VirtualSignature Transaction Ref. 2T4P-YPF6-6RVS 27 Mar 2025 07:29:42 GMT (UTC +0) D 1/2 P 1/35 

**Registered number: 00762159 Charity number: 229545** 

**SIDLIFE LIMITED (FORMERLY THE ABBEYFIELD SIDMOUTH SOCIETY LIMITED) (A COMPANY LIMITED BY GUARANTEE)** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 30 SEPTEMBER 2024** 




VirtualSignature Transaction Ref. 2T4P-YPF6-6RVS 27 Mar 2025 07:29:42 GMT (UTC +0) D 1/2 P 2/35 

## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 10|
|**Independent Auditors' Report on the Financial Statements**|11 - 14|
|**Statement of Financial Activities**|15|
|**Balance Sheet**|16|
|**Statement of Cash Flows**|17|
|**Notes to the Financial Statements**|18 - 33|





VirtualSignature Transaction Ref. 2T4P-YPF6-6RVS 27 Mar 2025 07:29:42 GMT (UTC +0) D 1/2 P 3/35 

## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

|**Trustees**|Mr A Darrant, Chairman|
|---|---|
||Mr R Seaver, Treasurer|
||Mrs V Fursey|
||Mrs J Mitchell|
||Mrs S Phillips|
||Dr H Nelson (appointed 4 June 2024)|
|**Company registered**<br>**number**<br>00762159<br>**Charity registered**<br>**number**<br>229545<br>**Registered office**<br>Cotmaton House<br>Cotmaton Road<br>Sidmouth<br>Devon<br>EX10 8QT<br>**Company secretary**<br>Mrs S Billinghurst<br>**Independent auditors**<br>Bishop Fleming LLP<br>Chartered Accountants<br>Statutory Auditors<br>2nd Floor Stratus House<br>Emperor Way<br>Exeter Business Park<br>Exeter<br>EX1 3QS<br>**Bankers**<br>CAF Bank Ltd<br>PO Box 289<br>West Malling<br>Kent<br>ME19 4TA||



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VirtualSignature Transaction Ref. 2T4P-YPF6-6RVS 27 Mar 2025 07:29:42 GMT (UTC +0) D 1/2 P 4/35 

**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

The Trustees present their annual report together with the audited financial statements of the Charity for the year from 1 October 2023 to 30 September 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document 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 (FRS102) (effective 1 January 2019). 

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. 

## **Objectives and activities** 

## **a. Policies and objectives** 

The principal objectives and activity of the Charity, as determined by its Memorandum and Articles of Association, continues to be the provision of accommodation, supporting independence and companionship for elderly people in accordance with the aims and principles of SidLife Limited. This activity falls wholly within Hostel Housing activities as defined in the Housing and Regeneration Act 2008. 

In achieving its objectives, the Charity aims to create a surplus of income over expenditure, sufficient to maintain its properties and service levels to a high standard.  The Charity’s ongoing aim is to ensure that these standards are maintained and improved wherever possible and that the Charity continues to adhere to all current legislation governing the services it provides. 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. 

## **b. Strategies for achieving objectives** 

At 30 September 2024, the Society had 32 units across two houses (Cotmaton House and Culver House).  The Society’s third house, Abbeyfield Court was in the process of being sold and was vacant. 

The Trustees agreed that with the sale of Abbeyfield Court, which includes the two Bedford Flats, the Society would be able to release equity, pay off the Abbeyfield Loan and ensure that we have financial resilience to invest for the future. 

## **c. Activities undertaken to achieve objectives** 

Abbeyfield Court was sold during the financial year, with completion taking place on 31 July 2024.  Repayment of the outstanding Abbeyfield Loan was made in full on 31 July and all charges released on the property.   The sale of the two Bedford flats was agreed, but completion did not take place until October 2024. 

It is the objectives of the Trustees, through the Chief Operating Officer (COO) to closely monitor operational costs against the budget, to ensure that income generated exceeds expenditures leading to a year end trading surplus.  Throughout the year, and annually, a review of all service contracts within the Society is carried out to ensure best practice and efficiencies made where possible.  There were two significant changes during the financial year.  The first was that the Trustees, after thorough review, decided to terminate our membership of Abbeyfield England at 31 March 2024 (with 3 months’ notice ending 30 June 2024).  Secondly, as a result, the Society rebranded to SidLife Limited, to remove any association to the previous membership of Abbeyfield England.  Since, the rebrand of the Society to SidLife, a relaunch of our Houses and services has raised the profile of the Charity in the local community. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **Objectives and activities (continued)** 

## **d. Main activities undertaken to further the Charity's purposes for the public benefit** 

It is the objective of the trustees to maximise the public benefit provided by the Charity, in providing high quality support, having regard to the extent of the Charity’s income and reserves, the cost of facilities and the ability of residents to make payments from their own resources. 

The Charity continues to invest financial resources, as appropriate, to modernise and upgrade the Charity’s housing stock, to ensure a high standard of accommodation for residents at an affordable price. 

The trustees encourage the building and nurturing of links within the local community to strengthen the engagement of each of our homes with the wider local community and make our homes open to all.  We continue to work with local businesses and support networks, with similar ethos and values to grow and benefit from the Charities main purpose- alleviating loneliness in older people. 

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2022 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. 

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Society should undertake. 

## **Achievements and performance** 

## **a. Main achievements of the Charity** 

The results for the year ended 30 September 2024 demonstrate the Society’s commitment to ensuring that the remaining two properties meet the required standard of accommodation. The accounts show a surplus for the year, after depreciation of £757,027 (£173,550 excluding gains on disposal of tangible fixed assets), compared to a £70,175 deficit in the prior year. 

The operating surplus for the year ended 30 September 2024 was £127,228 compared with an operating deficit of £85,305 for the year ended 30 September 2023. 

## **b. Key performance indicators** 

The Charity is focusing on two main KPIs: 

(1) Targeting room occupancy rates at a minimum of 88% combined across Culver House and Cotmaton House; Culver and Cotmaton Houses provided 32 units, 89.1% occupied during the year end 30 September 2024. 

(2) Total Payroll Costs being a maximum of 50% income; Culver and Cotmaton Houses and Central payroll 42%, during the year end 30 September 2024 (compared to 53.6% year end 30 September 2023). 

## **c. Review of activities** 

The Charity strives to have an up to date active waiting list to try and reduce the length of void periods.  However the Charity works to retain standards of accommodation, and a through void inspection is completed when a resident leaves (to give time for any necessary works to be caried out). 

With regard to payroll costs, the Charity strives to optimise staff hours, whilst ensuring the high standards of service that we expect are not compromised. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **Achievements and performance (continued)** 

## **d. Factors relevant to achieve objectives** 

In achieving its objectives, the Charity aims to create a surplus of income over expenditure which is sufficient to maintain the properties and service to a high standard.  The Charity’s ongoing aim is to ensure that these standards are maintained and improved wherever possible, and that the Charity adheres to all the current legislation governing the services it offers.  The Charity strives to maintain high residential occupancy levels by sustaining local awareness as to the benefits that the Charity has to offer those in need, in the communities we serve. 

When reviewing the Charity’s aims and objectives, budgeting and planning its activities, the Trustees have due regard to the Charity Commission’s public benefit guidance, including its guidance on fee charging, and compliance with all current legislation. 

## **e. Investment policy and performance** 

Surplus funds are held on deposit with CAF Bank and earmarked for essential repairs and maintenance (to keep housing stock up to required standards).  Longer term investments are managed by Brewin Dolphin. 

Our financial investments are a major asset of the Charity and the Trustees of the Charity have overall responsibility for all Financial Investment decisions. 

Acting within the guidelines determined by the Trustees, day to day decisions on purchases and sales of Investments are delegated, on a discretionary basis, to RBC/Brewin Dolphin PLC, an experienced Independent Investment Manager under contractual terms, including charges and performance targets, agreed in writing. 

The Charity aims to ensure that a balance is maintained between, on the one hand, achieving at least market average percentage increases in Capital values and, on the other hand, low liquidity and volatility risks.  This is achieved by maintaining a diversified portfolio.  The Independent Investment Managers are responsible for deciding the exact composition of the portfolio within the Trustees guidelines. 

The Board is satisfied that the level of reserves, and unrestricted funds, is satisfactory in the view of the Charity’s obligations to residents and staff. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **Financial review** 

## **a. Going concern** 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. 

## **b. Reserves policy** 

The principal funding received by the Society is from the residential charges (32 units).  The Society is not Government funded. 

The charity considers that the appropriate level of free reserves should be in the region of £300,000. This will ensure that the charity has sufficient resources to be able to operate on a day to day basis and includes a contingency to cover unplanned issues that could arise (such as loses arising should there be a high level of unplanned accommodation vacancies (voids). 

Free reserves represent the unrestricted reserves of the charity less any amounts designated for specific purposes. The net book value of the fixed assets of the Charity (less associated borrowings) have also been designated, due to the fact that these funds are not available for day to day use within the Charity. 

At 30 September 2024, the free reserves of the charity stood at £1,547,096. Following the sale of the Court, the Board is having strategic discussions on allocating potential reserves in future to projects over the next few years in order maximise the benefit to the Society.  The principal theme concerns an evaluation of SidLife’s current estate (stock condition report as well as analysis), in order to plan works for refurbishment and enhancement to maximise our potential in future. The Board feels a period of stability is required, to evaluate our options in moving forward, in order to ensure future success and viability. 

## **c. Principal risks and uncertainties** 

The offer of accommodation must suit the demand from older people and some of the accommodation types may no longer be deemed to meet the needs.  Additionally, the downward pressure on social housing grants and local pressure on housing benefit need packages, may affect financial viability.  Financial viability depends on ensuring that income covers expenditure and that levels of occupancy are maintained at a high enough level to cover costs and augment reserves. 

These risks are mitigated by good management and sound governance, which rely on recruiting experienced Trustees and key personnel, backed by structured planning and adequate resources.  Operating expenditure is carefully monitored and controlled, and all budget planning and capital expenditure is subject to approval by the Board. 

The Charity strives towards full occupancy, raising local awareness to the benefits which the Society has to offer. 

## **d. Principal funding** 

The principal funding for the Society continues to be income from the Residential rental from the 32 units, across Cotmaton and Culver Houses. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **e. Value for money metrics** 

Value for Money (VFM) is about being effective in how we plan, manage and operate in the Charity.  It requires making the best use of resources available for us to provide quality homes to improve the quality of life of our residents, together with high quality services and support. 

The Regulator for Social Housing (RSH) issued a new Value for Money Standard April 2017 and a Technical Note in April 2018.  These identified 7 metrics which social housing providers are expected to report their performance against.  It is recognised that the metrics will not necessarily be appropriate for all providers and any influencing factors should be explained in the commentary. 




The basis for the metrics is as follows: 

1. Reinvestment % - 32 units available, no further units 

2. New supply delivered (social housing units) – 32 units throughout the two houses, no plans to increase or decrease the number of units 

3. Gearing % - Abbeyfield loan repaid in full 

4. EBITDA MRI interest cover % - Net surplus from Unrestricted Funds £8,611/ £757,683 

5. Headline social cost per unit – social housing costs divided by total units. The Board is aware that the headline social cost per unit is high for the sector, principally due to the service model which incorporates the provision of nutritious meals for residents (the costs of preparing and providing food are not factors highlighted by RSH in its analysis of additional costs which influences the calculation of unit cost). 

6. Operating margin % - Net Expenditure/Total Income includes all income & Expenses, not only those arising from Charitable Activities. 

7. Return on capital employed (ROCE) – Total surplus or deficit/ average total funds 

## **Structure, governance and management** 

## **a. Constitution** 

SidLife limited is registered as a charitable company limited by guarantee and is registered a Charity with the Charity Commission in England and Wales. 

The Charity is governed by its Memorandum and Articles of Association. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **Structure, governance and management (continued)** 

## **b. Methods of appointment or election of Trustees** 

The management of the Charity is the responsibility of the Trustees who are elected under the terms of the Articles of Association. 

The Executive Committee consists of no less than 3 and no more than 18 members, and the Executive Committee has the power to appoint new Trustees, pending ratification of these appointments at the Annual General Meeting.    There are currently 6 Trustees on the Executive Committee. 

The Chief Operating Officer manages the operational aspect of the Charity and works closely with the Board on strategic issues.  She reports formally at the Board meeting, held bi-monthly. 

The Charity relies heavily on its motivated house staff who manage day to day operation of each house and ensure the well-being of the residents.  Family members of residents are encouraged to have an active role in ensuring the welfare of residents is maintained. 

The Board delegates decisions within clearly defined limits whilst maintaining overall responsibility for strategic direction and policies within the Charity.  The Charity values its staff and is committed to paying the National Minimum Wage. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

**Structure, governance and management (continued)** 

## **c. Organisational structure and decision-making policies** 






## **d. Policies adopted for the induction and training of Trustees** 

The Charity provides new Trustees with literature from the Charity Commission and the SidLife Financial reports which provides the Trustees with the background knowledge of their responsibilities of being a Trustee, and the duties of care and professional conduct expected of them. 

Additional advice and training is actioned as necessary, when identified by the Trustee, or by their fellow Executive Committee members.  Typically, Trustees live in the local community and have experience in a business environment.  Qualification through substantial work experience in relevant functions is expected of all Trustees, and appropriate professional qualifications, especially in the roles of Chairman, Treasurer and Company Secretary are seen as important, although not essential. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **Structure, governance and management (continued)** 

## **e. Pay policy for key management personnel** 

Pay levels for all employees are in line with upper quartile market levels and are recommended by the COO, and approved by the Board.  The Charity values its staff and is committed to paying at least the National Minimum Wage. 

## **f. Related party relationships** 

During part of the year the Charity operated as a member of Abbeyfield England. Whilst the Charity received some benefits from the membership, the nature of the relationship was such that no control or significant influence was exercised by Abbeyfield England and accordingly no further disclosures are required. 

Details of other related party transactions are set out in the notes to the financial statements where applicable. 

## **g. Financial risk management** 

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. 

## **Plans for future periods** 

Subsequent to the year end the Charity has finalised the sale of the 2 Bedford Flats to further improve financial independence. 

## **Members' liability** 

The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up. 

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VirtualSignature Transaction Ref. 2T4P-YPF6-6RVS 27 Mar 2025 07:29:42 GMT (UTC +0) D 1/2 P 12/35 

## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **Statement of Trustees' responsibilities** 

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Disclosure of information to auditors** 

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that: 

- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and 

- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. 

## **Auditors** 

The auditors, Bishop Fleming LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. 

Approved by order of the members of the board of Trustees and signed on their behalf by: 


Alan Darrant 

**Mr A Darrant** Trustee 

Date: 27 March 2025 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  SIDLIFE LIMITED** 

## **Opinion** 

We have audited the financial statements of SidLife limited (the 'charity') for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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 30 September 2024 and of its incoming resources and application of resources, including its income and expenditure 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. 

## **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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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. 

## **Other information** 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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 course of 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. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  SIDLIFE LIMITED (CONTINUED)** 

## **Opinion on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the 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. 

- the Trustees' Report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the charitable company and its 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 Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate 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. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' Responsibilities Statement, 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. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  SIDLIFE LIMITED (CONTINUED)** 

## **Auditors' 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 Auditors' 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: 

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: 

- the nature of the industry and sector, control environment and business performance 

- the results of our enquiries of the directors about their own identification and assessment of the risk of irregularities 

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations; and 

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. 

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. 

We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included social housing and health and safety regulations, data protection and employment law. 

Our procedures to respond to risks identified included the following: 

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 

- Enquiring of management in relation to actual and potential claims or litigation; 

- Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 

- Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around the year-end cut off; and 

- Procedures to gain assurance that the financial statements are materially correct in relation to the Company's compliance with laws and regulations; 

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. 

We also communicated identified laws and regulations and potential fraud risks to all members of the team 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  SIDLIFE LIMITED (CONTINUED)** 

involved in the engagement and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. 

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non compliance with regulation, will be detected by us. This risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

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 Auditors' Report. 

## **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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. 


## **Mark Munro FCA (Senior Statutory Auditor)** 

for and on behalf of 

**Bishop Fleming LLP** Chartered Accountants Statutory Auditors 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS 

Date: 

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## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Investments<br>5<br>Profit on Disposal of Abbeyfield Court<br>6<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>7<br>Charitable activities<br>8<br>**Total expenditure**<br>**Net (expenditure)/income before net**<br>**gains on investments**<br>Net gains on investments<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward as<br>previously stated<br>Prior year adjustment<br>Total funds brought forward as restated<br>Net movement in funds<br>**Total funds carried forward**|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**656**<br>**656**<br>**(656)**<br>**-**<br>**(656)**<br>**31,106**<br>**-**<br>**31,106**<br>**(656)**<br>**30,450**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**2,325**<br>**912,538**<br>**14,760**<br>**583,477**<br>**1,513,100**<br>**4,191**<br>**797,548**<br>**801,739**<br>**711,361**<br>**46,322**<br>**757,683**<br>**3,560,565**<br>**-**<br>**3,560,565**<br>**757,683**<br>**4,318,248**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**2,325**<br>**912,538**<br>**14,760**<br>**583,477**<br>**1,513,100**<br>**4,191**<br>**798,204**<br>**802,395**<br>**710,705**<br>**46,322**<br>**757,027**<br>**3,591,671**<br>**-**<br>**3,591,671**<br>**757,027**<br>**4,348,698**|Total<br>funds<br>2023<br>£<br>1,031<br>805,562<br>12,426<br>-<br>819,019<br>-<br>904,324<br>904,324<br>(85,305)<br>15,130<br>(70,175)<br>3,564,812<br>97,034<br>3,661,846<br>(70,175)<br>3,591,671|
|---|---|---|---|---|



The Statement of Financial Activities includes all gains and losses recognised in the year. 

The notes on pages 18 to 33 form part of these financial statements. 

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## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:00762159** 

## **BALANCE SHEET AS AT 30 SEPTEMBER 2024** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>13<br>Investments<br>14<br>**Current assets**<br>Stocks<br>15<br>Debtors<br>16<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>17<br>**Net current assets / liabilities**<br>**Total assets less current liabilities**<br>Creditors: amounts falling due after more<br>than one year<br>18<br>**Total net assets**<br>**Charity funds**<br>Restricted funds<br>19<br>Unrestricted funds<br>19<br>**Total funds**|**2,245**<br>**16,287**<br>**121,850**<br>**140,382**<br>**(38,487)**|**2024**<br>**£**<br>**2,771,152**<br>**1,475,651**<br>**4,246,803**<br>**101,895**<br>**4,348,698**<br>**-**<br>**4,348,698**<br>**30,450**<br>**4,318,248**<br>**4,348,698**|2,924<br>19,065<br>53,210<br>75,199<br>(100,013)|2023<br>£<br>3,431,864<br>407,913<br>3,839,777<br>(24,814)<br>3,814,963<br>(223,292)<br>3,591,671<br>31,106<br>3,560,565<br>3,591,671|
|---|---|---|---|---|



The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 


Alan Darrant 

## **Mr A Darrant** 

Trustee Date: 27 March 2025 

The notes on pages 18 to 33 form part of these financial statements. 

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## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

|**Cash flows from operating activities**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Proceeds from the sale of tangible fixed assets<br>Purchase of tangible fixed assets<br>Proceeds from sale of investments<br>Purchase of investments<br>**Net cash provided by investing activities**<br>**Cash flows from financing activities**<br>Repayments of borrowing<br>**Net cash used in financing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**|**2024**<br>**£**<br>**129,146**<br>**1,240,469**<br>**(16,507)**<br>**147,431**<br>**(1,168,847)**<br>**202,546**<br>**(263,052)**<br>**(263,052)**<br>**68,640**<br>**53,210**<br>**121,850**|2023<br>£<br>(124,808)<br>-<br>(22,852)<br>281,860<br>(122,118)<br>**136,890**<br>(31,902)<br>**(31,902)**<br>**(19,820)**<br>73,030<br>53,210|
|---|---|---|



The notes on pages 18 to 33 form part of these financial statements 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **1. General information** 

SidLife Limited is a Charitable Company, limited by guarantee, registered in England and Wales. The Company's registered number is 00762159 and the Charity's registered number is 229545. The registered office address and principal place of business is Cotmaton House, Cotmaton Road, Sidmouth, Devon, EX10 8QT. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

SidLife limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **2.2 Going concern** 

The financial statements have been prepared on a going concern basis as the Trustees believe that that no material uncertainties exist and that current and future funding will be more than adequate for the Chairty's needs. The Trustees have considered a period of at least 12 months from the date of approval of the financial statements. 

## **2.3 Income** 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Income from charitable activities comprises rental and service income receivable and is recognised when the period of rent is due. 

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured and then allocated to the General or Restricted Reserves as appropriate. 

## **2.4 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. 

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **2. Accounting policies (continued)** 

## **2.5 Government grants** 

Social housing grants (SHG) are made by the Housing Corporation and are utilised to reduce the costs of the purchase or development of land and buildings. Where purchases or developments have been wholly or partially funded by Social Housing Grant, the cost of those purchase or developments have been reduced by the value of the grant received. The value of the grant is disclosed as a separate item in the notes to the financial statements. 

Social housing grants can be recycled by the Society under certain circumstances, if a property is sold or if another relevant event takes place. In these cases SHG can be used for projects approved by the Housing Corporation. Social housing grants may have to be repaid if those circumstances are not met and in that event it is a contingent liability. 

## **2.6 Taxation** 

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

The Charity is not registered for VAT. Accordingly no VAT is charged to residents, and expenditure included in the Statement of Financial Activities includes the relevant VAT. 

## **2.7 Tangible fixed assets and depreciation** 

Tangible fixed assets costing £300 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **2. Accounting policies (continued)** 

## **2.7 Tangible fixed assets and depreciation (continued)** 

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following bases: 

- Land and buildings No depreciation is charged Motor vehicles - 20% Straight line basis - Fixtures and fittings 20% Straight line basis 

Land and buildings are stated at cost or valuation. The cost of properties is their purchase price together with incidental costs of acquisition, less any social housing grants received. 

Expenditure on housing properties, which results in an enhancement to the economic benefits arising from the land and buildings, or is a major refurbishment or restoration of part of the structure of the buildings is capitalised. All other expenditure on the interior structure of the houses, including refurbishment of rooms, is expended as maintenance costs. 

No depreciation is charged on housing properties because they are maintained in a state of repair such that the estimated residual value of land and buildings is not less than their net book value. The annual charge would therefore be immaterial. 

## **2.8 Investments** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. 

## **2.9 Stocks** 

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 

## **2.10 Debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **2.11 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. 

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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **2. Accounting policies (continued)** 

## **2.12 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 

## **2.13 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. 

## **2.14 Pensions** 

The Charity has defined contribution pension arrangements for eligible employees other than those who have opted out voluntarily. A defined contribution plan is a pension plan under which the Charity pays fixed contributions into a separate entity. Once the contributions have been paid the Charity has no further payment obligations. 

The contributions are recognised as an expense in the Statement of financial activities when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Charity in independently administered funds. 

## **2.15 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

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## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **3. Income from donations and legacies** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Appeals and donations<br>1,300<br>Visitors, guests and room hire<br>1,025<br>2,325<br>Total 2023<br>1,031<br>**4.**<br>**Income from charitable activities**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Income from letting and care service charges<br>912,538<br>Total 2023<br>805,562<br>**5.**<br>**Investment income**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Income from other investments<br>14,760<br>Total 2023<br>12,426|**Total**<br>**funds**<br>**2024**<br>**£**<br>**1,300**<br>**1,025**<br>**2,325**<br>1,031<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>**912,538**<br>805,562<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>**14,760**<br>12,426|Total<br>funds<br>2023<br>£<br>541<br>490<br>1,031|
|---|---|---|
|||Total<br>funds<br>2023<br>£<br>805,562|
|||Total<br>funds<br>2023<br>£<br>12,426|
||||



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## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **6. Other incoming resources** 

|Profit on the disposal of Abbeyfield Court<br>**7.**<br>**Investment management costs**<br><br>Investment management fees<br>**8.**<br>**Analysis of expenditure on charitable activities**<br>**Summary by fund type**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>583,477<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>4,191|**Total**<br>**funds**<br>**2024**<br>**£**<br>**583,477**<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>**4,191**|Total<br>funds<br>2023<br>£<br>-|
|---|---|---|---|
||||Total<br>funds<br>2023<br>£<br>-|
|||||



|Charitable activities<br>Total 2023<br>**9.**<br>**Analysis of expenditure by activities**<br>Charitable activities<br>Total 2023|**Restricted**<br>**funds**<br>**2024**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**£**<br>656<br>797,548<br>3,288<br>901,036<br>**Activities**<br>**undertaken**<br>**directly**<br>**2024**<br>**Support**<br>**costs**<br>**2024**<br>**£**<br>**£**<br>663,896<br>134,308<br>809,522<br>94,802|**Total**<br>**2024**<br>**£**<br>**798,204**<br>904,324<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>**798,204**<br>904,324|Total<br>2023<br>£<br>904,324|
|---|---|---|---|
||||Total<br>funds<br>2023<br>£<br>904,324|
|||||



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## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **9. Analysis of expenditure by activities (continued)** 

## **Analysis of direct costs** 

|Staff costs<br>General maintenance<br>Staff expenses<br>Food costs and cleaning materials<br>Minibus leasing and other costs<br>Minibus leasing and other costs - restricted<br>Garden maintenance<br>Council Tax<br>Light, heat and power<br>Water rates<br>Sundry expenses<br>Depreciation<br>Loan interest<br>**Analysis of support costs**<br>Abbeyfield membership<br>Audit of the charity's annual accounts<br>Auditors' remuneration - non-audit services<br>Project management fees<br>Legal and consultancy<br>Insurance<br>Telephone and administrative expenses|**Charitable**<br>**activities**<br>**2024**<br>**£**<br>388,069<br>48,941<br>1,705<br>83,652<br>1,203<br>656<br>14,764<br>12,097<br>67,085<br>9,541<br>7,344<br>20,228<br>8,611<br>663,896<br>**Charitable**<br>**activities**<br>**2024**<br>**£**<br>7,734<br>13,560<br>3,682<br>23,862<br>30,509<br>38,547<br>16,414<br>134,308|**Total**<br>**funds**<br>**2024**<br>**£**<br>**388,069**<br>**48,941**<br>**1,705**<br>**83,652**<br>**1,203**<br>**656**<br>**14,764**<br>**12,097**<br>**67,085**<br>**9,541**<br>**7,344**<br>**20,228**<br>**8,611**<br>**663,896**<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>**7,734**<br>**13,560**<br>**3,682**<br>**23,862**<br>**30,509**<br>**38,547**<br>**16,414**<br>**134,308**|Total<br>funds<br>2023<br>£<br>470,027<br>75,194<br>3,362<br>88,224<br>3,657<br>3,288<br>14,411<br>11,536<br>77,746<br>14,996<br>19,771<br>10,370<br>16,940<br>809,522|
|---|---|---|---|
||||Total<br>funds<br>2023<br>£<br>6,971<br>13,296<br>5,530<br>7,450<br>19,820<br>25,935<br>15,800<br>94,802|



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## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **10. Auditors' remuneration** 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|**13,560**|16,361|
|Fees payable to the Charity's auditor in respect of:|||
|All non-audit services not included above|**3,682**|5,530|



## **11. Staff costs** 

|Wages and salaries<br>Social security costs<br>Contribution to defined contribution pension schemes|**2024**<br>**£**<br>**357,088**<br>**22,328**<br>**8,653**<br>**388,069**|2023<br>£<br>434,288<br>26,264<br>9,475|
|---|---|---|
|||470,027|



The average number of persons employed by the Charity during the year was as follows: 

|Senior management<br>Deputy managers<br>Catering<br>General assistants|**2024**<br>**No.**<br>**3**<br>**3**<br>**5**<br>**17**<br>**28**|2023<br>No.<br>3<br>3<br>5<br>21|
|---|---|---|
|||32|



No employee received remuneration amounting to more than £60,000 in either year. 

The total amount of employee benefits received by key management personnel during the year (including employer pension contributions and employer national insurance) for their services to the Charity was £60,495 (2023 - £53,377). 

## **12. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). 

During the year ended 30 September 2024, no Trustee expenses have been incurred (2023 - £NIL). 

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## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **13. Tangible fixed assets** 

|**Cost or valuation**<br>At 1 October 2023<br>Additions<br>Disposals<br>At 30 September 2024<br>**Depreciation**<br>At 1 October 2023<br>Charge for the year<br>On disposals<br>At 30 September 2024<br>**Net book value**<br>At 30 September 2024<br>At 30 September 2023|**Freehold**<br>**property**<br>**£**<br>**3,403,310**<br>**-**<br>**(656,991)**<br>**2,746,319**<br>**-**<br>**-**<br>**-**<br>**-**<br>**2,746,319**<br>3,403,310|**Motor**<br>**vehicles**<br>**£**<br>**9,587**<br>**-**<br>**-**<br>**9,587**<br>**5,752**<br>**1,917**<br>**-**<br>**7,669**<br>**1,918**<br>3,835|**Fixtures and**<br>**fittings**<br>**£**<br>**194,517**<br>**16,507**<br>**(33,292)**<br>**177,732**<br>**169,798**<br>**18,311**<br>**(33,292)**<br>**154,817**<br>**22,915**<br>24,719|**Total**<br>**£**<br>**3,607,414**<br>**16,507**<br>**(690,283)**<br>**2,933,638**<br>**175,550**<br>**20,228**<br>**(33,292)**<br>**162,486**<br>**2,771,152**<br>3,431,864|
|---|---|---|---|---|



Freehold property at cost comprises housing properties at cost of £2,930,319 less Social Housing Grant of £184,000. 

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## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **14. Fixed asset investments** 

|**Cost or valuation**<br>At 1 October 2023<br>Additions<br>Disposals<br>Revaluations<br>At 30 September 2024<br>**Net book value**<br>At 30 September 2024<br>At 30 September 2023|**Listed**<br>**investments**<br>**£**<br>**407,913**<br>**1,127,079**<br>**(122,348)**<br>**37,417**<br>**1,450,061**<br>**1,450,061**<br>407,913|**Cash**<br>**Investments**<br>**£**<br>**-**<br>**41,768**<br>**(16,178)**<br>**-**<br>**25,590**<br>**25,590**<br>-|**Total**<br>**£**<br>**407,913**<br>**1,168,847**<br>**(138,526)**<br>**37,417**<br>**1,475,651**|
|---|---|---|---|
||||**1,475,651**<br>407,913|



In addition to the revaluation movements reported above realised gains on disposal amounted to £8,903 (2023 - £7,911). 

## **15. Stocks** 

|Stocks<br>**16.**<br>**Debtors**<br>Prepayments and accrued income|**2024**<br>**£**<br>**2,245**<br>**2024**<br>**£**<br>**16,287**<br>**16,287**|2023<br>£<br>2,924<br>2023<br>£<br>19,065<br>19,065|
|---|---|---|



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VirtualSignature Transaction Ref. 2T4P-YPF6-6RVS 27 Mar 2025 07:29:42 GMT (UTC +0) D 1/2 P 30/35 

## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **17. Creditors: Amounts falling due within one year** 

|Abbeyfield loan<br>Trade creditors<br>Other taxation and social security<br>Other creditors<br>Accruals and deferred income|**2024**<br>**£**<br>**-**<br>**14,704**<br>**7,383**<br>**754**<br>**15,646**<br>**38,487**|2023<br>£<br>39,760<br>29,992<br>7,729<br>104<br>22,428|
|---|---|---|
|||100,013|



The Abbeyfield loan was secured against the Charity's land and buildings. The loan was repaid in full during the 2024 financial year. 

## **18. Creditors: Amounts falling due after more than one year** 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Other loans|**-**|223,292|



The Abbeyfield loan was secured against the Charity's land and buildings. The loan was repaid in full during the 2024 financial year. 

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## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **19. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>Fixed asset fund<br>Abbeyfield Court<br>closure fund<br>**General funds**<br>General Funds<br>**Total**<br>**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>Fisher legacy<br>fund<br>**Total of funds**|**Balance at 1**<br>**October**<br>**2023**<br>**£**<br>**3,168,812**<br>**64,000**<br>**3,232,812**<br>**327,753**<br>**3,560,565**<br>**31,106**<br>**3,591,671**|**Income**<br>**£**<br>**-**<br>**-**<br>**-**<br>**1,513,100**<br>**1,513,100**<br>**-**<br>**1,513,100**|**Expenditure**<br>**£**<br>**-**<br>**-**<br>**-**<br>**(801,739)**<br>**(801,739)**<br>**(656)**<br>**(802,395)**|**Transfers**<br>**in/out**<br>**£**<br>**(397,660)**<br>**(64,000)**<br>**(461,660)**<br>**461,660**<br>**-**<br>**-**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**-**<br>**-**<br>**46,322**<br>**46,322**<br>**-**<br>**46,322**|**Balance at**<br>**30**<br>**September**<br>**2024**<br>**£**<br>**2,771,152**<br>**-**<br>**2,771,152**|
|---|---|---|---|---|---|---|
|||||||**1,547,096**|
|||||||**4,318,248**|
|||||||**30,450**|
|||||||**4,348,698**|



The fixed asset fund represents the net book value of tangible fixed assets, less associated loans. It has been separately designated as the value tied up in fixed assets is not readily available for the day to day operations of the Charity. 

The Abbeyfield Court closure fund represented the amount ring fenced by the charity to cover estimated costs in respect of the closure and sale of Abbeyfield Court, other than costs where there was a formal obligation at the prior year end and in respect of which a provision had been included in the financial statements. 

The Fisher legacy fund is to provide outings to the countryside for residents, staff and volunteers of all Sidlife houses. 

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## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **19. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>Fixed asset fund<br>Abbeyfield Court<br>closure fund<br>**General funds**<br>General Funds<br>**Total**<br>**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>Fisher legacy<br>fund<br>**Total of funds**|Balance at<br>1 October<br>2022<br>£<br>3,124,428<br>97,034<br>3,221,462<br>Balance at<br>1 October<br>2022<br>£<br>405,990<br>3,627,452<br>34,394<br>3,661,846|Income<br>£<br>-<br>-<br>-<br>Income<br>£<br>819,019<br>819,019<br>-<br>819,019|Expenditure<br>£<br>-<br>-<br>-<br>Expenditure<br>£<br>(901,036)<br>(901,036)<br>(3,288)<br>(904,324)|Transfers<br>in/out<br>£<br>44,384<br>(33,034)<br>11,350<br>Transfers<br>in/out<br>£<br>(11,350)<br>-<br>-<br>-|Gains/<br>(Losses)<br>£<br>-<br>-<br>-<br>Gains/<br>(Losses)<br>£<br>15,130<br>15,130<br>-<br>15,130|Balance at<br>30<br>September<br>2023<br>£<br>3,168,812<br>64,000<br>3,232,812|
|---|---|---|---|---|---|---|
|||||||Balance at<br>30<br>September<br>2023<br>£<br>327,753|
|||||||3,560,565|
|||||||31,106|
|||||||3,591,671|



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VirtualSignature Transaction Ref. 2T4P-YPF6-6RVS 27 Mar 2025 07:29:42 GMT (UTC +0) D 1/2 P 33/35 

## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **20. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current period** 

|Tangible fixed assets<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**<br>**Analysis of net assets between funds - prior period**<br>Tangible fixed assets<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**Total**|**Restricted**<br>**funds**<br>**2024**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**£**<br>-<br>2,771,152<br>-<br>1,475,651<br>30,450<br>109,932<br>-<br>(38,487)<br>30,450<br>4,318,248<br>Restricted<br>funds<br>2023<br>Unrestricted<br>funds<br>2023<br>£<br>£<br>-<br>3,431,864<br>-<br>407,913<br>31,106<br>44,093<br>-<br>(100,013)<br>-<br>(223,292)<br>31,106<br>3,560,565|**Total**<br>**funds**<br>**2024**<br>**£**<br>**2,771,152**<br>**1,475,651**<br>**140,382**<br>**(38,487)**<br>**4,348,698**<br>Total<br>funds<br>2023<br>£<br>3,431,864<br>407,913<br>75,199<br>(100,013)<br>(223,292)<br>3,591,671|
|---|---|---|



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VirtualSignature Transaction Ref. 2T4P-YPF6-6RVS 27 Mar 2025 07:29:42 GMT (UTC +0) D 1/2 P 34/35 

## **SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

|**21.**<br>**Reconciliation of net movement in funds to net cash flow from operating activities**<br>**2024**<br>**£**<br>Net income/expenditure for the period (as per Statement of Financial<br>Activities)<br>**757,027**<br>**Adjustments for:**<br>Depreciation charges<br>**20,228**<br>Losses on investments<br>**(46,322)**<br>Gain on the sale of fixed assets<br>**(583,477)**<br>Decrease in stocks<br>**678**<br>Decrease/(increase) in debtors<br>**2,778**<br>Decrease in creditors<br>**(21,766)**<br>Provision movement<br>**-**<br>**Net cash provided by/(used in) operating activities**<br>**129,146**<br>**22.**<br>**Analysis of cash and cash equivalents**<br>**2024**<br>**£**<br>Cash in hand<br>**121,850**<br>**Total cash and cash equivalents**<br>**121,850**<br>**23.**<br>**Analysis of changes in net debt**<br>**At 1**<br>**October**<br>**2023**<br>**Cash flows**<br>**£**<br>**£**<br>Cash at bank and in hand<br>**53,210**<br>**68,640**<br>Debt due within 1 year<br>**(39,760)**<br>**39,760**<br>Debt due after 1 year<br>**(223,292)**<br>**223,292**<br>**(209,842)**<br>**331,692**|2023<br>£<br>(70,175)<br>10,370<br>(15,130)<br>-<br>611<br>(2,644)<br>(9,817)<br>(38,023)<br>(124,808)<br>2023<br>£<br>53,210<br>53,210<br>**At 30**<br>**September**<br>**2024**<br>**£**<br>**121,850**<br>**-**<br>**-**<br>**121,850**|
|---|---|



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**SIDLIFE LIMITED (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** 

## **24. Charity status** 

The charity is a company limited by guarantee and consequently does not have a share capital. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of winding up. 

## **25. Related party transactions** 

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 30 September 2024. 

## **26. Post balance sheet events** 

Subsequent to the year end the two flats owned by SidLife Limited were sold. The properties sold for in excess of the value at which they are included in the financial statements. 

## **27. Accommodation units** 

At the year end there were 32 units (2023: 32) in management. 

The Registered Social Housing Provider owns no property managed by the other bodies. 

The Registered Social Housing Provider manages no properties on behalf of others. 

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