Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 **Company No: 00950104 Charity No: 258882** **THE FAIRBANK SOCIETY (A Company Limited by Guarantee)** **Directors' Report and Financial Statements** **For The Year Ended 30 September 2024** Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **CONTENTS** |Company Information|1| |---|---| |Report of the Trustees|2| |Independent Examiner's Report to the Trustees|6| |Statement of Financial Activities|7| |Summary Income and Expenditure Account|8| |Balance Sheet|9| |Statement of Cash Flows|10| |Notes to the Accounts|11| |**The following do not form part of the statutory accounts:**|| |Detailed Income and Expenditure Account|20| |Schedules to the Income and Expenditure Account|21| Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY COMPANY INFORMATION** (Registered Charity Number: 258882) ## **Directors** The directors of the charitable company are also its trustees for the purpose of charity law and are collectively referred to as the Trustees throughout this report. Dr Dave Thomas Chairman Dr Iain Bride Treasurer Mrs Lynda Skinner Mr Merlin Hibbs Ms Gillian Sykes Rev A E Pettifor Mr Dave Hacking Ms Joanne Whittaker Ms Mary Quinn Ms Kate Hampshire (Resigned 29 August 2024) Mrs Daphne Peel (Resigned 1 September 2024) **Registered Office** The Gables Fairbank Kirkby Lonsdale LA6 2BD **Accountants** MHA Chartered Accountants Kendal House Murley Moss Business Village Oxenholme Road Kendal LA9 7RL **Bankers** HSBC Bank PLC 35 Market Street Lancaster LA1 1JQ **Solicitors** Oglethorpe, Sturton & Gillibrand 17 Main St Kirkby Lonsdale Carnforth LA6 2AQ Page 1 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** The trustees present their report and financial statements for the year ended 30 September 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. ## **Objectives and Activities** 1) To provide supported sheltered accommodation and other support for adults to relieve loneliness, hardship, insecurity or other needs and to enable residents to live active fulfilled lives as far as they are able; and 2) To relieve people within the wider community of Kirkby Lonsdale and the surrounding area who are lonely, insecure, suffer hardship or are otherwise in need of support by encouraging and enabling individuals and the community at large to engage with them. ## **Residential Accommodation** , **Public Benefit and Hardship Funds** We own two separate buildings on one site in Kirkby Lonsdale, which between them contain 24 flats and apartments, and a guest room. Residents either come from their own homes, when through age or infirmity they are finding living there difficult, or they transfer to us from other similar accommodation. The decision as to whether a resident is suitable is made with regard to the Charity commission's guidance on public benefit. Residents pay a monthly rent which, thanks to our charitable status, is less than the market rent. From this income we provide breakfast items and mid-day and evening meals, laundry, room cleaning, heating, Wi-Fi access and full property maintenance. Funds are set aside to ensure that no resident is forced to leave through financial hardship. To provide this support we employ both full and part-time staff, all of whom live locally. We have an ongoing programme of training for our staff, including fall-hazard awareness, first aid emergency care, and evacuation procedures. We review all accidents and where appropriate use the Riddor reporting system. We have an active programme of maintenance and redecoration. One of our two buildings was built in the 19th century and therefore has a rather higher cost to maintain, but we feel that the quality of accommodation it is able to provide make this extra cost to the charity worthwhile. ## **Achievements and Performance** I am very glad to say that the staff team has remained stable this year. This makes a huge contribution to the atmosphere and the smooth running of the houses, so, while being mindful of not increasing our residents’ rents excessively, we are trying to keep our staff’s remuneration attractive. Provision of overnight cover has remained a significant problem. There have been some teething problems with the external call agency, none of which were such as to put a resident at risk, but overall we feel this gives a satisfactory degree of cover for residents’ health needs. Providing overnight fire cover, is at the moment necessitating four of the trustees being in a rota to respond should the fire alarm go off. While this gives satisfactory cover it is not something we feel we can provide long term so we are actively looking at other options. Page 2 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **Achievements and Performance (continued)** We ended last year with more vacant rooms than we would like, which has significantly affected our income this year, but over the second half of the year interest has picked up and we now have only one vacant room. The problem in the first half of the year was that none of the individuals who were interested in coming to the Society felt themselves to be ready. There was no change we made that clearly affected either the shortage of new residents earlier in the year or the waiting list that we now have this so I can only put the earlier dearth of new residents down to noise. Thanks to Janet and Peter Farrington and all the staff both houses have a very happy atmosphere. We have taken opportunities to review our paperwork and our policies including a clearer definition of the role of Sponsor, and consent for photographs to appear on our Facebook page. The replacement of Travers roof went smoothly and we also chose to convert two of our smaller rooms, which were adjacent, into a single apartment. We then had considerable unforeseen building costs resulting from our three yearly independent Fire Risk Assessment, however all these contribute to our continuing improvement of our facilities. We have said goodbye to two trustees; Daphne Peel and Kate Hampshire. I must thank them both for their differing contributions. The social events calendar of the houses is, if anything, busier now than it was before Covid, which is marvellous and we enjoy our engagement with the wider community. The Board have continued to have due regard to guidance published by the Charity Commission on Public benefit. ## **Financial Review** The major financial impact of the year was the complete re-roofing and improvement of insulation of one of our two major residences. This had been planned for and over the past years we had built up our cash reserves to meet the cost of £67k. When setting the budget for 2023-24 we were again faced with significant increases in gas, electricity and food costs as well as increased wage bills and we increased our rent levels by 6%, aiming to make a small surplus of £7k on normal running costs. Our normal practice is to budget for a 92% occupancy of our rooms but for most months of the year the number of voids was almost double, resulting in a shortfall of expected income of £67k. Against this our expenditure, excluding the re-roofing cost, was £57k below budget resulting in an overspend of £10k as compared with the budget and a loss over the year of £3k for normal running costs. As mentioned above, the occupancy rate has improved significantly. However, in the coming year we will be faced with a significant increase in costs as a result of the government changes in National Insurance contributions. In addition to this, owing to changes in fire regulations, we are having to make significant alterations to two rooms but we will be able to meet these additional costs from our reserves. ## **Investment Policy** Under the Memorandum and Articles of Association the Trustees have the power to make any investment which they see fit in furtherance of the Society’s aims and objectives. Currently we invest in Sarasin and Partners Endowments Fund (Class A Acc) and B4RN. The choice is regularly reviewed. Page 3 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 **REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **THE FAIRBANK SOCIETY** ## **Reserves Policy** The Trustees review their reserves policy annually. The current policy is to maintain sufficient unrestricted funds (excluding tangible fixed assets) for the purpose of providing against: - Severe adverse trading conditions or a major disruption to the Company’s business - Major repairs to the Society’s building, one of which is Grade 2 listed - Residents drawing from the Society’s Hardship Fund The minimum level of reserves that the Trustees would aim to hold in normal circumstances is £500,000, with a view to building up closer to £700,000 within a 5 year planning period. This level is required so that the Society can retain the flexibility and financial independence to respond to the changing profile and needs of the elderly population in the local area. Free reserves at the year-end including the Sarasin Investment Fund were £932,618 which exceeds the Trustees’ target. ## **Trustees** The directors of the charitable company are its trustees for the purposes of charity law. The Trustees in office at the end of the financial year are listed below. Trustees due to retire by rotation, but who were available for reelection, are marked with an asterisk *. Dr Dave Thomas Chairman Dr Iain Bride* Treasurer Mrs Lynda Skinner* Mr Merlin Hibbs Ms Gill Sykes Rev A E Pettifor* Mr Dave Hacking Ms Joanne Whittaker* Ms Mary Quinn ## **Qualifying Third Party Indemnity Provisions** The Articles of Association of the Charity permit the Trustees of the Charity to be indemnified in respect of liabilities incurred as a result of their office. These include qualifying third party indemnity provisions (as defined where relevant by the Companies Act 1985 and the Companies Act 2006). These indemnities were adopted in February 2010 and remain in force. ## **Fixed Assets** The principal items of capital expenditure are set out in note 5 to the financial statements. ## **Structure, Governance and Management** The Society is a Charitable Company Limited by Guarantee and is a registered charity (No 258882). It is administered as an independent Charitable Company by a Board of Trustees. The Board of Trustees have met 4 times during the financial year ending 30 September 2024. The House Committee, which oversees the work of the Manager, staff and the welfare of the residents in the two houses, has met normally monthly. The Board reserves powers to determine overall direction, policy and financial management of the company, and to approve capital and project spending in excess of £1,000. Page 4 Docusign EnvelopÈ ID". 367ECgAD-F68eAF61-9A12-52D189OF5889 THE FAIRBANK SOCIETY REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Recruiting Trustees The existing Trustees recruit and appoint new Trustees up lo a limit of 12, taking part￿￿lar account of ihe skills and experiences that ale required to direct and contribute to the So¢iety'"s operations. Trustees are appointed subject lo satisfactory clearance following a Disclosure and Barring Servieè {DBS} check, and are normally known to al lèast one of the existing Trustees. Risk Management The Trustees operate a formal Risk Register which Is feviewed on a regular basis in order to ensure that all risks that can be reasonably foreseen are identified, considere(S and appropriate mitigating action taken. Adequate insurance is always m8intsined, and the Society has sufficient resources lo continue in operation forthe foreseeab future, and to cope wilh adverse conditions. The Trustees work to a five year rolling Business Plan which tvTrodels income, expenditure and reseNes bo$ed on prudent assumptions. Trustees, Responslbilities The Trustees (who are Directors of the Fairbank s￿Iety Limited for the purpose5 of cornpany law) are responsible for preparing the Trustee Report and the linanaal statements in accordan￿ with applicable law and United Kingdom Accounting Standards. Company law requires the Trustees lo prepare *nanc18I statements for each financial year. which gNe a true and fair view of the slate of affairs of the Charitable Company and of the incomin9 resources and apDlicalion of resources, including the income and expenditure, of the Charitable Company for the year. In preparing these linancial statements, the trustees are required lo. Select suitable accounting policies and then apply them consislently-, Observe the methods and principles in the Charities SORP 2019 IFRS 1021", Make judgements an(* eslimales that are reasonable and pructenl". Slate whether applicable UK Accounting Stand2rds have been followed. subject to any material departures disclosed and explained in the financial slalemenl5". Prepare the financial slalernents on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose w'.Ih reasonable accuracy al any lime the financial position of the Charil¥ble Company and enable them to ensure that the financial staremenls comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance w(fh the special provision of Article 15 of the Companies Act 2006 relating lo small companies. Si9ned on behalf ol the Board of Trustees on Dr D G Thomas Chairman Page 5 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** I report on the accounts of the company for the year ended 30 September 2024 which are set out on pages 6 to 19. ## **Responsibilities and basis of report** As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## **Jack Steer BA(Hons) ACA** Independent Examiner MHA Chartered Accountants Kendal House Murley Moss Business Village Oxenholme Road Kendal Cumbria LA9 7RL March 26, 2025 Date: …………………………….. Page 6 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**Note**
**Income and endowments from:**
Donations and legacies
Charitable activities
**3**
Investments
**4**
Other:
Solar Panel income
Miscellaneous
**Total income and endowments**
**Expenditure**
Charitable activities
Other:
Administration expenses
**Total expenditure**
**5**
**Net (Expenditure)/Income before other recognised gains and losses**
**Net gains on investment assets**
**9**
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**
**13**|**2024**
2023
**£**
£
**-**
320
**457,932**
510,972
**25,924**
22,862
**1,814**
2,071
**500**
300| |---|---| ||**486,170**
536,525| ||**522,520**
496,531
**11,607**
10,745| ||**534,127**
507,276| ||**(47,957)**
29,249
**103,011**
20,165| ||**55,054**
49,414
**1,863,032**
1,813,618| ||**1,918,086**
1,863,032| The notes on pages 11 to 19 form part of these financial statements. Page 7 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **SUMMARY INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**Note**
Total Charitable Income
Total expenditure
**Net contribution to overheads**
Administration costs
Investment income
**9**
**Net income/ (expenditure) for the year**
**13**
**Statement of Total Recognised Gains and Losses**
(Loss)/Surplus for the year
Unrealised gain/ (loss) on investment assets
**9**
Total gain/ (loss) recognised since 30 September 2024|**2024**
2023
**460,247**
513,663
**(522,520)**
(493,083)| |---|---| ||**(62,273)**
20,580
**(11,608)**
(14,193)
**25,924**
22,862| ||**(47,957)**
29,249| ||**2024**
2023
**(47,957)**
29,249
**103,011**
20,165| ||**55,054**
49,414| The notes on pages 11 to 19 form part of these financial statements. Page 8 Docusign EnvelopÈ ID". 367ECgAD-F68eAF61-9A12-52D189OF5889 THE FAIRBANK SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 974,613 933,932 1,908,545 977.337 804,997 1.782,334 Currènt assets DeblorslPrepaymenls Cash al bank and in hand 10 3,821 30,258 34,079 3,763 115.492 119,255 Creditors.. Amounts falling due wf(hin one year 12 24,538 38,557 Net currgnt assots 9,541 80.698 Net assets 1,918,086 1.863.032 Funds A¢cumulated fund Investment revaluation fund 1,645,014 273,072 1.692,971 170061 Total funds 13 1,918.086 1,863,032 Ttte notes on pages 11 to 19 form part of ttriese financial statement5. For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 re18ting lo small Companies. Directors, responsibilities.. The members have not required the company lo obtain an audit of its accounts for the yeaT in question in accordance wrth section 476., The directors acknowledge their ￿SponSIbl1rtles for complying wilh the reqtjirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. These accounts were approved by the directors and aulhorised for issue on and are signed on their behalf by.. Dr D G Thomas Company Registration Number.. 00950104 Dr l M Br1de Page 9 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **STATEMENT OF CASH FLOWS** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**Reconciliation of net expenditure to net cash flow**
**from operating activities**
Net expenditure for the year
Depreciation of tangible fixed assets
Net gains/ (loss) on investment assets
Investment dividends received and reinvested
(Increase)/ Decrease in debtors
(Decrease) /Increase in creditors
**Net cash flow from operating activities**
**Cash flow from investing activities**
Payments to acquire fixed asset investment
**Net cash flow from investing activities**
**Net increase / (decrease) in cash and equivalents**
**Cash and cash equivalents at 1 October 2023**
**Cash and cash equivalents at 30 September 2024**||**£**
**55,054**
**2,724**
**(103,011)**
**(25,924)**
**(58)**
**(14,019)**|**2024**
**£**
**(85,234)**
**-**||£
49,414
3,043
(20,165)
(22,862)
1,575
23,181|2023
£
34,186
-| |---|---|---|---|---|---|---| |||**-**|||-|| ||||**(85,234)**
**115,492**|||34,186
81,306| ||||**30,258**|||115,492| The notes on pages 11 to 19 form part of these financial statements. Page 10 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **1 Accounting Policies** The Fairbank Society is a company limited by guarantee in England and Wales. ## **Basis of preparation** The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The Fairbank Society meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. ## **Income** Income represents amounts receivable by the company in respect of rents from residents and services provided, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements. Items of income are recognised and included in the accounts when all of the following criteria are met: - The charity has entitlement to the funds; - any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity; - there is sufficient certainty that receipt of the income is considered probable; and - the amount can be measured reliably. For legacies, entitlement is taken as the earlier of: - the date on which the charity is aware that probate has been granted; - the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made; or - when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. Page 11 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **1 Accounting Policies (continued)** ## **Donated Services and Facilities** Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. ## **Donations** Monetary donations to the Charity are credited to the income and expenditure account on a receipts basis. ## **Expenditure** Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: - Expenditure on charitable activities includes the costs of provision of the accommodation and other activities undertaken to further the purposes of the charity. - Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. ## **Depreciation** Depreciation is calculated on the reducing balance method and aims to write down the cost of tangible fixed assets other than freehold land over their expected useful lives as follows: - Furniture and equipment - 10% reducing balance and over 3 years straight line. No depreciation is provided on freehold property as, in the opinion of the trustees, the estimated residual value is so high and the estimated useful life is so long, as a result of the charity maintaining the property to such a degree that physical deterioration does not occur with the costs of such maintenance being charged against income in the year of incidence, that any charge and accumulated depreciation would be immaterial. ## **Going concern** The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. ## **Fixed Assets** Freehold land and buildings are stated at cost. ## **Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. Page 12 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **1 Accounting Policies (continued)** ## **Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Investments** Investments are stated at market value at the balance sheet date with any gain or loss on revaluation or disposal being recognised in the statement of financial activities in the period. ## **Corporation Tax** As a charity, The Fairbank Society is exempt from tax on income and gains falling within sections 472474 of the Corporation Tax Act 2010, sections 478 - 489 of the Corporation Tax Act 2010, or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity. ## **Pensions** The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in independently administered funds. ## **Funds** All of the funds are unrestricted and can be used in accordance with the objects of the Charity at the discretion of the Trustees. ## **Judgements and key sources of estimation uncertainty** In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **Key assumptions, judgements and estimates** In the opinion of the Trustees’ there have been no significant judgements (apart from those involving estimates) made in the process of applying the above accounting policies. As disclosed in note 8, the charity does not depreciate its freehold property on the basis that the estimated residual value is considered to be so high that any accumulated depreciation would be immaterial. There have been no key assumptions concerning future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Page 13 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**2**|**Net Income for the Year**||| |---|---|---|---| |||**2024**|2023| ||Net income is stated after charging:|**£**|£| ||Accountants Remuneration:||| ||- Accountancy and Independent Examination|**1,920**|1,824| ||- Other services|**1,926**|1,651| ||Depreciation|**2,724**|3,043| The net income for the year is attributable to the principal activity of the company and is earned entirely within the United Kingdom. |**3**
**Income from Charitable Activities**
Rents from residents
**4**
**Investment Income**
Sarasin Accumulation Fund
All investment income in the prior year was unrestricted.||**2024**
2023
**£**
£
**457,932**
510,972| |---|---|---| |||**457,932**
510,972| |||**2024**
2023
**£**
£
**25,924**
22,862| Page 14 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **5 Expenditure on Charitable Activities** |**Note**
Food and Provisions
Cleaning and Equipment
Insurance
Council Tax
Water Rates
Gas
Electricity
Repairs and Renewals
Sundry Expenses
Out of hours care service
Gardens
Support costs
**6**
Staff Wages
**7**
**6**
**Support costs**
Depreciation
Staff recruitment and advertising
Telephone
Accountancy
Office expenses
Professional fees
Payroll bureau charges
Bank Charges|**£**
£
**48,318**
51,916
**9,384**
11,448
**6,081**
5,997
**15,324**
17,375
**2,484**
2,279
**29,098**
25,069
**19,694**
20,600
**126,623**
87,625
**1,191**
1,088
**6,564**
-
**8,125**
10,354
**14,060**
14,193
**247,181**
259,332| |---|---| ||**534,127**
507,276| ||**£**
£
**2,724**
3,043
**1,278**
694
**1,098**
2,900
**1,920**
1,824
**3,695**
3,466
**1,355**
548
**1,926**
1,651
**64**
67| ||**14,060**
14,193| Page 15 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **7 Directors and Employees** |Employee costs during the year:
Wages and salaries
Social Security Costs
Employers’ Pension Costs
The number of employees during the year was as follows:|**2024**
2023
**£**
£
**233,459**
243,977
**10,331**
11,754
**3,391**
3,601| |---|---| ||**247,181**
259,332| ||**2024**
2023
**16**
22| There were no employees earning more than £60,000 (2023:Nil) No committee member or officer of the company received any fee or remuneration for services rendered on behalf of the company or reimbursement of expenses (2023: Nil) ## **8 Tangible Fixed Assets** |**Cost**
At 1 October 2023
Additions
**At 30 September 2024**
**Depreciation**
At 1 October 2023
Charge for the year
**At 30 September 2024**
**Net book value**
**At 30 September 2024**
At 30 September 2023|**Freehold**
**Property**
**Property Improvements &**
**£**
**£**
173,758
776,713
**-**
**-**
**173,758 776,713**
-
-
**-**
**-**
**-**
**-**
**173,758**
**776,713**
173,758
776,713|**Fixtures**
**Equipment**
**Total**
**£**
**£**
162,630 1,113,101
**-**
**-**
**162,630 1,113,101**
135,764
135,764
**2,724**
**2,724**
**138,488**
**138,488**
**24,412 974,613**
26,866 377,337| |---|---|---| Freehold property is property held for letting and is included at original cost plus amounts incurred on development. Page 16 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **9 Investments** |Valuation at 1 October 2023
Additions
Unrealised investment gain in year
Valuation at 30 September 2024
Historical cost at 30 September 2024|**Listed**
**£**
**804,997**
**25,924**
**103,011**| |---|---| ||**933,932**| ||**660,861**| The market value and historical cost of listed investments is made up as follows: |**Sarasin Investment Fund**
250,156.457 Alpha CIF Acc Units
B4RN Ordinary £1 Shares|**Historical**
**Cost**
**Market**
**Value**
Historical Cost
Market
Value
**2024**
**2024**
2023
2023
**£**
**£**
£
£
650,005
10,856
923,076
10,856
624,937
10,000
794,997
10,000| |---|---| ## **10 Debtors: Amounts Falling Due Within One Year** |**10**
**Debtors: Amounts Falling Due Within One Year**|| |---|---| |Prepayments
**11**
**Cash at Bank and in Hand**
Bank current account
Petty Cash|**2024**
2023
**£**
£
**3,821**
3,763
**3,821**
3,763| ||**2024**
2023
**£**
£
**30,236**
115,211
**22**
281
**30,258**
115,492| Page 17 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**12**|**Creditors: Amounts Falling Due Within One Year**|||| |---|---|---|---|---| ||||**2024**|2023| ||||**£**|£| ||Accruals||**1,920**|1,782| ||Other creditors||**19,645**|32,104| ||Social security and other taxes||**2,973**|4,671| ||||**24,538**|38,557| |**13**|**Funds**|||| ||Both these funds are Unrestricted Funds.|||| |||||**Investment**| |||**Total**|**Accumulated**|**Revaluation**| ||||**Fund**|**Fund**| |||**£**|**£**|**£**| ||Balance at 1 October 2023|**1,863,032**|**1,692,971**|**170,061**| ||Surplus for the year|**(47,957)**|**(47,957)**|**-**| ||Unrealised Investment gain in year|**103,011**|**-**|**103,011**| ||Balance at 30 September 2024|**1,918,086**|**1,645,014**|**273,072**| |||||**Investment**| |||**Total**|**Accumulated**|**Revaluation**| ||||**Fund**|**Fund**| |||**£**|**£**|**£**| ||Balance at 1 October 2022|1,813,618|1,663,722|149,896| ||Surplus for the year|29,249|29,249|-| ||Unrealised Investment gain in year|20,165|-|20,165| ||Balance at 30 September 2023|1,863,032|1,692,971|170,061| |**14**|**Analysis of net assets between funds: Current year**|||| |||**Fixed assets**|**Net current**|**Total**| ||||**assets**|| ||Restricted funds|**-**|**-**|**-**| ||Unrestricted funds|1,908,545|9,541|1,918,086| ||Total funds|**1,908,545**|**9,541**|**1,918,086**| Page 18 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **15 Analysis of net assets between funds: Prior year** |**Analysis of net assets between funds: Prior year**|| |---|---| |Restricted funds
Unrestricted funds
Total funds|**Fixed assets**
**Net current**
**assets**
**Total**
**-**
**-**
**-**
1,782,334
80,698
1,863,032| ||**1,782,334**
**80,698**
**1,863,032**| ## **16 Pension Scheme** The Charity provides employees with access to a Stakeholder Pension Plan - currently the Fairbank Pension Plan is with NEST. The assets of the plan are held separately from those of the Charity in independently administered funds. Employees' individual contracts of employment provide details of the employer's contributions to either this scheme or to another authorised pension plan of their choice. The pension cost charge represents contributions payable by the Charity to these plans and amounted to £3,391 (2023: £3,601). Contributions totalling £654 (2023: £838) were payable at the year end. ## **17 Capital Commitments** The Charity had no capital commitments at 30 September 2024 or 30 September 2023. ## **18 Contingent Liabilities** There were no contingent liabilities at 30 September 2024 or 30 September 2023. ## **19 Company Status** The company is limited by guarantee under the Companies Act 2006. The liability of the members is limited to £1 per member in the event of a winding up. The company is a Registered Charity, number 258882. ## **20 Control** No single individual has had control of the charity in the current or previous year. ## **21 Related Party Transactions** There were no related party transactions during the current or previous period. Page 19 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **DETAILED INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**Schedule**
**Deficit of expenditure over income**
Rents from residents
Expenditure
**Operating Surplus**
Donations and legacies
Investment income
**2**
Miscellaneous income
Solar Panel Income
Management & administration expenses
**4**
Net (Expenditure) / income/ for the year|**2024**
2023
**£**
£
**457,932**
510,972
**(520,067)**
(493,083)| |---|---| ||**(62,135)**
17,889
**500**
320
**25,924**
22,862
**-**
300
**1,814**
2,071
**(14,060)**
(14,193)| ||**(47,957)**
29,249| Page 20 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **SCHEDULES TO THE INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## 1 **House Operating Surplus** |**Income**
Rents from residents
**Expenditure**
Food and Provisions
Cleaning and Equipment
Insurance
Council Tax
Water Rates
Gas
Electricity
Repairs and Renewals
Sundry Expenses
Out of hours care service
Gardens
Staff Wages
**Operating (Loss) / Surplus**|**2024**
2023
**£**
£
**Total**
Total
**460,247**
510,972| |---|---| ||**48,318**
51,916
**9,384**
11,448
**6,081**
5,997
**15,324**
17,375
**2,484**
2,279
**29,098**
25,069
**19,694**
20,600
**126,623**
87,625
**1,191**
1,088
**6,564**
-
**8,125**
10,354
**247,181**
259,332| ||**520,067**
493,083| ||**(59,820)**
17,889| Page 21 Docusign Envelope ID: 367EC9AD-F686-4F61-9A12-52D1890F5889 ## **THE FAIRBANK SOCIETY** ## **SCHEDULES TO THE INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**2**
**Investment Income**
**Gross income**
Sarasin Accumulation Fund
**3**
**Miscellaneous Income**
Guest room
**4**
**Management and administration expenses**
Depreciation
Staff recruitment and advertising
Telephone
Accountancy
Office expenses
Professional fees
Payroll bureau charges
Bank Charges|**£**
**2,724**
**1,278**
**1,098**|**2024**
**£**
**25,924**|**£**
3,043
694
2,900|2023
£
22,682| |---|---|---|---|---| |||**2023**
**300**||2023
300| |||**300**||300| |||**5,100**
**8,960**||6,637
7,556| ||**1,920**
**3,695**
**1,355**
**1,926**
**64**||1,824
3,466
548
1,651
67|| |||||| |||**14,060**||14,193| Page 22