Reglstered number: 631694 Charity number: 203245 THE ABBEYFIELD OXFORD SOCIETY LIMITED (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE ABBEYFIELD OXFORD SOCIETY LIMITED IA company limited by guarantee) CONTENTS Page Referen¢? and administratlve detalls of the Company, Its Trustees and advisers Trustees. report Independent examiner's report ststement ol financial actlvlties Balan¢e $h¢et 10- 11 Notes to the flnanclal ststements 12-22
THE ABBEYFIELD OXFORD SOCIETY LIMITED IA company limited by guarantee) REFERENCE AND ADNINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024 TrustBe$ Chris Furness, Chairman Tim Lambertstctk, Treasurer Robert Oldham [deased 25 January 2025) Andrew Skinner Mrs Elizabeth Parker Mrs Jean Robert Ms Brittany Maguire Company reglslered number 631694 Charity regSstered number 203245 Registered offlce Brian Lewis House, 80 Saint Clemenls Street Oxford, Oxon. OX4 1AW A¢¢ountants KBDR, The Old Tanr¢ery, Hensinglon Road. W(x)dstock. Oxon. OX20 1JL Page 1
THE ABBEYFIELD OXFORD SoCIy LIMITED (A company limlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees present their annual report together with the financial statements of The Abbeyfield Oxford Society Limited for the year 1 October 2023 to 30 September 2024. The Annual report serves the purposes of both 8 Trustees. report and a direclots, report under company law. The Trustees confirm that the Annual report and financial stalemenls of the charitable company comply wilh the current slalulory requiremenls, the requirements of the charitable companls governing document and the provisions of the Slalemenl of RemMended Practi ISORP} applicable lo charities preparing their accounts In accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the Company qualifies as small under section 382 of the Companies Act 2006. the Strategic report required of medium and large companies under the Companies Acl 2006 (Strategic Report and DirectOl5' Report) Regulations 2013 has been omrtled. Objectives and activities a. Pollcles and objectives In setting objeckn'ves and planning for aclNibes, the Trustees have given due consideration lo geneTal guidan published by the Charity Commission relatirbg to public benefit. including the guidance'Public nefit.. njnning a charity (P82)' Our objective is to provide a safe. comfortable and supportive home for our residents, all over 55 2nd fflosl considetably older We regularly review our pM)licies and they form the basis for what we do, the way we do il arHJ how we achieve our objectives through our staff. b. Strategies for achieving objectlves Our strategy for achieving our objectives 1$ to own and mainlain a convenienlty located property - Brian Lewis House- in which we let rooms lo our residents and centrally provide all meals, daytime staffing and a community which allows for independence whilst also providing the opp)rtunity for sccial discourse and for shared mealts'me5. c. Actlvlties undertaken to achleve obje¢tives Our main activities relate lo the provision of individual rooms for our residents. centrally provided meals and sIKial activities lo support our residenls. This InvoeS employing stsff, buying food and other supplies and maintaining the fabric and facilities of the building. This includes maintaining a high standard of cleanliness, safety and Convenien appropriate for our residents. d. Main actlvltles undertaken to further the Company's purpos8s for the public benefit In providing affordable accommodation wtlh meals in a safe and pleasant environment bul with a degree of independence, we tske away the need for oui residents to maintain Iheii own homes, avoid undue pressure on the care sector as well as releasing valuable housing stock to families. Page 2
THE ABBEYFIELD OXFORD SOCIETY LIMITED (A company limited by guarantee) TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Achievements and performan¢e a. Maln achlevements of the Company a. Executtve Committeè Rèport This report covers the 12 months from 1st October 2023 to 30th September 2024, although some more recent developmenls may be included. Our Soclety The Society's purpose is to provide a pleasant and supportive home lor older persons over the age of 55. We have eleven rwms and our residents are currently mostly in their 80$ and 90s. We aim to ensure Ihat Sidents can enjoy the comfort and security offered by our community in Brian Lews House, with their main meals provideil and their living accommodation maintained and healed, all al a reasonable rent. The key bellefils include safety. securty and an experienced staff who are on hand during the day to provide meals, advice when required and suPrt with everyday living. They also ensure that the house continues to run smoothly Our Society is run independently and as a charity by our Tnjstees under the Abyfie1d name. As a non-profit making charity, we follow the principles of the natronal Abbeyfield organisalion and we aim to cover costs and lo have sufficient reseThes to ensure longevty and security of tenure for residents. The key elemenl of our House is that our resKlents are enabled lo live an independent life, being supported as already outlined but in the context of being able lo enjoy the freedoms and choices that they will have previously enjoyed. Whilst some prefer a quiet and restful life, others enjoy music. academic discussions, holidays and visits away, or sometimes foreign travel. AJI of these are indNidual Chols. We do not provide care bul residents can buy in such additional support rf needed. Our services lo sidentS are prowded by a small but dedicated slaff together with our trustees and also our volunteers who interact with resKJents and help in taking small groups to local cultural events, outings to places of interest or to musical events or talks. The resenIS also organise activities such as talks. FX)etry readings and musical events. We h8ve regular monthly coffee mornings which bring together residents, trustees and volunteers and local members of the community are regularly invited. Slaff Residents tell us how much they appreciate the woik of the staff and their caring altitude and willingness lo help. We are grateful to our House Manager for her leadership of our excellent staff team. We also thank our Administration Officer for hei efficient and thoughtful approach lo her work and we especially thank the whole staff team who have worked tirelessly and cheerfully. without exception, to make our Society the friendly, supportive and effective living environment tt has been over the last e1ve monlhs. Our stsff are in the front line in dealing with the varying challenges which seem always lo be present. The teamwork shown by staff, supported by trustees and volunteers. is ¢ru¢ial to Ihe running ol 8 smooth and happy House Whilst we are very proud of the effort and hard work ol our slaff, the support and encouragement offered by residents is crucial lo success. Page 3
THE ABBEYFIELD OXFORD SOCIETY LIMITED (A ¢ornpany limited by guaranteo) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Achievements and perforniance {continuedl Operations and Management We continue lo work within nalional Abbeyh'ekl policies. adapted as neSsary for our own circumstances. We have been assessed for the Abbeyfield Quality Standard IAQSI and have achieved the standards required. The point of the Standard is lo ensure that every element of our work is fully compliant with all national and local regulations and that we are working efftnttY and in line with best wactice. The accounts show that the Society has strong finan¢es. thanks lo the efforts of our trustees and of the management team. As a nol-for-profit organisation. our residential charges are modest bul to keep those haiges at that level. we musl have minimum room va¢an¢ies and 8lso ensure that we keep our costs in line with effective practices and that we keep those costs under Constant rewew. We nee(J also lo maintain good financial reserves because Brian LeMs House is an older building which will sometimes require repairs and has, in recent years, been substanlialty refurbished exlemally with a new roof and external painting. Internally, we have carried out many woiks to keep our fire precautions updaled, installed new kitchen facilities and we have also completed a tebuild of the lift and further minor bul essenlial works. During the pasl year we refurbished rooms as usual when vacancie5 occuried. R¢$idents Whilst some of the vital new enquiries about accownmodation come from Aby[leId'S national reputation and visibility. most arise through local contacls. local advertising and word-of-mDUth. We continue to keep a register of polenb'al new residents that we can contact in cases of a vacancy arising. The mosl usual reason for a resident lo move on is that they need full-time professional care because we cannot provide this ourselves, though we do encourage residents to purchase any small amounts of care Ihey may need from outside providers. For most of ihe year under review we had an average number of vacant rooms and we are always aware Ihal vacancies rnusl be filled as swn as possible, a situation which applies to all Abbeyfield houses. When new residents are identified, we prefer that they have an inittal short trial slay whh provides the opportunity for them lo make sure as far as possible that they are going to enjoy living al Brian Lews House. This lessens the risk that they will go to the upheaval of moving here on a pemanenl basis onw to find Ihal il is not to their laste. Trustee8 and other volunteers During the year in question. we had a stable group of seven Irustees who together fomi the Executive Committee which meets six limes per year. The purpose of the Committee is to set the policy and direction of Ihe Society and to monitor Ihe achievement of objectives and make any necessary adjustments. Each trustee has a specific area of responsibility as well as their general duty as a Iru5tee_ We continue to benefit from a small pool of olhef volunteers in areas such as social supporl and befriending for residents, and limited IT support for both staff and resKlents. We thank all of them for their goodwill and their time t we are aayS looking for more volunteeis to expand whal we can offer to our residenis. The Challenges of the Last Year After the worry of the covid epKJemic. the challenges seem lo be concentrated on world affairs which are likely lo continue lo Impact costs wrth record and long-lasling rises in energy prices, food and other costs. All of these have affected the House and our resKfents and will continue lo apply record levels of financial stringency to us all bul we are pleased lo be able lo report that due to hard work by our staff and stable policies, we are able lo continue lo plan for a long-term future. Page 4
THE ABBEYFIELD OXFORD SOCIETY LIMITED {A company limited by guaraTrteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Achievements and performance (continued) Planning for Fulure Challenges The Tru51ees have a responsibility to protect our residents by provIDg safe aecommodalion for many years to come. Ill the past we have reviewed the usefulness and suitability of Brian Lewis House and we are SU that this House is our best location and that it will be the home for the Society into the foreseeable lulure. Many and varied challenges will face us and, not least. an increasing appearan of national regulation. BèGause of our status as an independent. non<are giving charity under the Abbeyfi'eld umbiella, we have not been as subject to the detailed national regulalion that affects care homes but the sla1 Housing Regulator is increasing ils oversight of all housing providers. In addilh)n. the national swety has laid out ils requirement for more regular infomation in the fuknre with Abbeytield England {as the national sociely is now calledl Concerned about the levels of failure in the seclor. Last but not least, the challenges of maintaining goc¥J occupancy levels in the House whilst keeping a firm grip on ¢osts wll be important. Whilst we are keeping a close eye on such matters. we feel that we are fulty resilient and ready lo face a posilive future with a successful and hard-working team. b. Investment policy and perfomiance The Trustees made a decision during the previous year to focus investments on capital growth rather than income. This has affected our income compared lo previous years txjl means that we are not using past investments to subsidise current expenditure. Financlal review a. Golng concern After making appropriate enquiries, the Tfuslees have a reasonable expectation that the Company has adequate resources lo continue in operational existence for the foreseeable future. For this rea50n. they continue lo adopt the going concern basis in preparing the financial slatements. Further details regarding the adoption of the going concern basis can be found in the counting Folicies. b. Value for Money Value for money means being effective in planning and then managing and operating the Society. The aim Is lo make the best use of sourceS whilst providing homes which mair)lain and improve the qualtty of life of residents. Following the issue In April 2018 of the Techni¢al Note by the Regulator of Social Housing, the Society now reports on the 7-melric covered by the technical note_ The figures in brackets at the end of each metric act as a comparator 2nd psent those of the Abberfield lety ITASI natnalty for the year ended 31 March 2024 - Housing Association number H1046. Mgtric 1- Reinvestment % The reinveslmenl metric looks at the investmenl in properties (existing stock and new supply) as a percentage of the value of total properties held. There has been no development of protErty in the year with expenditure focused on maintsining assets. The reinvestment metri¢ is Iherefore 00/0 (TAS.. 40hl. Page 5
THE ABBEYFIELD OXFORD SOCIETY LIMITED (A company limited by guarantee} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Metri¢ 2- New supply delivered. There have been no new units created", this metric is Ihereft)re 0% {TAS'. 0%). Metri¢ 3 - Gearing °A This metric represents nel debt as a percenlage of the value of prOrtIeS held. As the Society does not have any loans this metric does not apply ITAS.- -12.00%). Metrlc 4 - Earnings before InteresL Tax. Depreclation, Amortisatlon. Major Repairs Included <EBITDA MRI) Int¢r¢$t Cover /0 As mentioned in Metric 3 above, the Society does nol have any debt and therefore this metric does not apply ITAS.-3.979°k) Mgtrfc S - Hoadlln• social housing cost per unit This metric represents the lolal social housing costs {as defined by the regulalorl divided by the total units owned and has been catulaled as £16.371 ITAS.. £27.378). The costs for the Society were laigei than usual in the year under due lo a capitalised major repair. Metric 6 - Operating Margln % The operating Ma1n of the charity is 66.31% (TAS.. -16.21%). Metric 7- Return on capitsl gmployed (ROCE) °A This meliic compares the overall operating surplus to lotal assets less current liabilities. 7.560A. ITAS." -7.10Yol. Compared with its modest income, the Society benefits from high capital because of hislotic endowments. b. Reserv8s poIIcy 11 is the policy ol The Abbeyfield Oxford Society Limited lo maintain a good financial reserves lo enable the Brian Lewis House lo be maintained lo a high level. structure, governance and managemenl a. Constitutlon The Abbeyfield Oxltsrd S(xiety Lirniled is regISted as a charitable company limited by guafftnlee and was set p by a Memorandum of A$SlatiOn. b. Methods of appointment or election of Trustees The management of the Company is the reswnsibilty of Ihe Twstees who are elected and co-opted under Ihe teims of the Memorandum of Association. Page 6
THE A88EYFIELD OXFORD SoCIy LIMITED IA company limited by guarant¢ol TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2024 Statement of Truslee$' responsibilities The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, report and the linancial statements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generalty Accepted Accounting Practice). Company law requires the Trustees to prepare financial slatements for each financial year. Under company law, the Trustees musl not approve the fi.nancial statements unless Ihey are satisfied that they give a true and fair view of Ihe state of affairs of the Company and of ts incoming resources arKI application of Tesources, including its income and expenditure, for thal period. In preparing these finanual stalements. the Trustees are required to select suitable accounting policies and then apply Ihem consislenlly., observe the methods and principles of the Charities SORP IFRS 102).. make judgments and accounbng estimates that are reasonabk and pnjdenl,. stste whether applicable UK Accounting Standards (FRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il is Inappropriale lo presume that the Company will continue in business. The Trustees are reswnsible for keeping adequate a¢counb'ng records that are sufficient to show and explain the Company's transactions and disclose wilh reasonable accuracy al any time the financial position of the Company and enable them to ensure that the linanaal stalemenls comply with Ihe Companies Acl 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregulaTities. Approved by oréer of the members of the Ix)ard of Trustees on 25 March 2025 and signed on their behalf by." Chris Furness Chairman TIM Lambertstsxk TRasurer Page 7
THE ABBEYFIELD OXFORD SOCIETY LIMITED (A company limtied by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEIIIBER 2024 Independent examinerfs report to the Trustees of The Abbeyfield Oxford Soclety Llmlted {'the Company'l I report lo the ¢h8rity Truslees on my examination of the CountS of the Company for the year endèd 30 September 2024. Responsibilities and basis of report As the Trustees of Ihe Company land ils direclors for the purposes of company lawl you are responsible for the preparatson of the accounts in accordance with the requifemenls of the Companies Acl 20061.lhe 2006 Acl'l. Having satisfi'ed myself that the accounts of the Company are not required to be audited unéer Part 16 of the 2006 Act and are eligible for independent exafflinalion. I report in respecl of my examination of the Company'5 a¢counts carried out under section 145 of Ihe Charities Acl 20111'lhe 2011 Acl'l- In carrying out my examination I have followecl the Directions given by the Chartty Commission under secliDn 14515llbl ol the 2011 Act Independent examiner's statement I have completed my examination_ I confimi that no matters have come lo my attention in connectn with the ex2min31ion giving me cause to belEve". accounts.ng COrdS were not kept in reSFtct of the Company as required by section 386 of the 2006 A¢l', or the accounts do not accord wilh those records,. or the accounts do not comply with the accounhng requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and fair view which is not a maller considered as part of an independent examinab"on." or the accounts have not been prepared in a(xx)rdance with the fflethods and prin¢iples ol the Statement ol Re¢ommended Practice for accounting and reporting by charib.es lapplicable lo charities preparing their a¢¢ounls in accordance with the Financial RetK)rtJng Standard applicable in the UK and Republ of Ireland IFRS 10211. I have no concerrbs and have come across no other matters in connection with Ihe examination lo which allenhon shoulé be drawn in this report in order to enable a proper understsnding of the accounts lo be re2chÈd. This report is made solety lo the Companls Trustees: as a body, in accordance wlh Part 4 of the Charities (Accounls and Rewrtsl Regulations 2(NJ8. My Work has been undertaken so that I might slate lo the Company's Trustees those mallers l am required to stale lo them in an Independent examiner's report and for no othèr purpose. To Ihe fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this reFM)rt. Dated. 17 April 2025 Lorraine BUtr FCA KBDR Limited The Old Tannery Hensinglon Road Woodstock OX20 1JL Page 8
THE ABBEYFIELD OXFORD SoCIy LIMITED IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDEO 30 SEPTEMBER 2024 Restricted Unrestricled funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable aclivities Investments 2,908 187,274 8,599 2.908 187,274 8,599 I 15, 649 7,647 Total Income 198,781 198,781 183,296 Expenditure on: Charitable aclivrties 197.286 197,286 191,670 Total expenditure 197,286 197,286 191,670 Net Incomellexpondituro) Translers beiween funds 1,495 124.085 1,495 124,085 (8.314) 23,240 14 Net movement in funds 125,580 125,580 14,866 Reconclllatlon of fvnd$: Total fund5 brought forward Nel movement in funds 5,222 1,655,166 125,580 1,660,388 125,580 1.645,522 14.866 Total funds Carried forward S,222 1,780,746 1,785,968 1,660.388 The Statement of financial aclivities includes all gains and losses recognised in the year. The notes on pages 12 to 22 form part of these financial slatements. Page 9
THE ABBEYFIELD OXFORD SOCIETY LIMITED IA company limited by guarantee) REGISTERED NUMBER: 631694 BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Note Fixed assets Tangible assets 600,473 612,851 600,473 612,851 Current assets Debtors Investments Cash at bank and in hand 10 3,704 1.176.653 16.191 3,932 1,046,068 9,510 1.196.548 1,059,510 Creijilors.. amounts falling due within one ye8r 12 111,053) (11,973) Net current assets 1,18S,495 1,047,537 Toial assets less current liabilities 1.785.968 1.660,388 Net assets excludlng pension asset 1,785.968 1.660,388 Total net assgts 1,785.968 1, 660,388 Charlty fund$ Restricted funds Unrestricted funds 14 5,222 1,780,746 5,222 1,655,166 14 Totsl funds 1.785.968 1,660,388 Page 10
THE ABBEYFIELD OXFORD SOCIETY LIMITED {A Company limited by guarantee) REGISTEREO NUMBER: 631694 BALANCE SHEET {CONTINUEDI AS AT 30 SEPTEMBER 2024 The Company was enlived to exemption from audil under section 477 of the Companies Act 2006. The members have not required the company lo obtain an audit for the year in question in accordance wlh seclion 476 of Companies Act 2(K_ The Trustees acknowledge their respon5ibilibes for ¢omplying with the requirements of the Act with respect to accounting recofds and preparation of financial statements. The financial statements have been prepared in a¢¢ordan¢e wth the provisions applicable lo entities subjecl lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 25 March 2025 and signed on their behalf by.. Chris Furness Chairman Lambertstock Treasurer The notes on pages 12 10 22 form part of these financial statements. Pagè11
THE ABBEYFIELD OXFORD SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 General inforniation The Abbeyfield Oxford Society Limiled is a piivale company limited by guarantee incorporated in England and Wales. The registered office addfess is Brian Lewis House, 80 Saint Clemenls Street, Oxford OX4 1AW. Accounting pollcies 2.1 Basis of preparation of financlal statements The financial statements have been prepared in accordance the Charib'es SORP IFRS 1021- Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. The Abbeyfiekj Oxford Society Limiled meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical ¢osl or tran5actK)n value unle55 Otherwise staled in the relevant accounb.ng policy. 2.2 Income All income is re¢ognised once the Company has entitlement to the income. Il Is probable that the income will be ceiVed and Ihe amount of income Teceivable can be measured reliabty. Income tax recoverable in tion lo investment income is recognised at the time the investment income is reiVable. 2.3 Expenditur¢ Expenditure is recognised On there is a legal or constructive obligation lo transfer economic benefit to a third party. it is probable that a transfer of economic benefits wll be required in selllement and the amount of the oblualion can be measured reliably. Expenditure is classified by activity. The costs of each acbvity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Di(ecl costs allributable lo a single activity are allocated direclly to that actNity. Shared costs which conlribute to more than one activity and support costs which are not allribulable to a single activity are apportioned befvveen those activities on a basis consislenl with the use of resource5. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expendrture on charitable ach'vihes is incurr1 on directly undertaking the activities which further the CompanYs objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest recelvable Interest on funds held on deposit is includ&J when receivable and the amount can be measured Iiably by the Company", Ihis is normally upon notificalnn of the interest pa1 or payable by the Institution wilh whom the funds are deFosiled. Page 12
THE ABBEYFIELD OXFORD SOCIETY LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies (continued 2.5 Tangible lixed assets and depreciation Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliabty. Tangible fixed assets are initialty recognised al cosl. Afler recognition, under the cosl model. tangible fixed assets ale measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be induded in the measurement of cost. Depreciation is charged so as lo alktate the cost of tangible fixed assels less their residual value over their eslimaled useful lives. . Deprecolron 15 provided on the following base5". Freehold property Fixtures and fittings 1% of estimated value 20% straight line 2.6 Dabtors Trade and other debtors are recognised at the settlement amount after any trade dis¢ounl offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or openin9 of the deposit or simiL4r account. 2.8 Llablllties and provlslons Liabilities are rec(gnised when there is an obligatk)n al the Balance sheet date as a result of a past event. il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can te estimated reliably. Liabilities are recognised at the amount that the Company anticipate5 It will pay to sellle the debt or the amount it has received as advanced payments for the gc¥Jds or service5 it must provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money Is material, the prOvrOn is based on the present value of those amounts, discounted al the pre-tax discount tale that reflects Ihe risks specific lo the liability. The unwinding of the discounl B recognised in the Stalemenl of fr"nancial activities as a finance Cost. 2.9 Financial instruments The Company only has financial assets and hnancial liabilitie5 of a kind that qualify as basic financial instruments. Basie fir)ancial instruments are initially recognised al transaction value and subsequenlly measured at Iheir settlement value wth the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Pa9e 13
THE ABBEYFIELD OXFORD SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting poli¢i¢$ l¢ontinu¢dl 2.10 Fund a¢¢ounting General fund5 are unStrICted funds whth are available for use at the discielion of the Trustees in furtheran¢e of the gener21 obje¢twes of the Company and which have not t*en designated for othèr purposes. Designated fvnds comprise unreslricled funds Ihat have been sel aside by the Trustees for particular purposes. The aim and use of each desmjnaled fund is set out in the notes to the financial statements_ Restricted funds are funds which are to be used in accordance with specific reslriclions imFX)sed by donors or which have been raised by the Company for Particular purposes. The costs of raising and administering such funds are charged against the Speci fund. The aim and use of each restricted fund is sel oul in the note5 to the financial statements. Investment income, gains and losses are alloraled lo the appropriale fund, Incorng from donations and legacies Unrestrlcted funds 2024 Total funds 2024 Tot81 funds 2023 Donations 2,908 2,908 In¢ome from charitable activities Unrestricted lunds 2024 Total funds 2024 Tofrel funds 2023 Residential fees 187.274 187,274 175,649 Page 14
THE ABBEYFIELD OXFORD SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Rental income 2,100 6.499 2,100 6,499 1,415 6,135 37 Dividend income Bank interest received 8,599 8,599 T.647 Analysis of expenditure by activities Activitie5 undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Residential accommodation 103,659 93.627 197.286 191,669 Tot812023 97,620 94,049 191,669 Page15
THE ABBEYFIELD OXFORD SOCIETY LIMITEO IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Analysis of expenditure by activities {conlinuedl Analysis of support costs Provision of accommoda tion 2024 Total funds 2024 Total funds 2023 Wages and pension costs Property running costs 24,502 21,429 24,502 21.429 22,562 23,114 E iii Printing and 51ationery Telephone Advertising and promotion Legal and professional Repairs and maintenance Bank charges Sundry administration charges Governants costs 344 439 2,019 456 6,219 18.189 (68) 1.386 19.733 4,169 1.321 5,623 17.307 {791 1,804 17,207 4.169 1,321 5,623 17.307 (79) 1,804 17,207 93.627 93,627 94,049 Independent examinerfs remuneration 2024 2023 Fees payable to the Company's independent examiner for the independent examinatson of the Company's annual accounts 1,386 1,320 Page 16
THE ABBEYFIELD OXFORD SOCIETY LIMITED IA company lirnit¢d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEhlBER 2024 Truslees. remuneration and expenses During the year. no Trustees r1ved any remuneration or other benefits (2023- £NILJ During the year ended 30 Seplember 2024, no Twstee expenses have been incurred (2023- £NIL). Tangible fixed assets Freehold Flxtures and property filtings Total Cost or valuation Al 1 October 2023 701,539 84,135 785,674 At 30 September 2024 701.539 84,135 785,674 D¢pr¢¢iation At 1 October 2023 Charge for the year 120.508 3,805 52,315 8,573 172.823 12.378 At 30 September 2024 124,313 60,888 185,201 Net book value At 30 September 2024 577,226 23.247 600,473 AI 30 September 2023 581.031 31.820 612,851 10. Debtors 2024 2023 Due wlthln one year Prepayments and accrued income 3,704 3,932 3.704 3,932 Page 17
THE A8BEYFIELD OXFORD SOCIETY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEkqBER 2024 11. Current asset investments 2024 2023 Unlisted investments 1,176.6S3 1,046,068 12. Creditors: Amounts falling due within one year 2024 2023 Other creditors 11.053 f 1,973 13. Flnanclal Inslruments 2024 2023 FlnanelAI assets Financial assels measured al fair value through income and expenditure 1.030.981 1,055,578 Financial assets measured al fair value ihrough income and expenditure comprise Investments and cash al bank and in hand. Page 18
THE ABBEYFIELD OXFORD SOCIETY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 14. Statement of funds statement of funds - current year Balance at 30 Balance at 1 October 2023 Transfers September inlout 2024 Income Expendlture Unr¢stri¢led fund5 Designated funds Designated Funds 1 60.000 60,000 General funds General Funds- all funds Property revaluation reserve Investment revaluation reserye 1,277,413 279.962 37,791 198,781 1197.2861 1,278.908 279.962 161.876 124,085 1,S9S,166 198.781 (197,286) 124.085 1,720,746 Total Unrestrictsd funds 1.655.166 198.781 1197,286) 124,085 1,780,746 Restrlcted funds Restricted Funds - all funds 5.222 5,222 Total ol funds 1,660,388 198,781 1197.2861 124,085 1,785,968 Page 19
THE ABBEYFIELD OXFORD SOCIETY LIMITED (A company limited by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 14. Statement of funds (continued statement of funds - prior year 8818nce at Balance at l Octobei 2022 Transfers in/out Seplemb8r 2023 Income Expendilure Unrestrleted funds Designated funds Designated FLrnds - all funds 60.000 60, 000 General funds General Funds- all funds Piopety revaluation reserve Investment revalualion reserve 1.285. 787 219.962 14.551 183.296 (191,670) 7,277,413 279,962 3T,791 23.240 1. 580.300 783.296 (191,670J 23,240 1,595, 166 Tolal Unrestricted funds 1.640.300 183,296 (191.670) 23,240 1, 655, 166 Restricted funds Reslri¢ted Funds- all funds 5.222 5, 222 Total of funds 1,645.522 183,296 (191,670) 23.24Q 1.660,388 Page 20
THE ABBEYFIELD OXFORD SOCIETY LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 15. Summary of funds Summary offunds - current year Balan¢¢ at 30 Transfers Septembèr Inlout 2024 Balance at 1 October 2023 Income Expendtture Designated furK15 General funds Restricted funds 60.000 1,S95,166 5,222 60,000 1.720,746 5,222 198,781 (197,286} 124,085 1.660.388 198,781 1197,2861 124,085 1,785,968 Summary offunds - prioryear Balance at 30 September 2023 Balance al l October 2022 TTrnsfers in/oul Income Expenditu Designated funds General funds Restricted ftjnds 60, 000 1. 595, 166 5,222 1.580.300 &222 183.296 (191.670) 23,240 7. 645, 522 183,296 (191, 670) 23,240 1,660,388 18. Analysls of net assets between funds Analysis of net assets between fund$ - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 600,473 1,191,326 111,0531 600,473 1,196.548 {11,0531 5,222 Total 5,222 1,780,746 1,785.968 Page 21
THE ABBEYFIELD OXFORD SOCIETY LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 16. Analysis of net assets between funds (continued) Analysi$ of net assets between funds - prior period Rgslricted Unrestricled funds runds 2023 2023 Total funds 2023 Tangible fixed assets Current assels Creditors due wthin one year 612,851 1,054,288 (11,973) 612, 851 1.059,510 (11,973) 5,222 Total 5,222 1, 655, 166 1.660,388 Page 22
THE ABBEYFIELD OXFORD SOCIETY LIMITED IA ¢ompany limited by guarantee) INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDEO 30 SEPTEMBER 2024 2024 2024 2023 2023 Charity income Charges to residents Dividend income Bank interest received Charity donations ceiVed Rental income 187,274 6.499 175,649 6. 135 37 2.908 2,100 1,475 198.781 183.296 Gros$ income in the reporting period 198.781 193,296 Less: Property expenses Housekeeping costs Wages and pension Cost Maintenance Property running costs Printing and stationery Advertising and promotion Legal and professional Repairs arKI maintenance Bank charges Sundry administration expenses Telephone 2nd fax 23.345 79,856 21. 196 75,237 1,188 23,114 439 21,429 1,321 5,623 17,307 179 1,804 4,169 456 6,219 18,189 (68) 1.386 2,019 155,S77 149,375 Charlty expenditure Governance wages and FnSIon cost Affiliation and Independent examiner fees 24.502 4.829 22,562 4,584 29,331 27, 746 Depreclatlon Freehold property and fixtuies & frtting5 12A78 15, 149 12.378 15, 149 Total &xponditure Net In¢ome for the reporting period 197,286 1,495 191,670 (8,374) Page 23