Docusign Envelope ID.. E916288E.CAB146C742C6-C473FF4420F3
AEfjISTEREO COMPANY NUM8ER.. OD754694 {En￿and and Wales)
REGISTERED CHARITY NUMBER.. 238168
IIEPORTOFThE TRUSTEES AND
FI￿ANCIAL STATEMENTS
FOR ThÉ YEAR EP+DED 31 MARCH 2024
THE ABBEYFIELD LOUGHBOROUfjH SOCIEfY LIMfTED
Duncan & Topli5 Audit Limited. Statutory Avditor
3 Prince5 Court
Royal W4y
LDuBhborou8h
Leicestershire
LEII 5XR

Docusign Envdope ID.. E916288E-CAB146C7-A2C&C473FF442DF3
TNE ABBEYFIELD LOUGHBOROUGH SOCIETY LIMITED
CONTENTS OFTHE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page
Releiente and Administratbve Details
Report ol the Trustees
Report ol the Independeni Auoitors
7 to JD
StatemÈnt of Cofflpfehensive Income
li
Statement ol Changes ir* Reserves
12
Statement ol Financial Position
13
Statement of Cash Fl¢wis
14
Notes to the Statement ol Cash Flows
15
NDtes to the Finan¢ial Statements
16 To 25

Do¢uslgn Envelope ID." E916288E.CAB146C7.A2C8-C473FF442DF3
THE AB8eYFIELD LOUGH6OROUGH soaETY UMITED
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR E￿DED 31 MARCH Z024
TRUSTEE5
8RBunn
FFav
Mrs RJohn59n- Chairrnan
C Jennison
A Wood
D M Ha5ting5- Treasurer
W G Holland
SÉCRtrARY
Mrs R johnson
REGISTERED OFFICE
44 Westfield Orive
Lou8hbtsrouih
Leicester5hlre
LEII 3QL
REGI￿ERED COMPANY PIUMBER
00754694 IEn8hnd and Wèlesl
REGlsfERED CHARITY NUMBER
238168
SENIOR STATUTORY AUDITOR
Niall Klwley FCA
AUDITORS
Ouncèn & Toplis Audr( ￿mIted, Statutory Auditor
3 Princes Court
Royal Way
Loughborough
Leicestershire
LFII SXR
SOLICITORS
Moss Solicitors
81 Wood8ate
Lou8hborou8h
Leicestershire
LELI 2XE
BANKERS
N¥ttonal Westminster Bank plc
Markèt Placè
Louthborough
Leicestershire
LEII 3NZ
Page I

Do¢u￿g￿ Envebpe ID E916288E.CAB146C7-A2C8-C473FF442DF3
THE A88EYFIELD LOUGHBOROUGH SOCIEfY LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The board of the trustees (who arè Also the directors of the Society for the purpose of company lawl present their report, which
5ncorporates the strateÉic report, and the financial staternent5 for the year ended 31 March 2024.
STRATEGIC REPORT
Achievement and performance
Priniipal uchvitie5
The Society's principal activity for the year under review has beèn that of prtrvidin8 care for elderly residents with demenfja.
The resident5 Wlth dementia are accommodated In Wesffield House and, slnce October 2022, Ingleslde House which are both
registered for dementta care.
The Board employ5 èn Achvitres Coordinator and provides a budget for athvitses. The Board regards this as an importènt aspect of
the care that It provides because it W15he5 to provide an enjoyable and stimulating environmeDt for the residents. Similarly great care
is takèn to ensure that residents ar Westfield House and Ingleside House receive food and drink which is in occord with their dietarv
requirement5.
Historically Westfield House had consistently received a 'Good- rating from the CQC and had achieved the LCC's~Gold Standard~
but, a5 reported last year, following the CQC visit in september 2023 the society were downgrèded to "inadeouate" As a result the
Society were not allowed to admit new residents until the matters raised by the inspections had been re501ved. The Society took
immediate action in orderto regain ourfofmer status. This involved recruitrnga new General Manager ond ftegistered Care Manager
who have acti¥elyworked withthe care staff In ordèrto ensuretheyare corrèctlytfained and prèviousfailines remedied. Additsonallv,
staff numbers have been increased to ensure that 311 resident5 receive the care that their condition require5.
A subsequent inspection by CQC ènd LCC has raised the society's rating to 'Requires Improvement" which enabled us to begin
adrnithnB new re51dents frarn May thi5 year. We are also confident thatfollowing a further inspectionwe will re8ain the"Good"
rati•È that we believe appropriate.
rinancial review
Review of the business
ThÈ Trustées can report an operatsng defi-cit for the year of £34.386 compared to èn oper3rnE delicit of £232.091 fer the previous
year. The Society 3150 generated a total CDmprehen51ve Ios5 of £861,005 after inv25tment income and change5 in the ¥￿￿￿e of
Investment5. The total comprehensive loss was partly Cornpounded by the two exceptional item5 referred to in note 5 to these
linaniial statemÈnts which firstly relates to the need to provide for the porentyal repayment of Erants prevlously recelved ènd
secondly relate5 to the impairment char8e put through CD freehold property. Last year, 3 total comprehen51ve Ios5 of £412,134 was
generated after the inclusion of the surplu5 on the sale of May Mills House duringthe prior year.
The operatin8 deficit ha5 resulted from a cornbinètion of the irtability to admit new residents for a period of six fflonthstu8Èthèr with
the need to vse agency staff because of the continuing difficulty in recruiting suitable care staff. Additionally, the high interest rates
and utrllty charges now Incurred have caused overheads to rise further. However. thanks ro the Sterling work ol our management
team we now have a full cDm￿erne￿t of care staff rE(Jucin¥ the need to rely on expensive agency worker5.
The reserves of the Soclety total £2,661,549 at the year end, of which £340,346 is available in cash as indicated on the Staterneni of
Cash Flows.
In order to fulfil Irs objective, the Society has two properties. Although these properties are unrestricted assets, they cannot be
realised withDut underrninin8 the SocietY'5 work. The board of Trustee5 therefore consider it appropriate to reflect the investment
In propemes of £5.204.067 by mean5 of a designated fund.
Housing property repair and maintenance expenditure is charged to the Income and Expenditure accoijnt in the period in which it 15
Incurred. As part of the reserves of the Society there ex15ts a designated reserve for future 51gniftcant expenditure of this nature. rhe
Board of Trusteès ttrnsiders it prudent to allocate funds In Ihis way so that such cogts do not threaten the Society's free resèrwes
posityon The level of the reserve is calculated as a reasonable pstsmate af the level of expenditure which may ar15e and at 31 March
2024 was £lOO,000
A capital expenditure reserve ha5 been cre?ted to fund future expenditure on fixtures, ftthn85 and equipment. The arnount set aside
at the year end Is £30,OCW) and is based on the Society'5 obligatron5 to replace assets of this type as they wear out
A desi8nated eeneral charitsble reserve represent5 the accurnulated charitable donation5 received by the Society unexpended at the
financial reporting date. There are no restrictions on the allocation of those receipts and at the year end the balance was £75.221.
After taking account of the designated funds described above the unrestricted funds at 31 March 2024 are negative £2.747.739. The
negative ligure tBke5 In to account the mortgÈge on InÈlÈside. This allows the Society to continue with its obiectrvè trf providing for
and enhancing the quality of care reteived by the residents.
Pa8e 2

Doixjslgn Envelope ID.. E916288E-CAB146C7-N2C&C473FF442DF3
THE AB8EYFIELD LOUGHBOROUGH SOCIETY UMITED
REPORT OF THE TRUSYEES
FOR THE YEAR EP4DED 31 MARCH 2024
STRATEGIC REPORT
Rewewofthebtssiness Icontinued}
Given the straight forward nature of the business. the Soclety's Trustees are of the opinion that analysis usin8 KPIS 15 not necessary
lor understandlng ol the development, perfoTm4nce or position of the bus¢ness.
The Abbe¥theld Loughborough Society Is committed te providlngaftordable. carin8 and sustainable solutlonsfor olderpeople throvgh
range of high quality seryices. Ourstren8th lie5 in professionally cateringfor the needs, want5 and a5pirotions of our rÈsirlents wlth
dignity ind compasslon In a warm friendly family environment.
Demand from an aiing population tor accornmod3tion offered is likely to be Steady glven our previoys reputstion for totsl quality
£are at competitivè prices, ènd refletted In, In normal trMe5. low void leve15 and our prevlous posI￿ve Inspection and 4sse55ment
reports from CQC and LCC. However, in thÈ medium term there Is Ilkely to be increased competition in d*mÈntia care and our
previous in5pethons and quality grades have had a significant itnpèct on ourabillty to attract residents. The anticipatèd regaining of
the"Good" ratrng will •llow us to reverse this po%tion.
Budgetary considerafjons will form part of the above and will be refterted in our annuèl business plans. We can demonstrate sound
finènces with adequate tash reserves of over £300.0(M), together with the continved support of Charlty Banl to ensure IDng term
viabllity. We also have an effective comrnitteé and management structure to SUPPOrt and inform business detisions.
Wearefortunateto have deditated and committed staff who underioon-gosngand extensivetrèinlng and developmentprograrnme5
to Pfovide a wlde ran8e of skills. The budget includes a substsntial amount to support this training. Howevèr, recruitment and
reteniion of good quality staff has become a sericu5 issue for many in thp care businesses and Abbeyfield 15 no exception.
It is the Soclety's policy to pay all of our Èmpk)yees the"Real UvSn8 Wa8e,° 35 a mlnirnurn which enbbled us to n¢)w hève a full
cornplernent af quality staff. This reflects the Board's view that caring for resldents with dementia is a skilled job and that al
who work atAbbèyfiÈld contribute to the high quality of care prOv￿e￿ 8t both Westfield House and In8leslde The Societywill need
to be mlndful of the impact thi5 will have on our fee5. and consequentl¥ the abllity of potential residents to lun(S their own care In
the future. or to access appropriète hnancial support from the County Council.
Although there Is an elernent of uncertainty with the Ion8er-term future dlrection of care given concerns with fundln6 reduc￿en$.
declining assets held by residents and their farnilies and the pro$ress of medlcal science. we rernain confident that there will be an
on-zoing dernand lor ¢are of the elderly and parricularfy for care of people with demenfja.
Public benefit
The Society is run by a Board of Trustees comprised enttrely of vdufiteers. It also relles on volunteer5, who are Tecruited locallv.
throughout the Society to a5515t with fundrai51n$, a£￿Vi￿e5 and events.
The &)¢iety cu¥rentty budgets for £24,000 of unrecoverable residents, fees per annum and 15 very sympathetic to resident5 who
become unable to pay their fe95 due to a chan8e in their clrcumstènces and the refusal of leicestershire County Council to pay the
lull fees of their funded residents.
The fee5 are currently rnaintained at a level that is consldered to be affordoble to all and is tompefjttve in the current market.
The Board of Truttees has pald due re8ard to 8uidance issued by Charlty Commlsslon In decidlng which activities It should
undertake.
InvesrFnentpoliryundobiectfves
Ad-hoc Me￿ing$ and phone conversations tske place with 8arclays Wealth and they have assessed Abbeylield'5 risk profile as being
at the low end of medlum. The basic mix of the portfolio 15 67% 5t¢xk market and 33% bank deposits. The Boord is satlslied with the
performance of its inve5trnents.
Reserves policy
Is proposed that the retalned defi¢lt Of £861.D05 Is deducted from reserve5.
The 5ocietywill coTrtinue to maintain a sufficient level of reserye5 to enable it to meet any unforeseen events.
As detai￿d in the rÈporL the 8tsard of Trustee5 Is aware of the chaTr¥in8 needs of the people in society and reco8nise5 that thE5E
than8es may require addiiional fundin8.
Page 3

Docusign Enveknpe ID". E916288E.CAB14ec7.A2C8.C473FF4420F3
THE ABBEYFIELD LOUGHBOROUGH SOCIETY LIMITEO
REPORT OF ThE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
rRATEGIC REPORT
Prlnupal risks and uncertainties
The Board of Trustees have assessed the majorrisks to which thè charity 15 exposed. in parvcvlar those related to the operation5 an(J
finance5 of the Society, and are 53tislied that system5 are In place to mitiEate our expD5ure to the major risks. However. volètile
energy price5 and the contrnuing difficulty to recruit and retain good stBff will have short to medium-ierrn effects
One of the main ri5k5 to the Society re￿ateS to the regulatory environment. Failure to rneet regulatory requirernents would 1rnPaCt
both the operBttons and repuratson of the society. This rlsk is mitigated through the constant monitoring of reÉJ1atory rèquiretnents
by man3Eement though the difficulties we experience in recruiting and retaining good stafF. parfjcularly at the higher lÈvel. have
irnparted on cur ability to meet all regulatory requirements.
Wetake advice from earclayswealth in rela￿o￿toouri￿ve5tMent5 and the Board, advised bytheTreasurer, savin85 in recogni5ed
At￿n[la1 Institutions all covered by the Financi31 Services Compensatron kheme las per it5 Savin85 and Investment Poliryl-
Fut¥re developments
The objectives of the Society are to continue to provide a high level of tère ènd support in both Westfield HO￿Se and Ingleside and
to that end a 5V5tem8ric prograrnme of training has been introducÈd to ensure that all staff are familiar with and capable of carryin
out the demèndineroles of a carer.
Westfield House and Ingleside conrnue to develop their provision for the care of those diagnosed with dementra. ensuring that new
methods and InformaOon throu8h research are considered and implernented to ensure the besi possible care for our residents. It Is
ènticipatÈd thit dementia care will rernain a key priority for the Society
Demand from an ageing populatron for the accommodation Dffered by the Society Is likely to be steady 8iven our previou5 reputation
for quality care at competitive prire5.
As Irvsiees we were extremely disappointed tc have received the poor CQC ratings and immedlaiely set about implÈmentsng the
retotnmerTrdatsons that they, and our local authority made. This continues to be of upmost importance and our highest prioritv
in order to ensure that our re51dents receive ihe highest standards of core possible and ensure that we can support new residents In
need of care. It kvas pleasing that dufin8 these in5pection5 people within our care and thelr relatrves who were Spoken to were
extremely positsve èbout the t3re they or their family member receives Similarly, our staff member5 5pokp positively about their
training and support received and about wor￿n@ With us In general. We cannot though and do not take these recommendation5
lighily as the implicatyons are too significant. We need to ensure that we are able to continue to operaie and provide quality care to
thosewho need Itand also to maintain the levelsof occupancy required toensure we arefinènciallyviable for the foreseeable fLJture.
Value for money
The Strciety 15 charged with the re5pon51bilityfor providing and demonstratrng that It does offer value for Fnoney. The Society Views
valuÈ for money èthievÈfflÈnt as being the optirnal b3lance between financial performance and the provision of a qualityservice that
results in a high level of resident satrsfactsDn. The Society monitor5 financial and operational performance monthly and benthrn?rk5
Itself both within ihe Nation81 Abbeyh-eld 5ooety but ilso externallv-
Page 4

DO￿￿gn Envekn￿ ILI.. E916288E-CAB14eC7-A2C8-C473FF442DF3
THE ABBEYFIELD LOUGHBOROUGH socim UMITED
REPORTOFTrIÉ TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
¥rRATEGIC REPOIiT
Valuo lor money Icontinuedl
Voluefor Money Metiics
In response to the Regvlatorof Social HDU5ing Technicol note of April 2018 the So¢￿tY now repfirt5 on the Value for Monry metrics.
There are 3 metrlcs covered by thls note.
Metrlc l- Gearln
This metrlt assesses how mtsch of the adjusted assets are made up of debt and the degree of dependence on debt finance.
The gearlng of the Society15 49.24%12023- 42.46%).
Metric 2- 0 eratiori
l Mar
The Operational Margin demonstrates the profltsbilityol tsperattng a55ets befoie exceptional expenses aretaken into account.
The operafjor￿I marBln of the Soclety is neKative 3t-1.12%12023- negative at-13.92%1.
rn
This metric compares the operafjng surplus to total asset5 less current liabllthes.
Forthe S¢ciety thi5 15 negative &t-0.57%12023- ne8atfve at-3.47%1.
STRUCFURE, GOVERNANCÉ ANO MANAGÉMETrir
status
The SocSety Is a cornpanyi registered In England and Wale5 Ilmited by guaTontee (Number 7Y6941, havln8 no share capltal and with
solely charitable purposes. It Is a150 a re8lStered charlty (Number 2381681 and with the Homes ind Comrnun￿es 4erTrcy asa hou51ng
association (Number H05951.
Members of the Board of Trustee5
Iri accordance with th2 Artitles of Association the members olthe Board of Trustees as below, are member5 ofthe SoThety.
8RBunn
O Has￿￿¥$- Hon. Trtasurer
FFay
W G Holland- Vlce Chairman
C Jennison
R John50n- Chaifman and Hon. Secretary
J Stephens Ideceased 10.07.20241
A Wood
Reuultment and appointment of new tfU5tees
The Board of Trustees Is typically £omprlsed Df between elght and tsvefve indlvidua15 Wlth a cross se¢tlon df manogement skills.
Potenti31 trustees are initially approached by existing btsèrd members and invlted to attend two board meetrng5 to galn an
understandln6 of the operations of the Society. They are also shown around the SDciety'5 houses to see how theyoperate.
Following this prote$5 on iTrvhtatlontoJoin the board is made. Thetralnin8 needs of new board members are assessed based on thelr
eXIs￿￿e skllls and experlerKe and the need for future training is kept under constant rewew.
We are regularly looking to recruit other tru$tÈe$ arKI follobwry¥ the sad death of Mrs Stephens we currently have seven trustees
èppointed which is Slsfficient to our requ1￿ments.
Or¥an5$a￿onaI 5trucwre and8overnance
The 5ocietyhas a clear fun£fjonal or8anSsational structurewlth each house benefitingfrom profe55ional r&re and cateringst8ff. There
s also a well detined administration function within the Society and an athve board of trustees who oversee all decisio) rnakiJ&
Day-to-day mana8ernent of the SociÈty is delegated by the Board te the General Manager Mr5 Kerry Cattell. The General Man4ee$
remuneration 15 revtewed annua15y by thÈ Chaim)an, discussed atthe staff sub-committee and a recommendation 15 made to the full
Board. The salary of the Care Manager is reviewed by the General Manhger and then follows the same procedure ès that outlined
for the General M3na8er. In both cases due atten￿On is glven to the Iccal recruitment 51tuation in determinirig the 5è1arie5. Th
remuneration of all other employees is reviewed ann￿allY by the Flnance Committee.
Pa8e 5

Do¢usign Envelope ID". E916288E.CAB146C7.A2C8-C473FF442DF3
THE ABBEYFIELD LOUGHBOROUGH SOCIETY LIMITED
REPORT OF ThE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
STRATEGIC REPORT
STRucfuRE, GOVERNANCE AND MANAGEMENT
Corporate governance
The Society has adopted a Code of Conduct for Board members. This code reflects the seven principle5 of public life a5 adopted by
the Nolan Committee. This 15 cornpliant with the Natron31 Housing Federation5 Excellence in Governance code in a￿1 areas with the
exception of only one relarng to the adoptton of a Membership Policy with defined terms of oflice for all Board members. This is
considered to be potentrally detrimental to the orgaDisatron'5 wèll-being in terrDs of CQC inspecknon&, the Society's current
developmènt prograrnme, and the challenge5 the CBre sector 15 experiencing.
The Board has condurted an értnual review of the effectiveness of the 5VStems of internal control. No instances have been identilied
of intemal control weaknpsses resulting in material mi55tatement or1055.
EVENTS SINCE THE END OF THE YEAR
Informatyon rel8tyng to event5 since the end of the year 15 given in the notes to the financial 5tatement5.
STAT£MENT OFTRUSTE£S' RESPONSIBILITIES
The tru5tee5 (who are a150 the director5 of The Abbeylield Loughborough Society Lirnited for the purposes of cornpany lawl are
responsible for preparing ihe Report of the Trustees and the financial statements in accDrdance Ylith applicable law and United
Kin8doTn Accountrns Standard5 Iunited Kin8dorn Generally Accepted Aciounting Practice).
Cornpany law requires the trustees to prepare financlal siarements for each financial yeac whlch give a true and fairview of the slate
of affaiis of the charitable company énd of the Intoming resources and applicaknon af re50urce5, Including the income afid
expenditure, ol the charitable cornpanyfor that period. In preparing thc>5e financial 5tstements. the trusiee5 are required to
select suitable èccounbnÈ policies and then apply them consistently.,
observè the methods and principles in the Charity SORP,.
makeiudgements and estifflate5 that are reasonable and prudent..
statewhetherapplicèble UK Accountrng Standards and the statement of Recommended PracbcE Accountin8 by Registered Social
Housing Providers 2018 and FR5102 have beeD followed, subjèct to any rnatèrial departures disc105ed and explained In the
h-nancial statements,. and
prepare the financial statements on the going concern basis unless it is inappropriate 10 presume that the charitèble tompany
will conttnue in business.
The trustee5 are re5pon5ible for keeping properaccounting records which di5closewith reasonableaccuracy èt any tirne the fina￿la1
posiron of the charitable company and to enable them to ensure thatthe financial statements comply with the Companies Art 2006
and the housing and Regeneration Act 2008 and the Ac¢ountiD8 Direction for Registered PrDvider5 of Social Hou51ng 2022. They are
also responsible forsafeguarding the assets of the ch4ritable company and hence fortaking reasonable step5 for the prevention and
derecDon of fraud and other Irregularities.
In 50 far a5 the tru5tee5 are aware..
thEre 15 no relevant audit information of which the charitable cornpany's auditors are unaware,. and
the trustees have taken all steps that they ought to have taken to make them5elve5 aware of any relevant audit information and
to ￿tablIsh that the auditors are aware of that Informarion.
AUDITORS
The auditor5, Duncsn & Toplis Audit Limited, Siarurory Auditor, will be proposed for re-appointment at the forthcoming 14nnual
General Meeting
Repon of the trustees. incorporatyng & strateElc reporr. approved by ordef of the board of trustees, as the company directors, on
and signed trn the board'5 behalf by..
84E01D6%E1E488
Mr5 R Juhn50n- Chairman
Page 6

Oocjjslgn Enve￿￿ ID.. E916288E-CAB146C7-A2C&C473FF442DF3
REPOIIT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF
TME ABBEYFIELD LOUGHBOROUGH SOCIETY LIMITEO
Opinlon
We have èudited t￿ finantial siatements of The Abbeyheld Loughborough Society ￿rnIted (the '¢ornpany'l for the year ended
31 March 2024 which comprise the Statement of Compreh2nsive Income, the Statement of Changes in Re5erve5, the Statement of
Financial Position, the Statement of Cash Flows ond note5 to the financwl 5tsternent5. including a summary of significant accounting
policie5. The linancial reporfjng framework that has been aPpl￿d in their preparaiion 15 applicable law arFd United Kin8dom
Accounting StJndards (United Kingdom Generally Accepted Accountin8 Prathcel.
In ouroplnlon the flnantial statements..
give a true and fairwew ol the State of the company's affairs as at 31 March 2024 and of its Sncome and expeTrditure, fortheyear
then ended.,
have been propedy prepared In accordance wlth Unlted Klngdom Generally Accepted Accounting Prartl¢e.' and
have been prepared in Accordance with the requirements of the Companies Act 2006. the Houslng and Regeneration Act 2OJ8
nd the Accounting Direcfjtrn for private registered providers of social housing in Engl6nd 2022.
Baslsfor oplnlon
We tonduttÈd our audlt in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our
responsibilitie5 under th05e 5tandard5 are further destribÈd in the Auditors. responslbiiilles for the atydit of the linancial staternents
section of cur report. We are independent ol the campany in accordance with the ethical requirements that are relevantto our audit
of the linantitl statements in the UK, including the FRC'S Ethlcal Standard. and we hove fulfilled our othe¥ Èthital responsibilities In
a£cordance with these requlretnents. We believe that the audlt evldence we have obtalned is suffi'cient and appropriate to provide
a basls for our opinlon.
Materlal urKertalnty ¥¢lated to 801tt8 con¢e¥n
We draw attention to the sectron related to going mncern in note 2 of the financial stbtements which Indicates that In order to
continue ttr opÈratÈ, and operate at the occupancy levels that make that financially possible, the tompany needs to implement
irnprevements and recomrnendation5 ari5in8from Teont inspectionsand pass follow up In5pe¢nons. As stated In note2,these events
or condSYons. along with other matters as set forth in note 2, ind￿ate that è material uncertaiftty exists that may cast signilicant
doubt on the compinvs abllltylo Con￿nUe a5 a going concern. Our opinion is not modilied in respect of this matter.
In auditfn8 the Inancial statements, we have concluded that the dirertors, use (rf the golni concern basls of accountin8 in the
preparotion of the financial statements is appropr4ate.
Our responsibl1S￿e5 and the respon5ibllthe5 01 the dirertor5 Wlth respect tD 8cHn8 concern are descrlbed In the relevant 5ecbon5 of
thls report.
Other iTrfvJrm4ti
The directors are responsible for the other Informabon. The other Information comprises the infomiallon included In the annual
report. other than the financial statements and our Report of the IndependentAuditors thereon.
Our oplnlon on theftnancial statements does not coverthe other information and. excepttoihe extent otherwSse expltitly stated in
our reptsrt, we do not express any ferm of assurance conclusion therwn.
In connection wlth our audit of the financial 5tsternents, ourre$ponslbillty is to read the 0therlnforma￿On and, In d¢in8 so, consider
whether the othèr informa￿On Is mateyially Inconsistent wlth the financial statements or our krFowled8* obtained in the audlt or
otherwise appe3r5 to be materially rni55tated. If we identify suth mèterlal Inconsistencies or apparent material mis$tatemÈnts, we
are required to determine whether this gives rise to a material rnisststerTSent irithe financlal statsments thernselves. If, based on the
work we have performed, we conclude that there is a materlal mSsst3tement Df thi5 Other inforrnation, we are required to report
that fact. We have nothing to report In this regard.
Oplnlons oh other mattets pres£rlbed by the Companles Art 2006
In our opinion, based on the work undertaken in the covrse of the audit..
Informa￿On given in the Strategic Report and the Report of the TrusteÈs for the flnancial year for whSch the financial
staternent5 are prepared 15 consistent with the financlèl statements. and
the Strate8lc Report and the Report of the Trustee5 has been prepared in accordance wth appllcèble legal requirements.
Pagt 7

Docusign Envelopè ID." E916288E-cAB146C7-A2C￿4nFF442DF3
REPORT OF THE INDEPENDENT AUDITORS TOTHE MEMBERS OF
TFIE ABOEYFIELD LOUGHBOROUGH SOCIETY LIMITED
Matters on which we are required io report by exceptfon
In the light of the knowledge and under5taridin8 of the company Ènd its environment obtained In rhe course of the iudit, we have
not identified material misstaiements in rhe Strategic Report and the Report of the Trustees.
We have nothing to report in respéct of the following rnatter5 where the Companie5 Act 2006 requires us to repon to you If, in our
opinion-.
adeouate atcounting records have not been kept or returns adequate for our audit have not been received froffl branches not
V15ited by us,. or
the financial staiements are not in agreemeni With the accounrng records and returns., or
Certain disclosures of directors, remuneratson specilied by law are not made,. or
we have not received all thÈ information and explanations we require for our 3udit' or
In addition, we have nothing to report in respett of the following mètter where the Housing arid RegenerBtion Act 2008 requires u5
to report to you if, in oilr opinion..
5ati5factory system of control over transactions has not been rnairTrtained.
Re5pon5ibilities ol trustees
As Èxplèinèd more fully In the Statement of Trustees. Respon*bilities, the trustees Iwho are also the directors of the company for
the purposes ol company13wl are re5pon5ible for the prepBrabon of the linancial statements and for being satisfied that they Rive a
true and fair view. ond for such internal control as the trustees determinE 15 nece55ary to enable the preparation of linancial
statemÈnts that are free from material misstatement, whether due to fraud OT error.
In preparing the financial statements. the director5 are responsible for assessing the compény'$ ability to tontinue a5 a going concern,
distlosin& as applicable, matters related to 80in8 concern and usin£ the going concern basis of accountrng unle55 the directofse1t￿r
intend to liquidate the company or to cease operation5, or have rio realistic alternative but to do SD.
Page 8

Dowslgn Envebpe ID. E91628eE-CA8146C7-A2C8-C473FF442DF3
REPORT OFTHE INDtP£NDÉNT AUDITORSTOTHE MEMBERS OF
THE ABBEYFIELD LOVGH8OROUGH SOCIETY UMITED
Our re$poTr$iblll￿e5ft¥ the audit ol the finanaal statements
Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from matertal
m1S5taternent, whetherduetofraud orerror, ¢ndtO 155ue a Report of the IndependentAuditors that includèsouropinion. Reasonable
a55urance is a high level of assurance, but Is not a Euarantee that èn aud￿ condurtÈd in actordante ￿th ISAS IUKI will ahvay5 detert
a materSal misstatement when it exists. Mi5Statefflènt5 can arise from fraud orerror and are considered material Sf. Sndividuallyor in
the a8gre8ate, they could rea50nobly be expected to influence the economic decisi¢ns of users taken on the basis of these linancièl
Statements.
IrrÈgularitie5, including froud, are instances of non-compliance wth laws and re8ul8tions. We design procedures ITI line with our
responsibilities. outlined above, to detett mèterial mlsstatements in respert of irre¥ul4ritiè5, includin8 fraud. The extent to which
our procedures are capable of deteci*ng irrngularities, includin8fr3ud 15 detailed below..
We have identified areas of laws and regulattons that could reasonttbly be expected to have a moterial effect on the financiol
statÈments frtsm Our general comrnercial experlence, knowledge of the sector, a revlew of reÉulatory and legal correspondence and
through discus5ion5 Wlth Directors and other manaÉement obtained as part of the work required by auditin8 5tandard5. We have
also discussed with the Directors and othèr managernent the policies 3nd PTocedures rel3tynE to compliance with laws and
re8ulaUons. We communit&tÈd laws and resulations throughout the team and remained alert to any Indlcatrons of non-co)npllance
throughout the audiL
The potential impactof different laws and regulationsvaries considerably. Flr5tly. thecompany is stsblectto laws and regulations that
dirertly in7PaCt the h-nancial statements (for example ftnancial reportinÉ le¥i51ationl and we have a55es5ed the extent of compliance
wlth such laws as part of our financial statemènts avdit. We evHluated management's incentives and opporrunitre5 for fraudulent
manipulation of the financial staternents lincludlng risk of override of controlsl and determined that the principal rlskswere related
to managementbids In accotsntingestimate5 a)djud8emental areasof the financial ststements such as depreciationof tangible fixed
assets as well as the risk of inappropriate journal entrie5 to En3riipvlate reported protitability- Audit procedures performed by the
en8a8Èment team irKluded the identification and testing of unusual material Journ&1 entries and £hallen&ng management on key
e5timate5, a55umptions and judgements made In the preparation of the finantial statements. We tBrried out detailed substantive
tests on accountsng esi(mates, Includin8 revlewln8 the methods and dats used by man#gement to m3ke those estrmates such 0$
residual value5 and expected a55et replacementcycles, reperformingthe calculation, revlewlnB the outcome of prlor yearestimates,
and reviewing the outcome of Current year esnmates since the ftnanoal report5n8 date.
SEcundly. the iompany is subject to other law5 and regulatyon5 where the consequence lor non-compllance could have a mateflal
effect the èrnounts or di5c105ures in the financial statements. We identslled the foll¢wn8 areas as those most liketyto have such
an effect.. The Landlord and Tenant Att, Health and Social Care Att, Forxl SafÈty regylatlons, COVID-19 infe¢tion control Ind
Employment laws.
Avditing standard5 limitthe required audlt procedtsres to identtfv non-compllance wth these laws and rÈ8ulations to en4uiry of t
Directors and other mana$ement and inspethon. Thi5 included a review uf inspethon reports for ariy evidence ol non-compllance,
in addition to 8 review of statutory meeting minutes and solicitor correspondence. Through these procedures, if we became awère
of any non-compliance, we considered the impact on the procedures performed on the related financlal statemènt items.
Owin8 to the inherent limitation5 of an oudit, there is an unavoidable rysk that we may not have detected some materK41
m1s5tsternents Sn the flnanclal statements, even though we have properly planned and performed our audit In a¢Eor(SHnce with
auditing standards. The further rernoved non-compliance with law5 and re¥ulBtions is from the events and tr•nsaclions reflected In
the financial staterTrent5, the less likely the inherently limited procedures required by auditing standards would idenfjfy It. As wlth
any 8udit,there 15 a greater rfsk of non-detecfjon of iire8ularl#es asthese may Involve colluslon, Inten￿o￿al omissionsof the override
of irTrtemal Controls. We are not re5pon5ible for preventing rh)n-compliance and cannot be expected to detect non-cornpllance with
all laws and regul8tion5.
A further description of our responsibilities for the audit of the fvnanclal staterneTrts is located OD the Financial Ileporfjng Councll's
website atwwi.frc.org.uklauditorsresponsibil5tres. This descriptron forms part of our Report of the Independent Auditors.
P3ue 9

rJoW$￿n En¥eiope ID.. E918288E-CAB146C7.A2G&C473FF442DF3
REPORTOFTHE INDEPENDENT AUtyTORSTOThE MEMBERS OF
THE AB8EYFIELO LOUGH8OROUGH SOCIEfY UMrrED
Ux of our report
This report Is made solely to the company'5 members, as a bedy, in attordancewith Chapter 3 of Part 16 olthe Companies Att 2006
and section 137 Of the Housin8 aDd Regeneration Act 2008 Our audit work has been undertaken 50 that we rni8ht State to the
company's members those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest
extent perTnhtÈd by law, we do not acceptor assume responsibility to anyone other than the company and thecompany's rTTembers
as a body. for our audlt work, forthis report, or for the opinions we have fermed.
Nlall KingslÈy FCA (Senior Ststutory AudV(orl
for ènd on behalf of E)uncan & Toplls Audit Limittd, Statutory Audltor
3 Princes Court
Royal Way
Lou8hborou8h
Leicestershire
LEII 5XR
27-NOV-24 1 16:14 GMT
Page 10

DocuskJn En￿lope ID.. E916288E-CAB146C702C&C473FF442DF3
THE ABBEYFIELD LOUGH8OROUfjH SOCIETY LIMITED
STATEMEP+T OF COMPREHENSIVE INCOME
IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNr)
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Notes
Twnover
3,078,134
1,667,144
Cost of sales
771119
Gross surpluslldefitltl
307.015
138.9511
Adrnini51rative expenses
1341.4011
1238,3601
Otkeroperating inrome
45,220
Operatinideficit
134.3861
1232,0911
Provision tor grant repayment
Impairment of tsn8lble fixed assets
1271,2091
1426,9391
Interest payable and otherfinènce costs
Investment irKome
Other incorne
Movement in fair value of fi￿ncIal instruments
1197,7631
28.931
7.185
33,176
1131,5911
119,8491
13,601
142,2041
TOTALCOMPREHENSIVE LOSS FOR THE YEAR
1861.fK151
1412,1341
Cop￿INUING OPERAnONS
I Inconie and expenditure h35 ari5eft from contynijing artivities.
The StatÈmÈnt of Comprehen5bve lrtomÉ was approved by the board on .............................................
(¥lL*S6￿1￿￿e6........,...........
Mrs R Johnson- Trustee
D Hasttn8s- Trtsstee
The note5 form part of these Ilnancial ststements
Pa8e 11

Docusign Envdope ID". E916288E-CAB1-46C7-A2C8-C473FF442DF3
THE ABBEYFIELD LOUGHBOROUGW socIFrY LIMITED
srATEMENT OF CHANGES IN RESERVES
FOR THE YEAR ENDED 31 MARCH 2024
Income and
expenditure
reserve
rot31
At l Ap¥il Z023
3.522.554
3,522,554
I861,￿5)
1861,0051
Totsl comprehensive income
1861,(h)51
1861,0051
At 31 March 2024
2.661.549
2.661.549
The notes form part of these financial statemÈnt5
Page 12

Docuskjn Envelope ID.. E9162B8ELA8146C7.A2CPX473FF4I2DF3
THE A8BEYFIELO LQUGHBOROUGH SOCIETY UMITED
STATEME￿ OF FINA￿a￿ pOS￿10N
31 MARCH 2024
2024
2023
Notes
FIXED ASSErs
Tangible asset5
ls)¥estments
li
12
5,559,242
512,371
5,996.061
576,567
6,071.613
6,572,628
CURRÈNf ASSÉTS
Debtors
Cash at bank and in hand
13
47,480
339,340
55,228
326.913
386,820
382,141
CREDITORS
Amount5 falling due within one yeor
14
1430.2351
1268,3501
NET CURRENT ILIABILITIESI IASSETS
143.4151
113,791
TOTAL ASSEfs LE55 cuRRE￿{lA81L￿IEs
6.028,198
6,686.419
CREDITORS
Amounts falling due after more than one year
15
12.536,0411
13.L63,8651
PROVISIONS FOR LIAOIUTies
1830,6081
NET ASSETS
2,661,549
3,522.554
CAPITAL AND RESERVES
Income arid expendlture reserve
27
1,661,549
3,522.554
TOTAL FUNOS
2,661.549
3,522,554
The financial statement5 %Yere #pproved bythe Board of Trustees and authorised for issue on................
signed on Its behalf by..
. and were
f.
EEe*1YA14F34EO.
D M Hast5n8s- Trustee
"'14¥thitl8¥É1'g4è1J':"
R Johnson- Trustee
The t)otes form part of these fI￿ncial statements
Page 13

Docutsi9n Envelope ID.. E916288E-CA8146C7-A2ce-C473FF4420F3
THE ABBEYFIELD LOVGHBOROUGH SOCIETY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Note5
Cash Ilows fr¢Jm opera#t)g athvlries
Cash generated frorn operation5
214,533
1575.1251
Net cash used in operating activitie5
214,533
1575,1251
Cash flows from investing artivities
Purchase of tangible h-xed asseis
Sale of fixed asset investment5
Interest received and similar Incorne
1119,9591
101,439
31,752
11,421,402)
600.970
40,814
cash provided by/lu5ed inl In¥e5hng activibe5
13,232
1779,6181
Cash flows frorn financirbg activities
New loans In year
Capital rÈpèymÈnts in year
Interest paid
1,865,635
117.8721
1197.7631
120.6161
Net cosh provided by financing activities
1215,6351
1.845,019
Change in tash and cash equlvalents in ihe
reparting period
12,130
1752.1911
Cash and cash equivalents at the beEinning of
the reporting period
328,216
1,080,407
Cash and cash equivaltnts at the of the
report*ng period
340,346
328,216
The notes form pan of these fi.nancial 5taternent5
Page 14

Docusign Enve*)pe ID". E916288E-CAB148C742C&C473FF442DF3
THÈ ABBEYFIELD LOVGHBOROUGH SOCIEfY UMITED
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
RÉCONOUATION OF NET EXPENDNRE TO N￿Cl$￿ FLOW FROM OPERATING AcfwiTIES
2024
2023
Operat￿8 defitil far the yeor
134,3861
1232,0911
Adjustments for..
Depreciation charge5
Provlsion for grant rep?yrnent
Movement on deferred capital 8rant
Decrease/lincrea5el in debtor5
Increaselldecreasel in credltors
Increase in provisions
129,839
1271,2091
1581,9591
7,748
133.892
830,608
B2,917
18,5631
124,2951
1393,0931
Net cash used In oper•dons
214,533
1575,1251
ANALYSIS OFCASH AND CASH EQUIVALENTS
2024
2023
Cash in hand
Notice deposit5 (less than 3 months)
Cash deposrt on FIMed Asset Investment
2,122
337,218
324,LK)7
1,303
Total cash arml cash eq￿￿ents
340,346
328.216
ANALYSIS OF CMANGE5 IN DEBT
At 1.4.23
Cash flow
At 31.3.24
Net
Cash at bank and in hand
326,913
12,427
339,340
326,913
12,427
339,340
P¢bt
Debts falling due within I year
Debts falling due after I year
117,8721
12,581,906)
127,9931
45,865
145,8651
2,536,0411
12,$99,7781
17,872
12.58J,9061
T￿al
12,272,865)
30,299
2,242,5661
The notes form part of these flnancial 5t3tement5
Pa8e 15

Docusign Envelope ID.. E916288E-CAU146C7-A2C8-C473FF4420F3
THE ABBEYFIELD LOUGHBOROUGH SOCI￿ LIMITED
NOTES TO THE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GENERAL INFQRMATIQN
The socieiy is 4 company limited byguarantee, incorporated in Englafid and Wale5 INumber7S46941. having no share caprtal
and with solely charitable purposes. It is also reEistefed as a charity (Number 2381681 and with the Housing corpora￿0￿ as
a housing association (Nurnber H05951. The cornpany 15 governed by the Landlord and Tenant Act 1985.
The reglstered ofh.ce is 44 Westfield Trrive. LoughborouEh, le￿eSter$hIre, LEII 3QL.
The financial 5tatement$ are prepared in Sreding which isthe functionèl currency of the Society and rounded to the nearest
The financial st3tements cover the individual entity
The 50cietycon5titutes a public benelit entity a5 defined by FRS 102.
The significant accounting pollcies applled in the preparation of the fi-nanclal statements are set out below. These policies
have been con513tently applied to all years presented unless otherwise stated.
ACCOUNfiNG POLICIES
&asis of preparing the financial statements
The flnancial starernents have been prepared lft accordance wlth applicable accounttn8 Standards includin8 Financial
Reporhng Standard 102 The Financial Reporhng Standard Applicable in the UK and Republic of Ireland IFRS 1021, the
Staterneni of Recommended Practice for Social Housing Providers 2018. and with the Accounting Oirethon for p*i¥ate
reElStered providers of social housing in Engiand 2022 The financial siarements are also prepared under the reouirements
of the Housing and Regeneration Act 2008 and the Cornpanie5 Ait 2006.
The financial staiement5 h3¥e been prepared on a 8oln8 concern basis under rhe historical cost conwenfjon, modified to
include certain item5 at fair value.
Turnover
Turnovèr is measured at the fair value of the consideratron received or receivable. The polities adopted for the rpcognition
of turnover are as follow5..
Turnover represents rentil and service charges income receivable In the year net of rent and service charge 1055e5 from
v(%d5. revenue graDt5 from the 8overntnent (local authorities) and Home5 England and the Regulator of Sociol Hovsin&
Tangible lixed assets and depreciation
Tan8ible lixed assets (including social housing propethesl ère stated at tost lÈss accumulBted depreciation and Occurnulated
Impairment losses. Cost includes costs directly attribtstable to making ihe asset capable of operatyng as intended such as the
cost of acquiring land and buildinÉs, developrnents costs, interest charges on loèns during the developrnent period and
expenditure on irnprovernent5. Expenditure on improvements will only be capita115ed when It results In incremental future
benefits such as increasing rentsl IncDme, reducing maintenance Costs or resulttng in a significant extension of the useful
econllmic life of the prtrperty.
Depreciatron is provided on all tangible fixed assets Èxcept freehold land which Is not depreciated on accountof Its indefinSte
useful economic life. at rates calculèted to write off the cost, less esknmèted residual vèlue. of each a55et on a 5Y5temati
A55ets and their component5 are deprecièted overtheir useful lives on the following ba515'.
DescrSpfjon
E5trmated useful life
Land & Buildings..
struCt￿le
Kitchen
Bathroom
White goods
Roof5
Lifts
30
30
io
50
15
Fi¥tures, litbngs & equipment
Page 16
conttnued...

Docusyn Envdope ID.. E916286E¢A8146C7.A2C8£473FF442DF3
THE ABBEYFIÉLD LOUGH80ROUGH SOCIETY UMITED
NOTES TOTHE FINANCIAL STATEMENTS. ¢￿tynued
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNnNG POLICIES- continued
TarE8ible fixed asset$ and doretiation
Housing properties under construction are not depreciated unfjl they are In use.
At each repothng date, tangible lixed èssets are rev￿Wed te deterrnlne whethew there 15 any indication that those èssets
have suffered an Impairment b55. If there 15 an indicatityn of possible impèirment, the recoverable arnount of any affected
•sset is esttmated and compared wlth Its carryingamount. Ifthe ÈstiFnatÈd retoverableamountis lev4er, thecarryin8 amount
is reduced to its e5tirnated iecoverable amounL and an impèirment loss 15 recoEni5ed immediately in the statement of
tomprehensfve Income,
If an impairment 1055 5ub5equenfjy feverses, the carrwng amount of the asset is increased to the revised Èstimate of its
recoverable amount. but not In excess of the omount thHt would have bèen detem)Sned had no impairment 195s been
reco8ni5ed for the asset in prior years. A reversal of an impairment 15 recognised imrnodiètely In the statement of
cornprehen5we Income.
Corptyr•tkn tax *nd VAT
The seciety has charitable statu5 and is exempt frorn Corporation Tax on the Sncome it has receDied. The society is not
registered for VAT. Ac£ordlngly no VAT 15 ch3r£ed to residents and the expendlture In the statement of cornprehen5fve
income Include5 the r¢levantVAT.
Peftslon costs and other pOst￿ellIerne￿t benefits
The society operates a dellned ¢OntrIbu￿On pension scheme. ContrSbutyons payable to the sotiety's pension scheme are
charged to the Statement of Comprehensive Intorne in the period to which they relate.
Socl•l hou4hg 8r•nt
Where Soclèl Housing Grènts1SHGI, are received in respect of developments these Erènts are recoEnised atthe fairvalue of
the èsset received or rtcelvable. Where the assets are accountÈd for using the cost model then the government 8Tènt 15
ccounted lor using the attruals model. The dlfference between the falr value of the asset and the conslderatron is
reeo6nised as a liability and arnorbsed over the useful etonomlc life of the asset. Thi5 dmorti5ation is retO8rwsed wlthln
ttsmover.
Where disposal of 8ovemrnent donated assets are reqtsired to be fecycled, a liability 15 included to recognlse this obllgatron.
Monetary Oonatlons
Monetary donation5 to the Society are cred￿ed in the finanual ststements on a feceipt5 basis.
Debtws and credkors recehable I payablowllhln on¢y¢Jr
Debtors ènd creditors Wlth no Stated inteiest rate and receivable or payable within one year are recorded at transaction
price. Any losses arisintfrom impairrnent are recognlsed In the statement of comprehensive inwmt in other administrattve
e¥penses.
PrO￿510n$
Provisions are recognised when the soclety ha5 an obll8ation at the financial reportln8 date as a result of o p4st event, it IS
probable that an oythow of econorni£ ber￿Tt5 will be reouired in settlement and the amount tan be rellablyesfjmated.
Provisioni for tytlital maintenance or major works to existing stock are not rnade unless they represent commitments or
obliEotions at the financial reportin8 date where there Is no discretion to avosd OT delby the expendlture.
Recycled Capitsl Grants Fund
Capital grantscon be rerycled under certain condition, If è propettr is sold, or rf another relevant eventtakes place. Recycled
grant5 tan be used for projects approved by Homes England andthe Re8ulatorof Soclal Housing and they are tredited tothe
Recycled Caplt41 Grant Fund within15ablli￿e$.
In certain clrtumstances. such 85 the sale of housing properdes, capital grants may be repayable, and, in that event is
subordinèted to the repayment of othèr loafis by a8reement wlth Home5 England and the Reiulator of Social Housing. It 15
accounted for as s¢xn as the liability 3rise5 within cr*ditors.' amounts falling due within one year. When any grant to be
recycled or repaid is less than the grant relating to the disposal, the difference is treated a5 abated Érant. Abated rapitsl
grants are treated as a component of the 5urplu5 or deficit on disposal.
e5tmer
Fixed asset investments are reco8nised initially at fair value whSch is nomially the transaction price excluding transactson
costs. Subsequently. they arè measured at fair value through the statement of comprehenswe incorne rf the shares are
publiclytraded or theiT fairvalue can otherwlse be measured reliably.
Page 17
condnved...

Dowsign Envdope ID.. E916288E.CAB146C7_A2C8-C473FF442DF3
ThE ABSEYFIELD LOUGHBOROUGH SOCIETY LIMThED
NOTESTOTHE FINANCIAL STATEMENTS- (M￿nUed
FOR THE YEAR ENO£D 31 MARCH 2024
ACCOUNTING POLICIES- contlr+ued
Loan5. bcrrowings and short terni deposlls
These Instruments arÈ initially recorded at the transaction price less any transaction costs Ihistorical costl. FRS102 requires
that the basic linanci31 Instrumenls are subseouefttly mèasured èt arDorhsed cost5, however the society ha5 calculated thar
the (IifFerence between historical cost ènd amorti5ed cost ba515 1$ not material and 50 these financial instruments are stated
in the statement of flnancial posi￿0￿ èt historical cost. Loan5 and borrowings that are repayable or recèivable within one
year are not discounted.
Gotng concern
The Society has made operating delicits in the last four years and now sees itself in a net current liability positron at the year
end. De5pire the poor performance, the sotiÈty remains In a net a55et P05ibon. During th15 period the society Suffered a hi8h
level of voids at both it5 Westfield Drive and Ingleside House properries. In addibon, wages for care staff and agency labour
nearly doubled. 80th voids and labour Costs Increased signilicantly following the inspectian carried out by the Care Qualitv
Commission ICQCI In September 2023 where the society received an overall rating of 'inadequéte" Separate inspections
were carried out by the Leice5tershife County Council ILCCI just a few days later as part of their contfatt mtsnitorin£ ¥15115
and theytoo idenbfied contract cornpliance points to be actioned.
Followin8 the CQC inspection in Septernber 2023. the societywere suspended from actopting any fflore resident5 untrl their
recommendation5 were implemented and overèll rotin8 wa5 boosted at the next inspection visit in February 2024 This did
ot prevent the society from confjnuing to care for the resident5 already in It5 care during the intervening six month period.
The society were also Informed that they were understsffed and needed more care staff per shift to care for resident5.
The society Subsequently improved their overall rating with the CQC to 'reqJires Improvement. in February 2024. The
society also addressed all contract compliance points raised by the LCC However. occupancy levels hève been slow to pick
up since the inspections carried out in September 2023.
The society's forecasts and plans to return to ari operating surplus were bèsed on achievin8 sufficiont occupancy at both
Ingle5ide House and at its WestField Drive Property. Whilst another operating delicit is expected for the next h-nancial year.
the 50cietV IS OPDrnlStic that results can be turned around. Frorn January 2025. the Society are aiming to Improve otcupènty
by two residents at eich house each rnonth. In additrDn. the Sociery have temporèrlly closed the upper floor at In8￿SIde
House to reduce operating costs whi15t contrnuing to provide an adeqvate standard Df care to re5ident5.
If the society is unsuccessful in athievin¥ budgeted occupancy levels, then this could 5erlousiy impact its ability to continue.
The sotiety di5P05Ed of all remaining investments after the year end and with significant operating deh'cits being incurred,
there is a risk that the Society runs out of sufficient working capital to continue.
Furthermore, Should the Society receive another Inadeouate ratinÈ frotn the CQC, thi5 15 listed as B default event on the
sociÈtY'5 loan with the Charity bank and therefore could result in the loan relerred to in note IS becorning repèyable in
addinon to any future breaches of loan CDvenant5 that are not waived by the bank. The trustees are tommitted to
maintaining an adeouate standard of care for residents with the goèl of regtiniryg the CQC rating of 'good" The trusiees
believe they have ihe senior practice management team in plate to ensure that the standard of care continues to Improve.
F)rthis reason, the linancial staternent5 have been prepared on thegoing concern basis asthis is still considered appropriate
bythe trustee5.
There are though as a result of the above mèterial uncertainbes related to events or Cond￿On$ thèt may tast doubt on the
enDt¢s ability to £ontsnue going concern for the foreseeable luture and, thereforp the society rn18ht be unable to realise its
assets and discharge it5 liabiliDes in Ihe nofmal course of business.
Judgements and kry SO￿rreS of estimation yncertainty
On transitton to FR5102 the historical informauon to breèk down housing property assets into componentswas notavailable
without undue cost or effort, and therefore has been included as structure within land and buildings and consequently
depreciated over 100 years.
Housini property a55et5 will in future be broken down into components based on management's a55essment of the
properhes and useful economic lives will be assigned to these components.
PagÈ 18
cont5nued...

Do￿￿j￿ Envelope ID.. E916288E-CA8146C7-A2C&C473FF442DF3
THE AB8EYFIELD LOUGHBOROUGH 50CIÉYY UMITED
NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnuÈd
FOR THE VEAR ENOED 31 MARCH 2024
TURNOVER
2024
2023
Rent5 received
Vold losses
Amorhsed government grdnts
3,925,858
1856,2821
8,558
2,274,598
1616,0171
8,563
Net income from re%dential charges
3.078,134
1,667.144
OTHER OPEftAn14G INCOME
2024
2023
Grant
45,220
other operayng incorne relates to intome recelved In the prior year frorn the local councll In relation to InfEction Control,
Rapid Testin8and Workforce Capacity. IncornÈ 15 recognised on a systematic basis ower the PÈTiod in which the related cost5
for which the grant is intended to compensate are re¢o8rtised.
EXCEPTIONAL ITEMS
2024
I023
Provision for 8rant repayment
Impairment of tsngible fixed 4sset5
271,209
426,939
Exreptional items
698,148
The society chan8ed the purpose of one of their housin6 propertie5 from 5UPPOrted housing to dernenti4 Care. This resulted
in historic grants from Home5 England relating to thÈ hcusirvd property becorning repayèble in the year.
Impairment losse5 in respect of tangible fixed assets arose following a professional valuatron being performed for freehold
property in May 2023 based on a current a55e55fflent of market value as a fully equipped operafjonal enrty. The number LTrf
units imparted by thè impairment loss is two. The ￿rry1r% value cf these assets prlor to the re¢ointNon of the impairment
loss was £5,626,93912023.. £5,640,6171.
INVESTMENT INCOME
20Z4
2023
Income frcm listed investments
Profitll10551 on disptssèl of Ilsted Irwestments
Bank interest
17,972
4.364
6.595
25,461
147,0621
1,752
28.931
119,8491
MOVÉMENT IN FAIR VALUE OF FINANCIAL INSTRUMENTS
2024
2023
Movemtnt in fairvalue of Fixed A55el invÈstmÈnts
33,L76
142,2041
P3Ee 19
confjnued...

DOcus￿n Etwelope ID.. E916288E£AB146C7-A2C8-C473FF442DF3
THE ABBEYFIELD LOUGHBOROUGH SOCIETY UMrrED
NOTESTO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
SURPiUS/IDEFICITI ON OROINARY A￿1VITIEs
Surplus/ldeh'citl is stated after char8indlcreditin81-.
2024
2023
Depreciatron- owned assets
Impairment of tangible fixed a55et5
Auditor'5 rernuneration for audit
Grants released to income
Provision for grant repayment
129,839
426.939
25.680
18.5581
271.209
82.917
10,680
18.5631
The auditors remunerafjon shown in 2024 includes a £7.680 under-provision relating to the 2023 audit.
TRUSTEES, REMUNERATION AND BENEFITS
Key managefflent personnel neither received or waived any remuneration during the yeèr12023'. nill.
No rernuneration was recewed by non-execurve board members12023.' nill.
Trustees, expenses
There were £478 trustees, expenses pèid during the Veèr ended 31 March 202412023.- £3381.
io.
STAFF cosrs
2024
2023
Wa8e5 and salarie5
Social security costs
Other pension cost5
1,728,920
112,093
19,972
1,010,848
65,751
15,453
1,860,985
l.U92.052
The average monthly number of employees duringthe year was as fo11ows'.
2024
2023
Administration
Care staff
83
47
87
51
No employees received emolurnents in excess of £60,000.
Pa8e 20
conttnuÈd...

Docu5iJn Erwebpe ID.. E918288E-CA6146C7-A2C8-C473FF4420F3
THE ABBEYFIELD LOUGH8OROUGH SOCIETY LIMITED
NOTES TO THE FINANCIAL STAfEMEKfs- continued
FOR THE YEAR ENDED 31 MARCH 2024
ii.
YANGIBLE FIXED Assrrs
F￿xtureS
and
fitb
Freehold
property
Plant and
mhchinery
Tota15
coFr
At l Aprll 2023
Addittons
6.172,510
48,212
8,124
677,751
71,747
6,858,385
119.959
At 31 Maich 2024
6,220,722
8,124
749,498
6,978,344
DEPRECIATION
At l April 2023
Charge for year
lrnpairment
531,893
61,890
426,939
3,894
163
326,537
67,786
862,324
129,839
426,939
At 31 March 2024
1.020,722
4,057
394,323
1,419,102
NEf 8OOK VALUE
At 31 March 2024
5.200,rh)o
4,067
355,175
5,559,242
At 31 Marth 2023
5,640,617
4,230
351,214
5,996,061
All freehold prOpe￿e$ held for letrn8 are tornpleted propÈthes and therÈ ttrè none under tttrtstruthtsn. Total attumulated
irnpairments of £Nil are recognised In the opening Posi￿On.
12.
FIXED Assrr INVESfMÉNts
Cash and
settlements
pending
Listed
Snvestments
Totals
KEfvALVE
At L Aprll 2023
DispDsals
Rev4luation$
Cash movement
575,264
197,0751
33,176
1.303
576,567
197,0751
33,176
12971
12971
At 31 March 2024
511,365
1,006
512,371
NET BOOK VALUE
At 31 March 2024
511.365
1,006
S12,371
At 31 March 2023
575,264
1,303
576.567
There were no investmentassets outsidethe UK.
Cost orvaluat5on at 31 March 2024 is represented by..
Cash 3nd
settlements
pending
investments
valUa￿an in 2024
511,365
I,￿6
512.371
The historical cost of these investments Is £388.092120Z3.. £466,8761.
The falrwalueof listed investments is deterniined by reference to the quoted prlce for Identical a55ets in 4n acttve rnarket at
the linantial reporting date.
Page 21
continued...

Oocusign Envelope ID.. E91e288E-CA8146C7J2C8-C473FF442DF3
THE AB8EYFIELD LQUGHBQROUGH SOCIETY tIMITED
NOTES TO THE FINANCIAL STATEMENTS- com￿nUed
FOR THE YEAR ENDED 31 MARCH ZO24
13.
DEBTORS.. Amouwfs FAILING OUE WITHIN ONE YEAR
2024
2023
RÈsidential ch3rge5 due and unpaid
Other debtors
Prepayments
20,484
1,514
25,482
37,576
1.405
16,247
47,480
55,228
14.
CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Bank loans and overdrafts15ee note 171
Trade creditors
Payments rEceNed trn account
Social security Bnd other taxe&
Other creditors
Accrua15 and deferred income
45,865
156,531
SO,046
27.716
10,381
139,696
17.872
112.622
27,817
18.149
10.728
81,L62
430,235
268,350
The average number of days between receipt and payment of purchase invoices is 4512023." 101 days.
15.
CREOITORS.. AMOUNfs FALLING DUE AFTER PAORE THAN ONE YEAR
2024
2023
Bank loans (see note 171
Deferred capital Érants
2,536,041
2,581.906
581,959
2,536,041
3,163,865
16.
LOANS
An analy515 of the rnaturity of loans is given below..
2024
2023
Amovnts falling due within one year on demand..
Bank loans
45,865
17,872
Amounts falling between onè two yeèrs..
Bank loans- 1-2 years
50,437
45.183
Amounts fallin8 due between two and five years..
Bank loans- 2-5 years
176,039
157.941
Amounts falling due in more than five years-.
Repayable by Instèlments-.
Bank loan5 rnorp 5 yr by instsiments
2,309.565
2,378.782
The society has ene bank loan outstanding at the yeir-end.
The society Is required to repay the capital and interest on thè loan by monthly instalments up un￿1 the final repayment
date. The interest rate is ser at 2 65% above the bank base rate.
Page 22
contrnued...

t)ocusign En¥elope ID.. E916288E.CA8146C7-N2C84473FF4420F3
THÈ ABBEYFIÉLD LOUGHBOROUGH SOCIETY LIMITED
NOTES YOTMe FINANCIAL sfATEMENfs- contlnued
FOR THE YEAR ENDED 31 MARCH 2024
16.
LOAN5 Icontinuedl
Durlngthe year the sodety breathed one loan covenartt clause relattngto debt serv1￿ cgver. Dve to this breach. the bank ￿S
ontr4ctu3lly entitled to request immediate repayment Of the ovtst4ndinE loan arnount shown above. However, the b4nk
has adreed not to take anyfurtheraction as a resultofthls breèch. Therefore, it has not been deemed necessary to reclasslfy
the bank loan asfulw owing wlthin one year. The society will be ￿qUIred to comply with the ban covenants 8oin8 forward.
17.
SECURED DEBTS
The followin8 secured debts are included wtthin creditors..
2024
2023
Bank loans
2,581,9D6
2.599,778
Afixed and floating char8e dated 16 Marth 2021 15 heldover 190Ashby Road and 44Westfield Drive to securet￿borrOWingS
from the society bankers.
PROVISIONS FOR UABILITIES
2024
2023
Prowsions for grant repayment
830.608
The society changed the purpose of one of their housing properties from supported housin8 to deMen￿a carè. TNS resulted
In historic grants of £830.608 from Hornes England relating to the housing property becoming repayable in the year.
Homes England havÈ allowed the deferral of the grant repèyment until there is an improvemeffl In the society's ftnèncial
pOsi￿On such that repayrnent of the 8rant 15 P055ible Bnd appropriate. The trustee5 are unable to estimate when the society
will be in a financial positron to repay the grant and for thi5 rea50n the wovision has not been discounted for the effect of
the time value of money. Instead the provision is reco8nised at the face value ol the amount a8reed wlth Hornes England to
settle the obli8ation.
19.
PENSION COMMITMENTS
The Society ope¥ate5 a delined contribyvon pension scherne. The assets of the 5rherne are held 5eparatelyfrtrm those ofthe
soclety in an Independently administered fund. Contrlbut(ons payable bythe society amounted to £19,97212023.. £15,453>.
OTHER FINANCIAL COMMITMENTS
The Company has the following commitments due as ksllows..
2024
2023
Due In less than one year
Due between two and five years
Due in more than five years
44.402
70,245
640
26,341
70,272
5.741
115,287
102,354
Page 23
¢ontlnued...

Docuswn Envelope ID.. E916266E-CA8146C7.A2C8-C473FF442DF3
THE ABBEYFIELD LOLIGHBOROUGH SOCIÉTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS- contfnued
FOR THE YEAR ENDED 31 MARCH 2024
21.
RELATED PARTY DISCLOSURES
There were no related party transacrions forihe year ended 31 March 2024.
22.
EVENTS AFTER THE REPORTING OATE
Folltrwing the year-end, the seciety disposed of all of its listed Investments for £516.022.
The Charity Bank extended their available loan Facility to the society by £IOO,WO after the year-end.
23.
flNANCIAL INSTRUMENTS
The carrying amounts of The Abbeyfield Lou8hborou8h Soclety Limlted's financlèl Instruments are as follows..
2024
2023
Financial assets
Measured at fair value through the statement of comprehenswe Income..
Fixed asset inve5tment5 Inote 121
511,365
575.264
511.365
575.254
Income and expense
2024
2023
Flnènclal assets measured ai fair ¥alue through comprehensive incorne
33,176
142,2041
The total Interest incorne and interest expen5eforfinancial a55et5 and linancial liabilitse5 that are not measured Et fèir value
through profit or loss was £Nil12023.. £NIll and E197,76312023.. f 131,5911 respecknvelv.
Impairment1055e5 recogni5ed or? tangible h-xed assets totalled E426,93912023.- £NIll.
24.
SOCIAL HOUSING GRANT
The society hÈs receivod Social Htsusin8 8rants, which were used to fund the acquisit5on and development of hou&n8
properhes and their components The society had a fuiure obligation lo recycle such grants once the propertyes are disposed
of. At 31 Mèrch 2024. the value of grantg received in respect of these propernes that had not been d15posed of wa5 £830,608
12023.. £858,1421.
The afflount of retytled capital grant at 31 March 2024 is £Nil12023.- £36.6731.
The society changed the purpose of one of their housing propertres from sUPPOrted housing to dementia care This resulted
in historic grants from Homes England becoming repèyable and the right of the society to recycle the grant funds was
withdravm The £830,608 value shown above has been reco8nised within provision5 at Ihe year end a5 there 15 a probable
outflow of Economic resources to Homes En￿and but the knming of this outflow is uncertain.
25.
ACCOMMODATION IN MANAGEMENT
At thè year-end. the society owned two housing units for older people.
The number of rooms under management was 6412023.. 641.
26.
CONTROL
The Society is controlled by the Board.
Page 24
continued...

DocLk8lgn En¥*lope ID.. E916288E-CA8146C7-A2C8¢473FF442DF3
THE ABBEYFIELD LOUGHBOROUGH socirry UMITED
NOTESTO THE FINANCIAL STATEMEpifs- corrtlnued
FOR THE YEAR ENDED 31 MARCH 2024
27.
RESERVÉ5
Balance at
Incorne
Expenditure
Balan￿ at
31 March
2024
2013
Unre5trlrted funds
11.744,4321
2,927.315
3,930,622
12.747,7391
Oe5iBll•tedfunds
Capital expenditure resetve
HousSn8 property repO￿r resetve
General charitable reserve
Property fi.xed a55et reserve
30,000
100,000
74,098
5,062,888
71.747
71.747
30,000
100,000
75,221
5,204,067
7,185
14L179
6,062
3,522.554
3,147,426
4.008.431
2.661,549
galance at
l Apiil
2022
Inrome
Expenditure
B81ènce at
31 March
2023
Unrestricted funds
1259,9041
259,118
1,743.646
11,744,432)
Designated lunds
Capltal expenditure reserve
Housin8 property repalr reserve
General charitable reserve
Property fixed a55et reserve
30,000
loo,000
68,066
3,996,526
314,831
324,831
30,000
loo,000
74,098
5.062,888
13.601
1,066.362
7.569
3,934,688
1,663.912
2,076,046
3.522,554
Unrestrlcted funds relate to an Income and expenditure reserye, reprt$Ènti￿ cumulatfve svrplus and deficrts net of other
édjustmentsfor the below funds.
Designated funds are rhose unrestrfcted funds which have been set aside by the trustees for a speclfic purpose. The
designatÈd fund5 of the Society are noted below.
The capital expenditure reserve was set up to fund future expenditure on fixture5. hthn¥s ènd equipment.
The housln8 property repaSr reserye wa5 set up to ensure that funds are avallable for housln8 property repair
maintenance, without impathn8 the society's free reserves position.
The general £harftable reserve represents accurnulated charitab* donatfons receiwed by the society uneKpended at the
year-end.
The propertyfixed asset reserve was set up to reflertthe net investrnent in properbes. In previous years, the deferred capStal
grant was deducted frorn thi5 reseNe. During the year, the capital erant has been transferred to provisions and is m longer
dedutted from the property fiyed a55et re$erwe.
Page 25