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2023-05-31-accounts

Charity registration number 259951

Company registration number 953566 (England and Wales)

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr A A Bardon Mrs A D Turner Mr C C Sykes Mrs G Fox Mrs S Walker Mrs M J Digby Mr I G Crane (Appointed 5 December 2022) Mrs L C Murphy (Appointed 5 December 2022) Secretary Mrs A D Turner Charity number 259951 Company number 953566 Registered office The Limes Sowerby Thirsk North Yorkshire YO7 1HX Independent examiner Andrew Young FCA of Hentons 24 Finkle Street Thirsk North Yorkshire YO7 1DA Bankers Virgin Money Plc 116 High Street Northallerton North Yorkshire DL7 8QW

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Statement of financial position 6
Notes to the financial statements 7 - 15

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MAY 2023

The trustees present their annual report and financial statements for the year ended 31 May 2023.

Objectives and activities

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

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.

Achievements and performance

The year from 1[st] June 2022 to the end of May 2023 has been a challenging one for The Society, largely in part due to a number of residents of The Limes having to move to alternative accommodation due to their changing needs. Whilst it is sad for everyone when a resident moves, it is also a privilege to have played a part in someone’s life. The number of changes is reflected in the lower rate of occupancy for the first time in a number of years.

On a positive note, the Coronavirus pandemic has thankfully become more controlled by regular vaccinations and staff are no longer required to wear masks and protective clothing. A small number of residents caught the virus this year but their symptoms were minor and it was successfully contained.

The Society commemorated the 25[th] Anniversary of the opening of The Limes in 1997 with a celebration afternoon tea for Trustees, Residents and Staff which was enjoyed by all. A celebratory news article also highlighted The Limes and this attracted attention to the accommodation available.

The housing stock of additional rental properties are all fully occupied and two vacancies which occurred during the year were quickly filled. Regular maintenance and ongoing repairs are attended to in a timely manner which helps to maintain this quality accommodation. Due to the purchase of two additional units at the end of the last financial year it was agreed to employ a part-time lettings assistant to work alongside the Manager and this appointment has proved worthwhile.

Special thanks go to all staff for their dedication and commitment to the residents and to the Trustees for their diligence and enthusiasm to the sustainability and success of The Society.

Financial review

Occupancy levels during the year were approximately 84% (2022 - 99%). The results for the year are as set out in the income and expenditure account and the surplus on ordinary activities of £25,505 (2022 - £62,699) will be transferred to the income and expenditure accumulated surplus. In addition the Major repairs reserve has increased by £9,005 (2022 - £8,187) 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.

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

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.

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr A A Bardon Mrs A D Turner Mr C C Sykes Mrs G Fox Mrs S Walker Mrs M J Digby Mr I G Crane (Appointed 5 December 2022) Mrs L C Murphy (Appointed 5 December 2022)

Mrs G Fox, Mrs S Walker and Mrs M J Digby 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.

A Committee of Directors, who meet quarterly, administers the Society. There are currently nine employees appointed by the Directors.

Statement of trustees' responsibilities

The trustees, who are also the directors of The Abbeyfield Thirsk & Sowerby Society Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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.

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

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 maximize 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.

Metric 1 - Reinvestment % -
Metric 2 - a) New supply delivered social housing -
Metric 2 - b) New supply delivered non social housing -
Metric 3 and 4 are zero on the basis that the Society has no debt or loans
Metric 5 - Headline social housing cost per unit £7,914
Metric 6 - a) Operating margin (Social housing letting only) 3.39%
Metric 6 - b) Operating margin (Overall) 9.28%
Metric 7 - Return on Capital Employed 1.40%

The trustees' report was approved by the Board of Trustees.

Mrs G Fox Trustee

6 November 2023

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

I report to the trustees on my examination of the financial statements of The Abbeyfield Thirsk & Sowerby Society Limited (the charitable company) for the year ended 31 May 2023.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors 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 of the charitable 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 the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charitable 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 am a member of the Institute of Chartered Accountants in England and Wales, 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:

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.

Andrew Young FCA of Hentons

24 Finkle Street Thirsk North Yorkshire YO7 1DA

Dated: 6 November 2023

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MAY 2023

**Unrestricted ** Unrestricted
funds funds
2023 2022
Notes £ £
Income and endowments from:
Charitable activities 3 238,998 266,497
Investments 4 35,390 21,345
Sundry income 460 160
Total income 274,848 288,002
Expenditure on:
Charitable activities 5 231,327 214,672
Investment property costs 10 18,016 10,631
Total expenditure 249,343 225,303
Net income for the year/
Net movement in funds 25,505 62,699
Fund balances at 1 June 2022 1,790,815 1,728,116
Fund balances at 31 May 2023 1,816,320 1,790,815

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2023

Notes
Fixed assets
Tangible assets
12
Investment property
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
Designated funds
17
General unrestricted funds
Revaluation reserve		 2023
£
£
703,664
954,995
1,658,659
3,868
159,876
163,744
(6,083)
157,661
1,816,320
99,058
1,539,536
177,726
1,816,320
1,816,320		 2022
£
£
725,109
954,995
1,680,104
6,399
111,481
117,880
(7,169)
110,711
1,790,815
90,053
1,523,036
177,726
1,790,815
1,790,815		 2022
£
£
725,109
954,995
1,680,104
6,399
111,481
117,880
(7,169)
110,711
1,790,815
90,053
1,523,036
177,726
1,790,815
1,790,815
1,680,104
110,711
1,790,815
1,790,815
1,790,815

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 6 November 2023

Mrs A D Turner Trustee

Mrs G Fox Trustee

Company registration number 953566

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

1 Accounting policies

Charity information

The Abbeyfield Thirsk & Sowerby Society Limited is registered within Homes England (number H3470). It is a company limited by guarantee, having no share capital and with solely charitable objectives. It is registered charity (number 259951). The liability of the trustees in the event of winding up is limited by guarantee to an amount no exceeding £1 per member. The registered address is The Limes, Sowerby, Thirsk, North Yorkshire, YO7 1HX.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

The charitable company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

1 Accounting policies

(Continued)

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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Housing Property 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.

1.7 Investment property

Investment property are included in the balance sheet at their open market value. No depreciation is provided on investment properties.

1.8 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.10 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11 Taxation

The charity is exempt from corporation tax on its charitable activities.

2 Critical accounting estimates and judgements

In the application of the charitable company’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.

3 Charitable activities

Unrestricted
Unrestricted
Funds Funds
2023 2022
£ £
Residents charges 238,998 266,497

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2023

4 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Rental income 35,363 21,337
Interest receivable 27 8
35,390 21,345

5 Charitable activities

Unrestricted
Unrestricted
Funds Funds
2023 2022
£ £
Staff costs 58,475 51,401
Depreciation and impairment 25,577 25,572
Food and provisions including cleaning materials 17,551 21,151
General and water rates 3,259 4,864
Heating and lighting 14,790 15,458
Repairs and maintenance 40,182 28,410
Garden maintenance and window cleaning 2,808 2,924
Miscellaneous expenses 219 260
Lifeline 3,309 2,705
Staff training 409 360
Advertising 1,097 2,262
167,676 155,367
Share of support costs (see note 6) 61,071 56,920
Share of governance costs (see note 6) 2,580 2,385
231,327 214,672

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

6
Support costs
Support
costs
Governance
costs
£
£
Staff costs
42,853
-
Affliliation Fee: The
Abbeyfield Society
5,916
-
Insurance
3,984
-
Bookkeeping and payroll
costs
2,273
-
Miscellaneous expenses
291
-
Telephone
3,312
-
Legal and professional
fees
2,442
-
Independent examination
fee
-
2,580
61,071
2,580
Analysed between
Charitable activities
61,071
2,580
7
Net movement in funds
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets		 2023
Support
costs
Governance
costs
£
£
£
42,853
45,152
-
5,916
2,428
-
3,984
3,284
-
2,273
1,770
-
291
216
-
3,312
2,934
-
2,442
1,136
-
2,580
-
2,385
63,651
56,920
2,385
63,651
56,920
2,385
2023
£
25,577		 2022
£
45,152
2,428
3,284
1,770
216
2,934
1,136
2,385
59,305
59,305
2022
£
25,572

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Hostel Staff 8 7
Management 1 1
Volunteers 8 7
Total 17 15

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

9
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs
Group life assurance and DBS checks		 (Continued)
2023
2022
£
£
95,526
90,520
845
1,542
4,545
4,227
412
264
101,328
96,553		 (Continued)
2023
2022
£
£
95,526
90,520
845
1,542
4,545
4,227
412
264
101,328
96,553
96,553

There were no employees whose annual remuneration was more than £60,000.

10 Investment property costs

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Insurance 780 696
Professional fees 420 3,613
Rates and utilities 200 -
Repairs, renewals and cleaning 16,616 6,322
18,016 10,631

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2023

12
Tangible fixed assets
Cost
At 1 June 2022
Additions
Less: Social housing grants to date
At 31 May 2023
Depreciation and impairment
At 1 June 2022
Depreciation charged in the year
At 31 May 2023
Carrying amount
At 31 May 2023
At 31 May 2022
13
Investment property
Fair value
At 1 June 2022 and 31 May 2023		 Housing
Property
Fixtures,
Fittings and
Equipment
£
£
1,898,636
141,435
-
4,132
(824,888)
(17,132)
1,073,748
128,435
371,858
101,084
21,475
4,102
393,333
105,186
680,415
23,249
701,890
23,219		 Total
£
2,040,071
4,132
(842,020)
1,202,183
472,942
25,577
498,519
703,664
725,109
2023
£
954,995

The valuation of the investment property was made as at 31 May 2019 by the trustees, on an open market value basis. No depreciation is provided in respect of these properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:

Cost
Accumulated depreciation
Carrying amount		 2023
£
843,252
(153,025)
690,227		 2022
£
843,252
(136,160)
707,092

The investment properties are let.

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2023

14 Debtors

Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income		 2023
£
-
3,868
3,868
2023
£
1,439
1,050
3,594
6,083		 2022
£
1,429
4,970
6,399
2022
£
2,440
1,050
3,679
7,169

15 Creditors: amounts falling due within one year

16 Revaluation reserve

Revaluation reserve
Movement Movement
in funds in funds
Balance at Incoming Balance at Incoming Balance at
1 June 2021 resources 1 June 2022 resources 31 May 2023
£ £ £ £ £
Investment property revaluation reserve 177,726 - 177,726 - 177,726

17 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 June 2021
£
Major repair reserve
81,866
81,866		 Transfers
Balance at
1 June 2022
£
£
8,187
90,053
8,187
90,053		 Transfers
Balance at
31 May 2023
£
£
9,005
99,058
9,005
99,058		 Transfers
Balance at
31 May 2023
£
£
9,005
99,058
9,005
99,058
99,058

THE ABBEYFIELD THIRSK & SOWERBY SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

17 Designated funds

(Continued)

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.

18 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
Unrestricted
funds funds
2023 2022
£ £
Fund balances at 31 May 2023 are represented by:
Tangible assets 703,664 725,109
Investment properties 954,995 954,995
Current assets/(liabilities) 157,661 110,711
1,816,320 1,790,815

19 Contingent liabilities and capital commitments

At 31 May 2023 the charitable company had no contingent liabilities nor capital commitments.

20 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

21 Ultimate controlling party

The Executive Committee has ultimate control over the Society.

22 Statutory information

Abbeyfield Thirsk and Sowerby Society Limited 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 is 8 (2022 - 6).

23 Housing stock

The units in management are as follows:-

2023 2022
Hostel accommondation
Number of bed spaces 12 12
Non hostel accommondation
Bungalows 13 13
Flats 1 1