## **ABBEYFIELD LOUGHTON SOCIETY LIMITED** **DIRECTORS' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED** **31ST MARCH 2024** **Registered Number: 758621** **Registered Charity Number: 227729** **ABBEYFIELD LOUGHTON SOCIETY LIMITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST MARCH 2024** ## **INDEX** ## **Page Number** |1 - 3|-|Directors' report| |---|---|---| |4|-|Examiners' report| |5|-|Statement of financial activities| |6|-|Balance sheet| |7-11|-|Notes to the financial statements| ||**_For the information of the directors_**|| |12|-|Detailed income and expenditure account| **ABBEYFIELD LOUGHTON SOCIETY LIMITED** |DIRECTORS AND TRUSTEES:|C M Franklin (Chairperson)| |---|---| ||C J Rawlinson (Treasurer)| ||P B Medway| ||L G Murphy| ||S A Murphy| |SECRETARY:|C M Franklin| |PRESIDENT:|S Murray| |ACCOUNTANTS:|Sterlings Accountancy Solutions Ltd| ||131-133 Roman Road| ||Mountnessing| ||Brentwood| ||Essex| ||CM15 0UD| |BANKERS:|Barclays Bank plc| ||207 High Road| ||Loughton| ||Essex| ||IG10 1AZ| |REGISTERED OFFICE:|121 High Road| ||Loughton| ||Essex| ||IG10 4LT| |INVESTMENT MANAGERS:|CCLA Investment Management Limited| ||COIF Charity Funds| ||80 Cheapside| ||London EC2V 6DZ| ||W H Ireland Ltd| ||24 Martin Lane| ||London| ||EC4R 0DR| ||Columbia Threadneedle Fund Management Ltd| ||PO Box 9040| ||Chelmsford| ||Essex| ||CM99 2XH| Page 1 **ABBEYFIELD LOUGHTON SOCIETY LIMITED** ## **DIRECTORS' REPORT** The directors present their annual report and the financial statements for the year ended 31st March 2024. This report is a Director's Report which as required by section 417 of the Companies Act 2006 and a Trustees' Annual Report as required under Part 8 of the Charities Act 2011. The trustees confirm that the financial statements comply with the requirements of the company's governing documents, the Charities SORP (FRS 102) and the Companies Act 2006. ## **Structure, Governance & Management** The Society is constituted by its Memorandum and Articles dated 24th April 1963 registered under the Companies Act 2006 (number 758621). It is also a registered charity (number 227729). The accounts have, therefore, been prepared to comply with the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and revised in May 2008. The Society is an affiliated member of The Abbeyfield Society. The Society is a company limited by guarantee not having any share capital. Each member guarantees to contribute £1 towards the liabilities and costs on winding up. The directors of the charity are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The trustees serving during the year and since the year end were as follows: C M Franklin P B Medway C J Rawlinson L Richards (resigned 1st October 2023) L G Murphy S A Murphy ## **Recruitment and Appointment** Potential new trustees are recruited in one of two ways. Either the trustees approach someone who they think may be interested and have time to commit to the organisation, or an interested, informed person approaches an executive committee member with a view to joining the committee. The committee would then formally discuss the applicant's merits and skill sets. Following a formal screening process and a police check, if the committee consider that the applicant would enhance the committee's work, he or she is formally elected. Page 2 **ABBEYFIELD LOUGHTON SOCIETY LIMITED** **DIRECTORS' REPORT** ## **Induction and Training of Trustees** By way of formal introduction Trustees are given training on policies and procedure relative to the role. The charity requires trustees and staff to attend mandatory, regular training courses on a variety of topics. The trustees form The Executive Committee of the Society and are responsible for all decision-making. Trustees are appointed on a rotational basis by the members at the Annual General Meeting. The trustees have identified the major risks to which the Society is exposed and those risks have been mitigated. The trustees are currently reviewing their policies which have been in place for many years. In accordance with the Articles of Association C J Rawlinson and C M Franklin retire from the Committee at the Annual General Meeting and will offer themselves for re-election. ## **Risk Management** The main areas of risk to the charity are financial and physical. The trustees undertake a formal risk assessment on a frequent basis to ensure that physical risks such as loose carpet, which could pose a risk to residents, are identified and dealt with early. Staff are subject to police screening and training for key areas in Health and Safety, Food Hygiene and prevention of abuse. Fire drills and the regular testing of fire alarms are undertaken often to ensure staff and residents are aware of the emergency procedures. Each resident's room has displayed fire evacuation procedures and a panic button in case of emergency. In addition, residents are offered pendant personal alarm systems. Investments are made with the ultimate aim of high liquidity, maximum yield with very low capital risk. W H Ireland Ltd manage these investments. ## **Objectives & Activities** The principal activity of the charity throughout the year was providing care and accommodation for elderly and lonely persons in accordance with the Memorandum and Articles of Association and the aims and principles of The Abbeyfield Society Limited. The trustees regularly review the needs and the facilities provided for the residents with a view to carrying out such work as maybe required, to improve and enhance the residents' quality of life. In this respect we continued with the general upkeep and improvement of the building. Specifically the boiler was replaced at a cost of £2,550, one room was upgraded costing £17,997, two shower rooms were upgraded for £3,800 and the emergency pull chord system was upgraded costing £3,255. It is the charity's policy to cover its operating costs with income from residential charges. Any surplus on investments is set aside for future use to improve the building and facilities for residents. ## **Achievements & Performance** The aim of the trustees is to ensure full occupancy of the home and to provide a comfortable environment for the residents. We maintained the same occupancy level as at the end of last year having two vacancies throughout the year. ## **Financial Review** Rental income remained consistent with last year. Overall, most operational costs remained consistent with last year. The exception was light and heat which increased due to the worldwide inrease in electricity and gas prices. There was a deficit of £13,577 before property and investment revaluations; the investments increased in value by £19,179 resulting in an overall surplus of £5,602 for the year. Pa8e J AIIIIF.VFIF.LD L()U(:HT()N SOCIETY LIMITF.D DIRECTOR4i' RF.P()RT Polky A$ ￿ 31 Mu¢h 2024. thc tdal orth¢ ¢kwity at L7,420.495 which irKIth thc ￿lI￿alIL cr¥¢ of £1,181457. fnln rtsidents ¢ovets dl of rpJu¥in8 i IK)mE irfI￿lIn8 in*mDI d¢wrnlion¥ and minpr Pl•u For Fil•r¢ P¢r&M Ml. th t*¢ruary. T¢-¢alp¢￿. Ev¢ry ¢tTorl 1$ m•k ￿ ¢Dsurt r*w r¢sid¢rf with th¢ (thcr The It*lK) d]r￿￿rj (or tk Frtryx¢ of l•w) arc for th¢ ATrThU￿ Rctrf)rt s¢•wd¢nts unl¢sJ &y w¢ wisf*J th# SI￿ • •Jd fAr st* of aff•iN of ¢hari¢thk h•rit•bk ¢omFWy for th•t FWK ¢ompgny will ¢(wMintt ￿ OF<*. hari¢Ablc Ir4TLwlithw *Thl dm¢1￿¢ with ff*thAbk •ry lime thr finwKiol pMiiTh of thc ¢h4ri1gbk cumpany 4rMI ¢nthk thcm to th¢ wi iti wlth the wli¢abk k) wwll wnpMits' ylTrknofthc BLwd ofTrLLqt¢ C M Frmklin Page 4 **INDEPENDENT EXAMINERS' REPORT TO THE TRUSTEES OF** ## **ABBEYFIELD LOUGHTON SOCIETY LIMITED** I report on the financial statements for the year ended 31 March 2024 set out on pages 5 to 11. ## **Respective responsibilities of trustees and examiner** The trustees (who are also directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination it is my responsibility to: - examine the accounts under section 145 of the 2011 Act - to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act - to state whether particular matters have come to my attention. ## **Basis of independent examiner's statement** My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. ## **Independent examiners statement** In connection with my examination, no matter has come to my attention 1. which gives me reasonable cause to believe that in, any material respect the requirements: - to keep accounting records in accordance with section 386 of the companies Act 2006 and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of section 396 of the companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities. have not been met; or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ## **David Parker FCA** ## **Institute of Chartered Accountants in England & Wales** Sterlings Accountancy Solutions Limited 131-133 Roman Road Mountnessing Brentwood Essex CM15 0UD Date: 12th July 2024 Page 5 ## **ABBEYFIELD LOUGHTON SOCIETY LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME AND** ## **EXPENDITURE ACCOUNT AND STATEMENT OF RECOGNISED GAINS AND LOSSES** ## **FOR THE YEAR ENDED 31ST MARCH 2024** **----- Start of picture text -----**
2024 2023
Unrestricted Restricted Total Total
Notes £ £ £ £
Incoming resources
Incoming resources from generated funds
Voluntary
Donations - - - -
Activities for generating funds
Investment income 3 14,355 - 14,355 8,711
Incoming resources from charitable activities
-
Income from residential charges 139,551 139,551 131,600
- - -
Other incoming resources
Total incoming resources being net incoming -
153,906 153,906 140,311
resources available for charitable application
Resources expended
Charitable expenditure
Costs of charitable activities 4 159,166 - 159,166 146,289
Governance costs 5 8,317 - 8,317 10,457
-
Total resources expended 167,483 167,483 156,746
Net incoming/(outgoing) resources for the year
before transfers and investment gains and losses -
(13,577) (13,577) (16,435)
being the surplus/(deficit) for the year for
Companies Act purposes
-
Unrealised surplus/(deficit) on investments 19,179 19,179 (28,771)
Other recognised gains and losses
on fixed assets for the Society's use
- - - -
Unrealised gain on land and buildings
Net movement in funds 5,602 - 5,602 (45,206)
-
Fund balance brought forward 2,414,893 2,414,893 2,460,099
Fund balance carried forward £ 2,420,495 £ - £ 2,420,495 £ 2,414,893
**----- End of picture text -----**
- All transactions are derived from continuing activities - There are no gains or losses for the year other than those recognised in the Statement of Financial Activities. Pa8¢ 6 ABBEYFIELD LOuG￿roN SOCIETY LI￿ED BALANCE SHEET AS AT 31ST MARCH 2024 2024 2023 Notts TO￿17b1¢ AM¢¢s Housing properties Investro¢nts 1,7(K).iKiI 468,265 I.?￿,( 449.086 2.168.265 2,149.086 Current As*ts Lkb¢ors Cth at b4t)k aThJ in 3.th)5 255.558 2.942 274.281 258.563 277,223 Creditor¥'. fallin8 due withinim y¢at io 6J33 CuYMt Amets 252230 165.807 Totsl A￿tr Liibiliti £ 2,420.495 £ 2,414,893 Fln*nctd by: U*TUtri¢td rtserveg: Rclaincd surplus Rcvaiuati(Th Tue 1238,038 1.182.457 1.232,436 .l8•,457 £ 2.420.495 ?414,893 Th¢ company is entidcd kn ¢xeM￿l0￿ from s￿111 wthrSr¢th￿ 477 of the Comp￿1¢8 A¢t 2(th for y¢w ¢ndcd 31 Marnh 2024. The members hAv¢ rcquJ￿d the Company knobtsin an 04Mlitof its ruW￿la1 *at¢maM for the year cTthd 31 MJr¢h 2023 in acetydwv with S¢¢iion 476 of C(Anp￿leS Ad 2(XKS. Th¢ dircctor5 aEknowld8e thcir rc5rM)rb5ibilili¢A for (#) Cr￿Uring that th¢ ¢(mipany kecps ￿￿UnlIn8 r¢¢iYth whi¢h ¢omply with kiioM 386 and 387 of the CompanLC8 Aci 2000 and (b) prcpwing fuwwiaj stolcmcnts which give and fairvicw of of orth¢ wmpony thL LnJ (Trr h financid y¢4r 4tNI ofiLq profit or loss forr*h fiNtti81 y¢ar in XCOrd￿ with th¢ r¢44uir¢mertts of Seciion 394 395 aNi which uthm¥is¢ ¢thnply with th¢ rquircmcntsof th¢ CompaDiU A¢1 21MX+ rel￿1￿8 to fuwKiai s¢akm¢nLN for a¥ applicabk company. Th¢ financial sts*m¢nts hav¢ bKn p￿pared in ￿)[darKe with the 5pcciai r￿D¥L*lOn$ of Part IS of th¢ Compani¢¥ ALI 2006 rel￿1Th8 to small chwitsblc Comp￿1¢$ tk. finan¢id re￿)￿1118 StsndDrd for Small¢r Lntiti¢% {¢n¢¢iiV¢ April 2(M)8). Th¢ fLnDnciat sth*m¢Dls w¢r¢ apwov¢d by the Ixwd ofdirwlors ¢Jn d•t¢ Exlow aTMI wer¢ Signed on its bchair by: C M FrHnklin- ChAirFm) DAt¢'. ?/71￿>¥ Thr nol¢s on p98¢$ 7 kn 1 I fm r•rtof th¢9¢ Page 7 **ABBEYFIELD LOUGHTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST MARCH 2024** 3 ## **1. STATUS OF SOCIETY** The Society is registered under the Companies Act 2006 (number 758621) and is a registered charity (number 227729). ## **2. ACCOUNTING POLICIES** ## _**Accounting Basis**_ These accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), "Accounting and Reporting by Charities" the Statement of Recommended Practice for Charities applying FRS 102, the companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from January 2015. The Company is a Public Benefit Entity as defined by FRS 102. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. Under Companies Act 2006 s454, on a voluntary basis, the trustees can amend these financial statements if they subsequently prove to be defective. ## _**Incoming Resources**_ Income from donations is included in incoming resources when these are receivable. Income from residential charges is accounted for on a straight line and accruals basis. Investment income is accounted for on an accruals basis. ## _**Resources Expended**_ All resources expended can be separately identified between different classes of expenditure. There is no need for apportionment. ## _**Housing Land and Buildings**_ The cost of property is the purchase price plus costs of developing the property to enable it to be occupied. All invoices and architect's certificates relating to capital expenditure are included in the financial statements at gross value provided that the expenditure incurred or the architect's certificate was completed by the end of the accounting year. Expenditure on any scheme aborted is written-off in the year in which it is recognised that the scheme will not be developed to completion. Where the directors consider that a property has fallen below recoverable amount, the carrying value of the property is written down directly to the Statement of Financial Activities to estimated open market value for existing use. When the directors consider the property value has increased, the carrying value is increased with the surplus being credited directly to the revaluation reserve. ## _**Depreciation**_ Freehold property is carried at cost/valuation and is not depreciated. It is company policy to maintain its freehold property to a high standard, because of this the property maintains a residual disposal value in aggregate at least equal to the book value and accordingly no provision for depreciation is made. This represents a departure from the Companies Act 2006 which requires depreciation to be charged on tangible fixed assets. The directors consider this departure to be necessary to give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. Page 8 **ABBEYFIELD LOUGHTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024** ## **2. ACCOUNTING POLICIES - Continued** ## _**Future Cyclical Repairs and Maintenance**_ Provision is made for major repairs or cyclical maintenance only where they represent legally binding commitments or obligations at the balance sheet date. ## _**Corporation Tax and VAT**_ The Society has charitable status and is exempt from corporation tax on the income it has received. The Society is not registered for VAT. Accordingly no VAT is charged to residents, and expenditure in the income and expenditure account includes the relevant VAT. ## _**Investments**_ Investments held are stated at bid price value at the balance sheet date. Purchases and sales include transaction fees. Realised and unrealised gains and losses are credited/charged to the Statement of Financial Activities. ## _**Pensions**_ The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. ## _**Funds**_ The Society has no Restricted or Endowment Funds. All funds are credited to the General Fund held for the future running of the Society. ## **3. INVESTMENT INCOME** ## **4.** |Bank and short term deposit interest
Dividends
Disposal of investments
Advertising
Insurance
Garden maintenance
Rent and rates
Heating and lighting
Telephone
Television licence
**COSTS OF CHARITABLE ACTIVITIES**
Repairs and maintenance
Staff salaries and costs
Food and other household costs
National Insurance
Pension contributions|**2024**
**£**
5,709
8,646
-
14,355
£
**2024**
**£**
41,332
80,379
357
1,285
6,436
2,795
4,408
16,218
1,378
166
3,944
468
159,166
£|**2023**
**£**
2,111
6,600
-
8,711
£
**2023**
**£**
38,966
73,929
191
1,193
6,942
3,129
4,163
11,220
2,287
174
3,627
468
146,289
£| |---|---|---| Page 9 **ABBEYFIELD LOUGHTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST MARCH 2024** ## **5. GOVERNANCE COSTS** |Affiliation fee: The Abbeyfield Society
Accountancy
Legal and professional
Printing, postage and stationery
Computer expenses
General expenses|**2024**
**£**
2,322
4,663
-
-
426
906
8,317
£|**2023**
**£**
2,902
4,458
1,200
7
330
1,560
10,457
£| |---|---|---| ## **6. EMPLOYEES** The Society had 5 (2023 - 5) employees, amounting to three full-time equivalent employee, who run the accommodation unit. No employee earns more than £60,000 per annum. ## **7. FIXED ASSETS** |**Freehold Land and Buildings**
**Valuation**
At 1st April 2023
Revaluation surplus
At 31st March 2024|**Land and**
**buildings**
**held for**
**letting**
**£**
1,700,000
-
1,700,000
£| |---|---| The property valued on 23 July 2014 by Heather Thirtle F.R.I.C.S. on the basis of the open market value for existing use. The original cost of the property, including improvements, was £517,543. Page 10 **ABBEYFIELD LOUGHTON SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST MARCH 2024** **----- Start of picture text -----**
8. INVESTMENTS
2024 2023
£ £
Valuation brought forward 449,086 477,857
- -
Disposals
Revaluation surplus/(deficit) 19,179 (28,771)
£ 468,265 £ 449,086
2024 2023
£ £
UK Listed investments 468,265 449,086
£ 468,265 £ 449,086
Investments comprising greater than 5% of investments are as follows:-
2024 2023
£ £
Columbia Threadneedle Management Funds 68,274 61,984
- -
iShares Corporate Bond
9. DEBTORS
2024 2023
£ £
Prepayments and accrued income 3,005 2,942
£ 3,005 £ 2,942
10. CREDITORS : Amounts falling due within one year
2024 2023
£ £
Other creditors 492 464
Accruals and deferred income 5,841 10,952
£ 6,333 £ 11,416
**----- End of picture text -----**
Page 11 **ABBEYFIELD LOUGHTON SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST MARCH 2024** ## **11. RESERVES** **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Freehold|Investments| |Revaluation|Revaluation|Unrestricted| |Reserve|Reserve|Reserve|Total| |£|£|£|£| |-| |At 1 April 2023|1,182,457|1,232,436|2,414,893| |-|-| |Operating surplus/(deficit) for the year|(13,577)|(13,577)| |-|-| |Revaluation surplus/(deficit) in the year|19,179|19,179| |At 31 March 2024|£ 1,182,457|£ -|£ 1,238,038|£ 2,420,495| **----- End of picture text -----**
## **12. SHARE CAPITAL AND CONTROLLING PARTY** The Society is a company limited by guarantee not having any share capital. There is considered to be no controlling party. ## **13. PAYMENT TO MEMBERS, COMMITTEE MEMBERS, OFFICERS, ETC.** Payments to members of the Society for travel and sundry expenses reimbursed are as follows:- **----- Start of picture text -----**
|||| |---|---|---| |2024|2023| |£|£| |C J Rawlinson|-|260| |C M Franklin|185|3,772| **----- End of picture text -----**
The trustees did not receive any remuneration during the year. Page 12 **ABBEYFIELD LOUGHTON SOCIETY LIMITED** ## **DETAILED INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 31ST MARCH 2024** **----- Start of picture text -----**
2024 2023
£ £ £ £
Income
Income from residential charges 139,551 131,600
Donations - -
Deposit interest 5,709 2,111
Dividends 8,646 6,600
Other income - -
£ 153,906 £ 140,311
Expenditure
Affiliation fee: The Abbeyfield Society 2,322 2,902
Audit and accountancy 4,663 4,458
-
Legal and professional 1,200
Printing, postage and stationery - 7
Computer expenses 426 330
General expenses 906 1,560
8,317 10,457
Repairs and maintenance 41,332 38,966
Employee costs 82,021 75,313
Food and other household costs 6,436 6,942
88,457 82,255
Garden maintenance 2,795 3,129
Rent and rates 4,408 4,163
Heating and lighting 16,218 11,220
Telephone 1,378 2,287
Television licence and rental 166 174
Insurance 3,944 3,627
Advertising 468 468
29,377 25,068
Total Expenditure £ 167,483 £ 156,746
Operating surplus/(deficit) for the year (13,577) (16,435)
- -
Revaluation of land and buildings
Revaluation of investments 19,179 (28,771)
5,602 (45,206)
Surplus at beginning of year 2,414,893 2,460,099
Surplus at end of year £ 2,420,495 £ 2,414,893
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