## The Abbeyfield (Streatham) Society Ltd
Report and Accounts Year ended 31 March 2023
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
## **THE ABBEYFIELD (STREATHAM) SOCIETY LTD**
## **COMPANY INFORMATION**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **Trustees**
Rev John Abioye Ademola Ojo Dr Hannah May-Miller Keith Roberts Andree Smith (resigned July 2022) Raymond Smith (appointed 5 July 2022)
## **Company Secretary**
Dr Hannah May-Miller
**Governing Document**
Memorandum and Articles of Association dated 28 January 1965 amended 27 April 2004
**Company Registration Number** 00835742 **Charity Registration Number** 243585
**Social Housing Regulator Number** H3480
## **Registered Office**
28 Conyers Road Streatham London SW16 6LT
## **Independent Examiner**
Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB
## **Bankers**
|**Contents**|**Page**|
|---|---|
|Company Information|1|
|Trustees' Annual Report|2-4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Accounts|8-13|
|Detailed Statement of Financial Activities with Comparatives|14|
Page 1
**THE ABBEYFIELD (STREATHAM) SOCIETY LTD (REGISTERED NUMBER:00835742) (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
The trustees (Execu�ve Commitee) who are also directors of the charity for the purpose of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 MARCH 2023. The trustees have adopted the provisions of Accoun�ng and Repor�ng by Chari�es; Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standards applicable in the UK and Republic of Ireland (FRS 102) effec�ve 1 January 2019.
## **OBJECTIVES AND ACTIVITIES**
## Objec�ves and aims
The Society is a Registered Social Landlord and, as such, its principal ac�vity is to provide accommoda�on for the lonely and ac�ve elderly, in accordance with the aims and principles of the Abbeyfield Society Limited. The Ac�vity falls wholly within hostel housing ac�vi�es as defined in the Housing Act 1996.
##
Our main ac�vi�es and who we try to help are described below. All our charitable ac�vi�es focus on the provision of housing to the vulnerable and elderly. In planning the ac�vi�es the Trustees have applied the guidance on public benefit issued by the Charity Commission.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable ac�vi�es**
The ul�mate aim of the Execu�ve Commitee is to achieve full occupancy, which was achieved for the year to March 2022. By 31 March 2023, 2 residents le� for care homes.
## **FINANCIAL REVIEW**
## **Principle funding sources**
acquired, it has historically been done so u�lising social housing grants.
## **Opera�ng Review**
the year end is shown in the balance sheet.
## **Reserves Policy**
It is the policy of the Execu�ve Commitee to maintain the reserves of the charity for current and future charitable purposes, in keeping with the Society’s aims and objec�ves, not as a hoarding policy. These purposes include planning for expenditure on upkeep, renova�on and maintenance of the Society’s property and extending the services of the Society for its residents and the elderly in the local area and if the possibility arises towards the purchase, establishment and staffing of a proposed care home to atract persons who need greater care, including in appropriate cases, exis�ng residents who would find it
Page 2
convenient to move on to a care home without break in con�nuity. The Execu�ve Commitee monitor and review this policy from �me to �me.
## **Housing Proper�es**
In March 2022, the Execu�ve Commitee had the Property valued by Oaks Estate Agents. It was valued at £1,325,000.
## **Going Concern**
The Execu�ve Commitee has a reasonable expecta�on that the company has adequate resources to con�nue opera�onal existence for the foreseeable future. Accordingly, they con�nue to adopt the going concern basis to preparing financial statements.
## **FUTURE PLANS**
The charity will con�nue to seek full occupancy and atempt to recruit more Trustees to assist in taking it forward u�lising retained funds for its charitable purposes.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Society is a Company Limited by guarantee, a Registered Social Landlord and a registered charity governed by its memorandum and ar�cles of associa�on. The Society is registered under the Companies Act 2006 and the Housing Act 1996. In the event of the company being wound up. Members are required to contribute an amount not exceeding £1.
## **Recruitment and appointment of new trustees**
Poten�al new trustees are recruited usually by way of approach made by exis�ng trustees. The trustees of the Society receive no remunera�on and so it is important that poten�al trustees have some interest to commit to the Society. Following a formal screening process and subject to DBS checks, the applicant is formally elected at a board mee�ng or typically at an AGM.
Organisa�onal structure
The Directors of the Company are also charity trustees for the purposes of charity law and under the company’s ar�cles are known as members of the Execu�ve Commitee.
In accordance with the Ar�cles of Associa�on of the Society, one third of the Execu�ve Commitee members re�re by rota�on. Hannah May-Miller being eligible, offers herself for the re-elec�on at the forthcoming Annual General Mee�ng.
## **Induc�on and training of new trustees**
Society un�l such �me as they are fully confident in carrying out their func�ons within the charity.
## **Related Par�es**
The trustees sit on other board of Charitable bodies. However, there were no transac�ons in the year that are reportable as related party items.
## **Risk management**
undertake risk assessments to iden�fy physical risks such as faulty wiring, which could pose a risk to residents and remedy poten�al problems as appropriate.
Page 3
accoun�ng records and investments are made with the aim maximum yield whilst minimising risk.
## **RESPONSIBILITIES OF TRUSTEES UNDER COMPANY LAW**
accordance with applicable law and United Kingdom Accoun�ng Standards (United Kingdom Generally Accepted Accoun�ng Prac�ce).
and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and applica�on of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:
1. select suitable accounting policies and apply them consistently;
2. observe the methods and principles in the Charities SORP;
3. make judgments and estimates that are reasonable and prudent;
4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accoun�ng records that disclose with reasonable accuracy at any �me the financial posi�on of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the preven�on and detec�on of fraud and other irregulari�es.
## **APPROVAL**
This report, which has been prepared in accordance with the provisions of the Companies Act 2006 rela�ng to small companies, was approved by the trustees and signed on their behalf by:
## **Raymond Smith**
Raymond Smith
## **Keith Roberts**
Keith Roberts
Date: 19 December 2023
Page 4
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF**
## **THE ABBEYFIELD (STREATHAM) SOCIETY LTD ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023 on pages 6 to 14 following, which have been prepared on the basis of the accounting policies set out on pages 8 to 9.
## **Responsibilities and basis of report**
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Sarah Crispin**
Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB
Date: 20 December 2023
Page 5
## **THE ABBEYFIELD (STREATHAM) SOCIETY LTD**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 MARCH 2023**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
Charitable activities
3
Investments
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities
4
Raising funds
5
**Total expenditure**
**Net gains/(losses) on investments**
**Net income/(expenditure)**
**Extraordinary items**
14
**Transfers between funds**
15
**Other recognised gains/(losses):**
Gains/(losses) on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
15|Unrestricted
Funds
£
59
114,553
20,499
135,111
145,856
2,720
148,576
(93,035)
(106,500)
623,694
60,672
577,866
-
577,866
1,920,207
2,498,073|Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
(60,672)
(60,672)
-
(60,672)
60,672
-|Total
Funds
2023
£
59
114,553
20,499
135,111
145,856
2,720
148,576
(93,035)
(106,500)
623,694
-
517,194
-
517,194
1,980,879
2,498,073|Total
Funds
2022
£
298
134,770
8|
|---|---|---|---|---|
|||||135,076|
|||||126,801
-|
|||||126,801|
|||||27,153|
|||||35,428
-
-|
|||||35,428
125,000|
|||||160,428
1,820,451|
|||||1,980,879|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.
The notes on page 8-13 form part of these accounts.
Page 6
## **THE ABBEYFIELD (STREATHAM) SOCIETY LTD**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2023**
|Note
**FIXED ASSETS**
Tangible assets
7
Investments
8
**CURRENT ASSETS**
Debtors
9
Cash at bank and in hand
10
**CREDITORS: Amounts falling**
**due within one year**
11
**Net current assets / (liabilities)**
**TOTAL NET ASSETS**
**FUND BALANCES**
15
Unrestricted Funds
General funds
Designated funds
Revaluation reserve
Restricted Funds|Unrestricted
Funds
£
1,333,290
1,067,552
2,400,842
3,053
99,206
102,259
(5,029)
97,230
2,498,073
1,316,729
175,138
1,006,206
2,498,073
-
2,498,073|Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-|Total
Funds
2023
£
1,333,290
1,067,552
2,400,842
3,053
99,206
102,259
(5,029)
97,230
2,498,073
1,316,729
175,138
1,006,206
2,498,073
-
2,498,073|Total
Funds
2022
£
1,039,541
1,142,809|
|---|---|---|---|---|
|||||2,182,350|
|||||2,439
134,608|
|||||137,047
(338,518)|
|||||(201,471)|
|||||1,980,879|
|||||645,828
175,138
1,099,241|
|||||1,920,207
60,672|
|||||1,980,879|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.
- The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities (a) ensuring that the charitable company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its net income or expenditure for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements were approved by the Board of Directors and were signed on its behalf by:
## **Raymond Smith**
## **Keith Roberts**
-----------------------------------------------------------------------------
Raymond Smith
Keith Roberts
Date: 19 December 2023
Company number: 00835742
The notes on page 8-13 form part of these accounts.
Charity number: 243585
Page 7
## **THE ABBEYFIELD (STREATHAM) SOCIETY LTD**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **1 Statutory Information**
The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.
## **2 Accounting Policies**
These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities.
These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The principles adopted in the preparation of the financial statements are set out below.
## a) Going concern
The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It consists of rental income received from residents.
Investment income represents income generated by the charity's assets and includes dividend income from a managed investment portfolio. In previous years these were netted off the gains/losses on revaluation of investments.
- c) Expenditure Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure on raising funds comprises the costs incurred on managing investments. In previous years these were netted off the gains/losses on revaluation of investments.
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
- d) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
## e) Tangible fixed assets
Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:
Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Is not depreciated (because it is held at current valuation) Equipment & furniture Over 4 years
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
Page 8
## **THE ABBEYFIELD (STREATHAM) SOCIETY LTD**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **2 Accounting Policies (cont.)**
## f) Investments
Fixed asset investments are held to generate income. The charity holds listed investments as part of a managed portfolio and these are valued at their market value (fair value) at the balance sheet date.
## g) Pension scheme arrangements
The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.
h) Taxation The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
- i) Financial instruments The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).
## j) Exemption from preparing a cashflow statement
The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
- k) Critical accounting estimates and areas of judgement ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The trustees consider the following to be significant:
- i) The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimates for useful economic life and residual value. These estimates are reassessed annually and, when necessary, adjusted to reflect current circumstances.
## **3 Income from charitable activities**
|Room rental income
**ritable expenditure**
**s incurred directly on specific activities**
Salaries, travel and expenses
Food & household
Telephone and utilities
Maintenance
Other direct costs
**s incurred on support & administration**
Governance costs
Independent examiner's fee
Other
Office & support costs
Professional fees
Depreciation of tangible fixed assets
Insurance
**l expenditure**|2023
£
114,553
114,553
2023
£
73,032
13,193
10,130
31,037
2,355
129,748
129,748
1,830
155
1,985
4,464
-
6,162
3,498
16,109
145,856|2022
£
134,770|
|---|---|---|
|||134,770|
|||2022
£
66,698
11,660
11,194
12,680
1,671|
|||103,903|
||||
|||103,903|
|||4,656
-|
|||4,656
5,143
5,489
4,350
3,260|
|||22,898|
|||126,801|
## **4 Charitable expenditure**
- **a Costs incurred directly on specific activities**
**b Costs incurred on support & administration**
## **Total expenditure**
Page 9
## **THE ABBEYFIELD (STREATHAM) SOCIETY LTD**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **5 Cost of raising funds**
|**of raising funds**|||
|---|---|---|
|Investment management fees|2023
£
2,720
2,720|2022
£
-|
|||-|
## **6 Analysis of staff costs, the cost of key management personnel and trustee remuneration**
The average monthly number of employees during the year was 5 (2022: 4). Most of the charity's activities are carried out by volunteers.
No staff received salaries at a rate of more than £60,000 per annum.
The charity's key management comprise the trustees and the key staff named on the Company Information page. Total employment benefits payable to key management for the year were as follows:
|Employer
Wages &
pension
salaries
contributions
Trustees:
Raymond Smith
2,604
40|2023
£
2,644|
|---|---|
||2,644|
Raymond Smith served as housekeeper and received the above payments for serving in that capacity, not for serving as a trustee; these payments are permitted by the charity's governing document.
No trustees received employment benefits in the preceding year.
## **7 Tangible fixed assets**
|**Tangible fixed assets**||||
|---|---|---|---|
|Valuation
At 1 April 2022
Additions
Inclusion of Social Housing Grant previously netted off
At 31 March 2023
Accumulated depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022|Freehold
Property
£
1,035,309
-
289,691
1,325,000
-
-
-
1,325,000
1,035,309|Fixtures,
fittings and
equipment
£
104,497
10,220
-
114,717
100,265
6,162
106,427
8,290
4,232|Total
2023
£
1,139,806
10,220
289,691|
||||1,439,717|
||||100,265
6,162|
||||106,427|
||||1,333,290|
||||1,039,541|
Freehold property was valued at £1,325,000 in 2022 by an independent qualified valuer at open market value assuming vacant possession. The trustees are not aware of any material changes in value since then and the valuation has not been updated. If freehold property had not been revalued, its carrying value at historical cost would have been £393,568 (2022: £393,568).
In previous years, the valuation stated for Land & Buildings was shown net of Social Housing Grants potentially repayable in the event of a sale. In 2023, the trustees reviewed this treatment and have confirmed that there is no charge or outstanding loan on the property so the full valuation figure has been included on the balance sheet. See note 14 for further details.
Page 10
## **THE ABBEYFIELD (STREATHAM) SOCIETY LTD**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **8 Fixed asset investments**
|Cost or fair value brought forward
Purchases during the year
Change in value of investments
Cost or fair value carried forward
**ors**
**Falling due within one year:**
Trade debtors
Prepayments and accrued income
**h at Bank and in Hand**
Cash at bank with immediate access
Petty cash
**itors: liabilities falling due within one year**
Trade creditors
Taxation and social security
Other creditors
Accruals
Deferred income|Listed
Investments
1,142,809
17,779
(93,035)
1,067,552|2023
£
1,142,809
17,779
(93,035)
1,067,552
2023
£
769
2,284
3,053
2023
£
99,140
66
99,206
2023
£
-
-
292
2,429
2,309
5,029|2022
£
1,115,656
-
27,153|
|---|---|---|---|
||||1,142,809|
||||2022
£
(27)
2,466|
||||2,439
|
||||2022
£
134,379
229|
||||134,608|
||||2022
£
3,060
78
278
1,099
334,003|
||||338,518|
## **9 Debtors**
## **10 Cash at Bank and in Hand**
## **11 Creditors: liabilities falling due within one year**
## **12 Deferred income**
Deferred income comprises the following:
|Rents in
advance
Local
authority
grants
-
334,003
(334,003)
2,309
-
2,309
-
Within one year
2,309
-
After one year
-
-
2,309
-
Amount deferred in year
The income deferred at the period end will be released to income over the following periods:
Amount released to income
Balance at the beginning of the reporting period
Balance at the end of the reporting period|2023
£
334,003
(334,003)
2,309
2,309
2,309
-
2,309|2022
£
334,003
-
-|
|---|---|---|
|||334,003|
||||
Deferred income in 2022 related to historic grants from local authorities in relation to the sale of the property 33 Eardley Road. The amount was released during the year - see note 14 for more details.
Page 11
## **THE ABBEYFIELD (STREATHAM) SOCIETY LTD**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **13 Pension commitments**
During the year employer’s pension contributions totalling £1,052 (2022: £904) were payable to defined contribution personal pension schemes.
## **14 Extraordinary items**
An amount of £334,003 has been held as deferred income in the accounts for a number of years. This related to grants given for the conversion of a previous property which had the potential to be repayable. The property was sold in 2012 and legal checks were done at the time to confirm that there were no repayable funds attributed to the property. The trustees believe that there is no longer a possible liability for this amount and as a result have released the funds.
An amount of £289,691 was previously netted off the value of land and buildings. This related to Social Housing grants given for the purchase of the Conyers Road property. In 1999 the charge on the property was discharged and the trustees do not believe there is any outstanding liability for Social Housing grants. Consequently these funds have been released.
## **15 Funds**
During the year the movements in the charity's funds were as follows:
|_Designated Funds_
Revenue reserve fund
Repairs & maintenance reserve fund
_General Unrestricted Funds_
_General Revaluation Reserve_
Total Unrestricted Funds
_Restricted Funds_
Social Housing grant
Aggregate of funds|Opening
balance
2023
£
100,378
74,760
175,138
645,828
1,099,241
1,920,207
60,672
60,672
1,980,879|Incoming
resources
2023
£
-
-
-
135,111
-
135,111
-
-
135,111|Outgoing
resources
2023
£
-
-
-
(148,576)
-
(148,576)
-
-
(148,576)|Transfers
in the year
2023
£
-
-
-
60,672
-
60,672
(60,672)
(60,672)
-|Gains and
losses
2023
£
-
-
-
623,694
(93,035)
530,659
-
-
530,659|Closing
balance
2023
£
100,378
74,760|
|---|---|---|---|---|---|---|
|||||||175,138
1,316,729
1,006,206|
|||||||2,498,073|
|||||||-|
|||||||-|
|||||||2,498,073|
The transfer from restricted Social Housing grant to General funds was agreed by trustees in recognition of the fact that the restrictions on this grant are fulfilled by the charity's objects and such the fund is unrestricted in nature.
## **Analysis of net assets by fund**
The assets and liabilities of the various funds were as follows:
|Tangible fixed assets
Fixed asset investments
Debtors
Cash at bank and in hand
Creditors falling due within one year|General
Revaluation
Designated
funds
reserve
funds
£
£
£
401,858
931,432
-
817,641
74,774
175,138
3,053
-
-
99,206
-
-
(5,029)
-
-
1,316,729
1,006,206
175,138
Unrestricted Funds|Restricted
funds
£
-
-
-
-
-
-|2023
£
1,333,290
1,067,552
3,053
99,206
(5,029)|
|---|---|---|---|
||||2,498,073|
Page 12
## **THE ABBEYFIELD (STREATHAM) SOCIETY LTD**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **15 Funds (cont.)**
In the previous year the movements in the charity's funds were as follows:
|_Designated Funds_
Revenue reserve fund
Repairs & maintenance reserve fund
_General Unrestricted Funds_
_General Revaluation Reserve_
Total Unrestricted Funds
_Restricted Funds_
Social Housing grant
Aggregate of funds|Opening
balance
2022
£
100,378
74,760
175,138
637,553
947,088
1,759,779
60,672
60,672
1,820,451|Incoming
resources
2022
£
-
-
-
135,076
-
135,076
-
-
135,076|Outgoing
resources
2022
£
-
-
-
(126,801)
-
(126,801)
-
-
(126,801)|Transfers
in the year
2022
£
-
-
-
-
-
-
-
-
-|Gains and
losses
2022
£
-
-
-
-
152,153
152,153
-
-
152,153|Closing
balance
2022
£
100,378
74,760|
|---|---|---|---|---|---|---|
|||||||175,138
645,828
1,099,241|
|||||||1,920,207|
|||||||60,672|
|||||||60,672|
|||||||1,980,879|
## **Analysis of net assets by fund**
In the previous year, the assets and liabilities of the various funds were as follows:
|Tangible fixed assets
Fixed asset investments
Debtors
Cash at bank and in hand
Creditors falling due within one year|General
Revaluation
Designated
funds
reserve
funds
£
£
£
108,109
931,432
-
799,862
167,809
175,138
2,439
-
-
73,936
-
-
(338,518)
-
-
645,828
1,099,241
175,138
Unrestricted Funds|Restricted
funds
£
-
-
-
60,672
-
60,672|2022
£
1,039,541
1,142,809
2,439
134,608
(338,518)|
|---|---|---|---|
||||1,980,879|
In previous years, the Revaluation Reserve was included in the General Unrestricted funds
## _Designated Funds_
The Revenue reserves fund is to ensure that the charity can continue to operated even if occupancy rates fall below a breakeven level.
The Repairs and maintenance fund is set aside to ensure that the trustees' are able to meet their maintenance obligations and to ensure that accommodation is maintained at a standard to fulfil all legal rquirements.
## _Restricted Funds_
The Social Housing grant was to further the cause of providing care to the vulnerable elderly. As this is sole charitable activity of the charity, the fund was transferred to unrestricted during the year.
## **16 Transactions with related parties**
Except as disclosed in note 6 'Analysis of staff costs', there have been no other transactions with related parties during the year.
## **17 Members**
Each member of the company commits to contribute if the charity is wound up an amount of £1.
Page 13
## **THE ABBEYFIELD (STREATHAM) SOCIETY LTD**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES**
## **FOR THE YEAR ENDED 31 MARCH 2023**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
Charitable activities
3
Investments
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities:
4
Raising funds
5
**Total Expenditure**
**Net gains/(losses) on investments**
**Net income/(expenditure)**
**Extraordinary items**
14
**Transfers between funds**
15
**Other recognised gains/(losses):**
Gains/(losses) on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
15||General
Designated
2023
2023
£
£
59
-
114,553
-
20,499
-
135,111
-
145,856
-
2,720
-
148,576
-
(93,035)
-
(106,500)
-
623,694
-
60,672
-
577,866
-
-
-
577,866
-
1,745,069
175,138
2,322,935
175,138
Unrestricted funds|Restricted
2023
£
-
-
-
-
-
-
-
-
-
-
(60,672)
(60,672)
-
(60,672)
60,672
-|Total
2023
£
59
114,553
20,499
135,111
145,856
2,720
148,576
(93,035)
(106,500)
623,694
-
517,194
-
517,194
1,980,879
2,498,073|||General
Designated
2022
2022
£
£
298
-
134,770
-
8
-
135,076
-
126,801
-
-
-
126,801
-
27,153
-
35,428
-
-
-
35,428
-
125,000
-
160,428
-
1,584,641
175,138
1,745,069
175,138
Unrestricted funds|Restricted
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
60,672
60,672|Total
2022
£
298
134,770
8
135,076
126,801
-
126,801
27,153
35,428
-
35,428
125,000
160,428
1,820,451
1,980,879|
|---|---|---|---|---|---|---|---|---|---|
Page 14