Chai'ity regisiralion nuniber.. 226853 Regulator of Social Housing i'eiTislI'alion iiuniber.. A3163 Alii)sliouse Association iiieiiJbei's1iip nuinbcr.. 1355 Butterfield Homes, Crosshills Aiinual Report and Financial Stateinents for ¢l)e Year Ended 31 Marcli 2023
Butterfield Homes, Crossliills Cojiteiits (¢ontii)ued) Board Report I to3 Indcpendent AudittslE' Repoit 4t06 Statement of Compreh¢Jisive Iiieoine Balance Slieet Statejil7t of Changes in Reseives C&8h Flow Statement 10 Notes to Ilie Firtancial Sialetiietits I I to 16
Butterfield Homes, Crosshills Board Report The trustees i)resent the annual report together with tlie fsjiaiicial s(atenienls of tlie association foi. the year ended 31 Mareli 2023. Structure* governaiice and nianAgetnent Tlie chai'ity 1$ regulated by a De¢laratioii of Trust dated 7 JAnuary 1932 and a Sclienie daied 26 February 1986. The Itvstee% hcld foul. nieeiings duiing ihe year and remain the owne&'s of six dwellings at Main Stieet, C.TOSShills. Keigliley BD20 8SL. Mark Silver was again re-elecled for ilie year as Cliati. iii Februaiy 2022. Amy Booili and Siinon Watts resigned as li'ustees during the yeai. but Reverend h4ike GIEen was appointed reducing the number of triistees lo All iJew Irustees are given ati iiitix>duction to the woili of the Irust by existing tiwstees aiid ale a150 plVided ivitli Cliarity C.oiJ)mission piiblication CC3 'Thc Esset]tial Truste¢. wliat yoii need to kjiow, and the Cliai'ity Governance Code. A iiew Clerk, Sandra Haigli, was appoilited in June 2022 but rcsigiied at the cnd of June 2023. Another clerk is ¢urrently being 50ugh¢. Tl)e tl'LlStees continued witli their p¥ogrartime of improveinenÉ and IModeJ't]i5alion of the Alinsliouses by iipgiading units whet) appropi'iate. There were variou5 significant IEpai1s to 1Sie buildings alld bouiidai'y railings dui'iiig the year. Trustee5 and officei's Mie Irllstees aiid offjcers seiving during tl)e year aiid since tl)e year end weir as follows.. Ti'ustees.. Mr Mayk Silver {Cliair) Mrs Aiiiy Bootli {resigned 6 Septenibei. 2022) Mr Alben Pratt Mr Sinion Watts (iysigiied 6 January 20231 Mr Ali5tair Docherty Mr Peter Earp Mi's Helen Pliilips Revereiid Michael Green (appoint¢d 9 February 20231 Obje¢tives arhd aetivlties Tlie tiwstees reii)ain coiiiinitted to tlieir aiiii of providing a liigh standard of aeconiinodation and comfort al ali affoi'dable iveekly coiili'ibuiion (£91 per week fi'oiii Api'il 2019) aiid to eoillpeie willi oilier social housing pi'ovideis 111 siipplyingj conipai'able Jnodein fa¢ililies foi. tlieii. iesidents at a lowel. weekly ¢ost. Decisions aiE Inade by tlie tr115t¢es on a Inajority basis wilh tlie Cliair liaviiig a castitig vote in Ilie eveiit of a tied vote. For their to be a quoi'iiiii Ilie iiuimbei. of Iiiis¢ecs prescnt should be foul. alld all Ineetiiigs iti tlie year were quoi?te. Tl)¢ trustees contiiiue to liaise witli Ilie Ix)¢al Auiliority serviee departtiieiits. the Alnisliouse Associatiot), Ihe Hoiiie and Coiiiii)uiiiiies Agency aiid tlie VOA wlio liave replaccd tlie Relit Seivice foi. tlie pui'pose of assessiiig tlie weekly n)ainlenance ¢riniiibiition. The VOA reas%e%sed the WMC. at £108 p¢i' week in Febj'iiaiy 2019. Tlie ti'iislees air keenly w81'c of tlie need to ensuiE a W#Tlt), safe, and cornfui1able elivi1lileIit foi. tlie residents uiider the Deceiil Hoimes Standards aiid will continue to Inake iinprovements wliicli eiiliaiice eiiei'gy saviiig and liclp to ¥educc resid¢iits' heating costs. Page I
Butterfield Homes, Crosshills Board Report (continued) Publle beiiefil The Trustees pay due regard to tlie charity comniission guidance on PuL)li¢ Beiiefit and believe that the provision to sotial liousing wiihit) the local cotjimunily conforms ivith tlieir guidance. Value foi. Inoiiey The trustees ar¢ mindlul of the tjeed io obtain value for nioney in all transactions entered ijito oil belialf of the Charity. When majoi. works air undertaken a conipeiitive Eeiidei. is carried out. the charity Irgulai'ly reviews its invcstnieiils to eiisur¢ they still acliievt a good i?le of relurn. FinanciAI I'eview The trustees are pleased to report a surplu5 foi. the year of £l1.496 12022 £31.410}. The figures havc been adversely affected by increased adiii(nisli?live expenses, Inaithly clerks fees, property repairs and a fall in tlie value of tlie Pollejy oil r¥serves Tlie Trustee5 have Irviewed tl)e Cliai'ity's needs foi. tlie reserves in line ivith tlie guidance issued by tlie Cliai'ity Coii)mission and considet it prudent that ie5¢1v¢s slioiild be sufticient to avoid Ihe necessity to realise fixed assets. Tjie Trust¢es are ¢oiifident that future income will enable tlie Ch2rity to tneet its foreseeable need$ on ihe basis of platined expenditure. Tlie level of re5erve% at 31 Marcli 2023 was £243.11] {2022- £230,588). Aft¢i' taking into consideration the amount (lie alOi1t tEed Up in ffixed assets and Ilje assocfated grant wliicli is being ainoilised over the life of the assets the aii)oiint available in free reserves at tlie year end was £193,506. 'rhe inlemal ¢onlrols ofihe cliarity aTe revieived aiid iiionitored aniiually. A new major Tisk lias beeii eiicounleird by tlie Chai'ity in tlie foriij of ilie CoiDnavirus pandei)iic. To date tliis Ilas liad no iiiaterial effcct oil tlie in¢oiiie of tlie cliai'ity as all tlie properties r¢niain occupied atid Ilie ienls have been collected by standiiig ordei.. Tlie investment income has not been iijaterially I'educed on accouiit of tlie paiideii)ir and it has be¢oine easiei. over ihe period to oi'ganise repairs to tli¢ properties. Page 2
Butterfield Homes, Crosshills Board Report (continued) Statement of BoAI'ds RespoiisSbilities The Board is responsibl¢ for prepariiig the Report aiid Ilie fillathcial statemeiits iii accordance with the applscable law aiid regulations. The re8lStered social Iiousing legislation reqiiii'¢ the Board to piepai'e finaneial statettlents for eacli financial year wht¢h give a truc and fair view of tlie s18te of affai13 of the association ajid of ils iiicoiiie aiid expeiiditure foi. that period. In preparing tliese financial statrmejits, Ilie Board is required 10: selcet suitible accountiiig policie5 aiid tlieii apply tliem consisieiiily. niake judgements and estimates tliat are ieasoiiable and prudent; state wlietlie¥ applicable accounting standai'ds have been follomed, subject to any material departures disclosed aiid explained ill ihe finan¢ial slaleinettts. aiid i)repair Ilie fi8¢7a1 5tatemenis on the going conceri) basis unless it ss inappropriate to presuit)e tliaL tlie association will conliniie in business. The Board is responsible foi. keeping proper actouiiling ircoi'ds tliat disclose witli reasonftble a¢cui2ey at any lin)e Ihe fiiian¢ial posilioii of tlie associalioii and enable Ilieit) io ensure that tlie financial statciiients coinply wthtl) Ilie Housit)g aiid Regeiieiaiion Aet 2008 aiid tlie A¢¢ouiiiing Dii'ection foi. pi'ivate rcgisteied piDvid¢rs of social l)ousing iii England 2022. It118s genei'al i'esponsibility for taking ieasonable steps ÉO 5afegiiai'd ilie assets of ihe association and to prevent and d¢te¢t fraud and other irregularities. Tlie ti'ustees are respoiisible for tl)e niainteiiatice aiid integi'ity of the corpoi'ate aiid finan¢ial inforiiialion iii¢luded oji tlie c112ritable coiiiparty's website. Le8i51ation goveniing the preparation and disseinirtation of finallcial stalenienls iiiay Approved by Ilie Board on 8 January 2024 arid signed on its behalf by.. Mi. Alistai Ti'ustee herty Pa8e 3
Butterfield Homes, Crossliills Independent Auditor's Report to the Members of Butterfield Homes, Crosshills Opinio We liavc audited the financial siatements of Butlerfield Homes, Crosshills (tlie 'association') for the year cnded 3 Marcli 2023, wliicli coniprise tl)e Stateinent of C.omprelieJisJv¢ Incojiie, Balance Slieet. and Notes to the Fin8n¢ial Sialeinenis, ijiclllding a suininaiy of significant accounting policies. The finai)cial Irpoi'ting fraimewoj'k t1( lias beeii api)lied iii Ilieir prepai'ation is applicable law aiid United Kingdoni Accounting Siandai'ds, in¢ludiiig Fijiancial Reporting Standai'd 102 Tlie Fiiiai)cial Reportiiig Standard applicable in the UK and Republic of Ireland Iuitriled Kiiigydon? Gciierally Accepted Accounting Pi'aclice). In our opinion the fijiancial statements.. giv¢ a true aiid fair view of tlie slate of the association's affairs as at 31 Mar¢li 2023 8nd of its incoining resoui¢es and application of resources, iiicludittg 115 incoine and expenditure, for tlie yeai. tliet) ended,. IIBve beeii properly prepaird it] accordance with United Kiiigdoni Geneially Accepted Accounliiig Practice. and Iiave been prepaTed in 2ccordan¢e witli tlie requirenienis of th¢ Cliai'ities Act 201 I, Ilie Housing and Regeneiztion Act 2008 and tlie Accounting Dii'cctioii for private registered pi'ovide¥5 of social liousing in England 2019. BAsis for opinion We CondCted oui. audit in a¢¢oi-dance willi li)teriiational Staiidards on Auditing IINKI IISAS {UK)l and applicable law. Oui. responsibilities uiidei. tliose siaijdai'ds are fuitlier des¢i'ibed in tl)e auditoi. iespoiisibililies foi. tlie audit of tlie fin2ncial statcinenls sectioii of our Ipol.1. We al'e independent of tlie association in a¢¢ordan¢e witli tl)e ethical r¢quireinents that are relevant to our audit of the financial 51aleinenls in tlie UK. including Ihe FRC'S Etl)i¢al Standard, aiid we liave fulfilled our othei. eilii¢al re5poiisibililies its accordaiite with these requiieittenis. We be1¢ve tliat the 2udit evidence ive have obtained is sufficient 2nd appropriate to provide a basis for oui. qualified opinion. Conelusions relitirtg to goiiig conttrn Iii auditing the fiijaneial staienieiils, we liave concluded that ilie trustecs use of the goiiig conceni basis of accounting iii tlie pyepaiation of tlie financial 5taleinenls is appiopriate. Based Oll the wojk wc have performed. we have not ideiitifjed any Inaterial uncertainties relatijig to ¢venis or conditions tliat, iiidividually or colle¢lively. Inay cast significant doubt on the associalioii's ability lo coÈitinue as a goillg con¢ern for a peiiod of ai least iwelve monilis froiii i¥heii the original financial staleiiJeJit* were auiliorised fo¥ issue. Oui. responsibilities and th¢ responsibilities of tlie trust¢¢5 Wltlj respect to goÈt]8 concern ale described in the IElevant sections ortliis report. Other infoi'mgtio Tlie ti'uslee5 are Irsponsible for tlie otlier inftsimiation. Tlie otl)eY inforination comprises tlic iiifoimialioii included in Ilie annual iepoil, oihei- than tlie financial stat¢Jiieiils and our aiiditor's ieport thei'con. Oiir opinion on tl)e financial statenieiits does not covei. the oiliei. inforimatioii aiid, ex¢¢pt to (lie ex¢enl otliei'wi5e explicitly stated in our report, we do not express aiiy foi'm ofassuianee conclusioii IlieiEan. In ¢ohneclioii willi oui. audit of Ilie finaiicial siateinents, our responsibility is lo read the otliei. infoTination aiid, in doing so, considei. whetlier the otliei. inforiiiation is Inaleiially iThconsisteni with the financial statemenls or oiii. kiiowled8e obtaiiicd iii tlie audit oi. otli¢rwise appeal's to be niatei'ially JiiisstJted. If we idet)tify SULli iiiatcrial inconsistciicies or appaient inaiei-ial misslatemenls, we ale requiiEd lo deteriniiie wlietlier Iliere is 2 niateKial 1rt15StateJJietJi in the fiiiaiicial slaleiiietits oi. a Inalerial tnisstatement of the otlier iiiforniaiion. If. based oil ilic work we liave rformed. ive coiiclude tliat Iliere is a iiialerial iiiisstaiement of tliis oiliei. inforjiiation, we al'e iequired fo i'epoit Iliat fact. We have notliiiig to iepoit Ili Iliis I'egaTd. Page 4
Butterfield Homes, Crosshills Independent Auditor's Report to the Members of Butterfield Homes, Crosshills (contiiiued) Mgttei's oil ivliich we are required to repoi't by exception We liave noiliing to repoil in respecl of tlie following niattei'5 in relatioji to which the Charities (Accounts aiid Reports) Regulations 2008 requiJE U5 to report to you if, in our opinion.. Ilie infoi'mation given in ilie finaneial statements Es ineonsisteiii in any material respect witii tlie board report; oj. gutyicient accounting records liave rhot ert kept. or the fiii8ncial statements ale not in agreeiiient witli tlic accounting records; oi. we liave not received all tlie inforinalion and explanatioiis we requiie for our Audit. In addition, we liave notliit]g to report in iespeci of tlie following mattel. wliere the Housing and Regeiieixtion Att 2008 requiitS US to report to you if, in oui. opinion.. a satisfactory syslein of control over transaclions has not been tnaintained. Ruponsibilities of tyustees As explained Inoi'e fLilly in tl)e Statement of Responsibiliiies (set out 011 page 2 and 2}, the trustees Ineinbcrs Iwlio are also Ilie Iruslees ()f the association foi. the pui'poses (Jf Charity lawl are responsÉble foi. tlie prepai'aiion of the fit)ancial slatenieiits and for l)eing saiisfied tliat they give a Iiue aiid fair view, and for sucli internal control as ilie ti'ustees detemiine is nece5saiy to enable tl)e preparation of financial siateiiienls rIl are free froin Jiiaierial 11)isstaletiieJil, wlietlier due io fiaud or errol.. In preyaring tlie fiiiai)cial statements, the Ii'ustees are responsible for assessiiig the association's ability to wniiiiue as a going concern, disc105in s applicable, niatters related to going concern and using tlie IToiJig concern basis of accourtiing uiiless tlie trustees eitlier iiiiend ro liquidate tlie a5SOCliltion or to c¢ase operalions, or have no realisti¢ altcrllative but to do so. Auditoi. Re5poiisibilities for the audit of the financifil stitements Our objective5 ale to obiaiii i'easoiiable assurdnce about wliethei. the financial statements as a wliole are fre¢ from mal¢rial ii)isstateinent, whellier due to fraud oi. error. and to issue an auditoj s report tliat includes our opinion. Reasonable ossurance is a hig]i level of assurai)¢e, but is not a guarantee tliat an adit eoiiducled in accoi'daiicc with ISAS (UK) will always detect a t))atei'ial niisstaienient when it exists. Mi5Stateiii¢nts ¢an arise froin fi'aiid oi. ei'ror and are conSdel,¢d material if, it]dividually or iji Ilie aggiegate, they collld i'easonably be expected to influeiice tlie ecoiioiiiic d¢cisions of users taken on Ilie basis of these financial 5tateii)ents. In plathiisng and designiiig our audit tests. we ideiitify and assess the I'isks of Inaierial misstatetnetjl withiii tlie fitiaiicial statenients. wlidlier due to fraud or ei'ror. OUT assessnient OF t]iese risks illcliides consideration of ilie naiiire of ilie indiisiiy ld secto¥, tlie ¢oiitrol eiiviiDnmenl and ihe busine55 perfoj'inance aloii8 WLth Ilie results of our enquiries of Inanagejneiil, about tlieii. owr) iderttificalion and assessiiieiil of the I'isks of irreglarities. We are also iequired to perforrn specifjc piDceduirs to re8poiid to the risk o(maMagemeiit OVelTide. Following this a%sessmeiit we considei'cd tlic OPPOTtuiiitEes aiid iii¢entives tliat tnay exist witliiii (lie eiitiiy foi. frad and 'dentified the greatest potential for fraud in ¢valuatiiig die tangTibl¢ assets. We also obtained ali undei'staiidiiig of tlie legal and regulatory franiewoTk5 that the et)tity op¢ixLes in, through discussioiis witli tiusiees and oiliei. rnanageiiicnt, aiid frtsn) our coi)iiiiercial knowledge and expei'ie¢)ce of the sector iii wliicli ilie eiitily operate%, ¢0 eiiable us io ideiilify tlic key laws and iegulatioiis applicable to tlie entity. We fo¢used oi) spe¢ifi¢ laws and Irgulations wliicli we consideiEd i?iay liave a direcl i)iarer&al effect ot) the rJ1claI sta¢ements o¥ Ilie operations af Ilic cnlity. incliiding the Hoiising and Regeneration Act 2008, taxation legislation, dala piDtKtiort, aiiti-bribery, env&ronineiital aiid liealtli aiid safety leg>islatton. Page S
Butterfield Homes, Croh11]S Independent Auditoi s Report to the Members of Butterfield Homes, Crosshi118 (continued) We tlien peiloi'nied audit procedures after ¢ollsideratioii of Ilie aknve visk5 wliicl) included ilie followiiig.. evaluatijig the existence and valuation of the fixed assets, aiid evaluating the appropriateness and ¢onsislency of the deprecialion p()li¢ies applied., enquiring of tnan2geinent conce1Ing actual and potenti&l litigatioii aiid claiJi)s', perforiiiiiig analytical procedlli'es io ideiitify ]Y unusual oi. unexpected r¢latioi)sliips that niay indicate I'isks of Inaterial iiiis5tatenient due to fraud., reviewing Correspondence wtth the charity's legal advisors; readiiiu iiiinutes of tneetings of those cliai'ged witl) goveriiai)ce' aiid in addressing tlie risk of f12ud throiigli nianagement override of coiitrols, tcsling Ui¢ appi'opi'iateness of juuriial enirie5 and othei adjuslineiits, assessing whether the judgemeiits made in Inaking accountin8 estimates are ijidicative of a polential bias,. aiid evalua¢iiig the busiiiess 13tioiiale of any sTrgnificaiit transactions that are unusiial OT outside tlie iiormal course ofbusiiiess. All eiigagemenl teajn members were infoiiiied of the relevant laws and regulations and potential fraud r&5ks at the plaTiiiing stage and iemiiided to ieiiiaiji alert ro aiiy indicalions of fraud or noii-compliaiice witli law.% amd regulations Ihrouglioiit the audit. The ¢ngageJiienl paitner eiisured (liat Ilie engagement teain collectively had the api)ropi'iate competence, capabiliries and skills lo idelitify 5ucli ilen?s. There are iiih¢i'eiit limitatioi)S 12) our audii piu¢eduL'e5 dc5cribed above. The niore reinoved that laws aiid regulatiojis are frojn fjnaticial ¢13nsactions. the less likely it is that we would he¢oine aware of noii-coinpliaiice. Audititig slandai'ds also liniit the audil procedures Irquii'ed lo identify non-compliaiice witli laws and regulations to enquiry of the ti'ustecs and otli¢r niat)ageiii¢nt aiid the inspectton of regulatory and le8al correspot)dence, if at)y. Matei'ial Inisstateii)ents tliat a)'ise due to fraud Can be harder to detect than tliose that arise from error &8 they may nvolve deliberaie coticealineiit or collusion. A fuitl)er desci'iption of our respoiisibilities is available on the Filigncial Reporting Council's ivebsite at-. wwiv.frc.org.uklauditorsresponsibilities. Tliis des¢riptioii forms part of our auditor's repoi't. Use of report Tliis repoit is iade solely lo the associatiott Iru5te¢s iii accoilance witl) Part 4 of tlie Cliarilies (Accounts aiid Reports) R[allOnS 2008 and Section 137 of the Housing aiid Regener4tton Act 2008. Oiir audit work has been undertaken so tliat we Imiglit state to the trusiees those Inatters we a Yeqiiiitd to state to Iliem iii ali auditojs, IEpoJt and for iio otlier purpose. To tl)e fulles( ext¢nt permitted by law, we do not accept or assume respoiisibility to anyone oilier tliaii the association and ils trustees as a body. foi. oui. audit work, foi. thi5 rcport, or foi. the opinions we hav¢ fomied. Waisoii Buckle LiinEt¢d Statuioiy Auditoi. Bizdfoi'd 8 Januaiy 2024 Page 6
Butterfield Homes, Crosshills Statement of Compreheiisive liieome for the Year Ended 31 March 2023 (Including Income and Expenditure Aecount) 2023 2022 Note Turnover 31,921 31,986 Administrative cxpehdittjre 122,3371 13,1691 Opergting 5uI'plusl{deficlt) Incotne fi'oiii fixed asset investnienls Interest ieceivable aiid similar ineonie oveinenis in fair value of financial in5¢riinients 9,5È4 5.727 179 13,9941 18.817 3,653 10 8,9.30 Sui'pluslldefieit) foi. the yefir Total eomprehen$ive income foi. the ye3v 11,496 31.410 11,496 31,410 All of tlie regisiered so¢ial liollsing providels activities derive froni continuirtg operations during the above two period5. The financial siatement5 were approved by tlie board and authtsi'ised for issue on 8 January 2024 and signed on tlieir belialf by, Trustee Trusi¢e Tlie notes on pages I I to 16 forii) an int¢wal part oftliese fiJiallciAI slatejiienis. Pa8e 7
Butterfield Homes, Crossllills Balanee Sheet as at 31 March 2023 2023 2022 Not¢ Flxed gissets Tangible assets Iiiveslments 196,458 157.700 193.969 156.847 354.158 350,816 CurreRt assets DebtOL'5 Cash and sliorl-teri dep051t5 2,872 34,755 2,412 30,889 37,627 33,301 Creditor5: Ainounts fallSng due wlthiii one year Net curi'ent 115sets 5,342) 15,649 32,285 27,052 TDtAI asstt$ less cui'reiit lial)ilities 386,443 378,468 Cieditoi's: Amounts fAlling due gftei. moi thali oiie year Net #ssets 10 {144,3591 (147.8801 242,084 230,588 Fund% (bf the ehai'ity: liicotjie and expenditure r¢serve Unreslri¢tcd I'evalua(ioii reserve 203,433 38,651 187.943 42,()45 Total funds 242,084 230,588 The financial statemenis wei'e approved by the board and aulhorised for issue on 8 Januaiy 2024 and signed on theii. belialf by.. Trustce Ti'usLee Tlie notes on pages I I to 16 forin an integral pai'l of Iliese financial statetnents. Poge 8
Buttei'field Homes, Crosshills Statement of Chaiiges in RerVeS 48 at 31 March 2023 Income an expenditui'e r¢serve RevAlu#tion reserve To(Al At l Apiil 21112 suivlu{defI¢ltI foi. tlie year Revaliiation of investin¢nts 187,943 15,490 42,645 230,588 15.490 13.9941 11,496 242,og4 {3,9941 {3.9941 38,651 TDt#l eompi'ehensive incorne At 3 I MArcli 2023 15,490 203,433 'riie notes on pages 1 I to 16 forn) an integial part ofthe5e ftnancial slateinen¢s. Page 9
Butterfield Homes, Cros5hills Cash Flow Statement for the Year Ended 31 March 2023 ReeoneillAtion of net MoveMlt Itb fund5 to net cgsh flow from opei'ating Activities 2023 2022 Net income Investiii¢nt income DepirciatLOII (Profit) Iloss on ievaluaiion of fixed asset investittents Increase in deb(ors Decrease Eji ¢r¢ditoi's 11,496 {S,9061 5,485 3,994 {460) 13,828) 31.410 (3,663 5,166 18,9301 1591 13,2271 Net casli inflow 10,781 20,697 Cgsh flow statement 2023 2022 Net cash inflow from operatsn8 aclivtties 10,781 20,697 Returns oil iiive$tm¢nls and servicing (bf finance Inteirst receivable and similar inconie Otlier income from fjxed asset iiivestments 179 5,727 10 3,653 3,663 5,906 Capital expendituie Hrid finAncixl Investment Puicliase of tangible fixed assets Purch&se of investmeiits 17.9741 4,847 12,8211 {42,823 42.823) Inci'eAsel(decveAse) in ca$li iv the yeAI' 3,866 (18,463) Recot)ciliAtion of net cash tlow to Niovement Lll Ilet fund$ Inciraselldecre&%el in cash 3,866 118,4631 Nei fiinds at l Api'il 2022 Nel funds at 31 Mairli 2023 30,889 49,352 34,755 30,889 All of ilie cash flow5 are dei'ived tron) coiitinuing apeJxiioDS du¥ing the above two i)eriods. The notes on pages I I to 16 forjii ali integral pait of these fjnancial siatenients. Page 10
Butterfield Homes, Crosshi118 Notes to the Finaii¢ial Statements for Éhe Year Eilded 31 March 2023 l Aceountlng policies Geiieral irtforniAtion The cliarity is a registered so¢ial housing provider, iegistered in EnglAnd and Wales Cl)ai"ity registration numher.. 226853 Regulator of Social H0115En¥ registration nuiMber.' A3163 Alinsliouse Asso¢iation nietnbeiship iiumbei.: 1355 The address of Élle registered office 15.. 17 Fai'iidale Road Wilsden B Tadfoi'd BD150LW BASIS of pi'tp#v8tio Tlie fiiiai)cial stateii)enls liave been prepared in accordaiice witl) applicable #ceovniing slaiidards iiicluding fiiiancial Repoitiiig Standard 102. tlie Si2teiMetit of Reconimended Pi'a¢¢ice fol. Social 14ou%iiig Providei's 2018, and witli Ilie Accounting Dire¢iion for pi'ivate iegistered pix>vider5 of social 110115ing in England 2019. Tlie financial statenients are also pr¢par¢d undei. le equirejCJIts of tl)e Housiiig and Regciieration Act 2008. The finan¢ial slateiiieiits l)ave been prepaitd on a going concem basis under the historical cost conveiitioji, njodified to include certain ittiiis at fair value. Tlie registered social housing provider constitutes a publi¢ benefit entity a5 defined by FRS 102. The signifi¢ani accounting policies applied itl the preparation of tliese fillaiicial stateinents are set out below. These policies have been consisteiitly api)lied to all yeaTS presented uiiless oiherwise slated. Tlie cliarity's functiortal and i)resentation ¢urr¢iicy is pounds stei'ling. Signific8llt judgements e5tiinates Prei)aration of tlie fiiiancial stateinents Tequires Iiiaiiagement to Inake sigiiifi¢anijudgements and estimate5. The items in tl)e finan¢ial staleiiieiits where iliese judgeinenis aiid egtimates liave been illade include.. Depi'eeiaiion Management IEview irs estimates of tlie useful live5 of tlie depreciable assets at each reporting dote. However, by ¢lieir nature coiiiponent life cartiiol be detei'iiiii)ed witli absolute certainty. Tui'nover Turnover iepresents weekly niaintenaiice chai'ge iEceivable, including ivater rates in ihe yeai. net of losses frojn voids, ai)d aiiiortisation of goveriiinen¢ giants. Soel#l Housiiig Gi'ajit Social Housing Grant (SHGI is Irceivable fi.om the Home5 aiid Coinniiinitie5 Agency aiid is utilised 10 reduce the cai)ital costs of housing pi'opeities. The SHG is I'ecognised iii income oil a systeiMati¢ basis over the expe¢ied useful eeoiiojiiic life of the asset. Page 11
Butterfield Home8, Crosshills Notes to the Financial Statements for the Year Ended 31 March 2023 (continued) Investnient income Income is eai'ned f1M lioldiiig fixed assets for investment purposes and is Ircogrttscd when receivable and the amount can be nieasured by the charity. Iiiterest on funds held on deposii is ilicluded ivhen receivable and the ainouiit cali be measuird by tlle cliarity. Iri'ecoverHble VAT Irre¢overable VAT is charged &8aTnst tlie categoiy of resources expeiided for ivhicli it was incurred. Taxation Tlie i'¢gistered soctal liousing pix>videi is con5ideiEd to pass the Icsts set oiit in Pai'agraph I Scliediile 6 of the Fiiiance Act 2010 and tlieiEf¢Jre il Ineels the definition of a charitable coinpany for UK corpoi?tion tax purpose%. Accordingly, Ihe Chai'ity is i)otentially exeiiipi fr(1111 taxation in iespeci of iiieonie or capital gains received witliii) ¢alegoi'ic5 coveied by Cliaprer 3 Part I l of the Corporation T&x Aci 201 O or Section 256 of tlie Taxation of Cliargeable Gairts Aci 1992, to the ext¢iii Ihai sucli iiieoine or gaiiis are api)lied exclusively lo cliarilable purposes. Tangible fixed asset5 Taiigible fixed assets Itncluding social housiiig PiDperties} are stated ai cost oi. deemed cost less ac¢uinulated depreciÈtTon and a¢cumulated iiiipairmeiit losses. Cost includes costs directly altribulable to iiiaking the assei capable of operating as ititetided sucli as Ilie cost of acquiring land and buildiiigs, developiiients costs. iiiteiEst cliarges oil loans dui'iiig ilie developinent period and expendituit on improveinents. Expeiidilure oti inipi'oveinenls of thiore Ilian £500 will only be capilalised wlien it results in incremental future benefits sll¢li a5 incieasing IEntal incojiie. reducing Inainleiiance costs or resuliing in a significallt extension of ihe useful ecortomic life of Ilie properly. Depre¢iation is plVided on laiigible fixed assets 50 as to write off tlie cost or valuatton, less any estiinaled residual value, over their expetted useful econoiiiic life as follows.. Asset elAss Depieciation method and late Plant and equipnieiit l O°A slr2iglit line basis Propei1ies 50 years t)oors and iwndows 30 years Kitchens 2Q yeais BathiDom 25 years Boiler5 IS years Electrical and lieating illstallations 25 year5 Majoi. components of housing pJx)perties have been accounted foi. and depi'ecialed separately fj'om tlie connected housing i)Ix>perty, over Il)eir expected useful eeononiic lives. The eosts of rei)lacing tliese roinponenls aJE capiialised i full. Tlie costs of partially replacing oi. repatrijig ihese colmponl1S ale Charged to tlie ¢OiliPTeliensive iiicome. Investnitvts Invesiniertls ale Ircognised inltially at fair value wliicli 1% nortnally tlie tian%a¢iion pj'ice excludiog tiunsaction costs. Subsequeiitly, tliey air nieasured at fail. value Ilirougih tlic stateiijeiit of compieliensive iiicoiiie iftlie sliares air pllblicly traded or their fair value can otherwise be Jii¢asured reliably. O¢liei' inv¢stiKenis air measuiEd at cost less iiiipaiinieiit. FinAnci21 in$ti'umeiits The registei-ed social liollsiiig provider Ollly lias financial liabilities of a kitid th1( t quality as basic fiiiajicial inslixJJi)ei)Is. Basic financial iiistiwiiie&iis ale illilially IE¢ognised at transa¢iioE) value and subsequently measuied at tlieii. setllenieiit value. PagT¢ 12
Butterfield Homes, Crossliills Notes to the Fiiiancial Statements for the Year Ended 31 March 2023 {continued} Debtors Debtors are recognised iniiially wlien tliey beeoiiie due at the transaction pyice. They air subsequently i)i¢asui'ed al amortis¢d cost using tlie e(fective interest rate nietliod. less PiDViSiOJi for iinpairment. A provisioii for iii)pairineiit of debtors is eslablislied wlien thei'e is objective evidence tliat (lie ¢liarity will not be able to colle¢1 all ainounis due accolillg to ihe original ¢ernis of the debtor8. Cish cAsh eqviwalents Casli and casli equivalenis cuinprise casli on liand and call dep08its. and other short-term highly liquid inves¢inents that are readily conveitible to a kiiown ainount of casli and are subject to aN lllsignificant i'isk of cliang¢ in value. Ci'tditors Credi101s are obligaliot]s to pay for goods and services that liave been Rcqiiii'ed by the charity. CIEditors al'e initially Ircognised al tlie transaction pi'ice and subsequently Ineasured at ainortised cost usii)g (lie effective interesl niethod. 2 Social liousing turnovcy gnd costs 2023 2022 Turnover Reiits I'eceivable Othei. incoine 28.392 28,392 73 Aniortised social housing gyant 3,521 Turnover fi'oin weial housing letting$ 31,921 31,986 Adniinisti'ative expenditure Manag¢ment SeJ'vi¢e cliarge costs RouliE)e maiiiienaiice Depreciation of liousing pyoperties Giants to individiials {7,203) 1560) 17,5891 15.485) 11,500 (3.1641 13091 (4,530) 15.1661 122,337 13,169 Operating suiylus on soeiAI lettigS 9.584 3 AcconiiiiodAtion owned gild in min8genient Number of unlts Number of units at I Apyil 2022 31 MAreh 2023 Housing a¢¢omi?iodation Pa8e 13
Butterfield Homes, Crosshi118 Notes to the Finaneial Statements for the Year Ended 31 Marcli 2023 (continued) 4 Surplus on oi'diiiai'y Activities Is stAted 8fter ehArgingl{cttditingl: 2023 2022 Audit fees Audit of the financial slateiments ex¢ludin8 VAT Depreciatioii of freehold prop¢ny Ajiiortisatioii of goveriiment SItS 655 5,485 525 5,166 13.521 13,5211 5 BoArd and key mAnag¢ment personnel remunergtion expenses No board n)eTt)ber or key managenieni personnel iiei¢liei' received nor waived any remunei2lioii duiing tlie year. 6 Tangible fixed assets Land And buildings rixtures & rittiiigs Total Cost At l April 2022 Additions 230,844 7,974 20,625 251,4Cb9 7,974 At 31 Marclj 2023 2J8,818 20.625 259,443 D¢pi'eeiation At l April 2022 Cliarge foj. the year At.I l Mareh 2023 36,875 5,485 20,625 57,500 5.485 42,360 20,625 62,985 Net book value At.31 Mareli 2023 196,458 196,458 At 31 Marcl) 2022 193,969 193,969 7 Fixed fisset investrnei)t5 1020 2022 Li5kd investments 157,700 156.847 Page 14
Butterfield Homes, Crossliills Note5 to the Finaiicial Statements for the Year Ended 31 March 2023 (eontinued) Li¥ted inve5tNients Listed inve5lni¢nts Total At l April 2022 156,847 {3.994) 4,847 156,847 {3,9941 4.847 Revaluation Additions Ai 31 Marcli 2023 157,700 157,700 Cayrying Ainouiit At 31 Mairh 2023 157.700 157,700 At 31 March 2022 156,847 156,847 The fair value of 5isted investnients is delemiined by IEfereiice to the quoted price for idenlieal assets in an active market ai tlie balance sheet da. Historical costs of investmeiits are £119,048 (2022- £114,202). 8 Debtors 2023 2022 Piepaynieiits Otlier d¢btors 1,762 2,872 2.412 9 Crediloi'5: amounts fAlling due within one ye¥i' 2023 2022 Gi?iits Oiliei. Creditors Accruals 3.521 105 3.521 688 1,440 5,342 5,649 10 CveditOl'5: amounts fAlling due ftti' one yeai. 2023 2022 Grant 144,359 147,880 Tlic gixnts &ir repayable if tl)e properties are sold. Social Housing Graiils totallirtg £183.3911113ve been received. Tliis ivill be iepaid if ihe piDpei-lies ait sold. 'fiie Social Hoiising Grants are b¢iiio recogni5ed itl iiicoine on a systeiiiaiic basis ovei. Ilie expected useful life of tlie siriicliiTe {50 yeais) aiid equipmen[15 yeai's). Page 15
Butterfield Homes, Crossliills Notes to the Financial Statements for Ihe Year Ended 31 March 2023 (cotttinued) I l Reseryes } Inconie And expendituie reserve The incoiiie and expeiiditure reseive repiesents Ilie cuii)ulatlVC 511rplus and deficits n¢¢ of oiher adjuslments. b) Rev¥luatioii i'eserve Tlie ievaliiation I'¢se&'ve iEpi'es¢ots the cuiknulate effect of Irvaluaiions of the fjxed assets investments. 12 Relatéd pRrty transActtons During tlie year Ilie asso¢iaiioii made tlie following related party ti?nsactioiis'. Buttei'field Honies, Cottingley IComiE)on trustees) At the b&laiice slieet date tlie aihouiit due to Butterfield Hornes, Coltin8ley was £10512022- £6881. Buttei'field Homes, Wil$den {Coinnion tl'USteesl At the balaiice slieet date the aiiiount due fi'oin ButteifIeld Flonies, Wilsden was £1,76212022- £1,2S I I. Tlie above amounts al'e ijiteresr fire. Page 10