R•glst•r•d numb•r: 00632263 Charlty number.. 206449 THE ABBEYFIELD CANVEY ISLAND SOCIETY LIMITED (A company Ilmlted by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 THE ABBEYFIELD CANVEY ISLAMD SOCIETY LIMITED IA company Ilmlted by guarantée CONTENTS Page Ref8rence *nd admlnl•tratfv• d•lall• of th• Charlty. rt* Tru#t•M and •dvh•r¥ Tru•lM¥' r•port Ind•p•nd•nt audltors. r•port on th• flnanclal Jtat•m•nts 8-11 31•lemgnl of fln•n¢l*l •ctlvlti 12 B•l•n¢• •h••t 13-14 Notes to the flnanclal stsl•ments 15.29 THE ABBEYFIELO CANVEY ISLAND SOCIETY LIMITED (A company Ilfflft•d by guarnnts•) REFERENCE AND ADMINISTRATNE D￿AlLs OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Trustw¥ M Morgan O Bambridge G Fieldwick M S Hamp80n TV8ox C A Pblls Company r•gl*t•rnd nUM￿r Charfty reglstsrod numb•r R•gl¥t•r•d offlc• 103 kng Road Canvey Island Essex SS8 OJ8 Ind•pend•nt audllorn Haslers Chartered kn￿nIants Chartered Accountsnts Old Station Road Loughton Essex IG10 4PL Page 1 THE ABBEYFIELD CANVEY ISLAND SOCIETY LIMITED {A company Ilmlted by guar•nte•) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees present their annual report together wllh tho auditod finantsal statements of the Cha￿ty for 1 October 2023 10 30 September 2024. The Annual reFQrt seThes the Purposes of both a Trustees. report and directors. report undor company baw. The TnJslees confiTm that the Annual r8POrt arKI financial statements of the charitsble company compty wth the (yjrrent S&￿U10ry wuirements, the requiremonts ol the charltable company's governing d￿UMent and the provisions of the Statement of Recomrnended Prarliee ISORPI appllcable to charitses preparing their acts)unts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Irgland IFRS1021 (effeckn've 1 January 20191. SlnGe the Charfty quallfi•s o¥ smdl undor sectl¢M 382 01 tho Compankns Act 2006. the Strateglc roport rgqulred of medium and large companies under Ihe Companies Act 2￿6 IStrat•gic RepNI aTrJ Dir8ctors' Reportl R8gulalion8 2013 has been omilteo. ObJ•ctlv•• •nd adlvltl •. Pollcle• and obJectlv•• Thg principal actlvity of the charity is managiThJ a home for elderly people at 103 Long Road. Cenvey Island In accordance with the aims and principkn of the Abbe￿ie￿j Socbety Limited. The$6 aclivitles f811 wholly within the hostel houslng actlvrtles definod In tho Housing A¢t 1996 orKI soctbon 1715} of the Charitles Act. The Abb8yfiold Canvey 1s18Thl Society Limited 18 an *Klyndenl sodety opgratlng LbfKler the urnbTg114 of The Abbeyfield Socioty. The trustees have paid due re9ard ￿ guidanc0 issued by ts Charity Commission in decldlng wh81 activities the ¢h8rily should undertoke. In setting objectiv•s and planning for 8ctivili•s. the Trustees hav• gSven due consldernlion lo general guidance publishefi by the Charity Commission relatsn9 to public benefft. induding the guid8nce'Public bgnefit.. running charity IP82I'. A¢hl•v•m•nts and p•rfomi•nG• . MaSn achS•¥•m•nts ol th• Ch•rfty The results for Ihe year a￿ sel out In fv Incorne aThJ •wn¢ltur¢ •cwinl and poJlUon al the of the year is sh£x*m in balgnc• sheeL Tho Gommitte• ¢M5￿1•r that the state c•f affair¥ of th• So¢i•ty 1$ salisfaelory. b. R•vl•w of a¢tlvltl•s O¢¢upancy levels wntinved to improve in the year, with lotal voids for 2024 at 4% compared lo 11 OA In 2023. This level is significantly better than recent years and demand for our rc4)ms contsnues al a h￿h level. This is Partly due lo other similar homes in Ihe area dosing and the excellent reputsts.on of Abbeyfield Canvey, which Is driven by the quality of our toam, good social lifg for our rosKlgnts aThJ our commitment lo ensurna rooms are redecorated for new tenants to the highesi quality- Page 2 THE ABBEYFIELO CANVEY ISLAND SOCIETf LIMITED {A cornpany Ilmltod by guarantee) TRUSTEE5' REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Fln•nclal r•vl•w •. Golng conc•rn In the year to 30th September 2025, significant expenditure in the region of £60,OW will be required to inst8113 rmv file alann system and improve Ihe quality of the Fife Dcws. Additional funding is being 50ughl lo cov8r somg of this., howevw. wlth Cash al Bank Balance 01 £128.543 there are adequate reseNes to cover this. Taklng the 8b)ve Into amnl and after making appropriate ènquir108. the Tru8tees h•vè a rea80n8blg expectation that the Charity has adequale resourc*s lo continuè in oper8b.onal exislence for the foreseeable fvlure. For this reason. they wnlinue lo adopt the going concem basis in preparing the financial ststements. Further details regarding the adopbon ol the going concem basis can be found in the accoLtnting polbcies. b. R•••ri•* pollcy It Is the pollcy of the charity that unrestrbcted funds whith have not been designotod for a specrfic use should b mainiained al a level equivalent lo one year's expenditure. The trustees consider that reserves al Ihis level will ensure that, in the event of a ￿gnthCanI drop in fvndin9, they will be able lo continue the charity's current activities whlle consideration 15 given lo ways in whith addIt￿n81 funds may be ralsed. This level ol reserves has been maintsined throughout the year, allhough given the comments in the Going Concem section above thls Ss unlikety to be the case in the year to W Seplemt*r 2025. The society ng8ds Instsnt ac£•88 to its roseNes to meet Or￿)1￿3 liabilitie5. Cash balances are hèld in 8 bank currgnt aceounl and aL80 8 depowl account pffjv¥JirwJ the highest p)5sible r8lum based on the funds Invested. Some funds are also Invested in 8 bond which gi¥e8 8 hi9her r81e ol interest. c. Flnanclal There has been an inc¥ea8e in fftntal In¢omo for the year of £21.089 to £201,83412023.' £180.74SI. Th1$ is thg rosull ol the redLtction in vohjs arKI an increase in onl for each rcM)m of £1OJ Fer to cover inflats'onary cost pressure. The Trustees arè mlndful of need lo mlnlmise the level of volds and malntaln a full h(xrne wh8nov¢r possible. This is lo provide the best quality of social lrfe for the re$i¢Jenl$ as much as il is for financial reasons. A waiting list is mgintained. gnd potontial residents and Ihoir f3miliè$ aro •rwurag0d to vlslt the hDUSO as soon as they express an interest in living here. Empty rthjms are first nolified lo people on Ihe wailing list. although on certain occas*)ns care needs and cArcumslances can change so they may no kjnger be interested, in which ease vacancies are advertised localty if required. 11 is TrK)wever acknowledged that to a certain extent room vac8ndes are inevitable and outside the chanties control. The inuease in rental inwme al￿ned with wod cost control. during a year of witinued inflatlon, has resulied In a small surplus of £13,610 2024 comp3r9d to a $urplu$ of £3,489 In 2023. OUT ongoing commitment to malntaining a tmghquality environmenl aTrJ services for our residents induded Investing.. £5,100 on refurt>ishing the kitchen 8re0. £3,170 on a new cooker that was instalw after ye8r e￿t £5.127 on a new t)oiler. Page 3 THE ABBEYFIELD CANVEY ISLAND SOCIETY LIMITED (A company Ilmlled by guarnnteg) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 d. Valu• For Momy M•trlc¥ Melrl¢ 1 Reinvestment % Works to oxlsling properti9s1h￿sln9 propbrti8s al CA￿1 or valualvjn 2024 2023 Propgty improvgmenls in year Totsl propoty and improvements al c4)st 0% 0% 445.384. 442.000.00 Melrfc 2- New suppty delivwed Now units developed In yearlexisting units at y••r erKI 2024 2023 No. of rooms d8velop8d In ye8r No of rooms at year end it Is not in the tharitls plan or capability to increase the number of units offered. The house 1$ of a fixed slze and expansion is not practical or in the best inlerests of the residenls. 11 15 inslead the charlty's oblvclive lo conlinug to offer excgllenl accommodation and sorvice at the Current volume. 0% 11.00 11.00 Metri¢ 3- Gearing % (Short and long lemi loan> cash) + fmnee le8888lprLyety 81 c¥)st 2024 2023 Loans and leases Total property and improve￿nts 8t ￿81 The eharity m8inlain$ resefves in line its published policy and has a history of saving for future Investmenlsllmprovements or ulllising accumulated reserves for such purposes. Thereft)re it has not been deemed necessary lo enter into debt. 0% 445,384.IXI 442,000.00 Metric 4 - Eamings before Inleresl, lax, Depreciation. Major rnpairs included IEBITDA MRI} Inlerest cover Operats'ng surplusld8ficit + interesl+¢Jepntinleresl payable Thi$ is impossible to calculate as thè tharity has no inleresl payablg as it is r￿1 in debL Metric 5- Headline soual housing cosl per unit 2024 2023 Direct Costs per accounts Support costs per accounts Expenditure on charitable aciivities per al 170.285.00 161,106.00 I￿,041.00 179,279.00 Les5 deprecialion included above Capilalised repairs in year Totsl costs {11.124.591 110,502.951 178.916.41 169.776.05 Page 4 THE ABBEYFIELD CANVEY ISLAMD SOCIEff LIMITED (A company Ilmlled by guarJntse) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDEO 30 8EPTEMBER 2024 Number of units Cost per unit 16.265.13 15.343.28 Meffic 6- Operatlng m8rgln % Operating surplus or defi¢iVtumover 2024 2023 Rental Income-charftable ￿tsts Rental income 6% 201.833.64 180,745.03 Moldc 7 - Relufn on capital employed IROCEI % Oper81ing surplus or defiuvtotal assets less Qjr￿1 liabilitiej 2024 2023 Rontsl incomoacharilable Costs Total 8ssets less curront liabilities 186.318.00 172.707.00 Stru¢tur8, gov•manc• and m•n•g•m•nt . Con•tbtutlon The Abbeyfield Canv•y Island Souety Limited is registered as a chartable company Ilmlted by guarantee governed by its Memorandum and Articles of Association. The charity was incorporalod by guarantee on 9th July 1959. It ig a registered charity wilh the Charity Commissi¢Jn. The company 18 8190 a registered HousiThJ Corporation 4$ o R¢gl$t¥r•d Soclol Landbrd as defined by s¢Wul• I to Iho Houslng Act 1996. The societyls wholly engaged in housing 8Ctivities as defined in the Acl. The tru$lee$, are 8180 the directors lor the purpose of c4)mpany law, and vtho 8ep48d during the year were.. M Morgan D Bambrido8 G Fieldwick S H8mpson TVBOX CAPitts Page S THE ABBEYFIELD CANVEY ISLAND SOCIETY LIMITED IA comp•ny Ilmlted by 9uarnnto•> TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Structure. gov•m•nc• and m•nagem•nt Icontlnugdl b. M•thod• ol appolntm•nt or •l•cllon of Tfust••s All new tnjslees app(xnted by exisbrwJ committee m•mbern after c￿su1&7110n arwj doliboration. None of the trustees have any benefbcial interest In the company. ￿7 of the trustses are members of the compony and guarantee to contribute £1 in Ihg avenl of a windin9 UP. New Irustèos undergo an indudion Sess￿n. The existing cAJmmittee brief them on their responsibilities and the phlk)sophy of the thanty. New trustees are 9lven an introductory p8Gk contalnlng w)186 of koy polkl85 and procedures. The L¥)gTd of truslees, wthich can have up to g) mombern, admlnl$teryJ the chartty. The committee mee15 regularfy lo dI￿U$S matters. The Office￿ of the ¢harity lor year ended 30th September 2024 were as follows: Chair.. Mr M S Hampson Trgasurgr.. MrCAPitts Fodlitigs rn8n8gor'. Ms D Bambridge ¢. Fln•nGl•l rb•k rn•n•g•m•nt The Trustees have asses8ed Ihe major nsks lo whth the Charity is exposed, in particular ￿se related to the operations and finan¢e$ of Iho Charity. arm1 are sab"sfied thai systems and pr￿eduleS are in place to mitigate •xpo$ure to the mai(K risks. The trust8e$ have • risk managemnl Stralegy comprises.. An annual review of the risks that the charity may lace., The eslablishmenl of systems and procedures lo mrtsgalg Ihose risks identlfied In tho plan., Tho implernent81ion of proceduros ￿e￿gned lo minimise any polents'al impact on the charity should those risk5 m8teriakn'80. Pag8 6 THE ABBEYFIELD CANVEY ISLAND SOCIEff LIMITED (A ¢omp•ny Ilmlt•d by guarantse TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2024 Statement ol Tru¥ts••' r•gpon¥lbllltl•$ Th8 Trustees (who 8re a*0 the direct￿ of the Charity for the purwJs6s of company lawl are responsiblè for preparing the Trustees. report and the finand•l $tst•ft￿nts in accordance with •ppll¢8bl¢ Iw and United Kin9dom Accounting Standards (United Kingdom Generally A¢cept8d Accounting Practice). Company law requires the Trustees lo wepare financ￿1 8latements for each finan￿81 year. Under Company law, the Tfustees must not ap¢wove the financial statements unless they are $8tssfi8d Ihat they give 8 true and falr view of Ihe state of affairs of the Charity and of Ils incoming Tesource$ and application of resources. induding it5 income and expenditu￿. for that period. In preparing these financi81 ststements, Ihe Tfuslees are requlred to.. s•l8et sulta￿& 8ccounling wliues and Ihen appty them con5islently'. observe the methods and prinCip￿S ol the Charitie5 SORP IFRS 1021- make judgments and accounbng eslimales Ihal are reasonablo and prudent; stste whether apFAi¢able UK Accounting Standards IFRS 1021 have boen fc4lowed, 8ublgCt to any material departures disCh)s￿ and eXp1abn￿ in the finonual statements.. prepare the financial slalemenls on the w'rvj ccfftcem basis unless il i¥ inappropriate lo pr08um• that the Charlty wlll cJ)nlinue in business. The Trustees aro responsiblo for ke*￿'n9 adequate accounting rec(xds th81 are sufficient to shthy and explain the Charity's tran$oclion$ and disdose with r8asonab￿ accuracy al any Ilme the financl•l posllion of the Charfty and enable them lo ènsure that the financial Statements comply the Companies Act 2C4)6. They are also responsible foi saleguarding the assels ol the Charity and hence for taking reasonable $18ps for the prevenllon and detection of fraud and olher irregularities. Dl•cloBure ol Inforni•UoTr to •udllor• E•¢h of th• persons who are Trusleè5 at the Ilm8 when this Trusto88' rgport 18 approved h89 confirn)ed Ihal.. 80 far as Ihal Trustse is aware, Ihern 15 no ￿levant audrl Infomiabon of which tho charivs auditors are unawa￿, and that Twslee has tsk9n all the steps that ought to have b8en tsken as a Trustee in order to be aware of any relevant audit information and lo &slabli$h that the charity's 8￿JItOry& are aware of that informalion. Audltw• The auditors, Hasler5 Chartered Accountsnts. havg indicated their willingness to Continue In office. The designated Truste&s will prowse a motion reappointing the 8udilors at a meeting of the Truslee8. Approved 12 May 2025 by order of of and &gned on their behalf by: Tru¥tee8 on M S Hampson (Chair of Trustees) CAPItts Trnstee) [IldV Page 7 THE ABBEYFIELD CANVEY ISLAND SOCIETY UMITED (A company Ilmlted by guarant•• INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ABBEYFIELD CANVEY ISLAND SOCIETY LIMITED Oplnlon We have oudited the financial Statements of Th& Abbeyr￿k1 Canvey Island Society Llmlled lthe 'tharftyl for the year endod 30 September 2024 ¥thich comprise th• Statement of financial aclivilias. th8 Balance sheet, the Statement of c8sh flows and the related notès, including • $ummary of Sbgnific8nt accounting policigs. Th8 rinaneial feporting framework that has t*en In their prepara￿"on Is applicabk law and United Kingdom A¢countlng Stand8rds. Including Financial Reporkn'ng Standard 102 The Financi81 Repgrting Standard applicable in the UK and Republic of Irekqnd. (Unrted lQ"ngdom Generalty Acc*pled Aco)unting Practs'cel. In our opinlon the finandal statemgnts: give a true and falr vlew of the state of the tharita￿e componls affair& as at 30 September 2024 and of its incoming re50Ufces and appkncalion ol reS￿r￿, IncludiThJ its inwme and expenditure for tho year then ended.. have ken property prepared in ￿*danc£ with Unrted Kingdom G8neraly Acupted Accountsng Practice,. and have been prepgrwj In aGCQTd8n￿ wlth Ihg requlrements of Iho CINnpanl8s Act 2C#X. Ba•ls for oplnlon We conductod our audrt in acwdanc* ¥wlh Intemati￿1 Stsndar(Is on ALKliling IUKI IISAS IUKI} 8nd opplicable law. Our res￿SibIlItIeS under those standards are further descrlbgd in the Auditors, responsSblllUes for the audil ol the finanual stalements section of *yJr report. We are independent of the ¢h8rilable company in occord8nce with the ethical requirements that are re￿vant to our ausjit of the financial statem8nls in the United Klngdom. induding the Financial Reporting Counul's Elhical Standard. and have fulfilled our other ethical responsibilities in accordanc8 with these requirements. We bdieve that the audit evidence ￿ have obtained is Jfficient and approprio18 lo provwje a ba¥1$ for our ¢)pinlon. Conclu8loni r•latlng to golng ¢oncern In audilFng the finon¢ial 8talement8, ￿ have Conc1￿Yed that Ihe Trustees, use of the going c4)n¢em b85is of accountlng in the preparab'on of the financial statements is appropriate. 6aseo on the work vts h8vo performed. V•t h8¥6 rKJt ￿entIfied any material uncertainlies relallng to ovents or condiljons that, individually or col￿¢11¥81y. may cast signfficanl doubl on the charrtable company'5 ability lo onlinue as a going concem for a of gt lèasl tsvefve months from when the financial ststements are aLJlhori$ed foi issue. Our responsibilltlos and th8 respon8ikn'lities of Ihè Tfu81ees *ith respect to going ¢>)ncem are doxribed in the relevant sections of this report. Page 8 THE ABBEYFIELD CAMVEY ISLAND SOCIETY LIMITED IA company Ilmll•d by gu•rantèe) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ABBEYFIELD CANVEY ISLAND SOCIETY LIIAITED ICONTINUED) Oth•r Inf0m￿tIon The oth¥f information compfisès the infomiats.on included in Ihe Annual rep￿rt other than the fin8nciBI slalements and our Auditors. report thereon. The Trust￿ are reSp￿sIb￿ lor the other information contsined withln the Annual report. Our (yinion on the financ￿1 statemonts th)95 not cover the ¢)ther infcmialion and. except lo the exienl otherwise expliciuy staled in our fepcwl. ￿ ¢Jo not express any form of 8ssur8nce conduslon thereon. Our responsibility is to read the other information and. in dolng so. consld8r whether the other Information is malerially inconsistent wilh the finan¢i81 statem?nls or our kn￿edge obiained in the course of the audit, or otherwise appears lo be materially misststed. If identify such material inconsislencigs Of apparent malerial misstalemenis, V+t are required lo d¢temine wthether thi8 givos rise Its 8 material misststement In the financial slalements ￿M68￿8s. If. based on Ihe work have performed. w8 conclLbdg that there 1$ 8 materfal misstalemenl of this other infomatlon. are required to report that fact. We hovo nothing to report in thi8 fogard. Oplnlon on oth•r matt•rn prn•crlb•d by th• CoMp•nI￿ Act 2006 In our opinion. based on the work undertaken in the ojurse of the audlt: the Information glven In the TnJslee8' Rowt for the financial year lor whlth the finanrial 914tement8 are prepared is consistent with the financial stslements. the Trustees. Report has been prepared in accordancg a￿￿¢￿bIe ￿al requirements. M•tt•r• on whl¢h w• ar• r•qulr•d to r•port by •xc•ptlon In th8 light of our kntythedge aThl undorstanding of the charitable company and Its ènvironment obtained in the course of the audrt. have not identified material nmsstalemgnts in the Twstses, Rep￿. We have nothing lo rewt In raspgct of the frAlowing matte18 In re￿￿on lo whlch Companies A¢t 2006 requlres us lo report lo you rf, in our O￿nIon.. adequate accounting records have not been kept, ty retums gdequalg for our 8udrt hove not been ceived from branches not visited by us,. or the finArbf.i*l statèm•n19 ar• not in 09rvomenl byiih the ￿LI)Un￿n9 re(xJrOs am rewmg; or ertaSn disclosures of Trustees. remuneration specified by law are nol made,. or we have nol ￿ceiVed all the information and explanabons v* require for our audit., or the TnJ$lees ￿Te not entitled lo prewe ihe finanu81 siatements in acMrdance with the small comp8nies regime and take advantsge of the small ¢ompanios' exemptions in preparing the Trustees. Report and from the r8quiremenl lo ￿pare a Stratsgi¢ Roport. Re*pon*lbllltle8 of trustsei As explained more fully in the Trusle8s' responsi￿.11tse$ statement, the Trustees (who are also the directors of the charitable comp8ny for the purposes of company ￿wI are ￿s￿)nsIble for the preparatson of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Tw5tees delemiine is necessary lo enable the preparation of financial stslements that are free from material misstatement. whether due lo fraud or error. In preparing the financial stslements. the Trustees are rgsponsible for a￿sSing the cknaritable companI5 ability lo continue as a going concem. disdosing. as applicable. matters rd8ted lo going eoncem and using the Page 9 THE ABBEYFIELD CANVEY ISLAND SOCIETY LIM￿ED IA company Ilmlt•d by guaranteg) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE ABBEYFIELD CANVEY ISLAND SOCIETY LIMITED (CONTINUED) going concem basis of accounting unless the Trustees either intend ￿ IbJuld8* the charilable company Of to ease Opera￿On¥. or have reallstbc aliem8ti¥o but to do so. Audltors, rnspon$lbllltl•• for lh• audll of th• flnancl•l stat•m•nt• Our objective¥ are lo obtain reason3b￿ assurance about wtsthgr the financlal statements as 8 whole are fr00 ftom material mi38tst6m¢nt, whothgr dug lo fraud or error. and to Issue an Auditors, rnport that indudgs our opinion. Reasonable ossurance is a high level ol assurance. but is not a guarantee that an audll ￿ndUCted in accordance wilh ISAS {UKI will a￿ayS delecl a malerial misslatement when it exists. Misstatements can ¥rise Irom fraud or 8rror and are COns￿er8d material if, In¢Jividually or in the aggregate. they could reasonably be experted lo influenc• the 8c4)nomic d￿.$￿18 of users taken on the basis of thèse financial st8lemenls. Irregularilie$, indLbdln9 fraud. are instsnces ol nonmpany Ilmlted by guaranto•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng pollcle• l¢ontlnu•d 2.4 Intor•st re￿1¥•bI• InloreBI M fvnd¥ held on doposit 18 induded receivab￿ and tha amount can be measured reliably by the Charity.. this is normalty upon nOtsfiCat￿ of the Interest pald or payable by the institution wilh whom Ihe funds are dew)sÉled. 2.5 T•nglbl• flx•d ••wts and d•pr•cl•Oon Tan9ible fixed a88el$ costing £1,000 or mof8 afe caprtalised and recogni$&d when future economic benefits are probable and the cost or value of tha asset can ba measured r8liably. Tangible flxed assets are initsally recryJnised at cost. After recognlllon, under the tx￿1 model, tangible fixed assets are mea$ured al cost *$ 8coJmubaled depredation and any accumulated impaimenl hJsses. Al costs incurred to bring a lang1b￿ fwed a¥set Into rt¥ intended worklng condition should be induded in the measurement of ¢osl. Dgpraci8tlon is charged so as to ￿￿e8t0 the ¢osl of tangible fixed assets1gSS their ra￿d￿al valug over their eslimaled usefvl lives, Depre¢l8tlon 18 provided on the folbwng ba8i8'. Freehold proporty Fixlufes and fittings Office frquipmenl Other fixed assets 25% Straight Line 15% Reducing 8alanc• 25% Reduring Balance 15% Reducing Bakqn 2.6 In¥￿tm•nts Fixed as5el investments are a fom of finanual instrument aThl are inltially r8c<¥JnSsed al their transaction cost and subsequentty m￿Sured al fair value al the Balance sheet dale, unless the value cannot be measured reliably In which case it is measured al eo$t less impaimienl. Inveslm¢ni gains and losses. whether fealised or unrealised. are &)mbined and presented 88 'GainsllLosses) on Inv8slments' in tho Stalemgnt of financial acbvits"es. 2.7 D•bt0rn Trade and other debtors are recognised al the settloment amount after any trade dIsC￿nI offered. Pr8payments are valued at the amount prepaid nel of any tro¢Je disGounts due. 2.8 Cash at bank *nd In hand Cash al bank a￿1 in hand indud•s cash and short-lerm highly Itquid investments with a short malurtty of three ￿nthS or less from the dats of acquisrtion or opening of the deposit or simllar a¢o)unL Page 16 THE ABBEYFIELD CANVEY ISLAND SOCIETY LIMITED IA company Ilmlt•d ty gu¥rnnts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR eNDED 30 sepTEMBER 2024 Aecountlng pollclm (contlnuod) 2.9 Uabllltlu •nd provl•lon• Liabilities are recognlsed when there 1$ an oblbg8liry) at th8 8alance sheet date as a result of a past event. it is probable that a transfer of economlc b8nefil will b8 required In getrjen￿nl, and the amount of the selllefflenl can be estiffkited rel￿tAy. Liabilities are recognised al the amount thal the Charity antkipales il vrill pay lo settle the debt ar the amount it has received as advanced payments for Ihe goods or SgTViCO$ it must provide. Provlslons are m8asur8d al the besl 88timale of Iho amounts roqulred to 8ettlts the obligotlon. Where the effect ol the timè value of money is malerial, the provision is based on the present valua of rho￿ amounts. discounied al the Pfe-lax discount rote Ihal reftects the rtsks specific lo the Ilabillty- Tho unwndlng of th8 di$￿Unt is reeognised in the Statement of flnan¢l81 actlvltles as a finance co81. 2.10 Flnancl•l In•tNm•nts The Charity only has financial assets oTh1 finandol Ilabllltles ol a kind that qualify as basic financial Instruments. Basic financial instruments are initially recognised al tranSa￿￿n value and subsequ•ntty measured al tholr seitbemenl valuo with tho excopllon of bank 108ns whlch are $ubsequenlty measured al amortis•d cost using the effective interest method. 2.11 Fund a¢¢ountlng General funds are unrestrfjcted fvnds wthlch are avallable for use al Ihe d15Cfelon of the Trustees In fvrtherance ol the general objectives of the Charity and whith have not been designaled for olher Deslgnaled fund$ compri68 unrestricled lurKls that h8Ve I￿On set 8s6d8 by the Trustees for particular purposes. The oim and use of each dosgnaled lund 1$ set out in the nolo8 lo the finanGlal ststemenl$. Investrnenl incorne. gains and108808 are alocaled to the appropri8t8 fund. Page 17 THE ABBEYFIELD CANVEY ISLAND SOCIEfi UMrrED (A company Ilmlled by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Incom• from don*tlons and legacl•s Unr••trl¢t•d lund• 2024 Total fund• 2024 Donations Unrestrkled funds 2023 Total fvnds 2023 Donotions 1.321 1,321 Incom• from ch•rlt•bl• actlvltl•• Unrostrlcted funds 2024 Total funds 2024 Rèntd Incom8 Losses Ihrough Vold8 211.850 {10,016} 211.8SO {10,016) Total 2024 201,834 201,834 Unrestricted fvnds 2023 Tol81 fvnds 2023 Rental Income Lo￿3 through V(4ds 203,200 (22.455) 203,200 (22,455) Total 2023 180,745 180.745 Page 18 THE ABBEYFIELD CANVEY ISLAND SOCIE￿ LIM￿ED (A company Ilmitsd by 9u•r•nt••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Inve•tment Incom• Unrn¥trlcted fund• 2024 Total fund¥ 2024 Interest R8ceivabt8 1.817 1,817 Unrestrid8d fund8 2023 Total nds 2023 Interest Rgceivab Oth•r Incomlng r•sourc•s Total fund• 2024 Total 2024 Unreslricted fvnds 2023 Total funds 20E3 Bank compensatic 142 142 Pago19 TIIE ABBEYFIELD CANVEY ISLAND SOCIETY LIMITED (A ¢ompaThy Ilmlled by guarants¢) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EPIOED 30 SEPTEMBER 2024 Analy¥ls of •xp•ndltur• by actlvltl•s Advltl•• undertaken dlr•ct 2024 Support costs 2024 Tot•1 fund• 2024 CharltatrA• Activiti8$ 170,285 19,756 190,041 Activrfies undertaken directly 2023 Support costs 2023 To181 fvnds 2023 Choritable Activlli88 161,106 18,173 179,279 Analy•l• of dlr•¢t ¢￿ts Total fund¥ 2024 To181 funds 2023 Staff costs Dopieclaiion Food 8fKI hoUMho￿j wndrlo Telephone thaTges House cleaning and malnlenan 89,251 11.125 21.104 1,537 81.386 10.503 22,536 2, 168 t li Heating and lighling Repairs and maintenan Insurance Rates and water Care line fges Other costs Legal and professional Recruitment expenses Loss on disposal of fixed assets 4.499 10,257 12.822 4,819 6,252 815 3A79 1,511 670 2.144 3.997 8,242 15, 138 4,625 6,806 1,505 3,687 513 170.285 161, 106 Page 20 THE ABBEYFIELD CANVEY ISLAND SOCIETY LI￿￿ED (A company Ilmlted by guarnntsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Analy•l¥ ol ex￿ndIt￿￿ by •cllvltl•s (contlnu•dl An•ly•l¥ ol support co•ts Total funds 2024 Tol81 funds 2023 Staff costs Stsff Iralning Prfnling. poslage arKI stavonery Leg81 and professie￿al Sundry expenses Bank charges Audit fee8 11,019 10,071 192 1.750 789 2,018 381 128 4.740 19.756 18,173 AudRor•' rgmuneratlon 2024 2023 Fees payable to th• Charlvs audrtor for the audit ol the Chattys annual a￿Unts 4,980 4, 740 Staff ca•t* 2024 2023 Wages 4rKI 8aJari89 100,270 91.457 100,270 97,451 Page 21 THE ABBEYFIELD CANVEY ISLAND SOCIEf( LIMITED (A company 11m1t￿ by gu¥rnnto0) NOTES TO THE FINANCIAL STATEMENTS FOR TME YEAR ENDED 30 SEPTEMBER 2024 8taff ￿￿t¥ {¢ontlnu•d) The averdge number of persons emph)yed by tho Charity during the year was as foMow5". 2024 No. 2023 No. HOU￿ stsff Office Staff No empk*yee recelved remunerntv)n amounliTrJ to mrKe than £60.000 in elther year. 10. Tru•lv•' rnmun•rotlon and •xP*n￿l Dudng the year, no Trustees r•¢elvod any romunoration or ott￿r ben?ffts (2023- £NIL). During the year ended 30 September 2024, Trustee expenses have been In(JJrred (2023. £NIL). Page 22 THE ABBEYFIELD CANVEY ISLAND SOCIE￿ LIMITED (A company Ilmlled by guar•nt•e} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 11. Tanglble flx•d •••ets Frnehold Flxtur•• and prop•rty fittlng¥ Olnu Other fix•d •qulpm?nt a•••ts Totsl Cogt or valuatlon Al 1 October 2023 Additions Dlsposal$ 395.493 377 46,507 674,706 15,301 (19,249) 10.924 (19,2491 At 30 Soptember 2024 395.493 224.004 1.370 49,891 670,7S8 Depreclatbon At 1 October 2023 Charg0 for thg yeor On dlsposals 395,493 190.374 7,741 {17.105) 377 248 28,987 3,136 615,231 11,125 117,1051 AI 30 Seplomber 2024 395,493 181,010 625 32,123 609,251 N•1 book valu• AI 30 Seplember 2024 745 17,768 61,S07 At 30 September 2023 41,955 17,520 59,475 Page 23 THE ABBEYFIELD CANVEY ISLAND SOCIE￿ LIMITED IA company Ilmlted by guarant••) hlOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. Flx•d ￿••t Investm•nts Unll*ted Inv••trn•nts Co•t or valuatlon Al 1 October 2023 AI 30 S8plember 2024 N•t book valu• At 30 Seplember 2024 AI 30 September 2023 At 1 Octobor 2023 and 30 September 2024 the dwrity held a £1 invgstrngnt in Abbeyfield Deben Extra Cafe Souety Limit￿1 whth rekqles to one share. Page 24 THE ABBEYFIELD CANveY ISLAND SOCIETY LIMITED (A comp•ny Ilmltsd by 9uarnnt￿) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. D•btorn 2024 2023 Du• wlthln on• yMr Trode debtors Othor debtors Prepaymen15 #nd accxued incom• 300 7,641 14.013 14,502 7.941 14. Credltorn: Amounts hlllng due wlthln on• ymr 2024 2023 Trade rredilo Olhef creditors Accruals and defe￿d irKome 2, 722 10,187 6,783 7,902 18.235 19,692 15. Cr•dltor•: Amount• lalllng du• •ft•r more than on• y•ar 2024 2023 Other ￿n$ The credilof relates lo an oulstandiThJ balanc• on the charitys mortgage with Santandgr Bank PIC and Is held lo lacilitste ¢Jeed relention. Page 25 THE ABBEYFIELD CANVEY ISLAND SOCIETY LIMITED (A comp•ny Ilmlted by guarnni￿I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 16. Statem•nt ol lund• statement of fun￿ - current year Bal*n¢• at B•l•n¢e at 1 otto￿r 2023 S•pt•mb•r 2024 Incom• Expendltur• Unr•Jtrlct•d fund• D••lgnat•d lund¥ 800 De6ignal8d Funds- Sodal Fund G•noral fundi General Funds- all fund8 171.907 203,651 1190,041) 185,517 T*)tal Unr••trl¢t•d lund• 172.707 203,651 {190,0411 188,317 Social FUTKI IDesign8tedl - This relates lo lunds set oside to fvnd social events and outlngs held lor the resId￿ts. Page 26 THE A88EYFIELD CANVEY ISLAND SOCIETY LIMITED (A company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 16. Statsm•nt of funds Icontinu¢d) ststorn•nt of fund• - prlor y•*r Balance el 30 September 2023 8818nce at 1 Oclober 2022 Transfers i￿Out Income Expgnditu Unr•Jtrlcted fund• D•slgnatsd lund• Designaled Funds- &Kial Fund 8CQ G•n•ral funds General Funds- all lunds 169.218 182,768 (179,279) 171,90T Tot•1 Unr•itrlct•d fvnd• 169.218 182,768 (179,279) 172, 707 Page 27 THE ABBEYFIELD CANVEY ISLAND SOCIETY LIMITED (A company Ilmlt•d by gu•rnnlwl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SÉPTEMBER 2024 17. Summary ot funds Summary of fundi- Curr*￿ year B•l•nc• at 8al•nc• •t 1 O¢tob•r 2023 Seplemb•r 2024 In¢omo Exyndlture 800 185,S17 Designated funds General funds 171.907 203,651 1190,041) 172.707 203.651 (190,041) 186,317 Summary of lund•- prlor year Balance al 30 September 2023 Balance 81 l October 2022 Tr8nsf8rs inlout IrKtxM Expnditurg Deslgnaled fvnd8 G8n8r81 funds 169,218 182,768 (179,279) (800) 171,907 169,21 8 182, 768 (179,279) 172, T07 Page 28 THE ABBEYFIELD GANveY ISLAND SOCIETY LIMITED (A comp•ny IlmM•d by gu•rnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 18. AnAly•l• of n•t a•Mt• b•tw••n fuThd¥ Anaty*l• ol net aswts betwvn lund• - currnnt porfod Unv•strfded fund• 2024 Tot81 fund• 2024 61.507 Tangible fixed assets Fixed as591 invostments Current assels Creditors due one year Creditor5 due In more than one year 61.507 143.045 (18.2351 (1) 143,045 118.2351 (11 186.317 186,317 Totsl Analy•l• of n•t a•••ts b•tw••n fund• - prlor perlod Unreslrtcled lunds 2023 Total lunds 2023 TangIb￿ fixed as8e¢s Fixed asset investments Current assets Creditors due within cK)e year Creditors due in more than one year 59,475 59,475 132,924 (19,692) (i) 132,924 (19,692) (1) Total l T2, Tor IT2, 707 19. R•lat•d party ir8n•actlon• Dudng the ye8r, no related p8ty tr8nsacUons occurred12023: £Nill. Page 29