Company registratlon numb•r 00784499 {England and Wal•$} THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 LONSDALE & MARSH
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED COMPANY INFORMATION Directo Mr N J Farmer (Chaimanl Ms L Hilchcox Ms S Leech MrA Ya00d Ms K Pike MrA Burgess (Appointed 30 August 20231 Company number 00784499 Charlty numb8r 233269 Rggistered office Lear House 17 Darmonds Green West Kirby Wirral CH48 5DT Audltor Lonsdale & Marsh 509 - 510 Cotton Exchange Bixteth Street Liverpool L3 9LQ
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED CONTENTS Page Report ofthe executive committee Independent auditor's report staement of income and retained eamings Balance sheet Notes lo the financial statements 10-17
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED REPORT OF THE EXECUTIVE COMMirrEE FOR THE YEAR ENDED 31 MARCH 2024 The Executive Committee, the mernbers of which are also directors for the purposes of company law, submits its 60th annual report together with the audited Iinanoal slalements for the year ended 31 March 2024. ObJectlve$ and activities for public benefrt The principal activity of the Society, as delemiined by rts memorandum of association, is to provide accommodation, care and companionship for lonely frail elderty people in accordance with the aims and principles ofAbbeyfield England. There has been no change in the activities of the Society during the year. The Executive Committee refer to the Charity CoThmission's general guidan on public benefit when reviewing the Society's aims and objectives and in planning future activities. In particular the Committee consider how planned activities will contribute lo the aims and objectives they have sel and how these wll benefit the reapienls in accordance with the aims and pftnciples of the Society. Status The Society 1$ a company limited by guarantee (number 007844991, having no share capital, and with solely charitable objectives and is registered as a charity Inumber 2332691. 11 is registered with Home5 England {formerly the Homes and Communities Agency) as a registered provider of social housing (number H28541. The Society is governed by a Memorandum and Articles of Assoaation anil was incorporated on 13th December 1963. Organlsatlon The Articles of Association govern the appointment of the executive committee, which is charged wth the management of the Society in furtherance of rts principal activity, fund management and finanaa affairs generally. The execubve committee shall consist of not less than three and not more than twenty six members. The executive committee has the power lo appoint executive committee members to fill a casual vacancy. One third of the execub've comrnittee members must retire by rotstion each year but are eligible for re-election. There are sub- committees relating to Operations and Finance and al least one rnember of the executive committee is a member ol each sub-comrnittee. Sub-cornmittees report lo the executiv6 Comrnittee where decisions are made The Society is a member of Abbeyfield England lo which il pays an annual affiliation fee. Execullve Committee The members who held office during the year and up lo the date of signature of the financial statements were a5 follows.. Mr N J Farmer Ichaimianl Ms L Hilchcox Ms S Leech Mr A Yarwood Ms K Pike Mr A Burgess (Appointed 30 August 20231 In accordance with the Soaely's Articles of Association Ms S Leech and Mr A Yarwood retire by rotation. All members, being eligible, offer thefflselves for re-election al the forthcoming annual general meeting.
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED REPORT OF THE EXECUTIVE COMMIThEE {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Revlew of actlvltles and achievements durfng the year Lear House ¢onlinues to provide a warm, safe, and friendly home for our residents. We are fortunate lo have dedicated and Committed staff lo support those residents. In support of our staff and their personal development a continuous programme of training is in operation. The Trustees want to pass on their gratitude lo all the staff, whose professionalism, friendliness and focus on the individual needs of our residents continues lo make Lear House an extremely popular choice for people wanting a new permanent home or respite care. Occupancy levels remain high at around 96 %. Our last CQC rating was graded "good. and based on the PAMMS inspedion in January 2024 this is being maintained. The Society employs an activities coordinator and provides a budget for activities. This is regarded as an important aspect of care and provides an enjoyable and stimulating environment for the residents. The frequency and level of activities for residents continues to expand. These now indude.. Shared reading Knit & natter French Pamper afternoons Pop¢als sessions with pre-school children hAonlhly church service hAonthly crafiemoon sessions Boogie woogie music activities Music from various artists Therapy dog visits In addition, we are again able to give residents the opportunty lo visit local places of interest. We welcome friends and relab'ves joining in the various activities. More information and photographs can be found on our website, abbeyfieldweslkirby.co.uk and on facebook at facebook.comlabbeyfieldhoylake. As reported last year our IT systems have undergone significant upgrades which has facilitated the use of electronic aids In our staff training and has allowed the development of electronic care reporting systems which should be fully operational by August 2024. The improved wFfi connectivity also gives greater opportunities for residents to be in contact with fn'ends and relatives. Full planning permission has been obtained for the project to link Elliot House into Lear House and provide a further nine bedrooms, improving the overall viability of the Society. The projed is in the costing and fiJTrJing stage with approx1malely half of the cost of the build coming from the Society's own reserves. This will be after ensuring that sufficient SeNe$ are maintsined for the ongoing operation and contingency of the business. The final selection of the construction company is under way followng the submission of lenders. This is being undertaken in conjunction w(ch our architec15, Paddock Johnson and quantity surveyors, the Simon Fenton Partnership Discussions are under way with a potential lender to help finance the project and it is hoped work will start during the Current year. The project is expected lo take approximately one year lo complete. In August 2023 we welcomed Alan Burgess as a new Trustee. He brings a wealth of business experience lo the Society and is already fully involved in the strategic management of the Society. The financial results for the year show the Society conb'nues lo operate efficient5y producing a rpluS of £90,948 12023 surplus £44,027). The surplus includes an increase in the value of investments at the year end of £34,658 12023 decrease in value £69,227). We a committed lo providing affordable care of the highest slandards and have an ongoing refurbishment programme in place. Vlhilsl considerable long-standing problerns remain about the funding of social care, the Trustees are confident that the Society is well positioned to manage any short-lerrn pressures.
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves and investment pollcles The Society has always used its su@us free reserves - being ftjnds not comprised of fixed assets or other designated reserves to help fund the cost of improvements lo the setwices and support provided lo residents including helping to nd, in the past, the implementab'on and completion of housing propety pfDjecis. The aim of the Sooety is to have day lo day running costs whith will be funded by amounts receiv in respect of residents, charges. The Executive Committee Continues lo review ts reserves policy and has conduded that a level offree reseNes of £370,000 12023 £370,000) is appropriate. This amount equates to approximately four months of normal expenditure requirements. The Committee considers that the level of free reserves is satisfactory. Intemal financial control The Executive Cornmittee acknowledges that it is responsible for the Society's system of internal financial control. vthich can only provide reasonable and not absolute assurance against material misstalernenl or loss. All expenditure is controlled by the General Manager with the exception of specialist health care supplies which aro authorised by the Care Manager. The General Manger, with the help of the bookkeeper, consolidates all the expenditure into monthly reports to produce internal management infomiation. The management infotrnakn'on and underlying data are reviewed regularly by the Executive Committee al their meetings and compared to budgets prepared al the beginning of each financial year. Before the end of each year the management information is ulilised lo provide Uated projected figures for the year and also to provide projected figures for the following year. These projections are prepared by management and reviewed by the Executive Committee. The Executive Commrttee monitors the actual expenditure and compares this lo the budgeted expenclilure. All major items of expenditure, whether or not anlicipaled by the Society's budgets, are approved by the Executive Committee and dealt with by the Society's Head Office. The Executive Committee meets at least quarterly lo manage the running of the Society and lo ensure that we pursue developments in our setvices which will continue lo meet the needs of older people, both now and in the future. The Executive Committee reviews its procedures on an annual basis. Risk management The Executive Committee has overall responsibility for ensuring that the Society has appropriate systems of controls. financial and otherwise. The systems of financial controls are designed lo provide reasonable. but not absolute, assurance against material misslalemenl or loss. They include an annual budget. approved by the Executive Committee, monthly reviews of actual results and variances from budget, and delegation of authority and segregation of duties as far as possible given staffing levels. The Executive Committee has assessed the major risks to vthich the Society is exposed, in particular those related lo the operations, finances and strategies of the Society, and is satisfied that systems are in pla to mitigate exposure lo the major risks.
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ststement of Executlve Commltte& responsibilities The Executive Committee are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law requires the Executive Committee lo prepare financial statements for each financial year. Under that law the Execulwe Cornmittee have elected to prepare the financial statements in accordance wth United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the Executive Committee 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 Society and of the surplus or deficit of the Society for that period. In preparing these financial ststements, the Executive Committee are required lo.. • select suitable accounting policies and then apply them consistently, make judgements and accounting estimates that are reasonable and prudent., prepare the financial slaternents on the going concern basis unless it is inappropriate lo presume that the company ¥MII continue in business. The Executive Committee are responsible for keeping adequate accounting records that ar8 sufficient to show and explain the Society'5 transactions and disclose with reasonable accuracy at any time the financial p)sition of the Sooety and enable them lo ensure that the financial statements comply ¥Mth the Companies Act 2006 the Housing and Regeneration Act 2008. They are also responsible for safeguarding the assets of the Sooety and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance wth the Society's articles, a resolution proposing that Lonsdale & Marsh be reappointed as auditor of the Society will be put al a General Meeting. Statement of dlsclosure to auditor So far as each person who was a Trustee at the dale of approving this report is aware, there is no relevant audit infonnalion of which the Society's auditor is unaware. Additionally, the Trustees individually have taken all the necessary steps that they ought lo have taken as Trustees in order to make themselves aware of all relevant audit information and lo establish that the Sociells auditor is aware of that infonnalion. This report has been prepared in accordance with the provision5 applicable to companies enlilled to the small companies exemption. On behalf of the board Mr N J Farmer IChaiTmanl Director 30 September 2024
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED Oplnion We have audited the financial ststements of The Abbeyfield Hoylake & Wesl Kirby Society Limited Ith& 'company'l for the year ended 31 March 2024 which comprise the statement of income and retained earnings, the L)alance sheet and notes lo the financial slalemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United ngdOrn Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Pratheel. In our opinion the financial slatemenls.. give a true antl fair view of the slate of the company's affairs as al 31 March 2024 and of its surplus for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Pracb'cg,. 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 Stsndards on Auditing IUKI {ISAs IUKI} and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit ol the financial slalements section of our report We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 lo provide a basis for our opinion. Conclusions relating to going concem In auditing the financial slatemenls, we have concluded that the directors, use of the going concem basis of accounting in the prepaialion of the financial statements is appropnate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as 8 going concem for a period ofat least twelve months from when the financial stslements are authorised for issue. Our responsibilities and the responsibilities of the diredors with respect lo going ¢onceTn are described in the relevant sections of this report. Other Inforniatlon The Executive Commrttee are responsible for the other information. The other information Comprises the informab'on included in the annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on th8 financial statements does not cover the other information and, except to the extent otherwise expliutly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the finanal statements, Dur responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtsined in the audit or othenmise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether there is a material misstalemenl in the financial slalemenls or a material mis51atemenl of the other information. If, based on the work we have performed, we conclude that thero is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters proscribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Executs've Committee's report for the financial year for which the financial slalements are prepared is ¢onsistent with the financial stslements", and the Executive Committee's report has been prepared in accordan with applicable legal requirernents.
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THEABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED (CONTINUED Matters on which we are rgquirgd to report by exceptlon In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit. we have not identsfied material misstatements in the Executive Committee's report. We have nothing to report in respect of the following matters where the Companies Act 20[ requires us to report lo 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 nol reiVed all the information and explanations we require for our audit., or the Executive Committee We not entitled lo prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemption in preparing the Executs've Committee's report and lake advantsge of the small companies exemption from the requirement to PrePe a strategic report. R9sponsibilities of directors As explained mgre fully in the Executive Committee's responsibilities slalemenl, the Trustees are responsible for the preparats'on of the financial stslemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemine is necessary lo enable the preparation of financial statements that are free from material misstalernenl, whether due lo fraud or error. In pparing the financial slalemenls, the Trustees are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basi5 of accounting unless the Trustees either intends to liquidate the company or lo cease operations, or have no realistic altemative but lo do so. Auditorfs responslbllltles for the audit of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audrf( conducted in accordance th ISAS IUKI will always detect a material mi5slatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. The extent lo which our procedures are capaLle of deteding irregularilie$. including fraud, is detailed below.
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED (CONTINUED) We obtained an understanding of the legal and regulatory frameworks that are applicable to the Soaety and determined that the most significant are those that relate lo the Care Quality Commission requirements and those laws and regulations that have a direct impact on the financial ststements such as the Companies Act 2006. Our approach to Klents"fying and assessing the risks of material misststemenl in respect of irregulartlies, including fraud and non-complian with laws and regulations, included the following.. the engagement partner ensured the engagement learn collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., discussions wth senior management, idenb'fied laws and regulations were communicated within the audit team who remained alert to instances of non4ompli8nce throughout the audit. We evaluated managernenl's incentives and opportunities for fraudulent manipulab'on of the financial statements {in¢luding overTide of controls) and addressed the Tisk through.. making enquires of those charged with govemance as lo their knowledge of actual, suspected and alleged Instances of fraud., considering the intemal controls in place to mitigate the risks of fraud. In response to the risk of irregularities and non-compliance with laws and regulations, we designed our audit procedures which included, but was not limited lo.. agreeing financial statement disclosures lo underlying supporting documentslion", reviewing the minutes of rneetings of those charged with govemance., reviewng Correspondence with professional advisors., reviewng for any transactions undertaken wrth related parties such as those charged with govemance andl or directors", • checking expenses are bona fide transactions of the Society. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading lo a material misslalement in the financial stslements or non-compliance wth regulations. The risk is also greater regarding irregularities occurring due to fraud rather than efror. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available oll the Financial Reporting Counol's website at.. https'.11 www.fr¢.org.uklauditorsrèsponsibililies. This description forms part of our auditor's report. Use of our report This report is rnade solely to the Society'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 stale to the Society's memb&rs those matters we are required lo stale lo Ihern in an audrfto¢s report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the Soaety and the S¢xiety's members, as a body, for our audit work, for this report. or for the opinions we have formed. Elaine Frances McElroy Senior Statutory Audltor Forand on behaw of Lon$dale & Marsh October 2024 Chartered Accountants statutory Auditor 509- 510 Cotton Exchange Bixteth Street Liverpool L3 9LQ
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Income 1,253,290 1,154.939 House operating costs Administrative expenses Other operaty'ng lexpensesllincome 1908,0161 1249,9581 180,1111 {813,3611 {270,5391 17,945 Oporating Surplus 1 5,205 88,984 Interest receivable and similar income Increaselldecreasel in fair value of investments 36,449 39,294 26,531 171,4881 Surplus before taxatlon 90,948 44,027 Tax on surplus Surplus for the financial year 90,948 44,027 Retained earnings brought forward 3,578,695 3,534,668 Retained earnings carried forward 3,669,643 3,578,695 The income and expenditure account has been prepared on the basis that all operatsons are wntinuing operats'ons.
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxgd asset5 Tangible as5els Investments 2,071,162 1.013,751 2,082.792 954,423 3,084.913 3.037,215 Current assets Debtors Cash at bank and in hand 135,735 761,213 31,256 698,440 896,948 729,696 Croditors: amounts falllng due viithin one year {312,2181 147,887} Net current assets 584,730 681,809 Total assets less current liabilities 3,669,643 3,719,024 Credltors: amounts falling due after more than one year 11 1140,3291 Net assets 3,669,643 3,578,695 Reserves Income and expenditure account 3,669,643 3,578,695 Mgmbors, funds 3.669,643 3,578,695 These financial statements have been prepared in accordan with the provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the board of directors and aulhorised for issue on 30 September 2024 and are signed on its behalf by.. Mr armer (Chairman) Dlrector Ms S Leech Dlre¢tor Company registration number 00784499 IEngland and Wales)
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles Company information The Abbeyfield Hoylake & Wesl Kirby Society Limrted is a private company limited by guarantee incorporated in England and Wales. The registered Offi is Lear House, 17 Darmonds Green, West Kirt)y, Wrral, CH48 SDT. 1.1 Accountlng convention These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the requirements of the Companies Act 2006 as applicable lo companies subject lo the sm811 companies regime. The disclosure requirernenls of section 1A of FRS 102 have been applied other than where addity'onal disclosure is required to show a true and fair view. The finanaal slalemenls are prepared in sterling, which is the ftjnctional CurncY of the company. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Income and expenditure Income and expenses are included in the financial statements as they become receivable or due. 1.3 Tangible fixed assets Tangible fixed assets are initially measUd al cost and subsequently measured at cost or valuation, net ol depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of a55ets less their residual values over their Useful lives on the following bases." Land and buildings Land and buildings Leasehold Fixtures, fittings & equipment 100 years bul see below all land - nil 200h and 30gh reducing balance Freehold land is not depreckgted on account of ils indefinrte useftjl life. Financial Reporting Standard 102 stsles that all assets musl be depreciated. The depfeciable amount of an asset is calculated as cost less re5idu81 value. Under FRS 102 residual values are based on the price which an entity would currently obtain if It were lo dispose of the asset less the estimated costs of disposal. The Committee have reviewed the policy on depreciation and consider that the current residual value of the properties Is in excess of the wsts and as such a provision for depreciation is not required. 10-
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢les Icontlnuedl Housing properties acquired (including landl on the Open market are slated al cost less depreciatron and impairment where applicable. The cost of housing freehold land and propety represents their purchase price and any directly attributable costs of acquisib"on. All invoices and architect's certificates relating lo capitsl expenditure are induded In the financial statements at the gross value provided that the expenditure incurred on the archit1.$ certificates was completed by the end of the accounting year. Directly attributable costs of construction includes capilalised interest calculated, on a proportional bass, using finan costs on borrowing which has been drawn in order lo finance the raevant construction or acquisition. Expenditure on major refurbishment lo properties is capitalised where the works increase the net rental stream over the life of the property. An increase in the nel rental stream may arise through an increase in the nel rental income, a reduction in future maintenance costs, or a subsequent extension in the life of the propety. All other repair and replacement expenditure is charged lo the Statement of Income. 1.4 Flxed asset Inv8stmgnts Fixed asset investments are initially rneasured al transaction price excluding transaction costs, and are Subsequent measured al fair value at each repotting date. Changes in fair value are recognised in nel incomellexpendilurel for the year. Transaction costs a expensed as incurred. 1.5 Impaim)ent of fixed assets Al each reporting period end date, the company reviews the carying amounts of ils tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss Irf any). Where it is not possible to estimate the recoverable amount of an individL1 asset, the company estimates the recoverable amount of the cash-generaling unrt lo which the asset belongs. Recoverable amount is the higher of fair value less Costs lo sell and value in use. In assessing value in use, the eslimaled future cash flows are dis¢ounled to their present value using a pr&tax discount rate that reflects cuffenl marf(et assessments of the lime value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset lor cash-generaling unill is estimated to be less than its carrying amount, the carrying amount of the asset lor casFpgeneraling unill is reduced to its recoverable amount. An impaimenl loss is recognised immediately In surplus or deficit, unless the relevant asset is carried at a revalued amount. in which case the impairment loss is Irealed as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impaimient loss have ceased lo apply. Vlthere an impairment loss subsequently reverses. the carrying arnounl of the asset lor cash-gener*'ng unit) is increased lo the revised estimate of ils recoverable amount, bul so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset lor cash-generating unill in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, In which case the reversal of the impairnient loss is treated as a revaluation increase. 1.6 Cash and cash oquivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at eall wfth banks, other short-term liquid investments wth original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown wthin borrowngs in current liabilities.
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢i (Contlnued) 1.7 Financial instruments The company has elected to apply the provi%ons of Section 11 'Basi¢ Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls. Financial instruments are recognised in the company's balance sheet when the company becomes paty lo the contractual provisions of the instrument. Financial assets and liabilities are offset. with the nel amounts presented in the financial stalemenls, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset ancl settle the liabilty simultaneously. Basic financial assets Basic financial assets, which indude debtors and cash and bank balances, are Initially measured al transaction price including transaction costs and are subsequently carried al amortised c(Ist Using the effective interest method, less any impairnenl. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary Course ol business from suppliers. Amounts payable are classified as current liabilities if payment is due wthin one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 1.8 Taxation The company is exempt from corporation lax, il being a company not carrying on a business for the purposes of making a profit. 1.9 Employee benefrts The costs of short-lerm employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the eost of stock or fixed assets. If material the cost of any unused holiday entiuement is recognised in the period in which the ernployee's services ore reived. Termination benefits are recognisecs immedialety as an expense when the company is demonstrably committed lo terminate the employment of an employee or to provide termination benefits. 1.10 Retirement benefits The Society operates a defined contribution scheme for the benefft of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. The assets of the scheme are held separately from those of the Soaety in an independenY administered fund. 1.11 Leases Rentals payable under operating leases, including any lease incentives received, are charged to in¢ome on a straight line basis over the lemi of the relevant lease except where another more systematic basis is more represenlalive of the time pattem in which economic benefits from the lease asset are consumed. 1.12 Governrnent grants Govemmenl grants are recognised al the fair value of the asset received or reIvable when there is reasonable assurance that the grant conditions will be met and the grants will be reived. Govemmenl grants relating to turnover are recognised as income over the periods when the related Costs are incurred. Grants relats.ng to an asset are recognised in income syslèmats"cally over the asset's expected useful life. If part gf such a grant is deferred il is recognised as deferred income rather than being dedued from the asset's carying amount. 12
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Continued) 1.13 Repayablelr9¢yclable capttal grants On the occurrence of certain relevant events. primarily change of use or the sale of dwellings, Homes England can direct the Soaety to recycle capital grants or to make repayments of the recoverable arnount. Such amounts are ijisclosed in the balan sheet under'creditors due wthin one yeaff.. 1.14 Monetary donations Income from donats'ons and legacies is accounted for on a receivable basis when il is rnore likely Ihan not that the economic benefits will flow lo the Society and the amount of the income can be measured reliably. 1.15 Cash flov The Society has tsken advantage of the disclosure exemption in FRS 102 not to prepare a cash fiow statement. Judgements and key sources of estimation uncertainty In the application of the company's accounting policies, the directors are required lo make judgements, estimates and assumptions about the carrying amount of assets and liab'lity'es that are not readily apparent from other sources. The eslirnales and associated assumptions are based on historical experience and other factors that are considered ID be relevant. Actual results may differ frorn these estimates. The eslirnates and underlying assumption5 are VieWed on an Ongoing basis. Revisions to accounting esb'mates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from residentlal charyes 2024 2023 Potential residential income Losses arising frorn vacancies etc. 1,326,441 1,213,500 {73,1521 158,5611 1,253,290 1,154,939 Whilst pursuing the plans lo amalgamate Elliot House wf(h Lear House, as mentioned in the Executive Committee's Report, the Trustees have decided not lo use the rooms wthin Elliot House for the foreseeable fiJture. The potential residents'al income, as stsled above. does not indude Income from these rooms. The units in management, disclosed in Note 11, do include these rooms as they are registered with CQC. Operallng surplus 2024 2023 Operating surplus for the year is staled after chargingllcreditingl.. Govemmenl grants (see note 111 Fees payable to the company's auditor for the audit of the companvs financial slalements Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets Opefating lease charges 91,866 {2,8251 7,200 11,811 840 19,296 6,240 10,590 2,711 23,286 13-
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees The average monthly number of persons lincluding ijirectorsl employed by the company during the year was". 2024 Number 2023 Number Housing, support and care Adminislralion 33 34 38 39 Their aggregate remuneration comprised.. 2024 2023 dges and salaries Social securty costs Pension costs 702,472 52.630 11,540 662,249 47,150 11,211 766,642 720,610 Redundancy payments made or e£)mmitted Tanglblg flxod assets Land and Plant and buildings machingry gtc Total Cost Al 1 Aplll 2023 Additions Disposals 2,043,037 110,664 2,153,701 1,020 1,020 141,7341 141,7341 Al 31 March 2024 2,043,037 69,950 2,112,987 Depreclatlon and Impalmient Al 1 April 2023 Depreciation eharged in the year Eliminated in respect of disposals 70,909 11,811 140,8951 70,909 11,811 140.8951 Al 31 March 2024 41.825 41,825 Carrying amount Al 31 March 2024 2,043.037 28.125 2.071,162 At 31 March 2023 2,043.037 39,755 2,082,792 14-
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flxed asset Investments 2024 2023 Investments 1,013,751 954,423 Flxed asset investments revalued The listed inveslrnents are included in the financial statements al market value. The investment rtfoliO is managed by Ralhbones Investment Management. The portfolio h85 been constructed in accordance with the Trustees. Instructions regarding investment objectives and risk level. Al the year end the cost of the investments was £985,92812023 £973,338). Movements In flxed asset Investments Investments other than loans Cost or valuatlon Al 1 April 2023 Addib'ons Valuab'Dn changes Disposals Movement on income and capital accounts 954,423 134,860 34,658 1116,1941 6,004 Al 31 March 2024 1.013,751 Carrylng amount At 31 March 2024 1,013,751 At 31 March 2023 954,423 Dobtors 2024 2023 Amounts falling due within one year. Rent outstanding Other debtors 14,214 121,521 1,844 29,412 135,735 31,256 15-
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Credltors: amounts falling due wlthin one ygar 2024 2023 Notes Homes England grant repayable Trade creditors Taxation and social security Govemment grants Other creditors Accruals and deferred income 10 234,540 39,333 12,709 19,752 9,990 2.345 6,658 9,142 10 14,268 11,368 312,218 47,887 10 Repayabl6lrecyclabla capital grant As a result of discussions with Homes England the Society has been directed lo repay social housirvJ grants lolalling £234,540. The grants were received in the 1980,8 for social housing accomrnodation which the Society no longer operates. In accordance with accounting polices the Society has accounted for the grants as deferred income in the balance sheet and released il lo income on a systematic basis over the useful life of the propety fDr which the grant was received. In order to disclose the COrCt grant repayable the proportion of the grant previously shown as tsferred income, £2,345 and £140,329 (see note 11) has been transferred to other creditors. In addition the grant previously released to income (£91,866 - see note 41 has been shown as an expense in the statement ol income and retained earnings and also shown in other creditor5. 11 Credltors: amounts falling due after more than one year 2024 2023 Other creditors 140.329 In accordance with the requirements of FRS 102 grants received from Homes England Ipreviously the Homes and Communities Agency) are held within creditors as deferred grants and amortised over the useful life of the properties. Also see note 10 above. 12 Housing stock 2024 2023 Housing ac¢ommodalion - number of bed spaS Units under development Units in management 33 33 16-
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Members. liability The Society Is a company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member lo contribute lo the net assets or liab'lities of the company on winding LJP such amounts as may be required not exceeding £1. The members of the Society are the Executive Committee and the sut>committees. The total number of members at 31 March 2024 was 612023 - 61 14 Related party transactlons None of the members of the Society lor any persons connected with them) received any remuneration, expenses or benefits during the year12023 none). 15 Operating leaso commitmgnts Lessee Al the reporting end dale the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows.. 2024 2023 122,139 67,129 16 Capital commitments There were no financial committments at the year end12023 nill. 17 Non-audlt Sorvl¢es provlded by audltor In cornmon with many businesses of our size and nature we uso Dur auditor to assist wth the preparation of the financial statements. 17-
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED DETAILED INCOME AND EXPENDITURE ACCOUNT UNAUDITED FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Income Residents, fees Respite fees 1.206,864 46,426 1,139,889 15,050 1,253,290 1,154,939 other oparating Income Donations Government grants receivable and released Other CorDnavirLJS funding - WBC Employment allowance 6,755 191,8661 10,120 2,345 480 5.000 5,000 180,1111 17,945 House operating expenses Wages and salaries Stxial security costs Staff training Staff pension costs defined contributs'on Agency caring servi$ and nursing Food Rent re operating leases Water rates and eounrAI tax Cleaning inc. PPE costs Gardening costs Power, light and heat Propety repairs and maintenance Boiler replacement- Lear House Boiler replacement- Elliot House Insurance Telecommunications Residents. entertaining Sundry expenses CQC sutsscription Depreciats"on on household furniture and equipment Loss on obsolete tangible assets 805,805 45,296 6,903 9,819 2,028 45,524 17.323 11,701 19,015 6,711 22,400 33,573 26,174 22,135 10,006 448 5,295 1,225 5,023 10,887 725 570,288 40,042 7,028 9,593 9,543 41,157 19,924 11,182 16,529 2,998 25,835 24,131 11,281 2,125 3,791 538 5,023 9,644 2,711 1908,0161 1813,361 } Balance carried fOard 265.163 359,523 18-
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED DETAILED INCOME AND EXPENDITURE ACCOUNT UNAUDITEDICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Balance brought forward 265,163 359,523 Administrative axpenses Wages and salaries Social security costs Staff pension costs defined contribution Health insurance Rent re operats'ng leases Computer running costs Travelling expenses National affiliation fee Legal and professonal- Ellis Inhittam Legal and professional- Financial Planning Legal and professional- re Elliot House Legal and professional - employment matters Legal and professional - Acton heaf(h & safely Rathbones management fees Non audit remuneration paid lo audf(ors Audit fees Audit fees underprovision re prior year Bank charges Bad and doubttul debts Contributions towards residents. fees Printing and slalionery Advertising Telecommunications Sundry expenses Depreciation Loss on obsolete tangible assets 96,667 7.334 1.721 3,376 1,973 22,438 297 6,191 5,794 1,500 16,510} 712 6,236 8,091 600 7,200 360 258 91,963 7,108 1,618 3,056 3,362 9,411 116 7,739 5,445 1,500 6,510 504 6,284 7,659 1,080 6,240 280 14,8981 100,006 2,665 9,110 297 2,358 68,595 2,81D 10,167 114 2,994 924 115 1249,9581 1270,5391 Operating surplus 15,205 88,984 Investmenl revenues Bank interest received Dividends from investments measured al fair value 7,822 28,627 1,003 25,528 36,449 26,531 Balance carried fOnard 51,654 115,515 19-
THE ABBEYFIELD HOYLAKE & WEST KIRBY SOCIETY LIMITED DETAILED INCOME AND EXPENDITURE ACCOUNT UNAUDITEDICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Balance brought forward 51,654 115,515 other gains and losses Increaselldecreasel in value of investments measured at fair value ProfiVILossl on disposal of investments measured al fair value 34,658 169,2271 4,636 12,2611 39,294 171,4881 Surplu$ for thg yoar 90,948 44,027 -20-