Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Annual Report Extended account period 16th Jan 2024 to 31 March 2025 Registered Provider number: H3383 Company No 15417496 Registered Charity Number 1206725
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Annual report Accounting period 16 January 2024 to 31 March 2025 Contents Page Board of Trustees and Advisors Trustees, Report 24 Statement of Trustees, responsibilities Value for Money Metrics Independent auditor's report Statement of Comprehensive Income 10 Statement of Changes in Reserves Statement of Financial Position 12 Statement of C8shflows 13 Notes to the Accounts 14-22
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Trustees, Report Accounting period 16 January 2024 to 31 March 2025 Trustees Mr R. Edmunds (Chairl Mr J. Barron (Deputy Chairl Mr K. Farnham Mr N. Druce Secretary Mrs S. Garfand Registered Office Abbeyfield House Saffron Park Kingsbridge England TQ7 1RL Auditors PKF Francis Clark Chartered Accountants Unit 18, 23 Melville Building East Royal William Yard Slonehouse Plymouth PL13GW Legal Advisors Womble Bond Dickinson Ballard House Wesl Hoe Road Plymouth PL13AE Registered Social Landlord number.. H3383 Registered Company No- 15417496 Registered Charity No.. 1206725
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Trustees, Report Accounting period 16 January 2024 to 31 March 2025 The Executive Committee submits ils annual report and the audited financial statements of the Society for the period ended 31 March 2025. Principal activity The principal activity of the Society is lo provide supported sheltered housing for the lonely and independent eldedy, in accordance with the aims and principles of The Abbeyfield Society Limited. These activities fall wholly within hostel housing activities as defined in the Housing Act 1996. Status The Abbeyfield South West Society Limited is a public benefit entity and is a registered charity {number 12067251 and Registered Company (number 154174961. Registration took place on 16th January 2024 and these accounts reflect an extended period to 31 St March 2025. The period April 2023 to 16th January 2024 was covered by examined management accounts of the predecessor organisalion (Abbeyfield South West Society Limited, IP23413R, now closed). Public benefit The only objects for which the Society is established are for the public benefit, through the relief and care of those in need by reason of old age of all classes suffering from the disabilities of old age or othetwise being in need, by the provision and management of housing for letting or sale and not for hostels. The Society operated 5 properties in the period lo achieve this purpose. The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Business review and results The results for the period are set out in the Statement of Comprehensive Income account on page 10. The Society achieved a surplus on ordinary activities of £423,28712024.' surplus £65,177). The surplus is ststed after charging depreciation on freehold property of £34,252 for the period ending 31st March 2025 12024.. £20,302} and income of £635,525 12004.. Nil) related lo the acquisition of trade and assets of Abbeyfield Holsworthy Society Limited IRS022683 now closed). At period end the Society had cash al bank of £427,35412004'. £457,078). During this financial period, the Society achieved its objective of acquiring the trade and assets of Abbeyfield Holsworthy. This has expanded the number of units available for rental. In addition, the Society has continued to maintain and improve its existing properties lo ensure the provision of high-quality housing. The Society also continues to strengthen compliance with all relevant and evolving legislation Governance The Society complies with the HCA'S Governance and Financial Viability Standard. We have also adopted and comply with the National Housing Federation's INHFI 2020 Code of Governance.
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Trustees, Report Accounting period 16 January 2024 to 31 March 2025 The Trustees carried out an assessment of their compliance on the 31 March 2025 and concluded that they did comply with the above standards. The charity recruits new Iruslees primarily through direct approaches and networking. Potential candidates are identified on the basis of their skills, experience, and alignment with the charity's objectives. This process enables the charity lo ensure that Iruslees collectively possess the necessary expertise and commitment to support effective governance and the delivery of our charitable purposes. No other person or external body is entitled lo appoint one or more Trustees. Each Trustee may be appointed for 8 3 year term. At the end of a term each Trustee shall retire but may be re-appointed. Future plans and development The Society has merged with Holsworthy Abbeyfield Society and is now planning the redevelopment of the Holsworthy sile. Sanders Court was sold post period end for £755,000 which created an impairment of £137,889. The Trustees are exploring other ways to expand and safeguard the future of South West Society. Repairs and Maintenance will be budgeted for in the revenue accounts. The Trustees plan to concentrate on securing financial suslainabilily for the Society and ils ongoing activities by running them efficiently and cost effectively whilst providing the best accommodation for its residents. Reserves policy The current unrestricted free reserves of the society are £427,617 {2024- £458,627). Whilst this is sufficient for normal trading the intent of the Executive Committee is lo increase this level as and when trading conditions permit, although no specific tsrgel has yet been sel. Going concern After making enquiries, the Executive Committee has a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. For this reason, il continues to adopt the going concern basis in preparing the financial statements. Occupancy levels as al the end of March 2025 were 940/0 with 50 residents occupying 49 of the 52 rooms with the inclusion of the Holsworthy Society. The Society has no long-lerm loans. The Trustees accept the current position will require sound management and will seek lo develop services and consider potential developments and management reform. Therefore, the accounts are prepared on a going concern basis. Annual General Meeting The annual general meeting will be held on Tuesday 14th October 2025 followed by the Board meeting.
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Trustees, Report Accounting period 16 January 2024 to 31 March 2025 The Board The following Trustees, served during the period.. Mr N DrLJce OBE Mr K Famham Mr R Edmunds Mr J Barron Appointed 16 January 2024 Appointed 16 January 2024 Appointed 16 January 2024 and elected Society Chair 16th January 2024 Appointed 16th January 2024 and elected Deputy Chair 16th January 2024 In accordan with the registered rules of the Society, one third of the Board shall retire by rotation and, being eligible, offer themselves for re-election at the forthcoming annual general meeting. Provision of infomiation to the Auditor The Trustees who were in office on the dale of approval of these financial statements have confirmed that, as far as they are aware, there is no relevant audit information of which the auditor is unaware. Each Trustee has confimied that they have taken all of the steps that they ought lo have taken as Trustees in order to make themselves aware of any relevant information and lo establish that the auditor is aware of that information. Approval The report of the Board was approved on 1411012025 and signed on its behalf by= MrR Edmunds Chalmian
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of the responsibilities of the Trustees Accounting period 16 January 2024 to 31 March 2025 The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Statement of Recommended Practice for Registered Social Housing Providers 2018 (Housing SORPI. The law applicable to Companies in England & Wales requires the Trustees lo prepare financial statements for each financial period which give a true and fair view of the Society's financial activities during the period and of ils financial position at the end of the period. In preparing these financial statements, the Trustees are reqLJired to.. Select suitable accounting policies and apply them consistently., Make judgements and estimates that are reasonable and prudent., Stsle whether applicable accounting standards and the Housing SORP 2018 have been followed, subject to any material departures disclosed and explained in the financial stalemenls., Prepare the financial statements on a going concern basis unless il is inappropriate lo presume that the Society will continue lo operate. The Trustees are also responsible for.. Ensuring proper accounting records are kept which disclose with reasonable accuracy the financial position of the Society., Safeguarding the assets of the Society and applying them in accordance with ils charitable purposes., Ensuring that the Society complies with the requirements of the Charities Act 2011 and any applicable housing regulations., Taking reasonable steps to prevent and detect fraud and other irregularities. The Trustees confirm that they have met these responsibilities and approve the financial statements accordingly. The Trustees are responsible for ensuring that the Trustees, Report is prepared in accordance with the Statement of Recommended Practice for registered social housing providers ISORP 20181. The Trustees are responsible for ensuring that the accounts are audited by an appointed auditor, who musl have the qualifications as sel out under the Companies Act. The Trustees are responsible for the maintenance and integrity of the corporate and financial information on the Society's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports may differ from legislation in other jurisdictions.
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of the responsibilities of the Trustees Accounting period 16 January 2024 to 31 March 2025 Valug for Mongy metrics In response to the Regulator of Social Housing technical note of June 2020, the Society will now report on the Value for Money metrics. There are 7 metrics covered by this technical note. This is the 7th period and comparison can be made to last period. The comparative period was a different length lo the current period. Metrlc 1 Relnvestment Q/ This metric looks at the investment in properties (both existing stock and new supply} as a percentage of new properties held. The Society metric for reinvestment is therefore 37 /0. Metric 2- New Supply Delivered Q/0 The Society has received the assets of the Holsworthy Society during the period creating 11 additional units. The metric is therefore 220/012024.. 00/01. Metric 3- Gearing ° The Society owns the buildings il operates from outright, with no loans on the properties- it does have grants which have been secured against the property in the event of the sale. The grants are amortised annually over 50 years. This metric is O /012024.' 0 /01. Metric 4 - Earnings before interest. Tax. Depreciation, Amortisation. Major repairs included IEBITDA MRI) interest cover ° As the Society has no interest bearing loans, this metric is OQ/o {2024.' 00/01. Metric 5- Headline social housin cost er unit 2025 {15-month period) 2024110-month period) Sheltered Accommodation £22,657 £13,748 Care Accommodation £0 £0 Overall £22,657 £13,748 Metric 6- Operating Margin The operating margin of the Society is 2'/012024.' 8'/01- Metric 7- Return on capital employed This metric compares the operating surplus to total assets less current liabilities. For the Society as a whole this is -7 % 12024.. 2°/0}.
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Independent auditor's report to the members of The Abbeyfield South West Society Limited Accounting period 16 January 2024 to 31 March 2025 Opinion We have audited the financial statements of The Abbeyfield South Wesl Society Limited Ithe"Society"} for the period ended 31 March 2025 which comprise Statement of Comprehensive Income, Statement of Changes in Reserves, Statement of Financial Position, the Statement of Cashflows and Notes lo the financial slatemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial stslemenls.. give a true and fair view of the stsle of the Socievs affairs as al 31 March 2025 and of ils surplLJS for the period then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls of oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the Society's ability to continue as a going concern for a period of at least twelve months from when the original financi81 statements were authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other Infomlatlon The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial ststemenls does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial stalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other infomalion is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otheNise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to detemine whether there is a material misstatement in the financial slalements or a material misslatemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstslemenl of this other information, we are required lo report that fact. We have nothing to report in this regard.
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Independent auditor's report to the members of The Abbeyfield South West Society Limited Accounting period 16 January 2024 to 31 March 2025 Oplnlon on other matter prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomialion given in the Trustees, Report for the financial period for which the financial statements are prepared is consistent with the financial statements,. and the Trustees, Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us., or the company financial statements are not in agreement with the accounting records and returns- or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanation we require for our audit. Responsibilities of the Trustees As explained more fully in the Trustees, responsibilities stslement sel out on page 4, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary lo enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing the Society's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the Society or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assuran is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUK} will always delect a material misststement when il exists. Misslatemenls Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be experted to Influen the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below.. As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which il operates to identrfy the key laws and regulations affecting the entity. The key laws and regulations we identified were employment and health and safety legislation. We also considered those laws and regulations that have a direct impact on the preparation of the financial stalemenls, including, but not limited lo the reporting framework IFRS 102}. the Companies Act 8nd the relevant tax Compliance regulations in the UK.
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Independent auditor's report to the members of The Abbeyfield South West Society Limited Accounting period 16 January 2024 to 31 March 2025 As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the enlily's ability lo continue operating and the risk of material misslalement to the accounts. Based on this understanding we designed our audit procedures to identify non-complian with such laws and regulations. Our procedures involved the following.. Inquiries with management of compliance with laws and regulations: and Inspection of Trustees, meeting minutes. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements lincluding the risk of override of controls) and delemiined that the principal risks were related to fraudulent financial reporting. Our procedures involved the following.. Test of detail over revenue recognition., and Review of nominal journals for reasonableness. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely lo become aware of instances of non-compliance. The risk of not delecling a material misstalemenl due to fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial stslemenls is located on the Financial Reporting Council's website al- www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Other matters The prede$SOr organisalion Abbeyfield South Wesl Society Ltd was eligible for audit exemption and did not opt lo have an audit for the period ended 16 January 2024 and consequently the comparative information, which is derived from those financial slatemenls, is unaudited. Use of our report This report is made solely to the company s members, as a body, in accordance with Ch8Pter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste lo the company s members those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the company and the company's members as a body, for our audit work. for this report, or for the opinions we have formed. Louise Bridge'tt (Senior Statutory Auditor) PKF Francis Clark Melville Building East Unit 18, 23 Royal William Yard Plymouth Devon PL1 3GW Date: 15 October 2025
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of Comprehensive Income and Statement of Changes in Reserves Accounting period 17 January 2024 to 31 March 2025 17 January 2024 to 1 April 2023 to 31 March 2025 16 January 2024 Unaudited Notes Turnover 1,064,817 632,126 Operatlng expendlture 1293 406 580 031 Operating SurplusllDeficitl 1228,589) 52,095 Other income 635,525 2,884 Interest receivable 16.351 10.198 Interest payable and similar Charges Surplus I Idgficit) for thg financial period 423 287 Total comprehenslve Income for the perlod 423 287 The Society's only activity is the provision of sheltered housing. The Society has no recognised surpluses or deficits other than the surplus for the period. The Society's results derive from continuing aclivilies. 10
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of Comprehensive Income and Statement of Changes in Reserves Accounting period 17 January 2024 to 31 March 2025 Unrestrlcted reserve Restrlcted Charltable reserve reserve Property reserve Total Al 16 January 2024 458,627 29,925 10,247 2,062,007 2,560,806 Surplus I Ideficitl for the period 131,0101 14491 454,746 423,287 At 315t March 2025 427.617 29,925 9,798 2,516,753 2,984.093 Unaudited Unrestricted reS9e Restricted Charitable reserve reserve Property reserve Totsl Al 31st March 2023 376,608 29,925 12,780 2,076,316 2,495,629 Surplus I Ideficill for the period 82,019 12,5331 114,3091 65,177 At 16th January 2024 458.627 29,925 10,247 2,062,007 2,560.806 11
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of Financial Position Accounting period 17 January 2024 to 31 March 2025 Note 2025 2024 Unaudited Fixed Assets Tangible fixed assets - housing properties Other tsngible fixed assets 2,160,944 1,423,511 2 256 073 1486 702 Current Assets Property marketed for sale 755,000 892,889 Trade and other debtors 11,849 20,453 Cash at bank and in hand 427 354 1.194,203 457 078 1,370,420 Creditors- Amounts falling due within one year 10 180,5731 {55,502) Net Current Assets 1 113630 1314 918 Total Assets less Current Llabllltles 3 369 703 2 801620 Creditors: Amounts falling due after one year 1385,6101 1240,810) Total Net Assets 2 984 093 2 560 810 Capital and RgSOIVOS Members, capi181 Designated reserves General charitable reseNe Property reserve 9,798 2,516,753 10,247 2,062,007 Restricted reserve 29,925 29,925 Unrestrictgd rgsgrvg 427 617 2.984,093 458 627 2,560,810 The financial ststemenls were approved and authorised for issue by the Board on 1411012025 and signed on ils behalf by- Mr R H Edmunds, Chair 12
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of cashflows Accounting period 17 January 2024 to 31 March 2025 Note 2025 2024 Unaudited Net cash generated from operating activities 13 123,099) 100,219 Cash flow from investing activities.. Purchase of tangible fixed assets Interest received 122,9721 {25,2541 {6.621) {15,0561 Cash flow from financing activities.. Interest paid Repayment of borrowings Share capital cancelled 141 Net change In cash and cash equlvalents Cash and Cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 457 078 371 915 457 078 13
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Notes to the accounts Accounting period 17 January 2024 to 31 March 2025 status of Society The Abbeyfield South Wesl Society Limited is a company limited by guarantee registered under the Companies Act and with the Charity Commission. Accountlng pollcles Basls of accounting The financial stslemenls of the Society are prepared in accordance with UK Generally Accepted Accounting Practice IUK GAAPI including Financial Reporting Standard 102 IFRS1021, and the Statement of Recommended Practice ISORPI for Registered Social Housing Providers 2018, and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022. The Trustees are satisfied that the current accounting policies are the most appropriate for the Society. al Turnover Turnover comprises rental and service income receivable. bl Social Housing Grants ISHGI Govemmenl grants which include Social Housing Grant ISHGI, receivable from the HCA are recognised in the accounts when there is reasonable assurance that the conditions attached to the grants will be complied with and that they will be received. Grants will be recognised using the accrLJal method, as required by FRS 102 and SORP 2018. Grants received lo cover costs already incurred with no future related costs will be recognised as revenue when they become receivable. Grants relating to revenue will be recognised in the period in which the related costs are recognised. Grants relating lo assets will be recognised in income on a systematic basis over the expected useful life of the asset. Grants received for housing properties are recognised in income over the useful life of the property structure which is 50 years. Where there is a donation or acquisition of land or other asset at below market value, the difference beeen the fair value of the land or asset will be recognised as a grant, and will be treated in the same way as a grant relating lo assets noted above. On disposal of a grant funded asset, where there is no obligation lo repay the grant, any unamortised grant will be derecognised as a liability and recognised as income. Where there is a requirement to recycle or repay the grant on disposal of an asset a liability will be included in the Statement of Financial Position. The liability will be the amount required to sellle the obligation as required by the terms of the grant agreement. cl Freehold houslng. land and bulldlngs Housing land and buildings are slated al cost. A breakdown of asset cost has been made in line with Housing SORP 2018. The cost of properties is their purchase pri, together with incident81 costs of acquisition and improvements, including interest payable. Interest payable is capitalised by applying the Society's cost of borrowing lo expenditure during the construction of the property up to the date of practical completion. Housing properties in the course of construction are stated al cost and are transferred into housing properties when completed.
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of cashflows Accounting period 17 January 2024 to 31 March 2025 Depreciation on buildings and their components is charged at the following annual rates slraighl Structure Kitchens Bathrooms Roof Boilers Electrical instsllalions Freehold Land 1/0 50/. 10% 0% dl Fixtures. fittings and equipment Assets donated to the Society are included in the balance sheet at a fair valuation,. other assets are included at cost. Depreciation is charged al 100/0-330/0 of cost so as lo write off the assets over their eslimaled useful lives. gl Stocks Catering and heating oil purchases are wrillen off lo expenditure on acquisition. h) Fund accounting Funds held by the Society are either.. Restricted funds - these funds can be used in accordance with the specific restrictions imposed by the donors. The aim and use of each reslricled fund is set out in the notes to the financial statements. Unrestricted funds these funds can be used in accordance with the Society s objects al the discretion of the Board. Deslgnated funds- Charitable reserve - this reserve represents donations and legacies. Property reserve - the Society's assets are mainly freehold properties which are not held for sale. Accordingly, a property reserve has been created lo recognise the extent lo which the Society's reserves are invested in property. The property reserve represents the balan sheet value of freehold properties (less unamortised capital grants) to the extent they are not funded by mortgages. il Corporation tax and VAT The Society has charitsble status and is not liable lo corporation tax on the income it has received. The Society is not registered for VAT. Accordingly, no VAT is charged lo residents and expenditure in the income and expenditure account includes the relevant VAT. Il Pensions The Society has a pension scheme lo which its employees may contribute. 15
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of cashflows Accounting period 17 January 2024 to 31 March 2025 h) Financial instruments The financial instruments held by The Abbeyfield South West Society Limited are treated as basic financial instruments under section 11 of FRS 102. This includes cash, deposits made during the period, all loans, arrangements made with current tenants for arrears, and trade creditors. Loans payable over more than one year are measured al amortised cost using the effective interest method. Cash, deposits and creditors which are normally payable within one year are recognised at their undiscounted amount. il Judgements and key sources of estimation uncertainty In the application of the charity's accounting policies, which are described in this note, management is required lo make judgements, estimates and assumptions about the carrying valLJe of assets and liabilities that are not readily apparent from other sources. The estimates and undedying assumptions are based on historically known factors and experience. Therefore management do not perceive there to be any key sources of estimation uncertainty in the formulation of the financial statements. Any estimates and underlying assumptions used by management such as depreciation rates are reviewed on an ongoing basis. Any revision deemed to be required to any accounting eslimales would be recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. During the period the Society acquired the trade and assets of the predecessor organisalion Abbeyfield South Wesl Society Ltd IIP2343R now closed). The Board judged that this met the requirements for merger accounting and therefore the comparative information presented in these financial stslemenls is for the predecessor organisation. During the period the Society acquired the trade and assets of the Abbeyfield Holsworthy Society Limited IRS022683 now closed). The 808rd judged that this did not meet the requirements for merger accounting and therefore the assets and liabilities have been acquired al fair value. The difference between the fair value nel assets acquired and the consideration paid, £Nil, has been recognised as other income of £635,525 in the Statement of Comprehensive Income. Il Going concem At the date of signing. occupancy levels as at the end of August 2025 were at 940/0, with 50 residents occupying 49 rooms. Cash flow forecasts have been prepared and these support this position. Therefore the accounts are prepared on the going concern basis. Note A - Partlculars of turnover, cost of sales. operatlng costs and operatlng surplus All of the Society's turnover in the current and previous period was derived from social housing letlings and all operating costs were in connection with this activity in the United Kingdom. 16
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of cashflows Accounting period 17 January 2024 to 31 March 2025 Note B - Particulars of income and expenditure from social housing lettings 2025 2024 Turnover from social housing lettings Rent receivable Amortised government grants 1,052,958 11,859 1,064,817 626,134 5,992 632,126 Expendlture Management Services 66,213 45,101 33,966 22,173 Repairs and maintenan Depreciation of housing properties and fittings Housekeeping Supported housing operating costs Other costs 59,219 34,252 95,951 854,780 137,890 22,688 20,302 52,082 428,820 Operating costs on social housing lettings Operating surpluslllossl on social housing lgttings 1,293,406 580.031 1228,5891 52.095 Void losses 164,029 39,181 other income 2025 2024 Donations and legacies Sundry income 635,525 2,884 2,884 635,525 Income relates lo the acquisition of the trade and assets of Abbeyfield Holsworthy Society Limited being Property1£770,886), Fixtures and fittings1£9,765), Cash 1£11,5311 net of a Social Housing Grant1£156,6571. The Property was uplifted lo fair value based on an independent valuation. Operating deficit I surplus in the period 2025 2024 The operating deficiu surplus in the period is after charging-. Depreciation written off tangible fixed assets Impairment Auditor's remuneration 34.252 137.889 6.500 20.302 5,160 17
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of cashflows Accounting period 17 January 2024 to 31 March 2025 Employees Salaries and wages Social security costs Pension costs 566,774 37,152 9,281 613,207 270.608 14.772 4,515 289,895 The average number of employees expressed in full lime equivalents.. Number Number Hostel staff Adminislralion 14 18 15 Key management personnel is deemed lo comprise the posts of Se¢relarylOperalions Manager and Finance Manager. For the period ended 31 March 2025 these posts were held by Mrs S Garland and C Oakley. The aggregate remuneration for Mrs S Garland and C Oakley for the period ended 31 March 2025 is £93,38712024= £58,101). No employee received remuneration in excess of £60,000 during the period. Transaetlons Trustees No remuneration was paid in respect of Trustees. Trustees are reimbursed for travel and subsistence expenses incurred on behalf of the Society. During the period expenses amounting to £1,762 in total were reimbursed lo 4 Trustees12024 £1,243}. Housing stock units in management 2025 2024 NUMBER NUMBER Hostel accommodation - number of bed spaces 52 41 18
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of cashflows Accounting period 17 January 2024 to 31 March 2025 Tangiblo fixed asset$ Freehold land & buildings restated Fixtures rittings & equipment Total Cost At 17 January 2024 Additions 1,899,269 770,886 271,461 32,737 2,170,730 803,623 At 31 March 2025 2,670,155 304,198 2,974,353 Depreciation At 17 January 2024 Charge for year At 31 March 2025 Net book value At 31 March 2025 475,758 33,453 509,211 208,270 799 209.069 684,028 34,252 718,280 2,160,944 95.129 2.256,073 At 17 Jan 2024 1,423,511 63.191 1,486,702 Land and buildings indude £403,994 12024.. £400,000) in respect of land that is not being depreciated. Debtors and prepayments 2025 2024 Prepayments and other debtors 11,849 20,453 10. Creditors 2025 2024 Amounts falling due within one year: Accruals and deferred income Deferred capital grant 73,004 7,569 80,573 47.933 7,569 55.502 Creditors: amounts due after more than one year 2025 2024 Deferred capital grant 385,610 240,810 385,610 240,810 19
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of cashflows Accounting period 17 January 2024 to 31 March 2025 12. Defgrrgd capital grant 2025 2024 Opening balance Addition of balance from Holsworthy Released lo income during the period Closing balance 248,379 156,657 {11,8571 254,371 {5,992) 393.179 248,379 Amount to be released within one year 7,569 7,569 Amount to be released in more than one year 385,610 240,810 The deferred capital grant relates entirely to Social Housing Grant. 13. Cash flow from operating activities 2025 2024 {Defictt) I surplus for the period 423,287 65,177 Adjustments for non cash items: Depreciation of tsngible fixed assets Impairment loss Non cash assets acquired for nil consideration Ilncreasel I decrease in trade and other debtors Increase I Idecreasel in trade and other creditors 34,252 137,889 1623,9941 8,604 25,071 30,823 11,3811 21,790 Adjustment for investing or financing activities- Government grants ulilised in the period 111,8571 15,992) Interest received 116,3511 {10,1981 Net cash generated from operatlng actlvltles 100 219 14. Net debt At 16 January 2024 Cash flow At 31 March 2025 Cash and cash equivalents 457,078 {29,724} 427,354 Net debt 457,078 (29.7241 427,354 20
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of cashflows Accounting period 17 January 2024 to 31 March 2025 15. Controlling party The Society is under the effective control of its members. The Trustees meet on a regular basis to manage the Society and there is no overall controlling party. 16. Mgmbgrs There is no aLJthorised share capital and the number of members, each of whose liability is limited to £1 at the period end was.. 2025 2024 number number At 17 Jan 2024 Add appointments Resignations At 31 March 2025 (01 (01 17. Reserves Charitable reserve The balance on the charitable reserve represents designated charitable donations reiVed by the Society less amounts expended. Propgrty res00 The property reserve represents the balance sheet value of freehold properties {less unamortised capital grant} lo the exlenl they are not funded by mortgages. Restricted reserve Restricted property reserves represent the remaining balance of a legacy, which reslricled the location of expenditure to within 50 miles of Torrington. 18. Capital commitments There were no Capital commitments at 31 Mah 202512024.. Nill. 19. Related partl9$ For the period ending 31 March 2025 there were related party transactions of £720 12024.. nil) related lo purchases of professional setvices from Barron Surveying Setvices, a company under the control of J Barron la Trusteel. No balance was due lo the related party at period end12024'. 20. Contingent liabilitigs The Society has received £541,879 of Social Housing Grant. In certain circumstsnces upon disposal of grant funded properties, the Society is required to recycle the grant and potentially repay il lo the original provider. As al 31 March 2025 £393,179 of grant remains in creditors and £148,700 has been recognised lo date as turnover. 21
Docusign EnvelopÈ ID". 5843FC42-94C1451PAFAO-5DD13CD870C4 The Abbeyfield South West Society Limited Statement of cashflows Accounting period 17 January 2024 to 31 March 2025 21. Adjusting post balance Sheet events Post period end the Society sold the Sanders Court property for £755,000, which was marketed for sale at the financial period end. As a result the carrying value as at 31 March 2025 was decreased to £755,000 and an impairment loss of £137,889 recognised in the Statement of Comprehensive Income. 22