ABBEYFIELD RYDE SOCIM LIMITED HE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1 MARCH 2024 ABBEYFIELD RYDE SOCIETY LIMITED THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Report of the Executive Committee StETrtement of Executive Committee's Responsibilities Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-13 Detailed Hostel Property Revenue Account 14 ABBEYFIELD RYDE SOCIETY LIMITED THE REPORT OF THE EXECUTIVE COMMITTEE The Executive Committee submit their report ￿￿d the financial statements for the year ended 31 March 2024. Princi al ActLNryties ThE principal activity of the Society continues to bt the Pro￿$1￿n tsf accommodatiorl for lonely and elderly people in accordance with the aims and prineiples ol The Abbe)TfieLd Sociery Limited. Ob ectives The objectives of the Society are to provide elderly people with an environment in which to live that allr)ws them to be independent whilst ha￿rtg support when needed. The Execuiive Committee is satisfied the Society has achieved its objeetives in the year under review. Status The Society is registered under the Companies Act 2006 Iregistered number 8626611 and is limited by guarantee. There are 7 members at 3 1 March 2024. The Company is registered as a Charity (number 2463641. The Executive Committee The Executive Committee who served during the year.. MrBDye Mrs J McNeal Mrs R Fountain Mrs P Pont Mr S Raby Dr Manning Mrs R Donaldson Miss HOM Spurgeon Ito 25 August 20231 ch￿rrnan House Chairman Company Secretary.. Mrs H Smith Method of A o)iniment New c0￿Mittee members are appointed by invitation and approval of the Executive Committee. The Re istered O￿lCe 2 Queens Road Ryde lslE of Wight P033 3BG ABBEYFIELD RYDE SOCIETY LIMITED THE REPORT OF THE EXECUTIVE COMMITTEE l¢ontinuedl ProfessionaL AdNrysors'. Independent Examiners A H Cross & Co Limited Chartertd Certified Accountants 16 Quay Street Newport Isle of Wight P030 5BG Bankers Lloyds Bank plc 35 Union Street Ryde Isle of Wight P033 2LE Solicitors Robinson JArvis & Rolf 18 Melville Street Ryde Isle of Wight P033 2AP Investment Advisors Charles Stanley & Co Ltd 55 Bishop5gate London EC2N 3AS Recruitment and A ointment of New Trustees From time to time the Society reviews the skills and abilities of the Trustees to ensure that there is adequate brtadth of exptrienct. Should this be lacking or if additional Trustees are required due to retirement, prospective Trustees are in￿ted from the Membership to apply. Induction and Trainin 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. anisational Structure Da}. to day running ol the Society's alfairs are co)nducted by the House Managers, who) report to) the Committee. The Trustees meet formall) every other month and at additional times as required on an informal basis to deal Mryth issues requiring their input. or Risks The Committee confirm that all major risks identified have been assessed and systems implemented to manage those risks. AB YFIELD E SOCI L]MITE RE RT OF THE EXECUTIV COMMIrr leontinutdl AehieveTn nts Perforrnance an Financial Review The Society bcncfits from thc achievements of the Committee An prewous yeArs prowding a strtsftg financial baye. The Trustees main concerns to prowde a good qua]ity environmtnt lor re81denis to live and tmployecs to work, whilst b￿Ancing the financial c.onstr8ints thrythln budget nd to cotnply with ever increA8ing IcyJl&tion covering ail aspects of the Society 8 operaiions. The finaneLai results for the yc8r arc set out IA the Starement of Financi81 AeLiwiies an p￿t 6, gnd the position dt the end of the Ye￿ is showrL Ln Ihe B￿ance Sheet on page 7. The deiailtd Hostel Property Revenue Account ig pre8ented on p&ge 14. Thc Siatemeni of Financial Activities show$ net oper81in8 incomjng resources of £20,077 12023 £2,345). All re8ourees reccived 8nd expended are treated &8 unrestrltted funds. The Committee considers that thc ¥tate of thc Society's 8ffair8 is s&tisfactory. Im Investment PolLCy is de¢erniined by the Finance Committec with the aim to en8ure that any surplu8 lund$, beyorid a sensible working b8lancc, are investcd with aBB25cancc from an appropriAte profes￿onal Advisor. As at 3 1 M￿ch 2024 the rescrve8 Stood ai.. £1,544,498 12023 £1,479,897). The rcserve8 include frcehold l￿d at)d building$ st&ted at co$t le88 deprccif4tion of £636,32412023 - £632,07 11. The board of Tru8tce8 18 satJ8fied that the eharity 8 a88Cts in the Rcncr81 fund are Available and adequate to fulfjl its obligaiJon8. ner It was deeided to rc-appoint Meu8rs A H Cro$8 & Co a? Independent Examiners. On behalf of the Exec Ivc Comrnittce Chairman CDmpany Secretary Dat¢ 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 rinancial statements for eaeh financial year which give a true and fair Vie￿ of the slate 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 ¢on¢ern basis unless it is ingppropriate 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 disclostd and explained in the financial statements. The Executive Committee members are also responsible for maintaining adequate accounting records u,hieh disclose with reasonable accuraey at Émy 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 saftguarding 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 disc105ed in the financial statements. These accounts have been prepared in accordance with the prowsion5 applicable to companies subject to the STnall companies regiTlle. INDEPENDENT EXAMINER'S REpoEf TO THE TRUSTEES ABBEYFIELD RYDE SOCIETY LIMITED THE report on the accounts of The Abbeyfield Ryde Society Limited for the year ended 3 1 March 2024, which comprise the Statement ol Financial Actifftties, the Balance Sheet and the related notes. Res ective Res onsibilities of Trustees and Examiner The Charity's Trusiees (who are also the directors of the company for the purposes of company lawl arE responsible for the preparation of the accounts. The Trustees co)nsider 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 basis of procedures specified in the General Directions given by the Charity Commissioners under section 14515llbl of the Act, whether particular matters have come to my atiention. Basis of Inde endent Examiner's Re ort My examination was earried out in aceordance with the General Direetions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Trustees and a comparison of the aeeounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees Loncerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and eonsequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is litnited to those matters set out in the statement belo)w. Inde endent Examiner's Statement In Conneciion wilh my examination, no material matters have come to my attention which gives me cause to believe that in. any material respect.. accounting records were not kept in accordance with se¢tion 386 of the Companies Act 2006; or the accounts do not accord with such records., or the accounts do not comply with relevant aceounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a trrue and fair, ￿eW which is not a matter considered as pgrt of an independent ex8mingtion', or the accounts have not been prepared in accordance ivith the Charities SORP IFRS 1021. I have come across no other mAtters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. I S Henderson Chartered Accountant A H Cross & Co Limited 16 Quay Street Newport Isle of Wight P030 5BG AB EY MITE HE A¢EMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED I MARCH 2024 2024 23 INCOMING RESOURCES Incoming resources IroTn operating activltieg in [Urthcr￿Ce of the Ch&rity'$ objects.. Residents, chargcs 208,266 179.794 Investment income 33,392 30,222 Other Jneome 600 1,000 Rent￿ inttsme 2.400 2,400 Grants receivtd Total incomirtg re80urce8 44 RF.SOURCES 2XPBNSES Chttrit&ble expen 12 LEiyJi &t haiik tiiiij In liè)nd 16 lal.221 LUI¢Irg'. umvunl ¥J lullin￿ due within (Jnt. I'eur 13 .54 1 ts4.￿44 TUTAI. A¥8F.TS LL,:SS L'URRf.NT I.IA1311,ITIF8 £L&*+d9A L4.ZLalJ7, Reprrsciiio'(I l)v'. UNHf%l-E41CTf.L) PUNUS 14 Tlie LiimpAnv is IiTnited l)v 811&1'antee £u?d no %liw'tlioldtrs' fvnds. Thr Direrii)r¥ g$Mii￿le.cI Ihui Ilii.. r¢>nipdny 1% r.niiilL'd to ¢xvmi)ii()n Ir<)m Llie r¥<4uirvme.iii Iv t)bi#iri 4in Liudit uiider 8t'ciioJ) 477 of tliL Comi)iiiiir¥ Acr 200b 8nd thAi rnembtrs hdV( Jiot Tlic l)Irr.c.iors #LktJuwlr.dKe ihcii- responsibiliiits for iumplyLll4 ￿7th tlie requiremcntJ of the Li)mp&inir% Ar.1 21)0& ￿llh rr.4per.t tfj A('.r.riuiiiing re('.()i'd¥ An(1 the pre.P￿r￿(ltsn ¢)f yci'OLini¥, Thc AccouJil¥ liavc brcii prtpai-ed in &Leeorilatir.e wilh thc. pro￿￿10n$ in Part 15 of thc CompAnie Ai.-1 2(1116 ur>pli('*ilJlr ro Compiinits sul)Jcei to the LumpanJvA I'egimt. .4ppro￿¢d bv tht 8xeLiirivi' mliice tis Trustec¥ and Dirtcuir5 of rhc compttny C'.liaii-mèui ABBEYFIELD RYDE SOCIETY LIMITED THE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUS OF SOCI The Society 15 an exempt charity, number 246364. ACCOUNTING POLICIES Aeeountin Basis The financial stateTtLents have been prepared under the historical cost convention in accordance with Aecounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in aeeordance with the Finaneial Reporting Standard applicable in the UK and Republic of Ireland IPRS 1021 and the Companies Act 2006, and include the results of the Society s operations whieh are deseribed in the Report of the Executive ComEnittee, all of which are continuing. The Society has taken advantage of the exemption in Financial Reporting Standard No I from the requirement to produce a cash flow statement. Ineomin Resources Incoming resources represent the total aTnount 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. Investnient Income Bank interest and National S8vings interest is included on 8n 8Ctu81 receipts basis. Reco nition of Liabililies Liabilities are recognised on the accruals basis in accordance ivith normal accounting principles, modified where necessary in accordance with the guidance given in the SORP. Resources Ex ended Expenditure is accounted for on an accruals basis. Expense5 are allocated to management, repairs and service costs on the basis of the proportion of time or other relevant factors attributable to the actiNryties. Stocks These con]prise catering stocks valued at cost., the replacement cost of stocks is not significantlv 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 2024 ACCOUNTING POLICIES Icontinuedl reciation Housing land and buildings SHG assisted schemes lil Depreciation, as defined in lill beltsw, is prO￿ded tsn the cost of freehold buildings., lill Depreciation is not charged on that portion of the cost which has qualified. or which will qualify for SHG; liiil For that portion of the cost financed by borrowings or from the Society's own or other charitable resources, g eharge is made to the hostel property revenue account for depreciation on buildings at 1/20/0 per annum on such eost. Fixtures Fittin sandE ui ment Depreciation is charged on the reducing balance basis at 200/0. per annum. General A full depreciation charge is made on r￿ed assets in the year that the asset is brought into use and no charge is made in the year of disposal. Fiyed Assets Assets donated to the Society are not included in the balance sheet: other assets are included at cost. Allocation of Ex enses Expensets are allocated to management, repairs and service costs on the basis of the proportion of time or other relev8nt f8¢tors attributable to these activities. Cash Flow Statement The Society is exempt from producing a cash flow statement under FRS I by virtue of its qualifying as a small company. Moneta Donations Monetary donations to the society are crtdited to the income and expenditure account on a receipts basis. Co oration Tax and VAT The Society has charitable status and is exempt from Corporation Tax on the ineome it has received. The Society is not reystered 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 autorrLatic enrolment requirements. ABBEYFIELD RYDE SOCIETY LIMITED THE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 HOUSING STOCK 2024 2023 Hostel accommodation- number of bed spaces 15 Is OPERATING COSTS 2024 2023 Operating Costs include.. Independent Examiner s remuneration (including other services) Depreciation 1,789 1,674 INTEREST RECEIVABLE AND SIMILAR INCOME 2024 2023 Listed investment income Igrossl Lloyds TSB deposit interest Igrossl COIF deposit interest Igrossl 29.066 221 28,712 39 £33392 £30222 OTHER INCOME Donations and legacies Other income 600 900 loo EMPLOYEES 2024 2023 Employee costs". Salaries and ivages Pension contributions National insurance contributions 100,117 695 92,851 615 Average number of persons employed during the year including part-time employees.. 2024 2023 Hostel staff 12 12 io- ABBEYFIELD RYDE SOCIETY LIMITED THE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PAYMENTS TO MEMBERS, COMMtTTEE MEMBERS, OFFICERS, ETC 2024 2023 Fees, reTtLuneration or expensEs payable to members of the Society who were neither members of the Committee of Management. nor employees of the society Nil Nil Fees. remuneration or expenses payable to members of the CoTtLmittee of Management of the Society who were neither officers nor employees of the Society Nil Nil Fees, remuneration or expenses paid to officers of the Society who were not employees Nil Nil Payments or gifts made, or benefits granted. to the persons referred to in section 13 and 15 of the Housing Associations Act 1996 Nil Nil HOUSING LAND AND BUILDINGS SHC. Assisted Schemes- Freehold 2024 2023 Cost- Com leted Schemes At l April 2023 and 31 March 2024 Property improvements 811,890 797,007 At 3 1 March 2024 831 061 811890 reciation At l April 2023 Charge for the period 138,812 126,585 At 31 March 2024 153 730 138 812 SOCIAL HOUSING GRANT Net Book Value At 31 March 2024 ABBEYFIELD RYDE SOCIETY LIMITED THE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. FURNISHINGS AND EQUIPMENT 2024 2023 Cost At l April 2023 Additions 74,234 74,234 At 31 March 2024 reciation At l April 2023 Charge for the period 65,002 62,355 At 31 March 2024 Net Book Value At 3 1 March 2024 I I. INVESTMENTS 2024 2023 Listed investments". At l April 2023 Shares purchased Shares sold 692.044 748.815 692.044 748,815 Unrealised surpluslldeficitl on revaluation At 3 1 March 2024 £7 74 Historical c05t at l April 2023 Cost of shares purchased Cost of shares sold 502,484 37,412 485,249 62,133 44 8981 Historical cost 12. DEBTORS AND PREPAYMENTS 2024 2023 Amount5 falling due within one year.. Other debtors l2- ABBEYFIELD RYDE SOCIETY LIMITED THE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. CREDITORS 2024 2023 Amounts falling due within one year.. Sundry crtditors £￿44 14. RESERVES The funds of thc Charity are all for general purpose5. They include an amount attributable to the unrealised gainsllosses of the investment portfolio brought about by the revgluation ol the investments each year. General Reserve Revaluation Reserve 2024 2023 At l April 2023 Net movement of funds Transfer of revaluation 1,132,831 64,60 1 347,066 1,479,897 64,601 1,534,323 154,4261 At 31 March 2024 15. CONTINGENT LIABILITIES There were no contingent liabilities at 3 1 March 202412023 - nill. 16. CAPITAL COMMITMENTS There were no capital commitments at 31 March 202412023- nill. 13