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 COMM￿fEE 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 as￿cIatiOn. 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&rtthU￿l 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￿*1￿￿1 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 1133) 7.983