Company registration number:00679607 Charity registration number:213120 Housing Association registration number:H022
The Abbeyfield Colwyn Bay Society Ltd (A company limited by guarantee) Annual Report and Financial Statements for the Period ended 3! March 2022
Aston Hughes Co Chartered Accountants and Statutory Auditors Selby Towers 29 Princes Drive Colwyn Bay North Wales LL29 8PE
The Abbeyfield Colwyn Bay Society Ltd Contents
Reference and Administrative Details 1 Trustees' Report 2 to 4 Independent auditors’ report 5 to7 Statement of Comprehensive Income 8 Statement of Financial Position 9 Statement of Changes in Reserves 10 Cash flow statement 11 Notes to the Financial Statements 12 to 18
The Abbeyfield Colwyn Bay Society Ltd Reference and Administrative Details
| Charityname | The AbbeyfieldColwynBaySocietyLtd |
|---|---|
| Charity registration number | 213120 |
| Company registrationnumber | 00679607 |
| HousingAssociation registration number | HO022 |
| Trustees | MrsCWhittaker |
| MrsBAM Watson | |
| MrJN Barry | |
| Mr GR Price |
|
| MrsJR Hough | |
| Ms J]Petham - Appointed 17November2021 | |
| Miss AP Roberts - Resigned 23 August 2021 | |
| GeneralManager | MrsAHamblett |
| Secretary | MrsAHamblett |
| Registered Office | 10-12 Alexandra Road |
| ColwynBay | |
| Conwy | |
| NorthWales | |
| LL29 7YB | |
| Bankers | BarclaysBank |
| 84Mostyn Street | |
| Llandudno | |
| Conwy | |
| North Wales | |
| LL3Q 2SH | |
| Auditors | AstonHughesLtd |
| SelbyTowers | |
| 29 Princes Drive | |
| Colwyn Bay | |
| Conwy | |
| North Wales | |
| LL298PE |
Page 1
The Abbeyfield Colwyn Bay Society Ltd Trustees' Report
The Trustees, who are directors for the purposes of company law, presents their report and audited financial statements for the year ended 31 March 2022.
Principal Activities
The principal activity of the company in the year of review was that of the provision of sheltered housing for the elderly.
Structure, Governance and Management
Governing Document
The organisation is limited by guarantee. It was incorporated 4th January 1961 and registered as a charity 30th November 1962. The organisation is also a registered Social Landlord and is governed by its Memorandum and Articles of Association.
Related Parties
Whilst the organisation is a member of the Abbeyfield Society it operates in an autonomous manner.
Organisation Structure and Management
The Charity is governed by it's Board of Trustees who meet monthly, but a meeting may be called at ary time should it be deemed necessaty. The Board of Trustees are responsible for the leadership, strategy and all major decisions of the charity, the day to day running of the Charity is delegated to the the Admin department and the General and House Managers, who are all viewed as key management personnel.
Recruitment and appointment of trustees
Trustees are nominated by the current Board, provided they meet the criteria based on the needs of the Charity. Job description and handbook, together with relevant information about Abbeyfield are sent to the prospective Trustee, and providing they are happy to join the Abbeyfield family they are invited to a meeting to meet the Board. The Board will then vote in the successful candidate. Training is provided to Trustees as and when required.
Arrangements for setting key personnel remuneration
Salary proposals are drawn up by the General Manager, based on the UK minimum wage, and are presented to the Board at the February meeting and agreed in March, to be effective from the start of the next financial year.
Risk Management
The Trustees have a duty to identify and review the risks to which the organisation is exposed {including thase posed by financial instruments) and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error and safeguard assets.
The charity's' income is dependent on occupancy levels, in order to maximise the level of income the trustees review and monitor these levels. In the period under review management have proved effective in maintaining a high level. The general reserve is maintained at such a level as to enable the work of the organisation to continue in the event of a loss of funds and during periods of low occupancy.
The Trustees remain highly informed in regards to the financial activities of the charity through the use of budgets, payments review, monthly trustee meetings and bi-monthly finance reviews. Appropriate controls and a conductive culture are distilled within the charity to promote effective operation.
Public Benefit
The charity is a public benefit entity, it's primary activity ,the provision of care and shelter for the elderly, as well as its supporting activities have a direct link to public benefit. Through its furtherance of activities it has also been able to offer local employment and volunteer opportunities.
The trustees confirm that they have referred to the guidance contained in The Charity Commission general guidance on public benefit when reviewing the Fund’s aims and objectives and in planning the future activities.
Page 2
The Abbeyfield Colwyn Bay Society Ltd Trustees' Report
Objectives and Aims - Mission Statement
The Society aims to provide a peaceful and friendly life style where residents can maintain their independence whilst living within a small safe community,
Achievements and performance
The charity continues to be effective in managing their 27 rented housing units as well as in the provision of care and security to residents.
Occupancy levels overall were 68.52%. The Society is still feeling the effects of the Coronavirus pandemic and are struggling to fill vacancies. Two residents passed away, five moved to Care and one to hospital who never returned. Houses have been maintained to high standard; major repair work carried out during the year includes the following;
a. Flat 4 at Whitehall Road; brand new bathroom and kitchen relocated to the living room plus overall decoration b. Replaced the two wooden porches with PVC at Alexandra Road as the wood was rotting.
c. Final decoration and replacement of soft furnishings for the newly refurbished conservatory at Rhos Road
d. The Tunstall Lifeline Boxes were replaced in all 27 units as the old units were analogue and needed to be digital by 2025
Financial Review
A lower occupancy level for the period has resulted in a reduced surplus for this twelve-month period.
Considering the challenging climate the trustees are overall pleased with the financial performance of the charity as well as the level of service provided to the remaining residents for the twelve months period under review.
Plans for the Future
The Society will continue to provide a high level of accomodation and service for its residents and adhere to quality standards. The 5 year plan will continue to be implemented during the forthcoming financial year.
Reserves policy
The trustees objective is to maintain sufficient reserves to enable the properties to be maintained to a high standard, fund future fixed asset additions and ensure a sufficient level of working capital exists. The unrestricted cash reserve represent 18 months operational costs. The charity has sufficient reserves at year end (unrestricted reserves of£1,590,545 of which cash £617,348) to service the on-going requirements for the foreseeable future.
Statement of Trustees Responsibilities
The trustees (who are also the directors of The Abbeyfield Colwyn Bay Society Ltd for the purposes of company Jaw) are responsible for preparing the Report of the Trustees and the financial statements in accordance with United Kingdom Accounting Standards ( United Kingdom Generally Accepted Accounting Practice) and applicable Jaw and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP and the Housing SORP:
-
make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The irustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
The Abbeyfield Colwyn Bay Society Ltd Trustees’ Report
Disclosure of Information to Auditors
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity’s auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Auditors
The auditors, Aston Hughes Ltd, will be proposed for re-appointment at the forthcoming Annual General mecting.
Small company provisions
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the Board and signed on its behalf by:
(Mrs B A M Watson) Trustee
Date: AAT On22%
Page 4
Independent Auditors' Report to the Trustees of The Abbeyfield Colwyn Bay Society Ltd
Opinion
We have audited the financial statements of The Abbeyfield Colwyn Bay Society Ltd (‘the charitable company’) for the year ended 31 March 2022, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Reserves, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2022 and of its results for the year then ended;
. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and . have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we de not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- _ the information given in the trustees! report which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and . __ the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trusiees' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or 2 certain disclosures of trustees remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Page 5
Independent Auditors' Report to the Trustees of The Abbeyfield Colwyn Bay Society Ltd
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities [set out on page 3], the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the of the charitable company’s industry and control environment and reviewed policies and procedures relating to fraud and compliance with laws and regulations. We also enquired with management about their own identification and assessment of the risk of irregularities.
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
The audit team discussed areas that may exist within the organisation for fraud or non-compliance with laws and regulations and reviewed any correspondence from the relevant regulators. Where we considered the risks identified may have a direct material effect on the financial statements or operations of the charitable company’s audit procedures were carried out.
To address the risks identified we discussed matiers with key management and inspected trustee minutes aud undertaken further enquiries into environmental and health and safety controls.
In common with alf audits under ISA's (UK) we are also required to perform specific procedures to respond to the risk offraud and error through management override ofcontrols and in response we incorporated testing of manual adjustments in the charitable company's financial reporting system.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.fic.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 6
Independent Auditors’ Report to the Trustees of The Abbeyfield Colwyn Bay Society Ltd
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities ofthe trustees with respect to going concern are described in the relevant sections of this report.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Mr th Lowe BSc ACA (Senior Statutory Auditor) for and on behalf of: Aston Hughes Limited Chartered Accountants and Statutory Auditors Selby Towers 29 Princes Drive Colwyn Bay Conwy LL29 §PE
Date: AAT IS 7 2027
Page 7
The Abbeyfield Colwyn Bay Society Ltd Statement of Comprehensive Income for the Period Ended 31 March 2022
----- Start of picture text -----
||||||
|---|---|---|---|---|
|2022|2021|
|Note|£|£|
|Turnover|2|399,193|443,025|
|Less: Operating|costs|3|415,149|433,734|
|Operating surplus|4|(15,956)|9,291|
|Interest receivable|165|1,582|
|Other income|3|10,000|115,984|
|10,165|117,566|
|Surplus on ordinary activities before taxation|(5,79}}|126,857|
|Tax on surplus|on ordinary|activities|Be|
|Surplus for the period|(5,791)|126,857|
|Reserves brought forward|15|1,639,300|1,512,443|
|Reserves|carried forward|15|1,633,508|1,639,300|
----- End of picture text -----
The results relate wholly to continuing activities and all unrestricted and restricted funds.
There is no material difference between the retained surplus for the year on ordinary activities stated above and its historical cost equivalent.
The notes on pages 12 to 18 form an integral part of these financial statements. Page 8
The Abbeyfield Colwyn Bay Society Ltd (Registration number:00679607) Statement of Financial Position as at 31 March 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Housingproperties -depreciated cost | 9 | 1,013,924 | 1,023,724 | ||
| lessSHG | 10 | (43,736) | (43,736) | ||
| 970,188 | 979,988 | ||||
| Current assets | |||||
| Debtors | 1k | 18,018 | 7,125 | ||
| Cash atbankand inhand | 660,311 | 667,288 | |||
| 678,329 | 674,413 | ||||
| Creditors: Amounts falling duewithin one | |||||
| year | 12 | (15,009) | (15,101) | ||
| Netcurrent assets | 663,320 | 659,312 | |||
| Netassets | 1,633,508 | 1,639,300 | |||
| Thefunds of the charity: | |||||
| Capital and reserves | |||||
| Revenuereserves | 15 | 1,590,545 | 1,561,929 | ||
| Designated reserves | 15 | - | - | ||
| RestrictedReserves | 15 | 42.963 | 77,371 | ||
| Total charity funds | ____ | 1,633,508 | 1,639,300 |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the smali companies regime .
Approved by the Board on...7.1O -2022.and signed on its0 by: Mrs B A M Watson Mr J NB ry x Trustee Trustee’
The notes on pages 12 to 18 form an integral part of these financial statements. Page 9
The Abbeyfield Colwyn Bay Society Ltd Statement of Changes in Reserves for the Period Ended 31 March 2022
| Designated | |||||
|---|---|---|---|---|---|
| Cyclical | |||||
| Revenue | Restricted | Maintenance | |||
| Reserves | Reserves | Reserve | TotalReserves | ||
| £ | £ | £ | £ | ||
| At1April2021 | 1,561,929 | 77,37) | - | 1,639,300 | |
| Surplusfortheyear | 28,617 | (34,408) | (5,791) | ||
| At31 March2022 | 1,590,545 | 42,963 | - | 1,633,508 | |
| Designated | |||||
| Cyclical | |||||
| Revenue | Restricted | Maintenance | |||
| Reserves | Reserves | Reserve | TotalReserves | ||
| £ | £ | i | £ | ||
| Atf April2020 | 1,512,443 | - | = | 1,512,443 | |
| Surplusfortheyear | 50,318 | 76,539 | 126,857 | ||
| Transfer | (832) | 832 | . | - | |
| At31March2021 | 1,561,929 | 77,37) | “ | 1,639,300 |
The notes on pages 12 to 18 form an integral part of these financial statements. Page 10
The Abbeyfield Colwyn Bay Society Ltd Cash flow for the year ended 31 March 2022
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|2022|2021|
|Note|£|£|
|Free cash|flows|from operating|activities|
|Net Cash|(used|in)/provided by operating activities|18|(7,141)|132,075|
|Cashflows|from investing|activities|
|Interest income|165|1,582|
|Capital|expenditure on|tangible|fixed assets|-|-|
|Change|in|free cash and cash|equivalents|in the year|(6,976)|133,657|
|Cash and cash|equivalents|brought forward|667,288|533,631|
|Cash|and cash|equivalents|carried forward|660,312|667,288|
----- End of picture text -----
The notes on pages 12 to 18 form an integral part of these financial statements. Page I
The Abbeyfield Colwyn Bay Society Ltd Notes to the Financial Statements for the Period Ended 31 March 2022
I Accounting policies (a) General The Abbeyfield colwyn Bay Society is a company limited by guarantee having no share capital and with solely charitable objectives. Registered in England and wales No 00679607; Registered as a charity No 213120; registered as a social landlord in Wales No H022.
(b) Charity Status
The charity is a charity limited by guarantee incorporated in England an Wales and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The registered office address is provided on in the company information page.even of liquidation. (c) Accounting convention The financial statements have been prepared under the historical cost convention (unless otherwise stated) and in accordance with the Housing SORP: 2018 update (Statement of Recommended Practice for registered social housing providers), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and Companies Act 2006. (d) Functional currency The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. (e) Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern aor any significant areas of uncertainty that affect the carrying value of assets held by the charity. (f) Revenue Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course ofthe charity's activities. Turnover is shown net of rebates and discounts, The charity recognises revenue when: The amount can be reliably measured;
it is probable that future economice benefit will flow to the entity; and specific criteria have been met for cach of the charity's activities. (g) Fixed assets - Housing Properties Properties included in housing properties are stated at cost less depreciation. The cost of such properties inchades the following:-
i) cost of acquiring land and buildings;
ii) development expenditure;
iii) interest charged on mortgage loans raised to finance the scheme up to the date of completion;
iv) amounts equal to acquisition and development allowances receivable;
All invoices and architect's certificates relating to capital expenditure are included in the accounts at the gross value provided that the expenditure was incurred or the architect's certificate was completed by the end of the accounting year.
Page 12
The Abbeyfield Colwyn Bay Society Ltd Notes to the Financial Statements for the Period Ended 31 March 2022
(h) Depreciation
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|---|---|---|---|---|---|---|---|---|---|---|
|Housing|properties|are|depreciated|on|historic|cost|after deducting grants.|Depreciation|is provided on housing properties|
|so|as|to write|off the cost or valuation,|less any estimated residual|valve,|over|their expected useful|economic|life|as|
|follows:|
|Housing properties|1% reducing balance|basis|
|Freehold|land|No|depreciation|
|The cost of fixtures,|fittings|and equipment|is written|off through the income and|expenditure account as|incurred.|Assets|
|donated|to|the|charity are not included|in|the balance|sheet.|
----- End of picture text -----
----- Start of picture text -----
(i) Donations and grants
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||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Income from|donations|and|grants,|including capital|grants,|is|included|in|incoming|resources when|these|are receivable,|
|except as|follows:|
| When|donors|specify that donations|and grants given to the charity must be|used|in future|accounting|periods,|
|the income|is|deferred until|those|periods.|
|“When donors|impose|conditions|that have|to|be fulfilled before|the|charity|becomes entitled|to|use such|income,|the|
|income|is|deferred and not|included|in|incoming resources|until|the pre-conditions|are|met.|
|When donors|specify|that donations|and grants, including|capital|grants,|are|for particular restricted purposes,|
|which do not amount to pre-conditions regarding|entitlement,|this|is included in|incoming resources|of|restricted|
|funds when|receivable.|
|(i)|Legacies|
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Legacies received for a specific purpose are included in restricted reserves, a record of expenditure allocated against this teserve is maintained by The Society. A designated reserve bas becn established to enable the Society to meet the cost of future repair and replacement liabilities. The amount of designated reserve is to be reviewed each year with reference to the plan. (k) Interest receivable
Interest is inchaded when receivable by the charity
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(1) Corporation Tax and VAT
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The society has charitable status and is exempt from Corporation Tax on the income it receives, The society is not registered for VAT. Accordingly no VAT is charged to residents, and expenditure in the income and expenditure account includes the relevant VAT. (m) Resources expended Resources expended are included in the Statement of Financial Activities on an accruals basis. Certain expenditure is directly attributable to specific activities and has been included in those categories.
(n) Pensions
The company operates a defined contribution pension scheme. Contributions payable to this scheme are charge to the income and expenditure account in the period which they relate. These contributions are invested separately ftom the company's assets.
{o) Debtors
Trade debtors are amounts due from customers or funders. A provision for impairment of debtors is made when there is objective evident that the charity may not be able to collect all the amounts due. (p) Cash at bank and in hand
Cash and cash equivalents comprise cash on hand and call deposits.
{q) Unrestricted Funds
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the Charity without further specified purpose and are available as general funds.
Restricted funds are those donated for use in a particular area of specific purpose, the use ofwhich is restricted to that area or purpose.
Page 13
2 Turnover
3
4
The Abbeyfield Colwyn Bay Society Ltd Notes to the Financial Statements for the Period Ended 31 March 2022
| Turnover | |||
|---|---|---|---|
| Yearended | Year ended | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Rentreceivablefromsupportedhousing | 397,058 | 443,025 | |
| Guestincome andresident extras | 2,135 | - | |
| 399,193 | 443,025 | ||
| Allincome includedin tumoverwas unrestricted forboth2022 and2021. | 2021. | ||
| Operatingcosts | |||
| Unrestricted | Restricted | Yearended | |
| 2022 | |||
| £ | £ | £ | |
| Management costs | 13,725 | 13,725 | |
| Servicecharge costs | 332,574 | 264 | 332,838 |
| Maintenance | 24,642 | 34,144 | 58,786 |
| Depreciation | 9,800 | 9,800 | |
| 380,741 | 34,408 | 415,149 | |
| Unrestricted | Restricted | Yearended | |
| 2021 | |||
| £ | € | £ | |
| Management costs | 15,005 | 15,005 | |
| Servicecharge costs | 346,398 | 346,398 | |
| Maintenance | 26,909 | 35,523 | 62,432 |
| Depreciation | 9,899 | 9,899 | |
| 398,213 | 35,523 | 433,734 | |
| Operating Surplus | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Operatingsurplus is stated aftercharging: | |||
| Auditors’remuneration (inc VAT): | |||
| Intheircapacityas auditors | 1,634 | 1,595 | |
| In respectofotherservices | - | - | |
| Depreciation | 9,800 | 9,899 |
Page 14
The Abbeyfield Colwyn Bay Society Ltd Notes to the Financial Statements for the Period Ended 31 March 2022
5
6
7
8
Other income
| Year ended | |||
|---|---|---|---|
| Unrestricted | Restricted | 2022 | |
| £ | £ | £ | |
| Legaciesandbequests | 10,000 | 10,000 | |
| Job retention scheme | x | ||
| Nongovernmentgrants | = | ||
| 10,000 | - | 10,000 | |
| Year ended | |||
| Unrestricted | Restricted | 2021 | |
| £ | £ | € | |
| Legacies andbequests | 36,577 | 36,577 | |
| Jobretention scheme | 3,922 | 3,922 | |
| Nongovernmentgrants | 75,485 | 75,485 | |
| 3,922 | 112,062 | 115,984 |
Trustees' remuneration and expenses
No trustees received any remuneration or reimbursements during the period.
Employees' remuneration
The aggregate payroll costs of these persons were as follows:
| The aggregate payroll costs of these persons were ascosts of these persons were asof these persons were asthese persons were aspersons were aswere asas follows: | ||
|---|---|---|
| 2022 | 2021 | |
| Theaveragenumber ofpersons employed duringthe year(full time equivalents)was: | ||
| Administration | 2 | 2 |
| House Managers | 4 | 4 |
| Housekeeper, assisianis and cleaners | 6 | 6 |
| Total | 12 | 12 |
| £ | £ | |
| Wages and salaries | 237,025 | 243,572 |
| Social security | 11,857 | 12,194 |
| Otherpension costs | 6,932 | 6,994 |
| 255,814 | 262,760 |
There are no employees with emoluments above £60,000. Remuneration paid to key management personnel totalled £114,088 (2021: £116,024 ). Administration and House Managers are classed as key management personnel.
Taxation
The company is a registered charity and is, therefore, exempt from taxation.
Page 15
9
12
The Abbeyfield Colwyn Bay Society Ltd Notes to the Financial Statements for the Period Ended 31 March 2022
Tangible fixed assets - Housing properties
10
| Tangible fixedfixed assets - Housing propertiesHousing propertiesproperties | |
|---|---|
| Freehold land and | |
| buildings | |
| £ | |
| Cost | |
| As at | April 2021 |
| Additions | - |
| As at 31 March 2022 | 1,201,329 |
| Depreciation | |
| As at I April 2021 | 177,605 |
| Chargefortheperiod | 9,800 |
| As at31 March 2022 | 187,405 |
| Netbook value | |
| Asat31 March 2022 | 1,013,924 |
| Asat | April 2021 |
| Tangiblefixed assets-Social HousingGrants | |
| Freehold land and | |
| buildings | |
| £ | |
| Cost | ————————————— |
| Asat! April 202] and31March2022 | 43,736 |
il Debtors
| Debtors | ||
|---|---|---|
| Year ended | Year ended | |
| 2022 | 2021 | |
| £ | £ | |
| Trade debtors | - | - |
| Other debtors | 10,000 | “ |
| Prepayments andaccrued income | 8,018 | 7,125 |
| 18,038 | 7,125 | |
| Creditors: Amounts fallingduewithin oneyear | ||
| 2022 | 2021 | |
| £ | £ | |
| Accruals | 15,009 | 15,101 |
Accruals
13 Members’ liability
The charity is a private company limited by guarantee and consequently does not have share capital, Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £6,932 (31 March 2021- £6,994). Unpaid pension contributions at the year cnd amounted to £1,294 (31 March 2021- £1,208).
14 Pension scheme
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15 Reserves
16
18
The Abbeyfield Colwyn Bay Society Ltd Notes to the Financial Statements for the Period Ended 31 March 2022
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|||||||||
|---|---|---|---|---|---|---|---|
|Revenue Reserve|Restricted|Designated|Total Reserves|
|Reserves|Cyclical|
|Maintenance|
|Reserve|
|£|£|£|£|
|At|1|April 2021|1,561,929|77,371|-|1,639,300|
|Income|409,358|409,358|
|Expenditure|(380,741)|(34,408)|(415,149)|
|Transfers|-|
|At 31|March 2022|1,590,545|42,963|-|1,633,508|
|Revenue Reserve|Restricted|Designated|Total Reserves|
|Reserves|Cyclical|
|Maintenance|
|Reserve|
|£|£|£|£|
|Att|April 2020|1,512,443|-|-|1,512,443|
|Income|448,529|112,062|560,591|
|Expenditure|(398,211)|(35,523)|(433,734)|
|Transfers|(832)|$32|i|
|At|31|March|2021|1,561,929|77,371|-|1,639,300|
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Restricted Reserves
Three restricted reserves were held at the year end; The J Craven legacy which was received for the benetit ofWhitehall Road (balance at year end £20,590, 2021 year end balance was £35,085} and The Glan Conwy Grant which was received for property improvement works on all three properties (balance at year end £21,806, 2021 year end balance was £41,454), the remaining £567 {2021 - £832) relates to Co-op Community funding.
Contingent Liabilities
Social Housing Grants and outstanding mortgage charges may become repayable when changes in the use of the property mean the property is either no longer being used by a RSL or in accordance with the terms of the original agreements.
i7
Accommodation Units
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Year ended Year ended
2022 2021
Supported housing units 27 27
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Reconciliation of net movement in funds to net cash flow from operating activities
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|||||||
|---|---|---|---|---|---|
|Year|ended|Year|ended|
|2022|2021|
|£|£|
|Net (expenditure)/income|for the year|(5,791)|126,857|
|Adjustments|for;|
|Depreciation|charges|9,800|9,899|
|(Increase)/ Decrease|in|debtors|(10,893)|(274)|
|Tncrease/ (Decrease)|in creditors|(92)|(2,825)|
|Finance income|(165)|(1,582)|
|Net cash|(used in)/ provided|by operating|activities|(7,141)|132,075|
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19
21
The Abbeyfield Colwyn Bay Society Ltd Notes to the Financial Statements for the Period Ended 31 March 2022
Analysis of net assets between funds
20
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Revenue Reserve|Restricted|Total Reserves|
|Reserves|2022|
|£|£|£|
|Tangible fixed|assets|970,188|970,188|
|Current assets|635,366|42,963|678,329|
|Current liabilities|(15,009)|(15,009)|
|1,590,545|42,963|1,633,508|
|Revenue Reserve|Restricted|Total Reserves|
|Reserves|2021|
|£|£|iz|
|Tangible|fixed|assets|979,988|979,988|
|Current assets|597,042|77,371|674,413|
|Current|liabilities|(45,101)|(15,101}|
|1,561,929|77,37|1,639,300|
|Analysis|ofnet funds|
|At|I|April|2021|Financing cash|As 3f|March|2022|
|flows|
|£|£|£|
|Cash|at bank and in|hand|667,288|(6,977)|660,311|
|Net|surplus|(debt)|667,288|(6,977)|660,311|
|At|1|April|2020|Financing|cash|As|31|March|2021|
|flows|
|£|£|£|
|Cash|at bank and|in|hand|533,631|133,657|667,288|
|Net surplus|(debt)|533,631|133,657|667,288|
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Related party transactions
There have been no related party transactions in the current or previous reporting period.
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