2020-09-30-accounts - Abbeyfield Wessex Society Limited

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Reference and administrative	Reference and administrative	details
Chairman's Report
Trustees Report			3to 8
Statement ofBoard s	Responsibilities
Independent Auditors'	Report		10to 13
Statement ofComprehensive		Income	14
Balance Sheet			15
Statement ofChanges	in Reserves		16
Statement ofCash Flows			17
Notes to the Financial	Statements		18to 32

				Abbeyfield	%'essex Society Limited
				Reference and Administrative Details
Status					Company limited by guarantee
Trustees					Mrs BJBiddle, Chairman
					Mr SArundel
					Mr KA M Millman
					Mrs A H Turner
					DrCJ H Williams
					Mrs KJ Leishman
Secretary					Mr KMitchell (resigned January 2020)
Senior Management		Team			Mrs V Booker-Card, Chief	Executive Officer
Principal	ONce				Westbourne House
					22 Poole Road, Bournemouth
					Dorset, BH4 9DS
Registered	ONce				Same as principal office address
					The charity is incorporated	in England
Company	Registration		Number		00754594
Charity Registration			Number		230902
Homes and Communities				Agency Number	H2136
Bankers					Lloyds Bank PLC
					84 Victoria Road, Femdown
					Dorset, BH22 9JB
Solicitors					Humpshires Kirk LLP
					Trevanion House, 15Church Road, Parkstone
					Poole, Dorset, BH14 SUF
Broker					Charles Stanley k Co Limited
					2 Westover Road
					Bournemouth
					BH12BY
Auditor					Westlake Clark Audit LLP
					Chartered Accountants
					7 Lynwood Court
					Priestiands Place
					Lymington
					Hampshire
					SO41 9GA

The Society are required to report on the following	The Society are required to report on the following	The Society are required to report on the following	The Society are required to report on the following	seven performance	seven performance
Metric			Metric			2020	2019
No.
	Reinvestment 'Yo					0.5	7.1
2	New supply deliveed	'Yo
	New supply delivered	(Social housing)		(%)		0.0	5.3
	New supply delivered	(Non-social	housing)		('/o)	0.0	0.0
3	Gearing (%)					2.3	2.3
4	EBITDA (/o)					100.0	100.0
5	Headline social cost per unit (Ek)					173.6	185.1
6	Operatin Margin- Overall (%)					5.9	8.5
	Return on capital employed (%)					(0.8)	(0.5)

					Year ended	Year ended
					30September	30September
					2020	2019
				Note
Turnover					1,290,991	1,416,069
Cost ofsales					1,215,392	1,295,762
Gross surplus					75,599	120,307
Administrative	expenditure				(212,637)	(200,416)
Other income					555	2 659
Operating (deficit)/		surplus			(136,483)	(77,450)
Investment income					45,519	82,560
Profit on disposal of		fixed assets				532,290
Donations and	legacies				461,651	30,345
Surplus on ordinary		activities for the year			370,687	567,745
Gains/(losses)	on fixed		asset investments	13	12,154	6,450
Total comprehensive			income for the year		358,533	574,194

						2020		2019
					Note	g
Fixed assets
Tangible fixed assets		-	Housing		11	11,426,951		11,454,518
Tangible fixed assets		—Other			12	235 874		144,173
							11,662,825	11,598,691
Investments					13		298 086	314,004
							11,960,911	11,912,695
Current assets
Debtors					14	477,886		46,867
Cash at bank	and in hand					4237 026		4,308,354
						4,714,912		4,355,221
Creditors: Amounts one year		falling due within			16	~397,945		348 571
Net current	assets						4316.967	4,006 650
Total assets	less current			liabilities			16,277,878	15,919,345
Provision for liabilities					19		17 100	17 100
Net assets							16260 778	15,902245
Capital and	reserves
Revaluation	reserve						5,590,289	5,590,289
Investment revaluation			reserve				111,008	123,162
Income and	expenditure			reserve			10559481	10 188794
							16260 778	15902,245

		Income and	Investment	Housing
		exp'enditure	revaluation	revaluation
		reserve	reserve	reserve	Total
					g
Balance at IOctober	201$	9,591,050	116,712	5,620,289	15,328,051
Total comprehensive	income
for tbe year		567,744	6,450		574,194
Transfer on disposal	of
property		30000		30000
Balance at30September 2019		10,188,794	123,162	5,590,289	15,902,245
Total comprehensive	income
for the year		370,687	(12,154)		358,533
Transfer on disposal	of
property
Balance at50September 2020		10559,401	111,008	5,590,289	16260778

Statement		o	fCas	h F	l	ows for the Y	ear Ended 30	September 20	September 20	20
								2020		2019
							Note	g
Cash flows from operating	activities
Net cash income									358,533	574,194
Adjustments
Depreciation							11,12		152,715	119,868
Interest receivable shown in	investing			activities			4		(24,781)	(54,968)
Other investment income shown			in investing			activities	4
Income from dividends shown		in investing			activities		4		(7,291)	(10,190)
(Gains)/losses on investmcnts							13		12,154	(6,450)
(Proflit)/loss on disposal offixed			assets				6			532290
									491,330	103,065
Working capital adjustments
(Increase)/ Decrease in debtors							14	(431,019)		38,637
Increase/ (Decrease) in creditors							16		49375	13882
Net cash flows &om operating		activities							109686	127819
Cash flows from investing activities
Interest receivable and similar		income					4		24,781	54,968
Purchase oftangible flxed assets							ll, 12	(216,850)		(988,283)
Saleoftangible fixed assets										691,444
Purchase ofinvestments							13		(73;653)	(81,501)
Sale ofinvestments							13		77,417	81,879
Other investment income							4
Income from dividends							4		7291	10190
Net cash flows Aom investing		activities						181014		249 647
Net increase in cash and cash	equivalents								(71,328)	(121,828)
Cash and cash equivalents at	I	October						4	308354	4430 182
Cash and cash equivalents at	30September							4	237026	4308354
Cash and cash equivalents consist of:
Cash at bank and in hand								2,731,224		2,805,827
Short term deposits								1 505 802		~l 5 2 527
								~42 7 2		kg~3

Land	Not depreciated
Structure	I'/0
Roof	2'/0
Windows/doors	3.33'/0
Kitchens	3.33'/0
Bathrooms	3.33'/0

2 Turnover, c	ost	ofsales, administ	rative expenditure a	nd operating surplus/(deficit)
				Total	Total
				2020	2019
					g
Turnover from	social housing lettings
Residential charges		receivable		1,548,160	1,646,645
Voids				~257,169)	~230,576)
				1,290,991	1,416,069
Cost ofsales
Staffcosts				505,302	601,281
Property costs				336,482	340,221
Food costs				99,300	103,812
Telephone and television costs				16,651	13,986
Careline				16,369	15,441
Legal and professional				63,744	78,330
Travel costs				10,594	6,218
Sundry expenses				14,235	16,605
Depreciation				152,715	119,868
				1,215,392	1,295,762
Gross surplus				75,599	120,307
Administrative	expenditure
Staffcosts				159,864	148,405
Head oRice property costs				3,448	6,754
Postage, stationery		and advertising		13,147	6,811
Governance costs				8,555	8,789
Telephone costs				5,357	4,133
Legal and professional				16,315	16,831
Finance costs				1,603	1,548
Sundry				4,348	7,145
				{212,637)	(200,416)
Other income
Sundry income				555	2,659
Operating deficit		on social housing	lettings	(136,483)	(77,450)

3 Income	from	donations and legacies
			Unrestricted
			funds
				Total	Total
			General	2020	2019
Donations	and legacies;
Appeals		and donations	461,651	461,651	30,345
			461,651	461,651	30,345

				Unrestricted
				funds
					Total	Total
				General	2020	2019
Income	from dividends;
	Dividends	receivable from other listed investments		7,291	7,291	10,190
Interest	receivable	and similar income;
	Interest receivable		on bank deposits	24,781	24,781	54,968
Income	from rents			13,447	13,447	17,402
				45,519	45,519	82,560

				Unrestricted
				funds
					Total	Total
				General	2020	2019
Audit	fees
Audit	ofthe financial		statements	5,910	5,910	6,720
Other	fees paid to	auditors		402	402	300
Other	governance	costs		2,243	2,243	1,769
				8,555	8,555	8,789

Net incoming resources for t	he year include:
			2020f	2019
Operating leases - other assets
Loss/ (Profit) on disposal of	fixed assets held for the charity's	own use		(532,290)
Depreciation offixed assets			152,715	119,868
7 Trustees remuneration	and expenses

The aggregate payroll costs were as follows:
	2020	2019
Wages and salaries	598,168	630,656
Social security costs	37,155	38,815
Pension costs	12,483	10,046
	647,806	679,517

I. Twgglk lhed os	secs- Housing	secs- Housing	secs- Housing
	Harlaton Moretons, House (ferndown) (Wlaborne)			Green Lane Hase (fordlngbrldge)	pennanc Hase (Pools)		Mill Westbw roe Lane Hona (R™~)(a ~oath) 0				(W, l~„) (D		h~ 0	)	Total
At I Ocsobcr 2019	3$3,76$	IPI2,743		640009	1,I40000		I+I7P5		4~35'		6003so		$17332		Il,sdcgsl
			36,I15								l,l39		l9,I21,			57,44l
Oispossh
At 30Scptcaba 2020	3537N	I	9l0	6409	2	140	I	7			602	l39	$36d59		I I 912 22
Oeprocisdon
At I October 20I9	l3.96$			25/ I2		$1,067		Scoot		l6$,774					4IOPl2
Charge fortbc year	2,796		I4,672	S,IOO		l6 el 2		I I3$$				71	63$			$5,009
Egmiaascd oa ()hposah
At 30Cptcabcr 2020	ld 764			30 l2								7I	6		495 11
lect boob valses
At 30September 2020	37	I		I$7	2	272I	I	I 403	~	I~I 441	602		$2		Ilc	9
							I	111st	~				I7	2	11~
						27

	Fixtures,	fittings
	and equipment		Total
	g
Cost
At 1October 2019		687,678	687,678
Additions		159,407	159407
At 30September 2020		847 085	847085
Depreciation
At I October 2019		543,505	543,505
Charge for the year		67706	67706
At 30September 2020		611211	611211
Net book value
At 30September 2020		235,874	235,874
At 30September 2019		144,173	144 173

										2020f	2020f	2020f		2019 f	2019 f
Other investments												298086			314004
Other investments
										Cash		held in
									Listed	investment
								investments			portfolio f			Totalf
Market value
At I October 2019									308,747				5,257		314,004
Revaluation									(12,154)					(12,154)
Additions									65,452				8QOI		73,653
Disposals									77417						77	41
At 30September 2020									284 628				13458		298086
Netbook value
At 30September 2020									284,628				13,458		298086
At 30September 2019									308747				5257		314,004
Thc following investments		were	deemed to be			material		in relation to thc total investmcnt			portfolio as at 30
September 2020:
Fund name								Holding	Market			Value		Total Holding			at
									per	unit		at	year	Market	Value
									end (f)					(f)
United Kingdom(Govemmentof)			Idx/Lkd Snr			Bds			641%							18,254
260I/2035 Gb 1000'Re s'
Liontrust Fund Partners	LI	S ecial Situations				Inc lnstit			5.04%				4.10			14352
TBail Fund Services	Ltd	Tb Evenlode income CDis							5.01%				2.19			14,258
Findla Park Funds Plc	American			Gb	Hed	Dis			5.11%				72.71			14542
Fil Investment Services(Uk)Limited				Global Dividend			W lnc		5.48%				1.95			15,608
Hav
Rathbone Unit Trust Management				Global Opportunities					6.85%a							19,491
Instl Acc
Ninety One Fund Managers		Uk Ltd Diversified				income		I2	5.17%				0.98			14,717
Inc Gb

14 Debtors
			2020f	2019 f
Prepayments			21,106	25,264
Other debtors			456 780	21 603
			477 886	46 867
15 Accommodation	owned
Supported housing	and housing for older people:
			End of2020 End of2019
Houses			7	7
Bed spaces			94	94
A total of8 houses	are owned (2019:8).
At the year-end, 7were		available for bedspaces (2019:7).
16Creditors: amounts		falling due within one year
			2020f	2019
Other taxation and	social security		6,152	13,739
Other creditors			380,495	314,249
Accruals			11298	20582
			397945	348571

	2020f	2019
Land and buildings
Within one year	18,500	18,500
Between one and five years	32,375	50,875
	50875	69375
Other
Within one year	2,815	4,222
Between one and five years		2 815
	2815	7,037

19 Provisions
		Other
		provision
As at 1 October	2019	(17,100)
Other provision	movement
As at 30September 2020		(17,100)