii is beiiig reColised ii? incoihc oil a systetnatie basis over the expected usefiil life of Ilie sirucluye {50 yeai%l. Page 15
Butterfield Homes, Cottingley Not to tlie Financial Statements for tlie Yexr Ended 31 March 2023 (continued) I l Reserves ) liJ¢ome expendtture re5ei.ve The in¢onie aiid expei)diture reseive represents tlie cumulative sui'plu5 and defjcils net of othei. adjustments. bl Revaluation i'e5eiye The I'evaliiation Irserve repie5ents the cumulate effect of revaluotions of Ilie fixed assets investments. 12 Related pArty trAn511CtL0115 Buttevfield Homes, Wilsdeii {Coinmon trustees) Duriiig Ihc year there lias been tm) transactions with Butterfield HoiMes, Wi15den. At the balance sheet date Ihe anioutht due frotii Blltterfield Hoines. Wilsdeii was £311 {2022- £3111. Buttevfteld Homes, C.rosshills {Cointiion trustcesl Ai ihe balaiice sheet date the aiiioiint du¢ froin Butterfield Homes. Crosshills was £105 {2022- £6881. The above amout)ts are iiilerest fire. Page 16