Reglstered nthnber: 008726 ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 ishop Flenmng A67864X8 3010612022 COMPANIES HOUSE A10 *382
AB8EYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY UMITED BY GUARANTEE> CONTENTS Page Inforrnatlon Board Report Independent Auditors. Rep( 9-12 Stat•m•nt of Comprehensive Income 13 Balance Sheet 14 Statement of Changes in Reserves 15 SLitemant of Cash Flo*s 16 Noles to the Flnanclal Statements 17-27
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY {A COMPANY UMITED BY GUAFiANTEE SOCIETY INFORMAnoN VICE PRESIDENTS M L Brooks M Dickman J Grenfell RHNash DIRECTORS E Langston (Chairfj A C Smtth D Innes IresKJned 12 Odober 2021) H Richards DFWood CHIEF EXECUTIVE Ms F Stsetton coANy SECRETARY Mrs F Meaking REGISTERED NUMBER 00872 RÉGISTERED OFFICE 29 Alma Vale Road cirfton Bristol BS8 2HL INDEPENDENT AVOITORS Bishcy Flwning LLP Chartered Accountants & StatthCY Auditor5 10 TerN)le Back Brist BS16FL SOUCITORS Cook & Co 7741 Akna Ro*J Clrfton Bristol BS8 2DP
A88EYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY UMITED BY GUARANTEE) BOARD REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 The Trustees present the Society5 Annual Report for Ihe year ended 30 September 2021 under the Companies Act 2006 and the ChaIrtS Act 2011. together with the audita ffinanaal statements for the year, and confim the latter compty with the Companies Act 20(. the Staement of Rewnmen¢Jed Practre for sla1 Housing Providers 2018. and the COmpanS MeTh¥)randum and ArtKles ofAsxKiation. REFERENCE AND ADMINISTRATION INFORMATION Abbefftld Bristol and Keynsham Socth is a charitable coff0any.foded in 1966.. Charity Registration Number 2S7532. Homes England Number H0315 and Company RegislratKJn Number 872566. The liability of its members is limited 10 £1 each by guarantee. The regislered offKe aThJ principal address of the Company is at 29 Alma Vale Road, Clrfton, Brist BS8 2HL. Trustee membership This is listed on page 1. togelher detsls of the key executives and professw)nal athsers. Under the tenS ofthe Memorandum and Articles ofAssociation of the Scvty, C¢)mpanies Act purposes the Trustees constitute the Oirect. STRUCTURE. GOVERNANCE AND MANAGEMEprr Goveming document The mpanY is govemed by rts Memorandum and Artth ofAssociation dated 1 16. Govemlng body Under the Mernorandn and Artiths of Associthn. there are to be not less than 3 and not more than 18 Trustees. Truslees lolher than any ex offKio members). deemed to have appiopriate skills and abilities. are elected by existing Trustees of the ScrAety and rdlified by Members ol the Cixnpany * the Annual Gerra1 Meeting. They serve a term of 3 years, after whKh they may be relected. A Trustee skills. audit is undertaken regulaty to ensure the Board maintains a beneficial breadth of skills ythin its composition. Tru51ee rewitment and SUS1on PlnIng is ¢nKial to the arKI we continue actr¥ety to recruit <)n rdevanl rocwitment websrtes, on media and through rewnmnedations. COVID 19 As everyone wil be aware whole country has been affected by the worldwKle Covid 19 pandemic, and this is an On-9n9 threat to the Socty. given the vulner)ility of our residents. The impact of the pandemic has adverse aff&ted the S• and ryacted our results. This 13 diseussed in more detsil in the section on Finawal Perf(ffince. Throughout this unsettling period, the Board continues to meet monthty to revi&N finances 8Thd also hllds full Board meeting every two months to keep apprdised of the current situation and how (( affects the day-to4ay running of our houses. As ever. our managemenl and Staff.te7S slrfyE to make lrfe as eomfortable 8*d nomal as possible for ojr residents during this very chall1n9 tine. tspite continuing instances of Covid ) ojr houses. bthieh resuk in periodic. but more short4ived. reSttic5. strict Inf110n controLs wntinue to be adhered to in an our houses. to keep all our residents. staff and visitors as safe and prolecled as possible. We would like to express ¢wr thanks to all our staff who have hew so much over this period. Page 2
ABBEYFIELO BRISTOL AND KEYNSHAM SOCIETY (A COMPANY UMITED BY GUAIiANTEE) BOARD REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 Home Farm Way 11 was considered in April 2021 that. very regretlabty. Home Farm Way was at risk of closure. due to unacceptable levels and pwr financial performance over a suslained period of time. This had been further exaced>ated by the Covil pandemi The Society met with residents. Telatives •¥J staff in May 2021 to begin the consuliati¢)n process and a comprehensive action plan inVon9 new marketing initiatives and increased community engagement vras developed, in an attempt lo generate significanlty more enquiries and iryrove wcupancy level5. Despite StrenlUS efforts, the perf0mnCe of Ihe house unl0rturtety dKI not improve arKI a final decision was taken by the Society in January 2022 th house would close at the end ofApril 2022. RedlarKI Road An on-goirvj programme of refvrbishment has begun at our Redland Road hcyjse. We created three beautiful showfials %wth improved and enLgryed balhr(Kns. vthKh have pioved very Fwular. and woth is continn9 in ccffimunal areas and in other fflats wtsre appropnate. Trust•• training Our Souetys activities are conlinualPy urwler revrew and the &xiety has undertaken a comprehensive governance eeW to ensure onoing complrance and best practice. As mentioned above. Trustees have looked at a number of issues induding an audit of Trustee skill sets and a robust programme of recruitment of new Trustees. There 1$ o defined procedure for the recwrtment arKI irKluction of proposed Trustees, which follows the Charity Commission's guidelir. as OLrtlined in 'The Essential Trustee.. What You Need to Know. . Organlsational management The Trustees meel regularly during the year to detennine general pofLy and revpw its overall management and control, for which they are legalty responsib. The Trustees set UP sub commrttees as necessary, yth respon$ibilty lor areas. Sub commrttees are not d•s1On making bodies, bul report and make ommendations to the whyef board of Trustees. Decisions reIng to the evwyday wnning of the Society are delegated lo the Chtef Executi. Group strudure and relatlonshlp Abbeekj Bristol and Keynsham Somtys core aim is to pmide the highest starrtlards of accommodat and support for our elderly re&dents. at a price which is afl¢xdable and indusive. We hohj the National Abbeff1d Societys Core Standard whh is recognised by the Ministy of Housing, Communi(ies and Local Government, and the Local Authorities in wthose aTras rt wths lie. Bristd. South Gloucestershire and Bath & North East Somerset). Rlsk Management The Trustees hlentrfy and eontinuaty monitor risks faced by the ScKty. and reeord these in the Risk Register. These are reviewed at least annually and systems are in place to mikngate their impacL OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTMTY The Trustees mai)tsin the objeds eslablished wthen the Souety was tsjnded in 1966, are contsined in the Memorandum and Arti¢ks of A5s(xiat)n. To ensure this, the Tnlee$ meet regularly lo assess oceuparty levels. incomè and expenditure and to regularfy review operations. The Chief Execu1p presents a delailed report * each meeb'n9, and interim repts as required. The Trustees have considered the Charity C(xnmissJn's guid on public benefrt and a satisfied that our Soeietys aims and the tivities carr*d out to ddiver those airrts are for the publ benefrt.
A88EYFIELD 8RISTOL AND KEYNSHAM SOCIETY IA COMPANY UMITED BY GUARANTEE} BOARD REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 Strategic aim and intended effects Our purpose is lo prowde affordabk Supported Housing for okjer reople WPK) require an elemenl of extra support, to enabk them to Itve independenl li. irresFeCtive of their finan¢ial resourts$. Oblectlves for the year To maintain the highest stsnd8rds of c0allon and supwt ftx our residents. and to review regulaTty our existing housing stock. Principal activity The provision irf Supported Housing for older people in the Brisiol. South GkAKeslershwe and Bath & North East Somerset areas. Grant making A5 a Siety. it is our poly that we woukl nol lum anyone away on the grounds of inabilty lo afford the fees. Three residents were subs¥Jised by Ihe ScKiety during the year and a further three were gNen a free week. Investment rfornnce The sum of £1,012 was reCved in interes( which is a decrease of £1.909 on the previous year {2020..£2,921). Volunteers We gratefully aCkncNdge the breadth of commitment of our Kluntews on the House Committees and on the Board of Trustees, from day lo day help to lasks. and for invalua)le professional adwee & assistance. FINANCIAL REVIEW AND RESULTS FOR THE YEAR ring this financial year, Abbld Bristol and Kejnsham SW Posted an operating deficrt of £164.939 and a deficrt after nel interest costs of £167.291. Tumover decreased by £166.012 10 £1.678,033. This financial year has Pfoved extremety drffiCU due lo the restn"cth)ns arising from Covid and we fulty exped the results fo¥ the coming year lo be much worse. Whilst the prevtous year had a red[tIn in our voids lo levels not experienced in rn1 years f( is regrettable th Ilw ha¥e rth¥ it)CreaS to all tirne hh. At the year end voids were 19 and they have now risen to 24. We are currentty revièwww maeting pl$ to •Jdress voids. We expect to see an uplake in wewings as we role out these new inrtialives. The suprne Court recenty ruled on the appeal brcwhl by UNISON with regard to bathay for nuhl staff. Fortunately thr unanim¥ deeision agreed with the Htgh Court and o)nsequenty any ngm to back-pay has been dismissed. Our Chief Executive appfies a robust 8fKI ongoing pr¢)Jramme of cost management across all aspects of the S¢xiety. tasking the house managers wth effectwe cost control. This will be vKJorously pursued in the Current financial year as we kxjk to save costs to mitwjate the impact COVID 19 has had on our revenues. Operating costs were marginally hwher than our bw but this vras due to expenses irKurred on thg purchase of PPE and other costs asxtiated wilh the pandemic. The Chief ExKutive was also successful in securmig a $Stantl reduction in manbership fees from the Abweld Society. Donation5 and received in the year tOtald £34.363. The Twstees a of the opinion that the market walue of the land and buildings owned by the Society is in e8$$ of book vdue. and is further iweased by on-goin9 fefurbishmenl WO and upgradiThJ of facilrties in all houses. Page 4
ABBEYFIELD BRISTOL ANO KEYNSHAIA SOCIETY (A COMPANY UMITED BY GUARANTEEI BOARD REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 At the end of the fMan¢ial year. the Society held cash resources of £722,704. Surplus fvnds are invested in interest beanng dewsits with a number of ple[S. A financial plan has been agreed for the rext year, arKI the areas of main focu5 will be addressing our voids and continued tight cost conlrol. ReseThes Policy Our pdicy is to retan sh reserves as in our1jgement are adequate to cover. day-104Jay operational expenditure. for which the current pc4icy is to hokl cash lo ether 3 months. experKlf(ure, whth in 202012021 equated to £426,¢Y)O. funding for tdenlified deVeknPnt projects and repairs to the housing propety Portfolio,. a small reserve for unexpected items. Hthvever. the gear# ol the Socktywould pemiil apprcoriale borrowing lo cover the majority of eventualities. The Soc holds onty unrestricted reseThps. The balance heky * 3(#h September 2021 bYa$ £S.405,103 of which £571.816 a regarded as free seryes after alltrwing for fvnds ted up in tsn9le fixed assets net of asscciated grants aTrJ borThiings. Value for money The S¢xW is charged with responsibilty for prov#Jing and demonstrating that it does offer value for mney. The Socyaty views value for money achievement as beiNJ the optimal balance btheen finanoal perfomiance and the provision of a qualty serwce that result5 in a hh level of respaenl satisfaction. The Society monitors financial and operats.onal performance Th¥)nthty arKI benchmarks rtseif both withm the National Abwield Society but also extemalty- Value for Money Metrks In response to the Regulator of Sc¢ial Housing Technical note of April 2018 the Society now reports on the Value lor Money metn"cs. There are 7 metn.cs covered by this ttthnical note. Metric 1- Reinveslmenl % This metric b)oks at the investment in properties (exisling Stock as weN as Supply) as a percentage of the ¥ae of totsl propefkn.es held. The Society metric for reinvestment is 0.1% (2020- 0.1%}. Metric 2- New su delivered The new suppty metric sets out the number of new setial housing and non•social housing units that have been acquired or developed in the year as a of tolal wryal h(wsii¥J units arKI n1)Tr$1aI housing units owned at pericJ end. No new suppty has been delNered in the year of either s(xial h(yJsing or non+social housiry. Metric 3- Gearin This metric assess htrw much of the adjusted assets are mJe up of dd>t and the degree of dependence on debl finance. The gearing of the Soryety k negatNe al-7. (2020- negatNe * 4.fA). Metric 4 - Eamin Interest Cover % The EBITDA MRI interest cover measure is a key indicator kn]uidity and ir)vesTht capaty. s Befo Interest Tax De rechqtNM Am¢Jtsalion Ma irs Induded EBITDA MRI The EBITDA MRI interest cover is 1,029%12020- 2.2th}. Metric 5- Headline social housin cost r unit The unit cost metric assesses the headline ScKI housing cost w unit as defined by the Regulator. Page 5
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY (A COMPANY UMITED BY GUARANTEE) BOARD REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 The headline soual housing cost per unit is £18.S¥)4 {2W20- £19.201). etric 6- 0 ratin Mar The Operating Margin demonslrales the profitabilty of operaling assets before exceptional expenses are laken into account. The operatin9 margin of the Sopety for its social housing leltings is negatNe al -9.8%12020- negative at 4.9%). The operatin9 margin ofth8 SCO as a trt is negative at -9.8% {2020- negatwe at-2.1%). Metric 7- Retum on ca ital em ROCE This metric ccrfnpares the operats.ng Surplus to tota assets sS current Ikqbilities. For the Society as a whole this is negative at-1. P020- INe at 41.4%). Governance and financlal vlablllty The &xiety complies t•th the prinupa recontK$ of the 2015 NatK)nal H¢)using Federation CoJe of PraclKe and also the Govemance and Financial Vkabilty Standard pthlished ty thg Homes arKI Communities Agency insofar as it applies to organisati¢)ns of the soe of this one. Page 6
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEE BOARD REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 Investment policy and obJe¢tlves Our reserves are represented by buildiThJ$, equipment and current assets. Our eash reseNes are maintained on srt and b)nger lerm obJ'ectNes. It is our policy to place fvnds to maximum advanlage. FUTURE PLANS Addressing the vord lS in our most-affected houses wll be a pnorY over the corTrng months. These have been ¢onsistently htgher th we have prevw)usty expeiienced. thieh is a great CoeM to the Society. Tfuslee ¢ruitment and successim planning wil be h3h on our agenda in the coming year, to ensure susts1nabIty and suctsssion planning. We will continue to look closely al our exBting housing strKk. We have an orrtJoing programme of upgrading and improving all our faulrties. to en$ th they are fft for the fLrture and appeal to increasingly disceming prospective residents. Work will continue at Redknd Ro•J, and we are planning a fvrther programme of upgrading the flats and communal areas al our Westbury Ro•J hse to increase ts appeal. We continue to Ic)k al development pOrtUnItieS in the area. The Chief Executive is active within the West DiVisic of Abberfh and works Collaboratively wth several other S(KtieS arbd organisation5. Marketing activty is aayS evofving to ensure that vo1 levels are addressed and kept lo a minimum. We wo closdy wth an experienced mart(etiw consumant and regularfy feftesh r marketing strategy and initiatives. ensuring that the most effective channels are in use. The strategy is kept under constant rwew. hLh¥ever. The finanees of the sc have been impacted sVnrfnfy by the Co¥KI demiC, and we will o)ntinue to monitor and manage costs effectivety across the board. The is in a ste F#%itN)n both financially and Operational to meet the chaInge$ which may lie ahe. ststement ol Ttustees. Responslbllltles The Trustees are responsible for prepwThJ the Board Report and finarVal stements in accordance with applicable law and regulations. Company law and registered social housing legislation require the Trustees to prepare financial ststements for each finanaal year. Under that legislatn the Trustees have elected to prepare the financial statements in accordance with United 'ngdOM GenerJty Accepted Accounting Prte (United Kingdom Accounting Stsndards and aprAicable law). Under company Iw. the Trustees must not approve the financial statements unless they are satisfied that they gwe a true and fair view of the slate of affairs of our Scciety and of our income and eypendilure for that period. In preparing these financial statements. the Twstees are ruired lo.. seled suitable accounting pdi¢ies and then appty them ¢onsistentty.' make judgements and estimates that a reasonable and prudent.. sLe whether applicable UK aec(yJnting standards have been folIcNd. subj'ect to any material departures disclosed and explained in the fina1 st*ements'. and prepare the financial ststements on a going concem basis unless it is ¥wppropriate to presume that the Society will continue in business. The Trustees are akn responsbi le for keeping •Jequate accountiryJ records. which disck)se W1h reasonable aeeuracy al any time the financial posrth)n of our Society and enable us to en$ that the financial stalemenls compty with the Companw Ad 20[. the H¢)using and Regeneratr"on Ad 28 and The Accounting Diredion for Private Regislered Providers of Social Housing in England 2019. They are also responsible for safeguarding the assets of tyjr So• and for taking reasonable steps for the prevention and detection of fraud and other irregularities. As far as the Trustees are aware: there is no relevant audit infrnti?n ofwhth our audttors are Unare.. and the Trustees have taken all neeessary steps to make themselves aware of any relevant audit infomiatpjn and to establish that the auditors are aware of that infom)ation. P4e7
ABBEYFIELD 8RISTOL AND KEYNSHAM SOCIETY IA COMPANY UMITED BY GUAFiANTEE BOARD REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 Audltors The audrtors. Bishop Fleming LLP, will be prwsed for Te4ppointment at the forthcoming Annual General Meeting. Small npanY provisions ThÈs report has been pPed in accordan with the speual prowsions for small panIeS und9r Part 15 of the Companies Act 20. This report was approved by Board and swned on Iheir behalf by. Mr E Langstc Chair of Trustees Dale 28 ju 2022 Page 8
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY {A COMPANY UMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY OPINION We have audited the finanual 3tstemenl$ of Abbeyfield Biistol and Ketsharn Society (the'society'l for the year ended 30 September 2021. whth comprise the Stwnent of Comprehensive Income. the Statement of Financial Position. the Statement of Cash Flows, the Statement of Changes in Reserves and the related notes, induding a summary of signrficant accounts.ng pOIleS. The finanual reporting framework that has been applied in their pparatIOn is applicable W and United KIngdC Acc¢yJnting Standards, including Financial Reporting Standard 102 'The Finanu81 Reporknng Stsndard applicable in the UK and Republic of Ireland. Iunited Kingdom Generalty Acceptgj A¢cwnlirg Prartv}. In our opinion the financial ststements.. give a true and fair vw of the state of S(KW$ affaits as at 30 September 2021 and of its income and expenditure for the year then ended" have been prcpety prepared n CordanCe Unibj Krydom Genwaty Aecepled Accounting Practice,. and have l)een prepared in accc¥dance with the requireffents of the Companies Act 2006, the Housing and Regenerali¢)n Ad 21J)8 and the A)UrtIng Dir8dn for private registered prove[S of social housing in England 2015. BASIS FOR OPINION We wnducted our audit in accordance ith Internati1 Standards on Auditing {UK) {ISAs (UKI} and applicable I. Our responsibilrties under those standards are further deseribed in the Audi(ors' responsibilities lor the aud of the financial statements section of our reF¥YL We are independent of the Society in accordance with Ihe eth¢cal requirements that are relevant to our audit of the financial statements in the Unrted Kingdom, induding the Financial Reporting Courtcifs Ethical Stsndard and ¥ have fvifilled our other ethical responsibilities in accordarKe wih these requirements. We believe that the audr( evthnce we have obtained is Sufflent and appropriate to pmwde a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial slatvnents. we have concluded that the directUS' Use of the going eoncem basis of accounting in the preparation of the financial stslements is appropriate. Based on the WO we have perfomd. we have not identiw any material uncertainties ating to events or conditions that, iThJiwdually ty lkCtiVety, may cast signrficanl doubt on the Societys ability lo continue as a going concern for a period of al least tsfve nM)nths frcffi when the f1Wnal stalwt$ are authorised for issue. Our rpOnSIbIlitIeS and the responsJilbties of the dKrectys with respect to ng concem are described in the relevant sett)n8 of this repcrft. Page 9
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COIqPANY UMITED BY GUAFiANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY (CONTINUED) OTHER INFORMATION The other infomMtion eomprises the included in the Annual Report cther than the financial stslemenls and our Auditors. Report thereon. The direclors are responsible fN the other information contained vthhin the Annual Report. Our opInn on the finanaal statements does not cover the other information and, except lo the extent olhepwi5e eyplicrtty staled in our report, we do not express any form of assurance conclusion thereon. Our responsibilrty is to read the other inf0mtion and. in doing so, consider whethei Ihe other infomalion is materially inconsistent with the financial slalements or our knovAedge obtained in the tOUTse of the audit, or otherwse appears lo be materialy missLed. If VIP identify such material inl$l$lenc1eS or apparent .malefial misslatemenls, we ale required to detennine whether this gNes rise to a material misstatement in the financial 5tstements themselves. If. based on the work we have perf0Md. we conclude that there is a material misstatement of this other infrKma¢ion, we a requed to report that fact. We have nothing to report in this regard. OPINION ON OTHER MAThERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. based cffi the work undertaken in the course of the audit." the inf0mwtlc given in the directors, rewt for the financwl .f for whtch Ihe financial slalemenls a prepared is consistent wrth the financial statements; and the diieclors report has been prepared in accordan with applKable legal Uetrts. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knwledge and understandin9 of the Sts and its enwronmenl obtained in the course of the audiL have not identified mateFial missLitements in the th"re¢ry5' reporL We have nothing to rep¢)rt in re¥ect of the f0lhy4ng matters in re1 to whh the Companies Act 26 requires us to re[ to rf. in ¢)ur opinw)n: adequate accounts.ng records have not been keA or returns adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting ordS and retums" or certain disclosures of directors. remuneration spe¢rfd by law are not made., or we have not received all the information and explanws qUi for our aud¢t'. or the directors were not entrtled to prepare the financial slalements in accordanee wlh the small companies regime and lake advantage of the small companies. exemptions in preparing the dirertOT5' report and from the reqUirent to prepare a Strateg rewl. In addition. we have nothing to repL¥t in respect of the folb7wing matter where the Fkyjsing and Regeneration Act 2008 requires us to report to Y rf. n our opinion.. a salisfaclory system of ccth over transactK)ns has not been mainlained. Page 10
ABBEYFIELD BRESTOL AND KEYNSHAM SOCIETY {A COMPANY UMITED BY GUARANTEE> INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY {CONTINUEDI RESPONSIBILMES OF TRUSTEES As e)plained more fulty in the DiredoTS' Responsibilrfw statnent set OLrt on page 9. the directors are responsible for the preparation of the finanoal statements and for being sab"sfied th they give a true and fair view, and for such intemal control as the director5 detemine is necessary lo enable the preparation of financial statements that are free Irom matenal missLement. whether due to fraud or error. In preparing the finarKial statements. the directors we responsible for So¢'$ abilty to ¢ontinue as a going concem. disclosing, as applicable, matters related lo going concem and using the going concem basis of aecounts"n9 unless the directors eilher bnterKI to kquNJate the SW or to cease operatKJns. or have no realistic attemalive bLrt to do so. AUDITORS. RESPONSIBIUTIES FOR THE AUDrr OF THE FINANCIAL STATEMENrs Our objectives are to oblain reascoble aSsUrae about vknether the ffinanck41 statements as a ¥thle are free from material misslatemenl. whether due lo fraud or error. and to issue an Auditors, Report that includes wr opinion. Reasonable assurance is a high of assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UKI will deted a material misstatement when rt exists. Misslalemenls can arise from fraud or error arKI are consKlered material rf. indmdualty in the aggregate, they UkI reasonabty be expecled to influence the econom decisions of usefs taken on the basis of these financial statemnls. Irregularilies. including fra, are i1lanceS of n¢A)<lIan¢e wih laws and regulalions. We deS3n procedures in line bwth our respon5ibilrties, outlined above. to deteet rnaterial misslalements in respect of irregularities, including fraud. The extent to vthi¢h our pr(dureS are Capab of detecting irregularities. including fraud is detsiled belo.. We have considered the natwe of the sector. control enwr0n1rt and financial procedures" We have considered the results of enquir vthh management aThJ trustees n rektion to their CPMI 1dentffjatlon and assessment of the risk ol irregulaiibes wrthin the entity.. We have reviewed the do¢umentsb"on of key prcwses and controls and perfoed walklhroub5 of transactions to confirm that the systwns are operating in wilh dwumentation. As a result of these proeedures. we have consKlered the opprunitIes and incentives that may $1 wilhin Ihe organisation for fraud ond idenlthed the highest area of risk lo be in relation to revenue recognition, wilh a particular risk in relation to year eTrJ ¢Lrt off. In common th all audits under ISAS IUKI we are also required to perform specffic proce¢Jures to respond lo the risk of management override. We hae also obtsined urer5tsnd1ng of the legal and wulatory frameyrks that the company cperales in, focusing on provistons of Ih05e laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial slalements. The key laws and regulati5 we consJered in this ¢text included the UK Companies Act. FRS 102 and UK tax legislats'on. In addition, we considered the pwsK)ns of other and regulations that do not have a direcl effect on the financial sLements Imrt compliance with Wh may be fundamental to the Company's ability lo operate of avoid a merial Ftnaty. Our procedures to respc4)d to risks bjenlified induded the fcknrKJ: Reviv•ving the fInar1 Statement disthsures and testing to $upwts'ng dcuMent1 lo assess complianee vmlh provisions of relwant lavs and regjlations described as hawng a threct effect on the financial statements: Performing anafyi1c procedures to tdentrfy unusual or unexperted relatiortships that may indKate risks of material misstatement due to fraud: Reviewng board meeting minutes,. Enquiring of management in relats. lo actual arKI potential claims or litatiOns,. Performing detailed transactional testin9 in tItin to the recognition of revenue thryth a pticular focus around yearénd cth off". and In addressing the risk Lrf fraLKI throwh manwent oveni(k of contro15, testing the appropriateness of P*3e 11
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY ICONTINUED} joumal entries arKI other adjustrnents: asse5sirKJ whether the judgements made in accc4Jnling estimates are indicative of polenlkil bras,. and evaluating the business ralK)nale of sKJnificanl Iransad*)ns that are unusual or outside the normal course of business. We also COTMiunicaled wjentffied laws and regulatwjns and potential fraud risks to all members of the eng4ement team and remained alert to possible indicators of fraud or nonwliance with laws and regulations Ihroughotrt the audit. Because of the inherent limitstions of an audit, there is a risk Ihal wll not delect all irregularities, including those leading to a material misstatement in the financial statements or nort-compliance regulation. This risk increases the more that wnpliance wrth a law or regulation is removed from the events and transactions renected in Ihe financial slalements. as V wll be less likety lo become aware of instances of non-compliance. The risk is also greater regarding iTregulaiiknes ttcurTing due to fraud rather than error. as fraud involves irtentional eonceatsnenL forgery. colusion. Imnission or misrepresentskn"on. A fvrther descripts'on of ¢)ur responsilMlitres for the audit of the finanual ststements is Ited on the Financial Reporting Councifs website a. vMw.froor9.ukJaudrtorsrespc$IIilIes. This description forms part of our Auditors. Report. USE OF OUR REPORT This report is made solety lo the Scoetys mgmbers. as a l)(#Jy. in accordance vMlh Chapter 3 of Part 16 of the Companies Act 2006 and seclKYb 137 of the Housing and Regeneration Act 2008. Our audit wod( has been undertaken so that we might stale lo Ihe Swetys members those matters we are required to slate to them in an Auditors, Report and for no other purpose. To the fultest extent permffted by law, we do not accept or assume responsibility lo anyone other than the Society and the members, as a body. for our audit work, for this report, or for the (Pinn$ we have fornd. David Buuer FCA DChA (Sentor statLrtory a1)1¢f) for and on behall of Bishop Fleming LLP Chartered Accountsnts Statutory Auditors 10 Temple B&k Bristol BS16FL 28 June 2022 Page 12
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY UMITED BY GUARANTEEI STATEMENT OF COMPREHENSIVE INCOME {INCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 SEPTEMBER 2021 2021 2020 Turnover Operatsng c¢)sts 1.678.033 1,844.045 11.882.509) (1.913.430) Gross deficit (204.4761 39.537 (69,3851 30.205 Other operating Income .Operalin9 deficit Interest receivable arKI similar income Interest payable and simdar expenses (164,939) 1,012 {3.364} {39.1801 2,921 {4.4561 Deficlt (167.291 (40.7151 There were no recognised gains and losses for 2021 or 2020 other than tse included in the statement of comprehensive income {indLvJing inu)me and expenditure accounti. There was no oth ccmprehensi¥e incoff 2021 {2020.'£NIL}. The financial stslements were approved and aulhorised for issue by the board on 28 June 2022. and signed on ils behalf by.. Mr E Langston Chair Ms A Smith Trustee The notes on pages 17 to 27 f(Ym part ofthese financral stalements. Page13
AB8EYFIELD BRISTOL AND KEYNSHAM SOCIErY {A COMPANY UMITED BY GUARANTEE) REGISTERED NUM8ER:00872566 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2021 2021 2020 Nole Tangible assets 12 7.992.064 8.192.080 7.992.064 8,192.080 Current assets Debtors". amounts falling due within one year Cash at bank and in hand 13 48.112 722.704 757,549 856,978 Credrto: amounts falling due tmthin one year 14 (209.398) 1247.170> Net current assets 548,151 609,808 Totsl assets less current liabilities 8.540.215 8,801.888 Creditors.. amounts falling due after more than one year 15 13.135.112) (3,229.4941 Net assets 5.405,103 5.572.394 Capltsl and reserves Ineome and expendilure reserve 18 5,405,103 S,572.394 5.405,103 5,572,394 The Srxietys financial statements have been prepared in accordance with the provistons applicable to Companies subject to the Small compan*5 regime. The finaneial slatements wefe approved and auth¢yised fr)r ue by the Board and were %91d on its bèhalf by.. Mr E Langston Chair Ms A Smilh Trustee Date 28 June 2022 The notes on pages 17 10 27 ftym part of trSe financial ststements. Page 14
ABBEYFIELO BRISTOL AND KEYNSHAM SOCIEtY IA COMPANY UMITED BY GUARANTEE) STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 30 SEPTEMBER 2021 Income and expenditure reserve Total At 1 October 2019 5.613.109 5.613.109 Comprehensive income for the year Deficit for the year 140,7151 140,7151 At 1 October 2020 S.572.394 5.572.394 Comprehenslve Income for the year Deficit for the year (167,2911 1167,2911 30 September 2021 SA05.103 5.405,103 The notes on pages 17 to 27 fom part of these financia slatemnts. Page 15
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY (A COMPANY UMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2021 2021 2020 Cash Ilows from operaling actlvllles Loss for the finanoal year Adlustments for. Depreciation of tangible assets Interest paid Inte$1 ceived DecTeasel{increasel in debloTS IDKrease) in creditors {167.2911 140.715) 210.681 3.364 11,012) 13,267 1108,462) 212.977 4,457 {2.921 111.950) 113,280) Net cash generated from operating activiis 149.453) 148.568 Cash Ilows from investing a¢tivitie5 Purchase of tangible fixed assets Interest received {10,665) 1,012 (11,448) 2,921 Net cash from Investing activities 19.653) 18.5271 Cash flows from financing activities Repayment of loans Repayment of other loans Interest paid 123.595) 1971 13.3641 {23,5961 1891 14.4571 Net cash used In fJn•n¢lng actlvit• 127.0561 128.1421 Ne¢ {dKreaseifincrease in cash and cash equivalents Cash and cash equwalents al beginning of year 186.1621 808.866 111,899 696,7 Cash and cash equivalents at the end of year 722.704 808,866 Cash and cash equivalents •t the end of year comprne: Cash al bank and in hand 722,704 808,866 n2.704 808.866 The note8 on pages 17 to 27 form part ofthese finanoa sLqtements. Page 16
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY UMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 GENERAL INFORPAATION Abbeyfld Bristol and Keynsham is a ccthpany limited by guarantee. having no share Caprtal. and wrth $olety tharrtable cbjectives. It 15 registered as a cr)anY in Eryland & Wales (No. 8725661. The Soaety is afso wisted as a Chanty (No. 257532} and registered with the Homes & Communities Agency as a prowder ol Soc41 housing (No. H0135} as defined by the Housing and Regeneration Act 2008. The Society is wholly enwed in the pmisw of care housing for the eklgty. The Society constitutes a pubtic benefrt entity a5 defined by FRS 102. ACCOUNTING POUCIES 11 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The finanaal sLements have teen prepared under the historical Cost convention unless otherwise spled wthin these accounlirvj policies and in aecordance wlh FirMnck41 Reporting Stsndard 102. the Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Statement of Recommended Practice ISORP) for Social Housing Providers 2018, and wrth the Aceounting Direction for Private Registered PrNders of Social Housing in England 2019. The financial statement5 are also prepared undef the requirements of the Housing aNJ Regeneral?n Ad 2¢J08 and the Companies Act 2006. The preparation of financial statements in compliance tpnth FRS 102 requires the use of certain critical accounting estimates. It abo requires man4ement lo exercise judgment in applying the Souetys coUnting Fdioes (see Tr)te 3}. The folkhving prinapa accounting policies have been apphed.. 12 GOING CONCERN At the bafance sheel dale the Sc#iety had rel Current assets of £548.151 and the trustees are not aware of any indicatim that sulficienl funds will be available to meet all ongoing activrties of the ehanty. The Iruslees are aware ol gobal impact that the COVID-19 outbreak has had. The trustees do not consider that this Mll affect the Sle5 abil to meet its liabibtw as they fall due. The finanaal Staterne have therefore been prepared on a going eoncem basis. 2A TURNOVER Tumover is measured at the fair value of the e<>nsthration receNed or receNable. The policies ath¥>led for the recLJnikn d twnover are as folNs: Turnover represents rent and service charges income receNabfe in the year net of rent and service charge losses from wids, revenue grant$ from the govemment (iocal aulhoribe51 and the Homès and Communities AgerKy. P4e 17
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY UMITED BY GUAIiANTEE NOTES TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 30 SEPTEMBER 2021 ACCOUNTING POUCIES {¢ontlnued 2.4 GOVERNMEMT GRANTS Grants ¥e ac¢ounled urnler Ihe Tual5 model as Femtted by FRS 102. Grants relating to eXpendrtU on tsrrfJible fixed assets are credrted to profft or bss at the same rale as the depreciation on the assets to wh the grant relates. The deferred eknient of grants is included in credrtOTS as deferred incorre. Grants of a revenue nature are reccJnised in the Statement of ComprehensNe Income in the same period as the related expendrture. 15 TANGIBLE FIXED ASSETS Tangible fixed assels {induding social housing propert5) are sLed at cost or value when gifted kss accufflulated depreciation and accumulated impaim)ent kxses. Cost includes costs directly attributable to making the as$el capable of operating as intended such as the cost of acquiring land a1 buildings. development costs. intertst char9es on loans during the devekjpment period and expenditure on improvements. ExFndrture on improvements wll only be eapitalised when rt results in incrementsl future beneffts such as increasing rentd incorne, reducing maintenance costs or resulting in a sonrficant extension of the useful economic lrfe of the property. LarKI is not deplated Depreaation is provided on all other tangible fixed assets. at rates ealculated to wrrte off the cost, less estimated redal value, of exh asset on a systematic basis over its expected useful lrfe as, lol¢)ws: Properties.. - Roofing - Windowsldc)rs. kitchens. 2% per amum S% per annum 7% per amum 1% per annum 25% redurAng balance basi5 20% reduang balance basis - Main fabric of properties Motor vehides Fixtures and fith'n9S HousiThJ properties urKler conStrti are not depreciated until tlw are in L. Major components of housing properties. such as roofirKJ. wsnd¢Mldoors, k((chens, bathrooms and lifts have been accounted lor and depieciated separatety from the connected housing property, over their expected useful econom lives and are induded in xtial housirvj propety. The useful ecor lives of all tangible ffixed assets are reVievd annually. 2.6 DEBTORS AND CREDITORS RECENABLE I PAYABLE WIThIN ONE YEAR Debtors arKI ereditors V4th no stated interest rate and recep4able or Payab within one year are recorded at transaction price. Any losses arising from impaimnl are recognised in the StatenI ol Comprehensive IrKome in other administrative experbses. Page 18
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 ACCOUNTING POUCIES (continued) 2.7 PROVISIONS Provisions are recogrmsed vthen the Registered Provider IRP) has an obligat1 at the balance sheet dale as a resuti of a past event, rt is probable that an outlhyw of er•)n¢)mie benefits will be required in settlwnent and the amount can be rel• esbmated. Provisions for Olea1 Maintenan or major works lo e$ting stock are not made unless they represent commitments or 0bh"gatnS at the BaLance Sheet date where there is no discretion to avoid or delay the expendrture. Recyded Caprtal Grnnts Fund Caprtal grants can be recyded under certain condtiions, If a propety is sohd, or if anothér relevant event tskes p. Recyded grants Can be used for proie¢t$ approved by the Homes and Communities Agency IHCAI and are Cdited to the Recyrled C4)ital Grant Fund within In certain 0rcurnstsn. $u¢h as the sale of housing properties, capital grants may b8 repayable, and. in th event, is subordinated to the repayynent of other loans by agreement with the HCA. 11 is accounted frK as som as the liability arises Imthin ueditors: amounts falling due within one year. 2 LEASES RenS paJ under cperating Se$ thged to profrt or loss on a straight4ine basis over the lease teryn. 2.9 EMPLOYEE BENEFITS The Scaety operates a defined contrib pfan for the benefit of 115 eMploeS. Contributions are expensed as they bewne parable. 2.10 RESTRICTED RESERVES Restrted reserves are those reser¥es which are onty expendable in aeeordance wrth the wishes of the furKler or regulatory body. Rest[ted reserves indude funds raised in response to a specific peal. Revenue and expendilure cannot be directly set against $tr1ded reserves but is taken through the statement of eonyrehensive inca)me and then a trsfer to restricted reseNes is made as appropriate. 2.11 FINANCIAL INSTRUMENTS The Society onty enters into basi¢ finala1 instrument transactions that result in the recognition of finanual assets and liabilitses fike trade and other debtors and creditors, loans from banks and other third parties, loan5 to related parties and inveslments in ordinary shares. Debt Instrunts l¢Xher than those wholty repayable or receivable within one year), induding loans and othw accounts receivable and payable. are inrtialty measured at present value of the future cash flows and subsequenuy at arnortised cost using the effective interest melhDJ. Debt instruments that are payable Of receivable within one year. tYPlty trade debtors and creditors, are measured, initially and subsequenlty. at the undi5counled amunl of the cash or other cOnseratIOn expected to be paid or received. However. rf the arrangements of a short4emi instwment constitute a finaIng transactM)n. like the paymenl of a trade debt deferred beyond nomial business tem)s or in ease of an ou14ighl short4efm loan that ts not at market rate, the finanaal a$5et or Sabilily is meosured, initially at the present value of future cash Ilows discounted al a market rale of interest for a similar debt instrument and subsequently at amortised c05t. unless it qualifies as a loan from a director in the case of a small company, or a public benefft enbty con¢essv)nary loan. Page 19
A8BEYFIELD BRISTOL AND KEYNSHAM SOCIETY (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 ACCOUNTING POUCIES Icontinu•d 2.11 FINANCIAL INSTRUMENTS (CONTINUED) Finanaal assets that are measured at cosi and amortiS8d cost are assessed at the end of each reporting period for objective evthce of impaimienL If objective ewdence of impaimient is found, an ¥npaimient knss is recognised in the Statement of C¢)mprehensNe Income. JUDGMENTS IN APPLYING AccovpillNG POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINT Estimates and judgments are continualty evaluated arKI are based on historul experience and other factors, including expedations of future events Ihal are bdved lo be reasonable under the ircumstances. The key assumptions eoncernm the future other key urceS of estimation un¢grtainty * the reporting date that have a sMJnfftanl risk of causing a material adjustment lo TIng amounts of assets and liabilities wrthin the next financial year include the useful economic lives used by the Society in respect of tangible fixed assels. The related depreCIatn rates used are sel oul in Ihe accounting policies, including the rates used for the major components of housing prcoerties. These estimates are the best estimate based on past experience of simillir assets and expected perforrnare arKI are regularly rewewed lo ensu they remain appropriate. SOCIAL HOUSING TURNOVER AND COSTS 2021 2020 Gross social housing rent Voids Resident subsid$ Other incm trom residents 2,141.084 2.058.922 {$31.114} 1285.793) 16.$49} 13.793) 3.922 4.454 Net rent recelvable 1.607.343 1,773,790 Caprtd grant income (through awu ny>Yet) 70.690 70.255 Tumover 1.678.033 1,844,045 Social housing &tivity expenditure (1.882.509) (1,913.4301 N•t (d•fi¢itVsurplus Inwn s101 housing actlvllies 1204.4761 {69,385} Page 20
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 ACCOMMODATION UNITS The Socrety CA*ned the fcAkwing bed sp&& available for occupatton in development.. 2021 No 2020 No Soclal Houslng Lettlngs Supported sheltered 89 89 OTHER OPERATING INCOME 2021 2020 Other operating incomo Sundry income 34.363 5.174 50 30,155 39.537 30,205 INTEREST RECEIVABLE 2021 2020 Bank interest receivable 1,012 2.921 1.012 2,921 IKrEREST PAYABLE AND SIMILAR EXPENSES 2021 2020 Bank interest payable Other loan interest payable 1.866 1.498 2,950 1.506 3.364 4,456 DEFICIT ON ORDINARY ACTIVITIES The deficit on ¢ydinary activitw is stated after tharging.. 2021 2020 Depreciation of tarKJible fixed assets Operating lease rentsfs 210.681 19.135 212.977 19,13S Pa9e 21
A88EYFIELD BRISTOL AND KEYNSHAM SOCIETY (A COMPANY UMITED BY GUARApifEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 10. AUDITORS. REMUNERATION FEES PAYABLE TO THE SOCIErrs AUDrroR AND ITS ASSOCIATES IN RESPECT OF: Audrt-relaled assurance sep4ti$ All other seNices 3,410 3,190 3,410 3,121 6,600 6,531 11. STAFF COSTS AND BOARD AND KEY MANAGEMENT PERSONNEL REMUNERATION The average number of empw. induding members of the executive team, ¢akulated on a full twne equivalent basis was 30 erryloyees (2020- 391. The average headcounl was 5812020- 601. There are no employees received than £60.000 remUneran. The Chief ExecutNe is an ordwwry membèr of the Sctietys defin&J eontributNJn perbSn scheme. The total remuneration {indLMdirwJ employers pension and national insurance contribulions} for key management personnel anUnted to £193.861 {2020- £190.180). The hhe$l paid director, as defined in the Actnting Directi 2019. TeceNed £49,733 {2020 - £48,036) remuneration lexduding pension contributions). No other directors reiVed remuneration during the year. During the year. no lemunei¢n TKas lo Trustees. Expenses paid to Trustees of the Soc* arTh)unted to £Nil {2020- £Nil}. Page 22
A88EYFIELD BRISTOL AND KEYNSHAM SOCIETY (A COMPANY LIVATED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 11 TANGIBLE FIXED ASSETS Social houslng property Motor Flxtures and vehicles fittings Total COST At 1 October 2020 Addrtions 10.118.661 10.665 23.156 359.649 10.501.466 10.665 At 30 September 2021 10.129.326 23,156 359,649 10,512,131 DEPRECIATION At 1 October 2020 Charge for the year on owned assets 2.011.980 192.895 11.618 2.608 285.788 1S.178 2,309.386 210.681 At 30 September 2021 2.204.875 14.226 300.966 2,520.067 NET BOOK VALUE At 30 Serrtember 2021 7.924A51 8.930 58.683 7.992.064 At 30 September 2020- 8.1CE.681 11.538 73.861 8,192.080 The net book value of properties used to secure the loans detsiled in note 16 was £2.006,202 {2020". £2.o.344). Page 23
ABBEYFIELO BRISTOL AND KEYNSHAM SOCIETY (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 13. DEBTORS 2021 2020 Trade debtors Other debtors Prepayments and accrued income 2,892 265 31.688 19,934 265 27,913 34.845 48.112 14. CREDITORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2021 2020 Bank bans Other h)ans Trade treditors Other LatIon and soual securty Other credttors Accruals and delerred income 23.595 70 n.090 16.006 17.765 78,872 23.595 70 88.764 1 S,9SO 16,450 102,341 209.398 247.170 15. CREDITORS: AMOUNTS FALUNG DUE ER MORE THAN ONE YEAR 2021 2020 Bank loans Other loans Other creditors 82.585 16.981 3.035.546 106,180 17,078 3.106,236 3,135,112 3,229,494 2021 2020 Defèrred grant inc<Mne Balance al 1 Oct¢)ber Grants received 3,106,236 3.176.926 Amortisalv)n 170,6901 170,6901 Balance at 30 Septgmbgl 3,035.546 3.106.236 Page 24
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY (A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 16. LOANS Analysis of the maturity of bans is given beb4r. 2021 2020 AMOUNTS FALUNG OUE WITHIN ONE YEAR Bank k)ans Olher loans 23.595 70 23,595 70 23,665 23.665 AMOUNTS FALUNG DUE 1-2 YEARS Bank loans Other bjans 23.595 70 23,595 70 23,665 23,665 AMOUNTS FALUNG DUE 24 YEARS Bank bans Other loans 58.990 210 70.785 210 59.200 70.995 AMOUNTS FALLING DUE AFTER MORE THAN S YEARS Bank loans Other loans 11,800 16,798 16.701 16.701 28.598 123.231 146,923 Secured loans The Mortgage Loan and the Bank Loan are secured by charges on certain of the Societys freehold land and buildings. The Mort9age Loan is fepaya)le in instslments up to 31 Augusl 2053, with inlerest at 8.75% per annum. The amount outstanding al 30 September 2021 was £17.051 {2020.. £17,148). The ftder has charges over the prcoety at 43 Westbury Road and land at Hcthe Way, Bristd. A Treasury Loan was granted by Barclays Bank for a 25 year term from February 22. with interest charged at 1.5% above LIBOR. The amount outstsnding al 30 September 2021 was £106,18012020.' £129.775}. Barelays Bank has tharges cwer properties 43. 45. 47 and 49 Westbury Road. Bristol. Page 25
AB8EYFIELD BRISTOL AND KEYNSHAM SOCIETY
{A COMPANY UMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
17. FINANCIAL INSTRUMENTS
2021
2020
FINANCIAL ASSETS
Finaneial assets measured * fair value thrh profft or loss
Financial assets thal are debt instwrrtnts rneasu al amort¢sed cost
n2.704
3.157
808,866
20,199
725.861
829,C65
FINANCIAL LIABILMES
Finanaal liakn"lrties measured at amrtised cost
{3,319.1511 {3.451,761)
Finanual assets rrSured at at amortised cost ¢omprise trade debtorn. other debtors and cash.
Financial liabilities measured al affrtiSed cost Caxnpnse trade credrtorn. accruals and108ns.
18. RESERVES
Other reseNes
The Irorne and Expendrture reserve indudes all current and piior period retained surpluses and deficits.
19. COMPANY STATUS
The Sctiety is a company limited by guarantee. The liabilty of each of the rneMbe is limited to £1. At
the year end there were 5 members {2020- 6 members).
PENSIONS AND OTHER POST4ETIREMEMf BENEFITS
Th8 Society operates a defird ¢Mtribu¢ion pension pkn for ils employees. The amount rewgnised as an
expense in the period was £41.64212020- £39.3541. Outstanding contri)utions at the year end mPriSed
£9.354 (2020- £8.952).
21. COMMITMENTS UNDER OPERATING LEASES
At 30 Septwnber 2021 the had future minimum lease pajrynents due under non
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIVATED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 22. RELATED PARTY TRANSACTIONS Clifton Rentals Limrted arbd Complete Property Solutions Bristd Ltd ICPSBL) are companies wholty cfftwned by Mrs K J Sb"Il and Mr C G st1, who are the daughter and son4n-law of Mr M Inne$. a Trustee of the Sooety. Clifton Rentals Limrted was Charged £nil {2020: £Th"Il by the Sctth during the year. During the year CPSBL charged the Sctiety £6.000 for man&3ement of maintenance of its properties {2020.. £6.000). At the year end Ihe Soc tywed CPSBL £nil {2020: £nill. Bristol Lettings Limited is a ctynpany by a dauglw of Mr M Innes, a Trustee of the Society. During the year Bristol Lettings Linited Sed part of the Socievs offices was charge(1 £5,400 rent (2020.. £5.400) The Trustees ¢SIder transadions to be ccxnpetthve and the positK)n is market tested on a regular basis. POST BALANCE SHEET EVENT In December 2021 the deosion was tsken lo close property. Hrxne Fami Way. The property was vacated in March 2022 and sold al auctM)n in May 2022. achieving a sale price in excess of the net bo)k value of the property. Eh1 51aff were made redundanl. with redundancy costs lotslling £22.500. The grant pvioUSlY held against the property wll be recyckd, discussions are ongoing regarding the repayment of loan balances related ts the property. Page 27