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2023-03-31-accounts

The Board, Executive Ofhcers and Advisers
Report ofthe Board ofTrustees
Independent
auditors'
report		 14
Statement ofcomprehensive
income		 19
Statement ofchanges
In reserves		 20
Balance sheet 21
Statement ofcash flows
Notes to the financial statements

The Boanl asatthe date The Boanl asatthe date The Boanl asatthe date The Boanl asatthe date of Mr D Byrne FCB(Chairman) Mr D Byrne FCB(Chairman) Mr D Byrne FCB(Chairman)
approval ofthis Annual Report Mr M Paris MBE MCIOB
Miss JSorenson
BA (Hone)		 PGDipM Chartered Marketer
Mr W Rendaa
ACII MA		 Oxon (reslaned 26July 2023)
)ante: ag Board members ere Mr JTimbs FCMI
also trustees ofthe charity Mr PAnderson
LLB(Hone) MBA
Dr I Conlan (appointed 29June 2023)
Mr R Leon (appointed 9 January 2023)
(resigned 26 July 2023)
The fogowlng was also 9Board Mrs L Phalr MA, BSc(Hons) Nursing RMN RGN DPNS (Deputy Chairman
member during part of the year Resigned 16July 2022
covered by this Annual Report
Executive Ofgcers asat the date of Mr N Taylor (Chief Executive Ofaoer)
approval ofthis Annual Report Mr
IThomas (Development		 Director)
Ms N Moss (Operations Manager)
Company secretary Mr P Anderson
LLB(Hons)		 MBA
Registered oNce and pdnclpal Ho l de nhurst
address Mill Road
HeathReld
East Sussex TN21 OGG
Independent auditors Lindeyer Francis Ferguson Limited
Chartered
Accountants
Statufoly Auditors
North House
198High Street
Tonbridge
Kent TN9 1BE
Bankers Barclays Bank pic
63/67 Terminus
Road
Eastbourne
East Sussex BN21 3NE

No of No of No of Changes since 31March Changes since 31March
social affordable noll- 2022
sheltered sheltered sodal
housing housing housing
unhs units units
Eastbourne 16 None
Brighton &Hove 16 None
' Heathfield The house opened on
06/04/22 and is now fully
occupied
Tunbrldge Wells 14
Alfriston

Risk Mlt
ation
Strategic
The Charity operates In a complex, guid market The Charity adopted
a 10-year strategic
plan
dependent on numerous external factors, 2016-2026 which
was
prepared
based
on
Including regulation, competition, customer sector research,
analysis
of changes
in the
expectations and requirements and the Charity's
defined
area of operation
and the
economic environment. relevant
experience
of the
trustees
and
management
team,
particularly
knowledge
of The Abbeyfleld
Society and
its strategic
plan. The Charity
Is currently
preparing
an
update to the Strategic
Plan covering 2023-
2033 for consideration
and adoption
by the
Board.
Finandal viabigty
Operations continue to generate sufficient The Board agrees an annual
financial
budget
funds to provide high standard services and on
a timely
basis
and
receives
quarterly
maintenance ofthe houses. reports
to
monitor
progress
against
expectations.
Ag budget
planning
and major
capital expenditure
is subject to approval
by
the
Board. The Senior Management
Team
receives
monthly
operations
income
and
expenditure
reports
for
review
with
the
house staff.

People
The success ofthe Charity is dependent on its The Board support the management
team to
staff and volunteers. The welfare of the staff ensure
appropriate
policies and		 procedures
and
residents
is of central		 importance
to		 are in place to protect the health and safety
successful operations. ofstaff and residents
at ag times.
The
Charity
is committed
to being
both a
Living
Wage
and
equal
opportunkles
employer.
The Board and management team must have an The
Board
regularly
assesses		 its
own
appropriate mix of skills to oversee existing composition
and
diversity
to		 ensure
an
operations and future plans, adequate
mix of skills. experience		 Is present
to direct the Charity and provide substantive
support to the management
team.

Notes 2023f 2022f
Turnover 2 1,546,330 662,707
Operating expenditure 2 ( 1,449,659) (1,064,435)
Operating surplus/ (def)clt) 96,671 ( 201,728)
Interest receivable 2,381 73
Other income 10,928 1,150
Gain on sale ofproperty 133,810
Income from property bond 7 1,130,000
Losses on revaluation offixed asset 7 ( 1,290,320)
Deficit on ordinary activities forthe year and total comprehensive
income ( 50,340) ( 66,695)

Income ond
expenditure		 Endowment
reserve		 Total
reserve
d
Balance at1AprB 2021 7,898,491 243,505 8,141,996
Total comprehensive income for the year (66,695) (66,695)
Transfer from endowment reserves 3,384 (3,384)
Balance at 31March 2022 and 1April 2022 7,835,180 240,121 8,075,301
Total comprehensive income for the year (50,340) (50,340)
Transfer from endowment reserves 3,384 (3,384)
Balance at 31March 2023 7,788,224 236,737 8,024,961

Notes 2023
E		 2022f
Fixed assets
Tangible fixed assets 16,162,192 17,202,160
16,162,192 17,202,160
Current assets
Debtors 14,368 13,467
Cash at bank and in hand 2,257,759 1,490,997
2,272,127 1,504,464
Creditors: amounts falling due
within one year 9 ( 562,420) ( 773,238)
Net current assets 1,709,707 731,226
Total assets less current liabilities 17,871,899 17,933,386
Creditors: amounts falling due
after one year (9,817,538) ( 9,85S,085)
provisions for liabilities ( 29800)
Net assets 8,024,961 8,075,301
Reserves
Income and expenditure reserve 7,788,224 7,835,180
Endowment
reserves		 15 236,737 240,121
8,024,961 8,073,301

2023f 2022f
Net cash generated
from operating activities		 A tp330,021 376,178
Cash flow from Investing activities
Purchase oftangible fixed assets ( 549,251) ( 1,874,377)
Proceeds from sales ofproperties 608,377
Interest received 2,381 73
Nat cash used In Investing activities ( 546,870) (1,265,927)
Cash flow from investing
activities
Grants received 150,499 226,721
Loans received ( 166,888) 911,214
Net cash provided
by invesdng
activities		 ( 16,389) 1,137,935
Net increase in cash and cash equivalents end change in net funds 766,762 248,186
Cash and cash equivalents
at the beginning		 ofthe year 1,490,997 1,242,811
Cash and cash equivalents
atthe end ofthe year		 2p257p759 1J490J997
Cash and cash equivalents
consists of:
Cash at bank and In hand 2,257,759 1,490,997
A.Reconciliation ofnet cash generated from operating activities
Cash flow from operating activities
Surplus/(deficit)
forthe year		 ( 50,340) ( 66,695)
Adjustments
for non cash items:
Depreciation 298,899 91,727
Impairment
offixed assets		 1,290,320
(Increase)/decrease
In debtors		 ( 901) 1,346
(Decrease)/increase
in creditors		 ( 234,976) 483,683
Increase/(decrease)
in provisons		 29p400
Adjustments
for investing
or financing		 activities:
Gain on sale ofproperty ( 133,810)
Interest receivable ( 2,381) (73)
Cash generated
from operating activities		 1,330,021 376,178

Turnover end costs
2023f 2022f
Rent receivable
5ocial housing 1,834,505 1,014,035
General
housing		 24,643 23,036
Void losses
Social housing ( 384,288) ( 177,015)
Amortised
government		 grants 68,074 400
Turnover from housing lettings 1,542,934 860,456
Income from other activities
Coronavlrus
Job Retention Scheme		 grants 1,719
Sundry 3,396 532
Total 1,546,330 862,707
Operating
casts from social housing activities:
Management
expenses		 818,894 693,059
Property maintenance and refurbishment costs 123,390 90,076
Oepreclation
of housing		 properties 265,489 56,289
Other casts 241,886 225,011
Total 16449,659 1,064,435
hiet surplus/(deficit)
from housing activities		 6. 71 128,7287

3 Surplus/(denclt)
on ordinary		 Surplus/(denclt)
on ordinary		 actlvhlas actlvhlas 2023 2022
6 6
This Isstated after charging:
Depreciation ofhousing properties 265,489 56,289
Oepreciation
ofother tangible		 assets 33,410 35,438
Auditors'
remuneration		 for audit 7,800 7,800
Auditors'
remuneration		 for non-audit services 5,946 5,486
4 Staffcosts and key management personnel
2023 2022
6
Wages and salaries 474,496 442,435
Socia Isecurity costs 33,461 34,339
Other pension costs 10,511 15,619
518,468 492,393
The average number of employees forthe year based on monthly headcount is as follows:
2023 2022
Number Number
Housekeeping 30
Administration 3
37 33

2022 2021
1 2
Tangible fixed asseS
Hollsirrg Housing Fixtures, Total
Properties Properties Fttings and
under equipment
developmentf
Cost
At 1April 2022 3,110,747 14,544,631 372,795 18,028,173
Additions 515/$8 33,763 549,251
Revaluation ( 1,290,320) ( 1,290,320)
Transfer 13,769,799 ( 13,769,799)
At31March 2023 16,880,546 406,558 17,287,104
Depreciation
At 1April 2022 620,067 205,946 826,013
Charge for the year 265,489 33,410 298,899
At 31March 2023 385,556 239,356 1,124,912
slat book value
At 31March 2023 15,994,990 167,202 16,162,192
At 31March 2022 2,490,680 14,644,631 166,849 17,202,160

2023 2022
E' 6
Rent and service charges receivable 4,050 42I59
Prepayments
and accrued income		 9,118 8,60$
Other debtors 1,200
14,368 13,467
9 credhorsr amounts falling due within one year
2023 2022
6 6
Government
grants		 77,942 115,322
Trade creditors 89,852 131,603
Rent and service charges received In advance 30,533 28,756
Accruals and deferred income 46,093 234,044
aankloans 291,672 261,362
Other creditors 26,328 2,151
562,420 773,238
10 Deferred grant income
2023 2022
6 6
At 1Aprg 2022 5,243,373 4,912,398
Grants received 181,193 331,375
Released to income in the year ( 68,074) (400)
At 31March 2023 5,356,492 5,243,373

The movements
on		 recycled capital grant isas follows:
2023 2022
f
At 1Apdl 2022 4,483,642 4,152,267
Grants received
Released to income		 in the year 181,193
~58110		 331,375
At 31March 2023 4,606,525 4,483,642
Creditors: amounts falling due after one year
2023
E		 2022f
Bank loans 4,538,988 4,705,876
Government
grants		 5,278,550 5,128,051
Other creditors 24,158
At 31March 2023 9,817,538 9,858,085

Housing sto ck
2023 2022
f f
The number ofunits in management at the end ofthe year were:
General housing - social rent 3 3
Supported housing 103 55
106 58

Current year Current year Ba/ance at 1 Income Expenditure Transfers Balance at31
April 2022 March 2023
Permanent endowment
Angus Lodge endowment
fund 240,121 ( 3,384) 2361737
Prior year Ba/ance at 1 Income Expenditure Transfers Balance at 31
April 2021 Mamh 2022
Permanent endowment
Angus Lodge endowment
fund 243,505 (3,3043 340.111

FOR THE YEAR EN DED 82 MARCH 2022
Turnover 2023 2023 2022 2022
E E E E
Social housing iattinss 1,450,217 837,020
General needs rent 24,643 23,036
Amortlsed
government		 grams 68,074 400
Coronavirus Iob Retention Scheme grants 1,719
Sundry 3,396 532
1,546,330 862,707
Administrative
expenses -		 manrmement
House staff costs 404,363 363,204
Staff training 8welfare 3,478 2,373
food and other household costs 154,735 94,731
Water rates 6,133 10,181
Councg tax 8,644 13,429
Electricity 37343 25,162
Gas 62,334 44,670
Insurance 21,125 24,407
Cleaning 9,771 7,924
Adveruslng 20,201 2S,336
Ufellne 36,752 26,614
Telephone 17,140 18,768
Television licence 1,460 822
oepreciatlon offixtures and ffttlngs 33,409 35,438
( 818,894) ( 693,059)
Adminbtrative
expenses -		 other
Administrative
staff costs		 148,017 153,152
Printing,
postage and stationery		 10,129 23,803
Trsvenlng
expenses		 2,456 4,041
Legal and professional fees 45,609 4,574
Auditors'
non-sudit fees		 5,946 5,486
Audit fees 7,800 7~0
Affiliatio fees 15,933 16,162
Bank charges and interest paid 743 157
Baddebts 2,178
Service mntracts 2,030
Sundry erpenses 3,223 7,658
( 241,886) (225,011)
Repairs and maintenance
Routine maintenance 123,390 90,076
Oepreclatlon
ofhousing properties		 265,489 56,289
(338,879) (146,365)
Interest receivable 2,381 73
Gain on disposal ofproperty 133,810
Other income 10,928 1,150
losses on revaluation ofaxed asset ( L,290,320)
Income from property bond 1,130,000
[147,011) 135,033
Oeffdt forthe year ( 50,340) ( 66.695)