REGISTERED COMPANY NUMBER.. 00754694 (Enqfand and Wal¢sl REGISTERED CHARITY NUMBeA.. 238168 REPORT OFThE TRUSTEES AND FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MAACM 1025 FOR THE ABBEYFIELO LOUGHOOROUGH SOCIETY LIMITÉD Duncan & Top115 Avdlt Llrnited, Statutory Audltor 3 Prlnces Court Roy31 Way Lc*u8hborou8h Leicestershire LEII SXR
THE A8BEYFIELD LOUGHBOROUGH SOCIEfY UMITED cOrENTs OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 PaKe Reference and Administi8tive Details Report of the Trustees Report ol the Ind?pendent Auditor5 7 to 10 Staternent of CuTnprehensi¥e Income li ststemeTht of Changes in Reserves 12 5taternent of Financial Position 13 statement of Cash Flows 14 Notes to the Statement of Cash Flows 15 Notesto the Financial siaiement5 16 to 25
THE ABBEYFIELD LOUGHBOROUGH socIErY lImED REFERENCE AND AOMINISTrAnvE )EfAIiS FOR THE YEAR ENOED 31 MARCH 2025 TRUSTEES FFay Mrs R lohnson- Chairman A Wood D M Hastln8s- Treasurer W G Holland SECRETARY Mr5 R Johnson REGISTERED OFFICE 44 We5ffield Drive Lou8hborou8h Leicestershire LEII 3Q REGISTERED COMPA14Y NUMBER ¢X1754694 (England and Wales) REGISTERED C+IARITY NUMBER 238168 SENIOR STAnJTORY AUDifoR Nlall Kin85Iey FCA AUDITORS Duntan & Toplis Audit Llmited, Statutory Auditor 3 Prlnces Court Royal Way Loughborough LEII SXR SOLICITORS Moss Sollcitors BO-BI Woodg?te Lou8hborou8h Leicestershire LEII 2XE ANKERS National Westminster Bank plc Market Ple Lou8hboroiJ8h Leicestershlre LEII 3NZ Page I
THE ABBEYFIELO LOUGHOOROVGH SOCIETY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCM 2015 The board of the trustees Iwho are also the directors of the Society for the purpose of comp3ny lawl present their report, whkh Incorporate5 the 5traiesic report, and the financial statements for ihe year ended 31 March 2025 STRATEGIC REPORT A¢hlevement5 and performaD¢e The Society's principal activity for the year under review has been that of providing care for elderly rèsidents with dementia. The residenrs with dementia are accornmedated in Westfield House and, until February 2025, InOesSde House which are both registered for dernentiè care. The 8oard employs an Activities Coordinator and provides a budget for acti¥ities. The Board regèrd5 this as an important aspect of the care that it provides because it wishes to provide an enjoyable and stimulèting environmenr for the resident5. Similarty 8reat care Is takeD to ensure that re5idethts at Westfleld House land previously Ingleside Housel reieive food and drink which is in accord with their dietary requirements Historlcally. Westfield House had conslstenrly received a'Good grading from the Care Quality Cornmi5sion ICQCI ènd had achieved the Lctrs 'Gold Standard., but, a5 reported last year, following ihe CQC visit in September 2023, the Society were downgraded to 'Inadequatè" As a result. the society were not allowed to admit new residents unril the matters raised by the inspectlons had been resolved. The Society toak immediate action in order to regain our former status. This involved recruiting a new GeDeral Manager and Re8lSttrred Care Manager who have actively worked with the care sraff In order to ensurethey are Cofrecllytrained and prlOuS failillgs remedied. Addltionally. staff numbers havÈ been increased to ensure that all residents receive the care that their condition A subsequont inspection by CQC and LCC raised the Sotiety's rètin8 to 'Requires Improvemenv which enabled us to begin adrnittin new residents from May 2024. We are now pleased to report that followin8 3 further In5pectioD by CQC In August 2025 our r3ting has been returned to"Good" This has resulted from all the hard work Cafried out by our Genèrèl Mana8er and the Care learn. We now look forward to thls raiing continuin8 an(5 the standin8 of the So¢lety returning to Its previou5 level. Financial review Rew of the business The Trustees can report an operating deficit for the year of £731,952 iotnpared to an operaring deficir of £34.386 for the previou5 vear. The Society also generated a total iomprehensive loss of £1.759.845 alter iiTrvestment income afid changes Sn the value of investments. The total cornprehen5ivÈ loss was partly compounded by thè exceptional itern referred to In nole 4 to these financia st31emellts which relates to the Impairment charge put throu8h on freehold property Last year. a toial comprehensive loss of £861,005 was generated after firstly providing for the potent1 rep?yrnent of grant5 prÈviousty received and secondly afier anoiher imp3irment charge put through on freehold property. In February 2025 the boaTd were forced to clese Ingleside House. Thi5 difficult dec15ion was forced upon us because of the inabillty to adm1t 3 sufficient number of residents to make it vièblÈ. Th& property has since bèÈn sold In order to reduce the outgoin85 of the Society. This event has further contributed to the impairment charge referred to above. The operating deficit has resulted from a combination of the inabillty to maintain sustainable occupancy levels, alon8 with Lhe need 1¢ irtcrease c3re staff numbers to comply with CQC regulation5. Additionally, the high Intertst rates and utiliiy charges now incurred have caused overheads to rise further. A further factor affetting these results Is the continuing i55ue of Local Govèrnment funded residents due to cuts in their budgets by centr31 Government. In these caseg the So¢ièry receives far less than the lull c05t ol their care and t15 year we have a significant number of such residents. The reserves of the Society remain sufficiÈnt with E901,704 in reserve5, Of which £59,563 Is available In cash as indicated on the Statement of Cash Flows. In order to fulfil its objective, rhe Society had two properties in tho yeai. Althou8h these properties are unrestricted asset5, they cannot be realised without underrninin8 the Society's work. The board of Tru5tee5 therefore consider it appropriate to relleci the investment in propÈrties of £4.294.243 by mean5 of a designated fund. Housing property repair and maintenanie expenditure is charged to the Income and Expenditure account In the period in which it is incurred. As part ol the reierves of the Society rhere exists a desi8Trated reservè for future $1gnificant expenditure of this nature. The Board of Trustees considers it prudent to allocate fund5 In thi5 way 50 thBt such cast5 do not threaten the Society's free reserves position. The level of the reserve 15 calculated as a reasonable estimate of the level of expenditure which rnay arise and at 31 March 2025 was £lOO,(KJO. Pagè 2
THE ABBEYFIELD LOUGNBOAOUGH SOCIEfY UMITED AEPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 sriATEGIC REPORT RÈvlew of thtbtssiné$5 (continued} A capital e¥penditure reserve has been created to fundfuture expend*ture on flxtures, fittings and eoulpment.The amountset aslde at the ytèr-end is £30,oc and 15 based on the Society's oblSgatlonsto replace assets of thls type as they we3r ovt. A designated general charftable reserve represents the accumulated charirable donations received bythe Soclety unexpended at the financial reporting d3te. There are no restrlctlons on the all¢xation of those receipts and at the year end the balance was £79,888. After taking account of the designated funds descnbed above the unrestritted funds at 31 March 2025 are neghtive £3,602,427. The Tregative figure takes in to account the mortgage on In8leside. Thi5 allow5 the Society to continue with its oblective of provldiTr8 for nd enhancioi the quality of care recelved bythp re5identS. Given the straight forward nature of the business. the Socletvs Trustèes are of the opinion that analysis using KPIS Is not necessary for understandinÉ of the development. yrforrn?n£e or position of the business. The Abbeyfield Loughborough Societyis committed to providing affordable, carlngand sustsln3ble solutlons forolderpeode throu8h a range of high qualtty servlces. Our strength lies in prolessionallycatering for the needs, wants and aspiratlons of our residents with dl8nty and compassioth In a warm Iriendly familyenvironment. Oemand from 8n agine population for acctrmrnodation offered is likely to be steady 8iven our previous reputation lor total qualty care at cempètitive piice5, and reflected In, In normal tlmes, low ¥old levels and our previous Posltive inspeCtn and assessment report5 from CQC and LCC. Budgetary tot)slderatlons wtll ftsmi part of the above and wlll be refie£ted in ourannual buslness plans. We ¢an demonstrate sound finances with adequate cash reserves of £59,563 together with the continved supporr of Charity Bank, to ensure lot)8 term vlablllty. We a150 have an effertive £ommlttee and mana8èment $tnJcture to support and inform business declslons. We are fortunate to have dedared and committed staff who under80 on-goln8 and ExtenSe tralnlng and development programmes to provide a wide range ot skills. ThÈ budget includes a 5ub5tantial amount to support this trainin8. However. recrusiment and retention of good guality 5tèff has become a sertous issue for many in the care businÈ55es ar AbbeY'e1d Is no exception. It Is the 5oclety's pollcy to pay all of our staff the"Re41 LlviTrg Wage,, as a minlmum. Thls refiects the Board's vlew that ftsr elderty re5ident5 Wlth dernentia is a skilled job and that all who work at Abbeyfield contribute to the high quality of care provided at We5theld House. Socletywi51 need to be mlndftsl of the imp4ctthis will have on ourfee5, and ConseqUentthe3bhIlfV0f potential resldents to fund their own care in the fvture, of to access appropriate Nnat)clal support from the County Councll. AtthouÉh there Is an element ol uneertainty wjth the longer-terrn future direction of (are •ven concerns wlth fundini reduttiorF5, declinln8 assets held by re5ident5 and their famllles and the pro8ress of medltal stlence, we rÈmaln confldent th3t there wlll be an on-going demand for care of the elderty and particularly for care of people with dementia. publ benefit The Society 15 run by a Board of Trustees comprise(f entirely of volunteers. It also relies on volunteers, who are recrulted local. throu8hout the Socletyto asstst with fundrdisin& activities and events. The Society currently bud8ets for E162,344 of uTrreco¥erable re5ident5' fees per annum and 15 very symparhetic to residents who bettrmè unable te pay their fees due to a chanEe in thelr circumstances and the rUSal ol LeistershIrè County Council to pay the full fees of their funded residents. The fees are Current maintained at a level that Is £onsldered to be affordable to all and is ryimpetitwe in the current market. The Board ol Trustees has paid due regard to guidance issued by the Charlty CommlssSon decldin8 which attiv5ties it should ntlertake. Page 3
THE ABBEYFIELD IOUGHBOROUGH SOCIETY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 202S STRATEGIC REPORT Reserves poliry It is proposed that rhe retained deficit of £1,759,845 is deducted from reseNes. The society will continue to mèintain a sufficient level of reserves to enable it to rneet any unforeseen events. As detailed in thè feport, the Board of Trusree5 is aware of the chan8in8 needs of the peeple In society and recognise5 that these changes may require additional funding. Prln¢lpal rlsks and uncertaimtles The board of Trusiees have asse55ed the rnajor risks to which the charity 15 exposed, in partiiular those related to the operations and finances of the society. and are satisfied that system5 are in place to mitigate our exposure EO ihe major ri5k5. However, volatile energy price5 and the continuiftg difficulty to recruit and retain 8ood staff will have short to medium-term effects. Qne of thè maln rlsks to the society relates to the re8ulatory environmeni. Failure to meet regulatory requirerneDts would impact both the operations and reputation of the society This risk is mitigated through the constant monitoring of regulatory requirements by managemeni though the difficulties experierce In recruiting and retaining good staff, particu18rly at the higher level. have irnpacted on our ability to meet 311 regulatory re9uirèments. WE took advice from Barclays Wealth In relation to our Investments and the Board, advised by the Treasurer, has sa¥ng5 In recogni5ed financial Insiitutionsall covered by the Financial Services Compensation Scheme135 perit5Savings and Investment Policy). Future developments The objectives ol the society are to continue to provide a high level of care and support in Westfield House and to thai end a system3tic programme of trainin8 has been ntrOdUCed to ensure thBt all staff are familiar with and capable of carrying out the demanding roles of 4 'carer." Westfield House continvesto develop their provision for the care of those diaÈnosed with dementia. ensuring that new rTiethods and Information through research are considered and Implemented to ensure the best P055ible Care for our residents. It is anricipated that dementia tare will remain a key priority for the SoClY. Demand from an aEeing population forthe accommodation offered by the Society is likelyto be steadyglven our previous reputation for Quality care at competitive pricÈs. As trustees we were very $8tisfied to noie that the sociery has regained thè CQC rating of 'Good- following their most recent inspÈction visit in Augusr 2025. Maintaining our good rating continues to be of the upmost imporianie and our highest priorily In order to ensure that our resident5 receive the highest standards of care possible and ensure that we can 5UPPOrt new residents in need of care. 11 wa5 pleasing that dvring this inspection. people within our care and their relatives who were spoken to were extrernely positive about the care they or their family member receives. Similarly. our staff mernber5 spoke p05iti¥ely about their training 3nd support received and abour working with us in general. Following the positive Inspection report, we look forward to èn increase In Interest from prospective re51dents going forward Valuè for rnoney The soiiety Is charged with the respon5iknlity for prodNE and demonstrating that it doe5 offer value for money. The society views value for money achievement as being the optifnal balance between financial rfOrMance and the provision of a quality service that resulis in 3 high level of rt51dent satisfaction. The society monitor5 financial and operational performance monthly and benchmarks itself both within the National Abbeyfield Society but also e%tern811y. Voluefor Money Mptric5 In response tD the Regulator of Social Hov5ing Technical note of Aprll 2018 the s¢ciety now reports on the Value for Money meirlcs. There are 3 metrics covered by thi5 note. Page 4
THE ABBEYFIEID LOUGHBOROUGH SOCIETY LIMITED REPORTOF THE TRVSTEE5 FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Volueformoney {continuedl Metric l- Gearin This metric assesses how much of the adjusted 855et5 are rnade up of debt and the dezree of dependence on debt finance. The 8earln8 of the seclety Is 74.74%12024- 49.24%). Metric 2- 0 eratn01 Mar in% The Operatlon31 Mar8in dernonstrates the profitablllty of operafjng assets before exceptlonal expenses arÈ tbkÈn into aryount. The operational marzin of the soclety Is negative èt-30.78%12024- negative at-1.12%1. umonc This metric compares the operatln8 surplus to total assets less turTent liabilltle$. For the Society this is negative at-16.79%12024- negative at-0.57%1. ¥rRUCIURE, GOVERNANCE AND MANAGEMENT Status The Society15 a company. registered in England and Wales Ilmlted by guarantee (Number 7546941, havln8 no shire tapital ènd with 501elycharfrable purposes. It Ss alw a r4istered charity (Number 2381681 and with the Home5 and Communlties Agency as a hou51n8 assotiation INurnbÈT H05951. Members of the Board of Trustees In accordance wlth the Articles of Aswci3tion the member5 of the Board ofTrustees as below, are members of the So¢. R Bunn Iresi8ned 23.10.20251 O M HastinES- Hon. Tretsurer FFav W G Holland- Vice Chalmian C Jennlson IresiÉned 22.07.20251 R Jehnson- Chairman and Hon. Secretary J Stephen5 Ire5i8ned 10.07.20241 A Wood Retrnitment and appointment otnewtru$tee5 The Board of Trustees is typlcally comprised of between elght and t¥velve iThdwidua15 Wlth a cro$s section of management Skills. PotentSal trustees are InStlally approached by ex5stlng board members and invlted to attend two board meetlngs to galn an under5tandin¥ of the operat}n5 of the Soclety. They are also shown areund the Soclety's houses to see how they operate. Followin8 this process an invitation tojoin the boaid is made. The trainlng needs of new board member5 areassessed based on thelr existing skills and experience and the need for futuie training is kept under constant review. We are règularly looking to recfult other rrustees and following the resignatSons of Mr Bunn, Mr Jennlson and Mr$ 5tephe¢)s, we currently have five trustees appointed which 15 sufficient to our requirements. Oryathlsatlonal structe arbd uovernaThco The Society ha5 a cleorfunctienal o¥ganisational srructurewith each house nefItir}I frorn professional careand catering staff. There s also a well-deflneiS adminSstratlon function within the Socièty artd an active board of trustees who oversee all decision making. Day-to-day mana8emeni of the 5oclety Is delegated bythe Board to the General Manager, Mfs Kerry CJttell. The General Mana8er's remunèratlon Is reviewed annually bythe Chairman, discussed atthe Staff sub-committee and a recommendation is madeto the full oafd. The lary of the Care Mana8er is revlewed by the General Manager and then follows the same procedure as that outlined for the General Manager. In both casÈ5 due attentiopi IS 8Nen to thè local recruitment 51tuatn in determinin8 the salaries. The remijneration of all other employees is reviewed annually by the Finance Committee. Pa8e S
THE ABBEYFIELD LOUGMBOROUGH SOCIETY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT STRUCTURE, GOVERNANCE AND MANAGEMEN[ Covporate ¥overnance The Society has adopted a Code of Conduct for 8oard member5. Thi5 code reflects the seven principles of public life 35 adopted by the Nolan Committee. This is complianr with rhe National Housing Fedefation5 Excellence In Govern3nc@ code in all areas with the exception of only one relatin8 to the adoption of a Membership Policy with defined term5 of office for all Board members. This Ss ion5idered to be poteniially detrimental to the organi5ation'5 well-being in terrns of CQC inspections, the Society's current development programme. and the challenges the care sector is experiencing. The Board has conducted an annual review of the effectivenessof the 5VStem5 Of internal control. NO instances have been identified of internal control weaknesses rewltinE in marerial missratement or1095. EVENTS SINCE THE END OF THE YEAR Information relating to events 51nce the end ¢1 the year Lg Eiven in the notes to the finèncial statetnents. STATEMENT OF TRUSTEES, RESPONSIBILITIES The tru5tee5 (who are èlso the directors of The Abbeyfield Loughborough Society Limited for the purposes ot COMnY lawl are responsible for preparing the Repoft of the Trustees and the financi31 statements In 3ccord3rTrce with applicable law and United Kin8dom AccountinE Standlrds (United Kingdom Generally Accepted Accounting Practicel. Company law requires the tru5tÈes to prepare financlal statements for each financial year which give a true and fair view of thestate of aff3irs of the charitable company and of the incoming resources and application of resources, including the Income and expenditure, of the charitèble tornpany for that perd. In preparing thgse financial 5tatement5, the trustees are required to select suitable 3¢coJnting policies and then apply ihem consistently., observe the meihod5 and principles In the Charity SORP.- make iudBernent5 and estimates that are reasonable and prudent. State whether applicable UK Accounting Standards and the statement of Recofnwnellded Praitice 'A£touDting by Registered Social Housing Provider5 2018" and FRSIOZ have been followed, subject to any tnaterial departures disclosed and explained in Ihe financial statement5', and prepare the financial statements on the going concern basis unle55 It 15 inèppropriate ro presume thar the charitable company will continue in businèss. The trvsiees are responsible for keeping proper accounting records which disclose wilh reasonable accuracy at any time the financial position of the charitable company and ro enable rhem to en5vre that the financial staternent5 comply with the Companies Act 2006 and the housing and Regeneration Act 2LK18 and the Accounting Dirèction for Re8isrered Providers of Social Hou5in8 2022. They are Iso respensible for safeguarding the a55ets of the charitable company and hente for taking reasonable sieps for Ihe prevention and detection of fraud and other irregularities. In 50 far as the trustees are aware- there is no relewant audit inforrnation of which the charitable companv audiiors are unaw3re,' and the trustees have lakeD all sieps Ihai they ought to have taken to rnake themselves aware of any relevant audit Information and to establish that the auditor5 are aware of that information. AUDITORS The 8uditor5, Duncan & Toplis Audlt Limited, Statutory Auditor. will be proposed for re-appointment èt the forthcomln8 Annual General Meeting. Report of the trustees, incorpor8tinq a strateEiC report, approved by order of ihe board of trustees, as the company dirertors, on and 5i¥ned on the board's behalf bv.. Mrs R johnson- Chalrman Paee 6
REPORTOFTHE INDEPENDENT AUDMRSTO THE MEM8ERS O¥ THE A88EYFIELD LOUGH8OAOUGH SOCIETY LIM¢TED Oplnion We have audited the financial statements of The Abbeyfield LouEhborouEh Society Limlted Ithe 'eompany'l for the year ended 31 March 2025 which comprise the Stttement of Compiehensive Income, the statement of Changes in Reserves, the Statement of Financial Position, the Statement of Cash Flow5 and notes to the financlal statements, includlng a summary of $18nificant ac£ountlng policies. The financial reportlng framework that has been applied in their preparatK>n is applicable law and Unlted Kingdom Acceuntln8 Standards Iunlted Kln8dom GÈnerally Accepted Accounting Prarticel. In our opinion the ftnan£181 statements.. glve a true and fairvltw of the state of the tompaTry's affairs 4$ at 31 March 2025 and of its Income and expendlture, forthe year then ended.. have been properly prepared In accordance with United Kingdom GenÈrd15y ACpted Accounting Practite., and have been prepared In accordance with the requlrements of the Companles Act 2006, the Housing and Regeneratlon Art 2008 and the Accountit)8 Dlrectk)n for private registèred providers ef social housin8 in En8lènd 2022. s foroplnlon We cenducted our audlt Sn accordance vllth International Stèndèrds on Audltin8 IUKI IISAS IUKII and applkable law. Our responsibilities underthost 5tandard5 are further described in the Auditor5, responsibilities for the audit of the financial 5taternents sectlon of our report. We are independentof the company in accordance with the ethic81 requirement5 that are relevant ro our avdlt of the financial ststements in the UK. including the FRC'S Ethical Standard. and WÈ havè fulfilled our other ethical responsibilities in accordance wSth thèse reqiJirernent5. WÈ believe that the audit emdence we have obtained is sufficient and appropriète to provide a bosis for our opinion. MatriHI unc¢rtainty related tQ 8oinB conrern We draw attention to the section ¥elated to golng concern Sn note 2 of the flnanclal statements whlch Sndlcates that In order to Improve financial pèrfomance and iontinue to operateat 5U5tainable occupancy levels, the cornpany need5to maintain 8ood results Irom inspertions and ensure that occijpancy levels reach and continue at 0 5UStainable rate. As stated n note 2, these event5 or onditlons, along wlth other m3tter5 as Set forrh in note 2. IndSc3te thar a material uncertainty exists that maycast Significant doubt on the companvs ablllty to contlnue as a golngtoncem. Our opinion Is not modified in respect ef thls matter. ln audltin8 the financlal statements, we have concluded th3t the directors, use of the going concem b35ts of accounting in the preparatlon of the financlal statements Is appropriate. Our re5PDnsibilitles and the responsibllities of the director5 wlth re5pert to Boing concem are descrlbed In the relevènt secrion5 of this report. Other lfiformtlort The directors are responsible for rhe other Snformation. The other information comprSses the information Included IJ the annvèl reporL Other than the finantial statement5 and our Report of the Independent AuditorstherÈon. Our opinion on the financlal statements does nor cover the other Informatlon and, except to the extent otherwise expllcitly stated In our rewrt, wé do not exprp>5 any form of a55ur3nce conclysion thereon. In connectlon wlth our audlt of the ftnantSal stètemethts, our responslblllty Is to read the other Information and. in doln8 $0. conslder whetheT the other information is materially inconsistent with the financial 5tatement5 or our knowledge obtained in the audit or otherwise appears to be mater4alty misstated. Ir we idenrify such materlal InconsistencSes or apparent material mls5tarements, we are required to determine whether this give5 rise to a material rni55tatement in the ftnancio15tatements themselves. If, based on the work we have performed. we conclude that there is a material mi$5tatement of this other information, we are required to repoft that fact. We have nothlng to report In this re8ard. Oplnlons on othermatters pre5thbed by the Companles Act 21)6 In our oplnion, based on the work undertaken In the iourse of the atsdlt.. the information given in the Str3tegic Report and the Report of the Truste25 for the financial year for which the financial statements are prepared is consistentw(£h the financial statements,. and The Strateglc Report and the Reptrrt of the Trustees has been prepared in aceordance with applItae le8al requirements. Pa8e 7
REPORTOFTHE INDEPENDENT AIJDITORS TO THE MEMBERS OF THE A88EYFIELD LOUGHBOROUGH SOCIETY LIMITED Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and Its environrneni obt6ined in the course of the audit, we have not Identified material misstatements in the Strate8ic Report and the Report of the Trustees We have nothiTig to report ith respect of the following matters where the Companies Act 2006 requires us to report to you if, In our opinion.. adequate accovntinE records have nor been kept or returns adequate for our audit have not been received frorn branche5 not V151red by u5.. or the financial statements are not in a8reetTieDt with thè accountin8 records and returns,. or certain disclosures of directors, remuneration specified by law are not made.- or we have not received 311 the information and explanations we requlre for our audit. In addition, we have nothin8 to report In respert ef the foll¢winB matter where the Housing and Regeneration Act 2008 requires us to repori ro you if, in our opinion.. a satisfactory 5V5tem of control overtransactions has not been maintained Responslbllltles of dlrectOT5 As explained more fully in thE Statetnent of Trustees, Responsibilities. the trustees (who are also the directors of the company for the purposes ofcompany lawl are responsible for the preparation of the tinancial stètements and for being sarislied ihat rheygive a true and fair view, and for such internal control as the tru5tee5 deterrnine 15 necessary to enable the preparation of financial statement5 that are free from material missiarement, wherher due ro fraud or error In preparin8theflnancial statements, the directors are responsible foras5essin8 the company's ability to continue as a 80in8tontern, disclosing, as applicable. matters related to going concern and using rhe going concern b35is of accounting unless the directors either inteDd to Iiquidaie the compaTry or to lease operètions, or have no realistic alternative but to do so. Paee 8
REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS OF THE ANBEYFIELD LOUGHBOROLIGH SOCIETY UMITED Our r¢sporbsibilities forthe audlE Ottht finJn¢i•l statements Our oblertives are to obtain reasonable 3S5urance about whetheT the financial statements as a whole arp free frorn m3terial misstaternent. whetherduetofraudererTtsr, andto155uea Report of thè IndependentAuditorsth3t includeseuropSnion. Reasonable assurance is a high level of as51JTance, Iwt is not 8 8uarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a materlal mSsstatement when it ex15t5. Mlsstatements Can •ri5e from fraud or error and are considered material if, Indwidually or in thè 3re¥te, they coyld reasonably be expetted to Influence the economlc dec4sions af user5 tsken on the basls of these financl¥l ststements. Irre8ularitie5, includin8 fraud, are instances ot non-compliance wSth laws and regulatlons. We design procedures In Ilne with our responsibilitits, outlined above, to detect material mi5Staternent5 in respert of Irregularlties. includlng fraud. The exient to which our precedures are capable of deiectlng IrreRularltiès. includinglraud is detailed below.. We have Identified areas of laws and regulations that could reasonably be expected to have a material effert on the financlal ststemtnts from our general commer£lal expÈriÈnce. knowledge of the sector, a revlew of re8ulatory and legal correspondence and through discussions wlth Dlrectors and other management obtalned a5 part af the work required by audltln8 stsndards. We h4ve also discussed with the Director5 and other man?gement the policie5 and procedures relatin8 to coml3Ce wlrh laws and re8ulation5. We communicated laws and re8vlations throughovt the team and remained alert to any indicatlons of non-compliance throu8hout the aud. The potential lrnpart of dlfferentlawsand re8ulation5 varFes considerab. Flrstly,the company 1$ Subject to laws and resulatlonsthat directly Impact rhe f(nancial statements (for e¥ample financial reportin8 legi51ationl and we have assessed the extent of ¢Dmpliance with suth laws as part of our finèncial statements audit. We evaluated management's Incentives and opportunltie5 for fraudulent m¥nipulation of the financlal statements linrlijding risk of override of controls) and determined that the principal risks were related to management bias in atcountingestimate5 andludgemental areas of thefinancial statements such as depreeiatlon of tangible fixed aetS as well as the risk of inappropriate journal entries to rnanipulite reported profitability. Audit piocedures performed by the ÈngagemeTri team Sncluded the Sdentifltation and testing of unusual materjèl journal entries and challenging management on key e5tirnates, assumptions and judgerr5ents made in the preparatlon of the finanilal 5tBtements. We carried out detalled substafitlve tests on accounting estimate5, including reviewing the Methods and data used by manè8etnent to rTiake those estimates such as resldual value5 and expected aet replaeemÈnt¢yrles, reperforming the calculation, revlewin8 the outcome of prioryear estSmates, and reviewing the outcome of curreTrt year estlmore5 Since the financial reportlE)8 date. Secondly, the cornpany 15 subject to other laws and regulatn5 where the conseouenee for ntsn-compliance could have a materlal effect on the amOntS or dis¢la5ure5 in the financlal statements. We idenlfied the following area5 a5 those most Ilkelyto have Such an effect.. The Landlord and Tenant Act, Health and Social Care Act, Food Safety regulations. COVID-19 infection control and Employment laws. Auditing standards Ilmit thÈ required audit procedures to Identify non-compliance with these laws and regulatlOll5 to en4uiry of the Dlrertors and other management and Inspectlon. This induded a review of Inspertlon reports ft)r any evidence of non-compliance, in addition to a review of statutory meetin8 m¢nutes and $0IScitor correspondente. Throu8h these procedures, Sf we betame aware of any non<ompliante. we considered the impact on the pr¢xedures performed on the rdated financial statement items. Owing to the inherent limitations Of an avdit. there Is an unavoidable risk that we rnay not have detected some materlal misstatements In the finèncial statements, even though we have propedy planned and perfom)ed our audit in accordance wlth auditin8 Standards. The further removed non-compliance wlth laws and regulation5 is frtrm the events and transactlons rpflected the financial statements, the less likely the inherentty Ilmited procedures required by auditing standards would identify it. As with any audit,there isa greater riskof non-detertion of irregularities a$ these may involve collusion, Intentional omission50f rheoverride of intefflal contro15. We are not responslble for preventing non-compliance and tannot be expected to detect nen<omplSance with all laws and regulations. A further descrlptlon ef our re5ponsibiltties lor the audlt of the f5rtanclal statements15 loclted on the Financlal ReportSng Council'5 website at www.frc.or8.uk/auditorsresponslbllltles. Thls descriptlon form5 part of our Report of the IndependÈntAuditors. Pa8e 9
REPORTOFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD LOUGHBOROUGH SOCIETY LIMITED Use of Dur report This report is made solely to the company's members. a5 a body, in accordance wilh Chaprer 3 of Part 16 of Lhe Companies Aci 2006 and section 137 of the Housing and RegeTrer3tion Act 2008. Our audit work has been undertaken $0 that we might stale to the company's members those matters we are required to state io them ID an auditors, report and for no other purpose. Tc the fullest extent permiiied by law, we do not accept or assume responsibility to anyone other than the company 3nd the company's members a5 a body, for our audit work. forthis repori or for the opinions we have formed. Niall King51Ey FCA (Senior Statutory AuditDrl for and on behalf of Duncan & Toplis Audit Limired, Statutory AudStor 3 Princes Court Royal Wav Loughborough Leicestershire LEII SXR D2te'. Page 10
TNE A8BEYFIELD LOUGTrIBOROUGH SOCIETY UMITED STATEME14T OF COMPREHENSIVE INCOME (INCORPORAN6 AN INCOME AND ÉXPENPITURE A¢CQUNTI FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Turrth 2,377.810 3,078.134 Cost of sales 2,734,042 1,771,119 Gross sur$/ttle1l1 1356,2321 307,015 AdmSnlstratlve expenses 1375,7201 1341,4011 Oper0tW delldt 1731,9521 134,3861 Provision for 8Tant repoyment ImpoirmeTrt of t3nglble fixed assets 1271,2091 1426.9391 1851.7241 Interest payable and other finance costs Investment income 1198,5051 12,619 9.717 1197,7631 28.931 7.185 33,176 Other Income Movement in fair value oi financial instrument5 TOTAL COMREHENSIVE LOS5 FOR ThE YEAR 11,759,845> I861,5> CONTINUING OPERATIONS All income and expendlture has arisen from continulng acti¥Aties. The Statement of Comprehensive Income w3s approved by the board on............ O M Hastin8s- Trustee Mr5 R Johnson- Trustee The note5 lorm part ol these financial statements Page 11
THE ABBEYFIELD LOUGHBOROUGH SOCIETY LIMITED STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2025 Incorlle and expenditure reserve Total At l Aptll 2024 2.661.549 2.661,549 11,759,845) 11,759,845) Totsl Comprèhensive loss 11,759,845) 11,759,845) At 31 Marth 2025 901.704 901.7(14 The notes fomi pari of these financial statement5 Page 12
THE ABBEYFIELD LOIJGHOOROUGH SOCI LIMITED IRfGISTeRED NUMBER: 007546941 srATEMENT OF FINANCIAL POSITION 31 MARCH 2025 20Z5 2024 Notes FIXED A$5Ers Tan8ible assets Inve5tment5 io 4,590,906 5,559.242 512.371 4.590.906 6,071,613 CURRENT ASSET5 ebtors Cash at bafik and in hand 12 55,989 59,563 47,480 339,340 115,552 386,820 CREDITORS Amounts fallln¥ due wlthln one year 13 13d7,4541 1430.2351 NET CURAENT LIABILITIES 23L9021 43,4151 TOYALAsseYs LESSCURRENTLIAPILmE5 4,359,004 6.028,198 aiEDJTORS Amounts lallln8 duè after rnore than one year 14 12,626,6921 12,536,041) PROVISIONS FOR LIABILMES 17 1830.6081 1830,6081 NET ASSETS 901,704 1,661,549 CAPITAL A14D RESERVES Income and expenditure reserve 26 901,704 2,661.549 901.704 2,661,549 OL Zo- The flnanclal statements were approved by the Bo4rd of Trustees and 3uthori5ed for i55ue on............................................. and were signed on its behalf by.. D M Hastin8s- Trusree (4ckno- Mrs R Johnson- Trustee The Trote5 form part ol these 1¢nanC41 rtatement5 Page 13
rHE ABbEYFIELD LOUGH8OROUGH SOCIETY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash Ilows from operating •ctivltles Cash generated frorn Dperation5 1690.0561 214,533 Net cash lused inllprovided by operating activities 1690,0561 214,533 Cash flows from investing artivities Purchase of tangible fixed assets Sale of Fixed asset investments Interest received and 5irllilar income 111,4261 512,270 21,431 1119,9591 101,439 31,752 Net cash provided by investing activities 522,275 13,232 Cashflow5 from finantiii8 attlI1e$ New loans in year Capital repayrnenis in year ioo.ooo 114.4971 1198.5051 117,8721 1197,7631 Net Cash used in financing actDlities 1113,0021 1215,6351 Chan8e in cash and cash eqtsivalents In ihe reportlng perlDd 1280.7831 12,130 Cash ad £ash equivalents atthe beginnn8 of the reportlng perSod 340,346 328.216 Cash and cash equiwdlents at the end of the reporting period 59,563 340,346 The notps form part of these financial statements Pa8e 14
THE ABBfVFIELO LOUGHÈOROUGH SOCIETY LIMITED NOTESTO The STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCM 1025 RECONCILU4TION OF NET tXPENDITUItE TO NETCASH FLOW FROM OPERATING A1VITIEs 2025 2024 Operatln8 deflclt 1731,9521 134.3861 Adlu5tmentsfor'. Depreciation charges Prr>¥isions for grant repayment Mevement on deferred capltal grant Ilncreaselldecrease in debtor5 Decrease in creditors Intrease In previsions 128,038 129,839 1271,2091 1581,9591 7,748 133,892 830,608 18,5091 177,6331 Nt cash (used lnllproded by opertort6 690,0561 214,533 ANALY515 OF CASH AND CASH ÉQUIVALENTS 2025 2024 Cash in hand Notice deposits Ilessthan 3 monthsl Cash deposit on Ftxed Asset Investment 2,526 57,037 2.122 337,218 1,006 Tot41 ush and ¢a5h ¢4¥lv*lÈnts 59,563 340.346 ANALYSIS OF CHANGES IN NET DEBT At 1.4.Z4 Cash tlow At 31.3.25 Net 5b Cash at bank and In hand 339,340 1279,7771 59,553 339,340 1279.7771 59.563 Debt Debts falling due withln l year Debts fallin8 due after l year 145,8651 12.536,0411 5.148 190,6511 140,7171 2,626,69ZI 2,581,906> 185,5031 12,667,41Yg1 Total 12,242,566> 1365,2801 12,607,846> The notes fom part of these financlal statements Pa8È 15
THE ABBEYFIELD LOUGMBOROVGH SOCIETY LIMITED NOTES TO ThE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2025 GENERAL INFORMATION The society is a company limited by guarantee, incorporated in England and Wale5 INvmber 7546941. havirg no share capital and with solely charitable purposes It 1$ 3lso registered as a charity (Number 2381681 and with ihe Housing Corporaiion 35 a housing 00¢1atlQTh (Number HOS951. The company is governed by the Landlord and Tenani Act 1985. The re8lStered office is 44 Westfield Driwe, LoughbOragh, Leicestershire, LEII 3QL. The flnancial statÈments are prepared in Sterling which 15 the functional currency of the society and rounded to the nearest The financial statements cover the individual entity. The society con5titute5 & public benefit entity ès defined by FRS 102. The significanr accounting policies applied in the preparation of the financial statements are Set out below. These policies have been con515tently applied to all year5 presented ullless oiher¥vise stated ACCOUNTING POLlCIt5 Basis of preparing the financial statements The financial staiemenis have been preparèd in a£cordènie with applicable accounting 5tandard5 including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic ol Irelond IFRS 1021. the Staternent of Recornrnended Practice for social HousinE Providers 2018. and with the Atctruntln8 Direction for private registered providers ol soci61 housing in England 2022. The financial statements are also prepared under ihe requirements of the Housing and flegeneration Act 2008 and the Cornpanies Act 2006 The financial statements have been prepared on a Eolng Concern basis under the historical cost convention, modified to Turnover Turnover is measured at the fair value of the consideration received or receivable. The policies adopted for the recogniiion of turnovÈr arè a5 follows.. Turnover represents rental ènd service charge5 income receivable in the year net of rent and service charge losses from voids, revenue grants from Lhe governrneni Ilocal authorities) and Homes England and the Regulator of Social Housing. Tangible frAed assets and depTe¢iatio Tangible fixed asset5 (including soc131 housing properties) are slated ar cost less accumulated depreciation and aciumulÈted impairment ltssses. Cost IncludES CQ5t5 directly attributable lo making the a55et capable of oper3ting as intended such as ihe cosr of acoJirinÉ land and buildings, development5 Costs, interest charges on 103ns during the development period and expenditure on Improvements Expendiiure on improvements will only be capitèlised when it results In incremental future benefits such as increasing rental Income, reducing maintenance c05t5 Or resultin8 in 3 518nificant extension of the useful economlc life of the properly. Depreciation Is provided on all ian8ible fixèd a55et5 excEpt freehold13nd which Is not depreciated on account of irs indelinire useful economit life, at ratès CBlculated to write off the cost, les5 estimated residual value. of each asset on a systematic Page 16
THE A8BEYFIELD IOUGHtsOROUGH SOCIETY UMITEO NOYES TO THE FINANCIAL sfATEMEIIT5- ¢ontlnued FOR THE YEAR ENDEO 31 MARCH 2025 ACCOUNTING POUCIE5- eontlnued Tangible flxed a5$ets and depreeiation Icontillu•dl Assets and their components are depreelated ovèr their useful lives on the following $1$.. Description Land & 8uildin8S'. Structure Kitchen Bathroom White goods Rocts Lifts loo 30 io 50 15 Fixtures. fittlgs & equ5pment HousSng preperties under eonstruction are not depre£t?ted until they are in use. Ateach reporting date, tangibleftxed assets are rÈviewed to determinewhetherthere 55 any lftdlcètlon that thoseassets have Suffered an impairment loss. If there 15 arTr indication of pr>ssible impalm)ent, the recoverable amount of any affected asset is estimated and compared with ffs carryin8 am¢unt. If the estimated rè£overable amount 15 lower, the CaTryin8 amount is reduced to its estimated recoverable amounL and an irnpairrnent loss is recognised Immediately in the statement of comprehensive Income. If an impaimient loss subsequendy reverses, the carrylng amount of the asset Is Increased to the revlsed estimètÈ of Its retoverèble amount, but not in exce55 of the amount th81 would have been determined had no impairment Ios5 been recoÉnlsed fet the a$5et in prlor years. A reversal of an Impaimient Is rètognised imrnediately in the statement of comprehenslve Incorne. Corporaiior+ tax and VAT The society ha5 charitable status and Is exempt from Corporation Tax on the income it has fereiverf. ¥he Society is not registered for VAT. Accordin8ly Tro VAT 15 charged to Yesidents ènd rhe expenditure in the statement of tomprehen5ive Income Includes the rplevant VAT. PeTr51on costs and other po#-retlrement ben•fftS The society operate5 a dellned contribution pension scheme. Contribtstlons payable to the sociètV$ pension Scheme are charged to the Statement of Comprehenslve Income In tht period to whlch they relate, Sotlal hvuslng8ran¢ Where Social Hou55n8 G¥ants ISHGI, are received in espett of dÈvelopmÈnt5 these grants are recognised at the falrvalue of the asset receivÈd ur receivable. Where the assets are accounted fer uslng the t05t model then the 8ovemment grant15 atcountèd for usin8 the accruals model. The difference betwÈÈ thè fall ¥3lue of the asset and the consideration is recognlsed a5 a liablllty and amortised over tho useful econornk life of the asset, This amortisation Is reco8nlsed withln turnover. Where disposal of 8o¥ernment donated assets are required to be recycled. a liablllty Is 5n£luded to reco8nSse rhts obll8atlon. Monary DonatloThs Monetary donations io the society are credited in the flnancial statements on a recelpts ba515. Debtor5 edItOrS reeel¥able I payable with1# one yt4r Debtors and creditOTS With no 5t8ted interest rate and receivaNe or payable within one year are recorded at tr4n5acthn price. Any I0e5 arisingfrom impalmient are retognised in the staternent of £ornprehen5ive income sn other admlnistratlve expenses. Page 17
THE ABBEYFIELD LOUGHBOROUGH SOCIETY LIMITED NOTESTO THE FINANCIAL 5TATEMENTS- Continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUPITING POUCIES- coTrtinued PTovisions Prowsion5 ère recoÉnised when the society ha5 an obli8ation at the flnaDcSal reporting date as a result of 3 pèst event, it is probable that an outflow of econemic benefits will be required in settlement and the amount can be reliably estirnated. Provisions for cyclical mainrenance or major works 10 existing stock are not made unless they repre5ertt commitments or obliÉations ai the financial reporting date where there Is no discretion to avoid or delaythe expenditure. Recycled Capital Grants Fund Cèpital 8ranis can be recycled under certain condltion, ifa propertv 1$ sold, or rfanother relevant event takes pllce. Recycled 8rant5 can be used for projects approved by Homes England and the Regularor of Social Housin8 and they are credfted tothe In certain circumstances. such as the sale of housing properties. capiial grants may be repayable, and, in that event, Is subordinated to the repayment of other IDans by agreement with Homes En8lènd and the Regulator of Social Housing. It is accounted for as soon 25 Ihe liability ari5èS Wlthin creditor$ amounts falling due within one year. When any grant to be recycled or repaid is less than rhe grant relating to the disposal. tbe difference Is treated a5 abated 4rènt. Abated capltal grants are treated as a componenr of the surplus or deficit on disposal. Inve51ments Fixed a55et investments are recognised initially at fair value which is normally the transacrion price excludin8 transaction costs Subsequently, they are measured at fair value throu@h the staternent of comprehensive income if rhe shares are publicly traded or theirfair value can otherwise be measured reliably. Loans, borrowlngs and short term dep051ts These Insirumenis are Initially recorded at the transaction price less any fran¢tIon costs (historical tostl. FRSIOZ reoulres Ihat the basic financial IDstruments are subsequently measured at amortlsed cosis, however the society has calculated that the difference between historjial cost and amortised cost basis is not material and 50 these financial Instruments are srated in the statement of financial position at historical cost. Loarts and borrowings that are repayable or receivable within one year are not di5COUmted. Going concern The society h3s made operaring deficits in ihe last five years and now sees itself in a net current liability P0511ion at thè year end. Despite the poor perforrninie, the society rem3ins in a net 255et position. During this peried. the societysuffefed a high level of voids at both Its Westfield Drive and Ingleside House properties This subsequently led to man3eement's decision ro close Ingle5ide House In February 2025 before agreeing to sell thè property after rhÈ year-end. In addition, wage5 for care staff Incre35ed largely as the society S¢UEht to regain it's"good" rating with the Care Quality Commission ICQCI. The society'5 forecasts and plans 10 return to an operating surplus were based on achieving sufficient occupancy at its rem3iningWestfield Drive Pruperty. Following the most recent inspection carried out bythe Cac in August 2025. the societv achieved the 50ughl-after 'good" rating mentioned above. The society are aiming to maintain sustainable occupancy levels post year-end through advertisemenl 3nd community outreach. The society are also implementing interventions to reduce If the society is unsuccessful In achSeving budgeted occupancy lÈvÈls, then this could seriously Impaci its ability to continue. The society disposed of Bll remainin8 inve5trnents during the year, along with agreeing to sell sts InEleside House property after the year-end. With %Ellificant operating deficits being incurred ènd a shortage of highly liquid assets, there 15 a risk that the society runs out of sufficient workin8 capital to continue. Furthermore, Should the society (eive an inadequate T3tins from the CQC, this Is listed as a default event on the society's loan with the Chanty bank and therefore could result in the loan referred to in note IS becominÉ repayable ln addition to any future breaches of loan covenants that Bre not waived by the bank. The trustees are cornmitted to Fnaintaining an adequate standard ol care for residents and maintaining the CQC rating of 'good The trustee5 believe they have the Senior practice management tearn in placÈ to Ènsure that the standard of care rernain5 high. For this rèason. the financial 5taternènts have been prepared on the going concern bèsis as rhis Is still considered appropriate by the trustees. There arethough material uncertainties related to evenisorconditions that may Cast di>ubt on the entlt¢sability ro continue as a going concern for the foreseeable future. Therefore the 50ciety might be unable to realise It5 a55et$ and discharge its Pa8e 18
THE AtsOEYFleLD LOUGIIMOROUGH SOCIM UMITED NOYES YO THE FINANCIAL sfAT£MeNTS- wntlnued FOR ThE YEAR ENOED 31 MARCH 2025 ACCOUIITING POLICIE5- ¢ontlThued Jud8Èments artd kEy Sources of estimation un¢ertointy On transition to FRS102 the hlsterical informatlon to break down housln8 property assets Into componentswasnota¥allable without undue cost or effort. and therefore has been Included as Structure wlthin land and buildln85 3nd con5equenily depreciJted over ICKlyears. Housing property assets will in future be broken down Into components based on management's assessmeni of the properties and u5efyl economic lives will be assigned to these components. TURNOVER 2025 2024 Rents reIVed Void losses Amortlsed govemment 8rants 4.346.118 11,968,308) 3.925,858 1856.28ZI 8,558 Net income from re51dentlal charEe5 2,377.810 3,073,134 EXCEPTIOPIAL ITEMS 2025 2024 Provision for grant repayment Impalrment of tanglble flxed assets 271,209 426,939 851,714 Exceptlonal items 851,724 698.148 In the prior year, the society changed the purpose of one of their housSng propertles from supported housine to dementla care. This resulted in h¥stodc grants from Homes En8land relatlng to the housing property becoming repayable. Impairment losses in respett of tangible flxed assets arose In the wlor year following a professional valuation being performed forfreehold property in May2023 based on a current a$5e55ment of marketvalue as a fullyequ5pped operational entty. Impairrnent losses in respe¢1 of tangible flxed ossets arose in the current year following minjgement's decision to Sell one of the housing properties in February 2025. The nurnber of unlt5 impacted by the impairment loss is one12024.. twol. The carrying valtse of these assets priorto the recognition of the impairment1055 was £3,639,83212024.. £5,626.9391. INVeSTMeNT IKOMe 2025 2024 Income from listed investments Profit on dSswsal of115ted investments Bank interest 8,601 905 3.113 17,972 4,364 6,595 12.619 28,931 MOVEMENT IN FAIRVALUE OF FINANCIAL INSTRUMENTS 2025 2024 Movement in fair value of Flxed Asset INestments 33,176 Page 19
THE ABBEYFIELD LOUGHBOROUGH SOCIETY UMITED NOTE5 TO THE FINANCIAL STATEMENTS. contlnued FOR THE YEAR ENDED 31 MARCH 2025 SURPLUSIIDEFICITI ON ORDINARY ACTIVITIE5 Surplu511deficitl is stated after chargirTrg/lcreditin81'. 2025 2024 Depreciation- owned assets Impalrment of tangible fixed asset5 Auditor'5 rernuneration for audtt Grant5 released to Intome Provision for grant repayment 128,038 851,724 18,900 129,839 426,939 25,680 18,5581 271,209 The auditors remuneration shown In 2024 Includes a E7,680 under-provision relating to the 2023 audit. TRUSTEES, REMUNERATION AND BENEFITS Key management personnel neither rece1ved or waived any remuneration during the year12024'. nill. No remuneration was received by non-execurive board members12024'. nlll. Trustees. expenses There were El56 trustees, expenses paid during the year ended 31 March 202512024.. É4781. STAFF COSTS 2025 2024 Wages and salaries 1.962,903 147,482 26.378 1.728.920 112,093 19.972 Other pension Costs 2,136,763 1,860,985 The avera8e monthly number of employees during the year was a5 follow5.. 2025 2024 Adrnini5tr3tion Care sraff 89 83 93 87 No ernployees receivèd emoluments in excess of E60.WO. Page 20
THEA8BEYFIELD IOUGHBOROUGH SOCIEfY UMFTED NOTES fo ThE FINANcIALSTATEMENTS.¢onnUed FOR THE YEAR ENDED 31 MARCH 2025 io. TANGIBLE FIXEDASSErs Fixtyres and flttln8S Freehold woperty Plant and machinery Totals COST At l April 2024 Additions Impalrments 6,220.722 8,124 749,498 11,426 6,978,344 11,426 1944,7901 1944.7901 At 31 Marth 2025 5.275,932 8,124 760,924 6,044,980 DEPRECIATION At l April 2024 CharBe for year Impaiments 1.020,722 57,938 193,0661 4.057 162 394.323 69,938 1,419,102 128,038 193,0661 Af 31 March 2025 985,594 4,Z19 464,261 1,454,074 NET BOOK VALUE At 31 MaTch 2025 4.290,338 3,905 296,663 4,S90.906 At 31 March 2024 5.200,C4JO 4.067 355,17S 5,559.242 All fTeehold propertles held for lettlng are eompleted properties and there are none under construction. Totil cumulative irnpairments of £426,939 are included in the opening positktn. FIXED ASSET INVESTME14TS Cash and settlements pendin8 tisted investments Totals MAflKETVALUE At l April 2024 Disposals Cash movement 511,365 1511,3651 1,006 512,371 1511.3651 11,0061 I1,OL> At 31 March 2025 NÉT BOOK VALUE At 31 March 2025 Af 31 March 2024 511,365 1,006 512.371 There were no Investment a55ets ot1tde the UK. The historical cost of these investments is ENil12024.. £388,092). Thè fairvalue of listed investments is determlned by referencÈ to the quoted prlce for Identlcal assets In an èctive Market It the financial reportin8 date. Poge 21
THE APBEYFIELD LOLIGHBOROUGH SOCIETY LIMITED NOTESTO THE FINANCIAL STATEMENTS- continued FOII THE YEAR ENDED 31 MARCH 20Z5 12. DEBTORS.. AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 Residential charges due and unpaid oiher debtors Prepaytnents 31,834 20,484 1.514 25,482 24.155 55,989 47,480 13. CREOITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 8ank loans at)d overdraft515ee note 151 Trade creditors P8yments received on account Social security and other taxes Other creditars Accruals and deferred Income 40,717 98,245 26,478 24.884 31.675 125,455 45,865 156,S31 50,046 27,716 10,381 119.696 347,454 430,235 The 3verage number of days between receipt and payment of purch85e invoices is 4112024-. 451 days. 14. CREDITO.. AMOLINTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 Bank103ns (see note 151 2,626,692 2,536.041 15. LOANS An analysis of the maiuTlty of Soan5 15 8iven below.. 2025 2024 Amounts fallin8 due wrthin one year on demand.. 8ank1oans 40,71? 45,865 Amounts falling between one and two years.. Bank loans- 1-2 year5 62,826 50.437 Amounts falling due beiween two and five years.. 93nk loans- 2-5 years 216,094 176.039 Amounts falling due in more than five years.. Repayable by in5talrnentS'. Bank loans more 5 yr by inst3lment5 2.347.772 2,309,S65 The society has one bank loan outsianding at the year-end. The society is required to repay the capiral and interest on the loan by monthly in5talment5 UP until the flnal repayment date. The Interest rate is set at 2.65% above the bank base r3te. Page 22
THE AB8EVFIEID LOUGHBOROUGH 50CIEfY UMITED NOTESTO THE FINANCIAL sfATEMENTS- cot)tlnued FOA YHt YEAR tNDED JI MARCH 2025 15. LOANS IwThtlnuedl Durln8 the yearthe society breached two loan covenant clausE5 relating to debt seryice cover and thelr cash balance. Dup to these breache5, the bank is contractually entitled to request immedlate repayment of the outstandin8 amount shown above. Ilowever, the bank hB5 agreed noi to take an¥ further action as a result of these breaches. Therefore, It has not been deemed Trece$53ry to rec1as5fy the bank I08n 85 fully owing within one year, The society will be requlred to comply with the 104n coven3nts Boing forward. 16. SECURED DEBTS The following secured debts are incl¢Jded wlthin creditor5'. 2025 2024 Bank loans 2,667.409 2,581.906 Aflxed and floatlngcharBedated 16 March 2021isheldover 190 Ashby Road and +MWestfield Drive to securetheborrowin8S from the society bankers. 17. PROVISIONS FQR LIABIUTIE5 2025 2024 provis$ for grant repaymenr 830,608 830,608 In the prior year, the society changed the purpose of one of their housing propertles trom 5UPPOrted hou51nK to dernentl tare. This resulted in historic grants of E830,608 fram Homes England ¥e13ting to the housing property becomln8 repayable. Homes England have ?Ilowèd the deferral of the 8rant repayment until there Is #n ImprovÈment in the 50ciety'5 financlal P051tion such that repayment of the Érant Is posSie and Bppropriate. The tW51ee5 are unable ro estlmate when the society will be in a financlal posltion to repèy the grlnt and for this rea50n the provlsion has not been dTscounted for th@ effert of the rime value trf money. Instead. the provt5ion is recoBni5ed at the face value of the amount ayeed with Homes England io settle the obligation. PENSION COMMITMENTS The50ciety operates a deflned tantribution pension scheme. The assets of the scheme are held sepèT8telyfromtho5e of the seciety in an independently administered fund. Contributions payable by the society amounted to £26,37812024.. £19,572). 19. OTHER FIPIANCIALCOMMITMENTS The Society has the foll¢)wln8 commitrthents due a5 follows: 2025 2024 Due inless than ane or Due betrleen two and five years Due In more than fi've years 36,805 39,633 44.402 70,245 640 76,438 Ik5,287 RELATED PARTY OISCLOSUAES There were no related party transactlons forthe yeHr ended 31 March 2025. Pa8e 23
THE A8BEYFIELD LOUGH80ROUGH SOCIETY LIMITED NOTE5 TO THE FINANCIALSTATEMENT5- ¢ontinued FOR THE YEAR ENDED 31 MARCH 2025 21. EVENTS AFfER THE REPORTING DATE Following the year-end. the society disposed of one of their freehold properties, Ingle5ide House, for EZ.800,000. The society also obtaine(J additional loan flnance from the Charity 8ank of £40,000 after the year-end. 22. FINANCIAL INSTRUMENT5 The carrying amounts ol The Abbeyfield Loughborough Society Limrted's financial instrurnent5 ère as follows.. 2025 2024 Financial assets Measured at fair value throu8h the statenient Df comprehensive intome.. Fixed asset Investment5 (note Lll 511,365 511.365 Income and expense 2025 2024 Financial a$5ets measured at fair value thiou8h comprehenslve Incorne 33.176 The totè1 Interest income and interest expense for financial assets and financial liabilities that are not measured 3t fair value through profit or105s was £Nil12024.. ÉNill and £198.50512024. £197.7631 respectivelv. rTipairment1095es reco¥ni5ed on tangible fixed assets totalled E851,72412024.. E426,9391- 23. SOCIAL HOUSING GRANT The society has received Social Housin8 8raDt5, which were used 10 fund the 3CqUi51tion and development of housing properties and their components. The society had a future obligation to recytle such Erant5 once the properties are disposed of. At 31 March 2025. the value of 8ranis received in respect OF these properties that had not been disposed of wa5 ÉNil The amount of recycled capital grant at 31 March 2025 Is £Nil12024.. ENill. The society challged the purpose of one of their housing propertie5 from supporied housing io dernentia c8rÈ in the prlor year. This resuiied in hisLOliC grants from Homes England becoming repayable and thè ri8ht of the society to recycle the grant fundswa5 Wlthdrawn. The E830.608value shown above hès been re¢oEnised within provisions at the yÈar-end as there is a probable ouillow of econotllic resources 10 Homes England but the timing of this outflow is unceriain. 24. ACCOMMODATION IN MANAGEMENT At the year-ettd. the Society owned two housing units for older people. However, mana8ement made the decision to close one of the housin8 unils in Febrtsary 2025. The number of rooms under management was 3112024.. 641. 25. CONTROL The society is cOntrold by the Board. Pa8e Z4
THE ABBEYFIELO LOUGHBOROUGH SOCIETr UMITED NOTES TO THE FINANCIAL STATEMENTS- torttlnutd FOR TIIE YEAR ENDED 31 MARCH 1025 AES£RVES Balancp at l April 2024 Incorne Expendf(ure Balance at 31 March 2025 Unrestrlrted funds 12,747,739) 2,379.003 3,233.691 13.602.427) Degfiated fvnds Capital expenditure reserve Housin8 property repair reselve General charitoble reserve Property fixed asset reserve 11.426 IL426 30,000 IDO,000 79,888 4,294,243 100,ODO 75,221 5,204,067 9,717 5.050 909.824 2,661,549 2,4fM),146 4,159,991 901,704 Balance at J April 2023 IncomÈ ExpÈnditurÈ 8alante at 31 March 2024 Unrestricted funds 11,744,432> 2,9Z7,315 3,930,622 12,747,739> Desi¢fiatd lund5 Capital expenditure reserve Housin8 property repalr reserve General charitable reserve roperty fixed asset reserve 30,000 iTh),000 74,098 5,062.888 71,747 71,747 30,OLX) loo,000 75,221 5.204,067 7,185 141,179 6,062 3,522,554 3,147.426 4,008,431 2,661,549 Unrestricted funds relatè to an Income and expendlture reseNe. representing tumulatlve surplus and deficlts net of other odju5tments for the below funds. Designated funds ère those unrestrlcted funds which have been set aside by the trustees for a speclfic ptsrpose. The designated lunds of the Society are noted below. The capital expènditufe rÈserve was set tsp to fund future eXndItUre on 14xtures. fiitings and equlpment. The housin8 prope repalr reserve was set up to et)sure that funds are avèilable for housln8 property repair ènd maintenance, withtrut impactSrTrg thè society's free reserves positlon. The general thèrkable reserve rtpre$eAts the a¢cumulated tharbtable dttnatlons retèlved by the seclety unexpended 8t the vear-end. ThÈ propertyfixed assÈt reservèwa5set upto reflertthe net invèstment in properties. In preOuS year5, the deferred capitsl rant wa5 deducted from ths Teserve. Juring the prior year, the capital yanr was transferred to provisions and is therefore no lon8er dedutted from the property fixed asset reseNe. Page 25