Registered Charity Number, 223718 Registered Company Number. W715471 FARRADAY HOUSE LIMITED Previously known as The Abbeyfield Bury Society Limited TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
FARRADAY HOUSE LIMITED A Prlvate Company Limited by Guarantee Company Registered in England Number.. 00715471 Registered Charfty Numbef.. 223716 FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 CONTENTS PAGE Officers aTrJ Professional Advisers The Trustees, Repjrt lin¢ludiro Director5, ReFQrtI Independent AJ110¢S Report Statement of Financial Activities (including Income and Expenditure Accounll 11 Balance Sheet 12 Slatemenl of Cash Flows 13 Notes to the Financial Statements 14
FARRADAY HOUSE LIMITED A Private Company Llmited by Guarantee Company Registered in England Number.. 00715471 Registered Charity Number.. 223716 OFFICERS AND PROFESSIONAL ADVISERS YEAR ENDED 30 SEPTEMBER 2024 The Board of Trustees. Mr R Bibby (Chair} Mrs C Mceese (Treasurer) Mrs Y Creswell (Vice Chairl Ms L Howorth (Secretaryl Mr C Fogg Mrs E Shirt Mr R Caserta Mr D WoLlenden Registered Offi¢e'. Farraday House Cottam Street Bury BL8 1QQ Independent Auditors.. DonnellyBenlley Limited Chartered Accountsnt and Registered Auditor Hazlemere 70 Chorfey New Road Bolton BL14BY Bankers.. Barclay5 Bank plc 1 Central Street Bury BL9 OJN
FARRADAY HOUSE LIMITED TRUSTEES. ANNUAL REPORT (including Directors. Report) YEAR ENDED 30 SEPTEMBER 2024 The tNstees, who are also directors of the charity for the purposes of the Compan8 AGL are pleased lo present their annual report logelher wth the audited financial statements of the charity for the year ended 30 September 2024. The Injstees have adopted the Pfovison of Ihe Statement of Recommended Practice ISORPI 'Accounling a1 ReportirvJ by Chl'eS, in preparing the annual port and financial stslements ol the charity. The financial Statents have been prepared in Cord with the oUnts.ng policies set out in notes to the counts and cornply wlh the ¢hanty's governing dc¢umenl, the Charities Act 2011 and Accounting and Reporting by Charibes.. Statement of Recomrnended Practice applicable to charities preparing their ounts in accordance th the Financial Reporting Stsndard applicable in the UK and Republic ol Ireland published in OctoiEr 2019. CHANGE OF NAME The company passed a special resolution on 1 October 2024 changing its narne from The Abkyfield Soc Limtted lo Farrdday House mIted. REFERENCE AND ADMINISTRATION DETAILS Reference and adrninistraln detaits are shNn in the schedule of officers and professional advisers on pag8 3 of the financial ststements. STRUCTURE GOVERNANCE AND MANAGEMENT Govemin9 Document Farraday House knmiled is a charitable company limited by guarantee. Ils goveming document is in the form ol a MeMOralum and Arb'cles of Association dated 15 February 1 %2 as amended by special resolubons dated 6 September 2004 and 28 AU$l 2007. As a registered charity the company is non-profft making and its directots and trustees are volunteers. Appointment of Trustee5 The management of Farraday House Limited is the responsibilrty of the trstees. Any individuals can appty a5 a tnjstee but they have to be approved by the existing trustees Trustee Induction and Training As part of their induction. new trustees are provided with Info31 about the charity, the management stru¢lure. its history and w)rking practi$. In addition they are also provijed with extwls of ts Memorandum and Articles Df AsKKiation plus infomption from the Charity Commi85ion and Companies House regarding the duties and responsibilities of Iruslees. ApPrOlate training to trustees is provided where necessary. Oryanisatlonal Strudure The business of the charity is man&Jed by the trustees. They have app)In1 a part-lime administratorlmanager to be responsible lo Ihe trustees for the adminislr*on ofthe work of the charity. They a also $nSible forthe bookkeeping of the charity
FARRADAY HOUSE LIMITED TRUSTEES, ANNUAL REPORT lincluding Directors, Report) YEAR ENDED 30 SEPTEMBER 2024 Risk Management The Iruslees have coThJucted a review of the major risks lo vthich the charity is exposed, and systems have been established to miligale those risks and lo provide reasonable assurance against Iraud and error The main risk to charity is the possibility of a redu¢ed crcupatKy. In order lo Mgate this risk a small additional anKsunt is included in the price costing. OBJECTIVES AND ACTivmES The objectives of the charity are to lIeVe &Jed, impotent and poor people of all ¢la55es for advancement of religion and education and for other charitable purse$ treneficial lo the community. Aims ofthe Charity The charity is a prOVer of very sheltered housing for the elderfy. PUBLIC BENEFIT We have referred lo the guklance in the Charity Commission's general guidance on public benefit when reviewing ourairnsand objectives and in planning ourfulure aclivilies. In partUlar, the Iruslees have consKlered the acti7tIeS of the ¢harity as set oul in the'obieclives and aCtiv.e$, secb'on above, and the 'achievements and performanTr' aThJ assessed Iheirfuture an$. They are satisfied thatlhe criteria for putAic benefit are comprehensively achieved. ACHIEVEMENTS AND PERFORMANCE Review of Business Once more, l am pleased lo reportthat both of our houses (Bury & Radcliffe) have peffj)Md hf11. l therefore take this opporknnity to thank all our stsff for being vigilalll in keering costs lo a minimurn. Our exisbng contracl Mlh British Gas to supply gas and eleclricty carne lo an er¥J in February 2024 at the Radcliffe House and the new contr1 regotiatl. In anli¢ipab'on of the contract renewal a Capital Investsnent was made al Farraday House Radcliffe in December 2023 to N)slafl 35 sclar panels which will supply approximately 33 Kw of eltrty to SUPFlemènl our new conlwt with British Gas. Staff and Trustees are constantly questioning the soaring ¢osls of light and heating wlhln the hyo houses and regular improvements are made lo both homes. The Trustees realise that the cost of running the homes musl be kept to a minimum lo ènable us lo continue in Ihese diffi¢ull tirres and keep residential fees al a sensible level. This, however, ne8ds to te addressed by us all 501 ask that we are vigilant with regards to heating and the use of electricity. It had been by the members al the AGM during the year that we should cease our membership of the Abbeyfield Association and name ¢hange(I lo Farraday House aThJ the changeover is prc#Jrèssing. The goTrJ work done by our staff enable5 us lo keep the excellent pUtatIon we have aCS Greater Manchester and in particular Bury and RjC11ffe and myself and fellow Trustees acknowleth3e that it is because of our slaffs commitrnent and dedication to our residents lor which we thank them.
FARRADAY HOUSE LIMITED TRUSTEES. ANNUAL REPORT (including Directors, Report) YEAR ENDED 30 SEPTEMBER 2024 Can I further Ihank our Trustees for their continued support and the excellent voluntary contribution they make lo managing our two homes and kpIng us on course for continued success in the fLrture. Bob Bibby Chaiman BOARD OF TRUSTEES The Direcla5 and Trustees during the year under review were as al 30 September 2024.. Mr R Bibby, Chair Mrs Y Creswell, Honarary PresKlent Ms L Howorth C Fogg Mrs E Shirt Mrs C MGAeese Mr R Caserta Mr D Wolfenden FINANCIAL REIIEW Results The SUTplus br the year was From which is added the retaned surplus brought forward Leaving a surplus carried forward of £81,637 £1,839,801 £1,921,438 rn4orty of irKome is derived from rènts received frorn residents ofthe 33 units ofsupported housiThJ available. Investment Policy In order lo maintain a good emergency cash flow Farraday House Ltd maintsins approximately £500k in an interest bearing cash OUnt with Barclays Bank. However, in ordeT to maxirnise interest, FH Ltd ha5 invested £500k wth a Fund manement company with a range ol funds manly within Government Borwj Funds with a 'Risk Level. of 314 out of10 Reserves Policy The boaTd recniseS the need to hokj a reasonable kvel ol unStriCted reserve5 to secure the Charity's future and the wellking of our Farrajay House residents The level of reseryes required accordiro lo the reseNes Folicy will vary depending Ltpon any new projects, but is considered to be a minimum of 25°h of annual income. This would be £128,063 based on annual in¢c#ne forlhe year to 31 Dec£mber 2024.. At 30 September 2024 totsl reserves were £1,921,438, ofwhich £59,675 related lo reslrthd funds and £1.861,763 related to unrestrictsd fvnds. Funds of £1,329.990 can only be realised by disposirvJ of fixed assets, Total unrestriGled fu1$ which can te alised ¥Ihoul the disposal offfixed assets a £591,448. This figure eXcdS the level of reserves per the reserves kN)1Y by £463,385. Current levels of reserves are high as a legacy of having sold prOe$ in the past. The trustees wll not hesitate to re-invest these reserves where required to fund improvements or the addition of new f11111¢$ in either of our homes.
FARRADAY HOUSE LIMITED TRUSTEES. AMNUAL REPORT (including Dlre¢tors' Report) YEAR ENDED 30 SEPTEMBER 2024 Future Events The trustees appreciate their responsibility lo the aged populab'on of the Bury area and are mindful lo have available to the communrty reasonably priced accommodation and assisted living. On 1 October 2024 tre company leftthe Abbeyfield network and changed its name from At&eyField Bury Society Limilgj (The) to FmJay House Limited. STATEMENT OF TRUSTEES RESPONSIBILTIES trustees Ivtho are also directors of FarTaday House Limfted fL¥ the purposes ol company lawl are resFM)nsible foi prepafing the Trustees. Annual Report and financial statements in COrdan with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting PraCts.l. Company law require5 the Trustses lo prepare financial strnents for each financial year. Under company law the trustees musl notapprove the financial statements unless they are satisfied that they give a true and fair view of the stsle of affairs of the charitable company and of the iKorning resources and applical'on of resources, including ts Inco aThJ expenditure of the charitable Gornpany for that peri)d. In preparing these ncial stslements, the Irusl*s are required lo.. Selt suitable accounting policies and then apply them consislenlly,. make judgements and estimates that are reasonable and Pfudenl,. stale utheiherap l¢ab UKAccounling Standards have been followed, subject lo any matsrial departures disclosed and explained in the financial statements., prepare the ffinanciat statements on the going COeM bass unless il is inappropriate to presume that the charitable company will continue in operation., and obseNe the melh¢Jds and principles in the Charrties SORP 2019 IFRS 1021. Iruslees are responsib for keeping adequate acLounb'ng records Ihal disclose with reasonable accuwy al any lime the financial posib'on of the charitable company arKI enable Ihern to ensure that the finanGial statements compty with the CompanEs Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevents'on and deteCtn of fraud and other irregularities. In so far a5 the tnjstees are aware.. there is no relevant audit infonatIOn of whh the charitable company's auditors is unaware., and the trustees have tsken all the steps Ihatlhey ought to have taken as trustees in orderto make themselves aware of any relevant audit informaliu) and lo establish that thè company's audilots are aware ol thal infomiab'on. SMALL COMPANY EXEMPTION In preparing this rekK)rt the diredors have taken advantsge of the specia provisijns of part15 of the Companies Act 2006 relthng lo small companies. AUDITOR A resolution proposing that DonnellyBenUey mited are re-appointed as auditors of the company will be pul to the Annual General Mèeting. behalf ofthe Twslees on 4 June 2025 ibby- Chair
FARRADAY HOUSE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FARRADAY HOUSE LIMITED YEAR ENDED 30 SEPTEMBER 2024 Opinion We have audited the financial statements ol Farraday House Limited Ithe'charilable company I for the year ended 30 September 2024 whKh comprise the slalernenl of frTTrancial &livilies, the baLln sheet, and notes lo the financial slalements, inclthing a summary of significant accounting policies. The financi81 reporting framework that has been applied in their preparation is appli¢8ble law and United Kingdorn Accounting Standards, Incl1 FInala1 Reporting Standard 102 Th& FinancFalReporting Standa1 applicable in the UKand Republic oflrelandlunited Kingdom Generally ApIed Ac(Lunling pra1) In our opinicffl thè financial siaternents., give a true and lairview ollhe slate of the charilablecompany s affairs as al 30 September 2024, and of its incomi resour5 and application of resources, Including ils incorTE and expenditure, IN the year then ended., have b8en property prepared in rdan wlh United Kingdom Gener8lly ACpIed Accounting Practice., and have been prepared in accordance with the quIrements ol the Companies Art 2(Kl6. 8asis for opinlon We u)nducted our audit in a¢cordance wlh Inlemalional StaThJards on Auditing IUKI IISAS IUKI} and applKable law, Our responsibililie5 undef those standards are further described in the Auditorfs responsibilits.es for the audit ol the financial statements section ol Dur pOrt. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit ol financial slalernenls in the UK, including the FRC'S Ethical Standard, and we have fuhllled our other ethical ffsponsibililies in xcordance wlh these requirements. We telve that the audit evidence have obtained is sulFicienl and appropriate lo prowje a basis lor our opin¥)n. Conclu8lons relating to golng Concern In audth'r¥J the finCial staternenls, have concluded that the trustees. use of going c¢fiM basis of ac(x)unling in Ihe preparati of the financial 51alemenis is appropriate. Based on the wort have parfom)ed, we have not enIffied any material Unrt?IntieS reLg1ing lo events or clI10nS that, indivkjually or collectively, may cast sKJnrficanl doubl on the charitable cornpanls abllily lo conb.nue as a going Conrn for a periol ol al least hvelve months from when the finala1 slalements are authorised for issue. Our respx)nsibilities and the responsibilities of tre Iruslees with respect lo gcing concem are described in the relevant sections of this rewrt. Other infomatlrm The Iruslees are responsible lorlhe olher infornalion. The other inlornion cornpnses the information induded in the Iruslees, annual report, olherlhan the financial slalernents and our auditor'5 Wrtthere0n. our0pinn on the financial slatetnenls dr$ 1 coverlhe other Infomialion and, exp1 lo tre extent olhetvjise explicitly slated in our report, we do not express any fomi of assuran conclusion thereon. In conntk wth our a11 of Ihe financial slalemen15, our respjnsibilrty is to read IIE other infO'0n d, in doi so, consider W{her the olher in1ortnaln is materially inconsislenl wlh the financial slaements or our knOwdge obtained in the audit or otherwise appears lo be materially misslaled. 11 we identify suth material inconsistencies or apparent material mis51alemenls, we are required lo determine whether this gives rise lo a material tnisststemenl in the financial StaleNnts themselves. If, bawj on the work we have performed. we conclude that Ihere B a material misslalemenl of this other in1orrtll0ft, are required lo reFKJrt that la¢t.
FARRADAY HOUSE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FARRADAY HOUSE UMITED- continued YEAR ENDED 30 SEPTEMBER 2024 We have nothing lo report in this regard, OplniMs on other matters prescribed by the C¢)mpanles Act 2006 In ouropinion, based on the work undertaken in Ihe coutEe of the audit.. the information given in the INslees' report lincorporaling the directors, retKJrtI prepared lor the purposes of company law, lor the financial year for which the financial slalemenls are prepaied is cxinsislenl wlh the financial statements, and the directors, report has been wepared in accordance wlh applicab gaI r4uirements. Matters on vthlch WÈ are required to report by excepts'on In the light oloui kedge ar understanding of the charitable cornpany and its enwronmenl obtained in the course of the audit. we have not idenirfi&Y material misstalemenls in the directors, We have Th)Ihing lo report in respect of the following matters in relatn lo 5vhh the CompanEs Act 2006 requires us lo r8px)rt lo you rf, in our opini)n.' aduate acc(yJnling remrds have not teen kept, or returns adequate for our a11 have not been receiv from branches not visited by us,. or the finanrAal slalements are nal in agreefnent vith the accounlirKJ records and relums,. or certain disclosures ol directots, remuneration specifted by Lgw are not made,. or e have not received all the informats'on and explanations we require for our a11., or the Iruslees were not enlilled lo prepare the finawial statements in accordan with the small companies, reglme aThJ lake advanlagèollhe small companies, exemptions in preparing the directors, reFX)rt 2nd from the requ1ment lo prepa a strategic report. Responsibilities of trustees As explaned me lully in the trustees, reswnsibililies slalemenl sel oul on paJe 7, the trust Iwho are also the directors of the Charitab Lyjmpany for the purposes of company lawl are responsible forthe preparation of Ihe financial slalernents and for being satisfied that they give a true and lair view, and for sh internal control as the trustees delemiine is neSary lo enable the preparation of financial statements that are free from rnaterial misslalemenL whether due lo fraud or error. In preparing IFE financial stalernenls, the trustees are reSpOrtsib for assessing the charitable company's ability lo continue as a going concern, discbsing, as applicab, matters relaled to gcmng cortem and using the going con¢em basis of accounting unless the Iruslees either intend lo liquidalethe charitable company or lo cease operations, or have no realistic allemative but lo do so. Auditor's responsibiliti88 forthe audlt of the financial 5tatement8 Our abjeclives a lo obtain reasonable assuran abtsul whether the financial statements as a whole are free from material mis5talernent, whether due lo traud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assLJrance, bul is not a guarantee that an audit conducted in aC(rdanCe wilh ISAS IUKI wll always del1 a material misslalemenl when il exists. Misslalemenls can arise from fra or error and are considered material if, individually LY in the aggregate, they could reasonably te expected to inlluence the economic (Ècisiolls of users taken on the basis of these financial stalemenls.
FARRADAY HOUSE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FARRADAY HOUSE LIMITED . continued YEAR ENDED 30 SEPTEMBER 2024 Irregularities, including fraud, a instances of non-C(rtnpliance with and regulatIS. We design procedures in Ilne with our responsibililEs, outtined above, lo detect material misslalements in tsswlol irregularities, including fraud. The extent lo which tsjr prttedures are Capab of detecting IrregultIes, including fraud is detailed Èelow.. We obtained an understsnding of the legal and regulatory fratrework applicable lo the company and the sedor in which il operates and considered the risk of non-complian wilh applicable laws or regulations. We detetTnined that the followir@ laws aThJ regulab'ons were most significant.. the CornpanEs Ad 2)6, the Charities Act 2011. health and safely regulations and employment law. We desuned audit procedures lo respond lo the risk, recognising that the risk of not detecting a material misstalemenl due lo frajd is higher than the risk of not detecting one resulling from error, asfraud may involve deliberate concealment, lorexample, forgery or intentional misrepresentations, or through collusion. We obtained an uThJerstaThJing of the comwy is comF4ying wilh those g and regulatory frameM)rks by making enquiries of the management. We corrotK)raleé our enquiries through our Teview of b)ard tninutes. Our lesls also included 4reeing Ihe financial statements disclosures lo undertying supporting documenlalK)n. There are inhertnt limitations in the audit pfccedures described ab)ve and, the further retnoved non<ompliance with law5 and regulations is from the events and transx1ns reflected in the financial stalerllen15, the less likely wou14 trRcome awa of il. We did not idenlrfy any key audit rnatters L8.j lo irwulailies, including fraud. We also &ldre8sed the risk of managemenloverrideof internal conltoLs. including l&%ting purnals andevaluating whether there was eviden of bias by the managemenlor trustees that fepresented a rBk of material misslalemenl due lo fraud. A lurther descripts'on of our reswnsibilrties for the audit of the finatKYal statements is l(Kaled on the Financial Reporting Council's website al.. wNw.Irc.org.uklauditorsresponsibililies. Thi5 descripti( fLYms part of our auditor's report. Use of our report This rekK)rt ts made solely lo the charilable MpanY'S rnetnbers, as a t()dy, in OrdanCe with Chapter 3 of Part 16 of the Cotnpanies Act 20(6, Our audit work has been undertaken so that we might slate lo Ihe Gharitable companls tnembers those matters we are requir&J lo st* lo them in an audrt$ report aThJ for no other purpose. To the fullest extent permilled by law, we do not accept orassume reSnblIty lo anyone other than the charitable company and the charitable company'5 members as a body. for our audit work, for this retK)rt, orfor the opinions we have formed. Catherine Cole FCA (Senior Statutory Auditor) lor and on behaff of DonnellyBenlley Mited Statutory Auditor Charted Accountants Hazlemere 70 Chorley New Road BoKon BL14BY 4 June 2025 io
FARRADAY HOUSE LIMITED STATEMENT OF FINANCL4L ACTIVITIES (including Income and Expenditure Account YEAR ENDED 30 SEPTEMBER 2024 Note Unrestricted Fund Restricted Fund Year Ended 3010912024 Year Ended 3010912023 INCOME AND EXPENDITURE Income Investment income Income from eharilable actNitvès Miscellaneous income Total Income 1,738 509,631 1,738 509.631 75 472,121 366 472,562 512,253 512,253 Expendlture Charitable activities Totsl Expenditure 470,027 470,027 9.221 9,221 479,248 479,248 434,078 434,078 Net In¢omellEKpenditurel for the Year Before Other Recognlsed Gains and L099es 42,226 19,2211 33,005 38,484 Transfers belln funds Unrealised gainslllossesl on inve51menls 48,632 48,632 14,881 Nel movement in funds 90,858 19,2211 81,637 53,365 Fund balances brought forward al 10ctober 2023 1,770,905 68,896 1,839,801 1,786,436 Fund balances carrEd fomd al 30 Seplernber 2024 18 1,861,763 59,675 1,921,438 1.839,801 The Statement ol Financia Acb'vilies includes all gains and k)sses recognised in the year. l income and expenditure derives from continuing &tNilies. The Restricted Fund represents monies reTriv8d and spent on an extension at Turfts Road whh prOWd a new dining room, an improved kitchen and created one additional room. The notes fom? part ol these firnala1 slalements li
FARRADAY HOUSE LIMITED BALANCE SHEET YEAR ENDED 30 SEPTEMBER 2024 Not¢ 2023 FIXED ASSETS Housing propErtie5 Less.. Housing Asg)ciation grant 13 13 1.541,730 991,667 550,063 1,590,951 991.667 599,284 Other fixed assets 14 259,717 239,406 Inveslrnents 15 520,210 1,329,990 471,578 1.310,265 CURRENT ASSETS Deblors Cash al bank aTrJ in har¥J 16 15,957 604,021 619,978 13,597 548,021 1,618 CREDITORS: Amounts falllng due vlthin one year 17 28,530 32,082 NET CURRENT ASSETS 591,448 529,536 TOTAL ASSETS LESS CURRENT LIABILTIES 1,921,438 1,839,801 THE FUNDS OF THE CHARITY Unreslricl&J fund Restricted FurKI 18 1,861,763 59,675 1,770,905 68,896 1,921,438 1,839,801 These accounts have been prepared in acts)rdance with the provisions of part 15 of the Companies Act 2(KJ6 relating lo small coMpanS and conslilule the annual accounts required by the Companies Act 2008 and are frx circulation lo nEmbers ol the ompany. The financial $18ternenls *fre appmved by t1 Iruslees and aulhorised for issue on 4 June 2025 and a signed on their behaff R Bibby- Chair 12
FARRADAY HOUSE LIMITED STATEMENT OF CASHFLOWS YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Note Cash flows from operating activities Nel cash provided by operating activitles 19 92,781 103,001 Cash flows from Investing activrtigs.. Dividends, interest and rents from investments Purchase of tsngible fixed assets Receipt from sale of tangible fixed asset (36.781) (18,096) Net cash usod in investing activltles 36,781 18.096 Changè in ¢ash and cash equivalonts in the year 56,OIKI 84,905 Cash and cash equivalents brought forward 548,021 463.116 Cash and cash equivalents carrièd forward 20 604,021 548,021 The notes on pages 14 to 23 form part of these financial statements. 13
FARRADAY HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 1, ACCOUNTING POLICIES Farraday House Limited is Inr)rated under the Cofflpanies Act 2006. The principal policEs adopted in the Financial Statements are sel out below. Ba$18 of preparatio The financial slalefflents have been prepared in accordancewith Accounting and Reports'ng bycharilies.. Slalemenl of Recommended Practice applicable lo charities preparing their ac£ounts in a(xordance with the Financial Reporting Standard 4)plicable in the UK and Republic of IrelaThJ puNished in October 2019- (Charities SCRP 20191. the Financial Reporting Stsndard applicable in the UK aTrl Republic ol Irdand IFRS 1021, the Charities Act 2011. the Cornpanies Act 2&and UK GenerallyApted Accounting Practice. The principal accounliThJ p)licies adopted in the pparnI10n ol the financial slalemenls are set out bebw. Farraday House Limited meets the definilion of a public benefit tty under FRS102 Assets and liabilities are initially renised al historical cost or trans&ln value unless otherwise staled in the relavanl &o)unliry policy notes, They have been prepad under the historic cost convention and the going concem basB. Company Status The charity is a company lirniled by guarantee incorporatsd in England arKI Wales. The members of the company are the trustees named on page1. In the evenlof the chanty being wound up, the liability in respect of Ihe guarantee is limited lo £1 Thernr of the chanly. The aldress of the registered Offi is Farraday Hr)use, Coltam Street, Bury, BL8 1QQ. nature of the charity's operations and Ils principal activity is as a provider of very shellw&l housing fcf the 8lderfy Fund A¢untIng C*neral Funds are unreslricled funds which are available for use at the discretion of the Iruslees in lurtherance of the general obFctives of the charity and which have not been desKJnaled for other purFx)ses. Designated funds comprise unrestricted funds that have been sel agde by the Iru5tees for particular purposes. Restricted fuThls are fvnds whh we lo be used in accordance with sp6rtFK restrictions imposed by donors or hh have been raised by the charty for particular purroses. Income Income from charitable activities represents lees receivable frorn Sidents in respéct of )using accomrnodation provided by the &ciety in the year nel of rent losses from voids. All income is included in the slalemenl of finala1 &tivilps when the charity is enlilled lo income and th8 arnounl can be quantified wlh reasonable accuracy Donatlong Monetary donalicfis, other than those alkjcaled to SFecial propcts, are crlled lo the income aThJ expenditurè account, on a receipts basis. 14
FARRADAY HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS . continued YEAR ENDED 30 SEPTEMBER 2024 Inv¢strnenl Incorne Interest is regniSed as the charity's righl lo e1ve payrnenl is established. Expenditure All eXEndItUre is accounted for on an accruals basis and has been classrfied under headings that aggregate all costs related lo the category. Charitable activities expenditure comprises these Gosts incurred by the charity in the delivèry of ils serwces for its beneficiaries, Governan costs include Ih95e incurred in the govemance of the charity and its assets and are primarily associated wi(h conslilulional and statrjlory requ¥ernents. Tanglble Fixed assets All lix8J assets are initially recorded al cost. Depre¢iation Depwiation is calculated so as lo write off the cost of an asset, less ils eslimaled residual value. C*ver the useful economic lrfe of that asset as follows.. Improvements lo Property Freehold Buildings Fixtures and Fittings Computer Equipment 4% per annurn straight line 4% per annurn straHJhl line 15% Fer annum on the reduciro balance 25% per annum slrdyjhl line Housing prijperties Housing properties are principally properties availab lor rent and are slated al cost less any provision for impairment Irepr6senling a diminub'on in the recoverab ser¥ice potential ol the asset below its carrying value in the balan sheell kss deprech3lion. CDSt inclu(ks the cost of a(y4uiring land and buildings and developmenlcosts. So¢Sal Housing Grant ISHGI SHG received as a contribution towards the capital costs ol a scheme is shown in the Housing Properties note. Where properties are included at hislori¢al cost IIE total grant re1vable is deducted from Ilk cost of housing properties. This Irealmenl contravenes the Companies Act bul is nesSary lo show a true and fair view. SHG is subordinated lo the repayment of loans by agreement with the Housing Corporab'on. SHG releawj on sale of a propety may be payae bul LS nomially available to be Y¢led and is credited lo a recycled Capital Grant Fund or Disposal Proceeds Fund and included in the baLgnce sheet in credrtors. VAT Accounting Irrecoverable VAT wh can &e attributed lo 3 capital item or VenUe expenditure is added lo the cost ol I capital item or expenses Pension costs The Society operates a defined contribution rEnsion scheme. Contributions are charged lo the income arnl expenditure accounl in the aCCntIng perK)d in reswl of whh they are payable lo the scherne. 15
FARRADAY HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS. conlinued YEAR ENDED 30 SEPTEMBER 2024 Financial Instrumènts The cornpany only has financial assets and financial liabililEs d a kind that qualify as basic financial instruments. Basic financial instruments are initially rewnised al Irans&lion value and subsequenlty measured al their sett5ernenl value with the ex'On tsl bank loans thich are subs&]uenlly measur&Y al amortised cost using the eftedive interest melh(yJ. Debtors and creditors receivablelpayable vithin one year Oeblors and credilois wilh no slated interest rale and receivable or payabk Iwthin one year we recorded al Iransaclion pri. Any losses arising from impairlnent are recognised in expenditure. Flxed Asset Inve5tm•nts Investments a included al closirrfJ midmarkel value al the balanc8 sh8el dale. Any gain or loss on revaluation of disposal is taken to the Slalemenl of Financial Ac'vilS. Taxation No provision has been male lor taxalitsn as exemption from taxation has been granted by the Inland Revenue under the provisions of Sects"on 505 of the Income and CorFK)ralion Taxes Act 1988. Going Concern The Iruslees have reviehved the circUmstanS of Fartaday H(Nse Limited and consider that equate resour continue lo be available lo fund the &tivilies of the charity for Ihe foreseeable fvIu. The InJstees are of the view that the chanty is a going COnM. JUDGEhlENTS AND KEY SOURCES OF ESTIAIATION UNCERTAINY In the application of the companls &counling WIleS, the directors are required lo make judgements, estimates and assumplK)ns about the carrying amount of assels and liabilities that are nol readily apparent from other sources. The eslirnales and associated assutnption5 are bas on historical experien and other factor5 that are considered lo tré levant. Adual resutts rnay drfFerfrom these estimates. The eslimales and urLderlyirrfJ assumptions are revieEd on an ongoing basis. Rewsions to accounting e81irnales afe iecognised in the Fericl in which the estimate is revised where the revision affect5 only that period, or in the period of the revision and lulure periods Whe the reVIOn affects iK)Ih current and future peric¥Js. INCOME FROM CHARITABLE ACTIVITIES Totsl Fund5 2024 Total Funds 2023 Gross rent 1Vable Less". Losses from voids 527,689 18,058 509,631 500,432 22,311 472,121 Units at 30109r2024 Units 41 3010912023 Units in management &Jpp)rted housing for older people 33 16
FARRADAY HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 30 SEPTEMBER 2024 4. MISCELLANEOUS INCOME Total Funds 2024 Totsl Funds 2023 Mts¢ellaneous income 366 366 884 In 2024 and 2023 ai categories ol irtome were whcAly unresthcted. 5. INTEREST RECEIVABLE AND SIMILAR INCOME 2024 2023 Bank interest rfeivable 1.738 75 CHARITABLE ACTivmES Totsl Funds 2024 Total Funds 2023 Care and ¢aleriffj employee costs Employer5 Nl contributions Total pension costs Rates and water Light and heal 191,944 8,609 3,035 12,430 43,944 162,279 5,513 2,719 14,226 28,034 É i i Repairs and maintenance Food and other household costs Telephone Printing, stationery and advertising MiscellarEoys expenses Insurance Deprecialton Bank charges and interest Governance costs Isee note 7) 52,048 52,308 3,723 1,093 2.998 7,858 65,688 59,168 48,839 2,629 1,172 2,917 9,621 64,810 488 31,663 434,078 33,090 479,248 GOVERNANCE COSTS Total Funds 2024 Total Funds 2023 Audit lees Legal and profes&onal Affiliallon fee 11,259 10,783 11,048 33,090 9,969 12,270 9,424 31,663 In 2024 £9,221 of depreciation was restrted12023'. £7,7761 and all the rernainirrfJ exkEnditure was Unrestr1J. 17
FARRADAY HOUSE LIMITED NOTES TO ThE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 SEPTEMBER 2024 8. OPERATING SURPLUS Operating surplus Is slated afterchargingl(credilingl. 2024 2023 Depreciation Audrtors rernuner*ion 65,688 11,259 64,810 9,500 9. AUDITORS REMUNERATION 2024 2023 Fees payable lo auditor for a11 of the annual accounts Fees payable lo auditor for other seNi 10,000 1,259 9,5C 469 10. DIRECTORS REMUNERATION None of the diieclors were paid any rernuneralion during Ihe yearfor serVe5 as dirlOr5. TIE directors are (x)nsidered lo be the only key management Fersonnel and thus arnounts paid by the charity lo key rnanagemenl personnel was nil in 2024 and 2023. 11. EMPLOYEE INFORMTION 2024 2023 Wages and salaries Social security costs Olher pension costs 191,974 8,579 3,0 203,588 162,279 5,513 2,719 170.511 The average numtrEr of staff employed by the cornpany dunru ts financial year Jnounted lo.. 2024 2023 OFtce Wardens. caretakers and clearwrs 10 12 10 11 No employee r1Ved remuneration amounting to mre Ihan £60,0 in either year. £1,00012023.' nil) was paid lo onelruslee in respect of MbUr5ed costsft>rthe use of Wi-Fi whilsttravelling. There Ere no other Iruslee expenses paid. 18
FARRADAY HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 SEPTEMBER 2024 12. TAXATION ON ORDINARY ACTIVITIES Farraday House Limited is a registerj charity aThd Ikerefore exefflpt from liabiltty lo taxation on ils incoffle a capital gains. 13. HOUSING PROPERTY COST Ai1 October 2023 Additions Hous1 Associab'on grant rm'sposals Ai s) Seplernber 21)24 2,3(Kl,186 1991,6671 1.308,519 DEPRECIAnON Al 1 October 2023 Charge lor the year AI 30 Septernr 2024 709,235 49,221 758,456 NET BOOK VALUE AI 30 Seplember 2024 550,063 AI 30 September 2023 599,284 Housing properbes value, nel ol grant and depreciation Compr.. 2024 2023 Freehold land aThJ buikjiros 550,C63 599,284 19
FARRADAY HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS {continued) YEAR ENDED 30 SEPTEPJFBER 2024 14. OTHER TANGIBLE FIXED ASSETS Comwter Inyrovements Equlpment to Property Fixtures & Ftitings Total COST Al1 October 2023 Additions rAsposals AI 30 Seplember 2024 1,273 649 248,917 36,132 153,641 403,1 36,781 1.922 285,049 153,641 440.612 DEPRECIATION At 1 October 2023 Charge for the year Oeprech3lion on dispos At 30 September 2024 1,2n 162 41,435 11,402 121,720 4,903 164,428 16,467 1,4 52,837 126,623 180,895 NET BOOK VALUE Al September 2024 487 232,212 27,018 259,717 AI 30 SEPTEMBER 2024 207,482 31,921 239,403 15. FIXED ASSET INVESTMENTS 2024 2023 Market Val al1 Odober 2023 Additions DisFosal prwjs Nel inveslrnenl gainslllossesl Market value al 30 septernr 2024 471,578 456.697 48,632 520,210 14,881 471,578 Historica cost- original 500,000 5tx),000 Investments at market value comprlsed: 2024 2023 AJ Bell Investntre General Invesknenl Accounl 520,210 471,578 The investment manager is responsible for managing the InvestnnI porttoli) in the test interests of the charity which may involve the purchase and sale of shares. Anygains on the sale of shares a reinvested diredy in the fund arKI are there[e Ireal* as unrealised by the charity. Investments within the &neral Investment Account are valued on the basis of mid-markel prices from the appropriaie Slc¢k Excharoe orfrom the levanl fund manager al the balae sheet dale. The nease in value of the inveslrnents amounlirg lo £48.632 is an unalised gain lo be disclosed under Chatilies SORP 2019 and dLES not reflect any adu gains realised by the charily from s21es of investrnents. 20
FARRADAY HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 SEPTEMBER 2024 16. DEBTORS 2024 2023 Trade debtors Prepayments and accrued income Sundry debtors 15,957 13,418 179 13,.597 15,957 17, CREDfTORS'. AMOUNTS FALLING DUE WITHIN OME YEAR 2024 2023 Trade creditors Other laxalion and social sdruiity Other creditors Accruals and defeired irrne 8,489 3,086 2,235 14,784 2,477 2,426 12,395 32,082 28.530 18. sTATEMEr OF FUNDS Brought Forward Income Expenditure Transfers Inlout Unrealised Gain Carried Forward Restncled fund Unrestricted fund 68,896 1770,905 9,221 470,027 59,675 48,632 1,861,763 512,253 21
FARRADAY HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued} YEAR ENDED 30 SEPTEMBER 2024 19. RECONcILTION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nel incomellexpendilure) for the year (as per Slalernenl of Financial Aclivitiesl 33,Q05 38,484 Adjustment for: Deprecialior) charges Dividends, interest and rents from inveslrnenls Loss on the sale of fixed assets DecreaseIlineaseI in stocks Ilncreaseydecrease in debtors Idecreaseyincrease in creditors Net cash wovided by operating activities 65,688 64,870 {2,360) 3,552 (6,289) 5.996 92.781 t03,001 20. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and in hand Total 54 21. ULTIMATE CONTROLLING PARTY The ullirnate controlling pty is the Iruslees as detsiled on page1. 22. FINANCIAL COMMITMENTS Total finanryal wmilrnents at 30 September 2024 which are included In the balan sheet are £2,65212023.' £3,588) 23. RELATED PARTY TRANSACTIONS David Woffenden. who is a trustee ofthe charity, B self4rnpbygJ decorator aNI during the year the chanty paid £1,40512023', £2,410) to him for drating serv¢ces. 24, CONSnTUTION The Charitab Company is limited by guarantee and d08s not have a share caprtal. In the event of the charitab ompany Ltino t4DuThI up the members are comrnilled to a nth"bUt10n of£1 each. 22
FARRADAY HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 SEPTEMBER 2024 25. ANALYSIS OF NET ASSETS BETWEEN FUNDS Final balances al 30 SeplerTrber 2024 are represented by'.- Unrestricted Fund5 Restricted Funds Total Funds Tangible Fixed Assets Current Assets Current Liabilits'es 1.270,315 619,978 28,530 1,861,763 59,675 1,329,990 619,978 28,530 1,921,438 59,675 26. POST BALANCE SHEET EVENTS On 1 October 2024 the company left the Abbeffiekj network and changed its name from Abbeyfield Bury Society Limited IThel lo Farraday House Limited. 23