THE ABBEYFIELD SANDERSTEAD
SOCIETY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
COMPANY REGISTRATION No: 00719534
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 Independent Examiner's Report on the Accounts
Page 7 Statement of Financial Activities
Page 8 Balance Sheet
Pages 9 to 14 Notes to the Financial Statements
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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 00719534 DATE OF INCORPORATION 28th March 1962 START OF FINANCIAL YEAR 1st April 2023 END OF FINANCIAL YEAR 31st March 2024 DIRECTORS AT 31ST MARCH 2024 Mrs M Brown (Chair) (EXECUTIVE COMMITTEE) Mr R J Brimble Mr B A Dymond Mrs L A Talbot Mrs D Littlewood Mr A Chitty GOVERNING DOCUMENT Memorandum and Articles of Association Incorporated 28th March 1962.
OBJECTS
REGISTERED ADDRESS
BANKERS
INDEPENDENT EXAMINER
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.
2 Beechwood Road Sanderstead South Croydon Surrey CR2 0AA Barclays Bank plc 1 Churchill Place London E14 5HP 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 2024
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 2024 was 6 (2023 - 6).
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 surplus for the year of £28,276 (2023 - small deficit of £1,097). 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
In September 2023 our second Relief Manager retired due to ill health, and the next months were covered by a temporary appointment and a Relief House Manager on loan from Abbeyfield Southern Oaks, providing us with the full quota of staff.
One of our long-standing Trustees, Mrs Diane Littlewood, stepped down this year due to ill health. We welcomed two new Trustees, Sian Taylor and Ronnie Berry.
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
CHAIRPERSON'S REPORT (continued)
We tried to change the names of Trustees with Barclays Bank, but Barclays badly mismanaged the process resulting in the Bank closing our account. The problems experienced as a result of the closure of the account meant we were unable to pay our bills for two weeks. This involved extra time-consuming work by our Administrator and Chair in order to get the account reinstated took a month. Both the Administrator and Chair approached the Bank for compensation and although it was not satisfactory, we accepted the offer. It was altogether an exhausting and challenging process.
We continued with our programme of addressing repairs when necessary. Unfortunately, the ensuite bathroom in Room 5 developed a leak and an emergency repair was necessary.
We successfully applied to the Ros Harding Trust and received £2000 to fund the CCTV installation.
Following hospital treatment, one of our residents required more medical care than we can offer, and subsequently left the House.
Following a meeting with Martin King (General Manager), and Joanne Taylor (Administrative Manager) of Abbeyfield Southern Oaks, Ewell, they agreed to help us by sharing information and services for our mutual benefit. This is in tandem with other members of the local Cluster Group comprising, Abbeyfield Reigate, Dulwich, Streatham, Haslemere and Pirbright. This partnership is proving to be a great asset to all parties.
We currently have vacancies making us mindful of costs as we are running at a deficit. We continue to ensure we obtain good value for money, making changes where necessary in conjunction with attempting to recruit new residents.
I would like to thank our dedicated Staff Team, Trustees and volunteers for their continued hard work and support throughout the year.
Mary Brown Chair of Trustees
STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-
i. select suitable accounting policies and then apply them consistently;
ii. make judgements and estimates that are reasonable and prudent;
iii. prepare financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business; iv. state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
The directors are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act, the Housing and Regeneration Act 2008 and the Accounting Requirements for Registered Social Landlords Determination 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also responsible for the contents of the Report of the Directors, and the responsibility of the independent examiner in relation to the Report of the Directors is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
I approve the attached statement of financial activities and balance sheet for the year ended 31st March 2024, and confirm that I have made available all information necessary for its preparation.
Approved by the Directors on the:
10 December 2024
Signed on their behalf by Mrs M Brown, Chairperson and Director
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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 2024.
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
Having satisfied myself that the accounts of The Abbeyfield Sanderstead Society Limited are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 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:
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accounting records were not kept in respect of The Abbeyfield Sanderstead Society Limited as required by section 386 of the 2006 Act; or
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the accounts did not accord with the accounting records; or
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· the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
The Independent Examiner acknowleges that since the previous year end, the charity has made and continues to make improvements to its internal financial procedures and controls to ensure full and accurate accounting records are maintained.
Zita Derbak MAAT AATQB Independent Examiners Ltd Signed: Unit 2 The Broadbridge Business Centre Delling Lane Bosham Date: 11.12.2024 PO18 8NF
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024
| Notes INCOME Donations and Legacies 2a, 12 Income from other Charity Activities 2b Income from Investments 2c TOTAL INCOME EXPENDITURE Expenditure on Charitable Activities 3a Expenditure on Raising Funds 3b TOTAL EXPENDITURE NET INCOME/ (EXPENDITURE) Transfer between funds Fund Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2024 2023 £ £ £ £ 530 2,000 2,530 525 131,654 - 131,654 122,077 698 - 698 62 132,882 2,000 134,882 122,664 106,606 - 106,606 123,371 - - - 390 106,606 - 106,606 123,761 26,276 2,000 28,276 (1,097) 2,000 (2,000) - - 443,775 - 443,775 444,872 472,051 - 472,051 443,775 |
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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 9 to 14 form part of these financial statements.
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) Company Registration Number: 00719534
BALANCE SHEET
AS AT 31ST MARCH 2024
| Note Fixed Assets Tangible Assets 6 Current Assets Debtors & Prepayments 7 Cash at Bank and in Hand 8 Total Current Assets Creditors:amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETSless current liabilities Creditors:amounts falling due in more than one year 10 NET ASSETS FUNDS OF THE CHARITY Unrestricted Funds Restricted Funds 12 TOTAL FUNDS |
Unrestricted Restricted 31-Mar-24 31-Mar-23 Funds Funds Total Total £ £ £ £ 525,353 - 525,353 525,870 525,353 - 525,353 525,870 3,788 - 3,788 5,610 80,179 - 80,179 53,658 83,967 - 83,967 59,268 2,269 - 2,269 6,363 81,698 - 81,698 52,905 607,051 - 607,051 578,775 135,000 - 135,000 135,000 472,051 - 472,051 443,775 472,051 - 472,051 443,775 - - - - 472,051 - 472,051 443,775 |
|---|---|
DIRECTORS' RESPONSIBILITIES
The charitable company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears on page 14.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
Approved by the Directors on the: 10 December 2024
Signed on their behalf by Director M Brown:
Print Name: Mrs M Brown, Chairperson and Director
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THE ABBEYFIELD SANDERSTEAD SOCIETY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
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 2019) - 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 a going 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.
Income
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
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the Charity becomes entitled to the income;
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it is more likely than not that the trustees will receive the resources; and
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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 2024
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% reducing balance
Fixture, Fittings & Equipment 25% reducing balance
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 2024
| 2. INCOME Notes a) Donations and Legacies Gifts & Donations Grants received 12 b) Income from other Charitable Activities Fundraising Events Insurance Claim Rent Receivable 5 c) Income from Investments Bank Interest 3. EXPENDITURE a) Expenditure on Charitable Activities Bank Charges Careline Cleaning Council Tax Depreciation Gardening Housekeeping Independent Examination Insurance Lighting & Heating Office Expenses Pensions Repairs & Redecoration Salaries & NI Contributions Subscriptions - The Abbeyfield Soc. Sundries Telephone TV Licence & Rentals Water Rates b) Expenditure on Raising Funds Advertising and publicity |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2024 2023 £ £ £ £ 30 - 30 525 500 2,000 2,500 - 530 2,000 2,530 525 308 - 308 322 - - - 4,805 131,346 - 131,346 116,950 131,654 - 131,654 122,077 698 - 698 62 698 - 698 62 Unrestricted Restricted TOTAL TOTAL Funds Funds 2024 2023 £ £ £ £ - - - 260 1,925 - 1,925 1,634 1,469 - 1,469 3,271 3,733 - 3,733 3,276 2,932 - 2,932 2,797 2,486 - 2,486 7,404 15,381 - 15,381 16,196 1,203 - 1,203 1,140 4,940 - 4,940 4,179 12,193 - 12,193 15,557 92 - 92 490 599 - 599 986 9,924 - 9,924 19,260 40,667 - 40,667 38,995 2,622 - 2,622 2,902 3,770 - 3,770 1,987 681 - 681 890 318 - 318 317 1,671 - 1,671 1,830 106,606 - 106,606 123,371 - - - 390 - - - 390 |
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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 2024
| 4. DETAILS OF CERTAIN TYPES OF EXPENDITURE | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Independent examiner’s fees | 1,200 | 1,140 |
| 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 |
| 5. RENT RECEIVABLE Income receivable based on 100% occupancy Winter fuel allowance Losses arising from vacancies |
Unrestricted Restricted Total Total Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ 179,916 - 179,916 154,980 - - - - (48,570) - (48,570) (38,030) 131,346 - 131,346 116,950 |
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| 6. TANGIBLE FIXED ASSETS Cost 01-Apr-23 Housing Association Grant (Note 1) Additions Cost at 31-Mar-24 Depreciation 01-Apr-23 Charge Depreciation at 31-Mar-24 Net Book Value 31-Mar-24 Net Book Value 31-Mar-23 7. DEBTORS AND PREPAYMENTS Prepayments 8. CASH AT BANK AND IN HAND Current Account Savings Account Petty Cash |
Unrestricted Fund £ 3,788 3,788 Unrestricted Fund £ 46,412 33,767 - 80,179 |
Freehold Fixtures, HAG Schemes Fittings & Title no: Total Equipment SY276359 2024 £ £ £ 25,833 711,201 737,034 - (143,691) (143,691) 2,415 - 2,415 28,248 567,510 595,758 25,801 41,672 67,473 173 2,759 2,932 25,974 44,431 70,405 2,274 523,079 525,353 32 525,838 525,870 Restricted Total Total Fund 31-Mar-24 31-Mar-23 £ £ £ - 3,788 3,788 - 3,788 3,788 Restricted Total Total Fund 31-Mar-24 31-Mar-23 £ £ £ - 46,412 20,179 - 33,767 33,419 - - 60 - 80,179 53,658 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 2024
| Accruals Independent Examiners Fees Pension costs Tax & NI costs Mortgage Loan 9. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR 10. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR |
Unrestricted Restricted Total Total Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ 874 - 874 4,759 1,200 - 1,200 1,140 195 - 195 56 - - - 408 2,269 - 2,269 6,363 Unrestricted Restricted Total Total Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ 135,000 - 135,000 135,000 135,000 - 135,000 135,000 |
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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 |
2024 £ 40,667 - 477 41,144 2024 TOTAL 3 1 4 |
2023 £ 38,995 - 986 39,981 2023 TOTAL 3 1 4 |
|---|---|---|
No employees received emoluments in excess of £60,000 (2022/23: None). Staff are paid through the PAYE system.
There was no amount paid to key management personnel (includes trustees and senior management) for their services in 2023/24. (2022/23: Nil)
The charity pays employer contributions into a government backed NEST pension scheme on behalf of two employees. In 2023/24 these contributions totalled £477 (2022/23: £385).
The charity paid employer contributions into a stakeholder private pension on behalf of one employee, in 2022/23 these contributions totalled to £602 (2023/24: £Nil).
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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 2024
12. RESTRICTED FUNDS
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Fund Bal Income Expenditure Transfer Fund Bal
at 01.04.23 at 31.03.23
£ £ £ £ £
Security System Fund - 2,000 - (2,000) -
- 2,000 - (2,000) -
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The cost of the security system (£1755) was capitalised and the remining balance of £245 was transferred the unrestricted fund. The amount above therefore shows the transfer of £2000 to unrestricted fund.
13. HOUSING STOCK
| Social housing accommodation, number of bed spaces Units in Management Units under Development |
2024 TOTAL 9 - 9 |
2023 TOTAL 9 - 9 |
|---|---|---|
14. DIRECTORS AND OTHER RELATED PARTIES
Apart from reimbursement of purchases and payments made on behalf of the charity totalling £6,070 (2023: £2,124), 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.
15. RISK ASSESSMENT
See Report of the Directors on pages 4 to 5.
16. 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.
17. PUBLIC BENEFIT
See Report of the Directors on pages 4 to 5.
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