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2024-03-31-accounts

The Abbeyfield (Streatham) Society Ltd

Report and Accounts Year ended 31 March 2024

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

THE ABBEYFIELD (STREATHAM) SOCIETY LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2024

Trustees

Rev John Abioye Ademola Ojo Dr Hannah May-Miller Keith Roberts Raymond Smith

Company Secretary Governing Document

Dr Hannah May-Miller

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

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 8-14
Detailed Statement of Financial Activities with Comparatives 15

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 2024

The trustees (Executive Committee), 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 2024.. The trustees have adopted the provisions of Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Society is a Registered Social Landlord and, as such, its principal activity is to provide accommodation for vulnerable people over 55 years old, in accordance with the aims and principles of the Abbeyfield Society Limited. The Activity falls wholly within hostel housing activities as defined in the Housing Act 1996.

Public Benefit

All our charitable activities focus on the provision of housing to vulnerable people over 55 years old. We strive to create a sense of community and belonging, ensuring that our residents can live independently while enjoying companionship and support.

Throughout the financial year 2023 to 2024, we have continued to operate wholly within our principle aims, providing affordable accommodation for older adults, and supporting these individuals to live with varying degrees of support within a small community. In planning the activities the Trustees have applied the guidance on public benefit issued by the Charity Commission.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The Society can accommodate up to 7 residents, however for some time, two rooms have been let together as a 2-bedroom accommodation and this continues to be the case. During the year, one of our residents moved into a nursing home due to a change in their needs, and another resident sadly passed away. At the end of March 2024, our provision was home to a total of four residents with 2 vacant rooms. The Executive Committee aims to achieve full occupancy, requiring significant renovations to the vacated rooms including repainting and fitting new carpets.

We are proud of the progress made to continue to upgrade our premises, for the enjoyment and safety of our residents, in line with health and safety and fire safety requirements. Some of these works included installing an audio dialler in June 2023, fitting new lighting in the kitchen, installing a new shower in one room, thoroughly cleaning and maintaining our garden pond, buying a new sofa and television for the communal lounge, and our gardener continuing to work hard to improve our gardens which had been neglected to some extent during the COVID-19 outbreak. We have also completed Legionella risk assessment, removed several old water tanks in the loft to prevent risk of Legionella, and instigated a regular testing regime.

After a significant restructuring of Abbeyfield England Ltd, as a member society we signed a new local member agreement in February 2024 to retain our status as a member of the Abbeyfield Family. We have made significant progress reviewing and updating many of our key policies in line with Abbeyfield standards.

FINANCIAL REVIEW

Principle funding sources

The charity derives income from residents' rents, which are supplemented by housing benefits.

Operating Review

Page 2

The financial results for the year are set out in the Statements of Financial Activities. The financial position at the year end is shown in the balance sheet.

It is the aim of the Trustees to ensure that the total annual cost of the services provided to our residents in our rental accommodation is affordable to a wide range of individuals, especially those on state benefits. The Executive Committee reviews our financial position regularly in our Executive Committee meetings, with detailed reviews against our budget quarterly. We seek to set affordable rents, aiming to balance our income and expenditure, so that the charity can continue to deliver its charitable aims for the public benefit.

The Society managed its working capital and cash flow to ensure that its financial commitments were met during the year. Our balance sheet continues to be strong with significant property assets and good cash and investment reserves. The Society holds sufficient funds to meet day to day requirements and has no debt.

On reviewing our financial position, despite challenges of significant turnover of residents and vacancies during the year 2023 to 2024, the trustees consider that we continue to have sufficient income and reserves to operate and deliver our planned charitable activities for the foreseeable future.

Reserves Policy

The Executive Committee's policy is to retain such reserves as in the trustees’ judgment are adequate to cover for contingencies in meeting essential services. These include:

We additionally aim to maintain sufficient reserves to cover 6 months running costs to protect our residents from the risk of sudden closure. The Executive Committee monitors and reviews our reserves policy from time to time, and the Trustees recognise that a review of our policy is now due. We also acknowledge that our current reserves are in excess of our requirements; this was due to the previous sale of one property that was running at a loss. The trustees have been actively exploring options to use the excess reserves to extend the services of the Society for its residents and people over 55 years old in the local area, in line with our charitable objectives for the public benefit.

Housing Properties

In September 2024, the Executive Committee had the Property valued by Oaks Estate Agents. It was valued at £1,375,000.

Going Concern

The Executive Committee has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis to prepare financial statements.

FUTURE PLANS

The charity will continue to seek full occupancy and attempt to recruit more Trustees to assist in taking it forward utilising 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 articles of association. 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

Potential new trustees are recruited usually by way of approach made by existing trustees. The trustees of the Society receive no remuneration and so it is important that potential 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 meeting or typically at an AGM.

Organisational structure

Page 3

The Directors of the Company are also charity trustees for the purposes of charity law and under the company’s articles are known as members of the Executive Committee.

In accordance with the Articles of Association of the Society, one third of the Executive Committee members retire by rotation. John Ojo being eligible, offers himself for re-election at the forthcoming Annual General Meeting.

Induction and training of new trustees

New trustees are assisted throughout by the existing members and supported by the national Abbeyfield Society until such time as they are fully confident in carrying out their functions within the charity.

Related Parties

Several trustees have involvement with other charitable boards. During the year, there were transactions that are required to be reported as related party items. Specifically, a payment of £126 was made to Raymond Smith (trustee) for covering a housekeeping shift and, with the Executive Committee’s approval, a relative of the House Manager was contracted for painting and decorating receiving £6,630 in remuneration.

Risk management

The main areas of risk to the charity are financial, reputational and physical. The trustees monitor and undertake risk assessments to identify physical risks such as faulty wiring, which could pose a risk to residents and remedy potential problems as appropriate.

Staff are subject to background and DBS checks and are trained in Health and Safety matters.

Financial risk is monitored and mitigated by the maintenance of budgeting and financial controls, accurate accounting records and investments are made with the aim maximum yield whilst minimising risk.

Responsibilities of trustees under company law

The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true 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 application 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 accounting records that disclose with reasonable accuracy at any time the financial position 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 prevention and detection of fraud and other irregularities.

Approval

This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the trustees and signed on their behalf by:

Hannah May-Miller Hannah May-Miller (Dec 17, 2024 22:50 GMT)

Dr Hannah May-Miller Company Secretary Date: Dec 17, 2024

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 2024 on pages 6 to 15 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 (Dec 18, 2024 10:36 GMT)Sarah Crispin

Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Dec 18, 2024

Page 5

THE ABBEYFIELD (STREATHAM) SOCIETY LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

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
£
4
81,103
19,284
100,391
130,117
14,878
144,994
49,269
4,666
-
-
4,666
50,000
54,666
2,498,073
2,552,739		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2024
£
4
81,103
19,284
100,391
130,117
14,878
144,994
49,269
4,666
-
-
4,666
50,000
54,666
2,498,073
2,552,739		 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

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 8-14 form part of these accounts.

Page 6

THE ABBEYFIELD (STREATHAM) SOCIETY LTD

BALANCE SHEET

AS AT 31 MARCH 2024

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
£
1,380,495
1,121,228
2,501,723
5,994
49,022
55,016
(4,000)
51,017
2,552,739
1,272,127
175,138
1,105,474
2,552,739
-
2,552,739		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2024
£
1,380,495
1,121,228
2,501,723
5,994
49,022
55,016
(4,000)
51,017
2,552,739
1,272,127
175,138
1,105,474
2,552,739
-
2,552,739		 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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 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:

Hannah May-Miller Hannah May-Miller (Dec 17, 2024 22:50 GMT) Dr Hannah May-Miller

Date: _______ Dec 17, 2024

Company number: 00835742

The notes on page 8-14 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 2024

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.

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.

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 2024

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.

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:

3 Income from charitable activities

Room rental income
4
Charitable expenditure
a
Costs incurred directly on specific activities
Salaries, travel and expenses
Food & household
Telephone and utilities
Maintenance
Other direct costs
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Office & support costs
Depreciation of tangible fixed assets
Insurance
Total expenditure		 2024
£
81,103
81,103
2024
£
64,913
11,592
10,315
29,797
1,650
118,267
118,267
1,950
-
1,950
3,248
2,795
3,856
11,849
130,117		 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

Total expenditure

Page 9

THE ABBEYFIELD (STREATHAM) SOCIETY LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

5 Cost of raising funds

of raising funds
Investment adviser charges
Investment & service fees		 2024
£
2,668
12,210
14,878		 2023
£
2,720
-
2,720

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 (2023: 5). 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
126
-
following amounts were payable in the previous year:
Employer
Wages &
pension
salaries
contributions
Trustees:
Raymond Smith
2,604
40		 2024
£
126
126
2023
£
2,644
2,644

The following amounts were payable in the previous year:

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.

7 Tangible fixed assets

Valuation
At 1 April 2023
Additions
Gains / (losses) on revaluation
Disposals
At 31 March 2024
Accumulated depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
Property
£
1,325,000
-
50,000
-
1,375,000
-
-
-
1,375,000
1,325,000		 Fixtures,
fittings and
equipment
£
114,717
-
-
-
114,717
106,427
2,795
109,222
5,495
8,290		 Total
2024
£
1,439,717
-

50,000
-
1,489,717
106,427
2,795
109,222
1,380,495
1,333,290

Page 10

THE ABBEYFIELD (STREATHAM) SOCIETY LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

7 Tangible fixed assets (cont.)

The freehold property was valued at £1,375,000 in 2024 by an independent qualified valuer at open market value assuming vacant possession. If the freehold property had not been revalued, its carrying value at historical cost would have been £393,568 (2023: £393,568).

There is a covenant on the property that states that if the house were to be sold, the money would go to the national Abbeyfield Society. While the charity continues to operate on a going concern basis, the property is considered to be part of the assets of the charity.

8 Fixed asset investments

Cost or fair value brought forward
Purchases during the year
Disposals during the year
Change in value of investments
Cost or fair value carried forward		 Listed
Investments
1,067,552
7,075
(2,668)
49,269
1,121,228		 2024
£
1,067,552
7,075
(2,668)
49,269
1,121,228		 2023
£
1,142,809
17,779
-
(93,035)
1,067,552

9 Debtors

Falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
h at Bank and in Hand
Cash at bank with immediate access
Petty cash		 2024
£
146
3,523
2,325
5,994
2024
£
48,824
198
49,022		 2023
£
769
-
2,284
3,053
2023
£
99,140
66
99,206

10 Cash at Bank and in Hand

11 Creditors: liabilities falling due within one year

Trade creditors
Taxation and social security
Other creditors
Accruals
Deferred income
Deferred income
Amount deferred in year
Amount released to income
Balance at the beginning of the reporting period
Balance at the end of the reporting period
Deferred income comprises the following:		 Rents in
advance
2,309
(2,309)
0
0		 Local
authority
grants
-
-
-
-		 2024
£
815
-
1,236
1,949
-
4,000
2024
£
2,309
(2,309)
0
0		 2023
£
-
-
292
2,429
2,309
5,029
2023
£
334,003
(334,003)
2,309
2,309

12 Deferred income

Deferred income brought forward in 2023 related to historic grants from local authorities in relation to the sale of the property 33 Eardley Road. The amount was released in 2023 - see note 14 for more details.

Page 11

THE ABBEYFIELD (STREATHAM) SOCIETY LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

13 Pension commitments

During the year employer’s pension contributions totalling £2,795 (2023: £1,052) were payable to defined contribution personal pension schemes.

14 Extraordinary items

There are no extraordinary items in the current year. In the previous year, there were 2 items as follows:

An amount of £334,003 had 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 released the funds in 2023.

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, in 2023 these funds were 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
Aggregate of funds		 Opening
balance
2024
£
100,378
74,760
175,138
1,316,729
1,006,206
2,498,073
2,498,073		 Incoming
resources
2024
£
-
-
-
100,391
-
100,391
100,391		 Outgoing
resources
2024
£
-
-
-
(144,994)
-
(144,994)
(144,994)		 Transfers
in the year
2024
£
-
-
-
-
-
-
-		 Gains and
losses
2024
£
-
-
-
-
99,269
99,269
99,269		 Closing
balance
2024
£
100,378
74,760
175,138
1,272,126
1,105,475
2,552,739
2,552,739

There were no restricted funds during 2024.

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
£
£
£
399,063
981,432
-
822,048
124,043
175,138
5,994
-
-
49,022
-
-
(4,000)
-
-
1,272,127
1,105,474
175,138
Unrestricted Funds		 Restricted
funds
£
-
-
-
-
-
-		 2024
£
1,380,495
1,121,228
5,994
49,022
(4,000)
2,552,739

Page 12

THE ABBEYFIELD (STREATHAM) SOCIETY LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

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
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

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
£
£
£
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

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 the sole charitable activity of the charity, the fund was transferred to unrestricted during the previous year and considered to have been spent.

Page 13

THE ABBEYFIELD (STREATHAM) SOCIETY LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

16 Transactions with related parties

During the year the charity also made the following payments to, or for, related parties:

17 Members

Each member of the company commits to contribute if the charity is wound up an amount of £1.

Page 14

THE ABBEYFIELD (STREATHAM) SOCIETY LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 MARCH 2024

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
2024
2024
£
£
4
-
81,103
-
19,284
-
100,391
-
130,117
-
14,878
-
144,994
-
49,269
-
4,666
-
-
-
-
-
4,666
-
50,000
-
54,666
-
2,322,935
175,138
2,377,601
175,138
Unrestricted funds		 Restricted
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
2024
£
4
81,103
19,284
100,391
130,117
14,878
144,994
49,269
4,666
-
-
4,666
50,000
54,666
2,498,073
2,552,739		 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

Page 15