uocusign tn¥8￿pe iu.. o 1 13ir Ir-D¥rr￿D1ts-¥cJ i-xv¥w£ ILL¥r Registered number.. 601785 Charity number: 227170 ¥u bradford flowerfund homes BRADFORD FLOWER FUND HOMES (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2025 Iiiwi TAE938C*IO' 1fJOW2025 COMPANIES HWSE #152 urKusgn tnvewe iu." uii)Ir ir-tyFrr4•oitr¥coi**ll¥OV& I￿¥Dts BRADFORO FLOWER FUND HOMES IA company limlted by Buaranteel CONTENT5 Page Reference and administratfve details of the assoclation. Its Trustets and advisers Chalrnian's statement Trustees. report s-io Trustees. respon54bilitie5 ststernent li Independent auditors, report on the financial statements 12-15 statement of linancial activities 16 8alance sheet 17-18 Statement of cash flows 19 Notes to the linancial ststements 20-33 Docusign Envewe ILI.. U1 151￿1￿-￿0￿*￿u*b-¥tJi-*IKiuv& BRADFORD FLOWER FUNO HOMES IA tompany limited by guarantee) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE ASSOCIATION. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustee5 Christopher Malcolm Wood (de￿ased 24 December 20241 Mark Theodore Gerdes. Chairman lan Frank Whitley. Treasurer Pauline Wood Stephen Russell Thornton Andrew Hould5WOrth Gillian Simpson-morris Company registeied n4hmtsei 601785 Charity reglstered number 227170 Registered office 4a Flower Mount Saildon Shipley 8D17 658 Honorary life members John Chades aapham Susan Kildin4 Wèndy Cope Company Secretary and Manager David Tarren Presldent Robert Marrrott Independent auditors AAB Audit and Accountancy Limited Chartered Accountants Gresham House S-7 St Pauls Street Leeds West Yorkshire LSI 2JG Accountants 8HP LLP New Chartford House Centurion Way Cleckheaton West Yorkshire 8019 3QB Sollcltors AWB Charlesworth LLP 12-18 North Street Keighlev West Yorkshire 802135E Page I U(￿UsIgn tnveiope iu.. oii?Ir ir-t1•rr￿D1kr¥ta i-ItVOU£ IU¥D BRADFORD FLOWER FUND HOMES (A company limited by guararteel CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 The chairman prÈsents his statement for the year. It is with Breat sadness that I find myself writtng this report following the passin8 of Christopher Malcom Wood, who served a5 Chatrman of Bradford Flower Fund Homes from July 2015 to December 2024. So much of the Charivs progress in recent years was a direct result of his drive and determination. Followin8 my report is a short a list of achievements as written by good friend and Chairman of Bradford Flower Home5 Development Ltd, Stephen Thornton. I trust this reflect5 the great work and aspiration of Chris. Success It gives me grezt pleasure to report on another very sutcessfvl year for the charity with a net surplvs of circa £250k. Our strategy to continue growing our cash reserves has proven invaluable as we continve to svpport 8radford Flower Homes Development Ltd in its major build project of Flower Meadows in Wrose. Bradford Flower Fund Homes have agreed to fund the project with existing Cash reseThes and an agreed faeility to borrow up to £2m from the Charity Bank, which is likely to be drawn down in tranches starting from September 2L)25. Flower Mount and Flower Haven have been provided as security on the loan. Building works started on the projett in July 2024 and is due to finish in November 2025. The board have been due diligent during this process. and we are extremely confident in the success of the project. I would like to express my thanks to Siephen Thornton, Chairman of the Development Company, for his determination in driving this forward. Finznce The Charity has had an excellenl year financialty. with continued focus frorn our mznagement team on Valye for Money leading to a healthy Surplus. We have continued to provide high quality housing at subsidised rents in line with thè objectives of the charity. Property and Tenants There were 13 properties re-let during the financial year. All properties were re-let within the 3-month service level target. l am also delighted to advise that all rna4ntenan￿ jobs were completed with 99% target level. This highlights the quality of servite being provided to our tenants. Thé eharity continues to fund the Bradford Council Safe and Sound system on behalf of tenants who choose to t3kÈ out this service. Over one third of tenants turrently benefit from this service and we provide reminders of the option to take out Safe and Sound every 3 months. The Board Management Team continues to seek tenant feedback and holds a quarterly tenant meeting to encourage discussion of site related i55ves. In addition. the tenants receive a quarter yearly newsletter to keep them informed of relevant updates. Thanks As ever I must give thanks to my fellow Board members who. generously give up their time to promote and drive the charity forward on a voluntary basis. I would also like to thank our Management and staff for their hard work over thè year. We expect another challenging and exatin8 year in 202>2026. Page 2 DocJJsign Envthope ID". U11)Krif•U4rr-4Uikn-¥tal*lV¥OU£ I£L¥D BRADFORD FLOWER FUND HOMES IA company Itmited by 8uarantee) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Christopher Malcolm Wood: Bradford Flower Fund Homes- Chainnan July 2015 to December 2024 It was with great sadne55 and shock we learned of the loss of our dear friend and colleague Chri5 Wood on 24th December 2024. Chri5 wa5 appointed Chairman of the Bradford Flower Fund in 2015. With his years of experience in IT and Business. Chri5 Wood was a real asset to the team. Ht brought hi5 energy and passion to the rtsle and worked hard to build a stron8 dedicated 8oard and Management Team. Developments during his leadership included.. Operations The offices werè relotated to Flower Mount and initiatives were introduced to Improve the financlal management. A full time Manager was appointed and several key tasks brought in-house. Resultin8 in improved decision making and reduced costs. This included the hire of Michael our'man in a Van.. Tenants Chri5 was also keen to assure the tenants wellbeing and introduced several Tenant tnitiatives such a5 Safe & Sound, Photo and Addre55 Check5 for new tenants, reducing the tenant application age to 55. a Tenants Committee & Newsletters, Equality and Diversity Policie5 and a wonderful 60th Birthday celebratton of the Bradford Flower Fund. Strategic development Strategic decisions were also taken wth regards to the Property Portfolio. acquisitions. purchases and sales have been made. Keighley Flower fund approached Chris to ask if their assets could be absorbed into the Bradford Flower Fund. given they were finding it hard to continue. With the ambition to build more homes the Bradford Flower Homes Development Board was established in 2020. Bradford Flower Homes Development achieved Charity status in 2021 and became a Home England IHEI Registered Provider in 2022. Purchase of 10 units at.Milner Court supported by a HE Grant of £370K in 2022, was followed by the purchase of land at Kings Orive. Wrose in 2023. Full plannin8 permission for 26 units at Wrose was given in 2024, supported by a HE Grant of £2.373k. Builder5 were appointed in 2024 and work started October 2024. It is sad that Chri5 will not 8et to see the new hornes built. PaBe 3 uorusign tnvevjpe Iu." E5 1 1?Ir ir-ygrr*Dxw-¥EJ i-Iy¥ov£ 8RADFORD FLOWER FUNO HOMES IA Company limlted by guarantee) CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Flnènclal This astute leadership of the Charity has restslted in growth and an increasingly strong financial position.. Assets (million) Rentsl Inme (thousarKls) 201&16 2WL>24 Net Surplus Ilhousandsl 201S16 2rJès24 Today, Bradford Flower Fund stands in a good place. With a stron8 board. management and a hardworking talented team. who will continue to build on Chris. legacy. ¥ILS Mark ThEi>dore Gerdes Chairman Date: 21 July 2025 Page 4 uorJJygn tnveiope ILJ: IJI￿1￿-01trr-O￿1￿-¥ta i-IW4W< IU¥ BRADFORD FLOWER FUND HOMES IA company limited by guarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees Iwho are also directors of the association for the purposes of the Companies Act) present their annual report together with the audited financial statements of the association for the year l April 2024 to 31 March 2025. The Annual report seNes the purposes of both a TnJstees' report and a di￿rtOrs, report under company law. The Trustees confirm that the Annval report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the chariiable companws governin8 document and the provisions of the Statement of Recommended Prartice ISORPI applicable to charities preparin8 their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS1021 leffertive I january 20191. Since the association qualrfies as srnall under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 20(*> IStrate8ic Report and Directors. Repo)rtl Regulations 2013 has been omitted. Objertives ondttrtfvities • Policies and obiecti¥e5 8radford Flower Fund Homes exists to improve the lives of Bradford's elderly through providin8 high quality homes at affordable rents. keeping you there and providing 5UPPOrt and customer service along the way. Tenants can build their lives in our homes which they can call thebr home - equ31 part5 attractive. safe and affordzble. Our arnbition covers our busine55 and tenants by strmng to increase our capacity to deliver positive contributions to our comrnunity through a resilient business model. In pioviding affordable rented properties. the Board of Directors considers that the activities of the association provide real public benefit and have reEard for the Charity Commission guidance on public benefit. The Association has a 5 point strate8ic objective.. l. Tts invest in its existing housing stock to ensure that 8radford Flower Fund Homes provides a high standard of attrartive and safe accommodation. 2. To provide a caring and responsive seNce to tenants which delivers customer satisfaction. 3. To increase the supply of quality affordable homes where financially wable. 4. To ensure that Bradford Flower Fund Homes. work is underpinned by effettive financial. administrative and management processes set within a framework of effective corporate governante. S. To support resident engagement in the management of their homes. In setting objectives and planning for aclivities, the Tnjstees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the 8uidance 'Public benefit.. running a charity IPB21'. Page S 06￿U$l9￿ EnvelopE ID.. 81157Plk-t$4Pt4L1f￿&Jl-1(y1￿£l&Y￿Its BRADFORD FLOWER FUND HOMES IA company Ilmited by guèranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Objertives and a¢tlvlties {continuedl Activities vndertaken to achiéve oblÈcti¥es. Thè Association provides and maintains affordable rented housing for retired people and welcomes donations from the public to support this. In Order to offer a public bentftt The Association provides rental charge5 for the proptrties at least 21PA below market value. The managefflent carry out regular market comparison surveys to achieve this target. The property maintenance ctsntrartors are monitored and service leve15 are checked monthly to ensure maintenance issues and general repairs are dealt with to the tenanys expectations. An application for tenancy register is kept and maintained. In addition a scoring system is used to select potential tenants and ensure the Flower Fund criteria is followed. A five year plan is in plate to support the 8oards strategy to improve and maintain the existing pioperties. Re-investment in properties at refurbishment stage to ensure the properties a￿ attractive and comfortable. Continuous monitoring of properties through inspecttons to ensure properties are maintained to the high standards expected. Funding is wowded for the Bradford Council Safe and Sound service for those tenants who need exlra care within their homes. Regular meetin85 are held between tenants and manaeement to provide feedback channels and improve the livin8 environments. chievements ondperformonte • Key performance indl¢ators As at 31 Marth 2025. the total accumulated surplus income of the Bradford Flower Fund Homes amounts to £7.088.918 12024- £6.820.7521. The amount utilised in acquiring buildines and convertrng properties for the elderly is £4.455,323 12024- £4.508.g851 with other fixed assets ioialling £l.O7012024- £5331 This leaves a net surplus of funds for future use of £2.632.52512024- £2.311.2341. Review of artlvitles The Charity provided 181 homes for the need of retired persons throughoui ihe year. Page 6 Oocusiun Envelcpe ID.. B1157F1F-84FF487C-9E31-7098(f212296C BRADFORD FLOWER FUND HOMES IA company limited b¥ guaranteel TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENOED 31 MARCH 2025 Achievements and perfonTrance (continued) • Fundraising artlvlties The associatlOll'5 income is raised primarily through rental income. We are also in the fortvnate position to be the recipient ot legaties from families of fom)er beneficiaries. We octasionally receive public donations which are publicised throu8h local media advert15ements or our own website. The association does not use any professional fundraiser or commercial participator to carry out activltres on the association's behalf. Due to the low level of fvndraising the association undertakes. the association is not a participant of any voluntary scheme for regulating fundraising. oi any voluntary standard of fundiaising for the activities carried out on behalf of the association. Should the association at some point in the future undertake a specific fundraisin8 campaign or start to generate more income through fundT3isin& the Trustees will look to sign up to a voluntary fundraising code. Flnontitilreview • Golng concern After making appropriate enqvirie5. the Trustees have a reasonable expertation that the association has adequate re50urce5 to continue in operational existence for the foreseeable future. For this rea50n. they continue to adopt the gorng concern basis in preparing the fvnancial stètements. Further cletails regarding the adoption of the 89in6 concern basis can be found in the accounting policies. • Reserves policy Resèrves are needed to bridge the &zp between the spending and receiving of income and to cover unplanned emer8encv repairs and other expenditure. The trustee5 consider that the ideal level of reserve5 as at 31 March 2025 for the group would be £150,000. The group consists of Bradford Flower Fund Homes (Parentl and Bradford Flower Homts Development timited Isubsidiaryl. A number of fattors have been identified and evaluated to reach thi5 reSe￿e level as listed below= maxi￿￿￿ working capital drfferential rn lowest and highest Bradlord Flower Fund Hofftes bank balance variatio over the past 5 years- £130,000. Yearly Expenditvre on General Repairs- £45.CK)O. Unlikely cost of all properties being void for I month= £64.(KK). Property Improvement BudEet already within Annual 8udget= £21J),(MxJ. Board Control on cash spending within Annual Budgets. The reserves allows for additional smaller spending opportunities. Larger opportunities would be planned and budgeted. The Risk Register has beèn reviewed and the reserve allows for additional spending. Page 7 DrKusign Envek)pg10.' 8115IPItr-b4￿tr4tb*ty•yÈj1-lvYtKT￿7IiJU BRADFORD FLOWER FUND HOMES {A Company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 The Association's funding is tlerived from bequests. in memoriam donations in lieu of flowers and surpluses from rentsl income. The Association accumulates cash reserves for the purpose of moderni53tion and improvement of its existing estate. the purchase of land and the construction of additional properties to achieve its stated objective. The amount held in such reserves will vary over time. depending on the price and availability of land. constrvttion costs and the Association'5 ongoing improvement and development activities. Cash reserves are accumulated from surpluses of revenue intome Over expendituie and from bequests and donations. The sums held and the reserves policy are subject to regular review by the Board of Directors. These resources are considered essEntial for the A5SOCi3tion to achieve its aim of providing and maintaining small. individual retirement homes in fully maintained 5urrDundings at rent levels that are within the means of èlderly people living on limited incomes. • Flxed assets A valuation of Flower Mount. Flower Haven. Keighley Croft and Highfield House were carried out in 202Z. whilst the remaining 51te5 were valued in 2023124. These valuations were tarried by Eddison, Chartered Surveyors based on each individyal home with vacant possession. The valuations for each site are as follows.. Site Valuatton- (year of valuation) Flower Bank- £1.575.000 120241 Flower Court- £l.010.000120241 Flower Croft- £1.315.WO120241 Flower Garth- £2.820.0(KI120241 Flower Haven - £1.750.000120231 Flower Hill- £5.680.￿)012024} Flower Mount- £3,000,000120231 Keighley Croft- £450,Th)0120221 Highfield House- £250,OCKI120221 Total Valuation £17,850,tXKI Stfudure* governonce ondmonagement Constitution Bradford Flower Fund Homes bs incorporated as a company limited by guarantee and a registered charity. It is governed under the terms of its Memorandum and Articles of Association last amended by Special Resolution dated 7 July 2015. Bradford Flower Fund Homes has a subsidiary. "Bradford Flower Homes Development Ltd" (Company Number 125902731. Thi5 will open up further opportunitie5 for development within the soci31 housin8 sertor. Bradford Flower Fund Homes is the sole member of Bradford Flower Homes Development Ltd. • Methods of appointment or election