Company iegi5tration number.. 15141319 A$$￿•a￿￿ registration number.. 121)6411 Abbeyfield (East Devon) Society Limited {A company limited ty guarantee) Annual Rep￿ and Financial Statements for Ihe Year En¢Jed 31 Marth 2025 WESTCOTTS CH•LATE*ED AC¢OUMTAMTS 4 8USI#qS5 AOV15I•S *AeF￿LfjL* 15117r2￿25 COMPANIES HQUSE A07 #201 Abbeyfield (East Dovon) Society Limited Contents Reference and Administrative Detsils TnJ$lees' Report 2106 Independent Auditors, Rgwt 7t010 Statement of Comprehensive Income ststement of Finanoal Posili 12to13 Statement of Cash Flows 14 Notes lo the Finanaal Statements 15to28 Abbeyfield (East Devon) Society Limited Refer•n¢e and Admlnlstratlve Detsils Chaimian Kevin Budden Trustees Christopher Knee lan Foot Hilary Sim( Graham Cumming (resigned on 24 March 2025) Or Rosemary Hanis Colin Weeks Kevin Bt*Jden Carolyn Cox Tracey Stwenscffi {app)inted 23 September 20241 Homos England Numbor H2776 Registered Charity N￿nts*r 1206411 Company Registratlon Number 15141319 Reglstered Offl¢e Marjorie Baker House WKarage Street Co￿On 46LJ Auditor Westo)lts (SWI LLP Timberly South Street Axminster Devon EX13 SAD Abbeyfield (East Devon) Society Limited Trusto•s' Report The Board membws present their rewt and the finaThial sLqtements for the JEar ended 31 March 2025. Objectives and activitles Objects and aim5 To provide sheltered housing vthh onthsite suP￿rt to enab￿ oklor peorAe from diverse backgrounds lo continuo to live 1rKle￿nd8n1IY for as kng as [￿lt￿e. To promote eThJagement and involvement With ts I￿al i>)mmunity of wthich Abbeyfield (Col￿On, <)niton and Taunton} are ￿ integral parL To foster the positive asFect of communal lrfe wilhin the house- combating loneliness eruuragirrfJ social contact and promoting the physieal. social and emolKJnal welkbeirtsJ of residents. Report of Business and Results forlfie Year End Mar¢h 2025 The financial resutts for the year are sel oul in the Income and Expermtiture Account and Ihe position at the end of the year is shown in the Balance Sheet. Thanks are due to our Treasurer. Colin Weeks. for his professional leadership in this area. We are tommrtted to continually investing in our properties lo ensure the highest standards a￿ mainlained and maintenance is carried out in a timely manner. Our main areas of experTrse in >*ar have been to conyty v4ith Fire Safety anLI e5ectrical regulations. Publlc benefit The Iruslees C￿nfiM1 Ihal Ihey have complied wtlh the requirements of secb.on 17 of the Charities Act 2011 to have due regard lo the kxjblic benefft guidance published by the Charity Commission for ErvJlarKI arKI Wale5. Struclur•. gov•rnanco and managgmgnt The Society has undewe a man•Jement wnisalion thK8 year due to the resignation in December of our CEO. Anna Hughes has stepped up from administrator io Operations manager and Rebe￿a Sorners has been brought into the team and Sasha Haines continues as Finance Assistant. Rebecca's role wdl be lo support Anna and take a ￿ad on HR and mat*etir4J. The new management team will have a revtew after six months. Their firsl three months in w)st has bogn t*allerMJing but the team has responded wel and have been weu supported by the trustees. The board has seen the resignation of on8 trustee aNJ have welo)med a new trustee. The board has prodU￿d a succession plan with a view to strengthen Tis recrurfment pr(￿eSS for new truslees. Ong part of this has been to reintroduce the ro￿ of Chaimian. The Board meets regularly to receive a rewrt from the Management team and discuss the operydtion of the Society. The Finance assistant and Twsurer present a rem at each meeting. setting out the year to date. income and expwidilure in compari50n wrfh Ihe previous ￿0T and wjentsfies any unexpected budget press￿ and plans to ac(x)mm(*Jate these. Page 2 Abbeyfield {East Devon) Society Limited Trustees. Report Mafvr rlsks and managemen¢ of those rfsks Business ￿sk Board examines the maiar strateg￿. bu&ness arKI operational risks which the Society faces and approves an annual risk management plan whth confirms that systems a￿ in ￿aCe to prevent or mitigate key areas of risk. These I￿aude Governan￿. Finance. Health and Safety and Staffing. The Finance Commillee meets at key stages of the financial year to review the Socw's income and expenditure, to prepare a detsiled bu(Jget for the future year and to prepare rewmmondatsons for any fee and salary increa5e5 to be ratified by the Board. Achlevements and perfommn This year has been one of ensuring thal our houses compty with regU1atK￿s relating to health and safety. fire and electrical regu18tions. The costs of Ihese works across the three houses have taken priority over other things that would have been nice to have done. We have invested in detsiled reports for each house in these three areas which has given us a program of works that we need lo complete in a phased manner depe￿ling on the Urgency of the particulaT work. Our Operations manager has been working hard to pull all this together aTrd ensuring we are getting works done lo an excellent stsndard but Jso mindful of obtaining value for rnoney for the society. Our new goveming b(￿Y Abbeffjeld EnglarKI introduced a rtew standard to be (x)mpleted thi$ year and l am delighted to say we have been awarded the new qualty standard. involved amongsl other things a total review of all our wltcies ar#J a deMonstrat￿)n of the financial secui*y of the society. Northfidd Court has had a revamp of tr*ir dinin9 room wilh new lables. chairs. dressers and carpeting. Stsnhope House has had the apartment tolaly revam[￿ T*tiich ha5 enabled us io create a new laundry room. Maoorie Baker House has not had any major tAorks done wst ¢(￿￿￿trating on keeping communal areas looking smart and redecorating any rooms that were teing vacated before reletbng. DuriThJ the ￿ar resident numbers in co1￿1 Taunton have been very good. Empty rooms in HOn1t￿ have been very ¢hallengng to fill and we had a nwiber of vc4ds for sevoral months. Staffing has been slable with the usual ynall number of dprwjes to be gxpected in the market in wtNch we operate. With the addilKJn of Rebecca to learn The have seen a large inLYeas8 in our s(Kial media presence and activity. Abbeyfield (East Devon) Society Limited Trustees. Report Involvement in th• wldef *JJbeyfield mowm•nt Progress is being m8de in the creation of Abtwfjeld ErwJland especially with rega￿$ to it breaking away from Abbeffjeld Liwng Scoety which is the ￿traIty managed am of Abbeyfield. Abbeffjeld England will now eoncentrale on meml)gr socieb.es and are actively seeking members opinions on how it should develop. We now have a partnership c4Jnsultant for the south west representing Abbeyfield England. Tha thair and membw5 of the q)grat*)ns tean attend z(￿rn meetirvjs organi5ed by Abbe￿eld Engkirnj. In our area we have the Infomal Partnership Group which rewesents h¢yJses in the south west and is attended by a ￿Presen￿tive of Abbeyf*ld England. There is aL80 the Hampshire and Isle of Wight group and Ihe Ch*r attends both tyoups. Financial review Abbe￿eld (East Devon) Society Limited tc•)k on a house in Taunton name the Abbeyfiekl Tauntr)n Defendamus S¢xiety. The offiu.al date of the merger was 30th Novemt>er 2023. The finance ccrfnmitt99 preparod a bL￿at for the coming y2ar and takiThJ into account expected axpenditure and o￿lating costs agreed an increase in reshlents fees and staff wages of 5%. The society as a whde returned a suwus for the year in the wion of £35.1))O. Colyton pgrfonn8d strongly with Honiton and Taunlofi showing a deficit. Honrton has proved financially Ghallenging this year the deficit can be attributed to major refurbishment of the apartment. urgent works to electrics and fire dwrs. increased staff costs and higher v(yds than were expected. The finarice committee has reviewed the budget for the coming year and are confident that Costs can be reduced. The￿ has been an increased interest in rcoms at Honilon and are hopelul of being full at some point in the next financial year. The deficit at Taunton was small and be attributed to unexpected ele¢tric81 and fire dr>* costs. The society maintains a very healthy reseThe and the board ￿&Ve$ is still in a Strong financial position. Plans for the fulure perlods The trustees are committed to mantswwng a high stsndard of repa￿S and maintenance to ensure the well being and health and safety of ￿sidentS. With this in mind our primary objective over the next financial year is to ensu￿ all (Mjr propert*s ￿mplY health safety. fire and electfical regulations. Al CO1￿ we plan to inslal sclar panols n IKder to reduce our electsiiity bil and lo help with fijture regulations expected on carbon foolprinL At Taunton we plan lo iedecorale the hall areas aThJ reinstste 8 ￿pite rI￿rn for poiential new residents to have a trial pericxj or pe￿e need a short period of respite. Outside we have to replace the rear gate for safety reasons and reset pa1￿) stones that a￿ unsafe. Whilst we are doing this we wll give the garden a small makeover and constnKt a new bin store. At Honilon we need to upgrade the rcd i￿￿atIOn and replace pwts of the $L￿"r lrft. In the budget an allowance 15 made for the refurbistwnent of trrto rooms in each house should they bècome vacant. Abbeyfjeld (East Devon) Society Limited Trustees. Report Summary When refie¢¢K￿ on the )par 202￿25 our biggest challenge was the unexpected resignation of our CEO. This has presented numerous challenges for new management team who have fa￿ them all head on and the trrf)ard is very grateful to them for the way they hav& thrown themselves into their new roles. We are confidenl that operalKJnafty we have a gxxl team (xn deltver for us in the next financtal year. The trx)ard is very grateful to everyone WIKJ contrilxrtos so cheerfully and tKelessly in making all or IKiuses vgry special pla￿$ for those tfvlfio live and VK*k here. Statefflent of tnts¢ees' responsibilltles The trustees Iwtto are also the directors of Abbeyfield (East Devon) kniety Limited for the purposes of company lawl a￿ responsible for preparing the twstee5' report and the financial ststements in accNdance with appltcabje law and United Kingdom Accounting Stsndards (Untted Kingdom Generally A￿pted AC(￿nting Practice). including FRS 102 Yhe Financial RepOrt￿g Standard applicable in the UK and ReputAi¢ of Ireland". Company law requires the trustees to preP￿e financ4* statements for each financial year. Under company law the trustees must not approve the financial ststements Un￿$S they are satisfied that they give a true and fair view of the state of affairs of the c*tarrtable wnpany and of tho incoming resources and application of resources. induding its ￿n￿me and expendilure, of the charitable cornpany for that period. In preparing Ihese finanoal ststements. the trustses are required lo: selecl suitable accounting FM)licies a￿j them consisterrfjy. observe the methThJs and princFples in the Charilies SORP.. make judgements arKI estimate5 that are reas¢mable arKI prudenL stste vthether aP￿Icable a￿lUnting standards. ccffnprising FRS 102 have ￿en followed, subject to any material departures disdosed and explained in the financial statements.. and prepare the financial statements on the going eoncem basis unless it is inappropriate to presume that the charitable company ￿ntinue in business. The trustees are re$ponwl￿fj for keepiThJ proper accryJnlir¥J ￿CordS tt)at can disclose with reasonable accuracy at any lime the financaal posilion of the Charitab￿ company and enable Ihem to ensure that the financial statements COm￿Y ￿th the Companies Act 20(￿. They are also responsible for safeguarding the assets of the charitsble company and heno for tsking rèasonable step5 for the prevention and (letection of fraud and other irregularilies. The tnjstees are resrM)nsible for the maintenance and integrity of the corporate and financial information included on the charitable compan¥s websile. Legislation goveming Ihe preparation and dissemination of financial statements may drffer from legislatth in otherjurtsdith"ons. Disclosure of inf0M￿tIOn to audllor Each trustee has taken steps that they ought to have taken as a trustee in order to make themsefves aware of any rdevant audit information and to establssh that the association's auditor is aware of that infomation. The tnjstees u)nfirm that there i¥ no refebpnt Infom￿1￿)n ihat they know of and of which they know the auditor is unaware. Raappointment of auditor lft accordance ￿ section 485 of Ihe Companies Act 2tK16, a resolution for the rg-appointment of Waslcotts {SWI LLP as auditors of the association is to be WOF*)sed at the forthcoming Annual General Meeting. Page 5 Abbeyfield (East Devon) Society Limited Trustees. Report L31 oq.I The annual report was approved by the trLk8tees of Ihe assocAakn i)n .. .. bohalf by= and signed on r Hilary Truslee on Colin Weeks Tru51ee Kevin Budde Chairman and trustee Abbeyfield (East Devon) Society Llmited Independent Auditorfs Report to the Members of Abbeyfield (East Devon) Society Limited Opinion We have audited the financial statements of (Easl Devon) Society Limited Ilhe 'assr￿lation.) for the year ended 31 March 2025. vthich comprise the Statemenl of CoMp￿hen$1ve Income. Slalement of FInar￿la1 Position. Statement of Cash Fk)ws. and Notes to the Financial ststements. including a summary of s¥Jn1f￿nt accounting pOl￿e$. The financial reporting framework that has been applied in their wepaTrtion is United Kingdom Aceounting Standards. Comprising ch8rib.es SORP - FRS 102 The Financial Reporb"ng Standard appii¢able in the UK and Republic of Ireland. and apFdicable law {United Kingdom Generally Accepted Accounting Praclice). In our opinion the financial ststements: give a true and fair view of the slate of the assouation's affairs as at 31 March 2025 and of its incoming resources and apFAication of resources. I￿ILKl1ng rts income and expenditure. for the year then ended., have been property p￿pared in ac£Ordan￿ with United Kingdom Generalty Accepted Accounting Practice.. and have been prepared in accordance with the req￿reff￿ts of Ihe Companies Act 2LKI6. Basis for opinlon We conducted our audit in acwrdance wilh Intemational Stsndats on A￿lIty {UK} {ISAs (UKII applicable law. Our rosponsibilibes under I￿e slandards are further described in the audrtor sponsibililies for the audit of the finanoal staternents sedion of our report. We are irKJependent of the assocAalion in accordance y￿h th& ethi￿1 requiremenls that are rdevant to our audit of the finanual statements in the UK, induding the FRC'S Ethical Standard. aThJ we have fuffilled our other ethical Tesponsibililies in accordance with these requirements. We believe that the audrt evidence we have obtained is sufficient and appropriat8 to provNJe a basis for our oFMnion. Conclusions relating lo going concern In auditing the financi81 ststements. we have conduded that the trustees use of the going eoncem basis of a￿OUnting in the preparation of the financial statements is apwopriale. Based on the work we have p?rf￿Med. ThE have not rdentsfied any material uncertainties relating to events or conditions that. indivNJualty or collectivety. may cast significant doubt on trte a$s￿lation'S ability lo continue as a going ￿¢eM for a perKKI of at18ast iwefve months from when the original financial statements were aulh(xi5ed for issue. Our Tesponsibilities and the resportsibilities of the trustees wrth respect to wng o)ncem are described in the relevant sections of this reporL oth•r inf0rn7ation The trustees are responsible for the other infomialion. The other Inf￿atiOn eomprlses the infomialhJn induded in the annual repo¢ other Ihan tr* financaal statements aTrJ our auditorfs report thereon. Our wnion on Ihe financial sL3temenls does cover the other infomwtM)n and. excepl lo the exlent otherwise explicity sued in our repcrt we do not express any form of assurance condusion thereon. Pa9p 7 Abbeyfield (East Devon) Society Llmlted Independent Auditofs Report to the Members of Abbeyfield (East Devon) Society Limited In connection wilh our aLMdrt of the financial statements. our responsibility is to read the other information and. in (JoirvJ so. conwder whether the other infomwtion is malerially inconsistent with the finanoal statements or wr kno￿edge obtsined in Ihe audit or olhepmse appears to be materialty misstated. If we identsfy such m8terial ineonsi5tenc4es cff apparent material misstatements. we are required to detemine whether there ts a material misststement in the financial statements or a material misstatement of the other infom*tion. If. based on the work we have porfonned. we COnd￿e that there is a material misststement of Ihi5 other wrf0rMa￿n. we are required to rewt Ihat fact. We have nothbng to report in Ihts rega￿. Oplnlon on olher matter prvts¢rlbed by the Companies A¢¢ 2006 In our opinion. based on the work undertaken in the course of the autht". informatton given in the Trustees, Repori for the financial yaar for the financial slalements are wepared is consistent ¥rith the fina￿la1 ststements.. and the Trustees. Report has be￿ wepared in accordance Ymth applK8tAe legal requirements. Matters on which we are requirod to report by •xc•ption In the light of our knowledge and understanding of the asscriation and its environment obtaned in the course of the audiL we have ncrt Identif￿ material misstatements in the Trustees. Repcwt. We have rKJlhing lo rep(Kt in ￿spect of tr* lolow.ng mattw5 7*there the Cornpanies Acl 2￿6 requires us to report to you rf. ift our cyinion: adequate accounting records have been kep( or ￿tUrnS adequate for audit have not been re￿1Ve￿ from branches not visited by us: c the ffinancial statements are not in agreement wilh the accounting records and retums: or certain disclosures of trustees remuneration spec5fied by law are not made.. or we have not ￿ceiVed all the 1nfwrnat￿ and exrAanations lhe require for our a￿JIL Re$pons•bllltles of trustees As explained more fully in the St*ement of trustees, resw)nsibilrties {set out on page 5}, the trustees ar8 responsible for the preparation of the fina￿la1 statements and for ￿ft9 satisfied that they give a true and fair view, and for such intemal control as the trustees detemiine is necessary to enable the preparaiion of financial ststements Ihat are free fr(wn malerial misststwnenl. *l)ettw due to fraud or error. In preparing the financial slatements. the trustees we Fesponsible for assessing the assouation's abllity to continue as a going conwn, disck)sing. as appI￿ats1e. matters Tefated to going concem and using the going concem basis of accounting unless the trvstees either inteTrJ to liquidate the association or to tsase operations. or fhqve Tr) ￿all$￿ altemakn.ve tmjt to do so. Auditor responsibiliti8s for the audit of the financial statements Our objective5 are to obtain reasonable assurancE atx)ut whether the ffinarKial statemenls as a whole are free from material misslatement. whether due io fraud or error. ar¢d lo issue an audit(K's report that indudes our opinion. Reasonable assurance is a high level of assurance. but 15 not a guarantee that an audit ￿ndUcted in accordance wth ISAS (UK) wiu athyE detect a material misstatement when it exists. Misslalernenls can arise from ftaud CK error arnl ar8 constdered material if. indivKJtAally or in the aggregate. they coukl reasonabty be expected to infiuence the economic decisions of users tsken on th8 basis of these finanaa statements. Page 8 Abbeyfield (Easl Devon) Society Llmtted Independent Auditorfs Report to the Members of Abbeyfield (East Devon) Society Limited The extent to whth our procedures are tapable of detecknJ irregularith￿. inclKling fraud És detailed We idenl1r￿d areas of laws and regulations that c(xAd reascThbty be expecled to have a material effed on the finawal ststements from our general commerryal and sector experience and through discussion with the trustees and other management and inspection of the company's correspondence. We eommunicated ￿entsfied le￿ and regulations throughout our team. and remair*d alert lo any induknons of norKompliance thrrxwhout the audit. The company ts subject to laws aThJ regulations that govem the preparation of the financial statements, including financial reporbrKJ *islalion. and other company legislation. The company is also subject lo other laws and regtllalions where the ¢￿SequenceS of non-compliance could have a material ifflp8CI on the am(NJAts or disdosures wrthin Ihe finanual slatements. including emF4oyment. anti￿rIbery. anti•money laundeFing and certain aspects of companies kgtslation. 0%￿ng to the inherent limitstions of an audit there is an unavoidat4e risk that we may not have detected some material mrsststements in the financial st*ements. even though we have properly planned and perfom7ed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of ffregularities. as these may uwotve Collusion. forgery, inlenlional omiSs￿S, misrepresentations. or the override of intemal contrds. We are not reSponsi￿e for preventing nL¥pcompliance and cannot be expe(led to detect non-compliance with all law5 and regulations. As part of an audit in accordance With ISA5 (UK). exerc4se professional judgment and maintsin prOfe￿O￿al S￿pticISM throughout the aLNJit. We also: Identify and assess the risks of malerial misstatement of the financial statements. l￿Wher due to fraud OT error. design and perform audit prwAlures responwve to those risks. and obtain al￿11 evgdence that is suffiC￿nI and approw￿le to provide a basi8 for ow opinion. The risk of r￿1 detecting a malerial misslatem8nt resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery. intenliTh)al omissions. misrepresentations. or the Ove￿ide ol intemal contrd. Obtsin an understanding of inlemal control relevant to the audit in order to design audit procedures that a￿ apFYopriate in Ihe circurnstarKgs. but not for PUrp￿e of expressing an opinion on the effectiveness of Ihe intemal C￿tr(4. Evaluate the appfopriaiene5s of ￿￿Unting KX)liues used and Ihe reasonableness of accountiThJ esb'mates and retaled disclosures rnade by the trustees. Conclude on Ihe appropriateness of the trustees use of th8 9)ing Can￿M basis of accwnting and. based on the a￿lit e¥iderKe obtsined. vthether a material uncertainty exists related to evenls or corKlitions that may cast significant doubl on Ihe compa￿5 abilty lo conlinue as a goiTrJ con¢em. If we condude that a malerial unrzrtainty exists. we are required to draw altention in our aLKlilorfs feport to the related disdosures in Ihe financial ststemenls or. rf such disclosures are inadequate. to modify our opin￿)n. Our condusions are based on Ihe audit evidence obtained up to the dale of our auditorfs feport. Howevef. fijlure events or ¢￿j111)n$ may cause Ihe company to Cease to continue as a going conwn. Evaluate the overall presentstion. structure aTrJ c￿lent of ts financ#al statements. induding the disclosures. and whether the finanaal statements ￿pres￿1t the underfying transactions and events in a manner thal achieves fair presentstion. We communicate with thcjse charged with govemance regarding. among other matters, the planned scope and timing of the audit and significant aJdbt findings. irKludirKJ any signfficant defiCier￿se$ in intemal control that we idenknfy tluring our aud Page 9 Abbeyfield (East Devon) Soclety Limitsd Independent Auditorfs Report to the Members of Abbeyfield (East Devon) Society Limited Use of our report This report is made solely to the tharitstAe companrfs trustees. as a body. in accordance wilh Chapter 3 of Part 16 of the Companies Act 2c￿. Our audrl work has been undertaken so that we might state to the assoaation's trustees those matters we are required to state to them in an aLKlitor's report and for no other purpose. To the fullest extent pemiilted by law. we do not accept or assume responsibility lo anyone ¢)ther than the charilable company and its tru51ees as a body. for our audit work. for this report, or for ￿ opinions we have fomied. Carringtcm FCA (Senior StstLttory AudiloTI or 8rKI on behaff of Westcotts ISWI LLP. StAtIAtory Auditor Timberly ScNJlh Street Axminsler Devon EX13 SAD IY II ZKIC Page 10 Abbeyfield (East Devon) Society Limited Statement of Comprehensive Income for the Year Ended 31 March 2025 Unrestrlcted funds Restrict•d Inc<¥ne and expenditur• Totsl Total 2025 2024 Incom? and Endowmonts from". Turnover Investment Inccrfne 873.826 6.429 873,826 6,429 279,716 6,667 Total Incorne 880.255 880,255 286.383 Expendlturg on". Raising funds 935.212 935,212 342.192 Totsl Expendilu 935.212 935.212 342.192 Net expenditure Other rn¢ognlsed gain$ and los￿$ Gainslllosses) on revaluation of fixed assets OtheT gainsl(lossesl (54.9571 (54.957) 155.8091 {10.788) 110,7881 35,318 1.760,319 Net mvement in fvnds (65.745) 165,7451 1,739,828 Re¢onciliation of lunds Total lunds brought forward Transferlrom Taunton 1,739,828 640.432 1.21XJ.989 1,739,828 1,845,030 Totsl funds carried ft)rward 15 640.432 2,875.072 3.519,113 1,739,828 All of the association's results relate wholly to eontinuNig OFeralk)ns during the above two periods. The accompanwn9 notes fomi part of the finanaal sL*ements. The fund5 breakdown for 2024 is shown in note 15. The notes on pages 15 to 28 fomi an bntegral part of th8se finan¢*l $L￿eMents. Page 11 Abbeyfield (East Devon) Society Limited (Registration number: 151413191 Statsment of Financial Position as at 31 March 2025 2025 2024 Not• Fixed assets Other tangible f￿ed assets Tangibk fixod assets. Hwsing wwties 27.086 3,326.129 18.733 1,699,920 3.353.215 1.718.653 Current assets Trade and other debtor5 Investments Cash and cash equivalents 10 11.621 326.288 334.514 23.750 382.392 110.451 12 672.423 516.593 Crodltors: knounts lalllng due within one year 13 33,492 15.221 Net current assets 638.931 501,372 Tolal assets less Cufrent Ilabilities 3,992.146 2,220,025 480,197 Creditors: Amounts falling du• aftor morn Ihan ono yoar 14 473.033 Net assots 3,519.113 1,739,828 R•serv•$ of lh8 asso¢latlon: Ro$trlded income funds Reslrided fijnds Unr•$tricted income funds Unrestricted fvnds 3.515.504 1.739.828 Total reserves 15 3.519,113 1.739.828 The notss on pages 15 to 28 fomi an in￿￿81 part of these financial statements. Page 12 Abbeyfield (East Devon) Society Llmited (Registration number: 15141319) Statement of Financial Position as at 31 March 2025 The fin ' I statements on pages 11 to 28 ¥￿e approved by the tntstees. and authoris8d for issue . and s¢gned (ffi tsr behaw by. Hilary Si Tnjstee Colin Weeks Trustee Kewn BL#dden Chairman and trusteg The notes on pages 15 to 28 forrn ￿ integral partofthese financial statements. Page 13 Abbeyfield (East Devon) Society Limited Statement of Cash Flows for the Y￿r Ended 31 March 2025 2025 2024 Note Cash flows from opwating activities Nel cosh income 1,779.285 1,739.828 Adjustmants to cash floT*S from nonlian¢e The financial ststements of the assooation are prepared in accordan￿ wth UK Generally Accepted AcccKJnling Pradice {UK GAAP) i￿luding Financial Reporting Stsndard 102 (FRS 1021 and the Housin9 SORP 2018.. Stslemenl of Recommended Practice for Registered Social Housing ProvKlers and comply *ilh th6 ALXt)unting Direclion for Privale Registered Providers of ScKial Housing 2022. 8asis of preparation Abbeyfield (East Oevonl s￿ety Limited meets ts definiti"(m of a publr ￿effl entity under FRS 102. Tt* financial statements are prepared in stefling {£1. Going concern The trustees ct)nsitJer that ttwe a￿ r#) material uncertainties atr￿ lh8 association's ability lo continue as a g￿ng conc*m nor any s¥Jnffj￿Tht areas of uncertainty that affect Ihe carrwng value of assets held by the associat￿n. The trustee5 have a reasonable expectstion th81 the associ8lM)n has adequate resources to continue in operational existence for the foreseeable futu￿. being a period of at leasl ￿e1ve months after the ¢Jate on Wh￿ ￿pOrt and finanaal statements are signed. On this basts, the board continues lo adopt the goir6 concem bas￿ in lh9 fjnancial statements. Page 15 Abbeyfield (East Devon) Society Llmlted Notes to Ihe Financial SLqtsments for the Year Ended 31 March 2025 Judgements There were nojud9ements rnade wi ￿. Key sources ol esdmation uncertainty There We￿ no key sources of 8sbmabon unrArlanty made ypar. Turnover and oth•r income Deferred income represents amounts received for future and is ￿leaSed to incoming resources in the pefKMJ for vthich. il has been received. Suth irKome 15 onfy deferred ￿en. - The donor specifies that the grant or thnati￿ must onty k used in future a¢counlirKJ pericés.. oi - The donor has imposed condi11c￿ V*h¢ch must be mel before the assouation has unconditional enlillement. Investment Income Interest on funds hekj on detx)sit is indLKied kni receNatle the amount can be measured rella￿Y by the a$S￿latI)n. this is normamy UK*)n nOt1h￿ of the interest paid ￿ payable by the bank. Other Incon AJI incoming resources are irtluded in the statement of ffinanthal aciivitses the assockgt¥)n is enlitled lo the income and the amount can be quantified with reasonable acwracy. Certain residents receive financial wpkvt frcrfn hJ(zl authorthes vtho enter into Supporting People contracts with Abbe￿eld East Devon. Under these (￿trncts. whith (Jepend upon the peculiar circumstances of each residenl. a part of the tolal amount chargeat4e to a resvjent is fiJnded by Devon County CourKil. Amounts received from the local aLrthr￿tieS are offset against the total amount which ￿thId (rthefwtse be due the residenL Expenditure l expendilure 15 recognised once there is a legal w o)nstruclive obligabon to that expenditure, it is probable settlement is require(i and the arnount Izn be measured relk4tAy. Al costs are allocated to the applicable expenditure heading that a93regate sifflilar u)sts to that Category. Where costs cannot be directty attn'buled to particular headings Ihey *￿ve tjeen alkxaled ￿ a basis consistent with the use of ￿sOurces. with central staff C￿1$ alkxated on the Ws of time spent. and depreciat￿n charges allocated on the t￿lOn of tho asset's use. Ottv supixyl costs are allocale(I based on the spread of staff costs. Raising funds These are costs inrJJrred in attracting voluntary income. the management of investrnents aThJ those incurred in trading activities that rabSe funds. Pensk)n costs Pension costs for the defined c￿llibutiOn scheme arg charpd against incorn8 as thgy fall due. Page 16 Abbeyfield (East Devon) Society Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Taxa¢lon The assoaabon is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finan￿ Act 2010 and therefo￿ rt meets the definitKJn of a charilatAe company for UK corporation tax purposes. Accordingly. the assoualion is FQtenb"alty exempt from taxation in respect of income or capital gains received within calegoftes covered by Chapter 3 Part 11 of the CorFrt)ration Tax Ad 2010 OT Section 256 of the Taxation of Char9eabl8 Gains Ad 1992. to the extent thal such income or gairts are applied exclusively to charitaL4e pu￿$8$. Tanglbte fixed a866ts Fixturgs and fittings costin9 £100.00 or more are initialty recorded at cost. less any subsequent accumulated (Jep￿ClaI1On and s￿sequent acwmulated wnpairment10ss8s. Housing, Eand and building% are slated at net tK*)k value. The ¢ost of the prOpert￿S is their purchase price, tc¥Jelher with incidental Costs of ￿VISit￿ln. To the extent that propety costs have not qualified for the Social Howng GrnnL they are funded from the S(Mietys ovm resources. Depreclalion and amortlsatlon Depreciation is provided on tangible ffixed assets so as to off the cost or valuation. less ary estimated residual value, over Ih*r expethd usefvl e(xY￿mi¢ lifv as folbws: No depreciation is charged on the land. The main bJtkliws are deweciated al 1% per annum. The alteration additions and ￿gUY store are depreciated at 10% annum. Social housing granl is rel8ased in 8cc(Kdance with the main buikling depreciation pdicy at 1% per annum. A55et ¢las$ Furniture and equipment Housing properties D•pre¢iation method and rat• 10% reducivJ baLqnce 10 year stravjht Im Currgnt asso1 Invostments cu￿eTht asset investments are held al mid-martet value al the balance sheet date and the gain or kjss taken lo the income and expenditure account. Debtors Trade debtors are amounts due fn)m customers for m8rd￿ndIse sold or services performed in the ordinary course of business. Trade dèbtOTS are rec£*Jnised initk?lty at the transaction They are subSeq￿n11Y measured at amortised cost usiry the effective interest methchj. less provision for impaim)ent. A proviston for th& impaifmenl of trade debtors is established vthen there is objecti.ve eviden(* that the asswation will not be able to collect all amounts dve according to Ihe (￿mJInal tenn5 of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash C￿ hand aThJ call deposits, and other short48rm highly liquid investments that are readity c¢mrtI￿ to a kno*fft amount of cash and are subject to an Insi9nificant risk ol change in value. Page 17 Abbeyfield (East Devon) Society Limited Notos to th• Financial Statements for the Year Ended 31 March 2025 Fund structure Unrestricted income funds are general funds tr￿1 ￿ aval* for use at the twstees discretion in furtherance of Ihe objectives of the aSs(￿lat￿￿. Oewgnaled fvnds are unrestsi¢ted lund5 set asKle for Spear￿ purposes at the disuetion of the trustees. Restricted income fund5 a￿ those donated for use in a particular rn or for $p8cffic pu￿0¥e5. thg use of which is restr￿ed to that area or purpx)5e. Penslc•ns and olher post retirement obligations The association operales a defined Contributic￿ wsion scheme whiL* is a pension ￿an under which fixed Contributi￿$ a￿ P8KI into a pension lund and the association has r#) legal or constructive otAigation to pay frJrther conlribjlions even rf the fund th)es Th)t hokl sufficient assets to pay au employees the benefits rdab.ng lo empbjee service in the wrrent and prtor peric#ts. Contribubons lo defined ujntsibution pl&ns are recognNsed in the Statemenl of Finanfial Adivitias when they are due. 11 contribulion pa￿nents exceed the a)ntrIbUti￿ due for servic*, Ihe excess is rectyjntsed as a prepayThenl. Flnan¢ial instruments cla￿lI1¢a¢l0n FinancAal assets arKI financial liabilities are recognised when Ihe as5crAatK•n becomes a paty to the cwtTactual provisions of the instrument. Finanual liabil￿eS and equrty instruments are c4aSSifi￿ accordirKJ to the substance of th& conlradual arrangamonts entered into. equity instrument 15 any that wdences a residual inlorgst in the assets of the associalion after deducting al of its liabilit￿. Rec¢wnltlon and m8asurnm8n¢ All financial assets and liabitibes are iniliaty measurod at transaction wice (induding transaclion costs), èxcept for those finawal assets dassified as at fair value through profrt or loss. whtch are initially measured at fair value (which i8 nornalty th8 transaction pri￿ exduding transadion ￿sts). untess the arrangement constitutes a financing trdnsaction. If an arrangemenl constilutes a financing transaction. Ihe financial asset or finanual liabilrty is measured at the present vak* of the future payments discounted at a market rate of interest for a similar debt irthjment. Financial assets and liabi1th85 aTr orty offsel in lh8 Statement of finanoal position when. and only when there exists a legally enfor￿able right to set off the reo)gnised amounts and the association intends either lo setue on a net basis. or to realise asset and setlle the IHblty simultaneously. Finanryal assets are derecognised when and onty vthen a) the ¢￿traCtual rights to the cash flow5 from the financial asset expire ￿ are sellled. b) the association transfers to another party substsnlially an of the risks and rewards of (wiership of the financial asset. or cl assoaats"on. des￿te having rglained some, bul not dl, signifrtanl risks a)d r￿1￿$ of ownership. has transferred control of the asset to another paty. Financial liabililies are dere￿gnised the obligaknn specified in the contract is dis(knrged. cancelle(i or expires. Page 18 Abbeyfield (East Devon) Society Limited Notes to the Financial Statements for the Year Ended 31 March 202S Soclal Housing Granl Social housing grants for rapilal expenditure are recognised in irthme over the useful lrfe of the housing property Structu￿ under the accxuals mcmlel. Olher ca￿tal grants received from the nonwvemment S￿r¢e$ afe recogntsed in Ihe ineorne wilh the F￿0Cted$ are received usiro th perlormance modd. In th& clroj￿tanceS where the Social H[¥￿ng Grant 15 treated as a grant towards revenue expenditure. it is matched ￿ the expenditure to which il relates by crediting Ihe incorna and expendrture account as part of tumover. and disdosed separalety within the turnover note. The cOr￿S￿n￿l￿g expenditure is shown urthr operaling costs. Governments grants released on tt* sale of wcfjerty may be repayatde tKrt a￿ rKThally available lo be recyded an(J are credited to a Recyded Capital Grant Fund inckned in the statement of financial poSi￿n as ueditor 3 TUrn0￿r Unrestrithd funds Income and expenditure reserve Total 2025 Residents. chaTrJes se￿[ce charges Losses from VLMds Other income Income from dividends Other investment income 889.311 2,209 (21.281) 3.587 4.871 1.558 880.255 889.311 2.209 121,2811 3.587 4.871 1,558 880.255 Unrestricted fund$ Income and expenditure reserve Totsl 2024 Residents. charges Seryice charges Losses from voids Income from dividends Other investment income 286.835 3.090 (13.274) 4,776 1.891 286,835 3.090 {13,2741 4,776 1,891 283.318 283.318 Page 19 Abbeyfield (East Devon) Society Limited Notss to the Flnancial Statements for the Year Ended 31 March 2025 4 Investment incom• funds Inc¢>me and expenditure Total Total 2025 2024 Income from dividends" Dividends receiwable from thr investmenls Other investment income 4.871 4.871 1.558 4.776 1.891 6,667 6.429 6.429 S Net Incomlngloutgoing resources Nel in¢omingl(outw"IKJ) reSWrC￿ for the Jwr ir#Yude: 2025 2024 Audit fees Deprectation offixed assets 3,312 25.429 63.185 6 Trustees rnmuneralion and •xpenses No trustees, nor any per￿$ conneded with Ihem. have received any remuneration from the association during the ￿ar. The amount expenses waNed by the trustees thring Ihe tolaNed £Nil (2024- £Nill. 7 Staff costs The aggregate payoll c¥)Sts ￿*re as folknws.. 2025 2024 Stsff ¢osts durfng the year wern: Wages and salafies Social se￿rity ¢))sts Pension costs 385278 70.180 26.442 170.337 11,028 5.769 481.9)0 187,134 The m(thty average number of persons {indu(thng Sen￿ m￿agement I leadetship team) employed by the a$s￿atiOn during the year expressed as full time equivalents was as fi￿low5.. Page 20 Abbeyfield (East Devon) Society Limited Notes to lh• Financial Statements for the Year Ended 31 March 2025 2025 No 25 2024 No 17 House staff Administration slaff 28 19 No employee received emoluments of mc*e than £60.0(KJ duriTrJ the ypar. Page 21 Abbeyfield (East Devon) Soclety Limited Notes to the Financial Statsments for the Year Ended 31 March 2025 8 Tangible fixed assets Furnlture and equlpment Totsl Cost At 1 April 2024 Additions 133.313 11.362 133,313 11,362 At 31 March 2025 144.675 144,675 Depreciation At 1 April 2024 Charge Ihe year At 31 March 2025 114,580 114,580 3,009 117.589 117.589 Net book value Ai 31 Marth 2025 27.086 27.086 At 31 Marth 2024 18,733 18.733 9 Housing pro￿rtIeS Total Cost At 1 April 2024 Transfer of TauntrJn Additions 2.213,682 1.681.642 4.740 At 31 March 2025 3.900.064 D•pr•clation At 1 April 2024 Charge for the year 513,762 60,173 At 31 March 2025 573,935 Not book value Al 31 Marth 2025 3,326,129 At 31 March 2024 1,699,920 Abboyfield (East Dovon) Society Limited Notes to the Financlal SLqtsments for the Year Ended 31 March 2025 Soclal Housing Assistan 2025 2024 Social housing aSsistar￿e at the start of the sear Recognised in the Statement of comprehwsr¥e ineoff Held as deferred income at th8 e￿1 of Ihe ￿ar 487,361 7.164 494.525 7.164 480.197 487.361 Social P￿ing grants are repar4ble if Ihe propety it ￿lateS to sdd. 10 D?btors 2025 2024 Prepayments other debtors 11.621 10,827 12.923 11.621 23,750 11 Current ass•t investments 2025 2024 UK listed other shares bfr Additions Transfer on merger UK listgd other shares dispJsats Revaluation 382.392 347,074 (50.WO) 10.788 35,318 Markel ValUatic￿ of listed invesknents 326.288 382,392 Inveslmenls have an original cost of £357,572. They havo been revalued to the mKknrkel valuation at the balance sheet date. 12 Cash and cash •quivalents 2025 2024 Cash on hand Cash at bank 1.037 109.414 334.514 334,514 110,451 Page 23 Abbeyfield (East Devon) Society Limited Notes to the Financial SLitements for the Year Ended 31 March 2025 13 Credltors: amounts falling due within one year 2025 2024 A¢ruals D8ferred inc(Mne 26.328 7.164 33,492 8.057 7.164 15.221 14 Cr•ditots: amounts falling due after one year 2025 2024 Deferred income 473.033 480,197 15 Funds Balance a131 March 202S Other April kncomln9 Resources Transfers re¢ognlsed 2024 resources expended w mergwyainsl{lo$sesl Unrestricted funds In¢ome and expenditure General Funds Revaluatson reserves 1.564.828 880.255 (935.212) 1,2(K1.989 (10.788) 2.7CKJ,072 175,(X)O 175,orx) 110.788) 2.875.072 1.739.828 880.255 {93S.212) 1200.989 Designated Redevelopmenl Reserve Fun 640.432 640,432 Totsl unr•strict•d nds 1.739.828 880.255 {935212) 1.841.421 110.7881 3.515.504 R•slrlct8d funds SCF Furnrture Fund 3.609 Totsl funds 1.739.828 935.212 10.788 880.255 1.845.030 ￿ 3,519,113 Page 24 Abbeyfield {East Oevon) Socioty Limited Notes to the Financial SLthments for the Year Ended 31 March 2025 Purptsse of Funds R•d•velopm•nl Fund This fvnd is a designated fvnd of Ihe Charity ond has arisen from bequests make to the charity. When Woodstock House was sdd the funds generated by the sak were transfeTred lo this reserve. SCF Furni￿re Fund This fund is a restricted frjnd awarded by Somerset ComrThJnrty F¢JJndation to rerlace dining foom chairs which will improve the comfort of restdents and enc4Jrye thèm to enjoy meal times for h)nger dve to the sliders and ami rests. 16 Anatysls of net assets between funds Unrestrithd funds Income and w*nditure reserve Total fvnds at 31 March R•stricted funds 2025 Tangible fixed assets Housing properties Cuftenl assets Current liabilities Creditors over 1 year 27.1)86 3.326.129 668,814 133.492) 473.033 27.086 3,326,129 672,423 133,492) 473,033 Total net assets 3.515,504 3.609 3,519,113 Unrestrlcted funds Income and expendi￿re res•r¥e Total funds at 31 March 2024 Tangible fixed assets Jusing properties Current assets CuThenl liabilities credito￿ over 1 year 18.733 1.699,920 516.593 115,2211 480.197 18,733 1.699.920 516,593 115.221 } 480.197 Total net assets 1,739,828 1.739,828 17 Related party trans•￿[0D& During the prev50us period, The Abbeyfield {East Devon) Swety Limited a5SiSted with payrnents on behaw of The Abbeyfiekj Taunton Defendamus S¢¢￿ty Limited (company number.. 009005021. Included wrthin debtors at the Per￿￿ end 12024> is a balance of £12.923 owing from Abbeyfield Taunton. On 30 November 2023. the Abbefftld Taunion rrwed with the Abbeyfield (Easl Devon), with all of its assets and operations being transferred. Pa98 25 Abbeyfiold (East Devon) Society Limited Notss to th• Financial Statements for the Year Ended 31 March 2025 18 Accommodation In management As at 31 March 2025. the A$%￿lation had 38 ui¥ts in managwrtht. 19 Value for money metri¢s 21.1 R•inv￿lmOnt per¢ontage 2025 Reinvestsmenl percentage 21.2 New supply dellvered porcontag• New supply delivered percenlage 21.3 Gearfng rallo Short term loans Long term loans Cash and cash equNalents 334,514 334.514 Tar4Jible fixed assets (housing) as cost 3.900,064 Gearlng ratio 8.58°h Page 26 Abbeyfleld (East Devon) Society Limited Notes to the Financial Statements for the Year Ended 31 March 2025 21.4 EBITDAR MRI int•rnst cover p•rc•nta9• Overall operth.ng deficit Amortised govemment grant Deprociation 154.957) 17.164) 63,182 1.061 Interest caiytslised Interest payable EBITDAR MRI Interest o)ver per¢enta9e 21.5 Soclal houslng cost wr unit Routinelplanned maintenancè 123.097 123.097 TolaS number of units 38 Social hwsing cost per ￿11 3,239 21.6 Operating margin Pe￿entage OCFal housi tts" son Oper8ting surrAusl(defi¢it) from social h(￿tsing lettings {54.9571 Tumover from s(Kial h(￿tsing lelb'ngs 873.826 Operating margin pereentsge 6.29% - Overall social housin Overall operating surplusl{defiot) 165.745) Overall tumover 873,826 Overdll operating margin percentage 7.52% Page 27 Abbeyfield (East Devon) Society Limited Notes to the Flnanclal SLqtements for the Year Ended 31 March 2025 21.7 Relum on capital •rnploy•d Overall operating suWusl(defMit) 165,745) Tolal assets le5S Cutrent f￿bl￿tIeS 3.992,146 Overall operating margin pgrcgn 1.65% Page 28