Th• Abwlekl Whltehaven 5o¢lety Umlted FINANaAL STATEMENTS 31 MARCH 2022 Cornpary Re8lstratlon Number 00766744 Regtstered Charlty Number 23tl)50 SAINT & CO Chartered Accountants & Statutory Auditor Sterfing House Wavell Drive R05ehill Carlisle
THE ABBEYFIELD WHrrEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMEMrs YEAR ENDED 31 MARCH 2022 coKrENTS PAGE Society Information The report of the executive commtttee Independent auditor's report to the members Statement of Comprehensive Income Statement of Financial Position io li Notes to the financial statements 12 The followln8 pages do not forni part of the financial ststements Detailed hostel property revenue account 21
THE ABBEYFIELD WHITEHAVEN SOCIEfY LIMITED COMPANY LIMITED BY GUARANTEE soaEfY INFORMATION YEAR ENDED 31 MARCH 2022 President Mr N Moss Ex•cutlve Commltt Mr5 A John50n-Vaife Chairperson MrT Milburn Mrs M Linstead Mrs M Dixon (Appointed 8 February 2022) (Appointed 8 September 20221 Company Secretary MrT Milburn Rezlstered offlce Johnson House Hillcrest Avenue Hillcrest Whitehaven Cumbria CA28 6SU Audltor Saint & Co Chartered Accountants & Statutory Auditor Sterlin8 House Wavell DrNe Rosehlll Carlisle CAI 25A Bankers CAF Bank 25 Kin8s Hill Avenue Klngs Hill West Malling Kent ME19 4JQ Sollcftors 8rockbanks Solicitors 44 Duke Street Whitehaven Cumbrla CA28 7NP
THE ABBEYFIELD WHrrEHAVEN SOCIETY LIMITED COMPANY LIMtrED BY GUARANTEE REPORT OF THE EXECLMVE COMMrrrEE YEAR ENDED ai MARCH 2022 The Executive Committee has pleasure in pre5entin8 its report and the financial statements for the year ended 31 March 2022. PRINCIPAL AcnviTY The principal actNity of the Society 15 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 actNitie5 as defined in the Housing Act 74. STATUS The Society is a tompany limited by 8uarantee, havin8 no share capital. It Is reglstered under the Housing Act 1974. 15 an exempt charity and is registered with The Housing Corporation as a housing Ssociation. FINANCIAL REVIEW The society has seen Slight reduced occupancy levels during this year which has led to a decrease in Income compared to last year. This coupled with slightly increased operating costs has resulted in a larger operating deficit of £20,320 compared to the small operating defictt of £133 in 2021. After other income of £235, the deficit on ordinary actNities was £20,08512021: £2,025 surplus), however this includes £34,284 for depreciation of property and other fixed assets 12021.. £35,071). Voids amounted to £37,135 12021: £14.$83). The results for the year are set out in the Statement of Comprehensive Income on paee 10. VALUE FOR MONEY STATEME VFM Metrics Reinvestment % New Supply Delivered % Social Housing Units Non-social Housing Units Gearing % EBITDA MRI Interest Cover % Headline Social Housin Cost per Unit Operating Margin % Social Housing Lettings only Overall Return on Capital Employed 2020121 0.0% 2021122 0.0% Target 22123 i.o% 0.0% 134.241% NIA £9.747 0.0% 134.941% NIA £10.262 0.0% 0.0% NIA £9,C 10.06)% I0.(1% 10.011% (10.03)% 110.031% {1.541% 10.0% 10.0% Thè above table details the sociews perforniance agalnst rnetrics as set out in the Value for Monev Standard issued by the Regulator of Social Housing. The Eamings Before Interest, Tax. Depreciation. Amortisatioft. Major Repairs Included IEBITDA MRI) Interest Cover metric is not applicable to this society as it does not have any interest costs to cover. The neBative Bearin8 ratio reflects the exlIent cash p051tion of the society. with no borrowings.
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMtrED BY GUARANTEE REPORT OF THE EXECUTIVE COMMirrEE YEAR ENDED 31 MARCH 2022 FUTURE DEVELOPMENTS The Society will continue to pursue the letting of rooms. MEMBERS The committee members who Served the company during the year were as follows: Mr R Haughin MrTMilburn (Resigned 16 August 2021) Mrs A Johnson-valle Mr L Hanley Mrs P Woodend Mrs H Sandwith Mr5 M Linstead (Appointed 14 July 2021. resigned 2 February 2022) (Appointed 18 January 2022. resigned 8 Ortober 2022} (Appointed 18 April 2021, resigned 30 April 20211 (AprM)inted 8 February 20221 STATEMEKf OF RESPONSIBILITIES OF THE EXECUTIVE COMMttTEE The Executive Committee is 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 Commtttee to prepare financial statements for each financial vear. Under that law the Executwe Committee has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable kw). Under the law the members must not approve the financial ststements 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 Executive Committee is required to: selett suttable accounting policies and then apply them consistentty: observe the methods and principle5 in the applicable Housing SORP: make judgements and accounting estimate5 that are reasonable and prudent: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the club will continue in operation. The executive Committee is responsible for keeping adequate accounting records that are sufficient to show and explain the SOCIeS transactions and disclose with reasonable accuracy at any time the flnancial position of the society and enable them to ensure that the financial statements comply with the Statement of Recommende(I Practlce ~Accouniing by Registered Social Housing Providers 2014". It is also responsible for Safeguarding the assets of the society and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities.
THE ABBEYFIELD WHrrEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE REPORT OF THE EXECLMVE COMMITfEE YEAR ENDED 31 MARCH 2022 STATEMENT OF RESPONSIBILMES OF THE EXECUTIVE COMMirrEE (¢<tInUed) In so far as the Executive Committee is aware: There is no relevant audit inforniation of which the Executive Committee's auditors are unaware: and The ExecLrtive 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 a aware of that Information. The executrve's committee annual P)rt wa5 approved on _ lill£01 behalf of the executive committee by: and signed on Mrs A Johnson-valle Chairperson
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE ABBEYFIELD WHITEHAVEN soaEfY UMrrEDi¢*ttfrwedi YEAR ENDED 31 MARCH 2022 Opinion We have audited the financlal statements of Abbeyfield Whttehaven Society Limited Ithe '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 accountlll8 policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Stsndards. incIling FRS 102 The Flnancial Reporting Standard applicable in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion the flnancial Statements: gNÈ a true and fair view of the stste of the society's affairs os at 31 March 2021 and of tts income and expendtture for the year then ended: have been property prepared In accordance with United Klngdom Generally Accepted Accounting Prattice: have been prepared in accordance with the requirements of the Companies Act 2(6, the Housing and Regeneration Act 2LK)8 and the Accounting Direttion for Private Registered Providers of social Housing 2019. Bas15 for oplnlon We conduaed our audit in accordance with Internatn31 Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilitie5 under those standards are further described in the respective responsibilities of management committee and auditor section of our report. We a independent of the society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includin8 the FRC'S Ethical Standard. and we have fulfilled our other Éthical responsibilities in accordance wtth these requirements. We believe that the audit evldence we have obtained is sufpicient and appropriate to provide a basis for our opinion. Conclu$ions relatin8 to going concern In auditing the financial statements. we have conclth4ed that the eXec1ve committee's use of the going concern ba515 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforn)ed. we have not identlfied any material uncertainties relating to events or condrtions that individually or collectively, may cast significant doubt on the society's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the sponSibl11t1es of the executive committee with respett to going concern are described in the relevant section5 of this report.
THE ABBEYFIELD WHITEHAVEN SOCIEry LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDrroR'S REPORTTO THE MEMBERS OF THE ABBEYFIELD WHrrEHAVEN SOCIEfY LIMrrEDic•rfh*KdJ YEAR ENDED 31 MARCH 2022 Other infornutlon The other information comprises the information incr1ed in the annual report, other than the financial statements and our auditorf5 report thereon. The executive committee is responsible for the other infomiation. Our opinion on the financial ststements does not cover the other information and, except to the extent othewise explicFtIy stated in our report. we do not express any fomi of assurance conclusion thereon. In connectlon wlth our audit of the financial statements. our responsibility is to read the other information and, in doing so. consider whether the other infonnation is materially inconsistent wlth the financial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identwfy such material incon5i5tencies or apparent material misstatements. we are required to detemiine whether there is a material misstatement in the financial statements or a material misststement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infom)ation, we are required to report that fact. We have nothi to report in thls regard. Opinlon5 on other matters Fyescribed by the Companles Art 2L In our opinion, based on the work undertaken in the course of the audit: the infom)ation given in the executive committee's report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the executNe committee'5 report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understandin8 of the society and its environment obtained In the course of the èudit, we have not identified material misstatements in the executive committee's report. We have nothin8 to report in respect of the followin8 matters in relation to which the Companies Act 2l requires us to report to you if, in our opinK>n: 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 disc105ures of commtttee 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 WHrrEHAVEN SOCIEfY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDEKf AUDITOR'5 REPORTTO THE MEMBERS OF THE ABBEYFIELD WHrtEHAVEN SOCIEfY UMITED I¢thre¢l YEAR ENDED 31 MARCH 2022 Responslblllttes of the executive comnthee As explained more fully in the executrve committee's responsibilities statement, the executNe commlttee is responsiblè 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 executwe committee detemiines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financkil ststements. the executive committee is responsible for assessing the society's ability to continue as a going concem. disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the executive commtttee either Sntend to liquidate the society or to cease operation5, or have no realistie altemative but to do so. Audltorfs re5ponsibllltles for the audlt of the financial statements Our objectNes are to obtsin reasonable assurano about whether the financial statements as a 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 alway5 detect a material misstatement when it exists. Mi55tstements can arise from fraud or error and are Consided material if. irKlividually or in the a88regate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statement5. Irregularities. including fraud, are instances of non-compliance wtth laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatement5 in respect of irre8ularities, includin8 fraud. The extent to which the audlt Was considered Capable of detectlng irrewlaritles induding fraud Our approach to identifying and assessing the risks of material mi55tatement in respect of irregularities. including fraud and non<ompliance with laws and regulations, was as follows= the engagement partner ensured that the engagement team collectivety had the appropriate competence, capabilities and skills to identfy or reco8nise non-complian with applicable13ws and regulations; we identified the laws and regulatlons applicable to the society through discussions with directors and other management,- we focused on 5pectfic laws and regulation5 which we considered may have a direct material effect on the financial statements or the operations of the society- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence- and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non<ompliance throughout the audit.
THE ABBEYFIELD WHrrEHAVEN 50CIEfY LIMITED COMPANY UMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF THE ABBEYFIELD WHITEHAVEN SOCIETY UMITED ftMIhrfJ YEAR ENDED 31 MARCH 2022 We assessed the susceptibility of the society's financial statements to material misststement, including obtainin8 an understanding of how fraud might occur. bv: making enquiries of mana8ernent as to Whe they considered there wa5 susceptibility to fraud, their knowledge of actual. suspected and alleged frdud: To address the risk of fraud through management bias and override of controls, we.. performed analytical procedu$ to rdentify any unusual or unexpected relationships.. tested joumal entries to identify unusual transactions: assessed whether Judgements and assumptions madè in detemiining the accounting estimates set out in the accounting polic5 were indicatrve of potential bias,. and investigated the rationale behind significant or unusual tranSaCtn5. In response to the risk of irregularitie5 and non-compliance wfth laws and regulations, we designed procedures which included, but were not limited to: agreeing financial ststement discbsure5 to undertyin8 5UPPOrting documentation,. reading the minutes of meetings of those charged with governance: enquiring of management as to actual and potential litigation and claims.. and reviewing correspondence with HMRC, relevant regulators {e.g. Charities Commission. Regulator of Social Housin8} and the societys legal advisors. There are inherent limitstions in our audit procedures described ab)ve. The more removed that laws and regulations are from financial transattions. the less likely it is that we would become aware of non-compliance. Auditing standards a150 limit the audit procedures qUired to identify non- compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence. rf any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A fijrther description of our responsibilities for the audit of the financial statements is located on the Financial Reportin8 Council's website at www.frc.or8.uvaudit0rsSPQnSibil1ties. This description forms part of our auditorf5 reporL
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE ABBEYFIELD WHITEHAVEN SOCIEfY LIMITED (Contintsedl YEAR ENDED 31 MARCH 2022 Use of our report This report is made 501ely to the member5 of the society, in accordance with the Housing and Regeneration Art 2(1)8 and Chapter 3 of Part 16 of the Companies Act 2(K)6. Our audit work has been undertaken so that we might state to the society's members those matters we are reqtjired 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 member5 as a body, for our audit work, for this report, or for the opinions we have fom)ed. Stuart Fèrrer (Senior Statutory Auditor) For and on behalf of Saint & Co Chartered accountsnt & statvtory auditor Sterling House Wavell Drive, Rosehill Carlisle, Cvmbiia CAI 2SA
THE ABBEYFIELD WHrrEHAVEN SOCIETY UMITED COMPANY LIMrrED BY GUARANTEE srATEMEKf OF COMPREHENSIVE INCOME YEAR ENDED 31 MARCH 2022 2022 2021 TURNOVER 202.551 219,482 Operating Costs OPERATING SURPLUS/(DEFicm 1222,8711 (20.320) {219.6151 11331 Interest recervable ènd Other Income io 235 2,158 SURPLUS/(DEFICtn ON ORDINARY AcrivmES FOR THE YEAR (20,085) 2,025 Revenue Rwrve B¥ou8ht Forward 1.179.1XJ6 1.176.981 Revenue Reserve Carrled Forward 1.158.921 1,179.1 The Socievs only activity is the provision of hostel accommodation. There are no gains or losses other than the profft a5 disclosed for the year. There are no acquisitlons or discontinued operations durin8 the current or preceding financial year. The Mtoson pi8e5 12 to 19forni wrtofthe5ehnaTrc4lstaremen
THE ABBEYFIELD WHrrEHAVEN SOCIETY LIMED COMPANY UMITED BY GUARANTEE srATEMENT OF FINANCIAL posmoN 31 MARCH 2022 2022 2021 HXED ASSErs Tangible fixed assets- housing properties Tangible red a55ets- other li li 976,805 43,038 42577 CURRENT ASSETS Stocks Debtors Investments Cash at bank and in hand 9917 1,019,843 3.(K)O 4,962 173,415 160,156 6,554 173.650 ,on CREDITORS: Amounts fallin8 due within one year NET CURRENT ASSErs 33978 341,533 115.610) {18,2721 323,968 323.261 Deferred income of amortIsaon falllng due within more than one year 16 1141,9Z4) 1149,0981 NET ASSETS 1.173.921 I,194,1)6 CAPITAL AND RESERVES Income and expenditure account 17 1.173,921 1,194.006 TOTAL CAPITAL AND RESERVES 1.173.921 1.194.006 These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companie< regime. These financial statements were approved by the Executive Committee and authorised for issue on the . and are signed on their behalf by= Mrs A Johnson-valle (Chairperson & Secretary) Mr T Milburn (Director) Company Number IXJ766744 Then0tes pa8e5 partofthesefituncial statement li-
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 GENERAL INFORMATION The Abbeyfield Whitehaven Society Limited is a prNate company limited by guarantee, incorporated in England and Wales. Its registered office is Johnson House, Hillcrest Avenue, Hillcrest, Whitehaven. Cumbria, CA28 6SU. The association is registered under the Housing Aet 1974 and is an exempt charity. The society is wholty engaged in hostel housing activities as defined in the Housing Act 1974. The comparfs registered number is 766744. STATEMENT OF COMPUAN(Z These financial Statements have been prepad in compliance with the provisions of FRS 102 Section IA, The Finantial reporting Stsndard applicable in the UK and Republic of Ireland,. ACCOLINnNG pouaE5 Basls of accountl The financial Statements of the association a prepared in accordance with applicable law and UK accounting standards (UK GAAPI whith for the society includes the Companies Act, Housing and Regeneration Act 2(M)8, Financial Reporting Standard 102 IFRS1021 "the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" and the Statement of Recommended Practice (SORPI for Registered Social Housing Providers 2018 and the Accounting Direction for Private Registered Providers of Social Housing 2019. The financial statements have been prepared on the historical cost basis, as modified by the valtsation of certain financial assets and liabilwties and investment properties measured at fair value throu8h profit and Ios5. The financial statements are prepared In the sterlin& which is the functional currency of the entity. The society meets the definrtion of a public benefit entlty under FR5102. Golng concern There are no material uncertainties about the 5CKieWs ability to continue as a going concern. Disclosure exemptlon5 The society has taken advant3È@ of th• di£elosunk exemptions permitted by the Mousing 50RP 2018 IFRS1021 re8ardin8 the inclusion of a Statement of Cash Flows as the Society satisfEs the criteria of being a qualifying entity as defined in FRS 102. 12-
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEMts YEAR ENDED 31 MARCH 2022 ACCIJJNTING paEs (contInj Judgements and key souw of estlmatlon un¢ertalnty The preparation of the financial statements require5 mana8ement to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgement5 are continually reviewed and are based on experience and other fattors, includin8 expectations of future events that are believed to be reasonable under the circumstances. Accountin8 estimates and assumptions are made concerning the future and. by their nature. will rarely equal the related actual outcome. The committee members do not consider there to be any key sour$ of estimation uncertainty. Revenue recognltlon Turnover represents monies from rental and setVFte income receivable. recognlsed in the period to which they relate. T3n8lble assets Housing land and buildings are stated at tost. The cost of properties is their purchase prlce together with incidental costs of acquisition including interest payable. Interest payable is capitali5ed by apptying the Societys cost of borrowing to expendlture during the construction 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. FUre Cydical and Major Repalrs The Executive Comrnittee have set aside a separate fund for future cyclical and major repairs (see note 181. The amounts which are set aside a based on the SocieVs obligation to carry out such works on a continuin8 basis for the future cyclical maintenance and major repairs of its property, based on planned programmes of works for whith Social Housing Grants {SHGI will not be claimed. Depreclatlon Housing 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 housin8 properties in the course of constructlon.
THE ABBEYFIELD WHrrEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 MARCH 2022 ACCOUNTING pouaES (¢fyinuedl Depreciatlon (¢ontknuedJ Depreciatlon is calculated so as to write off the cost or valuath)n of an asset. less its residual value. over the useful economtc lrfe of that asset as follows: Housing Properties Fixtures, Fittings & Equipment 2% straight line 15% reducing balance A pro rata depreciation charge is made on fixed assets in the year thot the asset is brought into use and no charge is made in the year of disposal. Impairment of flmed assets A review for indicators of impaimnt is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringin8 the stock to its present location and condttion. Fjnancial Instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initlalty recognised at the amount receNable or payable including any related transaction costs. unless the arrangement constitutes a financin8 transaction, where it is recognised at the present value of the fvture payments discounted at a marker rate of interest for a similar debt instrumenL Current assets and current liabilitses are subsequently measured at the cash or other consideration expected to be paid or retsived and not discounted. Debt instruments are subseQuentr measured at amortised cost. -14-
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMrrED COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 ACCOUNTING pouaE5 (cortinuedj Soclal Houslnz Grants Where developmènts 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 basi5 over useful economic lives of the asset for which it was received. Corporation Tax and VAT The society ha5 charitable status and is @xempt from Corporation Tax on the income it has received. The Society is not reEi5tered for VAT. Accordingty no VAT is tharged to residents. and expenditure in the income and expenditure account includes the relevant VAT. Pensions The society operates a defined contribution scheme for the benefit of its employee5. Contributions payèble are recogni5ed in the income and expenditure account when due. Donations Assets donated to the Society are not induded in the balan sheet: other assets are included at cost. Monetary donations to the Society ère credited to the income and expenditure account upon there being a legal right to the receipt of the donation5. With annual transfer to the funds in respect of which donations have been made. Allocatlon of expenses Expenses are allocated to management, paIrS and service costs on the basis of the proportion of time or other relevant factors attributable to these activtties. LIMITED BY GUARANTEE Every member undertake5, rfthe company is dissofved while he orshe is a member or within 12 months after he or she ceases to be a member. to contribute such sum (not exceeding £1) as may be deevned of him or hÈr towards the payment of the debts and liabilitie5 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 ofthe rights and ofthe contributor$ among themselve5.
THE ABBEYFIELD WHrrEHAVEN SOCIEfY UMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 HOLISING STOCK Units in Mana8ement 2022 2021 Hostel Accommodation Numberof Bed Spaces 19 19 6. NET OPERATING (DEFiaT)ISURPLUS The net operating Ideficitllsurplus is stated after charging= 2021 2021 Depreciation of tsngible fixed assets IGainl/loss on disposal of tangible fixed assets Fees payable for the audit of the financial ststements Fees payable to the auditor for other services 35,071 3,200 1.752 2.7 1,267 PARTICULARS OF EMPLOYEES The aggregate payroll costs of the above were: 2022 2021 Wages and salaries Social security costs Employers contributions to pension plans 82,038 86.931 1.061 1,126 83,099 88.057 STAFF NUMBERS The average number of persons employed by the soclety during the year, including part-time employees, were a5 follow5". Management and Administration Hostel Staff 2022 2021 PAYMENf5 TO MEMBERS. DIRECfORS. OFFICERS ETC No employee5 earned over £60.(KKI during the year or previous year. Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the artNities of the sotiety (this includes the Member of the board). No rernuneration was paid to key management personnel for service5 provided to the society.
THE ABBEYFIELD WHITEHAVEN SOCIEfY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 10. INTEREsf RECEIVABLE AND MER INCOME 2022 2021 8ank Interest Donations and Sundry Income 235 267 1.890 235 2,157 11. TANGIBLE FIXED ASSErs Fixtures, Freehold Fittings & Property Equipment Total At l April 2021 Additions Disp05als 1.375,269 123,071 7,245 11.31))) 1.498,340 7.245 (1,300) At 31 March 2022 1,375,269 129.016 1,504,285 Depreciation At l April 2021 Charge for the year Released on disposal 398.464 27.505 80,033 6,779 13731 478,497 34,284 (373) At 31 March 2022 425.969 86.439 512.408 Carryln8 amount At 31 March 202Z 949.3LK) 42.577 991,877 At 31 March 2021 976.805 43,038 1.019,843 The Abbeyfield Society Lirntted holds a legal mort8a8e dated 8 September 2011 over the freehold property known as Johnson House and all adjoining land to secure all monies and Ilabilities whether actual or contingent. present or future whtch may be due owin8 or incurred. The carrying amount of this property at 31 March 2022 was £949.3(Kl. 17-
THE ABBEYFIELD WHrrEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 2022 2021 Catering stock 3,000 13. DEBTORS 2022 2021 Trade debtors Prepayments 6,554 4,082 6.554 4.962 14. INVEsfMENTS 2022 2021 Cumberfand Building Society Investment Barclays Investmeni Account 88.650 88,415 85.000 173,650 173,415 15. CREDITORS.. Amounts falling dw wlthin one year 2022 2021 Trade creditors Deferred Capital Grants Other creditors including taxation and social security. PAYE and social security PensK)n Accruals 608 7,174 7.174 3.487 102 7.(KJ3 10,490 15.610 18,272 16. CREDITORS: Amounts falling due vjithln more than one year 2022 2021 Deferred Capitsl Grants 141,924 149,098 141,924 149,098
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 RCH 2022 17. RESERVES At l April Movement At 31 March 2021 2023 Future Cycl1 Repairs ReseThe General Reserve 15,C 1.179,C 15,CKh) 1,158.921 120,085) (20,085) Total 1,194,(K)6 1.173,9ZI Future Cyclical Repairs Reserve - The amounts which are set aside are based on the Socievs obligation to carry out such works on a tontinuing 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 Resetve - This reserve records retained eamings and attumulated I0e5 held for 8enerol purposes. 18. CONTINGEpif UABILMES The grant from The Abbeyfield Sociery of £970.CW may become repayable upon the sale or change 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 tY foresee a time when that will be the case. The Abbeyfield Society Limited holds a legal charge over the freehold property Johnson House to Secure all Ilabilities. including contingent liabilities. 19. RELATED PARTY TRANcn0Ns There were no related party transartions undertaken durin8 the year. Members of the board, who are the director5 of the Company, are all volunteers and received no emoluments for their Servi as trustees or reimbursement of expenses. During the year expenditure incurred on behalf of the Society and refunded to two of the members who were not employees totslled £935 for the year {2021: £1.827 for two members). -19-
THE ABBEYFIELD WHITEHAVEN SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE MANAGEMEKf INFORMATION Detailed Hostel Propertv Revenue Account YEAR ENDED 31 MARCH 2022 The followin8 pages do not fomi part of the financial statements which are the subject of the Independent auditor's report on pages 5 to 9.
THE ABBEYFIELD WHrrEHAVEN SOCIEtY LIMITED COMPANY LIMITED BY GUARANTEE Detailed Hostel Property Revenue Account YEAR ENDED 31 MARCH 2022 Incom• Residents. Charges Housing Benefrt Losses arising from vacancies and absences Turnover- Net Income from Re5idenV Charges 2022 2021 230.839 1,673 (37.135) 226,891 114,5831 195377 212,308 Amortisatlon of deferred income Total Turnover 7.174 7,174 202.551 219.482 Expendlture Management Expenses: Salaries Insurance Telephone Membership Fee Abbeyfield Society Auditors Remuneration Professional Fees Stationery. Postage and Advertising Bank Charges 7,320 3.619 7,157 3,195 1,196 6,066 3.967 6,127 4,952 632 192 664 138 24,130 22,383 Repairs and Maintenance-. Day-to-day Repairs and Refurbishment Service Costs: Care and Catering- Employee Costs Food Costs and Cleaning Materials Garden Maintenance Council Tax Water Rate5 Heating and Lighting Careline Monitoring Sundry Expenses Depreciation of Fixtures, Fittings and Equipment Depreciation of Buildings IGainl/loss on disposal of tangible fixed assets 22,880 13,617 75,779 34,386 2.897 2,959 4,039 14,907 2.787 2.976 6.779 Z7.505 80,9(MJ 36,557 2,755 2,861 4,134 14.545 2,664 4.128 7.566 27.505 175.861 183.615 Operating Costs 222A71 219,615 Hostel Property Revenue Operatln8 Surplus/lDeficit) (20,3201 11331 -21-