Registered Number". 00899018 Charity Number." 252082 Homes & CommuniFies Agency NumbLY'. H0481 ABBEYFIELD BARROW-IN-FURNESS SOCIETY (THE) (A Company Limited by Guarantee) UNAUDITED FINANCIAL STATEMENTS 31 MARCH 2024 Armstrongwatsorf Accovntants, Business G Finanaal Advisers
ABBEYFIELD BARROW-IN-FURNESS SOCIErY (rHE) (A Company Llmitgd by Guarantee) SOCIEff INFORMATION Exocutive CommltteelDiroctors Mrs D Craig (Chairman) Mr M Tansey (Deputy ChaIrManreaSurer) Mrs J Tansey Company secretary Mrs D Craig Registorgd number 00899018 R•glstered offlce Millennium House 237 Dalton Road Barrow in Furness Cumbria LA14 1pa Accountsnts Armstrong Watson LLP 51 Rae Street Dumfries DG1 1JD Bankern HSBC Bank plc 104 Duke Street Barrow in Furness Cumbria LA14 1LR Sollcltors Denby & Co 119 Duke Street Barrow in Furness Cumbria LA14 1XE
ABBEYFIELD BARROW-IN-FURNESS SOCIETY (fHE) (A Company Limitad by Guarant•o1 CONTENTS Page chaian.$ Slatement Report of tho Executlve Commlttee Indopendent Examine8 Report Statgm¢nt of Comprohensivo In¢omo Balance Sheet Statemont of Changes in Equity Notes to the Flnancial Statements 10-18
ABBEYFIELD BARROW-IN-FURNESS SOCIETY ITHE) (A Company Lirnitgd by Guarante•) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The Gh?imian presents her statement for the period. Over the past year ending March 2024 there have been changes in the Abbeyfield Society generally with the formation of AbbeyField England also the introduction of the Northern Hub these meeting$ move forward with zoom providing inleraclive and useful information for So¢Etie$. Millennium House continue to work towards the merger with The Silverdale Society- Cove House this indudes administration and maintenance, some delays have been experienced towards the completion with Government Departmentl Register of Social Housing. Over the year occupancy levels remain high with a rapid change over of vacant rooms bul we have incurred expenses linked to infflation and legal costs linked lo our proposed merger. The year has been one of stability with Staff and Supervision who continue lo give conscientious service supportirvJ our residents, helping maintain our local reputation this energy and commitment plus working closely wilh Cove House will enable residents needing care rf desired to move lo Cove House without loo much impact on their lives. Our Trustee base has been much improved with the addition of valued Trustees from Sllverdale Society C opted onto our board until the merger is complete their kn(Iwledge and experience is very much valued and appreciated, also mysew as Chair of Barrow allend Sifverdale Soaety Trustee meetings. Finally thank you again to everyone who over the past 12 months have given their time. energy and experience to ensuring the continued success of Millennlum House. Mrs D craig Chairman Dale tE Page 1
ABBEYFIELD BARRQW-IN-FURNESS SOCIETY ITHE) (A Company Limited by Guarantee} REPORT OF THE EXECUTIVE COMMrrrEE {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement on the Internal Control Sy8torn8 and Risk Pollcy The Executive Committee is responsible for maintaining a sound system of Intemal control whi¢h= focuses on Ihe signtficant risks that threaten the organisalion's ability to meet its obJecllves-, and providas reasonable assurance of the safeguarding of assets. and for reviewlng that system. The internal control system is designed lo manage the risk of failure to 8chieve the So¢ietVs objectives and can only provide reasonable, and not absolute. assurance against materlal misslalemenl or loss. The process for Klentrfying, evaluating and managing the signrfieant risks faced by the association is ongoing. The process has been in place for the year ended 31 March 2024 and up lo the date of approval of the annual report and financial statements and is regulady reviewed by the Executive Committee. Related Partles There were no connected charities during the year ended 31 March 2024. Rovlew and Posltlon at Yoar End The results for the year are set out in the foregoing pages of the financial statements. An operating loss of £8,031 {2023 loss - £6.4951 has been recorded which was partly due lo costs asL4ted wlth m0Cambe Bay Group plus general inflationary increases. There were no major Inciderlts or events which otherwise si9ntfic8nlly affe¢led the results. Rosorvgs The ExeuJlive Committee has sel a pollcy which requires reserves be maintained at a level which ensures that the Society's core activity could continue during a period of unforeseen difficulty. General Reserves are £464,195 including £14,526 Revaluation ReSee wh6ch reflects the movement on the Long Term CAF Investment. Flxed Assets Details relating to expenditure on the Socievs property, fixtures. ffttings and equipment are sel out in note 8 to the accounts. Plans for future p•rlods The Society's aim is lo continue to provide secure. homely, supportive, affordable sheltered housing for the eldedy. Its qualrfied. committed staff members work as a strong team, continuing lo provide residents with an 8tmosphere of support. comfort and stability. Page 3
ABBEYFIELD BARROW-IN-FURNESS SOCIETY (THE) IA Company Limitod by Guarantee) REPORT OF THE EXECUTNE COMMITTEE FOR,THE YEAR ENDED 31 MARCH 2024 The Executive Committee present their rewrt and th8 financial statements for the year ended 31 March 2024. Structure. managoment and governanGg Governing document Abbeyfield Barrow-in-Furness Society Limited (The} is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association. In the event of the company being wound up members are required to Gontribule an amount not exceeding £1 each. Appolntment, Indurtion and tralning of Exocutiv• Committ00 mèmbèrs In accordance w¢lh the provisions of the Articles of Association the Trustees of the Society seek indtviduals with appropriate qualifications and expers8nce who have expressed an interest in serving and who have tsme lo commit to serve on the Executive Committee. All appointees are given a role and description of what is expected of them by.the Society. An induction programme is arranged lo familiarise them with the essential details of the Sociey and ils Governance and this is updated as appropriate during the term of the Trustee. Organisatlon The Society shall each year hold a general meeting as tts Annual General Meeting in addition to any olher required in that year. These meetings allow for a review of the income and expenditure and discussion and debate about other appropriate matters and any (Jecisions are recorded in the WTillen minutes. Every memb8r of the Society shall sign a written consent to become a member and their name will be entered in the register of members. Any member may withdraw from the Society by giving six months, noti in Writing lo the Secretary of his intention so to do. One third of the ComMee members or. rf the number is not a multiple of three, Ihen the number that is nearest to one-third shall retire from office at the Society's Annual General Meeting. Objectivos and Actlvities for Public Benefit The objecls of the Society revdve 2round the provision of accommodation. support and companionship for lonely or eldedy people in accordance with the principles of Abbeyfi'eld. The Executiv8 Committee confirm that they have referred to the general guidance on public benefil issued by the Charity Commission when planning and reviewng the charitys aims and objectives. More particularly the Society works within the broad community of ils locality lo help people as described above maintain their independence within an environment of physical, social and emotional 5UPPOrt, and continue to engage with and be part of that community. Principal Aetivlty The Pfincipal activity of the Society Is to provide sh81tered accommodation for lonely and eldedy people in the vieinity of Barrow in Fumess. These activities fall wholly within the hostel hwsing activities as defined in the Housing and Regeneration Act 2008. Page 2
ABBEYFIELD BARROW-IN-FURNESS SOCIETY (THEI (A Company Llmlted by Guarantee) REPORT OF THE EXECUTIVE COMMIThEE (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statomgnt of ExoGutiv? Committ00's Rospon$ibllltl•s Company law requires the Directors to preE)are financial statements for each financial year which give a true and fair vtew of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial statements, the Directors are required to.. S81ect suitsble accounting policies and apply them consistently., make judgements and estimates that are reasonable and prudent,. state whether applicable ac¢cKJnting $tand2rds have been followed, subject lo any material departures disclosed and explained in the financial statements. state whether applicable sements of recommended practice have been followed" and prepare the financial statements on the going ¢oncern basi$ unless it is inappropriate lo presume that the company wlll contlnue to operate. The Directors are responsible for keeping proper accounting records whkh disclose vAth reasonable accuracy at any lime the financial position of the company and to enable them lo ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 2nd the Accounting Requirements for Registered Social Landlords General Detemilnalion 2015 as amended. They are also responsibte for safeguarding the assets of the company and hence for taking reasonable steps for the preventitin and detedion of fraud and other irregularities. Small companles note In preparing this report, the Executive Committee have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf. rs ti Craig Chairman Date.. Page 4
ABBEYFIELD BARROW-IN-FURNESS SOCIETY (THE IA Company Llmlted by Guaranto8) INDEPENOENT EXAMINERS REPORT TO THE MEMBERS OF ABBEYFIELD BARROW-IN-FURNESS SOCIEfY ITHE) I report on the awoun15 of the Society for the year ended 31 March 2024 which are set out on pages 6 to 18. Respective responsibilitios of tho Exocutive Commltteo and Examlner The Executive Committeg (who are also the director5 of Ihe Society for the purpose5 of company law) are responsible foT Ihg preparation of the a¢¢ounts. The Executive Committee consiéer that an audit is not required for this year under seclion 144121 of the Charities A¢t 2011 (the 2011 Act) and that an independent examination is needed. Having sat15fied myself that the Chanty is not subject to audit under company law and is eligible for independent examination. il is my responsibility to.. examine the accounts under sedion 145 of the 2011 Act., follow procedures laid down in the general Directions given by the Charity Commission under section 145{5llbl of the 2011 Acl,. and stale whether particular matters have come to my attention. Basis of indgpondant axaminars report My examination was carrEd out in ac¢ordance with the general Directions given by the Charity Commission. An examination includes a review of the a¢eounting records kept by the charity and a comparison of the accounts esenled wtth those records. It also includes consideration of any unusual rtems or disclosures in the accounts, and seeking explanations from you as the Execvlive Committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required In an audit and consequentsy no opinion is given as lo whether the accounts present a 'true and fair viev/' and the report is limited to those matters set out in the statement below. In connection with my examination, no maller has come to my attention.. 1. Which gives me reasonable cause lo believe thal, in any materbal respect. the requlrements.. lo keep accounting records in a¢cordan¢e with section 386 of the Companies Act 2006. and to prepare accounts which aGcord with the accounting records, comply with the accounting requireroents of seclion 396 of the Companies Act 2006 and with the methods and principles of the Stalemenl of Recommended Practice.. Accounting and Reporting by Charities. have not been mel.. or 2. To which, in my opinlon, attentlon should be drawn in order lo enable a proper underslanding of the a(xounls to be reached. Kargn Rag FCCA Armstrong Walson LLP Chartered Accountants Dumfries Dale.. Page 5
ABBEYFIELD BARROW-IN-FURNESS SOCIEf( {THE) IA Company Limited by Guarantee STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Turnover 184.650 171,922 Less: Operating costs Operating loss 192 681 (8.0311 178417 (6,495) Other operating income 350 1.403 Disposal of investments 24,680 Interest receivable and similar income 857 132 Suiplusl{deficit) for the Ilnancial y•ar There were no recognised gains and losses for 2024 or 2023 other than those induded in the statement of comprehenswe income. The notes on pages 10 to 18 fomi part of these financial st2lementS. Pag8 6
ABBEYFIELD BARROW-IN-FURNESS SOCIEfY {THE) {A Company Limited by Guarantee REGISTERED NUMBER: 00899018 BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 320,158 322,991 320.158 322.991 Current assèts Debtors.. amounts falling due wlhin one year Current asset investments Cash at bank and in hand 1,706 189.390 35.417 5,057 173.509 36.424 10 11 226,513 214,990 Credrtor$'. amounts falling due within one year 12 (18,453) (12,348) Nét current assels 208.060 202,642 Total assets less current Ilabllltles 528,218 525,633 Creditors- amounts falling due after more than one year 13 164.023) 170,311) Nel assets Page 7
ABBEYFIELD BARROW-IN-FURNESS SOCIE (THE) (A Company Limited by Guarant991 REGISTERED NUMBER: 00899018 BALANCE SHEEr IcopmNUED) AS AT 31 MARCH 2024 2024 2023 Notè Capital and reser Revaluation reserve Goneral reserve 14,526 449,669 23,509 431,813 The direGtor5 Consider that the Society is entitled to exemption from audit under section 477 of the Companles Act 2006 and members have not required the Society to obtain an audlt for the year in question in accord8n with seclDn 476 of the Companies A¢t 2006. The directors acknowledge their responsibilities for complyirbg with the requiren7ents of the Companies Act 20 with respect lo accounting records and the preparation of financial slatemenls. The Society's financial statements havg been prepared in accordance with the provisions applicable lo companies subject lo the small companies regime. The financial statements were approved and authorlsed for Issue by the board and were signed on its b8half by.. Mrs D Cralg Chairman Mr M Tansey Deputy Chairmanffreasurer Date.. (% OCL- The Thjtes on pages 10 to 18 form part of these fInarla1 statements. Page 8
ABBEYFIELD BARROW4N-FURNESS SOCIEfY (THEI IA Company Limitod by Guaranteg) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024 Revaluation Profit and reseThe loss account Total equlty Al 1 April 2022 29,591 436,773 466,364 Loss for the year Deficit on revaluation (4.960) (4.960) (6.082) (6.082) Total comprehensive incomo for the year {6.0821 (4.960) {11.042) At 1 Aprfl 2023 23.509 431.813 455,322 Profil for the year Deficit on revaluation 17,856 17,856 {8,983) {8,983) Total comprehensive incomè for thé year 18,983) 17.856 8.873 At 31 Mar¢h 2024 The notes on pages 10 10 18 forni part of these linancial slatemenls. Pag8 9
ABBEYFIELD BARROW-IN-FURNESS SOCIETY (THE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Information Thg SoGiety 15 registered under the Companie5 Ad (registered in England & Wales under number 008990181 as a company limiled by guarantee and does not have share capital. The liability of the members is not to exceed £1 each. As al 31 March 2024 there were 5 members. 11 is a registered charity and ils registration number is 252082. The Society is also registered under the Housing and Regeneration Act 2008 (Homes & Communili8s Agency registered number H0481) and is wholly engaged in housing activities as defined in that Act. Accounting policies 2.1 Basi$ of preparatlon of financial staternents The financial stslements have been prePad in aWordan with applicable United Kingdom financial reporting standards, the Statement of Recommended Practice.. Accounting by Registered Social Landlords 2014 and with the accounting requirernents for Registered Social Landlords General Determination 2015. The accounts ar8 also prepared in aGcordance with SORP 2014 and Financial Reporting Standard 102 IFRS 102}. The accounts have been prepared in accordance with the hisloriGal cost Gonvention. 2.2 Rovonuo Turnover is recognised lo the extent that it is probable that the economic benefits will flow lo the Society and the turnover can be reliably measured. Turnover is measured as the fair value of the consideratn received or receivablé, excluding éiscounls. rebates, value added tax and other sales taxes. The following criteria musl also be met before turnover is regnISed.. Tumovef comprises renlal and service income receivable, all in respect of resldential charges ag well as the amortisalion of the Social Housing Grant. 2.3 Golng concom The EXul1Ve Committee have reviewed going concern and in reaching their conclusion regarding going concern have considered cash flow requirements covering a period of 12 months from the date of sign off. They have also considered future strategic aThJ operatnal ObltIveS and provide further information in th8 Post Balance Sheet Event note to the finan¢ial statements regardlng this. After Consideration of all factors, the Executive Committee continue to a¢Jopl the going ¢oncem basss in preparing the financial statements. Page 10
ABBEYFIELD BARROW-IN-FURNESS SOCIEff ITHEI (A Company Limitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policigs {¢ontinu•dl 2.4 Fixed Assets - Housing Land and Buildings Housing land and buildings is principally properties available for rent and are staled at cost. Cost includes the.. sl of acquiring land and buildings. development expenditure.. interest charges incurred during the development period (interest on loans raised lo finance the development are capilalised up lo the date al which practical completion occurs}', development administration costs. Following the implementation of component accounting. certain components of sIdential properties with assel lives which are different to the main structure, or shell, of those properties have been separately identified for depreciation purposes. On replacement of such assets the original asset is written off and the replacement asset is capitalised and depreciated over its useful lrfe. 'Housing properties in the course of construction" are staled at cost and are transferred Into 'houslng properties" when completed. Any overhead costs directly attributable to bringing fixed assels into their working eondilion for their intended purpose are capitalised. Expenditure on the initial purchase of land and bulldings Is capltalised and disclosed as part of housing properties in the course of construclitin. The cost of a housing propety comprises ils purchase price and any costs directly attributable to bringing it into working condition for Ils intended use. Directly attributable costs of the Society's s18ff arising directly from the ¢onstTUCtion, or acquisition of the property. and the Incremental costs of the Society are capilalised where they relate lo expenditure that would not have been incurred rf the Society did not have an ongoing development programme. Detailed analysis of staff development aclivrty is used 83 a basis of determining Ihe amount of staff cost capitalised. 2.5 Soclal Houslng Grant Social Housing Grants are receivable from English Government and are utilised lo reduce the capital costs irf housing properties. The amount of SHG receivable is calculated on a flxed basls depending on the size, location and type of houslng property. Where, following the sale of the propety, SHG becomes repayable under certain circumstances, to the extent il is not subject to abalemenl. it is included as a current liability until it is recycled or repaid. SHG which is repayable will normally be reslricled to net proceeds of sale. SHG is subordinated in respect of loans by agreement with the English Government. Grants received in relatn to Housing Properti85 are shown within creditors and are disclosed a3 deferred income nel of amortisalion. Grartls held as deferred income are released over the useful lrfe of the new MpOnent to which they relate in accordance with the depreciation policy set out below. Page11
ABBEYFIELD BARROW-IN-FURNESS SOCIETY (THEI (A Company Limitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Turnovar 2024 2023 Gross rents receivable Less= rent and seivice charge losses from volds Grant income Amortisation of deferred income 179.637 13,0751 1.800 6.288 168,824 (3. 190) 6.288 Housing Stock 2024 No. 2023 No. Hostel CommOdatIon. Number of bed spaces - residents 12 12 Operating dellclt The operating deficit is slated after charglng: 2024 2023 Independent examiners remuneration Depreciation on fixtures and fittings Depreciation on housing properties 3,500 5,550 900 5, 704 Page 13
ABBEYFIELD BARROW-IN-FURNESS SOCIEfY (THE) (A Company Llmlted by Guarantgo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continuod) 2.6 Dgpro¢ialion of Housing Proporties Where a housing property comprlges hmo or more majorcomponents with substsntially drfferenl useful economic lives, each component is accounted for separately and depreciated over ils individual useful economic lrfe. Expenditure relating to the subsequent replacement or renewal of components is capilalised as incurred. Depreclation is charges on the historic cost of property components. Freehold land is not depreciated. Leasehold land is depreciated over the remaining temis of the leases. The depreciable amount is written off over the egtimaled useful lives from the dale of purchaselbuild as follows-. Componènt Type External Structure Leasehold Internal Structure External Structure External WindowslDoors Kitchens Bathrooms Heab"ng System Lift Useful Life 99 Years 50 Years 25 Years 25 Years 25 Years 25 Years 20 Years 25 Years Components on leasehold land are depreciated over the shorter of the above and the remaining Period of the lease. 2.7 Depreclatlon of Flxtures, fitting8 and equlpm6nt Depreciation is charged on a straight line basis at rates of 100A and 20% per annum. 2.8 Donatgd Assets Assets donated to the Society are not included in the balance sheet., other assets are included al cost. 2.9 Allocation of expenses Expenses are allocated lo management. repairs and servlce costs on the basis of the proportion of time OT Other relevant factors attributable to Ihese activities. 2.10 Corporatlon Tax aDd VAT The Society has charitable status and is 8xempl from Corporation Tax on income il has received. The Society is not registered for VAT. Accordingly, no VAT is charged to residents and expenditure in the financial statements is Inclusive of the relevant VAT. Page 12
AB8EYFIELD BARROW-IN-FURNESS SOCIETY (THE) (A Company Llrnltgd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tangible fixed a88ets SHG A$si$tgd Schemeg Fixtures and Leasehold ftttings Total Cost or valuation At 1 April 2023 520,800 120,011 640,811 Additions 16.041 16,041 Al 31 March 2024 520,800 136,052 656.852 Daprncialion Al 1 April 2023 219.063 98.757 317,820 Charg8 for the year on owned assets 13,324 5,550 18.874 A131 March 2024 232,387 104,307 336,694 Ngt book value At 31 March 2024 At 37 March 2023 301 737 Deprecl- Annual Dapr'n Charge Useful Economlc Llfe Acc Dop'n Cost Cost Exlernal Structure- leasehold Internal Slruclure External WindowslExlernal Doors Kitchens Bathrooms Healing System Lift 160,000 143,150 57,254 56,008 41,023 13,785 38.791 67.489 30.335 20.681 32,490 11.691 121,209 75,661 26,919 35.327 8,533 2,094 1.618 99 Years 50 Years 25 Years 25 Years 25 Years 20 Years 25 Years 2,290 2.240 1.641 689 520,800 232,387 288,413 13,324 Accumulated Amortlsation Annual Amortlsatlon Total Social Housing Grant 230,191 159,880 6,288 Page15
ABBEYFIELD BARROW4N-FURNESS SOCIEtY (THE) {A Company Limited by Guarant•8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Employees 2024 2023 Wages and salaries 86.244 81,716 81716 The average monthly number of employees, including the directors, during the year was as follows.. 2024 2023 No. No. Hostel Staff No employee rerhived remuneration above £60,000 in the year12023- same). During the year, no Members received any remuneratlon or other benefits12023- same). Intèrnst receivable 2024 2023 Building Society interest receivable 857 132 Page 14
ABBEYFIELD BARROW-IN-FURNESS SOCIETY (THE) (A Company Limitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Creditors: Amounts falling dug aftw more than one year 2024 2023 Deferred income net of amortisalion 64,023 70,311 11 The Social Housing Grant can be further analysed as follows- Gross Creditor as at 1 April 2023 £230,191 Amortisalion at 1 April 2023 Credit for the year Amortisation at 31 March 2024 £153,592 £159,880 Nel Grant Creditor as al 31 March 2024 £70,311 The grant Is amortised based on the following amounts falling due.. Within one year or less Btheen one and two years Beeen two and fwe years Over fwe years £6,288 £6,288 £18,864 £38.871 1& Share Capital The company is limited by guarantee and Iherefore does not have share capltal. There are 5 members. 15. Reserv88 2024 Rovaluatlon Reserv• As al 1 April 2023 Movemenl in year 23,509 (8.983) As at 31 March 2024 2024 General Rgsorvgs As at 1 April 2023 Total comprehensive income for the year 431,813 17,856 Page 17
ABBEYFIELD BARROW-IN-FURNESS SOCIETY (THE) (A Company Llmited by Guarantèo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Debtors 2024 2023 Prepaymenls and awlued income 1,706 5.057 10. Current a88èt investments 2024 2023 Charities Aid Foundation 189,390 173.509 11. Cash and cash equivalonts 2024 2023 Cash at bank and in hand 35,417 36,424 11 Crodltors: Amounts falllng duo within ono year 2024 2023 Trade creditors Other.taxation and social security Deferred income net of amor115alion Awuals 6.029 1,810 6,288 4,326 4,090 96 6,288 1,874 Page 16
A8BEYFIELD BARROW-IN-FURNESS SOCIEfY ITHE) (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 R•lat•d Party Dlsclosurg5 No transact*)ns with related parties were undertaken such as a quired lo be dlsclosed under the SORP. 17. Contlngent Uability The Sorial Housing Grant of £70,311 12023 - £76,599) may become repayable upon the sale or change of use of the social housing property. Al the reporting date the Committee had no plans lo sell or ¢hange the use of the housing property and nor do they foresee a time when that will be the case. 18. Post Balance Sheet Events At the year end dale the lety are in discussions with ar¢other AbbeyField Society surrounding a possible merger and are awaiting principal regulator approval. Should approval be gained within the next 12 months then all trade, assets and liabilities would be transferred into The Abbeyfield Society Silverdale at their net book value. At the lime of signing no timescales have been nolrfied by the regulator and hence the Executive Comfflittee deemed it prudent lo disdose this matter as it may impact the going concern position of the Society. Page 18