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 ex￿lIent 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 SOCIe￿S 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. incI￿ling FRS 102 The Flnancial Reporting Standard applicable in the UK and Republic of I￿land (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 Internat￿n31 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 eXec￿1ve 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 incr￿1ed 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¢￿th￿re¢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 Conside￿d 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