Registered number: 00872566 ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 ? Bishop Fleming
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI CONTENTS Page Information 8oard Report Independent Auditors. Report 8-11 Statomont of Comprehensive Incomo 12 Balance Sheet 13 Statement of Changes In Reserves 14 statement of Cash Flows 15 Notes to the Financial Ststements 16-30
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI SOCIETY INFORMATION TRUSTEES Dr H Richards Ichairl Mr R Kinsman Mr E Langston (resigned 28 May 20251 Mrs A C Smith MrDFWood COMPANY SECRETARY Mrs F Meaking REGISTERED NUMBER 00872566 REGISTERED OFFICE 4349 Weslbury Road Henleaze Bristol BS9 3AU INDEPENDENT AUDITORS Bishop Fleming Audit Limited Chartered Accounlanls & Slatulory Auditors 10 Temple Back Bristol BS16FL CHIEF EXECUTIVE Mr A Rees Page 1
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI BOARD REPORT FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 The chair presents their report for the period. The Trustees present the Society's Annual Report for the extended financial period of October 1st 2023 to March 31st 2025 under the Companies Act 2006 and the Charities Act 2011, together with the audited financial statements for the period, and confirm the latter comply with the Companies Act 2006, the Ststemenl of Recommended Practice for Social Housing Providers 2018, and the Company's Memorandum and Articles of Association. REFERENCE AND ADMINISTRATION INFORMATION Abbeyfield Bristol and Keynsham Society is a charitable company founded in 1966.. Charity Registration Number 257532, Homes England Number H0315, Company Registration Number 872566. The liability of its members is limited to £1 each by guarantee. The registered office and principal address of the Company is al 4349 Westbury Road, Westbury-On-Trym, Bristol, BS9 3AU. Before the 151 February 2025 our registered address was 29 Alma Vale Road, Clifton, Bristol BS8 2HL. Trustee membership This is listed on page 1, together with details of the key executives and professional advisers. Under the terms of the Memorandum and Articles of Association of the Society, for Companies Act purposes the Trustees constitute the Directors. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The company is governed by ils Memorandum and Articles of Association dated 1 March 1966. Governing Body Under the Memorandum and Articles of Association, there are to be not less than three and not more than 18 Trustees. Trustees (other than any ex officio members), deemed to have appropriate skills and abilities, are elected by existing Trustees of the Society and ratified by Members of the Company at the Annual General Meeting. They serve a term of 3 years, after which they may be re-elected. A Trustee skills, audit is undertaken regulady to ensure the Board maintains a beneficial breadth of skills within ils composition. Trustee Recruitment and Appointment Trustee recruitment and succession planning is crucial to the Society and we continue actively to recruit on relevant recruitment websites, on social media and through recommendations. Oryanisational Structure Abbeyfield Bristol and Keynsham is governed by a Board of Trustees, who meet quarterly to set strategic direction, monitor performance, and ensure compliance. DaY-ldaY operations are delegated lo the Chief Executive Officer. The Board maintsins a close working relationship with the Chief Executive Officer, providing oversight and support lo achieve the charity's objectives. Related Parties There were no related paty transactions requiring disclosure during the period. Page 2
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI BOARD REPORT ICONTINUEDI FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 Rlsk Management The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place lo provide reasonable assurance against fraud and error. A comprehensive risk register is maintained and reviewed annually by the Board with an update of significant risks or risk score changes made quarterly. OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITY The Trustees maintsin the objects established when the Society was founded in 1966, which are contained in the Memorandum and Articles of Association. To ensure this, the Trustees meet regularly lo assess occupancy levels, income and expenditure and to regularly review operations. The Senior Management present a detailed report at each meeting, and interim pOrtS as required. The Trustees have considered the Charity Commission's guidance on public benefit and are satisfied that our Society's aims and the activities carried out to deliver those aims are for the public benefit. Strateglc alm and Intended effects Our purpose is to provide affordable Supported Housing for older people who require an element of extra support, to enable them to live independent lives for as long as possible, irrespective of their financial resources. Oblectlves for the perlod Our primary objective remains to provide high-qualily, affordable supported living for older people in Bristol and Keynsham, fostering independence, companionship, and a sense of community. During the financial period ended March 31st 2025, the Trustees agreed on a new 5 year plan which has four main objectives". Elevate our services - We will enhance our support to foster compassionate, welcoming communities that promote independence and adapt lo residents, needs while delivering high-quality, value-driven services. Strengthen Community Ties We will strengthen our regional relationships and build a supportive network that enriches everyone's lives. Support our Team - We wll empower our staff and trustees to reach their F)Otenlial, delivering affordable, high-quality service. Modernise our Operations and G0Veman - We will build a thriving organisation that excels at all levels, ready for the future and focused on delivering value for residents through improved energy efficiency and servIs. Review of Activities and Achievements This period has been one of consolidation for Abbeyfield Bristol and Keynsham after a period last year without a CEO. We are pleased lo report significant progress for the organisalion.. Occupancy.. While 30 residents left us during this period, we have welcomed 32 residents into our houses during this lime. Resident Well-being". Feedback from residents and families indicates high levels of s8tisfaclion with the services that we provide. Complaints Handling Code During this period we updated our complaints policy and have submilled our first self-assessment lo the Housing Ombudsman in accordance with their new requirements FinanTr systems - As well as moving the start of our financial year to 1 st April, we have started a transition from Sage accoLJnting sofbNare to Xero which will better SUPFX)rt the organisation's broader Page 3
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI BOARD REPORT ICONTINUEDI FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 needs-particularly in terms of data quality, reporting, and budget management. Community Engagement.. Each House holds a number of events each year al which family, friends and neighbours are invited to attend. Marketing After undertaking a strategic VIeW of the market and our internal processes, we appointed a marketing Officer in December 2024. They have led a rebrand of the organisation and launched a new website that better showcases the houses and rooms that we have available. Property Maintenance and Improvement.. Following significant refurbishment in 2023, we continue lo maintain our houses to a high quality Staffing." We provide mand8tOry and speci81isl training for our dedicated staff team, ensuring they have the skills and knowledge to deliver exceptional services. Human ReSoUS We have significantly improved our HR services, retaining the services of HR Consulianls RISE HR, and introducing an online platform to manage leave, absences and performance management. Public Benefit Statement The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard lo the Charity Commission's public benefit guidance. Our activities provide clear public benefit by.. Relieving Need.. Providing affordable, supported housing for older people, many of whom would otherwise face isolation or strLJggle to maintain independent living in their own homes. Promoting Health and Well-being." Offering a safe, social environment that reduces loneliness, encourages physical aclivily, and supports mental well-being. Advancing Citizenship and Community Development.. Creating vibrant communities within our houses, fostering companionship and mutual support, and integrating residents into local aclivilies. Our services ensure that older individuals can live with dignity, security, and companionship, contributing positively lo their lives and the broader community in Bristol and Keynsham. FINANCIAL REVIEWAND RESULTS FOR THE YEAR During this financial period, Abbeyfield Bristol and Keynsham Society posted an operating deficit of £331,068 and a deficit after net interest costs of £266,369. Tumover changed from £1,836,569 10 £2,765,677. Donations and legacies received in the period tolalled £1,061. At the end of the financial period, the Society held cash resources of £1,521,888. Surplus funds are invested in interest bearing deposits with a number of providers. A financial plan has been agreed for the next year, and the areas of main focus will be improving our occupancy and continued tight cost control. ReseNes Policy Our policy is to relain such reserves as in our judgement are adequate to cover.. Day-104ay operational expenditure, for which the current policy is lo hold cash lo cover 3 months, expenditure, which in the period to 2025 equated to £514,500. Funding for identified development projects and repairs to the housing propety Portfolio., Page 4
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI BOARD REPORT ICONTINUEDI FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 A small reserve for unexpected items. However, the gearing of the Society would permit appropriate borrowing to cover the majority of eventualities. The Society holds only unrestricted reserves. The balance held al 31 sl March 2025 was £5.094,914 of which £805,936 are regarded as free reserves after allowing for funds lied up in tangible fixed assets nel of associated grants and borrowings. Value for money The Society is charged with the responsibility for providing and demonstrating that il does offer value for money. The Society views value for money achievement as being the optimal balsnce between finsncial performance and the provision of a quality service that results in a high level of resident satisfaction. The Society monitors financial and operational performance monthly and benchmarks itself both within the National Abbeyfield Society but also externally. Value for Money Metrlcs In response to the Regulator of Social Housing Technical note of April 2018 the Society now reports on the Value for Money metrics. There are 7 metrics covered by this technical note. Metric 1 Reinvestment 0/0 This metric looks al the investment in properties lexists'ng stock as well as New Supply) as a percentage of the value of total properties held. The Society metric for reinvestment is 0.10/012023 0.10101. Metric 2- New su I delivered 0/0 The new supply metric sets out the number of new social housing and non-social housing units that have been acquired or developed in the year as a proportion of total social housing units and non-social housing units owned at period end. No new supply has been delivered in the year of either social housing or non-social housing. Metric 3- Gearin This metric assess how much of the adjusted assets are made up of debt and the degree of dependence on debt finance. The gearing of the Society is native al_22.30A12023- negative al_16.10/01- Metric 4 - Earnin Interest Cover O The EBITDA MRI interest cover measure is a key indicator for liquidity and investment capacity. s Before Interest Tax De reciation Amortisation Ma or Re airs Included EBITDA MRI The EBITDA MRI interest cover is_16890/012023- 10,4170/01. Metric 5- Headline social housin cost er unil The unit cost metric assesses the headline social housing cost per unit as defined by the Regulator. The headline social housing cost per unit is £37,12712023 - £23,9901- Metric 6- 0 eratin Mar The Operating Margin demonstrates the profitability of operating assets before exceptional expenses are taken into account. The operating margin of the Society for its social housing lettings is negative at -12.30A 12023 - negative al The operating margin of the Society as a whole is -120A12023 _ 10.5 %). Page 5
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI BOARD REPORT ICONTINUEDI FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 Metric 7- Return on ca ital em ROCE This metric compares the operating surplus to total assets less current liabilities. For the Society as a whole this is 4.40k12023_ 2.40/01. Governance and flnanclal vlablllty The Society complies with the principal recommendations of the 2015 National Housing Federation Code of Practice and also the Governance and Financial Viability Standard published by the Homes and Communities Agency insofar as it applies to organisalions of the size of this one. Our reserves are represented by buildings, equipment and current assets. Our cash reserves are maintained on short and longer term objectives. It is our policy to place funds to maximum advantage. FUTURE PLANS We started a S year plan in 2025 which will see us improving our services for residents as well as increasing our connection with the local areas. We will continue to look closely at our existing housing stock. We have an ongoing programme of upgrading and improving all our facilities, to ensure that they are fil for the future and appeal to increasingly disceming prospective residents. We continue lo look al development opportunities in the area. We are improving our marketing approach, seeking to raise awareness of Abbeyfield Bristol and Keynsham Society in the region which should positively impact occupancy and open up new collaborative opportunits'es. Looking ahead, Abbeyfield Bristol and Keynsham remains committed to ils mission of providing exceptional supported living for older people. Our key plans for the forthcoming year include". Elevate our services Refining and defining our standards, increasing resident communication, and improving our welcome processes. Strengthen Community Ties - Hosting more community events, fostering resident connections, enhancing Partnerships with Ioc81 organisations, and 8ttmeling new residents through effective outreach. Support our Team - Fully implementing the new HR system, creating clearer job descriptions, and offering training online and in-person. Modernise our Operations and Governance Launching our inhouse quality framework, 'The Diamond Standard,, and continuing lo review our risk and health management procedures. ststement of Trustees. Responsibilities The Trustees are responsible for preparing the Board Report and financial statements in accordance with applicable law and regulations. Company law and registered social housing legislation require the Trustees lo prepare financial ststements for each financial year. Under that legislation the Trustees have elected lo prepare the financial stslements in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Society and of the income and expenditure for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies for the Society's financial stslemenls and then apply them consistently., make judgements and estimates that are reasonable and prudent., Page 6
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI BOARD REPORT ICONTINUEDI FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 state whether applicable UK accounting stsndards have been followed, subject lo any material departures disclosed and explained in the financial statements," and prepare the financial statements on a going concem basis unless it is inappropriate lo presume that the Society will continue in business. The Trustees are also responsible for keeping adequate accounts'ng records, that are sufficient to show and explain the Society's transactions, which disclose with reasonable accuracy al any time the fi'nancial position of our Society and enable us to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and The Accounting Direction for Private Registered Providers of Social Housing in England 2019. They are also responsible for safeguarding the assets of our Society 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 information of which our auditors are unaware., and the Trustees have taken all necessary steps to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Audltors The auditors, Bishop Fleming Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. Dr H Richards Chair of Trustees Dale". 18 September 2025 Page 7
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY OPINION We have audited the financial statements of Abbeyfield Bristol and Keynsham Society (the 'Society'l for the 18 month period ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Reserves and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the slate of the Society's affairs as at 31 March 2025 and of its income and expenditure for the 18 month period then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice," and have been prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022. BASIS FOR OPINION We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial stalemenls, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signifi'cant doubl on the Society's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concern are deribed in the relevant sections of this report. Page 8
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY (CONTINUED) OTHER INFORMATION The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the extent othenlSe explicitly stated in our report, we do not express any form of assurance conclLJsion Ihereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the for the financial 18 month period for which the financial statements are prepared is consislenl with the financial statements., and the Board Report has been prepared in accordance with applicable legal requirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the Society and ils environment obtained in the course of the audit, we have not identified material misstatements in the Board Report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums 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 records and returns., or certain disclosures of trustees, remuneration specified by law a not made," or we have not received all the information and explanations we require for our audit. In addition, we have nothing lo report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion.. a satisfactory system of control over transacts'ons has not been maintained. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, Responsibilities Statement set out on page 8, the trustees are SF)onsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal eontrol as the trustees determine is necessary to enable the preparab'on of financial statements that are free from material misstatement, whether due lo foud or error. In preparing the financial statements, the trustees are responsible for assessing the Society's ability to continue as a going concern, diselosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the Society or to cease operations, or have no alistic altemalive bul to do so. Page 9
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY (CONTINUED) AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error. and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ou1ed above, lo delect material misstalemenls in respect of irregularities, including fraud. The extent to which our proTrdures are capable of delecling irregularities, including fraud is detailed below.. We have considered the nature of the sector, control environment and financial procedures., We have considered the results of enquiries with management and trustees in relation to their own identification and assessment of the risk of irregularities within the entity., We have reviewed the documentation of key processes and controls and performed walklhroughs of transactions to confirm that the systems are operating in line with documenlalion. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisalion for fraud and identified the highest area of risk lo be in relation lo revenue recognition, with a particular risk in relation lo year end cut off. In common with all audits under ISAS IUKI. We are also required lo perform specific prOdureS to respond lo the risk of management override. We have also obtained understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that have a direct effect on the delemiination of material amounts and disclosures in the financial stalemenls. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK lax legislation. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which may be fundamental to the Society's ability lo operate or avoid a material penalty. Our procedures lo respond to risks identified included the following.. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance and provisions of relevant laws and regulations described as having a direct effect on the financial statements", Performing analytical procedures lo identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., Reviewing board meeting minutes., Enquiring of management in relation to actual and potential claims or liligations., Performing detailed Iransaclional testing in relation lo the recognition of revenue with a particular focus around year-end CLJI off,. and In addressing the risk of fraud through management ovetride of controls, testing the appropriateness of journal entries and other adjustments," assessing whether the judgements made in accounting estimates a indicative of potential bias., and evaluating the business rationale of significant transactions that are indicative of potential bias,. and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert lo possible indicators of fraud or non-compliance with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstalemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions Page 10
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY (CONTINUED) reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepre*ntation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.org.uklauditorsresponsibilities. This description forms part of our Auditors, Report. USE OF OUR REPORT This report is made solely lo the Societls members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might stale to the Society's members those matters we are required to stale to them in an Auditors, Report and for no other PLJrpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Society and the Society's members, as a body, for our audit work, for this report, or for the opinions we have formed. David Butler FCA DChA (Senior Ststutory Audilorl for and on behalf of Bishop Fleming Audit Limitod Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL Dale.. 26th September 2025 Page11
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 30 31 March September 2025 2023 Note Turnover Operating Costs 2,765,677 1,836,569 13.106.523} 12,012,470) Gross loss 1340,846} 9,778 1175,9011 369,431 Other operating income Operating Iloss)Iprofit Interest receivable and similar income Interest payable and similar expenses 10 1331.068} 68,899 14,200) 193,530 12,704 13,2801 IDeficitllsurplus for the financial period 1266.369} 202,954 There were no recognised gains and losses for 2025 or 2023 other than those included in the statement of comprehensive income (including income and expenditure account). There was no other comprehensive income for 202512023'.£NILI. The notes on pages 16 to 30 form part of these financial statements. Page 12
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER..00872566 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 2025 2023 Note Fixed assets Tangible assets 13 6,789,327 7,052,573 6,789,327 7,052,573 Current assets Debtors.. amounts falling due within one year Cash al bank and in hand 14 39.173 1,521,888 403,357 1,181,865 1,561,061 1,585,222 Creditors.. amounts falling due within one year 15 1755,125) 1647,2101 Net current assets 805,936 938,012 Total assets less current liabilities 7,595,263 7,990,585 Creditors.. amounts falling due after more than one year 17 12,500.3491 12,629,302) Net assets 5,094,914 5,381,283 Capltal and resenles Income and expenditure reserve 20 5,094.914 5,361,283 5.094,914 5,361,283 The financial statements were approved and authorised for issue by the Board and were signed on Ils behalf by.. -IKdwd Dr H Richards Chair of Trustees Mr R Kinsman Trustee Dale.. 18 September 2025 24 September 2025 The notes on pages 16 to 30 form part of these financial statements. Page 13
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF CHANGES IN RESERVES FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 Income and expenditure reserve Total equity At 1 October 2022 5,158.329 5,158,329 Comprehensive income forthe year Surplus for the year 202.954 202,954 Total comprehensive income for the year 202,954 202,954 At 1 October 2023 5,361.283 5.361.283 Comprehensive income for the 18 month period Deficit for the year (266.3691 {266.3691 At 31 March 2025 5,094.914 5.094,914 The notes on pages 16 to 30 form part of these financial statements. Page 14
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF CASH FLOWS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 2025 2023 Cash flovts from operating activities ILossllprofit for the financial 18 month period Adjustments for: Depreciation of tangible assets IProfilllloss on disposal of tangible assets Interest paid Interest received DeCrealIn¢reaseI in debtors Increaselldecreasel in creditors 1266.369} 202,954 284,846 189,208 8,605 3,280 112,7041 1383,9621 142,1561 4.200 168,899} 364,184 14.354 Net cash generated from operating activities 332.316 134,7751 Cash flows from investing activities Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Interest reiVed 121,824) 224 116,8161 68.899 12,704 Net cash from investing activities 47.299 14,1121 Cash flows from financing activities Repayment of loans Interest paid {35,392} 14,200} 123,5961 13,2801 Net cash used in financing activities 139,592) 126,8761 Net increaselldecreasel in cash and cash equivalents Cash and cash equivalents al beginning of 18 month period 340.023 165,7631 1,247,628 1,181,865 Cash and ¢a¥h equivalents at the end of 18 month period 1,521,888 1,181,865 Cash and cash equivalents at the end of 18 month period comprise: Cash al bank and in hand 1,521.888 1,181,865 1,521,888 1,181,865 The notes on pages 16 to 30 form part of these financial statements. Page 15
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 GENERAL INFORMATION Abbeyfield Bristol and Keynsham Society is a company limited by guarantee, having no share capital, and with solely charitable objectives. It is registered as a company in England & Wales INO. 8725661. The Society is also registered as 8 Charity (No. 2575321 and registered with the Homes & Communities Agency as a provider of social housing INO. H01351 as defined by the Housing and Regeneotion Act 2008. The Society is wholly engaged in the provision of Ca and housing for the elderly. The Society conslilutes a public benefit entity as defined by FRS 102. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Statement of Recommended Practice ISORPI for Social Housing Providers 2018, and with the Accounting Direction for Private Registered Providers of Social Housing in England 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006. The preparation of financial statements in Complian with FRS 102 requires the use of rtain critical accounting eslimales. 11 also requires management lo exercise judgment in applying the Society's accounting policies Isee note 31. The following principal accounting policies have been applied.. 2.2 GOING CONCERN Al the balance sheet dale the Society had nel current assets of £805,936 and the Iruslees are not aware of any indication that sufficient funds will not be available lo meet all ongoing activities of the charity. The financial statements have been prepared on a going GOnM basis, which assumes that the company will continue in operation for the foreseeable future. This basis of accounting presumes that the company will be able lo realise ils assets and discharge ils liabilities in the normal course of business. The Trustees and senior leadership team have assessed the company's ability to continue as a going concern and have concluded that there are no material uncertainties that would cast signifi'cant doubt on the company's ability lo continue as a going concern. This assessment included consideration of the company's current financial position, ils cash flow forecasts, and its ability lo meet its financial obligations as they fall due. The Trustees and senior leadership team have also reviewed the company's borrowing facilities and other SoUrS of finance, and are confident that the company has sufficient resources lo continue operating for the foreseeable future. 2.3 TURNOVER Turnover is measured at the fair value of the consideration reiVed or receivable. The policies adopted for the recognition of turnover are as follows.. Turnover represents rental and Servi charges income receivable in the year nel of rent and service charge losses from voids, revenue grants from the government (local aulhoritiesl and the Homes and Communities Agency. Page 16
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 ACCOUNTING POLICIES ICONTINUEDI 2.4 GOVERNMENT GRANTS Gffinls are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tsngible fixed assets are credited lo profit or loss al the same rate as the depreciation on the assets to which the grant relates. The deferred element of gonls is included in creditors as deferred income. Gffinls of a revenue nature are recognised in the Statement of CoMphenSlve Income in the same period as the lated expenditure. 2.5 TANGIBLE FIXED ASSETS Tangible fixed assets (including social housing properties) are ststed at cost or value when gifted less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, development costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capilalised when il results in incremental future benefits such as increasing rentsl income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property. Land is not depreciated. Depreciation is provided on all other tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows". Properties". Roofing Windowsldoors, kitchens, bathrooms Lifts Main fabric of properties Motor vehicles Fixtures and fi'ttings 20A per annum 50A per annum 70A per annum 1 Ok per annum 250A reducing balan basis 200A reducing balan basis Housing properties under construction are not depreciated until they are in use. Major components of housing properties, such as roofing, windowsldoors, kitchens, bathrooms and lifts have been accounted for and depreciated separately from the connected housing property, over their expected useful economic lives and a included in social housing propety- The useful economic lives of all tangible fixed assets are reviewed annually. 2.6 DEBTORS AND CREDITORS RECEIVABLE I PAYABLE WITHIN ONE YEAR Debtors and creditors with no ststed interest rale and receivable or payable within one year are recorded al transaction price. Any losses arising from impsirment are recognised in the Stslement of Comprehensive Income in other administotive expenses. Page 17
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 ACCOUNTING POLICIES ICONTINUEDI 2.7 PROVISIONS Provisions are recognised when the Registered Provider IRPI has an obligation al the balance sheet date as a result of a past event, il is probable that an oufflow of economic benefits will be reqUId in settlement and the amount can be reliably estimated. Provisions for cyclical maintenance or major works to existing stock are not made unless they represent commitments or obligations at the Balance Sheet dale where there is no discretion lo avoid or delay the expenditure. Recycled Capit81 Grants Fund Capital gonls can be recycled under certain conditions." if a property is sold", or if another relevant event takes place. Recycled grants can be used for projects approved by Homes England and they are Cdited to the Recycled Capitsl Grant Fund within liabilities. In certain circumstances, such as the sale of housing properties, capital gonls may be repayable, and, in that event, is subordinated to the repayment of other loans by agreement with Homes England. 11 is accounted for as soon as the liability arises within CdItors". amounts falling due within one year. 2.8 LEASES Rentsls paid under operating leases are charged to profit or loss on a slraighl-line basis over the lease term. 2.9 EMPLOYEE BENEFITS The Society operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. DEFINED CONTRIBUTION PENSION PLAN The Society operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Society pays fixed contributions into a separate entity. Once the contributions have been paid the Society has no further payment obligations. The contributions are recognised as an expense in profil or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Society in independently administered funds. 2.10 RESTRICTED RESERVES Restricted reserves are those reserves which are only expendable in accordance with the wishes of the funder or regulatory body. Reslricled reserves include funds raised in response to a specific appeal. Revenue and expenditure cannot be directly set against restricted serveS but is taken through the statement of compohensive income and then a tfftnsfer to restricted reserves is made as appropriate. Page 18
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 ACCOUNTING POLICIES ICONTINUEDI The Society has elected lo apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. The Society has elected lo apply the recognition and measurement provisions of IFRS 9 Financial Instruments las adopted by the UK Endorsement Board) with the disclosu requirements of Sections 11 and 12 and the other presentab'on requirements of FRS 102. Financi81 instruments are recognised in the Society's Statement of Financial Position when the Society becomes paty to the contractual provisions of the instrument. Financi81 assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and the is an intention to settle on a nel basis or lo alise the asset and settle the liability simultsneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction pri ladjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured al fair value through profil and lossl and are subsequently Carried al their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future reiptS discounted al a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Society's cash and cash equivalents, trade and most other debtors due with the opefftting cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequenuy measured at fair value with the changes in fair value being recognised in the profil or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured al cost less impairment. Impairment of financial assets Al the end of each reporting period financial assets measured al amortised cost are assessed for objective eviden of impaiment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted al the asset's original effective InteSt rate. The impaiment loss is CogniSed in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial assellsl have been adversely impacted. The impairment loss will be the dIffenCe between the Curn1 carrying amount and the present value of the future cash flows at the assetlsl original effective inteosl rate. If there is a favouoble change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The VerSal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profil or loss. Financial liabilities Financial liabilities and equity instruments are classified according lo the substance of the contractU81 Page 19
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 ACCOUNTING POLICIES ICONTINUEDI FINANCIAL INSTRUMENTS ICONTINUEDI arrangements enteod into. An equity instrument is any contract that evidences a residual interest in the assets of the Society after the deduction of all ils liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequenuy measured at fair value through profit and lossl. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted al a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried al their amorbsed cost using the effective interest rate method. Tde C110rS are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged lo the profit or loss. They are subsequently measured al fair value with changes in the profil or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured al fair value through the profit or loss. This recognition and measurement would also apply lo financial instruments where the performance is evaluated on a fair value basis as with 8 documented risk management or investment strategy. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Society transfers the asset and substsntially all the risks and rewards of ownership to another paty. If significant risks and rewards of ownership are retained after the transfer to another party, then the Society will continue lo cognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Society's conlraclual obligations expire or are discharged or cancelled. Page 20
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judgments are continually evaluated and are based on historic experien and other factors, including expectations of future events that a believed to be reasonable under the circumstances. The key assumptions conmIng the future and other key sources of estimation uncertainty at the porting dale that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year include the useful economic lives used by the Society in respect of tsngible fixed assets. The related deprecistion rates used are sel out in the accounting policies, including the rates used for major components of housing properties. These estimates are the best estimate based on past experience of similar assets and expected performance and are regularly viewed to ensure they remain appropriate. TURNOVER 2025 2023 Social Housing Tumover 2.765.677 1,836,569 2,765.677 1,836,569 SOCIAL HOUSING TURNOVER AND COSTS 2025 2023 Gross social housing rent Voids Resident subsidies Other income from residents 3.689.814 1999.283} {26,403} 7,931 2,220,069 1433,2011 117,4091 4,739 Net rent receivable 2.672.059 1,774, 198 Capitsl grant income (through accruals modell 93.618 62,371 Turnover 2,765.677 1,836,569 Social house activity expenditure 13.106.523} 12,012,470) Net Ideflcltllsurplus from soclal houslng actlvltles 1340,846} 1175,9011 Page 21
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 ACCOMMODATION UNITS The Society owned the following bed spaces available for occupation and in development." 2025 No 2023 No Social Housing Lettings Supported sheltered 76 76 OTHER OPERATING INCOME 30 31 March September 2025 2023 Donations Legacies receivable Sundry income Profiullossl on disposal of tangible assets 1,061 3,742 374,209 85 18,6051 8.691 26 9,778 369,431 INTEREST RECEIVABLE 30 31 March September 2025 2023 Bank interest receivable 68.899 12,704 68.899 12,704 INTEREST PAYABLE AND SIMILAR EXPENSES 30 31 Marth September 2025 2023 Bank interest payable 4,200 3,280 4,200 3,280 Page 22
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 10. DEFICIT ON ORDINARY ACTIVITIES The deficit on ordinary activities is staled after charging". 30 31 March September 2025 2023 Depreciation of tangible fixed assets Operating lease rentals 284,846 14.750 189,208 18,082 11. AUDITORS. REMUNERATION During the 18 month period, the Society obtained the following seNices from the Society's auditors.. 30 31 March September 2025 2023 Fees payable lo the Society's auditors for the audit of the Societys financial statements 16.500 15,600 Page 23
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 12. STAFF COSTS AND BOARD AND KEY MANAGEMENT PERSONNEL REMUNERATION The average number of employees, including members of the executive team, calculated on a full time equivalent basis was 32 employees12023." 271. The average headcounl was 5512023." 551. There was one 12023". 11 employee who received employee benefits exceeding £60,000 (excluding employers pension contribulionsl. The Chief Executive is an ordinary member of the Society's defined contribution pension scheme. Key management personnel comprise the Chief Executive, Operations Lead and house managers. The total remuneration (including employers pension and national insurance conlributionsl for key management personnel amounted lo £332,718 for the 18 month period12023". £178,979 for the 12 month periodl. The highest paid director, as defined in the Accounting Direction 2022, received £108,687 for the 18 month period 12023. £67,088 for the 12 month period) remuneration (excluding employer pension conlributionsl. No other directors received remuneration during the year. During the year, no remuneration was paid lo Trustees. Expenses paid to Trustees of the Society amounted to £Nil12023". £Nill. 30 31 March September 2025 2023 Wages and salaries Social security costs Pension costs 1,516.375 114,328 56,809 961,466 65,546 38,649 1.687.512 1,065,661 Page 24
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 13. TANGIBLE FIXED ASSETS Freehold property Motor Fixtures and vehicles fittings Total COST OR VALUATION At 1 April 2024 Additions Disposals 9.297.746 23.156 14.790 11,400} 324.060 7.034 9.644,962 21,824 11,4001 At 31 March 2025 9.297,746 36,546 331.094 9,665,386 DEPRECIATION At 1 April 2024 Charge for the 18 month period on owned assets 2.309A28 18.133 264.828 2.592.389 264,528 1.884 11,176} 18.434 284,846 11,1761 Disposals At 31 March 2025 2.573,956 18,841 283.262 2,876,059 NET BOOK VALUE At 31 March 2025 6,723,790 17,705 47,832 6,789,327 At 30 September 2023 6,988,318 5,023 59,232 7,052,573 The net book value of18nd and buildings may be further 8nalysed as follows". 2025 2023 Freehold 6,723,790 6,988,318 6,723,790 8,988,318 Page 25
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 14. DEBTORS 2025 2023 Trade debtors Other debtors Prepayments and accrued income 5.559 265 33,349 4,919 265 398,173 39.173 403,357 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2023 Bank loans Trade creditors Other taxation and soci81 security Other creditors Accruals and deferred income 23.596 93,554 17,974 462.740 157.261 23,593 45,959 35,391 460,895 81,372 755,125 647,210 RECYCLABLE CAPITAL GRANT FUND 2025 2023 Opening balance Grants becoming recyclable in the year 441.683 441,683 441,683 441,683 Home Farm Way was disposed of in July 2022. The Society has received permission in principle from Homes England that the grant can be recycled, however not for refurbishment works as originally planned. Instead the Society now plans to buy a new property. Page 26
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2023 Bank loans Other creditors 35,395 2,593,907 2.500.349 Balance at Period End 2,500,349 2,629,302 2025 2023 Deferred grant income Balance al 1 October Amortisation charged AmortlS8tion written back on recyeled grant Grants recycled 2.593.907 193,558} 2,656,278 162,3711 Balance at Period End 2,500,349 2,593,907 Page 27
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 18. LOANS Analysis of the malurily of loans is given below". 2025 2023 AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans 23,596 23,593 23,596 23,593 AMOUNTS FALLING DUE 1-2 YEARS Bank loans 23,595 23,595 AMOUNTS FALLING DUE 24 YEARS Bank loans 11,800 11,800 23.596 58,988 Secured loans A Treasury Loan was granted by Barclays Bank for a 25 year term from February 2002, with interest charged at 1.50/0 above LIBOR. The amount outstanding at 31 March 2025 was £23,596 12024." £58,9881- Barelays Bank has charges over properties 43, 45, 47 and 49 Westbury Road, Bristol. Page 28
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 19. FINANCIAL INSTRUMENTS 2025 2023 FINANCIAL ASSETS Financial assets measured at fair value through profit or loss Financial assets that are debt instruments measured al amortised cost 1,521,888 5,824 1,181,865 379,393 1.527.712 1,561,258 FINANCIAL LIABILITIES Financial liabilities measured at amortised cost 13,228,141} 13,231,996) Financial assets measured at al amortised cost comprise trade debtors, other debtors and cash. Financial liabilities measured at amortised cost comprise trade creditors, accruals and loans. 20. RESERVES Other reserves The Income and Expenditure reserve includes all current and prior period retained surpluses and deficits. 21. COMPANY STATUS The Society is a company limited by guarantee. The liability of each of the members is limited to £1. At the year end there were 5 members12023- 5 members). 22. PENSIONS AND OTHER POST-RETIREMENT BENEFITS The Society operates a defined contribution pension plan for ils employees. The amount recognised as an expense in the period was £56,80912023- £38,649). Outstanding contributions at the year end comprised £9,35912023- £9,126). 23. COMMITMENTS UNDER OPERATING LEASES At 31 March 2025 the Society had future minimum lease payments due under nOn-¢anlIable operating leases for each of the following periods.. 2025 2023 Not later than 1 year Later than 1 year and not later than 5 years 1,582 2,670 13,957 2,919 4.252 16,876 Page 29
ABBEYFIELD BRISTOL AND KEYNSHAM SOCIETY IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2025 24. RELATED PARTY TRANSACTIONS During the period ended 31 March 2025, the Society did not enter into any related paty transactions. Page 30