Reg. No. 00765860 THE ABBEYFIELD FULWOOD SOCIETY LIMITED UNAUDITED REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CHAMPION Chartered Accountants 7-9 Station Road He5keth Bank Preston PR4 6SN
THE ABBEYFIELD FULWOOD SOCIETY LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS PAGE Registered Social Housing Provider Information Report of the Executive Committee Statement of Executive Committee r6sponsibilities Accountants Report to Ihe Board statement of Comprehensive Income (including Income and Expenditure Account) 6 Balance sheet Notes to the financial statements 8-13
THE ABBEYFIELD FULWOOD SOCIETY LIMITED REGISTERED SOCIAL HOUSING PROVIDER INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024 Executlve Committee (Directors): Mrs K L E Gibson Mr B Walmsley Mrs C Lowe Company Secretayy: Mrs C Lowe Establishment: The Society is governed by its Memorandum and Articles of Association and is a company limited by guarantee Registered Offlce: Howard House 352 Garstang Road Fulwood Preston Lancashire PR2 9RY Bankers: National Westminster Bank plc 292 Garstang Road Fulwood Preston PR2 4RG Accountants: L Panchal FCCA Champion Chartered Accountants 7-9 Station Road Hesketh Bank Preston PR4 6SN
THE ABBEYFIELD FULWOOD SOCIETY LIMITED REPORT OF THE EXECUTIVE COMMITTEE FOR THE YEAR ENDED 31 AUGUST 2024 The Executive Committee present their report, together with the Financial Stalemenl8 of the Company for the year ended 31 August 2024. OBJECTIVES AND ACTIVITIES We have referred to the guidance wntained in the Charily Commission's general guidan on public benefit when reviewing our aims and objectives and planning for future activilies. In particular, the Trustees consider how planned activities will Gontribute to the aims and objectives they have set. The object of Ihe charity is to provide the elderly with their own hom6 within the security and companionship of small households which can provide focal points for goodwill and friendly conlacl within the community. STATUS AND GOVERNANCE TheAbbeyfield Fulwood Society Limited is registered under the Companies Act as a Company Limited by Guarantee (number 007658601 and is also registered under the Housing Act 1974 as being wholly engaged in housing activities as defined by that AGt. {Housing Corporation registration number H2252). The company is also a registered charity (Number 229830}. DIRECTORS I EXECUTIVE COMMITTEE The Exeoulive Committee who served during the year and at the date of issue of this report were: Mrs K L E Gibson Mr B Walmsley Mrs C Lowe (appointed Director and Trustee 15 May 2024) Ms L Vvhitworth (resigned 31 January 2024) Mrs M V Duckett (resigned 24 March 2024) Mr J Robertson (appointed Trustee 24 June 2024) Members of the charitable company guarantee lo contribute an amount not exceeding £110 the assets of the charitable company in event of winding up. The lolal nurllber of Such guarantees at 31 August 2024 was 4. RESULTS The results for the year arising are as set out in the Income and Expenditure Account. The Executive Commiltee considers that the state of affairs of Ihe SoGiety is satisfactory.
THE ABBEYFIELD FULWOOD SOCIETY LIMITED REPORT OF THE EXECUTIVE COMMITTEE (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 REVIEW OF THE YEAR 2023124 has seen some changes at the house in both staffing and committee, but through these changes we Gontinue to provide excellent support for our residents. Our housekeeper of many years, Hanora, retired this year. Wewere Sorry to lose her seTvices, she has been a great support to the house and we offer her our thanks for all she did for us. We appointed a new housekeeper, Julie and we are delighted in the way she has laken on the role. Our team al Ihe house now consists of Julie as housekeeper, Julie as relief housekeeper, Jane as cleaner and Sluart who has taken on Ihe duties of gardenerlhandyman following the retirement of John - another great servant to the house we were sorry to lose. During this year we changed our salary calculations. We are now linking all staff lo Ihe "Living Wage" instead ofthe minimum wage, any changes to the"Living Wage. will be awarded to our staff. We offer all our staff our full support and look forward to working with them all as a strong team led by Julie. Committee changes have also occurred this year. LiRda, our Treasurer for many years resigned in January and although we had a replacement for a few weeks, we needed to restructure and bring in new committee members and trustees. We are grateful to new committee members who have all joined us to bring their &xpertise, commltment and interest to our committee. The changes around the Treasurer role have been helped by our accountants - Champion and our bank - Nat West, who have supported us. We look forward to the new year and confirming the roles within our committee. Within the house, we hava had some changes and in particular mlss Annie and Clifford who have moved lo settings with more care. For a brief period this year wa did have 3 vacancies, but since the summer we have been able to welcome new residents and are now in a much better position. Welcome to our new residents, we hope they have a long and happy lime with us. We have had some usage of the "short-stay. room which is proving to be a greal asset to the house. Residents outings and social evenls have now resumed wlth some excellent visits- St Annes CaNery, Blackpool Zoo, and 10 pin bowling as well as in house get togelhers Bingo and Lancashire evening. All the event8 are well received and enjoyed by all, residents, slaff, volunteers and family members. Thank you to all who help and organise in particular Julie and the staff. Howard House (Abbeyfield Fulwood) has a settled, hardworking slaff, a good team of enthusiastic committee and a positive, friendly group of residents. Our property is in good order, our finances are secure and we continue to receive positive reports. We look fomard to 2025 with confidence.
THE ABBEYFIELD FULWOOD SOCIETY LIMITED REPORT OF THE EXECUTIVE COMwfiTTEE (Contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 RISK REVIEW The executive Gommitlee is continuing to review major risks to which the society might be exposed and systems are in place to mitigate such ri8k8. RESERVES POLICY The society holds sufficient reserves to cover any normal liabilities and the policy 18 to keep such reserves at an adequate level STATEMENT OF THE EXECUTIVE COMMITTEE RESPONSIBILITIES The committee is responsible for preparing the report and financial statements in accordance with applicable law and regulations. The Co-operative and Community Benefit Societies Act 2014 and registered social housing legislation require the committee to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the association and of ils income and expenditure for that period. In preparing these financial statements, the committee is required lo.. select Suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent. stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the finanGial statements- and prepare the financial statements on the going ¢onrErn basis unless il is inappropriate to presume that the as8OGiation will Gontinue in busin8SS. The committee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the association and enable il to ensure thal the financial statoments comply with Co-operative and Community Benefit Societies Act 2014, the Housing and Regeneration Act 2008, the Accounting Direction for private registered providers of social housing in England 2012, Charities Act 2011 and Companies Act 2006. It has general responsibility for taking reasonable steps lo safeguard the assets of the association and to prevent and detect fraud and other irregularities. By Order of the Board Mr B Walmsley Mr J Robertson
INDEPENDENT REPORTING ACCOUNTANTS REPORT TO THE BOARD OF THE ABBEYFIELD FULWOOD SOCIETY LIMITED Independent rèportlng accountants, report to the members on the unaudited accounts of Thè Abbeyfield Fulwood Society Limlled We repott on the accounts for the year ended 31 August 2024 set out on pages 6 to 13. Respecllve responslbllltles of the Board and reporting accountants The Board of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they consider that Ihe Registered Social Housing Provider Is exernpt from an audit. It is our responsibility to Carry out prOdureS designed to enable us to report our opinion. Basls of opinion Our procedures consisted of comparing the a¢counls with Ihe aGcounling records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance exprossed in our opinion. Opinion In our opinion.. the accounts for year ended 31 August 2024 are in accordance wilh the accounting records kept by the Registered Social Housing Provider under paragraph 135(2)(a} of the Housing and Regeneration Act 2008., having regard only to, and on the basis of the information contained in the accounting records: th8 accounts comply with the requirements of the Charities Act 2011; the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31 August 2020 specified in section 136(3} of the Housing and Regeneration Act 2008., the Registered Social Housing Provider met the financial criteria enabling il to disapply the requirement to have an audit of th6 accounts for the year specified in section 84 of the Co-operative and Communily Benefit Societies Act 2014,. and the accounts comply with the requirements of the Housing and Regen8ration AGt 2008 and the Accounting Direction for private registered providers of social housing in England 2019. Lucy Panchal FCCA Reporting Accountant 7-9 station Road Hesketh Bank Preston PR4 6SN Dated..
THE ABBEYFIELD FULWOOD SOCIETY LIMITED STATEMENT OF COMPREHENSIVE INCOME {INCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Turnover 126,901 139,302 1143,261) (119,684) {16,360) 19,618 (5) 16,813 Less.. Operating Costs Operating Surplusl(Déficit} Interest payable Interesl receivable and sirnilar income 10,154 Surplu81{D6ficit) for the year 11 448 29,772 On behalf of the Executive Committee Mr B Walmsley b4LLB Mr J Robertson
THE ABBEYFIELD FULWOOD SOCIETY LIMITED BALANCE SHEET- Reg No 00765860 AS AT 31 AUGUST 2024 2024 2023 Notes Flxed Asgets Housing properties - depreciated cost Other tangible fixed assels 104,465 3,546 108,596 2,819 108,01q 111,415 Current assets Debtors and prepayments Cash at bank and in hand 4,516 499,245 503,761 2,775 498,193 500,968 Crèdltors: Amounts falllng due withln one year (3,742) (4,801) Net current assets 500,019 496,167 Total assets less current liabilities 608,030 607,582 Capital and reserves Revenue and r8s8rves 11 608,030 607,582 For the year ending 31 August 2024 Ihe company was entitled to exemption from audit under section 477 of th6 Companies Act 2C(16 relating lo small companies. These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies, regime. Directors, responsibllltlès.. The members have not required the company to obtain an audit of ils accounts for the year in question in accordance with section 478; .The directors acknowledge their responsibilities for complying wllh the requirèmonts of the Aot with respect to accounting records and the preparation of accounts. These financial slalements W8r8 approved by the Executive Committeè on . On behalf of the Executive Committee Mr B Walmsley Mr J Robertson The anne d nolos form part of these financial statements.
THE ABBEYFIELD FULWOOD SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 PRINCIPAL ACCOUNTING POLICIES General information and basi5 of preparation The RSHP is incorporated in England and Wales under the Companies Act 2006 and is registered with the Housing Corporation as a Registered Social Housing Provider (RSHP). The address of the registered office is given on page 1 of these financial stalemenls. The RP constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial R8POrting Standard Applicable in lh6 UK and Republic of Ireland (FRS 102), the Statemenl of Recommended Practice for Social Housing Providers 2014, and with the Accounting Direction for private registered providers of social housing in England 2015. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006. The financial slalements have been prepared on a going concern basis under the historical cost convention. The financial statements are pr8pared in sterling, which is the functional currency of the RP. and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies hav8 been ¢onsi$tently applied to all years presented unless otheise stated. Turnover Turnover reprèsents rental income and se1 charges r8c&ivable net of rent and servi charge losses from voids, revenue grants from local authorities and the Housing Corporation, and the disposal proceeds from current asset property disposals. Flxed Assets and Deprèciation Tangible fixed assets (including social housing properties) are stated at cost, less accumulated depreciation and Social Housing Grant. Cost includes costs directly allribulable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, development costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on irnprovemenls will only be capitalised when it results in incremental future benefits such as increasing rental income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property. Depreciation is provided on all tangible fixed assets charged over the expected economic useful lives of the assets at the following annual rates.. Housing properties, houses Fixtures & fittings 20h slraighl line 150/0 reducing balance Major Gomponents of housing properties, such as lifts and warden alarm systems, have been accounted for and depreciated separately from the connected housing property. The useful economic lives of all tangible assets are reviewed annually.
THE ABBEYFIELD FULWOOD SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 PRINCIPAL ACCOUNTING POLICIES (Cont'dl Provlslons Provlsions for cyclical maintenance or major works to existing stock are not made unless Ihey represent commitments or obligations at the Balance Sheet date where there is no discretion lo avoid or delay the expenditure. Receipts in advance in respect of agreements to carry out improvement works on properties on behalf of third parties are recognised in creditors unless it is appropriate lo offset such balances with other balances relating to Ihe same third part in accordance with Financial Reporting Standard (FRS) 5.. Reporting Financial Performance. Housing Properties Housing properties are principally available for rent and are stated al cost less any provision for impairment (representing a diminution in the recoverable service potential of the assel below ils carrying value in the balance sheet) less depreciation. Cost includes the cosl of acquiring land and buildings, development costs, interest charges incurred during th8 development and 8xpenditure incurred in respect of improvements. Works to Existing Housing Properties Expenditure on exisling housing properties is capilalised when il is either capable of generating increased future renls, extends their useful economic lives or significantly reduces fulure maintenance costs. All other expenditure in respect of general repairs to the housing stock is charged to the income and expenditure accounls as it is incurred. Property Dlsposals Properties available for sale or Iransfer are Included in current assels. The disposal proceeds from properties owned outright are included in turnover and the surplus or deficit is accounted for in the income and expenditure account of the period in which the disposal occurs as the difference between the nel sale proGeeds and the net carrying value.
THE ABBEYFIELD FULWOOD SOCIETY LIMITED io. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 TURNOVER 2024 2023 Residential Char es Rents receivable 126,901 139,302 Net surplus from social housing actlvities 126,901 139,302 Void losses other Income Interest receivable Income from solar pan81s Rent re1vable 11,359 1,479 3,841 1,400 16,813 10,154 OPERATING SURPLUS1 DEFICIT Operating Surplusl Deficit is stated after charging: 2024 2023 Depreciation and amortisation of owned assels No emoluments have been paid to the directors during the year.
THE ABBEYFIELD FULWOOD SOCIETY LIMITED 11. NOTES TO THE DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 OPERATING COSTS 2024 2023 Employee costs Food and household costs Rates, insurance and licences Healing, light and cleaning Repairs and maintenan Office and sundry expanses Residents Christmas party and outings Helpline costs Affiliation fees Accountancy Depreciation of property Depreciation of fixtures and fittings 55,661 23,025 9,255 13,876 22,121 4,472 1,009 1,289 2,667 5,098 4,131 657 143,261 48,114 26,985 9,062 6,356 14,648 2,986 1,685 2,902 2,317 4,131 498 119,684 EMPLOYEE INFORPJIATION 2024 2023 The average monthly number of employees, including part time employees The average numb8r of persons employed during the year (expressed in full tlme equivalents) was: Office staff Wardens, caretakers and cleaners 2024 2023 Staff c08ts (including members of the Board) Wages and salaries SoGial Security costs 55,661 48,114 55,661 48,114
THE ABBEYFIELD FULWOOD SOCIETY LIMITED q2. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 TANGIBLE FIXED ASSETS Freehold Land and Bulldlngs Fixtures and Flttings Total Cost: At I September 2023 Additions 196,237 71,461 1,384 72,845 267,698 1,384 269,082 At 31 August 2024 196,237 Depreclation: At 1 Septamber 2023 Charge for year At 31 August 2024 87,641 4,131 91,772 68.642 657 156,283 4,788 161,071 69,299 Net Book Value: At 31 August 2024 At 31 August 2023 104,465 108,596 3,546 2,819 108.011 111.415 All fixed assets are used for direct charitable purposes. DEBTORS 2024 2023 Amounts falling due within one year. Other debtors 4,516 4,516 2,775 2,775
THE ABBEYFIELD FULWOOD SOCIETY LIMITED 13. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Taxation and social security payable Accruals and deferred income 872 1,319 3,482 4,801 2,870 3,742 The charity aims to pay purchase invoices within 30 days of receipt. RELATED PARTIES No related party transactions have taken place during the year. 10 COMPANY STATUS The company is limited by guarantee and as such has no share capital. 11 UNRESTRICTED INCOME & EXPENDITURE RESERVE 2024 2023 Retained surplus brought forward at 1 September 2023 Retained surplusl(deficil) for the year Retained surplus trarried forward at 31 August 2024 607,582 448 577,810 29.772 608,030 607,582 The company has no restrictions on the use of retained surplus. UNITS Unlts at Start Units at End Social housing for older people owned