REGISTERED COMPANY NUMBER: 00843675 (England and Wales) REGISTERED CHARITY NUMBER: 243592
THE ABBEYFIELD LEIGH SOCIETY LIMITED
TRUSTEES' REPORT AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
THE ABBEYFIELD LEIGH SOCIETY LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 5 April 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Trustees' Report | 2 | to | 3 |
| Statement of Trustees' Responsibilities | 4 | ||
| Report of the Independent Auditors | 5 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | ||
| Notes to the Financial Statements | 11 | to | 17 |
THE ABBEYFIELD LEIGH SOCIETY LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 5 April 2023
| TRUSTEES | Edna Ashcroft (Director) |
|---|---|
| Francis Rothwell M.B.E Dec'd (Director) (deceased 21.10.23) | |
| Glynn Squires | |
| Melvyn Rothwell (Director) | |
| Margaret Bullough | |
| Stephen Donlan | |
| Audrey Bent | |
| Len Speakman | |
| COMPANY SECRETARY | John France |
| REGISTERED OFFICE | Unit 2 |
| Beswick House | |
| Green Fold Way | |
| Leigh | |
| Lancashire | |
| WN7 3XJ | |
| PRINCIPAL ADDRESS | Abbeyfield House |
| 57-61 Bond Street | |
| Leigh | |
| Lancashire | |
| WN7 1BT | |
| REGISTERED COMPANY | 00843675 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 243592 |
| NUMBER | |
| INDEPENDENT AUDITORS | Hayes & Co |
| Chartered Accountants | |
| Statutory Auditors | |
| St.Andrews House | |
| 11 Dalton Court, Commercial Road, | |
| Blackburn Interchange | |
| Darwen | |
| Lancashire | |
| BB3 0DG | |
| BANKERS | HSBC Bank |
| 71 Bradshawgate | |
| Leigh | |
| Lancashire | |
| WN7 4NE |
Page 1
THE ABBEYFIELD LEIGH SOCIETY LIMITED
TRUSTEES' REPORT for the year ended 5 April 2023
The trustees present their annual report, which also contains the requirements of a director's report under the Companies Act 2006, and accounts for the year ended 5 April 2023.
Relevant administrative information is included separately at the front of these accounts.
OBJECTIVES AND ACTIVITIES
The charity review its aims, objectives and activities each year to help ensure its focus on its stated purposes. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims, objectives and in planning its future aims.
The charity's objectives are to provide residential accommodation to the elderly in accordance with the principles of the Abbeyfield Society, in respect of which it is an affiliated member.
The aims of the Abbeyfield Society are to make older people's lives easier and more fulfilling. Since 1956 Abbeyfield volunteers have worked tirelessly to provide housing, support and companionship to older people in their local communities.
Abbeyfield residents enjoy life all the more because they know the people who run their societies are dedicated volunteers who are doing this demanding work because they want to.
Considerable importance is placed upon the provision of quality accomodation for the residents and house-keepers.
The condition of the properties is under constant review and various improvements have been undertaken during the year.
Fire and health and safety regulations are monitored by the executive officer and it is the charity's policy to give priority to any improvements considered necessary. Any alterations are always treated with importance and granted a first charge on the charity's funds.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake
ACHIEVEMENT AND PERFORMANCE
During the year vacancies amounted to some 162 weeks due to the residents moving out due to their deteriorating health and due to room renovations; 83.6% utilisation of accommodation was achieved.
The Society reports a surplus of £22,481 for the year under review (2022: £37,106). Income from the provision of accommodation has risen in the year to £264,370 from £239,631 in 2022. Repairs have increased to £31,120 from £12,374 due to the property being refurbished and re-decorated.
FINANCIAL REVIEW
The Society's reserves stand at £1,133,594 of which £779,125 is held in cash.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assigned the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to such risks.
PLANS FOR FUTURE PERIODS
There are in force schedules of repairs and re-decorations which are being complied with.
Page 2
THE ABBEYFIELD LEIGH SOCIETY LIMITED
TRUSTEES' REPORT for the year ended 5 April 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a company limited by guarantee and was incorporated on 31 March 1965. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
The trustees, three of whom were also directors for the purpose of company law, who served during the year were: Edna Ashcroft (Director) Francis Rothwell M.B.E (Director) Glynn Squires Melvyn Rothwell (Director) Margaret Bullough Stephen Donlan Audrey Bent Len Speakman
The trustees are re-appointed at the annual general meeting on a 1/3 rota basis. New trustees are welcome and any interested party should apply to the secretary or any existing trustee. The society has in force a detailed induction schedule and agreement for new trustees: there is a liaison officer who is the person on the executive committee whose duty it is to ensure that the new trustees complete the induction schedule and agreement, the recruitment form, the request for reference form, and to ensure that they are made aware of the complaints procedure and the procedures to be followed in the event of assistance being required to deal with and emergency situation.
The trustees delegate the day to day management of the accomodation facilities to John France, company secretary and executive officer.
None of the trustees has any beneficial interest in the company.
AUDITORS
A resolution proposing that Hayes & Co, be reappointed as auditors of the company will be put to the members.
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
This report has been prepared in accordance with the special provision relating to small companies within Part 15 of the Companies Act 2006.
Approved by order of the board of trustees on 17 December 2023 and signed on its behalf by:
Melvyn Rothwell - Trustee
Page 3
THE ABBEYFIELD LEIGH SOCIETY LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES for the year ended 5 April 2023
The trustees, three of whom are also directors of The Abbeyfield Leigh Society Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the accounts on the going concern basis unless it's appropriate 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 charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD LEIGH SOCIETY LIMITED
Opinion
We have audited the financial statements of The Abbeyfield Leigh Society Limited (the 'charitable company') for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 5 April 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Report which includes the Directors' Report for the purposes of company law for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Directors' Report included within the Trustees' Report has been prepared in accordance with applicable legal requirements.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD LEIGH SOCIETY LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report included within the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate and proper accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the trustees' Report.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD LEIGH SOCIETY LIMITED
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and sector, we identified the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, employment, pension, health and safety legislation, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers for social housing in England 2019 and we considered the extent to which non compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements as the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements.
Our procedures to respond to risks identified included the following:
-
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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enquiring of management about actual and potential litigation and claims, their policies and procedures to prevent and detect fraud as well as whether they have knowledge of any actual, suspected or alleged fraud;
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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reading minutes of meetings of those charged with governance;
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obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of provisions; and
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in addressing the risk of fraud through management override of controls; testing the appropriateness of journal entries; assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regularity and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD LEIGH SOCIETY LIMITED
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
A N Totham (Senior Statutory Auditor) for and on behalf of Hayes & Co Chartered Accountants Statutory Auditors St.Andrews House 11 Dalton Court, Commercial Road, Blackburn Interchange Darwen Lancashire BB3 0DG
17 December 2023
Page 8
THE ABBEYFIELD LEIGH SOCIETY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 5 April 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 4 Incoming resources from charitable activities 5 Investment income 6 Total EXPENDITURE ON Charitable activities 7 Administrative expenses Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 570 264,370 6,114 271,054 244,666 (3,907) 22,481 1,111,113 1,133,594 |
2022 Total funds £ 780 239,631 4,175 |
|---|---|---|
| 244,586 | ||
| 218,465 | ||
| 10,985 | ||
| 37,106 1,074,007 |
||
| 1,111,113 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The notes form part of these financial statements
Page 9
THE ABBEYFIELD LEIGH SOCIETY LIMITED
BALANCE SHEET 5 April 2023
| Notes FIXED ASSETS Tangible assets 14 CURRENT ASSETS Debtors 15 Investments 16 Cash at bank and in hand CREDITORS Amounts falling due within one year 17 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 18 NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2023 Unrestricted fund £ 163,132 12,638 188,994 799,711 1,001,343 (28,440) 972,903 1,136,035 (2,441) 1,133,594 1,133,594 1,133,594 |
2022 Total funds £ 158,156 11,174 949,805 21,855 982,834 (27,436) 955,398 1,113,554 (2,441) 1,111,113 1,111,113 1,111,113 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 17 December 2023 and were signed on its behalf by:
Melvyn Rothwell - Trustee
The notes form part of these financial statements
Page 10
THE ABBEYFIELD LEIGH SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023
1. CHARITY INFORMATION
The Abbeyfield Leigh Society Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 2, Beswick House, Greenfold Way, Leigh, Lancashire. WN7 3XJ.
2. ACCOUNTING POLICIES
Basis of preparation
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Income
Income from the provision of housing accomodation provided by the society is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aids or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and the receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
| Freehold buildings | 5% on cost per annum |
|---|---|
| Leasehold property | 5% on cost per annum |
| Fixtures, fittings & equipment | 25% reducing balance basis per annum |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income /(expenditure) for the year.
Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Taxation
The charity is exempt from corporation tax on its charitable activities.
continued...
Page 11
THE ABBEYFIELD LEIGH SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023
2. ACCOUNTING POLICIES - continued
Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of restricted funds are set out in the notes to the financial statements.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Going Concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern of accounting in preparing the financial statements.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts.Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and subsequently all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amotised cost using the effective interest method.
continued...
Page 12
THE ABBEYFIELD LEIGH SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023
2. ACCOUNTING POLICIES - continued
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Investments
Current asset investments are included at closing midmarket value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. No critical accounting estimates or judgements have been made by the trustees in preparing these financial statements.
4. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Donations | 570 | 780 |
During the year donations were received in order to commemorate the 100th birthday of Francis Rothwell M.B.E (Director).
These donations were used towards the purchase of a sundial, installed in the gardens of Abbeyfield's Bond Street property.
5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Provision of accomodation | 264,370 | 239,631 |
continued...
Page 13
THE ABBEYFIELD LEIGH SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023
6. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Income from investments | 4,768 | 4,134 |
| Deposit account interest | 1,346 | 41 |
| 6,114 | 4,175 |
7. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |
|---|---|
| Support | |
| costs (see | |
| note 8) | |
| £ | |
| Administrative expenses | 244,666 |
| SUPPORT COSTS | |
| Governance | |
| costs | |
| £ | |
| Administrative expenses | 244,666 |
8. SUPPORT COSTS
Support costs, included in the above, are as follows:
Governance costs
| 2023 Administrative expenses £ Wages 109,665 Social security 3,398 Pensions 1,464 Auditors' remuneration 4,020 Rates and water 8,006 Insurance 3,841 Light and heat 15,919 Telephone 1,086 Postage and stationery 78 Sundries 2,582 Accountancy 9,192 Legal and professional fees 467 Advertising 995 Subscriptions 6,349 Repairs and maintenance 31,120 Housekeeping 29,171 Bank charges 212 Bad debts - Francis Rothwell tribute 850 Depreciation of tangible fixed assets 16,251 244,666 |
2022 Total activities £ 105,977 3,743 1,456 4,023 10,058 2,582 13,598 1,127 47 1,904 9,060 472 598 6,641 12,374 28,537 276 12 - 15,980 |
|---|---|
| 218,465 |
continued...
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THE ABBEYFIELD LEIGH SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets 10. AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements |
2023 £ 16,251 2023 £ 4,020 |
2022 £ 15,979 |
|---|---|---|
| 2022 £ 4,023 |
11. TRUSTEES' REMUNERATION AND BENEFITS
None of the trustees (or any persons connected with them) received any remuneration or expenses during the year.
12. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Care assistants Management |
2023 4 1 5 |
2022 3 3 6 |
||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Employment Costs | ||||
| £ | £ | |||
| Wages and salaries | 109,665 | 105,977 | ||
| Social security costs | 3,398 | 3,743 | ||
| Other pension costs | 1,450 | 1,456 | ||
| 114,,527 | 111,176 | |||
The total amount of employee benefits (including employer pension contributions and social security costs) received by key management personnel for their services to the charity was £16,356 (2022: £15,281).
Page 15
continued...
THE ABBEYFIELD LEIGH SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023
| 13. NET GAINS ON INVESTMENTS Fair value gains/(losses) on investments 14. TANGIBLE FIXED ASSETS Freehold property £ COST At 6 April 2022 548,352 Additions 20,548 At 5 April 2023 568,900 DEPRECIATION At 6 April 2022 468,581 Charge for year 6,472 At 5 April 2023 475,053 NET BOOK VALUE At 5 April 2023 93,847 At 5 April 2022 79,771 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments 16. CURRENT ASSET INVESTMENTS Listed investments Unlisted investments |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||||
| £ | £ | ||||||||
| (3,907) | 10,985 | ||||||||
| Long leasehold £ 146,927 - 146,927 77,949 7,385 85,334 61,593 68,978 |
Totals £ 781,261 21,227 802,488 623,105 16,251 639,356 163,132 158,156 2022 £ 3,020 8,154 11,174 2022 £ 575,356 374,449 949,805 |
||||||||
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continued...
THE ABBEYFIELD LEIGH SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|
| Trade creditors Social security and other taxes Other creditors Accruals and deferred income 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other creditors |
2023 £ 5,412 - 517 22,511 28,440 2023 £ 2,441 |
2022 £ 9,562 1,605 457 15,812 |
| 27,436 | ||
| 2022 £ 2,441 |
19. RELATED PARTY DISCLOSURES
There were no disclosable related party transactions during the year (2022 - none).
20. SHARE CAPITAL
The charity has no share capital, being a company limited by guarantee. Each member guarantees to contribute an amount not exceeding £1 in the event of a winding up situation.
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