**Company number: 00721891** ## **THE ABBEYFIELD YORK SOCIETY LIMITED** **(Charity Number 222424)** **(Homes & Communities Registered Number H2055)** **ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 March 2025** **HPH Chartered Accountants 54 Bootham YORK YO30 7XZ** ## **CONTENTS** ||**Page**| |---|---| |Company Information|1| |Report of the Board|2 - 10| |Auditor's Report|11- 14| |Statement of Comprehensive Income|15| |Statement of Financial Position|16| |Statement of Cash Flows|17| |Statement of Changes in Equity|18| |Notes to the Financial Statements|19-28| ## **THE ABBEYFIELD YORK SOCIETY LIMITED COMPANY INFORMATION** |**Executive Board**|Mr D G Walker|| |---|---|---| ||Mrs A M Baldwin|| ||Mr J D Owen - resigned 31 July 2024|| ||Dr G R Porter|| ||Mrs E L Potrykus|| ||Mr A J Dixon|| ||Mr P I Kirk - resigned 15 October 2024|| ||Mrs K Curry - resigned 15 October 2024|| ||Mr J S Baldwin - appointed 24 March 2025|| ||Ms M R Huison - appointed 6 November 2025|| ||Mr P D Birkinshaw -|appointed 2 December 2024 and resigned 10 October| ||2025|| ||Mr J Connelly - appointed 2 December 2024 and resigned 29 October 2025|| |**Secretary**|Mr A J Dixon|| |**Company Number**|00721891|| |**Homes & Communities**||| |**Registered Number**|H2055|| |**Charity Number**|222424|| |**Registered Office**|Abbeyfield House|| ||Regency Mews|| ||Dringhouses|| ||YORK|| ||YO24 1LL|| |**Key Management Personnel**|Society Manager|Ms L Tattershall| ||Finance manager|Mrs C Newnham - resigned July 2024| |||Ms G Musgrave - appointed December 2024| ||Care Manager|Mrs J Nicholson| |**Auditors**|HPH|| ||Chartered Accountants and Registered Auditors|| ||54 Bootham|| ||YORK|| ||YO30 7XZ|| |**Bankers**|Barclays Bank plc|| ||Parliament Street|| ||YORK|| ||YO1 8RH|| 1 ## **THE ABBEYFIELD YORK SOCIETY LIMITED REPORT OF THE BOARD** The Trustees present their annual report together with the financial statements for the year ended 31 March 2025. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements of the company’s governing document, the Statement of Recommended Practice for Social Landlords and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Constitution** The Abbeyfield York Society Ltd is registered as a company limited by guarantee (No. 00721891) and is governed by its Memorandum and Articles. The Abbeyfield York Society Ltd is also a registered charity (No. 222424) and a registered social landlord whose activities fall wholly within the definition of hostel housing in the Housing Act 1996 (No. H2055). The Abbeyfield York Society Ltd is also the sole shareholder of Abbeyfield York Home Care Limited. ## **Organisational Structure and Decision-making** The directors of The Abbeyfield York Society Ltd (Trustees) are responsible for agreeing the policies and strategic direction of the organisation. Operational matters are delegated to the Society Manager under the immediate oversight of the Board, which consist of seven Trustees. The Trustees met on eight occasions during the year and the average attendance was seven trustees. During the course of the year Trustees, Joel Owen, Kim Curry and Philip Kirk resigned from the Board; John Connelly, Philip Birkinshaw and James Baldwin were appointed to the Board. The Board has established sub-committees for Finance, HR matters (including Trustee appointment) and Care. Although not a Trustee, Lesley Tattershall, Society Manager, regularly attends Trustee board meetings and other managers are invited to attend as required. Two Trustees currently make up the Board of Abbeyfield York Home Care Limited. New trustees are recruited generally through existing Trustees, Abbeyfield and organisational professional contacts. New Trustees are invited to meet with current members of the Board to explore skill areas and are then invited to attend a meeting before making a firm decision. Prospective Trustees are referred to relevant Charity Commission guidance about becoming a trustee and the Abbeyfield Society produces a Trustee Induction Workbook and organise regular governance workshops. ## **Risk management** The Charity maintains a Risk Register. This is reviewed at least annually or as required by the Trustees meeting as a Board. Governance and Risk is a standard agenda item at each Trustee meeting. During the year work was completed on the fire risk assessments referred to in last year’s report and new fire risk assessments were initiated and completed in relation to the new building at Regency Mews. Management continued to put in measures, following government guidance, which kept all residents and staff aware of all health and safety issues such as evacuation procedures and fire safety. 2 ## **THE ABBEYFIELD YORK SOCIETY LIMITED REPORT OF THE BOARD** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT - continued** ## **Value for money** Our definition of value for money is: we aim to deliver our social objectives in the most cost effective way possible by: providing quality sheltered housing that is affordable for all. Providing the best service possible by making each resident feel valued and part of the Abbeyfield “family”. For us therefore, achieving value for money is about making the biggest difference that we can with the limited resources available. ## **REVIEW OF OBJECTIVES, ACTIVITIES AND RESULTS FOR THE YEAR** ## **OBJECTIVES** Founded in 1962, the Abbeyfield York Society is a registered charity, a company limited by guarantee and a Homes England Registered Social Landlord. We provide accommodation with a high level of support for frail or elderly people in the York area. Our objectives are: - _to carry on for the benefit of the community the provision and management of housing accommodation or such other assistance as the Charity shall from time to time by its Board of Directors determine for the relief and care of elderly persons suffering the difficulties and/or disabilities of old age or otherwise being in need_ - _to provide (whether by lease, purchase or otherwise) and maintain or assist in providing (whether by lease, purchase or otherwise) and maintaining houses, apartments and other homes for such elderly persons; and_ - _to provide or assist in providing amenities care and services for the benefit of such elderly persons._ The fundamental principles of the Abbeyfield movement are to provide supportive services and accommodation to those living in our houses, to maximise both physical and emotional well-being. The friendship of others and the development of a caring community are important elements in the success of Abbeyfield houses. By providing a high level of support and local accommodation, Abbeyfield aims to enable older people to maintain the role that they play in relation to families, friends and community, and to reduce the loneliness and insecurity from which many older people suffer. Because it involves volunteers, Abbeyfield also encourages individuals in local communities to play a part in helping elderly people in need. Abbeyfield houses currently mostly support people over 75, and increasingly into their 90s, who are elderly and frail, but not in need of nursing care or extensive help with personal care. Our accommodation is particularly attractive to people who are finding catering and the maintenance of an independent home a strain. They are often suffering from a deteriorating condition such as heart disease, arthritis or problems with eyesight or hearing, which makes them anxious about the risk and effort of living alone. They may also be lonely, with little family or other support they can depend on, and this can have a serious effect on health. In addition, where people do have family, they are often worried and concerned for their elderly relative but have their own families and dependants to care for or live away. The Abbeyfield approach has for many years filled a gap in provision between warden-supported housing and full residential or nursing care, which until recently has not been met by many other agencies. Once living in Abbeyfield, many residents live there to the end of their lives and do not need to move on to other, more intensive care. We pride ourselves on being able to provide this service, making the later years of life comfortable and stable. 3 ## **THE ABBEYFIELD YORK SOCIETY LIMITED REPORT OF THE BOARD** ## **REVIEW OF OBJECTIVES, ACTIVITIES AND RESULTS FOR THE YEAR - continued** The National Abbeyfield Society in England, Abbeyfield England, was established in 2022 following a restructure of the Abbeyfield Movement, a global movement across eight countries with 450 housing and care services under the overall guidance of the Abbeyfield World Council. It gives strong professional support to local societies, setting standards and providing advice for operating Abbeyfield supported homes. ## **Abbeyfield accommodation and support services.** The York Society representatives regularly attend Abbeyfield regional meetings to participate in the sharing of good practice. A system of quality assessment, the Abbeyfield Core Standard, has been developed by the national Abbeyfield Society. The Abbeyfield Society provides guidance with operating policies across all areas of our service. These policies are designed to comply with relevant legal and regulatory obligations. The Trustees review all policies as and when they are due for revision, or when services change due to regulatory requirements for example, to ensure that they match our local priorities and aspirations. The Abbeyfield York Society was most recently assessed in relation to the Abbeyfield Quality Standard in 2025 and met the standard in all material regards, and continues to work towards on-going improvement.. Abbeyfield York is recognised by the City of York Council Directorate of Adult Social Care and Integration as a provider of supported housing for frail elderly people in the York area. As a local housing association partner, the society receives regular information, attends meetings with the Council and other housing agencies and contributes to the development of the City’s strategies and plans. Our domiciliary care service, Abbeyfield York Home Care Ltd, is registered with the Care Quality Commission and achieved a “Good” rating in all areas following its last inspection. We believe that our main activities further our charitable purposes for the public benefit. As Directors of The Abbeyfield York Society Ltd, we believe that we have complied with the duty in section 17 (5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. ## **Regency Mews & Support Services** The Abbeyfield York Society currently owns and runs one home, Abbeyfield House, comprised in two buildings (B1 and B2) at Regency Mews in York, for 50 residents, supported by 38 paid staff (mostly part-time) and approximately 10 volunteers (including Trustees). Abbeyfield House is located close to the library, church, shops and other neighbourhood and transport facilities on Tadcaster Road. Reducing loneliness has a positive impact on health and wellbeing and we want to ensure that older people in the area can continue to experience what Abbeyfield has to offer, and also to reach out to those in the local community who might be experiencing loneliness. We aim to create a dynamic community where our residents can live independently but also access opportunities to socialise and forge strong relationships with others. Residents have exclusive use of a large bed-sitting room or sitting room and bedroom in the new building, which they furnish themselves. Each room has en-suite facilities and some have kitchen facilities. There are bathrooms with special baths to assist bathing and dedicated electric buggy stores in each building. The communal areas in both buildings include a lounge and dining areas, where residents can meet together for meals if they wish. A particularly popular feature of Abbeyfield House is that high quality home-cooked meals are available, and special diets are catered for. The house is equipped with a laundry for resident use, lifts, alarm-call and security systems. Both buildings also have mini-kitchens where residents can make breakfast or snacks. 4 ## **THE ABBEYFIELD YORK SOCIETY LIMITED REPORT OF THE BOARD** ## **REVIEW OF OBJECTIVES, ACTIVITIES AND RESULTS FOR THE YEAR - continued** Abbeyfield House has attractive gardens and is located close to local shops, churches, local transport routes and other neighbourhood services. The weekly charge covers: Rent for own room and use of communal facilities Heating, lighting and water Council tax Alarm and security systems Cleaning of communal areas Maintenance of house and gardens Staff management and support All meals, including associated staff costs Completed in October 1998, the first building (B1) at Abbeyfield House, Regency Mews, Dringhouses, accommodates 21 residents and was Abbeyfield York’s first purpose-built house. In June 2024, the new development at Regency Mews was completed and opened to accommodate residents in July 2024. This new building at Regency Mews (B2) adds 25 new extra care apartments in a mix of one and two bed units of which 6 two bed apartments have been offered for leasehold sale, with the remaining 19 mostly one bed apartments offered for social rent. The new building was designed specifically to cater for people who need a varying degree of support, ranging from a high level for those with dementia and lower levels for those who are more independent. Importantly it has been designed to be flexible enough to accommodate individual needs as they change. Each new apartment in B2 is 50 m2 in the case of the one bed apartments and 60 m2 for the two bed apartments. They are all wheelchair accessible and the design incorporates many of the Stirling University dementia design principles and HAPPI considerations. For those six open market sale leasehold apartments, there is a service charge which includes: - Exterior maintenance, including window cleaning and provision of a sinking fund for major repairs. - Interior maintenance, including heating services, and other services, e.g. fire systems, lift maintenance etc. - Gardens and grounds maintenance. - Use of and cleaning of common areas in both buildings. - Buildings insurance. All residents who purchase their apartments are also responsible for council tax, water and electricity charges applicable to their properties. The garden has been designed to be attractive when seen from indoors, but also to encourage residents to be outdoors when the weather is suitable. These physical features, together with 24 hour staffing and an in house domiciliary care service, provide a very high level of support. The buildings are designed to be low maintenance, energy efficient and have many design features to meet the mobility and other needs of people with the many disabilities related to old age. The buildings have been built to “registered care home” standards, so that should regulatory or other circumstances change, it would be possible to register the house without further major changes. 5 **THE ABBEYFIELD YORK SOCIETY LIMITED REPORT OF THE BOARD** ## **REVIEW OF OBJECTIVES, ACTIVITIES AND RESULTS FOR THE YEAR - continued** ## **12 Beckfield Lane** Until July 2024 Abbeyfield York owned and operated 12 Beckfield Lane to accommodate up to 10 residents, and a resident housekeeper. As reported last year the Trustees took the decision to close Beckfield Lane in light of the falling resident numbers and the alternative accommodation becoming available with the opening of the new building at Regency Mews. The last residents from Beckfield Lane moved from the house on 10[th] July 2024 and were comfortably settled at Regency Mews. This property was sold in April 2025. ## **Current Staff** The Society’s Manager, Lesley Tattershall, and administrative staff including Care Manager and Finance Manager work from the Abbeyfield York office at Abbeyfield House, Regency Mews. There are no resident staff at Abbeyfield House but 24-hour support is provided by support assistants, catering and domestic staff. The Society has a number of regular volunteers who enhance the sense of community within our houses. The volunteers primarily provide companionship for the residents, organise some social get-togethers and occasionally help with chaperone services for appointments. Our new volunteers and employed event organisers are developing a refreshed programme of visits and social outings. ## **GOING CONCERN** After discussions with key management personnel, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue its activities for the foreseeable future. The charitable company’s cashflow projections to 31 January 2027 show that it will have adequate reserves and will be able to meet its liabilities. In particular, the liabilities falling due after more than one year of £4,539,866 are due to be repaid or released over periods between 20 and 100 years so do not have a significant immediate impact on cash. Accordingly, since there are no material uncertainties, the Trustees continue to adopt the going concern basis in preparing the financial statements as outlined in the Trustees’ Responsibilities Statement. ## **OPERATIONAL AND FINANCIAL REVIEW** ## **Operational Review** ## _Management_ Lesley Tattershall has been Society Manager throughout the year having joined us in January 2024 and was instrumental in steering the new development to completion, recruiting new staff, allocating new apartments and assisting in the sale process of the 6 designated sales apartments. Lesley also took on the important role of CQC nominated person upon resignation of the previous incumbent in October 2024. Jane Nicholson has been Care Manager since October 2018, managing with the Society Manager new and existing regulatory requirements introduced by CQC. In December 2024 the Society appointed Georgia Musgrave as Finance Manager. We have a dedicated staff team. Pay and remuneration of key personnel is reviewed annually by the Trustees. Salaries are benchmarked with similar roles within the Abbeyfield movement nationally and other organisations in the region. We are a living wage employer. 6 ## **THE ABBEYFIELD YORK SOCIETY LIMITED REPORT OF THE BOARD** ## **OPERATIONAL AND FINANCIAL REVIEW - continued** ## _Events and Activities_ During the course of the year, Trustees, Management, residents and volunteers held coffee mornings and communion services along with informal social events such as films, talks, slideshows and visiting musical groups. A variety of Christmas events were reintroduced this year together with a number of in-house activities which were organised for and enjoyed by our residents. The official opening of Abbeyfield House by the Lord Lieutenant of North Yorkshire, Mrs Johanna Ropner took place after the year end, in April 2025 and a Caribbean themed outdoor party in July 2025 to say thank you to residents and neighbours for their forbearance during the construction of the new building. Our on-going aim in this area is to encourage involvement with the wider community visits into the local area and visits from outside organisations as opportunities arise. ## **Financial Review** The results for the year are set out in the ‘Statement of Comprehensive Income’ on page 15 and supporting notes to the accounts. 2024/25 was a fairly settled year, resident number wise, with an increase in the number of voids due to planned vacancies and closure at Beckfield Lane. As our residents’ average age increases, we anticipate periods with voids. However, regular review of the waiting list has helped to minimise the impact of this. Maintenance also remained high as the original Regency Mews property has passed its 21[st] anniversary and items need replacing. The trading subsidiary Abbeyfield Home Care Ltd made a profit in the year and a large proportion of this was gifted to the Charity. ||**12 Months**
**to 2025**|**12**
**Months**
**to 2024**|**12**
**Months**
**to 2023**|**12**
**months**
**to 2022**|**12**
**months**
**to 2021**|**12**
**months**
**to 2020**| |---|---|---|---|---|---|---| |||£|£|£|£|£| |Gross charges|805,706|593,879|535,211|491,974|481,021|476,193| |Voids deducted|75,948|62,103|34,320|19,985|22,206|13,336| |Enhanced Support Package
(ESP)|46,101|-||||| |Sundry income|13,006|11,476|24,014|11,739|7,239|6,664| |Grants received|26,229|2,311|52,311|9,576|8,660|2,311| |TOTALoperatingincome|815,094|545,563|577,216|493,304|474,714|471,832| |Donations #|76,812|1,270|19,436|17,364|10,860|20,421| |Investmentincome|3,311|6,642|1,119|47|447|1,526| |Total Income|815,094|553,475|598,086|510,715|486,021|493,779| |Average void %|9.43%|10.45|6.41|4.06|4.62|2.8| |Total expenditure (including
loss on revaluation)|4,660,576|587,734|500,251|498,897|490,422|471,895| # Including Gift Aid and Abbeyfield York Home Care Limited’s donation 7 ## **THE ABBEYFIELD YORK SOCIETY LIMITED REPORT OF THE BOARD** ## **OPERATIONAL AND FINANCIAL REVIEW - continued** The Board consider the Society’s affairs to be satisfactory. ## **Reserves Policy** It is our policy to maintain Unrestricted General Funds at a level which represents at least 1 year’s operational expenditure. Taking into account the new building expenditure, that amounts to approximately £800,000. In deciding to hold 1 year’s Unrestricted General Fund Reserves, we have regard to the costs that would be involved in closing homes, should the financial position become untenable. As expected, the final valuation of the new building, valued on an existing use for social housing basis, was significantly less than the actual cost of construction. Because of this, there was a decrease in valuation of housing properties during the year of £3,318,112. The effect of this has been to absorb all of the unrestricted general funds and more, so that the negative balance at 31 March 2025 was £1,297,786. There remains a separate revaluation reserve in respect of existing properties of £989,202. Whilst the reserves are currently negative, the outlook is strong. The new building is now fully tenanted and the Society has adequate cash for operational purposes. We will seek to retain reserves over the coming years to strengthen the balance sheet and return to an unrestricted general reserve of around £800,000. ## **Development Funding and Completion** Following the tender process, which established Vistry Partnerships as the contract partner for the new build project at Regency Mews, we completed a comprehensive value engineering process to trim extraneous costs and bring the project down to the target budget of £5.1m without seriously reducing the high quality specification. A significant part of this process also embraced a strategy of greater long term sustainability by moving the building's energy strategy away from gas and over to electric, bolstered by additional on-site renewable energy provision. Funding arrangements were confirmed with Homes England for the formal contract start on site by the end of March 2021, although commencement was delayed for a further 2 month period. Funding was secured of development and long term finance from Charity Bank, in partnership with Schroders/Big Society Capital in a total sum of £4 m; including long term finance on the building from Charity Bank of up to £2m over the next 25 years after completion. The initial £2 m funding from Schroders/Big Society Capital was due to be repaid out of the proceeds of the sale of six designated 2 bed apartments in the new building. In April 2025 the board of AYS was able to secure replacement funding of the outstanding balance owed to Schroders of £1.06 m from three sister Abbeyfield Societies Abbeyfield Leigh Society, Abbeyfield Furness Extra Care, and Abbeyfield Silverdale which will be repaid out of the proceeds of the remaining sale apartments when completed and with this repayment the Society will be left with the long term funding of circa £2m provided by Charity Bank. To date five apartment sales have been completed (2 completed in the year) and one has been sold subject to contract. The sale of 12 Beckfield Lane was completed in April 2025 and this has provided a welcome boost to funds even after allowing for the retained grant funding associated with the original purchase of the property. The new build project also benefited from recycled capital grants provided by Abbeyfield Societies in Widnes, Sheffield Christchurch, Loughborough and Grimsby and Cleethorpes. Abbeyfield York is extremely grateful to these societies' contribution, without which the project would have not been possible. Progress on site was initially slow, delayed by a combination of Covid, archaeological surveys, in particular uncovering an ancient Roman well, with a number of interesting finds logged, plus some delays attributable to planning issues around access and tree protection which had to be dealt with. However, the project costs came in broadly on target with close scrutiny and steady progress on site despite difficult overall construction market conditions. 8 ## **THE ABBEYFIELD YORK SOCIETY LIMITED REPORT OF THE BOARD** ## **PLANS FOR THR FUTURE** We have completed and opened the new development of 25 new assisted living homes at Abbeyfield House, all wheelchair accessible, and the design has incorporated many Stirling University dementia design principles and HAPPI considerations. We have created communal spaces, assisted bathrooms and added to our existing landscaped gardens. Our plans were designed specifically to cater for people who need varying degrees of support; ranging from a high level for those with dementia and lower levels for those who are more independent. Importantly, it is flexible enough to accommodate individual needs as they change. In its first full year of operation these plans have largely been fulfilled. Reducing loneliness has a positive impact on health and wellbeing and we want to ensure that older people in the area can continue to experience what Abbeyfield has to offer, and to reach out to those in the local community who might be experiencing loneliness. We have started to create a dynamic community where our residents can live independently but also access opportunities to socialise and access care and supportive services when required. We have initiated a Day Service for external clients and organisations in consultation with City of York Council. We intend to develop these services and grow take-up to further the objectives outlined above. We are exploring opportunities to increase the provision of assisted living accommodation in our original building at Regency Mews and enhance the sustainable and environmentally favourable facilities on site utilising the model that the new building has provided. ## **BOARD MEMBERS** The members of the Board who served during the year ended 31 March 2025 are set out on page 1 under company information. Trustees are invited to serve by the existing Board based upon their experience and interests. Members of the Board retire on a three year rota. This year at the forthcoming Annual General Meeting, Anthony Dixon and Liz Potrykus will retire and offer themselves for re-election. Three new Trustees were appointed during the year, John Connelly and Philip Birkinshaw, who both chose to step down in October 2025, and James Baldwin. James is a qualified Quantity Surveyor and has been closely involved with the new building handover and associated issues. We also recently welcomed Marianne Huison as a Trustee, bringing her many years of experience in care and safeguarding roles to support Trustees, management and staff. Both James and Marianne live in York and will offer themselves for election at the forthcoming AGM. Following the resignation of the previous Chair, Anthony Dixon was appointed Interim Chair of the Trustees before the appointment of John Connelly and upon his resignation Anthony Dixon was again appointed Chair of the Trustees. During the year Joel Owen stepped down as Trustee following practical completion of the new building. Joel was instrumental in helping to steer the development project from its inception and played an important role helping to secure Homes England funding. David Walker has been has been a Trustee and Honorary Treasurer of our Society for over 25 years and he has taken the decision to retire with effect from the conclusion of the forthcoming AGM after delivering this year’s financial report to Members. The Board of Trustees are incredibly grateful for the dedication, support and advice that David has provided to our Society over such an extended period and we thank him for the valuable contribution he has made. ## **AUDITORS** The auditors, HPH, have indicated their willingness to continue in office. 9 ## **THE ABBEYFIELD YORK SOCIETY LIMITED REPORT OF THE BOARD** ## **ACCOUNTING POLICIES** The detailed accounting policies adopted to further our objectives are set out in note 1 to the financial statements. There have been no material changes to these policies in the year. ## **INVESTMENT POLICY AND PERFORMANCE** The current investment policy is to hold all funds on bank deposit so as to be available to meet needs as they arise. ## **THANKS** The Trustees are grateful to everyone who has supported our work during another year of change and new beginnings, in particular the Society Manager, Care and Finance Managers and all staff, many of whom put in extra hours covering for colleagues as required. Also to the residents themselves for their stoicism and patience during these changing times. ## **STATEMENT OF THE BOARD'S RESPONSIBILITIES** Registered Social Landlord legislation requires the Board to prepare financial statements for each year which give a true and fair view of the state of the affairs of the Society as at the end of the financial year and the income and expenditure of the Society for the year ended on that date. In preparing those financial statements, suitable accounting policies have been used, framed, to the best of the Board's knowledge and belief, by reference to reasonable and prudent judgements and estimates and applied consistently. Applicable accounting standards have been followed. The Board is also required to indicate where the financial statements have been prepared other than on the basis that the Society is a going concern. The Board is responsible for ensuring that arrangements are made for keeping proper books of account with respect to the Society's transactions and its assets and liabilities and for maintaining a satisfactory system of control over the Society's books of account and transactions. 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. The annual report was approved by the Trustees of the charity on 22 December 2025 and signed on its behalf by: ......................................... Mr D G Walker Trustee ......................................... Mr A J Dixon Trustee 10 ## **HPH Chartered Accountants INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ABBEYFIELD YORK SOCIETY LIMITED** ## **Opinion** We have audited the financial statements of The Abbeyfield York Society Limited (the 'charitable company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Cash Flows, Statement of Changes in Equity 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 Financial Reporting Standard 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 2025 and of its incoming resources and application of resources 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, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. ## **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. ## **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 financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 11 ## **HPH Chartered Accountants INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ABBEYFIELD YORK SOCIETY LIMITED** ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do 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. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion based on the work undertaken in the course of our audit: - the information given in the Trustees Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Trustees Report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate and proper 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 - 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; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees Report and from the requirement to prepare a Strategic Report. 12 ## **HPH Chartered Accountants INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ABBEYFIELD YORK SOCIETY LIMITED** ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 10, 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 charitable 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 charitable 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 obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS102) 2019 and Housing SORP 2018. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management, fixed asset valuation and income recognition. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing the basis of valuation of fixed assets and reconciliation of income by proof in total. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 13 ## **HPH Chartered Accountants INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ABBEYFIELD YORK SOCIETY LIMITED** ## **Use of our report** This report is made solely to the charitable company’s members, 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 members 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. ...................................... A C Rodaway (Senior Statutory Auditor) For and on behalf of HPH, Statutory Auditor 54 Bootham YORK YO30 7XZ ## 22 December 2025 14 ## **THE ABBEYFIELD YORK SOCIETY LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025** |**Note**
Turnover
**3.1**
Operating expenditure
**3.3**
Other income
**3.1**
**Operating deficit**
Interest receivable
**7 & 8**
Interest and financing costs
**3.1**
Decrease in valuation of housing properties
**3.1**
Loss on disposal of properties held for sale
**3.1**
**Deficit before tax**
Taxation
**Deficit for the year**
Unrealised gain on housing properties at
revaluation
**Total comprehensive expenditure for the**
**year**|**Unrestricted**
**Funds**
**£**
815,094
(1,022,591)
76,812|**Total**
**2025**
**£**
815,094
(1,022,591)
76,812
(130,685)
3,311
(313,729)
(3,318,112)
(6,144)
(3,765,359)
-
(3,765,359)
987,193
£(2,778,166)|**Total**
**2024**
**£**
545,563
(587,734)
1,270| |---|---|---|---| ||(130,685)
3,311
(313,729)
(3,318,112)
(6,144)||(40,901)
6,642
(211)
-
-| ||(3,765,359)||(34,470)| ||-||-| ||(3,765,359)
987,193||(34,470)
-| ||£(2,778,166)||£(34,470)| The financial statements were approved by the Board on 22 December 2025 and signed on its behalf by: Mr A J Dixon (Chairman) Mr D G Walker (Treasurer) The notes on pages 19 to 28 form part of these financial statements. 15 ## **THE ABBEYFIELD YORK SOCIETY LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025** Company Number 00721891 |**Note**
**FIXED ASSETS**
Housing properties
**10**
Other tangible fixed assets
**11**
Investment
**12**
**CURRENT ASSETS**
Trade and other debtors
**13**
Stock
**14**
Cash and cash equivalents
Total current assets
Less: Creditors: amounts falling
due within one year
**15**
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
**16**
**Total net assets**
**RESERVES**
Unrestricted funds:
_Income and expenditure reserve_
_Revaluation reserve_
**Total reserves**|**£**
**£**
4,023,197
145,320
1
4,168,518
74,350
1,373,571
547,419
1,995,340
(1,932,576)
62,764
4,231,282
(4,539,866)
£ (308,584)
(1,297,786)
989,202
£ (308,584)
**2025**|**£**
**£**
7,812,309
90,141
1
7,902,451
69,207
-
485,802
555,009
(354,659)
200,350
8,102,801
(5,633,219)
£ 2,469,582
2,467,573
2,009
£ 2,469,582
**2024**|**£**
**£**
7,812,309
90,141
1
7,902,451
69,207
-
485,802
555,009
(354,659)
200,350
8,102,801
(5,633,219)
£ 2,469,582
2,467,573
2,009
£ 2,469,582
**2024**| |---|---|---|---| ||74,350
1,373,571
547,419|69,207
-
485,802|| ||1,995,340
(1,932,576)|555,009
(354,659)|| ||||| ||||8,102,801
(5,633,219)| ||||£ 2,469,582| ||||2,467,573
2,009| ||||£ 2,469,582| The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small entities regime under the Companies Act 2006 and with Financial Reporting Standard 102. The financial statements were approved by the Board on 22 December 2025 and signed on its behalf by: Mr A J Dixon (Chairman) Mr D G Walker (Treasurer) The notes on pages 19 to 28 form part of these financial statements. 16 ## **THE ABBEYFIELD YORK SOCIETY LIMITED STATEMENT OF CASH FLOWS AS AT 31 MARCH 2025** |**Note**
**20**
(68,866)
**Cash flow from investing activities**
Purchase of tangible fixed assets
(908,766)
680,285
Donations received
76,812
Interest received
3,311
(148,358)
**Cash flow from financing activities**
Interest paid
(313,729)
Loan issues
1,274,131
Repayments of borrowings
(681,560)
278,842
**Net change in cash and cash equivalents**
61,618
**Cash and cash equivalents at beginning of the year**
485,802
**Cash and cash equivalents at end of the year**
£ 547,419
Proceeds from sale of property held for
sale
**Net cash (used in)/generated from**
**operating activities**
**£**
**2025**|234,180
(2,639,031)
-
1,270
6,642
(2,631,119)
(211)
2,177,450
-
2,177,239
(219,700)
705,502
£ 485,802
**£**
**2024**|234,180
(2,639,031)
-
1,270
6,642
(2,631,119)
(211)
2,177,450
-
2,177,239
(219,700)
705,502
£ 485,802
**£**
**2024**| |---|---|---| ||(211)
2,177,450
-|| |||| |||(219,700)
705,502| |||£ 485,802| The notes on pages 19 to 28 form part of these financial statements. 17 ## **THE ABBEYFIELD YORK SOCIETY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025** |Balance at 1 April 2024
Transfers
Balance at 31 March 2025
Surplus from Statement of
Comprehensive Income|**Income and**
**expenditure**
**reserve**
**£**
2,467,573
-
(3,765,359)
£ (1,297,786)|**Revaluation**
**reserve**
**£**
2,009
-
987,193
£ 989,202|**Restricted**
**funds**
**£**
-
-
-
£ -|**Total**
**£**
2,469,582
-
(2,778,166)| |---|---|---|---|---| |||||£ (308,584)| The notes on pages 19 to 28 form part of these financial statements. 18 ## **THE ABBEYFIELD YORK SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ## **1 STATUS OF THE SOCIETY** The Society is incorporated in England under the Companies Act 1948 as a company limited by guarantee (00721891), and is registered as a charity with the Charity Commissioners (222424). The Society is registered under Section 2 of the Housing Act 1996 (H2055) and is wholly engaged in housing activities as defined in that Act. The Society is a public benefit entity in accorance with FRS 102. The address of the registered office is Abbeyfield House, Regency Mews, Dringhouses, YORK, YO24 1LL. ## **2 ACCOUNTING BASIS** The Financial Statements have been prepared in accordance with applicable accounting standards, including Financial Reporting Standard FRS 102 (FRS 102), with the Companies Act 2006, in accordance with The Accounting Direction for private registered providers of social housing 2022 and the Housing SORP 2018: Statement of Recommended Practice for registered social housing providers. The financial statements have been prepared on the historical cost convention. The financial statements are presented in sterling which is the functional currency of the Society and rounded to the nearest £1. ## **Consolidation** Under section 399 of the Companies Act 2006 the group is exempt from the requirement to prepare group accounts by virtue of its size. Therefore the accounts present information about the company as an individual undertaking and not as a group. ## **2.1 TURNOVER** Turnover represents rental and service income receivable less voids. ## **2.2 FINANCE** The financial statements have been prepared on the basis that the capital expenditure will be grantaided, funded by loans or where appropriate financed from the Society's own charitable resources. ## **2.3 SOCIAL HOUSING GRANTS (SHG)** SHGs are made by the Department of the Environment to assist with the acquisition and development of properties. SHG is repayable or recycled in accordance with decisions made by the Tenants Services Authority (now the Homes and Communities Agency) at the time of sale of the property or in a change of use for the property for which the SHG was originally granted. SHG has been included in creditors with amounts recognised in income from the date of receipt. ## **2.4 FINANCIAL INSTRUMENTS** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.5 ACCOMMODATION OWNED** |**ACCOMMODATION OWNED**|||| |---|---|---|---| ||**Number of units**||| ||**2025**|**2024**|| |Housing for Older People||50|31| 19 ## **THE ABBEYFIELD YORK SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ## **2.10 DEBTORS** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts. ## **2.11 STOCK** Stock relates to properties held for sale. These are recognised at the lower of cost and estimated selling price less costs to complete and sell. ## **2.12 CASH AT BANK AND IN HAND** Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.13 CREDITORS AND PROVISIONS** Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **2.14 PENSIONS** The cost to the Society of pensions is charged to the income and expenditure account as the contributions arise. ## **2.15 MONETARY DONATIONS** Monetary donations to the Society are credited to the income and expenditure account on a receipts basis. ## **2.16 RESTRICTED FUNDS** Restricted fund represent funds received for purposes restricted by the wishes of the donor. ## **2.17 INVESTMENT INCOME** Investment income is recognised on a receivable basis. ## **2.18 ALLOCATION OF EXPENSES AND MANAGEMENT COSTS** Expenses are allocated to management, repairs and services on the basis of actual expenditure. ## **2.19 LEGACIES RECEIVED** Legacies are accounted for as soon as the Society is notified of its legal entitlement to the amount due. ## **2.20 GOING CONCERN** The Trustees have a reasonable expectation that the charitable company has adequate resources to continue its activities for the foreseeable future. The charitable company’s cashflow projections to 31 January 2027 show that it will have adequate reserves and will be able to meet its liabilities. In particular, the liabilities falling due after more than one year of £4,539,866 are due to be repaid or released over periods between 20 and 100 years so do not have a significant immediate impact on cash. Accordingly, since there are no material uncertainties, the Trustees continue to adopt the going concern basis. 20 ## **THE ABBEYFIELD YORK SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ## **2.6 FIXED ASSETS: HOUSING PROPERTIES** Housing properties are properties held for the provision of social housing or to otherwise provide social benefit. Housing properties are principally properties available for rent and are stated at Completed housing properties are stated at fair value at the date of valuation, less subsequent accumulated depreciation and accumulated impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amount does not materially differ from the fair value of the properties at the year end. ## **2.8 FIXED ASSETS: FIXTURES, FITTINGS AND EQUIPMENT** Assets donated to the Society are not included in the Balance Sheet; other assets are included at cost. ## **2.9 DEPRECIATION** ## **Housing land and buildings** The Society has to maintain its properties to a high standard through a continuing programme of refurbishment and maintenance. Depreciation has been charged in the accounts to implement the Statement of Recommended Practice: Accounting By Registered Social Landlords (SORP), using the following basis:- ## Old buildings (pre 2025) : - Building structure 100 years straight line - Roof 40 years straight line - Bathrooms 20 years straight line - Windows 20 years straight line - Boilers 10 years straight line ## New buildings (post 2025): - Building structure 100 years straight line - Roof 40 years straight line - Bathrooms 20 years straight line - Windows 20 years straight line - Boilers 10 years straight line - Lifts 25 years straight line - Kitchens 20 years straight line - Communal carpets 10 years straight line - Laundry equipment 8 years straight line - Emergency lighting 20 years straight line - Fire alarm and sprinkler system 15 years straight line - Call system 10 years straight line - Door entry phone 15 years straight line - TV aerial 20 years straight line ## **Fixtures, fittings and equipment** A full year's depreciation is charged on Fixed Assets in the year of purchase but no charge is made in the year of disposal. Provision is made by way of annual instalments over the estimated useful lives of the assets which are mainly as follows:- Furniture, Fixtures and Equipment 4 to 10 years 21 ## **THE ABBEYFIELD YORK SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** |**3.1**|**TURNOVER, OPERATING SURPLUS AND SURPLUS BEFORE**|**TURNOVER, OPERATING SURPLUS AND SURPLUS BEFORE**|**TURNOVER, OPERATING SURPLUS AND SURPLUS BEFORE**|**TURNOVER, OPERATING SURPLUS AND SURPLUS BEFORE**|**TURNOVER, OPERATING SURPLUS AND SURPLUS BEFORE**|**TURNOVER, OPERATING SURPLUS AND SURPLUS BEFORE**|**TURNOVER, OPERATING SURPLUS AND SURPLUS BEFORE**|**TAXATION**|| |---|---|---|---|---|---|---|---|---|---| ||||||**2025**|||**2024**|| |||||||**Operating**|||**Operating**| |||||**Turnover**||**Cost**||**Turnover**|**Cost**| ||**Income and expenditure from**|||**£**||**£**||**£**|**£**| ||**lettings**||||||||| ||Rent receivable net of|identifiable|||||||| ||service charges|||729,758||1,022,591||531,776|587,734| ||Enhanced Support Package (ESP)|||46,101|||-|-|-| ||Recycled capital grant utilised|||26,229|||-|2,311|-| ||**Other income and expenditure**||||||||| ||Sundry income / expenditure|||13,006|||-|11,476|-| |||||815,094||1,022,591||545,563|587,734| ||Donations|||76,812|||-|1,270|-| ||Interest receivable|||3,311|||-|6,642|-| ||Loss
on
revaluation|of|housing||||||| ||properties||||-|3,318,112||-|-| ||Loss on sale of properties held for||||||||| ||sale||||-|6,144||-|-| ||Bank interest payable||||-|313,590||-|-| ||Bank charges||||-|139||-|211| |||||895,217||4,660,576||553,475|587,945| ||**Deficit before taxation**|||£ (3,765,359)||||£ (34,470)|| ||Included within operating expenditure is Auditor's||||fees|of £18,600|(2024 - £12,843).||| |**3.2 **|**TURNOVER FROM LETTINGS**||||||||| |||||||||**2025**|**2024**| |||||||||**£**|**£**| ||Weekly charge|||||||805,706|593,879| ||Less: Losses from voids|||||||(75,948)|(62,103)| |||||||||£ 729,758|£ 531,776| |**3.3 **|**OPERATING COSTS FROM LETTINGS**||||||||| |||||||||**2025**|**2024**| ||Housing accommodation excluding hostels (50 units owned)|||||||**£**|**£**| ||Services|||||||805,662|383,017| ||Management|||||||182,259|172,293| ||Routine maintenance|||||||34,670|32,424| |||||||||£ 1,022,591|£ 587,734| 22 ## **THE ABBEYFIELD YORK SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ## **4 STAFF COSTS** |Wages and salaries
Social security|**2025**
**£**
562,144
31,619
£593,763|**2024**
**£**
363,523
5,408| |---|---|---| |||£368,931| The average number of employees on the payroll for the Society during the year was as follows: |**2025**||**2024**|| |---|---|---|---| |**No.**||**No.**|| ||39||30| Total remuneration paid to key management personnel during the year was £107,500 (2024 - £73,651). No member of staff received remuneration over £60,000. ## **5 PENSIONS** The Society operates a defined contribution scheme for eligible employees. The Society contributes 3% of the employee's salary to the scheme, with the employee contributing 5%. |**2025**
**£**
Contributions paid
7,939
At the end of the year the Society had outstanding contributions of £3,842 (2024 - £nil).
**6**
**OPERATING SURPLUS**
Operating surplus is stated after charging:
**2025**
**£**
Depreciation of fixed assets
100,907
Operating lease charges
2,301
Auditor's remuneration (including £4,085 relating to non-audit services)
18,600
**7**
**APPEAL FUND INCOME**
Contributions during the year are as follows:
**2025**
**£**
Donations
-
Appeal fund interest
477
£477
**8**
**INTEREST RECEIVABLE AND SIMILAR INCOME**
**2025**
**£**
On short term deposits
2,834|**2024**
**£**
5,460| |---|---| ||**2024**
**£**
38,204
485
12,843| ||**2024**
**£**
1,270
-| ||£1,270| ||**2024**
**£**
6,642| ## **9 TAXATION** The Society has charitable status for tax purposes and no liability to corporation tax arises. 23 ## **THE ABBEYFIELD YORK SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ## **10 HOUSING PROPERTIES** |**Cost or Valuation**
As at 1 April 2024
Additions
Schemes completed
Revaluation
Reclassification
As at 31 March 2025
**Depreciation**
As at 1 April 2024
Adjustment on revaluation
Charge for the year
As at 31 March 2025
**Net book value**
As at 31 March 2025
As at 31 March 2024|**Completed**
**schemes**
**£**
**£**
1,556,000
6,442,793
-
682,712
7,125,505
(7,125,505)
(2,517,403)
-
(2,060,000)
-
4,104,102
-
186,484
-
(186,484)
-
80,905
-
80,905
-
£ 4,023,197
£ -
£ 1,369,516
£ 6,442,793
**Schemes under**
**construction**|**Total**
**£**
7,998,793
682,712
-
(2,517,403)
(2,060,000)
| |---|---|---| |||4,104,102| |||186,484
(186,484)
80,905| |||80,905| |||£ 4,023,197| |||£ 7,812,309| The original cost of fixtures and fittings is included under housing properties because the finance for their acquisition came from the Housing Corporation. ## **Revaluations** The Housing Properties were revalued as at 30 June 2024 by Jones Lang LaSalle Limited who is external to the association. The basis of this valuation was the existing use valuation for social housing. This class of assets has a carrying amount at historical cost of £8,603,193 (2024 - £1,367,210). The accumulated depreciation on this historical cost if it had not been revalued is £898,433 (2024 - £754,797). The Trustees note that, following a valuation carried out by Knight Frank on 13 August 2024, the market value of the properties held is circa £3.5 million higher than the existing use valuation used. ## **Social housing assistance** |Accumulated amount recognised in the Statement of Comprehensive
Income
Held as deferred income
_Total accumulated social housing grant received or receivable at 31_
_March:_|**2025**
70,303
1,412,888
£ 1,483,191|**2024**
55,471
1,427,720| |---|---|---| |||£ 1,483,191| 24 ## **THE ABBEYFIELD YORK SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ## **11 FIXTURES, FITTINGS AND EQUIPMENT** |**Cost**
As at 1 April 2024
Additions
As at 31 March 2025
**Depreciation**
As at 1 April 2024
Charge for the year
As at 31 March 2025
**Net book value**
As at 31 March 2025
As at 31 March 2024|**2025**
**£**
310,891
75,181| |---|---| ||386,072| ||220,750
20,002| ||240,752| ||£145,320| ||£90,141| ## **12 FIXED ASSET INVESTMENTS** ## **Cost** As at 1 April 2024 and at 31 March 2025 1 The company owns 100% of the issued share capital of Abbeyfield York Home Care Limited. The principal activity of the company is the provision of care to residents of Abbeyfield in the York houses. The registered office is Abbeyfield House, Regency Mews, YORK, YO24 1LL. |Abbeyfield York Home Care Limited
**13**
**DEBTORS**
Rent and related income in arrears
Amounts owed by group undertakings
Prepayment and accrued income
Other debtors
**14**
**STOCK**
Properties held for sale|**Capital &**
**reserves**
**£**
5,306
**2025**
**£**
47,900
22,604
2,811
1,035
£ 74,350
**2025**
**£**
£1,373,571|**Profit for the**
**year**
**£**
5,923| |---|---|---| |||**2024**
**£**
1,148
54,928
12,096
1,035| |||£ 69,207| |||**2024**
**£**
£-| 25 ## **THE ABBEYFIELD YORK SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ## **15 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**16**|Charity Bank loan
Other loans
Rent in advance
Other taxes and social security costs
Other creditors
Trade creditors and accruals
Charity Bank loan
Social Housing Grant
Recycled capital grant fund (RCGF)
Recycled capital grant fund (RCGF)-Homes England
Opening balance at 1 April
Amortisation
**CREDITORS: AMOUNTS FALLING AFTER MORE THAN ONE**|**2025**
**£**
1,319,694
340,000
-
18,422
178,190
76,270
£ 1,932,576
**2025**
**£**
1,998,685
1,412,888
1,128,293
£4,539,866
**2025**
**£**
1,139,690
(11,397)
£1,128,293
**YEAR**|**2024**
**£**
-
-
7,327
5,408
231,844
110,080| |---|---|---|---| ||||£ 354,659| ||||**2024**
**£**
3,065,809
1,427,720
1,139,690| ||||£5,633,219| ||||**2024**
**£**
1,139,690
-| ||||£1,139,690| ## Charity Bank loan On 26 October 2021 the Society entered into a £4,000,000 loan facility agreement as borrower and The Charity Bank Limited as a Lender ("Charity Bank") together with Schroder BSC Social Impact Trust plc as a co Lender. The facility is for a term of 27 years and six months after the date of the agreement. The initial interest rate on the loan is 3.50% per annum plus the Bank of England base rate. £934,131 was drawn down in the year (2024 - £2,177,450). The Society has granted a first fixed legal mortgage over Regency Mews and Beckfield Lane and a first ranking fixed legal mortgage over the Development site. In addition a security debenture has been executed by the Society in favour of Charity Bank which includes fixed and floating charges over all the Society's assets. |Repayments of the loan are due as follows:
Within one year
One to two years
Two to five years
Over five years|**2025**
**£**
1,319,694
32,201
117,839
1,848,645
£3,318,379|**2024**
**£**
-
1,800,000
1,265,809
-| |---|---|---| |||£3,065,809| 26 ## **THE ABBEYFIELD YORK SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ## **17 SHARE CAPITAL** The Society is a company limited by guarantee and therefore has no share capital. In the event of the Society being wound up each member is limited to a liability of £1. ## **18 PAYMENTS TO MEMBER, COMMITTEE MEMBERS, OFFICERS, ETC.** During the year amounts were only paid to executive committee members for the reimbursement of expenses amounting to £nil (2024 - £nil). No other payments were made to members, committee members or officers for fees, remuneration or gifts nor were any benefits granted. ## **19 RELATED PARTY TRANSACTION** During the year the Society recharged costs totalling £32,230 (2024 - £57,793) to Abbeyfield York Home Care Limited, a wholly owned subsidiary. At 31 March 2025 the Society was owed £22,604 (2024 - £54,928) by Abbeyfield York Home Care Limited. Interest of £nil (2024 - £nil) was received in respect of this balance. ## **20 RECONCILIATION OF OPERATING SURPLUS TO NET CASH FLOW FROM OPERATING ACTIVITIES** |Operating deficit for the year
_Adjustments for non-cash items:_
Depreciation of tangible fixed assets
Grant release
(Increase)/decrease in trade and other debtors
Increase/(decrease) in trade and other creditors
_Adjustments for investing or financing activities:_
Donations received
Net cash flow from operating activities|**2025**
**£**
(130,685)
100,907
(26,229)
(5,143)
69,096
(76,812)
(£68,866)|**2024**
**£**
(40,901)
38,204
(2,311)
256,826
(16,368)
(1,270)| |---|---|---| |||£234,180| ## **21 CONTROL** The Society is controlled by the Board. ## **22 OPERATING LEASES** The total value of future minimum lease payments under non-cancellable operating leases for each of the following periods: Operating leases which expire: |the following periods:
Operating leases which expire:||| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |Not later than one year;|2,301|485| |later than one year and not later than five|5,898|486| Lease payments recognised as an expense in the year amounted to £2,300 (2024 - £485). 27 ## **THE ABBEYFIELD YORK SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ## **23 CONTRACTS AND COMMITMENTS** Capital commitments contracted for at 31 March 2025 in relation to the new build project were £128,875 (2024 - £604,985). The new build project was completed and has been brought into use in the year. The remaining commitment is in relation to the retention held at the year end and there is sufficient cash held to fund this. ## **24 POST BALANCE SHEET EVENTS** The sale of the property held at Beckfield Lane completed on 1 April 2025 for £650,000. The net proceeds were used to make further repayments of the monies owing to Charity Bank. 28