Chai'ity IEgistratson niiihbei.: 226852 Regulator of Social Housing I'egistj'ation lillibe1.: A3825 Alins1)ouse A5so¢iation Inembersliip nuinber.. 1353 Butterfield Homes, Cottingley Annual Report and Financial Stat¢inents for the Year Ended 31 March 2024
Butterfield Homes, Cottingley Conlents BoaTd Report Ito4 Independent Auditors, Report 5t07 Siatement of Comprehensive Income Balance Sheet Siateinent ofchanges in Reserves 10 Cash Flow Statement Notes to the Financial Stateinents 12 to 17
Bulterfield Homes, Cottingley B(bard Report The ¢rustees present the aiinual report together with ihe financial stateinents of the a550ciation foi. the year ended 31 March 2024. Structure? governance a management The charity is regulated by a Declaration of 'fru5t dated 7 Ociob¢r 1935 and a Scheme dated I l May 1990. The chai'ily is managed by a board of 'frustees providing legal. financial, propeity manageinent and pasioral skills. The Trustees ejnploy a Clerk to manage the properties and siipport the Trustees and Residenls. The clerk, SandiB Haigh, i'esigned iiTr Jiijie 2023 aiid anothei. clerk is CiiTrei)tly being souglit, Since June 2023 the Tru%tccs have been the first Point of contact witli the residents and have dealt with genei'al administrdtEon. The Ti'ustees lield five meetings dui'ing the ycai. aiid irmain the owners of six dwellings at Cottingley Moor Road, Cottii)gley, Bingl¢y BDI 6 ISD. Mark Silver wa5 again re-elected foT the year as Chair in February 2024. Recriiiliiieiil fiiidappoliiliiieiil oflrii.Tlees Susan Sedgwick and Simon Callaghan were appointed Trustees dui'ing the year, intreasing the nuinber of Trustees to 7. Iiiiliiciloii oitdiruliiliig vf iriisfees All new Ti'ustees ale given an inti'oduction to the work of the I'rust by existing Trustees and al'e also provided with Charity Coinjnission publication CC3 'The E5senlial Tru%tee' what you need to know, and the Charity Governance Code. The Trustees are kept up to date of their responsibilities by the Chair and other pi'ofessional advisers, as appropriate. The Charity is a In¢inber of The Alinshouse Association. This organisatitsn holds events and provides newsletteTS to update ils Inembers. Arraiigeiiieii15for selliiix kry iiiftiiftgeiiieiilpersoiiiiel reiiiiiiierniloii The Tnistees act in a voluntary Capacity and are unreiT]unei'aied. The Trustees are also Trustees of Butterfield Homes, Crosshills and Butterfield Hoine8, Wilsden. Trustee and officers The Iru51ees and OlcerS serving during the yeai. and since the year end wel'e as follows.. Trustecs: Mr Mai'k Silver (Cliasr) Mi. Albei'l Pratt Mr Alistair Docherty Mr Peter [arp Mrs Helen Philips (resigned 16 Februaiy 2024) Revereiid Michael Green Mrs Susan Sedgwick (appoi)ted 16 February 2024) Mr Siinon Callaghan {appointed 16 February 20241 Page I
ButterfAeld Homes, CotÉingley Board Report (continued) Objective5 and activities The charity provides six residential units in Cottingley. Qualifying residents must be inhabitants of Cottingley or an area within a five iiiile 12dius ol'cottiiigley and who are eiihei. aged 60 01. ovci. or air infsm). The Trusiees provide pi'opeity Inaintenance and repair5. The Trusiees take an active interest in the health and wellbeing of the residents by undertaking iegular visits to reidents. No cal'e is provided by ih¢ cl)arity. The Trustees have continued a pi'ograinme of iinprowen)ent and Inodernisation of the AllshoUseS by upgr3ding when appropriate, pailiculai'ly when a propei.ty becoines vacaiit. The Tru5tte's aim is tl) provide and maintain a level of a¢comiiiodation ai a high standard. PllblRc benefit I'he Tyuslees confiiiii tliat they have complied with the iequireinents of section 17 of the Chai'iiies Act 2011 to have due regai'd to the public benefit guidance piiblished by the Charity Comniission for England and Wales. Value for money The Ti'ustees aim to delivei. its objectives in the Tnost cosi<ffective way possible bui ensuring that it provides quality hoines and services that help its residenrs I'emain indcpendeni. The weekly contribution reinained at £91 per week during the year. Howevei., due to inflationary pressures the T1115tees reluciantly increased this to £93 per week froin l Api'il 2024. These ainoui)ts air below Ilie levels recotnJ7)ended by the VOA. I'he trustees continue to liai% with the Local Authority service depaninents. the Alinshouse Associatioii, the Home and Coinmunities Agency and the VOA who have replaced the Rent Service for the puipost of assessing the weekly Inaintenance contribution. The VOA reassessed the WMC a( £108 per week in February 2019. The Iriistees are keenly ware of the need to ensure a wami, safe, and coinfoiiable environinent foi. the residents under the Decent Floines Standardg and will continue to Inake iinproveimeiits which enhance energy saving and help to i'educe residejits, heating costs. Achievemeiits and pei'formthnee It is the 'l'rustees' policy to Inaintain and preserve the pi'opertses to u high srandard. Coinpliance inspection and planned maintcnance checks were Inainiained throughout the year. The ch8Tity prides itself on Ineeting the needs of its resid¢nts wheiEver possible. Tliis includes installing disabled adaptlOll5. Mindful of th¢ need its provide a Iie)Ithy environinenL repair5 have been carried out to IEcÉify dainp issues in tl)e properties. A new p¢rsonal alai'm system for th¢ residents was installed during the year. Two va¢aiicies occuiyed during tlie yeai. bui at the year end the properties were fully occupied. Page 2
Butterfield Homes, Cottingley Board Report {eontinued) Flnanelal revleiv Pollcy oil re.serves The Trustees are pleased to report a sui'plus for the year Of £13,208 (2023 £7,555). Despite incurring costs associated with the tw(Tr ¢inpty pi'opeilies the-fi'ust¢es aiE pleased with the surplus ft>r the year. The Trustees have reviewed the Lharity's needs for resei've5 in line with the guidance i8%ued by the Charity Commission and consider it prudent ihat reserv¢s be s1Clet lo avoid tlie necessity to realise fixed as%cts. The Ti'ustees are confident that the futUlE income will enable the Charity to ineet its fol'eseeable needs on the basis of planned expenditure. The level of reserves ai 3 1st Mai'ch 2024 was £237,606 (2023 £224,398). Aftei. takii)g into consideration the amount tied ttp in fixed assets and the associated gi'anl, which is beiiig ainortised over the life of tlie assets, the ainount available in fi'ee reserves at the yeaT end was £132.359. The intetmyl controls of and the Inajor i'isks diid uncerlainty to the charity are reviewed and inonitored annually. The Trustees are confident tliat Ilie pro¢eduirs in place are suffici¢nt to n)itigate the financial, Inanageinent and compliance ri5k5 Id¢ntified. liivesliiieiiipollcy uiid objÉclive5 The Ti'ustees set aside fiinds in ordei. to finance future planned expenditure and to provide a Lontingen¢y agains( future unfoiEseeii expenditUT¢. These fuiids are in investiments which are eilY capable of conversion to liquid fund5 asid provide the best possiblc retiirii for the low risk assumod. The perforinance of these investinents is review¢d by the Trustees at eacl) Ineesing. Pyge 3
Butterfield Homes, Cottingley Board Report (continued) Siatemeiit of Bo8rd5 Responsibilities The Boai'd i% responsible foi. preparing the Report aiid the financial statements in a¢cordance with the applicable law and regulations. The registered social hoiising legislation iEquii'e the B08Yd to prepare financial statements for each financial y¢ar wl)ich give a ti'ue and fail. view of the state of affaii's of the association and of its ineome and expenditui'e foi- Iliat pei'iod. In pi'eparing these financial statements. th¢ Board is I'equiiEd to.. seleet siiitable accountit)g policies and then apply thein coiisis(eIitly' make judgemenis and estiittaies thdt are i'ea50nable and PTudent; srate wlieiher applicable accounting standard8 havo been followed, subject to any Inaterial departures disc105ed and explaitjed in the fiiiancial staleinellls. and piepaie the Iinancial staieinents on the going con¢ein basis unless it is inappropriate to presuine that the 3swciation will coiitinue in busine5S. The Board is Irsponsible for keeping proper accounting recoix15 tliai disclose with reasonable accuracy at any tiine the financial position of the 1( gsociation and enable thein io ensiire that the finaiicial stateinents ¢tsinply with the Housin and Regei)ci"aiion Act 2008 and tlie ALcounting Dii'ection for private registered PTovideis of social houssng in Engiland 2022. It has general responsibility foi. tdking reasuiiable steps to safeguard the a55ets of the association aiid to prevent and detect fvaud and other iriEgulaTlties. The trustees are responsible for the Inaintenance and integrity of the COOrate alld financial itkformation included on the charitable coinpaiiy's website. Legislation governing the prepayalion and dissemination of financial stateinenls may differ from legislation in other jurisdictiuns. Appi'oved by the Board on and signed lis behalf by.. MT Alis Trystee Docherty Page 4
Butlerfield Homes, Cottingley Independent Auditor's Report to the Members of Butterfield Homes, Cottingley Opinioii We Iiave audited the financial stateinents of Butterfield Hoimes, Cottimgley {Ihe 'association') foi. the yeai. ended 31 March 2024, whicli coinpri5e the Staleineiit of Coinpieheiisive Incoine, Balance Sheet, and NoTrs to the Financial Siatements, including a suiniM&Ty uf signifEcant accounting policies. The financial iepoi'ting fi2mewort( that has been applied in theii. prepaiation is applicable law and United Kingdom Accounting Standards. including Finaiicial Reporting Siandard 102 The Financial RepoTting Standard applicable it) the UK and Republic of Ir¢land (United Kingdoii) Geneixlly Acc¢pted Accounting Practice). In oui. opinion the financial stateinents.. give a Mie and faiy view of the state of the association's affairs as at 31 Mairh 2024 and of its incomit)g resources and application of resources. including its income and expenditure, foi. the year then ended: have been properly PlEpared in accordance with United Kingdojn Generally Accepted Accountiiiu Praetice., ai)d have beeii pi"epaiEd in accordaiice witli the Tequireinents of Ihe Charities Act 201 I, the Housiiig) and Regeneiation Act 2008 and tl)e Ac¢ouIiting Dire¢lion foi. pi'ivate iegistered providers of social housing in England 2019. Basis for opinion We ¢onducted oui. atjdit in accordance with Int¢i'national Standaixls on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under ihose stai)dards ale fuither described iii the auditor re5P()nsibilities foi. Ihe audit of tlie financial stateinents section of olli. repoit. We are independent of the association in accordajice with ihe ethical requirements that are r¢levant to ovr aiidit of the financial statements in (he UK, including ihe FRC'S Ethical Stat]dai'd, and we have fulfilled our oiliei. ethical responsibilities in accordance with these requirements. We believe that th¢ audit evidence we have obiained is sufficient and appropriate to pi'ovide a basis for our qualified opinion. Conclusions relating to going concern In auditing the financial statemenis. we have Concluded that the trustees use of the going concern basis of a¢counting in the preparation of the financial stateinents is appropi'iate. Based on the work we have perforined, we have not identified any material uncertainties relating to events oi. conditions that. ipdividually oi. collectively, Inay cast 55giiifi¢ant doiibt on the as50Ciation's ability to continue as a going concei'ii for a period of at least twelve Inontlis fiDin when the oi'iginal financial Statements were authorised for issue. Our ]tsponsibilities and the resp0115ibilities of th¢ ts'ustees witli Tespeci to going ¢onc¢rn are described in the I'elevant sections of this report. Othei. information The trustees are I'esponsible for the other inforination. The otheT infoim)ation coinpris¢s the inforination included in the annual i¢poJ'l. otlier tl)an the Iinan¢ial statements and our auditor's report thereon. Our opinion on the financial statemenls does Iiot Cover the other infoi'jnation and, ex¢ept io the ex¢eRt otherwise expli¢itly staled in our report, we do not express any foi'in of assurance coiiclu5101) thereon. In coniiection with our Audit of the financial stateTllenis, our responssbility is lo l'ead Ilie other iiiforination and, in doing so. considei. wlicther the other infoTmation is Imaterially inconsistent with Ilie finaiicial slatejiients or our knowledge obtained in the aiidit or otherwise appears to be i11lerIallY InisstJied. If we identify 511ch Inatei'ial iiiconsistencies or apparent Inatcrial ii)isstatein¢nts, we are IEqUlI'cd to detei'inine ivheiher Iheiy is a Jllaterial Inisstatement iii the financial stateinents or a matei'ial Inisstatement of Ihe othei. inforimation. Ir, based on the woi'k we liave perfonned. we conclude Iliat there is a Inatei'Eal misstatement of this other infonnation, we al'e IEquired to repoil that fact. We have nothing io report in this regard. Page 5
Butterfield Homes, Cottingl¢y IDdependent Auditor's Report to the Members of Butterfield Homes, Cottingley (continued) Matters 011 ivhich we are requii'ed to report by exception We have Mothing to report in I'espect of the following Inatters iii relation to which tlie Charities (Accounts ttnd Report5) Regulations 2008 rcquii'g us to report to you if, in oui. opinion.. the inforiMJtion given in tlie financial stateinents is inconsistent in any Imaterial r¢spect with the bodi repoit: or suffjcient accounting records have not been kept. oi. the financial staleinents are not in agreement with Ihe accouiitiiig records., Ol. we have not reccsved all ilie infonnation and explanations we require foi. oiir audit. In addition, w¢ have nothing to repoTI in ie5pe¢t of thc following lliatter whcre the Housing and Regeneration Act 2008 requires us to report tts you if. in our opinion.. a satisfactory systein of control over transactions has not been Inaintained. Responsibilities of trustees As explained Inore fully in ihe Stateinent of Responsibilities (set out on page 4), tlie trustees meinbers (who air cilso the 'llstees of the association for the purposes of chaTlty law) are T¢spon5ible foi. the pieparation of the financial stateinents and for being satisfied that they give a Irue and fair view, and foT such internal control as ihe ti'ustees det¢Tmine is necessaiy to enable the preparation of finat)cial slateinents that are fvee froin Inaterial misstatement, whether due io fraud oi. error. In preparing tl)e financial staieinents, the tritteS are i¢spon5ibl¢ foi. assessing the association's ability to continue as a going Collcerii, dis¢losin& as applicable, rnattei's related to goiiig concei'n and using the going concern basis of accounliiigj unles5 the trustees either intend to liquidat¢ the association or to ¢ease operations, oi. have no realisti¢ aliernative but to do so. Audilor Re5POll5ibilities for the audit of the finaiicial statements Our objectives are to obtain reasonable assurance about wh¢theT the financial stat¢ments as a whole ar¢ fire fi'oin IMatei"ial Inisstatsment, whether due to fi'aud or en'or, and to issue an aiiditor's Itport that includes oui. opinion. Rea5vnable assurance is a high level of assurance, but is not a guarantce that an audit condllcted in accordance witli ISAS (UK) will always detect a iiiateri31 mis5tateinent when it exi5t%. Missiatements can arise from fi'aud or error and are considered Inatei'ial if, iJ)dividually or iii the awegate, they could reasonably be exptcied to influence the econoimic decisions of users taken on tlie basis of tliese fiiiaiicial stateinents. Irregiilarities, in¢liidiIig fvaild, are instan¢es of non-coIMplian¢e with laws and I'egulatsons. We design procedui'es in line with our iesponsibilities, outlined above, to detect material inis5tatements in respect of irregularities, including fraud. Tlie extent ¢0 whicli our procedures air capable of detecting inegulai'ities. including fratsd is detail¢d below.. In planning and designing our audit tests, we identify and assess the risks of Inatei'ial Inisstaten)ent withsn the financial stateineiits, whethei. due to fraud or eri'or. Oui. as5essmeiit of ihese I'isks in¢ludes consideiation of the E)atiire of the indusiry amd sector, the conti'ol envii'oninent and the business perfoiinan¢e along wilh the re5uIt5 of our enquiries of InanageinenÉ, about Iheii. own identification and ass¢ssJnent of the I'isks of ii'reb7ularities. We are also requii'ed to perforim specific piK)cedures to respond to the risk of Inanageinent ovei'ride. Following this a58C5sment we Considered the opportunities and incentives that niay exist within the entity foi. fraud and identificd the greatest potential for fraud in evaluating (he tangible assets. We also obtained an understanding of the legal and regjuldtoiy fi'ain¢woi'ks that the entity operates in, through disciissions with ts'ustees and othcr managemenl, and fi'oin our coinirercial kiiowledge and expei'ienee of the se¢toi' in which the entity operates. to enable kis ro identify the key laws and IEgulalion5 applicable to the cntity. We focused on specific laws and regulaiions whicli we considered inay have a direct Iiiaterial effect on Ihc financial stateinents or the operation% of the entity. including the Housing and Regenei'ation Act 2008, taxation legislation, data protection, 8nti-bi'ibery, envii'onmental and health aiid sacety legislation. Page 6
Buttcrfield Homes, Cottingley Independent Auditor's Report to the Members of Blltterfield Homes, Cottingley (continued) We then performed audit procedures afteT consideration of Ilie above T15k5 which incliided the following.. evaluating the ¢xistence aiid valuatioii of the fixed assets, and evaluating the appropriateness and con515teney of rhe depieciation poliLies applied. enquiring of Inanagement ¢oncerning actual and potential Sitigation and claim5. performing analytical prw¢dures to identify any uniisiial or unexpected relationships that Inay indicate I'isks of InateTlkil missiateinent due to fr2ud', rcviewing conespondence with the chai'ity's legal advisors. reading Iniiiiite5 of meeting5 ofthose chaTged wilh governance,. and iii addressing the risk of fiaud through Inanagcmcnt oveNide of controls, testing the appiDpriateness of jounial entries aiid other adjustinents. assessing whether thc judgcinents made in Inaking &ccoiinting estiinates are indicative of a potential bias., and evaluating tlie business ratiOTiale of any significant tTaiisactions rhat are unusual oi. outside the norinal coiii'5e of busine%s. All engageiiient teain meinbeTS were infoiined of the rclevant laws aiid reglllutiong and potential fraud risks at the planning stage and Iyininded to i'emain alert to any iiidiLations of fraud or non-coinplidnce with law5 and i'egulations Ihi'ougliout the audit. The engagem¢nt Plcrtner ensured that the engagement teaim collectively had the appropriate competenc¢, capabilities and skills to identify such iteiM5. There are inheient limitations in our audit procedures described above. The Inore removed that laws and IEglllation5 are fi'om financial transactions, the less likely it is that we would b¢L(>ine aware ofnon-coinpliance. Auditing staiidai'ds also liinit the audit procedures required to identify non-coinpliance wilh laws and regjulalions to enquiry of the trustees and other manageineiit and the inspection of TegulatLlly and legyal ¢orrespondence, if any. Material misstateinents that arise due to fraud can be harder to detect tlian those that arise from error as they may involve deliberate contcalment or collusiort. A further description of our responsibilities is available on the financial Reporting Council's website at.. Mvw.fi¢.org.uk/auditoisrespoiisibilities. This description foi'jns part of our auditoi s report. Use of report This iEPOIt is Inade 501ely to the association ¢riistees in accordance with Part 4 of the Charities (Accoun15 and Repoils) Regulations 2008 aiid Section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken 50 tliat we Imibhi state to tlie trustees those Inattei's we are requiied to state to Ihein in an auditors, IEpoit and for no other purpose. To the fullest extent perinitted by law, we do not accept or assume responsibility 10 anyone othei. than the a550ciation and its trustees as a body, for OUT audit work. foi. tlii5 rcport. or for the opinion5 we have foi'ined. Wat50n Buckl¢ l.iinitcd 8tatiitory Auditor & Chartered Accountants Bradftsid Date.. Page 7
Butterfield Homes, Cottingley Stalemenl of Comprehensive Income for the Year Ended 31 March 2024 (Including Income and Expcnditure Account) 2024 2023 Note Turnover 26,826 30,846 Adminisb•tive expendiiure {19,243) 124,302) Operating surplusl(defJLit) Incoine fi'oin fixed asset investments Inter¢5t receivable and siinilar iiicoine Movemeii15 in fair value of financi81 instruments 7,583 3.129 782 ,714 6,544 2,731 180 (1,9001 Surplu5 for ihe year Total eompreh¢nsive income for the yeAr 13,208 7.555 13,208 7,555 All of the registered so¢ial housing provider'5 a¢iiviries derive from c(TrRliiJuing operations dlli'ing the above two periods. The fiiiancial statemeiitg were approved by the boai'd and authoyised for issue on&O09lALWnd signed on their behalf by.. te The notes on pages 12 to 17 forin an integral palt of these financial statements. Page 8
Butterfield Homes, Cottingley Balanec Sheet as at 31 March 2024 2024 2023 Note Fixed ¥Lssets Tangible assets Investin¢n(s 205,853 80,009 213,663 75,494 285.862 289,157 Current assets DebtOTS Cash at bank and in liand 1.517 53,089 1,498 38,519 54,606 40,017 Creililoi's.. Amounts falling due within one year (4,710) (4,170) Net eurrenl assets 49,896 35,847 TotAI 8ssels les5 current liabilities 335,758 325,004 Creditors.. Amounts fxlling due after more than one ye8r 198,152 100,606) Net assets 237,606 224.398 Vuiid5 of the association: Reserves Incoine and expenditure reserve Unrestricted revaluation i'eserve 228,022 9,584 216,528 7,870 Total I'eserves 237.606 224,398 The financial statements wer¢ approved by the board and au¢horised foi. issue o&¥lcAInd si1¢d on their behalf by: stee ee Tlie notes on pages 12 to 17 form an integral part of iliese financial 5tatemei)t5. Page 9
Butterfield Homes, Cottingley Statement of Changes in ReSec8 a$ at 31 March 2024 Incibme And expenditurc reserve Revaluation Yeserve Total At l April 2023 SuYplus/(defi¢it) for the year Revaluation of inveslinents 216,528 1,494 7,870 224,398 11,494 1,714 13,208 237,606 1,714 1,714 9.584 TotAI comprehensive income At 31 March 2024 11,494 228,022 The notes on pages 12 to 17 fonn an integral part of these financial stateiiients. Page 10
Butterfield Homes, Coltingley Cash Flow Statemenl for the Year Ended 31 March 2024 ReconciliatiOD of net moveent in fund5 to net cash flow from operating a¢tivllies 2024 2023 Net incoine Investinent income Depi'eciation (Pi'ofit) Iloss on revaluation of fixed 8ssei investinents IlncreaselldeciEase in debtors Deci¢a5e in ci'editors 13,208 7,555 7,810 {1.714) (19) 7,777 1,900 622 12,178) Net cash inflow 13,460 12,765 Cash flow statement 2024 2023 Net cash inflow from operating activitics Return5 on InvesliTLents and seryicing of finance Interest receivable and sEmilar incoine Other income from fixed asset investinents 13,460 12.765 782 3,129 180 2,731 2.911 Capital expenditure and financiAI Snve5tment Puichase of tangible fixed assets Pui'ehase of invesiments (930) 2,436} (2,801 (2,801) 14,570 13.366) Increase in eash in the year Ileconeili81ion uf net cash flow to movement in net funds Increase in cash 12,310 14,570 12,310 Net funds ai l April 2023 Net funds at 31 March 2024 38,519 26,209 53,089 38,519 All of the cash t)ows are derived fiY)m conlinuing operations during th¢ above two pei'iods. The notes on pages 12 to 17 forni art integral part of the% financial stateineii(S. Page 11
Butterfield Homes, Cottingley Notes to the Financial Statements for the Year Ended 31 Mai'ch 2024 l Aceounting polKeles General Inform8tlon The Charity is a registered social housing provider, registered in England and Wales Charity registration nuinber.. 226852 Rcgulator of Soci81 Housing regisli2tion nllmber.. A3825 Almshouse Association Inembership nuinb¢r'. 1353 Tht address of the registered office is.. 17 F'arndale Road Wilsdcn Bradfoi'd BD150LW BAsis of preparatloii aDd statement of compliance The financial stateincnts have b¢en prepaied in accordance with appli¢able accounting standards including Financial Reporting Standard 102, Ihe Stat¢inent of R¢coJninended Praciice for %ocial Housing Providers 2018, and with the Accounting Direction for private r¢gistered provideTS of soci81 housing ID Bngland 2019. The finallciJI statements are also prepared undei. the requireinents of the Housing and Reg¢neration Act 2008. The financial stateinents have been prepaiEd on a going concern basis under (he histori¢al cost convention, Inodified to include certain iteins at fail. value. The registered social housing provider eon5titute5 a public ben¢fit entity as defined by FRSIO2. The significant accounting policies applied in the preparation of these financial stateinents are set oui below. These policies have been con5lStenily applied to all years presented unless otherwise staled. 'rhe charity'5 functional and presentation currency is pound5 Sterling. SlgnificaDI jud2enient5 estimate5 Preparation of the fiiiai)cial statement5 requires Managnellt to make significant judgement5 and estimates. The iteims in the financial statenients where these judgement5 and estimates have been made include.. DepYeciatioD Management review its es15mates of the useful lives of ilie depTeciable as5¢ts at each reporting date. However, by their nllture component lif¢ caniioi be detei'inined with absolute certainly. Turnover Turnover Irpresents weekly inaiiiteiiance cl)arge r¢ceivable, including water rates in the yeai. nel of losses froin voids, arbd ainortisation of government gi'ants. Social Housing Grant Social 14oiising Cirant ISHG) is receivable froin the Hoines and Comillunitie5 Agency and 15 u¢ilised to reduce th¢ Capital costs of housing propcrties. The SHG is iecognised in income on a systemftiic basis over the expected useful econoinic life of the properties. Page 12
Butlerfield Homes, Coltingley Notes to Ihe Financial Statements for the Year Ended 31 March 2024 {continued) Investment income InLoine is eained Iroii) holding fixed assets foT Investment purposes and is IEco&Tnised when receivable and the ainount can be ineasured by ihe charity. Int¢rest on funds held on dekx)sit is included when Te¢eivable and the ainount can be measured by the charity. Irreeoverable VAT Iriecoveiable VAT is charged against tlie category of resources expended for whicli it was incurred. Taxafion The I'egisteird social housing provider is consideied to pass the tests set out in Paragraph I Schedule 6 of the Finance Aci 2010 and theiefore it Jneets the d¢finition of a charitabl¢ company foT UK corporation lax purposes. Accordingly, the Charity is poienlially exeimpi froin taxatiot) in respect of iiicoine or capital gains receiv¢d within categoTies covei¢d by Chapler 3 Pail I l of the Corpoi'ation I'ax Act 2010 or Section 256 of the Taxaiion of ChoTgeable (iains Act 1992. to the extent that guch incoiiie oi. gains are applied exclusively to charitable PUTposes. Tortglble fixed assets Tangible fixcd assets (including social housing prop¢rlies) are stated at cost or deeined cost less accumulated depr¢¢iation and accuinulaied iinpaiTment losses. Cost includes costs directly attribiitable to making the 8sset capable of operating a5 intended sucl) as the cost uf acquiring land and buildings, developinents costs, interest charges on loan5 during the dcvelopment period and expendilure on impiDveinents. Expenditure on iinprovcmenrs of more than £500 will only be capiialised when it result5 in increineiital future benefits 511ch as incieasing Irnlal income. reducing maintenan¢¢ costs or resulting in a significant extension of the useful econoillic life of the property. Depreciation is provided on tangible fixed assets so as to write off the ¢ost or valuation, sess any estimated residual value. ovei. their expecied useful econoinic life as follows.. A55et cla%5 Depreeigtion mtthod and rate Plant and equipment IOO/D slJzi¥hi line basis Properties 50 yeais Doors and windows 30 years Kitchens 20 years Bathi'oom 25 years Boilei's 15 years Ele¢tri¢al }d heating installations 25 yeai's Major coinponents of housing propeities liave been accounted for and deprcciated sepaiately froim the connected housing property, over theii. expected usefi]I cconoinic lives. 'I'he costs of replaLing these coinponenis are ¢apitalised in full. The costs of partially I'eplacEng oi. repairing these coinponents are charged to the coinprehensive incoine. Inve5tnienls Investinenls are reeognised initially at fair value which is norinally the transa¢tion price excluding transactton costs. Siibsequenily. Ihey are Ineasui'ed at fair valiie through the statemciit of compieheiisive Encoine ifthe shares are publEcly traded or their fair value can otherwise be Imeasiired rcliably. Other invesimeiits al'e ineasured at cost less impaij'inent. Financial instrurnents Tlie registered social housing provider only lias finaiicial liabilities of a kind that Iiiialify as basic financial in8truments. Basic fiEiaiicial in5tt'uinents are iniiially recOlsd ai Iransoclion value and subsequently Ineasured at theiT settleinent value. Page 13
Butterfield Homes, Coltingley Notes to the Financial Statementtri for the Yr Ended 31 March 2024 (continued) l)ebtors D¢btors are recogfti5ed initially when they become due at the transaction price. They are sub5equenily measured at ainortised cost iising the effective intercst rate method, less PTovision for iinpairinenl. A provisioii for impaii'ineiit of debtoi% is established when there is objective evidence that tlie charity will not be abl¢ to collect all amounts due according to thc oi'iginal ternis of the debtorE. Cash and CAsh equivalents Cash and ca%h equivglent% coll)prisc cash on hand and call deposits. and other short-tei'in highly Isquid investinents that are readily conveitible to a known amount of cash and are subject to an Insi]riCant risk of chaiige in value. Creditor5 Creditors are obligations lo pay for goods 2nd services that have been acquired by the ¢harity. Creditors are initially recognised at the tsan%action price and subsequenily Ineasured at ainojlised c05t using the effective interest method. 2 Sociol housing turnover aiid costs 2024 2023 Turnover Rents receivable Other income 24,322 50 28,392 Aiiiortised social housing grant Turnover from social housing letting5 2,454 2,454 26.826 30,846 Administrative expendlture Management Service charge costs Routine Inaintenance Depreciatioii of Iioiising properties Grants to individua15 {4,368) 1794) 15,002) (7,810) (1,2691 17,0831 1813) (7,129) (7.777) 1,500 (19,243 (24,302) Operating surplus on social housing Itttings 7,583 6,544 Void1055eg 4.080 3 Accomiiiodation owned aiid iii managemeiit Number of units Number of units l April 2023 31 Mah 2024 Housing accoininodation Pag¢ 14
Buttcrfield Homes, Cottingley Note5 to the Financial Statements for Ihe Year Ended 31 March 2024 (continued) 4 Surplus ordinary activities is Stated #fter chargingl(crtditlng): 2024 2023 Audit fees Audit of the financial statements Depreciation of fi'eehold pi'opejty Depreciation of fixtures and fillings Ajnoitisation of govcrninent byanis 785 7,175 635 655 7,138 639 (2,454 (2,454) 5 Board and key m8nagement personnel remuneratfion and expenses No board oi. key maMagemenÉ personn¢l either received or waived any reinuneration during the year. 6 Tangible fixed asse15 Land and buildings Fixtures & rittings Total Cosl At l April 2023 274,586 49,317 323,903 At J l Mai'cli 2024 274,586 49,317 323,903 Depreciation At l April 2023 Charge for the year 62,420 7,175 47,820 635 110,240 7,810 At 31 Maith 2024 69,595 48,455 118,050 Net book vlllue At 31 MaTch 2024 204,991 862 205,853 At 31 Mairh 2023 212,166 1,497 213.663 7 Fixed asset investrntnts 2020 2023 Listed investments 80,009 75,494 Page 15
ButtcrfiLld Homes, Cottingley Notes to Ihe Financial Statements for the Year nded 31 March 2024 (continued) Listed investment5 Listed investments Total ValuY4tion At l April 2023 Revaluatioii Additions 75,494 1,714 2,801 75,494 1,714 2.801 At 31 March 2024 80,009 80,009 C¥rrying amount At 31 March 2024 80,009 80,009 At 31 MaFch 2023 75,494 75.494 The fair value of listed investinenls is deterinined by refeience to the qiioted price for identical ass¢ts in an active Inarket at ihe balance sheet date. Historical costs of inve5tiMenis ale £70,42612023 - £67.624). 8 Debtors 2024 2023 Prepayments Other debtoi3 1,135 382 1,082 416 1,517 1,498 9 Creditors: amounts fllllng due within one year 2024 2023 Granrs Accrua15 2,454 2,256 2,454 ,716 4,710 4,170 10 Creditors: amounts falllng due After one year 2024 2023 Grant 98,152 100.606 The grants air repttyable if the properties aie sold. Social Housing GTant totalling £122,692 has been ieceived. This will be Tepaid if the properties ale sold. The Social Housing Grant is being re¢ognised in incoime on a systeinutic basis over the ¢xpected useful life of the structure {50 yeais). Page 16
Butterfield Homes, Cottingley Notes to the Financial Statements for the Year En(led 31 March 2024 {eontinued) I l Reserves a) Income xnd txpendlture reserve 'lTh¢ inrome and expenditure reserv¢ represents the cumulative sui'plus and deficits net of other adjustinent5. b) Rev8lu8tion reserve The revaluation reserve represents the cumulate effect of revalua¢ion5 Of the fjxed assets inve5tinent5. 12 Related party tra115actlOH5 Bulterfield Homes, Wilsden (Common tswstees) During the year there has been rho transactions with Butt¢rfield Home5, Wilsden. At the balance sheet date the amount due fvoim Buiiei'field Homes, Wilsden was £277 (2023 £311). Bullerfield Homes, Crossliills (Coininon trustees) At the balance slieet date the aniount diie froin Butterfield Hon)es, Crosshi11g was £105 (2023 £105). The above amounts are interest free. Page 17