The Abbeyfield Whitehaven Soclèty Llmited FINANCIAL STATEMENTS 31 MARCH 2021 Company Reglstratlon Number 766744 Reglstered Charlty Number 23Q150 SAINT & CO Chartered Atcountants & statutOryAuditor 12113 Church Street Whitehaven Cumbria CA28 7AY
THE ABBEYFIELD WHITEHAVEN SOCIFfY LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 copirENTS PAGE Society information The report of the executive committee Independent audltor's report to the members Statement of Comprehensive Income io Statement of Financial Posttion Notes to the financial Statements The followlng pages do not forni part of the financlal statement5 Detailed hostel property revenue account li 12 22
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY UMITED BY GUARANTEE SOCIETY INFORMATION YEAR ENDED 31 MARCH 2021 President Mr N Moss Executive Committee Mrs A Johnson-valle Chairperson MrT Milburn Mr L Hanley Mrs P Woodend (Appointed 14 July 20211 {Appointed 8 September 20211 Company Secretary Registered office MrT Milbum Johnson House Hillcfest Avenue Hillcrest Whitehaven Cumbria CA28 6SU Auditor Saint & Co Chartered Accountants & Statutory Audrtor Sterling House Wavell Drive Rosehill Carlisle CAI 2SA Banker5 CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Brockbanks Solicitors 44 Duke Street Whitehaven Cumbria CA28 7NP
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE REPORT OF THE EXEcufivE COMMfEE YEAR ENDED 31 MARCH 2021 The Executive Committee has pleasure in presenting its forty-sixth report and the financial statements for the yearended 31 March 2021. PRINCIPAL ACTIVITY The principal activity of the Society is to provide accommodation for lonely and elderly people in accordance with the aims and principles of The Abbeyfield Society Limited. These activities fall wholly within hostel housing activities as defined in the Housing Act 1974. srATUS The Society is a company limited by guarantee, having no share capital. It is registered under the Housing Act 1974, is an exempt charity and is registered with The Housing Corporation as a housing ascIatiOn. FINANCIAL REVIEW The society has maintained good occupancy levels throughout the year to keep income similar to last year, however increased operating costs has led to a slight operating deficit of £133 compared to surplus of £7,983 in 2020. After other income of £2.158, the surplus on ordinary activrties was £2,025 12020.. £9.0981. Voids amounted to £14,583 12020.. £17,588). The results for the year are set out in the Statement ofcomprehensive Income on page 10. VALUE FOR MONEY STATEMENT VFM Metrics Reinvestment % New S(Jpply Delivered % Social Housing Units Non-social Housing Units Gearing % EBITDA MRI Interest Cover % Headline Social Housing Cost per Unit Operating Margin % Social Housing Lettings only Overall Return on Capital Employed 2019120 2020121 Target 21122 0.0% N/A £9.928 0.0% NIA £9,IxK) N/A £9,718 3.7% 3.6% 0.6% -0.06% -0.06% -0.01% 10.0% 10.0% 2.0% The above table details the societvs performance against metrics as set out in the Value for Monev Standard is5ucd by the Resvlator of &)clal HoiJsing- The Earnings Before Interest, Tax, Depreciation, Amortisation, Major Repairs Included IEBITDA MRI) Interest Cover metric is not applicable to this society a5 It does not have any interest costs to cover.
THE ABBEYFIELD WHITEHAVEN SOCIEfY LIMITED COMPANY LIMITED BY GUARANTEE REPORT OF THE EXECUTIVE COMMITTEE YEAR ENDED 31 MARCH 2021 FUTURE DEVELOPMENTS The Soclety wlll continue to pursue the letting of rooms. MEMBERS The committee members who served the company durin8 the year were as follows: Mr R Haughin Mr T Milburn (Resigned 16 August 20211 Mr5 A Johnson-valle STATEMENT OF RESPONSIBIUTIES OF THE EXEcunvE COMMITfEE The Executive Committee Ss responsible for preparing the Report of the Executive Committee and the financial statements in accordance with applicable law5 and regulations. Company law requires the Executive Committee to prepare financial statement5 for each financial year. Under that law the Executive Committee has elected to prepare the financial statements In accordance with United Klngdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl. Under the law the members 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 Society and of the surplus or deficit of the Society for that period. In preparing these financial statements. the ExecutNe Committee is required to.. select sultable accountin8 policies and then apply them consislenily; obseNe the methods and principles in the applicable Housln8 SORP- make judgements and accountin8 estimates that are reasonable and prudent,. and prepare the financial statements on the going concern basls unless it Is inappropriate to presume that the club will continue in operation. The executive Commlttee is responsible for keeping adequate accounting retords that are sufficlent to show and explain the 50tieVs transactlon5 and disclose with reasonable accuracy at any time the financial posltion of the society and enable them to ensure that the financial statements comply wlth the Statement of Recommended Practice "Accounting by Registered Social Housing Providers 2014". It is a150 responsible for safeguardin8 the assets of the society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE REPORT OF THE EXECLtrivE COMMtrrEE YEAR ENDED 31 MARCH 2021 STATEMEvf OF RESPONSIBIUTIES OF THE EXECUTIVE COMMITTEE (contlnuedj In 50 far as the Executive Committee is aware: There is no relevant audit infomiation of which the Executive Committee's auditors are unaware,. and The Executive Committee have taken steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The exetutive's committee annual report wa5 approved on behalf of the executive committee by". and signed on Mrs A Johnson-valle Chairperson
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDEKfAUDrroR'S REPORT TO THE MEMBERS OF THE ABBEYFIELD WHITEHAVEN Soclm UMITED(c&rtthUl YEAR ENDED 31 MARCH 2021 Oplnion We have audited the financial statements of Abbeyfield Whitehaven Society Llmited (the 'society'l for the year ended 31 March 2021 which comprise the statement of comprehensive income, statement of financial position and the related notes. including a summary of significant accounting policies. The financial porting framework that has been applied in their preparation is applicable law and United Kingdom Accountin8 Standards. including FRS 102 The Flnancial Reporting Standard applicable in the UK and Republic of Ireland {Unlted Kingdom Generally Accepted Accounting Practice). In our oplnion the financial 5tatements'. give a true and fair view of the state of the society's affèirs as at 31 March 2021 and of Its income and expendrture lor the year then ended,. have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practice: have been prepared in attordance with the requirements of the Companies Act 2006, the Housin8 ond Regeneration Act 2008 and the Accounting Direttion for Private Re815tered Providers of Social Housin8 2019. asls lor oplnlon We conducted our audit in accordance wfih International Standards on Auditlng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the respertive responsibilities of mana8ement committee and auditor section of our report. We are independent of the soclety in accordance wlth the ethical requirements that ère relevant to our audit of the financial statements in the LIK, including the FRC'S Ethical Standard. and we have fulfilled our other ethital responslbilitie5 in accordance wrth these requirements. We believe that the audlt evidence we have obtained is sufficient and approprSate to provide a basis for our opinion. Concluslons r•lating to goln8 wncern In auditing the financial statements, we have concluded that the executNe committee's use of the 80ing concem basis of accountlng in the preparation of the financial statements is appropri•te. Based on the work we have perfonned, we have not identified any materfal uncertainties relating to events or condltions that, individually or collectivety, may cast significant doubt on the society'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 executive committee with respect to golng concern are described in the relevant sections of this report.
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF THE ABBEYFIELD WHITEHAVEN SOCIEff LIMITEDirwthuedJ YEAR ENDED 31 MARCH 2021 Other Informatl¢)n The other information comprlses the information included in the annual report, other than the financial Statements and our auditorfs report thereon. The executlve committee is responsible for the other information. 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. In connectlon wlth our audit of the finantial ststements, our responsibility is to read the other information and, in doing so, consider whether the other Information is materlally inconsistent with the financlal statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other inforniation. If, based on the work we have performed, we conclude that there Is a materlal misstatement of this Other information, we are requlred to report that fart. We have nothin8 to report In thls regard. OpSnlons on other matters prescrlbed by the Companle5 Art 2(X)6 In our opinlon, based on the work undertaken in the course of the audit: the information given in the executive committee's report for the financlal year for which the flnancial statements are prepared is consistent with the financial statements.. and the executive commlttee's report has been prepared in accordance with appllcable le8al requirements. Matters on whlch we arè r•quir•d to r•port by exceptlon In the Ilght of the knowledge and understanding of the society and its envlronment obtained in the course of the audit. we have not identified material misstatements in the executive committee's report. We have nothin8 to report In respert of the following matters in relation to which the Companles Act 2006 requlres us to report to you if. in our opinion.. adequate accountin8 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 committee members, remuneration specified by law are not made- or we have not received all the infomiation and explanations we require for our audit.
THE ABBEYFIELD WHITEHAVEN SOCIEfY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDEKfAUDrroR'S REPORTTOTHE MEMBERS OF THE ABBEYFIELD WHITEHAVEN SQCIEtY UMITED (C*11 YEAR ENDED 31 MARCH 2021 Responsibilities of the executive committee As explained more fully in the executive committee's responsibilities statement, the executive committee is 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 executive committee detem)ines is necessary to enable the preparation of financial statements that are free from material mi55tatement. whether due to fraud or error. In preparing the financial statements, the executive commrttee is responsible for assessing the society's ability to continue as a going concern. disclosing, a5 applicable, matters related to goin8 concern and using the going concern basis of accounting unless the executwe committee either intend to liquidate the society or to cease operations. or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misststements can arise from frdud 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<ompliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detett material misstatements in respect of irregularities, including fraud. The extent to which the audit Was considered capable of deterting irregularities IncludlnE fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured thèt the engagement team collectively had the appropriate competence. capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,. we identified the laws and regulations applicable to the society through discussions with directors and other manaeement.. we focused on Specif laws and regulations which we considered may have a dirert material effect on the financial statements or the operations of the society- we assessed the extent of compliance with the laws and re8ulations identified above through making enquiries of management and inspecting legal correspondence: and identified laws and regulations were comrTrunicated within the audit team regularly and the team remained alert to instsnce5 of non-compliance throughout the audit.
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDEKT AUDITOR'S REPORTTO THE MEMBERS OF THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED{1*edj YEAR ENDED 31 MARCH 2021 We a55es5ed the susceptibility of the society's financial statements to material misstatement, including obtainin8 an understandin8 of how fraud might occur. bv.. makin8 enquirles of management as to where they considered there was susceptibility to fraud, their knowledge of artual, suspected and alle8ed fraud,. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to Identify any unusual or vnexperted relationships; tested joumal entries lo identify unusual transactions.. assessed whether judgements and auMptIOnS made in detemiining the accounting estimates set out in the accounting pollcies were indicative of potential bios,. and Investigated the ratlonale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreelng financial statement disclosures to underlying SUPPOrtin8 documentatlon,. readin8 the minute5 of meetln8s of those charged with governan. enqulring of mana8ement as to actual and potential litlgation and clalms: ènd revSewing correspondence wlth HMRC, relevant regulators {e.8. Charities Commlssion, Re8ulaior of Soclal Housin81 and the society's le8al advisors. There are Inherent limitations in our audit procedures described above. The more removed that laws nd regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non.compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if anv. Materlal mlsstatements that arise due to fraud can be harder to detect than those that arise from error as they may invotve deliberate concealment or collusion. A furth•r d•$cription of our responslbllltles for the audit of the financlal statements is located on the Financial Reportin8 Council's website at ww.frc.org.uk/auditorsresponsibilities. This description form5 part of our auditor's report.
THE ABBEYFIELD WHITEHAVEN SOCIEfY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDEpif AUDrroR'S REPORT TO THE MEMBERS OF THE ABBEYFIELD WHITEHAVEN SOCIEfi UMITEDicOnthj YEAR ENDED 31 MARCH 2021 Use of our report Thi5 report is made solely to the members of the society. in accordance with the Housing and Regeneration Act 2IM8 and Chapter 3 of Part 16 of the Companies Act 21x16. Our audit work has been undertaken so that we might state to the society's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the society and the society's members as a body, for our audit work. for this port. or for the opinions we have formed. Stuart Farrer (Senlor Statutory Audltorl For and on behalf of Saint & Co Chartered accountant & statutory auditor Sterlin8 House Wavell Drive. Rosehill Carlisle, Cumbria CAI 2SA
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE srATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 MARCH 2021 2021 2020 TURNOVER 219,482 Operating Costs OPERATING SURPLUSI(DEFICIT) 217,500 (219.615) (1331 1209.5171 7,983 Interest receivable and Other Income io 2,158 1,115 SURPLUS ON ORDINARY ACTIVITIES FOR THE YEAR Revenue Reservo Brought Forward 2,025 9,098 1,176.981 1,167,883 Revenue Reserve Carrled Fonvard 1,179,006 1,176,981 The Soclevs only activity Is the provislon of h05tel accommodation. There are no gains or losses other than the profit as disclosed for the year. There a no acqulsitions or dlscontinued operations during the current or ptedIng financial year. The noteson page5 Uto20fNm part otthe5e finarK&I ttat•nents. io
THE ABBEYFIELD WHITEHAVEN SOCIETY UMITED COMPANY LIMITED BY GUARANTEE STATEMEKf OF FINANCIAL POSITION 31 MARCH 2021 2021 2020 FIXED ASSETS Tangible fixed a5sets- housing properties Tangible fixed assets- other li 12 976.805 43,038 1,004,311 49,946 CURRENT ASSETS Stocks Debtor5 Investments Cash at bank and in hand 1,019A43 1,054,257 14 Is 4.962 173,415 160.156 6,401 173,148 127,629 CREDITORS: Amounts falllng due wlthln one year NET CURRENT ASSETS 341533 310,178 16 118,272) 116,1821 323261 293,996 Detèrred income net of amortlsatlon falllng due wlthln more than one year 17 (149,0981 1156,2721 NEf AsseTS 1,194,(*)6 1,191,981 CAPITAL AND RESERVES Income and expenditure account 1,194,Th)6 1.191,981 TOTAL CAPITAL AND RESERVES 1.194,Q)6 1,191,981 These financial statements have been prepared in accordance with the provislons appllcable to companies subject to the small companies. regime. These flna ial st tements were approved by the Executive Committee and authorised for Issue on ..1.2- ....Z o.x. and are signed on thelr behalf by: -ILL Mrs A John50n-Valle (Chairperson & Secretary) Mr Tmilburn {Dirertorl Company Number CKJ766744 The noteson paÈ•s 12 to20fowm part of these fjnandèl statwheRts. li
THE ABBEYFIELD WHITEHAVEN SOCIEfY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH ZOZI GENERAL INFORMATION The Abbeyfield Whitehaven Society Limited is a private company limited by guarantee, incorporated in England and Wales. Its registered office is Johnson House, Hillcrest Avenue, Hillcrest, Whitehaven, Cumbria, CA28 65U. The a550ciation is registered under the Housing Act 1974 and Is an exempt charity. The soclety is wholly engaged in hostel housing activities as defined in the Hou$5ng Act 1974. The company's registered number is 766744. STATEMENT OF COMPUANCE These flnancial statements have been prepared in compliance with the provisions of FRS 102 Section IA. The Financial reportin8 Standard applicable in the UK and Republic of Ireland,. ACCOUNTING pouaES Basls of acc¢wntln8 The flnancial statements of the associatlon are prepared in accordance with applicable law and UK accounting standards (UK GAAPI which for the society includes the Companies Act, Housing and Re8eneration Act 2CKJ8, Financial Reporting Standard 102 IFRS1021 "the Financial Reportin8 Standard applicable in the United Kingdom and the Republic of Ireland" and the Statement of Recommended Practice ISORPI for RegiSted Social Housing Providers 2018 and the Accounting Direction for Private Registered Providers of Social Houslng 2019. The financlal statements have been prepared on the historlcal Cost basis, as modlfied by the valuation of certain financial assets and liablllties and investment properties measured at fair value through profit and loss. The flnancial statements are prepared in the sterlin& which is the functional currenLT of the entity. The society meets the definition of a public benefit entity under FRSIO2. Goln8 concern There are no material uncertainties about the socletys abillty to continue as a golng concern. Dis¢105ure exemptlon5 The Society has taken advantage of the disclosure exemptions permitted by the Housing SORP 2018 IFRS1021 regarding the inclusion of a Statement of Cash Flovts as the Society satisfies the criteria of being a qualifyin8 entity as defined in FRS 102. 12
THE ABBEYFIELD WHITEHAVEN SOCIEfY LIMITED COMPANY LIMITED BY GUARANTEE NOTE5 TO THE FINANCIAL sfATEMEKrs YEAR ENDED 31 MARCH 2021 ACCIXINTING pouaES {ct7fttinuedJ Judgements and key sources of estlmatlon uncertainty The preparation of the financial statements requires management to make }udgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the lated artual outcome. The committee members do not consider there to be any key sources of estimation uncertainty. Revenue recognltlon Turnover represents monies from rental and service income CeIvable, reco8nlsed in the perlod to which they relate. Tanglble assets Housln8 land and bulldings are stated at cost. The cost of propertle5 IS their purchase prlce together with incidental costs o* acquisition Includin8 interest payable. Interest payable is capitalised by applying the SocleV5 Cost of borrowing to expenditure during the constructlon of the property up to the date of practical completion. Housing improvements In the course of building are stated at cost and are included in the value of housing properties. Assets donated to the Society are not included in the balance sheet,. other assets are included at cost. Future Cyclkal and Malor Repalrs The Executlve Committee have set aslde a separate fund for future cyclical and major repairs 15ee note 181. The amounts which are Set aside are based on the Socievs obli8atFon to carry out such works on a continuing basis for the future cyclical maintenance and major repairs of its propertv, based on planned pro8rammes of works for which Social Housing Grants ISHGI will nnt ¢lairncd. Depreclatlon Housin8 properties are depreciated on a straight-line basis over their expected useful economic lives. The depreciable amount is arrived at on the basis of original cost less residual value, which is taken to be the proportion of the net book value attributable to land. No depreciation is provided on housing propertles tn the course of construction.
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 ACCOUNTING pouaES Icontlnuedj Depreciatlon Icontlnuedj Depreciatlon is calculated so as to wrrte off the cost or valuation of an asset, less Its residual value, over the useful economlc lffe of that asset as follows.. HO$0n8 Properties Fixtures. Flttings & Equipment 2% str318ht line 15% reducing balance A pro rata depreciation char8e Is made on fixed a55ets in the year that the a55et 15 brou8ht Into use and no charge is made in the year of disposal. Impalrment of flxed a$5ets A review for indicators of impalrment is carried out at each reporting date, with the recoverable amount being estlmated where such indicators exist. Where the carrylng value exceeds the recoverable amount, the asset is impaired accordingly. Stocks Stocks are measured at the lower of cost and estimated sellin8 price less costs to complete and sell. Cost includes all costs of purchase. costs of conversion and olher costs incurred in bringing the stock to its present location and condition. Flnanclal In5trurnents A flnonclal asset or a financial liability is reco8nised only when the entity becomes a party to the contractual provisions of the instrument. Baslc financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financin8 transactlon, where it is recognised at the present value of the future payments discounted at a marker rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 14
THE ABBEYFIELD WHITEHAVEN SOCIFfY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 ACCOUNTING pouaES (continuedj Soclal Houslng Grants Where developments have been financed wholly, or partly. by SHG. the grant received is accounted for using the accrual model Set out in FRS 102 and the Housing SORP 2018. The grant is carried as deferred income in the balance sheet and released to the income and expenditure account on a systematic basis over the usefvl economic lives of the asset for which It was received. 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 resident5, and expenditure in the income and expenditure account includes the relevant VAT. Penslons The society operates a defined contribution scheme for the beneflt of its employees. Contributions payable are reco8nised in the income and expenditure account when due. Donatlons Assets donated to the Society are not included in the balance sheet: other as*ts are Included at Cost. Monetary donations to the Society are credited to the income and expenditure account upon there bein8 a legal right to the receipt of the donations, with annual transfer to the funds in respect of which donations have been made. Allocatlon of expenses Expenses are allocated to management. repairs and service costs on the basis of the proportlon of time or other relevant factors attributable to these activities. UMITED BY GUARANTEE Every member undertakes, if the company is dissolved while he or she 15 a member or within 12 months after h@ or she cease5 to be a WTTrember, io conrrlbute such sum (not exceeding £1) as may be deemed of him or her towards the payment of the debts and liabilities of the company incurred before he or she ceases to be a member. and of the costs, charges and expenses of winding up, and the adjustment of the rights and of the contributories among themselve5.
THE ABBEYFIELD WHITEHAVEN SOCIEfY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 MARCH 2021 HOUSING STOCK Units in Management 2021 2020 Hostel Accommodation Number of Bed Spaces 19 19 6. NET OPERATING (DEFICIT)ISURPLUS The net operatin8 Ideficltl/surplus is stated after charging: 2021 2020 Depreclation of tangible fixed assets IGain1110s5 on disposal of tangible fixed assets Fees payable for the audit of the financial statements Fees payable to the auditor for other seThices PARTICULARS OF EMPLOYEES 35,071 35,311 107 2,700 1,267 1,271 The a88regate payroll costs of the above were- 2021 2020 Wages and salarles Social security Costs Employers contributlons to pension plans 86,931 71,978 1,126 842 88.057 72,820 STAFF NUMBERS The average number of persons employed by the society during the year. including part-time employees, were as follows.. Management and Administration Hostel Staff 2021 2020 PAYMENTS TO MEMBERS, DIRECTORS, OFFICERS Erc No employees earned over £60.0(Xl during the year or previous year. Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the society Ithis includes the Member of the board). No remuneration was paid to key management personnel for services provided to the society. 16
THE ABBEYFIELD WHITEHAVEN SOCIEfY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENT5 YEAR ENDED 31 MARCH 2021 10. INTEREST RECEIVABLE AND OTHER INCOME 2021 2020 Bank Interest Donations and Sundry Income 267 1,890 915 200 2,157 I,iis 11. TANGIBLE ASSETS- HOUSING PROPERTIES Freehold Property COST At l April 2020 Additions 1,375.169 At 31 March 2021 1,375,269 DEPRECIATION At l April 2020 Charge for the year At 31 March 2021 370.958 27,506 398,464 NET BOOK VALUE At 31 March 2021 976,805 At 31 March 2020 I,iJ)4.311 The Abbeyfield Society Limited holds a legal mort8a8e dated 8 September 2011 over the freehold property known as John50n House and all adjoining land to secure all monies and liabilitie5 whether actual or contingent, present or future which may be due owing or incurred. The carrying amount ofthis property at 31 March 2021 was £976,805. 17
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 12. TANGIBLE FIXED ASSEfs- OTHER Flxtures. Fittin8s & Equipment COST At l April 2020 Additions 122.413 658 At 31 March 2021 IZ3,071 DEPRECIATION At l April 2020 Char8e for ihe year At 31 March 2021 72,467 7,566 80.033 NET BOOK VALUE At 31 March 2021 43,038 At 31 March 2020 49.946 13. STOCKS 2021 2020 Caterin8 Stock 3,C¥JO 14. DEBTORS 2021 2020 Trade debtors Prepayments 4,082 6,401 4,962 6,401 15. INVEsfMENTS 2021 2020 Cumberland Building Society Investsnent Barclays Investment Account 88.415 85,000 88,148 85,000 173,415 173,148
THE ABBEYFIELD WHITEHAVEN SOCIEfY UMITED COMPANY LIMITED BY GUARANTEE NOTESTOTHE FINANCIALsfATEMENTS YEAR ENDED 31 MARCH 2021 16. CREDITORS.. Amounts falling due within one year 2021 2020 Trade creditors Deferred Capital Grants Other creditor5 including taxation and social security- PAYE and social security Penslon 3,487 Accruals 1,878 7,174 7,174 1.146 158 5,826 7,IX)3 10,490 7,130 18,272 16,182 17. CREDITORS: Amounts fallSn8 due wlthln morn than one year 2021 2020 Deferred Capital Grants 149,098 156,272 149,098 156,272 18. RESERVES At l April 2020 Movement At 31 March 2021 Future Cyclical Repairs Reserve General Reserve 15,IX 1,176,981 15,OC(I 1,179,006 2,025 Total 1,191.981 2,025 1,194,006 Future Cycllcal Repalrs Reserve - The amounts which are set aside are based on the Society's obligation to carry out such works on a continuing basis for the future cyclical maintenance and major repairs of its property. based on planned programmes of works for which SHG will not be claimed. General Reserve general purposes. 19. CONTINGEvf UABILITIES This reserve records retained eamin8s and accumulated losses held for The grant from The Abbeyfield Society of £970,CW may become repayable upon the sale or hange in use of the housing property or if the society were to not remain a member society of The AbbeyField Society. At the reporting date the committee had no plans to sell or change the use of the housing property and nor do they foresee a time when that will be the case. The Abbeyfield Society Limited holds o legal charge over the freehold property Johnson House to secure all liabilities, including contingent liabilities. 19
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 MARCH 2021 20. RELATED PARTY TRANSAcnoNS There were no related party transactions undertaken during the year. Members of the board, who are the directors of the Company, are all volunteers and recewed no emoluments for their services as trustees or reimbursement of expenses. Durin8 the year expenditure incurred on behalf of the Society and refunded to two of the members who were not employees tolalled £1.827 for the year12020'. £338 fortwo members}. 20
THE ABBEYFIELD WHITEHAVEN SOCIETY IIMITED COMPANY LIMITED BY GUARANTEE MANAGEMEMf INFORMATION Detailed Hostel Property Revenue Account YEAR ENDED 31 MARCH 2021 The followlng pages do not forni part of the flnanclal ststements whlch arn the subject of the Independent audltorfs report on pages 5 to 7. 21
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE Detalled Hostel Property Revenue Account YEAR ENDED 31 MARCH 2021 Income Residents, Charges Losses arising from vacancies and absences Turnover- Net Income from Residents, Charges 2021 2020 226.891 {14.5831 212.308 227,914 117,5881 210,326 Amortisation of deferred income Total Turnover 7,174 7,174 219.482 217,500 Expendlture Management Expenses: Salaries Insurance Telephone Membershlp Fee Abbeyfield Society Auditors Remuneration Professional Fees Statlonery, Postage and Advertising Bank Charges 7,157 3,195 1,196 6,739 3,062 1,151 5,976 3,871 3,967 664 138 903 120 22,383 21,822 Repairs and Maintenance: Day-to-day Repairs and Refurbishment Service Costs.. Care and Caterin8'. Employee Costs Food Costs and Cleanin8 Materials Garden Maintenance Council Tax 13.617 18,920 80,900 36,557 2,755 66,081 35,463 Lil Water Rates Heating and Lighting Careline Monitoring Sundry Expenses Depreciation of Fixtures. Fittings and Equipment Depreciation of Buildings IGainl11055 on disposal of tangible fixed asset5 2.861 4,134 14.545 2.626 3,870 14,762 3,266 4,481 7,806 27,505 107 4,128 7.566 27,505 183,615 168,775 Operating Costs 219,615 209,517 Hostel Property Revenue Operating SurplUs/{Deflt> 1133) 7.983