Abbeyfield Northallerton CIO
Trustees' Report and Financial Statements For the year ended 31 March 2022
Charity Number: 1175260 Company Number: CE011663
Cummins Young 39 Westgate Thirsk North Yorkshire YO7 1QR
Abbeyfield Northallerton CIO
Contents
| Contents | |
|---|---|
| Page | |
| Legal and Administrative Information | 1 |
| Trustees' Report | 2-4 |
| Independent examiners report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8-13 |
Abbeyfield Northallerton CIO
Legal and Administrative Information
Charity Number 1175260 Company Number CE011663 Address Fir Lodge 82 South Parade Northallerton North Yorkshire DL7 8SJ Trustees J Turnbull Chairperson I Smithson Treasurer Dr A Brereton Secretary and Vice Chairperson I Parminter Mrs P Fowler Watts MBE P Burke Resigned October 2021 Mrs C Walters Independent Examiner Adil Khan ACA Cummins Young 39 Westgate Thirsk North Yorkshire YO7 1QR Bankers Charities Aid Foundation Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Page 1
Abbeyfield Northallerton CIO
Report of the Trustees
for the year ended 31 March 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is a Charitable Incorporated Organisation (Company number CE011663), having solely charitable objectives, and registered as a charity (number 1175260). Abbeyfield Northallerton CIO was registered with the Charity Commission on 20 October 2017.
The governing document is its constitution, agreed by the prospective trustees dated 18 October 2017. Memorandum and Articles of Association are dated 1 December 2009.
TRUSTEES
The trustees who served during the year were as follows:
J Turnbull Chairperson I Smithson Treasurer Dr A Brereton Secretary and Vice Chairperson I Parminter Mrs P Fowler Watts MBE P Burke Resigned October 2021 Mrs C Walters
New trustees are given adequate training in respect of their legal obligations under charity law, in particular in relation to the Charity Commission Guidance on Public Benefit, the charity constitution and the trustees decision making processes.
ORGANISATION
A Committee of trustees, who meet quarterly, administers the Charity. There is also a finance sub committee who meet as and when required in addition to the trustees meetings. There are currently ten employees appointed by the trustees.
OBJECTIVES AND ACTIVITIES
The Trustees have had regard to the guidance issued by the Charity Commission on public benefit. The principal objects of the charity are to relieve persons of pensionable age who are in need by reason of their age, by the provision of communal living facilities in supported houses and by the provision of amenities and services to such persons and their families.
Page 2
Abbeyfield Northallerton CIO
Report of the Trustees - continued
for the year ended 31 March 2022
REVIEW OF THE ACTIVITIES AND FUTURE DEVELOPMENT
At the start of our year we were still in the grip of Covid 19 Pandemic and its variants but most of the residents and staff have had at least two jabs. Restrictions in the house were still in place but were relaxed where possible according to Government guidelines resulting in family and friends being allowed to visit and as time went on all restrictions were lifted.
We had a 90% occupancy level overall with loss of 1 resident and gaining 1 new one.
Our new Management structure that was implemented the previous year has worked very well with all parties working together successfully. We have an agreement with an Employment Consultant to update our terms and conditions of employment and this will highlight any areas needing improvement.
Our Accounts this year show healthy surplus and the investments show a satisfactory increase. This position is encouraging as we face an uncertain short term future with the massive rise in energy costs, which will lead to other costs being higher.
Maintenance of the house is an ongoing battle with essential upgrades needed and also improvements wherever possible.
Staff continue to undertake their duties with the upmost care and diligence.
Recruitment of new trustee’s still remains a challenge and hopefully will improve in the coming year. (We have six trustees at the present time)
FINANCIAL RESULTS
The society achieved an occupancy level of 89.39% (2021 - 93.51%)
The results for the period are set out in the Statement of Financial Activities on page 6 and the surplus on ordinary activities of £39,247 will be transferred to accumulated reserves.
RESERVES POLICY AND RISK MANAGEMENT
Cash flow will continue to be monitored carefully. Abbeyfield Northallerton CIO is governed by charity legislation under which a risk assessment has been made and the trustees have determined that liquid funds are required between six and nine months expenditure, bearing in mind the age of the property. Based upon expenditure for 2021/2022 the liquid reserves required are between £97,000 and £145,000. At 31 March 2022 the liquid reserves were £257,617 (2021 - £218,912).
The Trustees monitor the financial position of the Charity at each committee meeting and also examine other operational and business risks. The Trustees are satisfied that systems are in place to mitigate the exposure to the major risks.
Page 3
Abbeyfield Northallerton CIO
Report of the Trustees - continued
for the year ended 31 March 2022
STATEMENT OF TRUSTEES RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Charity law requires the Trustees to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the charity and of the incoming resources and applications of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently:
-
observe the methods and principles in the Charities SORP:
-
make judgements and estimates that are reasonable and prudent:
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures
-
disclosed and explained in the financial statements: and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Board
J Turnbull Chairperson
Date 04 October 2022
Page 4
Abbeyfield Northallerton CIO
Independent Examiners Report to the Trustees of Abbeyfield Northallerton CIO
I report to the Trustees on the financial statements of the charity for the year ended 31 March 2022, which are set out on pages 6 to 13.
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiners statement
I am qualified to undertake the examination by being a member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect
- the accounting records were not kept in accordance with section 130 of the Charities Act: or
the financial statements did not accord with the accounting records: or
- the financial statements did not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached
Adil Khan ACA
Date: 04 October 2022
Independent Examiner
Cummins Young 39 Westgate Thirsk North Yorkshire YO7 1QR
Page 5
Abbeyfield Northallerton CIO
Statement of Financial Activities
(incorporating income and expenditure account)
for the year ended 31 March 2022
| Notes Incoming Resources Donations Sundry donations Charitable activities Residents charges Job retention scheme grant Sundry income Investment Income 2 Total income Resources expended Charitable activities Direct charitable costs 3 Governance costs 4 Total expenditure Net Incoming resources for the year Net Income for the year 6 Other recognised gains/losses Increase/(decrease) in value of investments Transfer to/(from) restricted reserve Net movement in funds Total funds brought forward Total funds carried forward 14 |
Unrestricted Funds £ 25 218,294 - 60 5,614 223,993 191,655 2,258 193,913 30,080 9,167 - 39,247 518,258 557,505 |
Restricted Funds £ - - - - - - - - - - - - - - - |
2022 Total £ 25 218,294 - 60 5,614 223,993 191,655 - 2,258 193,913 30,080 9,167 - 39,247 518,258 557,505 |
2021 Total £ 282 223,270 1,298 - 5,528 |
|---|---|---|---|---|
| 230,378 | ||||
| 192,953 - 2,231 |
||||
| 195,184 | ||||
| 35,194 21,168 - |
||||
| 56,362 461,896 |
||||
| 518,258 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities
The notes on pages 8 - 13 form an integral part of these financial statements Page 6
Abbeyfield Northallerton CIO
Balance Sheet
for the year ended 31 March 2022
| Notes Fixed Assets Tangible Fixed Assets 9 Investments 10 Current Assets Debtors 11 Cash at Bank and in hand Creditors: amounts falling due within one year 12 Net Current Assets Net assets Funds Unrestricted Income Fund 14 Total Funds 14 |
£ £ 174,797 127,016 301,813 8,899 257,617 266,516 10,824 255,692 557,505 557,505 557,505 2022 |
£ £ 186,657 112,788 299,445 11,286 218,912 230,198 11,385 218,813 518,258 518,258 518,258 2021 |
£ £ 186,657 112,788 299,445 11,286 218,912 230,198 11,385 218,813 518,258 518,258 518,258 2021 |
|---|---|---|---|
| 299,445 218,813 |
|||
| 266,516 10,824 |
230,198 11,385 |
||
| 518,258 | |||
| 518,258 | |||
| 518,258 |
The financial statements were approved by the Board of Trustees on 4 October 2022 and signed on its behalf by:
J Turnbull Chairperson
I Smithson Treasurer
The notes of pages 8 - 13 form an integral part of these financial statements
Page 7
Abbeyfield Northallerton CIO
Notes to the Financial Statements
for the year ended 31 March 2022
1. Accounting policies
Company information
The Society is a Charitable Incorporated Organisation (Company number CE011663), having solely charitable objectives, and registered as a charity (number 1175260). Abbeyfield Northallerton CIO was registered on 20 October 2017.The registered address is Fir Lodge, 82 South Parade, Northallerton, North Yorkshire, DL7 8SJ.
Basis of preparing financial statements
The financial statements of the charity, which is a public benefit entity under FRS102, 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 Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
As per paragraph 1.4 of the Housing SORP 2014, the Society has adopted the Charities SORP for its accounting periods from 20 October 2017.
Incoming Resources
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
The society is not registered for VAT. Expenditure, where applicable, includes irrecoverable VAT.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Housing properties 4% reducing balance Plant and machinery 15% reducing balance
Housing land and properties are stated at cost. The cost of the properties is their purchase price together with incidental costs of acquisition.
Investments
Investments are included in the balance sheet at their fair value.
Taxation
The charity is exempt from tax on its charitable activities.
Page 8
Abbeyfield Northallerton CIO
Notes to the Financial Statements - continued
for the year ended 31 March 2022
1. Accounting policies (continued)
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectivities at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Explanations regarding these funds are included in the notes to the financial statements
Pensions
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period in which they relate.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Cash flow statement
The company has taken advantage of the disclosure exemption not to prepare a cash flow statement in preparing these financial statements as permitted by Section 7 of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
| 2 Investment Income Investment income Bank interest Dividends received |
Unrestricted Restricted 2022 2021 funds funds Total Total £ £ £ £ 553 - 553 836 5,061 - 5,061 4,692 |
|---|---|
| 5,614 - 5,614 5,528 |
Page 9
Abbeyfield Northallerton CIO
Notes to the Financial Statements - continued
for the year ended 31 March 2022
| 3 Charitable Activities Expenditure Direct charitable costs Food and provisions Wages and salaries Employers' NIC Staff pension costs Staff training Recruitment expenses General and water rates Insurance Light and heat Repairs, renewals and maintenance Gardening and window cleaning Cleaning, kitchen consumables, laundry and ppe Lifeline Printing, postage, stationery and computer costs Advertising Telephone Travelling expenses Social fund Newspapers and television licence Legal and professional fees Sundry expenses Affiliation fees Depreciation Total Charitable activities expenditure 4 Governance costs Accountancy Bank charges Total Governance costs 5 Net incoming/(outgoing) resources for the year Net income/(outgoing) resources is stated after charging: Depreciation |
Unrestricted Restricted funds funds £ £ 16,587 105,703 811 832 714 160 4,244 2,328 15,225 13,548 1,791 2,290 2,018 1,109 2,094 2,866 22 678 1,477 1,192 67 4,039 11,860 |
2022 Total £ 16,587 105,703 811 832 714 160 4,244 2,328 15,225 13,548 1,791 2,290 2,018 1,109 2,094 2,866 22 678 1,477 1,192 67 4,039 11,860 191,655 2022 Total £ 2,160 98 2,258 2022 £ 11,860 |
2021 Total £ 19,061 104,284 241 785 240 326 3,594 2,061 13,557 13,953 1,854 2,808 1,991 2,178 1,723 2,159 - 50 1,109 3,378 385 4,035 13,181 |
|---|---|---|---|
| 191,655 - |
192,953 | ||
| Unrestricted Restricted funds funds £ £ 2,160 - 98 - |
2021 Total £ 2,160 71 |
||
| 2,258 - |
2,231 | ||
| 2021 £ 13,181 |
Page 10
Abbeyfield Northallerton CIO
Notes to the Financial Statements - continued
for the year ended 31 March 2022
6 Employees
| Employment Costs Wages and salaries Pension Costs Number of employees |
2022 2021 £ £ 105,703 104,284 832 785 |
|---|---|
| 106,535 105,069 |
|
| Hostel Staff Management Volunteers |
2022 2021 Number Number 9 9 1 1 7 8 |
|---|---|
| 17 18 |
There were no employees who received total emoluments of more than £60,000.
During the year the total amount received by trustees for expenses was £nil (2021 - £nil)
7 Pension Costs
The Company operates a defined contribution pension scheme in respect of employees. Contributions made during the year was as follows:
| Pension charge for the period | 2022 2021 £ £ 832 785 |
|---|---|
8 Taxation
The Charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these financial statements.
9 Tangible Fixed Assets
| Cost Brought forward Additions At 31 March 2022 Depreciation Brought forward Charge for the year At 31 March 2022 Net Book Values At 31 March 2021 At 31 March 2022 |
Housing Property £ 360,746 - 360,746 214,166 5,863 220,029 146,580 140,717 |
Plant and Machnery £ 161,330 161,330 121,253 5,997 127,250 40,077 34,080 |
Total £ 522,076 - |
|---|---|---|---|
| 522,076 | |||
| 335,419 11,860 |
|||
| 347,279 | |||
| 186,657 | |||
| 174,797 |
Page 11
Abbeyfield Northallerton CIO
Notes to the Financial Statements - continued
for the year ended 31 March 2022
| 10 Investments M&G Investments - The Equities Investment Fund for Charities 11 Debtors Rent debtor Other debtors 12 Creditors: amounts falling due within one year Trade creditors and accruals Rent received in advance 13 Analysis of Net Assets between funds Fund balances at 31 March 2022 as represented by: Tangible fixed assets Investments Current assets Current liabilities 14 Movement in funds At 01-Apr 2021 Unrestricted Funds Unrestricted Funds 518,258 Total unrestricted funds 518,258 |
10 Investments M&G Investments - The Equities Investment Fund for Charities 11 Debtors Rent debtor Other debtors 12 Creditors: amounts falling due within one year Trade creditors and accruals Rent received in advance 13 Analysis of Net Assets between funds Fund balances at 31 March 2022 as represented by: Tangible fixed assets Investments Current assets Current liabilities 14 Movement in funds At 01-Apr 2021 Unrestricted Funds Unrestricted Funds 518,258 Total unrestricted funds 518,258 |
2022 2021 £ £ 127,016 112,788 2022 2021 £ £ - 3,185 8,899 8,101 8,899 11,286 2022 2021 £ £ 9,184 8,270 1,640 3,115 10,824 11,385 Unrestricted Restricted Total funds funds funds £ £ £ 174,797 - 174,797 127,016 - 127,016 266,516 - 266,516 (10,824) - (10,824) 557,505 - 557,505 At Incoming Outgoing 31-Mar resources resources Transfer 2022 233,160 193,913 - 557,505 - |
2022 2021 £ £ 127,016 112,788 |
Total funds £ 174,797 127,016 266,516 (10,824) |
|---|---|---|---|---|
| 2022 2021 £ £ - 3,185 8,899 8,101 |
||||
| 8,899 11,286 |
||||
| 2022 2021 £ £ 9,184 8,270 1,640 3,115 |
||||
| 10,824 11,385 |
||||
| 557,505 | ||||
| 518,258 | 233,160 193,913 - 557,505 |
Purposes of unrestricted funds
The unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Page 12
Abbeyfield Northallerton CIO
Notes to the Financial Statements - continued
for the year ended 31 March 2022
15 Contingent liabilities and Capital Commitments
The Abbeyfield Northallerton & District Society Limited received a capital grant from the Housing Corporation (subsequently transferred to Homes and Community Agency) amounting to £71,492 to assist in the financing of refurbishments. As part of the transfer of the funds to Abbeyfield Northallerton CIO this sum may be repayable together with interest at such rate as the Agency reasonably requires taking into account the provisions in the Capital Funding Guide. The sum is repayable upon a Relevant Event as defined in paragraph 7 of the Capital Funding Guide (version "Recovery of Capital Grant and Recycled Capital Grant Fund General Determination 2015"), or upon the disposal of the property howsoever effected, or the occurrence of a Change in Control in relation to Abbeyfield Northallerton CIO.
16 Related Parties
There were no transactions with related parties.
Page 13