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2021-09-30-accounts

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

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CONTENTS PAGE
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CONTENTS PAGE
Report of the Executive Committee 1 and 2
Statement of Executive Committee’s Responsibilities 3
Independent Examiner’s Report 4
Income and Expenditure Account 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 – 13
Detailed Hostel Property Revenue Account 14

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

REPORT OF THE EXECUTIVE COMMITTEE

The Executive Committee submit their report and the financial statements for the year ended 30 September 2021.

The Society is registered under the Companies Act 2006 and the liability of members is limited by guarantee.

The Executive Committee serving at the date of approval of the financial statements are:

Directors Mrs E A Peacey Miss V J Smith Mr S Howe Mr J Howe Method of appointment Committee members are appointed by election at the annual general meeting. One third of members are required to retire each year, but may stand for re-election. The Executive Committee may also co-opt additional committee members between annual general meetings. The Registered Office Abbeyfield House and Principal Office of 6 The Avenue the Society is: Totland Bay Isle of Wight PO39 0DH

Other relevant organisations are as follows:

Independent Examiners A H Cross & Co Limited Chartered Certified Accountants 16 Quay Street Newport Isle of Wight PO30 5BG Bankers National Westminster Bank plc 107 St James' Square Newport Isle of Wight PO30 1UR Solicitors Eldridges Avenue House Avenue Road Freshwater Isle of Wight PO40 9UU

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

REPORT OF THE EXECUTIVE COMMITTEE (continued)

Principal Activity

The principal activity of the Society continues to be the provision of accommodation, care and companionship for lonely or frail elderly people in accordance with the aims and principles of The Abbeyfield Society Limited. This activity falls wholly within hostel housing activities as defined in the Housing Act 1996.

Status

The Society was registered under the Co-operative and Community Benefit Societies Act 2014. In 2019 the Society re-registered as a limited company under the provisions of the Companies Act 2006, and is registered with the Charity Commission as a charity.

Results

A surplus of £4,631 for the year arises. The detailed hostel property revenue account is presented on page 14.

Fixed Assets

Details of cost and depreciation of fixed assets are set out in notes 8 and 10. The Committee is of the opinion that there is no significant difference between the book cost and the market value for the existing use of the land and buildings.

Recruitment and Appointment of New Trustees

From time to time the Society reviews the skills and abilities of the Trustees to ensure that there is adequate breadth of experience. Should this be lacking or if additional Trustees are required due to retirement, prospective Trustees are invited from the Membership to apply.

Induction and Training of Trustees

All Trustees are provided with the Abbeyfield Executive Guide and Memorandum and Articles of Association. Should additional skills be required external training would be sought.

Organisational Structure

Day to day running of the Society’s affairs are conducted by the Housekeeper, who reports to the Committee. The Trustees meet formally on a quarterly basis and at additional times as required on an informal basis to deal with issues requiring their input.

Major Risks

The Committee confirm that all major risks identified have been assessed and systems implemented to manage those risks.

Achievements, Performance and Financial Review

The Trustees main concerns are to provide a good quality environment for residents to live and employees to work, whilst balancing the financial constraints within budget and to comply with increasing legislation covering all aspects of the Society’s operations.

Reserves

The Committee aims to have reserves of an amount equivalent to one year's residential charges, to cover contingencies including the cost of repairs and improvements to the property.

On behalf of the Executive Committee J Howe

………………………………. Director S Howe ………………………………. Director 1 June 2022 ………………………………. Date

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

STATEMENT OF EXECUTIVE COMMITTEE MEMBERS' RESPONSIBILITIES

Company law requires the Executive Committee members to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Society as at the end of that year and of the surplus or deficit of the Society for that year. In preparing those accounts the Executive Committee members are required to:

The Executive Committee are responsible for keeping proper accounting records 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 relevant legislation. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

ABBEYFIELD WEST WIGHT SOCIETY LIMITED

I report on the accounts of The Abbeyfield West Wight Society Limited for the year ended 30 September 2021, which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Respective Responsibilities of Trustees and Examiner

The Charity's Trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The Trustees consider that the audit requirement of Section 144(2) of the Charities Act 2011 ("the Act") does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Act, whether particular matters have come to my attention.

Basis of Independent Examiner's Report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Trustees and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent Examiner's Statement

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

I 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 accounts to be reached.

I S Henderson Chartered Accountant A H Cross & Co Limited 16 Quay Street Newport Isle of Wight PO30 5BG

16 June 2022

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2021

TURNOVER
Operating costs
OPERATING SURPLUS/DEFICIT
Interest receivable and similar income
SURPLUS/DEFICIT ON ORDINARY ACTIVITIES
REVENUE RESERVE BROUGHT FORWARD
REVENUE RESERVE CARRIED FORWARD		 Notes
3
4
5

11
£		 2021
£
131,138
126,628
4,510
121
4,631
189,938
194,569
£		 2020
£
117,132
129,613
(12,481)
187
(12,294)
202,232
189,938

The Society's only activity is the provision of hostel accommodation.

No operations have been discontinued or acquired during the year, and the above amounts relate entirely to continuing operations. All activities relate to unrestricted income funds.

The Society has no recognised gains and losses other than those included in the surplus/ deficit above, and therefore no separate statement of total recognised gains and losses has been presented.

The Committee approved the financial statements on 1 June 2022

J Howe ………………………………. Director S Howe ………………………………. Director

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2021

INCOMING RESOURCES
Incoming resources from operating activities in
furtherance of the Charity's objects
Investment income
Total incoming resources
RESOURCES EXPENDED
Charitable expenditure in furtherance of the
Charity's objects
Resources expended on managing and administering the
Charity
Total resources expended
Net incoming/ (outgoing) resources
Total funds brought forward
Total funds carried forward
£		 2021
£
131,138
121
131,138
122,339
4,289
126,628
4,631
189,938
194,569
£		 2020
£
117,132
187
117,319
123,828
5,785
129,613
(12,294)
202,232
189,938

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED Company number 12304094

BALANCE SHEET

AT 30 SEPTEMBER 2021

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Notes 2021 2020
£ £
TANGIBLE FIXED ASSETS
Housing Land and Buildings
Housing Association schemes:
Gross cost 372,341 372,341
Housing Corporation grant (121,155) (121,155)
Abbeyfield Society grant (100,000) (100,000)
Depreciation (25,064) (24,100)
Net book value 8 126,122 127,086
Furnishings and Equipment 9 229 286
TOTAL FIXED ASSETS 126,351 127,372
CURRENT ASSETS
Cash at bank and in hand 156,308 152,340
CURRENT LIABILITIES
Creditors: amounts falling due within one year 10 4,038 5,722
NET CURRENT ASSETS 152,270 146,618
TOTAL ASSETS LESS CURRENT LIABILITIES £278,621 £273,990
Represented by:
UNRESTRICTED FUNDS - Revenue Reserve 11 194,569 189,938
RESTRICTED FUNDS - Capital Reserve 11 84,052 84,052
£278,621 £273,990
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The Committee approved the financial statements on 1 June 2022

J Howe ………………………………. Director S Howe ………………………………. Director

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. STATUS OF SOCIETY

The Society was re-registered under the Companies Act on 7 November 2019, previously being registered under the Co-operative and Community Benefit Societies Act 2014. The Society is a Registered Housing Association under the Housing Associations Act 1996.

The Society is wholly engaged in hostel activities as defined in the Housing Act 1996.

2. ACCOUNTING POLICIES

Accounting basis

These financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards in the United Kingdom and in accordance with the Statement of Recommended Practice (the SORP) issued by the National Federation of Housing Associations, the Welsh Federation of Housing Associations and the Scottish Federation of Housing Associations, and with the Housing Act 1996 and the Accounting Requirements for Registered Social Landlords General Determination 1997 to 2000.

Turnover

Turnover comprises rental and service income receivable.

Fixed Assets, Housing Land and Buildings

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 capitalised by applying the Society's cost of borrowing to expenditure during the construction of the property up to the date of practical completion.

Housing properties in the course of construction are stated at cost and are transferred into housing properties when completed.

Depreciation

Housing land and buildings SHG assisted schemes

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021 (continued)

2. ACCOUNTING POLICIES (continued)

Fixtures, Fittings and Equipment

Depreciation is charged on the reducing balance basis at 20% per annum on net book value, except for computers, on which depreciation is charged at 33% per annum on a straight line basis.

General

A full depreciation charge is made on fixed assets in the year that the asset is brought into use and no charge is made in the year of disposal.

Social Housing Grant

Where developments have been financed wholly, or partly, by Social Housing Grant (SHG), the net book value of those developments has been reduced by the amount of the grant receivable which is shown separately in the balance sheet. Provision is made for repayment of SHG where the property is expected to be sold in the foreseeable future. SHG in respect of housing properties in the course of construction received in advance of expenditure is shown as a current liability.

Fixed Assets

Assets donated to the Society are not included in the balance sheet; other assets are included at cost.

Allocation of Expenses

Expenses are allocated to management, repairs and service costs on the basis of the proportion of time or other relevant factors attributable to these activities.

Cash Flow Statement

The Society is exempt from producing a cash flow statement under FRS 1 by virtue of its qualifying as a small company.

Monetary Donations

Monetary donations to the society are credited to the income and expenditure account on a receipts basis.

Corporation Tax and VAT

The Society has charitable status and is exempt from Corporation Tax on the income it has received.

The Society is not registered for VAT. Accordingly no VAT is charged to residents, and expenditure in the income and expenditure account includes the relevant VAT.

Pensions

The Society operates a defined contribution pension scheme under its automatic enrolment obligations.

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021 (continued)

3.
TURNOVER
Turnover comprises:
Maximum residential charges receivable

Losses by vacancies

£
4.
OPERATING COSTS
Operating costs include:
Independent examiner’s remuneration
(includes bookkeeping and payroll work)

5.
INTEREST RECEIVABLE AND SIMILAR INCOME
Bank and short-term deposit interest (gross)

6.
EMPLOYEES
Employee costs:
Salaries and wages
Employer’s national insurance contributions
Employer’s pension contributions
£
Average full-time equivalent number of persons
employed during the year:
Hostel staff		 2021
£
142,176
17,424
124,752
2021
£ 633
2021
£ 121
2021
£
65,627
73
1,081
66,781
2021
4

£
2020
£
135,960
19,313
116,647
2020
£ 703
2020
£ 187
2020
£
66,072
602
1,050
67,724
2020
3

£


THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021 (continued)

7. PAYMENTS TO MEMBERS, COMMITTEE MEMBERS, OFFICERS, ETC

8. Fees, remuneration or expenses payable to members of the
Society who were neither members of the Committee of
Management, nor employees of the Society
Fees, remuneration or expenses payable to members of the
Committee of Management of the Society who were neither
officers nor employees of the Society
Fees, remuneration or expenses paid to officers of the Society
who were not employees
Payments or gifts made, or benefits granted, to the persons
referred to in section 13 and 15 of the Housing Associations
Act 1996
HOUSING LAND AND BUILDINGS
SHG Assisted Schemes–Freehold
Cost–Completed Schemes
At 1 October 2020 and 30 September 2021
Depreciation
At 1 October 2020
Charge for the year
At 30 September 2021
HOUSING CORPORATION GRANT
ABBEYFIELD SOCIETY GRANT
Net Book Value
At 30 September 2021
£		 2021
£
Nil
Nil
Nil
Nil
2021
£
372,341
24,100
964
25,064
121,155
100,000
221,155
126,122
£		 2020
£
Nil
Nil
Nil
Nil
2020
£
372,341
23,136
964
24,100
121,155
100,000
221,155
127,086

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021 (continued)

9.
10.
11.		 FURNISHINGS AND EQUIPMENT
Cost
At 1 October 2020
Additions
At 30 September 2021
Depreciation
At 1 October 2020
Charge for the year
At 30 September 2021
Net Book Value
At 30 September 2021
£
CREDITORS
Amounts falling due within one year:
Accruals
£
RESERVES
UNRESTRICTED FUNDS
Revenue Reserve
£
Total at 1 October 2020
189,938
Surplus for the year
4,631
Total at 30 September 2021
£194,569		 2021
2020
£
£
19,681
19,681
-
-
19,681
19,681
19,395
19,323
57
72
19,452
19,395
229
£ 286
2021
2020
4,038
£ 5,722
RESTRICTED FUNDS
Capital Reserve
£
84,052
-
£84,052		 2021
2020
£
£
19,681
19,681
-
-
19,681
19,681
19,395
19,323
57
72
19,452
19,395
229
£ 286
2021
2020
4,038
£ 5,722
RESTRICTED FUNDS
Capital Reserve
£
84,052
-
£84,052		 2021
2020
£
£
19,681
19,681
-
-
19,681
19,681
19,395
19,323
57
72
19,452
19,395
229
£ 286
2021
2020
4,038
£ 5,722
RESTRICTED FUNDS
Capital Reserve
£
84,052
-
£84,052

£

THE ABBEYFIELD WEST WIGHT SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021 (continued)

12. CONTINGENT LIABILITIES

There were no contingent liabilities at 30 September 2021 (2020 – Nil).

13. CAPITAL COMMITMENTS

There were no capital commitments at 30 September 2021 (2020 – Nil).

14.
HOUSING STOCK
Housing stock comprises:
Units in management
Units under development		 2021
10
-		 2020
10
-