Registered TrUm￿r: 00872566 ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY (A COMPANY UMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 *AczIopMv' A12 #123 CoMPfv￿ES HOUSE ? Bishop Fleming ABBEYFIELD BRISTOL AND KEYNSHAM SOCIErY IA COMPANY UMrreD BY GUARANTEE) CONTENTS Page Inforfflatlon Board Report Dlrectors Responslbllltles Statement Indepond•nt Audllors. Report 8-11 Stalemenl of Compr•henslv• knc¢)m• 12 Balance Sheet 13 Statement of Changes in Res•rv•s 14 Stat•m•nt of Cash Flows 15 Nol¢$ to Ihfj Flnanclal Slatfjmonts 16-29 ABBEYFIELD BRISTOL AND KEYNSHAM SOCErY (A COMPANY UMrrED BY GUARAKfEEI SOCIETY INFORMATION DIRECTORS E Langston R Kinsman H Richards AC Smith DFWood B M￿re (r￿gned 2.June 20231 COMPANY SECRETARY Mrs F fv￿aknng REGISTERED NUMBER 872566 REGISTERED OFFICE 29 Ajma Vale Rth Clifton Bristol BS8 2HL INDEPENDEKf AVDrroRS Bishop Fleming LLP Chartered Alxountants & Slatytory AudrtxAalion. there are to te less than three and not more than 18 Trustees. Truslees lolhef than any ex offiao members). deemed to have appropriate skills and abilrties, are elected by existing Trustees of the Soeiety and ratffied by Members of Ihe Company at the Annual General Meeting. They serve a tem) 013 years, after whth they may be reryelected. A Trusteè skills, au(*t is urKlertaken regulaty to ensure the Board mantain5 a benefichql breadth of skills Y￿thin ils compo%lion. Trustee fft¢rurt￿￿nl and succession planning cruual to the Society and we continue actively to recruit on rdevanl recruitment websites. on media WKI through recommend*K>ns. Senior Management In May 2023, CEO Franus Stretton left ihe society after 12 yea￿. She led the Organisat￿ft throu9h many suecessfijl years and aso during some difficult times. induding the COV1[￿19 pandemic and the dosure of our Home Fami Way house. We would like to express our thanks to Frww for her years of se￿￿. Her support and leade￿hIp were invaluable. In the interim and before appointing a CEO, iiffKe manager Hannah Partridge and Finance ￿"rector Fiona Meaking took on more responybl1￿es and worked cbsety with the Trustees tr> keep the scci8ty running. Throughout this penod, the Board monlhty to revithv ffinan￿ and to keep appraised of business a$ usual. Westlwry Road We have ncw c￿ted a major refurbishment of our Westbury Road house. The Communal areas have been Page 2 ABBEYFIELD BRISTOL ANO KEYNSHAM SOCETY {A COIAVANY LIMrrED BY GUARANTEEI BOARD REPORT (copinNUED) FOR T,HE YEAR ENDEO 30 SEPTEMBER 2023 fede￿rated and refreshed and the fiats have been exlensivety modernise(l. Wg beh.eve that these changes will have a p)sitive effect on resdent wellbw.ng arKI wn.help to improve occuparKy ￿e1$. Trnstse tralnkng ' Our Sw"eVs xb'vth'es are conlinuafy untjer revw and the SW has undertaken a comprehensive govemance ￿VIeW to ensure on*oin9 coMplon￿ and best pract￿e. As mentioned above, Trustees have looked al a number of issues_lnduding an audrf( of Trustee skill sets and a robust prograrnme ol recnjitment of new TTuslees. whieh has resultetrin new Tnjstees very rekvant backgrounds joirbing the Board. There is a defined procedure for the recruitment and induction of pr¢)F4)sed Tnjslees. which follows the Charity Commission's guKleline$. as OLrfined in 'The Essential Trustee.. What You Need to KrH)w'. Organlsatlonal managwnwrt The Trustees meet ￿gu￿ during the year to detem)ine general poky and review its overall management an¢J control,. for which they a￿ respOn￿ble. The Trustees set up sub. committees as necessary, wilh responsibility for SpeCrf￿ areas. Sub committees a￿ not decision- making bodies, bul report and make recommendations to the wKler board. of Trustees. t)ecisions ￿lab.n9 to the everyday running of the Soeiety are delegated to the Ch￿1 Executive. Group $tru¢tur• arbd r•lationship Abbeyfidd Bristol and Keynsham S¢xWs core aim is to pr(Nide Ihe highest standards of aCcoMn￿dat￿)n. and support for our older residents. * a price which is affordable and. indusNe. We hold the National Abbeyfield Society's Core Standard which is recognised by the Ministy of Housing, Comrnunitie5 and Local Government, and the Local Aulhonties in whose a￿aS il works I￿. Bristol. South GIoU￿sterShlre and Bath & North East Somersell. Rlsk Management The Trustees identify and continualty monitor risks faced by the kn"ety. and record these in the Risk Register. These are reviewed at kasl annualty and wstenks are in place to mitigate their impact OBJECTS. Alljls. 08JECTIVES AND PRINCIPAL ACTMTY The Trustees maintain the objects estsblished when the Soaety Yas founded in 1966, whieh.are contsined in the Memorandum and Articles of Assoekits"on. To ensure this. the Trustees meet regularty to assess oc(yJpancy tevels. and expendiDJre and l(y regularty review operations. T.he Senior Managernent present a detailed reFQrt at each meetirvJ. and interim reports as required. The Tnjstees have considered the Chanty Commission's guhlance on publ￿ benefit and are &ilisfied Ihal our Society's aims and the acb"vtti"es carried out to de￿"Ver those ams are for the public benefit." Strateg1¢ alm and intend•d effects Our purpose is lo prowde affordaNe Supported Housing for older people who require an element of extra support. lo enable them to live independent lives for as long as possible. irrespectNe of their financial resources. Obh¢¢tfves for the year To maintain the highest standards of aCComnTh)dat￿n and supwt for our res*Jents. and to regulady review our existing housing stock. Principal activity The prowwon of Supp)rted Housjng for older people in the Brstol. South Gbucestershire and Bath & North East Somerset areas. Page 3 ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY {A COMPANY LIMrrED BY GUAPANTEe) BOARD REPORT ICONnNUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 In¥￿tment perfomiance The sum 01 £12.704 was reeeived in interesL whth is an increase of £11.677 on the previ¢xts year 12022: £1.027). Voluntte We gratefvlly ackn¢)wledge the br&￿th of eornmilment of our volunteers on the House Committees and on the Board of Trustees. from day to day he￿ lo spe¢* tssks. and for Inva￿JabIe professional &th'ce & assistance. FINANCL4L REVIEW AND RESULTS FOR THE YEAR During this financial year, Abbeyfield Bristol and Keynsham Society posted an operating surplus of £193,530 and a surplus after nel interest of £202.954. Tumover docrgased by £423.863 to £1.836.569. Previous financial years have proved extrem8ty diffiuJL due lo the restn"ctions on vthvings and admission$ aiising from Cowd, and this year has been affected by the reper￿SSIons. We are conlinualty revtewing our marketing plans to address the voids. introducing new inilkitives and discarding Ihose whose benefft is h'miled. VO￿ ￿ve1$ are red￿Ing sIo%￿Y bLrt steadity. At the ofwriling, tsvo houses are full or almost lull, wth strong wailing lists. We anlicipaled significant increases energy prices and cost of food for our residents. Operab"ng costs were marginalty higher than our budget. but this was due to largety due to void kvels. staffing and other costs associated the pandemic. and a backlog of ￿paIrS and maintenance which had been put on hold due to Covid. Donations and kgarAes received in the year totalled £4,Cth. The Trustees are of the opIn￿n that the rnarket value of the land and buildings owned by the s¢￿ is in excess of book value, and 15 further irKrea5ed by on*oing relurbishmenl wcrfk and upgrading of fa¢ilitse$ in all houses. At the end of the financial year. the So¢￿ty hekl cash ￿$Our¢e$ of £1.181,865. Surplus funds are invested in interest bearing deposits with a numter of provide￿. We have agreed a finarrial pL¥n ft>r the next ye*. **d the areas of main focus will be addressing our voids and contsnued tsght cost control. Re#•rv•¥ Policy Our policy is to retain sueh reserves as in our JL￿gement afe adequate to cover. day4041ay operatsonal expenditure. for %thich the current polrcy is lo hold cash lo cover 3 month5. expenditure, which in 2022r23 equated to £503.WO. Funding for identified developrrwt propcts and repairs lo the housiTrJ propety Portlolio.. a small rese￿8 for unexr*thd rtems. However. the gearing of the Society would pem)it appropriate torrowing lo cover the majority of eventual￿"e$. The S¢xiety holds onty unrestrthd reserves. The balance hekj at 30th September 2023 was £5,361,283 of which £902,617 are regarded as free reserves alier alknwry for frjnds up in tsngible a55ets nel of associated grants and borrowngs. val￿ for money The Society is charged with the re¥x)nsrbility for providing and demonstrabng that tt does offer value for money. The Society views value for money ach*vement as being the optimal balance befyveen financial perfomian¢e and the proviston of a qU￿ty that ￿sU￿$ In a h￿h ￿1 of ￿MIent salisfath"on. The Society monilors financial and operational perfommnee monthly and benchmarks itself l)oth wthin the National Abbeyfield Society bul also externally. Page 4 ABBEYFIELD BRISTOL AND KEYNSHAM SOCErY IA COMPANY UMITED BY GUARANTEEI BOARD RepoRT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER2023 Value fol ljloney Metrics In response to the Regulator of s￿la1 Housing Technical note of April 201&the Society n¢y4V reports on the Value for Money metrics. There a￿ 7 nwtrics covered by IhL% techn￿1 fH)te. Metric 1- Reinvestment O This metric look5 at the investrnent in properties lexi5knng stock as well a5 New Suppty) 85 a percenlage of the value of total properties hekj. The Society melriG for reinvest￿Ent 1$ 0.1%12022- 0.1%). IN The new supply metric sets out the number of new soaal housng and non-social housing units that have been acquire.d or develoF*d in the year as a F￿￿[tiOn of total social housw)g unsb aThJ nofvsocial housing unts owned al per*)d end. No new suppty has been delwered in the year of eilher socAI housing or non4￿￿ housiig. Metric 3- Gearin This metric assess hchv much of the adjusted assets we m* up of debt and the degree of dependence on debt finance. The gearing of the Society is negatsve at-16.1% (21)22- negalive at-16.3%1. EBITDA Rl nt resl Cover % The EBI.TDA MRI interest cover n￿S￿re is a key indicalof for IAuidrty and investment capacty. The EBITDA MRI interest cover is 10.417%12022- negatsve al -8.695%). Metric S- Headline social housin cost r unil The unrt C051 metric assesses the headline social h￿SIng cost per unit as defined ty the Regumor. The headline social.housing ci>st per unbt is £23.99012022- £22.226}. Me eratin in The Operating Margin demonstrates the proffitatslty of operating assets b"efor8 8￿ptsonal expenses are.taken into account. The operating margin of the So¢￿ for ils %>cial housing leltings is negatNe at -9.6% 12022 - negalive at - 38.4%). The operating margin ofthe Society as 8whole is 1Q.5%12022 - negatNe *-17.3%}. Metric 7- Retum ROCE This metric compares the.opwaling surplus to total assets ￿$S cuffent liabiltti'es. For the Society as a whde this.is 2.4% {2022- negabve at 4.1%). Govèman¢¢ and financial viability The s￿Iety compfies the prinupal recomnEndattons of the 2015 National Housing FederatK)n Code of Practice and also the Governance and Financial V￿bilIty Standard published by the and Communities Agency insofar as il applies lo org8nisab.ons of Ihe size of this one. Our reserves are represented by buildings, equiprnent and CuT￿t assets. Our cash reserves are maintained on short and longer term objective$. It is our policy lo place funds to Ma￿muM advantsge. Page 5 A88EYFIELD BRISTOL AND KEYNSHAM SOCETY (A COMPANY LIMITED BY GUARANTEE) BOARD REPORT ICONTINVEDI FOR THE YEAR ENDED 30 SEPTEM8ER 2023 FUTURE PLANS Addressing the vo*J ￿velS in our most4ffected houses will be a prionty over the Coming months. These have been consistenlty higher than we have prev￿us￿ exper￿need. whKh is a great concem lo the Society. although these are now well below the level seen in the previous year. Trustee recruilmenl. training and succeS￿n planning wll be hyh on cyjr a9enda in the C￿ling year, to ensure complianee and sustainability for the future. We wil continue lo Closely at our exisb'ng housing stock We have an ongoing programme of upgrading and improving all our facilib"es. lo ensure that they are fit fDr Ihe future and appeal to inLYeasingly disceming piospeclive residents. Further projects to upgrade facAib'es will conlillue at Redland Road and Weslbury Road lo increase their appeal sts"Il further. with timety management of remedial works at all houses to ensure compliance and sustainability. We contsnue to look al development cyptylunib.es m the area. The Ch￿f Executive is very ath've within the Wesl Regional DIVI￿0￿ of Abbeyfiekl, and works o￿lat￿￿.¥* *ryth heaj offiee and wrth several other societies and organisalkins. matheth.ng activity is continualty evofving to ensure that voN1 levers are addressed and kept lo a minimum. We work elosety with our marketing consuAanl and re9ularly refresh our maTkets"ng initiatives, ensuring that the most effeth.ve channels are in use. The finances of the So¢￿ty have been ifflpacted swJnifiwUy by the COVKI pandemic. and we will continue lo monitor and manage costs effectr¥ety across the board. However, we consider that the Soaety is in a stablg position both financially and operalionalty to meet the challenges which may lie aheal. Ms H Richards Chair of Trustees Date.. Page 6 AB8EYFIELD BRISTOL AND KEYNSHAM SOCIETY {A COMPANY UMrrED BY GUARANTEE) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 DRecTORS' RESPONSIBILMES STATEMENT The ￿1￿ClOr5 are respOnsi￿e for preparing the Dyedors. Report and the finanrial statements in accordance with applicable law and regulatK)ns. Company knv and ￿giste￿ social h)using le9islatTh requires the directors to prepare financial statements for each financial year. Under that taw the directors have elected lo prepaie the financial statements ln,ac￿rdan¢e th applicable law and Unrted Kingdom AccountiThJ Standards (Unrted Kingd¢)m Generalty Accepted Accounting practi￿), induding Finanryal Reporting Sthndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Under company law the direclors musl nol approve the financial statements unless they are satisfied that they give a true and fair view of the state of affai￿ of the SOc￿ty and of the profil or Loss of the Society for that period. In preparing these financial slalements. the director5 are required to." selecl suitabte accounting policies for the Society's financial statements and tt￿1 appty them Con￿Stentty.' make judgments and accounting estimates ihat are reasonable and pru¢Jenl', prepare the finanoal slalements on the going concem basis unless r( is inappropriate lo presume that the Sow will conb'nue in business. The directors are re5￿￿$1b1e keeping adequate &eounts'ng records that are suff￿￿nt lo $hcpw and explain the Sc¢ietys transath.ons and discbse wrth Teas¢¥nable &curacy al any the financial posrtion of the Society and to enable them tcfvensure that.the finan¢Jd ststements compty wrth the Compan*s Act 2006. They are also responsible for safeguarding the assets of the Souety and hen￿ for tskn.ng reasonable steps for the prevention and detectW-'of fraud and other irregularitr'es. Ms H Richards Chair 0¢ Trustees (5(I Page 7 ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT Avo￿oRS. REPORT TO THE MEMBERS OF ABBEYFELD BRISTOL AND KEYNSHAM SOCEtY OPINION We have audited the financi￿ ststements of Abbeyfield Bristol and Keynsham SOc￿ty Ithe'societll for the year ended 30 September 2023. whth comprise the Statement of comp￿hen$1v8 Income. the Stslemenl of Financial Posilion, the Statement ol Cash Fknvs. the Statement of Changes in Reserves and the related notes, induding a summary of sNJnificant accounting polic￿$. The financ¥al re￿rtIng framework that has been applied in their p￿paration is applicable ￿ arKI United lQngdom Aeeounting Stsndards, including Financial Reporting Standard 102 'The Financial Reporling Standard applicable in the UK and Republic of IiekrKI' (United ￿'ngdoM Generally A￿pted Accounling PraCt￿e). In our opinion the financial stalements.. give a Irue and fair view of the state of the Scoetys affairs as at 30 September 2023 and of its income and expenditu￿ for the year then ended. have been property prepared in accordan￿ wilh United IQ.[￿>M Generalty Accepted Accounting Practice., and have been prepared in accordanee wilti the requirements of the Companies A¢1 2LK16. the Housing and Regenerats"on Aet 2008 and the Aeeounts"ng DIr￿￿"0n for private registered providers of social housing in England 2015. BASIS FOR OPINION We conducted our audit in accordance *ryth Intemational Standards on AL￿lting (UK) {ISAs {UKII and applicabl& law. Our responsibilitses under those standards are fvrther des¢ril)ed in the Auditors. responsibilities for the audit of the financial slalen*nts section of our ￿pOrL We are independent of the Soa"ety in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, induding the Financial Reporb"ng Council's Ethical Standard and we have fvlfilkd our other ethieal responsibilities in accordance wth these reqU1￿Ments. We believe that ihe audit ewider￿ we have obtained is sufficient and appropriate to provide a ba%s for opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements. we have ￿nduded th* the dirgdors, use of the going concern basis of accounting in the preparation of the financial ststernents is appropriate. Based on the V￿rk we have performed. we have not hdentified any rnaterial uncetsinties relating to events or conditsons tha( individualty or ¢olkdJ"vety. may cast Slgnfficanl doubt on the Societys ability lo witinue as a going concern for a period of at kasl monlhs from when the financial ststements we authorised for issue. Our responsibilil*s and Ihe responsibihties of the directors *ith respect to wirKJ concem are described in the relevant sections of this reporL Page 8 ABBEYFIELD BRISTOL AND KEYNSHAM SOCIErY (A COMPANY LIMrrED BY GUARANTEE) INDEPENDENT AUDrroRS' REPORT TO THE ￿mBERs OF ABBEYFIELD BRISTOL AND KEYNSHAM. SOCIETY IcopifiNUEDI OTHER INFORIAATION The other infomation cornwises the infom)ation included fft the Annual Report other than the financial statement5 and our Auditors, Report thereon. The directors a￿ respongble for the other infomalion contained within the Annual Repo"rt. Our O￿nIOn on the finanaal statements does nol cover the other infomalion and, except to the exient othenwise expl￿ stated in our report we do not express any fomi of as5uranee conclusion Ihereon. Our responsibility is to read the other informab.on and, in doing so, ¢on$*Jer whether the other inlormabon is materially inconsistenl with liie finanoal statements or our knowle¢Joe obtsined in the course of the audit. or otherwise appears to be materially misststed. If we ￿entify such malenal inconsistencies or apparent material misstalemenls, we are required lo detemiine whether this gwes rise to a material misstatement in the finamal statements themselves. If. base(l on the work we have performed, we e4)nclude that there is a material misslalement of this other infomth"on, we are required to ￿POrt thal facL We have nothing to report in Ihis ffjard. OPINION ON OTHER MATfERS PRESCRIBED BY THE COMPANIES ACT 21706 In our opinion. based on the wort undertaken in the course of Ihe audit the inforrnakn.on given in. the for the financial year for which the ffinancial Statements arè prep¥ed is nsistenl with the financ￿1 stalernents- and the Directors, Report has been prepared in a￿(￿dance wilh applicable legal requrnnents. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the lighl of the knOW￿ge aThJ undetstanding of the Soc*ty and its environmenl obtsined in the course of the audit. we have not wjenbfied material misstatements in the D￿e¢￿' ReporL We have noltrung to reFrfXt in respect ofr the folk)wing malters ITr relab'on to %thich the Companies Act 2006 requires us to report to you if. n our opiniw: adequale accounting records have not been kept, or reiums adequate for our audit have not been received from branches not visited by us" or the financ￿1 Slalemenls are not in agreement wrth the ￿oUnting records and retum$,' or certain disdosures of dir￿)r¥. remunerab.on 5peofied by kw are nol made., or we have not received all the infoThnab"on and explanalK)ns we require for our audit,. or. the d4￿CtorS were not enb.lled lo prepare the financial statements in accordance wrth the small companies regime and lake advantage of the small companies, exemption from the requirement to prepare a Strategic Report In addilton, we have nothing to report in resFect otthe ftAbwing matterwhere the Housing and Regeneral￿n Act 2008 requires us to report to you rf. in our opinion.. a sab'sfactw system of control over transactions has not been maintained. Pago 9 ABBEYFELD BRISTOL AND KEYNSHAM SOCETY IA COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORS. REPORT TO ThE IAEMBERS OF ABBEYFELD BRISTOL AND KEYNSHAM SOCIETY {CONTINUEO) RESPONSIBILMES OF TRUSTEES explained more fijlty in the Directors. Responsibilbties Slatemenl set out on page 7. the direelors afe responsible for the preparation of the financial State￿nts and for being satisfied that they give a true and fair view, and for such internal ￿trol as the directors delerniine is ne￿ary to enabk the preparation of financial slalements that are free from material misslatement, whether due to fraud C￿ error. In preparing the finanaal statements. the directors are responsibie for aSseS￿ng the Socievs ability to continue a5 a going concern. disclosing, as applicable, matters ￿lated lo going concern and using the going con￿rn basis of accounting unless the directors eilher intend to Ihe Souety or to cease operations. or have no alislic alternative but lo do so. AUDITORS. RESPONSIBIUTIES FOR THE AUDIT OF THE FINANCL4L STATEMENTS Our objectsves a￿ to obtsin reasonable assurance a￿ut whether the financial statements as a whole are free from material rntsslalerrEnl. whether due lo fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assuran￿ is a high level of as$Urar￿e. but is not a guarantee that an audit eonducted in accordance with ISAS IUKI wll akvays detect a matenal misslatemenl when It exists. Misstatemènts can arise from fraud or emr and are considered rnalerial if. individually or in the aggregate, they coukl reasonably be expected to influence thg economic d￿15￿￿$ of users taken on the basis of thesg financial slalements. Irregulariiies, induding fraud. are InStan￿S of non•compltance wth laws and regulations. We design p￿￿edU￿S in line wth our ￿spOnsIbl1￿e5, oudined at*)ve. to delect material mis51atemenls in fespect ol irregukrities. irKluding fraud. The extent to which our procedures are capable of detecb.ng irreguLwib'es. including fraud is detailed below.. We have considered the nature of the s￿. envirth)ment and financial pr(Kedures'. We have cOn￿dered the results of enquiries t*ith manwJement arKI trustees in rektion to their own identification and assessment of the risk of irreguLgrities wrthin the entity.. We have reviewed the dctumentab.on of key prctesses and controls and perfomied walkthroughs of transactions to that the systems are operating in hne documentation. As a re5uM of these procedures, we have consider&J the opportunitie5 and incentrve5 ihat fflay exist within the organisatK)n for fraud and hdenbfied the hwhesl area of risk to be in relation to revenue recognition, with a particular risk in relation lo year end cut off. In common all audits under ISAS (UKI. We are also required lo perfomi specific procedures to respond to the risk of management override. We have also obtained understsnding of the kgal and re9ulalory framthvorks that the company operates in, focusing on provisions of those laws and regulats.ons Ihal have a direct effect on the determinats.on of material am¢yJnts and disclosures in the financial ststements. The key laws and regulations we con&dered in this context induded the UK Companies Act. FRS 102 and UK tax legislation. In addition. we conshlered the provisK*ns of other laws and re9ulalions that do not have a direct effect on Ihe financial slateffents bu¢ wryllan￿ wlh whth may be fijndamental to the Societys ability to operate or a￿d a material penalty. Our pr¢xedures lo respond to risks idenlifEd induded the folry*Jin9'. Reviewng the finanual statement disdosv￿s and lests.ng to SUPFQrting d￿￿MentatIOn lo assess compliance and provisions of relevant L4ws and regulations desuibed as having a direct effect on the financial ststements.. Perfomiing ana￿al procedures to Klentify uwsual or unexpected relationships thal may indtcate risks of material misstatement due to fraud.. Reviewing t4)ard meetirrfJ minutes.. Enquiring of management in relabon to actual and potential daims or lilvJations." Perfomiing detai￿ transath'onal lesbng in rektion to the recognition of revenue wilh a partiwlar focus around year-end Cut ofF, aThJ In addressing Ihe risk of fra￿j through man￿ement oveTride of controls. testing the appropriateness of joumal entries and olher adjustments.. assessing whether the judgements made in accounting estimates are Page 10 ABBEYFIELD BRISTOL AND KEYNSHAM SOCIErY IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE ￿E￿eRs OF ABBEYFELD BRISTOL AND KEYNSHApa SOCIETY IcopmNUED) indicative of potentsal bias.. and evabjating the ￿sInesS rntionale of signfficant transxtions that are ind￿lIve of potentral bias.. and evaluating the ￿￿ne$S raknnale of signfficant tfwtsaclYJns that are unusual or outside the normal course of busines5. We also Communicated identified Liws and regulations and p)tenb"al fraud risks to all members of the engagement team and remained alert to possibk irKlicators of fraud or non-compliance wilh laws and regulatKsns IhroughoLrt the audit. Because of the inherent limitabons of an audi( there 1$ a risk Ihal we wll not delect all irregularities. induding those leading to a material mlsstaleft￿nI in the finanoal staterrents or non 1542.8831 369J31 298,288 Other operating income Op•rating Prof￿1103$} Interest weivable and similw incoffe Interest payable and ￿milar expenses 193.530 1244,5951 1,027 {3,2061 12,704 132801 Profrtlllossl for th• fina￿1•1 year 202.954 1246.7741 There were no ￿COgnised gans and losses for 2023 ty 2022 other than those induded in the sLitement of comprehensive income (including incoffÈ and expenditure account). There was no other comprehengve incoff* for 2023 (2fY22:£NILI. The notes on pa9es 16 to 29 form pwt of these financkil statements. Page 12 A8BEY,FIELD BRISTOL AND KEYNSHAM SOCE IA COMPANY LIMITED BY GUARANTEE> REGISTERED NUMBER:00872566 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2023 As restated 2022 2023 Not• Fixed assots Tangible assets 12 7.,051573 7,233,570 7.052.573 7.233.570 Currènt assets Dgbtors.. anbjunts falling dug within one year Cash al bank and in hand 13 403.357 1.181.865 19,395 1.247,628 1.585.222 1.267,023 Creditors.. amounts falling due wrthin one year 14 (647,210) 1627,026) Net current assets 938,012 639.997 Total'assets less current liabiliUes 7.990.585 7.873.567 Creditors". amounts fallin9 due after rrnre than one year 16 11629.302) {2.715.2381 Net assets 5.361.283 5,158.329 Capital aml rtserves Income * expendrture reserve 19 5,361.283 5,1.58.329 5.361.283 5,158.329 The Society's financial statements have been preparnd in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements were approved and authorised for issue by the 8oard and were signed on its behalf by.. Ms H Rlchanls Chair of Trustees Trustee Date: 24(3(y The notes on pa9es 16 10 9 fomi part of these financial slatements. z//-/tQ Page 13 ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEE STATEMENT OF CHANGES IN EQLIITY FOR THE YEAR ENDED 30 SEPTEMBER 2023 come and expendlture reserve Tolal equlty At 1 October 2021 5.405.103 5,405,103 C¢)mprehèn8ive for th• year . Deficit for the year (reststedl 1246.T14) 1246.774 Total comprehensive income for the year Ireslaled) 1246.T141 1246.774} At 1 October 2022 (rnstated) 5.158.329 5.158.329 Comprehonsfve Income lor tho year Surplus for the year 202.954 202.964 At 30 September 2023 5.361.283 5.361,283 The notes on pages 16 to 29 form part of these financial statements. Page 14 ABBEYFIELD BRISTOL AND KEYNSHAM SOCIErY {A COMPANY LIMrrED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 As restated 2022 2023 Catyh flows from op•rating activiti•s Profftl{los$l for the fin8n¢*l y Adjustments for. Deprecialion of tangibk assets (Profilllloss on di¥Josal of tangibl8 assels Interest paid Inlerest received Ilncreaselldecrease in debtors Ioecreaseyln￿e in credito 202.gS4 1246.7741 189,208 8,605 3,280 (12,7041 1383.9621 (42.1561 199,754 1297,3511 3.206 (1,0271 15,450 38,401 Net cash g•ner•t•d IMM 0￿ratIng. a¢ll¥llles 134.7751 {288,3411 Cash Ilows from invesling a¢tivilt•s Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Interest received (16016) {16,4381 872,529 1.,027 12.704. N•t cash from investing activii*s 857,118 Cash llows.from financlng actlvltl•s Repayment of loans. Repayment ofolher I¢￿$ Interest paKI 123.596 {23,5961 {17,0511 13,2061 (3380 Not cash Us￿ In financing activiti•s 126.876 {43,8531 N•t 1dKr•aSe￿In¢rease In ush andGa8h equlvalents Cash and cash equivalents at beginning of year 165.763 1,247,628 524,924 722.704. Cuh and cash •qulval¢nts al th• end of y•ar 1.181.865 1,247,628 Cash and.cash •qulval•nts at th• •nd of y¢ar ¢¢Jmprise: Cash at bank and in hand 1.181.865 1,247.628 1.181.865 1,247,628 The notes on pages 16 to 29 fomi part of these finawal Staterr￿ts. Pa9e 15 ABBEYFIELD BRISTOL AND KEYNSHAM SOCErY IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER2023 GENERAL INFORMATION Abbeyfiebj Bristol and Keynsham S￿ty is a company Imiled by guarantee. ha￿ng no share capitsl. and wilh sc4ety charitable owives. 11 is registered as a compary in England & Wales (No. 8725661. The Society is also registered as a Chanty (No. 2575321 and registered with the Homes & Communities Agency as a prov￿er of soaal housing (No. H01351 as defined by the Housing and Regeneral￿n Aet 2008. The Society is w*￿IlY engaged in the provigon of care and houyng for the elderty. The Society constitutes a publK benefft entsty as defined by FRS 102. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCL4L STATEMENTS The finanaal statements have been PrePa￿d under the hist￿1¢81 cost convention unless othepwise s￿CIfied wthin these accounb.ng ￿l￿e$ and in accordance with Financial ReForting Standard'102, the Finawal Reporting Stan¢Jard apP￿Cable in the UK and the Republic of Ireland. the Slalement of Recommended Pracknce {SORP} for SOC￿ Housing Provthrs 2018, and with the Accounting DI￿1￿)n for Private Reoislered Provbjets of Set￿1 Housing in ErKJland 2019. The financial statements are also prepared under the reqU1￿ments of the Housing and Re9enerakn'on Act 2008 and the Companies Act 20C6. The preparation ol finanual statements in compliance with FRS 102 requires the use of certain critical accounts.ng estimate& It a150 requires management to exercise judgment in applwng the Stt￿ty.S accounts.ng polic*s (see note 31. The fdl¢Mng princip81 xccMJnting poI￿leS have IMn applied". 2.2 GOING CONCERN At the balance sheet date the Society had net current assets of £938,012 and the trustees are not aware of any indication that sUffiC￿nI funds will not be avaiLable lo meet all ongoing activities of the The finaneial statements have Ihereftjre been wepared on a going ￿ntsrn basis. 2A TURNOVER Tumover is w￿asured at Ihe fair ¥a￿e of Ihe consideration receNed or receNable. The policies adopted for the recognibon of tumover a￿ as follws.. Tumover represents renlal and seThKe charges inccrfne receivab￿ in Ihe year net of rgnt and service arge bsses from voids, revenue grants frorn Ihe govemmenl (￿Xa1 authontig$1 and the Hom8s and comnwnth.es Agency. 2A GoVERNmEP￿ GRANTS Grants are accounted under the accruals model as pemiitted by FRS 102. Grants relating lo expenditure on tangible fixed assets a￿ credited lo profil or knss at the same rale as the depreciation on the assets to whKh the grnnt relates. The deferred eknient of grants is included in credrtor5 as deferred income. Grants of a revenue nature are recogni5ed in the Statement of Comprehensive Incowt in the same penod as the related expendfture. Page 16 ABBEYFIELD BRISTOL AND KEYNSHAM SOCETY IA COMPANY LIMITED 8Y GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUPMNG POLICIES Icontlnued) 2.5 TANGIBLE FIXED ASSETS Tangible fixed assets (including sooal housing proFerties) are stated at or value when gifted less accvmulated deprecTation and accumulated Impalm￿nI bsses. Cost includes costs direeuy attributable lo makj.ng the asset Capab￿ of operab.ng as intended such as the ￿$t of acquiring land and bjiklings, development co$ts. inlerest charges on loans during the devebpment period and expenditure on improvements. Expenditure on improvements will onty be capitalised when (( results incremental fvIU￿ beneffts such as increagng rental income. reducing maintenance costs or resulting in a signfficanl extsnsion of the useful econorric lrfe of the propety. Land is not deweck*ed. . Depreciation is provKled on all other tsngible fixed assels, al rates calculated lo write off the cost, less esbmaled re5NJual value. of each a55el on a systematic basis over ils expected usefvl life as follows. Properties.. - Roofing - Windowsldoors. krtchens. bathrooms - Lifts - Main fabric of properties - Motor veh - Fixtures and fftlings 2% per annum 5% per annum 7% per annum 1% per annum 25% reducing balance basis 20% reducing baknce basis Housing properties under construction are not depreciated until they are in use. Major components of housing properties, such as roofing. wind¢)￿d00rs. kilthens. bathrooms and lifts have been accounted for and depreciated separatety from the connected housing property. over their expected'useful economic INes and are induded in TA￿al housing property. The useful economic h'ves of all tsngib￿ fixed assets are reviewed ￿nualty. 2.6 0EBTORS.AND CREDffORS RECEIVABLE I PAYABLE YdttHIN ONE YEAR DebtrKS and C￿ditCrfs with no slated interest rate aThl receivable or payabk wrthin one year are recorded al Iransath'on price. Any los.ses arising from impaimwlt are recognised in the Statement of ComprehensNe Income in other adminLstratNe expenses. Page 17 ABBEYFIELD BRISTOL AND KEYNSHAM SOCETY (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEPABER 2023 ACCOUNTING POLICIES l¢ontlnued 2.7 PROVISIONS Provisions are rew3nised when the Registered Provider IRPI has an Obl￿atiOn at the balan￿ sheet date as a re$uh ol a past event. il is probable trjat an outnow of economic benefits will be required in selllemenl and the affKJunt can be ￿￿.abfy esb"rtwted. Provisions for cyclicd maintenanee or major works to existilg Stock are not made unless they represent commitments or obiyations at the B￿an￿ Sheet dale Whe￿ there is no disc￿li0n lo avoid or delay the expen¢Jrture. Recy￿80 Capilal Gtsnts Fund Caytal grants can be recyded under certain condib"ons, rf a property is sohd, or if anoth'er relevant event takes pL•ce. Recycled grants can be used for projeds approved by Hc¥nes England and they are eredrted to the Recycled Captsl Grant FurKI within Ivabilitses. In certain circumstanc8s. suth as the sale of housing FKoperb"es. caprtal grdnts may be repayab￿, and, in that even( is subordinaled to the repayment of other bans by agffjement with Homes England. It is accounted for as soon as the liabilty anses within creditors". arTh)unls falling due within one year. 2A LEASES Rentals paKI under operaling leases are chaT9ed to profft or k)ss on a straight-line basis over the lease term. 2.9 EMPLOYEE BENEFITS The &¢iety operates a defined conlril)ution plan for the benefit of its employees. Contn"buts"on5 are expen$ed as they becorr* payable. DEFINED CONTRIBUTION PENSION PLAN The Society operates a defined o)nlnbution plan for ils empbyees. A defined contn'bution plan is a pension plan under whth the &Kiety pays fixed contributions into a separ* entity. Once the contributions have been pa¥J the Society has no further payment obhga￿ns. The contributions are recognssed as an expense in profit or loss when they fall due. Amounts not paKI are shown in accruals as a liabilty in the Statement ol Financ￿ Position. The assets of the plan are. hekl separalety from the &xiety m independenty administered funds. 2.10 RESTRICTED RESERVES RestrKted reserves are those reserves whK* are onty expendab￿ in accordance with Ihe wishes of the funder or regulatory t*>ay. Restricted reseNes include funds raised in response to a specific appeal. Revenue and expendrture tannot be directy set against ￿$trIcted feserves but is tsken through the sta￿￿nt of comprehensNe income then a transfer to resln.cted ￿Se￿￿3 is made as appropriate. Page 18 ABBEYFIELD BRISTOL AND KEYNSHAM SOCEtY. IA COMPANY LIMITED BY GUARAI+TEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEYfEMBER 2023 ACCOUNTING POLICIES Icontlnued) The Swety ha5 e￿ed to apply the Kyowsions of Se(*on 11 'Basic Finwciai Instruments. of FRS 102 to all of its finanual instrumènts. The Sooety has elerted to appty the recogni1K￿ arKI measurement provisions of IFRS 9 Financial Instrurwts las adopled by the UK Endorsement Board) wrth the th"sclosure requireffents of Sections 11 and 12 and the otrter presenlation requireTh*nts of FRS 102. Finanaal inslrurnents are rwnised in the s0oe￿5 Statement of Financh￿ Position when the Society be¢ovrEs patty to the ￿ntractUal prowgons of the instrument. Finanoal assgts and thabilities are offset, with the net amounts presented in the financial Statements, when the￿ is a legalty enforceabbe right to set off the recogni5ed amounts and there is an intention to setue on a net bag's or to realise the asset and settle the l￿bIlity simultaneously. Bas1¢ flnanclal assets Ba&c financial assets. whK* indude tr* and other receivables, cash and bank balanees,.are inrtialty measured al their transath.on price induding transaction costs and are subsequently carTied at their. amortised eost using the effeclrve Inte￿$1 method, ￿$S any provisK)n for impairrnenl, unless the arrangement constitutes a financing transath"on, where the transaction is measured at the p￿sent value of the fvture rewpts disci￿nted at a mafket rate of interesL Discounting is omrtted where the effect of discounbng is immaterial. The Soaety's cash and cash equivalents, trade and most other ￿CeIvable$ due with Ihe operating cyde fall inlotlhis category of financial instruments. Other financial assets Other financial assets. vthich indudes invesiments in equity instruments whith are not classified as subsidiaries, assoaates or joint ventures. are inrtialty rneasu￿d at fair value, whith is normally the recognised transacts'on prKe. Suth assets are sub5equendy measured at fair value ¥￿th the Changes in fair value ￿Ing recognised in Ihe profft or loss. Where other financi81 assets are not publicly Iraded. hence their fair value cannot be measured rekatdy. they *e measured al cost less Imp81m￿nt. knpalmwnt of financial..assets Financial assets arg assessed for indi&itors of inwaimient at each rewtng date. Finanual assets are impaired when evenls. subsequent lo their in￿"al reeognrtion, indicate the estimated frjture cash fkxvs derNed from the financial assell$l have begn adverse￿ impacted. The impairment bss will be the drfference the curyent caryng amounl and the present value of the fvlure ￿sh flows al the asset(sl 01￿1ftaI effectwe interest rate. If there 1$ & favourable change in relats.on to the events surrounding the impaiment loss then the impairff*nt can be reviewed for possible reversal. The reversal not cause the ¢)Jrrenl carrying amount to exceed the original carrying amount had the impairment not been recognised. The impaiiment rever&4 1$ recognised in the profit Of knss. Flnanclal Ilablllll Finon¢ial' liabilities and equty instruments are dassified according to the substance of the contractual arrangements entered inlo. equity instruments any contract that evidences a residual intere51 in the assets of the s￿Iety after the deduction of all ts liabilitses. 8asic finarval li*"lities. whth indude tr*Je and other payables. bank loans other loan$ are Page 19 A88EYFIELD BRISTOL AND KEYNSHAM SOCErY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEIENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES Icontinued) FINANCIAL INSTRUMEPIFS ICOPrnNUEDI Init￿lty measured at their transaction pr￿ after transaclion cosls. When this conslikntes a financing Iransath"on. whereby the debt instrumènt s measured at the present value of the fvture receipts discounted at a market rnte of interest. Th"scounb"n9 is omrtled where the effect of di8counth.ng is immaterial. Debt instruments are subsequenty ￿led at their amortised cost using effec￿¥8 interest rale method. Trade payables are obligations lo pay for goods and services that have been acquired in Ihe ordinary course ol business from suppliers. Tradg payables are classffied as eurrentihabilities if the payment is due within one year. If nrt they repres8nt nOn￿cUrrent h"akn"liti"es. Trade payables are initially recognised al their transaction price and subsequenty are measured at amLx1ised cost using the effective interest method. Dis￿U￿bn9 1$ omitted wthere the effect of discountirs is immaterial. Other financial in$trum•nts Derivatives. induding fotivwd exchange contracls, f(rture$ mntracts arKI interèst rale swaps. are not dassified as basic finanual instruments. These are initialty recognised at fair value on the dale the derivative contr&t is entered inlo. wilh costs bwng charged to the wofil or loss. They are subsequentty measfftd at fair value with changes in the profit or bss. Debt instruments that do T￿t meet the condttions as set out in FRS 102 paragraph 11.9 are sub5equentty measured at fair value through the profft or loss. Thts re¢ognitDn and measurement woukl also app￿ lo financial instruments where the wrforniante is evaluated on a fair value basis as wth a documented iisk mana3emenl or iivestsrnnt stralegy. Derecognition of financial a￿•ts Finanaal assets are derecognised when their contractual rvJht lo fu￿re flow expire. or are settled. or when the Soa"ety transfers the asset and substantially all the ri$ks and reward5 of ownership to another party. If 5ignfficanl risks and rewards of ownership are retsined after the transfer to another paty. then the S• wll conkn'nue to recognise the value of the portion of the risks and rewards retaw*d. Dèretognltlon of fftfftancl*l Ilabilltl•s Financial liabilbes are dereco3nised when the Sct*tls contrxlual oblwions expire or are discharged or car￿e￿. p￿20 ABBEYFELD BRISTOL AND KEYNSHAM SQCETY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 JUDGhlENTS IN APPLYING ACCOUNnNG POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Eslimales and judgwents a￿ contsnualty evaluated and are based ori historic exFerience and other factors, including expectat￿$ of fvlure events that are believed lo be reasonable under the cireumstsnces. The key assumptions corKeming the future ￿ other key Sour￿ of estimation uncertaw at Ihe reporb'ng date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liatylitses within the nexl financial year include the useful eeonomic lives used by the Society in respect of tangible fixed assets. The related depreryation rales used are sel out in the accounting policies, including the tales used for major components of houwng properb"es. These estimates are .the best ests.mate based on past experience of simi￿r assets and 8XP8Cted performance and are regularfy revitrwed.lo ensure they remain appropriale. SOCIAL HOUSING TURNOVER AND COSTS As reststed 2022 2023 Gross social h¢wsing rent Voids R'esident subsidies Other income from ￿￿ents 2,220,069 {433,2011 117.4091 4.739 2,104,218 1612,8491 120,3951 4,147 Nel r•nt r•c•ivabl• 1,774.198 1,475,121 Capital gra)t in¢on* (through accwals mode 62.371 162,4151 Turnov•r 1,836,569 1.412,706 Social housing adivity eXpendrtu￿. 12.012A701 1.1.955,5891 N•t Idrfi¢i¢y¥uYplus.from Social housing activitles 1175.9011 {542,8831 ACCOMMODATION UNITS The Souety owned the fdh)wMTrJ bed spxes avaikgble for occupation and in deveh)pment 2023 No 2022 No Soclal Houslng Letllrbgs Supported sheltered 76 76 Page 21 A88EYFIELD BRISTOL AND KEYNSHAM SOCETY IA COMPANY LIMrtED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 OTHER opeRATING INCOME 2023 2022 Other operating ineowÈ Legacies receNable Sundry income ProfiVIIossI on disposal of tang￿le a55ets 3,742 374.209 85 18.605 263 674 297,351 369.431 298,288 INTEREST RECENABLE 2023 2022 Bank interest receNa￿e 12.704 1,027 12.704 1.027 INTEREST PAYABLE AND SIMILAR EXPENSES 2023 2022 Bank inleresl payablo 3.280 3,206 3.280 3,2C6 DEFicrr ON ORDINARY ACTMnES The deficil on ordinary activit￿ is slated aftw charging.. 2023 2022 Depreciation of tangible ￿ed assets Operab'ng lease renla 189.208 18.082 199,754 16,$00 Page 22 A8BEYFIELD BRISTOL AND KEYNSHAM SOCETY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YeAR ENDED 30 SEPTEMBER 2023 10. AUDITORS. REMUNERATION During the year, the obtwned the foPA)wing services from the So¢*￿5 ￿dItOrS.. 2023 21)22 Fees payable to the Societys auditors for the audit of the Scoevs finanoal stalen*nts 15,600 9.000 11. STAFF C'OSTS AND BOARD AND KEY MANAGEMENT PERSONNEL REMUNERATION The average number of empk)yees. induding members of the executive team, calculated on a full time equivalent basis was 27 employees12022." 31). The avern9e headcounl was 5512022- 491. There was ore 12022.. Nil) employees who received empbyee benefits extxeding £60,000 (e￿lUdIng employers pension contributions). The Chief Executive is.an ￿dInary menknr of the Societys defined eortth"bution penS￿n scheme. Key management personnel comprise the Chief Executive and house managers. The total remuneration (including empbyers penS￿n and natsonal insurance contAbutions) for key management personnel amounted lo £178.979 12022. £176,478}. The highest w"d director. as defined in the A(zounting Direcb'on 2019. received £67,088 (2022.. £56,455} remunerat'on {exduding employer pension contribukn"on5). No other directors received remuneration during the year. During the year. no T￿neration was paid kj Trustees. Expénses paid to Trust￿ ofthe Sooety aff￿unted to ÉNil12022.. £Nil). 2023 2022 Wages and saknes S￿1•1 security costs Pension rnsts 961866 65,546 38,649 992.413 66,686 40.111 1.065.661 1.099.210 Page 23 ABBEYFELO BRISTOL AND KPfNSHAM SOCErY (A COMPANY LIMtrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 12. TANGIBLE FIXED ASSETS Freehold property Plotor Flxturns and vehlcleg r￿ing5 Total COST OR VALUATION At 1 October 2022 Additions Disposals 9.305,972 23,156 376.087 16.816 {68,8431 9.705.215 16.816 177.069) (8226) At 30 September 2023 9397,746 23,1S6 324,060 9.644962 DEPRECIATION At 1 October 2022 Charge for the year on owned assets Oisposals 2,141,308 176.346 18,2261 17.106 1.027 313.231 11￿35 160238) 2A71.645 189208 168A641 At 30 September 2023 2,309N28 18.133 264.828 2,592.389 NET BOOK VALUE At 30 Septwnber 2023 6.988.318 5.023 59,232 7,052,573 At 30 September 2022 7,164,664 6.050 62.856 7,233.570 The net book value of land and buAdings rnay be frJther anatysed as fcAhyws." 2023 2022 Freehold 6.981,318 7,164,664 6.988.318 7.164,6fA Page 24 ABBEYFIELD BRISTOL AND KEYNSHAM SOCErY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 13. DEBTORS 2023 2022 Trade debtors other debtors Prepayments and aCc￿￿d incoffe 4919 265 398.173 2.742 265 16,388 403.357 19.395 14. CREOtroRS: AMOUNTS FALLING DUE bThlN ONE YEAR As restated 2022 2023 Bank loans Trade creditors Other. taxal¥)n and social seujrity Other creditors AccnJals'and delerredlincome 23.S93 45.959 35.391. 460,895 81,372 23,624 51,402 13,701 458,142 80,157 647310 627,026 15. RECYCLA8LE CAprrAL GRANT. FUND As restated 2023 Opening balance Grants becoming recyclable iTrthe year 441,683 441,683 441.683 441,683 Home Fami Way was disposed of. ITr Juty 2022. The knety has receNed pemiission in principle from ' Homes England that the grant can be recyckd. and antsipates being" able to use the fund5 for refurbishment works. P4e 25 ABBEYFELD BRISTOL AND KEYNSHAM SOCIETY (A COIAPANY LIMrfED BY GUARANTEE) NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 16. CREDITORS: AMOUNTS FALL*4G DUE AFTER PAORE THAN ONE YEAR As reststed 2022 2023 Bank loan5 Other credrto 35,395 2,593,907 58.960 2,656,278 2,629.302 2,715,238 As reslatetl 2022 2023 D•forr¢d grant Incomo Balar￿e al 1 October Amott"salion charged Amoth"salion written back on recyded grnnt Grants recycled 2,856.278 162.371 3.035,546 169.3031 131.718 (441.6831 Balanc• at 30 S•pt•mb•r 2.593.907 2,656.278 Page 26 ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY {A COIAPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 17. LOANS Anatysis of the maturity of loans is given bekw. 2023 2022 AMouKfs FALLING DUE wrrHIN ONE YEAR Bank loans 23,593 23,624 23,593 23,624 AMouKfs FALLhYG DUE 14 YEARS Bank loans 23.595 23.595 23.595 23,595 AMOUNTS FALLING OUE 24 YEARS 8ank loans 11.800 35,365 11.800 35,365 58.988 S•cur•d loan$ A Treasury Loan was granted by Barclays Bank for" a 25 year term from February 2002. witti interest charged al 1.5% above LIBOR. The amount outstanding at 30 September 2023 was £58.988 {2022.. £82.584). Barday5 Bank has c*arges-ovef properties 43, 45, 47 and 49 Westbury Road, Bristol. Page 27 AB8EYFIELD BRISTOL AND KEYNSHAM SOCIETY (A COIAPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 FINANCIAL INSTRUMENTS 2023 2022 FINANCIAL ASSErs Finawal assets measured at fair value through profil or k)ss Finanaal assets that are debt insttuments measured at armrtised cost 1,181,865 379,393 1.247.628 3.007 1.561.258 1,250,635 FINANCIAL LWBLMES Finanual liabilths measured at amrtised eost {3.231.9961 13,245.9791 Finanthal assets measured at at an￿)rtISed cost ctffyise trade debtors. olher deblors and cash. Finanaal liabilths measured at arTh)rtised cost eomprtse trade uedilors, awuaL8 and loans. 19. RESERVES Other r•ser¥•s The Income arid ExperKlilure reseNe includes al CU￿ftt and pnor period retained surphjses and defKits. 20. COMPANY STATUS The So¢￿ty is a company limited by guarantse. The lia￿lty of eath of the membets is limited to £1. At the year end the￿ We￿ 5 nwnbers {2022- 5 members). 21. PRK)R YEAR ADJUSTMENT In the prK*r year. a propefty was disposed of which had a hIStu￿ HousirMJ Corporation grant attached to it. The Society has received confim￿lI)n in wwiaple fr(¥n HonRs England that the grant can be recycled. The. recyding of the grant was not rellected in the financial statements fLY Ihe yew ended 30 September 2022 and has been cor￿Cle￿ in these financial State￿nts as a prior period adjustment The overall impact of this correcb.on is an increase in ￿￿rtoIS and a ￿UctiOn in the reserves of the Society as al 30 September 2022 01 £133,105 and a reclassifK*ion of the Original grant value to the Recycled Capital Grant FurKI within creditors. 22. PENSIONS AND OTHER POST41ETIREMENT BENEFrrs The Scer 2023, Ihe Sooety d*J not enter irrto any related paty transactKsns. Page 29