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
- 1 -
## 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.
- 2 -
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.
- 4 -
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.
- 8 -
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.
- 9 -
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||
- 14