Company Reglstratlon Number 00945603 Charity Registration Number 257782 Housing Corporation Registration Number H0340 ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS 31 MARCH 2025
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED {Company Limited by Guarantee) CONTENTS Pages Reference and administrative details of the charity, its directors and advisers Strategic report of the directors Directors, report Independent auditor's report Statement of comprehensive income (including income and expenditure account) 19 Statement of changes in equity 20 Balance sheet 21 Statement of cash flows 22 Notes to the financial statements 23-35
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS DIRECTORS AND ADVISERS Board (Directorsrrrustees} Anthony Cramphorn (Chairman) lan Norgeti (VI chairman) David Summersgill Barbara Guest Martin Quaife Michael Barry Paul Archer Catharine Hutley Yvonne Havis Pam Fensome (Appointed 3 April 2025) (Resigned 9 October 2024) (Resigned 18 August 20251 (Resigned 17 May 2024) Company Secretary Michele Quaife MBE Senior Personnel Michele Quarfe MBE Operations Manager Dol Wheeler Registered Care Manager Diane Fitzgerald Marketing Manager Dionne Hayes Finance Manager Lyndsay Parker Manager, Polly's Field Alison Goldstein Manager, Great Bradfords House Sandra Ryder Manager, Wickham House Cass Murray Manager, Felsted House Location of Residential Sites Polly's Field Village Church Lane Braintree Essex CM7 5XD Wickharn House 338 Coggeshall Road Braintree Essex CM7 9EH Great Bradfords House 159 Coggeshall Road Braintree Essex CM7 9GD Felsted House Jo11yboys Lane North Felsted Essex CM6 3DU
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED {Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS DIRECTORS AND ADVISERS Registered Office Wickham House 338 Coggeshall Road Braintree Essex CM7 gEH Reglstration Numbers: Company Charity Housing Corporation 00945603 257782 H0340 Bankers The Co-operative Bank Delf House Southway Skelmersdale WN8 6V statulory Audilor Lambert Chapman LLP Chartered Accountants and Registered Slalutory Auditors 3 Warners Mill Silks Way Braintree Essex CM7 3GB
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED {Company Limited by Guarantee) DIRECTORS, STRATEGIC REPORT YEAR ENDED 31 MARCH 2025 The Directors are pleased lo present Iheir strategic report on the affairs of the charitable company, together with the audited financial statements for the year ended 31 March 2025, incorporating the reference and administrative infomation on pages 1 and 2. This report also represents a Trustees, Report prepared in accordance with the Charities Act. For Ihe purpose of this report reference to Directors is also lo be taken as reference lo Trustees. Structure, governance and management Current constitution The Abbeyfield Braintree, Bocking and Felsled Society Limited is a charitable company and registered social housing provider, limited by guarantee. The liability of the members in the event of the company being wound up is limited lo a sum r)ol exceeding £1 each. Membership is restricted to Directors of the Society. The Society was incorporated on 8 January 1969 (company number 00945603). It was registered as a charity (registration number 2577821 on 12 February 1969. The Society is governed by its Memorandum and Articles of Association. The Society is an affiliate of Abbeyfield England. a national organisation, lo whom it pays an annual fee in return for some support services, an accredilation scheme, some national markeling and national representation. The Society is entirely independent of the national organisation, and free to set its own policies and practices, but does acknowledge and adhere lo the latter's ethos. The Society operates 'very sheltered, homes at Wickham House, 338 Cogge5hall Road, Braintree and at Felsted House, Jollyboys Lane North, Felsled. There is an 'extra care, estate al Great Bradfords House, 159 Coggeshall Road, in Braintree, and opened in January 2022 a Retirement Living and Extra Care scheme named Polly's Field Village in Church Lane, Bocking. Braintree. Wickham House provides 17 en-suite studios. Felsted House provides 14 en-suite sludios. Great Bradfords House provides 33 one-bedroom flats and 2 two-bedroom flats and Polly's Field provides 39 one bed-room and 60 two bed-room flats of which 37 are deemed lo be 'affordable' and thus nominated to the Local Authority for occupation as social housing with the remainder being offered for sale as fully owned or part share {part owned. part rented). and a small number fully rented. Tenants, rents are sel each year in accordance with budgeted costs having regard for recommendations made by Homes England.
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) DIRECTORS, STRATEGIC REPORT YEAR ENDED 31 MARCH 2025 Appoinlment of Directors, induction and training New Direclors are expected to bring skills and experience relevant to the needs of the organisation and lo complement or add to the skills of existing Directors. They undergo a briefing session to inform them of their legal obligations under charily and company law. and to introduce them to the Memorandum and Articles of Association, the slrategy, business plan. and governance and management structures of the organisalion. As part of this induction. they are handed an induction pack comprising of the Society's administrative structure, the roles and functions of Directors as recommended by Abbeyfield England, a job description, together with current financial information. The Society has adopted the Homes England standards for Value for Money, Rents, Tenant Empowerment and Governance and Financial Viability, copies of all these also fomi part of the induction pack. The new Director will be introduced lo key employees and other Directors. They will receive information on relevant external training events and are encouraged to attend. All Directors are required to make an annual declaration of personal interests. One third of the Directors must relire by rotation each year but are eligible for re-election. The Directors retiring at the Annual General Meeting in October 2024 were Mr D Summersgill and Mr M Quaife and being eligible were duly re-elected lo the Board. The Directors retiring al the next Annual General Meeting will be, Mr l Norgett. and being eligible he will be proposed for re-election. The Board Committee The Articles ofAssociation govem the appointment oflhe Board Committee which provides that the ommittee shall consist of no less than three and no more than eighteen members. The Board Committee is made up of Directors and such selected senior personnel as are appropriate. The Board Committee administers the Charity. This meets five times per year. its purpose is to determine strategy. direct. control and scrutinise and evaluate the Society's affairs. The Committee has the power to appoint Board Committee members to fill a casual vacancy. There are also several sub-committees. The Finance and Governance Sub-committee, compnsing the Finan Mana9er, Operations Manager and up io three Directors with accountancy, finance or governan backgrounds, meets monthly as appropriate to review and approve the monthly management accounts. prepare and recommend any budgets and forecasts. investigate and recommend the appropriate investment policy for the Society and generally to steer all financial aspacts of the operation. Then at every Board Committee meeting to recommend Ihe adoption of the management accounts. This sub-committee has adopted in full The Governance and Financial Viability Standard published by Homes England and complies with every clause insofar as it applies lo organisations of the size of the So¢iely. An Operations Sub-committee meets on an ad hoc basis to provide guidance to management personnel when issues of policy are Ghallenged, or strategic decisions require a rapid respons8. Other sub-committees are forrned as required and are responsible for Safeguarding, Fund-raising, and Procurement.
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) DIRECTORS, STRATEGIC REPORT YEAR ENDED 31 MARCH 2025 Day lo day management of the charity is performed by the Operations Manager, the Registered Care Manager, the Finance Manager, Managers of Polly's Field Village. Great Bradfords House. Wickham and Felsled Houses and senior personnel who have considerable delegated powers. The Operations Manager, who also carries the responsibility of Company Secretary, remains in dose contact with the Directors to facililate a responsive and effective management structure. Core responsibilities of the Executive Committee The Board Committee has adopted the recommendatsons of the Homes England code of practice for Trustees. Setting and ensuring compliance with the vision, values, mission and strategic objectives of the Society, to ensure long term success. Satisfying itself of the integrity of the financial infomiation, approving each year's budget and business plan and annual accounts prior to publication. Establishing. overseeing and reviewing annually a framework of delegation and systems of internal control. Establishing and overseeing a risk management framework, lo safeguard Ihe Society's assets. An annual declaration ol relevant interests. The Board Committee has set out and published where appropriate, its response 10 8ach of the above factors and looks forward with confidence to the ensuing long-tem success of its strategic objectives. Mlsslon statement and strategic objectives The Society's mission statement is.. To provide a comfortable altemative home environment for older people who chos8 not to live alone. To give Ihem the freedom to choose as muGh or as little involvement in communal living as they want. To enable care,. and provide support for the frail and elderly. To encourage the sharing of existing skills among residents and to facilitate new skills for all residents. To achieve this with courtesy and humility. The Society is committed lo the principles of equality, diversity, and inclusion regardless of age, gender, ethnicity. race, disability, or religion. 11 is a stated objective of the board that employees should feel valued and be appropriately rewarded. The Society believes that its remuneration package5 are competitive within the local marketplace.
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED {Company Limited by Guarantee) DIRECTORS, STRATEGIC REPORT YEAR ENDED 31 MARCH 2025 Intèrnal financial control The Board Committee has in place a system of controls that are appropriate to the various businesses in which il operates. These controls are designed to give reasonable assurance with respect to= The reliability of financial infomialion within the Society before, during and after each financial year and for publication. The mainlenance of proper accounting records. The safeguarding of assets against unauthorised use or disposition. There are formal policies and procedures. including documentation of key systems and rules in relation to the delegation of authorities. which allow monitoring of controls and restrict the unauthorised use of the Society's assets. Exp8ri8nc8d and suitably qualified staff take responsibility for day-to-day business operations. Budgets are prepared annually which allow the Board Committee through the Finance sub- committee lo monitor monthly the key business risks. financial objectives and progress towards the set financial plans. Regular financial infomiation is provided to ensure that any significant Varian from budget is investigated. All significant new inilialives, major Gommitments and inv85tment projects are subject to fomial authorisation by the Board Committee. There are procedures for instituting appropriate action lo correct any weakness identified by the exlemal auditors or the Board Committee. Risk Review The Board Committee continues to review the major financial and non-financial risks lo which the charity is exposed. In the most recent review, dated March 2025 identifies the risks with the highesl probability of recurring. This was considered to be the revenue implications from data management breaches and loss of income, partial or total, potentially arlsing from fire or floods. The issue of ongoing excessive voids in two existing properties was categorised as having a medium probability of occurring as was the possibility of the Care division moving from break-even to losing money, the continuity of Irusteeslvolunteers. Ihe impact from new pandemics, the ongoing availability of funding for the elderly for housing and benefits. Abbeyfield England falling into financial difficulties. supplies and stock management, safeguarding from all forms of abuse, and the failure of the Contractor to rectify snagging faults at Polly's Field (PF). The main risk continues from spyware and computer viruses and the prevalence of this seems greater and its potential impact on the ability of the business lo protect its tenant records and financial information is more important than ever before. The risk from fire or flood concems PF primarily as rent surveys suggest that the house is not yet fully fire compliant. Voids are not as
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) DIRECTORS, STRATEGIC REPORT YEAR ENDED 31 MARCH 2025 severe a risk as lasl year as the 'Polly's Field effe¢l' is much diminished now the house has been full for two years and the smaller schemes have relumed to their more conventional voids position. In the case of every risk identified, systems have been established lo mitigate those risks, including financial, operational, health and safety surveys as considered appropriate. Internal risks are minimised by the implementation of policy and procedure reviews, financial control and regulation procedures. These procedures are regularly reviewed to ensure thal they still meet the needs of the charity. Operational review for tho year ended 31 March 2025 Voids have been mentioned already, however Social Services do not market very sheltered housing schemes therefore we are reliant on our own marketing for both these schemes, PF and Gl Bradfords House IGBH) continue to have wailing lists. During the year at PF we bought back three properties and sold five. Two of the five which were sold were privately renled during the financial year 23124 prior lo them being purchased by the occupiers in the financial year 24125. There were a considerable number of new snagging issues arising in the year. The Society settled with the contractor the retentions in the sum of £351,818.66 in July 2024. A negotiation was concluded in respect of the final account which was settled for £68.777.05 in July 2025. The Society is currently in the prOsS of rectifying the outstanding 'snags'. Business at the Society's other houses continued uninterrupted with capital expenditure still being monitored to reflect the voids position. The Society meets its commitment to provide Social Benefit through its policy of housin9 and care for elderly and vulnerable adults. Flnanclal review The Society's tumover has increased by £330,996 over that achieved in 2024. an increase of 9.280/9. Costs in the same period have increased £170.666 or 5.130k which is a great credit lo the management al all levels. The excess of income over expenditure has resulted in a operating surplus of £398,904 for the year. an incr8as8 of £160,330 over 2024. The overall assets of the Society (less its liabilities and creditors} have similarly increased during the year, from £5,738,719 to £6.239,848. A summary of the Society's assets can be found on page 21 of the following accounts.
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) DIRECTORS, STRATEGIC REPORT YEAR ENDED 31 MARCH 2025 The income from the Polly's Field flats is recognised at 10A each year for a maximum of 10 years of occupancy. As an example, a flat with a value of £300,000 would result irs £3,000 being recognised as income each year until the Society buys back the flat. The Polly's Field flats are based on market values, meaning that the income received from the same flat in the future after its subsequent re-sale would be £3,500 each year if it was d8em8d to be valued at £350,000 ahead of its second sale. Income from Rent and Service charges increased by £231,638 on the previous year assisted by voids which were £97,174 down on 2024. Care income at both Gt Bradfords House and Polly's Field was down approximately £5,000 on 2024 which highlights the difficullies of operaling a highly volatile business while retaining care staff on fixed contracts as opposed to zero hours. We cannot avoid resident's care package requirements changing continually according to their needs and length of stay. The Balance Sheet continues to show a strong position with short temi creditors falling by over £300,000. Debtors rising by only £74.757 and cash flows remain positive and prospects for the coming year very encouraging. The full results are shown in the attached fsnancial statements. Achievements and performanca indicators During the year. the Society provided long term housing for 160 elderly and largely vulnerable adults, of whom 27 were in receipt of Housing Benefit at 31 March 2025. There was no provision for respite care in the period. Slaff lumover was 20Vo in the year. The average age of fesidents was 83 and the average length of stay just over 3 years. The Directors budget for carrying out a five-year cycle of painting and decorating of each property. This work has been re-started now that there is much reduced demand on the Society's available finances in respect of Polly's Field. The exteriors of Gt Bradfords House and Wickham House have since been cleaned and re-painted. Internal make-overs continue including the replacement of fumiture and other fittings in Great Bradfords. Felsted and Wickham Houses.
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) DIRECTORS, STRATEGIC REPORT YEAR ENDED 31 MARCH 2025 Value for money The Society is constantly working to manage its resources to maximise cost effectiveness, for example the provision of solar panels. regular renegolialion of utility contracts and competitive tendering for larger contracts and negotiating small contracts sometimes using Trustee's expertise. These strivings for greater efficiency are always carried out with the proviso of providing quality serViS to meet tenants, and potenlial tenants, needs. The Society is very conscious of the need to achieve a financial retum in line wilh its targets and performance to match the expectations of residents. The Society considers value for money has been maximised when there is an optimum balance between the following three-. realistically low costs, efficiency and the successful provision of a quality servi. The focus of the Society's value for money program continues to embrace its approach to budgeting. risk management. auditing. interesl rates. inlemal financial control, service quality, voids management, energy consumption and planned maintenance. In the past the Society has not been averse to disposing of poorly performing properties, nor of making major changes to management practices. Such difficult decisions are taken against the backdrop of improving financial return, coupled with protecting the lifestyle of the communities il serves. Reserves policy The Board has established a policy whereby the unrestricted funds not committeé or invested in tangible assets ('free reserves,) held by the Society should be equivalent of at least six months. gross rental and Servi charge income. The purpose of this reserve is to mitigate any financial losses arising from unforeseen operational trading circumstances that might jeopardise the viabilily of the business. This is now just over £2,000,000 and appears in note 13 as Revenue reserve. The notes to the accounts set out details of all the serveS held. and the Society's proposals for them. The largest designated reserve is to match the investrnent in fixed assets (net of related social housing grants) held on the Balan Sheet, to ensure that sufficient funds are available to keep the properties in a good state of repair and to allow for the replacement of furniture, fixtur8s and fittings as necessary. At 31 March 2025 the Society's total reserves amounted to £6,239.848. Of this, £4,029,270 represents designated unrestricted funds and £2.210.578 represents unrestricted undesignated funds Investment policy The executive committee has approved a policy of investing surplus funds with recognised banks and building societies, with a maximum of £500.000 in any one institution, over periods varying from instant access to 24 months deposits. At 31 March 2025 the Society had circa £1,308,931 on deposit.
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) DIRECTORS, STRATEGIC REPORT YEAR ENDED 31 MARCH 2025 Fund-raising policy The Society sets out lo raise funds by the following means.. 1. Inviting members of the public and residents to consider donating to the Society by way of legacies. 2. Inviling members of the public and residents lo make cash gifts to the Society. 3. Holding events and functions. the proceeds of which go to the Society. 4. Making approaches to Foundations, Instilutions and other Charities for grants and loans for specific projects. 5. Setting up of'Just Giving" pages and joining professionally run fund-raising groups such as "Easy Fund Raising.. 6. The appointment, from time to time, of a professional fund raiser to approach National and Local charitable organisations on ils behalf. Such an individual, would be a member of the Institute of Professional Fund Raisers, and be bound by their fundraising standards. The Soci8ty is not aware of any complaints concerning its fundraising activities in the year Plans for the immediate and short-term future The Directors approved a new operational priority schedule in April 2025 for the period ahead through 2025126. This reiterated five on-going aims, all to do with the delivery of an improving service to residents coupled with greater operational efficiencies. In addition, seven immediate operational priorilies were approved for implementation in this financial year: 1. Upgrading the Society's computers to Windows 11 update due in October 2025 2. Re-decoration of Ihe exterior of Wickham House 3. Procurement at its most competitive of utilities, services and consumables coupled with enhancing and maximising the use of our plv installations.. 4. Resolve the Astrolurf defects al Polly's Field Village and improve disabled access to same. 5. Transition to Digital care planning. 6. Relaying the emergency road at PFV 7. Attending to thè outstanding fire compliance issues at PF. Among the next short-lerm objectives are the following.. 1. Vinyl flooring of the dining area at PFV, and providing furniture for the pod areas 2. To consider replacing the wooden pergola at Wickham House provided the issue of voids can be addressed going forward. 3. To estsblish a Hardship Fund to assist those residents who have limited ac$5 to finance. Of the immediate operational priorities referred to last year the interior furniture and redecoration of the Gommunal areas to Wickham. Gt Bradfords and Felsted were completed as was the upgrading of th8 Tunstall system at Gt Bradfords. 10-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) DIRECTORS, STRATEGIC REPORT YEAR ENDED 31 MARCH 2025 2025126 and beyond The Trustees feel that as Polly's Field Village is now fully up and running, they should direct the Society's financial resources to improving the external appearance and internal attraction of their other properties, hence the decisions recorded in the 'Plans for the immediate and short-term future, above. It is also considered that making these sites more appealing should be the best way to address more voids occurring. It has been menlioned that the Truslees had decided lo research the market opportunities for further expansion in the Colchester area of another facility along the lines of their Polly's Field development. Enquiries have been made to try to identify a suitable site or partnership proposition, still with no positive result. Of equally important concern is the matter of having a sufficiently largé and eXperiend team of committed trustees to advise and direct the management. The Articles provide for a maximum of 18 members of the trustee commillee. Currenlly there are 7, two of whom live a considerable distan away from Braintree and a number of whom are in or approaching their 80's. Approaches continue to be made to increase this committee by at least two persons. Finally None of this is possible without the full co-operation of the Directors, and their willingness to participate. voluntarily. in the many functions and activities demanded of a progressive and successful charity such as Abbeield Braintree. Bocking and Felsted Society Limited. The Directors readily acknowledge the efforts of all slaff to achieving the results outlined above and will continue lo guide and direct them in delivering a value for money service combined with a compassionate and sympathetic approach to the wellbeing of residents. The Directors are ever grateful lo the many donors and benefactors who have generously supported the Society during the year. ned by order of the Executive Committee on 1510912025 orn Chai an l Norgett Vice Chairman
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) DIRECTORS, REPORT YEAR ENDED 31 MARCH 2025 The Directors are pleased lo present their report for the year. The financial statements are prepared in accordance with Financial Reporting Standard 1021"FRS 1021. The Directors shown below have held Offi during the period from 1 April 2023 to the date of this report unless shown otherwise. Mr A Cramphom (Chairman) Mr l Norgett (VI Chairman) Mr D Summersgill Mrs B Guest Mr M Quaife Mr M Barry Mr P Archer (Appointed 3 April 2025) Mrs C Hutley (Resigned 9 October 20241 Mrs Y Havis (Resigned 18 August 2025) Mrs P Fensome (Resigned 17 May 2024) Statement of Directors, Responsibilities The Directors, who are also Trustees ofthe Societyfor the purposes ofcharily Law, are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Standards. The Difectors, Report also represents the Trustees, Report which is required by Part 8 of the Charities Act. Company law and social housing legislation require the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Society and of the incoming resources and application of resources, including the income and expenditure, of the Society for that period. In preparing these financial stalemenls, the Directors are required lo.. select suitable accounting policies, and apply them consistently.. observe the methods and principles in the Registered Social Landlords Statement of Recommended Practi. make Judgements and estirnates that are reasonable and prudent., state whether applicable UK Accounting Standards and the Statement of Recommended Practice 'Account by Registered Social Landlords, (2010) have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in operation. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements complywith the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Requirements for Registered Social Landlords General Detemiinalion 2006. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detects'on of fraud and other irregularities. 12-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) DIRECTORS, REPORT YEAR ENDED 31 MARCH 2025 The Directors have had regard to the public benefit guidance issued by the Charity Commission and have complied with the duty in Section 17 of the Charities Act. They believe that the description of the Society's aclivities in this annual report shows evidence that those activities carry out the charity's aims for the public benefit. The Directors confirm thal, so far as they are aware, there is no relevant audit informalion of which the Society's auditor is unaware. They have taken all steps that they oughl to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. During the year a Trustees, Indemnity Insurance policy was in place. This is included wthin an affiliation fee and, as such, the premium paid in respect of this policy is not separately identifiable. Auditors The audilor, Lambert Chapman LLP, will be proposed for reappoinlment in accordance with section 485 of the Companies Act 2006. Registered office.. Signed by order of the Executive Committee Wickharn House 338 Coggeshall Road Braintree Essex A. Cramphorn Chairman l. Norgelt Vice Chair CM7 9EH Approved by Ihe Direclots on . 13-
INDEPENDENT AUDITOR'S REPORT TO THE BOARD MEMBERS OF ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) YEAR ENDED 31 MARCH 2025 Oplnlon We have audited the financial statements of Abbeyfield Braintree, Bocking and Felsted Society Limited (the 'Sociely'l for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income (including the Income and Expèndilure Accounll. Statement of Changes in Equity, Balance Sheet, Statement of Cash Flows and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting PradiGg). In our opinion, the financial statements.. give a true and fair view of the state of the Society's affairs as at 31 March 2025 and of ils income and expenditure for the year then ended- have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice., and. have been prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneralion Act 2008 and The Accounting Direction for Private Registered Providers of Social Housing from April 2019. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitiés for the audit of the financial slalemenls section of our report. We are independent of the Society in accordance with the ethical requirements that are relevant lo our audit of the financial statements in Ihe UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriale lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Ihe entity's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect lo going concern are described in the relevanl sections of this report. 14-
INDEPENDENT AUDITOR'S REPORT TO THE BOARD MEMBERS OF ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) YEAR ENDED 31 MARCH 2025 Other information The Directors are responsible for the olher information. The olher information comprises the information included in the annual report other Ihan the financial slalements and our auditor's report thereon. Our opinion on the financial statements does nol cover the other information and, except to the extenl otherwise explicitly staled in our report, we do not express any fom of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to 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 audit or othewise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misslalemenl in the financial statements or a material misslalement of the other infomiation. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ofthe audil.. the infomiation given in the Strategic Report and the Directors, Report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Strategic Report and the Directors, Report have been prepared in aGcordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Society and its environment obtained in the course of the audit, we have not identified material misststements in the Strategic Report or the Directors, Report. We have nothing to 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.. adequale accounting records have not been kepl, or relurns adequale for our audit have not been received from branches nol visited by us- or the financial stalemenls are not in agreement with the accounting records and returns- or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. 15-
INDEPENDENT AUDITOR'S REPORT TO THE BOARD MEMBERS OF ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) YEAR ENDED 31 MARCH 2025 Responsibilities of the Directors As explained more fully in the statement of Dire¢tors' responsibilities statement in the Directors, Report, the directors are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In pparIng the financial statements, the Directors 8re responsible for assessing the Society's ability lo continue as a going concern, disclosing, as applicable, matters related to going concem and using the going conrn basis of accounting unless the Board either intend to liquidate the Society or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assuran about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and to issue an audilorfs 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 (UK) will always delect 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 to influence th6 economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect malerial misslatemenls in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of malerial misslalemenl in respect of irregularities. including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured Ihat the engagement team collectively had the appropriate competence, capabilities and skills to identify or racognise non- compliance with applicable laws and regulations- we identified the laws and regulations applicable lo the charity through discussions with directors and other management., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operalions of the company, including the Companies Act 2006, The Care Quality Commission. Social Housing requirements, taxation legislation and data protection, employment and health and safety legislation. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.. and identified laws and r6gulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 16-
INDEPENDENT AUDITOR'S REPORT TO THE BOARD MEMBERS OF ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) YEAR ENDED 31 MARCH 2025 Auditor's responsibililies for the audit of the flnancial statemenls {contlnued) We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by., making enquiries of management as lo where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. and considering the intemal controls in place to mitigale risks of fraud and non-complian with laws and regulations. To address the risk of fraud through management bias and override of controls. we.. performed analytical procedures to identify any unusual or unexpected relationships- tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in deterniining the accounting eslimales were indicative of potential bias: and investigated the rationale behind significant or unusual Iransactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation- reading the minutes of rneetings of those charged with governance,. and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audil prOdureS described above. The more removed that laws and regulations are from financial Iransaclions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non- Compliance with laws and regulations lo enquiry of the direclors and olher fflanagement and the inspection of regulatory and legal COespondenCe. if any. Material misslalemants that arise due to fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frG.org.ukJaudilorsresponsibilities. This description fomis part of our auditorfs report. 17-
INDEPENDENT AUDITOR'S REPORT TO THE BOARD MEMBERS OF ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) YEAR ENDED 31 MARCH 2025 Use of our report This report is made solely to the Society's members, as a body, in accordance with with Chapter 3 of Part 16 oflhe Companies Ad 2006 and the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might slate lo the Society s members those matters we are required to slate lo them in an auditor's report and for no other purpose. To Ihe fullest extent pemitted 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 audil work, for Ihis report, or for the opinions we have formed. c[LLe Sean Wiegand FCA (Senior Statutory Auditor) For and on behalf of Lambert Chapman LLP, Statutory Auditor Chartered Accountants 3 Warners Mill Silks Way Braintree Essex CM7 3GB Date.. 18-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2025 (As Restated) Total funds 2024 Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Notes Turnover Operating expenditure 3,897,291 3 (3,498,387) 3,897,291 3,566,295 {3,498,3871 (3,327,721) Operating surplus 398,904 398,904 238,574 Other income Other inlerest re1vable and similar income Donations Sundry income 58,995 5,220 38,010 58,994 5,220 38,011 23,877 9.856 21,296 Total comprehensive income for the year 13 501.129 501.129 293.603 Nel transfer to designated reserves 13 (252,488) (252,488) {109,17n Total comprehensive income for the year after transfers 248,641 248,641 184,426 All the activities of the Society are classed as continuing. There are no recognised gains or losses in this or the prior period other than those included in the statement of comprehensive income. The Statement of Comprehensive Income forthe year ended 31 March 2024 is included within note 22. The notes on pages 23 to 35 fomi part of these financial slatements. 19-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31 MARCH 2025 Unrestricted Unrestricted Incorne and Designated expenditure reserves account Restricted reserves Total At 1 April 2023 {As restated) 3,760,159 1,684,957 5,445.116 (Deficit}Isurplus for 2023124 (92,554) 386,157 293.603 Transfers between funds for 2023124 109,177 (109,177} At 31 March 2024 (As restated) 3,776,782 1,961,937 5,738.719 (Deficitllsurplus for 2024125 501,129 501.129 Transfers between funds for 2024125 252,488 (252.4881 At 31 March 2025 4.029.270 2,210,578 6,239,848 The notes on pages 23 to 35 form part of these financial statements. -20-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) BALANCE SHEET AS AT 31 MARCH 2025 Notes (As restated) 2024 2025 Fixed assets Housing properties 29,682,613 30.210,309 Other fixed assets 195,358 111,479 Total langible fixed assets 29,877,971 30,321,788 Current assets Investments Debtors falling due within one year Cash at bank and in hand 870,000 247,699 1,485,153 600,000 172.942 879,966 2,602,852 1,652,908 Creditors: amounts falling due within one year 10 (728.574) (1,076,148) Net current assets 1.874,278 576,760 Total assets lès5 current liabilities 31.752,249 30.898.548 Creditors.. amounts falling due after morè than one year 11 {25,512,401) (25,159.829) 6,239,848 5,738,719 Capital and reserves Designated reserves Revenue reserve 13 13 4,029,270 2,210,578 3,776.782 1,961,937 Total unrestricted reserves Restricled reserves 6,239,848 5,738,719 13 6.239,848 5.738,719 The financial statements were approved by the Board members on and signed on their behalf by= i_rlcA f A Cramphorn Chairman l Norgett VI Chair The notes on pages 23 10 35 form part of these financial ststements. 21
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2025 {As restated) 2024 2025 Cash flows from operating activities Surplus{deficity for the financial year 501,129 293.603 Depreciation Social Housing Grant release Polly's Field Grant release Deferred income release Interest received Finance costs (Increase) in debtors {Decreaseyincrease in creditors 605,151 (59,813) 153,267) (158,660) 158,995) 185,902 144,975) 246,956 573.026 {52.9451 (53.2671 (157.9801 <23.8771 245.886 {71.2261 (523,934) Net cash inflow from operating activities 1,195,631 229.286 Cash flows from investing activities Interest received Fixed asset additions Grants received 58,995 (161,3341 23,877 {155,928) Net cash oufflow from invosting activiti8S (102,3391 {132,051) Cash flows from flnanclng actlvltles Interest paid {218,1051 (218,105} Net cash outflow from financing activities {218,105) (218,105) {Decrease)lincrease in cash and cash equivalents 875,187 (120.870) Cash and cash equivalents at the beginning of the year 1,479,966 1,600,836 Cash and cash equivalents at the end of year 2,355,153 1,479.966 Cash at bank at the end of the year Cash equivalenls at the end of the year 1,485,153 870.000 879.966 600,000 Cash and cash equivalents at ond of year 2,355,153 1,479,966 The notes on pages 23 10 35 form part of these financial statements. -22-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 1 GENERAL INFORMATION The Society is registered under the Companies Act 2006, registered number 945603 as a ompany limited by guarantee and was incorporated on 8 January 1969. It is also registered under Section 13 of the Housing Act 1974 for the purpose of receiving grants and other forms of assistance. The Society is registered with the Charity Cornmission and is a Registered Social Landlord. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance and basis of accounting The principal accounting policies of the Society are set out in the following paragraphs. These financial statements are prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS 102'}. The financial statements are based on the National Federation of Housing Associations Statement of Recommended Practice. (Accounting by Registered Social Housing Providers), and the Statement of Recommended Practice 'Accounting and Reporting by Charities" and comply with the Accounting Requirements for Registered Social Housing Providers Accounting Direction 2019. (b) Turnover Tumover represents rents and selv1 charges receivable for the year from the Society's tenants. less deductions from income, including void losses. It also includes the release of deferred Social Housing Grant income and the release of other deferred income. In respect to the sales of the Polly's Field units, income is deferred but there is a 10/0 annual release of this deferred income to income, pro rated over thè number of complete months of the residents, ownership. This 1 % annual release will continue for a period up to 10 years, or sooner if the Society regains ownership of the units. (c) Soclal Housing grants In aordanCe with the SORP, social landlords that account for their housing properties at cost musl recognise governmeni grants in accordance with the accrual model. Social Housing Grants are therefore held on lh8 Balance Sheet and released to income over the useful life of the housing properties. No improvement grants have been received. (d) Other grants In accordance wSth Ihe SORP. governmenl grants are recognised based on the accrual model las the underlying assets are recorded al cost). Where the grants relate to assets, income is recognised on a systematic basis over the expected useful life of the asset. Non-government grants are recognised as income once the underlying performance conditions are met. -23-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES~ {continued) (d) Other grants (continued) As prescribed by Essex Counly Council, amounts received relating to the relevanl Polly's Field grants are released as follows= nothing is able lo be released until the relaled property has been in use for INO years, al which point 200/0 IS then able to be released. A further 20°k will be released after a subsequent three years have passed and an additional 20.10 will be released following a further two years. The penultimate release of 20 /0 will occur once two further years have elapsed before the granls are fully released after ten years. (o) Donations Donations are credited to the income and expenditure account on a receipts basis. Where applicable, donations in kind are valued by the Directors at the date of receipt and are included at that value. (fj Taxation Abbeyfield Braintree, Bocking and Felsted Society Limited is a charity wilhin the meaning of the Charities Act and as such is a charity within the meaning of Part 11, Corporation Tax Acl 2010. Accordingly Abbeyfield Braintree, Bocking and Felsled Society Litnited is potentially exempt from taxation in respect of income or gains received within categories covered by Part 11. Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to its charitable purposes. The Society is not registered for VAT. All expenditure in these accounts includes the relevant input VAT. Igl Financial instruments and deferred income Financial instruments are classified and accounted for, according io the substance of the contractual arrangement. as either financial assets or financial liabilities.. Short term debtors (financial assels) are measured at the transaction price. Short tèrm creditors {financial liabilities) are measured at the transaclion price. Income is deferred where no right to recognition inilially arises. Deferred income is subsequently released to the Statement of Comprehensive Income as required and as detailed within these accounting policies. -24-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED {Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- (continued) (h) Loans payable and loan discounting Loans payable are included within creditors and are disclosed as amounts falling due within one year, or after one year. as appropriate. The loan discount received has been included within creditors and is amortised over the duration of the loan. (i) Public benefit entity The Society meets the definition of a public benefit entrty as its primary purpose is to provide a service for social benefit. In addition. the Society's equity is provided with a view to supporting the entity's primary objectives rather than with a view to providing a financial return lo equity providers, shareholders or members. ti) Depreciation (i} Housing land and buildings Freehold land is not depreciated. Depreciation is charged so as to write down the cost of freehold housing properties other than freehold land to their estimated residual value on a straight-line basis over their expected useful economic life. Depreciation commences once an asset is brought into use. {ii) Existing pmperties Amounts are capitalised where required by the Statement of Recommended Practice. In doing so their useful economic lives are considered for the purposes of depreciation. Amounts capitalised are included within the fixed asset note whilst ilems of a revenue nature are charged to the Slalement of Comprehensive Income. Whilst amounts apitalised comprise both replacement items and improvements, no distinction is made due to the similar nature of the relevant assets.. the implications of this are not deemed lo be material to the Society's financial statements. (iii) Other fixed assets Fixed assets are stated al cost or valuation, less depreciation. Depreciation is calculated to write off fixed assets, less estimated residual value, over their estimated useful lives at the following rates.. Freehold land Roofs Windows and doors Lifts Central heating and electrical systems Bathrooms Kitchens Buildings (residue) Polly's Field assets Fixlures, fittings and equipment 60 years 20 years 15-60 years 30 years 30 years 20 years 60 years 60 years 10 % to 20¥0 on cost -25-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED {Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- (contlnuedl In accordan with SORP, where possible the net Cost ofthe buildings is broken down into their major components with each component depreciated over its useful life on the asset is brought into use. Freehold land and buildings include capitalised interest, where relevant. {k) Investments Investments comprise deposit accounts requiring greater than 90 days. notice that are placed with approved inslilutions. (l) Fund accounting/reseryes Designated reserves are part of unrestricted reserves but have been earmarked by the Board for particular purposes. Such designations may be reversed by future Board decisions. {m) Going concern After reviewing the Society's forecasts and projections, the Trustees have a reasonable expectation that it has adequate resources lo continue in operational existence for the foreseeable future, being able to meet all liabilities as they fall due. The entity therefore continues to adopt Ihe going conrn basis in preparing its financial stalemenls. In forming their view that the Society is a going concern. the Trustees have also considered the closing position of the Society al 31 March 2025, which demonstrates faclors such as strong levels of unrestricted funds and cash and cash equivalents. (n) Cash and cash equivalents Cash equivalents are recognised as such and included with other cash balances where they represent short term, highly liquid investments that are readily convertible to known amounts of cash without being subject to a significanl change in value. lo) Apportionment of management expenses Direct employee, administration and operating costs have been apportioned within the Statement ofcomprehensive Income on the basis ofthe costs ofthe staff directlyengaged on the operations deall with in these financial stalements. -26-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- (continued) (p) Finance costs Loan arrangement fees are deducted against the undertying liability with the overall balarice being released over the lifetime of the corresponding asset. (q) Significant judgements and estimates The Directors are of the view that housing properties are correctly classified as tangible fixed assets. as opposed to investments or being disclosed under a separate heading. This decision is based on the fad that the income derived from these properties includes an element of social benefit. (r) Prior period ernr During the year it was identified that the deferred income liability was understated in relation to the sale of the Pollyfield residential units. As a result the opening revenue reseryes as at 1 April 2023 has been reduced by £115,043 and deferred income over 1 year has been increased by £149.043 with deferred income less than one year decreasing by £34,000. Consequently, net assets of the Society at 1 April 2023 have been reduced by £115,043. (s) Prior period reclassifi&1on During the current year, the society reviewed the presentation of short-temi deposits previously included within investments. 11 was determined that these deposits, which had original maturities of three months or less. fflore appropriately meet the definition of cash at bank and in hand under FRS 102. As a result, an amount of £305,903 has been reclassified from investments to cash at bank and in hand in the comparative period. This change affects only the presentation on the face of the Statement of Financial Position and Statement of Cash Flows. it has no impact on net assets or reported surplusldeficit for the prior year. It was also identified that turnover and service costs included an amount of £269,334 for internal Servi charge entries within the prior year. These have been removed resulting in a reduction to bolh the comparative rent I service charge income and service costs with no impact to the operating surplus. It was decided that the GB Social Housing loan discount should be offset against the loan liability and amortised over the duration of the loan ralher than disclosed separately within debtors. As a result current assets have reduced by £448,722 and creditors over one year reduced by £448,722. -27-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 3 TURNOVER (As Restated) 2024 2025 Income from18ttlngs and care Renuservice charges (net of bad debts) Voids Social Housing Grant release Polly's Field deferre(J income release Polly s Field Granl release 3,079,079 2,847,441 (149,240) {246,414} 59,813 52.945 158,660 157.980 53,267 53,267 3,201,579 2,865,219 Care package fees Other services from Care 679,068 16,644 681,896 19,180 Turnovor 3,897.291 3.566,295 Service costs Management costs Repairs and rnaintenance costs Depreciation Other costs (net) 2.191.852 501.845 199,432 605,151 107 2,039.805 540.092 173.189 573.026 1.609 Operatlng expendlture 3,498,387 3,327,721 Operating surpluslldeficit) 398,904 £ 238,574 4 OPERATING SURPLUS The surplusl{deficit) of income over expenditure is stated after charging.. 2025 2024 Depreciation Auditor's remuneralion 605,151 17,673 573,026 9,500 28-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 5 OPERATING LEASE COMMITMENTS During the year, £3.769 (2024.. £3,769) has been recognised in the income and expenditure account in relalion to operating leases. At the reporting end dale the society had outstanding Commitments for future minimum lease payments under non-canGellable operating leases, as follows.. 2025 2024 ithin one year Over one year 3,769 2,827 3,769 6,596 6 STAFF COSTS 2025 2024 Wages and salaries Social security costs Pension costs 1,644,808 126,083 29,340 1,542,993 111,669 27,248 1,800,231 1,681,910 The average weekly number of employees, including unpaid Committee members and part- time employees, during the year is made up as follows.. Executive Committee Operations Manager Senior Personnel Housekeepers, Support workers, Carers and Domestic Helpers 97 90 113 107 No employee (2024 - no employee) received emoluments of more than £60,000. -29-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 7 TANGIBLE FIXED ASSETS Freehold Fixtures, land and fittings and buildings equipment Total Cost or valuation At 1 April 2024 Additions 33,636.181 860,720 34,496.901 56,450 104.884 161,334 At 31 March 2025 33,692,631 965.604 34.658,235 Depreciation At 1 April 2024 Charge for the year 3,425.872 749.241 584.146 21,005 4,175,113 605.151 At 31 March 2025 4.010.018 770,246 4,780.264 Net book values Al 31 March 2025 29,682,613 195,358 29,877,971 30,210,309 111,479 30,321,788 At 31 March 2024 Freehold housing land and buildings comprise the following.. Wickham House, 3381340 Coggeshall Road, Braintree. Great Bradfords House. 159 Coggeshall Road, Braintree. Felsled House, Jollyboys Lane, Felsted. Polly's Field Village, Church Lane, Bocking, Braintre8. The land at Church Lane, Bocking and 159 Coggeshall Road, Brainlree. which were donated lo the Society are included in "cost or valuation. above, at a valuation by the Executive Committee of £12,000 and £450,000 respectively. 8 INVESTMENTS (As rostated} 2024 2025 Cash deposits 870,000 600.000 30-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 9 DEBTORS 2025 2024 Prepayments Rent debtors Other debtors 119.123 128.527 57,847 107,422 7,673 247,699 172,942 10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Restated) 2024 2025 Trade creditors Other taxes and social security costs Accruals and deferred income Other creditors 40,346 29,257 651.221 7.750 385.904 44,529 595,483 50,232 728,574 1,076,148 11 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (As restated) 2024 2025 Deferred income GB Social Housing loan 21,731,341 3,781,060 21,408.551 3,751.278 25,512.401 25,159,829 Included within creditors due after more than one year is an amount of £24,571.985 (2024 - £24,387,559) due after more than five years. Deferred income due after one year includes £15,603,702 (2024- £14.751,144) in respect of monies received regarding the Polly's Field site. This money is released each year. as explained in the accounting Policies, and effectively represents the Society's commitmenl to ro-acquiring the relevant units in the future. The carrying amount oflhe GB Social Housing loan of £3,781.060 (2024.. £3.751,278) is made up of the OLrtstanding loan of £4,200.000 offset by £418,940 12024.. £448,722) of loan discounting fees. 12 COMPANY LIMITED BY GUARANTEE The Company does not have share capital and is limited by the guarantee of its members. If the Company is dissolved while 8ach person remains a member, each member's liability is limited to a sum not exceeding £1. 31
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 13 ANALYSIS OF FUNDS {Deficit)I {As reststed) surplus Balance for the 1.4.24 year Balanco 31.3.25 Transfers Designated funds Hardship Fund Polly's Field Major Repairs- Felsled House Refurbishment of Great Bradfords House Refurbishment of Wickham House Polly's Field Maintenan fund Upgrade of bathrooms Fixed Asset Fund 25,000 25.000 639.532 267,742 639,532 227,742 40.000 464,730 30,000 494.730 387,960 50.000 250.000 1.756.818 20,000 100,000 407.960 150.000 250,000 1,794,306 37,488 3.776.782 252,488 4,029,270 Income and oxpenditure account Revenue Reserve 1,961,937 501,129 {252,488) 2,210,578 Total reserves 5,738,719 501,129 6.239.848 Hardship Fund Reserve to support tenants experiencing severe financial difficully. Polly's Field Designated reserve is in respect of further development of Ihe scheme. Major Repairs- Felsted House Reserve for the repair of F81sled House. Refurbishment of Great Bradfords House Reserve to provide for the refurbishment of Great Bradfords House anticipated every 10 years. Refurbishmenl of Wickham House Reserve to provide for the refurbishment of Wickham House anlicipatad every 10 years. Polly's Field maintenance fund Reserve to provide for cosl of the Polly's Field maintenance charges. Reserve for the future refitting of tenants, bathrooms. Upgrade of bathrooms Fixed Asset Fund Reserve created which mirrors Ihe net book value of the Society's assets net of the social housing grants and Polly's Field nel book value. Revenue Reservè Reserve to meet the ongoing operations of the Society. 32-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 14 GRANTS (INCLUDING SOCIAL HOUSING) Grants received in respect of compleled properties are released over the life of the property, and released based on accounting policy 2ld) in regards to Ihe amount of the Polly's Field total grants received from Essex County Council: 2025 2024 Great Bradfords House Wickham House Felsted House Polly's Field 1,897,393 186.667 343,445 4,072.217 1,943,671 193.333 350,315 4,125,481 6,499,722 6,612,800 2025 2024 Included wlthin: Deferred income within one year Deferred income two to five years Deferred income after five years 372,080 711,322 5,416,320 104,436 624,944 5,883,420 6,499,722 6,612,800 15 RELATED PARTY TRANSACTIONS The Society paid Iravel expenses in respect of the following Trustees- 2025 2024 l Norgett A Cramphom 340 431 No Trustee received any other remuneration during the year12024 - £Nil). All transactions are conducted on an arm's length basis. Senior management team remuneration totalled £348.46312024- £279,875). 33-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 16 CONTROL The Society is controlled by its Board. 17 ACCOMMODATION IN MANAGEMENT 2025 2024 Number of units of housing accommodation Al 1 April 2024 and 31 March 2025 165 165 Wickham House provides 17 (2024 - 17) studios. Great Bradfords House provides 33 (2024 - 33) one bedroom flats and 2 {2024 - 2} bedroom flats. Felsted House provides 14 {2024 - 141 studios. Polly's Field provides 9912024 - 99) flats. 18 FINANCIAL INSTRUMENTS 2025 2024 Financial assets measured at the transaction pri¢e 2,483,680 1,587,388 Financial liabilities measured al the transaction pri 20,006,054 19,893,908 Further details regarding financial instruments are included within Note 2(gl of the Accounting Policies. 19 CAPITAL COMMITMENTS At the year end the Society was committed lo pay a final payment on a contract in relation to development works being undertaken on Polly's Field. The commitment Is approximated to be £68.777 {2024- £150,000}. 20 LOAN SECURITY At the year end, the Society held a loan agreement which was to refinance the previous loan held for the construction work on Polly's Field. The three other houses, Wickham, Greal Bradfords and Felstead. are being used as security on the loan. -34-
ABBEYFIELD BRAINTREE, BOCKING AND FELSTED SOCIETY LIMITED (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 21 ANALYSIS OF CHANGES IN NET DEBT Balance at 1 Aprll 2024 Other non-cash changes Balancg at 31 March 2025 Cash flows Cash Cash equivalents 879,966 600,000 605,187 270,000 1,485,153 870,000 Cash and cash equivalents Loans 1,479,966 (3,751,278) 875,187 2,355,153 13,781,060) 129,782 {2,271,312> 875,187 11,425,907) 22 PRIOR YEAR STATEMENT OF COMPREHENSIVE INCOME (As restated) Total funds 2024 (As restated) Unrestrlcted Restricted funds funds 2024 2024 Notes Turnovor Operating expenditure 3.566,295 13,327,721 } 3,566,295 {3,327,7211 Operating surplus 238,574 238,574 Other Income Other interest receivable and similar income Donations Sundry income 23,877 9.856 21.296 23,877 9,856 21,296 Total comprehensive income for the year 293,603 293,603 Net transfer to designated reserves (109,177} 1109,177) Total comprehensive income for the year after transfers 184,426 184,426 35-