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
reS9￿e
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
be￿een 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 re￿iVed by the
Society less amounts expended.
Propgrty res0￿0
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 Ma￿h 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