2021-03-31-accounts - The Abbeyfield Ryde Society Limited

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ABBEYFIELD RYDE SOCIETY LIMITED (THE) FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

ABBEYFIELD RYDE SOCIETY LIMITED (THE)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

CONTENTS Report of the Executive Committee Statement of Executive Committee’s Responsibilities Independent Examiner’s Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements Detailed Hostel Property Revenue Account	PAGE
	1 - 3 4 5 6 7 8 – 13 14

ABBEYFIELD RYDE SOCIETY LIMITED (THE)

REPORT OF THE EXECUTIVE COMMITTEE

The Executive Committee submit their report and the financial statements for the year ended 31 March 2021.

Principal Activities

The principal activity of the Society continues to be the provision of accommodation for lonely and elderly people in accordance with the aims and principles of The Abbeyfield Society Limited. This activity falls wholly within hostel housing activities as defined in the Housing Act 1996.

Objectives

The objectives of the Society are to provide elderly people with an environment in which to live that allows them to be independent whilst having support when needed.

The Executive Committee is satisfied the Society has achieved its objectives in the year under review.

Status

The Society is registered under the Companies Act 2006 (registered number 862661) and is limited by guarantee. There are 7 members at 31 March 2021. The company is registered as a Charity (number 246364).

The Executive Committee

The Executive Committee who served during the year:

Mr B Dye Chairman Mrs J McNeal House Chairman Miss H O M Spurgeon Mrs R Fountain Mrs P Pont Mr S Raby Mrs S Bulwer

Company Secretary:

Mrs H Smith

Method of Appointment

New Committee members are appointed by invitation and approval of the Executive Committee.

The Registered Office

2 Queens Road Ryde Isle of Wight PO33 3BG

ABBEYFIELD RYDE SOCIETY LIMITED (THE)

REPORT OF THE EXECUTIVE COMMITTEE (continued)

Professional Advisors:

Independent Examiners	A H Cross & Co
	Chartered Accountants
	16 Quay Street
	Newport
	Isle of Wight
	PO30 5BG
Bankers	Lloyds Bank plc
	35 Union Street
	Ryde
	Isle of Wight
	PO33 2LE
Solicitors	Robinson Jarvis & Rolf
	18 Melville Street
	Ryde
	Isle of Wight
	PO33 2AP
Investment Advisors	Charles Stanley & Co Ltd
	55 Bishopsgate
	London
	EC2N 3AS

Recruitment and Appointment of New Trustees

From time to time the Society reviews the skills and abilities of the Trustees to ensure that there is adequate breadth of experience. Should this be lacking or if additional Trustees are required due to retirement, prospective Trustees are invited from the Membership to apply.

Induction and Training of Trustees

All Trustees are provided with the Abbeyfield Executive Guide and Memorandum and Articles of Association. Should additional skills be required external training would be sought.

Organisational Structure

Day to day running of the Society’s affairs are conducted by the House Managers, who report to the Committee. The Trustees meet formally every other month and at additional times as required on an informal basis to deal with issues requiring their input.

Major Risks

The Committee confirm that all major risks identified have been assessed and systems implemented to manage those risks.

ABBEYFIELD RYDE SOCIETY LIMITED F THE EXECUTIVE COMMITTEE Icontinuedl HE Achievements Performance and Financial Review The Society benefits from the achievements of the Committee in previous years providing a strong rinaneial base. The Trustees main concerns are to provide a good quality environment for residents to live and employees to work, whilst balancing the financial constraints within budget and to ¢omply with ever increasing legislation covering all aspects of the Society's operations. The financial results for the year are set out in the Statement of Financial Activities on page 6, nd the position at the end of the year is shown in the Balance Sheet on page 7. The detailed Hostel Property Revenue Account is presented on page 14. The Statement of Financial Activitie8 shows net incorning resources of £8,67 1 12020 £IO.2861. All resuurce8 received and expended are treated as unrestricted funds. Due to the exceptional 81tuation caused by the coronavirus epidemic, the valuation of the inve8tment8 at 31 March 2020 showed A substantial fall. The investments have recovered this year, and thi$ ha8 resulted in an overall surplu8 of £12 1,58812020 - deficit of £63,015). The Committee consider8 that the state of the Society s affairs is satlsfactory. Investment Polie Investment Policy is detennined by the Finance Committee with the aim to en8ure that any surplus fund8, beyond a sensible working balance, are invested with as818tance from An appropriate profe89ional advisor. Reserves As at 31 March 2021 the reserves stood at.. £1,497,921 12020 £1,376,333). The reserves include freehold land and buildings 3tated at C08t less depreciation of g640,92612020 - £b52,4371. The board of Trustees 1$ 8atisfied that the charity'8 a$8ets in the general fund are available and adequate to fulfil it8 obligations. Inde endent Examiners It was decided to re-appoint Mes8rs A H Cross & Co a8 Independent Examiner8. On behalf of the Executive Committee Chairman Cornpany Secretary Date

ABBEYFIELD RYDE SOCIETY LIMITED (THE)

STATEMENT OF EXECUTIVE COMMITTEE MEMBERS' RESPONSIBILITIES

The Charities Act and the Companies Act require the Executive Committee members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society as at the end of the financial year and of the surplus or deficit of the Society for the year. In preparing those financial statements the Executive Committee is required to:

select suitable accounting policies and then apply them consistently.
make judgements and estimates that are reasonable and prudent.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in business.
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.

The Executive Committee members are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Society and which are sufficient to show and explain the Society's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations of under the Charities Act. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are also responsible for the contents of the Report of the Executive Committee, and the responsibility of the independent examiner in relation to the Report of the Executive Committee is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

INDEPENDENT EXAMINER'S REPOlfC TO THE TRUSTEES ABBEYFIELD RYDE OCIETY LIMITED THE I report on the xccounts of The Abbeyfield Ryde Society Limited for the year ended 3 1 March 2021, which compri8e the Statement of Financial Activitie8. the Balance Sheet and the related notes. Res ctive Res n8ibilitie8 of Trustees and Examiner The Charity's Trustees (who are al80 the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts. The Trugtees consider that the audit requirement of Section 144121 of the Charities Act 2011 I'the Act I does not apply. It is my responsibility to state. on the basi8 of procedures 8pecified in the General Directions given by the Charity Commi88ioner8 under section l4515llbl of the Act, whether particular matter8 have COTne to my attention. Bttsi8 of Inde endent Examiner'8 Re ort My examination was carried out in accordance with the General Dire¢tion8 given by the Charity Comrnis8ioners. An exarnination ineludes a review of the accounting records kept by the Trustee8 and A comparison of the PAccounts pre8ented with those records. It Palso includes consideration or any unu8ual items or disclosures in the accounts. and 8eeking explanations from you as Trustee8 concerning any 8uch matter8. The proeedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given a8 to whether the accounts present a true and fair view, and the report 16 limited to those matters set out in the statement below. Inde endent Examin r's Statement In connection with my examination, no material matters have come to my attention which give8 me cause to believe that in, Any material respect.. accounting record8 were not kept in aceordance with 8ection 386 of the Companie8 Act 2006,. or the accounts do not accord with such records., or the account8 do not cornply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a true and fair, view which is not a matter considered a8 part of an independent exarnination; or the account8 have not been prepared in accordance with the ChAritie8 SORP IFRS 1021. I have come acr088 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 account8 to be reached. 18 Henderson ChpArtered Accountant AHCross&Co 16 Quay Street Newport Isle of Wight P030 5BG

ABBEYFIELD RYDE socIErY LIMITED HE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 Notes 2021 2020 INCOMING RESOURCES Incoming resources from operating activities in furtherance of the Clwity'8 object8'. Residents, charges 165,082 169,061 ITLvestmeTht income 28,385 33,496 Legacies and donations received 300 300 Rental income 2,200 2,400 Grants received Total incoming resource8 205 257 RESOURCES EXPENDED Charitable expenditure in furtherance of the Charity'8 object8'. Repair8 and maintenance Service co8t8 Management and administration 12,630 155,742 14,077 156,969 Total resource$ expended 194 971 Net incoming resources Unrealised gains/ Ilossesl on investments 8,671 10.286 121.588 163,0151 Total lund8 brought fonvard 1 439 348 Total fund8 carried fonvard All fund8 are unrestricted. Approved by the Executive Committee as Trustees and Directors of the company Chainnan Company Secretary Date

ABBEYFIELD RYDE SOCITh LIMITED HE Com an number 862661 BALANCE SHEET AT 31 MARCH 2021 Notes 2021 2020 TANGIBLE FIXED ASSETS Housin Land and Buildin Gross eost Social Housing grant Depreeiation 797,007 141,0071 115074 797,007 141,0071 103 563 Net book value 640,926 652,437 Furnishin sandE ui ment io 650,145 660,850 INTANGIBLE FIXED ASSETS Investment8 601209 TOTAL FIXED ASSETS 1262 059 CURRENT ASSThS Cash at bank and in hand 142,729 117,159 CURRENT LIABILITIES Creditor8'. amounts falling due within one ye84r 12 885 NET CURRENT ASSETS 114 274 TOTAL AssEfs LESS CURRENT LIABILITIES Represented by: UNRESTRICTED FUNDS 13 The Company is limited by guarantee and has no 8hareholder8' funds. The Directors are satlsfied that the Company 18 entitled to exemption from the Tequirement to obtain an audit 'Jnder section 477 of the Companies Act 2006 and that members have not required the company to obtain an audit in accordance with section 476 of the Act. The Directors acknowledge their respon8ibilities for complying with the requirements of the Companies Act 2006 with respect to aecounting record8 and the preparation of accounts. The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to Companies subject to the Small Cornpanie8 regime. Approved by the Executive Comrnittee as Trustees and Directors of the company Chairman Company Secretary Date

ABBEYFIELD RYDE SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. STATUS OF SOCIETY

The Society is wholly engaged in hostel activities as defined in the Housing Act 1996.

2. ACCOUNTING POLICIES

Accounting Basis

The financial statements have been prepared under the historical cost convention in accordance with 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) and the Companies Act 2006, and include the results of the Society’s operations which are described in the Report of the Executive Committee, all of which are continuing.

The Society has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement.

Incoming Resources

Incoming resources represent the total amount receivable by the society in the form of turnover, royalties, grants, legacies and donations. Turnover represents the rents receivable.

Monetary donations to the Society are credited to the Income and Expenditure Account on a receipts basis.

Investment Income

Bank interest and National Savings interest is included on an actual receipts basis.

Recognition of Liabilities

Liabilities are recognised on the accruals basis in accordance with normal accounting principles, modified where necessary in accordance with the guidance given in the SORP.

Resources Expended

Expenditure is accounted for on an accruals basis. Expenses are allocated to management, repairs and service costs on the basis of the proportion of time or other relevant factors attributable to the activities.

Stocks

These comprise catering stocks valued at cost; the replacement cost of stocks is not significantly different from the historical cost at which it is stated in the accounts.

ABBEYFIELD RYDE SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2. ACCOUNTING POLICIES (continued)

Depreciation

Housing land and buildings SHG assisted schemes

(i) Depreciation, as defined in (ii) below, is provided on the cost of freehold buildings;
(ii) Depreciation is not charged on that portion of the cost which has qualified, or which will qualify for SHG;
(iii) For that portion of the cost financed by borrowings or from the Society's own or other charitable resources, a charge is made to the hostel property revenue account for depreciation on buildings at ½% per annum on such cost.

Fixtures, Fittings and Equipment

Depreciation is charged on the reducing balance basis at 20%, 25% and 33% per annum.

General

A full depreciation charge is made on fixed assets in the year that the asset is brought into use and no charge is made in the year of disposal.

Fixed Assets

Assets donated to the Society are not included in the balance sheet; other assets are included at cost.

Allocation of Expenses

Expenses are allocated to management, repairs and service costs on the basis of the proportion of time or other relevant factors attributable to these activities.

Cash Flow Statement

The Society is exempt from producing a cash flow statement under FRS 1 by virtue of its qualifying as a small company.

Monetary Donations

Monetary donations to the society are credited to the income and expenditure account on a receipts basis.

Corporation Tax and VAT

The Society has charitable status and is exempt from Corporation Tax on the income it has received.

The Society is not registered for VAT. Accordingly no VAT is charged to residents, and expenditure in the income and expenditure account includes the relevant VAT.

Pensions

The Society operates a defined contribution pension scheme in accordance with the automatic enrolment requirements.

ABBEYFIELD RYDE SOCIETY LIMITED(THE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

3. HOUSING STOCK Hostel accommodation – number of bed spaces 4. OPERATING COSTS Operating costs include: Independent Examiner’s remuneration (including other services) Depreciation £ 5. INTEREST RECEIVABLE AND SIMILAR INCOME Listed investment income Deposit account interest £ 6. GRANTS RECEIVED HMRC – Job Retention Scheme Grants Infection Control Grant £ 7. EMPLOYEES Employee costs: Salaries and wages Pension contributions £ Average number of persons employed during the year including part-time employees: Hostel staff	2021 15 2021 £ 1,607 13,813 15,420 £ 2021 £ 28,293 92 28,385 £ 2021 £ 2,139 616 2,755 2021 £ 87,222 586 87,808 £ 2021 12	2020 15 2020 £ 1,524 14,005	2020 15 2020 £ 1,524 14,005	2020
				15 2020
		15,529
		2020 £ 33,040 456 33,496		2020
		2020 £ - - - 2020 £ 83,000 706 83,706		2020
				£ - -
				-
				2020
				2020
				12

10 -

ABBEYFIELD RYDE SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

8. PAYMENTS TO MEMBERS, COMMITTEE MEMBERS, OFFICERS, ETC

9.	Fees, remuneration or expenses payable to members of the Society who were neither members of the Committee of Management, nor employees of the Society Fees, remuneration or expenses payable to members of the Committee of Management of the Society who were neither officers nor employees of the Society Fees, remuneration or expenses paid to officers of the Society Payments or gifts made, or benefits granted, to the persons referred to in section 13 and 15 of the Housing Associations Act 1996 HOUSING LAND AND BUILDINGS SHG Assisted Schemes–Freehold Cost–Completed Schemes At 1 April 2020 Property improvements At 31 March 2021 Depreciation At 1 April 2020 Charge for the period At 31 March 2021 SOCIAL HOUSING GRANT Net Book Value At 31 March 2021 £	2021 £ Nil Nil Nil Nil 2021 £ 797,007 - 797,007 103,563 11,511 115,074 41,007 640,926 £	2020 £ Nil Nil Nil Nil 2020 £ 786,817 10,190	2020
				£ Nil Nil Nil Nil 2020
			797,007
			91,006 12,557
			103,563
			41,007
			652,437

11 -

ABBEYFIELD RYDE SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

10. 11. 12.	FURNISHINGS AND EQUIPMENT Cost At 1 April 2020 Additions At 31 March 2021 Depreciation At 1 April 2020 Charge for the period At 31 March 2021 Net Book Value At 31 March 2021 INVESTMENTS Listed investments: At 1 April 2020 Unrealised surplus/(deficit) on revaluation £ Historical cost at 1 April 2020 Cost of shares purchased Cost of shares sold Historical cost at 31 March 2021 £ CREDITORS Amounts falling due within one year: Sundry creditors	2021 £ 64,744 3,058 67,802 56,331 2,302 58,633 £9,169 2021 601,209 112,917 714,126 £ 500,474 108,946 (121,766) 487,654 £ 2021 £9,028	2020 £ 64,020 724 64,744 54,883 1,448 56,331 £8,413 2020 674,510 (73,301) 601,209 452,728 113,675 (65,929) 500,474 2020 £2,885

12 -

ABBEYFIELD RYDE SOCIETY LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

13. RESERVES

The funds of the Charity are all for general purposes. They include an amount attributable to the unrealised gains/losses of the investment portfolio brought about by the revaluation of the investments each year.

At 1 April 2020 Net movement of funds Transfer of revaluation At 31 March 2021 £	General Reserve 1,120,103 121,588 (112,917) 1,128,774	Revaluation Reserve 256,230 - 112,917 £369,147 £	Total 1,376,333 121,588 -	Total
			1,497,921

14. CONTINGENT LIABILITIES

There were no contingent liabilities at 31 March 2021 (2020 – nil).

15. CAPITAL COMMITMENTS

There were no capital commitments at 31 March 2021 (2020 – nil).

13 -

ABBEYFIELD RYDE SOCIETY LIMITED (THE)

DETAILED HOSTEL PROPERTY REVENUE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

RESIDENTIAL CHARGES RECEIVABLE GROSS INVESTMENT INCOME Investment income and deposit account interest OTHER INCOME Gifts and legacies Rental income Grants received TOTAL INCOME EXPENDITURE – MANAGEMENT EXPENSES Insurance Affiliation fees Portfolio management fees Examiner’s fee (including other services) Postage, printing and stationery Advertising Sundries MAINTENANCE OF PREMISES AND EQUIPMENT Cyclical repairs to property Equipment repairs and renewals EXPENDITURE – SERVICE COSTS Food and household costs Infection control costs Staff wages and NIC Pension contributions Residents entertainments Wightcare Window cleaning Garden maintenance Water charges Council tax Heating and lighting House telephones TV licences Sundry expenses Depreciation OPERATING COSTS HOSTEL PROPERTY OPERATING SURPLUS	2021 £ 165,082 28,385 300 2,200 2,755 5,255 198,722 4,550 4,789 8,796 1,607 990 656 291 21,679 5,618 7,012 12,630 22,912 616 87,222 586 590 5,219 490 55 2,348 5,199 14,579 1,567 315 231 13,813 155,742 190,051 £ 8,671	2020 £ 169,061	2020
		33,496
		300 2,400 - 2,700 205,257
		4,504 4,718 9,051 1,524 498 2,442 1,188
		23,925
		9,660 4,417
		14,077
		25,230 - 83,000 706 991 5,147 700 557 2,875 5,491 15,721 1,228 317 1,001 14,005
		156,969
		194,971
		£10,286