## **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**