Company number: 10259078 Charity number: 1168173 Abbe ield We Valle Socie Limited Financial Statements For The Year Ended 30th June 2024
Abbe eld We Valle Socle Llmited Financial Statements For The Year Ended 30th June 2024 Contents Pa8e Legal and administrative information Report of the Board of Trustees Independent Auditors, Report 10-12 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 16-33
Abbe ield We Valle Socle Limited Le al and Admlnlstrative Informatlon Charity number 1168173 Company number 10259078 Registered Provider number H3294 Principal and registered office Wey Valley House Mike Hawthorn Drive Farnham Surrey GU97UQ Auditors Knox Cropper LLP Office Suite I, Haslemere House Lower Street Haslemere Surrey GU27 2PE Bankers Barclays Bank PIC I Churchill Place London E14 5HP Investment Management Barclays Wealth and Investment Management Barclays Bank PIC I Churchill Place London E14 5HP Page I I
Abbe ield We Valle Socie Lbmited Re ort of the Board of Trustees For The Year Ended 30th June 2024 Chairman: Mr Brian Thomas Vice Chairman: Mrs G Ward Secretary: Mr D Hutchinson Other members of the Board of Trustees: Mr P Duffy- Treasurer to 14/08/2024 Mr F P Whitlock Mr T Shepherd Mr N Grealy Ms E Edgar Mr A Dick Mr P Gresham- Treasurer from 14/0812024 Mr P Davies (appointed 07/11/2024) Ms S Ferguson (appointed 26/08/2024, resigned 05/11/20241 Senior Management The Senior Management team in place at the date of the signing of these accounts were., Ms STidy Chief Executive Off icer Mr J Wigmore Chief Finance Officer Ms S Hartley Chief Operating Officer Ms L Arnold Operations Manager Mr l Looms Marketing & PR Manager The Board of Trustees of the Society (and Directors of the Company) presenttheir Report and audited Financial Statements for the year ended 30th June 2024. Status The Society is registered as a Charitable Company - Abbeyfield Wey Valley Society Limited (Charitable Number: 1168173 and Company Number: 102590781 and is governed by its Articles of A550ciation. The Society is registered with the Regulator of Social Housing (Homes England) (No. H3294} and six of the Society's homes; Wey Valley House, Hatch Mill, Maitland House, Nower House, David Gresham House and Ridgway Court, as well as domiciliary care, together with the CEO, are registered with the Care Quality Commission under the Care Standards Act 2000. Purpose & principal actlvlty The principal activity of the Society is to provide accommodation for the relief and care of elderly persons suffering from disabilities of age or otherwise being in need. To this end, the principal activities of the company are the operation of residential care, nursing care, sheltered housing, and domiciliary care services. Public Beneflt The primary public benefit offered bythe Society IS the relief of loneliness forthe elderly, but more specifically, the benefits provided by the Society include.. Providing residential accommodation to elderly people who are unable to look after themselves. Caring for elderly people who are frail and need long term nursing care. Providing sheltered housing to elderly people unable to live on their own. Providing domiciliary care to the community. The Trustees confirm that they have had regard for the Charity Commission's guidance on public benefit. Page | 2
Abbe ield We Valle Soclet Limited Re ort of the Board of Trustees For The Year Ended 30th June 2024 Styateglc Report: Objectives of the Society The long-term objectives of the Society are set by its objects, as per 3.1 of the Articles of Association. The Society is established for the relief and care of an increasing number of elderly persons of all classes, beliefs and nationalities suffering from the disabilities of old age or otherwise in need by the provision and management of housing including social housing, accommodation or assistance for such persons on a not-for- profit basis. The short-term objective is to ensure that the company remains viable and to ensure that it can continue to meet its long-term objective. Measurement of success against aims and objectives The Trustees have referred to the guidance in the Charity Commission general Euidance on public benefit when reviewing the aim5 and objectives of the Society and in planning its activities and in measuring its success against those aims and objectives. The objects will be principally attained by the provision of nursing care, living assistance, meals and accommodation in the care homes that are run by the Society. The Society measures its success against long-term objective5 by the level, quality, range of care provided, and con51Stently high occupancy levels. Short-term success is measured by achievement of a sustainable net surplus. As well as its financial position the Society is continually monitoring its performance by the use of questionnaires completed by both sponsors and resident5. Value for money Through the Trustee structure of the Society, it 15 able to maintain its fees at a level below that of other providers offering similar levels of care/services in its geographical locality. The Board is therefore very confident that its service users are being offered value for money. The Society's principal funding source is fees paid by our service users, and fees paid on behalf of our service users by County Councils and Care Commissioning Groups. The Society also has a number of volunteers who provide companionship to the Care Home residents on an ad-hoc basis. Value or Mone metrics In response to the Value for Money Standard issued by the Regulator of Social Housing, the Society reports the required seven Value for Money metrics. The Society has chosen to publish comparatives from The Abbeyfield Society {TAS1- Housing Association Number H1046. Metric l - Reinvestment % This metric looks at the investment in properties (existing stock as well as new supply) as a percentage of the value of total properties held. The only major capital expenditure during the year was approximately £315,000 spent on professional fees on the proposed Wey Valley House Extension. Metrics 2- New su I delivered % The Society did not deliver any new supply, Page | 3
Abbe leld We Valle Socie Llmlted Re ort of the Board of Trustees For The Year Ended 30th June 2024 Metrics 3- Gearin The Society's sheltered social housing is all freehold and is owned outright. The Society has one long term loan against one of its care homes, Wey Valley House. reciation Amortisotion Ma'or Re Metrics 4- Eornin Interest Cover % sbe ore Interest Tax De airs Included EBITDA MRI The only interest paid by the Society relates to the loan identified in Metric 3. Metric 5- Headline social housin cost er unit Metric 6- 0 eratin Mar in% Metric 7- Return on ca ital em ROCE This metric compares the operating surplus to total assets less current liabilities. Year ended 3010612024 4.IOA 2.5% 3.9% 0.A (31.0)% 5,344.1% £18,531 £18.531 £51,602 2.43% (83.67)% 1.16% 0.550A Year ended 3010612023 0.5Yo 0.0, Comparator Metrlc I Care Sheltered Overall 4.0Y. 0.00 {12.0)0/ 13,979)Y, Metric 2 Metric 3 Metric 4 Metric S o.oY. 125.IIYo {14,174.91Y. £43,650 £15,715 £41,399 {8.61% 159.61Y. 18.41% 13.010 Care Sheltered Overall Care Sheltered Overall £27,378 Metrlc 6 127.941% {16.211Y. 17.1}% Metric 7 Results for the year The Financial Statements have been prepared in accordance with the Housing & Regeneration Act 2008 and The Accounting Direction for Private Registered Providers of Social Housing 2022 and the Charities SORP. The care and management activities of the Society during the year show an operating surplus of £131,392 12023: £711,465 deficit) on a turnover of £11,319,264 {2023: £8,450,188). After adjusting for net investment returns, and investment and property revaluations, the resulting Net Movement in Funds as identified on the SOFA are a gain of £576,90712023: gain of £9,117,382). Within this result, the Home Care business generated a turnover of £170,03112023: £186,129). Donations received in the year amounted to £54,92212023: £88,032) The excess of interest receivable over that payable amounted to £181,100 {2023: net interest receivable of £49,991). Page | 4
Abbe ield We Valle Socie Limited Re ort of the Board of Trustees For The Year Ended 30th June 2024 The COVID - 19 pandemic is now firmly behind us. However, on the back of the pandemic, Nower House continues to struggle to reach acceptable occupancy rates. The Society has instigated a more in-depth & holistic marketing effort in order to reduce the number of voids. Significant expenditure has been made and will continue to be made to ensure the home is more appealing not only to the current residents but to potential residents as well. The small operating surplus for the year for the year was despite the voids at Nower House and high levels of agency staff. Management is actively working to reduce both voids and agency costs. Fixed Assets Additions and disposals of fixed assets together with movements in the associated depreciation provisions are set out in Note 11. The Board are satisfied that the value of its housing stock is in line with the net book value of the underlying fixed assets. The net book value of the Societws land and building assets at the 30th June 2024 was £16.1 million. Associated with these assets are historic Social Housing Grants which are identified in Note 18 and amountto £3.43 million. Investments The Society continues to hold investments managed by Barclays Wealth in one of their Charity Unit trusts. Details of movements within the investment can be found in Note 12. The Society had a good 23/24 financial year. Equality and Diversity policy The Society has a robust Equality and Diversity Policy which promotes awareness and defines appropriate training to enable staff to recognise and avoid discrimination, harassment, viciimisation and promote equal opportunities. Job applicants will not be asked about health or disability before a job offer is made, except in the very limited circumstances allowed by law, for example, to check that the applicant can perform intrinsic parts of the role they are applying for, (E,g. heavy lifting - taking account of any reasonable adjustments}, or to see if any reasonable adjustments can be made prior to employment. The Society is responsive to the needs of its employees and as such will always actively seek to make reasonable workplace adjustments should any employee of the Society become disabled during employment. The Society appreciates that members of staff may be neurodivergent and will endeavour to ensure that neurodivergent employees are not treated unfairly or suffer any detriment due to their neurodivergence. Mandatory training on Equality and Diversity is undertaken by all staff annually. Post Balance Sheet Events Kemnal House, the Societ¢s sheltered home in Haslemere, is up for sale. Reserves Policy The Charity Commi55ion expects that all charities have plans to spend the money that they receive for charitable purposes. However, they also expect charitie5 to hold reserves to meet specific longer-term charitable purposes, and also to mitigate the risks inherent in their businesses. The Trustees believe that the Society requires adequate reserves: Page | 5
Abbe ield We Valle Societ Limlted ort of the Board of Trustees ForThe Year Ended 30th June 2024 l. To address the possibility of a rapid downturn in occupancy level which would adversely affect our income generation. Thu5, a reserve would be needed to allow for a restructuring of the Society. 2. To enable an orderly liquidation in the most unlikely event of the Society needing to cease operation. 3. To ensure its existi ng operations remain f it for purpose, and to ensure the financial flexibil ity to develop new services in existing and potentially new locations. 4. The Society, in li ne with its charitable objectives, intends to ensure that its services are available to those in need. The Balance Sheet shown in these financial statements, and also shown in Note 28, shows the Society to have total funds of £23,571,717 at 30th June 2024. Of this balance, £3,728,651 is held in restricted funds as identified in Note 21 to the accounts. A 'Prudential Reserve, is held at £1,000,000 to cover items l & 2. It increased during the year by £150,000 to reflect the acquisitions of Nower House & David Gresham House in the previous year. A 'Designated Reserve, is held at £8,539,803 to cover item 3. Finally, in order to adequately perform its charitable purposes, identified in 4 above, the Society holds a 'Revenue Reserve, at the 30th June 2024 of £10,303,263, These reserves, together with those reserves gained from historical mergers are held within the Fixed Assets of the Society together with those net current assets not already allocated to the 'Prudential Reserve, and the 'Designated Reserve,. The Trustees review Reserve balances annually to ensure they are adequate, and that they are held in appropriate asset types. Future Plans The Society continues to use its cash resources and operational expertise to make improvements to Nower House, with the aim to increase occupancy to the level of the Society's other homes. Following the merger with Abbeyfield North Downs, the Society continues to embed David Gresham House into the Society. The Society also plans a significant extension to Wey Valley House, to modernise and increase the number of rooms, to ensure it remains competitive in today's market and 'fit for the future'_ The works will provide new rooms with en-suite walk in showers, an upgraded lift, new seating areas and a new hairdressing salon. There have been no complaints in our Sheltered Housing for the period, therefore no annual complaints performance & service improvement report is required. Page | 6
Abbe ield We Valle Societ Llmited Re ort of the Board of Trustees For The Year Ended 30th June 2024 Organlsation Structure The members of the Board of Trustees have overall responsibility for ensuring that the Society has appropriate systems of control, care, financial and otherwise. The systems of financial control are designed to provide reasonable, but not absolute, assurance against any material financial misstatement, especially of loss. They include an annual budget, approved by the Board of Trustees, regular review of actual results and variances from budget, and delegation of authority and segregation of duties as far as possible given staffing levels. The Board meets at least four times a year. The Society operates two separate sub-committees corresponding to the core areas of the Society's business- namely Care and Finance. Each is headed by a trustee and reports directly to the Board of Trustees. These sub- committees meet at least four times a year. The Chair of each sub-committee and the Board Chairform the Remuneration Committee which meets at least once a year to agree Management pay setting for the upcoming year. No Trustees are paid for their services although expenses incurred in the course of their duties are encouraged to be claimed. The Society has a very strong and effective Board of Trustees. We maintain a matrix of people against needed skills and experience, The Trustees are thus able to consider all issues coming before them in a proper manner, but consultants are used where particular special 1st advice is required. Trustees are usually recommended to us or come forward as volunteers, though it is becoming increasingly difficult to find suitable individuals who are prepared to take on the responsibility involved. We would welcome trustees of any gender, sexual orientation, or ethnic background but sadly at the present time we have no-one from one of the minority communities. This is probably due to the demographic makeup of the local area. All new trustees are interviewed by the Chairman, Vice-chairman and Chief Executive prior to appointment. They then have an induction programme of at least a day. The aforementioned three people monitor the performance of the Board on a continuous basis and equally the trustees are encouraged to provide feedback to the Chairman and Vice Chairman on their performance. Risk management The Board of Trustees formally monitors risks annually and sets up policies to mitigate them. The members of the Board of Trustees are committed to ensuring that the Society's System of internal controls is adequate and effective. A number of steps have been taken to enhance further the existing systems of internal control. These i nclude- a) A progressive revision and upgrade of risk management arrangements; and b) A review of the Operational Risk Assessment programme to incorporate both qualitative and compliance review of al l of the Society's activities. The Society maintains an Assets & Liabilities register and completes an annual Stres5 Test of the Society's financial strength. Both have given further confidence to the Trustees that the Society is in a strong position to continue its service and meet its public benefit for the foreseeable future. Health and safety The Society 15 aware of it5 responsibilities on matters relating to health and safety. The Society has prepared detailed health and safety policies and provides regular training and education on health and safety matters. Page | 7
Abbe ield We Valle Societ Limited Re ort of the Board of Trustees For The Year Ended 30th June 2024 Statement of the Board of Trustees Responslbllities The Charities Act 2011 and Companies Act 2006, and Registered Social Housing legislation requires the Board to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Society as at the end of that financial period and of the surplus or deficit of the Society for the period ended on that date. In preparing these financial statements suitable accounting policies have been used, framed to the best of the Board's knowledge and belief, by reference to reasonable and prudent judgments and estimates and applied consistently. Applicable UK accounting standards and statements of recommended practice have been followed. The Board is also required to indicate where the financial statements are prepared other than on the basis that the Society is a going concern. The Board of Trustees is responsible for ensuring the keeping of proper books of account which disclose with reasonable accuracy at any time the financial position of the Society and which enable them to ensure that the accounts comply with the Charities Act 2011, the Companies Act 2006, the Housing & Regeneration Act 2008 and The Accounting Direction for Private Registered Providers of Social Housing 2022. They are responsible for safeguarding the assets of the Society and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities. Page18
Abbe leld We Valle Soclet Limited ort of the Board of Trustees For The Year Ended 30th June 2024 Provision of Information to Auditors So far as each Member of the Board is aware at the time the report is approved: There is no relevant audit information of which the company's auditors are unaware, and The Board members have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Signed on behalf of the Board Mr Brian Thomas: Chairman th Dated: 19 December 2024 Page | 9
Inde endent Auditors, Re ort to the Members of Abbe ield We Valle Societ Limited Opinion We have audited the financial statements of Abbeyfield Wey Valley Society Limited (the 'Society'l for the year ended 30th June 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice}. I n our opi nion the financial statements: give a true and fair view of the state of the Society's affairs as at 30th June 2024 and of its income and expenditure, including its result, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS (UKII and applicable law. Our responsibilitie5 under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the Society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's abil ity to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsi bilities of the directors with respect to going concern are described in the relevant sections of this report. Other informatlon The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the IndependentAuditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material mi55tatement of the other information. Page 110
Inde endent Auditors, Re ort to the Members of Abbe fleld We Valle Socle Limlted If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Society and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to reportto you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not VlSited by us; or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to take advantage of the small companies. exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsiblllties of trustees As explained more fully in the Statement of Trustees Responsibilities set out on page eight, the trustees (who are also the directors of the Society for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fairview, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Society's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Society or to cease operations, or have no realistic alternative but to do so. Our responsibilltles for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud, The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the Society which have a direct impact on the financial statements and determined that the most significant are the Page 111
Inde endent Auditors, Re ort to the Members of Abbe fleld We Valle Soclet Llmited Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom GenerallyAccepted Accounting Practice), the CompaniesAct 2006 and Standards issued by the Regulator of Social Housing. We understood how the Society is complying with those frameworks via communication with those charged with governance, together with the review of the Society's documented policies and procedures. We assessed the susceptibility of the Society's financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements. These included risks associated with revenue recognition and management override of controls, which were discussed and agreed by the audit team. Our approach included agreeing the Societ¢s recognition of income to the terms of the underlying contract, the review of journal entries processed in the accounting records and the investigation of significant and unusual transactions identified from our review of the accounting records. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the reporting to the directors with respect to the application of the documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirements of the Society. There are inherent limitations in the audit procedures described above and, the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditor5responsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the Society's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullestextent permitted by law, we do not accept or assume responsibilityto anyone other than the Society and the Society's member5 as a body, for our audit work, for this report, or for the opinions we have formed. Matthew Elkin5 FCA (Senior Statutory Auditor) Knox Cropper LLP Chartered Accountants and Statutory Auditors Office Suite I, Haslemere House Lower Street Haslemere Surrey GU27 2PE Dated: 2* December 2024 Page | 12
W Vall Socle Limlt Statement of Flnanclal Activiti l#tu or#tl the Incomeand Ex en ure Account rTh YearEnded 30th Jun 2023 Restrirted funds É'ooo UrerICted funds Restrlrted funds Total funds £'o Unre$trlcted funds £'ooo Total funds NDles Income from Donatlons and grants Charitable Actiwties Investment5 Other Trading kfjvifies Gift on Charity Comblnatlon 55 11.261 274 87 91 8.356 125 11.261 274 8,356 125 30 8,076 16,564 1,273 1,360 9,349 17,924 11,593 11,593 Expendlture on Raising Funds Charitable Activktles 17 10,954 10,971 17 11,174 11,191 220 220 9,116 9,125 36 36 9,152 9,161 Gain5lllossesl on revaluation of investments Gain on sale of property 175 175 567 12091 358 Net in¢ome/lexpenditurel Transfers between funds Net movement in fund5 797 loo 897 12201 IIIK)I 13201 577 8,003 1,115 9,118 577 8,003 1,115 9,118 Funds brought forward 15tJuly 2023 18,947 22,995 10,944 2,933 13,877 Funds carriedforward 30th June 2024 19,844 3.728 23,572 18,947 4,048 22,995 Pa8e113
Abbe ield We Valle Societ LimSted Balance Sheet At 30th June 2024 Notes 2024 £'ooo 2023 £'ooo Tanglble Fixed Assets Housing Properties at Depreciated Cost Vehicles Fixtures, fittings and equipment Investments 11 li li 12 16,090 12 406 2,829 15,773 16 245 3,751 19,337 19,785 Current Assets Stocks Trade and Other Debtors Cash and Cash Equivalents 13 14 15 12 429 4,001 408 5,017 5,433 4,442 Current Liabllltles Creditors: amounts falling due within one year 16 839 873 Net Current Assets 4,594 3,569 Total Assets less Current Liabilities 23,931 23,354 Long Term Llabillties Creditors: amounts falling due after one year 17 359 359 Total Net Assets £23,572 £22,995 Funds Unrestricted Funds Restricted Funds 20 21 19,844 3,728 18,947 4,048 Total Funds £23,572 £22,995 th The Financial Statements were approved at the Board of Trustees meeting on 19 December 2024, and signed onit half by: Mr B Thomas- Chairman Mr P Gresha - Treasurer Page114
Abbe leld We Valle Socie Limited Statement of Cash Flows For The Year Ended 30th June 2024 Notes 2024 £'ooo 608 2023 £'ooo 12581 Net Cash Generated From Operatlng Activities Cash Flows From Investing Activities Purchase of property comporients Purchase of other fixed a55ets Purchase of fixed asset investments Proceeds from sale of fixed assets Disposal of investments (Note 11} Investment income Investment management fee5 Movement in cash held in investments Total Cashflows From Investing Activitie5 1623) 1253) 1557) 1661 (1471 2,371 162 34 {8} 19) 2,337 1,612 133 {141 113 411 Cash Flows From Financing Actlvitles Interest paid Repayment of Loans Total Cashflows From Financlng Activities (31 13) 13} 13) Net Change In Cash And Cash Equivalents Cash And Cash Equlvalents At Beginning Of The Year Cash And Cash Equivalents At End Of The Year 1,016 4,001 £5,017 2,076 1,925 £4,001 Cash Flows From Operating Activities Net (expenditurel/income for the year Depreciation Investment Income and Interest Receivable Interest Payable Non-cash gift on charity combination (Increaselldecrease in Stock {1 ncreasel/decrease i n Debtors I ncreaselldecreasel i n Creditors IGain)/loss on sa le of asset5 IGains)/Ios5es on i nvestments Investment management fees 577 357 {274) 9,118 291 1125) (8,9511 91 134) 45 11751 14 £608 1921 11551 (3581 £{258) Cash and Cash Equivalents Bank Balances 5,017 4,001 £5,017 £4,001 Analysis Of Changes In Net Debt At I" July 2023 £'ooo 4,001 th At 30 June 2024 £'ooo 5,017 Cash Flows £'ooo 1,016 Cash Loans falling due within one year Loansfalling due in more than one year 134) £3,967 134} £4,983 1.016 Page115
Abbe ield We Valle Socie Llmited Notes to the Flnancial Statements For The Year Ended 30th June 2024 Status of the Society The Society is a private company limited by guarantee registered under the Companies Act 2006 (Registered Number 10259078) in England & Wales and the Charities Act 2011 (Registered Number 11681731. The Society is also registered under the Housing & Regeneration Act 2008 (Regulator of Social Housing number H3294). The Society's registered office address and a description of the nature of the Societ¢s operations can be found in the Report of the Trustees. The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Society's accounts. Basis of Accounting and Assessment of Going Concern: The financial statements have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 102) Second Edition, the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 102} and the Companies Act 2006. Abbeyfield Wey Valley Society Limited is a public benefit entity and applies FRS 102 accordingly. The accounts comply with the Companies Act 2006, the Housing and Regeneration Art 2008, the Accounting Direction for Private Registered Providers of Social Housing in England 2022. The accounts have been prepared in £GBP sterling, which is the functional currency of the Society. Monetary amounts in these financial statements are rounded to the nearest thousand £. The Trustees consider there are no material uncertainties about the Society's ability to continue as 3 going concern. Fixed Assets- Houslng Land and Bulldings Housing land and buildings are stated at cost. The cost of properties is their purchase price together with incidental costs of acquisition including interest payable. Interest payable is capital ised by applying the Society's cost of borrowing to expenditure during the construction or refurbishment of any property up to the date of practical completion. Additionally, any professional fees incurred in the construction or refurbishment of any property are also capitalised cost. In accordance with paragraph 17.16 of FRS 102, properties are accounted for on a component Cost basis. In the absence of more precise information, the value of each component has been established using a matrix agreed between the National Housing Federation and the Institute of Chartered Accountants of England & Wales, with the exception of the Hatch Mill redevelopment of 2012 for which component information was available. Social Houslng Grant Where developments have been financed wholly or partially by Social Housing Grant, the grant is recognised as income when received or receivable in accordance with the performance model. Social Housing Grant may be repayable in certain circumstances including the sale of the property or a change i n its use. Fixed Assets: Fixtures, Fittings and Equipment Assets donated to the Society are not included in the balance sheet. Other assets are included at cost. Only assets purchased with a cost greater than £1,000 are capitalised. Page116
Abbe ield We Valle Societ Limited Notes to the Ftnancial Statements For The Year Ended 30th June 2024 Loan Finance Costs Costs incurred in the securing and raising of loan finance are amortised over the period of the loan. Income All income is recognised once the Society has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably. Turnover represents fees receivable, and income from care at home services which are recognised in the period to which they relate. Monetary donations to the Society are credited to the Statement of Financial Activities when it is probable that they will be received. Grants, including government grants, are measured using the performance model and are credited to the Statement of Financial Activities when it is probable that they will be received and any conditions have been satlsfied. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Society to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Resources expended includes irrecoverable VAT. Depreciatlon The cost of completed Housing Properties (net of the cost of land) is depreciated over the life of the properties. Properties are accounted for on a component cost basis with each component being depreciated over its estimated useful life. The principal components and the depreciation rate applied to each component are set out below: Years n/a loo 70 30 15 15 Years 20 30 30 40 20 20 Land Main Structure & Fabric Roof & Covering Window5 and External Doors Gas Boilers Grounds and gardens Kitchen Bathroom/W.C. Heating/ventilation/plumbing Electrics Lift Internal structures Leasehold Land is amortised over the term of the 125 year lease which began in 1983. Fixtures, fittings & equipment are depreciated over a 5 year life on a straight line basis. Computer equipment is depreciated over a 3 year life on a straight line basis. Vehicles are depreciated on a 25% reducing balance basis. A full year's depreciation is charged on fixed assets in the year of purchase, with no charge applied in the year of disposal. Assets in the course of construction are not depreciated until they are brought into use. Page117
Abbe eld We Valle Societ Limited Notes to the Flnancial Statements For The Year Ended 30th June 2024 Stocks Stocks are valued at the lower of cost or net realisable value, and primarily comprise of food stocks and cleaning materials. 2.10 Investments Over 99Yo of the Society's investments are in unit trusts. Initially they are recognised at their transaction value and subsequently measured attheir fair value as at the balance sheet date using the closing market price. The statement of financial activities i ncludes the net gains and losses arising on the revaluations and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. 2.11 Debtors and creditors Trade and Other Debtors are classified as basic financial instruments and are measured and recorded in the accounts at the initial transaction price. Debtors and Creditors are subsequently measured at amortised cost using the effective interest rate method. Financial assets classified as receivable within one year and financial liabilities classified as payable within one year are not amortlsed. 2.12 Corporatlon Tax and VAT The Society has charitable status and is exempt from Corporation Tax. The Society is not registered for VAT. No VAT is charged to residents and expenditure in the Statement of Financial Activities includes the relevant VAT. 2.13 Pensions The Society used to operate a pension scheme for employees which meets the requirements of being a Qualifying Workplace Pension Scheme. The scheme was administered and operated by Standard Life Assurance Company which holds the assets of the scheme. It was a voluntary defined contribution scheme which is closed to new members. The Society additionally operates an auto-enrolment pension scheme which is operated through the National Employment Savings Trust {NESTI with both employees and the Society paying contributions monthly to NEST on a percentage of 'Qualifying Earnings, basis. Following the two m05t recent mergers, the Society also has schemes with NOW: Pensions and The People's Pension. These two schemes operate in a similar fashion to NEST. 2.14 Significant Management Judgements and Estlmatlon Uncertainties Im airment: Properties are assessed for impairment when there is an indication that the property has been impaired. This includes properties in the course of development. The assessment is carried out by comparing the carrying value of the property with its recoverable amount (taking into account service potential), and, where applicable, the property is written down to its recoverable amount. De reclatlon: The depreciation of property components is based on management's estimate of their useful lives which is kept under review. Doubtful Debts rovision: The provision for doubtful debts is based on management's estimate of the recoverability of residents, arrears. No provision for doubtful debts is thought to be needed at 30th June 2024. Page | 18
Abbe ield We Valle Societ Limited Notes to the Financial Statements For The Year Ended 30th June 2024 Income from donations and grants 2024 £'ooo 2023 £'ooo Covid-related Fund Grants Donations and bequests 55 88 Total income from donations and grants £55 £91 Covid-related Fund Grants represents government grants received to support the Society through the Covid19 pandemic. There are no unfulfilled conditions or contingencies related to government grants. Income from charltable activities Gross fees from accommodation services Less voids 12,993 11,902) 9,353 (1,1831 Net fees receivable from accommodation services 11,091 8,170 Home Care activities 170 186 Net fees from all activities £11,261 £8,356 Investment income Interest on funds on call and short notice Accumulated income Portfolio dividends and interest 184 71 19 53 61 li Total investment income £274 £125 Income from Other Trading Activities Fundraising events Total income from Other Trading Actlvlties £3 £3 Page | 19
Abbe ield We Valle Societ Limited Notes to the Flnancial Statements For The Year Ended 30th June 2024 Expendlture on charltable activltles 2024 £'ooo 2023 £'ooo Employee costs, agency staff and training Catering Other care expenses Establishment expenses Repairs and maintenance Vehicle costs Depreciation and amortisation Residents, amenities I nterest payable Debt provision and write-offs Disposal of assets Development costs General management expenses Support costs (Note 8) 8,060 572 296 493 371 14 357 70 6,581 417 226 370 449 12 291 56 89 45 57 318 486 253 437 Total expenditure on charitable activities £11,174 £9,152 Support costs 2024 £'ooo 2023 £'ooo Employee costs Administration costs Payroll fees Professional fees Auditors, remuneration 235 197 12 32 io 183 157 12 62 23 Total support costs £486 £437 Remuneration payable to the auditors for the auditing of the accounts, excluding VAT, amounted to £11,800 {2023: £11,450). Raislng Funds 2024 £'ooo 2023 £'ooo Investment management fees Costs of fundraising events 14 Totsl Ralsing Funds £17 £9 Page | 20
Socl Fln nclal S rEn 10. partlarS of turnover, operatlng costs and operatlnB Surplus Z024 Care Homes Housl Home Care Olher £'ooo TOTAL Fees at full occupancv Home Care fee5 Other income Igrantsldonarionsl Rentsl Income at full or¢upancv Servlce char8e5 Gross Income Ibeforevoldsl Void5 Net Inwmes laftervoidsl Direct Costs SurplU1defititl before ntrol overhead 12,607 12,607 170 170 58 123 263 386 12141 172 12711 123 263 13,221 11,9021 11,319 110,5731 746 12,607 11.6881 10,919 110.0961 823 170 58 170 11891 119 58 41 Central overhead allocatlon Operatln8 surplu5/ldefld¢l 15581 265 1441 11431 131 1321 16151 131 41 Pa8e121
Abbe Socle LSmlte Notesto th F rTheYearÉnd 10. Partl¢ularsof turnover, opeiatln ¢osts and operating surplus l¢ontlnuedl 2023 Care H me Care Other TOTAL £'ooo £'ooo Fees at full Qccupancv Home Care fees Other income18rants/donationsl Rental Income at fvll uccupancv Service charges Gross Income Ibeforevoidsl Voids Net incomes laftervoidsl Dirert Costs Surplus/ldeflcitl before central overhead 8,993 8,993 186 91 108 252 360 11771 183 12421 1591 108 252 9,633 11,1831 8,450 18,6191 11691 8.996 11,0061 7,990 18,1991 12091 186 91 186 11691 17 91 82 Central overhead 3llocation Operating surplus/ldeficitl 14761 6851 1501 11091 1171 15431 1712 82 Page122
Note5to the F nts FofTheYe8r 2024 ii. Tan8ible Flxed Assets 5T01a1 Land & BulldknÉ5 Nxturts FlttlnEs & Equlpment E'l0 Freehold Land & BuildlnLs £'DDO Lon8 Lea5elwJld Land £'(M)O Leasehold Bulldl £'ooo Work kn PYo8re Vehl¢lES rooo Total Co At Istjuly 2023 Addibons Di5W5a15 16.297 306 69 1.831 19 315 18,Z16 623 1641 953 253 66 19.235 876 1641 At 30th June 2024 16,539 69 1,833 334 18,775 1,206 66 20,047 Dewtdaiton Af istjuly 2023 aigeforthe year On dlsposal 1.737 234 22 2,443 261 7Q8 92 50 3,201 357 26 At 301h lune 2024 1,952 23 710 2,685 3,539 Nei Book Amount At 30th June 2023 £14,560 £47 £1.147 £19 £15,773 E245 £16 £16.034 At 30th June 2024 £14,587 £46 £1,123 £334 £16.09) E406 £11 £16.508 Ne lal A loan from Orchardbrook Llmited of £34,32812023.. £34,754) Is secured on the long leasehold property. Included within Freehold Land & 8ulldlnE5 15 land of £3,020.(IJO12023: £3,020,} whlch Is not depreciated. Page123
Abbe ield We Valle Socie Llmlted Notes to the Financial Statements For The Year Ended 30th June 2024 2024 £'ooo 2023 £'ooo 12. Investments Balance brought forward Additions Accumulated income Disposals Unrealised gains/{losses) Movement in cash 3,751 557 71 (1,667) 230 {113) 1,953 1,788 61 {158) {7} 114 £2,829 £3,751 Within the above are: Investments at fair value through net income Cash held by investment managers 2,823 3,632 119 £2,829 £3,751 The Society disposed of investments with a carrying value of £1,667k for proceeds of £1,612k, realising losses of £(55k}12023: carrying value of £158k sold for proceeds of £162k realising gains of £4k). 13. Stocks Household supplies £8 £12 14. Trade and Other Debtors Residents, fees Less provision for doubtful debts 144 242 144 242 12 175 Other debtors Prepayments and accrued income 263 £408 £429 15. Cash and Cash Equlvalents Bank accounts Fixed term deposits Cash in hand 763 4,250 3,999 £5,017 £4,001 Page | 24
Abbe ield We Valle Societ Limited Notes to the Flnancial Statements For The Year Ended 30th June 2024 16. Creditors: Amounts falling due withln one year 2024 £'ooo 2023 £'ooo Amount due on Orchardbrook Limited Loan (Note 171 Trade creditors Social Security and PAYE Other creditors Accruals and deferred income 194 154 95 396 213 154 102 404 £839 £873 17. Creditors: amounts falling due after one year Recycled Capital Grant Fund Loan from Orchardbrook Limited Note 19 Note la} 325 34 325 34 £359 £359 Note (a) A 60 year loan taken out in 1986 to help fund the development of Wey Valley House. Interest is fixed at 9,5°A and is secured by a legal charge over Wey Valley House. 18. Social Housing Grant 2024 £'ooo 2023 £'ooo Aggregate amount recelved At Istjuly 2023 Grant recycled to RCGF 3,428 3,753 13251 At 30th June 2024 £3,428 £3,428 Released to SOFA At 1st July 2023 Grant recycled to RCGF 3,428 3,753 13251 At 30th June 2024 £3,428 £3,428 Net Book Amount At 30th June 2023 At 30th June 2024 In addition to the above grants received by the Society, a total of £1,490,603 social housing grants have been assumed by the Society on transfer of properties from other Abbeyfield societies. Page | 25
Abbe leld We Valle Societ Limited Notes to the Flnancial Statements For The Year Ended 30th June 2024 19. Recycled Capital Grant Fund 2024 £'ooo 2023 £'ooo Balance brought forward Grants recycled Interest accrued 325 325 Balance carried forward £325 £325 The entire balance of the RCGF relates to Homes England. 20. Reserves: Movement During The Year Opening Balance 0110712023 £'ooo Total Comprehensive Income £'ooo Transfers To/(from) Reserves £'ooo Closing Balance 3010612024 £'ooo Unrestricted Reserves Designated Reserves Revenue Reserve Prudential ReseNe 8,540 9,557 850 8,540 10,304 1,000 797 {501 150 Total Unrestricted Funds 18,947 797 100 19,844 Restricted Funds (Note 21) 4,048 12201 1100) 3,728 £22,995 £577 £23,572 The Designated Reserve represents those reserves allocated by the Society to ensure its existing operations remain fit for purpose, and to develop new services. The Prudential Reserve represents the funds necessary to cope with a downturn in the economic environment in which the Society operates, or in a worst-case scenario to allow an orderly liquidation of the Charity. Page | 26
Abbevfield Wev Vallev Societv Limited Notes to the Financial Statements For The Year Ended 30th June 2024 21. Restricted Funds Opening Balance 0110712023 £'ooo Closing Balance 3010612024 £'ooo Income £'ooo Expenditure £'ooo Transfers £'ooo Hatch Mill Garden Fund Roundhay Guildford House Fund Disabled Vehicle Fund Maitland House Lift Fund Maitland House Resident Financial Support David Gresham House Premises Fund Gresham Fund Fixed Assets Fund Wey Valley House Staff 17 io 61 117} io 61 24 47 (24) {6} 41 1,000 (162} {21) 817 273 2,537 78 {55) 218 2,502 78 135} £4,048 £(220} £iiooi £3,728 Restrirted Funds The Roundhay fund was established to support residents who might require additional financial support, and the Guildford House fund was to make life easier for residents who are hard of hearing and fortheir general comfort in the Guildford Home. The David Gresham House Premises Fund and Gresham Fund were established as part of the Transfer of Engagements with Abbeyfield North Downs Society. The Premises Fund is to be applied on capital or revenue expenditure while the Gresham Fund is to be applied in supporting residents with payment of their fees. The Fixed Assets Fund represents that element of the fixed assets of the Society which has been funded by social housing grants received from the government. The Wey Valley House Staff fund represents a donation received for the benefit of Wey Valley House staff. Page | 27
Abbe ield We Valle Societ Limited Notes to the Financlal Statements ForThe Year Ended 30th June 2024 22. Contingent Liabilities As part of the transfer of assets by Abbeyfield Reading Society on I, February 2022, Abbeyfield Wey Valley Society, {"AWVS"), agreed that should it decide to sell the property that had been transferred across, before I, February 2025, or close down the home or effectively cease to operate it as a care home, then it would have to pay a Compensation Payment to Eventide & Watts (that had written off a loan to Abbeyfield Reading Society of £393,006 at the time of the transfer). The Compensation Payment would be calculated as follows. 50% of the gross proceeds of the sale of the property less: All legal & agencyfees incurred by AWVS plus any costs incurred by AWVS in closing the home down, The costs of any investments made by AWVS to improve the property, plus the aggregate of the operational losses {if any) incurred in running the home from the I" February 2022 until the date when either the home is closed or sold as a going concern. th As part of the transfer of assets by Dorking Residential Care Homes on 30 August 2022, Abbeyfield Wey Valley Society, I'AWVS'I, agreed that should it decide to sell the property that had been th transferred across, before 30 August 2027, or close down the home or effectively cease to operate it as a care home, then it would have to pay a Compensation Payment calculated as below. Net sales proceeds of any sale following the sale les5 deduction of: Reasonable & proper costs of sale, Reasonable and proper closing down costs, Any proper costs of investments made by AWVS for improvements to the premises & grounds, Any properly incurred operational losses in respect the provision of care home services at the premises, Any other proper costs incurred by AWVS in respect of the building & grounds which are not included within point iii above. The net sales proceeds from the above should be divided equally between the Society and such charitable organisation or organisations in the Dorking area to be nominated by Central Surrey Voluntary Action, The Point, Lions Court, RH4 IAB or any successor body or, in the absence of either, Community Foundation for Surrey, charity number 1111600, Company number 5442921. th As part of the transfer of assets by Abbeyfield North Downs Society Limited on 28 April 2023, Abbeyfield Wey Valley Society, {"AWVS"I, agreed that should it decide to transfer the premises or any interest in the premises before 28 April 2028 withoutthe priorwritten consent of the Abbeyfield Society and consent may not be withheld in the case of a sale of the freehold on AWVS ceasing to provide services at the premises if the Abbeyfield Society is satisfied that arrangements have been made such that: The net sale proceeds of any sale that occurs within 5 years of 28 April 2023, as calculated after the deduction of: Costs of sale, Closing down costs Any investments made by AWVS for improvements to the building & grounds not paid for out of the Premises Fund, {see Note 21), Any operational losses not paid for out of the Premises Fund, The cost of the repayment of the Social Housing Grants, if required Any other costs incurred by AWVS related to the Premises not paid for out of the Premises Fund Will be transferred to the Abbeyfield Society. th iv. Page | 28
Abbevfield Wev Vallev Societv Limlted Notes to the Financial Statements For The Year Ended 30th June 2024 23. Capital Commltments At 30th June 2024 and 30th June 2023 the Society had no capital commitments. The Board has approved the budget for the year ended 30th June 2024 which includes capital costs of £655,00012023: £502,000). 24. Employees 2024 2023 £'ooo 5,129 448 216 Salaries and wages Employers, Social Security costs Pensions Termination payments 6,674 557 306 65 £7,602 £5,795 The average number of employees in the period was 333 {2023: 2671, which equated to approximately 250 full time equivalent heads {2023: 2001. Page | 29
Abbe ield We Valle Societ Llmited Notes to the Financial Statements ForThe Year Ended 30th June 2024 25. Payments to Members, Trustees and Officers No fees or remuneration were paid during this year or last to any of the Members or Trustees. Expenses reimbursed to Trustees in the current financial year amounted to £583 for travel and subsistence expenses (2023.. £866 for reimbursement of meals & horticultural expenses). The aggregate amount of emoluments, including pension contributions, payable to the Key Management Personnel in the year were £509,846 {2023: £439,049). The full-time equivalent number of staff whose remuneration payable was more than £60,000 is: 2023 2024 £120,000 - £130,000 £ioo,000- £iio,000 £90,000- £100,000 £80,000 - £90,000 £70,000 - £80,000 £60,000- £70,000 Included within the above were payments to the CEO, being the highest paid employee amounting to £120,558 for the year excluding pension contributions (2023: £112,956). The CEO is a member of the Society's employee defined contribution scheme. The Society contributes to the CEO'S pension at 7% of salary with the CEO contributing IO% of her salary. No Special or enhanced terms apply. 26. Controlllng Party The Board of Trustees are the ultimate controlling party of the Society. 27. Unlts in Management 2024 162 27 22 2023 162 27 22 Residential Nursing Sheltered 211 211 There were no acquisitions or disposals of properties during the year, however one property comprising 7 sheltered units was closed with the property to be sold. Page130
Abbe leld We Valle Socie Limited Notes to the Flnanclal Statements For The Year Ended 30th June 2024 28. Net Assets by fund Unre5trirted £'ooo Restrlcted £'ooo 2024 Total £'ooo Fixed Assets Current Assets Current Liabi lities Long Term Liabil ities 16,835 4,207 18391 (3591 2,502 1,226 19,337 5,433 18391 (3591 Total £19,844 £3,728 £23,572 Unrestrirted £'ooo Restrlcted £'ooo 2023 Total £'ooo Fixed Assets Current Assets Current Liabilities Long Term Liabil ities 17,248 2,931 (873} (359) 2,537 1,511 19,785 4,442 18731 (3591 Total £18,947 £4,048 £22,995 Page | 31
Abbe leld We Valle Socie Limited Notes to the Flnancial Statements For The Year Ended 30th June 2024 29. Reserves: Prior Year Movement Openlng Balance 0110712022 £'ooo Total Transfers Comprehensive To/(from) Income Reserves £'ooo £'ooo Closing Balance 3010612023 £'ooo Unrestricted Funds Designated Reserves Revenue Reserve Prudential Reserve 8,540 1,554 850 8,540 9,557 850 8,003 Total Unrestricted Funds 10,944 8,003 18,947 Restricted Funds 2,933 1,115 4,048 £13,877 £9,118 £22,995 Opening Balance 0110712022 £'ooo Closing Balance Expenditure 3010612023 £'ooo £'ooo Restricted Funds Income £'ooo Hatch Mill Garden Fund Roundhay Guildford House Fund Disabled Vehicle Fund Maitland House Lift Fund Maitland House Resident Financial Support Fund David Gresham House Premises Fund Gresham Fund Fixed Assets Fund Wey Valley House Staff 17 10 61 io 61 24 49 24 47 121 1,000 1,000 273 273 2,537 78 2,780 12431 78 £2,933 £1,360 £{2451 £4,048 Page | 32
Abbe ield We Valle Societ Llmlted Notes to the Financlal Statements For The Year Ended 30th June 2024 30. Glft on Charity Combination- Prior Year During the previous year, the Society completed two charity combinations, On I September 2022, Transfer of Engagements was completed with Dorking Residential Care Homes Limited (Registered Society number: 13238RI and on l May 2023, 3 Transfer of Engagements was completed with Abbeyfield North Downs Society. The fair value of the net assets acquired on the transfers is set out below: DRCH £'ooo 3,900 ANDS £'ooo 3,500 55 Housing Properties - Freehold Land and Buildings Fixtures, Fitti ngs & Equ ipment Vehicles Investments Stock Debtors Cash at Bank and in Hand Creditors 156 1,737 39 374 (1141 24 13371 £3,752 £5,597 Represented by: U nrestricted funds Restricted Funds 3,752 4,324 1,273 £3,752 £5,597 31. Related Party Transactions There were no related party transactions during the year, other than those disclosed in note 25. Page | 33