REGISTERED COMPANY NUMBER: 00696832 (England and Wales) REGISTERED CHARITY NUMBER: 204444
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
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 2023
| 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 2023
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 2023. 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 elderly and vulnerable people 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 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
In 2023, although our occupancy levels were generally high, this was in part sadly due to the deaths of two of our long standing residents, who are missed by both the staff and other residents. Some of the new occupants were initially on a short term "respite" basis as in 2022, after the previous two years had been significantly affected by the global Covid-19 pandemic, We will continue to offer this as an option when we have vacancies, as in some cases it has led to the individuals becoming permanent residents.
A highlight in the year was the celebration of the 100th birthday to another of our longer term residents - as well as celebrating with her own family, we held a small celebration at Wendover House to commemorate the occasion.
As always, we are grateful to our staff team for their enthusiasm, care and flexibility, particularly in their willingness to cover for each other when someone is ill. This flexibility is invaluable given the small team we have.
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. The trustees are aware that to continue to offer overnight "sleep in" cover (a service which is highly valued by our residents and their families) that Wendover House will operate at a deficit, even if we have full occupancy. The sums available in our various reserves mean that we can continue this policy for some years. The trustees continue to look at new developments and believe that the finances of the Society are satisfactory and that it remains a going concern.
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. The 2019 modifications to the grant making framework, together with increased awareness of relevant local organisations about the availability of grants, enabled us to continue to make grants in 2023.
If the investment performance of the Cooper Memorial Fund money permits, the Trustees have approved the use of any surplus not required for grants to individuals to cover the operating deficit on Wendover House. Should the investment performance mean that the surplus is insufficient to cover the operating deficit, the Trustees have agreed that any deficit would be funded by drawing down some of the funds invested (in deposit accounts) from the earlier sale of Grove Cottage.
Page 1
THE ABBEYFIELD EWELL SOCIETY LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
FINANCIAL REVIEW
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, the Committee has pursued a low risk strategy. General funds are invested in interest bearing deposit accounts, spread across banks to minimise exposure to losses. After taking independent financial advice, the proceeds from the sale of Fircroft, £1.1million, were invested in a cautious growth portfolio - divided equally between a "Fund of Funds" investment (Nucleus General Growth Fund V 41) and the Prudential Risk Managed active 3 portfolio. Both investments contain a mix of bonds, UK and global equities, with small amounts allocated to property and to money market funds. These investments are designed to preserve the Fund's capital and to provide a steady return (after deduction of fees), with the intention that returns will be withdrawn to fund the grant making activities of the Cooper Memorial Fund.
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 which are in keeping with the Society's aims and objectives, and not as a "hoarding" policy. These purposes include planning for expenditure on maintenance and upkeep of the Society's property, and also to maintain services in periods when the Society's rental income is reduced due to voids. 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 that they have been set aside for, and in keeping with the wishes of the donor where applicable.
There are, however, 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.
Given the age profile of the current Trustees, the fact that we have recently been unable to identify any new Trustees is a significant risk for the society going forward.
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 below.
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
Page 2
THE ABBEYFIELD EWELL SOCIETY LIMrrED IREGisfERED NUMBEIL. 68321 REPORT OF THE TRusfEFS FOR THE YEAR ENDED 31ST DEMBER 2(123 Trustees R Will Fuller J Sherix)urne J P Randall Chatrnian Cojnpxny Secretary C HayhuT5t ImdtpeBdettt Eumitiey Ha15ey & Co (Accountants) Ltd. Charterd Certified ACUts Regi&¢r1 Auditors 2 Villiers Court 40 Utw Mulgrave Ro&1 Chrdm Surrey SM2 7AJ This rep)rt ha5 bern in with the ¥ttial wvisioAs of Part 15 of ts Companies AL* 20(hS relatin8 to small ciKnpanies. Awed by othof thc ixwd of trSte¢S.............. ) l(f signed on its frf by.. J P RarKla]l- Trustcc Pag¢ 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 2023.
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:
-
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
-
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
-
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.
Halsey & Co (Accountants) Ltd. Chartered Certified Accountants Registered Auditors 2 Villiers Court 40 Upper Mulgrave Road Cheam Surrey SM2 7AJ 27/09/2024 Date: .............................................
Page 4
THE ABBEYFIELD EWELL SOCIETY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| Notes INCOME AND ENDOWMENTS FROM Charitable activities 3 Wendover Investment income 2 Total EXPENDITURE ON Charitable activities 4 Administration Wendover Other Total NET INCOME/(EXPENDITURE) Transfers between funds 14 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 £ 126,881 19,194 146,075 58,598 126,333 1,084 186,015 (39,940) (140,169) - (180,109) 1,355,210 1,175,101 |
Restricted fund £ - - - - - - - - 140,169 43,764 183,933 916,067 1,100,000 |
31.12.23 Total funds £ 126,881 19,194 146,075 58,598 126,333 1,084 186,015 (39,940) - 43,764 3,824 2,271,277 2,275,101 |
31.12.22 Total funds £ 79,446 7,731 87,177 55,559 113,006 1,447 170,012 (82,835) - (136,601) (219,436) 2,490,713 2,271,277 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
THE ABBEYFIELD EWELL SOCIETY LIMITED
BALANCE SHEET 31ST DECEMBER 2023
| Notes FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Debtors 12 Cash at bank and in hand CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 731,049 - 731,049 26,558 437,161 463,719 (19,667) 444,052 1,175,101 1,175,101 |
Restricted fund £ - 1,069,748 1,069,748 - 30,252 30,252 - 30,252 1,100,000 1,100,000 |
31.12.23 Total funds £ 731,049 1,069,748 1,800,797 26,558 467,413 493,971 (19,667) 474,304 2,275,101 2,275,101 1,175,101 1,100,000 2,275,101 |
31.12.22 Total funds £ 732,132 1,055,984 1,788,116 13,610 484,169 497,779 (14,618) 483,161 2,271,277 2,271,277 1,355,210 916,067 2,271,277 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
THE ABBEYFIELD EWELL SOCIETY LIMITED (REGISTERED NUMBEK. iM)696832) BAIANCE SHEET- eODtiD•td 315r DECEMBER 21123 Th£* finaEJcial sLqtcments have in with the [KoVis5 ali(b]e to dJaritabl¢ wmpanies subject Lo the small ¢omFdnies regÈme. The fmanci8] 5tatcments were arry>rnved by the kn of Tn aj aUtlM)rid for issue on 171.4..kni+....... and were signed on its tthif by: Raajdall. Tn Pa8e 7
THE ABBEYFIELD EWELL SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
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.
Fixtures and fittings - 30% on reducing balance Computer equipment - 25% on cost
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 2023
| 2. INVESTMENT INCOME Deposit account interest 3. INCOME FROM CHARITABLE ACTIVITIES Activity Residents Charges Wendover 4. CHARITABLE ACTIVITIES COSTS Administration Wendover 5. SUPPORT COSTS Administration 6. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
31.12.23 £ 19,194 31.12.23 £ 126,881 Support Direct costs (see Costs note 5) £ £ 8,578 50,020 126,333 - 134,911 50,020 Governance Finance costs £ £ 101 49,919 31.12.23 £ 1,083 |
31.12.22 £ 7,731 31.12.22 £ 79,446 |
31.12.22 £ 7,731 31.12.22 £ 79,446 |
|---|---|---|---|
| Totals £ 58,598 126,333 |
|||
| 184,931 | |||
| Totals £ 50,020 31.12.22 £ 1,448 |
Totals £ 50,020 |
7. TRUSTEES' REMUNERATION AND BENEFITS
During the year a trustee, J Fuller, was paid £361 (2022: £415) for care services to the charity in accordance with the Articles of Association.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022.
continued...
Page 9
THE ABBEYFIELD EWELL SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
8. STAFF COSTS
The average monthly number of employees during the year was as follows:
9.
| Caring Services Administration No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Charitable activities Wendover Investment income Total EXPENDITURE ON Charitable activities Administration Wendover Other Total NET INCOME/(EXPENDITURE) Transfers between funds 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 |
ACTIVITIES Unrestricted funds £ 79,446 7,731 87,177 53,163 113,006 1,447 167,616 (80,439) 37,604 - (42,835) 1,398,045 1,355,210 |
31.12.23 7 3 10 Restricted fund £ - - - 2,396 - - 2,396 (2,396) (37,604) (136,601) (176,601) 1,092,668 916,067 |
31.12.22 6 3 9 Total funds £ 79,446 7,731 87,177 55,559 113,006 1,447 170,012 (82,835) - (136,601) (219,436) 2,490,713 2,271,277 |
|---|---|---|---|
continued...
Page 10
THE ABBEYFIELD EWELL SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
10. TANGIBLE FIXED ASSETS
| Freehold property £ COST At 1st January 2023 and 31st December 2023 728,659 DEPRECIATION At 1st January 2023 - Charge for year - At 31st December 2023 - NET BOOK VALUE At 31st December 2023 728,659 At 31st December 2022 728,659 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1st January 2023 Disposals Revaluations At 31st December 2023 NET BOOK VALUE At 31st December 2023 At 31st December 2022 There were no investment assets outside the UK. Cost or valuation at 31st December 2023 is represented by: Valuation in 2023 |
Fixtures and fittings £ 61,475 58,652 847 59,499 1,976 2,823 |
Computer equipment £ 3,328 2,678 236 2,914 414 650 |
Totals £ 793,462 61,330 1,083 62,413 731,049 732,132 Unlisted investments £ 1,055,984 (30,000) 43,764 1,069,748 1,069,748 1,055,984 Unlisted investments £ 1,069,748 |
|---|---|---|---|
continued...
Page 11
THE ABBEYFIELD EWELL SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Prepayments 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 14. MOVEMENT IN FUNDS Net movement At 1/1/23 in funds £ £ Unrestricted funds General fund 1,325,114 (39,940) Designated Fund (Equipment Replacement) 30,000 - Repairs fund 96 - 1,355,210 (39,940) Restricted funds Cooper Memorial Fund 916,067 43,764 TOTAL FUNDS 2,271,277 3,824 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 146,075 (186,015) Restricted funds Cooper Memorial Fund - - TOTAL FUNDS 146,075 (186,015) |
31.12.23 £ 7,505 19,053 26,558 31.12.23 £ 8,005 11,662 19,667 Transfers between funds £ (140,169) - - (140,169) 140,169 - Gains and losses £ - 43,764 43,764 |
31.12.22 £ 3,477 10,133 13,610 31.12.22 £ 1,472 13,146 14,618 At 31/12/23 £ 1,145,005 30,000 96 1,175,101 1,100,000 2,275,101 Movement in funds £ (39,940) 43,764 3,824 |
|
|---|---|---|---|
continued...
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THE ABBEYFIELD EWELL SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Designated Fund (Equipment Replacement) Repairs fund Restricted funds Cooper Memorial Fund TOTAL FUNDS |
At 1/1/22 £ 1,367,949 30,000 96 1,398,045 1,092,668 2,490,713 |
Net movement in funds £ (80,439) - - (80,439) (138,997) (219,436) |
Transfers between funds £ 37,604 - - 37,604 (37,604) - |
At 31/12/22 £ 1,325,114 30,000 96 |
|---|---|---|---|---|
| 1,355,210 916,067 |
||||
| 2,271,277 |
Comparative net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 87,177 (167,616) Restricted funds Cooper Memorial Fund - (2,396) TOTAL FUNDS 87,177 (170,012) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1/1/22 in funds £ £ Unrestricted funds General fund 1,367,949 (120,379) Designated Fund (Equipment Replacement) 30,000 - Repairs fund 96 - 1,398,045 (120,379) Restricted funds Cooper Memorial Fund 1,092,668 (95,233) TOTAL FUNDS 2,490,713 (215,612) |
Incoming Resources resources expended £ £ Unrestricted funds General fund 87,177 (167,616) Restricted funds Cooper Memorial Fund - (2,396) TOTAL FUNDS 87,177 (170,012) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1/1/22 in funds £ £ Unrestricted funds General fund 1,367,949 (120,379) Designated Fund (Equipment Replacement) 30,000 - Repairs fund 96 - 1,398,045 (120,379) Restricted funds Cooper Memorial Fund 1,092,668 (95,233) TOTAL FUNDS 2,490,713 (215,612) |
Gains and losses £ - (136,601) (136,601) Transfers between funds £ (102,565) - - (102,565) 102,565 - |
Movement in funds £ (80,439) (138,997) (219,436) At 31/12/23 £ 1,145,005 30,000 96 |
|---|---|---|---|
| 1,175,101 1,100,000 |
|||
| 2,275,101 |
continued...
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THE ABBEYFIELD EWELL SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
14. 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 £ 233,252 - 233,252 |
Resources expended £ (353,631) (2,396) (356,027) |
Gains and Movement losses in funds £ £ - (120,379) (92,837) (95,233) (92,837) (215,612) |
Gains and Movement losses in funds £ £ - (120,379) (92,837) (95,233) (92,837) (215,612) |
|---|---|---|---|---|
| (215,612) |
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..
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2023.
16. 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.
| 2023 | 2022 | ||
|---|---|---|---|
| Reinvestment | 0% | 0% | |
| New Supply Delivered | 0% | 0% | |
| Gearing | -64% | -65% | |
| EBITA MRI Interest Cover | N/A | N/A | |
| Headline Social Housing Cost | £176,963 | £157,873 | |
| Operating Margin | -31% | -104% | |
| Return on Capital Employed | -3% | -6% |
The Society does not incur finance costs and did not acquire new housing units in either the current or prior period, therefore the interest cover ratio is n/a and reinvestment is 0%.
Page 14
THE ABBEYFIELD EWELL SOCIETY LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| 31.12.23 | 31.12.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Deposit account interest | 19,194 | 7,731 |
| Charitable activities | ||
| Residents Charges | 126,881 | 79,446 |
| Total incoming resources | 146,075 | 87,177 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 68,083 | 70,140 |
| Rates and water | 2,559 | 2,423 |
| Insurance | 4,763 | 4,242 |
| Upkeep of Premises | 18,091 | 11,337 |
| Telephone | 3,607 | 3,493 |
| Postage and stationery | 262 | 406 |
| Advertising | - | 2,217 |
| Sundries | 1,517 | 1,824 |
| Food and Cleaning Costs | 14,170 | 12,155 |
| Heat and Light | 18,784 | 10,110 |
| Community Care alarms | 894 | 952 |
| Software | 995 | 827 |
| Professional fees | 1,186 | 1,634 |
| Cooper Fund rewards | - | 2,396 |
| 134,911 | 124,156 | |
| Other | ||
| Depreciation of tangible fixed assets | 1,084 | 1,447 |
| Support costs | ||
| Finance | ||
| Bank charges | 101 | 142 |
| Governance costs | ||
| Wages | 41,977 | 38,456 |
| Accountancy and legal fees | 3,000 | 2,862 |
| Abbeyfield Affiliation Fees | 1,919 | 2,250 |
| Training Costs | 3,023 | 699 |
| 49,919 | 44,267 | |
| Total resources expended | 186,015 | 170,012 |
| Net expenditure | (39,940) | (82,835) |
This page does not form part of the statutory financial statements
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