**Registered number: 00772489 Charity number: 231852** **The Abbeyfield Dulwich Society Ltd Report and Financial Statements** _30 September 2020_ **Rees Pollock Chartered Accountants** ## **The Abbeyfield Dulwich Society Ltd** ## **CONTENTS** ||**Page**| |---|---| |**Refrence and Administrtive Detils of the Company, Its Trustees and Adviser**|**1**| |**Trustees' Repor**|**2-5**| |**Independent Auditor' Repor**|**6-7**| |**Statement of Financial Activities**|**8**| |**Summary Income and Expenditure Account**|**9**| |**Balance Sheet**|**10**| |**Statement of Cash Flow**|**11**| |**Notes to the Financial Statements**|**12- 21**| |**The followng pages do not for par of the statutor fnancial statements:**|| |**Charit Detiled Income and Expenditure Account and Summaries**|**22- 23**| ## **The Abbeyfield Dulwich Society Ltd** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS For the Year Ended 30 September 2020** ## **Trustees** **G JP Abb ott A Butler AJ De Rohan ADGHill J E Ross-Macdonald** **Company registered number** **00772489** **Charity registered number** **231852** **Registered office** **91 Stradella Road, London, SE24 9HL** **Independent auditors** **Rees Pollock, 16 Great Queen Street, London, WC2B 5AH** **Page 1** ## **The Abbeyfleld Dulwich Society Ltd** ## **TRUSTEES' REPORT For the Year Ended 30 September 2020** **The Trustees present their annual report together with the audited financial statements of The Abbeyfield Dulwich Society Limited for the year 1 October 2019 to 30 September 2020 . The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102} (effective 1 January 2019).** **Since the Company qualifies as small under section 383 of the Companies Act 2006 , the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.** ## **Structure, governance and management** ## **a. Constitution** **The company is registered as a charitable company limited by guarantee and was set up by a Memorandum and Articles of Association on 20 August 1963.** **The principle object of the company is the establishment and management of houses for the elderly in accordance with the aims and principles of The Abbeyfield Society Limited.** ## **b. Trustees** **The trustees who served during the year were:** **G JP Abbott A Butler AJ De Rohan ADGHill LC SM Pitcher (resigned 02/12/2019) F M Read (resigned 14/04/2021 ) J E Ross-Macdonald** ## **c. Method of appointment or election of Trustees** **The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.** ## **d. Policies adopted for the induction and training of Trustees** **Beyond basic induction procedures, no formal training is provided. However, the Chairman and Secretary of the Executive Committee are qualified lawyers, the Treasurer is a qualified accountant and the Chairman of the Executive Committee is currently the Chair of the House Committee.** **Page2** ## **The Abbeyfield Dulwich Society Ltd** ## **TRUSTEES' REPORT (CONTINUED) For the Year Ended 30 September 2020** ## **Structure, governance and management (continued)** ## **e. Organisational structure and decision making** **The Executive Committee is responsible for the supervision of the company's activities. Because most members of the Executive Committee are also members of the House Committee, the Executive Committee only tends to meet when there are policy decisions to be made. governance issues to be addressed or accounts to be approved. Full minutes of the meetings are circulated to the Trustees who are all voluntary.** **The management of the House is the responsibility of the House Committee which meets every six to eight weeks. The House normally has two housekeepers, one of whom is on duty for four days and off duty for three days and the other of whom is cin duty for thr�e days and off duty for four d.eys. The House is able to ca!! on relief housekeepers if one of the main housekeepers is sick or on holiday. The housekeepers report to a salaried House Manager, Delia Nicholls. The House Manager post was created following the retirement of Fleur Read as Company Secretary. Ms Nicholls is the first incumbent, having been appointed in May 2020. She reports to the Trustees.** **During the year, the House Committee has been expanded and strengthened under the chairmanship of Andrew Butler QC.** ## **f. Risk Management** **Following the recommendations and in compliance with the core standards of the company's umbrella body, The Abbeyfield Society, volunteers carry out a health and safety risk assessment at the House each year and regularly review support plans for the residents, making reports to the House Committee. The Trustees have assessed the major risks to which the company is exposed, in particular those related to pastoral care of very frail residents and in the management of the House to ensure that it is a safe environment, and are satisfied that the systems and procedures are in place to mitigate exposure to major risks.** **In assessing the major risks the Trustees have also taken into account the particular need for financial control and are satisfied that the procedures they have in place are sufficiently robust.** ## **Objectives and activities** ## **a. Policies and objectives** **The company is a Registered Social Landlord and its principal activity is to provide accommodation and support for lonely and active elderly persons in accordance with the aims and principles of The Abbeyfield Society Limited.** **In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.** ## **b. Strategies for achieving objectives** **The aim of the Executive Committee is to achieve full occupancy. Notwithstanding long periods when the House is fully occupied, applicants for places are still sought and successful applicants added to a waiting list. Where applicants are looking for extra care, which the company is unable to provide, they are referred to extra care homes in the vicinity. During the year under review all the flats and the bedsit in the House were fully occupied and there is a waiting list of applicants who have expressed an interest in taking up occupation of a flat should a vacancy occur.** **Page 3** ## **The Abbeyfield Dulwich Society Ltd** **TRUSTEES' REPORT (CONTINUED) For the Year Ended 30 September 2020** ## **Objectives and activities (continued)** ## **c. Activities undertaken to achieve objectives** **Local residents and other associations are notified of vacancies and vacancies are also advertised in local media and on The Abbeyfield Dulwich Society's website.** ## **Achievements and performance** ## **a. Review of activities** **The latter part of the financial year has been dominated by the coronavirus pandemic. The House Committee took swift steps to protect the House and the residents, acting in advance of restrictions imposed by legislation. Whether for this or any other reason, the House and residents have, to the best of the Trustees' knowledge, remained free from Coronavirus to date. No positive cases have been recorded.** **One resident, Mrs Molly Gawn, passed away for reasons unrelated to Coronavirus. Mrs Gawn died peacefully in her sleep in May 2020.** **During the financial year, various improvements have been completed, mainly of a fairly minor character and mostly geared to improving the residents' accommodation and upgrading fire safety, the warden alarm care system and the Society's website and social media.** **The housekeepers, supported by the members of the House Committee, continue to take every step to ensure that the residents are well looked after and have everything they need.** ## **b. Investment policy and performance** **In accordance with the trust deed, the Trustees have a wide power of investment. The Trustees have always adopted a policy of investing in low to medium risk investments that will allow easy access to the company's funds at any one time. Possible uses of these funds are kept under review.** ## **Financial review** ## **a. Reserves policy** **It is the policy of the Executive Committee to maintain the reserves of the company for current and future charitable purposes, as well as the upkeep of the property in accordance with the company's aims and objects.** ## **b. Principal funding** **The residential charges are currently sufficient to cover the company's ordinary expenses.** ## **Plans for future periods** ## **a. Future developments** **The company has no current plans for development but following the recent reconstitution of its Executive and House Committees will be giving consideration to such matters during the coming year.** **Page4** ## **The Abbeyfield Dulwfch Society Ltd** ## **TRUSTEES' REPORT (CONTINUED) For the Year Ended 30 September 2020** ## **Statement of Trustees' responsibilities** **The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).** **Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:** - **select suitable accounting policies and then apply them consistently;** - **• observe the methods and principles of the Charities SORP (FRS 102);** - **make judgments and accounting estimates that are reasonable and prudent;** - **state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements:** - **prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.** **The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.** ## **Disclosure of information to auditors** **Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:** - **so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and** - **that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that Information.** **Approved by order of the members of the board of Trustees on 29 May 2021 and signed on their behalf by:** **A Butler Chairman** **J E Ross-Macdonald Trustee** **Page 5** **The Abbeyfield Dulwich Society Ltd** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ABBEYFIELD DULWICH SOCIETY LTD** ## **Opinion** We have audited the financial statements of The Abbeyfield Dulwich Society Ltd (the 'charitable company') for the year ended 30 September 2020 which comprise the Statement of Financial Activities, the Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 30 September 2020 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **Other information** The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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 connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial 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 information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Trustees' Report has been prepared in accordance with applicable legal requirements. Page 6 **The Abbeyfield Dulwich Society Ltd** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ABBEYFIELD DULWICH SOCIETY LTD (CONTINUED)** ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: - 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 disclosures of Trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report. ## **Responsibilities of trustees** As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are 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 Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditors' responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable Company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Philip Vipond (Senior Statutory Auditor)** for and on behalf of Rees Pollock Chartered Accountants Statutory Auditor 16 Great Queen Street London WC2B 5AH 31 May 2021 Page 7 ## **The Abbeyfleld Dulwich Society Ltd** ## **STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 30 September 2020** |||**Restricted**|**Unrestricted**|**Total**|**_Total_**| |---|---|---|---|---|---| |||**funds**|**funds**|**funds**|**_funds_**| |||**2020**|**2020**|**2020**|**_2019_**| ||**Note**|**£**|**£**|**£**|**£**| |**Income fom:**|||||| |**Charitable activities**|**3**||**101,337**|**101,337**|**_102,580_**| |**Other trading activities**|**4**|**27,146**||**27,146**|**_32,511_**| |**Other income**|**5**||**30,094**|**30,094**|**_29,260_**| |**Totl income**||**27,146**|**131,431**|**158,577**|**_164,351_**| |**Expenditure on:**|||||| |**Raising fnds**|**6**||**113,967**|**113,967**|**_110,206_**| |**Other charitable activities**|**7**||**7,638**|**7,638**|**_7,238_**| |**Totl expenditure**|**8**||**121,605**|**121,605**|**_117,444_**| |**Net (losses)/gains on investments**|**12**||**(28,487)**|**(28,487)**|**_58,316_**| |**Net income befre oter recognised**
**gains and losses**||**27,146**|**(18,661)**|**8,485**|**_105,223_**| |**Net movement in funds**||**27,146**|**(18,661)**|**8,485**|**_105,223_**| |**Reconciliation of funds:**|||||| |**Total funds brought forard**||**261,837**|**1,332,518**|**1,594,355**|**_1,489,132_**| |**Net movement in funds**||**27,146**|**(18,661)**|**8,485**|**_105,223_**| |**Totl funds carried forard**||**288,983**|**1,313,857**|**1,602,840**|**_· 1,594,355_**| **The notes on pages 12 to 21 form part of these financial statements.** **Page 8** ## **The Abbeyfield Dulwich Society Ltd** ## **SUMMARY INCOME AND EXPENDITURE ACCOUNT For the Year Ended 30 September 2020** |||**Unrstricted**|**Restricted**||| |---|---|---|---|---|---| |||**funds**|**funds**|**Total funds**|**_Total funds_**| |||**2020**|**2020**|**2020**|**_2019_**| ||**Note**|**£**|**£**|**£**|£| |**Income**||**131,431**|**27,146**|**158,577**|**_164,351_**| |**Gains/{losses) on investments**||**(28,487)**||**(28,487)**|**_58,316_**| |**Gross income in the reporing period**||**102,944**|**27,146**|**130,090**|**_222,667_**| |**Less: Total expenditure**||**(121,605)**||**(121,605)**|**_(117,444)_**| |**Net income for the financial year**||**(18,661)**|**27,146**|**8,485**|**_105,223_**| **The notes on pages 12 to 21 form part of these financial statements.** **Page 9** ## **The Abbeyfield Dulwich Society Ltd Registered number: 00772489** ## **BALANCE SHEET As at 30 September 2020** **----- Start of picture text -----**
2020 2019
Note £
Fixed assets
Tangible assets 11 26,658 30,001
Investments 12 1,374,427 1,402,914
1,401,085 1,432,915
Current assets
Debtors 13 7,124 3,775
Cash at bank and in hand 202,563 161,340
209,687 165,115
Creditors: amounts falling due within one
year (7,932) (3,675)
Net current assets 201,755 161,440
Total net assets 1,602,840 1,594,355
Charity funds
Restricted funds 15 288,983 261,837
Unrestricted funds 15 1,313,857 1,332,518
Total funds 1,602,840 1,594,355
14
**----- End of picture text -----**
**The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.** **The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.** **The financial statements were approved and authorised for issue by the Trustees on 29 May 2021 and signed on their behalf by:** **� ABuUer Chairman** **J E Ross-Macdonald Trustee** **The notes on pages 12 to 21 form part of these financial statements.** **Page 10** ## **The Abbeyfield Dulwich Society Ltd** ## **STATEMENT OF CASH FLOWS For the Year Ended 30 September 2020** |||**2020**|**_2019_**| |---|---|---|---| ||**Note**|**£**|| |**Cash fow from operating activities**|||| |**Net cash used in operating activities**|**17**|**19,837**|**_18,649_**| |**Cash flows fom investing activites**|||| |**Interest received**||**27,146**|**_32,511_**| |**Purchase of tangible fixed assets**||**(5,760)**|**_(600)_**| |**Net cash provided by Investing activities**||**21,386**|**_31,911_**| |**Change in cash and cash equivalent in the year**||**41,223**|**_50,560_**| |**Cash and cash equivalents at the beginning of the year**||**161,340**|**_110,780_**| |**Cash and cash equivalent at the end of the year**|**18**|**202,563**|**_161,340_**| |**The notes on pages 12 to 21 form par of these fnancial statements**|||| **Page 11** **The Abbeyfleld Dulwich Society Ltd** ## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2020** ## **1. General Information** **The company is registered in the UK as a charitable company limited by guarantee.** **The company's registered address is 91 Stradella Road, London, SE24 9HL.** **The company's principle activity is the establishment and management of houses for the elderly.** ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** **The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.** **The Abbeyfield Dulwich Society Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.** ## **2.2 Company status** **The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.** ## **2.3 Fund accounting** **General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.** **Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.** ## **2.4 Income** **All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.** ## **2.5 Expenditure** **Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.** **Governance costs are those inccured in connection with administration of the copmany and compliance with consitutional and statutory requirements.** **Page 12** ## **The Abbeyfield Dulwlch Society Ltd** ## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2020** ## **2. Accounting policies (continued)** ## **2.6 Tangible fixed assets and depreciation** **Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:** **Freehold property over 30 years - Short-term leasehold property over periods of leases - Fixtures and fittings 25% reducing balance** **A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.** ## **2.7 Investments** **Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(Losses) on investments' in the Statement of Financial Activities.** ## **2.8 Interest receivable** **Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.** ## **2.9 Provision for cyclical repairs and maintenance** **In accordance with recommended practice, no prov1s1on is made for cyclical repairs and maintenance, unless the society has entered into a legally binding obligation** ## **2.1 0 Debtors** **Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.** ## **2.11 Cash at bank and in hand** **Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.** ## **2.12 Liabilities** **Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit** will **be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.** **Page 13** **The Abbeyfield Oulwich Society Ltd** ## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2020** ## **2. Accounting policies (continued)** ## **2.13 Financial instruments** **The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.** ## **3. Income from charitable activities** ||**Unrestricted**
**fnds**|**Totl**
**funds**|**_Total_**
**_funds_**| |---|---|---|---| ||**2020**|**2020**|**_2019_**| ||**£**|**£**|| |**Net income fom residential charges**|**104,529**|**104,529**|**_102,580_**| |**Losses from vacancies**|**(3,192)**|**(3,192)**|| ||**101,337**|**101,337**|**_102,580_**| |**_Total 2019_**|**_102,580_**|**_102,580_**|| ## 4. **Investment Income** ||**Resticted**
**funds**|**Total**
**fnds**|**_Total_**
**_funds_**| |---|---|---|---| ||**2020**|**2020**|**_2019_**| ||**£**|**£**|£| |**Dividend and interest receivable**|**27,146**|**27,146**|**_32,511_**| |**_Total 2019_**|**_32,511_**|**_32,511_**|| |5.|**Other income**||| |---|---|---|---| |||**2020**|**_2019_**| |||**£**|£| ||**Residents' rent**|**29,894**|**_28,701_**| ||**Miscellaneous income**|**200**|**_559_**| |||**30,094**|**_29,260_**| **Page 14** ## **The Abbeyfield Dulwich Society Ltd** ## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2020** ## 6. **Direct costs** |||**Total**|**_Total_**| |---|---|---|---| ||**General**|**funds**|**_funds_**| ||**2020**|**2020**|**_2019_**| ||**£**|**£**|**£**| |**Wages and salaries**|**51,402**|**51,402**|**_46,304_**| |**Telephone**|**922**|**922**|**_1,041_**| |**TV licence and Greenwich Telecare**|**1,593**|**1,593**|**_2,998_**| |**Staf costs**|**1,041**|**1,041**|**_1,042_**| |**Council tax and water**|**5,447**|**5,47**|**_4,004_**| |**Bank charges**|**171**|**171**|**_170_**| |**Rent**|**98**|**98**|**_38_**| |**Gas and electric**|**4,311**|**4,311**|**_7,411_**| |**Repairs and maintenance**|**13,333**|**13,333**|**_13,894_**| |**Depreciation**|**9,103**|**9,103**|**9,929**| |**Food, housekeeping and cleaning**|**23,583**|**23,583**|**_23,375_**| |**IT Costs**|**57**|**57**|| |**Consumables**|**1,881**|**1,881**|| |**Miscellaneous expense**|**1,025**|**1,025**|| |**Total 2020**|**113,967**|**113,967**|**_110,206_**| |**_Total 2019_**|**_110,206_**|**_110,206_**|| ## 7. **Governance Costs** ||**Unrestricted**|**Totl**|**_Total_**| |---|---|---|---| ||**funds**|**funds**|**_funds_**| ||**2020**|**2020**|**_2019_**| ||**£**|**£**|**£**| |**Auditors' remuneration**|**3,090**|**3,090**|**_3,000_**| |**Insurances**|**2,038**|**2,038**|**_1,753_**| |**Membership fee- The Abbeyield Society**|**2,510**|**2,510**|**_2,485_**| ||**7,638**|**7,638**|**_7,238_**| |**_Total 2019_**|**_7,238_**|**_7,238_**|| **Page 15** ## **The Abbeyfield Dulwich Society Ltd** ## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2020** ## **8. Analysis of expenditure by expenditure type** |||**Other cost**|**Other cost**|**Totl**
**fnds**|**_Total_**
**_funds_**| |---|---|---|---|---|---| ||||**2020**|**2020**|**_2019_**| ||||**£**|**£**|**£**| ||**General**||**113,967**|**113,967**|**_110,206_**| ||**Expenditure on governance**||**7,638**|**7,638**|**_7,238_**| ||||**121,605**|**121,605**|**_117,444_**| ||**_Total 2019_**||**_117,444_**|**_117,444_**|| |**9.**|**Net income/(expendltur)**||||| ||**This is stated afer charging:**||||| |||||**2020**|**_2019_**| |||||**£**|£| ||**Depreciation of tangible fixed assets owned by the charity**|||**9,103**|**_9,929_**| ||**Auditors' remuneration - audit**|||**3,090**|**_3,000_**| **During the year ended 30 September 2020, the total remuneration, benefits in kind and reimbursement of expenses received by the trustees was a salary of £9,354 (2019: £9,563).** ## **10. Staff** **The average number of persons employed by the Company during the year was as follows:** ||**2020**|**_2019_**| |---|---|---| ||**No.**|**_No._**| |**Employees**|**5**|**5**| |**No employee received remuneration amounting to more than £60,000 in either year.**||| **Page 16** **The Abbeyfield Dulwich Society Ltd** ## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2020** ## **11. Tangible fixed assets** ||||**Fixtures and**|| |---|---|---|---|---| ||**Freehold**
**£**|**Shor lease**
**£**|**fttings**
**£**|**Total**
**£**| |**Cost**||||| |**At 1 October 2019**|**2,604**|**48**|**160,999**|**164,051**| |**Additions**|||**5,760**|**5,760**| |**At 30 September 2020**|**2,604**|**448**|**166,759**|**169,811**| |**Depreciation**||||| |**At 1 October 2019**|**2,262**|**448**|**131,340**|**134,050**| |**Charge for the year**|**87**||**9,016**|**9,103**| |**At 30 September 2020**|**2,349**|**448**|**140,356**|**143,153**| |**Net book value**||||| |**At 30 September 2020**|**255**||**26,403**|**26,658**| |**_At 30 September 2019_**|**_342_**||**_29,659_**|**_30,001_**| **The Society holds 89 Stradetla Road under the terms of a short lease which has not been ascribed a book value.** ## **12. Fixed asset investments** |||**Interest**|| |---|---|---|---| ||**Listed**
**investment**
**£**|**bearing**
**Investment**
**£**|**Totl**
**£**| |**Cost or valuation**|||| |**At 1 October 2019**|**1,160,159**|**242,755**|**1,402,914**| |**Revaluations**|**(80,606)**|**52,119**|**(28,487)**| |**At 30 September 2020**|**1,079,553**|**294,874**|**1,374,427**| |**Net book value**|||| |**At 30 September 2020**|**1,079,553**|**294,874**|**1,374,427**| |**_At 30 September 2019_**|**_1,160,159_**|**_242,755_**|**_1,402,914_**| **Page 17** ## **The Abbeyfield Dulwich Society Ltd** ## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2020** ## **Investment analysis** |||**2020**|**_2019_**| |---|---|---|---| ||||£| ||**UK Equities**|**428,851**|**_450,828_**| ||**Overseas Equities**|**454,531**|**_535,044_**| ||**Alteratives**|**196,170**|**_174,287_**| ||**Bonds**|**229,110**|**_210,294_**| ||**Cash**|**65,765**|**_32,461_**| |||**1,374,427**|**_1,402,914_**| |**13.**|**Debtor**||| |||**2020**|**_2019_**| |||**£**|£| ||**Prepayments and accrued income**|**7,124**|**_3,775_**| |**14.**|**Creditor: Amount flling due within one year**||| |||**2020**|**_2019_**| |||**£**|£| ||**Accruals and Deferred Income**|**7,932**|**_3,675_**| **Page 18** **The Abbeyfield Dulwich Society Ltd** ## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2020** ## **15. Statement of funds** ## **Year ended 30 September 2020:** |**Balance at 1**
**Unrestricted funds**
**General Funds - all fnds**
**Restricted fnds**
**Development resere**
**Medical resere**
**Total of funds**
**Year ended 30 September 2019:**
**Unrestricted funds**
**Proft and loss account**
**Restricted funds**
**Development resere**
**Medical reserve**
**Totl of funds**
**October**
**2019**
**£**
**1,332,518**
**252,057**
**9,780**
**261,837**
**1,594,355**
**_Balance at_**
**_1 October_**
**_2018_**
**£**
**_1,259,806_**
**_219,546_**
**_9,780_**
**229,326**
**_1,489,132_**
**Income**
**£**
**131,431**
**27,146**
**27,146**
**158,577**
**_Income_**
**£**
**_131,840_**
**_32,511_**
**32,511**
**_164,351_**
**Expenditure**
**£**
**(121,605)**
**(121,605)**
**_Expenditure_**
**£**
**_(117,444)_**
**_(117,444)_**|**Gains/**
**(Losses)**
**£**
**(28,487)**
**(28,487)**
**_GainS_**
**_(Losses)_**
**£**
**_58,316_**
**_58,316_**
**Balance at**
**30**
**September**
**2020**
**£**
**1,313,857**
**279,203**
**9,780**
**288,983**
**1,602,840**
**_Balance at_**
**_30_**
**_September_**
**_2019_**
**£**
**_1,332,518_**
**_252,057_**
**_9,780_**
**_261,837_**
**_1,594,355_**| |---|---| **Page 19** **The Abbeyfield Dulwich Society Ltd** ## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2020** ## **Medical reserve** **The medical reserve was created in 1986 to meet any unexpected medical costs which may arise in relation to residents in the society's houses.** ## **Development reserve** **This reserve has been set up from charitable donations and investment income, with a view to meeting costs involved in any future development project.** ## **16. Analysis of net assets betwe n funds** **Analysis of net assets between funds - year ended 30 September 2020** ||**Restcted**
**fnds**|**Unrestricted**
**funds**|**Totl**
**funds**| |---|---|---|---| ||**2020**|**2020**|**2020**| ||**£**|**£**|**£**| |**Tangible fxed assets**||**26,658**|**26,658**| |**Fixed asset investments**|**288,983**|**1,085,444**|**1,374,427**| |**Current assets**||**209,687**|**209,687**| |**Creditors due within one year**||**(7,932)**|**(7,932)**| |**Totl**|**288,983**|**1,313,857**|**1,602,840**| |**Analysis of net asset bet n funds -year ended 30 September 2019**|||| ||**_Restrcted_**|**_Unrstrcted_**|**_Total_**| ||**_funds_**|**_funds_**|**_funds_**| ||**_2019_**|**_2019_**|**_2019_**| ||£|
£|£| |**Tangible fxed assets**||**30,001**|**_30,001_**| |**Fixed asset investments**|**261,837**|**1,141,077**|**_1,402,914_**| |**Current assets**||**165,115**|**_165,115_**| |**Creditors due within one year**||**(3,675)**|**_(3,675}_**| |**Totl**|**261,837**|**1,332,518**|**_1,594,355_**| **Page 20** **The Abbeyfield Dulwich Society Ltd** ## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2020** ## **17. Reconciliation of net movement in funds to net cash flow from operating activities** ||**2020**|**_2019_**| |---|---|---| ||£|£| |**Net income for the period (as per Statement of Financial Activities)**|**8,485**|**_105,223_**| |**Adjustent for:**||| |**Depreciation charges**|**9,103**|**9,929**| |**(Gains)/losses on investments**|**28,487**|**_(58,316)_**| |**Interest receivable**|**(27,146)**|**_(32,511)_**| |**Increas in debtors**|**(3,349)**|**_{1,427)_**| |**lncrease/(decrease) in creditors**|**4,257**|**_(4,249)_**| |**Net cash provided by operting activities**|**19,837**|**_18,649_**| ## **18. Analysis of cash and cash equivalents** |||**2020**|**_2019_**| |---|---|---|---| |||£|£| |**Cash in hand**||**202,563**|**_161,340_**| |**Totl**||**202,563**|**_161,340_**| |**Analysis of changes In cash**|||| ||**At 1**||**At30**| ||**October**
**2019**|**Cash flow**|**September**
**2020**| ||**£**|**£**|**£**| |**Cash at bank and in hand**|**161,340**|**41,223**|**202,563**| ||**161,340**|**41,223**|**202,563**| ## **19. Analysis of changes In cash** **Page21** ## **The Abbeyfield Dulwich Society Ltd** ## **Report and Financial Statements** ## **INCOME AND EXPENDITURE ACCOUNT For the Year Ended 30 September 2020** ||**2020**|**2020**|**_2019_**|**_2019_**| |---|---|---|---|---| ||£|£|£|£| |**Income**||||| |**Rents**|**29,894**||**_28,701_**|| |**Serice charges**|**104,529**||**_102,580_**|| |**Losses from vacancies**|**(3,192)**|||| |**Dividends and interest receivable**|**27,146**||**_32,511_**|| |**Miscellaneous income**|**200**||559|| |||**158,577**||**_164,351_**| |**Gains/(Lo es) on investent**||||| |**Revaluation of investments**|**(28,487)**||**_58,316_**|| |||**(28,487)**||**_58,316_**| |**Gross income in the reporing period**||**130,090**||**_222,667_**| |**Less:**||||| |**Direct cost**||||| |**Wages and salaries**|**51,402**||**_46,304_**|| |**Telephone**|**922**||**_1,041_**|| |**TV license and Greenwich Telecare**|**1,593**||**_2,998_**|| |**Staff costs**|**1,041**||**_1,042_**|| |**Council tax and water**|**5,447**||**_4,004_**|| |**Bank charges**|**171**||**_170_**|| |**Rent**|**98**||**_38_**|| |**Gas and electric**|**4,311**||**_7,411_**|| |**Repairs and maintenance**|**13,333**||**_13,894_**|| |**Depreciation**|**9,103**||**_9,929_**|| |**Food, housekeeping and cleaning**|**23,583**||**_23,375_**|| |**IT costs**|**57**|||| |**Consumables**|**1,881**|||| |**Miscellaneous expense**|**1,025**|||| |||**113,967**||**_110,206_**| |**Governance cost**||||| |**Auditors' remuneration**|**3,090**||**_3,000_**|| |**Insurances**|**2,038**||**_1,753_**|| |**Membership fee - The Abbeyfield Society**|**2,510**||**_2,485_**|| |||**7,638**||**_7,238_**| |**Totl expenditure**||**121,605**||**117,44**| **Page 22** **THIS SCHEDULE IS NOT FOR PUBLICATION** ## **The Abbeyfield Dulwich Society Ltd** ## **Report and Financial Statements** ## **INCOME AND EXPENDITURE ACCOUNT (CONTINUED) For the Year Ended 30 September 2020** ||**2020**|**2020**|**_2019_**|**_2019_**| |---|---|---|---|---| ||**£**|**£**|£|| |**Net income befre taxation for the reporing**||||| |**period**||**8,485**||**105,223**| |**Net income for the reporing period**||**8,485**||**105,223**| |**Surplus for the reporing period**||**8,485**||**_105,223_**| |**Surplus brought frard at 1 October 2019**||**1,594,355**||**_1,489,132_**| |**Surplus carried forrd at 30 September 2020**||**1,602,840**||**_1,594,355_**| **The notes on pages 12 to 21 form part of these financial statements .** - .:r. _(...of:., I\'\_ 14 _c..._ b0"?-1 '4-c.-� 11 _;;t9{�{_ **Page 23** **THIS SCHEDULE IS NOT FOR PUBLICATION**