Company number 0708411 (England and Wales) Charity number 208819
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
(A company limited by guarantee)
DIRECTORS' AND TRUSTEES' REPORT UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative information | 1 |
| Trustees and Directors' report | 2 - 3 |
| Statement of Financial Activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 10 |
| Independent Examiner's Report | 11 |
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
REFERENCE AND ADMINISTRATIVE INFORMATION
Charity name Abbeyfield (Chichester) Society Limited Company Registration number 00708411 Charity Registration number 208819 Directors and Trustees I B Peterkin (Chairman) A Thompson-Dyke V J Rogers A Irwin-Brown D N Rigglesford N Harris (appointed 10.10.22) Secretary I B Peterkin General manager H D Sque Registered office and Oakshade Operational address Market Avenue Chichester West Sussex PO19 1JR Reporting accountants AccountArt 5 St Thomas Avenue Hayling Island Hampshire PO11 0ET Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
1
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
ANNUAL REPORT OF THE TRUSTEES AND DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees and directors present their report and accounts for the year ended 31 December 2022.
Structure, Governance and Management
Governing Document
The organisation is a charitable company limited by guarantee and is therefore governed by a memorandum and articles of association. The company was incorporated on 17 November 1961.
Recruitment and Appointment of the Trustees
The directors of the company are also the trustees of the charity for the purposes of charity law. There is no minimum or maximum length of service and all new trustees have a basic review made into their background including a check with the Criminal Records Bureau before they are accepted.
Risk Management
The Trustees have reassessed the future direction for the Society having reviewed environmental trends and opportunities. We have adopted a set of assumptions upon which to approve business strategies, plans and targets to improve performance.
The Abbeyfield Society has standards and guidelines which are used. Monthly, quarterly and other systems are used to monitor and adjust performance and to assess and manage risk. A number of outside inspection agencies periodically review aspects of performance.
Direction, management and service delivery
The directors are required to make judgements and assessments in the process of preparing the accounts periodically. Furthermore they are responsible for ensuring that the accounting records comply with the Company Act 2006. Finally they are responsible for safeguarding the assets of the Company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for reviewing and developing visions of the future, fundamental direction, for approving the Managements’ annual business plan, monitoring and supporting the management’s execution of approved plans.
A Management Team led by a General Manager delivers a business plan approved by the Board, an offering to the market and a service to the residents. It reports to the Board quarterly, as a minimum.
The Chairman manages Board activities, relations with external institutions and with Abbeyfield networks. A directing Board of Trustees meets 6 – 10 times per annum to consider directions, key strategies and overall performance. As rooms are becoming vacant, they are being upgraded and kept fit for purpose.
Objectives and Activities
The Society manages and rents accommodation to elderly People. We provide support in our houses and also in their own homes with the care, security and Christian love to which they are entitled. At the same time it aims to foster a community spirit and a sense of independence for each individual.
In setting our objectives and planning our activities our Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on fee-charging.
We are delighted that one of our staff received the BME for dedication during Covid lockdown to our residents.
2
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
ANNUAL REPORT OF THE TRUSTEES AND DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022
Achievements and Performance
The Society has 2 homes which are successful. The market is now very much more aware of the Society’s offering as a result of a focused marketing drive.
The income has increased following the reduction of room vacancies. This is expected to be resolved in the next financial year.
Financial Review
The charity's main source of income is from rents receivable. For the current year, the statement of financial activities shows a net loss of £98,639 and the assets and reserves stand at £2,573,464 in total assets set out on the Statement of Financial Activities. This was largely due to a dramatic increase in our energy costs which rose by more than 100% on the previous year and the general increase in the overall cost of living during the middle to latter part of the year. occurring when several rooms became empty.
Principal Funding Sources
The residents pay a monthly rent which is calculated on the basis of the proportion of the size and location of their room. This rent is reviewed each May on the basis of cost inflation and the need to generate a surplus to cover loss of revenue income should that occur.
The Society also receives interest on its investments and occasionally income from legacies and donations.
Investment & Reserves Policy
The charity periodically reviews its investment policy to establish whether funds can be invested, reinvested or reallocated. Monies have typically been invested in a Treasury Deposits but are now invested in a Rathbones portfolio. All interest earned is re-invested.
Trustees and Directors' responsibilities
The trustees and directors are responsible for preparing the report and accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss for that period. In preparing those accounts, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the accounts comply with the Companies Act 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 irregularities. We feel that the affairs of the company and the loss for the year is in keeping with the rest of the report above, rather than surplus or loss.
This report was approved by the board on 27 September 2023 and signed on behalf of the board by
--------------------------------------------------------------------------------------------I B Peterkin General Manager Board of trustees of Management Team
3
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes Incoming resources Incoming resources from generated funds: Legacies and donations Investment income Incoming resources from charitable activities: Residential charges receivable At Home income generated Total incoming resources Resources expended Costs of generating voluntary income Charitable activities: Costs of providing residential accommodation 4 Governance costs Total resources expended Net incoming resources before transfers Gains and losses on revaluations of Land, Buildings & Investments Net movement in funds for the year Total funds at 1 January 2022 Total funds at 31 December 2023 |
2022 £ Restricted Funds - - - - - 978 - 978 (978) - (978) (1,677) (2,655) |
2022 £ Designated Funds - - - - - - - - - - - 45,000 45,000 |
2022 £ Unrestricted Funds 143 188 302,954 24,858 328,143 - 374,197 750 374,947 (46,804) (50,857) (97,661) 2,628,780 2,531,119 |
2022 £ Total Funds 143 188 302,954 24,858 328,143 - 375,175 750 375,925 (47,782) (50,857) (98,639) 2,672,103 2,573,464 |
2021 £ 5,000 - 267,174 28,869 |
|---|---|---|---|---|---|
| 301,043 | |||||
| - 285,739 725 |
|||||
| 286,464 | |||||
| 14,579 50,650 |
|||||
| 65,229 2,672,103 |
|||||
| 2,737,332 |
All recognised gains and losses are reflected through the Statement of Financial Activities, and therefore no separate Statement of Total Recognised Gains and Losses is disclosed.
4
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
Company number: 00708411
BALANCE SHEET
AS AT 31 DECEMBER 2022
| Notes Fixed assets Tangible assets 6 Investments 7 Current assets Debtors 8 Cash at bank and savings 9 Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year Net assets Charity funds 12 Restricted fund Designated funds Unrestricted funds |
£ 10,664 181,571 |
|---|---|
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities;
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The accounts were approved by the board on 27 September 2023 and signed on behalf of the board by
Mrs V J Rogers Director
5
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1 Principal accounting policies
Basis of accounting
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the Statement of Recommended Practice, Accounting by Charities issued in March 2005 and the Companies Act 2006. The accounts have also been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of VAT.
Freehold Land and buildings
Freehold Land and buildings are held for lettings and are stated at current market value.
Depreciation
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Pensions
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
| 2 Legacies and donations Other donations |
2022 Restricted Funds £ - - |
2022 Designated Funds £ - - |
2022 Unrestricted Funds £ 143 143 |
2022 Total Funds £ 143 143 |
2021 Total Funds £ 5,000 |
|---|---|---|---|---|---|
| 5,000 |
6
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
| 3 Investment income 2022 Restricted Funds £ Bank interest - 4 Resources expended 2022 Restricted Funds £ Costs of generating income Resident days out costs/ residents use 978 978 Costs of providing residential accommodation Housekeeping - General managerial house expenses - Light and heat - Licenses - Telephone - Rates and water - Insurance - Services to property - Approved projects Room refurbishment Gardens and grounds - Miscellaneous - Wages, salaries and staff training - Pension contributions - Administration expenses and travel costs - Printing, postage and stationery - IT maintenance and consumables - Advertising and marketing - Affiliation fees - Depreciation - - Governance costs Accountancy - - |
2022 Designated Funds £ - 2022 Designated Funds £ - - - - - - - - - - - - - - - - - - - - - - - |
2022 Unrestricted Funds £ 188 2022 Unrestricted Funds £ - - 38,511 9,370 25,953 636 4,143 9,996 6,942 10,487 - 56,483 7,230 166 188,684 1,658 179 - 2,220 3,659 5,159 - 371,476 750 750 |
2022 Total Funds £ 188 2022 Total Funds £ 978 978 38,511 9,370 25,953 636 4,143 9,996 6,942 10,487 - 56,483 7,230 166 188,684 1,658 179 - 2,220 3,659 5,159 - 371,476 750 750 |
2021 Total Funds £ - |
|---|---|---|---|---|
| 2021 Total Funds £ - |
||||
| - | ||||
| 30,034 - 12,212 792 3,128 6,175 5,523 20,111 - 9,400 6,525 2,171 174,217 645 192 4,599 2,220 3,314 5,159 - |
||||
| 286,417 | ||||
| 725 | ||||
| 725 |
7
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
| 5 Staff costs 2022 2022 2022 Restricted Designated Unrestricted Funds Funds Funds £ £ £ Salaries and wages - - 188,684 - - 188,684 The average monthly number of employees during the year was as follows: House staff No employees received remuneration amounting to more than £60,000 in either year. 6 Tangible fixed assets Land and buildings £ Cost/valuation Cost or valuation 1,850,000 At end of year 1,850,000 Depreciation At beginning of year - At end of year - Net book value At 31 December 2022 1,850,000 At 31 December 2021 1,850,000 If the land and buildings held for letting had not been revalued it would have been included at the |
5 Staff costs 2022 2022 2022 Restricted Designated Unrestricted Funds Funds Funds £ £ £ Salaries and wages - - 188,684 - - 188,684 The average monthly number of employees during the year was as follows: House staff No employees received remuneration amounting to more than £60,000 in either year. 6 Tangible fixed assets Land and buildings £ Cost/valuation Cost or valuation 1,850,000 At end of year 1,850,000 Depreciation At beginning of year - At end of year - Net book value At 31 December 2022 1,850,000 At 31 December 2021 1,850,000 If the land and buildings held for letting had not been revalued it would have been included at the |
2022 Total Funds £ 188,684 188,684 2022 14 Plant and machinery £ 94,695 94,695 72,114 72,114 22,581 22,581 |
2021 Total Funds £ 174,217 |
|---|---|---|---|
| 174,217 | |||
| 2021 14 |
|||
| Total £ 1,944,695 |
|||
| 1,944,695 | |||
| 72,114 | |||
| 72,114 | |||
| 1,872,581 | |||
| 1,872,581 | |||
| following historical co 2022 £ 1,115,678 |
st: 2021 £ 1,115,678 |
Land and buildings were last valued on an open market basis on 31 December 2015 by Stride & Son. The charity has been unable to obtain a more current valuation as no access to either home is allowed. This will be rectified during the current year.
8
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
| 7 8 9 10 |
Investments I Cost/valuation At beginning of year Investment income Revaluation At end of year Listed investments Debtors Trade debtors |
nvestments in subsidiary undertaking £ - - - - |
Other investments £ 597,954 - (50,857) 547,097 2022 £ 547,097 |
2022 £ 1,625 9,039 10,664 181,566 - 5 181,571 2022 £ 7,208 17,981 13,260 38,449 |
Total £ 597,954 - (50,857) |
|---|---|---|---|---|---|
| 547,097 | |||||
| 2021 £ 597,954 |
|||||
| 2021 £ 2,882 3,781 |
|||||
| Other debtors Bank balances Current accounts Savings accounts Petty cash Creditors: amounts falling due within one year Trade creditors Other taxes and social security costs Other creditors |
|||||
| 6,663 | |||||
| 233,957 - 5 |
|||||
| 233,962 | |||||
| 2021 £ 15,619 17,474 5,964 |
|||||
| 39,057 |
9
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
| 11 Provisions for liabilities 12 Statement of funds Unrestricted funds General funds Prior period adjustment Total general funds as restated Designated funds Sinking fund Restricted funds Residents activities and days out |
Brought Forward £ 2,628,780 - 2,628,780 45,000 (1,677) (1,677) 2,672,103 |
Incoming Resources £ 328,143 - 328,143 - - 328,143 |
Resources Expended £ (374,947) - (374,947) - (978) (978) (375,925) |
Transfers and/ or revaluations £ (50,857) - (50,857) - - (50,857) |
Carried Forward £ 2,531,119 |
|---|---|---|---|---|---|
| - | |||||
| 2,531,119 45,000 (2,655) |
|||||
| (2,655) | |||||
| 2,573,464 |
Designated funds
The trustees have set up a policy of transferring £5000 per annum to a designated 'Sinking Fund' to provide for future major works to the properties providing there is a surplus in the year.
Restricted funds
The Residents Days Out Fund and residents use Fund was generarted by a legacy from Gladys Jamieson in March 2010. A legacy from Jean Edwards was donated towards residents activities.
| 13 Analysis of net assets between funds 2022 Restricted Funds £ Intangible assets - Current assets (2,655) Creditors due in one year - At end of year (2,655) |
2022 Designated Funds £ - 45,000 - 45,000 |
2022 Unrestricted Funds £ 547,097 149,890 (38,449) 2,531,119 |
2022 Total Funds £ 547,097 192,235 (38,449) 2,573,464 |
2021 Total Funds £ 597,954 240,625 (39,057) |
|---|---|---|---|---|
| 2,672,103 |
10
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF
ABBEYFIELD CHICHESTER SOCIETY LTD(THE)
I report on the accounts of the Charity for the year ended 31 December 2022, which are set out on pages 2 to 9.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts (under section 145 of the 2011 Act);
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act); and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
V J Rogers
Chartered Certified Accountant
AccountArt
5 St Thomas Avenue Hayling Island Hampshire PO11 0ET
Date:
11