THE ABBEYFIELD SANDERSTEAD
SOCIETY LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022
COMPANY REGISTRATION No: 719534
CHARITY REGISTRATION No: 233004
Independent Examiners Ltd
Unit 2 The Broadbridge Business Centre Delling Lane
Bosham PO18 8NF
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| THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED | |
|---|---|
| (A COMPANY LIMITED BY GUARANTEE) | |
| CONTENTS | |
| Page 3 | Legal & Administrative Information. |
| Pages 4 to 5 | Report of the Directors. |
| Page 6 | Statement of Financial Activities. |
| Page 7 | Balance Sheet. |
| Pages 8 to 13 | Notes to the Financial Statements. |
| Page 14 | Independent Examiner's Report on the Accounts. |
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY REGISTRATION NUMBER 233004 COMPANY REGISTRATION NUMBER 719534 DATE OF INCORPORATION 28th March 1962 START OF FINANCIAL YEAR 1st April 2021 END OF FINANCIAL YEAR 31st March 2022 DIRECTORS AT 31ST MARCH 2022 Mr R J Brimble (EXECUTIVE COMMITTEE) Mrs M Brown (Chair) Mr B A Dymond Dr E Leonard (resigned 31st March 2022) Mrs L A Talbot C Littlewood GOVERNING DOCUMENT Memorandum and Articles of Association Incorporated 28th March 1962. OBJECTS To relieve aged, impotent and poor people of all classes, for the advancement of religion and education and for other charitable purposes beneficial to the community. REGISTERED ADDRESS 2 Beechwood Road Sanderstead South Croydon Surrey CR2 0AA BANKERS Barclays Bank plc 1 Churchill Place London E14 5HP INDEPENDENT EXAMINER Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Abbeyfield Sanderstead Society Limited is a registered charity (No. 233004) and a registered housing association (No. H0J69). It is a company limited by guarantee (No. 00719534) which does not have a share capital. Every member of the Society undertakes to contribute an amount not exceeding £1 to the assets of the Society in the event of winding up. The total number of such members at 31st March 2022 was 24 (2021 - 24).
The activities of the Society are overseen by the Executive Committee. Members of the Committee are elected at an Annual General Meeting and serve for a period of three years after which they must seek re-election if wishing to continue in office.
RECRUITMENT AND APPOINTMENT OF MEMBERS OF THE EXECUTIVE COMMITTEE
Traditional business and care skills are represented on the Executive Committee. In an effort to maintain this broad skill mix, potential members of the Executive Committee are requested to provide a list of their skills. In the event of particular skills being lost through retirements, individuals with those skills are approached to offer themselves for election to the Executive Committee. Potential Committee members are interviewed by the Executive Committee before being recommended for appointment at an Annual General Meeting.
New Members are given an information pack on the constitution and governance of the Society and are also taken on an induction tour of the homes to meet the managers, staff and residents. New Members have an opportunity to meet with the Executive Officer and to attend the Executive Committee meetings.
RISK MANAGEMENT
The Executive Committee has conducted a review of the major risks to which the Society is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks that the Society faces. The systems of internal controls are reflected in that the Society has received the Abbeyfield Standard and has also been accredited by the Local Authority.
OBJECTS AND ACTIVITIES
To provide accommodation, care and companionship for lonely or frail elderly people in accordance with the aims and principles of The Abbeyfield Society Limited. This activity falls wholly within social housing activities as defined in the Housing and Regeneration Act 2008.
ACHIEVEMENTS AND PERFORMANCE
The Society has successfully fulfilled its objectives during the year. Further information detailing the achievements and performance of the Society can be found in the Chair's Report annexed hereto below.
FINANCIAL REVIEW
The Society incurred a small deficit for the year of £1,549 (2020 - surplus of £176). The results for the year are set out in the financial statements attached.
PUBLIC BENEFIT REQUIREMENT
The Members of the Executive Committee have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission concerning the public benefit requirement.
CHAIRPERSON'S REPORT
Following the Government easing of restrictions and after a successful vaccination programme, the residents were able to resume to their pre-covid social activities. We continued advertising for residents locally and took advertising space in a local Golf Club Directory with the idea to reach a wider audience. We also continued to receive enquiries from the national Abbeyfield website. One resident moved on to extra care in December 2021 and a new Resident joined us in February 2022, keeping our total number of residents at 7. The Trustees hoped the Spring and Summer months would encourage new residents to join the house. Unfortunately, one of the en-suite bathrooms developed a leak in the floor. After extensive investigations the source of the leak was found, a specialist company commenced the drying-out process. Fortunately, our insurance covered the cost. The Trustees continued to be mindful of rising fuel and food costs. I would like to extend warm praise and thanks to our Staff, Trustees and volunteers for their continued hard work and support during another challenging year.
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST MARCH 2022
| Notes INCOME Donations and Legacies 2a Income from other Charity Activities 2b Income from Investments 2c TOTAL INCOME EXPENDITURE Expenditure on Charitable Activities 3a TOTAL EXPENDITURE NET INCOME/ (EXPENDITURE) Fund Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022 2021 £ £ £ £ £ 1,030 - - 1,030 4,336 120,207 - - 120,207 109,845 3 - - 3 34 121,240 - - 121,240 114,215 122,789 - - 122,789 114,039 122,789 - - 122,789 114,039 (1,549) - - (1,549) 176 446,421 - - 446,421 446,245 444,872 - - 444,872 446,421 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 8 to 13 form part of these financial statements.
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518.667 531 58.361 1651 Sl.947 58J61 51.205 SIJ05 135.0 135.lx 444A72 446A21 81111 2Q2Z
THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2022
1. ACCOUNTING POLICIES
Basis of Preparation
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - Charities SORP (FRS102)) and incorporating update bulletin 1, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Social Housing in England 2012. The accounts have been prepared on an ongoing concern basis.
The functional currency of the charity is sterling (£).
The charity 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 notes.
Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.
The charity has opted to prepare its accounts using natural categories.
Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period.
Material prior period errors
No material prior year errors have been identified in the reporting period.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
-
the Charity becomes entitled to the income;
-
it is more likely than not that the trustees will receive the resources; and
-
the monetary value can be measured with sufficient reliability.
Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
Grants and Donations
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).
Tax Reclaims on Donations and Gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Gifts in Kind
Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022
1. ACCOUNTING POLICIES (Continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Governance and Support Costs
Support costs represent the cost of central functions, for example governance costs, payroll administration, information technology. Governance costs are those support costs which relate to public accountability of the charity and its compliance with regulation and good practice.
Deferred income
No material item of deferred income has been included in the accounts.
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
Legal status of the charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
Social Housing Grant
The Society is in receipt of Social Housing Grants, formerly called Housing Association Grants (HAG). Where developments have been wholly or partially funded by such grants, the cost of these developments has been reduced by the value of the grant received. The value of the grant is disclosed as a separate item. These grants may be repayable in the event that the relevant property is sold by the Society, or if certain other relevant events take place, but can be rolled over into other purchase or development activities in certain circumstances.
Fixed Assets
These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a reducing balance over their estimated useful lives. The rates applied per annum are as follows:
Freehold Buildings 1% Fixture, Fittings & Equipment 25%
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022
2. INCOME
| Unrestricted | Unrestricted | Designated | Restricted | TOTAL | TOTAL | ||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2022 | 2021 | |||
| Notes | £ | £ | £ | £ | £ | ||
| a) Donations and Legacies | |||||||
| Gifts & Donations | 30 | - | - | 30 | 170 | ||
| Grants received - Other | 1,000 | - | - | 1,000 | 2,000 | ||
| Grants received - Government | job | - | - | - | - | 2,166 | |
| retention scheme | |||||||
| 1,030 | - | - | 1,030 | 4,336 | |||
| b) Income from other Charitable | Activities | ||||||
| Fundraising Events | - | - | - | - | - | ||
| Rent Receivable | 5 | 120,207 | - | - | 120,207 | 109,845 | |
| 120,207 | - | - | 120,207 | 109,845 | |||
| c) Income from Investments | |||||||
| Bank Interest | 3 | - | - | 3 | 34 | ||
| 3 | - | - | 3 | 34 | |||
| 3. EXPENDITURE | |||||||
| Unrestricted Funds £ a) Expenditure on Charitable Activities |
Designated Funds £ |
Restricted Funds £ |
TOTAL 2022 £ |
TOTAL 2021 £ |
|||
| Bank Charges | 260 | - | - | 260 | 195 | ||
| Careline | 1,379 | - | - | 1,379 | 1,345 | ||
| Cleaning | 3,111 | - | - | 3,111 | 2,749 | ||
| Council Tax | 3,147 | - | - | 3,147 | 2,974 | ||
| Depreciation | 2,829 | - | - | 2,829 | 2,862 | ||
| Gardening | 2,133 | - | - | 2,133 | 2,479 | ||
| Housekeeping | 21,549 | - | - | 21,549 | 19,286 | ||
| Independent Examination | 1,080 | - | - | 1,080 | 1,020 | ||
| Insurance | 3,585 | - | - | 3,585 | 3,289 | ||
| Lighting & Heating | 13,159 | - | - | 13,159 | 8,499 | ||
| Office Expenses | 744 | - | - | 744 | 1,656 | ||
| Pensions | 1,888 | - | - | 1,888 | 1,575 | ||
| Repairs & Redecoration | 20,626 | - | - | 20,626 | 13,207 | ||
| Salaries & NI Contributions | 39,110 | - | - | 39,110 | 43,590 | ||
| Subscriptions - The Abbeyfield | Soc. | 2,580 | - | - | 2,580 | 2,554 | |
| Sundries | 2,206 | - | - | 2,206 | 3,638 | ||
| Telephone | 972 | - | - | 972 | 940 | ||
| TV Licence & Rentals | 318 | - | - | 318 | 316 | ||
| Water Rates | 2,113 | - | - | 2,113 | 1,867 | ||
| 122,789 | - | - | 122,789 | 114,039 |
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022
4. DETAILS OF CERTAIN TYPES OF EXPENDITURE
Independent examiner’s fees
Assurance services other than audit or independent examination Tax advisory fees Other fees (for example: financial advice, consultancy, accountancy services) paid to the independent examiner
| 2022 | 2021 |
|---|---|
| £ | £ |
| 1,080 | 1,020 |
| - | - |
| - | - |
| - | - |
5. RENT RECEIVABLE
| Income receivable based on 100% occupancy Winter fuel allowance Losses arising from vacancies 6. TANGIBLE FIXED ASSETS Cost 01-Apr-21 Housing Association Grant (Note 1) Cost at 31-Mar-22 Depreciation 01-Apr-21 Charge Depreciation at 31-Mar-22 Net Book Value 31-Mar-22 Net Book Value 31-Mar-21 7. DEBTORS AND PREPAYMENTS Prepayments 8. CASH AT BANK AND IN HAND Current Account Savings Account Petty Cash |
Unrestricted Restricted Total Total Fund Fund 31-Mar-22 31-Mar-21 £ £ £ £ 135,216 - 135,216 133,758 450 - 450 300 (15,459) - (15,459) (24,213) 120,207 - 120,207 109,845 Total Fixtures, Freehold Fittings & HAG Schemes Equipment Title no: SY276359 £ £ £ 25,833 711,201 737,034 - 143,691 - 143,691 - 25,833 567,510 593,343 25,775 36,072 61,847 15 2,814 2,829 25,790 38,886 64,676 43 528,624 528,667 58 531,438 531,496 Unrestricted Restricted Total Total Fund Fund 31-Mar-22 31-Mar-21 £ £ £ £ 3,984 - 3,984 2,651 3,984 - 3,984 2,651 Unrestricted Restricted Total Total Fund Fund 31-Mar-22 31-Mar-21 £ £ £ £ 24,944 - 24,944 18,533 33,357 - 33,357 33,354 60 - 60 60 58,361 - 58,361 51,947 Unrestricted |
|---|---|
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022
9. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals Independent Examiners Fees Payroll liabilities Pension costs Tax & NI costs |
Unrestricted Restricted Total Total Fund Fund 31-Mar-22 31-Mar-21 £ £ £ £ 8,866 - 8,866 1,846 1,080 - 1,080 1,020 - - - 65 66 - 66 51 1,128 - 1,128 1,691 11,140 - 11,140 4,673 |
|---|---|
10. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
| Mortgage Loan | Unrestricted Restricted Total Total Fund Fund 31-Mar-22 31-Mar-21 £ £ £ £ 135,000 - 135,000 135,000 135,000 - 135,000 135,000 |
|---|---|
The interest free mortgage loan from the Croydon Charitable Foundation is secured on the freehold property and is repayable in February 2029.
11. STAFF COSTS AND NUMBERS
| Gross Wages and Salaries Employer's National Insurance Costs (after allowance) Employer's Pension Contributions Employees who were engaged in each of the following activities: Activities in furtherance of organisation's objects Management and administration Total |
2022 £ 39,110 - 1,888 40,998 2022 TOTAL 3 1 4 |
2021 £ 43,590 - 1,575 45,165 2021 TOTAL 3 1 4 |
|---|---|---|
No employees received emoluments in excess of £60,000 (2021: None). Staff are paid through the PAYE system.
The total amount paid to key management personnel (includes trustees and senior management) for their services to the charity was: £0
The charity pays employer contributions into a government backed NEST pension scheme on behalf of three employees. In 2021/22 these contributions totalled £368.
The charity pays employer contributions into a stakeholder private pension on behalf of one employee. In 2021/22 these contributions totalled £1,031.
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022
12. HOUSING STOCK
Social housing accommodation, number of bed spaces
| Units in Management Units under Development |
2022 TOTAL 9 - 9 |
2021 TOTAL 9 - 9 |
|---|---|---|
13. DIRECTORS AND OTHER RELATED PARTIES
Apart from reimbursement of purchases made on behalf of the charity totalling £1,818, no other payments were made to directors or any persons connected with them during this financial period. No material transaction took place between the organisation and a director or any person connected with them.
14. RISK ASSESSMENT
See Report of the Directors on pages 4 to 5.
15. RESERVES POLICY
The directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
See Report of the Directors on pages 4 to 5.
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INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
I report to the trustees on my examination of the accounts of The Abbeyfield Sanderstead Society Limited for the year ended 31st March 2022.
As the charity's trustees (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
Responsibilities and basis of report
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
· the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
J Irvinesmith FCIE
Date: 202218th November
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
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