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2020-12-31-accounts

REGISTERED COMPANY NUMBER: 00696832 (England and Wales) REGISTERED CHARITY NUMBER: 204444

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2019 FOR

THE ABBEYFIELD EWELL SOCIETY LIMITED

Halsey & Co (Accountants) Ltd. Chartered Certified Accountants Registered Auditors 2 Villiers Court 40 Upper Mulgrave Road Cheam Surrey SM2 7AJ

THE ABBEYFIELD EWELL SOCIETY LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2019

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 14
Detailed Statement of Financial Activities 15

THE ABBEYFIELD EWELL SOCIETY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2019

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2019. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity is established to provide housing accommodation, food and support for elderly people in accordance with the aims and principles of The Abbeyfield Society Limited. The charity is an independent association of local people with an Executive Committee comprising elected members. It owns the freehold of "Wendover House" 266 Chessington Road, West Ewell, Surrey KT19 9XF.

Public benefit

The Society exists to support the elderly and vulnerable through assisted housing and other initiatives.

It is the policy of the Trustees to maximise the public benefits provided by the Society in providing high quality support, having regard to the extent of the society's reserves, the cost of facilities and the ability of residents to make payments from their own resources." When reviewing the charity's aims and objectives and planning its activities the Trustees have due regard to the Charity Commission's public benefit guidance, including its guidance on fee charging.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

As reported last year, the positive impact of our decision in 2017 to reconfigure and refurbish accommodation, providing 3 ensuite rooms and 4 ensuite flatlets (with separate bedroom and sitting room areas) continued to show a benefit in terms of good occupancy levels throughout 2019.

The financial results for the year are set out in the Statement of Financial Activities. The financial position at the end of the year is shown in the Balance Sheet. The Executive Committee members continue to monitor the costs associated with running sheltered housing properly, and look at ways in which they can deliver the service in the most cost effective way. They continue to look at new developments and believe that the finances of the Society are satisfactory.

FINANCIAL REVIEW

Principal funding sources

The funds received from the sale of Fircroft in 2017 remained invested in a managed investment fund, with the intention that the income from the investments should be used for the purposes that the donor envisaged. In 2019 the framework for making grants was modified, and this, alongside proactive work to identify appropriate opportunities for grant making through collaboration with local organisations which work with elderly people in the Borough of Epsom and Ewell. 3 grants were made in 2019, and a number of other applications were being considered or in progress at the year end.

The Trustees also resolved that income of £29,786 from these investments could be transferred from the Cooper Fund to the General Fund in order to offset the shortfall between income and operating costs on the General Fund for 2019, as the operation of Wendover House and its provision for our residents is consistent with the terms of the bequest.

Investment policy and objectives

In accordance with the trust deed, the trustees have the power to invest in such stocks, shares, investments and property in the UK as they see fit. At present, with the exception of the Cooper Memorial Fund, the Committee has pursued a low risk strategy and left funds in interest bearing deposit accounts, spread across banks to minimise exposure to losses.

Page 1

THE ABBEYFIELD EWELL SOCIETY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2019

FINANCIAL REVIEW

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, for current and future charitable purposes, in keeping with the Society's aims and objectives, not as a hoarding policy. These purposes include planning for expenditure on upkeep and maintenance of the Society's properties. The Executive Committee monitor and review this policy from time to time. The Trustees are also responsible for ensuring that restricted reserves are used solely for the purpose they have been set aside for and in keeping with the wishes of the donor where applicable.

There do however exist restricted reserves in the form of the Cooper Memorial fund (formerly designated as "Fircroft"). These reserves are slightly more limited in their application and relate specifically to the care of the elderly, so these funds are earmarked and utilised to this effect.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a charitable company limited by guarantee, as defined the Companies Act 2006, incorporated on 19th June 1961. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

Potential Trustees are approached by the board and interviewed for suitability for the role. It is vital that candidates have the time and enthusiasm to give the society in order to make a success of the position and benefit the society in its work.

Organisational structure

The members of the Executive Committee, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on the preceding page.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

00696832 (England and Wales)

Registered Charity number

204444

Registered office

Wendover House 266 Chessington Road West Ewell Surrey KT19 9XF

Trustees

Mrs D Churchhouse (resigned 3/9/2019) C Smitheram Chairman R Willes J Fuller C O'Leary J Sherbourne J P Randall

Company Secretary

C Hayhurst

Page 2

THE ABBEYFIELD EWELL SOCIETY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2019

REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner

Halsey & Co (Accountants) Ltd. Chartered Certified Accountants Registered Auditors 2 Villiers Court 40 Upper Mulgrave Road Cheam Surrey SM2 7AJ

This report has been prepared in accordance with the special provisions of Part 15 of Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................

C Smitheram - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ABBEYFIELD EWELL SOCIETY LIMITED

Independent examiner's report to the trustees of The Abbeyfield Ewell Society Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2019.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

R J Halsey BSc (Hons) FCCA. Fellow of the ACCA Halsey & Co (Accountants) Ltd. Chartered Certified Accountants Registered Auditors 2 Villiers Court 40 Upper Mulgrave Road Cheam Surrey SM2 7AJ

Date: .............................................

Page 4

THE ABBEYFIELD EWELL SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2019

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Wendover
Investment income
3
Total
EXPENDITURE ON
Charitable activities
5
Wendover
Other
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
15
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
22
118,291
5,962
124,275
153,110
951
154,061
(29,786)
29,786
98,413
98,413
1,336,420
1,434,833		 Restricted
fund
£
-
-
-
-
-
-
-
-
(29,786)
-
(29,786)
1,101,763
1,071,977		 31.12.19
Total
funds
£
22
118,291
5,962
124,275
153,110
951
154,061
(29,786)
-
98,413
68,627
2,438,183
2,506,810		 31.12.18
Total
funds
£
-
104,120
5,440
109,560
143,517
1,245
144,762
(35,202)
-
(46,385)
(81,587)
2,519,770
2,438,183

The notes form part of these financial statements

Page 5

THE ABBEYFIELD EWELL SOCIETY LIMITED

BALANCE SHEET 31ST DECEMBER 2019

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
730,789
123,199
853,988
6,024
583,195
589,219
(8,374)
580,845
1,434,833
1,434,833		 Restricted
fund
£
-
1,071,977
1,071,977
-
-
-
-
-
1,071,977
1,071,977		 31.12.19
Total
funds
£
730,789
1,195,176
1,925,965
6,024
583,195
589,219
(8,374)
580,845
2,506,810
2,506,810
1,434,833
1,071,977
2,506,810		 31.12.18
Total
funds
£
731,740
1,101,763
1,833,503
5,722
607,708
613,430
(8,750)
604,680
2,438,183
2,438,183
1,336,420
1,101,763
2,438,183

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2019 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 6

continued...

THE ABBEYFIELD EWELL SOCIETY LIMITED

BALANCE SHEET - continued 31ST DECEMBER 2019

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. C Smitheram - Trustee

The notes form part of these financial statements

Page 7

THE ABBEYFIELD EWELL SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2019

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

No depreciation is provided on Freehold properties. Freehold properties comprise freehold land which is considered to have an indefinitely long useful life, and buildings which are considered to have very long useful lives.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity or relate to assets with conditions attached. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 8

THE ABBEYFIELD EWELL SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2019

2.
DONATIONS AND LEGACIES
Other Income
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Residents Charges
Wendover
5.
CHARITABLE ACTIVITIES COSTS
Wendover
6.
SUPPORT COSTS
Wendover
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 Direct
Costs
£
114,750		 31.12.19
31.12.18
£
£
22
-
31.12.19
31.12.18
£
£
5,962
5,440
31.12.19
31.12.18
£
£
118,291
104,120
Support
costs (see
note 6)
Totals
£
£
38,360
153,110
Governance
costs
£
38,360
31.12.19
31.12.18
£
£
951
1,245

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2019 nor for the year ended 31st December 2018.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2019 nor for the year ended 31st December 2018.

continued...

Page 9

THE ABBEYFIELD EWELL SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2019

9. STAFF COSTS

The average monthly number of employees during the year was as follows:

10.

Caring Services
Administration
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Wendover
104,120
Investment income
5,440
Total
109,560
EXPENDITURE ON
Charitable activities
Wendover
143,517
Other
1,245
Total
144,762
NET INCOME/(EXPENDITURE)
(35,202)
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets
-
Net movement in funds
(35,202)
RECONCILIATION OF FUNDS
Total funds brought forward
1,371,622
TOTAL FUNDS CARRIED FORWARD
1,336,420		 31.12.19
7
2
9
Restricted
fund
£
-
-
-
-
-
-
-
(46,385)
(46,385)
1,148,148
1,101,763		 31.12.18
8
3
11
Total
funds
£
104,120
5,440
109,560
143,517
1,245
144,762
(35,202)
(46,385)
(81,587)
2,519,770
2,438,183

continued...

Page 10

THE ABBEYFIELD EWELL SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2019

11. TANGIBLE FIXED ASSETS

Freehold
property
£
COST
At 1st January 2019 and
31st December 2019
728,659
DEPRECIATION
At 1st January 2019
-
Charge for year
-
At 31st December 2019
-
NET BOOK VALUE
At 31st December 2019
728,659
At 31st December 2018
728,659
12.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1st January 2019
Revaluations
At 31st December 2019
NET BOOK VALUE
At 31st December 2019
At 31st December 2018
There were no investment assets outside the UK.
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments		 Fixtures
and
fittings
£
58,124
55,834
687
56,521
1,603
2,290
 Computer
equipment
£
2,382
1,591
264
1,855
527
791
31.12.19
£
2,639
3,385
6,024		 Totals
£
789,165
57,425
951
58,376
730,789
731,740
Unlisted
investments
£
1,101,763
93,413
1,195,176
1,195,176
1,101,763
31.12.18
£
2,451
3,271
5,722

continued...

Page 11

THE ABBEYFIELD EWELL SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2019

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19 31.12.18
£ £
Trade creditors 1,537 2,080
Other creditors 6,837 6,670
8,374 8,750

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated Fund (Equipment
Replacement)
Repairs fund
Restricted funds
Cooper Memorial Fund
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
TOTAL FUNDS		 At 1/1/19
£
1,306,324
30,000
96
1,336,420
1,101,763
2,438,183
as follows:
Incoming
resources
£
124,275
124,275		 Net
movement
in funds
£
68,627
-
-
68,627
-
68,627
Resources
expended
£
(154,061)
(154,061)		 Transfers
between
funds
£
29,786
-
-
29,786
(29,786)
-
Gains and
losses
£
98,413
98,413		 At
31/12/19
£
1,404,737
30,000
96		 At
31/12/19
£
1,404,737
30,000
96
1,434,833
1,071,977
2,506,810
as Movement
in funds
£
68,627
68,627
68,627

continued...

Page 12

THE ABBEYFIELD EWELL SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2019

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1/1/18
£
Unrestricted funds
General fund
1,341,526
Designated Fund (Equipment
Replacement)
30,000
Repairs fund
96
1,371,622
Restricted funds
Cooper Memorial Fund
1,148,148
TOTAL FUNDS
2,519,770
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
109,560
(144,762)
Restricted funds
Cooper Memorial Fund
-
-
TOTAL FUNDS
109,560
(144,762)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1/1/18
in funds
£
£
Unrestricted funds
General fund
1,341,526
33,425
Designated Fund (Equipment
Replacement)
30,000
-
Repairs fund
96
-
1,371,622
33,425
Restricted funds
Cooper Memorial Fund
1,148,148
(46,385)
TOTAL FUNDS
2,519,770
(12,960)		 Net
movement
in funds
£
(35,202)
-
-
(35,202)
(46,385)
(81,587)
Gains and
losses
£
-
(46,385)
(46,385)
Transfers
between
funds
£
29,786
-
-
29,786
(29,786)
-		 At
31/12/18
£
1,306,324
30,000
96
1,336,420
1,101,763
2,438,183
Movement
in funds
£
(35,202)
(46,385)
(81,587)
At
31/12/19
£
1,404,737
30,000
96
1,434,833
1,071,977
2,506,810

continued...

Page 13

THE ABBEYFIELD EWELL SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2019

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Cooper Memorial Fund
TOTAL FUNDS		 Incoming
resources
£
233,835
-
233,835		 Resources
expended
£
(298,823)
-
(298,823)		 Gains and
Movement
losses
in funds
£
£
98,413
33,425
(46,385)
(46,385)
52,028
(12,960)

During 2010, the Charity received a substantial legacy, a part of which consisted of an endowment of freehold land and buildings named "Fircroft". There was a wish expressed that the legacy be used for the benefit of elderly people living or having a family connection with Ewell and the surrounding area.

The fund has been renamed "The Cooper Memorial Fund" and following issues with under-occupancy, the charity has realised a gain from the legacy and invested that gain into invested funds. The income arising from those funds will be utilised to support the other activities undertaken by the Charity which fulfil the wish expressed by the late donor..

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2019.

17. VALUE FOR MONEY METRICS

The Society is required to report on seven metrics with which are used to measure economy, efficiency and effectiveness across the social housing sector.

Reinvestment 0.32%
New Supply Delivered 100%
Gearing 0%
EBITA 0%
Headline Social Housing Cost £8,837
Operating Margin -24%
Return on Capital Employed -1%

Page 14

THE ABBEYFIELD EWELL SOCIETY LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2019

31.12.19 31.12.18
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Other Income 22 -
Investment income
Deposit account interest 5,962 5,440
Charitable activities
Residents Charges 118,291 104,120
Total incoming resources 124,275 109,560
EXPENDITURE
Charitable activities
Wages 62,768 58,667
Rates and water 2,512 2,466
Insurance 2,737 2,777
Upkeep of Premises 13,883 14,365
Telephone 2,087 2,060
Postage and stationery 274 191
Advertising 2,208 2,667
Sundries 1,438 2,194
Food and Cleaning Costs 12,702 11,989
Heat and Light 6,049 5,831
Community Care alarms 1,605 1,278
Travel 43 39
Software 223 811
Professional fees 1,027 923
Cooper Fund rewards 3,040 -
Consultancy 2,154 -
114,750 106,258
Other
Depreciation of tangible fixed assets 951 1,245
Support costs
Governance costs
Wages 32,719 31,695
Accountancy and legal fees 2,580 2,640
Abbeyfield Affiliation Fees 2,202 2,150
Training Costs 859 774
38,360 37,259
Total resources expended 154,061 144,762
Net expenditure (29,786) (35,202)

This page does not form part of the statutory financial statements

Page 15