C￿nY registrati￿ number. 15141319 Associthn registr*K>n number. 12rN11 Abbeyfield (East Devon) Society Limited IA conyny bmiied ty guarantee) Annual Report aThJ Financial Statements for the from 15 September 2023 to 31 March 2024 WESTCOTTS ¢•i*riTE•EO AC¢OiI¥T A¥1$ 8 •iISIIIES$ 4O¥1SE•S Abbeyfield (East Devon) Society Limited Contents Reference and Administrative Detai18 Trustees, Report 2to6 IrKlgpendent Auditors, Report 7t010 statement of Comprehensive Inc(xnè 11 Statement of Changes in Reseryes 12 Statement of Financial P08tt1on 13 St8t8m8nl of Cash Fk)wB 14 Notes lo the Financial Slatemgnts 151026 Abbeyfield (East Devon) Soclety L5mited Reference and Admlnlstratlve Detalls Chalrman Kevln Budden Truste•• Davld Lewis (appointed 27 November 2023} Christopher Kne8 (appointed 15 September 2023> lan Fool (appointed 15 September 20231 Hllary Simon (8ppoinled 15 Seplember 20231 Graham Cummlng lappoinled 15 September 2023 and stood down 88 treasurer 1 February 2024) Dr Rosemary Harris lappolnted 27 November 20231 Colln Weeks18ppolnted 27 Novembor 2023 and tre•8urer from 1 February 20241 Kevin Budden lappoinled 15 Septemb8r 2023) Carolyn Cox {8ppoint8d 15 Septembèr 2023) Hom•9 England Numb•r H2776 Regl8t•rnd Charfty Numb•r 1206411 Company Roglstratlon Numbor 15141319 R•gl•t•r•d Offlc• Mafjorle Baker Houoe Vicarage Street Colyion Devon EX24 8LJ Audltor Weslcott8 (SW) LLP fimberly South Slreot AxmSnster Devon EX13 &4D Page 1 Abbeyfield (East Devon) Society Llmlted Trustees. Report The Board membèrn PfèBent their low1 a￿1 the f￿an￿1 Statements for the year ended 31 Marth 2024. Objectlves and •ctl¥lile• 0ty8cts andalms To provmle shettered housing wilh oNite supwt lo enable okl•r p8(ylg frtyn ba<*ground# lo continue to live independently for 88 loTrJ as possibl8. To promot8 engagoment and Invofvemnt with tho kncal c4Jmmunity of whth Abb￿fvkl (Cown, Honiton and Taunton> are an Integral part. To foster Ihe Positr￿ aspect of communal life withni the hou•e- combating loneliness encouraging 80aal conlact arwj proffollng th8 ph￿￿1. 80(xl and emotional welkbelng of rnsidents. Report of Buslness •nd R•sults fi¥rthe Y￿rEnd￿alCh 2024 The financial re8uh8 for the ￿ar are set ¢yJt in the Statement of Compffjhenslve In¢ome and the posil¢on al the end of the ￿ar 1$ shirMI in the Balance Sheet. Thanks are dug to our prgViOU8 Treasurer. Grnham Cumming. lor his prOfeS￿onal l&*Jershlp In thls area. We are committed lo continu81ty Investing in our pmperties lo en8ur• thè hwJhe8t 8tandarfs are maintained and mainlenane* 1$ carr*d oul in a timety mannor. Wrth this in mind Cofylon ha8 finished the dlning fI￿rn extension and redecornted and rnnewed the fumrtur8 in thè communal area to gtve us a wonderful SP8ce for residents actiwlies bul 8180 to welcome membern of the cofflmunty to open evet)ts. Fbnlton has benefrte(l ty the addition ol • room in ththot w•$ th¢ offie¢ and that foom was occupied In September. One room has had a nv4V ensulte and anoth8r now has their own dedicated Shower room. The outside ol the bullding has be•n redecorated and the 4)pw￿cQ grn81ty improv8d and thi8 wo continues. Publlc ljenefft The Iwst•eg conflm) Ihal they h84ffj ¢omplled the requlrernents of sectkn 17 of the Charllles Act 2011 to h•v8 due regard lo the Publ￿ benefft guidance pubts8hed by the Charity Commi58ion for Enghnd and Wales. Abbeyfield (East Devon) Soclety Llmltsd Trustees, Report Achlgvoment8 and perlomianco Another signific8nt change in our slrudure occurred durtng the course of thi8 year. After the merger of Colyton and Honiton Abbefftld societies in April 2023 started merger dlscussions with Taunton Abbeffield and thls was completed at the end ol November. however fund8 are not due lo be transferred In July 2024. The current board of trustees were joined by Colln. David and Rosemary from Taunton. After d18CUS8lons on the management 81ructure it was decided lo employ a Finance ABJlstsnl 3nd in January we wera lolned by Sasha who has 88tt18d into the role 8uporbly. On the 15th of September Abbeytlèld East Devon changed from being an Independent and Provident Sodety to one regislefftd 88 a charity with the charity commission. A￿hOUgh this proved thallenging al limes kt should enable us to apply for grants etc that we weren't being recognised for. A8 part of thi8 pToL%88 wg amended our Artide8 of A88odallon by 8pedal resolution on 16th of June. The society h8B baen Nn efflclently and ellecllvely during the y88r thank8 10 the hard woth and loyalty of the staff teams and wmmitment, skill8 and experièneé of our Tru8tee8 and local 8UPPOrt8r8. Durlng th8 year 23-24 we have stayed falrfy stabl? wlth resident numbers. We currently have one V8cant unll at Honiton. Stsfflng h48 been more 8tsble th18 year but Still remains challenging and I would like lo acknowledge the ovgrtime put in by senior 8taff to en8ur8 our kitchen is I￿ay3 open and our high standard8 of cleaning have been m8intsined. Our 5t8ff Continue. to orggniso 8 range of aGtlvth• and entertaSnmenl8 Sncluding films, quvzzes, and pub evening8. It18 great sadne88 that Tommy pa88ed away this year. Tommy worked al Coty1on for around 10 year8 and wa8 loved by both re8iden18 and 8laff and will be grealty mi88ed. Havlng created our professional web811e wlih the help of a local expert the board fe018 11 18 Important lo embrace 80¢ial modia and ha8 di$￿v¥r8d 8 hidden talenl in 86cky who work8 at Cotyton who now ha¥ taken on a role of promoting all our house8 on soGial media pl8tlorryY6. Summ•ry When r6flectlng on the year 2023-24 the merger of Ea81 Devon and Taunton socleties ha8 provided th• bigga5t change and one we hop8 9088 toward8 protècling the future of both soci811gs together wo afe $lrong¢r. We a￿ VERY gral¢ful to everyone who ¢onlribute$ so ¢he¢rfully and lirel8ssly to maklng Marjorie Bak91 House and Stanhope House and Northfiekl Court very 8pecial placas for th08e who Ilve here, work here and volunteer. Thank you all 80 much. Abbeyfield (East Devonl Soclety Llmlted Trustees. Report Abbeyfield {East Devon) Socièty- involvement in tho wider Abbeyf*ld movement The Chaiman and CEO of the Soclety have been actwe this year in meetings organised for Abbeyfield houses within the south west. The public per(eption of Abbeffield has been challenged this year with the press releases regarding hous8 dosures by Abbeyfi8kl LNing Society Icenlralty managed) particulady in the south west. Our staff have spent a considerable amount of time assuring residents. lamilies and potential n8w residents that we are not part of this group. Graham Jenkins ha$ been part of a group of CEO'S from the largor s¢xieli8s of the south wesl in setting up the IPG I Infomal Partnershlp Group). A principal reason for this was discontent with the dIreCt￿n in which Abbeffield England were heading. As a result of a lett8r sent lo the board of Abbe￿ield England signed by all members of the IPG a special meeting wa5 hèld wlh their chair and deputy chair who were very responsive to our concerns and we were encouraged by their feedback. A meeting was then organised and chairs from all houses in the south west were invited to dlscuss the willingness to join the IPG and di5CUSS the current challenges facing hous￿ in the south west and how we can all work together lo overccqne these. This forum 18 a useful place lo share our eXperIen￿s, both posifve and problematic and work together to find solutions and to maintain the services that we provide. As a board we can see athantages going foNtsrd of smaller houses working together and enjoying the benefits of sharing the administrative burden and the purchasing benefrts. Flnanclal revl•w With foNard planning of anticipated expenditure and close monitoring of expend(ture pattems and operating costs, Ihe Board recornmended 8 50h increase in fees for residents from April 1st 2023. Staff s818rtès and wages were increased by 5%. Tumover in the pe￿d tOtal￿d £286.383 whilst expenditure in the period was £342,192. This created an end of year deficit of £55.809. As at 31 March 2024 the￿ were £1.739.828 held in unreslricled funds. Plans for future pgriod¥ Aims and kay obj8ctives lorfuture perlods The Trustees are committed lo maintaining a hlgh standar(l of repairs and maintenance to ensure the wellbeing and health and safely of residents. There aro Some challenges ahead with changing regulations on fire and eleclri¢al safety and thtrae could be costly. Abbefftld England have introduced new standards that we wsll be working on this year to have in place by December 2024. Succession planning is an area that has been identified as inadequate and this will be worked on thls year. Structure. goveman¢e and management The is run by a managoment tsam comprising a CEO supported by Adminislrati¥t and Finan¢io1 a5Si$tants. The Board meets regularfy lo receive a report from tho CEO and discuss the operation of the Society. The Treasurer presents a report al each meeting, setting out the year lo date income and 8xpenditure in comparison with the previous year and identrf¢es any unexpected at)ticipalgd budget pressures and plans lo accommodate these. On the 1 sl of February Graham Cumming our treasurer Stepped down after mora than 10 years in the role. We are hugely indebted to him for the work he has done over that lime tsking over a system In disarray and leaving us with a Injly professional and organised system lo be proud of. Under his guidance the s¢xtety is in a healthy financial position. We are de1￿hted thal Colln Weeks has agreed to lake over the role as treasurer, a role he was carrying out for the Abbeyfield Taunton society. and V￿ warmty wekome him. Page 4 Abbeyfield (East Dovon) Society Llmited Trustees. Report Major rfsks and rnana￿n￿¢ of those iisks 8usiness Risk The Board examines the major stra¢egiq business and cperaknnal risks whKh the Society faces and approves an annual risk management plan eonffimis that systems are in pla￿ lo prevent or mttigate key areas of rtsk. These indLKJe Governan￿. Finan￿. Heamh and Safety and Stsffing. The Finan￿ Committee meets at key stsges of the financial year to review the Societys income and expenditure, to prepare a detailed budget for the future year and to prepare recommendation5 for any fee and satary increases to be rnttf*d by the Boa￿. Stat•mont of trustees. responsibilltles The trustees (who are also the directors of AbLEfftld (East DeN￿n) Society Limited for the purposes of company lawl are responsible for preparing the trustees. report and the financial ststements in ?￿rdance with applicable Law and Untt&J 1Q"n9d￿n Accounting Standards (United KingdNn Generalty Accepted AG¢ounting PrnclKe). 1Th￿J￿9 FRS 102 The Financial Reporting Standard appIl￿b￿ in the UK and Republ￿ of IreL•rMf. Company wuires the trustees to pTepare fvwncial statwnents for each fmancial per￿. Under company law the trustees must not approve the financial ststements unless Ihey are satisfied that they give a true and fair VMV of the state of affairn of the Charitab￿ coryiany and of the incoming resourtes and appltttton of resour￿. i1￿ludIng ils income and eypenditure, of the tharitable company for that per￿. In preparing these financial statements. the trustee5 are required to: select suitable xcounting po￿￿e5 and appty them consistent￿, obsep4e the methots and princiF4es n the Charilies SORP: make judgements and e5twnates that are reasonable and pwdent slate whether applicable accounting standards. conyrising FRS 102 have been followed. subject to any material departures disclosed and eyplained in the financial statements" and prepare the finanryal ststements ¢)n the going concern basi5 unless it is inappropriate to pr85ume that th8 charilable company *ill witinue in business. The trustees are responsible for keeping prcper accounting ￿e0rd$ that can disch)se wtth reasonable accuracy al any time the financial positKJn of the charilable company and enab￿ them to ensure that the financial ststemenls comply with the Ccthpantes Act 2006. They are also responsible for safegua￿1n9 the assets of the charitable CoM￿nY and herK* for taking r&wJnabie step$ for the prevention and detection of fraud and other irregulariknes. The trustees are responsible for the maintenance and inlegrity of the CO￿orale and financial infomialion included on the charitable companJ¢s website. LegislalK¥n goveming the preparatK*n and dk8semination of financial statements may differfrom18gislalion in otherjurisdic*ions. Dlsclosure of Snfornmtlon to auditor Each trustee has tsken steps that they ought to have tthen as 8 trustee in order to make themsefves avrare of any relwant audit inf0m￿t￿n and lo establish that the assocBtyon's auditor ts aware of thal information. The trustees confirm that there is IK) reknnt infomwlK)n thal they knw of arKI of they know the auditor is unaware. Reappolntment of audltor In accordance wlh Section 485 of the C￿nIeS Ad ￿. a rtsolution for the Nppointment of Westcotts (SW) LLP as auditor5 of the asXJCLa￿n is to be proF>)5ed al the forthcoming Annual Genefal Meeting. Abboyfield (East Devon) Soclety Limited TfUStees' Report The annual report was appro*d by the trustee5 of Ihe associakn on .................. . and slgned on behaw by: Trustee n Budden Chaimmn and tmstee Page 6 Abbeyfield (East Devon) Society Limited Independent Auditorfs Report to the Alember8 of Abbeyfield {East Devon) Soclety Limited Opinion We have audited the financial ststements of Abbeyfvkl (East De¥on) Society Limited (the 'associa￿n￿ for the Feriod from 1S September 2023 to 31 Kfjarch 2024, whith comprise the Slatemenl of Comprehensive Income, Ststemenl of Financial Position. Statement of Cash Flows, and Notes lo the Financwl Staternenls, induding a summary of significant accounting F4)licies. The financial reporting framework that has been appli￿ in their Preparntion is Uniled Kingdom Accounting Standards. comprising Charibes SORP- FRS 102 The Financial Re￿Iting StarKlafd applic¥b￿ in the UK and Republtc of Ireland. and aPpI￿able law (United lfjngdom GeneralPy Accepted Ac£*unting Practlcel. In our opinion the financial statanents: gi￿ a true and fair vmv of the state of the associthnS affaiTr a5 at 31 March 2024 and of its incoming resources and applKgknon of resources, wicluding ts inc¢)m8 and experKlbture, for the period then ended.. have bgen proFety prepar&l in accordan￿ with Unled Genwalky Accepted Aetounting Practice.. and have been prepared in accordarbce with the requirements of the Companies Act 2(h)6. 8asls for oplnlon We conducted our audit in acurdance wilh Internat￿81 Stand8r¢ls on Auditing {UK) {ISAs {UKI) and applicable law. Our rgsponsibililies under those stsndards are further described in the auditor responsibilities for the audit of the financial stateff*nts secaion of our report. We are independent of the association in accordan￿ with the ethKal requirements that are rekvant to our audit of the fmancial sL7tements in the UK. induding the FRC'S Ethi￿1 Staithrd. and 7bve have fvlfilled our other elh¢cal respOn￿bIlitIeS in a￿[dance with these requirements. We believe that the audit evidence we have obtained is suffiC￿nt 8nd appropite to provide a b8sis for our Opin￿n. Concluslons relallng to golng Goncern In auditing the financial statements, V&* have cLwKluded th81 the trustees use of the going cor*cem basis Of￿)Unting in the preparalKJn ofthe fina￿la1 statements is appmprth. Based on the wort( we have perfomed. we ha4e not identified any material uncertainlres relating to events or conditions that. indNwJualty or co1￿]Yety. may cast signiftinl doubt on the association's abilty to continue as a going concern for a peri¢xI of at least iwe￿¢ months from when the original financial ststements were authorised for issue. Our responsibilibes and the responsibilities of the trusiees with respe(* to goirKJ concem are desuibed in the reknnt section5 of this W. Other Inforniatlon The trustees are responsible for the otr*r fftfomiati)n. The other infomi8tion comprises the infomation include(l in the annual reporL other than the finanoal statements and our auditorfs report thereon. Our opinion on the ffinancial slaleffMts does not cover the other infomiation and, except to the exlent othe￿15¢ explvty slated in our rew)r( we do not express any foffli of assurance cOnclu￿on thereon. Page 7 Abbeyfigld (East Devon) Society Limited Independent Auditorfs Report to the Members of Abbeyfield (East Devon) Society Limited In connection with tyjr audit of the fman(xal statements. our reSp￿SibIlity 1$ to read the other infom)ation and. in doiN4 so. ts)n$Kler wl*ther the other infofflHtion is materialty inconsistent the financial sL*ments or our knowledge Ot￿a￿￿￿ in the audit or olhep*ise appears to bo materially mwtsled. If we identrfy such material inconsisten¢b8s or apparent material misslalemenls. we are required lo determine whether there is a maternl misstatement in the financial stalemonls or a matertal misststeffenl of the other infr>rrnatDn. If. based on the work we have perfonned. we conctude that there is a material misstatenwnl of this other information. wuired to report thal fact. We have nothing to rewrt in thrs regard. Oplnlon on other matter prns¢rfb•d ty th• Companl•s Act 2006 In our ¢)pinion, based on the vAIth undertaken tn the course of the aud￿. the infomiation gNen in the Twstees. Rep(wt lor the financial perk)J for the finan¢ral statements are prepared is consistent with the financial statefflents.. and the Trustees. Report has been preparal in ac￿rdanCe with ¥Jplicable *1 Tequiremgnts. Matters on wh5ch we are required to report by excapbon In the light of our knowkdge and understandiNJ of the assoc￿ and its envY￿rnent otrtained in the Cou￿8 of the aud¢ ￿ have not itlentif*d materi81 misslalemenls in the Trustees. Report. 1Ole have nothing to report in respe(l of the folkming matteryts vthere the Compantes Act 2006 requires US to report to you rf. in our opinK)n: adequate accounting records ha¥p not been kept, or retums adequate ts I￿r audit haNe been received from bran¢hes not visited by us: or the financial stslem8nls are nol in agreement wilh the accountww record$ arKI retum$.' or certain dis¢b)sures of trustees ￿uneratiOn specffed by law are not made.. or e have not received all the informatitin and expL8nalK)ns we require for our audit. Responslbilltles of tr￿teeS As explained more fulty in the Ststement of tnJslees' resP￿sIt￿litIeS l¥ei out on page 51. the trustees are responsib￿ for the preparatK)n of the financial s1ateff￿nts and for beNw ￿*￿ffied thal they gNe a true and fair and for such intemal control as the trustees detemiine L8 necessary to enable the preparatlon of finanaal statements that are free frt¥n materMI mis8tatemert whether due to fraud or error. In preparing the finanaal staleff￿nts. the trustees are re5ponsibl8 for as8essing the associatlon's abilty lo continue as a going Cxincem. dksdosing. as applicat4e. Matte￿ related to going conom and using the going concern basi$ of alxounting unless the trustees either intend io IKiuidate the association or to ¢8ase opeRttons. or have no re81istsc attemati¥e but to do so. Aud5tor rgsponsibilitses for the audit of the financial statwnents Our objecbves are to obtatn reasonabk assurance about wthelher the financol slalements as a ththole are free from material misstatemenL %*thether due to fraud or error. orwj to issue an auditorfs report that indudes our opin￿n. Reasonab￿ assuran￿ is a hvjh level of assuran￿. bul is not a guarantee that an audrt conducted in accordance with ISA5 {UK) IMII afrways detect a material m¢sslatement when it exi8ts. Misstatements can arise from fraud or error and are o)n8idered material if. indNidual or in the aggregate. they coukl reasonabty be exp&*d lo influence the economic deCIs￿n5 of users taken on the basis of these financial staten￿nts. Page 8 Abbeyfiold (East Devon) Society Umlted Independent Auditorfs Report to the Members of Abbeyfield (East Devon) Society Limited The extent to which our procedurns arn c¥pablg ol detecting irr8gulaiitw, induding fra￿1 50 detailed below. Vle identified areas of laws and regu*tions Ihat (xwld rga50nabty b• e>4)ected lo have a material effect on the finanGial Stste￿nts from our general commercial and sector experience and through disCuss￿n with the tru$te8s and other management and ins[eet￿N of the companW8 correspondence. We communicaled identified and regulat￿n5 throughoLrt our team, and remained alert lo any indtcaims of non-compfjance throughout the awjit. Th8 company 18 8uty.ecl lo la￿ and regulations that goN*m the prnparatp)n of the financial statemènts. Includlng finandal report5ng regists￿On. and cther company leglslallon. The company af80 $ubject to other and regulation8 wherè the consequenc￿8 of nonn. Tho rlsk of not detecting g material misstatement resulling from fraud is hlgher than for one msulting from error, 0$ fraud may invofve collujion, forgery. intentlon81 oml88iOn8. miBr•prosenlatK)ni, Or th• override of inlemal control. Obtsin an understsnding ol internal control relavant to the audSt In order to de8ign audit prwlur08 that are appropriate in the circum8tanc•8, but rKJt for the purpo88 of exprt88ing an opinK)n on the effedivene88 of the internal conlrol. Evaluate the apprOpriatef￿8$ ol ￿(x)Unt￿l9 poIKies used ar￿ tho rna8onab1ene￿ of o¢¢ounting estimate8 and ffjtsled di8cb8ures made by the tnjstees. Conclude on the appropriateness of the trustees use of the going concern ba818 of accountlng and. based on the audit evide1￿ obtained, whglher a material uncertainty exh8ts related to events of condition8 that may cast swjniftsnt doubt on the componys a￿lIty lo continue as a going concem. If we eondude thot a material uncertainty exists, ￿ are wuired to draw attenlN)n in our auditorfs report to the related disclosures in the financial statements or. rf Such di8th$uw aTr inadequate, lo modify our opinion. Our conclusions are based on the audit evKlence obtained up lo the dale of our audrtorfs report. Htrwever. future e¥en15 or conditK)ns may ￿uSe the company to cease to continue as ? going concem. Evaluate the overall presentation. structum and conlent of the financial statements. induding the disdosures. and whether the financial 3taten￿Trts ￿present the urmledying transaction$ and events in a manner that ach*￿$ fair rKesentatM)n. We communkate wlth those tharged with goNTmance regarding, among other mattets. the planned scope and timing of the audit and Signl￿nI audil ffindings, including any S￿nificant deficiencies in intemal control that Kjentify durirwJ Iwr audiL Page 9 Abbeyfleld (East Devon) Soclety Umited Independent Auditorfs Report to the Members of Abbeyfield (East Devon) Soclety Limited Uae of our report This report is made solely to the charitable compan￿¥ twstees. 85 a bo*. in gccor(lance wryth Chapter 3 of Part 16 of the Companks Ad 2006. Our audit vrtxk has been undertaken so that we mbjht Stale lo the association's trustees those matters are required to state to them in an 8udil0rf8 report and for no other purpos8. To tha fulle81 extent permrited by law, ￿ do r￿1 8cc8pl or assum8 responsibility lo anyone other than the tharitable company and tts tsustees 85 a LM)dy. for our audll wort(, for this repo¢ or for the owM)ns wg have fom*d. r S J Carrington FCA For and on behaw of Westcotts ISW) LLP. Ststulory A￿ller Timbedy South Str8gt Axminsler DewJn EX13 SAD Page 10 Abbeyfield (East Devon) Soclety Llmited ststement of Comprehenslve Income for thè Perlod from 15 September 2023 to 31 March 2024 UnrnstriGted Total 2024 Turnover OperaUng costs Operntln9 deflclt Other investment incoffrd In¢ome from dfrAlend8 279,716 2.192 279,716 342.192 (62.4761 1.891 4,776 162A761 1.891 4,776 Totsl d•flclt Unrealised gainBII1088e8) on in¥e8tmtnt 88tei8 Translgr on incorpoTrtw)n (65.809) 35,318 1.760,319 155.8091 35,318 1.760.319 Totsl Gompr•h•n•l¥• Incom• 1739 828 1739 828 All of the as8ockqlion's resu￿$ re￿Ie wholty to &intinulng opèrntions durlrKJ the above perlod. The accompaftylng not08 fom part of tho finand•l *•t6monts. The notes on page8 15 to 26 fomi an integral part of these ffinancial statements. Page 11 Abbeyfield (East Devon) Society Limited Staternent of Changes in Reserves for the Perfod from 15 September 2023 to 31 March 2024 Unrestrfcted Incomè and •xpondlture reserv• Total Tol81 Gomprghensivo incomo for the period Balance 8131 March 2024 1,739,828 1,739.828 1,739,828 1,739,828 The notes on pages 15 to 26 fonn an integfal part of Ihv4e finanGi81 ¥talernents. Pag8 12 Abbeyfleld {East Devon) Society Llmlted (Registratlon number. 15141319) statsment of Financial Position as at 31 hlarch 2024 2024 Flx•d •M•ts Tangibje fixed assets Tangiblg fixed as8ets- Housing proper 18.733 1.699.920 1.718.653 Curr•nt M90t8 Trade and other debto Inveslmenls Ca8h and calh 8qUIV8￿nt• 10 11 12 23,750 382,392 110,451 516,593 Crndltorn: Amount• falllng du• twlthln on• y••r N•t currnnt u••ts 13 501372 Totsl •M•ts l•M cumint Ilabllltl•• 2,220,025 480.197 Crndltorn: Amount• lalllng du• aft•r mor• th•n on• year 14 1,739,828 R••frNM of th• •••ocl•llon: Unrnstrlctsd Incom• fvnd• Unre8trfcted fundo 1.739,828 Total rnJ•rv•• 15 1.739.828 Tho Iln8ncl•l 8tslements on pages 11 to 26 ware apwoved by the tru8teeJ. authori8ed for168ue on.................... and signed on thewbehaif ty. Trustee In Budden Chalmian and trustee The notes on pages 15 to 28 foThn an integral part of these financigl statements. Page 13 Abbeyfield (East Devon) Society Limited Statement of Cash Flows for the Period from 15 September 2023 to 31 March 2024 2024 Cash flow8 from oporatlng actlvltl•s Net cash income 1.739.828 Adjustrn8nts to ¢ash flows from nonwcash items Depreciation In¥estnEnl income Revaluation of investrnents 25.429 {6.6671 35.318 1.723.272 Worklng capitsl adjuslments Inuease in debto Increase in creditots Increase in deferred income 10 13 14 (23.7501 8.057 487.361 Net cash fiows frrffl opethg athil*s Cagh flows from Investing activiti Interest re¢eNable and similar income Purehase of tsngible fixed assets Purchase of housing propety Income from dpiidends Fixed assets transferred on incorp¢xa Current asset investments transferred on inttrfporati 2.194.940 1.891 (9471 18.3701 4.778 (1.734.765) 347.074 Net cash from investing adNit 2.084,489 Net increase in cash and cash equivalents Cash and cash eqUIva￿ts al 15 September Cash and cash equivaknts at 31 Mat( 110.451 110.451 AN ofthe cash Ihyhs are derbbed from acquisitth$ in the current financ481 The notes on pages 15 to 26 form an ir*wal part oflheBe financial statements. Page 14 Abbeyfield (East Devon) Socoety Umlted Notes to the Flnancial Statements for the Period from 15 September 2023 to 31 March 2024 1 L•g•l st•tu¥ The association is registered undef the Companies Act 2006 and is a registered prowder of social housing and a Charity. 1.10•n•rnl Inf¢)rm•iloD The aswC68t￿n is limited by guarantee. inwporated in EnglaThJ & Wales, and consequenlly does not havè shao capital. Each of the Irnstees is liable lo contsibute an amount not excoeding £1 lowa the assets of the association in the event of Ik]uKlolion. The addfe88 of Its registered office is: Maqorie Baker Hou88 VKarage Street co￿on Devon EX24 SLJ 2 A¢¢ounUng polkl Summary of 8lgnMcant accountlng pollcl•• •nd k•y •rxountlng •stlmJt•s Tho prin¢ip81 Kcounting policies applied in the preparation of the8e financial statem8nt8 are 881 oul below. These policies have boen c¢Jnsl8tenty applied to all thè prB80ntad, unlus 01￿￿￿$e stated. Statement of compll•nc• The finarKsal ststemgnls of the a8socialK*n are prepared in aecordanco with UK Generally Accepted Accounting Practice {UK GAAPI including Financaal Reporting Standard 102 IFRS 10218nd the Housing SORP 2018.. Statement of Recommended Practti for Registerod Swal Housing Providers and comply with the Accounting Dira¢litin fer Private R¢gistered ProvKler8 of Soo'al Housing 2022. B•ih of Pfoparntlon Abbeyfield (East Devm) Sockty Limiied moets the d8ffinitK￿ of a public benefft en￿ty urlder FRS 102. The financJ•l ststemenls are prepared wi sterfing {£1. Golng concern The trustees consider that there are no Materi￿ uncertalnlies a￿ul the ass00al￿n,9 abilty to continue as a going con(xm nor any significant areas ol uncertainty that affect the carrying vahje of a88ets hehj by the association. The trustees a reasonable expectation that the associallon ha8 adequ8te resources lo continue in operational •￿stenCe for the foreseeab￿ fvlure. being a period of at le8St tWe￿e months after the date ori the report and finan￿al statements are 8igned. On this basis. the boaftl continues to adopt the going concem basis in the financral stalemenls. Judgements There were no judgem8nts made n the Femd. Page 1S Abbeyfield (East Devon) Society Limited Notes to the Financial Statements for the Perfod from 16 September 2023 to 31 March 2024 Key •ourcH of esllmatlon unc•rtalnty There were no key sources of estimation uncertainty m*lè ￿ the p8riod. Turnover and oth•r Income Deferred income rnpr98ents amounts recep￿1 for future periods and is released to inry)mlng resources In the perfod for which, it has ljeen Mcel￿1. Such incom8 is only deferred when.. - The donc* specffies that the grant or don81K￿ must onty bo used in future accounting periods,. or The donor has imposed conditions wh￿h musl be met beforn the association ha8 uncondilional entitlement. Interest on funds on deposit ri induded receivablts and the amount can be mea8ured reliab￿ by the 0880ciation; this 18 nomwlty upon nolifKatiM of the int•re81 pfttd or payabl8 by the bank. Otherlnwn• All incoming resources ore indudod in the 81otemont of financlal activities v#hen the o8•ochtK)n l• ¢nllW to tha income and th• •mount Can ￿ quantrf*d ra•gongble accuracy. Cert8in ffj$bSents receive financ4al support from knl authoritiés who ènter into Suprh)rtlng People contracts with Abbeyftèkl Ea81 Devon. Under these contracls. which depend upon the peGulhr circum81ances of each resKlent, a part of the total amount chargeable to a residgnt 1$ fundod by Devon County Council. Amounts recewed from the local rthiilies ar• offset Jg8inSt the loto14mounl whth would other*ryse be du¢ from the resident. Exp•ndltur• All expenditur8 is recognl8ed once there is a W or ¢onstN¢tive obllgatlon to that e>pendlture, It IJ probable sèttlement k8 required and the amount be me8gurnd relkqbly. All costs are allocated lo the appllcable expenditure heading that aggregate swnilar ¢0818 lo that category. Where costs cannot be directly attrlbuled to partScufar heading$ they have been alkicaled on a basi8 con8i8tent wth tho U80 of o$our¢e$. with central staff costs allocated on thg basi8 of time spent. 8nd dep￿cIatIon ch8rye8 alhxated on the pcKtion of the •￿et'S Uae. Olher 8UPPOrt costs are albcaled ba8ed on tho spread of Staff costs. R•lslng lunds These are cost8 incurred In attracmg brlunlary inco￿, tho management of Mi%*sknents and those Incurred In trading act￿￿03 that raise fvnds. Pemlon co•ts Pension costs for the defined contribution %heme are tharped against wio)me as they fall due. P*Je 16 Abbgyfleld {East Devon) Society L5mlted Notes to the Financial Statements for the Period from 15 September 2023 to 31 March 2024 Taxatlon The associatlon 18 COn8idered lo pa88 the te818 8et out in P8ragraph 1 Schedul8 6 of the Finance Act 2010 and therefore k meets the definition of a charitable ￿MpanY for UK corporation tax purposes. A￿rding￿. the a5social*)n is polenlialty exeffpl from taxation ui respect of income or capital gains received within tategoritis covered by Chapter 3 Part 11 of thè Corpornticffi Tax Act 2010 or Sectlon 256 of the Taxation of Chargeable Gains Ad 1992. 10 the extent tho1 s￿h incorn8 or g8inB are applied exdusivety to ¢haritabte purpose& Taftglblo flx•d •uots Fixiures and frttings Costing £1￿.00 or more are iniiialty recorded at CQSL less any 8ub8equenl accJJmulal8d depreciation and subsequent accumulatèd wnpaimi6nt1088es. Housing, land and building8 are stated at cost. The cost ol the p￿per￿S kn ththr purchase prl¢e, together wlh incidental costs of a￿Ul$It10n. To the èxtent that prO￿ty co8t# not qualifted for the H¢￿SIng Gran( they af8 fund8d from th• reBOu￿8. thprocl•tlon and amortl8•llon D8pr8ei8lh)n is provided on tangibb fixgd a88ets 80 as to write off thg ￿¥t or valu8tK)n, 1885 any 08timaled r•8idu81 value, D￿r their expected u8efil economic lifo as foU(vw8'. No depreciatton is charged on the land. The main build#i98 ar8 deprnaated al 1% per 8nnum. The aMeralH)n additions and buggy slorn are deprnoated at 10% per annum. s￿la1 housing grnnl is rnlea8•d in accordance with the ffl￿n buikling d•preclakn pol* at 1% per annum. Amet cla Fumiture and equipment Deprncs￿Qn method and rate 10% reducing balan Current I￿•t Inveslments Current 88301 invest￿￿1$ are hekl at mid4narf(et ￿ue at the bolance sheet dala and gain or loss taken to the income and 8ypenditure account. Dobtorn Trade debtord are amounts due from customers for merchandl8e sold or 8eNIc88 perfomiod In th• orfinary courne of business. Trade debtorn are recogni8ed inilkqlty at the transaC￿n pri¢&. They arn $ubs¢qu&ntty m¢•8urtrJ al amortised cost using the effectNe interest rneth¢￿. lèss provision lor impai￿ent. A provision for Ihe impairment of trade debtors 15 eslablrshed when there is Oblecti￿ evidence that the a88ocialton will not be 8ble lo collect all amount$ due acC￿ding to the original lerms of the receivab￿. Cash and cash •quivalents Cash and ￿$h gquivalents ¢L￿Pri￿ cash hand and cal defft. other 8hort-tem) hlghty liquid investments that are readty converliblfr lo a known amount of cash and are subject to an insignif￿nI risk of change in ￿U8. Page 17 Abbeyfield (East Devon) Soclety Llmlted Notes to the Financial Statements for the Period from 16 September 2023 to 31 March 2024 Fund StrUC￿re UnreslriL%ed income fvnd¥ are genernl fvnds that are avadable ft>r use at the trustees discretion in furtherance of the oty'ecbves of the as%Kiabon. Ponslons and other post Mtlrement obllgatlons The assocmlion operates a defined Contribut￿n pen¥w)n 8¢hsYrn whKh 18 a pen8kin plan under whkh fixed contributions are pa&J into 8 pension fund and the as80uatK>n has no ￿gaI or constructive oblKJalion lo pay further contribut*)ns ehpn it t￿ fvnd does not hohj suffi¢ienl assets to pay all employees the benefi18 feL8ting to empbyee 8eMce n the cuirent ?￿j pnor period8. ConlributMTh to defined contribution plans are rnc4gnis•d in the Statement of Financiol Activilles when they are due. If ￿￿tribUtIon Pwn￿1* ¢x¢8ad the ctsntribulion due for Mrvice, the excess rwnised a8 a p￿pa￿￿onL Fln•ncl•l In•trumonts Cl•ssmc•tlon Financial a88et8 and financial liab￿ltieS aro recognlsed the a880(xation becomes a paty to the contractual provisi¢)n¥ of the instrument. Financial liabilities and equity Instrum￿t8 are clus1￿ accorL*ng to the wbBl•nc¢ of the ¢ontro¢tuo1 8rrnngement8 entered into. An équty instNment i& any conttact that ewdenc85 a reBidu41 inter98t in the 08set$ of the a880a4tv)n after deducting all ol its lialxlilm. R•eognlth)n and n7e•sur•ment All financial a88ets and Ikqbilities arè In￿1￿1ty measurnd at transaction piica (Includlng t1w80￿lon ¢osls}. exeepl for those financial ¢18¥sffied as at tair value through profil or h)$8. wh￿h aro initlally mea8ured at fair value Iwhith 1$ nom)ally the transaction price exduding transaction co818). unless the arrangement conslitutos 8 finanung transaction. If an arrangement con$litule$ • finandng lrnn8action, thg finoneial asset or financwl liatslty is m¢•surtd at the p￿￿nI value of Ihe future payments di8counled at a market rate of interest for a similar debt instrument. Fin8nclal assets and liabilthe5 are onty offset ni the $18lemenl of financial Posbtion *then. and onty when there exists a leylty enfOrt￿b￿ right to set off Iho recogni8od amounts and the 88socl8tlon Intend8 either to Sott1• on a net ba818. orto rnalise tho u8•t and ¥ettle the Mabilty 8lmuknneou*. Flnanci81888ets arg deracognised when and onty when a} the contractual rights to the ca8h flow8 from the finanaal 858et e￿Ire or are settled. bl the associalion Iran$fers to another paty subBtanlialty all of the risks ond rewards of LY•vnership ol the finonct81 assoL or cl th8 association. despite havlng retained some, bul not all. *nrflcant risks and mvards ￿ ￿￿$r¥h￿, h88 tran8ferred control of the asset to arK*her party. Financial liabilit￿3 arn derecognised only when Ihe obligthn Spe￿￿d in c<>ntract is discharged. cancelled or expwes. Pag8 18 Abbeyfield (East Devon) Society Umlted Notes to the Flnanclal Ststements for the Period from 15 September 2023 to 31 March 2024 Soclal Hou81ng Grant Social housing grants for capital expenditure are wnised In Income over the useful Itle of the housing property Structure under the a(zrualB model. Other capital grants received from the non-govemmenl sour¢e$ art recognised in the in￿ft* wth the proceeds are received using the perfomiance model. In the cir¢ums1onrth where th• Sooal Hou8#w Grant rd treated as a grant towarfs rnvenue expenditure, it is matched wlth the expenditure to thich tt relates by crediling th8 Income and expenditure account as part of turn0￿r, and disclosed ¥eparately within the tumover not8. The corresponding expendlure is shu4vn under opernting costs. Govemmenls grants released on Ihe la￿ of woperty may be repayable bul arn nom)alty available lo be recycled and arn credited to a Recyded Capltal Grant Fund and Induded In the 8tatement of nanci81 position a8 crndriors. 3 Turnov•r UnrMtrlct•d funds Incom• and •x￿ndIt￿rn ro•er¥• Total 2024 Re8¢d•nl8' charges Sermce ¢horges L088e8 from t40id8 Other incomè 286.835 286,835 3.090 113,2741 3,065 279,716 {13,274) 3,065 279.716 4 InvMtm•nt Income Unrnstrkt•d funds Income and •xp•ndltu reserve Total 2024 Driidends recervabfe Other invesknnent income 4.776 1.891 4,776 1.891 6.667 6.667 Pa9e 19 Abbeyfield (East Devon) Soclety Llmlted Nots8 to the Flnancial Statements for the Perlod from 15 September 2023 to 31 March 2024 6 Net Incomlngloutgolng rnource• Net incomingloutgoing resourc8s for the period inckKI8: 2024 Audit fees tkpreciation of fixed a88ets 3.312 25,429 Tr￿t•￿ r•mun•rntlon and •xp•fi• No trustees. nor any persons connected wlh them. h•ve rrtfjr￿d any romuner81ion Irom the a8￿￿8110n during tho year. The 8mount e*pen888 waNed by the Inj81e￿ durir¥J the tdalled £NI. 7 Stsff ¢￿ts The aggregate payTDII ¢08ts were a• follw.. 2024 Staff durfng th• p•rfod TA*r•: Wages and Bal•rie$ Social securlty co¥ts P•n8ion costs 170.337 11.028 5.789 187,134 The monthty average number ol pernon$ (including senior management I team) ompbyed by the assoclalion during the per￿ expressed a$ lull tYn¢ ¢quWa￿nts wa8 as follows.. 2024 No 17 Hou8e staff Administration staff 19 No employa8 r￿al4*d emoluments of more than £60,000 duiing the ￿rnd. Page 20 Abbeyfield (East Devon) Soclety Limited Notes to the Financial Statements for the Period from 15 September 2023 to 31 March 2024 8 Tangible fu¢d assets Furnlturn equipment Totsl Cost Transfer on inc¢yporation AdditKms 132,366 132,386 At 31 March 2024 133.313 133.313 Depreciation Transfer on irKOrp0rnt￿n Charge forthe year At 31 March 2024 113.448 1.132 113.448 1.132 114,580 114.580 Net book value At 31 March 2024 18.733 18,733 9 Houslng propertles Total Transfer tyi In￿(po￿tKIn Additions 2.205,312 8.370 At 31 March 2024 2,213,682 D•preclatlon Transfer on inco￿lYal￿In Charge for the Jwr At 31 Ma￿h 2024 489,465 24,297 513.762 Nèt book value At 31 Ma￿h 2024 1.699.920 Pa99 21 Abbeyfield (East Devon) Society Llmlted Notes to the Flnanclal Ststements for the Period from 15 September 2023 to 31 March 2024 Social Housing Assigtance 2024 Social housing assistan￿ at the of the Recogni8ed in the statenEnt ￿C0￿)rehenSIVe 494,525 7.164 Heid as deferred inccrfne at the end of the perKxl 487.361 So(xal housing grant8 are rnpayabte rfth8 pmpety il relotes to is sokl. 10 Debtor5 2024 P￿paYMents Other debtors 10.827 12.923 23.750 11 Current asset Investments 2024 Transfer on incorporatv)n RevalUa￿n 347.074 35.318 Morket YaluatM)n of fL8ted in￿st￿nts 382.3¥2 Investments have an orrJinal cost of £357,572. They have been revalued to th8 mKt-martet valuation at the balan￿ Sheet date. 12 Cash and cash equivalonts 2024 Cash on hand Cash al bank 1,037 109.414 110.451 13 Crndtt¢)rs: amounts falling due wlthln year 2024 Accrual$ Deferre(l income 8.057 7,164 15,221 Page 22 Abbeyfield (East Devon) Society Limited Notes to the Flnanclal Statements for the Perfod from 15 September 2023 to 31 March 2024 14 Cr•dltorn: *mounts f•lllng due aft•r on• y 2024 Deferred income 480.197 15 Funds Fund• tramfèrrnd Other Balance •¢ InGomlng RwoUrC￿ reGognls¢d 31 March InGorporatk)n r•sOUrc￿ •x￿nde(￿lIns11Io5S08) 2024 Unr•8lrl¢t•d ￿ndS General Fund8 ReValuat￿n rn8eNe8 1,585,319 175,000 1.760.319 286,383 (342,192) 35,318 1,564,828 342.192 35.318 1739.828 16 Analy•l• ol aM•ts bet￿0n lund• UnMtrfct•d funds Incorn• and •xp•ndlturn KM•rv• Totsl fund• •t 31 M•rch 2024 Tangible fNed assets Housing properties Current assets Current liabili Credltorn 1 > Total net a88816 18.733 1.699.920 516.593 (15.2211 480,197 18.733 1,699.920 516.593 {15.221) 480,197 1739 828 1739 828 17 R•lat•d party tran8actlo During the pervjd. The Abbeyfeld {E8st De￿n) Sts?ety Llnited assisted with payments on behaw of The Abbe￿ie1￿ Taunton Defendamus Socth Lknited {company number. 00900502). In¢luded within debtors al the period end is a balance of £12.923 cmtyng from Abbeyfield Taunton. After the period end, the Abbeyfield Taunton merged with the At*eyf*ld (Ea81 Oe*M). with all of its assets and 0￿ra￿n3 being transferred fmm 1 July 2024. Pag8 23 Abbeyfield {East Devon) Soclety Llmlted Notes to the Flnanclal Ststements for the Period from 1 S SepteM￿r 2023 to 31 March 2024 18 Accommodallon In man•g•ment A8 at 31 March 2024, tho A$X*i•b￿ had 27 unts In man4*nenL 19 Change In slatu• On the 15 Seplembef 2023. The Abbefvld Icotylonl Sor￿ty LimiW Iregisl8red company number 22279RI and The Abbeyfield Honiton Sooety Limited (reg￿tered tharity number 2576201 transferred all of the ¥s$el$ arKI Charitab￿ oper8tM?ns inlo Ihe n*￿Y lom￿d charitable company The Abbe￿eld (East DewJnl Souety Limited. The ￿t￿nts arn preparnd for the Short period from Ihg do10 01 company registrntion on 15 Septembèf 2023 to 31 ma￿ 2024. 20 V•lu• for mon•y m•trl 20.1 ReInV￿1ffl•nt p•r¢•ntsg• 2024 R•inve8trn•nt p6r¢antage 20.2 Naw •upply d•llv•r•d p•r¢•nt•g• Now suppty delivered percentage 20.3 Go•rlng r•tlo Short lemi10ons Long temi loans Cash and cash equNalvnts {110,451) 1110.451) Tanglble fix￿ assets Ihouslng) as cost 2,213,882 Gearlng ratio 4.99% Page 24 Abbeyfield (East Devon) Society Limited Notes to the F5nancial Statements for the Period from 15 Septsmber 2023 to 31 March 2024 20A EBITDAR MRI Interesl Gover perGentsge 40rall operating deficit Amortised govemmenl grant DaprecIat￿n (55.809) 17,184) 25.429 {37,544) Intere81 capitali8ed Interest pwblg EBrrDAR MRI Interest CA>ver percentage 20.5 S￿1•1 hou•lng cost p•r unlt RoutinelpLqnned maintenance 53.736 53,736 Total number of units 27 SoGial housing ¢o$I per unit 1,990 20.6 Op•ratlng maryln p•rc•ntsg• A- Soclal hou8ing.letting8 on Operatlng ju￿lusI{deffidI) from 80dal h(A￿kolatt {55,8091 Tuf￿ver fr¢xn 8(Kkg1 housing W¥vJs 279.716 O￿Tating margin percentage 19.95% B- Overall go¢tal housing lettings only C>rnr811 operatlng 8urplu81(defi(¥tl 120,491} Over811 tumo*r 279.716 Over811 Operatin9 margin per¢en 7.33% Page 25 Abbeyfield (East Devon) Society Limited Notes to the Flnanclal Statements for the Perfod from 15 September 2023 to 31 March 2024 20.7 Retum on capital emP￿ed Overall opprating surpluBI{dth*) (20.491) Total assets less current liabilbes 2,220,025 0￿ra11 operating margin percentage (0.92% Page 26 Abbeyfield (East Devon) Soclety Llmlted Detalled Statement of Flnanclal Actlvltles for the Perlod tr￿￿ 15 September 2023 to 31 March 2024 Total 2024 Tumov•r Rent Tecervab SenAce chary6 incoff Volds Guest rooms & lunthej and other 286,835 3,090 113,2741 3.065 279 716 In￿lm•nt Incom• Incom8 from dlvklends Other inveslment incoff 4.776 1.891 6.667 R•l$lng lunds Amortlsed 80cial housing grant Wages and salarfeg Staff NIC IEmpk)yers) Stsff pensions IOefin•d c¢)ntribulh￿) Staff training Travel Property maintenance Food. household and deaning G8rdening 7,164 {170.3371 (11,028) (5,769) 115) (1,863) {53,738) (25,141) {1,110) {1.627) {2,805) 126,0281 12.333) 11,348) 11.5541 11,122) 11.905) 17.5161 13,4361 11261 {7141 13,840) 16741 {24.2971 1,132 342.192 Water rates Heat and Iwhl InJuTance stsitonery. postage arHI advertising Telephone Pernonal Alam Sy3tom IT expen8e$ Legal and professional fe88 Sundry expenses Bank charge8 PPE Abbeyfidd Society Membership Telephone cost and TV lic*nce Depre¢iatK)n of housing pfoF*rty Depre¢iation of f￿tureS and fitting8 This page does not fomi pwl of Il* slatLrtory financ￿1 statem￿ts. Page 27