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 S APRIL 2024
THE ABBEYFIELD LEIGH SOCIETY LIMJTED CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 5 April 2024 Page Reference and Administrative Details Trustees, Report Statement of Trusl¢es' Responsibilitles Report of the Independ¢nt Auditors Statement of Financial Activities Balance Sheet io Note5 to the Financial Statements
THE ABBEYFIELD LEIGH SOCIETY LIMJTED REFERENCE AND ADMIIYISTRATIVE DETAILS for the year ended 5 April 2024 TRUSTEES Edna Ashcroft (Director) Francis Rothwell M.B.E D¢c'd (Director} (deceased 21.10.23) Glynn Squir¢s (Director appointed l.12.24) Melvyn Roihwell (Director) (deceased I l.10.24) Margaret Bullough (Director appointed 1.12.24) Stephen Donlan {Dir¢ctor appointed l.12.24) Audrey Bent {Dir¢¢lor appointed 1.12.24) Len Speakn]an {Dir¢ctor appointed 1.12.24) COMPANY SECRETAR Y John Fran¢¢ REGISTERED OFFICE Unli 2 Beswick House Green Fold Way Leigh Lancashire WN7 3XJ PRINCIPAL ADDRESS Abbeyfield House 57-61 Bond Street Leigh Lan¢ashir¢ WN7 IBT REGISTERED cO1PANy NulBER 00843675 (England and Wales) REGISTERED CHARITY NUMBER 243592 INDEPENDENT AUDITORS Hayes & Co Chartered Accountants Ststulory Audilors Si.Andrews House I l Dalion Coutt, Commcrcial Road, Blackburn Inlerchangc D3rw¢n Lancashire BB3 ODG BANKERS HSBC Bank 71 Bradshawgate Leigh Lancashire WN7 4NE Page I
THE ABBEYFIELD LEIGH SOCIETY LIMITED TRUSTEES, REPORT for the year ended S April 2024 The trnst¢es present their annual report, which also contains the requirem¢nts of a direcloV5 report und¢r the Companies Act 2006, and accounts for the year ended 5 April 2024. Relevanl administrative inforniatTon is included separately at the front of these accounts. OBJECTIVES AYA D ACTIVITIES Thc Charity r¢vi¢w ils 3ims, obj¢ciives and aclivities each year to help ensure ils focu5 on its slated purposes. The tTUStees hav¢ r¢f¢rr¢d lo th¢ guidance ¢onlained 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 lo the elderly in accordance wilh the principles of the Abbeyfield Soctety, in T¢sp¢cI of which il is an affiliated member. The aims of the Abbeyfield Society are to make older people's lives exsier and more fulfilling. Since 1956 Abbeyfi¢ld volunteers have worked iirelessly lo provide housing, support and companionship lo older people in th¢ir local communities. Abbeyfield residents enjoy Itfe all the more because they know the people who their societies are dedicated volunteers who are doing this demanding work because they want lo. Consid¢rabl¢ importanc¢ is placed upon the provision of quality accomodation for the residenls and house-keepers. Th¢ condition of the properti¢s is under constant r¢view and various improvements have been undertaken during the year. Fire and healih and safety regulalions are monitored by the executive off)cer and it is the charity's policy to give prioriry to any improvements considered necessary. Any alterations are always treated wiib 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 whal activilies the charity should undertake. ACHIEVEMENT AND PERFORMANCE During the year vacancies amounted to soine 259 weeks due 10 the residents moving out due to their deteriorating health- 74 % ulilisation of accommodation was achieved. The Society reports a SUTplus of £44,844 for the year under r¢vi¢w (2023.. £22.48]). Income from the provision of accommodation has iisen in the year to £265,869 from £264.370 in 2023. R¢pairs have d¢¢reased to £27,931 from £31,120 due lo the property being refurbished and re-decorated. FINANCIAL REVIEW The Society's reserves stand at £1,178,438 of which £840,261 is held in cash. It is the policy of th¢ chariry rhal unresiricted funds which have noi been desTgnated for a specific use should be maintained al a l¢vcl equivalcnt lo bctw¢¢n thr¢¢ and six monihs cxp¢nditure. The Irusiees consider that reserves al this level will ¢nsur¢ that, in th¢ event of a significant drop in funding, th¢y will be able 10 continue the charity's current activities while considcralion is giv¢n lo ways in which 2ddilional ftds may be raised. This Icvcl of reservcs has been maintained Ihroughout the year. The tn15tees have assessed the major Tisks lo 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 forcc 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 AprRI 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The charity is a company limited by guarantee and was incoryorated 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 trnstees, three of whom were also directors for the puTrose of company law, who served during the year were.. Edna Ashcroft (Director} Francis Rothwell M.B.E (Director) (deceased 21.10.23) Glynn Squires M¢lvyn Rothwell (Director) Margar¢l Bullough Stephen Donlan Audrey Bent Len Speaknian On l December 2024 the remaining trust¢¢s were appointed directors. The trnslees are re-appointed at Ib¢ annual general meeting on a 113 rota basis. New trustees are welcome and any interested party should apply to the secretsry or any existing trnstee. The society has in force a detailed induction 5ch¢dule and agreement for new trustees- there is a liaison officer who is the person on the executive commttt¢e whose duty it is to ensure that the new trustees complete the induction schedule and agreement, the recruitrnent fomi, the request for reference forni, and lo ensure that they are made aware of the complaints procedure and the procedures lo be followed in the event of assistance being required to deal with and emergency situation. The trustees delegate the day to day management of tbe accommodation facilitxes to John France, company secretary and executive officer. Non¢ of the trustees has any b¢n¢ficial interest in the company. AUDITORS A resolution proposing that Hayes & Co, be reappoinled as audilors of the company will be put to the members. Disclosure of information to Auditor Each of ihe trustees has confirnied that there is no infonnalion of which they are aware which is relevant to the audit, but of which the auditor is unaware. They hav¢ fi]rther confimied that they have taken appropriate steps to identify such relevant inforn)ation and to establish thai ihe auditor is aware of sucb inforntstion. This report has been pr¢par¢d in accordance with the special provision relating to small companies within Part 15 of the Companies Acl 21)06. Approved by order of the board of trustees on and signed on its behalf by.. Ste en Donlan - T Page 3
THE ABBEYFIELD LEIGH SOCIETY LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES for the year ended 5 Aprll 2024 The trustees, all of whom are also direclors of The Abbeyfield Leigh Society Limited for the purpose of Company law, are responsible for preparing the Trustees, Report and the accounts in 2¢COTdance with applicable law and United KIgdOM Accounting Stsndards (United Kingdorn Generally Accepted Accounting Practice). Company law requires ihe trnstees to prepare accounts for each financial year whi¢h give a true and faiT view of the stale of affairs of the charity and of ihe incoming resources and application of resources. including the income and expenditure. of the Charitsble company for that y¢ar. In preparing these accounts, the trustees are r¢quired to: select suitabl¢ accounting policies and then apply them consislently. - observe the methods and principles in the Charities SORTr. make judgements and estimates that are reasonable and pdent. and prepare the accounts on the going concern basis unless it's appropriate to presume that the charity will conlinue in operation. The trustees ar¢ 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 Ibe Companies Act 2006. They are also responsible for safeguaTding the assets of ihe charity and hence for tsking 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 staiements of The Abbeyfield Leigh Society Limlled (Ihe'charitable company,) for the yeaT ended 5 April 2024 which comprise the Statement of Financial Activities, Ihc Balance Sh¢¢l and notes to the financial statemenls, including a sun]mary of significant accounting policies. The financial reporting framework thal has been applied in Iheir preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stat¢ni¢nts'. give a irue and fair view of the state of the charitable company's affairs as at 5 April 2024 and of its incoming resources and application of r¢sources, including its income and expenditure, for the year then ended,. hav¢ been propcrly pr¢pared in accordance with United Kingdom Generally Accepted Accounting Pra¢ticc' and hav¢ becn preparcd in accordance with the requirements of the Companies Act 2006. Basis for opinion We ¢onducl¢d our audit in accordance wilh International Standards on Auditing (UK) (ISAS (UK)) and 8pplicabl¢ law. Our responsibiliti¢s under those standards are thrth¢r described in the Auditor5, responsibilities for the audit of the financial statements section of our report. We hr¢ independent of the charitable company in accordance with ihe ethical requirements that are relevant to our audit of th¢ financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibiliii¢s in accordance with these requirements. W¢ believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going ¢oncern In auditing Ihe financial slatemenls, we have concluded that the trustees, use of the going concern basis of accounting in the prepaTation of the financial statements is appropriate. Based on the work we have perfornied, w¢ have nol identified any material unc¢rt2inti¢s relating to events OT condition5 that, individually or collectively, may cast stgnificant doubt on the charitable Company's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our Tesponsibililies And th¢ responsibilities of the trustees with resp¢ct lo going conc¢m are described in the relevant sections of this report. Other information Th¢ lrnstees are r¢sponsible foi the other inforniaiion. The other infonnation comprises the infomiation includ¢d in th¢ Annual Report, other than the ftnancial statcmenls and our Report of the Independent Auditors thereon. Our opinion on the financial staternents does nol cover Ilic other information and. except lo tlie cxtent othenvise explicitly stated in our report, we do not express any forn] of assuran¢¢ conclusion thereon. In connection wilh our audit of the financial statements, our responsibility is to rcad the other infonnation and, in doing so, ¢onsider whether the oiher infomiation is materially inconsistenl with the financial st21emenls or our knowledge obtained in ihe audit or oiherwise app¢ars to be materially misstated. If we ideniify such material inconstslencies or apparent material misstatements, we are r¢quired to determine whether this gives rise to a material misstatement in Ihe financial slalements themselves. If, based on the work we have perfonned, we ¢on¢lud¢ thal there is a material misstatemenl of this other infonnation, we are required io report that fact. W¢ have nothing to report in this regard. Opinions on other matters prescribed by the Companies Aci 2006 In our opinion, based on the work undertaken in the course of the audit.. the inforniation given in the Trustees, Report which includes the Dir¢¢lors' Report for the purposes of company law for the financial y¢kr for which the financial stalemcnls arc pr¢parcd is consistent with the financial statements. and the Directors, Report included within the Trust¢cs' 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 Ivhich we are required to report by exception In the light of Ihe knowledge and understanding of the charitabl¢ company and its environment obtained in the Course of the audit, we have not identifled material misstatements in the Truste¢s' Report. We hav¢ nothing to report in respect of the following matters where the Companies Act 21)06 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequale for our audit hav¢ not b¢¢n received from branches not visited by us. or the financial stalemenls are not in agreement with the accounting records and returns; or certain disclosures of trnstees, r¢muneralion specified by law are not made- or we have not received all the infornjalion and explanations we require for our audit,. or the Irustees were not ¢ntiiled to lake advantage of ihe small companies exemption from the requirement to prepare a Stralegic Reporl or in preparing the tNstees' R¢port. Responsibilities of trustees As explained more fully in the Statemenl of Trustees. Responsibililies, th¢ trustees (who ar¢ also th¢ dir¢¢tors of the charitable coinpany for the purposes of company law) are responsible for the preparation of the financi21 statem¢nts and for b¢ing 5ali5fied that ihey give a true and fair view, and for such internal control as th¢ trustees det¢miine is necessary lo ¢nable the preparation of financial statements thal are free from material misststement, whether du¢ to fraiid or error. In preparing the financial slal¢ments, th¢ tNsl¢es are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as appli¢abl¢, matters related lo going concern and using the going concern basis of accounting unless the trnstees either intend lo liquidate the charitable cornpany or lo cease operalions, or have no realislic alternative but to do so. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD LEIGH SOCIETY LIMITED Our responsibilitie5 for the audit of the financial Statements Our objectives are to obtatn reasonabl¢ assurancc about whether the fmancial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue a Report of the Indep¢ndenl Auditors that include5 our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee ihat an audit conducied in accordance with ISAS (UK) will always detecl a malerial misslatement 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 influ¢nc¢ the economic decisions of useTS taken on the basis of these financial statements. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Irregularili¢s. including fraud, are instances of non compliance with laws and regulations. We design procedures in lin¢ with our responsibilities, outlined above, lo detect material misslhl¢menls in respect of irregularities. including fraud. The extent to which our procedures are capable of detecling irr¢gulariti¢s, including fraud, is detailed below. Based on our understanding olihc coinpany and seclor, we identified th¢ principal risks of non-compliance with laws and regulalions related to, bul were not limited to, Ihe Companies Act 2006, emplo)Tnent, pension, health and safety legislation, the Housing and R¢generation Aci 2008 and the Accounting Direction for private registered providers for social housing in England 2019 and we considered the extent to which non-coinpliance might have a malerial effect on the financial statements. We also COT)sidered those laws and regulations that have a direct impact on the preparation of the financial statements as the Conipanies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and d¢i¢rniined that the principal risks w¢re r¢lat¢d to management bias in ac¢ountTng estimates and judgements. Our procedures to respond to risks identified includ¢d the following- revi¢wing the financial sthtement disclosures and t¢sting lo supporting documentation to assess compliance with provisions of rcl¢vanl law5 and regulations described as having a direct effect on ihe financial statements. ¢nquirtng of managemenl about actual and potential liligaiion and claims, their policies and procedures to pr¢venl and d¢t¢ct fraud as well as whether they have knowledge of any actual. suspecled or alleged fraud- perforniing analytical procedures to identify any unusual or unexpect¢d relationsliips that may indicate risks of material misstal¢m¢nl du¢ lo fraud. reading minul¢s of m¢¢tings of those charged with governanc¢' obtaining an understanding of provision5 and holding discussions with management to understand the basis of recognition or non-r¢¢ognition of provisions,. and in addrcssing the risk of fraud through Inanagement override of controls. testing the appropriateness of journal entries. assessing whether the accounting eslimatcs, judgements and decisions made by management are indicative of a potential bias. and evaluating ihe business rationale of any significant that are unusual or outside the norn]al Course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alen to any indications of fraud or non-compliance with laws and regulations throughout the audil. Th¢re are inherent liinitations in our audit procedures dcscribed above. The more removed tliat laws and r¢gulations Are from financial transactions, the less likely it is that w¢ would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulalions to enquiry of the dir¢¢tors and other management and the inspection of regularity and l¢gal correspondence, if any. Material misslal¢m¢nts that arise due to fraud can be harder to delect than those thal arise from ¢rror as they may involve deliberate concealment or collusion. A rther description of our responsibililie5 for ihe audit of the financial statements is located on the Financial Reporting Council'5 website at www.frc.org.uk/auditorsresponsibilAties. This description forn]s part of our Report of the Independent Auditors. Page 7
REPORT OF THE INDEPENDENT AUDJTORS TO THE MEMBERS OF THE ABBEYFIELD LEIGH SOCIETY LIMITED Use of our report This report is made solely to the charitable cornpany's members, as a body, in accordance with Chapt¢r 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to slate to then) in an auditors, report and for no other pury)ose. To the fullest extent pennitted by law, we do not accept or assume responsibility lo anyon¢ other than the charitable company and the charilable company's members as a body, for our audit work, for this report, or for the opinions we have fornied. A N Toiham (Senior Statutory Audiior) for and on behalf of Hayes & Co Chart¢r¢d Accountants Statutory Auditors St.Andrews House I l Dalton Court, Commercial Road. Blackburn Interchange Darwen Lancashtre BB3 ODG Date: Pag¢ 8
THE ABBEYFIELD LEIGH SOCIETY LIMITED STA TEMENT OF FINANCIAL ACTIVITIES NCORPORA TING AN INCOME AND EXPENDITURE ACCOUN7) for the year ended 5 April 2024 2024 2023 Notes INCOME AND ENDOWMENTS FROM Donations and legacies 550 570 Incoming resources from charitable activities Jnvestmenl income 265,869 17.752 264.370 6.114 Totol 284,171 271,054 EXPENDITURE ON Cbarit2ble activities Administrative expenses 247.673 244.666 Net gains1(losses) on investments 8,346 NET INCOME 44.844 22.481 RECONCILIATION OF FUNDS Total funds brougbi fonvard 1,133,594 I,IlJ,113 TOTAL FUNDS CARRIED FORWARD 1,178.438 1,133.594 COIYTINUING OPERA TIONS All incom¢ and expettditure has arisen from conlinuing activities. The slat¢m¢nl of fmancial activities includes all gains and losses recognised An the year. The slatemenl of financial activities also complies with the requirements for an incom¢ and expenditure account under the Companies Act 2006. The notes forni part of these financial Statements Page 9
THE ABBEYFIELD LEJGH SOCIETY LIMITED BALANCE SHEET 5 April 2024 2024 2023 Notes FIXED ASSETS Tangible assets 14 146,754 163,132 CURRENT ASSETS Debtors Investment5 Cash at bank and in hand 22.045 197,340 840.261 12,638 188,994 799711 16 1,059.646 ,001,343 CREDITORS Amounts falling due within one year (25,521) {28,440) NET CURRENT ASSETS 1,034,125 972,903 TOTAL ASSETS LESS CURRENT LIABILITIES .180.879 1,136.035 CREDJTORS Amounts falling due after more than one yeaT 18 (2,441) (2.441) NET ASSETS ,178,438 1,133,594 FUNDS Unrestrict¢d funds 1,178.438 1,133,594 TOTAL FUNDS 1,178438 1.133.594 These financial statements have been prepared in accordance with the provisions applicable to charitsble companies subject to the small companies regime. The financial statements were approved by the Board of TnteeS and authorised for issu¢ on ............... and w¢re signed on its behalf by.. Stephen Donlan- The notes fomi part of these financial statements Page 10
THE ABBEYFIELD LEIGH SOCIETY LIMITED IYOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024 CHAIUTY INFORMATION The Abb¢yfA¢ld L¢igh Society Limited is a private company limited by giiarantee incorporated in England and Wales. Th¢ r¢gist¢r¢d office is Suite 2. Beswick House, Gr¢enfold Way, Leigh. Lancashire. WN7 3XJ. ACCOUNTING POLICIES Basis of preparation The fanCIal slalemen15 of the charitable company, which is a public benefit entity under FRS 102. have been Prepared in accordance with the Charilie5 SORP (FRS 102) 'Accounting and Reporting by Charities.. St3teTn¢nl of Recommended Practice applicable lo charities preparing their accounts ID accordance with the Financial Reporttng Siandard applicable in the UK and Rcpublic of Ireland (FRS 102) (effective l January 2019),. Ftnancial Reporting Standard 102 'The Financial Reporting Siandard 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 chariti¢s applying FRS 102 Update Bulletin I not lo prepare a Statement of C3sh Flows.The financtal statements are prepared in stcrling, which is the functional cuenCY of the charity. Monetary amounts in these financial st2t¢m¢nts ar¢ round¢d to the nearest £.The financial statements have been prepared under the historical cost convention, modified lo include certain financial instruments ai fair value. The principal accounting policies adopted are s¢t out below. In¢ome Income froni the provision of housing accomodation provided by the soci¢ty is r¢¢ognised when the charity is l¢gally ¢nliiled lo it after any p¢rforn]anc¢ conditions have been met, the amounts can be measured reliably, and it is probable that th¢ incom¢ will b¢ r¢¢¢ived. Cash donations are recognised on receipt. Other donations are recognised once the charity has been nolified of the donation, unless perfonnance condilions require deferral of the amount. Income lax recoverable in relation to donations received under Gtft Aids or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othenvise 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 ¢onling¢nt asset. Expenditure All expenditure is accounted for on an accruals basis and has bccn Classified under headings thal 2ggr¢gat¢ all cosls related lo the category. Where costs cannot be dircclly attribuicd lo particular hcadings they hav¢ b¢¢n allocated to activities on a basis consislenl with the us¢ of resources. Tangible fixed assets Tangible fixed assets are inttially measured at cost and subsequently measur¢d al cosl, net of depreciation and any impaimient losses. D¢preciation is recogntsed so as to write off the cost of assets less their residual values over their useful lives on the following bases.. Freehold buildings Leasehold property Fixtures. fittings & equipment 5010 on cost per annum 50/0 on cost per annum 251J/o reducing balance basis p¢r annum The gain or loss arising on the disposal of an asset is detemiined as the diff¢r¢nce betwcen th¢ sale procecds and Ihe carrying value of the asset, and is recognised in net income /{exp¢nditur¢) for the year. Impairment of rued assets At each Teporting end dat¢, the charity r¢views the carrying amounts of its tangible assets to deterniine whether Ihere is an indication that thos¢ assets have suffered an impainnent loss. If any such indication exists, the recoverable arnount of th¢ asscl is ¢slimated in order to detern]ine the exlenl of thc impaÉrn]ent105s (if any). Taxation The charity is exempt from corporation tax on ils charitable activities. Page 11 continued...
THE ABBEYFIELD LEIGH SOCIETY LIMITED OTES TO THE FINANCIAL STATEMENTS- continued for the year ended 5 April 2024 ACCOUNTING POLICIES- continued Charitable funds Unrestricted funds are available for use at the discretion of ihe trustees in furtherance of their charitable objectives. Reslricted funds are subject to specific conditions by donors as to how they may be used. The pUoseS and uses of restricted funds are set out in ihe notes to the financial slalement5. Retirement benefits P2ymenls lo defined contribution relir¢m¢nl benefit schemes are charged as an expense as they fall due. Going CoDcern Ai the time of approving the financial statements, the trustees have a reasonabl¢ ¢xpectation that the charity has adequate resources lo continue in operational existence for the foreseeable tur¢. Thus the ISteeS continue lo adopl the going concern of accounling in preparing the financial statements. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short lenn liquid investments with origin31 maturities of three months or less, and bank overdrafts.Bank overdrafts are shown within borrowings in ¢urr¢ni liabilities. Fin2n¢iAI inslruments Th¢ charity has ¢l¢cled lo apply the provisions of Section I I 'Basi¢ Financial InstTuments' xnd Section 12 '0ther Fin2n¢ial InstNmenls Issu¢s' of FRS 102 10 all of its financial instruments. Financial inslrumenls 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 offsel, with the nel amounts presented in the financial statemenls. when there is a legally enforceablc right to set off the rccognised amounts and there 15 an intention to settle on a net basis or to rexlise the asset and settle the liability siinultaneously. Basic financial assets Basic financial assets. which include d¢btors and cash and bank balances, are inilially mcasured at transa¢lton price including transaction costs aDd are subsequently carried at amortised cost Using the effective inlercsl m¢ihod unless Ihe arrangement constitutes a financing transaction, where the transaction measured at th¢ pr¢s¢nt value of the future receipts discounted al a market rale of interest. Financial assets classifi¢d as receivable within one year are not amortised. Derecognition of flnancial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settl¢d, or when ihc charity transfers the financial asset and subsequenily all the risks and rewards of ownership to anoiher ¢Dlity. or if som¢ significant risks and rewards of owncrship are relained but control of the asset has transf¢rr¢d to anoih¢r party that is abl¢ lo scll Ihc asset tn ils ¢nlir¢ty to an unrelatcd third party. Basic financial liabilities Basic financial liabtlities, including creditors and bank loans are initially r¢¢ognised at transaction price unless the arrangement constitules a fmancing transaction, where the debi instrument is measured at the present value of the future paymenls discounled at a market Tate of interest. Financial liabilities classified as payabl¢ within one year are not amortised. Debt in5trnments are subsequently carried al amortised c05t, Using ihe effective interest rate method. Trade creditors arc obligations to pay for goods OT services that have been acquired in the ordinary Course of operations from suppli¢is. Amounts payabl¢ are classified as ¢urr¢nl liabilities if payment is duc within one y¢ar or less. If nol, they ar¢ presented as non-¢urrenl liabllities. Tradc credttors are recognis¢d iniiially at transaction price and subsequ¢ntly measured at amotis¢d Cost using the effective tnterest method. Page 12 continued...
THE ABBEYFIELD LEIGH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS- Continued for the year ended 5 April 2024 ACCOUNTING POLICIES - continued Dere¢ognition of financial liabilities Financial li2bilities are d¢r¢¢ognised when th¢ charity's contractual obligations ¢xpir¢ or are discharged or cancell¢d. 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 terniinale the employment of an employee or lo provid¢ tennination benefits. Investments Current assel investmenls are included at closing midmarket value at the balance sheel dale. Any gain or loss on revalualion is taken to Ihe Statement of Financial Activities. CRITICAL ACCOUNTIIYG ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that ar¢ not readily appxrent from other sources. The estimates and associated assurnptions are based on historical experience and oiher factors Ibal are considered to be relcvanl. Actual rcsults may differ from thes¢ esiitnates. The ¢slimat¢s and underlying assumptlons are rcvAew¢d on an ongoing basis. Revisions to accounting estimates are r¢cognis¢d An the pertod in which the estimate is is r¢vis¢d wher¢ th¢ revision affects onEy that period, or in the p¢riod of the revision and tUre periods where the r¢vision affects both curr¢nl and future periods. No critical accounting estimates or judg¢menls have been mad¢ by the trnslees in preparing these financial stal¢menls. DONATIONS AND LEGACIES 2024 2023 Donations 550 570 INCOMIIYG RESOURCES FROM CHAIUTABLE ACTIVITIES 2024 2023 Provision of ac¢omodalion 265.869 264,370 INVESTMENT INCOME 2024 2023 Deposit account inter¢sl 17,752 6.114 Page 13 continued...
THE ABBEYFIELD LEIGH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2024 CHAIUTABLE ACTIVITIES COSTS Support costs (see note 8) Administrative expenses 247.673 SUPPORT COSTS Governance costs Adniinistrative expense5 247,673 Support Costs, included in the abov¢, ar¢ as follows.. Governance costs 2024 2023 Total activities Administrative expenses Wages Social security Pensions Auditors, remuneration Rates And water Insurance Light and heal Telephone Postage and stationery Sundries Accountancy Legal and professional fees Advertising Subscriptions Repairs and mainienance Housekeeping Bank Charges Bad debts Francis Rothwell tribute Depreciation of tangible fixed assets 122,670 5,378 .680 4,260 7,982 1.676 10,417 1,543 109,665 3,398 1,464 4.020 8,006 3,841 15,919 1,086 78 2,582 9,192 467 995 6,349 31,120 29,171 212 1.124 9,480 432 1,495 4,901 27,931 28,620 208 1,496 850 16,251 16,380 247,673 244.666 Page 14 continued..
THE ABBEYFIELD LEIGH SOCIETY LIMITED INOTES TO THE FINANCIAL STATEMENTS- Continued for the year ended 5 April 2024 NET INCOMEI(EXPENDITURE) Net incom¢l{expenditure) is slated after charging/(¢r¢diting)'. 2024 2023 Depreciation - owned ass¢ls 16,378 16,251 io. AUDITORS, REMUNERATION 2024 2023 Fees payabl¢ lo th¢ charity's auditors for the audit of the charity's fTnaTJcial statements 4,260 4,020 TRUSTEES, REMUNERATION AND BENEFITS None of the trnslees (or any persons connected with them) received any remun¢ration or expcns¢s during th¢ year. 12. STAFF COSTS The average monthly number of employees during the year was as follows: 2024 2023 Care assistsnts Management 2024 2023 Employment Costs Wag¢s and salaries Social s¢¢urity costs Other pension costs 122,670 5,378 1,680 109.665 3,398 1,464 129,728 114,527 Th¢ total amount of employtt benefits (including employ¢r p¢nsion contribiilions and social security cosls) r¢¢¢iv¢d by key management personnel for their services lo th¢ chariry was £19,251 (2023.. £16,356). Page 15 continued...
THE ABBEYFIELD LEIGH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 5 April 2024 13. NET GAINS ON INVESTMENTS 2024 2023 Fair value gains/(losses) on inveslmenls 07 14. TANGIBLE FIXED ASSETS Fixtur¢s and fittings Freehold property Long leasehold Totals COST At 6 April 2023 and 5 April 2024 568.900 146,927 86,661 802,488 DEPRECIATION At 6 April 2023 Charge for year 475,053 7,071 85,334 7,384 78,969 1,923 639,356 16,378 At 5 April 2024 482.124 92,718 80,892 655,734 NET BOOK VALUE Ai 5 April 2024 86,776 54,209 5,769 146,754 At 5 April 2023 93.847 61,593 7,692 163,132 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors Prepayments 10,589 11,456 4,017 8,621 22,045 12,638 16. CURRENT ASSET INVESTMENTS 2024 2023 Listed investments 197 340 188 994 Page 16 conlinued..
THE ABBEYFIELD LEIGH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 5 April 2024 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors So¢ial s¢curity and other taxes Other ¢redilor5 Accruals and deferred income 6,825 2,524 509 15.663 5,412 517 22,511 25,521 28,440 18. CREDITORS: AMOUNTS FALLING DUE AWfER MORE THAN ONE YEAR 2024 2023 Oiher creditors 2,441 2,441 19. RELATED PARTY DISCLOSURES There were no disclosable related party transactions during the y¢ar (2023 - none). 20. SHARE CAPITAL Tlie charity has no share capital, being a company lin)iled by guarantee. Each member guarantees to conlribulc an amount not exceeding £ l in the evenl of a winding up $iatIOn. Pag¢ 17