Charity registi?tion Miimber.. 226853 Regulaior of S(Kial Housin&J registi?tion number.. A3163 Alinshouse Association membership nuinbei.: 1355 Butterfield Homes, Crosshills Annual Report and Financial Stateinents for the Year Ended 31 Marcli 2024 Butterfield Homes, Crosshills Contents Board Report I to4 Independent Auditors, Report 5t07 Statement of Comprehensive Income Balan¢e Sheet Stateinent ot Changes in Reserves 10 Lash flow Stateinent Notes to the Financial Statements 12 to 17 Butterfield Homes, Crosshills Board Report 'riie trustees PlEsent the annual report together with the financial stateinenls of the association foi. the year ended 31 March 2024. Structure? governaiiee and management The charity is regulated by a Declaration of Tivst dated 7 January 1932 and a Scheime dated 26 February 1986. The charity is inanaged by a board of Trustees providing legal, financial, property Inanagement and pastoral skill5. The Trustees einploy a clerk to manage the properties and support the Trustees atid Re5idenis. The clerk, Sandra Haigh, resigned in June 2023 and another clerk is currently bcing soughi. Sii)ce June 2023 thc Trustees have been tlie first point of contact with the resident5 and have dealt with general administration. The Trnstees held five Ineetii)gs dLiring the year and remaill the owners of six dwellings at MRin Streei, Crosshills, Keighley BD20 8SL. Mark Silver was again re-elected for the year as Chair in Februaiy 2024. Recruiliiienl aiitsaiipolnliiieiii ofiruslees Susan Sedgwick and Simon C&51llghan were appointed Trustee durinkF the year, incr¢asing the number of Trustees to 7. liirfiiciloii aii(liruliiliig ofiriislees All new Trvstees are given an inti'oduction to the woi'k of the Trusi by existing TTLisiees and are also provided with Chai'ily Coininission piiblication CC3 'The Essential Twstee. what you need to know, and the Charity Gov¢rnanLe C(xle. The Trustees air kept up to date of their responsibilities by the Chair and other professional advisers, as appropi'iate. The Charity is a meinber of lTre Allmshouse Association. This organisation holds even15 aT)d provides newsletters lo update its m¢inbers. Arrlliiggiiieiilsforseftliig keji iiirtnageiiieitiper.foiiiiel reiiiiiiierttiloii The Tr￿SIteS act in a voluntary capacity and ale uniEmunerated. Th¢ Trustees are also '] rustee5 of Butteifield Homes Wilsden and Butterfield Homes Cottingley. Trustee5 aiid officers The trustees and officcis scrving during the year and since the year end were as follow5.. Trustees.. Mr Mark Silver (Chairl Mr Albei'l Pl'att Mr Alistair Docherty Mr Peter Earp Mrs Helen Philips {resign¢d 16 February 2024) Reverend Michael Green Mrs Susan S¢dgwick (appointed 16 February 2024) MT Siimon Callaghan (appointed 16 February 2024) Page I Ilutterfield Homcs, Crosshills Board Report (¢ontinued) Objectlves and activitie5 The Charity pr()vsdes six resid¢ntial units in Crosshills. Qualifying residEnts must be not less than 65 years of Age and inhabitant% of Crosshills. The Trustees provide property Imaintenanee and iepaiis. The Trustees take an active intei'¢5t in the health and wellbeing of the residents by undertaking regular visils to residents. No care i8 provided by th¢ charity. The Trustees have continiied a programine of iinprovejnent and Inod¢rnisation of the Almshouses by upgrading when appropi'iare, particularly when a property becoines vacant. The Ti'ustee's aim is lo pi'ovide and maintain a lev¢] of accoinmodation at a high standard. Public beiiefit The 'l'rustees pay due regard to the charity coiniMi5.%ion guidance on Public Benefit and believe that ¢he provision to social housing withii) the local coinii)unity conforin5 Wlth theii. guidance. Value for money The Truste£s aim to deliver it% objectives in the in05t LOSt-effectiY¢ way possible but ensui'ing that it pix)vides quality hoiiies and services that help its residents remain independent. The weekly contribution remained at £91 per week during ihe yeai.. However, due to inflationary pressures the TrLlStees reluctantly incTeased this to £93 per week froin l April 2024. Thes¢ ainounts are below the levels recoinmended by the VOA. I'he trustees contsnue to liaise with the Local Authoi'ity service deparhnents, the Alinshouse AssociaÉion, the Floine and Cominunities Agency and the VOA who have replac¢d (he Rent S¢rvi¢e for ihe purpose of assessing the weekly illainienance contribution. The VOA IE1c ssessed the WMC ai £108 pei. week in February 2019. Tlie trustees al'e keenly aware of the need to ensure a warm, safe, and ¢oinforiable environment for the r¢sidents undei. the D¢cent Homes Standards and will continue to inake iinprovements which enhance enei'gy saving and help to reduce residcnts, heating costs. Aehievement5 and pcrformanee It 15 the Trustees. policy to maintain and preserve tlie properties to a liigh standard. Coinpliance inspection and planned Inaintenance checks were maintained thi'oughout the year. I'he charity prides itself on meeting the needs of its residents wherever possible. This include5 installing disabled adaptions. Mindful of the need to provide a hcalthy environinent, Yepaii"s have been carried out to rectsfy dainp issues in the properties. A new personal olann system for residenrs was inslalled during the year. No vacancies occur¢d sn the year although lluinbe￿ l and 3 both be¢aine vacant after the year end but have since been relet. Pag¢ 2 Butterfield Homes, Crosshills Board Report (continued) Fiiiancial revieiv P¢Jllcy (Jii rd¥erve& Th¢ Ti'usiees are pleased to ieport a surplus for the year of £25.487 (2023 £11,496). Despite the vacancie5 during the year the Ti'ustees are pleased with the surplus. Th¢ Trustees have reviewed the Charity's need5 for reserves in lino with the guidance issucd by the Charity Coininission and considei. it pi'udent that reserves be sufficient lo avoid the n¢cesgity to realise fixed ass¢ts. The Trustees are confident that tlie future incoine will enable the Charity to mcet its foreseeable lleed5 on the basis of planned expenditure. The level of reserves at 31 st March 2024 was £267,571 (2023 £243.11 l). After taking into consid¢ration the amount tied up in fix¢d assets and the associated b4'ant, which is being amoitised over th¢ life of the assets. the amount available in free reseTves at the year end was £220,957. The internal controls of and the major risks and uncertainty to the charity aiE review¢d and inonitored annually. The Trusiees are confident that the pro¢eduiEs in place are sufficient to miligaie the financial, management and compliance risks identified. liivesliiieHlpolicy Mild objeclives The Trustees set aside fund5 in order to finance futuie platmed expenditure 8nd to provide a contingency against future unforescen expenditure. Tliese fllnds are in inveshnent5 which are easily capable of conversion to liquid funds and provide th¢ best possible return for the low risk assumed. The perforn)an¢e of these investinents is reviewed by the Ti'ustees at ¢a¢h meeting. Page 3 Butterfiel(J Homes, Crosshills Board Report (continued) Siotement of Boards Re5P0115ibiliti¢s The Boai'd is I'esponsible for prepai'ing the RepoTt and the financial statements in accordance with the applicable law and re&iulations. The iegistoi'ed Social housing legislation require the Board to prepare financial stateinents for ea¢h financial yeai. which give a true and fair view of the stale of affgiTS of the association and of it5 incon)e and expenditui'¢ for Ihat period. In prep28 6,555 761 3,543 9,584 5,727 179 13,994) 11,496 Surplusl(deficitl for the year 25,487 Total comprehensive income for the year 25,487 11,496 All of the registei'ed social housing provider's activities dei'ive from continuing operation% during the above two period5. The financial stateinents were approved by the board and authorised foi. i5su¢ onQ4.1 g I&￿1nd signed on tlieii. behalf by.. ee The notes on pages 12 to 17 foThi an integral pail of these financial staleinents. PaLFe 8 Butterfield Homes, Crosshills Balance Sheet as at 31 Mareh 2024 2024 2023 Note Flxed assets Tangible assets Inveslinent5 190,973 166.818 196,458 157.700 357,791 354.158 Current assets Debtoi's Cash and short-term deposits 3,274 53,190 2,872 34,755 56,464 37,627 Creditors.. Amounts falling due within olle y¢8r (5,846) {5,342) Net current assets 50.618 32,285 TotAI assets less current lixbilltles 408,409 386,443 Creditors: Amounfs fglling due xlter mol'e than one year 10 1140,838) (144,3.59) Net a55et5 267,571 242,084 Fund5 ofthe ehai'ity: Income and expenditure reserve Unrestricted ievaluation resei've 225,377 42,194 203,433 38,651 Total funds 267,571 242,084 The financial statements weir approved by the board and authorised for issue on .................... and signed on their bchalf by.. The notcs on pages 12 to 17 foni) an integrol part of rhese fiiiancial stateinents. Page 9 Butterfield Hume$, Crosshi115 Statement of Changes in Reserves as at 31 March 2024 Income and eKp¢nditure reserve Revaluation reserve Total At l April 2023 surplU￿(dericltI for the year Revaluation of investments 203,433 21,944 38,651 242,084 21,944 3,543 25,487 3,543 3,543 42,194 Total compreliensivt income At 31 March 2024 21,944 225,377 267,571 The note5 on pages 12 to 17 forin an inlegral part of these finai)cial slat¢ineiJt5. Page 10 Butterfield Homes, Crosshills Cash Flow Statement for the Year Ended 31 March 2024 Reconciliation of iiet rnovemenl in funds to net cash flow from operAting activities 2024 2023 Net iiicoine Investment in¢om¢ Deprcciation (Profit) Iloss on revaluation of fixed asset inYestm¢nts Inciea5e in debtors Decrease it] creditors 25,487 (7,316) 5,485 (3,543) (402) (3,017} 11,496 (5,9061 5,485 3,994 1460) (3.828 10,781 Net cash inflow 16,694 Cash tIow Statement 2024 2023 Net cash inflow from operating activitie5 16,694 10,781 Returns on investments and servlelng of fiDanee Interest receivable and siinilar income Other income from fsxed asset invegtinents 761 6,555 179 5,727 7,316 5,906 CHpital expellditure and financlal investment Purchase of tangible fixed assets Purchase of investmen15 (7,974) (4,847 5,575) (5,575) 112,821) 3,866 Increase in cash itt the year 18,435 Reconcili&tion of net cash flow to ￿0vement in net funds InciEas¢ in cash 18,435 3,866 Net funds at l April 2023 34,755 30,889 Net funds at 31 March 2024 53,190 34,755 All of the cash flows are derived from continuing opergtions during the above two periods. Tlie Rotes 01) pages 12 to 17 foTm an iiitegral part ofthese financial stateinents. Pagell Butterfielij Homes, Crosshills Notes to the Financial Statements for Ihe Year Ended 31 March 2024 l Accounting policies General Information The charity is a i'egistered social housing provider, registered in England and Wales Charity registration number.. 226853 Regulator of Social Housing IrgistraÉion nuinbei.: A3163 Alin5house Association meinbersl)ip nuinber.. 1355 The address of ihe registered office i5.. 17 Farndale Road Wilsde Bradfoi'd BD15 OLW Basis of preparatio The financial statements liave been prepared in aceordanee with applicable accoun¢inLJ standards including Financial Reporting Standard 102, the Stateinent of Recominended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2019. The financial statements ar¢ also prepared under the r¢quiTeJnenls of tlie Flousing and Regeneration Act 2008. The finan¢idl slaieiiients have been pr¢pared on a going eoncern basi5 under the historical ¢ost convention, modified to include certain iieins at fakT value. The registered social hoysing provider conststutes a public benefit entity as defined by FRSIO2. The signifi¢ant accouvting policies applied in the preparation of these financi1c I statements are se¢ out below. These policies hav¢ been Loiisistently applied to 311 yeai's pres¢nted unless otherwise s(ated. The charity's functional and pi'eseniation ¢urrency is pounds sterling. Significaiil judgemeiits and estimates Preparalign of the financial statein¢nts itquires mallageit)ent to make significant judgeinents and estimates. The itcms Iti the fiiiancial stateiiients where these judgeinents and estimates have b¥en Inade include.. Depreelation Managjeinent review its estimates of th¢ useful lives of the depreciable assets at each reporting date. However, by their nature cojnponeiit life caniiot be detennin¢d with absolut¢ certainly. Turnover Turnover i'epTeseiiis weckly Inainlenance charge receivable, including water rates in the yeai. net of10sse5 from voids, and ainoi'tlsation ofgovcrnment grants. Social Housing Grant Social Housing Grant (SHG) 15 IEceivable froin the Homes and Cominuniti¢s Agency and 15 Utilised to reduce the capital cosis of housit)¥ propeitie5. The SHG is reco811ised iii illcoine on a systeinatic basis over the expected useful economi¢ life of the as5el. Page 12 BuÉterfield Homts, Crosshills Notes to the Financial StstcmenÉs for thc Year Ended 31 March 2024 (continued) Investment ineome Incoine 15 eamed froin holding fixed assets for investment purposes and is recognised when receivable and the amount can be measured by the charity. Inlerest on fijnds held on deposit is included wh¢n receivable and th¢ amount can be measuiEd by the charity. Ii'recoverable VAT Irircuvei'abl¢ VAT is charged again%t the category of resoiirces expended for which it was incurird. Taxation The i'egi5tered social housing provider is considered to pas5 the lests set out in Paragraph I Sch¢dule 6 of the Finance Act 2010 and Ih¢refoTe it meets the defiiiition of a chaTltable coinpaiiy for UK coi'poi"aiion tax pui'pose5. Accordingly, the Chai'ity is potentl8lly exempt fi'om taxatson in respect of income oi. capital gains reLeived witliin categoi'ies covered by Cl)apter 3 Part I l of the CoTporatioD Tax Act 2010 oi. Section 256 of the Taxatson of Chargeable Gains Act 1992, to th¢ extent thal such income or gains are applied exclusively tu eharitable purposes. Tangible fixed a&%ets Tangible fixed assets (illcluding social housing properties) are stated at cost or deen)ed cost les5 accumulated depreciation and accuinulated impainnent losses. Cost includes costs dii'ectly atti'ibutable to Inaking the asset capable of operatsjig a5 intended such as the cost of a¢quiring land and buildings. developin¢nts tosls, inteiest charges on loans during the development period and expenditt]re on iinproveinents. ExpenditUTe on iinprovements of moiE than £500 will only be capilali5ed when it resiilts in increinental futUlE benefits such as in¢i'easing rental income, reducing Inaintenance costs or resulting in a significant extension of the u5¢ful economic lif¢ of the PToperty. Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, l¢ss any estimated residual value, over their expected iiseful economic lif¢ as follows.. Asset cl45S Plant and equipment Propertie5 Dooi's and windows tQitchens Deprecimtion method and rate IOQ/o Straight line basis 50 years 30 year5 20 years Bathroom 25 years Boileri 15 years Electrical and heating installations 25 years Majoi. coinponentE of housing PTOPtrties hdve been accoiinted for and depreciated separat¢ly froin the connected housing property, over Iheii. expecled useful econoinic lives. The costs of replacing these components are capitalised in full.'fhe costs of partially repla¢ing or repairing these coii)ponenls are chai'ged to the coinpTehen5ive incoine. Investmeiil¥ Investinents are recognis¢d initially at fair value which is nortnally the tian5actlgn price excludillg trhnsaclion costs. Siibsequenily, they yre Inedsured at fair valile thi'ough the stateinent of coimprehensive income if the shares are publicly traded or iheir fail. valiie can otherwise be ineasured Irliably. Othei. investsn¢nts are Iheasured at cost less impaii'inent. Fiiiancial instruments The registered social housing provider only has financial liabilities of a kind that qualify a5 basic financial instruments. Basic finaiici81 insti'iiinent% are initially recognised at transactioii value and subsequently Jneasured at tlieir settleiment value. Page 13 Butterfield Homes, Cr055hills Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Debtors Debtoi's are recogni5ed initially when they become due at the transaction price. They are subsequently In¢asured at inortised cust usiiig the effective interest rale method, 1¢55 provision for impairn)ent. A pi'ovision for iinpairinenl of d¢btors is established wheii Ihei'e is objective evidence that the charity will not be able tts collect all amount5 due ac¢oi'ding Lo the origiiial teriiis of the dcbtOl5. Cash and cash equiyalertts Cash and cash equivalents coinprise cash on hand and call deposits, and other short-ierin highly liquid investments ihat are readily conveitible to a known ainoiint of cash and al'e subject to an insigniflcant risk of cliaiige in value. Creditor5 Ci'editors are obligations to pay for goods and services tha¢ have been acquired by the charity. Creditors al'e initially recognised at the ti'ansaction price and subsequently measuiEd at an)ortised cost usÉng the effective interesl Ineihod. 2 Social housing tvrntsver and costs 2024 2023 Turnover Rents reeeivable Other income 28,392 28.392 Amortised social housing grant 3,521 3,521 Turuover from social housing letting5 31.921 31,921 Administrative expenditure Management Servicc Charge costs Routine Inaintenanee Depreciation of housing propertie5 Gi'ants to individuals {4.246) (845) (6,7171 (5,485) {7,203) {560) (7,589) (5.485) 1,500} (22,337 (17,293 Operatlng surplu5 on soelal housing lettings 14,628 9,584 3 A¢cominodation oivned and in management Number of units Nuniber of iinits April 2023 31 March 2024 Housing a¢¢oinmodation Page 14 Butterfield Homes, Crosshills Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 4 Surplu5 on ordlnary activities is Stated after chargingl(crediting): 2024 2023 Audit fees Audit of Ihe fiJaneial giateinents Depreciation of freehold propeity Amortisation of government grants 1,055 5,485 655 5,485 3,521 3,521 5 Board and key management personnel rernuneratlon and expenses No board Inember or key management p¢rsotmel neithei. received noi. waived any remuneration during the year. 6 Tangible filed ASSet5 Land and buildings Fixture5 & rittings Total Cost At l April 2023 238,818 20,625 259.443 At 31 March 2024 238,818 20,625 259,443 Depreciation At l April 2023 Charge for the year 42,360 5,483 20,625 62,985 5,485 At 31 Mai'ch 2024 47,845 20,625 68.470 Net book value At 31 March 2024 190,973 190,973 At 31 March 2023 196,458 196,458 7 Fixed a55et inveslinenls 2020 2023 Listed inv¢stinents 166,818 157,700 Page IS Butterfield Homes, Crosshills Notes to Ihe financial Statements for Ihe Year Ended 31 March 2024 (coDtinued) Llsted investments Listed Investment5 Total Valuation At l April 2023 Revaluation Addilions 157.700 3,543 5,575 157,700 3,543 5,575 At 31 March 2024 166,818 166.818 Carrying ainount At 31 Mar¢h 2024 166.818 166.818 At 31 March 2023 157,700 157,700 The fair value of listed investments is detennined by r¢ference to th¢ quoted price for identical assets in an active mart(et at Ihe balaD¢e sheet date. Historical costs ofinvestinents are £124,62412023 £119,048). 8 Debtor5 2024 2023 Prepayments Other debtors 2,089 1,762 3.274 2,872 9 Creditors: ainounts lalling due within one year 2024 2023 Grants Othti. creditors Accrua15 3,521 105 2.220 3,521 105 1.716 5,846 5,342 IU Creditors: amount5 falling due after one year 2024 2023 Grant 140,838 144,359 The grants are i'epayable if the properties are sold. Social 14nusing Grants iotalling £183,398 have been received. This will be i'epaid if the properties Are 501d. The So¢i81 Hou8iEig Grants are beii)g recogni%cd incoine on a systeJi)a(ic basis ovei. the expected Iiseful life of the slrncture (So years) and equipl￿ent (S years). Page 16 Butterfield Homes, Crosshills Notes to the Financial Statements for the Year Ended 31 Mareh 2024 (continued) I l Reserves a) Income aNd expenditure reserve Tl)¢ incoine and expenditui'e ir5erve represents the cumulative surplus and deficits net of other adjustinents. bl Revaluation i'eserve The i'evaluation resei've represenis the cumulato effeci of revaluations of the fixed assets inVesti￿ellI5. 12 Related party tran5aetions During the year the association inade the following related party transactions.. Butterfield Homes, Cottiugley {ComiMon ti'ustees) At the balance sheet date the ainount due to Biiiierfield Homes, Cottingley was £105 (2023 £105). Butterfield Homes, Wilsden (Coininon trustees) At the balance sheet date the amount due fi.om ButlerfJ¢ld Home5, Wilsden was £1,695 {2023 £1,762). The above al￿oUnt$ are interest free. Pdge 17