Company reg15tered number: l)0736150
Charity number: 216779
Re8ulator of Social Houslng reglstered number H0375
ABBEYFIELD SOUTH DOWNS LIMITED
ANNUAL REPORT AND
FINANaAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024

ABBEYFIELD SOUTH DOWNS LIMITED
CONTENTS
The Board. Executlve Officers, and Advisers
Report of the Board ofTrustees
Independent auditors, report
13
Statement of comprehensive income
18
Statement of changes in reserve5
19
Balance sheet
20
Statement of cash flows
21
Note5 to the finan¢lJl statements
22

ABBEYFIELD SOUTH DOWNS LIMITED
THE BOARD, EXECUTIVE OFFICERS, ADVISERS
The Board as at the date of
approval of thls Annual Report
Mr l Thoma5 Ichairmanl Bsc IHonsl CEng MRICS MIStructE MCIOB
(Appointed as Trustee 16" October 20231
Mr D Byrne FCII
Mr M Paris MBE MCIOB
Miss J Soren50n BA IHonsl PGDipM Chartered Marketer
Mr J fimbs FCMI
Mr P Anderson LLBIHonsl MBA
Dr I Conlan lappointed 29 lune 20231
Mr N Taylor (appointed 15" 0￿¢ber 20241
Note: all Board members are
also trwtee5 rfthe rharltv
The fOlk>Wi￿ was also a Board
member durlng part of the year
covered bythls Annual Report
MT R Leon (resigned 26 July 20231
Mr W Rendall ACIS MA Oxon Iie5i8ned 26 July 20231
Executfve Oflkers as at the date of Ms N Mos5 (General Managerl
approval of this Annual Report
Mrs W Barrow IFinance Mènagèrl
Company secretary
MT P Anderson LL&IHonsl MBA
Reglstered office and prlbxlpal
addtess
Holdenhur5t
Mill Road
Heathfield
East Sussex TN21 OGG
Independent aud5tors
Lindeyer Fran¢is Fer8uson Llmlted
Chartered A¢ountants
ststutory Auditor5
North House
198 High Street
Tonbridge
Kent TN9 IBE
Bankers
Bardays Bank plc
63167 Termlnus Road
Eèstbourne
East Sussex BN213NE
Legal ststus
Reglstered company Ilmlted by
guarantee
No. 00736150
e81stered wlth the Regulator of
Sodal Housln8
No. H0375
Registered with the Charity
Commi59on
No. 216779
Page 1

ABBEYFIELD SOUTH DOWNS LIMITED
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The trusteès (who arè also directors of the charity for the purposes of the Companies Act 20061
prèsent their annual report togethèr with the audlted financial statements of Abbeyfield South
Downs Limited for the year ended 31 March 2024.
Objertives and activities
The Charity's principal objective is to continue to provide comfortable houslng In a safe
envlronment complernented by eood nutrition and companionship for older people. We do this
through a dèdicated and wèll-trained workforce complemented by a committed and well-
motivated group of volunteers. As of 31 March 2024, we operated in the following areas..
Noof
social
sheltered
housing
units
Noof
affordable
sheltered
Nool
Changes S￿(e 31 March 2023
non-sedal
hou5inB unl
h¢￿Sing
unlts
Eastbournè
Brlghton & Hove
16
16
None
None
Heathfield
None
Tunbridge Wells
Alfriston
Worthing
14
None
None
New from Worthing rnerger
io
In achieving it5 objective5, the Charity aim5 to cieate 4 surplus of i￿ome over expenditure which
is sufficient to maintain the properties and services to a high standard. The Charity's ongoing aim
is to ensure that these standards are maintained and improved wherever possible, and that the
Charity adheres to all current legislation Eovernin8 the 5eryices it offer5.
When reviewing th￿ Charity's aim5 and obpèctives. and planning its activities, the Tru5tee5 have due
re8ard to the Charity Commission's publi¢ benefit guidance, includlng its guidance on fee<har8in&
and that the Charity complies with all current le8151ation.
P8g& 2

ABBEYFIELD SOUTH DOWNS LIMITED
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
Achlevements and performance
The year represented our flrsl period with Holdenhurst at normal operational occupanry levels. It
was a fantastic effort by everyone in the operational team to 8et Holdenhurst to full capacity so
quickly. The previou5years had been dominated by thedevèlopmèntandthe complexitie5 involved
induding the pandemit and thè maln contractor going into liquidation. It was a good feeling to be
at the beginning of a normal year and It was time to focus on core 0￿ratIonal matters. The Board
acknowledged at a strategy review meeting early in the calendar year, that the development had
been a hugè dIStra￿￿On in many ways, and it was time to look at our management struclure and
take ac¢c)unt of succession planning for the future.
The 5ucce55 of the development in terms of our strate¥y reinforced the Boarifs commitMÈnt to
replace our older stock of housing with new modern services 1Ske Hoklenhurst. As previousty, it
would also keep e￿$tIng older unlts open while they were vlable and until such time a5 they could
be replaced with new housing. It Wa5 also set as a strategic direction to workwith otherAbbeyfield
Societles and indeed other similar or8ani5ations outslde of the Abbeyfield movement. This was
mainly tilggered by the restructurin8 of Abbeyfield nationally and we, as a larger Abbeyfield
or8ani5ation, considerèd wè should lend our support and reSoUr￿S to smaller Abbeyfield
organisations. As a result of distusslons with the Abbeyfield WorthlnE Soclety, they asked us to
take over their assets and operate them as Abbeyfield South Downs. houses. A deed of transfer
was completed as of 31" October 20Z3 and Seascapes and Beachsidè were added to our operating
portfollo.
The transltion period of absorbing new services is always a thallenge both financially and in terms
of resource. Thi5 was achieved durSng the year thanks to hard work by our operational team. The
opportunity of having an operating presente in Worthing was considered a massive positive for
the Board. Itwas seen as a very sustainable location and worthy of investment. The Board decided.
based on evideNce prèsented, that investment in one Wtsrthing property, Beachside was the best
way forward to maintain the operatlonal presence in Worthing and to review the other slle,
Seascapes, for Potential redevelopment in ihe nexi financial year.
In terms restructuring, the future retirement plarh5 of our CEO were a keyfotus and an opportunity
to look at our management structure post the Holdenhurst development period. The result was
dècision to èxpand our housing management team with three new p05ts, all operational people.
with two housing managers and one finance per50n. Our Finan¢e Manager was also a key part of
the transition and agreed to absorb more dutie5. Key tL) the process was a promolion for our
Operation5 Manager to General Mana8er and thus become our senior staff member. The plan was
to phase in the transition from the new financial year, with our CEO In post for a transition period.
During this phase the CEO would haftd over day to day running of the charlty while stayin8 in post
to asslst the transition and take special responsibility for the Worthing houses. The Board
acknowledges the hard work and flexibility of all those involved to achieve our 5trategit goal.
Page 3

ABBEYFIELD SOUTH DOWNS LIMITED
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH2024
Our small, sheltered houses have maintained 8ood occupanry levels. with the average ocojpancy
being approximately 89% over the year for the historic South Dtrwns Houses. The Worthing
propertles were only 50% o¢cupled in November 2023 and thu5 presented a challenge but a150 an
opportunity forthe fvture. The early signs at the end of the year were posltive for the house which
continued to operate as octupancy was starting to have a more posltive outlook. Initial thoughts
about Seascapes were pushing us toward5 a fomial review of the sitè for redevelopment.
In providing a safe envlronment, continued effort has been made to meet the evolving
requirement5 of health and safety and fire regulations. Support Is offered to residenis by directing
them to services appropriate lo their needs. Every effort is made to provide nutritious. home-
cooked meals for the residents to enjoy and to involve them in aspects of the day-to4ay
managemènt of thelr homes.
Thechaiity is supported by its willingstaff team andvolunteers to ensufe our services offer a happy
and well-run Ènvironment. Thè Charity values Its staff highly and appreciates those who continue
to show commitment and dedicatlon to the organisation and its resldents. We consider ongoing
coll3boralion between paid staff and volunteers essential to thecharity's future sUC￿$S. Following
the cost-of-living cri515, high inflation, and increased energy Costs, the Charity remalns committed
to paying Its staff the voluntary real Living Wage, as the Real Living Wa8e Foundation proposed.
The Charlty has continued to Use targeted soclal medla-based marketing to Invite enquirie5 and
convey a positive message. Thls approach has proved to be very effective in helpin8 maintain good
occupancy levels. Our marketin8 team ha5 become adept at focussing the effort on the houses
needin8 ihe most support.
Plan5 for the future
We will be monitoring the bedding in of the rnanagement restruaure. In so dolng the Board
recognised thal this must be a priority and 5trate8ic rnatters such a5 a new develi)pment may have
to take a back seat for a short while.
In terms of the Board, succession planning again will be an ongoingtheme. Some restructuring was
planned. In the year we lost two Board Members who stood down and gained two. Bill Rendall had
been invofved with Abbeyfield for a number of years and the Board are very grateful for hi5
contrlbutlon. HIS counsel wlll be m155ed. Our Chalr David Bryne, while wanting to remain as a
Trustee, also considered it would Suit him to step down as Chair. lan Thomas who recently joined
the Boardvolunteeredio be considered forthe post subjecttothe SLFPPOrt of the Board. The Board
were delighted also to inwte Nolan Taylor to become a Trustee after a perlod of leave In the new
financial year and after hisemployment was completed. Subjertio è review of Circumstan￿ nearer
the time. Nolan Indicated hls willlngness to join the Board.
P￿e4

ABBEYFIELD SOUTH DOWNS LIMITED
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
Our comrnitment for ihe year ahead:
Support the operational team to successfully deliver the restructure in management.
Review investment in our older housing Stock and undertakè viabillty assessments which
would embrace general principles of the quality of the accommodation as well as financial
mea5ure5 to gain an overall assessment of future market demands as well as the business
viabllity.
Start thinklng about a new development and review the Seascapes Worthing site if resources
allowed In terms of the management restrutture and financial retums.
Review investment stratebry.
Implement the Board Changes dlscvssed durlng the year.
Flnanclal revSew
The cost-of-llving cr15is from the prevlous year continues still to influence our day-to-day life, In
particular interest rate5 and ovr loan repayments. Belng posltive the last rise was mid-year and the
signs coming out of the year were rnore stablè and early talk of base rate reductions.
The legacy of poor construction left from the liquidation of the main contractor for Holdenhulst
¢ontinved to generate management challenges and additional Spend through the year. However,
the problems were all known ones, and we seemed to not be facing any new challen8es.
Absorbing two servi￿5 which were making a kiss was a huge challenge. However, the assets
transferred by the Abbeyfield Worthing Society made the year Into one of abundant surplus. But
underlying ihiswas a strong performance by our original South Downs houses. If you drill down Into
Ihe figures for these properties, we were on budget in tem)s of EBITDA, Income and Expenditure
and met loan covenants. A tremendous effort by our staff team across the organisation.
Financial Summary- South Downs Housès IExcludinB Worthingl..
Core incorne of £1,857k against a budget of £1.824k
Operatlng Expendlture of £1,270k against a budget of £1,289k
EBITDA of £587k against a budget projection of £535k
The effert of the Worthing Houses was a loss which reduced the above EBITDA by £74k. However.
the overall surplus as a result of the Worthing merger was £2,253,758.
In anothèi year of unprecedented change for the Charity and financial uncèrtainty for the country
we have emerBed in good shape to navigate the future.
Page 5

ABBEYFIELD SOUTH DOWNS LIMITED
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
ReseNe$ pollci
It Is the policy of the Charity that unrestricted cash funds whl¢h have not been ¢Je5ignated for
specific use should be maintained at a level equivalent to at least three monih's cash oper3tinR
expenditure. The Board tonsiders that rèsetves at this 5evel will ensure that. in the event of a
significant drop in incomÈ, the Charity will be able to continue its current activities while
consideration 15 &'ven to ways in which additlonal funds may be raised or alternative options
explored. For the financial year 24125 a review of opeiating reserve will be undertaken.
In addition to the normal reserves pollcy, the Board ha5 Set aside a further sum of £450.c￿ as a
target reserve for defects work whlch may be required for Holdenhurst. Our overall operating
reSe￿e was therefore set at £825,OCQ. This will be reviewed durine 2024125.11 was also tonsldered
to be prudentto condutt a further rèvièw of a treasury and investment policywith a viewto gainln8
better return on cash fijnds and lookSng at the investments transferred from the Worthin8
meTger.
Rtsk mana8Èment
The Board has a Risk Committee compri5in8 members from the Board and management and risk
management is a standing agenda item for consideration ai quarterly Board meetings. Asubsidiary
risk. The impact of Increaslng energy prices and inteTest rates are currently under review by the
committee.
The key risk5 to which the Charity is exposed, and their mitigations are noted below=
Page 6

ABBEYFIELD SOUTH DOWNS LIMITED
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
Rlsk
Strateglc
Mltl atlon
The Charity operates In a complex, fluid market
dependent on numerous extèrnal fattors, including
reBulaiion, competition. ¢ustomer expectations and
requiremenis and the economic environment.
The Charity adopted a 10-year strategic plan
2016-2026 which was prepared based on
sector research, analysis of changes in the
ChaTItVs defined area of operation and the
relevant experience of the trustees and
management team, particularly knowledge
of The Abbeyfield Society and its strategic
plan. The Charity is currently preparin8 an
update to the Strategic Plan covering 2023-
2033 for consideration and adoption by the
Board.
FinancSal vlability
Operations contlnue to generate sufficieni fynds
to provide high standard seNlces and maintenance
of the houses.
The Board ag￿e$ an annual financlal budget
on a timely basis and receives quarterly reports
to monltor progress agalnst eypecthtlons. All
budget planning and major capital expenditure
is subject to approval by the Board. Thè Sènior
Mana8ement Team
receNes
monlhlv
operat50ns income and expènditure reports for
revlew wlth the house staff.
The Chartty strives to maintain high
resldential occupancy levels by sustainlng lo¢al
awareness as to the benefits which the
Charhty has to offer those in need, in the
communities we servp. Ocrupanry levels have
been adopted as the primary KPI and as such
are regularly reported to management and the
Board.
The Boaid has a Facility Agreement (FAI with
Charity Bank and BIB Society Capital to fundthe
development and provide for residual debt
following
completion. This was Secured
following exhaustive modelling to G2060 bv
the Charit
and its advisers. the results of
Page 7

ABBEYFIELD SOUTH DOWNS LIMITED
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
which were made available to the Board.
Performance against the covenants within the
FA and any later deeds of variation are
monitored
uarterl
intemall
and externall
Reputation
The Charity's reputation may be impacted bv
inadequatesafeguarding of residents, a fall in service
standards and deteriorating accommodation.
Services are Continual￿ reviewed and
monitored by the Senior Management Team
with 5UPPOrt and regulaT Scrutiny by Board
members. Operating Polioe5 are devÈloped,
logged and implemented a5 required. Policies
for resident5, including a clear complaints
procedure, are in place for use by residents.
The Btsard has adopted a tlèar policy and
process to safeguard all residents and staff.
Mernber5 Qf the Board are actively ensaged
with The Abbeyfield Society, to which
Abbe￿ield South Downs is affiliated, and
contribute to developments at a national level.
The Board ¢ommissioned an Independent
maintènance survey of all houses and has
adopted a IOV planned rnaintenan¢e
programme to ensure compliance with
ccepted standards. A reviewlupdate of the
survey is currèntly under consideration.
People
Thè succèss of the Charity is dependent on its staff
and volunteers. The welfare of the staff and
residents 15 of ￿ntral importance to successful
operatlons.
Thè Btsard support the m3naBement team to
ensure appropriate policies and procedure5
are in place to protert the health and safety
of staff and resldents al all tlrnes.
Thè Charity is tommittèd to boing both a knving
Wage and equal opportunities employei.
The Board and management team must have an
appropriate mix of skills to ovèrsee existing
operations and future plans.
The Board regulaily assesses Its own
composition and diversity to ensure an
adequate mix of skills. Experience is present
to direct the Charity and provide 5ub5tantive
support to the management team.
Pag8 8

ABBEYFIELD SOUTH DOWNS LIMITED
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
Value for Monev
Value for Money IVFMI is about bèlng effective in how we plan. manage and operate the Charity.
It requtres making the best use ol the resources available to us to provide quality home5 to
improve the quality of life of our residents, togethèr with high quality servlces and support.
The Regulator forSo¢ial Housing IRSHI issued a new Valve for Money Standard in April 2017 and a
Technical Note in Aprll 2018. Thesè identlfled 7 metTiCS which soaal housing txovide15 are
expeLted to report iheir perf0rrnan￿ agalnsl In the annual rep)rt. The latter document
acknowledge5 that the metrics will not nece55arily be appropriate for all providers and any
influencing factors should be explained inthe commentary.
MÈtrlc
Reinvestment %
New su
delivered
Gearing %
EBITDA MRI interest cover %
Headline social cost
er unlt
Operatln8 margin %
Return on capital employed
2023124
0.56%
NIA
15.81%
43%
£16,9J9
-6.9%
-0.75%
2022123
2.8%
45.3%
16.09%
497%
£13.676
6.3%
OS4%
The basis forthe metrics is usfollows..
Reinvestment %-theinve5tment rn propertres {existtng stockond newsupplyjas o percentoge
OJ the vulue of tott71propertie5 held.
New 5uppfy delivered (50ciuI hou5ino unffts) % - the number of new social housino unirs
delivered os (J proportion of total so¢iolhouslng unltsowned.
Get7ring%- net debti75 a percentoge of the volue of totulproperties held.
EBITDA MRI Interest cover %- the levelof surplus generotedcompored to the inrerestpoyoble.
HeGdlrne sociolhousing costperunit-sociolhousin9 costs {o5definedbythe regulotor) divlded
by totol units ownedond/ormanoged.
6A. Opeftiting margin (sociol housing lettin￿ onlyj %- operotifTrg surplus/(deficitJfrom sociol
housing lertings divided by turnoverfrom 50cioI housing lettings.
68. Operating margin lovenillJ%
overoll operotin9 surplus/ldefKitJ divided ty ovenill
turnover.
Return on cupitalemployed IROCEJ %- wmpO￿5 the overallopeniting surplus to tot(71 u55ets
less current liabilitie5.
A. Excludes Properties under development.
8. All interest payable relate5 to housing under development and Is being capitalised until the
development is open and generatin8 income.
C. This metric does not apply as the Charity had no 5hort- or long-tèmi borrowings durir8 the
vear under revlew.
Page 9

ABBEYFIELD SOUTH DOWNS LIMITED
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
Sciutiny of VFM Is provideil by the Boaid through the receipt of management accounts with KP15
tonsiderèd appropriate for thè rnanaÉemènt of thè Charrty and a report from the Management
Committee which meets weekly to oversee operations. In particular, the Board are aware thai
the headline social cost per unit melric as ￿ported at 5 above is high for the sertor. This is due to
the Charity following the Abberfield Servi￿ model which incorporates at its heart the provision
of nutritlous meals for resldents. The cost of preparing and providing food are not factors
highlighted by the RegulatorforSo¢ial HousinB in Its analysis of additional costswhich may influence
thè estalation of unit cost.
G(Y4emance
The Board of Trustees. who are also the directors for the purpose of company law, and who served
duringthe year are set out on page l. Each member is recrulted for his/her relevant experience and
skills to provide substantive support to the mana8ement team. The Charity 15 managed by the
dirèctors in atcordants with the company's Memorandum and Articles of Association dated 25 July
2016. Non• tsf thp B03rd of TrustpÈs has any bene.ficial Intprest In the company. All mpmbers Df the
Board of Trustees are members of the company.
Appointmeftts to the Board of Trustees are proposed and ratrfied by the Board at their regular
meetings. Co-option is ￿rmItted prior to ratification. They are recruited by invitation and by
advertisement. Those with regular access to resldents are subject to D8S (Dlsclosure and Barring
Service) checks plus two other references. New trustees a￿ gwen an inducilon In accordancewith
thè Charity's Trustee IrKluction Process which not only covers governance and operational issue5
but also a briefing on thè Abbèyfield ethos. Trustees are given a￿5$ to the comprehensive
Director5, Information folder in the Charity'5 shared cloud storage. Trustee training is available on
requesi and where a subject of mutual interest is identified, for example GDPR, Board training is
provided. The Board continues to develop an approprlate method for Appraisal of Board Skrlls and
Oiversity.
The Board of Trustees meets Quarterly to review perfoimanre and en5UTe that the Charity
operations and dÈvelopmÈnt are bÈin8 rnanagèd in atcordance with established policies. The Board
approves any changes in opÈrating polFry when deemed necessary and Is responsible for approving
and monitoring all major expenditure.
It is an objectNe of the 8oard that staff should feel valued and be appropriately rewarded_ To
further this objective the Society has adopted the voluntary 'living wage,. Overall pay awards arè
approved by the Board as part of the annual budget Setting process_ The salarie5 of senior staff are
considered by an ad-hoc Remuneration Committee which is chaired by the Chairman. The
committeè considers..
P￿¢ 10

ABBEYFIELD SOUTH DOWNS LIMITED
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The overall performance of the management team and the financièl position of the Society
The bench marking of salarles against slmllar roles in comparable charilies and or8anisation5
operating inthesector and the same geo8raphical arèa
The salarie5 paid within the Abbeyfleld movement for tomparable roles.
Recommending discretionary bonus awards. a￿￿oU￿h no formal method or basis for
performance related pay has been ad¢pied.
The recommendations from the Remuneration Committee are approved by Board.
The Charity is a member of Abbeyfield England IFormerly T1￿ Abbeyfield Society ITAS}l. The
benefits offered to member societles irKlude providing relevant information on national
developments in the charitable housing sector and professional semces in support of the
affiliates. The Charity pays an annual feeto Abbeyfield England.
The Charity complies with the Governance and Financlal Vlabillty Standard IApril 20151 issued by
the Regulator for Social Houslng and princlpal recommendations of the 2014f N*ional Housing
Federation Code of Governance. The Charity a150 adheres to the principles of the Code of
Governance for Smaller Charities.
Statement of Board of trustees, re5ponsibilitie5
The trustees are responsiblè for preparing the tru5tees' report and the finanaal ststements in
accordance with applicable law and Unlted Klngdorn Atcounting Standards (United Kingdom
Generally Accepted Atcounting Practice).
Cornpany law and socia5 housirg le8islation requires the trustees to prepare financial statements
for each financial year. Under company law the Trustees must not approve the financial
statements unle55 they are sat15fied that they give a true and fair vlew of the state of affalrs of the
charitable company and of the incoming resources and application of resources, including the
income and expendlture, of the charltable company for that pefiod. In prepariftB these financial
statements, theTrustees are required to..
select suitable accountin8 policies and then apply them con515tently.
make judgments and accounting estimates that are re450nable and prudent.
prepare the financial statements on the 8oin8 concern basis unless it is inappropriate to
presume that thecharitable company will continue in operation.
The tru5tee5 are responsible for keeping adequate accounting record5 that are sufficient to show
and explain the charitable company's transactions and disclose with reasonable accuracy at any
tim8 the financial position of the charitable company and enable Ihem to ensure that the financial
statements complywith the Companies Act 2006. the Housing and Regeneration Act 2008 and the
Page 11

ABBEYFIELD SOUTH DOWNS LIMITED
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
Accountlng Direclion for reglstered provlders of sockil trous1￿ In England 2019. They are also
responsible lorsafeguardiivdthe assets of the th¥itable company and herKe for taklryq reasonable
steps forthe preventlon and dete¢tlon of fraud aThJ other irregularltles.
ststement of disdowre to audltor
Each of the PersOr￿ who arè trustees at the tlme when th15 trustees. report Is approved has
confirmed that:
so tsr asthe trustees are aware.there is no relevant audlt Information of whlchthe cornpany's
auditor5 are unaware, and
thè tru5tee5 have taken all reHsonablesteps thal ought to have been taken as trustees In order
to be aware of arry inforrnation needed by company's auditors In connectlon wlth
preparin8 thelr report and to establish that the companvs auditors are aware ol that
infomiation.
Audltor
The audltors. Undeyer Francis Fergu50n Lwnlted. are detrned to have been re-appolnted in
accordano wlth sectlon 487121 of thè Companles Act 2006.
In preparing thls report thE Trustees ha￿ taken &Jvantage of the small ¢ompanles' exemptlons
provlded by sèttion 415A of the Companiès Act 2006.
Thls report was approved by the aoard of TNstee5 on ..................... October 2024 and signed
on their behalf by..
Mr l A Thomas
c￿lImIn of truitees
Page12

ABBEYFIELD SOUTH DOWNS LIMITED
INDEPENDENT AUDtroRS' REPORT TO THE MEMBERS OF ABBEYFIELD SOUTH
DOWNS LIMITED
Opinion
We have audited the financial statements of Abbeyfield South Oowns Limited Ithe 'charitable
companVI for the year ended 31 March 2024 which comprise the statement of comprehenslve
income, the statement of change5 in reserves, the balance sheet, the staternent of cash flows and
notesto the financial staternent5, including a summary of si8nifi¢ant accountlng policies. The financial
reporting framework that has been applied in their preparation is applicable IHW and United Kingdom
Accounting Standards. includSn8 Financial Reporting Standard 102 The Financial Reportin8 Standard
applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accountln8
PraLticel.
In our opinion the financial statements..
Eive a true and fair view of the state of the charitable compan￿$ affair5 as at 31 March 2024, and
of its incoming resour￿5 and application of re50urce5, includirE its income and expenditure, for
the year then ended,.
have been property prepared in accordancewith United Kingdom GenerallyActepted Accountlng
Pract5￿.. and
have been prepared in accordance with the requirements of the Cornpanie5 Act 2006, the
Housing and Re8eneration Act 2C4)8 and the Accounting Dirertion for private re8lStered providers
of social housin8 in England 2019.
Basls for oplnSon
We conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII and
applicable law. Our responslbilitie5 under those standards are further deScri￿d in the Audltorfs
responsibilities for the audit of the financlal statements sertion of our report. We are independent of
the charitable company In accordance with the ethical requirements that are Televanl to our Budit of
the financial statements Iri the UK, including the FRCS Ethlcal Standard, and we have fulfilled our
other ethicol responsibilitie5 in accordancè with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriale to provide a basis for our opinion.
ConcI￿lonS relatln8 togokng concern
In auditing the financial statement5, we have ¢on¢luded that the trustees. use of the going concern
basis of accountin8 in the preparatitsn of thÈ financial statÈmÈnts is appropriate.
Based on the work we have performed, we have not identified any mateTial uncert4intiès relating to
events or wnditions ihaL irKlividually or collectively. may castsignificant doubt on the charity's ability
to continue as a goine concern for a perlod of at least ￿e1ve months from when the financial
statements are authorised for Issue.
Our responsibilities and the responsibilitie5 ofthe trustees with respectto going cot)cern are described
in the relevant sections of this report.
Page 13

ABBEYFIELD SOUTH DOWNS LIMITED
INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF ABBEYFIELD SOUTH
DOWNS LIMITED
Other Informatlon
The board is responsiblefor the other information. The other information comprisesthe information
included in the annual report. other than the financial statements and our auditorf5 report thereon.
Our opinion on the financial statements doe5 not cover the other information and, except to the
extent otherwSse eKplScitly stated in Dur report, we do not express any form of assurance comlusion
thereon.
In Connection wSth our audit of the financial statements, our responsibility is to read the other
informatlDn and, in doin8 so, consider whether the L)ther information is materially inconsistent with
the financial statements. or ourknowledge obtained in the audit or otherwisè appears to be material
misstated. If we identify such material intonsi5tencies or apparent materlal misstatements, we are
required to determine whether there is a material misstatement in the financial statements or a
rnaterial misstatement of the other information. If, based on the work we have performed, we
conclude that there Is a material mls5tatement of thi5 Other information, we are required to report
that fact.
We have nothlng io report in this regard.
Opinions on other matters pre5crlbed by the C(xnpaniÈs Ad 2006
In our opinion, based on the WO￿ undertaken In the course of the audit-.
the infomiation given in the report of thÈ board of trustèes for the financial year for which
the financial statements are prepared is con515tent wkth the financial statements- and
the report of the t*)ard of trustees has been prepared In accordance with applicable legal
requirements.
Matters on whi¢hwe are reqwred to report by exception
In the light of our knowledge and understanding of the tharitable company and Its environfflent
obtained in the course of the audlt, we have not identified rnaterial misstatements in the reFA)rt of
thÈ board of trusiees.
We have noihing to ieport in respe¢t of the followSng matter5 in relation to which the Companies Act
2006 requires us to report to you if. in our opinbon..
adequate accounting records have not been kept or returns adequate for tsur audit have not
been re￿1Ve￿ from branches not visited by us" or
the financial statements are not in agreement with the accounting re￿rdS and returns,. or
certain disclosures of directors, remuneration specified by law are not made- or
we have not receNed all the inforTnation and explanations wè require for our audit- or
the board was not entitled to prepare the flnancial statements in accordance with the small
Companies regime and take advantage of the small companle5' exemption In preparirg the
directors, retx)rt and from the requirement to prepare a strategic report.
Page 14

ABBEYFIELD SOUTH DOWNS LIMITED
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ABBEYFIELD SOUTH
DOWNS LIMITED
In addition, we have nothing to report in respert of thè following Matter where the Housrng and
Regeneration Ad 2008 require5 U5 to report to you if, in uur opinion=
a satlsfactory system of Control over transactions has not been mainlalned.
Respmsibilities of the board
As explained more fully in the boards responslbilities statement, the board members Iwho are also
the dlrectors of the assoclation forthe purposes of company lawl are responslbfe for the preparation
of the financial statements and for being satisfied that they gwe a true and fair vlew, and for suth
internal control as the board determine 15 ne￿55ary to enablèthe preparation of financial statements
that are free fr¢m malerial mi5Statement, whether due to fraud or error.
In preparingthe financlal statements. the board Is responslble forassessingthe charitable companls
abilityto continue a5 a Boing con￿rn, disclosin& as applicable, matters rel*ed to 80iAg ¢on¢ern and
U5in8 the going concern basi5 of accountin8 unles5 the board either intends to Ihquidatethe charitable
company or to cease operations, or has no realistic alternative but to do $0.
Audhorfs responslbllltlesfor the audlt of the financlal statements
Our objettivès are to obtain re3￿nab1è assuran￿ about Wh￿herthe financial statements as a whole
are free from material mi55tatement, whether due to fraud or error, and to issuè an auditorfs report
that includes our opinion. Reasonable assurance is a high level of assuran￿, but 15 not a guarantee
that an audit conducted in accoidance with ISAS IVKI wlll always detect a materlal mlsstatement
when It exosts. Mlsstatements can arI5e from fraud or error and are considered material if. individually
or in the aggreEate, they could reas¢)nably be expected to 5nflUen￿ the econom1¢ de¢151ons of users
takèn on the basi5 of these financial statèments.
Irregularities, Includi￿ fraud, are instances of non<ompliance with laws and regulations. We deslgn
procedures in line with our responsibllhles. outllned below. to detect material misstatements in
respect of Irregularities, including fraud. The exrent to which our procedures are capable of detecting
Irre8ularitlès, including fraud is detallèd below.
We obtalned an understanding of the legal and regulatory framework applicable to the preparation
of the financial statements of the Charity. and the procedures that management adopt to ensure
complian￿. We have considerèd the extent to which non-complian￿ night have a material effett
on the financial statements, and In partic¢Jlar we identified the Companies Act 2006. the Housing and
Regeneration Act 2008, and the Accounting Dirertion for Private Registered Provbders of So¢ial
Housing 2019, and the procedures that management adopt to ensure complian￿, including those
relatinE to the Housing SORP 2018.
We have also Identified other law5 and regulations that do not have a direct effect on the amounts or
disdosures within the financial statements, but for which compliance Is fundamental to the charftvs
operations and to avoid material penalties, including GDPR, health and Safety, employmènt law, and
fundraisin8 re8ulations.
Page 15

ABBEYFIELD SOUTH DOWNS LIMITED
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ABBEYFIELD SOUTH
DOWNS LIMITED
Having reviewed the laws an¢J regulations applicable to the charity, we designed and performed audit
procedures to obtain suffioent appropriate audit evidence. Specifically, we:
Assigned an engaBement tèam to the audlt with particular familiartiy in dealing with
registered pioviders of social housing-
Obtained an understandinB of the charitys procedure5 for ensuring compliance with laws and
regulations-
Obtalned and revlewed Internal poll¢y and procedure documents,.
Made enqulrles of management and the trustees regardirg whether they were aware of any
actual or suspected incidences of nr)n-compliance with laws and wulatlons,.
Obtained and reviewed meeting minutes.
Reviewed legal expenses accounts for indications of any possible non-compliance- and
Reviewed the completenes5 and accurary of any disclosures made in thefinancial statements.
We assessed the 5usceptibS1ity of the charity's financial statements to materlal mlsstaternent,
including considering how fraud might occur. This was performed bv..
We obtained the Board of Trustees, a5se55ment of fraud risk and enquired as to any known
or suspected instan￿5 of fraud.,
We con5i(kred whether management have incentNes and opportunities to manipulate
flnancial results lintluding overriding tontrtslsl and dètèrrninÈd that thè kèy risks related to
the non-compliancè with thè Hovsing SORP 2018 in terms of cornpc>nÈnt accounting in
previou5 year5, completeness of income, completeness of creditors, non4epreciation of
properties irb previou5 years and the Tisk of management override:
We obtained an understanding of Internal control relevant to the audit in order to design
audit procedures ihat arè èpproprlatè In the tlrcumstantes, but not for the purpose of
expresslng an opinion on thè effectivene￿ of the charity's intefnal contro5..
We tested journal enrries to Identlfy unusual transactlons.. and
We designed and performed audit procedures to obtain sufficient appropriate audit evidence
regarding compliance with laws and re8ulations. includinB enquiry of the Board of Trustees,
review of minutes and correspondence. and review of the completeness and accuracy of
disc105ures made in the financial statements.
A further destription of our responsibilities for the audit of the financial statements 15 located on the
Financial Rèporting Council's website al: wv￿.fr
au
Thi
forms part of our audi10rf5 report.
P￿e18

ABBEYFIELD SOUTH DOWNS LIMITED
INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF ABBEYFIELD SOUTH
DOWNS UMITED
Use of our report
This report is made solèW to the charitable company's members. as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006 and sgctlon 137 of the Housing and Regeneratlon Act
2008. Our audit work has been undertaken so that we might state to the charitable companWs
mernbers those matters we are required to state to them In an auditorf5 report and for no other
purpose. To thefulle5t extent permitted by law. we do not accept or assume responsibility to anyone
other than the charitable company and the charTrtable companvs members as a body. for our audit
worl for this report, or for the oplnlons we have formed.
Jonathan Healey BA FCA Isenlor statutory audftor}
for and on behalf of
Date.'s CI tLi
Lindtyer Francis Ferguson Umlted
Chartered Accountants
Statutory Auditors
North House
198 High Slreet
Ttsnbridge
Kènt TN9 18E
Page17

AB8EYFIELD SOUTH DOWNS UMITED
STATEMEKfoF COMPREHENSIVE INCOME
FOR THEYEAR EPID£D31 MAR012024
Re￿Ithd Unrestrktrd
funds
Y¢t¥l
fwd5
2014
fwds
IQ24
1023
L5￿?30
12mWI
IW9.659) I yA416591
1134A571
56,671
9&6n
Interest
Irrrf*5tMertknto
33.775
I￿.143
194
13,77S
194
122W3
928
UZ6
lntomefrl￿W￿O￿+tyQThO
LWE5fjn re￿￿￿On offix•J3Ef•t
I1.158￿90) l l.is&￿)
MrlThon
Pw18

ABBEYFIELD SOUTH DOWNS LIMITED
STATEMENT OF CHANGES IN RESERVES
FOR THE YEAR ENDED 31 MARCH 2024
Asrestated
Restrlrted Unrestrlrted
Income
Income and
expendi￿re
expendlture
rese
ieserve
Asrestated
Endowment
Totcl
reserve
Balance at l April 2022
7,835,180
240,121
8,075,301
Total comprehenslve irKome for the year
Transftr from endtswment reserves
81.090
3,384
81,090
13,3841
Balan¢e at 31 March 2023 and l Aprl 2023
7,919,654
236,737
8,156,391
Total comprehensive income for the year
Transfer from endowment reserves
2,OC*J
2.251.758
3,384
2,253,758
13,3841
Balancè at 31 March 2024
2.0
10.174.796
233,353
10,410,149
Page 19

ABBEYFIELD SOUTH DOWNS LIMITED
BALANCE 5HEEr
AsAf31 MARCH2024
2023
Tan8lbk fweJa55ets
hwest￿￿nts
17,44ira
97L275
16,162.192
14414,448
16,162,192
22,%)4
1,133,456
859,653
7&151
14,368
2257.7Ks
Cashat bInk•￿1 In h•nd
Shorttermushdeposlts
In¥wA¥tnt5
io
WJ1764
1271128
wlthlnoneyebr
li
15¥2271
(430,9911
I55S537
1,137
19.969.985
14QJ3,329
CYedbtors:*mDurtshlHn8 du•
AA
19.559*361
19,817.5381
*rn¥ldonsforlknbWtles
129AO)I
NÈt4550ts
WiOJ49
Unrestrlcted lncomeab￿elveThlItWe reseNÈ
Restrlcled I￿orne aThl
la174796
7,919.654
17
233353
236.737
iOA49
ts&391
These accounts havebew pTrpared In acord•rKe vAth the pwAskns •ppllubletocompanles subJecttott* sm•ll companle5'
ThearLtyJMS weRapprtyed bythe Bo¥d ofTrustees on.A.g.- 4L'f-2¥tr.4..*
Mr l ThtsmJ5
Chlrnwn
CompKry reilstraiion rwmber. 007361X•
Paue 20

ABBEYFIELD SOUTH DOWNS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
As restuted
2023
2024
Net cash generated Irom operating arti¥ities
2,476,104
1,198,592
Cash flow from Investlng activitie5
Purchase of tangSble fixed assets
Disposal of tangible fixed a55et5
Purchase of Investments
Investment Income
Interest received
11,593,545)
1549,2511
131,430
11,049,426)
126,143
33,775
2,381
Net cash used In Investlng *ti¥ities
12,483,0531
1415,4401
Cash flow from Investlng a¢tlvltle$
Grants receivedllpaidl
Loans received
167,6741
{ 190,0281
150,499
1166,888
Net cash provided by investing a¢ttvltles
1257.7021
116,3891
Net increase in cash and cash equlvalents and change in net lund5
{ 264,6511
766,763
Cash and cash equivalents at the beginnlng of the year
2,257.760
1,490,997
Cash and cash equlvalents at the end of the year
1,993,109
2,257,760
Cash and cash equivalents consists of:
Short temi cash deposits
Cash at bank and in hand
859.653
1,133,456
2,257,760
A. Recon¢lllatlon of net cash generated from operating artlvltles
Cash Ilow from operatln8 artlvities
Surplus for the year
2,253,758
81.090
Adjustments for non cash item5:
Depreciation
Impairment of fixed assets
Increase in debtors
Increase/lDecTeasel in creditors
IDecrea5el/increase in provisions
Ailjustments for investing or financing activltles-
Investment Income
Interest receivable
312,564
298,899
1.158,890
19011
366,4051
29,400
18,1361
107,236
129,4001
1126,1431
133,7751
12,3811
Cash generated from operating artivities
2,476,104
1,198,592
Page21

ABBEYFIELD SOUTH DOWNS LIMITED
NOTES TO THE FINANCIAL sTATEME￿[s
FOR THE YEAR ENDED 31 MARCH2024
Attountlng policies
1.1 Legal Status
Abbeyfield South Down5 Limited is a private company limited by guarantee incorporated in England and
Wales and is a registered housing provlder. The registered office is Holdenhurst, Mill Road, Heathfield, East
Sussex, TN21 OGG.
1.2 Basls of preparatian
The financial statement5 of the charity are prepared in accordance with UK Generally Actepted Accounting
Prartice (UK GA4PI including Financial Reporting Standard 102 IFRS 1021 and the Housing SORP 2018:
Statement of Recommended PrartKe for Re8lStered Social Housing Providers and comply with the
Accountin8 Direction for private registered providers of social housin8 in England 2019. The charity is
public beneflt entity as defined by FRS 102.
The accounts have been prepared on the historical c05t convention, modified to include certain items at
falr value.
The financial statements are presented in pounds sterling and rounded to the nearest pound.
The principal accountin8 policies adopted are set out below.
1.3 Income
Income is measured at the fair value ol the consideratior+ received or receivable net of VAT.
Tumover represents rental income receivable In the year net of losses from voids. Rental income Is
recognised in the period the rents fall due.
Income from government grants is recognised as turnover when the charity is entitled to the funds, the
receipt is probable and the amount can be measured reliabty. This is usually when a fomial offer is made in
writing.
1.4 Expenditure
All expenditure 15 accounted for on an accruals basis and ha5 been classified under the headings that
classify all costs related to the category. Expenditure is inclusive of VAT.
PaBe 22

ABBEYFIELD SOUTH DOWNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH2024
Accounting polithes Icontinuedl
1.5 Charitable funds
General fund5 are unrestricted fund5 which are available for use at the discretion of the trustees in
furtherance of the general objectives of the Society and which have not been designated for other
purposes.
Endowment reserves are those ￿SelveS which are only expendable in accordance wlth the wSshes of the
funder or regulatory body. Revenue and expenditure cannot be directly set against endowment reserve5
but is taken through the Statement of Comprehensive Income and then a transfer to endowment reseNes
is made as appropriate.
1.6 Tangible fixed assets and depreciation
Tarsgible r￿ed assets, other than freehold land. are initially measured at cost and subsequently measured
at cost net of depreciation and any impairment losses.
Housifig Propertie5
Housing propèrties are held for the provision of social housin8 or to otherwise provide social benefrt.
Houslng propertles are printipally properties available for rent and a￿ stated at cost less atcumulated
depreciation and impairment losses. Costs include the cost of acquiring land and buildings, development
Costs, and interest charges inCUr￿d during the development period.
Works to existing properties which replace a component that has been treated separately for depreciation
purposes, along with those works that result in an increase in net rental income over the INes of the
propertles. thereby enhancln8 the economlc benefits of the assets, are capitalised.
Depreciatlon 15 provlded on houslng properties, excluding land, so as to write off the net cost less
estimated residual value of each asset over its remaining estimated useful life. Major components are
treated as separable assets and depreciated over their expected useful economic lives or the lives of the
structure to which they relate. if shorter. as follows:
Freehold buildin8S
Roofs
Windows
Kitchens
Bathrooms
Lift5
Heating systems
50- 80 years straight line
40- 50 years straight line
25 years straight line
33 years straight line
11- 20 years Straight line
15 years straight line
33 years straight line
Page 23

ABBEYFIELD SOUTH DOWNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting pollcies Icontlnuedl
Borrowing costs directly attributable to the acqui51tion, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use, are
added to the cost of those assets, until such time as the assets a￿ substsntially ready for their inten(led
use.
Other fixed assets
Depreciatlon is provided on other fixed assets, 50 as to write off the net cost less estimated resS(lual value
of each asset over ￿S remaining estimated useful life as follows..
Fixtures, frttings and equSpment
10 years straight line
1.7 Impatrment of fixed assets
Assets not rneasured at fair value are reviewed for any indication that the asset may be Impaired at each
balance sheet date. Where indicators a￿ identified, an assessment for impalrment is undertaken
comparlng the carryin8 amount to tts recoverable amount. Where the carrying amount exceeds its
recoverable amount, an impairment loss is recognised in expenditure through the Statement of
Comprehensive Income.
1.8 Y￿ed asset Investments
Fixed asset investment5 are intially measured at transartion price excluding transaction costs, and are
subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net
incomellexpenditurel for the year. Transaction costs are expensed as incurred.
1.9 Cash and cash equivalenls
Cash and cash equivalents include cash in hand, deposit5 held at call with banks, other short-term liquid
investments with original maturities of three months or less, and bank overdrafts.
1.10 Finandal Instruments
The charity only has financiol instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are
recognised in income and expenditure.
Long-term debtors and creditors are measured at the settlement value. Any losses from impairment are
recognised in income and expenditure.
Loans and l)orrowings are initially recor(led at the transaction price including transaction costs.
Subsequentlyi they are measured at amortised cost usin8 the effective interest rate method.
Page 24

ABBEYFIELD SOUTH DOWNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accountln8 policies Icontinuedl
1.11 Retirement beneffts
The Charity operated a defined contribution pension scheme. Contributions are charged in the accounts as
they become payable in accordan￿ with the rules of the Scheme.
1.12 Government grants
Government grants include 8rants receivable from Homes England IHEI, kncal authorities, and other
government organi5ation5. Government grants received for housing properties arè recognised in income
over the useful life of the housing property structure and, where applicable, its individual components
{excluding landl under the accruals model.
Turnover and costs
2024
2023
Rent receivable
Social housing
General housing
Void losses
Social housing
Amortised government grants
2,046,845
26,368
1,834,505
24,643
1201,2591
68,074
(384,2881
68,074
Turnover from housing lettlngs
1,940,028
1.542,934
Income from other artivities
Sundry
5,178
3.396
Total
1,945,206
1,546,330
Operatin8 Costs from Social housing artivities..
Management expenses
Property maintenance and refurbishment co515
Depreciation of housing properties
Other costs
1,009,165
153,091
266,879
650,728
818,894
123.390
265,489
241,886
Total
2,079,863
1,449,659
Net l(lefKitl/surplus from housin8 activitie5
1134,6571
96,671
Page 25

ABBEYFIELD SOUTH DOWNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
IDeficltl/surplus on ordinary activities
2024
2023
Thls is stated after charging:
Depreciatlon of housing properties
Depreciation of other tangible assets
Auditors, remuneration for audit
Auditors, remuneration for non-audit services
266,879
45,685
9,OCM)
8,100
265,489
33,410
7,800
5,946
Stsff costs and key management personnel
2024
2023
Wages and Salaries
Social securf(y costs
Other pension costs
628,416
38,621
14,456
474,496
33,461
10.511
681,493
518,468
The averaEe number of employees for the yèar based on monthly headcount is as follows:
2024
Number
2023
Number
Housekeeping
Adminlstration
39
42
37
The average number of employees for the year based on full time equrvalent was 1312023: 191
Board and key management personnel remuneratlon
None12023: nonel of the trustees were reimbursed for any expenses.
The total remuneration. including social security and pension costs, for key management personnel
amounted to £159,23312023: £120,311).
The Chief Executive is a member of the company's defined contribution pension scheme. Contributions
payable for the year were £3,38812023: £2,457).
Pa8e 26

ABBEYFIELD SOUTH DOWNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Board and key manaEement personnel remuneration Icontinuedl
The number of employees whose total employee benefits including pension contributions earning over
£60,000, classified within bands of £IO,OOQ is a5 follows..
2024
2023
£70,000- £79,999
£80,C¥JO~£89,999
Taxatlon
The Society, having exempt charitable rtatus, Is not Ilable to taxation.
Tangible fixed assets
Housing
Properties
Fixtures,
fittlngs ond
equipment
Totol
At l April 2023
Addrtions
16,880.546
1,416,581
406,558
176,964
17,287,104
1,593,545
At 31 March 2024
18,297,127
583,522
18,880,649
Depredation
At l April 2023
Charge for the year
885.556
266,879
239,356
45,685
1,124,912
312,564
At 31 March 2024
1,152,435
285,041
1,437,476
Net book Wdlue
At 31 March 2024
17,144,692
298,481
17,443,173
At 31 March 2023
15,994,990
167,202
16,162,192
Pa8e 27

ABBEYFIELD SOUTH DOWNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Tanglble fixed assets Icontlnuedl
During the prior year, followin8 the completlon of the developmerTrt at Holdenhurst, Heathfield, the charitv
Made a claim under the tem)s of a property bond in relation to this property. This was due to additional
works being needed to remedy construction issues during thè course of the development. As a result of
this claim, the charity received a total payment of £1.13m from the bond and, due to the nature of this
additional income, this has been treated a5 an extraordinary item on the Statement of Financial Activity.
Investments
COIF
Investment
Fund
COIF Ethical
Investment
Fund
Tott71
C05t or valuation
At l April 2023
Additions/Gift5 Received
Transfer to current investments
Interest and dividends receivedl change in market value
569,144
18,6141
80,873
290,714
14,6541
43,812
859.858
113.2681
124,685
At 31 March 2024
641,403
329,872
971,275
Carrying amount
At 31 March 2024
641,403
329,872
971.275
At 31 March 2023
Debtors.. amounts falling due wiihln one year
2024
2023
Rent and service charges receivable
Prepayments and accrued income
Other debtors
9.272
13,232
4,050
9,118
1,200
22,504
14,368
Page 28

ABBEYFIELD SOUTH DOWNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10 Current asset investments
2024
2023
Unlisted Investments
78,151
Current asset it)vestments comprise of a COIF Charities Deposit Fund of £78,ISI12023 - £Nill. This is part
of the overall Deposit Fund which is retained for working capital purposes.
11 Credltors: amounts falllng due within one ￿aT
2024
2023
Govemment grants
Trade creditors
Rent and Service charge5 received in advance
Accruals and deferred income
8ank loans
Other creditors
77,542
63,587
28,014
12,842
354,438
77,942
89,852
30,533
46,093
291,672
26,328
538,227
562,420
12 Deferred 8rant Income
2024
2023
At l April 2023
Grants recelved
Released to income in the year
5,356,492
5.243.373
181.193
168,0741
68,0741
At 31 Marth 2024
5,288,418
5,3S6,492
The movements on recycled capital grant is as follows..
2024
2023
At l April 2023
Grants reteNed
Released to income in the year
At 31 March 2024
4,606,525
4,483,642
181,193
158,3101
4,606,525
158.3101
4,548,215
Page 29

ABBEYFIELD SOUTH DOWNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
13 Credltors: amounts falling due after one year
2024
2023
Bank loan5
Government grants
4,348.960
5,210,876
4.538,988
5,278,550
9,559.836
9,817,538
Grants due in more than one year relate to housing properties under development. These include £4.66m
of Recycled Capital Grarbt Funds and £749.063 grant income received from Home5 England. See Note 14 in
relation to the development.
The Charf(y holds two long term loans, wlth a maximum facility of £5m. At the year end. £4,703,39812023-
£4,830,660) of this facility had been utilised.
14 Housing stock
2024
2023
The number of units in management at the end of the year We￿-.
General hou5ing- social rent
Supported housing
120
103
123
106
15 Pr<wisions lor liablllties
2024
2023
Provlslon
29,400
The provision ￿tateS to a settlement agreement reached durlng the earw part of the 2023124 financial
yearto cancel the development of bespoke software.
16 Financial commltments
Social Housing Grant was received in prior years totalling £40,129 in connertion with work on improving
one of the houses. This would be repayable if the relevant property is soFd.
Further Soclal Housing funding was recewed for work on the new development, totallin8 £4.66m. This
would be repayable if the relevant property is sold.
There is a fixed and floating charge on the properties and all assets held by Abbeyfield South Downs
Limrted, in relation to a lonB term third party loan. The amount owed under this guarantee at 31 March
2024 amounted to £4,703,39812023: £4,830,6601-
Page 30

ABBEYFIELD SOUTH DOWNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
17 Endowment reserves
Currentyear
Bolonce ot I
April 2023
Income
Expenditure
Tmnsfrrs 8olonce ot31
Morch 2024
Permanent endowment
An8us Lodge endowment
fund
236.737
13,3841
233,353
Prior year
Balance ut I
April 2022
Income
Expenditure
Tmnsfvrs
8olance at 31
Morch 2023
Permanent endowment
A Trgus Lodge endowment
fund
240,121
13,3841
236,737
The pem)anent endowment fund represents the funds of Angus Lodge Trust, a linked charity of the
Abbeyfield South Downs Limlted, that were applied in purchasing 28.2% of the freehold land and buildin8S
at 3, 5 and 7 Cadogan Gardens Tunbridge Wells (Abbeyfield House). A transfer is made to income and
expenditurè reserve, in rèspect of depreciation on the property.
18 Restrlcted reser¥e5
Current year
Bolance at i
Apri12023
Income
Expenditu
Transfers
Bolonce ot 31
March 2024
The Abbeyfield Worthing
Society
2,000
2,000
A5 part of the gift of funds from The Abbeyfield Worthing Society, a restrirted reserve was received in
relation to the Anniversary Celebrations of this Society.
Page 31

ABBEYFIELD SOUTH DOWNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
19 Glfts ol a5set5 from merEing societies
The
Abbeyfield
Worthing
Soclety
Total
Freehohj properties
Fixed asset investments
Current asset investments
Cash
Other net liabllitie5
1,320,000
898.283
25,000
14,673
129,6531
1,320,0(KJ
898,283
25,0
14,673
129,6531
2,228,303
2,228,303
The Abbeyfield Worthin8 Society transferred its operatlons to Abbeyfield South Downs Llmited on 31
October 2023. Under the terms of the agreement the freehold property and a cash sum were gifted to
Abbeyfield South Downs. The gifts were included at fair value.
20 Prlor perlod adlustment
During the preparation of the 2023-24 financial statements, it was noted that tapital additions totalling
£131,430 had Incorrectly been included twice within fixed asset additions in the prior year. As result of
this, an amendment was made to the prior to year to correct this position, with the financial effect being
to reduce the loss on the revaluation of the fixed assets a5 at 31 March 2023 arid thus increase the
charitvs unrestricted reserves by £131,430.
Page 32

ABBEYFIELD SOUTH DOWNS LIMITED
DEfAILED INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
2024
2024
2023
2023
Turnover
Social housing lettin85
General needs rent
Amortised 8overnment8rants
Sundry
1,845,586
26,368
68,074
5,178
1,450.217
24,643
68,074
3,396
1.945,206
1.546.330
Admlnlstratlve expenses- management
House staff costs
Staff training & welfare
Food and other household c05t5
Water rates
Council tax
Electricity
Gas
Insurance
Cleaning
AdvertisSng
Llfellne
Telephone
Television Ilcence
Depreciation of fixtures and fittings
499,234
2,196
173,573
14,959
16,986
60,998
69.795
29,869
14.522
24.784
41.656
12.084
2.824
45,685
41)4.363
3,478
154.735
8.133
37,349
62,334
21,125
9,771
20,201
36,752
17,140
1,460
33,409
11.009.165)
1818,8941
Administrativè èxpensg$- oth•r
Administrative staff costs
Printin& postage and stationery
Travelllng expenses
Legal and professlonal fees
Auditors, non-audlt fees
Audit fees
Afliliation fees
8ank charges and Interest paid
Service contrads
Sundry expenses
205,066
12.943
4.035
29.417
8.1
9,OCrf)
16.586
334.389
26.220
4,972
148.017
10,129
2,456
45,609
7,8
15,933
743
2,030
3,223
1650,7281
1241,8861
Repalrs and malntefian¢e
Routine malntenance
Depreciation of housing properties
153,091
266,879
123.390
265,489
1419,9701
{ 388,8791
Interest receivable
Gifts received
Other income
Losses on revaluathon of fixed asset
Income from property bond
159.918
2,228,303
194
2,381
10.928
11.158,8901
1.130,000
2,388.415
115,5811
Surplus forthe year
2,253.758
81.090
Page 33