## **The Abbeyfield Thirsk & Sowerby Society Limited** **Trustees' Report and Financial Statements** **For the Year ended 31 May 2021** **Charity Number: 259951 Company Number: 953566** **Cummins Young** **39 Westgate Thirsk North Yorkshire YO7 1QR** **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Contents** |**Contents**|| |---|---| ||**Page**| |Legal and Administrative Information|1| |Trustees' Report|2-4| |Independent examiners report|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Notes to the Financial Statements|8-15| ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Legal and Administrative Information** |**Charity Number**|259951|| |---|---|---| |**Company Registration Number**|953566|| |**Registered Office**|The Limes|| ||Sowerby|| ||Thirsk|| ||North Yorkshire|| ||YO7 1HX|| |**Trustees**|AA Bardon|Chairman| ||Mrs A D Turner|Treasurer| ||J Digby|resigned 19 June 2021 (deceased)| ||Mrs S Holt|| ||C Sykes|| ||Mrs J Wilkin|| ||Mrs G R Fox|| ||Mrs S Walker|| |**Company Secretary**|Mrs A D Turner|| |**Independent examiner**|Adil Khan ACA|| ||Cummins Young|| ||39 Westgate|| ||THIRSK|| ||North Yorkshire|| ||YO7 1QR|| |**Bankers**|Yorkshire Bank PLC|| ||116 High Street|| ||Northallerton|| ||North Yorkshire|| ||DL7 8QW|| **Page 1** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Report of the Trustees (incorporating the Director's Report)** ## **for the year ended 31 May 2021** The trustees, who are also directors of the Society for the purposes of the Companies Act 2006, present their report with the financial statements of the society for the year ended 31 May 2021. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The Society is registered with Homes England (number H3470), is a company limited by guarantee (number 953566), having no share capital and with solely charitable objectives, and registered as a charity (number 259951). The liability of the members in the event of a winding up is limited by guarantee to an amount not exceeding £1 per trustee. The governing document is its memorandum and articles of association dated 1 December 2009. ## **TRUSTEES** The trustees who served during the year were as follows: AA Bardon Chairman Mrs A D Turner Treasurer and Company Secretary J Digby Mrs S Holt C Sykes Mrs J Wilkin Mrs G R Fox Mrs S Walker Mrs G R Fox and Mrs S Walker retire by rotation in accordance with the rules of the Society and being eligible, offer themselves for re-election at the Annual General Meeting. New trustees are given adequate training in respect of their legal obligations under charity and company law, in particular in relation to the Charity Commission Guidance on Public Benefit, the company memorandum and articles of association dated 1 December 2009, and the trustees decision making processes. ## **ORGANISATION** A Committee of Directors, who meet quarterly, administers the Society. There are currently eight employees appointed by the Directors. ## **OBJECTIVES AND ACTIVITIES** The Directors have had regard to the guidance issued by the Charity Commission on public benefit. The principal activity and source of income of the Society is the provision of sheltered accommodation for the elderly in accordance with the aims and principles of the Abbeyfield Society Limited. ## **REVIEW OF THE ACTIVITIES AND FUTURE DEVELOPMENT** The Society continues to develop and it is pleasing to note that The Limes has been fully occupied over the last year which is very encouraging. Two of the rental properties have seen changes in tenancy but all Residents and Tenants enjoy living in quality accommodation. The year from June 2020 to the end of May 2021 has been the most challenging year in all respects due to the Coronavirus pandemic and the unstinting commitment, dedication and sheer determination of every single person has helped to keep the environment at The Limes as safe as possible for residents and staff and is to be commended. The ever changing situation regarding rising infections in the area and nationally resulted in a constant review of the measures we had to put in place and everyone was affected by not being able to physically see and spend time with their friends and family for some considerable time. It is good to report that to date there have been no infections at The Limes and all residents and staff have kept well. **Page 2** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Report of the Trustees (incorporating the Director's Report) - continued** ## **For the Year ended 31 May 2021** ## **REVIEW OF THE ACTIVITIES AND FUTURE DEVELOPMENT - continued** When some restrictions were eventually eased, despite its tired demeanour, the summer house, which was purchased in 1998 in memory of our late first ever Housekeeper Miss Oates, came into its own on numerous occasions by acting as a hair salon and outdoor meeting point allowing some ‘normality’ to be reintroduced and although it will be replaced in the coming year with a new one, the old summer house will be remembered with affection. In the midst of all the ups and downs The Limes celebrated two birthdays of 101 and residents have enjoyed ‘socially distanced’ gatherings by way of quizzes and talks and enjoyed joining together for lunch on a daily basis when it was safe to do so. There has been one change of occupancy in the rental properties and one change of occupancy in The Limes which is very encouraging. Executive meetings took place online using ‘Zoom’ as face to face meetings were not allowed and this was a new opportunity which allowed Trustees to ‘meet’ and The Society’s business to continue. Despite the anxious nature of the past year it has been rewarding and successful at the same time and special thanks go to the staff and friends of The Limes for their dedication and to the Trustees for their unstinting commitment and devotion to the ongoing success and sustainability of The Society. ## **FINANCIAL RESULTS** Occupancy levels during the year were approximately 99% (2020 - 99%). The results for the year are as set out in the income and expenditure account and the surplus on ordinary activities of £84,094 (2020 - £91,256) will be transferred to the income and expenditure accumulated surplus. In addition the Major repairs reserve has increased by £7,422 (2020 - £6,766) in the event of the need for major refurbishments. The financial position at the end of the year is shown on page 7. The Directors consider the results for the year and the state of affairs of the Society to be satisfactory. ## **RESERVES POLICY AND RISK MANAGEMENT** The Directors aim to keep cash reserves equivalent to three months running costs (approximately £60,000). Any surplus funds will be retained and used to assist in the purchase of future housing properties and to ensure the properties are maintained to a high standard. The Directors monitor the financial position of the Society at each committee meeting and also examine other operational and business risks. The Directors are satisfied that systems are in place to mitigate the exposure to the major risks by following the relevant Abbeyfield Standards procedures ## **STATEMENT OF TRUSTEES RESPONSIBILITIES** The Trustees (who are also directors of Abbeyfield Thirsk and Sowerby Limited for the purpose of Company law) are responsible for preparing the Trustees' Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the Trustees to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the charitable company and of the incoming resources and applications of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: **Page 3** **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Report of the Trustees (incorporating the Director's Report) - continued** ## **For the Year ended 31 May 2021** ## **STATEMENT OF TRUSTEES RESPONSIBILITIES - continued** - select suitable accounting policies and then apply them consistently: - observe the methods and principles in the Charities SORP: - make judgements and estimates that are reasonable and prudent: - state whether applicable UK Accounting Standards have been followed, subject to any material - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **PUBLIC BENEFIT** The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Society's aims and objectives and in planning its future activities. In particular the Trustees consider how planned activities will contribute to the Society's aims and objectives which they have set. The Trustees are committed to furthering the Society's objectives primarily by providing high quality care and support to elderly users of the Society's facilities. It is the objective of the trustees each year to maximise the public benefit of the society in providing high quality care and support, having regard to the extent of the Society's income and reserves, the cost of the facilities and the ability of residents to make payments from their own resources In accordance with the requirements of the Regulator of Social Housing the Society sets out below the Value for Money Metrics in accordance with the Technical note guidance dated June 2021. Metrics 1 and 2 are Zero on the basis that there has been no increase in housing units during the year. Metrics 3 and 4 are Zero on the basis that the Society has no debt or loan finance. |Metric|5|Headline social housing cost per unit|£8,984| |---|---|---|---| |Metric|6|Operating Margin (Social housing lettings only)|22.6%| |||Operating Margin (Overall)|28.2%| |Metric|7|Return on Capital Employed|4.6%| Signed on behalf of the Board **A A Bardon Chairman** **Date 08 November 2021** **Page 4** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Independent Examiners Report to the Trustees of The Abbeyfield Thirsk & Sowerby Society Limited** I report to the charity trustees on my examination of the financial statements of the company for the year ended 31 May 2021, which are set out on pages 6 to 15. ## **Responsibilities and basis of report** As the charity's trustees of the company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ("the 2006 Act"). Having satisfied myself that the financial statements are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements 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** The company's gross income exceeded £250,000 and I am qualified to undertake the examination by being a member of the Institute of Chartered Accountants in England and Wales. I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that: - accounting records were not kept in accordance with section 386 of the Companies Act - the financial statements do not accord with such records; or - the financial statements do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an the financial statements have not been prepared in accordance with the Charities SORP 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 financial statements to be reached. ## **Adil Khan ACA** **Date: 08 November 2021** ## **Independent Examiner** Cummins Young Ltd 39 Westgate Thirsk North Yorkshire YO7 1QR **Page 5** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Statement of Financial Activities** **(incorporating an income and expenditure account)** ## **for the year ended 31 May 2021** |**Unrestricted**
**Notes**
**Funds**
**£**
**Income from:**
**Fundraising**
-
**Charitable activities**
Residents charges
269,819
Sundry income
6,377
**Investment Income**
2
22,337
**Total income**
298,533
**Expenditure**
**Charitable activities**
Direct charitable costs
3
141,914
Support costs
3
69,418
**Investment Income costs**
Investment property costs
4
705
**Governance costs**
5
2,402
**Total expenditure**
214,439
**Net Incoming resources for the year**
**Net Income for the year**
6
84,094
**Other recognised gains/losses**
**Transfer to/(from) revaluation reserve**
16
-
**Transfer to/(from) restricted reserve**
17
3,053
**Net movement in funds**
87,147
**Total funds brought forward**
1,640,968
**Total funds carried forward**
1,728,115|**Restricted**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
(3,053)
(3,053)
3,053
-|**2021**
**Total**
**£**
-
269,819
6,377
22,337
298,533
141,914
69,418
705
-
2,402
214,439
84,094
-
-
84,094
1,644,021
1,728,115|**2020**
**Total**
**£**
-
265,481
95
22,242| |---|---|---|---| ||||287,818| ||||134,650
59,629
647
-
1,637| ||||196,563| ||||91,256
-
-| ||||91,256
1,552,765| ||||1,644,021| ## **CONTINUING OPERATIONS** All income and expenditure has arisen from continuing activities The notes on pages 8- 15 form an integral part of these Financial Statements **Page 6** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Balance Sheet** ## **As at 31 May 2021** |**Notes**
**Fixed Assets**
Tangible Fixed Assets
10
Investment properties
11
**Current Assets**
Debtors
12
Cash at Bank and in hand
**Creditors: amounts falling**
**due within one year**
13
**Net Current Liabilities**
**Net assets**
**Funds**
**Unrestricted Income Fund**
15
**Designated reserve**
15
**Revaluation Reserve**
16
**Restricted legacy reserve**
17
**Total Funds**|**£**
4,662
440,994|**£**
743,728
545,000
1,288,728
439,386
1,728,114
1,468,524
81,866
177,726
-
1,728,116
**2021**|**£**
**£**
760,947
545,000
1,305,947
3,686
339,941
343,627
5,553
338,074
1,644,021
1,388,818
74,424
177,726
3,053
1,644,021
**2020**|**£**
**£**
760,947
545,000
1,305,947
3,686
339,941
343,627
5,553
338,074
1,644,021
1,388,818
74,424
177,726
3,053
1,644,021
**2020**| |---|---|---|---|---| |||||1,305,947
338,074| ||445,656
6,270||343,627
5,553|| |||||| |||||1,644,021| |||||1,388,818
74,424
177,726
3,053| |||||1,644,021| The charitable company is entitled to exemption from audit under S477 of the Companies Act 2006 for the year ended 31 May 2021. The members have not deposited a notice pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies. The financial statements were approved by the Board of Trustees on 8 November 2021 and signed on its behalf by: **A A Bardon Chairman** **Mrs A Turner Treasurer** The notes of pages 8 - 15 form an integral part of these Financial Statements **Page 7** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Notes to the Financial Statements** ## **For the Year ended 31 May 2021** ## 1. **Accounting policies** ## **Company information** The Society is registered within the Homes England (number H3470), is a company limited by guarantee (number 953566), having no share capital and with solely charitable objectives, and registered as a charity (number 259951). The liability of the trustees in the event of a winding up is limited by guarantee to an amount not exceeding £1 per member. The registered address is The Limes, Sowerby Road, Sowerby, Thirsk, North Yorkshire, YO7 1HX. ## **Basis of preparing financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS102, 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 (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102), Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. 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 £. As per paragraph 1.4 of the Housing SORP 2014, the Society has adopted the Charities SORP for its accounting periods from 1 June 2015. ## **Incoming Resources** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **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. The society is not registered for VAT. Expenditure, where applicable, includes irrecoverable VAT. Support costs are those functions that assist the work of the Society but do not relate directly undertake the charitable activity. These costs include management, finance, payroll and governance costs which support the Social Housing. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Housing properties 2% reducing balance Fixtures, fittings and equipment 15% reducing balance Housing land and properties are stated at cost. The cost of the properties is their purchase price together with incidental costs of acquisition. **Page 8** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Notes to the Financial Statements - continued** ## **For the Year ended 31 May 2021** ## 1. **Accounting policies (continued)** ## **Investment Properties** Investment properties are included in the balance sheet at their open market value. No depreciation is provided on investment properties. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectivities at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Explanations regarding these funds are included in the notes to the financial statements. ## **Pensions** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period in which they relate. ## **Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash at bank and in hand** Cash at bank and 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 reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for ant trade discounts due. ## **Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **Cash flow statement** The company has taken advantage of the disclosure exemption not to prepare a cash flow statement in preparing these financial statements as permitted by Section 7 of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. **Page 9** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Notes to the Financial Statements - continued** ## **For the Year ended 31 May 2021** |2
**Investment Income**
**Investment income**
Rental income
Bank interest|**Unrestricted**
**Restricted**
**2021**
**funds**
**funds**
**Total**
**£**
**£**
**£**
22,315
-
22,315
22
-
22
22,337
-
22,337|**2020**
**Total**
**£**
22,062
180| |---|---|---| |||22,242| |3
**Charitable Activities Expenditure**
**Direct charitable costs**
Staff costs
Food and provisions including cleaning materials
General and water rates
Repairs and maintenance
Garden maintenance and window cleaning
Heating and lighting
Miscellaneous expenses
Staff training
Lifeline
Advertising
Depreciation
**Support costs**
Staff costs
Affiliation Fee: The Abbeyfield Society
Insurance
Bookkeeping and payroll costs
Miscellaneous expenses
Telephone
Legal and professional fees
**Total Charitable activities expenditure**
4
**Investment income costs**
**Investment property expenses**
Insurance
Gas certificates
Repairs and renewals|**Unrestricted**
**Restricted**
**2021**
**funds**
**funds**
**Total**
**£**
**£**
**£**
46,708
-
46,708
23,176
-
23,176
2,610
-
2,610
21,226
-
21,226
5,810
-
5,810
12,136
-
12,136
1,962
-
1,962
556
-
556
2,662
-
2,662
0
-
0
25,068
-
25,068
141,914
-
141,914
54,953
-
54,953
3,840
-
3,840
3,400
-
3,400
1,585
-
1,585
270
-
270
2,637
-
2,637
2,732
-
2,732
69,418
-
69,418
211,332
-
211,332
**Unrestricted**
**Restricted**
**2021**
**funds**
**funds**
**Total**
**£**
**£**
**£**
435
-
435
190
-
190
80
-
80
705
-
705
.|**2020**
**Total**
**£**
43,128
24,814
2,461
16,424
4,799
13,044
2,198
1,485
1,979
0
24,318| |---|---|---| |||134,650| |||44,057
1,229
8,367
1,349
248
2,048
2,331| |||59,629| |||194,279| |||**2020**
**Total**
**£**
429
-
218| |||647| **Page 10** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Notes to the Financial Statements - continued** **For the Year ended 31 May 2021** **5 Governance costs Unrestricted Restricted 2021 2020 funds funds Total Total £ £ £ £** Independent examination fees 2,402 - 2,402 1,637 **6 Net incoming/(outgoing) resources for the year** **2021 2020 £ £ Net income/(outgoing) resources is stated after charging:** Depreciation 25,068 24,318 |**7**
**Employees**
**Employment Costs**
Wages and salaries
Social security costs
Pension Costs|**2021**
**£**
96,048
1,350
4,183
101,581|**2020**
**£**
73,631
1,298
4,895| |---|---|---| |||79,824| ## **Number of employees** The average monthly number of employees (including the Trustees) during the year, calculated on the basis of full time equivalents was as follows: |Hostel Staff
Management
Volunteers|**2021**
**Number**
9
1
9
19|**2020**
**Number**
7
1
9| |---|---|---| |||17| There were no employees who received total emoluments of more than £60,000. No trustees received any expenses during the year (2020 - £nil). ## **8 Pension Costs** The Company operates a defined contribution pension scheme in respect of employees. Contributions ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |Pension charge for the year|4,183|4,895| ## **9 Taxation** The Charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these financial statements. **Page 11** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Notes to the Financial Statements - continued** ## **For the Year ended 31 May 2021** ## **10 Tangible Fixed Assets** |**Cost or Valuation**
At 1 June 2020
Less: Social Housing grants to date
Net purchase cost
Additions
Less : Social housing grants during the year
At 31 May 2021
**Depreciation**
At 1 June 2020
Charge for the year
At 31 May 2021
**Net Book Values**
At 31 May 2021
At 31 May 2020|**Housing**
**Property**
**£**
1,898,636
(824,888)
1,073,748
-
1,073,748
328,908
21,475
350,383
723,365
744,840|**Fixtures**
**Fittings &**
**Equipment**
**£**
126,633
(17,132)
109,501
7,849
117,350
93,394
3,593
96,987
20,363
16,107|**Total**
**£**
2,025,269
(842,020)| |---|---|---|---| ||||1,183,249
7,849
-| ||||1,191,098| ||||422,302
25,068| ||||447,370| ||||743,728| ||||760,947| **Page 12** **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Notes to the Financial Statements - continued** ## **For the Year ended 31 May 2021** ## **11 Investment properties** |**Cost or Valuation**
At 1 June 2020 and 31 May 2021
**Net Book Value**
At 31 May 2021
At 31 May 2020
Comparable historical cost for the land and buildings included at valuation
**Cost or Valuation**
At 1 June 2020 and 31 May 2021
**Depreciation**
At 1 June 2020
Charge for the year
At 31 May 2021
**Net Book Values**
At 31 May 2021
At 31 May 2020|**Housing**
**Property**
**£**
545,000| |---|---| ||545,000| ||545,000| ||**£**
433,257| ||110,630
8,665
119,295| ||313,962| ||322,627| The valuation of the investment property was made as at 31 May 2021 by the trustees, on an open market value basis. No depreciation is provided in respect of these properties. The investment properties are let. |**12**
**Debtors**
Rent debtors
Other debtors|**2021**
**_£_**
-
4,662
4,662|**2020**
**£**
-
3,686| |---|---|---| |||3,686| **Page 13** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Notes to the Financial Statements - continued** ## **For the Year ended 31 May 2021** |**13**
**Creditors: amounts falling due**
**within one year**
Trade Creditors
Rent received in advance
Accruals and deferred income
PAYE account|**2021**
**£**
2,502
-
3,768
-
6,270|**2020**
**£**
2,095
-
3,868
(410)| |---|---|---| |||5,553| The Housing Association Grant (HAG) was originally received in respect of Mitchell House, a property which was sold in 2015 and the balance was designated as Recycled Capital Grant Fund. The Recycled Capital Grant fund amounted to £nil as at 31 May 2021 (2020 - £nil). |**14**
**Analysis of Net Assets between funds**
Fund balances at 31 May 2021 as represented by:
Tangible fixed assets
Investment properties
Current assets
Current liabilities|**Unrestricted**
**Restricted**
**funds**
**funds**
**£**
**£**
743,728
-
545,000
-
445,656
0
(6,270)
-
1,728,114
-|**Total**
**funds**
**£**
743,728
545,000
445,656
(6,270)| |---|---|---| |||1,728,114| |**15**
**Movement in funds**
**Unrestricted Funds**
Unrestricted Funds
Designated reserve - Major repairs
**Total unrestricted funds**|**At**
**At**
**01-Jun**
**Incoming**
**Outgoing**
**31-May**
**2020**
**resources**
**resources**
**Transfer**
**2021**
1,388,818
298,533
214,439
(4,389)
1,468,523
74,424
-
-
7,442
81,866| |---|---| ||1,463,242
298,533
214,439
3,053
1,550,389| ## **Purposes of unrestricted funds** The unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Amounts have been set aside for future major repairs that may be incurred in the medium to long term. The society is obliged to carry out works on a continuing basis on the properties to ensure that they are kept in good condition. |**16**|**Revaluation reserve**|**At**||||||**At**| |---|---|---|---|---|---|---|---|---| |||**01-Jun**|**Incoming**||**Outgoing**|||**31-May**| |||**2020**|**resources**||**resources**||**Transfer**|**2021**| |||**£**|**£**||**£**|||**£**| ||Investment property revaluation reserve|177,726||-||-|-|177,726| **Page 14** ## **The Abbeyfield Thirsk & Sowerby Society Limited** ## **Notes to the Financial Statements - continued** ## **For the Year ended 31 May 2021** ## **17 Restricted Funds** |||||||| |---|---|---|---|---|---|---| |**Restricted Funds**|**At**||||**At**|| ||**01-Jun**|**Incoming**|**Outgoing**||**31-May**|| ||**2020**|**resources**|**resources**|**Transfer**|**2021**|| ||**£**|**£**|**£**||**£**|| |Restricted legacy reserve|3,053|-|-|(3,053)||-| ## **Purpose of restricted funds** The restricted legacy reserve relate to a legacy from Mrs C Collingwood, which can only be used for the benefit of The Limes. ## **18 Contingent liabilities and Capital Commitments** There were no contingent liabilities nor capital commitments at 31 May 2021 (2020 - Nil) ## **19 Ultimate Controlling Party** The Executive Committee has ultimate control over the Society. ## **20 Statutory information** Abbeyfield Thirsk and Sowerby is a company limited by guarantee and has no share capital. The number of trustees, whose liability is limited to £1 in the event of winding up. ||**2021**||**2020**| |---|---|---|---| ||**Total**||**Total**| |No of trustees||8|10| ## **21 Housing Stock** |**Housing Stock**|||| |---|---|---|---| ||**Units in management**||| ||**2021**|**2020**|| |Hostel accommodation|||| |Number of bed spaces||12|12| |Non Hostel accommodation|||| |Bungalows||11|11| |Flat||1|1| **Page 15**