Charity Irgistration niiinbei.: 226852 Regulator of Social Housing regisiratioti ttujnbei.: A3825 Almshouse Association rn¢mbetElJip number.. 1353 Butterfield Homes, Cottingley Annual Report and Financial Statements for the Year Ended 31 Mareli 2025
Butterfield Homes, Cottingley Contents Board Repojt Ito4 Iiidcpendent Auditors, Repoil 5107 Stalemertt of Cornpreliensive Income Balance Sheet Statement of Chatjges in Resetves 10 Cash Flow Statemejit Notes lo tlie Financial Stateineiits 12to 17
Butterfield Homes, Cottingley Board Report The tl'LlStees present the anniial reyx)rt togeiher witli the financial statements of tile association for the Ye ended 31 Marcli 2025. Sti'ucture? govci'nance matiAgeinent 'I'lie cliarity is regiilat¢d by a D¢¢laratio11 of Trust dated 7 October 1935 and A Scheme dared I l May 1990. The ¢hai'ity is managed by a board of Trustees providing legal, pi'opei1y tnatia8einent and pasloral skills. During Ilie yeai- Ille Tjuslees wei'e unable lo recruit a cl¢i'k to llianag¢ the properties ai)d support Ilie 1'rE15tee5 ai)d Residents. Siijce tlie year eiid the Ti'ustees engaged 'l'he Petei. Biitwhistle -frust to assist with administixtive ai Tegulaiory iiiatlers. Tlie'fru5tce5 will contiiiiie to be thc fii3t pnini af contact with thc resideiit5. Tlie Tn]stee5 lield five meeting.s during the year and retmain tlie OWE)ers of six dwellings at Coltingjey Moor Road, Cottiiigley, Bingley BDI 6 1 SD. Maric Silver was again re-elecled foi. Ihe year as Cliaii. in May 2025. Retniitiiieiil &iiduppoiiilnieiiÉ ofiriistee.s Reverend Micliael Greeii Yesigned dui'ing tlie year due to woi'k conimitments. Tli¢ tTUStees aye ¢urreJitly trying lo reci'uit a i'eplacetnent lo biiiig the number of iwstees ba¢k to 7. liidiiclioii aiiilii'aijiiiig nfirii.ftee.T All new Tivstees are given an iiitioduclion lo the work of tlie Cliarily by existitig trustees and are provided ivitli Chai'ity Cominis5ion publicalioti CC3 '1'1ie Esselltial Ti'iislee,. wIl you need lo know, and Ilie Cliai'ity Codc. 'I'he Trustees are kept up to date of ilieir responsibilities by the Chaii. and otlier professioiial advisers, &s appropi'iate. The Cliarity is a membeL' of The Alin51iouse Asso¢iation. Tliis oi'ganisaiion holds cvents and provides newsletters to update its membaE. Ari'uiigeiiiéiitsfor &elliiig key iiiuiiugeiiieiilpersoiiiivl rÉifftJiiiierulioii Th¢ Trustees act in a voli¥ntaiy ¢apa¢ity and are iinremunei'ated. The Trustees are also Triistees of Butterfield Hoines. Crossliills and Butterficld Homes. Wilsden. Ti'u5tees #nd officers The irustees alld officeib seiwing during the year and since the yeai. end weir #5 follows.. Trustees-. M¥ Mark Stlvei. {Cliair) Mr Albert Pratt Mr Alisiaii. Docherty Mr Peter Earp MTS Susan Sedgwick Mr Siiiion CdllagJiaJi RcveiEnd Michael Green (resigned I l Februaiy 20251 Page I
Butterfield Homes, Cottingley Board Report (coi)tiAiued) Objectives and g¢tivitl¢s The charity pmvides six JEsEdcntial llnits in Cottingley. Qualifyiiig ¥e%idcntS InU5t be inliabitants of Cottingley or an area wi¢liin a five mile J'adius of Cottingley and wlio air eithei. aged 60 or over or Ale infinn. 'I'he Trustees pix)vide propeity mainteiiance atid repaiis. The Trustees take an aetivc IntelSt in tlie Iiealtli and wellbeing of the regidents by undertaking regulai. visits to I'esidet)ts. No care is Plvided by the cliai'ity. Tlie 'l'ruslees liave coiitinued a prOgMJi]e of itiiproveineiit and moderi)isation of tlie Alnislious¢s by upgradiiig when appropriate, paiticularly when a propeily beLomes va¢ani. The Trustee's aijn is to provide and maintain a l¢vel of a¢¢onJiiiodation at a high standai'd. Public benefit The TTllStee5 eoiifiim that they have tomplied with tlie IEquirements of section 17 of the Cl)aiities Act 2011 to have due regard to tjie public benefit guidance publsshed by the Charity Conitnission for En8land and Wales. Value ftsr inoney Thc 'l'r115tees aiin to deliver ils objectives in tlie iiiost cost-eftective way p0s8ible but ensuring tliat li provides quality lioincs and setvices tliat help its i'esidcnts reiLain independtnl. The weekly contributiun remained at £93 per week dui'ing the year. On l Apvil 2025 the 'frustees increased this to £95 pet. week. Tliese aTnounts are below tlie levels reconimended by tlie VOA. Aehievements and pei'foi'mance It is tlie Trustees, policy to maintain And piuejve the properties (o a high standard. Compliance inspection and planned aiiit¢nance cliecks were iiiaintain¢d tliroughout tlie year. nie clharity prides itself on meeting tlie iieeds of its residents wlierevei. possible. Tliis iii¢ludes installiiig disabled adapiions. In Novejnber 2024 0 Quinquennial Report was carried out by Pearc¢ Bottonilcy Ai'chitects. 'fhe'frustees are Irviewing the repojt with a view to cai'rying out suggested repairslreliovations. The report highlighted i.ssues with daii)p which the Irustees liad aliEidy taken steps to IEclify and cotitinue tu review at eacli quaiterly boai'd meeting. During the ycar 501ar panels were installed at tlie properties. Tliese provide low cost eiiergy foi. (lie resident and Inake tlie propertics iiiore attractive to iiew i%]dentS as well as being more environiiieiilally friciidly. Tliere were Iliree vacaiicies during the year for a period. During iheqe void periods tlie trustees look tlie opw)rtuiiity to ¢dlry oiil major repai13 sucli d5 kitclien i'efurbisliments, de¢oi?tiiig and new fans. Page 2
Buttertield Homes, Cottingley BtsArd Repoi't (coiitinued) PinAiiciAI review Pollcy 011 resen>es The I iustees are pleased to report a SUTplus for the ycar of £1,66812024 £13,208). The Triistees have Yeviewed ihe Cl)arity's need5 for reseives in line with die guidaiice issued by die Cliariiy Coininission atid Lonsidei. li i)I'udent tliat resei'ves be sufficient to avoid Ilie iie¢essity lo tealise fixed assets. Tlie Ti'LlStees are cojifident tliat Ilie fulure income will enable die Chai'ity lo iiieet ils foi'e5e¢abl¢ needs on the basis of planned expenditliir. The level of IE5eiTes al 31 st Mairh 2025 iva8 £239,274 (2024 - £237.606). After taking into ¢onstd¢ration the alOUnt tied up in fixed assets and tlie associated grant, wl)i¢h is being aniortised over the life of the assets, Ihe amount available in free reseives at Ihc year end was £99,553. Tlie inieiiial ¢uiitix)Is of and tlie major I'isks and uiiceilaiiity to the tljai'ity al'e Yevitwed at)d nionitoird Aiinually. The I ruslees al'e coiifident that tlie procedures in placc arc sufficient to iiiitig8te thc finaiicial. manageiment and coiiipliance rigks idetJtifJed. Iwvesliiieiilpollcy rtisdobjécliiies Tlie Trustees sei aside fund% in ordei. to finance future planned expenditure and ti) provide a eontillgency against future uiifore5eert expenditure. Tliese funds ale in investinenls wliich are easily capable of Conveisioll to liquid funds aiid pIDvide the best POS5ible retum for ¢lie low risk assllmed. The performance of th¢se investinents is reviewed by the Trustees al each iii¢eting. Page 3
Butterfield Homes, Cottingley Board Report (coJ)tiiiued) StAtenJellt of Boards Responsibilities Tlie Board is r&%poii5ible for preparing Ilie Report aiid Ilie fiiiaiicial stateinettts in accoidance with Ilie applicable law and regulations. The IEgislered social liousing legislation require Ihe Board to ppare financial siatenienls for each fiiiancial year wliich give a ti'ue and fair view of Ilje slaie of affai1% of tlie association and of lis income and expenditure for that period. In preparing Ilie5e finaiicial siatenieiits, tlie Iloai'd is required 10.. select suitable accountlllg policies and then apply them consistently,. Inake judgements and estiinatcs tliat art ieasonable and prudent; slate wliethei. applicable a¢¢ounting standards have beeli followed, subject to any tnaterial departures disclosed and explaijied iii Ilie finaiicial staletnents. and pyepait tlie financial statem¢nis 011 the goillg concern basis unless it 18 inappropriate to presElllle Ilial tlie associatio will cojilinue in business. The Boai'd is responsible foi. keeping pix)ptr accountiiig records tliat disclose with I'easonable accuracy at at)y lime ihe financial position of the a%%o¢iation and enablc tliem to eiisurc tl)at Ihe financial stateiiients coii)ply with Ilie Housiiig Regeiieration A¢1 2008 and tlie Accouiiting DIiECtion for private Irgistci'ed provideis of social houRiiig iii r.iiglaiid 2022. ]( lias Eenei'al responsibility foi. taking reasonable steps to safeguard tlie assets of the a850ciation and to prevent and delect fraud ld otliei. iiregulai'ilies. The Iruste£s are responsible foi. the imaintellance and integriry of the coipoizte at)d financial infonnation ittcluded on the chai'itable cojiipany's website. Legislation goveming the preparation and disscniination of fiiiancial statements niay ditTei' froij) legislation Ill Other jurisdictioii$. Approved by ihe Board on ....... nd signed ort its behalf by.. MrAIi Trustee Ir Docherty Page 4
Butterlield Homes, Cottingley Independent Auditor's Report to the Members of Butterfield Homes, Cottingley Opinio We have audited tl)e finanLial statements of BiiiieKfield Hoines, Collingley Itlie 'a5sociatiort'l for tlie ycar elided 31 M#i¢l) 2025, wlii¢li coniprise Ilie SiateJiieJit of Coii)pi'¢lie115iv¢ Iiicojiie, Balaiice Shcet, and Note5 to tlie Finaiicial Siateinenls, including a suminary of sigiiificant accouiitiiig policie5. The fiiiaiieial reporting fiamework that has been applied in tlicir pi'eparation is ai)i)licable law and Uiiited Kingdom Accouiiting Standards, including Financial Reporting St8ndai.d 102 Tlie Finaiici81 Repoiting Stalldard applicable iti the UK alld Republi¢ of Irelaiid Iunited Kiiigdoni Generally Accepted A¢¢ounting Practice}. In olli. opinion Ihe fjnancsal stateinents.. (pivc a ti'U¢ 8nd fair view nf the state of thc as50cialion's affairs as at 31 March 2025 aiid of ils incoming resources and application of resouires, iiJcluditiE its income and expenditui'e, for Ilje year Iheii ended,. liave been propei'ly prepared in accojylance with United Kingdoin Generally Acceptcd Accounting Practice. and have been prcpared a¢Lordaii¢e wilh the requiremetils of the Chai'ities Act 201 I, the Housiiig and Regeiieration Act 2008 atjd tlje Accout]tiiig Diie¢tioJi foi- private regislered providei's of social hou5iiig iii Eiig12nd 2019. BAsis for opiniom We conductcd oui. audit in accoi'dancc with Intci'national Standards on Auditing (UK) {ISA5 (UK)) and appli¢able law. Oui. I'esponsibilities under tliose standYLrds are furthcr descl'ibed in ihe auditoi. iespollsibili(ies for the audit of tlle financial stateiiienls section of our report. We aiE independeiit ol the asso¢iatioti in accordaiice with the ethical requireinents that aTe relevaiit to our audit of tlie financial slaletnents iii Ilie UK. iii¢luding tlie FRC'S i-.Iliical Standard, and we liave fuifilltd oul. otliei. etliical re5p0115ibilities in aetordancc witli tliese requiiement5. We believe tliat tlie audit evidence we liave tsblained is sufficient and app)prIate to pityvide a basiq for 0r qualified opinion. Coneluslons I'elating to going eoncern In auditing tlie fiiiaiicial s12teiiieiils, we liave concluded tliat tlie trustees use of the going coneeTn basis of ae¢ountit)g iii Il)e prtpai'alion of tlic finallcial stateinenrs is appropi'iaie. Based on tlie wr)rk we ljave perfol'ined. we liave iiot ideiitificd any Jnaierial unceilaiiities relating to eveiits oi. ¢onditions tha( individually or collectively, Inay cast siwificaiit doubt on the assoGiatiDn's ability to contiiiue as a going conceyn for a period of at least twelve niontlis from ivhen tli¢ origiiial financial statenients were authorised foi. issue. Oui. Irspoiisibilities and ilie I'esponsibilities of the U'ustees with respect io goin8 concern are desci'ibed in the relevant sections of this i'eport. Other infoi'mati(bn I'he trustees are responstble for th¢ other inf(Jrmation. Tlie other infoimatioii comprises tl)e infoimation included in ilie anmual Teport, atlier tlian the fiiiaiicial siatenients aiid our auditoi s report tlieitoii. Our opiniott oil tlie fjiiancial statenients does noi ¢over tlie oilier inforination and. except to tlie ex(enl oilierwise explicitly slated iii our Teporl, we do not express any foyin ofassuratice conclusion tlieieoii. In connection ivitli out. audit of tlie finantial statements, our responsibility is to Itad the othei. information and, in doing so. consider wheth¢i' tlie oihei. infoiniatioii is matei'ially irtconsisient with the fjiiancial stateiiients or our knowledge obtaincd in the audit or oiherwise appeal's to be niaterially Iiiisslaied. If ive ideiilify such iiiatci'ial inconsistciicies oi. slaleii)eiits or a iiialerial Inis51ateiiienl of Il)e otlicr ii)foiiiiation. If, based oli the woi'li we liave pei'foiined, we conclude tliat tlieie is a material inisstateincnt of Èliis other information, we are Irquiird to repoil that fa¢t. We havc nothing lo repori in this regard. Page S
Butterfield Homes, Cottingley Indepenilent Audito) s Report to the Members of Butterfield Homes, Cottiiigley (continued) MAttei's on whieh we #re required to report by exeeptioii We liave noiliing to repoi'l in 1'¢5pect of the following matters in Irlation to wliich the C.haritics (Accoiints and RepDrlsl Regulat&ui)$ 2008 Irquii'e us to repoil to yoll if, in OUT opinion.. thc information given in ili¢ finaiicial stateinents is iiicoii.4istent in ajiy inatti'ial respe¢t with the boai'd report,. or sufficient accounting iEeords Ive not been kept. oi. the fjtiancial statements are iiot in a8iEement wi¢li tli¢ accountlll8 recoils,. oi. we hav¢ not Irceived all the infoiniatioii and explanations we Yequiye for our audit. In addition, w¢ have nothing to report iii respect of tlie following Inattei. where the Housing and Regenei3tion Act 2008 requiyes us to repoj't to you if, in our opinion.- a salisfaclojy system of ¢ontiNIl over ti?nsa¢tions lias not been mait]tained. Responsibilities of trustees A5 explained tiioir fully in the Statement of Responsibililies15et out oli page 41, tlie Irustees mcnibcrs Iivlio are also the tntstees of tlie as50ciatlOll for tlie purposes of cliarity lawl are JEsponsible foi. the pjrparation of the financial statements and foi. being satisfied that thcy givE a ti'ue and fail. view, and for su¢l) internal contlDI as the trustees detciminc is necessary to cnable the preparation (Jf financial statements that are free from material inisstateinellt, wlietlier due to fraud oi. erroj.. In preparing tlie finaticial stktejnenls, the trustces are respoiisible foi. assessing the association's ability to colltinue a5 a goiiig concei'n, disclasing, as applicable, niatteis I'elaled lo goiiig cojicerii and using tlie going concei'n basis of aecoiinting unless the trustees either intend to liquidate the association ol. lo cease upeixtions, or have no i'ealislic alterjiative but to do so. Auditor Resp¢Jnsibilitie5 fov the audit of the financial stAtenien(s l)ur abjectlVCS 2Te In obtain reasotiable assuiaiict about ivlieiher Il)e finan¢ial slatenients as a wliole are free from material IMis5tateineiit, wliether due lo fraud or error. and lo issue att audiloF'S ieport tliat intludes OLtr opiiiion. Reasunable assuraiicc is a Iiigl) level of assuI?iice, bui is not a guarantee tliat ali 211dit coiidu¢ted in accordaiice witl) ISAS (UK) will always det¢¢t a matei'ial tllisstatement when it exists. Mi isstatements Can ai'ise fiDm fraud or ei'ror and are consideied tjiaiei'ial if, individually or in the aggregate. tliey Could rcasanably be expected to influence the c¢onomi¢ decisions of iiser5 takeii oil tlie bas5 of these financial statements. Irregularities, including fraud, ar¢ instanccs of noii-eoniplian¢e ivith laws and regulatioiis. We desi) proceduirs in lilie with our reswnsibiltties, outlined above, to detect nialerial misstateineiits in re%pect of ilTegulai'ities, iiicluding fraud. Tlie extent lo which tsui. proceduies are capable of detecting iiyegularities, in¢luding fiaud is detailed below.. In planniiig aiid designiiig oui. audit tests, we identify and assess the I'i5ks of tiiaterEal tiiisstaiement wiiliin the fillwi¢ial stateineiits, whether due lo fraud or crror. Our asse%.4113ent of these risks intludes consideration of the iiatllie of the industry 2nd se¢toi', Ihe ¢ontrul eiiviiY)nment and ilie biisiness Ptrfoi'niaiice along with tlie iesiilts of our enquiries of tn2iiageiiienl, aboui Ilieir own ideiilification and as5es51nent of tlie ri8ks of ilTegularities. We are also iequired t peTfol7 specific procedures to respotsd to the risk of Iiianagenient override. Following this assessment we consTdered tlic oppurtiiRili¢s and inceiitives that Inay exisi within tlie entity for fraud and identified the giEatest poiential for fi'aud in evaluaiing the tangible assets. We also obiained ali understanding of the legal aiid regulatory fraii)eworks that the entity opei'ates in, thTough discu5sion5 Wltli Ii'ustees aiid oiljer Inaiiageiiienl, atid fiJ oui. eoJiimer¢ial kIiowledgc and experien¢¢ of the sector in wl)icli tlic cntity operates, to ciiable Js lo ideiittfy the key laws 2nd r¢gulati0115 applicable to Ihe eiitity. We focused on specific laws and regulations wliicli wc considcred tiiay liave a diitct niaterial effect oil Ilie finaiicial slatenieiils oi. tl)e ope12tlOllS of the entity, including tlie Housing and Regcnei?tion Act 2008, taxation legislRtion, data prote¢tiotl, anli-bribery, envii'onm¢nt#l and healtli and fety legislation. Page 6
Butterfield Homes, Cottingley Independent Auditor's Report to the Members of Butterfield Homes, Cottingley (contiilued) We then perfornied audit procedures afteT Consideration of Ilie above risk5 whi¢h included tlie following.. evaluatinb Ilie existence aiid valuation of the fixed assets. and evaluating tlie approprial¢iiess and Consistency of the deprecialion policies ai)plied. enquii'ing of inanageinent con¢erniiig actual and potential li¢igdtion and clainis., pei'foi'ining diialylical pixjccduies to identfy any unusual or unexpectcd relationships that niay indieate risks of matcrial mi&%tateiiient due to ft2ud., reviewing coi'respondet]ce with tlie charity's legal advisors., Iradin8 miiiute5 of meetings of those cliargcd with goveimance. and in addressing Ilie i'isk of fraud througli manageiiienl overi'ide of conti'ols, testing the appi'opriatencs5 of journal enti'ies aiid otliei. adjusiinejits, ussessiJJg whether Ilie jiidg¢menls niade in iiiaking accoiiiitifig estimates are indicative of a poteiitial bia5,' aiid evaluating tlie business rationale of any significant transactions that are unusual or outside tlie norinal course of bussne5S. All enga2eme]it leaim 11)enibei's were infornicd of tlie Irl¢vaAt laws artd tigulalions and potential fi?ud risks at thc planning stage and Irjninded lo reinain alert to any indications of fi'aiid or non-conipliancc with laws and regulations IliiDugliout the audit. -Flic enga8eiiient partner ensiired tliat tlic engagcniertt teain collectively had the appropi'iate coinpetence, capabilities and skills to identify such items. There are inherent litnitations in oui. audif procedures described above. The nitsi'e rli0Ved Iliat law5 aiid regulations are from financial ti?nsa¢lions, Il)e less lil(ely it is Iliat we would becoine aware of non-compliance. Auditing staiidllrds also liniit tlie audit piDceduirs Irquired to identify iian-coinpliance widi laws aiid i'egulatioiis lo enquiry of tlie ttvstees and oilier iiiaiiageiiieiit and the inspection of regulatory and legal COlTespoJidenc£. if ally. Material misstaiements that ai'i5c due to fi3ud can b¢ hardei. to detect than those tliat arise from error as they may involve deliberate ¢onceAlment or eollusion. A furiliei. descripÉion of Qui. resportsibilitie% is available on flie Financial Reporting Council's website at.. www.fr¢.org.uklauditorsrcsp0115ibilities. Thi% de.qcriptioii foriiis part of our auditor's rewi't. Use of report Tjiis repoTt is ii)ad¢ solely to tlje associatlOTI truste¢s in accordance with Part 4 of ihe Charities (Accounts and Repoyisl Regulatioiis 2008 at)d se¢tion 137 of dic Hou5iiig and Regei)eration Act 2008. Oui. audii work has been uiidertakeii so tl)at we might statc to the trustees il)ose n)atters we are requiied to state to tliem in an auditors, repoil 2nd foi. tio othei. puiyose. To tlie fullest extent perjiiiiied by law, we do nol accept or #ssiitiie responsibility to anyone other than tlie a5socia¢ioi) and its Irustces as a body. foi. oui. audil work, for tliis irpoit. oi. for tlie opiiiioiis we have fori))ed. aLAc Walson Biickle Limited Statutoiy Audiloi. & Cllarlcd Accountants Bradford Date.. 2910912025 Page 7
Butterfield Homes, Cottingley Statenjent of Comprehensive Income for the Year Ended 31 March 2025 (Including Ineome and Expenditure Account) 2025 2024 Note Turnover 27,141 26,826 Admiiiistrativc expenditUTe {31,9451 119,243) Opti'iting ¥ui'plusl{defieit) Tn¢ome froni fixed asset Investrnenls Inierest receivable aiid similar incoine Movements in fair value of financial insii'uments {4,804) J,416 926 2,130 7.583 3,129 782 1,714 Surylus for the yeAr 1,668 13,208 Tot#1 eonTrpi'eliensive ineome foi. the year 1,668 13,208 All of ilie Irgislered social liousing providei's a¢tivilies deTEve froni ¢ontiftuing operations during the above tsvo periods. The tJnan¢ial 51alemenls weie approved by the board and authoiised for issue Tru%tee ie note5 on paoes 12 to 17 fonn aTI integral pait of these financial 5tateiiienls. Page 8
Buttcrfield Hom, Cattingley Balance Sheet as at 31 March 202 2025 2024 Note Fixed assets T8ngible assets Invesimenis 237,873 85,214 205,853 80,009 323,087 285,862 Cui'reiit assets Debtor5 Cash ai bank and in hand 1.592 15.387 53,089 16,979 54,606 Creditors: Amouiits fRlling due wlthin one yeAr 15,094 4,710) Net ¢urrent Asset5 11.885 49,896 TotJ)18s8ets les5 elll'ytnt Ilabilities 334,972 335,758 Creditors: Ariiounts f911iiig diie after mort th211 aiie year 10 95,098) 198,1521 Net a55tt5 239,274 237,606 runils of the gssociAtioii: Re$ei'ves Incoine and expendiwre resetve Uni'cslrirted ievaluatsoll Ir5eive 227,560 11.714 228,022 9,584 Total resei'ves 239,274 237,606 The fitiancial statements were approved by the board and #uthorised for issue on by.. .&nd signcd theii. behalf TIw5 rrustee Tlie iiotes oli pages 12 10 17 fomi aii integTal part of tliese finaiicial stateii)ents, Page 9
Butterfield Homes, Cottingley Statement of Chaiiges in Reserves as at 31 March 2025 Inconie expenditui'e reserve RevaluAtio resei've Total At l April 2023 Sui'pliisl{deficitl foi. tl)e year Revaluation of investiments 228.022 1462) 9,584 237,606 (462) 2,130 1,668 239,274 2,130 2,130 TotAI compi'ohen$ive ineome At 3 1 Mai'ch 2024 1462) 227,560 nie not¢s on page5 12 to 17 foTm an siilegral pait of Iliese fiiiaiicial slatellieots. Pagc Id
Butterfield Homes, Cottingley Cash Flow StAtement for tlie Year Ended 31 Mai'ch 2025 Reconelliation of net loVe]ent in fiinds to net ¢Ash t]ow fi'om opei'Ating Activitles 2025 2024 Net income Investineiit incoine Depreciation (PIrItI11055 on revaluatioji of fixed asset inveslnient5 Intrease in debtors l)¢¢reas¢ in creditOTS 1,668 14,.342) 11,980 {2,1301 {751 12,070 13,208 7,810 {1,714} {19) Net casl) inflow 5,031 13.460 Cash flow ¥tatement 2025 2024 Net C2sh inflow from opei'ating aclivitles 5,031 13,460 Returns oil iDve¥lJiieiit.s and 5ei'vicing of fiijanee Intei¢st reccivable and similar illcome Other inconie froiii fixed asset investnients 926 3,416 782 3,129 4,342 3,911 Capital expeiiditui'e and finxncial iiivestment Piirchase of taiigible fixed assets PurC5Se of inves11entS 144.000) 13,075) 12,801 {47,075 2,801) {Deti'eAse)linei'eAse in casli in tht year R¢¢oiJcilialioii of net cAslJ flow to iiiov¢ment in net fund$ IDeLreasellincTease iii casli Net fullds ai l Api'il 2024 137.7021 14,570 (37,7021 14,570 53.089 38,519 Net funds at 31 March 2025 15,387 53,089 All of tlie cash flows are derived from ¢ontiniiing opeixtioiis during tlie above two periods. Tlie iiotes on pages 12 10 17 foijii an integral part of tliest fiiiaiicial %tateiiients. Page 11
Butterfield Homes, Cottingley Notes to the FinanciAI Statements for the Yeai. Ended 31 March 2025 l Accoiinting polities Geiiei'al info1latIOn The ¢haTIty 15 a IEgisiered social hoiising providei., registeird in Fngland and W21es C.liai'ity regislr21ioii iiuiiiber.. 226852 Regulator of Social Flousiiig I'egislra(ion nuii)bei': A3825 Almsliouse Associaii(In mernbeTsliip iiumbti.: 1353 The dddress of the registered office is.. 17 1-.ai'iidale Road Wilsdert Bradfoi BD15 OLW Bxsis of preparatioii And st#teinerit of compliance 'he finaiicial staten)enis liave been prepai'ed in accordance with applicable a¢¢ounting standards includiiig financial Reporting Standa1 l Q2, the Slaieii)eiit of Recoininended Practice for Social Housing Providers 2018. and with tlie Aecouniing Direction for private registered provideiB of social housing iii England 2019. The financial stateinents are also pjepared under the requiirnicjits of th¢ Housing and Regeneration Act 2008. Tlie financial statements Iiave been prepared oh a going concern basis under the liistori¢al cost conventiott, Inodifjed to include certain items at faij. vallle. The Irgistered social hou5iiig provider constitutes a public benefit eniity as defined by FRSIO2. The significant a¢coLinting policie% applied iii tlic PlEparation of these financial stateillents are sel out below. These policies liave been cun5jStently applied to all ycars pre8ented unless Otherwise s(ated. Tlie ¢liarity's fiinclional aiid i)Irseiita(ioJi currency is pounds sterliDg. Signtficgnt judgements gnd estimates Pi'eparation oftli¢ financial siaternents requires Inanagllent to tnake significant judgeinents aild estiinates. The items in tli¢ finaricial 5tatenienls where these judgeiiients and estin)ates have been made iiiclud¢'. Dept'eciatioii Maiiagement review its e8tim8tes of the iiseft]I livcs of die depirciable asseis at eacli reporttng date. However. by tlieir natui'e con)p)ttent life cannot be detcrinined willi absolute certaiTIty. Tui'ijover Turnovei. iepresenls weekly IMaiiit¢iiance charge receivable, including water rates in the year iiet of losses froni voids, and aniortisalion of government graiits. Social Housin% GFglIt Social Hoiising Gyant ISHCI) is receivable froiii Ilie l-lomies and Coijiiiiunilies Agency Btjd is utilised to reduce tlie ¢apitr41 costs of housing PTopertlC5. Tlie SHCJ is recogni5ed in inconie oil a Systematic basis over Ilie expected useful econoiiiic life of tlie properties.
Ilutterfield Homes, Cottingley Notes to the Financial Stateincnts for tlie Year Ended 31 March 2025 (contiiiued) Inve8tment iiicome Inconie is eai'jied froni holding fixed assets for investnient purpose5 and is re¢ognised when receivable and the aiiiount ali be IneasuiEd by tlie cliarity. Inteiest on fui)ds Iield on deposit is in¢luded wlien iyeeivable and ilie ainouiil call be iiieasured by tlie charity. IrretoverAble V AT Irreeoverable VA T is cliai'ged agaijist the category of resources expended for wliich it was incurred. Taxition The iegistcred social housing pi'ovider is ¢onsidered to pass tlie tests set out in Paragrapli I Seliedule 6 of ilie Finallce Act 2010 and IlieiEfoi'e it meets Ilje defjiiition of a tliarilablc coinpany foi. Ut< ¢orpoi21ion tax pui'poses. Accordingly. tl)e Chai'ity is potentially exenipt froin taxation in rcspe¢t of in¢oine oi. capital gains received within cate¥uries covered by Cliapter 3 Pail I l ot'iSie Corporatioii Tax Act 2010 or Section 256 of tlie TLYation of Chargeable Gains Act 1992, to tl)c cxietit that such income o¥ gains arc applied ex¢lusively to cliaritable pui'poses. Tangible fixed 95sets raiigiblc fixed assels (including social housing properties) are slated at cost oi. deemed cost less accuDiulated depreciation and a¢¢uniulated iinpaim)en¢ lusses. Cost iiiclud¢s ¢osls directly attributable ta making Ilie as5Ct capable of operatiijg as intended su¢li as Ilie cost of acquiring land aiid building5, developnieiits costs. interest ehargcs on loans during t]ie developmenl P¢Tiod and expendituie on iinprovements. I,.'xpendituYe on improvctnents of more than £500 will only be tapilalised wlien it results in inciEiiienlal future benefits such as iiicre2siii£ rental iiicome, redllci118 maintenance costs oi. resulting in a significant cxtension of the useful e¢onoinic life of tl)e propeity. Depreciation is pi'ovided on tangib5¢ fixed assets so tts to write off the c05t oi. valuation, less any esliii)aled residual valu¢, over thcir cxpected useful economic life as follows.. Asset tIsS P12nt ld equipmei)t Propeilies Dooi's and windaws Kitcl)ens Bathroom Boilei Deprtoiation mttlioil rate IOO/o Straight line bast 50 years 30 yeai 2Q years 25 yeais 15 yeai's 25 yeats Major coiiiprjnenls ol. liousitig propeitie% liave been accounted for and depreciated separately finI the connected l)uusiiig propeily, OVEr tliEii' expected u%efiil ¢cai)oiiiic lives. 'I'lie costs of replaciiig (liese ¢oi)Iponents are capitali5ed in full. Tlie costs of partially replacing or rcpairing rliese components al'e charged to the compiEhensive inconie. Investnieiils gre i'eeogiiised iiiitially at fair value wlii¢h is noi'inally tlie transa¢rion pi'ice cxcludiiig iTansa¢tion costs. Subseqiieiilly, Iliey al'e nieasiii'ed at fair valiie thi'ough tlie stateineni of cojiiprehensive in¢oine if the shal'es are publi¢ly tradcd oi. tlieii. fair value ¢an othcrwise be t)ieasurcd I'cliably. Other invesijnejits air mcasufed dl cosi less iinpairrnent. I lie Irgislered .social liousin8 provider oiily lias finaiicial liabilities of a kind thal qualify as basic finaiicial instrumetils. Bdsic financial in5tiuiMents are initially I'ecognised at tr15ctiOn value and subsequeiitly measured at tl)eii' settleni¢llt value. Page 13
ButteYfJeld Homes, Cot¢inglcy Notes to the Financial Statements for tlle Year Eilded 31 Maiyh 2025 (continued) Debtors Debloi's are recognised initially wheji tliey become due tit the transa¢tion price. Tliey 8re subsequeiitly measured at amoitised cost usijig tlie effective iiilerest J?ie metliod, less provision for iinpairment. A provision for iiiipairment of debtors is establislied wlien Ihcre is tsbj¢¢tive evideiice didt ttie chai'ity will noi be able to collect all anioLints due accordiiig to the oi'iginal tcrn)s of tlie debtors. CNsh eAsli equiv#leii¢s Casli artd casli eqiiivaleiils coiiiprise ¢a5h on hand and call deposits, and other shoil-term higlily liqiiid investientS that are ieadily convertible to a known aimount of casli and are subject to an insignificant risk of cliange in valuc. Credltors Creditoi£ ale obligalioijs to pay for goods and s¢iwi¢es tliat liave been acquired by tlic cliarity. CreditOTS aiE init1211y ie¢ognised at die transaction price and subsequently Jne&SiEd at aimoitised c05t using the effeciive intcrest metliod. 2 Soci&l housln2 tui'nover gild oosts 2025 2024 Turnover Rents receivable Oth. incoine 24,587 100 24,322 50 Aillortised social housing ant Turnover from social hollsing lettlngs AdminÉstrativ¢ ¢xpenditui'e Management Service cliai'ge costs Roiitine niaintenaiiee Depreczation of liuusing propejties 2.454 2,454 27,141 26,826 (8,3911 {6141 (10,960) 11,980 (5.6371 17941 (5.002) 17,8101 131,945) {19,24.3 OperRting 8uYpIu5 social hoiising letting$ 7,583 Void losses 4,433 4,080 3 AceoininodAtion 0£d and iii illAnAgemeiit Nuinber of uiilts at Numhti. of unit5 l Api'il 2024 31 MAJ'cli 2025 Housillg aceonimodalion Pa8e 14
Butterfield Homes, Cottiilgley Notes to the Financial Statemei)ts for the Year Ended 31 March 2025 (eolltinued) 4 Suyplus on 01.dinii'y gctLVlties is stxted 2ftet' chai'giDgl{cJ'editingl: 202S 2024 Audit fe¢s Audit of Ilie financial stateillents Deijiiciation of fr¢eliold i)ropcrty Depieci2tEoJi of fixtut'eg and fiitings Ainoilisation of government graiits 715 7,175 4,805 {2,454) 785 7,175 635 12,454) 5 Boivd an(1 key niAnagernent personnel t'emuner#tion and expeiise5 No board or key nianageinent pei'sonnel ettiiei. i'eceived or waived any reimuneration during the yeai.. 6 Taiigtble fixed assels Land And buildÈngs Fixtiji'es fittings TotAI Cost At l April 2024 Additions 274,586 49.317 44,000 323,903 44.000 At 31 N42reh 2025 274,586 93,317 367,903 Depiecixtioij At l April 2024 ChaiEe for ihe year 69,595 7,175 48,455 4,805 118.050 11,980 At 31 Mairli 2025 76.770 53.260 130.030 Ne¢ book value At 31 MaY¢h 2025 197,816 40.057 237.873 At 31 Mairh 2024 204,99 862 205,853 Pagc 15
Butterfield Homes, Cottingley Notes to tlie FinanciAI Statements for the Year Ended 31 March 2025 (contiiiued) 7 fiixed Asset investinents 2020 2024 Listed IvtMentS 85,214 80,009 Listed iiiveslinents List¢d investments Tot91 V Alu&tion At l April 2024 Revaluation Additions 80.009 2,130 3,075 80,009 2,130 3,075 Ai 31 M2rth 2025 85.214 Cgrrytrbg amouiit At 31 Mai'cli 2025 85,214 85,214 At 31 MaY¢h 2024 80,009 80,009 The fair valuc of listed iiivestnient% is dcie¥niiiied by reference ¢0 the quoled price foT idetilie81 assets in an active Inai'ket at tlie balance sheet datc. Hi.stoi'i¢al ¢05ts of inveslnient5 are £73,50212024 £70,426). 8 Debtor$ 2025 2024 Prepaynients Other debtors 1,210 382 382 1,592 1,517 9 Cteditors.. Amouiit5 falling due withiji orte year 2025 2024 Grant5 ACealS 2,454 2,640 2,454 2,256 5,094 4,710 Page 16
Butterfield Homes, Cottingley Notes to tlie fi inancial Statements for the Year Ei nded 31 March 2025 (continued) 10 Ci'editoi's.. Aiiiounts falliiig due aftei. one yeAr 2025 2024 Grant 95.698 98,152 Tlic arttl are repayabl¢ if tlie pi'opei'ties 8rc sold. Social Housin8 Gi'ant tolallEng £122,692 has been received. Tl)is will be repaEd if the propeilies are sold. The gucial Housing Grant is being IEcogiiised in &Jicoine on a sysleiiiatic basis ovei. tlie expeeted useful life of Ilie sti'iictiire 150 yeaiE). I l Reserves a) Incoine And expendÉttire reserve The incoiiie and expeiiditure ieserve repTe5eiit5 the cumulative surplus and deft¢it% net of other adjustiiients. b) RevAluation reserve The revaluation I'eserve represents tlie cuii)ulate effect of revaluations of tlie fixed assets invesinients. 12 Related party transactlO115 Butttrfield Homes, Wllsdeji Icoilliiion Irustee5) Duriiig Ilie yeaT tlieie lias b¢eD 110 ti'ansa¢lions witli Buttei.fi¢ld 14omes, Wilsden. At tlic balaiice Sheet date the amount due fiY)ni Biitterfield Homcs. Wilsden wa% £277 {2024- £2771. Butterfield Horne5, Cros511ills At tlie balaiice slieet date (lie ainount due froiii Ejutterfield Floiiies, CIDsslitlls was £105 {2024- £1051. The above amounts are inieresi free. Pag¢ 17