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|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||
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|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||||||
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||||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|||||||
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|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.|
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|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.||
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|||||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)|
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||||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|
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||||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|
##
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||||||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|
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|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|
##
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|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|
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|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/$8|33,763|549,251|
|Revaluation||(|1,290,320)||( 1,290,320)|
|Transfer|13,769,799|( 13,769,799)||||
|At31March 2023|16,880,546|||406,558|17,287,104|
|Depreciation||||||
|At 1April 2022|620,067|||205,946|826,013|
|Charge for the year|265,489|||33,410|298,899|
|At 31March 2023|385,556|||239,356|1,124,912|
|slat book value||||||
|At 31March 2023|15,994,990|||167,202|16,162,192|
|At 31March 2022|2,490,680|14,644,631||166,849|17,202,160|
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||||||2023|2022|
|---|---|---|---|---|---|---|
||||||E'|6|
||Rent and service charges receivable||||4,050|42I59|
||Prepayments
and accrued income||||9,118|8,60$|
||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|
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|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|
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|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|
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|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|
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|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)|